Federal Reserve Bulletin, 1953-04
F E D E R AL E S E R VE BULLETIN APRIL 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 April 1953 NUMBER 4 CORPORATE DEMANDS ON THE CAPITAL MARKET Corporate demands on the capital market CORPORATE BOND AND STOCK YIELDS have been extraordinarily large in recent Per Cent Per Annum STOCK YIELDS years. Corporate security offerings for new capital totaled 9 billion dollars in 1952, and were sustained at a relatively high level in COMMON the first quarter of 1953. In addition, some corporations have obtained funds for financing plant and equipment expenditures and other longer term needs by borrowing from PREFERRED commercial banks on a term loan basis. This demand on the capital market, which in large part reflected increased plant and -AflJ* equipment expenditures and lower retained BOND YIELDS earnings, was concentrated in the manufacturing and electric and gas utility industries. Of the 9 billion dollar total of corporate security issues for new capital, nearly 4 billion Aac were offered by manufacturing industries, with over half accounted for by the machinery, petroleum, and chemical industries alone. Electric and gas utilities offered 2.6 1950 1951 1952 1953 billion dollars of securities. NOTE.—Weekly figures. Common stock and bond yields Despite further narrowing of the spread from Moody's Investors Service; preferred stock yields from Standard and Poor's corporation. Common stock yields are for 125 industrials and are monthly through 1950; preferred between bond and stock yields during 1952, yields are for selected high-grade issues. Latest figures shown are for week ending April. 4. debt obligations accounted for nearly fourfifths of all corporate security offerings— the proportion of preferred issues declined roughly the same proportion as in 1951 and and that of common stocks rose. 1950. Over half of these debt offerings were Savings of individuals have increased in placed privately with life insurance com- each of the past two years. Part of the enpanies and other institutional suppliers of larged individual savings has been in the long-term funds. While the volume of stock form of financial assets, including direct inofferings remained unchanged from 1951, vestment in corporate securities; part has APRIL 1953 323 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CORPORATE DEMANDS ON THE CAPITAL MARKET gone into pension and trust funds, purchases motor vehicle, chemical, and petroleum inof life insurance and annuities, and deposits dustries rose from 1951 to 1952. Increases in in savings institutions. These savings, to- these industries more than offset declines in gether with funds obtained from repayment expenditures of the food and kindred prodof existing loans and investments, enabled uct, textile, paper, rubber, fabricated metal financial institutions to supply a large share products, and stone, clay, and glass industries. of the long-term funds sought by corporations. BUSINESS EXPENDITURES FOR NEW PLANT AND EQUIPMENT [In billions of dollars] FACTORS IN DEMAND FOR LONG-TERM FUNDS 1951 1952 1953 l Record expenditures for new plant and Industry equipment and increased working capital 1st 2nd 1st 2nd 1st 2nd half half half half half half requirements associated with high level business activity and higher cost levels have All industries 12.0 13.7 12.9 13.5 13.5 13.5 Manufacturing . . . 4.9 6.0 5.8 6.2 6.2 5.8 added substantially to corporate needs for Primary iron and steel.. 0.4 0.8 0.7 0.8 0.7 0.6 Primary nonferrous 0.1 0.2 0.3 0.3 0.3 0.3 funds during the past several years. These Machinery 0.4 0.6 0 5 0.6 0.6 0.6 Chemical 0.6 0.7 0.7 0.8 0.8 0.8 needs have been met in large part with funds Petroleum . .. 0 9 1 2 1 3 1 3 1 5 1.4 Other 2.4 2.5 2.3 2.3 2.3 2.2 obtained from operations. The supply of Mining 0.4 0.5 0.4 0.4 0.4 0.5 such funds, however, decreased by nearly Electric and gas utilities.. 1.6 2.0 1.7 2.1 2.2 2.1 one-third from 1950 to 1952, making it neces- Railroads 0 7 0 8 0 7 0 6 0 7 0.6 sary for many corporations to seek additional Transportation, other than rail 0.8 0.7 0.7 0.6 0.6 0.8 funds from outside sources. Also, much of Commercial and other2... 3.5 3.7 3.5 3.5 3.3 3.7 the recent expansion of productive capacity has been undertaken by electric and gas utili- 1 Anticipated by business. Second-half figures derived from annual and first-half anticipations. ties, which customarily rely heavily on exter- * Includes communication, trade, service, finance, and construction. nal sources for financing their capital ex- NOTE.—Estimates of Department of •Commerce and Securities and Exchange Commission for corporate and noncorporate busipenditures. ness. Details may not add to totals because of rounding. Plant and equipment expenditures. Total The record volume of business plant and corporate and noncorporate business expend- equipment expenditures in 1952 may be suritures for new plant and equipment rose passed this year. A recent SEC/Commerce sharply following the outbreak of Korean survey revealed that outlays totaling an estihostilities and reached a record 26y billion mated 27 billion dollars are anticipated by 2 dollars in 1952, roughly 3 per cent more than business for 1953. The increase from 1952 in 1951 and 28 per cent more than in 1950. reflects some carryover of projects whose Manufacturing and electric and gas utility completion was delayed by the steel strike, industries accounted for most of the increase as well as some recent increases in 1953 capifrom 1950 to 1952. Increases from 1951 to tal expenditure programs over those reported 1952 for these industries more than offset in a survey made last fall. To a greater declines in expenditures of the mining, rail- extent than last year, plant and equipment road and other transportation, and commer- expenditures anticipated for 1953 are concencial and miscellaneous industries. Within trated in industries such as public utilities, manufacturing, expenditures of the primary petroleum, chemicals, and machinery that iron and steel, nonferrous metal, machinery, rely heavily on external financing. 324 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CORPORATE DEMANDS ON THE CAPITAL MARKET Business plant and equipment expendi- pay 70 per cent of their prior year's Federal tures on a seasonally adjusted annual rate income tax liability in the first half of 1952, basis are expected to total 27.5 billion dollars as contrasted with 60 per cent in the first in the first quarter of 1953, compared with half of 1951. This year, with 80 per cent of 27.0 billion in the forth quarter of last year. total income tax payments falling due in A further rise to 28.1 billion is anticipated the first half, the drain on corporate liquid for the second quarter. Comparison of cur- assets is still greater. rent seasonally adjusted rates of expenditure The decline in liquidity position of busiwith the total anticipated for 1953 suggests ness corporations in the aggregate—as meassome decline later in the year. In recent ured by the ratio of cash and United States years, however, actual expenditures during Government securities to total short-term inthe second half have generally exceeded debtedness—that began in mid-1950 conanticipations. tinued during 1952, though at a much more Wording capital requirements. Although moderate rate. In an effort to check this financing of plant and equipment expendi- decline, or to improve their liquidity positures accounted for the greater part of cor- tions, some companies took steps to fund porate demand for long-term funds in 1952, existing short-term indebtedness and/or working capital requirements were also an build up their liquid asset holdings with the important factor. Of the 9 billion dollar proceeds of security issues. total of corporate security offerings, nearly Inventory accumulation, while contribut- 2 billion—or about one-fifth—were to pro- ing to the working capital requirements of vide working capital. some companies, was not nearly so impor- The necessity for larger cash working bal- tant a factor in 1952 as it was in the preceding ances and the desire to improve liquidity po- year. Largely as a result of the steel strike, sitions were probably the most important fac- corporate inventory holdings declined by 2 tors contributing to this long-term financing billion dollars in the second quarter of 1952. of corporate working capital requirements. The reduction temporarily freed some funds As additional productive capacity is com- for tax payments and other working capital pleted and brought into operation, compa- purposes. While there was some addition to nies find their need for working funds the book value of corporate inventory holdincreased by larger payroll and inventory re- ings during the second half, and particularly quirements and, since these are more or less during the fourth quarter, the increase over permanent, they tend to finance through the year 1952 as a whole amounted to only bond or stock issues rather than with short- 0.1 billion dollars, as contrasted with 10 bilterm bank or trade credit. lion in 1951. Corporations generally are also finding Growth in manufacturing and trade inventhat the shifting of a larger proportion of tories during January and February suggests their Federal income tax payments into the that corporate inventory holdings probably first half of the year has raised somewhat the rose during the first quarter of 1953, though required level of liquid asset holdings. This at a substantially slower rate than that of shift in tax payments, which was provided fourth quarter 1952. While additions to infor by the Mills Amendment to the Revenue ventory are oftentimes financed with trade Act of 1950, required most corporations to or bank credit, the desire to avoid further APRIL 1953 325 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CORPORATE DEMANDS ON THE CAPITAL MARKET expansion of short-term indebtedness may CORPORATE FUNDS FROM OPERATIONS have prompted some companies to seek longer term financing of their recent inventory accumulation. Funds from operations. Corporate profits were adversely affected in 1952 by strikes in the petroleum and steel industries. From a seasonally adjusted annual rate of nearly 43 ^PROFITS AFTER PAYMENTS of INCOME billion dollars in the first quarter, profits TAXES and DIVIDEND'S VA before taxes declined to an average of 37^4 billion in the second and third quarters. Marked advances in production and sales DEPRECIATION ACCRUALS** resulted in a sharp increase in profits during the fourth quarter; nevertheless, the total for 1950 1951 1952 the year was roughly 3 billion dollars, or NOTE.—Quarterly rates without seasonal adjustment. Federal Reserve estimates based on Department of Commerce and 7 per cent, less than in 1951. other data. Although corporate depreciation allowpayments, moreover, are customarily smaller ances in 1952 exceeded those of 1951 by than those of the fourth quarter, which freroughly ll/ billion dollars, the volume of 2 quently include substantial year-end extras. corporate funds from operations, shown in On the other hand, first quarter income tax the chart, declined by about one-fourth from payments were much larger this year than 1951 to 1952. This decline in funds from last, primarily as a result of the Mills prooperations was almost entirely attributable vision which requires that 40 per cent of the to the lower level of profits before taxes 1952 tax liability be paid in the first quarter and to the substantially larger volume of of 1953. Thus, despite continued advanced Federal income tax payments, since dividend levels of profits before taxes and increased disbursements were about the same in both depreciation allowances, first quarter 1953 years. Moreover, with approximately 70 per corporate funds from operations were probcent of 1952 income tax payments concenably substantially lower than those of the trated in the first half of the year, funds from fourth quarter of 1952. operations averaged less than 3 billion dollars in the first and second quarters, as com- CORPORATE SECURITY FINANCING pared with 6l/ billion for the comparable 2 Corporate security offerings for new capiquarters of 1951 and the last half of 1952. tal totaled an estimated 9.0 billion dollars Since production and sales continued in 1952, compared with 7.1 billion the preat advanced levels durings the first quarter ceding year. During the first quarter of of 1953, profits before taxes are believed to have been correspondingly large. With 1953, such issues amounted to 1.9 billion, the completion of additional productive roughly the same as for the first quarter of facilities, including those for which ac- 1952. The 1952 total was an all-time record, celerated amortization has been approved, if issues of investment companies are excorporate depreciation allowances are con- cluded from security offerings of the late tinuing to increase. First quarter dividend twenties. It was accounted for in large part 326 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CORPORATE DEMANDS ON THE CAPITAL MARKET by manufacturing and utility corporations, CORPORATE SECURITY ISSUES FOR NEW CAPITAL and consisted largely of debt obligations. Billions of Dollars Major issuers. Manufacturing industries, 10 whose outlays of 12 billion dollars represented nearly half of corporate and noncorporate business expenditures for plant and equipment in 1952, accounted for over twofifths of all corporate security issues for new capital during the year. Within manufacturing, the chemicals, machinery, and petroleum groups offered the largest volume of new issues, totaling 2.2 billion. Second in importance as an issuer of securities during 1952 was the electric and gas utility industry. New capital offerings of this industry totaled 2.6 billion dollars, compared with plant and equipment expenditures of 3.8 billion. Following public utilities, in the order of their importance as issuers of securities, were the communication, trans- 1950 1951 1952 1953 NOTE.—Securities and Exchange Commission data, with first portation other than rail, and railroad indus- quarter 1953 partly estimated by Federal Reserve. tries. Included in the communications offerings was the 490 million dollar convertible facturing corporation—is taken into account. debenture issue of the American Telephone Types of securities offered. Debt obligaand Telegraph Company—the largest single tions, including bonds, notes, and debencorporate offering on record. Oil pipeline tures, accounted for four-fifths of all corpofinancing was an extremely important fac- rate security issues for new capital in 1952 tor in the other transportation group, whose and the first quarter of 1953. This was security offerings during 1952 totaled 450 roughly the same proportion as in other remillion dollars—over three times as much cent years, with the exception of 1951 when, as in 1951. as a result of temporarily unsettled condi- First quarter 1953 security offerings by tions in the bond market, debt obligations electric and gas utility companies were some- declined to slightly less than three-fourths what larger than those of first quarter 1952, of the total. while the volume of manufacturing cor- Under the impact of heavy over-all deporation issues, including takedowns on pri- mand for long-term funds by corporations vate placements, was somewhat smaller. As and others, yields on corporate bonds have yet, however, there is no clear-cut evidence been edging upward; those on common of a shift in the relative importance of major stocks have been declining since 1949. Deindustrial issuers, particularly if the Allied spite this narrowing of the spread between Chemical and Dye offering on April 1 of bond and stock yields, there has been no 200 million dollars of debentures—the clearly discernible trend toward increased largest recorded public offering of any manu- reliance on external equity financing. The APRIL 1953 327 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CORPORATE DEMANDS ON THE CAPITAL MARKET differential cost of debt and equity funds corporations with part of their long-term still favors use of the former, especially since funds, a larger proportion has been supplied interest is treated as a deductible expense in through such financial intermediaries as pencomputing taxable income, while dividends sion and trust funds, life insurance comare not. panies, and savings institutions, which accept While the proportion of equity to debt individuals5 savings and channel them into security offerings has remained relatively various types of investments. The inflow of constant over the past few years, financing savings into life insurance companies and through bonds convertible at the option of mutual savings banks—two of the principal the holder into common stock has grown institutional suppliers of business funds— appreciably. From negligible amounts in was nearly one-third greater during 1952 1948-50, the total of such convertible bond than in 1951, and in the first quarter of 1953 issues rose to about 490 million dollars in was somewhat larger than in the first quarter 1951 and to more than 940 million in 1952. of last year. From the standpoint of the issuing cor- Role of private placements. The imporporation, convertible bonds offer the distinct tance of financial intermediaries as suppliers advantage of relatively low cost financing of long-term corporate funds is indicated in during the period of installation and initial part by the volume of corporate securities operation of productive facilities, and at the privately placed with such institutions. In same time facilitate eventual repayment of 1952 private placements totaled a record 4.1 the debt through conversion into equity billion dollars, compared with the previous shares. Moreover, since convertible bonds peak of 3.4 billion in 1951. The proportion offer the investor opportunities for capital of debt obligations that was privately placed gains and profit-sharing comparable in many was smaller in 1952 than in 1951. The 1951 respects with those of equity ownership— ratio, however, was unusually high and unalong with greater assurance of income and doubtedly reflected efforts by a number of protection against capital loss—they may be companies to avoid bond market uncertainoffered at somewhat lower rates of interest ties of that year by placing their securities than would be required to market ordinary and loans directly with institutional lenders. bonds or debentures. Institutional financing. Life insurance companies and mutual savings banks to- SOURCES OF LONG-TERM FUNDS gether increased their holdings of corporate During the past several years long-term securities by 3.9 billion dollars in 1952. This corporate financing from external sources was the largest increase of any postwar year has been facilitated by large savings of except 1948, when they added 4.2 billion, as individuals. Personal saving, as computed the chart shows. During the first quarter of in the national income accounts, totaled 1953 their additions about equaled those of 18 billion dollars in 1952—up one billion first quarter 1952. from 1951 and nearly 7 billion larger than It should be noted, however, that relative in 1950. Such saving is still being main- to the net increase in outstanding corporate tained at a high level. securities, additions to life insurance com- While direct investment by individuals pany and mutual savings bank holdings of in corporate bonds and stocks has provided such investments were smaller in 1952 than 328 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CORPORATE DEMANDS ON THE CAPITAL MARKET GROWTH IN CORPORATE SECURITIES ment income. Investment funds obtained AND IN SELECTED INSTITUTIONAL HOLDINGS through reduction of their combined hold- Billions of Dollars ings of Governments amounted to about one billion dollars; in 1951 the reduction totaled nearly 3l/ billion and was neces- 2 TOTAL CORPORATE sitated in part by the large volume of com- SECURITIES OUTSTANDING mitments outstanding at the beginning of the year. Increases in corporate security holdings of life insurance companies and mutual savings banks relative to changes in outstanding corporate securities have been progressively smaller each year since 1946. This smaller LIFE INSURANCE and MUTUAL SAVINGS BANK HOLDINGS increase reflects in part the emergence of other sources of long-term investment funds, 1946 1948 1950 1952 including larger purchases by individuals; NOTE.—Increases in outstanding corporate securities, which exclude those of investment companies and foreign corporations in part the relatively larger proportion of and reflect cash transactions only, are compiled by the Securities and Exchange Commission. Data on increases in institu- debt obligations, which are subject to amortitional holdings of corporate securities are from Institute of Life Insurance and Federal Reserve. zation, in the portfolios of these institutions. A continued inflow of individuals' savin any previous postwar year except 1951. ings at relatively high levels, and an increas- During 1952, both life insurance companies ing volume of funds from amortization payand mutual savings banks restricted their ments, will provide financial intermediaries new loans and investments more closely to with a large volume of funds during 1953. the supply of funds available from premium Thus, they should be in a position to meet receipts or deposits, repayments on outstand- a substantial proportion of corporate deing loans and investments, and net invest- mands for long-term funds. APRIL 1953 329 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
THE TRANSITION TO FREE MARKETS On behalf of the Federal Reserve System, I paradox that we seemed to be practicing the wish to express appreciation of the honor very thing we were fighting against. The you do me in inviting me to be your guest Federal Reserve System was caught in this at this luncheon of The Economic Club of paradox under the wartime decisions. It un- Detroit which you are giving in connection dertook to stabilize the price of Government with the dedication of the new Detroit securities in relation to a fixed pattern of Branch Building. yields, and in so doing found itself feeding It seemed to me that this might be an ap- the forces that make for inflation. It conpropriate time and occasion to comment on tinued to stabilize these prices, with minor the part that the Federal Reserve System was modifications, after the war, in fact up to designed to play in the economic life of our March 1951. These are facts. I am not passcountry. In particular, I would like to say ing judgment on what was done. something about the progress that has been Last month marked the second annivermade in the past two years in what, for sary of the so-called Treasury-Federal Rewant of better words, I have referred to as serve accord. It may be worth while to rethe transition to free markets. call the wording of the joint statement: It is not strictly true, of course, that in our "The Treasury and the Federal Reserve complex world we can have absolute freedom System," said the announcement, "have in human affairs. The goal of the greatest reached full accord with respect to debt good for the greatest number requires as a management and monetary policies to be minimum a Government of laws, and, hu- pursued in furthering their common purman nature being what it is, that means some pose to assure the successful financing of regulation of our daily lives. There is the Government's requirements and, at the this minimum in monetary management. same time, to minimize monetization of the public debt." Nevertheless, the aspiration remains to have as much freedom of choice and action as is In monetary history the accord was a landcompatible with the common good. This is mark. In withdrawing from supporting true in economic as in other affairs. fixed prices in the Government bond market, Under the hard choices left us in wartime, the Federal Reserve System regained its inwe had to dictate even some of the smallest fluence over the volume of money. It ceased details of our economic life, but that straitto be the residual buyer who, by its purjacketing of the economy is wholly inconchases of Government securities, however sistent with democratic institutions and a reluctantly made, furnished bank reserves private enterprise system. It produced the indiscriminately and thus abetted inflationary 1 Address of Wm. McC. Martin, Jr., Chairman, Board of overexpansion of the money supply. Governors of the Federal Reserve System, at a luncheon During its 40 years of existence, the Fedmeeting of The Economic Club of Detroit, Detroit, Mich., eral Reserve System has frequently tried to Apr. 13, 1953. 330 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
THE TRANSITION TO FREE MARKETS formulate or define its purposes in the light up and thus perform their proper function of the responsibility for monetary manage- in the price mechanism. Dictated money ment which Congress placed upon it. The rates breed dictated prices all across the board. System is, and always must be, subject to the This is characteristic of dictatorships. It is will of the Congress. Through their elected regimentation. It is not compatible with our representatives it is thus ultimately answer- institutions. able to the American people. Not only in this country but in the entire The Federal Reserve Act contains guid- Western World, we are seeing a return to the ance for policy and action rather than direc- principles upon which our strength rests. tives or a mandate. While the Reserve Under our Governmental institutions and System does not have an explicit mandate in our economic system, the maximum benefits the law, it is governed in its decisions by a for all of us flow from utilizing private propdefinite purpose which can be simply stated. erty, free, competitive enterprise, and the Its purpose is to see that, so far as its poli- profit motive in accordance with the dictates cies are a controlling factor, the supply of of the market place—something that was money is neither so large as to induce de- almost forgotten for a period of years. structive inflationary forces nor so small as The market place—the price mechanism— to stifle our great and growing economy. are basic essentials of the American economy It is fair to say, I think, that the System and of the economy of the Western World. has performed that task fairly satisfactorily We have seen the countries of Europe that during the past two years. During that pe- struggled along with Marshall Plan aid reriod the economy has functioned at record turn to the earning process, one by one. We levels and despite the diversion of economic have seen monetary policy put to work in resources to the defense program, it has func- Belgium and Italy. We have seen it spread tioned without further inflation. However from Italy up to the Netherlands, on to Denprecarious the balance, it has been a period mark, and on to Britain. For the last year of steady economic progress. It would be a Britain has been taking measures running mistake to claim too much for monetary somewhat parallel to ours. policy in this achievement. But it would be The process of returning to acceptance and equally misleading to conclude that this use of the market place is slow, painful, and steady progress would have been achieved hard. It is not achieved because people neceswithout the aid of the monetary policies and sarily like it; it is achieved because alternative actions that were initiated two years ago. ways don't work—and that has been found What has occurred in the past two years in out in most of Western Europe since the war. the area of money management has been a When we started this program of freeing return from wartime necessities to the prin- the market some people were talking as if ciples of the free market. The significance that would lead to panic and disaster. Some of this transition is not to be found in interest said that once Government bonds went berates, but in its far greater implications, low par the credit of the United States would wholly apart from its economic effects. In be destroyed. Some people saw panic and a free market, rates can go down as well as collapse on the horizon merely because there APRIL 1953 331 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
THE TRANSITION TO FREE MARKETS had been a movement of a few thirty-seconds tion of effective and responsive market operain the Government securities market. The tions and for flexible debt management purword "stability" had come to mean "stagna- poses. This means a securities market in tion" and "frozen prices." which market forces of supply and demand During the past year, under the authority and of savings and investment are permitted of the Federal Open Market Committee, an to express themselves in market prices and ad hoc subcommittee has been reviewing our yields. The unsatisfactory aspects of the maroperations in the Government securities mar- ket seemed to be related in large part to the ket with a view to determining what might psychology that pervaded the market. Probe done to develop and improve those opera- fessional operators in the market appeared tions under the changed conditions. confused with respect to the elements they After ten years of a pegged market, we should consider in evaluating future market found that once the market was freed a little trends. bit, many of the devices and techniques we For one thing, they seemed apprehensive had been using tended to work in reverse. as to the Federal Reserve attitude on prices We found that the dealers, the brokers, the in the market. The market appeared conindividuals—that composite that makes up stantly to expect action by the System which, the market—instead of making market judg- by standards of a free market, would be unments for themselves were chiefly interested predictable and might seem capricious. Inin trying to find out what the Federal Re- vestors and dealers seemed to lack adequate serve planned to do and how it was going to background for weighing and evaluating operate. System actions in forming their individual Federal Reserve support of the Govern- market judgments and investment decisions. ment securities market over many years, be- After the unpegging there quite naturally cause it affected the operation of the entire remained much skepticism as to the System's financial market, had developed patterns of intentions or ability to permit a free private behavior and thinking that were not easily or market to develop. quickly changed. Only gradually were old In important respects there was tangible practices discarded and the characteristics of justification for these doubts. For one thing, a free market developed. the System continued to support the market That is not to say that the performance of for short-term securities during periods of the Government securities market after the Treasury refunding. For another thing, it unpegging was not highly gratifying in sev- was also understood that the System had a eral important respects. Considering the policy of maintaining an orderly market in pressure on the economy and on the supply all sectors of the Government securities marof savings, the range of price fluctuation on ket, a phrase that was variously interpreted Government issues was moderate. The fa- in the market and which the market therecilities of the market proved to be generally fore found hard to understand. good. Against that background, it was our pur- But the market did not have the depth, pose to develop methods of operation which, breadth, and resiliency needed for the execu- as they became known through practice, 332 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
THE TRANSITION TO FREE MARKETS would give those who participate in the mar- it was very difficult for the market to make ket, and those who have contacts in the mar- a satisfactory judgment of the worth of a ket, a familiarity with how the Federal Re- new offering or of the relationship it should serve may intervene, when it may intervene, bear to other Government obligations alfor what purpose it may intervene. ready outstanding. This was particularly Since the unpegging, we have endeavored true since it was usually obvious to investors to confine open market transactions to the that the System might act to absorb reserves effectuation of credit policy, that is, to main- by sales during or after the refunding operatain a volume of member bank reserves con- tion in order to offset its support purchases. sistent with the needs of a growing and stable During the past two transition years, the economy. We have tried to confine our op Treasury and the Federal Reserve have been erations to short-term securities, in practice experimenting with various ways of minilargely Treasury bills. Prices of these issues, mizing or eliminating this intervention. In which are the closest substitutes for cash, are connection with a small refunding, the Fedleast affected by Reserve System sales or pur- eral Reserve decided last December to refrain chases. Gradually investors in Government entirely from purchasing maturing securisecurities have, I believe, come to expect and ties, or "rights" as they are called. Again in understand this phase of System activity in February, when the Treasury refinanced a the market. large maturity with an attractive offer no We have had a particularly acute problem support was given by the System. Both reduring periods of Treasury refundings. It fundings were highly successful and demonhad become the practice under pegged and strated the value of reliance on freely funcsupported markets for the System to inter- tioning markets rather than on official intervene to support Treasury refundings. This vention. seemed a reasonable use of Federal Reserve The transition has major advantages to the resources, provided it was limited and exces- System, to the Treasury, and to investors in sive purchases were later disposed of in the general. The System no longer needs to inmarket. This practice was followed for eigh- ject periodically into credit markets large teen months after the accord. amounts of reserve funds which are difficult We found, however, that when the Fed- to withdraw before they have resulted in uneral Reserve, with its huge portfolio and its desirable credit developments. On the other virtually unlimited resources, intervened in hand, private investors, whose funds the Govthe market during Treasury refundings, ernment seeks to attract, may now fairly apmany other investors tended to step to the praise a new Government security offering sidelines and to let the market form around through market processes. They may invest the System's bids. This was a natural and in the new issue with confidence that its marhighly rational investor reaction. But the ket price reflects not just an arbitrary decision result was that with the System supporting a by the Treasury and the Federal Open Marrefunding, offerings failed to get fair mar- ket Committee but instead the composite ket valuation until some time after the re- evaluation of its worth by thousands of infunding period. Under the circumstances, vestors in the light of their judgments as to APRIL 1953 333 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
THE TRANSITION TO FREE MARKETS the current and prospective demand and sup- struments for influencing the general credit ply of credit. situation in order to promote economic and We also had to deal with the concept of financial stability. Open market operations "maintaining an orderly market." I tried and the discount rate are again being used before committees of the Congress to define for this purpose as twin reserve banking "orderly market." I was not very successful, measures, each complementing the other in but I do think that gradually our emphasis affecting the availability, volume, and cost of has been shifting toward a realization that credit. we should not be the judges of what an or- Primary reliance is once more placed upon derly market is; that our efforts should be di- the discount mechanism as a means for suprected more toward correcting disorderly plying the variable short-term needs of inconditions—you can see the difference in em- dividual banks for reserves. Experience has phasis—and that even there, we ought to be demonstrated that when member banks are extremely careful about intervening unduly. heavily in debt to the Federal Reserve Banks, In a properly functioning market, and par- the tone of the money market is tight. Marticularly in a well organized money and ginal loans are more likely to be deferred and credit market, fluctuations resulting from some credit risks may have to shop around for v temporary or technical developments are self- accommodation. Conversely, when member correcting without any official intervention. bank borrowing is low, the tone of the money Of the movements that are not self-correct- market tends to be easy and credit accommoing, most reflect basic changes in the credit dation is less discriminating. The Federal outlook which should be permitted to oc- Reserve borrowing privilege and the discount cur. Only very rarely is there likely to be a rate, after years of disuse, have come to play disorderly situation that would require Fed- once more their intended role as flexible, imeral Reserve intervention for reasons other personal instruments of monetary managethan credit policy. ment. As investors continue to operate in a free Open market operations can be employed market for Government securities I am con- when needed to condition the current tone fident that they will develop a fuller under- in credit markets and the general availability standing of the minimum role to be played of credit. By these operations the Federal by the System in such a market. They will Reserve can tighten or ease the pressure on then feel freer to express their own judg- member bank reserve positions and thus ments about market values and will thus de- cause banks to borrow or enable them to velop a market with greater depth, breadth, reduce borrowings at the Reserve Banks. and resiliency. Certainly much progress has Subsequently, this tightness or ease is transalready been made. mitted and magnified in money and credit With the changes in its own policies and markets. practices and with the development over the I have sought to outline for you the progpast two years of this self-reliant market for ress that the Federal Reserve System, within Government securities, the Federal Reserve the framework of its purposes and functions, has been able to bring into full use its in- has made in these past two years of transi- 334 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
THE TRANSITION TO FREE MARKETS tion. With credit and monetary measures upon which the institutions of private enterin effective operation, and with a Federal prise rest. There are no reliable substitutes fiscal situation that does not depend ex- for free markets which have been reinstated during the past two years. A redundant cessively on credit to finance expenditures, money supply can be dammed up by direct reasonable stability in the value of the dollar controls for a time, but as we saw in the is again a valid assumption in making ecoearly postwar years, once the controls are nomic decisions. lifted, as the public insists that they be in This is in sharp contrast to the era of peacetime, the economy is engulfed with the pegged markets from which we have flood of money that has already been created emerged. There are still some who would and only temporarily held back. have us return to a pegged market. If we If we handle our fiscal, monetary, and debt did, we would have no reliable safeguard management problems wisely we will not against the erosion of our savings, our pen- have to worry very much about the value of sions, our life insurance policies—the capital the dollar. APRIL 1953 335 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REVISION OF CONSUMER CREDIT STATISTICS : The consumer credit series maintained by written on a short- and intermediate-term the Federal Reserve System has been revised basis and the series will hereafter be so defor the period from December 1939 to date. scribed. This revision has involved an extensive re- The basic objective of the revision was to view of the conceptual framework of the obtain statistics that would represent as comseries as well as the incorporation of addi- pletely as possible the short- and intermediatetional statistical information which has re- term indebtedness of individuals in their role cently become available. This article de- as consumers. A second objective was to prescribes the concepts and methods used in the sent the information in a way that would revision and publishes the new estimates. segregate the various types of credit and also Statistics on consumer credit are intended provide an institutional distribution of the to provide information on an important seg- outstanding amounts. Finally, it was desired ment of the over-all credit situation. As the to provide the estimates in sufficient detail to term has come to be generally used, con- permit the user to eliminate components or sumer credit covers credit extended to con- to make different combinations of them for sumers through regular business channels, various purposes. exclusive of real estate mortgage credit which Consumer credit has a significant impact is almost entirely long-term. Thus the series upon many aspects of economic activity. covers that part of consumer credit which is Much of the importance of this type of credit stems from the use of instalment 1 The task of reviewing the conceptual framework of the consumer credit series and of outlining the general plans for credit to finance the purchase of automobiles proceeding with the revision was done by a Federal Reserve and other consumer durable goods. This System committee which included Frederick L. Deming, First practice, which began before the First World Vice President of the Federal Reserve Bank of St. Louis, Chairman; D. Harry Angney, Assistant Cashier of the Fed- War and developed rapidly during the eral Reserve Bank of Boston; Kenneth M. Snader, Statistician 1920's and 1930's, has played an important of the Federal Reserve Bank of Philadelphia; and Tynan Smith of the Board's staff. Later, this committee was joined part in the development and maintenance of by four consultants: Professor Reavis Cox, University of the wide market for automobiles and other Pennsylvania; Professor Albert Haring, Indiana University; Mr. Duncan McC. Holthausen, A. Holthausen and Company; consumer durable goods. Most of the other and Professor Raymond J. Saulnier, Barnard College, Colum- types of consumer credit also provide funds bia University, and National Bureau of Economic Research. The recommendations of the committee and consultants to pay for goods and services. This credit served as a basis for the work of the Board's staff. Approxi- has thus become an important means of mately 100 representatives of retail trade, financial institufinancing the flow of goods and services into tions, trade associations, and other interested parties reviewed the revision at a preliminary stage and made many helpful final consumption and a significant factor suggestions. influencing the level of economic activity. The staff work was done by members of the Consumer Credit and Finances Section of the Board's Division of Re- Demand for funds to support consumer search and Statistics under the general supervision of Homer financing activities has also become an im- Jones, Chief of the Section, and Tynan Smith, and under the immediate supervision of Paul F. Smith. Members of the portant element in the credit market. An Board's staff who contributed substantially to the work of elaborate structure of financing and servicrevising the consumer credit series are: Alfred P. Johnson, Elsie T. Nelson, Katharyne P. Reil, and Philip M. Webster. ing organizations has developed that requires 336 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REVISION OF CONSUMER CREDIT STATISTICS substantial amounts of private capital and ties of the National Bureau of Economic bank credit. Commercial banks, in addition Research and the Russell Sage Foundation to supplying funds to these organizations in the late 1930's. These two research orto carry consumer receivables, are actively ganizations cooperated with the Department engaged in making loans directly to con- of Commerce in developing a series of consumers and in purchasing instalment paper sumer credit estimates which the Departfrom retail outlets. An understanding of ment then undertook to maintain currently. the nature of these credit demands requires With the cooperation of retailers, financial adequate current information on the devel- institutions, and associations representing opments and changes in consumer credit. these various businesses, the Department of In order to place short- and intermediate- Commerce in 1940 instituted a system for term consumer credit developments in obtaining the information needed for the proper perspective, the statistics often must preparation of monthly estimates of conbe related to other economic measurements. sumer credit. In the fall of 1942 the respon- The absolute amounts of credit or the dollar sibility for maintaining these statistics was changes are not necessarily significant by transferred to the Federal Reserve System. themselves, but need to be judged in rela- Like most economic statistics, the contion to other magnitudes, as is the case with sumer credit series is based upon compreother economic series. hensive benchmark data which become avail- The groundwork for estimates of con- able periodically. Current monthly estisumer credit was laid by the research activi- mates are projected from the latest bench- COMPARISON OF OLD AND NEW SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT SERIES BILLIONS OF DOLLARS END OF MONTH FIGURES BILLIONS OF DOLLARS 30 — rslew Series Did Series 1 r f. f / fj ?5 / / y i f/ INSTALMENT CREDIT y/ 10 i L. NC>NINSTALAAENT CREDIT \ -* 0 1940 1942 1944 1946 1948 1950 1952 APRIL 1953 337 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REVISION OF CONSUMER CREDIT STATISTICS marks on the basis of sample data. Since CHANGES IN ESTIMATES OF SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT RESULTING FROM REVISION sample data rarely are as accurate as com- [In millions of dollars] plete universe data, it is necessary to revise the estimates whenever new benchmark data December 31, 1939 December 31, 1952 become available. Type of credit Revised Change Revised Change The retail components of the consumer esti- from old esti- from old mate estimate mate estimate credit series are based upon information Total 7,222 + 191 25,705 + 1,732 obtained from the Censuses of Business. Instalment credit 4,503 + 79 18,639 +2,126 Benchmark data for the financial compo- Charge accounts 1,414 -130 3,313 -1,446 Single-payment loans. . . 787 +257 2,108 + 559 nents are available more frequently from Service credit 518 - 15 1,645 + 493 such sources as the semiannual reports of condition for banks and the annual reports were offsetting. The revised estimate of inof State and Federal supervisory authorities stalment credit for the end of 1952 is 2.1 for certain other lending institutions. billion dollars larger than the previous esti- Tabulations of credit information from mate, reflecting primarily adjustments to the the latest Census of Business, covering the levels indicated by the new benchmark data. year 1948, became available in the summer A second important factor contributing to of 1951. These data made it possible, for the difference is the fact that the increase in the first time since the Census of 1939, to the proportion of instalment paper sold by prepare new benchmark estimates for the retail outlets since 1948 resulted in an underretail segments of consumer credit and to statement of the amount of instalment credit adjust monthly estimates to the new levels. outstanding as shown by the old series, This necessitated revision of the monthly which did not allow for a change in this estimates back to 1939, and provided op- proportion. In the revised series the posportunity for thorough review of the series. sibility of this type of error is avoided by The effect of the revision was to increase the use of information obtained directly from the estimated amount of this kind of credit the institutions that hold the paper. somewhat, although there was no appreci- The revised estimate of charge-account able change in the month-to-month move- balances outstanding at the end of 1952 is ment of the series. The monthly movements 1.4 billion dollars lower than the previous of the new and the old series for total credit estimate. This is due primarily to adjustand for the instalment and noninstalment ments to the new benchmark data available segments from December 1939 to date are from the 1948 Census of Business. The recompared in the chart on the preceding vised estimates of single-payment loans and page. service credit are both somewhat larger than The revised estimate of the total amount the previous estimates, mainly because of of short- and intermediate-term credit to refinements in estimating techniques and consumers outstanding at the end of 1952 more accurate methods of adjusting for nonis approximately 1.7 billion dollars or 7 per consumer credit. cent larger than the old estimate, as indicated in the accompanying table. This dif- DEFINITION OF CONSUMER CREDIT ference reflects the net effects of substantial Essentially the same definition of conchanges in the components, some of which sumer credit was followed in the revised 338 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REVISION OF CONSUMER CREDIT STATISTICS series as had been used for the old series. In the commercial bank call reports, for ex- This definition includes all credit used to ample, loans to farmers are not segregated finance the purchase of commodities and according to consumption and production services for personal consumption or to re- purposes, and the only practical solution was finance debts originally incurred for such to exclude them entirely from the consumer purposes. The term "credit" is interpreted to credit figures. Similarly, it was not pracmean either an advance of funds to purchase tical to allocate between consumer and nongoods and services or an advance of goods consumer uses some credit obtained by indior services in exchange for a promise to pay viduals to purchase durable goods, such as at a later date. No minimum period for automobiles, used for both consumption and repayment is set in this definition other than business purposes. No data were available some lapse of time between the transfer of to provide a statistical basis for apportioning the goods or services and the payment for such individual credit contracts between conthem. The term "consumption" is inter- sumer and nonconsumer uses, and all such preted to mean the process of using up goods credit was included as consumer credit. and services as an end in itself rather than Credit extended to businesses or government as a stage in production. Credit extended to organizations was excluded, however, as was governmental agencies and nonprofit or any credit extended to individuals for the charitable organizations such as schools and purchase of trucks, farm equipment, and churches, as well as credit extended to busi- other commodities used primarily for businesses, is excluded. ness purposes. In applying this definition to the practical Loans to individuals for consumption purproblem of obtaining statistics on consumer poses secured by share accounts at savings credit, a number of modifications were neces- and loan associations or by savings deposits sary to provide for various traditional and at mutual savings banks were added to the institutional factors that prevented the avail- series in the revision. They had not been able data from conforming exactly to any included in the old series on the ground that single definition. the borrower was in effect using his own Although the consumer credit concept funds and not really obtaining credit. This logically includes real estate mortgage credit reasoning was rejected by the advisory group on owner-occupied houses, this type of credit on the new series because it appeared incontraditionally has been omitted. Separate sistent with the practice of including other statistical series are available on real estate credit secured by assets and raised the quesmortgage credit. The exclusion of real estate tion of offsets only when the collateral was mortgage credit limits the coverage of the a liability of the lending institution. series to short- and intermediate-term credit. Policy loans of life insurance companies While the definition required that no were excluded from the new series although credit used for production purposes be in- they have some of the characteristics of share cluded in the series, the practical problem loans at savings and loan associations. This of distinguishing between consumer and pro- decision was made on pragmatic grounds, ducer credit occasionally necessitated the namely, that presently available information adoption of arbitrary rules of thumb which did not provide a basis for the exclusion of did not conform strictly to the definition. the large proportion of policy loans known APRIL 1953 339 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REVISION OF CONSUMER CREDIT STATISTICS SHORT- AND INTERMEDIATE -TERM CONSUMER CREDIT, DECEMBER 31, 1952 BY TYPE OF CREDIT AND INSTITUTION (Millions of Dollars) TOTAL CONSUMER CREDIT INSTALMENT NONINSTALMENT CREDIT CREDIT AUTOMOBILE OTHER CONSUMER REPAIR & MODERN PERSONAL SINGLE-PAYMENT CHARGE SERVICE PAPER GOODS PAPER IZATION LOANS LOANS LOANS ACCOUNTS CREDIT 8,110 5,301 1,386 3,842 2,108 3,313 1,645 COMMERCIAL BANKS 3 249 COMMERCIAL BANKS 1,813 COMMERCIAL BANKS 1,138 COMMERCIAL BANKS ,852 DEPART- MEDICAL 1,095 MENT SALES FINANCE SALES FINANCE OTHER FINANCIAL STORES 709 PUBLIC COS. 4,072 COS. 332 COS. 82 INSTITUTIONS 256 UTILITIES 323 OTHER OTHER FINANCIAL OTHER FINANCIAL. OTHER FINANCIAL RETAIL OTHER 227 INSTITUTIONS 453 INSTITUTIONS 276 INSTITUTIONS 166 OUTLETS 2,604 AUTOMOBILE DEALERS 336 DEPARTMENT STORES (inc. mail order) 1,101 . I FURNITURE STORES 900 COMMERCIAL BANKS 1,376 HOUSEHOLD SALES FINANCE APPLIANCE STORES 239 COS. 347 OTHER RETAIL OTHER FINANCIAL OUTLETS 640 INSTITUTIONS 2,119 to be for business purposes.2 Since the important additional types of consumer amount of policy loans is large, the absence credit omitted for this reason. of adequate data could lead to sizable errors Because of the traditional and practical of estimate. Inclusion of such loans in the difficulties indicated above, the consumer future will be considered when sufficient in- credit series necessarily departs somewhat formation becomes available to provide ac- from the strict requirements of the basic concurate estimates of the amount used for con- cept. It seems clear, however, that on balsumer purposes. ance the estimates understate the amount of It was also necessary to exclude some other short- and intermediate-term consumer credit outstanding. The amount of contypes of consumer credit from the series for sumer credit omitted from the series far the practical reason that adequate statisexceeds the amount of nonconsumer credit tical information could not be obtained. that still remains in the series. Loans extended by one individual to another for consumer purposes and loans by busi- COMPONENTS OF CONSUMER CREDIT SERIES nesses to their employees were the two most The consumer credit series covers two 2 Information for a sample of the larger policy loans ob- major types of consumer credit, instalment tained from one large insurance company indicated that about and noninstalment. These broad categories 50 per cent of the number and a greater proportion of the are in turn subdivided by type of credit and amount of such loans were at least partly for business purposes. This information was not considered to be repre- by type of institution holding the credit. The sentative of all insurance companies and, since there appeared accompanying chart shows the components to be no possibility of obtaining similar data from other comof the consumer credit series and the revised panies, it was decided to exclude the loans from the series because of the size of the potential error involved. estimates of the amounts outstanding held 340 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REVISION OF CONSUMER CREDIT STATISTICS by the different types of retail and financial are for such purposes as consolidation of institutions on December 31, 1952. consumer debts, payment of medical, edu- Instalment credit. Instalment credit in- cational, or travel expenses, and payment of cludes all consumer credit held by financial personal taxes or insurance premiums. Some institutions and retail dealers which is sched- personal loans are used for the purchase of uled to be repaid in two or more instal- consumer goods but they are not included ments. Revolving credit, budget, and coupon under "automobile paper" or "other conaccounts are treated as instalment credit sumer goods paper" unless they are secured rather than as charge accounts because they by the goods purchased. involve scheduled repayment on a periodic The subdivisions of instalment credit used basis. Instalment credit outstanding includes, in the revised series are different from those in most cases, the finance charges on such used in the old series. Instalment credit in credit and the cost of any insurance included the old series was classified according to the in the contract. originator of the credit. All credit origi- The four principal classes of instalment nated by retail stores, whether retained on credit covered by the series are: automobile the books of the store or sold to a bank or paper, other consumer goods paper, repair other financial institution, was classified as and modernization loans, and personal loans. sale credit. Loans made directly to the bor- "Automobile paper" and "other consumer rower by financial institutions were classified goods paper" represent credit extended for as loan credit. The classifications "sale" and the purpose of purchasing automobiles and "loan" credit are not used in the revised other consumer goods and secured by the series. All loans held by financial instituitems purchased. This type of credit is often tions, whether made directly or purchased extended to the consumer by a retail dealer from retail outlets, are classified by type of or is arranged by a retail dealer for the con- credit and by type of institution holding sumer with a sales finance company, com- the credit. Only credit extended and remercial bank, or other financial institution. tained by retail stores is attributed to these In other cases, instalment paper represents institutions. loans made directly by lending institutions Noninstalment credit. Single-payment to consumers for the purpose of purchasing loans, charge accounts, and service credit are goods. the three components of noninstalment con- "Repair and modernization loans" include sumer credit. "Single-payment loans" are both FHA-insured and noninsured loans loans made to individuals for consumer purmade to finance maintenance and improve- poses and scheduled to be repaid in one payment of owner-occupied dwelling units. ment. Most of the amount outstanding in These loans are used to finance the purchase this area is held by commercial banks. Small and installation of equipment such as fur- amounts are held by pawnbrokers, mutual naces, hot water heaters, storm windows, savings banks, and savings and loan associaand kitchen equipment, as well as major tions. While some credit of this type is used alterations and additions. for the purchase of consumer goods, most is "Personal loans" include all instalment for meeting short-term needs such as the loans not covered in the previous categories payment of personal taxes or life insurance made by financial institutions to individuals premiums. for consumer purposes. Most