Federal Reserve Bulletin, 1953-03

F E D E R AL E S E R VE BULLETIN MARCH 1953 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 March 1953 NUMBER 3 INTERNATIONAL FLOW OF GOLD AND DOLLARS, 1952 The downward movement in the total FOREIGN GOLD RESERVES AND DOLLAR HOLDINGS gold and dollar holdings of foreign countries that began in mid-1951 was reversed during the early part of 1952. At the end of the year these holdings were 1.2 billion dollars larger than a year earlier. The improvement resulted primarily from a substantial reduction in the United States export surplus, as exports declined and imports — 10 of goods and services increased. Loans and grants from the United States Government to foreign countries declined somewhat and the flow of private capital abroad remained near its 1951 level. Renewed progress toward monetary sta- 1945 1948 1951 1952 bility in most countries helped to bring NOTE.—Year-end data. Deposits include a small amount of other short-term liabilities to foreigners. about the upward movement in foreign reserves. This movement also reflected im- attained their highest postwar levels during proved supply conditions abroad and, in the year. Foreign gold reserves declined some countries, tightening of import restric- somewhat for 1952 as a whole, mainly as the tions on goods from the dollar area. result of substantial sales during the first Total gold and dollar holdings of foreign quarter. Toward the end of the year foreign countries, after falling 900 million dollars countries were purchasing gold from the during the second half of 1951, declined a United States, and this movement has acfurther 250 million in the first quarter of celerated in 1953. 1952. During the rest of the year holdings Although foreign countries as a whole imrose nearly 1.5 billion dollars, and the in- proved their gold and dollar reserve posicrease has continued in 1953. tion in 1952, changes in reserves varied The recovery in foreign reserves in 1952 widely among countries. The countries of took the form of increases in dollar holdings, Continental Western Europe as a group the bulk of which was invested in United added about 1.2 billion dollars to their gold States Government securities. Foreign hold- and dollar holdings, the increase representings of such securities and of dollar deposits ing an acceleration of the rise in process since MARCH 1953 209 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FLOW OF GOLD AND DOLLARS, 1952 1948. On the other hand, the reserves of the dollar holdings usually show only limited United Kingdom and of the Sterling Area fluctuations. as a whole declined about one-half billion United States gold transactions. During dollars, despite improvement during the 1952 total gold reserves of foreign countries latter half of the year. The rest of the declined 229 million dollars as compared world experienced a net increase of one-half with an increase of 35 million in 1951 and billion dollars in gold and dollar holdings a growth of about 2 billion dollars in 1950. during the year, accounted for primarily by Net sales of gold by foreign countries to the increases in Canada and Japan. United States amounted to 394 million Improvement in balance of payments posi- dollars during the past year, as compared tions in 1952, as reflected in growing foreign with 75 million in 1951. These annual totals, reserves, has given rise abroad to reconsidera- however, conceal large quarterly fluctuations. tion of trade and payments policies, with a The large inflow of gold to the United view to relaxing trade restrictions and pro- States that began in mid-1951 continued moting convertibility of currencies. through the first quarter of 1952, when sales to this country amounted to 557 mil- GOLD AND DOLLAR MOVEMENTS lion dollars. As may be seen from the table, Changes in total gold and dollar holdings the United Kingdom accounted for most of foreign countries result from their transac- of these sales. In the second quarter the baltions with the United States and with inter- ance of payments of the Sterling Area imnational institutions (principally the Inter- proved and gold sales by the United Kingnational Bank and the Monetary Fund) as dom to the United States ceased; as a result well as net movements of new foreign gold net foreign sales of gold to this country deproduction into monetary reserves. Total clined substantially. The United States sold holdings of foreign countries as discussed in 268 million dollars of gold in the fourth quarthis article consist of the gold and dollar ter when the Netherlands and the United reserves of foreign central banks and govern- Kingdom converted a portion of their rising ments plus dollar holdings on private foreign dollar reserves into gold. account as reported by banks in the United Largely as a net result of these movements, States. the monetary gold stock of the United States The distribution of official reserves between rose during 1952 from 22.9 to 23.3 billion gold, dollar deposits in Federal Reserve and dollars. Gold sales in early 1953 brought the commercial banks, and short- and medium- total back to 22.8 billion at the end of Febterm United States Government securities de- ruary. The United States share amounted to pends upon the preferences of foreign mone- 64 per cent of world gold reserves (excludtary authorities as to the form in which they ing those of the U.S.S.R.) at the end of 1952, wish to hold their reserves. Private dollar compared with 60 per cent at the end of 1945. holdings, which at the end of 1952 consti- Other gold transactions. The newly intuted nearly one-half of reported foreign stituted service whereby the International dollar holdings, take the form largely of Monetary Fund acts as an intermediary dollar deposits. In general, changes in total for member countries who wish to buy foreign gold and dollar holdings reflect or sell gold has facilitated transfers among changes in monetary reserves, since private foreign countries. These transactions, as 210 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FLOW OF GOLD AND DOLLARS, 1952 NET FOREIGN PURCHASES OF GOLD FROM THE UNITED wise not accounted for. This residual was STATES, 1952 1 25 per cent smaller than in 1951, though sub- [In millions of dollars] stantially larger than in previous years. The Area and country J M a a n r - . A Ju pr n .- e J S u e l p y t - . O D c e t c .- . Year decline in the residual coincided with a further softening in the so-called free market Western Europe (other than United Kingdom): price of gold. Belgium and Belgian Congo —20 26 6 Changes in foreign dollar holdings. Dol- Germany (Federal Republic of) 10 10 lar holdings of foreign countries increased Greece 12 12 Netherlands 100 100 more than 1.4 billion dollars during 1952, Switzerland —23 -23 Other Western Europe. . . 10 10 renewing the upward trend which, with in- Bank for International Settlements -2 2 terruptions in 1949 and 1951, has been in Total -33 148 115 evidence since the end of 1947. The increase Other Continental Europe in 1952 was shared by most foreign countries United Kingdom . . . —520 80 -440 Union of South Africa -4 -7 -12 and was concentrated in official holdings, Canada y -7 which rose 1.3 billion dollars. Official de- Latin America: A Co rg lo e m nt b in ia a 18 5 20 2 2 0 3 posits at Federal Reserve Banks changed Mexico — 11 -101 25 -88 Uruguay -10 -5 -15 little during the year, while such deposits at Other Latin America 2 2 -2 2 commercial banks increased about 400 mil- Total -4 -94 2 38 -57 lion dollars. Asia 3 2 (2) 2 7 Grand total -557 -106 1 268 -394 In adding to their official dollar holdings in 1952, foreign countries invested more than 1 Minus sign indicates net sale to the United States. 2 Sale less than $500,000. 800 million dollars in United States Govern- NOTE.—Details may not add to totals because of rounding. ment securities, mostly held for their account well as European Payments Union settle- at Federal Reserve Banks. The net increase ments in gold, resulted in a consider- in foreign security holdings continued an upably greater volume of gold transfers among ward trend evident since the end of 1947. foreign countries in 1952 than in previous From that date, when United States Governyears, when a relatively larger proportion ment securities represented about 12 per cent of gold transactions had involved the United of foreign official dollar holdings, monetary States as buyer or seller. authorities have held an increasing propor- Net foreign gold sales to the United States tion of their rising dollar reserves in the plus net transfers of gold to international in- form of securities; by the end of 1952, 50 stitutions by foreign countries amounted to per cent of official dollar holdings were in 556 million dollars during the year, but the this form. net decline in foreign gold reserves was only FOREIGN RESERVE POSITION 229 million. Thus foreign monetary authorities acquired about 325 million from The increase of 1.2 billion dollars in 1952 new foreign production. Since total foreign brought aggregate gold and dollar holdings production (exclusive of the U.S.S.R.) of foreign countries to 20.4 billion at the end amounted to an estimated 790 million dol- of the year. The latter figure compares with lars for the year, however, it would appear the postwar low of 14.7 billion in September that some 465 million of gold went into in- 1948 and is close to the postwar high at the dustrial uses, private holdings, or was other- end of 1945. In 1945, however, the value MARCH 1953 211 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FLOW OF GOLD AND DOLLARS, 1952 ESTIMATED CHANGES IN FOREIGN AND INTERNATIONAL GOLD RESERVES AND DOLLAR HOLDINGS DURING 19521 [In millions of dollars] Increase or decrease (—), 1952 Holdings at Holdings at end of 1951 end of 1952 P Jan.-Mar. Apr.-June July-Sept. Oct.-Dec. P Year? Area and country Gold Dollar Gold Dollar Gold Dollar Gold Dollar Gold Dollar Gold Dollar Gold Dollar re- hold- re- hold- re- hold- re- hold- re- hold- re- hold- re- holdserves ings serves ings serves ings serves ings serves ings serves ings serves ings Western Europe (other than United Kingdom): Belgium-Luxembourg (and Belsian Conco) 697 201 4 -1 46 22 50 17 -9 12 91 50 788 251 France (and dependencies) 2 568 885 -88 48 10 105 15 -69 25 46 2 593 381 Germany (Federal Republic of). 28 406 -44 64 91 26 33 22 65 112 145 140 551 Italy 333 300 "i3 -8 —25 25 16 13 8 346 308 Netherlands (and Netherlands West Indies and Surinam)... 340 184 24 -6 4 57 -18 148 218 -136 228 63 568 247 Portugal (and dependencies)... 283 48 9 1 -1 3 10 9 9 21 19 304 67 Sweden 152 72 62 -9 -1 6 -11 9 -18 13 32 19 184 91 Switzerland 1,452 521 -20 H -24 66 -4 14 7 27 -41 121 1,411 642 Other Western European countries and accounts3 791 403 84 38 95 -35 -35 175 -19 125 178 916 581 Total 4,644 2,470 176 -43 184 219 21 536 225 -63 606 649 5,250 3,119 Other Continental Europe4 319 35 -2 -11 1 8 -4 319 31 Sterling Area: United Kingdom 5 2,200 643 -700 141 -75 10 -50 72 125 -54 -700 169 5 1,500 812 U. K. dependencies 100 5 -2 5 12 112 U O n th io er n s o te f r S lin ou g t h ar A ea f r 6 ica 4 1 3 9 6 0 16 7 0 -2 1 1 1 -15 2 "-2i" H 2 ""io 1 I 1 7 2 "-20 1 * 1 1 1 7 7 4 1 4 7 7 0 1 2 7 4 7 Total 2,826 910 -710 133 -96 34 -40 79 137 -31 -709 215 2,117 1,125 Canada 850 1,307 24 33 19 163 -1 42 4 21 46 259 896 1,566 Latin America: Argentina 268 250 -60 -43 -17 20 9 20 -111 288 139 Brazil 317 100 -1 -18 8 -16 -27 317 73 Cuba 311 264 10 24 -3 28 •'-38' 5 "-66' -20 "-97' 37 214 301 Mexico 208 158 -23 14 -115 H 17 37 57 —2 -64 73 144 281 Uruguay 221 85 -10 -1 14 -6 -4 1 -14 8 207 93 V O e th n e e r z u L e a la tin America 3 2 7 5 3 7 47 7 6 2 "ii -5 43 3 -18 63 2 6 5 ••• —• -9 50 8 7 1 4 3 2 7 7 3 3 5 1 5 4 7 6 Total 1,955 1,405 -9 14 -115 50 -21 58 6 13 -139 135 1,816 1,540 Asia: Indonesia 279 W 1 35 -89 -45 -26 -44 -80 235 61 Japan 133 596 86 -15 49 42 3 35 -12 212 121 808 Philippine Republic 7 330 2 1 1 -13 -5 2 -15 9 315 Other Asia 363 317 15 4 3 -1 73 3 27 21 103 384 420 Total 782 1,384 15 92 -10 84 1 13 -39 31 -33 220 749 1,604 All other countries 178 150 22 -21 -18 -26 -48 178 107 Total foreign countries. 11,554 7,661 -504 249 -18 518 -40 711 333 -47 -229 1,431 11,325 9,092 International7 1,530 1,641 2 -79 5 51 146 -31 9 13 162 -46 1,692 1,595 Grand total 13,084 9,302 -502 170 -13 569 106 680 342 -34 -67 1,885 13,01710,687 p Preliminary. 1 Dollar holdings represent both official and private holdings reported by banks in the United States and include deposits, U. S. Government securities maturing within 20 months after date of purchase, and certain other short-term liabilities to foreigners. 2 Represents gold reserves of Bank of France and French dependencies only. 8 Includes holdings of Bank for International Settlements (both for its own and European Payments Union account), gold to be distributed by the Tripartite Commission for Restitution of Monetary Gold, and unpublished gold reserves of Western European countries. 4 Excludes gold reserves of, but includes dollar balances held by the U.S.S.R. * Estimated gold holdings of British Exchange Equalization Account, based on holdings of gold, U. S. and Canadian dollars as reported by British Government. 6 Excludes Eire and Iceland, which are included under "Other Western European countries and accounts." 7 Includes holdings of International Bank for Reconstruction and Development, International Monetary Fund, and United Nations and other international organizations. Excludes holdings of Bank for International Settlements, which are included under "Western Europe." NOTE.—The total referred to most frequently in the text is total foreign countries, shown in bold-face type. International institutions are shown separately for the purpose of providing more complete coverage of the movement of gold and dollar holdings. 212 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FLOW OF GOLD AND DOLLARS, 1952 of world trade was considerably lower than 1.8 billion dollars during 1952, compared in 1952. International institutions added with 3.2 billion during 1951. This reducmore than 100 million to their gold and dol- tion resulted from a fall in exports (net of lar holdings during 1952, as is shown by the military aid) and a rise of similar magnitude next-to-last line of the table on the preceding in total imports of goods and services and page. United States remittances abroad. In the There was considerable variation from third quarter, when the effects of the doquarter to quarter in the movement of for- mestic steel strike and of increased foreign eign gold and dollar holdings. Most of the restrictions on dollar imports were felt conyear's increase occurred in the second and currently with the seasonal low in agriculthird quarters. In these periods there were tural exports, the United States had a small large increases in dollar holdings and only import surplus, as is shown in the top section small reductions in foreign gold reserves. of the chart. In the first quarter, when gold reserves UNITED STATES BALANCE OF PAYMENTS fell sharply and dollar holdings rose only SELECTED COMPONENTS moderately, there had been a net decrease in total foreign reserves. The subsequent increase in total gold and dollar holdings, which reached its peak rate for the year in the third quarter, continued in the fourth quarter. In that quarter foreign countries also began to convert their dollar accretions into gold. The International Bank for Reconstruction U. S. GOVERNMENT ECONOMIC GRANTS and LOANS and Development and the International Monetary Fund made small net gold and OUTFLOW of dollar disbursements to foreign countries in PRIVATE CAPITAL 1952. A net inflow of gold and dollars to the Fund was more than offset by net dollar disbursements by the International Bank to NET TRANSFERS foreign countries. Most of the Bank's dollar OF GOLD and DOLLAR HOLDINGS receipts were obtained in the United States. TO FOREIGN COUNTRIES < It floated over 100 million in dollar bonds primarily in this market and also sold moderate amounts of dollar loans from its portfolio to United States investors. United States balance of payments. Net transfers of gold and dollars to foreign coun- 1951 1952 tries as a result of transactions with the NOTE.—Quarterly data. Net transfers of gold and dollar United States are shown in the bottom sec- holdings, compiled by Federal Reserve, include net foreign purchases of gold from United States plus net increase in tion of the chart. The United States export foreign dollar holdings. Other data are derived from U. S. Department of Commerce statistics. Export surplus is the surplus on current account—which includes excess of exports of goods and services (minus military aid) over imports of goods and services (plus remittances). U. S. goods, services, and remittances—declined to Government loans^ and outflow of United States private capital are on a net basis and exclude short-term funds. MARCH 1953 213 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FLOW OF GOLD AND DOLLARS, 1952 The ability of foreign countries to increase ments as well as by transactions with the their gold and dollar holdings during 1952 United States. The United Kingdom, which despite their continuing, though reduced, settles the accounts of the whole Sterling dollar deficit on current account is explained Area, had the largest deficit with the EPU. by the utilization of United States Govern- It paid 490 million dollars to that institution ment loans and grants and the continuing during the first nine months of the year; a flow of private capital from this country. substantial improvement in the United King- Loans and grants (excluding military aid) dom's intra-European payments position in declined from 3.1 billion dollars in 1951 to the last quarter enabled it to regain 215 mil- 2.3 billion in 1952, and private long-term lion dollars from the EPU during that investment amounted to more than 800 period. France was another large debtor on million dollars in 1952. EPU account; its payments in gold and dollars amounted to over 225 million during the CHANGES IN HOLDINGS OF INDIVIDUAL AREAS year. Belgium, Germany, and the Netherlands were important net creditors, receiving The over-all increase in foreign gold and 220 million, 150 million, and 110 million dollar holdings was distributed unevenly dollars, respectively. throughout the world. Continental West- In addition to its EPU surplus in 1952, Gerern European countries (including the Bank for International Settlements and the Euro- FOREIGN GOLD RESERVES AND DOLLAR HOLDINGS pean Payments Union) added over 1.2 bil- BY AREAS OR COUNTRIES lion dollars to their holdings whereas those 10 Billions of Dollars of the United Kingdom and other Sterling Area countries declined about 500 million dollars. In the Western Hemisphere, Canadian holdings increased about 300 million CONTINENTAL WESTERN EUROPE dollars, while those of the Latin American countries as a group showed little net change. The countries of Asia added about 190 million to their holdings. UNITED KINGDOM and The gold and dollar holdings of the OTHER STERLING AREA s. ^ Sterling Area fluctuated more widely than those of other areas, as the chart shows. The large outflow in the second half of 1951, amounting to 1.3 billion dollars, continued in the first quarter of 1952, but was almost halted in the second quarter. In the last half of 1952, however, reserves increased somewhat as more stringent monetary policies and tightened import restrictions made themselves felt. The distribution of reserves among European and Sterling Area countries was af- 1946 1948 1950 1952 fected by European Payments Union settle- NOTE.—Quarterly data. 214 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FLOW OF GOLD AND DOLLARS, 1952 many received dollars from large United the Sterling Area was concentrated in Japan, States military expenditures, which enabled which continued to earn large amounts of it to offset its trade deficit with the United dollars from United States troop expendi- States and to build up its gold and dollar tures and procurement orders to support and reserves. In the third quarter Germany paid supply forces in Korea. During the third its gold subscription of 33 million dollars to quarter of 1952, Japan made subscription the International Monetary Fund and its payments of 62.5 million dollars to the Monedollar subscription of nearly 7 million to tary Fund and 5 million dollars to the Interthe International Bank. national Bank. Thus far European countries have earned Among the Latin American countries, only small amounts from the recently in- Argentina, Brazil, and Cuba experienced stituted program under which the United sizable reductions in gold and dollar hold- States Government procures military equip- ings. The decline of 27 million dollars in ment abroad for the use of foreign coun- Brazil's holdings was accompanied by an intries. As orders are filled, however, such crease in Americans' short-term claims on earnings are expected to rise significantly. Brazilians, as reported by banks in the The only large dollar outpayment on this United States, of about 170 million dollars, account in 1952 was an advance of over 150 bringing such claims to about 355 million at million dollars to France by the Export- the end of the year. Import Bank in the third quarter, to be repaid from dollars earned through the off- MONETARY RESERVES AND PAYMENTS POLICIES shore procurement program. About 50 mil- As 1952 ended, most countries of the free lion of this advance was repaid before the world were experiencing high levels of ecoend of the year. France obtained enough nomic activity without marked inflationary dollars last year from these advances and pressures. Despite larger defense expendifrom United States economic aid to increase tures, balance of payments difficulties were somewhat its gold and dollar holdings, not- again declining in importance, as during the withstanding its deficits with EPU and the pre-Korean period. Furthermore, the imdollar area. provement during the year in the balance of The continuing upward trend in the gold payments of the Sterling Area did not retard and dollar holdings of Continental Euro- progress by many other countries toward balpean countries since the beginning of full- ance in their external accounts. Reflecting scale aid in 1948, and the difficulties of the these conditions, total foreign gold and dol- Sterling Area in maintaining a satisfactory lar reserves were again rising and most counreserve position, are reflected in these areas' tries of the free world were sharing in the relative shares of total world reserves. In increase. These favorable developments may 1945 the Sterling Area held 20 per cent of be regarded as an indication that the counworld gold and dollar holdings, as compared tries of the free world have for the most with 39 per cent for Continental Western part succeeded in adjusting to the changes Europe; by the end of 1952 the proportions in economic conditions brought about by the were 16 per cent and 41 per cent, respectively. Korean conflict. The net increase in the gold reserves and During the first year after the Korean dollar holdings of Asiatic countries outside outbreak, the upward movement in foreign MARCH 1953 215 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FLOW OF GOLD AND DOLLARS, 1952 monetary reserves, that had begun after the progressive replacement of aid by trade that exchange rate adjustments of September is based on currency convertibility and free 1949, accelerated markedly in response to ex- international commerce is now widely recogpansion in both volume and prices of United nized as an objective that will provide an States imports. Subsequently, from mid-1951 appropriate framework for sustained expanthrough the first quarter of 1952, foreign sion of world output at stable prices. Both reserves were reduced significantly. This the recent British Commonwealth Economic decline resulted primarily from a sharp de- Conference and the Fourth Annual Report terioration in the balance of payments of the of the Organization for European Economic United Kingdom, Australia, India, and cer- Cooperation have emphasized the need for tain other members of the Sterling Area as early action toward the achievement of this well as Brazil and a few other countries. It objective. The United States has for many reflected inflationary pressures and the reyears supported these views. building of low inventories in the United Progress toward greater freedom in trade Kingdom; higher spending in other counand payments depends upon further easing tries much of which was in response to the of those balance of payments strains that earlier increase in export earnings; and dehave given rise to existing restrictions on clines in prices of raw materials. The United trade and on the transferability of currencies. States and a number of the countries of Con- Policies that foster internal financial stabiltinental Europe by mid-1951 had already ity, and therefore contribute to the achievesucceeded, largely by the use of monetary ment of over-all balance in the external acand fiscal measures, in overcoming the incounts of deficit countries, are generally recflationary tendencies which followed the Korean outbreak. ognized as prerequisites for relaxation of trade and payments restrictions. A further During 1952 the United Kingdom and the prerequisite is that creditor countries mainother principal Sterling Area countries were tain high levels of economic activity and more successful in combating inflationary pursue commercial policies that encourage pressures. The downward movement in foreign trade. Finally, if the conditions for their gold and dollar reserves was reversed sustainable balance in international accounts by means of more restrictive internal financial policies and tighter direct controls on were fulfilled, a more satisfactory level of imports. This improvement has continued monetary reserves would help foreign counin 1953. tries to progress toward greater freedom of In these circumstances, attention is being trade and payments with confidence that unfocused on the desirability of a fresh approach predictable reactions would not necessitate to world trade and payments problems. A new restrictions. 216 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SELECTED PRELIMINARY FINDINGS OF THE 1953 SURVEY OF CONSUMER FINANCES Following are the preliminary findings cars this year than so reported in early 1952 or from the Eighth Annual Survey of Consumer 1951. Plans to purchase major household Finances, conducted by the Board of Gov- goods, especially television sets and furniture, ernors of the Federal Reserve System in co- are substantially more numerous than they operation with the Survey Research Center were a year ago. Intentions to buy refrigof the University of Michigan. These Sur- erators appear little changed from last year. veys, taken in January and February of each Plans to purchase new and used houses in year, provide information on consumer finan- 1953 appear to be slightly mQre numerous cial positions and consumer attitudes and than they were a year ago. plans for purchases of durable goods and Increases in income in 1952 were widely houses. While the Surveys do not provide a distributed and, with consumer prices relaforecast of consumer expenditures in these tively stable, the proportion of consumers fields, they have proved useful in past years who feel their financial situations have imin providing general clues to the strength proved is somewhat larger than it was in any and nature of consumer demands. Release previous postwar survey. Liquid asset holdof preliminary findings at this early date is ings as reported in early 1953 are widely made possible by simplified procedures which distributed among income classes, as was the permit speedy tabulation of the most timely data.1 case in all of the previous surveys. The proportion of consumers who feel times are The general conclusion to be drawn from good for making major purchases has inthe 1953 Survey is that consumers have a creased considerably since early 1952. confident attitude concerning their financial Nonfarm consumers as a group anticipate positions and expect to purchase automobiles larger real incomes in 1953. Looking forand major household durable goods in large volume this year. They also plan to pur- ward, most consumers (8 in 10 spending chase new and existing houses in substantial units) think prices will remain stable or go volume. down. This is a substantial reversal from More consumers report plans to buy new early 1951 and 1952, when half to twothirds expected prices to rise. Along with 1 These preliminary findings are based on simplified tabulations of approximately 2,400 interviews taken in January stable or declining prices, most nonfarm and February 1953 in 66 sampling areas throughout the consumers expect their money incomes to country, including the 12 largest metropolitan areas. An additional 700 interviews will be included in the final figures be maintained or to increase this year. Alto be available in a series of articles in the Federal Reserve most half of those expressing opinions expect BULLETIN starting in June or July. It is believed that results derived from final figures will not differ substantially from income increases. Similar information is not present indications. In addition to the subjects covered in available for farm operators. this release, the BULLETIN articles will contain information about past purchases and financing of durable goods and A factor evidently at work in shaping conhouses, and distribution of liquid and nonliquid assets and sumer attitudes throughout 1952 and early debt. 217 MARCH 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SELECTED PRELIMINARY FINDINGS OF THE 1953 SURVEY OF CONSUMER FINANCES 1953 was the stability of consumer prices. year is the more lenient credit terms avail- The BLS index of consumer prices rose less able compared with a year and two years ago. than one per cent during 1952 in contrast Also, more consumer intentions to buy durato a 4 per cent rise during the previous year ble goods early in 1953 than early in 1951 or and a rise of about 8 per cent in 1950. An 1952 are a reflection of higher current levels additional factor in buying intentions this of income and employment. SELECTED PRELIMINARY RESULTS OF THE FEDERAL RESERVE SURVEY OF CONSUMER FINANCES IN EARLY 1953, WITH FINAL RESULTS FOR 1950-52 a [Percentage distribution of spending units] Money income 1953 1952 1951 1950 Attitudes of consumers 1953 1952 1951 1950 of consumers Money income in prior Expected price movements year, before taxes Increase during year 16 53 77 14 Under $3,000 * 43 46 49 55 No change 44 30 16 36 $3,000-$4,999 32 32 32 29 Decrease during year 31 7 3 42 $5,000 and over 25 22 19 16 Don't know, not ascertained 9 10 4 8 All cases 100 100 100 100 All cases 100 100 100 100 Past change in income rate 2 Evaluation of own financial situation Making more than a year ago. . . 48 46 47 30 No change 32 33 33 41 Better off than a year ago 38 33 32 32 Making less than a year ago 16 17 18 27 No change 32 29 29 32 Don't know, not ascertained.... 4 4 2 2 Worse off than a year ago 27 35 37 34 Don't know, not ascertained 3 3 2 2 All cases 100 100 100 100 All cases 100 100 100 100 Expected change in income rate » Evalutation ofdurable goods markets Making more a year from now.. 36 37 28 No change 32 30 (4) 32 Good time to buy 33 22 33 Making less a year from now.... 9 8 10 Pro or con, depends, don't know. 28 26 18 Don't know, not ascertained.... 23 25 30 Bad time to buy 39 52 49 $ All cases 100 100 100 All cases 100 100 100 1 Preliminary data for early 1953 are based on the first 2,400 of some 3,100 spending units interviewed and have not been adjusted for nonresponse. Sampling variability for these data is greater than that indicated for complete Surveys in the Federal Reserve BULLETIN for July 1952. Data shown for 1952, 1951, and 1950 are based on complete Surveys. 2 Includes only nonfarm units in 1953, 1952, and 1950. 1 Includes only nonfarm units. 4 Information not obtained. 218 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INFLUENCE OF CREDIT AND MONETARY MEASURES ON ECONOMIC STABILITY1 Credit and monetary measures influence SOME GENERAL OBSERVATIONS economic activity and prices initially through Credit and monetary measures have wideeffects on the availability, cost, and volume spread effects in encouraging or discouraging of credit. Their force, however, extends expenditures. A general tightening of credit beyond lenders and borrowers. It is rehas its most direct effect in restricting the flected in the quantity of money, in the amount of spending with borrowed funds. market value and liquidity of assets, and in Credit restraint also curbs the expansion of the over-all liquidity of the economy. Ultimoney, and so limits increases in the amount mately, it is reflected in the spending and of cash balances held by individuals, busisaving decisions of income receivers and of nesses, and other spending groups. holders of cash balances and other assets. Credit restraint, moreover, has important The first article in this series provided a deterrent effects on spending out of existing brief description of the nature of money, of cash balances and from funds obtained by the processes by which changes occur in the the sale of assets, where no credit granting quantity of money, and of the reserve bankand no money creation are involved. These ing measures that influence expansion of the are indirect effects which come about in a money supply. In the present article, the number of ways. There may be a dampendiscussion is pursued further to consider the ing of too optimistic expectations of busiways by which reserve banking action affects nesses and consumers. A rise in interest the lending and investment decisions of comrates produced by credit tightening will tend mercial banks and other lenders, alters the to reduce the value of capital assets, a dedecisions of borrowers, and influences the velopment that will discourage some new inlending, spending, and saving of all sectors vestment in construction and in producers' of the economy. The discussion deals only equipment. Consumers and businesses may with the mechanism by which credit and decide to save more, either because they are monetary measures affect the tempo of ecoless sure that credit will be available for nomic activity and thus contribute to stable possible emergencies or to ensure fulfillment economic progress. of future plans, or because the interest return on savings has become more attractive. 1 This is the second of a series of articles considering the Easing of credit, on the other hand, tends operation of credit and monetary policy in the United States. to have opposite effects. It encourages spend- These articles are based on selected replies submitted early in 1952 by the Board of Governors of the Federal Reserve ing with borrowed money. It also stimulates System to a questionnaire from the Subcommittee on Gengreater spending out of current income and eral Credit Control and Debt Management of the Congressional Joint Committee on the Economic Report. The past savings. Credit easing does this by material selected has been modified and expanded in order promoting the belief that prices of goods will to bring it up to date and to fill gaps in content resulting from the fact that the original material was organized in rise, by reducing interest rates and thereby reply to definite questions. both lowering the cost of borrowing and Preparation of the articles is under the direction of Ralph stimulating a rise in capital values, and by A. Young, Director of the Division of Research and Statistics. MARCH 1953 219 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INFLUENCE OF CREDIT AND MONETARY MEASURES ON ECONOMIC STABILITY making it less necessary and less profitable couraged about profit possibilities as a result for businesses and consumers to save. of the downturn that they too will not bor- Whether a tightening or an easing of credit row, however cheaply and readily credit may will find a response in the demand for credit be available. Once such conditions and depends on the existence of a fringe of bor- attitudes have developed, the immediate efrowing or potential borrowing. That is, fect of an easing of credit will be limited, greater difficulty in obtaining credit or in- although such an easing is still an essential creased cost of credit influences decisions of measure in setting the stage for ultimate reborrowers by deterring them from using covery. The ability to combat a recession credit for investments with marginal profit- with credit and monetary action, therefore, ability or for consumption of marginal use- depends in large part on the extent to which fulness. It may also deter borrowers from restrictive credit action has been taken in the using as much credit for other purposes as preceding boom, as well as on how early and might have seemed profitable or useful had aggressively easing action occurs after a credit conditions remained unchanged. In a downturn. boom period, when credit is in great demand, A general tightening of credit results from there is always fringe borrowing which can a reduction in the availability of credit relabe cut out either by greater selectivity in lendtive to the demand for it. Such tightening ing or by higher interest costs. If an easing may develop because the supply of credit of credit is to stimulate borrowing in a period has contracted without a corresponding reof business recession, there must be a similar duction in demand, because the demand for fringe of potential borrowing which will credit has increased without a correspondbecome effective when credit is more readily ing increase in supply, or from some combiavailable and cheaper. Under most condination of these. In a boom period, demand tions such a fringe exists, and an easing of for credit typically increases and credit concredit will stimulate borrowing in amounts ditions tend to tighten even though there is or for purposes that were previously not rean actual increase in the volume of credit garded as profitable or useful, and for purgranted. In order to keep credit from tightposes for which credit could not previously ening under such conditions, reserve bankbe obtained. ing policy would need to permit the total This fringe of potential borrowing, howcredit and monetary base to expand at the ever, may be very limited under special cirpace set by the progress of the boom, regardcumstances. In a period of inflationary less of the inflationary or other unsound boom, investment in plant and equipment developments that might be occurring. (productive capacity) and in housing and A general easing of credit results from an purchases of durable goods may proceed so increase in the supply of credit relative to rapidly, unless checked somewhat, that futhe demand for it. Easier credit conditions ture needs will be too far anticipated. Then, in case of a serious business downturn, many may generally be expected to develop in a activities involving credit that would ordi- period of economic recession, except when narily have been greatly stimulated by an there are banking difficulties or extreme easing of credit may not respond, because pressures for liquidity on the part of confor the time being the demand for them has sumers and businesses. Credit and monetary already been filled in the previous boom. policy in such a period should encourage the Other potential borrowers may feel so dis- development of easier credit conditions. 220 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INFLUENCE OF CREDIT AND MONETARY MEASURES ON ECONOMIC STABILITY EFFECT ON LENDERS and long-term credit thus are constantly interacting. Moreover, the lending and invest- A general tightening or easing of credit ing activities of commercial banks bridge affects lenders in all sectors of the credit the markets and help to link them together. market, from short- to long-term. In the short- and intermediate-term sectors of the Commercial banks. Individual commermarket, the major suppliers of funds are the cial banks obtain funds primarily from the commercial banks. Expansion or contrac- deposits of working balances and savings of tion of their loans and investments tends to individuals and businesses. For the banking expand or contract the volume of money. system as a whole, however, most of the de- There are, however, many other lenders that posits result from credits extended by banks. supply a substantial volume of short- and Commercial banks as a group can expand intermediate-term credit through the invest- their credits only to the extent that they ment in prime-grade marketable paper of have or can obtain the reserves needed to cash balances not needed for current expendi- support the resulting growth in deposits. tures and of secondary reserve funds. The The availability of reserves is directly subvolume of such investment varies with the at- ject to Federal Reserve influence. Aside from tractiveness of the interest return. The sup- a gold inflow or a return of currency from ply of bank credit is dependent on bank re- circulation, which can usually be counterserve positions, which in turn may be acted by reserve banking action, and except tightened or eased by reserve banking actions, for certain temporary technical factors, the as was explained in the first article of this volume of bank reserves can be increased series. The total supply of short-term credit only by bank borrowing at the Reserve Banks is thus highly flexible. or through open market purchases of securi- In the market for long-term credit, the ties by the Federal Reserve. supply of funds is related to the volume of Commercial banks consider borrowing a saving. Major lenders in this market, in temporary expedient. They do not like to addition to individuals, are insurance com- be long in debt. Individual banks can get panies, savings banks, savings and loan asso- additional funds to lend by selling Governciations, public and private pension funds, ment or other securities or by permitting and nonprofit institutions. Commercial maturing issues to run off. As a group, howbanks, although primarily short-term and ever, banks cannot expand their total supintermediate-term lenders, also invest their ply of loanable funds in this way except when time deposits in real estate loans and in such paper is being bought by the Federal long-term corporate, Federal, and State and Reserve System. Unless the Federal Reserve local government securities. The supply of is buying securities and thereby supplying investment funds is relatively fixed at any reserves, reduction in security holdings by one time and does not adjust quickly to changes or more banks will normally draw reserves in demand. In a period of boom, however, from other banks and no net addition to reincreased demand for long-term credit tends serves will occur. An attempt by banks as a to spill over into the short-term credit group to obtain additional reserves by selling market, and in a period of recession lack of securities, or by allowing maturing issues to long-term credit demand may induce invest- run oflf, will increase the supply of short-term ment funds to seek short-term outlets. Con- paper for sale in the market, thus lowering ditions of availability and cost of short-term prices and raising yields on such paper. Sim- MARCH 1953 221 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INFLUENCE OF CREDIT AND MONETARY MEASURES ON ECONOMIC STABILITY ilar market pressure may result if banks draw tend to be more restrictive in their lending upon balances with correspondents or call practices and standards. This restraint both loans made in central credit markets in order reflects and is a part of the process of credit to build up reserves. tightening. As the credit and monetary cli- At the lower prices and higher yields, Gov- mate thus changes, bankers will modify their ernment and other short-term securities will expectations about the general outlook for be more attractive. Nonbank investors may business and commodity prices. Applications be induced to buy more of them, using tem- for loans, particularly inventory loans, will porarily idle deposit balances. Sales of short- be more carefully screened. Businesses which term paper by banks to nonbank investors obtain credit to accumulate inventories will and the use by banks of the proceeds to make be under pressure from their bankers to keep loans will shift the ownership of deposits and inventories more closely in line with actual may increase the activity of existing deposits, requirements. Bankers will also bring presbut such sales will not increase total bank sure for repayment on many borrowers with reserves so as to permit an increase in total outstanding obligations. In general, they bank credit and deposits. will be alert to find reasons for refusing With prices lower and yields higher on credit requests or not meeting them fully and short-term paper, banks are less likely to re- for accelerating repayment of outstanding duce their holdings of secondary reserve as- loans, rather than eager to extend credit. sets, notably short-term Government issues. When credit conditions ease, more and Some banks may continue to do so, but others more banks will free themselves from borwill stop selling or may buy. In the aggre- rowing and, as reserves accumulate in excess gate, the secondary reserve position of banks of working requirements, they will become will tend to stabilize. This development is more aggressive in competing for loans and brought about in several ways. Many banks marketable paper. Other lenders and inand other potential lenders are reluctant to vestors will also be under pressure to keep sell securities at a loss. As the potential loss their funds employed. This change in the becomes greater, this reluctance deepens. credit situation will find prompt response in Rising yields on short-term paper, moreover, declining yields in all sectors of the market. make the credit outlook uncertain, and this Uses of credit that under conditions of credit uncertainty, together with the fact of po- tightness were postponed or not cultivated tential losses on the sale of paper held, makes by lenders will be promoted by them under the secondary reserve positions of banks less conditions of credit ease. satisfactory to bank managements. Hence, Lenders and investors in long-term marholdings of liquid assets that were previously ket. A tightening in credit and the accomviewed as adequate or even more than ade- panying increase in interest rates will signifiquate come to be viewed with concern. The cantly affect lenders and investors who opresult is a greater unwillingness on the part erate primarily in the long-term credit of bank managers to reduce holdings of liq- market, including life insurance companies, uid securities in order to make more loans. mutual savings banks, savings and loan asso- The key fact is that with a tightening in the ciations, and pension funds. They will becredit situation banks cannot count with as come less willing to make any but the best much certainty on the ready availability of grade loans and investments. They will additional reserve funds and will therefore generally exercise greater caution in accept- 222 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INFLUENCE OF CREDIT AND MONETARY MEASURES ON ECONOMIC STABILITY ing marginal applications for credit. on their earning assets in order to meet con- In part this change in attitude reflects the tracts with their own creditors. declining value of assets associated with ris- In recent decades the flow of savings to ing interest rates. All income-producing as- nonbank institutional lenders, particularly insets yielding a fixed rate of return tend to surance companies, has been increasing rapdecline in price when market rates of interest idly and the size of the investment problem rise. This is true because they are valued in of these lenders has grown accordingly. In the market on the basis of expected returns, order to ensure the ready placement of funds capitalized at the appropriate current rate of regularly becoming available for investment interest including allowance for risk. It is from new savings and from repayment of old easy to see this relationship in the case of loans, the major savings institutions have deprime-risk securities, since their market value veloped techniques for committing their changes only with changes in interest rates; funds in advance to corporate, mortgage, and when interest rates rise, the value of such se- other borrowers. Such commitments make curities correspondingly declines. Actually it possible for potential borrowers to proceed the decline can be even more marked in the with projects which they might not undercase of securities or other income-yielding take without assurance of financing on satisassets of lesser grade. As interest rates in- factory terms. But nonbank lenders will hesicrease, investors become less optimistic about tate to commit themselves beyond the funds the business outlook and therefore change they expect to have coming in if they fear their appraisals of risk positions. Such that interest rates may rise in the near future changes in appraisals of risk, combined with and that they may therefore have to sell sethe general increase in interest rates, will re- curities at a loss to meet future commitments. sult in an even greater decline in value for As a result, when credit is tightening, some lesser grade securities than for prime assets. proposed projects requiring long-term credit Thus in a period of tightening credit, long- may be deferred because a financing committerm lenders and investors, while at first at- ment cannot be arranged. tracted by the higher yields available on as- When interest rates decline, investors in the sets of less than top grade, gradually become long-term market will find their positions more restrictive and selective. They become more liquid. The yields available on highless willing to sell prime securities to acquire grade securities will fall and the prices of higher-yielding but more risky assets, partly such securities will rise. This development because they can sell the prime securities only in itself will encourage long-term lenders to at a loss, which they hesitate to accept. They extend investment into areas with more atalso become more interested in retaining in tractive rates of return. Moreover, if instituor adding to their portfolios the more liquid tional lenders are quite certain that interest types of assets, because of concern about the rates will fall and that prices of high-grade decline in the market value of their entire securities will rise, they will be willing to investment portfolio and the general uncer- commit themselves to future lending that tainty about future developments. In addi- will require the sale of high-grade securities, tion, the higher interest rates on these more in order to make loans with a more attracliquid assets in a period of tightening credit tive interest return. come closer to providing the average interest Underwriters and security dealers are imrate which institutional lenders must obtain portant in the money and capital market, and MARCH 1953 223 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INFLUENCE OF CREDIT AND MONETARY MEASURES ON ECONOMIC STABILITY their responses to credit tightness in turn af- construction, public utilities, and railroads fect the availability of credit. They are par- (which are large and important fields), inticularly sensitive to changes in interest rates terest costs are particularly significant. In because they customarily carry a large inven- such fields comparatively small increases in tory of securities in the process of distribu- interest rates can have a substantial effect in tion. They risk large losses if they are hold- postponing the demand for capital. Even in ing large amounts of securities in a period of other fields where interest costs are less imrising interest rates, since they may not be portant, fringe borrowers may be deterred able to sell them except below cost or may from borrowing when interest rates rise, have to carry the securities for some time on while other borrowers may decide to get borrowed money. Thus underwriters and along with less credit. The higher that longdealers may be expected to carry securities term rates become, and the more likely that less readily and hence to discourage security this condition is temporary, the greater will flotations while interest rates are adjusting to be the tendency for long-term borrowers to higher levels. When yields are stable or are postpone investment expenditures because expected to fall, they will be more likely to they expect to be able to borrow later at encourage such flotations. considerably lower interest costs. An increase in interest rates does more than EFFECT ON BORROWERS just affect the cost of credit to borrowers. It also reduces the market value of existing as- Restraint on borrowing exerted by tightensets unless the actual or expected earnings on ing credit results in part, as already explained, these assets rise, since earnings are capitalized from the increased difficulty of finding lend- at a higher rate of interest.2 The liquidity ers and obtaining loans. It also results in position of all asset holders is adversely afpart from the influence on the borrower of fected by this development, and their willhigher interest costs and from his greater ingness to undertake new long-term comuncertainty about future credit and business mitments may be influenced. developments. A rise in interest rates also influences Borrowers for business investment. the utilization of productive resources, di- Much business is done on the basis of being 2 In a highly developed economy such as the United States, able to borrow capital at rates of interest the volume of accumulated capital assets is very great in lower than the return that is expected to be relation to current income. Small percentage changes in the value of such assets involve large dollar amounts. In a reobtained on the use of that capital. These cent study by Raymond W. Goldsmith, which is in process of margins will be affected by changes in in- publication, it is estimated that for the 145-year period 1805- 1950 the average yearly rate of growth of reproducible tanterest rates and by changes in the profitability gible wealth in the United States was about 4% per cent, of the businesses concerned. Each change, or about 2 per cent on a per capita basis. At the end of though small, may influence borrowing for 1948 reproducible tangible wealth owned by individuals, businesses, and farmers was valued at approximately 600 bilwhich the profit margin is narrow, while not lion dollars. Although not all of this represents assets whose affecting the bulk of economic enterprise. value is directly affected by changes in interest rates, the figure serves to give some idea of the magnitude of repro- Such small effects, however, help to mainducible assets involved. In addition, values of income-protain economic balance. ducing lands are affected, as are values of negotiable claims not represented by real assets. The study referred to is part The sensitivity of business borrowers to of a comprehensive inquiry into savings and investment in changes in interest rates varies widely, how- the American economy, financed by a grant of funds from ever. In certain fields of long-term invest- the Insurance Companies Investment Research Committee, with the joint participation of the two associations of life ment, such as industrial and commercial insurance companies. 224 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INFLUENCE OF CREDIT AND MONETARY MEASURES ON ECONOMIC STABILITY recting some activity away from produc- If the current interest rate for such investtion of long-lived, slowly depreciating ment, with allowance for risk, were 6 per capital goods and thereby freeing resources cent, the capitalized value of the existing for an immediate increase in output property would be more than the cost of conof consumption goods and of producers' structing a new building with the same earnequipment to make consumption goods.3 An ing prospects. An investor in this type of interest rate increase has this effect both by real estate, instead of buying an existing increasing the cost of long-term borrowing building, would build a new structure, other and by changing the relationship between things being equal. If, on the other hand, prices of existing capital assets and the cost the relevant interest rate were 7 per cent, the of producing new assets. In the fixed capital decision would go the other way. area these changes, together with changes Business borrowers in the short-term marin the outlook for profits and risks due to ket may also be greatly influenced by changes the altered credit and monetary situation, in credit conditions. Inventory accumulation shift the balance of business decisions toward is normally financed in substantial part by holding or buying old assets, and adapting short-term credit. When businesses have old assets to new uses, rather than buying been building up inventory positions, a tightnew ones. ening in the credit and monetary situation How the changed relationship between removes some of the incentives for inventory prices of existing capital assets and costs of accumulation. Uncertainty with respect to producing new ones occurs is illustrated be- the possibility of renewing the credit, morelow. The illustration pertains to hypothet- over, increases the possibility that inventory ical office buildings with a net income from holdings may have to be sold under unfavorrent of $100,000 a year. able market circumstances. This deters particularly inventory accumulations of a purely Estimated cost of constructing speculative variety. new building $1,500,000 Lower interest rates, through their effects Capitalized market value of on costs, capital values, and business anticipaexisting building with earntions, will encourage borrowers to make adings from rent (net of all ditions to physical property and also to accurrent costs and depreciacumulate inventory. tion) of $100,000: Consumer borrowers. Use of credit by If the current interest rate, consumers is not subject to direct restriction with allowance for risk, by higher interest rates in the credit market. is 6 per cent 1,666,667 Consumer credits are generally extended on If the current interest rate, fairly standardized terms and at relatively with allowance for risk, high and inflexible credit charges. The rates is 7 per cent 1,428,571 paid for money at wholesale by the institutions that lend to consumers is only one of a 3 Accelerated tax amortization for a capital good shortens number of important costs elements in the the book life of the capital asset and reduces the period of credit charge to consumers at retail. Thus borrowing that may be involved in its purchase. Long-lived capital goods may thus be made, in effect, more equivalent changes in interest rates in the credit market to shorter-lived producers' equipment, both from the standhave a less than corresponding effect on the point of the effects of credit tightness on their purchase and from the standpoint of the obsolescence risk involved. charge for credit to consumers. Nevertheless, MARCH 1953 225 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INFLUENCE OF CREDIT AND MONETARY MEASURES ON ECONOMIC STABILITY the interest cost is one important element in corporate stocks depends largely on what is lenders' cost, and general credit tightness happening in the stock market. When stock or ease tends to be transmitted to consumer prices are stable, credit tends to be used by credit through its influence on the strictness regular investors and professional traders who or leniency of credit standards applied by deal in lots of substantial size and expect only consumer-credit-granting institutions. Alter- small unit profits. Credit demand for such ation of credit standards is a method by which transactions may be sensitive to interest rates, lenders in this area control other important since the increased cost of higher rates may elements of their costs, namely, collection wipe out profits, while lower rates will tend costs and losses by default. Because of the to add to profits. On the other hand, when nature of the consumer credit market, selec- stock prices are rising or declining under the tive credit regulation has been used in this impact of speculative pressures, the expectafield during emergency periods. tion of quick capital gains may be so strong Residential mortgage credit. Mortgage as to make borrowing costs a matter of disborrowing for house purchases is consider- tinctly secondary importance. In such cirably affected by increases in interest rates. cumstances, selective credit regulation of mar- Borrowing to buy houses is typically long- gin requirements on loans to purchase or term and on an instalment-repayment basis. carry stocks can aid in restraining credit An increase in the interest rate, which adds expansion in this area. to the monthly mortgage payment, raises the Tighter or easier credit conditions may inattractiveness of rental housing compared directly affect borrowing on stocks through with ownership. Total spending for houses their influence on the pace of economic acmay thus be reduced, as some buyers are dis- tivity. The willingness of individuals to buy couraged altogether and others are induced and hold stocks, both outright and on credit, to buy cheaper houses. The effect of this on is necessarily related to their judgments of economic activity is felt most directly through business developments and prospects. the market for new houses. The size of the EFFECT ON SAVING monthly payment on a mortgage, however, reflects the length of the borrowing term as Changes in credit conditions and concomwell as the interest rate. By lengthening the itant changes in interest rates will affect the period of mortgage repayment the restrictive volume of savings. If some groups in the effect in the housing sector of an increase in economy increase their savings, an increase interest rates may be largely offset. It is, con- can take place in investment expenditures, sequently, highly important to avoid en- or in consumption expenditures financed couragement of longer mortgage maturities by borrowing or by drawing down asset during a period of boom when credit tight- holdings, without resulting in an increase ness is being relied on to maintain economic in the total demand in the economy. stability and hold down inflationary pres- To trace the effects on saving of a tightensures. The tendencies described, of course, ing or easing of credit and the accompanying work in reverse to stimulate house purchases changes in interest rates requires a manyduring a period of recession. sided approach. To begin with, one needs Investors and traders in corporate stock. to have in mind some facts about the term The direct effect of changes in interest rates "saving" as it is generally used. First of all, on demand for credit to finance purchases of saving may be done not only by individuals 226 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INFLUENCE OF CREDIT AND MONETARY MEASURES ON ECONOMIC STABILITY (including unincorporated businesses) but would otherwise have been. Second, dissavalso by corporations and certain other insti- ing through the use of previous savings will tutional forms in the economy. Second, and also be discouraged, depending on the form more important, the aggregate volume of in- in which such savings are held. For savings dividual or other saving in any period is a held in marketable bonds and many other total of the experiences of all who saved in noncash assets, a decline in market values will the period, minus the total of all who con- accompany the general rise in interest rates. sumed, or distributed as dividends, more than The sacrifice of principal involved in liquidatheir incomes—that is, dissaved—by borrow- tion of these savings will deter dissaving of ing or by drawing on accumulated assets. this kind. Dissaving through the use of past Third, there are many forms of saving, or savings held in savings accounts or in other rather many uses of saving, and they vary in liquid forms will be less penalized. For their response to credit tightening or ease and some types, however, the current interest rein their economic effects. In a discussion of turn will rise with the general advance in how saving is affected by changes in credit interest rates and thus the accumulated savconditions, each of these points must be ings will be more attractive to keep. considered. Another important consideration when For saving by individuals, credit tightness credit conditions are tightening is that dissavand a rise in interest rates, for example, may ing of any kind will be discouraged, and savset up several cross currents of response. ing encouraged, by the fact that action to Some individuals save for the purpose of restrict the availability of credit is being taken building up assets that will provide a retire- for the purpose of restraining speculative and ment income of a certain size. As long-term inflationary trends. There will be less ininterest rates rise, the amount of saving re- centive to hedge against advancing prices by quired for such an income declines. Such buying in anticipation of such advances. The savers can reduce their saving and still meet fact that measures are being taken to tighten their needs, if they choose to do so. On the credit and to curb monetary expansion will other hand, some individuals are concerned in itself reduce the likelihood of rising prices about the current return and will save more and lessen the incentive of individuals to buy when a more attractive return is available. It goods ahead of needs. Also, overly optimistic is not easy to establish where the balance of expectations as to future income, other than these motivations may be. from interest, will be tempered, and saving It is not necessary, however, that those who will be encouraged as a matter of prudent save increase their total saving in order to management of personal finances. have an increase in the aggregate of personal A business corporation saves when it pays saving. An increase in the aggregate of out less in dividends in any period than it saving may be achieved by a reduction in the makes in profits. Dissaving occurs when volume of dissaving—that is, a reduction in losses are sustained or when more is disthe extent to which consumption is financed tributed in dividends than is made in profits. by using past savings or by borrowing. Total corporate saving over any period is Here the effect of a tightening credit policy equal to the sum of all such saving minus is clearer. First, since credit is less readily all such dissaving. Again taking the situavailable, the amount of dissaving with bor- ation of credit tightening, corporations that rowed funds will be reduced from what it plan to expand plant and equipment are MARCH 1953 227 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INFLUENCE OF CREDIT AND MONETARY MEASURES ON ECONOMIC STABILITY likely to be more cautious in their dividend gether with the expectation of continuing policies (save more) in order to ensure that monetary ease, will tend to make employed funds will be available for such outlays. individuals more willing to spend and go in Because availability of credit is uncertain, debt for consumption and business purposes other corporations will be inclined to hold and corporations more willing to maintain larger cash balances rather than to increase dividend payments even though borrowing dividends—on the chance that an emergency is required to provide for plant and equipor a profit possibility requiring cash might ment outlays. Both individuals and corporadevelop. tions will be encouraged by the greater cer- Savings may be held or used in many dif- tainty of credit availability and capital gains ferent ways. Personal savings, for example, on assets held to rely on sales of such assets may be invested in capital assets, either di- if necessary to meet future needs. Added to rectly, such as in houses or individual busi- all this will be a growing confidence that deness enterprises, or indirectly, such as in cor- clines in incomes and prices will be checked. porate stocks or bonds. Savings may be held Relatively low levels of interest rates on as accumulated cash balances in demand de- prime assets under such circumstances may posit accounts or as currency holdings. They encourage savers to invest in lower grade, may be channeled into savings institutions higher yielding securities. through increased ownership of savings deposits or shares, or through the building up EFFECTS TRACED BY CATEGORIES OF ECONOMIC of claims in pension funds, annuities, or life ACTIVITY insurance. Savings may also be kept in sav- Gross national product of an economy may ings bonds or other Government securities. be divided for analytical purposes into cate- The form in which savers wish to hold gories of investment and consumption. savings, current or past, is of great importance Credit and monetary policy actions influence for economic stability. A policy of credit activity in these areas in varying degrees. and monetary restraint, for instance, can in- For illustrative purposes it may be helpful to fluence the decisions of many savers, both outline the effects of credit tightening on individuals and corporations, to invest new spending for broad categories of goods and savings in such dollar claims as savings de- services. The effects of credit easing would posits or Government securities and to keep be generally the opposite of those for credit old savings in that form. Yields on these in- tightening. The discussion will be limited vestments tend to become more attractive. primarily to the initial and direct effects of At the same time the desire to invest in goods credit and monetary action. No attempt will in order to beat price increases is reduced be- be made to relate to special economic sectors cause the expectation of price increases, par- the pervasive indirect effects of such action. ticularly of capital goods, is lessened. Holders Gross private domestic investment. New of certain liquid savings, such as bonds, are construction is ordinarily financed to a condiscouraged from liquidating them to invest siderable extent through long-term credit. elsewhere by the fact that the selling prices The volume of expenditures for this purpose of the bonds decline with increasing interest is thus subject to substantial direct influence rates. through credit measures. This is true of out- In a period of recession, increased credit lays for housing and for business construcavailability and declining interest rates, to- tion, but perhaps most particularly for hous- 228 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INFLUENCE OF CREDIT AND MONETARY MEASURES ON ECONOMIC STABILITY ing. In addition to the direct restraint cause of general credit tightness, nevertheless, through reduced credit availability, the effect credit grantors will need to place greater emof rising interest rates on capital values and phasis on the creditworthiness of borrowers on profit expectations is a restrictive factor and on the terms on which the credit is exin the construction area. tended. This change in lenders' attitudes will Since producers' durable equipment is exclude some borrowers from the market, and frequently bought on credit, reduced avail- the existence of some credit tightness will ability of credit curtails such purchases. For encourage others to postpone durable goods some producers' goods the credit period is purchases if they expect lower prices later. typically long and the interest rate is an im- Credit is not a key factor in purchases of portant cost consideration. Interest cost is nondurable goods, although credit restraint particularly relevant in connection with in- may indirectly curb such expenditures by vestment in heavy, long-lived equipment. making it necessary for consumers to use The effect of rising interest rates on capital more of their available cash and less credit values and in changing the relationship be- for housing and for durable goods purchases, tween prices of existing capital assets and the thus curtailing the money available for spendcost of producing new assets is also of con- ing for other purposes. Also, merchants, besiderable significance here. In the purchase cause of reduced access to credit and higher of some other types of equipment, credit interest costs on carrying charge account reis usually shorter term, and here the factor ceivables, may screen applicants for such of interest cost may be less important, al- accommodation more carefully and pay more though less ready availability of credit is a attention to prompt collection of outstanding deterrent to borrowing. accounts. Credit tightening will further Changes in business inventories are influ- have some influence on nondurable goods enced to an important extent by reduced purchases through its encouragement of savavailability of credit, for inventory investment ing, which will presumably reduce buying is heavily dependent on short-term credit. of these as well as other goods, and through There is usually a close business relationship its effect in reducing the expectation of price between bankers and inventory borrowers, increases, which will lessen advance buying and changes in the credit climate will be of goods. quickly reflected in bankers' advice to bor- Since services are usually not bought on rowers to proceed cautiously. In addition, credit, credit tightness will have relatively litthe mere existence of a policy of credit re- tle direct effect on such spending. Expendistraint will help to reduce the expectation tures in this area will be affected indirectly of rapid price advances that encourage inven- in ways similar to the effect on spending for tory speculation. nondurable goods. Personal consumption expenditures. Net foreign purchases. A restrictive credit Automobiles, household appliances, furniture, policy will tend to reduce the dollar volume and other durable goods are frequently of United States imports. Effects upon exbought on credit, and limitation on the avail- ports will be mixed. To the extent that reability of credit will reduce such outlays. In- straint of domestic demands reduces prices, terest rates in the credit market, however, some United States materials and products have relatively little bearing on credit charges may become more attractive to foreign buyto consumers where credit is available. Be- ers, and exports may be stimulated. On the MARCH 1953 229 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INFLUENCE OF CREDIT AND MONETARY MEASURES ON ECONOMIC STABILITY other hand, foreign purchases in this country prices without expanding the supply of may be reduced if short- or long-term credit goods available. As a result, there will be in this country is restricted and if no alter- less to spend for goods and services in later native means of financing such payments are periods, and accordingly an abatement in available. On balance, the over-all short-run further pressure of demand against the supeffect on United States export-import trade ply of goods. Curtailed spending for conis difficult to predict. sumer goods and other finished products in International movements of liquid funds turn will have a dampening effect on the deto this country in response to interest rate in- mand for machines and other producers' creases or to changes in the outlook for sta- equipment to make them. Consumers and bility in the United States economy might be investors may anticipate these secondary efsubstantial. If so, they would tend to be re- fects and, through their attitudes and actions, flected in a flow of gold to this country, which may bring them about more promptly and in would ease the credit situation somewhat un- greater amount. less offset by reserve banking action or other factors. Such movements of funds would MAGNITUDE OF INTEREST RATE CHANGES tend, however, to tighten reserve positipns Interest rates, as the prices paid for credit, abroad and might lead to restrictive credit perform the important function of influencdevelopments there, assuming that inflation- ing the flow of funds into various channels. ary pressures were world-wide. This would They also serve as a basis for establishing the curb foreign demand for goods and reduce present value of any assets which are expected foreign purchases of goods in this country. to provide income over a succession of years. Government purchases of goods and serv- Changes in interest rates constitute signals ices. The general availability and cost of and incentives by means of which demand credit, particularly in the long-term capital for funds is kept in balance with supply. market, has an influence on the timing of Thus far the discussion has been carried on State and local government outlays which without specific reference to the magnitude require credit. The outlays of the Federal of interest rate changes. As has been ex- Government are influenced considerably less plained, a tightening of credit involves an by the availability and cost of credit. increase in interest rates; an easing of credit,, a decline in interest rates. Higher interest SECONDARY EFFECTS rates tend to eliminate some marginal de- The effects of changes in credit conditions mand for loans. At the same time the inon lending, spending, and saving discussed creased interest rates, combined with capital in this article are their initial and more di- losses on assets and a change in business exrect results in combating excess or deficient pectations, make lenders more selective in demand and resultant inflationary or defla- their lending activities and spenders in gentionary pressures. These initial effects are eral less willing to spend. Conversely, lower succeeded by secondary effects which may be interest rates tend to increase marginal borof great importance. If credit becomes rowing, to encourage lenders to expand into tighter, for example, initially less money is lower grade securities, and to make spenders paid out to consumers at a time when addi- generally more willing to spend. tional money income would merely increase The magnitude of interest rate changes 230 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INFLUENCE OF CREDIT AND MONETARY MEASURES ON ECONOMIC STABILITY necessary to bring supply and demand for discount rate and other market rates is closest funds into equilibrium and to retard the de- in the short-term prime credit area. velopment of inflation or deflation depends Under present conditions in the United on many factors. This section will give some States, Government securities play a key role examples of these factors, with specific refer- in the credit market. The market rate on ence to their operation in periods of tighten- Treasury bills is the most sensitive index of ing credit conditions. changes in credit market forces, including Kinds of interest rates. There are many particularly changes in commercial bank reinterest rates because there are many kinds serve positions. Other short-term interest and grades of loans and investments. They rates usually have generally similar moveare all related to one another in some degree ments. When credit and monetary demands and reflect in varying measure the relation- expand and member bank borrowing at the ship in the market between the demand for Reserve Banks increases, rates on short-term credit and the supply of funds available for Government securities tend to rise, and this lending and investing. tendency toward higher rates is in turn In a free enterprise system, interest rates transmitted to other credit markets. The disare established by the interplay of market count rate is adjusted or not in accordance forces. Traditionally, reserve banking influ- with the judgment of the Federal Reserve as ence is directed to expanding or contracting to the general economic situation and the the supply, availability, and cost of Reserve strength and soundness of credit develop- Bank credit as needed to maintain general ments. The relation of the discount rate economic and financial stability. This activ- to other short-term interest rates since the ity necessarily affects the supply, availability, First World War is shown in the chart. and cost of other credit. The Reserve Bank Long-term rates generally rise when shortdiscount rate has a relationship to the cost term rates rise and decline when short-term of credit generally. Since Reserve Bank ad- rates decline. The tighter or easier credit vances are extended on short-term paper of conditions which accompany changes in busiprime quality, the relationship between the ness activity are generally felt directly in both SHORT-TERM INTEREST RATES Per Cent per Annum 8 - 6 PRIME rn -- 6 ,. COMMERCIAL Mjl p/\ PAPER J/ Ik 4 1 i PRIME* V \J BANKERS' r 2 ^ACCEPTANCES F. R. BANK - 2 (DISCOUNT RATE V.i V^ ji ^v ^"../TREASURY BILLS 0 i 1 . . .. 1 ,, 1920 '25 '30 '35 '40 '45 '50 * Rate on bankers' acceptances not shown after 1933; Treasury bill rate shown beginning in 1934. NOTE.—Federal Reserve discount rate is rate at Federal Reserve Bank of New York; from October 30, 1942, to April 24, 1946, preferential rate on advances secured by short-term Government securities is shown. Monthly averages of prevailing weekly rates are shown for prime 4- to 6-month commercial paper and prime 90-day bankers' acceptances. Treasury bill rate is average rate on new issues during month. Latest figures are for February 1953. MARCH 1953 231 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INFLUENCE OF CREDIT AND MONETARY MEASURES ON ECONOMIC STABILITY long- and short-term fields. Moreover, for not always been the case. The chart shows the some lenders the long-term markets for credit relationship since 1900 between the commerare competitive with the short-term markets. cial paper rate and the yield on long-term While short- and long-term rates generally corporate bonds. move together, the change in long-term rates Influence of general economic and finanis ordinarily smaller in magnitude than that cial factors. The extent of interest rate inin short-term rates. Lenders generally expect creases under conditions of credit tightness extreme levels of short-term rates to prevail will depend on the entire economic backfor only a short period of time. Since the ground at the time. To understand that current yield on long-term securities will be background calls for careful consideration of received until the maturity of the security, a many questions. For example, how strong relatively small change in long-term rates are the credit demand pressures? By what will restore the competitive relationship. forces are they being generated? How ex- Moreover, as already noted, when yields rise tended or overextended is the underlying the capital loss incurred on long-term secureconomy itself? How optimistic is the cliities may serve to check sales and thus modermate of business expectations ? And always, ate the rise in long-term yields. Short-term in appraising the possible response of interpaper, on the other hand, is generally held est rates to a general tightening of credit, it by both banks and nonbank investors for is necessary to take into account the estabthe express purpose of adjusting to changed lished organization of the credit market and requirements for funds and hence tends to the investment and operating experience of be sold or bought as cash assets temporarily the institutions which make up this market. fall below or rise above desired levels. Under some circumstances, reserve bank- In recent years, long-term rates have been ing measures involving only minor increases constantly above short-term rates, but this has in interest rates would be adequate to re- LONG-AND SHORT-TERM INTEREST RATES strain undue credit and monetary expansion; Per Cent per Annum with another background, effective credit and monetary policy would require pronounced PRIME increases in rates. COMMERCIAL PAPER The response of the economy to reserve banking action will depend in part on the habits and patterns of financial management built up over the preceding months and years. HIGH-GRADE Restrictive action, for example, may be effec- CORPORATE BONDS tive with relatively small increases in interest rates if existing interest levels have prevailed for some time. Under these circumstances, institutional investors will be doing business on the assumption that interest rates will remain substantially stable and that conse- 1900 50 quently securities may be sold without sig- NOTE.—Annual averages of monthly figures. High grade nificant loss. To these investors and to a corporate bond yield series comprises Standard and Poor's Corporation series on high-grade railroad bonds through 1919, Moody Investors' Service series on Aaa railroad bonds for great many others, a tightening of credit will period 1920-29, and Moody series on Aaa public utility bonds beginning in 1930. introduce new problems of liquidity and 232 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INFLUENCE OF CREDIT AND MONETARY MEASURES ON ECONOMIC STABILITY bring about a retrenchment in their activities, tightness will bring about. In 1928 and 1929, including their commitments to grant credit for example, speculation in the stock market at some future time. In the light of exten- had raised stock prices so high that equity sive past experience, uncertainty regarding fu- capital was available to corporations on more ture interest-rate increases will promote cau- attractive terms than debt capital. The cost tion among lenders as long as demand for of debt financing (the long-term interest credit continues strong. rate) was increasing, but a corporation could The absolute level of interest rates prevail- sell stock on such favorable terms that this ing at a given time and the range of variation became the favored method of financing. In in interest rates for various kinds and grades this period corporations relied heavily on the of credit are other factors influencing the ex- equity market for capital. Investors on their tent to which a given credit action may cause part were attracted into equities by prospects interest rates to change. A given absolute for future gains, even though yields on highincrease in rates, for example, has a more grade bonds were higher than those currently depressing effect on the capital values of obtainable on stocks. The stock market boom prime long-term investments if they are cap- in those years was based largely on margin italized on the basis of a 2l/ per cent rate trading financed heavily in the brokers' loan 2 rather than at 4 per cent. More significantly, market, mostly by nonban\ credit (loans to if the spread between the rate on prime pa- brokers and dealers for the account of others). per and the rates on secondary grade credits Interest rates of 9 per cent or more in this has been small, the impact on capital values market did not prevent a large volume of borof a given increase in prime rates will tend rowing for speculation in stocks. to be carried more quickly throughout the Under such circumstances, credit actions entire credit market than if a wider spread taken to restrict the general availability of in rates has prevailed. credit could not easily be made effective in The effect of a change in interest rates de- curbing an unsustainable speculative boom pends also on the total volume of those types in the stock market except by affecting ecoof assets having market prices that will re- nomic activity in general and in that way spond quickly to such a change. The larger making investment in equities unprofitable. this volume is, the greater and more imme- Despite the decline in long-term interest diate will be the impact on the entire econ- rates in the downturn that followed the omy of a given interest rate movement. On eventual stock-market crash, long-term borbalance, developments in the American rowing was still considerably less attractive credit market in the past 25 years, including than the equity financing that had been availparticularly the large expansion in market- able to many prime borrowers in 1929. Legable public debt, have increased the impor- islation designed to prevent a repetition of tance of assets having prices that move this situation authorized the Federal Reserve promptly with interest rate changes. through margin requirements to regulate Influence of special credit conditions. the use of credit in the stock market. Institutional and other factors that exist in Under other and quite different circumthe credit market at a particular time can stances, restraint on credit may have a sharply have a big influence on the responsiveness of restrictive influence before the interest rate the economy to credit tightness and on the rise has been large. For example, when a size of interest rate increases that credit large amount of business financing is being MARCH 1953 233 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INFLUENCE OF CREDIT AND MONETARY MEASURES ON ECONOMIC STABILITY done in the bond market, investment under- The discussion has largely focused on the writers and security dealers need to carry a broader effects of credit tightness and rising substantial inventory of bonds. For these interest rates on lending, spending, and savinstitutions the ratio of capital to this inven- ing. The mechanism of credit ease is in gentory is typically small, and their operations eral the opposite of credit tightness. The reare heavily dependent on the use of short- sponse to credit easing, however, is greatly term bank credit. Moderate increases in in- influenced by cyclical or other prevailing terest rates cause the value of their inventory circumstances, and the effectiveness of credit of bonds to decline, put their capital positions easing in checking monetary contraction and in jeopardy, threaten their creditworthiness, in bringing about resumed growth in ecoand cause them to reduce the volume of new nomic activity depends greatly on earlier efflotations of securities that they are willing to fective reliance on credit tightness to limit undertake. excessive credit and monetary expansion. To give another example, in the spring of In considering the mechanism of credit 1951 the mortgage market was particularly tightness and related interest rate increases in sensitive to a moderate increase in long-term counteracting unsound business booms, it is rates. This was because major lenders were important to bear in mind the alternative to overextended in their lending commitments. such developments. To avoid credit tight- In response to the change in the credit situa- ness it would be necessary to supply addition at that time, and the uncertainty as to tional funds to meet all demands, even future interest rate and security price levels, though they might be excessive from the these lenders reduced sharply their commit- standpoint of the maintenance of stable ecoment activities in mortgage financing and to nomic progress. In a free enterprise economy, some extent in other financing also. This decisions regarding the use of purchasing brought about some limitation on the volume power are made by the individuals who reof their lending, which up to that time had ceive incomes and have savings, rather than been running substantially in excess of the dictated by government. The extent to which funds they had from repayments of old loans it is possible to devote resources to expansion and new savings, with the difference made up of productive capacity and the stock of housby sales of Government securities which in ing and commercial construction without turn had been purchased by the Federal generating excessive, inflationary bank credit Reserve at supported prices. and monetary expansion depends largely on the combination of individual decisions to CONCLUDING COMMENT save and to dissave—on the aggregate volume This article has described the way in which of saving. When savings are very large, as a general tightening or easing of credit, with they ordinarily are in this country, sustained accompanying changes in interest rates, may expansion is possible in substantial volume function to help maintain economic stability. without an excessive and unstabilizing It has not dealt with the many forces, other growth of credit and money. than credit and monetary forces, that cause instability. It has taken for granted that Reprints of this article are available upon credit and monetary measures are not the request from the Division of Administrative only reliance of public policy in sustaining Services, Board of Governors of the Federal economic balance. Reserve System, Washington 25, D. C. 234 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Administrative interpretations of banking laws, new regulations issued by the Board of Governors, and other similar material Margin Requirements for Purchasing Maximum loan value for general accounts.—The Securities maximum loan value of a registered security (other than an exempted security) in a general Supplements to Regulations T and U account, subject to section 3 of Regulation T, The Board of Governors of the Federal Reserve shall be 50 per cent of its current market value. System, effective February 20, 1953, amended the Supplement to Regulation T entitled "Extension Margin required for short sales in general acand Maintenance of Credit by Brokers, Dealers, counts—The amount to be included in the adand Members of National Securities Exchanges/' justed debit balance of a general account, purand amended the Supplement to Regulation U suant to section 3(*/)(3) of Regulation T, as entitled "Loans by Banks for the Purpose of Pur- margin required for short sales of securities (other chasing or Carrying Stocks Registered on a Na- than exempted securities) shall be 50 per cent of tional Securities Exchange" so as to decrease the the current market value of each such security. margin requirements from 75 per cent to 50 per cent SUPPLEMENT TO REGULATION U for credit extended by brokers and banks to finance purchases of stock exchange securities. The de- Issued by the Board of Governors of the Federal creased margins also apply to short sales. The texts Reserve System Effective February 20, 1953 of the Supplements as thus amended are as follows: For the purpose of section 1 of Regulation U, SUPPLEMENT TO REGULATION T the maximum loan value of any stock, whether or not registered on a national securities exchange, Issued by the Board of Governors of the Federal shall be 50 per cent of its current market value, Reserve System as determined by any reasonable method. Effective February 20, 1953 CURRENT EVENTS AND ANNOUNCEMENTS Federal Reserve Meetings re-elected Chairman of the Committee and Allan The Federal Advisory Council met in Washington Sproul, Vice Chairman. The representative memon February 15-17, 1953. The annual organization bers of the Committee elected by the Federal Remeeting of the Council was held on February 15, serve Banks for the period of one year beginning at which Edward E. Brown, Chairman of the First March 1, 1953, are Allan Sproul, J. A. Erickson, National Bank of Chicago, was re-elected President; Ray M. Gidney, Delos C. Johns, and O. S. Powell, Robert V. Fleming, President and Chairman of The Presidents of the Federal Reserve Banks of New Riggs National Bank, was re-elected Vice President; York, Boston, Cleveland, St. Louis, and Minneand Herbert V. Prochnow was reappointed Secre- apolis, respectively. tary. The Council met with the Board of Governors Appointment of Class C Director and Deputy Chairman of the Federal Reserve System on February 17. A meeting of the Presidents of the Federal On February 25, 1953, the Board of Governors Reserve Banks was held in Washington on March announced the appointment of Mr. Bert R. Prall, 2 and 3, and on March 5 the Presidents met with President, Butler Brothers, Chicago, Illinois, as a the Board of Governors of the Federal Reserve Class C director of the Federal Reserve Bank of System. Chicago for the term ending December 31, 1954, On March 4 and 5 a meeting of the Federal and Deputy Chairman for the remaining portion Open Market Committee was held. At the meet- of the year 1953. Mr. Prall succeeded Mr. Franklin ing on March 4, William McC. Martin, Jr., was J. Lunding, Director and Chief Executive Officer, MARCH 1953 235 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS Jewel Tea Company, Inc., Chicago, Illinois, who The tables relate principally to outstanding credit resigned. and include data on debt by major types of property Resignation of Branch Director mortgaged, mortgages held by major types of in- On February 13, 1953, the Federal Reserve Bank vestors, and Federally-underwritten and convenof Atlanta accepted the resignation of Mr. A. J. tional debt. Data are shown for total mortgage Goodwin, Jr., Vice President, The Anniston Na- debt and for debt secured by small nonfarm, other tional Bank, Anniston, Alabama, as a director of nonfarm, and farm properties. Mortgage holdings, the Birmingham Branch. Mr. Goodwin had served in some detail, are shown for the major types of private financial institutions—commercial banks, as a director of the Birmingham Branch since Janumutual savings banks, life insurance companies, and ary 1, 1952. savings and loan associations—and for selected Fed- Election of Class B Director eral agencies and others. The Federal Reserve Bank of Atlanta on March The tables also include data on the volume of 10, 1953, announced the election of Mr. Pollard mortgage lending as shown in mortgage recordings Turman, President, J. M. Tull Metal and Supply of $20,000 or less, in activities of savings and loan Company, Inc., Atlanta, Georgia, as a Class B direc- associations and life insurance companies, and in tor of the Bank for the term ending December 31, operations of Federal agencies that influence mort- 1954. He succeeded Mr. J. A. McCrary, Vice Presi- gage lending volume and practices, including the dent and Treasurer, J. B. McCrary Company, Inc., Federal Housing Administration, Veterans Admin- Atlanta, Georgia. Mr. Turman served as Counsel istration, Federal National Mortgage Association, for the Federal Reserve Bank of Atlanta from May and Federal Home Loan Banks. 1, 1939, until June 1, 1944, when he was appointed The set of tables on consumer credit, which pre- General Counsel. He served in that capacity until viously followed the gross national product and June 1, 1947, when he resigned to become asso- related series, now is included on pages 276-278 ciated with the J. M. Tull Metal and Supply Com- of this BULLETIN, after the new set on real estate pany, Inc. credit statistics. Appointments of Branch Directors Tables Published Annually and Semiannually, with On March 13, 1953, the Federal Reserve Eank Latest BULLETIN Reference of Atlanta appointed Mr. Malcolm A. Smith, First Semiannually Issue Page Vice President, Birmingham Trust National Bank, Banking offices: Analysis of changes in number of. . . Feb. 1953 181 Birmingham, Alabama, as a director of the Birm- On, and not on, Federal Reserve Par ingham Branch for the term expiring December List, number of Feb. 1953 184 31, 1954. Mr. Smith succeeded Mr. A. }. Goodwin, Annually Jr., who resigned. Bank suspensions Feb. 1952 135 Earnings and expenses: On March 17, 1953, the Board of Governors Federal Reserve Banks Feb. 1953 182-183 Member banks: announced the appointment of Mr. Thomas H. Calendar year May 1952 556-566 First half of year Oct. 1952 1159 Wilson, President, Treasurer, and Advertising Banks and branches, number of. by class and State May 1952 567-568 Manager, Henredon Furniture Industries, Inc., Operating ratios, member banks Aug. 1952 937-939 Morganton, N. C, as a director of the Charlotte Admissions of State Banks to Membership in the Branch of the Federal Reserve Bank of Richmond Federal Reserve System for the term ending December 31, 1955. Mr. The following State banks were admitted to Wilson succeeded Mr. W. A. L. Sibley, Vice Presimembership in the Federal Reserve System during dent and Treasurer, Monarch Mills, Union, S. C, the period January 16, 1953 to February 15, 1953: whose term expired. New BULLETIN Tables California New tables on real estate credit, on pages 273- Compton—Compton Commercial and Savings 275 of this BULLETIN, bring together pertinent Bank. data from various sources. Federal Reserve esti- San Francisco—The Bank of Tokyo of California. mates are included for several series, chiefly to pro- San Francisco—The Sumitomo Bank vide current data at more frequent intervals. (California). 236 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled February 25 and released for publication February 27] Industrial production continued to rise in Janu- In January output of nondurable goods largely ary and February and construction activity was recovered from the temporary December decline. maintained at advanced levels. Retail sales were Activity at cotton and rayon textile and paperboard down somewhat more than seasonally from the mills continued somewhat below October-November record year-end level. Wholesale prices continued rates but there were increases at plants making to show little change, while consumer prices de- leather and rubber products. Output of chemicals clined slightly further. and refined petroleum products continued at advanced levels. INDUSTRIAL PRODUCTION A slight further decline in minerals output in The Board's index of industrial production rose January resulted from curtailment of coal and crude two points in January to 237 per cent of the 1935-39 petroleum production. Bituminous coal mining average. A small further rise is indicated in decreased somewhat further in the first half of February, reflecting mainly continued gains in February. output of consumer durable goods. CONSTRUCTION Production of passenger autos has increased sharply since December and in February reached Value of construction contract awards declined an estimated annual rate of 6.2 million units. by more than one-fourth in January, reflecting Seasonally adjusted output of major household largely a substantial drop in awards for nongoods, notably television sets, also expanded fur- residential building. The total, however, remained ther in January and apparently continued at ad- almost one-fifth above a year ago. The number of vanced levels in February. Activity in producers' housing units started totaled 71,000 as compared and military equipment industries has been gen- with 76,000 in December and 65,000 in January, erally maintained. Among materials, lumber 1952. Value of new work put in place in January, showed a large further gain in January after sea- after allowance for seasonal influences, continued sonal adjustment. Output of aluminum, up at the very high level of other recent months. markedly in January, exceeded the year-ago level by almost one-sixth owing mainly to additions to EMPLOYMENT capacity. Other nonferrous metals generally Seasonally adjusted employment in nonfarm changed little in January. Steel ingot production in establishments continued in January at the peak February held close to the record January rate. of 47.8 million, 1.3 million above a year ago. The INDUSTRIAL PRODUCTION CONSTRUCTION CONTRACTS AWARDED PHYSICAL VOLUME. SEASONALLY ADJUSTED. 1955-39 • 100 MILLIONS OF DOLLAR S i - 400 \ TOTA-n 200 1000 i 1948 1949 1950 1951 1952 1948 1949 1950 1951 1952 1948 1949 1950 1951 1952 1948 1949 1950 1951 1952 Federal Reserve indexes. Monthly figures, latest shown are F. W. Dodge Corporation data for 37 Eastern States. for February. Monthly figures, latest shown are for January. MARCH 1953 237 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS work week in factories declined seasonally but, Prices of some industrial materials such as zinc, at 41.1 hours, was at a postwar high for the month; rubber, and fats and oils declined, while certain average hourly earnings remained at $1.73 and other materials, some of which were decontrolled in average weekly earnings declined about 2 per cent February, advanced. to $71.27. Unemployment increased to 1.9 million Consumer prices declined slightly further in in January, owing mainly to the usual seasonal January and February, reflecting chiefly decreases reduction in outdoor construction activity, but re- in prices of meats and some other foods. mained below the level of a year ago. BANK CREDIT DISTRIBUTION Loans and investments at banks in leading cities Department store sales in January and the first continued to decline between mid-January and midtwo weeks of February were close to year-ago February. Reduction in bank holdings of Governlevels, reflecting a more than seasonal decline from ment securities, largely Treasury bills, accounted the high levels of late 1952. Seasonally adjusted for most of the contraction. Loans to food processales at most other nondurable goods stores also sors, commodity dealers, and sales finance comdeclined in January, while sales of most durable panies declined seasonally while loans to metal goods outlets—particularly automobile dealers— manufacturers increased further. Consumer and expanded somewhat. Department store stocks at real estate loans continued to rise. the end of January, after seasonal adjustment, are Member bank reserve positions remained under estimated to have been at the year-ago level or pressure during late January and February despite little changed from other recent months. a substantial decline in required reserves. Losses COMMODITY PRICES of reserves resulted largely from a gold outflow and from further reductions in System holdings The average level of wholesale prices continued of Government securities. Member bank discounts to change little from mid-January through February. with the Federal Reserve averaged over 154 billion Beef prices declined substantially further as marketdollars. ings continued in large volume, but pork advanced in large part seasonally. Grains decreased markedly SECURITY MARKETS early in February but subsequently recovered. Yields on United States Government securities PRICES AND TRADE fluctuated within a narrow range during the first 1947-49.100 half of February, but moved higher in the following WH0LE8ALE PRICES week. On January 30 the Secretary of the Treasury announced the terms of two new issues offered in exchange for 8.9 billion dollars of 1% per cent certificates of indebtedness maturing on February 15—a 2x/4 per cent one-year certificate and a 254 80 80 per cent five-year ten-month bond. The offering 140 DEPARTMENT 140 STORE TRADE was exceptionally well received, with cash redemp- 120 120 tions only 1.5 per cent of the maturing issue. CONSUMER PRICES Yields on high-grade corporate bonds continued 100 to rise, reaching a postwar high in the third week of February. Common stock prices declined in 80 L 80 the first week of February but showed little change 1948 1949 1950 1951 1952 1948 1949 1950 1951 1952 in the following two weeks. Margin requirements Seasonally adjusted series except for prices. Wholesale prices and consumer prices, Bureau of Labor Statistics indexes. on credit for purchasing or carrying securities were Total retail sales and disposable personal income, Federal Reserve indexes based on Department of Commerce data. De- reduced from 75 to 50 per cent, effective Februpartment store trade, Federal Reserve indexes. Monthly figures, latest shown are for January. ary 20. 238 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 241-242 Federal Reserve Bank rates; margin requirements; reserve requirements 242-243 Reserves and deposits of member banks 244 Federal Reserve Bank statistics 245-247 Regulation V: guaranteed loans, fees, and rates 247-248 Bank debits and deposit turnover; Postal Savings System 248 Money in circulation 249 Consolidated statement of the monetary system; deposits and currency. . 250 All banks in the United States, by classes 251-253 All insured commercial banks in the United States, by classes 254-255 Weekly reporting member banks 256-258 Commercial paper and bankers' acceptances 258 Life insurance companies; savings and loan associations 259 Government corporations and credit agencies 260-261 Security prices and brokers' balances 262 Money rates; bank rates on business loans; bond and stock yields 263 Treasury finance 264-269 New security issues 270 Business finance 271-272 Real estate credit statistics 273-275 Consumer credit statistics • 276-278 Business indexes 279-288 Merchandise exports and imports 288 Department store statistics 289-293 Consumers' and wholesale prices 294-295 Gross national product, national income, and personal income 296-297 List of tables published in BULLETIN annually or semiannually, with references for latest data 236 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. MARCH 1953 239 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 35 MONEY IN CIRCULATION RESERVE BANK I CREDIT REQUIRED RESERVES TREASURY CASH AND DEPOSITS NONMEMBER DEPOSITS 1944 1945 1946 1947 1948 1949 1950 1951 1952 FEDERAL RESERVE CREDIT HOLDINGS OF U- S GOVERNMENT SECURITIES - TOTAL FEDERAL RESERVE FLOAT 1 1 • • -1 1 DISCOUNTS AND ADVANCES 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 Wednesday figures, latest shown are for Feb. 25. See page 241. 240 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] Reseirve Bank credit outstanding Member bank reserve balances Treas- Treas- Other U. S se G cu o r v it e i r e n s ment ury Money Treas- u p r o y s d it e s - Non- Fed- Date or period co D u i n s- ts s G to o c ld k rency in cu c la ir - - c u a r s y h Fe w d i e t r h al b m er e m de - - Rea a n d d - c B er i t ll if s i , - ot . h tt e ii r1 Total st o a u n t d - - tion •nU i n oi g 1a s J- se R r e v - e posits se a r c v - e Total qu R ir e e - d2 c E e x ss - 2 vances Total Bonds cates, ing Banks counts and notes Wednesday figures 1952—Jan. 2.. 105 23,658 5,344 18,314 1,062 24,82522,697 4,706 29,143 1,275 8 694 74520,364 19,685 679 Jan. 9.. 198 23,452 5,344 18,108 904 24,55422,772 4,707 28,800 1,280 69 771 74320,369 19,551 818 Jan. 16.. 135 23,119 5,344 17,775 1,118 24,37222,822 4,710 28,526 1,291 138 719 74420,488 19,590 898 Jan. 23.. 112 22,993 5,344 17,649 1,010 24,11622,872 4,711 28,342 1,280 11 663 74320,660 19,573 1,087 Jan. 30.. 210 22,785 5,344 17,441 711 23,70722,931 4,716 28,347 1,302 221 729 74220,013 19,455 558 Feb. 6.. 283 22,614 5,344 17,270 759 23,65622,990 4,717 28,378 1,317 52 728 74120,148 19,415 733 Feb. 13.. 619 22,499 5,344 17,155 634 23,75323,011 4,717 28,425 1,276 261 685 74120,094 19,304 790 Feb. 20.. 454 22,400 5,471 16,929 1,033 23,88723,071 4,721 28,387 1,308 491 749 73820,007 19,293 714 Feb. 27.. 422 22,555 5,636 16,919 773 23,75023,110 4,722 28,390 1,308 712 730 73519,710 19,224 486 Mar. 5.. 