of these loans "Charge accounts" are the outstanding APRIL 1953 341 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REVISION OF CONSUMER CREDIT STATISTICS balances owed to retail dealers for purchases prehensive coverage of the credit held by made by individuals for consumer purposes. commercial and mutual savings banks, while "Service credit" is the amount owed by reports to other supervisory agencies proindividuals to professional practitioners and vide annual information on the activities of service establishments. The largest com- small loan companies and credit unions. In ponent of this type of credit is the amount the service credit field, chief reliance was owed by consumers to doctors, hospitals, placed on the Board's 1952 Survey of Conand other medical practitioners. Amounts sumer Finances for medical debt and, for owed to public utilities, after deduction of the other components, on information made deposits and prepayments, is another sub- available by the Bureau of Labor Statistics stantial component of service credit. The re- in its 1950 Survey of Consumer Expenditures, mainder represents amounts owed for a and by various trade associations. variety of personal services such as cleaning The adjustment necessary to eliminate and dyeing, education, and recreation. nonconsumer credit was a major problem in the preparation of benchmark estimates. METHODS OF ESTIMATION For the credit held by retail outlets, this The following brief discussion of the adjustment was based largely on estimates of sources and methods used in preparing the the proportion of commodity sales to nonrevised consumer credit estimates is intended consumers by retailers developed by the Buto summarize only the more important as- reau of Labor Statistics as part of its interpects of the estimating procedure. A more industry studies. This information, together detailed description of the techniques used with commodity sales information available in the revision will be made available upon from the 1948 Census, was used to estimate request. the amount of sales made to nonconsumers Benchmark estimates. The level of the by each retail trade line. Relationships beestimates of short- and intermediate-term tween receivables and sales were applied to consumer credit is established by informa- the estimates of nonconsumer sales for each tion derived from comprehensive bench- trade line to obtain estimates of the amount mark data available periodically. Current of nonconsumer receivables. monthly estimates are extrapolated from It was found that in most cases retail the latest benchmark estimate on the basis purchases on credit by businesses and other of sample data. The dates of the most re- nonconsumers took the form of open cent benchmark data used for the various book credit. Only in the case of farm equipcomponents of the series are not all the same. ment and automobile dealers was it neces- The 1948 Census of Retail Trade provided sary to exclude nonconsumer credit from the the basic data for the estimates of consumer instalment segment. All of the instalment instalment and charge-account credit held receivables of farm equipment dealers were by retail dealers. The 1950 registration state- excluded as nonconsumer credit. The ments of lenders subject to Regulation W amount of business instalment credit exprovided benchmark information on con- cluded from automobile dealer holdings was sumer instalment credit held by most types estimated on the basis of information availof financial institutions and by automobile able from sales finance companies on the dealers. Semiannual reports of condition proportion of commercial vehicle paper to to bank supervisory agencies provide com- total holdings of automotive paper. This 342 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REVISION OF CONSUMER CREDIT STATISTICS information will also be used to provide ad- were for business purposes. This method justments on a current basis. was found to be unsatisfactory because the re- In the old series, nonconsumer credit had porting of loans by size was not reliable and been excluded in the retail area by omitting because it was found that reports of "sinparticular trade lines which were predomi- gle-payment loans to individuals" included nantly nonconsumer. Any consumer credit some business loans of less than $3,000 and in lines excluded was supposed to offset any some consumer loans of more than $3,000. nonconsumer credit in lines included. In Elimination of nonconsumer repair and the revision, however, as described above, modernization loans was based upon Fednew data made it possible to estimate the eral Housing Administration data which inamount of nonconsumer credit involved in dicated that about 20 per cent of insured reeach retail trade line rather than to make pair and modernization loans (Title I, blanket exclusions. Classes 1 and 2) in recent years and somewhat larger percentages in earlier years were In the financial area, a special survey was on multi-family dwellings, farm dwellings, conducted in June 1952 to determine the or business properties. The estimates on the proportion of nonconsumer loans included outstanding repair and modernization loans in the commercial bank figures. The banks at all types of financial institutions were reincluded in the survey were carefully selected duced by the percentages indicated by this to provide representation for different size information. groups and geographic locations, and the Adjustments to exclude nonconsumer sample of loans is believed to have been adecredit from the reported data at the end of quate for making the nonconsumer adjust- 1952 amounted to 1,322 million dollars for ment. This survey covered about 8,200 ininstalment loans, 1,488 million for chargestalment cash loans and about 8,700 singleaccounts, and 2,264 million for single-paypayment loans. It showed that about 15 ment loans. These adjustments were larger per cent of the amount of cash instalment for instalment and charge-account credit but loans outstanding, and about 55 per cent of smaller for single-payment loans than in the the single-payment loans, were for nonconold series. Their net effect was to reduce the sumer purposes. This survey also indicated estimated total amount of consumer credit that an estimated 5 per cent of the amount outstanding at the end of 1952 by 492 million of commercial bank automobile loans outdollars from the previous total. standing was on trucks, taxis, or other busi- Monthly estimates. Some important ness vehicles. The relevant items for all changes in the former method of computing commercial banks were reduced by these monthly estimates were made in order to percentages for the entire period 1939 to utilize additional information and to obtain date. Adjustments in the future will be as reliable estimates as possible. The new based on periodic surveys. methodology will be used in obtaining future The new method of deriving consumer monthly estimates.3 loans from all single-payment loans of com- Several important changes were made in mercial banks is more reliable than the old. the methods used to estimate retail credit. The previous method was to exclude single- Since the revised series is on a holder basis, payment loans of more than $3,000 made 3 A detailed description of sources and methods will be to individuals, on the assumption that they made available upon request. APRIL 1953 343 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REVISION OF CONSUMER CREDIT STATISTICS paper sold by retail stores is included in the Separate estimates were prepared for each figures for the banks and sales finance com- component of service credit in the new series panies that purchased the paper. This makes whereas the old estimate of total service it possible to estimate the amount of such credit was based on the relationship between paper directly from information obtained estimates prepared by Rolf Nugent covering from the holders of the paper. The old the period 1929-33 and the trend of salaries estimates, which were based for the most and wages in service industries.4 part on receivables reported by retail stores, did not adequately cover instalment paper COMPARISON OF NEW AND OLD SERIES sold by retailers to financial institutions. For the end of 1952, the revised estimate Consequently they have considerably underof short- and intermediate-term consumer stated instalment credit in recent years. credit outstanding is 25,705 million dollars, Another important change in method apsome 1,732 million larger than the old estiplies to the monthly estimates for trade lines mate. The revised estimate for the end of for which regular monthly samples were not 1939 is 191 million larger than the previous available. Tests indicated that a formula estimate. The factors contributing to these relating receivables at a given date to sales net differences are shown in the table on the during the preceding months (with the following page. number of months and the weights assigned The change in technique for making nonto each month determined by the maturity of consumer adjustments resulted in a reducthe credit involved) provided a more relition of 492 million dollars in total conable method of estimation than had presumer credit for the end of 1952 and of 110 viously been used.3 The procedure in the million for the end of 1939. About 200 old series had been to assume that instalmillion was added to the series in 1952 as ment receivables in these lines changed with a result of the inclusion of consumer instalthe combined instalment receivables at furment lo_ans and single-payment loans held niture, household appliance, and departby mutual savings banks and savings and ment stores. loan associations. An arrangement recently concluded with Changes in the estimate for repair and the Census Bureau to add credit questions modernization loans added 507 million dolto their annual sample survey of retail trade lars to the series at the end of 1952. This for the year 1952 will contribute to greater increase reflected both inclusion of noninaccuracy in the estimates of retail credit. sured repair and modernization loans and Information obtained from these questions the more accurate technique of estimation. will provide a check on the level of con- Adjustments to Census and other new sumer credit for the entire retail field. benchmark data and changes in methods In the new series, repair and modernizaof estimating increased the estimate of total tion loans (insured and noninsured) are estishort- and intermediate-term consumer mated from records of financial institutions credit at the end of 1952 by 1,491 million holding such credits, while in the old series dollars. The old series at the end of 1952 (insured loans only) estimates were based substantially understated consumer instalon information on new loans made. This change should materially increase the ac- 4 Holthausen, Duncan McC, "Monthly Estimates of Short- Term Consumer Debt, 1929-42," Survey of Current Business, curacy of these estimates. November 1942, p. 25. 344 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REVISION OF CONSUMER CREDIT STATISTICS RECONCILIATION OF OLD AND NEW ESTIMATES OF SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT [In millions of dollars] Item and explanation of differences Total I c m n r s e e t d n a i l t t - a C cc h o a u rg n e ts p S a l i y o n m a g n l e e s n - t S c e r r e v d i i c t e December 31. 1939 New series 7,222 4,503 1,414 787 518 Old series 7,031 4,424 1,544 530 533 Difference + 191 + 79 - 130 + 257 - 15 Change in nonconsumer adjustment - 110 - 149 - 130 + 169 Nonconsumer adjustment—old series (-1,712^ (- 285) (- 489) (- 938) Nonconsumer adjustment—new series (-1,,822) (- 434) (- 619) (- 769) Additions to series: Repair and modernization loans + 202 + 202 S M a u vi t n u g al s s a a n v d in l g o s a n b a a n s k so s c ! iations l + 5 1 4 4 + 11 i si Other adjustments 31 + 15 - 15 + 31 December 31, 1952 New series 25,705 18,639 3,313 2,108 1,645 Old series 23,973 16,513 4,759 1,549 1,152 Difference + 1,732 +2,126 -1,446 + 559 +493 Change in nonconsumer adjustment - 492 - 540 - 503 + 551 Nonconsumer adjustment—old series (-4,582) (- 782) - 985) (-2,815) Nonconsumer adjustment—new series (-5,074) (-1,322) -1,488) (-2,264) Additions to series: Repair and modernization loans + 507 + 507 Mutual savings banks x + 69 + 47 + 22 Savings and loan associations l + 157 + 157 Adjustments to benchmark data and changes in methods +1,491 +2,112 - 943 - 171 +493 1 Exclusive of repair and modernization loans. ment credit and overstated charge-account cember 1939 to date are given in Tables 1-6 balances. on pages 346-53. Current monthly estimates Most of the difference between the old to carry these tables forward will be puband the new instalment credit estimates oc- lished regularly in the statistical section of curred in the retail components. These the Federal Reserve BULLETIN. large differences resulted from the long Data were not available for the years 1929 period of time during which estimates through 1939 to permit revision of the conhad to be projected from the previous 1939 sumer credit series in line with the con- Census benchmark on the basis of limited ceptual changes adopted for the period from sample information. As has previously been 1939 to date. Furthermore, the informastated, changes in methods of estimation tion necessary to prepare detailed estimates and more inclusive annual survey data by type of holder and by type of loan was should substantially reduce the possibility of not available for the period prior to Decemerrors of this type in the future. Because of ber 1939. For the convenience of the users the more frequent benchmarks available in of the statistics, however, major components the financial field, and the more generally of the old series have been adjusted to the adequate sample information available, these level of the revised series for the 1929-39 pecomponents of the series have required less riod on the basis of the relationship between adjustment than the retail components. the new and old estimates at the end of 1939. The 493 million dollar difference between As is indicated in the table on page 338, the the old and the new estimate of service differences between the new and the old credit at the end of 1952 reflects primarily series at the end of 1939 are small. These the change in estimating procedure. adjusted figures for the 1929-39 period are The revised monthly estimates from De- given in Table 7 on page 354. APRIL 1953 345 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE 1 REVISED ESTIMATES OF SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT, BY MAJOR PARTS [Amounts outstanding, in millions of dollars] Instalment credit Noninstalment credit End of month Total Total p m A a o u p b t e o i r l - e * co O g n o s t o h u d m e s r er m i R z o a e a d n p ti e d a o r i n n r - Pe lo rs a o n n s al Total p S a l i y o n m a g n l e e s 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 paper» loans2 1939—December 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1940—January 7,048 4,487 1,516 1,576 297 1,098 2,561 780 1,252 529 February 6,911 4,478 1,546 1,531 295 1,106 2,433 771 1,121 541 March 6,990 4,548 1,598 1,531 292 1,127 2,442 764 1,126 552 April 7,168 4,678 1,685 1,559 297 1,137 2,490 761 1,167 562 May 7,406 4,841 1,785 1,596 302 1,158 2,565 762 1,224 579 June 7,592 5,003 1,878 1,634 310 1,181 2,589 764 1,240 585 July 7,606 5,067 1,933 1,625 318 1,191 2,539 766 1,192 581 August 7,706 5,143 1,960 1,646 333 1,204 2,563 770 1,207 586 September 7,755 5,173 1,953 1,663 347 1,210 2,582 778 1,222 582 October 7,875 5,247 1,986 1,693 352 1,216 2,628 787 1,269 572 November 7,981 5,344 2,026 1,733 364 1,221 2,637 793 1,283 561 December 8,338 5,514 2,071 1,827 371 1,245 2,824 800 1,471 553 1941—January 8,166 5,495 2,112 1,758 369 1,256 2,671 801 1,310 560 February 8,079 5,527 2,159 1,732 369 1,267 2,552 799 1,177 576 March 8,181 5,613 2,235 1,729 362 1,287 2,568 795 1,184 589 April 8,535 5,865 2,394 1,795 366 1,310 2,670 806 1,265 599 May 8,914 6,122 2,561 1,863 369 1,329 2,792 826 1,348 618 June 9,124 6,295 2,693 1,887 373 1,342 2,829 832 1,371 626 July 9,203 6,401 2,775 1,897 375 1,354 ,802 829 1,348 625 August 9,346 6,487 2,813 1,929 382 1,363 ,859 828 1,406 625 September 9,313 6,400 2,741 1,921 390 1,348 2,913 830 1,457 626 October 9,195 6,267 2,653 1,891 391 1,332 2,928 836 1,476 616 November 9,040 6,143 2,560 1,880 382 1,321 2,897 842 1,449 606 December 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1942—January 8,751 5,796 2,296 1,847 361 292 2,955 833 1,516 606 February 8,328 5,527 2,128 1,782 348 269 2,801 823 ,360 618 March 8,119 5,336 1,981 1,756 334 265 2,783 816 ,343 624 April 7,928 5,111 1,824 1,719 324 1,244 2,817 803 ,383 631 May 7,671 4,841 1,675 1,646 311 1,209 2,830 788 ,388 654 June 7,308 4,550 1,529 1,542 297 1,182 2,758 771 ,328 659 July 6,921 4,265 1,391 1,441 281 1,152 2,656 759 ,244 653 August 6,622 3,991 1,254 1,358 268 1,111 2,631 750 ,227 654 September 6,415 3,749 1,119 1,294 263 1,073 2,666 742 ,267 657 October 6,227 3,511 983 1,241 257 1,030 2,716 734 ,328 654 November 5,996 3,309 865 1,194 256 994 2,687 728 ,300 659 December 5,983 3,166 742 1,195 255 974 2,817 713 ,444 660 1943—January 5,558 2,920 646 1,099 248 927 2,638 700 ,275 663 February 5,256 2,713 568 1,028 230 887 2,543 682 ,179 682 March 5,107 2,566 499 971 211 885 2,541 673 ,173 695 April 5,055 2,454 455 943 195 861 2,601 671 ,223 707 May 4,977 2,341 423 898 183 837 2,636 665 ,240 731 June 4,916 2,275 396 863 173 843 2,641 652 ,252 737 July 4,753 2,184 376 817 163 828 2,569 631 ,210 728 August 4,662 2,125 369 785 153 818 2,537 621 ,191 725 September 4,689 2,107 368 775 148 816 2,582 637 ,223 722 October 4,727 2,085 363 773 141 808 2,642 650 ,277 715 November 4,738 2,081 359 780 135 807 2,657 647 ,295 715 December 4,901 2,136 355 819 130 832 2,765 613 ,440 712 1944—January 4,614 2,044 346 765 124 809 2,570 589 ,268 713 February 4,440 1,983 343 721 120 799 2,457 572 ,148 737 March 4,496 1,999 345 706 116 832 2,497 572 ,173 752 April ,545 1,982 352 695 112 823 2,563 588 ,210 765 May ,664 1,992 366 692 109 825 2,672 608 ,265 799 June 4,722 2,015 385 685 110 835 2,707 637 ,262 808 July 4,672 2,019 403 668 110 838 2,653 636 ,219 798 August 4,672 2,023 411 666 112 834 2,649 632 ,221 796 September 4,713 2,030 409 674 113 834 2,683 623 ,267 793 October 4,771 2,048 407 699 113 829 2,723 627 ,308 788 November 4,843 2,079 402 728 116 833 2,764 626 ,344 794 December 5,111 2,176 397 791 119 869 2,935 624 ,517 794 1945—January 4,867 2,116 385 754 120 857 2,751 620 [,343 788 February 4,682 2,059 375 715 122 847 2,623 617 L ,197 809 March 4,781 2,090 380 713 126 871 2,691 617 L ,255 819 April 4,768 2,078 379 698 127 874 2,690 637 L,227 826 May 4,858 2,087 378 688 134 887 2,771 665 1,252 854 June 4,940 2,115 385 685 142 903 2,825 697 L,268 860 July 896 2,116 392 669 147 908 2,780 702 1,230 848 August 879 2,111 394 662 153 902 768 697 1,230 841 September 902 ,126 403 664 156 903 776 687 1,253 836 October 075 ,199 414 699 166 920 2,876 692 1,351 833 November 261 2,293 432 735 175 951 2,968 713 1,415 840 December 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1946—January 5,569 2,483 475 800 190 1,018 3,086 778 1,463 845 February 5,575 2,529 495 796 199 1,039 3,046 808 1,361 877 March 5,803 2,631 525 813 213 1,080 3,172 841 1,419 912 April. 6,118 2,787 578 853 230 1,126 3,331 872 1,525 934 May 6,397 2,928 627 892 247 1,162 3,469 897 1,592 980 June 6,570 3,055 665 918 266 1,206 3,515 915 1,605 995 1 Includes all consumer instalment credit extended for the purpose of purchasing automobiles and other consumer goods and secured by the items purchased, whether held by retail outlets or financial institutions. Includes credit on purchases by individuals of automobiles or other consumer goods that may be used in part for business. 2 Includes only repair and modernization loans held by financial institutions; such loans held by retail outlets are included in "other consumer goods paper." 346 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE 1 (cont.) REVISED ESTIMATES OF SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT, BY MAJOR PARTS [Amounts outstanding, in millions of dollars] Instalment credit Noninstalment credit End of month Total Total p m A a o u p b t e o i r l - e * co O p g n o a s t o h p u d e m e r s r e 1 r m R i l z o o a e a a d n p t n i e d a o s r i n n r 2 - Pe lo rs a o n n s al Total p S a l i y o n m a g n l e e s 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 1946—July 6,659 3,177 708 942 286 1,241 3,482 936 1,561 985 August. . . . 6,936 3,339 759 981 311 1.288 3,597 965 1,643 989 September. 7,169 3,476 806 1,015 333 1,322 3,693 997 1,704 992 October. . . 7,467 3.655 859 1,078 359 1,359 3,812 1,033 1,788 991 November. 7,802 3,853 914 1,148 381 1,410 3,949 1,076 1,869 1,004 December.. 8,384 4,172 981 1,290 405 1,496 4,212 1,122 2,076 1,014 1947—January... 8,290 4,291 1,049 1,287 422 1,533 3,999 1,159 1,820 ,020 February.. 8,290 4,408 1,126 1 ,298 426 1,558 3,882 1,179 1,649 ,054 March 8,571 4,613 1,225 1,344 443 1,601 3,958 1,190 1,683 ,085 April 8,917 4,844 1,322 1,417 474 1,631 4,073 1,203 1,764 ,106 May 9,323 5,083 1 ,418 1,487 502 1,676 4,240 1,224 1,864 ,152 June 9,560 5,297 1,504 1 ,551 536 1,706 4,263 1,247 1,844 ,172 July 9,655 5,456 1,572 1 ,581 568 1,735 4,109 1,262 1,772 ,165 August 9,825 5,617 1,636 1,617 604 1,760 4,208 1,281 1,761 ,166 September. 10,007 5,766 1,690 1,675 643 1,758 4,331 1,299 1,860 ,172 October 10,442 5,978 1,751 1,770 676 1,781 4,464 1,324 1,974 ,166 November. 10,820 6,265 1,834 1,905 702 1,824 4,555 1,342 2,043 170 December.. 11,570 6,695 1,924 2,143 718 1,910 4,875 1,356 2,353 1,166 1948—January.. . 11,430 6,809 2,008 2,155 712 1,934 4,621 1,367 2,085 1,169 February. . 11,334 6,894 2,087 ,132 718 ,957 4,440 1,383 1,860 1,197 March 11,693 7,171 2,253 ,192 731 ,995 4,522 1,400 1,903 ,219 April 12,124 7,468 2,407 2,276 758 ,027 4,656 1,404 2,003 ,249 May 12,479 7,686 2,501 2,350 782 ,053 4,793 1,429 2,089 1 ,275 June 12,754 7,887 2,593 2,403 797 094 4,867 1,437 2,143 1,287 July 12,901 8,090 720 2,440 b05 125 4,811 1,423 2,095 1,293 August.... 13,106 8,304 2,842 2,499 813 2,150 4,802 1,422 2,079 1,301 September. 13,428 8,522 2,937 2,593 826 166 4,906 1,430 2,172 1,304 October 13,584 8,571 2,963 2,615 835 158 5,013 1,425 2,286 1,302 November. 13,746 8,681 3,009 2,660 845 2,167 5,065 1,440 2,332 1,293 December.. 14,411 8,968 3,054 2,842 843 2,229 5,443 1,445 2,713 1,285 1949—January... 13,935 8,857 3,050 2,764 819 2,224 5,078 1,442 2,348 1,288 February. . 13,616 8,814 3,081 2,722 799 2,212 4,802 1,439 2,058 1,305 March 13,693 8,930 3,232 2,681 791 2,226 4,763 1,432 2,009 1,322 April 14,081 9,162 3,418 2,707 792 2,245 4,919 1,419 2,146 1,354 May 14,464 9.463 3,631 2.769 802 2,261 5,001 1,436 2,193 1,372 June 14.750 9,735 3,798 2,814 823 2,300 5,015 1,441 2,192 1,382 July 14,843 9,945 3,970 2,836 821 2,318 4,808 1,438 2,074 1,386 August. . . . 15,128 10,233 4,179 2,878 842 2,334 4,895 1,447 2,062 1,386 September. 15,512 10,501 4,336 2,966 853 2,346 5,011 1,462 2,155 1,394 October 15,891 10,788 4,489 3 ,080 869 2,350 5,103 479 2,235 1,389 November. 16,277 11,073 4,622 3,194 885 2,372 5,204 519 2,306 1,379 December.. 17,104 11,516 4,699 3,486 887 2,444 5,588 1,532 2,680 1,376 1950—January.. . 16,742 11,519 4,766 3,436 878 2,439 5,223 1,526 2,327 1,370 February. . 16,577 11,590 4,880 3,399 876 2,435 4,987 1,527 ,069 1,391 March 16,824 11,806 5,043 3,428 863 2,472 5,018 1,546 ,069 1,403 April 17,257 12,050 5,211 3,482 862 2,495 5,207 1,576 2,186 1,445 May 17,861 12,442 5,422 3,586 888 2 ,546 5,419 1,646 2,304 1,469 June 18,417 12,931 5,724 3,679 912 2,616 5,486 1,643 2,350 1,493 July 19,091 13,475 6,068 3,805 935 667 5,616 ,669 2,430 1,517 August 19,650 13,931 6,293 3,967 960 2,711 5,719 ,683 2,521 1,515 September. 20,136 14,328 6,466 4,139 985 ,738 5,808 ,698 2,591 1,519 October 20,269 14,425 6,489 4,191 1,002 2,743 5,844 ,770 2,580 1,494 November. 20,249 14,326 6,405 4,159 1,011 2,751 5,923 ,871 2,568 1,484 December.. 20,813 14,490 6,342 4,337 1,006 2,805 6,323 ,821 3,006 1,496 1951—January.. . 20,488 14,338 6,247 4,264 993 2,834 6,150 ,826 2,827 1,497 February. . 20,137 14,171 6,171 4,174 980 2,846 5,966 ,862 2,573 1,531 March 20,136 14,127 6,130 4,121 981 2 ,895 6,009 ,906 2,544 1,559 April 20,073 14,061 6,128 4,033 985 2,915 6,012 ,923 2,506 1,583 May 20,287 14,104 6,190 3,971 999 2,944 6,183 ,973 2,608 1,602 June 20,263 14,158 6,260 3,913 1,001 2,984 6,105 ,938 2,549 1,618 July 20,040 14,077 6,256 3,806 1,010 3,005 5,963 ,924 2,416 1,623 August.... 20,279 14,321 6,382 3,860 1,028 3,051 5,958 ,916 2,424 1,618 September. 20,475 14,441 6,433 3,878 1,045 3,085 6,034 ,912 2,489 1,633 October 20,636 14,478 6,370 3,949 1,066 3,093 6,158 ,931 2,621 1,606 November. 20,858 14,568 6,322 4,022 1,087 3,137 6,290 1,977 2,721 1,592 December.. 21,468 14,837 6,242 4,270 1,090 3,235 6,631 1,934 3,096 1,601 1952—January.. . 20,932 14,654 6,148 4,168 1,079 3,259 6,278 ,938 2,747 1,593 February.. 20,649 14,555 6,114 4,080 1,078 3,283 6,094 ,979 2,490 1,625 March 20,609 14,550 6,090 4,044 1,079 3,337 6,059 ,997 2,410 1,652 April 20,940 14,731 6,186 4,053 1,098 3,394 6,209 ,007 2,535 1,667 May 21,705 15,308 6,539 4,169 1,138 3,462 6,397 ,055 2,659 1,683 June 22,446 16,032 6,974 4,324 1,178 3,556 6,414 2,054 2,661 1,699 July 22,751 16,465 7,200 4,433 1,221 3,611 6,286 2,023 2,573 1,690 August.... 23,030 16,728 7,272 4,539 1,258 3,659 6,302 2,026 2,579 1,697 September. 23,414 17,047 7,388 4,669 1,300 3,690 6,367 2,033 2,642 1,692 October 24,050 17,572 7,639 4,871 1,347 3,715 6,478 2,033 2,776 1,669 November. , 24,525 17,927 7,866 4,943 1,376 3,742 6,598 2,109 2,826 1,663 December.. 25,705 18,639 8,110 5,301 1,386 3,842 7,066 2,108 3,313 1,645 1953—January?.. 25,529 18,786 8,273 5,257 1,378 3,878 6,743 2,129 2,977 1,637 February?.. 25,294 18,879 8,472 5,147 1,379 3,881 6,415 2,079 2,676 1,660 P Preliminary. For other footnotes see preceding page. APRIL 1953 347 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE 2 REVISED ESTIMATES OF INSTALMENT CREDIT, BY HOLDER [Amounts outstanding, in millions of dollars] Financial institutions Retail outlets Total End of month i c m n r s e e t d a n i l t t - Total m b C e a o r n m c k ia s - l f p i S c n a o a a n m n l i e c e s - e s u C n r i e o d n i s t Other Total D st m e o p r e e a n s r t t » - F st t u o u r r r n e e i s - H a h a p o n o p u c l l s d e i e - - d m e A a o u l b e t i o r l s - e 2 Other stores 1939—December 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1940—Tanuary 4,487 3,101 ,113 1,197 132 659 1,386 335 425 176 124 326 February 4,478 3,131 ,130 1,207 133 661 1.347 325 417 172 126 307 March . . . 4,548 3,204 ,157 1 .240 140 667 ,344 326 412 170 130 306 April 4,678 3,313 ,197 1,300 144 672 ,365 333 418 173 138 303 May 4,841 3,446 ,254 L ,361 150 681 ,395 338 428 178 146 305 June 5,003 3,591 ,330 ,414 156 691 ,412 339 429 183 153 308 July 5 067 3,658 ,345 ,459 160 694 ,409 332 428 186 158 305 August 5,143 3,728 ,382 1,483 164 699 ,415 332 431 188 159 305 September 5,173 3,742 ,399 1,475 166 702 ,431 339 437 190 158 307 October . . 5,247 3,781 ,414 1,497 167 703 ,466 350 446 194 160 316 November 5,344 3,844 1,443 1,532 168 701 ,500 363 454 195 163 325 December 5,514 3,918 ,452 1,575 171 720 ,596 394 474 196 167 365 1941—Tanuary 5 495 3,962 ,482 1,592 171 717 ,533 370 459 189 169 346 February 5,527 4,029 L ,518 1,620 174 717 ,498 359 454 186 172 327 March 5 613 4 114 541 1,671 179 723 1,499 358 452 187 178 324 April 5 865 4,312 ,615 1,773 188 736 ,553 372 465 198 190 328 May 6,122 4,517 1,692 1,884 195 746 ,605 379 481 209 203 333 June 6 295 4,679 1,756 1,966 201 756 ,616 371 486 216 213 330 July 6 401 4,792 1,803 >,019 206 764 1,609 349 486 220 219 335 August 6,487 4,854 1,829 2,047 208 770 ,633 340 505 227 221 340 September .... 6,400 4,787 1,832 1,984 207 764 1,613 323 499 225 214 352 October 6,267 4,685 ,795 1,928 204 758 L.582 307 495 219 206 355 November 6,143 4,583 1,761 1,867 201 754 1,560 304 490 211 197 358 December 6,085 4,480 1,726 1,797 198 759 1,605 320 496 206 188 395 1942—Tanuary 5,796 4,272 1,650 1,689 186 747 1,524 297 474 198 176 379 February 5,527 4,071 1,581 1,573 180 737 L.456 282 462 197 163 352 March 5,336 3,908 1,534 1,461 178 735 L.428 278 459 192 151 348 April 5 111 3,715 I 468 1,347 173 727 L ,396 271 456 187 139 343 May 4,841 3,509 1,391 1,241 167 710 L ,332 252 443 178 127 332 Tune 4 550 3 307 [ 320 1 .130 163 694 1,243 226 418 165 115 319 July 4,265 3,105 1,241 1,027 158 679 1,160 204 393 155 104 304 August 3 991 2,893 L 164 919 151 659 1,098 192 374 144 94 294 September 3,749 2,700 1,085 828 146 641 1,049 182 358 136 83 290 October 3,511 2,500 1,003 738 138 621 L .011 175 342 126 72 296 November .... 3,309 2,332 928 665 132 607 977 173 331 118 63 292 December 3,166 2,176 862 588 128 598 990 181 331 111 53 314 1943—Tanuary 2,920 2 015 799 520 121 572 908 162 304 102 48 292 February 2,713 ,859 732 459 116 552 854 152 286 95 42 279 March 2,566 ,755 685 403 117 550 811 143 272 87 37 272 April . 2,454 ,657 642 364 112 539 797 138 269 81 34 275 May 2 341 ,577 613 334 109 521 764 129 259 74 32 270 June 2 275 535 591 309 109 526 740 123 251 68 31 267 July 2,184 ,483 570 291 106 516 701 112 239 61 30 259 August 2 125 446 555 278 105 508 679 107 235 54 30 253 September 2,107 ,431 547 270 105 509 676 107 232 49 32 256 October 2,085 ,408 537 263 103 505 677 109 231 44 31 262 November 2,081 ,395 532 255 102 506 686 117 231 39 32 267 December. . ... 2,136 ,413 532 252 103 526 723 127 235 37 31 293 1944—January 2,044 ,377 523 242 100 512 667 115 215 31 30 276 February 1,983 ,352 510 237 98 507 631 107 204 28 30 262 March 1,999 ,380 518 236 102 524 619 105 199 25 29 261 April 1,982 L ,371 518 236 99 518 611 103 197 24 30 257 May ... 1,992 1,383 525 241 99 518 609 100 200 22 31 256 June 2,015 1,413 541 249 100 523 602 97 199 21 33 252 July 2,019 ,433 549 261 99 524 586 91 195 19 35 246 August 2,023 1,439 553 266 99 521 584 92 194 18 36 244 September 2,030 1,439 553 265 99 522 591 94 196 18 36 247 October 2,048 ,438 556 265 97 520 610 102 204 19 35 250 November 2,079 1,444 559 265 97 523 635 111 214 19 34 257 December 2,176 L.486 574 262 99 551 690 127 230 19 33 281 1945—January 2,116 L.468 578 253 97 540 648 119 211 18 31 269 February 2,059 1,446 571 247 95 533 613 112 204 16 29 252 March 2,090 1,478 589 247 97 545 612 112 202 16 29 253 April 2,078 L ,481 594 246 96 545 597 108 200 15 28 246 May 2,087 1,500 607 247 96 550 587 104 200 14 27 242 June 2,115 1,532 625 253 98 556 583 101 200 15 27 240 July 2,116 1,550 635 257 98 560 566 96 196 14 27 233 August .... 2,111 1,553 636 262 97 558 558 93 195 14 27 229 September 2,126 1,566 647 266 96 557 560 94 196 14 27 229 October 2,199 1,614 674 277 96 567 585 103 206 14 27 235 November 2,293 1,679 708 289 98 584 614 114 217 16 27 240 December 2,462 1,776 745 300 102 629 686 131 240 17 28 270 1946—January 2,483 1,827 786 310 101 630 656 123 228 17 28 260 February 2,529 1,884 822 323 103 636 645 119 227 18 29 252 March 2,631 1 Q7R 881 340 106 651 653 120 231 18 30 254 April. . .. 2,787 2,109 954 373 110 672 678 127 239 19 33 260 May 2,928 2,233 1,029 404 115 685 695 129 246 20 35 265 June 3,055 2,351 1,100 429 121 701 704 132 251 22 36 263 1 Includes mail-order houses. * Includes only automobile paper; other instalment credit held by automobile dealers is included with "other" retail outlets. 348 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE 2 (cont.) REVISED ESTIMATES OF INSTALMENT CREDIT, BY HOLDER [Amounts outstanding, in millions of dollars] Financial institutions Retail outlets Total End of month i c m n r s e e t d a n i l t t - Total m b C e a o r n m c k ia s - l f p i S c n a o a a n m l n i e e c s - s e u C n r i e o d n i s t Other Total D st m e o p r e e a n s r t t x - F s t t u u o r r r n e e i s - H a h a p o n o p u c l l s d e i e - - d m A ea o u l b e to i r l s - e 2 Other stores 1946—July 3,177 2,472 1,170 460 125 717 705 130 250 25 38 262 August 3,339 2,616 1,253 496 129 738 723 135 256 28 40 264 September 3,476 2,736 1,318 536 133 749 740 142 258 31 42 267 October 3,655 2,880 1,395 579 139 767 775 156 267 34 43 275 November 3,853 030 1,472 624 144 790 823 174 286 35 45 283 December 4,172 3,235 1,567 677 151 840 937 209 319 38 47 324 1947—January 4,291 3,379 1,657 714 154 854 912 207 306 37 51 311 February 4,408 3,504 1,725 762 158 859 904 208 302 40 55 299 March 4,613 3,685 1,826 823 165 871 928 221 306 40 61 300 April 4,844 3,872 1,928 890 162 892 972 237 317 44 66 308 May 5,083 4,077 2,037 952 181 907 1,006 249 327 45 71 314 June 5,297 4,260 2,140 1,013 191 916 1,037 255 337 52 77 316 July 5,456 4,413 2,216 1,065 200 932 1,043 254 338 56 81 314 August 5,617 4,554 2,288 1,116 206 944 1,063 259 344 59 84 317 September 5,766 4,663 2,351 1,162 211 939 1,103 270 355 63 88 327 October 5,978 4,817 2,428 1,221 216 952 1,161 288 375 67 92 339 November 6,265 5,007 2,514 1,288 223 982 1,258 325 410 73 96 354 December 6,695 5,255 2,625 1,355 235 1,040 1,440 379 474 79 101 407 1948—January 6,809 5,418 2,716 1,417 237 1,048 1,391 361 453 77 105 395 February 6,894 5,525 2,761 1,462 242 1,060 1,369 351 448 78 109 383 March 7,171 5,762 2,873 1,555 253 1,081 1,409 364 455 82 119 389 April 7,468 6,018 3,006 1,652 266 1,094 1,450 374 464 90 128 394 May 7,686 6,195 3,090 1,719 275 1,111 1,491 382 477 98 132 402 June 7,887 6,360 3,185 1,756 287 1,132 1,527 387 490 104 136 410 July 8,090 6,544 3,279 1,816 299 1,150 1,546 389 490 109 143 415 August 8,304 6,717 3,370 ,876 310 1,161 1,587 404 503 115 150 415 September 8,522 6,874 3,446 ,933 320 1,175 1,648 418 525 122 155 428 October 8,571 6,903 3,466 ,938 322 1,177 1,668 426 520 123 156 443 November 8,681 6,971 3,492 ,959 325 1,195 1,710 433 541 123 157 456 December 8,968 7,092 3,529 ,990 334 1,239 1,876 470 604 127 159 516 1949—January 8,857 7,079 3,536 ,978 331 1,234 1,778 437 568 120 157 496 February 8,814 7,056 3,507 ,990 331 1,228 1,758 464 551 116 157 470 March 8,930 7,200 3,556 2,068 339 1,237 1,730 449 541 115 165 460 April 9,162 7,411 3,639 2,173 348 1,251 1,751 451 545 116 175 464 May 9,463 7,685 3,761 2,303 360 1,261 1,778 454 555 121 188 460 June 9,735 7,935 3,875 2,409 374 1,277 1,800 453 563 127 196 461 July 9,945 8,147 3,956 508 385 1,298 1,798 446 562 135 205 450 August 10,233 8,412 4,066 636 399 1,311 1,821 452 570 139 216 444 September 10,501 8,624 4,160 730 411 1,323 1,877 475 586 145 223 448 October 10,788 8,833 4,268 2,818 418 1,329 1,955 498 614 152 230 461 November 11,073 9,031 4,347 2,899 428 1,357 2,042 530 645 156 236 475 December 11,516 9,247 4,439 2,950 438 1,420 2,269 595 724 168 239 543 1950—January ,519 9,333 4,503 2,971 441 1,418 186 571 696 165 240 514 February ,590 9,425 4,537 3,026 447 1,415 165 591 681 165 243 485 March ,806 9,643 4,652 3,099 463 1,429 2,163 589 681 169 248 476 April ,050 9,861 4,751 3,191 475 1,444 2,189 598 689 174 253 475 May ,442 10,213 4,940 3,302 498 1,473 2,229 613 698 180 259 479 June ,931 10,662 5,171 3,470 525 1,496 2,269 620 704 189 269 487 July ,475 11,142 5,393 3,669 551 1,529 2,333 640 715 200 283 495 August ,931 11,524 5,607 3,790 573 1,554 2,407 663 728 221 289 506 September ,328 11,849 5,819 3, 585 1,557 2,479 685 748 236 292 518 October 425 11,923 5,869 3,886 586 1,582 2,502 694 749 237 293 529 November ,326 11,827 5,808 3,829 585 1,605 2,499 695 747 236 287 534 December ,490 11,820 5,798 3,785 590 1,647 2,670 743 791 239 284 613 1951—January 14,338 11,759 5,791 3,734 584 1,650 2,579 714 752 234 276 603 February 14,171 11,630 5,720 3,671 583 1,656 2,541 737 732 228 269 575 March 14,127 11,624 5,724 3,631 587 1,682 2,503 733 714 220 264 572 April 14,061 11,614 5,720 3,617 586 1,691 2,447 715 698 214 261 559 May 14,104 11,692 5,736 3,647 593 1,716 2,412 700 686 207 262 557 June 14,158 11,782 5,747 3,700 600 1,735 2,376 682 674 202 264 554 July 14,077 11,775 5,705 3,707 604 1,759 2,302 657 655 198 261 531 August 14,321 11,961 5,764 3,801 614 1,782 2,360 718 655 197 267 523 September 14,441 12,012 ,738 3,843 619 1,812 2,429 782 660 201 268 518 October 14,478 11,993 5,753 3,813 623 1,804 2,485 813 675 203 263 531 November 14,568 12,025 5,760 3,801 625 1,839 2,543 850 684 203 260 546 December 14,837 12,077 5,771 3,769 635 1,902 2,760 920 760 207 255 618 1952—January 14,654 12,007 5,769 3,703 633 1,902 2,647 876 729 200 250 592 February 14,555 11,976 5,769 3,661 637 1,909 2,579 864 711 192 247 565 March 14,550 12,002 5,808 3,623 647 1,924 2,548 870 699 185 244 550 April 14,731 12,177 5,899 3,662 661 1,955 2,554 875 700 183 247 549 May 15,308 12,679 6,144 3,853 688 1,994 2,629 902 726 186 262 553 June 16,032 13,324 6,458 4,111 717 038 2,708 927 750 198 282 551 July 16,465 13,725 6,654 4,263 738 070 2,740 932 766 206 292 544 August 16,728 13,950 6,807 4,294 759 090 2,778 951 782 210 295 540 September 17,047 14,203 6,967 4,362 773 101 2,844 990 796 218 301 539 October 17,572 14,614 7,189 4,523 789 113 2,958 ,042 821 223 313 559 November 17,927 14,955 7,352 4,670 798 135 2,972 019 839 225 324 565 December 18,639 15,423 7,576 4,833 815 2,199 3,216 1,101 900 239 336 640 1953—January? 18,786 15,665 7,696 4,930 818 2,221 3,121 1,068 865 231 343 614 February? 18,879 15,886 7,816 5,031 827 2,212 2,993 963 855 232 352 591 P Preliminary. For other footnotes see preceding page. APRIL 1953 349 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE 3 REVISED ESTIMATES OF NONINSTALMENT CREDIT, BY HOLDER [Amounts outstanding, in millions of dollars] Financial Financial institutions Retail outlets institutions Retail outlets Total (Single-payment (Charge Total 'Single-payment (Charge non- loans) accounts) non- loans) accounts) End of month instal- Service End of month instal- Service ment credit ment credit credit Com- Depart- credit Com- Departmercial Other ment Other mercial Other ment Other banks storesl banks storesx 1939—December.. 2,719 625 162 236 1,178 518 1946—July 3,482 840 96 239 1,322 985 August. . . . 3,597 864 101 255 1,388 989 1940—January... 2,561 618 162 186 1,066 529 September. 3,693 893 104 291 1,413 992 February.. 2,433 612 159 163 958 541 October. . . 3,812 926 107 315 1,473 991 March 2,442 608 156 166 960 552 November. 3,949 964 112 354 1,515 1,004 April 2,490 605 156 166 1,001 562 December.. 4,212 1,008 114 452 1,624 1,014 May 2,565 606 156 170 1,054 579 June 2,589 608 156 167 1,073 585 1947—January... 3,999 1,042 117 353 1,467 1,020 July 2,539 608 158 146 1,046 581 February.. 3,882 1,061 118 310 1,339 1,054 August. . .. 2,563 612 158 151 1,056 586 March.... 3,958 1,070 120 323 1,360 1,085 September. 2,582 618 160 177 1,045 582 April 4,073 1,080 123 329 1,435 1,106 October. . . 2,628 624 163 187 1,082 572 May 4,240 1,098 126 337 1,527 1,152 November. 2,637 630 163 195 1,088 561 June 4,263 1,120 127 333 1,511 1,172 December.. 2,824 636 164 251 1,220 553 July 4,199 1,138 124 294 1,478 1,165 August.... 4,208 1,152 129 293 1,468 1,166 1941—January... 2,671 636 165 200 1,110 560 September. 4,331 1,163 136 336 1,524 1,172 February.. 2,552 634 165 176 1,001 576 October. . . 4,464 1,178 146 365 1,609 1,166 March 2,568 633 162 175 1,009 589 November. 4,555 1,192 150 412 1,631 1,170 April 2,670 641 165 188 1,077 599 December.. 4,875 1,203 153 532 1,821 1,166 May 2,792 658 168 191 1,157 618 June 2,829 665 167 187 1,184 626 1948—January... 4,621 1,219 148 416 1,669 1,169 July 2,802 663 166 166 ,182 625 February.. ,440 1,229 154 366 1,494 1,197 August. .. . 2,859 663 165 182 ,224 625 March. . . . ,522 1,237 163 385 1,518 1,219 September. 2,913 666 164 211 ,246 626 April ,656 1,242 162 387 1,616 1,249 October. . . 2,928 675 161 216 ,260 616 May 4,793 1,252 177 390 1,699 1,275 November. 2,897 685 157 219 ,230 606 June 4,867 1,261 176 390 1,753 1,287 December.. 3,087 693 152 275 ,370 597 July 4,811 1,255 168 339 1,756 1,293 August.... 802 1,254 168 336 1,743 1,301 1942—January. . . 2,955 684 149 234 ,282 606 September. 4,906 1,249 181 383 1,789 1,304 February. . 2,801 678 145 207 ,153 618 October. . . 5,013 1,251 174 421 1,865 1,302 March 2,783 674 142 210 ,133 624 November. 5,065 1,254 186 448 1,884 1,293 April 2,817 666 137 213 ,170 631 December.. 5,443 1,261 184 575 2,138 1,285 May 830 653 135 197 ,191 654 June 758 640 131 165 ,163 659 1949—January. . . 5,078 1,265 177 449 1,899 1,288 July 656 628 131 127 ,117 653 February.. 4,802 1,260 179 383 1,675 1,305 August.... 2,631 621 129 127 ,100 654 March 4,763 1,248 184 370 1,639 1,322 September. 2,666 614 128 150 ,117 657 April 4,919 1,235 184 388 1,758 1,354 October. . . 2,716 608 126 162 ,166 654 May 5,001 1,235 201 391 1,802 1,372 November. 2,687 604 124 167 ,133 659 June 5,015 1,245 196 383 1,809 1,382 December.. 2,817 593 120 217 ,227 660 July 4,898 1,254 184 335 1,739 1,386 August.... 4,895 1,262 185 331 1,731 1,386 1943—January... 2,638 582 118 166 ,109 663 September. 5,011 1,265 197 373 1,782 1,394 February. . 2,543 567 115 156 ,023 682 October. . . 5,103 1,287 192 390 1,845 1,389 March.... 2,541 561 112 154 ,019 695 November. 5,204 1,308 211 436 1,870 1,379 April 2,601 560 111 156 ,067 707 December.. 5,588 1,334 198 584 2,096 1,376 May 2,636 557 108 150 ,090 731 June 2,641 546 106 152 ,100 737 1950—January. .. 5,223 1,340 186 455 1,872 1,370 July 2,569 528 103 127 ,083 728 February. . 4,987 1,346 181 391 1,678 1,391 August. . . . 2,537 522 99 125 ,066 725 March 5,018 1,357 189 380 1,689 1,403 September. 2,582 539 98 148 ,075 722 April 5,207 1,392 184 390 1,796 1,445 October. . . 2,642 554 96 162 ,115 715 May 5,419 1,422 224 399 1,905 1,469 November. 2,657 554 93 179 ,116 715 June 5,486 1,442 201 396 1,954 1,493 December.. 2,765 521 92 217 ,223 712 July 5,616 1,445 224 376 2,054 1,517 August. . .. 5,719 1,448 235 391 2,130 1,515 1944—January... 2,570 499 90 163 ,105 713 September. 5,808 1,471 227 429 2,162 1,519 February.. 2,457 484 88 142 ,006 737 October. . . 5,844 1,510 260 442 2,138 1,494 March. . . . 2,497 486 86 158 ,015 752 November. 5,923 1,551 320 478 2,090 1,484 April 2,563 502 86 157 1,053 765 December.. 6,323 1,576 245 641 2,365 1,496 J A J S O N D M u u e c e o u a l n p t c y v y g e o t e e e u b m m m s e b t r b b . . e e e . r . . r r . . . . . . 2 2 2 2 2 2 2 2 , , , , , , , , 6 7 7 9 6 6 6 7 7 0 6 3 5 8 4 2 2 7 4 5 3 3 9 3 5 5 5 5 5 5 5 5 2 5 5 5 5 5 5 4 5 3 6 5 3 2 3 7 8 8 8 7 7 7 7 7 0 2 3 5 3 9 6 1 2 2 1 1 1 1 1 1 0 5 6 6 5 3 3 8 4 6 3 3 6 9 4 0 1 1 1 1 1 1 1 1 , , , , , , , , 1 0 0 1 1 1 1 2 0 8 8 0 0 4 2 6 2 2 5 4 6 0 8 1 8 7 7 7 7 7 7 7 0 9 9 9 9 8 9 9 8 3 9 8 6 8 4 4 1951-— A F J J A M M u u J e p u a a a l n b r y g n y e r i r u l c u u s h a a t . r r y . y . . . . . . . 6 5 6 6 6 6 5 5 , , , , , , , , 0 1 1 1 9 0 9 9 1 5 0 8 6 0 6 5 2 0 5 3 6 9 3 8 1 1 1 1 1 1 1 1 , , , , , , , , 6 6 5 6 6 6 6 6 2 6 9 4 7 7 6 6 2 4 8 8 8 3 1 3 2 2 2 2 3 2 2 2 6 5 4 2 5 0 5 6 1 9 0 8 8 0 5 0 4 4 5 4 4 4 4 4 8 4 4 6 5 5 0 0 3 5 9 6 0 8 2 0 2 2 2 2 , , , , , , 0 2 0 1 0 1 0 0 9 0 7 7 5 5 2 1 4 0 8 8 0 6 2 6 1 1 1 1 1 1 1 1 , , , , , , , , 4 5 6 6 6 5 5 6 9 0 3 5 1 1 8 2 7 2 1 9 8 8 3 3 1945—January... 2,751 550 70 194 ,149 788 September. 6,034 1,660 252 441 048 1,633 February.. 2,623 547 70 169 ,028 809 October. . . 6,158 1,667 264 472 149 1,606 March. . . . 2,691 547 70 193 ,062 819 November. 6,290 1,672 305 528 193 1,592 April 2,690 567 70 177 ,050 826 December. 6,631 1,684 250 685 2,411 1,601 May 2,771 595 70 175 ,077 854 June 2,825 626 71 177 ,091 860 1952—January... 6,278 1,717 221 553 2,194 1,593 July 633 69 152 ,078 848 February.. 6,094 1,742 237 480 2,010 1,625 August.... 628 69 152 ,078 841 March 6,059 1,758 239 457 1,953 1,652 September. 618 69 171 ,082 836 April 6,209 1,769 238 471 2,064 1,667 O N c o t v o e b m er b . e . r . . 2 2 , , 8 9 7 6 6 8 6 6 2 4 2 2 7 7 0 1 2 1 2 9 7 9 r , 1 1 5 8 2 8 8 83 4 3 0 J M u a n y e 6 6 , , 4 3 1 9 4 7 1 1 , , 7 7 7 9 7 8 2 25 7 6 8 4 4 7 6 5 7 2 2 , , 1 1 8 9 4 4 1 1, , 6 6 9 8 9 3 December.. 3,203 674 72 290 ,322 845 July 6,286 1,792 231 418 2,155 1,690 August 6,302 1,792 234 422 2,157 1,697 1946—January... 3,086 702 76 217 ,246 845 September. 6,367 1,793 240 459 2,183 1,692 February.. 3,046 730 78 201 160 877 October. . . 6,478 1,801 232 499 2,277 1,669 March 3,172 759 82 228 191 912 November. 6,598 1,821 288 536 2,290 1,663 April 3,331 787 85 252 273 934 December.. 7,066 1,852 256 709 2,604 1,645 May 3,469 808 89 259 333 980 June 3,515 823 92 267 338 995 1953—January P. . 6,743 1,858 271 570 2,407 1,637 February P. 6,415 1,839 240 490 2,186 1,660 P Preliminary. 1 Includes mail-order houses. 350 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE 4 REVISED ESTIMATES OF INSTALMENT CREDIT HELD BY COMMERCIAL BANKS, BY TYPE OF CREDIT [Amounts outstanding, in millions of dollars] End of month i c T m n r s o e e t t d n a a i l t l t - ch P A a u s u r e - t p d o a m pe o D r b i i r le ect s O g p c u o a t o m h o p n d e e e - r r s r e R l m r t o a e n i n o a p o iz n d d a n a s - ir - s l P o o a e n n r a - s l End of month i c T m n r s o e e t t d n a a i l t l t - ch P A a u s u r e - t p d o a m pe o D r b i i r le ect s O g p u c o a t o m o h p n d e e e - r r s r e R l m r t o a e n i n a o p o iz n d d a n a s - ir - s l P o o a e n n r a - s l 1939—December.. 1,079 237 178 166 135 363 1946—July 1,170 118 231 205 172 444 August.... 1,253 131 246 223 187 466 1940—January... 1,113 246 186 175 134 372 September. 1,318 139 257 236 200 486 February. . 1,130 253 193 171 133 380 October 1,395 148 273 257 214 503 March 1,157 260 201 177 131 388 November. 1,472 159 291 274 226 522 April 1,197 274 208 188 135 392 December.. 1,567 169 311 299 242 546 May 1,254 294 221 197 139 403 June 1,330 316 234 222 144 414 1947—January.. . 1,657 184 331 323 248 571 July 1,345 319 241 220 147 418 February.. 1,725 198 354 334 252 587 August 1,382 325 249 233 152 423 March 1,826 220 381 349 262 614 September. 1,399 328 256 232 156 427 April 1,928 239 404 372 279 634 October.... 1,414 332 263 227 160 432 May 2,037 256 429 401 297 654 November. 1,443 337 270 237 163 436 June 2,140 278 445 427 319 671 December.. 1,452 339 276 232 165 440 July 2,216 290 461 444 338 683 August.... 2,288 303 476 454 359 696 1941—January... ,482 349 285 231 164 453 September. 2,351 318 482 466 385 700 February.. ,518 354 292 244 164 464 October 2,428 327 496 485 408 712 March ,541 362 300 244 161 474 November. 2,514 342 516 511 423 722 April ,615 389 320 261 163 482 December.. 2,625 352 539 550 437 747 May ,692 416 340 281 165 490 June ,756 440 356 300 168 492 1948--January. . . 2,716 365 561 594 442 754 July ,803 458 362 319 168 496 February.. 2,761 380 577 597 445 762 August. . . . ,829 473 367 322 170 497 March 2,873 412 610 619 456 776 September. ,832 480 366 325 172 489 April 3,006 441 639 658 476 792 October.... ,795 470 356 316 171 482 May 3,090 460 661 676 491 802 November. ,761 457 345 320 165 474 June 3,185 484 683 690 508 820 December.. ,726 447 338 309 161 471 July 3,279 513 707 710 518 831 August.... 3,370 540 729 731 527 843 1942—January... ,650 417 317 302 156 458 September. 3,446 559 738 761 542 846 February. . ,581 389 298 295 151 448 October.... 3,466 569 739 768 553 837 March ,534 374 284 286 146 444 November. 3,492 572 747 775 564 834 April ,468 349 269 275 142 433 December.. 3,529 575 753 794 568 839 May ,391 324 253 259 138 417 June ,320 302 236 243 134 405 1949—January. .. 3,536 568 752 810 565 841 July ,241 274 221 225 129 392 February.. 3,507 575 752 782 562 836 August. . . . ,164 259 201 207 125 372 March 3,556 600 773 773 567 843 September. ,085 230 185 190 125 355 April 3,639 632 798 783 574 852 October 1,003 202 167 175 124 335 May 3,761 663 830 816 588 864 November. 928 176 150 163 124 315 June 3,875 685 854 836 612 888 December.. 862 149 134 153 124 302 July 3,956 715 883 847 620 891 August.... 4,066 751 908 863 647 897 1943—January. . . 799 128 120 145 121 285 September. 4,160 776 927 889 665 903 February. . 732 110 111 129 114 268 October 4,268 807 940 929 688 904 March 685 95 103 116 106 265 November. 4,347 831 950 958 706 902 April 642 84 98 106 100 254 December.. 4,439 849 946 1,016 715 913 May 613 77 94 100 95 247 June 591 71 90 92 91 247 1950—January... 4,503 865 955 1,058 712 913 July 570 66 86 87 87 244 February.. 4,537 889 972 1,048 714 914 August 555 64 86 81 84 240 March 4,652 924 ,005 1,082 705 936 September. 547 63 86 77 83 238 April 4,751 956 ,036 1,106 708 945 October 537 62 86 74 81 234 May 4,940 998 ,083 1,163 729 967 November. 532 60 86 75 79 232 June 5,171 1,058 ,148 1,208 754 1,003 December.. 532 58 86 76 77 235 July 5,393 1,124 ,215 1,263 773 1,018 August.... 5,607 ,162 ,278 1,338 795 1,034 1944—January. . . 523 56 85 79 74 229 September. 5,819 ,202 ,317 1,429 816 1,055 February.. 510 55 85 73 71 226 October 5,869 ,208 ,322 1,463 830 1,046 March 518 54 86 70 70 238 November. 5,808 ,191 ,304 1,444 833 1,036 April 518 54 90 69 68 237 December.. 5,798 ,177 ,294 1,456 834 1,037 May 525 55 94 69 68 239 June 541 58 98 71 69 245 1951—January. .. 5,791 ,154 ,293 1,476 822 1,046 July 549 63 99 71 70 246 February.. 5,720 ,136 ,299 1,429 812 1,044 August. . . . 553 64 100 71 71 247 March 5,724 ,122 ,313 1,415 811 0063 September. 553 64 99 72 73 245 April 5,720 ,118 ,326 1,394 815 067 October 556 62 100 77 73 244 May 5,736 ,133 ,335 1,376 823 069 November. 559 61 99 80 75 244 June 5,747 1,144 ,33 5 1,365 825 078 December.. 574 59 101 87 75 252 July 5,705 1,143 ,324 1,334 831 073 August.... 5,764 1,158 ,341 1,329 845 1,091 1945—January. . . 578 57 102 92 75 252 September. 5,738 1,170 ,346 1,270 858 1,094 February. . 571 56 102 76 249 October 5,753 1,159 ,337 1,281 874 1,102 March 589 56 108 78 259 November. 5,760 1,151 ,324 1,293 887 1,105 April 594 56 109 89 79 261 December.. 5,771 1,135 ,311 1,315 1,122 May 607 55 111 90 82 269 June 625 56 115 92 86 276 1952—January... ,769 1,117 ,309 323 882 ,138 July 635 56 117 93 89 280 February.. ,769 1,116 ,318 301 881 ,153 August.... 636 57 117 93 92 277 March ,808 1,114 ,336 291 881 ,186 September. 647 59 120 93 94 281 April ,899 1,136 ,368 289 899 ,207 October 674 60 126 99 100 289 May 6,144 1,218 ,432 331 931 ,232 November. 708 63 132 106 106 301 June 6,458 1,313 ,508 394 967 ,276 December.. 745 66 143 114 110 312 July 6,654 1,364 ,540 1,452 1,004 ,294 August.... 6,807 1,392 ,554 1,512 1,036 ,313 1946—January... 786 70 152 127 115 322 September. 6,967 1,430 1,567 1,564 1,070 ,336 February. . 822 74 160 132 121 335 October 7,189 1,485 1,599 1,647 1,110 ,348 March 881 81 169 140 131 360 November. 7,352 1,534 1,625 1,709 1,131 ,353 April 954 94 185 152 141 382 December.. 7,576 1,596 1,653 1,813 1,138 ,376 May 1,029 105 201 170 150 403 June 1,100 112 217 185 162 424 1953—January?... 7,696 1,631 1,684 1,861 1,132 1,388 FebruaryP .. 7,816 1,665 1,733 1,884 1,134 1,400 Preliminary. APRIL 1953 351 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE 5 REVISED ESTIMATES OF INSTALMENT CREDIT HELD BY SALES FINANCE COMPANIES, BY TYPE OF CREDIT [Amounts outstanding, in millions of dollars] End of month i T n o st t a a l l - m A o u b to il - e s O c u t o m h n e e - r r m R a o e n d p d e a r ir n- s P o e n r a - l End of month i T n o st t a a l l - m A o u b to il - e s O c u t o m h n e e - r r m R a o e n d p d e a r ir n- s P o e n r a - l ment paper goods ization loans ment paper goods ization loans credit paper loans credit paper loans 1939—December.. 1,197 878 115 148 56 1946—July 460 255 43 97 65 August 496 274 47 106 69 1940—January 1,197 879 115 147 56 September.. 536 298 51 115 72 February... 1,207 890 114 147 56 October 579 322 57 125 75 March 1,240 922 115 146 57 November.. 624 345 61 133 85 April ,300 978 118 147 57 December. . 677 377 67 141 92 May ,361 1,032 122 149 58 June ,414 1,079 124 152 59 1947—January 714 403 67 150 94 July ,459 L ,118 125 157 59 February... 762 437 78 150 97 August ,483 L ,130 127 166 60 March 823 478 87 157 101 September.. ,475 1,112 128 175 60 April 890 522 97 169 102 October.. .. ,497 1,131 130 176 60 May 952 564 104 178 106 November.. ,532 1,156 130 186 60 June 1,013 601 114 190 108 December.. 1,575 1,187 136 190 62 July 1,065 632 121 202 110 August 1,116 661 129 215 111 1941—January.... ,592 ,206 134 190 62 September.. 1,162 687 137 226 112 February... ,620 ,236 133 190 61 October.... 1,221 718 157 233 113 March ,671 ,287 134 188 62 November.. 1,288 758 169 241 120 April ,773 1,383 138 189 63 December. . 1,355 802 185 242 126 May ,884 1,485 145 190 64 June 1,966 1,561 149 191 65 1948—January 1,417 845 203 232 137 July 2,019 1,609 152 193 65 February... 1,462 884 203 234 141 August >,047 1,625 158 198 66 March 1,555 969 206 235 145 September.. 1,984 1,554 160 204 66 April 1,652 1,049 216 241 146 October 1,928 1,495 162 206 65 May 1,719 1,094 231 247 147 November.. 1,867 1,437 162 203 65 June L ,756 1,128 236 243 149 December. . 1,797 1,363 167 201 66 July 1,816 1,187 240 239 150 August 1,876 1,247 242 236 151 1942—January.... 1,689 1,270 161 193 65 September.. 1,933 1,303 246 231 153 February... 1,573 1,167 157 185 64 October.. .. 1,938 1,316 241 227 154 March 1,461 L 064 157 176 64 November.. 1,959 1,345 235 223 156 April 1,347 963 151 170 63 December.. L.990 1,378 232 216 164 May 1,241 871 147 161 62 June L ,130 781 137 151 61 1949—January 1,978 1,384 235 195 164 July L.O27 701 127 140 59 February... 1,990 1,408 242 177 163 August 919 613 118 131 57 March 2,068 1,499 245 162 162 September.. 828 538 109 126 55 April 2,173 1,613 248 154 158 October.. .. 738 466 99 120 53 May 2,303 1,746 255 147 155 November.. 665 405 90 118 52 June 2,409 1,852 264 141 152 December. . 588 341 78 117 52 July 2,508 1,952 277 131 148 August 2,636 2,082 289 121 144 1943—January 520 290 69 112 49 September.. 2,730 2,183 298 108 141 February... 459 247 63 102 47 October.. . . 2,818 2,280 300 99 139 March 403 207 57 92 47 November.. 2,899 2,370 301 91 137 April 364 185 51 82 46 December.. 2,950 2,425 303 83 139 May 334 168 46 75 45 June 309 153 42 69 45 1950—January 2,971 2,462 298 76 135 July 291 145 39 63 44 February... 3,026 2,529 294 71 132 August 278 140 38 57 43 March 3,099 2,609 294 65 131 September. 270 138 36 53 43 April 3,191 2,700 300 60 131 October 263 135 36 49 43 May 3,302 2,805 307 58 132 November.. 255 133 34 45 43 June 3,470 2,957 320 57 136 December.. 252 131 34 42 45 July 3,669 3,140 334 56 139 August 3,790 3,249 342 56 143 1944—January 242 127 32 39 44 September.. 3,888 3,336 348 58 146 February... 237 126 30 38 43 October.... 3,886 3,343 340 58 145 March 236 127 29 35 45 November.. 3,829 3,298 324 58 149 April 236 130 28 34 44 December. . 3,785 3,257 313 57 158 May 241 138 28 31 44 June 249 147 28 30 44 1951—January 3,734 3,198 302 56 178 July 261 157 29 30 45 February... 3,671 3,139 294 54 184 August 266 162 30 30 44 March 3,631 3,100 285 54 192 September.. 265 161 30 30 44 April 3,617 3,091 274 53 199 October 265 161 30 30 44 May 3,647 3,119 265 55 208 November.. 265 159 30 31 45 June 3,700 3,172 256 56 216 December.. 262 153 28 33 48 July 3,707 3,180 247 57 223 August 3,801 3,260 248 59 234 1945—January 253 146 27 34 46 September.. 3,843 3,292 249 61 241 February... 247 141 25 35 46 October.. .. 3,813 3,255 246 64 248 March 247 139 24 37 47 November.. 3,801 3,233 243 67 258 April 246 138 23 38 47 December. . 3,769 3,183 241 70 275 May 247 138 21 41 47 June 253 141 20 44 48 1952—January 3,703 3,116 238 68 281 July 257 144 19 46 48 February... 3,661 3,074 235 66 286 August 262 145 20 49 48 March 3,623 3,033 233 65 292 September.. 266 149 20 50 47 April 3,662 3,063 232 65 302 October.. .. 277 153 23 53 48 May 3,853 3,237 240 67 309 November.. 289 160 23 56 50 June 4,111 3,466 260 68 317 December.. 300 164 24 58 54 July 4,263 3,589 281 70 323 August 4,294 3,608 289 71 326 1946—January 310 170 25 61 54 September., 4,362 3,660 301 74 327 February... 323 176 28 64 55 October 4,523 3,804 312 78 329 March 340 188 29 67 56 November.. 4,670 3,940 317 79 334 April 373 207 33 74 59 December.. 4,833 4,072 332 82 347 May 404 225 37 82 60 June 429 236 39 88 66 1953—January*.., 4,930 4,159 337 81 353 FebruaryP. 5,031 4,260 339 80 352 ^Preliminary. 352 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE 6 REVISED ESTIMATES OF INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS OTHER THAN COMMERCIAL BANKS AND SALES FINANCE COMPANIES, BY TYPE OF CREDIT 1 [Amounts outstanding, in millions of dollars] Other Repair Other Repair End of month I j i c T m n r o s e e t t d n a a i t l l t - m A pa o u p b to e il r - e s g p c u o a o m o p n d e e - r s r m iz l o o a a d n a ti e n d o r s n n- s l P o o a e n n r a - s l End of month i c T m n r s o e e t t d n a a i l t l t - m A pa o u p b t e o il r - e s g p c u o a o m o p n d e e - r s r m iz lo a o a n a d ti n d e o s r n n- s l P o o a e n n r a - s l 1939—December. 789 81 24 15 669 1946—July 842 66 27 17 732 August.... 867 68 28 18 753 1940—January.. . 791 81 24 16 670 September. 882 70 30 18 764 February.. 794 84 25 15 670 October. . . 906 73 32 20 781 March 807 85 25 15 682 November. 934 74 35 22 803 April 816 87 26 15 688 December. 991 77 34 22 858 May 831 92 28 14 697 June 847 96 29 14 708 1947—January... 1,008 80 36 24 868 July 854 97 29 14 714 February.. 1,017 82 37 24 874 August.... 863 97 30 15 721 March.... 1,036 85 41 24 886 September. 868 99 30 16 723 April 1 ,054 91 42 26 895 October. . . 870 100 30 16 724 May 1,088 98 47 27 916 November. 869 100 29 15 725 June 1,107 103 50 27 927 December. 891 102 30 16 743 July 1,132 108 54 28 942 August. 1,150 112 55 30 953 1941—January. . . 888 103 29 15 741 September. 1,150 115 57 32 946 February.. 891 105 29 15 742 October 1,168 118 59 35 956 March.... 902 108 30 13 751 November.. 1,205 122 63 38 982 April 924 112 33 14 765 December. . 1,275 130 69 39 1,037 May 941 117 35 14 775 June 957 123 35 14 785 1948—'January. . . , 1,285 132 72 38 1,043 July 970 127 36 14 793 February... 1,302 137 72 39 1,054 August... . 978 127 37 14 800 March 1,334 143 77 40 1,074 September. 971 127 37 14 793 April 1,360 150 80 41 ,089 October. . . 962 126 37 14 785 May 1,386 154 84 44 ,104 November. 955 124 35 14 782 June 1,419 162 86 46 ,125 December. 957 122 36 14 785 July 1,449 170 87 48 ,144 August 1,471 176 89 50 ,156 1942—January. . . 933 116 36 12 769 September. 1,495 182 93 53 ,167 February.. 917 111 37 12 757 October 1,499 183 94 55 ,167 March .... 913 108 36 12 757 November.. 1,520 188 97 58 ,177 April. ... 900 104 36 12 748 December. . 1,573 189 99 59 1,226 May 877 100 35 12 730 Tune. . . 857 95 34 12 716 1949—January... . 1,565 189 98 59 1,219 July 837 91 33 12 701 February... 1,559 189 97 60 1,213 August 810 87 29 12 682 March 1,576 195 98 62 1,221 September. 787 83 29 12 663 April 1,599 200 100 64 1,235 October 759 76 28 13 642 May 1,621 204 108 67 1,242 November. 739 71 27 14 627 June 1,651 211 110 70 1,260 December. 726 65 27 14 620 July 1,683 215 119 70 1,279 August 1,710 222 121 74 1,293 1943—January 693 60 25 15 593 September.. 1,734 227 125 80 1,302 February.. , 668 58 24 14 572 October 1,747 232 126 82 1,307 March 667 57 24 13 573 November.. 1,785 235 129 88 1,333 April 651 54 23 13 561 December. . 1,858 240 137 89 1,392 May 630 52 20 13 545 Tune 635 51 20 13 551 1950—January.... 1,859 244 134 90 1,391 July 622 49 20 13 540 February... 1,862 247 135 91 1,389 August 613 49 17 12 535 March 1,892 257 137 93 1,405 September. 614 49 18 12 535 April 1,919 266 140 94 1,419 October 608 49 17 11 531 May 1,971 277 146 101 1,447 November.. 608 48 17 11 532 June 2,021 292 151 101 1,477 December. . 629 49 17 11 552 July 2,080 306 158 106 1,510 gt 2,127 315 169 109 1,534 1944—January... 612 48 17 11 536 September.. 2,142 319 175 111 1,537 February. . 605 47 17 11 530 October 2,168 323 179 114 1,552 March 626 49 17 11 549 November.. 2,190 325 179 120 1,566 April 617 48 17 10 542 December. . 2,237 330 182 115 1,610 May 617 48 17 10 542 June 623 49 17 11 546 951—January. . . . 2,234 326 183 115 1,610 July 623 49 17 10 547 February... 2,239 328 179 114 1,618 August 620 49 17 11 543 March 2,269 331 182 116 1,640 September. 621 49 17 10 545 April 2,277 332 179 117 1,649 October 617 49 17 10 541 May 2,309 341 180 121 667 November.. 620 49 17 10 544 June 2,335 345 180 120 ,690 December. . 650 51 19 11 569 July 2,363 348 184 122 ,709 August 2,396 356 190 124 ,726 1945—January 637 49 18 11 559 September.. 2,431 357 198 126 ,750 February... 628 47 18 11 552 October 2,427 356 200 128 ,743 March 642 48 18 11 565 November.. 2,464 354 203 133 ,774 April 641 48 17 10 566 December. . 2,537 358 209 132 ,838 May 646 47 17 11 571 June 654 46 17 12 579 952—January.. . 2,535 356 210 129 ,840 July 658 48 18 12 580 February.. 2,546 359 212 131 ,844 August 655 48 18 12 577 March.... 2,571 363 216 133 ,859 September.. 653 48 18 12 575 April 2,616 372 225 134 ,885 October 663 48 19 13 583 May 2,682 390 231 140 ,921 November.. 682 50 19 13 600 June 2,755 405 244 143 ,963 December. . 731 54 20 14 643 July 2,808 415 252 147 1,994 August... . 2,849 423 255 151 ,020 1946—January.. . . 731 55 20 14 642 September. 2,874 430 261 156 ,027 February... 739 56 20 14 649 October. . . 2,902 438 267 159 ,038 March 757 57 21 15 664 November. 2,933 443 269 166 ,055 April 782 59 23 15 685 December. 3,014 453 276 166 2,119 May 800 61 25 15 699 June 822 64 26 16 716 953—January?.. 3,039 456 281 165 2,137 Februarys.. 3,039 462 283 165 2,129 P Preliminary. 1 Includes consumer finance companies (operating primarily under State small-loan laws), credit unions, industrial loan companies, mutual savings banks, savings and loan associations, and other lending institutions holding consumer instalment loans. APRIL 1953 353 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE 7 ADJUSTED ESTIMATES OF SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT, BY MAJOR PARTS, 1929-39 [Amounts outstanding, in millions of dollars] Noninstalment credit Noninstalment credit Instal- Instal- End of month Total c m re e d n i t t Total S l m p i o n a a e g y n n l - e s t - C c h o a a u c r n - g t e s c S r i e e c r d e v i - t End of month Total c m re e d n i t t Total S l m p i o n a a e g y n n l - e s t - C c h o a a u c r n - g t e s c S r i e e c r d e v i - t 1929—January... 5,576 2,600 2,976 1,019 1,402 555 1934—July 3,575 ,765 ,810 471 889 450 February.. 5,500 2,556 2,944 1,034 ,351 559 August 3,612 ,798 ,814 475 893 446 March 5,610 2,611 2,999 1,050 ,386 563 September. 3,676 ,806 ,870 480 948 442 April 5,769 2,733 3,036 1,066 ,404 566 October. . . 3,747 ,836 ,911 484 987 440 J M un ay e 5 6, , 0 9 7 3 3 8 2, , 8 0 7 0 4 0 3 3 , , 0 0 6 7 4 3 1 1, , 0 0 9 8 3 1 , , 4 41 0 5 9 5 57 6 1 8 N D o ec v e e m m b b e e r r . . 3 3 , , 7 9 6 0 1 4 , , 8 8 3 7 9 1 , , 9 0 2 3 2 3 4 4 8 9 9 3 1, 9 1 9 0 5 2 4 4 3 3 8 8 July 6,103 ,089 3,014 1,103 ,338 573 August.... 6,169 ,149 3,020 1,111 ,335 574 1935—January.. . 3,789 ,852 ,937 497 1,000 440 September. 6,248 3,153 3,095 1,115 ,406 574 February.. 3,765 ,856 ,909 503 965 441 October. . . 6,323 3,174 3,149 1,117 ,456 576 March 3,876 1,923 ,953 511 996 446 November. 6,287 3,140 3,147 1,114 ,456 577 April 4,037 2,037 2,000 517 1,036 447 December. 6,444 3,151 3,293 1,112 ,602 579 May 4,135 2,146 989 523 1,018 448 June 4,260 2,249 2,011 529 1,033 449 1930—January.. . 6,149 3,012 3,137 1,108 ,451 578 July 4,317 2,345 1,972 536 985 451 February.. 5,956 2,898 3,058 1,102 ,383 573 August.... 4,392 2,429 1,963 542 970 451 March 5,933 2,858 3,075 1,096 ,404 575 September. 4,492 2,480 2,012 551 1,009 452 April 5,955 2,884 3,071 1,090 ,408 573 October. . . 4,590 2,527 2,063 560 1,049 454 May 5,937 2,875 3,062 1,086 ,403 573 November. 4,697 2,586 2,111 567 1,089 455 June 5,919 2,886 3,033 1,080 ,381 572 December. 4,911 2,694 2,217 575 1,183 459 July 5,813 2,868 2,945 1,075 ,299 571 August 5,756 2 ,835 2,921 1,068 ,281 572 1936—January.. . 822 2,686 2,136 585 1,087 464 September. 5,756 2,792 2,964 1,063 ,335 566 February.. 810 2,690 2,120 595 1,058 467 October. . . 5,741 2,759 2,982 1,053 ,367 562 March.... 949 2,801 2,148 607 1,071 470 November. 5,674 2,692 2,982 1,045 ,378 559 April 5,137 2,955 2,182 618 1,090 474 December. 5,767 2,687 3,080 1,037 ,476 567 May 5,351 3,114 2,237 630 1,129 478 June 5,470 3,245 2,225 642 1,101 482 1931—January... 5,479 2,577 2,902 1,022 ,325 555 July ,538 3,347 2,191 652 1,053 486 February.. 5,292 2,484 2,808 1,005 ,252 551 August... . ,618 3,413 2,205 664 1,051 490 March.... 5,226 2,429 2,797 985 ,263 549 September. 5,743 3,459 2,284 676 1,114 494 April 5,206 2,435 2,771 964 ,261 546 October. . . 5,858 3,487 2,371 688 1,186 497 May 5,181 2,445 2,736 941 ,252 543 November. 5,917 3,502 2,415 698 1,216 501 June 5,130 2,445 2,685 916 ,228 541 December. 6,135 3,623 2,512 707 1,300 505 July 5,001 2,422 2,579 890 ,151 538 August 4,908 2,381 2,527 866 ,129 532 1937—January.. . 5,978 3,575 2,403 719 1,172 512 September. 4,876 2,335 2,541 842 ,171 528 February.. 5,929 3,546 2,383 731 134 518 October. . . 4,827 2,294 2,533 818 ,192 523 March.... 6,069 3,639 2,430 741 166 523 November. 4,712 2,225 2,487 796 ,172 519 April 6,209 3,766 ,443 753 1,162 528 December. 4,760 2,207 2,553 772 ,265 516 May 6,370 ,898 ,472 763 1,176 533 June 6,500 ,021 2,479 775 1,166 538 1932—January... 4,478 2,100 2,378 754 ,121 503 July 6,518 ,075 2,443 786 1,118 539 February.. 4,279 2,000 2,279 737 ,041 501 August... . 6,588 4,118 2,470 794 1,135 541 March.... 4,175 1,924 2,251 716 ,029 506 September. 6,658 4,118 2,540 800 1,199 541 April 4,080 1,873 2,207 696 ,008 503 October. . . 6,691 ,094 2,597 802 1,253 542 J J A S O D M N u u e e c o u l n a p y c t v g y e o t e e e u b m m m s e b t r b b . . e e e . r . . r r . . . . . 3 3 3 3 3 3 3 3 , , , , , , , , 9 6 9 5 5 7 5 6 1 6 6 9 2 3 5 9 1 1 7 7 4 5 0 3 1 1 1 1 1 1 1 1 , , , , , , , , 8 5 7 5 7 6 5 6 3 2 9 4 2 3 8 7 2 1 5 5 3 1 9 3 2 2 2 2 2 2 1 1 , , , , , , , , 0 1 1 0 9 9 0 0 8 7 2 1 6 4 0 0 8 9 7 6 5 6 4 4 6 6 6 6 6 5 5 5 6 4 4 8 8 0 6 2 1 2 9 0 7 6 9 4 1, 9 9 9 9 9 8 8 0 3 3 8 9 1 6 8 2 9 3 6 6 8 0 0 0 4 4 4 4 4 4 4 4 9 9 8 7 7 7 8 8 5 9 9 7 7 8 4 0 1938— A J F N D M M J u e p a e o n a a b r n c v y e i r r e u e l c u m a m h a r b b y r . e y . e .. . r . r . . . . . 6 6 6 6 6 6 6 6 , , , , , , , , 1 1 1 2 4 6 6 0 0 4 5 1 2 8 5 8 5 1 9 0 1 9 4 3 4 3 3 3 3 3 3 , , , , , , , , 0 7 6 6 6 9 7 0 1 1 9 0 7 5 7 3 5 5 2 5 3 3 2 0 2 2 2 2 2 2 2 2 , , , , , , , , 6 4 6 4 5 4 4 4 2 3 7 1 3 4 4 4 2 2 4 6 0 9 4 0 7 7 7 7 7 7 7 7 7 8 9 9 8 9 7 9 5 1 9 7 6 4 7 0 1 1 1 1 1 1 1 1 , , , , , , , , 1 1 1 1 1 1 2 3 8 1 3 2 3 4 8 3 3 6 6 9 9 4 1 6 5 5 5 5 5 5 5 5 4 1 4 3 2 3 1 2 1 6 2 4 9 9 9 4 1933—January... 3,393 1,467 ,926 532 920 474 July 5,974 3,603 2,371 772 1,087 512 February.. 3,276 1,418 ,858 515 874 469 August... . 5,973 3,597 2,376 772 1,095 509 March 3,229 1,379 ,850 500 886 464 September. 6,020 3,578 2,442 772 1,163 507 April 3,216 1,385 ,831 487 887 457 October. . . 6,040 3,566 2,474 774 1,195 505 May 3,233 1,420 ,813 474 887 452 November. 6,114 3,585 2,529 775 1,248 506 June 3,250 1,462 ,788 463 876 449 December. 6,338 3,691 2,647 777 1.362 508 July 3,215 1,484 ,731 456 827 448 August 3,253 1,533 ,720 450 822 448 1939—January.. . 6,146 3,647 2,499 778 1,211 510 September. 3,322 1,562 ,760 448 863 449 February.. 6,074 3,619 2,455 780 1,166 509 October. . . 3,375 1,583 ,792 448 892 452 March.... 6,150 3,686 2,464 780 1,175 509 November. 3,372 1,575 ,797 450 894 453 April 6,247 3,779 2,468 781 1,179 508 December. 3,482 1,588 ,894 450 990 454 May 6,398 3,918 2,480 781 1,191 508 June 6,506 4,036 2,470 783 1,178 509 1934—January... 3,359 1,546 ,813 454 905 454 July 6.507 4,099 2,408 783 1,115 510 February.. 3,309 1,526 ,783 456 873 454 August... . 6,586 166 2,420 784 1,126 510 March.... 3,359 1,548 ,811 459 898 454 September. 6,742 4,214 2,528 786 1,232 510 April 3,439 1,607 ,832 462 915 455 October. . . 6,870 ,301 2,569 786 1,271 512 May 3,521 1,676 ,845 465 927 453 November. 6,947 ,366 2,581 787 1,281 513 June 3,582 1,732 ,850 468 929 453 December. 7,222 4,503 2,719 787 1,414 518 NOTE.—Data were not available for the years 1929 through 1939 to permit conversion of the old series to a holder basis or to make other conceptual changes adopted in the revision. For the convenience of users of the statistics, the major components of the old series were linked to the revised series on the basis of the relationship between the old and new estimates at the end of 1939. As indicated by the table on page 338, the amounts involved in these adjustments were relatively small. 354 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REVISION OF MONTHLY BANK DEBITS AND WEEKLY REPORTING MEMBER BANK SERIES Beginning with March 1953 the Board Bank debits series. The new debits series has revised both its monthly bank debits is a much better measure than the old series series and its weekly reporting member bank of the activity of checking accounts, which series. The revised debits series, which reflect the volume of current payments in measures the extent to which depositors are various localities. Thus it permits more sigusing their checking accounts, comprises nificant comparisons between various cenonly debits to demand deposit accounts ters and various periods of time. of individuals, partnerships, and corporations, Elimination of debits to Treasury Tax and and of States and political subdivisions; it Loan Accounts and to accounts of Directors excludes debits to United States Government of Internal Revenue at commercial banks accounts and to time deposit accounts. Thus removed from the monthly series an irthis monthly series is on substantially the regular factor not related to economic condisame basis as the weekly figures previously tions, particularly in any center without a collected from reporting member banks, and Federal Reserve Bank or branch but having the weekly debits reports are no longer a Director of Internal Revenue. Payments collected. from Treasury accounts at the Federal Re- The reporting burden of the cooperating serve Banks are more accurate indicators of banks has been reduced substantially, while Government spending activity than are figthe value of the debits data made availures of debits to Government accounts at able has been increased. One of the main commercial banks, which reflect principally uses of the debits series is to follow changes the shifting of deposits from the commercial in the rate of deposit turnover. Since the banks to the Federal Reserve Banks in anturnover of time deposits is very low as comticipation of payments and have little or no pared with that of demand deposits, the inrelation to spending activity in the localities clusion of debits to time accounts in the concerned. former monthly series may have produced Certain miscellaneous Government dedifferences in velocity between centers and mand accounts such as those of disbursing periods of time that had no relation to actual officers, post exchanges, hospitals, etc., have divergencies in economic conditions.1 Innot been entirely eliminated. Since they are stead, they may have reflected to some extent often carried in the same ledger with aceither varying proportions of time and decounts of private depositors and might be mand deposits at reporting banks in different burdensome to segregate for reporting purcenters, or varying proportions of savings deposes, respondent banks have been given the posited in reporting banks and in nonreportoption of including or excluding them. The ing institutions such as mutual savings banks amount of such debits not only is very small and savings and loan associations. in relation to total debits, but is likely to re- 1 See "Velocity of Time Deposits" by George Garvy in flect local spending activity in timing and the forthcoming June 1953 issue of Journal of the American amount. Statistical Association. APRIL 1953 355 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REVISION OF MONTHLY BANK DEBITS AND WEEKLY MEMBER BANK SERIES Elimination of debits to time deposit ac- or branches were added. The smallest recounts has had little effect on the volume of ductions were in cities in which one or more debits, since the rate of turnover of time de- banks had not reported debits to Government posits is generally very low. Nevertheless, as accounts in the old series and, consequently, previously explained, it has improved the were not affected by the elimination of the significance and comparability of rates of de- debits from the series. Wherever reporting posit turnover, particularly as between cen- errors were discovered, allowances were ters and over extended periods of time made for them in estimating the revised during which the proportion of time and figures for prior years. demand deposits varied. The grouping of cities to obtain three Current monthly releases and future issues breakdowns of the national series was of the BULLETIN will show year-ago figures changed. New York City continues to be on the new basis. Monthly estimates have shown separately, but the series for 140 other been made for each reporting center on the leading cities and 201 other reporting cenrevised basis for 1952. These estimates, toters were eliminated and replaced by two gether with percentage comparisons with the new groups of 6 other centers (Boston, former series, will be published in a special Philadelphia, Chicago, Detroit, Los Angeles, release. Monthly estimates of district totals and San Francisco) and 338 centers. The on the revised basis are being prepared back new 6 centers series, which accounts for to 1943. Revised estimates for individual about a third of the debits outside New York centers will not be published except for New City, and the new 338 centers series are ex- York City and six other centers that are being pected to provide more significant comparicombined into a new grouping. These estisons than the previous combinations. The mates of prior years will be available later former series for 140 leading centers had this year. been maintained principally because of its Revision of the series has reduced the ancontinuity since 1919 on a fairly comparable nual figure of aggregate debits in 1952 by basis, but it included a number of relatively about 3 per cent and lowered the corresmall centers and did not include a number sponding amounts for many centers, includof important centers for which figures were ing New York City, by approximately the not available back to 1919. same percentage. Changes for other indi- Monthly debits figures are more significant vidual centers varied, in a few cases rather than weekly figures for most purposes, since widely. they smooth out wide weekly variations. The largest reductions were in cities hav- Monthly debits to demand deposits were preing an office of the Director of Internal Reveviously derived from weekly reporting memnue but no Federal Reserve Bank or branch. ber bank data by prorating split weeks at These larger reductions resulted from the the beginning and end of months, a proceelimination of debits representing transfers dure which could yield only approximations of Federal tax receipts from reporting banks of doubtful accuracy. As more and more to a Federal Reserve Bank. Some of the smaller reductions, and the few increases, banks went on a five-day-week basis, this were in cities in which new reporting banks problem became more troublesome. 356 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REVISION OF MONTHLY BANK DEBITS AND WEEKLY MEMBER BANK SERIES Weekly reporting member bank series. Chicago, where most of such loans are made. Changes in the weekly reporting member The expanded coverage of the reporting bank series were relatively minor as com- member bank series resulted in an increase pared with the changes in the monthly bank of 960 million dollars in total loans and indebits series. Aside from relieving weekly vestments and 719 million in demand dereporting banks from including the debits posits adjusted on March 4, 1953. A comitem, the principal change was to expand parison of the new and old series was given the coverage of the series by making a net in the Board's weekly press release of March addition of eight banks. A minor change 18, and March 4 figures on both bases appear in reporting was the elimination of the in the tables on pages 378-80 of this BULLEbreakdown of loans for purchasing or carry- TIN. The revised series will be carried back ing securities between loans on United States to the first Wednesday in March 1952, and Government securities and those on other comparable year-ago figures will be made securities for all cities except New York and available upon request. DISCONTINUANCE OF SPECIAL REQUIREMENT FOR DEALERS WITH FEDERAL RESERVE OPEN MARKET ACCOUNT1 The Federal Open Market Committee has tions, is no longer deemed necessary or dediscontinued, effective today, its requirement sirable now that open market operations of that transactions with the Open Market Ac- the Federal Reserve Banks are divorced from count be confined to dealers in Government support of any pattern of prices or yields in securities who meet certain specified quali- the Government securities market. Disconfications. The requirement, adopted by the tinuance of the requirement was recom- Committee in 1944 to meet wartime condi- mended by the Open Market Subcommittee appointed in 1952 to make a technical study 1 Statement by the Federal Open Market Committee reof the operations of the System Account. leased for publication on Apr. 15, 1953. APRIL 1953 357 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CURRENT EVENTS AND ANNOUNCEMENTS Historical Supplement to Monthly Chart Book on Graduate School of Business, Columbia University, Bank Credit, Money Rates, and Business New York, N. Y., as a Class C director of the Fed- The spring edition of the historical supplement eral Reserve Bank of New York. Mr. Young reto the monthly Federal Reserve Chart Book on signed to accept appointment as the Chairman of Money Rates, Bank Credit, and Business will be the Civil Service Commission. He had served as available for distribution about mid-May, on the a Class C director since April 29, 1952. terms indicated on page 442. The format of the book and most of the charts included will be the Resignation of Branch Director same as in the September 1952 edition. Most charts Effective March 13, 1953, the Board of Goverwill include the latest data available in April. nors accepted the resignation of Mr. John A. Hannah, President, Michigan State College, East Election of Class A and Class B Directors Lansing, Michigan, as a director of the Detroit On March 20, 1953, the Federal Reserve Bank Branch of the Federal Reserve Bank of Chicago. of New York announced the elections of the follow- Mr. Hannah resigned following his appointment ing Class A and Class B directors of the Bank: as Assistant Secretary of Defense. He had served N. Baxter Jackson, Chairman of the Board, as a director of the Detroit Branch since January 1, Chemical Bank and Trust Company, New York, 1951. N. Y., was elected a Class A director of the Federal Appointment of Branch Director Reserve Bank of New York for the term ending December 31, 1955. He succeeded Mr. John C. On April 7, 1953, the Board of Governors an- Traphagen, Chairman of the Board, The Bank of nounced the appointment of Mr. Clifford M. New York, New York, whose term expired. Mr. Hardin, Director, Michigan Agricultural Experi- Jackson served as the Member of the Federal Ad- ment Station, Michigan State College, East Lansing, visory Council to represent the Second Federal Michigan, as a director of the Detroit Branch of Reserve district from January 1, 1950 through De- the Federal Reserve Bank of Chicago for the term cember 31, 1952. ending December 31, 1954. Mr. Hardin suc- Lansing P. Shield, President, The Grand Union ceeded Mr. John A. Hannah, who resigned. Company, East Paterson, N. J., was elected a Class B director of the Federal Reserve Bank of New Tables Published Annually and Semiannually, with Latest BULLETIN Reference York for the term ending December 31, 1953. He Semiannually Issue Page succeeded Mr. Marion B. Folsom, Treasurer and Banking offices: Director, Eastman Kodak Company, Rochester, Analysis of changes in number of. . . Feb. 1953 181 On, and not on, Federal Reserve Par N. Y., who resigned to accept appointment as List, number of Feb. 1953 184 Under Secretary of the Treasury. Annually John E. Bierwirth, President, National Distillers Bank suspensions Feb. 1952 135 Earnings and expenses: Products Corporation, New York, N. Y., was Federal Reserve Banks Feb. 1953 182-183 Member banks: elected a Class B director of the Federal Reserve Calendar year May 1952 556-566 Bank of New York for the term ending December First half of year Oct. 1952 1159 Banks and branches, number of, by 31, 1954. He succeeded Mr. J. E. Crane, Vice class and State May 1952 567-568 Operating ratios, member banks Aug. 1952 937-939 President, Standard Oil Company (New Jersey), New York, N. Y., who resigned to accept appoint- Admission of State Bank to Membership in the Federal Reserve System ment as a Class C director and Chairman and Fed- The following State bank was admitted to memeral Reserve Agent of the Federal Reserve Bank of bership in the Federal Reserve System during the New York. period February 16, 1953 to March 15, 1953: Resignation of Class C Director On March 18, 1953, the Board of Governors ac- Iowa cepted the resignation of Mr. Philip Young, Dean, West Liberty—West Liberty State Bank. 358 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled March 27 and released for publication March 30] Economic activity rose further in February and printing industries rose somewhat further in Feb- March. Industrial output reached new postwar ruary. Production of shoes and of paperboard was highs and construction activity increased somewhat in exceptionally large volume. Output of manufrom earlier advanced levels. Retail trade expanded factured dairy products continued to expand and as auto sales showed considerable strength and other was considerably greater than a year ago owing lines generally gained somewhat. Wholesale prices mainly to a sharp increase in butter. Meat produccontinued at about the January level, while con- tion in the first half of March was moderately above sumer prices were somewhat lower. a year ago as substantially larger beef output more than offset a decline in pork. INDUSTRIAL PRODUCTION Bituminous coal mining declined further in Feb- The Board's industrial production index rose fur- ruary and early March. Crude petroleum output ther in February to 239 per cent of the 1935-39 aver- was maintained in February but has been curtailed age. Output of both durable and nondurable goods slightly in March. increased moderately. The March index is esti- CONSTRUCTION mated at 241, with the gain reflecting mainly Value of construction contract awards declined greater activity in the automobile industry. slightly in February, reflecting chiefly decreases in Production of passenger cars since mid-February awards for public construction. Housing units has been at an annual rate of about 6.5 million started advanced to a seasonally adjusted annual units, close to 50 per cent above the reduced rate rate of 1.23 million from 1.16 million in January. of a year ago; output for the entire first quarter Total new construction activity declined less than was not far below the 1951 record for this period. seasonally from earlier advanced levels. Output of major household goods in February apparently changed little following the rapid expan- EMPLOYMENT sion of last autumn and early winter. Activity in Seasonally adjusted employment in nonagriculindustrial and military equipment lines has contural establishments at 47.9 million in February tinued at advanced levels. Output of metals and was up moderately from January. Hourly earnings building materials was maintained in February in and the average work week at factories remained unusually large volume, and in March steel ingot at about the January level. Unemployment, after production rose to a new record level. a seasonal rise in January, declined to 1.8 million Activity in the cotton textile, leather, paper, and in February, a postwar low for this month. INDUSTRIAL PRODUCTION CONSTRUCTION CONTRACTS AWARDED Million. .1 Dollar, __ 2000 MINERALS 0 500 PUBLIC OWNERSHIP PRIVATE ' NONRESIDENTIAL 1949 1950 1951 1952 1953 1949 1950 1951 1952 1953 1949 1950 1951 1952 1953 1949 1950 1951 1952 1953 Federal Reserve indexes, Monthly figures, latest shown are F. W. Dodge Corporation data for 37 Eastern States. for March. Monthly figures, latest shown are for February. APRIL 1953 359 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NATIONAL SUMMARY OF BUSINESS CONDITIONS DISTRIBUTION Member bank reserve positions were generally tight in the first half of March, reflecting an increase Total retail sales rose in February after seasonal adjustment and as in other recent months were in currency in circulation and a further outflow of substantially higher than a year ago. Sales by auto- gold. In the week ending March 11, member bank motive dealers were up considerably and sales at borrowing from the Federal Reserve averaged 1.4 other durable and most nondurable goods stores billion dollars, almost 900 million dollars more than showed moderate gains. Seasonally adjusted sales excess reserves. After the middle of the month, at department stores increased somewhat in Febhowever, there was some temporary easing in reruary and the first three weeks of March; during serve positions due in large part to Treasury operathe corresponding period last year they had shown tions around the quarterly tax date. some decline. Stocks at department stores are estimated to have changed little in February, after SECURITY MARKETS rising in January, and at the end of the month were moderately higher than a year ago. Yields on intermediate and long-term Treasury bonds and on corporate bonds rose to new postwar COMMODITY PRICES highs during the first three weeks of March. Yields The average level of wholesale prices changed on Treasury notes and short-term bonds were relalittle from mid-February to the end of March. tively stable and bill rates declined somewhat. Following removal of controls, prices of coffee, Common stock yields declined moderately as a cigarettes, and various industrial materials were result of a continued rise in stock prices. raised. Grains also advanced, while rubber, hides, and some cotton textiles declined. Prices of passenger automobiles were reduced by a major pro- PRICES AND TRADE ducer. The consumer, price index declined somewhat further in February, reflecting chiefly further decreases in beef prices. Little change is indicated in March. BANK CREDIT Loans and investments at banks in leading cities increased somewhat in the first half of March following substantial reductions in January and February. The March rise was due in part to a sharp expansion in borrowing by businesses in a number of lines. Outstanding loans to commodity dealers and food processors, however, continued to decline Seasonally adjusted series except for prices. Price indexes seasonally. Consumer and real estate loans of banks compiled by Bureau of Labor Statistics. Total retail sales and disposable personal income, Federal Reserve indexes based on rose further and bank holdings of United States Department of Commerce data. Department store trade, Federal Reserve indexes. Monthly figures, latest shown are for Government securities continued to decline. February. 360 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 363-364 Federal Reserve Bank rates; margin requirements; reserve requirements 364-365 Reserves and deposits of member banks 366 Federal Reserve Bank statistics 367-369 Regulation V: guaranteed loans, fees, and rates 369-370 Bank debits and deposit turnover; Postal Savings System 370 Money in circulation 371 Consolidated statement of the monetary system; deposits and currency. . 372 All banks in the United States, by classes 373-375 All commercial banks in the United States, by classes 376-377 Weekly reporting member banks 378-380 Commercial paper and bankers' acceptances 380 Life insurance companies; savings and loan associations 381 Government corporations and credit agencies 382-383 Security prices and brokers' balances 384 Money rates; bank rates on business loans; bond and stock yields 385 Treasury finance 386-391 New security issues 392 Business finance 393-394 Real estate credit statistics 395-397 Statistics on short- and intermediate-term consumer credit 398-400 Business indexes 401-410 Merchandise exports and imports 410 Department store statistics 411-415 Consumers' and wholesale prices 416-417 Gross national product, national income, and personal income 418-419 List of tables published in BULLETIN annually or semiannually, with references for latest data 358 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. APRIL 1953 361 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 I I I FEDERAL RESERVE CREDIT HOLDINGS OF U- S GOVERNMENT SECURITIES - TOTAL NOTES AND CERTIFICATES DISCOUNTS AND ADVANCES V1'* 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 Wednesday figures, latest shown are for March 25. See page 363. 362 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Member bank reserve balances Date or period v co D a a a n u n d is c n d - - e ts s T U ot . a l S. s e B G c o u o n r v i d t e i s r e n s c m c B e a e r i t t l n e i l f s t s i , , - ot A h l e l r1 Total s G to o c ld k T s r t o c e u r i a u n n e u r n a r g c y t d - - s y - - M i c n t u i o o c l n a n i e r - y - T h c i u r o n a e r l g s a y d h s s - - F u T B p e s w r r e R o d y a e r i s e n e t v a i d r h - k t s e a e s s - - l b m p N e o r e o s m d n it e - s - - c O s F o e R e a t e r u r c h e a d v n - - e l - e t r s Total qu R ir e e - d2 c E e x ss - 2 and notes Wednesday figures: 1952—Feb. 6. 283 22,614 5,344 17,270 75923,65622,990 4,717 28,378 1,317 52 728 74120,148 19,415 733 Feb. 13. 61922,499 5,344 17,155 63423,75323,011 4,717 28,425 1,276 261 685 74120,094 19,304 790 Feb. 20. 45422,400 5,471 16,9291,03323,88723,071 4,721 28,387 1,308 491 749 738 20,007 19,293 714 Feb. 27. 42222,555 5,636 16,919 77323,750 23,110 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. 35722,530 5,636 16,894 891 23,778 23,291 4,726 28,452 1,296 639 841 78519,781 19,182 599 Mar. 19. 126 22,825 5,636 17,1891,26524,216 23,292 4,729 28,361 1,285 6 742 80321,038 19,627 1,411 Mar. 26. 170 22,528 5,636 16,892 715 23,41323,291 4,731 28,329 1,282 7 736 804 20,276 19,500 776 Apr. 2. 130 22,514 5,636 16,878 76623,409 23,291 4,736 28,445 1,281 295 776 82719,812 19,166 646 Apr. 9. 167 22,494 5,636 16,858 73123,39323,293 4,736 28,526 1,273 381 763 82719,652 19,076 576 Apr. 16. 62222,467 5,136 17,3311,02024,109 23,293 4,737 28,436 1,288 520 853 825 20,218 19,225 993 Apr. 23. 830 22,372 5,136 17,236 77123,97323,295 4,738 28,333 1,287 877 809 82419,875 19,087 788 Apr. 30. 676 22,363 5,136 17,227 59323,63223,297 4,739 28,460 1,284 450 784 74919,940 19,143 797 May 7. 1,043 22,329 5,136 17,193 695 24,06723,297 4,739 28,523 1,286 749 762 747 20,034 19,071 963 May 14. 671 22,315 17,179 77923,76423,297 4,739 28,497 1,293 516 796 74519,953 19,092 861 May 21. 499 22,283 17,1471,01323,79423,298 4,739 28,483 1,279 384 813 745 20,127 19,181 946 May 28. 816 22,273 5,136 17,137 653 23,74223,296 4,741 28,710 1,286 558 813 74519,667 19,217 450 926 22,378 5,136 17,242 77524,079 23,296 4,747 28,842 1,282 527 824 74219,906 19,207 699 834 22,492 5,136 17,356 803 24,128 23,297 4,750 28,830 1,284 507 834 74219,978 19,226 752 54122,997 5,136 17,8611,28924,82823,297 4,751 28,787 1,286 9 768 79421,232 19,736 1,496 30722,564 5,136 17,428 882 23,75323,346 4,752 28,814 1,290 134 813 793 20,006 19,621 385 480 22,869 17,733 80624,15523,346 4,755 29,180 1,277 90 760 798 20,153 20,104 49 683 22,860 17,724 92324,46523,347 4,754 29,148 1,264 38 906 799 20,413 20,008 405 974 22,723 5,136 17,587 97424,67123,348 4,756 28,988 1,271 307 988 797 20,422 19,973 449 1,07322,726 5,136 17,590 875 24,67423,350 4,756 28,884 1,275 482 1,016 797 20,326 19,875 451 1,403 22,844 5,136 17,708 660 24,90723,350 4,761 28,952 1,286 605 1,042 724 20,409 19,829 580 Aug. 6. 84322,977 5,163 17,814 620 24,440 23,350 4,763 29,041 1,279 270 982 72220,260 19,675 585 Aug. 13. 770 23,051 5,236 17,815 73224,553 23,344 4,764 29,051 1,277 422 1,057 71820,136 19,692 444 Aug. 20. 979 23,032 5,236 17,796 79924,810 23,344 4,766 29,068 1,281 526 1,057 72120,267 19,652 615 Aug. 27. 89723,092 5,236 17,856 61424,603 23,344 4,768 29,129 1,276 707 1,084 72119,797 19,643 154 Sept. 3. 96823,182 5,236 17,946 666 24,81623,344 4,774 29,391 1,285 715 1,066 71719,760 19,511 249 Sept. 10. 880 23,229 5,236 17,993 76424,87223,344 4,776 29,364 1,279 347 948 71520,340 19,549 791 Sept. 17. 313 23,740 5,236 18,5041,19525,249 23,344 4,780 29,292 1,281 6 998 72921,067 19,957 1,110 Sept. 24. 400 23,715 5,236 18,479 74224,85723,343 4,781 29,247 1,274 264 889 726 20,581 19,901 680 Oct. 1. 544 23,694 4,522 19,172 72524,963 23,342 4,787 29,417 1,287 523 884 88220,098 19,762 336 Oct. 8. 1,019 23,663 4,522 19,141 70225,384 23,341 4,787 29,545 1,280 596 972 888800 20,239 19,567 672 Oct. 15. 77223,663 4,522 19,141 891 25,325 23,341 4,787 29,617 1,276 212 854 88120,613 20,089 524 Oct. 22. 1,130 23,663 4,522 19,1411,07425,86723,340 4,790 29,511 1,281 618 929 887788 20,779 20,128 651 Oct. 29. 1,17123,624 4,522 19,102 71025,505 23,340 4,790 29,540 1,289 588 891 87720,449 19,975 474 Nov. 5. 1,66323,520 4,522 18,998 532 25,71423,339 4,794 29,748 1,278 789 893 805 20,334 19,884 450 Nov. 12. 1,58323,567 4,522 19,045 546 25,69623,338 4,794 29,905 1,282 505 883 805 20,447 19,906 541 Nov. 19. 1,486 23,563 4,526 19,0371,14326,193 ,337 4,797 29,842 1,292 703 949 803 20,738 20,073 665 Nov. 26. 1,61523,761 4,528 19,233 925 26,30123,338 4,797 30,152 1,267 317 981 801 20,917 20,409 508 Dec. 3. 1,59123,968 4,539 19,4291,19126,75123,337 4,803 30,274 1,278 719 881 800 20,939 20,371 568 Dec. 10. 1,75224,239 4,537 19,702 87026,86023,337 4,804 30,370 1,280 645 1,036 80220,868 20,288 580 Dec. 17. 1,02224,469 4,533 19.9361,54727,03923,277 4,806 30,487 1,269 371 937 886600 21,198 20,582 616 Dec. 24. 1,72824,613 4,530 20.0831,51927,86023,186 4,809 30,732 1 ,266 665 930 886633 21,400 20,531 869 Dec. 31. 15624,697 4,522 20,175 971 25,825 23,187 4,812 30,433 1,270 1,005 77719,950 20,520 -570 1953—Jan. 7. 1,336 24,391 4,522 19,869 969 26,695 23,137 4,814 30,153 1,280 622 913 776 20,902 20,309 593 Jan. 14. 1,07624,205 4,522 19,683 88526,166 23,137 4,814 29,884 1,280 455 1,063 776 20,660 20,274 386 Jan. 21. 86224,034 4,522 19,5121,00925,90423,088 4,814 29,687 1,291 343 970 774 20,741 20,255 486 Jan. 28. 1,30723,970 4,522 19,448 73226,009 23,036 4,815 29,592 1,298 745 949 775 20,502 20,095 407 Feb. 4. 1,38.23,989 4,522 19,467 77426,148 22,935 4,820 29,657 1,331 672 770 20,584 19,956 628 Feb. 11. 1,32923,929 4,522 19,407 653 25,91222,832 4,820 29,776 1,312 431 898 770 20,376 19,894 482 Feb. 18. 73223,890 4,522 19,3681,02725, ,722 4,821 29,654 1,288 395 702 835 20,318 19,979 339 Feb. 25. 80623,853 4,522 19,331 74 25,406 22,662 4,821 29,735 1,291 389 665 834 19,975 19,791 184 Mar. 4. 824 23,85. 4,522 19,3311,06625,742 ,662 4,824 29,772 1,295 488 752 830 20,090 ^19,889 P201 Mar. 11. 1,31523,853 4,522 19,331 77425,94122,611 4,824 29,780 1,299 331 926 829 20,212 P19.849 P363 Mar. 18. 1,00923,963 4,522 19,441 ,20626,178 22,612 4,826 29,708 1,305 877 85220,865 P19.990 ^875 Mar. 25. 70523,869 4,522 19,347 81425,,387 22,562 4,826 29,600 1,306 862 85220,148 P19.768 P280 ^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. APRIL 1953 363 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 co D a a u n d is n d - - ts U. S. s e G cu o r v it e i r e n s m c B e e r i n l t l i t s fi , 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 n u u n e r n g r y t c a - - d y s - - M in c t u o io c l n a n i e r - y - T h c i u r o n a e r l g s y a d h s s - - F u T p s e w r R e o r d y e r i s e e v t a i - d r h t e s a e s - l - b p m N e o r e o s m d n it e - s - - c O s F o e R e a t e r u r c h e a d v - n - e l - e t r s Total qu R ir e e - d5 c E e x ss - 2 vances Total Bonds cates, Banks 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 2,409 634 653 251 11,653 6,444 5,209 1941—Dec. 31. 3 2,254 1,467 787 104 2,361 22,737 3,247 11,160 2,215 867 1,360 291 12,450 9, ,085 1945—Dec. 31. 249 24,262 994477 23,315 580 25,091 20,065 4,339 28,515 2,287 977 1,308 495 15,915 14,4571,458 1946—Dec. 31. 16323,350 75322,597 581 24,093 20,529 4,562 28,952 2,272 393 822 607 16,139 15,577 562 1947—Dec. 31. 8522,559 2,853 19,706 536 23,181 22,754 4,562 28,868 1,336 870 961 563 17,899 16,4001,499 1948—Dec. 31. 223 23,333 10,977 12,356 542 24,097 24,244 4,589 28,224 ,325 1,123 1,189 590 20,479 19,2771,202 1949—Dec. 31. 7788 18,885 7,218 11,667 536 19,499 24,427 4,598 27,600 ,312 821 1,517 70616,568 15,5501,018 1950—June 30. 4318,331 5,618 12,713 329 18,703 24,231 4,607 27,156 ,298 950 1,431 771 15,934 15,498 436 Dec. 30. 6720,778 4,620 16,158 1,371 22,216 22,706 4,636 27,741 ,293 668 1,460 71417,681 16,5091,172 1951—June 30. 5322,982 6,82216,160 1,00724,043 21,756 4,655 27,809 ,281 317 1,262 76519,020 18,604 416 Dec. 31. 19 23,801 5,34418,457 1,18925,009 22,695 4,709 29,206 ,270 247 889 74620,056 19,667 389 1952—Mar 133 22,514 5,636 16,878 623 23,270 23,291 736 28,473 ,277 169 845 801 19,733 19,241 492 Apr 676 22,363 5,136 17,227 593 23,632 23,298 739 28,464 ,281 450 784 74919,940 19,143 797 May 95222,273 5,136 17,137 927 24,152 23,296 748 28,767 ,274 541 1,094 743 19,778 19,187 591 June.... 59 22,,906 5,136 17,770 586 23,551 23,346 754 29,026 ,283 333 846 78319,381 19,573 -192 July 1,270 22,853 5,136 17,717 699 24,821 23,350 762 28,978 ,281 638 991 72320,323 19,828 495 Aug 1,318 23,146 5,236 17,910 751 25,216 23,344 4,776 29,293 ,269 488 1,157 71820,411 19,576 835 Sept 47723,694 5,236 18,458 577 24,747 23,342 786 29,419 ,278 508 881 72320,066 19,747 319 Oct 1,591 23,575 4,522 19,053 689 25,855 23,339 795 29,644 ,268 770 887 805 20,616 19,996 620 Nov 1,895 23,821 4,527 19,294 1,02426,740 23,338 4,802 30,236 1,261 378 1,056 80121,149 20,354 795 Dec 15624,697 4,522 20,175 971 25,825 23,187 4,812 30,433 1,270 389 1,005 77719,950 20,520 -570 1953—Tan 1,735 23,944 4,522 19,422 800 26,478 22,986 4,820 29,691 1,308 809 1,094 770 20,611 19,997 614 Feb 1,309 23,875 4,522 19,353 1,01026,194 22,662 4,824 29,793 1,284 336 923 83320.511 19,796 715 Mar 48523,806 4,522 19,284 635 24,927 •22,562 '4,827 P29.747 Pl.299 222 850 19,322 •19,707 P385 Averages of daily figures: 1952—Mar 31422,634 5,63616,998 942 23,890 23,278 4,728 28,437 1,283 333 845 79020,207 19,322 885 Apr 36522,448 5,35417,094 913 23,726 23,293 737 28,459 1,278 549 875 818 19,777 19,127 650 May 57322,308 5,13617,172 823 23,704 23,297 4,740 28,557 1,281 553 838 745 19,767 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 1,05923,027 5,21617,811 738 24,824 23,346 4,765 29,088 1,276 501 1,044 72020,306 19,657 649 Sept 72323,471 5,23618,235 861 25,055 23,343 4,778 29,343 1,275 326 997 72120,514 19,736 778 Oct 1,,0Q3 23,657 4,52219,135 931 25,681 23,340 4,788 29,555 1,276 550 941 87620,611 19,963 648 Nov 1,577 23,638 4,52419,114 958 26,172 23,338 4,796 29,904 1,277 591 986 80320,744 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—Tan 1,372 24,202 4,52219,680 1,01226,586 23,101 4,814 29,920 1.280 552 1,016 77520,958 20,251 707 Feb 1,336 23,918 4,52219,396 826 26,080 22,797 4,821 •29.718 1 ,299 500 862 80020,520 19,882 638 Mar 1,220 23,892 4,52219,370 913 26,025 22,606 4,825 29,751 1,296 244 908 20,416 P Preliminary. r Revised. 1 Includes industrial loans and acceptances purchased, which are shown separately in subsequent tables. 2 These figures are estimated. Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication. 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, 1935 Jan. 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 2V2 Postal Savings deposits 2Y2 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 2*2 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. 364 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) In effect In effect In effect beginning— beginning— beginning— Boston Tan. 20,1953 Jan. 20,1953 Jan. New York Jan. 16,1953 Jan. 16,1953 Jan. Philadelphia Jan. 16,1953 an. 16,1953 Jan. Cleveland Jan. 16,1953 an. 16,1953 Aug. Richmond Jan. 23,1953 Jan. 23,1953 Jan. Atlanta an. 16,1953 Jan. 16,1953 Jan. Chicago an. 16,1953 an. 16,1953 Aug. St. Louis an. 16,1953 an. 16,1953 Jan. Minneapolis an. 16,1953 Jan. 16,1953 Jan. Kansas City Jan. 16,1953 Jan. 16,1953 Jan. Dallas an. 23,1953 Jan. 23,1953 Jan. San Francisco.. . . an. 20,1953 Jan. 20,1953 Jan. FEDERAL RESERVE BANK BUYING RATES ON MEMBER BANK RESERVE REQUIREMENTS ACCEPTANCES [Per cent per annum] [Per cent of deposits] Rate on In effect be- Previous Net demand deposits 1 Maturity Mar. 31 ginning— rate Time Effective date deposits of change Central Reserve (all 91 1- - 1 9 2 0 0 d d a a y y s s 2 2 V H8 J J a a n n . . 1 1 6 6 , , 1 1 9 9 5 5 3 3 2 iJi re c s i e t r y ve b c a i n ty ks C b o a u n n k t s ry m b e a m nk b s e ) r 121-180 days 2% Jan. 16, 1953 2V8 banks NOTE.—Effective minimum buying rates on prime bankers' accept- 1917—June 21 13 10 7 3 ances payable in dollars. Back figures.—See Banking and Monetary Statistics, Table 117, pp. 443-445. 1936—Aug. 16 15 1937—Mar. 1 22M May 1 26 20 2 14 4 6 FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS AND COMMITMENTS UNDER SECTION 13B 1938—Apr. 16 22 K 12 5 OF THE FEDERAL RESERVE ACT Maturities not exceeding five years 1 19 9 4 4 2 1 — — A N u o g v . . 20 1 2 2 6 4 20 14 6 [In effect March 31. Per cent per annum] Sept. 14 22 Oct. 3 20 To industrial or 1948—Feb. 27 22 commercial To financing institutions June 11 24 businesses Sept. 16 16 Sept. 24 26 22 Federal On discounts or 1949—May i 15 »7 Reserve purchases May 5 24 21 «7 Bank On com O m n it- Portion co O m n mit- J J A u u u l n y g e . 30 1 1 20 1 1 4 3 *6 loans 1 ments for which Re- ments Aug. 11 23H 19H »5 institu- maining Aug. 16 12 tion is portion Aug. 18 23 19 obligated Aug. 25 22H Sept. 1 22 18 Boston 1951—Jan. 11 23 19 «6 New York Jan. 16 13 26 Philadelphia. . . . Jan. 25 24 20 Cleveland Feb. 1 14 Richmond Atlanta In effect Apr. 1, 1953 4... 24 20 14 6 Chicago y5 S M t. i n L n o e u a is polis.... 2-2 2 Y2 1 Demand deposits subject to reserve requirements, which beginning Kansas City. . . . (2) 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 % Per cent Per annum is made on undisbursed portion 10 and 20 per cent; country, 7 and 14 per cent, respectively; on time of loan. deposits at all member banks, 3 and 6 per cent, respectively. 6 Charge of ^ per cent per annum is made on undisbursed portion of loan. Back figures.—See Banking and Monetary Statistics, Table 118, pp. 446-447. APRIL 1953 365 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 banks 1 New Chi- banks banks » banks » New Chi- banks banks» York cago York cago Total reserves held: Excess reserves: 1951—December 20,310 5,275 1,356 7,922 5,756 1951—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 February 19,995 5,209 L.3O5 7,757 5,723 February 695 5 -3 136 557 December 21,180 5,357 1,406 8,323 6,094 December 723 30 120 576 1953—January 20,958 5,184 1,379 8,277 6,118 1953—January 707 5 -6A 119 589 February 20,520 5,050 1,356 8,082 6,031 February 638 14 -3 95 531 Feb. 18 20,592 5,034 ,354 8,112 6,091 Feb. 18........ 689 10 -5 102 582 Feb. 25 20,409 5,020 L.345 8,044 6,000 Feb. 25 580 7 -9 82 500 Mar. 4 20,365 5,043 1,362 8,018 5,942 Mar. 4 567 7 -1 96 465 Mar. 11 20,314 5,013 ,348 7,975 5,978 Mar. 11 557 -25 -10 91 501 Mar. 18 20,581 5,148 1,382 8,049 6,001 Mar. 18 P627 30 4 71 P522 Mar. 25 20,498 5,118 ,372 8,063 5,946 Mar. 25 8 112 P472 Borrowings at Federal Required reserves: Reserve Banks: 1951—December 19,484 5,231 1,353 7,738 5,161 1951—December 657 151 64 354 89 1952—January 19,536 5,245 ,348 7,767 5,176 1952—January 210 2 34 130 45 February 19,300 5,205 1,308 7,621 5,166 February 365 9 82 220 53 December 20,457 5,328 1,409 8,203 5,518 December 1,593 486 232 639 236 1953—January 20,251 5,180 1,385 8,157 5,529 1953—January 1,347 320 335 529 163 February 19,882 5,036 1,359 7,986 5,500 February 1,310 255 277 624 155 Feb. 18 19,902 5,024 1,359 8,010 5,509 Feb. 18 1,263 248 291 579 145 Feb. 25 19,828 5,012 1,354 7,962 5,500 Feb. 25 1,084 152 209 577 146 Mar. 4 19,798 5,036 1,363 7,922 5,477 Mar. 4 1,168 136 218 660 154 Mar. 11 19,758 5,038 1,358 7,885 5,477 Mar. 11 1,408 229 276 727 176 Mar. 18 P19,954 5,118 1,378 7,979 P5,479 Mar. 18 1,299 281 299 573 146 Mar. 25 P19.908 5,109 ,374 7,951 P5,474 Mar. 25 924 157 235 401 131 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 February 1953 February 1952 Gross demand deposits: Total 107,339 22,511 5,987 41,495 37,345 103,970 23,217 5 ,740 39,683 35,329 Interbank 12,139 3,873 1,161 5,967 1,138 12,162 3,929 1,144 5,941 1,148 Other 95,200 18,639 4,827 35,528 36,207 91,808 19,288 4,596 33,743 34,181 Net demand deposits J. . 93,802 20,423 5,369 35,898 32,113 90,907 21,202 5,163 34,365 30,176 Time deposits 3 33,609 2,243 1,175 13,447 16,744 31,240 1,936 1,146 12,470 15,689 Demand balances due from domestic banks... 6,037 43 116 1,835 4,044 6,066 40 113 1,860 4,053 Reserves with Federal Reserve Banks: Total 20,520 5,050 1,356 8,082 6,031 19,995 5,209 1,305 7,757 5,723 Required 19,882 5,036 1,359 7,986 5,500 19,300 5,205 1,308 7,621 5,166 Excess 638 14 -3 95 531 695 5 -3 136 557 Borrowings at Federal Reserve Banks. 1 ,310 624 155 365 82 220 53 1 Averages of daily closing figures for reserves and borrowings and of daily opening figures for other items, inasmuch as reserves required are based on deposits at opening of business. 2 Demand deposits subject to reserve requirements, i. e., gross demand deposits minus cash items reported as in process of collection and demand balances due from domestic banks. 3 Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report. 366 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 Mar. 25 Mar. 18 Mar. 11 Mar. 4 Feb. 25 Mar. Feb. Mar. Assets Gold certificates 20,619,100 20674,10220,674, 20,724,100 20,724,103 20,619,103 20,724,1 1,416,254 Redemption fund for F. R. notes 754,125 749,145 752, 752,358 756,072 748,134 755,972 699,122 Total gold certificate reserves 21,373,22521,423,24721,426,459 21,476,458 21,480,17521,367,23721,480,07222,115,376 Other cash 380,711 379,851 379,353 399,976 416,654 370,502 425,007 370,480 Discounts and advances: For member banks 689,564 994,978 1,292 919 801,682 783,843 467,239 1,286,951 120,237 For nonmember banks, etc 15,000 14,000 22 000 22,000 22,000 18,000 22,000 13,000 U In . d S u . s t G ri o a v l e l r o n a m ns ent securities: 3,532 3,795 3 950 4,108 3,789 3,653 4,026 5,247 Bills 514,754 560,954 560,954 560,954 560,954 514,754 583,954 Certificates: Special 63 000 110,000 Other 4,995 716 ,995,716 4,995 716 4,995,716 4,995,716 4,995,716 4,995,71611,809,806 Notes 13,773 67113,773,67113,773 67113,773,67113,773,67113,773,67113,773,671 5,068,073 Bonds 4,521,975 ,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 23,869,116 23,962,316 23,852,316 23,852,316 23,852,316 23,806,116 23,875,31622,513,702 Total loans and securities 24,577,21224,975,08925,171,185 24,680,106 24,661,94824,295,008 25,188,29322,652,186 Due from foreign banks 23 23 23 23 23 23 23 28 F. R. notes of other Banks 167,712 167,555 169,656 178,136 191,748 167,011 184,032 162,063 Uncollected cash items 4,334,095 ,287,755 3,698,594 3,998,374 3,916,744 3,766,936 3,996,508 3,078,533 Bank premises 49,457 49,525 49,188 49,179 49,207 49,362 49,163 44,336 Other assets 178,224 170,206 185,046 176,534 166,359 185,864 170,231 167,092 Total assets 51,060,659 52,453,25151,079,504 50,958,78650,882,858 50,201,94351,493,329 48,590,094 Liabilities Federal Reserve notes 25,439,62225,545,623 25,619,050 25,635,977 25,631,035 25,560,20325,680,58424,371,386 Deposits: Member bank—reserve accounts 20,148 20,865,27620,211,732 20,089,55119,975,279 19,322,123 20,510.72019,732,566 U. S. Treasurer—general account 7. ,467 330,790 488,272 388,543 221,631 336,300 168,605 Foreign 510 496,410 581,204 511,732 454,156 535,610 510 967 555,297 Other 350 380,617 344,438 240,657 210,907 342,009 411 591 290,010 Total deposits 21,017,481 21,750,770 21,468,164 21,330,212 21,028,885 20,421,373 21,769,578 20,746,478 Deferred availability cash items 3,523. 4,085,131 2,928, 2,936,976 ,173,112 3,135,168 2,990, ,460,424 Other liabilities and accrued dividends 17, 17,082 16, 16,029 17,445 17,734 17, 15,526 Total liabilities 49,998,852 51,398,606 50,032,255 49,919,194 49,850,477 49,134,478 50,457,974 47,593,814 Capital Accounts Capital paid in 256,878 256,809 256,762 256,650 256,399 256,891 256,543 242,225 Surplus (Section 7) 584,676 584,676 584,676 584,676 584,676 584,676 584,676 538,342 Surplus (Section 13b) 27,543 27,543 27,543 27,543 27,543 27,543 27,543 27,543 Other capital accounts 192,710 185,617 178,268 170,723 163,763 198,355 166,593 188,170 Total liabilities and capital accounts 51,060,659 52,453,251 51,079,504 50,958,786 50,882,858 50,201,943 51,493,329 48,590,094 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent).... 45.3 Contingent liability on acceptances purchased for foreign correspondents 27,951 27,938 27,499 27,538 27,403 29,406 27,518 8,089 Industrial loan commitments 2,857 2,624 2,506 2,403 3,079 2,756 2,817 6,468 Maturity Distribution of Loans and U. S. Government Securities 1 Discounts and advances—total 704,564 1,008,978 ,314,919 823,682 805,843 485,239 ,308,951 133,237 Within 15 days 662,839 970,735 ,097,505 599,703 570,184 442,450 ,076,142 101,237 16 days to 90 days 41,698 38,213 217,384 223,971 235,651 40,848 232,801 32,000 91 days to 1 year 27 30 30 8 8 1,941 Industrial loans—total 3,532 3,795 3,950 4,108 3,789 3,653 4,026 5,247 Within 15 days 1,229 1,251 380 740 759 648 628 1,009 16 days to 90 days 47 52 965 685 702 556 718 273 91 days to 1 year 1,908 2,153 2,256 2,350 1,972 2,289 2,315 2,724 Over 1 year to 5 years 348 339 349 333 356 160 365 1,241 U. S. Government securities—total 23,869,116 23,962,316 23,852,316 23,852,316 23 852,316 23,806,116 23 875,316 22 513,702 Within 15 days 138 500 156,200 46,200 46,200 8,500 75,500 23,000 16 to 90 days 1,577,020 ,652,520 ,652,520 ,652,520 552,454 ,577,020 560,954 91 days to 1 year 13,314,57513,314,57513,069,92513,069,92514,207,69113,314,57514,207,691 430,031 Over lyear to 5 years 6,410 550 6,410,550 655,200 6,655,200 6,655,200 6,410,550 6,655,200 441,352 Over 5 years to 10 years 1,070,224 1,070,224 070,224 ,070,224 070,224 070,224 1,070,224 013,614 Over 10 years 1,358,247 1,358,247 358,247 ,358,247 358,247 358,247 1,358,247 628,705 1 Callable U. S. Government securities classified according to nearest call date. APRIL 1953 367 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MARCH 31, 1953 [In thousands of dollars] Item Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- R m i o c n h d - Atlanta Chicago Lo S u t i . s M a i p n ol n i e s - Ka C n it s y as Dallas F c S r i a s a c n n o - Assets Gold certificates. 20,619,103 681,962 6,884,566 1,206,812 1,478,086 783,246 634,245 4,031,436 533,173 323,217 909,204 576,0972,577,059 Redemption fund forF. R. notes. 748,134 63,528 75,313 59,717 83,787 74,722 58,086 127,706 51,351 25,295 40,809 29,946 57,874 Total gold certificate reserves.. 21,367,237 745,490 6,959,879 1,266,529 1,561,873 857,968 692,3314,159,142 584,524 348,512 950,013 606,0432,634,933 Other cash 370,502 25,969 67,977 24,271 29,274 25,380 32,803 67,142 19,850 6,664 12,945 14,583 43,644 Discounts and advances: Secured by U. S. Govt. securities. . . 466,910 18,485 63,270 11,590 11,300 21,850 25,610 161,690 46,800 38,450 19,065 5,000 43,800 Other 18,329 1,188 5,310 1,350 1,856 900 774 2,466 684 450 723 810 1,818 Industrial loans.. 3,653 3,155 23 348 127 U. S. Govt. securities 23,806,116 1,653,888 5,258,886 1,491,1922,312,359 ,701,8041,522,433 3,458,1791,265,623 721,115 945,3411,149,3832,325,913 Total loans and securities 24,295,008 1,673,561 5,327,466 1,507,2872,325,5151,724,5771,549,165 3,622,3351,313,107 760,142 965,1291,155,1932,371,531 Due from foreign banks 23 1 17 2 2 1 1 3 1 1 1 1 2 F. R. notes of other Banks... 167,011 2,884 20,116 10,212 8,522 30,701 27,905 17,752 10,752 6,954 6,866 7,203 17,144 Uncollected cash items 3,766,936 355,251 792,111 218,723 340,243 310,882 260,290 577,355 140,051 83,360 173,085 171,166 344,419 O Ba th n e k r p a r s e se m ts ises... 1 4 8 9 5 , , 3 8 6 6 2 4 1 4 3 , , 6 0 4 2 2 4 39 7 , , 9 1 1 9 2 9 1 3 1 , ,2 8 8 2 9 5 1 4 8 , , 6 1 1 9 8 6 1 4 3 , , 9 3 1 9 1 0 1 3 2 , ,9 7 8 0 9 6 26 6 , , 3 7 0 7 1 0 9 2 , ,9 6 6 4 3 4 5 1 , ,0 6 4 2 4 4 8 2 , ,2 0 4 4 2 0 9, 6 2 1 5 9 8 1 6 8, , 1 8 9 2 7 3 Total assets 50,201,943 2,820,822 13,214,667 3,042,138 4,288,2432,967,810 2,579,190 8,476,800 2,080,8921,212,3012,118,3211,964,0665,436,693 Liabilities F. R. notes 25,560,203 1,568,417 5,628,908 1,817,660 2,357,0851,788,1301,382,3974,888,3471,192,201 642,331 1,010.779 730,710 Deposits: Member bk.— reserve accts. 19,322,123 5,964,457 918,1501,498,166 830,185 901,196 2,945,795 696,194 450,833 902,260 997,9832,393,150 U. S. Treas.— gen. acct.. . . 221,631 500 214,000 458 592 558 1,256 532 591 534 745 790 1,075 Foreign 535,610 30,903 2 178,439 37,995 46,607 25,330 21,784 69,404 19,251 12,665 19,251 22,797 51,184 Other 342,009 4,083 283,193 939 4,198 2,935 652 836 7,214 760 2,853 885 33,461 Total deposits. . .20,421,373 859,240 6,640,089 957,5421,549,563 859,008 924,888 3,016,567 723,250 464,792 925,109 1,022,4552,478,870 Deferred availability cash items 3,135,168 325,017 641,520 186,950 280,973 262,392 221,547 421,860 120,779 75,681 140,047 161,300 297,102 Other liabilities and accrued dividends 17,734 963 5,524 1,041 2,107 858 774 2,661 695 498 572 654 1,387 Total liabilities. . 49,134,478 2,753,637 12,916,0412,963,193 4,189,7282,910,3882,529,606 8,329,4352,036,9251,183,3022,076,507 1,915,1195,330,597 Capital Accounts Capital paid in. . 256,891 13,768 81,276 17,462 24,550 11,162 10,879 32,884 8,891 5,785 9,720 12,619 27,895 Surplus (Sec. 7).. 584,676 36,462 167,503 43,578 54,064 29,248 25,803 84,628 23,628 15,131 21,925 25,381 57,325 Surplus (Sec. 13b) 27,543 3,011 7,319 4.489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Other capital accounts 198,355 13,944 42,528 13,416 18,895 13,663 12,140 28,424 10,927 7,010 9,032 9,640 18,736 Total liabilities and capital accounts 50,201,943 2,820,822 13,214,6673,042,138 4,288,243 2,967,810 2,579,190 8,476,800 2,080,8921,212,301 2,118,321 1,964,066 5,436,693 Reserve ratio 46.5% 30.7% 56.7% 45.6% 40.0% 32.4% 30.0% 52.6% 30.5% 31.5% 49.1% 34.6% 52.4% Contingent liability on acceptances purchased for foreign correspondents 29,406 1,706 s 9,694 2,097 2,572 1,398 1,202 3,830 1,063 699 i 1,063 1,258 2,824 Industrial loan commitments.. 2,756 1,086 751 59 110 .... 750 1 After deducting $16,000 participations of other Federal Reserve Banks. 2 After deducting $357,153,000 participations of other Federal Reserve Banks. 3 After deducting $19,712,000 participations of other Federal Reserve Banks. 368 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 Mar. 25 Mar. 18 Mar. 11 Mar. 4 Feb. 25 Mar. Feb. Mar. F. R. notes outstanding (issued to Bank). 26,572,334 26,602,49126,624,370 26,709,97126,681,462 26,547,494 26,678,507 25,282,203 Collateral held against notes outstanding: Gold certificates 12,624,000 12,704,000 12,744,000 12,744,000 12,744,000 12,524,000 12,744,000 12,699,000 Eligible paper 333,252 475,046 627,359 375,477 377,093 257,553 844,621 76,901 U. S. Government securities 14,760,000 14,660,000 14,660,000 14,660,000 14,660,000 14,760,000 14,660,000 13,675,000 Total collateral 27,717,252 27,839,046 28,031,359 27,779,477 27,781,093 27,541,553 28,248,621 26,450,901 EACH FEDERAL RESERVE BANK ON MARCH 31, 1953 [In thousands of dollars] Item Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap i o n l n i e s - K C an it s y as Dallas F c S r is a a c n n o - F. R. notes outstanding (issued to Bank) 26,547,494 1,625,501 5,838,6981,893,7482,439,592 1,884,8951,440,9714,986,206 ,243,615 654,5001,036,022766,096 2,737,650 Collateral held: Gold certificates12,524,000 400,000 4,520,000 745,000 820,000 500,000 310,000 2,600,000 280,000155,000 28800,,000000 214,0001,700,000 Eligible paper.. 257,553 18,575 60,390 11,590 21,850 46,800 38,450 19,098 40,800 U. S. Govt. securities 14,760,000 1,300,000 1,500,0001,200,0001,700,0001,450,0001,200,000 2,400,000 1,025,000 505,000 800,000 580,000 1,100,000 Total collateral.. 27,541,553 1,718,575 6,080,390 1,956,590 2,520,0001,971,8501,510,000 5,000,0001,351,800 698,450 1,099,098794,000 2,840,800 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS LOANS GUARANTEED THROUGH FEDERAL RESERVB BANKS UNDER REGULATION V, PURSUANT TO [Amounts in thousands of dollars] DEFENSE PRODUCTION ACT OF 1950 AND EXECUTIVE ORDER NO. 10161 Partici- Date (last A a p p p p li r c o a v ti e o d ns 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 UctlC but not out- ments ing instior last day com- standing2 standing tutions Guaranteed loans Guaranteed Additional of period) N b u e m r - Amount ( p am let o e u d n * t) (amount) (amount) s ( t a a m o n u o d t u i - n n g t) 3 au t t o h o d r a iz te ed outs lo ta a n n d s ing a b v a o a m i r l r a o o b w u l n e e t rs to JJdlC under guar- 1 1 9 9 4 4 5 6 3 3 , , 5 5 1 4 1 2 5 56 4 5 4 , , 9 9 1 6 3 1 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 r e ti a d o n n - a o n u t t e m s e t e a n n ag t d s r i e n e g - 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 3 608 651.389 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 Feb. 29... 3,741 721.144 772 4,957 6,845 10,307 Mar. 31... 254 300,955 68,833 56,973 47,822 Mar. 31... 3,741 725.787 108 5,296 6,467 10,474 Tune30. .. 484 654,893 252,100 209,465 276,702 Apr. 30. .. 3,743 730,482 571 5,207 6,536 10,339 Sept.30... 729 1,154,942 492,167 400,652 450,013 May 31... 3,743 734,049 235 5,211 6,083 10,262 Dec. 31. . . 854 1,395,444 675,459 546,597 472,827 June 30... 3,745 738,721 1,083 5,101 5,947 10,105 July 31. .. 3,746 743,629 1,589 4,624 6,184 9,814 1952 Aug. 31. .. 3,750 748,451 2,142 4,690 6,152 10,128 Sept. 30. . . 3,750 752,042 1,370 4,496 6,327 9,978 Jan. 31... 901 1,463,443 715,928 580,381 525,129 Oct. 31 ... 3,751 757,277 1,601 4,311 3,720 7,174 Feb. 29... 934 1,530,388 763,838 617,674 511,786 Nov. 30... 3,752 762,620 1,351 3.868 4,044 7,010 Mar. 31. . . 971 1,677,786 836,739 672,974 467,392 Dec. 31. .. 3,753 766,492 1,638 3,921 3,210 3,289 Apr. 30... 998 1,727,729 838,073 672,678 595,098 May 31... 1,023 1,787,755 870,174 695,814 601,752 1953 June 30... 1,050 1,867,643 883,262 703,774 615,139 July 31.. . 1,066 1,922,388 909,688 726,452 648,065 FTeabn.. 3218...... 3 3 , , 7 7 5 5 5 4 7 7 7 7 0 3 , , 5 0 4 1 1 3 2 1 , ,1 5 8 1 5 3 4 3 , , 0 8 5 9 4 5 3 2 , , 1 8 7 1 6 6 3 3 , , 2 2 3 3 6 4 A Se u p g t . .3 3 0 1. . . . . . 1 1 , , 0 1 9 1 2 3 2 2, , 0 0 5 2 2 3 , , 3 4 2 0 7 3 9 9 0 2 7 2 , , 8 1 9 2 9 9 7 73 2 6 5 , , 8 9 3 4 3 3 6 6 9 5 2 6 , , 0 9 6 9 7 5 Oct. 31. .. 1,130 2,069,697 993,856 811,132 591,762 1 Includes applications approved conditionally by the Federal Re- N De o c v . .3 31 0 . . . . . . 1 1 , , 1 1 5 4 9 3 2 2 , , 0 1 8 2 1 4 , , 8 1 8 2 8 3 9 9 7 8 9 9 , , 4 6 2 7 8 8 8 80 1 3 1 , , 1 1 3 1 2 7 6 5 0 8 0 6 , , 3 3 0 0 4 3 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. Tan. 31... 1,173 2,147,953 984,295 808,986 578,061 3 Not covered by Federal Reserve Bank commitment to purchase or Feb. 28... 1,188 2,170,443 999,794 822,257 548,916 discount. NOTE.—The difference between amount of applications approved and the sum of the following four columns represents repayments of ad- NOTE.—The difference between guaranteed loans authorized and vances, and applications for loans and commitments withdrawn or sum of loans outstanding and additional amounts available to borexpired. rowers under guarantee agreements outstanding represents amounts repaid, guarantees authorized but not completed, and authorizations expired or withdrawn. APRIL 1953 369 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEES AND RATES ESTABLISHED UNDER REGULATION V POSTAL SAVINGS SYSTEM ON LOANS GUARANTEED PURSUANT TO DEFENSE [In millions of dollars] PRODUCTION ACT OF 1950 AND EXECUTIVE ORDER NO. 10161 Assets [In effect March 31] 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- Guarantee fee Percentage of banks ties Percentage of (percentage of any commitment loan guaranteed interest payable fee charged by borrower) borrower 1945—December 2,933 3,022 6 2,837 179 1946—December 3,284 3,387 6 3,182 200 1947—December 3,417 3,525 6 3,308 212 70 or less 10 10 1948—December 3,330 3,449 7 3,244 198 75 15 15 1949—December 3,188 3,312 7 3,118 187 80 . . 