384 22,514 5,636 16,878 986 23,88323,290 4,726 28,464 1,296 670 895 78719,787 19,166 621 Mar. 12.. 357 22,530 5,636 16,894 891 23,77823,291 4,726 28,452 1,296 639 841 78519,781 19,182 599 Mar. 19.. 126 22,825 5,636 17,189I,265 24,21623,292 4,729 28,361 1,285 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 1,282 7 736 80420,276 19,500 776 Apr. 2.. 130 22,514 5,636 16 878 766 23 409 23,291 4,736 28,445 1,281 295 776 82719,812 19,166 646 Apr. 9. . 167 22,494 5,636 16 858 731 23 393 23,293 4,736 28,526 1,273 381 763 82719,652 19,076 576 Apr. 16.. 622 22,467 5,136 17 331 1,020 24 109 23,293 4,737 28,436 L.288 520 853 82520,218 19,225 993 Apr. 23. . 830 22,372 5,136 17 236 771 23 973 23,295 4,738 28,333 1,287 877 809 82419,875 19,087 788 Apr. 30.. 676 22,363 5,136 17 227 593 23 632 23,297 4,739 28,460 1,284 450 784 74919,940 19,143 797 May 7.. 1,04322,329 5,136 17 193 695 24 067 23,297 4,739 28,523 1,286 749 762 74720,034 19,071 963 May 14.. 671 22,315 5,136 17 179 779 23 764 23,297 4,739 28 497 1,293 516 796 74519,953 19,092 861 May 21.. 499 22,283 5,136 17 147 1,013 23 794 23,298 4,739 28,483 1,279 384 813 74520,127 19,181 946 May 28.. 816 22,273 5,136 17 137 653 23 742 23,296 4,741 28 710 L,286 558 813 745 19,667 19,217 450 June 4.. 926 22,378 5,136 17 242 775 24 079 23,296 4,747 28 842 1,282 527 824 742 19,906 19,207 699 June 11.. 834 22,492 5,136 17 356 803 24 128 23,297 4,750 28 830 1,284 507 834 742 19,978 19,226 752 June 18.. 541 22,997 5,136 17 861 1,289 24 828 23,297 4,751 28 787 1,286 9 768 794 21,232 19,736 1,496 June 25.. 307 22,564 5,136 17 428 882 23 753 23,346 4,752 28 814 ,290 134 813 793 20,006 19,621 385 July 2. . 480 22,869 5,136 17 733 806 24 155 23,346 4,755 29 180 1,277 90 760 798 20,153 20,104 49 July 9.. 683 22,860 5,136 17 724 923 24 465 23,347 4,754 29 148 L.264 38 906 799 20,413 20,008 405 July 16.. 974 22,723 5,136 17 587 974 24 671 23,348 4,756 28 988 ,271 307 988 797 20,422 19,973 449 July 23.. 1,07322,726 5,136 17 590 875 24 674 23,350 4,756 28 884 ,275 482 1,016 797 20,326 19,875 451 July 30.. 1,40322,844 5,136 17 708 660 24 907 23,350 4,761 28 952 ,286 605 1,042 724 20,409 19,829 580 Aug. 6.. 843 22,977 5,163 17 814 620 24 440 23,350 4,763 29 041 ,279 270 982 722 20,260 19,675 585 Aug. 13.. 770 23,051 5,236 17 815 732 24 553 23,344 4,764 29 051 L ,277 422 1,057 718 20,136 19,692 444 Aug. 20.. 979 23,032 5,236 17 796 799 24 810 23,344 4,766 29 068 ,281 526 1,057 721 20,267 19,652 615 Aug. 27.. 897 23,092 5,236 17 856 614 24 603 23,344 4,768 29 129 ,276 707 1,084 721 19,797 19,643 154 Sept. 3.. 968 23,182 5,236 17 946 666 24 816 23,344 4,774 29 391 ,285 715 1,066 717 19,760 19,511 249 Sept.10.. 880 23,229 5,236 17 993 764 24 872 23,344 4,776 29 364 ,279 347 948 715 20,340 19,549 791 Sept.17.. 313 23,740 5,236 18 504 1,195 25 249 23,344 4,780 29 292 ,281 6 998 729 21,067 19,957 1,110 Sept.24. . 400 23,715 5,236 18 479 742 24 857 23,343 4,781 29 247 ,274 264 889 726 20,581 19,901 680 Oct. 1.. 544 23,694 4,522 19 172 725 24 963 23,342 4,787 29 417 ,287 523 884 882 20,098 19,762 336 Oct. 8.. 1,01923,663 4,522 19 141 702 25 384 23,341 4,787 29 545 ,280 596 972 880 20,239 19,567 672 Oct. 15. . 772 23,663 4,522 19 141 891 25 325 23,341 4,787 29 617 ,276 212 854 881 20,613 20,089 524 Oct. 22.. 1,13023,663 4,522 19 141 1,074 25 867 23,340 4,790 29 511 ,281 618 929 878 20,779 20,128 651 Oct. 29. . 1,17123,624 4,522 19 102 710 25 505 23,340 4,790 29 540 ,289 588 891 877 20,449 19,975 474 Nov. 5.. 1,66323,520 4,522 18 998 532 25 714 23,339 4,794 29 748 ,278 789 893 805 20,334 19,884 450 Nov. 12.. 1,58323,567 4,522 19 045 546 25 696 23,338 4,794 29 905 ,282 505 883 805 20,447 19,906 541 Nov.19. , 1,48623,563 4,526 19 037 1,143 26 193 23,337 4,797 29 842 ,292 703 949 803 20,738 20,073 665 Nov.26.. 1,61523,761 4,528 19 233 925 26 301 23,338 4,797 30 152 ,267 317 981 801 20,917 20,409 508 Dec. 3.. 1,59123,968 4,539 19 429 [,191 26, 751 23,337 4,803 30 274 ,278 719 881 800 20,939 20,371 568 Dec. 10.. 1,75224,239 4,537 19 702 870 26,860 23,337 4,804 30 370 ,280 645 1,036 802 20,868 20,288 580 Dec. 17.. 1,02224,469 4,533 19,936 [,547 27, 039 23,277 4,806 30 487 ,269 371 937 860 21,198 20,582 616 Dec. 24. . 1,72824,613 4,530 20,083 [,519 27,860 23,186 4,809 30 732 ,266 665 930 863 21,400 20,531 869 Dec. 31. . 156 24,697 4,522 20, 175 971 25 825 23,187 4,812 30 433 ,270 389 1,005 77719,950 20,520 -570 1953—Jan. 7.. 1,33624,391 4,522 19,869 969 26,695 23,137 4,814 30 153 ,280 622 913 77620,902 20,309 593 Jan. 14.. 1,07624,205 4,522 19,683 885 26, 166 23,137 4,814 29 884 ,280 455 1 063 77620,660 20,274 386 Jan. 21.. 862 24,034 4,522 19,512 ,009 25,904 23 088 4,814 29 687 ,291 343 970 77420,741 20,255 486 Jan. 28.. 1,30723,970 4,522 19,448 732 26,009 23 036 4,815 29,592 ,298 745 949 77520,502 20,095 407 Feb. 4. . 1,38523,989 4,522 19,467 774 26, 148 22,935 4,820 29,657 ,331 672 888 77020,584 19,956 628 Feb. 11. . 1,32923,929 4,522 19,407 653 25,912 22 832 4,820 29 776 ,312 431 898 77020,376 19,894 482 Feb. 18.. 732 23,890 4 522 19,368 ,027 25,648 22 722 4,821 29,654 1,288 395 702 83520,318 #19,981 Feb. 25.. 806 23,853 4 522 19,331 747 25,406 22 662 4,821 29, 735 1,291 389 665 83419,975 P19]809 P166 ^Preliminary. 1 Includes industrial loans and acceptances purchased, which are shown separately in subsequent tables. 2 These figures are estimated. Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication. MARCH 1953 241 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollarsl 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 o . t a S l . s e G c B u o o r v n it e d i r e s n s m c c B e a e r i t n l t e i l t f s s i , , - ot A h l e l r1 Total s G to o c ld k T s r o c e t u i r a u n n u e r n g r y 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 a y d h s s - - F u T B p s e w r e R o r d y a e r i s e n e t v a i d - r h k t e s a e s s - l - b p m N e o r e o s m d n it e - s - - c O s F e o R e a t e r u r c h e a d v n - - e l - e r ts Total qu R ir e e - d' 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 94723,315 580 25,091 20,065 4,339 28,515 2,287 977 1,308 49515,915 14,4571,458 1946—Dec. 31. 116633 23,350 75322,597 581 24,093 20,529 4,562 28,952 2,272 393 822 60716,139 15,577 562 1947—Dec. 31. 85 22,559 2,85319,706 536 23,181 22,754 562 28,868 ,336 870 961 56317,899 16,4001,499 1948—Dec. 31. 223 23,333 10,97712,356 542 24,097 24,244 4,589 28,224 ,325 1,123 1,189 590 20,479 19,2771,202 1949—Dec. 31. 7818,885 7,218 11,667 536 19,499 24,427 4,598 27,600 ,312 821 1,517 70616,568 15,550 1,018 1950—June 30. 43 18,331 5,61812,713 329 18,703 24,231 4,607 27,156 ,298 950 1,431 77115,934 15,498 436 Dec. 30. 6677 20,778 4,620 16,158 ,37122,216 22,706 4,636 27,741 ,293 668 1,460 71417,681 16,5091,172 1951—June 30. 53 22,982 6,82216,160 ,00724,043 21,756 4,655 27,809 ,281 317 1,262 76519,020 18,604 416 Dec. 31 1923,801 5,34418,457 1,18925,009 22,695 4,709 29,206 ,270 247 889 74620,056 19,667 389 1952—Feb 598 22,528 5,636 16,892 778 23,904 191 727 28,465 ,287 558 796 73319,982 19,254 728 Mar 133 22,514 5,63616,878 623 23,270 291 736 28,473 ,277 169 845 801 19,733 19,241 492 Apr 676 22,363 5,13617,227 593 23,632 298 739 28,464 ,281 450 784 74919,940 19,143 797 May 952 22,273 5,13617,137 927 24,152 296 748 28,767 ,274 541 1,094 74319,778 19,187 591 June.... 59 22,,906 5,13617,770 586 23,551 346 754 29,026 ,283 333 846 78319,381 19,573 -192 July.... 1,27022,853 5,13617,717 699 24,821 350 762 28,978 ,281 638 991 72320,323 19,828 495 Aug 1,318 23,146 5,23617,910 751 25,216 344 776 29,293 ,269 488 1,157 71820,411 19,576 835 Sept 47723,694 5,23618,458 577 24,747 342 786 29,419 ,278 508 881 72320,066 19,747 319 Oct 1,59123,575 4,52219,053 689 25,855 339 795 29,644 ,268 770 887 80520,616 19,996 620 Nov 1,89523,821 4,52719,294 1,02426,740 338 802 30,236 ,261 378 1,056 80121,149 20,354 795 Dec 156 24,697 4,52220,175 971 25,825 187 812 30,433 ,270 389 1,005 77719,950 20,520 -570 1953—Jan ,944 4,52219,422 800 26,478 986 820 29,691 ,308 809 1,094 770 20,611 19,997 614 Feb 309 23,875 4,52219,353 1,01026,194P22,662 824P29.788 Pl.290 336 923 833 20,511 P19,846 P665 Averages of daily figures 1952—Feb 36522,552 5,43217,120 900 23,826 23,039 4,719 28.406 1,294 352 799 73819,995 19,300 695 Mar 314 22,634 5,63616,998 942 23,890 23,278 4,728 28,437 1,283 333 845 79020,207 19,322 885 Apr 36522,448 5,35417,094 913 23,726 23.293 4,737 28,459 1,278 549 875 81819,777 19,127 650 May.... 57322,308 5,13617,172 823 23,704 23,297 740 28,557 1,281 553 838 74519,767 19,139 628 June.... 58522,617 5,13617,481 941 24,144 23.308 4,751 28,843 1,282 328 843 76720,140 19,431 709 July.... 1,09222,798 5,13617,662 895 24,786 23,348 4,756 29,028 1,270 306 960 79120,535 19,926 609 Aug ,05923,027 5,21617,811 738 24.824 23,346 4,765 29,088 1,276 501 1,044 720 20,306 19,657 649 Sept 72323,471 5,236 18,235 861 25,055 23,343 4,778 29,343 1,275 326 997 72120,514 19,736 778 Oct 1,093 23,657 4,52219,135 931 25,681 23,340 4,788 29,555 1,276 550 941 876 20,611 19,963 648 Nov 1,577 23,638 4,52419,114 958 26,172 23,338 4,796 29,904 1,277 591 986 803 20,744 20,087 657 Dec 1,, 633 24,400 4,52219,878 1,26627,299 23,276 4,806 30,494 1,271 569 1,035 83221,180 20,457 723 1953—Jan 1,37224,202 4,52219,680 1,01226,586 23,101 4,814 29,920 1,280 552 1,016 775 20,958 20,251 707 Feb 1,,"336 23,918 4,52219,396 826 26,080 22,797 4,821 29,717 1,299 500 862 800 20,520 P Preliminary. 1 Includes industrial loans and acceptances purchased, which are shown separately in subsequent tables. 2 These figures are estimated. Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication. MAXIMUM RATES ON TIME DEPOSITS MARGIN REQUIREMENTS3 [Per cent per annum] [Per cent of market value] Nov. 1, 1933- Feb. 1, 1935- Effective Mar. 30, Jan. 17, Effec- Jan. 31, 1935 Dec. 31, 1935Jan. 1, 1936 Prescribed in accordance with 1949- 1951- tive Securities Exchange Act of 1934 Jan. 16, Feb. 19, Feb. 20, 1951 1953 1953 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 50 75 50 In less than 90 days For short sales 50 75 50 Regulation U: NOTE.—Maximum rates that may be paid by member banks as For loans by banks on stocks 50 75 50 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, February 1947, p. 162, and February 1953, p. 130. 242 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 Feb. 28 beginning— rate Feb. 28 beginning— rate Feb. 28 beginning— rate Boston Jan.20, 1953 Jan. 20,1953 3 Jan. 20,1953 New York.. . . Jan.16, 1953 Jan. 16,1953 f Jan. 16,1953 Philadelphia. . Jan.16, 1953 Jan. 16,1953 Jan. 16,1953 Cleveland.... Jan.16, 1953 Jan. 16,1953 Aug. 25,1950 Richmond. . . . Jan.23, 1953 Jan. 23,1953 Jan. 23,1953 Atlanta Jan.16, 1953 Jan. 16,1953 Jan. 16,1953 Chicago Jan.16, 1953 Jan. 16,1953 Aug. 13,1948 St. Louis Jan.16, 1953 Jan. 16,1953 Jan. 12,1948 Minneapolis. . Jan.16, 1953 Jan. 16,1953 Jan. 26,1953 Kansas City. . Jan.16, 1953 Jan. 16,1953 Jan. 16,1953 Dallas Jan.23, 1953 Jan. 23,1953 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 * Maturity Feb. 28 ginning— rate Time Effective date deposits 91 1 - - 12 9 0 0 d d a a y y s s 2 2 % Vs J J a a n n . . 1 16 6 , , 1 19 9 5 5 3 3 \% 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 2H banks NOTE.—Effective minimum buying rates on prime bankers' accept- 1917—June 21 13 10 7 3 a S n ta c t e is s t i p cs a , y a T bl a e b l i e n 1 d 1 o 7 ll , a p rs p . . 44 B 3 a -4 ck 4 5 f . igures.—See Banking and Monetary 1 1 9 9 3 3 6 7 — — A M u a g r . . 16 1 22M 15 P May 1 26 20 3 FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS AND COMMITMENTS UNDER SECTION 13B 1938—Apr. 16 22 % 12 OF THE FEDERAL RESERVE ACT 5 1941—Nov. 1 26 20 14 Maturities not exceeding five years 1942—Aug. 20 24 6 [In effect February 28. 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 26 22 Federal On discounts or 1949—May 1 15 *7 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 y g y e . 3 5 1 1 0 . 24 2 2 0 1 1 1 3 4 » « 6 7 loans 1 ments for which Re- ments Aug. 11 23^ 19H *5 i t n i s o t n i tu is - m po ai r n ti i o n n g A A u ug g . 1 1 6 8 23 19 12 25 obligated Aug. 25 223^ Sept. 1 22 18 Boston 1951—Jan. 11 23 19 »6 New York 3-5 Jan. 16 13 26 Philadelphia.. . . Jan. 25 24 20 Cleveland Feb. 1 14 Richmond Atlanta () In effect Mar. 1, 1953 4... 24 20 14 6 Chicago 23^-5 St. Louis 22^ Minneapolis. . . . 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. 3 Rate charged borrower. 4 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 3^ 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. 8 Charge of M per cent per annum is made on undisbursed portion of loan. Back figures.—See Banking and Monetary Statistics, Table 118, pp. 446-447. MARCH 1953 243 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES AND BORROWINGS [Averages of daily figures. In millions of dollars] Central reserve Central reserve All city banks Re- All city banks Re- Month, or mem- serve Coun- Month, or mem- serve Counweek ending Wednesday ber city try week ending Wednesday ber city try banksl New Chi- banks banks1 banks * New Chi- banks banks1 York cago York cago Total reserves held: Excess reserves: 1951—November 19,794 5,061 1 ,314 7,730 5,688 1951—November 729 6 -5 144 584 December 20,310 5,275 1,356 7,922 5,756 December 826 44 3 184 596 1952—January 20,469 5,335 1,347 7,967 5,819 1952—January 933 90 -1 200 643 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 1953—January 20,958 5,184 1,379 8,277 6,118 1953—January 707 5 -6 119 589 Jan. 21 21,049 5,159 1,375 8,332 6,183 Jan. 21 786 9 -4 136 644 Jan. 28 20,727 5,123 1,359 8,207 6,037 Jan. 28 595 -5 89 515 Feb. 4 20,547 5,126 1,364 8,083 5,974 Feb. 4 560 20 -4 68 476 Feb. 11 20,556 5,045 1,357 8,088 6,065 Feb. 11 651 1 -1 92 559 Feb. 18 20,592 5,034 1,354 8,112 6,091 Feb. 18 P690 10 —5 102 P583 Feb. 25 20,409 5,020 1,345 8,044 6,000 Feb. 25 7 -9 82 ?501 Borrowings at Federal Required reserves: Reserve Banks: 1951—November 19,065 5,056 1,319 7,586 5,104 1951—November 340 28 12 246 54 December 19,484 5,231 1,353 7,738 5,161 December 657 151 64 354 89 1952—January 19,536 5,245 1,348 7,767 5,176 1952—January 210 2 34 130 45 November 20,087 5,193 1,367 8,070 5,458 November 1,532 198 266 862 206 December 20,457 5,328 1,409 8,203 5,518 December L,593 486 232 639 236 1953—January 20,251 5,180 1,385 8,157 5,529 1953—January 1,347 320 335 529 163 Jan. 21 20,262 5,150 1,379 8,196 5,537 Jan. 21 L,150 245 254 487 164 Jan. 28 20,132 5,128 1,363 8,118 5,523 Jan. 28 L ,183 166 295 560 162 Feb. 4 19,988 5,106 1,369 8,015 5,498 Feb. 4 1,558 350 347 687 174 Feb. 11 19,905 5,045 1,358 7,996 5,506 Feb. 11 1,469 330 309 667 163 Feb. 18 M9.901 5,024 1,359 8,010 P5.5O8 Feb. 18 1,263 248 291 579 145 Feb. 25 P19.827 5,012 1,354 7,962 P5,499 Feb. 25 L.084 152 209 577 146 P Preliminary. 1 Weekly figures of excess reserves of all member banks and of country banks are estimates. Weekly figures of borrowings of all member banks and of country banks may include small amounts of Federal Reserve Bank discounts and advances for nonmember banks, etc. Back figures.—See Banking and Monetary Statistics, pp. 396-399. DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS [Averages of daily figures.1 In millions of dollars] Central reserve Central reserve All city banks Re- All city banks Remem- serve Coun- mem- serve Coun- Item ber city try ber city try banks New Chi- banks banks banks New Chi- banks banks York cago York cago January 1953 January 1952 Gross demand deposits: Total 109,906 23,174 6,108 42,662 37,962 105,839 23,349 5,927 40,718 35,845 Interbank 13,153 4,097 1,263 6,537 1,256 13,156 4,169 1,241 6,491 1,255 Other 96,753 19,078 4,844 36,126 36,706 92,684 19,180 4,686 34,228 34,590 Net demand deposits 2 95,627 21,021 5,475 36,773 32,357 92,107 21,371 5,331 35,119 30,286 Time deposits 8 33,452 2,243 1,187 13,380 16,642 31,067 1,938 1,140 12,388 15,601 Demand balances due from domestic banks... 6,551 46 118 1,987 4,401 6,634 44 123 2,030 4,437 Reserves with Federal Reserve Banks: Total 20,958 5,184 1,379 8,277 6,118 20,469 5,335 1,347 7,967 5,819 Required 20,251 5,180 1,385 8,157 5,529 19,536 5,245 1,348 7,767 5,176 Excess 707 5 -6 119 589 933 90 -1 200 643 Borrowings at Federal Reserve Banks 1,347 320 335 529 163 210 34 130 45 1 Averages of daily closing figures for reserves and borrowings and of daily opening figures for other items, inasmuch as reserves required are based on deposits at opening of business. 2 Demand deposits subject to reserve requirements, i. e.f 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. 244 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 1953 1952 Feb. 25 Feb. 18 Feb. 11 Feb 4 Jan.28 Feb Jan. Feb. Assets Gold certificates 90,724,103 ?0 785 109 20,880,101 90 980 100 91 080 103 90 7?4 100 030,10371,286,251 Redemption fund for F. R. notes 756,072 755,230 758,278 758,330 760,267 755 972 760,266 706,081 Total gold certificate reserves 21,480,175 ,540,332 21,638,37921,738,430 21,840,37021,480 07221 790,36921,992,332 Other cash 416,654 47S 414 402,062 408 069 437 746 475 007 427,292 413,805 Discounts and advances: For member banks 783,843 710 887 1,297,976 1 3 S3 16S 1 ?86 039 1 786 951 1 713,729 598,175 For nonmember banks etc 22,000 91 000 31,500 31, 500 91 000 9? 000 21,000 Industrial loans 3,789 3 719 3,767 3 774 3 574 4 0?6 3,867 4,883 U. S. Government securities: Bills 560,954 598 9S4 637,254 697 SS4 678 583 954 652,254 Certificates: Special Other 4,995,716 4 995 716 4,995,716 4 995 716 4 995 716 4 995 716 4 995,716 11,824,306 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 4,521,975 4,521,975 4,521,975 4,521,975 4,521,975 4,521,975 4,521,975 5,635,823 Total U. S. Government securities 93,852,316 93 889,616 23,928,616 ?3 988 716 ?3,969 616 93,875,316 93 943,61622,528,202 Total loans and securities 24,661,948 24,625,215 25,261,859 25,377,155 25,280,22925,188,29325,682,212 23,131,260 Due from foreign banks 23 ?3 23 73 ?3 ?3 23 28 F R notes of other Banks 191,748 198 192,398 913 379 990 330 184 039 227,140 182,127 3,916,744 4 468 SSO 3,618,643 3 667 13? 3 301 3 996 508 570,447 ,355,342 Bank premises 49,207 48 875 48,867 48 709 48 689 49 163 48,722 44,137 Other assets 166,359 157,022 214,461 206,047 197,571 170,231 202,097 204,090 Total assets 50,882,858 51,463,770 51,376,692 51,658,937 51,858,75951,493,329 51,948,302 49,323,121 Liabilities Federal Reserve notes 25,631,035 25,563,239 25,668,625 25,593,076 25,545,93225,680,58425,638,16724,422,570 Deposits: Member bank—reserve accounts 19,975,279 90 317 6S120,375,971 90 S84,194 90, S0160190 510 79090,611,372 19,982,428 U S Treasurer—general account 388,543 394,631 431,342 672,430 744,949 336,300 808,919 557,799 Foreign 454,156 457 688 558,111 S61,948 612 900 S10967 586,508 577,359 Other 210,907 244,152 340,296 325,730 336,357 411,591 507,832 218,159 Total deposits 91,028,885 91 414 199 21,705,720 9? 144,302 99 19S 107 91 769 S7879 514,63191,335,745 Deferred availability cash items 3,173,112 44 S S64 2,969,025 9 896 3 096 947 9 Q90 811 9 774,423 9,582,699 Other liabilities and accrued dividends 17,445 16,451 16,212 15,751 18,821 17,001 15,748 14,412 Total liabilities . .. 49,850,477 50,439,17650,359,582 50,649,742 50,856,80750,457,97450, 942,96948,355,426 Capital Accounts Capital paid in 256,399 255,885 255,668 254,969 254,586 256,543 254,770 241,431 Surplus (Section 7) 584,676 584 676 584,676 584,676 584,676 S84676 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 163,763 156,490 149,223 142,007 135 147 166,593 138,344 160,379 Total liabilities and capital accounts 50,882,858 51,463,770 51,376,692 51,658,937 51,858 759 51 493,329 51,948,30249,323,121 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 46.0 15.9 45.7 15.5 45.7 45.3 45.3 48.1 Contingent liability on acceptances purchased for foreign correspondents 27,403 25,942 24,653 22,263 21,668 27,518 22,153 9,852 Industrial loan commitments 3,079 3,192 3,133 3,291 3,386 2,817 3,177 6,844 Maturity Distribution of Loans and U. S. Government Securities 1 Discounts and advances—total 805,843 731,887 1,329,476 1,384,665 1,307,039 ,308,951 1,734,729 598,175 Within 15 days 570,184 505,783 1,086,196 1,139,140 1,047,019 076,142 1,428,513 562,843 16 days to 90 days 235,651 226,096 243,280 245,525 260,020 232,801 306,216 35,332 91 days to 1 year 8 Industrial loans—total 3,789 3,712 3,767 3,774 3,574 4,026 3,867 4,883 Within 15 days 759 1,160 268 252 132 628 214 868 16 days to 90 days 702 964 1,948 1,918 1,895 718 1,929 778 91 days to 1 year 1,972 1,227 1,196 1,288 1,211 2,315 1,363 2,073 U. O S v . e G r o 1 v y e e rn ar m t e o n t 5 s y e e c a u r r s it . i ; es—total 23,852,3 3 1 5 6 6 23 889,6 3 1 6 6 1 23 928,6 3 1 5 6 5 23,988,7 3 1 1 6 6 23 969,6 3 1 3 6 6 23,875, 3 3 6 1 5 6 23 943,6 36 1 1 6 22 528 1 , ,1 2 6 0 4 2 Within 15 days 8,500 45,800 869,350 ,014,700 175,750 23,000 934,300 16 to 90 days 552,454 552,454 455,454 370,204 190,054 560,954 405,504 156,646 91 days to 1 year ,207,691 14,207,691 10,520,141 10,520,141 10,520,14114,207,691 520,141 626,981 Over 1 year to 5 years ,655,200 6,655,200 6,655,200 6,655,200 6,655,200 6,655,200 655,200 102,256 Over 5 years to 10 years ,070,224 ,070,224 ,070,224 ,070,224 ,070,224 ,070,224 070,224 013,614 Over 10 years ,358,247 ,358,247 ,358,247 ,358,247 ,358,247 ,358,247 358,247 628,705 1 Callable U. S. Government securities classified according to nearest call date. 245 MARCH 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON FEBRUARY 28, 1953 fin 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 S ra an ncisco Assets Gold certificates.20,724,100 696,345 6,656,076 1,202,3111,475,401 821,484 662,495 4,274,556 559,246 328,923 905,163 637,209 2,504,891 Redemption fund forF. R. notes. 755,972 64,121 77,608 55,799 84,505 80,410 58,632 128,444 51,583 25,401 41,006 30,132 58,331 Total gold certificate reserves. .21,480,072 760,466 6,733,6841,258,1101,559,906 901,894 721,127 4,403,000 610,829 354,324 946,169 667,3412,563.222 Other cash 425,007 30,005 85,321 31,009 38,020 29,102 35,345 71,878 23,565 6,818 14,924 15,658 43,362 Discounts and advances: Secured by U.S. Govt. securities. .. 1,286,329 18,360 239,300 48,075 97,905 48,350 38,460 273,435 88,500 48,850 138,814 27,030 219,250 Other 22,622 1,342 6,490 1,650 2,024 1,100 1,046 3,014 836 550 1,358 990 2,222 Industrial loans.. 4,026 3,483 61 351 131 U. S. Govt. securities 23,875,316 1,685,954 5,200,260 1,494,086 2,316,8471,705,1061,557,1743,466,4901,273,628 744,956 947,176 1,151,6132,332,026 Total loans and securities 25,188,293 1,705,656 5,446,050 1,547,294 2,416,7761,754,6171,597,0313,742,939 1,362,964 794,4871,087,3481,179,6332,553,498 Due from foreign banks 23 1 i 7 2 2 1 1 3 1 1 1 1 2 F. R. notes of other Banks... 184,032 3,841 20,789 11,963 9,876 43,270 32,763 13,254 8,215 6,241 5,970 9,278 18,572 Uncollected cash items 3,996,508 279,507 758,370 244,305 320,999 339,438 309,311 647,176 203,018 96,210 214,175 205,418 378,581 O Ba th n e k r p a r s e s m ets ises... 1 4 7 9 0 , ,2 1 3 6 1 3 1 4 2, , 2 4 3 5 1 7 7,217 1 3 0 , , 6 4 7 8 9 7 1 4 6 , , 6 7 3 2 2 1 1 4 2 , , 9 3 2 8 1 9 1 3 1 , , 7 7 2 2 2 6 6,789 2 8 , , 9 8 8 5 3 0 5 1 , ,0 1 4 8 7 7 2 7 , , 2 0 5 0 9 6 623 1 6 6 , ,5 8 9 3 1 4 35,814 24,536 8,693 Total assets... •. 51,493,329 2,796,16413,087,252 3,106,849 4,366,932 3,085,6322,711,026 8,909,575 2,220,4251,264,3152,277,852 2,086,6455,580,662 Liabilities F. R. notes 25 680,584 1,571,057 5,651 324.1,828,335 2,359,2311,811,030 1,393,5614,901,5041,199,789 643,8241,012,078 735,806 2,573,045 Deposits: Member bk.— reserve accts.20,510,720 853,817 6,199,703 955,2921,576,020 889,644 946,959 3,306,722 755,178 475,5251,001,1931,060,084 2,490,583 U. S. Treas — gen. acct. . . 336,300 25,276 38,504 23,080 28,492 19,266 27,687 37,454 35,937 18,346 27,255 21,292 33,711 Foreign 510,967 29,780 2 166,769 36,615 44,914 24,410 20,993 66,883 18,552 12,205 18,552 21,969 49,325 Other 411,591 3,023 175,736 935 3,724 17,283 53,492 1,670 36,919 4,916 14,381 57,036 42,476 Total deposits... 21,769,578 911,896 6,580,712 ,015,922 1,653,150 950,6031,049,1313,412,729 846,586 510,992 1,061,3811,160,3812,616,095 Deferred availability cash items 2,990,811 247,401 559,213 184,560 257,309 267,920 219,984 450,092 131,114 80,395 163,281 142,348 287,194 Other liabilities and accrued dividends 17,001 4,424 983 1,939 833 799 2,799 681 1,042 627 630 1,356 Total liabilities..50,457,974 2,731,242 12,795,673 3,029,800 4,271,629 3,030,386 2,663,475 8,767,124 2,178,170 1,236,253 2,237,3672,039,165 5,477,690 Capital Accounts Capital paid in.. 256,543 13,727 81,198 17,401 24,536 11,136 10,858 32,844 8,902 5,779 9,690 12,601 27.871 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. 13 b) 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Other capital accounts 166,593 11,722 35,559 11,581 15,697 11,513 10,128 23,550 9,204 6,079 7,733 8,191 15,636 Total liabilities and capital accounts 51,493,329 2,796,164 13,087,252 3,106,849 4,366,932 3,085,6322,711,026 8,909,5752,220,425 1,264,3152,277,852 2,086,645 5,580,662 Reserve ratio 45.3% 30.6% 55.0% 44.2% 38.9% 32.7% 29.5% 53.0% 29.8% 30.7% 45.6% 35.2% 49.4% Contingent liability on acceptances purchased for foreign correspondents 27,518 1,672 3 8,198 2,055 2,521 1,370 1,179 3,754 1,041 686 1,041 1,233 2,768 Industrial loan commitments.. 2,817 786 751 66 112 756 346 1 After deducting $16,000 participations of other Federal Reserve Banks. 2 After deducting $344,181,000 participations of other Federal Reserve Banks. 3 After deducting $19,320,000 participations of other Federal Reserve Banks. 246 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 1953 1952 Feb. 25 Feb. 18 Feb. 11 Feb. 4 Jan. 28 Feb. Jan. Feb F. R. notes outstanding (issued to Bank) 26,681,462 26,722,16826 763,78726,852,25726,902,262 26,678,50726 881,65925,424,432 Collateral held against notes outstanding: Gold certificates 1?,744,000 12,764,0001? 879,00012,979,0001?,979,000 1?,744,000 1? 979 000 1?,624,000 Eligible paper 377,093 287,70? 614 670 688 Q47 6SS 07?, 844,671 1 00? ?SS 379, U. S. Government securities 14,660,000 14,640,00014 640,00014,640,00014,640,000 14,660,000 14,640,000 13,575,000 Total collateral 27,781,09327,691,70228 133,67028,307,94728,254,07328,248,621 28,621,233 26,578,235 EACH FEDERAL RESERVE BANK ON FEBRUARY 28, 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. its M ap i o n l n i e s - K C an it s y as Dallas F c S i r s a a c n n o - F. R. notes outstanding (issued to Bank) 26,678,507 1,634,186 5,852,6101,898,5812,449,7781,908,8431,462,709 4,999,,1421,252,429 656,2641,042,031773,490 2,748,444 Collateral held: Gold certificates 12,744,000 400,000 4,520,000 825,000 820,000 500,000 335,000 2,700,000 280,000170,000 280,000 214,0001,700,000 Eligible paper.. 844,621 18,360 235,600 48,075 48,150 88,500 48,850 138,836 218,250 U. S. Govt. securities 14,660,000 1,300,000 1,500,0001,100,0001,700.000 1,450,0001,200,0002,400,0001,025,000 505,000 800,000 580,0001,100,000 Total collateral.. 28,248,621 1,718,360 6,255,600 1,973,075 2,520,000 1,998,1501,535,000 5,100,0001,393,500 723,8501,218,836794,000 3,018,250 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS LOANS GUARANTEED THROUGH FEDERAL RESERVE BANKS UNDER REGULATION V, PURSUANT TO [Amounts in thousands of dollars] DEFENSE PRODUCTION ACT OF 1950 AND EXECUTIVE ORDER NO. 10161 Partici- Date (last A a p p p p li r c o a v ti e o d ns pr A o p v - ed Loans Commit-o p f a f t i i n o a n n s c- [Amounts in thousands of dollars] Wednesday to ClctLC but not out- ments ing instior last day com- standing2 out- tutions Guaranteed loans Guaranteed Additional of period) Num- Amount ( p am let o e u d n » t) (amount) ( s a t m an o d u i n n t g ) sta o n u d t i - ng3 au t t o h o d r a iz te ed outs lo ta a n n d s ing av a a m ila o b u l n e t to ber (amount) Date borrowers under guar- 1 1 9 9 4 4 5 6 3 3 , , 5 5 1 4 1 2 5 5 4 6 4 5 , , 9 9 6 1 1 3 4,5 3 7 2 7 0 1,9 5 9 5 5 4 8 1 , ,6 3 4 0 4 9 2 1 , ,0 6 8 7 6 0 N b u e m r - Amount a T m o o t u a n l t g P u o t a e r e r ti 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 - 1947 3,574 586,726 945 1,387 7,434 4,869 1948 3,607 615,653 335 995 1,643 1,990 1949 3,649 629,326 539 2,178 2,288 2,947 1950 1950 3,698 651.389 4 819 2.632 3,754 3.745 1951 3,736 710,931 3 ,513 4,687 6,036 11,985 Dec. 31... 62 31,326 8,017 6.265 8,299 1952 1951 Jan. 31... 3,738 716,210 832 4,621 7,125 12,018 Mar. 31... 254 300,955 68,833 56,973 47,822 Feb. 29... 3,741 721,144 772 4,957 6,845 10,307 June 30. .. 484 654,893 252,100 209.465 276,702 Mar. 31... 3,741 725,787 108 5,296 6,467 10,474 Sept. 30... 729 1,154,942 492,167 400,652 450,013 Apr. 30. .. 3,743 730,482 571 5,207 6,536 10,339 Dec. 31.. . 854 1,395,444 675,459 546,597 472,827 May 31... 3,743 734,049 235 5,211 6,083 10,262 June 30. . . 3,745 738,721 1,083 5,101 5,947 10,105 1952 July 31... 3,746 743,629 1,589 4,624 6,184 9,814 Aug. 31... 3,750 748,451 M42 4,690 6,152 10,128 Jan. 31... 901 1,463,443 715,928 580,381 525,129 Sept. 30.. . 3,750 752,042 1,370 4,496 6,327 9,978 Feb. 29... 934 1,530,388 763,838 617,674 511,786 Oct. 31... 3,751 757,277 1,601 4,311 3,720 7,174 Mar. 31. . . 971 1,677,786 836,739 672.974 467,392 Nov. 30... 3,752 762,620 ,351 3.868 4,044 7,010 Apr. 30... 998 1,727,729 838,073 672,678 595,098 Dec. 31 3,753 766,492 ,638 3,921 3,210 3,289 May 31... 1,023 1,787,755 870,174 695,814 601,752 June 30.. . 1,050 1.867,643 883,262 703.774 615,139 1953 July 31... 1,066 1,922,388 909,688 726.452 648,065 Jan. 31... 3,754 770,541 2,513 3,895 3,176 3,236 A Se u p g t . . 3 30 1 . . . . . . 1 1 , , 1 09 1 2 3 2 2, , 0 0 5 2 2 3 . , 3 4 2 0 7 3 9 9 2 0 2 7 , , 1 8 2 9 9 9 7 7 3 2 6 5 . . 8 9 3 4 3 3 6 6 5 9 6 2 , ,0 9 6 9 7 5 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 1953 included in industrial loans outstanding in weekly statement of condition of Federal Reserve Banks. Jan. 31... 1,173 2,147,953 984,295 808,986 578,061 3 Not covered by Federal Reserve Bank commitment to purchase or discount. NOTE.—The difference between amount of applications approved and NOTE.—The difference between guaranteed loans authorized and the sum of the following four columns represents repayments of ad- sum of loans outstanding and additional amounts available to borvances, and applications for loans and commitments withdrawn or rowers under guarantee agreements outstanding represents amounts expired. repaid, guarantees authorized but not completed, and authorizations expired or withdrawn. 247 MARCH 1953 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 February 28] Depos- Fees Payable to Gua G ra u n a t r e a e n i t n e g e d A P g o e r n t c io y n b o y f L F o in a a n ncing Institution on End of month a i n b to c a e r 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.2 banks ties Guarantee fee Percentage of Percentage of (percentage of any commitment loan guaranteed interest payable fee charged 1945—December. 2,933 3,022 6 2,837 179 by borrower) borrower 1946—December. 3,284 3,387 6 3,182 200 1947—December. 3,417 3,525 6 3,308 212 1948—December. 3,330 3,449 7 3,244 198 70 or less 10 10 1949—December. 3,188 3,312 7 3,118 187 75 15 15 1950—December. 2,924 3,045 11 2,868 166 80 20 20 1951—December. 2,705 2,835 28 2,644 162 85 25 25 1952—January.. 2,695 2,825 30 2,638 158 90 30 30 February.. 2,681 2,813 31 2,609 173 95 35 35 March 2,669 2,794 32 2,599 163 Over 95 40-50 40-50 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 July 2,601 2,751 33 2,554 164 Maximum Rates Financing Institutions May Charge Borrowers August. . . 2,586 2,758 34 2,554 170 [Per cent per annum] September. 2,572 2,766 33 2,554 179 October... 2,561 2,760 33 2,553 174 November. P2,552 Interest rate December. P2,542 Commitment rate. 1953—January P2.535 *» 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 City i centers l centers City centers City 2 cities 2 City2 cities 2 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 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 1953—January 149,004 52,803 79,983 16,218 28.7 14.5 53,112 79,699 36.2 22.0 1 National series for which bank debit figures are available beginning with 1919. 2 Weekly reporting member bank series. 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. 248 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 vear or in cir- Unasmonth cula- sorted tion i 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 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 1953—January 29,691 20,799 1,721 1,157 69 2,051 6,359 9,442 8,894 2,634 5,399 341 508 4 8 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 l Money Total out- held by standing, As security For Federal Ja 1 n 9 . 5 3 3 1, 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 a v s n e d Ja 1 n 9 . 5 3 3 1, De 1 c 9 . 5 3 2 1, Ja 1 n 9 . 5 3 2 1, certificates agents Gold 22,986 21,827 21,158 Gold certificates 21,827 18,975 2,816 37 37 38 Federal Reserve notes 26 882 74 1,471 25 337 25 941 24 135 Treasury currency—total 4,820 3 2,340 76 427 4,317 4,455 4,213 Standard silver dollars 492 227 62 4 198 199 188 Silver bullion 2 113 2,113 Silver certificates and Treasury notes of 1890.. 32,340 333 2,007 2,106 1,967 Subsidiary "ilver coin . 1,167 9 42 1,116 1,141 1,055 Alinor coin 413 1 6 406 410 388 United States notes 347 3 39 305 314 308 Federal Reserve Bank notes 212 1 3 208 210 229 National Bank notes 76 (5) 1 75 75 79 Xotal—jan 3i 1953 (4) 24,168 1,308 18,975 4,713 29,691 J D a e n c . . 3 31 1 , , 1 1 9 9 5 5 2 2 ( ( 4 4 ) ) 2 2 4 4 , , 0 3 8 9 6 5 1 1 , , 3 2 1 7 9 0 1 18 9 , , 9 1 1 7 6 0 4 4 , ,5 6 4 7 7 8 30,433 28,386 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. 241. 2 Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890. « To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding is not included in total Treasury currency outstanding. * Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special significance and is not shown. See note for explanation of these duplications. 5 Less than $500,000. NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. Federal Reserve Banks must maintain a reserve in gold certificates of at least 25 per cent, including the redemption fund with the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificates pledged as collateral may be counted as reserves. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement. MARCH 1953 249 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM ALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS, POSTAL SAVINGS SYSTEM, AND TREASURY CURRENCY FUNDS * [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Total Bank credit assets, Date Treas- U. S. Government <Dbligations l T ia o b t i a l l - Total Ca a p n i d tal ury ities deposits misc. Gold r c e u n r c - y Total Lo n a e n t s, Total m C a e o n r m c d ia - l R Fe e d se e r r v a e l Other O s ri e t t c h ie u e s - r ca a n p n e i d t tal, cu a rr n e d ncy co n a u c e n - t ts, savings Banks banks 1 1 9 9 3 2 3 9 — — J jU u n n e e 2 3 9 0 4 4, , 0 0 3 3 1 7 2 7 , 0 28 19 6 4 5 2 8 , ,6 1 4 4 2 8 4 2 1 1, 0 95 87 7 1 5 0 ,7 3 4 2 1 8 5 8, , 1 4 9 9 9 9 1,9 7 9 16 8 13 2 1 6 1 9 1 , , 8 8 6 19 3 6 4 4 8, 4 6 6 98 5 4 5 2 5 , , 0 7 2 7 9 6 6 8 , , 4 92 3 2 6 1939—Dec. 30 17,644 ? 963 54,564 77 157 ?^,105 19,417 7 484 1 204 9,302 75 171 68,359 6,812 1941—Dec 3i 22 737 247 64,653 76, 605 79 049 25,511 ?, 254 1 ,284 8 999 00 637 82 811 7,826 I 1 9 9 4 4 7 5 — — D D e e c c. . 3 3 1 1 . 2 22 0 , , 7 0 5 6 4 5 4 4, 3 5 3 6 9 2 1 16 6 0 7 , , 8 3 3 8 2 1 4 30 3, 3 0 8 2 7 3 1 1 0 78 7,0 4 8 1 6 7 1 8 0 1 1 , , 1 2 9 8 9 8 2 74 2, 2 5 6 5 2 9 3 ? , 3 8 2 67 8 1 8 0 , , 5 7 7 2 7 3 1 1 9 8 1 8, 7 1 8 4 5 8 1 1 8 7 0 5 , , 8 3 0 4 6 8 1 1 2 0 , , 8 9 0 7 0 9 1948—Dec. 31 . 24,244 A 589 160,457 48 341 100 694 74,097 7^ 333 264 11,422 189 290 176,121 13,168 1949—Dec. 31 24,427 4,598 162,681 49, 604 100 456 78,433 18,885 3, 138 12,621 191, 706 177,313 14,392 1950—June 30 . 24 231 4 607 164,348 S1 999 98 709 77,320 18,331 058 13,640 19S 186 178,568 14,618 Dec. 30 22,706 4 636 171,667 60 366 96 ,560 72,894 70 778 7 888 14,741 199, 009 184,385 14,624 1951—June 30 21,756 4,655 173,447 63, 821 94,450 68,726 22,982 2, 742 15,176 199, 858 185,038 14,820 Dec. 31 . 22,695 4, 706 181,323 67, 597 97,808 71,343 23, 801 2,664 15,918 208, 724 193,404 15,320 1952—Jan. 30 22,900 4 700 179,900 66 700 97,300 71,800 7? 800 ?, 700 15,900 907 600 191,600 15,900 Feb 27 23,100 4,700 179,300 67, 000 96,200 71,100 22, 600 2,600 16,100 207, 200 191,500 15,700 Mar. 26 23,300 4 700 180,100 67 700 96,100 70,900 7? 500 ? 600 16,400 ?08 200 192,300 15,900 Apr 30 23,300 4, 700 179,900 68, 100 95 200 70,200 22,400 2,600 16,600 207, 900 192,200 15,700 May 28 23,300 4 700 180,600 68 500 95 300 70,500 7? 300 ?, 600 16 800 ?08 700 192 900 15,800 June 30 23,346 4 754 182,980 69 71? 96 ,266 70,783 7? 906 ? 577 17,002 ?11 080 194,960 16,120 July 30P . . . 23 400 4 800 185,300 70 000 98 ,100 72,700 7? 800 ? ,600 17 200 ^13 400 197 200 16,100 Aug. 27* 23,300 4 800 185,300 70 500 97 ,300 71,700 73 100 ? 600 17,500 9H 400 197,000 16,400 Sept 24P . . . 23,300 4 800 186,500 71 600 97,600 71,300 23 700 2,600 17,400 214 600 197,900 16,700 Oct 29* 23 300 4 800 188,900 7? 900 98,600 72,400 7^ 600 ? 600 17 300 917 000 199 900 17,100 Nov. 26P 23,300 4 800 191,500 74 300 99 ,800 73,500 73 800 ? 600 17,300 ?19 600 202,700 16,900 Dec 31 P 23,200 4,800 192,800 75 600 99,900 72,600 24, 700 2,600 17,300 220 800 203,800 17,000' 1953—Jan. 28P 23,000 4, 800 191,100 75 000 98,700 72,100 24 000 2,600 17,400 219 000 202,000 17,000 Deposits and Currency U. S. Government balances Deposits adjusted and currency Date Foreign Time deposits 3 Total de b p n a o e n t s k its, T c u r a e ry s a h s- A m s b a t a e a v n r n i d c c n k o i g m a s s l - R F B e e A a d se n e t r r k v a s e l Total d D e e p m os a i n ts d 2 Total m b C e a o r n m c k ia - s l M s b a a v u n i k t n u s g a * s l S S P a y o v s s i t n e ta m g l s o b r u C e a t n n u s c i r k d y - s e 1929—June 29 55,776 365 204 381 36 54,790 22 540 28 611 19,557 8,905 149 3,639 1933—June 30 42,029 50 264 857 35 40,828 14 411 21 656 10,849 9 621 1,186 4,761 1939 Dec 30 68 359 1,217 2,409 846 634 63,253 79 793 27 059 15,258 10 523 1,278 6,401 1941—Dec 31 82,811 1 498 2,215 1 895 867 76,336 38 992 27 729 15,884 10 ,532 1,313 9,615 1945—Dec 31 180,806 ?,141 2,287 74 608 977 150,793 75 851 48 452 30,135 15 385 2,932 26,490 1947—Dec. 31' 175,348 1,682 1,336 1 452 870 170,008 87 121 56 411 35,249 17,746 3,416 26,476 1948—Dec 31 176,121 7 103 1,325 2 451 1,123 169,119 85 520 57 520 35,804 18,387 3,329 26,079 1949—Dec 31 ... 177 313 ?,150 1,312 3 749 821 169,781 85 750 58 616 36,146 19 ,273 3,197 25,415 1950—June 30 178,568 7, 555 1,298 3 801 950 169,964 85 ,040 59 739 36,719 19,923 3,097 25,185 Dec 30 184,385 ?,518 1,293 7 989 668 176,917 97 ,7.77 59 247 36,314 20 ,009 2,923 25,398 1951—Tune 30 185 038 ?,424 1,281 6 332 317 174,684 88 960 59 948 36,781 20 ,382 2,785 25,776 Dec 31 193,404 ? 779 1,279 3 615 247 185,984 98 ,234 61 447 37,859 20 ,887 2,701 26,303 1952—Jan. 30 191,600 7,100 1,300 2,800 200 185,200 97,900 61 ,700 38,000 21 ,000 2,700 25,600 Feb 27 191 500 ?,200 1,300 3 900 700 183,400 95 700 62 ,0O0 38,200 21 ,100 2,700 25,600 Mar 26 192,300 7 700 1,300 5,800 (6) 182,900 94 ,800 62 ,* 0 38,500 21 ,300 2,700 25,700 Apr. 30 192,200 7,700 1,300 4 500 500 183,800 95 ,100 62 /, >0 38,600 21 ,400 2,700 25,900 May 28 ... 192,900 ? ™o 1,300 4 400 600 184,400 95 ,300 63 ,< X) 38,900 21 ,600 2,600 26,000 June 30 194,960 7 319 1,283 6,171 333 184,904 94 ,754 63 ,< 76 39,302 21 ,755 2,619 26,474 Tulv 30P 197 200 ?,600 1,300 7 000 600 185,800 95 700 63 ,:,oo 39,400 21 ,900 2,600 26,200 Aug 27P 197,000 7,600 1,300 6,700 700 186,200 95 ,800 64 ,i00 39,600 22 ,000 2,600 26,300 Sept. 24P 197,900 7,500 1,300 6,500 300 187,400 96 ,400 64 ,500 39,800 22 ,200 2,600 26,600 Oct. 29P 199,900 2,500 1,300 5,300 600 190,200 98 ,600 64 ,900 40,100 22 ,200 2,600 26,700 Nov. 26P 202,700 7 500 1,300 7,000 300 191,600 99 ,400 64 ,800 40,000 22 ,300 2,600 27,400 Dec 31P 203,800 7 400 1,300 5,7.00 400 194,500 101 ,200 65 ,700 40,600 22 ,600 2,500 27,500 1953—Jan. 28P 202,000 2,400 1,300 4,200 700 193,300 100 ,500 66 ,000 40,700 22 ,800 2,500 26,800 i Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund. 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. 250 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 Class of bank Cash Total Number and date Total Loans G U ov . e S r . n- Other assets * Total i b In an te k r - i a c c a c p o i u ta n l ts ba o n f ks Total o m bl e ig n a t - s ri e t c ie u s - m D a e n - d Time tions 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 1947—Dec. 31a , . 134,924 43,002 91,923 81,199 10,723 38,388 161,865 13,033 95,727 53,105 11,948 14,714 1948—Dec. 31 133,693 48,174 85,519 74,097 11,422 39,474 161,248 12,269 94,671 54,308 12,479 14,703 1949—Dec. 31 140,598 49,544 91,054 78,433 12,621 36,522 164,467 12,710 96,156 55,601 13,088 14,687 1950—Dec. 30 148,021 60,386 87,635 72,894 14,741 41,086 175,296 14,039 104,744 56,513 13,837 14,650 1951—Dec. 31 154.R6O 67,608 87.261 71,343 15,918 45.531 185,756 15.087 111,644 59,025 14,623 14,618 1952—Jan. 30 155,200 67,460 87,740 71,820 15,920 39,900 179,460 13,320 106,860 59,280 14,640 14,615 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 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 15.380 116,100 63,510 15,320 14,575 1953—Jan. 28*> , 164,990 75,430 89,560 72,140 17,420 40,940 188,700 13,620 111,270 63,810 15,340 14,571 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 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—Jan. 30 132;770 57,510 75,260 61,990 13,270 39,070 158,410 13,320 106,830 38,260 12,240 14,086 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 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. 31 P. 141,600 64,290 77,310 63,230 14,080 44,060 172,380 15,380 116,070 40,930 12,850 14,046 1953—Jan. 28P 140,760 63,970 76,790 62,650 14,140 40,060 165,890 13,620 111,240 41,030 12,870 14,042 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 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 1951— 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—Jan. 30. 112,298 49,327 62,971 51,965 11,006 34,266 135,103 12,726 91,687 30,690 10,238 6,838 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 Aug. 27P 115,220 51,331 63,889 51,839 12,050 33,730 136,872 12,215 92,687 31,970 10,549 6,810 Sept. 24P 115,533 52,192 63,341 51,406 11,935 35,363 139,052 13,161 93,773 32,118 10,606 6,807 Oct. 29P 117,604 53,317 64,287 52,484 11,803 35,535 140,431 13,074 94,959 32,398 10,680 6,804 Nov. 26P 119,564 54,283 65,281 53.486 11,795 36,896 143,478 13,120 98,006 32.352 10,700 6,801 Dec. 31 P 119,536 55,041 64,495 52,777 11,718 38,793 147,092 14,582 99,640 32,870 10,735 6,798 1953—Jan. 28P 118,625 54,698 63,927 52,137 11,790 35,101 140,961 12,880 95,154 32,927 10,753 6,791 All mutual savings banks: 1 19 9 4 3 1 9 — — D i) eecc>. 3 3 0 1 ... 1 1 0 0 , , 2 3 1 7 6 9 4 4, ,9 9 2 01 7 5 5, , 4 2 7 8 8 9 3 3 , , 1 7 0 0 1 4 2 1 , ,7 1 7 8 4 8 8 7 1 9 8 3 1 1 0 0 , , 5 5 2 3 4 3 3 6 1 1 0 0 , , 5 52 2 7 1 1 1 , , 3 2 0 4 9 1 5 5 5 4 1 8 1945—Dec. 31 16,208 4,279 11,928 10,682 1,246 609 15 385 14 15 371 1 592 542 1947—Dec. 31 2 18,641 4,944 13,696 11,978 1,718 886 17,763 1 17 17,745 1,889 533 1948—Dec. 31 19,395 5,686 13,709 11,476 2,233 878 18,405 1 17 18,387 1,999 532 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 2 26 20.888 2.407 529 1952—Jan. 30 22,430 9,950 12,480 9,830 2,650 830 21,050 2 30 21,020 2,400 529 June 30 23.091 10,509 12,582 9,606 2,976 966 21.782 2 26 21,755 2,438 529 Aug. 27P 23,550 10,760 12,790 9,710 3,080 780 22,000 2 30 21,970 2,440 529 Sept. 24P 23,660 10,890 12,770 9.670 3.100 850 22,180 2 30 22,150 2,450 529 Oct. 29P 23,760 11,060 12,700 9,540 3,160 820 22,270 2 30 22,240 2,460 529 Nov. 26P 23,830 11,200 12,630 9.470 3,160 800 22,280 2 30 22,250 2,460 529 Dec. 31 P 23,990 11,350 12,640 9,410 3,230 910 22,610 2 30 22,580 2,470 529 1953—Jan. 28P 24,230 11,460 12,770 9,490 3,280 880 22,810 2 30 22,780 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 see following two pages. MARCH 1953 251 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of bank Cash Total Number and date Total Loans Total G o U m o b v l e . i S e g n r a . t n - - O s ri e t t c h ie u e s - r assets 1 Total i b In an te k r - i m D a e n - d Time a c c a c p o i u ta n l ts ba o n f ks tions 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 At,238 9,533 736 1,592 36 1941—Dec. 3i . 12,896 4,072 8,823 7,265 1,559 6,637 17,932 £t.2O7 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 1947—Dec. 31 . 20,393 7,179 13,214 11,972 1,242 7,261 25,216 i1.464 19,307 1,445 2,259 37 1948—Dec. 31 . 18,759 8,048 10,712 9,649 1,063 7,758 24,024 4.213 18,131 L.680 2,306 35 1949—Dec. 31 . 19,583 7,550 12,033 10,746 11,287 6,985 23,983 A1,192 18,139 1L.651 2,312 25 1950—Dec. 30 . 20,612 9,729 10,883 8,993 1,890 7,922 25,646 A1,638 19,287 1,722 2,351 23 1951—Dec. 31 - 21,379 11,146 10,233 8,129 M04 8,564 26,859 i1.832 20,348 1,679 2,425 22 1952—Jan. 30 .... . 21,203 11,210 9,993 7,927 >,066 7,320 25,179 4.368 19,195 L ,616 2,427 22 June 30 . 21,710 11,268 10,442 8,212 J.231 8,135 26,745 t1.639 20,311 L ,795 2.460 22 Aug. 27P . 21,325 11,142 10,183 7,839 >,344 6,769 24,746 4,102 18,957 1,687 2,473 22 Sept. 24P . 21,246 11,363 9,883 7,612 *,271 7,297 25,288 4,596 18,971 1,721 2,462 22 Oct. 29P . 21,283 11,680 9,603 7,518 >,085 7,267 25,111 4,388 19,011 1,712 2,477 22 Nov. 26P . 21,696 11,973 9,723 7,695 >,028 7,818 26,108 4,440 19,884 L,784 2,476 22 Dec. 31P . 22,130 12,375 9,755 7,679 >,076 8,423 27,309 4,958 20,512 L.839 2,509 22 1953—Jan. 28P . 21,233 12,127 9,106 7,012 >,094 6,994 24,817 4,438 18,601 11,778 2,508 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 1947—Dec. 31 5,088 1,801 3,287 2,890 397 1,739 6,402 1,217 4,273 913 426 14 1948—Dec. 31 4,799 1,783 3,016 2,633 383 1,932 6,293 1,064 4,227 1,001 444 13 1949—Dec. 31. . .. 5,424 1,618 3,806 3,324 482 1,850 6,810 1,191 4,535 1,083 470 13 1950—Dec. 30 . 5,569 2,083 3,487 2,911 576 2,034 7,109 1,228 4,778 1,103 490 13 1951—Dec. 31 . 5,731 2,468 3,264 2,711 552 2,196 7,402 1,307 4,952 1,143 513 13 1952—Jan. 30.. 5,680 2,375 3,305 2,777 528 1,923 6,952 1,155 4,655 1,142 510 13 June 30 5,664 2,380 3,284 2,721 563 1,899 7,027 1,182 4,681 1,164 530 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 1,166 537 13 Dec. 31P . 6,239 2,746 3,493 2,912 581 2,011 7,688 1,350 5,132 1,206 541 13 1953—Jan. 28P . 6,037 2,594 3,443 2,862 581 2,083 7,186 L.170 4,843 1,173 537 13 Reserve city member banks: 1939—Dec. 30 . 12,272 5,329 6,944 5,194 1,749 6,785 17,741 3,686 9,439 4,616 1,828 346 1941—Dec. 31 15,347 7,105 8,243 6,467 1,776 8,518 22,313 1,460 13,047 4,806 1,967 351 1945—Dec 31 . 40,108 8,514 31,594 29,552 2,042 11,286 49,085 (5,448 32,877 9,760 2,566 359 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 194g—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 (5,448 33,342 11,647 3,322 336 1951—Dec. 31 . 42,694 19.651 23,043 19.194 5.849 15,199 54,466 (5,976 35.218 12,272 3,521 321 1952—Jan. 30 42,738 19,465 23,273 19,406 3,867 13,347 52,159 (5,044 33,804 12,311 3,535 321 June 30 . 43,091 19,745 23.346 19,123 i1,223 13.925 53,425 5.908 34,764 12,754 3,663 319 Aug. 27P . 44,086 20,290 23,796 19,404 1,392 13,308 53,090 5,876 34,362 12,852 3,655 319 Sept. 24P . 44,163 20,730 23,433 19,113 1,320 14,086 54,013 <5,226 34,861 12,926 3,675 319 Oct. 29P . 45,381 21,276 24,105 19,761 1,344 14,004 54,766 (5,289 35,422 13,055 3,711 319 Nov. 26P. . . .. 46,104 21,627 24,477 20,127 1,350 14,585 55,923 5,278 36,604 13,041 3,720 319 Dec. 31 P . 45,592 21,703 23,889 19,628 i1,261 15,544 57,345 7,007 37,083 13,255 3,731 319 1953—Jan. 28P . 45,533 21,680 23,853 19,543 I1,310 13,898 54,893 (5,109 35,499 13,285 3,742 320 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 L.223 29,700 12,494 2,525 6,476 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 1,193 11,571 48,897 L ,133 32,899 14,865 3,532 6,501 1951—Dec. 31 . 42,444 16.296 26,148 21.587 {1.561 13,292 52,288 1,309 35.449 15,530 3,760 6,484 1952—Jan 30 42 677 16,277 26,400 21,855 i1,545 11,676 50,813 1,159 34,033 15,621 3,766 6,482 June 30 43.037 17,133 25.904 21,206 t1.698 12.087 51.571 L.083 34.414 16,075 3,873 6,461 Aug. 27P . 44,074 17,498 26,576 21,833 1,743 11,631 51,907 1,038 34,584 16,285 3,892 6,456 Sept. 24P . 44,445 17,700 26,745 21,972 41,773 11,896 52,555 1,100 35,133 16,322 3,938 6,453 Oct. 29P . 45,101 17,917 27,184 22,378 1,806 12,145 53,339 1,157 35,714 16,468 3,958 6,450 Nov. 26P . 45,652 18,091 27,561 22,731 i1.830 12.373 54,079 1,181 36,537 16,361 3,967 6,447 Dec. 31 P . 45,575 18,217 27,358 22,558 1,800 12,815 54,750 1,267 36,916 16,567 3,954 6.444 1953—Jan. 28P . 45,822 18,297 27,525 22,720 1,805 12,126 54,065 1,163 36,211 16,691 3,966 6,436 2 Beginning with December 31, 1947, the all bank series was revised as announced in November 1947 by the Federal bank supervisory agencies. At that time a net of 115 noninsured nonmember commercial banks with total loans and investments of approximately 110 million dollars was added, and 8 banks with total loans and investments of 34 million were transferred from noninsured mutual savings to nonmember commercial banks. For other footnotes see preceding and opposite pages. 252 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] Loansand investments Deposits Investments Other Cla a s n s d o d f a b te ank Total Loans Total G o m U b ov l e . i e S g n r a . t n - - O s ri e t t c h ie u e s - r a C ss a e s t h s * Total 1 b In an te k r - 1 m D a e n - d Time 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 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 1 19 9 4 4 8 5 — — D £) eecc . 3 3 1 1 1 1 2 1 1 2 , , 8 28 0 6 9 4 2 1 5 , ,7 9 6 6 5 8 9 7 6 0 , , 0 3 4 1 3 8 8 6 8 1 , , 9 3 1 8 2 8 8 7, , 1 9 3 2 1 9 3 3 4 8 , ,0 2 8 9 7 2 1 1 4 4 0 7 , , 6 77 4 5 2 1 11 3 , , 9 8 0 8 0 3 1 9 0 3 4 , , 3 0 0 1 0 5 3 2 5 9 , , 4 8 4 7 1 6 1 8 0 , , 6 1 7 5 1 8 1 1 3 3, , 2 4 9 1 7 3 I949—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 4.97J5 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 1,958 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 i1,939 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 11,925 State member banks: 1941—Dec. 31 15,950 6,295 <J.654 7,500 2,155 8,145 22,259 3,739 14,495 4,025 2,246 1,502 1945—Dec. 31 .... 37,871 8,850 29,021 27,089 1,933 9,731 44,730 4,411 32,334 7,986 2,945 L ,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 1,917 1950—Dec. 30 35,334 15,521 19,813 16,778 3,035 11,762 43,808 4,315 30,055 9,438 3,381 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 R90 Insured nonmember commercial banks: 1941—Dec. 31 5,776 3,241 2,535 1,509 1,025 2,668 7,702 129 1.213 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 I949—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 L,57O 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 1(),863 8,867 1,996 4,215 21,606 289 13,867 7,450 .757 6,622 Noninsured nonmember commercial banks: 1941—Dec. 31 1,457 455 1,002 761 241 763 1,872 329 1.291 253 329 852 1945—Dec. 31 2,211 318 L.893 1,693 200 514 2,452 181 1,905 365 279 714 1948—Dec. 31 a 2,013 520 1,493 1,234 259 509 2,201 368 1,353 479 322 758 I949—Dec. 31. ... 1,919 481 1,438 1,185 253 442 2,036 341 1,223 472 321 727 1950—Dec. 30 1,853 527 1,327 1,040 286 468 1,976 294 1,224 458 327 689 1951—Dec. 31 1,789 490 L.299 991 308 469 1,932 308 1,235 388 314 650 1952—June 30 1,880 503 L ,377 1,061 317 443 1,993 412 1,186 396 320 636 All nonmember commercial banks: 1941—Dec 31 7,233 3,696 S.536 2,270 1,266 3,431 9,574 457 5.504 3,613 J .288 7 662 I945—Dec. 31 16,849 3,310 i;*,539 12,277 1,262 4,962 20,571 425 14,101 6,045 1,362 7,130 1948—Dec. 312 18,698 6,431 i:>,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 19«51—Dec 31 20,380 8,192 rM89 9,914 2,275 5,395 23,843 661 15,650 7,533 .999 7 252 1952—June 30 20,954 8,714 rJ.240 9,928 2,312 4,658 23,598 700 15.052 7,846 2,077 7,258 Insured mutual savings banks: 1941 Dec 31 1 693 642 11,050 629 421 151 1,789 1,789 1*4 52 1945—Dec 31 10,846 3,081 1.765 7,160 606 429 10,363 12 10,351 L.034 192 1948—Dec 31 13,312 4,109 9,202 7,795 1,407 684 12,772 1 14 12,757 ,334 193 1949 Dec 31 14,209 4,814 9.394 7,832 1,562 682 13,592 16 13,575 420 192 1950—Dec. 30 15,101 6,086 t>,015 7,487 1,528 617 14,320 19 14,301 ,513 194 1951—Dec 31 16,190 7,523 \S.668 6,921 1,746 695 15,368 2 23 15,343 ,678 202 1952—June 30 16,857 8,043 i5,814 6,730 2,084 756 16,081 2 23 16,056 .700 205 Noninsured mutual savings banks: 1941 Dec 31 8 687 4,259 IT 428 3 075 1,353 642 8,744 6 8,738 1 077 496 1945—Dec 31 5 361 1,198 41,163 3,522 641 180 5,022 2 5,020 558 350 1948—Dec. 31 * 6,083 1,577 4t,506 3,680 826 194 5,633 3 5,631 665 339 1949—Dec. 31 6,192 1,764 41,428 3,596 832 191 5,702 3 5,699 702 339 1950—Dec 30 6,245 2,050 41,194 3,380 814 180 5,711 3 5,708 734 335 1951—Dec 31 6,069 2,339 -5,730 2,897 833 191 5,547 3 5,544 729 327 1952 Tune 30 6,234 2,466 1,768 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. MARCH 1953 253 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] Loans1 Investments Cla c s a s l a l o n d f d a b te ank i m T l n o a v o e n a e t n n d a s t s t l s - Total1 o C c m m c i k p p p l i o i n u n a e a e a e e m g d - r r l n - t r , - - - - - A c tu g u r r l i - - - b o p d a L s e T e r r u n e e o r r o o r a s s d c c k a c l a u - n - h r r s a r i y t o s T e i f i i t e n r o n h o s s g r g - l R t o a a e t n a e l s O l u v o i d t a t i n h a o i d l - - n s e - 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 n e e f a e e e r d t b t r s i e i - n n t f s D s - i - m - ir e e N n c t o t te o s blig B a o ti n o d n s s G t a e u n e a - d r- S p d O s t s a i t g i u o i i c o a n o o b v a a b l t f d n - n i l i e l - t i - s s s - - O r s i e t t h c ie e u s r - All insured commercial banks: 1941—Dec. 31. 49,290 21,259 9,214 1,450 614 662 4,773 4,545 28,031 21,046 988 3,15912,797 4,102 3,6513,333 1945—Dec. 31. 121,809 25,765 9,461 1,314 1643,606 4,6772,361 1,18196,04388,9122,455 19,07116,04551,321 8733,258 1949—Dec. 31. 118,278 42,485 16,935 2,9631,749 85511,4058,0051,121 75,79365,8203,692 12,479 5,810 43,833 400 3,574 1950—Dec. 30. 124,822 51,72321,7762,8231,789 1,036 13,389 10,0491,534 73,09960,9864,118 1,93216,75638,168 ,179 1951—Dec. 31. 130,820 57,25625,7443,321 1,571 96014,450 10,378 ,645 73,56460,533 7,219 7,52611,25634,511 989 4,042 1952—June 30. 132,557 58,73025,1763,5622,106 94214,884 11,340 1,570 73,82760,1176,090 7,65311,099 35,251 627 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 3,00711,7293,832 3.0902,871 1945—Dec. 31. 107,183 22,775 8,949 8553,133 3,378 3,4551,900 1,104 84,40878,3382,27516,98514,27144,792 16 3,2542,815 1949—Dec. 31. 101,528 36,230 15,8571,9451,737 758 8,834 6,5511,03465,297 56,8833,38910,409 5,08537,996 45 ,2743,140 1950—Dec. 30. 107,424 44,70520,5211,808 1,770 92710,5228,314 1,438 62,71952,3653,665 1,46814,054 33,170 8 6,640 3,714 1951—Dec. 31. 112,247 49,561 24,347 2,140 1,551 85111,3348,5241,53562,687 51,621 6,399 6,010 9,59629,601 3,538 1952—June 30. 113,502 50,52623.732 2,264 2,084 82911,628 9,2681,473 62,976 51,261 5,423 6.134 9,468 30,215 3,590 Sept. 5. 114,654 51,31423,9732,4461,473 94111,855 9,599 1,78763,340 51,3824,269 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 29818,809 17,574 477 3,433 3,325 10,337 1 606 629 1949—Dec. 31. 19,583 7,550 4,792 ,410 219 256 689 30912,033 10,746 720 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 1,123 767 1951—Dec. 31. 21,379 11,146 7,852 ,219 262 514 920 55110,233 8,129 1,122 616 1,428 4,960 1,385 719 1952—June 30. 21,710 11,268 7,659 ,619 234 426 981 52410,442 8,212 1,062 692 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:3 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 1,512 8,243 6,467 295 751 4,2481,173 956 820 1945—Dec. 31. 