20 20 1950—December 2.924 3,045 11 2,868 166 85 25 25 1951—December.... 2,705 2,835 28 2,644 162 90 30 30 1952—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 2.555 2,749 33 2,553 162 Interest rate December 2,547 2,736 33 2,551 151 Commitment rate. 1953—Tanuary v2 535 February. . . ^2,524 P Preliminary. 1 Outstanding principal, represented by certificates of deposit. 2 Includes reserve and miscellaneous working funds with Treasurer of United States, working cash with postmasters, accrued interest on bond investments, and miscellaneous receivables. Back figures.—See Banking and Monetary Statistics, p. 519; for description, see p. 508 in the same publication. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Annual rate of Debits to demand Annual rate of Debits to total deposit accounts, except turnover of total deposit accounts, turnover of demand interbank accounts deposits, except except interbank deposits, except interinterbank and Government bank and Government Year or month Total, all New 140 Other New Other New Other New Other reporting York other reporting York reporting York leading York leading centers Cityi centers * centers City centers City 2 cities 2 City 2 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—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 '•148,997 52,803 79,983 r16,211 28.7 14.5 53,112 79.699 36.2 22.0 February 131,419 46,319 70,851 14,248 29.7 14.7 45,473 69,401 35.7 22.2 r Revised. 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 be*n 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 1953. As described in the article on pp. 355-57 of this BULLETIN, the monthly series on bank debits will be revised beginning with figures for March; it will be on substantially the same basis as the weekly bank debits figures previously collected; collection of the latter has been discontinued. 370 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS [Outside Treasury and Federal Reserve Banks. In millions of dollars] Total Coin and small denomination currency 2 Large denomination currency 2 End of year or in cir- Unasmonth cula- sorted tion x Total Coin $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 5,553 590 559 36 1,019 1,772 ,576 2,048 460 919 191 425 20 32 1940 8,732 6,247 648 610 39 1,129 2,021 ,800 2,489 538 1,112 227 523 30 60 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1942 15,410 11,576 880 801 55 1,693 4,051 ,096 3,837 1,019 1,910 287 586 9 25 1943 20,449 14,871 1,019 909 70 1,973 5,194 ,705 5,580 1,481 2,912 407 749 9 22 1944 25,307 17,580 1,156 987 81 2,150 983 ,224 7,730 1,996 4,153 555 990 10 24 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1946 28,952 20,437 1,361 1,029 67 2,173 6,497 9,310 8,518 2,492 4,771 438 783 8 26 1947 28,868 20,020 1,404 ,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1948 28,224 19,529 1,464 ,049 64 2,047 6,060 8,846 8,698 2,494 5,074 400 707 5 17 1949 27,600 19,025 1,484 ,066 62 2,004 5,897 8,512 8,578 2,435 5,056 382 689 4 11 1950 27,741 19,305 1,554 ,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1951 29,206 20,530 1,654 ,182 67 2,120 6,329 9,177 8,678 2,544 5,207 355 556 4 12 1952—February. . . . 28,465 19,904 1,630 ,110 66 2,013 152 8,934 8,563 2,503 5,152 351 545 4 March 28,473 19,937 1,637 ,113 65 2,016 6,165 8,940 8,537 2,496 140 349 540 4 April 28,464 19,936 1,651 ,114 66 2,004 6,141 8,960 8,529 2,498 137 347 535 4 May 28,767 20,231 1,665 ,132 67 2,040 6,261 9,066 8,537 2,508 5,142 346 530 4 June 29,026 20,449 1,678 ,140 68 2,054 6,323 9,187 8,578 2,531 5,166 344 525 4 July 28,978 20,398 1,686 ,129 67 2,034 291 9,190 8,582 2,531 5,172 344 522 4 August 29,293 20,659 1,695 ,140 67 2,062 376 9,319 ,635 2,551 5,211 342 519 4 September.. . 29,419 20,739 1,705 ,164 68 2,070 368 9,365 8,682 2,559 5,252 342 517 4 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 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 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 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 February....29,793 20,918 1,725 1,158 2,052 6,432 9,483 8,877 2,629 5,390 340 507 4 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 2 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. 3 Paper currency only; $1 silver coins reported under coin. Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money in circulation 1 Money Total out- held by standing, As security For Federal Fe 1 b 9 . 5 2 3 8, g a o s g l i d a lv in e a r s n t d Tr c e a a s s h ury B R F a e n e d s k e e s r r v a a n e l d B R a a n e g k s e e s n r t v a s n e d Fe 1 b 9 . 5 2 3 8, Ja 1 n 9 . 5 3 3 1, Fe 1 b 9 . 5 2 2 9, certificates agents Gold 22 662 21,517 21,145 Gold certificates 21,517 18,665 2,816 37 37 38 Federal Reserve notes 26,679 87 1,182 25,410 25,337 24,179 Treasury currency—total 4,824 32,369 52 425 4,346 4,317 4,248 Standard silver dollars 492 253 36 4 199 198 188 Silver bullion 2,116 2,116 Silver certificates and Treasury notes of 1890. . 32,369 34l"' ' '2i028" "2i607" 1 ,999 Subsidiary silver coin 1,169 10 39 1,120 1,116 1 ,056 Minor coin 414 2 6 406 406 386 United States notes 347 3 32 312 305 313 Federal Reserve Bank notes 210 1 3 207 208 228 National Bank notes 76 (5) 1 75 75 79 Total—Feb. 28 1953 CO 23,886 1,284 18,665 4,423 29,793 F T e a b n . . 2 3 9 1 , , 1 1 9 9 5 5 2 3 C (4) O 2 2 4 4 , , 3 1 6 6 5 8 1 1, , 2 3 8 0 7 8 1 19 8 , , 1 9 7 7 7 5 4 4, , 4 7 1 1 3 3 29^691 28,465 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. 363. 2 Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890. * To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding is not included in total Treasury currency outstanding. 4 Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types 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. APRIL 1953 371 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM ALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS, POSTAL SAVINGS SYSTEM, AND TREASURY CURRENCY FUNDS * [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Bank credit Total assets, U. S. Government abligations Total Capital Date Treas- liabil- Total and 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 r n c m d i - al R Fe e d se e r r v a e l Other O s ri e t t c h ie u e s - r ca a n p n e i d t t al, cur a r n e d ncy co n a u c e n - t ts, savings Banks banks 1929—June 29 4 037 2,019 58,642 41, 082 5,741 5,499 716 26 11,819 64,698 55,776 8,922 1933—June 30 4, 031 2,286 42,148 957 10,328 8,199 1 998 131 9,863 48,465 42,029 6,436 1939—Dec. 30 17 644 2,963 54,564 77, 157 73,105 19,417 2 484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31 . 22, 737 3,247 64,653 76 605 79,049 25,511 7,254 1,284 8,999 90,637 82,811 7,826 1945—Dec. 31 70 065 4,339 167,381 30, 387 178.417 101,288 74 767 2,867 8,577 191.785 180,806 10,979 1947—Dec 31 22, 754 4,562 160,832 023 107,086 81,199 77 559 3,328 10,723 188,148 175,348 12,800 194g—Dec. 31 74 244 4,589 160,457 48 341 100,694 74,097 73 333 3,264 11,422 189,290 176,121 13,168 1949—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 ?4 231 4,607 164,348 51 999 98,709 77,320 18 331 3,058 13,640 193,186 178,568 14,618 Dec. 30 7? 706 4,636 171,667 60 366 96 ,560 72,894 70 778 2,888 14,741 199,009 184,385 14,624 1951—Tune 30 756 4,655 173,447 821 94,450 68,726 7? 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 73 801 2,664 15,918 208,724 193,404 15.320 1952—Feb. 27 . 71 100 4,700 179,300 67 000 96,200 71,100 7? 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 77 500 2,600 16 400 208 200 192 300 15 900 Apr 30 23 300 4,700 179,900 68 100 9S,200 70,200 7? 400 2,600 16,600 207,900 192,200 15,700 May 28 73 300 4,700 180,600 68 500 95,300 70,500 77 300 2,600 16,800 208,700 192,900 15,800 June30 346 4,754 182,980 69 712 96,266 70,783 7? 906 2,577 17 002 211 080 194 960 16,120 July 30 . 23 400 4,800 185,300 70 000 98,100 72,700 7? 800 2,600 17,200 213,400 197,200 16,100 Aug. 27 73 300 4,800 185,300 70 500 97,300 71,700 73 100 2,600 17,500 213,400 197,000 16,400 Sept 24 300 4,800 186,500 71 600 97,600 71,300 73 700 2,600 17,400 214 600 197,900 16,700 Oct. 29 23 300 4,800 188,900 7? 900 98,600 72,400 73 600 2,600 17,300 217,000 199,900 17,100 26 23 300 4.800 191,500 74 300 99,900 73,600 73 800 2,600 17,300 219 600 202 700 16,900 Dec 31 23 187 4,812 192,866 7S 484 100,008 72,740 74 697 2,571 17 374 220 865 204,220 16,647 1953—Jan. 73 000 4,800 191,200 74 900 98,800 72,300 74 000 2,600 17,500 219 000 202,100 16,900 Feb. 25P 22 700 4,800 190,300 75 000 97,800 71,400 23 900 2,500 17,500 217,800 201,000 16,800 Deposits and Currency U. S. Government balances Deposits adjusted and currency I)ate Total d F e b o p n r a o e e n i s t k g it n s, T c u r a e r s a y h s- A m s b a t a e a v c n r n i c o n d k i m g a s s l - R F B e e d a A 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 T b C e a i o r m n m c k e i - a s l dep M b s o a a s v u n it i t k s n u s g 3 a * s l S S P a y o v s s i t t n e a m g l s o b r u C e a t n u n s c i r k d - y s e 1929—June 29 776 365 204 381 36 54,790 77 540 28,611 19,557 8,905 149 3,639 1933—June 30 42 029 50 264 852 35 40,828 14 411 21,656 10,849 9,621 1,186 4,761 1939—Dec. 30 68 359 1,217 2,409 846 634 63,253 79 793 27,059 15,258 10,523 1,278 6,401 1941—Dec. 31 811 1,498 2,215 1 895 867 76.336 38,992 27,729 15,884 10,532 1,313 9,615 1945—Dec 31 180 806 2,141 2,287 74 608 977 150,793 7S,851 48,452 30,135 15,385 2,932 26,490 1947—Dec. 31 175 348 1,682 1,336 1452 870 170,008 87,121 56,411 35,249 17,746 3,416 26,476 194g—Dec. 31 176 121 2,103 1,325 7 451 1,123 169,119 8S,520 57,520 35,804 18,387 3,329 26,079 1949—Dec. 31 177 313 2,150 1,312 3 749 821 169,781 85 750 58,616 36,146 19,273 3,197 25,415 1950—June 30 178 568 2,555 1,298 3 801 950 169,964 85,040 59,739 36,719 19,923 3,097 25,185 Dec. 30 184 385 2,518 1,293 2 989 668 176.917 92,272 59,247 36,314 20,009 2,923 25,398 1951—June 30 18S 038 2,424 1.281 6 337 317 174,684 88,960 59,948 36,781 20,382 2,785 25,776 Dec. 31 193 404 2,279 1,279 615 247 185,984 98,234 61,447 37,859 20,887 2,701 26,303 1952—Feb. 27 191 500 2,200 1,300 3 900 700 183,400 95 700 62,000 38,200 21,100 2,700 25,600 Mar. 26 19? 300 2,200 1,300 5 800 182,900 94 ,800 62,400 38,500 21,300 2,700 25,700 Apr. 30 197 200 2,200 1,300 4 500 500 183,800 9S,100 62,700 38,600 21,400 2,700 25,900 May 28 197 900 2,300 1,300 4 400 600 184,400 95 300 63,000 38,900 21,600 2,600 26.000 June30 194,960 2,319 1,283 6 121 333 184,904 94 ,754 63,676 39,302 21,755 2,619 26,474 July 30.. 197,200 2,600 1,300 7 000 600 185,800 9S,700 63,800 39,400 21,900 2,600 26,200 Aug. 27 197 ,000 2,600 1,300 6 700 700 186,200 95 800 64,100 39,600 22,000 2,600 26,300 Sept 24 197,900 2,500 1,300 6,500 300 187,400 96,400 64,500 39,800 22,200 2,600 26 600 Oct 29 199,900 2,500 1,300 5 300 600 190,200 98 600 64,900 40,100 22,200 2,600 26,700 Nov. 26 ,700 2,500 1,300 7,000 300 191,600 99 400 64,800 40,000 22,300 2,600 27,400 Dec. 31 704 ,220 2,501 1,270 5,759 389 194,801 101 ,508 65,799 40,666 22,586 2,547 27,494 1953—Tan. 28?' 707 ,100 2,500 1,300 4.200 700 193,300 100,500 66,100 40,700 22,800 2,500 26,800 Feb. 25P 201 ,000 2,300 1,300 5,400 400 191,600 98,300 66,400 41,000 22,900 2,500 26,900 P Preliminary. r Revised. 1 Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund. 2 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 3 Excludes interbank time deposits; United States Treasurer's time deposits, open account; and deposits of Postal Savings System in banks. 4 Prior to June 30, 1947, includes a relatively small amount of demand deposits. 5 Less than 50 million dollars. NOTE.—For description of statement and back figures, see BULLETIN for January 1948, pp. 24-32. The composition of a few items differs slightly from the description in the BULLETIN article; stock of Federal Reserve Banks held by member banks is included in "Other securities" and in "Capital and miscellaneous accounts, net" and balances of the Postal Savings System and the Exchange Stabilization Fund with the U. S. Treasury are netted against the same item instead of against U. S. Government deposits and Treasury cash. Total deposits and currency shown in the monthly Chart Book excludes "Foreign bank deposits, net" and "Treasury cash." Except on call dates, figures are rounded to nearest 100 million dollars and may not add to the totals. See Banking and Monetary Statistics. Table 9, pp. 34-35, for back figures for deposits and currency. 372 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 l Total b In an te k r - 1 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. 31 2. .. 134,92 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. 31 154,869 67,608 87,261 71,343 15,918 45,531 185,756 15,087 111,644 59,025 14,623 14,618 1952—Feb. 27 154,790 67,630 87,160 71,060 16,100 39,820 178,770 12,900 106,240 59,630 14,690 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. 27. . . . 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. 24 160.750 72,090 88,660 71,280 17,380 40,980 185,440 13,870 109,350 62,220 15,170 14,599 Oct. 29 163.200 73,470 89,730 72,400 17.330 41,220 187,260 13,810 110,800 62,650 15,260 14,591 Nov. 26.... 165,490 74,600 90,890 73,560 17,330 42,620 190,620 13,880 114,190 62,550 15,280 14,586 Dec. 31. ... 165,626 75,512 90,114 72,740 17,374 45,584 195,552 15,321 116,633 63,598 15,367 14,575 1953—Tan. 28*»\ . 165,030 75,330 89,700 72,250 17,450 40,800 188,590 13,520 111,210 63,860 15,370 14,571 Feb. 25*... 164,580 75,630 88,950 71,410 17,540 41,350 188,760 13,260 111,280 64,220 15,440 14,563 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—Feb. 27. ... 132,240 57,590 74,650 61,260 13,390 38,970 157,620 12,900 106,210 38,510 12,280 14,086 June 30.... 134,43 59,233 75,204 61.178 14,026 40,702 162.348 13,512 109,222 39,614 12,60i 14,070 Aug. 27 136,550 60,210 76,340 61,960 14,380 38,380 160,770 12.890 107,990 39.890 12,630 14,074 Sept. 24 137,090 61,200 75,890 61,610 14.280 40,130 163,260 13,870 109,320 40,070 12,720 14,070 Oct. 29. ... 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. 26. ... 141,660 63,400 78,260 64,090 14,170 41,820 168,340 13,880 114,160 40,300 12,820 14,057 Dec. 31 141, < 64.163 77,461 63,318 14,143 44,666 172,931 15,319 116,600 41,012 12,888 14,046 1953—Tan. 28* T. . 140,780 63,860 76,920 62,760 14,160 39,920 165,780 13,520 111,180 41,080 12,890 14,042 Feb. 25*> 140,100 64,070 76,030 61,900 14,130 40,500 165,830 13,260 111,250 41,320 12,950 14,035 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—Feb. 27 111,771 49,364 62,407 51,294 11,113 34,216 134,370 12,325 91,141 30,904 10,271 6,834 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. 27 115,: 51,331 63,889 51,839 12,050 33,730 136,872 12,215 92,687 31,970 10,549 6,810 Sept. 24 115,533 52,192 63,341 51,406 11,935 35,363 139,052 13,161 93,773 32,118 10,606 6,807 Oct. 29 117,604 53.317 64,287 52,484 11,803 35,535 140.431 13,074 94,959 32,398 10,680 6,804 Nov. 26 119,564 54,283 65,281 53,486 11,795 36,896 143,478 13,120 98,006 32,352 10,700 6,801 Dec. 31 119,54 55,034 64,514 52,763 11,751 39,255 147.527 14,617 100,020 32,890 10,761 6,798 1953—Jan. 28P'\ . . 118,625 54,698 63,927 52,137 11 .790 35.053 140,913 12,876 95,116 32,921 10,763 6,791 Feb. 25P. . . . 117,975 54,868 63,107 51,348 11,759 35,614 140,949 12,645 95,186 33,118 10,812 6,785 All mutual savings banks: 1939—Dec. 30 10,216 4,927 5,289 3,101 2,188 818 10,524 3 10,521 1,309 551 1941—Dec. 31 10,379 4,901 5,478 3,704 1,774 793 10,533 6 10,527 1,241 548 1945—Dec. 31 16,208 4,279 11,928 10,682 1,246 609 15,385 14 15,371 1,592 542 1947—Dec. 31 2 18,641 4,944 13,696 11,978 1,718 886 17,763 17 17,745 1,889 533 1948—Dec. 31 19,395 5,686 13,709 11,476 2,233 878 18,405 17 18,387 1,999 532 1949—Dec. 31 20,400 6,578 13,822 11,428 2,394 873 19,293 20 19.273 2,122 531 1950—Dec. 30 21,346 8,137 13,209 10,868 2,342 797 20,031 22 20,009 2,247 529 1951—Dec. 31 22,259 9.862 12.398 9.819 2.579 886 20,915 26 20,888 2.407 529 1952—Feb. 27 22,550' 10,040 12,510 9,800 2,710 850 21,150 30 21,120 2,410 529 June 30 23.091 10,509 12,582 9.606 2,976 966 21.782 26 21,755 2,438 529 Aug. 27 23,550 10,760 12,790 9,710 3,080 780 22,000 30 21,970 2,440 529 Sept. 24 23,660 10,890 12.770 9,670 3.100 850 22,180 30 22,150 2,450 529 Oct. 29 23,760 11.060 12,700 9,540 3,160 820 22,270 30 22,240 2,460 529 Nov. 26 23,830 11,200 12,630 9.470 3,160 800 22,280 30 22,250 2,460 529 Dec. 31 24,003 11,349 12,654 9,422 3,231 918 22,621 33 22,586 2,479 529 1953—Tan. 28* »\ . . 24,250 11,470 12,780 9,490 3,290 880 22,810 30 22,780 2,480 529 Feb. 25*.... 24,480 11,560 12,920 9,510 3,410 850 22,930 30 22,900 2,490 528 * Preliminary. r Revised. * "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. APRIL 1953 373 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 G U ov .S e . rn- Other assets l Total 1 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 Central reservecity member bainks: New York Ci 1939—Dec. 30 9 339 3,296 6,043 4,772 J 279 6,703 14,509 4,238 9,533 736 1592 36 1941—Dec. 31 12 896 4,072 8,823 7,265 1,559 6,637 17,932 4,207 12,917 8O7 1648 36 1945—Dec. 31 96 143 7,334 18,809 17,574 1,235 6,439 30 121 4,657 94,227 ,236 9 120 37 1947—Dec. 31 20 393 7,179 13,214 11,972 1,242 7,261 25,216 4,464 19,307 ,445 2,259 37 1948—Dec. 31 18 759 8 048 10,712 9,649 1,063 7,758 ?4 024 4,213 18 131 680 9 306 35 1949—Dec. 31 19 583 7,550 12,033 10,746 1,287 6,985 23 983 4,192 18,139 ,651 2,312 25 1950—Dec. 30 20 612 9,729 10,883 8,993 .890 7,922 25,646 4,638 19,287 ,722 2,351 23 1951—Dec. 31- ?1 379 11 146 10,233 8,129 2,104 8,564 ?6 859 4,832 90,348 ,679 9 425 22 1952—Feb. 27 21 115 11 216 9,899 7,808 2,091 7,211 24 935 4,190 19 110 ,635 2,438 22 June 30 21.710 11 268 10,442 8,212 2,231 8,135 26 745 4,639 20 311 ,795 2,460 22 Aug. 27 ?1,325 11 142 10,183 7,839 2,344 6,769 94 746 4,102 18 957 ,687 9 473 22 Sept.24 21,246 11 363 9,883 7,612 2,271 7,297 25 288 4,596 18 971 791 2,462 22 Oct. 29 21,283 11 680 9,603 7,518 2,085 7,267 25 111 4,388 19 on 1,712 2,477 22 Nov. 26 21,696 11 973 9,723 7,695 2,028 7,818 26 108 4,440 19 1,784 2,476 22 Dec. 31 22,130 12 376 9,754 7,678 2,076 8,419 27 309 4,965 20 884 1,840 2,505 22 1953—Jan. 28?'.... 21,233 12 127 9,106 7,012 2,094 6,994 24 817 4,437 18 504 1,779 2,508 22 Feb. 21,049 12 112 8,937 6,840 2,097 7,224 24 769 4,367 18 601 1,813 2,525 22 589 Chicago: 25P 1939—Dec. ?,105 569 1,536 1,203 333 ,446 ^ 330 888 1 947 495 250 14 1941—Dec. 31 2,760 954 1,806 1,430 376 ,566 4 057 ,035 2 546 476 288 13 1945—Dec. 3301 . ... 5,931 1 333 4,598 4.213 385 ,489 7 046 1,312 5 015 719 377 12 1947—Dec. 31 5,088 1 801 3,287 2,890 397 ,739 6 402 1,217 4 273 O13 426 14 1948—Dec. 31 4,799 1 783 3,016 2,633 383 ,932 6 293 1,064 4 227 1,001 444 13 1949—Dec. 31 S,424 1 618 3,806 3,324 482 ,850 6 810 ,191 4 535 1,083 470 13 1950—Dec. 30 5,569 2 083 3,487 2,911 576 2,034 7 109 ,228 4 778 1,103 490 13 1951—Dec- 31 S,731 ? 468 3,264 2,711 552 ?,196 7 402 1,307 4 952 1,143 513 13 1952—Feb. 27 5,626 2 366 3,260 2,733 527 2,029 6 944 ,162 4 644 1,138 510 13 June 30 5,664 2 380 3,284 2,721 563 1,899 7 027 ,182 4 681 L,164 530 13 Aug. 27. ... S,735 9 401 3,334 2,763 571 9,022 7 129 ,199 4 784 1,146 529 13 Sept. 24 5,679 2 399 3,280 2,709 571 2,084 7 196 L.239 4 808 L ,149 531 13 Oct. 29 5,839 9 444 3,395 2,827 568 9,119 7 215 ,240 4 812 1,163 534 13 Nov 96 6,112 9 592 ,520 2,933 587 9,120 7 368 L ,221 4 981 L 166 537 13 Dec. 31 6,240 2 748 3,493 2,912 581 2,010 7 686 1,350 5 132 1,205 541 13 1953—Jan. 28* ' 6,037 2 594 3,443 2,862 581 2,083 7 186 1,171 4 843 1,172 537 13 Feb. 25P 5,910 2 569 3,341 2,779 562 2,098 7 222 1,182 4 872 1,168 537 13 Reserve city member banks: 1939—Dec. 30 12,272 5 329 6,944 5,194 1,749 6,785 17 741 J.686 9 439 1,616 1,828 346 1941—Dec. 31 IS,347 7 105 8,243 6,467 1,776 8,518 99 313 1.460 13 047 t.806 1,967 351 1945—Dec 31 40,108 8 514 31,594 29,552 2,042 11,286 49 085 6,448 32 877 9,760 2,566 359 1947—Dec. 31 36,040 13 449 22,591 20,196 2,396 13,066 46 467 5,649 29 395 11,423 2,844 353 1948—Dec. 31 35,332 14 285 91,047 18,594 2,453 H,317 4S 943 5,400 99 153 11,391 ?,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 11,779 19,084 3,695 13,998 SI,437 6,448 33 342 11,647 ^,322 336 1951—Dec. 31 4? ,694 19 651 93,043 19.194 3.849 IS,199 54 466 6,976 35 218 12,272 ,521 321 1952—Feb. 27 42,355 19 402 22,953 19,015 3,938 13,437 51 818 5,866 33 519 12,433 3,546 320 June30 43,091 19 745 9S.346 19,123 4,223 13.925 S3,425 5.908 34 764 12,754 663 319 Aug. 27 44,086 20 290 23,796 19,404 4,392 13,308 53 090 5,876 34 362 12,852 3,655 319 Sept 24. 44,163 90,730 93,433 19,113 4,320 14,086 54,013 6,226 34 861 12,926 3,675 319 Oct. 29 45,381 91 ,276 94,105 19,761 4,344 14,004 54,766 6 289 3S,422 13,055 7, 711 319 Nov. 26 46,104 21,627 24,477 20,127 4,350 14,585 55 923 6,278 36 604 13,041 3,720 319 Dec. 31 45,583 21 697 23,886 19,624 4,262 15,544 57 357 7,001 37 095 13,261 3,745 319 1953—Tan. 28? r. . . . 45, 533 21,680 23,853 19,543 4,310 13,898 54 893 6,104 35 499 13,290 3,742 320 Feb. 25P 45,271 21,801 23,470 19,161 4,309 14,152 54 912 5,991 35 551 13,370 3,762 322 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 1?,518 s,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 s,596 ?9,407 26,999 2,408 10,632 43,418 L.223 79,700 12,494 ?,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 ?4,782 21,278 3,504 11,196 4S,102 964 ?9 370 14,768 3,123 6,535 1949—Dec. 31 38,219 1?,692 ?S,527 21,862 3,665 10,314 45,534 1,001 99 771 14,762 ,305 6,513 1950—Dec. 30 40,558 14,988 25,570 21,377 4,193 11,571 48,897 1,133 32 899 14,865 3,532 6,501 1951—Dec.31 4?,444 16.296 ?6,148 21.587 4.561 13,292 59,288 1,309 3S 449 15,530 ,760 6,484 1952—Feb. 27 42,675 16,380 26,295 21,738 4,557 11,539 50,673 1,107 33,868 15,698 3,777 6,479 June 30 43.037 17,133 25.904 21,206 4.698 12.087 51.571 1.083 34.414 16,075 3,873 6,461 Auc 27 44,074 17,498 ?6,576 21,833 4,743 11,631 51,907 1 .038 34,584 16,285 ^ 892 6,456 Sept 24 44,445 17,700 26,745 21,972 4,773 11,896 52,555 1,100 35,133 16,322 3,938 6,453 Oct. 29 45,101 17,917 27,184 22,378 4,806 12,145 53,339 1,157 35,714 16,468 3,958 6,450 Nov 26 45,652 18,091 27,561 22,731 4,830 12,373 54,079 1,181 36,537 16,361 3,967 6,447 Dec. 31 45,594 18,213 27,381 22,549 4,832 13,281 55,175 1,301 37,289 16,585 3,970 6,444 1953—Jan. 28*"- 45,822 18,297 27,525 22,720 4,805 12,078 54,017 1,164 36,173 16,680 3.976 6,436 Feb. 25P 45,745 18,386 27,359 22,568 4,791 12,140 54,046 1,105 36,174 16,767 3,988 6,428 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. 374 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of bank Cash Total Number and date U. S. assets ' Inter- a c c a c p o i u ta n l ts ba o n f ks Total Loans Total G o m o b v l e i e g n r a t n - - O s ri e t t c h ie u e s - r Total bank* m D a e n - d Time tions All Insured commercial banks: 1941—Dec. 31 49,290 21,259 28,031 21,046 6,984 25,788 69,411 10,654 43,059 15,699 6,844 13,426 1945—Dec 31 121.809 25.765 96,043 88,912 7,131 34,292 147,775 13,883 104,015 29,876 8,671 13,297 1947—Dec. 31 114,274 37,583 76,691 67,941 8,750 36,926 141,851 12,670 94,300 34,882 9,734 13,398 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 Dec. 31 139,770 63,632 76,138 62,308 13,831 44,222 170,971 14,990 115,371 40,610 12,563 13,422 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 1947—Dec. 31 65,280 21,428 43,852 38,674 5,178 22,024 82,023 8,410 54,335 19,278 5,409 5,005 1950—Dec. 30 72,090 29,184 42,906 35,587 7,320 23,763 89,281 9,133 60,251 19,897 6,313 4,958 1951—Dec. 31 75,255 32,317 42,938 35,063 7,875 25,951 94,173 9,788 63,477 20,908 6,653 4,939 1952—June 30 76.036 33.054 42.982 34.604 8,378 23,928 92,720 8.584 62,255 21,880 6.879 4,925 Dec. 31 80,180 36,004 44,176 35,835 8,341 26,333 98,974 9,918 66,362 22,694 7,042 4,909 State member banks: 1941—Dec. 31 15,950 6,295 9,654 7,500 2,155 8,145 22,259 3,739 14,495 4,025 2,246 1,502 1945—Dec. 31 37,871 8,850 29,021 27,089 1,933 9,731 44,730 4,411 32,334 7,986 2,945 1,867 1947—Dec. 31 32,566 11,200 21,365 19,240 2,125 10,822 40,505 3,993 27,449 9,062 3,055 1,918 1950—Dec. 30 35,334 15,521 19,813 16,778 3,035 11,762 43,808 4,315 30,055 9,438 3,381 1,915 1951—Dec. 31 36,992 17,243 19,748 16,558 3,191 13,301 46,843 4,637 32,491 9,715 3,565 1,901 1952—June 30 37,466 17.472 19,994 16.657 3.337 12,119 46,049 4,227 31.914 9.908 3,647 1,890 Dec. 31 39,367 19,030 20,337 16,928 3,409 12,922 48,553 4,699 33,658 10,196 3,719 1,889 Insured nonmember commercial banks: 1941—Dec. 31 5,776 3,241 2,535 1,509 1,0 5 2,668 7,702 129 4,213 3,360 959 6.810 1 1 9 9 4 4 7 5 — — D D e e c c . . 3 3 1 1 1 1 4 6 , , 6 4 3 4 9 4 4 2 , . 9 99 5 2 8 1 1 1 1 , . 4 6 8 4 6 7 1 1 0 0 . ,0 5 3 8 9 4 1 1, , 4 0 4 ( 8 3 4 4 , r4 0 4 8 8 3 1 1 8 9 , , 1 3 1 4 9 0 2 26 4 6 4 1 1 2 2 , , 1 5 9 1 6 5 5 6, . 5 6 5 8 8 0 1 1, , 2 0 7 8 1 3 6 6 , , 4 4 1 7 6 8 1950—Dec. 30 17,414 7,023 10,391 8,632 1,759 4,299 20,216 297 13,194 6,726 1,570 6,562 1951—Dec. 31 18,591 7,701 10,890 8,923 1,967 4,926 21,912 353 14,415 7.144 1,686 6,602 1952—June 30 19.073 8.210 10,863 8.867 1.996 4.215 21,606 289 13.867 7.450 1,757 6,622 Dec. 31 20,242 8,605 11,638 9,556 2,081 4,970 23,464 373 15,351 7,740 1,804 6,627 Noninsured nonmember commercial banks: 1941—Dec. 31 1,457 455 1,002 761 241 763 1,872 329 1,291 253 329 852 1945—Dec. 31 2,211 318 1.893 1.693 200 514 2.452 181 1.905 365 279 714 1947—Dec. 312 2,009 474 1,535 1,280 255 576 2,251 363 1,411 478 325 783 1950—Dec. 30 1,853 527 1,327 1,040 286 468 1,976 294 1,224 458 327 689 1951—Dec. 31 1,789 490 1,299 991 308 469 1,932 308 1,235 388 314 650 1952—Tune 30 1.880 503 1,377 1 .061 317 443 1.993 412 1 ,186 396 320 636 Dec. 31 1,854 531 1,322 1,010 312 444 1,960 329 1,229 402 326 624 All nonmember commercial banks: 1941—Dec. 31 7,233 3,696 3,536 2,270 1,266 3,431 9,574 457 5,504 3,613 1,288 7,662 1945—Dec. 31 16,849 3.310 13,539 12,277 1,262 4.962 20,571 425 14,101 6.045 1,362 130 1947—Dec. 31 2 18,454 5,432 13,021 11,318 1,703 4,659 21,591 629 13,926 7,036 1,596 261 1950—Dec. 30 19,267 7,550 11,718 9,672 2,040 4,767 22,193 591 14,417 7,184 1,897 251 1951—Dec. 31 20,380 8,192 12,189 9,914 2,275 5,395 23,843 661 15,650 7,533 1,999 252 1952—June 30 20.954 8.714 12.240 9.928 2.312 4.658 23.598 700 15.052 7.846 2,077 258 Dec. 31 22,096 9,136 12,960 10,567 2,393 5,414 25,424 702 16,580 8,142 2,129 7,251 Insured mutual savings banks: 1941—Dec. 31 1,693 642 1,050 629 421 151 1,789 1,789 164 52 1945—Dec. 31 10,846 3,081 7,765 7,160 606 429 10,363 12 10,351 1,034 192 1947—Dec: 31 12,683 3,560 9,123 8,165 958 675 12,207 14 12,192 1,252 194 1950—Dec. 30 15,101 6,086 9,015 7,487 1,528 617 14,320 19 14,301 1,513 194 1951—Dec. 31 16,190 7,523 8,668 6,921 1,746 695 15,368 23 15,343 1,678 202 1952—June 30 16,857 8.043 8.814 6.730 2.084 756 16.081 23 16,056 1.700 205 Dec. 31 17,621 8,691 8,930 6,593 2,337 732 16,785 30 16,753 1,730 206 Noninsured mutual savings banks: 1941—Dec. 31 8,687 4,259 4,428 3,075 1,353 642 8,744 8,738 1,077 496 1945—Dec. 31 5.361 1,198 4,163 3.522 641 180 5,022 5.020 558 350 1947—Dec. 31 2 5,957 1,384 4,573 3,813 760 211 5,556 5,553 637 339 1950—Dec. 30 6,245 2,050 4,194 3,380 814 180 5,711 5,708 734 335 1951—Dec. 31 6,069 2,339 3,730 2,897 833 191 5,547 5,544 729 327 1952—June 30 6,234 2,466 3,768 2,876 892 209 5,702 5,699 738 324 Dec. 31 6,382 2,658 3,724 2,829 895 187 5,836 5,833 749 323 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. APRIL 1953 375 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES * LOANS AND INVESTMENTS [In millions of dollars] Loans1 Investments Com- Loans for U. S. Government obligations Oblimer- purchasing ga- Cla c s a s l a l n o d d f a b te ank i m n T lo a v o e n a e n t n d a s t s t l s - Total1 o c m c p i l i i n u n a a e g d - r l n , - - - A c tu g a u r r l l i - - - b o s T r r e o o c c k a u - r r r i y ti T i e n o s g l R t o e a a e s t n a - e l s O l v o i d t t i a n h o i d n - - e - s r O lo t a h n e s r 2 Total Total C c e a r t t e i D f s i- irect G a u n a - r- S p t a i t i o c o a n o a l t f d n i e l t s s - O s ri e t t h c i e e u i s k p pe e a r t - d a e n e r a d s l- o e t r h s - uals 2 Bills o d e f e d b i - n t- - Notes Bonds teed d s s u i i o v b n i - - s ers ness All commercial banks :3 1947—Dec. 31... 116,284 38,057 18,1671,660 8301,220 9,393 5,7231,063 78,22669,221 2,193 7,789 6,03453,191 14 5,2763,729 1950—Dec. 30. .. 126,675 52,249 21,9272,9051,8021,05713,54110,1201,573 74,42662,0274,236 1,969 17,033 38,778 11 118 4,281 1951—Dec. 31. .. 132,610 57,74625,879 3,4081,581 98014,580 10,4511,681 74,86361,524 7,337 7,657 11,408 35,101 219,198 4,141 1952—June 30... 134,437 59,233 25,3123,6522,113 96515,01911,4171,608 75,20461,1786,241 7,79811,,246 35,867 25 9,844 4,182 All insured commercial banks: 1941—Dec. 31. ..49,290 ,259 9,2141,450 614 662 4,545 28,031 21,046 988 3,15912,7974,1023,6513,333 1945—Dec. 31...121,809 ,765 9,4611,314 3 164 3,606 2,3611,18196,043 88,9122,45519,07116,045 51,3211 22 3,8733,258 1947—Dec. 31. ..114,274 37,583 18,0121,610 8231,190 5,6541,028 76,69167,941 2,124 7 552 5,918 52,334 145,1293,621 1950—Dec. 30...124,822 51,723 21,776 2,8231,7891,036 10,0491,534 73,09960,9864,118 1 93216,756 38,168 117,933 4,179 1951—Dec. 31...130,820 57,25625,744 3,321 960 450 10,3781,645 73,56460,533 7,219 7 52611,256 34,511 21 989 4,042 1952—June 30...132,557 58,73025,1763,562_,_._ 942 884 11,3401,570 73,82760,1176,090 7 65311,099 35,251 25 9,627 4,083 Dec. 31...139,770 63,632 27,739 3,805 2,0501,082 572!12,6031,683 76,13862,308 7,622 5 49411,714 37,456 229,9773,854 Member banks, total: 1941—Dec. 31...43,521 18,021 8,671 972 594 598 3,494 3, 25,500 19,539 971 3,007 7293,8323,090 2,871 1945—Dec. 31...107,183 22,775 8,949 855 3,1333,378 3,455 1,900 1,104 84,40878,3382,27516,98514,271 792 16 3,254 2,815 1947—Dec. 31. ..97,846 32,628 16,9621,046 8111,065 7,,1 30, 4,662 65,21857,914 1,987 816 4,815 45286 10 4,199 3,105 1950—Dec. 30...107,424 44,705 20,5211,8081,770 92710,522! 8,314 438 62,71952,3653,665 1,46814,054 33 170 8 6,640 3,714 1951—Dec. 31. ..112,247 49,561 24,3472,1401,551 85111,3341 8,524 ,68751,621 6,399 6,010 9,596 29601 7,5283,538 1952—June 30...113,502 50,52623,7322,264 2,084 82911,628| 9,268 473 62,97651,261 5,423 6,134 9,468 30 215 8,1253,590 Dec. 31. ..119,547 55,03426,2322,416 2,032 96612,214 10,3961,577 64,51452,7636,565 4,255 9,835 32 087 8,4093,342 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 3,32510,337 1 606 629 1947—Dec. 31. ..20,393 7,179 5,361 545 267 111 564 33013,21411,972 1,002 640 558 9,771 638 604 1950—Dec. 30...20,612 9,729 6,328 1,421 285 442 930 46010,883 8,993 824 250 1,711 6,206 1,123 767 1951—Dec. 31. ..21,379 11,146 7,852 1,219 262 514i 920 55110,233 8,129 1,122 616 1,428 4,960 1,385 719 1952—June 30. ..21,710 11,268 7,659 1,619 234 426! 981 52410,442 8,212 ,062 692 1,400 5,058 1,436 794 Dec. 31...22,130 12,376 8,680 1,531 286 386 1,136 539 9,754 7,678 1,079 233 1,170 5,195 1,453 623 Chicago:* 1941—Dec. 31. .. 2,760 954 732 48 52 96 ,806 1,430 256 153 903 119 182 193 1945—Dec. 31... 5,931 1,333 760 211 233 51 40 ,598 4,213 133 1,467 749 1,864 181 204 1947—Dec. 31. .. 5,088 1,801 1,418 73 87 149 26 3,287 2,890 132 235 248 2,274 213 185 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 ,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 Dec. 31... 6,240 2,748 2,080 239 66 211 120 3,493 2,912 407 224 607 1,674 384 197 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 1,459 855 404 31,594 29,552 1,034 6,982 5,65315,878 51,126 916 1947—Dec. 31. .. 36,040 13,449 7,088 225 170 484 3,147 1,969 366 22,59120,196 373 2,358 1,90115,560 31,3421,053 1950—Dec. 30... 40,685 17,906 8,646 392 207 386 4,423 3,498 60322,779 19,0841,218 499 5,53611,830 12,1841,511 1951—Dec. 31. .. 42,694 19,651 10,140 513 203 347 4,651 3,518 57223,043 19,1942,524 2,493 3,64010,528 2,4581,390 1952—June 30... 43,091 19,745 9,756 519 258 354 4,799 3,805 559 23,34619,1232,080 2,520 3,65610,851 16 2,832 391 Dec. 31. .. 45,583 21,697 10,842 501 218 422 5,099 4,347 59523,886 19,6242,387 1,774 3,85411,594 14 2,934 328 Country banks: 1941—Dec. 31... 12,518 5,890 1,676 659 183 1,823 1,530 6,628 4,377 110 481 2,926 861 1,222 ,028 1945—Dec. 31. .. 35,002 5,596 1,484 648 471 1,881 707 363 29,40726,999 630 5,102 4,54416,713 1,342 ,067 1947—Dec. 31. .. 36,324 10,199 3,096 818 227 3,827 1,979 229 26,12522,857 480 2,583 2,10817,681 6 2,006 ,262 1950—Dec. 30... 40,558 14,988 3,9801,407 187 5,591 3,679 288 25,57021,377 1,390 588 6,10713,287 5 2,998 ,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 5 !s ,334 ,227 1952—June 30. .. 43,037 17,133 4,462 1,733 179 6,337 4,299 30825,90421,206 1,914 2,551 3,91812,817 5|3,4941,204 Dec. 31... 45,594 18,213 4,630 1,901 191 6,662 4,702 32227,381 22,5492,692 2,024 4,20413,625 4 3,6391,194 All nonmember banks :3 1947—Dec. 31. .. 18,454 5,432 1,205 614 156 2,266 1,061 11113,021 11,318 206 1,973 1,219| 7,916 1,078 625 1950—Dec. 30... 19,267 7,550J 1,405 1,096 130 3,024 1,807 13411,718 9,672 571 501 2,979 5,618 1,478 567 1951—Dec. 31... 20,380 8,192 1,533 1,268 130 3,252 1,927 14612,189 9,914 939 1,647 1,812 5,510 1,671 604 1952—June 30. .. 20,954 8,714 1,580 1,388 136 3,397 2,149 13512,240 9,928 819 1,664 1,778 5,662 4 1,720 592 * 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" or "all 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. 376 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ALL 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 d f a b te ank F s B e s w e R e d a r i r n e v e t v r h - k e e a s s l v C a i a n u s l h t b m a w a B n d e n i c o a s t k e t l - h - i s s c 5 j p u m D o a s d a t d s e e e n i - - - t d d s 6 D I o n d - e te p r o b s a i F t n s o k r- U m G e . r o e n v n S - - t . p s S o u a t l a i b n t t d d i e c i s a - C c o a f e e i f n e f r r i d d t s - i ' - p a v n s a i I h d d r n t i u d n p c a i e s o - l , r s r - - , I b n a t n e k r- P U m G e a o . r n o e s n d n v S t - a t - . l s S p a u i o t c n a b l a d i t d l t e - i s - p a v n s a i I h d d r n t i u d n p c a i e s o - l , r s r - - r B i o n o w g r s - - c C o a t a u a c p l n - i t - s mestic eign visions checks, pora- Sav- visions poraetc. tions ings tions All commercial banks: 3 1947—Dec. 31.. 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 65 10,059 1950—Dec. 30. . 17,458 2,174 10,863 92,282 12,102 1,476 2,806 8,012 2,918 90,986 462 189 1,384 34,930 90 11,590 1951—Dec. 31. . 19,911 2,697 11,969 98,243 13,123 1,413 3,359 8,426 3 166 96,666 550 278 1,536 36,323 34 12,216 1952—June 30.. 19,331 2,396 10,312 94,766 11,521 1,376 5,837 8,822 2[742 91,822 614 312 1,624 37,679 94 12,601 All insured commercial banks: 1941—Dec. 31. . 12,396 1,358 8,570 37,845 9,823 673 1,761 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31. . 15,810 1,829 11,075 74,722 12,566 1,24823,740 5,098 2[585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31. . 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1950—Dec. 30. . 17,458 2,145 10,463 91,099 11,955 1,442 2,788 7,892 2,898 89,922 347 189 1,331 34,525 82 11,263 1951—Dec. 31. . 19,911 2,665 11,561 97,048 12,969 1,381 3,344 8,288 3J47 95,604 427 278 1,485 35,986 30 11,902 1952—June 30. . 19,33\ 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 Dec. 31. . 19,809 2,720 11,489 100,329 12,948 1,437 4,912 8,776 2,938 98,746 605 346 1,564 38,700 181 12,563 Member banks, total: 1941—Dec. 31. . 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1 009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31. . 15,811 1,438 7,117 64,184 12,333 1,24322,179 4,240 2 450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31. . 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2 401 72,704 50 105 693 27,542 54 8,464 1950—Dec. 30. . 17,459 1,643 6,868 78,370 11,669 1,437 2,523 6,400 2,724 78,659 341 183 1,121 28,032 79 9,695 1951—Dec. 31. . 19,912 2,062 7,463 83,100 12,634 1,369 3,101 6,666 2 961 83,240 422 257 1,238 29,128 26 10,218 1952—Tune 30. . 19,333 1,821 6,470 80,347 11,013 1,329 5,439 6 989 2 S55 79 186 469 288 1,303 30,196 69 10,526 Dec. 31. . 19,810 2,081 7,378 85,543 12,594 1,431 4,567 7 029 2 744 85 680 592 321 1,303 31,266 165 10,761 New York City:* 1941—Dec. 31. . 5 105 93 141 10,761 3,595 607 866 319 450 11 282 6 29 778 1,648 1945—Dec. 31. . 4 015 111 78 15,065 3,535 1,105 6,940 237 1 338 15 712 17 io 20 1,206 ' 195 2,120 1947—Dec. 31. . 4,639 151 70 16,653 3,236 1,217 267 290 I 105 17 646 12 12 14 1,418 30 2,259 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—Tune 30. . 5 266 168 92 16,070 3,193 1,096 1,651 305 079 17 275 350 53 21 1,721 20 2,460 Dec. 31. . 5 059 148 84 16,288 3,346 1,154 1,143 322 1 120 17 919 465 59 29 1,752 132 2,505 Chicago:4 1941—Dec. 3\ . . 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 1947—Dec. 31. . 1 070 30 175 3,737 1 196 21 72 285 63 3 853 2 9 902 426 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 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 Dec. 31. . 1 144 32 169 4,126 1,308 37 343 242 56 4 491 5 4 11 1,190 541 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 38i 160 9,563 2 2,566 1947—Dec. 31. . 7 095 562 2 125 25,714 5,497 131 405 2 282 705 26 003 22 45; 332 11,045 1 2,844 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 Dec. 31. . 7 788 651 2 419 30,609 6,662 230 1 814 2 693 791 31 798 109 105; 739 12,417 8 3,745 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 1947—Dec. 31. . 4 993 929 3 900 27,424 1,049 7 432 2 647 528 25 203 17 45 337 14,177 23 2,934 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—Tune 30. . 5 495 072 4 159 31,671 1,060 12 1 384 3 708 705 28 616 12 141 521 15,413 24 3,873 Dec. 31. . 5 820 1 250 4 706 34,519 1,278 11 1 267 3 772 777 31 473 13 152 525 15,908 25 3,970 All nonm ember banks :3 1947—Dec. 31. . 544 3 947 13,595 385 55 167 1,295 180 12 284 190 6 172 6,858 12 1,596 1950—Dec. 30. . 532 3,996 13,912 432 38 283 1,612 195 12,326 120 7 263 6,915 11 1,897 1951—Dec. 31 635 4,507 15,144 489 44 258 761 205 13 426 128 22 298 7,213 8 1,999 1952—June 30. . 575 3, 843 14,420 508 47 397 i! 833 187 12,635 145 24 320 7,502 26 2,077 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. 3 Breakdown of loan, investment, and deposit classifications are not available prior to 1947; summary figures for earlier dates appear in the preceding table. 4 Central reserve city banks. 5 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. APRIL 1953 377 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 l Investments For purchasing or carrying securities U. S. Government obligations Total Comloans mer- Date or month and cial, To brokers nvest- indus- and dealers To others Real Loans Cer- Other ments Total» trial. estate to Other Total tifi- secuand loans banks loans cates rities agri- U. S. Other U.S. Other Total Bills of in- Notes Bonds2 cul- Govt. se- Govt. se- debttural ob- curi- ob- curi- edliga- ties liga- ties ness tions tions Total— Leading Cities 1952—March 73,678 34,807 21,305 207 940 102 559 5,646 582 6,013 38,871 31,873 3,988 3,696 5,939 18,2506,998 1953—January.... 77,788 38,379 22,933 3341,208 131 656 6,017 520 7.17339,409 32,077 3,893 2,419 5,949 19,816 7,332 February.. . 76,921 38,337 22,750 3671,177 132 662 6,041 547 7,25838,584 31,205 3,224 2,361 5,876 19,744 7,379 March5 77,799 39,193 23,204 1,122 7>3 6,164 587 7,532 38,606 31,067 2,901 2,215 5,913 20,038 7,539 1953—Jan. 7... 78,110 38,490 22,980 4671,265 133 651 6,005 448 7,13439,620 32,370 4,076 2,401 5,971 19,922 7,250 Jan. 14... 77,961 38,359 23,007 2821,173 128 655 6,017 535 7,15539,602 32,263 3,999 2,435 5,959 19,8707,339 Jan. 21... 7.7,739 38,381 22,908 2561,188 133 659 6,015 618 7,197 39,358 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 5,900 19,679 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 5,868 19,667 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 5,863 19,801 7,467 Feb. 25... 76,745 38,376 22,697 2871,165 132 656 6,057 707 7,27638,369 31,024 3,097 '2,222 '5,876 19,8297,345 Mar. 4 5.. 76,574 38,345 22,729 2551,221 134 655 6,066 567 7,32038,229 30,849 2,952 2,184 5,878 19,835 7,380 Mar. 4 5.. 77,534 38,770 22,922 1,182 796 6,156 569 7,45538,764 31,276 3,010 2,234 5.93420,098 7,488 Mar. 11. .. 77,844 38,973 23,139 1,589 791 6,167 389 7,50738,871 31,328 3,144 2,218 5,92520,041 7,543 Mar. 18. .. 78,010 39,441 23,418 1,505 792 6,159 615 7,56138,569 31,014 2,855 2,239 5,89520,025 7,555 Mar. 25... 77,808 39,588 23,337 1,513 75>2 6,173 776 7,607 38,220 30,650 2,595 2,169 5,897 19,989 7,570 New York City 1952—March 20,986 11,137 7,932 174 739 23 215 470 428 1,329 9,849 7,752 1,077 646 1,364 4,665 2,097 1953—January.. . 21,105 12,059 8,565 222 937 43 232 377 313 L.552 9,046 6,973 726 228 1,076 4,943 2,073 February... 20,802 11,976 8,499 195 906 40 231 377 334 1,577 8,826 6,739 541 240 1,055 4,903 2,087 March «.... 21,083 12,197 8,653 146 967 34 235 384 327 1,637 8,886 6,761 548 192 1,073 4,948 2,125 1953—Jan. 7... 21,277 12,092 8,560 304 974 47 230 381 242 L.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 Mar. 4 5.. 20,729 11,976 8,511 140 931 40 226 383 345 1,584 8,753 6,651 481 174 1,055 4,941 2,102 Mar. 4 5.. 20.920 12,066 8,565 141 937 41 231 383 346 1,608 8,854 6,743 483 186 1,076 4,998 2,111 Mar. 11... 21,039 12,053 8,633 150 955 34 234 387 207 1,639 8,986 6,853 630 185 1,072 4,966 2,133 Mar. 18. .. 21,213 12,305 8,742 133 984 31 235 386 334 1,646 8,908 6,786 578 211 1,070 4,927 2,122 Mar. 25... 21,160 12,364 8,673 159 992 30 238 381 420 1,657 8,796 6,661 500 188 1,073 4,900 2,135 Outside New York City 1952—March 52,692 23,670 13,373 33 201 79 344 5,176 154 4,684 29,022 24,121 2,911 3,050 4,575 13,5854,901 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 February... 56,119 26,361 14,251 172 271 92 431 5,664 213 5,681 29,758 24,466 2,683 2,121 4,821 14,8415,292 March 5. . . 56,716 26,996 14,551 439 5:4 5,780 , 260 5,89529,720 24,306 2,353 2,023 4,840 15,0905,414 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 14,904 5,273 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 '2,040 '4,821 14,9235,256 Mar. 4 5.. 55,845 26,369 14,218 115 290 94 429 5,683 222 5,73629,476 24,198 2,471 2,010 4,823 14,8945,278 Mar. 4 5.. 56,614 26,704 14,357 4()4 524 5,773 223 5,84729,910 24,533 2,527 2,048 4,858 15,1005,377 Mar. 11... 56,805 26,920 14,506 4?4 523 5,780 182 5,86829,885 24,475 2,514 2,033 4,853 15,0755,410 Mar. 18... 56,797 27,136 14,676 3i\S 526 5,773 281 5,915 29,661 24,228 2,277 2,028 4,825 15,0985,433 Mar. 25... 56,648 27,224 14,664 3(.2 5:4 5,792 356 5,95029,424 23,989 2,095 1,981 4,824 15,0895,435 r Revised. 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. 3 Includes guaranteed obligations. For other footnotes see opposite page. 378 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 m b a w a d n e n o i c s t - k e h ti s s c j p m u o a d s a d e s t n e - i - t d d s ' s p p u n c v h a o a a o e n i i r d r p l r r d a s t - - - s - , - , p S s d s a i i o u t i c o n a v b l a n i d t - i l t e - s - s c C c O h a e f e e i e t n f e c r r f c d . i d t s k - i ' - s, U m G er . o e n n v S - t - . s p p u n c v h a o a a o e n i i r r d p l r r d a s t - - - s - , - , S p s d s a i t i o u i c o a n v b l a t n i d - i l e t - s - s P m U G S e i a o n r a . n o e s g n v d n v t S s - a - t - . l m D t D e i o c s - e - man F ei d o g r n -, Time r B i o n o w g r s - - c C o i a a t u c a p - n l - ts B d it e a s b n * - k tions tions Total- Leading Cities 1952—March... . 14,899 2,55752,73353,695 3,452 1.506 2,921 15,385 757 17010,2741,229 415 681 6,908124,758 1953—January... 15,044 970 2,44154,77355,928 3,698 1,562 2,356 16,253 760 20010,8851,314 5761,367 7,168132,811 February.. 14,755 924 2,33853,39654,550 3,808 1,502 3,050 16,327 774 19910,1701,263 5661,343 7,210114,874 March 5. . 14,961 931 2 ,39354,11755,361 3,685 1 ,636 3,010 16,740 773 19610,0901,331 5891,302 7,316 1953—Jan. 7... 15,183 996 2,400 54,46755,301 3,643 1,558 2,709 16,267 751 20211,1451,338 578 ,515 7,182 28,409 Jan. 14... 14,964 994 2,56154,84756,715 3,579 1,728 2,183 16,231 761 20211,3051,310 577 ,301 7,154 28,465 Tan. 21... 15,067 932 2,500 54,98056,356 3,687 1,548 2,197 16,251 762 19710,9761,310 576 ,228 7,154 31,564 Jan. 28... 14,961 956 2,30354,799 55,379 3,845 1,414 2,337 16,261 765 20010,1141,297 574 ,423 7,182 28,668 Feb. 4... 14,980 881 2,26453,84854,262 3,889 1,438 2,640 16,289 770 20010,210 1,289 567 ,499 7,199 31,409 Feb. 11... 14,772 935 2,27553,60954,730 3,889 1,571 2,813 16,311 774 19910,1191,248 566 ,410 7,205 26,948 Feb. 18... 14,717 908 2,446 53,04354,582 3,715 1,533 3,475 16,334 772 20010,3831,253 565 ,212 7,208 30,327 Feb. 25... 14,552 971 2,36753,08754,627 3,740 1,467 3,271 16,374 778 198 9,9691,263 567 ,251 7,228 25,730 Mar. 4 K 14,543 884 2,313 53.15754,104 3,744 1,545 2,712 16,455 772 19510.1761,273 574 ,131 7,235 32,329 Mar. 4 5. 14,711 904 2,351 S3,876S4,819 3,790 1 ,5612,762 16,720 776 19510,221 1 ,293 579 ,140 7,311 Mar. 11... 14.850 953 2,386 54,841 56,317 3,628 1 ,462 2,089 16,744 773 19610,0871,365 586 ,411 7,313 Mar. 18:. . 15,452 935 2,516 54,47956,143 3,665 1,782 3,020 16,747 770 19510,4091 ,359 595 ,416 7,314 Mar. 25... 14,832 931 2,318 53,27554,165 3,659 1,740 4,170 16,749 771 198 9,6431,306 598 ,241 7,324 New York City 1952—March... . 5,389 16,28617,119 238 704 1,080 1,556 2 ,9961,023 315 203 2 ,394 50,213 1953—January.. . 5,042 147 16,04416,914 285 695 671 1,630 3,0261,057 453 339 2,459 53,112 F M e a b r r c u h a r 5 y .. . . . 4 5, , 1 9 1 3 2 5 1 14 4 0 4 1 1 5 5 , , 8 6 4 2 1 71 16 6 , , 8 5 2 9 7 0 2 2 3 9 9 6 7 7 5 0 8 4 9 7 0 8 9 4 1 1 , , 6 7 4 3 5 4 2 2 , , 8 8 7 8 6 01 1, , 0 0 6 2 5 0 4 45 4 9 0 3 3 4 7 1 9 2 2 , , 4 4 9 7 2 2 45,473 1953—Jan. 7... 084 152 15,96916,815 266 676 832 1,637 3,066 1,073 456 404 2,459 11,905 Jan. 14... 003 154 16,00916,958 272 812 628 1,620 3,086 1,055 453 318 2,459 11,122 Jan. 21... 049 137 16,04116,986 278 672 599 1,626 3,050 1,051 452 331 2,459 12,363 Jan. 28... 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 ,043 441 435 2,471 13,227 Feb. 11... 4, 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 Mar. 4 s. 4,930 135 15,71316,590 246 694 682 1,706 2,928 1,027 445 190 2,477 12,755 Mar. 4 5. 4,977 139 15,891 16,774 247 701 690 1,714 2,935 1,045 450 193 2,495 Mar. 11 ... 5,052 150 16,19617,189 254 652 509 1,737 2.808 1 ,095 458 329 2,491 Mar. 18. .. 5,401 135 15,79716,947 235 805 1 ,100 1,743 2,987 1,083 461 478 2,491 Mar. 25... 5,016 136 15,481 16,399 219 876 1,338 1,743 2,774 1 ,039 465 364 2,490 Outside New York City 1952—March 9,510 740 2,50936,44736,576 3,214 1,84113,829 730 122 7,278 206 100 478 4,514 74,545 1953—January... 10,002 823 2,403 38729 39,014 3,413 867 1,685 14,623 731 142 7,859 257 1,028 4,709 79,699 February.. 9,820 780 2,304 37,769 37,960 3,512 798 2,266 14,682 743 141 7,290 243 126 964 4,738 69,401 March 5... 9,849 791 2,35538,27638,534 3,446 878 2,101 15,006 742 138 7,214 266 130 961 4,824 1953—-JTaann.. 7... 10,099 844 2,368 38498 38,486 3,377 882 1,877 14,630 722 142 8,079 265 1,111 4,723 16,504 Jan. 14... 9,961 840 2,517 38838 39,757 3,307 916 1,555 14,611 732 143 8,219 255 124 983 4,695 17,343 Jan. 21... 10,018 795 2,459 38,939 39,370 3,409 876 1,598 14,625 735 140 7,926 259 124 897 4,695 19,201 Jan. 28... 9,930 812 2,267 38,64138,480 3,521 795 1,713 14,624 736 143 7,213 249 1231,121 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 1261,064 4,728 18,182 Feb. 11... 9,884 778 2,24437, ,185 3,590 787 2,077 14,678 743 141 7,271 234 1261,058 4,735 16,181 Feb. 18... 9,747 775 2,408 3377,,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 2,33237,58237,989 3,452 767 2,449 14,707 747 140 7,095 246 127 891 4,752 15,623 Mar. 4 '=. 9,613 749 2,279 37,44437,514 3,498 851 2,030 14,749 741 138 7,248 246 129 941 4,758 19,574 Mar. 4 5. 9,734 765 2,31437,98538,045 3,543 860 2,072 15,006 745 138 7,286 248 129 947 4,816 Mar. 11... 9,798 803 2,34838,64539,128 3,374 810 1,580 15,007 742 138 7,279 270 1281,082 4,822 Mar. 18... 10,051 800 2,47438,68239,196 3,430 977 1,920 15,004 739 137 7,422 2 76 134 938 4,823 Mar. 25... 9,816 795 2,28237,79437,766 3,440 864 2,832 15,006 739 140 6,869 267 133 877 4,834 3 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 4 Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts. 5 As announced on Jan. 7, 1953, this series has been revised. Figures for Mar. 4, 1953, are shown on both the old and on the new basis; averages for March 1953 are computed from figures on the new basis. The revisions result largely from the net addition of eight reporting banks. A description of the revisions appears on p. 355 of this BULLETIN. 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. APRIL 1953 379 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF A SAMPLE OF WEEKLY REPORTING MEMBER BANKS BY INDUSTRY * [Net declines, (—). In millions of dollars] Business of borrower Manufacturing and mining Comm'l Period » t l o F iq b a o u n a o c d o d c r , , o a T l p e e a a p x n t a t h d i r l e e e r l s , , p m e M r m t r ( a r y o a i e a c n e d n a t n h t c d u a a n s i l l c . l n . d s t - s ch r P l u e c e a e m o b u n t a b m r d i l o c e , , - a r l, Other ( r T w e s a r t h a n a a o l d d i e l l e e ) - m d C e o a o d l m e it r - y s f p i S c n a o a a n n m l i e c e - s e s u p P t t t ( r i o u i i a l o n r b i n n c t t l i a s l ) i e . - c - s s C t t i r o o u n n c - - bu t o y s A t o i p h n l f e e l e s r ss c c h l N f a a i n e s e d s g t i e - s ch t i a a o a n n g t n d a g r d ' ' l l e l , ' — equip.) 1951—April-June. . -243 116 275 48 60 62 -421 63 175 44 8 186 18 July-Dec 932 -361 873 125 141 16 722 30 351 -98 37 2,769 2,372 1952—Jan.-June. . . -868 —73 1,111 176 76 -105 -634 -217 -2 18 -28 -546 -808 July-Dec 754 -40 1 250 36 141 662 544 -57 13 191 2,494 2,422 Monthly: 1952—Nov 156 -17 67 47 3 91 112 65 69 -3 21 610 602 Dec 68 -33 31 46 —34 -86 2 406 12 -10 63 465 330 1953—Tan -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 Mar -62 79 199 40 43 143 -129 15 67 21 7 421 4447 Week ending: 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 Mar. 4 . . .. -29 12 46 10 2 27 -28 35 -29 -6 10 50 *32 Mar. 11.... -26 39 32 7 22 50 -28 19 34 7 10 166 217 Mar. 18 13 25 110 26 17 53 -22 4 46 7 -7 272 279 Mar. 25. ... -20 2 10 -3 3 13 -51 -43 16 13 -6 -66 -81 11 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. 4 The total change in commercial, industrial, and agricultural loans shown for Mar. 4 and for the month of March excludes an increase of 193 million dollars resulting from increasing the coverage of the weekly reporting member bank series on Mar. 4. 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 m S i n t n p a i t o t t o e e r d s ts E U S f x n r t p o a i o m t t e e r s d ts c D h e o a x l n l - g ar e G U s o h n o i i p t d e p p s d o e s d i t n o t b r s e e F i d t n o w r i e n e e i o g n n r States countries 1947—December 287 261 197 88 109 64 159 63 3 25 11 1948—December 269 259 146 71 76 112 164 57 1 25 12 1949—December 257 272 128 58 70 144 184 49 30 9 1950—December 333 394 192 114 78 202 245 87 2 28 32 1951—December 434 490 197 119 79 293 235 133 23 55 44 1952—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 February 511 490 158 110 48 331 234 114 57 53 32 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. 380 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 [In millions of dollars] Government securities Business securities Total Mort- Real Policy Other Date assets Total United State and Foreign2 Total Bonds 3 Stocks gages estate loans assets States local * End of year:4 1939 29,243 7,697 5,373 2,253 71 8,465 7,929 536 5,669 2,134 3,248 2,030 1940 30,802 8,359 5,857 2,387 115 9,178 8,624 554 5,958 2,060 3,091 2,156 1941 32,731 9,478 6,796 2 286 396 10,174 9,573 601 6,442 1,878 2,919 1,840 1942 34,931 11,851 9,295 2,045 511 10,315 9,707 608 6,726 1,663 2,683 1,693 1943 37 766 14 994 12 537 1,773 684 10,494 9,842 652 6,714 1 352 2,373 1,839 1944 41,054 18,752 16,531 1,429 792 10,715 9,959 756 6,686 1,063 2,134 1,704 1945 44,797 22,545 20,583 1,047 915 11,059 10,060 999 6,636 857 1,962 1,738 1946 48,191 23,575 21,629 936 1,010 13,024 11,775 1,249 7,155 735 1,894 1,808 1947 51,743 22,003 20,021 945 1,037 16,144 14,754 1,390 8,675 860 1,937 2,124 1948 55,512 19,085 16,746 1,199 1,140 20,322 18,894 1,428 10,833 1,055 2,057 2,160 1949 59,630 17,813 15,290 1,393 1,130 23,179 21,461 1,718 12,906 1,247 2,240 2,245 1950 64,020 16,066 13,459 1,547 1,060 25,403 23,300 2,103 16,102 1,445 2,413 2,591 1951. 68,292 13,670 11,011 1,737 922 28,214 25,988 2,226 19,314 1,633 2,587 2,874 End of month:5 1950—December 63,687 15,933 13,361 1,520 1,052 25,209 23,231 1.978 16,101 1,428 2,397 2,619 1951—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—Tanuarv 68,554 13,530 10,893 1,720 917 28,319 26 228 2,091 19,536 1 624 2,587 2,958 February 68,907 13,469 10,841 1,716 912 28,553 26,456 2,097 19,712 1,639 2,598 2,936 March 69,250 13,352 10,765 1,695 892 28,903 26,785 2,118 19,870 1,656 2,612 2,857 April.. . 69,604 13,306 10,737 1,694 875 29,186 27 059 2,127 20 008 1 662 2 621 2,821 May 69,959 13,020 10,463 1,697 860 29,594 27,456 2,138 20,175 1,674 2,633 2,863 June 70,334 12,853 10,309 1,706 838 29,895 27,745 2,150 20,335 1,693 2,646 2,912 July 70,774 12,894 10,324 1,748 822 30,191 28 039 2,152 20,505 1 706 2 656 2,822 August 71,123 12,898 10,347 1,752 799 30,314 28,165 2,149 20,643 1,722 2,667 2,879 September 71,578 12,929 10,399 1,736 794 30,475 28,315 2,160 20 801 1 736 2 683 2,954 October 72,034 12,731 10,244 1,728 759 30,973 28,819 2,154 20,961 1,751 2,692 2,926 November 72,415 12,780 10,297 1,728 755 31,143 28,986 2,157 21,087 1,766 2,698 2,941 December 73,034 12,683 10,195 1,733 755 31,404 29,226 2,178 21,245 1,868 2,699 3,135 1953—January 73,621 12,862 10,329 n.a. n.a. 31,690 29,471 2,219 21,396 1,880 2,718 3,075 n. a. Not available. 1 Includes United States and foreign. 2 Central government only. 3 Includes International Bank for Reconstruction and Development. 4 These represent annual statement asset values, with bonds carried on an amortized basis and stocks at end-of-year market value. 5 These represent book value of ledger assets. Adjustments for interest due and accrued and differences between market and book values are not made on each item separately, but are included in total in "Other assets." Source.—Institute of Life Insurance—end-of-year figures, Life Insurance Fact Book, 1952; end-of-month figures, The Tally of Life Insurance Statistics and Life Insurance News Data. ALL SAVINGS AND LOAN ASSOCIATIONS IN THE UNITED STATES [In millions of dollars] Assets Assets End of Savings End of Savings year U. S. capital quarter U. S. capital Govern- Govern- Total i Mort- ment Cash Other s Total i Mort- ment Cash Other 3 gages 2 obli- gages 2 obligations gations 1939 5,597 3,806 73 274 1,124 4,118 1950—1. .. . 15,090 12,014 1,497 885 597 12,925 1940 5,733 4,125 71 307 940 4,322 2 15,880 12,695 1,506 913 671 13,422 1941 6,049 4,578 107 344 775 4,682 3. .. . 16,291 13,294 1,489 727 688 13,418 1942 6,150 4,583 318 410 612 4,941 4 16,846 13,622 1,489 951 692 13,978 1943 6,604 4,584 853 465 493 5,494 1944 7,458 4,800 1,671 413 391 6,305 1951—1. .. . 17,232 13,999 1,547 844 751 14,286 1945 8,747 5,376 2,420 450 356 7,365 2 17,977 14,539 1,558 940 849 14,910 1946 10,202 7,141 2,009 536 381 8,548 3. .. . 18,429 15,058 1,577 852 852 15,317 1947 11,687 8,856 1,740 560 416 9,753 4 19,164 15,520 1,606 1,082 866 16,073 1948 13,028 10,305 1,455 663 501 10,964 1949 14,622 11,616 1,462 880 566 12,471 1952—1. .. . 19,848 16,073 1,718 1,100 867 16,801 1950 16,846 13,622 1,489 951 692 13,978 2 20,853 16,891 1,702 1,212 959 17,661 1951 19.164 15,520 1,606 1,082 866 16,073 3. .. . 21,656 17,740 1,782 1,046 999 18,210 1952? 22,700 18,444 1,791 1,293 1,083 19,211 4. .. . 22,700 18,444 1,791 1,293 1,083 19,211 P Preliminary. 1 Includes gross mortgages with no deduction for mortgage pledged shares. 2 Net of mortgage pledged shares. 3 Includes other loans, Federal Home Loan bank stock and other investments, real estate owned and sold on contract, and office building and fixtures. Source.—Federal Savings and Loan Insurance Corporation. * Figures for mutual savings banks are shown on pp. 373 and 375. Figures for savings and loan associations include savings capital. APRIL 1953 381 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by United States Treasury Department. In millions of dollars] SELECTED ASSETS AND LIABILITIES, BY CORPORATION OR AGENCY 1 End of year End of quarter Asset or liability, and agency 1952 1944 1945 1946 1947 1948 1949 1950 1951 1 2 3 4 Loans, by purpose and agency: To aid agriculture, total 7 878 884 799 1 617 4 167 1 884 4 161 4 719 4,018 /I 563 070 Banks for cooperatives 189 197 232 276 305 302 345 425 373 343 370 424 Federal intermediate credit banks 257 231 273 336 426 437 510 633 739 866 822 673 Federal land banks a 1 1 088 986 Federal Farm Mortgage Corporation 351 242 149 109 80 60 45 34 32 29 27 25 Farmers Home Administration3 .. . . 643 604 S90 SS8 S?S S3S S39 S9S S94 606 596 Rural Electrification Administration 361 407 528 734 999 1 301 1,543 1,742 1 784 1,831 1 873 1 920 Commodity Credit Corporation 353 99 120 280 1 293 1 729 898 782 710 390 859 1 426 Other agencies 10 9 6 7 5 9 7 6 6 6 5 6 To aid home owners, total 1 717 806 610 116 768 1711 1 578 14? 161 ?,187 9 437 9 603 Federal National Mortgage Assn S? 7 6 4 199 8?8 1 347 1 8 SO 9 0S3 9, 068 097 9 242 RFC Mortgage Corporation4 81 ?4 6 Home Owners' Loan Corporation 2 1 091 8S? 636 486 369 231 10 Reconstruction Finance Corporation 12 12 10 6 1 177 168 137 123 121 119 117 115 Other agencies ... 1 1 1 65 22 24 35 169 189 201 223 246 To railroads, total 141 771 171 147 140 114 110 101 98 81 84 82 Reconstruction Finance Corporation 321 205 153 145 138 112 108 99 96 83 82 80 Other agencies 21 18 18 3 3 3 2 2 2 2 2 2 To other industry, total 191 71? 19? 77? 110 46? 418 488 471 464 480 116 Reconstruction Finance Corporation6 118 149 151 241 272 423 400 415 400 393 412 457 Other agencies 73 83 41 31 38 38 58 74 73 72 67 58 To financing institutions, total 716 767 114 447 171 441 874 814 197 611 716 864 F O R e e t d h c e e o r r n a s l a t g r h u e o n c m t c i e i o e n s l o F an i na b nc a e n Co k rp s or . a . tio . n .. 13 6 2 1 6 0 1 6 9 1 0 S 2 ?9 1 3 4 7 436 4 7 51 6 4 S 433 8 4 81 8 6 806 8 S8 8 9 ( 7 6 ) S3 ( 7 7 ) 1S 7 8 ) 64 Foreign total 771 176 784 1 671 6 10? 6 000 6 078 6, 110 6 096 7 617 7 826 7 716 Export-Import Bank ?S9 1 ?49 \ 978 14S 187 1 9 996 9 9 389 9 546 9 496 Reconstruction Finance Corporation 6 8) 274 235 246 206 154 101 64 61 58 58 58 Other agencies9 8) 800 3 450 3,750 3,750 3 750 3,750 3,706 95 170 5 22? 5 182 All other purposes, total 1 717 707 671 714 184 484 111 770 711 801 933 1091 Reconstruction Finance Corporation6 8827 309 232 5340 190 88 59 61 63 61 61 50 Public Housing Administration 10 305 286 278 278 294 297 366 609 557 624 750 919 Other agencies 8106 112 113 96 100 99 105 109 110 116 123 126 Less.' Reserve for losses 448 438 478 395 368 476 185 173 173 153 150 140 Total loans receivable (net) 6 387 5 290 6,649 9 71411,692 12,733 13 22814,422 14 A7215 91316,890 17 826 Investments: U. S. Government securities, total 1 610 1681 1871 1 681 1814 ? 047 ? 071 776 ? 47? 164 2 371 9 421 Banks for cooperatives . . . .. 43 43 43 48 43 43 43 43 43 43 43 43 Federal intermediate credit banks 39 43 47 48 44 74 46 S1 48 4Q 61 60 Production credit corporations 60 67 70 72 66 39 42 43 43 43 43 43 Federal land banks 2 ?90 14S 136 Federal home loan banks 144 118 US 139 ?74 ?7S 199 949 384 311 298 311 Federal Savings and Loan Insurance Corp 151 161 172 184 199 214 193 200 204 209 203 208 Home Owners' Loan Corporation 2 15 15 17 12 12 8 Federal Housing Administration 87 106 122 132 144 188 244 285 289 286 299 316 Public Housing Administration 10 7 8 8 8 8 Reconstruction Finance Corporation 8 75 49 48 7) 1 1 1 Federal Deposit Insurance Corporation 760 897 1,045 1 020 1,064 1,205 1 307 1,353 1,409 1 421 1,423 1 437 Other agencies ?8 30 ?0 1 1 1 1 1 1 1 Investment in international institutions 318 3 181 3,381 3,381 3 381 1,381 3,181 1 181 ? 181 1 181 Other securities, total 474 171 710 114 111 107 88 78 66 11 51 44 Reconstruction Finance Corporation .... ?89 ?44 159 108 98 83 71 66 SS 43 42 36 Production credit corporations 63 55 46 35 29 22 16 11 10 9 8 8 Other agencies... 71 26 24 11 6 1 1 1 ,7) (7) (7) Commodities, supplies, and materials, total 2,942 2,288 1,265 822 627 1,549 1,774 1,461 1,322 1 350 1,377 !,280 C R o ec m o m ns o t d ru it c y t io C n r e F d i i n t a C n o ce rp C or o a r t p io o n ration 6 1 1 4 0 5 S 3 O 1 1 0 1 3 31 4 4 66 6 7 3 4 2 4 35 8 4 1 3 57 7 1,3 1 7 4 6 ? 1 6 1 3 08 8 1 174 1 0 1 1 47 9 10 1 ? 8 3 6 1,0 1 3 9 4 4 9 1 7 79 8 Other agencies 438 122 134 138 32 30 28 159 164 142 149 131 Land, structures, and equipment, total 16,237 21,017 16,924 12,600 3,060 2,962 2,945 3,358 3,406 3,186 3,212 3,213 Public Housing Administration 10 ?00 ?04 1 448 1 35? 1 ?48 1 1 1 1,216 1 173 Reconstruction Finance Corporation 6 6,526 6,919 2,861 35 630 611 605 594 592 202 202 199 T U e . n S n . e s M se a e r i V tim al e le y C o A m u m th i o ss r i i o ty n 2 •. 3 7 1 1 1 0 3 3 721 3 7 30 2 1 7 3 75« 793 830 886 1,048 1,105 1,170 1,209 1,251 5 4? 7 7 813 7,764 6 S07 Other agencies ** 262 1,948 2,044 1,793 189 168 206 465 467 581 586 590 Bonds, notes, and debentures payable (not guaranteed), total 1, 395 1,113 1,252 689 965 772 1,190 1,369 1,214 1,228 1,301 1,330 Banks for cooperatives 24 8 3: 69 70 78 110 170 140 112 120 181 Federal intermediate credit banks ?74 ?4S 358 480 490 s?o 674 74S 8S7 864 704 Federal land banks * 818 799 7S6 Federal home loan banks 67 69 169 262 415 204 560 525 329 258 317 445 For footnotes see following page. 382 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 Lia in b t i e li r t a ie g s e , n o cy th e it r e m th i an Bonds, notes, 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 t a l i u o o a n i e p e m t d d s e - s , i , - - - G U se o . c v I u S m n t - . . v e e n O s t s s t e - t c h u e - r L s e t m u t a q a r r n e u n u e d n i d c s p t - , , - O s a t e h s t - e s r a t F g u n a u u r t n a e l e d l r e s y - d d p e a O b y e a th n b e - le r O li i a t t i b h e i e s l r - i U m G n e e r . t o e s e n n v t S r - t - - . o v in P w a e t r t s e n i e t - r e l - y d rials rities rities by U. S. All agencies: 1944—Dec. 31 31,488 756 6,387 2,942 1,632 424 16,237 1,111 1,537 1,395 4,196 23,857 504 1945—Dec. 31 33,844 925 5,290 2,288 1,683 325 21,017 ,317 555 1,113 4,212 27,492 472 1946—Dec. 31 30,409 1,398 6,649 1,265 1,873 54716,924 ,753 261 1,252 3,,588 24,810 498 1947—Dec. 31 2 30,966 1,481 9,714 822 1,685 3 539 12,600 ,125 82 689 2,037 28,015 143 1948—Dec. 31 2 21,718 63011,692 627 1,854 3,518 3,060 337 38 965 1,663 18,886 166 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 ,19321,995 234 1951—Dec. 31 26,744 93114,422 1,461 2,226 3,463 3,358 882 43 1,369 ,16123,842 329 1952—Mar. 31 26,858 84414,422 1,322 2,422 3,451 3,406 991 38 1,214 ,247 24,010 349 June 30 2 27,933 80815,913 1,350 2,364 3,438 3,186 874 44 1,228 ,20025,104 357 Sept. 30 28,922 93216.890 1,377 2.371 3,436 3,212 704 39 1,301 ,43425,780 367 Dec. 31 29,945 94417,826 1,280 2,421 3,429 3,213 832 53 1,330 ,72826,456 378 Classification by agency, Dec. 31, 1952 Department of Agriculture: Farm Credit Administration: Banks for cooperatives 499 421 181 288 28 Federal intermediate credit banks 776 673 704 64 Production credit corporations 53 . 52 Agricultural Marketing Act 1 () 1 Federal Farm Mortgage Corp 27 25 () 26 Rural Electrification Administration 023 1,918 1 74 2,022 Commodity Credit Corporation 829 1,423 978 100 317 740 2,089 Farmers Home Administration 3 602 507 25 2 600 Federal Crop Insurance Corp 32 3 2 30 Housing and Home Finance Agency: Home Loan Bank Board: Federal home loan banks 1,222 864 311 445 427 (12) 350 Federal Savings and Loan Insurance Corp. 214 208 207 Public Housing Administration 2,217 921 1,173 24 2,193 Federal Housing Administration 505 34 316 1 226 227 Office of the Administrator: Federal National Mortgage Association.. 2,254 2,242 ) 2,251 Other 118 41 29 118 Reconstruction Finance Corporation: Assets held for U. S. Treasury is 372 51 1 134 198 33 372 Others 836 9 723 38 1 31 790 Export-Import Bank 2,543 4 2,496 ( 43 2,487 Federal Deposit Insurance Corp 1,444 (7) () 1,437 () 6 1,364 Tennessee Valley Authority 1,600 320 20 1,251 9 1,560 All other 9,778 165 5,535 110 3,385 460 122 9,715 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 reserve 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. a 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). 1° 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 Debit balance of less than $500,000. 13 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. 14 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. APRIL 1953 383 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SECURITY MARKETS1 Bond prices Stock prices Common Volume of Standard and Poor'sseries Securities and Exchange Commission series trad- Ye o a r r , w m e o ek nth, m U G er e . o n n v S - t - . 2 g n ( M r i h a c i i d 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 - ) - ' fe P r r r e e - d* Tota ( l inde d t x I r u n i , s a - - l 193 R 5 ro - a 3 a i d l 9 - =1 u 0 P t 0 l u i i ) l b c i - ty Total Tot M al anu D f b u a l r c e a t - ur ( i i n d n N g d u b o e r l n e a x - - , 1 T p 9 t o r i 3 a o r 9 n n t = a s - 100 P u ) i l u t t i i y c b l- - a T s a f n e i r i n c r n c 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 f n 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 97.27 129.3 115.8 169.7 188 204 169 118 195 220 189 249 221 118 206 275 1,313 1952—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 L,096 Aug 97 09 128.6 115.8 169.9 191 208 175 119 199 225 194 254 228 120 210 278 995 Sept 96.86 126.6 115.7 170.2 188 204 171 119 194 219 191 246 221 118 206 275 1,149 Oct. . . 96 44 125.0 114.7 168.3 183 198 167 117 191 215 188 239 218 118 202 265 1,181 Nov 96.96 125.4 115.2 169.8 190 206 172 121 197 223 196 247 225 121 205 260 1,779 Dec 96.32 125.3 115.3 170.3 197 214 185 123 204 231 205 255 238 123 212 267 L,842 1953—Jan 95.68 124.0 114.5 168.4 198 214 185 124 205 232 208 255 239 124 212 261 ,623 Feb 95.28 122.7 114.0 166.3 196 212 181 124 202 229 204 252 235 124 210 256 L ,678 Mar 94.31 121 .6 113.4 165.7 198 215 185 125 204 232 207 256 238 124 212 263 .931 Week ending: Feb. 28. . 94.58 121.7 113.7 166.2 197 213 183 124 *203 230 205 254 238 124 211 264 2,242 Mar. 7. . 94.73 121.6 113.6 165.4 196 212 182 125 203 230 204 254 236 125 211 259 1,769 Mar. 14.. 94.63 121.6 113.5 166.2 198 215 185 125 205 233 208 255 239 125 212 266 1,707 Mar. 21. . 94.43 121.6 113.3 166.3 199 216 186 125 204 234 209 256 240 124 213 263 1,910 Mar. 28. . 93.69 121.6 113.0 164.9 199 215 185 125 203 233 206 257 238 123 214 263 1,935 « 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's Corporation, on basis of a 4 per cent 20-year bond. 4 Standard and Poor's Corporation. Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. 6 Average daily volume of trading in stocks on the New York Stock Exchange. Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Debit Debit cre C di u t s b to a m la e n r c s e ' s 1 Other credit balances End of month Customers' balances in balances in Cash on debit partners' firm hand Money balances investment investment and in 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 a n d t i s ng banks Free O (n th e e t) r a in n v d e t s r t a m d e in n g t a in 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 1 275 10 375 364 680 834 225 26 13 319 December... 1,292 12 392 378 695 816 259 42 11 314 1952—March... 3 1,293 3 734 3 756 April 3 1,315 3 818 3 756 May 31,312 3 847 3 725 June 1,327 9 427 365 912 708 219 23 16 324 July 3 1,387 3 1,126 3 692 31,338 «926 3675 September 31,333 3 891 3 692 October 3 1.316 3 860 3692 November. . 3 1,347 3 878 3 706 December. .. 1,362 8 406 343 920 724 200 35 9 315 1953—January.... 3 1 ,345 3 908 3 732 February... 3 1,350 3 871 3 730 1 Excludes balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. 2 Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges). 8 As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances secured by U. S. Government securities was (in millions of dollars): November, 32; January, 31; February, 30. 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. 384 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OPEN-MARKET MONEY RATES IN NEW YORK CITY BANK RATES ON BUSINESS LOANS [Per cent per annum] AVERAGE OF RATES CHARGED ON SHORT-TERM LOANS TO BUSINESS BY BANKS IN SELECTED CITIES U. S. Government [Per cent per annum] mo Y w n e e t a e h r k , , or m m 4 p P - c e o a r o r t n p i o c m m t e i h a r - e 6 s , l - 1 a a d P b c n a e a r 9 c r c i y n s m 0 e e s ' k p s e 1 - , t- M y 3 a i - r e m k ld e o t n s t e h o c n R u b r a i i l n t t l e e i s e w s 9 ( i m - t s t a s o o x u n a e t s b 1 h 2 2 le - ) 3 is - y s t e u o a e r s 5 3 - An 1 n 9 A u a r c e l i a ti a e v a s n e : d ra g p e e s ri : od lo A a l n l s $ $ 1 1 0 ,0 ,0 0 0 0 0 - $ $ 1 1 0 0 S 0 ,0 , i 0 z 0 0 e 0 0 - of $ $ 1 2 l 0 o 0 0 a 0 , n 0 ,0 0 0 0 0 - $ an 20 d 0 o ,0 v 0 e 0 r issues 1944 2 4 4 3 3.3 2.6 2.2 1945 2 2 4 3 3 2 2 3 2.0 1950 average. ... 1.45 1.15 1.20 1.218 1.26 1.50 1 1 9 9 4 4 7 6 2 2 . . 1 1 4 4 .2 2 3 3. . 1 1 2 2. . 2 5 1 1. .7 8 1 1 9 9 5 5 2 1 a a v v e e r r a a g g e e.... 2 2 . . 1 3 7 3 1 1 . . 6 7 0 5 1 L . 5 .7 2 2 L L . . 5 7 5 6 2 6 1 1 . . 8 7 1 3 2 1 . . 1 9 3 3 1 1 9 9 4 4 8 9 2 2 .7 5 4 4 .6 4 3 3. . 7 5 2 3. . 0 8 2 2 . . 2 4 1952— A M M p a a r y r i c l h 2 2 2 . . . 3 3 3 5 1 8 1 1 1 . . . 7 7 7 5 5 5 1 1 1. . . 6 5 5 7 7 9 L L L. . . 7 6 6 1 2 5 0 3 8 1 1 1 . . . 6 6 6 6 0 9 2 1 1 . . . 0 9 9 2 5 3 1 1 1 9 9 9 5 5 5 2 1 0 3 3 2 . . 5 1 7 4 4 4 . 9 7 5 4 3 4 . . 2 0 6 3 3 3 . . 7 4 0 3 2 2 . . 3 9 4 June 2.31 1.75 1.70 .700 1.74 2.04 Quarterly: July 2.31 1.75 L.81 L.824 1.89 2.14 19 cities: August. .. 2.31 1.75 1.83 L .876 1.94 2.29 1952—June 3.51 4.90 4.21 3.72 3,29 September 2.31 1.75 L.71 .786 1.95 2.28 Sept 3 49 4 91 4 22 3 74 3 27 October. . 2.31 1.75 1.74 .783 1.84 2.26 Dec. 3.51 4 88 4.21 3.77 3.29 November 2.31 1.75 L .85 1.862 1.89 2.25 1953—Mar. 3 54 4 89 4.25 3.75 3.32 December. 2.31 1.75 2.09 2.126 2.03 2.30 New York City: 1952—June 3 27 4.53 4.03 3.55 3.14 1953— F M J e a a b n r r u c u a h a r . r . y y . . . * . . 2 2 2 . . . 3 3 3 6 1 1 1 1 1 . . . 8 8 8 2 8 8 2 L 1 . . . 0 9 9 6 1 7 2 2 2 . . . 0 0 0 1 8 4 8 2 2 2 1 1 . . . 0 9 9 4 7 7 C 2 2 2 . . . 4 3 4 6 9 2 1953— S D M e e a p c r t .. 3 3 3 . . . 3 3 2 3 1 9 4 4 4 . . . 5 5 6 5 1 6 4 4 4 . . . 0 1 0 6 3 6 3 3 3 . . . 6 5 6 3 5 0 3 3 3 . . . 1 1 1 9 7 5 Week ending: 7 Northern and East- Feb. 28. . 2.31 1.8 2.07 2.070 2.02 2.46 ern cities: Mar. 7. . 2.31 1.8 2.09 2.164 2.04 2.42 1952—June 3.46 4.90 4.17 3.71 3.27 Mar. 14. . 2.38 1.8 2.03 2.098 2.02 2.44 Sept 3.44 4.85 4.20 3.72 3.24 Mar. 21. . 2.38 1.8 1.98 2.029 2.01 2.46 Dec 3.49 4.85 4.21 3.74 3.29 Mar. 28. . 2.38 1.8 .97 2.036 2.09 2.52 1953—Mar. . . 3 50 4 95 4.24 3.74 3.30 11 Southern and Western cities: bo 8 2 1 n • S d S M C e e i r r o o s i i e n s r e r u s s t e h e i c l i s n t y n . e c c d l f l u i u . g d d u e e r s s e s s c e e a le r r c t e i t f e a i d c v a e t n r e o a s g t e e o s a f n o i d f n d w b e o e b n e t d k e l d y i n s s e p u s r s e e s v . a a n il d in g se l r e a c t t e e s d . note and 1 1 9 9 5 5 2 3 — — S D J M u e e p n a c r t e . . .. 3 3 3 3 . . . 8 9 9 8 4 0 0 4 5 5 5 5 . . . 0 0 0 0 2 6 5 4 4 4 4 4 . . . 3 3 3 3 0 1 3 1 3 3 3 3 . . . 8 9 9 8 6 1 1 2 3 3 3 3 . . . . 6 5 5 6 2 6 1 3 Back figures.—See Banking and Monetary Statistics, Tables 120-121, pp. 448-459, and BULLETIN for May 1945, pp. 483-490, and October NOTE.—For description of series see BULLETIN for March 1949, 1947, pp. 1251-1253. pp. 228-237. BOND AND STOCK YIELDS 1 [Per cent per annum] ]Bonds Industrial stocks Ye o a r r , w m ee o k nth, G U m ov . e e n S r t . n- M (h i u p ig n a h i l c - - C (h r o a i r g t p e h o - - By C r o ai r ti p n o g r s ate (Moody's08 By groups D pr i i v c i e d e ra n t d io s/ E r p i a a n r t i r g c i n o s e - / t ( e lo rm ng ) - 2 grade)3 grade)4 Total Indus- Rail- Public Pre- Com- Com- Aaa Aa A Baa trial road utility ferred6 mon 7 mon 7 Number of issues.. . 1-8 15 9 120 30 30 30 30 40 40 40 15 125 125 19 SO 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 9.49 1952—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 r8.98 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 r8.58 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 '9.06 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 10.56 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 March 2.89 2.61 3.16 3.31 3.12 3.18 3.36 3.57 3.16 3.43 3.33 4.23 5.36 Week ending: 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 26 Mar. 7 2.87 2.61 3.15 3.29 3.11 3.16 3.34 3.55 3.14 3.42 3.31 4.23 5.28 Mar. 14 2.87 2.61 3.14 3.29 3.10 3.16 3.35 3.56 3.15 3.43 3.31 4.21 5.22 Mar. 21 2.88 2.61 3.14 3.30 3.12 3.18 3.36 3.56 3.16 3.44 3.33 4.21 5.18 Mar. 28 2.94 2.61 3.18 3.33 3.14 3.21 3.37 3.58 3.18 3.44 3.36 4.25 5.21 T Revised. 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. 5 Moody's Investors Service, week ending Friday. Because of a limited number of suitable issues, the industrial Aaa and Aa groups have been reduced from 10 to 6 issues, and the railroad Aaa and Aa groups from 10 to 5 and 4 issues, respectively. 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. APRIL 1953 385 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 otherwis>e noted. In millions of dollarsl Summary Increase or Budget receipts and Excess of receipts decrease (—) General fund of the Treasury expenditures or expenditures ( —) during period (end of period) Period Sales and Bal- Deposits in rec N e e i t pts p t e u E n r x d e - 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 d n - e s r t t s r o i e n o b d a f l e g i m m g e G a n a p o t c r t i v k i y o o t e n . n t s s C co i l 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 t i s c t G ba f e u l n a n e n d r c a e l f a g e u n e i r n n c a n d e l - A f a u F v b n . a l d i e R l s - . B In c e a o t s n i p s l o k l r e n o s o c f c - - S d it p e a e p r c o ie i s a s - l O s n a t e h s e t - t s er Calendar year: 1949 38,122 41,714 -3,592 -362 -140 234 4,331 471 4,679 841 94 2,557 J 187 1950 37,834 138,255 1 -422 1 -38 349 87 -423 -447 4,232 690 129 2,344 L 069 1951 53,488 56,846 -3,358 759 56 — 106 2,711 62 4,295 321 146 2,693 1,134 1952 65,523 71,366 -5,842 49 -90 -319 7,973 1,770 6,064 389 176 4,368 L ,132 Fiscal year: 1949 38,246 40,057 — 1,811 —420 -74 366 478 — 1,462 3,470 438 103 1 771 I 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 13,510 384 -214 -2,135 1,839 7,357 338 250 5,680 .089 1952 62,129 66,145 -4,017 219 -72 -401 3,883 -388 6,969 333 355 5 106 1 175 Semiannual totals: 1949—July-Dec. 17,675 20,974 -3,300 -14 21 142 4,360 1,209 4,679 841 94 2,557 1,187 1950—Jan.-June. 19,370 19,192 178 135 -43 341 227 838 5,517 950 143 3,268 1,156 July-Dec.. 18,464 119,063 i -599 1 -173 392 -254 -650 -1,285 4,232 690 129 2,344 1,069 1951—Jan.-June. 29,679 25,570 4,109 468 -8 40 -1,486 3,124 7,357 338 250 . 5,680 1,089 July-Dec. 23,809 31,276 -7,467 291 64 -146 4,197 -3,062 4,295 321 146 2,693 1,134 1952—Jan.-June. 38,320 34,869 3,451 -72 -136 -255 -313 2,674 6,969 333 355 5,106 1,175 July-Dec. 27,204 36,497 -9,293 121 46 -64 8,286 -904 6,064 389 176 4,368 1,132 Monthly: 1952—Mar 9,886 5,704 4,182 166 -60 -245 -2,278 1,765 6,840 169 333 5,228 1,110 Apr 4,323 6,016 -1,693 -229 -63 329 209 -1,447 5,393 450 195 3,779 969 May 3,809 5,659 -1,850 343 14 -91 1,613 28 5,421 569 125 3,690 1,037 Tune . .. 9,796 6,930 2,865 -293 101 -326 -800 1,548 6,969 333 355 5,106 1,175 July 3,316 6,742 -3,426 -43 26 432 3,968 957 7,925 638 184 6,027 1,076 Aug. 4,050 5,018 -968 6 71 -195 113 -973 6,952 496 106 5,190 1,161 Sept 6,585 6,070 515 456 -34 -229 -504 204 7,156 508 161 5,217 1,270 Oct 3,099 6,383 -3,283 -207 -45 316 2,238 -981 6,175 770 174 4,145 1,087 Nov. 4,151 5,161 -1,009 127 74 -243 2,513 1,461 7,636 396 103 5,984 1,152 Dec. 6,003 7,124 -1,121 -218 -46 -145 -41 -1,572 6,064 389 176 4,368 1,132 1953—Jan 5,061 5,737 -676 -140 29 401 11 -376 5,689 811 350 3,318 1 209 Feb. . 5,479 5,595 -116 404 -133 -2 182 335 6,024 351 174 4,376 1,123 Mar 10,502 6,187 4,315 -209 12 -135 -3,099 884 6,908 222 448 4,983 1,255 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 s r i o r i c l s y i a e t - d - n t I a i e n o n o c i t m a n o d e - - 8 a r ic - l A E C n m s to o i e i o m m s r 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 t o 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 n r l - e t - i t - - 5 g c S r p u o s a r r e c m o i - i - t a y s l 4 H n h a a i o o f n n n i m u g - d c s e e - P w u o b r l k i s c o P d f i f c e o ic f i s t - e t T c t o f r r a e t a u u c o r n n s - s t s ts - Other Calendar year: 1949 41,714 r19,452 12,849 6,005 560 5,482 6,364 3,104 1,226 — 123 1,576 536 1,425 2,673 1950 38,255 18,509 13,476 291 4,012 611 5,580 5,714 1,499 1,351 — 17 :L ,551 643 961 2,464 1951 56,846 37,154 30,275 1,559 3,560 1,278 5,983 5,088 1,010 1,463 694 L.438 684 1,016 2,315 1952 71,366 51,121 43,176 2,975 2,652 1,813 6,065 4,433 1,564 1,508 646 1,573 775 1,193 2,487 Fiscal year: 1949 40,057 c19,084 12,158 «6,279 647 5,339 6,789 2,656 1,110 —56 L ,519 524 916 C2,177 1950 40,167 '17,950 12,346 44 4,941 524 5,750 6,043 2,986 1,375 -270 1,575 593 1,383 r2,781 1951 44,633 25,891 19,955 884 3,863 908 5,613 5,288 635 1,415 460 1,458 624 972 2,277 1952 66,145 46,319 39,033 2,228 2,904 1,648 5,859 4,748 1,219 1,424 614 1.515 740 1,305 2,402 Semiannual totals: 1949—Tulv-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 C383 157 cl,254 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 1,306 1,514 937 3,099 2,269 679 706 222 657 420 457 1,153 July-Dec.. 36,497 25,915 21,968 1,669 1,137 876 2,966 2,164 885 802 424 916 355 737 1,333 Monthly: 1952—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 iso 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 3,683 231 352 192 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 * i75 397 292 AUK 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—Jan 5,737 4,216 3,632 277 138 158 235 348 357 180 -80 89 160 20 213 Feb. . 5 595 4,168 3,501 316 171 151 311 339 285 109 19 70 101 192 Mar 6,187 P4,666 ^3,790 523 P177 157 563 358 P280 Pll -3 P90 -30 P58 *>194 P Preliminary. r Revised. c Corrected. 1 Beginning November 1950, investments of wholly owned Government corporations in public debt securities are excluded from budget expenditures, and included with other such investments under "Trust and other accounts." Adjustments for July-October 1950 investments were made by the Treasury in the November 1950 and January 1951 figures. 2 Includes the following not shown separately: Maritime activities, special defense production expansion programs, Economic Stabilization Agency, and Federal Civil Defense Administration. 1 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. 5 Excludes expenditures for forest development of roads and trails, which are included with public works. 386 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS—Continued [On basis of daily statements of United States Treasury, unless otherwise noted. In millions of dollars] Treasury receipts Budget receipts, by principal sources Internal revenue collections (on basis of collectors' reports) Income Deduct Period p i W n l h e o s a b e m i u y n y t l r e h d d - a r - n s o c l e d - O a ta g t x h e e e s r t n c e M e r e e i n e r n l o n i v u l s - u a a - e - - s l c o a p T a m n f l e o r a o d m r o y 8 x n i r e e e o - e r r s o n s s r O ce r t i e h p - e ts r b c T u e r o d i e p t g - a t e l s t A to t t p f p i r a u r o u g p o n i n a s e l r d d s o t - - - c fu e R r o n i e e p f d - - t s s b c u N e r d i e e p g - t t e s t W c I a h o n g e m i d e t l i d h e v i t - n a i a d x s n u u e d O a r s a l o t n h i l c n d e e - r - C p r t c a r a a o o i o t x n r n i m f d p o - e it o s e 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 x is x n n u c c e e d i s e s s - l e - Calendar year: 1949 ,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 ,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 ,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 ,658 34,174 10,416 902 2,639 71,788 3,814 2,451 65,523 23,090 11,980 22,140 849 9,558 Fiscal year: 1949 ,532 19,641 8,348 787 2,466 42,774 690 2,838 38,246 11,743 7,996 11,554 797 7,585 1950 ,180 18,189 8,303 776 1,862 41,311 106 2,160 37,045 11,762 7,264 10,854 706 7,599 1951 ,654 24,218 9,423 811 2,263 53,369 120 2,107 48,143 15,901 9,908 14,388 730 8,704 1952 ,889 33,026 9,726 994 2,364 67,999 3,569 2,302 62,129 21,313 11,545 21,467 833 8,971 Semiannual totals: 1949—July-Dec. .. ,613 7,670 4,311 323 921 18,838 850 314 17,675 5,657 1,761 5,889 351 3,911 1950—Jan.-June.. ,566 10,520 3,992 453 941 22,472 1,256 1,846 19,370 6,105 5,503 4,965 356 3,688 July-Dec. . . ,209 6,841 4,779 317 ,039 20,185 1,411 311 18,464 6,858 1,881 4,971 303 4,462 1951—Jan.-June... ,445 17,376 4,644 494 ,223 33,184 1,709 1,796 29,679 9,043 8,027 9,416 427 4,241 July-Dec. . . ,947 9,499 4,748 449 ,114 25,757 1,646 302 23,809 9,798 2,335 7,149 374 4,440 1952—Jan.-June.. ,942 23,526 4,978 545 ,251 42,242 1,922 2,000 38,320 11,515 9,210 14,318 459 4,531 July-Dec. . ,716 10,647 5,438 357 ,388 29,546 1,891 451 27,204 11,574 2,770 7,821 390 5,027 Monthly: 1952—Mar ,019 7,717 825 79 160 10,800 460 455 9,886 537 2,133 5,913 113 718 Apr 978 3,191 849 17 152 5,187 252 612 4,323 1,330 1,583 1,278 88 742 May ,009 549 828 105 197 4,688 476 403 3,809 3,955 221 351 80 750 June. . . . ,983 7,106 845 59 228 10,220 142 283 9,796 707 1,478 5,659 48 804 July.... ,007 1,435 949 22 236 3,649 182 151 3,316 1,539 393 958 84 863 Aug ,995 445 862 106 177 4,585 434 102 4,050 4,012 93 357 70 780 Sept ,751 4,029 877 54 164 6,875 235 55 6,585 232 1,653 2,442 59 808 Oct 997 1,214 923 17 204 3,355 204 51 3,099 1,634 164 927 57 911 Nov ,085 436 888 104 219 4,731 533 47 4,151 3,968 109 352 51 795 Dec ,882 3,088 939 54 387 6,350 303 45 6,003 190 358 2,785 70 870 1953—Tan 989 3,111 842 30 260 5,232 117 54 5,061 1,144 2,855 501 77 760 Feb ,544 1,479 856 271 150 6,300 486 336 5,479 4,990 839 404 65 782 Mar ,091 8,551 993 158 11,870 425 944 10,502 Treasury receipts—Continued Trust and other accounts In ( t o e n rn b a a l s r i e s v o e f n u c e o ll c e o c l t l o ec rs ti ' o r n e s p — or c t o s n ) t. r S e o ti c r i e a m l s e e n c t u , r a i n ty d , Other accounts 2 Period insurance accounts Excise and miscellaneous taxes Total1 Total Liquor Tobacco M an an d u e r x f e a c t c i a s t i e u le re rs r ' s' Other ce R i e p - ts I m nv e e n s t t s - Ex tu p r e e n s di- m In e v n e t s s t - 3 Other i Calendar year: 1949 7,529 2,204 ,320 2,221 1,784 -362 5,512 1,965 3,584 -325 1950 8,150 419 ,348 2,519 1,864 -38 6,543 56 6,214 -22 -333 1951 8,682 460 ,446 2,790 1,986 759 7,906 3,155 4,507 271 786 1952 9,558 2,727 ,662 3,054 2,115 49 8,315 3,504 4,942 329 508 Fiscal year: 1949 7,585 2,211 ,322 2,221 1,832 -420 5,185 2,311 2,884 -410 1950 7,599 2,219 ,328 2,245 1,806 121 6,266 -402 6,484 -62 1951 8,704 2,547 ,380 2,841 1,936 295 7,251 3,360 3,752 196 353 1952 8,971 2,549 ,565 2,824 2,032 219 8,210 3,361 4,885 275 530 Semiannual totals: 1949—July-Dec. 3,911 1,191 663 1,121 936 -14 3,035 1,099 1,914 -36 1950—Jan.-June. 3,688 1,028 665 1,125 870 135 3,231 -1,501 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 1,156 697 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—Mar 718 204 124 228 162 166 655 153 414 18 95 Apr 742 210 135 239 157 -229 433 256 407 14 15 May 750 204 134 243 169 343 999 486 420 24 273 June 804 220 148 273 163 -293 997 702 412 -52 -228 July 863 246 140 268 210 -43 707 307 410 1 -32 Aug 780 205 149 253 173 6 930 361 403 36 -124 Sept 808 258 147 223 180 456 399 53 399 -9 500 Oct 911 285 157 248 221 -207 361 22 399 -1 -148 Nov 795 269 127 268 131 127 958 388 383 93 34 Dec 870 220 125 313 212 -218 718 363 462 -14 -125 1953—Jan 760 188 136 283 154 -140 248 -103 447 233 188 Feb 782 186 133 308 155 404 869 223 449 -54 154 Mar -209 596 61 488 38 -217 p Preliminary. * 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). APRIL 1953 387 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TREASURY CASH INCOME, OUTGO, AND BORROWING DERIVATION OF CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC [On basis of daily statements of United States Treasury and Treasury Bulletin. In millions of dollars] Cash operating income, other than debt Cash operating outgo, other than debt Net Period T N n o e e r t t t e a l c B ei u p d t L N g s e e o s t n s: - T a P o c l t c u a t s l . : re T c r L N e u e i o p s s n t s ts : - o E in p C q c i e u n a o r a s g m a h ls t e - : T B ot u a d l get A L a e l e x c s s c p s r e t : u o n - d N i o tu I G n n r c o e t a r s v s a t h - . P T e l x u o s p t : a e l n T d r i . t N L u a e r c o e s 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 p q u i u e n a t a r s g g a l h o s t- : o i o n c p c u o g a e o m t s r r g i h a n e o t - receipts cash1 cash' public3 trans.4 cash6 Fund6 Cal. yr.—1949 38,122 99 5,956 ',603 41,374 41,714 403 ',588 4,210 164 102 -234 42,642 -1,267 1950 37,834 171 7,001 1,211 42,451 38,255 503 ,307 6,923 65 -262 -87 41,969 482 1951. 53,488 222 8,582 5,508 59,338 56,846 567 5,625 4,397 90 -26 106 58,034 1,304 1952 65,523 184 8,707 ',649 71,396 71,366 734 5,807 4,825 28 38 319 72,980 -1,583 Fiscal yr.—1949 38,246 100 5,714 5,232 41,628 40,057 389 5,152 3,511 183 98 -366 40,576 1,051 1950 37,045 120 6,669 5,623 40,970 40,167 436 5,754 6,881 13 -207 -483 43,155 -2,185 1951 48,143 256 7,796 5,244 53,439 44,633 477 5,360 3,945 138 -13 214 45,804 7,635 1952 62,129 138 8,807 »,7O5 68,093 66,145 710 5,837 4,952 4 9 401 67,956 137 Semiannual totals: 1949—July-Dec... 17,675 40 3,231 ,446 19,420 20,974 215 L ,541 2,159 2 55 -142 21,290 -1,871 1950—Jan.-June.. 19,370 80 3,438 L ,178 21,551 19,192 222 1,213 4,722 10 -262 -341 21,865 -315 July-Dec... 18,464 91 3,562 1,033 20,900 19,063 281 L ,075 2,201 55 254 20,105 796 1951—Jan.-June.. 29,679 164 4,234 1,210 32,537 25,570 196 L,279 1,744 82 -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—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 3 920 128 6,267 5,595 38 129 346 2 -19 2 5,754 513 Mar 10,502 649 6,187 758 19 135 1 Represents principally interest paid to Treasury by Government agencies and repayment of capital stock and paid-in surplus by partially owned Government corporations. 2 Represents principally interest on investments in U. S. Government securities, payroll deductions for Government employees' retirement accounts, and transfers shown as Budget expenditures. 3 Represents principally excess of interest accruals over payments on savings bonds and Budgetary expenditures involving issuance of Federal securities; the latter include mostly armed forces leave bonds and notes issued to the International Bank and Monetary Fund, which are treated as noncash expenditures at the time of issuance and cash expenditures at the time of redemption. 4 Represents principally noncash items shown under trust account receipts (described in footnote 2); also includes small adjustments for noncash interest reflected in noncash Budget receipts (see footnote 1) and in noncash trust account expenditures (see footnote 5). s Represents principally repayments of capital stock and paid-in surplus by partially owned Government 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 cre In as - e, P is l s u u s a : n C ce a s o h f Less: Noncash debt transactions N E e q t u a c l a s s : h rep D ay e m ta e il n s t o ( f — n ) e t o c f a b s o h r r b o o w rr i o n w g in to g t f h ro e m p u o b r lic 2 Period d ( i c o r g - d r . r r ) e e o , a d p b s s e i u t s e n - 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 u o t o c e a f 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 b s a n a i l l s d v l s . to P F f p a e o u d y r b m . t l s i s . c o e i 1 f c n . b b r i ( n o e o - g p r i r ) n r r , a o o g y o w w o t f r . - - m & i D s k s c i t u r a o e e b n c s l v t e 3 . . S b p ( a i o r v s i n s i 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 s y l l s. Other4 Cal. yr.—1949 4,331 -25 -115 2,156 585 -285 1,739 -2,275 1,125 3,020 15 -146 1950 -423 -6 355 94 602 163 -929 -2,649 751 1,021 -250 198 1951 2,711 18 37 3,418 718 -125 -1,242 1,999 —1,191 — 1,099 -997 46 1952 7,973 12 -102 3,833 770 -74 3,353 5,778 -406 -1,784 -113 -122 Fiscal yr.—1949 478 -46 -28 2,630 580 -293 -2,513 -5,351 2,420 463 40 -85 1950 4,587 -8 -14 -308 574 68 4,231 211 728 3,601 -150 -158 1951. -2,135 10 374 3,557 638 -149 -5,795 -3,943 -467 -657 -1,093 365 1952 3,883 16 -88 3,636 779 -79 -525 1,639 -717 -1,209 -155 -82 Semiannual totals: 1949—July-Dec 4,360 2 19 1,141 307 -147 3,079 99 268 2,767 -70 15 1950—Jan.-June. . . 227 -10 -33 -1,450 265 219 1,152 112 462 834 -80 -176 July-Dec.. . . -650 4 388 1,544 337 -56 -2,081 -2,761 292 187 -170 371 1951—Jan.-June. . . -1,486 5 -13 2,014 301 -92 -3,714 -1,184 -758 -845 -923 -5 July-Dec.. . . 4,197 13 51 1,404 417 -33 2,472 3,183 -432 -255 -74 51 1952—Jan.-June. . . -313 3 -139 2,232 361 -45 -2,998 -1,544 -285 -955 -81 -134 July-Dec 8,286 8 37 1,601 409 -29 6,351 7,322 -121 -829 -32 11 Monthly: 1952—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 AUJT. 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 1953— D j a e n# c -4 1 1 1 -6 3 -5 3 0 5 3 1 4 3 9 0 9 8 7 4 - - 2 7 - - 5 1 2 7 7 3 - - 1 1 9 7 9 2 1 - 1 5 2 -3 -9 0 9 2 -2 Q -4 2 6 1 Feb 182 2 -134 170 40 17 -178 -82 93 -38 -13 — 138 Mar.. . -3,099 1 11 100 -2,504 58 -768 A 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. 388 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TREASURY CASH INCOME, OUTGO, AND BORROWING—Continued DETAILS OF TREASURY CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC [Classifications derived by Federal Reserve from Treasury data. In millions of dollars] Cash operating income Cash operating outgo Period Total t i a n D u x d i a e i r l v s e s i c o 1 d t n - t c a D a o x t i r i e r p o s e o n c o r s t n - E t m a a x x i n c s 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 h e r 3 D R c o e e e f f d i p u r u n t e c s - d t: 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 t o r n 5 - g e r V p r a a r m e o n t - - s s 8 s g e S r p c a o u r 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 '18,347 4,072 8,864 4,400 '6,286 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 4,14:0 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—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 Tuly 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. 6 267 4,198 404 791 1 ,013 197 336 5,754 4,151 269 390 506 438 Mar P568 944 P4,687 418 P437 P Preliminary. r Revised. 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. 8 Represents mostly nontax receipts. * Represents Budget expenditures adjusted for net redemptions of armed forces leave bonds and special International Bank and Monetary Fund notes. 6 Represents Budget expenditures less the excess of interest accruals over payments on savings bonds and Treasury bills and less interest paid by the Treasury to (1) trust funds and accounts and (2) Government corporations not wholly owned. 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 1 ax dim savniKs 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 8 2,471 1942 9,157 343 15,050 5,989 307 10,526 3,168 36 4,523 6,479 2,565 6,384 1943 13,729 1,576 27,363 10,344 1,452 19,573 3,385 124 7,790 8,055 5,853 8,586 1944 16,044 3,321 40,361 12,380 3,063 29,153 3,664 258 11,208 8,533 7,276 9,843 1945 12,937 5,503 48,183 9,822 5,135 34,204 3,115 368 13,979 5,504 7,111 8,235 1946 7,427 6,278 49,776 4,466 5,667 33,410 2,962 611 16,366 2,789 5,300 5,725 1947 6,694 4,915 52,053 4,085 4,207 33,739 2,609 708 18,314 2,925 3,266 5,384 1948 . . 7,295 4,858 55,051 4,224 4,029 34,438 3,071 829 20,613 3,032 3,843 4,572 1949 5,833 4,751 56,707 4,208 3,948 35,206 1,626 803 21,501 5,971 2,934 7,610 1950 6,074 5,343 58,019 3,668 4,455 34,930 2,406 888 23,089 3,613 2,583 8,640 1951 3,961 5,093 57,587 3,190 4,022 34,728 770 1,071 22,859 5,823 6,929 7,534 1952 4,161 '•4,530 57,940 3,575 P3.622 35,324 586 P908 22,616 3,726 5,491 5,770 1952—Feb... 339 359 57,682 288 290 34,826 52 69 22,856 630 126 8,044 Mar.. . 331 381 57,680 284 304 34,849 47 77 22,831 185 1,317 6,911 Apr. . . 313 391 57,644 267 313 34,839 47 78 22,804 409 262 7,057 May.. 292 380 57,614 250 303 34,843 42 76 22,772 636 223 7,470 June.. 364 390 57,685 293 313 34,905 71 76 22,780 198 1,056 6,612 July... 367 418 57,709 316 334 34,950 52 85 22,759 279 451 6,440 Aug... 356 355 57,753 309 279 35,019 47 75 22,734 176 286 6,330 Sept... 330 374 57,758 290 299 35,055 39 75 22,704 114 405 6,039 Oct.... 348 353 57,794 310 284 35,116 38 69 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 r379 57,940 334 P299 35,324 42 P80 22,616 168 488 5,770 1953—Jan. . . 504 390 58,134 441 P320 35,511 64 P70 22,623 107 200 5,676 Feb... 414 320 58,268 362 P251 35,657 52 P68 22,611 80 114 5,642 P Preliminary. r Revised. 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. APRIL 1953 389 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 issuesi 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 c t s 2 l t Total Total Bills c C e i a n e d t r e d n t s e i e f b s o i s - t f - Notes B e b l a l i e g n * i k B - on s d t B s r r i a e c n - t k ed b v C i o b e o n r l n e d t- - s Total6 b S i o n a n g v d s - s n s i T a o n a n a t g v d e x s - s S i p ss e u c e ia s l 1940—Dec 50,942 45,025 39,089 35,645 1 310 6,178 28 156 3,444 3,195 5,370 1941—Dec 64,262 57,938 50,469 41,562 2,002 5,997 33 563 8,907 6,140 2,471 6,982 1942—Dec 112,471 108,170 98,276 76,488 6,627 10 534 9,863 44 519 4,945 21,788 15,050 6,384 9,032 1943—Dec 170,108 165,877 151,805 115,230 13,072 22 843 11,175 55 591 12,550 36,574 27,363 8,586 12,703 1944—Dec 232,144 230,630 212,565 161 648 16,428 30 401 23,039 66 931 24,850 50,917 40,361 9,843 16,326 1945—Dec 278,682 278,115 255,693 198 778 17,037 38 155 22,967 68 403 52,216 56,915 48,183 8,235 20,000 1946—June 269,898 269,422 245,779 189 606 17,039 34 804 18,261 66 043 53,459 56,173 49,035 6,711 22,332 Dec 259,487 259,149 233,064 176 613 17,033 29 987 10,090 69 866 49,636 56,451 49,776 5,725 24,585 1947—June 258,376 258,286 227,747 168 702 15,775 25 296 8,142 69 852 49,636 59,045 51,367 5,560 27,366 Dec 256,981 256,900 225,250 165 758 15,136 21 220 11,375 68 391 49,636 59,492 52,053 5,384 28,955 1948—June 252,366 252,292 219,852 160 346 13,757 22 588 11,375 62 990 49,636 59,506 53,274 4,394 30,211 Dec 252,854 252,800 218,865 157 482 12,224 26 525 7,131 61 966 49,636 61,383 55,051 4,572 31,714 1949—June 252 798 252,770 217,986 155 147 11,536 29 427 3,596 60 951 49,636 62,839 56,260 4,860 32,776 Dec 257,160 257,130 221,123 155 123 12,319 29 636 8,249 55 283 49,636 66,000 56,707 7,610 33,896 1950—June 257,377 257,357 222,853 155 310 13,533 18,418 20,404 53 319 49,636 67,544 57,536 8,472 32,356 Dec 256,731 256,708 220,575 152 450 13,627 5,373 39,258 44 557 49,636 68,125 58,019 8,640 33,707 1951—June 255,251 255,222 218,198 137 917 13,614 9,509 35,806 42 928 36,061 13 573 66,708 57,572 7,818 34,653 Dec 259,461 259,419 221,168 142 685 18,102 29,078 18,409 41 049 36,048 12 060 66,423 57,587 7,534 35,902 1952—Mar 258,124 258,084 219,301 141 376 16,863 29,079 18,450 40 942 36,042 12 018 65,907 57,680 6,911 36,493 April 258,337 258,292 219,356 141 820 17,462 28,423 18,952 40 943 36,040 11 516 66,019 57,644 7,057 36,746 May 259,951 259,905 220,540 142,625 18,267 28,423 18,956 43 061 33,918 11 512 66,403 57,614 7,470 37,198 June 259,151 259,105 219,124 140,407 17,219 28,423 18,963 48 343 27,460 13 095 65,622 57,685 6,612 37,739 July 263,107 263,073 222,963 144 340 17,213 28,170 18,971 52,579 27,407 13 145 65,478 57,709 6,440 37,945 Aug 263,225 263,186 222,753 144,148 17,206 28,019 18,974 52,579 27,369 13,186 65,419 57,753 6,330 38,307 Sept 262,722 262,682 222,216 143,895 17,207 27,763 18,982 52,579 27,365 13,182 65,139 57,758 6,039 38,360 Oct 264,964 264,919 224,430 146,775 19,712 16,902 30,246 52,578 27,338 12,491 65,164 57,794 6,026 38,390 Nov 267,483 267,432 226,557 148,772 21,715 16,902 30,253 52,578 27,324 12,499 65,285 57,850 6,089 38,788 Dec 267,445 267,391 226,143 148,581 21,713 16,712 30,266 58,874 21,016 12,500 65,062 57,940 5,770 39,150 1953—Jan 267,450 267,402 226,226 148,574 21,709 16,712 30,275 58,864 21,013 12,491 65,161 58,134 5,676 39,097 Feb 267,634 267,584 226,187 148,445 21,710 15,958 C3C,282 59,483 21,012 12,484 65,258 58,268 5,642 39,302 ' Mar 264,536 264,485 223,025 145,988 19,211 15,959 30,327 59,482 21,009 12,438 64,599 58,371 4,879 39,354 c Corrected. 1 Includes fully guaranteed securities, not shown separately. a Includes noninterest-bearing debt, not shown separately. 8 Includes amounts held by Government agencies and trust funds, which aggregated 6,869 million dollars on Feb. 28, 1953. 4 Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds. 6 Includes Series A investment bonds, depositary bonds, armed forces leave bonds, and adjusted service bonds, not shown separately. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in millions of dollars] Total Held by Held by the public gross U. S Government debt agencies and End of month (includ- trust fundvS 1 Federal Com- Mutual Insur- Other S a t n a d te Individuals Misceling guar- Total Reserve mercial savings ance corpo- local laneous a se n c te u e ri d - S i p s e s - u e i s al P is u s b u l e i s c Banks banks » banks p c a o n m ie - s rations g m ov e e n r t n s - S b a o v n in d g s s se O cu th ri e t r ies i t n o v r e s s3ties) 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 t945—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 '10,700 Dec 259,461 35,902 6,379 217,180 23,801 61,600 9,800 16,400 21,600 9,600 49,100 '14,700 '10,600 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 '16,300 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 '49,000 15,100 11,300 May 259,951 37,198 6,524 216,229 22,273 61,000 9,800 '16,000 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 '49,000 '14,600 '11,600 July 263,107 37,945 6,689 218,473 22,853 62,700 9,800 '16,000 20,800 10,700 '49,000 '15,100 '11,500 Aug 263,225 38,307 6,712 218,206 23,146 61,800 9,700 '16,100 21,300 10,800 '49,000 '14,800 '11,500 Sept 262,722 38,360 6,692 217,670 23,694 61,500 9,700 16,100 20,800 10,900 '49,000 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 '49,000 '14,800 '12,000 Nov 267,483 38,788 6,757 221,938 23,821 64,100 9,500 16,100 '21,400 10,900 '49,100 '14,800 '12,200 Dec •=267,445 39,150 6,743 '221,552 24,697 63,300 9,500 16,000 21,300 11,000 49,200 14,900 11,700 1953—Jan 267,450 39,097 6,895 221,458 23,944 62,600 9,500 16,200 21,800 11,100 49,300 14,900 12,100 ' Revised. c Corrected. 1 Includes the Postal Savings System. 2 Includes holdings by banks in territories and insular possessions, which amounted to 250 million dollars on June 30, 1952. 3 Includes savings and loan associations, dealers and brokers, foreign accounts, corporate pension funds, and nonprofit institutions. NOTE.—Holdings of Federal Reserve Banks and U. S. Government agencies and trust funds are reported figures; holdings of other investor groups are estimated by the Treasury Department. 390 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 March 31, 1953 [On basis of daily statements of United States Treasury. In millions of dollars] Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills » Certificates Treasury Treasurybonds—Cont. 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 A u u n g e . 1 1 5 , , 1 1 9 9 5 5 3 3 1% 2 4 2 , , 9 8 6 82 3 J Se u p n t e . 1 5 15 , , 7,9 72 8 5 6 J D u e n c e . 1 1 5 5 , , 1 19 9 6 6 4 3 - - 6 6 9 8 . « ..2Y ' 2 3 2 , , 7 82 5 8 7 Apr. 16, 1953 1,400 Feb. 15, 1954 2% 8,114 Dec. 15, 510 Dec. 15,1964-69 «. 3,833 Apr. 23, 1953 1,400 Dec. 15, 5,825 Mar. 15,1965-70 «. 4,724 Apr. 30, 1953 1,500 Dec. 15, 1,501 Mar. 15,1966-71 «. 2,966 Dec. 15, 8,662 June 15,1967-72«.. 2 1,895 May 7, 1953 1,300 June 15, 681 Sept. 15,1967-72...2 2,716 May 14, 1953 1,500 Mar. 15, 2,611 Dec. 15,1967-72 «..2 3,834 J J J J J M M u u u u u n n n n n a a e e e e e y y 1 2 1 1 2 2 9 4 5 8 1 1 8 , , , , , , , 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 2 2 1 1 1 1 1 1 , , , , , , , 2 3 3 2 3 2 0 0 0 0 0 0 0 0 2 1 1 1 1 1 3 T A O A O D M M D re e e c p c p a a a c c t t r r r r . . . . s . . . . u 1 1 1 r 1 1 1 5 1 5 5 1 y , , , , , , , , n 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 o 5 5 5 5 5 5 5 5 t 5 4 e 5 6 7 7 3 6 s 2 1 1 \ \ \ \ \ V % y y y y H % 8 2 2 2 2 1 4 5 6 1 0 , , , , , 8 3 5 6 5 0 8 5 3 6 0 7 0 5 5 4 1 4 5 0 7 5 4 2 J J J D D S S D M M e e e e u u u e a a p p c c c n n n r r t t . . . e e e . . . . 1 1 1 1 1 1 1 1 5 5 5 5 5 5 1 1 5 5 , 5 5 , , , , , , , , , 4 5 3 3 1 1 , , , , , , 4 9 6 2 8 2 9 9 4 4 6 8 1 2 4 8 8 2 2 4 9 7 5 2 7 0 2 0 5 9 C P P A b I a o o n o p n s n v n t r a v e a . d m s e l t s 1 r m a S t , i a e b 1 C n v l 9 e a t i 7 n n 5 S b g a - e o s 8 l r n i 0 L e d . s o s . B a .2 n 2 % . Y . 3 2 12,43 5 7 8 0 4 June 15, 2,117 1 Sold on discount basis. See table on Open-Market Money Rates, p. 385. * Tax anticipation series. 3 Partially tax exempt. 4 Maturity June 15, 1954. * Maturity June 15, 1955. « 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. [nsurance U.S. Insurance End of month s T t o i a o n u n t g t a d - l - G f a t u a r c g o u n n i e e v d d s n s t t s - , B s F e R e a e r r n e a d v - k l - e s b C m a c o n i e a m k r l - s - 1 b M t s a u a n a v u k l - - s L j i o fe mpa O ni t e h s er Other End of month s T t o i a o n u n t g t a d - l - f G a t u a c r g o n u n i e e v d d s n s t t s - . B s F e R e a e r r e n a v d - l k e - s b C m a c o i n e a m k r l - s - 1 b M s t i a n u a n g a v u k l s - - s L c i o fe mpa O ni t e h s er Otller Type of security: Type of security: Total marketable Convertible bonds and convertible: (Investment 1950—June 155,310 5 350 18,33158,96510,87614,080 4,046 43,664 Series B): Dec 152,450 5 364 20,77854,88410 14312737 4 116 44,428 1950—June 1951—June..... 151,490 6 177 22*98251,671 9,50411,138 4,161 45 855 Dec. Dec 154,745 6251 23 80154,302 9,12310,289 4,301 46,679 1951—June .. 13573 2,905 2,714 166 1,252 2 921 312 3304 1952—June 153,502 6447 22,90654,038 8,843 9,613 4,246 47,411 Dec 12060 2,905 1,214 172 1,246 2923 318 3 281 Dec 161,081 6 613 24,69755,828 8,740 9,514 4,711 50,979 1952-June 13095 3,437 714 191 1,356 3 172 362 3 864 Dec 12500 3,438 185 1,352 3 179 360 3 987 1953—Jan 161,065 6765 23,94455,088 8,818 9,592 4,750 52,108 Treasury bills: 1953—Jan 12491 3,438 185 1,346 3 180 360 3 983 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 9,71816068 249 218 614 15463 Dec 21,713 86 1,341 7,047 137 464 119 12,518 Dec 58013 81 16.00320088 270 655 799 20 117 1951—June 60 860 129 13,96221 596 626 1206 954 22389 1953—Jan 21,709 206 652 6,538 156 483 128 13,546 Dec 72 790 155 15,05730348 532 778 1203 24 718 Certificates: 1952—June 70944 146 13,82229540 550 638 1 106 25 143 1950—June 18,418 7 5,357 5,354 64 107 274 7,255 Dec 74261 163 15,61328 853 490 577 1204 27 361 Dec 5,373 2) 2,334 1,544 7 1 52 1,434 1951-June 9,509 17 3,194 2,753 37 113 174 3,221 1953—Jan 74247 283 14,86028084 583 615 1220 28 602 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 10442 Dec 16,712 27 5,061 4,791 37 56 317 6,424 Dec 33378 189 1,28524534 568 398 744 5661 1951—June 31 022 139 3,87820 853 227 113 643 5 168 1953—Jan 16,712 27 4,996 4,799 68 62 317 6,445 Dec 28 678 155 5,10218600 142 119 566 3,993 Treasury notes: 1952—June 29434 130 5,94118352 138 123 567 4 183 1950—June 20,404 29 3,50011,204 154 66 337 5,114 Dec 30 196 123 6,65517822 133 120 653 4,690 Dec 39,258 10 12,52715,833 136 165 542 10,044 1951—June 35,806 14 12,43913,704 120 208 478 8,841 1953—Jan 30 205 125 6,65517839 135 121 669 4 661 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 30,266 16 13,77410,955 49 8 486 4,978 Dec 17411 412 982 7329 2,125 906 1,042 4 615 1951—June 16012 376 1,032 6275 2,010 842 1,017 4,460 1953—Jan 30,275 18 13,77410,945 51 6 498 4,984 Dec 11206 309 1,014 2,442 1,925 712 945 3,859 Marketable bonds:8 1952-June 13321 524 1,070 3274 2,092 1090 1,089 4,183 1950—June 102,955 5,310 5,61838,70510,62413,881 3,370 25,447 Dec 17564 629 1,070 6426 2,052 1 127 1,342 4,918 Dec 94,193 5319 4,62033,620 9,96712,180 3,438 25,049 1951-June 78,989 3 215 4,10831,298 7,974 7,139 3,125 22,129 1953—Jan 17564 637 1,070 6451 2,035 1 128 1,348 4,895 Dec 77,097 3 243 4,13030,119 7,697 6,720 3,120 22,068 After 10 years: 1952—June 75,802 2 908 4,42230,710 7,221 5,855 3,087 21,600 1950—June 45 134 4,482 2,349 4094 7,13012 114 1,394 13,571 Dec 79,890 3,046 4,52232,849 7,165 5,807 3,429 23,072 Dec 43 648 4,682 2,508 2934 7,18010,778 1,531 14,035 1951—June 30 023 2,629 1,397 2 781 5,389 6056 1,236 10,534 1953—Jan 79,877 3077 4,52232,621 7,197 5,861 3,448 23,151 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 Dec 26 560 2,259 1,358 2 543 4,713 4,510 1,152 10,024 1953—Jan 26 557 2,282 1,358 2 529 4,718 4,549 1,154 9,968 * Commercial banks, mutual savings banks, and insurance companies included in the survey account for over 90 per cent of total holding 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. APRIL 1953 391 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 Propo al s l e d c o u r s p e o s r o a f t e n i e s t s u pr e o rs c 6 eeds, Noncorporate Corporate New capital Re- Year or Bonds Mis- Re- tiremonth Total State cel- tire- ment G m U ov e .S n er . t n 8 - ag F e e e r n a d c l - y4 n m a i n c u d i - - Other5 Total Total P li u c b ly - 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 ey7 l p a o u n u r e s - - m ba o e n f n k t se it c o ie u f s rpal offered placed poses debt, etc." 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 87 325 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 2,147 761 778 5,115 4,591 168 356 1,352 1948 . 20,250 10,327 2,690 156 7,078 5,973 2,9633,010 492 614 6,651 5,929 234 488 307 1949 21,110 11,804 " 216' 2,907 132 6,052 4,890 2,435 2,455 424 736 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 9,778 110 3.189 446 7,741 5.691 2.364 3.326 838 1 .212 7.120 6.531 226 363 486 1952 27,096 12,577 459 4,105 233 9,721 7,725 3,6384,086 572 1,425 8,964 8,327 178 459 604 1952—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 2 848 652 211 441 84 112 798 747 5 46 38 July 6,441 4,898 226 8 1,309 1,119 787 332 33 157 1,256 1,234 8 14 34 Aug 1,175 201 2 428 348 125 223 29 50 280 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 5 22 20 Feb 1,463 494 347 622 457 307 150 42 123 581 554 7 20 30 Proposed uses of net proceeds, by major groups of corporate issuers 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 Communication a R nd e a f l i n e a s n t c a i t a e l Year or month T c p n e o r e e o t d t a - s l N c it a e a p w l - • m R e e n ti t r s e 1 - 0 T c p e n o r e e o t d a t - s l N c it a e a p w l - ' m R e e n ti t r s e 1 - 0 T c p e n o r e e o t d t a - s l N c it a e a p w l - s m R e e n ti t r s e 1 - 0 T c p e n o r e e o t d t a - s l N c i a t e p a w - l m R e e n ti t r s e 1 - 0 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 s - m R e e n ti t r s e x - T c p n e o r e e o t d t a - s l N c it a e a p w l - s m Re e t n i t r s e - 10 1948 2,180 2,126 54 ' 403 382 21 748 691 56 2,150 2,005 144 891 890 2 587 557 30 1949 1,391 1,347 44 338 310 28 795 784 11 2,276 2,043 233 567 517 49 593 558 35 1950 1,175 1,026 149 538 474 63 806 609 196 2,608 1,927 682 395 314 81 739 639 100 1951 3,066 2,846 221 518 462 56 490 437 53 2,412 2,326 85 605 600 5 515 449 66 1952 4,042 3,818 224 553 535 17 966 749 217 2,710 2,617 93 817 812 5 481 433 48 1952—February... 285 253 31 13 12 2 44 44 110 107 3 3 3 13 13 March 366 362 4 61 55 5 109 108 i 393 388 5 6 6 20 20 April 350 345 5 66 61 5 167 167 265 265 47 45 3 56 56 May 559 514 45 40 40 156 89 '""68' 276 268 8 26 26 40 35 5' June 287 285 2 44 44 58 23 35 349 348 1 29 29 70 70 July. 351 342 9 51 51 78 78 250 249 1 493 493 68 44 24 August 132 97 35 36 34 i' 112 27 ""85' 105 105 22 22 14 10 4 September.. 185 145 39 19 19 1 40 40 1 168 168 18 18 25 18 8 October.... 650 626 23 28 26 1 33 31 2 345 279 " "67 26 26 i 59 59 D N e o c v e e m m b b e e r r . . . . 3 1 3 9 4 6 3 1 2 7 0 9 1 1 6 4 14 1 9 6 14 1 9 6 1 1 4 0 5 7 3 9 2 3 1 1 2 5 21 4 7 8 21 4 5 8 2 4 9 9 7 4 9 7 6 1 5 5 3 1 4 5 7 0 6 1 1953—January 132 126 6 16 16 51 38 14 246 246 3 3 64 64 1 February... 148 143 5 75 72 3 50 32 18 251 248 3' 7 7 79 79 1 Estimates of new issues sold for cash in the United States. 2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 3 Includes issues guaranteed. * Issues not guaranteed. 8 Includes foreign government; International Bank; and domestic eleemosynary and other nonprofit. 6 Estimated net proceeds are equal to estimated gross proceeds less cost of notation, i. e., compensation to underwriters, agents, etc., and expenses. 7 Includes proceeds for plant and1 equipment and working capital. 8 Includes proceeds for the retirement of mortgages and bank debt with original maturities of more than one year. Proceeds for retirement of short-term bank debt are included under the uses for which the bank debt was incurred. 9 Includes all issues other than those for retirement of securities. 10 Retirement of securities only. Source.—Securities and Exchange Commission- 392 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Annual Quarterly Industry- 1951 i 1952 1947 1948 1949 1950 1951 1952 2 3 4 1 2 3 4 Manufacturing Total (200 corps.) : Sales 30,869 37,008 36,73844,118 51 067 5? 536 13,047 1?,?97 13 013 1? ,760 1? ,606''12.21314 Q57 Profits before taxes 4,104 5,317 5 038 7 893 8 557 7 041 ? ?io 1,964 ? 137 1 940 1,618 r1,493 1 990 Profits after taxes 2,524 3,312 3,101 4,055 3,411 3,044 839 762 932 815 624 '678 927 Dividends 1,170 1,404 1,660 ?,?40 1986 1,980 475 475 567 48? 476 475 547 Nondurable goods industries (94 corps.):2 Sales tt ,313 n ,407 1? 8S3 14 77717 371 17 546 4 ?88 4 ?94 4,441 4 335 4,216 r4 363 4,632 Profits before taxes 1,787 ?,?10 1 847 ? 70? 3 184 ? 606 814 773 741 705 599 64? 660 Profits after taxes 1 167 1 47S 1 ?13 1 513 1 411 1 ?56 34? 334 368 314 ?87 308 347 Dividends 551 657 710 889 845 863 ?0? ?03 ?4? ?10 206 ?05 ?4? Durable goods industries (106 corps.):3 Sales 19,502 ?3 ,S66?3 ,885 ?9 341 33 696 34 991 8 759 8 003 8 57? 8 4? 5 8 390 r7,K51 10 3?5 Profits before taxes ? 31? 3,105 3 191 5 19? 5 374 4 435 1 405 1 191 1 396 1 ?34 1 019 >-85? 1 330 Profits after taxes 1,355 l,835 1,887 2 542 2 000 1,789 497 428 565 501 338 '984 580 Dividends 615 746 950 1,351 1 141 1,118 273 273 325 273 270 270 305 Selected industries: Foods and kindred products (28 corps.): Sales 3 231 3 503 3 3?3 3 49? 3 873 3 911 901 94? 1,004 959 942 '984 1 026 Profits before taxes ... . 421 411 379 469 407 377 86 93 104 86 93 M04 94 Profits after taxes . . . . ?59 ?58 ?35 ?57 199 175 40 46 5? 40 4? M-8 45 Dividends . . ... 128 136 135 143 140 135 35 3? 4? 3? 33 32 38 Chemicals and allied products (26 corps.): Sales 3 108 3 549 3 557 4 447 5 433 5 553 1 377 1 351 1,367 1 373 1 337 1 367 1 476 Profits before taxes . . 547 656 675 1 110 384 1 184 365 34? 31? 318 ?81 ?85 300 Profits after taxes 337 409 404 560 484 449 1?0 111 175 108 105 M08 1?8 Dividends . . . 215 254 31? 438 355 373 85 87 100 87 87 88 111 Petroleum refining (14 corps.): Sales ? 906 3 945 3 865 4 934 4 999 s 3?0 1,704 1 ?46 1 345 1 318 1,275 1,325 1 40? Profits before taxes ... 456 7?1 5?5 650 861 690 703 718 77? ?04 147 165 174 Profits after taxes 350 548 406 442 516 488 118 127 148 129 111 ••115 133 Dividends 1?7 17? 17? ?05 731 ?53 55 55 64 64 60 60 69 Primary metals and products (39 corps.): Sales 7,545 Q,066 8 187 10 446 1? 501 11 557 3 198 3 034 3 ??6 3 073 ? 38S ? 605 3 494 Profits before taxes 891 1 174 993 1 700 ? 09? 1 161 557 49? 519 475 98 r?08 430 Profits after taxes 545 7?0 578 854 775 565 193 176 717 ??0 ?9 rOO 217 Dividends ?47 ?70 ?85 377 380 367 85 86 170 88 87 *6 106 Machinery (27 corps.): Sales 3,634 4 5?9 4 353 5 058 6 167 7 078 1 563 1 434 1 690 1 590 1 7?6 r1 697 ? 065 Profits before taxes 443 567 519 847 998 97? ?37 ?10 301 73? 738 »?13 ?89 Profits after taxes 270 333 3?0 4?4 367 379 8? 73 1?3 81 80 *-90 1?8 Dividends 1H 1?5 138 ?08 191 199 47 48 54 49 48 49 53 Automobiles and equipment (15 corps.): Sales 6 69? 8 0Q3 q 577 11 805 1? 438 1? 8? 7 3,331 ?,'899 ?,939 3 035 3 4?7 ? 681 3 684 Profits before taxes 809 1 ni 1 473 ? 305 1 915 1 950 508 405 488 503 596 '347 504 Profits after taxes 44 S 63Q 861 1 087 704 695 183 14? 185 170 191 M43 191 Dividends 195 ?8? 451 671 479 461 119 119 119 116 114 114 117 Public Utility Railroad: Operating revenue 8 685 Q 67? 8 580 Q 473 10 391 0 580 ? 596 ? 583 ? 77? ? 587 ? 53? ? 633 ? 8?8 Profits before taxes ... 777 1 148 700 1 384 1 ?60 436 ?75 750 505 ?95 ?61 368 51? Profits after taxes . . . 479 699 438 783 693 816 146 1?4 3?0 141 149 208 318 Dividends . 236 289 252 312 328 336 63 53 111 80 74 6o 116 Electric power: Operating revenue ... 4 ?01 4 830 5 055 5 431 5 867 6 ??4 1 419 1 4?3 1 571 1 603 1 491 1 513 1 618 Profits before taxes 954 983 1 1?9 1 303 1 ,480 1 718 344 3?0 403 498 400 382 439 Profits after taxes 643 657 757 8?4 818 97? 195 168 776 757 714 ?07 ?44 Dividends . . . 494 493 553 619 661 709 161 16? 181 17? 173 177 186 Telephone: Operating revenue ? ?83 ? 694 ? 967 3 34? 3 7?9 4 136 918 931 976 993 1 073 1 037 1 084 Profits before taxes 215 292 333 580 691 787 174 160 18? 194 ?05 182 206 Profits after taxes 138 186 ?07 331 341 384 9? 7? 86 93 98 88 104 Dividends 131 178 213 276 318 355 79 81 81 85 87 91 93 r Revised. 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). APRIL 1953 393 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PROFITS, TAXES, AND DIVIDENDS OF NET CHANGE IN OUTSTANDING CORPORATE SECURITIES l 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 Y qu e a a r r t o er 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 - t U rib n u d t i e s- d Y q e u a a r r t o er r 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 1941 17.2 7.8 9.4 4.5 4.9 1941 2,793 2,817 -24 2,391 2,516 -125 402 301 101 1942 21.1 11.7 9.4 4.3 5.1 1942 1,151 1,464 -313 929 1,327 -398 222 137 85 1943 25.1 14.4 10.6 4.5 6.2 1943 1,333 2,129 -796 996 1,800 -804 337 329 8 1944 24.3 13.5 10.8 4.7 6.1 1944 3,424 3,899 -475 2,693 3,391 -698 731 508 223 1945 19.7 11.2 8.5 4.7 3.8 1945 6,457 6,846 -389 4,924 5,995 -1,071 1,533 851 682 1946 23.5 9.6 13.9 5.8 8.1 1946 7,180 4,798 2,382 4,721 3,625 1,096 2,459 1,173 L.286 1947 30.5 11.9 18.5 6.6 12.0 1947 6,882 2,523 4,359 5,015 2,011 3,004 1,867 512 1,355 1948 33.8 13.0 20.7 7.3 13.5 1948 7,570 1,684 5,886 5,938 1,284 4,654 1,632 400 1,232 1949 27.1 10.8 16.3 7.5 8.8 1949 6,732 1,875 4,856 4,867 1,583 3,284 1,865 292 L ,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 L.72O 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 1952 10,974 2,646 8,328 7,598 2,293 5,305 3,377 353 5,024 1951—3 38.6 21.8 16.9 9.2 7.7 1951—3.... 1,792 652 1,140 1,077 493 584 715 159 556 4 39.5 22.2 17.3 9.3 8.0 4.... 2,477 526 1,951 1,406 398 1,008 1,071 128 943 1952— 2 3 4 1 »... 3 3 4 4 8 7 0 2 . . . . 2 2 7 3 2 2 2 2 4 1 1 3 . . . . 3 2 8 0 1 1 1 1 8 6 7 6 . . . . 4 4 3 0 9 9 9 8. . . . 9 6 3 0 9 6 6 8 . . . . 7 5 8 3 1952— 4 3 2 1 . . . . . . . . . . . . . . . . 2 3 2 2 , , , , 9 0 4 4 9 3 8 5 0 8 9 7 5 6 7 7 0 5 7 1 2 8 0 6 2 2 1 1 , , , , 8 2 4 7 8 4 2 8 0 3 0 5 2 1 1 1 , , , ,8 9 6 1 2 5 4 8 2 3 0 3 4 6 5 6 8 8 1 1 9 0 3 1 1 1 1 1 , , , , 2 1 6 2 7 5 1 7 2 1 1 0 1,0 9 7 6 3 0 3 9 8 4 7 8 1 9 6 8 0 0 9 9 5 8 9 7 5 1 3 4 2 5 2 8 9 1953—1 2. . . 42.8 24.4 18.4 9.0 9.4 1 Reflects cash transactions only. As compared with data shown on p. 392, new issues exclude foreign and include investment company offerings, sales of securities 1 Figures, except those for cash dividends, are esti- held by affiliated companies or RFC, special offerings to employees, and also new mates based on the past relationship of corporate stock issues and cash proceeds connected with conversions of bonds into stocks. Reprofits to private nonfarm gross national product. tirements include the same types of issues, and also securities retired with internal 2 Preliminary estimates by the Office of the Economic funds or with proceeds of issues for that purpose shown on p. 392. Adviser to the President. Source.—Securities and Exchange Commission. Source.—Department of Commerce. CURRENT ASSETS AND LIABILITIES OF UNITED STATES CORPORATIONS 1 [Estimates, in billions of dollars] Curreniu assets Current 1iabilities End of year Net or quarter w ca o p rk it i a n l g Total Cash U s e e . r c S n u . m r G i e ti n o e t v s - r N e a c o c e c te i o v s u a n a b n t l s d e' I t n o v ri e e n s - Other Total N a p c o a c t y e o a s u b n a l n e ts 8 d in l F i c a e o b d m i e l r i e t a i l t e a s x Other 1939 24.5 54.5 10.8 2.2 22.1 18.0 1.4 30.0 21.9 1.2 6.9 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 4 133 1 r26.5 16.8 '43.0 '45.3 1.4 '60.7 '37.5 '9.3 14.0 1950 78.4 156.1 '27.4 »-20.5 '53.9 '52.6 1.7 '77.7 '47.2 14.8 15.7 1951—3 '82 8 r170 3 '28 2 r2l.O '57.7 '61.3 2.1 '87.5 '52.5 18.1 16.8 4 »-82.5 174.4 '29.6 '21.3 '58.8 '62.6 2.1 '91.9 '55.4 19.7 16.7 1952—1 '83.2 173.9 '28.2 '20.7 '59.3 '63.5 2.2 '90.7 '55.3 17.9 17.4 2 '84.5 171.9 '•29.5 19.7 '59.1 '61.5 2.1 '87.4 '53.9 15.8 17.8 3 »-85.3 177.7 '29.9 '20.2 '63.4 '61.9 2.3 '92.5 '57.4 16.2 18.9 4 86.5 183.4 31.0 21.0 66.4 62.7 2.3 96.9 61.4 16.8 18.7 ' Revised. 1 Excludes banks and insurance companies. 2 Includes amounts due from the U. S. Government. « Includes amounts due to the U. S. Government. Source.—Securities and Exchange Commission. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT * [Estimates, in millions of dollars] Trans- Manu- Transpora- factur- porta- Manu- tion Public Com- ing tion Public All Year Total factur- Min- Rail- other utili- muni- Other 2 Quarter Total ' and incl. utili- other* ing ing roads than ties cations min- rail- ties rail ing roads 1939 5,512 1,943 326 280 365 520 302 1,776 1951—3' 6,505 2,979 729 983 1,814 1945 8,692 3,983 383 548 574 505 321 2,378 4' 7,173 3,466 778 1,055 1,874 1946 14,848 6,790 427 583 923 792 817 4,516 1947 20 612 8 703 691 889 I 298 1,539 1,399 6,093 1952—1' 6,141 2,867 716 821 1,737 1948 22,059 9,134 882 1,319 1,285 2,543 1,742 5,154 2 ' 6,808 3,384 758 928 1,738 1949 19 285 7 149 792 1 352 887 3,125 1,320 4,660 3' 6,244 3,026 591 947 1,680 1950 20,605 7,491 707 1,111 1,212 3,309 1,104 5,671 4' 7,265 3,596 692 1,142 1,835 1951 '25,644 '10,852 '929 1,474 r1,490 '3,664 1,319 5,916 1952 '26,455 '11 994 '880 '1,391 r 363 '3,838 1,598 5.391 1953—14' 6,541 3,236 639 1,030 1,636 24 6,968 3,376 711 1,199 1,682 1953 4 26,991 12,039 910 1,294 1,380 4,368 7 000 ' Revised. l Corporate and noncorporate business, excluding agriculture. 2 Includes trade, service, finance, and construction. 3 Includes communications, trade, and other. 4 Anticipated by business. Source.—Department of Commerce and Securities and Exchange Commission. 394 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 h O ol t d h e e r r s 1- to 4-family houses com M m u e l r ti c - i f a a l m p i r l o y p a e n rt d ies 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 o a a t l i n n - - s S F e a e c l g d e i e e e c n s r te - 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 s d 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 o a a ti l n n - - s O ho e t l h r d s e - r h A e o r l l s d l - t F u i i n c t n i i s o a a ti l n 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 4.7 4.7 1.3 3.4 1946 41.6 26.0 .6 15.0 36.9 23.1 16.0 7.0 13.8 8.4 5.4 4.8 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 S 42 9 1 l 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 1952P 90 6 66 9 2 4 21 2 83.8 58.2 46.8 11.3 25.6 17.3 8.3 6.8 2 8 4 0 1951—March '75.0 '53.7 1.6 19.8 69.1 '•46.8 36.8 10.1 22.2 14.5 7.7 6.0 2.4 3.5 June •77.8 '56.0 1.7 20.2 '71.6 '48.6 '38.4 10.3 23.0 15.1 7.9 6.2 2.5 3.7 September.... '79.9 '57.8 1.8 20.3 '73.6 '50.3 '39.9 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 P 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 TuneP ... 85 9 63 0 2.2 20.8 79.3 54.8 43.8 11.0 24.6 16.4 8.1 6 6 2.7 3 9 September P. .. 88.3 65.1 2.3 20.9 81.6 56.5 45.4 11.1 25.1 16.9 8.2 6.7 2.8 3.9 Decemberp. . . 90.6 66.9 2.4 21.2 83.8 58.2 46.8 11.3 25.6 17.3 8.3 6.8 2.8 4.0 P Preliminary. r Revised. 