40,108 8,514 3,661 205 4271,503 1,459 855 40431,59429,552 1,034 6,982 5,65315,878 51,126 916 1949—Dec. 31. 38,301 14,370 6,704 457 183 309 3,742 ,745 432 23,931 20,951 1,189 4,180 2,124 13,457 1,7271,254 1950—Dec. 30. 40,685 17,906 8,646 392 207 386 4,423 3,498 603 22,779 19,0841,218 499 5,5 3'611,830 2,1841,511 1951—Dec. 31. 42,694 19,651 10,140 513 203 347 4,651 ,518 23,043 19,1942,524 2,493 3 64010,528 82,4581,390 1952—June 30. 43,091 19,745 9,756 519 258 354 4,799 3,805 559 23,346 19,1232,080 2,520 3,65610,851 162,8321,391 Sept. 5. 43,90020,401 10,000 541 202 414 4,923 3,957 670 23,499 19,169 1,503 2,171 3,67911,805 122,9251,404 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 1,028 1945—Dec. 31. 35,002 5,596 1,484 648 471 1,881 707 36329,40726,999 630 5,102 4,54416,713 91,342 1,067 1949—Dec. 31. 38,219 12,692 3, ,480 173 4,7842,946 259 25,52721,862 1,148 3,753 1,76815,189 42 ,5051,160 1950—Dec. 30. 40,558 14,988 3,980 1,407 187 5,5913,679 288 25,57021,377 1,390 588 6,10713,287 2,998 1,194 1951—Dec. 31. 42,444 16,296 4,377 1.610 178 6,099 3,906 30326,14821,5872,418 2,568 4,00812,587 3,334 1,227 1952—June 30. 43,037 17,133 4,462 1,733 179 6,337 4,299 330088 25,90421,206 1,914 2.551 3,91812.81 3,4941,204 Sept. 5. 44,115 17,550 4,440 1,893 187 6,454 4,434 33226,56 21,801 1,883 2,497 3,85813,559 3,5461,218 Insured nonmember commercial banks: 1941—Dec. 31. 5,776 3,241 543 478 64 854 2,535 1,509 17 152 1,069 271 563 462 1945—Dec. 31. 14,639 2,992 512 459 228 461 7711,647 10,584 180 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 8,94 303 2,071 725 5,846 21,127 434 1950—Dec. 30. 17,414 7,023 1,2551,015 109 2,8721,735 9610,391 8,63 453 465 2,702 5,008 1,294 465 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 1,462 505 1952—June 30. 19,073 8,210 1,4451,298 113 3,2622,072 9710,863 8,867 668 1,519 1,631 5,046 1,503 493 * These figures do not include data for banks in possessions of the United States. During 1941 three mutual savings banks became members of the Federal Reserve System; these banks are included in "member banks" but are not included in "all insured commercial banks." Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc. 1 Beginning June 30, 1948, figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total and are not entirely comparable with prior figures. Total loans continue to be shown net 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. 254 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Time deposits Re- Cla c s a s l a l o n d f d a b te ank F s B e s w e R e d a r i r e v n e t v r h - e k e a s s l v C a i a n u s l h t m b a w a B d n e n i o a c s k t l e - t h - s i s c * j p m u D o a d s a d t s e e n e i - - - t d d s 5 m D e I s n d o t e t i - c e p 4 r o b s a i F e t n i s o k g r n - U m G e . r o e n v n S - - t . p v S s o i u a t l s i a b n i t o t i d d e c n i s a - s l c C h c o a f e e e e i f n t e f c r r c i d t d k s - . i ' s - , p a v n s a i p I t h d d r i n o o t i u d n r p c n a a i e s o s - l - , r s r - , - I b n a t n e k r- P m U G i e a S o n r . n e o a s g n d n v S t v s - a t - . - l v s p S i u a i s o t c i n b a l a o i d d t l t n e - i s s - p a v n s a p t i I h i d d r n o o t i u d r n p n c a a i e o s s - - l , r r s - - , r B i o n o w g r s - - c C o a t u a a c p n l - i t - s All insured 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 84,57610,885 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 97,04812,969 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 64,18412,333 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 83,10012,634 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 1,596 10,632 New York City:* 1941—Dec. 31. . 5,105 93 141 10,761 3 595 607 866 319 450 11,282 6 29 778 1,648 1945—Dec. 31. . 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 195 2,120 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:* 1941—Dec. 31 1,021 43 298 2 215 1,027 8 127 233 34 2,152 476 288 1945—Dec. 31. . 942 36 200 3,153 1,292 20 1,552 237 66 3,160 719 377 1949—Dec. 31. . 1,183 27 159 3,797 1,151 40 258 286 60 3,932 4 10 1,069 470 1950—Dec. 30. . 1,216 30 133 3,954 1,177 48 174 284 70 4,250 3 3 10 1,089 490 1951—Dec. 31. . 1,407 32 165 4,121 1,269 38 242 240 66 4,404 1 5 11 1,128 513 1952—June 30. . 1,259 30 135 3,903 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 60 617 10,987 3,087 1950—Dec. 30. . 6,806 519 2 206 27,938 6,174 217 976 2 575 852 28,938 57 60 631 10,956 3,322 1951—Dec. 31. . 7,582 639 2 356 29,489 6,695 192 1 124 2 550 822 30,722 90 85 714 11,473 4 3,521 1952—June 30. . 7,312 551 2 083 28,703 5,624 182 2 097 2 689 719 29,258 101 90 751 11,913 25 3,663 Sept. 5. . 8,046 507 1 737 29,239 5,864 211 1 499 2 441 612 29,689 101 98 749 12,035 750 3,685 Country banks: 1941—Dec. 31. . 2,210 526 3 216 9,661 790 2 225 1 370 239 8,500 30 31 146 6,082 4 1,982 1945—Dec. 31. . 4,527 796 4 665 23,595 1,199 8 5 465 2 004 435 21,797 17 52 219 12,224 11 2,525 1949—Dec. 31.. 4,371 901 4 002 27,935 979 9 797 3 058 579 25,337 13 73 400 14,289 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 1945—Dec. 31 391 3 959 10,537 233 5 1 560 858 135 9,643 6 4 97 5,579 7 1,083 1949—Dec. 31. . 463 3 273 11,918 261 6 213 1 402 153 10,517 5 6 182 6,524 3 1,473 1950—Dec. 30 503 3 596 12,729 286 5 265 1 492 174 11,262 6 6 210 6,510 3 1,570 1951—Dec. 31 603 4 099 13,948 335 12 243 1 622 186 12,364 5 22 247 6,876 4 1,686 1952—June 30 544 3 466 13,305 273 10 357 1 694 166 11,649 6 24 270 7,156 17 1,757 8 Central reserve city banks. 4 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. MARCH 1953 255 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans * Investments For purchasing or carrying securities U. S. Government obligations Total Comloans mer- Date or month and cial, To brokers invest- indus- and dealers To others Real Loans Cer- Other ments Total i trial, estate to Other Total tifi- secuand loans banks loans cates rities agri- U. S. Other U.S. Other Total Bills of in- Notes Bonds2 cul- Govt. se- Govt. se- debttural ob- curi- ob- curi- edliga- ties liga- ties ness tions tions Total— Leading Cities 1952—January 73,952 34,889 21,315 163 946 110 564 5,666 654 6,00939,063 32,233 4,167 3,622 5,961 18,4836,830 November. 77,308 37,772 22,737 4131,177 109 625 5,975 457 6,84539,626 32,301 3,679 2,427 6,178 20,017 7,325 December.. 78,586 38,536 23,167 5181,220 120 635 5,997 429 7,022 40,050 32,763 4,340 2,426 6,019 19,978 7,287 1953—January 77,788 38,379 22,933 334 1,208 131 656 6,017 520 7,17339,409 32,077 3,893 2,419 5,949 19,8167,332 1952—Dec. 3... 78,266 38,051 22,949 4311,175 107 618 5,992 431 6,918 40,215 32,947 4,460 2,445 6,068 19,974 7,268 Dec. 10... 78,353 38,282 23,136 4201,190 110 621 5,996 421 6,95740,071 32,819 4,413 2,425 6,02819,95*37,252 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 7,306 Dec. 24... 78,817 38,895 23,308 5511,227 123 648 6,007 515 7,07839,922 32,621 4,255 2,407 6.012 19,947 7,301 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 7,310 1953—Jan. 7... 78,110 38,490 22,980 4671,265 133 651 6,005 448 7,134 39,620 32,370 4,076 2,401 5,971 19,922 7,250 Jan. 14... 77,961 38,359 23,007 2821,173 128 655 6,017 535 7,155 39,602 32,263 3,999 2,435 5,959 19,8707,339 Jan. 21... 77,739 38,381 22,908 2561,188 133 659 6,015 618 7,19739,358 31,987 3,854 2,427 5,945 19,761 7,371 Jan. 28... 77,341 38.287 22.837 3311.205 130 660 6.031 478 7,20839.054 31.687 3.644 2,413 5,921 19,709 7,367 Feb. 4... 76,990 38,201 22,780 4071,171 129 672 6,032 364 7,24138,789 31,432 3,403 2,450 5,90019,679 7,357 Feb. 11. .. 76,902 38,278 22,814 4251,173 133 662 6,032 386 7,24938,624 31,278 3,224 2,519 5,86819,667 7,346 Feb. 18. .. 77,050 38,494 22,709 3501,198 132 659 6,045 730 7,26738,556 31,089 3,172 2,253 5,86319,801 7,467 Feb. 25... 76,745 38,376 22,697 2871,165 132 656 6,057 707 7,27638,369 31,024 3,097 2,248 5,85019,8297,345 New York City 1952—January... 20,911 11,159 7,833 140 736 27 217 511 535 1,333 9,752 7,700 934 596 1,378 4,792 2,052 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 1,107 229 1,115 5,0692,037 1953—January.. . 21,105 12,059 8,565 222 937 43 232 377 313 1,552 9,046 6,973 726 228 1,076 4,943 2,073 1952—Dec. 3... 21,499 11,950 8,569 331 944 21 208 397 217 1,446 9,549 7,555 1,165 249 1,113 5,028 1,994 Dec. 10. .. 21,589 12,079 8,676 288 962 27 208 395 226 1,480 9,510 7,516 1,137 235 1,105 5,039 1,994 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 5,082 2,069 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 5,110 2,069 1953—Tan. 7... 21,277 12,092 8,560 304 974 47 230 381 242 1,536 9,185 7,129 793 226 1,096 5,014 2,056 Jan. 14... 21,090 11,994 8,593 193 912 45 233 378 272 1,550 9,096 7,030 750 229 1,085 4,966 2,066 Jan. 21. .. 21,035 12,086 8,564 161 917 42 234 372 423 1,555 8,949 6,866 669 225 1,068 4,904 2,083 Jan. 28... 21,018 12,062 8,541 229 944 40 233 376 316 1,566 8,956 6,868 690 233 1,055 4,890 2,088 Feb. 4... 20,772 11,914 8,504 214 923 39 239 375 217 1,586 8,858 6,784 547 265 1,070 4,902 2,074 Feb. 11... 20,712 11,872 8,520 217 888 41 233 374 207 1,575 8,840 6,778 511 331 1,048 4,888 2,062 Feb. 18. .. 20,893 12,071 8,482 173 905 40 229 380 472 1,573 8,822 6,700 554 184 1,047 4,915 2,122 Feb. 25... 20,833 12,049 8,490 174 907 40 224 381 442 1,575 8,784 6,695 552 182 1,055 4,906 2,089 Outside New York City 1952—January. . . 53,041 23,730 13,482 23 210 83 347 5,155 119 4,676 29,311 24,533 3,233 3,026 4,583 13,6914,778 November. 56,358 25,968 14,312 140 229 88 406 5,578 183 5,417 30,390 25,071 2,920 2,195 4,969 14,9875,319 December.. 56,818 26,325 14,501 151 244 84 416 5,611 187 5,52230,493 25,243 3,233 2,197 4,904 14,9095,250 1953—January. . . 56,683 26,320 14,368 112 271 88 424 5,640 207 5,621 30,363 25,104 3,167 2,191 4,873 14,8735,259 1952—Dec. 3... 56,767 26,101 14,380 100 231 86 410 5,595 214 5,47230,666 25,392 3,295 2,196 4,955 14,9465,274 Dec. 10. .. 56,764 26,203 14,460 132 228 83 413 5,601 195 5,47730,561 25,303 3,276 2,190 4,923 14,9145,258 Dec. 17... 57,109 26,456 14,547 143 249 82 413 5,606 288 5,516 30,653 25,404 3,400 2,199 4,878 14,927 5.249 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 5,64230,098 24,819 2,954 2,180 4,866 14,8195,279 Feb. 4... 56,218 26,287 14,276 193 248 90 433'5,657 147 5,65529,931 24,648 2,856 2,185 4,830 14,7775,283 Feb. 11. .. 56,190 26,406 14,294 208 285 92 429 5,658 179 5,67429,784 24,500 2,713 2,188 4,820 14,7795,284 Feb. 18.. . 56,157 26,423 14,227 177 293 92 430 5,665 258 5,69429,734 24,389 2,618 2,069 4,816 14,8865,345 Feb. 25... 55,912 26,327 14,207 113 258 92 432 5,676 265 5,701 29,585 24,329 2,545 2,066 4,795 14,9235,256 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. 256 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 a n d t v - h l k - e s v C a a i u n s l h t b m a w a n d e n o i c s t - k e h ti s s c j p u m o a d s a t e d s e n - i - t d d s 8 s p p u n c v h a o a a o e n i i r r d p l r r d a s t - - s - - , - , p S s d s a i i o u t c i o n a v b l a n i d t - i l t e - s - s c C c O h a f e e i e e t n e f c r r f c d d . i t s k - i ' - s, U m G er . o e n v n S - - t . s p p u 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 - - , - , S p s d s a i i o u t c i o n a v b l a n i d t - i l t e - s - s P U m G S e i a o n r a n . o e g n s v d n v S t s - - a t - . l m D t D e i o s c - e - ma F n ei d o g r n - Time r B i o n o w g r s - - c C o i a a t u c a p - n l - ts B d it e a s b n * - k tions tions Total— Leading Cities 1952—January... 14,975 931 2,665 54,107 55,252 3,552 1,539 1,61715,173 720 16211,0821,275 410 621 6,856117,411 November. 15,084 960 2 ,446 53,383 55,483 3.566 1,672 3,50616,047 745 194 10,7491,322 560 1,637 7,141118,658 December. 15', 254 1,005 2', 562 54',938 56 \ 802 3,552 1,784 3,370 16,138 756 196 10,9961,347 576 1,316 7,158146,649 1953—January... 15,044 970 2,44154,77355,928 3,698 1,562 2,35616,253 760 200 10,8851,314 576 1,367 7,168132,811 1952—Dec. 3... 15,385 966 2,37154,39255,454 3,559 1,719 3,78416,027 751 196 10,5951,324 573 1,609 7,161 28,426 Dec. 10... 15,3361,061 2,35455,12756,495 3,458 1,682 2,970 16,062 751 195 10,6071,328 577 1,740 7,144 27,490 Dec. 17... 15,5041,060 2,57455,816 57,827 3,464 1,767 3,07316,121 759 195 11,148 ,342 576 1,270 7,146 34,825 Dec. 24... 15,638 946 2,48154,70556,708 3,532 1,655 3,50816,177 759 196 10,989 ,352 572 1,814 7,157 35,937 Dec. 31... 14,408 990 3,029 54,648 57,523 3,746 2,099 3,51716,303 758 201 11,641 ,390 581 145 7,181 31,341 1953—Jan. 7... 15,183 996 2,400 54,467 55,301 3,643 1,558 2,709 16,267 751 202 11,145 ,338 1,515 7,182 28,409 Jan. 14... 14,964 994 2,561 54,847 •56,715 '3,579 1,728 2,183 16,231 761 202 11,305 ,310 5771,301 7,154 28,465 Jan. 21... 15,067 932 2,500 54,980 •56,356 '3,687 1,548 2,197 16,251 762 197 10,9761,310 576 1,228 7,154 31,564 Jan. 28... 14,961 956 2,303 54,799 55,379 3,845 1,414 2,337 16,261 765 200 10,1141,297 574 1,423 7,182 28,668 Feb. 4... 14,980 881 2,264 53,848 54,262 3,889 1,438 2,640 16,289 770 200 10,2101,289 567 1,499 7,199 31,409 Feb. 11... 14,772 935 2,275 53,609 54,730 3,889 1,571 2,81316,311 774 199 10,1191,248 566 1,410 7,205 26,948 Feb. 18... 14,717 908 2,446 53,043 54,582 3,715 1,533 3,47516,334 772 200 10,3831,253 565 1,212 7,208 30,327 14,552 971 2,36753,08754,627 3,740 1,467 3,271 16,374 778 198 9,9691,263 567 1,251 7,228 25,730 Feb. 25... New York City 1952—January... 5,288 142 16,54017,463 722 549 1,483 3,177 1,051 313 193 2,384 45,425 November. 5,210 161 15,66816,729 383 821 1,169 1,610 2,982 1,065 434 440 2,436 46,673 December. 5,261 170 16,322 17,430 303 890 1,087 1,657 3,051 1,096 452 479 2,441 63,091 1953—January... 5,042 147 16,04416,914 285 695 671 1,630 3,026 1,057 453 339 2,459 53,112 1952—Dec. 3... 5,418 160 16,13217,003 304 836 1,305 1,620 2,948 1,073 449 503 2,441 11,933 Dec. 10... 5,252 188 16,36417,306 277 862 992 1,633 2,916 1,082 453 557 2,428 11,718 Dec. 17... 5,385 191 16,80717,847 305 852 859 1,668 3,0401,100 452 457 2,426 14,693 Dec. 24... 5,232 165 16.141 17,190 311 800 1,148 1,673 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 3,3331,125 457 130 2,460 13,510 1953—Jan. 7.... 5,084 152 15,96916,815 266 676 832 1,637 3,0661,073 456 404 2,459 11,905 Jan. 14.... 5,003 154 16,00916,958 272 812 628 1,620 3,0861,055 453 318 2,459 11,122 Jan. 21.... 5,049 137 16,04116,986 278 672 599 1,626 3,050 1,051 452 331 2,459 12,363 Jan. 28.... 5,031 144 16,15816,899 324 619 624 1,637 2,901 1,048 451 302 2,460 11,108 Feb. 4.... 5,059 135 15,73416,496 295 646 700 1,637 2,890 1,043 441 435 2,471 13,227 Feb. 11.... 4,8" 157 15,62616,545 299 784 736 1,633 2,848 1,014 440 352 2,470 10,767 Feb. 18.... 4,970 133 15,64516,683 301 687 877 1,645 2,909 1,006 438 368 2,472 11,608 Feb. 25.... 4,825 151 15,50516,638 288 700 822 1,667 2,874 1,017 440 360 2,476 10,107 Outside New York City 1952—January 9,687 789 2,623 37,567 37,789 3,261 817 1,06813,690 697 117 7,905 97 428 4,472 71,986 November.. 9,874 799 2,409 37,715 38,754 3,183 851 2.33714,437 715 139 7,767 257 126 1,197 4,705 71,985 December.. 9,993 835 2,520 38,616 39,372 3,249 894 2,28314,481 725 139 7,945 251 124 837 4,717 83,558 1953—January 10,002 823 2,403 38,729 39,014 3,413 867 1,68514,623 731 142 7,859 257 123 1,028 4,709 79,699 1952—Dec. 3.... 9,967 806 2,334 38,260 38,451 3,255 883 2,47914,407 720 140 7,647 251 124 1,106 4,720 16,493 Dec. 10 10,084 873 2,320 38,763 39,189 3,181 820 1,97814,429 720 139 7,691 246 124 1,183 4,716 15,772 Dec. 17.... 10,119 869 2,534 39,009 39,980 3,159 915 2,21414,453 728 139 8,108 242 124 813 4,720 20,132 Dec. 24.... 10,406 781 39,518 3,221 855 2,360 14,504 728 140 7,970 250 123 1,064 715 19,927 Dec. 31 9,389 843 2,974 38,480 39,716 3,428 998 2,38514,613 727 142 8,308 265 124 15 4,721 17,831 1953—Jan. 7.... 10,099 844 2,368 38,498 38,486 3,377 882 1,87714,630 722 142 8,079 265 122 1,111 4,723 16,504 Jan. 14.... 9,961 840 2,517 38,838 •39,757'3,307 916 1,55514,611 732 143 8,219 255 124 983 4,695 17,343 Jan. 21.... 10,018 795 2,459 38,939 •39,370'3,409 876 1,59814,625 735 140 7,926 259 124 897 4,695 19,201 Jan. 28.... 9,930 812 2,267 38,64138,480 3,521 795 1,71314,624 736 143 7,213 249 123 1,121 4,722 17,560 Feb. 4.... 9,921 746 2,233 38,114 37,766 3,594 792 1,940 14,652 740 142 7,320 246 126 1,064 4,728 18,182 Feb. 11.... 9,884 778 2,244 "38,185 3,590 787 2,077 14,678 743 141 7,271 234 126 1,058 4,735 16,181 Feb. 18.... 9,747 775 408 37,398 37,899 3,414 846 2,598 14,689 741 142 7,474 247 127 844 4,736 18,719 Feb. 25.... 9,727 820 332 37582 37,989 3,452 767 2,449 14,707 747 140 7,095 246 127 891 4,752 15,623 r Revised. 3 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. * Monthly and weekly totals oi debits to demand deposit accounts except interbank and U. S. Government accounts. Back figures.—For description of revision beginning July 3, 1946, see BULLETIN for June 1947, p. 692, and for back figures on the revised basis, see BULLETIN for July 1947, pp. 878-883; for old series, see Banking and Monetary Statistics, pp. 127-227. 257 MARCH 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF A SAMPLE OF WEEKLY REPORTING MEMBER BANKS BY INDUSTRY 1 [Net declines, (—). In millions of dollars] Business of borrower Manufacturing anc mining Comm'l Period * l F iq a o n u o d o d r , , T ap e a p x n a t d i r l e e l s , , p m M r m ( a o a i e c e n n d t h t c d u a a i l l c l n . s t - s ch P l e c e e m o u t a r m i l o c , , - al, Other ( T r w e s a r t h a n a a o l d d i e l l e e ) - m d C e o a o d l m e it r - y s f p i S c n a o a a n m l n i e e c s - s e u P p t t ( t r i u o i i a l o n b r i n c n t t l i a s l i ) e . c - - s s C t t i r o o u n n c - - bu t o y s A t o i p h n H f e e e s r ss c c h l N f a a i n e s e d g s t i e - s ch t i a a o a n n g t n d a g r d ' P ' l e l , — tobacco leather ery and and trans. rubber 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—oct 210 —54 111 42 36 122 262 -60 4 — 8 665 668 Nov. . 156 -17 67 47 3 91 112 65 69 21 610 602 Dec 68 -33 31 46 -34 -86 2 406 12 -10 63 465 330 I953—jan -32 6 90 -2 -10 -51 -89 -106 25 -4 -46 -219 -369 Feb -142 69 32 — 1 -7 25 -82 -15 —57 26 — 153 — 140 Week ending: 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 -4 — 1 -10 -52 -71 Feb. 4 -32 13 15 -3 -6 8 -16 -20 -10 -1 -52 -57 Feb. 11.... —39 30 22 -10 9 —28 — 11 — 12 5 " 20 — 12 34 Feb. 18 -35 17 -9 10 -1 -1 -29 11 -45 -6 8 -81 -105 Feb. 25 -36 9 4 1 8 -10 5 10 -1 -8 -12 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. 2 Figures for other than weekly periods are based on weekly changes during period. 3 Net change at all banks in weekly reporting series. COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Held by Based on Commercial End of year or month sta p o n a u d p t i e - n r g1 st T a o n o u d t t a i - n l g Total Accept O b in i w l g l n s banks bo B u il g ls ht Others I U S m i t n n p a i t o t t o e e r s d ts E U S f x t n r p a o i o t m t e e r s d ts c D h o e a x l n l - g ar e G U s o h n o i i p t d e p p s d o e s d i t n o t b r s e e F d i t n o w r i e n e e i o g n n r States countries 1947—December. 287 261 197 109 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 "l 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 April 544 422 150 110 40 272 211 135 6 22 48 May 510 430 155 121 34 275 197 136 37 17 43 June 495 416 148 108 40 268 195 126 45 15 36 July 539 450 171 122 49 279 200 126 73 17 34 August. . . 550 454 169 113 56 285 212 119 74 20 30 September 565 454 166 106 61 288 232 108 60 24 31 October. . 591 449 155 103 52 294 237 114 30 40 28 November 575 478 172 114 58 306 233 123 29 62 31 December. 539 492 183 126 57 309 232 125 39 64 32 1953—January.. 504 487 159 111 48 328 225 120 43 65 34 1 As reported by dealers; includes some finance company paper sold in open market. Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427. 258 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 l a o t c e a a li nd 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: * 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 2.1 Sfi 1941 32,731 9.478 6,796 2,286 396 10,174 9,573 601 6,442 1,878 2,919 L,840 1942 34 931 11,851 9,295 2,045 511 10,315 9,707 608 6,726 L 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 I 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 ?. 1 ?.\ 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 L.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 L.624 2,587 2,958 February 68,907 13,469 10,841 1,716 912 28,553 26,456 2,097 19,712 L.639 2,598 2,936 March 69,250 13,352 10,765 1,695 892 28,903 26,785 2,118 19,870 L.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 L.674 2,633 ',863 June 70,334 12 853 10,309 1,706 838 29,895 27,745 2,150 20 335 693 2,646 ,912 July 70,774 12,894 10,324 1,748 822 30,191 28,039 2,152 20,505 ,706 2,656 r ,822 August 71,123 12,898 10,347 1,752 799 30,314 28,165 2,149 20,643 1,722 2,667 ,879 September . 71,578 12,929 10,399 1,736 794 30,475 28,315 2,160 20,801 736 2,683 ,954 October 72,034 12,731 10,244 1,728 759 30,973 28,819 2,154 20,961 ,751 2,692 <•,926 November 72,415 12,780 10,297 1,728 755 31,143 28,986 2,157 21,087 .766 2,698 r ,941 December 73,034 12,683 10,195 1,733 755 31,404 29,226 2,178 21,245 1,868 2,699 M35 n. a. Not available. 1 Includes United States and foreign. 2 Central government only. imortized basis and stocks at end-of-year market value. •~ 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 Insur* 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 g M ag o e r s t- i G m U o e v . n e t S r s n . e - - Other de S p h o a s r i e ts q E u n a d r t o e f r Total Cash g M ag o e rt s - a 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 1,740 416 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 1,607 882 16.079 3.... 21.415 1,001 17,649 1,753 1,012 18,035 p Preliminary. 1 Includes mortgage pledged shares. 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. 251 and 253. Figures for savings and loan associations include share deposits. MARCH 1953 259 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 2 ;3 Loans, by purpose and agency: To aid agriculture total 3 385 2 878 2,884 2,299 3,632 4,362 3,884 3,896 4,161 4,239 4 058 4 563 Banks for cooperatives 189 197 232 276 305 302 345 356 425 373 343 370 Federal intermediate credit banks 7S7 731 773 336 476 437 510 74? 633 739 866 822 Federal land banks ' 1 220 1 088 986 Federal Farm Mortgage Corporation-. . 3S1 74? 149 109 80 60 4S 37 34 3? 29 07 Farmers Home Administration • 643 604 590 558 525 523 535 559 539 595 594 606 Rural Klectrification Administration 361 407 S78 734 999 1 301 1,S43 1,693 1 74? 1 784 \ 831 \ 873 Commodity Credit Corporation 3SS 99 170 780 1 793 1 779 898 503 78? 710 390 859 Other agencies 10 9 6 7 5 9 7 6 6 6 6 5 To aid home owners, total 1737 806 610 116 768 1,711 1 178 081 2, 147 7 363 387 437 Federal National Mortgage Assn.. 52 7 6 4 199 828 1,347 1,715 1,850 2 053 2 068 2 097 RFC Mortgage Corporation 4 81 74 6 Home Owners' Loan Corporation 2 1 091 8S? 636 486 369 231 10 Reconstruction Finance Corporation 1? 1? 10 » 1 177 168 137 1?4 1?3 121 119 117 Other agencies 1 1 1 65 22 24 35 141 169 189 201 223 To railroads, total 343 773 171 147 140 114 110 104 101 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 101 737 107 77? 310 467 418 404 488 473 464 480 Reconstruction Finance Corporation 8 118 149 151 741 77? 473 400 4?? 415 400 393 41? Other agencies 73 83 41 31 38 38 58 72 74 73 72 67 To financing institutions, total. 716 767 314 447 441 874 711 814 107 653 716 Reconstruction Finance Corporation 66 60 14 7 6 8 8 8 8 8 7) ( Federal home loan banks 131 195 293 436 515 433 816 747 806 589 653 715 Other agencies 20 12 7 4 4 4 Foreign, total 271 176 7 284 1 673 6,107 6,000 6 078 6 133 6 110 6 006 7 617 7 826 Export-Import Bank 225 252 1,249 1 978 2,145 2,187 2,226 2,319 2,296 2 329 2 389 2 546 Reconstruction Finance Corporation 6 ( 774 73S 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 5 222 All other purposes, total 1 737 707 623 714 184 484 131 770 770 731 801 Reconstruction Finance Corporation ' 8 309 73? 5340 190 88 S9 S3 61 63 61 61 Public Housing Administration 10 .... 305 286 278 278 294 297 366 559 609 557 624 750 Other agencies 8106 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 71411,692 12,733 13,228 13,906 14,42214 47?15 91316 890 Investments: U. S. Government securities, total 1 630 1683 1873 1681 1,814 7 047 7 071 7,736 7 776 47? ?, 364 ? 371 Banks for cooperatives 43 43 43 48 43 43 43 43 43 43 43 43 Federal intermediate credit banks 39 47 48 44 74 46 67 51 48 49 61 Production credit corporations 60 67 70 72 66 39 42 41 43 43 43 43 145 136 Federal home loan banks 144 118 14S 139 774 775 199 771 749 384 311 998 Federal Savings and Loan Insurance Corp 151 161 172 184 199 214 193 195 200 204 209 203 Home Owners' Loan Corporation 2 15 1S 17 1? 8 Federal Housing Administration 87 106 122 132 144 188 244 277 285 289 286 299 Public Housing Administration *" 7 8 8 8 8 Reconstruction Finance Corooration ' 75 49 48 (7) 1 1 1 1 Federal Deposit Insurance Corporation 760 897 1,045 1020 1,064 1,205 1,307 1,338 1,353 1 409 1,421 1,423 Other agencies 28 30 20 21 1 1 1 1 1 1 1 1 Investment in international institutions 318 3 385 3 3,385 3,385 3,385 3,385 3 3,385 3,385 ,385 385 Other securities, total . . .. 474 371 730 114 107 88 87 78 13 11 Reconstruction Finance Corporation 789 744 159 108 19383 83 71 74 66 6S6S 43 4? Production credit corporations 63 55 46 35 29 22 16 13 11 10 9 8 Other agencies * 71 26 24 11 6 2 1 1 1 (7) n V) Co C m o m mm od o i d t i i t e y s , C s r u ed p i p t l C ie o s r , p a o n ra d t io m n aterials, total 2 1 ,9 4 4 S 2 O 2 1 ,2 0 8 3 8 4 1,2 4 6 6 5 3 8 4 2 4 2 8 6 4 2 3 7 7 1 1 ,5 3 4 7 9 6 1 1 ,7 6 7 3 4 8 1 1 ,515 1 1 ,4 1 6 7 1 4 1 1 ,3 0 2 1 2 ? 1 1 ,350 1 1 , , 3 0 7 3 7 4 Reconstruction Finance Corporation 6 1 053 1 131 667 735 157 14? 108 140 179 147 ,012863 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 12,600 3,060 2,962 2,945 3,025 3,358 3,406 3,186 3,212 Public Housing Administration 10 200 222 227 204 1,448 1,352 1,248 1,254 1,251 1,242 1,232 1,216 Reconstruction Finance Corporation 6 6 576 6 919 7 861 35 630 611 605 584 594 59? 70? Tennessee Valley Authority .. 710 721 727 754 793 830 886 998 1,048 1,105 1,170 1,209 U. S. Maritime Commission 2 3 113 3 3 301 3 30 S War Shipping Administration 2 5 477 7 813 7 764 6 507 Other agencies X1 7.62 1,948 7,044 1,793 189 168 206 189 465 467 581 S86 Bonds, notes, and debentures payable (not guaranteed), total 1,395 1,113 1, ?52 689 965 772 1,190 1,399 1,369 1,714 1 1,301 Banks for cooperatives 74 8 33 69 70 78 110 117 170 140 'n? 170 Federal intermediate credit banks 774 ?4S 79S 3S8 480 490 s?o 787 674 74 S 857 864 Federal land banks 2 818 79? 756 Commodity Credit Corporation . . .. 212 Federal home loan banks 67 69 169 262 415 204 560 495 525 329 258 317 For footnotes see following page. 260 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 1 Liabilities, other than interagency items Date, and corporation or agency Total Cash L c a e r o b e i a l v - e n - s m m C p s r t a i l i u o a o n i a e p e t m d d l s e - s s , i - , - - G U s ri e o t . c i v e I u S m n s t - . . v e e n O s t s r s t i e - t t c h ie u e s - r L s e t m u a t q a r r n e u u n e d n i c d s p t - , , - O s a t e h s t - s er a t B F g n u a u u b o t r n a e y l e n d l r e s d y - d s d p , e a n O b y o e a t t h n b e e - l s e r , O li i a t t i b h e i e s l r - i m U G n e e t r . o e s e n n t v S r - t - - . o i v n P w e a t r s t e n i e t - r e l - y d U. S. All agencies: 1944—Dec. 31.. 31,488 756 6,387 2,942 1,632 42416,237 3,111 ,537 1,395 4,196 23,857 504 1945—Dec. 31.. 33,844 925 5,290 2,288 1,683 32521,017 2,317 555 1,113 4,212 27,492 472 1946—Dec. 31.. 30,409 1,398 6,649 1,265 1,873 54716,924 1,753 261 1,252 3,588 24,810 498 1947—Dec. 31 2. 30,966 1,481 9,714 822 1,685 3,53912,600 1,125 82 689 2,037 28,015 143 1948—Dec. 312. 21,718 63011,692 627 1,854 3,518 3,060 337 38 965 1,66318,886 166 1949—Dec. 31.. 23,733 44112,733 1,549 2,047 3,492 2,962 509 28 772 1,720 21,030 183 1950—Dec. 31. . 24,635 64213,228 1,774 2,075 3,473 2,945 499 23 1,190 1,193 21,995 234 1951—Sept. 30 2. 25,668 65913,906 1,515 2,236 3,472 3,025 854 34 1,399 949 22,962 322 Dec. 31. . 26,744 93114,422 1,461 2,226 3,463 3,358 882 43 1,369 1,16123,842 329 1952—Mar. 31. . 26,858 84414,422 1,322 2,422 3,451 3,406 991 38 1,214 1,24724,010 349 June 30 2. 27,933 80815,913 1,350 2,364 3,438 3,186 874 44 1,228 1,2""0"0 25,104 357 Sept. 30. . 28,922 93216,890 1,377 2,371 3,436 3,212 704 39 1,301 1,43425,780 367 Classification by agency, Sept. 30, 1952 Department of Agriculture: Farm Credit Administration: Banks for cooperatives 437 366 120 290 25 Federal intermediate credit banks 936 822 864 60 Production credit corporations 52 52 Agricultural Marketing Act 1 1 () 1 Federal Farm Mortgage Corp 30 27 29 Rural Electrification Administration 1,987 1,871 1 69 1,986 Commodity Credit Corporation 2,223 856 1,034 102 220 490 1,733 Farmers Home Administration 3 615 510 29 7 608 Federal Crop Insurance Corp 41 9 2 39 Housing and Home Finance Agency: Home Loan Bank Board: Federal home loan banks 1,042 25 715 298 317 383 () 342 Federal Savings and Loan Insurance Corp.. 208 1 203 5 203 F P e u d b e li r c a l H H o o u u si s n in g g A A d d m m in in is i t s r t a r t a i t o io n n 2, 4 0 7 9 8 2 1 5 0 5 5 75 3 1 3 299 1,216 1 38 22 1 5 6 2,0 21 7 5 6 Office of the Administrator: Federal National Mortgage Association. . 2,108 2,097 ) 2,104 Other 110 31 47 29 107 Reconstruction Finance Corporation: Assets held for U. S. Treasury 12... 399 6 1 153 201 37 399 Other 13 819 14 695 41 1 29 770 Export-Import Bank 2,563 (7) 2,546 ) 17 2,526 Federal Deposit Insurance Corp 1,438 1,423 () 14 1,344 Tennessee Valley Authority 1,540 304 19 8 1,497 All other 9,802 162 5,551 130 3,385 1,2 4 0 5 9 3 122 9,741 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. 3 This agency, successor to the Farm Security Administration, took over the continuing functions of the latter agency in 1946. Earlier figures have been adjusted to include the FSA. Figures for 1944 and 1945 also include Emergency Crop and Feed Loans of the Farm Credit Administration, transferred to the FSA in 1946. Figures through 1948 include the Regional Agricultural Credit Corporation, the assets and liabilities of which have been administered by the Farmers Home Administration since dissolution of the RACC in 1949. These activities are reported currently on the Treasury Statement as "Disaster Loans, etc., Revolving Fund." 4 Assets and liabilities transferred to the Reconstruction Finance Corporation on June 30, 1947. 5 Reconstruction Finance Corporation loans to aid home owners, which increased steadily through the first three quarters of 1947 and during 1948, appear to have been included with "other" loans in the statement for Dec. 31, 1947. 6 Figures have been adjusted to include certain affiliates of the Reconstruction Finance Corporation. Several of these—including the Defense Plant Corporation, Defense Supplies Corporation, Metals Reserve Company, and Rubber Reserve Company—were merged with the parent effective July 1, 1945. Most of their activities were reflected under "Commodities, supplies, and materials" and "Land, structures, and equipment." 7 Less than $500,000. 8 Foreign loans, except for the Export-Import Bank, are included with "other agencies" until 1945. 9 Treasury loan to»the United Kingdom (total authorized amount of which was 3,750 million dollars) and, beginning with the balance sheet for June 30, 1952, outstanding loans of the Mutual Security Agency (totaling about 1,500 million on that date). Repayment of 44 million on the Treasury loan to the U. K., received late in 1951, was covered into the Treasury early in 1952. !o Reflects activities of the Federal Public Housing Authority under the U. S. Housing Act, as amended, until July 27, 1947, when these activities were transferred to the newly established Public Housing Administration. War housing and other operations of the Authority—shown on the Treasury Statement with "other agencies" through 1947—were not transferred to the PHA until 1948. 11 Beginning 1951, includes figures for Panama Canal Company, a new corporation combining the Panama Railroad Company (included in earlier Treasury Statements) and the business activities of the Panama Canal (not reported prior to that time). See also footnote 10. 12 Assets representing unrecovered costs to the Corporation in its national defense, war, and reconversion activities, which are held for the Treasury for liquidation purposes in accordance with provisions of Public Law 860, 80th Congress. 13 Includes figures for Smaller War Plants Corporation, which is being liquidated by the Reconstruction Finance Corporation. NOTE.—Statement includes certain business-type activities of the United States Government. Figures for some agencies—usually small ones—may be for dates other than those indicated. Comparability of the figures with those for years prior to 1944 has been affected by (1) the adoption of a new reporting form beginning Sept. 30, 1944, and (2) changes in activities and agencies included (see footnote 2). For back figures see Banking and Monetary Statistics, Table 152, p. 517. MARCH 1953 261 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS * Bond prices Stock prices Common Volume of Standard and Poor's series Securities and Exchange Commission series trad- Ye o a r r , w m e o e n k th, m U G er e . o n n v S - t - . 2 g n ( M r i h a c i d i u g p e - h a ) - l 3 g ( r C r h p a a o o i d t g r - e e h - ) - 3 fe P r r re e d - * Tota ( l inde d t x I r u i n , s a - - l 193 R 5 ro - a 3 a i d l 9 - =1 u 0 P t 0 u l i i b ) l c i - ty Total Tot M al anu D f b u a l r c e a tu - r ( i i d n n N g u d b o e r l n e a x - - , 1 T p 9 t o r i 3 o a r 9 n n ta = s - 10 P 0 u i u l ) t t i b i y c l - - a T s a f e n i r i n c r c n a e v d e d - - , e M in i g n- s s t h i h a n a ( o n o i g r n f e d u 5 s 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 2,012 1951 average 98.85 133.0 117.7 170.4 177 192 149 112 185 207 178 233 199. 113 208 205 1,684 1952 average 97.27 129.3 115.8 169.7 188 204 169 118 195 220 189 249 221 118 20 275 1,313 6 1952—Feb 96.77 132.1 116.5 165.9 183 199 155 118 193 218 183 251 209 117 206 258 1,320 Mar 96.87 131.5 115.9 168.3 185 201 161 118 193 216 182 248 214 117 203 295 1,283 Apr 97.95 132.7 116.2 172.2 184 199 165 117 191 215 181 245 217 116 203 298 1,282 May 98.91 131.9 116.3 173.4 184 199 167 117 190 214 182 243 216 117 201 283 1,044 June 98.32 130.9 116.2 173.3 188 204 174 116 196 222 187 253 225 117 204 291 1,215 July 98.40 130.4 116.0 171.1 192 210 175 117 199 225 192 256 226 117 208 289 1,096 Aug 97.09 128.6 115.8 169.9 191 208 175 119 199 225 194 254 228 120 210 278 995 Sept 96.86 126.6 115.7 170.2 188 204 171 119 194 219 191 246 221 118 206 275 L,149 Oct 96.44 125.0 114.7 168.3 183 198 167 117 191 215 188 239 218 118 202 265 L ,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 '96.32 125.3 115.3 170.3 197 214 185 123 204 231 205 255 238 123 212 267 1,842 1953—Jan '95.68 124.0 114.5 168.4 198 214 185 124 205 232 208 255 239 124 212 261 L,623 Feb 95.28 122.7 114.0 166.3 196 212 181 124 202 229 204 252 235 124 210 256 L.678 Week ending: Jan. 31.. "95.61 123.5 114.3 168.0 197 214 186 124 206 234 209 257 242 125 213 259 1,642 Feb. 7. . 95.57 123.3 114.4 167.3 199 216 185 125 202 229 204 251 233 125 210 252 ,779 Feb. 14. . 95.52 123.3 114.0 166.1 194 210 179 124 202 228 203 252 234 124 210 253 1,430 Feb. 21. . 95.35 122.6 113.9 165.6 194 209 178 124 201 227 202 251 235 124 210 254 11,326 Feb. 28.. 94.58 121.7 113.7 166.2 197 213 183 124 230 230 205 254 238 124 211 264 >,242 «Corrected 1 Monthly and weekly data are averages of daily figures, except for municipal and corporate bonds, preferred stocks, and common stocks (Standard and Poor's series), which are based on figures for Wednesday. 2 Beginning Apr. 1, 1952, series includes all fully taxable, marketable bonds due or first callable after 12 years. Prior to that date, only bonds due or first callable after 15 years were included. 3 Prices derived from average yields, as computed by Standard and Poor'?» Corporation, on basis of a 4 per cent 20-year bond. * Standard and Poor's Corporation. Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. B 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 Customers' Debit Debit credit balances x Other credit balances End of month Customers' balances in balances in Cash on debit partners' firm hand Money balances investment investment and in borrowed' In partners* In firm (net)i an a d c c t o r u ad n i ts ng an a d c c t o r u ad n i ts ng banks Free O (n th et e ) r a in n v d e t s r t a m d e in n g t a in n v d e t s r t a m d e in n g t I a n c c c o a u p n it t a s l accounts accounts (net) 1950—June 1.256 12 386 314 827 673 166 25 11 312 December... 1,356 9 399 397 745 890 230 36 12 317 1951—Tune .275 10 375 364 680 834 225 26 13 319 December... 1,292 12 392 378 695 816 259 42 li 314 1952—February. . . 3 .280 3 652 3 790 March 3 ,293 *734 3 756 April 3 1,315 3818 3 756 May 3 ,312 3 847 3 725 ,327 9 427 365 912 708 219 23 16 324 July 3 ,387 31,126 3692 31,338 3 926 8675 3 1,333 3 891 3 692 * October 3 1,316 3 860 3692 November. . 3 ,347 3 878 3 706 December. . . 1,362 8 406 343 920 724 200 35 9 315 1953—January. . . . 31 345 »908 3 732 1 Excludes balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchange? and (2) of firms' own partners. 2 Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchangrs). 8 As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances secured by U. S. Government securities was (in millions of dollars): October 31; November, 32; January, 31. NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. Back figures.—See Banking and Monetary Statistics, Tables 143 and 144, pp. 501-503. 262 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 Size of loan mo Y w n e e t a h ek r , , or m 4 p - c e a o r t p c m o e i a r - 6 , l - a a b c n e a c c r n s e e k ' 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 s 1 M y a i r e k ld et o i n R s s a u n t e e e w s i m ss o u n e t s h 2 is y s e u a e r s 3 An 1 n 9 u 1 a c 9 l i 4 ti 4 a e v s e : rages: 2.4 4.3 3 3 2.6 2.2 1945 2.2 4 3 3 2 2 3 2 0 1946 2.1 4.2 3.1 2.2 1.7 1950 average 1.45 1.15 1.20 L.218 1.26 1.50 1947 2.1 4.2 3.1 2.5 1.8 1951 average 2.17 1.60 1.52 L.552 1.73 1.93 1948 2.5 4.4 3.5 2.8 2.2 1952 average 2.33 L.75 L.72 L.766 L.81 2.13 1949 2.7 4 6 3 7 3 0 2 4 1952—February. . 2.38 1.75 1.54 L.574 1.70 2.07 1 19 9 5 5 1 0 3 2 .7 1 4 4 .5 7 4 3 .6 0 3 3 .0 4 2 2 .4 0 A M p a r r i c l h 2 2. . 3 3 5 8 L L . . 7 7 5 5 1 1. . 5 5 7 9 L L. . 6 6 2 5 3 8 1 1. . 6 6 0 9 2 1 . .9 0 3 2 1952 3.5 4.9 4.2 3.7 3.3 May 2.31 L.75 1.67 L.710 1.66 1.95 Quarterly: June 2.31 L.75 L.70 .700 1.74 2.04 19 cities: July 2.31 L.75 L.81 L.824 L.89 2.14 1952—Mar. 3.45 4.85 4.16 3.66 3.24 August.... 2.31 L.75 L.83 L.876 L.94 2.29 June 3.51 4.90 4.21 3.72 3.29 September. 2.31 L.75 L.71 L.786 L.95 2.28 Sept 3.49 4.91 4.22 3.74 3.27 October. . . 2.31 L.75 L.74 L.783 L.84 2.26 Dec. 3.51 4.88 4.21 3.77 3.29 N De o c v e e m m b b e e r r . . . 2 2 . . 3 3 1 1 L L. . 7 7 5 5 L 2. . 0 8 9 5 L . 1 8 2 6 6 2 L 2. . 0 8 3 9 2 2 . . 3 2 0 5 Ne 1 w 9 5 Y 2 o — rk M C ar ity: 3.23 4.43 3.97 3.48 3.11 June 3 27 4 53 4 03 3 55 3.14 1953— F J e a b n r u u a a r r y y . . .. . 2 2 . . 3 3 1 1 L L. 8 .8 8 2 L L. . 9 9 7 6 > '.0 .0 1 4 8 2 L L. . 9 9 7 7 2 3. . 1 3 1 9 S D e ec p . t 3 3 . 3 2 3 9 4 4 . .6 5 6 1 4 4 . 0 0 6 6 3 3 . . 6 6 0 3 3 3 . . 1 1 9 5 Week ending: 7 Northern and East- Jan. 31... 2.31 1.88 L.92 1.961 L.97 2.40 ern cities: Feb. 7... 2.31 L.88 L.95 5.031 L.99 2.41 1952—Mar 3.47 4 91 4.16 3 67 3.29 Feb. 14. .. 2.31 1.88 L.93 1.993 L.94 2.39 June 3.46 4.90 4.17 3.71 3.27 Feb. 21. .. 2.31 L.88 L.96 1.976 L.95 2.42 Sept 3.44 4.85 4.20 3.72 3.24 Feb. 28. .. 2.31 L.88 2.07 L070 2.02 2.46 Dec. 3.49 4.85 4.21 3.74 3.29 11 Southern and 2 1 S M er o i n es t h i l n y c f l i u g d u e r s e s c e a r r t e i f 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 te te s d . note and 19 W 52 e — st J M e u rn n ar e . 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 bo 8 n S d e i r s ie s s u e i s n . cludes selected note and bond issues. 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 . 9 8 1 2 3 3 . .5 5 6 1 Back figures.—See Banking and Monetary Statistics, Tables 120-121, pp. 448-459, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. NOTE.—For description of series see BULLETIN for March 1949, pp. 228-237. BOND AND STOCK YIELDS 1 [Per cent per annum] Bonds Industrial stocks Corporate (Moody's)5 Dividends/ E i a n r g n s - / Year, month, G U ov . e S r . n- M i u p n a i l c- C r o a r t p e o- By ratings By groups price ratio r p a r t ic io e or week ment (high- (hight ( e lo rm ng ) - 2 grade)3 grade)4 Total Indus- Rail- Public Pre- Com- Com- Aaa Aa A Baa trial road utility ferred6 mon 7 mon 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—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 February 2.83 2.54 3.11 3.26 3.07 3.14 3.30 3.53 3.11 3.39 3.29 4.21 5.26 Week ending: 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 Feb. 7 2.81 2.51 3.09 3.24 3.05 3.13 3.28 3.51 3.10 3.37 3.26 4.18 5.26 Feb. 14 2.81 2.51 3.11 3.26 3.06 3.14 3.30 3.53 3.11 3.38 3.28 4.22 5.29 Feb. 21 2.82 2.55 3.12 3.27 3.08 3.15 3.31 3.54 3.12 3.39 3.30 4.23 5.32 Feb. 28 2.88 2.60 3.13 3.28 3.09 3.15 3.33 3.54 3.12 3.41 3.30 4.21 5.28 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. 3 Standard and Poor's Corporation. 4 U. S. Treasury Department. 6 Moody's Investors Service, week ending Friday. Because of a limited number of suitable issues, the industrial Aaa and Aa groups have been reduced from 10 to 6 issues, and the railroad Aaa and Aa groups from 10 to 5 and 4 issues, respectively. 6 Standard and Poor's Corporation. Ratio is based on 9 median yields in a sample of noncallable issues, including 12 industrial and 3 public utility, 7 Moody's Investors Service. Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and BULLETIN for May 1945, pp. 483-490. and October 1947, pp. 1251-1253. 263 MARCH 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [On basis of daily statements of United States Treasury unless otherwise noted. In millions of dollars] Summary Increase or Budget receipts and Excess of receipts decrease (—) General fund of the Treasury expenditures or expenditures ( —) during period (end of period) Period rec N e e i t pts p t e u E n r x e d - s i- S d u e r f o p i r c l i u t s c T o o a a t r u n h c u n d e - s t r t s r o i e S n o b d a a f l e l g i e m m g e G s a n a p o t a c r i t v o i k y n o t n e d . n t s s C co l i a n e u c g a - n r t - p d G d u i r e r b o e b l s c i t s c t G ba f e u l n a n e n d r c a e l f a g B e u n e i r a n n c a n l d e l - - A f a u F v b n . a l d i e R l s - . D B e In c p e a o s o n p s l s k l r i e s o o t c s f c - - in S d it p e a e p r c o ie i s a s - l C) s n a t e s e h t - t s er 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 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 1,770 064 389 176 4,368 1,132 Fiscal year: 1949 38,246 40,057 -1,811 -420 -74 366 478 -1 ,462 ,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 1 44,633 384 -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 ,156 July-Dec.. 18,464 119,063 i -599 i -173 392 -254 -650 -1,285 4,232 690 129 2,344 ,069 1951—Jan.-June. 29,679 25,570 4,109 468 -8 40 -1,486 3,124 7,357 338 250 5,680 L.089 July-Dec.. 23,809 31,276 -7,467 291 64 -146 4,197 -3,062 4,295 321 146 2,693 ,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 L,132 Monthly: 1952—Feb. 5,553 5,105 448 310 — 124 -25 587 1.196 s 075 558 193 3 216 L 108 Mar 9,886 5,704 4,182 166 —60 -245 -2,278 1,765 6,840 169 333 5,228 L ,110 Apr 4,323 6,016 -1,693 -229 -63 329 209 -1 ,447 S,393 450 195 3,779 969 May 3,809 5,659 -1,850 343 14 -91 1,613 28 ,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 L.175 July 3,316 6,742 -3,426 -43 26 432 3,968 957 7,925 638 184 6,027 L.076 Aug 4,050 5,018 -968 6 71 -195 113 -973 6,952 496 106 5,190 L, 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 s,689 811 350 3 318 1,209 Feb 5,479 5,595 -116 404 -133 -2 182 335 6,024 351 174 4,376 1,123 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 a i e t - d - n t I a i e n o n o c i t m a n d e o - a s r - ic - l A E C n m t s o 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 d i r o t a m e r n n t a - i 4 s - n- m A p t c D u a e g u e r r r n l - e t - i - t - 5 g c S r p u o s a r r c e m o i - i - t a y s l 4 H n h a a i o o f n n n i m u - g d c s e e - P w u o b r l k i s c o P d f i f c e o ic f i s t - e t T c t o f r r a e u t a u c o r n n s - s t s ts - C)ther Calendar year: 1949 41,714 19,453 12,849 6 005 560 5,482 6,364 '3,104 1.2?6 — 123 r^ .576 536 1,425 1,673 1950 38,255 '18,509 13,476 291 '4 01? 611 5,580 '5,714 1,499 L ,351 -17 1,551 643 961 r^1.464 1951 56,846 '37,154 '30,275 1 559 560 1,278 5,983 '5,088 1,010 1,463 694 r1,438 684 1,016 '2,315 1952 71,366 51,121 '43,176 975 '? 652 1,813 6,065 '4,433 1,564 1,508 646 r1,573 775 1,193 2,487 Fiscal year: 1949 40,057 19,083 12,158 6 278 647 5,339 6,789 '2,656 L, 110 —56 1,519 524 916 '2,1 78 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 '25,891 '19,955 884 '3 863 908 5,613 '5,288 635 1,415 460 r1,458 624 972 '2,277 1952 66,145 46,319 '39,033 2 228 '2 904 1,648 5,859 '4,748 1,219 494 614 r 515 740 1,305 2,402 Semiannual totals: 1949—July-Dec. 20,974 9,291 6,376 2 621 255 2,560 3,006 1,652 695 -95 903 209 1,226 1,528 1950—Jan.-June.. 19,192 8,659 5,970 44 2 320 270 3,190 3,036 1,335 681 -175 673 384 157 1,253 July-Dec.. 19,063 '9,850 7,505 247 '1 692 341 2,390 '2,678 164 670 158 '878 260 804 '1,210 1951—Jan.-June.. 25,570 '16,041 '12,450 637 '2 170 567 3,223 '2,610 470 745 302 '580 364 168 '1,066 July-Dec.. 31,276 21,113 '17,825 921 '1 389 711 2,761 '2,479 540 718 392 '858 320 848 1,249 1952—Jan.-June.. 34,869 25,206 '21,208 1306 '1 514 937 3,099 '2,269 679 706 222 '657 420 457 '1,153 July-Dec.. 36,497 25,915 21,968 1669 1 137 876 2,966 2,164 885 802 424 916 355 737 1,333 Monthly: 1952—Feb 5,105 3,765 '3,146 195 '223 151 142 '381 78 108 43 '101 240 71 175 Mar 5,704 4,104 '3,414 226 '212 141 689 '388 83 66 1 '98 78 200 Apr. . 6,016 4,499 '3,771 239 '281 162 350 '375 52 149 100 '90 180 50 170 May 5,659 4,541 '3,788 228 '319 154 172 '355 85 76 37 '94 99 200 June 6,930 4,357 '3,683 231 '35? 192 1,518 '343 187 148 -42 '162 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 4,081 275 117 127 1,146 378 289 104 112 138 67 252 1953— F ja e n b > . m 5 5 , , 7 5 3 9 7 5 P 4 4 , , 2 1 1 64 6 P 3 3 , , 6 5 3 00 2 3 2 1 7 6 7 P 1 16 38 7 1 1 5 5 8 1 3 2 1 3 1 5 J> 3 3 4 3 8 9 P 3 2 5 8 7 4 P 1 i 8 ll 0 —8 1 0 9 P 8 71 9 160 P1 2 0 0 1 P 2 1 1 9 3 4 P Preliminary. r Revised. 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. 8 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, 264 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS—Con tinned [On basis of daily statements of Unitec 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 y u n y t l e d r h d - a r - s n o c ld e - O a ta g t x h e e e s r t c e M e r e i n e r n l n i v u l - s a a - e - - l c p o a T a m n f l e o r a d o m r o y 8 x n i r e o e e - e r s r o n s s r O ce r t i e h p - e t r s b c T u e r o d i e p t g - a t e l s t A to t p t f p i a r u r o u g p o n i n a e s r l d d s - t o - - 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 n o g e i m d e t l i d h e v i t - n a i a d x s n u u e d a r O s a l t n o i h c n l e e d - r - C p r t c a r a a o o i o t n x n r i m f p d o e - i o t e s n s - t t a a g E a x n i s t f d e e - t s m E t l a a a o i x s x n n u c c e d e i s e s s - l e - Calendar year: 1949 11,428 19,894 8,326 794 2,123 42,565 1,666 2,777 38,122 11,591 7,828 12,006 754 7,529 1950 13,775 17,361 8,771 770 1,980 42,657 2,667 2,156 37,834 12,963 7,384 9,937 658 8,150 1951 .. 19,392 26,876 9,392 944 2,337 58,941 3,355 2,098 53,488 18,840 10,362 16, 565 801 8,682 1952 23,658 34 174 10,416 902 2,639 71,788 3,814 2,451 65,523 23,090 11,980 40 849 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, ^4 706 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, 167 833 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 5,389 351 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,S>65 356 3,688 July-Dec. . . 7,209 6,841 4,779 317 1,039 20,185 1,411 311 18,464 6,858 1,881 4,m 303 4,462 1951—Jan.-June... 9,445 17,376 4,644 494 1,223 33,184 1,709 1,796 29,679 9,043 8,027 9, 427 4,241 July-Dec. . . 9,947 9,499 4,748 449 1,114 25,757 1,646 302 23,809 9,798 2,335 7,116 374 4,440 1952—Jan.-June... 11,942 23,526 4,978 545 1,251 42,242 1,922 2,000 38,320 11,515 9,210 14,149 459 4,531 July-Dec. . . 11,716 10,647 5,438 357 1,388 29,546 1,891 451 27,204 11,574 2,770 7,318 390 5,027 Monthly: 321 1952—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 s,l\^ 113 718 Apr 978 191 849 17 152 5,187 252 612 4,323 1,330 1,583 1 ,?78 88 742 May 3,009 549 828 105 197 4,688 476 403 3,809 3,955 221 351 80 750 June 1,983 7,106 845 59 228 10,220 142 283 9,796 707 1,478 5,S59 48 804 July 1,007 1,435 949 22 236 3,649 182 151 3,316 1,539 393 958 84 863 Aug 2,995 445 862 106 177 4,585 434 102 4,050 4,012 93 357 70 780 Sept. 1,751 4,029 877 54 164 6,875 235 55 6,585 232 1,653 2, 142 59 808 Oct.. 997 1 ,214 923 17 204 3,355 204 51 3,099 1,634 164 597 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—-Tan 989 111 842 30 260 5,232 117 54 5,061 1,144 2,855 501 77 760 Feb ?3,560 1,479 856 P255 150 6,300 486 336 5,479 Treasury receipts—Continued Trust and other accounts Internal revenue collections—cont. Social security, Other accounts 2 (on basis of collectors' reports) retirement, and Period Excise and miscellaneous taxes Total1 insurance accounts Total Liquor Tobacco M an an d u e r f x e a c t c i a s t i e u le re rs r ' s' Other ce R i e p - ts I m nv e e n s ts t- Ex tu pe re n s di- m In e v n e t s s t 3 - Other i Calendar year: 1949 7,529 2,204 1.320 2,221 1,784 -362 5,512 1,965 3,584 —325 1950 8,150 2,419 1,348 2,519 1,864 -38 6,543 56 6,214 —22 -333 1951 8,682 2,460 1,446 2,790 1,986 759 7,906 3,155 4,507 271 786 1952 9,558 ?,7?*r L.662 3,054 ,115 49 8 315 3 504 4 942 329 508 Fiscal year: 1949 7 585 2 211 L 322 2 221 1,832 —420 5 185 2 311 2 884 —410 1950 7,599 2,215 ,328 2,245 1,806 121 6,266 —402 6,484 —62 1951 8,704 2,54/ 80 2,841 1,936 295 7,251 3,360 3,752 196 353 1952 8,971 2,545 1 e>65 2,824 ,032 219 8,210 3,361 4,885 275 530 Semiannual totals: 1949—July-Dec. . 3,911 1,191 663 1,121 936 -14 3,035 1,099 1,914 -36 1950—Jan.-June 3,688 ,07? 665 1,125 870 135 3,231 — 1,501 4,570 -26 July-Dec.. . 4,462 1,391 683 1,394 994 -173 3,312 1,557 1,644 -22 -307 1951—Jan.-June. . 4,241 1,15(5 697 1,446 942 468 3,939 1,803 2,108 219 660 July-Dec. . 4,440 1,304 748 1,343 1,045 291 3,967 1,352 2,398 52 126 1952—Jan.-June. . 4,531 1,245 817 1,481 988 -72 4,242 2,009 2,486 223 404 July-Dec . . 5,027 1,482 845 1,573 1,127 121 4,073 1,495 2,456 106 105 Monthly: 1952—Feb 754 ?1(1 123 262 159 310 804 191 403 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 ?04 134 243 169 343 999 486 420 24 273 June 804 ??(! 148 273 163 -293 997 702 412 —52 —228 July .. .. 863 ?4<1 140 268 210 -43 707 307 410 1 -32 Auc 780 205 149 253 173 6 930 361 403 36 -124 Sept. 808 147 223 180 456 399 53 399 —9 500 Oct 911 285 157 248 221 -207 361 22 399 -1 -148 Nov 795 269 127 268 131 127 958 388 383 93 34 Dec 870 ??f 125 313 212 —218 718 363 462 -14 -125 1953—jan# 760 188 136 283 154 -140 248 -103 447 233 188 Feb 404 869 223 449 -54 154 p Preliminary. 1 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). MARCH 1953 265 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY GASH INCOME, OUTGO, AND BORROWING DERIVATION OF CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC [On basis of daily statements of United States Treasury and Treasury Bulletin. In millions of dollars] Cash operating income, other than debt Cash operating outgo, other than debt Net cash Period T N n o e e r t t t e a l c B ei u p d t L N s g e e o s t n s: - T a P o c l t c u a t s l . : re T c L N r e u e i o p s s n s t ts : - o E in p C q c i u e a n o a r s g m a l h s t e : - T B ot u a d l get A L a e l e c x s s c p s r t e : u o n - d N i o tu I G n n r c o e t a r s v a s t h - . P T e l x u o s p t : a e n l T d r i . t N L u a e r o c s e c n s s : t - . S E l t t i x i a z o c b a n h - i P - . lus i : C c n o g le u a a n r c t - - E o o C q p u i u e n a t a r s g g l a h s o t : - o i o n c p o u g e o m t r r g i a n e o t - receipts cash i cash 2 public3 trans.* cash6 Fund8 Cal. yr.—1949 38,122 99 5,956 2,603 41,374 41,714 403 2,588 4,210 164 102 -234 42,642 ,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 ,304 1952 65,523 184 8,707 2,649 71,396 71,366 734 2,807 4,825 28 38 319 72,980 ,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 1,446 19,420 20,974 215 1,541 2,159 2 55 -142 21,290 -1,871 1950—Jan.-June. 19,370 80 3,438 1,178 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 1,210 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—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 43 286 65 5,239 5,737 82 100 296 8 -401 5,442 -203 Feb 5,479 920 5,595 346 2 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. 8 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 Period d ( i c o r g - d r . r ) r e e o , d p a b s e s u t m s e - b. F a G n e u s t d e e a e e c r r d - u a r l it a i g e a s e N g n n o u t o c e f a n i e r e - - d s G & N o s i t n v e e r t c t . . F . i f a e b n u g d y v n e . d n s . T I b n r A o t e . n c a d o c s s n . r u a s b a n a i l l d s v l s . to P F f p a e o u d y r b m . t l s s i . c o e i f c * n . b b r i ( n e o o - g p r i r ) n r r o , a o o g y f o w w t r . - - m & i D s k s i t c u r a o e e b n s c l t v 3 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 t S i e a a y s l l s. Other* 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—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 Aug 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 —7 — 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 84 —2 -173 -199 112 -99 —8 21 Feb.. 182 2 -134 170 -82 93 -38 -13 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. 266 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 Cashi operating outgo Period Total t i a n D u x d i a e i r v l s e s i c 1 o 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 e d 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 t m n h s - e e h r 3 D R c o e e e f d f i p u u r n t e c s - t d : s Total n g a M r t p a l a r . m o j - s o s e r 4 c. e d I s n e t t b e o t r 5 n - g e r V p r a r a e m o n t - - s s 6 s g e S r p c a o r u m c o r i - s a it 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 MS,346 4,072 '8,864 4,400 '6.287 1951 59,338 27,149 16,565 8,591 6,362 2,769 2,098 58,034 '37,279 4,137 ••6,121 4,915 '5,582 1952 71,396 32,728 22,140 9,567 6,589 2,823 2,451 72,980 '•51,195 4,230 '5,209 5,613 '6,733 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 '26,038 4,052 '5,980 4,458 '5,276 1952 68,093 30,713 21,467 8,893 6,521 2,801 2,302 67,956 46,396 4,059 '5,826 5,206 '6,469 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 '•9,905 1,997 '2,977 2,007 '3,219 1951—Jan.-June 32,537 16,124 9,416 4,217 3,228 1,348 1,796 25,700 '16,133 2,058 '3,003 2,450 '2,056 July-Dec 26,799 11,025 7,149 4,374 3,135 1,418 302 32,334 21,146 2,079 '3,117 2,465 '3,527 1952—Jan.