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 1 [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 FIIA- 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 4,746 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 12,695 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 i',303 1,274 47 1952 '15,867 '14,530 '12,188 '3,675 '3,012 '5,501 '2,621 1,06711,359 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 n.iool 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 1,03010,203 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 1,06310,554 10,506 9,145 2,898 1,917 4,330 1,361 48 September 15,590 14,530 11,970 3,580 3,000 5,390 2,560 1,06010,940 10,880 9,485 3,025 2 ,069 4,392 1 ,394 60 December 15,867 14,809 12,188 3,675 3,012 5,501 2,621 1,05811,379 11,306 9,875 3,168 2,237 4,470 1,431 73 r Kevised. 1 Includes all banks in the United States and possessions. 2 Includes loans held by nondeposit trust companies but exclu tments of commercial banks. March and September Bank Call Report and from weekly reporting member . data for insured commercial banks. Mutual Savings Banks. Sources.—All bank series prepared by Federal Deposit Insurance Corporation from data supplied by Federal and State bank supervisory mcies; Comptroller of the Currency; and Federal Reserve. APRIL 1953 395 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 1952P 3,975 3,600 850 450 2,300 375 21,275 19,600 5,700 3,350 10,550 1,675 1952—February 325 284 69 58 157 41 19,712 18,161 5,338 3,213 9,610 1,551 1^1 arch 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 February 327 289 75 24 190 38 21,547 19,834 5,751 3,367 10,716 1,713 P Preliminary. NOTE.—For loans acquired, monthly figures may not add to annual totals, and for loans outstanding, end-of-December figures may differ from end-of-year figures, because monthly figures represent book value of ledger assets whereas year-end figures represent annual statement asset values, and because year-end adjustments are based on more nearly complete data. Prior to 1947, complete data are not available for all 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] Loans made, by purpose Loans outstanding (end of period)2 Amount, by type of lender Average 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 l Total3 F su H in r A e - d - a g n V u te A a e r - - 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 s a a s n v n s & - . p I c a n a o n s n m c u i e e r - - s b C m a c 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 l o ( a r d r e r o d o s - u e l ) - n d t 1939 986 301 340 345 3,806 1939 1,288 3,507 1,058 287 891 143 1,128 2,722 1940 1,200 399 426 375 4,125 1940 1,456 4,031 1,283 334 1,006 170 1,238 2,769 1941 1,379 437 581 361 4,578 1941 1,628 4,732 1,490 404 1,166 218 1,454 2,906 1942 1,051 190 574 287 4,583 1942 1,351 3,943 1,170 362 886 166 1,359 2,918 1943 1,184 106 802 276 4,584 1943 ,274 3,861 1,237 280 753 152 1,439 3,031 1944 1,454 95 1,064 295 M,800 1944 ,446 4,606 1,560 257 878 165 1,746 3,186 1945 1,913 181 1,358 374 5,376 1945 . .. .639 5,650 2,017 250 1,097 217 2,069 3,448 1946 3,584 616 2,357 611 •7,141 1946 2,497 10,589 3,483 503 2,712 548 3,343 4,241 1947 3,811 894 2,128 789 8,856 1947 2,567 11,729 3,650 847 3,004 597 3,631 4,570 1948 3,607 1,046 1,710 851 10,305 563 2,397 7^345 1948 2,535 11,882 3,629 1,016 2,664 745 3,828 4,688 1949 3,636 1,083 1,559 994 11,616 717 2,586 8,313 1949 2,488 11,828 3,646 1,046 2,446 750 3,940 4,755 1950 5,237 1,767 2,246 1,224 13,622 841 2,969 9,812 1950 3,032 16,179 5,060 1,618 3,365 1,064 5,072 5,335 1951 5,250 1,657 2,357 1,236 r15,520 864 3,125 11,530 1951 2,878 16,405 5,295 1,615 3,370 1,013 5,112 5,701 1952 6,617 2,105 2,955 1,557 '"18,444 906 3,398 14,136 1952 3,028 18,018 6,452 1,420 3,600 1,137 5,409 5,950 1952-Feb.... 428 131 186 111 1952-Feb.... 219 1,271 428 115 256 69 403 5,800 Mar... 514 172 214 128 16^073 """874" 3,"i62 12,037 Mar... 238 1,393 494 118 283 71 427 5,860 Apr.... 549 183 239 127 Apr 250 1,482 540 114 293 81 454 5,921 May... 586 198 252 136 May... 256 1,511 557 114 303 90 447 5,907 June... 587 192 257 138 16,891 887 3,228 12,776 June... 256 1,513 564 108 305 96 440 5,909 July... 596 190 265 141 July... 268 1,590 586 113 317 105 469 5,937 Aug.... 617 200 279 138 Aug... 270 1,598 592 119 313 108 466 5,916 Sept... 616 193 285 138 17,740 898 3,341 13,501 Sept... 267 1,588 593 118 316 103 458 5,943 Oct.... 659 208 303 148 Oct.... 285 1,727 627 135 342 117 506 6,051 Nov... 523 163 243 117 Nov 245 1,492 526 116 298 104 448 6,085 Dec... 541 161 248 132 '18,444 906 3,398 14,136 Dec... 252 1,553 540 126 305 112 470 6,171 1953-Jan.... 497 147 222 128 1953-Jan.... 228 1,401 477 111 278 93 442 6,136 Feb.... 523 164 222 137 Feb.... 229 1,391 503 110 269 84 425 6,068 ' Revised. Source,—Home Loan Bank Board. 1 Includes loans for repair, additions and alterations, refinancing, etc. 'Prior to 1948, data are not available for classifications shown. * Excludes shares pledged against mortgage loans. Source.—Home Loan Bank Board. 396 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 VIADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- TO 4-FAMILY PROPERTIES [In millions of dollars] [In billions of dollars] FHA-insured loans VA-guaranteed loans3 Government- Home Home underwritten Year mortgages Pro- Prop- mortgages End of Conor Total erty Alter- year or Total venmonth Total Ex- j t e y c p t e - pr im ov - e- Total Ex- a a t n io d n quarter tional New isting mort- ment New isting repair2 FHA VAprop- prop- gages i loans2 prop- prop- Total -in- guarerties erties erties 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 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 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 37 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—Feb.... 452 211 63 65 18 64 242 171 71 .5 Mar. . . 443 207 61 66 19 61 236 164 72 .7 Apr... . 487 242 61 69 49 64 244 159 85 .5 1951—Mar. . . 46.9 20.0 8.9 11.1 26.9 May.. . 452 249 65 74 39 71 203 128 74 .4 June.. . 48.7 21.0 9.2 11.8 27.7 June.. . 469 273 68 76 27 102 196 124 70 .5 Sept... 50.4 22.0 9.5 12.5 28.4 July. . . 458 269 80 85 31 73 189 126 63 .4 Dec... 51.9 22.9 9.7 13.2 29.0 Aug.. . . 463 260 81 82 32 66 203 134 68 .5 Sept... 484 267 94 91 13 69 217 142 75 .4 Oct.... 526 306 108 103 26 69 220 141 78 .7 1952—Mar.p.. 53.2 23.5 9.9 13.6 29.7 Nov. . . 503 259 97 87 17 59 243 157 85 .6 JuneP. . 54.8 24.0 10.1 13.9 30.8 Dec... 519 293 108 98 23 63 227 155 71 .5 Sept.P. . 56.5 24.7 10.4 14.3 31.7 Dec.P. . 58.2 25.4 10.8 14.6 32.8 1953—Jan.... 539 296 108 103 18 67 243 161 82 .6 Feb., . . 539 265 103 86 15 61 274 184 90 .5 i Monthly figures donot reflect mortgage amendments included in annualtotals. P Preliminary. 2 FHA-insured property improvement loans are not ordinarily secured by mortgages; VA- NOTE.—Foi total debt outstanding, figures for guaranteed alteration and repair loans of $1,000 or less neednot be secured,whereas those first three quarters are Federal Reserve estimates. tor more than that amount must be. For conventional, figures are derivecI. 3 Prior to 1949, data are not available for classifications shown. 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 rlosed. Figures do not take account of principal repay- Federal Reserve. ments on previously insured orguaranteed loans. For VA-guaranteed loam?, amounts by type are derived from data onnumber 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 o i z t n t n e h m t d d - e 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 e A - h d - oldi a n g n V g u t s A e a e r - - d ( c p M d p h e g u u a r 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 t s d - g ) Year or month va A n d c - es R m e e p n a t y s - Adv ( a e n n c d e S t s o e h f r o o m u p rt e t 1 - s r t i a o n d L d ) o i n n g g - 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 1951... 661 239 1,850 204 1 ,646 677 111 1945 278 213 195 176 19 1952... 1 ,085 323 2,242 320 1,922 538 56 1946 329 231 293 184 109 1947. 351 209 436 218 217 1952—March 242 2,053 232 1,821 86 3 1948 360 280 515 257 258 April 1412 255 2,083 239 1,844 39 2 1949 256 337 433 231 202 May 1411 264 2,075 236 1,839 4 4 1950 675 292 816 547 269 June 1416 266 2,068 236 1,832 7 5 1951 423 433 806 508 298 July 1,311 275 2,064 237 1,827 6 3 1952 586 528 864 565 299 August 1,283 299 2,068 245 1,823 13 3 September. . . 1,238 315 2,097 257 1,840 40 4 1952—March 23 46 589 361 227 October 1,170 326 2,154 272 1,882 72 6 April 29 36 581 353 229 November. . . 1,129 322 2,199 297 1,902 56 3 May 34 24 591 359 232 December 1,085 323 2,242 320 1,922 65 14 June 83 21 653 409 244 July 58 54 656 416 240 1953—January 1,043 321 2,286 338 1,948 61 10 August 56 25 687 436 251 February 1,008 313 2,329 358 1,971 53 3 September. 56 28 715 460 255 March 934 322 2,394 395 1,999 81 7 October.. . 63 26 752 491 261 November. 59 20 791 520 271 December. 106 33 864 565 300 1 During the period from late March through early July, the bulk of these funds as available only for the purchase of mortgages on defense, disaster, and military 1953—January... 16 197 683 439 245 msine. February.. 14 71 627 401 226 March.... 30 46 610 391 219 1 Secured or unsecured loans maturing in one year or less. 2 Secured loans, amortized quarterly, having maturities of more than one year but not more than ten years. Source.—Home Loan Bank Board. APRIL 1953 397 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding. In millions of dollars] Instalment credit Noninstalment credit End of year or month Total Total Au p t a o p m e o r b l ile co p O g n a o s t p o h u e d e m r s r J er e a r n l R n d o i e a z p n m a a s t o i i 2 r o d n - Pe lo rs a o n n s al Total p S a l i y o n m a g n l e s e n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1939 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1940 8,338 5,514 2,071 1,827 371 1,245 2,824 800 1,471 553 1941 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1942 5,983 3,166 742 1,195 255 974 2,817 713 1,444 660 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1946 8,384 4,172 981 1,290 405 1,496 4,212 1,122 2,076 1,014 1947 11 570 6,695 1,924 2,143 718 1,910 4,875 1 3^rt 2,353 1,166 1948 14,411 8,968 3,054 2,842 843 2,229 5,443 1,445 2,713 1,285 1949 17 104 11,516 4,699 3,486 887 2,444 5,588 L,532 2,680 1,376 1950 20,813 14,490 6,342 4,337 1,006 2,805 6,323 1,821 3,006 1,496 1951 21,468 14,837 6,242 4,270 1,090 3,235 6,631 L,934 3,096 1,601 1952 25,705 18,639 8,110 5,301 1,386 3,842 7,066 2,108 3,313 1,645 1952—January 20,932 14,654 6,148 4,168 1,079 3,259 6,278 1,938 2,747 1,593 February 20,649 14,555 6,114 4,080 1,078 3,283 6,094 1,979 2,490 1,625 March 20,609 14,550 6,090 4,044 1,079 3,337 6,059 1,997 2,410 1,652 April 20,940 14,731 6,186 4,053 1,098 3,394 6,209 2,007 2,535 1,667 May 21,705 15,308 6,539 4,169 1,138 3,462 6,397 2,055 2,659 1,683 June 22,446 16,032 6,974 4,324 1,178 3,556 6,414 2,054 2,661 1,699 July 22,751 16,465 7,200 4,433 1,221 3,611 6,286 2,023 2,-573 1,690 August 23,030 16,728 7,272 4,539 1,258 3,659 6,302 2,026 2,579 1,697 September 23,414 17,047 7,388 4,669 1,300 3,690 6,367 2,033 2,642 1,692 October 24,050 17,572 7,639 4,871 1,347 3,715 6,478 2,033 2,776 1,669 November 24,525 17,927 7,866 4,943 1,376 3,742 6,598 2,109 2,826 1,663 December 25,705 18,639 8,110 5,301 1,386 3,842 7,066 2,108 3,313 1,645 1953—January? 25,529 18,786 8,273 5,257 1,378 3,878 6,743 2,129 2,977 1 ,637 FebruaryP 25,294 18,879 8,472 5,147 1,379 3,881 6,415 2,079 2,676 1,660 p Preliminary. 1 Includes all consumer instalment credit extended for the purpose of purchasing automobiles and other consumer goods and secured by the items purchased, whether held by retail outlets or financial institutions. Includes credit on purchases by individuals of automobiles or other consumer goods that may be used in part for business. 2 Includes only repair and modernization loans held by financial institutions; such loans held by retail outlets are included in "other consumer goods paper." NOTE.—Back figures by months beginning December 1939 are shown on pp. 346-54 of this BULLETIN; a detailed description of the methods used to derive the estimates may be obtained from Division of Research and Statistics. INSTALMENT CREDIT, BY HOLDER [Estimated amounts outstanding. In millions of dollars] Financial institutions Retail outlets Total E o n r d m of o n y t e h ar i c m n r s e e t d n a i l t t - Total m b C e a o r n c m k ia s - l f p i S c n a o a a n m l n i e e c s - s e u C n r i e o d n i s t Other Total D st m e o p e re a n s r t t 1 - F s t t u u o r r r n e e i s - H a a h p o n o p u c l l s d e i e - - d m A ea o u l b e to i r l s - e 2 Other stores 1939 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1940 5,514 3,918 1,452 1,575 171 720 1,596 394 474 196 167 365 1941 6,085 4,480 1,726 1,797 198 759 1,605 320 496 206 188 395 1942 3,166 2,176 862 588 128 598 990 181 331 111 53 314 1945 2,462 1,776 745 300 102 629 686 131 240 17 28 270 1946 4,172 3,235 1,567 677 151 840 937 209 319 38 47 324 1947 6,695 5,255 2,625 1,355 235 1,040 1,440 379 474 79 101 407 1948 8,968 7,092 3,529 1,990 334 1,239 1,876 470 604 127 159 516 1949 11,516 9,247 4,439 2,950 438 1,420 2,269 595 724 168 239 543 1950 14,490 11,820 5,798 3,785 590 1,647 2,670 743 791 239 284 613 1951 14,837 12,077 5,771 3,769 635 1,902 2,760 920 760 207 255 618 1952 18,639 15,423 7,576 4,833 815 2,199 3,216 1,101 900 239 336 640 1952—January 14,654 12,007 5,769 3,703 633 1,902 2,647 876 729 200 250 592 February 14,555 11,976 5,769 3,661 637 1,909 2,579 864 711 192 247 565 March 14,550 12,002 5,808 3,623 647 1,924 2,548 870 699 185 244 550 April 14,731 12,177 5,899 3,662 661 1,955 2,554 875 700 183 247 549 May 15,308 12,679 6,144 3,853 688 1,994 2,629 902 726 186 262 553 June 16,032 13,324 6,458 4,111 717 2,038 2,708 927 750 198 282 551 July 16,465 13,725 6,654 4,263 738 2,070 2,740 932 766 206 292 544 August 16,728 13,950 6,807 4,294 759 2,090 2,778 951 782 210 295 540 September 17,047 14,203 6,967 4,362 773 2,101 2,844 990 796 218 301 539 October 17,572 14,614 7,189 4,523 789 2,113 2,958 1,042 821 223 313 559 November 17,927 14,955 7,352 4,670 798 2,135 2,972 1,019 839 225 324 565 December 18,639 15,423 7,576 4,833 815 2,199 3,216 1,101 900 239 336 640 1953—Januaryp 18,786 15,665 7,696 4,930 818 2,221 3,121 1,068 865 231 343 614 Februaryp 18,879 15,886 7,816 5,031 827 2,212 2,993 963 855 232 352 591 P Preliminary. 1 Includes mail-order houses. 2 Includes only automobile paper; other instalment credit held by automobile dealers is included with "other" retail outlets. 398 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT—Continued NONINSTALMENT CREDIT, BY HOLDER INSTALMENT CREDIT HELD BY COMMERCIAL BANKS, BY TYPE OF CREDIT [Estimated amounts outstanding. In millions of dollars] [Estimated amounts outstanding. In millions of dollars] Financial Retail E o n r d m of o n y t e h ar i c T m n n r o s o e e t t d n n a a i - l t l t - C m i ( o n s m e i s n n t - g i t t l u e lo t - i p a o a n n y s s - ) D a e c ( - o c c u h o t a u le r n g t t s e s) S c e r r e v d i i c t e E o n r d m of o n v t e h ar i c T m n r s o e e t t d n a a i l t l t - ch P A a u s u r e - t p d o a m p o e D r b i i r l e e ct s O g p c u o a t o m o p h n d e e e - r s r r e R l m r t o a e n i n o a p o i d n z d n a a s - ir - s l P o o e a n r n a - s l m ci e a r l - Other m pa e r n t- t Other banks stores * 1939 1,079 237 178 166 135 363 1940 . 1,452 339 276 232 165 440 1941 1,726 447 338 309 161 471 1939 2,719 625 162 236 1,178 518 1942 . 862 149 134 153 124 302 1940. 2,824 636 164 251 1,220 553 1941 3,087 693 152 275 1,370 597 1945 . 745 66 143 114 110 312 1942 2,817 593 120 217 1,227 660 1946 1,567 169 311 299 242 546 1947 2,625 352 539 550 437 747 1945 3,203 674 72 290 1,322 845 1948 3,529 575 753 794 568 839 1946 4,212 1,008 114 452 1,624 1,014 1949 4,439 849 946 1,016 715 913 1947 4,875 1,203 153 532 1,821 1,166 1950 5,798 1,177 1,294 1,456 834 1,037 1948 5,443 1,261 184 575 2,138 1,285 1951 5,771 1,135 1,311 1,315 888 1,122 1949 5,588 1,334 198 584 2,096 1,376 1952 7,576 1,596 1,653 1,813 J 13R 1,376 1950 6,323 1,576 245 641 2,365 1,496 1951 6,631 1,684 250 685 2,411 1,601 1952-January 5,769 1,117 1,309 1,323 882 1,138 1952 7,066 .852 256 709 2,604 1,645 February... 5,769 1,116 1,318 1,301 881 1,153 March 5,808 1,114 1,336 1,291 881 1,186 1952-January 6,278 1,717 221 553 2,194 1,593 April 5,899 1,136 1,368 1,289 899 1,207 February.. . 6,094 1,742 237 480 2,010 1,625 May 6,144 1,218 1,432 1,331 931 1,232 March 6,059 1,758 239 457 1,953 1,652 June 6,458 1,313 1,508 1,394 967 1,276 April 6,209 1,769 238 471 2,064 1,667 July 6,654 1,364 1,540 1,452 1,004 1,294 May 6,397 1,777 278 475 2,184 1,683 August 6,807 1,392 1,554 1,512 [,036 1,313 June 6,414 1,798 256 467 2,194 1,699 September.. 6,967 1,430 1,567 1,564 1,070 1,336 July 6,286 1,792 231 418 2,155 1,690 October.... 7,189 1,485 1,599 1,647 1,110 1,348 August 6,302 1,792 234 422 2,157 1,697 November.. 7,352 1,534 1,625 1,709 1,131 1,353 September.. 6,367 1,793 240 459 2,183 1,692 December. . 7,576 1,596 1,653 1,813 1,138 1,376 October.... 6,478 1,801 232 499 2,277 1,669 November.. 6,598 1,821 288 536 2,290 1,663 1953-Januaryp.. . 7,696 1,631 1,684 1,861 1,132 1,388 December. . 7,066 1,852 256 709 2,604 1,645 FebruaryP.. 7,816 1,665 1,733 1,884 1,134 1,400 1953-JanuaryP... 6,743 1,858 271 570 2,407 1,637 FebruaryP.. 6,415 1,839 240 490 2,186 1,660 P Preliminary. P Preliminary. 1 Includes mail-order houses. INSTALMENT CREDIT HELD BY FINANCIAL INSTITU- TIONS OTHER THAN COMMERCIAL BANKS AND SALES INSTALMENT CREDIT HELD BY SALES FINANCE FINANCE COMPANIES, BY TYPE OF CREDIT COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding. In millions of dollars] [Estimated amounts outstanding. In millions of dollars] E o n r d m of o n y t e h ar i c T m n r s o e e t t d n a a i l t l t - m A pa o u p b to e il r - e s O g p c u o a t o m p o h n d e e e - r r s r m i R z lo a o e a n a d p ti n d e a o s r i n r n- s l P o o e a n r n a - s l E o n r d m of o n y t e h ar i c T m n r s o e e t t d n a a i l t l t - m A pa o u p b t e o il r - e s O g p c u o a t o m o p h n d e e e - s r r r m i R z lo o a e a n a d p ti n d e a o s r i n r n- l s P o o a e n n r a - s l 1939 789 81 24 15 669 1939 . . 1,197 878 115 148 56 1940 891 102 30 16 743 1940 1,575 1,187 136 190 62 1941 957 122 36 14 785 1941 1,797 1,363 167 201 66 1942 726 65 27 14 620 1942 . 588 341 78 117 52 1945 731 54 20 14 643 1945 300 164 24 58 54 1946 991 77 34 22 1 1 9 9 4 4 6 7 1,3 6 5 7 5 7 3 80 7 2 7 1 6 8 7 5 2 1 4 4 2 1 1 9 2 2 6 1 1 9 9 4 4 7 8 1 1 , , 2 5 7 7 5 3 1 18 3 9 0 6 9 9 9 3 5 9 9 1 1 , , 0 2 3 2 7 6 1948 1,990 1,378 232 216 164 1949 1,858 240 137 89 1,392 1949 2 950 2,425 303 83 139 1950 2,237 330 182 115 1,610 1 1 9 9 5 5 0 1 3 3 , , 7 7 8 6 5 9 3 3 , , 2 18 5 3 7 3 2 1 4 3 1 5 7 7 0 2 1 7 5 5 8 1 19 9 5 5 2 1 3 2 , , 0 5 1 3 4 7 3 4 5 5 8 3 2 27 0 6 9 1 1 3 6 2 6 :1 2 , , 8 1 3 1 8 9 1952 4,833 4,072 332 82 347 1952—January 2,535 356 210 129 1,840 1952—January 3,703 3,116 238 68 281 February.... 2,546 359 212 131 1,844 February.... 3,661 3,074 235 66 286 March 2,571 363 216 133 1,859 March 3,623 3,033 233 65 292 April 2,616 372 225 134 1,885 April .... 3,662 3,063 232 65 302 May 2,682 390 231 140 1,921 May 3,853 3,237 240 67 309 June 2,755 405 244 143 1,963 June. 4,111 3,466 260 68 317 July 2,808 415 252 147 :1,994 A Ju u l g y ust 4 4 , , 2 2 9 6 4 3 3 3, , 6 5 0 8 8 9 2 28 8 9 1 7 7 0 1 3 32 2 6 3 A Se u p g t u e s m t ber. . . 2 2 , , 8 8 7 4 4 9 4 4 2 3 3 0 2 2 6 5 1 5 1 1 5 5 6 1 > ', , 0 0 2 2 7 0 September. . . 4,362 3,660 301 74 327 October 2,902 438 267 159 >,038 October 4,523 3,804 312 78 329 November.... 2,933 443 269 166 >,055 November 4,670 3,940 317 79 334 December.... 3,014 453 276 166 >,119 December.... 4,833 4,072 332 82 347 1953—January? 3,039 456 281 165 >,137 1953—January?.... 4,930 4,159 337 81 353 FebruaryP 3,039 462 283 165 M29 Februarys 5,031 4,260 339 80 352 P Preliminary. Preliminary. NOTE.—Institutions included are consumer finance companies (operating primarily under State small-loan laws), credit unions, industrial loan companies, mutual savings banks, savings and loan associations, and other lending institutions holding consumer instalment loans. APRIL 1953 399 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT—Continued FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE » Pe fr r o ce m n ta p g re e c e c d h i a n n g ge f P ro e m rc e c n o ta rr g e e s p c o h n a d n i g n e g Instalment accounts a C c h co ar u g n e ts month month of preceding year Item 1 F 9 e 5 b 3 . ? 1 Ja 95 n 3 . D 19 e 5 c 2 . 1 F 9 e 5 b 3 . ? J 1 a 9 n 5 . 3 D 19 e 5 c 2 . Year or month D s m e to p e r a n e r t s t- F s t t u o u r r r n e e i s - h H p s o l t o l i o d a u r n s a e c e s p e - - D s m e to p e r a n e r t s t- Net Sales: 1952 Total -4 -45 +39 +2 +6 + 14 January 19 10 13 47 C C a re s d h i t s a s l a e l s e s: ... -10 -46 +57 -4 -3 +6 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 Instalment -2 -49 +37 +6 + 15 + 18 April 18 10 13 46 Charge account 0 -31 +30 + 1 -4 +9 J M un ay e 1 1 9 8 1 1 1 0 1 1 3 2 4 4 8 6 Accounts receivable, end July 17 10 12 46 of month: August 17 11 11 46 Total -1 -4 +9 +23 +23 +21 September 18 11 12 47 Instalment -4 +7 +20 + 19 + 19 October 18 11 11 50 November 17 10 11 48 Collections during December 17 10 11 48 month: Total -9 +5 +4 +5 +5 +5 1953 Instalment -9 +2 +3 +4 +6 +8 January 17 10 11 47 February? 15 9 10 44 Inventories, end of month, at retail value. +3 + 1 -10 -1 -3 -5 p Preliminary. 1 Collections during month as percentage of accounts outstanding at Preliminary. beginning of month. DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasonal adjustment 1947-49 average = 100 Percentage of total sales Accounts receivable Collections during Year or month Sales during month at end of month month Cash Instal- Charge Total Cash I m ns e t n al t - a C c h c a o r u g n e t I m ns e t n a t l- a C c h c a o r u g n e t I m ns e t n al t - a C c h c a o r u g n e t sales m sa e le n s t ac s c a o le u s nt Averages of monthly data: 1941 46 44 55 48 76 53 58 47 48 9 43 1942 53 57 45 48 60 48 60 51 56 6 38 1943 60 72 39 49 35 42 47 50 61 5 34 1944 67 82 36 53 29 44 41 52 64 4 32 1945 75 92 37 59 28 50 40 59 64 4 32 1946 93 105 56 84 38 73 53 78 59 4 37 1947 99 103 85 95 67 92 78 92 55 6 39 1948 103 103 105 104 108 105 106 103 52 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 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 >-233 200 231 183 167 134 49 9 42 1953—January .... 84 76 121 87 226 147 179 172 47 11 42 FebruaryP 78 69 120 81 224 126 162 131 47 11 42 P Preliminary. r Revised. NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 411. 400 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BUSINESS INDEXES [The terms' 'adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] I ( n p d h u y 1 s s 9 t i r 3 c i 5 a a l l - 3 v p 9 o r = o lu 1 d m 0 u 0 c e t ) i * o n * aw 1 C a 9 o c r 4 d n o 7 n e s - t d 4 t r r 9 u a ( c = v c t t a i 1 s l o 0 u n 0 e)2 Employ 1 m 94 e 7 n - t 4 a 9 n = d 1 0 p 0 a^trolls 3 Freight D m ep e a n r t t- Con- W sa h l o e le- Year or month Total Du f M a - c a tu n r u N e d - s o u n - - M era in ls - Total R d t e i e a n s l i - - ot A h l e l r p N t a c e u l g m u o o r r l n y a - i - - - - l pr E M o m d a u p n c l u t o i f y o a - n c t w ur o i r n P k g a er y s - c 1 a 9 i = r n 3 l g 1 5 o s 0 a - * 3 0 d 9 - 1 v ( s 9 = a r a 4 e l l u 1 7 e ta 0 - s e 4 * i 0 ) l 4 9 1 s p u 9 - r m 4 1 ic 7 0 e e - 0 r s 4 s 8 9 ' 1 p m 9 c = r 4 o i o c 1 7 m d e 0 - i - 4 s 0 t 8 y 9 rable rable ment ment rolls Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justedjusted justed justed justed justed justed justed justed justed 1919 72 84 62 71 34 26 39 61.6 68.7 31.1 120 27 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 1923 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 1926 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 79 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 183P1O7.7 P104.2P134.3 126 110 113.5 1951 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 221 217 282 189 167 161 142 173 106.8 103.6 103.2 130.4 141 109 113 1 113.0 February. . 222 218 284 190 167 156 163 152 107.0 103.8 103.6 131.0 136 106 112.4 112.5 221 217 285 188 164 164 174 157 107.0 103.7 103.6 131.9 133 105 112 A 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 . . 211 211 277 181 140 168 186 156 107.1 103.4 101.8 128.1 122 108 113.0 111.6 204 205 247 186 147 172 193 158 106.5 100.8 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 .. 230 233 300 195 164 210 185 227 109.0 106.5 108.1 144.2 128 115 114.2 111.1 November 234 235 r304 197 171 196 178 207 109 5 r107.8 108.8 r145 6 134 113 114 3 110.7 December 235 233 ••313 ••194 168 205 183 219 109.9 108.5 109.4 '149.2 131 115 114.1 109.6 1953 January 236 232 316 195 164 190 173 201 109.7 109.1 108.7 146.8 134 111 113.9 109.9 February P239 P235 P322 P198 P163 P175 P186 P168P109.9P109.6P109.5 •147.6 130 P112 113.4 109.6 March «241 «237 e327 «197 «162 132 '113 • Estimated; all estimates are those of the Federal Reserve. v Preliminary. r Revised. * Average per working day. 1 For indexes by groups or industries, see pp. 402-405. 8 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. 409. 1 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 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. 411-415. 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. APRIL 1953 401 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 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Industrial Production—Total 222 221 216 211 204 193 275 228 230 234 235 236 v239 Manufactures—Total 232 231 225 224 214 202 225 237 242 245 247 249 v253 Durable Manufactures 284 285 277 277 247 230 267 290 300 r304 '313 316 *>322 Iron and SteelJ 261 263 245 246 140 139 244 270 281 283 r286 287 P291 Pig iron 235 239 205 208 42 38 221 242 247 244 247 249 247 Steel 304 309 278 278 66 83 283 319 332 334 335 333 337 Open hearth 221 225 196 195 39 36 202 222 233 231 238 235 234 Electric 892 911 855 867 256 418 860 1013 1040 1064 1022 1029 1071 Machinery 360 359 354 353 352 331 336 354 363 r371 385 392 v399 Transportation Equipment 322 327 329 338 339 287 300 353 371 r376 r393 394 v406 Automobiles (including parts) 219 222 227 231 229 162 175 247 265 '272 '284 286 P301 (Aircraft; Railroad Equipment; Shipbuilding — Private and Government) * 217 218 218 216 210 201 213 225 r237 240 r246 249 P253 Smelting and refining 249 252 257 259 247 242 251 248 251 251 258 266 P279 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin) 2 204 204 203 199 195 184 197 216 231 236 '241 242 P242 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin Lumber and Products 162 158 152 142 146 141 149 155 155 161 rl65 171 vl72 154 149 143 128 134 128 135 140 138 146 149 162 P161 Furniture 176 175 170 168 169 165 175 183 189 191 '196 189 P192 Stone, Clay, and Glass Products 224 222 220 217 222 214 221 222 224 221 222 224 v234 223 224 225 227 247 243 243 245 241 r232 222 225 P242 Glass containers 239 239 242 243 269 266 261 261 254 242 225 232 255 257 244 238 230 222 215 231 227 231 233 254 257 279 Clay products 177 175 173 168 170 158 163 161 163 ••162 '161 169 P\1\ Other stone and clay products 2 Nondurable Manufactures 190 188 183 181 186 179 191 194 195 197 rl94 195 P198 Textiles and Products 160 152 144 151 154 147 170 177 172 176 169 169 vl71 Textile fabrics 146 139 131 137 138 129 152 158 154 158 152 151 Cotton consumption 150 141 130 135 133 111 143 145 142 149 141 140 149 Rayon deliveries 295 288 280 287 312 343 369 377 361 356 337 350 339 Nylon and silk consumption 2 Wool textiles 122 112 108 117 112 103 123 137 134 137 '138 130 Carpet wool consumption 133 123 117 113 75 71 120 148 140 153 164 149 Apparel wool consumption 116 110 110 123 125 120 139 149 142 137 130 129 Wool and worsted yarn 117 108 103 112 113 103 120 130 126 127 rl24 118 Woolen yarn 114 103 96 108 106 97 112 121 117 120 115 108 Worsted yarn 120 114 112 116 124 112 131 144 140 138 '136 134 Woolen and worsted cloth 126 113 109 123 124 113 123 136 138 141 146 137 107 108 102 105 103 91 116 112 112 113 107 116 Leather tanning 90 86 84 90 92 81 97 97 103 103 100 102 Cattle hide leathers 101 98 95 105 106 91 110 107 115 117 112 115 Calf and kip leathers 73 68 72 67 69 60 79 90 87 84 88 87 Goat and kid leathers 72 69 64 67 67 71 67 65 77 83 '80 79 Sheep and lamb leathers 74 72 69 72 79 66 89 88 93 86 76 80 Shoes 118 122 114 115 111 98 129 123 118 120 112 126 Manufactured Food Products 165 166 163 160 166 162 164 168 165 161 rl63 165 P167 Wheat flour 113 103 108 103 113 109 109 108 109 113 108 114 PIO9 Cane sugar meltings 2 Manufactured dairy products 138 142 146 148 147 145 148 148 146 147 152 '151 151 Butter 66 71 73 73 69 70 69 71 73 73 85 89 90 Cheese 163 169 181 183 180 176 178 178 176 191 209 209 205 Canned and dried milk 120 133 149 163 164 152 168 166 155 152 155 142 138 Ice cream a P Preliminary. * Revised. 1 Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods may be obtained from the Division of Research and Statistics. a Series included in total and group indexes but not available for publication separately. 1 Because of a ^classification of the basic data used to measure changes in production, the sulphate pulp and sulphite pulp series are no longer available separately. Individual indexes through June 1951 are shown in preceding BULLETINS. 402 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 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Manufactured Food Products—Continued Meat packing ... 182 179 165 146 148 147 158 170 169 170 176 169 174 Pork and lard 228 230 207 167 170 163 180 200 194 196 202 181 181 Beef 153 141 135 140 137 144 149 151 153 155 163 175 188 Veal 84 81 79 84 99 109 121 125 131 131 124 113 109 85 85 79 76 78 68 77 87 96 89 97 100 97 171 172 169 169 175 171 171 175 172 M67 167 170 P173 Processed fruits and vegetables 133 150 146 147 161 138 123 143 147 -124 r128 142 P146 Confectionery ... 143 135 128 130 121 117 134 136 131 134 150 145 Other food products 185 184 183 181 188 189 190 190 185 184 '181 182 M84 Alcoholic Beverages ... 171 170 157 150 152 162 151 155 162 180 166 158 159 Malt liquor 173 171 154 149 161 176 165 160 154 177 182 175 169 Whiskey 73 68 62 51 38 19 21 26 28 31 44 53 58 Other distilled spirits 327 292 298 231 185 198 234 148 182 133 127 160 139 Rectified liquors 193 208 205 214 207 224 175 263 325 369 228 180 221 Tobacco Products 175 174 184 178 189 172 186 187 190 181 172 179 194 Cigars 105 109 110 114 116 113 111 123 134 124 98 110 111 244 243 259 245 264 240 261 257 258 249 243 249 276 Other tobacco products 68 59 62 64 65 54 68 65 66 57 59 64 61 Paper and Paper Products 193 192 185 182 181 160 188 192 203 205 r196 200 207 Paper and pulp 189 188 181 175 176 154 180 181 192 194 185 191 197 Pulp 237 241 228 221 227 195 229 220 233 236 220 233 238 Groundwood pulp 114 117 110 108 121 124 132 125 125 108 112 112 118 Soda pulp 99 99 95 92 89 68 82 83 89 92 91 92 95 Sulphate and sulphite pulp3 279 284 269 260 266 226 267 256 274 280 258 275 280 Paper 181 180 174 168 168 148 172 175 186 188 180 185 191 Paperboard 209 205 202 207 201 182 222 233 246 249 235 236 245 Fine paper 2 Printing paper 191 189 186 175 182 150 168 165 178 182 179 185 193 Tissue and absorbent paper 184 190 186 162 168 174 180 187 206 193 195 >"201 201 Wrapping paper 176 178 161 149 153 124 148 146 150 161 M51 162 167 Newsprint 129 131 122 130 134 126 130 126 123 121 116 119 118 Paperboard containers (same as Paperboard). ... Printing and Publishing 177 177 175 170 176 157 165 16S 176 175 168 173 180 Newsprint consumption 163 164 164 166 169 164 162 166 173 169 157 162 167 Printing paper (same as shown under Paper) Petroleum and Coal Products 281 278 261 209 251 259 280 282 279 290 T-291 291 v288 Petroleum refining 2 Gasoline 212 210 205 157 216 225 231 2^?4 225 233 229 230 P229 Fuel oil 242 227 218 167 228 231 235 232 226 239 239 241 P236 177 183 177 124 185 174 181 179 182 171 164 160 Kerosene 208 223 211 133 199 226 230 208 207 225 241 250 Other petroleum products 2 Coke 188 204 166 165 72 67 169 177 179 182 186 188 188 By-product coke 179 197 161 161 71 67 168 174 178 179 182 183 183 Beehive coke 459 420 326 311 84 52 184 299 243 268 312 r353 367 Chemical Products 297 294 292 292 298 299 302 302 304 308 309 310 P306 Paints 157 155 152 151 151 157 154 155 15* '159 '159 160 P\60 Rayon 299 269 267 270 307 32 5 354 370 358 350 351 348 344 Industrial chemicals 562 563 559 558 563 565 568 567 578 595 ••598 597 P590 Other chemical products 2 Rubber Products 243 242 235 242 246 225 242 252 260 *264 '273 268 Minerals—Total 167 164 166 140 147 142 156 175 164 171 168 164 P163 Fuels 174 170 171 140 161 155 161 180 167 177 176 172 P170 Coal 123 111 110 100 96 84 93 133 93 125 115 105 99 Bituminous coal 135 122 119 107 102 91 102 144 93 135 125 116 109 Anthracite 77 68 74 73 74 57 61 88 95 87 71 60 60 Crude petroleum 199 199 201 159 193 190 194 203 203 202 207 204 P205 Metals 128 125 141 143 65 65 131 149 145 138 117 rl20 P123 Metals other than gold and silver 182 176 205 207 71 71 188 219 212 200 166 '170 P176 Iron ore (Copper; Lead; Zinc)2 Gold 47 48 47 51 52 54 50 48 47 48 46 46 Silver 76 78 77 75 71 63 63 63 69 67 66 67 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. APRIL 1953 403 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDUSTRIAL PRODUCTION, BY INDUSTRIES (Without Seasonal Adjustment) [Federal Reserve indexnumbers, 1935-39average=100] 1952 1953 Industry Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Industrial Production—Total 218 217 215 211 205 194 218 232 233 235 233 232 P235 Manufactures— Total 229 228 224 224 215 203 228 242 245 246 246 246 P249 Durable Manufactures 281 283 277 278 249 232 269 292 301 305 311 313 P319 Iron and Steel1 261 263 245 246 140 139 244 270 281 283 '286 287 P291 Pig iron 235 239 205 208 42 38 221 242 247 244 247 249 247 Steel O . pen hearth 3 2 0 2 4 1 3 2 0 2 9 5 2 1 7 9 8 6 2 1 7 9 8 5 6 3 6 9 3 8 6 3 2 20 8 2 3 3 22 1 2 9 3 2 3 3 2 3 3 2 3 3 4 1 3 2 3 3 5 8 3 2 3 3 3 5 3 2 3 3 7 4 Electric 892 911 256 860 1013 1040 1064 1022 1029 1071 855 867 418 Machinery 360 359 352 336 354 363 '371 385 392 P399 354 353 331 Transportation Equipment 322 327 339 300 353 371 '376 '393 394 329 338 287 Automobile? (including parts) 219 222 229 175 247 265 '272 '284 286 P301 (Aircraft; Railroad equipment; Shipbuilding—Private 227 231 162 and Government)2 Nonferrous Metals and Products 217 218 218 216 210 201 213 225 '237 '241 '246 249 P253 Smelting and refining 249 252 257 260 246 241 251 248 251 251 259 266 P279 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)2 Fabricating 204 204 203 199 195' 184' 197 216 231' 236 '241 242 P242 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)2 Lumber and Products 148 149 152 145 155 150 160 167 164 '160 151 151 P156 Lumber 133 135 143 133 148 143 152 159 151 143 128 132 P138 Furniture ,176 175 170 168 169 165 175 183 189 191 196 189 P192 Stone, Clay, and Glass Products 208 212 216 224 225 216 231 232 235 '226 215 210 P217 Glass products 218 224 225 240 245 235 251 248 247 '234: 210 222 P236 Glass containers 232 239 242 260 266 255 272 267 262 245 210 227 248 Cement 196 200 226 241 237 236 261 263 267 252 231 209 212 Clay products 168 167 168 167 169 160 169 167 173 167 166 157 P162 Other stone and clay products 2 Nondurable Manufactures 186 184 180 180 187 181 195 201 200 199 193 191 P193 Textiles and Products 160 152 144 151 154 147 170 177 172 176 169 169 P171 Textile fabrics 146 139 131 137 138 129 152 158 154 158 152 151 Cotton consumption 150 141 130 135 133 111 143 145 142 149 141 140 149 Rayon deliveries 295 288 280 287 312 343 369 377 361 356 337 350 339 Nylon and silk consumption 2 Wool textiles 122 112 108 117 112 103 123 137 134 137 138 130 Carpet wool consumption 133 123 117 113 75 71 120 148 140 153 164 149 Apparel wool consumption. . . . 116 110 110 123 125 120 139 149 142 137 130 129 Woolen and worsted yarn 117 108 103 112 113 103 120 130 126 127 124 118 Woolen yarn 114 103 96 108 106 97 112 121 117 120 115 108 Worsted yarn 120 114 112 116 124 112 131 144 140 138 136 134 Woolen and worsted cloth 126 113 109 123 124 113 123 136 138 141 146 137 Leather and Products 109 108 102 105 102 90 116 111 112 114 107 116 Leather tanning 96 86 84 90 90 77 95 95 104 107 99 103 Cattle hide leathers 109 98 95 105 102 86 107 105 116 121 112 118 Calf and kip leathers ... 77 67 69 64 70 60 83 88 89 85 87 85 Goat and kid leathers 74 68 66 66 68 70 65 66 77 80 80 79 Sheep and lamb leathers 81 70 66 77 78 62 92 86 93 91 72 75 Shoes 118 122 115 111 98 129 123 118 120 112 126 114 Manufactured Food Products.... 149 148 154 165 174 185 192 178 165 160 153 P150 149 Wheat flour 114 101 99 109 108 108 118 115 114 107 114 P110 104 Manufactured dairy products 97 116 152 197 217 215 214 173 133 106 107 98 109 Butter ... 58 64 75 94 95 86 76 69 63 55 67 74 80 Cheese 134 152 188 245 256 217 199 182 158 143 151 155 168 C Ic a e n c n r e e d a m an 2 d dried milk 108 131 168 227 227 176 173 153 126 110 120 115 124 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. 8 Because of a reclassification of the basic data used to measure changes in production, the sulphate pulp and sulphite pulp series are no longer available separately. Individual indexes through June 1951 are shown in preceding BULLETINS. 404 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] 1952 1953 Industry Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Manufactured Food Products—Continued Meat packing 175 165 152 147 147 137 138 154 169 190 208 199 166 Pork and lard 223 214 188 167 170 144 139 158 183 230 266 237 178 Beef 140 128 127 140 134 146 150 163 167 161 163 178 173 Veal 74 76 78 88 99 109 118 138 149 141 116 105 96 Lamb and mutton. 86 83 77 78 73 65 75 93 100 89 95 106 98 Other manufactured foods 155 153 151 154 166 179 195 207 191 174 165 157 P157 Processed fruits and vegetables 84 82 89 96 124 179 234 279 190 114 100 92 Confectionery 144 125 107 100 89 96 144 175 171 158 151 149 Other food products 176 176 175 178 189 193 194 194 195 193 184 Alcoholic Beverages.. 152 155 155 158 176 186 159 159 173 163 142 134 Malt liquor 155 159 162 170 203 220 188 161 143 136 145 144 152 Whiskey 73 68 62 51 38 19 21 26 28 31 44 53 58 Other distilled spirits 196 190 179 139 115 115 126 202 472 280 140 104 83 Rectified liquors 193 208 205 214 207 224 175 263 325 369 228 180 221 Tobacco Products . . . 167 164 174 178 197 179 193 198 197 184 159 178 184 Cigars 105 109 110 114 116 113 111 123 134 124 98 110 111 Cigarettes 229 226 241 245 278 252 274 275 268 254 224 249 260 Other tobacco products 66 59 62 64 66 54 66 69 71 59 51 63 59 Paper and Paper Products 194 192 186 182 182 159 188 191 203 205 195 200 208 Paper and pulp 190 188 181 175 177 153 180 181 192 194 185 191 198 Pulp 238 242 230 222 227 193 227 217 232 237 220 233 238 Groundwood pulp 119 125 121 117 122 110 116 112 116 114 113 117 123 Soda pulp 99 99 95 92 89 68 82 83 89 92 91 92 95 Sulphate and sulphite pulp 3 279 284 269 260 266 226 267 256 274 280 258 275 280 Paper 182 180 174 168 169 147 172 175 186 188 179 185 193 Paperboard 209 205 202 207 201 182 222 233 246 249 235 236 245 Fine paper 2 Printing paper 191 189 186 175 182 150 168 165 178 182 179 185 193' Tissue and absorbent paper 191 190 188 162 171 167 180 187 208 193 189 199 209 Wrapping paper 176 178 161 149 153 124 148 146 150 161 151 162 167 Newsprint 129 131 124 131 135 124 129 126 123 123 114 119 118 Paperboard containers (same as Paperboard). Printing and Publishing 175 180 180 174 175 145 157 180 183 178 Newsprint consumption 159 171 174 173 168 141 146 168 182 184 165 164 Printing paper (same as shown under Paper) . Petroleum and Coal Products 281 278 261 251 259 280 282 279 290 '291 291 '288 Petroleum refining 2 Gasoline 212 210 205 157 216 225 231 234 225 233 229 •229 Fuel oil 242 227 218 167 228 231 235 232 226 239 239 241 P236 Lubricating oil 175 181 184 129 185 172 179 179 182 171 163 155 Kerosene 218 227 215 134 187 210 221 206 207 231 248 255 Other petroleum products 2 Coke 188 204 166 165 72 67 169 177 179 182 186 188 188 By-product coke 179 197 161 161 71 67 168 174 178 179 182 183 183 Beehive coke 459 420 326 311 84 52 184 299 243 268 312 353 367 Chemical Products 298 295 291 296 295 299 305 309 313 314 311 >309 Paints 155 155 153 155 156 155 152 153 158 '157 159 157 •159 Rayon 299 269 267 270 307 325 354 370 358 350 351 348 344 Industrial chemicals 562 563 559 558 563 565 568 567 578 595 598 597 '590 Other chemical products 2 Rubber Products 243 242 235 225 242 252 260 '273 268 Minerals—Total 162 158 165 143 149 144 161 180 166 no 163 159 158 174 170 171 140 161 155 161 180 167 177 176 172 '170 Coal.. 123 111 110 100 96 84 93 133 93 125 115 105 99 A Bi n t t u h m ra in ci o t u e s coal 13 7 5 7 1 6 2 8 2 11 7 9 4 10 7 7 3 10 7 2 4 9 5 1 7 1 6 0 1 2 144 9 9 3 5 1 8 3 7 5 12 7 5 1 1 6 1 0 6 1 6 0 0 9 Crude petroleum 199 199 201 159 193 190 194 203 203 202 207 204 '205 Metals. . . 91 90 130 159 74 81 164 178 164 131 84 83 v87 Metals other than gold and silver 121 118 189 238 90 101 244 265 241 185 108 109 116 Iron ore 98 94 238 348 41 71 381 418 363 248 83 86 (Copper; Lead; Zinc)2 Gold Silver 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. APRIL 1953 405 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] 1952 1953 Product group Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Total 102 104 103 105 108 71 84 121 125 134 134 142 147 Passenger automobiles 96 103 109 110 114 47 63 122 125 131 129 134 146 Household goods, total 108 106 97 99 101 98 108 119 124 137 139 150 149 Carpets 75 80 83 81 44 61 76 81 99 98 94 103 Furniture ... 103 102 106 109 110 113 113 115 118 120 '125 121 122 Major appliances . 95 98 82 85 89 74 94 89 91 114 115 125 124 Radios and television 158 141 118 115 136 135 141 205 214 237 236 279 273 ' Revised. NOTE.—Figures for February 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] 1952 1953 Industry group or industry Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec, Jan. Feb. ADJUSTED FOR SEASONAL VARIATION Total 12,835 12,832 12,862 12,794 12,465 12,268 12,795 13,058 13,168 13,328 13,418 13,498 13,555 Durable goods 7,285 7,281 7,331 7,302 6,916 6,674 7,188 7,430 7,534 '7,664 '7,749 7,808 7,865 Primary metal industries 1,154 1,148 1,143 1,153 720 686 1,116 1,153 1,156 '1,167 '1,173 1,182 1,186 Fabricated metal products 799 799 802 806 777 745 795 821 843 859 '868 882 895 Machinery except electrical 1,275 1,267 1,276 1,263 1,255 1,215 1,193 1,199 1,218 1,248 '1,277 1,289 1,291 Electrical machinery 720 715 714 715 710 706 726 747 758 '772 784 796 812 Transportation equipment 1,251 1,266 1,288 1,307 1,323 1,169 1,192 1,330 1,380 '1,421 '1,460 1,484 1,501 Lumber and wood products 685 680 688 635 690 709 709 705 691 '694 '682 666 670 Furniture and fixtures 290 293 293 294 297 297 299 302 304 307 '311 311 313 Stone, clay, and glass products. . 449 449 452 449 453 448 456 460 465 '466 '460 465 459 Instruments and related products 232 232 235 233 233 238 240 242 245 250 251 254 255 Misc. manufacturing industries.. 375 376 382 388 398 401 403 408 411 '416 '418 415 418 Ordnance and accessories 55 56 58 59 60 60 59 63 63 '64 '65 64 65 Nondurable goods 5,550 5,551 5,531 5,492 5,549 5,594 5,607 5,628 5,634 '5,664 '5,669 5,690 5,690 A Te p x p t a il r e e - l m a i n ll d p o ro th d e u r c t f s inished tex- 1,106 1,102 1,093 1,088 1,082 1,114 1,137 1,153 1,150 1,150 1,147 1,140 1,139 tiles 1,021 1,020 1,011 1,004 1,018 1,045 1,034 1,037 1,030 '1,054 '1,057 1,065 1,048 Leather and leather products. . . 335 336 339 344 347 345 350 348 351 '360 '364 362 361 Food and kindred products 1,159 1,161 1,155 1,153 1,169 1,163 1,140 1,138 1,140 '1,132 '1,126 1,146 1,165 Tobacco manufactures 81 81 83 83 82 83 84 84 83 82 85 84 83 Paper and allied products 402 399 398 400 405 403 410 413 416 '417 '420 416 418 Printing, publishing and allied industries 507 511 510 510 511 512 514 515 517 519 518 519 517 Chemicals and allied products... 530 530 530 525 528 532 523 523 524 '525 '525 528 528 Products of petroleum and coal. 195 197 199 169 189 189 201 200 203 202 202 202 202 Rubber products 214 214 213 216 218 208 214 217 220 223 225 228 229 WITHOUT SEASONAL ADJUSTMENT Total 12,820 12,815 12,733 12,588 12,329 12,061 12,886 13,285 13,377 13,462 13,529 13,447 13,538 Durable goods 7,306 7,316 7,329 7,262 6,888 6,559 7,146 7,444 7,583 '7,719 '7,815 7,819 7,888 Primary Metal Industries 1,160 1,154 1,143 1,141 716 676 1,110 1,153 1,162 1,173 '1,185 1,188 1,192 * Blast furnaces, steel works 570 567 558 557 155 134 540 565 566 568 751 573 and rolling mills 807 807 806 798 769 726 783 821 847 863 '881 891 904 Fabricated Metal Products Machinery except Electrical 1,281 1,280 1,282 1,269 1,261 1,203 1,181 1,193 1,212 rl, 242 '1,283 1,289 1,297 249 249 249 247 248 242 244 247 247 247 250 250 Metalworking machinery... 727 722 714 708 706 685 708 743 766 '784 800 804 820 Electrical Machinery Electrical apparatus (gen- 275 273 270 267 266 254 259 269 274 '279 282 285 erating, etc.) 273 273 269 267 268 265 281 297 309 '321 331 331 Communication equipment. 1,251 1,266 1,288 1,307 1,323 1,169 1,192 1,330 1,380 '1,421 '1,460 1,484 1,501 Transportation Equipment Motor vehicles and equip- 634 643 663 667 672 521 525 680 706 '742 '761 779 ment 424 428 430 437 447 454 466 448 472 478 493 500 Aircraft and parts 668 670 678 635 697 709 727 719 701 '701 '679 653 653 Lumber and Wood Products 396 398 405 387 424 427 442 438 430 '424 410 393 Sawmills and planing mills.. 296 296 292 287 288 285 295 304 310 315 '317 316 319 Furniture and Fixtures 207 208 205 202 202 202 210 216 222 226 227 227 Household furniture 447 449 452 449 453 441 458 462 467 '468 '465 460 457 Stone, Clay, and Glass Products. . 233 234 236 233 233 230 238 242 246 251 254 255 256 Instruments and Related Products. 381 382 380 376 382 375 395 414 429 '437 '426 415 424 Misc. Manufacturing Industries.. 55 56 58 59 60 60 59 63 63 '64 '65 64 65 Ordnance and Accessories For footnotes see following page. 406 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] 1952 1953 Industry group or industry Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Nondurable goods 5,514 5,499 5,404 5,326 5,441 5,502 5,740 5,841 5,794 ••5,743 '5,714 5,628 5,650 Textile-mill Products 1,123 1,113 1,093 1,083 1,082 1,081 1,120 1,141 1,150 1,162 1,164 1,151 1,156 Broad-woven fabric mills... 527 518 507 503 506 509 519 522 524 '527 530 524 Knitting mills 210 210 210 209 212 209 221 225 228 230 229 223 Apparel and Other Finished Textiles 1,052 1,051 996 959 972 982 1,050 1,068 1,066 r 1,065 '1,073 1,065 1,079 Men's and boys' furnishings. 233 238 239 238 240 239 249 253 255 '256 -"257 255 Women's and misses' outerwear 309 306 275 252 252 269 292 292 284 '284 '298 302 Leather and Leather Products.... 342 344 336 330 340 340 357 355 355 '358 '362 362 368 Footwear (except rubber)... 221 222 217 213 221 219 232 228 224 225 231 235 Food and Kindred Products 1,060 1,057 1,057 1,074 1,138 1,215 1,279 1,314 1,233 r1,160 '1,112 1,066 1,062 Meat products 244 239 233 230 232 234 232 236 235 245 247 240 Canning and preserving 105 104 114 122 155 211 280 313 222 '149 '126 114 Bakery products 187 189 186 183 190 195 194 195 196 195 191 186 Tobacco Manufactures 80 78 77 77 78 78 87 91 91 88 87 84 82 Paper and Allied Products 404 401 398 398 403 395 408 411 418 '421 '424 418 420 Pulp, paper and paperboard mills 210 208 206 206 209 203 209 208 210 210 213 211 Printing, Publishing and Allied Industries 507 508 507 507 511 507 509 515 522 524 526 519 517 Newspapers 152 152 152 154 154 154 154 155 155 156 157 154 Commercial printing 166 167 166 167 167 165 165 167 170 170 172 171 Chemicals and Allied Products... 538 538 530 517 512 511 513 526 534 '535 '535 533 536 Industrial organic chemicals. 168 168 163 161 163 166 168 168 170 172 173 174 Products of Petroleum and Coal.. 193 194 197 168 190 191 205 203 203 203 201 200 200 Petroleum refining 153 152 155 126 155 158 161 159 159 159 159 159 215 215 213 213 215 202 212 217 222 227 230 230 230 Rubber Products ' Revised. NOTE.—Covers production and related workers only; data shown include all full- and part-time production and related workers who worked during, or received pay for, the pay period ending nearest the 15th of the month. Figures for February 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 hourly earnings (dollars per week) (per week) (dollars per hour) Industry group 1952 1953 1952 1953 1952 1953 Feb. Dec. Jan. Feb. Feb. Dec. Jan. Feb. Feb. Dec. Jan. Feb. Total 66.91 '72. 22 71.51 71.42 40.7 '41.7 41.1 41.0 1.644 1.732 1.740 1.742 Durable goods 72.18 '78.51 77.43 77.43 41.7 '42.6 41.9 41.9 1.731 1.843 1.848 1.848 Primary metal industries 75.83 '84.06 84.78 81.26 41.2 41.8 41.6 41.0 1.841 '2.011 2.038 1.982 Fabricated metal products 71.27 '78.59 76.82 76.75 41.8 43.3 42.3 42.1 1.705 '1.815 1.816 1.823 Machinery except electrical 79.70 '84.08 83.05 83.40 43.6 43.7 43.1 43.1 1.828 '1.924 1.927 1.935 Electrical machinery 69.93 73.91 73.93 74.54 41.6 42.5 42.1 41.9 1.681 1.739 1.756 1.779 Transportation equipment 79.24 '87.71 85.10 86.72 41.4 '42.6 41.8 42.2 1.914 '2.059 2.036 2.055 Lumber and wood products 59.11 '63.93 62.25 62.28 40.6 '41.7 40.9 41.0 1.456 '1.533 1.522 1.519 Furniture and fixtures 60.26 '65.01 62.89 63.43 41.5 42.8 41.4 41.7 1.452 '1.519 1.519 1.521 Stone, clay, and glass products 65.23 '71.10 69.94 70.58 41.0 '41.8 40.9 41.3 1.591 '1.701 1.710 1.709 Instruments and related products 71.02 '77.19 74.80 74.52 41.7 '43.1 42.0 41.7 1.703 '1.791 1.781 1.787 Miscellaneous manufacturing industries 60.18 65.92 65.06 64.79 40.8 42.5 41.6 41.4 1.475 1.551 1.564 1.565 Ordnance and accessories 78.76 '77.06 75.93 80.57 44.7 '41.7 40.8 42.7 1.762 '1.848 1.861 1.887 Nondurable goods 60.12 63.67 63.16 63.16 39.5 40.5 39.9 39.8 1.522 1.572 1.583 1.587 Textile-mill products 52.22 '55.77 54.86 54.80 38.8 40.8 40.1 40.0 1.346 '1.367 1.368 1.370 Apparel and other finished products 47.56 '48.32 48.24 48.97 36 37.4 36.8 37.3 1.296 '1.292 1.311 1.313 Leather and leather products 50.19 '53.21 53.23 53.54 38.7 39.5 39.4 39.6 1.297 '1.347 1.351 1.352 Food and kindred products 63.30 '67.02 66.82 65.53 41.4 42.1 41.3 40.7 1.529 '1.592 1.618 1.610 Tobacco manufactures 43.69 '47.75 47.36 46.51 36.9 39.2 38.5 37.6 1.184 '1.218 1.230 1.237 Paper and allied products 66.57 '72.78 71.93 72.06 42.4 '44.0 43.2 43.2 1.570 1.654 1.665 1.668 Printing, publishing and allied products 77.64 '83.66 81.70 82.59 38.4 39.5 38.7 38.7 2.022 '2.118 2.111 2.134 Chemicals and allied products 68.81 '72.30 72.05 71.96 41.4 41.6 41.1 40.7 1.662 '1.738 1.753 1.768 Products of petroleum and coal 82.09 '88.36 88.47 87.48 40.8 40.7 40.6 40.2 2.012 '2.171 2.179 2.176 Rubber products 73.31 '79.00 77.82 n.a. 40.5 '41.8 41.0 n.a. 1.810 '1.890 1.898 n.a. r Revised. n.a. Not available. NOTE.—Data are for production and related workers. Figures for February 1953 are preliminary, Back data are available from the Bureau of Labor Statistics. APRIL 1953 407 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 , al and utilities government 1945 40,069 15,302 826 1,132 3,872 7,522 1,394 4,055 5,967 1946 41,412 14,461 852 1,661 4,023 8,602 1,586 4,621 5,607 1947 43,371 15,247 943 1,982 4,122 9,196 1,641 4,786 5,454 1948 44,201 15,286 981 2,165 4,151 9,491 1,716 4,799 5,613 1949 43,006 14,146 932 2,156 3,977 9,438 1,763 4,782 5,811 1950 44,124 14,884 904 2,318 4,010 9,524 1,812 4,761 5,910 1951 46,401 15,931 920 2,569 4,144 9,804 1,883 4,759 6,390 1952 46,879 15,991 875 2,547 4,168 9,946 1,961 4,762 6,628 SEASONALLY ADJUSTED 1952—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 '47,682 '16,509 '872 '2,567 '4,237 '10,032 '1,993 '4,760 6,712 December '47,844 '16,621 '873 '2,517 '4,238 '10,096 '2,001 '4,757 6,741 1953—January 47,741 16,704 874 2,490 4,194 10,064 1,998 4,748 6,669 47,850 16,775 866 2,534 4,186 10,081 2,004 4,748 6,656 February UNADJUSTED 45,899 15,859 902 2,308 4,111 9,643 1,919 4,667 6,490 1952—February 46,001 15,869 904 2,296 4,118 9,668 1,937 4,681 6,528 March 46,299 15,795 896 2,416 4,096 9,845 1,952 4,748 6,551 April 46,329 15,654 893 2,522 4,131 9,773 1,958 4,796 6,602 May 46,292 15,410 814 2,663 4,168 9,838 1,977 4,837 6,585 June 46,006 15,162 784 2,722 4,140 9,792 1,993 4,855 6,558 July 47,124 16,028 897 2,781 ,208 9,784 1,993 4,844 6,589 August 47,789 16,430 886 2,763 ,228 9,970 1,971 4,829 6,712 September 47,908 16,542 873 2,697 4,242 10,114 1,971 4,774 6,695 October '48,058 '16,642 '873 '2,618 '4,233 '10,320 '1,973 '4,736 6,663 November '48,926 '16,727 '872 '2,467 '4,238 '10,881 '1,981 '4,709 7,051 December 1953—January 47,183 16,649 867 2,266 4,158 9,928 1,988 4,677 6,650 February 47,154 16,755 857 2,255 4,150 9,858 1,994 4,677 6,608 r Revised. NOTE.—Data include all full- and part-time employees who worked during, or received pay for, the pay period ending nearest the 15th of the month. Proprietors, self-employed persons, domestic servants, unpaid family workers, and members of the armed forces are excluded. February 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 J 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 Total t I u n r a n l o i n n a d g u r s i t c r u ie l- s agric I u n lture U pl n o e y m ed - labor force 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 ,879 46,092 1952 (2) (2) 62,966 61,293 54,488 6,805 1,673 46,710 1952—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 ,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 ,942 45,516 August C113,265 C67,419 63,958 62,354 55,390 6,964 ,604 45,846 September 113,374 67,166 63,698 62,260 54,712 7,548 ,438 46,208 October (2) (2) 63,146 61,862 54,588 7,274 L.284 46,928 November (2) (2) 63,646 62,228 55,454 6,774 L ,418 46,552 December . . . . (2) (2) 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 (2) (2) 62,712 60,924 55,558 5,366 L ,788 48,224 March (2) (2) 63,134 61,460 55,740 5,720 ,674 48,076 c Corrected. 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. 408 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 Business Other Total d R en e t s i i a - l Total In tr d i u al s- m C er o c m ia - l P ut u i b li l t i y c n r d t e o e i s a n n i l - - - 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 1939 8 198 4,389 2,680 1,229 254 292 683 480 3,809 125 1,381 570 1,733 1940 8,682 5,054 2,985 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 1,132 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 1,253 3,043 2,580 4,825 158 1,774 629 2,264 1949 22,789 16,384 8,267 5,322 972 1,027 3,323 2,795 6,405 137 2,131 793 3,344 1950 28,749 21,610 12,600 5,680 1,062 1,288 3,330 3,330 7,139 177 2,381 881 3,700 1951 31,025 21,684 10,973 7,183 2,117 1,371 3,695 3,528 9,341 1,019 2,400 860 5,062 1952 32 329 21,785 11,101 7,343 2,298 1,095 3,950 3,341 10,544 1,346 2,700 838 5,660 1952—March . 2 835 \ .970 1,010 626 213 85 328 284 915 122 245 78 470 April 2,779 L ,857 953 620 211 80 329 284 922 120 246 76 480 May 2 701 L ,798 902 613 199 84 330 283 903 124 225 74 480 June 2,683 1,773 885 612 189 84 339 276 910 123 231 71 485 Tulv 2 640 1,784 896 611 187 84 340 277 856 109 222 67 458 August . . . 2,634 L,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 L,864 992 602 172 109 321 270 874 116 207 65 486 1953—January n, 768 L,868 '950 '646 '•186 ••125 335 ••272 900 130 214 68 488 February 2 914 .965 1,015 672 195 134 343 278 949 127 264 68 490 March? 2,998 2,061 1,084 693 208 130 355 284 937 126 266 70 475 Preliminary. ' Revised. 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- Educa- Other public tories mercial tional 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 1,208 1,180 1,651 2,578 1951 15,751 6,122 9,629 6,205 2,883 915 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—February... 885 339 547 396 61 62 104 74 187 March 1,321 554 767 593 120 71 119 154 265 April 1,598 636 961 682 205 75 134 148 354 May 1,564 558 1,006 754 79 80 146 158 347 June 1,489 559 930 582 166 74 127 184 356 July 1,511 619 893 608 140 92 122 208 341 August 1,439 501 937 628 142 94 145 139 291 September. . 2,029 1,269 760 519 995 87 87 93 248 October 1,321 410 911 602 113 103 126 138 238 November. . 1,249 491 758 528 117 85 117 143 259 December.. . 1,467 478 990 439 313 100 146 154 316 1953—January 1,076 450 626 460 76 87 106 138 209 February.. . 1,021 351 671 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—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 February 885,206 40,649 16,440 39,819 77,168 98,910 116,133 126,042 46,255 23,504 57,342 89,944 1952—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 February....... 1,021,310 51,386 181,532 60,791 100,690 106,229 159,856 137,100 56,654 18.573 42,628 105,871 APRIL 1953 409 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PERMANENT NONFARM DWELLING UNITS STARTED [In thousands of units] Private Government-underwritten Rural Year or month Total Urban non- Public farm Total fam 1 i - ly fam 2- ily f M am ul i t l i y - Total FHA VA 1939 515 359 156 458 373 20 66 57 158 158 1941 706 434 272 620 533 28 58 87 220 220 1945 209 134 75 208 185 9 15 1 47 41 6 1946 671 404 267 663 590 24 48 8 152 69 83 1947 849 480 369 846 740 34 72 3 440 229 211 1948 932 525 407 914 763 46 104 18 393 291 102 1949 1.025 589 436 989 792 35 162 36 466 361 105 1950 1,396 828 568 1.352 1,151 42 159 44 686 486 200 1951 1,091 595 496 1,020 892 40 88 71 413 264 149 1952 1,127 610 517 1,069 939 46 84 58 420 279 141 1952—March 104 59 45 91 79 4 8 13 28 19 9 April 106 59 47 96 85 4 7 9 38 26 12 May . . 110 61 49 101 90 4 7 9 38 26 12 June .... 104 56 47 97 87 4 7 7 39 26 13 July 103 52 50 101 90 4 7 2 42 29 13 August 99 51 48 97 85 4 8 2 38 25 13 September 101 53 48 99 87 5 8 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 72 41 31 68 58 3 6 4 29 19 10 1953—Tanuarv *71 n.a. n.a. *67 n.a. n.a. n.a. P4 27 18 9 February J»77 n.a. n.a. P72 n.a. n.a. n.a. P5 27 17 10 March P97 n.a. n.a. ?88 n.a. n.a. n.a. P9 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 Feb. Sept. Oct. Nov. Dec. Jan. Feb. Feb. Sept. Oct. Nov. Dec. Jan. Feb. Total 134 126 136 134 128 134 131 134 130 126 145 138 138 120 121 119 Coal 121 109 120 135 93 123 111 108 97 120 135 93 123 111 108 97 Coke 208 168 192 189 188 195 191 184 181 203 187 185 195 200 193 191 Grain 143 142 140 123 157 147 131 128 114 137 138 157 144 123 128 112 Livestock 69 69 72 70 76 76 69 62 57 57 93 117 95 66 59 46 Forest products 150 144 146 140 139 152 152 154 146 140 151 146 149 135 139 140 Ore 205 181 277 235 233 233 248 278 275 69 352 314 258 77 70 69 Miscellaneous 147 140 149 144 145 144 144 151 149 140 155 158 150 135 138 140 Merchandise, 1. c. 1 48 46 49 45 46 46 45 44 45 47 48 48 47 43 42 43 NOTE.—For description and back data, see BULLETIN for June 1941, pp. 529-533. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission. MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports * Merchandise imports * Excess of exports Month 1951 1952 1953 1951 1952 1953 1951 1952 1953 January 974 1,254 *1,275 1,025 922 *927 -51 332 J>348 February .076 1,344 910 893 166 451 March ,295 1,447 1 102 964 193 483 April ,369 1,352 1,034 932 r336 420 May 1,354 1,473 1,018 835 '337 638 June . 1,297 1.167 930 861 366 306 July 1,186 L,O27 895 839 292 188 1,270 1,087 881 817 390 270 September 11,232 1,225 721 877 510 348 October L ,152 1,213 834 918 319 295 November... ... . 1,388 .186 819 804 569 382 iL.438 1,390 800 1,051 638 338 January 974 1,254 *1,275 1,025 922 P927 -51 332 P348 p Preliminary. r Revised. 1 Exports of domestic and foreign merchandise. Includes exports under foreign aid programs, including Department of Defense shipments under the Mutual Security Program as follows (in millions of dollars): 1951, 1,065: 1952, 1,981; January 1953, 268. . • • * General imports including imports for immediate consumption plus entries into bondedI wwaairehouses. Source.—Department of Commerce. 410 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 = 100J Federal Reserve district Year or month U S n t i a t t e e d s Boston Y N o e r w k a P p d h h e i i l l a - - C l l a e n ve d - m Ri o c n h d - l A a t n - ta c C a hi g - o Lo S u t i . s M a i po n l n i e s - K C a i n t s y as Dallas F c S r i a a sc n n o - SALES i 1947 98 99 99 96 97 97 96 98 97 98 98 94 99 1948 104 102 103 104 105 103 103 104 104 104 103 105 104 1949 98 99 98 100 98 100 101 97 98 99 99 102 98 1950 105 103 101 106 105 105 109 104 104 105 108 113 105 1951 109 105 105 109 111 113 115 108 105 104 111 117 109 1952 110 104 99 109 110 116 124 106 106 104 113 124 114 SEASONALLY ADJUSTED 1952—February 106 100 100 110 108 ••112 112 ••104 100 113 106 115 108 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 r120 130 119 1953—January 111 104 97 111 116 119 127 107 108 r99 114 129 116 February P112 P106 96 115 115 P118 P124 109 106 109 P113 125 117 UNADJUSTED 19 52—February ••84 75 82 ••81 83 83 94 ••80 80 83 85 93 ••87 March 92 87 86 97 95 96 110 89 89 80 93 105 90 April 103 103 94 103 104 110 118 99 101 101 104 114 103 !May 108 102 95 108 105 115 122 104 106 105 112 125 113 June 105 103 95 102 105 114 117 103 103 96 106 116 108 Julv 84 73 69 76 82 87 96 82 81 84 93 104 96 August. . 98 83 76 86 99 100 115 97 98 103 110 114 112 September 112 111 100 110 110 121 126 110 110 108 115 128 115 October 119 111 110 120 119 128 132 116 121 124 120 134 117 November 133 127 123 143 139 142 145 129 126 120 132 145 136 December ... 195 193 175 195 194 214 221 186 179 175 196 215 207 1953—January 85 84 78 82 87 84 97 82 79 ••74 86 101 91 February ?88 P80 79 85 89 P90 P104 84 85 81 P90 101 94 STOCKS» 1947 93 95 98 93 93 94 90 89 93 91 93 89 93 1948 ... 107 105 105 107 107 105 108 111 106 110 108 110 107 1949 100 100 97 99 100 101 102 100 100 100 100 101 100 1950 109 110 104 108 106 114 120 110 112 104 113 112 110 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—February r H5 112 ••106 113 110 rl25 129 113 112 102 122 122 123 M^arch 115 109 108 113 110 127 126 113 111 103 120 124 119 April 116 111 111 112 111 126 125 114 114 104 121 122 123 May 118 109 112 114 109 131 126 114 124 106 124 124 128 June 118 110 113 113 107 139 125 113 125 105 122 123 128 July 120 110 116 114 113 140 129 118 120 108 128 130 125 August . . 118 109 111 112 109 136 129 115 129 109 127 127 123 September 120 109 110 113 112 132 130 118 132 113 129 131 126 October 120 109 110 114 111 130 133 118 130 113 124 129 134 November 120 111 111 113 113 132 136 118 130 111 124 130 127 December 119 110 111 114 112 132 142 114 128 107 123 130 126 123 113 114 116 114 144 140 117 130 111 127 135 132 February P122 P114 110 115 P113 136 P140 118 125 P114 P129 P133 131 UNADJUSTED 1952—February ••112 107 ••103 111 109 ••122 128 111 109 99 121 r121 117 March 120 112 113 119 116 136 132 118 118 107 126 131 122 April 122 114 116 121 117 136 132 118 122 109 127 129 129 May . 120 112 115 116 111 135 127 116 124 108 126 125 132 June 112 102 105 105 100 127 120 107 118 100 119 114 126 July 110 99 102 100 102 128 121 107 112 105 120 120 120 August 114 103 107 107 104 134 127 110 125 104 120 125 118 September 124 112 116 117 116 137 135 119 140 113 129 134 129 October 134 123 124 131 124 146 145 131 147 120 135 141 147 November 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 111 103 101 101 104 127 126 109 113 105 118 122 119 February P119 P108 107 112 P112 133 P139 115 122 Pill J»128 P131 125 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. 411 APRIL 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 million3. of dollars) Ratios to sales * Year or month m S ( o a t f n l o o e t t r a s h l 2 ) S m t o ( o n e o c n t f k d h s ) 2 o m ( s r o e O t d i n u n a e n d t n t r g - d h s o - ) f 2 m c ( e o t R i f n o e p o t t t - r a h s l ) 3 o m r ( o N t d f n o e e o t t r r w a h s l ) 3 Stocks s o O t r i u a d n t n e g - d r - s S s o t t o r p i a u o d l n t n e c u g - d r k s - s s ce R i e p - ts 1944 average 246 574 596 244 256 2.4 2.5 5.0 1.0 1945 average 276 604 775 277 291 2.3 3.0 5.3 1.0 1946 average 345 767 964 373 354 2.3 3.0 5.3 1.1 1947 average 365 887 588 366 364 2.5 1.7 4.3 • 1.0 1948 average 381 979 494 386 363 2.7 1.4 4.1 1.0 1949 average 361 925 373 358 358 2.7 1.1 3.8 1.0 1950 average 376 1,012 495 391 401 2.8 1.4 4.2 1.1 1951 average 391 L,2O2 460 390 379 3.2 1.3 4.4 1.0 1952 average 395 1,093 433 395 398 2.9 1.2 4.1 1.0 1952—February.. . '300 r1,055 '419 '359 '380 3.5 1.4 4.9 1.2 March 348 1,119 365 '412 '358 3.2 1.0 4.3 1.2 April 373 1,137 293 391 319 3.0 0.8 3.8 1.0 May 382 1,102 273 347 327 2.9 0.7 3.6 0.9 June 353 1,017 410 268 405 2.9 1.2 4.0 0.8 July 289 997 520 269 379 3.4 1.8 5.2 0.9 August 343 1,040 539 386 405 3.0 1.6 4.6 1.1 September.. 387 1,131 592 478 531 2.9 1.5 4.4 1.2 October 448 L,230 573 547 528 2.7 1.3 4.0 1.2 November.. 462 1,275 454 507 388 2.8 1.0 3.7 1.1 December. . 736 1,018 358 479 383 1.4 0.4 1.9 0.7 1953—January.. . . 325 L,O27 452 334 428 3.2 1.4 4.6 1.0 February?.. 302 .098 452 373 373 3.6 1.4 5.1 1.2 p Preliminary. r Revised. 1 The first three ratios are of stocks and/or orders at the end of the month to sales during the month. 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 May 7 115May 6. .. 104 May 5 113 May 3 Ill Nov. 5. . .108Nov. 4 109 Nov. 3. .. 121 Nov. 1 11 5 14 98 13. .. 106 12 110 10 117 12. .. 109 11 118 10. .. 127 8. . . .118 21 96 20. .. 95 19 99 17 99 19. . .118 18 127 17. . .130 15. .. 130 28 94 27. .. 97 26 100 24 105 26. .. 113 25 110 24. .. 123 22. .. 134 31 97 29. .. 138 June 4 89June 3. .. 90June 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 27 146 30 89 31. .. 68 30 82 29. .. 92 July 2 82July 1 91July 7 75July 5 79 1950 1951 1952 1953 1 9 6 . . . 6 7 .9 3 1 8 5 . . . 9 7. 1 5 2 1 1 4.... 8 8 3 1 1 19 2 . . . 8 8 .3 2 Jan. 7. .. 70Jan. 6 98Jan. 5 78Jan. 3. . . .81 23 71 22 104 28 80 26 79 14. .. 80 13 105 12 92 10 89 30 72 29 102 21 79 20 104 19 90 17 92 28 76 27 96 26 83 24.... 86 Aug. 6 78Aug. 5 102 Aug. 4 88Aug. 2 87 31 87 13 75 12 94 11 87 9 90 20 86 19 97 18 93 16 95 Feb. 4 78Feb. 3 81Feb. 2 84Feb. 7 88 27 86 26 99 25 97 23 100 11. . . .82 10 94 9 87 14 92 30 110 18 80 17 94 16. . . 89 21 85 Sept. 3 101Sept. 2 107Sept. 1 105Sept. 6 100 25 76 24 95 23 83 28 93 10 93 9 102 8 100 13 114 17 108 16 127 15 114 20 113 Mar. 4 84Mar. 3 99 Mar. 1 85 Mar. 7 96 24 100 23 111 22 111 27 112 11 87 10 105 8 88 14 100 30.... 110 29 114 18 91 17 101 15. . . .90 21 109 25 96 24 105 22. .. 28 112 Oct. 1 104Oct. 7 112Oct. 6 110Oct. 4 116 31. . . .89 29. .. 101 8 102 14 111 13.... 117 11 126 15 100 21 105 20 116 18. . .124 Apr. 1. .. 104Apr. 7 101 Apr. 5 109Apr. 4 118 22 101 28.... 108 27. ... 113 25 . . .122 8. .. 110 14 100 12. .. 111 11 29 102 15... 88 21 97 19. .. 97 18 22 96 28 . . .101 26. . . 105 25 29. .. 98 r Revised. NOTE.—For description and weekly indexes for back years, see BULLETIN for April 1952, pp. 359-362. 412 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DEPARTMENT STORE STATISTICS—Coif*/»K*</ [Based on retail value figures] SALES BY FEDERAL RESERVE DISTRICTS, METROPOLITAN AREAS, AND CITIES [Percentage change from corresponding period of preceding year] Federa a l r e R a e , s o er r v c e i t d y istrict, F 19 e 5 b 3 . J 1 a 9 n 5 . 3 T m 19 w o 5 s o 3 . Federa a l re R a e , s o er r v c e i t d y istrict, F 19 e 5 b 3 . J 1 a 9 n 5 . 3 T m 19 w o 5 s o 3 . Federa a l re R a e , s o er r v c e i t d y istrict, F 19 e 5 b 3 . J 1 a 9 n 5 . 3 m T 19 w o 5 s o 3 . United States +3 +2Richmond Dist. (Cont.) Minneapolis Dist. (Cont.) Boston District +1 +4 +3 M N e o tr r o fo po lk li - t P a o n r t A s r m ea o s u t 3 h -C , o V n a t . . +1 +9 +5 C M iti a e n s kato, Minn -12 +6 -4 Metropolitan Areas Richmond, Va.1 +4 Great Falls, Mont. -4 +3 New Haven, Conn -12 -6 —9 Roanoke, Va.1 +22 +18 + 1 Grand Forks, N. D -10 -1 C W L N P it o o e i o e w r w r s tl c e a e l B n l s - e d t L e d , a r f , w o M r M r d a e , i n a n c s M e e s. , a 1 M ss. a . s s .. , + + + - 1 1 6 4 4 + + + + 1 1 4 6 4 9 + + + + 1 1 6 2 4 C S N C L it p y h e ie a n w a s r r c t p l h a e o b n s r u t b t o r u n g N r , , g e , W V w S s a . , . . V 1 V C a a .1 P P + + - _ 2 5 1 5 2 + + + + 1 3 9 3 3 + + + + - 2 1 1 4 5 0 0 Ka D L n a u s M l a C u i s t r n h o n C - s . S s i - e t W u y , p W i e D s r c i i i . s o s 1 e r t , rict. . + - - 2 5 3 r+ + 2 1 0 + -1 2 D S P p r o o r w i v n i n g d t f e o ie n w l c d n e , , B M R o . a s t s I o s .1 n, Mai + + -1 1 1 + + 3 2 + 1 At H la u n n t t a in D gt i o s n tr , i W ct . Va.1... . p+ -1 6 + + 7 7 + + 3 7 M D P e u e tr e n o b v p l e o o r , l , i C t C a o n o l l o A o reas +2o + 14 0 + + 1 1 New York District _3 M B e i t r r m op in o g li h ta a n m A , r A ea la s . 3 1 +7 + 1 +4 W To i p c e h k it a a , , K K a a n n s s + -3 1 r- - 1 5 -4 0 Metropolitan Areas 3 Mobile, Ala + 16 +23 +20 St. Joseph, Mo -6 -10 -8 New York-Northeastern Montgomery, Ala +9 +8 +8 Omaha, Nebr + 1 -1 0 New Jersey, N.Y. & N.J. -9 -5 — 7 Jacksonville, Fla.1 + 11 + 1 +6 Oklahoma City, Okla.. +3 +4 +3 New York City, N. Y.1 -12 -6 -9 Miami, Fla.1 + 11 + 10 Tulsa, Okla +8 +6 +7 Newark, N. J.1 -2 -2 —2 Orlando, Fla +7 + 7 Buffalo, N. Y 0 +4 +2 St. Ptrsbg.-Tampa, Fla.. . +i +7 +4 Cities B N B in u i g a ff g h a a a lo r m a t C o F n i a t , y l l , s N , N . N Y . Y .Y .1 + -1 6 + + + 3 8 1 + + - 1 1 7 A S T tl t a a . m n P t p e a a t , e , r G F sb a la . u 1 . r 1 g, Fla + + + + 4 7 7 + + + 2 4 4 J H K o u a p n t l c i s n h a , i s n M s C o i o n ty , , K M an o s + + + 5 2 2 + + 8 3 2 + + + 5 2 1 Rochester, N.Y.1 -2 +9 +4 Augusta, Ga +3 +7 +5 Syracuse, N. Y.1 +2 + 14 +8 Columbus, Ga -6 +4 Dallas District +4 +6 +5 Cities Macon, Ga.1 P-5 +7 + 1 Ph A S U B P E i c l o l l r t a m b h i i u c d d a e g i a g n n e r h , e a y e l k p , p N c , e o t h N e N a . r p i Y d t . a , s . y Y Y i , e C D , o N i N n s . n t . Y . r 1 Y ict.... + + + + + -3 1 2 2 1 1 1 ( + + + + - 2 4 7 5 1 4 0 ) + + + + - - 1 1 2 3 1 1 C C S N J N B C K i a t a e a h a i n c v e w t s a o k o s a h t x s n n t v o O v a n i n i n l R r l a l , o l l e h e e o o , M , , a u g n T g T G a i s e s e , e , a s , n n . L T n 1 L n e a . . a 1 1 n . . 1 1 n.1 , P P + + + + + + 1 1 7 6 4 9 4 8 + + + + + + 2 1 8 9 7 5 0 7 + + + + + + - 1 1 1 4 6 8 8 6 3 1 M W S C D F S H E e a h o o l a o t a n r r r r l u P c e o t l p a s o A v a p u W t s , s e o o s n , o p T l n t o i , T C o o , t e r a r n T e t h x T t h n i x , r e o , e i . x A s , 1 L x T t r . T i a 1 e e , e a x T x s ex + + + + + + 1 6 7 3 8 7 0 0 + + + + + + + 2 1 1 1 1 3 4 0 0 1 3 3 + + + + + + + + 1 1 1 3 4 9 2 1 0 3 1 Metropolitan Areas Rome, Ga +5 + 13 +9 Trenton, N. J +9 +5 + 7 Meridian, Miss + 13 + 10 ++1122 San Francisco District. . P+4 +10 +7 Lancaster, Pa 0 +4 +3 Bristol, Tenn -6 +2 Philadelphia, Pa + 1 -3 -1 Metropolitan Areas 3 Reading, Pa +3 + 1Chicago District. * ...... r+2 +1 Phoenix, Ariz.1 +7 +8 +7 C C M l S A C T W C W Y C e i e t P v p o o i k a y o t i i n r e a l r l n r l l r i e u c l o m k o n k t a d i m p o e n g , n i n o s o n f , n P b n , i - d l , g e O B u a i a O t l t O t s d a o D a h i , h , , n r n h i i i o r O , i o O s e O A o t x - h D h r ^ r H h i i e i i o e i o c a a o 1 l t z s x 1 leton, + + + + + + - - - 7 9 5 9 2 6 1 7 2 2 + ' + + + + + - - - 1 + 3 4 4 1 1 6 8 9 0 1 + + + + + + -2 5 6 8 3 6 / C 1 M F T D D F M C P L M G I G e n e l o e a h e r e r t i d a i o e r n r a r s i n l t d i r c o t w e r r n s a t e i i o a M n p i , d s n W a a n g i o o , u H a M t g o o B l , n R a p k i , 1 , i a t , y i a n o e M a 1 a u c M 1 y n e e l 1 p W n h t i 1 , s . e i , e i s . i 1 1 c , d , 1 A , c W , W i . h s s h 1 I r I I . I , o . 1 e n i n i n 1 w s s a M d d d . . s 1 a 1 . . . i 1 1 1 ch.1 p- + 1 + + - - 1 3 9 4 8 4 2 + + + + + + + + + - - - 1 1 2 1 4 1 6 5 2 6 5 0 1 8 1 4 2 + + + + + + + + - - 2 1 6 3 9 7 6 6 5 6 1 0 3 S S S R F L S O S L P a a a r o i D e n v n D n a c W a a o s a s n e a r n s n k o o A n F a D r r a e t g l w w F s m d o a r d s a n i i a i r , t n e n e d g n B e n s a n M g n d t e e C t i n n o o e . o d o l a - - t c , o a a e w B w e , O , o a i c s l n C s , i e n C , n n h L C a f i c r a c . , d C k a . C a o k 1 l a L O l i l l A C , e a , a f i a i . f f S a l l l n . C a i . e A C i , k f 1 a l d f y . i a l a . C n . 1 f , a , 1 , l l . i n a i 1 C C C f f B l d . i a a a , 1 e f l l l . . r i i i . 1 f f f - . . . . . . . 1 1 1 P p P + + + + - + + + + + - 1 6 8 3 3 3 2 5 5 3 3 3 A • + + + + + + + + + + + 1 1 6 6 3 7 2 8 4 9 7 6 8 + + + + + + + + + - - 1 1 6 1 5 5 3 3 6 6 5 5 0 0 R M C i W W C P P Y E c i e D t h o i r l t o i a t h e i r e r m o t e u s e v o t s s w , h s n e e p b o m i g l l P o n u n i n a s n l t r a o g n d t i o g g . o t u t d w 1 a , h o w t , D n h , n n W n O , , i A P , W s h . O D r t a O i V e r a . o h . 1 a i h s i a c x C s o h i . t o 1 3 . . ! , 1 a D. C. " + + - - + - + - 2 3 5 1 2 1 3 8 2 0 9 + r + - + + - - 3 _ 5 4 2 4 8 5 0 7 8 + + + - + - - - - 3 1 1 5 2 2 1 3 3 2 3 S C M t F Q S . S M L L E i e t p o t o L i v u i t . e t e r r r u a i t i o m t s n o L l n n i e s u c p g o s S p v y o i v f u h m R i s i , l i l i e i i l l s o s i t e D l l 1 , t a d , e c 1 , h , i k n , M 1 T , s K , I t A M e A o n A r y n r d i r . o n e r c 1 k k a . t 1 s .1 P P P + + + + + + - 1 + 1 5 7 3 6 3 2 1 + + + - - - - - 2 4 7 5 6 1 0 1 0 1 + + + + - - - 1 3 3 4 2 3 2 0 8 0 C S T T S S B S S P it V p a e a u t a o a i o e l a o n c k c r a t c s t t o C k s e l t l k J l o L r m a l a e a o s e t n n n j a l o f s , a o i , e i d k f n e , e , W , . , e A , , l 1 W d C W O C r C a C , i a s a z a r a a i l h C s i t e l l s f i y h . i . h f a 1 f 1 , . . . l . 1 1 1 i 1 U f.1 tah i. . . P P + ( ( + + + + + + + 1 2 2 5 3 ) ) 9 5 8 7 1 1 0 + + + r + - + + + + + 1 1 1 1 1 7 2 7 3 8 7 3 0 9 8 0 + + + ( + + + + + + 1 1 2 1 5 4 8 4 8 4 ) 3 1 6 A B s a h lt e i v m il o le re , , N M . d C . . 1 1 + -3 7 + -1 5 + +3 1Minneapolis District -7 -3 T B w oi i s n e F an al d ls N , I a d m a p h a o , Idaho. + -6 3 + + 1 4 0 ( + ) 6 Raleigh, N. C.1 -6 -1 -4 Metropolitan Areas 3 Idaho Falls, Idaho +8 +9 +8 W Ch i a n r s l t e o s n t - o S n a , le S m . , C N .1 . C.1. . + + 1 5 8 + + 9 4 + + 1 6 1 Mp M ls i - n S n t e . a P p a o u li l s , C M it i y n . n M .1 inn.1 -1 -7 0 '0 0 B Ev el e l r in e g tt h , a W m, a s W h. a 1 sh ?? + + 2 1 8 2 ( + 2 6 ) C G o re lu en m v b il i l a e , , S S . . C C . . 1 1 + + 1 7 3 + 10 + + 1 3 2 Sio S u t x . P F a a u l l l s C , S it . y , D Minn.1.. . -1 -1 6 r+l W Ya a k ll i a m a W , a W lla a , s h W .1 ash.1 + - 1 1 3 + -1 2 +2 1 P I P n r d e e li x m es i n s a h r o y w . # i ng longer r R te e r v m is c e o d m . parisons 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. * Data not available. * Breakdowns shown under various metropolitan areas do not necessarily include all portions of such areas. APRIL 1953 413 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS [Based on retail value figures] Percentage change from a year ago Number of Sales Department stores during report- period ing Jan. 1953 360 — 1 360 0 324 -4 300 -9 203 -13 173 +3 192 -6 313 281 264 247 351 203 243 334 321 221 287 81 235 280 132 244 356 356 315 289 167 331 341 349 348 253 294 263 333 340 246 213 222 354 344 231 225 322 276 321 347 264 276 346 297 267 338 270 322 311 193 1 + 1 + ot '-inC ot Ratio of Index numbers stocks to without seasonal adjustment, sales x 1941 average monthly sales =100 2 Stocks Sales during Stocks at end (end of January period of month month) 1953 1952 1953 1952 Jan. 1953 1953 1952 Jan. Dec. Jan. Jan. Dec. Jan. GRAND TOTAL—entire store 3 3 3 3 3 MAIN STORE—total +1 3.5 3.5 183 418 184 650 643 649 Piece goods and household textiles. . +1 2.5 2.4 276 263 286 692 759 684 Piece goods + 1 3.9 3.5 182 166 199 702 654 699 Silks, velvets, and synthetics. -2 3.8 3.4 150 151 172 578 551 580 Woolen yard goods -5 4.1 4.4 196 206 191 813 859 856 Cotton yard goods + 10 3.5 3.0 218 154 232 768 650 707 Household textiles +2 2.1 2.0 323 303 331 672 770 664 Linens and towels -4 2.5 2.6 294 351 292 740 727 771 Domestics—muslins, sheetings.... +7 1.4 1.2 473 218 501 662 820 616 Blankets, comforters, and spreads. +7 3.0 2.8 239 309 234 711 735 667 Small wares +2 +3 4.0 3.9 167 492 163 661 678 642 Laces, trimmings, embroideries, and ribbons. . . . -3 +7 4.2 3.8 158 342 163 670 787 623 Notions -4 +5 3.9 3.6 201 390 209 792 832 755 Toilet articles, drug sundries +2 +4 3.6 3.4 158 421 154 560 577 539 Silverware and jewelry +3 -3 5.9 6.2 138 566 135 808 826 828 Silverware and clocks 4 i -4 7.9 8.1 Costume jewelry 4 +6 2 3.2 3.4 Fine jewelry anrd watches 4. +8 —3 10 8 12 0 Art needlework -3 -1 3.3 3.3 188 260 194 626 742 638 Books and stationery. . . +9 +9 3.4 3.4 189 703 173 639 611 581 Books and magazines. +7 +9 2.7 2.6 182 545 169 487 513 449 Stationery +9 +9 3.8 3.8 185 722 169 694 592 630 Women's and misses' apparel and accessories. +1 +6 2.9 2.8 178 392 176 522 497 493 Women's and misses' ready-to-wear accessories... + 1 +6 3.6 3.4 162 449 160 588 570 557 Neckwear and scarfs + 10 +8 2.4 2.5 214 740 194 530 496 491 Handkerchiefs -4 —5 4.6 4.6 91 585 95 413 415 436 Millinery + 1 + 13 1.5 1.4 114 187 113 175 132 154 Women's and children's gloves -2 4.6 4.6 105 487 107 483 501 495 Corsets and brassieres +5 +9 2.9 2.8 276 325 262 810 827 744 Women's and children's hosiery -4 +3 2.7 2.5 118 316 123 317 310 310 Underwear, slips, and negligees -1 +3 3.4 3.3 158 648 160 537 518 523 Knit underwear 0 +5 3.2 3.0 221 732 221 706 725 673 Silk and muslin underwear, and slips -3 0 3.7 3.6 140 589 144 521 495 526 Negligees, robes, and lounging apparel +3 +7 2.8 2.7 155 749 150 428 375 399 Infants' wear 2 + 14 3.4 3.0 222 595 226 768 773 684 Handbags, and small leather goods +2 +5 3.3 3.2 120 513 118 401 400 383 Women's and children's shoes. +5 +6 5.7 5.7 182 301 172. 1,043 982 988 Children's shoes 4 +6 +9 6.8 6.6 Women's shoes 4 +5 +5 5 5 5 5 Women's and misses' ready-to-wear apparel. + 1 +6 2.3 2.2 195 331 193 450 417 425 Women's and misses' coats and suits 0 +5 1.8 1.7 245 241 244 442 397 420 Coats * 0 +5 1.4 1.4 Suits4 + 1 +5 2 8 2 7 Juniors' and girls' wear +3 2.9 2.6 177 463 172 514 454 455 Juniors' coats, suits, and dresses. +3 2.1 2.0 195 351 190 415 389 391 Girls' wear +3 + 17 3.9 3.4 167 612 163 658 550 561 Women's and misses' dresses. -1 +3 2.0 1.9 174 238 175 344 321 335 Inexpensive dresses 4 -1 +7 1.6 1.4 Better dresses 4 — 1 2 3 2 4 Blouses, skirts, and sportswear +5 +8 2.7 2.7 220 550 209 601 545 555 Aprons, housedresses, and uniforms. +3 +7 2.0 1.9 201 304 196 392 380 367 Furs • -3 3.4 3.3 124 216 134 428 473 440 Men's and boys' wear 0 -1 4.6 4.7 154 555 153 710 710 722 Men's clothing -2 -8 4.0 4.2 200 343 204 800 805 874 Men's furnishings and hats + 1 + 1 4.8 4.8 128 714 126 620 607 616 Boys' wear +3 +9 5.4 5.1 127 543 123 683 673 631 Men's and boys' shoes and slippers +4 +4 5.8 5.8 157 444 151 910 929 891 For footnotes see following page. 414 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 [Based on retail value figures] Percentage Ratio of Index numbers change from a stocks to without seasonal adjustment, year ago sales 1 1941 average monthly sales=100 2 Num- Department r b s e t e p o r o r e o rt s f - d p S u e a r r l i i e o n s d g m ( S e t o n o n d c t k h o s ) f January Sale p s e r d io u d ring Sto o c f k m s o at n e th nd ing 1953 1952 1953 1952 Jan. Jan. 1953 1953 1953 1952 Jan. Dec. Jan, Jan. Dec. Jan; Homef urnishings. 328 -2 4.2 4.3 203 306 207 856 825 905 Furniture and bedding 251 +2 -2 3.6 3.8 227 210 221 811 816 860 Mattresses, springs, and studio beds 4 182 +7 +5 1.9 1.9 Upholstered and other furniture 4 184 0 4.4 4.6 Domestic floor coverings 279 -5 -7 4.8 4.9 179 189 188 854 857 928 Rugs and carpets4 164 -3 -6 4.7 4.8 Linoleum 4 96 -9 -3 5.6 5.2 Draperies, curtains, and upholstery 304 -4 +2 5.0 4.7 160 260 167 807 817 793 Lamps and shades 256 A +1 4.2 4.0 169 395 176 707 762 702 China and glassware 257 -5 + 1 7.7 7.2 151 406 159 1,160 1,154 1,144 Major household appliances 241 +3 -25 3.1 4.2 198 213 193 606 630 814 Housewares (including small appliances) 269 0 -2 4.4 4.5 218 480 218 960 965 987 Gift shop 4 186 -3 +3 6.8 6.4 Radios, phonographs, television, records, etc. 4 229 -7 -12 2.6 2.8 Radios, phonographs, television 4 173 -17 2.2 2.6 Records, sheet music, and instruments 4 125 -14 -3 4.1 3.6 Miscellaneous merchandise departments 323 0 +2 4.3 4.3 148 657 148 641 440 636 Toys, games, sporting goods, cameras 308 + 14 10.8 11.8 68 1,163 59 730 686 690 Toys and games 253 + 10 15.9 15.6 34 1,549 31 543 604 500 Sporting goods and cameras 147 +15 -3 7.7 9.1 82 877 71 629 1,175 624 Luggage 275 -5 +3 5.3 4.9 161 592 169 850 793 Candy 4 191 0 + 12 1.8 1.6 826 BASEMENT STORE—total 207 -3 +2 2.6 2.4 165 357 170 425 422 416 Domestics and blankets 4 135 -5 +4 1.8 1.7 Women's and misses' ready-to-wear. 189 -2 +5 2.1 2.0 158 346 162 334 322 317 Intimate apparel4 164 -1 0 2.4 2.4 U H n os d i e e r r w y e 4 ar, corsets and brassieres 4 9 9 5 6 -1 + 1 2 2 . . 2 4 2 2 . . 1 4 Coats and suits 4 174 0 +8 1.6 1.4 D I G B n l r i f o r e a l u s s n s s ' t e e s w s s ' , e 4 w a s r k e i 4 a r r t s 4 , and sportswear 4 1 1 1 1 2 2 5 7 2 2 5 3 + + - 7 8 2 i + + + + 1 1 7 1 5 1 2 2 2 1 . . . . 8 9 1 4 2 2 2 1 . . . . 4 7 0 3 Aprons, housedresses, uniforms 4 91 0 2.4 1.9 +9 -13 Men's and boys' wear 161 +1 3.3 3.2 160 558 162 521 513 522 -1 Me M n' e s n w 's e c a l r o 4 thing 4 1 9 4 9 6 2 -3 i 3 2 . . 1 9 2 3. . 1 9 Men's furnishings 4 117 0 3.3 3.2 +1 Boys' wear 4 121 -4 3.6 3.4 +5 Homef urnishings 104 + 1 3.7 3.6 143 236 156 530 534 559 -6 Shoes 118 -8 4.3 4.2 129 249 129 552 544 538 +3 NONMERGHANDISE—total4 183 0 (5) (5) 0 (6) Barber and beauty shop4 68 -3 1 The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. 2 The 1941 average of monthly sales for each department is used as a base in computing the sales index for that department. The stocks index is derived by applying to the sales index for each month the corresponding stocks-sales ratio. For description and monthly indexes of sales and stocks by department groups for back years, see BULLETIN for August 1946, pp. 856-858. The titles of the tables on pp. 857 and 858 were reversed. 3 For movements of total department store sales and stocks, see the indexes for the United States on p. 414. 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 1952, sales and stocks at these stores accounted for almost 50 per cent of estimated total department store sales and stocks. Not all stores report data for all of the departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total. APRIL 1953 415 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 th or 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 d l i s d H f i u 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 r o i a o r n t n a s - - M c ic a e a r d e l - s P c o a e n r r a e - l re t a c i i n n o r g e 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 95.0 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 Feb.... 113.4 111.5 116.6 121.5 106.1 123.3 108.0 113.5 104.6 129.1 119.3 112.5 107.5 115.8 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] Y m e o a n r t o h r m c t A o i o e m l d s l i - - F p u r a c o r t d m 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 c e n 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 t i d h n t d d e s s e - s , r , p l t F O i e o m a i g u r n n w t h i a e g h d a e - t l e l - , r s r , C c a p i u a o l h c r l c n o m a i e t e d l d m s s m d - - od p R i u a b t r u n i c o e e b t d d r s s - - L w p u a b r u o n c o e m o t d d r s d - - p a p P u a a l r u l c n p o i l e t d e d p s d r - , , M m p u a r e e c n o t t t d a d a s l - l s p c u M t m a e r h i c n o v r i o a y t n d d e - s - - - h F o a h d t a o u b t u o u n h u r l r l r e d e n s e d - s e r i- -e s N t r t m t m a a u r o l l i r u e l s n n a i - c — c - l - - b m b e t o b f a u T r a a t a e a n c r t o c n v g l e d c - - e u - e s o d s - n c M e el o i l s u a - - s 1947 96.4 100.0 98.2 95.3 100.1 101.0 90.9 101.4 99.0 93.7 98.6 91.3 92.5 195.6 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 February 112 5 107 8 109.5 114.2 102.1 99.5 107.2 105.9 143.1 120.3 118.3 122.6 122.0 112.4 112.9 110.8 111.4 March 112.3 108.2 109.2 113.8 100.6 98.0 107.4 105.4 142.0 120.5 117.7 122.6 121.8 111.9 112.9 110.8 109.2 April 111 8 108 7 108 0 113 3 99 9 94.1 106.3 104.8 140.6 120.9 117.4 122.5 121.6 112.1 112.8 110.8 109.5 May 111 6 107 9 108.6 113.0 99.3 94.7 106.0 104.3 140.4 120.7 116.9 121.8 121.6 111.7 112.9 110.8 108.4 111.2 107.2 108.5 112.6 99.0 95.9 105.9 104.3 133.4 119.9 116.7 121.1 121.3 111.6 113.8 110.8 108.1 July 111 8 110 2 110 0 112 5 98 9 96 2 106 0 104.2 130 0 120 2 115 3 121.9 121.4 111.6 113.8 110.8 105.5 August 112 2 109 9 110.5 113 0 99.1 96.5 105.8 104.0 127.8 120.5 115.6 124.1 121.4 111.5 113.8 110.8 108.9 September 111.8 106.6 110.3 113.2 99.5 96.5 106.2 104.0 126.3 120.4 115.6 124.6 121.5 112.0 113.8 110.8 108.3 October 111.1 104.9 108.5 113.0 99.2 96.7 106.6 103.9 126.0 120.2 115.5 124.1 121.3 112.0 114.4 110.8 108.4 November 110 7 103 6 107 7 112 8 98 6 97 6 106.7 103.5 126.4 119.7 115.5 123.9 121.4 112.1 114.5 110.8 105.7 109.6 99.2 104.3 112.9 98.2 99.0 107.2 103.3 127.7 119.7 115.9 124.0 121.4 112.3 114.6 110.8 105.1 1953 January 109.9 '99.6 105.5 113.1 '98.8 97.3 107.8 103.6 127.3 '120.5 115.8 124.0 121.5 112.7 '114.6 '112.2 103.0 February 109.6 97.9 105.1 113.1 98.5 98.0 107.7 103.6 126.2 121.1 115.8 124.5 121.6 112.8 114.6 112.2 101.2 ' Revised. Source.—Bureau of Labor Statistics, Department of Labor. Back figures.—See BULLETIN for March 1952, pp. 311-313. 416 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 Feb. Dec. Jan, Feb. Feb. Dec. Jan, Feb. Farm Products: Pulp, Paper and Allied Products— Continued Fresh and dried produce 112.6 112.3 107.3 101.6 Grains 101.7 96.1 94.6 93.1 Converted paper and paperboard. . 115.8 112.3 112.3 112.5 Livestock and poultry 106.2 86.8 92.7 91.2 Building paper and board 113.4 118.2 118.2 118.2 Plant and animal fibers 120.5 101.9 100.9 102.7 Fluid milk 110.9 108.9 '105.3 103.5 Metals and Metal Products: Eggs 74.3 99.6 93.9 89.1 Hay and seeds 100.9 98.3 97.2 94.9 Iron and steel 123.2 127.0 127.1 127.3 Other farm products 138.6 134.7 133.3 134.5 Nonferrous metals 125.0 122.3 122.5 124.4 Metal containers 120.6 125.4 125.3 125.3 Processed Foods: Hardware 125.9 125.9 125.9 125.9 Plumbing equipment 116.7 118.1 113.6 114.2 Cereal and bakery products 107.4 106.8 106.8 107.6 Heating equipment 114.0 113.6 •113.8 113.9 Meats, poultry, and fish 110.8 93.9 99.3 98.2 Fabricated structural metal prod- Dairy products and ice cream 115.1 113.0 111.9 110.9 ucts 115.5 113.9 113.9 113.9 Canned, frozen fruits, and vegeta- Fabricated nonstructural metal bles 104.8 105.0 105.4 105.3 products 124.4 126.5 126.5 126.7 Sugar and confectionery 106.1 108.2 108.0 107.9 Packaged beverage materials.... 163.1 161.9 161.9 161.9 Machinery and Motive Products: Other processed foods 115.4 116.9 112.8 114.4 Agricultural machinery and equip- Textile Products and Apparel: ment 121.8 121.7 121.8 121.8 Construction machinery and equip- Cotton products 101.0 97.7 97.0 96.2 ment 125.2 126.3 136.2 126.3 Wool products 114.4 112.6 '113.0 111.6 Metal working machinery 128.1 129.0 129.0 129.1 Synthetic textiles 89.9 87.8 88.1 88.3 General purpose machinery and Silk products 130.2 139.7 141.4 141.4 equipment 123.3 121.9 121.9 122.0 Apparel 101.7 98.3 r100.0 99.9 Miscellaneous machinery 120.2 119.6 119.7 120.1 Other textile products 126.4 84.4 83.1 83.5 Electrical machinery and equipment 121.6 119.6 119.6 119.7 Hides, Skins, and Leather Products: Motor vehicles 120.0 119.7 '119.8 119.9 Hides and skins 63.7 70.6 62.1 66.5 Furniture and Other Household Dura- Leather 89.5 92.9 92.0 91.9 bles: Footwear 116.1 112.0 112.0 112.1 Other leather products 103.3 100.3 r99.2 99.1 Household furniture 113.5 113.0 '113.2 113.1 Commercial furniture 122.8 123.2 123.0 123.2 Fuel, Power, and Lighting Materials: Floor covering 126.5 122.7 124.1 124.1 Household appliances 108.0 107.5 •107.4 107.4 Coal 108.8 116.1 116.3 115.9 Radio 94.1 95.0 95.0 95.0 Coke 124.3 129.0 131.8 131.8 Television 77.6 74.9 ••74.5 74.7 Gas 107.0 104.9 '108.0 108.0 Other household durable goods.... 117.6 119.6 '121.2 121.6 Electricity 98.0 98.5 '99.6 99.6 Petroleum and products 110.4 107.9 107.9 107.9 Nonmetallic Minerals—Structural: Chemicals and Allied Products: Flat glass 114.0 114.4 114.4 114.4 Concrete ingredients 113.2 113.1 113.1 113.1 Industrial chemicals 117.5 112.3 122.8 113.1 Concrete products 112.4 112.7 112.8 112.8 Paint and paint materials 108.7 106.1 106.2 105.9 Structural clay products 121.4 124.0 124.0 124.0 Drugs, Pharmaceuticals, cosmetics 93.4 91.3 91.5 91.4 Gypsum products 117.7 117.7 117.7 117.7 Fats and oils, inedible 51.2 52.8 r53.5 52.7 Prepared asphalt roofing 98.6 106.0 106.0 106.0 Mixed fertilizers 108.6 111.1 111.2 111.0 Other nonmetallic minerals 111.2 115.3 115.3 115.3 Fertilizer materials 109.6 113.0 112.9 112.7 Other chemicals and products 104.2 103.1 103.1 102.9 Tobacco Manufactures and Bottled Beverages: Rubber and Products: Cigarettes 107.3 105.7 112.0 112.0 Crude rubber 193.3 137.3 135.5 129.4 Cigars 98.0 102.4 102.9 102.9 Tires and tubes 133.4 126.3 126.3 126.3 Other tobacco products 114.8 118.4 120.3 120.3 Other rubber products 129.1 124.3 124.3 124.3 Alcoholic beverages 111.2 111.2 110.7 110.7 Nonalcoholic beverages 119.7 119.7 119.7 119.7 Lumber and Wood Products: Miscellaneous: Lumber 120.6 119.8 '120.1 120.3 Millwork 126.3 128.3 129.3 131.9 Toys, sporting goods, small arms. . 114.5 113.1 112.8 112.8 Plywood 104.8 102.3 '108.5 110.9 Manufactured animal feeds 113.5 102.1 97.9 94.4 Notions and accessories 100.2 92.9 92.9 92.9 Pulp, Paper, and Allied Products: Jewelry, watches, photo equipment 100.9 101.0 101.0 101.0 Other miscellaneous 121.0 120.8 120.8 121.2 Woodpulp 114.5 108.8 108.8 108.8 Wastepaper 87.3 89.3 87.0 83.8 Paper 123.7 124.9 124.9 124.9 Paperboard 130.3 124.4 124.2 123.5 ' Revised. Source.—Bureau of Labor Statistics, Department of Labor. Back figures.—See BULLETIN for March 1952, pp. 311-313. APRIL 1953 417 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME [Estimates of the Department of Commerce. In billions of dollars] RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING Seasonally adjusted annual rates Annual totals by quarters 1951 1952 1929 1933 1941 1947 1948 1949 1950 1952 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 S B t u a s t i i n st e i s c s a l t r d an is s c f r e e r p a p n a c y y ments .6 .7 1. . 6 5 . . 7 3 .7 . . 8 2 .8 .9 .9 .9 9 1. . 8 9 .9 .9 Plus: g o S v u e b r s n id m ie e s n t le e s n s t e c r u p r r r is e e n s t surplus of -.1 1.2 .1 -.1 -3.2 .0 -.7 1.4 -.1 -.8 -1.6 .2 -1.3 1.1 0) Equals: National income -.1 39.6 103.8 198.7 .0 216.3 .4 .5 .1 .2 .5 285.6 -.2 .0 87.4 223.5 239.2 277.6 290.4 285.6 288.0 287.7 300.2 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 .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 1.4 1.0 1.3 2.1 2.5 2.7 3.1 3.2 3.2 3.3 State and local 1.9 3.0 3.3 3.3 82.5 45.2 92.0 188.4 187.2 205.5 231.5 229.5 230.8 234.8 Equals: Disposable personal income 169.5 225.0 234.3 242.5 78.8 46.3 82.3 177.9 180.6 194.3 210.5 213.2 214.9 215.0 Less: Personal consumption expenditures 165.6 208.0 216.3 222.0 3.7 -1.2 9.8 10.5 6.7 11.2 21.1 16.3 15.9 19.8 Equals: Personal saving 3.9 17.0 18.0 20.5 NATIONAL INCOME, BY DISTRIBUTIVE SHARES Seasonally adjusted annualrates Annual totals by quarters 1951 1952 1929 1933 1941 1947 1948 1949 1950 1951 1952 4 1 2 3 4 National income 87.4 39.6 103.8 198.7 223.5 216.3 239.2 277.6 290.4 285.6 288.0 285.6 287.7 300.2 Compensation of employees 50.8 29.3 64.3 128.0 140.2 139.9 153.4 178.9 190.4 183.4 186.5 186.9 190.3 197.9 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.... .6 .5 2.6 5.9 5.8 6.6 7.8 9.0 9.2 9.1 9.0 9.2 9.3 9.6 Proprietors' and rental income 3. ... 19.7 7.2 20.8 42.4 47.3 42.1 45.2 50.6 52.5 53.1 52.1 51.9 52.5 53.6 Business and professional 8.3 2.9 9.6 19.8 22.1 21.6 23.7 26.2 27.6 26.6 27.3 27.6 27.5 28.2 Farm 5.7 2.3 6.9 15 6 17 7 12.8 13.3 15 6 15.2 17 0 15 4 14 8 15.2 15.5 Rental income of persons 5.8 2.0 4.3 7.1 7.5 7.7 8.2 8.9 9.6 9.4 9.4 9.5 9.8 10.0 Corporate profits and inventory valuation adjustment . . 10.3 -2.0 14.6 24.7 31.7 29.2 34.8 41.6 40.5 42.5 42.7 39.9 37.8 41.5 Corporate profits before tax 9.8 .2 17.2 30.5 33.8 27.1 39.6 42.9 39.7 39.5 42.7 38.2 37.2 40.3 Corporate profits tax liability 1.4 .5 7.8 11.9 13.0 10.8 18.4 24.2 22.6 22.2 24.3 21.8 21.2 23.0 Corporate profits after tax 8.4 -.4 9.4 18.5 20.7 16.3 21.2 18.7 17.1 17.3 18.4 16.4 16.0 17.3 Inventory valuation adjustment .5 -2.1 -2.6 -5.8 -2.1 2.1 -4.8 -1.3 .8 3.0 -.1 1.7 .6 1.2 Net interest 6.5 5.0 4.1 3.5 4.3 5.0 5.8 6.4 7.0 6.6 6.7 6.9 7.1 7.2 n.a. Not available. 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. 418 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued [Estimates of the Department of Commerce. In billions of dollars] GROSS NATIONAL PRODUCT OR EXPENDITURE Annual totals Seasonally b a y d j q u u st a e r d t er a s nnual rates 1951 1952 1929 1933 1941 1947 1948 1949 1950 1951 1952 4 1 2 3 4 Gross national product 103.8 55.8 126.4 233.3 259.0 258.2 284.2 329.2 346.3 337.1 339.7 342.6 343.0 360.1 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 9.8 21.4 22.9 23.8 29.2 27.1 25.8 25.3 25.2 26.4 24.2 27.3 Nondurable goods 37.7 22.3 44.0 95.1 100.9 99.2 102.8 113.5 119.0 116.2 118.0 117.8 118.9 121.4 Services 31.7 20.6 28.5 49.1 54.1 57.5 62.4 67.3 71.5 69.0 70.0 70.8 71.9 73.3 Gross private domestic investment 15.8 1.3 18.3 30.2 42.7 33.5 50.3 58.5 52.1 52.9 50.0 49.3 51.7 57.3 New construction l... 7.8 1.1 6.8 13.9 17.7 17.2 22.9 23.3 23.5 22.4 23.7 23.6 23.0 23.7 Residential nonfarm 3.6 .5 3.5 6.3 8.6 8.3 12.6 11.0 11.1 10.3 11.0 11.0 10.9 11.6 Other 4 2 .7 3 3 7.6 9.1 9 0 10 3 12.3 12 4 12 1 12 7 12 6 12.2 12.0 Producers' durable equipment 6.4 1.8 7.7 17.1 19.9 18.7 22.0 24.9 25.5 24.7 25.7 25.7 25.0 25.6 Change in business inventories.... 1.6 -1.6 3.9 -.8 5.0 -2.5 5.5 10.3 3.1 5.8 .6 .1 3.7 8.1 Nonfarm only 1.8 -1.3 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 13.8 13.3 16.1 19.3 18.5 37.1 49.2 44.3 46.4 50.3 49.6 50.4 O N t a h ti e o r nal security } 1.3 2.0 3.2 3.8 5.6 6.6 3.9 4.2 5.6 5.1 5.2 5.1 5.6 6.5 Less: Government sales 2 ft 1 3 6 4 2 4 4 5 4 4 4 3 State and local .. . 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] Wagev3 and salaries Year or month in s P c o o e n r m a - l e re T c o e t i a p l ts4 b m T u d o e r i n t s s a - e t l s - Wag d p m i e u n r C o o s g o a t d d r m n u i i i d n t e c - y - s - sal D a i r u n i t y r s t d i i t u e v r d i s s e b - i - sbu S r i e n s t r r e 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 n e ro m t t d a o - e l r 6 s' i i n n d s D p t a c o e e e n o i n n r v r d m d a e - i 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 s e a u n o L o r n f t s n s o c e i c u o o t i r s e a r r n n s i 8 - l a - s l i a n g N t c u r o o i r c m n a u - l e l- 9 1929.. 85.1 50.0 50.2 21.5 15.5 8.2 5.0 .5 19.7 13.3 1.5 .1 76.8 1933.. . 46.6 28.7 28.8 9.8 8.8 5.1 5.2 .4 7.2 8.2 2.1 .2 43.0 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—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 280.6 186.5 190.3 85.2 50.1 22.1 32.9 4.7 54.6 21.4 13.6 4.0 259.5 February?.... 280.4 187.4 190.9 85.6 50.3 22.1 32.9 4.7 53.7 21.5 13.4 3.8 260.5 * Preliminary. 1 Includes construction expenditures tor crude petroleum and natural gas drilling. 2 Consists of sales abroad and domestic sales of surplus consumption goods and materials. 3 Less than 50 million dollars 4 Total wage and salary receipts, as included in "Personal income," is equal to total disbursements less employee contributions to social insurance. Such contributions are not available by industries. 5 Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments. 6 Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory valuation adjustment. 7 Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as well as consumer bad debts and other business transfers. 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, agriculturaJ net interest, and net dividends paid by agricultural corporations. NOTE.—Details may not add to totals because of rounding. Source.—Department of Commerce. APRIL 1953 419 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PAGE International capital transactions of the United States 422-427 Gold production 427 Reported gold reserves of central banks and governments 428 Gold movements; gold stock of the United States 429 International Monetary Fund and Bank 430 Central Banks 430-434 Money rates in foreign countries , 435 Commercial banks 436 Foreign exchange rates , 437 Price movements in principal countries: Wholesale prices 438 Consumers' price indexes ... . 439 Security prices 439 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. APRIL 1953 421 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.x Decrease Domestic Foreign From Jan. 2. 1935, in U. S. securities: securities: Inflow in through— Total banking Inflow of Return brokerage Total o F f o f r ic e i i a g l n s F o o t r h e e ig r n In ti t o e n rn al a- ab fu ro n a d d s * f f o u r n e d ig s8 n o f f u n U d . s S 3 . balances 1947—Dec. 31 8,343.7 6.362.3 1.121.8 2.998 5 2.242 0 186 5 375 5 1,276.9 142.4 1948—Dec. 31 8,569 l 6.963 9 2.126 0 2.993 6 L.844.3 116 8 183 3 1.182.1 123.1 1949—Dec. 31 8,763 5 6,863 9 2.197 8 3.028 2 L.637.8 307 6 258 5 1,209.9 123.7 1950—Dec. 31 10.521 1 7.890 7 2.715 ft 3.472 8 1.702.3 231 4 1.20? 0 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—Feb. 29 10.208.8 8.638.2 2,811.5 4.200.2 1.626.5 164.9 616.8 658.3 130.7 Mar. 31 '•10,231.0 8,719.2 2,912.3 4.149.6 1.657.3 125.0 617.4 '637.5 131.8 Apr. 30 '•10,263.6 8,829.1 3,025.5 4,164 .9 .638.7 109.7 622.4 ••575.4 127.0 May 31 no,466.6 9.199.l 3.219.9 4.285.8 1.693.3 90.7 621.1 '424.6 131.1 June 30 ••10,580.5 9,287.0 3,309.4 4,294.1 .683.5 99.8 624.1 '436.3 133.4 July 31 '•10,936.0 9,601.0 3,615.3 4,219.1 ,766.5 103.2 647.0 '455.2 129.7 Aug. 31 ••11,125.9 9,771 .1 3,791.3 4,205.9 ,773.9 63.0 679.9 '486.3 125.5 Sept. 30 ••11,354.5 9,951.5 3,909.1 4,261.4 .781.0 106.0 673.8 '495.6 127.6 Oct. 31 '11,437.1 9,832.3 3,831.9 4,190.6 ,809.8 110.7 859.6 '506.6 127.9 Nov. 30 11,566.1 9,922.8 3,959.7 4,217.5 ,745.6 108.2 901.4 . 513.6 120.1 Dec. 31? 11,353.2 9,747.5 3,752.5 4,256.5 ,738.5 86.4 929.6 465.9 123.8 1953—Jan. 31P 11,356.4 9,725.0 3,687.7 4,290.1 ,747.1 93.4 962.5 448.3 127.3 TABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 4 [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 i o i n m t g e - d France N la e e n r t d - h s - S la w e n r i d - t z 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 1,057.9 193.7 1948—Dec. 31... 1,864 3 5,853.7 2,836.3 546.3 192 8 122.8 538 9 333.5 738.1 2,472.4 775.2 1,287.0 1,151.8167.4 1949—Dec. 31... 1.657.8 5.960.2 2,908.1 574.4 171.6 170.5 576.9 303.6 717.0 2,513.9 869.1 L.436.7 961.0 179.5 1950—Dec. 31... 1.722.2 66.922.6 3.425 9 8656.6 260 7 193 6 553 0 314.7 799.2 «2,777.7 899.0 1.612.9 ,378.5 254.5 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 ,455.2 1,609.6297.4 1952—Feb. 29... 1.646.4 7,745.8 3,521.8 796.9 253.4 155.9 542.9 293.9 959.2 3.002.2 1,336.3 1,416.3 1,661.9329.1 Mar. 31... 1,677.2 7,796.1 3,622.6 783.6 251.4 149.7 544.8 292.1 958.0 2,979.7 1,339.7 1,463.1 1,687.8325.9 Apr. 30... 1,658.6 7.924.5 3,735.8 745.0 256.3 122.0 584.3 286.5 970.8 2,964.9 1,397.8 1,490.2 L,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 1,496.0 1,529.3 1,826.0325.9 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 L.517.2 1,792.0333.2 July 31... 1,786.5 8,568.6 4,325.6 848.1 344.3 241.2 617.5 291.7 1,058.3 3,401.0 1,540.3 1,538.0 1,757.7331.6 Aug. 31... 1,793.8 8,731.4 4,501.6 833.7 395.6 29Q.4 612.0 294.9 1,083.5 3,519.1 1 ,528.1 L,570.0 L.743.5 370.7 Sept. 30... 1,800.9 8,904.7 4,619.4 865.3 404.0 345.1 614.3 291.9 1,141.4 3,662.0 1,530.1 1,580.7 L,795.1 336.8 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 1 ,373.3 L.520.7 L.781.9321.5 Nov. 30... 1,765.6 8,911.3 4,670.0 975.2 337.3 343.1 627.7 326.2 1,243.1 3,852.7 1,356.5 1,561.2 L.812.9328.1 Dec. 31 P.. 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 1,391.4 1,601.5 ,845.0335.6 1953—Jan, 31?.. 1,767.1 8,712.0 4,398.0 884.4 249.5 209.4 610.3 310.5 1,229.0 3,493.1 1,432.1 1,581.7 1,851.4353.7 P Preliminary. ' Revised. 1 Certain of the movement figures in Table 1 have been adjusted to take account of changes in the reporting practice of banks (see BULLETIN for August 1951, p. 1030). Reported figures from banks, however, did not permit similar adjustments in Tables 2 and 3, representing outstanding amounts. Therefore changes in outstanding amounts as may be derived from Tables 2 and 3 will not always be identical with the movement of funds shown in Table 1. 2 Represents funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.), and also funds held in accounts with the U. S. Treasury. * 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 individual! 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. 422 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] Table 2a.—Other Europe Date E O u th ro e p r e A tr u ia s- g B iu e m l- C v o z a s e k lo c i h - a - m De a n rk - l F a i n n d - m G a e n r- y Greece N w o a r y - l P an o d - t P u o g r a - l m R a u n - ia Spain S d w en e- USSR s Y la u v g i o a - ot A he ll r 1 1047—Dec. 31 739 .8 124.9 52.8 30.5 89.5 34.7 56.2 47.1 8.7 12.8 58.6 73.7 12.1 138.2 1948—Dec. 31 738.1 128.7 44.7 19.1 178.9 21.1 77.7 37.7 7.0 13.6 49.0 21.3 19.9 119.3 1949— Dec. 31 717.0 119.9 38.0 25.1 149.4 29.6 69.4 38.1 6.7 15.7 90.1 10.2 7.6 117.4 1950—Dec. 31 . 799.2 ii'.9 128.2 5^6 45.5 18.3 221 6 32.3 43.6 ' i'.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—Feb. 29. . 959.2 55.4 136.6 .8 38.7 30.7 353.0 38.4 96.7 5.8 42.8 6.1 17.4 64.4 4.9 8.7 58.8 Mar. 31.. 958.0 54.0 132.1 .7 38.9 26.9 361.8 41.0 104.4 2.5 41.8 6.2 17.9 62.4 2.5 7.1 57.9 Apr. 30. . 970.8 54.9 134.1 .7 37.6 23.8 380.2 41.9 100.5 2.1 41.6 6.1 17.7 65.3 2.4 7.* 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 1,207.9 77 7 131 8 5 59 6 26 7 534 3 41 2 109.6 3.6 46 7 6 0 24 4 82 8 4 8 13 0 45 3 Nov. 30'.'. 1,243^1 84.9 140.2 .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 1953—Jan. 31 P. 1,229.0 94.9 125.0 .6 63.7 32.9 531.5 50.7 106.8 2.3 47.8 6.1 20.2 86.8 3.5 12.1 44.2 Table 2b.—Latin America Neth- Date A L m i a c t a e in r- A t r i g n e a n- l B iv o ia - Brazil Chile l C o b m i o a - - Cuba m p i D R c u i a o e b n n - - - - G m u a a l t a e- M ic e o x- l W I a a n e n n d r e d d - i s e s t s Peru l p P i R c u a e b n o - - - f v S a E a d l l o - r g U u r a u y - V zu e e n l e a - A O L i m c a th a t e i e r 2 n r lic Suri- ama 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. 31. 1,287.0 215.8 17.1 123.7 55.6 54.0 219.4 146.7 24.3 52.6 71.8 121.7 184.1 I 1 9 9 4 5 9 0 — —D D eecc#. 3 3 1 1 . . 1 1, , 4 6 3 1 6 2 .9 7 3 20 0 1 1 .8 1 2 1 0 3 .4 5 2 19 2 2 6 .0 8 6 7 0 9 . . 9 5 8 53 5 . . 4 9 2 1 5 6 9 4. . 2 1 42.7 25.4 2 2 1 0 4 7 . . 6 1 2 3 5 0 .2 9 6 52 0 .2 8 7 5 4 9 .2 3 16.1 75.1 1 8 4 5 3 .2 2 20 7 7 1 .3 4 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—Feb. 29. 1,416.3 212.9 23.6 118.2 59.5 96.3 265.5 48.9 35.9 134.0 31.3 48.8 65.7 39.0 76.8 64.5 95.4 Mar. 31. 1,463.1 189.4 21.4 99.6 57.3 95.0 288.3 50.5 39.5 171.9 28.8 56.3 67.9 43.7 83.5 66.5 103.6 Apr. 30. 1,490.2 177.4 21.7 98.5 58.6 91.1 307.4 53.4 40.0 150.4 28.2 57.0 65.6 42.5 93.0 101.4 104.1 May 31. 1,529.3 167.8 24.4 89.8 52.0 80.7 318.1 51.5 39.7 177.3 28.4 55.9 70.5 37.2 90.4 140.4 105.1 June 30. 1,517.2 146.8 24.1 80.9 54.3 73.6 316.6 50.4 38.3 195.7 32.2 56.5 74.2 36.8 97.6 129.8 109.2 July 31. 1,538.0 130.7 23.2 93.2 58.4 77.6 321.2 51.2 36.4 205.1 29.1 57.1 73.3 32.6 101.5 131.0 116.2 Aug. 31. 1,570.0 128.3 22.5 87.9 61.2 85.4 341.4 49.9 34.4 238.0 35.5 58.5 74.5 30.5 97.3 108.3 116.2 Sept. 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. 30. 1,561.2 146.2 16.6 78.2 69.2 96.4 284.2 43.5 33.2 251.0 41.9 67.0 82.4 19.9 92.8 126.2 112.5 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 1953—Jan. 31 P1,581.7 131.7 18.9 71.9 75.7 113.4 275.9 43.5 38.5 239.3 44.5 57.0 88.2 40.1 94.2 124.3 124.5 Table 2c.—Asia and All Other For- Egypt Date Asia C M m a h a o n i i d s n n a a - H K o o n n g g India I n n e d s o ia - Iran IsraelJapan i p P p 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 3 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 - ro A E t a n i g n a g y d n l p o - - S A U o f o n u r f i i t o c h a n Other 4 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 1948—Dec. 31. 1,151.8 216.2 51 1 51.8 41.5 81.4 488 3 17.5 204.0 167 4 22.2 27.7 15 8 101.6 1949—Dec. 31. 961.0 110.6 83 9 63.3 15 7 214.6 297 3 9.8 165. 7 179 5 32.4 61.6 6 0 79 5 1950—Dec. 31. 1,378.5 81.7 86 1 55.7 114 7 20'.3 12.6 458.5 374.4 48.2 14.3 111.9 254.5 19.1 '58!i 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—Feb. 29. 1,661.9 81.6 64 4 59.4 127 4 26.9 19.3 655.7 331 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 19.8 682.4 332 2 121.0 10.6 162 4 325.9 38.4 57.8 127.3 9 0 93 3 Apr. 30. L,755.0 80.1 65 6 52.1 171 1 23.8 27.6 696.8 335 0 125.8 10.8 166.3 316.6 36.7 62.0 123.3 13 9 80.7 May 31. L,826.0 80.2 62 7 67.3 190 2 23.5 37.8 724.8 337 2 126.5 14.2 161 5 325.9 44.7 67.5 118.3 12 4 83 1 June 30. L,792.0 76.5 65 9 58.7 176 5 21.1 30.5 730.7 333.0 126.8 20.6 151 7 333.2 49.5 72.6 117.7 10 9 82 5 July 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. L,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. L,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 80.3 70 7 55.0 60 0 18.9 19.3 789.1 315.1 176.5 11.0 217 1 328.1 48.4 105.2 62.0 23 0 89 5 Dec. 31P 1,845.0 77.1 70.3 64.6 61 0 19.2 18.8 808.0 315.1 181.0 8.4 221 5 335.6 47.2 118.6 59.7 23 6 86.5 1953—Jan. 31* ,851.4 73.5 72 0 70.2 58 0 16.5 26.2 821.6 305.7 186.7 10.2 210 7 353.7 51.1 117.8 58.4 36 3 90 1 p Preliminary. 1 Beginning January 1950, excludes Austria, Czechoslovakia, and Poland, reported separately as of that date. 2 Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date. 3 Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. Beginning January 1950, excludes Iran, Israel, and Thailand, reported separately as of that date. < Beginning January 1950, excludes Belgian Congo, reported separately as of that date. APRIL 1953 423. 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 i [Amounts outstanding, inmillions of dollars] Date Total U K d n i o n i m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O ur th o e p r e E T u o ro ta p l e C a a d n a - A L i m a c t a e in r- Asia 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—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. T Apr. 30 1,019.7 33.5 13.8 3 4 8.6 23 5 81.1 163.9 76.4 601 1 144 8 33.5 May 31. . . .. 1,038.7 42.0 11.6 3.3 7.3 24.9 79.1 168.2 69.5 652.2 117.4 31.5 June 30 1,029.6 36.2 11.7 3.1 9.8 30.4 68.8 160.2 51.4 669.6 118.0 30.4 July 31 L.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 L.066.3 32.2 9.2 3.3 9.8 24.6 66.5 145.7 53.3 715.2 128.4 23.7 Sept. 30 1,023.4 26.8 9.3 2.6 8.4 19 6 75.1 141 8 58.3 658 3 141.6 23.4 Oct. 31 1,018.7 35.8 9.4 2.7 8.0 16.4 79.0 151.4 73.7 638.6 132.8 22.2 Nov. 30 L,021.1 33.8 7.6 4.4 9.2 17.2 82.7 154.8 73.8 641.8 127.9 22.8 Dec. 31* L.043.0 27.9 31.9 4.4 8.7 17 8 81.9 172.6 62.3 657 1 128.6 22.4 1953—jan. 31? 1,036.0 32.5 28.6 6.4 13.5 22.9 78.4 182.4 56.3 647.5 125.9 24.1 Table 3a.—Other Europe Date E O u t r h o e p r e A tr u i s a - g B iu e m l- m D a e r n k - l F a i n n d - m G a e n r- y Greece N w o a r y - t P u o g r a - l Spain S d w en e- Y sl u av g i o a - ot A he ll r > 1947—Dec. 31 118.9 15.0 2.2 8.0 30.5 10.6 9.2 1.1 .9 5.4 (3) 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 1945)—Dec. 31 98.5 19.3 .4 8.2 30.0 .7 7.4 5 7.0 2 3 (3) 22.6 1950—Dec. 31 67.1 .2 21.5 3.2 2.2 25.4 .2 1.4 .5 1.6 6.9 4.0 1951—Dec. 31 111.2 39.6 4.8 3.1 28.3 .2 2.5 .8 18.8 5.4 3.9 4.0 1952—Feb. 29 103.0 (3) 33 7 4.6 4.1 27.9 .1 1.6 9 19.8 4 3 1 3 4.6 Mar. 31 89.6 .1 28.7 4.6 2.7 27.7 .1 1.5 1.2 13.5 4.2 .7 4.4 Apr. 30. . . . .. 81.1 21 3 4.3 1.8 27.2 .1 1.8 1 0 12.6 3 6 2 4 4.9 May 31 79.1 .1 17.6 3.9 3.4 26.9 .1 2.0 .8 14.6 3.2 2.7 3.8 June 30 68.8 13.9 3.5 2.9 23.2 .1 1.6 .8 14.3 2.7 2.3 3.6 July 31 67.2 (8) 12.9 3.6 2.8 23.7 .2 1.8 .7 14.3 3.1 .5 3.6 Aug. 31 66.5 .1 11.5 2.2 2.2 25.7 .2 1.8 .6 12.5 1.9 3.4 4.4 Sept. 30 75.1 .1 11.8 3.5 2.8 27.5 .2 2.0 .6 13.5 2.2 7.3 3.7 Oct 31 79.0 1.0 13.2 2.8 3.8 28.0 .2 1.7 .5 12.6 3.3 8.0 3.8 Nov. 30 82.7 1.0 17.7 3.3 4.0 25.4 .2 1.8 .6 11.8 3- 0 7 9 5.8 Dec. 31P 81.9 .8 16.2 2.1 5.6 26.8 .2 1.9 .5 11.2 2.5 8.6 5.4 1953—jan# 3iP 78.4 .3 16.2 3.5 5.1 24.1 .2 1.7 .5 9.4 2.6 7.8 7.0 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 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- I l W n S a a d u n n e i r d d e s i- s s t Peru l P p a i R c u m a e b n o - a - - f v S a E a d l l o - r g U u r a u y - V zu e e n l e a - O A L ic m a t a h t e i e * n r r nam 1947—Dec. 31. . 514.3 65.2 2.0 165.8 27.8 32.6 108.6 52.2 1.1 4.3 4.7 15.3 34.5 1948—Dec. 31.. 516.6 72.4 2.7 165.4 15.2 32.6 83.1 73.8 1.5 4.4 4.6 26.0 34.7 1949—Dec. 31.. 411.1 53.6 2.3 136.9 15.5 21.1 27.5 73.0 L.3 5.8 5.3 25.6 43.1 1950—Dec. 31.. 378.8 45.9 8.7 78.0 6.8 42.5 27.6 1.9 2 6 70.6 L.3 11.0 3.1 "o\8 "i'.O 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 1L.2 11.8 3.0 9.5 10.5 41.7 14.5 1952—Feb. 29.. 520.6 7.8 9.9 217.0 23.6 36.1 31.0 2.1 4.2 103.0 L.2 11.8 4.1 8.4 7.9 38.7 13.8 Mar. 31. . 570.2 8.6 8.1 234.9 29.3 33.8 56.6 2.1 4.2 101.1 L.2 11.5 3.9 7.5 19.1 33.1 15.1 Apr. 30. . 601.1 7.8 8.6 272.2 29.1 31.5 54.7 2.9 4.1 94.4 L.3 10.3 6.8 6.5 24.9 32.2 13.7 May 31.. 652.2 7.4 9.7 320.7 27.5 34.3 55.9 2.4 3.7 90.8 L.I 11.6 6.0 5.3 27.9 34.2 13.8 June 30.. 669.6 8.2 8.4 358.3 26.1 35.0 51.8 2.2 4.1 78.0 L.2 10.9 5.9 5.4 30.5 32.1 11.5 July 31.. 700.1 7.2 8.7 392.6 27.0 34.5 52.5 1.9 3.7 71.2 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 L.I 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 L.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 L.2 11.7 4.4 7.1 14.3 33.1 13.9 Nov. 30.. 641.8 9.3 6.0 354.5 20.5 36.0 30.6 1.7 3.5 90.3 L.3 13.2 4.2 9.0 12.9 35.6 13.2 Dec. 31*. 657.1 8.2 5.8 356.4 25.4 41.7 32.5 1.6 4.2 82.9 L.3 14.8 5.3 9.1 17.3 36.7 13.7 1953—Jan. 31 P. 647.5 7.4 6.5 353.2 23.4 36.4 23.5 1.8 4.4 94.2 1.4 15.7 8.7 8.5 14.0 34.2 14.3 9 Preliminary. 1 See footnote 1, p. 422. »Beginning January 1950, excludes Austria, reported separately as of that date. «Less than $50,000. i Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date. 424 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 a h n o in d s a a H K o o n n g g India I n n e d s o ia - Iran Isr£telJapan 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 1 r o A th l e l r t A ra u l s ia - C g B o i n e a g l n - o A E 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. 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 18.9 12.1 4.9 1.5 .9 13.9 60.0 40.8 4.4 .3 7.3 7.2 1951—Dec. 31.. 162 4 10.1 3.1 13.4 .3 9.3 30.0 12.2 29.3 2.5 .6 51.6 41.9 22.8 5.7 .2 6 7 6.5 1952—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 4I 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. 30... 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.31P.. 128 6> 10.1 1.2 4 .9 10 ? 1S 1 12 S 7.6 3.3 38.8 24.6 22.4 10.1 6 0 .5 2 0 3.8 1953—Jan. 31P. 125 9i 10.4 1.9 3.6 .8 10.2 25.9 11.5 10.7 2.6 26.7 21.6 24.1 9.2 7.0 1.0 2 5 4.4 TABLE 4.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM DOMESTIC SECURITIES, BY TYPES» (Inflow of Foreign Funds) [In millions of dollars] U. S. Government bonds and notes 4 Corporate bonds and stocks * Net Total Total purchases Year or month Purchases Sales pur N ch e a t ses Purchases Sales pur N ch e a t ses purchases sales s d e o c m u o r e f i s ti t e ic s 1947 344.8 283.3 61.5 226.1 376.7 -150.6 570.9 659.9 -89.1 1948 282.4 330.3 —47.9 369.7 514.1 -144.3 652.2 844.4 — 192 2 1949 430.0 333.6 96.4 354.1 375.3 -21.2 784.1 708.9 75.2 1950 1,236.4 294 3 942 1 774.7 772.3 2 4 2,011.1 1,066.6 944 4 1951 673.6 1,356.6 6-683.0 859.8 761.0 98.7 1,533.3 2,117.6 —584.3 1952* 531.9 233.8 298.1 850.3 837.4 12.9 1,382.2 1,071.2 311.0 1952—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 69.8 56.3 13.5 119.2 77.5 41.8 December** 43 2 19 5 23 7 93.7 89.1 4 5 136.9 108.7 28 2 1953—January P 42.6 15.9 26.6 81.8 75.6 6.2 124.4 91.5 32.9 TABLE 5.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM FOREIGN SECURITIES OWNED IN THE UNITED STATES, BY TYPES3 (Return of U. S. Funds) [In millions of dollars] Foreign stocks Foreign bones Net Year or month Purchases Sales pur N ch e a t ses Purchase3 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 c u o e h r i f i a g t s i 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 -15.0 211.6 291.4 — 79 8 293 3 388 2 —94 8 1949. 88.8 70.8 18.0 321.2 311.5 9.8 410.1 382.3 27.8 1950 173 8 198 2 —24.4 589.2 710.2 -121 0 763 0 908 4 — 145 4 1951 272.3 348.7 -76.4 500.4 801.0 -300.6 772.7 1,149.7 —377 0 1952? 289.8 329.6 -39.8 495.4 677.2 -181.8 785.3 1,006.8 —221 6 1952—Fphrnnrv 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 •"28.4 '-6.9 43.5 r64 3 r— 20 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 r27.5 11.4 63.6 r54 3 r9 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 DerpmhprP 22.8 20.9 1.8 25.9 75.5 -49.6 48.7 96.4 —47 7 1953—TnnnarvP . 25.4 26.1 -.7 33.0 49.9 -16.8 58.4 76.0 -17.6 P Preliminary. r Revised. 1 Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. Beginning January 1950, excludes Iran, Israel, and Thailand, reported separately as of that date. 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. 6 Through 1949 represents transactions in corporate stocks only. 6 Includes net sales of 554 million dollars by Canada. APRIL 1953 425 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 6.—DOMESTIC SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES (Inflow of Foreign Funds) [Net sales, (—). In millions of dollars] Y m e o a n r t o h r n I a i n n ti t s o e t n i r - - al Total U K d n i o i n m t g e - d France N l e a t n h d e s r- Sw la i n tz d er- Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m i a c t a e in r- Asia o A th l e l r 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 5 44.2 1.5 2 2 36.5 —49.0 2.5 —2.1 .2 1950 121.2 823.2 64.0 197.8 -6.3 19.0 — .7 73.8 347.5 458.2 30.1 — 15.3 2.7 1951 -15.9 —568.4 21.4 6.0 —22.2 45.9 1.9 —43.8 9.2 -595.5 13.9 4.8 — .7 1952 P 14.7 296.3 66.2 5.5 —21.9 50.7 .5 6.2 107.2 191.9 4.7 -9.5 1.9 1952—Feb.... -3.3 -11.2 -.7 .7 -2.7 -4.8 .2 .3 -7.0 -.9 -2.3 -1.1 .1 Mar.... .8 -.2 2.3 .4 -2.3 2.4 -.2 -1.2 1.4 -2.7 2.9 -2.1 .3 Apr .8 4.2 .4 -.6 -2.6 -.1 .1 -.6 -3.3 3.6 4.1 0) — .2 May... .3 -1.6 1.3 0) -2.1 -1.9 .1 .7 -1.9 .7 -.4 .2 -.2 June... .6 2.4 2.4 1.6 -3.0 .7 -.2 1.2 2.6 4.4 -4.8 — .2 .5 July... .4 22.5 7.2 .6 -1.4 13.7 .3 .9 21.3 6.8 1.5 -7.3 .2 Aug.... .9 32.0 7.0 .7 -.5 6.9 .4 .6 15.1 15.7 .9 0) .3 Sept.... .9 -7.0 -6.9 -1.2 -.3 8.3 .1 -.4 -.5 -2.3 -4.1 .2 -.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 .9 40.9 1.8 .5 -.6 5.3 -.1 3.3 10.2 27.2 3.4 — .1 .2 Dec. P.. .9 27.4 7.2 1.2 -2.2 4.5 -.3 -1.2 9.2 16.6 .1 1.0 .5 1953—Jan.P. . 25.5 7.4 4.8 1.3 -2.1 13.4 (l) 2.0 19.4 -10.3 -1.1 .3 -.9 TABLE 6a.—DOMESTIC SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES Other Europe; Latin America; and Asia For- Y m e o a n r t o h r E O u t r h o e p r e t A ri u a s * - g B iu e m l- N w o ay r- 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 R u o a b e n f - 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 a h a n o i i d s n n a a - I n n e d s o ia - P p p h R u i i e n l b i - e - p- O A th si e a r ama land lic 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 ' -s!o 11.1 -15.3 -3.0 -.3 .9 -13.0 1951 -43.8 -11.9 5.7 -38.1 .5 13.9 .5 6.1 2.5 .8 2 6 1 .5 4.8 2 .3 -2.1 6.8 1952P 6.2 .4 6 0 3 4 7 — 8 2 2 6 -6 5 2 7 6 6 —9 5 — *3 -.1 -11.4 2.3 1952—Feb.... .3 0) .5 -.1 -.1 -2.3 -.3 .3 -.2 -3.2 1 0 .2 -1.1 .1 0) -.3 -.8 Mar. .. -1.2 0) -.1 .1 -1.3 2.9 .6 .5 0) 2.0 -.1 -.1 -2.1 -.2 0) -1.6 - 4 Apr -.6 0) .8 -.1 -1.3 4.1 .4 .8 -.8 1.4 .5 1.7 0) .2 0) 0) - 1 May .. .7 0) .2 0) .5 -.4 -1.1 -.1 — .7 .4 -.2 1.3 .1 0) .1 J J u u n ly e ... 1 .9 2 C1) -.8 4 1. . 8 6 -4 1 . . 8 5 1. . 1 3 - - . . 4 2 — .8 .4 -5 -. . 3 9 .5 3 . . 4 5 - — 7.3 .2 -.4 8 - - 1 7 . . 0 5 . . 8 6 Aug .6 0) .4 0) .2 .9 -.1 1.3 .7 -2.3 1.2 0) C1) Sept.. . — .4 0) -.1 -.1 -.2 -4.1 -1.3 -.1 .8 -3.1 -.8 .2 0) 0) N O o c v t. . .. . . . 3 3 . . 9 3 8 -.2 .6 3 3 . . 2 1 — . 9 .3 3 1 . . 4 1 -.2 .4 0 - ) .3 . . 1 3 2. . 3 8 0 - ) .3 .6 — 1. 2 .1 0 0 ) ) 0 0 ) ) 1. . 1 1 Dec.p . — 1.2 -1.5 -.1 .5 .1 -.1 -1.6 1.1 .4 0) A 1.0 0) 1.1 0) 1953—Jan. P.. 2.0 .9 .9 .2 -1.1 -1.3 0) .4 -.6 .4 0) .3 .2 0) .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] Y m e o a n r t o h r n t a I u i n n t t i i t s o o e t n i r n - - a s l Total U K d n o in i 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 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 0) -94.9 -9.9 -4.3 -5.3 -35.4 .1 11.4 -43.4 -102.2 40.7 1.6 8.4 1949 — 16 0 43.8 -13.5 .4 — .1 19.1 .4 24.6 30.8 -10.6 20.2 .8 2 6 1950 -3.6 -141.8 -6.1 -1.3 -4.7 17.2 .5 7.8 13.4 -190.0 29.8 1.0 3.9 1951 — 152.7 -224.3 -2.0 -4.1 2.8 14.2 1.2 16.4 28.5 -258.6 33.8 -36.0 7 0 1952P — 118 1 -103.5 -4.0 4.9 -12.8 8.7 1.2 18.2 16.2 -141.0 25.3 -10.0 6.0 1952—Feb .1 -30.4 -3.0 .4 .3 .7 0) .8 -.8 -30.6 2.3 -1.8 .6 Mar.... -4.4 r-16.4 .2 .5 .4 2.8 3.1 '-10.5 1.5 -5.0 -5.5 Apr.... 0) -62.2 !l .5 .6 1.7 0)" .4 3.3 -71.2 1.0 -4.1 8.8 May... -50.7 -100.1 -1.1 .5 -.2 1.0 2.1 2.3 -101.5 1.9 -3.0 .1 June... -.8 12.5 -1.6 .9 -3.9 -.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 O A Se c u p t g t . . . . . . . . -5 - 8 . . 6 8 6 3 r 1 99 .. . 38 7 -1 4 1 . . . 0 0 3 1 1 . . . 0 2 1 - - - 2 . . . 2 7 9 - 2 1 .5 . . 1 8 - 1 .3 . . 0 1 3. . . 9 2 6 - 1 1 2 0 0 . . 0 6 3 2 r6 9 8 . . . 5 8 3 13 1 . . . 1 6 1 2 6. . . 7 7 4 - — .3 . 6 .2 Nov.... -.8 7.9 -.7 -.1 -.1 .4 0) .7 .3 8.8 .2 -1.6 .2 Dec.p.. -7 -47.0 -.7 -.4 -.2 .7 .3 -.2 -46.0 2.3 -3.9 .7 1953—Jan.p. . 0) -17.6 -.3 .3 -1.5 2.1 .4 .7 1.7 -16.7 1.1 -4.1 .4 p Preliminary. r Revised. i Less than $50,000. 8 Not available until 1950. 426 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 -10 -1.4 -4.8 -1.5 -.2 -.5 -9.3 -2.0 -.6 1.8 -1.4 1948 -19.3 -1.2 -2.5 -3.4 -10.7 1 -3.2 -20.8 1 1.2 .4 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 -5.0 — 5 — .1 1952P -1.8 -.2 -1.0 -1.6 1.2 -.6 .6 -1.6 * -1.0 1.0 -.1 -.1 1952—February 5.3 1.1 8 1 0 4.8 .2 2 8.1 -2.1 -1.5 .5 .4 Ill arch. 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 - 3 -2.9 1.4 -2.6 -.8 0) May 4.1 .4 .3 -.6 2.9 .2 - 5 2.6 -1.5 2.1 .2 .6 June 2.3 1.0 2 3.1 -2.1 .1 1 2.2 -.3 .5 -.3 .2 July —3 7 — 1 6 — l 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 — l September 2.0 -1.7 .3 J -.2 .3 .1 -1.8 .6 1.9 .8 .5 October.... 3 1 7 — 2 — 3 (i) — 4 .1 9 — 1 8 2 6 4 November -7.8 -1.2 -.3 -.5 -1.2 -.2 .2 -3.2 -1.2 -2.4 -.1 -.8 December? 3.7 .8 -.1 .7 .4 .1 -.3 1.5 0) 2.1 .9 -.8 1953—January? 23.5 1.1 -.6 .7 -1.5 0) .6 .3 2.0 .7 -.7 1.1 P Preliminary. 1 Less than $50,000. 2 Amounts outstanding (in millions of dollars): foreign brokerage balances in U. S., 86.9; U. S. brokerage balances abroad, 36.5. GOLD PRODUCTION OUTSIDE USSR [In millions of dollars] Production reported monthly Estimated Y m e o a n r t o h r pr U o o w u S d t o u S s r i c R l d d t e * ion r m e T o p o n o t t r a h te l ly d A So fr u ic th a d R e h s o ia A - fric A W a fr e ic s a t 2 B C e o l n g g ia o n * U St n a i t t e e s d 4 Ca N n- orth M a i n c e o d x - Sou C t o h b l i o a A m m - eri C ca hile r N ag ic u a a - 5 Au l s ia tr O a- the I r ndia3 $1 —15/21 grains of gold 9/10 fine: i. e., an ounce of fine gold =$35, 1941. 1,265.6 1,110.4 504.3 27.8 32.4 19.6 209.2 187.1 28.0 23.0 9.3 7.5 52.4 10.0 1942. 1,125.7 982.1 494.4 26.6 29.2 18.0 131.0 169.4 28.0 20.9 6.4 8.6 40.4 9.1 1943. 871.5 774.1 448.2 23.0 19.7 15.8 48.8 127.8 22.1 19.8 6.1 7.7 26.3 8.8 1944. 777.0 701.5 429.8 20.7 18.4 12.7 35.8 102.3 17.8 19.4 7.1 7.9 23.0 6.6 1945. 738.5 683.0 427.9 19.9 18.9 12.1 32.5 94.4 17.5 17.7 6.3 7.0 23.0 5.9 1946. 756.0 697.0 417.6 19.1 20.5 11.6 51.2 99.1 14.7 15.3 8.1 6.4 28.9 4.6 1947. 766.5 705.5 392.0 18.3 19.3 10.8 75.8 107.5 16.3 13.4 5.9 7.4 32.8 6.1 1948. 798.0 728.1 405.5 18.0 23.4 11.1 70.9 123.5 12.9 11.7 5.7 7.8 31.2 6.5 1949. 833.0 753.2 409.7 18.5 23.1 12.9 67.3 144.2 14.2 12.6 6.3 7.7 31.3 5.7 1950. 857.5 777.1 408.2 17.9 24.1 12.0 80.1 155.4 14.3 13.3 6 7 8.0 30.4 6.7 1Q51 . 