-June 41,293 19,687 14,318 4,519 3,386 1,383 2,000 35,622 25,250 1,984 '2.709 2,741 '2,938 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—Feb. 6,275 4,310 311 739 956 154 195 5,328 ••3,808 104 '442 449 '525 Mar 10,436 3,477 5,913 712 608 181 455 6,120 4,107 625 '457 409 '522 Apr 4,689 2,727 1,278 762 342 192 612 5,972 4,500 284 '437 492 '259 May . 4,722 2,811 351 748 970 245 403 5,751 4,544 106 '442 407 '252 June 9,988 3,335 5,659 797 257 223 283 6,978 4,339 724 '424 477 '1,014 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 '478 '1,028 1953—Jan.. 5,239 3,558 501 765 214 255 54 5,442 4,218 149 397 576 102 Feb P996 336 P4.146 P390 P5O7 P Preliminary. ' Revised. c Corrected. 1 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. 5 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. 6 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 Year or All series Series A-E and H Series F, G, J and K Tax and saving3 notes' 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 g 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 P3,623 35,324 586 P908 22,616 3,726 5,491 5,770 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 P284 35,116 38 P68 22,678 176 189 6,026 Nov... 303 310 57,850 271 P239 35,206 32 P70 22,645 173 110 6,089 Dec... 375 380 57,940 334 P3 00 35,324 42 P80 22,616 168 488 5,770 1953—Jan... 504 P391 58,134 441 n.a. 35,511 64 n.a. 22,623 107 P201 5,676 P Preliminary. n.a. Not available. 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. MARCH 1953 267 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES [On basis of daily statements of United States Treasury. In millions of dollars] Public issues 3 Marketable Nonmarketable E m n o d n t o h f d T g e r o o b t s a t* s l d d T g i e r o r o b e t s a t c s * l t Total Total Bills c C i a n e t r d e t s e i f b o i- f t- Notes B el a ig n i k B - ond B s r a e n - k b v C i o e b o n r l n e d t- - s Totals b S i o n a n g v d s - s s i T a n a n a g v d x s - S is p s e u c e ia s l ble* stricted notes 1940—Dec.. 50 942 45 025 39 089 35 645 1 310 178 98 156 3 444 195 5,370 1941—Dec.. 64 262 57 938 50 469 41,562 ?,002 s,997 33,563 8 907 6,140 ?,471 6,982 1942—Dec.. 112,471 108,170 98 276 76 488 6 6?7 10 534 9 863 44,519 4,945 21,788 15,050 6,384 9,032 1943—Dec.. 170,108 165,877 151 80S 115 ?30 13 07? ?? 843 11 175 55 591 1? 550 36,574 ?7 363 8,586 12,703 1944—Dec.. 232 144 230 630 212 565 161 648 16,428 30 401 93,039 66,931 ?4,850 50,917 40,361 Q,843 16,326 1945—Dec.. 278,682 278,115 255,693 198,778 17 037 38 155 ?? 967 68,403 5? ?16 56,915 48,183 8,235 20,000 1946—June. 269,808 ?6Q,4?? 245 779 189,606 17 039 34 804 18 ?61 66 043 53 459 56,173 49 035 6,711 22,332 Dec. 259 487 259,149 233,064 176,613 17,033 99 987 10 090 69,866 49,636 56,451 49 776 5,725 24,585 1947—June. 258,376 258,286 227,747 168,70? 15 775 ?5 ?96 8 14? 69,85? 49,636 59,045 51,367 5,560 27,366 Dec. 256,981 ?56 900 225 ?50 165 758 15 136 ?1 ??0 11 375 68 391 49 636 59,492 5? 053 5,384 28,955 1948—June. 252 366 252,292 219,852 160,346 13,757 ?? 588 11,375 69,990 49,636 59,506 53,?74 4,394 30,211 Dec. 252,854 ?S? ,800 218,86S 157,48? 1? ??4 ?6 5? 5 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 9Q 4? 7 ,596 60,951 49,636 62,839 56 260 4,860 32,776 Dec. 257,160 257,130 221,123 155,123 12,319 29 636 8,249 55,283 49,636 66,000 56,707 7,610 33,896 1950—June. 257,377 ?S7,357 222 ,853 155,310 13 533 18 418 ?0 404 53 319 49 636 67,544 57 536 8,472 32,356 Dec. 256,731 256,708 220,575 152,450 13,627 5 373 39,258 44,557 49,636 68,125 58,019 8,640 33,707 1951—June. 255,251 255,222 218,198 137,917 13,614 9 509 35,806 42,928 36,061 13 573 66,708 57,572 7,818 34,653 Dec. 259,461 259,419 221,168 142,685 18,102 29 078 18,409 41,049 36,048 12 060 66,423 57,587 7,534 35,902 1952—Feb.. 260,399 260,362 221,776 142,701 18,104 29,079 18,434 41,040 36,044 12 034 67,041 57,682 8,044 36,360 Mar. 258,124 258,084 219,301 141,376 16,863 29,079 18,450 40,942 36,042 12 018 65,907 57,680 6,911 36,493 April 258,337 258,292 219,356 141,820 17,462 28,423 18,952 40,943 36,040 11,516 66,019 57,644 7,057 36,746 May. 259,951 259,905 220,540 142,625 18,267 28,423 18,956 43,061 .3.3,918 11 51?, 66,403 57,614 7,470 37,198 June, 259,151 259,105 219,124 140,407 17,219 28,423 18,963 48,343 27,460 13,095 65,622 57,685 6,612 37,739 July. 263,107 263,07; 222,963 144,340 17,213 28,170 18,971 52,579 27,407 13,145 65,478 57,709 6,440 37,945 Aug., 26.1,225 26.1,186 222,75; 144,148 17,206 28,019 18,974 52,579 27,369 1.3,186 65,419 57,75.3 6,330 38,307 Sept. 262,722 262,682 222,216 143,895 17,207 27,763 18,982 52,579 27,365 13,182 65,139 57,758 6,039 38,360 Oct.. 264 ,964 264,919 224,430 146,775 19,712 16,902 30,246 52,578 27,338 1?.,491 65,164 57,794 6,026 38,390 Nov. 267,483 267,432 226,557 148,772 21,715 16,902 30,253 52,578 27,324 12,499 65,285 57,850 6,089 38,788 Dec. 267,445 267,391 226,14J 148,581 21,713 16,712 30,266 58,874 21,016 12,500 65,062 57,940 5,770 39,150 1953—Jan.. 267,45( 267,402 226,226 148,574 21,709 16,712 3C,275 58,864 21,013 12,491 65,161 58,134 5,676 39,097 Feb. 267,634 267,584 226,187 148,445 21,710 15,958 39,282 59,483 21,012 12,484 65,258 58,268 5,642 39,302 1 Includes fully guaranteed securities, not shown separately. 2 Includes noninterest-bearing debt, not shown separately. 3 Includes amounts held by Government agencies and trust funds, which aggregated 6,895 million dollars on Jan. 31, 1953. 4 Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds. 5 Includes Series A investment bonds, depositary bonds, armed forces leave bonds, and adjusted service bonds, not shown separately. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in millions of dollars] Total Held by Held by the public gross U. S. Government debt agencies and End of month in (i g n c g lu u d ar - - trust funds l Federal Com- Mutual Insur- Other S a t n a d te Individuals Miscelanteed Total Reserve mercial savings ance corpo- local laneous securi- Special Public Banks banks » banks com- rations govern- Savings Other investies) issues issues panies ments bonds securities tors 3 1940—Dec 50,942 5,370 2,260 43,312 2,184 17,300 3,200 6,900 2,000 500 2,800 7,800 700 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 21,300 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 Dec 267,634 39,150 6,743 221,741 24,697 n.a, n.a. n.a. n.a. n.a. n.a. n.a. n.a. 1 Includes the Postal Savings System. n.a. Not available. 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. 268 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 February 28, 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 1 Certificates Treasury Treasurybonds—Cont. Mar. 5, 1953 1,301 June I, 1953 1% 4,963 June 15, 725 Dec. 15,1963-68. . .2}4 2,828 Mar. 12, 1953 1,200 Aug. 15, 1953 2 2,882 Sept. 15, 7,986 June 15, 1964-69 6..2' 3,757 Mar. 18, 1953 2 2,502 Feb. 15, 1954 2M 8,114 Dec. 15, 510 Dec. 15,1964-69 6..2 3,833 Mar. 19, 1953 1,200 Dec. 15, 5,825 Mar. 15,1965-706 ..2H 4,724 Mar. 26, 1953 1,200 Dec. 15, 1,501 Mar. 15,1966-71 • 2H 2,966 A A p p r r . . 9 2 , , 1 1 9 9 5 5 3 3 1 1, , 3 2 9 0 9 1 J D M u e n a c r e . . 1 1 1 5 5 5 , , , 8 2, , 6 6 6 1 8 6 1 1 2 J S D u e e n p c e . t . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 6 6 6 7 7 7 - - - 7 7 7 2 2 2 . « « . . .. . .2 2 2y H y22 3 2 1 , , , 7 8 8 1 9 3 6 6 5 A A A M M M M p p p a a a a r r r y y y y . . . 3 2 1 2 2 1 0 3 6 8 7 1 4 , , , , , , , 1 1 1 1 1 1 1 9 9 9 9 9 9 9 5 5 5 5 5 5 5 3 3 3 3 3 3 3 , , , , , , , 3 3 3 4 5 5 4 0 0 0 0 0 0 0 1 0 1 0 0 0 0 T O A A D D M M re p c e e p a a a c c t r r r r . . . . . s . . u 1 1 1 r 1 1 5 5 1 5 1 y , , , , , , , 1 1 1 1 1 n 1 1 9 9 9 9 9 9 9 o 5 5 5 5 5 5 5 t 5 5 7 6 4 6 3 e s 2 \ \ \ \ \ \ 3 1 4 5 6 1 0 , , , , , 0 3 6 8 5 5 5 0 7 6 5 4 5 3 7 5 4 5 2 0 1 J J J S D S M M u u u e e e n n n a a p p c e e e r r . t t . . . . 1 1 1 1 1 1 1 1 5 5 5 5 5 5 5 5 , , , , , , , , 3 4 5 1 , , , , 9 6 2 8 9 2 4 9 4 1 4 2 2 2 8 8 9 9 7 0 2 5 2 0 C P P b a o o o n s n n t a v a d m e l s r a S t i a b C v le a in n b g a o s l n L d o s an 2 . .3 ^ 5 7 0 4 June 19, 1953 2 2,003 Oct. 1, 1957 \ 758 D De e c c . . 1 1 5 5 , , 3 1 , ,4 4 8 6 5 8 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% 12,484 June 15, 2,117 1 Sold on discount basis. See table on Open-Market Money Rates, p. 263. 2 Tax anticipation series. 3 Partially tax exempt. 4 Maturity June 15, 1954. * Maturity June 15, 1955. 6 Restricted. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES * Marketable and Convertible Direct Public Securities [Par values in millions of dollars] U.S. U.S. Total G ag o e v n t - . F e e ra d l - Com- M tua u l - c In o s m u p ra a n n c ie e s Total G ag o e v n t - . F e e ra d l - Com- M tua u l - c In om su p r a a n n i c e e s End of month out- cies Re- mer- sav- Other End of month out- cies Re- mer- sav- Other stand- and serve cial ings stand- and serve cial ings ing f t u ru nd st s Banks banks1 banks Life Other ing f t u 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 20,77854,8841014312,737 4,116 44,428 1950—June 1951—June 151,490 6,177 22,98251,671 950411,138 4,161 45,855 Dec. Dec 154,745 6,251 23,80154,302 9 12310,289 4,301 46,679 1951-June 13,573 2,905 2,714 166 1,252 2,921 312 3,304 1952—June 153,502 6,447 22,90654,038 8843 9,613 4,246 47,411 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 Nov 161,272 6,628 23,82156,585 8765 9,604 4,689 51,179 Dec. .. 161,081 6,613 24,69755,828 8740 9,514 4,711 50,979 Nov.... 12,499 3,438 189 1,351 3,179 360 3,982 Treasury bills: Dec 12,500 3,438 185 1,352 3,179 360 3,987 1950—June 13,533 3 3,856 3,703 35 26 64 5,846 Marketable secu- Dec 13,627 35 1,296 3,888 33 391 83 7,901 rities, due or 1951—June 13,614 26 527 3,750 122 756 72 8,360 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 Nov 21,715 90 502 7,600 97 476 117 12,833 1951—June 60,860 129 13,96221,596 626 1,206 954 22,389 Dec 21,713 86 1,341 7,047 137 464 119 12,518 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 7,255 Dec 5,373 (2) 2,334 1,544 7 1 52 1,434 Nov 63,911 155 7,24628,502 408 605 1,122 25,872 1951—June 9,509 17 3,194 2,753 37 113 174 3,221 Dec 74,261 163 15,61328,853 490 577 1,204 27,361 Dec 29,078 49 12,793 6,773 41 217 445 8,761 1-5 years: 1952—June 28,423 60 11,821 6,877 120 76 378 9,092 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 Nov 16,902 30 5,018 4,794 32 67 318 6,642 1951—June 31,022 139 3,87820,853 227 113 643 5,168 Dec 16,712 27 5,061 4,791 37 56 317 6,424 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 12,52715,833 136 165 542 10,044 Nov 40,725 147 14,14719,033 144 125 710 6,419 1951—June 35,806 14 12,43913,704 120 208 478 8,841 Dec 30,196 123 6,65517,822 133 120 653 4,690 Dec 18,409 3 5,06810,465 67 1 315 2,489 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 Nov 30,253 16 13,77411,115 53 8 461 4,827 1951—June 16,012 376 1,032 6,275 2,010 842 1,017 4,460 Dec 30,266 16 13,77410,955 49 8 486 4,978 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 5,61838,7051062413,881 3370 25,447 Dec 94,193 5,319 4,62033,620 996712,180 3438 25,049 Nov 17,564 634 1,070 6,279 2,137 1,140 1,363 4,942 1951—June 78,989 3,215 4,10831,298 7974 7,139 3125 22,129 Dec 17,564 629 1,070 6,426 2,052 1,127 1,342 4,918 Dec 77,097 3,243 4,13030,119 7697 6,720 3 120 22,068 After 10 years: 1952—June 75,802 2,908 4,42230,710 7221 5855 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 Nov 79,902 3,055 4,52732,887 7,231 5874 3432 22,896 1951—June 30,023 2,629 1,397 2,781 5,389 6,056 1,236 10,534 Dec 79,890 3,046 4,52232,849 7165 5807 3429 23,072 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 Nov 26,572 2,254 1,358 2,582 4,725 4,555 1,133 9,965 Dec 26,560 2,259 1,358 2,543 4,713 4,510 1,152 10,024 * Commercial banks, mutual savings banks, and insurance companies included in the survey account for over 90 per cent of total holdings by these institutions. Data are complete for Federal agencies and trust funds and Federal Reserve Banks. Figures in column headed "other" are residuals. 1 Includes stock savings banks. 2 Less than $500,000. 3 Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds. MARCH 1953 269 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW SECURITY ISSUES1 [Estimates. In millions of dollars] Gross proceeds, all issuers 2 Prop a os ll e d co u rp se o s r a o t f e n is e s t u p e r r o s c * eeds, Noncorporate Corporate New capital Re- Y m e o a n r t o h r Total G m U o e v .S n e . r t* n- ag F e e e r n a d c l - y4 S n m a t i n a c u d t i - e - Other6 Total Total B P l o i u c n b l d y - s v P a r t i e - ly f s e P t r o r r e c e - k d s C m t o o o m c n k - Total m N o e n w ey' l M p a c o u e n u i l s r e - s - - - m b t R i a o r e e n e f n - k - t s m t e i i t c o i r e e u e f n s - r t pal offered placed poses d e e tc b . t 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 73 789 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 2,324 451 6,577 5,035 2,888 ,147 761 778 5,115 4,591 168 356 1,352 1948 20,250 10,327 2,690 156 7,078 5,973 2,9633,010 492 614 6,651 5,929 234 488 307 1949 21,110 11,804 216 2,907 132 6,052 4,890 2,4352,455 424 736 5,558 4,606 315 637 401 1950 19,893 9,687 30 3,532 282 6,361 "4,920 *2,360 2,560 631 811 4,990 4,006 364 620 1,271 1951 21,265 9,778 3,189 446 7,741 =5,691 2,3643,326 838 =1,212 7,120 6.531 226 363 486 1952 27,096 12,577 459 4,105 233 9,721 7,725 3,638 4,086 572 1,425 8,964 8,327 178 459 604 1952—Jan.. 2,194 1,024 564 1 605 474 278 196 83 48 587 559 13 15 Feb.. 1,698 967 222 31 478 314 59 255 10 154 433 413 7 13 36 Mar. 1,649 515 145 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. 2,494 928 396 54 1,116 870 544 327 83 163 971 925 9 38 126 June. 2,452 978 624 848 652 211 441 84 112 798 747 5 46 38 July. 6,441 4,898 226 1,309 1,119 787 332 33 157 1,256 1,234 8 14 34 Aug.. 1,175 544 201 2 428 348 125 223 29 50 295 280 10 5 125 Sept. 1,339 444 428 4 463 381 158 223 37 45 407 386 7 14 48 Oct.. '2,046 531 294 '66 '1,156 '979 '401 '578 '8 '70 '1,047 '875 '11 '161 94 Nov. 1,135 480 219 25 '412 '343 '126 '217 '21 '48 '369 '332 '27 '11 '37 Dec. 2,137 547 231 389 4 966 725 132 593 59 181 924 859 38 26 31 1953—Jan.. 1,619 611 30 376 80 522 351 186 164 56 116 494 466 22 20 Proposed uses of net proceeds, by major groups of corporate issuers Year or Manufacturing C m om is m ce e l r la c n ia e l o a u n s d Transportation Public utility 9 Communication a R nd e a f l i n e a s n ta ci t a e l month T p n o r e o t t a - l i N c ta a e l p w - io m R e e n ti t r s e n - T c p e n o r e e o t d t a - s l i N c ta a e l p w - io m R e e n ti t r s e H - T p n o r e o t t a - l i N c ta a e l p 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 t a - s l i N c t a 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 - io 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 - o m Re e t n ir ts e - n 1948 2,180 2,126 54 403 748 2,150 2,005 144 891 890 587 557 30 1949 1,391 1,347 44 338 310 795 784 11 2,276 2,043 233 567 517 593 558 35 1950 1,175 1,026 149 538 474 609 196 2,608 1,927 682 395 314 739 639 100 1951 3,066 2,846 221 518 462 490 437 53 2,412 2,326 85 605 600 515 449 66 1952 4,042 3,818 224 553 535 749 217 2,710 2,617 93 817 812 481 433 48 1952—January... 349 349 29 28 17 17 184 178 2 2 14 13 February. 285 253 31 13 12 44 44 110 107 3 3 13 13 March 366 362 4 61 55 109 108 393 388 6 6 20 20 April 350 345 5 66 61 167 167 265 265 47 45 56 56 May 559 514 45 40 40 156 89 276 268 26 26 40 35 June , 287 285 2 44 44 58 23 349 348 29 29 70 70 July 351 342 9 51 51 78 78 250 249 493 493 68 44 24 August..., 132 97 35 36 34 112 27 105 105 22 22 14 10 4 September 185 145 39 19 19 40 40 168 168 18 18 25 18 October.., '650 '626 '23 '28 '26 33 31 345 279 67 26 '26 '59 '59 November '196 '179 '16 '16 '16 45 32 48 48 '49 '47 '53 '47 December. 334 320 14 149 149 107 217 215 97 51 50 1953—January.. 132 126 16 16 51 38 246 246 64 64 c Corrected. r Revised. 1 Estimates of new issues sold for cash in the United States. 2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 3 Includes issues guaranteed. 4 Issues not guaranteed. 6 Includes foreign government; International Bank; and domestic eleemosynary and other nonprofit. 6 Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i. e., compensation to underwriters, agents, etc., and expenses. 7 Includes proceeds for plant 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. • Figures for "Other transportation" are included in "Transportation," and excluded from "Public utility," beginning with this issue of the BULLETIN. 10 Includes all issues other than those for retirement of securities. 11 Retirement of securities only. Source.—Securities and Exchange Commission. 270 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 1951L 1952 1946 1947 1948 1949 1950 1951 1 2 3 4 1 2 3 Manufacturing Total (200 corps.): Sales ?1,37? 30,86937,008 36 73844,118 51 067 1? 711 13 047 1? 797 13 013 1? 760 12,606 12,227 Profits before taxes ?,038 4,104 5,317 S038 7,893 8 557 ?,?38 7 710 1 964 7 137 1 940 1,618 1,507 Profits after taxes . 1,205 2,524 3,312 ,101 4,055 3,411 878 839 76? 93? 815 624 683 Dividends 946 1,170 1,404 1 660 2,240 1 986 469 475 475 567 48? 476 475 Nondurable goods industries (94 corps.):2 Sales 8,940 11,313 13,407 1^ 8S3 14,777 17 371 4 349 4 788 4 794 4 441 4,33S 4,216 4,361 Profits before taxes 1,496 1,787 2,210 1 847 2,702 3 184 855 814 773 741 70S 599 642 Profits after taxes 908 1,167 1,475 1,913 1,513 1,411 368 34? 334 368 314 287 308 Dividends 449 551 657 710 889 845 199 70? 703 74? 710 206 205 Durable goods industries (106 corps.):3 Sales 19 623 19,502 23,566?3,88529,341 33 696 8 36? 8 759 8 003 8 57? 8,475 8,390 7,866 Profits before taxes . 607 2,312 3,105 3 191 5,192 5 374 1 38? 1 405 1 191 1 396 1 ?34 1,019 865 Profits after taxes ?9S 1,355 1,835 1 887 2,542 ?,000 510 497 478 565 501 338 375 Dividends .. 494 615 746 950 1,351 1 141 ?70 773 773 375 ?73 270 270 Selected industries: Foods and kindred products (28 corps.): Sales 9 715 3,231 3,503 3,3?3 3,492 3 873 1 075 901 94? 1 004 959 942 983 Profits before taxes 435 421 411 379 469 407 124 86 93 104 86 93 105 Profits after taxes 254 259 258 235 257 199 61 40 46 5? 40 42 49 Dividends 105 128 136 13S 143 140 31 35 3? 4? 3? 33 32 Chemicals and allied products (26 corps.): Sales 9,550 3,108 3,549 3, ^7 4,447 S 433 1 338 1 377 1 351 1 367 1 373 1,337 1,367 Profits before taxes 463 547 656 675 1,110 1,384 365 365 342 312 318 281 285 Profits after taxes 283 337 409 404 560 484 1?8 170 111 175 108 105 107 Dividends . . . . 180 215 254 31? 438 355 84 85 87 100 87 87 88 Petroleum refining (14 corps.): Sales ?,080 2,906 3,945 3 86 S 4,234 4 999 1 704 1,704 1 746 1 345 1 318 1,275 1,325 Profits before taxes 269 456 721 S?S 650 861 717 703 718 77? ?04 147 165 Profits after taxes . . . . . . .. 214 350 548 406 442 516 173 118 1?7 148 179 111 114 Dividends 92 127 172 172 205 231 57 55 55 64 64 60 60 Primary metals and products (39 corps.): Sales s 4?9 7,545 9,066 8 187 10,446 17,501 3 044 3,198 3,034 3 776 3 073 2,385 2,605 Profits before taxes 451 891 1,174 993 1,700 ? 09? s?s 557 49? 519 475 98 214 Profits after taxes . ?70 545 720 578 854 775 188 193 176 717 770 29 102 Dividends 211 247 270 285 377 380 88 85 86 170 88 87 86 Machinery (27 corps.): Sales ? 310 3,634 4,529 4 353 5,058 6,167 1,480 1, 563 1,434 1 690 1 590 1,726 1,713 Profits before taxes 37 443 567 519 847 998 750 737 710 301 737 238 218 Profits after taxes -9 270 333 320 424 367 90 82 73 123 81 80 91 Dividends 97 113 125 138 208 191 43 47 48 54 49 48 49 Automobiles and equipment (15 corps.): Sales ,725 6,692 8,093 9 577 11,805 1? 438 3 768 3 331 ? 899 ? 939 035 3,427 2,681 Profits before taxes 37 809 1,131 1,473 2,305 1,915 513 508 405 488 503 596 350 Profits after taxes —8 445 639 861 1,087 704 194 183 14? 18S 170 191 144 Dividends 136 195 282 451 671 479 17? 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 ?71 777 1,148 700 1,384 1 ?60 ??9 775 750 SOS 79S 261 368 Profits after taxes . 287 479 699 438 783 693 104 146 124 320 141 149 208 Dividends ?3S 236 289 75? 312 378 101 63 53 111 80 74 66 Electric power: Operating revenue T,81 S 4,291 4,830 5 OSS 5,431 S 867 1 S04 1 419 1 473 1 591 1,603 1,491 1,513 Profits before taxes 964 954 983 1,129 1,303 1,480 413 344 320 403 498 400 382 Profits after taxes .... 638 643 657 7S7 824 818 ??9 19S 168 976 957 214 207 Dividends 458 494 493 553 619 661 157 161 162 181 172 173 177 Telephone: Operating revenue . .. 9 148 2,283 2,694 9 967 3,342 3 799 904 918 931 976 993 1,023 1,037 Profits before taxes 313 215 292 333 580 691 175 174 160 182 194 205 182 Profits after taxes ?0Q 138 186 ?07 331 341 90 9? 77 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). MARCH 1953 271 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROFITS, TAXES, AND DIVIDENDS OF NET CHANGE IN OUTSTANDING CORPORATE SECURITIES *• UNITED STATES CORPORATIONS [Estimates, in millions of dollars] [Quarterly estimates at seasonally adjusted annual rates. In billions of dollars] All types Bonds and notes Stocks Year or q Y u e a a r r t e o r r P b r e o fo fi r t e s co In m - e P a r f o t f e i r ts C di a v s i h - tr U ib n u d t is e - d quarter New Retire- Net New Retire- Net New Retire- Net taxes taxes taxes dends profits issues ments change issues ments change issues ments change 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 1,286 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—3.... 1,792 652 1,140 1,077 493 584 715 159 556 1951— 3 2 4 38 3 . . 6 3 2 2 4 1 . . 5 8 1 1 8 6. . 9 8 9 9. . 2 0 9 7 . . 8 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.... 2,438 558 1,880 1,640 489 1,151 798 69 729 2.... 3,087 602 2,485 2,183 513 1,670 «904 89 815 1952—1 42.7 24.3 18.4 8.9 9.5 3.... 2,459 716 1,743 1,822 611 1,211 637 105 532 2 38.2 21.8 16.4 9.6 6.8 4 2,990 770 2,220 1,953 680 1,272 1,038 90 948 3 37.2 21.2 16.0 9.3 6.7 41... 40.3 23.0 17.3 9.0 8.3 «Corrected. 1 Reflects cash transactions only. As compared with data shown on p. 270, new 1 Figures except those for cash dividends, are esti- issues exclude foreign and include investment company offerings, sales of securities mates based on the past relationship of corporate held by affiliated companies or RFC, special offerings to employees, and also new profits to private nonfarm gross national product. stock issues and cash proceeds connected with conversions of bonds into stocks. Re- Source.—Department of Commerce. tirements include the same types of issues, and also securities retired with internal funds or with proceeds of issues for that purpose shown on p. 270. Source.—Securities and Exchange Commission. CURRENT ASSETS AND LIABILITIES OF UNITED STATES CORPORATIONS1 [Estimates, in billions of dollars] End of year' Net Current assets Current liabilities or quarter w ca o p rk it i a n l g Total Cash U s e e . r c n S u m . r i G e ti n o e t 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 n ts 3 d in l F i c a e o b d m i e li r 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 i [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 i c n n i t n g u 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 6 3 , , 7 9 9 8 0 3 4 3 2 8 7 3 5 5 8 4 3 8 9 5 2 7 3 4 5 79 0 2 5 3 81 2 7 1 2 1 , , 6 07 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 7 2 6 6 1 1 , , 0 1 4 1 2 7 L L . . 8 9 7 4 0 9 1 1 1 1 1 9 9 9 9 9 4 4 4 5 5 7 8 9 1 0 . . . .. .. . 2 2 2 2 1 0 6 2 0 9 , , , , , 6 3 0 6 2 1 3 5 0 8 2 2 9 5 5 1 8 9 7 7 1 , , , , , 1 7 1 4 1 3 4 9 0 3 4 9 1 3 0 6 8 9 7 7 8 9 1 9 0 2 1 1 2 7 1 1 1 1 , , , , 3 4 3 1 8 5 7 1 1 8 2 4 9 1 9 1 1 1 1, , , , 4 2 2 2 8 9 1 8 9 8 2 2 5 8 7 3 3 2 3 1 , , , , , 1 5 3 8 5 3 2 4 0 5 9 5 3 9 5 1 1 1 1 1 , , , , , 3 7 1 3 3 4 4 0 2 9 2 4 4 0 9 3 3 3 3 2 , , , , , 1 9 8 4 8 5 5 9 7 9 8 4 7 6 4 2 2 2 1 1 , , , , , 1 9 1 7 2 9 8 7 3 3 6 6 7 6 0 1952— 4 2 3 1 . . . 4 . . . . . . . . 6 6 6 7 , , , , 9 2 4 2 1 2 9 2 3 8 8 0 3 3 3 2 , , , , 1 4 9 7 3 5 8 3 5 0 4 3 6 7 7 7 0 1 2 5 0 0 3 9 1,1 9 8 9 8 5 4 7 7 7 7 0 1 1 t 1 , , , , 7 7 7 6 1 1 0 6 5 3 8 8 1952 26,860 12,452 850 1,398 1,394 3,961 6,804 1953—14.. 6,519 3,275 642 996 L.607 1 Corporate and noncorporate business, excluding agriculture. 2 Includes service, finance, and construction. 3 Includes communications, trade, and other. 4 Anticipated by business. Source.—Department of Commerce and Securities and Exchange Commission. 272 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT STATISTICS MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER [In billions of dollars] All properties Nonfarm Farm Other Multi-family and holders 1- to 4-family houses commercial properties l E o n r d q o u f a r y t e er ar h A e o r l l s d l - t F u i i n c t n i i s a o a t l i n n - - s S F e a e c l g d e i e e e c n s t r e - a d l v o I i t a d n h n u d e d a i r - l s s h A e o r l l d s l - Total t F u i i n c t n i i s o a a ti l n n - s - O h e o th r l s d e - r Total t F u i i n c t n i i s a o a t l i n n - - s O ho e th r ld s e - r h A e o r l l d s l - t F u i i n c t n i i s o a a ti n l n - s - h O ol t d h e e r r s2 1939 35 5 18 6 2 2 14 7 28 9 16.3 9.3 7.0 12 5 7 8 4 8 6 6 1 5 5 1 1940 . . . 36 5 19 5 2 1 14.8 30.0 17.3 10.2 7.1 12.6 7.8 4.8 6.5 1 5 5.0 1941 37.6 20.7 2.0 14.9 31.2 18.4 11.2 7.2 12.9 8.0 4.8 6.4 1.5 4.9 1942 36 7 20 7 1 8 14 2 30 8 18.2 11.5 6.7 12.5 7 8 4 7 6 0 1 4 4 5 1943 35.3 20.2 1.4 13.6 29.9 17.8 11.5 6.3 12.1 7.4 4.6 5.4 1 3 4.1 1944 34.7 20.2 1.1 13.3 29.7 17.9 11.7 6.2 11.8 7.2 4.6 4.9 1.3 3.6 1945 35.5 21 0 9 13.6 30.8 18.5 12.2 6.4 12.2 7 5 1 3 3 4 1946 41.6 26.0 .6 15.0 36.9 23.1 16.0 7.0 13.8 8.4 45 .47 44 .87 1.5 3.3 1947 48 7 31 8 5 16 4 43.9 28.2 20 5 7.6 15 7 9 6 6 1 4 9 1 7 3.1 1948 56.0 37.8 .6 17.6 50.9 33.3 25.0 8.3 17.6 10.9 6.7 5.1 1.9 3.2 1949 62.5 42.9 1.1 18.6 57.1 37.5 28.4 9.1 19.6 12.4 7.2 5.4 2.1 3.3 1950 . . 72 5 51 6 1 4 19.5 66.7 45.1 35.3 9.8 21.6 14 0 7 6 5 8 2 3 3 5 1951 81.9 59.5 2.0 20.4 75.6 51.9 41.2 10.7 23.7 15.7 8.0 6.3 2.6 3.7 1952? 90.6 67.0 21.2 83.8 46.9 11.3 25.6 17.2 8.3 6.7 3.9 2.4 58.3 2.8 1951—March 75.1 53.8 1.5 19.8 69.1 46.9 36.8 10.1 22.2 14.5 7.7 6.0 2.4 3.5 June 77.9 56.1 1.6 20.2 71.7 48.7 38.5 10.3 23.0 15.1 7.9 6.2 2.5 3.7 September. . . . 80.0 57.9 1.8 20.3 73.7 50.4 40.0 10.5 23.3 15.4 7.9 6.3 2.6 3.7 December. . . . 81.9 59.5 2.0 20.4 75.6 51.9 41.2 10.7 23.7 15.7 8.0 6.3 2.6 3.7 1952—March ? 83.7 61.0 2.2 20.5 77.3 53.2 42.3 10.9 24.1 16.0 8.1 6.4 2.6 3.8 June? 85.9 63.0 2.2 20.8 79.3 54.8 43.8 11.0 24.5 16.4 8.1 6.6 2.7 3.9 September?. . . 88.1 64.9 2.2 21.0 81.5 56.5 45.4 11.1 25.0 16.8 8.2 6.7 2.8 3.9 December?. . . 90.6 67.0 2.4 21.2 83.8 58.3 46.9 11.3 25.6 17.2 8.3 6.8 2.8 4.0 P Preliminary. 1 Derived figures, which include negligible amount of farm loans held by savings and loan associations. 2 Derived figures, which include debt held by Federal land banks and Farmers Home Administration. NOTE.—Figures for first three quarters of each year, and all figures for December 1952 except those on 1- to 4-family houses and total farm (preliminary estimates from HLBB and Dept. of Agriculture, respectively), are Federal Reserve estimates. Financial institutions include commercial banks (including nondeposit trust companies but not trust departments), mutual savings banks, life insurance companies, and savings and loan associations. Federal agencies include HOLC, FNMA, and VA (the bulk of the amounts through 1948*held by HOLC, since then by FNMA). Other Federal agencies (amounts small and separate data not readily available currently) are included with "Individuals and others." Sources.—Federal Deposit Insurance Corporation, Home Loan Bank Board, Institute of Life Insurance, Departments of Agriculture and Commerce, Federal National Mortgage Association, Veterans Administration, Comptroller of the Currency, and Federal Reserve. MORTGAGE LOANS HELD BY BANKS * I In millions of dollars] Commercial bank holdings2 Mutual savings bank holdings4 Nonfarm Nonfarm End of year or quarter Residential3 Residential3 Total Farm Total Farm Total FHA- VA- Con- Other Total FHA- VA- Con- Other Total in- guar- ven- Total in- guar- vensured anteed tional sured anteed tional 1939 4,266 3,697 2,671 1,026 569 4,836 4,807 3,875 932 29 1940 4,578 4,003 2,963 1,040 575 4,859 4,829 3,914 915 30 1941 4,906 4,340 3,292 1,048 566 4,812 4,784 3,884 900 28 1942 4,706 4,256 3,332 924 491 4,627 4,601 3,725 876 26 1943 4,521 4,058 3,256 802 463 4,420 4,395 3,558 837 25 1944 4,430 3,967 3,218 749 463 4,305 4,281 3,476 805 24 1945 4,772 4,251 3,395 856 521 4,208 4,184 3,387 797 24 1946 7,234 6,533 5,146 1,387 702 4,441 4,415 3,588 827 26 1947 9,446 8,623 6,933 1,690 823 4,856 4,828 3,937 891 28 1948 10,897 10,023 8,066 1,957 874 5,806 5,773 4,758 1,015 34 1949 11,644 10,736 8,676 2,060 909 6,705 6,668 5,569 1,099 37 1950 13,664 12,635 10,431 2,264 968 8,261 8,218 7,054 1,164 44 1951 .... 14,732 13,728 11,270 3,421 2,921 4", 929 2,458 1,004 9,916 9,869 8,595 2,567 1,726 4,303 1,274 47 1952? 15,912 14,845 12,215 3,725 3,005 5,485 2,630 1,067 11,359 11,309 9,841 3,198 2,116 4,527 1,468 50 1951—March 13,945 12,945 10,625 2,320 1,000 8,650 8,605 7,400 1,205 45 June 14,286 13,255 10,904 2,351 1,031 9,137 9,091 7,833 1,258 46 September . 14,540 13,500 11,100 2,400 1,040 9,515 9,468 8,200 1,268 47 December 14,732 13,728 11,270 3,421 2,921 4,929 2,458 1,004 9,916 9,869 8,595 2,567 1,726 4,303 1,274 47 1952—March 14,860 13,830 11,350 3,432 2,928 4,990 2,480 1,030 10,203 10,156 8,843 2,720 1,815 4,308 1,313 47 June 15,176 14,113 11,602 3,441 2,952 5,209 2,512 1,063 10,554 10,506 9,145 2,898 1,917 4,330 1,361 48 September? 15,465 14,400 11,860 3,530 2,970 5,360 2,540 1,065 10,920 10,872 9,460 3,075 2,034 4,352 1,412 48 December?.... 15,912 14,845 12,215 3,725 3,005 5,485 2,630 1,067 11,359 11,309 9,841 3,198 2,116 4,527 1,468 50 ? Preliminary. 1 Includes all banks in the United States and possessions. 2 Includes loans held by nondeposit trust companies but excludes holdings of trust departments of commercial banks. March and September figures, and also December 1952, are Federal Reserve estimates based on data from Member Bank Call Report and from weekly reporting member banks. For 1940, figures except for the grand total are Federal Reserve estimates based on data for insured commercial banks. 3 Data not available for all classifications prior to December 1951. 4 Through 1946, figures except for the grand total are estimates based on Federal Reserve preliminary tabulation of a revised series of banking statistics. March and September figures, and also December 1952, are Federal Reserve estimates based in part on data from National Association of Mutual Savings Banks. Sources.—All-bank series prepared by Federal Deposit Insurance Corporation from data supplied by Federal and State bank supervisory agencies; Comptroller of the Currency; and Federal Reserve. MARCH 1953 273 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT STATISTICS—Continued MORTGAGE ACTIVITY OF ALL UNITED STATES LIFE INSURANCE COMPANIES [In millions of dollars] Loans acquired Loans outstanding (end ofperiod) Year or month Nonfarm Nonfarm Total Total in F s H ur A e - d a g n V u t A a e r e - - d Other Farm Total Total in F s H ur A e - d a g V n u t A a e r e - - d Other Farm 1939 5,669 4,782 887 1940 5 958 5 061 668 897 1941 6,442 5,529 815 913 1942 898 6,726 5,830 1,096 896 1943 855 6,714 5,873 1,286 841 1944 935 6,686 5,886 1,408 800 1945 976 6 636 5 860 1 394 776 1946 1,661 1,483 178 7,155 6,360 1,228 256 4,876 795 1947 2,786 2,520 451 600 1,469 266 8,675 7,780 1,398 844 5,538 895 1948 3,407 3,114 1,202 366 1,546 293 10,833 9,843 2,381 1 106 6,356 990 1949 3,430 3,123 1,350 131 1,642 307 12,906 11,768 3,454 1,224 7,090 1,138 1950 4,980 4,621 1,572 930 2,119 359 16,102 14,775 4,573 2 026 8 176 1,327 1951 5,111 4,704 1,051 1,268 2,385 407 19,314 17,787 5,257 3,131 9,399 1,527 1952? 3,975 3,600 850 450 2,300 375 21,275 19,600 5,700 3,350 10,550 1,675 1952—January 349 319 67 62 190 30 19,536 18,006 5,308 3,167 9,531 1,530 February 325 284 69 58 157 41 19,712 18,161 5,338 3 213 9,610 1,551 March 328 286 75 40 171 42 19,870 18,306 5,377 3,245 9,684 1,564 April 326 292 66 45 181 34 20,008 18,425 5,402 3 272 9,751 1,583 May 301 270 63 34 173 31 20,175 18,574 5,429 3,290 9,855 1,601 June 344 316 80 32 204 28 20,335 18,716 5,476 3,304 9,936 1,619 July 353 325 69 34 222 28 20,505 18,870 5,517 3,321 10,032 1,635 August 307 285 66 29 190 22 20,643 18,998 5,542 3,334 10,122 1,645 September 303 280 79 12 189 23 20,801 19,147 5,592 3,326 10,229 1,654 October 364 337 79 30 228 27 20,961 19,298 5,626 3,333 10,339 1,663 November 288 260 65 22 173 28 21,087 19,411 5,648 3,340 10,423 1,676 December 390 352 86 31 235 38 21,245 19,560 5,690 3,349 10,521 1,685 1953—January 347 309 78 28 203 38 21,396 19,701 5,725 3,358 10,618 1,695 values, and because year-end adjustments are oased on more nearly complete data, rnor to lyi/, complete data are not available lor an classifications shown. Sources.—Institute of Life Insurance—end-of-year figures, Life Insurance Fact Book; end-of-month figures, the Tally of Life Insurance Statistics and Life Insurance News Data. MORTGAGE ACTIVITY OF ALL SAVINGS AND LOAN NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS ASSOCIATIONS [Number in thousands; amounts (except averages) in millions of dollars] [In millions of dollars] Amount, by type of lender Aver- Loans made, by purpose Loans outstanding (end of period)2 age Y m e o ar n t o h r Total s N c t t i r o o e u n w n c - - H c p h o u a m r s - e e p O p o t u s h e r e s - r 1 Total3 F s H u i r n A e - - d a g n V u t A a e r e - - d t C i v o o e n n n a - - l3 m Y o o e n r a t r h N b u e m r - Total i a n S l s o g a s a s n v n & s - . p I c a n a o n s n m c u i e e r - - s j b C m c a o i n e a m r k l - - s M b s i u a n a n t g v u k s - a s l Other a c m o l ( a r d r e o r d o - s u e l ) - d nt 1939 1,288 3,507 1,058 287 891 143 1,128 2,722 1 1 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 9 9 4 4 4 4 4 4 4 4 4 4 5 3 5 2 6 4 3 5 1 7 9 1 8 0 9 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 3 3 5 5 1 1 1 1 1 1 , , , , , , , , , , , , 1 3 5 8 0 4 2 2 9 6 2 6 9 8 7 5 0 1 5 1 8 5 3 3 0 8 4 9 4 0 3 1 1 4 0 6 7 7 6 1 1 1 1 , , , , 0 3 3 4 8 6 6 7 0 1 1 1 8 0 5 9 9 6 3 9 4 1 0 8 9 1 3 9 4 7 7 5 6 7 6 6 1 0 2 2 2 2 1 1 1 1 , , , , , , , , 2 3 5 5 5 3 1 4 8 3 7 3 0 5 8 4 7 4 2 5 2 0 5 1 6 5 1 9 4 0 6 2 6 8 7 8 0 4 7 1 1 , , 3 3 9 2 2 3 3 2 2 2 6 8 7 2 9 1 5 3 4 6 7 7 7 8 9 8 4 1 1 5 1 4 5 4 6 9 6 5 7 1 1 1 1 3 4 4 4 4 4 5 8 7 5 1 3 0 , , , , , , , , , , , , , 5 1 5 8 7 6 6 8 5 1 5 3 3 8 1 2 1 2 9 0 4 5 7 0 8 7 9 6 2 5 3 5 0 9 6 6 8 4 6 "5 8 8 7 6 4 6 1 3 1 4 7 3 2 2 2 , , , ^ 1 9 5 3 2 6 8 9 5 9 6 7 1 8 9 7 1 , , , ^ 3 8 5 3 1 1 3 4 3 2 0 5 1 1 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 9 9 5 5 4 5 4 4 4 4 4 4 4 4 4 2 0 9 1 8 6 7 4 5 3 2 0 1 3 2 3 2 2 2 2 1 1 , , , , , , , , , , , , , 8 0 0 4 5 5 4 6 4 6 4 2 3 7 3 2 3 8 6 3 9 2 5 4 7 5 9 8 6 8 7 8 2 5 7 8 6 4 1 1 1 1 1 1 1 1 3 4 5 8 3 6 6 4 4 1 1 1 0 , , , , , , , , , , , , , 0 1 8 6 6 7 4 8 8 5 7 9 0 7 1 2 6 0 0 8 8 2 5 3 4 3 9 8 9 1 6 5 2 9 8 2 0 1 3 5 3 3 3 5 3 6 2 1 1 1 1 1 , , , , , , , , , , , , , 2 6 0 4 6 6 5 0 4 2 1 4 2 6 2 3 9 6 5 7 9 5 4 1 8 8 0 7 0 9 0 2 0 5 7 3 0 6 3 1 1 1 1 1 , , , , , 4 2 5 8 6 6 0 0 2 3 4 3 2 2 1 1 1 4 0 5 4 8 3 0 6 5 0 3 8 0 5 7 6 6 0 4 4 2 7 3 3 3 3 2 2 2 1 1 1 , , , , , , , , , , 3 6 6 4 3 0 7 8 8 7 1 0 0 6 6 4 0 1 7 0 7 5 8 6 9 0 5 3 8 6 3 2 0 6 0 4 6 7 6 1 1 1 , , , 0 1 0 5 5 2 7 7 2 1 1 1 1 1 3 6 9 4 5 4 1 1 6 6 5 7 3 7 4 7 8 0 5 7 8 6 5 2 0 3 3 3 5 5 3 5 2 1 1 1 1 1 , , , , , , , , , , , , , 6 1 8 4 3 4 0 9 0 7 3 4 2 3 5 1 2 0 4 4 7 6 4 5 3 3 4 1 2 9 9 6 3 9 2 9 9 0 8 . 4 4 4 3 3 4 5 5 2 2 3 5 2 , , , , , , , , , , , , , 5 6 7 7 1 7 2 4 9 3 0 9 9 7 8 0 8 5 6 0 4 4 3 1 3 5 0 8 1 6 5 9 6 1 1 8 8 0 5 1952.... 6,617 2,105 2,955 1,557 18,440 906 3,398 14,136 1952-Jan... 222 1,298 405 124 267 79 423 5,860 1952- J J A S N A O F M M J u u e e a u p o c n a a l p b n g t r y v y r e t . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 4 5 5 5 6 6 6 4 5 5 2 5 1 9 1 2 1 8 4 8 0 3 9 6 6 7 8 4 7 9 6 0 2 2 1 1 1 1 1 1 1 1 1 0 0 6 9 9 8 9 3 9 7 1 8 0 3 3 2 3 0 1 8 2 5 3 2 2 2 2 2 2 2 2 1 1 0 4 8 7 6 3 5 1 5 8 8 3 3 5 9 5 9 7 4 2 4 6 1 1 1 1 1 1 1 1 1 1 1 3 4 1 3 4 3 3 2 1 0 2 8 8 7 8 1 8 6 8 1 1 7 1 1 1 7 6 6 , , , 7 8 0 4 9 7 0 1 3 '8 8 8 7 7 4 d 3 ' , , 1 2 6 2 2 8 1 1 1 3 2 2 ^ ^ ,0 5 7 3 0 7 7 1 6 J J A S D A O N M F M u u e e p e u c o a n l a p b c r g t v y y r e . t . . . . . . . . . . . . . . . . . . . . . 2 2 2 2 2 2 2 2 2 2 2 8 4 6 5 5 6 5 7 1 5 3 5 5 7 2 6 8 6 0 9 0 8 1 1 1 1 1 1 , , , , , , , , , 5 5 4 7 2 3 4 5 5 5 5 9 9 7 2 9 8 1 1 9 3 8 2 1 7 3 1 2 3 0 5 5 5 5 5 5 5 6 4 4 5 2 9 9 4 8 2 4 5 2 9 6 6 2 3 0 6 7 0 7 8 4 4 1 1 1 1 1 1 1 1 1 1 1 1 2 1 1 1 3 1 1 0 1 1 6 6 3 9 8 5 4 8 8 4 5 3 3 3 2 3 2 3 3 2 2 3 4 1 9 0 9 1 1 0 8 0 5 3 6 8 5 3 7 3 5 3 3 6 1 1 1 1 1 1 8 9 1 0 0 0 1 6 7 9 0 1 0 2 3 9 4 7 9 1 6 5 4 4 4 4 4 4 4 4 4 5 4 6 4 0 4 5 6 5 2 0 4 7 9 9 3 7 4 5 7 7 5 0 0 5 5 5 5 5 5 5 5 6 6 6 , , , , , , , , , , , 9 9 9 9 8 8 9 9 0 1 0 1 2 0 3 0 6 5 0 4 7 8 6 1 9 7 1 0 0 7 1 3 5 Dec.. 541 161 248 132 18^440 906 3^398 14^136 1953-Jan.. . 228 '1,401 477 111 278 93 442 6,136 1953-Jan... 497 147 222 128 Source.—Home Loan Bank Board. 1 Includes loans for repair, additions and alterations, refinancing, etc. 2 Prior to 1948, data are not available for classifications shown. 3 Excludes shares pledged against mortgage loans. Source.—Home Loan Bank Board. 274 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT STATISTICS—Continued GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- TO 4-FAMILY PROPERTIES [In millions of dollars] [In billions of dollars] FHA-insured loans VA-guaranteed loans2 Government- Home Home underwritten Year mortgages Pro- Prop- mortgages End of Conor Total erty Alter- year or Total venmonth Total New is E ti x n - g m j t e y o c p r t e t - - p m r im o e v n - e t - Total New is E ti x n - g r a e a t p n io a d i n r3 quarter FHA VA- tional prop- prop- gages1 loans2 prop- prop- Total -in- guarerties erties sured anteed 1939 925 925 486 208 52 179 1940 991 991 588 175 13 216 1939 16.3 1.8 1.8 14.5 1941......... 1,152 1,152 728 183 14 228 1940 17.3 2*3 2^3 15^0 1942 1,121 1,121 766 208 21 126 1941. 18 4 3 0 3 0 15.4 1943 934 934 553 210 85 86 1942 18.2 3.7 3.7 14.5 1944 877 877 484 224 56 114 1943 17.8 4.1 13^7 1945 857 665 257 217 20 171 192 1944 17.9 4.2 4.2 13.7 1946 3,058 756 120 302 13 321 2,302 1945 18 5 4 6 4 1 .5 13^9 1947 5,074 1,788 477 418 360 534 3,286 1946 23.1 6.3 3.7 2.6 16.8 1948 5,222 3,341 1,434 684 609 614 1,881 1947 28.2 9.6 3.8 5.8 18.6 1949 5,250 3,826 1,319 892 1,021 594 1,424 793 629 3 1948 33.3 12.5 5.3 7.2 20.8 1950 7,416 4,343 1,637 856 1,157 694 3,073 1,865 1,202 5 1949 37.5 15.0 6.9 8.1 22.5 1951 6,834 3,220 1,216 713 584 707 3,614 2,667 942 6 1950. . 45.1 18.9 8.6 10.3 26.2 1952 5,830 3,113 969 974 322 848 2,721 1,824 890 6 1951 51.9 22.9 9.7 13.2 29.0 1952P 58.2 25.4 10.8 14.6 32^8 1952—Jan.. . . 575 274 84 78 24 88 301 222 79 .8 Feb.... 452 211 63 65 18 64 242 171 71 .5 Mar. . . 443 207 61 66 19 61 236 164 72 .7 1951—Mar. . . 46.9 20.0 8.9 11.1 26.9 Apr... . 487 242 61 69 49 64 244 159 85 .5 June. . . 48.7 21.0 9.2 11.8 27.7 May... 452 249 65 74 39 71 203 128 74 .4 Sept.. . 50.4 21.9 9.5 12.5 28.4 June.. . 469 273 68 76 27 102 196 124 70 .5 Dec... 51.9 22.9. 9.7 13.2 29.0 July. . . 458 269 80 85 31 73 189 126 63 .4 Aug.. . . 463 260 81 82 32 66 203 134 68 .5 Sept... 484 267 94 91 13 69 217 142 75 .4 1952—Mar.p.. 53.2 23.5 9.9 13.6 29.7 Oct.. . . 526 306 108 103 26 69 220 141 78 .7 June*\ . 54.8 24.0 10.1 13.9 30.8 Nov. . . 503 259 97 87 .17 59 243 157 85 .6 Sept.P. . 56.4 24.7 10.4 14.3 31.7 Dec... 519 293 108 98 23 63 227 155 71 .5 Dec.P. . 58.2 25.4 10.8 14.6 32.8 1953—Jan.. . . 539 296 108 103 18 67 243 161 82 .6 i Monthly figures do not reflect mortgage amendments included in annual totals. P Preliminary. 2 Prior to 1949, data are not available for classifications shown. NOTE.—For total debt outstanding, figures for 3 FHA-insured property improvement loansare not ordinarily secured by mortgages; VA- first three quarters are Federal Rese?rve estimates. guaranteed alteration and repair loans of $1,000 or less need not be secured,whereas those For conventional, figures are derivec :or more than that amount must be. Sources.—Home Loan Bank Board,Federal Hous- NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guar- ing Administration, Veterans Administration, and anteed loans, gross amount of loans closed. Figures do not take account of principal repay- Federal Reserve. ments on previously insured oi guaranteed loans. For VA-guaranteed loans=, amounts by type are derived from data on number and average amount of loans closed. Sources.—Federal Housing Administration and Veterans Administration. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY FEDERAL HOME LOAN BANK LENDING [In millions of dollars] [In millions of dollars] E o n r d m o o f n y th ear A m f c u u i u i o z t n t n e m h t d - e d o s - d * r- b m C u m d u e o r i n i s s n m t - e - - t d s - To M ta o l rtga F s g u H i e n r A e - h d - oldi a n g n V g u t s A e a e r - - d ( c p M d h p e g u a r u o a i r s r g r o i e - t n e d - s g ) ( p d M s g e u a a r o r l i g i e r o n e s t d - g ) Year or month va A n d c - es R m e e p n a t y s - T A o d t v a ( l a e n n c d e S t s o e h f r o o m u p r t e t l - s r t i a o n d L te d ) o r i m n ng g 2 - 1941 158 140 219 105 115 1948 528 227 199 188 11 198 1942 99 190 129 54 76 1949 848 824 828 403 425 672 20 1943... . 157 176 110 69 41 1950 918 485 1,347 169 1,178 1,044 469 1944 239 219 131 106 25 1945 278 213 195 176 19 1951—March 1,143 82 1,525 155 1,370 248 52 1946. . 329 231 293 184 109 June 1,117 54 1,579 161 1,418 111 44 1947 351 209 436 218 217 September. . . 988 47 1,715 181 1,534 158 7 1948 360 280 515 257 258 December. . . 661 239 1,850 204 1,646 160 9 1949 256 337 433 231 202 1950 675 292 816 547 269 1952—February 536 236 1,977 220 1,757 73 5 1951 423 433 806 508 298 March 1455 242 2,053 232 1,821 86 3 1952 586 528 864 565 299 April 1412 255 2,083 239 1,844 39 2 May 264 2,075 236 1,839 4 4 1952—February... 12 64 612 380 233 June 266 2,068 236 1,832 7 5 March 23 46 589 361 227 July 21,311 275 2,064 237 1,827 6 3 April 29 36 581 353 229 August 1,283 299 2,068 245 1,823 13 3 May 34 24 591 359 232 September. . . 1,238 315 2,097 257 1,840 40 4 June 83 21 653 409 244 October 1,170 326 2,154 272 1,882 72 6 July 58 54 656 416 240 November. . . 1,129 322 2,199 297 1,902 56 3 August 56 25 687 436 251 December 1,085 323 2,242 320 1,922 65 14 September.. 56 28 715 460 255 October 63 26 752 491 261 1953—January 1,043 321 2,286 338 1,948 61 10 November.. 59 20 791 520 271 February.... 1,008 313 2,329 358 1,971 53 3 December. . 106 33 864 565 300 1953—January... . 16 197 683 439 245 1 During the period from late March through early July, the bulk of these funds February... 14 71 627 401 226 was available only for the purchase of mortgages on defense, disaster, and military liousing. 2 Public Law 531, enacted July 14, 1952, authorized an additional 900 million 1 Secured or unsecured loans maturing in one year or less. dollars for advance commitments to purchase mortgages on defense, disaster, and 2 Secured loans, amortized quarterly, having maturities of military housing. Funds remaining from those set aside earlier for this purpose more than one year but not more than ten years. then became available for over-the-counter purchases of other mortgages. Source.—Home Loan Bank Board. Source.—Federal National Mortgage Association. 275 MARCH 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS TOTAL CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding. In millions of dollars] Instalment credit Noninstalment credit E o n r d m o o f n y t e h ar co c T n r s o e u t d a m i l t er i c T m n r 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 Loans 1 no c T m n r i o e e n t d n s a i t t l t al- p S l a o i y n a m n gl s e e 2 n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1939 7,031 4,424 2,792 1,267 1,525 1,632 2,607 530 1,544 533 1940 8,163 5,417 3,450 1,729 1,721 1,967 2,746 536 1,650 560 1941 8,826 5,887 3,744 1,942 1,802 2,143 2,939 565 1,764 610 1942 5,692 3,048 1,617 482 1,135 1,431 2,644 483 1,513 648 1945 5,627 2,364 942 227 715 1,422 3,263 510 1,981 772 1946 8,677 4,000 1,648 544 1,104 2,352 4,677 749 3,054 874 1947 11,862 6,434 3,086 1,151 1,935 3,348 5,428 896 3,612 920 1948 . . .. 14,366 8,600 4,528 1,961 2,567 4,072 5,766 949 3,854 963 1949 16,809 10,890 6,240 3,144 3,096 4,650 5,919 1,018 3,909 992 1950 . 20,097 13,459 7,904 4,126 3,778 5,555 6,638 1,332 4,239 1,067 1951 20,644 13,510 7,546 4,039 3,507 5,964 7,134 1,436 4,587 ,111 1952P 23,973 16,513 9,405 5,205 4,200 7,108 7,460 1,549 4,759 1,152 1952—January 20,126 13,314 7,322 3,962 3,360 5,992 6,812 1,445 4,253 L ,114 February 19,717 13,185 7,158 3,927 3,231 6,027 6,532 1,448 3,967 ,117 March 19,565 13,156 7,047 3,891 3,156 6,109 6,409 1,443 3,855 L.lll April 19,788 13,319 7,099 3,946 3,153 6,220 6,469 1,437 3,913 L ,119 May 20,293 13,806 7,421 4,171 3,250 6,385 6,487 1,431 3,921 1,135 June 20,961 14,409 7,820 4,446 3,374 6,589 6,552 1,435 3,980 L.137 July 21,213 14,745 8,039 4,597 3,442 6,706 6,468 1,443 3,891 L,134 August 21,433 14,939 8,149 4,634 3,515 6,790 6,494 1,456 3,902 1,136 September 21,657 15,193 8,339 4,708 3,631 6,854 6,464 1,469 3,848 1,147 October 22,289 15,573 8,653 4,882 3,771 6,920 6,716 1,488 4,075 1,153 November 22,798 15,885 8,917 5,038 3,879 6,968 6,913 1,515 4,242 L,156 December P .... 23,973 16,513 9,405 5,205 4,200 7,108 7,460 1,549 4,759 1,152 1953—January? 23,734 16,555 9,383 5,314 4,069 7,172 7,179 1,578 4,439 L ,162 P Preliminary. 1 Includes repair and modernization loans insured by Federal Housing Administration. 2 Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers). NOTE.—Back figures by months beginning January 1929 may be obtained from Division of Research and Statistics. CONSUMER INSTALMENT LOANS [Estimates. In millions of dollars] Amounts outstanding Loans made by principal lending institutions (end of period) (during period) Year or month Total b m C a e n o r k m c s ia - * 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 u al s s - 2 p I a c n l t n o r o d i i a m u a e n l s s - - 2 u C n r i e o d n i s t l M l a e n n is e d c o e e u r l s s - I m l i r n o z e a o s a a p n u d n t a i d r e s o i e r r n d 3 n- b m C a e n o r k c m s ia - 1 l p S c l a m o o n a m a i n e l - l s b I a n tr n d i k u a s l s - 2 p I a c n t l n o r o d i i a m u a e n l s s - - 2 u C n r i e o d n i s t 1939 1,632 523 448 131 99 135 96 200 680 827 • 261 194 237 1940 1,967 692 498 132 104 174 99 268 1,017 912 255 198 297 1941 2,143 784 531 134 107 200 102 285 1,198 975 255 203 344 1942 1,431 426 417 89 72 130 91 206 792 784 182 146 236 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 L ,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 L,534 375 318 577 1949 4,650 1,951 929 250 175 402 142 801 3,282 L ,737 418 334 712 1950 5,555 2,431 1,084 291 203 525 157 864 3,875 L.946 481 358 894 1951 5,964 2,510 1,268 301 229 542 176 938 4,198 2,437 528 417 947 1952P 7,108 3,093 1,439 365 273 698 193 1,047 5,220 2,671 618 497 1,264 1952—January.... 5,992 2,521 1,273 300 230 541 176 951 393 184 46 38 85 February. . . 6,027 2,542 1,275 301 232 545 176 956 373 181 46 37 91 March 6,109 2,593 1,285 303 235 553 177 963 429 216 52 41 95 April 6,220 2,642 1,302 307 239 568 179 983 429 211 50 39 103 May 6,385 2,726 1,320 319 246 589 181 1,004 479 236 52 44 116 June 6,589 2,838 1,346 330 254 614 183 1,024 497 248 56 44 122 July 6,706 2,892 1,366 341 259 631 185 1,032 473 238 53 42 113 August 6,790 2,931 1,377 346 263 647 187 1,039 418 211 50 41 105 September. . 6,854 2,971 L ,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. . 6,968 3,039 1,384 361 268 683 187 1,046 392 214 47 39 97 December P. . 7,108 3,093 1,439 365 273 698 193 1,047 465 327 60 48 119 1953—JanuaryP... 7,172 3,134 1,458 366 272 701 195 1,046 436 192 54 41 103 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 January amounted to 136 million dollars, and other loans made during January 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. 8 Includes only loans insured by Federal Housing Administration adjusted by Federal Reserve to exclude nonconsumer loans. 276 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Co»/i»«*<* 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] Depart- Automobile Other Repair Pery E m e n o a d r n t o o h f r in e m T g x o o c a l b t u a u i d l 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 o u r r r n e e i s - H s a a h t p o o n o p u r c l l s e d e i e s - - J s e t w or e e 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 r - e d ta D i l l o i a r n ec s t c r d h e p a i t r a u n a e s d r i c e - l t d , e lo m r t a n a i n o o n i d z d n s a - 1 - 2 i s l m c n o o a s a e n s t n n a a h s t l lhouses Outstanding at end of 1939 1,525 377 536 273 93 246 period: 1940 1,721 439 599 302 110 271 1950 5,645 1,143 1,223 1,267 905 1,107 1941 1,802 466 619 313 120 284 1951 5,434 1,061 1,192 1,031 937 ,213 1942. . . 1,135 252 440 188 76 179 1952? 7,042 1,484 1,462 1,422 1,179 ,495 1945 715 198 296 51 57 113 1952—January 5,418 1,042 1,184 1,034 928 ,230 1946. 1,104 337 386 118 89 174 February 5,412 1,038 1,186 1,016 924 ,248 1947 1,935 650 587 249 144 305 March 5,446 1,035 1,197 1,008 922 ,284 1948 .. 2,567 874 750 387 152 404 April 5,528 1,055 1,219 1,005 940 ,309 1949 3,096 1,010 935 500 163 488 May 5,744 1,130 1,270 1,036 969 ,339 1950 . . 3,778 1,245 1,029 710 794 June 6,027 1,217 1,331 1,086 1,005 ,388 1951. 3,507 1,186 971 613 737 July 6,210 1,266 1,361 1,133 1,042 ,408 1952? 4,200 1,461 1,147 709 883 August 6,355 1,294 1,373 1,183 1,075 ,430 September... . 6,503 1,329 1,386 1,224 1,110 ,454 1952 October 6,702 1,382 1,413 1,291 1,151 ,465 January... 3,360 1,129 933 592 706 November.. . . 6,846 1,429 1,436 1,338 1,173 ,470 February.. 3,231 1,082 909 567 673 December?. . . 7,042 1,484 1,462 1,422 1,179 ,495 March.... 3,156 1,060 893 548 655 April 3,153 1,064 894 541 654 1953—January? 7,144 1,516 1,488 1,457 1.173 1,510 May 3,250 1,101 924 551 674 June. . 3,374 1,132 954 588 700 Volume extended dur- July 3,442 1,142 974 612 714 ing month: 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 ? 4,200 1,461 1,147 709 883 May 945 228 235 162 92 228 June 1,001 243 240 177 101 240 1953 July 956 215 216 185 101 239 JanuaryP. . 4,069 1,425 1,105 684 855 August 849 173 178 175 101 222 September... . 884 193 186 180 104 221 October 970 216 203 206 116 229 November.. . . 849 193 181 187 92 196 December?. . . 981 214 200 233 86 248 1953—January? 885 192 198 198 75 222 CONSUMER INSTALMENT CREDITS OF INDUSTRIAL BANKS, BY TYPE OF CREDIT CONSUMER INSTALMENT CREDITS OF INDUSTRIAL [Estimates. In millions of dollars] LOAN COMPANIES, BY TYPE OF CREDIT [Estimates. In millions of dollars] Retail instal- Year or month Total ment paper 2 m R a o e n d p d e a r ir n- P i m e n r s e s t o a n n l t - al Year or month Total R m e e t n a t i l p i a n p s e ta r l 2 - m R o a e n d p d e a r ir n- P i m e n r s e s t o a n n l t - al m A o u b to il - e Other l i o z a a n ti s o * n 2 l c o a a s n h s m A o u b to il - e Other l i o z a a n ti s o * n 2 l c o a a s n h s Outstanding at end Outstanding at end of period: of period: 1950 391.0 118.5 79.7 54.9 137.9 1950 226.9 57.9 41.1 7.3 120.6 1951 404.1 118.9 81.2 56.5 147.5 1951 255.3 63.2 47.3 7.2 137.6 1952? 491.2 163.9 95.3 69.1 162.9 1952? 303.5 .76.6 62.4 8.1 156.4 1952--January . . , 402.6 116.5 81.4 56.1 148.6 1952—January . . . 256.2 62.5 47.0 7.2 139.5 February... 403.9 116.3 81.4 56.3 149.9 February... 257.7 62.4 47.4 7.1 140.8 March 405.8 116.6 81.2 55.4 152.6 March 260.9 62.6 48.8 7.0 142.5 April 410.7 119.2 81.1 55.8 154.6 April 265.5 64.0 50.0 7.0 144.5 May 426.2 128.2 82.5 57.2 158.3 May 273.2 67.7 52.2 7.0 146.3 June 441.1 138.4 84.7 58.2 159.8 June 282.7 71.0 55.2 7.2 149.3 July 455.1 145.7 87.2 60.9 161.3 July 288.1 72.6 57.5 7.4 150.6 August 463.5 148.9 89.1 63.6 161.9 August. . . . 291.9 73.5 58.6 7.5 152.3 September , 472.8 153.1 91.0 66.3 162 A September . 293.7 74.3 59.3 7.7 152.4 October 483.0 158.9 93.4 67.8 162.9 October 295.9 75.7 60.2 7.9 152.1 November . 485.7 160.2 94.1 69.0 162 A November . 297.9 76.5 60.6 8.0 152.8 December? 491.2 163.9 95.3 69.1 162.9 December? 303.5 76.6 62.4 8.1 156.4 1953—January?. 492.6 167.8 94.0 68.9 161.9 1953—January? . . 303.0 75.6 62.7 7.8 156.9 Volume extended Volume extended during month: during month: 1952—January .. 52.5 14.3 11.8 3.5 22.9 1952—January .. . 39.4 9.2 5.7 0.5 24.0 February.. 51.8 15.2 10.1 3.7 22.8 February... 38.3 8.9 5.7 0.5 23.2 March.... 57.5 16.8 10.6 4.1 26.0 March 42.2 9.1 7.1 0.6 25.4 April 58.8 18.1 10.3 5.4 25.0 April 41.6 10.1 6.8 0.7 24.0 May 69.2 25.8 11.2 6.3 25.9 May 48.0 13.0 7.9 0.8 26.3 June 73.5 27.7 12.3 6.5 27.0 June 47.7 12.2 8.8 0.7 26.0 July 69.2 24.4 12.9 6.6 25.3 July 45.0 11.3 8.6 0.8 24.3 August. . . 60.7 19.0 11.6 6.5 23.6 August.... 42.0 10.2 7.5 0.8 23.5 September 64.0 21.4 12.2 6.9 23.5 September . 40.8 9.7 6.9 0.9 23.3 October..., 68.8 23.6 13.3 6.9 25.0 October 47.2 11.2 9.1 0.9 26.0 November , 56.2 19.3 10.7 5.1 21.1 November . 40.1 10.1 6.5 0.8 22.7 December? 66.1 21.2 13.4 4.9 26.6 December? 49.5 10.9 8.2 0.7 29.7 1953—January? . . 59.4 21.1 10.5 4.0 23.8 1953—January? . . 42.2 9.4 6.9 0.5 25.4 P Preliminary. * Includes not only loans insured by Federal Housing Administration but also noninsured loans. 2 Includes both direct loans and paper purchased. MARCH 1953 277 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 RECEIVABLE1 Item Pe fr r o c m en m ta p o g r n e e t c h e c d h i a n n g ge f m P ro e o m r n c t e h c n o o t y a r f r e g e a e p s r r p e c o c h n e a d d n i i g n n e g g Year or month Dep I a n r s t t - alm F e u n r t n a i- cco h u H o n o l t d s u a se p - - a D C c e h c p o a a r u g r n t e - ts 1 J 9 a 5 n 3 . ? D 19 e 5 c 2 . N 19 o 5 v 2 . 1 J 9 a 5 n 3 . ? D 19 e 5 c 2 . N 19 o 5 v 2 . s m to e r n e t s s t t u or r e e s p s l t i o a r n e c s e s m to e r n e t s Net Sales: 1951 Total -46 +39 -5 +6 + 14 + 1 December 19 11 12 45 C C a re sh d it s a s l a e l s es: -47 +57 -1 -4 +6 -6 1952 Instalment -52 +37 -5 + 14 + 18 +8 January 19 10 13 47 Charge account -29 +30 -1 -4 +9 -8 F M e a b r r c u h ary 2 1 0 8 1 1 0 1 1 1 3 3 4 4 5 8 Accounts receivable, end April 18 10 13 46 of month: May 19 11 13 48 Total -4 +9 +3 +22 +21 +20 June 18 10 12 46 Instalment -4 + 10 +3 + 19 + 19 + 18 July 17 10 12 46 August 17 11 11 46 Collections during September 18 11 12 47 month: October 18 11 11 50 Total. +4 +4 -2 +6 +5 -1 November 17 10 11 48 Instalment. +4 +3 —2 +5 +8 +3 December 17 10 11 48 Inventories, end of 1953 month, at retail value. 0 -10 + 1 c ir -4 January? 16 47 Preliminary. P Preliminary. 1 Collections during month as percentage of accounts outstanding at beginning of month. DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasonal adjustment 1947-49 average = 100 Percentage of total sales Accounts receivable Collections during Year or month Sales during month at end of month month Cash I m ns e t n a t l- a C c h c a o r u g n e t Total Cash I m ns e t n a t l- a C c h c a o r u g n e t I m ns e t n a t l- a C c h c a o r u g n e t I m ns e t n a t l- a C c h c a o r u g n e t sales sales sales Averages of monthly data: 1941 46 44 55 48 76 53 58 47 48 9 43 1942.. 