840.0 758.3 403 1 17 0 22 9 12.3 66 3 153.7 13.8 1« 1 6 1 8 9 31.3 7 Q 1952. 413 .7 17 .4 23 .8 13 .7 67 .8 156.5 14 8 8.9 8.5 1952—January... 62.5 34.2 1.4 2.0 1.1 5.0 12.4 .5 1.6 .6 7 2.4 .6 February.. 61.0 32.2 L.4 1.9 1.2 4.8 12.3 1.4 L.4 .4 7 2.6 .7 March 63.3 34.4 L.3 1.9 1.2 4.6 12.8 1.4 1.2 .5 .7 2.5 .7 April 63.3 33.8 L.5 2.0 1.3 5.0 12.7 .9 L.6 .4 7 2.8 .7 May 66.2 35.5 L.4 2.0 1.2 5.1 12.8 2.1 L.5 .5 8 2.7 June 34.1 .5 1.9 1.2 5.5 12.6 .9 .4 .8 2.9 .7 July 355 .4 1.8 1.2 6.4 13.1 L.3 .6 ,7 3^2 .7 August.... 34! 9 .6 2!o 1.2 6!5 13.0 .1 .6 !7 2 4 .7 September. 34 7 .4 2.1 1.2 6.2 13.4 L .0 .6 .8 2 8 .8 October. . . 35! 4 !5 2.1 1.1 6.8 14.1 1.1 .5 !7 3.6 .8 November. 34.3 .5 2.1 1.1 6.0 13 6 3 g .7 December. 34.6 4 2.1 .9 5.9 13.7 1.8 8 .7 1953—January.. . 34.7 2.1 1.2 4.5 13.0 7 Gold production in USSR: No regular government statistics on gold production in USSR are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; and 1938, 180 million. 1 Estimates of United States Bureau of Mines. 2 Beginning 1942, figures reported by American Bureau of Metal Statistics. Beginning 1944, they are for Gold Coast only. * Reported bv American Bureau of Metal Statistics. 4 Includes Philippine production received in United States through 1945. Yearly figures through 1951 are estimates of United States Mint. Figures for 1952 and 1953 are estimates of American Bureau of Metal Statistics. 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. APRIL 1953 427 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Estimated UnitedStates E m n o d n t o h f tota (e l x w cl o . rld A t r i g n e a n- g B iu e m l- Bolivia Brazil Canada Chile lo C m o b - ia Cuba m De a n r - k E d c o u r a- USSR)* 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—Mar 36,000 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 26 317 885 42 280 31 23 Nov 23 337 23 504 268 711 23 317 887 42 254 31 23 Dec. .. P36.260 23,186 23,252 706 317 896 42 214 31 23 1953—Jan 22 986 23 079 709 317 42 214 31 23 Feb 22,662 22,751 701 317 42 31 23 E m n o d n t o h f Egypt Frances G m u a a l t a e- India Iran Italy Java Mexico N l e a t n h d e s r- Ze N a e la w nd N w o a r y - Pa ta k n is- Peru 1947—Dec 53 548 27 274 142 58 <180 100 231 23 72 20 1948—Dec 53 548 27 256 140 96 42 166 23 52 14 20 1949—Dec 53 523 27 247 140 256 178 52 195 27 51 27 28 1950—Dec 97 523 27 247 140 256 '209 208 311 29 50 27 31 1951—Dec 174 548 27 247 138 333 ••280 208 316 32 50 27 46 1952—Mar 174 548 27 247 138 346 '280 185 340 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 27 247 138 346 255 105 394 33 50 38 46 Dec. 174 573 27 247 138 235 544 33 50 38 1953—Tan 174 573 27 247 138 218 P567 33 55 38 Feb 174 573 247 138 208 ?597 33 55 38 Inter- Bank for E m n o d n t o h f Po g r a t l u- E v l a d S o a r l- A So fr u ic th a Spain Sweden S l w a e n r i - t d z- T la h n a d i- Turkey U K d n i o i n m t g e - d g U u ru a - y V zu e e n l e a - n M a t t a i o o r n y n e a - l n S I a n e ti t t o t e l n r e - a - l Fund ments 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 1,387 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 ,495 167 1951—Dec 265 26 190 51 152 ,452 113 151 2,335 221 373 ,530 115 1952—Mar 274 26 169 51 214 1,432 113 150 1,700 211 373 L.532 143 Apr. ... 274 26 164 51 214 ,413 113 150 1,662 211 373 ,532 151 May.... 274 30 161 51 210 L.410 113 153 1,678 211 373 1,535 154 June.... 274 30 148 51 213 L.408 113 150 1,685 211 373 ,537 154 July .... 274 30 151 51 206 ,408 113 150 1,716 211 373 ,537 166 Aug 274 30 159 51 202 1,404 113 150 1,672 211 373 1,681 181 Sept. . 277 29 158 51 202 1,404 113 146 1,685 211 373 ,683 183 Oct. . . 282 29 159 51 190 1,406 113 143 1,767 205 373 1,691 187 Nov.. 285 29 159 51 185 ,407 113 143 1,895 205 373 ,692 191 Dec... 286 29 170 51 184 1,411 113 143 1,846 207 373 L,692 196 1953—Jan 297 29 165 51 195 1,417 113 143 1,978 207 373 1,692 215 Feb 298 29 173 52 194 1,417 144 s 2,103 214 PPrreelliimmiinnaarryy.. r RReevviisseedd.. 1 Inclldudes reported gold holdings of central banks and governments and international institutions, unpublished holdings of various central banks and governments, estimated holdings of British Exchange Equalization Account based on figures shown below under United Kingdom, and estimated official holdings of countries from which no reports are received. * 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." 1 Represents gold holdings of Bank of France (holdings of French Exchange Stabilization Fund are not included). 4 Figure as of Mar. 31. 1 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. 428 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES [Negative figures indicate net sales by the United States] (In millions of dollars at $35 per fine troy ounce) Year or quarter Total K U in n g i d te o d m g B iu e m l- France N la e e n r t d - h s - Po g r a t l u- S d w en e- S l w a e n r i - t d z- E O ur t o h p er e* 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 »-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 y -38.0 -68.0 -100.0 28.2 -118.2 1951 75.2 469.9 -10.3 -20.0 -4.5 -34.9 -32.0 -15.0 -60.1 -10.0 —49.9 -20.0 -60.2 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 2-119.1 -10.0 -11.3 Oct.-Dec -151.0 2.5 -33.9 -5.0 -15.9 -49.9 -15.0 1950 Jan.-Mar -201.3 -80.0 -35.0 -13.0 -12.4 -15.8 Apr.-June -30.4 -20.0 -3.0 -11.9 July-Sept -731.0 -580.0 -28.5 -16.0 -25!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 -17.0 -3.5 -20.0 Oct.-Dec.. 715.7 629.9 71.7 -5.0 -1.1 1952 Jan.-Mar.. 557.3 520.0 20.2 22.5 -10.1 11.3 Apr.-June. 105.7 6.9 101.4 July-Sept.. -1.3 .3 Oct.-Dec.. -268.0 -80.0 -24.0 -100.0 -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 a r r te o r r g U u r a u y - V zu e e n l e a - A O L m i a t c h t a e i e n r r - Oc A a e n s a i d n a ia A U So f n o r u i i f o c th a n o A th l e l r Period T e u r n e r d a y s o - f p T e o ri t o a d l i I i n n s g c to o t r o e c ld a t k a s l e g p e o o x ( N l - d p r ) e t o i t o m rt 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 D ti r t c o i o o m d g n u o e 2 l c s d - - (-) 1945 —37 9 -73.1 -27.8 s -188.3 3.7 1 1 1 1 1 1 1 9 9 9 9 9 9 9 5 4 4 5 4 5 4 2 6 7 1 9 0 8 — -1 - 2 2 1 1 6 4 4 5 2 0 4 4 . . . . 9 . 4 2 1 9 7 8 -1 -5 - - 0 9 3 - 0 8 . . . 9 . . 2 7 0 0 - - - 2 1 1 - 2 7 1 7 7 5 7 5 9 3 . . . . . . 5 . 2 2 1 0 1 4 s - — -5 5 — - 1 4 3 2 0 1 3 5 4 . . . . . 8 1 . . 1 7 0 4 1 4 2 1 9 5 9 1 5 1 9 2 4 1 8 6 3 5 . . . . . . . 1 3 5 7 6 1 0 4 < - - - - 4 8 2 1 2 1 7 4 6 2 1 . . . . . . 6 0 . 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 2 7 5 3 6 8 4 . . . . 2 2 2 2 2 2 2 2 1 0 0 0 2 4 , , , , , , , 2 7 0 5 9 6 7 4 5 6 2 1 2 3 4 4 5 9 9 6 8 2 2 2 2 2 2 2 1 4 0 2 0 0 2 , , , , , , , 9 3 7 8 0 6 7 8 9 0 6 3 8 3 1 9 6 8 1 3 9 — 1 1 2 — — 1 , — , , 5 6 1 3 7 5 3 2 6 4 5 2 4 0 3 9 2 7 7 3 . . . . . . . 1 4 8 1 9 8 0 1 1 — — , , 8 6 3 3 8 1 6 8 6 1 1 4 0 6 8 0 5 1 5 6 1 . . . . . 7 9 5 4 . 4 3 3 — — — — 4 2 1 3 4 8 4 6 5 i 5 5 0 5 o 5 9 6 8 3 9 ! [ . . . . . o 2 7 4 6 8 4 1 3 4 3 5 7 7 2 2 5 1 5 8 0 5 . . . . . . . 2 0 8 3 9 4 8 1949 1 1 9 94 5 9 0 . 2 2 4 2 , , 4 7 2 0 7 6 2 2 4 2 , , 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 \ A 7 8 6 0 7 . . 1 3 J A a p n r . - - M Tu a n r e . . . 3 0 3 3 . . 6 7 - - 6 2 . . 6 3 5 7 5 2 . . 6 0 . . 1 1 1 1 9 95 5 2 1 . . 2 2 2 3 , , 6 1 9 8 5 6 2 2 2 3, , 2 8 5 7 2 3 3 5 7 2 8 . . 7 9 — 6 5 8 4 4 9^ .3 0 — 6 3 1 0 7 4 ^ . 6 8 6 6 6 7 . . 3 8 J O u c l t y - - S D e e p c t. -1 -1 6 . . 0 5 -50.0 -1 -2 1 . . 9 9 — -2 41 .2 .0 4 1 8 9 . . 1 9 -2.0 .2 1952— A M p a r. r . . . . . 2 2 3 3 , ,2 2 9 9 7 0 2 2 3 3 , , 4 4 5 2 0 8 2 5 2 1. . 6 0 1 9 5 6 7 . . 6 1 -1 -7 0 5 3 . . 4 1 4 5. . 0 6 1950 May. . 23,296 23,502 51.9 27.2 27.1 5.1 June.. 23,346 23,533 30.5 36.6 19.3 5.5 Jan -M!ar — 12 0 — 10.4 .2 3.9 -26.9 July... 23,350 23,536 3.8 24.5 -31.4 6.4 A Ju p ly r. - - S Ju ep n t e -2 -2 3 . . 0 9 - -. . 1 9 -13 1 . . 9 0 9.2 -1 -2 4 . . 8 7 A Se u p g t . . . . . . 2 2 3 3 , ,3 3 4 4 2 4 2 2 3 3 , ,5 5 2 2 5 8 - -2 8 . . 8 0 3 3 3 . . 1 3 — -3 1 2 3 .6 .8 6 6 . . 5 2 Oct.-Dec -26.9 -5.9 -22.8 -2.8 Oct.... 23,339 23,521 -4.4 83.5 -92.4 6.8 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 Tan -!Mar -50 9 -11.7 -18.8 -28.0 1953—Jan... 22,986 23,079 — 172.8 -2.2 -171.7 4.5 A Ju p l r y - - S J e u p n t e 2 1 8 5 . . 0 0 -.9 -5 3 . . 0 5 - - 2 3 . . 4 9 2 1 0 2 . . 3 7 - - 2 3 5 1 . . 0 0 F M e a b r . . . . . . P 2 22 2, , 6 5 6 6 2 2P 2 2 2 2 , , 7 6 5 49 1 P- - 1 3 0 2 2 7 . . 7 5 - ( 2 4) .0 5 - - 3 1 2 0 4 6 . . 1 5 4 (4 . ) 3 Oct.-Dec 30.1 -4.0 -25.0 19.2 P Preliminary. 1952 1 See footnote 2 on opposite page. J A a n n r . - - M Tu a n r e 10.0 -1 — 7 7 .6 .4 - - 3 2 . . 2 4 4 7. . 2 3 F S i t g a 2 t u Y i r s e e t s i a c r f s l o y . r f 1 ig 9 u 5 r 2 e s a n th d r o 1 u 9 g 5 h 3 1 a 9 re 5 1 e s a ti r m e a e t s e t s i m o a f t e A s m o e f r i U ca n n i te B d u r S e t a a u t e o s f M M i e n t t a . l O Ju c l t y - - D Se e p c t 4.8 -2 2 . . 0 0 . . 4 3 - - 1 . . 1 9 tio 8 n C t h o a I n n g t e e rn in a c t l i u o d n e a s l M tra o n n s e fe ta r ry o f F u 6 n 8 d 7 . .5 million dollars gold subscrip- * Not yet available. 1 Includes Bank for International Settlements. acc • o G u o n l t d , i h n e c ld lu d u i n n d g e r g o e l a d r m h a e r l k d a fo t r t h t e h e F e a d c e c r o a u l n R t e o s f e r i v n e t e B rn a a n t k io s n f a o l r i f n o s re ti i t g u n - * Includes sale of 114.3 million dollars of gold to Italy. tions, amounted to 5,915.4 million dollars on Mar. 31, 1953. Gold » Includes sales of 185.3 million dollars of gold to China. under earmark is not included in the gold stock of the United States. * Includes sales of gold to Egypt as follows: 1950, 44.8 million dollars; and 1951, 76.0 million. NOTE.—For back figures and description of statistics, see Banking * Includes sales of 45.0 million dollars of gold to Indonesia. and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523. APRIL 1953 429 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 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 M Ac e c m u b m e u r la s t u e b d s c n r e ip t t i i n o c n o s me 8,737 8,7 - 3 7 7 8,1 - 5 7 4 8,1 - 5 7 2 L C o a a ll n s s o n ( i s n u c b l. s c u r n ip d t i i s o b n u s r s to ed c a p p o it r a t l i o s n to s ck a n 3. d . 4 4 4 4 incl. obligations sold under Bank's guarantee) 1,409 1.330 1,270 1,113 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- Feb. Jan. Dec. Feb. 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 B B e ra lg z i i a li n a n f r c a r n u c z s eiros 1 1 1 8 . . 4 8 3 1 7 1 . . 5 4 3 1 7 1 . . 5 4 10 1 3 1 . . 0 4 S C p a e p c i i t a a l l3 reserve 1,80 3 7 2 1,80 3 7 0 1,69 2 1 8 1,68 2 8 4 Chilean pesos '1.8 3.6 5.4 Czechoslovakian koruny. 6.0 6.0 6.0 6.0 Danish kroner 10.2 10.2 10.2 10.2 Egyptian pounds -5.5 -5.5 -5.5 -5.5 * As of Feb. 28, 1953, the Fund had sold 851.5 million U. S. dollars; Finnish markkaa 4.5 4.5 4.5 in addition, the Fund sold to the Netherlands 1.5 million pounds French francs 125.0 125.0 125.0 125.0 sterling in May 1947 and 300 million Belgian francs in May 1948, sold Indian rupees 100.0 100.0 100.0 100.0 to Norway 200 million Belgian francs in June and July 1948, and sold Iranian rials 8.8 8.8 to Brazil 10 million pounds sterling in January 1951. Repurchases Netherlands guilders 48.1 48.1 48.1 75.2 amounted to 202.4 million dollars. Currencies the net transactions in Turkish liras 10.0 10.0 10.0 5.0 which amount to less than one million are reported under "All other." P Y o u u g n o d sl s a v st e d r i l n in a g rs 30 9 0 . . 0 0 30 9 0 . . 0 0 30 9 0 . . 0 0 30 9 0 . . 0 0 3 2 L E e x s c s l u t d h e a s n u $ n 5 c 0 a 0 l , l 0 e 0 d 0 . portions of capital subscriptions, amounting to All other -1.6 -1.6 -1.6 -1.7 7,229 million dollars as of Dec. 31, 1952, of which 2,540 million represents the subscription of the United States. Total. 694.5 r715.O 716.8 771.7 CENTRAL BANKS Assets of issue Assets of banking Liabilities of banking department department department Bank of England Note (Fi p g o ur u e n s d s in s m te i r l l l i i n o g n ) s of Gold* a O ss t e h t e s r 2 N c a o o n t i d n es a 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 i c o u n l 3 a- Bankers' Pub D li e c posit E s CA Other t c i l O e i a a s p t b h i a i t e l n a i r - d l 1943—Dec 29 2 1 100 0 12 5 2 5 307 9 J.088.7 234.3 10.3 60.4 17.9 1944—Dec. 27 .2 1,250.0 13.5 5.1 317.4 1,238.6 260.7 5.2 52.3 17.8 1945—Dec 26 2 1,400 0 20 7 8 4 327.0 L379.9 274.5 5.3 58.5 17.8 1946—Dec. 25 .2 1,450.0 23.4 13.6 327.6 1,428.2 278.9 10.3 57.3 18.1 1947—Dec 31 .2 1,450.0 100.8 15.2 331.3 1,349.7 315.1 18.6 95.5 18.1 1948—Dec 29 2 1,325 0 36 1 16 7 401.1 L,293.1 314.5 11.7 17.4 92.1 18.1 1949—Dec. 28 .... .4 1,350.0 33.7 14.8 489.6 1,321.9 299.2 11.6 97.9 111.2 18.1 1950—Dec. 27 .4 1,375.0 19.2 29.2 384.0 1,357.7 313.5 15.4 .4 85.0 18.1 1951—Dec. 26 .4 1,450.0 14.1 18.2 389.2 1,437.9 299.8 13.4 .6 89.8 18.1 1952—Mar. 26 .4 1,400.0 17.4 23.6 351.8 1,384.6 280.3 12.1 .5 81.3 18.5 Apr 30 4 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 L.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 1,459.0 252.4 16.0 23.0 64.8 18.4 Sept. 24 .4 1,500.0 57.8 5.2 333.5 1,444.1 275.7 11.1 24.2 67.0 18.5 Oct 29 4 1,500 0 57 7 9 3 324 8 1,444.2 271.6 13.5 22 2 66 7 17 8 Nov. 26 .... .4 1,500 0 40 5 9.9 357.6 1,461.4 275.4 15.4 26.6 72.6 18 0 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 Feb. 25 .4 1,500.0 37.3 7.1 389.9 1,464.7 292.6 9.8 44.6 68.8 18.4 1 On June 9, 1945, the official buying price of the Bank of England for gold was increased from 168 shillings to 172 shillings and threepence per fine ounce, and on Sept. 19, 1949, it was raised to 248 shillings. For details regarding previous changes in the buying price of gold and for internal gold transfers during 1939, see BULLETIN for March 1950, p. 388, footnotes 1 and 4. 2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 3 Notes issued less amounts held in banking department. * 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. 430 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CENTRAL BANKS—Continued Assets Liabilities Bank of Canada Dominion and provincial government Deposits (F C ig a u n re a s d i i a n n m d i o ll l i l o ar n s s ) of Gold an S d S t e t U a rl t n i e n i s g ted securities O as t s h e e ts r circ N u o la t t e ion2 lia O b a t i n h li e d t r i - es dollars S te h r o m r t l - Other Ch b a a r n te k r s ed D g o o m m v e e i n n r t n io n Other capital3 1940—Dec. 31. 38.4 448.4 127.3 12.4 359.9 217.7 10.9 9.5 28.5 1941—Dec. 31. 200.9 391.8 216.7 33.5 496.0 232.0 73.8 6.0 35.1 1942—Dec. 31. .5 807.2 209.2 31.3 693.6 259.9 51.6 19.1 24.0 1943—Dec. 31. .6 787.6 472.8 47.3 874.4 340.2 20.5 17.8 55. 1944—Dec. 30. 172.3 906.9 573.9 34.3 ,036.0 401.7 12.9 27.7 209 1945—Dec. 31. 156.8 ,157.3 688.3 29.5 ,129.1 521.2 153.3 29.8 198. 1946—Dec. 31. 1.0 ,197.4 708.2 42.1 ,186.2 565.5 60.5 93.8 42, 1947—Dec. 31. 2.0 ,022.0 858.5 43.7 ,211.4 536.2 68.8 67.5 42.4 1948—Dec. 31. .4 ,233.7 779.1 45.4 ,289.1 547.3 98.1 81.0 43.1 1949—Dec. 31. 74.1 ,781.4 227.8 42.5 ,307.4 541.7 30.7 126.9 119.2 1950—Dec. 30. 111.4 ,229.3 712.5 297.1 ,367.4 578.6 24.7 207.1 172.6 1951—Dec. 31. 117.8 ,141.8 ,049.3 135.2 ,464.2 619.0 94.9 66.1 200.0 1952—Mar. 31. 60.1 ,179.9 882.2 106.8 ,393.2 656.5 14.6 66.1 98.6 Apr. 30. 72.3 ,191.5 874.7 84.0 ,411.8 645.7 14.3 41.7 109.0 May 31. 78.3 ,203.6 824.6 73.8 ,417.4 579.4 21.9 44.6 117.1 June 30. 43.8 ,251.3 817.8 76.1 ,441.8 578.0 26.8 48.5 93.9 July 31. 63.0 ,280.0 843.9 71.2 ,458.3 595.5 51.6 41.6 111.2 Aug. 29. 74.9 ,303.2 852.9 69.7 ,464.4 614.7 52.0 47.4 122.1 Sept. 30. 73.5 ,263.7 870.9 70.8 ,476.5 588.2 30.7 49.4 134.0 Oct. 31. 42.8 ,286.7 896.1 103.4 ,485.6 668.8 18.8 56.0 99.8 Nov. 29. 67.6 ,214.3 957.3 72.3 ,498.8 607.3 15.0 65.1 125.2 Dec. 31 . 77.1 ,459.8 767.2 77.3 ,561.2 626.6 16.2 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 Feb. 28. 72.0 1,411.9 817.5 88.8 1,472.8 668.0 88.6 51.4 109.3 Assets Liabilities Bank of France Advances to (Figures in Foreign Domestic bills Government 6 Other Note Deposits " l O ia t b h i e l r millions of francs) Gold 5 ch e a x n - ge m O a p rk e e n t 6 Special Other Current Other assets 6 cir ti c o u n la- G m ov e e n r t n- ECA Other ca i a t p n i i e d t s al 1940—Dec. 26. 84,616 42 7,802 661 3,646 63,900 112,317 18,571 218,383 984 27,202 844,986 1941—Dec. 31. 84,598 38 6,812 12 4,517 69,500 182,507 17,424 270,144 1 517 25,272 868,474 1942—Dec. 31. 84,598 37 8,420 169 5,368 68,250 250,965 16,990 382,774 770 29,935 821,318 1943—Dec. 30. 84,598 37 9,518 29 7,543 64,400 366,973 16,601 500,386 578 33,137 815,596 1944—Dec. 28. 75,151 42 12,170 48 18,592 15,850 475,447 20,892 572,510 748 37,855 7,078 1945—Dec. 27. 129,817 68 17,980 303 25,548 445,447 24,734 570,006 12,048 57,755 4,087 1946—Dec. 26. 94,817 7 37,618 3,135 76,254 67^900 480,447 33,133 721,865 765 63,468 7,213 1947—Dec. 31. 65,225 12 67,395 64 117,826 147,400 558,039 59,024 920,831 733 82,479 10,942 1948—Dec. 30. 65,225 30 97,447 8,577 238,576 150,900 558,039 57,622 987,621 806 171,783 16,206 1949—Dec. 29. 62,274 61,943 137,689 28,548 335,727 157,900 560,990 112,658 ,278,211 1,168 158.973 19,377 1950— Dec. 28. 182,785 162,017 136,947 34,081 393,054 158,900 481,039 212,822 ,560,561 70 15^058 161,720 24.234 1951—Dec. 27. 191,447 28,320 234,923 31,956 741,267 160,000 481,039 190,830 ,841,608! 29 10,587 166,226 41,332 1952—Mar. 27. 191,447 11,336 272,294 29,239 841,006 169,300 479,982 113,099 ,861,68li 22 15,783 188,767 41,448 Apr. 30. 191,447 13,634 273,149 22,984 799,004 171,100 500,982 139,747 ,925,615! 84 341 156,326 29,679 May 29. 191,447 15,808 274,111 26,128 841,897 169,000 479,982 118,726 ,900,526! 39 6,645 171,350 38,539 June 26. 191,447 16,991 254,301 21,871 831,044 168,000 479,982 110,501 ,885,9291 36 730 143,900 43,541 July 31. 191,447 20,077 258,560 11,779 835,599 167,800 479,982 184,957 ,984,549 55 816 121,411 43,369 Aug. 28. 194,943 23,435 257,589 14,404 854,081 168,600 479,982 169,852 .969,553 13 9,039 137,403 46,878 Sept. 25. 194,943 27,613 270,264 31,784 812,416 166,300 479,982 171,274 962,270 83 539 129,755 61,930 Oct. 30. 194,943 28,815 283,717 48,089 872,793 171,100 479,982 161,989 2024,943 25 8,392 158,275 49,792 Nov. 27. 198,439 30,413 274,454 52,225 851,545 172,000 479,982 154,146! 006,873 10 10,887 139,480 55,954 Dec. 31. 200,187 31,068 274,003 57,042 937,459 172,000 479,982 159,727 123,514 27 897 137,727 49,305 1953—Jan. 29. 200,187 16,040 262,363 55,681 915,903 175,000 501,982 124,5782,065,210 56 730 128,731 57,008 Feb. 26. 200,187 16,502 263,286 48,658 929,291 185,300 504,982 121,4452,067,257 55 3,479 146,509 52,350 1 Securities maturing in two years or less. 2 Includes notes held by the chartered banks, which constitute an important part of their reserves. 3 Beginning November 1944, includes a certain amount of sterling and United States dollars. * On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940, pp. 677-678). 6 For details on devaluations and other changes in the gold holdings of the Bank of France, see BULLETIN for September 1951, p. 1211; September 1950, pp. 1132 and 1261; June 1949, p. 747; May 1948, p. 601; May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880. 6 For explanation of these items, see BULLETIN for January 1950, p. 117, footnote 6. 7 Beginning January 1950, when the Bank of France modified the form of presentation of its statement, the figures under this heading are not strictly comparable with those shown for earlier dates. 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. NOTE.—For back figures on Bank of Canada and Bank of France, see Banking and Monetary Statistics, Tables 166 and 165, pp. 644-645 and pp. 641-643, respectively; for description of statistics, see pp. 562-564 in same publication. For last available report from the Reichsbank (February 1945), see BULLETIN for December 1946, p. 1424. APRIL 1953 431 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) Feb. Jan. Dec. Feb. date of month) Feb. Jan. Dec. Feb. Central Bank of the Argentine Bank of the Republic of Colom- Republic (millions of pesos): bia—Cont. Gold reported separately 1,117 906 814 Loans and discounts 384,956365,286 424,144 241,347 Other gold and foreign exchange. 138 17 902 Government loans and securities. 176,547174,759170,083 148,352 Government securities 2,123 2,127 2,094 Other assets 88,197 82,176 79,155 127,810 Rediscounts and loans to banki. . 48,913 49,073 42 ,628 Note circulation 537,959538,879609,727 455,831 Other assets 201 102 302 Deposits 392,280344,151325,267 281,317 Currency circulation 21,009 21,270 17,298 Other liabilities and capital 68,912 69,914 65,816 66,194 Deposits—Nationalized 27,547 27,276 25,728 Central Bank of Costa Rica Other sight obligations 774 786 879 (thousands of colones): Other liabilities and capital 3,162 3,054 2.834 Gold 11,511 11 511 11,511 11,511 Commonwealth Bank of Aus- Foreign exchange 01,301 87 009 70,510 76,144 tralia (thousands of pounds): Net claim on Int'l. Fund * 7,031 7,031 7,031 7,031 Gold and foreign exchange 403,745381,576 352,266 320,930 Loans and discounts 75,314 84 051 100,831 67,872 Checks and bills of other banks.. 5,322 6,275 7,094 5,884 Securities 7,125 7.125 7,205 7,593 Securities (incl. Government and Other assets 23,968 23 360 22,978 23,519 Treasury bills) 377,810 411,530444,966 629,357 Note circulation 138,865132 547135,081 116,292 Other assets 106,393 6•1' ,6~3"7 40,135 102 ,833 Demand deposits 66,559 67 086 64,323 59,097 Note circulation 318,918321,168342,418 294,971 Other liabilities and capital 20,826 20 454 20,662 18,281 Deposits of Trading Banks: National Bank of Cuba Special 216,095187,595157,595 455,2 70 (thousands of pesos): Other 56,107 56,715 52,527 41,079 Gold 213,748213,748 310,564 Other liabilities and capital 302,150 295,541291,922 267,685 Foreign exchange (net) 58,276 74,035 55,734 Austrian National Bank (millions Foreign exchange (Stabilization of schillings): Fund) 135,471138,561 105,220 Gold 100 100 98 51 Silver 33,380 34,365 41,228 Foreign exchange 2,422 2,239 2,162 565 Net claim on Int'l. Fund « 12,511 12,511 12,511 Loans and discounts 6,342 6,325 6,605 6,367 Loans and discounts 50,489 52,454 15,965 Claim against Government 2,403 2,405 2,900 .,408 Credits to Government 46,918 46,746 10,542 Other assets 41 41 38 39 Other assets 43,248 41,251 27,270 Note circulation 8,818 8,777 9,048 8,177 Note circulation 411,899 424,414 392,935 Deposits—Banks 316 385 631 346 Deposits 170,866178,340 178,508 Other 292 259 354 406 Other liabilities and capital 11,275 10,918 7,592 Blocked 1,884 1,689 1,770 1,501 National Bank of Czechoslovakia 6 National Bank of Belgium National Bank of Denmark (millions of francs): (millions of kroner): Gold* 35,069 35,448 35,295 30,483 Gold 69 69 69 69 Foreign claims and balances (net) 16,126 16,272 16,658 22 ,949 Foreign exchange 736 780 765 520 Loans and discounts 6,070 6,823 7,095 8,064 Contributions to Int'l. Bank.... 11 Consolidated Government debt.. 34,723 34,723 34,763 34,823 Loans and discounts 102 98 134 96 Government securities 7,678 6,386 6,708 .,409 Securities 442 443 442 140 Other assets 4,064 3,806 4,171 3,272 Govt. compensation account. . .. 3,314 3,347 3,348 3,872 Note circulation 96,602 96,301 97,190 93 ,638 Other assets 355 178 324 533 Deposits—Demand 3,269 2,111 1,694 2 ,354 Note circulation 1,849 1,863 1,966 1,703 ECA 209 1,319 1,341 1,140 Deposits—Government 1,481 1,522 1,497 1,883 Other liabilities and capital 3,650 3,729 4,463 10,869 Other 1,514 1,344 1,444 1,475 Central Bank of Bolivia—Mone- Other liabilities and capital 175 186 175 180 tary dept. (millions of bolivianos): (y Central Bank of the Dominican Gold at home and abroad a 1,370 Republic (thousands of dollars): Foreign exchange (net) 1,516 693 Gold 12,076 12,076 12,076 12,066 Loans and discounts 31,984 1,223 Foreign exchange (net) 17,218 18,874 20,189 18,967 Government securities 1,858 1,845 Net claim on Int'l. Fund 4 1,250 1,250 1,250 1,250 Other assets 1,830 255 Paid-in capital—Int'l. Bank 43 43 42 41 Note circulation 350 4,115 Loans and discounts 1,016 1,217 870 331 Deposits ^ 5,503 606 Government securities 9,848 7,154 7,154 6,962 Other liabilities and capital 1,238 665 Other assets 2,198 2,236 2,643 713 Central Bank of Ceylon (thousands 797 Note circulation 33,515 33,955 35,124 29,553 of rupees): Demand deposits 8,650 7,423 7,651 9,027 Foreign exchange 395,142405,352 401,089 636,621 Other liabilities and capital 1,485 1,472 1,449 1,750 Advances to Government 87,600 89,000 85,000 11,964 Central Bank of Ecuador Government securities 73,331 80,745 75,650 3,356 (thousands of sucres): Other assets 2,010 3,349 3,897 3,129 Gold* 138,880 338,818338,642 335,822 Currency in circulation 386,924385,598388,828 404,847 Foreign exchange (net)5 .33,851 230,231234,168 44,732 Deposits—Government 1,818 7,013 7,108 36,115 Net claim on Int'l. Fund * 18,757 18,757 18,757 18,758 Banks 133,500 147,997 131,926 171,200 Credits—Government 135,939224,333 94,879 220,599 Other liabilities and capital 35,840 37,838 37,774 42,907 Other 48,466 153,079 75,360 197,676 Centra] Bank of Chile (millions Other assets 51,365 155,425 51,560 184,754 of pesos): Note circulation 136,589544,911 169,864 463,424 Gold 1,248 1,247 1,174 1,214 Demand deposits—Private banks 74,448 189,847200,699 157,342 Foreign exchange (net) 161 84 279 189 Other 05,875 180,013 62,042 144,730 Net claim on Int'l. Fund * 332 277 221 107 Other liabilities and capital 10,347205,873 80,761 236,845 Discounts for member banks.... 1,708 2,136 2,633 1.835 National Bank of Egypt (thou- Loans to Government 4,059 4,059 4,059 670 sands of pounds): Other loans and discounts 8,280 7,447 6,932 6,270 Gold' 60,553 60,553 60,553 60,553 Other assets 2,699 2,827 2,780 3,087 Foreign exchange 19,513 20,817 19,710 24,942 Note circulation 12,488 12,219 12,787 8,545 Foreign and Egyptian Deposits—Bank 2,635 2,409 2,002 2,127 Government securities 23,383299,012291,737 329,470 Other 422 542 584 317 Loans and discounts 12,940 19,092 23,490 28,326 Other liabilities and capital 2,941 2,906 2,705 2 ,382 Advances to Government 4,372 3,361 2,761 Bank of the Republic of Colombia Other assets 4,175 5,803 4,717 1,712 (thousands of pesos): Note circulation 97,661200,574 99,803 192,274 Gold and foreign exchange 318,495299,185295,895 254,335 Deposits—Government 84,177 80,510 81,206 115,306 Net claim on Int'l. Fund « 24,374 24,373 24,373 24,371 Other 22,658107,562 98,099 115,669 Paid-in capital—Int'l. Bank 6,582 7,164 7,159 7,126 Other liabilities and capital 20,440 19,993 23,858 21,754 * 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 J950. gold reserves have been revalued at a rate of 60 bolivianos per dollar. 8 Represents chiefly bills secured by stocks of mined tin not yet sold in world markets. * This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 5 For last available report (March 1950), see BULLETIN for September 1950, p. 1262. 6 In December 1950, gold and foreign exchange holdings revalued from 13.50 to 15.00 sucres per dollar. 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. 432 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CENTRAL BANKS—Continued Central Bank V 53 1952 Central Bank 1953 1952 (Figures as of last report 1 (Figures as of last report date of month) Feb. Jan. Dec. Feb. date of month) Feb. Jan. Dec. Feb. Central Reserve Bank of El Salva- Bank of Italy (billions of lire): dor (thousands of colones): Gold 4 4 4 4 Gold 73 330 73 404 73 478 64 144 Foreign exchange 4S 45 43 38 Foreign exchange (net) 70,116 56,589 30,140 57,8S0 Advances to Treasury 573 574 576 590 Net claim on Int'l. Fund 1 1 566 1,566 1 56r 1 S66 Loans and discounts 373 299 329 260 Loar? and discounts 14 043 19 434 33 707 16 448 Government securities 249 249 250 185 Government debt and securities.. 5 677 6,409 6 800 5,435 Other assets 774 738 776 832 1 SS8 1 747 1 778 1 44 S Note circulation 1,2 75 1,299 1,381 1,193 Note circulation 99,522 96,691 94,187 90,458 Deposits—Government 137 65 38 210 Deposits . S9 076 54 659 4S 701 49 464 Demand 49 57 79 69 Other liabilities and capital 7,743 7,800 7,532 6,966 Other 3S8 390 360 365 Bank of Finland (millions of mark- Other liabilities and capital 98 98 119 74 kaa): Bank of Japan (millions of yen): Gold 5,862 5,863 5,863 5,865 Bullion 448 448 448 r501 Foreign assets (net) 9,249 11,313 7,427 22,330 Advances to Government 37,501 37,931 38,390 39,368 Clearings (net) 4,666 1,679 4,430 4,545 Loans and discounts 376 065329 845317 763 345 273 Loans and discounts 38,075 39,965 47, 643 20,239 194 369 233 240286 141 92 845 Securities 1,165 1,139 1,162 1,030 Other assets 108 500 107 274123 619 r103 192 Other assets 2,287 2,009 290 2,479 S71 137 519 765576 431 457 277 Note circulation 44,238 41,104 46,153 43,428 86 744 80 475 91 627 71 480 Deposits 1,050 4,145 3,889 1,988 Other 60 411 63 076 59 251 25 216 Other liabilities and capital 16,016 16,719 16,773 11,072 Other liabilities 48,590 45]472 39,051 27,207 Bank of German States The Java Bank (millions of rupiah): (millions of German marks): Gold* 788 826 892 1,060 Gold 775 695 587 116 Foreign exchange (net) 47 21 24 996 Foreign exchange 4,468 4,280 4 308 2 094 Loans and discounts 669 739 726 605 Loans and discounts 2,853 2,920 3,990 4 328 Advances to Government 5,181 5,193 4,555 1,841 Loans to Government 6,887 7,026 7 556 9 009 Other assets 298 344 411 1,067 D O e th p e o r s i a ts ss — et G O B s o t a h n v e k e r s rnment 1 2 0 1 , , 0 3 9 ? 5 7 6 4 9 7 1 8 ? 8 0 10 1 1, , 9 5 9 2 3 7 8 4 4 4 2 0 9 8 9 1 2 0 1 1 9 7 0 7 S 6 9 4 3 0 7 0 7 3 9 9 2 1 4 4 6 9 7 6 1 4 7 3 9 6 3 0 3 O N D t e o h p t e e o r s c i l i t i r s a c — b u i l l E O a it t C i t i e h o A s e n r and capital 4 1 , , 3 5 6 5 2 1 2 1 5 4 1 1 , , , 1 0 4 8 1 2 2 5 9 4 1 , , 0 2 4 8 0 1 9 8 8 8 6 5 3 1 , , 1 5 8 3 7 6 7 2 1 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 l n li d o n c s a p o i f t a d l rach- 1,731 1,726 1,966 2 081 Bank M o o f n e M ta e rv x ic r o es e ( r m v i e l l * ions of pesos): 1,203 1,213 1,224 1,143 ma A L G e o ) o d a : l v d n a s n a c n a e n d s d — f o d r O G i e s i t o c g h v o n e e u r r e n n x t m s ch e a n n t ge (net) . (N 3 9 1 o , , v 1 5 4 1 . 0 9 1 2 ) 0 * 1 9 rt 3 8 1 0 5 2 1 5 1 7 8 7 6 5 8 N " B A i o l r u l t i s e t t i h e a c o s n i , r r d c i e z u d t e l c i a d s t " c i o o n u h n ol ts dings of secu- 3 3 , , 3 2 3 5 0 2 2 2 2 9 0 9 3 3 , , 3 3 3 4 3 6 6 2 1 2 2 8 3 3 , , 4 4 4 2 7 0 9 7 9 6 7 3 3 2 , , 1 9 4 4 6 5 9 4 3 2 2 8 1 600 1 911 Demand liabilities 1,M)8 1,521 1,416 1,411 Note circulation 2 773 1 961 Other liabilities and capital.... 470 511 504 462 Deposits—Government. 87^ 1 048 Netherlands Bank (millions of Reconstruction and guilders): relief accts 7 394 6 254 Gold » 2,187 2,149 2,061 1,201 Other 7 130 2 714 Silver (including subsidiary coin). 15 14 14 18 Other liabilities and canital ^1 S 3 470 Foreign assets (net) 1,531 1,416 1,497 967 Bank of Guatemala (thousands of Loans and discounts . . .. 35 33 68 113 quetzales): Govt. debt and securities 1,451 1,451 1,451 2,850 Gold 97 ??8 97 9?8 27 228 Other assets 508 595 605 633 18 410 11 783 18 671 Note circulation—Old 36 38 39 45 Cxolti contribution to Int'l Fund 1 9S0 1 9 SO 1 250 New 2,983 2,966 3,118 2,866 Rediscounts and advances 8 415 8 9S8 5 614 Deposits—Government 994 930 888 240 Other assets 71 897 71 697 17 525 ECA 1,163 1,155 1,155 1,778 Circulation—Notes 43 956 44 103 39 739 Other 330 341 283 439 Coin 3 SOS 3 SOO 3 392 Other liabilities and capital 221 227 214 413 3 056 7 983 4 511 Reserve Bank of New Zealand Banks 11 637 9 671 11 077I (thousands of pounds): Other liabilities and capital 15 047 13 6S9 11 624! Gold . .. 6,015 6,013 5,638 National Bank of Hungary 2 Foreign exchange reserve 39,239 31,119 21,352 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 58,377 54,221 54,817 Gold at home and abroad . . 400 400 400 Investments .... 58,132 58,132 54,182 5 S87 5 38? 6 032 Other assets 1,440 1,236 4,601 Indian Govt. securities 4 501 4 S01 4 681 Note circulation 63,626 69,247 62,217 Rupee coin 838 847 683 97,772 79,849 77,231 Note circulation . .. ^) 064 10 9?1 11 396 Other liabilities and capital 7,822 7,644 7,161 Banking department: Bank of Norway (millions of kroner): Notes of issue department.... 257 208 400 Gold 779 279 243 24 1 600 1 673 1,41 S 280 331 403 412 Bills discounted 116 70 25 30 40 54 16 Loans to Government 34 33 68 Loans and discounts S^ 50 58 45 Other assets 1 200 1 ,19?, 1 664 Securities 44 44 45 44 Deposits 2 848 2, 832 3, 252 Occupation account (net) 5,546 5,546 5,546 6,206 Other liabilities and capital.. . 358 344 319 Other assets 43 48 52 52 Central Bank of Ireland (thousands I Note circulation 2,717 2,740 2,916 2,510 •f pounds): I Deposits—Government 2,096 2,020 1 ,969 1,827 Gold 7 646 7 646 7 646 2, 646| Banks 672 784 732 1 169 Sterline funds 60, 796 60, 237 63, 886 55, 24l| ECA—MSA 299 299 295 925 63, 442 62, 883 66, 532 57, 887I Other liabilities and capital 496 496 489 576 9 * Latest month available. r Revised. 1 This figure represents the amount oi 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. « Gold revalued on Jan. 18, 1950, from .334987 to .233861 grams of fine gold per rupiah. < Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. * Gold revalued on Sept. 19, 1949, from .334987 to .233861 grams of fine gold per guilder. NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1953, p. 79; January 1952, p. 103; and January 1951, p. 113. APRIL 1953 433 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CENTRAL BANKS—Continued Central Bank 1953 1952 Central Bank 1953 (Figures as of last report (Figures as of last report date of month) Feb. Jan. Dec. Feb. date of month) Feb. Jan. Dec. Feb. State Bank of Pakistan (millions of Bank of Spain—Cont. rupees): Other assets ,533 31,729 31,456 23,178 Issue department: Note circulation ,033 37,140 38,493 35,458 Gold at home and abroad... 81 81 81 81 Deposits—Government ,440 2,250 1,294 1 S P t a e k r i li s n ta g n se G c o u y ri t t . i e s s e curi ; ties.. 1,1 4 4 1 6 6 ,1 4 4 1 6 6 1,0 4 5 2 9 3 1,1 7 1 1 7 5 Other liabil O iti t e h s e r and capital , , 6 42 0 9 4 2 4 9, , 0 5 6 4 6 4 2 4 8 , ,2 6 1 5 8 8 1 2 9 , , 1 5 5 7 3 3 Govt. of India securities... 126 126 126 126Bank of Sweden (millions of kronor): India currency 300 300 300 300 Gold 428 429 406 465 Rupee coin 67 66 68 16 Foreign assets (net) ,320 1,313 1,351 1,383 Notes in circulation 2,053 ,038 2,008 2,295 Net claim on Int'l. Fund l 129 129 129 88 Banking department: Paid-in capital—Int'l. Bank 12 12 11 10 Notes of issue department.. 83 98 48 60 Swedish Govt. securities and ad- Balances abroad 379 vances to National Debt Office4 ,665 2,666 3,240 2,559 Bills discounted 3 99 Other domestic bills and advances 294 301 321 237 Loans to Government 23 153 1 Other assets 717 729 755 875 Other assets 525 518 418 399 Note circulation ,365 4,350 4,577 3,895 Deposits 522 505 525 841 Demand deposits—Government.. 371 525 449 769 Other liabilities and capital. 108 112 97 96 Other 286 192 580 349 Central Bank of Paraguay Other liabilities and capital 542 514 609 605 (thousands of guaranies): Swiss National Bank (millions of Gold 1,138 francs): Foreign exchange (net) 63,860 Gold ,905 5,907 5,876 5,894 Net claim on Int'l. Fund > 11 Foreign exchange 464 469 491 270 Paid-in capital—Int'l. Bank -1,020 Loans and discounts 219 224 310 233 Loans and discounts •.-.••• 92,676 Other assets 70 67 103 73 Government loans and securities. 316,768 Note circulation ,787 4,784 5,122 4,569 Other assets 274,892 Other sight liabilities ,672 1,686 1,454 1,704 Note and coin issue 378,976 Other liabilities and capital 199 197 204 198 Deposits—Government 49,251 Central Bank of the Republic of Other 129,589 Turkey (millions of pounds): OOtthheerr lliiaabbiilliittiieess aanndd ccaappHital. 190,510 Gold 402 402 402 419 Central Reserve Bank of Peru Foreign exchange and foreign (millions of soles): clearings.. 212 151 133 124 Gold and foreign exchange 2 563 559 626 Loans and discounts ,709 1,760 1,785 1,436 Net claim on Int'l. Fund * 67 67 21 Securities 26 26 26 27 Contribution to Int'l. Bank 2 2 2 Other assets 124 136 120 102 Loans and discounts to banks. .. 314 305 217 Note circulation ,272 1,240 1,238 1,121 Loans to Government 912 906 778 Deposits—Gold 153 172 153 153 Other assets.. 168 143 249 Other 791 801 817 663 Note circulation ,353 1,379 1,199 Other liabilities and capital..... 258 262 258 171 Deposits 421 369 363 Bank of the Republic of Uruguay Other liabilities and capital 253 235 331 (thousands of pesos): (Nov.)* Central Bank of the Philippines Gold 310,763 321,119 (thousands of pesos): Silver 9,358 9,647 Gold 18,552 18,427 14,355 Paid-in capital—Int'l. Bank 314 313 Foreign exchange 432,807 435,729 466,127 Advances to State and Govern- Net claim on Int'l. Fund l 29,504 29,504 29,504 ment bodies 130,018 146,561 Loans 54,140 54,165 55,433 Other loans and discounts 357,441 341,721 Domestic securities 235,233 235,438 240,586 Other assets 500,928 417,298 Other assets 148,279149,220 149,352 Note circulation 370,836 369,308 Note circulation 561.631579,584 573,332 Deposits—Government 93,116 80,101 Demand deposits 219,305 205,899 247,176 Other 315,113 305,449 Other liabilities and capital 137,579136,999 134,848 Other liabilities and capital 529,757 481,799 Bank of Portugal (millions of Central Bank of Venezuela (mileicudos) : lions of bolivares): Gold 4,547 4,479 Gold 1,141 1,141 1,141 Foreign exchange (net) 11,629 11,881 Foreign exchange (net) 132 186 -37 Loans and discounts 988 685 Other assets 92 93 100 Advances to Government 1,430 1,417 Note circulation 976 1,000 858 Other assets 498 635 Deposits 274 255 266 Note circulation 9,528 9,003 Other liabilities and capital 115 165 78 Demand deposits—Government.. 1,389 1,512Bank for International Settle- ECA 29 53 ments (thousands of Swiss gold Other liabilities and O c t a h p e i r tal 6 2 , , 1 0 1 3 1 6 6 2, , 1 3 7 5 5 2 fra G nc o s ld ): # in bars 656 518 657,029 599,415 386,887 South African Reserve Bank Cash on hand and with banks. . . 57.355 62,167 48,700 52,781 (thousands of pounds): Sight funds at interest 10 699 7,480 15,320 2,104 Gold' 61,157 ,437 60,255 68,397 Rediscountable bills and accept- Foreign bills 57,896 ,888 69,469 66,204 ances (at cost) 213 287267,015 267,912 112,518 Other bills and loans 23,186 ,804 14,792 18,177 Time funds at interest 39 536 78,467 91,563 22,251 Other assets 42,626 ,998 43,305 33,991 Sundry bills and investments. . . . 232,606 290,229 346,985 248,616 Note circulation 87,468 ,498 91,646 81,595 Funds invested in Germany 297 201297,201297,201 297,201 Deposits 75,178 ,639 71,903 83,215 Other assets 1425 1,386 1,333 1,916 Other liabilities and capital 22,219 ,991 24,272 21,959 Demand deposits (gold) 463 460 501,011480,021 218,132 Bank of Spain (millions of pesetas): Short-term deposits: Gold 570 563 563 553 Central banks—Own account. 476,330 612,112 640,318 333,028 Silver 366 369 369 378 Other 66.C 46,086 75,773 Government loans and securities. 15,810 15,576 15,189 16,284 Long-term deposits: Special.... 228,909 228,909 228,909 228,909 Other loans and discounts 23,227 ,762 25,085 16,791 Other liabilities and capital 273,880 273 436 273,096 268,430 * Latest month available. 1 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such 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 in certain bank statements, see BULLETIN for January 1953, p. 80; and January 1950, p. 120« 434 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 F 2 e a 8 b te . eff D ec a t t i e ve ba C n e k n t o r f a — l R F 2 e a 8 b te . eff D ec a t t i e ve In effect Dec. 31, Argentina 3H Mar. 1, 1936 Italy 4 Apr. 6, 1950 Jan 19 . 46 10. 1947 . 2 IM 3H 3 2H 2^ A Be u l s g t i r u ia m I* D Ja e n c . . 2 1 2 8 . , 1 1 9 9 5 5 3 2 J J a a v p a an 3 5.84 O Ap ct r . . 1 1 , , 1 1 9 9 5 4 1 6 &2M Bolivia Sept. 30. 1950 Mexico 4H June 4, 1942 Aug. 27 3K 6 Oct. 9 2H&3 June 28, 1948 i 5 Sept. 6 3H&4 Canada...... 2 Oct. 17, 1950 Netherlands.. 3 Aug. 1. 1952 Oct 1 Chile June 13, 1935 New Zealand. July 26, 1941 May 27, 1949. . *4H Colombia. .. 4 July 18, 1933 Norway Jan. 9, 1946 July 14 14 Costa Rica.... 4 Feb. 1, 1950 Pakistan 3 July 1, 1948 Oct. 6 3% June 8, 1950 2H Sept. 11 3% Sept 26 3 Denmark 5 Nov. 2, 1950 Peru 6 Nov. 13, 1947 Oct. 27 *6 Ecuador 10 May 13. 1948 Portugal.... 2H Jan. 12, 1944 A D p ec r . 1 1 7, 1951.. 4 3 E E l g y S p a t lvador. .. 3 3y2 J M u a ly r . 2 1 2, , 1 1 9 9 5 5 0 2 S Sp o a u i t n h Africa. 4 4 M M a a r r . . 2 1 7 8 , , 1 1 9 9 5 4 2 9 July 5 Sept 13 Oct. 11 3 Nov. 8 Finland . Dec. 16, 1951 Sweden Dec. 1, 1950 Nov. 9 .... 4 France Nov. 9, 1951 Switzerland.. Nov. 26, 1936 Jan 22 1952 3M Germany 14 Jan. 8, 1953 Turkey \H 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 Dec 18 3 Jan. 8, 1953 . . 14 1 Rate established for the Land Central banks. In effect Feb. 28, NOTE.—Changes since Feb. 28: Austria—Mar. 26, from 5^ to 5 per cent; 1953 4 4 14 3 3 3 IK Netherlands—Apr. 7, from 3 to 2XA per cent. OPEN-MARKET RATES [Per cent per annum] Canada United Kingdom France Netherlands Sweden Switzerland Month Treasury Bankers' Treasury Day-to- Bankers' Day-to- Treasury Day-to- Loans Private bills acceptances bills day allowance day bills day up to discount 3 months 3 months 3 months money on deposits money 3 months money 3 months rate 1943—Tanuarv .51 1.03 1.01 1 .08 .50 1.61 3-53^ 1.25 1944—January .41 1.03 1.01 1.08 .50 1.62 3-5 H 1.25 1945—January .37 1.03 1.01 1.00 .50 1.65 3-5 H 1.25 1946—January .36 .53 .50 .63 .50 1.27 i ] 6i ''l!66' 234-5 1.25 1947—January .40 .53 .50 .63 .50 1.48 1.44 .77 2K-4M 1.25 1948—January .41 .54 .51 .63 .50 2.02 1.28 .57 23^-41^ 1.50 1949—January .41 .56 .52 .63 .50 2.09 1.23 1.13 2 3^-4K 1.63 1950—January .51 .69 .52 .63 .50 2.18 1.31 1.22 2K-4^ 1.50 1951—January .63 .69 .51 .63 .50 2.45 1.31 .83 3-5 1.50 1952—January .89 1.50 .97 1.00 .75 3.50 1.18 1.00 3-5 1.50 1952—February .91 1.50 .99 1.00 .75 3.93 1.17 1.00 3-5 1.50 March .94 2.48 2.01 1.82 1.57 '3.51 1.38 1.00 3-5 1.50 April .98 3.00 2.35 2.25 2.00 '3.65 1.40 1.00 3-5 1.50 May 1.02 3.00 2.37 2.25 2.00 '3.77 1.25 .90 3-5 1.50 June 1.08 3.00 2.43 2.25 2.00 3.66 1.20 .75 3-5 1.50 July 1.11 3.00 2.46 2.25 2.00 3.84 1.05 .75 3-5 1.50 August 1.10 3.00 2.46 2.25 2.00 3.77 .85 .58 3-5 1.50 September.... 1.14 3.00 2.49 2.25 2.00 4.00 .85 .62 3-5 1.50 October 1.19 3.00 2.43 2.25 2.00 3.98 .84 .50 3-5 1.50 November.... 1.21 3.00 2.38 2.25 2.00 3.98 .87 .54 3-5 1 .50 December M.35 3.00 2.41 2.25 2.00 3.93 .92 .58 3-5 1.50 1953—January 1.35 3.00 2.39 2.25 2.00 3.97 .83 .54 3-5 1.50 r Revised. 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. 435 APRIL 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
COMMERCIAL BANKS Assets Liabilities United Kingdom » ( b 1 m a 1 i n l L l k io s o s . n n t e s d r o l F o i n n f ig g p c u ) l o r e e u a s n r i d i n n s g re C se a r s v h es M c n a s o l o h l n t o e i a c r y n t e d at B co il u ls n d te i d s- T re d r c e e e p a i o s p u s t i s r t y 2 Securities c L u o s a to n m s e to rs O as t s h e e t r s Total D D e e p m o a s n it d s Time li c a O a b a p t i n h l i i d t e t a i r e l s 1947—December. 502 480 793 1,288 ,483 ,219 567 5,935 3,962 1,972 396 1948—December. 502 485 741 1,397 ,478 ,396 621 6,200 4,159 2,041 420 1949—December. 532 571 1,109 793 ,512 .534 579 6,202 4,161 2,041 427 !950—December, 540 592 1,408 456 .528 .660 735 6,368 4,262 2,106 550 1951—December, 531 598 972 102 ,965 ,950 867 6,333 4,290 2,042 651 1952—March 492 526 854 ,935 ,959 789 5,887 3,914 1,974 667 April 501 512 883 ,934 .967 821 5,994 3,952 2,042 623 May 491 518 936 ,932 ,901 713 5,903 3,840 2,063 587 June 504 537 ,064 ,917 ,875 726 6,064 3,909 2,155 559 July 501 535 ,139 ,917 ,834 696 6,063 3,903 2,159 558 August 510 516 ,239 ,918 ,765 638 6,048 3,878 2,170 537 September 503 530 ,295 ,921 ,758 662 6,126 3,910 2,216 543 October... 498 500 ,122 2,142 1,759 676 6,167 3,948 2,219 530 November 503 516 ,142 2,138 1,755 655 6,183 3,949 2,234 526 December. 549 529 ,248 2,148 1,764 748 6,460 4,232 2,228 528 1953—January... 498 515 ,204 2,148 1,764 659 6,259 4,025 2,234 528 February.. 491 456 ,046 2,130 1,783 649 6,029 3,836 2,192 525 Assets Liabilities Canada E (1 n C 0 d a i c n n o h a f a m d r m i t i a e l o n l r i n o e d t d n h o s l b o l f a a i f g r n s u k ) r s e . s re C se a r s v h E e n s tire S l e y lo c a i u n n r i s C ty ana l d o d i O a s a c n t o s h u e a n r n t d s d S a f a u n b e o l b e o d c a r r e a u n o f i n r r k g n a o i s s d n e t m y t Securities O as t s h e e t r s Notes» e D T x o e c p t l a u o l d s i i n ts g p i D a n y e te m a r b b a l a n e n d i k n d C e a T p n o i a m s d i e t a s li c a O a b a p t i n h l i d i t e t a i r e l s 1947—December. 731 105 1,999 106 3,874 ,159 18 6,412 2,671 3,740 ,544 1948—December. 749 101 2,148 144 4,268 ,169 16 7,027 2,970 4,057 ,537 1949—December. 765 133 2,271 146 4,345 ,058 14 7,227 2,794 4,433 .477 1950—December.. 824 134 1.776 171 4,286 .304 7.828 3,270 4.558 ,667 1951—December . 907 107 3,028 227 3,876 ,464 7,896 3,284 4.612 ,714 1952—February. . 809 95 2,918 231 003 ,353 7,761 3,076 4,685 ,648 March 880 97 2,949 202 095 ,390 7,979 3,231 4,748 ,634 April 897 140 2,960 236 068 ,370 7,987 3,230 4,757 ,685 May 785 132 3,012 255 100 ,350 7,979 3,210 4,769 ,655 June 813 138 3,048 328 067 ,453 8,120 3,328 4,792 ,727 July 847 145 3,053 279 4,134 ,278 8,079 3,243 4,836 ,658 August 828 147 3,048 260 ,139 ,306 8,075 3,205 4,870 ,652 September. 843 135 3,093 250 4,202 ,383 8,191 3,290 4,901 ,716 October 879 130 3,212 278 4,147 ,396 8,319 3,418 4,901 ,722 November. 827 121 3,350 308 4,006 ,424 8,291 3,376 4,916 1,746 December.. 916 155 3,289 326 3,955 ,516 8,421 3,497 4,924 1,736 1953—January... 835 135 3,293 308 3,981 1,321 8,188 3,244 4,945 1,684 Assets Liabilities France (4 o m f l i a m l r l g i o o e n n t s b h a o f n f i k g f s u r . a r e n s c E s i ) n nd re C se a r s v h es Du b e a n f k ro s m B c i o ll u s n t d e i d s- Loans O as t s h e e t r s Total D D e e p m o a s n it d s Time a a c O n c w c e e p n s t- li c a O a b a p t i n h l i i d t e t a i r e l s 1947—December. 22,590 19,378 219,386 86,875 27,409 341,547 338,090 3,457 25,175 8,916 1948—December. 45,397 35,633 354,245 126,246 34,030 552,221 545,538 6,683 30,638 12,691 1949—December. 40,937 42,311 426,690 129,501 29,843 627,266 619,204 8,062 26,355 15,662 1950—December. 48.131 52.933 527.525 135,289 31.614 749.928 731.310 18.618 28,248 17,316 1951—December. 60,215 72,559 627,648 165,696 38,114 906,911 879,767 27,145 33,774 23.547 1952—January... 53,133 75,407 534,792 189,098 36,548 831,691 801.854 29,837 30,433 26,854 February.. 50,662 73,868 538,245 183,504 38,310 827,946 796,396 31,551 30,414 26,227 March.... 48,669 75,148 555,883 174,048 40,219 834,482 802,481 32,002 28,953 30,531 April 45,646 72,947 556,151 180,550 41,474 831,729 800,944 30,786 28,482 36,556 May 48,832 75,533 618,190 172,693 43,093 891,422 861,703 29.719 27,025 39,893 June 50,436 72,818 554,963 193,942 44,463 848,354 819,030 29,324 25,529 42,738 July 45,999 70,090 560,877 196,665 45,990 846,689 817,569 29,120 23,811 49,121 August 46,383 69,715 624,623 177,289 43,318 890,582 860,668 29,915 19,221 51,525 September 48,279 67,886 584,558 183,491 44,415 855,024 824,874 30,150 17,810 55,794 October. .. 45,375 67,846 595,383 185,930 47,721 863,250 831,713 31,536 18,292 60,713 November. 47,709 68,646 666,402 163,992 51,882 914,021 882,233 31,789 20,222 64,388 December P 51,147 68,269 636,427 169,508 61,909 896,076 864,033 32,043 24,957 66,225 P Preliminary. 1 This table represents aggregates of figures reported by individual banks. Data are compiled on the third Wednesday of each month, except in June and December when the statements give end-of-month data. 2 Represent six-month loans to the Treasury with a yield of % per cent after October 1945. 1 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. 436 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) Aus- (franc) (cruzeiro) British (dollar) 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 t1403 100 000 91 999 1 1 9 9 4 4 9 8 . 2 2 9 9 7 7 7 7 4 3 3 29 2 3 1 .2 8 2 0 2 2 .2 2 8 0 1 0 6 9 2 1407 5 5 .< i •1 1 4 4 0 0 6 6 42.973 1 9 0 7 0 . . 4 0 9 0 1 0 9 9 1 2 . . 6 8 9 8 1 1 1950 26.571 13.333 8.289 223.15 1.9908 1.9722 5 *•1406 32.788 90.909 91.474 1951 . 20 000 13 333 7 067 223 07 1 9859 1 9622 5 i1406 32.849 94.939 1952 20 000 13.333 7.163 222.63 1.9878 5.^1406 32.601 102.149 1952—April . . . 20 000 13.333 7.164 224.10 1.9838 5.^t406 32.921 101.891 20 000 13 333 7 169 223 24 1 9838 5 /1406 32 752 101 615 June 20 000 13 333 7 183 221 88 1.9838 5 i1406 32.505 102.086 July 20 000 13 333 7 196 222 17 1 9842 5 iU06 32 509 103 120 August 20.000 13.333 7.194 222.19 1.9879 5.4406 32.445 103.984 SeDtember 20 000 13 333 7 195 221 73 1 9920 5 4406 32 418 104 171 October 20.000 13.333 7.196 222.55 1.9965 5.4406 32.499 103.681 November 20 000 13 333 7 198 223 12 1 9979 5 4-dOri 32 489 102 289 December 20 000 13 333 7 198 223 58 1 9941 5 i1406 32 523 103 002 1953—-January 20 000 13 333 7 198 224 13 1 9934 5 A1406 32.560 103 014 February 20 000 13 333 7.198 224.62 1.9966 5.4406 12.5173 32.612 102.302 March 20.000 13.333 7.198 224.35 1.9976 5.4406 2.3024 32.586 101.666 France Year or month Ceylon m De a n rk - Finland (franc) G (d e e r u m tsc a h n e y India Ireland Mexico e N rl e a t n h d - s 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 2 14.492 .4354 .2856 823.838 20.922 279.68 11.588 26.315 276.49 1952—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 323.838 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 March 21.061 .4354 .2856 21.061 281.56 11.614 26.321 278.78 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 e b 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 n n e a - ) e S (f r w r l a a i n t n c z d ) - U ( K p d n o i o 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—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 3.4848 277.81 19.327 23.288 278.85 65.833 56.180 42.553 September 14.015 49.677 3.4878 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 6 36.025 March 14.015 49.677 3.4842 280.51 19.323 23.317 281.56 65.833 56.180 42.553 35.547 1 Based on quotations beginning Feb. 25, 1953. * Based on quotations through Aug. 14, 1952. 1 Based on quotations through May 8, 1952. * Quotations not available Jan. 28 through Feb. 9, 1953. * 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. APRIL 1953 437 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 a 0 - 0 d 3 ) a 9 M (19 1 e 3 0 x 9 0 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 9 1 a 4 0 9 n 0 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 (1 l e a 9 1 t 4 0 n h 8 0 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 1945 69 132 199 169 20 4 194 205 1946 79 139 229 175 34 16 186 200 1947 96 163 242 192 52 5,159 48 199 208 1948 104 193 260 219 89 5,443 128 100 214 217 1949 99 198 285 230 100 5,169 209 104 216 206 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 349 140 P317 220 1952—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 r343 138 305 218 December 110 221 393 '328 141 P5.288 342 139 P306 217 1953—January 110 222 387 '329 P140 137 P303 215 February. 110 221 384 P331 P139 214 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 pr F o a d r u m cts Pr f o o c o e d s s sed co O m it t i m h e e s o r d- pr F o a d r u m cts R fa m p g a c w o a a t r o u n t d r a u l e y s n - d d F f u a c m g l h c l o a y t ie o u n a f d r u l e n s y - d d Foods p I r n o tr d d i u a u s l c - ts Foods t p r I r i n o a d d l u u r s a c - w ts p f I i r n n o tr i d d s i u a h u l s e c - d t 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 ioo ioo 100 1949 93 96 101 226 197 199 197 249 101 108 104 1950 98 100 105 237 213 211 221 286 112 128 116 1951 113 111 116 269 238 242 247 P364 122 171 143 1952 ••247 219 231 284 J»352 129 166 135 1952—February 108 110 114 260 228 236 271 »363 133 172 141 March 108 109 114 257 226 235 276 »366 130 169 139 109 108 113 254 221 231 280 »358 130 166 138 May 108 109 113 253 220 228 280 J»355 128 165 136 June 107 109 113 258 221 231 283 P352 127 163 134 July 110 110 113 253 219 230 289 P348 122 162 133 August 110 111 113 ••243 216 229 287 P345 124 164 133 September 107 110 113 '232 213 228 284 P343 129 163 133 October 105 109 113 r228 210 228 293 P343 129 164 132 November 104 108 113 '229 211 229 293 P340 131 163 132 December 99 104 113 '229 210 228 297 P344 132 162 132 1953—January 100 106 113 '226 209 229 301 *341 128 160 132 February 98 105 113 223 208 229 302 n.a. Not available. P Preliminary. r Revised. NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December 1952, p. 1356. 438 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 t n 1 a 4 0 i 7 t t 0 e e - ) 4 d s 9 i = C ( a 1 a 1 d 9 0 4 n a 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 1 a d 9 0 n 4 a 0 - 9 ) 1 K 5 d ( , J i o a n 1 m n 9 g . 5 - 2 F = ( r 1 a 1 9 0 n 4 0 c 9 ) e N l = ( e a 1 t 1 n 9 h 0 4 d 0 e 9 s ) r- 1 ( l 9 a A e 3 u r n 9 g - d . = = 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 1948 103 97 82 90 163 104 72 92 176 1949 102 100 84 100 100 162 100 100 76 100 100 174 1950 103 103 86 111 109 159 101 103 82 111 111 176 1951 111 114 95 130 119 167 113 117 91 128 121 181 1952 114 116 103 145 120 171 115 117 105 141 123 184 1952—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 113 116 104 143 119 171 115 116 109 137 124 184 July 114 116 104 143 120 171 116 116 108 136 123 185 August 114 116 103 145 119 171 117 116 107 140 120 185 September 114 116 103 146 120 172 115 116 106 142 123 186 October 114 116 104 145 120 171 115 115 108 141 123 186 November 114 116 104 144 119 171 115 116 108 140 122 186 December 114 116 105 145 120 171 114 114 109 141 122 186 1953—January 114 116 104 146 120 170 113 114 109 141 123 184 February 113 116 P146 P120 170 112 113 P142 P!24 183 I Prior to Jan- :ed States), see 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 2 i e n 1 c n g e i = m t d e 1 o b d 0 m e 0 r ) F (1 r 1 9 a 0 4 n 0 9 ) c = e N l e a t n h d e s r- ( U 1 S = 9 n t 3 a 1 i 5 0 t t e - 0 e 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 49 r a = n c 1 e 00) 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. U 139.9 115.7 96,2 195 1947 122 1 118.5 130.8 120.0 105.6 123.0 106.0 94.6 233 1948 118.3 105 0 129.9 106.4 107.1 124.4 112.5 92 0 240 1949 121 .0 107.6 126.5 100.0 106.8 121.4 109.4 87.6 100 219 1950 122 0 109.6 121.2 99.8 106.7 146 4 131.6 90.0 90 217 1951 117 7 95 7 117.6 101 4 87.0 176.5 168.3 97 1 112 215 1952 115.8 86.1 108.3 111.1 85.6 187.7 173.1 91.1 143 192 1952—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 84.5 109.1 114.3 93.6 197.6 172.3 92.0 151 201 February.... 114.0 84.2 109.7 96.3 195.9 169.0 92.0 207 NOTK.— For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December 1952, p. 1357. APRIL 1953 439 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. ERICKSON O. S. POWELL GEOFFREY S. SMITH, PHILADELPHIA DISTRICT R. M. EVANS J. L. ROBERTSON DELOS C JOHNS M. S. SZYMCZAK GEORGE GUND, CLEVELAND DISTRICT A. L. MILLS, JR. JAMES K. VARDAMAN, JR. ROBERT V. FLEMING, RICHMOND DISTRICT 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 WOODLIEF 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 440 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 * President Vice Presidents Bank of Deputy Chairman First Vice President (Vice Presidents in charge of branches are listed in lower section of this page) Boston.... Harold D. Hodgkinson J. A. Erickson JJ ohn JJ. Foogg Carl B. Pitman Ames Stevens Alfred C. Neal RRbo bert BB. Harvey 3 O. A. Schlaikjer E. O. Latham RR . FF. VVa n AAmiringe 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 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. Mercer3 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 WTm. H. Bryce Frederick L. Deming Wm. E. Peterson J. C. Wotawa Minneapolis. . . Roger B. Shepard O. S. Powell H. C. Core J. Marvin Peterson Paul E. Miller A. W. Mills E. B. Larson Otis R. Preston H. G. McConnell M. H. Strothman, Jr. Sigurd Ueland Kansas City... Raymond W. Hall H. G. Leedy John T. Boysen 2 Clarence W. Tow Cecil Puckett Henry O. Koppang M. W. E. Park E. D. Vanderhoof D. W. Woolley Dallas J. R. Parten R. R. Gilbert E. B. Austin L. G. Pondrom Robert J. Smith W. D. Gentry R. B. Coleman Harry A. Shuford J. L. Cook 3 Mac C. Smyth Watrous H. Irons San Francisco... Brayton Wilbur C. E. Earhart E. R. Millard Ronald T. Symms s 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 City W. L. Partner Memphis Paul E. Schroeder Seattle J. M. Leisner 1 Also Federal Reserve Agent. J Cashier. ' Also Cashier. * Counsel. APRIL 1953 441 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. 442 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 MEASUREMENT OF CONSUMER CREDIT. November CREDIT CONTROL AND DEBT MANAGEMENT, MARCH 1950. 9 pages. 11, 1952. April 1952. 4 pages. CHANGES IN INSTALMENT CREDIT TERMS. May 1952. * THE TREASURY—CENTRAL BANK RELATIONSHIP IN 6 pages. FOREIGN COUNTRIES—PROCEDURES AND TECH- NIQUES. November 1950. April 1951. 19 pages. EXCESS PROFITS TAXES OF COMMERCIAL BANKS. June 1952. 18 pages. TRENDS IN INTERNATIONAL TRADE AND PAYMENTS. REAL ESTATE LOANS OF REGISTRANTS UNDER REGU- April 1951. 14 pages. LATION X. June 1952. 18 pages. HOUSE PURCHASES IN THE FIVE MONTHS FOLLOWING RETAIL CREDIT SURVEY—1951. From June 1952 THE INTRODUCTION OF REAL ESTATE CREDIT REGU- BULLETIN with supplementary information for LATION. July 1951. 23 pages. 9 separate trades. (Also, Retail Credit Surveys— 1943, 1944, 1945, 1946, 1947, 1948, and 1949 SAVING IN THE DEFENSE ECONOMY. September from the June 1944, May 1945, June 1946, July 1951. 5 pages. 1947, July 1948, June 1949, and June 1950 NEW INDEX OF OUTPUT OF MAJOR CONSUMER BULLETINS with supplementary information.) DURABLE GOODS. October 1951. 6 pages. ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES. July 1952. 2 pages. CREDIT AND SALES REPORTED BY REGULATION W REGISTRANTS. October 1951. 12 pages. PROBLEMS OF TRADE EQUILIBRIUM. October 1952. 9 pages. VOLUNTARY ACTION TO HELP CURB INFLATION. November 1951. 9 pages. REVISED SERIES ON DEPARTMENT STORE SALES, STOCKS, AND ORDERS. October 1952. 5 pages. REVISED INDEXES OF DEPARTMENT STORE SALES AND RECENT CREDIT EXPANSION. December 1952. 7 STOCKS. December 1951. 53 pages. pages. ECONOMIC PROBLEMS FACING POST-TREATY JAPAN. RECENT CENTRAL BANKING DEVELOPMENTS IN January 1952. 11 pages. SOUTHEAST ASIA. December 1952. 9 pages. THE SECOND ARMAMENT BUDGET. February 1952. CREDIT AND MONETARY REVIEW FOR 1952. February 9 pages. 1953. 7 pages. THE MONETARY SYSTEM OF THE UNITED STATES. MONEY AND CREDIT IN 1951. February 1952. 9 pages. February 1953. 16 pages. INFLUENCE OF CREDIT AND MONETARY MEASURES ON RECENT CHANGES IN GERMANY'S FOREIGN TRADE ECONOMIC STABILITY. March 1953. 16 pages. BALANCE. March 1952. 7 pages. INTERNATIONAL FLOW OF GOLD AND DOLLARS, 1952. 1952 SURVEY OF CONSUMER FINANCES—From April, March 1953. 8 pages. (Also similar article July, August, and September issues of BULLETIN. from March 1952 BULLETIN.) 67 pages. (Also, similar surveys for earlier years SELECTED PRELIMINARY FINDINGS OF THE 1953 from 1946, 1947, 1948, 1949, 1950, and 1951 SURVEY OF CONSUMER FINANCES. March 1953. BULLETINS.) 2 pages. BANKING IN THE SOVIET UNION. April 1952. 8 REVISION OF CONSUMER CREDIT STATISTICS. April pages. 1953. 19 pages. REVISED WEEKLY INDEX OF DEPARTMENT STORE THE TRANSITION TO FREE MARKETS. April 1953. SALES. April 1952. 4 pages. 6 pages. APRIL 1953 443 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES i BOUNDARIES OF FEDERAL RESERVE DISTRICTS •fy* New Orleans \ t BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM FEDERAL RESERVE BANK CITIES FEDERAL RESERVE BRANCH CITIES a z Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Cite this document
Federal Reserve (1953, March 31). Federal Reserve Bulletin, 1953-04. Bulletin, Federal Reserve. https://whenthefedspeaks.com/doc/bulletin_195304
@misc{wtfs_bulletin_195304,
author = {Federal Reserve},
title = {Federal Reserve Bulletin, 1953-04},
year = {1953},
month = {Mar},
howpublished = {Bulletin, Federal Reserve},
url = {https://whenthefedspeaks.com/doc/bulletin_195304},
note = {Retrieved via When the Fed Speaks corpus}
}