53 57 45 48 60 48 60 51 56 6 38 1943 60 72 39 49 35 42 47 50 61 5 34 1944 67 82 36 53 29 44 41 52 64 4 32 1945 75 92 37 59 28 50 40 59 64 4 32 1946 93 105 56 84 38 73 53 78 59 4 37 1947 99 103 85 95 67 92 78 92 55 6 39 1948 103 103 105 104 108 105 106 103 52 7 41 1949 98 94 110 101 125 103 117 104 51 8 41 1950 101 93 136 106 177 111 146 111 48 10 42 1951 104 95 133 111 181 124 165 118 48 9 43 1952 103 93 142 109 189 127 158 120 47 10 43 1951—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 June 93 84 126 99 178 120 148 114 47 10 43 July 78 71 113 80 177 107 144 111 48 11 41 August 89 81 136 90 180 108 145 100 48 11 41 September 101 89 149 108 190 118 151 103 46 11 43 October 116 102 178 124 201 128 159 119 46 11 43 November 120 108 174 127 211 138 160 123 47 11 42 December 190 176 232 200 231 183 167 134 49 9 42 1953—January? 83 76 119 87 226 147 178 171 48 10 42 P Preliminary. NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 289. 278 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 1 s s 9 t i r 3 c i a 5 a l l - 3 v p 9 o r = o lu d 1 m u 00 c e t ) i * o 1 n aw 1 a 9 c r 4 d o 7 e n - d t 4 r 9 a (v c = a t 1 s l 0 u 0 e)2 Employ 1 m 94 e 7 n - t 4 9 a n = d 1 p 0 a 0 yrolls3 Freight D m ep e a n r t t- Con- W sa h l o e le- Year or month Total r D ab f u M a l - e c a tu n r u N r e d a - s o b u n l - e - M era in ls - Total R d t e i e a n s l i - - o A th l e l r p m N t a e c u l g u m o e o r r l n n a y - i - - l - t - pr E o M m d m a u p e n c l n u t o i t f y o a - n c tu w r o in r P r k g o a e l y r ls s - c 1 a 9 i = r n 3 l g 1 o 5 s 0 - a * 3 0 d 9 - 1 v ( s 9 = a r a 4 e l l u 1 7 e ta 0 e s - i 4 * ) 0 l 4 9 1 s p u 9 - r m 4 i 1 c 7 0 e e - 0 r s 4 s 9 3 ' 1 p m 9 = c r 4 i o o c 1 7 m d e 0 - i s 4 - 0 t 3 y 9 Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justedjusted justed justed justed justed justed justed justed justed 1919 72 84 62 71 34 26 39 61 6 68.7 31.1 120 27 74 0 1920 75 93 60 83 34 18 45 62.2 69.0 37.1 129 32 85.7 1921 58 53 57 66 30 27 32 55.4 52.8 24.0 110 30 76.4 1922 73 81 67 71 43 41 43 58.7 58.4 25.7 121 30 71 6 (923 88 103 72 98 45 49 42 64.6 66.9 32.6 142 34 72.9 1924 82 95 69 89 51 57 46 63.8 62.1 30.4 139 34 73.1 1925 90 107 76 92 66 75 59 65 5 64 2 32 1 146 36 75 0 '926 96 114 79 100 69 73 67 67.9 65.5 33.0 152 37 75.6 65.0 1927 95 107 83 100 69 71 68 68.2 64.1 32.4 147 37 74.2 62.0 1928 99 117 85 99 73 76 70 68.3 64.2 32.8 148 37 73 3 62.9 1929 110 132 93 107 63 52 70 71.3 68.3 35.0 152 38 73.3 61.9 1930 91 98 84 93 49 30 62 67.0 59.5 28.3 131 35 71.4 56.1 1931 75 67 70 80 34 22 41 60.6 50.2 21.5 105 32 65.0 47.4 1932 58 41 70 67 15 8 20 53 7 42.6 14.8 78 24 58 4 42.1 1933 . . . 69 54 79 76 14 7 18 53.9 47.2 15.9 82 24 55.3 42.8 1934 75 65 81 80 17 7 24 59.0 55.1 20.4 89 27 57.2 48.7 1935 87 83 90 86 20 13 25 61.6 58.8 23.5 92 29 58 7 52.0 1936 103 108 100 99 30 22 35 66.2 63.9 27.2 107 33 59 3 52.5 1937 113 122 106 112 32 25 36 70.6 70.1 32.6 111 35 61.4 56.1 1938 89 78 95 97 35 27 40 66.4 59.6 25.3 89 32 60.3 51.1 1939 . . 109 109 109 106 39 37 40 69.6 66.2 29.9 101 35 59 4 50.1 1940 125 139 115 117 44 43 44 73.6 71.2 34.0 109 37 59.9 51.1 1941 162 201 142 125 66 54 74 83.1 87.9 49.3 130 44 62.9 56.8 1942 . . 199 279 158 129 89 49 116 91.2 103.9 72.2 138 50 69 7 64.2 1943 239 360 176 132 37 24 45 96 6 121 4 99 0 137 56 74 0 67 0 1944 . . 235 353 171 140 22 10 30 95.3 118.1 102.8 140 62 75 2 67.6 1945 203 274 166 137 36 16 50 92 1 104 0 87 8 135 70 76 9 68 8 1946 170 192 165 134 82 87 79 95 1 97 9 81 2 132 90 83 4 78 7 1947 187 220 172 149 84 86 83 99.6 103.4 97.7 143 98 95 5 96.4 1948 192 225 177 155 102 98 105 101.6 102.8 105.1 138 104 102 8 104.4 1949 176 202 168 135 113 116 111 98.8 93.8 97.2 116 98 101 8 99 2 1950 200 237 187 148 159 185 142 101.4 99.2 111.2 128 105 102 8 103.1 1951 220 273 194 164 171 i70 172 106.6 105.4 129.2 134 109 111 0 114.8 1952 219 280 189 160 183 183 183 P1O7.7 P104.2?134.3 126 110 113.5 1951 May 222 223 276 198 165 193 166 211 106.8 106.8 105.0 128.1 133 104 110.9 115.9 June 221 223 274 197 165 200 174 217 107.1 106.8 105.6 129.8 131 105 110.8 115.1 July 212 214 265 187 156 162 179 150 107.1 106.0 104.2 126.4 125 105 110.9 114.2 August 217 220 267 193 165 156 176 143 107.0 104.8 105.7 128.4 133 109 110.9 113.7 September . . 218 223 271 192 167 147 168 133 106.8 103.9 105.8 130.9 133 106 111 6 113.4 October 218 222 274 188 174 140 160 127 106.6 103.4 105.1 129.8 135 109 112.1 113.7 November 219 220 277 188 170 156 146 162 106.8 103.3 104.3 129.8 137 113 112.8 113.6 December 218 217 282 185 163 166 145 180 107.1 103.5 104.4 132.9 133 109 113.1 113.5 1952 January 221 217 282 189 167 161 142 173 106.8 103.6 103.2 130.4 141 109 113 1 113.0 February 222 218 284 190 167 156 163 152 107.0 103.8 103.6 131.0 136 106 112.4 112.5 March 221 217 285 188 164 164 174 157 107.0 103.7 103.6 131.9 133 105 112.4 112.3 April 216 215 277 183 166 171 189 158 107.0 104.0 102 9 128 1 126 103 112 9 111.8 May 211 211 277 181 140 168 186 156 107.1 103.4 101.8 128.1 122 108 113.0 111.6 June 204 205 247 186 147 172 193 158 106.5 100.8 99.7 126.4 108 111 113.4 111.2 July 193 194 230 179 142 177 196 165 106 1 99 2 97 5 121 1 102 105 114 1 111.8 August 215 218 267 191 156 207 193 217 107.9 103.4 104.2 133.3 125 114 114 3 112.2 September 228 232 290 194 175 207 191 218 108.7 105.6 107.4 142.1 134 106 114.1 111.8 October 230 233 r300 195 164 210 185 227 109.0 106.5 108.1 144 2 128 115 114 2 111.1 November 234 235 '305 197 171 196 178 207 109.5 107.7 108.8 145.4 134 113 114 3 110.7 December 235 233 314 193 168 205 183 219 109.8 108.5 109.4 149.6 131 115 114.1 109.6 1953 January P237 P233 P317 P196 P165 ?193 P178 P203P109.8P108.9P108.5 146.0 134 Pill 113.9 109.9 February «239 «235 «321 197 160 130 111 e Estimated; all estimates are those of the Federal Reserve. P Preliminary. r Revised. c Corrected. * Average per working day. 1 For indexes by groups or industries, see pp. 280-283. 2 Three-month moving average, based on F. W. Dodge Corporation data. A description of the index may be obtained from the Division of Research and Statistics. For monthly data (dollar value) by groups, see p. 287. 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 prices index is the revised series, reflecting beginning in January 1953 the inclusion of some new series and revised weights. Prior to January 1953 indexes are based on the "interim adjusted" and "old" indexes converted to the base 1947-49 =100. 4 For indexes by Federal Reserve districts and for other department store data, see pp. 289-293. 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. MARCH 1953 279 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] 1952 1953 Industry Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Industrial Production—Total 221 222 221 216 211 204 193 215 228 230 234 235 v237 Manufactures— Total 231 232 231 225 224 214 202 225 237 242 245 247 P250 Durable Manufactures 282 284 285 277 277 247 230 267 290 '300 '305 314 P317 Iron and Steel * 261 261 263 245 246 140 139 244 270 '281 283 287 P288 Pig iron 229 235 239 205 208 42 38 221 242 247 244 247 249 Steel 304 304 309 278 278 66 83 283 319 332 334 335 333 Open hearth . . 218 221 225 196 195 39 36 202 222 233 231 238 235 Electric 913 892 911 855 867 256 418 860 1013 1046 1064 1022 1029 Machinery 359 360 359 354 353 352 331 336 354 363 372 385 P391 Transportation Equipment 318 322 327 329 338 339 287 300 353 r371 '378 398 P403 Automobiles (including parts) 218 219 222 227 231 229 162 175 247 '265 '275 293 P302 (Aircraft; Railroad Equipment; Shipbuilding—Private Sonferrous Metals and Products 216 217 218 218 216 210 201 213 225 236 240 245 P247 Smelting and refining . ... 243 249 252 257 259 247 242 251 248 251 251 258 P26S (Copper smelting; Lead refining; Zinc smelting; Fabricating 206 204 204 203 199 195 184 197 216 231 236 240 P240 (Copper products; .Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin Lumber and Products . . 159 162 158 152 142 146 141 149 155 155 161 164 P172 Lumber . . 150 154 149 143 128 134 128 135 140 138 146 149 162 175 176 175 170 168 169 165 175 183 189 '191 195 P191 Stone, Clay, and Glass Products 217 224 222 220 217 222 214 221 222 224 221 222 P222 Glass products . . 210 223 224 225 227 247 243 243 245 241 233 222 v222 Glass containers 223 239 239 242 243 269 266 261 261 254 242 225 232 Cement 233 257 244 238 230 222 215 231 227 231 233 254 257 182 177 175 173 168 170 158 163 161 163 '164 163 P171 Nondurable Manufactures 189 190 188 183 181 186 179 191 194 195 197 193 P196 Textiles and Products 157 160 152 144 151 154 147 170 177 172 176 169 P172 Textile fabrics 142 146 139 131 137 138 129 152 158 154 158 152 Cotton consumption 144 150 141 130 135 133 111 143 145 142 149 141 140 Rayon deliveries 296 ••295 288 280 287 312 343 369 377 361 356 337 349 Wool textiles 116 122 112 108 117 112 103 123 137 134 137 139 Carpet wool consumption 120 133 123 117 113 75 71 120 148 140 153 164 110 116 110 110 123 125 120 139 149 142 137 130 Wool and worsted yarn 109 117 108 103 112 113 103 120 130 126 127 125 Woolen yarn 108 114 103 96 108 106 97 112 121 117 120 115 109 120 114 112 116 124 112 131 144 140 138 139 Woolen and worsted cloth 126 126 113 109 123 124 113 123 136 138 '141 146 Leather and Products 100 107 108 102 105 103 91 116 112 112 113 107 Leather tanning 86 90 86 84 90 92 81 97 97 103 103 100 Cattle hide leathers 98 101 98 95 105 106 91 110 107 115 '117 112 Calf and kip leathers 64 73 68 72 67 69 60 79 90 87 84 88 Goat and kid leathers 70 72 69 64 67 67 71 67 65 77 83 79 Sheep and lamb leathers 71 74 72 69 72 79 66 89 88 93 86 76 110 118 122 114 115 111 98 129 123 118 120 112 Manufactured Food Products 162 165 166 163 160 166 162 164 168 165 161 162 P165 Wheat flour 122 113 103 108 103 113 109 109 108 109 113 108 P106 Manufactured dairy products 137 138 142 146 148 147 145 148 148 146 147 152 154 Butter 65 66 71 73 73 69 70 69 71 73 73 85 89 Cheese 165 163 169 181 183 180 176 178 178 176 191 209 209 Canned and dried milk 118 120 133 149 163 164 152 168 166 155 152 155 P Preliminary. r Revised. 1 Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods may be obtained from the Division of Research and Statistics. 2 Series included in total and group indexes but not available for publication separately. * 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 indrxes through June 1951 are shown in preceding BULLETINS. 280 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] 1952 1953 Industry Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Manufactured Food Products—Continued 162 182 179 165 146 148 147 158 170 169 170 176 169 193 228 230 207 167 170 163 180 200 194 196 202 181 Beef 145 153 141 135 140 137 144 149 151 153 155 163 175 Veal 87 84 81 79 84 99 109 121 125 131 131 124 113 80 85 85 79 76 78 68 77 87 96 89 97 100 169 171 172 169 169 175 171 171 175 172 166 167 P172 Processed fruits and vegetables 128 133 150 146 147 161 138 123 143 147 -121 126 J»140 Confectionerv 145 143 135 128 130 121 117 134 136 131 134 150 Other food products 184 185 184 183 181 188 189 190 190 185 184 180 P183 174 171 170 157 150 152 162 151 155 162 180 166 158 Malt liquor 185 173 171 154 149 161 176 165 160 154 177 182 175 Whiskey 73 73 68 62 51 38 19 21 26 28 31 44 53 Other distilled spirits 336 327 292 298 231 185 198 234 148 182 133 127 160 150 193 208 205 214 207 224 175 263 325 369 228 180 176 175 174 184 178 189 172 186 187 190 181 172 179 Cigars 108 105 109 110 114 116 113 111 123 134 124 98 110 Cigarettes 244 244 243 259 245 264 240 261 257 258 249 243 249 67 68 59 62 64 65 54 68 65 66 57 59 64 Paper and Paper Products 187 193 192 185 182 181 160 188 192 203 205 195 P199 Paper and pulp 185 189 188 181 175 176 154 180 181 192 194 185 Pulp 229 237 241 228 221 227 195 229 220 233 236 220 111 114 117 110 108 121 124 132 125 125 108 112 95 99 99 95 92 89 68 82 83 89 92 91 Sulphate and sulphite pulp' 271 279 284 269 260 266 226 267 256 274 280 258 Paper 178 181 180 174 168 168 148 172 175 186 188 180 Paperboard 197 209 205 202 207 201 182 222 233 246 249 235 236 192 191 189 186 175 182 150 168 165 178 182 179 Tissue and absorbent paper 195 184 190 186 162 168 174 180 187 206 193 195 Wrapping paper 177 176 178 161 149 153 124 148 146 150 161 150 123 129 131 122 130 134 126 130 126 123 121 116 119 Panerboard containers fsame as Paoerboard} Printing and Publishing 175 177 177 175 170 176 157 165 165 176 175 168 P172 Newsprint consumption 159 163 164 164 166 169 164 162 166 173 169 157 162 Printine Daoer (same as shown under Paocrt 281 281 278 261 209 251 259 280 282 279 '290 290 v292 Gasoline 211 212 210 205 157 216 225 231 234 225 233 229 P229 Fuel oil 238 242 227 218 167 228 231 235 232 226 239 239 P243 Lubricating oil .... ... . 188 177 183 177 124 185 174 181 179 182 171 164 Kerosene 243 208 223 211 133 199 226 230 208 207 225 241 Coke Other petroleum products 2 188 188 204 166 165 72 67 169 177 179 182 186 188 179 179 197 161 161 71 67 168 174 178 179 182 183 464 459 420 326 311 84 52 184 299 243 '268 312 349 Chemical Products T301 297 294 292 292 298 299 302 302 '304 308 309 P310 Paints 159 157 155 152 151 151 157 154 155 15S 158 158 P160 Rayon 322 299 269 267 270 307 325 354 370 '358 350 351 P348 562 562 563 559 558 563 565 568 567 ••578 '595 599 P595 Other chemical oroducts' Rubber Products 248 243 242 235 242 246 225 242 252 '260 '265 270 P272 Minerals—Total 167 167 164 166 140 147 142 156 175 164 171 168 P165 Fuels 175 174 170 171 140 161 155 161 180 167 177 176 P172 Coal 136 123 111 110 100 96 84 93 133 93 125 115 105 Bituminous coal 147 135 122 119 107 102 91 102 144 93 135 125 116 91 77 68 74 73 74 57 61 88 95 87 71 60 194 199 199 201 159 193 190 194 203 203 202 207 P2()5 Metals 125 128 125 141 143 65 65 131 rl49 145 138 117 123 Metals other than gold and silver 177 182 176 '205 207 71 71 188 219 212 '200 166 175 Gold 47 47 48 47 51 52 54 50 48 47 48 46 Silver 72 76 78 77 75 71 63 63 63 69 67 66 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. 281 MARCH 1953 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] Annual 1952 Industry 1952 1951 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec Jan. Industrial Production—Total 219 220 218 211 2/5 211 205 194 218 232 233 235 233 233 Manufactures — Total 230 229 229 228 224 224 215 203 228 242 245 246 246 246 Durable Manufactures 280 273 281 283 277 278 249 232 269 292 301 305 311 '314 Iron and Steel1 243 259 261 263 245 246 140 139 244 270 '281 283 287 "288 Pig iron 200 230 235 239 205 208 42 38 221 242 247 244 249 Steel 269 297 304 309 278 278 66 83 283 319 332 334 335 333 O El p e e c n t r h ic earth. . 8 1 4 8 5 9 2 8 1 8 4 4 2 8 2 9 1 2 2 91 2 1 5 8 1 5 9 5 6 8 1 6 9 7 5 39 36 2 8 0 6 2 0 1 2 0 2 1 2 3 1 2 0 3 4 3 0 231 238 1 2 0 3 2 5 9 Machinery 356 336 360 359 354 353 256 418 336 354 363 1064 1022 '391 Transportation Equipment. 338 307 322 327 329 338 352 331 300 353 '371 372 385 '403 Automobiles (including parts) 230 237 219 222 227 231 339 287 175 247 '265 r-378 398 302 (A v ir a c t r e a f a t n ; d R G ai o lr v o e a r d n m eq e u n i t p )2 ment; Shipbuilding—Pri- 229 162 '275 293 Nonferrous Metals and Products 221 207 217 218 216 210 201 213 225 236 240 245 '247 Smelting and refining 251 225 249 252 260 246 241 251 248 251 259 265 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)2 Fabricating 210 199 204 204 203 195 184 197 216 231 236 240 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)2 Lumber and Products 154 157 148 149 152 145 155 167 159 '152 Lumber 141 148 133 135 143 133 148 143 152 159 151 143 128 132 178 176 176 175 170 168 169 165 175 183 '189 195 •191 Furniture 220 231 208 212 216 224 225 216 231 232 '235 215 '209 Stone, Clay, and Glass Products 232 237 218 224 225 240 245 235 251 248 247 235 210 '219 Glass products 248 252 232 239 242 260 266 255 272 267 262 245 210 '227 Glass containers 234 231 196 200 226 241 237 236 261 263 267 252 231 209 Cement 168 180 168 167 168 167 169 160 169 167 -173 -169 168 '159 Clay products Other stone and clay products 2 Nondurable Manufactures 189 194 186 184 180 180 187 181 195 201 200 199 193 192 Textiles and Products 161 174 160 144 154 147 170 177 176 169 Textile fabrics 145 156 146 139 131 137 138 129 152 158 154 158 152 C R o ay tt o o n n d c e o l n iv s e u r m ie p s tion 3 1 2 3 5 8 3 1 5 5 2 0 150 2 1 8 4 8 1 2 1 8 3 0 0 2 1 8 3 7 5 3 1 1 3 2 3 3 1 4 1 3 1 3 1 6 4 9 3 3 1 7 4 7 5 3 1 6 4 1 2 3 1 5 4 6 9 3 1 3 4 7 1 3 1 4 4 9 0 Nylon and silk consumption 2 P295 Wool textiles 122 129 122 112 108 117 112 103 123 137 134 137 139 Carpet wool consumption 121 106 133 123 117 113 75 71 120 148 140 153 164 Apparel wool consumption 126 136 116 110 110 123 125 I 120 139 149 142 137 130 Woolen and worsted yarn 116 125 117 108 103 112 113 103 120 130 126 '127 251 Woolen yarn 110 112 114 103 96 108 106 97 112 121 117 120 115 Worsted yarn 125 143 120 114 112 116 124 112 131 144 140 138 139 Woolen and worsted cloth 127 142 126 113 109 123 124 113 123 136 138 '141 146 Leather and Products 106 101 109 108 102 105 102 90 116 111 112 114 107 Leather tanning 92 90 96 86 84 90 90 11 95 95 104 '107 99 Cattle hide leathers 105 105 109 98 95 105 102 86 107 105 116 121 112 Calf and kip leathers 75 60 77 67 69 64 70 60 83 88 89 85 87 Goat and kid leathers 71 72 74 68 66 66 68 70 65 66 77 80 80 Sheep and lamb leathers 78 69 81 70 68 77 78 62 92 86 93 91 72 Shoes 118 122 114 115 98 123 118 120 112 116 108 111 129 Manufactured Food Products. 149 148 149 154 174 192 178 165 160 P154 164 165 165 185 Wheat flour 114 101 104 108 118 115 114 107 P106 Cane sugar meltings - 110 111 109 108 Manufactured dairy products 151 151 97 116 152 197 217 215 214 173 133 106 107 100 Butter 71 72 58 64 75 94 95 86 76 69 63 55 67 74 Cheese 179 172 134 152 188 245 256 217 199 182 158 143 151 155 Canned and dried milk 152 148 108 131 168 227 227 176 173 153 126 110 120 Ice cream 2 P Preliminary. r Revised. 1 Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods may be obtained from the Division of Research and Statistics. 2 Series included in total and group indexes but not available for publication separately. 3 Because of a reclassification of the basic data used to measure changes in production, the sulphate pulp and sulphite pulp series are no longer available separately. Individual indexes through June 1951 are shown in preceding BULLETINS. 282 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] Annual 1952 1953 Industry 1952 1951 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Manufactured Food Products—Continued Meat packing 165 158 175 165 152 147 147 137 138 154 169 190 208 199 Pork and lard 195 195 223 214 188 167 I 170 144 139 158 183 230 266 237 Beef 148 133 140 128 127 140 I 134 146 150 163 167 161 163 178 Veal 106 95 74 76 78 88 j 99 109 118 138 149 141 116 105 Lamb and mutton 84 67 86 83 77 78 73 65 75 93 100 89 95 106 Other manufactured foods 171 174 155 153 151 154 [ 166 179 ! 195 207 191 174 165 M58 Processed fruits and vegetables 137 150 84 82 96 124 179 j 234 279 190 112 98 Confectionery 134 135 144 125 j 107 100 89 96 i 144 175 171 158 151 Other food products 185 186 176 176 ! 175 178 189 194 195 193 184 P176 Alcoholic Beverages 160 186 152 155 | 155 176 186 j 159 159 173 163 142 134 Malt liquor 167 165 155 159 j 162 170 203 220 | 188 161 143 136 145 144 Whiskey 45 102 73 68 i 62 51 ; 38 19 ; 21 26 28 31 44 53 Other distilled spirits 198 413 196 190 179 139 ! 115 115 ! 126 202 472 280 140 104 Rectified liquors ! 231 266 193 208 I 205 214 | 207 224 j 175 263 325 369 228 180 i Tobacco Products 180 175 \ 167 164 I 174 178 197 ! 179 j 193 198 184 159 178 Cigars 114 109 105 i 109 110 ! 114 116 113 ; lit j 123 134 124 98 110 Cigarettes 251 242 229 ; 226 241 i 245 278 252 ! 274 i 275 268 254 224 249 Other tobacco products 63 65 66 59 62 ! 64 66 54 ! 66 ! 69 71 i 59 51 63 Paper and Paper Products 189 201 194 j 192 \ 186 | 182 182 I 159 j 188 ! 191 203 205 195 P!99 Paper and pulp 182 193 190 188 181 175 177 153 ! 180 I 181 192 194 184 Pulp j 226 231 238 I 242 230 222 227 193 227 ! 217 232 237 220 Ground wood pulp i 117 122 119 j 125 121 117 122 110 116 112 116 114 113 Soda pulp j 89 94 99 i 99 95 92 89 68 82 83 89 92 91 Sulphate and sulphite pulp 3 j 266 2 70 279 ! 284 269 260 266 226 267 256 274 280 258 Paper j 175 187 182 i 180 174 168 169 147 172 175 186 188 179 F P i a n p e e r p b a o p a e r r d 2 ! ! 216 230 209 ! 205 202 207 201 182 222 233 246 249 235 236 Printing paper I 178' 186 191 I 189 186 i 175 182' 150 168 165 178 182 179 Tissue and absorbent paper j 185 202 191 | 190 188 162 171 167 180 187 208 193 189 Wrapping paper 156 173 176 | 178 161 149 153 124 148 146 150 161 150 Xewsprint 126 124 129 | 131 124 131 135 124 129 126 123 123 114 119' Paperboard containers (same as Paperboard) Printing and Publishing i 171 175 175 j 180 180 I 174 175 145 j 157 I 166 180 I 183 172 P!67 Xewsprint consumption J 165 164 159 ! 171 174 173 168 141 146 168 182 I 184 165 150 Printing paper (same as shown under Paper) i 267 281 i 278 | 261 209 251 259 280 282 i 279 \r290 290 "292 Petroleum and Coal Products 270 Petroleum refining 2 ! 216 207 212 210 205 157 216 225 231 1 234 225 J 233 229 '229 Gasoline I 227 220 242 227 218 167 228 231 235 I 232 226 I 239 239 i>243 Fuel oil j 174 192 175 181 184 129 185 172 179 I 179 182 1 171 163 Lubricating oil i 213 219 218 227 215 134 187 210 221 S 206 207 231 248 Kerosene ! I Other petroleum products 2 j 162 185 188 204 ! 166 165' "72' 67 169 177 179 ! 182 186 188 Coke B B e y e - h p i r v o e d u c c o t k e c oke I I 2 1 8 5 5 9 4 1 5 7 6 7 4 1 5 7 9 9 4 1 2 9 0 7 3 1 2 6 6 1 3 1 1 6 1 1 8 7 4 1 6 5 7 2 1 1 6 8 8 4 2 1 9 7 9 4 178 I 179 3 1 1 8 2 2 3 1 4 8 9 3 Chemical Products 301 298 I 295 291 295 I 299 305 309 I 313 314 P311 Paints 155 162 155 155 153 155 156 155 I 152 153 158 156 158 PISS Rayon 320 369 299 269 j 267 270 307 325 354 370 r358 350 351 P348 O In t d h u er s tr c i h a e l m c i h c e a m l i p c r a o ls ducts 2 570 542 562 563 559 558 563 565 ! 568 567 \578 "595 599 P595 Rubber Products 247 243 243 242 235 242 j 246 225 \ 242 252 r260 '265 270 P272 j Minerals—Total. . . 160 164 162 158 165 143 149 144 j 161 180 166 170 163 P160 Fuels 167 170 171 140 161 155 !I 161 180 167 177 176 P172 Coal 110 123 123 111 110 100 96 84 93 133 93 125 115 P105 Crud A e B n i p t t u e h m t r r a o i c n le i o t u u e m s coal 1 1 1 7 9 7 6 6 1 1 8 3 9 1 4 2 1 1 3 9 5 9 1 1 6 2 9 8 2 9 2 1 0 1 7 1 9 4 1 1 0 5 7 7 9 3 I 1 1 0 9 7 2 3 4 1 9 5 9 1 7 0 1 1 6 0 9 1 2 4 2 1 0 8 4 3 8 4 2 9 9 0 3 5 3 2 1 0 8 3 2 7 5 2 1 0 2 7 7 5 1 P 1 2 6 1 0 6 5 0 Metals. 120 134 91 90 130 159 I r7 81 i 164 178 164 H31 84 Metals other than gold and silver 168 192 121 118 189 '238 '90 101 244 265 241 185 108 Iron ore 207 257 98 94 238 348 41 71 ; 381 418 363 248 83 (Copper; Lead; Zinc)2 Gold 51 43 48 54 56 Silver 70 80 68 61 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. 283 MARCH 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] Annual 1952 1953 Product group 1952 1951 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Total 108 123 102 104 103 105 108 71 84 121 125 134 134 142 Passenger automobiles 103 128 96 103 109 110 114 47 63 122 125 131 129 138 Household goods, total 113 117 108 106 97 99 101 98 108 119 124 137 139 146 Carpets 80 78 75 80 83 81 44 61 76 81 99 98 94 Furniture 111 107 103 102 106 109 110 113 113 115 r118 120 124 122 Major appliances 93 109 95 98 82 85 89 74 94 89 91 114 115 114 Radios and television 169 172 158 141 118 115 136 135 141 205 214 237 236 276 ' Revised. NOTE.—Figures for January 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] Annual 1951 1952 1953 Industry group or industry 1951 1952 Dec. Jan. Feb. June July Aug. Sept. Oct. Nov. Dec Jan. ADJUSTED FOR SEASONAL VARIATION Total 13,034 12,887 12,803 12,816 12,835 12,465 12,268 12,795 13,058 13,168 '13,318 13,415 13,468 Durable goods 7,334 7,302 7,261 7,256 7,285 6,916 6,674 7,188 7,430 7,534 '7,658 7,750 7,794 Primary metal industries 1,160 1,078 1,152 1,156 1,154 720 686 1,116 1,153 1,156 1,166 1,171 1,179 Fabricated metal products 831 809 794 796 799 777 745 795 821 '843 '859 869 880 Machinery except electrical 1,233 1,248 1,263 1,276 1,275 1,255 1,215 1,193 1,199 1,218 '1,252 1,280 1,294 T E r le a c n t s r p ic o a r l t a m ti a o c n h i e n q e u ry ipment 1,2 7 2 1 1 0 1,3 7 0 3 2 2 1,2 7 3 1 5 2 1,, 7 2 1 3 8 5 1,2 7 5 2 1 0 1,3 7 2 1 3 0 1,1 7 6 0 9 6 1,1 7 9 2 2 6 1,3 7 3 47 0 1, • 3 • 8 75 0 8 '1, ' 4 7 1 7 8 1 1,4 7 6 8 5 4 1,4 7 7 9 6 8 Lumber and wood products 741 686 699 667 685 690 709 709 705 '691 '690 678 659 Furniture and fixtures 301 298 290 292 290 297 297 299 302 '304 307 310 312 Stone, clay, and glass products. . 478 455 460 457 449 453 448 456 460 '465 '467 461 458 Instruments and related products 223 238 230 231 232 233 238 240 242 245 '250 251 253 O A T M e r p i d x s p n t c a i N . a l r e e n m o - l c m n a e a d n i n l a u u l d n f r a p d a o c r b o t t a u h l d c e r e c u i r e n c g s g t f o s s i o n o i r i d n s ie h s d s e u d s t t r e ie x s - .. 5 1 , , 7 4 1 0 0 3 8 1 7 0 6 5 1 , , 3 5 1 9 8 6 2 6 0 5 0 5 1 , , 3 5 1 7 5 2 4 4 2 4 2 5 1 , , 5 3 1 6 7 5 2 0 0 4 4 5 1 , , 3 5 1 7 5 0 5 5 5 0 6 5 1 , , 3 5 0 9 8 4 6 8 0 2 9 5 1 , , 4 5 1 0 6 9 1 1 0 4 4 5 1 , , 4 6 1 0 3 5 0 3 9 7 7 5 1 , , 4 6 15 0 2 6 8 3 3 8 5 1 , , ' 6 1 4 6 3 5 1 3 4 0 1 5 1 , , ' 6 1 4 6 6 5 1 0 3 0 5 5 .1 , , 6 4 1 6 6 1 4 4 7 5 7 5 1 , , 4 6 1 2 6 7 4 1 4 4 3 tiles 1,039 1,030 1,020 1.02J 1,021 1,018 1,045 1,034 1,037 '1,030 1,055 1,058 1,048 Leather and leather products. . . 342 346 325 331 335 347 345 350 348 351 359 363 363 Food and kindred products 1,171 1,147 1,133 1,144 1,159 1,169 1,163 1,140 1,138 '1,140 '1,128 1,122 1,138 Tobacco manufactures 81 83 83 82 81 82 83 84 84 83 82 85 82 Paper and allied products 419 407 406 403 402 405 403 410 413 '416 '418 421 419 Printing, publishing and allied industries 512 513 512 510 507 511 512 514 515 517 519 518 523 Chemicals and allied products... 535 527 527 531 530 528 532 523 523 '524 '524 524 529 Products of petroleum and coal. 195 195 197 195 195 189 189 201 200 203 202 202 199 Rubber products 219 217 215 216 214 218 208 214 217 220 '223 225 230 WITHOUT SEASONAL ADJUSTMENT Total 13,034 12,887 12,911 12,766 12,820 12,329 12,061 12,886 13,285 13,377 13,452 13,527 13,418 Durable goods 7,334 7,302 7,322 7,264 7,306 6,888 6,559 7,146 7,444 7,583 '7,713 7,816 7,805 Primary Metal Industries 1,160 1,078 1,164 1,162 1,160 716 676 1,110 1,153 1,162 1,172 1,183 1,185 Blast furnaces, steel works 566 493 573 570 570 155 134 540 565 566 568 571 and rolling mills 831 809 806 804 807 769 726 783 821 '847 '863 882 889 Fabricated Metal Products 1,233 1,248 1,269 1,276 1,281 1,261 1,203 1,181 1,193 '1,212 '1,246 1,286 1,294 Machinery except Electrical 229 247 245 247 249 248 242 244 247 '247 247 250 Metalworking machinery... 710 732 726 725 727 706 685 708 743 '766 '783 800 806 Electrical Machinery Electrical apparatus (gen- 267 270 271 273 275 266 254 259 269 274 278 282 erating, etc.) 256 285 272 271 273 268 265 281 297 '309 '322 331 Communication equipment. 1,221 1,302 1,235 1,235 1,251 1,323 1,169 1,192 1,330 ' 1,380 '1,418 1,465 1,476 Transportation Equipment Motor vehicles and equip- 718 654 645 633 634 672 521 525 680 '706 740 767 ment 337 449 407 415 424 447 454 466 448 '472 '478 493 Aircraft and parts 741 686 696 654 668 697 709 727 719 '701 '697 675 646 Lumber and Wood Products 437 414 412 391 396 424 427 442 438 '430 '423 410 Sawmills and planing mills.. 301 298 296 296 296 288 285 295 304 r310 315 316 317 Furniture and Fixtures 212 211 208 208 207 202 202 210 216 222 226 227 Household furniture 478 455 465 452 447 453 441 458 462 '467 '469 466 453 Stone, Clay, and Glass Products. . 223 238 232 232 233 233 230 238 242 246 '251 254 254 Instruments and Related Products. 401 396 381 374 381 382 375 395 414 '429 '436 425 421 Misc. Manufacturing Industries.. 37 60 52 54 55 60 60 59 63 63 63 64 64 Ordnance and Accessories For footnotes see following page. 284 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] Annual 1951 1952 1953 Industry group or industry 1951 1952 1 Dec. Jan. Feb. June July Aug. Sept. Oct. Nov. Dec. Jan. Nondurable goods .... 5,700 5,585 5,589 5,502 5,514 5,441 5,502 5,740 5,841 '5,794 ••5,739 5,711 5,613 Textile-mill Products 1,186 1,120 1,141 1,131 1,123 1,082 1,081 1,120 1,141 1,150 '1,162 rl, 164 1 154 Broad-woven fabric mills... 569 520 548 540 527 506 509 519 522 524 ••528 530 Knitting mills 219 217 211 209 210 212 209 221 225 228 230 229 Apparel and Other Finished Textiles 1,039 1,030 1,035 1,029 1,052 972 982 1,050 1,068 '1,066 1,066 1,074 1,048 Men's and boys' furnishings. 246 244 235 228 233 240 239 249 253 ••255 255 256 Women's and misses' outerwear 283 285 296 300 309 252 269 292 292 284 287 301 Leather and Leather Products.... 342 346 323 330 342 340 340 357 355 355 357 361 363 Footwear (except rubber)... 218 222 205 213 221 221 219 232 228 224 ••225 231 Food and Kindred Products 1,171 1,147 1,122 1,068 1,060 1,138 1,215 1,279 1,314 "1,233 '1,156 1,109 1,059 Meat products 238 238 252 246 244 232 234 232 236 235 245 247 Canning and preserving .. 181 167 120 106 105 155 211 280 313 r222 r146 124 191 191 190 187 187 190 195 194 195 '196 195 190 81 83 85 82 80 78 78 87 91 91 88 87 82 Paper and Allied Products 419 407 410 405 404 403 395 408 411 r418 '422 425 421 Pulp, paper and paperboard mills • . 212 209 212 211 210 209 203 209 208 ••210 210 213 Printing, Publishing and Allied 512 513 520 510 507 511 507 509 515 522 524 526 523 Newspapers » . 152 154 155 151 152 154 154 154 155 155 156 157 169 168 171 170 166 167 165 165 167 170 170 172 Chemicals and Allied Products... 535 527 538 536 538 512 511 513 526 r534 '534 534 534 Industrial organic chemicals. 170 168 171 170 168 163 166 168 168 170 172 173 Products of Petroleum and Coal.. 195 195 196 193 193 190 191 205 203 203 203 201 107 152 154 155 153 153 155 158 161 159 159 159 159 Rubber Products 219 217 219 218 215 215 202 212 217 222 '227 230 232 ' Revised. 1 Annual figures for 1952 were computed by Federal Reserve and are preliminary. 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 January 1953 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 hourlyearnings (dollars per week1 (per week) (dollars per houri Industry group 1952 1953 1952 1953 1952 1953 Jan. Nov. Dec. Jan. Jan. Nov. Dec. Jan. Jan. Nov. Dec. Jan. Total 66.91 70.78 72.40 71 27 40.8 41 2 41.8 41.1 1.640 1.718 1 732 1.734 Durable goods 72.15 76.82 78.70 77 32 41.8 42 0 42.7 42.0 1.726 1.829 1 843 1.841 Primary metal industries 76.86 '82.92 84.02 82 25 41.5. 41 5 41.8 40.9 L.852 '1 .998 2 010 2.011 Fabricated metal products 71.06 '75.84 78.42 77 28 41.8 '42 3 43.3 42.6 L.700 '1 .793 1 811 1.814 Machinery except electrical 79.81 '81.32 83.99 83. 29 43.9 42 8 43.7 43.2 L.818 '1.900 1 922 1.928 Electrical machinery 70.22 72.40 73.91 73.25 41.9 41.8 42.5 42.1 L.676 1.732 1 739 1.740 Transportation equipment 79.47 '86.26 89.00 87.40 41.5 '42 1 43.1 42.8 L.915 '2.049 2 065 2.042 Lumber and wood products 57.02 '64.35 63.32 60.51 40.1 '41 3 41.6 40.5 L.422 '1.558 1.522 1.494 Furniture and fixtures 59.84 '63.38 65.06 63.07 41.5 42 0 42.8 41.6 L.442 '1.509 1.520 1.516 Stone, clay, and glass products 64.35 '70.13 71.06 68. 90 40.6 41 4 41.9 40.6 L.585 '1.694 1.696 1.697 Instruments and related products 71.02 '75.65 76.74 74.53 42.1 42 5 42.8 41.8 L.687 '1.780 1.793 1.783 Miscellaneous manufacturing industries, 59.94 '64.69 65.92 65. 14 41.0 42 2 42.5 41.7 L.462 '1.533 1.551 1.562 Ordnance and accessories 77.26 '75.93 78.26 76.61 44.4 '41 4 42.1 40.9 L.740 '1.834 1.859 1.873 Nondurable goods 60.04 '62.95 63.67 62. 80 39.5 '40 3 40.5 39.8 L.520 '1.562 1.572 1.578 Textile-mill products 52.40 '55.07 55.73 54. 11 38.9 40 4 40.8 39.7 .347 '1.363 1.366 1.363 Apparel and other finished products.... 46.40 '47.76 48.28 47.80 36.0 37 4 37.4 36.8 .289 '1.277 1.291 1.299 Leather and leather products 49.54 '50.82 53.17 53. 83 38.4 37 7 39.5 39.9 .290 '1.348 1.346 1.349 Food and kindred products 63.40 '66.20 67.11 66.86 41.6 41 9 42.1 41.4 .524 '1.580 1.594 1.615 Tobacco manufactures 45.27 '47.03 47.67 46.32 38.4 '38 8 39.2 37.6 .179 '1.212 1.216 1.232 Paper and allied products 66.39 '72.39 72.94 71.68 42.5 43 9 44.1 43.1 1.562 '1.649 1.654 1.663 Printing, publishing and allied products. 77.28 '81.34 83.54 80.93 38.6 38 9 39.5 38.5 2.002 '2.091 2. 115 2.102 Chemicals and allied products 69.06 '72.45 72.34 71.50 41.6 '41 9 41.6 41.0 1.660 '1.729 1.739 1.744 Products of petroleum and coal 82.66 '88.18 88.07 87.56 40.9 40 9 40.7 40.5 2.021 '2.156 2. 164 2.162 Rubber products 74.19 '77.44 79.63 77.62 40.9 '41.3 42.0 41.2 1.814 '1.875 1.896 1.884 •• Revised. NOTE.—Data are for production and related workers. Figures for January 1953 are preliminary. Back data are available from the Bureau of Labor Statistics. MARCH 1953 285 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 f g ac- Mining co C n o st n r t u r c a t c i t on tio p n u b a li n c d Trade Finance Service Sta l t o e c , a a l nd utilities government 1945 40,069 15,302 826 1,132 3,872 7,522 ,394 4,055 5,967 1946 41,412 14,461 852 1,661 4,023 8,602 ,586 4,621 5,607 1947 43,371 15,247 943 1,982 4,122 9,196 ,641 4,786 5,454 1948 44,201 15,286 981 2,165 4,151 9,491 ,716 4,799 5,613 1949 43,006 14,146 932 2,156 3,977 9,438 ,763 4,782 5,811 1950 44,124 14,884 904 2,318 4,010 9,524 ,812 4,761 5,910 1951 46,401 15,931 920 2,569 4,144 9,804 ,883 4,759 6,390 1952 46,873 15,989 875 2,546 4,168 9,944 1,961 4,762 6,628 SEASONALLY ADJUSTED 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 '47,422 '16,324 '871 '2,569 '4,249 '9,988 '1,991 '4,750 6,680 November '47,650 '16,492 873 '2,559 4,238 '10,024 '1,995 '4,757 6,712 December 47,810 16,607 874 2,508 4,239 10,086 2,002 4,753 6,741 1953—January 47,801 16,665 882 2,479 4,203 10,168 1,993 4,742 6,669 UNADJUSTED 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 ,096 9,845 1,952 4,748 6,551 May 46,329 15,654 893 2,522 ,131 9,773 1,958 4,796 6,602 June 46,292 15,410 814 2,663 ,168 9,838 1,977 4,837 6,585 July 46,006 15,162 784 2,722 ,140 9,792 1,993 4,855 6,558 August 47,124 16,028 897 2,781 ,208 9,784 1,993 4,844 6,589 September 47,789 16,430 886 2,763 ,228 9,970 1,971 4,829 6.712 October '47,908 '16,542 '873 '2,697 '4,242 '10,114 '1,971 '4,774 6.695 November '48,026 '16,625 874 '2,610 4,234 '10,312 '1,975 '4,733 6,663 December 48,890 16,713 873 2,458 4,239 10,869 1,982 4,705 7.051 1953—January 47,244 16,612 875 2,256 4,167 10,030 1,983 4,671 6,650 ' Revised. NOTE.—Data include all full- and part-time employees who worked during, or received pay for, the pay period ending nearest the 15th of the month. Proprietors, self-employed persons, domestic servants, unpaid family workers, and members of the armed forces are excluded. January 1953 figures and 1952 annual averages are preliminary. Back unadjusted data are available from the Bureau of Labor Statistics; seasonally adjusted figures beginning January 1939 may be obtained from the Division of Research and Statistics. LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates without seasonal adjustment. Thousands of persons 14 years of age and over] Civilian labor force Total non- Total Employed l Not in the Year or month in p s o t p it u u l t a i t o io n n al l f a o b rc o e r Total Unem- labor force In nonagricul- In ployed Total tural industries agriculture 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 1952—February 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 L.804 47,756 April 112,844 65,260 61,744 60,132 53,720 6,412 L.612 47,584 May 112,946 66,298 62,778 61,176 54,216 6,960 L,602 46,648 June 113,050 67,884 64,390 62,572 54,402 8,170 L ,818 45,166 July 113,158 67,642 64,176 62,234 54,636 7,598 L.942 45,516 August 113,220 67,374 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 62,921 61,509 55,812 5,697 1.412 47,394 1953—January (2) (2) 62,416 60,524 55,072 5,452 1,892 48,232 February 62,712 60.924 55,558 5,366 1,788 48,224 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. 286 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VALUE OF NEW CONSTRUCTION ACTIVITY [Adjusted for seasonal variation. In millions of dollars] Private Public Year or month Total Total d R en e t s i i a - l Ind B us u - sine C ss om- Public O n r d e t o e h s n n i e - - - r Total M ta i r l y i- H w ig ay h - C v o a n ti s o e n r- o A th ll er Total trial mercial utility tial 1939 8,198 4,389 ,680 1,229 254 292 683 480 3,809 125 1,381 570 1,733 1940 8,682 5,054 ,985 1,561 442 348 771 508 3,628 385 1,302 528 1,413 1941 11,957 6,206 3,510 2,082 801 409 872 614 5,751 1,620 1,066 500 2,565 1942 14,075 3,415 1,715 1,287 346 155 786 413 10,660 5,016 734 357 4,553 1943 8,301 1,979 885 759 156 33 570 335 6,322 2,550 446 285 3,041 1944 5,259 2,186 815 989 208 56 725 382 3,073 837 362 163 1,711 1945 5,633 3,235 1,100 1,672 642 203 827 463 2,398 690 398 130 1,180 1946 12,000 9,638 4,015 4,195 1,689 ,132 1,374 1,428 2,362 188 895 240 1,039 1947 16,689 13,256 6,310 4,896 1,702 856 2,338 2,050 3,433 204 1,451 394 1,384 1948 21,678 16,853 8,580 5,693 1,397 ,253 3,043 2,580 4,825 158 1,774 629 2,264 1949 22,789 16,384 8,267 5,322 972 ,027 3,323 2,795 6,405 137 2,131 793 3,344 1950 28,749 21,610 12,600 5,680 1,062 ,288 3,330 3,330 7,139 177 2.381 881 3,700 1951 31,025 21,684 10,973 7,183 2,117 ,371 3,695 3,528 9,341 1,019 2,400 860 5,062 1952 32,329 21,785 11,101 7,343 2,298 ,095 3,950 3,341 10,544 1,346 2,700 838 5,660 1952—February. 2,723 1,811 900 627 209 89 329 284 912 112 250 75 475 March... . ,835 920 1,010 626 213 85 328 284 915 122 245 78 470 April 2,779 857 953 620 211 80 329 284 922 120 246 76 480 May 2,701 798 902 613 199 84 330 283 903 124 225 74 480 June 2,683 773 885 612 189 84 339 276 910 123 231 71 485 July 2,640 784 896 611 187 84 340 277 856 109 222 67 458 August. . . 2,634 789 902 611 186 88 337 276 845 107 220 64 454 September 2,654 1,794 911 608 182 93 333 275 860 100 235 65 460 October... 2,660 1,812 942 597 176 99 322 273 848 98 228 64 458 November 2,699 1,846 973 596 175 105 316 277 853 103 207 63 480 December. 2,738 1,864 992 602 172 109 321 270 874 116 207 65 486 1953—January.. 2,755 1,855 951 633 178 120 335 271 900 130 214 68 488 February?. 2,849 1,942 1,013 653 185 125 343 276 907 127 222 68 490 P Preliminary. Source.—Joint estimates of the Departments of Commerce and Labor. CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions] By type of ownership By type of construction Year or month Total Nonresidential building Public Resi- works Public Private dential and building Fac- Com- public tories mercial Other utilities 1945 3,299 1,311 1,988 563 1,027 346 100 377 885 1946 7,490 1,754 5,735 3,142 1,317 773 221 404 1,631 1947 7,760 2,296 5,464 3,154 941 785 392 597 1,890 1948 9,430 3,107 6,323 3,608 840 975 725 1,127 2,155 1949 10,359 3,718 6,641 4,239 559 885 824 1,376 2,476 1950 14,501 4,409 10,092 6,741 1,142 ,208 1,180 1,651 2,578 1951 15,751 6,122 9,629 6,205 883 915 1,335 1.689 2,723 1952 16,775 6,711 10,064 6,668 2,562 979 1,472 1,686 3,408 1952—January 902 297 605 338 110 56 98 94 207 F«ebruary 885 339 547 396 61 62 104 74 187 March ,321 554 767 593 120 71 119 154 265 April ,598 636 961 682 205 75 134 148 354 May ,564 558 1,006 754 79 80 146 158 347 June ,489 559 930 582 166 74 127 184 356 July ,511 619 893 608 140 92 122 208 341 August ,439 501 937 628 142 94 145 139 291 September ,029 1,269 760 519 995 87 87 93 248 October ,321 410 911 602 113 103 126 138 238 November ,249 491 758 528 117 85 117 143 259 December ,467 478 990 439 313 100 146 154 316 1953—January 1,076 460 76 87 106 138 209 CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts, in thousands of dollars] Federal Reserve district Total Month (11 districts) Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t is M ap in o n li e s - K C an it s y as Dallas 1951—November 951,056 96,669 135,069 50,090 103,232 98,941 83,276 149,738 73,741 39,703 46,080 74,517 December 1,099,509 117,458 126,078 54,890 92,166 172,982 127,308 178,151 78,336 28,658 54,145 69,337 1952—January 902,091 -38,402 133,898 54,388 69,220 82,234 180,381 114,783 64,179 28,944 59,472 76,190 1952—November 1,248,803 83,576 262,274 75,963 106,837 110,193 126,615 192,761 93,888 35,962 61,039 99,695 December ...... 1,467,384 41,183 221,415 119,670 144,201 162,085 268,780 182,231 78,539 22.043 54,328 172,909 1953—January........ 1,075,868 100,864 154,306 90,576 96,756 110,437 117,354 153,509 53,314 20,550 78,877 99,325 287 MARCH 1953 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- ily 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 Pl.131 n.a. n.a. Pi,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 59 45 91 79 4 8 13 28 19 9 April 106 59 47 96 85 4 7 9 38 26 12 May 110 61 49 101 90 4 7 9 38 26 12 June 104 56 47 97 87 4 7 7 39 26 13 July 103 52 50 101 90 4 7 2 42 29 13 August . 99 51 48 97 85 4 g 2 38 25 13 101 ' 53 48 99 87 5 8 2 42 28 14 October ... 101 54 47 99 87 4 8 2 43 27 16 November 86 46 40 82 72 3 7 4 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 27 18 9 February P77 n.a. n.a. P72 n.a. n.a. n.a. P5 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 1952 1953 1952 1953 1951 1952 Jan. Aug. Sept. Oct. Nov. Dec. Jan. Jan. Aug. Sept. Oct. Nov. Dec. Jan. Total 134 126 141 125 134 128 134 131 134 128 129 145 138 138 120 121 Coal 121 109 133 101 135 93 123 111 108 133 101 135 93 123 111 108 Coke 208 168 203 160 189 188 195 191 184 214 154 187 185 195 200 193 Grain 143 142 146 134 123 157 147 131 128 146 145 138 157 144 123 128 Livestock 69 69 67 65 70 76 76 69 62 64 61 93 117 95 66 59 Forest products 150 144 155 149 140 139 152 152 154 139 157 151 146 149 135 139 Ore 205 181 256 216 235 233 233 248 278 64 323 352 314 258 77 70 IVTiscellaneous . 147 140 151 140 144 145 144 144 151 138 141 155 158 150 135 138 Merchandise, 1. c. 1 48 46 46 46 45 46 46 45 44 44 46 48 48 47 43 42 NOTE.—For description and back data, see BULLETIN for June 1941, pp. 529-533. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission. MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports l Merchandise imports * Excess of exports Month 1950 1951 1952 1950 1951 1952 1950 1951 1952 January 741 974 1,254 623 ,025 922 118 -51 332 February 764 1,076 '1,344 600 910 893 164 166 '451 March 860 1,295 '1,447 665 ,102 964 195 193 '483 April 804 1,369 '1,352 585 ,034 932 219 '337 '420 May 830 1.354 '1,473 659 ,018 835 170 336 '638 June 877 1.297 '1,167 687 930 861 190 366 '306 July 779 1,186 '1,027 709 895 839 70 292 '188 August 762 1,270 '1,087 820 881 817 -59 390 '270 September 911 1.232 '1,225 859 721 877 52 510 '348 October 906 1.152 '1,213 923 834 918 -16 319 '295 November 977 1.388 1,186 855 819 804 122 569 382 December 1,065 1,438 Pl.388 867 800 PI,052 198 638 P337 January- Dece mber ,10,275 15,033 P15.163 8,852 10,967 P10.714 1,423 4,065 P4.449 P Preliminary. «• 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-December 1952, 1,981. . » General imports including imports for immediate consumption plus entries into bonded warehouses. Source.—Department of Commerce. 288 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 a t nt - a c C a h g i- o Lo S u t i . s M a i po n l n i e s - K C a i n t s y as Dallas F c S r i a a sc n n o - SALES1 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 109 105 105 109 111 113 115 108 105 104 111 117 109 195? 110 104 99 109 110 116 124 106 106 104 113 124 114 SEASONALLY ADJUSTED 1952—January '109 102 r99 no '116 '116 119 '105 111 97 115 122 106 February 106 100 100 110 108 109 112 105 100 113 106 115 108 March 105 104 98 109 106 114 114 103 99 94 105 115 102 April 103 99 96 102 104 108 116 100 98 98 104 114 105 May 108 101 96 107 103 116 127 104 102 104 112 128 118 June 111 103 98 107 112 122 138 105 111 100 114 132 114 July 105 106 95 106 105 106 120 97 99 104 114 123 110 August 114 109 102 115 113 127 131 111 110 115 119 127 116 September 106 101 95 105 105 112 121 103 104 98 108 119 114 October 115 109 105 114 116 120 126 113 114 110 113 128 118 November 113 105 98 109 113 115 128 108 106 107 117 129 128 December. 115 108 101 111 117 121 130 116 113 '110 119 130 '119 1953—Tanuarv Pill P104 97 111 116 P117 P126 107 108 100 P114 129 116 UNADJUSTED 1952—January 83 81 r79 81 87 '82 90 81 81 '73 86 95 '84 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 no 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 July 84 73 69 76 82 87 96 82 81 84 93 104 96 August 98 83 76 86 99 100 115 97 98 103 110 114 112 September 112 111 100 no no 121 126 no 110 108 115 128 115 October . . . 119 111 110 120 119 128 132 116 121 124 120 134 117 November 133 127 123 143 13Q 142 145 129 126 120 132 145 136 December 195 193 175 195 194 '214 221 186 179 a 75 196 215 '207 1953—Januarv P85 P84 78 82 87 P82 P96 82 79 75 P85 101 91 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 no 107 1 1 9 9 4 5 9 0 1 10 0 9 0 1 1 1 00 0 1 9 0 7 4 1 9 0 9 8 1 1 0 00 6 1 10 1 1 4 1 10 2 2 0 1 1 1 00 0 1 1 1 00 2 1 10 0 0 4 1 1 1 0 3 0 1 1 0 1 1 2 n 10 o 0 1951 129 124 124 127 128 133 140 128 131 117 132 132 131 1952 118 110 111 113 111 132 130 115 122 107 124 126 125 SEASONALLY ADJUSTED 1952—January 118 115 '113 '116 '116 '128 \^•i 114 106 106 122 124 121 F M e a b r r c u h ary 1 1 1 1 5 6 1 10 1 9 2 1 10 0 8 7 1 1 1 1 3 3 1n1o0 1 12 2 7 7 1 1 2 2 6 9 1 1 1 1 3 3 1 1 1 1 1 2 1 1 0 0 2 3 1 1 2 2 0 2 1 1 2 2 2 4 1 1 1 2 9 3 April 116 111 11? 111 126 125 114 114 104 121 122 12S May 118 109 112 114 109 131 126 114 124 106 124 124 128 Tune 118 110 113 113 107 139 125 113 125 105 122 123 128 julv 120 110 116 114 113 140 129 118 120 108 128 130 125 August 118 109 111 112 109 136 129 115 129 100 127 127 123 September 1?0 100 110 113 112 132 130 118 132 113 120 131 126 October 120 109 110 114 111 130 133 118 130 113 124 129 134 November 1?0 111 111 113 113 132 136 118 130 111 1?4 130 127 December 119 110 111 114 112 132 142 114 128 107 123 130 126 1953—Januarv P123 P113 114 P115 114 P140 *>140 117 130 *>113 J>130 P137 132 1952—January . 106 105 MOO '101 '106 '113 119 106 92 100 '113 112 109 February 113 107 104 111 109 123 128 111 109 99 121 120 117 March 120 112 113 119 116 136 132 118 118 107 126 131 122 April 122 114 116 121 117 136 132 118 122 109 127 129 129 Mav . . 120 112 115 116 111 135 127 116 124 108 126 125 132 June 112 102 105 105 100 127 120 107 118 100 119 114 126 Julv 110 99 102 100 102 128 121 107 112 105 120 120 120 August 114 103 107 107 104 134 127 no 125 104 120 125 118 September 124 112 116 117 116 137 135 119 140 113 129 134 129 October 134 123 124 131 124 146 145 131 147 120 135 141 147 November 136 131 128 131 128 148 153 136 143 123 140 146 141 December 108 104 102 100 98 116 124 106 112 99 109 120 112 1953—January Pill P103 101 *>l00 104 *>124 P126 109 113 P106 P121 P123 119 P Preliminary. r Revised. * 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. 289 MARCH 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued [Based on retail value figures] DEPARTMENT STORE MERCHANDISING DATA Amounts (In millions of dollars) Ratios to sales J Year or month m S ( a t o f o l o n e t r t a s h l 2 ) S m t ( o o e o c n n f k t d h s ) 2 o m ( s e r O t o d n i a n n u e d n g r t t d - h s o - ) 2 f m c ( e o t R f i o o p n e t r t t - a s h l ) 3 o m ( r N o t d f o o e n e t r w r t a s h l ) 8 Stocks s o O t r i a d n u n e g t d r - s - S s o t p o t r i a o d n l u n u c e g t d k s - rs - s ce R i e p - ts 1944 average 246 574 596 244 256 2.4 2.5 5.0 .0 1945 average 276 604 775 277 291 2.3 3.0 5.3 .0 1946 average 345 767 964 373 354 2.3 3.0 5.3 .1 1947 average 365 887 588 366 364 2.5 1.7 4.3 .0 1948 average 381 979 494 386 363 2.7 1.4 4.1 .0 1949 average 361 925 373 358 358 2.7 1.1 3.8 .0 1950 average 376 ,012 495 391 401 2.8 1.4 4.2 .1 1951 average 391 ,202 '460 390 379 3.2 1.3 4.4 .0 1952 average 395 ,093 433 395 398 2.9 1.2 4.1 .0 1952—January '321 '996 '398 '294 '372 3.1 '1.2 '4.3 •0.9 February 299 ,052 416 '355 '373 3.5 1.4 4.9 .2 March 348 ,119 365 415 364 3.2 1.0 4.3 .2 April 373 ,137 293 391 319 3.0 0.8 3.8 .0 May 382 ,102 273 347 327 2.9 0.7 3.6 0.9 June 353 ,017 410 268 405 2.9 1.2 4.0 8 July 289 997 520 269 379 3.4 1.8 5.2 0.9 August 343 ,040 539 386 405 3.0 1.6 4.6 .1 September 387 ,131 592 478 531 2.9 1.5 4.4 .2 October 448 ,230 573 547 528 2.7 1.3 4.0 1.2 November 462 ,275 454 507 388 2.8 1.0 3.7 1.1 December 736 ,018 358 479 383 1.4 0.4 1.9 0.7 1953—January Pl.025 M51 P331 Pl.4 P4.6 P Preliminary. ' Revised. 1 The first three ratios are of stocks and/or orders at the end of the month to sales during the month. The final ratio is based on totals of sales and receipts for the month. 2 These figures are not estimates for all department stores in the United States. They are the actual dollar amounts reported by a group of department stores located in various cities throughout the country. In 1952, sales by these stores accounted for about 50 per cent of estimated total department store sales. 3 Receipts of goods are derived from the reported figures on sales and stocks. New orders are derived from receipts and reported figures on outstanding orders. NOTE.—For description and monthly figures for back years, see BULLETIN for October 1952, pp. 1098-1102. WEEKLY INDEX OF SALES [Weeks ending on dates shown, 1947-49 =100] Without seasonal adjustment 1949 1950 1951 1952 1949 1950 1951 1952 Apr. 2 103 Apr. 1 104 Apr. 7 101Apr. 5 109 Oct. 1 .... 104Oct. 7. ...112 Oct. 6 110 Oct. 4 116 9. .. .110 8 110 14.... 100 12. ...111 8 102 14 111 13. ...117 11 126 16 108 15 88 21. ... 97 19 97 15 100 21 .... 105 20. ...116 18.... 124 23. .. 91 22. . . .96 28. ...101 26.... 105 22. ...101 28 108 27 113 25 122 30. .. 98 29 98 29 102 May 5. ...113May 3 111 Nov. 3. ...121 Nov. 1 . . .1 1.5 May 7. . . 115 May 6 104 12. ...110 10 117 Nov. 5. ...108Nov. 4. ...109 10 127 8. . . .118 14. .. 98 13 106 19. ... 99 17 99 12 109 11. ...118 17. ...130 15 130 21. .. 96 20.... 95 26 100 24.... 105 19....118 18.... 127 24.... 123 22. . ..134 28. .. 94 27 97 31 97 26 113 25 110 29. .. 138 June 4. . . 89 June 3 90 June 2 95June 7 111 Dec. 3 154Dec. 2 153 Dec. 1 161 Dec. 6. . .195 11. .. 99 10 104 9. .. .108 14 116 10 186 9. ...191 8. ...191 13. .. 223 18. . . 98 17 104 16 106 21. ... 98 17 201 16. ...220 15 213 20. .. 237 25. .. 85 24 86 23 92 28 91 24 186 23 221 22. ...228 27. . . 145 30.... 89 31 68 30 82 29 92 July 2 82 July 1 91 9* '. .69 8 75July 7. ... 75July 5 79 1950 1951 1952 1953 16. . . 73 15 91 14.... 83 12. ... 83 23. .. 71 22. . ..104 21 81 19 82 Jan. 7 70Jan. 6. ... 98 Jan. 5.... 78Jan. 3. . . 81 30. .. 72 29 102 28 80 26 79 14 80 13. ...105 12. ... 92 10. . . 89 21 79 20.... 104 19 90 17. . . 92 Aug. 6. . . 78Aug. 5 102 Aug. 4 88Aug. 2 87 28.... 76 27. ... 96 26 83 24. .. '86 13. . . 75 12 94 11 . . . .87 9 90 31. .. '87 20. . . 86 19... 97 18 93 16.... 95 Feb. 4. . . 7.8Feb. 3 81 27. .. 86 26. .. 99 25. ... 97 23 100 11 ....82 10 94 Feb. 2 84Feb. 7. .. 88 30.... 110 18 80 17 94 9 87 14. .. 92 Sept. 3. . .101 Sept. 2. .. 107 25.... 76 24.... 95 16 89 21 ... 85 10. . .93 9. .. 102 Sept. 1 105Sept. 6 100 23 83 28. .. 93 17. .. 108 16. .. 127 8. .. .100 13 114 Mar. 4. . . 8.4Mar. 3 99 24. .. 100 23. .. 111 15 114 20 113 11 . . .87 . 10 105 Mar. 1. ... 85Mar. 7. . . 30. .. 110 22 111 27 112 18 91 17 101 8 88 14. . . 29.... 114 25 96 24.... 105 15. ... 90 21 ... 31 89 22. . . .95 28. . . 29 102 ' Revised. NOTE.—For description and weekly indexes for back years, see BULLETIN for April 1952, pp. 359-362. 290 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES BY FEDERAL RESERVE DISTRICTS, METROPOLITAN AREAS, AND CITIES [Percentage change from corresponding period of preceding year] Federal Reserve district, Tan. Dec. Year Federal Reserve district, Jan. Dec. Year Federal Reserve district, Tan. Dec. Year area, or city 1953 1952 1952 area, or city 1953 1952 area, or city 1953 1952 United States P+3 +9 +1 Richmond Dist. (Cont.) Minneapolis Dist. {Cont.) Boston District +4 +5 0 M N e o tr r o fo p l o k l - i P ta o n r ts A m re o a u s t h 3- , C V on a t . , • + 14 + 11 + 10 C M iti a e n s kato, Minn +6 +8 0 Metropolitan Areas Richmond, Va.1 -1 +9 +4 Great Falls, Mont + 7 +7 New Haven, Conn -6 '+8 +3 Roanoke, Va.1 + 18 +20 +3 Grand Forks, N. D + 7 r+8 +2 Portland, Maine + 14 + 10 +3 Charleston, W. Va.1 +9 + 17 + 10 Duluth-Superior, Lowell-Lawrence, Mass., + 19 r+9 +4 Cities Minn.-Wise.1 +3 r+9 +2 C W N it e i o e w r s c e B s e te d r f , o r M d, as M s. a 1 ss. + + 6 4 + + 5 6 c c - 2 + l S L N p y e a n w r c t p h a o b n r u b t r u g N r , g e , V w S s a , . . 1 V C a P+ + 13 3 + ( + ) 1 8 7 r+ 4 Ka L n a s a C s ro C ss i e ty , W D i i s s e trict + — 1 3 r- + 1 8 + -4 2 Downtown Boston, Mass.1 +3 +6 -1 Huntington, W. Va.1... . +5 +4 Metropolitan Areas Ne S P w p r o ri v Y n i o g d r f e i k e n l c d D e , , i s M R tr . i a c s I t s .1 P- + 3 -2 2 + '+ + 1 6 3 1 c - + ' 5 0 4 A M tl B a e n i t r t r m a o p in o g D li h i t a s a t m n r i , c A t A re la as .1 3 p+ + 6 1 + + 1 1 3 2 + + 9 7 D W T Pu o e i e p n c b e h v l k i e o t a r a , , , , C C K K o o a l a l o n o n s s + — - 1 2 5 0 4 + + + + 1 8 7 6 0 + -3 0 0 1 Metropolitan Areas3 Mobile, Ala +23 +30 + 18 St. Joseph, Mo -10 +5 -4 New York-Northeastern Montgomery, Ala +8 +7 +8 Omaha, Nebr -1 + 10 +2 New Jersey, N.Y. & NJ. -5 (2) (2) Jacksonville, Fla.1 + 1 +8 +6 Oklahoma City, Okla +4 +9 +2 N N e e w w a Y rk o , rk N . C J i . t 1 y, N. Y.1. - - 6 2 + -1 5 - - 8 4 O M r i l a a m nd i, o , F F la l . a 1 + + 1 7 1 + + 1 1 9 4 + + 6 8 Tulsa, Okla +6 +10 +9 S R B B N y B u o in r f u c i a f g a f h a c f g h e l a u o a a s l s , o r t m e e a , N r t C , o F N . i n a N Y t . , l y l . Y , s N Y , N .1 . N . Y . 1 . Y Y .K . . . + + + + + + 1 4 3 8 9 1 4 + + ( + + + 2 1 1 ) 5 7 3 2 4 (2 + + + - - ) 2 2 2 2 5 A A S C S T t o u t . l t a l g . a P u m u n P m t s t r p e a t s b a a t , b u e , , g r s G F G s , . - b a l T a G a . u 1 a . r a 1 m g, p F a, l a Fla.. P + + + + + +7 4 7 7 4 7 + + + + + 1 1 1 1 7 5 4 6 6 + + + + + 2 1 1 8 6 5 0 0 D C a J K H i l o t l i u a p a e n t l s s c i s n h a D , i s n i M s C s o t i o r n t i y , c , t K M an o s + + + -2 3 8 6 + + + + 1 1 8 5 1 4 + + + + 2 3 2 6 P C h A S U E P B i i l t c o l a l r t i m b h i e i u d c d s a e g e i a g n n r l h , p a e y e k , h p N , c e i o t N e a . N a r p d t . Y , s . y Y Y i , C e D , o N i N s n . t n r Y . i . Y c 1 t ( + + + 2 + - ) 4 4 5 1 7 0 + + + + + + + 1 8 9 5 8 7 9 3 + + + + + -1 4 1 2 1 1 C J S N M C N B K R i a t a h o a e a n i c a v e w t s m a o k c s o a h t x o s n e t n v o O v a n , n i n i n , l R r l a G l , o l l e G h e o e o a , M , , a u a g n T g T G . i a s 1 e s e , e , a s , n n . T L 1 n L n e a . . a 1 1 n . . 1 1 n.1.. . . p + + + - + + + + + 2 5 1 1 7 9 5 8 7 0 3 7 + + + + + + + + + 1 1 1 1 1 1 1 3 6 5 2 3 4 3 6 2 + + + + + + + + 1 3 6 9 9 5 8 8 6 M S D W F S C H E e a h o l o a o t a n r r l r r u P c e t l p o a s o A v a u p W t s , s e o s o , n o p T n t o l , T C o o i , e r t T r n e t h a x T t h x i n e , r o , e i . x 1 s , L x A T t . T a i 1 e , r e e x T a x s ex + + + + + + + - 2 1 1 1 1 2 0 4 3 0 1 3 3 + + + + + + + + 2 1 1 1 1 1 2 4 4 7 5 2 4 1 + + + + + + + + 2 1 1 1 4 9 6 3 3 2 0 0 M T L P R e h r a e t e n i a r l n o d c a t a p i d o n s o e n g t l l e , , p i r t h , N a P i n a a P . , a J A P r a eas + + + -3 5 4 3 + + + + 1 1 9 9 2 3 + + + -1 1 1 1 Ch M B ic r e a is r g i t o d o l i , a D n T , i e s M n tr n i i c s t s P + + +7 2 2 + + + 8 6 9 +4 S M an P e h t o F ro e r n p a i o n x l c , i i t s A a c n r o i z A .1 D re i a s s tr 3 ict. .. P+ + 10 8 + + 1 1 1 5 + + 5 6 Wilkes-Barre-Hazleton, Metropolitan Areas Fresno, Calif.1 -5 +2 C W Y i P t o y i a l r m k, i n P g a ton, Del + + + 1 4 9 0 + I ( 2 2 ) ) 10 ( ( + 2 2 ) ) 3 F T C P In o e e h d o r r i i t r c r a e i a a W n g , H a o a p 1 , a y o 1 u 1 n l 1 t 1 i . e e s 1 1 , , , . 1 I I I n n n d d d . . . 1 1 1 + + + -6 6 2 5 A + + + + + 1 1 1 7 8 6 0 1 + + + -2 2 1 0 1 L L P o D W a s o s n A o a e g w d s n t g e n B s n e t i e d o l a a e e w , c s , h n L C , C . a L l A C a i . f l a . A i , l f i . C . f 1 , . a 1 C li a f l . i 1 f . . . 1 P P P P + - + + 2 + 8 8 1 4 1 + + + + 1 2 9 8 0 r ( + + + - 2) 5 4 4 4 Cleveland District +2 +12 0 D D e e s t ro M it o , in M es ic , h I . o 1 wa + - 1 2 0 + + 1 3 3 0 R S iv a e n r t s a i d M e o a n n ic d a , S C a a n l if Ber- + 16 (2) Metropolitan Areas Flint, Mich.1 +28 +21 +5 nardino, Calif + 14 + 15 +9 Akron, Ohio x -1 +15 +4 Grand Rapids, Mich.1.. . +5 + 13 +2 Sacramento, Calif.1 +7 +5 +3 Canton, Ohio i -1 +9 -5 Lansing, Mich.1 + 14 +6 +3 San Diego, Calif.1 +2 +8 +6 Cincinnati, Ohio 1 +6 + 14 +2 Milwaukee, Wis.1 + 1 +9 San Fran.-Oakland, Calif.1 +6 (*) (2) Columbus, Ohio1 +8 + 15 +6 Green Bay, Wis.1. + 11 + 11 -1 San Francisco, Calif.1.... +6 +8 +5 Springfield, Ohio 1 -3 (2) (2) Madison, Wis +6 0 Oakland-Berkeley, Calif.1 +3 +7 Y To o l u e n d g o s , to O w hi n o , 1 Ohio 1 + + 4 8 + + 2 1 0 0 -4 0 St. Louis District P0 +9 r+2 D C o a w li n f. t 1 own Oakland, +7 (2) (1 R C i W c E P P C i h t i o r l i h t m i e e r t e e v s t s , o s e e b n m l P l u i a d n a r o n g g . u d 1 , h t , , h D W O , i P s . h O a tr i V . o h i 1 c i a l o t .1 x P + + + + - - 3 4 2 3 7 2 8 + + + + + + 2 1 1 8 3 8 8 3 2 + + + + - 1 3 2 3 2 0 1 C M S S L L M E i e t p t o i v i . t e t r e u a r t i m s L l o i n n e s p o g s p v v u f o h R i i i l i l i e l l s o i s e l l t , , c d e a , k , , M n T K , I e M o n A A y n d . o n r r 1 e k .1 a . s 1 P P P P +2 - - + 5 + 0 6 0 1 \ • + + + + + + 1 1 1 9 5 8 2 2 9 + + + + + + 5 9 2 5 4 2 S S T S S S P V p e a a t a o o n a l o c r a t c t t o k l t l k J l L m a l a e o e t n n j a o s , a o e k d e n , , W , e , , , W C W O C C C a a s a a r a a i l h s i t e l l s f i y h i . . f h f 1 1 , . . . . 1 1 1 1 Utah i. . . p+ + + - 1 + + + + 1 1 1 2 2 8 7 6 3 0 9 + + + + + + + + 1 1 1 1 1 9 3 7 1 1 2 1 0 + + + + + -2 2 3 5 0 l 1 M W e D t a r o s o w h p i n o n t l g o i t t w o a n n n , W A D r a . e s a C h s . . , 3 1 D. C. -5 0 ( + 2) 8 (2 - ) 1 Q F P o a u d r i t n u c c S y a m , h i , 1 t 1 h K 1 , y Ark + + + 2 1 6 7 4 + + 2 2 6 C T B it u a ie k c s s e o rs n f , i e A ld r , i z Calif.1 +5 0 + 1 0 1 + + 7 1 A B s a h lt e i v m il o le re , , N M . d C . . 1 1 *+ -1 5 + + 1 9 2 + + 3 5 Minneapolis District +3 r+9 +1 T B w oi i s n e F an al d l s N , I a d m a p h a o , Idaho. + + 1 4 0 +4 Raleigh, N. C.1 -1 +2 0 Metropolitan Areas 3 Idaho Falls, Idaho +9 (2) () Winston-Salem, N. C.1. . . +9 + 15 + 11 Mpls-St. Paul, Minn.1 + 1 () () Bellingham, Wash P+28 +7 0 Charleston, S. C.1 +4 + 17 + 19 Minneapolis City, Minn.1. 0 + 13 +2 Everett, Wash.1 + 12 +8 + 1 Columbia, S. C.1 -1 + 1 r+5 St. Paul City, Minn.1 +2 +8 0 Walla Walla, Wash.1 (2) Greenville, S. C.1 + 10r+14 +6 Sioux Falls, S. D +2 +6 -1 Yakima. Wash.1 (2) -10 P Preliminary. e Corrected. r Revised. 1 Indexes showing longer term comparisons are also available for these areas and cities and may be obtained upon request from the Federal Reserve Bank in the district in which the area or city is located. 2 Data not available. 3 Breakdowns shown under various metropolitan areas do not necessarily include all portions of such areas. MARCH 1953 291 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS Percentage Patio of tndex numbers change from a stocks to without seasonal adjustment, year ago (retail value) sales l 1941 avetige monthly sales = 10C2 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 ( S m e t n o o d n c t k o h s f ) December Sale p s e r d io u d ring Sto o c f k m s o at n t e h nd 1952 1951 1952 1951 D 19 e 5 c 2 . Y 19 e 5 a 2 r D 19 e 5 c 2 . 1952 1951 Dec. Nov. Dec. Dec. Nov. Dec. GRAND TOTAL entire store 3 355 +8 -1 -2 1.4 1.6 MAIN STORE—total . . 355 +9 1 -2 1.5 1.7 418 257 385 643 798 662 Piece floods and household textiles 321 +8 -7 -1 2.9 3.1 263 196 244 759 753 778 Piece goods . . 298 +4 -5 -1 3.9 4.1 166 188 160 654 667 666 Silks velvets and synthetics 198 -2 -7 -3 3.6 3.7 151 170 155 551 572 563 Woolen yard goods 175 + 19 -6 -2 4.2 5.1 206 244 173 859 784 904 190 +8 -1 +4 4.2 4.4 154 158 142 650 612 640 Household textiles 312 +9 -8 2.5 2.8 303 198 278 770 779 792 Linens and towels 279 + 10 -6 -6 2.1 2.4 351 206 320 727 788 787 Domestics—muslins sheetings 257 + 11 -13 -1 3.8 4.2 218 159 197 820 758 831 Blankets comforters, and spreads 247 + 7 -2 +8 2.4 2.3 309 224 289 735 773 697 Small wares 346 +8 '+2 +2 1.4 1.4 492 244 455 678 882 674 Laces, trimmings, embroideries, and ribbons... 203 + 7 -1 +6 2.3 2.3 342 239 319 787 924 740 Notions 240 +5 0 +6 2.1 2.1 390 246 371 832 954 799 Toilet articles drug sundries 330 +7 +3 +3 1.4 1.4 421 180 394 577 766 571 Silverware and jewelry 319 +6 -1 -3 1.4 1.6 566 260 533 826 1,065 857 218 +4 — 7 — 6 2 4 2 6 286 + 7 4-5 — 2 0 8 0.9 Fine jewelry and watches 4 78 + 7 -5 2 2.1 2.3 Art needlework 236 + 7 -2 2 2.9 3.1 260 203 242 742 740 754 Books and stationery 279 + 13 +6 +9 0.9 0.9 703 361 624 611 935 568 Books and magazines 131 + 10 +4 + 13 0.9 0.9 545 273 494 513 704 465 Stationery . . 245 + 13 + 7 + 7 0.8 0.9 722 374 639 592 949 569 Women's and misses' apparel and accessories 352 +9 +2 +4 1.3 1.3 392 249 358 497 654 483 Women's and misses' ready-to-wear accessories 352 +7 + 1 +4 1.3 1.3 449 250 418 570 775 556 Neckwear and scarfs 314 + 13 +8 + 11 0.7 0.7 740 376 653 496 845 444 Handkerchiefs 287 +2 -4 -3 0.7 0.7 585 198 571 415 770 428 Millinery 164 + 12 +2 0 0 7 0.8 187 190 167 132 179 132 Women's and children's gloves 327 +6 -1 -1 1.0 1.1 487 236 459 501 801 514 Corsets and brassieres 338 + 14 +5 +4 2.5 2.8 325 256 285 827 864 800 Women's and children's hosiery 345 -6 +5 1.0 0.9 316 175 319 310 445 300 Underwear, slips, and negligees 345 + 7 0 + 1 0.8 0.9 648 282 607 518 870 522 Knit underwear 251 + 11 0 4-6 1.0 1.0 732 346 660 725 1,096 693 Silk and muslin underwear and slips 294 +4 -1 -5 0.8 0.9 589 242 570 495 766 524 Negligees, robes, and lounging apparel 260 +8 +2 + 7 0.4 0.5 749 302 695 375 821 354 Infants' wear 329 + 12 +6 +8 1.3 1.3 595 387 533 773 1,015 725 Handbags and small leather goods 337 + 7 +3 +5 0.8 0.8 513 236 477 400 630 396 241 +8 0 +4 3.3 3.4 301 220 278 982 1,113 958 Children's shoes 4 .... 210 +6 0 +4 2.4 2.4 ^Vomen's shoes 4 223 +9 0 +4 3.5 3.7 Women's and misses' ready-to-wear apparel . 352 + 13 +4 +4 1.3 1.4 331 247 294 417 524 406 Women's and misses' coats and suits 341 + 13 -1 -2 1.7 1.9 241 277 213 397 459 412 Coats4 . . .. 227 + 17 +3 -7 1.4 1.7 Suits 4 219 0 -10 +3 2.6 2.5 Juniors' and girls' wear 314 + 12 +5 +7 1.0 1.0 463 324 414 454 649 423 Juniors' coats, suits, and dresses 274 +9 +2 +4 1.1 1.2 351 269 320 389 461 369 Girls' wear 318 + 13 +7 +9 0.9 0.9 612 401 541 550 886 509 Women's and misses' dresses 344 +9 +3 +6 1.3 1.4 238 189 218 321 360 306 Inexpensive dresses 4 260 + 10 +3 + 10 1.0 1.0 Better dresses4 270 +8 +3 +3 1.7 1.8 Blouses skirts and sportswear 343 +8 + 11 1.0 1.0 550 319 480 545 748 499 Aprons, housedresses, and uniforms 296 + 13 +6 + 7 1.2 1.3 304 170 270 380 442 356 Furs 259 + 15 -8 2.2 2.7 216 165 187 473 598 513 Men's and boys* wear 334 +8 0 -5 1.3 1.4 555 273 513 710 975 759 Men's clothing 265 4-11 -3 -13 2 4 3 0 343 255 308 805 1 012 943 Men's furnishings and hats 309 + 7 0 i 0.9 0.9 714 284 666 607 952 626 Boys' wear 310 +9 +3 +3 1.2 1.3 543 302 500 673 956 665 Men's and boys' shoes and slippers 193 +4 +2 2.1 2.1 444 216 429 929 1,056 927 For footnotes see following page. 292 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS—Continued Percentage Ratio of Index numbers change from a stocks to without seasonal adjustment, year ago (retail value) sales 1 1941 average monthly sales =100 2 Department r b N s e t e p o u r o r m e r o t s - f - d p S u e a r r l i i e o n s d g m ( S e t n o o d n c t k o h s f ) December Sale p s e r d io u d ring Sto o c f k m s o at n t e h nd ing 1952 1951 1952 1951 Dec. Year Dec. 1952 1952 1952 1952 1951 Dec. Nov Dec. Dec. Nov Dec. Homef urnishings 324 +7 -7 -7 2.7 3.1 306 261 287 825 911 877 Furniture and bedding 254 + 10 -4 -5 3.9 4.4 210 228 192 816 801 862 Mattresses, springs, and studio beds 4 178 + 16 -1 + 1 3.1 3.5 Upholstered and other furniture 4 185 +8 -6 -6 4.0 4.6 Domestic floor coverings 278 + 1 -16 -13 4.5 5.3 189 229 187 857 834 997 Rugs and carpets 4 162 + 1 -17 -13 4.6 5.4 Linoleum 4 98 -13 -5 5.0 4.2 -21 Draperies, curtains, and upholstery 302 +6 -4 0 3.1 3.3 260 274 245 817 825 Lamps and shades 255 +5 -4 + 1 1.9 2.0 395 286 375 762 867 753 China and glassware 257 + 7 -4 +2 2.8 3.0 406 241 380 1,154 1,313 1,159 Major household appliances 239 + 7 -11 -30 3.0 4.5 213 210 199 630 616 906 Housewares (including small appliances) 265 + 11 -3 2 2.0 2.3 480 305 434 965 1,130 994 Gift shop 4 186 + 13 + 1 +4 1.4 1.4 Radios, phonographs, television, records, etc.4 228 -2 -18 -24 1.2 1.4 Radios, phonographs, television 4 174 -6 -20 -31 1.0 1.4 Records, sheet music, and instruments 4 124 + 11 -5 -7 1.3 1.6 Miscellaneous merchandise departments 323 + 10 + 1 +2 0.7 0.7 657 324 599 440 778 437 Toys, games, sporting goods, cameras 306 + 13 +6 0.6 0.6 1,163 528 1,034 686 1,336 652 Toys and games 251 + 11 +5 + 13 0.4 0.4 1 ,549 706 1,393 604 1,476 557 Sporting goods and cameras 151 + 17 +4 0 1.3 1.6 877 423 752 1,175 1,845 1,143 Luggage 274 +8 + 1 0 1.3 1.4 233 548 793 1,034 800 Candy 4 187 +8 +2 +7 0.3 0.3 592 BASEMENT STORE—total 203 +6 0 -1 1.2 1.3 357 242 338 422 541 429 133 +7 -5 + 1 2.2 2.3 Domestics and blankets 4 184 +6 +2 0 0.9 1.0 346 236 326 322 436 323 Women's and misses' ready-to-wear 163 +4 -2 -4 1.0 1 .1 C In o t a im ts a a te n d a p su p i a t r s e 4 l4 1 16 6 7 9 + + 9 2 + 1 + -8 2 0 1 . . 9 3 0 1 . . 9 6 Dresses 4 153 +9 tl +6 0.8 0.8 Blouses, skirts, and sportswear 4 122 + 10 +8 0.7 0.8 Girls' wear 4 122 + 7 +6 1.0 1.0 Infants' wear 4 +5 Men's and boys* wear 159 +5 +4 0.9 1.0 558 309 529 513 747 524 Men's wear 4 146 +5 -1 -1 0.9 1.0 Men's clothing 4 99 + 7 + 1 -3 1.6 1.8 Men's furnishings 4 120 +4 -3 + 1 0.7 0.7 Boys' wear 4 122 + 7 +2 + 1 0.9 0.9 Homef urnishings 105 +4 -6 -7 2.3 2.5 236 249 227 534 601 574 Shoes 114 + 1 -3 +3 2.2 2.2 249 170 245 544 646 518 NONMERCHANDISE—total4 173 +9 0 Barber and beauty shop 4 70 +2 +2 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. 289. 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 s lies 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. MARCH 1953 293 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES CONSUMERS' PRICES [Bureau of Labor Statistics index for city wage-earner and clerical-worker families. 1947-49=100] Housing Read- Other Y m e o a n r t o h r it A em ll s Foods Total Rent s O he th lt e e r r* e a G l n e a c d s - S f a u o n e l l d i s d H fu i o s r u h n s - - e- H o h p o o e u l r s d a e - - p A a p re - l T p t o r i a o r n t n a s - - M c ic a e a r d e l - s c P o a e n r r a e - l re t a c i i n n o re g d n a- g s a i o e c n o r e v d d s - s tricity fuel oil ings tion 1929 73.3 65.6 117 4 60 3 1933 55.3 41.6 83.6 45 9 1941 62.9 52.2 88 4 55 6 1942 69.7 61.3 90 4 64 9 1943 74.0 68.3 90 3 67 8 1944 75.2 67.4 90 6 72 6 1945 76.9 68.9 90 9 76.3 1946 .. 83 4 79 0 91 4 83 7 1947 95.5 95.9 95.6 94.4 97.6 88.8 97.2 97.2 97.1 90.6 94.9 97.6 95.5 96.1 1948 102.8 104.1 101.7 100.7 100.0 104.4 103.2 102.6 103.5 100.9 100.9 101.3 100.4 100.5 1949 101.8 100.0 103.3 105.0 102.5 106.8 99.6 100.1 99.4 108.5 104.1 101.1 104.1 103.4 1950 102.8 101.2 106.1 108.8 102.7 110.5 100.3 101.2 98.1 111.3 106.0 101.1 103.4 105.2 1951. . 111.0 112.6 112.4 113.1 103.1 116.4 111.2 109.0 106.9 118.4 111.1 110.5 106.5 109.7 1952 113.5 114.6 114.6 117.9 104.5 118.7 108.5 111.8 105.8 126.2 117.3 111.8 107.0 115.4 1952—Jan.... 113.1 115.0 113.9 116.0 103.5 117.7 110.2 110.9 107.0 122.8 114.7 111.0 107.2 113.2 Feb.... 112.4 112.6 114.0 116.4 103.8 117.6 110.0 110.8 106.8 123.7 114.8 111.1 106.6 114.4 Mar. . . 112.4 112.7 114.0 116.7 103.8 117.7 109.4 111.0 106.4 124.4 115.7 111.0 106.3 114.8 April... 112.9 113.9 114.0 116.9 103.9 117.3 108.7 111.0 106.0 124.8 115.9 111.3 106.2 115.2 May.. . 113.0 114.3 114.0 117.4 104.1 115.6 108.3 111.2 105.8 125.1 116.1 111.6 106.2 115.8 June.. . 113.4 114.6 114.0 117.6 104.3 115.8 107.7 111.2 105.6 126.3 117.8 111.7 106.8 115.7 July... 114.1 116.3 114.4 117.9 104.2 115.6 107.6 111.8 105.3 126.8 118.0 111.9 107.0 116.0 Aug 114.3 116.6 114.6 118.2 105.0 119.0 107.6 111.9 105.1 127.0 118.1 112.1 107.0 115.9 Sept... 114.1 115.4 114.8 118.3 105.0 119.6 108.1 112.1 105.8 127.7 118.8 112.1 107.3 115.9 Oct.. .. 114.2 115.0 115.2 118.8 105.0 121.1 107.9 112.8 105.6 128.4 118.9 112.3 107.6 115.8 Nov. . . 114.3 115.0 115.7 119.5 105.4 121.6 108.0 113.3 105.2 128.9 118.9 112.4 107.4 115.8 Dec... 114.1 113.8 116.4 120.7 105.6 123.2 108.2 113.4 105.1 128.9 119.3 112.5 108.0 115.9 1953—Jan.. .. 113.9 113.1 116.4 121.1 105.9 123.3 107.7 113.4 104.6 129.3 119.4 112.4 107.8 115.9 1 Indexes for January 1953 and subsequent months will be published later. NOTE.—Revised indexes, reflecting beginning January 1953 the inclusion of new series (i. e. home purchases and used autombiles) and revised weights. Prior to January 1953 indexes are based on the "interim adjusted" and "old" indexes, converted to the base 1947-49 =100. Source.—Bureau of Labor Statistics, Department of Labor. WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics, 1947-49 =100] Other commodities To- Ma- Furni- Non- bacco Y m e o a n r t o h r m c t o A i o e m l d s l i - - F p u r a c o r t m d s - f P e o s r o s o e d c d s - Total p p T u a t a r a i e n c o p l r x t e d d e - s - l - l H e s p u a k a r i n c o i t d n h t d d e s s e s - , r , p l t F i o e m a i g u r n w n h i a e g d a e - l t 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 c n o e t b d d r s - - L p w u a b r u o c n o e m o t d d r s d - - p 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 d a a s l - l s p c u t a m e h r i c n o r v i o y t n d d e s - - - h o a h d t a o b t u o u n h u l r l r d e e s e d - e s r -e s t r t m t m a u a r l l i r u l s e n a i c — - c - l - b m e t o b f a u r a t e a a n r t c v n g l e d - e - u e s d s - n c M e e o l i l s u a - - s 1947 96 4 100 0 98 2 95 3 100 1 101 0 90 9 101.4 99 0 93 7 98 6 91 3 92.5 95.6 93.9 98.0 100.8 1948 104.4 107.3 106 1 103.4 104.4 102.1 107.1 103.8 102.1 107.2 102.9 103.9 100.9 101.4 101.7 100.4 103.1 1949 99 2 92 8 95 7 101 3 95 5 96 9 101.9 94.8 98 9 99.2 98.5 104 8 106.6 103.1 104.4 101.6 96.1 1950 103.1 97.5 99.8 105.0 99.2 104.6 103.0 96.3 120.5 113.9 100.9 110.3 108.6 105.3 106.9 102.4 96.6 1951 .... 114.8 113.4 111 4 115.9 110.6 120 3 106.7 110.0 148.0 123.9 119.6 122.8 119.0 114.1 113.6 108.1 104.9 1952 January 113.C 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 ( 99 3 94 7 106 0 104.3 140 4 120 7 116.9 121.8 121.6 111.7 112.9 110.8 108.4 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 Seotember 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 '99.2 104.3 112.9 '98.2 99.0 '•107.2 103.3 127.7 119.7 '115.9 124.0 121.4 '112.3 114.6 110.8 r105.1 1953 Januarv 109.9 99.8 105.5 112.9 98.9 97.3 107.3 103.6 127.3 120.3 115.8 124.0 121.5 112.7 114.8 110.6 103.0 r Revised. Source.—Bureau of Labor Statistics, Department of Labor. Back figures.—See BULLETIN for March 1952, pp. 311-313. 294 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES—Continued WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Index numbers of the Bureau of Labor Statistics, 1947-49 = 100] 1952 1953 1952 1953 Subgroup Subgroup Jan. Nov. Dec. Jan. Jan. Nov. Dec Jan. Farm Products: Pulp, Paper and Allied Products— Continued Fresh and dried produce 121.5 113.2 112.3 107.3 Grains 103.6 96.5 96.1 94.6 Converted paper and paperboard. . 115.9 112.3 112.3 112.3 Livestock and poultry , 106.7 93.0 86.8 92.7 Building paper and board 113.4 118.2 118.2 118.2 Plant and animal fibers 127.2 107.1 101.9 100.9 Fluid milk 110.2 113.1 108.9 106.8 Metals and Metal Products: Eggs 80.8 117.6 99.6 93.9 Hay and seeds 101.6 98 5 98.3 97.2 Iron and steel 123.1 127.0 127.0 127.1 Other farm products 137.7 132.5 134.7 133.3 Nonferrous metals 124.2 122.5 122.3 122.5 Metal containers 120.6 125.1 125.4 125.3 Processed Foods: Hardware 125.8 125.3 125.9 125.9 Plumbing equipment 116.6 118.1 118.1 113.6 Cereal and bakery products 107.5 107.1 106.8 106.8 Heating equipment 114.0 113.6 113.6 113.6 Meats, poultry, and fish 113.5 102.0 93.9 99.3 Fabricated structural metal prod- Dairy products and ice cream.... 113.2 115.5 113.0 111.9 ucts 115.8 114.1 113.9 113.9 Canned, frozen fruits, and vegeta- Fabricated nonstructural metal bles 105.7 106.0 -105.0 105.4 products 124.4 125.9 126.5 126.5 Sugar and confectionery 105.9 109.9 108.2 108.0 Packaged beverage materials.... 162.5 161.9 161.9 161.9 Machinery and Motive Products: Other processed foods 114.6 122.1 116.9 112.8 Agricultural machinery and equip- Textile Products and Apparel: ment 121.5 121.6 121.7 121.7 Construction machinery and equip- Cotton products 102.8 98.4 '97.7 97.0 ment 124.6 126.2 126.3 126.2 Wool products 118.0 112.6 112.6 112.9 Metal working machinery 127.5 128.9 129.0 129.0 Synthetic textiles 91.4 89.0 '87.8 88.1 General purpose machinery and Silk products 126.0 139.3 139.7 141.4 equipment 123.5 121.8 121.9 121.9 Apparel 101.7 98.3 98.3 100.1 Miscellaneous machinery 120.1 119.6 119.6 119.7 Other textile products 133.3 86.9 84.4 83.1 Electrical machinery and equipment 121.5 119.5 119.6 119.6 Hides, Skins, and Leather Products: Motor vehicles 117.1 119.7 119.7 119.7 Hides and skins 69.7 69.2 70.6 62.1 Furniture and Other Household Dura- Leather 97.0 90.1 92.9 92.0 bles: Footwear 115.9 111.0 112.0 112.0 Other leather products 104.1 99.6 '100.3 99.5 Household furniture 113.6 112.8 113.0 113.0 Commercial furniture 122.8 123.2 123.2 123.0 Fuel, Power, and Lighting Materials: Floor covering 126.4 122.4 122.7 121.6 Household appliances 108.0 107.2 •107.5 107.6 Coal 108.8 113.6 116.3 Radio 94.1 95.0 95.0 Coke 124.3 124.3 129.0 131.8 Television 77.6 74.9 74.9 Gas 106.6 114.9 104.9 104.9 Other household durable goods 117.6 119.6 119.6 121.1 Electricity 98.0 98.0 '98.5 98.5 Petroleum and products 110.8 108.1 107.9 107.9 Nonmetallic Minerals—Structural: Chemicals and Allied Products: Flat glass 114.4 114.4 114.4 114.4 Concrete ingredients 113.2 112.9 113.1 113.7 Industrial chemicals 118.1 112.7 112.3 112.8 Concrete products 112.4 112.7 112.7 112.8 Paint and paint materials 109.3 106.3 106.1 106.2 Structural clay products 121.4 124.0 124.0 124.0 Drugs, Pharmaceuticals, cosmetics 94.8 91.9 91.3 91.5 Gypsum products 117.7 117.7 117.7 117.7 Fats and oils, inedible 56.8 53.1 52.8 53.8 Prepared asphalt roofing 98.6 106.0 106.0 106.0 Mixed fertilizers 108.5 110.9 111 .1 111.2 Other nonmetallic minerals 111.2 115.1 115.3 115.3 Fertilizer materials 109.4 111.1 113.0 112.9 Other chemicals and products 104.2 102.9 103.1 103.1 Tobacco Manufactures and Bottled Beverages: Rubber and Products: Cigarettes 107.3 105.7 105.7 105.7 Crude rubber 197.3 130.3 137.3 135.5 Cigars 98.0 102.4 102.4 102.7 Tires and tubes 133.4 126.3 126.3 126.3 Other tobacco products 114.8 118.4 118.4 113.4 Other rubber products 129.8 124.3 124.3 124.3 Alcoholic beverages 105.9 111.2 111.2 110.7 Nonalcoholic beverages 119.7 119.7 119.7 119.7 Lumber and Wood Products: Miscellaneous: Lumber 120.4 120.0 119.8 120.0 Millwork 127.0 127.5 128.3 129.3 Toys, sporting goods, small arms . . 114.8 113.2 113.1 112.8 Plywood 104.2 102.3 102.3 107.1 Manufactured animal feeds 112.8 103.3 102.1 97.9 Notions and accessories 100.2 91.1 92.9 92.9 Pulp, Paper, and Allied Products: Jewelry, watches, photo equipment 100.9 101 .0 101.0 101.0 Other miscellaneous 120.6 120.8 120.8 120.8 Woodpulp 114.5 108.8 108.8 108.8 Wastepaper 89.5 65.7 89.3 87.0 Paper 122.8 124.9 '124.9 124.9 Paperboard 130.6 124.8 124.4 124.2 ' Revised. Source.—Bureau of Labor Statistics, Department of Labor. Back figures.—See BULLETIN for March 1952, pp. 311-313. 295 MARCH 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME [Estimates of the Department of Commerce. In billions of dollars] R E L A T I ON OF G R O SS N A T I O N AL P R O D U C T, N A T I O N AL I N C O M E. P E R S O N AL I N C O M E, A ND S A V I NG 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 g 9 9 9 .9 .9 .9 .9 Statistical discrepancy — 1 1 2 1 6 3 —3 2 .2 — 7 1 4 — 8 - 1 .6 1.8 - 1 .3 1.1 Plus: Subsidies less current surplus of government enterprises - .1 0) 1 — i o 0 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 .8 .8 .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 33.5 33.6 34.1 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 30.8 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 AS.2 92.0 169.5 188.4 187.2 205.5 225.0 234.3 231.5 '229.5 '230.8 234.8 242.5 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 N A T I O N AL I N C O M E, BY D I S T R I B U T I VE S H A R ES Seasonally adjusted annual rates Annual totals by quarters 1952 1929 1933 1941 1947 1948 1949 1950 1951 1952 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 Wages and salaries 2 , 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... .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 P r o p r i e t o r s* a nd r e n t al i n c o me 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 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 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 9.4 18.5 20.7 16.3 21.2 18 17.1 17.3 18.4 16.4 16.0 17.3 Inventory valuation adjustment -2.6 -5. -2.1 2.1 - 4. -1 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. « Corrected. 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. 296 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued [Estimates of the Department of Commerce. In billions of dollars] GROSS NATIONAL PRODUCT OR EXPENDITURE Seasonally adjusted annual rates Annual totals by quarters 1951 1952 1929 1933 1941 1949 1950 1951 1952 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 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. 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 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 x 7. 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 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 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 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 3.9 -.8 5.0 -2.5 5.5 10.3 3.1 5.8 .6 .1 3.7 8.1 Nonfarm only 1.8 3.4 1.4 3.7 -1.6 4.6 9.4 2.4 5.2 -.1 -.8 3.0 7.5 Net foreign investment .8 .2 1.1 8.9 1.9 .5 -2.3 .2 .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 Divi- Less Year or month in s P o c e o n r m a - l e re T c o e t i a p l ts4 b m T u d o e i r s n t s a - e t l s - Wag d p m i e u C n r o o s g o a d t d m r n 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 s i s e i b - s - bu S r i e s n t r e r d v i m u e 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 e c P a i o n e n ro m t t d a o - e l r 6 s' i i n n d s p t a c o e e e o 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 p b c i e s a u n o o r n f t s n s o c i c u o o t i r e r a r n n i 8 - l a - s l 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 1952—January 263 4 173 1 176 7 77 3 47 1 20 8 31 5 4 3 53 4 20.1 12.8 3.9 241.7 February 263.5 174.5 178.0 78.2 47.1 20.9 31.8 4.3 52.1 20.5 12.4 3.8 243.4 March 261 9 173 9 177 3 77.7 47 0 20 8 31 8 4 3 50 7 21.0 12.4 3.8 242.7 April 262.5 173.4 176.7 76.9 47.0 21.0 31.8 4.4 51.2 21.5 12.3 3.6 242.9 May 264.5 174 6 177 9 76.7 47.7 21 3 32.2 4 4 51.7 21.5 12.6 3.6 244.9 June 266 7 175 8 179 3 77 2 48 5 21 3 32 3 4 5 52 8 21.4 12.5 3.8 245 9 July 263.9 173.9 177.4 74.0 49.3 21.5 32.6 4.5 52.2 21.3 12.4 3.9 243.4 August 269 6 179 0 182 5 78.7 49 4 21 5 32 9 4 5 51.8 21.4 13.1 3.7 249.4 September.... 273.8 181.9 185.3 81.6 49.3 21.6 32.8 4.5 53.4 21.4 12.9 3.7 253.0 October ... 276.1 184.0 187.5 82.9 49.9 21.8 32.9 4.6 53.5 21.3 13.0 3.8 255.4 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 280.0 186.4 189.9 85.2 50.0 21.9 32.8 4.7 54.6 21.2 13.4 3.8 258.8 1953—January? 280.5 186.6 190.3 85.1 50.3 22.1 32.8 4.7 54.7 21.2 13.6 4.0 259.0 p Preliminary. 1 Includes construction expenditures for crude petroleum and natural gaa drilling. 2 Consists of sales abroad and domestic sales of surplus consumption goods and materials. 3 Less than 50 million dollars. 4 Total wage and salary receipts, as included in "Personal income," is equal to total disbursements less employee contributions to social insurance. Such contributions are not available by industries. 5 Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments. 6 Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory valuation adjustment. 7 Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as well as consumer bad debts and other business transfers. 8 Prior to 1952 includes employee contributions only; beginning January 1952, includes also contributions to the old-age and survivors' insurance program of the self-employed to whom coverage was extended under the Social Security Act Amendments of 1950. Personal contributions are not included in personal income. 9 Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents, agricultural net interest, and net dividends paid by agricultural corporations. NOTE.—Details may not add to totals because of rounding Source.—Department of Commerce. MARCH 1953 297 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTIC PAGE International capital transactions of the United States 300-305 Gold production 305 Reported gold reserves of central banks and governments 306 Gold movements; gold stock of the United States 307 International Monetary Fund and Bank 308 Central Banks 308-312 Money rates in foreign countries 313 Commercial banks 314 Foreign exchange rates 315 Price movements in principal countries: Wholesale prices 316 Consumers' price indexes 317 Security prices 317 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. MARCH 1953 299 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES TABLE 1.—NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935, BY TYPES [Net movement from United States, (-). In millions of dollars] Increase in banking funds in U. S.l Decrease Domestic Foreign From Jan. 2, 1935, in U. S. securities: securities: Inflow in through— Total Total o F f o fi r c e i i a g l» n F o o t r h e e ig r n In ti t o e n rn al a- a b b f a u r n o n k a d i d n s g 1 In f f o u fl r n o e d w ig s 8 n of o R fu f e n U t d u . s r n S 8 . b b r a o l k a e n r c a e g s e 1947—Dec. 31 8,343.7 6,362.3 1,121.8 2,998.5 I,242.0 186.5 375.5 1,276.9 142.4 1948—Dec. 31 8,569.1 6.963.9 2,126.0 2,993.6 1,844.3 116.8 183.3 1,182.1 123.1 1949—Dec. 31 8,763.5 6,863.9 2,197.8 3,028.2 1,637.8 307.6 258.5 1,209.9 123.7 1950—Dec. 31 10,521.1 7.890.7 2.715.6 3,472.8 1,702.3 231.4 1.202.9 1,064.5 131.7 1951—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 ,626.5 164.9 616.8 658.3 130.7 Mar. 31 10,236.0 8,719.2 2.912.3 4,149.6 ,657.3 125.0 617.4 642.5 131.8 Apr. 30 10,268.6 8,829.1 3.025.5 4,164.9 ,638.7 109.7 622.4 580.4 127.0 May 31 10,471.6 9,199.1 3,219.9 4,285.8 ,693.3 90.7 621.1 429.6 131.1 June 30 10,585.5 9,287.0 3,309.4 4,294.1 ,683.5 99.8 624.1 441.3 133.4 July 31 10,941.0 9,601.0 3,615.3 4,219.1 ,766.5 103.2 647.0 460.2 129.7 Aug. 31 11,130.9 9,771.1 3,791.3 4,205.9 ,773.9 63.0 679.9 491.3 125.5 Sept. 30 11,364.5 9,951.5 3,909.1 4,261.4 ,781.0 106.0 673.8 505.6 127.6 Oct. 31 11,447.1 9,832.3 3,831.9 4,190.6 ,809.8 110.7 859.6 516.6 127.9 Nov. 30P 11,584.5 9,917.9 3,950.7 4,221.6 :,745.6 113.1 910.9 523.6 119.0 Dec. 31P 11,372.8 9,747.5 3,752.5 4,256.5 1,738.5 86.4 939.2 475.9 123.8 TABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES * [Amounts outstanding, in millions of dollars] Total :oreign In- countries Date t t i e i n o r s n n t a 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 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 1,057.9193.7 1948—Dec. 31... 1,864.3 5.853.7 2,836.3 546.3 192.8 122.8 538 9 333.5 738 1 2,472.4 775.2 1,287.0 ,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 «6,922.6 3,425.9 «656.6 260.7 193 6 553 0 314.7 799 2 '2.777.7 899.0 1.612.9 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 ,609.6297.4 1952—Jan. 31... 1,700.9 7,517.7 3,355.2 644.6 252.8 153.7 521 6 290.2 997.8 2,860.7 1,316.5 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 ,336.3 1,416.3 ,661.9329.1 Mar.31... 1,677.2 7,796.1 3,622.6 783.6 251.4 149.7 544 8 292.1 958 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 ,496.0 1,529.3 ,826.0325.9 June 30. .. 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 ,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 L.540.3 1,538.0 ,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 ,528.1 1,570.0 ,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 ,530.1 1,580.7 ,795.1336.8 Oct. 31 ... 1,829 7 8,756.7 4,542 2 889.0 348.4 384.3 624 0 305.7 1,207 9 3,759.4 ,373.3 1.520.7 ,781.9321.5 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 ,353.7 1,557.5 1,812.9328.1 Dec. 31*.. 1,758 4 8,743.2 4,462 8 812.0 342.6 203.1 641 7 307.8 1,262.6 3,569.7 L,391.4 1,601.5 L,845.0335.6 p Preliminary. 1 Certain of the movement figures in Table 1 have been adjusted to take account of changes in the reporting practice of banks (see BULLETIN for August 1951, p. 1030). Reported figures from banks, however, did not permit similar adjustments in Tables 2 and 3, representing outstanding amounts. Therefore changes in outstanding amounts as may be derived from Tables 2 and 3 will not always be identical with the movement of funds shown in Table 1. 2 Represents funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.), and also funds held in accounts with the U. S. Treasury. 3 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 1951, certain changes were made in the order and selection of the material published. An explanation of the changes appears on p. 1202 of that issue. For further explanation and information on back figures see BULLETIN for August 1951, p. 1030. 300 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] Table 2a.—Other Europe Date E O u th ro e p r e A tr u i s a - g B iu e m l- C v o z a s e k lo c i h - a - m 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 h H er1 1947—Tjec# 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 104a—Dec 31 738 1 128.7 44.7 19.1 178.9 21.1 77.7 37.7 7.0 13.6 49.0 21.3 19.9 119.3 1949 Dec 31 717 0 119 9 38 0 25 1 149.4 29.6 69.4 38 1 6 7 15 7 90.1 10 2 7 6 117 4 1950—Dec. 31.. 799.2 41.9 128.2 5.6 45.5 18.3 221 632.3 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 A 2.5 7.1 57.9 Apr. 30. . 970.8 54.9 134.1 .7 37.6 23.8 380.2 41.9 100.5 2.1 41.6 6.1 17.7 65.3 2.4 7.§ 54.2 May 31.. 1,004.7 53.1 155.0 .6 37.0 23.9 390.5 41.1 100.9 2.4 43.1 6.1 20.2 65.8 2.2 7.8 55.1 June 30. .1,028.9 49.5 137.5 .6 34.2 21.3 453.1 41.7 94.6 2.6 40.6 6.0 18.5 68.4 2.0 10.7 47.6 July 31.. 1,058.3 51.9 143.5 .6 37.5 22.7 464.3 38.7 96.1 4.7 45.9 5.7 18.0 70.6 2.0 11.4 44.6 Aug. 31. . 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 1 207 977 7 131 8 5 59 6 26 7 534 341 2109 6 3 6 46 7 6 0 24 4 82 8 4 8 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 Dec. 31P. 1,262.6 91.1 127.1 .6 70.4 28.5 551.1 47.3 110.3 3.4 57.4 6.1 19.2 91.0 1.7 12.0 45.3 Table 2b.—Latin America Neth- Do- er- Date A L i m a c t a e in r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba m p i R c l u i i a e b c n - n - - G m u a a l t a e- M ic e o x- l I W S a a n u n n d e r d d i s i e - s t s Peru l p P a i R c u m a e 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 a t e i e 2 r n r nam 1947—Dec. 31 .1,216.6 236.2 17.8 104.7 46.3 46.1 234.7 139.2 14.9 41.8 70.3 78.0 186.5 1948 Dec 311,287.0 215.8 17 1123.7 55.6 54.0 219 4 146.7 24.3 52.6 71 8 121.7 184.1 1949—Dec. 31 1,436.7 201 1 13.5 192.8 60.9 85.9 164.2 214.6 25.9 52.8 74.3 143 2 207 4 1950—Dec. 31.' 1,612.9 301 .8 20.4 226.0 79.5 53.4 259.1 42! 7 25*4' 207.1 30.2 60.2 59.2 16.1 75 1 85.2 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 Mav 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. 1,520.7 131.9 18.7 72.3 62.4 87.9 285.7 43.3 32.2 232.1 39.5 62.0 81.1 21.6 94.8 141.6 113.4 Nov. 30P 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 Dec. 31 P1,601.5,138.8 24.5 72.5 79.3 118.2 301.2 44.2 34.3 231.2 44.3 56.4 80.8 25.6 92.5 145.5 112.2 Table 2c.—Asis1 and AH 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 ey r- O A t s h ia e * r o A th l e l r t A ra u l s i - a 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 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 194a Dec 31 1,151.8 216.2 51 151 841 5 81 4488 3 17 5204 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!o 79^5 1950—Dec. 31. 1,378.5 81.7 86.1 55 7114.7 20.3 12 ".6458.5 374.4 48 2 14.3 111.9 254.5 10 1 58. \ 75.6 44.0 57.7 1951—Dec. 31. 1,609.6 87.4 62.4 62.1 140.6 25.5 26.6 596 0 329 7 96 7 14.1 168.4 297.4 38.5 54.5 110.7 7.0 86.8 1952—Jan. 31. 1,635.7 81.9 64.2 58.6 131.8 26.8 20.7 636.2 328.2 108.8 13.6 164.8 304.1 32.3 54.3 121.0 9.1 87.3 Feb. 29. 1,661.9 81.6 64.4 59 4127.4 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 A 83.1 June 30 1,792.0 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 1,781.9 83.3 70.2 54.1 64.9 20.1 27.9 767.5 321 .8 166.6 9.7 195.8 321.5 50.1 96.6 72.1 13.3 89.4 Nov. 30? 1,812.9 80.9 69.7 54.2 60.9 19.2 19.3 789.1 315.1 176.5 11.0 217.1 328.1 48.4 105.2 62.0 19.5 93.0 Dec. 31 P 1,845.0 77.1 70.3 64.6 61.0 19.2 18.8808.0 315.1 181.0 8.4 221.5 335.6 47.2 118.6 59.7 23.6 86.5 :parately as of that date. lg January 1950, excludes Iran, Israel 21, ana 1 naiicuiu, icpuiicu scpa.iciLC.Ly as ui LUCIL uctLc. 4 Beginning January 1950, excludes Belgian Congo, reported separately as of that date. MARCH 1953 301 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 3.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES^ [Amounts outstanding, in millions of dollars] Date Total U K d n o i i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O ur th o e p r e E T u o ro ta p l e C a a d n a - A L m i a c t a e in r- Asia ot A h l e l r 1947—Dec. 31.. 948.9 29.2 23.4 49 1 7 0 21 1 118 9 248 6 27 5 514.3 127 0 31.5 1948—Dec. 31.. 1,018.7 24.5 119.0 51 4 6 9 15 8 106 3 323 8 39 8 516 6 118.8 19.7 1949— Dec. 31.. 827.9 37.2 51.8 5 2 3 8 22 6 98 5 219.2 37 6 411.1 139.7 20.4 1950—Dec. 31.. 898.0 105.7 31.4 3 4 8 7 20 7 67 1 237.0 125 8 378.8 96.3 60.0 1951—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 79 168.2 69 5 652.2 117.4 31.5 June 30.. :,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.. ,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. . ,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.. ,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.. ,018.7 35.8 9.4 2 7 8 0 16.4 79.0 151.4 73.7 638.6 132.8 22.2 Nov. 30P. ,016.3 33.8 8.2 4 4 9.2 17 2 82.7 155.5 73.8 636.4 127.9 22.8 Dec. 31 P. 1,043.0 27.9 31.9 4 4 8.7 17.8 81.9 172.6 62.3 657.1 128.6 22.4 Table 3a.—Other Europe Date E O u t r h o e p r e A tr u ia s- g B iu e m l- m D a en rk - l F a i n n d - m G a e n r- y Greece N w o a r y - t P u o g r a - l Spain S d w en e- Y sl u av g i o a - ot A he ll r 2 1947—Dec> 31 118 9 15 0 2 2 8 0 30 5 10 6 9 2 i i 9 5 4 (') 35 9 1948—Dec. 31 106.3 21 .4 .6 3.4 30.5 1 2 8 4 .7 2.9 1.4 6 0 29 8 1949—jjec 3i 98 5 19.3 .4 8.2 30.0 .7 7.4 .5 7.0 2 3 22 6 1950—Dec. 31 67.1 2 21 5 3 2 2 2 25 4 2 1 4 5 1 6 6 9 4 0 1951—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 ? 0 1.0 19 0 5 2 2 4 4 2 Feb 29 103 0 (3) 33 7 4 6 4 1 27 9 9 19 8 4 3 1 3 4 6 Mar. 31 89.6 . 1 28.7 4.6 2.7 27.7 1 .2 13.5 4 2 7 4 4 Apr 30 81.1 (3) 21 3 4 3 1 8 27 2 8 1 0 12 6 3 6 2 4 4 9 May 31 79.1 .1 17.6 3.9 3.4 26 9 > 0 .8 14 6 3 2 2 7 3 8 June 30 ... 68.8 13.9 3.5 2.9 23.2 .6 .8 14.3 2 7 2 3 3.6 July 31 67.2 (3) 12.9 3.6 2.8 23 7 .2 8 7 14 3 3 1 5 3 6 Aug 31 66.5 11.5 2.2 2.2 25 7 .2 L.8 .6 12.5 1 9 3 4 4.4 Sept. 30 75.1 11 8 3.5 2 8 27 5 .2 > 0 6 13 5 2 2 7 3 3 7 Oct 31 79.0 1.0 13.2 2.8 3.8 28.0 .2 L.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 8 .6 11 8 3 0 7 9 5 8 Dec. 31 P 81.9 .8 16.2 2.1 5.6 26.8 .2 9 .5 11.2 2.5 8.6 5.4 Table 3b.—Latin America Neth- Do- er- Date A L m i a c t e a i r n - A t r i g n e a n- l B iv o ia - Brazil Chile l C o b m i o a - - Cuba p m i R c u i a e b n n - - - G m u a a l t a e- M ic e o x- I l W n a a d n n e i d d e s s s t Peru l P p a i R c m u 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 m a t a h t e i e n r « r lic Surinam 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 g 1 5 4 4 4 6 26 0 34 7 1949—Dec. 31 411 1 53 6 2 136.9 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 1.9 2 6 70 6 I.3 11 0 3 1 6.8 8 0 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 I.2 12 0 4 2 9 9 11 8 34 9 13.7 Feb. 29 520.6 7.8 9.9 217.0 23.6 36.1 31.0 2 1 4 2 103 0 1 2 11 8 4 1 8.4 7 9 38 7 13.8 Mar. 31. 570.2 8.6 8.1 234.9 29.3 33.8 56.6 2.1 4 2 101 1 1 2 11.5 3 9 7.5 19 1 33.1 15.1 Apr. 30. . 601.1 7.8 8.6 272.2 29.1 31.5 54.7 2.9 4 1 94.4 1.3 10.3 6 8 6.5 24 9 32.2 13.7 May 31 . 652.2 7.4 9.7 320.7 27.5 34.3 55.9 2.4 3.7 90.8 1.1 11.6 6 0 5 3 27 9 34.2 13.8 June 30.. 669.6 8.2 8.4 358.3 26.1 35.0 51.8 2.2 4.1 78 0 1.2 10.9 5 9 5 4 30 5 32 1 11.5 July 31.. 700.1 7.2 8.7 392.6 27.0 34.5 52.5 1.9 3.7 71.2 1.2 10.9 6.3 5.3 32 1 32.4 12.5 Aug. 31. . 715.2 7.6 6.8 403.9 23.0 34.2 51.6 1.8 3.2 91.7 1.1 10.7 3.3 5.3 25.7 32.4 13.0 Sept.30.. 658.3 8.6 6.2 374.7 21.6 32.1 33.6 1.8 2.8 92.0 1.2 10.3 3 7 5.1 20 6 31.7 12.4 Oct. 31 .. 638.6 8.1 6.2 356.2 18.3 34.9 36.1 1.6 3.2 88.4 1.2 11.7 4.4 7.1 14 3 33.1 13.9 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 Dec. 31P. 657.1 8.2 5.8 356.4 25.4 41.7 32.5 1.6 4.2 82.9 1.3 14.8 5.3 9.1 17.3 36.7 13.7 P Preliminary. 1 See footnote 1, p. 300. 2 Beginning January 1950, excludes Austria, reported separately as of that date. 3 Less than $50,000. * Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date. 302 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 3.-SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] * Table 3c.—Asia and All Other For- Egypt Date Asia C M m a h n o i a n d s in a a - H K o o n n g g India I n n e d s o ia - Iran IsraelJapan i p P p R u h p b e i i l - l n - i e c T la h n a d i- T k u ey r- O A t s h ia e 1 r o A th l e l r t A ra u l s i - a C g B o i n e a g l n - o A E t a n i g n a g y d n l p o - - A S U f o r o n u i f c i t o a h n Other 2 land Sudan 1947—Dec. 31. . 127.0 40.8 2.6 29.6 .5 .9 27.4 17.7 7.5 31.5 9.0 .1 14.4 8.0 1948—Dec. 31. . 118.8 24.2 3.4 20.4 1.9 15.9 37.3 1 4 14 3 19 7 4 7 .4 7.9 6.8 1949—Dec. 31. . 139.7 16.6 3.7 17.4 .2 14.1 23.2 14.3 50.3 20.4 7.9 .2 4.5 7.7 1950—Dec. 31. . 96.3 18.2 3 0 16 2 2 6 6 18 9 12 1 4 9 i 5 9 13 9 60 0 40 8 4 4 3 7.3 7 2 1951—Dec. 31.. 162.4 10.1 3.1 13.4 .3 9.3 30.0 12.2 29.3 2.5 .6 51.6 41.9 22.8 5.7 .2 6.7 6.5 1952—Jan. 31. . 161.9 10.1 1.4 14.8 .4 8.9 35.9 8.6 29.1 2.1 .5 50.0 37.6 21.1 5.3 .1 6.3 4.7 Feb. 29.. 154.6 9.6 1.6 16.8 .5 9.0 32.4 8.8 27.2 2.9 .6 45.1 36.7 17.5 6.0 .1 6.0 7.0 Mar. 31 .. 149.5 9.1 2.8 20.4 .7 10.1 30.3 9.1 22.6 3.7 13.8 26.9 35.7 17.7 7.2 .1 5.7 5.0 Apr. 30.. 144.8 8.6 4.2 14.5 .9 10.8 29.3 11.0 23.7 2.8 23.6 15.3 33.5 13.5 7.6 .2 7.0 5.1 May 31.. 117.4 8.1 1.8 9.4 .6 10.6 30.1 12.5 27.4 3.2 1.6 12.1 31.5 12.7 7.8 .2 4.8 6.1 June 30. . 118.0 7.3 2.4 6.5 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.. 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 Dec. 31 ?.. 128.6 10.1 1.2 4.3 .9 10.2 15.1 12.5 7.6 3.3 38.8 24.6 22.4 10.1 6.0 .5 2.0 3.8 TABLE 4.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM DOMESTIC SECURITIES, BY TYPES 3 (Inflow of Foreign Funds) [In millions of dollars] IT. S. Government bonds and notes 4 Corporate bonds anc stocks 5 Net Year or month Purchases Sales pur N ch e a t ses Purchases Sales pur N ch e a t ses pu T rc o h t a al ses T sa o l t e a s l p s d e u o c r m u c o h r e f i a s ti t s e i e c s s 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 1,3S6 6 6 _ 683 0 859 8 761.0 98 7 1,533 .3 2,117.6 -584 3 1952? . . 531.9 233.8 298.1 858.8 836.3 22.5 1,390.7 1,070.1 320.6 1952—January 20.2 12.7 7.6 76.6 71.5 5.1 96.9 84.2 12.7 February 15.5 18.7 -3.2 68.3 79.6 -11.3 83 8 98.3 — 14.5 March 19.4 16.3 3.1 65.7 68.1 -2.5 85.1 84.4 .6 April 13.9 15.8 -2.0 76.2 69.2 7.0 90.1 85.0 5 0 May 31.2 22.2 9.0 61.6 71.9 -10.3 92.8 94.1 -1.3 June . . 39.6 32.0 7.7 63.6 68 3 -4 7 103.2 100.3 3 0 July 39.1 29.2 9.9 76.8 63.7 13.1 115.9 93.0 22.9 August . 37.5 13.3 24.2 67.6 58 9 8.7 105.1 72.2 32.9 September 34.0 14.2 19.8 53.3 79.2 -25.9 87.3 93.4 -6.1 October. . .. 188.8 18.8 170.1 77.2 61 .5 15.7 266.1 80 3 185.8 November? 49.4 21.1 28.3 78.3 55.2 23.1 127.7 76.4 51.4 December? 43.2 19.5 23.7 93.7 89.1 4.5 136.9 108.7 28.2 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 Year or month Purchases Sales pur N ch e a t ses Purchases Sales pur N ch e a t ses pu T rc o h t a a s l es T sa o l t e a s l p se u fo c r r u c o e h r i f i a g ti s n e e s s 1947 57.1 42.6 14.6 658.7 634.3 24.5 715.9 676.8 39.0 1948 81.7 96.7 -15.0 211.6 291 A -79.8 293.3 388.2 -94.8 1949 88.8 70.8 18.0 321.2 311.5 9.8 410.1 382.3 27.8 1950 173.8 198.2 -24.4 589.2 710.2 -121.0 763.0 908.4 -145.4 1951 272.3 348.7 -76.4 500.4 801 .0 -300.6 772.7 1,149. 7 -377.0 1952? 289.8 329.6 -39.8 495.4 667.2 -171.8 785.3 996.8 -211.6 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 28.0 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 87.6 77.8 9.7 109.6 98.6 11.0 November? 19.5 16.5 3.0 18.2 14.1 4.1 37.7 30.7 7.1 December? 22.8 20.9 1.8 25.9 75.5 -49.6 48.7 96.4 -47.7 p Preliminary. 1 Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. Beginning January 1950, excludes Iran, Israel, and Thailand, reported separately as of that date. 2 Beginning January 1950, excludes Belgian Congo, reported separately as of that date. 3 Includes transactions of international institutions. 4 Through 1949 includes transactions in corporate bonds. 5 Through 1949 represents transactions in corporate stocks only. 6 Includes net sales of 554 million dollars by Canada. MARCH 1953 303 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 6.—DOMESTIC SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES. BY COUNTRIES < (Inflow of Foreign Funds) [Net sales, (—). In millions of dollars] Y m e o a n r t o h r na I i n n ti t s o e t n i r - - al Total U K d n i o i n m t g ed - France N l e a t n h d e s r- Sw la i n tz d er- Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m i a c t a e in r- Asia o A th l e l r tutions 1947 74.5 — 163.6 -8.9 —50.2 —98.2 13.0 — 17.1 — 14.1 -175.5 3.2 -3.5 10.0 2.2 1948 7.6 — 199 8 9.1 —82.8 — 79.3 —40.0 (i) 2.6 — 190.4 7.5 10 2 —23 3 —3 9 1949 87.0 -11.8 20.9 —6.8 —25!s 44^2 1.5 2.2 36.5 —49.0 2.5 -2.1 .2 1950 121.2 823.2 64.0 197.8 —6.3 19.0 -.7 73.8 347.5 458.2 30 1 — 15.3 2 7 1951 —15^9 —568.4 21.4 6^0 —22.2 45^9 1^9 —43^8 9.2 —595.5 13.9 4.8 — .7 1952P. 14.7 305.8 66.2 5.5 —21.9 59.2 .5 6.2 115.7 193.0 4.7 -9.5 1.9 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 -I 6 1.3 0) -2.1 -1.9 .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 -.3 Oct.... 11.3 174.5 38.9 .1 -2.7 5.4 .2 3.9 45.9 126.1 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 Dec. P.. .9 27.4 7.2 1.2 -2.2 4.5 -1.2 9.2 16.6 .1 1.0 .5 "3 TABLE 6a.--DOMESTIC SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES Other Europe; Latin America; and Asia Y m e o a n r t o h r E O u t r h o e p r e t A ri u a s 2 - g B iu e m l- N w o a r y - o A th l e l r A L m i a c t e a i r n - l C o b m i o a - - Cuba M ic e o x- p P a R u m o a b e f n a - l - ic g U u r a u y - 2 A O L m i a t c h t e a i e r n r - Asia M C m l F a a h a n o o n i i d r s n d n - a a - I n n e d s o ia - P p p h R l u i i i n e l c b i - e - p- O A th si e a r 1947 -14.1 -.9 -4.1 -9.2 -3.5 .3 -.9 2.5 -6.9 1.5 10.0 -3.2 -1.3 7 0 7.5 1948 2 6 2 6 — .3 .3 10.2 .2 -.8 2.9 -4 7 12.6 -23.3 -22.7 -.1 .4 -.9 1949 2.2 1.6 9 1.4 2.5 1.2 -1.0 .3 4.2 -2.1 -2.1 -7.2 .2 .5 4.4 1950 73.8 ' 18.4 12.6 36.7 6.0 30.1 -1.2 24.6 .5 .1 -5.0 11.1 -15.3 -3.0 -.3 .9 -13.0 1951 -43.8 -11.9 5.7 -38.1 5 13.9 6.1 2 5 8 2 6 1 .5 4.8 -.2 -2.1 6.8 1952P 6.2 .4 -.5 6.0 .3 4.7 -.8 .2 2.6 -6.5 2.7 6.6 -9.5 -.3 -.1 -11.4 2.3 1952— M F J e a a b n r. . . . . . . . . . . - - 1 1 . . 2 . 3 3 0 0 ) ) .2 - - . . 1 6 .5 0) - - 1 - . . . 9 1 3 -2 2 2 . . . 3 9 3 - -. . 3 4 .6 . . . 3 1 5 - 1 .2 .0 -3 2 1 . . . 2 0 1 - 1 .1 . . 0 5 - -. . 1 1 .2 - - -2 1 1 . . . 1 1 3 0 - ) .2 8 0) - - 1 - 1 . . . 3 6 1 - - - . . 3 8 4 A M p a r y . . . . . . -.6 .7 0 0 ) ) . .2 8 -1.3 .5 - 4 .4 .1 -1.1 .4 .8 -.7 1. . 4 4 -.2 .5 1 1 . . 7 3 0) . .1 2 8 C1) -.1 .1 J S O J A u u e c u n p l t g y . e t . . . . . . . . . . . . . . . . - 3 1 . . 4 . . . 9 2 6 9 0 0 0 ) ) ) .2 — -.8 . . 4 4 . 2 1 ( 0 0 ») 3 • ) ) ^ ' 2 - 1 .2 . . . . 8 9 6 2 - - 4 4 1 1 . . . . 8 1 . 1 5 9 — - - 1 . . 1 2 1 . . 1 . 3 3 - — - l . . ! 3 1 3 2 -.4 . . . . 8 1 8 7 - - - 5 3 2 -. . . . 3 9 1 3 .8 - - 1 . . 3 8 . . . 2 3 5 1. . . . 1 4 5 5 - 0 — 7 1 ) . . 3 2 .2 0 C 0 - 1 ) ) ) .4 0 0 0 0 ) ) ) ) - 8 7^5 1. . . 1 8 6 NOV.P . 3.3 0) .6 3.1 -.3 3.4 .4 0) .3 2.3 .6 — .1 — .1 0) 0) .1 Dec.p . -1.2 0) -1.5 -.1 .5 .1 -.1 -1.6 1.1 .4 C1) .4 1.0 -.1 0) C1) 1.1 0) 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 t o h r n tu a in t t i i s o o t n i n - a s l Total U K d n i o i n m t g ed - France N l e a t n h d e s r- Sw la it n z d er- Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m i a c t a e in r- Asia o A th l e l r 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 . l 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 1952? -118.1 -93.5 -4.0 4.9 -12.8 8.7 1.2 18.2 16.2 -131.0 25.3 -10.0 6.0 1952—Jan.... -1.4 2.5 .2 1.0 .7 2.3 .1 .6 4.9 2.8 -1.1 -4.4 .3 Feb.... -30.4 -3.0 .4 .3 .7 0) .8 -.8 -30.6 2.3 -1.8 .6 Mar.... -4!4 -11.4 -.5 .2 .5 .4 2.8 3.1 -5.5 1.5 -5.0 -5.5 Apr.... 0) -62.2 .1 .5 .6 1.7 0)' .4 3.3 -71.2 1.0 -4.1 8.8 May... -50.7 -100.1 -1.1 .5 -.2 1.0 .1 2.1 2.3 -101.5 1.9 —3.0 .1 June... -.8 12.5 -1.6 .9 -3.9 -.2 — 2 6.1 1.2 11.2 2.5 -2.7 .4 July... 0) 18.9 — 1.1 -.3 -6.7 -1.6 A -.4 -9.6 21.4 0) 6.7 .2 Aug.... -.6 31 .7 -1.0 1.0 -2.9 2.1 -.3 .2 -1 0 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 -58.8 69.8 4.0 .1 -.2 1.8 1.0 3.9 10^6 39^8 13.1 6.7 -.3 NOV.P.. -.8 7.9 y —. 1 -.1 .4 0) .7 .3 8.8 .2 — 1.6 .2 Dec.p.. -7 -47.0 -.7 -.4 -.2 .7 .2 .3 -.2 -46.0 2.3 -3.9 .7 p Preliminary. i Less than $50,000. » Not available until 1950. 304 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 1947 -11.3 -1.0 -1.4 -4.8 -1.5 __ o -.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 0 4 3 -4.8 ? -.3 -3.3 2.8 -50 - 5 — .1 1952? -1.8 -.2 -1.0 -1.6 1.2 -.6 .6 -1.6 -1.0 1.0 -.1 -.1 1952—January -.2 -.8 -1.1 -1.7 -.5 0) 4 -3.7 1.1 2.2 .2 0) February 5.3 1.1 .8 1.0 4.8 2 2 8.1 -2.1 -15 .5 March 1.2 .2 3 19 -2.7 1 2 0) 1 8 1 -.2 -.6 April -4.8 -1.3 -.9 -1.9 1.7 - 2 -7 -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 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 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 .1 .9 -1.8 .2 .6 .4 November? -8.9 -1.2 -.3 e -1.2 -.2 .2 -3.2 -1.2 -3.5 -.1 -.8 December^ 24.8 .8 -.1 .7 .4 .1 -.3 1.5 0) 3.2 .9 P Preliminary. 1 Less than $50,000. 2 Amounts outstanding (in millions of dollars): foreign brokerage balances in U. S., 82.4; U. S. brokerage balances abroad, 35.5. GOLD PRODUCTION OUTSIDE USSR [In millions of dollars] Production reported monthly Estimated Year or pro w d o u r c ld tion Africa North and South America Other month outside Total USSR* r m ep o o n r th te l d y A So fr u ic th a d R e h s o i - a A W fr e ic s a t 2 B C e o l n g g ia o n 3 U St n a i t t e e s d 4 C a a d n a - M ic e o x- Co b l i o a m- Chile r N ag ic u a a - 6 Au l s ia tra- India3 $1=15121 i'rains of gold 911Cfine: i. e.t an outce of fine gold =$.35. 1941 1,265 6 1,110.4 504 3 27.8 32.4 19.6 209.2 187.1 28.0 23.0 9.3 7.5 52.4 10.0 1942 1,125.7 982.1 494.4 26.6 29.2 18.0 131.0 169.4 28.0 20.9 6.4 8.6 40.4 9.1 1943 871 5 774 1 448 2 23 0 19.7 15.8 48.8 127.8 22.1 19.8 6.1 7.7 26.3 8 8 1944 777.0 701.5 429.8 20.7 18.4 12.7 35.8 102.3 17.8 19.4 7.1 7.9 23.0 6.6 1945 738 5 683 0 427 9 19 9 18 9 12.1 32.5 94.4 17.5 17.7 6.3 7.0 23 0 5 9 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 '777.1 408.2 17.9 '24.1 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 »-22 9 '12.3 66.3 '153.7 13.8 15.1 6.1 8 8 '31.3 '7.9 1951—December. . 62.4 33.2 15 2 1 1.0 4 9 13.2 1.2 .9 .4 8 2.7 .7 1952—January... 62.5 34.2 4 2.0 1.1 5.0 12.4 .5 1.6 .6 7 2.4 .6 F M e a b r r c u h ary 6 6 1 3 . . 0 3 3 3 2 4 . . 2 4 .4 1 1 .9 9 ? 4 4 . . 8 6 1 1 2 2 . . 3 8 1 1 . . 4 4 1 1 . . 2 4 .4 7 7 2 2 .6 5 .7 7 April 63.3 33.8 L.5 2.0 1.3 5.0 12.7 .9 1.6 .45 7 2.8 .7 May 66.2 35.5 L.4 2.0 1.2 5.1 12.8 2.1 1.5 .5 8 2.7 .7 June 34 1 s 1 9 ? 5 5 '12 6 9 4 .8 2 9 7 July 35.5 L.4 1.8 .2 6.4 13.1 1.3 .6 .7 3.2 .7 August 34 9 6 2.0 ? 6 5 '13.0 1.1 .6 .7 2 4 7 September 34.7 1.4 2.1 1.2 6.2 13.4 1.0 .6 .8 2.8 .8 October.... 3.5 4 1 5 2.1 1 6 8 14.1 1.1 .7 8 November.. 34 3 1 5 2 1 1.1 6 0 13.6 3 8 7 December 34.6 .9 5.9 1 8 8 .7 r Revised. Gold production in USSR: No regular government statistics on gold production in USSR are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; and 1938, 180 million. 1 Estimates of United States Bureau of Mines. 2 Beginning 1942, figures reported by American Bureau of Metal Statistics. Beginning 1944, they are for Gold Coast only. 8 Reported by American Bureau of Metal Statistics. 4 Includes Philippine production received in United States through 1945. Yearly figures are estimates of United States Mint. Monthly figures reported by American Bureau of Metal Statistics, those for 1951 having been adjusted by subtracting from each monthly figure $297,000 so that the aggregate for the year is equal to the yearly estimate compiled by the United States Mint. 6 Gold exports reported by the National Bank of Nicaragua, which states that they represent approximately 90 per cent of total production. NOTE.—For explanation of table and sources, see BULLETIN for June 1948, p. 731, and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543 MARCH 1953 305 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Estimated UnitedStates E m n o d nt o h f tota ( l e x w cl o . rld A t r i g n e a n- g B i e u l m - Bolivia Brazil Canada Chile lo C m o b - ia Cuba m De a n r - k E d c o u r a- USSR)1 Treasury Total» 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—Feb 23 190 23 377 268 610 23 317 868 45 311 31 22 Mar . .. r36,000 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.... ••36,120 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 23,528 268 735 25 317 883 41 294 31 23 Sept... . 36,200 23,342 23,525 268 718 22 317 892 42 280 31 23 Oct . 23 339 23 521 268 713 317 885 42 280 31 23 Nov.... 23,337 23,504 268 711 317 887 42 254 31 23 Dec. P36.260 23 186 23 252 706 317 896 42 214 31 23 1953—Jan 22,986 23,079 709 42 214 31 23 E m n o d nt o h f Egypt France3 G m u a a l t a e- India Iran Italy Java Mexico N l e a t n h d e s r- Ze N a e l w and 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—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 27 247 138 346 280 104 326 33 50 38 46 Nov 174 568 27 247 138 255 394 33 50 38 46 Dec 174 573 27 247 138 235 544 33 50 38 1953—Jan 573 27 247 138 218 *>567 33 38 Inter- Bank for E m n o d nt 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 o i i n m t g e - d g U u ru a - y V zu e e n l e a - n M a t t a i o o r n y n e a - l n S I a e n t t i t t o e l n r e - - al Fund ments 1947—Dec 310 15 762 111 105 1,356 34 170 2,079 175 215 1,356 30 1948—Dec 236 15 183 111 81 ,387 34 162 1,856 164 323 ,436 36 1949—Dec 178 17 128 85 70 .504 118 154 1,688 178 373 ,451 68 1950—Dec 192 23 197 61 90 ,470 118 150 3,300 236 373 1,495 167 1951—Dec 265 26 190 51 152 ,452 113 151 2,335 221 373 1,530 115 1952—Feb.... 270 26 193 51 211 ,426 113 150 1,771 211 373 1,532 126 Mar... 274 26 169 51 214 ,432 113 150 1,700 211 373 ,532 143 Apr.. .. 274 26 164 51 214 1,413 113 150 1,662 211 373 ,532 151 May... 274 30 161 51 210 ,410 113 153 1,678 211 373 ,535 154 June... 274 30 148 51 213 ,408 113 150 1,685 211 373 ,537 154 July .... 274 30 151 51 206 1,408 113 150 1,716 211 373 1,537 166 Aug 274 30 159 51 202 ,404 113 150 51,672 211 373 ,681 181 Sept 277 29 158 51 202 1,404 113 146 1,685 211 373 1,683 183 Oct. . .. 282 29 159 51 190 1,406 113 143 5 1,767 205 373 ,691 187 Nov 285 29 159 51 185 ,407 113 143 1,895 205 373 i,692 191 Dec 286 29 170 51 184 L ,411 113 143 * 1,846 207 373 1,692 196 1953—Jan., .. 29 51 195 143 s 1,978 373 1,692 215 p Preliminary. r Revised. 1 Includes reported gold holdings ot central banks and governments and international institutions, unpublished holdings of various central, banks and governments, estimated holdings of British Exchange Equalization Account based on figures shown below under United Kingdom, and estimated official holdings of countries from which no reports are received. 2 Includes gold in Exchange Stabilization Fund. Gold in active portion of this Fund is not included in regular statistics on gold stock (Treasury gold) used in the Federal Reserve statement "Member Bank Reserves, Reserve Bank Credit, and Related Items" or in the Treasury statement "United States Money, Outstanding and in Circulation, by Kinds." 3 Represents gold holdings of Bank of France (holdings of French Exchange Stabilization Fund are not included). 4 Figure as of Mar. 31. 6 Exchange Equalization Account holdings of gold, U. S. and Canadian dollars, as reported by British Government. (Gold reserves of Bank of England have remained unchanged at 1 million dollars since 1939, when Bank's holdings were transferred to Exchange Equalization Account.) NOTE.—For description of figures, including details regarding special internal gold transfers affecting the reported data, see Banking and' Monetary Statistics, pp. 524-535; for back figures through 1941 see Table 160, p. 526 and pp. 544-555, in the same publication and for those subsequent to 1941 see BULLETIN for 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. 306 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 e e n - S l w a e n r i - t d z- E O ur t o h p e e r ] 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 s-159.9 3.4 -49.9 -10.0 -16.1 1950. -1,725.2 -1 ,020.0 -55.0 -84.8 -79.8 -15.0 -22*! 9 -38.0 -68.0 -100.0 28.2 -118.2 1951 . 75.2 469.9 -10.3 -20.0 -4.5 -34.9 -32.0 -15.0 -60.1 -10.0 -20.0 -60.2 1952. 393.7 440.0 -3.8 -100.0 -5.0 22.5 -29.3 7.2 -20.0 87.7 1949 Jan.-Mar.. 68.8 -12.5 10.4 10.5 -5.0 -13.7 3.4 2.3 Apr.-June. 173.9 162.4 -31.0 -10.0 -11.2 7.9 July-Sept.. 101.5 283.9 3.5 -20.0 -119.1 -10.0 -11.3 Oct.-Dec.. -151.0 2.5 -33.9 -5.0 -15.9 -49.9 -15.0 1950 Jan.-Mar -201.3 -80.0 -35.0 -13.0 -12.4 -15.8 Apr.-June... . -30.4 -20.0 -3.0 -11.9 July-Sept -731.0 -580.0 -28.5 -16.0 -25!6 3.4 8.2 -40.5 Oct.-Dec -762.4 -360.0 -56.3 -79.8 -15.0 -4.0 -47.1 -100.0 20.0 -61.9 1951 Jan.-Mar.. -876.3 -400.0 -12.3 -91.7 -4.5 -10.0 -15.0 -15.0 -44.3 -49.9 -124.4 Apr.-June. -55.6 -80.0 2.0 -15.0 -11.2 -10.0 64.1 July-Sept.. 291.4 320.0 -5.0 -17.6 -3.5 Oct.-Dec.. 715.7 629.9 71.7 -5.0 -1.1 1952 Jan.-Mar.. 557.3 520.0 20.2 22.5 -10.1 11.3 Apr.-June. 105.7 6.9 101.4 July-Sept.. -1.3 .3 Oct.-Dec. -268.0 -80.0 -5.0 -19.3 -20.0 -25.0 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 ar r te o r r g U u r a u y - V zu e e n l e a - A O L m i a t c h t a e i e n r r - Oc A a e n s a i d n a ia A U So f n o r u i i f o c th n a o A th l e l r Period T e u r n e r d a y s o - f p T e o ri t o a d l» I i n n s g c to o r to e c ld a t k a s l e g p e o x o N ld p rt e o i t o r m t r -g m o c c o l r r a r d e e r : a a i k n s s e d e - e d e- p t D i t r c o i o o m d g n u o e 3 l c s d - - (-) 1945 -37.9 -73.1 -27.8 -188.3 3.7 1 1 1 1 1 1 1 9 9 9 9 9 9 9 5 5 4 4 4 4 5 1 2 7 6 9 8 0 - - - 1 6 2 2 1 1 4 4 4 2 5 4 0 . . . . . . . 9 4 8 2 1 9 7 -1 - ' 5 - - 0 9 3 0 - 8 . . . . . 2 7 0 9 0 - - - 1 2 1 - 2 7 1 7 7 5 7 5 9 3 . . . . 2 1 . 5 . . 2 1 0 4 *- - - 5 5 3 - - 1 4 4 0 2 5 1 3 . . . . . 1 . 8 . 1 1 4 7 0 4 2 1 9 5 9 1 5 1 9 2 4 8 1 3 6 5 . . . . . . . 1 3 6 5 1 7 0 4 4 - - - - 4 8 2 1 2 1 7 4 6 2 1 . . . . . . 0 6 . 2 0 9 9 9 1 1 1 1 1 1 1 9 9 9 9 9 9 9 4 4 4 4 4 4 4 7 4 8 2 5 6 3 2 2 2 2 2 2 2 2 4 0 0 0 2 1 , , , , , , , 2 7 5 0 6 7 9 4 5 6 2 1 2 3 4 4 5 9 9 6 8 2 2 2 2 2 2 2 0 4 0 2 0 1 2 , , , , , , , 6 9 3 7 8 0 7 8 3 9 0 6 8 3 1 1 9 6 8 3 9 — 3 1 2 — — 1 , , — , 5 1 6 3 5 7 3 6 2 4 4 5 2 0 3 2 7 9 7 3 ^ . . . . . . 1 4 8 1 9 0 8 1 1 — — , , 6 8 3 3 1 8 8 6 1 6 1 0 4 0 8 1 6 5 6 5 ^ ^ . ^ . . . 5 3 7 4 4 9 3 — — — — — 4 2 1 3 4 8 4 6 1 5 5 5 0 5 5 9 6 0 8 3 9 ^ ^ . . . . . 0 4 6 8 2 7 4 1 4 3 3 5 7 7 2 2 0 1 8 5 5 5 ' . . . . . . ! 2 3 8 4 8 o 9 1949 1 1 9 9 4 5 9 0 . 2 2 4 2 , , 4 7 2 0 7 6 2 2 2 4 , ,5 8 6 2 3 0 — 1, 1 7 6 4 4 3 .6 .3— 6 3 8 7 6 1 . . 5 3-1 — ,3 4 5 9 2 5 . . 4 7 6 80 7 . . 1 3 J A a p n r . . - - M Ju a n r e .. . 3.0 3 3. . 7 6 - - 6 2 . . 6 3 5 7 5 2 . . 6 0 . . 1 1 1 19 9 5 5 2 1 2 2 2 3 , , 6 1 9 8 5 6 2 23 2 ^ ,8 2 7 5 3 2 3 5 7 2 8 . . 9 7 — 6 5 8 4 4 9 ^ 'n 3 — 6 3 1 0 7 4 * . 6 8 6 66 7 ^ .8 3 J O u c l t y .- - D Se e p c t .. . . , - - 1 1 6 . . 0 5 -1 -2 1 . . 9 9 -4 -2 1 . . 2 0 4 1 8 9 . . 1 9 -2.0 .2 1952— M Fe a b r. . . . . . 2 2 3 3 , , 2 19 9 0 0 2 2 3 3 , , 3 4 7 2 7 8 3 5 2 1 1 . . 6 5 1 1 5 5 7 0 . . 1 3 -1 1 0 5 3 2 . . 1 2 4 4 . . 8 6 Apr... 23,297 23,450 22.0 96.6 -75.4 5.0 1950 May. . 23,296 23,502 51.9 27.2 27.1 5.1 Jan.-Mar -12.0 -10.4 .2 3.9 -26.9 June.. 23,346 23,533 30.5 36.6 19.3 5.5 O A Ju c p l t y r . . - - - D S Ju e e p n c t e - - 2 2 -2 3 6 . . . 0 9 9 -5 - - . . . 1 9 9 2 1 2 1 3 . . . 8 9 0 9.2 -1 - - 2 2 4 . . . 8 8 7 J A S O u e u c l p t g y . t . . . . . . . . . . . 2 2 2 2 3 3 3 3 , , , , 3 3 3 3 4 4 3 5 4 2 9 0 2 2 2 2 3 3 3 3 , , , , 5 5 5 5 2 2 3 2 1 5 6 8 - - - 4 8 2 3 .4 . . . 0 8 8 8 3 2 3 3 4 3. . . . 1 5 5 3 - - - - 9 3 1 3 2 2 3 1 .^ . . . 6 8 4 6 6 6 6 . . . . 8 2 5 4 Nov... 23,337 23,504 -16.9 .3 -29.0 6.0 1951 Dec... 23,186 23,252 -252.6 8.1 -263.2 5.9 J J A u a p n ly r . . - - - M S Ju e a p n r t e -5 2 1 0 8 5 . . . 9 0 0 -1 -5 1 3 . . . 0 7 5 -1 - - 2 3 8 . . . 4 9 8 2 1 0 2 . . 3 7 - - - 2 3 2 8 1 5 . . . 0 0 0 1953— F J e an b . . . . . . . 2 2 2 2 , , 6 9 6 8 2 6 2 2 3 2 . , 0 7 7 5 9 1 - -3 1 2 7 7 2 . . 5 8 - ( 2 4) .2 5 - - 1 3 7 2 1 4 . . 7 1 4 (4 . ) 5 Oct.-Dec 30.1 -4.0 -25.0 19.2 1 See footnote 2 on opposite page. 1952 2 Yearly figures through 1951 are estimates of United States Mint. J A T a p u n l r . y . - - - M J S u e a n p r e t 10.0 -1 - - 2 7 7 . . . 0 4 6 - - 3 2 . . 2 4 .4 4 7 . . 3 2 -.1 F S ti i t o g a 3 n t u C i r s t e h o t s i a c n I f s n g o . t e r e r 1 i n 9 n a 5 c t l 2 i u o d a n e n a s d l M t 1 r 9 a o 5 n n 3 s e f a e ta r r e ry o e s f F ti u 6 m n 8 a d 7 t . . e 5 s m of il l A io m n er d i o c l a l n a rs B u g r o e l a d u s o u f b s M cr e i t p a - l Oct.-Dec 4.8 2.0 .3 -1.9 4 Not yet available. 6 Gold held under earmark at the Federal Reserve Banks for foreign 1 Includes Bank for International Settlements. a ti c o c n o s u , n a t, m i o n u c n lu te d d in g t o g o 5 l , d 8 0 h 8 e .9 ld m fo il r li o t n h e d a o c l c la o r u s nt o n o f F i e n b te . r 2 n 8 a , t io 1 n 9 a 5 l 3 . i ns G ti o t l u d - 2 Includes sale of 114.3 million dollars of gold to Italy. under earmark is not included in the gold stock of the United States. 3 Includes sales of 185.3 million dollars of gold to China. 4 Includes sales of gold to Egypt as follows: 1950, 44.8 million NOTE.—For back figures and description of statistics, see Banking dollars; and 1951, 76.0 million. and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523. 3 Includes sales of 45.0 million dollars of gold to Indonesia. 307 MARCH 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT (End-of-month figures. In millions of dollars] 1953 1952 1952 1951 International Fund International Bank Jan. Oct. July Jan Dec. Sept. June Dec. Gold 1,692 1,691 1.537 1,531 Gold Currencies (balances with depositories Currencies (balances with depositories and securities payable on demand): and securities payable on demand): United States 1,288 1,293 1.319 1,322 United States 10 13 6 8 Other 4,395 4,390 4,420 4,408 Other 1,040 1,035 937 945 Unpaid balance of member subscriptions. 1,354 1,354 869 883 Investment securities (U. S. Govt. obli- Other assets 1 1 1 1 gations) 495 472 512 510 Member subscriptions 8,737 8,737 8,154 8,152 Calls on subscriptions to capital stock 3 4 4 4 4 Accumulated net income -7 -7 -7 Loans (incl. undisbursed portions and incl. obligations sold under Bank's guarantee) 1,409 1.330 1,270 1,113 1953 1952 Other assets 13 15 14 10 Net currency purchased * Bonds outstanding 568 496 500 436 (Cumulative—millions of dollars) Liability on obligations sold under guar- Jan. Dec. Nov. Jan. antee 66 59 56 33 Loans—undisbursed 423 407 403 350 Other liabilities 9 7 7 10 Australian pounds 50.0 50.0 50.0 20.0 General reserve 66 63 58 50 Belgian francs 11.4 11.4 11.4 11.4 Special reserve 32 30 28 24 Brazilian cruzeiros 37.5 37.5 37.5 65.5 Capital* 1,807 1.807 1,691 1,688 Chilean pesos 3.6 3.6 3.6 5.4 Czechoslovakian koruny. 6.0 6.0 6.0 6.0 Danish kroner 10.2 10.2 10.2 10.2 1 As of Jan. 31, 1953. 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 4.5 sterling in May 1947 and 300 million Belgian francs in May 1948, sold French francs 125.0 125.0 nh'.b 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 8.8 8.8 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 l n 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 3 7 0 5 5 0 . . . 0 4 0 wh 2 8 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 s e s 0 d 0 t . h p a o n rt i o o n n e s m of il l c io a n p i a ta r l e s r u ep b o sc rt r e ip d 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- Allother -1.6 -1.6 -1.6 -1.7 sents the subscription of the United States. Total. 716.8 716.8 712.3 734.4 CENTRAL BANKS A d ss e e p t a s r o tm f e is n s t ue Ass d e e ts p a o r f t m ba e n n k t ing Liabilities of banking department Bank of England Note (Fig p u o r u e n s d i s n s m te i r l l l i i n o g n ) s of Gold* a O ss t e h t e s r 2 N c a o o n i t d n es a c v 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 posits ECA 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 - ] d 1943—Dec. 29 2 100 0 12 5 2 5 307.9 ,088.7 234 3 10 3 60 4 17.9 1944—Dec. 27 2 250 0 13 5 5 1 317.4 .238 6 260 7 5 2 52 3 17 8 1945—Dec. 26 2 I 400 0 20.7 8.4 327.0 ,379 9 274 5 5 3 58 5 17 8 1946—Dec. 25 2 ,450 0 23 4 13.6 327.6 ,428 2 278 9 tO 3 57 3 18 1 1947—Dec. 31 2 1,450.0 100.8 15.2 331.3 1,349.7 315 1 18 6 95 5 18 1 1948—Dec. 29 2 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 07 Q 111 2 18 1 1950—Dec. 27 4 1,375.0 19 2 29 2 384.0 L,357.7 313 "5 1* 4 4 85 0 18 1 1951—Dec. 26 4 1,450.0 14 1 18.2 389.2 1,437 9 20O g 13 4 6 89 8 18 1 1952—Feb. 27 4 1,400.0 34.9 17.7 344.2 L.367 0 283 0 11 8 4 83 1 18 5 Mar. 26 4 1,400.0 17.4 23.6 351.8 .384 6 280 3 12 1 5 81 3 18 5 Apr. 30 4 1,450.0 41.9 27.4 306.1 1.410.0 273 0 10 7 5 73 4 17 8 May 28 .4 1,450.0 39.7 11.9 319.6 1,412.2 270 0 10 1 5 72 6 18.0 June 25 .4 1,500.0 59.8 21.2 309.6 1.442.1 275.7 10.6 13 6 72.5 18.1 July 30 .4 1,550.0 36.8 21.6 319.7 1.515 1 262.0 10 4 18 2 69 2 18.3 Aug. 27 .4 1,500.0 43.0 7.2 324.4 I 459 0 252.4 16 0 23 0 64 8 18.4 Sept. 24 .4 L,500.0 57.8 5.2 333.5 L.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 1,575.0 51.3 11.2 371.2 1,525.5 302.8 10.0 24.3 78.5 18.1 1953—Jan. 28 .4 41,500.0 52.9 6.5 343.2 1,448.9 274.5 11.5 32.2 66.1 18.3 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 Bilver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 8 Notes issued less amounts held in banking department. 4 Fiduciary issue decreased by 50 million pounds on Jan. 7 and by 25 million on Jan. 14. For details on previous changes, see BULLETIN for February 1953, p. 194. 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. 308 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 (Figures i i a n n m d i o l l l l i a o r n s s ) of Gold an S d S t e ta U rl t i n e n s i g ted securities a O s t s h e e t r s circ N u o la te tion lia O b a t i n h l d i e ti r es dollars S te h r o m r t • - Other Ch b a a r n te k r s e d » 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 s 807 2 209 2 31 3 693 6 259 9 51 6 19 1 74 0 1943—Dec. 31 6 787 6 472 8 47.3 874 4 340 2 20 s 17 8 4 1944 —Dec 30 172 906 9 573 9 34 3 ,036 0 401 7 12 9 27 7 709 1 1945—Dec 31 156 8 .157 3 688 3 29 5 ,129 1 521 2 153 29 8 198 1946 -Dec. 31 . . 1 0 197 4 708 2 42 1 ,186 2 565 5 60 ^ 93.8 4? 7 1947 Dec 31 2 o ,022 0 858 5 43 7 ,211 4 536 2 68 8 67 5 4? 4 1948 -Dec. 31 ... 4 1,233 7 779.1 45.4 ,289 1 547.3 98 1 81.0 1 1949—Dec. 31 ... 74 1 1,781.4 227.8 42.5 ,307 4 541.7 30 7 126.9 119 1 1950—Dec. 30... 111 4 I.229.3 712-5 297.1 11,367 4 578.6 24 7 207.1 17? 6 1951 —Dec 31 117 8 1,141.8 1,049 3 135 2 I 464 2 619 0 94 9 66 1 700 0 1952—Feb. 29 70 3 1,058.1 1.027 7 88 2 374 4 616.7 88 5 52 1 112 5 Mar 31 60 1 ,179 9 882 2 106 8 393 2 656 5 14 6 66 1 98 6 Apr. 30 . . 72 1,191.5 874.7 84 0 1,411 8 645 7 14 41.7 109 0 Mav 78 -^ I 203 6 824 6 73 8 I 417 4 579 4 21 0 44 6 117 1 June 30 43 8 1,251 .3 817 8 76 1 1,441 8 578 0 26 8 48 5 9 Julv 31 ... 63 0 1,280.0 843.9 71.2 1,458 3 595 5 51 6 41 .6 111 20 74 9 I,303 2 852 9 69 7 I 464 4 614 7 52 0 47 4 1 Sept 30. 73 5 1,263.7 870.9 70 8 ,476 5 588 2 30 7 49.4 H4 0 Oct. 31 ... 42 8 1,286.7 896.1 103.4 1,485.6 668.8 18 8 56.0 90 8 Nov. 67 6 ,214.3 957.3 72 3 I,498 8 607 3 1=50 65 1 Dec. 31 77 1 1,459.8 767.2 77.3 .561 2 626 6 16 9 44 5 132 9 1953—Jan. 31 ... 64 3 1,351.2 803.0 82.3 1,479.6 603.1 40.5 47.6 130 1 Assets Liabilities Ban (F k ig o u f re F s r i a n nce Foreign Domestic bills G A o d v v e a r n n c m e e s n t t o 6 Other Mote Deposits T O lia th bi e l r millions of francs) Goio ° ch e a x n ge m O ar p k e e n t fi i Specia Other Current Other tion G m ov e e n r t n- ECA Other ca iat p ni i ed t s al 1940 -Dec. 26 84 616 42 7 802 66 3 646 63 900 M2 317 18 571 218 383 984 27 202 H4 986 1941 -Dec. 31 84 508 3f> fi 812 12 4 517 69 500 182 507 17.424 270 144 1 517 25, 272 868.474 1942 -Dec. 31 84 598 37 s 420 160 5 368 68.250 250,965 1 6.99( *82 774 770 29.935 821 318 1943—Dec. 30 84 598 M <.518 29 7 543 64 400 566,973 16 601 500,38' 578 33. 137 8t5 596 1944 Dec. 28 75 151 42 I? . 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 67.900 180 447 33 13.* 721.865 765 63. 468 7 213 1947—Dec 31 65 225 12 67. 305 64 117.826 147 400 558 030 59 024 920 831 733 8? 479 10 94? 1948—Dec. 30... 65, 225 30 97,447 8 577 238,576 150,900 >S8 030 57.622 987.621 806 171 .783 16 206 1949—Dec. 29... 67, 774 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 13e,947 34 08I 393,054 158.900 481.039 212.822 1.560,561 70 15 058 161. 720 24 234 1951 —Dec. 27. 101 .447 28 320 234 923 31 956 741.267 160,000 181.030 190,830 1 841.60* 29 to 587 166 226 41 332 1952—Feb 28. 191 447 15 607 HI 014 20 280 850.733 174.400 481 030 126,412 1.880 832 96 3 699 198 702 30 601 Mar. 27.. 101 447 11,336 272 204 29 230 841.006 169.300 479 982 113.099 1.861.681 22 15 783 188 767 41 448 Apr. 30... 191 447 13.634 27: ,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 27' 111 26.128 841,807 169,000 479 982 118,726 1.900.526 39 6 645 171 ,350 38 539 June26. . 191 447 16,991 254L301 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 25* .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 3\ 784 812,416 166,300 470.08? 171 ,274 1,962,270 83 530 129. 755 61 930 Oct. 30... 104 943 28,815 28.' ,717 48,080 872.703 171,100 470.082 161,980 2,024,943 25 8 302 158, 275 49,792 Nov 27.. . 108 430 30,413 774L454 52 225 851 545 172,000 470.08? 154.146 ?.006.873 10 10 887 130 480 55 954 Dec. 31... 200, 187 31,068 274,003 57 042 037,459 172,000 479,982 159,727 2,123,514 27 897 137, 727 49 305 1953-—Jan. 29... 200, 187 16,040 262,363 55 6PA 915,903 175,000 501.982 9124,578 2,065,210 56 730 128, 731 57,008 1 Securities maturing in two years or less. 2 Includes notes held by the chartered banks, which constitute an important part of their reserves. 3 Beginning November 1944, includes a certain amount of sterling and United States dollars. 4 On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940. pp. 677-678). 5 For details on devaluations and other changes in the gold holdings of the Bank of France, see BULLETIN for September 1951, p. 1211; September 1950, pp. 1132 and 1261; June 1949, p. 747; May 1948, p. 601; May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1036, 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 3.8 billion francs on Jan. 29. NOTE.—box back figures on Bank of Canada and Bank of France, see Banking and Monetary Statistics, Tables 166 and 165, pp. 644-645 and pp. 641-613. respectively; for description of statistics, see pp. 562-564 in same publication. For last available report from the Reichsbank ^February I94S) see BULLETIN for December 1946, p. 1424 MARCH 1953 309 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1953 1952 Central Bank 1953 1952 (Figures as of last report (Figures as of last report date of month) Jan. Dec. Nov. Jan. date of month) Jan. Dec. Nov. Jan. Central Bank of the Argentine Bank of the Republic of Colom- Republic (millions of pesos): bia— Cont. Gold reported separately 814 814 Loans and discounts 365,286 424,144 390,577 220,739 Other gold and foreign exchange,. 21* 894 Government loans and securities 174,759 170,0831168,337 149,819 Government securities 2,125 2,08 Other assets 82,176 79,155 87,436 128,240 Rediscounts and loans to banks. . 47,334 42,442 Note circulation 538,879609,727)529,608 457,288 Other assets 259 239 Deposits 344,151325,267 342,281 268,614 Currency circulation 18,788 17,297 Other liabilities and capital.... 69,914 65,816 68,676 62,931 Deposits—Nationalized 27,775 25,5 ~ Central Bank of Costa Rica Other sight obligations 817 848 (thousands of colones): Other liabilities and capital 3,366 2 ,753 Gold 11,511 11,511 11,511 11,511 Commonwealth Bank of Aus- Foreign exchange 87,009 70,510 64,437 64,228 tralia (thousands of pounds): Net claim on Int'l. Fund 4 7,031 7,031 7,031 7,031 Gold and foreign exchange 381,576 352,266 327,280 365,421 Loans and discounts 84,051 100,831 92,450 73,174 Checks and bills of other banks. . 6,275 7,094 5,62! 5,452 Securities 7,125 7,205 7,349 7,953 Securities (incl. Government and Other assets 23,360 22,978 25,185 23,050 Treasury bills) 411,530 444,966 437,662 619,543 Note circulation 132,547135,081 119,804 112,598 Other assets 61,637 37,682 93.052 Demand deposits 67,086 64,323 66,198 56,060 Note circulation 321,168 342,418 315,668 295,221 Other liabilities and capital. . . . 20,454 20,662 21,961 18,289 Deposits of Trading Banks: National Bank of Cuba Special 187,595157,595157,595 488,570 (thousands of pesos): Ot O he t r h e l r i abilities and capi m tal 29 5 5 6 , , 5 7 4 1 1 5 29 5 1 2 , , 9 5 2 2 2 7 2 4 8 7 7 , , 1 7 9 8 7 9 2 3 6 5 3 , , 8 8 3 3 8 9 G Fo o r l e d ign exchange (net) 2 5 1 8 3 , , 2 7 7 4 6 82 7 1 4 3 , , 0 74 3 8 5 2 5 5 4 3 , ,7 2 4 8 8 4 31 5 0 2 , , 5 0 6 4 4 0 Austrian National Bank (millions Foreign exchange (Stabilization of schillings): Fund) 135,471 138561142,624 96,861 Gold 100 98 98 51 Silver 33,380 365 36,326 42,173 Foreign exchange 2,239 2,162 1 ,981 480 Net claim on Int'l. Fund 4 12,511 511 12,511 12,511 Loans and discounts 6,325 6,605 6,396 6,269 Loans and discounts 50,489 454 48,593 12,329 Claim against Government 2,405 2,900 2,854 3,455 Credits to Government 46,918 746 41,077 11,946 Other assets 41 38 46 38 Other assets 43,248 251 33,691 27,768 Note circulation 8,777 9,048 8,678 7,969 Note circulation 411,899 424,414 411,030 378,405 Deposits—Banks 385 631 290 218 Deposits 170,866178,340 200,790 180,464 Other 259 354 570 381 Other liabilities and capital... 11,275 10,918 11,036 7,322 Blocked 1,689 1,770 1,837 1,723 National Bank of Czechoslovakia 5 National Bank of Belgium National Bank of Denmark (millions of francs): (millions of kroner): Gold1 35,448 35,295 35,547 31,529 Gold 69 69 69 F L o o r a e n i s g n a n c d la i d m is s c a o n u d n t b s alances (net) 1 6 6 , , 8 2 2 72 3 1 7 6 , , 0 6 9 58 5 1 4 7 , , 2 6 4 0 6 0 2 8 1 , , 3 4 5 50 6 F C o o r n e t i r g i n b u e t x io c n h s a n t g o e Int'l. Bank. . 765 630 55 1 0 1 Consolidated Government debt.. 34,723 34,763 34,763 34,823 Loans and discounts 98 134 85 129 Government securities 6,386 6,708 8,490 7,998 Securities 443 442 440 113 Other assets . . 3,806 4,171 4,088 3,244 Govt. compensation account. . . ,347 3,348 3,356 3,878 Note circulation 96,301 97,190 95,141 94,197 Other assets 178 324 403 578 Deposits—Demand 2,111 1,694 1,481 2,356 Note circulation ,863 1,966 1,812 1,723 ECA 1 ,319 1,341 1,310 1 ,091 Deposits—Government ,522 1 ,497 1,528 1,877 Other liabilities and capital 3,729 4,463 6,801 9,755 Other ,344 1,444 1,472 1,547 Central Bank of Bolivia—Mone- Other liabilities and capital. . . . 186 175 171 180 tary dept. (millions of bolivianos): (Oct.)* Central Bank of the Dominican Gold at home and abroad * 1,516 1,370 Republic (thousands of dollars): Foreign exchange (net) 31,575 785 Gold 12,076 12,076 12,076 12,066 Loans and discounts 1,857 1,204 Foreign exchange (net) 18,874 20,189 19,702 18,365 Government securities 1,830 1,850 Net claim on Int'l. Fund 4. . . . 1,250 1,250 1,250 1,250 Other assets 336 248 Paid-in capital—Int'l. Bank 43 42 42 41 Note circulation 5,285 4,092 Loans and discounts 1,217 870 509 199 Deposits 939 672 Government securities 7,154 7,154 7,621 7,068 Other liabilities and capital 891 695 Other assets 2,236 2,643 1,756 702 Central Bank of Ceylon (thousands Note circulation 33,955 35,124 33,252 28,910 of rupees): Demand deposits 7,423 7,651 8,216 9,051 Foreign exchange 405,352 401,089 423,813 660,950 Other liabilities and capital. . . 1,472 1,449 1,488 1,731 Advances to Government 89,000 ,000 74,000 13,972 Central Bank of Ecuador Government securities 80,745 ,650 55,528 2,810 (thousands of sucres): Other assets 3,349 ,897 6,566 3,893 GGoolldd 6 138,818 138,642338,555 335,706 O C D u t e h r p e r o e r s n i l c t i s y a — b i i n l G B i t c a o ie i n v r s k e c s r a u n n la m d t i e o c n a n t pital 3 1 3 8 4 7 5 7 7 , , , , 8 0 5 9 1 3 9 9 8 3 8 7 388, , , , 9 8 1 7 2 2 0 7 6 8 8 4 3 1 4 8 3 0 6 3 0 , , , , 1 2 0 5 1 0 8 0 1 8 7 0 4 1 4 0 7 5 4 6 5 4 , , , , 8 0 7 9 6 3 4 8 2 0 4 9 FF N C o r e e r t e d i c i g l t a n s i — m ex O G o c t o h n h v a e e n I r n r g n t e ' m l. ( e n F n e u t t) n * d 4. . . . 1 1 5 1 3 2 3 8 0 4 , , , , 0 7 2 3 7 5 3 3 9 7 1 3 1 9 7 1 3 4 5 8 4 , , , , 8 3 7 1 7 5 6 6 9 7 0 82 1 1 3 8 8 1 8 9 2 8 , , , , 9 9 7 8 8 6 5 3 3 3 7 4 2 1 0 2 8 1 3 6 8 6 , , , , 9 5 7 7 2 0 5 7 2 3 8 0 Central Bank of Chile (millions Other assets 55,425 51,560166,121 179,103 of pesos): Note circulation 44,911 ;69,864565,461 458,731 Gold 1,247 1,174 1,110 1,214 Demand deposits—Private bai ks 89,847 00,699178,675 150,889 Foreign exchange (net) 84 279 215 381 Other 80,013 62,042159,343 115,130 Net claim on Int'l. Fund 4 277 221 221 107 Other liabilities and capital !05,873 80,761231,735 226,012 Discounts for member banks.... 2,136 2,633 2,780 1,614 National Bank of Egypt (thou- Loans to Government 4,059 4,059 664 670 sands of pounds): Other loans and discounts 7,447 6,932 9,315 6,251 Gold? 60,553 60,553 60,553 60,553 Other assets 2,827 2,780 2,852 3,110 Foreign exchange 20,817 19,710 19,977 25,926 Note circulation 12,219 12,787 11,364 8,452 Foreign and Egyptian Deposits—Bank 2,409 2,002 2,584 2,113 Government securities 99,012 91,737275,886 333,987 Other 542 584 300 361 Loans and discounts 19,092 23,490 23,167 29,400 Other liabilities and capital 2,906 2,705 2,910 2,420 Advances to Government 3,361 2,761 7,364 Bank of the Republic of Colombia Other assets 5,803 4,717 4,706 4,061 (thousands of pesos): Note circulation 100,574 99,803195,668 194,948 Gold and foreign exchange 299,185 295,895,268,423 258,541 Deposits—Government 80,510 81,206 67,695 119,312 Net claim on Int'l. Fund 4 24,373! 24,373 24,372 24,370, Other 07,562 98,099104,971 114,487 Paid-in capital—Int'l. Bank 7,164 7,159 1,419 7,124. Other liabilities and capital 19,993 23,858 23,319 25,180 * Latest month available. iOn Aug. 17, 1950, gold reserve revalued from .0202765 to .0177734 grams of fine gold per franc. 2 It is understood that, beginning June 1950, gold reserves have been revalued at a rate of 60 bolivianos per dollar. 3 The data used in calculating this figure appear inconsistent with those for earlier months. 4 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution, 6 For last available report (March 1950), see BULLETIN for September 1950, p. 1262. 6 In December 1950, gold and foreign exchange holdings revalued from 13.50 to 15.00 sucres per dollar. 7 Beginning April 1951, gold previously held in Issue Department revalued from 7.4375 grams of fine gold to 2.55187 grams of fine gold per Egyptian pound. NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1953, p. 78; January 1952, p. 102; January 1951, p. 112; and January 1950, p. 118. 310 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1953 Central Bank 1953 1952 (Figures as of last report (Figures as of last report date of month) Jan. Dec. Nov. Jan. date of month) Jan. Dec. Nov. Jan. Central Reserve Bank of El Salva- Bank of Italy (billions of lire): dor (thousands of colones): Gold 4 4 4 4 Gold 73,404 73,478 73,551 64,211 Foreign exchange 45 43 42 38 Foreign exchange (net) 56,589 30,140 15,877 48,051 Advances to Treasury 574 576 578 590 Net claim on Int'l. Fund » 1 ,566 1,566 1,566 1,566 Loans and discounts 299 329 277 238 Loans and discounts 19,434 33,707 34,081 18,051 Government securities 249 250 239 186 Government debt and securities.. 6,409 6,800 6,590 5,466 Other assets 738 776 783 785 Other assets 1,747 1,228 2,298 1,675 Note circulation 1,299 1,381 1,271 1,200 Note circulation 96,691 94,187 85,220 88,692 Deposits—Government 65 38 57 133 Deposits 54,659 45,201 41,253 43,038 Demand 57 79 53 74 Other liabilities and capital 7,800 7,532 7,490 7,291 Other 390 360 432 361 Bank of Finland (millions of mark- Other liabilities and capital 98 119 108 74 kaa): Bank of Japan (millions of yen): Gold 5,863 5,863 5,863 5,865 Bullion 448 448 448 '501 Foreign assets (net) 11,313 7,427 8,502 22,167 Advances to Government 3 7,931 390 38,390 39,368 Clearings (net) 1 ,679 4,430 3,867 3,361 Loans and discounts 329,845 763322,117 345,990 Loans and discounts 39,965 47,643 42,994 18,999 Government securities 233,240 286 141203,280 86,038 Securities 1,139 1,162 1,165 1 ,051 Other assets 107,274 619106,474 ^•89,929 Other assets 2,009 290 1,926 2,639 Note circulation 519,765 431486,439 467,021 Note circulation 41,104 46,153 45,497 40,134 Deposits—Government 80,475 627 82,637 43,235 Deposits 4,145 3 ,889 3,193 '2,32 Other 63,026 251 60.353 25,756 Other liabilities and capital 16,719 16,773 15,626 '11,619 Other liabilities 45,472 051 41,280 25,815 Bank of German States (m G ill o i l o d ns of German mark?): 695 587 572 116 The J G a o v l a d s Bank (millions of rupiah): 82 2 6 1 89 2 2 4 9 2 6 5 8 6 1, 6 0 2 6 5 0 Foreign exchange 4,280 4.308 4,282 2,046 Foreign exchange (net) .*. 739 726 738 551 Loans and discounts 2,920 3 ,990 2,597 4,451 Loans and discounts 5,193 4,555 3,752 1 ,475 Loans to Government. 7,026 7 ,556 7,953 8,753 Advances to Government 344 411 489 1,140 Other assets.. 948 1,033 884 590 Other assets 4,182 4,008 3,768 3,134 D N e o p te o s c i i t r s c — ul G B at o a io n v n k e s rnment 10 1 1 , , . 3 5 9 4 8 7 2 0 2 1 2 0 1 , , , 9 5 7 9 0 4 9 0 7 10 1 1 , , , 4 9 7 0 4 1 1 1 8 2 9 2 , , , 1 0 3 6 1 0 3 9 7 N De o p te o s c i i t r s c — ul E O a G t t i h o A e n r 1 1, , 4 0 4 1 9 2 6 5 9 1 , 4 8 2 8 9 1 5 6 8 1, 4 1 7 5 9 8 6 1 7 8 91 0 3 6 Other 249 262 280 273 Other liabilities and capital Bank O t o h f e r G li r a e b e i c li e t ie ( s b i a ll n i d o n c s a p o i f t a d l rach- 1,726 1 ,966 1 ,950 2,193Bank M o o f n e M ta e r x y i c r o e se (m rv i e l l 4 ions of pesos): 1,213 1 ,224 1,189 1,156 ma O A G N L e) o t o d o : h a l v t d e e n a r s n a c a c n i a r s e d n c s s d u e — f l t o s a d r G O t i e i s i o o t c g h n v o n e e u r r n e n x t m s ch e a n n t ge (net) . 9 3 2 1 1 , , , , , 5 1 2 4 1 6 9 2 0 1 2 0 1 3 0 6 9 0 3 7 1 1 1 , , , , , 6 9 9 1 1 7 8 7 6 8 8 6 2 2 6 2 0 9 O N O D " B A i t t o e l r h h m u l t i s e e e t t i r r a h e a c n o s n l a i d , i r r d s a i c s e b z l u e t d i i e c l t a l i s a d i s b t t " c i i i e l o o i s n t u h i n o e a s l t n s d d i n c g a s p i o ta f l secu- 3 3 1 , , , 3 3 4 3 5 5 6 6 3 2 1 2 1 2 1 8 1 2 3 3 1 , , , 4 4 4 2 5 4 7 0 7 9 1 0 3 7 4 6 9 6 3 3 1 , , 3 4 3 4 2 4 0 9 7 4 3 5 3 9 5 7 4 3 3 1 , , , 4 4 5 0 1 4 3 9 0 2 6 5 5 8 4 7 9 3 Deposits—Government 872 1,053Netherlands Bank (millions of O R t e r h c e e o li r n ef s tr a u c c c t t i s on and 5 2 , , 7 1 1 8 8 3 gu S G il i d o lv e ld e r s r ) « : (including subsidiary coin) . 2,14 1 9 4 2,06 1 1 4 1,43 1 5 3 ,19 1 5 9 Other liabilities and capital 3,215 3,853 Foreign assets (net) 1,416 1,497 1,989 731 Bank of Guatemala (thousands of Loans and discounts 33 68 34 120 quetzales): Govt. debt and securities 1.451 1,451 1,451 ,000 Gold 27,228 27,228 27,228 27,228 Other assets 595 605 605 617 Foreign exchange (net) 18,410 14,783 11,903 16,160 Note circulation—Old 38 39 40 45 Gold contribution to Int'l. Fund . 1,250 1,250 1,250 1,250 New 2,966 3,118 2,960 ,867 Rediscounts and advances 8,415 8,958 8,658 6,393 Deposits—Government 930 855 142 Other assets 21,897 21,697 21,365 16,387 ECA 1,155 1 1,163 ,730 Circulation—Notes 43,956 44,103 41,611 39,151 Other 341 292 491 Co<n 3,505 3,500 3,434 3,386 Other liabilities and capital 227 217 407 Deposits—Government 3,056 2,983 3,623 3,870Reserve Bank of New Zealand Banks 11,637 9,671 8,509 11,032 (thousands of pounds): Other liabilities and capital..... 15,047 13,659 13,227 9,979 Gold 6,013 6,012 5,578 National Bank of Hungary 2 Foreign exchange reserve 31,119 33,120 24,087 Reserve Bank of India (millions of Loans and discounts 6,019 6,019 6,019 rupees): Advances to State or State un- Issue department: dertakings 54,221 53,713 52,774 Gold at home and abroad 400 400 400 Investments 58,132 46,132 54,182 Foreign securities 5,382 5,382 5,932 Other assets 1,236 1,383 3,542 Indian Govt. securities 4,501 4,501 4,681 Note circulation 69,247 62,038 63,837 Rupee coin 847 853 683 Demand deposits 79,849 76,656 75,457 Note circulation 10,921 10,737 11,501 Other liabilities and capital 7,644 7,685 6,887 Banking department: Bank of Norway (millions of kroner): Notes of issue department.... 208 399 195 Gold 243 242 242 Balances abroad 1,673 ,568 1,706 Foreign assets (net) 403 434 391 Bills discounted 70 23 56 Clearing accounts (net) 54 52 7 Loans to Government 33 35 80 Loans and discounts 58 42 48 Other assets 1,192 ,157 1 ,528 Securities 45 45 46 Deposits 2,832 ,848 3,238 Occupation account (net) 5,546 ,546 6,202 Other liabilities and capital.. . 344 333 328 Other assets 52 68 62 Central Bank of Ireland (thousands Note circulation 2,916 ,755 2,525 of pounds): Deposits—Government 1,969 ,105 1,771 Gold 2 ,646 2 ,646 2,646 2,646 Banks 732 711 1,216 Sterling funds 60,237 63,886 61,250 54,629 ECA—MSA 295 305 918 Note circulation 62,883 66,532 63,896 57,2 75 Other liabilities and capital 489 554 568 r Revised. 1 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 2 For last available report (February 1950), see BULLETIN for September 1950, p. 1263. 3 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. 5 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. MARCH 1953 311 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Centra! Bank 1953 1952 Central Bank 1953 1952 (Figures as of last report (Figures as of last report date of month) Jan. Dec. Nov. Jan. date of month) Jan. Dec. Nov. Jan. State Bank of Pakistan (millions of Bank of Spain—Cont. rupees): Other assets ,729 31,456 32,700 24,245 Issue department: Note circulation ,140 38,493 36,832 35,104 Gold at home and abroad... 81 81 81 44 Deposits—Government ,250 1,294 4,480 1 Sterling securities 416 423 440 1,204 Other ,544 4,658 3,418 2,434 Pakistan Goyt. securities. . ,146 ,059 992 765 Other liabilities and capital ,066 28,218 28,645 20,478 Govt. of India securities . 126 126 126 126Bank of Sweden (millions of kronor): India currency 300 300 300 300 Gold 429 406 407 395 Rupee coin 66 68 68 18 Foreign assets (net) ,313 1,351 1,331 1,607 Notes in circulation ,038 ,008 1,953 2,397 Net claim on Int'l. Fund * 129 129 129 88 Banking department: Paid-in capital—Int'l. Bank 12 11 11 10 Notes of issue department. . 98 48 54 60 Swedish Govt. securities and ad- Balances abroad 358 vances to National Debt Office4 ,666 3,240 2,549 2,661 Bills discounted 3 99 Other domestic bills and advances 301 321 310 248 Loans to Government 153 159 1 Other assets 729 755 708 681 Other assets 518 418 440 390 Note circulation ,350 4,577 4,291 3,889 Deposits 505 525 547 807 Demand deposits—Government. 525 449 350 785 Other liabilities and capital. 112 97 106 101 Other 192 580 151 450 Central Bank of Paraguay Other liabilities and capital 514 609 654 568 (thousands of guaranies): Swiss National Bank (millions of Gold 1, 1,142 francs): Foreign exchange (net) 63, 53,543 Gold ,907 5,876 5,812 5,946 Net claim on Int'l. Fund ! ... 11 Foreign exchange 469 491 462 252 Paid-in capital—Int'l. Bank — 1 -1,095 Loans and discounts 224 310 238 233 Loans and discounts § 92. r82,676 Other assets 67 103 82 76 Government loans and securities. 316, ••321,867 Note circulation ,784 5,122 4,842 4,592 Other assets 274, 218,405 Other sight liabilities 686 1,454 1,547 1,718 Note and coin issue 378, 976 350,588 Other liabilities and capital.... 197 204 205 196 Deposits—Government 49, •49,480 Central Bank of the Republic of Other 129 133,891 Turkey (millions of pounds): Other liabilities and capital.... 190,510 '142,591 Gold 402 402 402 419- Central Reserve Bank of Peru Foreign exchange and foreign (millions of soles): clearings 151 133 127J 158 Gold and foreign exchange 2 ... . 559 561 601 Loans and discounts ,760 1,785 1,826; 1,371 Net claim on Int'l. Fund l 67 67 21 Securities 26 26 27 27 Contribution to Int'l. Bank 2 2 2 Other assets 136 120 123 110 Loans and discounts to banks. . 305 324 230 Note circulation ,240 1,238 1,267 1,110 Loans to Government 906 863 777 Deposits—Gold 172 153 153 153 Other assets 143 176 272 Other 801 817 829 642 Note circulation ,379 1,332 1,182 Other liabilities and capital 262 258 255! 181 Deposits. 369 400 366 Bank of the Republic of Uruguay Other liabilities and capital 235 260 355 (thousands of pesos): Central Bank of the Philippines Gold 310,763 336,354 (thousands of pesos): Silver 9,358 9,660* Gold 18,552 18,427 18,395 13,887 Paid-in capital—Int'l. Bank 314 313 Foreign exchange 432,807 435,729 438,777 476,226 Advances to State and Govern- Net claim on Int'l. Fund 1 29,504 29. 29,504 29,504 ment bodies 130,018 131,632 Loans 54,140 54, 50,180 51,883 Other loans and discounts 357,441 340,244 Domestic securities 235.233 235, 131,857 241,181 Other assets 500,928 391,143 O N t o h t e e r c a ir s c s u e l t a s t . i ; on 5 1 6 4 1 8 , , 6 2 3 7 1 9 5 1 7 4 9 9 , ,220148, , 9 2 9 8 8 0 5 1 7 4 6 8 , , 7 1 7 0 6 3 N De o p te o s c i i t r s c — ul G at o io v n ernment 37 9 0 3 , , 8 1 3 1 6 6 35 8 9 8 , , 3 0 5 6 6 7 Demand deposits 219,305 205 235,135 244,648 Other 315,113 309,127 Other liabilities and capital.... 137,579 136 136,296 139,359 Other liabilities and capital 529,757 452,795 Bank of Portugal (millions of Central Bank of Venezuela (milescudos): lions of bolivares): Gold 4,445 4,361 Gold ,141 1,141 1,141 1,141 Foreign exchange (net) 11,463 11,697 Foreign exchange (net) 132 186 162 -291 Loans and discounts 841 696 Other assets 92 93 71 103 Advances to Government 1 ,430 1,249 Note circulation 976 1,000 909 853 Other assets 560 605 Deposits 274 255 230 25O« Note circulation 9,125 9,048 Other liabilities and capital 115 165 234 111 Demand deposits—Government.. 1,577 1,406 Bank for International Settle- ECA 29 15 ments (thousands of Swiss gold Other liabilities and O c t a h p e i r tal 2 5 , , 1 8 2 8 1 7 5 2, , 1 9 4 9 7 2 fra G nc o s ld ): m in bars 657,,029 599,415 585,413 355,369' South African Reserve Bank Cash on hand and with banks 62,167 48,700 84,526 64,586 (thousands of pounds): Sight funds at interest 7,480 15,320 8,211 8,214 Gold' ,255 56,489 67,329 Rediscountable bills and accept- Foreign bills ,469 61,650 65,045 ances (at cost) 267,015 267,912255,394 121,866 Other bills and loans ,792 19,488 8,696 Time funds at interest 78, 91,563 87,736 23,432 Other assets ,305 38,712 27,952 Sundry bills and investments. . . 290.229 346,985274,646 268,967 Note circulation ,646 88,635 81,345 Funds invested in Germany 297, 297,201297,201 297,201 Deposits ,903 64,588 65,496 Other assets 1 , 1,333 1,427 1,525 Other liabilities and capital ,272 23,116 22,182 Demand deposits (gold) 5011 480,021454,906 220,764 Bank of Spain (millions of pesetas): Short-term deposits: Gold 563 563 559 553 Central banks—Own account.. 612,112640,318 595,214 340,419- Silver 369 369 374 378 Other 45 506 46,086 43,086 83,057 Government loans and securities 15,576 ,189 15,955 15,801 Long-term deposits: Special ... 228 909 228,909 228,909 228,909' Other loans and discounts 24,762 ,085 23,789 17,040 Other liabilities and capital 273 436 273, ,438 268,011 r Revised. 1 inis figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 2 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 tu certain bank statements, see BULLETIN fot January 1953, p. 80; and January 1950, p. 12a. 312 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 Ja 3 a n 1 t . e eff D ec a t t i e ve ba C n e k n t o r f a — l R Ja 3 a n 1 t . e eff D ec a t t i e ve In effect Dec. 31, Argentina Mar. 1, 1936 Italy 4 Apr. 6, 1950 1946 2 1M 3* 3 2H Austria Jan. 22, 1953 Japan 5.84 Oct. 1, 1951 Jan. 10, 1947. . Belgium 3 Dec. 18, 1952 Java 3 Apr. 1, 1946 &2^ Bolivia 6 Sept. 30, 1950 Mexico June 4, 1942 Aug 27 3M Oct 9 .... June 28, 1948. . 15 Sept 6 ... Canada 2 Oct. 17, 1950 Netherlands.. 3 Aug. 1, 1952 Oct. 1 Chile June 13, 1935 New Zealand. July 26, 1941 May 27 1949 Colombia .. . 4 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 3H Sept. 26 '3 Denmark 5 Nov. 2, 1950 Peru 6 Nov. 13, 1947 O D c e t c . 27 1 16 3 E E c g u y a p d t or 10 J M u a ly y 13 1 . , 1 1 9 9 5 4 2 8 S P o o u r t t h u g A a f l ri . c .. a . . 4 J M an a . r . 2 1 7 2 , , 1 1 9 9 5 4 2 4 Apr. 17, 1951. . 4 El Salvador . 3 2 Mar. 22, 1950 Spain 4 Mar. 18, 1949 July 5 Sept. 13 3H Oct. 11 3 Nov. 8 2H Finland 5% Dec. 16, 1951 Sweden 3 Dec. 1, 1950 Nov. 9 4 France Nov. 9, 1951 Switzerland.. IK Nov. 26, 1936 Jan. 22, 1952. . 31/ Germany 14 Jan. 8, 1953 Turkey 3 Feb. 26, 1951 Mar. 12 4 Greece ... . 12 July 12, 1948 United King- May 29 15 India Nov. 15, 1951 dom 4 Mar. 12, 1952 Aug. 1 3 Ireland Mar. 25, 1952 USSR 4 July 1. 1936 Aug. 21 143^ Dec 18 3 Jan. 8, 1953 . . 1 4 1 Rate established for the Land Central banks. In effect Jan. 31, NOTE.—Changes since Jan. 31: None. 1953 4 4 .4 3 3 3 IX OPEN-MARKET RATES [Per cent per annum] Canada United Kingdom France Netherlands Sweden S l w an it d zer- Month Treasury Bankers' Treasury Day-to- Bankers' Day-to- Treasury Day-to- Loans Private bills acceptances bills day allowance day bills day up to discount 3 months 3 months 3 months money on deposits money 3 months money 3 months rate 1943—December .42 1.03 1.01 1.00 .50 1.65 3-5 yi j 7 a 1944—December .37 1.03 1.00 1.02 .50 1.53 3-514 L25 1945—December .36 .53 .50 .63 .50 1.33 2Y*-5* L 25 1946—December .40 .53 .50 .63 .50 1.19 1.21 .78 L .25 1947—December .41 .53 .51 .63 .50 2.04 1.13 .53 2^-43^ 1.38 1948—December .41 .56 .52 .63 .50 2.00 1.25 .96 21^2-4 3^ 1.63 1949—December .51 .69 .52 .63 .50 P2.55 1.32 1.03 2/^-4 Ms .50 1950—December .63 .69 .51 .63 .50 2.41 1.40 1.09 3—5 L .50 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 50 February .91 1.50 .99 1.00 .75 3.93 1.17 1.00 3-5 .50 March .94 2.48 2.01 1.82 1.57 3.95 1.38 1.00 3-5 .50 April .98 3 00 2 35 2 25 2.00 3 88 1.40 1.00 3-5 50 May 1.02 3^00 2^37 2'.2S 2.00 3.84 1.25 .90 3-5 June 1.08 3 00 2 43 2 25 2.00 3 66 1.20 .75 3-5 50 July 1.11 3.00 2.46 2.25 2.00 3.84 1.05 .75 3-5 L .50 August 1.10 3.00 2.46 2.25 2.00 3.77 .85 .58 3-5 .50 September. . . . 1.14 3.00 2.49 2.25 2.00 4.00 .85 .62 3-5 .50 October 1.19 3.00 2.43 2.25 2.00 3.98 .84 .50 3-5 .50 November. . . . 1.21 3.00 2.38 2.25 2.00 3.98 .87 .54 3-5 .50 December 1.25 3.00 2.41 2.25 2.00 3.93 .92 .58 3-5 .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. MARCH 1953 313 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS Assets Liabilities United Kingdom * ( b 1 a 1 n L k o s. n do F n i g c u l r e e a s r i i n n g Cash M ca o ll n e a y n d at Bills dis- Treasury Loans to Other Deposits lia O b t i h li e ti r es millio s n te s r o li f n g p ) ounds reserves n s o h t o ic rt e counted receipts 2 customers assets Total Demand Time ca a p n i d tal 1947—December 502 480 793 1,288 ,483 1.219 567 5,935 3,962 1,972 396 194g—December 502 485 741 1,397 ,478 1,396 621 6,200 4,159 2,041 420 1949—December 532 571 1,109 793 ,512 1,534 579 6,202 4,161 2,041 427 '950—-December .. 540 592 1,408 456 ,528 1.660 735 6,368 4,262 2,106 550 1951—December 531 598 972 102 ,965 L.950 867 6,333 4,290 2,042 651 1952—February 492 526 856 15 ,944 1,945 804 5.893 3,923 1,971 689 March 492 526 854 935 L 959 789 5,887 3,914 I 974 667 April 501 512 883 ,934 1,967 821 5,994 3,952 2,042 623 May 491 518 936 ,932 1,901 713 5,903 3,840 2,063 587 504 537 1,064 ,917 1,875 726 6,064 3,909 2,155 559 July 501 535 1,139 ,917 1,834 696 6,063 3,903 2,159 558 510 516 1,239 918 L, 765 638 6,048 3,878 2,170 537 September 503 530 1,295 ,921 ,758 662 3,910 2,216 543 October 498 500 1,122 2 142 L 759 676 6 167 3,948 2 219 530 November 516 1,142 2,138 65 S 6,183 3,949 2,234 526 549 529 1,248 2,148 764 748 6,460 4,232 2,228 528 1953—January 498 515 1,204 2,148 1, 764 659 6,259 4,025 2,234 528 Assets Liabilities Canada (10 chartered banks. Entirely in Canada Se l c o u an ri s ty e D x e c p lu o d s i i n ts g p in ay te a r b b l a e n i k n d C e a p n o a s d it a s Other En C d a i n n o a f m d m i i a l o l n i n o t d n h o s l o f la i f g r u s r ) es re C se a r s v h es Se l c o u a r n i 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 a f u n b o b e d a r r e n f o i r n k g a o s e n d m t Securities O as t s h e e t r s Notes» Total Demand Time li c a a b a p i n l i d i t t a ie l s 1947—December 731 105 1,999 !06 3,874 1.159 18 6,412 2,671 3,740 1.544 1948—December 749 101 2,148 144 4,268 1,169 16 7,027 2,970 4,057 1,537 1949—December .... 765 133 2,271 146 4,345 1,058 14 7,227 2,794 4,433 1,477 IQ50—December 824 134 2.776 m 4.286 .304 7.828 3,270 4.558 1,667 19 •? 1—December 907 107 3.028 227 3.876 1.464 7,896 3,284 4,612 1.714 1952—Tanuarv 869 107 2.955 183 3,927 ,303 7,705 3.066 4,639 1,637 809 95 2,918 231 4,003 353 7 761 3 076 4 685 L 648 March 880 97 2,949 202 4,095 1,390 7,979 3,231 4,748 1,634 April . . . 897 140 2,960 236 4,068 ,370 7,987 3,230 4,757 ,685 May 785 132 3,012 255 4,100 1,350 7 979 3 210 4 769 1,655 June 813 138 3.048 328 4,067 1,453 8.120 3,328 4,792 1,727 July 847 145 3.053 279 4,134 1,278 8,079 3,243 4,836 1,658 August 828 147 3,048 260 4,139 ,306 8,075 3,205 4,870 1,652 Spntember 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 4,901 722 827 121 3,350 308 4 006 494 8 291 3 376 4 916 74-rt 916 155 3,289 326 3,955 516 8,421 3,497 4,924 1,736 Assets Liabilities France (4 o f l a m rg o e n t b h a f n ig k u s. r es E i n n d Cash Due fronl Bills dis- Other Deposits Own lia O b t i h li e t r ies millions of francs) reserves banks counted assets Total Demand Time ancet ca a p n i d ta] 1947—December 22,590 19,378 219,38<i 86,875 27,409 Ml 547 338,090 3,457 25.175 8,916 194g—December 45,397 35,633 354,245 126,246 54,030 55? 221 545,538 6,683 30.638 12,691 1949—December 40,937 42,311 426,69CI 129,501 29,843 6?7 266 619.204 8,062 26,355 15,662 1950—December 48.131 5? 933 S27.525 135,289 *1 614 749 928 731.310 18.618 ?8 ?48 17 316 1951—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 75,533 618,19C) 172,693 43,093 891 422 86[.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 67.886 584.55? 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 November . .. 47,709 68,646 666,402 163,992 51,882 914 021 882,233 31,789 20,222 64,388 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 V% per cent after October 1945. 3 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. 314 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina Belgium Brazil Canada (peso) (franc) (cruzeiro) British (dollar) Aus- Malay- Year or month Basic P e r n e t f i e a r l - Free ( t p r o a u l n ia d) a " n c B o c t o a e u n s k n " t Official Free (do si l a lar) Official Free 1947 29.773 321.00 2.2817 5.4403 100.000 91.999 1948 29.773 321.22 2.2816 5.4406 100.000 91.691 1949 29.774 293.80 2.2009 2.1407 5.4406 42.973 97.491 92.881 1950 26.571 13.333 8.289 223.15 1.9908 1.9722 5.4406 32.788 90.909 91.474 1951 20.000 13.333 7.067 223.07 1.9859 1.9622 5.4406 32.849 94.939 1952 20.000 13.333 7.163 222.63 1.9878 5.4406 32.601 102.149 1952—March 20.000 13.333 7.172 223.03 1.9838 5.4406 32.783 100.375 April 20.000 13.333 7.164 224.10 1.9838 5.4406 32.921 101.891 May 20.000 13.333 7.169 223.24 1.9838 5.4406 32.752 101.615 June 20.000 13.333 221.88 1.9838 5.4406 32.505 102.086 July 20.000 13.333 222.17 1.9842 5.4406 32.509 103.120 August 20.000 13.333 222.19 1.9879 5.4406 32.445 103.984 September 20.000 13.333 221.73 1.9920 5.4406 32.418 104.171 October 20.000 13.333 222.55 1.9965 5.4406 32.499 103.681 November 20.000 13.333 223.12 1.9979 5.4406 32.489 102.289 December 20.000 13.333 7.198 223.58 1.9941 5.4406 32.523 103.002 1953—January 20.000 13.333 7.198 224.13 1.9934 5.4406 32.560 103.014 February.... 20.000 13.333 7.198 224.62 1.9966 5.4406 I i2.5173 32.612 102.302 France Year or month Ceylon m De a n r - k Finland (franc) G (d e e r u m tsc a h n e y India Ireland Mexico e N rl e a t n h d - s Ze N a e la w nd (rupee) (krone) (markka) mark) (rupee) (pound) (peso) (guilder) (pound) Official Free 1947 20.864 8407 30.164 20.577 37.760 322.29 1948 20.857 .4929 .3240 30.169 18.860 37.668 350.48 1949 27.839 19.117 .4671 .3017 27.706 12.620 34.528 365.07 1950 20.850 14.494 .2858 23.838 20.870 11.570 26.252 277.28 1951 20.849 14.491 .4354 .2856 23.838 20.869 280.38 11.564 26.264 277.19 1952 20.903 214.492 .4354 .2856 3 23.838 20.922 279.68 11.588 26.315 276.49 1952- -March. . . . 20.916 14.492 .4354 .2856 23.838 20.949 280.38 11.564 26.319 276.91 April 21.003 14.492 .4354 .2856 23.838 21.031 280.77 11.569 26.340 277.96 May 20.961 14.492 .4354 .2856 3 23.838 20.988 280.07 11.566 26.337 277.29 June 20.834 14.492 .4354 .2856 20.870 278.46 11.561 26.317 275.71 July 20.871 14.492 .4354 .2856 20.892 278.82 11.574 26.324 276.06 August. 20.875 214.492 .4354 .2856 20.893 278.85 11.623 26.317 276.09 September. 20.854 .4354 .2856 20.866 278.26 11.623 26.291 275.51 October. . . 20.903 .4354 .2856 20.921 279.30 11.611 26.312 276.53 November. 20.984 .4354 .2856 20.976 280.01 11.622 26.289 277.24 December. 21.024 .4354 .2856 21.025 280.59 11.623 26.277 277.81 1953—January 21.068 .4354 .2856 21.074 281.28 11.625 26.281 278.50 February.. 21.088 .4354 .2856 21.089 281.90 11.620 26.269 279.11 Year or month 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 th d a ) (k S d r w o e e n n - 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 i u n m t n g e d - d ) Ur (p u e g s u o) ay 1947 20.160 4.0273 400.74 27.824 23.363 402.86 65.830 56.239 1948 20.159 4.0183 400.75 27.824 23.363 403.13 65.830 56.182 1949 18.481 49.723 3.8800 366.62 25.480 23.314 368.72 65.830 56.180 42.553 1950 14.015 49.621 3.4704 278.38 19.332 23.136 280.07 65.833 56.180 42.553 1951 14.015 49.639 3.4739 278.33 19.327 23.060 279.96 65.833 56.180 42.553 1952 14.015 49.675 3.4853 278.20 19.326 23.148 279.26 65.833 56.180 42.553 1952—March 14.015 49.677 3.4888 278.55 19.327 22.947 279.67 65.833 56.180 42.553 April 14.015 49.677 3.4906 279.80 19.327 23.013 280.79 65.833 56.180 42.553 May 14.015 49.677 3.4898 279.03 19.327 23.078 280.07 65.833 56.180 42.553 June 14.015 49.677 3.4801 277.42 19.327 23.138 278.46 65.833 56.180 42.553 July 14.015 49.677 3.4793 277.78 19.327 23.240 278.82 65.833 56.180 42.553 August 14.015 49.677 ,4848 277.81 19.327 23.288 278.85 65.833 56.180 42.553 September... 14.015 49.677 ,4878 277.23 19.327 23.320 278.27 65.833 56.180 42.553 October 14.015 49.677 3.4825 278.25 19.325 23.329 279.30 65.833 56.180 42.553 November.. . 14.015 49.677 3.4818 278.96 19.323 23.330 280.01 65.833 56.180 42.553 December. . . 14.015 49.677 3.4839 279.54 19.323 23.332 280.59 65.833 56.180 42.553 1953—January 14.015 49.677 3.4872 280.23 19.323 23.311 281.28 4 65.833 4 56.180 4 42.553 February.... 14.015 49.677 3.4856 280.84 19.323 23.318 281.90 4 65.833 4 56.180 4 42.553 5 36.025 1 Based on quotations beginning Feb. 25, 1953. 2 Based on quotations through Aug. 14, 1952. 3 Based on quotations through May 8, 1952. 4 Quotations not available Jan. 28 through Feb. 9, 1953. 6 Based on quotations beginning Feb. 10, 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. MARCH 1953 315 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month (1 U S 94 n 1 ta 7 0 i 0 t - t 4 e e ) d 9 s = ( C 1 = a 9 n 3 1 5 0 a 0 - d 3 ) a 9 M (1 1 9 e 0 3 x 0 9 i ) c = o K U ( i 1 n n 1 9 g 0 3 i 0 t d 0 e ) o d = m F (1 r 1 9 a 0 4 n 0 9 ) c = e (1 I 1 9 t 0 a 3 0 8 ly ) = ( a 1 J = v 9 a e 3 1 p r 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 e 0 3 d 0 5 ) e = n (A Sw u = l g a i 1 . t n z 0 1 d 0 e 9 ) r 3 - 9 1943 67 128 146 163 12 2 196 203 1944 68 131 179 166 14 2 196 207 ,945 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 '5,169 209 104 216 206 1950 103 211 311 262 108 '4,897 246 117 227 203 1951 115 240 386 320 138 5,581 343 143 299 227 1952 226 400 328 145 P5.27O 140 P317 220 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 '348 138 316 220 October 111 221 397 326 141 '5,272 347 138 314 218 November 111 222 395 324 140 5,292 342 138 305 218 December 110 221 393 327 141 ?5,288 139 P306 217 1953—January 110 222 387 327 P140 P215 p Preliminary. r Revised. NOTE.—For sources and references concerning changes in tne 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 Raw and Fully and Induspr F o a d r u m cts Pr f o o c o e d s s sed co O m it t i m h e e s o r d- pr F o a d r u m cts fa m p c a t a u r n t r u l e y - d fa c m h c a t i u e n f r u l e y - d Foods p I r n o tr d d i u a u l s c - ts Foods t p r I r i n o a d d l u u ra s c - w ts p fi r n t o r i d s i h u al e c d t goods goods 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 129 166 135 1952—January 110 no 114 272 233 240 277 »368 130 176 141 February 108 no 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 *358 130 166 138 May 108 109 113 253 220 228 280 P355 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 September 107 110 113 226 213 228 284 P343 129 163 133 October 105 109 113 221 210 228 293 P343 129 164 132 November 104 108 113 223 211 229 293 P340 131 163 132 December '99 104 113 222 210 228 297 P344 132 162 132 1953—January 100 106 113 220 209 229 301 P341 n.a. Not available. P Preliminary. «• Revised. NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for Decem ber 1952, p. 1356. 316 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 = 19 n t 1 a 4 i 0 t 7 t 0 e e - d ) s 4 1 9 = C ( a 1 a d 1 9 0 n a 4 0 9 - ) 1 K 5 d ( . J i o a n 1 m n 9 g . 5 - 2 F = ( r 1 a 1 9 n 0 4 0 c 9 ) e N l = ( e a 1 t n 1 9 h 0 4 d e 0 9 s r ) - 1 ( l 9 A a e 3 r n u 9 - d g = . ( U S = 19 t n 1 a 4 0 i 7 t t 0 e e - ) 4 d s i 9 = C ( a 1 a 1 d 9 0 n a 4 0 - 9 ) 1 K 5 d ( . J i o a n 1 m n 9 g . 5 - 2 F = ( r 1 a 1 9 n 0 4 0 c 9 ) e N l = ( e a 1 t n 1 9 h 0 4 d e 0 9 s r ) - 1 ( l 9 A a e 3 r n u 9 - d g = . = 100) 100) = 100) 100) 1945 77 75 22 153 69 21 164 1946 83 78 35 152 79 36 160 1947 96 85 77 57 158 96 67 57 170 1 1 9 9 4 4 8 9 1 10 0 2 3 1 9 0 7 0 8 8 2 4 1 9 0 0 0 ioo 1 16 6 2 3 1 1 0 0 0 4 100 7 7 2 6 1 9 0 2 0 ' ioo' 1 1 7 7 4 6 1950 103 103 86 111 109 159 101 103 82 111 111 176 1951 . 111 114 95 130 119 167 113 117 9? 128 121 181 1952 114 116 103 145 PUO 171 115 117 105 141 P\23 184 1952—January 113 118 100 146 120 171 115 122 100 142 123 183 February 112 118 100 149 120 171 113 121 100 145 124 182 March 112 117 101 148 120 171 113 118 101 144 124 182 April 113 117 102 147 120 170 114 117 104 142 125 182 May 113 116 102 145 119 171 114 116 104 139 124 183 June 113 116 104 143 119 171 115 116 109 137 174 184 July 114 116 104 143 120 171 116 116 108 136 123 185 August 114 116 103 145 119 171 117 1 16 107 140 120 185 September 114 116 103 146 120 172 115 116 106 142 123 186 October 114 116 104 145 P120 171 115 115 108 141 P123 186 November 114 116 104 144 P119 171 115 116 108 140 P122 186 December.... 114 116 105 145 PUO 171 114 114 109 141 P122 186 1953-January 114 116 104 ?146 P120 P170 113 114 109 P141 P184 SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month U S g ( n r t h a a i i d g t t e e e h ) d s C (1 = a 9 n 3 1 5 a 0 - 0 d 3 ) a 9 ( 1 K D 9 U i e 2 n n c 1 g e i = t m d 1 e o b d 0 m e 0 r ) F (1 r 1 9 a 0 4 0 n 9 ) c = e N l e a t n h d e s r- ( U 1 S = 9 n t 3 a 1 i 5 t 0 t e - e 0 3 d s ) 9 C (1 = a 9 n 3 1 5 a 0 - 0 d 3 ) a 9 ( K 1 U 9 in 2 n 6 g i = t d e 1 o d 0 m 0) (19 F 4 r 9 a = n 1 c 0 e 0) N l e a t n h d e s r- Number of issues... 17 87 60 14 480 103 278 295 27 1946 123.4 117.2 132.1 131.5 109.« 139.9 11* 7 96.2 195 1947 122.1 118.5 130.8 120.0 105.6 123.0 106.0 94.6 233 1948 118.3 105.0 129.9 106.4 107.1 124.4 112.5 9? 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 07 1 112 215 1952 115.8 86.1 108.3 111.1 85.6 187.7 173.1 91.1 143 192 1952—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 84.7 109.0 114.6 91.6 197.0 168.4 91.0 141 196 1953—January 114.5 84.5 109.1 93.6 197.6 172.3 92.0 201 NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December 1952, p. 1357. MARCH 1953 317 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 J. E. HORBETT, Assistant Director G. HOWLAND CHASE, Assistant Solicitor LOWELL MYRICK, Assistant Director DIVISION OF RESEARCH AND STATISTICS DIVISION OF PERSONNEL ADMINISTRATION RALPH A. YOUNG, Director DWIGHT L. ALLEN, Director FRANK R. GARFIELD, Adviser on Economic Research H. FRANKLIN 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 J. A. ERICSSON A. L. MILLS, JR. GEOFFREY S. SMITH, PHILADELPHIA DISTRICT R. M. EVANS O. S. POWELL RAY M. GIDNEY J. L. ROBERTSON GEORGE GUND, CLEVELAND DISTRICT DELOS C. JOHNS M. S. SZYMCZAK ROBERT V. FLEMING, RICHMOND DISTRICT JAMES K. VARDAMAN, JR. Vice President WINFIELD W. RIEFLER, Secretary PAUL M. DAVIS, ATLANTA DISTRICT ELLIOTT THURSTON, Assistant Secretary EDWARD E. BROWN, CHICAGO DISTRICT GEORGE B. VEST, General Counsel President FREDERIC SOLOMON, Assistant General Counsel WOODLTEF THOMAS, Economist V. J. ALEXANDER, ST. LOUIS DISTRICT WM. J. ABBOTT, JR., Associate Economist JOSEPH F. RINGLAND, MINNEAPOLIS DISTRICT ARTHUR A. BRIGHT, JR., Associate Economist J. MARVIN PETERSON, Associate Economist CHARLES J. CHANDLER, KANSAS CITY DISTRICT H. V. ROELSE, Associate Economist DONALD S. THOMPSON, 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 318 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman l President Vi,ce Presidents Bank of Deputy Chairman First Vice President (Vice Presidents in chirge of branches are listed in lower section of this page) Boston. Harold D. Hodgkinson J. A. Erickson John J. Fogg Carl B. Pitman Ames Stevens Alfred C. Neal Robert B. Harvey 3 O. A. Schlaikjer E. 0. 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. Vergari* E. C. Hill Richard G. Wilgus 2 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 Bert R. Prall 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 * 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 Richmond Baltimore D. F. Hagner Oklahoma City R. L. Mathes Charlotte R. L. Cherry Omaha L. H. Earhart 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 Citv W. L. Partner Memphis Paul E. Schroeder Seattle J. M. Leisner 1 Also Federal Reserve Agent. 2 Cashier. * Also Cashier. * Counsel. 319 MARCH 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS The material listed below may be obtained from THE FEDERAL RESERVE SYSTEM—ITS PURPOSES AND the Division of Administrative Services, Board of FUNCTIONS. November 1947; reprinted Feb- Governors of the Federal Reserve System, Wash- ruary 1953. 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. 320 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS REPRINTS STATEMENT BY CHAIRMAN OF THE BOARD OF GOV- (From Federal Reserve Bulletin unless preceded by an asterisk) ERNORS BEFORE SUBCOMMITTEE ON GENERAL REVISED ESTIMATES OF CONSUMER CREDIT. Novem- CREDIT CONTROL AND DEBT MANAGEMENT, MARCH ber 1950. 2 pages. 11, 1952. April 1952. 4 pages. MEASUREMENT OF CONSUMER CREDIT. November CHANGES IN INSTALMENT CREDIT TERMS. May 1952. 1950. 9 pages. 6 pages. * THE TREASURY—CENTRAL BANK RELATIONSHIP IN EXCESS PROFITS TAXES OF COMMERCIAL BANKS. FOREIGN COUNTRIES—PROCEDURES AND TECH- June 1952. 18 pages. NIQUES. November 1950. April 1951. 19 pages. REAL ESTATE LOANS OF REGISTRANTS UNDER REGU- TRENDS IN INTERNATIONAL TRADE AND PAYMENTS. LATION X. June 1952. 18 pages. April 1951. 14 pages. FINANCING OF LARGE CORPORATIONS IN 1951. June HOUSE PURCHASES IN THE FIVE MONTHS FOLLOWING 1952. 6 pages. THE INTRODUCTION OF REAL ESTATE CREDIT REGU- RETAIL CREDIT SURVEY—1951. From June 1952 LATION. July 1951. 23 pages. BULLETIN with supplementary information for SAVING IN THE DEFENSE ECONOMY. September 9 separate trades. (Also, Retail Credit Surveys— 1951. 5 pages. 1943, 1944, 1945, 1946, 1947, 1948, and 1949 NEW INDEX OF OUTPUT OF MAJOR CONSUMER from the June 1944, May 1945, June 1946, July DURABLE GOODS. October 1951. 6 pages. 1947, July 1948, June 1949, and June 1950 BULLETINS with supplementary information.) CREDIT AND SALES REPORTED BY REGULATION W REGISTRANTS. October 1951. 12 pages. ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES. July 1952. 2 pages. VOLUNTARY ACTION TO HELP CURB INFLATION. November 1951. 9 pages. PROBLEMS OF TRADE EQUILIBRIUM. October 1952. 9 pages. REVISED INDEXES OF DEPARTMENT STORE SALES AND STOCKS. December 1951. 53 pages. REVISED SERIES ON DEPARTMENT STORE SALES, STOCKS, AND ORDERS. October 1952. 5 pages. ECONOMIC PROBLEMS FACING POST-TREATY JAPAN. January 1952. 11 pages. RECENT CREDIT EXPANSION. December 1952. 7 pages. THE SECOND ARMAMENT BUDGET. February 1952. 9 pages. RECENT CENTRAL BANKING DEVELOPMENTS IN SOUTHEAST ASIA. December 1952. 9 pages. MONEY AND CREDIT IN 1951. February 1952. 9 pages. CREDIT AND MONETARY REVIEW FOR 1952. February 1953. 7 pages. RECENT CHANGES IN GERMANY'S FOREIGN TRADE BALANCE. March 1952. 7 pages. THE MONETARY SYSTEM OF THE UNITED STATES. February 1953. 16 pages. 1952 SURVEY OF CONSUMER FINANCES—From April, July, August, and September issues of BULLETIN. INFLUENCE OF CREDIT AND MONETARY MEASURES ON 67 pages. (Also, similar surveys for earlier years ECONOMIC STABILITY. March 1953. 16 pages. from 1946, 1947, 1948, 1949, 1950, and 1951 INTERNATIONAL FLOW OF GOLD AND DOLLARS, 1952. BULLETINS.) March 1953. 8 pages. (Also similar article BANKING IN THE SOVIET UNION. April 1952. 8 from March 1952 BULLETIN.) pages. SELECTED PRELIMINARY FINDINGS OF THE 1953 REVISED WEEKLY INDEX OF DEPARTMENT STORE SURVEY OF CONSUMER FINANCES. March 1953. SALES. April 1952. 4 pages. 2 pages. MARCH 1953 321 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES j O 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 p Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis