Federal Reserve Bulletin, 1953-05

F E D E R AL E S E R VE BULLETIN MAY 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 May 1953 NUMBER 5 UNITED STATES POSTWAR INVESTMENT IN LATIN AMERICA United States long-term investment in the appears to have been concentrated in Vene- Latin American Republics has been increas- zuela, Brazil, and Mexico. In the area as a ing since World War II at a rate of about whole, most of the increase was used in 8 per cent a year, and the aggregate amount expanding the petroleum and manufacturoutstanding was about 6.5 billion dollars at ing industries. Investment in power and the end of 1952. Direct investment—that is, transportation facilities, largely financed by private equity capital in enterprises that are Export-Import Bank and International Bank owned or substantially controlled by United loans, accounted for about 10 per cent of the States investors—accounted for about 85 per postwar increase. cent of this total, while 9 per cent represented UNITED STATES INVESTMENT IN LATIN AMERICA loans by the United States Government, prin- Bill cipally through the Export-Import Bank. The remaining 6 per cent included holdings of Latin American dollar bonds, other longterm loans, and shares in enterprises whose controlling interest is retained abroad. United States investment in the capital and obligations of the International Bank for Reconstruction and Development also contributed indirectly to additional dollar investment in the area. Latin America's share of this country's total outstanding foreign long-term investment declined from about 25 per cent to 17 per cent in the two years 1946-47, when United States Government lending to Europe was extraordinarily large. This ratio had increased to about 19 per cent of the total by the end of 1952. More than half of the postwar additions 1946 1948 1950 1952 to investment in Latin America by United NOTE.—End of year figures, based on data from U. S. Department of Commerce and IBRD. Annual estimates of private States entities and by the International Bank direct investment adjusted to the 1950 Census of Direct Investment. Figures for 1952 are preliminary. MAY 1953 445 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES POSTWAR INVESTMENT IN LATIN AMERICA in Latin America is provided by the two PRIVATE INVESTMENT most recent censuses of United States for- In contrast to the decade following World eign direct investment, for 1943 and 1950. War I, when a large part of United States Available data indicate that over 90 per cent private capital movements to Latin America of additional investment between these two took the form of investment in dollar bonds, years occurred after the war. no new Latin American issues have been Additional funds were invested in all publicly offered in the United States since major industries in Latin America between World War II. Moreover, United States 1943 and 1950. As the chart shows, the holdings of outstanding issues declined, prinpetroleum and manufacturing industries recipally through amortization and repatriaceived the major share and moved to first tion, from an estimated 470 million dollars and third place, respectively, in rank based (face value) at the end of 1945 to 320 milon total capital outstanding. Transportation lion at the end of 1951. Since other portand public utilities dropped from first place, folio holdings also declined, the entire postwith 32 per cent of United States direct inwar increase in private capital outstanding vestment in 1943, to second place with 22 reflected a growth in direct investment. per cent of the total in 1950. Investment Postwar additions to United States direct in agriculture and in mining and smeltinvestment in Latin America, including ing also declined relatively over the period. reinvested earnings, ranged from 148 million dollars in 1946 to 576 million in UNITED STATES DIRECT INVESTMENT 1949. The largest additions — averaging IN LATIN AMERICA, 1943 AND 1950 550 million a year—occurred in the period Millions of Dollars 1947-49 when investment in Venezuela's BY INDUSTRY 0 400 800 1200 1600 petroleum industry was heavy. Increases PETROLEUM in direct investment averaged 350 million TRANSPORTATION & PUBLIC UTILITIES dollars a year in 1950 and 1951 and it appears that this rate was at least equaled in 1952. Earnings retained in Latin America by subsidiaries of United States companies have financed approximately two-fifths of direct investment undertaken since the war. An additional part has been financed from earnings of branches of United States companies; however, available data do not distinguish between the amount of such investment and the amount financed by new United States private capital. Reinvested earnings of subsidiaries represented less than a third of additional investment in the period prior to 1950, as compared with over half (preliminary data) in 1950 and 1951. OTHIR COUNT*IIS Distribution of direct investment. An 400 800 1200 1600 indication of postwar changes in the dis- Millions of Dollars NOTE.—Based on census da».a trom U. S. Departments of Commerce and Treasury. Other countries include the remaintribution of United States direct investment ing 14 Latin American republics. 446 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES POSTWAR INVESTMENT IN LATIN AMERICA The geographic distribution of direct in- trols and exchange restrictions that were vestment in Latin America also changed introduced primarily for limiting imports. substantially from 1943 to 1950. Direct in- Such practices apparently induced some vestment more than doubled in Brazil, Costa United States companies to construct facili- Rica, Panama, Uruguay, and Venezuela, and ties in Latin America for the local producalmost doubled in Peru. It declined, how- tion of commodities whose importation was ever, in Argentina, Bolivia, Haiti, and Para- prohibited or held under strict control. In guay. Increases occurred in the remaining a few cases, exchange controls have also ten republics but they were less than the tended to increase temporarily the apparent area average of 72 per cent. level of direct investment in Latin America Factors affecting private investment. In by preventing the remittance of earnings general, changes in conditions of world de- to parent companies in the United States. mand and supply during the postwar period Venezuela was noteworthy among the increased incentives for additional United Latin American countries that attracted for- States and other foreign private investment eign private capital and it received over 30 in Latin America, particularly in the de- per cent of additional United States direct velopment of raw materials. Because con- investment in Latin America between 1943 ditions that affect the security and profitabil- and 1950. Most of this increase went into ity of foreign investment varied widely, the petroleum industry, where the participahowever, countries that seemed to have the tion of foreign private capital has been offirequisite natural resources did not neces- cially encouraged since the discovery of sarily experience the largest increases in di- Venezuelan oil in 1918. However, Venerect foreign investment. zuela's official policy toward foreign private Restraining influences on private invest- capital, coupled with monetary and exchange ment in Latin America have taken a variety stability and the absence of restrictions on of forms, ranging from the absence of ade- currency convertibility, was also reflected in quate facilities for power, transportation, and the growth of United States direct investcommunications, to strong nationalistic tend- ment in other industries. This growth encies that have adversely affected foreign- amounted to more than 100 million dollars, owned enterprises. Of special significance in or over 300 per cent, between 1943 and 1950. a number of countries have been the adverse Although the combination of profitable effects of inflation, discriminatory exchange investment opportunities and a favorable rates, and exchange controls. These effects climate for foreign capital has not existed have been greatest in export industries and in other Latin American countries to the in such industries as public utilities which same extent that it has in Venezuela, marked are subject to price and rate controls. improvements in investment conditions have Exchange controls and discriminatory ex- taken place in a number of countries during change practices have affected incentives to recent years. Colombia and Peru have renew foreign private investment also by re- cently enacted petroleum laws that are simistricting earnings transfers and by limiting lar in a number of respects to the Venezuelan certain capital transactions to unfavorable legislation. They also have provided addiexchange rates. A part of the postwar in- tional inducements to foreign investors privestment in manufacturing, however, prob- marily through the removal of almost all ably resulted from certain types of trade con- restrictions on the movements of foreign- MAY 1953 447 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES POSTWAR INVESTMENT IN LATIN AMERICA owned capital. Other countries have pro- the Bank authorized loans for Latin America vided special inducements to certain types totaling 863 million dollars, disbursed 593 of investment by offering tax and tariff con- million under these and earlier authorizacessions, by granting certain exchange privi- tions, and received repayments totaling 240 leges, and by relaxing restrictions on the million. Although net disbursements varied kinds of investment that foreigners can from year to year, they represented a susmake. Several countries have also indicated tained capital contribution and showed a an interest in promoting wider dissemi- tendency to attain higher levels toward the nation in the United States of information end of the period. Since the period of heavy concerning investment opportunities. outlays for European reconstruction prior to Loans by the International Bank and the 1948, Latin America has received nearly half Export-Import Bank for the development of of the Bank's net disbursements to all areas. transportation, communications, and power As the table shows, undisbursed credits still facilities may serve to enhance future oppor- available to Latin America at the end of tunities for private investors. 1952 totaled 379 million dollars. Most of the Bank's disbursements in Latin UNITED STATES GOVERNMENT INVESTMENT America have been made to Argentina, The flow of capital from the United States Brazil, Chile, and Mexico. In Latin Amer- Government to Latin America since the ica as a whole, disbursements have been war has been almost entirely in the form utilized primarily for expanding and imof Export-Import Bank loans. Other credits, proving transportation and manufacturing related principally to surplus property sales facilities. Most of the funds provided for and the sale of merchant ships, have been transportation were invested in Mexico and relatively small. In addition, various forms Brazil, largely for railway improvements. of technical aid have been provided under United States Government grants. LOANS TO LATIN AMERICA BY EXPORT-IMPORT BANK AND INTERNATIONAL BANK FOR RECONSTRUCTION The Export-Import Bank has engaged in AND DEVELOPMENT, 1946-52 broad lending activities in Latin America [In millions of dollars] serving such widely different purposes as International Bank Export-Import Bank for Reconstruction general economic development, balance of and Development payments assistance, and the expansion of Country Disburse- Undis- Undisstrategic materials supplies for mutual de- Au- ments 1 bursed Au- Gross bursed thor- balance, thor- dis- balance, fense. Most of the Bank's lending in this iza- Dec. 31, iza- burse-Dec. 31, tions Gross Net 1952 2 tions ments 1952 3 area has been undertaken on a project basis and for general developmental purposes. Argentina... 130 97 97 5 Brazil 258 90 36 190 143 96 47 Chile 76 111 69 9 17 13 5 The Bank's loans, which are intended to Colombia. .. 51 44 22 22 55 23 32 Cuba 12 12 — 1 6 supplement private capital, have been made Mexico 221 159 80 97 90 48 33 Venezuela... 15 10 6 4 both to foreign governments and to private Other Latin America. . 100 70 44 46 60 18 41 borrowers, including foreign subsidiaries of Total 863 593 353 379 365 U98 157 United States corporations. Loans to private borrowers have been made both with and 2 1 E In x c c l l u u d d e e s s d c i a s n b c u e r l s l e a m tio e n n s ts a u n n d d e e r x p lo ir a a n t s i o a n u s t . h or I i n z c e l d u d p e r s i or u n to d is 1 b 9 u 4 r 6 s . ed without the guarantee of the government of bal 3 a E n x c c e l u o d f e s 5 .4 c a m nc il e li l o la n t io d n o s ll a o rs f f 9 ro .5 m m lo il a l n io s n a u d t o h l o la ri r z s ed fr o p m ri or c r t e o d i 1 ts 9 4 t 6 o . Mexico and of 0.1 million from credits to Colombia. the country where the investment is made. 4Net disbursements totaled 197 million dollars; repayments of 0.5 million each were made by Chile and Colombia. In the seven years ending last December, NOTE.—Derived from Export-Import Bank and IBRD data. Details may not add to totals because of rounding. 448 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES POSTWAR INVESTMENT IN LATIN AMERICA The largest disbursements in the field of INVESTMENT THROUGH THE INTERNATIONAL manufacturing were for equipment for the BANK FOR RECONSTRUCTION AND Chilean steel industry, while other disburse- DEVELOPMENT ments in this field were made for various During the postwar period United States projects primarily in Mexico and Brazil. capital has also been invested abroad indi- Outlays for electric power development were rectly through loans made by the Interdevoted largely to projects in Mexico. national Bank for Reconstruction and De- A number of the Bank's more recent velopment. As a member of the Bank, the Latin American loans have been made in United States Government has paid in 635 connection with the development of sources million dollars on its subscription to the of strategic materials for mutual defense. Bank's capital. In addition, private in- At the end of 1952, 110 million dollars of vestors in the United States have supplied these credits remained to be utilized. Most most of the 633 million dollars in loanable of this amount is destined for development funds which the Bank has obtained through of manganese ore deposits in Brazil. the sale of its own and borrowers' obliga- Three of the Bank's postwar loans to Latin tions on private capital markets. America were not of the project type. One With the exception of four European rewas a balance of payments credit of 25 mil- construction loans, the Bank's lending oplion dollars extended to Chile in 1949 fol- erations have been devoted to basic developlowing a sharp decline in the price of copper, mental projects in less developed areas. the country's principal export. The purpose These operations have been noteworthy for of the loan was to finance general imports the emphasis placed on evaluating loan of equipment, materials, and services, on projects in relation to the borrowing counorder in the United States, which were try's over-all development requirements. Acdeemed essential for continuation of the cording to the Bank's statutes, all loans are Chilean economic development program. guaranteed by the member government in In 1950 a loan of 125 million dollars was whose territory the investment is made. granted to Argentina to liquidate past-due By the end of 1952, the Bank's Latin Amerdollar obligations to United States com- ican loan authorizations totaled 365 milmercial creditors. This loan was occasioned lion dollars, while disbursements totaled 198 primarily by large postwar Argentine trade million. More than three-fourths of both deficits with the United States which were authorizations and disbursements repreaccompanied by a severe decline in Argen- sented loans to Brazil, Mexico, and Colombia. tine gold and dollar reserves. Actual dis- By far the largest share of the Bank's bursements totaled 96.5 million dollars. Re- Latin American loans has been devoted to payment is scheduled to begin next year and electric power development, as is shown in to be completed in 1963. the chart on the next page. In this field, In February of this year the Bank ap- which has declined in importance as an proved a 300 million dollar credit to Brazil attraction for private investors, the Bank's (not included in the table on page 448) commitments to the area at the end of 1952 which, like the loan to Argentina, is to be totaled 277 million dollars. Over half of used for liquidating past-due obligations to these commitments have been disbursed, United States exporters. The loan is to be principally to Brazil and Mexico. repaid over a period of three years. The Bank's remaining Latin American MAY 1953 449 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES POSTWAR INVESTMENT IN LATIN AMERICA LOAN DISBURSEMENTS OF EXPORT-IMPORT BANK moreover, has been almost exclusively in the AND IBRD TO LATIN AMERICA form of direct investment which is generally TOTAL 1946-52, BY INDUSTRY accompanied by technical and managerial Millions of Dollars skills. 0 50 100 150 200 250 Opportunities for the profitable invest- Expert-Import Rank ment of private capital in Latin America TRANSPORTATION PQOOQQQQOOOOOOOOOOOOC have been affected favorably during the postwar years by developments that tended to increase world demand for commodities pro- MANUFACTURING A TRADI duced in Latin America and to reduce their AGRICULTURI availability from alternative sources. Other factors, however, tended to restrain effective MINING A SMILTINO demand for Latin America's products and FURLIC UTILITIES to create impediments to foreign private investment. These included currency incon- MTROLEUM vertibility and a wide variety of exchange 50 100 150 200 250 and trade controls in Latin America and in Millions of Dollars most of the nondollar area. NOTE.—Derived from Export-Import Bank and IBRD data. Excludes disbursements of 120 million dollars under balance Future prospects for private investment of payments loans to Argentina and Chile, and disbursements of 29 million for miscellaneous purposes. in Latin America will depend to a considerloans were made principally for the improve- able extent on world political developments ment of transportation facilities in Brazil, and on the ability of major industrial areas Colombia, Nicaragua, and Peru. At the end to sustain high levels of employment and of last year, 47 million dollars remained un- output. Continued growth in world producdisbursed on such loans. Loans for farm tion and the relaxation of exchange and trade mechanization, irrigation, and other agricul- restrictions would contribute to further intural improvements totaled 17 million dol- creases in the demand for Latin America's lars, with 10 million disbursed. products. In these circumstances, additional incentives would be offered for invest- CONCLUSION ment in industries supplying both the foreign The level of United States investment in and domestic markets of Latin America. Latin America has been increasing since The extent to which foreign private capi- 1945 at a rate which would double the total tal will participate in the area's economic amount in a ten-year period. The nature as development will be influenced in large part, well as the volume of this investment has however, by Latin American economic and been such as to contribute materially towards political policies that have a bearing on foraccelerating the area's economic develop- eign investment. Official policies contributment. Loans by the Export-Import Bank ing to monetary stability and assuring a weland the International Bank are financing the come to foreign capital on mutually advanexpansion of basic facilities that tend to in- tageous terms, and the emergence of public crease investment opportunities for both attitudes that support such policies, are gendomestic and foreign private capital. The erally regarded as effective inducements to postwar flow of private United States capital, foreign private investment. 450 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK RESPONSIBILITIES It is most fortunate that the Secretary of anything so formidable as the word "adthe Treasury could be here on this occasion. dress" suggests. I do want to touch on a few The magnitude of the public debt and its matters of concern to the Federal Reserve importance in the economy today make more System, particularly the role of the individual imperative than ever a close working rela- Federal Reserve Bank today. This new tionship between the Treasury and the Fed- building which you have opened is a symbol, eral Reserve System. We are allied in a not simply of growth, but more especially of common purpose to serve the public interest. the function and responsibility of the Federal I am sure you all know that in performing Reserve Banks in the nation and in the comour respective tasks we work together as munities they serve directly. partners in a spirit of mutual understanding Central banking—or, more accurately, reand respect. serve banking—in the United States has All who heard or read Secretary Hum- been adapted to the requirements of a free phrey's address at the Associated Press meet- people with a minimum of Government ining in New York will agree, however, that it terference. The genius of the framers of the would have been far better had your program Federal Reserve Act—as I have emphasized tonight scheduled him for the address and before—lies in the creation of regional banks, me for the greetings. knit together by a national governing body I could perhaps have taken my cue from a in Washington rather than in the establishlate New Englander who carried into the ment of a central institution with authori- White House those sturdy virtues, including tarian powers. Each Federal Reserve Bank frugality even in words, for which this part and each branch office is a regional and local of the country deservedly is noted. I am institution as well as part of a nation-wide reliably informed that a group of Amherst system. Through their boards of directors, men, attending a conference in Madrid, de- the banks are in a position to represent the cided one evening, in a spirit of fiesta, to views and interests of the particular region form the Amherst Club of Madrid. It struck to which they belong and, at the same time, them as a good idea to send a cable to Presi- they are the administrators of nation-wide dent Coolidge informing him of this notable banking and credit policies. achievement and suggesting that he, as a Instead of functioning from the center loyal alumnus, might wish to send greetings. outward, we function through an interde- He did. They received in due course a onependence of all our parts. The vitality of word message in reply. It said, "Greetings." the Federal Reserve System is in its members. The responsibility for the assignments on The health of each member affects the whole, the program is yours. I shall not take adand it is only through the work, and the vantage of it, however, to detain you with conviction, and the determination of the 1 Address of Wm. McC. Martin, Jr., Chairman, Board of members that the whole has life. Within Governors of the Federal Reserve System, on the occasion the framework carefully outlined by law, of the opening of the new building of the Federal Reserve the Federal Reserve Board is charged with Bank of Boston, Boston, Mass., May 6, 1953. MAY 1953 451 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK RESPONSIBILITIES the responsibility for formulating national The trusteeship to which I refer is carried credit policies and supervising their execu- out in the exercise of the System's responsition. The Federal Reserve System is not bility for influencing the volume, availability, perfect, but it is unquestionably the main and cost of credit. The purpose is to see bulwark of our private banking system. that, so far as Federal Reserve policies are a Without a strong and independent reserve controlling factor, the supply and flow of banking system, private banking must in- credit are neither so large as to induce destrucevitably lose the initiative it now possesses. tive inflationary forces nor so small as to It is well always to bear in mind that the stifle our great and growing economy. Now Federal Reserve System is a service institu- that is a very great responsibility. By its tion, and that the more than 250 directors of very nature it must be carried out in the the 12 banks and 24 branches, the 20,000 interests of all of the people. And if it is officers and others who work in them, as well not so executed then the country would deas the Board and staff in Washington, are mand and deserve a new and faithful trusteeall serving as trustees of the money of all ship over the creation of credit. of the people of this vast country, not any one Some critics have charged the System with group, or faction, or section. failing in one of its fundamental purposes— Although the Federal Reserve Banks some- protecting the value of the dollar—because, times are referred to as bankers' banks, that in the four decades since the System was describes only a part of their function. The founded, the value of the dollar has been cut various services which the Federal Reserve more than in half. The truth of the matter Banks perform for the banking community, is, of course, that in these years we have had such as supplying currency, transferring two world wars. We are still in the cold funds, and collecting checks, are an essential war. The resultant economic upheavals element in keeping the mechanics of modern could not have been prevented by monetary commercial banking in step with the finan- policy alone. And this is not to say that cial needs of a growing and changing private monetary policy has always been as timely enterprise economy. But the overriding pur- or effective as it might have been. The pose of this Reserve System is to serve the fact remains that without an appropriate interests of the general public in business, and effective monetary policy there is no industry, labor, agriculture, and all walks of adequate safeguard against the distortions life. and distress that can be brought about either This institution is the fountainhead of by much too little or much too much money. credit—of the great bulk of our money The ideal would be enough to meet the supply. It is the medium for distributing the growth needs of the economy, without either pocket money in daily use, but that is of inflation or deflation. subordinate importance. The ebb and flow For most of the postwar period, the aim of pocket money is determined by day-to- of monetary policy and action has been to day needs of the merchant, the shopper, and prevent inflation. The war ended with a all who use cash. Of far greater importance money supply which was so excessive in relais the System's responsibility for creating or tion to the available supplies of goods and extinguishing credit. For credit—bank services as to result in a strong upward prescredit—is the life blood of our economy. sure on prices, and a rising cost of living. 452 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK RESPONSIBILITIES We had more than a taste of that when the actions of the past two years. I do not think harness of price, wage, and other controls, it would have been possible had the Federal which temporarily held back the war-created Reserve System let the creation of credit go flood of money, was removed and the tide of on unchecked in this period. The transition unchecked funds inundated the market to free markets, as I have called it, made posplaces. Following Korea, there was a sharp sible the adjustment of the money supply resurgence of these upward pressures. These during this period in the orderly growth of quite recent experiences should have taught the economy, without further inflation or us, if the long history of monetary excesses speculative excesses. And this has been acin other parts of the world did not, that complished despite the diversion of economic there are no sound substitutes for intelligent resources to the defense program. fiscal and monetary policies and measures. All of us here tonight have been affected And it illustrates once more that when an in one way or another in this transition. economy is running at peak levels of pro- Member banks have not had unrestrained duction and employment, creating more access to Federal Reserve credit by the sale money will not create more things to buy. of Government securities at known prices. It can only bid up the prices of available In many cases they have had to come to the supplies. Reserve Bank discount windows to borrow Inflation is a sneak thief. It seems to be reserves—and pay the cost of the borrowing. putting money into our pockets when in fact The officers and directors of the Reserve it is robbing the saver, the pensioner, the Banks have had to shoulder again the very retired workman, the aged—those least able important responsibility for these discount to defend themselves. And when deflation operations. The use of discount facilities has sets in, businessman, banker, worker, suffer been termed a privilege. It is one of the alike, as most of us here know from the early privileges of membership in the Federal Rethirties. serve System. It is not an automatic privi- All of that is an old story, to most of us, lege, however. The Reserve Banks are auyet there are voices being heard even today thorized to extend credit to each member that seem to say that just a little more infla- bank with due regard for the claims and tion won't do any harm—or that the price demands of other member banks, the mainof even a few ounces of prevention is too tenance of sound credit conditions, and the high. What we are seeking to prevent in the accommodation of commerce, industry, and end, of course, is deflation. In these past agriculture. two years we have had the almost ideal eco- When a member bank experiences unexnomic situation—we have had a remarkable pected drains on its reserves, it may approdegree of economic stability at record levels priately apply to a Reserve Bank for credit. of employment and production. We have As it adjusts its operations to these new connot had another round of inflation. We have ditions, the member bank is expected to renot had anything resembling a deflation. pay these temporary borrowings promptly. This desirable state of affairs cannot be Member banks are expected to anticipate ascribed to monetary policy alone, of course. normal seasonal requirements and be in But I do not believe it would have been a position to meet them by adjustments achieved without the monetary policy and in liquid assets with a minimum reliance MAY 1953 453 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK RESPONSIBILITIES upon borrowing at the Federal Reserve. The policy should play—what it can and what it Reserve Banks, of course, stand ready to cannot accomplish. meet exceptional, or extraordinary needs for The universal desire for orderly, steady funds by member banks. All of the Re- economic progress, and a constantly improvserve Banks are now authorized in a period ing standard of living, certainly cannot be of general stress to lend on any acceptable achieved without flexibly administered monepaper, not merely on so-called eligible paper. tary policy and action—with restraint on These, I think, are the appropriate uses creation of excessive credit in a boom and a of the discount privilege. Clearly they do policy of liberal monetary ease when inflationary dangers no longer threaten stability. not contemplate misuse of that privilege for the purpose of enlarging a bank's capital Criticism of Federal Reserve policy and performance has mainly sprung from ascribbase, or earning a rate differential, or faciliing to monetary action an omnipotence that tating speculation of any kind. does not and would not exist—even if there The initiative in the determination of diswere men omniscient enough to devise and count rates is placed by the Federal Reserve execute monetary policy perfectly. I am Act in the boards of directors of the respecnot objecting to criticism—we should and I tive Reserve Banks—and this is a very imthink we do sincerely welcome critical apportant responsibility even though final depraisal of our performance. But critical termination of discount rates rests with the analysis and comment that can be useful in Federal Reserve Board. Similarly, the reguiding future action, though it cannot recsponsibility for granting or withholding tify past mistakes, has to be well informed loans to individual member banks is also and understood. vested in the directors and officers of the The Federal Reserve Banks recognize, I Federal Reserve Banks. They must be the know, the special responsibility they bear in judges. They are on the ground and are pretheir respective areas for gathering economic sumed to be familiar with local conditions, information and making it available. They as well as the state of the economy nationally. have a duty to explain what they do, and The Reserve Act, as I have said before, why, in carrying out their part in the trusteeis an ingenious blending of public and private ship over credit. The report on "Steps to participation in a public institution created Maintain Economic Stability" which was isby the Congress to regulate the money supsued by the Committee on Economic Stabiliply. The ingenuity is exemplified, I think, in zation of the Board of Directors of this Bank the composition of the boards of directors of is-a commendable example of informed disthe Reserve Banks. They represent a broad cussion of economic affairs. cross-section of industrial, business, banking, Your task is more than ever an exacting agricultural, and professional activities, both one—but it is an inspiring one. The trusteelarge and small—and they in turn are called ship which this System and its member upon to act in the national interest and not banks share is vital to the preservation of for the special advantage of any group or our system of private enterprise. faction or section of the country. The System, I am certain, has made a no- They have a duty, also, to foster a wider table contribution to the attainment of the understanding of the role that monetary sustained economic progress of the past two 454 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK RESPONSIBILITIES years. It can, I am confident, continue to prosperous. We have to go through cermake an important contribution in the years tain readjustments to have an intelliahead. gent peacetime economy. We've got to That confidence, I deeply feel. I was have our business based on initiative and asked the other day in Detroit what would competence and salesmanship—on raw happen to us after a few years of a genuine materials and products—and not on depeace—and I can do no better, in concluding pendence upon spending for war purthese remarks tonight, than to give you the poses. I believe that this country has the reply as I made it then: flexibility—and the capacity—and the "I can only give you my philosophy on character—because it requires charthis. To me the most heinous statement acter—to unravel this ball of twine that that is made by some people is that war we've wound up, and to do it in a way leads to prosperity, or that war is pros- that will lead us to a higher, a more perity. I can't conceive of an economy expansive, and a better standard of living based on war that can ultimately be for all of the people. I have that faith." MAY 1953 455 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCIAL MEASURES FOR ECONOMIC STABILITY1 Government financial measures are espe- lending and borrowing (both public and cially appropriate for promoting stable de- private), on the volume of saving, on capital velopments in private enterprise economies. values, on the volume of money, and on the For the most part they are impersonal and value of the dollar at home and abroad. operate indirectly through markets by their There are three main methods of executeffects on incentives to spend. To the extent ing credit and monetary action—discount that sources of instability are financial, more- operations, open market operations, and over, they deal with basic causes. changes in reserve requirements. Though The preceding article in this series ex- they operate somewhat differently, each inplored in some detail the relation of credit fluences bank reserve positions and hence and monetary action to economic stability. affects the ability and willingness of com- Before considering the functioning of the mercial banks to lend. Since the banks are several instruments by which such action is a major factor in the credit market, changes effected, it is desirable to discuss, briefly and in their ability and willingness to lend affect broadly, credit and monetary measures in the whole credit market, that is, the general relation to fiscal measures and debt manage- availability, cost, and volume of credit. ment, the other financial methods available Bringing about credit restraint or ease to the Federal Government for influencing through these measures has widespread efthe flow of the economy's expenditures. fects on the economy. Their most direct Each of these methods has a special and com- impact is on the amount of spending done plementary role to play in sustaining orderly with borrowed funds. There is almost aland stable progress. ways a fringe of borrowers or potential borrowers whose decisions about investments CREDIT AND MONETARY MEASURES with marginal profitability or about con- Credit and monetary actions affect expen- sumption of marginal usefulness are influditures particularly of the private sector of enced by changes in the availability or cost the economy. As explained in earlier arti- of credit. As lenders become less able cles, they exert an influence on the avail- and less willing to lend, they both increase ability and amount of credit, on the cost of the rates of interest at which they lend, thus cutting back some of the demand for funds, 1This is the third of a series of articles considering the and raise their standards of creditworthiness operation of credit and monetary policy in the United States. These articles are based on selected replies submitted early applicable to new borrowing. As lenders bein 1952 by the Board of Governors of the Federal Reserve come more able to lend, they will lend at System to a questionnaire from the Subcommittee on Genlower rates of interest and accept higher-risk eral Credit Control and Debt Management of the Congressional Joint Committee on the Economic Report. The borrowers. These credit developments have material selected has been modified and expanded in order secondary effects that are reflected in spendto bring it up to date and to fill gaps in content resulting from the fact that the original material was organized in ing and savings activities of all sectors of the reply to definite questions. economy. Preparation of the articles is under the direction of Ralph A. Young, Director of the Division of Research and Statistics. A supplementary method of exerting an 456 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCIAL MEASURES FOR ECONOMIC STABILITY influence over credit conditions is the use of ously distorted. In these instances, shaken selective instruments which directly affect confidence of both lenders and borrowers the equity or maturity terms of specific types militated against active response to an inof loans extended by banks and other lenders. creased availability and supply of credit and At present only stock market credit may be money and a reduced interest cost of borrowregulated in this way. ing. While expansionary credit and mone- In some periods of expansion, certain credit tary policy was essential to economic recovsectors may not be readily responsive to gen- ery under such circumstances, it was not suferal measures of credit and monetary re- ficient by itself to achieve it. straint. Examples of such developments are The administration of credit and monetary the growth of stock market credit in the measures is a task involving discretion, palate 1920's and expansion of consumer instal- tience, and judgment. Action must be ment credit and mortgage credit after the guided not by a single indicator or simple outbreak of fighting in Korea. Regulation combination of indicators but by a balanced of stock market credit was authorized in the assessment of the entire credit and economic mid-1930's to enable the reserve banking au- situation in the light of the fullest informathorities to prevent a recurrence of excessive tion available. Action, moreover, must be stock speculation financed through credit. adapted promptly to changing conditions, Regulation of consumer credit and real es- because its full effectiveness on the economy tate construction credit was authorized on a will not be felt until after some time-lag. To temporary basis after Korea in order to effect the extent that promptness is not achieved, restraint in these credit areas during an ab- credit and monetary policy falls short of its normal period. Regulation of consumer potential and may even itself be a source of credit had earlier been used to curb personal instability. spending financed by credit during the war FISCAL MEASURES period and in immediate postwar years. Fiscal measures work mainly through the Credit and monetary measures are indismoney collecting and money spending activipensable to stable progress, but alone they ties of the Federal Government. The cannot assure that progress. Their effectiveamount, type, and timing of tax collections ness will be conditioned by Federal fiscal and of Government outlays affect expendiaction and debt management and by various tures directly and indirectly throughout the specific Government programs. Their efeconomy, and these effects will vary with fectiveness may also be conditioned by unthe size of the Federal budget. Through predictable and sudden developments and changes in moods and impulses that affect the level of taxes, Government revenues inactivity in the economy. fluence directly the amount of private income Credit and monetary action, while power- available for spending, and because the Govful in combating an inflationary upswing, is ernment buys large amounts of goods and sometimes viewed as being less effective in employs large numbers of workers, its outcounteracting a deflationary downswing. lays affect directly demand and supply in This view is largely based on experience in specific markets. Federal fiscal activities a few depressions which followed major also have indirect effects in stimulating booms in which economic activity was seri- private expenditures and in influencing the MAY 1953 457 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCIAL MEASURES FOR ECONOMIC STABILITY general economic outlook in a fashion simi- spending without deliberate action on the lar to the action of credit and monetary part of the public authorities. For instance, policy. In addition, fiscal action may shift with graduated income taxes the Governthe distribution of income, alter the uses ment takes a larger part of national income made of the nation's resources, and have re- at higher than at lower levels, and a change pressive or incentive effects on economic in national income will be quickly reflected productivity and output. in the tax take under existing pay-as-you-go The influence of fiscal action on economic tax arrangements. At the same time, Govstability arises chiefly out of a difference be- ernment expenditures as a result of the social tween the Government's cash receipts and security and agricultural support programs cash expenditures. The difference causes a will tend to be greater in depressed periods cash flow of payments between the private than in prosperity. sectors of the economy and the Government. Reliance upon built-in budget flexibility to In general, a cash flow from the Government adapt fiscal policy to severe economic fluctuhas expansive effects on the economy's over- ations is unfeasible so that some discretionall expenditures, while a cash inflow has con- ary action through legislative processes must tractive effects. These effects induce further be counted on for this purpose. By their very spending or restriction of spending in the nature, however, the fiscal tools of tax and private sector. expenditure programs are complex, and they Various combinations of taxation and Gov- involve controversial aspects such as their ernment expenditure programs will have dif- effects on the distribution of income, on inferent effects on total expenditures in the centives to produce and to save, and on induseconomy. For example, increased taxation trial and regional development. Speedy accombined with reduced Government spend- tion, consequently, is difficult. Much time ing will have contractive effects on the na- is necessarily absorbed in the legislative proction's spending activities, and hence be ap- ess—in the initial formulation of programs propriate to a period of inflationary pressures. and in their consideration and final enact- On the other hand, reduced taxation com- ment. Execution of both tax and expendibined with increased Government expendi- ture programs requires additional time, altures will expand the total volume of ex- though to the extent that taxes are paid on penditures during a period of recession. a current basis the effect of tax changes is This assumes, of course, that specific Gov- fairly immediate. In a downturn, expendiernment expenditure programs are not of the ture programs may be hard to get into operakind that displace or compete with private tion as promptly as needed; in a boom, it economic activity, thereby discouraging may prove to be impractical or wasteful to rather than stimulating business confidence, bring long-range programs to a halt. private investment, and private consump- Even if it were possible to get sufficient tion. variation in fiscal action, it might be imprac- To some extent, changes in tax and Gov- ticable and possibly inadvisable to vary the ernment expenditure programs come about whole program of Government expenditures automatically over the course of business and taxation primarily in accordance with fluctuations. This built-in flexibility of the the evident needs of economic stability. In budget tends to counteract swings in private some situations, other policies are so impor- 458 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCIAL MEASURES FOR ECONOMIC STABILITY tant as to outweigh considerations of eco- to debt management, and the effectiveness nomic stability in governmental decisions: of this relationship in turn depends on the the conduct of war or the undertaking of a financial climate created by credit and monemajor defense program are striking examples tary measures. of such situations. Many large items in the DEBT MANAGEMENT budget are directed toward noneconomic objectives and do not lend themselves to As a complementary tool of countercyclical the flexible treatment required in counter- financial policy, debt management now haj cyclical fiscal policy. Furthermore, anti- great importance because of the present size cyclical actions may be in conflict with of the Federal debt and because of the special measures based on other important criteria. role such debt plays in the asset structure of The tax structure needs to take account long- financial institutions. The Federal debt now term investment growth and taxpayer equity. amounts to about two-fifths of the economy's Remedial action based on these criteria is a total debt. It is the only debt that is endesirable goal at all times but may not always tirely free from credit risk. Short-term Fedbe consistent with immediate programs eral debt serves as a principal liquid or operataimed at stability. ing reserve asset of banks, other financial Because discretionary fiscal action involves institutions, and business corporations. many special problems and cannot always be Longer-term Federal debt functions as a taken speedily, decisions as to its timing major investment asset of individuals and usually involve the difficult art of long-term savings institutions and competes with other forecasting. On the one hand, any action investment media in absorbing the economy's will affect economic activity only after some money savings. The types of Government time lag, and anticipatory action runs the securities issued thus have a significant effect risk of accentuating rather than ameliorating on the liquidity of the entire economy and cyclical fluctuations. On the other hand, the on the market for other securities. countercyclical potential of fiscal action is Debt management has two major aspects. severely diminished if steps are delayed until It involves refunding operations affecting the economy finds itself in recession or boom. the maturity arrangement of outstanding Different combinations of taxation and debt. It also involves the expansion or re- Government expenditures result in deficits tirement of debt in response to the current or surpluses and accordingly involve Treas- cash deficit or surplus of the Government. ury borrowing or permit repayment of bor- The maturity composition of the debt has rowing. The amount of the borrowing or its most direct tie with credit and monetary repayment is determined by fiscal action; policy while the changes in the amount of the manner and kind of borrowing or repay- debt are most immediately related to fiscal ment are in the realm of debt management. policy. Both aspects combine to determine The extent of the expansive or restrictive im- the composition of the total Government pact of fiscal measures depends not only on debt at any given time and in this process the relation between taxation and expendi- exert an influence on the attainment of ecotures but in part on debt management opera- nomic balance. tions. The effects of fiscal action in attain- Management of the Federal debt makes a ing economic stability are thus related also primary contribution to economic stability MAY 1953 459 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCIAL MEASURES FOR ECONOMIC STABILITY by arranging a maturity composition of that of holders, thereby influencing spending and debt that will support and not impede devel- lending decisions. To attain this, a sizable opment of appropriate credit and monetary portion of the debt should be spread out over policy. In general, such a debt distribution intermediate and long-term maturities so would be one with maturities well spaced that when interest rates decline, and the over a period of years. This kind of maturity market prices of these securities therefore distribution is also important for adminis- rise, liquidity positions of holders will come trative reasons in debt management. to be regarded as more adequate than for- There is, of course, constant need for a merly. Conversely, when interest rates rise large volume of short-term issues to meet the and security prices decline, holders will tend basic liquidity requirements of banks, finan- to view these positions as less adequate. Such cial institutions, business corporations, and a spread maturity distribution would limit others. In a period of economic slack or the dependency of debt management on curdepression this liquidity may be expanded by rent interest rates and security market condiissuing additional short-term obligations. In tions and, on the other hand, would increase the subsequent period of expansion the vol- the sensitivity of the entire economy to interume of these issues may be reduced some- est rate changes. what by refunding operations or by retire- Within the standards set for debt balance, ments out of surplus. current debt management can operate to To change the existing debt structure, reinforce or offset in part the impact of a however, takes time. Financing decisions of Federal deficit or surplus. For example, a the past necessarily impinge heavily on the deficit in a recession period may be made present and the future, and debt manage- somewhat more effective if in its financing ment actions must continually be a com- the emphasis is placed on the use of shorterpromise between what may be most appro- term obligations. The expansive effects will priate for the current economic situation and tend to be greater and will support an exwhat may be appropriate in terms of a pansionary credit and monetary policy to the longer-run view of economic stability. This extent that such issues are absorbed by the balance in judgment relates primarily to the banking system and foster expansion in the volume of very short-term securities which money supply. Conversely, a surplus in a may be outstanding at any time. Because boom period will be more effective as a rethe liquidity of such securities is not readily straint on expenditures if it is used to retire influenced by credit and monetary measures, short-term debt rather than to purchase longthe greater the proportion of the debt in these term securities in the market. The restraining effects will tend to be increased and will issues the less responsive the economy will reinforce restrictive credit and monetary tend to be to restrictive credit and monetary policy if the repayment of debt reaches the action when such measures may be approholdings of short-term issues by the banking priate. system, thus affecting bank liquidity posi- From the point of view of economic stations. bility, the maturity distribution of outstanding debt should always be such that moderate Debt management actions to promote ecochanges in the level of interest rates will have nomic stability through shifts in terms and an important effect on the liquidity positions maturities of security offerings are limited by 460 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCIAL MEASURES FOR ECONOMIC STABILITY the necessity of meeting existing market con- ment that will be most appropriate at any ditions. Public debt must be handled so that particular time will depend on the circumthe investing community will be receptive stances prevailing and on the feasibility of to new issues from refunding operations and action in one field or the other. How they will take additional debt into its portfolio. are interrelated in Government policy can be While public debt differs from private debt shown by a brief description of their use in instruments in quality, public debt instru- periods of contraction and inflation. ments compete with similar securities of pri- Periods of contraction. In combating revate origin in the market. In short, the debt cession and deflation, fiscal measures can must be in such form that it is readily as- make a broad, direct attack by lowering similated in the market. taxes, increasing Government expenditures, There are other practical problems of debt or both, in an effort to cushion or offset the management to be resolved. Recently, ac- decline in the total volume of private income celeration of corporate tax payments has and expenditures. These fiscal actions will resulted in a concentration of Treasury re- make for an excess of expenditures over receipts in the first half of the year while Gov- ceipts and an expansion of public debt. ernment outlays are more evenly distributed. Debt management as well as credit and This necessitates a seasonal pattern of short- monetary measures will condition the imterm borrowing and repayment of borrowing pact of fiscal action. The expansionary even if the cash budget is in balance. potential will be affected by the manner in Debt management must develop its policies which the deficits are financed. The effect and feel its way not only in response to im- will be greatest if the deficit is financed with mediate Treasury needs, to security market funds that would otherwise have been idle or developments, and to investor preferences, with new deposits generated by bank investbut also with regard to the cost of servicing ment. The effects of a Federal deficit may the debt. From both the standpoint of be partly neutralized if it is financed with interest cost and economic stability there funds that might otherwise have found outare many alternative arrangements of a let in private consumption or investment. In given debt. Problems of current interest summary, fiscal measures by themselves can cost must be weighed against the costs to produce an increase in total expenditure by the Federal budget and the economy in an excess of expenditures over tax receipts, general if debt management decisions are and perhaps to some extent by changes in tax excessively inflationary or deflationary. They and expenditure patterns which take advanmust also be weighed against possible future tage of differential tendencies of various secinterest costs under different economic cirtors of the economy to spend for investment cumstances. Debt management decisions and consumption. The rise in expenditures thus must consider both the present and promoted by fiscal measures will be far future, as well as the implications of action greater, however, if debt management and on the effectiveness of other instruments credit and monetary actions are also operatfor achieving economic stability. ing in a way that stimulates total demand. INTERACTION OF FINANCIAL MEASURES In depressed periods, credit and monetary The combination of credit and monetary measures should ease bank reserve positions, measures, fiscal measures, and debt manage- making bank credit and other credit cheaper MAY 1953 461 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCIAL MEASURES FOR ECONOMIC STABILITY and more readily available. Such action will when available, to reduce the volume of encourage the use of credit and prompt a rise short-term debt. Reduction in liquidity so in Government security and other capital effected will exert a retarding influence on values, thus increasing the economy's liquid- the momentum of spending. Thus these ity. This kind of policy will also facilitate three methods of Federal financial policy can financing of any Federal deficit. If some work consistently in an inflationary period substantial portion of the new securities of- toward the primary goal of economic stafered are shorter-term obligations, debt man- bility. agement will be functioning at the same time To the extent that any of these instruments to increase the liquidity of the economy. To does not work toward combating inflationthe extent that such securities are purchased ary trends, the burden is made heavier on the by banks there will be an offset to contrac- others. Total spending will not decline as a tion of private bank credit and a consequent result of fiscal action if the dollars taxed stabilizing effect on the volume of money. away are replaced by dollars created by bank Along with an expansionary credit and mon- credit expansion; nor will restrictive credit etary policy, this will help to develop a con- and monetary policy be fully effective if dition of banking liquidity favorable to pri- fiscal or debt management policies are expanvate bank credit expansion and resumed sive. At times in expansion periods it may growth in the money supply. Increased li- be difficult to avoid stimulative fiscal policies, quidity of lenders generally will also help and credit and monetary policy together with to swell the flow of credit. debt management must then carry an extra Expansion periods when inflationary load. pressures are strong. When inflationary # # # pressures are strong, it is of paramount im- The combination of credit and monetary portance that fiscal, credit and monetary, and measures, fiscal measures, and debt managedebt management policies supplement one ment that will be desirable at any particular another in limiting expansion of both public time will depend in some degree on the and private demand. At such times, fiscal special circumstances prevailing and on the policy should avoid deficits and aim for sur- feasibility of action in one field or another. pluses in order to restrain expansion of ex- These instruments of Federal financial policy penditures. Credit and monetary policy are complementary, but to an extent use of should restrict bank reserve positions, mak- one may be substituted for use of another. ing bank and other credit less readily avail- Inappropriate action in one area of policy, able and more costly. This will dampen the however, may overburden the task of the expansion of bank credit and the money sup- others and reduce their effectiveness. The ply and lower capital values, thus reducing greatest contribution to economic stability generally the liquidity of the economy. This from Federal financial measures may thus kind of action will put a brake on expansion be achieved when these are used as mutually of spending financed by credit and at the reinforcing instruments of public policy. same time operate to increase saving. Debt management policy should be directed at re- Reprints of this article are available upon ducing the liquidity of the existing debt by request from the Division of Administrative refunding some maturing issues into longer- Services, Board of Governors of the Federal term obligations and by applying surpluses, Reserve System, Washington 25, D. C. 462 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 19521 Both net current earnings before income gated 829 million dollars, 10 per cent more taxes and net profits after taxes of all mem- than in 1951. This represented a return on ber banks reached new dollar highs in 1952.2 average total capital accounts of 7.9 per Larger net current earnings were accom- cent, as compared with 7.6 per cent in 1951 panied by somewhat smaller net losses, and 8.3 per cent in 1950. charge-offs, and additions to valuation re- Net current earnings before income taxes serves, and by a substantial increase in pro- wrere 1,619 million dollars, an increase of vision for income taxes (including excess 13 per cent from 1951. Accompanying both profits taxes). Net profits after taxes aggre- larger average holdings and higher average rates of return, earnings on loans, United 1 This article was prepared by Raymond C. Kolb of the States Government securities, and other secu- Board's Division of Bank Operations. 2 Net current earnings are gross current operating earnings rities were all larger in 1952 than in 1951. less gross current operating expenses, before adjustments for Earnings increased 303 million dollars or losses, recoveries, and transfers to and from valuation 15 per cent on loans, 97 million dollars or reserves, and before taxes on net income. MEMBER BANK EARNINGS, SELECTED YEARS, 1929-52 [Dollar amounts in millions] I ten 1932 1939 1941 1942 1945 1947 Earnings $2,399 $1,554 $1,296 $1,417 $1,487 $2,102 $2,579 $2,828 $2,986 $3,265 $3,669 $4,120 On U. S. Government securi- On t ie o s t h i er securities1 i 473 458 444 2 20 3 6 9 3 2 3 0 6 4 9 1 9 3 7 9 9 1 2 4 1 9 8 1 5 5 5 8 8 1 5 6 9 9 8 1 6 9 5 0 8 2 3 1 2 1 9 23 2 5 9 On loans2 1 ,563 851 560 665 649 588 1,044 1,308 1,427 1,634 2,003 2,306 Service charges on deposit ac- Ot c h o e u r n e t a s rnings2 ) 363 245 \ f 23 5 7 4 24 6 2 5 2 6 3 8 0 29 8 1 7 3 1 4 1 6 9 3 1 6 4 7 1 3 1 7 5 3 8 4 1 0 7 3 2 4 1 3 8 6 7 4 1 5 9 2 8 Expenses2 1,684 1,143 895 988 1,002 1,268 1,650 1,795 1,889 2,020 2,232 2,501 Salaries and wages 464 357 388 426 461 580 797 876 926 1,000 1,125 1,244 Interest on time deposits3. . . . 445 302 159 140 128 183 236 250 261 271 306 365 Interest on interbank and demand deposits Taxes other than on net income2 112 67 85 129 81 83 90 96 109 115 118 Other expenses 2 348 285 262 293 331 422 529 579 605 640 686 775 Net current earnings before income taxes 2 715 410 401 429 485 835 929 1,033 1,097 1,245 1,437 1,619 Recoveries and profits4 137 113 327 278 188 454 232 190 155 175 139 113 Losses and charge-offs2 6 295 778 380 318 223 230 251 195 166 149 202 226 Net increase in valuation reserves6 173 125 121 128 Profits before income taxes. . . 451 1,058 910 854 961 1,150 1,247 1,437 Taxes on net income 68 270 257 234 275 369 491 608 Net profits 557 -255 347 390 383 788 653 621 686 781 756 829 Cash dividends declared8 387 245 207 211 203 246 281 294 313 346 371 390 Number of banks at end of year.. 8,522 6,816 6,362 6,619 6,679 6,884 6,923 6,918 6,892 6,873 6,840 6,798 1Not reported separately prior to 1945; data for 1941 and 1942 are estimated. 2The following changes in reporting are reflected beginning with 1942: (a) earnings on loans include service charges and fees on loans, previously included in other earnings; (b) taxes on net income, previously included with other taxes in expenses, are a separate item; (c) recurring depreciation on real estate, previously included in losses and charge-offs, is included in other expenses. 3Beginning with 1938, interest on time deposits includes interest on interbank time deposits; interest (if any) on demand deposits is included in other expenses. 4Includes recoveries credited either to undivided profits or to valuation reserves. 5Includes losses charged either to undivided profits or to valuation reserves. 6This is the net of transfers from undivided profits to valuation reserves and vice versa, and of losses charged and recoveries credited to valuation reserves. 7Not reported separately; transfers to these reserves were included with losses, and transfers from these reserves were included with recoveries. Such amounts are estimated to have been relatively small, especially prior to 1947. 8Includes interest on capital notes and debentures. MAY 1953 463 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1952 12 per cent on United States Government 1951. Earnings on loans were 56 per cent securities, and 24 million dollars or 11 per of total earnings in 1952 as compared with cent on other securities. These increases 55 per cent in 1951 and 50 per cent in 1950. somewhat more than offset increases of 269 As shown in the accompanying table, all million dollars in total expenses and 117 major categories of loans shared in the total million in provision for income taxes. A expansion of about 5.5 billion dollars, which slightly smaller proportion of net profits was was somewhat in excess of the growth in distributed as cash dividends than in 1951, 1951 but considerably below the 8.5 billion although the 390 million dollars so distrib- expansion in 1950. uted was 19 million larger. Largely through retention of profits, mem- MEMBER BANK LOANS AND INVESTMENTS, DECEMBER 31, 1952 ber bank capital accounts during 1952 in- [Dollar amounts in millions] creased in approximately the same propor- Change from Dec. 31, 1951 tion as total assets, leaving the ratio of average Dec. 31, Item 1952 total capital accounts to average total assets Per- Amount centage unchanged at 6.9 per cent. The increasing proportion of assets held in the form of Total loans and investments... $119,547 $+7,300 + 6.5 loans and investments other than United Loans1 55,034 +5,473 +11.0 Commercial and industrial 26,233 + 1,886 + 7.7 States Government securities, however, re- A Fo g r r i p c u u r lt c u h r a a s l ing and carrying se- 2,416 + 276 + 12.9 curities 2,997 + 596 +24.8 sulted in a continuation of the downward Real estate 12,214 + 880 + 7.8 Other loans to individuals 10,396 + 1,872 +22.0 trend of the ratio of total capital accounts All other 1,577 + 42 + 2.7 to total assets less cash assets and United U. S. Government securities. . 52,763 +1,142 + 2.2 Treasury bills, notes, and certifi- States Government securities. This ratio cates 20,656 -1,349 - 6.1 Bonds2 32,107 +2,491 + 8.4 declined to 16.2 per cent as compared with Other securities 11,751 + 686 + 6.2 State and local government 8,409 + 881 + 11.7 16.7 per cent in 1951 and 18.9 per cent in Other 3,342 - 195 - 5.5 1950. 1Totals are net (after deduction of valuation reserves); indi- Earnings figures for selected years be- vidual loan items are gross and do not add to totals. 2Includes small holdings of guaranteed obligations. ginning with 1929 appear in the table on the preceding page. About one-third of the total dollar in- Earnings and earning assets. Total cur- crease in loans was in commercial and inrent earnings of all member banks aggre- dustrial loans and another third in "other gated 4,120 million dollars in 1952, 12 per loans to individuals," which are largely concent more than in the previous year. All sumer loans. This was an expansion of 8 reported categories of earnings were larger per cent in commercial and industrial loans than in 1951. and 22 per cent in "other loans to individu- The largest quantitative and relative in- als"; comparable increases during 1951 were crease was in earnings on loans. An ex- 19 and 3 per cent, respectively. pansion during 1952 of 11 per cent in the According to sample data by industry amount of member bank loans outstanding groups, more than half the commercial and and an increase in the average rate of return industrial loan expansion for the year 1952 from 4.26 per cent to 4.51 per cent served as a whole was to manufacturers of metals to enlarge earnings from this source to 2,306 and metal products (including machinery million dollars, 15 per cent more than in and transportation equipment). Net de- 464 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1952 creases in loans were reported for only three in the relative importance of the various exgroups—manufacturers of food, liquor, and pense items, all of which were larger in 1952 tobacco; manufacturers of textiles, apparel, than in 1951. Salaries and wages were the and leather; and the public utility industry largest component and accounted for about (including transportation). 50 per cent of total expenses. Officers' sal- Member bank total holdings of United aries amounted to 408 million dollars, an States Government securities expanded a increase of 33 million from 1951, and sallittle more than one billion dollars during aries and wages of other employees aggre- 1952. Holdings of short-term, lower yield- gated 835 million dollars, an increase of ing bills, certificates, and notes declined by 85 million. These increases reflected both 1.3 billion dollars, while holdings of bonds larger numbers of officers and employees with higher yields increased 2.5 billion. and increases of about 5 per cent in average Larger holdings, the shift to higher yielding salaries and wages. Interest paid on time bonds, and the generally higher level of deposits increased 59 million dollars to 365 yields all served to advance earnings on million, and the average rate of interest paid United States Government securities to 929 increased from 1.02 to 1.13 per cent. million dollars, 12 per cent more than in Losses, charge-offs, recoveries, and 1951. The average rate of return on these profits.3 Losses and charge-offs on loans holdings was 1.79 per cent in 1952 as com- aggregated 71 million dollars in 1952 and pared with 1.66 per cent in 1951. Earnings recoveries on loans aggregated 45 million, on United States Government securities about the same amounts as reported for 1951. were 23 per cent of all member bank earn- The resulting net loss of 26 million dollars ings in 1952, the same as in 1951. for 1952 was 1.1 per cent of total earnings Earnings on securities other than those on loans, somewhat less than the 1.3 per cent of the United States Government aggre- in both 1951 and 1950. gated 235 million dollars in 1952, 24 mil- Reflecting lower prices, losses on securities lion more than in 1951; and the average rate increased to 108 million dollars from the of return increased to 2.03 per cent from 88 million reported for 1951. Recoveries on 1.99 per cent. This modest increase in rate securities were about 15 million dollars in of return reflected the changing composition each year. Profits on securities sold or of portfolios as well as generally higher redeemed aggregated 29 million dollars as levels of yields in 1952. Holdings of State compared with 52 million in 1951 and 82 and local government securities, which are million in 1950. tax-exempt and therefore have relatively low Valuation reserves. Since the December yields, increased 881 million dollars, while 1947 ruling of the Bureau of Internal Reveholdings of other securities in this group nue pertaining to tax-free additions to redeclined 195 million; these changes were serves for bad debt losses on loans, transabout the same as corresponding changes fers to and from these reserves and other during 1951. valuation reserves on loans and securities Expenses. Total current expenses of all 3 In this analysis, losses and charge-offs comprise those member banks increased to 2,501 million debited to either undivided profits or valuation reserves, and dollars in 1952, 12 per cent above the pre- recoveries comprise those credited to either of these accounts; transfers between undivided profits and valuation reserves vious year. There was no significant change are not included. MAY 1953 465 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1952 have been important factors affecting bank somewhat fewer banks were subject to exprofits. cess profits taxes in 1952 than in 1951, but Net transfers from undivided profits to that the amount of such taxes was about valuation reserves on loans aggregated 108 the same in both years. For member banks, million dollars in 1952, considerably below the amount of excess profits taxes in 1951 the 154 million reported in 1951. These was estimated to be about 20 million dollars. net amounts were partly offset by losses and Detailed data on excess profit taxes of comrecoveries carried directly to the reserves and mercial banks in 1950 and 1951 are given so the increases in loan valuation reserve in an article in the June 1952 issue of the balances were 81 million dollars in 1952 and Federal Reserve BULLETIN. 124 million in 1951. The smaller increase A summary of the factors that contributed during 1952 resulted primarily from the to the 1952 increase in member bank net fact that many banks had already reached, profits appears in the accompanying table. or were rapidly reaching, their permitted ceilings on the amounts that may be accumu- FACTORS IN HIGHER NET PROFITS lated in the reserve for bad debt losses on [In millions of dollars] loans under the provisions of the Internal Change Item from 1951 Revenue ruling. At the end of 1952, valuation reserves on loans were about 1.5 per Increase in net profits + 73 cent of the outstanding volume of loans. Factors increasing net profits, total +511 Increase in earnings on loans 303 Increase in earnings on U. S. Government securities. 97 Net transfers from undivided profits to Increase in other earnings 51 Smaller net increase in valuation reserves 60 valuation reserves on securities were 7 mil- Factors decreasing net profits, total -437 lion dollars in 1952, about 10 million dol- Increase in expenses 269 Increase in provision for taxes on income 117 lars less than in 1951. After adjustments Decrease in profits on securities sold 23 Increase in net losses on securitiesl 22 for losses and recoveries carried directly to Increase in other net losses 6 these reserves, there was a net decrease in the Items showing no change from 1951. Net losses on loans1 security reserve accounts of 13 million dolincludes recoveries credited and losses charged either to unlars; in contrast, there was a net increase of divided profits or to valuation reserves. 4 million in 1951. At the end of 1952, valua- Gash dividends and capital. The dollar tion reserves on securities were about 1.8 per amount distributed in the form of cash divicent of the book value of outstanding securi- dends continued its gradual upward trend ties other than those of the United States and amounted to 390 million dollars in 1952, Government and 0.32 per cent of total out- an increase of 19 million from 1951. Because standing securities; comparable percentages of increased profits, however, this distribuat the end of 1951 were 2.0 and 0.35 re- tion was a smaller proportion of net profits spectively. —47 per cent as compared with 49 per cent Income taxes. Provision for income taxes in 1951. The yield on average total capital (including excess profits taxes) in 1952 ag- accounts was 3.7 per cent, the same as in gregated 608 million dollars, 24 per cent the previous two years. more than in 1951. From preliminary tabu- About 53 per cent of net profits, or 439 lations of data collected by the Federal Re- million dollars, was retained by member serve System from a selected sample of in- banks to strengthen their capital positions. sured commercial banks, it is estimated that This amount was supplemented by about 466 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1952 128 million dollars provided through sales of the large banks. The 1952 ratios were of common stock, and offset to the extent 7.1 per cent for New York City banks, 8.6 of about 25 million dollars net by other per cent for Chicago city banks, and 8.1 per changes in capital accounts. These other cent for both reserve city and country banks. changes included the retirement of preferred The largest relative increase in net profits stock and the effects of mergers and changes after taxes—23 per cent—occurred at central in Federal Reserve membership. reserve city banks in New York, and the Earnings and profits by class of bank. smallest—4 per cent—at country banks; the Total earnings, total expenses, net current increase at central reserve city banks in Chiearnings before taxes, and net profits after cago was 18 per cent and at reserve city taxes were larger in 1952 than in 1951 at banks 8 per cent. While the ratio of net all classes of member banks. profits to average total capital accounts was As noted above, net profits after taxes of considerably higher than in 1951 at the all member banks in 1952 were 10 per cent largest (central reserve city) banks, there above the 1951 level and the return on aver- was no change at reserve city banks and a age capital accounts was 7.9 per cent. This small decline at country banks. rate of return is computed from aggregate Expansion in gross earnings varied from dollar amounts for all member banks and is 14 per cent at central reserve city banks in therefore weighted heavily by the experience New York to 11 per cent at country banks; MEMBER BANK EARNINGS, BY CLASS OF BANK, 1952 AND 1951 [Dollar amounts in millions] Central reserve city banks Reserve Country Total city banks banks Item New York Chicago 1952 1951 1952 1951 1952 1951 1952 1951 1952 1951 Earnings $4,120 $3,669 $691 $608 $169 $151 $1,594 $1,413 $1,665 $1,497 OnU. S. Government securities 929 832 134 127 49 45 344 298 403 362 On other securities 235 211 43 37 12 12 87 77 93 84 On loans 2,306 2,003 378 308 83 69 915 804 930 822 All other 650 623 137 136 26 25 248 235 240 228 Expenses 2,501 2,232 371 334 93 83 974 861 1,063 954 Salaries and wages 1,244 1,125 213 196 44 41 478 429 509 460 Interest on deposits 365 306 18 12 14 12 160 134 173 147 All other 893 801 140 126 34 30 337 298 381 347 Net current earnings before income taxe 1,619 1,437 321 274 76 68 620 552 602 543 Recoveries and profits1 113 139 25 33 11 7 38 59 39 40 Losses and charge-offs 2 226 202 25 17 9 11 92 92 101 81 Net increase in valuation reserves3 68 128 8 33 4 10 29 48 27 37 Profits before income taxes 1,437 1,247 313 256 74 55 537 471 513 464 Taxes on net income 608 491 139 114 29 17 241 196 199 163 Net profits 829 756 175 142 45 38 295 275 314 301 Cash dividends declared4 390 371 95 93 18 16 156 147 122 115 Ratios (per cent): Net current earnings before income taxes t Average total capital accounts IS.4 14.4 13.1 11.5 14.5 13.7 17.1 16.2 15.6 14.9 Average total assets 1.06 1.00 1.08 0.97 0.97 0.91 1.06 1.01 1.07 1.03 Net profits to— Average total capital accounts 7.9 7.6 7.1 5.9 8.6 7.7 8.1 8.1 8.1 8.2 Average total assets 0.55 0.53 0.59 0.50 0.58 0.51 0.51 0.50 0.56 0.57 includes recoveries credited either to undivided profits or to valuation reserves. 2Includes losses charged either to undivided profits or to valuation reserves. 3This is the net of transfers from undivided profits to valuation reserves and vice versa, and of losses charged and recoveries credited to valuation reserves. 4Includes interest on capital notes and debentures. MAY 1953 467 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1952 it was 12 per cent at central reserve city to average total assets was lower for 1952 banks in Chicago and 13 per cent at reserve than for 1951 at central reserve city banks city banks. The expansion in earnings on in New York, higher at such banks in Chiloans varied from more than 20 per cent at cago, and unchanged at reserve city and central reserve city banks to 13 per cent at country banks. The ratio of total capital country banks. The central reserve city accounts to total assets less cash assets and banks, however, reported smaller relative in- United States Government securities, howcreases in earnings on United States Gov- ever, declined at all classes of banks. As in ernment securities than either reserve city 1950 and 1951, this ratio was lowest at rebanks or country banks. serve city banks (14.4 per cent) and highest Total expenses increased within a range at central reserve city banks in New York of 11-13 per cent at the various classes of (17.5 per cent). banks. Net current earnings before income Summary data by class of bank are shown taxes increased 17 per cent at central reserve in the table on page 467, and detailed figcity banks in New York and about 12 per ures of earnings and related items, together cent at the other classes of banks. with selected ratios, will be found on pages The ratio of average total capital accounts 536-547 of this BULLETIN. 468 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF DEMAND DEPOSITS1 In the year ending January 31, 1953, the sued by the Federal Reserve System in 1952. growth in privately held demand deposits The Federal Reserve System's annual surwas the smallest for any year since 1949. It vey of demand deposit ownership reveals amounted to 2.5 billion dollars or about 2.5 that the percentage increase in demand deper cent, compared with 7 per cent in each posits was small for each of the two main of the two preceding years. The slackened categories of holders—businesses and individgrowth of demand deposits reflected among uals—approximately 3 and 1 per cent, reother things the general stability of the econ- spectively. Growth was larger among the omy in 1952 and the effects of higher interest miscellaneous demand deposit holders, rates on the relative attractiveness of demand amounting to about 6 per cent in the case deposits as compared with income produc- of nonprofit associations. Farmers' demand ing assets. These developments in turn re- balances changed little. flected the credit and monetary policies pur- Business deposits. Additions to demand deposits of nonfinancial businesses in the year 1 This article was prepared by Caroline H. Cagle of the Board's Division of Research and Statistics. ending January 31, 1953 amounted to 1.5 OWNERSHIP OF DEMAND DEPOSITS BY INDIVIDUALS AND BUSINESSES 1 B 2 IL 0 LIONS OF DOLLARS BILLIONS OF DOLLA 2 R 8 S 1942 1950 1946 1950 * Includes deposits of trust funds and foreigners. NOTE.—Estimates based on Federal Reserve surveys of deposit ownership. Latest figures are for Jan. 31, 1953. MAY 1953 469 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF DEMAND DEPOSITS billion dollars, about 3 per cent as compared and expenses in late 1952 and early 1953, with 8 per cent in 1951 and 7 per cent in which called for larger cash balances. 1950. The difference in growth was asso- Sharply reduced growth in business deciated principally with smaller increases for mand deposits in the recent 12-month period, manufacturing and mining and for trade as compared with the two previous years, is concerns. probably the result of a number of factors. For the year as a whole the increase in busi- TABLE 1 ness activity was moderate in contrast with OWNERSHIP OF DEMAND DEPOSITS OF INDIVIDUALS, the pronounced rises during the previous PARTNERSHIPS, AND CORPORATIONS two years. This meant that business require- [Estimates, dollar amounts in billions] ments for increased working balances were Change from less pressing, particularly in view of the large Jan. 31, 1952 Amount Type of holder outstanding increases that had occurred in the previous Jan. 31, 1953 Dollar Per- years. Contributing to this development was amount centage the substantial decline in farm prices in 1952, Domestic businesses—total. . 57.4 +1.8 +3.3 which reduced the working capital needs of N on financial businesses—total. 48.1 +1.5 +3.3 the food processing, packaging, and distribut- Manufacturing and mining. 21.9 +0.6 +2.8 Public utilities 4.5 +0.1 +3.0 ing industries, an important business sector. Trade 15.1 +0.3 + 1.9 Other nonfinancial 6.6 +0.5 +8.6 Other factors tending to restrain the ex- Financial businesses—total 9.2 +0.3 +3.5 pansion of business deposits among cor- Insurance companies. 3.1 +0.2 +6.8 Other financial 6.1 +0.1 + 1.9 porations in 1952 as compared with 1950 and Individuals—totals. . . 33.4 +0.4 + 1.3 1951 may have been the lower level of cor- Farmers 7.2 0) () porate profits and the larger expenditures Other individuals. 26.2 +0.4 + 1.6 for new plant and equipment. These de- Other holders—total. 5.7 +0.2 +3.6 Trust funds 1.5 (0 ~0.2 velopments may have caused some businesses Nonprofit associations. . 3.6 +5.5 Foreigners3 0.7 +0.2 +2.2 to draw on available cash balances. (0 Total. . 96.5 +2.5 +2.6 Still another factor in the decisions of busi- 1Less than 50 million dollars. ness managements concerning their holdings 2Less than 0.05 per cent. 3 Excludes foreign banks and governments. of cash balances was the increase in interest NOTE.—Detailed figures may not add to totals because of rounding. rates last year. The rise in yields on shortterm investments undoubtedly influenced Expansion in demand deposits in the re- businesses with liquid resources temporarily cent 12-month period amounted to about 3 in excess of operating needs to keep them per cent for manufacturing and mining and fully invested, and the fact that businesses for public utility concerns, while the growth had to pay somewhat more for borrowed for trade concerns was less than 2 per cent, as funds may have caused more careful scrutiny shown in Table 1. The largest increase for of credit needs and more concern with keepany major industrial group, nearly 9 per cent, ing available funds in use. was in demand deposits held by the "other Growth of 300 million dollars, or about nonfinancial" group, which includes various 3.5 per cent, in the demand deposits of service and construction lines. The relatively financial businesses in the 12 months endlarge expansion for this group may be ex- ing January 31, 1953 accompanied a very plained in part by an advanced level of sales large increase in individual savings. Savings 470 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF DEMAND DEPOSITS and loan associations and credit unions in- Individual deposits. Individuals increased creased their demand deposits in line with their demand deposits about 400 million doltheir other assets. For these institutions, as lars, or 1 per cent, as compared with 6 per well as for life insurance companies, the cent in each of the two previous years. There growth in total assets was the largest in their was also an increase of approximately one history. Last year's increase in demand de- billion dollars in currency, presumably posits for all financial businesses taken as largely held by individuals. Growth in the a group, however, was less than half that in total of demand deposits and currency held each of the two preceding years, reflecting in by individuals was probably between 3 and part at least the attraction of higher yields 4 per cent, or approximately proportionate on investments and the heavy volume of to the increase in consumer spending. borrowing from savings institutions. Personal savings were larger in 1952 than in either of the two previous years, and in- TABLE 2 dividuals added considerably to their liquid OWNERSHIP OF DEMAND DEPOSITS OF CORPORATE AND assets. The major part of the growth was in NONCORPORATE BUSINESSES forms of savings on which some income could [Estimates, dollar amounts in billions] be expected. Time deposits of individuals Change from increased by about 4 billion dollars, share bal- Jan. 31, 1952 Jan. 31, ances in savings and loan associations by 3 1953 Dollar billion, and equity in life insurance com- Type of holder amount Percentage panies by 4 billion. Except for time deposits, p C o o ra r t - e p N c o o o ra r n - t - e p C o o ra r t - e p N c o o o ra r n - t - e p C or o a r t - e p N c o o o ra r n - t - e which had increased somewhat more in the period 1944-46, these were the largest annual Domestic busi- increases on record for these types of savings. nesses—total.. 43.3 14.0 + 1.3 +0.5 +3.2 +3.7 Net security purchases by individuals were Nonfinancial—total36.2 11.9 + 1.0 +0.5 +2,9 +4.3 likewise substantial in volume, about 4 bil- Manufacturing and mining. . . 19.9 2.0 +0.6 0) +2.9 + 1.8 lion dollars, primarily in the form of cor- Public utilities. . 4.3 0.3 +0.1 0) +2.8 +5.6 Trade 8.5 6.6 +0.1 +0.2 +0.8 +3.3 Other nonfinan- porate bonds and stocks. cial 3.6 3.0 +0.3 +0.2 +8.9 +8.3 The small increase in demand deposits of Financial—total. . .7.1 2.1 +0.3 C1) +4.4 +0.6 individuals in the recent period thus reflects Insurance 2.9 0.2 +0.2 0) +6.1 + 17.0 Other financial.. 4.2 1.9 +0.1 0) +3.2 -0.9 to a significant extent the attractiveness to 1Less than 50 million dollars. individuals of the increased earnings offered NOTE.—Detailed figures may not add to totals because of rounding. on savings deposits, savings and loan shares, and other available investments. It may also There was little difference in the pattern reflect a slackening in the demand for checkof change in demand deposit holdings as be- ing account funds by individuals for day-totween corporations and unincorporated busi- day operating purposes. nesses. Corporate business demand deposits For the country as a whole there was little increased moderately in all groups, as shown change in farmers' demand balances in the by Table 2, and holdings of noncorporate 12-month period under review. This developbusinesses also registered increases in all sec- ment followed two years of sharp increases, tors except the "other financial" category, and probably reflected to some extent the which showed a small decline. fact that farmers about held their own from MAY 1953 471 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF DEMAND DEPOSITS TABLE 3 eral Reserve districts, for the most part in the Deep South, the Mississippi Valley, and the PERCENTAGE CHANGES IN DEMAND DEPOSITS OF FARMERS AND OTHER INDIVIDUALS, BY FEDERAL RESERVE DISTRICT Far West, as shown in Table 3. JANUARY 31, 1952 TO JANUARY 31, 1953 Miscellaneous deposits. Miscellaneous deposit holders account for a very small part Federal Reserve district Farmers Other individuals of the aggregate amount of demand deposits Boston +2.0 -3.1 of individuals, partnerships, and corpora- New York + 1.9 -4.2 Philadelphia + 1.6 + 1.6 tions. The growth in their holdings in the C R l i e c v h e m la o n n d d + + 6 2 . . 4 6 + + 3 5 . . 4 0 year ending January 31, 1953 amounted to Atlanta -3.2 +6.4 200 million dollars, or about 4 per cent. Chicago -0.7 -1.1 St. Louis -1.4 +7.2 Nonprofit associations accounted for nearly Minneapolis -2.2 + 1.4 all of the expansion, with a percentage in- Kansas City +6.3 +4.3 Dallas -5.7 +6.8 crease from last year of about 6 per cent. San Francisco -1.3 +2.3 This was a lower rate than in 1950 or 1951, All districts 0) + 1.6 perhaps in part because of an expansion in 1Less than 0.05 per cent. building programs by these organizations following the lifting of controls over such the standpoint of net income in 1952, whereas construction last year. In part the smaller inin the two preceding years total net farm crease may also reflect the greater attractiveincome expanded sharply. Farmers' balances ness than in former years of the yields on actually declined last year in half of the Fed- other forms of liquid assets. TABLE 4 OWNERSHIP OF DEMAND DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS, SELECTED DATES, 1941-53 [Estimates, in billions of dollars] Type of holder De 1 c 94 . 1 31,Fe 1 b 9 . 4 2 4 9,Ja 1 n 9 . 4 3 5 1,Ja 1 n 9 . 4 3 6 1,Fe 1 b 9 . 4 2 7 6,Ja 1 n 9 . 4 3 8 0,Ja 1 n 9 . 4 3 9 1,Ja 1 n 9 . 5 3 0 1,Ja 1 n 9 . 5 3 1 1,Ja 1 n 9 . 5 2 31 r ,Ja 1 n 9 . 5 3 3 1, Domestic businesses—total 24.8 35.9 40.4 42.9 43.8 47.1 46.6 47.9 51.6 55.5 57.4 Corporate * * 30.6 31.1 32.1 35.0 34.9 36.1 39.2 42.0 43.3 Noncorporate 9.9 11.9 11.7 12.1 11.7 11.8 12.4 13.5 14.0 Nonfinancial businesses—total 20.4 31.5 35.3 37.0 37.2 39.8 39.4 40.2 43.2 46.6 48.1 Manufacturing and mining 10.0 16.3 17.5 16.1 16.0 17.3 17.1 17.6 19.5 21.3 21.9 Public utilities 3.1 3.7 3.7 4.0 4.2 4.1 3.9 4.0 4.4 4.4 4.5 Trade 4 6 8 2 10 3 12.6 12.5 13.4 13.4 13 3 13 9 14 8 15 1 Other nonfinancial 2.7 3.4 3.7 4.2 4.5 4.9 5.0 5.3 5.4 6.1 6.6 Financial businesses—total 4 4 4 3 5.2 5.9 6.5 7.4 7.2 7.7 8 4 8 9 9 2 Insurance companies 1.9 1.7 1.9 1.8 2.1 2.7 2.5 2.7 2.8 3.0 3.1 Other financial 2.5 2.6 3.3 4.1 4.5 4.7 4.7 5.0 5.6 6.0 6.1 Individuals—total 9.6 17.7 21.5 26.4 30.1 29.1 29.1 30.8 33.0 33.4 28.9 Farmers * 4 2 5.0 6 3 7.5 7.1 6.8 7 0 7 2 7 2 Other individuals * 13.5 16.5 20.1 271..27 22.6 22.0 22.3 23.8 25.8 26.2 Other holders—total 3 2 3.6 4.0 4.8 5.2 5.2 5.1 5.0 5.3 5 5 5 7 Trust funds 1 3 1.4 1 6 1.7 1.6 1 6 1 5 1 6 1 5 1 5 Nonprofit associations * 1.5 1.9 2.4 2.7 2.8 2.9 2.9 3.0 3.4 3.6 Foreigners—businesses and individuals * 0.8 0.7 0.8 0.8 0.7 0.7 0.6 0.6 0.6 0.7 Total 37.6 57.2 65.9 74.1 77.8 82.4 80.8 82.0 87.7 94.0 96.5 r Revised. * Not available. tals because of rounding. NOTE.—Detailed figures may not add 472 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF DEMAND DEPOSITS Size of accounts. Changes in the volume clined in 1952, while there was an increase of business deposits held in various sizes of in the amount held in the smaller accounts accounts were small in the year ending Janu- (less than $10,000). There was little change ary 31, 1953, as in other recent years. The in accounts of intermediate size ($10,000percentage increase was roughly the same $25,000). The decline in the large accounts in each size of account and thus there was may have been due to a greater sensitivity of little change in the proportion of the total these accounts to the higher interest return held in each account size. Among individuals, on the other hand, the available on investments and to a shift of amount of demand deposits held in the funds from these demand accounts to securilargest accounts (more than $25,000) de- ties or other forms of investment. CURRENT EVENTS AND ANNOUNCEMENTS Publication of the Annual Report of the Resignation of Mr. Gidney as President of the Federal Board of Governors Reserve Bank of Cleveland and the Appoint- The Thirty-ninth Annual Report of the Board ment of Mr. Fulton as His Successor of Governors of the Federal Reserve System, covering operations for the calendar year 1952, is avail- Effective as of the opening of business on April able for distribution. Copies may be obtained upon 16, 1953, Mr. Ray M. Gidney, who had been serving request from the Division of Administrative Serv- as President of the Federal Reserve Bank of Cleveices, Board of Governors, Washington 25, D. C. land since November 1, 1944, resigned to accept appointment as Comptroller of the Currency. In Federal Reserve Meetings 1917, after having been on the staff of the Federal The Conference of Chairmen of the Federal Re- Reserve Board for two and one-half years, Mr. Gidserve Banks met with the Board of Governors in ney joined the staff of the Federal Reserve Bank of Washington on April 28, 1953. New York, where he served in various official ca- The Federal Advisory Council held a meeting in pacities, including Manager of the Buffalo Branch, Washington on May 17-19, 1953, and met with the Controller of Loans, Deputy Governor, and As- Board of Governors of the Federal Reserve System sistant Federal Reserve Agent. He was serving as on May 19. a Vice President of the Federal Reserve Bank ot Changes in Board's Staff and Organization New York when he was appointed President of the Mr. David B. Hexter, formerly Associate Chief Federal Reserve Bank of Cleveland. Counsel in the Office of the Comptroller of the Mr. W. D. Fulton, who had been serving as Currency, was appointed Assistant General Counsel First Vice President of the Federal Reserve Bank in the Board's Legal Division and assumed his of Cleveland since January 1, 1953, was appointed duties on April 27, 1953. Mr. Hexter is a graduate President to succeed Mr. Gidney. Following about of West Virginia University and the Harvard Uniten years' experience in the commercial banking and versity Law School and had been with the Office accounting fields and with the Reconstruction Fiof the Comptroller of the Currency since 1939. nance Corporation, Mr. Fulton joined the staff of Effective April 29, 1953, the Board of Governors the Federal Reserve Bank of Cleveland as an Exauthorized the discontinuance of the Office of the aminer on May 1, 1933. He subsequently served Solicitor and the personnel of that Office was as Chief Examiner and Assistant Vice President, transferred to the Legal Division. Mr. G. Howland Chase, who had been serving as Assistant and was serving as Vice President in charge of Solicitor, was appointed to the position of As- the Cincinnati Branch at the time of his appointsistant General Counsel. ment as First Vice President. MAY 1953 473 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS Election of Class B Director of this section reflect changes in all foreign dol- The Federal Reserve Bank of Boston on April lar accounts, whether official or private and 30, 1953, announced the election of Mr. Harry E. whether maintained at Federal Reserve Banks or Umphrey, President, Aroostook Potato Growers, at commercial banks. In addition, the new table includes any holdings of United States Govern- Inc., Presque Isle, Maine, as a Class B director of ment bonds and notes maturing in more than one the Bank for the unexpired portion of the term year from their dates of issue, and, in the "miscelending December 31, 1955, to succeed Mr. Roy L. laneous" column, foreign and international bonds Patrick, deceased. Mr. Patrick was President of the held by Federal Reserve Banks for foreign corre- Rock of Ages Corporation, Burlington, Vermont. spondents; these categories are excluded by defi- New BULLETIN Table nition from the reported "short-term" liabilities to A new table, ''Deposits and Other Dollar Assets foreigners appearing in Table 2 of the section. Held at Federal Reserve Banks for Foreign Cor- The following table shows back figures for yearrespondents," is included (page 563) Table 9 of end dates comparable to the current data appearing the statistical section "International Capital Trans- in the tabular section: actions of the United States." This table brings together data that provide a more current picture DEPOSITS AND OTHER DOLLAR ASSETS HELD AT FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS, of changes in the dollar reserves of foreign coun- 1945-52 tries as a group, as reflected by the operations [In millions of dollars] of the Federal Reserve Banks for foreign correspondents. These data also are useful for analyzing Assets in custody the effect of these operations on commercial bank End of year Deposits U.S. reserves and the money market of the United States. Government Miscellaneous securities The new table shows deposits, securities, and miscellaneous assets of foreign central banks and 1945 861 1,654 21 governments (including the Bank for Interna- 1946 508 969 30 1947 392 187 25 tional Settlements) which are held at Federal Re- 1948 642 594 50 1949 767 669 70 serve Banks. It excludes assets belonging to the 1950 895 1,571 60 1951 526 1,383 80 International Bank for Reconstruction and De- 1952... 550 2,156 86 velopment and the International Monetary Fund. It also excludes holdings of earmarked gold; these Tables Published Annually and Semiannually, with are shown as part of the table "Analysis of Latest BULLETIN Reference Semiannually Issue Page Changes in Gold Stock of United States," which Banking offices: appears under the general heading "International Analysis of changes in number of. . . Feb. 1953 181 On. and not on, Federal Reserve Par Financial Statistics" (page 565 of this issue). List, number of Feb. 1953 184 Annually One item in the table is the amount of United Bank suspensions Feb. 1952 135 States Government securities held in custody by the Earnings and expenses: Federal Reserve Banks Feb. 1953 182-183 Federal Reserve Banks for foreign correspondents, Member banks: Calendar year May 1953 536-546 which the Federal Reserve System recently began First half of year Oct. 1952 1159 to include as a memorandum item in the weekly Insured commercial banks May 1953 547 Banks and branches, number of, by press release on the Condition of the Federal class and State May 1953 548-549 Operating ratios, member banks Aug. 1952 937-939 Reserve Banks. Admissions of State Banks to Membership in the The statistics in the new table are supplemen- Federal Reserve System tary to, but not directly comparable with, those The following State banks were admitted to appearing in other tables of the section "Intermembership in the Federal Reserve System during national Capital Transactions of the United the period March 16, 1953 to April 15, 1953: States." The chief differences arise from the fact Arkansas that the new table reflects only changes in Fed- Batesville—The Citizens Bank. eral Reserve accounts, which are maintained for foreign central banks and governments but not for Iowa other foreign banks or individuals. Other tables Marshalltown—Security Savings Bank. 474 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled April 24 and released for publication April 28] Manufacturing and construction activity rose March to about the peak rate of early 1951 as acfurther in March and in April continued at ad- tivity in the chemical, rubber products, and food vanced levels. Retail sales remained well above a industries continued to expand. Output of most year ago, with auto sales up sharply from last year other nondurable goods was maintained. In the and most other lines showing substantial gains. first three weeks of April, beef production increased The average levels of wholesale and consumer prices further and, despite a decline in pork production, changed little. Demand for bank credit continued total meat output was estimated at 12 per cent above strong. a year ago. Output of crude petroleum and its products INDUSTRIAL PRODUCTION has been curtailed moderately beginning in March, The Board's index of output at factories and and coal output has been maintained at relatively mines increased two points further in March to low levels. 242 per cent of the 1935-39 average—a level one- CONSTRUCTION tenth higher than a year ago and one-fifth above Value of construction contract awards increased mid-1950. In April output has apparently been seasonally in March for most major categories. maintained close to this advanced level. Housing units started increased less than seasonally The rise in March reflected largely continued to 97,000 from 77,000 in February; a year earlier marked gains in output of metals and metal prod- 104,000 were started. Value of new construction ucts. Steel rose to a new record annual rate of work for private residential and nonresidential pur- 119.5 million tons. Owing mainly to recent sharp poses increased further in March. expansion in aluminum, nonferrous metals output was about 20 per cent above a year ago. Activity EMPLOYMENT in the automobile, aircraft, and machinery indus- Seasonally adjusted employment in nonagritries expanded further, and output of building cultural establishments in March continued at the materials was maintained in very large volume. record level of 49.1 million (revised series) and was While production of most household durable goods about 1.5 million above a year ago. Average rose in March, television production was cut as weekly earnings at factories advanced to $72.10 business stocks began to accumulate and, in April, in March—8 per cent larger than a year ago. output has been curtailed considerably further. Steel Unemployment declined seasonally to 1.7 million, production also has declined somewhat in April the lowest March level in the postwar period. owing to temporary factors. PRICES AND TRADE Output of nondurable goods rose further in WHOLESALE PRICES INDUSTRIAL PRODUCTION Per Cent, Fhysicol Volume, Seasonally Adjusted, 1935-39 = 100 Seasonally adjusted series except for prices. Price indexes compiled by Bureau of Labor Statistics. Total retail sales and disposable personal income, Federal Reserve indexes based on 1949 1950 1951 1952 1953 1949 1950 1951 1952 1953 Department of Commerce data. Department store trade, Fed- Federal Reserve indexes. Monthly figures, latest shown are eral Reserve indexes. Monthly figures, latest shown are for for April. March. MAY 1953 475 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS DISTRIBUTION declined further as a result of continued large de- Department store sales in March and the first clines in holdings of Government securities. Sates three weeks of April remained above year-ago finance companies and trade concerns increased levels and close to the level of the two preceding their outstanding bank loans. "Other loans," remonths, after allowances for Easter and other sea- flecting in large part consumer spending, consonal influences. In March, seasonally adjusted tinued to expand substantially at weekly reporting sales at other retail outlets continued substantially banks. Bank loans on real estate and investments higher than a year ago. Sales of new and used in municipal and corporate securities also rose cars were up sharply from March last year. Stocks further. Commodity dealers and food processors at department stores rose less than seasonally in continued to repay seasonal borrowings. March, according to preliminary estimates, and Interest rates charged by commercial banks on were only moderately larger than a year ago. short-term business loans averaged 3.54 per cent in the first half of March, as compared with 3.51 COMMODITY PRICES per cent in the first half of December. Average The average level of wholesale prices declined rates rose somewhat at banks in the south and slightly from the latter part of March to the latter west but showed little change elsewhere. part of April. At the end of March, future prices Member bank reserve positions remained genfor grains, cotton, wool tops, hides, and rubber erally tight during the first three weeks of April. declined sharply for a day or two in response to Member bank borrowing from the Federal Reserve international developments. Decreases in spot averaged around 1J4 billion dollars, and excess prices were more moderate. While prices of most reserves around 600 million. of these commodities subsequently firmed, sharp decreases developed in the markets for nonferrous SECURITY MARKETS metals and steel scrap. Cattle prices changed little Yields on Treasury and other high-grade sefrom earlier lows despite a resumption of heavy curities advanced further during the first three marketings, and hog prices continued to show a weeks of April. Common stock prices declined to larger than seasonal advance. levels prevailing in the first half of November 1952. Consumer prices advanced .2 per cent in March On April 8 the Treasury announced a cash offerwith most groups of goods and services increasing ing of 1 billion dollars of 3 J4 per cent bonds of June somewhat, reflecting in part adjustments to the 1978-83 and also offered the bond in exchange for elimination of remaining price controls. Series F and G savings bonds maturing in 1953. BANK CREDIT The Treasury announced that the total of the Demand for bank credit continued strong in regular weekly bill issues would be increased about late March and the first half of April although total 1 billion dollars before the end of June. loans and investments at banks in leading cities STOCK MARKET COMMERCIAL LOANS MIMIER 1ANKS IN HADING CITIES Billions of Dollars SELECTED INDUSTRIES TOTAL OUTSTANDING C FR U O M M UL JU A N T E IV 19 E 51 CHANGE /METALS . FOODS and ,-. / ,4 COMMODITY- |V /\ DEALERS _ YIELDS \ •^ ^ 6 SALES FINANCE ~ I , _ 4 1950 1951 1952 1953 Prices, SEC index for 265 common stocks on 1935-39 base, converted to 1947-49 base by Federal Reserve. Volume, New Data reported by over 200 of the largest member banks. York Stock Exchange average; daily volume of trading. Yields, Metals include machinery and transportation equipment. Foods Moody's data for 200 common stocks. Prices and volume are include liquor and tobacco. Petroleum includes coal, chemicals, weekly, latest shown are for week ending Apr. 25. Yields are end rubber. Wednesday figures, latest shown are for April 29. monthly; latest shown are for April. 476 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 479-480 Federal Reserve Bank rates; margin requirements; reserve requirements 480-481 Reserves and deposits of member banks 482 Federal Reserve Bank statistics 483-485 Regulation V: guaranteed loans, fees, and rates 485-486 Bank debits and deposit turnover; Postal Savings System 486 Money in circulation 487 Consolidated statement of the monetary system; deposits and currency. . 488 All banks in the United States, by classes 489-491 All commercial banks in the United States, by classes 492-493 Weekly reporting member banks 494-495 Commercial paper and bankers' acceptances 496 Life insurance companies; savings and loan associations 497 Government corporations and credit agencies 498-499 Security prices and brokers' balances 500 Money rates; bank rates on business loans; bond and stock yields 501 Treasury finance 502-507 New security issues 508 Business finance 509-510 Real estate credit statistics 511-513 Statistics on short- and intermediate-term consumer credit 514-516 Business indexes 517-526 Merchandise exports and imports 526 Department store statistics 527-531 Consumers' and wholesale prices 532-533 Gross national product, national income, and personal income 534-535 Member bank earnings, 1952 536-547 Number of banks and branches in operation on December 31, 1952 . . . 548-549 Weekly reporting member banks-revised series, total for all leading cities 550-555 List of tables published in BULLETIN annually or semiannually, with references for latest data 474 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 arc 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. MAY 1953 477 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 /' Jf ^\/r \ ^A<fS-^\ L oolD *TOCK ^\ 15 15 10 10 TREASURY CASH AND DEPOSITS! 1944 1945 1946 1947 1948 1949 1950 1951 1952 30 I I I FEDERAL RESERVE CREDIT HOLDINGS OF U S GOVERNMENT SECURITIES • TOTAL 10 I FEDERAL RESERVE FLOAT TT . 4..H~ [ Jl '. o s DISCOUNTS AND ADVANCES 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 Wednesday figures, latest shown are for April 29. See page 479. 478 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 [Inmillions of dollars] Reserve Bank credit outstanding Deposits with F.R. Date T U o .S t . a l Go B v r o o t i u u . g t g h - h s t t ecu u r a m r H e n g i e e p r d t l n u i e e d t e r e r - - s c v o D a a a u i n n d n s c d - - t e s s Float ot A h l e l r1 Total s G t o o l c d k s r i t o c u e i a r u u n r n n e t r y c d n g - - y s - - M c o t c u i i i n l r o n a e - n - y T h c i r u o a n e r l s g a d y h s s - - T po r u d B s e r r e a i e a - m y t n s s e s e - k r m s v p b e F e o o e o i s t r g r i b h i n - a e b s l r a a j n n t y c k h j e a r s s n i e t r sc O s F o e t R e a e u r e h c r d a n - v e - - l t r e s re M s e e m r q v b u e R e i e b r r a - e l d b a 2 nc c E e e s x s s - 2 Wednesday 1952 Mar. 5 22,51422,514...... 384 981 523,88323,290 4,72628,464 1,296 670 600 295 78719,78719,166 621 Mar. 12 22,53022,519 357 886 523,77823,291 4,72628,452 1,296 639 566 275 78519,781 19,182 599 Mar. 19 22,82522,825 126 1,260 524,21623,292 4,72928,361 1,285 6 547 195 80321,03819,627 1,411 Mar. 26 22,52822,528 170 710 523,41323,291 4,73128,329 1,282 7 545 191 80420,27619,500 776 Apr. 2 22,51422 514 130 761 52340923291 4 73628 445 ]281 295 565 211 82719,812 19166 646 Apr. 9 22,49422,494 167 726 523!39323,'293 4\i3628[526 1!273 381 562 201 82719,65219076 576 Apr. 16 22,46722,467 622 1,015 524,10923,293 4,73728,436 1,288 520 576 277 82520,21819225 993 Apr. 23. . . 2.2,37222,372 830 766 523,97323,295 4,73828,333 1,287 877 538 271 82419,87519087 788 Apr. 30 22,36322,363 676 588 523,63223,297 4,73928,460 1,284 450 518 266 74919,94019143 797 May 7. . .2 2.,32922,329 1,043 690 524,06723,297 4,73928,523 1,286 749 497 265 74720,03419071 963 May 14. . .2 2.,31522,315 671 774 523,76423,297 4,73928,497 1,293 516 539 257 74519,95319092 861 May 21 22,28322,283 499 1,008 523,79423,298 4,73928,483 1,279 384 572 241 74520,12719181 946 May 28 22,27322,273 816 648 523,74223,296 4,74128,710 1,286 558 597 216 74519,66719217 450 June 4. . .2 2.,37822,273 105 926 770 524,07923,296 4,74728,842 1,282 527 608 216 74219,90619207 699 June 11 22,49222,273 219 834 798 524,12823,297 4,75028,830 1,284 507 623 211 74219,97819226 752 June 18 22,99722,913 84 541 1,284 524,82823,297 4,75128,787 1,286 9 600 168 79421,23219736 1,496 Jane 25....22,56422,564 307 877 523,75323,346 4,75228,814 1,290 134 595 218 79320,00619621 385 July 2 22,86922,764 105 480 801 524,15523,346 4,75529,180 1,277 90 576 184 79820,15320104 49 July 9. . .2 2.,86022,645 215 683 918 524,46523,347 4,75429,148 1,264 38 638 268 79920,41320008 405 July 16. . .2 2.,72322,605 118 974 969 524,67123,348 4,75628988 1,271 307 700 288 79720,422 19973 449 July 23 22,72622,576 150 1,073 871 424,67423,350 4,75628 884 1,275 482 766 250 79720,32619875 451 July 30 22,84422,602 242 1,403 655 524,90723,350 4,76128 952 1,286 605 785 257 72420,40919829 580 Aug. 6 22,97722,891 86 843 616 424,44023,350 4,76329041 1,279 270 727 255 72220,26019675 585 Aug. 13 23,051 23,032 19 770 727 524,55323,344 4,76429051 1,277 422 864 193 71820,13619692 444 Aug. 20 23,03223,032 979 795 424,81023,344 4,76629068 1,281 526 839 218 72120,26719652 615 Aug. 27 23,09223,055""37 897 610 424,60323,344 4,76829 129 1,276 707 849 235 72119,79719643 154 Sept. 3 23,18223,116 66 968 661 524,81623,344 4,77429 391 1,285 715 815 251 71719 76019511 249 Sept.10 23,22923,116 113 880 759 524,87223,344 4,77629 364 1,279 347 789 159 71520,34019549 791 Sept.17. . .2 3.,74023,740 313 1,191 425,24923,344 4 78029 292 1,281 6 821 177 7292106719957 1,110 Sept.24 23,71523,715 400 738 424,85723,343 4 78129 247 1,274 264 728 161 72620,581 19901 680 Oct. 1. . .2 3.,69423,694 544 721 424,96323,342 4 78729 417 1,287 523 722 162 88220,09819 762 336 Oct. 8 23,66323,663 1,019 698 425,38423,341 4,78729 545 1,280 596 723 249 88020,23919567 672 Oct. 15. . .2 3.,663 23,663 772 887 425,32523,341 4 78729 617 1,276 212 675 179 88120 61320 089 524 Oct. 22. . . 2.3,66323,663 1,130 1070 42586723340 4 79029 511 1281 618 684 245 87820 77920 128 651 Oct. 29. . . 2.3,62423,624 1,171 '706 425[50523[340 4 79029 540 1,'289 588 655 236 87720 44919975 474 Nov. 5 23,52023,495 25 1,663 528 425,71423,339 4 79429 748 1,278 789 643 250 80520 33419884 450 Nov.12 23,56723,492 75 1,583 542 425,69623,338 4 79429 905 1,282 505 639 244 80520 44719906 541 Nov.19 23,56323,502 61 1,486 1,140 326,19323,337 4 79729 842 1,292 703 691 258 80320 73820 073 665 Nov.26 23,761 23,612 149 1,615 921 426,30123338 4 79730 152 1,267 317 711 270 80120 91720 409 508 Dec. 3 23,96823,712 256 1,591 1,188 326,75123337 480330 274 1,278 719 734 147 80020 93920 371 568 Dec. 10. . . 2.4,239 ^^ 787 452 1752 866 42686023337 480430 370 1280 645 720 316 80220 86820 288 580 Dec. 1.7....24,46923,914 555 1,022 1,543 427,'O3923'277 480630 487 1^269 371 729 208 86021 19820 582 616 Dec. 24 24,61323,997 616 1,728 1,515 427,86023186 480930 732 1,266 665 729 201 86321 40020 531 869 Dec. 31 24,69724,034 663 156 967 425,82523187 481230 433 1,270 389 550 455 7771995020 520 -570 195J Jan. 7 24,391 24,034 357 1,336 965 426,69523 137 481430 153 1,280 622 570 343 77620 90220 309 593 Jan. 14 24,205 24,034 171 1,076 881 426,16623 137 481429 884 1,280 455 699 364 77620 66020 274 386 Jan. 21.... 24,03424,034 862 1005 425,90423 088 481429 687 1,291 343 622 348 77420 74120 255 486 Jan. 28 23,97023,970 1,307 728 426,00923 036 481529 592 1,298 745 612 337 77520 502 20 095 407 Feb. 4 23,98923,888 101 1,385 770 4'26,14822 935 482029 657 1,331 672 562 326 77020 58419956 628 Feb. 11 23,92923,888 41 1329 649 4|25,91222 832 482029 776 1,312 431 558 340 77020 37619894 482 Feb. 18 23,89023,888 2 732 023 4!25,64822 722 482129 654 1,288 395 458 244 83520 31819979 339 Feb. 25. ...23,85323,853 806 743 425,40622 662 482129 735 1,291 389 454 211 8341997519 791 184 Mar. 4. ...23,85323,853 824 1062 425,74222 662 4 82429 772 1,295 488 512 240 83020 09019840 250 Mar. 11 23,85323,853 1315 770 425,94122 611 482429 780 1,299 331 581 345 82920 21219821 391 Mar. 18 23,963 23,963 1009 1202 426,17822 612 482629 708 1,305 8 496 381 85220 86520,002 863 Mar.25 23,86923,869 705 810 425,38722 562 482629 600 1,306 7 511 351 85220 14819,854 294 Apr. 1. ...23,80623,806 465 748 42502322 563 482729 754 1,304 286 550 344 86919305 19,518 -213 Apr. 8 23,80623,806 908 709 425,42722 562 482829 780 1,300 329 568 343 86819629 19,472 157 Apr. 15 23,821 23,806 "15 868 856 425 54922 562 483329 753 1,278 341 574 200 86519932 19,560 372 Apr. 22 23,80623,806 842 743 425 39522 562 483429 722 1,279 509 585 356 86419476P19,488 p-12 Apr. 29.... 23,80623,806 837 581 32522722 562 483629 787 1,278 367 518 401 78419489P19.457 P32 End of month 1952 Apr. . 22,36323 363 676 588 52363223 298 4 73928464 1281 450 518 266 7491994019,143 797 May 22,27322,273 952 922 52415223 296 4 74828'767 1',274 541 599 495 7431977819,187 591 June 22,90622,764 "142 59 581 52355123 346 4 75429,026 1,283 333 548 298 7831938119,573 -192 July. 22,85322,602 251 1270 694 52482123 350 4,76228,978 1,281 638 724 267 7232032319,828 495 Aug. 23,14623,092 54 1318 747 42521623344 4,77629,293 1,269 488 812 345 7182041119,576 835 Sept. 23,69423,694 477 572 52474723342 4,78629,419 1,278 508 707 174 7232006619,747 319 O N c o t v . . 2 23 3 , 8 5 2 7 1 52 23 3 , 6 4 1 9 2 5 2 8 0 0 9 1 15 8 9 9 1 5 10 6 2 8 0 5 4 42 2 5 6 8 7 5 4 5 0 2 2 3 33 3 3 3 8 9 4 4fJ8 7 0 9 2 5 3 2 0 9 , , '2 6 3 4 6 4 1 1 , 2 2 6 68 1 3 7 7 7 8 0 6 7 4 5 2 8 2 2 9 4 8 5 8 8 0 0 1 5 2 2 1 06 1 1 4 6 92 9 0' ,9 3 9 5 6 4 6 79 2 5 0 Dec. 24,69724,034 663 156 967 42582523,187 4,81230,433 1^270 389 550 455 77719]95020 i520 -570 1953 Jan.. 23,94423,888 56 1735 796 42647822,986 4,82029,691 1,308 809 586 508 7702061119,997 614 Feb.. 23,87523,853 23 1309 1006 42619422,662 4,82429,793 1,284 336 511 412 8332051119,796 715 Mar. 23,80623,806 485 632 32492722563 4,82929,754 1,293 222 536 342 8501932219,607 -285 Apr.. 23,88023,806 ' '74 1,014 649 325546P22.562j>4,839P29,836 PI,274 393 506 416 78319740P19,431 P309 P Preliminary. For footnotes see following page. MAY 1953 479 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollars] Reserve Bank credit outstanding Deposits with F. R. Banks other than Member bank U.S. Govt. securities T u re ry as- Money Treas- re m se e r m ve b e b r a b la a n n c k es O F t e h d e - r reserve balances p D er o a i r t o e d Total B r o o ig u u h g t- h t t u r c a H e n h g p e d a r l u e s e d e e r r - - v c D o a a a n n u i d s c d n - - e ts s Float ot A he ll r1 Total s G to o c ld k s r t c o e a i u n n u n r c g t d - - y - c t c u i i i o n l r n a - - h c i u o n a r g l s y d h s - T p u o d re r e s y - a it s s - p F e o d i o g e s r - i n - ts O p d o th e s - i e t r s c s o e R e a r u r c e a v n - - l e ts Total qu R ir e e - d2 c E es x s - 2 ment End of month: 1929—June. 216 148 68 1,037 52 ,400 4,037 2,019 4,459 204 36 6 21 374 2,356 2,333 23 1933—June. 1,998 1,998 164 4 ,220 4,031 2,286 5,434 264 35 15 151 346 2,292 1,817 475 1939—Dec. 2,484 2,484 7 91 ,593 17,644 2,963 7,598 2,409 634 397 256 25111,653 6,444 5,209 1941—Dec. 2,254 2,254 3 94 ,361 22,737 3,247 11,160 2,215 867 774 586 29112,450 9,365 3,085 1945—Dec.. 24,262 19,410 4,852 249 578 25,091 20,065 4,,339 28,515 2,287 977 862 446 49515,915 14,457 1,458 1947—Dec. 22,559 22,559 85 535 23,181 22,754 4,56228,868 1,336 870 392 569 56317,899 16,400 1,499 1948—Dec. 23,333 23,333 223 541 24,09724,244 4,,589 28,224 1,325 1,123 642 547 590 20,479 19,277 1,202 1949—Dec.. 18,885 18,885 78 534 19,49924,427 4,59827,600 312 821 767 750 70616,568 15,550 1,018 1950—June. 18,331 18,331 43 326 18,70324,231 4,60727,156 298 950 1,158 273 77115,934 15,498 436 Dec. 20,778 20,725 53 67 1,368 22,21622,706 4,636 27,741 293 668 895 565 71417,681 16,509 1,172 1951—June. 22,982 22,932 50 53 1,002 24,04321,756 4,65527,809 281 317 870 392 76519,020 18,604 416 Dec. 23,801 23,605 196 19 1,184 25,009 22,695 4,709 29,206 270 247 526 363 746 20,056 19,667 389 1952—June. 22,906 22,764 142 59 581 23,551 23,346 4,75429,026 1,283 333 548 298 78319,381 19,573 -192 Dec, 24,697 24,034 663 156 967 25,825 23,187 4,81230,433 1,270 389 550 455 77719,95020,520 -570 Averages of daily figures Monthly: 1952—Apr. . 22,448 22,448 365 908 23,72623,293 4,737 28,459 1,278 549 551 324 81819,777 19,127 650 May. 22,308 22,308 573 818 23,70423,297 4,740 28,557 1,281 553 538 300 74519,767 19,139 628 June. 22,617 22,505 112 585 936 24,14423,308 4,75128,843 1,282 328 601 242 76720,140 19,431 709 July.. 22,798 22,617 181 1,092 890 24,78623,348 4,75629,028 1,270 306 681 279 79120,535 19,926 609 Aug.. 23,027 22,983 44 1,059 734 4 24,82423,346 4,765 29,088 1,276 501 785 259 720 20,306 19,657 649 Sept . 23,471 23,433 38 723 856 5 25,05523,343 4,77829,343 1,275 326 766 231 72120,514 19,736 778 Oct. . 23,657 23,644 13 1,093 927 4 25,68123,340 4,78829,555 1,276 550 688 253 87620,611 19,963 648 Nov. 23,638 23,527 111 1,577 954 ' 26,17223,338 4,79629,904 1,277 591 689 297 80320,744 20,087 657 Dec 24,400 23,876 524 1,633 1,262 27,29923,276 4,80630,494 1,271 569 745 290 83221,180 20,457 723 1953—Jan. . 24,202 24,011 191 1,372 1,008 26,58623,101 4,81429,920 1,280 552 611 405 77520,958 20,251 707 Feb.. 23,918 23,875 43 1,336 822 26,08022,797 4,821 29,718 1,299 500 526 336 80020,520 19,882 638 Mar. 23,892 23,878 14 1,220 909 4 26,02522,606 4,825 •29,752 1,296 244 530 378 84120,416 19,828 588 Apr. ,23,861 23,806 55 1,184 843 4 25,89222,562 4,83229,782 1,281 395 563 397 20,007 Week ending: Feb. 4.. 23,959 23,888 1,582 708 26,253 22,971 4.819 29,680 1,314 767 580 383 770 20,548 19,988 560 Feb. 11. 23,946 23,888 1,501 684 26,135 22,869 4.820 29,716 1,314 569 551 350 770 20,556 19,905 651 Feb. 18. .. .23,944 23,888 1,286 844 26,07822,773 4,821 29,736 1,297 401 527 321 I 20,592 19,902 690 Feb. 25 J23,852 23,852 1,106 981 25,94222,713 4,82129,690 1,281 443 483 334 836 20,409 19,828 581 Mar. 4 ^3,871 23,852 1,190 929 4 25,99422,662 4,82329,788 1,289 394 509 302 832 20,365 19,798 567 Mar. 11 123,852 23,852 1,429 865 26,15022,612 4,82429,805 1,294 424 551 368 830 20,314 19,758 556 Mar. 18. ... 23,923 23,868 1,318 1,085 26,32922,612 4,82529,797 1,297 286 563 403 839 20,581 19,948 633 Mar. 25. ... 23,985 23,985 939 892 4 25,81922,598 4,826 29,674 1,300 19 495 406 ! 20,49819,893 605 Apr. 1. . . .123,813 23,813 1,158 747 25,721 22,562 4,826 29,712 1,296 156 520 371 854 20,201 19,688 513 Apr. 8 |23,878 23,806 1,366 936 26,184 22,562 4,82829,826 1,297 410 568 532 86820,072 19,505 567 Apr. 15 123,87923,806 1,254 792 25,929 22,562 4,83029,787 1,280 358 551 357 86720,121 19,500 621 Apr. 22. .. .23,852 23,806 1,057 1,006 4 25,919|22,562 4,83429,766 1,273 396 583 295 86520,136 19,530 606 Apr. 29 i23,841 23,806 1,186 681 325,711 22,562 4,83529,744 1,274 432 559 410 85419,837 r 1 I R n e c v lu is d e e d s . m 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, 1935Dec. 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 Postal Savings deposits Other deposits payable: Regulation T: In 6 months or more For extensions of credit by brokers In 90 days to 6 months. . . and dealers on listed securities 50 75 50 In less than 90 days For short sales 50 75 50 Regulation U: NOTE.—Maximum rates that may be paid by member banks as For loans by banks on stocks 50 75 50 established by the Board of Governors under provisions of Regulation Q. Under this Regulation the rate payable by a member bank 1 Regulations T and U limit the amount of credit that may be exmay not in any event exceed the maximum rate payable by State tended on a security by prescribing a maximum loan value, which is a banks or trust companies on like deposits under the laws of the State specified percentage of its market value at the time of the extension; the in which the member bank is located. Maximum rates that may be "margin requirements" shown in this table are the difference between paid by insured nonmember banks as established by the F.D.I.C, the market value (100%) and the maximum loan value. effective Feb. 1, 1936, are the same as those in effect for member banks. Back figures.—See Banking and Monetary Statistics, Table 145, p. 504, and BULLETIN for March 1946, p. 295, February 1947, p. 162, and February 1953, p. 130. 480 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- Advances secured by Government tions other than member obligations and discounts of and Other secured advances banks secured by direct Federal Reserve Bank advances secured by eligible paper [Sec. 10(b)] obligations of the U. S. (Sees. 13 and 13a)1 (last par. Sec. 13) Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Apr. 30 beginning— rate Apr. 30 beginning— rate Apr. 30 beginning— rate Boston Jan. 20,1953 Jan. 20,1953 3 Jan. 20, 1953 New York... Jan. 16,1953 Jan. 16,1953 3 Jan. 16, 1953 Philadelphia. Jan. 16,1953 Jan. 16,1953 Jan. 16, 1953 Cleveland. . . Jan. 16,1953 Jan. 16,1953 Aug. 25, 1950 Richmond. . . Jan. 23,1953 Jan. 23,1953 3 4 Jan. 23, 1953 Atlanta Jan. 16,1953 Jan. 16,1953 3 Jan. 16, 1953 Chicago Jan. 16,1953 Jan. 16,1953 Aug. 13, 1948 St. Louis Jan. 16,1953 Jan. 16,1953 Jan. 12, 1948 Minneapolis. . Jan. 16,1953 Jan. 16,1953 3 2 Jan. 26, 1953 Kansas City. Jan. 16,1953 Jan. 16,1953 I* Jan. 16, 1953 Dallas Jan. 23,1953 Jan. 23,1953 Jan. 23, 1953 San Francisco Jan. 20,1953 Jan. 20,1953 Jan. 20, 1953 3 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. NOTE.—Maximum maturities. Discounts for and advances to member banks: 90 days for discounts and advances under Sections 13 and 13a of the Federal Reserve Act except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months, respectively, and advances secured by obligations of Federal intermediate credit banks maturing within 6 months are limited to maximum maturities of 15 days; 4 months for advances under Section 10(b). Advances to individuals, partnerships, or corporations under the last paragraph of Section 13: 90 days. Back figures.See Banking and Monetary Statistics, Tables 115-116, pp. 439-443. FEDERAL RESERVE BANK BUYING RATES ON MEMBER BANK RESERVE REQUIREMENTS ACCEPTANCES [Per cent per annum] [Per cent of deposits] Maturity R A a p t r e . 3 o 0 n In g i e n f n fe in c g t — be- Pre ra v t i e ous Net demand deposits * Time Effective date deposits 1- 90 days 2H Jan. 16, 1953 IK of change C re e s n e t r r v a e l Re c s i e ty rve Country me ( m al b l er 1 9 2 1 1 - - 1 1 2 8 0 0 d d a ay y s s 2 2 % M J J a a n n . . 1 1 6 6 , , 1 19 9 5 5 3 3 2V 8 b c a i n ty ks banks banks banks) NOTE.—Effective minimum buying rates on prime bankers' accept- 1917—June 21.. 13 10 a S n ta c t e is s t i p cs a , y a T bl a e b l i e n 1 d 1 o 7 ll , a p rs p . . 44 B 3 a - c 4 k 4 5 f . igures.—See Banking and Monetary 1 1 9 9 3 3 6 7 — — A M u a g r . . 16 1 . . . . 15 May 1. . 14 FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS AND COMMITMENTS UNDER SECTION 13B 1938—Apr. 16. . 22 K 12 OF THE FEDERAL RESERVE ACT Maturities not exceeding five years 1 1 9 94 4 2 1 — — A N u o g v . . 2 1 0 . . . . 2 2 4 6 20 14 [In effect April 30. 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 2 734 Sept. 24. . 22 3 734 Federal On discounts or 1949—May 1. . 15 2 7 Reserve purchases May 5. . 24 21 3 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 . 3 1 1 0 . . .. . . 20 1 1 3 4 3 2 6 6 loans 1 ments for which Re- ments Aug. 11. . institu- maining Aug. 16. . 12 25 tion is portion Aug. 18. . 23 19 obligated Aug. 25. . 22 18 Sept. 1. . 22 18 Boston 3-5^ 00 1951—Jan. 11.. 23 19 36 New York 3-534 (8) Jan. 16.. 13 26 Philadelphia. . . . 23^-5 (3) Jan. 25. . 24 20 Cleveland 2^-5 (3) Feb. 1. . 14 Richmond 234-5 00 A Ch tl i a c n ag ta o 2 2 H K - - 5 5 23^ () -5 () In effect May 1, 1953 « 20 14 S D S K M a t a a . i n l n n l L s n a F o a s e r s u a a i p s n C o c i l t i i y s s. c . o . . . . . . . . . 3 3 3 2 - - M - 5 5 5 3 3 -5 4 4 2-2 (2 3 ) 4 A i ( n a u l 1 s p g o D r . o e c m 2 m e 3 i s , n a s u n 1 o s d 9 f 3 w d c 5 e o a , p r ll o h e l s a c o i v t t a i s e o n n s b u a a e b n e n j d n e d c s t d t e o e r t t o i m e a s l a r e n d E s d e e r m b b v a o e a l n n a r d d n e c q a e d u s c e i c r p d e o o u m u s e n i e t t f n s s r t o s m d m , u i w r n d i h u n o i s g m c h c e t a s h b s t e i e h c g p i b i n e t a n r e i n i m o n k d s g s 3-534 Apr. 13, 1943-June 30, 1947). 2 Requirement became effective at country banks. 1 Including loans made in participation with financing institutions. 8 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. 8 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. MAY 1953 481 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 banks1 New Chi- banks banks1 banksJ New Chi- banks banks1 York cago York cago Total reserves held: Excess reserves: 1952—January 20,469 5,335 1,347 7,967 5,819 1952—January 933 90 -1 200 643 February 19,995 5,209 1,305 7,757 5,723 February 695 5 -3 136 557 March 20,207 5,358 1,321 7,817 5,711 March 885 92 10 209 574 1953—January 20,958 5,184 1,379 8,277 6,118 1953—January 707 5 -6 119 589 February 20,520 5,050 1,356 8,082 6,031 February 638 14 -3 95 531 March 20,416 5,089 1,366 8,014 5,947 March 588 16 3 87 482 Mar. 18 20,581 5,148 1,382 8,049 6,001 Mar. 18 633 30 4 71 528 Mar. 25 20,498 5,118 1,372 8,063 5,946 Mar. 25 605 8 -2 112 487 Apr. 1 20,201 5,069 1,306 7,979 5,848 Apr. 1 514 30 -9 86 407 Apr. 8 20,072 4,970 1,287 7,901 5,914 Apr. 8 567 -12 5 89 485 Apr. 15 20,121 4,959 1,313 7,908 5,941 Apr. 15 621 26 -1 87 509 Apr. 22 20,135 4,955 1,306 7,907 5,967 Apr. 22 P604 6 -1 72 P527 Borrowings at Federal Required reserves: Reserve Banks: 1952—January 19,536 5,245 1,348 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 March 19,323 5,266 1,311 7,608 5,137 March 307 19 82 149 57 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 March 19,828 5,073 1,362 7,926 5,466 March 1,202 211 277 559 154 Mar. 18 19,949 5,118 1,378 7,979 5,473 Mar. 18 1,299 281 299 573 146 Mar. 25 19,893 5,109 1,374 7,951 5,459 Mar. 25 924 157 235 401 131 Apr. 1 19,688 5,039 1,315 7,893 5,441 Apr. 1 1,141 217 299 462 163 Apr. 8 18,505 4,982 1,282 7,812 5,429 Apr. 8 1,348 419 223 566 140 Apr. 15 19,500 4,934 1,313 7,821 5,432 Apr. 15 1,235 412 85 558 180 Apr. 22 ^19,530 4,949 1,306 7,835 P5,440 Apr. 22 1,044 183 96 678 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 March 1953 March 1952 Gross demand deposits: Total 106,716 22,601 5,996 41,221 36,899 103,660 23,337 5,739 39,605 34,979 Interbank 11,998 3,830 1,158 5,916 1,094 12,077 3,943 1,176 5,851 1,107 Other 94,719 18,771 4,838 35,305 35,805 91,584 19,395 4,562 33,754 33,872 Net demand deposits2 93,341 20,554 5,385 35,579 31,824 90,827 21,434 5,179 34,273 29,941 Time deposits3 33,857 2,339 1,167 13,512 16,839 31,488 2,034 1,140 12,552 15,762 Demand balances due from domestic banks... 5,923 51 103 1,862 3,907 6,056 57 102 1,927 3,970 Reserves with Federal Reserve Banks: Total 20,416 5,089 1,366 8,014 5,947 20,207 5,358 1,321 7,817 5,711 Required 19,828 5,073 1,362 7,926 5,466 19,323 5,266 1,311 7,608 5,137 Excess 588 16 3 87 482 885 92 10 209 574 Borrowings at Federal Reserve Banks 1,202 211 277 559 154 307 19 82 149 57 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. 3Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report. 482 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 Apr. 29 Apr. 22 Apr. 15 Apr. 8 Apr. 1 Apr. Mar. Apr. Assets Gold certificates 20,633,099 20,628,104 20,628,102 20,614,103 20,619,101 20,633,103 20,619,103 21,412,253 Redemption fund for F. R. notes. . 752,619 755,339 758,166 747,167 748,135 750,029 748,134 693,428 Total gold certificate reserves. 21,385,718 21,383,44321,386,26821,361,270 21,367,236 21,383,13221,367,23722,105,681 Other cash 350,094 353,330 354,121 351,456 361,138 354,872 370,502 363,292 Discounts and advances: For member banks 818,350 823,679 849,861 890,438 447,054 995,100 467,239 653,260 For nonmember banks, etc.. 18,500 18,500 18,500 17,500 18,000 18,500 18,000 23,000 U In . d S u . s t G ri o a v l e l r o n a m ns ent securities: 3,476 3,481 3,553 3,623 3,579 3,460 3,653 5,158 Bought outright: Bills 514,754 514,754 514,754 514,754 514,754 514,754 514,754 Certificates: Special Other 4,995,716 4,995,716 4,995,716 4,995,716 4,995,716 4,995,716 4,995,716 11,659,306 Notes 13,773,671 13,773,671 13,773,671 13,773,671 13,773,671 13,773,671 13,773,671 5,568,073 Bonds 4,521,975 4,521,975 4,521,975 4,521,975 4,521,975 4,521,975 4,521,975 5,135,823 Total bought outright 23,806,116 23,806,116 23,806,116 23,806,116 23,806,116 23,806,116 23,806,116 22,363,202 Held under repurchase agreement 15,000 74,000 Total U. S. Government securities. 23,806,116 23,8 5,11623,821,116 23,806,116 23,806,116 23,880,116 23,806,116 22,363,202 Total loans and securities 24,646,442 24,651,776 24,693,030 24,717,677 24,274,749 24,897,176 24,295,008 23,044,620 Due from foreign banks 23 23 23 23 23 23 23 28 F. R. notes of other Banks.. . . 153,769 155,017 157,787 156,921 165,933 151,350 167,011 155,067 Uncollected cash items 3,607,190 3,908,996 4,567,183 3,593,340 3,991,227 3,518,032 ,766,936 3,326,466 Bank premises 49,561 49,667 49,647 49,546 49,351 49,533 49,362 44,649 Other assets 202,624 193,803 184,568 174,918 166,472 203,939 185,864 173,052 Total assets. 50,395,421 50,696,055 51,392,627 50,405,151 50,376,129 50,558,057 50,201,943 49,212,855 Liabilities Federal Reserve notes 25,556,131 25,496,728 25,534,398 25,559,767 25,563,00425,598,27925,560,203 24,332,276 Deposits: Member bank—reserve accounts.. 19,489, 19,475,69419,932 07619,629,31019,305,35419,739,78419,322,12319940,266 U. S. Treasurer—general account. 367, 509,139 341 125 329,018 286,484 392,741 221,631 450,418 Foreign 518 584,652 574 447 567,943 549,963 505,675 535,610 518,184 Other 401 356,368 200 039 342,565 344,124 416,499 342,009 266,349 Total deposits. . 20,776,306 20,925,853 21,047,687 20,868,836 20,485,925 21,054,699 20,421,373 21,175,217 Deferred availability cash items 3,026 ,166,051 3,711 2,884,524 3,242,860 2,869,182 3,135,168 ,738,727 Other liabilities and accrued dividends 20 19,260 18 16,775 16,350 19,391 17,734 17,330 Total liabilities. 49,379,695 49,607,892 50,311,262 49,329,902 49,308,139 49,541,55149,134,478 48,263,550 Capital Accounts Capital paid in 257,239 257,166 257,072 257,007 256,901 257,254 256,891 242,928 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 146,268 218,778 212,074 206,023 198,870 147,033 198,355 140,492 Total liabilities and capital accounts. 50,395,421 50,696,055 51,392,627 50,405,151 50,376,129 50,558,057 50,201,943 49,212,855 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent). . . . 46.2 46.1 45.9 46.4 45.8 46.5 48.6 Contingent liability on acceptances purchased for foreign correspondents 31,858 30,452 30,895 30,349 29,589 31,887 29,406 8,118 Industrial loan commitments 2,971 2,940 2,834 2,818 2,823 2,867 2,756 6,536 Maturity Distribution of Loans and U. S. Government Securities 1 Discounts and advances—total 836,850 842,179 868,361 907,938 465,054 1 013,600 485,239 676,260 Within 15 days 769,787 805,551 825,216 867,675 427,145 946,732 442,450 608,874 16 days to 90 days 67,025 36,587 43,125 40,241 37,882 66,830 40,848 67,386 91 days to 1 year 38 41 20 22 27 38 1,941 Industrial loans—total 3,476 3,481 3,553 3,623 3,579 3,460 3,653 5,158 Within 15 days 706 712 684 412 369 421 648 865 16 days to 90 days 1,103 1,285 1,399 1,694 904 1,164 556 786 91 days to 1 year 1,507 1,324 1,308 1,355 2,153 1,722 2,289 2,277 Over 1 year to 5 years 160 160 162 162 153 153 160 1,230 U. S. Government securities—total 23806,116 23,806,116 23 821,116 23,806,116 23,806,116 23 880,116 23 806,116 22 363,202 Within 15 days 237,250 232,554 285,504 315,504 229,200 300,750 75,500 16 days to 90 days 1415,270 ,419,966 382,016 ,337,016 ,423,320 415,270 577,020 441,856 91 days to 1 year 12,450,17512,450,17512,450,17513,314,57513,314,57512,460,67513,314,575 837,675 Over 1 year to 5 years 6,914,164 6,914,164 6,914,164 6,410,550 6,410,550 6,914,164 ,410,550 941,352 Over 5 years to 10 years 1,374,400 ,374,400 ,374,400 ,070,224 ,070,224 ,374,400 ,070,224 013,614 Over 10 years 1,414,857 ,414,857 ,414,857 ,358,247 ,358,247 ,414,857 ,358,247 128,705 1 Beginning Apr. 15, 1953, U. S. Government securities classified according to maturity date. During the period Jan. 3, 1951-Apr. 8, 1953, callable issues classified according to nearest call date. Securities held under repurchase agreement are classified as maturing within 15 days in accordance with maximum maturity of the agreements. MAY 1953 483 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON APRIL 30, 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 L S ou t. is M ap i o n l n is e- K C an it s y as Dallas F c S r is a a c n n o - Assets Gold certificates. 20,633,103 684,391 6,877,5361,180,4601,448,253 735,725 627,789 4,280i,.lll 513,812 307,962 854,893 558,9192,563,252 Redemption fund for F. R. notes. 750,029 62,843 72,761 58,430 82,966 78,742 62,448 126,822 51,099 26,195 40,617 29,704 57,402 Total gold certificate reserves.. 21,383,132 747,234 6,950,2971,238,8901,531,219 814,467 690,2374,406,933 564,911 334,157 895,510 588,6232,620,654 Other cash 354,872 24,967 59,823 23,325 29,192 22,092 31,554 69,941 19,549 7,312 12,524 15,714 38,879 Discounts and advances: Secured by U. S. Govt. securities. . . 993,374 38,170 139,155 53,150 110,600 82,800 35,290 192,615 77,780 71,950 103,914 28,200 59,750 Other 20,226 1,168 5,458 1,387 1,702 925 2,396 2,534 703 463 789 833 1,868 Industrial loans. . J 3,460 2,939 22 374 125 U. S. Government securities: Bought outright 23,806,116 1,658,437 5,228,6561,491,1922,312,3591,701,8041,515,210 3,478,5241,277,667 722,224 945,341 1,149,3832,325,319 Held under repurchase agreement... 74,000 74,000 Total loans and securities 24,897,176 1,697,775 5,447,2691,548,668 2,424,6611,785,5511,553,2703,673,6731,356,150 794,762 1,050,0441,178,416 2,386,937 Due from foreign banks 23 1 2 1 1 3 1 1 1 1 2 F. R. notes of other Banks... 151,350 4,017 20,264 9,812 8,160 24,806 23,675 14,280 7,317 4,775 6,838 7,529 19,877 Uncollected cash items 3,518,032 277,746 636,987 239,405 312,718 270,600 260,944 575,281 156,325 94,073 190,511 161,008 342,434 O B t a h n e k r p a r s e se m ts ises... 20 4 3 9 , , 9 5 3 3 9 3 1 4 4 , , 7 7 8 2 1 6 43 7 , , 0 1 4 8 5 3 1 3 2 , , 9 61 4 6 3 1 4 9 , , 6 9 0 85 5 1 4 4 , , 9 6 1 3 0 5 1 3 3 , , 6 8 9 8 1 2 29 6 , , 3 7 0 9 7 6 1 2 0 , , 9 6 4 53 2 6 1 , , 1 04 1 2 4 2 8 , , 2 7 2 6 5 3 10,2 61 1 5 0 2 6 0, , 0 8 0 0 3 0 Total assets 50,558,057 2,771,247 13,164,875 3,076,6614,330,542 2,937,062 2,577,2548,776,2142,117,848 1,242,2362,166,416 ,962,1165,435,586 Liabilities F. R. notes 25,598,279 1,572,839 5,647,0851,819,6432,359,611 1,776,8551,379,5034,914,253 1,189,790 639,732 1,008,006 730,884 2,560,078 Deposits: Member bk.— reserve accts. 19,739,784 808,391 6,144,832 910,806 1,516,952 822,385 889,4373,175,775 710,241 458,451 926,340 999,2822,376,892 U. S. Treas — gen. acct.. . . 392,741 32,468 89,736 33,491 44,767 31,514 13,431 28,187 34,059 23,093 25,254 15,680 21,061 Foreign 505,675 31,409 2 142,654 38,618 47,371 25,745 22,141 70,541 19,566 12,872 19,566 23,170 52,022 Other 416,4991 6,761 348,775 2,402 4,370 2,548 1,817 5,095 7,837 1,913 5,981 1,234 27,766 Total deposits.. . 21,054,699 879,029 6,725,997 985,317 1,613,460 882,192 926,8263,279,598 771,703 496,329 977,141 1,039,3662,477,741 Deferred availability cash items 2,869,182 254,424 499,259 194,338 261,482 223,090 223,669 440,021 114,400 78,057 140,818 144,543 295,081 Other liabilities and accrued dividends 19,391 1,099 5,057 1,191 2,456 1,059 891 3,175 799 601 677 757 1,629 Total liabilities. . 49,541,551 2,707,391 12,877,3983,000,489 4,237,0092,883,1962,530,889 8,637,0472,076,692 1,214,7192,126,642 1,915,5505,334,529 Capital Accounts Capital paid in. . 257,254 13,793 81,291 17,478 24,625 11,184 10,893 32,919 8,896 5,785 9,786 12,659 27,945 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 147,033 10,590 31,364 10,627 13,838 10,085 8,907 20,191 8,111 5,528 6,926 7,219 13,647 Total liabilities and capital accounts 50,558,057 2,771,247 13,164,875 3,076,6614,330,5422,937,0622,577,254 8,776,2142,117,848 1,242,2362,166,416 1,962,1165,435,586 Reserve ratio 45.8% 30.5% 56.2% 44.2? 38.5% 30.6% 29.9? 53.8% 28.8% 29.4% 45.1% 33.3% 52.0% Contingent liability on acceptances purchased for foreign correspondents 31,887 1,944 3 9,423 2,390 2,931 1,593 1,370 4,365 797 1,211 1,434 3,218 Industrial loan commitments., 2,867 1,295 749 53 26 744 1 After deducting $16,000 participations of other Federal Reserve Banks. 8 After deducting $363,004,000 participations of other Federal Reserve Banks. 3 After deducting $22,464,000 participations of other Federal Reserve Banks. 484 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 dollarsl Wednesday figures End of month Item 1953 1953 1952 Apr. 29 Apr. 22 Apr. 15 Apr. 8 Apr. 1 Apr. Mar. Apr. F. R. notes outstanding (issued to Bank) 26,533,43126,514,568 26,555,56926,561,25726,543,38726,532 ,864 26,547,494 25,259,528 Collateral held against notes outstanding: Gold certificates 12,574,00012,624,00012,624,00012,624,00012,624,000 12,574,00012,524,00012,749,000 Eligible paper 452,028 416,531 499,904 524,356 225,628 610,478 257,553 505,472 U. S. Government securities 14,760,000 14,760,000 14,760,000 14,760,00014,760,000 14,760,00014,760,00013,625,000 Total collateral 27,786,028 27,800,53127,883,904 27,908,356 27,609,628 27,944,478 27,541,55326,879,472 EACH FEDERAL RESERVE BANK ON APRIL 30, 1953 [In thousands of dollars] Item Total Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap 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) 26,532,8641,638,240 5,844,5431,878,699 2,443,0691,868,9361,435,776 5,013,703 1,230,423 653,8251,037,762 764,7632,723,125 Collateral held: Gold certificates12,574,000 400,000 4,520,000 745,000 820,000 450,000 310,000 2.700,000 280,000 155,000 280,000 214,0001,700,000 Eligible paper.. 610,478 38,210 127,855 53,150 82,800 77,780 71,950 103,983 54,750 U. S. Govt. securities 14,760,000 1,300,000 1,500,0001,200,0001,700,0001,450,0001,200,000 2,400,000 1,025,000 505,000 800,000 580,0001,100,000 Total collateral.. 27,944,478 1,738,210 6,147,8551,998,150 2,520,0001,982,8001,510,000 5,100,000 1,382,780 731,9501,183,983794,0002,854,750 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS LOANS GUARANTEED THROUGH FEDERAL RESERVE BANKS UNDER REGULATION V, PURSUANT TO [Amounts in thousands of dollars] DEFENSE PRODUCTION ACT OF 1950 AND EXECUTIVE ORDER NO. 10161 Partici- Date (last A a p p p p li r c o a v ti e o d ns pr A ov P- 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 but not out- ments ing instior last day com- standing2 out- tutions Guaranteed loans Guaranteed Additional of period) N b u e m r - Amount ( p am le o te u d n 1 t) (amount) ( s a t m an o d u i n n t g )s (a ta m o n u o d t u i - n n g t) 3 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 UclLC under guar- 1 1 9 9 4 4 5 6 .... 3 3 , , 5 5 1 4 1 2 5 5 4 6 4 5 , , 9 9 6 1 1 3 4,5 3 7 2 7 0 1,9 5 9 5 5 4 8 1 , ,6 3 4 0 4 9 2 1, , 0 6 8 7 6 0 N b u e m r - Amount a T m o o t u a n l t g P u o t a e rt r e i a d o n n - a o n u t t m e s e t e a n a n g t d s r i e n e g - 1947 3,574 586,726 945 1,387 7,434 4,869 1948 3,607 615,653 335 995 1,643 1,990 1949 3,649 629,326 539 2,178 2,288 2,947 1950 1950 3.698 651,389 4.819 2,632 3.754 3,745 1951 3,736 710,931 3,513 4,687 6,036 11,985 Dec. 31... 62 31,326 8,017 6,265 8,299 1952 1951 Mar. 31... 3,741 725,787 108 5,296 6,467 10,474 Mar.31... 254 300,955 68,833 56,973 47,822 Apr. 30. .. 3,743 730,482 571 5,207 6,536 10,339 June 30. .. 484 654,893 252,100 209,465 276,702 May 31... 3,743 734,049 235 5,211 6,083 10,262 Sept.30... 729 1,154,942 492,167 400,652 450,013 June 30. .. 3,745 738,721 1,083 5,101 5,947 10,105 Dec. 31... 854 1,395,444 675,459 546,597 472,827 July 31. .. 3,746 743,629 1,589 4,624 6,184 9,814 Aug. 31. .. 3,750 748,451 M42 4,690 6,152 10,128 1952 Sept. 30. .. 3,750 752,042 1,370 4,496 6,327 9,978 Oct. 31... 3,751 757,277 1,601 4,311 3,720 7,174 Mar.31... 971 1,677,786 836,739 672,974 467,392 Nov. 30... 3,752 762,620 1,351 3,868 4,044 7,010 Apr. 30... 998 1,727,729 838,073 672,678 595,098 Dec. 31... 3,753 766,492 1,638 3,921 3,210 3,289 May 31... 1,023 1,787,755 870,174 695,814 601,752 June 30... 1,050 1,867,643 883,262 703,774 615,139 1953 July 31.. . 1,066 1,922,388 909,688 726,452 648.065 Aug. 31... 1,092 2,023,403 907,899 725,943 692,067 Jan. 31... 3,754 770,541 2,513 3,895 3,176 3,236 Sept.30... 1.113 2,052,327 922,129 736,833 656,995 Feb. 28. .. 3,755 773,013 1,185 4,054 2,816 3,234 Oct. 31. .. 1,130 2,069,697 993,856 811,132 591,762 Mar. 31... 3,756 776,461 1,188 3,678 2,756 3,193 Nov.30... 1,143 2,081,888 989,678 811,117 600,304 Dec. 31... 1,159 2,124,123 979,428 803,132 586,303 1 Includes applications approved conditionally by the Federal Re- 1953 serve Banks and under consideration by applicant. 2 Includes industrial loans past due 3 months or more, which are not Jan. 31... 1,173 2,147,953 984,295 808,986 578,061 included in industrial loans outstanding in weekly statement of con- Feb. 28... 1,188 2,170,443 999,794 822,257 548,916 dition of Federal Reserve Banks. Mar.31... 1,204 2,190,643 1,023,666 838,704 520,5'7 8 Not covered by Federal Reserve Bank commitment to purchase or discount. NOTE.—The difference between amount of applications approved and NOTE.—The difference between guaranteed loans authorized and the sum of the following four columns represents repayments of ad- sum of loans outstanding and additional amounts available to borvances, and applications for loans and commitments withdrawn or rowers under guarantee agreements outstanding represents amounts expired. repaid, guarantees authorized but not completed, and authorizations expired or withdrawn. MAY 1953 485 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 April 30] 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 G r n t u c i y o a n r a b o n y f t e F L e i o f n a e a n e ncing P I e n r s c t e i n tu ta ti g o e n o f on End of month a i n b to c a e r l s - s ' 1 Total d b C e t a o p i a n n r o s k y s h s i- G s U m e o t c v i . e e u e n S s r r t i n . - - r f e C u e s t n a e c d s r .* h v s, e 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—March 2,669 2,794 32 2,599 163 95 35 35 April 2,651 2,778 32 2,598 147 Over 95 40-50 40-50 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 August 2,586 2,758 34 2,554 170 Maximum Rates Financing Institutions May Charge Borrowers September. . . 2,572 2,766 33 2,554 179 [Per cent per annuml October 2,561 2,760 33 2,553 174 November 2,555 2,749 33 2,553 162 December.... 2,547 2,736 33 2.551 151 Interest rate Commitment rate. 1953—January P2.535 February.... P2.524 March P2.510 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] Debits to total demand and time deposit Annual rate of turnover of total accounts, except interbank accounts deposits except interbank deposits (old series) (old series) Year or month Total, all New 140 Other New Other reporting York other reporting York reporting centers City1 centers1 centers City centers 1947... ,125,074 405,929 599,639 119,506 21.0 11.9 1948... ,249.630 449,002 667,934 132,695 23.6 12.9 1949... ,231,053 452,897 648,976 129,179 24.1 12.4 1950... ,403,752 513,970 742,458 147,324 26.6 13.4 1951... ,577,857 551,889 854,050 171,917 26.9 14.5 1952... ,692,136 615,670 895,906 180,560 28.7 14.4 Debits to demand deposit accounts, Annual rate of turnover of demand except interbank and U. S. Government accounts' deposits except interbank and U. S. (new series) Government deposits (new series) Total, all New 6 Other New 6 Other reporting York other reporting York other reporting centers City centers 2 centers 3 City centers 2 centers 3 1952 1,643,130 597,815 349,904 695,411 34.4 24.1 18.4 1952—January 135,813 47,650 28,937 59,226 31.2 23.0 18.6 February 125,190 44,418 26,713 54,060 32.3 23.4 18.5 March 136,298 49,213 30,007 57,078 33.6 25.7 18.2 April 134,145 49,745 28,761 55,639 34.0 24.6 17.7 May 133,032 48,830 27,974 56,229 32.8 22.8 17.8 June 139,759 53,385 29,305 57,068 37.4 24.9 18.7 July 137,334 50,472 29,483 57,379 34.4 24.0 18.1 August 122,200 42,778 25,550 53,873 29.6 20.8 16.9 September 136,067 49,131 28,611 58,325 35.4 24.3 18.9 October 150,486 54,893 32,322 63,271 36.4 25.0 18.6 November 127,665 44,209 27,064 56,392 34.1 24.1 19.2 December 165,140 63,091 35,179 66,871 41.8 26.9 19.8 1953—January 145,986 52,048 31,660 62,278 34.3 23.9 18.4 February 129,320 45,749 28,126 55,445 35.1 24.4 18.8 March 153,503 53,898 35,339 64,266 37.1 28.3 19.3 1National series, now discontinued, for which debit figures are available 1919-52. 2Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los Angeles. 3In the new series there are 338 "other" reporting centers. (Old series included 193 centers, 1942-November 1947; 192, December 1947- 1950; and 201 beginning January 1951.) NOTE.—As described in the article on pp. 355-357 of the BULLETIN for April 1953 the monthly series of bank debits was revised beginning with figures for March 1953. Data for 1943-51 on the revised basis are being compiled and will be published later. 486 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 currency2 End of year or in cir- Unasmonth cula- sorted tion1 Total Coin 3$i $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1940 8,732 6,247 648 610 39 1,129 2,021 1,800 2,489 538 1,112 227 523 30 60 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1942 15,410 11,576 880 801 55 1,693 4,051 4,096 3,837 1,019 1,910 287 586 9 25 1943 20,449 14,871 1,019 909 70 1,973 5,194 5,705 580 1.481 2,912 407 749 9 22 1944 25,307 17,580 1,156 987 81 2,150 5,983 7,224 7,730 1,996 4,153 555 990 10 24 1945 28,515 20,683 1,274 ,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1946 28,952 20,437 1,361 ,029 67 2,173 6,497 9,310 8,518 2,492 438 783 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—March 28,473 19,937 1,637 ,113 65 016 6,165 8,940 8,537 2,496 ,140 349 540 4 8 April 28,464 19,936 1,651 .114 66 004 6,141 8,960 8,529 2,498 ,137 347 535 4 9 May 28,767 20,231 1,665 ,132 67 040 6,261 9,066 8,537 ,508 ,142 346 530 4 8 June 29,026 20,449 1,678 ,140 68 054 6,323 9,187 8,578 ,531 ,166 344 525 4 8 July 28,978 20,398 1,686 ,129 67 034 6,291 9,190 8,582 ,531 5,172 344 522 4 8 August 29,293 20,659 1,695 1,140 67 062 6,376 9,319 8,635 2,551 5,211 342 519 4 8 September.. . 29,419 20,739 1,705 1,164 68 070 6,368 9,365 8,682 559 5,252 342 517 4 8 October 29,644 20,897 1,722 1,175 68 074 6,405 9,453 8,749 2,577 5,304 342 514 4 8 November.. . 30,236 21,392 1,739 1,199 69 123 6,600 9,661 8,846 2,612 5,367 342 513 4 8 December. . . 30,433 21,450 ,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 ,721 1,157 69 2.051 6,359 9,442 8,894 2,634 5,399 341 508 4 February 29,793 20,918 .725 1,158 68 2,052 6,432 9,483 8,877 2,629 5,390 340 507 4 March 29,754 20,896 ,737 1,165 67 2,048 6,418 9,462 8,859 2,621 5,383 339 505 3 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. 3Paper currency only; $1 silver coins reported under coin. Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money in circulation * Money Total out- held by standing, As security For Federal Ma 1 r 9 . 5 3 3 1, g a o s g l i d a l v in e a r s n t d Tr c e a a s s h ury B R F a e n e d k se e s r r a v a n e l d B R a a n e g k s e e s n r t a v s n e d M 1 a 9 r. 5 3 3 1, Fe 1 b 9 . 5 2 3 8, Ma 19 r. 5 3 2 1, certificates agents Gold 22,563 21,404 21,159 Gold certificates. . . 21,404 18,552 2,816 37 37 38 Federal Reserve notes 26 547 72 1,154 25,321 25,410 24,147 Treasury currency—total 4,829 *2,363 63 371 4,396 4,346 4,288 Standard silver dollars 492 245 44 4 199 199 188 Silver bullion 2,118 2,118 Silver certificates and Treasury notes of 1890.. *2,363 297 2,066 2,028 2,031 Subsidiary silver coin 1,174 13 31 1,130 1,120 1,062 Minor coin 416 2 6 407 406 387 United States notes 347 3 30 314 312 315 Federal Reserve Bank notes 208 1 2 205 207 226 National Bank notes 75 (5) 1 74 75 78 Total—Mar. 31, 1953 (4) 23,767 1,293 18,552 4,340 29,754 Feb. 28, 1953 (4) 23,886 1,284 18,665 4,423 29,793 Mar. 31, 1952 (4) 24,484 1,277 19,300 4,259 28,473 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, totals by weeks in table on p. 479. 2Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890. 3To 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. MAY 1953 487 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 I Liabilities and Capital Bank credit Total assets, net— U. S. Government obligations Total i Capital Date Treas- liabil- ! Total and r c e u u n ry r c - y Total Lo n a e n t s, m C e o r m cia - l Federal O se t c h u e - r ca i a p t n i e d ta s l, I: c d u ea r p r no e ds n i c ts y co m a u i c n s - c ts . , Total and Reserve Other rities net net savings Banks banks 1929—June 29 4 037 2,019 58,642 41 082 5 741 5,490 216 26 11 ,819 64 608 i 55 776 8 922 1933—June 30 4 031 2,286 42,148 21 057 10 328 8,199 1 ,998 131 9,863 48 465 42 029 6 436 1939—Dec. 30 17 644 2,963 54,564 22 157 23 105 10,417 2,484 1 204 9,302 75 171 68 350 6 812 1941—Dec. 31 22 737 3,247 64,653 26 605 20 049 25,511 2,254 1 284 8,909 90,637 82 811 7 826 1945—Dec. 31 20 065 4,339 167,381 30 387 128 417 101,288 24,262 2 867 8,577 101.785 180 806 10 979 1947—Dec. 31 22 754 4,562 160,832 43 023 107 086 81,100 22.559 3 328 10,723 188 148 175 348 12 800 1948—Dec. 31 24 244 4,589 160,457 48 341 100 604 74,097 23,333 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 12,621 101 706 177 313 14 392 1950—Tune 30 24 231 4,607 164,348 51 999 98 709 77,320 18,331 3 058 13,640 193 186 178 568 14 618 Dec. 30 22 706 4,636 171,667 60 366 96 560 72,894 20.778 2 888 14,741 199 009 184 385 14 624 1951—June 30 .... 21 756 4,655 173,447 63 821 94 450 68,726 22,982 2 742 15,176 199 858 185 038 14 820 Dec. 31 22 695 4,706 181,323 67 597 97 808 71,343 23,801 2 664 15,918 208 724 193 404 15 320 1052—Mar.26 23 300 4,700 180,100 67 700 96 100 70,900 22 500 2 600 16,400 208 900 102 300 15 900 Apr. 30 23 300 4,700 179,900 68 100 95 200 70,200 22 400 2 600 16,600 207 900 192 200 15 700 May 28 23 300 4,700 180,600 68 500 95 300 70,500 22 300 2 600 16,800 208 700 192 900 15 800 Tune30 23 346 4,754 182,980 69 712 96 266 70,783 22 906 2 577 17,002 211 080 194 960 16 120 July 30 23 400 4,800 185,300 70 000 08 100 72,700 22 800 2 600 17,200 213 400 197 200 16 100 Aug. 27 23 300 4,800 185,300 70 500 97 300 71,700 23 100 2 600 17,500 213 400 197 000 16 400 Sept.24 23 300 4,800 186,500 71 600 97 600 71,300 23 700 2 600 17,400 214 600 197 900 16 700 Oct. 29 23 300 4,800 188,900 72 900 98 600 72,400 23 600 2 600 17,300 217 000 199 900 17 100 Nov. 26 23 300 4,800 191,500 74 300 90 000 73,600 23 800 2 600 17,300 219 600 202 700 16 900 Dec. 31 23 187 4,812 192,866 75 484 100 008 72,740 24 607 2 571 17,374 220 865 204 220 16 647 1953—Tan. 23 000 4,800 101,200 74 000 OS SOO 72,300 24 000 2 600 17,500 !210 000 202 1 00 16 000 Feb. 2 ,s v 22 700 4,800 100,300 75 000 0 7. 800 71 ,4 00 23 000 9 500 17,500 217 800 201 000 16 800 Mar. 9 ^ /» 1 1 600 4 ,800 100,200 76 100 06 ,400 70,000 23 000 500 17,800 217 6D0 i 2 00 600 17 000 Deposits and Currency U. S. Government balances Deposits adjusted and currenc Date Fo b r a e n i k gn At com- Time deposits:j Total dep n o e s t its, T c u r a e r s a y h s- m sa a e v n r i c n d i g a s l R Fe e d s H e e t r r v a e l Total d D ep em os a i n ts d 2 Total m C e o rc m ia - l M sav u i t n u g a s l S P a o v s in ta g l s o r u e t n s c id y e banks Banks banks banks* System banks j 1929—June 29 55 776 365 204 381 36 54,790 22 540 28,611 19,557 8,905 140 3 639 1933—June 30 42 029 50 264 852 35 40,828 14 411 21,656 10,840 Q,621 1 186 4 761 1939—Dec. 30 ... 68 359 1,217 2,400 846 634 63,253 29 703 27,050 15,258 10 523 1 278 6 401 1941—Dec. 31 82 811 1 .498 2,215 1 805 867 76,336 38 992 27,720 15,884 10 532 1 313 615 1945—Dec. 31 180 806 2,141 2,287 24 608 977 150,793 75 851 48,452 30,135 15,385 • 2 932 26,490 1947—Dec. 31 175 348 1,682 1,336 1 452 870 170.008 87 121 56,411 35,249 17,746 : 3 416 26,476 1948—Dec. 31 176,121 2,103 1 ,325 2 451 1,123 169 ,119 85,520 57,520 35,804 18,387 3 320 26 070 1949—Dec. 31 177,313 2,150 1,312 3,240 821 169,781 85,750 58,616 36,146 19,273 3 107 25 415 1950—Tune 30 178,568 2.555 1 ,208 3 801 950 169,964 85.040 50,730 36,710 10,923 3 007 25,185 Dec. 30 184 385 2,518 1 ,203 2 989 668 176,917 02.272 50,247 36,314 20 000 2 023 25,308 1951 —Tune 30 185,038 2,424 1 ,281 6 332 317 174,684 88,960 50,048 36.781 20,382 2 785 25,776 Dec. 31 193,404 2,279 1 ,279 3,615 247 185,984 98,234 61,447 37,850 20,887 i ~ 701 26,303 1952— A M p a r r . . 3 2 0 6 1 1 9 9 2 2 , , 3 2 0 0 0 0 2 2 , , 2 2 0 0 0 0 1 1 , , 3 3 0 0 0 0 4 5 , , 5 8 0 0 0 0 ( 5 5 0 ) 0 1 1 8 8 2 3 , , 9 8 0 0 0 0 9 0 4 5, , 1 8 0 0 0 0 6 6 2 2 , . 4 7 0 0 0 0 3 3 8 8 , , 5 6 0 0 0 0 2 2 1 1 , , 3 4 0 0 0 0 ; 2 2 ,7 7 0 00 0 2 2 5 5 , , 7 9 0 0 0 0 May 28 192,900 2,300 1 ,300 4,400 600 184,400 95,300 63,000 38,900 21,600 2,600 26.000 Tune30 194,960 2,319 1 ,283 6,121 333 184,904 94,754 63,676 39,302 21,755 2,610 26,474 July 30 197,200 2,600 1 ,300 7,000 600 185.800 05 ,700 63,800 30,400 21,900 2,600 26,200 Aug. 27 197,000 2 ,600 1 ,300 6,200 700 186,200 95,800 64,100 30,600 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 64,000 40,100 22,200 • 2,600 26,700 Nov. 26 202,700 2,500 1 ,300 7,000 300 191,600 90,400 64,800 40,000 22,300 i 2,600 27,400 Dec. 31 204,220 2,501 1 ,270 ^,250 380 104,801 101,508 65,700 40,666 22,586 2.54 7 27,404 1953—Tan. 28P 202,100 2 ,500 1 ,300 4,200 700 193,300 100.500 66, 100 40,700 22, 800 9,500 26,800 Feb. 25 P 201, 000 2 ,300 1 ,300 ,400 400 0] ,600 08 ,300 66 ,400 41,000 22,000 \ 2,500 26,000 Mar 25 P 200, 600 2 ,400 1 .300 , 800 <••) 101,000 07 , 400 U( ,800 41 ,200 2.5. 100 , 500 26, 000 p Preliminary. xTreasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund. 2Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 3Excludes 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. 5Less than 50 million dollars. The composition of a few items differs iks is included in "Other securities" ge 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. 488 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES * PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Figures partly estimated except on call dates. Amounts in millions of dollars] Loansand investments Deposits Investments Other Class of bank Cash Total Number and date Total Loans G U ov . e S rn . - Other assets 1 Total i b In an te k r - i a c c a c p o i u ta n l ts ba O n f ks Total ment secu- De- Time obliga- rities mand tions All banks: 1939—Dec. 30 50,884 22,165 28,719 19,417 9,302 23,292 68,242 9,874 32,516 25,852 8,194 15,035 1941—Dec. 31 61,126 26,615 34,511 25,511 8,999 27,344 81,816 10,982 44,355 26,479 8,414 14,826 1945—Dec. 31 140,227 30,362 109,865 101,288 8,577 35,415 165,612 14,065 105,935 45.613 10.542 14.553 1947—Dec. 31 - 134,924 43,002 91,923 81,199 10,723 38,388 161,865 13,033 95,727 53,105 11,948 14,714 1948—Dec. 31 133,693 48,174 85,519 74,097 11,422 39,474 161,248 12,269 94,671 54,308 12,479 14,703 1949—Dec. 31 140,598 49,544 91,054 78,433 12,621 36,522 164,467 12,710 96,156 55,601 13,088 14,687 1950— Dec. 30 148,021 60,386 87,635 72,894 14.741 41,086 175,296 14,039 104,744 56,513 13,837 14,650 1951—Dec. 31 154,869 67,608 87,261 71,343 15,918 45,531 185,756 15,087 111,644 59,025 14,623 14,618 1952—Mar. 26 155,280 67,990 87,290 70,920 16,370 40,230 180,140 13,200 106,890 60,050 14,770 14,606 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 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. 25v 164.580 75,630 88.950 71 .410 17,540 41 ,350 188,760 13,260 111 ,280 64,220 15,440 14,563 Mar. 25* 164,610 76,870 87,740 69,990 17,750 40,300 187,660 12,900 110,110 64,650 15,490 14,556 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 - 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—Mar. 26 132,530 57,840 74,690 61,120 13,570 39,380 158,810 13,200 106,860 38,750 12,340 14,077 June 30 134.437 59,233 75,204 61.178 14.026 40,702 162,348 13,512 109,222 39,614 12,601 14,070 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. 31 141,624 64,163 77,461 63,318 14,143 44,666 172,931 15,319 116,600 41,012 12,888 14,046 1953—Tan. 2S? 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. 25P 140,100 64.070 76,030 61,900 14,130 40,500 165,830 13,260 111,250 41,320 12,950 14,035 Mar. 25v 140,000 65,220 74,780 60,470 14,310 39,420 164,530 12,900 110,080 41,550 12,980 14,028 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 29,336 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—Mar. 26 112,030 49,524 62,506 51,227 11,279 34,631 135,587 12,623 91,852 31,112 10,319 6,829 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 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. 31 119,547 55,034 64,514 52,763 11 ,751 39,255 147,527 14,617 100,020 32,890 10,761 6,798 1953—Tan. 28? 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 Mar. 25P 117,894 55,864 62,030 50,117 11,913 34,704 139,911 12,308 94,320 33,283 10,839 6,776 All mutual savings banks: 1 19 9 4 3 1 9 — — D £) eecc . 3 31 0. 1 1 0 0, 3 2 7 1 9 6 4 4 , , 9 9 2 01 7 5 5, , 4 2 7 8 8 9 3 3 , , 1 7 0 0 1 4 2 1 , ,7 1 7 8 4 8 8 7 1 9 8 3 1 1 0 0 , , 5 5 2 3 4 3 3 6 1 1 0 0 , , 5 5 2 2 7 1 1 1 , , 2 3 4 0 1 9 5 5 5 4 1 8 1945—Dec. 31 16,208 4,279 11,928 10,682 1,246 609 15,385 14 15,371 1,592 542 1947—Dec. 31 2 18,641 4,944 13,696 11,978 1,718 886 17,763 1 17 17,745 1,889 533 1948—Dec. 31 19,395 5,686 13,709 11,476 2,233 878 18,405 1 17 18,387 1,999 532 1949—Dec 3i 20,400 6,578 13,822 11,428 2,394 873 19,293 20 19,273 2,122 531 1950—Dec. 30 . ... 21,346 8,137 13,209 10,868 2,342 797 20,031 22 20,009 2,247 529 1951—Dec. 31 22,259 9,862 12,398 9.819 2,579 886 20,915 2 26 20,888 2.407 529 1952—Mar. 26 22,750 10,150 12,600 9,800 2,800 850 21,330 2 30 21,300 2,430 529 June 30 23.091 10,509 12,582 9.606 2,976 966 21.782 2 26 21,755 2,438 529 Sept. 24 23,660 10,890 t2.77O 9,670 3.100 850 22,180 2 30 22,150 2,450 529 Oct. 29 23,760 11.060 12,700 9,540 3,160 820 22,270 2 30 22,240 2,460 529 Nov. 26 23,830 11,200 12,630 9,470 3,160 800 22,280 2 30 22,250 2,460 529 Dec. 31 24,003 11,349 12,654 9,422 3,231 918 22,621 2 33 22,586 2,479 529 1953—Tan. 28? 24,250 11,470 12,780 9,490 3,290 880 22,810 2 30 22,780 2,480 529 Feb. 25P 24,480 11,560 12,920 9,510 3,410 850 22,930 2 30 22,900 2,490 528 Mar. 25v 24,610 11,650 12,960 9,520 3,440 880 23,130 2 30 23,100 2,510 528 P Preliminary. • "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" with exception of three mutual savings banks that became members in 1941. Stock savings banks and nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability data are not available. Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc. 1 Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. For other footnotes see following two pages. MAY 1953 489 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES •—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of bank Cash Total Number and date Total Loans Total G o U m o b v l . e i e S g n r a . t n - - O s ri e t t c h ie u e s - r assets1 Total 1 b In an te k r - 1 m D a e n - d Time a c c a c p o i u ta n l ts ba o n f ks tions Central reserve city member banks: New York City: 1939—Dec 30 9,339 3,296 6,043 4,772 J .272 6,703 14,509 4,238 9,533 736 1,592 36 1941—Dec. 31 12,896 4,072 8,823 7,265 1,559 6,637 17,932 4,207 12,917 807 1,648 36 1945—Dec 31 26,143 7,334 18,809 17,574 1,235 6,439 30,121 4,657 24,227 1,236 2,120 37 1947—Dec. 31 20,393 7,179 13,214 11,972 1,242 7,261 25,216 4,464 19,307 1,445 2,259 37 194g—Dec 31 18,759 8,048 10,712 9,649 1,063 7,758 24,024 4,213 18,131 1,680 2,306 35 1 1 9 9 5 4 0 9 — — D D e e c c . 3 3 1 0 2 1 0 9 , , 6 5 1 8 2 3 9 7 , , 7 5 2 5 9 0 1 1 0 2 , , 8 0 8 3 3 3 1 8 0 , , 9 7 9 4 3 6 1 . , 8 28 9 7 0 6 7 , , 9 9 8 2 5 2 2 2 3 5 , , 9 6 8 4 3 6 4 4 , , 1 6 9 3 2 8 1 19 8 , , 2 1 8 3 7 9 1 , ,6 7 5 2 1 2 2 2, , 3 3 5 1 1 2 2 2 5 3 1951—Dec. 31 21,379 11,146 10,233 8,129 2,104 8,564 26,859 4,832 20,348 1,679 2,425 22 1952—Mar. 26 21,134 11,068 10,066 7,905 2,161 7,601 25,590 4,379 19,465 1,746 2,438 22 June 30 .... 21.710 11,268 10,442 8,212 2,231 8,135 26,745 4,639 20,311 1L.795 2.460 22 Sept 24 21,246 11,363 9,883 7,612 2,271 7,297 25,288 4,596 18,971 1,721 2,462 22 Oct. 29 21,283 11,680 9,603 7,518 2,085 7.267 25,111 4,388 19,011 .712 2,477 22 Nov. 26 21 696 11,973 9,723 7,695 2,028 7,818 26,108 4,440 19,884 1,784 2,476 22 Dec. 31 22,130 12,376 9,754 7,678 2,076 8,419 27,309 4,965 20,504 1,840 2,505 22 1953—Jan. 28? 21,233 12,127 9,106 7,012 2,094 6,994 24,817 4,437 18,601 1,779 2,508 22 Feb. 25 ? 21,049 12.112 8,937 6,840 2,097 7,224 24,769 4,367 18,589 1,813 2,525 22 Mar. 25P 21,185 12,335 8,850 6,717 2,133 7,227 24,942 4,292 18,773 1,877 2,520 22 Chicago: 1939—Dec 30 2,105 569 1,536 1,203 333 1 .446 3,330 RRR 1,947 495 250 14 1941—Dec. 31 2,760 954 1,806 1,430 376 1,566 4,057 ,035 2,546 476 288 13 1945—Dec. 31 5,931 1,333 4,598 4.213 385 1,489 7,046 ,312 5,015 719 377 12 1947—Dec. 31 5,088 1,801 3,287 2,890 397 1,739 6,402 ,217 4,273 913 426 14 194g—Dec. 31 4,799 1,783 3,016 2,633 383 1,932 6,293 ,064 4,227 1,001 444 13 1949—Dec. 31 5,424 1,618 3,806 3,324 482 1,850 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 5,731 2,468 3.264 2,711 552 2,196 7,402 ,307 4,952 1,143 513 13 1952—Mar. 26 5,747 2,409 3,338 2,798 540 1,884 7,058 ,275 4,651 1,132 513 13 June 30 5,664 2.380 3,284 2,721 563 I .899 7,027 ,182 4.681 1,164 530 13 Sept. 24 5,679 2,399 3,280 2,709 571 2,084 7,196 ,239 4,808 1,149 531 13 Oct 29 5,839 2,444 3.395 2,827 568 2,119 7,215 ,240 4.812 1,163 534 13 Nov. 26 6,112 2,592 3,520 2,933 587 2,120 7,368 ,221 4,981 1,166 537 13 Dec. 31. 6,240 2,748 3,493 2,912 581 2,010 7,686 ,350 5,132 1,205 541 13 1953—Jan. 28? 6,037 2,594 3,443 2,862 581 2,083 7,186 ,171 4,843 1,172 537 13 Feb. 25? 5,910 2,569 3,341 2,779 562 2,098 7,222 ,182 4,872 1,168 537 13 Mar. 25P 6,033 2,604 3,429 2,864 565 1,922 7,122 ,133 4,835 1,154 539 13 Reserve city member banks: 1939—Dec. 30 12,272 5,329 6,944 5,194 1,749 6,785 17,741 1L686 9,439 4.616 1,828 346 1941—Dec. 31 15,347 7,105 8,243 6,467 1,776 8,518 22,313 4,460 13,047 4,806 1,967 351 1945—Dec. 31. . . 40,108 8,514 31,594 29 552 2,042 11,286 49,085 6,448 32,877 9,760 2,566 359 1947—Dec 31 36,040 13,449 22,591 20,196 2,396 13,066 46,467 5,649 29,395 11,423 2,844 353 1948—Dec. 31 35,332 14,285 21,047 18,594 2,453 13,317 45,943 5,400 29,153 11,391 2,928 335 1949—Dec. 31 38,301 14,370 23,931 20,951 2,980 12,168 47,559 5,713 30,182 11,664 3,087 341 1950—Dec. 30 40,685 17,906 22,779 19,084 3,695 13,998 51,437 6,448 33,342 11,647 3,322 336 1951—Dec. 31 42,694 19.651 23,043 19,194 3.849 15,199 54,466 6,976 35.218 12,272 3,521 321 1952—Mar. 26. 42,435 19,511 22,924 18,934 3,990 13,611 52,328 5,875 33,998 12,455 3,565 320 June 30 43.091 19.745 23.346 19.123 4,223 13.925 53,425 5.908 34,764 12,754 3,663 319 Sept 24. 44,163 20,730 23,433 19,113 4,320 14,086 54,013 6,226 34,861 12,926 3,675 319 Oct. 29 45.381 21,276 24,105 19,761 4,344 14,004 54,766 6,289 35.422 13,055 3,711 319 N De o c v . 3 2 1 6 4 4 6 5 , , 1 5 0 8 4 3 2 2 1 1 , , 6 62 9 7 7 2243,,487876 2 1 0 9 , , 1 6 2 2 7 4 4 4, , 2 3 6 5 2 0 1 15 4 , , 5 5 4 8 4 5 5 5 7 5 , , 3 9 5 2 7 3 6 r . . 2 o 7 o 8 i 3 37 6 , , 0 6 9 0 5 4 1 13 3 , , 2 0 6 4 1 1 3 3 , , 7 74 2 5 0 3 31 1 9 9 1953—Jan. 28 P 45,533 21,680 23,853 19,543 4,310 13,898 54,893 (3,104 35,499 13,290 3,742 320 Feb. 25? 45,271 21,801 23,470 19,161 4,309 14,152 54,912 >,991 35,551 13,370 3,762 322 Mar. 25? 45,085 22,274 22,811 18,439 4,372 13,848 54,527 5,831 35,298 13,398 3,780 322 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. 12,518 5,890 6,628 4,377 2,250 6,402 17,415 822 10,335 6,258 1,982 6,219 1945—Dec 31 35,002 5,596 29,407 26,999 2,408 10,632 43,418 1.223 29,700 12,494 2,525 6,476 1947—Dec. 31 36,324 10,199 26,125 22,857 3,268 10,778 44,443 1,073 28.810 14,560 2,934 6,519 1948—Dec. 31. , 36,726 11,945 24,782 21,278 3,504 11,196 45,102 964 29,370 14,768 3,123 6,535 1949—Dec. 31 38.219 12,692 25,527 21,862 3,665 10,314 45,534 1,001 29,771 14,762 3,305 6,513 1950—Dec. 30 40,558 14,988 25,570 21,377 4,193 11,571 48,897 1,133 32,899 14,865 3,532 6,501 1951—Dec. 31 42,444 16,296 26.148 21.587 4.561 13,292 52,288 1,309 35.449 15,530 3,760 6,484 1952—Mar. 26 42,714 16,536 26,178 21,590 4,588 11,535 50,611 1,094 33,738 15,779 3,803 6,474 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 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 Mar. 25? 45,591 18,651 26,940 22,097 4,843 11,707 53,320 1,052 35,414 16,854 4,000 6,419 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 490 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Amounts in millions of dollars] Loans and investments Deposits Investments Other Cla a s n s d o d f a b te ank Total Loans Total G o m U b ov l . e i e g n S r a t . n - - O s r e i t t c h i u e e s - r a C ss a e s t h s » Total * b In an te k r ^ - m D a e n - d - Time a c c T a c p o o t i u t a a n l l ts N b u a m o n f k be s r 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 \ . 502 194S—Dec. 31 .... 37.871 8 850 29.021 27.089 1,933 9,731 44,730 4,411 32,334 7.986 2,945 ,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 ,918 1950—Dec. 30 35,334 15,521 19,813 16,778 3,035 11,762 43,808 4,315 30 055 9,438 3,381 915 1951—Dec. 31 36,992 17,243 19,748 16,558 3,191 13,301 46,843 4.637 32.491 9,715 3,565 1,901 1952—June 30 37.466 17.472 19.994 16.657 3.337 12.119 46,049 4.227 31.914 9.908 3,647 890 Dec. 31 39,367 19,030 20,337 16,928 3,409 12,922 48,553 4,699 33,658 10,196 3,719 ,889 Insured nonmember commercial banks: 1941—Dec. 31 5,776 3,241 2,535 1,509 1,055 2,668 7,702 129 4,213 3,360 959 (S.810 1945—Dec. 31 14,639 2.992 11.647 10.584 1.0C3 4,448 18,119 244 12,196 5.680 1,083 (S.416 1947—Dec. 31 16,444 4,958 11,486 10,039 1,448 4,083 19,340 266 12,515 6,558 1,271 tS.478 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—Tune 30 19.073 8.210 10,863 8.867 1.996 4.215 21.606 289 13,867 7.450 1,757 6,62? 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. 3V 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 L.288 7,662 1945—Dec. 31 16,849 3.310 13,539 12,277 1.262 4.962 20,571 425 14,101 6,045 1.362 7,130 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 7,261 1950—Dec. 30 19.267 7,550 11,718 9,672 2,040 4,767 22,193 591 14,417 7,184 1,897 7.251 1951—Dec. 31 20,380 8,192 12,189 9,914 2.275 5,395 23,843 661 15,650 7,533 L.999 7,252 1952—Tune 30 . ... 20.954 8.714 12.240 9.928 2.312 4.658 23,598 700 15.052 7.846 ?.O77 7.258 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: 1 1 9 9 4 4 1 5 — D De e c c . 3 3 1 1 . 1 1 0 , 6 84 9 6 3 3,0 6 8 4 1 2 7 1, . 0 7 5 6 0 5 7.1 6 6 2 0 9 4 6 2 0 1 6 4 1 2 5 9 1 1 1 0 , , 7 3 8 6 9 3 12 1 1 0 , , 7 3 8 5 9 1 1,0 1 3 *4 4 . 1 5 9 2 2 1 1 9 9 4 5 7 0 — — D D e e c c i . 3 3 0 1 1 15 2 , , 1 6 0 8 1 3 3 6 , ,0 5 8 6 6 0 9 9 , , 0 1 1 2 5 3 8 7 , , 1 4 6 8 5 7 1,5 9 2 5 8 8 6 6 7 1 5 7 1 1 2 4 , , 2 3 0 2 7 0 1 1 1 4 9 1 1 2 4 , , 1 3 9 0 2 1 1 1 , , 2 5 5 1 2 3 1 19 9 4 4 1951—Dec. 31 16,190 7,523 8,668 6,921 1,746 695 15,368 2 23 15,343 1,678 202 1952—Tune 30 16,857 8.043 8.814 6.730 2.084 756 16.081 2 23 16,056 .700 205 Dec. 31 17,621 8,691 8,930 6,593 2,337 732 16,785 2 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 6 8,738 .077 496 1945—Dec. 31 5.361 1,198 4,163 3,522 641 180 5,022 2 5,020 558 350 1947—Dec. 31 2 5,957 1,384 4,573 3,813 760 211 5,556 3 5,553 637 339 1950—Dec. 30 6,245 2,050 4,194 3,380 814 180 5,711 3 5,708 734 335 1951—Dec. 31 6,069 2,339 3,730 2,897 833 191 5,547 3 5,544 729 327 1952—Tune 30 6.234 2,466 3.768 2,876 892 209 5,702 3 5,699 738 324 Dec. 31 6,382 2,658 3,724 2,829 895 187 5,836 3 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, sec pp. 5-15 in the same publication. For revision* in series prior to June 30, 1947, see BULLETIN for July 1947. pp. 870-871. MAY 1953 491 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 Cla c s a s l a l o n d d f a b te ank i m T n lo a v o e n a e n t n d a s t s t l s - Total1 C o e m m c k p i l i o i n u n a e a e e m g d - r r l t n , - - - - - A t c u g a u r r l l i - - - b o p L s T e r r u e o r o o r s c c k c a a u - h n r r s a r i y t o s f i T i i t e o n n h o s r g g - l R t o e a a e s t n a - e l s O l u v o a i d t t i a n h o l i d n - - s e - 2 s r l O o t a h n e s r 2 Total Total U. B S il . l s Go C o c v e f a e r t t r i e i n n f D s m i - - ir e e N n c t o t t o e b s lig B at o i n o d n s s G t a e u n e a - d r- S O p s t a i t g i b o u c a o n o a l a l b t f d i - n i e l - - t s s - O s ri e t t h c i e e u r s pa- and ers debt- diviper deal- ed- sions ers ness All commercial banks:3 1947—Dec. 31...116,284 38,057 18,167 1,660 830 1,220 9,393 5,723 1,063 78,226 69,221 2,193 7,789 6,03453,191 145,2763,729 1950—Dec. 30. .. 126,675 52,249 21,927 2,905 1,802 1,057 13,541 10,120 1,573 74,426 62,027 4,236 1,969 17,03338,778 118,118 4,281 1951—Dec. 31... 132,610 57,746 25,8793,408 1,581 980 14,580 10,451 1,681 74,863 61,524 7,337 7,657 11,40835,101 21 9,198 4,141 1952—June 30. .. 134,437 59,233 25,3123,6522,113 965 15,019 11,417 1,608 75,204 61,178:6,241 7,798 11,24635,867 25 9,8444,182 Dec. 31... 141,624 64,163 27,8713,919 2,060 1,103 15,712 12,684 1,718 77,461 63,318 7,761 5,580 11,87838,077 22 10,1883,955 All insured commercial banks: 1941—Dec. 31... 49,290 21,259 9,214 1,450 614 662 4,773 4,545 28,031 21,046 988 3,159 12,7974,102 3,651 3,333 1945—Dec. 31. .. 121,809 25,765 9,461 1,314 3,164 3,606 4,677 2,361 1,181 96,043 88,912 2,455 19,071 16,04551,321 22 3,8733,258 1947—Dec. 31... 114,274 37,583 18,012 1,610 823 1,190 9,266 5,654 1,028 76,691 67,941 2,124 7^552 5,918 52,334 145,129 3,621 1950—Dec. 30. .. 124,822 51,723 21,7762,823 1,789 1,036 13,389 10,049 1,534 73,099 60,986 4,118 1,932 16,75638,168 11 7,9334,179 1951—Dec. 31... 130,820 57,256 25,7443,321 1,571 960 14,450 10,378 1,645 73,564 60,533 7,219 7,526 11,25634,511 21 8,9894,042 1952—Tune 30. .. 132,557 58,730 25,1763,562 2,106 942 14,884 11,340 1,570 73,827 60,117 6,090 7,653 11,09935,251 25 9,6274,083 Dec. 31... 139,770 63,632 27,7393,8052,050 1,082 15,572 12,603 1,683 76,138 62,308 7,622 5,494 11,71437,456 22 9,9773,854 Member banks, total: 1941—Dec. 31... 43,521 18,021 8,671 972 594 598 3,494 3,6 92 25,500 19,539 971 3,007 11,729 3,8323,0902,871 1945—Dec. 31. .. 107,183 22,775 8,949 855 3,133 3,378 3,455 1,900 1,104 84,408 78,338 2,275 16[985 14,27144,792 163,2542,815 1947—Dec. 31... 97,846 32,628 16,962 1,046 811 1,065 7,130 4,662 952 65,218 57,914 1,987 5,816 4,815 45,286 104,199 3,105 1950—Dec. 30. .. 107,424 44,705 20,521 1,808 1,770 927 10,522 8,314 1,438 62,719 52,365 3,665 1,468 14,05433,170 86,6403,714 1951—Dec. 31...112,247 49,561 24,347 2,140 1,551 851 11,334 8,524 1,535 62,687 51,621 6,399 6,010 9,596 29,601 15 7,5283,538 1952—June 30... 113,502 50,526 23,732 2,264 2,084 829 11,628 9,268 1,473 62,976 51,261 5,423 6,134 9,46830,215 21 8,125 3,590 Dec. 31. .. 119,547 55,034 26,232 2,4162,032 966 12,214 10,396 1,577 64,514 52,763 6,565 4,255 9,83532,087 198,4093,342 New York City:* 1941—Dec. 31. .. 12,896 4,072 2,807 8 412 169 123 5i4 8,823 7,265 311 1,623 3,652 1,679 729 830 1945—Dec. 31... 26,143 7,334 3,044 2,453 1,172 80 287 298 18,809 17,574 477 3,433 3,325 10,337 1 606 629 1947—Dec. 31. .. 20,393 7,179 5,361 545 267 111 564 330 13,214 11,972 1,002 640 558 9,771 638 604 1950—Dec. 30... 20,612 9,729 6,328 1,421 285 442 930 460 10,883 8,993 824 250 1,711 6,206 2 1,123 767 1951—Dec. 31. .. 21,379 11,146 7,852 1,219 262 514 920 551 10,233 8,129 1,122 616 1,428 4,960 2 1,385 719 1952—June 30... 21,710 11,268 7,659 1,619 234 426 981 524 10,442 8,212 1,062 692 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 11,453 623 Chicago:* 1941—Dec. 31. .. 2,760 954 732 6 48 52 22 56 1,806 1,430 256 153 903 119 182 193 1945—Dec. 31... 5,931 1,333 760 2 211 233 36 51 40 4,598 4,213 133 1,467 749 1,864 181 204 1947—Dec. 31. .. 5,088 1,801 1,418 3 73 87 46 149 26 3,287 2,890 132 235 248 2,274 213 185 1950—Dec. 30... 5,569 2,083 1,567 9 110 69 65 207 87 3,487 2,911 232 131 700 1,847 335 242 1951—Dec. 31. .. 5,731 2,468 1,977 16 94 63 70 180 109 3,264 2,711 334 332 520 1,526 351 201 1952—June 30. .. 5,664 2,380 1,856 11 166 61 67 183 83 3,284 2,721 366 371 494 1,490 363 201 Dec. 31... 6,240 2,748 2,080 14 239 66 67 211 120 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 4,248 1,173 956 820 1945—Dec. 31. .. 40,108 8,514 3,661 205 427 1,503 1,459 855 404 31,594 29,552 1,034 6,982 5,653 15,878 5 1,126 916 1947—Dec. 31... 36,040 13,449 7,088 225 170 484 3,147 1,969 366 22,591 20,196 373 2,358 1,901 15,560 3 1,342 1,053 1950—Dec. 30. .. 40,685 17,906 8,646 392 207 386 4,423 3,498 603 22,779 19,084 1,218 499 5,536 11,830 12,184 1,511 1951—Dec. 31. .. 42,694 19,651 10,140 513 203 347 4,651 3,518 572 23,043 19,194 2,524 2,493 3,640 10,528 82,458 1,390 1952—June 30... 43,091 19,745 9,756 519 258 354 4,799 3,805 559 23,346 19,123 2,080 2,520 3,656 10,851 162,832 1,391 Dec. 31... 45,583 21,697 10,842 501 218 422 5,099 4,347 595 23,886 19,624 2,387 1,774 3,854 11,594 142,934 1,328 Country banks: 1941—Dec. 31... 12,518 5,890 1,676 659 20 183 1,823 1,530 6,628 4,377 110 481 2,926 861 1,222 1,028 1945—Dec. 31... 35,002 5,596 1,484 648 42 471 1,881 707 363 29,407 26,999 630 5,102 4,544 16,713 9 1,342 1,067 1947—Dec. 31... 36,324 10,199 3,096 818 23 227 3,827 1,979 229 26,125 22,857 480 2,583 2,108 17,681 62,006 1,262 1950—Dec. 30. .. 40,558 14,988 3,980 1,407 33 187 5,591 3,679 288 25,570 21,377 1,390 588 6,107 13,287 52,998 1,194 1951—Dec. 31... 42,444 16,296 4,377 1,610 35 178 6,099 3,906 303 26,148 21,587 2,418 2,568 4,008 12,587 5 3,334 1,227 1952—June 30... 43,037 17,133 4,462 1,733 41 179 6,337 4,299 308 25,904 21,206 1,914 2,551 3,918 12,817 53,494 1,204 Dec. 31. .. 45,594 18,213 4,630 1,901 43 191 6,662 4,702 322 27,381 22,549 2,692 2,024 4,204 13,625 43,639 1,194 All nonmember banks:3 1947—Dec. 31... 18,454 5,432 1,205 614 20 156 2,266 1,061 111 13,021 11,318 206 1,973 1,219 7,916 4 1,078 625 1950—Dec. 30. .. 19,267 7,550 1,405 1,096 31 130 3,024 1,807 134 11,718 9,672 571 501 2,979 5,618 3 1,478 567 1951—Dec. 31... 20,380 8,192 1,533 1,268 30 130 3,252 1,927 146 12,189 9,914 939 1,647 1,812 5,510 6 1,671 604 1952—June 30... 20,954 8,714 1,580 1,388 29 136 3,397 2,149 135 12,240 9,928 819 1,664 1,778 5,662 4 1,720 592 Dec. 31. .. 22,096 9,136 1,639 1,503 29 137 3,505 2,288 141 12,960 10,567 1,196 1,325 2,043 6,000 3 1,781 613 * 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. For other footnotes, see opposite page. 492 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 Cla c s a s l a l o n d f d a b te ank F s B e s w e R R e d a r r i e n v e e t v r h k - - e e a s s l v C a i a n u s l h t b m a a w B n d e n i c a o s t k l e t - h - i s s c 5 ju p m D s o a d a t d s e e e n i - - - t d d s 6 m D e I s n d o t e - t i e c p 5 r o b s a i F e t n s i o k g r n - U m G e . r o e n v n S - - t . p v S s o i u a t l s a i b n i t o t d d i e c n i s a - s l c C h c o a f e e e e i f n t e c f r r c d i d t s k . - i ' s - , p a v n s a i p I t h d d r i n o o t i u d n r p c n a a i e s o s - l - , r s r - - , I b n a t n e k r- P U m G S e i a o n . r a n o e s g n v d v n S t s - - a - t . l v S s p i a i u s o t c n i a b l a o d i t d l t n e - i s s - p a v n a s p i t I h d d r i n o o t i u d r n p c n a a i e s o s - - l , r r s - - , 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 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 Dec. 31. . 19,809 2,753 11,875 101,506 13,109 1,465 4,941 8,910 2,956 99,793 744 346 1,620 39,046 188 12,888 All insured commercial banks: 1941—Dec. 31.. 12,396 1,358 8,570 37,845 9,823 673 1,761 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31.. 15,810 1,829 11,075 74,722 12,566 1,248 23,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 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 3,147 95,604 427 278 1,485 35,986 30 11,902 1952—Tune 30. . 19,331 2,365 9,935 93,652 11,286 1,339 5,797 8,682 2,721 90,836 475 312 1,574 37,333 85 12,282 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 1,243 22,179 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—June 30. . 19,333 1,821 6,470 80,347 11,013 1,329 5,439 6,989 2,555 79,186 469 288 1,303 30,196 69 10,526 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:4- 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 1,105 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—June 30. . 5,266 168 92 16,070 3,193 1,096 1,651 305 1,079 17,275 350 53 21 1.721 20 2,460 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. 31. . 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 1945—Dec. 31. . 942 36 200 3,153 1,292 20 1,552 237 66 3,160 719 377 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 1 5 11 1,128 513 1952—June 30. . 1,259 30 135 3,903 1,136 39 306 287 52 4,037 6 4 11 1,150 530 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 38 160 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—June 30. . 5,495 1,072 4,159 31,671 1,060 12 1,384 3,708 705 28,616 12 141 521 15,413 24 3,873 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 AH nonmember 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 1,761 205 13,426 128 22 298 7,213 8 1,999 1952—June 30 575 3,843 14,420 508 47 397 1,833 187 12,635 145 24 320 7,502 26 2,077 Dec. 31 672 4,498 15,964 516 34 374 1,881 212 14,113 152 25 317 7,800 23 2,129 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. 4Central 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. 6Demand 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. MAY 1953 493 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] Loans1 Investments For purchasing or carrying securities U. S. Government obligations Total Comloans mer- Date or month i m n a v e n e n d s t t s - Total i i t c n a r i d i n a a u d l l , s , - a T n o d b d r e o a k l e e r r s s To others e l s R o t e a a a t n l e s b L a o t n a o k n s s O lo t a h n e s r Total c C t a if e t i e r - - s O s ri e t t h c ie e u s r t a c u g u r r l a i - - l G U t l i o i o o . g b v n a S - - t s . . O c t s u t i e h e r - s i e - r G U l t o i i o g o . b S v a n - - . t s .O c t t u i h n e e - s r Total Bills o d n f e e e d b s i - n t s - - Notes Bonds2 Total- Leading Cities 1952—April 74,033 35,116 21,159 1,478 677 5,748 470 6,141 38,917 31,668 3,514 3,689 5,955 18,510 7,249 1953—February.. 77,890 38,738 22,923 ,551 801 6,131 550 7,387 39,152 31,656 3,281 2,408 5,929 20,0387,496 March 77,799 39,193 23,204 ,522 793 6,164 587 38,606 31,067 2,901 2,215 5,913 20,,003388 7,539 April 76,669 39,512 23,229 ,634 799 6,197 554 7,708 37,157 29,508 1,726 2,098 5,808 19,876 7,649 1953—Feb. 4. . 77,958 38,600 22,952 ,586 810 6,121 365 7,369 39,358 31,885 3,464 2,496 5,953 19,972 7,473 Feb. 11. . 77,878 38,685 22,989 ,605 801 6,122 395 7,377 39,193 31,729 3,281 2,567 5,920 19,9617,464 Feb. 18.. 78,014 38,892 22,881 ,555 799 6,135 731 7,395 39,122 31,535 3,224 2,299 5,916 20,0967,587 Feb. 25. . 77,711 38,775 22,869 ,459 795 6,147 708 7 ,405 38,936 31,478 3,156 2,271 5,928 20,123 7,458 Mar. 4. . 77,534 38,770 22,922 ,482 796 6,156 569 7,45538,764 31,276 3,010 2,234 5,934 20,098 7,488 Mar. 11. . 77,844 38,973 23,139 ,589 791 6,167 389 7,507 38,87131,328 3,144 2,218 5,92520,041 7,543 Mar. 18. . 78,010 39,441 23,418 ,505 792 6,159 615 38,569 31,014 2,855 2,239 5,89520,025 7,555 Mar. 25. . 77,808 39,588 23,337 ,513 792 6,173 776 7,607 38,22030,650 2,595 2,169 5,897 19,989 7,570 Apr. 1. . 76,827 39,647 23,269 ,561 808 6,176 777 7,665 37,18029,547 1,701 2,115 5,850 19,8817,633 Apr. 8. . 76,882 39,508 23,297 ,703 797 6,180 459 7,681 37,374 29,736 1,852 2,158 5 849 19,8777,638 Apr. 15. . 76,925 39,594 23,287 ,756 807 6,210 432 7,71137,331 29,622 1,832 2,115 5,793 19,882 7,709 Apr. 22. . 76,412 39,377 23,156 ,612 796 6,206 493 723 37,03529,384 1,659 2,062 5,778 19,8857,651 Apr. 29. . 76,301 39,43 23,133 ,540 789 6,214 611 760 36,86429,249 1,583 2,038 5,771 19,857 7,615 New York City 1952—April 20,842 11,114 7,763 291 894 218 465 296 1,338 9,728 7,570 877 651 1,380 4,6622,158 1953—February.. 20,996 12,06. 8,552 195 912 236 378 336 1,602 8,931 6,834 544 253 ,077 4,960 2,097 March.... 21,083 12,197 8,653 146 967 235 384 327 1,637 8,886 6,761 548 192 ,073 4,948 2,125 April 20,824 12,380 8,653 1541,090 227 384 348 1,672 8,444 6,282 247 199 ,050 4,786 2,162 1953—Feb. 4.. 20,968 12,004 8,557 215 929 244 375 218 1,612 8,964 6,880 553 277 ,092 4,958 2,084 Feb. 11. . 20,90; 11,961 8,574 218 894 237 374 208 1,601 8,944 6,871 513 343 ,070 4,945 2,073 Feb. 18. . 21,085 12,158 8,535 174 911 233 380 473 1,598 8,927 6,793 556 196 ,069 4,972 2,134 Feb. 25. . 21,025 12,136 8,543 174 913 228 382 443 1,599 8,889 6,791 555 197 ,076 4,9632,098 Mar. 4. . 20,920 12,066 8,565 141 937 231 383 346 ,608 8.854 6,743 483 186 ,076 4,998 2,111 Mar. 11.. 21,039 12,053 8,633 150 955 234 387 207 ,639 8,986 6,853 630 185 ,072 4,966 2,133 Mar. 18. . 21,213 12,305 8,742 133 984 235 386 334 ,646 8,908 6,786 578 211 ,070 4,927 2,122 Mar. 25. . 21,160 12,364 8,673 159 992 238 381 420 ,657 8,796 6,661 500 188 ,073 4,900 2,135 Apr. 1. . 21,105 12,490 8,647 1621,046 235 379 519 ,657 8,615 6,437 298 208 ,071 4,8602,178 Apr. 8. . 20,897 12,322 8,698 1721,062 231 381 245 ,685 8,575 6,391 284 208 ,068 4,8312,184 Apr. 15. . 20,862 12,418 8,679 1891,136 227 388 251 ,688 8,444 6,244 230 215 ,039 4 760 2,200 Apr. 22. . 20,647 12,338 8,625 1311,117 222 389 330 ,667 8,309 6,164 189 194 ,034 4 747 2,145 Apr. 29. . 20,613 12,332 8,617 1151,086 221 385 393 1,665 8,281 6,174 235 168 1,040 4,7312,107 Outside New York City 1952—April 53,191 24,002 13,396 293 434 5,283 174 4,803 29,189 24,098 2,637 3,038 4,575 13,8485,091 1953—February.. 56,894 26,673 14,371 444 525 5,753 214 5,785 30,221 24,822 2,737 2,155 4,852 15,0785,399 March.... 56,716 26,996 14,551 409 524 5,780 260 5,895 29,720 24,306 2,353 2,023 4,840 15,0905,414 April 55,845 27,132 14,576 390 535 5,813 206 6,036 28,713 23,226 1,479 1,899 4,758 15,0905,487 1953--Feb. 4. . 56,990 26,596 14,395 442 526 5,746 147 5,757 30,394 25,005 2,911 2,219 4,861 15,0145,389 Feb. 11.. 56,973 26,724 14,415 493 523 5,748 187 5,776 30,249 24,858 2,768 2,224 4,850 15,0165,391 Feb. 18. . 56,929 26,734 14,3^6 470 526 5,755 258 5,797 30,195 24,742 2,668 2,103 4,847 15,1245,453 Feb. 25. . 56,686 26,639 14,326 372 527 5,765 265 5,806 30,047 24,687 2,601 2,074 4,852 15,160 5,360 Mar. 4. . 56,614 26,704 14,357 404 524 5,773 223 5,847 29,910 24,533 2,527 2,048 4,85815,100 5,377 Mar. 11. . 56,805 26,920 14,506 484 523 5,780 182 5,868 29,885 24,475 2,514 2,033 4,853 15,0755,410 Mar. 18. . 56,797 27,136 14,676 388 526 5,773 281 5,915 29,661 24,228 2,277 2,028 4,82515,098 5,433 Mar. 25. . 56,648 27,224 14,664 362 524 5,792 356 5,950 29,424 23,989 2,095 1,981 4,82415,089 5,435 Apr. 1. . 55,722 27,157 14,622 353 543 5,797 258 6,008 28,565 23,110 1,403 1,907 4,77915,0215,455 Apr. 8. . 55,985 27,186 14,599 469 533 5,799 214 5,996 28,799 23,345 1,568 1,950 4,781 15,0465,454 Apr. 15. . 56,063 27,176 14,608 431 535 5,822 181 6,023 28,887 23,378 1,602 1,900 4,75415,1225,509 Apr. 22. . 55,765 27,039 14,531 364 532 5,817 163 6,0561 28,72623,220 1,470 1,868 4,744 15,138 5,506 Apr. 29. . 55,688 27,105 14,516 339 533 5,829 218 6,095 28,583 23,075 1,348 1,870 4,731 15,126 5,508 1 2 I F n ig cl u u r d e e s s f o g r u v a a ra ri n o t u e s e d lo o a b n l i i g te a m ti s o n a s r . e shown gross (i. e.f before deduction of valuation reserves); they do not add to the total, which is shown net. For other footnotes see opposite page. 494 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] Demanddeposits, Time deposits, except interbank except interbank Reserves Bal- De- Indi- Indi- Date or month B s w F e R e a e r r i e a n t d v - h l k - e s v C a i a n u s l h t b m a w a n d e n o i c s t - e k h ti s s c j p m u o a d s a d t e s n e - i - t d d s 3 s p p u v n h c a o a a o e i n i r d p r l r r d s a t - - - s - , - , S p s d s a t i o u i a o n v b l t n i d i e - t - s - s c C h c O e f a e e e i t n f c e c r r f d i t k s . d i - ' s - , U m G er . o e n n v S - t - . s p p u n v c h a o a a o n e i i r d p r l r r d a s t - s - - - , - , S p 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 P U m G S e i a o n a r n . o e s g n v d n v t S s - a - t - . l D ti o c - F ei o g r n - Time r B i o n o w g r s - - co C i a t u a c a p n - l - ts tions tions Total- Leading Cities 1952—April 14,802 876 2,44952,43053,184 3,813 1,616 3,28215,670 770 171 9,879 1,265 430 763 7,021 1953—February 14,911 945 2,38154,13055,269 3,861 1,520 3,08816,594 779 199 10,214 1,281 571 1,351 7,287 March 14,961 931 2,39354,11755,361 3,685 1,636 3,010 16,740 773 196 10,090 1,331 589 1,302 7,316 April 14,289 925 2,42653,22854,325 3,946 1,762 2,50516,774 790 192 9,847 1,319 611 1,065 7,349 1953—Feb. 4 15,146 902 2,30754,58954,980 3,945 1,458 2,68416,556 775 200 10,255 1,306 571 1,504 7,276 Feb. 11 14,917 956 2,32154,34955,455 3,942 1,589 2,84616,579 779 198 10,165 L.266 571 1,415 7,283 Feb. 18 14,879 929 2,48753,77155,298 3,766 1,550 3,51416,601 777 199 10,426 1,271 570 1,223 7,285 Feb. 25 14,701 992 2,41053,81155,342 3,790 1,484 3,30916,641 783 198 10,011 1,280 572 1,260 7,305 Mar. 4 14,711 904 2,35153,87654,819 3,790 1,561 2,762 16,720 776 195 10,221 L ,293 579 1,140 7,311 Mar. 11 14,850 953 2,38654,84156,317 3,628 1,462 2,08916,744 773 196 10,087 ,365 586 1,411 7,313 Mar. 18 15,452 935 2,51654,47956,143 3,665 1,782 3,02016,747 770 195 10,409 ,359 595 1,416 ,314 Mar. 25 14,832 931 2,31853,27554,165 3,659 1,740 4,170 16,749 771 198 9,643 ,306 598 1,241 ,324 Apr. 1 14,038 883 2,63551,80252,785 3,828 1,878 3,93416,726 777 195 10,092 1,310 581 1,009 ,345 Apr. 8 14,320 924 2,29152,72353,751 3,703 2,189 3,05616,785 793 193 9,878 1,328 608 1,077 ,348 Apr. 15 14,574 916 2,50853,54255,717 3,948 1,720 2,437 16,766 786 191 10,194 ,335 616 1,062 7,341 Apr. 22 14,266 931 2,37253,89754,765 4,010 1,461 1,672 16,794 793 191 9,636 1,310 617 1,074 7,349 14,247 973 2,32454,17654,608 4,241 1,559 1,426 16,799 803 190 9,436 ,315 631 1,107 7,360 Apr. 29 New York City 5,256 134 68 16,05816,892 325 802 1,026 1,566 26 49 2,887 ),048 326 316 2,420 1952—April 4,981 147 37 15,80716,777 298 710 792 1,654 31 57 2,889 ,037 444 381 2,489 1953—February 5,112 140 38 15,84116,827 239 758 909 1,734 31 58 2,876 :,065 459 341 2,492 March 4,801 139 80 15,69716,656 328 875 637 1,716 33 55 2,800 1,061 474 306 2,500 April 1953—Feb. 4 5,105 138 35 15,91816,685 297 653 708 1,645 30 58 2,898 1,059 445 438 2,488 Feb. 11 4,933 160 34 15,80616,732 301 790 744 1,642 31 57 2,856 1,031 445 354 2,488 Feb. 18 5,017 137 41 15,82316,869 303 691 887 1,653 31 57 2,917 1,023 443 370 2,489 Feb. 25 4,870 154 39 15,68116,822 290 705 831 1,675 31 58 2,883 1,033 445 362 2,493 Mar. 4 4,977 139 37 15,89116,774 247 701 690 1,714 31 57 2,935 1,045 450 193 2,495 Mar. 11 5,052 150 38 16,19617,189 254 652 509 1,737 31 58 2,808 1,095 458 329 2,491 Mar. 18 5,401 135 42 15,79716,947 235 805 1,100 1,743 31 58 2,987 l,083 461 478 2,491 Mar. 25 5,016 136 36 15,48116,399 219 876 1,338 1,743 32 58 2,774 1,039 465 364 2,490 Apr. 1 4,699 132 242 15,62416,612 248 930 1,117 1,718 32 57 2,795 1,043 447 274 2,503 Apr. 8 4,799 139 36 15,48216,448 249 1,388 796 1,731 31 58 2,772 1,069 471 400 2,500 Apr. 15 4,901 136 43 15,69516,803 410 800 576 1,702 31 53 2,876 1,073 478 394 2,500 Apr. 22 4,778 140 40 15,83416,666 355 563 371 1,710 36 53 2,782 1,057 481 202 2,501 4,826 150 37 15,85316,749 379 696 323 1,717 38 53 2,776 l,063 493 260 2,497 Apr. 29 Outside New York City 1952—April 9,546 742 2,38136,37236,292 3,488 814 2,25614,104 744 122 6,992 217 104 447 4,601 9,930 798 2,34438,32338,492 3,563 810 2,29614,940 748 142 7,325 244 127 970 4,798 1953—February 9,849 791 2,35538,27638,534 3,446 878 2,10115,006 742 138 7,214 266 130 961 4,824 March 9,488 786 2,34637,53137,669 3,618 887 1,868 15,058 757 137 7,047 258 137 759 4,849 1953— F F F A F e e e e p b b b b r . . . i . l 2 1 1 4 5 1 8 1 9 9 9 0 , , , , 8 8 9 0 3 6 8 4 1 2 4 1 8 7 7 7 3 9 9 6 8 2 6 4 2 2 2 2 , , , , 2 3 2 4 7 8 7 4 2 7 1 6 3 3 3 3 7 8 8 8 , , , , 9 6 5 1 4 7 4 3 8 1 3 0 3 3 3 3 8 8 8 8 , , , , 4 2 7 5 2 9 2 2 9 5 3 0 3 3 3 3 , , , , 6 5 6 4 4 0 4 6 1 0 8 3 8 8 7 7 5 0 7 9 9 5 9 9 2 2 2 1 , , , , 1 6 9 4 7 0 2 7 6 2 7 81 1 1 1 4 4 4 4 , , , , 9 9 9 9 6 3 4 1 6 7 8 1 7 7 7 7 5 4 4 4 2 6 5 8 1 1 1 1 4 4 4 4 0 1 2 2 7 7 7 7 , , , , 1 3 3 5 2 5 0 0 8 7 9 9 2 2 2 2 4 3 4 4 7 5 8 7 1 1 1 1 2 2 2 2 7 7 6 6 1 1 , , 0 0 8 8 6 6 9 5 1 6 8 3 4 4 4 4 , , , , 8 7 7 7 1 9 9 8 2 6 5 8 Mar. 4 9,734 765 2,31437,98538,045 3,543 860 2,07215,006 745 138 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 7,279 270 128 1,082 4,822 Mar. 18 10,051 800 2,47438,68239,196 3,430 977 1,920 15,004 739 137 7,422 276 134 938 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 Apr. 1 9,339 751 2,39336,17836,173 3,580 948 2,81715,008 745 138 7,297 267 134 735 4,842 Apr. 8 9,521 785 2,25537,24137,303 3,454 801 2,26015,054 762 135 7,106 259 137 677 4,848 Apr. 15 9,673 780 2,46537,84738,914 3,538 920 1,861 15,064 755 138 7,318 262 138 668 4,841 Apr. 22 9,488 791 2,33238,06338,099 3,655 898 1,30115,084 757 138 6,854 253 136 872 4,848 Apr. 29 9,421 823 2,28738,32337,859 3,862 863 1,103 15,082 765 137 6,660 252 138 847 4,863 3 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. NOTE.—All figures in this table are on the revised basis. Revised weekly figures beginning Jan. 2, 1952 appear on pp. 550-555 of this BUL- LETIN. Bank figures.—For description of revision beginning Mar. 4, 1953, see BULLETIN for April 1953, p. 357 and for figures on the revised basis beginning Jan. 2, 1952, see pp. 550-555 of this BULLETIN. For description of revision beginning July 3, 1946, and for revised figures July 1946- June 1947, see BULLETINS for June and July 1947, pp. 692 and 878-883, respectively. For old series, see Banking and Monetary Statistics, pp. 127-227. MAY 1953 495 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF A SAMPLE OF WEEKLY REPORTING MEMBER BANKS BY INDUSTRY 1 [Net declines, ( —). In millions of dollars] Business of borrower Manufacturing and mining Comm'l, Period» t l o F iq b a o n u a o c d o d c r , , o T a 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 r ( a o y a i e c e n d n t h t a c d u a a i n l l c l n . s d t - s ch r P l u e c e a e m b o u n t a b r m 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 m l n i e e c s - s e u P p t t ( t r i o u i i a l o n 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 n a n g t n d a g r d ' l ' l e l , — trans. equip.) 1951—April-June. . -243 116 275 48 60 62 -421 63 175 44 8 186 18 July-Dec 932 -361 873 125 141 16 722 30 351 -98 37 2,769 2,372 1952—Jan.-June... -868 -73 1,111 176 76 -105 -634 -217 -2 18 -28 -546 -637 July-Dec 754 -40 1 250 36 141 662 544 -57 13 191 2,494 2,435 Monthly: 1952—Dec. . .. 68 -33 31 46 -34 -86 2 406 12 -10 63 465 332 1953—Jan -32 6 90 -2 -10 -51 -89 -106 25 -4 -46 -219 -379 Feb — 142 69 32 -1 -7 25 -82 -15 -57 26 — 153 — 142 Mar —62 79 199 40 43 143 -129 15 67 21 7 421 468 Apr. -216 -25 19 13 65 -117 105 66 -12 -18 -119 -204 Week ending: 1953—Feb. 4 -32 13 15 -3 _-6 8 -16 -20 -10 -1 -52 -59 Feb 11 —39 $0 22 -10 9 —28 — 11 — 12 5 20 — 12 37 Feb! 18.!!! -35 17 -9 10 -1 — 1 -29 11 -45 -6 8 -81 -108 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 53 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 Apr. 1 -26 -6 -12 -6 -6 12 -23 29 -2 -10 -8 -58 -68 Apr. 8.... -39 9 -4 15 -4 16 -27 57 5 -2 11 37 28 Apr. 15 -33 -17 19 9 6 18 -28 -1 16 -2 6 -8 -10 Apr. 22 -72 -3 8 -9 1 6 -23 11 15 -1 -15 -81 -131 Apr. 29 -46 -8 8 4 4 12 -15 9 32 3 -13 -9 -23 Sample includes about 215 weekly reporting member banks reporting changes in their larger loans; these banks hold over 90 per cent of total commercial and industrial loans of all weekly reporting member banks and nearly 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, according to the old series in 1951 and the revised series thereafter. For description of revisions in the weekly reporting series see BULLETIN for April 1953, p. 357. 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 l ng 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 s d ts E U S f x r t n p a o i o t m t e e r s d ts c D h e o a x l n l - g ar e G U s o h n o i i p t d e p p s d o e s d i t n o t b r s e e F i d t n o w r i e n e e i o g n r n 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—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 March 507 468 149 105 44 319 237 110 39 49 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. 496 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 U S n ta i t t e e s d St l a o t c e a l a n i d Foreign2 Total Bonds » Stocks gages estate loans assets 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—Februarv 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 1 une 70,334 12,853 10,309 1,706 838 29,895 27,745 2,150 20,335 1,693 2,646 2,912 Tuly 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 1 ,774 759 31,690 29,471 2,219 21,396 1,880 2,718 3,075 February 73,943 12,844 10,287 1,800 757 31,878 29,644 2,234 21.547 1,887 2,727 3,060 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. 6 These represent book value of ledger assets. Adjustments for interest due and accrued and differences between market and book values are not made on each item separately, but are included in total in "Other assets." Source.—Institute of Life Insurance—end-of-year figures, Life Insurance 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 U. S. Savings End of U. S. Savings year Total1 g M ag o e r s t - 2 G m o o v b e e l n i r - t n- Cash Other » capital quarter Total i g M ag o e r s t - 2 G m o o v b e l e n i r - t n- Cash Other 3 capital gations gations i 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 ,577 852 852 15,317 1947 11,687 8,856 1,740 560 416 9,753 4 19,164 15,520 L,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 ? 20,853 16,891 ,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 1952P. 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. 8 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. MAY 1953 497 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by United States Treasury Department. In millions of dollars] SELECTED ASSETS AND LIABILITIES, BY CORPORATION OR AGENCY * End of year End of quarter Asset or liability, and agency 1952 1944 1945 1946 1947 1948 1949 1950 1951 1 2 3 4 Loans, by purpose and agency: 3 381 2 878 2,884 2,299 632 4 36? ? 884 4 161 4 239 4,058 4 563 070 Banks for cooperatives 189 197 232 276 305 30? 345 4? 5 371 343 370 424 Federal intermediate credit banks . . .. ?S7 273 336 476 437 510 611 719 866 822 673 Federal land banks * 1 1 088 986 Federal Farm Mortgage Corporation 351 242 149 109 80 60 45 34 32 29 27 25 Farmers Home Administration * 641 604 590 558 575 573 535 S19 S9S 594 606 S96 361 407 528 734 999 1 301 1 543 1 74? 1 7*4 1,831 1,873 1 9^0 Commodity Credit Corporation 353 99 120 280 1 293 1,729 898 78? 710 390 859 1 476 Other agencies 10 9 6 7 5 9 7 6 6 6 5 6 To aid home owners, total 1 ?37 896 659 556 768 1 ?11 1 128 ? 14? 2 363 2,387 2,437 7 603 Federal National Mortgage Assn. 52 7 6 4 199 828 1 347 1,850 2,053 2,068 2,097 2,242 RFC Mortgage Corporation* 81 24 6 Home Owners' Loan Corporation ' 1 091 8S? 636 486 169 ?11 10 Reconstruction Finance Corporation 1? 1? 10 t \ 177 168 117 123 121 119 117 115 Other agencies 1 1 1 65 22 24 35 169 189 201 223 246 To railroads, total 343 171 147 140 114 110 101 98 £5 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 191 192 272 310 46? 45* 488 473 464 480 516 Reconstruction Finance Corporation6 118 149 151 241 272 473 400 415 400 393 412 457 Other agencies 73 83 41 31 38 38 58 74 73 72 67 58 To financing institutions, total ?16 267 314 447 121 441 8?4 814 197 653 716 Reconstruction Finance Corporation 66 60 14 7 6 8 8 8 8 (7) (7) Federal home loan banks 131 195 293 436 S1S 433 816 806 S89 653 715 864 Other agencies 20 12 7 4 4 4 Foreign, total 2?1 1?6 2,284 5,673 6 102 6,090 6 078 6 110 6 096 7,617 7 826 7 736 Export-Import Bank 225 252 1,249 1,978 2 145 2,187 2,226 2,296 2,329 2,389 2,546 2,496 ReconstrucUon Finance Corporation 6 ( 774 235 246 706 154 101 64 61 58 58 58 Other agencies' (8) 800 3,450 3,750 3,750 3,750 3,750 3,706 95,170 5.222 5,182 All other purposes, total . 1?37 707 623 714 184 484 131 779 731 801 933 095 Reconstruction Finance Corporation6 8877 309 232 «340 190 88 59 61 61 61 61 50 Public Housing Administration *' 10 S 786 278 278 794 797 366 609 SS7 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 9,714 11,69212,73313,228 14,422 14,422 15,91316,890 17,8?6 Investments: U'. S. Government securities, total . . . 1 630 1 683 1,873 1,685 1814 ? 047 ? 071 ,422 2,364 2 371 9 421 Banks for cooperatives 43 43 43 48 43 43 43 41 41 43 43 43 Federal intermediate credit banks 39 43 47 48 44 74 46 51 48 49 61 60 Production credit corporations 60 67 70 72 66 39 42 43 43 43 43 43 Federal land banks * 145 Federal home loan banks 144 118 145 139 774 775 199 ?49 184 311 298 311 Federal Savings and Loan Insurance Corp 151 161 172 184 199 214 193 200 204 209 203 208 Home Owners' Loan Corporation ^ IS 15 17 12 12 8 Federal Housing Administration. ... 87 106 122 132 144 188 244 285 289 286 299 316 Public Housing Administration *" 7 8 8 8 8 Reconstruction Finance Corporation ' 7S 49 48 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 28 30 20 21 1 1 1 1 1 1 1 1 Investment in international institutions 318 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 Other securities, total 424 321 230 154 133 107 88 78 66 53 51 44 Reconstruction Finance Corporation 289 244 159 108 98 83 71 66 55 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 2 1 1 (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 1,280 Commodity Credit Corporation 1,450 1,034 463 448 437 1,376 1,638 1,174 1,012 1,023 1,034 978 Reconstruction Finance Corporation * 1 053 1 131 667 235 157 14? 108 147 186 194 172 Other agencies . 438 122 134 138 32 30 28 159 164 142 149 131 Land, structures, and equipment, total 16,237 21,017 16,92412,600 3,060 2,962 2,945 3, 358 3,406 3,186 3,212 Public Housing Administration ^ ?00 77? 227 204 1 448 1 35? 1 748 1 1,242 1 232 1 216 173 Reconstruction Finance Corporation 6 6 576 6 919 2,861 35 630 611 605 S94 59? 202 202 199 Tennessee Valley Authority . 710 721 727 754 793 830 886 1,048 1,105 1,170 1,209 1,251 U S Maritime Commission 2 3 111 3 19S 3,301 3,305 5 4?7 7 811 7,764 6,50i 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 ,330 Banks for cooperatives . . . .. 24 8 33 69 70 78 110 170 140 112 120 181 Federal intermediate credit banks 774 ?4S 293 358 480 490 570 674 74S 857 864 704 Federal land banks 8 818 79? 756 Commodity Credit Corporation Federal home loan banks 67 69 169 262 415 204 560 525 329 258 317 445 For footnotes see following page. 498 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 s 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 r t a l i i u o o a n i e a p e m t d s d l e - s s , i , - - - G U s ri e o t . c i v I e u S m n s t - . . v e e n O s t s r s t e i - t t c h ie u e s - r L s t e m u t a q a r r n e u u n e d n i c d s p t - , , - O s a t e h s t - e s r a t F g u n a u u b r t n a e y e l d l r s e 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 t v S r - t - - . o v in P w a e t r t s n e i e t - e r l - d y U. S. All agencies: 1944—Dec. 31 31,488 756 6,387 2,942 L ,632 424 16,237 3,111 1,537 1,395 4,196 23,857 504 1945—Dec. 31 33,844 925 5,290 2,288 ,683 325 21,017 2,317 555 1,113 4,212 27,492 472 1946—Dec. 31 30,409 1,398 6,649 1,265 ,873 547 16,924 1,753 261 1,252 3,588 24,810 498 1947—Dec 31 2 30,966 1,481 9,714 822 ,685 3,539 12,600 1,125 82 689 2.037 28,015 143 1948—Dec. 31 2 21,718 63011,692 627 .854 3,518 3,060 337 38 965 1,663 18,886 166 1949—Dec. 31 23,733 441 12,733 1,549 2,047 3,492 2,962 509 28 772 1,72021,030 183 1950—Dec 31 . .. 24,635 64213,228 1,774 2,075 3,473 2,945 499 23 1,190 1,19321,995 234 1951—Dec. 31 2 26,744 93114,422 1,461 2,226 3,463 3,358 882 43 1,369 1,161 23,842 329 1952—Mar. 31 26,858 844 14,422 1,322 2.422 3,451 3,406 991 38 1,214 1,247 24,010 349 June 30 2 27,933 80815,913 1,350 ,364 3,438 3,186 874 44 1,228 L.20025,104 357 Sept. 30 28,922 93216,890 1,377 ,371 3,436 3 212 704 39 1,301 L.43425,780 367 Dec. 31 29,945 944 17,826 1,280 <•,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 30 421 43 5 181 2 288 28 Federal intermediate credit banks 776 33 673 60 10 704 8 64 Production credit corporations 53 1 43 8 1 52 Agricultural Marketing Act 1 1 1 Federal Farm Mortgage Corp. . 27 1 25 1 (7) 26 Rural Electrification Administration 2,023 30 1,918 1 74 1 2,022 Commodity Credit Corporation 2,829 11 1,423 978 100 317 1 740 2,089 Farmers Home Administration 3 . . 602 69 507 1 25 2 600 Federal Crop Insurance Corp 32 29 3 2 30 Housing and Home Finance Agency: Home Loan Bank Board: Federal home loan banks 1,222 43 864 311 w (7) 4 445 427 (12) 350 Federal Savings and Loan Insurance Corp.. 214 1 208 4 7 207 Public Housing Administration 2,217 86 921 (7) 1,113 38 24 2,193 Federal Housing Administration 505 62 34 316 1 92 52 226 227 Office of the Administrator: Federal National Mortgage Association.. . 2,254 2,242 12 3 2,251 Other 118 45 41 29 4 (7) 118 Reconstruction Finance Corporation: Assets held for U. S. Treasury 13 . . .. 372 5 1 134 2 198 33 372 Other" 836 9 723 38 34 1 31 46 790 Export-Import Bank . . . 2,543 4 2,496 43 56 2,487 Federal Deposit Insurance Corp 1,444 (7) (7) 1,437 (7) 6 80 1,364 A Te ll n o n t e h s e se r e . V all . ey Authority 9 1 , , 7 60 7 0 8 3 1 2 6 0 5 5,535 1 2 1 0 0 :i;385 1,2 4 5 6 1 0 12 9 2 4 6 0 3 9 1 , , 7 56 1 0 5 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 2 Several changes in coverage have been made over the period for which data are shown. The more important are: exclusion of the following agencies following repayment of the U. S. Government interest—Federal land banks after 1946 and the Home Owners' Loan Corporation after June 1951; exclusion of the United States Maritime Commission (including War Shipping activities) after 1947, when this agency ceased to report to the U. S. Treasury; and inclusion of the Mutual Security Agency beginning June 1952. 3 This agency, successor to the Farm Security Administration, took over the continuing functions of the latter agency in 1946. Earlier figures have been adjusted to include the FSA. Figures for 1944 and 1945 also include Emergency Crop and Feed Loans of the Farm Credit Administration, transferred to the FSA in 1946. Figures through 1948 include the Regional Agricultural Credit Corporation, the assets and liabilities of which have been administered by the Farmers Home Administration since dissolution of the RACC in 1949. These activities are reported currently on the Treasury Statement as "Disaster Loans, etc., Revolving Fund." 4 Assets and liabilities transferred to the Reconstruction Finance Corporation on June 30, 1947. 5 Reconstruction Finance Corporation loans to aid home owners, which increased steadily through the first three quarters of 1947 and during 1948, appear to have been included with "other" loans in the statement for Dec. 31, 1947. 6 Figures have been adjusted to include certain affiliates of the Reconstruction Finance Corporation. Several of these—including the Defense Plant Corporation, Defense Supplies Corporation, Metals Reserve Company, and Rubber Reserve Company—were merged with the parent effective July 1, 1945. Most of their activities were reflected under "Commodities, supplies, and materials" and "Land, structures, and equipment." 7 Less than $500,000. 8 Foreign loans, except for the Export-Import Bank, are included with "other agencies" until 1945. 9 Treasury loan to the United Kingdom (total authorized amount of which was 3,750 million dollars) and, beginning with the balance sheet for June 30, 1952, outstanding loans of the Mutual Security Agency (totaling about 1,500 million on that date). 10 Reflects activities of the Federal Public Housing Authority under the U. S. Housing Act, as amended, until July 27, 1947, when these activities were transferred to the newly established Public Housing Administration. War housing and other operations of the Authority—shown on the Treasury Statement with "other agencies" through 1947—were not transferred to the PHA until 1948. 11 Beginning 1951, includes figures for Panama Canal Company, a new corporation combining the Panama Railroad Company (included in earlier Treasury Statements) and the business activities of the Panama Canal (not reported prior to that time). See also footnote 10. 12 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. MAY 1953 499 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's series 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* Total (ind d t e r I u x n ia s , - - l 193 R r 5 o - a a 3 i d l 9 - =10 u P 0 t u l i ) i b l c i - ty Total Tot M al anu D f b u a l r c e a t - uri ( n d i N n g u b o d r l n e e a x - - , T 1 p t 9 r o i 3 a o r 9 n n ta = s - - 100 P u ) i u l t t i b i y c l - - T a s a f e n i r i n c r n c a e v d - e d - , e M in i g n- s s t h i h a n a ( o o n i r g n f e u d 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—Apr 97 95 132.7 116.2 172.2 184 199 165 117 191 215 181 245 217 116 203 298 1,282 May 98.91 131.9 116.3 173.4 184 199 167 117 190 214 182 243 216 117 201 283 1,044 June 98.32 130.9 116.2 173.3 188 204 174 116 196 222 187 253 225 117 204 291 1,215 July 98.40 130.4 116.0 171.1 192 210 175 117 199 225 192 256 226 117 208 289 1,096 Aug. 97 09 128 6 115.8 169.9 191 208 175 119 199 225 194 254 228 120 210 278 995 Sept. . . 96 86 126.6 115.7 170.2 188 204 171 119 194 219 191 246 221 118 206 275 1,149 Oct 96.44 125.0 114.7 168.3 183 198 167 117 191 215 188 239 218 118 202 265 1,181 Nov. . .. 96 96 125.4 115.2 169.8 190 206 172 121 197 223 196 247 225 121 205 260 1,779 Dec 96.32 125.3 115.3 170.3 197 214 185 123 204 231 205 255 238 123 212 267 1,842 1953—jan 95.68 124.0 114.5 168.4 198 214 185 124 205 232 208 255 239 124 212 261 1,623 Feb. . 95 28 122.7 114.0 166.3 196 212 181 124 202 229 204 252 235 124 210 256 1,678 Mar 94.31 121.6 113.4 165.7 198 215 185 125 204 232 207 256 238 124 212 263 1,931 Apr 93 25 121 3 111 7 161.7 190 206 173 122 194 220 194 245 223 120 207 252 1,637 Week ending: Apr. 4.. 93.83 121.2 112.6 162.7 193 209 178 123 198 225 198 251 229 122 210 260 2,456 Apr. 11.. 93.94 121.6 112.5 162.8 191 206 174 122 194 221 194 245 224 121 208 254 2,056 Apr. 18.. 93.32 121.6 111.7 161.5 191 206 175 122 193 219 193 244 222 120 206 252 1,419 Apr. 25.. 92.97 121.4 111.4 161.1 187 202 169 121 190 215 190 238 218 119 204 242 1,573 May 2.. 92.28 120.7 110.4 160.3 188 204 171 120 193 220 195 243 223 120 207 247 1,275 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. 2Beginning 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 st b o a m la e n r c s' es1 Other credit balances End of month Customers' balances in balances in Cash on debit partners' firm hand Money balances investment investment and in borrowed 2 In partners' In firm (net)i and trading and trading banks Other investment investment In capital accounts accounts Free (net) and trading and trading accounts 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 li 314 1952—April 31 .315 3818 3756 May 31 312 3847 3725 June 1,327 9 427 365 912 708 219 23 16 324 July 3| ,387 3 1,126 3692 August 31,338 3 926 3675 September.« 31,333 3891 3692 October 31,316 3860 3692 November. . 31,347 3878 3 706 December. . . 1,362 8 406 343 920 3724 200 35 9 315 1953—January... . 31,345 3908 3732 February 31,350 3871 3 730 March 31,513 3 966 3 744 1 Excludes balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) •f firms' own partners. 2Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges). 3 As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances secured by U. S. Government securities was (in millions of dollars): January, 31; February, 30; March, 28. 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. 500 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 1J. S. Government [Per cent per annum] Prime Prime securities (taxable) Size of loan mo Y n e t a h r , , or m c e o rc m ia - l a b c e a c r n s e ' k p - t- 3-month bills Area and period lo A a l n l s $1,000- $10,000-$100,000- $200,000 week paper, ances, 9-to 12- 3- to 5- $10,000 $100,000 $200,000 and over m 4- o t n o t h 6 s -1 da 9 y 0 s1 M y a i r e k ld et o R n a n t e e w i m ss o u n e t s h 2 is y s e u a e r s3 An 1 n 9 u a c l i ti a e v s e : rages: issues 1944 2.4 4.3 3.3 2.6 2.2 1945 2.2 4.3 3.2 2.3 2.0 1950 average 1.45 L15 1.20 1.218 1.26 1.50 1 1 9 9 4 4 6 7 . 2 2 .1 1 4 4 .2 2 3 3 . . 1 1 2 2 . . 2 5 1 1 . .7 8 1 19 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 L L. . 7 6 5 0 1 1 . . 7 5 2 2 L L . 5 .7 5 6 2 6 1 1 . . 8 7 1 3 2 1 . .9 1 3 3 1 19 9 4 4 9 8 2 2 .7 5 4 4 .6 4 3 3 . . 7 5 2 3 .0 8 2 2 . . 4 2 1952—April 2.35 L.75 1.57 1.623 1.60 1.93 1950 2.7 4.5 3.6 3.0 2.4 May 2.31 75 1 67 !710 1.66 1J95 1951 3.1 4.7 4.0 3.4 2.9 June 2.31 L.75 1.70 !700 1^74 2.04 1952 3.5 4.9 4.2 3.7 3.3 July. .. 2 31 L 75 1.81 824 1.89 2.14 Quarterly: August.... 2.31 L.75 1.83 I'876 1.94 2.29 19 cities: September. 2.31 1.75 1.71 L.786 1.95 2.28 1952—June 3.51 4.90 4.21 3.72 3.29 October. . . 2.31 L.75 1.74 L.783 1.84 2.26 Sept 3.49 4.91 4.22 3.74 3.27 November. 2.31 L.75 1.85 .862 1.89 2.25 Dec 3.51 4.88 4.21 3.77 3.29 December.. 2.31 .75 2.09 2.126 2.03 2.30 1953—Mar 3.54 4.89 4.25 3.75 3.32 1953—January. . . 2.31 1.82 1.96 2.042 1.97 2.39 New York City: February.. 2.31 1.88 1.97 2.018 1.97 2.42 1952—June 3.27 4.53 4.03 3.55 3.14 March 2.36 1.88 2.01 2.082 2.04 2.46 Sept 3.29 4.66 4.06 3.60 3.15 April 2.44 1.88 2.19 2.177 2.27 2.61 Dec 3.33 4.51 4.06 3.63 3.19 Week ending: 1953—Mar# 3.31 4.55 4.13 3.55 3.17 Apr. 4... 2.38 1.88 2.02 2.029 2.13 2.52 7 Northern and East- Apr. 11 ... 2.38 1.88 2.10 2.073 2.18 2.53 ern cities: Apr. 18. .. 2.38 1.88 2.24 2.219 2.29 2.59 1952—June 3.46 4.90 4.17 3.71 3.27 Apr. 25 ... 2.50 1.88 2.25 2.320 2.32 2.65 Sept. 3 44 4.85 4.20 3.72 3.24 Mav 2... 2.55 1.88 2.22 2.243 2.38 2.75 Dec 3.49 4.85 4.21 3.74 3.29 1953—Mar 3.50 4.95 4.24 3.74 3.30 1 Monthly figures are averages of weekly prevailing rates. 11 Southern and bo 3 n 2 S S d e e r i r i s i e e s s u s e i i s n n . c c l l u u d d e e s s se c l e e r c ti t f e i d c a n te o s t e o a f n i d n d b e o b n t d e d i n ss e u s e s s. and selected note and 19 W 52 e — st S J e u e rn n p e t. c ities . : . 3 3. . 8 9 4 0 5 5 . . 0 0 5 4 4 4 . . 3 3 1 3 3 3 . . 8 8 2 6 3 3 . . 5 6 6 3 Dec 3.84 5.06 4.30 3.91 3.51 Back figures.—See Banking and Monetary Statistics, Tables 120-121, 1953—Mar. 3.90 5.02 4.31 3.91 3.62 pp. 448-459, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. NOTE.—For description of series see BULLETIN for March 1949, pp. 228-237. BOND AND STOCK YIELDS * [Per cent per annum] Bonds Industrial stocks Corporate (Moody's)5 Dividends/ E i a n r g n s - / Ye o a r r , w m ee o k nth, G t ( e U m o l r o v m e . n e S n g ) r . t n - 2 - g M ( r h a i u p i d g n a e h i l ) c - - 3 g C ( r h r o a a i d r g t p e e h o ) - - 4 Total By ratings Indus- By R g a r i o l- ups Public P p re r - ice ra C ti o o m- C p ra r o t i m c io e - Aaa Aa A Baa trial road utility ferred6 mon7 mon7 Number of issues.. . 1-8 15 9 120 30 30 30 30 40 40 40 15 125 125 1950 average 2.32 1.98 2.60 2.86 2.62 2.69 2.89 3.24 2.67 3.10 2.82 3.85 6.51 14.61 1951 average 2.57 2.00 2.86 3.08 2.86 2.91 3.13 3.41 2.89 3.26 3.09 4.11 6.29 10.42 1952 average 2.68 2.19 2.96 3.19 2.96 3.04 3.23 3.52 3.00 3.36 3.20 4.13 5.55 9.49 1952—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 "s'.5S 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 31 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 April 2.97 2.63 (8) 3.40 3.23 3.29 3.44 3.65 3.27 3.51 3.44 4.33 5.52 Week ending: Apr. 4 2.92 2.63 3.35 3.18 3.24 3.39 3.60 3.21 3.46 3.38 4.30 5.35 Apr. 11 2.91 2.61 3.37 3.19 3.25 3.41 3.61 3.23 3.47 3.39 4.30 5.47 Apr. 18 2.96 2.61 3.40 3.22 3.29 3.44 3.64 3.26 3.50 3.43 4.33 5.47 Apr. 25 2.99 2.62 3.43 3.25 3.33 3.46 3.67 3.28 3.54 3.47 4.35 5.61 Mav 2. . 3.04 3.46 3.28 3.36 3.50 3.72 3.33 3.57 3.50 4.37 5.52 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). 2Beginning 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. 3Standard and Poor's Corporation, 4U. 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. ^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. 7Moody's Investors Service. 8Series discontinued beginning Apr. 1, 1953. 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. MAY 1953 501 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [On basis of daily statements of United States Treasury unless otherwise noted. In millions of dollarsl Summary Increase or Budget receipts and Excess of receipts decrease ( —) General fund of the Treasury expenditures or expenditures ( —) during period (end of period) Period Deposits in rec N e e ip t ts p t e u E n r x e d - s i- S d u e ( r o f - p i ) r c lu it s c T o o a a t r u n h u c n d e - s r t t s r o i e S n o b d a a f l e l g i e m m g G e s a a n p o t r c a t i v k y i o n o t e n d . 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 r e b o e b l s c i t s c t G ba f e u l n a n e n d r c a e l a f g B e u n e i r a n n c a n l d e l - - A f a u F v b n . a l d e i R l s - . B In c e a o s n p s l k l r e s o o c f c - - S d it p e a e p r c o i i e s a s - l O s n a t e h s e t - e t s r tion Calendar year: 1949 38,122 41,714 -3,592 -362 -140 234 4,331 471 4,679 841 94 2,557 ,187 1950 37,834 '38,255 1 -422 1 -38 349 87 -423 -447 4,232 690 129 2,344 ,069 1951 53,488 56,846 -3,358 759 56 -106 2,711 62 4,295 321 146 2,693 ,134 1952 65,523 71,366 -5,842 49 -90 -319 7,973 1,770 6,064 389 176 4,368 ,132 Fiscal year: 1949 38,246 40,057 -1,811 —420 — 74 366 478 — 1,462 3,470 438 103 1,771 ,159 1950 .... 37,045 40,167 -3,122 121 -22 483 4,587 2,047 5,517 950 143 3,268 ,156 1951 48,143 144,633 ^.sio »295 384 -214 -2,135 1,839 7,357 338 250 5,680 .089 1952 62,129 66,145 219 -72 —401 3,883 —388 6,969 333 355 5,106 ,175 Semiannual totals: -4,017 1949—July-Dec. 17,675 20,974 -3,300 -14 21 142 4,360 1,209 4,679 841 94 2,557 ,187 1950—Jan.-June. 19,370 19,192 178 135 -43 341 227 838 5,517 950 143 3,268 ,156 July-Dec.. 18,464 U9.063 » -599 1 -173 392 -254 -650 -1,285 4,232 690 129 2,344 ,069 1951—Jan.-June. 29,679 25,570 4,109 468 -8 40 -1,486 3,124 7,357 338 250 5,680 ,089 July-Dec.. 23,809 31,276 -7,467 291 64 -146 4,197 -3,062 4,295 321 146 2,693 ,134 1952—Jan.-June. 38,320 34,869 3,451 -72 -136 -255 -313 2,674 6,969 333 355 5,106 ,175 July-Dec.. 27,204 36,497 -9,293 121 46 -64 8,286 -904 6,064 389 176 4,368 ,132 Monthly: 1952—Apr 4,323 6,016 -1,693 -229 -63 329 209 -1,447 5,393 450 195 3,779 969 May 3,809 5,659 -1,850 343 14 -91 1,613 28 5,421 569 125 3,690 1,037 June ... 9,796 6,930 2,865 -293 101 -326 -800 1,548 6,969 333 355 5,106 17S 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 ,770 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 15? Dec 6,003 7,124 -1,121 -218 -46 -145 —41 -1,572 6.064 389 176 4,368 ,132 1953— F j e an b. . . 5 5 , , 0 4 6 7 1 9 5 5 , , 7 5 3 9 7 5 - - 6 1 7 1 6 6 -1 4 4 0 0 4 -13 2 3 9 4 - 0 2 1 18 1 2 1 -3 3 7 3 6 5 5 6, , 0 6 2 8 4 9 3 8 5 1 1 1 3 1 5 7 0 4 3 4, , 3 3 7 1 6 8 1 , , 1 20 23 9 Mar 10.502 6,187 4,315 -209 12 -135 -3.099 884 6.908 222 448 4.983 .255 Apr 2,849 6,362 -3,513 -157 -50 289 105 -3,326 3,582 393 180 1,859 ,151 Budget expenditures Major national security programs Period Total Total2 t f i N e d o n e n a s - - a e l a a M b a t s a n r s i o r i c l s y a i e t - d - n t I a i e n o n o c i t m a n d e o - a r 3 i - - c l A E C m n s to i o e o i m m r s n g - i - y c I d n e o e t s n e b t r t - A e i t V i s d r o t a m e r n n t a i - s - « n- m A p t c D u a u g e r e r l r n t e - - i - t - 5 g c S r p u o s a r r c e m o i - i t - a s y l 4 H n h a a i o o f n n n i m u g d - c s e e - P w u o b r l k i s c o P d f i f c e o ic f i s t - e t T c t o f r r a e t u a u c o r n n s - s s t ts - Other Calendar year: 1949 41,714 19.452 12,849 6,005 560 5,482 6,364 3,104 1,226 -123 M .575 536 1,425 2,673 1950 38,255 18,509 13,476 291 4,012 611 5,580 5.714 1,499 1,351 -17 .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 ,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 ,573 775 1,193 2,487 Fiscal year: 1949 40,057 19.084 12.158 6.279 647 5,339 6,789 2,656 1,110 -56 ,519 524 916 2,177 1950 40,167 17,950 12,346 44 4,941 524 5,750 6.043 2,986 1.375 -270 ,575 593 1,383 2.781 1951 44,633 25,891 19,955 884 3,863 908 5,613 5,288 635 1,415 460 ,458 624 972 '2,276 1952 66,145 46,319 39,033 2,228 2.904 1,648 5,859 4,748 1,219 1,424 614 .515 740 1,305 2,402 Semiannual totals: 1949—July-Dec. 20,974 9,291 6,376 2.621 255 2,560 3.006 1,652 695 -95 903 209 1,226 1,528 1950—Jan.-June.. 19,192 8,659 5,970 "'44' 2.320 270 3,190 3,036 1,335 681 -175 673 383 157 1,254 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—Apr 6,016 4,499 3,771 239 281 162 350 375 52 149 100 90 180 50 170 May 5,659 4,541 3.788 228 319 154 172 355 85 76 37 94 99 200 June 6,930 4,357 3,683 231 352 192 1,518 343 187 148 -42 162 80 178 July 6,742 4,695 3,884 293 351 140 320 391 117 158 41 157 175 397 292 Aug 5,018 3,814 2,971 352 266 144 183 354 126 109 21 148 94 169 Sept 6,070 4,518 4,008 184 133 155 559 343 49 116 71 158 64 191 Oct. 6,383 4,373 3,723 298 142 160 572 354 192 191 79 174 180 23 245 Nov 5,161 3,876 3,302 266 128 150 185 345 112 124 101 140 93 184 Dec 7,124 4,640 4,081 275 117 127 1,146 378 289 104 112 138 67 252 1953—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 4,670 3.789 523 181 157 563 358 281 10 -3 88 —30 58 193 Apr. 6,362 P4,590 *>3,891 366 P129 167 372 350 P292 P261 -35 *>184 125 P\3 P211 p Preliminary. r Revised. 1 Beginning November 1950, investments of wholly owned Government corporations in public debt securities are excluded from budget expenditures, and included with other such investments under "Trust and other accounts." Adjustm ents for July-October 1950 investments were made by the Treasury in the November 1950 and January 1951 figures. 2 Includes the following not shown separately: Maritime activities, special defense production expansion programs, Economic Stabilization Agency, and Federal Civil Defense Administration. 3 Consists of foreign economic and technical assistance under the Mutual Security Act, net transactions of the Export-Import Bank, and other nonmilitary foreign aid programs, as well as State Department expenditures. 4 Excludes transfers to trust accounts, which are shown separately. 6 Excludes expenditures for forest development of roads and trails, which are included with public works. 502 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 e r h d d - a r - s n o c ld e - O a ta g t x h e e e s r t n c e M e r e e i n e r n o l n i v u l s - u a a - e - - s l c a o p T a m n f l e o r a d o m r o y 8 x n i r e e e o - e o r r s n s s r O ce r t i e h p - e ts r b c T u e r o d i e p t g - a t e l s t A to t t p f p i a r u r o u 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 l t i d h e v i t - n a i a d x s n u u e d a r O s a l o t n h i l c n d e e - r - C p r c t a r a a o o i o t n x n r m i f p o d e - it o e s n s - t t a a g E a x n i s f t e d e - t s m E t l a a a o x is x n n u c c e d e i s e s s - l e - Calendar year: 1949 11,428 19,894 8,326 794 2,123 42,565 1,666 2,777 38,122 11,591 7,828 12,006 754 7,529 1950 13,775 17,361 8,771 770 1,980 42,657 2,667 2,156 37,834 12,963 7,384 9,937 658 8,150 1951 19,392 26,876 9,392 944 2,337 58,941 3,355 2,098 53,488 18,840 10,362 16,565 801 8,682 1952 23,658 34,174 10,416 902 2,639 71,788 3,814 2,451 65,523 23,090 11,980 22,140 849 9,558 Fiscal year: 1949 11,532 19,641 8,348 787 2,466 42,774 1,690 2,838 38,246 11,743 7,996 11,554 797 7,585 1950 12,180 18,189 8,303 776 1,862 41,311 2,106 2,160 37,045 11,762 7,264 10,854 706 7,599 1951 16,654 24,218 9,423 811 2,263 53,369 3,120 2,107 48,143 15,901 9,908 14,388 730 8,704 1952 21,889 33,026 9,726 994 2,364 67,999 3,569 2,302 62,129 21,313 11,545 21,467 833 8,971 Semiannual totals: 1949—July-Dec. .. 5,613 7,670 4,311 323 921 18,838 850 314 17,675 5,657 1,761 5,889 351 3,911 1950—Jan.-June... 6,566 10,520 3,992 453 941 22,472 ,256 1,846 19,370 6,105 5,503 4,965 356 3,688 July-Dec. . . 7,209 6,841 4,779 317 1,039 20,185 ,411 311 18,464 6,858 1,881 4,971 303 4,462 1951—Jan.-June... 9,445 17,376 4,644 494 1,223 33,184 ,709 1,796 29,679 9,043 8,027 9,416 427 4,241 July-Dec. . . 9,947 9,499 4,748 449 1,114 25,757 ,646 302 23,809 9,798 2,335 7,149 374 4,440 1952—Jan.-June... 11,942 23,526 4,978 545 1,251 42,242 ,922 2,000 38,320 11,515 9,210 14,318 459 4,531 July-Dec. .. 11,716 10,647 5,438 357 1,388 29,546 ,891 451 27,204 11,574 2,770 7,821 390 5,027 Monthly: 1952—Apr 978 3,191 849 17 152 5,187 252 612 4,323 1,330 1,583 1,278 88 742 May 3,009 549 828 105 197 4,688 476 403 3,809 3,955 221 351 80 750 June 1,983 7,106 845 59 228 10,220 142 283 9,796 707 1,478 5,659 48 804 July 1,007 1,435 949 22 236 3,649 182 151 3,316 1,539 393 958 84 863 Aug 2,995 445 862 106 177 4,585 434 102 4,050 4,012 93 357 70 780 Sept 1,751 4,029 877 54 164 6,875 235 55 6,585 232 1,653 2,442 59 808 Oct 997 1,214 923 17 204 3,355 204 51 3,099 1,634 164 927 57 911 Nov 3,085 436 888 104 219 4,731 533 47 4,151 3,968 109 352 51 795 Dec 1,882 3,088 939 54 387 6,350 303 45 6,003 190 358 2,785 70 870 1953—Jan 989 3,111 842 30 260 5,232 117 54 5,061 1,144 2,855 501 77 760 Feb 3,544 1,479 856 271 150 6,300 486 336 5,479 4,990 839 404 65 782 Mar 2,102 8.551 903 66 158 11,870 425 944 10.502 328 2,698 6,171 154 825 Apr Pi,168 1,837 880 144 4,044 232 963 2,849 Treasury receipts—Continued Trust and other accounts Internal revenue collections—cont. Social security, Other accounts 2 (on basis of collectors' reports) retirement, and Period Excise and miscellaneous taxes Total1 insurance accounts Total Liquor Tobacco M an an d u r f e a t c a t i u le re rs rs ' ' 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 » excise Calendar year: 1949 7,529 2,204 ,320 2,221 1,784 -362 5,512 1,965 3,584 -325 1950 8,150 2,419 ,348 2,519 1,864 -38 6,543 56 6,214 -22 -333 1951 8,682 2,460 ,446 2,790 1,987 759 7,906 3,155 4,507 271 786 1952 9,558 2,727 ,662 3,054 2,115 49 8,315 3,504 4,94:2 329 508 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—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 825 229 144 276 176 -209 596 61 488 38 -217 Apr -157 405 128 478 -17 27 P Preliminary. r Revised xExcess of receipts, or expenditures (—). 2 Consists of miscellaneous trust funds and accounts and deposit fund accounts. The latter reflect 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). MAY 1953 503 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 Net Budget Plus: Trust Equals: Budget expenditures Plus: Tr. acct. Plus: Equals: op ca e s r h at- Period receipts acct. receipts op C e a r s a h t- Less: Noncash expenditures S E t x a c b h i- . Clear- o C pe a r s a h t- in co g m in e - Total Less: Less: ing Total Accru- Intra- Less: liza- ing ac- ing or net Non- Total Non- income als to Govt. Total Non- tion count outgo outgo receipts cash1 cash2 public3 trans.4 cash5 Fund0 (-) Cal. yr.—1949 38,122 99 5,956 2,603 41,374 41,714 403 2,588 4,210 164 102 -234 42,642 -1,267 1950 37,834 171 7,001 2,211 42,451 38,255 503 2,307 6,923 65 -262 -87 41,969 482 1951 53,488 222 8,582 2,508 59,338 56,846 567 2,625 4,397 90 -26 106 58,034 1,304 1952 65,523 184 8,707 2,649 71,396 71,366 734 2,807 4,825 28 38 319 72,980 -1,583 Fiscal yr.—1949 38,246 100 5,714 2,232 41,628 40,057 389 2,152 3,511 183 98 -366 40,576 1,051 1950 37,045 120 6,669 2,623 40,970 40,167 436 2,754 6,881 13 -207 -483 43,155 -2,185 1951.... 48,143 256 7,796 2,244 53,439 44,633 477 2,360 3,945 138 -13 214 45,804 7,635 1952 62,129 138 8,807 2,705 68,093 66,145 710 2,837 4,952 4 9 401 67,956 137 Semiannual totals: 1949—July-Dec... 17,675 40 3,231 1,446 19,420 20,974 215 1,541 2,159 2 55 -142 21,290 -1,871 1950—Jan.-June.. 19,370 80 3,438 1,178 21,551 19,192 222 1,213 4,722 10 -262 -341 21,865 -315 July-Dec... 18,464 91 3,562 1,033 20,900 19,063 281 1,075 2,201 55 254 20,105 796 1951—Jan.-June.. 29,679 164 4,234 1,210 32,537 25,570 196 1,279 1,744 82 -13 -40 25,700 6,839 July-Dec... 23,809 58 4,349 1,298 26,799 31,276 371 1,346 2,653 8 -13 146 32,334 -5,534 1952—Jan.-June.. 38,320 77 4,458 1,406 41,293 34,869 338 1,488 2,298 -4 22 255 35,622 5,671 July-Dec. . 27,204 107 4,248 1,243 30,104 36,497 396 1,319 2,527 32 16 64 37,357 -7,254 Monthly: 1952—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 2 649 106 11,042 6,187 21 107 758 1 19 135 6,970 4,072 Apr 2,849 443 6,362 488 -289 1 Represents principally interest paid to Treasury by Government agencies and repayment of capital stock and paid-in surplus by partially owned Government corporations. 2Represents 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). 5Represents 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 In- Plus: Cash Less: Noncash debt transactions Equals: Details of net cash borrowing from or crease, issuance of Net cash repayment ( —) of borrowing to the public 2 Period d ( i c o r g - d r . r r ) e e o , d a b p s s e t i u 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 ie g a s e N g n n o u 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 a c d o c s s n . r u a s b a n a i l l s d v l s . to P F f p a e o u d y rm b . t s l s . i o e c i 1 f c n . b b r i ( n o e o - g p r r i ) n r r , a o o o g y o w w f t r . - - m & i D s k s c i t u r a o e e b n c s l v t 3 e . . S b p ( a o i 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 e i a a s y l l s. Other* Cal. yr.—1949 4,331 -25 -115 2,156 585 -285 1,739 -2,275 1,125 3,020 15 -146 1950 -423 -6 355 94 602 163 -929 -2,649 751 1,021 -250 198 1951 2,711 18 37 3,418 718 -125 -1,242 1,999 -1,191 -1,099 -997 46 1952 7,973 12 -102 3,833 770 -74 3,353 5,778 -406 -1,784 -113 -122 Fiscal yr.—1949 478 -46 -28 2,630 580 -293 -2,513 -5,351 2,420 463 40 -85 1950 4,587 o -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—Apr 209 4 -66 270 41 -2 -163 -162 -81 142 -62 May 1,613 1 13 510 63 -4 1,057 754 -91 412 -24 6 June -800 101 650 96 18 -1,463 -663 -28 -859 -17 104 July 3,968 -11 37 308 77 11 3,597 3,830 -54 -173 -30 24 Aug 113 5 66 397 44 -27 -229 -192 -111 74 Sept -504 1 -34 44 49 -3 -628 -259 -46 -292 -31 Oct 2,238 5 -50 21 58 -2 2,116 2,200 -7 -13 -64 Nov 2,513 6 68 481 84 -1 2,022 1,915 -8 62 53 Dec -41 3 -50 ' 349 97 -7 -527 -172 -5 -302 -2 -46 1953—Tan 11 -6 35 130 84 -2 -173 -199 112 -99 21 Feb 182 2 -134 170 40 17 -178 -82 93 -38 -13 -138 Mar -3,099 1 11 100 23 -21 -3,188 -2,504 58 -768 -4 30 Apr 105 1 -51 112 47 1 -83 1 Differs from "accruals to the public" shown in preceding table, principally because adjustments to Exchange Stabilization Fund are included. 2Includes redemptions of tax anticipation bills and savings notes used in payment of taxes. 3Most 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. * Includes cash issuance in the market of obligations of Government corporations and agencies and some miscellaneous debt items. 504 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 1 o d t n - t c a D a o x t i r i e r p o s e o n c o r s t - n E t m a a x x i n c s e d i c s s . e i c n S e s o . i c p i r t a s e l 2 - c O o c i t a m n h s - h e e r 3 D R c o e e e f f i d p u r u t n 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 o t r 5 n - g e r V p r a a r e m o n t - - s s6 s g e S r p c a o r u m c o r i - s a it l 7 y Other Cai 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 C5,617 C6,729 Fiscal yr.—1949 41,628 18,725 11,554 7,551 3,899 2,737 2,838 40,576 19,370 3,889 7,201 3,561 6,555 1950 40,970 18,115 10,854 7,597 4,438 2,126 2,160 43,155 17,879 4,264 9,146 4,740 7,126 1951 53,439 24,095 14,388 8,693 5,839 2,531 2,107 45,804 26,038 4,052 5,980 4,458 5,276 1952 .. 68,093 30,713 21,467 8,893 6,521 2,801 2,302 67,956 46,396 4,059 5,826 5,206 6,469 Semiannual totals: 1949—July-Dec 19,420 6,894 5,889 3,960 1,927 1,064 314 21,290 9,438 2,194 3,259 2,348 4,051 1950—Jan.-June 21,551 11,220 4,965 3,637 2,510 1,065 1,846 21,865 8,441 2,075 5,887 2,392 3,070 July-Dec . , . 20,900 7,971 4,971 4,476 2,611 1,182 311 20,105 9,905 1,997 2,977 2,007 3,219 1951—Jan.-June 32,537 16,124 9,416 4,217 3,228 1,348 1,796 25,700 16,133 2,058 3,003 2,450 2,056 July-Dec 26,799 11,025 7,149 4,374 3,135 1,418 302 32,334 21,146 2,079 3,117 2,465 3,527 1952—Jan.-June 41,293 19,687 14,318 4,519 3,386 1,383 2,000 35,622 25,250 1,984 2,709 2,741 2,938 July-Dec 30,104 13,041 7,821 5,048 3,202 1,443 451 37,357 25,944 2,246 2,500 '2,876 «3,791 Monthly: 1952—Apr. 4,689 2,727 1,278 762 342 192 612 5,972 4,500 284 437 492 259 May 4,722 2,811 351 748 970 245 403 5,751 4,544 106 442 407 252 June. 9,988 3,335 5,659 797 257 223 283 6,978 4,339 724 424 477 1,014 July 3,593 1,386 958 865 302 233 151 6,233 4,684 243 464 492 350 Aug 4,878 2,719 357 792 908 204 102 5,622 3,841 139 408 456 778 Sept 6,898 3,162 2,442 818 344 187 55 6,066 4,520 497 398 459 192 Oct 3 418 1,135 927 866 298 243 51 6,514 4,375 485 409 532 713 Nov.. 4,997 2,686 352 838 934 234 47 5,558 3,877 100 391 459 731 Dec 6,320 1,952 2,785 868 415 345 45 7,364 4,646 781 431 478 1,028 1953—Jan 5,239 3,558 501 765 214 255 54 5,442 4,218 149 397 576 102 Feb 6,267 4,198 404 791 1,013 197 336 5,754 4,151 269 390 506 438 Mar 11,042 4,211 6,171 840 557 207 944 6,970 4,691 526 418 436 899 Apr P345 963 P4,592 408 P679 P Preliminary. c Corrected. 1 Includes current and back income taxes, estate and gift taxes, and adjustment to Treasury daily statement. 2Includes taxes for old-age and unemployment insurance, carriers taxes, and veterans life insurance premiums. 3 Represents mostly nontax receipts. 4 Represents Budget expenditures adjusted for net redemptions of armed forces leave bonds and special International Bank and Monetary Fund notes. 5Represents 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. GRepresents 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 Tas and saving3 notes Year or All series Series A-E and H Series F, G, J and K month Redemp- Outstand- Redemp- Outstand- Redemp- Outstand- Redemp- Outstand- Sales tions and ing (end of Sales tions and ing (end of Sales tions and ing (end of Sales tions and ing (end of maturities period) maturities period) maturities period) maturities period) 1941 3,036 162 6,140 1,643 160 4,750 1,393 2 1,390 2,479 g 2,471 1942 9,157 343 15,050 5,989 307 10,526 3,168 36 4,523 6 479 2 565 6,384 1943 13,729 1,576 27,363 10,344 1,452 19,573 3,385 124 7,790 8,055 5,853 8,586 1944 16,044 3,321 40,361 12,380 3,063 29,153 3,664 258 11,208 8,533 7,276 9,843 1945 . . .. 12,937 5,503 48,183 9,822 5,135 34,204 3,115 368 13,979 5,504 7,111 8,235 1946 7,427 6,278 49,776 4,466 5,667 33,410 2,962 611 16,366 2,789 5,300 5,725 1947 6,694 4,915 52,053 4,085 4,207 33,739 2,609 708 18,314 2,925 3,266 5,384 1948.... 7,295 4,858 55,051 4,224 4,029 34,438 3,071 829 20,613 3,032 3,843 4,572 1949 5,833 4,751 56,707 4,208 3,948 35,206 1,626 803 21,501 5,971 2,934 7,610 1950 6,074 5,343 58,019 3,668 4,455 34,930 2,406 888 23,089 3,613 2,583 8,640 1951 . .. 3,961 5,093 57,587 3,190 4,022 34,728 770 1,071 22,859 5,823 6,929 7,534 1952 4,161 4,530 57,940 3,575 3,622 35,324 586 908 22,616 3,726 5,491 5,770 1952—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 57,850 271 239 35,206 32 70 22,645 173 110 6,089 Dec... 375 379 57,940 334 299 35,324 42 80 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 '319 58,268 362 P251 35,657 52 ^68 22,611 80 114 5,642 Mar.. . 440 380 58,371 397 P308 35,784 43 72 22,587 63 S26 4,879 P Preliminary. r Revised. NOTE.—Sales, redemptions, and maturities 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. MAY 1953 505 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES [On basis of daily statements of United States Treasury. In millions of dollars] Public issues 3 Marketable Nonmarketable Total E m n o d n t o h f d T g e r o o b t s a t s 1 l d d g i e r r o b e s c t s 2 t Total Total Bills c C i a e n t r e d t s e i f b o i- t f - Notes B el a ig n i k B - ond B s r a e n - k b v C i o b e o n l r n e d t- - s Total5 b S i o n a n g v d s - s s i T a n a n a g v d x s - S i p ss e u c e ia s l edness ble * stricted notes 1940—Dec SO,942 45 0?5 39,089 35 645 1 310 6 178 ?8 156 444 ,195 5 370 1941—Dec 64 57 938 50,469 41 56? 00? 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 170,108 165 877 151,80S 115 ?30 13 07? 843 11 175 55 591 1?,550 36,574 ?7,363 8,586 12,703 1944—Dec 232,144 230,630 212,565 161,648 16,428 30 401 23 039 66 931 24,850 50,917 40,361 9,843 16,326 1945—Dec 278,68? ?78,115 255,693 198 778 17 037 38 155 967 68 403 5? 56,915 48,183 8,235 20,000 1946—June ?69 898 ?69 4?? 245,779 189 606 17 039 34 804 18 66 043 53 459 56 173 49 035 6 711 22,332 Dec. . . 259,487 259,149 233,064 176 613 17 033 ?9 987 10 090 69 866 49,636 56 451 49 776 s,725 24,585 1947—june ?58,376 ?58 ?86 227,747 168 70? 15 77S ?S ?96 8 14? 69 85? 49,636 59,045 51,367 5 560 27,366 Dec. 256,981 256,900 225,?50 165 758 15,136 11 375 68 391 49,636 SO492 5? 053 5 384 28 955 194g—june ,366 219,85? 160 346 13 757 22 588 11 375 6? 990 49,636 59,506 53,?74 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 ,770 217,986 155 147 11 536 ?9 4? 7 3 596 60 951 49,636 6?,839 56,260 4,860 32,776 Dec ?S7,160 ?57 130 221, 155 1? 319 ?9 636 8 ?49 55 49 636 66 000 56,707 7 610 33,896 1950— D ju e n c e 2 2 5 5 7 6 , , 3 7 7 3 7 1 2 ?5 5 7 6 , , 3 7 5 0 7 8 2 2 2 2 2 0 , , 8 57 53 5 1 15 55 2,4 3 5 1 0 0 1 1 3 3,6 5 2 3 7 3 18 5 4 3 1 7 8 3 3 ?0 9,2 4 5 04 8 4 5 4 3 5 3 5 19 7 4 4 9 9 , , 6 6 3 3 6 6 6 6 7 8 , , 5 1 4 2 4 5 5 5 8 7 ,0 5 1 36 9 8 8 ,6 47 4 2 0 3 3 2 3 ,7 3 0 5 7 6 1951— D ju e n c e 2 ?5 5 9 5, , 2 4 5 6 1 1 ? ? 5 59 5 419 2 2 1 2 8 1 , , 1 1 9 68 8 1 1 3 42 7 9 6 1 85 7 1 18 3,6 1 1 0 4 ? ?9 9 0 5 7 0 8 9 3 18 5 4 80 09 6 4 41 ? 9 0 ? 49 8 3 36 6, , 0 0 6 4 1 8 1 1? 3 0 5 6 7 0 3 6 66 6 ,4 7 2 0 3 8 5 57 7 ,5 5 8 7 7 2 7 7,5 8 3 1 4 8 3 3 4 5 ,9 6 0 5 2 3 1952—April ?S8 337 ?58 219 3S6 141 8?0 17 46? ?8 4? 3 18 95? 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 ?59,105 219 140 407 17 ?8 4? 3 18 963 48 343 ?7,460 13 095 65 622 57 685 6 612 37,739 July ?63 107 ?63 073 222 963 144 340 17 213 ?8 170 18 971 S? 579 ?7 407 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 ,7?? 68? 222 143 895 17 ?07 ?7 763 18 98? 5? 579 ?7 365 13 18? 65,139 57,758 6,039 38,360 Oct 264 964 264,919 224 430 146,775 19,71? 16 90? 30,?46 5? 578 ?7 338 1? 65 164 57 794 6 026 38 390 Nov ?67,483 ?67 43? 226 557 148 77? 715 16 90? 30 ?53 5? 578 ?7,3?4 1? 400 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 267,450 267,402 226 148,574 ,709 16,712 30,275 58,864 ,013 12,491 65,161 58,134 5,676 39,097 Feb 267,634 267,584 226 187 148,445 21,710 15,958 30,282 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 Apr 264,642 264,590 223 077 146,133 19,312 15,959 30,375 63,238 17,249 12,391 64,553 58,413 4,798 39,474 2Includes noninterest-bearing debt, 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 End of month (i g n dr c eo l bs u ts d- U. a t S r g. u eG s n t oc Vi f ec u sr n iia d mn s cd x HL 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 ti c t e e u s e r ) i d - S is p s e u c e ia s l P is u s b u l e i s c Banks banks2 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 ti r es i t n o v r e s s3- 1940— Dec 50,942 5,370 2,260 43,312 2,184 17,300 3,200 6,900 2,000 500 2,800 7,800 700 1941—Dec 64,262 6,982 2,558 54,722 2,254 21,400 3,700 8,200 4,000 700 5,400 8,200 900 1942—Dec.. 112,471 9,032 3,218 100,221 6,189 41,100 4,500 11,300 10,100 1,000 13,400 10,300 2,300 1943—Dec 170,108 12,703 4,242 153,163 11,543 59,900 6,100 15,100 16,400 2,100 24,700 12,900 4,400 1944—Dec. , 232,144 16,326 5,348 210,470 18,846 77,700 8,300 19,600 21,400 4,300 36,200 17,100 7,000 1945—Dec 278,682 20,000 7,048 251,634 24,262 90,800 10,700 24,000 22,000 6,500 42,900 21,400 9,100 1946—June 269,898 22,332 6,798 240,768 23,783 84,400 11,500 24,900 17,700 6,500 43,500 20,000 8,600 Dec 259,487 24,585 6,338 228,564 23,350 74,500 11,800 24,900 15,300 6,300 44,200 20,100 8,100 1947—June 258,376 27,366 5,445 225,565 21,872 70,000 12,100 24,600 13,900 7,100 45,500 20,900 9,600 Dec 256,981 28,955 5,404 222,622 22,559 68,700 12,000 23,900 14,100 7,300 46,200 19,400 8,400 1948—June 252,366 30,211 5,549 216,606 21,366 64,600 12,000 22,800 13,600 7,800 47,100 18,600 8,700 Dec 252,854 31,714 5,614 215,526 23,333 62,500 11,500 21,200 14,800 7,900 47,800 17,600 8,900 1949—June 252,798 32,776 5,512 214,510 19,343 63,000 11,600 20,500 15,700 8,000 48,800 17,900 9,600 Dec 257,160 33,896 5,464 247,800 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—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— Tan 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 Feb 267,634 39,302 6,869 221,463 23,875 61,700 9,600 16,100 22,400 11,100 49,400 14,900 12,200 1 Includes the Postal Savings System. 2Includes holdings by banks in territories and insular possessions, which amounted to 300 million dollars on Dec. 31, 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. 506 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 April 30, 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 j Issue and coupon rate Amount Treasury bills1 Certificates Treasurybonds Treasury bonds—Cont. May 7, 1953.. 1 ,300 June 1, 1953. 4,963 June 15, 1953 a . . .2 725 Dec. 15, 1963-68. . .2^ 2,828 M M a a y y 2 14 1 , , 1 1 9 9 5 5 3 3 . . . . 1 1, , 3 5 0 0 1 0 A Fe u b g . . 1 1 5 5 , , 1 19 9 5 5 3 4 . . • 2% 2 8, , 1 8 1 8 4 2 S D e e p c t . . 1 1 5 5 , , 1 1 9 9 5 5 3 3-55 .. . . . . . 2 .2 7,9 5 8 1 6 0 J D u e n c e . 1 1 5 5 , , 1 1 9 9 6 6 4 4 - - 6 6 9 9 6 . . . . 2 2 y H 2 3 3 , , 8 7 3 5 3 7 May 28, 1953.. 1,301 D D e e c c . . 1 1 5 5 , , 1 1 9 9 5 5 3 3 - - 5 5 5 4 5 4 . .. 2 . K .2 5 1 , ,5 8 0 2 1 5 M M a a r r . . 1 1 5 5 , , 1 1 9 9 6 6 5 6 - - 7 7 0 1 6 6 . . .2 . 2 Y M 2 4 2 , , 7 9 2 6 3 4 June 4, 1953.. 1,301 Dec. 15, 1953-54 . .. . .2 8,662 June 15, 1967-72 6.. 2 3^ 1,895 June 11, 1953.. ,202 June 15, 1954-563. 2% 681 Sept. 15, 1967-72. . .2^ 2,716 June 18, 1953.. ,201 Mar. 15, 1955-603. 2,611 Dec. 15, 1967-72 6.. 2 ^ 3,834 J J J J J T T u u u u u u u l n l n l l l y y y y y e e 2 2 1 3 1 9 3 2 9 5 0 6 , , , , , , , 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 . . . . . . . . . . . . . 1 1 1 1 1 1 , , , , , 2 4 5 4 , , 0 2 5 0 0 0 0 0 0 0 1 1 0 1 3 1 1 T O A O A D A M M D r c c p p p e e a a e t t r r r c c r r a . . . . . . . s . . u 1 1 1 r 5 5 5 1 1 1 1 1 1 y , , , , , , , , , 1 n 9 1 1 1 1 1 1 1 1 o 5 9 9 9 9 9 9 9 9 8 t 5 5 5 5 5 5 5 5 e . 4 5 5 3 7 7 6 6 s . . . . . . . . . . . . . . . . . . 1 4 5 6 1 0 , , , , , 0 8 6 3 5 5 8 5 0 5 7 6 4 2 2 3 5 7 4 5 5 2 6 4 1 0 J J J D D S D S M M T u u u e e u e e e n n n a a p p n c c c e e r e r . . . t t e . . . . 1 1 1 1 1 1 1 1 1 1 1 5 5 5 5 5 5 5 5 5 5 5 , , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 5 5 6 5 6 5 5 5 5 5 5 8 8 8 2 0 9 6 9 7 6 6 - - - - - - - - - 6 6 6 6 5 6 5 5 5 3 7 5 2 9 2 9 8 9 . . 3 3 3 . . . . . . . . . . . . . • 2 2 % 2 % V2 4 5 3 2 3 1 1 , , , , , , , 1 4 9 9 2 4 9 6 2 4 8 1 8 4 4 6 1 2 8 2 8 2 7 5 9 9 7 2 0 7 5 0 2 C P P A I b a o o n o p n s n v r t n a v e . a d m s e l t 1 s r m a S t , i a e 1 b C n v 9 l t e a i 7 n n 5 S b g - a e o 8 s l r n 0 ie L . d s o . s B . a 2 n 2 . Y . 3 2 12,39 5 7 1 0 4 1Sold on discount basis. See table on Open-Market Money Rates, p. 501. 2Tax anticipation series. 3 Partially tax exempt. 4 Maturity June 15, 1954. Maturity June 15, 1955. 0 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] End of month s T t o i a o n u n t g t a d - l - G f a U t u a c r g o u n n i . e e v S d s d n s t t s . - . B s F e R e a e r r n e a v d k - l e - s b C m a c o n i e a m k r l - s - 1 b M s t a u a n a v u k l - - s L c I i n o fe s m u p ra a O n n c i t e h e 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 U t u a c r g o n u n i . e e S v d s d 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 n i e a m k r l - s - 1 b s M t in u a a g n v a u s l k - - s L c I i o n fe m su p r a a O n n i t h c e e e f r Other Type of security: Type of security: Total marketable Convertible bonds and convertible: (Investment 1950—Dec 152,450 5,364 20,77854,88410,14312,737 4,116 44,428 Series B): 1951— D Juenc e .....'. 1 1 5 5 1 4 ,7 4 4 9 5 06 6 , , 1 2 7 5 7 1 2 2 2 3 , , 9 8 8 0 2 1 5 54 1 , 3 6 0 7 2 19 9, 1 5 2 0 3 41 1 1 0 , , 1 28 3 9 8 4 4 , , 1 3 6 0 1 1 4 4 6 5 , 6 8 7 5 9 5 1 1 9 9 5 5 0 1 — — D Ju e n c e ^573 2^905"2J14 "l66 1,252 2,921 312 3,304 1952—June 153,502 6,447 22,90654,038 8,843 9,613 4,246 47,411 Dec 12,060 2,905 1,214 172 1,246 2,923 318 3,281 Dec. ... 161,081 6,613 24,69755,828 8,740 9,514 4,711 50,979 1952—June 13,095 3,437 714 191 1,356 3,172 362 3,864 Dec 12,500 3,438 185 1,352 3,179 360 3,987 1953—Jan 161,065 6,765 23,94455,088 8,818 9,592 4,750 52,108 Feb 160,929 6,740 23,87554,254 8,843 9,567 4,740 52,909 1953—Jan 12,491 3,438 185 1,346 3,180 360 3,983 Treasury bills: Feb 12,484 3,439 184 1,340 3,180 360 3,981 1950—Dec 13,627 35 1,296 3,888 33 391 83 7,901 Marketable secu- 1951—June 13,614 26 527 3,750 122 756 72 8,360 rities, due or Dec 18,102 50 596 6,773 71 428 104 10,080 callable: 1952—June 17,219 41 381 5,828 103 504 92 10,268 Within 1 year: Dec 21,713 86 1,341 7,047 137 464 119 12,518 1950—Dec 58,013 81 16,00320,088 270 655 799 20,117 1951—June 60,860 129 13,96221,596 626 1,206 954 22,389 1953—Jan 21,709 206 652 6,538 156 483 128 13,546 Dec 72,790 155 15,05730,348 532 778 1,203 24,718 Feb 21,710 167 584 5,831 168 472 117 14,371 1952—June 70,944 146 13,82229,540 550 638 1,106 25,143 Certificates: Dec 74,261 163 15,61328,853 490 577 1,204 27,361 1950—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 74,247 283 14,86028,084 583 615 1,220 28,602 Dec 29,078 49 12,793 6,773 41 217 445 8,761 Feb 73,494 242 14,79226,898 641 604 1,208 29,109 1952—June 28,423 60 11,821 6,877 120 76 378 9,092 1-5 years: Dec 16,712 27 5,061 4,791 37 56 317 6,424 1950—Dec 33,378 189 1,28524,534 568 398 744 5,661 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 5,10218,600 142 119 566 3,993 Feb 15,958 23 4,996 4,414 101 63 314 6,049 1952—June 29,434 130 5,94118,352 138 123 567 4,183 Treasury notes: Dec 30,196 123 6,65517,822 133 120 653 4,690 1950—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 6,65517,839 135 121 669 4,661 Dec 18,409 3 5,06810,465 67 1 315 2,489 Feb 30,212 81 6,65517,807 129 121 664 4,753 1952—June 18,963 2 5,56810,431 42 5 327 2,587 5-10 years: Dec 30,266 16 13,77410,955 49 8 486 4,978 1950—Dec 17,411 412 982 7,329 2,125 906 1,042 4,615 1951—June 16,012 376 1,032 6,275 2,010 842 1,017 4,460 1953—Jan 30,275 18 13,77410,945 51 6 498 4,984 Dec 11,206 309 1,014 2,442 1,925 712 945 3,859 Feb 30,282 IS 13,77410,866 53 5 497 5,069 1952—June 13,321 524 1,070 3,274 2,092 1,090 1,089 4,183 M arketable bonds:8 Dec 17,564 629 1,070 6,426 2,052 1,127 1,342 4,918 1950—Dec 94,193 5,319 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 17,564 637 1,070 6,451 2,035 1,128 1,348 4,895 Dec 77,097 3,243 4,13030,119 7,697 6,720 3,120 22,068 Feb 18,184 664 1,070 6,845 2,021 1,127 1,355 5,102 1952—June 75,802 2,908 4,42230,710 7,221 5,855 3,087 21,600 After 10 years: Dec 79,890 3,046 4,52232,849 7,165 5,807 3,429 23,072 1950— Dec 43,648 4,682 2,508 2,934 7,18010,778 ,531 14,035 1951—June 30,023 2,629 1,397 2,781 5,389 6,056 1,236 10,534 1953—Jan 79,877 3,077 4,52232,621 7,197 5,861 3,448 23,151 Dec 30,012 2,726 1,415 2,740 5,276 5,758 ,269 10,828 Feb 80,495 3,093 4,52232,959 7,181 5,848 3,453 23,439 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 Feb 26,556 2,314 1,358 2,520 4,713 4,536 L,151 9,964 * Commercial banks, mutual savings banks, and insurance companies included in the survey account for over 90 per cent of total holdings by these institutions. Data are complete for Federal agencies and trust funds and Federal Reserve Banks. Figures in column headed "other" are residuals. 1 Includes stock savings banks. 2Less than $500,000. 3 Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds. MAY 1953 507 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW SECURITY ISSUES1 [Estimates. In millions of dollars] Proposed uses of net proceeds, Gross proceeds, all issuers2 all corporate issuers6 Noncorporate Corporate New capital Re- Year or Bonds Mis- Re- tiremonth Total State cel- tire- ment U.S. Fed- and Pre- Com- New lane- ment of G m o e v n er t n 3 - ag e e r n a c l y4 n m ic u i - - Other Total Total P li u cl b y - v P a r t i e - ly f s e t r o r c e k d s m to o c n k Total money7 p o u u r s - ba o n f k s i e t c ie u s rpal offered placed poses d e e t b c t 8 , 1938 5,926 2,480 115 1,108 69 2,155 2,044 1,353 691 86 25 903 681 7 215 1,206 1939 5,687 2,332 13 1,128 50 2,164 1,979 1,276 703 98 87 420 325 26 69 1,695 1940 6,564 2,517 109 1,238 24 2,677 2,386 1,628 758 183 108 762 569 19 174 1,854 1941 15,157 11,466 38 956 30 2,667 2,389 1,578 811 167 110 1,040 868 28 144 1,583 1942 35,438 33,846 1 524 5 1,062 917 506 411 112 34 647 474 35 138 396 1943 44,518 42,815 2 435 97 1,170 990 621 369 124 56 408 308 27 73 789 1944 56,310 52,424 1 661 22 3,202 2,670 1,892 778 369 163 753 657 47 49 2,389 1945 54,712 47,353 506 795 47 6,011 4,855 3,851 1,004 758 397 1,347 1,080 133 134 4,555 1946 18,685 10,217 357 1,157 56 6,900 4,881 3,019 1,862 ,126 891 3,889 3,279 231 379 2,868 1947 19,941 10,589 2,324 451 6,577 5,035 2,888 2,147 761 778 5,115 4,591 168 356 1,352 1948 20,250 10,327 2,690 156 7,078 5,973 2,963 3,010 492 614 6,651 5,929 234 488 307 1949 21,110 11,804 216 2,907 132 6,052 4,890 2,435 2,455 424 736 5,558 4,606 315 637 401 1950 19,893 9,687 30 3,532 282 6,361 4,920 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 '26,961 r12,577 459 4,105 '237 '9,582 '7.649 '3,645 '4,005 '564 1,369 '8,769 '8,223 '174 '371 '660 1952—Mar.. '1,664 515 145 '19 '985 '764 419 '344 '60 161 '951 '922 '21 '7 '17 Apr.. . '2,275 722 228 397 '21 '907 '712 398 '314 '59 '137 '870 '786 '15 '68 '21 May. '2,527 928 396 54 '1,149 '898 544 '354 '85 '166 '990 '947 '3 '40 '139 June. '2,436 978 624 '3 '831 '635 211 '425 84 112 '769 '735 '4 '30 '49 July.. '6,436 4,898 226 8 '1,304 '1,113 '786 '327 33 '158 '1,237 '1,218 '10 '10 '48 Aug.. '1,168 544 201 2 '421 '342 125 '217 29 '49 '291 '276 '9 5 '123 Sept.. '1,331 444 428 4 '455 '372 '159 '213 37 '46 '390 '367 '12 '11 '57 Oct.. '2,047 531 294 66 '1,157 '980 '400 '581 '6 '170'1,052 '893 11 '148 '89 Nov.. '1,108 480 219 25 '384 '314 126 '188 '20 '49 '340 '293 '34 '13 '38 Dec. '2,079 547 389 4 '908 '731 '140 '591 '58 '119 '851 '780 '43 '28 '46 1953—Jan.. '1,783 611 30 '392 '86 '664 '497 186 '310 '51 116 '634 '603 '6 '25 '21 Feb.. '1,592 494 '390 '2 '706 '536 307 '229 '47 123 '666 '635 '8 '23 '28 Mar.. 1,604 503 405 696 51 153 364 62 116 67: 630 17 24 12 Proposed uses of net proceeds, by major groups of corporate issuers Year or Manufacturing C m om is m ce e l r la c n ia e l o a u n s d Transportation Public utility Communication a R nd ea f l i n e a s n ta c t ia e l month T c p n e o r e e t o d t a - s l N c i a t e a p w l - 9 m R e e n ti t r s e w - T c p e n o r e e t o d a t - s l N it e 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 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 o r e t o d 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 t a - s l i N ts e f w » m R e e n ti t r s e 1 - 0 T c p e n o r e e t o 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 i - ° 1948 2,180 2,126 54 403 748 691 56 2,150 2,005 144 891 890 587 557 30 1949 1,391 1,347 44 338 310 795 784 11 2,276 2,043 567 517 593 558 35 1950 1,175 1,026 149 538 474 806 609 196 2,608 1,927 682 395 314 739 639 100 1951 3,066 2,846 221 518 462 490 437 53 2.412 2.326 85 605 600 515 449 66 1952' 4,022 3,765 257 536 512 758 225 2 ,'626 2,539 753 747 508 448 60 1952—March '387 '381 '5 '54 '45 '99 '99 '403 '401 '5 '5 20 '19 April '283 '268 '16 '74 '71 167 167 '259 '259 '49 '47 '59 '58 '1 May '631 '581 '50 '23 '22 '167 '99 '238 '228 26 26 '45 35 '10 June '271 '264 '7 44 44 58 23 35 '345 '343 29 '28 '72 '68 '4 July '354 '336 '18 51 '49 '82 '82 '233 '231 493 493 '72 '47 '25 August.... '127 '93 '34 '35 '33 112 27 "85 '107 '106 '21 '21 '12 '11 '1 September. '183 '136 '47 '16 '14 '39 1 '165 '165 '16 '16 '27 '20 '7 October... '645 '630 '15 '30 '29 '30 2 '347 '280 67 '27 26 '61 '58 '3 November. '164 '147 '18 '21 '21 45 32 12 '43 '43 '48 47 '56 '50 '7 December. '327 '18 149 '148 '115 '23 '216 '213 '34 '33 '56 '55 1 1953—January... '283 '276 '7 '24 '24 51 14 '245 '245 ' '4 '4 '47 '47 February.. 148 144 '3 '92 '89 '51 18 '257 '254 7 7 '140 '140 March.... 203 194 9 31 30 81 212 210 15 15 142 141 ' Revised. 1 Estimates of new issues sold for cash in the United States. 2Gross proceeds are derived by multiplying p rincipal amounts or number of units by offering price. 3 Includes issues guaranteed. * Issues not guaranteed. 5Includes foreign government; International Bank; and domestic eleemosynary and other nonprofit. 6Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i. e., compensation to underwriters, agents, etc., and expenses. 7 Includes proceeds for plant andrequipment 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. 10Retirement of securities only. Source.—Securities and Exchange Commission. 508 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 2 3 4 Manufacturing Total (200 corps.): Sales 30,86937,00836,73844,11851,067 52,536 13,047 12,297 13,01312,760 12,606 12,21314,957 Profits before taxes . . 4,104 5,317 5,038 7,893 8,557 7,041 2,210 1,964 2,137 1 940 1 618 1 493 1 990 Profits after taxes 2,524 3,312 3,101 4,055 3,411 3,044 839 762 932 815 624 678 927 Nond D u i r v a i b d l e e n d g s oods industries (94 corps.):2 1,170 1,404 1,660 2,240 1,986 1,980 475 475 567 482 476 475 547 Sales 11,313 13,407 12,853 14,777 17,371 17,546 4,288 4,294 4,441 4 335 4 216 4 363 4 632 Profits before taxes 1,787 2,210 1,847 2,702 3,184 2,606 814 773 741 705 599 642 660 Profits after taxes 1,167 1,475 1,213 1,513 1,411 1,256 342 334 368 314 287 308 347 Dividends 551 657 710 889 845 863 202 203 242 210 206 205 242 Durable goods industries (106 corps.):3 Sales 19,502 23,56623,885 29,34133,696 34,991 8,759 8,003 8,572 8,425 8,390 7 85110 325 Profits before taxes 2.312 3,105 3,191 5,192 5,374 4,435 1,405 1,191 1,396 1,234 1,019 852 1,330 Profits after taxes ... . 1,355 1,835 1,887 2,542 2,000 1,789 497 428 565 501 338 «37O 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 3,323 3,492 3,873 3,911 901 942 1,004 959 942 984 1,026 Profits before taxes . 421 411 379 469 407 377 86 93 104 86 93 104 94 Profits after taxes 259 258 235 257 199 175 40 46 52 40 42 48 4S Dividends 128 136 135 143 140 135 35 32 42 32 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 1,384 1,184 365 342 312 318 281 285 300 Profits after taxes 337 409 404 560 484 449 120 111 125 108 105 108 128 Dividends 215 254 312 438 355 373 85 87 100 87 87 88 111 Petroleum refining (14 corps.): Sales 2,906 3,945 3,865 4,234 4,999 5,320 1,204 1,246 1,345 1 318 1 27*5 1 325 1 402 Profits before taxes . . . 456 721 525 650 861 690 203 218 222 204 147 165 174 Profits after taxes 350 548 406 442 516 488 118 127 148 129 111 115 133 Dividends . . . .. 127 172 172 205 231 253 55 55 64 64 60 60 69 Primary metals and products (39 corps.): Sales 7,545 9,066 8,187 10,446 12,501 11,557 3,198 3,034 3,226 3 073 2 385 2 605 3 494 Profits before taxes . . 891 1,174 993 1,700 2,092 1 ,161 557 492 519 425 98 208 430 Profits after taxes 545 720 578 854 775 565 193 176 217 220 29 99 217 Dividends ... . . 247 270 285 377 380 367 85 86 120 88 87 06 106 Machinery (27 corps.): Sales 3,634 4,529 4,353 5,058 6,167 7,078 1,563 1,434 1,690 1,590 1,726 1 697 2 06 S Profits before taxes 443 567 519 847 998 972 237 210 301 232 238 213 289 Profits after taxes 270 333 320 424 367 379 82 73 123 81 80 90 128 Dividends . . 113 125 138 208 191 199 47 48 54 49 48 49 53 Automobiles and equipment (15 corps.): Sales 6,692 8,093 9,577 11,805 12,438 12,827 3,331 2,899 2,939 3,035 3,427 2,681 3,684 Profits before taxes 809 1,131 1,473 2,305 1,915 1 ,950 508 405 488 503 596 347 504 Profits after taxes ... 445 639 861 1,087 704 695 183 142 185 170 191 143 191 Dividends 195 282 451 671 479 461 119 119 119 116 114 114 117 Public Utility Railroad: Operating revenue 8,685 9,672 8,580 9,473 10,391 10,580 2,596 2,583 2,772 2,587 2,532 2,633 2,828 Profits before taxes . 777 1,148 700 1,384 1,260 1,436 275 250 505 295 261 368 512 Profits after taxes 479 699 438 783 693 816 146 124 320 141 149 208 318 Dividends 236 289 252 312 328 336 63 53 111 80 74 6o 116 Electric power: Operating revenue 4,291 4,830 5,055 5,431 5,867 6,224 1,419 1,423 1,521 1,603 1 491 1 513 1 618 Profits before taxes 954 983 1,129 1,303 1,480 1,718 344 320 403 498 400 382 439 Profits after taxes . . . 643 657 757 824 818 922 195 168 226 257 214 207 244 Dividends 494 493 553 619 661 709 161 162 181 172 173 177 186 Telephone: Operating revenue . .. . . 2,283 2,694 2,967 3,342 3,729 4,136 918 931 976 993 1,023 1 037 1 084 Profits before taxes . 215 292 333 580 691 787 174 160 182 194 205 182 206 Profits after taxes 138 186 207 331 341 384 92 72 86 93 98 88 104 Dividends . 131 178 213 276 318 355 79 81 81 85 87 91 93 c Corrected. 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). MAY 1953 509 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROFITS, TAXES, AND DIVIDENDS OF NET CHANGE IN OUTSTANDING CORPORATE SECURITIES » UNITED STATES CORPORATIONS [Estimates, in millions of dollars] [Quarterly estimates at seasonally adjusted annual rates. In billions of dollars] All types Bonds and notes Stocks Year or q Y u e a a r r t o er r P b t r e a o f x o f e i r s t e s c ta o I x n m e - e s P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s tr U p i r b n o u d fi t i t e s s - d quarter i N ss e u w es R m e e t n ir t e s - ch N a e n t ge i N ss e u w es - R m e e t n ir t e s - ch N a e n t ge i N ss e u w es R m e e ti n r t e s - ch N a e n t ge 1939 6.5 1.5 5.0 3.8 1.2 1939 2,182 2,721 -539 1,939 2,550 -611 243 171 72 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 L.232 1949 27.1 10.8 16.3 7.5 8.8 1949 6,732 1,875 4,856 4,867 1,583 3,284 1,865 292 1,572 1950 39.6 18.4 21.2 9.0 12.3 1950 7,224 3,500 3,724 4,806 2,802 2,004 2,418 698 L.72O 1951 42.9 24.2 18.7 9.0 9.6 1951' 9,048 2,772 6,277 5,683 2,107 3,577 3,365 665 2,701 1952 39.7 '21.8 '17.9 9.1 '8.8 1952 10,974 2,646 8,328 7,598 2,293 '5,304 3,377 353 3,024 1951—3 38.6 21.8 16.9 9.2 7.7 1951—3'... 1,753 642 1,110 1,066 478 587 687 164 522 4 39.5 22.2 17.3 9.3 8.0 4'... 2,486 533 1,951 1,449 405 1,045 1,037 128 908 1952—1 42.7 '23.4 '19.3 8.9 '10.4 1952—1.... 2,438 558 1,880 1,640 489 1,151 798 69 729 2 38.2 '21.0 '17.2 9.6 '7.6 2.... 3,087 602 2,485 2,183 513 1,670 904 89 815 3 37.2 '20.4 '16.8 9.3 '7.5 3.... 2,459 716 1,743 1,822 611 1,211 637 105 532 4 40.3 '22.1 '18.2 9.0 '9.2 4.... 2,990 770 2,220 1,953 680 1,272 1,038 90 948 1953—1 i... 42.8 24.4 18.4 '9.1 '9.3 ' Revised. 1 Reflects cash transactions only. As compared with data shown on p. 508, new ' Revised. issues exclude foreign and include investment company offerings, sales of securities i Preliminary estimates by the Office of the Economic held by affiliated companies or RFC, special offerings to employees, and also new Adviser to the President. stock issues and cash proceeds connected with conversions of bonds into stocks. Re- Source.—Department of Commerce. tirements include the same types of issues, and also securities retired with internal funds or with proceeds of issues for that purpose shown on p. 508. Source.—Securities and Exchange Commission. CURRENT ASSETS AND LIABILITIES OF UNITED STATES CORPORATIONS * [Estimates, in billions of dollars] Current assets Current liabilities End of year Net or quarter w c o ap rk it i a n l g Total Cash U s e e . r c n S u m . r i G e ti n o e t s v- r N e a c o c e c te i o v s u a n a b t n l s d eJ I t n o v ri e e n s - Other Total N a p c o a c y t o e a u s b n l a e ts n * d in l F i c a e o d b m e il r i a e t l i e ta 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 26 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 8 170 3 28 2 21 0 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 1 Excludes banks and insurance companies. 2 Includes amounts due from the U. S. Government. 2 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 1 298 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 1,490 3,664 1,319 5,916 1952 26 455 11 994 880 1 391 1 363 3 838 1,598 5,391 1953—I4 6,541 3,236 639 1,030 1,636 2* 6,968 3,376 711 1,199 1,682 1953 4 26,991 12,039 910 1,294 1,380 4,368 7,000 1 Corporate and noncorporate business, excluding agriculture. 2 Includes trade, service, finance, and construction. 3 Includes communications, trade, and other. * Anticipated by business. Source.—Department of Commerce and Securities and Exchange Commission. 510 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 e a r n t d ies 1 E o n r d q o u f a r y te e r 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 ti l n n - - s S F e a e c l g d e i e e e c n s t r e - a d l v o I i t a d n h n u d e d a i r - l s s h A e o r l l 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 th l 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 t l i n n - s - h O ol t d h e e r r s1 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 s 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 s 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 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 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 i.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 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 L.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 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 9 3 2 1949 62 5 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?. . . 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. 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 IIOLC, 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 * [In millions of dollars] Commercial bank holdings2 Mutual savings bank holdings4 Nonfarm Nonfarm End of year or quarter Residential3 Residential3 Total Farm Total Farm Total FHA- VA- Con- Other Total FHA- VA- Con- Other Total in- guar- ven- Total in- guar- vensured anteed tional sured anteed tional 1939 4,266 3,697 2,671 1 076 569 4 8S6 4,807 3,875 932 29 1940 4,578 4,003 2,963 1 040 S7S 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 3,332 974 491 4 677 4,601 3,725 876 26 1943. 4,521 4,058 3,256 807 463 4,470 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 8S6 4 908 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 1,690 873 4 856 4,828 3,937 891 28 1948 10,897 10,023 8,066 1 957 874 5 806 5,773 4,758 \ 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 7 764 968 8 761 8,218 7,054 1,164 44 1951. 14,732 13,728 11,270 3,421 2,921 4,979 2,458 1,004 9,916 9,869 8,595 2,567 1,726 4,303 1 774 47 1952 15 867 14,809 12,188 3,675 3,012 5 501 7 671 1 0S8 11 379 11,306 9,875 3,168 2,237 4,470 1,431 73 1951—March 13,945 12,945 10,625 2,320 1,000 8,650 8,605 7,400 1,205 45 Tiinf 14 286 13 255 10 904 2 1 0S1 9 VW 9,091 7,833 \ 258 46 SfntPTnhpr 14,540 13,500 11,100 2 400 1 040 9 51S 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 1,063 10,554 10,506 9,145 2,898 1,917 4,330 1,361 48 vSeptember 15,590 14,530 11,970 3,580 3,000 5,390 2,560 1 06010, 94010,880 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 1,058 11,379 11,306 9,875 3,168 2,237 4,470 1,431 73 1 Includes all banks in the United States and possessions. 2 Includes loans held by nondeposit trust companies but excludes holdings of trust departments of commercial banks. March and September figures, and also December 1952, are Federal Reserve estimates based on data from Member Bank Call Report and from weekly reporting member banks. For 1940, figures except for the grand total are Federal Reserve estimates based on data for insured commercial banks. 3 Data not available for all classifications prior to December 1951. 4 Through 1946, figures except for the grand total are estimates based on Federal Reserve preliminary tabulation of a revised series of banking statistics. March and September figures, and also December 1952, are Federal Reserve estimates based in part on data from National Association of Mutual Savings Banks. Sources.—All bank series prepared by Federal Deposit Insurance Corporation from data supplied by Federal and State bank supervisory agencies; Comptroller of the Currency; and Federal Reserve. MAY 1953 511 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 of period) Nonfarm Nonfarm Year or month 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—March 328 286 75 40 171 42 19,870 18,306 5,377 3,245 9,684 1,564 April 326 292 66 45 181 34 20,008 18,425 5,402 3,272 9,751 1,583 May 301 270 63 34 173 31 20,175 18,574 5,429 3,290 9,855 1,601 June 344 316 80 32 204 28 20,335 18,716 5,476 3,304 9,936 1,619 July 353 325 69 34 222 28 20,505 18,870 5,517 3,321 10,032 1,635 August 307 285 66 29 190 22 20,643 18,998 5,542 3,334 10,122 1,645 September 303 280 79 12 189 23 20,801 19,147 5,592 3,326 10,229 1,654 October 364 337 79 30 228 27 20,961 19,298 5,626 3,333 10,339 1,663 November 288 260 65 22 173 28 21,087 19,411 5,648 3,340 10,423 1,676 December 390 352 86 31 235 38 21,245 19,560 5,690 3,349 10,521 1,685 1953—January . . .. 347 309 78 28 203 38 21,396 19,701 5,725 3,358 10,618 1,695 February 327 289 75 24 190 38 21,547 19,834 5,751 3,367 10.716 1,713 March? 403 353 84 27 242 50 21,725 19.992 5,729 3,445 10,818 1 ,733 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 Total i F s H u in r A e - d - a g n V u te A a e r - - d ti C v o o e n n n a - - l3 m Y o o e n r a t r h N b u e m r - Total i a n S l s o g a s a s n v n & s - . p I c a n a o n s n m c u i e e r - - s b C m c a o i n e a m r k l - s - M b i u a n n t g u k s a s l Other a c m o ( la d r r o e r d o s - u e l ) - d nt 1939 986 301 340 345 3,806 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 1,274 3,861 1,237 280 753 152 1,439 3,031 1944 1,454 95 1,064 295 4,800 1944 1,446 4,606 1,560 257 878 165 1,746 3,186 1945 1,913 181 1,358 374 5,376 1945 1,639 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 7,3451948 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 15,520 864 3,125 11,5301951 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 -14,1401952 3,028 18,018 6,452 1,420 3,600 1,137 5,409 5,950 1952- A M p a r r . . . . . 5 54 1 9 4 1 18 7 3 2 2 23 1 9 4 1 1 2 2 8 7 16,073 874 3,162 12,037 1952- A M p a r r . . . . . 2 2 3 5 8 0 1 1, , 4 3 8 9 2 3 5 4 4 9 0 4 1 1 1 1 8 4 293 8 7 1 1 4 4 2 5 7 4 5 5, , 9 8 2 6 1 0 May.. 586 198 252 136 May.. 256 1,511 557 114 303 90 447 5,907 J J u u n ly e . . . , 5 5 9 8 6 7 1 19 9 0 2 2 2 6 5 5 7 1 14 3 1 8 16,891 887 3,228 12^776 J J u u n ly e . . . . 2 2 5 6 6 8 1 1 , , 5 5 1 9 3 0 5 5 6 8 4 6 1 11 0 3 8 3 3 0 1 5 7 1 9 0 6 5 4 46 4 9 0 5 5 , , 9 9 0 3 9 7 Aug... 617 200 279 138 Aug. . 270 1,598 592 119 313 108 466 5,916 S O e c p t. t . . . . 6 65 1 9 6 2 1 0 9 8 3 3 2 0 8 3 5 1 1 3 4 8 8 17^740 3,341 13^501 S O e c p t. t . . . . 2 28 6 5 7 1 1 , , 5 7 8 2 8 7 5 6 9 2 3 7 1 1 3 1 5 8 3 3 1 4 6 2 1 1 0 1 3 7 4 50 5 6 8 5 6, , 0 9 5 4 1 3 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 '14,140 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 Mar.. 639 206 266 167 19,105 924 3,492 14,689 Mar.. 264 1,627 605 126 316 92 488 6,153 ' Revised. Source.—Home Loan Bank Board. 1 Includes loans for repair, additions and alterations, refinancing, etc. 2 Prior to 1948, data are not available for classifications shown. 8 Excludes shares pledged against mortgage loans. Source.—Home Loan Bank Board. 512 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT STATISTICS—Continued GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- TO 4-FAMILY PROPERTIES [In millions of dollars] [In billions of dollars] FHA-insured loans VA-guaranteed loans3 Government- Home Home underwritten Year mortgages Pro- Prop- mortgages End of Conor Total erty Alter- year or Total venmonth Total e p N r r t o e i w e p s - i e p s E r r t t o i x i n e p - g s - g m j t a e y o g c p r e t e t - s - 1 l p m o r i a m o e n v n - s e t 2 - Total e p N r r t o e i w e p s - i e p s E r r t t o i x i n e p - g s - r a e a t p n io a d i n r2 quarter Total s F u - H i r n e A - d a g n V u t A e a e r - - d tional 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 ]o 1942 . . . 1,121 1,121 766 208 21 126 1941 18.4 3.0 3.0 15.4 1943 934 934 553 210 85 86 1942 18.2 3.1 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 13^7 1946 3,058 756 120 302 13 321 2,302 1945 18.5 C4.3 4.1 c 2 C14.2 1947 5,074 1,788 477 418 360 534 3,286 1946 23 A C6.1 C2 A C17 .0 1948 5,222 3,341 1,434 684 609 614 1,881 1947 28.2 C9.3 3 8 C5 5 cjg 9 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 is!o 6^9 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 S 830 3,113 969 974 322 848 2,721 1,824 890 6 1951 51 9 22^9 9.1 13 2 29 0 1952? 58.2 25.4 10.8 14^6 32^8 1952—Mar. . . 443 207 61 66 19 61 236 164 72 .7 Apr.... 487 242 61 69 49 64 244 159 85 .5 May. . . 452 249 65 74 39 71 203 128 74 .4 1951—Mar. . . 46.9 20.0 8.9 11.1 26.9 June.. . 469 273 68 76 27 102 196 124 70 .5 June.. . 48.7 21.0 9.2 11.8 27.7 July. .. 458 269 80 85 31 73 189 126 63 .4 Sept... 50.4 22.0 9.5 12.5 28.4 Aug.. . . 463 260 81 82 32 66 203 134 68 .5 Dec 51.9 22.9 9.7 13.2 29.0 Sept... 484 267 94 91 13 69 217 142 75 .4 Oct.... 526 306 108 103 26 69 220 141 78 .7 Nov. . . 503 259 97 87 17 59 243 157 85 .6 1952—Mar. P.. 53.2 23.5 9.9 13.6 29.7 Dec... 519 293 108 98 23 63 227 155 71 .5 June*. . 54.8 24.0 10.1 13.9 30.8 Sept.P. . 56.5 24.7 10.4 14.3 31.7 1953—Jan 539 296 108 103 18 67 243 161 82 .6 Dec.P. . 58.2 25.4 10.8 14.6 32.8 Feb., . . 539 265 103 86 15 61 274 184 90 .5 Mar. . . 504 276 103 89 20 64 228 152 75 6 1 Monthly figures do not reflect mortgage amendments included in annualtotals. cCorrected P Preliminary 2FHA-insured property improvement loans are not ordinarily secured by mortgages; VA- NOTE.—For total debt outstanding, figures for guaranteed alteration and repair loans of $1,000 or lev3S neednot be secured,whereas those first three quarters are Federal Reserve estimates. :or more than that amount must be. For conventional, figures are derivec1. 3Prior to 1949, data are not available for classifications shown. Sources.—Home Loan Bank Board.FederaI Hous- NOTE.—FHA-insured loans repressnt gross amount of insurance written: VA-guar- ing Administration, Veteran.3 Administration, and anteed loans, gross amount of loans closed. Figures do not take account of principal repay- Federal Reserve. ments on previously insured or guaranteed loans. For VA-guaranteed loans, 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 i o z t n t n e m h t d d - e o s - d r- b m C u m d u e o r i n i s n s m t - e - - t d s - To M ta o l rtga F s g u H i e n r A e - h d - oldi a n g n V g u t s A e a e r - - d ( c p M d h p e g u a u r o a i r s r g r o i e - t e n d - s g ) ( p d M s g e u a a r o r l i g i e r o n e s t d - g ) Year or month va A n d c - es R m e e p n a ts y- T A o d t v a ( l a e n n c d e S t s o e h f r o o m p u rt e t 1 - s r t io an d L t ) d e o i r n n m g g 2 - 1941 158 140 219 105 115 1948 528 227 199 188 11 198 1942 99 190 129 54 76 1949 848 824 828 403 425 672 20 1943 157 176 110 69 41 1950 918 485 1,347 169 1,178 1,044 469 1944 239 219 131 106 25 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—April 1412 255 2,083 239 1,844 39 2 1948.. 360 280 515 257 258 May *411 264 2,075 236 1,839 4 4 1949 256 337 433 231 202 June 1416 266 2,068 236 1,832 7 5 1950 675 292 816 547 269 July 21,311 275 2,064 237 1,827 6 3 1951 423 433 806 508 298 August 1,283 299 2,068 245 1,823 13 3 1952 . 586 528 864 565 299 September.. . 1,238 315 2,097 257 1,840 40 4 October 1,170 326 2,154 272 1,882 72 6 1952—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 April 876 326 2,448 429 2,019 68 3 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 1953—January 16 197 683 439 245 was available only for the purchase of mortgages on defense, disaster, and military February... 14 71 627 401 226 lousing. March 30 46 610 391 219 2Public Law 531, enacted July 14, 1952, authorized an additional 900 million April 47 32 626 406 220 dollars for advance commitments to purchase mortgages on defense, disaster, and military housing. Funds remaining from those set aside earlier for this purpose then became available for over-the-counter purchases of other mortgages. 1 Secured or unsecured loans maturing in one year or less. Source.—Federal National Mortgage Association. 2Secured loans, amortized quarterly, having maturities of more than one year but not more than ten years. Source.—Home Loan Bank Board. MAY 1953 513 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 E o n r d m of o n y t e h ar Total Total Au p to a m pe o r b 1 ile co p O g n a o s t p o h u e d e m r s r 1 er e a r n l R n d o i e a z p m a n a t s 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 L.356 2,353 1,166 1948 14,411 8,968 3,054 2,842 843 2,229 5,443 L.445 2,713 1,285 1949 17,104 11,516 4,699 3,486 887 2,444 5,588 t ,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 1,934 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—February 20,649 14,555 6,114 4,080 1,078 3,283 6,094 L.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 ',007 2,535 1,667 May 21,705 15,308 6,539 4,169 1,138 3,462 6,397 >,O55 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 ',033 2,642 1,692 October 24,050 17,572 7,639 4,871 1,347 3,715 6,478 ',033 2,776 1,669 November 24,525 17,927 7,866 4,943 1,376 3,742 6,598 ',109 2,826 1,663 December 25,705 18,639 8,110 5,301 1,386 3,842 7,066 >,108 3,313 1,645 1953—January 25,507 18,785 8,273 5,256 1,378 3,878 6,722 2,129 2,956 1,637 February P 25,246 18,863 8,470 5,133 1,378 3,882 6,383 2,079 2,645 1,659 March? 25,675 19,285 8,783 5,162 1,384 3,956 6,390 >,142 2,575 1,673 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. 2Includes only repair and modernization loans held by financial institutions; such loans held by retail outlets are included in "other consumer goods paper." NOTE.—Monthly figures for the period December 1939 through 1952 and a general description of the series are shown on pp. 336-54 of the BULLETIN for April 1953; 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 o o f n y t e h ar i c m n r s e e t d a n i l t t - Total m b C a e 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 l - 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 t e o 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 ,040 1,440 379 474 79 101 407 1948 8,968 7,092 3,529 1,990 334 ,239 1,876 470 604 127 159 516 1949 11,516 9,247 ,439 2,950 438 ,420 2,269 595 724 168 239 543 1950 14,490 11,820 5,798 3,785 590 ,647 2,670 743 791 239 284 613 1951 14,837 12,077 5,771 3,769 635 ,902 2,760 920 760 207 255 618 1952 18,639 15,423 7,576 4,833 815 ,199 3,216 1,101 900 239 336 640 1952—February. 14,555 11,976 5,769 3,661 637 ,909 2,579 864 711 192 247 565 March.... 14,550 12,002 5,808 3,623 647 ,924 2,548 870 699 185 244 550 April 14,731 12,177 5,899 3,662 661 ,955 2,554 875 700 183 247 549 May 15,308 12,679 6,144 3,853 688 ,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—January.. 18,785 15,665 7,696 4,930 818 2,221 3,120 1,068 865 232 343 612 FebruaryP 18,863 15,877 7,808 5,031 828 2,210 2,986 960 855 231 352 588 MarchP . . 19,285 16,337 8,062 5,174 860 2,241 2,948 933 844 231 364 576 P Preliminary. 1 Includes mail-order houses. 2Includes only automobile paper; other instalment credit held by automobile dealers is included with "other" retail outlets. 514 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 - t l l t - C m c m i ( o i n s e a m e i r s l n n - t - g i t t l u e lo t - i O p a o a n t n y h s s - ) er m p D a e a e r n - c t ( o - t c c u h o t a u le r n g O t t s e s t ) her S c e r r e v d i i c t e 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 - ch P A a u s u r e - t p d o a m pe o 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 a o p o i n z d d n a a s - ir - l s P o o a e n n r a - s l banks stores l 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 R4Q 946 1 01rt 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 1,138 1 376 1950 6,323 1,576 245 641 2,365 [,496 1951 6,631 1,684 250 685 2,411 1,601 1952-February, 5 769 1,116 1,318 1,301 881 1,153 1952. . . 7,066 1,852 256 709 2,604 1,645 March 5,808 ,114 1,336 1,291 881 ,186 April 5,899 ,136 1,368 1,289 899 1,207 1952-February... 6,094 1,742 237 480 2,010 1,625 May 6,144 ,218 1,432 ,331 931 1,232 March 6,059 1,758 239 457 1,953 ,652 June 6,458 ,313 1,508 1,394 967 1,276 April 6,209 1,769 238 471 2,064 L ,667 July 6,654 ,364 1,540 1,452 1,004 1,294 May 6,397 1,777 278 475 2,184 ,683 August 6,807 ,392 L.554 L ,512 1,036 ,313 Tune 6,414 1,798 256 467 2,194 ,699 September.. 6,967 ,430 ,567 L,564 1,070 1.336 July 6,286 1,792 231 418 2,155 1,690 October 7,189 ,485 ,599 ,647 1,110 ,348 August 6,302 1,792 234 422 2,157 ,697 November.. 7,352 ,534 ,625 ,709 1,131 ,353 September.. 6,367 1,793 240 459 2,183 ,692 December. . 7,576 ,596 ,653 ,813 1,138 ,376 October.... 6,478 1,801 232 499 2,277 ]L.669 November.. 6,598 1,821 288 536 2,290 ,663 1953-January 7,696 ,631 ,684 ,861 1,132 ,388 December. . 7,066 1,852 256 709 2,604 1,645 February?.. 7,808 ,662 , 736 ,877 1,133 1.400 March?. . . . 8,062 ,724 ,816 ,949 1,139 ,454 1953-January... . 6,722 1,858 271 570 2,386 1,637 February P. . 6,383 1,839 240 490 2,155 j ,659 March?.... 6,390 1,882 260 479 2,096 1,673 Preliminary. P Preliminary. 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] Other Repair E o n r d m of o n y t e h ar i T m n o s e t t n a a t l l - m A pa o u p b t e o il r - e s O g c u o t o m o h n d e e - s r r m i R z a o e a n d p ti d e a o r i n r n- s l P o o a e n n r a - s l E o n r d m of o n y t e h ar i c T n r s o e t t d a a i l 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- l s P o o a e n n r a - s l credit paper loans 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 22 858 1946 x 677 377 67 141 92 1947 1,275 130 69 39 ,037 1947 1,355 802 185 242 126 1948 1,573 189 99 59 ,226 1948 1,990 1,378 232 216 164 1949 1,858 240 137 89 ,392 1949 2,950 2,425 303 83 139 1950 2,237 330 182 115 ,610 1950 3,785 3,257 313 57 158 1951 2,537 358 209 132 ,838 1951 3,769 3,183 241 70 275 1952 3,014 453 276 166 ,119 1952 4,833 4,072 332 82 347 1952—February. . . . 2,546 359 212 131 ,844 1952—February. . . . 3,661 3,074 235 66 286 March 2,571 363 216 133 ,859 March 3,623 3,033 233 65 292 April 2,616 372 225 134 1,885 A M p a r y il 3 3 , ,6 8 6 5 2 3 3 3 , , 2 0 3 6 7 3 2 23 4 2 0 6 6 5 7 3 30 0 2 9 J M u a n y e 2 2 , , 6 7 8 5 2 5 3 4 9 0 0 5 2 2 3 4 1 4 1 1 4 4 3 0 1 1 , , 9 9 2 6 1 3 June 4,111 3,466 260 68 317 July 2,808 415 252 147 1,994 July 4,263 3,589 281 70 323 August 2,849 423 255 151 2,020 August 4,294 3,608 289 71 326 September. . . 2,874 430 261 156 2,027 September. . . 4,362 3,660 301 74 327 October 2,902 438 267 159 2,038 October 4,523 3,804 312 78 329 November 2,933 443 269 166 2,055 November 4,670 3,940 317 79 334 December.... 3,014 453 276 166 2,119 December.... 4,833 4,072 332 82 347 1953—January 3,039 456 281 165 2,137 1953—January 4,930 4,159 337 81 353 February? 3,038 460 283 165 2,130 February? 5,031 4,260 339 80 352 March? 3,101 477 287 166 2,171 March? 5,174 4,402 342 79 351 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. MAY 1953 515 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 * Item 1 M P 95 e f a r 3 r r o c . ? m en m t F 1 p a o 9 e g r n e b 5 e c t . 3 h e c d h i a n J 1 n g a 9 g n 5 e . 3 1 f M m P 9 ro 5 e o a m 3 r n r P c . t e h c n o t o y F 1 a r f r e 9 e g e a b 5 e p s r . 3 r p e c o c h n e a d J 1 d n a i 9 i g n n n 5 e g g . 3 Year or month D s m e to p e I r a n n e r t s s t t - alm F s e t t u n o u r t r r n e e a i s - cco h u H p s o n l t o l i t o d a s u r n s e a c e s p e - - a D C c s m e t h c o p o a e r a r n u e g r t n s t e - ts Net Sales: 1952 Total +9 -3 -45 +7 +3 +6 February 18 10 13 45 Cash sales +8 -10 -46 +3 -3 -3 March 20 11 13 48 Credit sales: April 18 10 13 46 Instalment + 14 -3 -49 + 11 + 7 + 15 May 19 11 13 48 Charge account +3 + 1 -31 +4 + 1 -4 J J u u n ly e 1 1 8 7 1 1 0 0 1 1 2 2 4 4 6 6 Accounts receivable, end August 17 11 11 46 of month: September 18 11 12 47 Total -1 -1 -4 +25 +24 +23 October 18 11 11 50 Instalment . . -1 -1 -4 +20 +21 +20 November 17 10 11 48 December 17 10 11 48 Collections during month: 1953 Total +4 -9 +5 +5 +4 +5 January 17 10 11 47 Instalment +9 -9 +2 +6 +4 +6 February 15 9 10 44 March? 17 10 10 49 Inventories, end of month, at retail value. +6 +4 + 1 0 -1 -3 P Preliminary. 1 Collections during month as percentage of accounts outstanding at Preliminary. beginning of month. DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasonal adjustment, 1947-49 average = 100 Percentage of total sales Year or month Total Sa C le a s s h during I m n m s e o t n a n t l t - h a C c h c a o r u g n e t A I a c m n t c s e o t e n a u n t l n d - t s o r f e a m c C c e h c o iv o a n a r u t g b h n e l t e C I m n o s l e l t n e a c t l m - tio o n n s t a h C d c h c u a o r r i u n g n g e t C sa a l s e h s I m n sa s e l t e n a s t l- a C c s h c a a o le r u g s n e t Averages of monthly data: 1941 46 44 55 48 76 53 58 47 48 9 43 1942 53 57 45 48 60 48 60 51 56 6 38 1943 60 72 39 49 35 42 47 50 61 5 34 1944 67 82 36 53 29 44 41 52 64 4 32 1945 75 92 37 59 28 50 40 59 64 4 32 1946 93 105 56 84 38 73 53 78 59 4 37 1947 99 103 85 95 67 92 78 92 55 6 39 1948 103 103 105 104 108 105 106 103 52 7 41 1949 98 94 110 101 125 103 117 104 51 8 41 1950 101 93 136 106 177 111 146 111 48 10 42 1951 104 95 133 111 181 124 165 118 48 9 43 1952 103 93 142 109 189 127 158 120 47 10 43 1952—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 February.... 78 69 119 81 224 126 162 132 47 11 42 March? , 99 88 143 106 227 123 177 125 46 11 43 P Preliminary. NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 527. 516 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] Construction I ( n p d h u y s s t i r c i a a l l v p o ro lu d m uc e t ) i * o l n awa c rd o e n d tr a ( c v t a s lue) 2 Employ 1 m 94 e 7 n - t 4 9 an - d 1 0 p 0 ayrolls3 1935-39 = 100 1947-49=100 Depart- Whole- Freight ment Con- sale Year or month Total D f u M a - c a tu n r u N e d - s o u n - - M era in ls - Total R d t e i e a n s l i - - ot A h l e l r p N t a e c u l g m u o o r r l a n y i - - - l - - pr E o M m d a u p n c l u t o i f y o a - n c tu w r o in r P k g a e y rs - c 1 a 9 i = r n 3 l g 1 5 o 0 s a - * 3 0 d 9 - 1 v ( s 9 - a r a 4 1 e l l 7 u t e 0 a - s e 0 4 * i ) l 9 4 1 s p u 9 - r m 4 1 ic 7 0 e e - 0 r 4 s s 3 9 ' 1 p m 9 c = r 4 o i o c 1 7 m d e 0 - i - s 4 0 t 3 v 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 S 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 '99.4 103.4 97.7 143 98 95 5 96 4 1948 192 225 177 155 102 98 105 '101.5 102.8 105.1 138 104 102 8 104 4 1949 176 202 168 135 113 116 111 '99.1 93.8 97.2 116 98 101.8 99.2 1950 200 237 187 148 159 185 142 '102.3 '99.6 '111.7 128 105 102.8 103.1 1951 220 273 194 164 171 170 172 '108.0 '106.2 '129.6 134 109 111 0 114 8 1952 219 280 189 160 183 183 183 '109.8 '105.5 '135.3 126 110 113 5 111 6 1951 October 218 222 274 188 174 140 160 127 '108.4 '104.4 '106.2 '130.8 135 109 112 1 113 7 219 220 277 188 170 156 146 162 '108.4 '104.4 '105.4 '130.3 137 113 112 8 113 6 December 218 217 282 185 163 166 145 180 '108.6 '104.7 '105.4 '133.7 133 109 113.1 113.5 1952 January 221 217 282 189 167 161 142 173 '108.7 '104.7 '104.2 '130.9 141 109 113.1 113.0 February 222 218 284 190 167 156 163 152 '109.2 '104.9 '104.7 '132.0 136 106 112.4 112.5 March 221 217 285 188 164 164 174 157 '109.1 '104.9 '104.7 '132.5 133 105 112.4 112.3 April 216 215 277 183 166 171 189 158 '109.0 '105.2 '104.1 '129.1 126 103 112.9 111.8 May 211 211 277 181 140 168 186 156 '109 1 '104 6 '102 9 '128 9 122 108 113 0 111 6 June 204 205 247 186 147 172 193 158 '108.6 '102.0 '100.9 '127.3 108 111 113.4 111.2 July 193 194 230 179 142 177 196 165 '108.3 '100.6 '98.9 '122.2 102 105 114.1 111.8 August 215 218 267 191 156 207 193 217 '109 9 '104 7 '105 7 '134 2 125 114 114 3 112 2 September 228 232 290 194 175 207 191 218 '110.8 '106.8 '109.0 '143.3 134 106 114.1 111.8 October 230 233 300 195 164 210 185 227 '111.3 '107.8 '109.6 '145.7 128 115 114.2 111.1 November 234 235 304 197 171 196 178 207 '111 8 '109 2 '110 2 '146 3 134 113 114 3 110 7 December 235 233 313 194 168 205 183 219 '112.0 '110.0 '110.8 '150.9 131 115 114.1 109.6 1953 January 236 232 '315 195 164 190 173 201 '112.1 '110.5 '110.0 '147.4 134 111 113.9 109.9 February 240 236 322 198 163 173 182 167 '112.4 '111.2 '111.0 '149.2 130 111 113.4 109.6 March P242 P239 P327 *200 P160 177 176 178P112 4 Pill.8 Pill .6 e152.0 132 P113 113 6 110 1 "242 •'241 '329 *198 "160 129 '107 ' Estimated; all estimates are those of the Federal Reserve. P Preliminary. ' Revised. * Average per working day. 'For indexes by groups or industries, see pp. 518-521. 2Three-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. 525. 3 The unadjusted indexes of employment and payrolls, wholesale commodity prices, and consumers' prices are compiled by or based on data of the Bureau of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces. The figures on employment and payrolls incorporate revisions to first-quarter 1951 benchmark levels. 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. *For indexes by Federal Reserve districts and for other department store data, see pp. 527-531. Backf igures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943 DO 958-984; for department store sales, December 1951, pp. 1490-1515. MAY 1953 517 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Adjusted for Seasonal Variation) [Federal Reserve index numoers. 1935-39 average =100] 1952 1953 Industry Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Industrial Production—Total 221 216 211 204 193 215 228 230 234 235 236 240 P242 Manufactures— Total 231 225 224 214 202 225 237 242 245 247 249 254 P257 Durable Manufactures 285 277 277 247 230 267 290 300 304 313 '315 322 P327 Iron and Steel1 263 245- 246 140 139 244 270 281 283 286 287 290 P297 Pig iron 239 205 208 42 38 721 242 247 244 247 249 247 253 Steel 309 278 278 66 83 283 319 332 334 335 333 337 348 Open hearth 225 196 195 39 36 202 222 233 231 238 235 234 241 Electric 911 855 867 256 418 860 1013 1040 1064 1022 1029 1071 1113 Machinery 359 354 353 352 331 336 354 363 371 385 r391 396 P404 Transportation Equipment 327 329 338 339 287 300 353 371 376 r392 r392 405 P413 Automobiles (including parts) ... 222 227 231 229 162 175 247 265 272 '282 r282 301 P308 (Aircraft; Railroad Equipment; Shipbuilding— Private and Government)2 Nonferrous Metals and Products 218 218 216 210 201 213 225 237 240 246 249 259 P259 Smelting and refining 252 257 259 247 242 251 248 251 251 258 266 293 P29S (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin) a, Fabricating 204 203 199 195 184 197 216 231 236 241 242 245 P243 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption) 2 Lumber and Products 158 152 142 146 141 149 155 155 161 165 171 175 vl73 Lumber 149 143 128 134 128 135 140 138 146 149 162 166 161 Furniture 175 170 168 169 165 175 183 189 191 196 189 192 P196 Stone, Clay, and Glass Products 222 220 217 222 214 221 222 224 221 r222 233 v?Vi Glass products 224 225 227 247 243 243 245 241 232 ••221 225 242 P255 Glass containers 239 242 243 269 266 261 261 2 54 242 225 232 255 272 Cement 244 238 230 222 215 231 227 231 233 254 257 279 273 Clay products 175 173 168 170 158 163 161 163 162 '160 r168 168 Other stone and clay products 2 Nondurable Manufactures 188 183 181 186 179 191 194 195 197 194 195 198 P200 Textiles and Products 152 144 151 154 147 170 177 172 176 169 169 173 •P173 Textile fabrics 139 131 137 138 129 158 154 158 152 151 157 Cotton consumption 141 130 135 133 111 143 145 142 149 141 140 149 148 Rayon deliveries 288 280 287 312 343 369 377 361 356 337 350 '338 349 Nylon and silk consumption 2 Wool textiles 112 108 117 11? 103 123 137 134 137 138 130 142 Carpet wool consumption 123 117 113 75 71 120 148 140 153 164 149 173 Apparel wool consumption 110 110 123 120 139 149 142 137 130 129 140 Wool and worsted yarn 108 103 112 113 103 120 130 126 127 124 118 130 Woolen varn 103 96 108 106 97 112 121 117 120 115 108 116 Worsted varn 114 112 116 124 112 131 144 140 138 136 r132 148 113 109 123 124 113 123 136 138 141 146 r136 142 Leather and Products 108 102 105 103 91 116 112 112 113 107 116 119 Leather tanning 86 84 90 92 81 97 97 103 103 100 101 Cattle hide leathers 98 95 105 106 91 110 107 115 117 112 r116 114 Calf and kip leathers 68 72 67 69 60 79 90 87 84 88 87 82 Goat and kid leathers 69 64 67 67 71 67 65 77 83 80 79 81 Sheep and lamb leathers 72 69 72 79 66 89 88 93 86 76 80 80 Shoes 122 114 115 111 98 129 123 118 120 112 126 131 166 163 160 166 162 164 168 165 161 r164 165 P168 Wheat flour 103 108 103 113 109 109 108 109 113 108 114 108 P109 Cane sugar meltings 2 Manufactured dairy products 142 146 148 147 145 148 148 146 147 152 151 151 154 Butter 71 73 73 69 70 69 71 73 73 85 89 90 94 Cheese 169 181 183 180 176 178 178 176 191 209 209 205 209 133 149 163 164 152 168 166 155 152 155 142 138 149 P Preliminary. r Revised. 1 Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods may be obtained from the Division of Research and Statistics. 2 Series included in total and group indexes but not available for publication separately. 3 Because of a reclassification of the basic data used to measure changes in production, the sulphate pulp and sulphite pulp series are no longer available separately. Individual indexes through June 1951 are shown in preceding BULLETINS. 518 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Confine (Adjusted for Seasonal Variation) [Federal Reserve index numbers, 1935-39 average= 100] 1952 1953 Industry Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Manufactured Food Products—Continued Meat packing . 179 165 146 148 147 158 170 169 170 176 169 174 179 Pork and lard 230 207 167 170 163 180 200 194 196 202 181 181 187 Beef 141 135 140 137 144 149 151 153 155 163 175 188 193 Veal 81 79 84 99 109 121 125 131 131 124 113 109 \\\ 85 79 76 78 68 77 87 96 89 97 100 97 100 Other manufactured foods 172 169 169 175 171 171 175 172 167 '169 170 170 J>172 Processed fruits and vegetables . . 150 146 147 161 138 123 143 147 124 128 '140 141 »147 Confectionery 135 128 130 121 117 134 136 131 134 150 145 138 Other food products 184 183 181 188 189 190 190 185 184 ••183 182 183 Pi 85 Alcoholic Beverages 170 157 150 112 162 151 155 162 180 166 158 159 173 Malt liquor V\ 154 149 161 176 165 160 154 177 182 175 169 179 Whiskey 68 62 51 38 19 21 26 28 31 44 53 58 63 Other distilled spirits 292 298 231 185 108 234 148 182 133 127 160 130 191 Rectified liquors 208 205 214 207 224 175 263 325 369 228 180 221 245 Tobacco Products . . 174 184 178 189 172 186 187 190 181 172 179 194 194 Cigars 109 110 114 116 113 111 123 134 124 98 110 111 112 Cigarettes 243 259 245 264 240 261 257 258 249 243 249 276 277 Other tobacco products 59 62 64 65 54 68 65 66 57 59 64 61 60 PaPer and Paper Products 192 185 182 181 160 188 192 203 205 196 200 207 211 Paper and pulp .... . . 188 181 175 176 154 180 181 192 194 185 191 107 201 Pulp 241 228 221 227 195 229 220 233 236 220 233 "237 245 Groundwood pulp 117 110 108 121 124 132 125 125 108 112 112 118 113 Soda pulp 99 95 92 89 68 82 83 89 92 91 92 95 94 Sulphate and sulphite pulp8 284 269 260 266 226 267 256 274 280 258 275 '279 291 Paper 180 174 168 168 148 172 175 186 188 180 185 191 194 Paperboard 205 202 207 201 182 722 233 246 240 235 236 245 249 Fine paper 2 Printing paper 189 186 175 182 150 168 165 178 182 179 185 193 193 Tissue and absorbent paper 190 186 162 168 174 180 187 206 193 195 201 201 207 178 161 149 153 P4 148 146 150 161 151 162 167 170 Newsprint 131 122 130 134 126 130 126 123 121 116 119 118 121 Panerboard containers (same as Paperboard) Printing and Publishing 177 175 170 176 157 165 165 176 175 168 173 180 183 Newsprint consumption 164 164 166 169 f 64 162 166 173 169 157 162 167 173 Printing paper (same as shown under Paper) i Petroleum and Coal Products 1 ?7tt 261 209 211 219 280 282 279 290 291 r293 293 t*288 Petroleum refining' Gasoline 210 205 157 216 27 5 231 234 225 233 729 230 231 P22S Fuel oil 227 218 167 228 731 735 232 226 239 730 241 236 P234 Lubricating oil 183 177 124 185 174 181 179 182 171 164 160 148 Kerosene 223 211 133 199 226 230 708 207 225 241 250 726 Other petroleum products 2 Coke 204 166 165 72 67 169 177 179 182 18<S 188 1 «8 189 Bv-product coke 197 161 161 71 67 168 174 178 179 182 183 T83 18.3 Beehive coke 420 326 311 84 52 184 299 243 268 312 353 r3<i4 395 Chemical Products 292 292 298 299 302 302 304 308 309 ^309 310 P.?/5 Paints 155 152 151 157 154 155 158 1*9 159 160 159 p\ ZR Rayon 269 267 270 307 37 5 354 370 358 350 351 348 336 P3^4 Industrial chemicals 563 559 558 563 565 568 567 578 595 598 '•594 597 r>604 Other chemical products 2 ... . .. Rubber Products.. . 242 215 242 246 242 212 260 264 '272 268 268 P276 Minerals—Total 164 166 140 147 142 156 175 164 171 16S 164 163 vl60 Fuels 170 171 140 161 111 161 180 167 177 176 172 170 P167 Coal 111 110 100 96 84 93 133 93 125 115 105 99 96 Bituminous coal 122 119 107 102 91 102 144 93 135 125 116 109 107 Anthracite 68 74 73 74 57 6\ OS 87 71 60 60 51 Crude petroleum 199 201 159 193 190 194 203 203 202 207 204 205 P2O2 nzs Metals 125 141 143 65 65 131 149 145 138 117 120 123 Metals other than gold and silver 176 205 207 71 71 188 219 212 200 166 170 175 P178 (Copper; Lead; Zinc)a Gold 48 47 51 52 54 50 48 47 48 46 46 47 Silver 78 77 75 71 63 63 63 69 67 66 67 67 For other footnote! see preceding page. NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pj. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. MAY 1953 519 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Without Seasonal Adjustment) [Federal Reserve index numbers. 1935-39 average=100] 1952 1953 Industry Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Industrial Production—Total 217 215 211 205 194 218 232 233 235 233 232 236 P239 Manufactures— Total 228 224 224 215 203 228 242 245 246 246 '245 250 P254 Durable Manufactures 283 277 278 249 232 269 292 301 305 r310 319 P325 Iron and Steel1 . .. 263 245 246 140 139 244 270 281 283 286 287 290 P297 Pig iron 239 205 208 42 38 221 242 247 244 247 249 247 253 Steel 309 278 278 66 83 283 319 332 334 335 333 337 348 Open hearth 225 196 195 39 36 202 222 233 231 238 235 234 241 Electric 911 855 867 256 418 860 1013 1040 1064 1022 1029 1071 1113 Machinery 359 354 353 352 331 336 354 363 371 385 '391 396 P404 Transportation Equipment 327 329 338 339 287 300 353 371 376 '392 '392 405 P413 Automobiles (including parts) 222 227 231 229 162 175 247 265 272 r282 ••282 301 P308 (Aircraft; Railroad equipment; Shipbuilding—Private and Government)2 Nonferrous Metals and Products 218 218 216 210 201 213 225 237 241 246 249 259 P259 Smelting and refining 252 257 260 246 241 251 248 251 251 259 266 293 P299 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)2 . Fabricating . . 204 203 199 195 184 197 216 231 236 241 242 245 P243 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)2 Lumber and Products 149 152 145 155 150 160 167 164 160 151 151 159 P!63 Lumber 135 143 133 148 143 152 159 151 143 128 132 142 146 Furniture 175 170 168 169 165 175 183 189 191 196 189 192 P196 Stone Clay, and Glass Products 212 216 224 225 216 231 232 235 226 '214 '209 216 P227 Glass products 224 225 240 245 235 251 248 247 234 210 222 236 Glass containers 239 242 260 266 255 272 267 262 245 210 227 248 272 Cement . . . 200 226 241 237 236 261 263 267 252 231 209 212 224 Clay products 167 168 167 169 160 169 167 173 167 r165 159 P162 Other stone and clay products2 Nondurable Manufactures 184 180 180 187 181 195 201 200 199 193 191 194 P196 Textiles and Products 152 144 151 154 147 170 177 172 176 169 169 173 P173 Textile fabrics 139 131 137 138 129 152 158 154 158 152 151 157 Cotton consumption 141 130 135 133 111 143 145 142 149 141 140 149 148 Rayon deliveries 288 280 287 312 343 369 377 361 356 337 350 338 349 Nylon and silk consumption2 Wool textiles 112 108 117 112 103 123 137 134 137 138 130 142 Carpet wool consumption 123 117 113 75 71 120 148 140 153 164 149 173 Apparel wool consumption 110 110 123 125 120 139 149 142 137 130 129 140 Woolen and worsted yarn 108 103 112 113 103 120 130 126 127 124 118 130 Woolen yarn 103 96 108 106 97 112 121 117 120 115 108 116 Worsted yarn 114 112 116 124 112 131 144 140 138 136 r132 148 Woolen and worsted cloth 113 109 123 124 113 123 136 138 141 146 136 142 Leather and Products 108 102 105 102 90 116 111 112 114 107 '117 122 Leather tanning. . 86 84 90 90 77 95 95 104 107 99 103 108 Cattle hide leathers 98 95 105 102 86 107 105 116 121 112 r119 123 Calf and kip leathers 67 69 64 70 60 83 88 89 85 87 85 86 Goat and kid leathers 68 66 66 68 70 65 66 77 80 80 79 85 Sheep and lamb leathers 70 68 77 78 62 92 86 93 91 72 75 88 Shoes 122 114 115 111 98 129 123 118 120 112 126 131 Manufactured Food Products 148 149 154 165 174 185 192 178 165 '161 153 148 P150 Wheat flour 101 104 99 109 108 108 118 115 114 107 114 109 P107 Cane sugar meltings2 Manufactured dairy products 116 152 197 217 215 214 173 133 106 107 98 109 128 Butter 64 75 94 95 86 76 69 63 55 67 74 80 86 Cheese 152 188 245 256 217 199 182 158 143 151 155 168 188 I C c a e n c n r e e d a m an 2 d dried milk 131 168 227 227 176 173 153 126 110 120 115 124 146 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. 2Series included in total and group indexes but not available for publication separately. 3 Because of a reclassification of the basic data used to measure changes in production, the sulphate pulp and sulphite pulp series are no longer available separately. Individual indexes through June 1951 are shown in preceding BULLETINS. 520 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 Mar Apr. May June July Aug. Sept Oct. Nov Dec. Jan. Feb. Mar. Manufactured Food Products—Continued Meat packing . 165 152 147 147 137 138 154 169 190 208 199 166 166 Pork and lard 214 188 167 170 144 139 158 183 230 266 237 178 174 Beef . 128 127 140 134 146 150 163 167 161 163 178 173 175 Veal 76 78 88 99 109 118 138 149 141 116 105 96 104 Lamb and mutton 83 77 78 73 65 75 93 100 89 95 106 98 98 Other manufactured foods 153 151 154 166 179 195 207 191 174 r167 157 155 P154 Processed fruits and vegetables 82 89 96 124 179 234 279 190 114 100 '91 89 P81 Confectionery 125 107 100 89 96 144 175 171 158 151 149 140 Other food products 176 175 189 193 194 194 195 193 174 174 P177 178 '187 Alcoholic Beverages . . .. . . 155 155 176 186 159 159 173 163 134 144 161 158 142 Malt liquor . .. . . . . . 159 162 203 220 188 161 143 136 144 152 167 Whiskey 68 62 15710 38 19 21 26 28 31 14445 53 58 63 Other distilled spirits . .. 190 179 139 115 115 126 202 472 280 140 104 83 124 Rectified liquors 208 205 214 207 224 175 263 325 369 228 180 221 245 Tobacco Products 164 174 178 197 179 193 198 197 184 159 178 184 183 Cigars 109 110 114 116 113 111 123 134 124 98 110 111 112 O C t i h ga er r e t t o te b s acco products 22 5 6 9 2 6 4 2 1 24 6 5 4 2 6 7 6 8 25 5 2 4 2 6 7 6 4 27 6 5 9 26 7 8 1 2 5 5 9 4 22 5 4 1 24 6 9 3 26 5 0 9 2 6 5 0 8 Paper and Paper Products 192 186 182 182 159 188 191 203 205 195 200 r207 211 Paper and pulp 188 181 175 177 153 180 181 192 194 185 191 198 201 Pulp 242 230 222 227 193 227 217 232 237 220 233 238 246 Groundwood pulp 125 121 117 122 110 116 112 116 114 113 117 '122 121 Soda pulp . . . . 99 95 92 89 68 82 83 89 92 91 92 95 94 Sulphate and sulphite pulp 3 284 269 260 266 226 267 256 274 280 258 275 '279 291 Paper... 180 174 168 169 147 172 175 186 188 179 185 '192 194 Paperboard 205 202 207 201 182 222 233 246 249 235 236 245 249 Fine paper2 Printing paper 189 186 175 182 150 168 165 178 182 179 185 193 193 Tissue and absorbent paper 190 188 162 171 167 180 187 208 193 189 199 209 207 Wrapping paper 178 161 149 153 124 148 146 150 161 151 162 167 170 Newsprint 131 124 131 135 124 129 126 123 123 114 119 118 121 Paperboard containers (same as Paperboard) Printing and Publishing 180 180 174 175 145 157 166 180 183 172 168 178 187 Newsprint consumption 171 174 173 168 141 146 168 182 184 165 150 164 180 Printing paper (same as shown under Paper) Petroleum and Coal Products 278 261 209 251 259 280 282 279 290 291 '293 293 P288 Petroleum refining 2 Gasoline 210 205 157 216 225 231 234 225 233 229 230 231 P225 Fuel oil 227 218 167 228 231 235 232 226 239 239 241 236 P234 Lubricating oil 181 184 129 185 172 179 179 182 171 163 155 147 O K t e h r e o r s e p n e e t roleum products 2 . . 227 215 134 187 210 221 206 207 231 248 255 238 Coke 204 166 165 72 67 169 177 179 182 186 188 188 189 By-product coke 197 161 161 71 67 168 174 178 179 182 183 183 183 Beehive coke 420 326 311 84 52 184 299 243 268 312 353 '364 395 Chemical Products 298 295 291 296 295 299 305 309 313 314 311 314 P319 Paints . 155 153 155 156 155 152 153 158 157 159 157 157 P158 Rayon 269 267 270 307 325 354 370 358 350 351 348 336 P3 54 Industrial chemicals . .. . . 563 559 558 563 565 568 567 578 595 598 r594 597 P604 Other chemical products 2 R u b b er P r o d u c t s .. . . .. . . 242 235 242 246 225 242 252 260 264 268 268 P276 Minerals—Total 158 165 143 149 144 161 180 166 no 163 159 158 P155 Fuels 170 171 140 161 155 161 180 167 177 176 172 170 P167 Coal .... 111 110 100 96 84 93 133 93 125 115 105 99 96 Bituminous coal 122 119 107 102 91 102 144 93 135 125 116 109 107 Anthracite 68 74 73 74 57 61 88 95 87 71 60 60 51 Crude petroleum . . . . . . . .. 199 201 159 193 190 194 203 203 202 207 204 205 P202 Metals . . . 90 130 159 74 81 164 178 164 131 84 86 90 Metals other than gold and silver . .. . ... 118 189 238 90 101 244 265 241 185 108 109 115 P120 Iron ore 94 238 348 41 71 381 418 363 248 83 86 91 105 (Copper* Lead* Zinc)2 Gold 43 42 44 48 52 54 55 56 54 48 44 42 Silver 80 77 74 68 61 61 64 69 68 65 68 68 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. MAY 1953 521 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 =1001 1952 1953 Product group Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Total 104 103 105 108 71 84 121 125 134 134 rl41 148 148 Passenger automobiles. 103 109 110 114 47 63 122 125 131 129 134 146 151 Household goods, total. 106 97 99 101 98 108 119 124 137 139 '149 150 144 Carpets 80 83 81 44 61 76 81 99 98 94 103 104 Furniture 102 106 109 110 113 113 115 118 120 125 r120 122 125' Major appliances.... 98 82 85 89 74 94 89 91 114 115 '123 126 131 Radios and television 141 118 115 136 135 141 205 214 237 236 279 273 226 r Revised. NOTE.—Figures for March 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 1 Mar. Apr. MMaayy j JJuunnee July Aug. Sept. Oct. Nov. Dec Jan. Feb. j Mar. ADJUSTED FOR SEASONAL VARIATION Total 12,980 13,014 12,942 12,622 12,442 12,953 13,216 13,338 13,513j 13,607 13,667 13,7531 13,830 Durable goods 7,452 7,500 7,463 7,096 6,871 7,372 7,616 7,726 7,862 7,944 8,004 8,092 8,160 Primary metal industries 1 ,116 1,109 1 116 684 653 1,073 1,109 1,110 1,120 1 ,126 1,134 1.1361 1,139 Fabricated metal products 840 843 843 818 792 834 862 884 899 908 923 935 942 Machinery except electrical 1,282 1 ,292 1 280 1,271 1,230| 1 ,205 1,214 1,233 1 .2** | 1,309! 1.311 1,315 T El r e a c n t s r p ic o a r l t a m ti a o c n h i e n q e u ry ipment. 1,2 7 7 8 6 3 1 , 7 3 8 0 1 0 1, 7 3 8 2 4 2 1, 7 3 8 4 3 0 1,1 7 9 8 0 2 1,2 7 2 9 1 8 1,3 8 5 2 5 4 1,4 8 1 4 1 3 1. 8 4 = 5 ; 0 Q 1 , 8 4 7 8 5 4 1 , 8 5 9 1 0 01 1,5 9 5 0 5 7 1 , 9 5 1 6 2 9 L F S In u t u o s r m t n n r e b i u , t e m u r c r l e e a a n n v t a d , s n a d w n a d n o fi d o x g d t l u r a r e p s e l s r s a o p t d e r d u o c d t p u s r . c o t d s. - . 3 4 7 0 4 0 2 3 6 4 3 7 0 4 1 2 6 4 3 4 6 4 5 0 2 3 4 3 4 7 0 4 1 7 7 8 3 7 44 0 4 1 8 4 4 3 7 1 4 4 2 9 0 3 4 7 5 3 1 3 6 4 3 4 7 1 5 1 6 7 7 3 4 7 2 5 2 1 9 3 3 4 7 5 2 0 3 4 8 6 3 4 8 2 5 7 5 6 6 3 4 9 5 2 3 4 6 3 4 7 3 5 0 3 9 3 ucts 224 225 223 223 226 228 230 233 238 240 239i 242 Misc. manufacturing industries.. 361 365 370 378 379 383 387 390 396! 394 399! 407 Ordnance and accessories 119 123 126 127 126 129 132 132 134 137 136 137| 139 Nondurable goods 5,528 5,514 5,479 5,526 5,571 5,581 5,600 5,612 5,651 5,663 5,663 5,661! 5,670 Textile-mill products 1 ,089 1,079 1,075 1,068 1,100 1,122 1 ,138 1 ,135 1 .135 1,129 1 ,121 1 ,118 1,122 Apparel and other finished textiles 1,055 1,048 1,043 1,055 1,083 1,072 1,074 1,066 1 ,093 1,098 1,108 1,102 1,104 Leather and leather products. . . 333 336 341 344 343 346 347 349 357 361 358 355 356 Food and kindred products 1,136 1,137 1,133 1,145 1,138 1 ,115 1 ,116 1,125 1 ,124 1,127 1 ,128 1,141 1,127 Tobacco manufactures 95 94 95 98 98 99 97 98 102 105 100 98 97 Paper and allied products 414 413 416 421 419 427 427 432 431 434 433 433 435 Printing, publishing and allied industries 492 491 492 492 495 495 497 499 500 498 499 497 501 Chemicals and allied products... 521 521 518 518 519 513 509 508 508 508 511 511 520 Products of petroleum and coal. 185 188 158 176 175 187 187 189 188 188 188 188 187 Rubber products 208 207 208 209 201 205 208 211 213 215 217 218 221 WITHOUT SEASONAL ADJUSTMENT Total 12,951 12,872 12,726 12,476 12,229 13,069 13,477 13,560 13,634 13,699 13,605 13,729 13,807 Durable goods 7,484 7,497 7,426 7,065 6,748 7,33: 7,634 7,774 7,916 8,010 8,014 8,117 8,196 Primary Metal Industries 1,122 1,109 1,105 681 643 1,068 1,109 1,116 1,126 1,137 1,140 /, 142 1,145 Blast furnaces, steel works and rolling mills 562 552 549 153 132 530 556 j 557 557| 561 563 563 Fabricated Metal Products 848 847 839 810 768 821 862 888 903 922 932 944 951 Machinery except Electrical 1,295 1,298 1,286 1,277 1,218 1,193 1,208 1,227 1,260 1,301 1,309 1,318 1,328 Metalworking machinery... 227 227 225 226 219 22: 224 223 223 226 226 226 Electrical Machinery 791 781 776 775 755 78, 824 851 872 893 899 916 921 Ele e c ra tr t i i c n a g l , e a t p c p .) aratus (gen- 2 33 6 1 9 327 2 3 6 2 2 4 3 26 2 1 7 2 3 4 2 9 4 2 3 5 4 3 6 2 3 6 6 2 7 2 38 6 1 8 2 3 7 9 1 8 2 4 7 1 5 0 2 41 7 1 8 2 4 8 1 1 9 Communication equipment. 1,276 1,300 1,322 1,340 1,190 1,22 1,355 1,411 1,450 1,484 1,510 1,555 1,569 Transportation Equipment Motor vehicles and equip- 636 655 660 663 515 524 674 701 735 750 770 808 ment 439 444 454 466 476 490 474 501 510 524 531 538 Aircraft and parts 695 703 653 725 744 759 751 728 730 704 673 676 692 Lumber and Wood Products 406 414 396 435 439 450 448 440 433 420 402 403 Sawmills and planing mills.. 305 300 296 298 296 307 316 32, 329 330 330 333 ' "336 Furniture and Fixtures 220 218 215 215 217 225 231 237 242 243 243 247 Household furniture 443 446 442 447 434 451 455 459 461 458 451 452 ' "459 Stone, Clay, and Glass Products. . 225 226 223 223 219 226 230 234 237 240 241 240 243 Instruments and Related Products 366 363 359 363 354 375 393 408 415 404 394 405 413 Misc. Manufacturing Industries. 119 123 126 127 126 129 132 13. 134 137 136 137 139 Ordnance and Accessories For footnotes see following page. 522 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 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Nondurable goods 5,467 5,375 5,300 5,411 5,481 5,737 5,843 5,786 5,718 5,689 5,591 5,612 5,611 Textile-mill Products /, 100 1,079 1,070 1,068 1,067 1,105 1,127 1,135 1,146 1,146 1,132 1,135 1,133 Broad-woven fabric mills... 497 487 483 486 489 498 501 503 506 508 502 502 Knitting mills 216 215 215 219 215 228 232 236 239 236 231 233 Apparel and Other Finished Textiles 1,087 1,032 996 1,008 1,018 1,088 1,106 1,103 1,104 1,114 1,108 1,135 1,137 Men's and boys' furnishings 258 259 258 261 260 271 276 279 280 280 279 284 Women's and misses' outerwear 356 323 298 295 311 339 340 330 331 347 351 359 Leather and Leather Products.. . 341 333 327 337 338 355 352 352 355 359 358 362 365 Footwear (except rubber).. 223 218 214 223 221 233 229 225 226 232 235 237 1,026 1,033 1,048 1,116 1,199 1,269 1,309 1,223 1,142 1,093 1,040 1,030 1,019 Food M C B a a n a e d n k a n e t r i K y n p in g r d p o r a e r d d o n u d d c u ts p ct r s eser P v r i o n du g c . t s. . . .. . 2 1 1 4 1 8 6 9 0 2 1 1 4 3 7 0 1 8 2 1 1 3 7 3 9 3 9 2 1 1 3 7 8 8 0 7 2 2 1 4 3 8 4 4 8 3 2 1 4 0 8 2 9 6 3 2 1 4 4 8 8 7 6 2 2 1 5 4 8 3 4 7 2 1 1 5 7 8 4 2 7 2 1 1 5 4 8 6 3 4 2 1 1 4 2 7 8 9 8 2 1 1 4 2 7 0 7 9 Tobacco Manufactures 87 84\ 84 85 85 109 117 117 109 108 100 l 89 Paper and Allied Products •116 413 414 419 411 425 425 432 435 441 435 435 437 Pulp, paper and paperboard mills 219 216 218 221 215 222 217 219 219 224 223 222 Printing. Publishing and Allied Industries 490 489 490 492 490 490 497 504 505 505 499 497 498 Newspapers 143 142 145 146 145 144 146 146 147 147 144 144 Commercial printing 157 157 157 158 156 156 158 160 161 162 161 159 Chemicals and Allied Products... 529\ 521 508 502 501 503 512 518 518 518 516 519l\ 528 Industrial organic chemicals 188 181 179 181 184 185 185 187 188 189 189 189J Products of Petroleum and Coal.. 183 186 157 177 177 191 190 189 188 187 186 186\ 185 140 143 114 141 144 146 145 144 144 144 144 144| Petroleum refining 208 206 206 207 195 203 208 213 217 219 219 219\ Rubber Products by data from government social insurance programs, and seasonal factors for major groups were reviewed by Federal Reserve. 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 Mar. Jan. Feb. Mar. Mar. Jan. Feb. Mar. Mar. Jan. Feb. Mar. Total 66.99 70.93 71.17 72.10 40.6 41.0 40.9 41.2 1.65 1.73 1.74 1.75 Durable goods. 72.38 76.91 77.15 77.70 41.6 41.8 41.7 42.0 1.74 1.84 1.85 1.85 Primary metal industries. . . 76.59 84.86 83.22 83.43 41.4 41.6 41.2 41.3 1.85 2.04 2.02 2.02 Fabricated metal products. . 71.14 77.17 76.80 77.78 41.6 42.4 42.2 42.5 1.71 1.82 1.82 1.83 Machinery except electrical. 79.86 82.80 82.84 84.05 43.4 42.9 42.7 43.1 1.84 1.93 1.94 1.95 Electrical machinery 68.56 71.72 72.04 72.80 41.3 41.7 41.4 41.6 1.66 1.72 1.74 1.75 Transportation equipment. . 80.32 84.64 85.27 86.51 41.4 41.9 41.8 42.2 1.94 2.02 2.04 2.05 Lumber and wood products 60.05 63.09 63.96 65.03 40.3 40.7 41.0 40.9 1.49 1.55 1.56 1.59 Furniture and fixtures 60. 15 62.21 62.67 63.27 41.2 41.2 41.5 41.9 1.46 1.51 1.51 1.51 Stone, clay, and glass products 64.94 68.21 69.29 70.21 41.1 40.6 41.0 41.3 1.58 1.68 1.69 1.70 Instruments and related products 70.89 73.57 73.81 75. 12 41.7 41.8 41.7 42.2 1.70 1.76 1.77 1.78 Miscellaneous manufacturing industries. 60.38 64.58 64.43 65.31 40.8 41.4 41.3 41.6 1.48 1.56 1.56 1.57 Ordnance and accessories 78.85 75.89 77.61 77.83 44.3 40.8 41.5 41.4 1.78 1.86 1.87 1.88 Nondurable goods 59.98 63.04 62.88 63.76 39.2 39.9 39.8 40.1 1.53 1.58 1.58 1.59 Textile-mill products 51.44 54.94 54.94 54.80 38.1 40.1 40.1 40.0 1.35 1.37 1.37 1.37 Apparel and other finished products.. . . 47.95 48.94 49.98 50.14 36.6 36.8 37.3 37.7 1.31 1.33 1.34 1.33 Leather and leather products 50.31 53.46 53.46 53.73 38.7 39.6 39.6 39.8 1.30 1.35 1.35 1.35 Food and kindred products 61 .91 65.67 64.71 65.60 41.0 41.3 40.7 41.0 .51 1.59 1,59 1.60 Tobacco manufactures 43.55 46.71 45.51 48.38 36.6 38.6 37.0 38.4 .19 1.21 1.23 1.26 Paper and allied products 67.31 71.71 71.81 72.14 42.6 43.2 43.0 43.2 1.58 1.66 1.67 1.67 Printing, publishing and allied products. 80.32 83.21 83.33 85.02 38.8 38.7 38.4 39.0 2.07 2.15 2.17 2.18 Chemicals and allied products 68.64 72.34 73.10 74.23 41.1 41.1 41.3 41.7 1.67 1.76 1.77 1.78 Products of petroleum and coal 81.81 88.29 87.02 88.94 40.7 40.5 40.1 40.8 2.01 2.18 2.17 2.18 Rubber products 72.54 78.09 78.31 n.a. 40.3 41.1 41.0 n.a. 1.80 1.90 1.91 n.a. n.a. Not available. NOTE.—Data are for production and related workers. Figures for March 1953 are preliminary, Data for recent years revised as indicated in note to table above. Back data are available from the Bureau of Labor Statistics. MAY 1953 523 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- ing co C n o st n r t u r c a t c i t on ti p o u n b a li n c d Trade Finance Service Sta l t o e c , a a l nd utilities government 1945 40,069 15,302 826 1,132 3,872 7,522 L,394 4,055 5,967 1946 41,412 14,461 852 1,661 4,023 8,602 L,586 4,621 5,607 1947 43,438 15,290 943 1,982 4,122 9,196 L ,641 4,807 5,456 1948 44,382 15,321 982 2,169 4,141 9,519 L ,711 4,925 5,614 1949 43,295 14,178 918 2,165 3,949 9,513 1,736 5,000 5,837 1950 44,696 14,967 889 2,333 3,977 9,645 L,796 5,098 5,992 1951 47,202 16,082 913 2,588 4,166 10,013 1,861 5,207 6,373 1952 47,993 16,209 872 2,572 4,220 10,251 1,957 5,280 6,633 SEASONALLY ADJUSTED 1952—March 47,680 16,097 907 2,542 4,210 10,146 1,921 5,257 6,600 April 47,624 16,143 893 2,536 4,170 10,115 1,931 5,266 6,570 May 47,670 16,082 890 2,518 4,187 10,184 L.940 5,270 6,599 June 47,471 15,771 812 2,587 4,193 10,246 1,952 5,281 6,629 July 47,336 15,609 777 2,595 4,154 10,273 1,967 5,302 6,659 August 48,039 16,151 883 2,604 4,209 10,261 1,980 5,299 6,652 September 48,406 16,412 880 2,611 4,259 10,333 1,986 5,285 6,640 October 48,664 16,546 867 2,574 4,303 10,390 •1,993 5,303 6,688 November 48,857 16,755 870 2,571 4,293 10,366 L.993 5,292 6,717 December 48,957 16,870 871 2,548 4,281 10,397 1,988 5,290 6,712 1953—January 49,009 16,930 875 2,522 4,252 10,446 L,993 5,299 6,692 February 49,109 17,027 870 2,557 4,262 10,441 L,993 5,302 6,657 March 49,113 17,118 864 2,521 4,267 10,420 1,997 5,304 6,622 UNADJUSTED 1952—March 47,118 16,061 898 2,313 4,174 9,946 L ,921 5,178 6,627 April 47,430 15,994 890 2,435 4,149 10,125 1,941 5,266 6,630 May 47,439 15,855 887 2,543 4,184 10,068 1,950 5,323 6,629 June 47,418 15,624 816 2,690 4,225 10,144 1,972 5,360 6,587 July 47,078 15,402 784 2,751 4,198 10,108 1,997 5,382 6,456 August 48,158 16,280 893 2,812 4,258 10,110 2,000 5,378 6,427 September 48,892 16,680 886 2,794 4,281 10,295 1,976 5,364 6,616 October 49,095 16,778 871 2,728 4,296 10,442 1,973 5,303 6,704 November 49,310 16,874 871 2,648 4,286 10,650 1,973 5,266 6,742 December 50,140 16,952 870 2,497 4,293 11,218 1,978 5,237 7,095 1953—January 48,379 16,867 868 2,295 4,216 10,292 1,973 5,193 6,675 February 48,367 17,002 859 2,276 4,211 10,210 1,983 5,196 6,630 March 48,651 17,087 855 2,294 4,230 10,314 1,997 5,224 6,650 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. March 1953 figures are preliminary. The series without seasonal adjustment for recent years were revised by the Bureau of Labor Statistics in April 1953 to first-quarter 1951 benchmark levels indicated by data from government social insurance programs, and seasonal factors were reviewed by Federal Reserve. 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 persons14 years of age and over] Civilian labor force Year or month in T p s o o t p t i a t u u l l t a n i t o i o o n n n a - l T l f a o o b r t c o a e r l Total In E m no p n lo a y g e ri d c u 1 l- In U pl n o e y m ed - l N ab o o t r i n f o t r h c e e Total tural industries agriculture 1945 105,370 65,140 53,860 52,820 44,240 8,580 1,040 • 40,230 1946 . . 106 370 60,820 57,520 55,250 46,930 8.320 2,270 45,550 1947 107,458 61,608 60,168 58,027 49,761 8,266 2,142 45,850 1948 108,482 62,748 61,442 59,378 51,405 7,973 2,064 45,733 1949 109 623 63,571 62,105 58,710 50,684 8,026 3,395 46,051 1950 110,780 64,599 63,099 59,957 52,450 7,507 3.142 46,181 1951 111,924 65,832 62,884 61,005 53,951 7,054 ,879 46,092 1952 (2) (2) 62,966 61,293 54,488 6,805 ,673 46,710 1952—April . 112 844 65,260 61,744 60,132 53,720 6,412 ,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 ,818 45,166 July. . 113,158 67,642 64,176 62,234 54,636 7,598 ,942 45,516 August 113,265 67,419 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 113,494 66,566 63,146 61,862 54,588 7,274 ,284 46,928 November (2) 63,646 62,228 55,454 6,774 ,418 46,552 December (2) (2) 62,921 61,509 55,812 5,697 1,412 47,394 1953—January 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 April 62,810 61,228 55,158 6,070 1,582 47,490 includes self-employed, unpaid family, and domestic service workers. 2Current 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. 524 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VALUE OF NEW CONSTRUCTION ACTIVITY [Adjusted for seasonal variation. In millions of dollars] Private Public Year or month Total Total d R en e t s i i a - l Ind B us u - sine C ss om- Public O n r d e t o e h s n n i e - - - r Total M ta i r l y i- H w ig ay h- C v o a n ti s o e n r- o A th ll er Total trial mercial utility tial 1939 8,198 4,389 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—April 2,779 1,857 953 620 211 80 329 284 922 120 246 76 480 May . . 2,701 1,798 902 613 199 84 330 283 903 124 225 74 480 June 2,683 1,773 885 612 189 84 339 276 910 123 231 71 485 July 2,640 1,784 896 611 187 84 340 277 856 109 222 67 458 August 2,634 1,789 902 611 186 88 337 276 845 107 220 64 454 September 2,654 1,794 911 608 182 93 333 275 860 100 235 65 460 October 2,660 1,812 942 597 176 99 322 273 848 98 228 64 458 November 2,699 1,846 973 596 175 105 316 277 853 103 207 63 480 December 2,738 1,864 992 602 172 109 321 270 874 116 207 65 486 1953—January 2,768 1,868 950 646 186 125 335 272 900 130 214 68 488 February 2,914 1,965 1,015 672 195 134 343 2 78 949 127 264 68 490 M arch 2 979 2,039 1 ,063 693 208 130 355 283 940 132 255 70 483 April P . . . . ... 2,926 2,006 1,002 696 210 124 • 362 288 920 121 239 72 488 Preliminary. Source.—Joint estimates of the Departments of Commerce and Labor. CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions] By type of ownership By type of construction Year or month Total Nonresidential building Public Resi- works Public Private dential and building Fac- Com- 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—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 . . ... 1,021 351 671 419 89 100 102 83 228 March 1,348 605 105 101 124 120 293 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 la le n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t i . s M ap in o n li e s - K C an it s y as Dallas 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 c169,440 39,819 77,168 98,910 116,133 126,042 46,255 23,504 57,342 89,944 March 1,321,254 61,959 220,869 62,868 121,483 132,814 181,819 190,559 102,236 45,015 60,802 140,830 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 March 1,347,518 71,433 246,228 73,368 158,951 110,018 127,304 271,977 80,265 47,355 72,775 87,844 s Corrected. MAY 1953 525 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PERMANENT NONFARM DWELLING UNITS STARTED [In thousands of units] Private Government-underwritten Rural Year or month Total Urban non- Public farm Total fam 1- ily fam 2- ily f M am ul i t l i y - Total FHA VA 1939 515 359 156 458 373 20 66 57 158 158 1941 706 434 272 620 533 28 58 87 220 220 L945 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—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—Tanuary 72 38 34 68 58 3 7 4 27 18 9 February . . . P77 n.a. n.a. P72 n.a. n.a. n.a. P5 27 17 10 March P97 n.a. n.a. P88 n.a n.a. n a P9 32 22 10 April P110 n.a. n.a. n.a. P107 n.a. n.a. ?4 n.a. n.a. n.a. * 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 Mar. Oct.' Nov. Dec. Jan. Feb. Mar. Mar. Oct. Nov. Dec. Jan. Feb. Mar. Total 134 126 133 128 134 131 134 130 132 124 138 138 120 121 119 122 Coal 121 109 111 93 123 111 108 97 92 111 93 123 111 108 97 92 Coke 208 168 196 188 195 191 184 181 184 198 185 195 200 193 191 186 Grain 143 142 139 157 147 131 128 114 130 128 157 144 123 128 112 119 Livestock . .. 69 69 66 76 76 69 62 57 60 53 117 95 66 59 46 47 Forest products 150 144 141 139 152 152 154 146 142 141 146 149 135 139 140 142 Ore 205 181 257 233 233 248 278 275 273 75 314 258 77 70 69 79 Miscellaneous 147 140 149 145 144 144 151 149 154 142 158 150 135 138 140 146 Merchandise, 1. c. 1 48 46 47 46 46 45 44 45 45 48 48 47 43 42 43 45 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 exports1 Merchandise imports2 Excess of exports Month 1951 1952 1953 1951 1952 1953 1951 1952 1953 974 1.254 1 ,276 1,025 922 927 —51 332 349 February ,076 ,344 Pl,194 910 893 P855 166 '452 P339 March ,295 ,447 1,102 964 193 483 April ,369 ,352 1,034 932 336 420 May L.354 L.473 1,018 ••834 337 ••640 1,297 L ,167 930 861 366 306 July 1,186 1,027 895 839 292 188 1,270 1,087 881 817 390 r269 L ,232 1,225 721 877 510 r349 October L.152 r ,214 834 918 319 r296 November 1,388 rL 187 819 804 569 r383 1.438 .392 800 1 051 638 r332 January-February 2,050 2,598 P2.470 1,935 1,815 Pl.782 115 784 P688 * Preliminary. r Revised. 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-February 1953, 540. 2 General imports including imports for immediate consumption plus entries into bonded warehouses. Source.—Department of Commerce. 526 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS [Based on retail value figures] SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS [Index numbers, 1947-49 average = 100] Federal Reserve district United Year or month States Boston Y N o e r w k a P p d h h e i i l l a - - C l l a e n v d e- m Ri o c n h d - l A a t nt - a c C a h g i- o Lo S u t is M a i po n l n i e s K C a i n t s y a Dallas F c S r i a a sc n n o - SALESi 1947 98 99 99 96 97 97 96 98 97 98 98 94 99 1948 104 102 103 104 105 103 103 104 104 104 103 105 104 1949 98 99 98 100 98 100 101 97 98 99 99 102 98 1950 105 103 101 106 105 105 109 104 104 105 108 113 105 1951 . . 109 105 105 109 111 113 115 108 105 104 111 117 109 1952 110 104 99 109 110 116 124 106 106 104 113 124 114 SEASONALLY ADJUSTED 1952—March 105 104 r97 109 106 '117 114 103 99 94 105 115 '103 April 103 99 96 102 104 108 116 100 98 98 104 114 105 Mav 108 101 96 107 103 116 127 104 102 104 112 128 118 June 111 103 98 107 112 122 138 105 111 100 114 132 114 Julv 105 106 95 106 105 106 120 97 99 104 114 123 110 August 114 109 102 115 in 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 115 108 101 111 117 121 130 116 113 110 120 130 119 1953—Tanuary 111 104 97 111 116 '118 127 107 108 99 114 129 116 February 111 106 96 115 115 117 121 109 106 109 113 125 117 March P113 P106 100 112 116 P122 P128 114 107 106 j>114 125 112 UNADJUSTED 1952—March 92 87 '85 97 95 '98 110 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 July 84 73 69 76 82 87 96 82 81 84 93 104 96 August 98 83 76 86 99 100 115 97 98 103 110 114 112 September 112 111 100 110 110 121 126 110 110 108 115 1?8 115 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 '83 97 82 79 74 86 101 91 February 87 80 79 85 89 89 102 84 85 '80 91 101 94 March *>103 P95 91 106 107 P109 P124 101 99 93 P103 117 102 STOCKS i 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—March 114 109 108 '112 no '125 126 113 111 103 120 124 119 April 116 111 111 112 in 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 1953—January 123 113 114 116 114 144 140 117 130 111 127 135 132 February 122 114 110 115 114 '135 141 118 125 112 128 133 13t March P121 P114 110 113 113 134 P138 117 128 P112 P127 P134 131 UNADJUSTED 1952—March 120 112 '112 119 116 '134 132 118 118 107 126 131 122 April . . . 122 114 116 121 117 136 132 118 122 109 127 129 Mav 120 112 115 116 111 135 127 116 124 108 126 125 1P3Q2 June 112 102 105 105 100 127 120 107 118 100 119 114 126 Julv 110 99 102 100 102 128 121 107 112 105 120 120 120 August 114 103 107 107 104 134 127 110 125 104 120 125 118 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 .... 119 108 107 112 113 '131 139 115 122 109 127 132 125 March P127 P118 115 120 119 143 P145 122 135 *>117 P134 *>142 134 P Preliminary. r Revised. 1 Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average. NOTE.—For description and monthly indexes for back years, see BULLETIN for December 1951, pp. 1463-1515. MAY 1953 527 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued [Based on retail value figures] DEPARTMENT STORE MERCHANDISING DATA Amounts (In millions of dollars) Ratios to sales1 Out- Stocks Year or month Sales2 Stocks2 stand- Re- New Out- plus (total (end ing ceipts3 orders3 stand- out- Refor of orders2 (total (total Stocks ing stand- ceipts month) month) (end of for for orders ing month) month) month) orders 1944 average 246 574 596 244 256 2.4 2.5 5.0 .0 1945 average 276 604 775 277 291 2.3 3.0 5.3 .0 1946 average 345 767 964 373 354 2.3 3.0 5.3 .1 1947 average 365 887 588 366 364 2.5 1.7 4.3 .0 1948 average 381 979 494 386 363 2.7 1.4 4.1 .0 1949 average 361 925 373 358 358 2.7 1.1 3.8 .0 1950 average 376 1,012 495 391 401 2.8 1.4 4.2 .1 1951 average 391 1,202 460 390 379 3.2 1.3 4.4 .0 1952 average 395 1,093 433 395 398 2.9 1.2 4.1 .0 1952—March '350 "1,126 ••362 '421 '365 3.2 1.0 4.3 1.2 April 373 1,137 293 '384 '315 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 September 387 1,131 592 478 531 2.9 1.5 4.4 .2 October 448 1,230 573 547 528 2.7 1.3 4.0 .2 November 462 1,275 454 507 388 2.8 1.0 3.7 .1 December 736 1,018 358 479 383 1.4 0.4 1.9 .7 1953—January 325 1,027 452 334 428 3.2 1.4 4.6 .0 February 301 1,100 455 374 377 3.7 1.5 5.2 .2 March? 381 1,172 400 453 398 3.1 1.0 4.1 .2 v Preliminary. ' Revised. 1 The first three ratios are of stocks and/or orders at the end of the month to sales during the month. The final ratio is based on totals of sales and receipts for the month. 2 These figures are not estimates for all department stores in the United States. They are the actual dollar amounts reported by a group of department stores located in various cities throughout the country. In 1952, sales by these stores accounted for about 50 per cent of estimated total department store sales. 3 Receipts of goods are derived from the reported figures on sales and stocks. New orders are derived from receipts and reported figures on outstanding orders. NOTE.—For description and monthly figures for back years, see BULLETIN for October 1952, pp. 1098-1102. WEEKLY INDEX OF SALES [Weeks ending on dates shown, 1947-49 = 100] Without seasonal adjustment 1949 1950 1951 1952 1949 1950 1951 1952 June 4. . . .89June 3. . . 90June 2 95June 7. ...IllDec. 3 154Dec. 2. . . .153Dec. 1. . . 161Dec. 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. . . 2.20 15. . . 213 20 237 25 85 24. .. 86 23 92 28 91 24.... 186 23. . . 2.21 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 9 69 8. . . 75 14.... 83 12. ... 83 16 . 73 15 91 21 81 19 82Jan. 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. . . 102Aug. 4 88Aug. 2 87 31 87 13 75 12. .. 94 87 Q 90 20 86 19. .. 97 18*. '. '. '9.3 16.'.'.9'5.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 2 1 1 4 7 0 . . . . . . .1 1 9 0 0 3 8 0 2 1 3 9 6 . . . . . . . . . 1 111 0 2 2 71 2 1 8 2 5 .... 1 1 11 0 1 0 4 1 2 2 1 0 7 3 1 1 11 1 1 3 4 2 Mar. 1 4 1 8 8 4 7 Mar. 1 3 0 1 9 0 9 5 Mar. 8 1 ... 8 8 8 5Mar. 1 7 4 . . . . . . . . 1 9 0 6 0 30. . . 110 29 114 18 91 17 101 15 90 21 109 25 96 24.... 105 22 94 28 112 Oct. 1 104Oct. 7. . . 1.12Oct. 6 110Oct. 4 116 31 89 29 101 8. . . 102 14. . .111 13 117 11 126 15 100 21. .. 105 20 116 18 124Apr. 1 104Apr. 7 101Apr. 5 109Apr. 4 118 22. .. 101 28. .. 108 27 113 25 122 8 110 14 100 12 111 11 97 29 102 15 88 21. . . .97 19. .. 97 18 105 22 96 28 101 26 105 25 104 29.... 98 Nov. 5 108Nov. 4 109Nov. 3 1?1Nov. 1 . .115 12 109 11. .. 118 10 127 8 118May 6 104May 5. . . .113May 3. . . 111May 2 114 19 118 18 127 17 130 15 130 13. ... 106 12. . . .110 10. . . 117 9 26 . . 113 25. . 110 24 . . 123 22. ... 134 20 95 19.... 99 17. . . 99 16 29.... 138 27 97 26. . . .100 24 . 105 23 31. .. 97 30 NOTE.—For description and weekly indexes for back years, see BULLETIN for April 1952, pp. 359-362. 528 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued [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 re R a e , s o er r v c e i t d y istrict, M 19 a 5 r 3 . F 19 eb 5 . 3 m 19 3 o 5 s 3 . Federa a l re R a e , s o er r v c e i t d y istrict, M 19 a 5 r 3 . F 19 eb 5 . 3 m 19 o 5 s 3 . Federa a l re R a e , s o er r v c e i t d y istrict, M 19 a 5 r 3 . F 19 eb 5 . 3 1953 United States p+11 + 1 +5Richmond Dist. (Cont.) Minneapolis Dist. (Cont.) Boston District +8 + 1 +5 M N e o tr r o f p o o lk li - t P a o n r ts A m re o a u s t 2 h - , C V on a t . . . + 15 + 1 +9 C M iti a e n s kato, Minn +25 -12 + 7 Metropolitan Areas Richmond, Va.1 +7 +4 +4 Great Falls, Mont +8 -4 +5 C W N P L N it o o e e i o e r w w w r t s l c e a e l H B n l s - e a d t L e d v , a r f e , w o M n r M r , d a e , C i n a n c s M o e s e n . , a 1 n s M s ass.. . + + + + + 1 1 1 5 7 3 5 1 + - + + 1 1 2 4 6 4 + + + + 1 1 8 4 2 3 C S C R L N it p y h o i e e a n a a w s r n r c t p l h o a e o b k n s r t u e b t o , r u n g N V r , , g e a , W V w .1 S s a . , . . V 1 V C a a .1 P + + + + + 1 1 1 1 4 2 0 6 0 + + + - - 2 1 2 5 5 2 2 + + + + 1 4 7 2 l Ka D L G n a u r M s a l a C u n i s d t r n h o n C - s F . S s - i o e W t u r y , p k i W e s s D r , e i i i . o s N 1 s e r t , . r D ict + + + + 1 1 1 8 2 0 4 r - + _ 1 4 0 3 c + + + + 5 3 5 1 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 s t I o s . n 1 , Mass.1 + + + 9 7 6 + + 1 1 + + + 3 5 2 At H la u n n t t a in D gt i o s n tr , i W ct . Va.1 P+ + 13 5 + -1 4 + + 3 8 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 o Areas + + 1 1 5 1 +2 0 + + 1 4 1 N M ew et r Y op o o rk li ta D n i s A tr r i e c a t s2 +6 -7 -1 M M B e i t o r r m b o i p i l n o e, g l i h t A a a n l m a , A A re l a a s . 2 1 + + 3 1 7 5 + + 1 7 6 +8 T W St o . i p c J e h o k i s t a e a , p , h K K , a a M n n s s o + + + 2 1 0 7 0 r+ - — 3 5 6 + + -3 4 5 New York-Northeastern Montgomery, Ala + 15 +9 +26 Omaha, Nebr + 10 r+2 +4 N N N ew e e w w J a e Y r r k s o , e r y k N , . C N J i . t . 1 y Y , . N & . N Y . J 1 . . + + + 5 3 7 -1 - - 9 2 2 + —5 2 2 J O M a r c i l a k a m s n o d i n , o v , F i F l l l a e l . a , 1 Fla.1 P + + + 1 1 2 7 5 r '+ + + 5 8 2 + + + 1 9 4 1 O Tu k l l s a a h , o O m k a l a City, Okla + + 5 4 + + 3 8 + + 4 6 B N B uf u i f a f a f g l a o a l , o r a N C F . i a t Y l y l , s , N N . . Y Y .1 + + + 8 8 2 + -1 6 0 + + + 4 5 4 S S T t. t a . P m P tr p e s a t b e , g r F s .- b l T a u a . r 1 m g, p F a, l a Fla.. . + + + 1 1 1 2 1 4 + + + 1 1 1 + + + 1 7 6 0 C J K i o ti a p e n l s i s n a , s M Ci o ty, Mo + + 1 1 1 0 + + 5 2 + + 5 5 Binghamton, N. Y +8 +2 Atlanta, Ga.1 +9 +7 Hutchinson, Kans + 18 +2 + 10 C S A R B E P it y o l o r l i m b e i r u c d a s a g h i c g n r h e u a e y s k , s p , t e e e o N e , N r r p , t . N , s . N Y Y i . e C . , Y o Y N n .1 n . . i .1 Y + + + + + + 1 1 1 1 1 3 4 2 4 4 8 + + + + -2 2 2 1 1 + + + + + 1 8 7 7 5 0 0 J A S N C M B a a o u e a c a v w l t g k c u o a u s o m n n o s O n n t n b , a R r a , u l , h G e o s M , a G u , a n g G . i a G s 1 s e , s a , a . L 1 L a a . . 1 1 + + + + + + - 2 1 1 1 5 5 5 8 8 0 + + + + - — 1 6 3 4 7 4 6 + + + + + + - 1 1 1 5 3 2 1 9 3 ! D M a D S C l e h l o a t a r r l r s e o l p a v p u s D e o s , p l i i T s C o t t a r e h r t n x , r i . i c 1 A s L t . t r i a , e a T s ex.. . + + + + 2 1 1 9 5 3 2 + + + + 4 8 3 7 + + + + 1 1 5 8 1 8 S U c t h ic e a n , e N cta . d Y y, N. Y + + 1 6 1 + -3 1 + + 2 5 1 C N K h a n s a o h t x t v v a i n i l l l o l e e o , , g T T a e , e n n T n n e . . 1 1 nn.1 + + + 2 2 2 5 1 4 + + + 1 9 6 8 + + + 1 1 1 . 4 4 5 ; F H E o l o r u P t s a W t s o o n o , , r T t T h e , e x x T .1 ex + + + 1 1 6 5 6 + + 1 7 0 0 + + + 1 1 3 3 2 Philadelphia District + 10 + 1 +4 San Antonio, Tex.. . . + 10 +6 +5 Cities Waco, Tex + 11 -3 +6 Metropolitan Areas Rome, Ga +22 +5 + 14 T L r a e n n c t a o s n te , r, N P . a J + + 1 1 4 4 +9 0 + + 9 7 M Br e is ri to d l i , a n T , e M nn iss + + 2 8 3 + 13 + + 1 2 6!San Francisco District. . . P+11 +4 +8 Philadelphia, Pa +7 + 1 +2 -6 Metropolitan Areas2 Reading, Pa +23 +8 Chicago District. . . + 13 + 1 +6 Phoenix, Ariz.1 P+8 + 7 +8 C C M l W S W C Y A T C C e i e t P v p o o i a k o y t i i n r e a l r l n l l r r i e u l k m c o o k n t a d m i o p e n , g n i n o s o n , f n b n P , - d i l , g e B O u i a a O t t l O t s a d o a D h i , h , n r , n h i i r i O o , o s i O e O A o 1 t - h D l h r r 1 H h i e i i o e i a o c a o 1 l z t 1 s 1 leton, + + + + + + + + + + 2 1 1 1 1 1 5 6 9 7 4 8 3 6 2 6 + + + + + + - — 9 5 6 7 2 2 1 9 + + + + + + + + + 1 1 4 5 6 2 7 8 1 2 1 M F C T D F P D I G L M G M e n e l o e a h e r t e r i d i a o r e r n a r i n s l t d i o c r t w r e r n s a t e i o a i p M n , i d a n W s a n g i o o , u a H t M g o o B l , R n a p k i , 1 , i a t y , i n a o e 1 M a a u c M 1 n y e e l 1 p W n h t i 1 , s . e , i i e s . 1 i 1 c , d , 1 A , c W , W i . h s s 1 h I r I I . I , o . e 1 n i i n n 1 w s s a M d d d . . s 1 a 1 . - . 1 i 1 1 ch.1.. . . P + + + + + + + + + + + + + 4 2 3 1 1 1 1 1 1 1 7 5 7 7 3 0 7 2 9 7 1 7 0 + + + - + + + + 1 1 - - - 2 1 5 3 9 l 3 4 8 7 4 4 ^ 0 + + + + + + + + + + + 3 1 1 1 1 1 5 2 2 3 9 3 0 2 8 0 0 7 F L S S S R S S O L P r a a a o i e n D v D n n c W a a a s o a s e r a n n s n k o A o n a F D r r a e t g l w w s o m F d a d r n a s i i , a i r e n g e t d n n B e n a n s M g n e d e C t t n o n i e o . o o l a - d - t e , a a c o w w B , , o O e a s l c i n C i , s , e n L C n h n C f a i c r . a c , d C k . C a 1 a o k l a L A O i l l l C , a e a , i f i a . f f S . l l a l C n a , i . e A C i k f 1 a f l d y a . i . C a l n . 1 f , 1 l , a , l . i i a n 1 f C f C C . B l d 1 i a a a , f e l l l . r i i i i f f f - . . . . . 1 i 1 P p + + + + + + + + + + + + + 1 2 1 1 1 1 1 1 1 3 8 8 7 6 6 0 2 0 2 2 1 + + + + + + + + + - - - - 1 8 6 2 4 3 3 3 5 5 3 3 2 3 + + + + + + + + + + + + 1 6 2 6 8 8 9 2 6 2 5 7 0 8 . Youngstown, Ohiox +26 + 19 + 14 Calif.1 + 14 + 1 W Er h ie e , e l P in a g .1 , W. Va.1 + + 2 1 0 0 +3 + + 1 3 0 S M t. e L tr o o u po is l it D an is t A r r i e c a t s P + 10 +2 +4 S V an a ll J e o j s o e , , C C a a li l f if.1 + 16 0 r - + 1 7 0 +1O Cities Little Rock, Ark.1 +5 +3 +3 Stockton, Calif.1 P+17 +5 +s Ri P P C c o i h l t e r t m v t s s e b o m l u n a r o n d g u d h t , D h , O , i P s h O a t i r . o h 1 i i c * o t 1 P + + + + 3 1 9 6 4 3 + + - 2 1 8 0 1 + + + + 3 3 5 3 1 S S M L E p t o v . e r u a i m L n i n s g o s p v v f u h i i l i i e i l l s s e l l , , d e , , M , T K I M e o n y n d . o n 1 .1 P P + + + + + 3 1 1 1 1 3 2 2 2 0 + + + + - 1 1 3 6 5 7 + + + + + 2 6 2 4 6 4 S S T S P p e a a o a l o c r t t t o k t l L m l a a e n n a , a e d k , W , , e W W O a C s a r a i h s t e s y h . . h 1 1 , . . 1 1 Utah i. . . P P + + + + + 17 1 9 9 9 1 + + + + 8 5 7 0 1 + + + + + 1 1 1 1 1 6 1 1 1 M W A C W C G R B D e h o s a r a a t i e h l l a l r o n s e u t e e o r s w i h i n m l v m p t g e i o v n i n o h s b l o n i t l l g t , l i o e r i o - l a t t e , e S w N o n a , , , a , n n N n . S l M S , e S C . . W A . m D . d C C . r C 1 a , e . C . . . 1 s i a . 1 1 . C N h s 1 . 2 . . , 1 C D . . 1 . C . . + + + + + + + + + 1 1 1 1 1 2 4 7 1 8 6 2 1 + + + + - - - - 1 1 5 3 3 6 5 7 8 3 + + + + + + + - 1 1 1 3 6 4 5 1 1 3 0 1 M M C Q F S M i i e n t i o u i t o p n S M e r r i u l o t s n e t s x . i p c a - S n P y S o p F n m , l a t o e a i . 1 u t i a l l 1 a t l l P i p h s 1 n s a o , C , u l D A S A i i l t s , . y i r r s C e k , D M t a i M r t s i i y 2 n c i , n n t M . n 1 . i 1 n .. n . . 1 + + + + + + + 2 1 1 1 1 2 9 9 7 5 8 - - + 1 1 - - - - 1 7 7 1 0 6 1 + + + + + + + 2 3 3 4 2 8 2 C W Y T T I E B B B i d t w u v o a e a i a a e c k l i k e i h l s l s s n e l r i i e o a o n m e r s g n t F a f a W F t h , i n , a , e a a l d A a l W l l m W d l s l r s l N , , i , a a , a z , I s a C s W I d h m h d W a a . . a a 1 l 1 p h i s h a f o a h s o . , 1 h . I 1 daho. P + + + + (3 + + + - 1 1 1 1 ) 1 0 9 3 5 2 7 1 + + + + + - — - - 1 1 8 6 2 3 8 3 6 1 5 J + + + + + + + 2 1 1 1 9 3 2 1 0 4 1 0 p Preliminary. r Revised. 1 Indexes showing longer term comparisons are also available for these areas and cities and may be obtained upon request from the Federal Reserve Bank in the district in which the area or city is located. 2 Breakdowns shown under various metropolitan areas do not necessarily include all portions of such areas. 3 Data not available. 4Two months. MAY 1953 529- 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 Ratio of Index numbers change from a stocks to without seasonal adjustment, year ago sales1 1941 average monthly sales = 100 2 Num- Department r s b 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 n o o d n c t k o h s f ) February Sale pe s r d i u o r d ing Sto o c f k m s o a n t t h end ing Two 1953 1952 1953 1952 F 1 e 9 b 5 . 3 mo 1 n 9 t 5 h 3 s F 1 e 95 b 3 . 1953 Feb. Jan. Feb. Feb. Jan Feb. GRAND TOTAL—entire store3 362 0 +3 3.9 3.8 MAIN STORE—total 362 0 +3 4.1 4.0 166 183 166 684 650 667 Piece goods and household textiles 325 -3 +2 4.7 4.4 147 276 152 687 692 684 Piece goods 300 s -7 -1 3.8 3.7 188 182 198 723 702 744 Silks, velvets, and synthetics 207 -11 -12 -3 3.8 3.5 158 150 176 603 578 616 Woolen yard goods 178 +5 +4 -7 4.0 4.6 187 196 178 755 813 810 Cotton yard goods 196 -1 -4 +6 3.7 3.4 215 218 218 797 768 754 Household textiles 315 -2 2 +4 5.3 5.0 127 323 129 667 672 649 Linens and towels 286 -2 0 -3 5.6 5.7 121 294 124 681 740 709 D B o la m nk es e t t i s c , s c — om m f u o s r l t i e n r s s , , s a h n e d et i s n p g r s eads 2 25 6 1 2 -4 -5 + + 3 9 8 6 5 . . 1 4 4 5 . . 3 0 1 1 2 3 3 8 4 2 7 3 3 9 1 12 4 2 4 8 66 4 2 4 6 7 6 1 2 1 6 6 1 0 3 7 Small wares 348 + 1 +4 4.3 4.1 156 167 156 671 661 644 Laces, trimmings, embroideries, and ribbons.... 201 -6 -5 +7 4.7 4.1 161 158 172 754 670 712 Notions 245 -5 -4 +6 4.8 4.3 172 201 181 822 792 777 Toilet articles, drug sundries 331 +2 +2 +4 3.8 3.8 143 158 139 549 560 528 Sil S v i e l r v w er a w re a r a e n a d n j d e w c e lo lr c y ks4 3 2 2 2 5 2 - - 2 9 -5 0 0 3 5 8. . 5 8 8 5 . . 0 7 138 147 837 808 846 F C i o n s e t u je m w e e j l e ry w e a l n r d y4 watches4 2 9 8 1 9 + -6 5 + + 5 1 + + 3 1 3 0 . .7 2 1 3 0. . 0 3 Art needlework 238 -3 -3 4.4 4.2 147 188 151 643 626 632 Books and stationery 284 +5 + + 13 3.4 3.1 186 189 177 627 639 557 Books and magazines 134 +3 +5 +8 2.6 2.4 173 182 168 448 487 414 Stationery 247 +7 +8 + 13 3.8 3.5 180 185 169 680 694 602 Women's and misses1 apparel and accessories. 359 + 1 +8 3.4 3.2 169 178 167 574 522 534 Women's and misses' ready-to-wear accessories. . 358 +2 +2 +9 4.0 163 162 160 653 588 599 Neckwear and scarfs 318 + 7 +9 + 10 2.7 2.6 243 214 226 644 530 591 Handkerchiefs 283 -1 -3 4.0 4.0 109 91 110 429 413 440 Millinery 167 -2 -1 3 1.7 1.4 144 114 146 244 175 220 Women's and children's gloves 332 —4 -3 + 13 5.3 5.2 104 105 109 556 483 559 C W o o rs m e e ts n ' a s n a d n b d r a c s h s i i l e d r r e e s n's hosiery 3 34 4 9 7 + -2 6 +6 + 14 3 2. . 8 6 3 2. . 5 4 2 1 3 2 8 3 2 1 7 1 6 8 2 1 2 2 4 6 3 8 4 6 4 3 3 8 1 1 7 0 3 7 1 6 6 0 +9 Underwear, slips, and negligees 352 +2 0 +7 3.7 3.5 155 158 152 574 537 538 Knit underwear 251 +4 +2 + 12 3.8 3.4 198 221 190 746 706 655 Silk and muslin underwear, and slips 300 -1 +3 4.0 3.9 135 140 134 536 521 522 Negligees, robes, and lounging apparel 272 +2 +6 2.7 2.6 152 155 151 410 428 383 Infants' wear 339 +2 0 + 13 3.9 3.6 218 222 214 858 768 766 Handbags, and small leather goods 341 +4 +3 +9 3.4 3.2 138 120 133 464 401 426 Women's and children's shoes 251 +4 +4 + 10 6.6 6.2 176 170 1,161 1,043 1,065 Children's shoes4 223 + 1 +4 + 13 7.6 6.8 Women's shoes4 231 +4 +4 +9 6.4 6.1 Women's and misses' ready-to-wear apparel. . . . 357 + 1 +7 2.8 2.6 176 195 175 492 450 463 Women's and misses' coats and suits 348 + 1 + 1 +7 2.4 2.3 204 245 202 495 442 467 Coats4 238 0 0 +8 2.2 2.0 Suits4 229 +3 +2 +3 2.7 2.7 Juniors' and girls' wear 328 +4 +4 + 11 3.1 2.9 195 177 187 605 514 543 J G u i n rl i s o ' r w s' e c a o r ats, suits, and dresses 3 2 2 8 6 7 + + 2 7 + + 2 5 +6 3 2. . 4 9 3 2. . 3 6 2 1 0 9 5 5 1 1 9 6 5 7 1 1 9 9 1 2 4 80 6 6 4 4 6 1 5 5 8 4 6 3 9 5 8 + 15 Women's and misses' dresses 351 -3 -2 +2 2.3 2.2 163 168 380 344 376 Inexpensive dresses4 275 -2 -2 +5 1.9 1.7 Better dresses4 284 -3 -2 2.7 2.7 Blouses, skirts, and sportswear 349 +4 +5 +9 3.1 3.0 209 220 201 653 601 600 Aprons, housedresses, and uniforms 300 +3 +3 +8 2.4 2.3 169 201 164 411 392 380 Furs 269 -15 -10 +4 5.2 4.3 78 124 92 409 428 398 Men's and boy's wear 341 +3 +2 +3 5.9 5.9 131 154 127 771 710 750 Men's clothing 275 +2 -1 -4 6.4 6.7 137 200 135 871 800 908 Men's furnishings and hats 323 +3 +2 +4 5.2 5.2 126 128 122 652 620 627 Boy's wear 315 +7 +5 + 14 6.1 5.8 134 127 125 817 683 713 Men's and boy's shoes and slippers 208 +5 +4 + 10 7.4 7.0 136 157 130 1,004 910 915 For footnotes see following page. 530 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 Index numbers change from a without seasonal adjustment, year ago 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 d n c k t o h s f )! I February Sale p s e r d io u d ring Sto o c f k m s o at n t e h nd ing F 19 eb 5 . 3 m T o 19 n w 5 t o h 3 s Feb. ! 1953 1952 1953 1952 Feb. Jan. Feb. Jan. Feb. IIomefurnishin£s 326 -1 -2 i 4.4 4.5 196 203 198 880 856 902 Furniture and bedding 253 + +2 + 1 3.6 ! 3.6 232 230 843 Mattresses, springs, and studio beds4 184 +6 2.0 2.0 Upholstered and other furniture4 190 +5 : +2 4.1 4.0 + -1 Domestic floor coverings 282 -3 I — 5 5.2 5.3 174 179 ! 176 894 L R i u n g o s l e a u n m d 4 carpets4 1 8 6 7 3 -2 -i 4 " - 1 2 7 I ! - - 3 7 5 5 . .2 2 5 4 . . 2 2 ' " j ' Draperies, curtains, and upholstery 307 -3 ! u! +4 5.3 5.0 161 160 i 166 860 807 836 Lamps and shades 257 A • +6 4.4 4.0 165 169 ' 172 728 707 698 China and glassware 259 +3 8.0 7.4 149 151 i 158 1,199 1 ,160 1,177 Major household applicances 237 -5 ' -21 3.6 4.7 174 198 i 618 606 797 Housewares (including small appliances) 269 -1 ! it! -1 4.7 4.7 215 218 i 1,020 960 1,024 Gift shop4 ' 189 — 2 i +8 6.4 5.9 Radios, phonographs, television, records, etc.4 230 -6 i -6 -9 1 3.2 3.3 Radios, phonographs, television4 173 -10 ! — 7 -14 2.8 2.9 Records, sheet music, and instruments4.... 120 +4 | — 7 0 4.8 5.0 j Miscellaneous merchandise departments. . 330 -4 i 2 +4 3.9 3.6 147 148 153 579 641 563 Toys, games, sporting goods, cameras 309 +6 + 10 ! +6 8.7 8.7 88 68 83 770 730 712 TONS and games 252 +4 +6 I + 13 9.2 8.4 68 34 65 619 543 545 Sporting goods and cameras 153 + 11 i + 1 8.1 8.6 92 82 86 745 629 717 L C u a g n g d a y g 4 e 2 1 8 8 0 9 _ -2 2 -4 I + - M 18 I | 5 1 . . 8 3 5 1 . . 4 1 | 143 161 146 828 850 787 BASEMENT STORE total 200 -3 -3 ! I +5 | 3.2 2.9 j i 149 165 153 472 425 452 Domestics and blankets1 139 -2 -4 ' +9 I 3.7 3.3 | ! Women's and misses' ready-to-wear 192 -3 -3 i +9 I 2.4 2.2 152 158 157 381 334 353 165 -1 il + 2 2.8 2.8 Intimate apparel4 125 -3 +5 2.3 2.2 Hosiery 4 123 + 1 +6 3.0 2.8 Underwear, corsets and brassieres4 178 + 7 2.1 i 1.9 Coats and suits4 ,| 177 + 2 ! 1.6 | 1.4 Dresses4 . 156 +2 -10 + 14 ! 2.4 2.2 Blouses, skirts, and sportswear4 .1 1.27 +8 + 2 +24 i 3.3 ! 2.9 Girls' wear4 . ! 126 + 1 + 16 | 3.4 3.0 A In p f r a o n n t s s , ' w ho e u a s r e 4 dresses, uniforms4 .; in -10 -11 + 11 2.4 2.0 Men's and boy's wear -1 +6 4.0 3.8 151 160 150 600 521 572 . i 165 Men's wear4 -1 -2 +4 3.8 3.6 Men's clothing4 .1 152 -2 -1 +2 3.7 3.6 Men's furnishings4 . ! 105 -1 -2 +5 3.8 3.6 . ! 122 Boy's wear4 j + 7 +4 + 12 4.4 4.3 . ; 123 Homef urnishings .1 107 -10 -9 -5 3.7 3.4 149 143 165 550 530 582 ! Shoes J 114 -3 -1 +5 5.6 5.2 112 129 115 621 552 596 NONMERCHANDISE— total4 . 187 -1 -1 Barber and beauty shop4 .! 83 -6 -5 xThe 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. 2The 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. 3For movements of total department store sales and stocks, see the indexes for the United States on p. 530. 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. 5Data 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. MAY 1953 531 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES CONSUMERS' PRICES [Bureau of Labor Statistics index for city wage-earner and clerical-worker families. 1947-49 =100] Housing Read- Other Y m e o a n r t o h r it A em ll s Foods Other a G n a d s S fu o e li l d s H fu o r u n s - e- H h o o u l s d e- p A a p re - l T p t o r i a r o t n n a s - - M c ic a e a r d e l - s c P o a e n r r a e - l re a i c n n r g d ea- g s a o e n o r d v d - s Total Rent shelter* elec- and ish- opera- tion ices 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—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 Mar.... 113.6 111.7 116.8 121.7 106.5 124.4 108.0 114.0 104.7 129.3 119.5 112.4 107.7 117.5 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] Othercommodities Y m e o a n r t o h r m c t A o o i m e l d s l i - - F p u r a c o r t d m s - f P e o s r o s o e d c d s - Total p p T u a a t r a n i e c o p r l x t d e d - e s - - l le H s p u k a a r i n t c i o d n h t d d e s s e s - , r , p l t F i m e o a i g u n r w n h a i e g d a e t - l r - , ls , C p a i u a c l h r l c n o a i e t e d d l m s s d - - p R u a b r u n c o e t b d d r s - - L p w u a b r u o n c o e m o t d d r s d - - p p a P u a a l r u l p n c o i l t e e d d p s r d - , , M m p u a r e e n c o t t t d d a a s - l l s p c u M m t a e r h i c n r o v i o a t n y d d e s - - - - h F d o h t b a o u u t u o n h l u r r e r l d e s a n d s e e r - i - - e s N t t r m t m u a r a o l r i u l e l n n s a i c - — - c - l - b m b e t b o f a r u T a a a t e n a r c t o c n v g l d e c - - e - u e s o d - s n c M e e l o i l s a u - - s 1947 96 4 100 0 98 2 95 3 100.1 101.0 90.9 101.4 99.0 93.7 98.6 91.3 92.5 95.6 93.9 98 0 100.8 1948 104.4 107.3 106.1 103.4 104.4 102.1 107.1 103.8 102.1 107.2 102.9 103.9 100.9 101.4 101.7 100.4 103.1 1949 99.2 92.8 95 7 101.3 95.5 96.9 101.9 94.8 98.9 99.2 98.5 104.8 106.6 103.1 104.4 101.6 96.1 1950 103.1 97.5 99.8 105.0 99.2 104.6 103.0 96.3 120.5 113.9 100.9 110.3 108.6 105.3 106.9 102.4 96.6 10.51 114.8 113.4 111 .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 111.6 107.0 108.8 113.2 99.8 97.2 106.6 104.5 134.0 120.3 116.5 123.0 121.5 112.0 113.6 110.6 108.3 1952 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 June 111.2 107.2 108 5 112.6 99.0 95.9 105.9 104.3 133.4 119.9 116.7 121.1 121.3 111.6 113.8 110.8 108.1 July 111.8 110.2 110.0 112.5 98.9 96.2 106.0 104.2 130.0 120.2 115.3 121.9 121.4 111.6 113.8 110.8 105.5 Au cms t 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 97.9 105.2 113.1 98.5 98.0 108.1 103.6 126.2 121.1 '115.3 ••124.6 121.6 '112.9 114.6 rlH 9 101.2 M!arch 110.1 100.0 105.0 113.4 97.6 98.1 108.5 104.2 125.7 121.7 115.2 125.5 121.7 113.1 114.9 114.8 101.7 r Revised. Source.—Bureau of Labor Statistics, Department of Labor. Back figures.—See BULLETIN for March 1952, pp. 311-313. 532 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES—Con tinned WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Index numbers of the Bureau of Labor Statistics 1947-49 =100] Annual 1953 Annual 19 Subgroup Subgroup 1951 1952 Feb. Mar. 1951 1952 Feb. Mar. Farm Products: Pulp, Paper and Allied Products- Continued Fresh and dried produce 97.2 120.3 -•102.2 105.9 Grains 99.3 98.2 93.1 94.7 Converted paper and paperboard. . 117.0 113.8 '•111.5 111.3 Livestock and poultry 116.9 102.4 91.2 91.7 Building paper and board 113.4 115.5 118.2 118.2 Plant and animal fibers 143.9 115.1 102.7 104.6 Fluid milk 104.8 109.6 '103.0 101.8 Metals and Metal Products: Eggs 108.0 95.9 89.1 100.6 Hay and seeds 102.7 98.3 94.9 97.5 Iron and steel 123.2 124.7 '127.5 127.7 Other farm products 138.5 136.7 134.5 142.5 Nonferrous metals 124.2 123.5 124.4 131.5 Metal containers 121.1 122.0 125.3 125.3 Processed Foods: Hardware 125.8 125.4 125.9 126.2 Plumbing equipment 122.5 117 A '114.3 114.3 Cereal and bakery products 106.9 106.9 107.6 108.9 Heating equipment 114.6 113.8 113.9 113.9 Meats, poultry, and fish 116.7 108.3 98.2 94.4 Fabricated structural metal prod- Dairy products and ice cream 107.7 113.6 110.9 109.7 ucts 117.5 115.1 113.9 113.6 Canned, frozen fruits, and vegeta- Fabricated nonstructural metal bles 105.5 105.0 a 05.5 105.1 products 125.4 124.9 126.7 Sugar and confectionery 106.4 109.2 p108.0 109.6 Packaged beverage materials 161.3 162.2 161.9 168.9 Machinery and Motive Products: Other processed foods 123.0 119.0 114.4 120.9 Agricultural machinery and equip- Textile Products and Apparel: ment 120.1 121.6 121.8 122.0 Construction machinery and equip- Cotton products 111.5 98.5 '96.1 93.1 ment 123.6 125.4 '126.2 126.9 Wool products 144.6 113.0 111.5 112.0 Metal working machinery 125.8 128.5 '129.0 129.1 Synthetic textiles 97.0 88.9 88.3 87.9 General purpose machinery and Silk products 128.8 133.7 141.4 141.4 equipment 123.5 122.6 122.0 122.1 Apparel 103.8 100.0 99.9 99.9 Miscellaneous machinery 119.4 119.4 120.1 120.3 Other textile products 141.6 101.7 83.5 82.2 Electrical machinery and equipment 121.9 120.3 119.7 119.7 Hides, Skins, and Leather Products: Motor vehicles 112.9 119.6 119.9 120.0 Hides and skins 119.0 63.0 66.5 65.2 Furniture and Other Household Dura- Leather 124.7 89.4 91.9 93.5 bles: Footwear 121.6 112.4 112.1 112.1 Other leather products 112.3 100.8 '99.0 99.1 Household furniture 116.4 113.0 '113.4 113.7 Commercial furniture 124.5 123.0 123.2 123.2 Fuel, Power, and Lighting Materials: Floor covering 137.8 122.8 124.1 124.1 Household appliances 107.9 107.3 107.4 107.8 Coal 108.4 108.7 115.9 114.8 Radio 93.7 94.0 '95.5 95.5 Coke 124.0 124.7 131.8 131.8 Television 79.6 75.5 '75.6 75.6 Gas 100.7 103.7 109.5 109.5 Other household durable goods.... 117.3 118.8 '121.7 121.8 Electricity 98.1 98.9 100.7 100.7 Petroleum and products 110.5 109.3 107.9 109.0 Nonmetallic Minerals—Structural: Chemicals and Allied Products: Flat glass 114.0 114.3 114.4 114.4 Concrete ingredients 113.0 113.0 113.1 113.8 Industrial chemicals 120.7 115.2 113.1 113.9 Concrete products 112.3 112.5 112.8 112.8 Paint and paint materials 108.9 107.3 105.9 106.0 Structural clay products 121.4 122.0 124.0 124.1 Drugs, Pharmaceuticals, cosmetics. 95.6 92.5 91.4 91.6 Gypsum products 117.4 117.7 117.7 118.3 Fats and oils, inedible 88.8 50.0 52.7 59.0 Prepared asphalt roofing 104.8 102.9 106.0 106.0 Mixed fertilizers 107.3 109.3 110.8 110.7 Other nonmetallic minerals 111.0 112.3 115.3 115.3 Fertilizer materials 106.3 110.6 112.7 112.8 Other chemicals and products 108.4 103.3 102.9 102.9 Tobacco Manufactures and Bottled Beverages: Rubber and Products: Cigarettes 105.8 106.5 112.0 124.0 Crude rubber 215.1 157.8 129.4 126.6 Cigars 100.6 100.1 102.9 102.9 Tires and tubes 133.9 129.8 126.3 126.3 Other tobacco products 108.4 116.6 120.3 122.4 Other rubber products 130.9 126.7 124.3 124.3 Alcoholic beverages 106.5 110.7 '110.1 110.0 Nonalcoholic beverages 119.7 119.7 '119.8 119.8 Lumber and Wood Products: Miscellaneous: Lumber 123.6 120.5 120.3 120.9 Millwork 130.1 127.0 131.9 131.9 Toys, sporting goods, small arms. . 116.2 113.5 112.8 112.9 Plywood 115.1 105.0 110.9 112.0 Manufactured animal feeds 100.5 108.0 94.4 95.0 Notions and accessories 101.3 93.8 92.9 94.3 Pulp, Paper, and Allied Products: Jewelry, watches, photo equipment 101.1 101.0 101.0 101.7 Other miscellaneous 120.6 120.8 121.2 121.0 Woodpulp 114.4 111.5 108.8 108.8 Wastepaper 188.3 70.1 83.8 83.8 Paper 119.1 124.0 124.9 124.9 Paperboard 131.8 127.4 123.5 123.4 'Revised. Source.—Bureau of Labor Statistics, Department of Labor. Back figures.—See BULLETIN for March 1952, pp. 311-313. MAY 1953 533 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME [Kstimates of the Department of Commerce. In billions ot dollarsi RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING Seasonally adjusted annualrates Annual totals by quarters 1952 1953 1929 1933 1941 1947 1948 1949 1950 1951 1952 1 2 3 4 1 Gross national product . .. 103.8 55.8 126.4 233.3 259.0 258.2 284.2 329.2 '346.1 339.7 342.6 343.0 ••359.0 361.0 Less: Capital consumption allowances. . 8.8 7.2 9.3 14.8 17.6 19.4 21.5 24.6 28.1 26.7 27.7 28.3 29.C 30.4 Indirect business tax and related liabilities 7 0 7.1 11.3 18.7 20.4 21.6 23 8 25 3 27.2 26.3 26.8 27.3 28.2 28.4 Business transfer payments 6 7 5 7 7 g 8 9 9 9 .9 .9 .9 .9 Statistical discrepancy — l 1.2 1.6 .3 -3.2 2 — .7 1.4 r —.2 -1.6 1.8 — 1.3 r.l n.a. Plus: Subsidies less current surplus of government enterprises -.1 0) .1 -.1 .0 .0 .4 .5 .1 .5 .2 -.2 .0 .1 Equals: National income .. 87.4 39.6 103.8 198.7 223.5 216.3 239.2 277.6 290.4 288.0 285.6 287.7 300.2 n.a. 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 42.7 39.9 37.8 41.5 n.a. Contributions for social insurance. . .2 .3 2.8 5.7 5.2 5.7 6.9 8.2 8.5 8.5 8.4 S.6 8.8 9.0 Excess of wage accruals over disbursements 0 .0 0 .0 .0 0 0 0 — .1 1 .0 — 4 .0 .0 Plus: Government transfer payments. .. .9 1.5 2.6 11.1 10.5 11.6 14.3 11.5 11.9 11.7 11.6 12 0 12.2 12.8 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 8.9 9.6 9.3 9.0 9.1 Business transfer payments 6 7 5 7 .7 8 8 9 .9 9 .9 .9 .9 .9 Equals: Personal Income . . 85 1 46 6 95 3 191.0 209.5 205 9 226 3 254 1 268.3 263 0 264.4 268 9 277.0 281.3 Less: Personal tax and related payments. . 2.6 1.5 3.3 21.5 21.1 18.6 20.8 29.1 34.0 33.5 33.6 34.1 34.6 35.7 Federal 1.3 .5 2 0 19.6 19.0 16.2 18.1 26 1 30.7 30.4 30.4 30.8 31.3 32.3 State and local 1 4 1 0 1.3 1 9 2.1 2 5 2 7 3 0 3.3 3 2 3.2 3 3 3.3 3 4 Equals: Disposable personal income. 82.5 45.2 92.0 169.5 188.4 187.2 205.5 225 0 234.3 229.5 230.8 234.8 242.5 245.6 Less: Personal consumption expenditures 78.8 46.3 32.3 165.6 177.9 180.6 194.3 208.0 216.3 213.2 214.9 215 0 222.0 226.2 Equals: Personal saving 3 7 — 1 2 9 8 3 9 10 5 6 7 11 2 17 0 18 0 16 3 15 9 19 8 20. ? 19.5 NATIONAL INCOME, BY DISTRIBUTIVE SHARES Annual totals Seasonally adjusted annual rates by quarters 1952 1953 1929 1933 1948 1949 1950 1951 1952 National income 87.4 39.6 103.8 198.7 223.5 216.3 239.2 277.6 290.4 288.0 285.6 287.7 300 2 n.a. Compensation of employees 50.8 29.3 64.3 128.0 140.2 139.9 153.4 178.9 190.4 186.5 186.9 190.3 197.*) 201.6 Wages and salaries2 50.2 28.8 61.7 122.1 134.4 133.4 145.6 169.9 181.1 177.4 177.8 181.0 188.2 191 .8- Private 45.2 23.7 51.5 104.8 115.7 113.0 123.4 141.2 148.7 145.8 145.6 148.3 155.? 158.7 Military .3 .3 1.9 4.1 4.0 4.2 5.0 8.6 n.a. 10.0 10.2 10.4 n.a. n.a.. Government civilian 4.6 4.9 8.3 13.2 14.7 16.1 17.2 20.1 n.a. 21.7 21.9 22.4 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 9.0 9.2 9.3 9.0 9.8 Proprietors* and rental income 3. .. 19.7 7.2 20.8 42.4 47.3 42.1 45.2 50.6 52.5 52.1 51.9 52.5 53.6 53.6 Business and professional 8.3 2.9 9.6 19.8 22.1 21.6 23.7 26.2 27.6 27.3 27.6 27.5 28.2 28.6 Farm 5.7 2.3 6.9 15.6 17.7 12.8 13.3 15.6 15.2 15.4 14.8 15.2 15.5 14.9- Rental income of persons 5.8 2.0 4.3 7.1 7.5 7.7 8.2 8.9 9.6 9.4 9.5 9.8 10.C 10.1 Corporate profits and inventory valuation adjustment 10.3 -2.0 14.6 24.7 31.7 29.2 34.8 41.6 40.5 42.7 39.9 37.8 41.5 n.a. Co C rp o o r r p a o te ra p te r o p fi r t o s f b it e s f o t r a e x ta li x ability.... 9 1 . . 8 4 . . 2 5 1 7 7 .2 3 1 0 1 . . 5 9 3 1 3 3 . . 8 0 2 1 7 0 . . 1 8 3 1 9 8 . . 6 4 4 2 2 4 . . 9 2 '2 39 1 . . 7 8 '2 4 3 2 . A 7 '2 3 1 8 . . 0 2 '2 3 0 7 . . 4 2 r2 4o 2 . . : 1 i n.a. Inv C e o n r t p o o r r y a t v e a p lu ro a f ti it o s n a a f d te j r u s t t a m x ent 8. . 4 5 - - 2 . . 4 1 -2 9 . . 6 4 -5 18 - 2 2 0 . . 1 7 1 2 6 . . 1 3 - 2 4 1 . . 8 2 - 1 1 8 .3 .7 17.9 '1 - 9 .1 .3 17 1 . . 2 7 16. . 8 6 18 1 . 2 2 - n . . 5 a. Net interest 6.5 5.0 4.1 3.5 4.3 5.0 5.8 6.4 7.0 6.7 6.9 7.1 7.2 7.4 n.a. Not available. r Revised. 1Less than 50 million dollars. 2 Includes employee contributions to social insurance funds. 8Includes noncorporate inventory valuation adjustment. NOTE.—Details may not add to totals because of rounding. Source.—Department of Commerce. 534 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued [Estimates of the Department of Commerce. In billions of dollars] GROSS NATIONAL PRODUCT OR EXPENDITURE Seasonally adjusted annual rates Annual totals by quarters 1952 1953 1929 1933 1941 1947 1948 1950 1951 1952 1 2 3 Gross national product 103.8 55.8 126.4 233.3 259.0 258.2 284.2 329.2 '346.1 339 7 342.6 343.0 '359. 361.0 Personal consumption expenditures 78.8 46.3 82.3 165.6 177.9 180.6 194.3 208.0 216.3 213.2 214.9 215.0 222.0 226.2 Durable goods 9.4 3.5 9.8 21.4 22.9 23.8 29.2 27.1 25.8 25 2 26.4 24.2 27.3 29.8 Nondurable goods 37.7 22.3 44.0 95.1 100.9 99.2 102.8 113.5 119.0 118 0 117.8 118.9 121.4 121.7 Services 31.7 20.6 28.5 49.1 54.1 57.5 62.4 67.3 71.5 70.0 70.8 71.9 73.3 74.6 Gross private domestic investment 15.8 1.3 18.3 30.2 42.7 33 50.3 58.5 52.1 50.0 49.3 51.7 57.3 54.4 New construction l 7. 1.1 6.8 13.9 17.7 17.2 22.9 23.3 23.5 23. 7 23.6 23.0 23 V 25.2 Residential, nonfarm 3.6 .5 3.5 6.3 8.6 8.3 12.6 11.0 11.1 11 .0 11.0 10.9 11 6 12.2 Other 4.2 .7 3.3 7.6 9 9.0 10.3 12 3 12.4 12.7 12.6 12.2 12 0 13.0 Producers' durable equipment 6.4 1.8 7.7 17.1 19.9 18 22.0 24.9 25.5 25.7 25.7 25.0 25.6 27.5 Change in business inventories. .. . 1.6 -1.6 3.9 -.8 5.0 -2 5.5 10.3 3.1 6 .1 3.7 8.1 1.7 Nonfarm only 1.8 -1.3 3.4 1.4 3.7 -1.6 4.6 9.4 2.4 -• 1 -.8 3.0 7.5 1.1 Net foreign investment .8 .2 1.1 8.9 1.9 .5 -2.3 .2 2.2 .4 -1.6 '-.9 -2.0 Government purchases of goods and services 8.5 8.0 24.7 28.6 36.6 43.6 41.9 62.6 77.8 74.4 78.0 77.9 80.6 82.4 Feder O N a t a l h ti e o r nal security 1 1 . . 3 3 2 2. . 0 0 1 1 3 6 3 . . . 2 9 8 1 1 3 5 3 . . . 8 8 3 2 1 5 1 6 . . . 6 0 1 2 1 6 5 9 . . . 4 6 3 2 1 3 2 8 . . 2 9 3 4 4 0 7 . . . 9 2 1 4 54 5 9 . . . 4 6 2 4 51 6 5 . . . 4 2 2 5 5 4 5 0 . . . 1 9 3 4 54 5 9 . . . 6 8 6 5 5 6 0 6 . . . 6 4 5 5 5 6 1 7 . . . 5 2 5 Less: Government sales 2 (s) (3) 1.3 .6 .4 .4 .4 4 .4 .4 .3 .3 State and local 7.2 5.9 7.8 12.8 15.6 18.2 21.7 23.4 23.2 23.0 23.1 24.0 25.0- PERSONAL INCOME [Seasonally adjusted monthly totals at annual rates] Wages and salaries Divi- Less Year or month in s P c o e o n r m a - l e re T c o e t i a p l ts4 b m T u d o e i r s n t s - a e t l s - Wag d p m i e u n C r o o s g o a d t d m n r i u i i n d t e c - y - s - s<il D a i u r n t i y r s t d i i t u e v r d s i s e b i - s - bu S r i e s n t r e r d v i m u e ic s s e e - nts m G er o e n n v - t - in O l c a t o b h m o e r r e5 i p n r r e c P a i o n e n ro m t t d a o - e l r 6 s' i i n n d s t p a c o e e o n e n n r r m d d a e - l s s e t m T p r e f a a e n y n r t - s s - 7 p b c i e s a u n o o r n f t s s n c o i c u o o t i r e a r n r n i 8 - l a - s l i a n g N t c u r o o i r c m a n u l - e l- 9 1929 85 1 50 0 50 2 21 5 15 5 8.2 5 0 .5 19 7 13.3 1.5 .1 76.8 1933 46.6 28.7 28.8 9.8 8.8 5.1 5.2 .4 7.2 8.2 2.1 .2 43.0 1941 95.3 60.9 61.7 27.5 16.3 7.8 10.2 .6 20.8 9.9 3.1 .8 86.1 1947 191.0 119.9 122.0 54.3 35.1 15.3 17.2 2.4 42.4 14.5 11.8 2.1 170.8 1948 209.5 132.1 134.3 60.2 38.8 16.6 18.7 2.8 47.3 16.0 11.3 2.2 187.1 1949 205.9 131.2 133.4 56.9 38.9 17.2 20.4 3.1 42.1 17.1 12.4 2.2 188.7 1950 226.3 142.7 145.6 63.5 41.3 18.6 22.2 3.8 45.2 19.5 15.1 2.9 208.5 1951 254.1 166.5 169.9 74.9 45.9 20.3 28.7 4.2 50.6 20.4 12.4 3.4 233.6 1952 . 268.4 177.9 181.4 79.1 48.5 21.3 32.4 4.5 52.5 21.1 12.7 3.8 248.0 1952 -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 280.9 188.2 191.8 86.2 50.3 22.2 33.1 4.7 53.3 21.5 13.4 3 8 261. 1 March? 282.5 189.6 193.2 87.1 50.4 22.5 33.2 4.7 53.0 21.7 13.8 3.9 262.8 p Preliminary. r Revised. 1 Includes construction expenditures for crude petroleum and natural gas drilling. 2 Consists of sales abroad and domestic sales of surplus consumption goods and materials. 3 (.ess 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 Include? compensation for injuries, employer contributions to private pension and welfare funds, and other payments. 6 Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory valuation adjustment. 7 Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as well as consumer bad debts and other business transfers. 8 Prior to 1952 includes employee contributions only; beginning January 1952, includes also contributions to the old-age and survivors' insurance program of the self-employed to whom coverage was extended under the Social Security Act Amendments of 1950. Personal contributions are not included in personal income. 9 Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents, agricultural net interest, and net dividends paid by agricultural corporations. NOTB.—Details may not add to totals because of rounding. Source.—Department of Commerce. MAY 1953 535. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1952 ALL MEMBER BANKS, BY CLASSES [Amounts in thousands of dollars] Item All member banksl n m b a e t a A m i n o l k l b n s e a r l m b S e a A t m n a l k t l b e s er N c e i w t C y e Y m n o t e r r m a k l b r e e r C s e h b r i a v c n e a k g s o m R b e e c a s m i n e ty k r b v s e e r C m b o e a u m n n k b t s r e y r 1949 1950 1951 1952 Year 1952 Earnings 2,985,639 3,264,686 3,668,715 4,119,649 2,741,239 1,378,410 691,334 169,241 1,593,955 1,665,119 Interest and dividends on securities: U. S. Government. . . . 859,218 865,063 831,920 929,307 631,986 297,321 133,813 48,907 343,747 402,841 Other 168,502 190,173 210,766 234,528 163,933 70,595 42,915 11,776 87,124 92,713 Interest and discount on loans 1,405,636 1,607,967 1,974,325 2,269,944 1,531,404 738,540 369,712 81,549 897,681 921,002 Other charges on loans... 21,434 26,068 28,670 35,936 24,013 11,923 8,109 1,353 17,787 8,687 Service charges on deposits 157,957 172,489 186,872 197,734 135,759 61,975 18,228 1,946 76,386 101,174 Other charges, fees, etc.. . 64,497 70,754 79,003 82,871 52,596 30,275 12,269 1,050 30,989 38,564 Trust department 151,384 170,519 182,421 194,430 80,604 113,826 66,626 15,829 72,947 39,028 Other current earnings... 157,012 161,655 174,737 174,901 120,944 53,957 39,663 6,832 67,294 61,112 Expenses 1,888,915 2,019,746 2,231,946 2,501,091 1,655,395 845,696 370,528 93,310 974,246 1,063,007 Salaries—officers 318,189 344,777 375,298 408,330 270,729 137,601 51,615 12,987 132,799 210,929 Salaries and wages-others 607,927 655,151 750,039 835,300 533,368 301,932 161,199 31,142 345,007 297,952 Directors' fees, etc ... 16,064 17,449 19,150 21,514 14,511 7,003 1,671 236 3,733 15,874 Interest on time deposits. 261,102 271,016 305,536 364,503 259,655 104,848 17,878 14,260 159,520 172,845 Interest on borrowed money 3,336 3,895 9,077 19,825 12,711 7,114 5,203 1,873 9,763 2,985 Taxes other than income. 96,285 108,854 114,958 117,659 78,424 39,235 12,990 3,616 49,136 51,917 Recurring depreciation. . 43,901 48,016 53,067 60,064 41,998 18,066 4,099 708 21,057 34,199 Other current expenses. . 542,111 570,588 604,822 673,896 443,999 229,897 115,872 28,488 253,231 276,305 Net current earnings before income taxes. . . 1,096,724 1,244,941 1,436,769 1,618,558 1,085,844 532,714 320,807 75,931 619,709 602,112 Recoveries, transfers from reserves, and profits. 182,476 218,570 148,624 125,008 81,000 44,008 31,224 13,604 40,668 39,512 On securities: Recoveries 13,447 12,789 13,531 9,954 6,884 3,070 796 2,352 3,050 3,756 Transfers from reserves 22,289 36,799 10,936 19,646 14,844 4,802 5,279 3,177 8,790 2,401 Profits on securities. . . 63,943 82,149 51,881 29,047 20,162 8,885 6,372 3,749 11,550 7,377 On loans: «^r Recoveries 18,125 22,548 17,577 16,966 11,600 5,366 3,429 1,575 3,527 8,436 Transfers from reserves 24,918 26,960 25,622 24,734 14,949 9,785 9,456 1,572 5,822 7,883 All other 39,753 37,327 29,076 24,660 12,561 12,099 5,893 1,179 7,929 9,660 Losses, charge-offs, and transfers to reserves. 317,875 313,661 338,857 306,381 202,608 103,773 38,814 15,285 123,753 128,528 On securities: Losses and charge-offs. 30,857 32,623 72,103 83,851 61,088 22,763 10,521 897 32,387 40,045 Transfers to reserves. . 28,004 50,933 28,418 27,040 16,738 10,302 1,943 2,583 18,032 4,483 On loans: -^—Losses and charge-offs. 19,152 14,269 13,555 15,652 11,275 4,376 154 352 1,498 13,647 Transfers to reserves. . 191,254 166,272 180,034 132,896 83,597 49,300 22,220 8,614 53,858 48,205 All other 48,607 49,565 44,747 46,942 29,910 17,032 3,976 2,839 17,979 22,149 Profits before income taxes 961,325 1,149,850 1,246,536 1,437,185 964,236 472,949 313,216 74,250 536,623 513,096 Taxes on net income.... 275,066 369,060 490,919 607,850 404,011 203,839 138,606 28,989 241,186 199,069 Federal 257,069 346,909 465,480 578,682 386,891 191,791 125,902 28,989 231,589 192,202 State 17,997 22,151 25,439 29,168 17,120 12,048 12,704 9,597 6,867 Net profits 686,259 780,790 755,617 829,335 560,225 269,110 174,611 45,260 295,437 314,027 Cash dividends declared. 312,666 345,522 370,504 390,430 258,507 131,923 94,719 18,149 155,773 121,790 On preferred stock2 3,488 2,835 2,587 2,310 397 1,913 62 68 431 1,749 On common stock 309,178 342,687 367,917 388,121 258,110 130,011 94,657 18,081 155,342 120,041 Memoranda items: Recoveries credited to reserves (not included in recoveries above): On securities 2,399 3,036 2,085 4,308 2,374 1,934 1,757 2,279 272 sap. On loans 17,512 17,016 25,054 28,088 21,302 6,786 6,935 2,044 9,942 9,167 Losses charged to reserves (not included in losses above): On securities 5,144 5,808 15,919 24,642 15,291 9,351 2,110 2,765 16,718 3,050 ^M^On loans 61,857 46,329 55,581 54,938 40,765 14,173 7,841 1,786 23,324 21,987 Loans 35,249,000 39,098,000 47,016,000 51,169,000 11,369,000 2 445,000 20,200,00017,154,000 U. S. Government securities 54,063,000 54,916,000 50,075,000 51,811,000 7,886,000 2 749,00019,314,000 21,862,000 Other securities 7,847,000 9,398,000 10,583,000 11,557,000 2,157,000 557,000 4,158,000 4,684,000 Cash assets 30,098,000 29,854,000 33,727,000 35,564,000 7,662,000 2 027,00013,911,00011,964,000 Other assets 1,554,000 1,622,000 1,811,000 1,977,000 528,000 48,000 797,000 605,000 Total assets 128,810,000134,889,000143,212,000152,079,000 29,603,000 7,826,000 58,380,000 56,270,000 Time deposits 29,145,000 29,506,000 30,074,000 32,120,000 () 2,085,0001,156,00012,813,00016,066,000 Total deposits 118,264,000123,559,000130,760,000138,398,000 8 25,753,000 7,151,000 53,518,000 51,976,000 Total capital accounts 8,999,000 9,455,000 9,947,000 10,480,000 2,458,000 525,000 3,631,000 3,866,000 Number of officers 47,454 48,967 50,553 52,652 36,663 15,989 3,584 906 33,943 Number of employees 250,367 263,643 282,266 300,868 196,517 104,351 47,489 10,051 122,873 Number of banks 6,892 6,873 6,840 6,798 4,909 1,889 22 13 319 6,444 See footnotes on pp. 537-539. 536 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1952—Continued ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Amounts in thousands of dollars] Federal Reserve district Item 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 St. Louis M ap in o n li e s - K C an it s y as Dallas Fra S n a c n isco Earnings 212,343 1,024,124 228,622 329,875 189,468 200,604 578,744 153,440 115,461 189,947 219,811 677,211 Interest and dividends on securities: U. S. Government 46,447 209,734 52,430 84,798 46,995 47,317 173,473 35,476 26,542 45,640 42,383 118,072 Other 9,726 63,123 17,550 22,789 8,432 11,750 34,219 8,930 5,719 9,771 9,415 33,104 Interest and discount on loans 111,606 553,890 121,038 172,222 104,036 106,291 286,586 89,580 63,336 107,026 136,064 418,269 Other charges on loans.... 862 10,557 915 1,971 898 1,162 5,151 774 827 896 1,858 10,064 Service charges on deposits. 11,641 40,622 8,204 12,731 10,281 12,113 26,148 5,549 7,026 10,808 9,264 43,347 Other charges, fees, etc... . 4,661 18,499 2,756 5,115 5,489 7,326 9,674 3,957 5,053 3,397 4,801 12,143 Trust department 16,334 75,885 17,458 15,753 7,280 5,104 23,442 4,251 2,771 3,851 3,630 18,672 Other current earnings. . . . 11,065 51,813 8,271 14,495 6,056 9,541 20,052 4,922 4,189 8,560 12,397 23,540 Expenses 134 401 599,721 138,683 197,661 112,502 124,457 359,283 90,099 72 151 110,873 130,646 430,614 Salaries—officers 22^881 86^905 23,180 30,020 21,442 2L893 57,211 18,224 15^208 24,700 28^011 58,656 Salaries and wages—others 44,832 232,131 45,222 61,415 35,225 38,629 114,877 27,146 21,146 31,871 37,195 145,611 Directors' fees, etc 1,433 4,450 2,533 1,928 1,462 1,155 2,775 1,216 677 1,318 1,334 1,232 Interest on time deposits. . 14,998 60,015 19,316 30,607 14,955 13,136 61,743 9,840 10,958 11,232 8,031 109,672 Interest on borrowed money 459 6,074 800 1,252 983 593 3,424 919 299 1,669 474 2,879 Taxes other than income. . 6,444 22,363 6,460 17,454 5,335 7,336 16,300 4,632 2,438 4,140 12,174 12,582 Recurring depreciation. . . . 3,842 11,143 3,912 5,444 3,536 4,123 7,288 2,265 1,789 3,189 4,210 9,323 Other current expenses.... 39,513 176,640 37,261 49,541 29,563 37,592 95,664 25,859 19,636 32,752 39,218 90,659 Net current earnings before income taxes 77,942 424,402 89,939 132,214 76,966 76,147 219,461 63,341 43,310 79,074 89,165 246,598 Recoveries, transfers from reserves, and profits. . 8,570 46,773 4,852 6,707 3,372 3,782 21,882 3,720 2,348 4,581 5,955 12,467 On securities: Recoveries 977 1,281 513 749 196 182 3,063 241 232 819 332 1,369 Transfers from reserves. . 1,541 6,974 884 265 377 600 3,467 402 349 448 254 4,085 Profits on securities.... 1,315 9,852 1,419 2,044 673 1,308 6,863 1,014 286 1,054 850 2,370 On loans: Recoveries 1,260 5,223 751 929 522 541 2,379 449 894 1,214 1,889 916 Transfers from reserves. 1,737 15,620 159 1,274 358 293 2,440 403 143 366 385 1,558 All other 1,739 7,824 1,126 1,446 1,246 858 3,670 1,211 444 681 2,245 2,170 Losses, charge-offs, and transfers to reserves. . 19,730 74,259 22,309 23,771 10,492 13,033 45,740 13,596 7,424 13,528 20,881 41,617 On securities: Losses and charge-offs. . 3,639 16,853 6,451 5,637 3,919 4,482 14,099 4,676 3,234 3,721 4,747 12,391 Transfers to reserves. . . 1,113 5,088 838 5,927 305 84 5,006 1,713 375 864 704 5,025 On loans: Losses and charge-offs. . 423 1,652 367 790 488 1,080 1,342 1,134 1,224 2,499 3,784 871 Transfers to reserves.... 9,584 43,198 9,910 8,802 2,996 4,799 18,666 3,268 1,644 4,034 7,613 18,383 All other 4,972 7,468 4,743 2,616 2,783 2,587 6,62 7 2,807 947 2,410 4,034 4,948 Profits before income taxes 66,781 396,916 72,482 115,150 69,845 66,896 195,603 53,464 38,234 70,127 74,238 217,448 Taxes on net income 29,313 168,481 27,667 44,504 30,890 28,714 77,531 22,710 15,823 30,364 33,180 98,672 Federal 25,464 153,732 27,667 44,504 30,507 28,182 77,469 22,162 14,390 29,211 33,135 92,259 State 3,849 14,749 383 532 62 548 1,433 1,154 46 6,412 Net profits 37,468 228,435 44,814 70,647 38,956 38,182 118,072 30,754 22,411 39,763 41,058 118,776 Cash dividends declared . . 21,317 118,173 25,240 28,576 16,251 13,956 43,668 12,978 9,098 13,841 20,006 67,326 On preferred stock2 16 1,643 74 5 23 2 237 43 26 1 18 223 On common stock 21,302 116,531 25,166 28,571 16,228 13,954 43,432 12,935 9,072 13,841 19,988 67,103 Memoranda items: Recoveries credited to reserves (not included in recoveries above): On securities 9 1,974 37 147 4 3 18 23 5 48 274 1,766 On loans 823 9,312 698 1,248 668 783 4,404 966 696 1,108 1,838 5,543 Losses charged to reserves (not included in losses above): On securities 373 4,669 1,038 8,869 200 4 4,292 1,407 17 427 40 3,307 On loans 3,985 12,167 1,826 2,962 1,787 2,089 5,749 2,063 1,395 3,534 5,611 11,771 Loans 2,502,00015,088,0002,596,000 3,945,0002,125,0002,074,000 6,634,0001,952,0001,260,0002,144,0002,684,000 8,164,000 U. S. Government securities. 2,531,00011,944,0002,748,000 4,743,0002,601,0002,630,000 9,778,0001,972,0001,461,0002,562,0002,355,000 6,486,000 Other securities 526 000 3,169,000 802,000 1,022,000 421,000 537,000 1,833,000 393,000 297,000 526,000 407,000 1,623,000 Cash assets 1,564,000 9,638,0001,694,000 2,652,0001,723,0001,894,000 5,490,0001,449,000 941,0002,033,0002,453,000 4,033,000 Other assets 125,000 681,000 99,000 139,000 87,000 95,000 189,000 52,000 36,000 62,000 123,000 290,000 Total assets 7,249,00040,519,000 7,941,00012,501,0006,957,0007,230,00023,925,0005,818,0003,996,0007,327,0008,021,00020,595,000 Time deposits 1,322,000 5,870,0002,001,000 3,404,0001,440,0001,198,000 6,237,0001,023,000 953,000 830,000 751,000 7,092,000 Total deposits 6 539 00035,763,0007,143,00011,428,0006,384,0006,709,00022,231,0005,358,0003,707,0006,770,0007,445,00018,920,000 Total capital accounts 596,000 3,233,000 711,000 923,000 463,000 435,000 1,381,000 376,000 242,000 441,000 506,000 1,172,000 Number of officers 2 908 8,432 3,414 4,034 3,145 2,976 6,813 2,820 2,386 3,899 4,121 7,704 Number of employees 17,795 74,770 17,412 22,463 14,475 15,699 41,937 11,547 8,595 13,136 14,882 48,157 Number of banks 322 720 621 673 477 360 1,008 493 476 753 634 261 1 Includes figures for all banks that were members of the Federal Reserve System at the end of the year (including those becoming members during the year whose returns may cover operations for only part of the year); and in addition includes appropriate adjustments for member banks in operation during part of the year but not at the end of the year. Data may not add to totals because of rounding. includes interest on capital notes and debentures. 3 Not available on the 13-month basis used for all member banks. See note on pp. 538-539. For other footnotes see pp. 538-539. MAY 1953 537 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1952—Continued RESERVE CITY MEMBER BANKS,* BY FEDERAL RESERVE DISTRICTS [Amounts in thousands of dollars] Federal Reserve district Item New Phila- Cleve- Rich- Minne- Kansas San Boston York delphia land mond Atlanta Chicago St. Louis apolis City Dallas Francisco Earnings I 73,801 41,681 88,859 186,440 79,266 84,497 172,594 75,195 38,067 96,532 99,917 557,107 Interest and dividends on securities: U. S. Government 14,606 7,584 15,260 46,148 20,850 19,766 58,142 15,039 7,308 24,943 18,715 95,389 Other 3,040 2,513 6,783 13,704 3,444 5,015 9,383 4,276 2,019 5,393 3,127 28,425 Interest and discount on loans. 38,341 23,795 47,925 95,350 39,443 44,636 80,994 45,735 22,105 52,173 61,686 345,499 Other charges on loans 423 465 469 1,483 424 857 2,39c; 451 303 435 1,399 8,683 Service charges on deposits. . . 2,170 2,771 2,391 5,692 4,421 3,705 10,737 1,845 1,487 3,846 1,884 35,437 Other charges, fees, etc 2,531 738 829 2,649 2,962 3,227 3,440 1,870 939 1,132 2,064 8,608 Trust department 7,999 1,110 11,688 12,936 4,866 2,930 3,25? 3,575 2,273 3,161 2,949 16,209 Other current earnings 4,693 2,705 3,513 8,477 2,857 4,361 4,251 2,406 1,632 5,451 8,093 18,856 Expenses 42,220 29,790 52,769 108,650 46,125 52,553 114,053 42,258 23,372 55,754 57,512 349,191 Salaries—officers 7,038 3,541 7,755 13,357 8,0?4 7,475 13,808 6,648 3,455 8,343 8,933 44,423 Salaries and wages—others. . . 16,164 10,28? 22,381 38,911 17,150 17,292 42,493 14,969 9,443 18,375 17,053 120,492 Directors' fees, etc 153 177 325 373 373 276 507 217 79 308 216 728 Interest on time deposits 1,633 5,660 1,925 14,027 3,555 5,156 19,116 3,565 2,466 5,615 4,517 92,285 Interest on borrowed money.. 219 127 523 1,110 650 494 1,024 794 239 1,498 320 2,766 Taxes other than income 2,021 940 2,338 9,882 2,498 3,839 5,509 2,036 480 2,079 7,043 10,470 Recurring depreciation 1,062 580 786 2,737 1,106 1,399 2,302 759 436 1,616 1,603 6,671 Other current expenses 13,929 8,483 16,736 28,251 12,768 16,622 29,296 13,270 6,775 17,920 17,825 71,357 Net current earnings before income taxes ; 31,582 11,891 36,090 77,790 33,142 31,944 58,541 32,937 14,695 40,779 42,405 207,916 Recoveries, transfers from | reserves, and profits j 4,804 3,620 2,021 3,899 1,664 2,052 4,103 2,294 1,034 2,498 2,059 10,622 On securities: j Recoveries \ 815 98 408 31 35 78 87 120 337 164 878 Transfers from reserves. . . .! 861 871 863 23 377 514 116 298 250 423 120 4,074 Profits on securities ! 685 1,144 781 1,285 420 890 2,080 764 106 899 464 2,033 On loans: Recoveries 739 86 85 396 194 222 228 89 369 249 337 535 Transfers from reserves. . . . i 1,125 1,283 987 209 128 211 133 7 266 1,474 All other 580 238 194 800 434 263 1,389 924 182 323 974 1,629 Losses, charge-offs, and transfers to reserves 8,494 6,523 10,695 15,092 4,775 5,040 13,355 8,277 1,841 6,654 8,392 34,617 On securities: Losses and charge-offs 516 200 1,936 1,980 1,514 1,623 5,769 3.096 1,020 1,922 2,737 10,074 Transfers to reserves 820 1,538 681 5,468 185 25 1,875 1,518 35 725 465 4,698 On loans: Losses and charge-offs 34 12 12 292 31 7 67 336 251 310 39 106 Transfers to reserves 5,939 4,318 5,528 5,914 1,582 2,473 4,431 1,444 394 2,704 3,346 15,785 All other 1,184 456 2,538 1,438 1,463 912 1,213 1,883 141 993 1,805 3,954 Profits before income taxes. 27,892 8,988 27,416 66,597 30,031 28,956 49,288 26,954 13,887 36,622 36,072 183,921 Taxes on net income | 13,120 3,473 11,496 26,877 14,050 12,885 20,517 13,582 5,834 17,528 18,197 83,627 Federal 10,988 3,117 1 1,496 26,877 13,860 12,722 20,503 13,151 5,165 16,886 18,197 78,628 State I 2,132 356 190 164 14 431 669 642 4,999 Net profits 14,772 5,515 15,920 39,720 15,981 16,071 28,771 13,372 8,053 19,094 17,875 100,294 Cash dividends declared 9,659 3,540 11,702 17,680 7,418 6,283 10,995 7,289 3,415 6,73! 11,395 59,666 On preferred stock 2 147 70 21 193 On common stock ' 9,659 3,393 11,702 17,680 7,418 6,283 10,925 7,289 3,394 ' 6,732 Yl',395 59,473 Memoranda items: Recoveries credited to reserves (not included in recoveries above): On securities 23 36 140 4 48 267 1,757 On loans 130 309 342 705 169 1,413 603 160 358 685 4,847 Losses charged to reserves (not included in losses above): On securities 1,011 899 8,681 200 1,224 1,266 410 3,023 On loans 1,957 371 913 1,822 673 833 1,935 942 381 1,876 1,73 9,885 Loans 1,024,000 536,0001,170,0002,452,000 937,000 979,000 1,857,0001,140,000 510,0001,221,0001,474,000 6,901,000 U. S. Government securities. . . . 809,000 417,000 824,0002,660,000 1,193,0001,103,0003,360,000 851,000 418,000 1,419,0001,021,000 5,240,000 Other securities 152,000 112,000 296,000 567,000 171,000 206,000 553,000 166,000 111,000 295,000 133,000 1,397,000 Cash assets 624,000 326,000 815,0001,693,000 833,000 894,000 1,780,000 806,000 406,0001,202,0001,188,000 3,345,000 Other assets 64,000 20,000 42,000 93,000 43,000 45,000 64,000 27,000 13,000 44,000 80,000 261,000 Total assets 2,673,000 1,412,0003,146,0007,464,0003,176,0003,227,000 7,614,0002,991,000 1,457,0004,180,0003,897,000 17,143,000 Time deposits 186,000 332,000 238,0001,610,000 461,000 454,0002,180,000 351,000 173,000 427,000 408,000 5,994,000 Total deposits 2,360,000 1,297,0002,823,0006,786,0002,914,0002,988,000 7,158,0002,730,000 1,339,0003,843,0003,586,000 15,693,000 Total capital accounts 243,000 95,000 264,000 550,000 195,000 181,000 361,000 191,000 89,000 236,000 255,000 971,000 Number of officers 686 366 678 1,160 810 796 1,308 686 33 945 808 5,639 Number of employees 5,985 3,737 7,611 13,059 6,68: 6,698 15,216 6,099 3,355 7,237 6,504 38,272 Number of banks 25 31 21 74 20 50 30 27 * Not including central reserve city banks. NOTE.—The figures of assets, deposits, and capital accounts are averages of the amounts reported for the call dates at the beginning, middle, and end of each year, plus the last-Wednesday-of-the-month figures for the 10 intervening months. The number of officers, employees, and banks are as of the end of the year. Cash assets are comprised of cash, balances with other banks (including reserves balances), aiii casli (continued on following page) For other footnotes see pp. 537-539. 538 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1952—Continued COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Amounts in thousands of dollars] Federal Reserve district Item 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 St. Louis M a i p n ol n i e s - Ka C n it s y as Dallas Fra S n a c n isco Earnings 138,541 291,109 139,763 143,435 110,202 116,107 236,909 78,245 77,395 93,415 119,894 120,105 Interest and dividends on securities: U. S. Government 31,841 68,338 37,170 38,651 26,145 27,551 66,425 20,437 19,234 20,698 23,668 22,684 Other 6,686 17,695 10,767 9,085 4,987 6,735 13,059 4,655 3,699 4,378 6,288 4,679 Interest and discount on loans 73,266 160,383 73,113 76,872 64,593 61,655 124,044 43,845 41,231 54,853 74,378 72,770 Other charges on loans. 440 1,983 446 488 475 305 1,403 324 524 461 459 1,381 Service charges on deposits. . . , 9,471 19,623 5,813 7,039 5,860 8,408 13,465 3,704 5,539 6,962 7,380 7,910 Other charges, fees, etc 2,130 5,492 1,927 2,466 2,527 4,100 5,183 2,087 4,114 2,265 2,737 3,535 Trust department 8,335 8,149 5,770 2,817 2,415 2,174 4,361 677 497 690 681 2.46S Other current earnings 6,372 9,445 4,758 6,018 3,200 5,180 8,969 2,517 2,557 3,108 4,305 4,684 Expenses 92,181 199,404 85,914 89,011 66,378 71,904 151,919 47,842 48,779 55,119 73,134 81,423 Salaries—officers 15,843 31,749 15,425 16,663 13,419 14,418 30,416 11,576 11,753 16,357 19,078 14,233 Salaries and wages—others 28,668 60,650 22,841 22,503 18,075 21,337 ,41,242 12,176 11,703 13,496 20,142 25,119 Directors' fees, etc 1,280 2,602 2,208 1,555 1,089 878 2,032 999 598 1,010 1,117 504 Interest on time deposits 13,365 36,477 17,391 16,579 11,399 7,980 28,368 6,275 8,492 5,617 3,514 17,387 Interest on borrowed money. . . 240 745 276 142 333 99 528 125 60 172 154 113 Taxes other than income 4,422 8,433 4,122 7,572 2,838 3,497 7,175 2,596 1,958 2,061 5,130 2,112 Recurring depreciation 2,780 6,463 3,126 2,707 2,430 2,724 4,278 1,506 1,353 1,573 2,607 2,651 Other current expenses 25,584 52,285 20,525 21,289 16,795 20,970 37,880 12,588 12,861 14,833 21,392 19,303 Net current earnings before income taxes 46,360 91,705 53,849 54,424 43,824 44,203 84,990 30,404 28,616 38,296 46,760 38,682 Recoveries, transfers from reserves, and profits 3,766 11,929 2,831 2,808 1,708 1,730 4,176 1,426 1,314 2,083 3,896i 1,846 On securities: Recoveries 162 485 416 341 166 146 632 154 112 482 168 491 Transfers from reserves 680 824 21 242 86 174 104 99 25 134 11 Profits on securities 631 2,337 638 758 " "253 418 1,035 250 180 155 386 337 On loans: Recoveries 522 1,709 666 533 328 320 576 360 525 964 1,552 381 Transfer? from reserves 612 4,881 159 287 149 164 656 270 136 99 385| 84 All other 1,159 1,694 932 646 811 595 1,102 288 262 358 1.27OJ 541 Losses, char&e-offs, and transfers to reserves 11,236 28,922 11,614 8,679 5,718 7,993 17,101 5,319 5,582 6,874 12,490 i 7,001 On securities: Losses and charge-offs 3,123 6,132 4,515 3,657 2,405 2,860 7,433 1,580 2,214 1,799 2,010| 2,317 Transfers to reserves 293 1,607 157 459 121 59 549 195 340 139 239 327 On loans: Losses and charge-offs 389 1,485 355 457 1,073 923 797 973 2,189 3,744! 764 Transfers to reserves 3,645 16,661 4,382 2,888 1,414 2,326 5,621 1,823 1,250 1,330 4,267 2,598 All other 3,787 3,037 2,205 1,178 1,321 1,676 2,575 924 805 1,418 2,229 994 Profits before income taxes. . . 38,890 74,712 45,065 48,553 39,814 37,941 72,065 26,510 24,347 33,505 38,167 33,527 Taxes on net income 16,193 26,403 16,172 17,626 16,840 15,829 28,024 9,128 9,990 12,836 14,984 15,045 Federal 14,476 24,714 16,172 17,626 16,647 15,460 27,977 9,011 9,226 12,324 14,938 13,631 State 1,717 1,689 193 369 47 117 764 512 46 1,414 Net profits 22,696 48,310 28,894 30,927 22,974 22,112 44,041 17,382 14,358 20,669 23,183 18,482 Cash dividends declared. 11,658 19,914 13,539 10,897 8,833 7,673 14,524 5,689 5,683 7,110 8,611 7,660 On preferred stock - 16 1,434 74 5 23 2 99 43 5 1 18 30 On common stock 11,643 18,480 13,464 10,891 8,810 7,671 14,426 5,646 5,678 7,109 8,593 7,630 Memoranda items: Recoveries credited to reserves ("not included in recoveries above): On securities 9 195 7 3 18 22 2 9 On loans 693 2,068 355 544 559 948 364 536 751 1,154 696 Losses charged to reserves (not included in losses above): On securities 373 1,548 138 189 1 303 141 17 16 40 284 On loans 2,028 3,956 913 1,140 1,113 1,256 2,027 1,121 1,014 1,659 3,874 1,886 Loans 1,478,000 3,182,000 1,427,000 1,494,0001,187,0001,095,000 2,332,000 812,000 750,000 924,000 1,209,0001,263,000 U. S. Government securities 1,723,000 3,641,000 1,924,000 2,083,0001,408,0001,527,000 3,669,0001,121,0001,043,000 1,144,000 11,334,0001,246,000 Other securities 374,000 899,000 507,000 455,000 250,000 332,000 723,000 227,000 186,000 232,000 274,000 226,000 Cash assets 940,000 1,649,000 880,000 959,000 891,0001,000,0001,684,000 642,000 536,000 831,0001,264,000 688,000 Other assets 61,000 132,000 58,000 46,000 44,000 49,000 78,000 25,000 23,000 17,000 43,000 29,000 Total assets 4,576,000 9,504,000 4,794,000 5,037,000 31,781,000 4,003,000 8,485,000 2,827,000 2,539,0003,147,000 4,125,0003,452,000 Time deposits 1,136,000 3,453,0001,763,0001,794,000 979,000 744,000 2,901,000 672,000 780,000 403,000 343,0001,098,000 Total deposits 4.179,000 8713,000 4,,332200,,000000 4,664422,,000000 3,,447700,,0000003,721,000 7,921,0002,,662288,,000000 2,,336688,,0000002,992277,,000000 3,,885599,,000000 3,222277,,000000 Total capital accounts 353,000 680,000 447,000 373,000 269,000 254,000 495,000 185,000 153,000 205,000 251,000 201,000 Number of officers. . . . 2,222 4,482 2,736 2,874 2,335 2,180 4,599 2,134 2,049 2,954 3,313 2,065 Number of employees. 11,810 23,544 9,801 9,404 7,793 9,001 16,670 5,448 5,240 5,899 8,378 9,885 Number of banks 312 687 610 648 339 473 467 703 604 234 NOTF.—-(cont.)—items in process of collection. Total capital accounts are comprised of the aggregate book value of capital stock, capital notes and debentures, surplus, undivided profits, reserves for contingencies, and other capital reserves. - For other footnotes see pp. 537-538. MAY 1953 539 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS BY SIZE OF BANK, 1952 ALL MEMBER BANKS [Amounts in thousands of dollars] Size group—total deposits (in thousands of dollars) Item Total1 1,000 and 1,000- 2,000- 5,000- 10,000- 25,000- 50,000- Over under 2,000 5,000 10,000 25,000 50,000 100,000 100,000 Earnings 4,107,397 10,105 55,799 239,245 283,641 415,009 314,314 322,113 2,467,173 Interest and dividends on securities: U. S. Government 927,150 2,027 12,978 58,543 69,680 101,720 75,448 75,795 530,958 Other 234,121 426 2,480 13,133 17,534 24,430 18,847 15,550 141,721 Interest and discount on loans. 2,265,633 6,562 34,155 140,322 159,057 224,764 166,655 175,744 1,358,373 Other charges on loans 35,848 32 132 777 1,593 2,669 2,119 2,449 26,078 Service charges on deposits. . . . 197,042 514 2,990 13,788 18,361 29,034 20,654 17,915 93,787 Other charges, fees, etc 82,658 330 1,828 6,389 7, 1*78 8,959 6,537 6,340 45,098 Trust department 190,336 1 36 671 2,425 8,649 10,093 13,260 155,200 Other current earnings 174,611 213 1,200 5,622 7,812 14,784 13,961 15,059 115,958 Expenses 2,492,201 6,558 35,061 150,514 180,166 269,482 203,690 207,020 1,439,710 Salaries—officers 406,577 2,532 11,983 41,127 39,909 49,585 34,705 32,999 193,739 Salaries and wages—others. . . . 832,559 870 5,743 31,062 44,618 77,148 64,330 68,150 540,640 Directors' fees, etc 21,409 188 1,037 4,083 3,635 3,672 1,873 1,552 5,368 Interest on time deposits 363,637 838 5,377 26,227 32,011 46,266 29,930 28,245 194,744 Interest on borrowed money.. . 19,821 6 60 184 240 560 817 1,053 16,902 Taxes other than income 117,356 312 1,693 7,297 8,863 12,827 9,805 9,665 66,894 Recurring depreciation 59,898 184 1,031 4,927 5,977 9,057 6,073 6,047 26,602 Other current expenses 670,945 1,628 8,136 35,608 44,915 70,367 56,158 59,310 394,822 Net current earnings before income taxes 1,615,196 3,547 20,738 88,731 103,474 145,527 110,624 115,093 1,027,463 Recoveries, transfers from reserves, and profits 124,346 326 1,205 4,444 5,878 8,226 6,578 9,252 88,436 On securities: Recoveries 9,859 20 78 279 1,170 950 364 1,097 5,901 Transfers from reserves 19,547 6 179 344 441 631 1,180 16,766 Profits on securities 29,000 23 91 530 1,014 1 ,681 1,450 1,867 22,344 On loans: Recoveries 16,917 247 771 1,940 1,564 1,821 963 898 8,714 Transfers from reserves 24,716 8 48 392 421 881 1,251 2,316 19,399 All other 24,306 28 211 1,124 1,365 2,453 1,919 1,894 15,313 Losses, charge-offs, and transfers to reserves 305,374 677 3,298 15,439 21,270 30,145 23,618 26,618 184,310 On securities: Losses and charge-offs 83,354 70 418 3,859 6,963 10,192 9,033 8,128 44,691 Transfers to reserves 27,040 1 81 291 568 1,150 691 2,080 22,180 On loans: Losses and charge-offs 15,515 496 1,484 3,916 2,934 2,515 1,009 906 2,255 Transfers to reserves 132,632 69 801 4,447 7,013 11,009 8,629 11,203 89,461 All other 46,833 43 514 2,927 3,791 5,279 4,257 4,301 25,723 Profits before income taxes. . . 1,434,168 3,197 18,646 77,735 88,082 123,608 93,583 97,727 931,590 Taxes on net income 606,363 818 4,986 23,510 31,566 49,454 39,047 43,513 413,470 Federal 577,286 783 4,746 22,639 30,513 47,844 38,106 42,019 390,636 State 29,077 34 241 871 1,053 1,610 941 1,494 22,834 Net profits 827,805 2,379 13,659 54,226 56,517 74,154 54,536 54,214 518,120 Cash dividends declared 389,630 841 4,593 18,513 20,078 28,454 21,996 22,048 273,108 On preferred stock 2 2,246 3 8 89 105 238 65 508 1,232 On common stock 387,384 838 4,585 18,424 19,974 28,216 21,932 21,540 271,876 Memoranda items: Recoveries credited to reserves (not included in recoveries above): On securities 4,298 3 10 63 48 73 18 4,083 On loans 28,067 19 212 1,198 1,790 2,367 1,560 1,569 19,352 Losses charged to reserves (not included in losses above): On securities 24,642 4 72 138 544 523 1,781 21,580 On loans 54,847 51 570 2,954 4,316 6,027 3,591 5,289 32,049 Loans 55,023,839 104,679 589,472 2,560,616 2,976,318 4,407,206 3,537,947 3,843,91737,003,684 U. S. Government securities 52,739,866 106,651 688,318 3,183,256 3,858,162 5,713,400 4,291,472 4,458,77230,439,835 Other securities 11,749,201 17,876 107,322 637,592 914,475 1,296,350 1,003,533 846,325 6,925,728 Cash assets 39,243,298 84,860 457,531 1,974,055 2,269,532 3,355,735 2,757,369 3,042,709 25,301,507 Other assets 2,022,755 2,217 12,245 67,188 91,427 168,345 137,895 156,607 1,386,831 Total assets 160,778,959 316.283 1,854,888 8,422,70710,109,91414,941,03611,728,21612,348,330101,057,585 Time deposits 33,477,771 71,444 483,070 2,394,682 3,076,852 4,540,487 3,018,137 2,647,260 17,245,839 Total deposits 147,497,693 282,439 1,684,514 7,750,628 9,360,74213,872,45910,917,46911,529,14692,100,296 Total capital accounts 10,743,835 33,199 164,630 648,337 705,397 970,450 718,452 706,010 6,797,360 Number of officers 52,511 860 3,102 8,541 6,757 6,948 4,186 3,811 18,306 Number of employees 300,332 656 3,238 14,788 19,018 31,622 25,679 26,563 178,768 Number of banks 6,777 370 1,111 2,359 1,337 913 319 165 203 totals are for all banks that submitted reports covering the entire year, except three trust companies having no deposits. 2Includes interest on capital notes and debentures. NOTE.—The figures for assets, deposits, capital accounts, number of officers and employees, and number of banks are as of the end of the year. See note on preceding page regarding the composition of cash assets and totad capital accounts. 540 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS BY SIZE OF BANK, 1952—Continued NATIONAL BANKS [Amounts in thousands of dollars] Size group—total deposits (in thousands of dollars) Item Total1 1,000 and 1,000- 2,000- 5,000- 10,000- 25,000- 50,000- Over under 2,000 5,000 10,000 25,000 50,000 100,000 100,000 Earnings 2,735,758 7,390 38,041 176,863 209,193 302,655 209,577 200,551 1,591,488 Interest and dividends on securities: U. S. Government 630,863 1,524 8,964 44,373 52,763 77,116 54,073 50,125 341,925 Other 163,657 328 1,740 10,310 13,191 18,218 12,746 10,131 96,993 Interest and discount on loans. . 1,528,184 4,753 23,066 102,099 115,744 162,578 107,592 107,345 905,007 Other charges on loans 23,935 22 95 577 1,156 1,376 1,224 1,409 18,076 Service charges on deposits 135,290 383 2,029 10,117 13,575 20,942 13,943 11,400 62,901 Other charges, fees, etc 52,424 217 1,280 4,601 5,390 6,165 4,224 3,964 26,583 Trust department 80,584 18 480 1,451 5,725 5,513 6,449 60,948 Other current earnings 120,821 163 849 4,306 5,923 10,535 10,262 9,728 79,055 Expenses 1,651,704 4,757 23,929 111,238 131,950 194,912 134,906 127,304 922,708 Salaries—officers 270,050 1,837 8,053 30,191 29,142 36,213 23,066 20,787 120,761 Salaries and wages—others 532,284 644 3,990 23,026 32,871 55,438 42,192 41,333 332,790 Directors' fees, etc 14,441 143 726 3,086 2,712 2,671 1,220 958 2,925 Interest on time deposits 259,144 600 3,669 19,393 22,916 32,929 19,718 16,306 143,613 Interest on borrowed money.. . . 12,707 4 47 130 194 385 550 706 10,691 Taxes other than income 78,295 214 1,077 5,353 6,499 9,374 6,499 6,175 43,104 Recurring depreciation 41,889 128 718 3,744 4,428 6,680 4,082 3,749 18,360 Other current expenses 442,894 1,187 5,649 26,315 33,188 51,222 37,579 37,290 250,464 Net current earnings before income taxes 1,084,054 2,633 14,112 65,625 77,243 107,743 74,671 73,247 668,780 Recoveries, transfers from reserves, and profits 80,547 234 886 3,425 4,553 5,867 4,328 4,594 56,660 On securities: Recoveries 6,880 16 48 230 1,085 720 304 564 3,913 Transfers from reserves 14,745 1 125 303 388 189 683 13,056 Profits on securities 20,131 16 74 456 834 1,088 1,054 1,322 15,287 On loans: Recoveries 11,560 177 574 1,549 1,173 1,303 722 643 5,419 Transfers from reserves 14,931 5 40 199 187 586 724 341 12,849 All other 12,300 20 149 866 971 1,782 1,335 1,041 6,136 Losses, charge-offs, and transfers to reserves 201,776 428 2,318 11,490 15,689 21,630 15,959 14,425 119,837 On securities: Losses and charge-offs 60,672 59 309 3,049 5,609 8,005 6,548 5,277 31,816 Transfers to reserves 16,738 60 198 406 745 298 650 14,381 On loans: Losses and charge-offs 11,213 303 1,080 2,869 2,311 2,076 861 727 986 Transfers to reserves 83,335 36 478 3,170 4,609 7,013 5,241 5,242 57,546 All other 29,818 30 391 2,204 2,754 3,791 3,011 2,529 15,108 Profits before Income taxes.... 962,825 2,439 12,680 57,560 66,107 91,980 63,040 63,416 605,603 Taxes on net income 403,192 614 3,390 17,275 23,240 36,662 25,713 28,392 267,906 Federal 386,097 586 3,208 16,574 22,446 35,422 25,153 27,631 255,077 State 17,095 28 182 701 794 1,240 560 761 12,829 Net profits 559,633 1,825 9,290 40,285 42,867 55,318 37,327 35,024 337,697 Cash dividends declared 258,238 644 3,320 14,362 15,276 21,031 14,789 14,150 174,666 On preferred stock 397 1 4 66 70 90 11 57 98 On common stock 257,841 643 3,316 14,296 15,206 20,941 14,778 14,093 174,568 Memoranda items: Recoveries credited to reserves (not included in recoveries above): On securities 2,364 2 53 39 45 2,225 On loans 21,281 16 146 916 1,465 1,779 1,152 1,078 14,729 Losses charged to reserves (not included in losses above): On securities 15,291 20 74 266 226 547 14,158 On loans 40,674 38 401 2,246 3,192 4,342 2,300 3,131 25,024 Loans 35,996,198 74,689 395,720 1,852,780 2,159,668 3,163,732 2,295,930 2,379,58223,674,097 U. S. Government securities 35,825,219 79,396 469,977 2,386,826 2,910,365 4,318,263 3,079,412 2,952,65919,628,321 Other securities 8,340,509 13,699 72,337 491,320 674,946 979,259 691,953 556,717 4,860,278 Cash assets 26,323,173 61,242 309,700 1,461,889 1,700,769 2,524,506 1,964,965 2,120,73716,179,365 Other assets 1,316,057 1,607 8,626 50,848 66,814 121,074 93,773 95,631 877,684 Total assets 107,801,156 230,633 1,256,360 6,243,663 7,512,56211,106,834 8,126,033 8,105,326 65,219,745 Time deposits 22,994,672 50,603 319,067 1,750,383 2,209,466 3,246,193 1,995,173 1,591,65311,832,134 Total deposits 98,948,280 204,955 1,135,382 5,731,546 6,951,01410,325,769 7,585,749 7,575,43159,438,434 Total capital accounts 7,038,275 25,316 116,759 495,482 531,342 713,103 483,951 460,083 4,212,239 Number of officers 36,629 628 2,096 6,318 4,979 5,149 2,792 2,399 12,268 Number of employees 196,419 498 2,239 10,994 14,017 22,818 16,969 16,127 112,757 Number of banks 4,894 268 745 1,733 999 682 221 109 137 See footnotes on preceding page. MAY 1953 541 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS BY SIZE OF BANK, 1952—Continued STATE MEMBER BANKS [Amounts in thousands of dollars] Size group—total deposits (in thousands of dollars) Item Total i 1,000 and 1,000- 2,000- 5,000- 10,000- 25,000- 50,000- Over under 2,000 5,000 10,000 25,000 50,000 100,000 100,000 Earnings 1,371,639 2,715 17,758 62,382 74,448 112,354 104,737 121,562 875,685 Interest and dividends on securities: U. S. Government 296,287 503 4,014 14,170 16,917 24,604 21,375 25,670 189,033 Other 70,464 98 740 2,823 4,343 6,212 6,101 5,419 44,728 Interest and discount on loans. 737,449 1,809 11,089 38,223 43,313 62,186 59,063 68,399 453,366 Other charges on loans 11,913 10 37 200 437 1,293 895 1,040 8,002 Service charges on deposits 61,752 131 961 3,671 4,786 8,092 6,711 6,515 30,886 Other charges, fees, etc 30,234 113 548 1,788 1,788 2,794 2,313 2,376 18,515 Trust department 109,752 18 191 974 2,924 4,580 6,811 94,252 Other current earnings 53,790 50 351 1,316 1,889 4,249 3,699 5,331 36,903 Expenses 840,497 1,801 11,132 39,276 48,216 74,570 68,784 79,716 517,002 Salaries—officers 136,527 695 3,930 10,936 10,767 13,372 11,639 12,212 72,978 Salaries and wages—others.... 300,275 226 1,753 8,036 11,747 21,710 22,138 26,817 207,850 Directors' fees, etc 6,968 45 311 997 923 1,001 653 594 2,443 Interest on time deposits 104,493 238 1,708 6,834 9,095 13,337 10,212 11,939 51,131 Interest on borrowed money.. . 7,114 2 13 54 46 175 267 347 6,211 Taxes other than income 39,061 98 616 1 ,944 2,364 3,453 3,306 3,490 23,790 Recurring depreciation 18,009 56 313 1,183 1 ,549 2,377 1,991 2,298 8,242 Other current expenses 228,051 441 2,487 9,293 11,727 19,145 18,579 22,020 144,358 Net current earnings before income taxes 531,142 914 6,626 23,106 26,231 37,784 35,953 41,846 358,683 Recoveries, transfers from reserves, and profits 43,799 92 319 1,019 1,325 2,359 2,250 4,658 31,776 On securities: Recoveries 2,979 4 30 49 85 230 60 533 1,988 Transfers from reserves 4,802 5 54 41 53 442 497 3,71O> Profits on securities 8,869 7 17 74 180 593 396 545 7,057 On loans: Recoveries 5,357 197 391 391 518 241 255 3,295 Transfers from reserves 9,785 8 193 234 295 527 1,975 6,550' Ml other 12,006 62 258 394 671 584 853 9,177 >sses, charge-offs, and transfers to reserves 103,598 249 980 3,949 5,581 8,515 7,659 12,193 64,473 On securities: Losses and charge-offs 22,682 11 109 810 1,354 2,187 2,485 2,851 12,875 Transfers to reserves 10,302 21 93 162 405 393 1,430 7 ,799- On loans: Losses and charge-offs 4,302 193 404 1,047 623 439 148 179 1,269* Transfer to reserves 49,297 33 323 1,277 2,404 3,996 3,388 5,961 31,915 All other 17,015 13 123 723 1,037 1,488 1,246 1,772 10,615 Profits before income taxes. . . 471,343 758 5,966 20,175 21,975 31,628 30,543 34,311 325,987 Taxes on net income. 203,171 204 1,596 6,235 8,326 12,792 13,334 15,121 145,564 Federal 191,189 197 1,538 6,065 8,067 12,422 12,953 14,388 135,559 State 11,982 6 59 170 259 370 381 733 10,005 Net profits 268,172 554 4,369 13,941 13,650 18,836 17,209 19,190 180,423 Cash dividends declared 131,392 197 1,273 4,151 4,802 7,423 7,207 7,898 98,442 On preferred stock2 1,849 2 4 23 35 148 54 451 1,134 On common stock 129,543 195 1,269 4,128 4,768 7,275 7,154 7,447 97,308 Memoranda items: Recoveries credited to reserves (not included in recoveries above): On securities 1,934 10 9 28 18 1 ,858- On loans 6,786 282 325 588 408 491 4,623 Losses charged to reserves (not included in losses above): On securities 9,351 4 52 64 278 297 1,234 7,422' On loans 14,173 13 169 708 1,124 1,685 1,291 2,158 7,025 Loans 19,027,641 29,990 193,752 707,836 816,650 1,243,474 1,242,017 1,464,335 13,329,587 U. S. Government securities. 16,914,647 27,255 218,341 796,430 947,797 1,395,137 1,212,060 1,506,113 10,811,514 Other securities 3,408,692 4,177 34,985 146,272 239,529 317,091 311,580 289,608 2,065,450 Cash assets 12,920,125 23,618 147,831 512,166 568,763 831,229 792,404 921,972 9,122,142 Other assets 706,698 610 3,619 16,340 24,613 47,271 44,122 60,976 509,147 Total assets. 52,977,803 85,650 598,528 2,179,044 2,597,352 3,834,202 3,602,183 4,243,00435,837,84O; Time deposits 10,483,099 20,841 164,003 644,299 867,386 1,294,294 1,022,964 1,055,607 5,413,705 Total deposits 48,549,413 77,484 549,139 2,019,082 2,409,728 3,546,690 3,331,720 3,953,715 32,661,862 Total capital accounts 3,705,560 7,883 47,871 152,855 174,055 257,347 234,501 245,927 2,585,121 Number of officers 15,882 232 1,006 2,223 1,778 1,799 1,394 1,412 6,038 Number of employees... 103,913 158 999 3,794 5,001 8,804 8,710 10,436 66,011 Number of banks 1,883 366 338 98 56 66 See footnotes on p. 540. 542 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1952—Continued RATIOS OF ALL MEMBER BANKS, BY CLASSES [Computed from aggregate dollar amounts; ratios expressed as percentages] Central reserve Item All member banks N c e i w ty b a m n e k m s ber m R b e e c a s m i n e ty k b rv s e e r C m b o e a u m n n k b t s r e y r York Chicago 1949 1950 1951 1952 Year 1952 Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes. 14.4 15.4 14.5 17.1 15.6 Profits before income taxes 12.5 13.7 14.1 14.8 13.3 Net profits 7.6 7.9 8.6 8.1 8.1 Cash dividends declared 3.5 3.7 3.7 3.5 4.3 3.2 Percentage of total assets: Total earnings .31 2.42 2.56 2.71 2.16 2.73 2.96 Net current earnings before income taxes. .85 .92 1.00 1.06 .97 1.06 1.07 Net profits .53 .57 .53 .55 .58 .51 .56 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on: U. S. Government securities 28.8 26.5 22.7 22.5 19.4 28.9 21.6 24.2 Other securities 5.6 5.8 5.7 5.7 6.2 7.0 5.5 5.6 Earnings on loans 47.8 50.1 54.6 56.0 54.7 49.0 57.4 55.8 Service charges on deposit accounts. . 5.3 5.3 5.1 4.8 2.6 1.1 4.8 6.1 Of her current earnings 12.5 12.3 11.9 11.0 17.1 14.0 10.7 8.3 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 31.0 30.6 30.7 30.2 30.8 26.1 30.0 Interest on time deposits 8.8 8.3 8.3 8.8 2.6 8.4 10.0 Other current expenses 23.5 20.2 21.1 23.0 21.8 21.7 20.6 Total expenses 63.3 53.6 61.1 61.9 60.8 60.7 55.1 Net current earnings before income taxes. 36.7 38.9 38.1 39.2 39.3 44.9 Net losses including transfers 4.5 2.9 5.2 4.4 1.1 1.0 5.2 N Ta e x t es p r o o n fi t n s et income 2 9 3 . . 2 0 2 1 3 1 . . 9 3 2 1 0 3 . . 6 4 2 1 0 4 . . 1 8 2 25 0 . . 3 0 2 1 6 7 . . 7 2 1 1 5 8 . . 2 5 Rates of return on securities and loans: R'turn on securities: Interest on U. S. Government securities. . 1.58 1.57 1.66 1.79 1.70 1.78 ,84 Interest and dividends on other securities. 2.15 2.02 1.99 2.03 1.99 2.11 ,98 Net losses for recoveries and profits +)1. . + .07 + .09 .03 .10 .04 + .07 ,12 Return on loans: Earnings on loans 4.04 4.17 4.26 4.51 3.32 3.39 .53 5.42 Net losses (or recoveries +)' .12 .05 .06 .05 + .02 + .06 .06 .11 Distribution of assets: Percentage of total assets: IT. S. Government securities.. 42.0 40.7 35.0 34.1 26.6 35.1 33.1 38.9 Other securities 6.1 7.0 7.4 7.6 7.3 7.1 7.1 8.3 Loans 27.4 29.0 32.8 33.6 38.4 31.2 34.6 30.5 Cash assets 23.3 22.1 23.6 23.4 25.9 25.9 23.8 21.3 Other assets 1.2 1.2 1.2 1.3 1.8 .7 1.4 1.0 Other ratios: Total capita] accounts to: Total assets 7.0 7.0 6.9 6.9 8.3 6.7 6.2 Total assets less Government securities and cash assets 20.2 18.9 16.7 16.2 17.5 17.2 14.4 17.2 Total deposits , 7.6 7.7 7.6 7.6 9.5 7.3 6.8 7.4 Time to total deposits 24.6 23.9 23.0 23.2 8.1 16.2 23.9 30.9 Interest on time deposits to time deposits .89 .91 1.02 1.13 .86 1.23 1.24 1.08 Number of banks I 6,892 6,873 6,840 I 6,798 22 13 319 6,444 !"Net losses" is the excess of (a) actual losses charged against net profits plus losses charged against valuation reserves over (b) actual recoveries and profits credited to net profits plus recoveries credited to valuation reserves; "net recoveries and profits" is the reverse. Transfers to and from valuation reserves are excluded. NOTE.—The ratios in this and the following three tables were computed from the dollar aggregates shown in preceding tables. Many of these ratios vary substantially from the average of individual bank ratios, which will be published in a subsequent issue, in which each bank's figures—regardless of size or amount—are weighted equally and in general have an equally important influence on the result. In the ratios based on aggregates presented here, the experience of those banks in each group whose figures are largest have a much greater influence than that of the many banks with smaller figures. (For example, the 150 largest member banks have total earnings which, combined, are larger than those of all the other member banks, numbering about 6,650.) Ratios based on aggregates show combined results for the banking system as a whole, and. broadly speaking, are the more significant for purposes of general analyses of credit and monetary problems, while averages of individual ratios are useful primarily to those interested in studying the financial results of operations of individual banks. MAY 1953 543 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1952—Continued RATIOS OF ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Computed from aggregate dollar amounts; ratios expressed as percentages] Federal Reserve district Item Boston Y N o e r w k P p d h h e i i l l a a - - C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes 13.1 13.1 12.6 14.3 16.6 17.5 15.9 16.8 17.9 17.9 17.6 21.0 Profits before income taxes 11.2 12.3 10.2 12.5 15.1 15.4 14.2 14.2 15.8 15.9 14.7 18.6 Net profits 6.3 7.1 6.3 7.7 8.4 8.8 8.5 8.2 9.3 9.0 8.1 10.1 Cash dividends declared 3.6 3.7 3.5 3.1 3.5 3.2 3.2 3.5 3.8 3.1 4.0 5.7 Percentage of total assets: Total earnings 2.93 2.53 2.8 2.64 2.72 2.77 2.42 2.64 2.89 2.59 2.74 3.29 Net current earnings before income taxes 1.08 1.05 1.13 1.06 1.11 1.05 .92 1.09 1.08 1.08 1.11 1.20 Net profits .52 .56 .56 .57 .56 .53 .49 .53 .56 .54 .51 .58 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on: U. S. Government securities 21.9 20.5 22.9 25.7 24.8 23.6 30.0 23.1 23.0 24.0 19.3 17.4 Other securities 4.6 6.2 7.7 6.9 4.5 5.9 5.9 5.8 4.9 5.2 4.3 4.9 Earnings on loans 53.0 55.1 53.3 52.8 55.4 53.6 50.4 58.9 55.6 56.8 62.7 63.3 Service charges on deposit accounts 5.5 4.0 3.6 3.9 5.4 6.0 4.5 3.6 6.1 5.7 4.2 6.4 Other current earnings 15.0 14.2 12.5 10.7 9.9 10.9 9.2 8.6 10.4 8.3 9.5 8.0 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 31.9 31.2 29.9 27.7 29.9 30.2 29.7 29.6 31.5 29.8 29.7 30.2 Interest on time deposits 7.1 5.9 8.5 9.3 7.9 6.6 10.7 6.4 9.5 5.9 3.6 16.2 Other current expenses 24.3 21.5 22.3 22.9 21.6 25.3 21.7 22.7 21.5 22.7 26.1 17.2 Total expenses 63.3 58.6 60.7 59.9 59.4 62.1 62.1 58.7 62.5 58.4 59.4 63.6 Net current earnings before income taxes 36.7 41.4 39.3 40.1 40.6 37.9 37.9 41.3 37.5 41.6 40.6 36.4 Net losses including transfers 5.3 2.7 7.6 5.2 3.7 4.6 4.1 6.5 4.4 4.7 6.8 4.3 Taxes on net income 13.8 16.4 12.1 13.5 16.3 14.3 13.4 14.8 13.7 16.0 15.1 14.6 Net profits 17.6 19.6 21.4 20.6 19.0 20.4 20.0 19.4 20.9 18.7 17.5 Rates of returns on securities and loans: Return on securities: Interest on U. S. Government securities 1.84 1.76 1.91 1.79 1.81 1.80 1.77 1.80 1.82 1.78 1.80 1.82 Interest and dividends on other securities 1.85 1.99 2.19 2.23 2.00 2.19 1.87 2.27 1.93 1.86 2.31 2.04 Net losses1 .06 .06 .16 .20 .11 .09 .07 .20 .16 .07 .12 .13 Return on loans: Earnings on loans 4.50 3.74 4.70 4.42 4.94 5.18 4.40 4.63 5.09 5.03 5.14 5.25 Net losses12 .09 .0 .03 .04 .05 .09 .0 .09 .08 .17 .21 .08 Distribution of assets: Percentage of total assets: U. S. Government securities 34.9 29.5 34.6 37.9 37.4 36.4 40.9 33.9 36.6 35.0 29.3 31.5 Other securities 7.3 7.8 10.1 8.2 6.1 7.4 7.7 6.8 7.4 7.2 5.1 7.9 Loans 34.5 37.2 32.7 31.6 30.5 28.7 27.7 33.6 31.5 29.3 33.5 39.6 Cash assets 21.6 23.8 21.3 21.2 24.8 26.2 22.9 24.9 23.6 27.7 30.6 19.6 Other assets 1.7 1.7 1.3 1.1 1.2 1.3 .8 .9 1.5 1.4 Other ratios: Total capital accounts to: Total assets 8.2 8.0 9.0 7.4 6.7 6.0 5.8 6.5 6.1 6.0 6.3 5.7 Total assets less Government securiities and cash assets 18.9 17.1 20.3 18.1 17.6 16.1 16.0 15.7 15.2 16.1 15.7 11.6 Total deposits 9.1 9.0 10.0 8.1 7.3 6.5 6.2 7.0 6.5 6.5 6.8 6.2 Time to total deposits 20.2 16.4 28.0 29.8 22.6 17.9 28.1 19.1 25.7 12.3 10.1 37.5 Interest on time deposits to time deposits 1.13 1.02 .97 .90 1.04 1.10 .99 .96 1.15 1.35 1.07 1.55 Number of banks 322 720 621 673 477 360 1,008 493 476 753 634 261 1"Net losses" is the excess of (a) actual losses charged against net profits plus losses charged against valuation reserves over (b) actual recoveries and profits credited to net profits plus recoveries credited to valuation reserves. Transfers to and from valuation reserves are excluded. 2Ratios of less than .005 are shown as .0. 544 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1952—Continued RATIOS OF RESERVE CITY MEMBER BANKS,* BY FEDERAL RESERVE DISTRICTS [Computed from aggregate dollar amounts; ratios expressed as percentages] Federal Reserve district Item Boston Y N o e r w k P p d h h e i i l l a a - - C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a i a t n s y - Dallas F c S r is a a c a n o - Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes 13.0 12.5 13.7 14.1 17.0 17.6 16.2 17.2 16.5 17.3 16.6 21.4 Profits before income taxes 11.5 9.5 10.4 12.1 15.4 16.0 13.7 14.1 15.6 15.5 14.1 18.9 Net profits 6.1 5.8 6.0 7.2 8.2 8.9 8.0 7.0 9.0 8.1 7.0 10.3 Cash dividends declared 4.0 3.7 4.4 3.2 3.8 3.5 3.0 3.8 3.8 2.9 4.5 6.1 Percentage of total assets: Total earnings 2.76 2.95 2.82 2.50 2.50 2.62 2.2 2.51 2.61 2.31 2.56 3.25 Net current earnings before income taxes 1.18 .84 1.15 1.04 1.04 .99 .7 1.10 1.01 .98 1.09 1.21 Net profits .55 .39 .51 .53 .50 .50 .38 .45 .55 .46 .46 .59 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on: U. S. Government securities 19.8 18.2 17.2 24.8 26.3 23.4 33.7 20.0 19.2 25.8 18.7 17.1 Other securities 4.1 6.0 7.6 7.4 4.3 5.9 5.5 5.7 5.3 5.6 3.1 5.1 Earnings on loans 52.5 58.2 54.5 51.9 50.3 53.8 48.3 61.4 58.9 54.5 63.1 63.6 Service charges on deposit accounts 3.0 6.7 2.7 3.0 5.6 4.4 6.2 2.5 3.9 4.0 1.9 6.4 Other current earnings 20.6 10.9 18.0 12.9 13.5 12.5 6.3 10.4 12.7 10.1 13.2 7.8 Total earnings... 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 31.4 33.2 33.9 28.0 31.8 29.3 32.6 28.7 33.9 27.7 26.0 29.6 Interest on time deposits 2.2 13.6 2.2 7.5 4.5 6.1 11.1 4.8 6.5 5.8 4.5 16.6 Other current expenses 23.6 24.7 23.3 22.8 21.9 26.8 22.4 22.7 21.0 24.3 27.1 16.5 Total expenses 57.2 71.5 59.4 58.3 58.2 66.1 56.2 61.4 57.6 62.7 Net current earnings before income taxes 42.8 28.5 40.6 41.7 41.8 37.8 33.9 43.8 38.6 42.2 42.4 37.3 Net losses including transfers 5.0 7.0 9.8 6.0 3.9 3.5 5.4 8.0 2.1 4.3 6.3 4.3 Taxes on net income 17.8 8.3 12.9 14.4 17.7 15.3 11.8 18.0 15.3 18.1 18.2 15.0 Net profits 20.0 13.2 17.9 21.3 20.2 19.0 16.7 17.8 21.2 19.8 17.9 18.0 Rates of return on securities and loans: Return on securities: Interest on U. S. Government securities 1.81 1.82 1.85 1.73 1.75 1.79 1.73 1.77 1.75 1.76 1.83 1.82 Interest and dividends on other securities 2.00 2.24 2.29 2.42 2.01 2.43 1.70 2.58 1.82 1.83 2.35 2.03 Net losses (or recoveries and profits +) i + .10 .01 .17 .27 .09 .05 .12 .35 .15 .06 .16 .13 Return on loans: Earnings on loans 3.79 4.53 4.14 3.95 4.25 4.65 4.49 4.05 4.39 4.31 4.28 5.13 Net losses12 .11 .0 .04 .04 .04 .04 .02 .05 .02 .13 .05 .07 Distribution of assets: Percentage of total assets: U. S. Government securities 30.3 29.5 26.2 35.6 37.6 34.2 44.1 28.5 28.7 33.9 26.2 30.6 Other securities 5.7 8.0 9.4 7.6 5.4 6.4 7.3 5.6 7.6 7.1 3.4 8.1 Loans 38.3 38.0 37.2 32.9 29.5 30.3 24.4 38.1 35.0 29.2 37.8 40.3 Cash assets 23.3 23.1 25.9 22.7 26.2 27.7 23.4 26.9 27.9 28.8 30.5 19.5 Other assets 2.4 1.4 1.3 1.2 1.3 1.4 .9 1.0 2.1 1.5 Other ratios: Total capital account to: Total assets 9.1 6.7 8.4 5.6 4.7 6.4 5.6 6.5 5.7 Total assets less Government securities and cash assets 19.6 14.2 17.5 17.7 17.0 14.7 14.6 14.3 14.1 15.1 15.1 11.3 Total deposits 10.3 7.3 9.4 8.1 6.7 6.1 5.0 7.0 6.6 6.1 7.1 6.2 Time to total deposits 7.9 25.6 8.4 23.7 15.8 15.2 30.5 12.9 12.9 11.1 11.4 38.2 Interest on time deposits to time deposits 1.701 .81 .87 .77 1.14 1.02 1.43 1.31 1.11 1.54 Number of banks 10 11 11 25 31 21 74 20 50 30 27 * Not including central reserve city banks. 1"Net losses" is the ex:cceess of (a) actual losses charged against net profits plus losses charged against valuation reserves over (b) actual recoveries and profits credited to net profits plus recoveries credited to valuation reserves; "net recoveries and profits" is the reverse. Transfers to and from valuation reserves are excluded. 2 Ratios of less than .005 are shown as .0. MAY 1953 545 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1952—Continued RATIOS OF COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Computed from aggregate dollar amounts; ratios expressed as percentages] Federal Reserve district Item Boston Y N o e r w k P p d h h e i i l l a a - - C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F S r a a n n- Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes 13.1 13.5 12.0 14.6 16.3 17.4 17.2 16.4 18.7 18.7 18.6 19.2 Profits before income taxes 11.0 11.0 10.1 13.0 14.8 14.9 14.6 14.3 15.9 16.3 15.2 16.7 Net profits 6.4 7.1 6.5 8.3 8.5 8.7 8.9 9.4 9.4 10.1 9.2 9.2 Cash dividends declared 3.3 2.9 3.0 2.9 3.3 3.0 2.9 3.1 3.7 3.5 3.4 3.8 Percentage of total assets: Total earnings 3.03 3.06 2.92 2.85 2.91 2.90 2.79 3.05 2.91 Net current earnings before income taxes 1.01 .96 1.12 1.08 1.16 1.10 1.00 1.08 1.13 1.22 1 .13 1.12 Net profits .50 .51 .60 .61 .61 .55 .52 .61 .57 .66 .56; .54 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on: U. S. Government securities 23.0 23.5 26.6 27.0 23.7 23.7 28.0 26.1 24.9 22.1 19.7 18.9 Other securities 4.8 6.1 7.7 6.3 4.5 5.8 5.5 6.0 4.8 4.7 5.3 3.9 Earnings on loans 53.2 55.8 52.6 53.9 59.1 53.4 53.0 56.4 53.9 59.2 62.4 61 .7 Service charge on deposit accounts . 6.8 6.7 4.2 4.9 5.3 7.2 5.7 4.7 7.2 7.5 6.2 6.6 Other current earnings 12.2 7.9 8.9 7.9 7.4 9.9 7.8 6.8 9.2 6.5 6.4 8.9 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 32.1 31.8 27.4 27.3 28.6 30.8 30.2 30.3 30.3 32.0 i 32.7 32. cS Interest on time deposits 9.6 12.5 12.4 11.6 10.3 6.9 12.0 8.0 11.0 6.0 ! 2.9 14.5 Other current expenses 24.8 24.2 21.7 23.2 21.3 24.2 21.9 22.8 21.7 21.0 ! 25.4 20.5 Total expenses 66.5 68.5 61.5 62.1 60.2 61.9 64.1 61.1 63.0 59.0 ! Net current earnings before income taxes 33.5 31.5 38.5 37.9 39.8 38.1 35.9 37.0 39.0 . 32.2 Net losses including transfers 5.4 5.8 6.3 4.1 3.7 5.4 5.5 5.0 5.5 5.1 1.2 i 4.3 Taxes on net income 11.7 9.1 11.5 12.2 15.3 13.7 11.8 11.7 12.9 13.8 12.5 12.5 Net profits 16.4 16.6 20.7 21 .6 20.8 19.0 18.6 22.2 18.6 22.1 19.3 ; 15.4 Rates of return on securities and loans: Return on securities: Interest on U. S. Government securities 1.85 1.88 1.93 1.86 1.86 1.81 1.82 1.84 1.82 Interest and dividends on other securities 1.79 1.97 2.12 2.00 1.99 2.03 1.81 2.05 1.99 1.89 2 29i 2.07 Net lossesl .13 .10 .15 .11 .12 .12 .14 .10 .16 .09 .09' .12 Return on loans: Earnings on loans 4.99 5.10 5.15 5.18 5.48 5.66 5.38 5.44 5.57 5.99 6.19; 5.87 Net lossesl .08 .05 .02 .04 .06 .13 .06 .15 .23 .13 .41; .12 Distribution of assets: Percentage of total assets: IT. S. Government securities 37.7 38.3 40.1 41.4 37.2 38.1 43.2 39.7 41.1 36.3 32.3 36.1 Other securities 8.2 9.5 10.6 9.0 6.6 8.3 8.5 8.0 7.3 7.4 6.6 6.5 Loans 32.3 33.5 29.8 29.7 31.4 27.4 27.5 28.7 29.6 29.4 29.3 36.6 Cash assets 20.5 17.4 18.3 19.0 23.6 25.0 19.9 22.7 21.1 26.4 30.7 19.9 Other assets 1.3 1.3 1.2 .9 1.2 1.2 .9 .9 .9 .5 1.1 .9 Other ratios: Total capital account to: Total assets 7.7 7.2 9.3 7.4 7.1 6.3 5.8 6.5 6.0 6.5 Total assets less Government securities and cash assets 18.5 16.1 22.5 18.7 18.2 17.2 15.8 17.4 15.9 17.5 16.4 13.2 Total deposits 8.4 7.8 10.3 8.0 7.8 6.8 6.2 7.0 6.5 7.0 6.5 6.2 Time to total deposits 27.2 39.6 40.8 38.6 28.2 20.0 36.6 25.6 32.9 13.8 I 8.9 I 34.0 Interest on time deposits to time deposits 1.18 1.06 .99 .92 1.16 1.07 .98 .93 1.09 1.39 1.02 1.58 Number of banks 312 687 610 648 446 339 921 473 467 703 604 234 1"Net losses" is the excess of (a) actual losses charged against net profits plus losses charged against valuation reserves over (b) actual recoveries and profits credited to net profits plus recoveries credited to valuation reserves. Transfers to and from valuation reserves are excluded 546 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK EARNINGS, 1952 INSURED COMMERCIAL BANKS IN THE UNITED STATES AND POSSESSIONS, 1949-1952 [Amounts in thousands of dollars] All insured commercial banks1 F B e a d n e k ra s l n R o e t s m er e v m e b S e y rs s te o m f 1951 1950 1951 Earnings 3,606,879 3,930,696 4,395,411 4,931,688 621,695 666,514 727,242 812,634 Interest and dividends on securities: U. S. Government 1,013,515 1,015,456 983,662 1 ,099,059 154,552 150,662 152,005 170,023 Other 201,691 225,425 249,495 276,993 33,220 35,283 38,759 42,498 Interest and discount on loans 1 733,690 1,976,100 2,390,106 2 742,100 328,207 368,320 416,015' 472,429 Other charges on loans ' 26,090 31,724 34,595 42,295 4,658 5,658 5,927; 6,361 Service charges on deposits 194,013 212,272 230,507 244,696 36,057 39,783 43,635, 46,962 Other charges, fees, etc 95,420 104,602 116,140 121,868 30,929 33,855 37,145; 39,003 Trust department 160,430 180,674 192,313 204,967 9,049 10,157 9,895j 10,539 Other current earnings 182,030 184,445 198,593 199,713 25,024 22,797 23,862; 24,820 Expenses 2 283,727 2,444,534 2,701 313 3,028,575 395,169 425,210 469,835; 528,002 Salaries—officers '410,685 446,043 486,300 530,035 92,553 101,325 lll,065J 121,770 Salaries and wages—others 700,065 755,681 864,519 965,197 92,173 100,568 114,526* 129,948 Directors' fees, etc 22,608 24,745 27,343 30,871 6,546 7,298 8,1971 9,362 Interest on time deposits 328,010 343,040 385,344 458,059 67,100 72,266 80,076! 93,866 Interest on borrowed money 3,582 4,296 9,667 20,921 246 401 590| 1,096 Taxes other than income 113,569 128,101 135,590 139,290 17,296 19,259 20,645i 21,645 Recurring depreciation 53,988 59,469 65,845 74,953 10,091 11,456 I2,78li 14,892 Other current expenses 651,219 683,159 726,707 809,252 109,165 112,636 121 ,956; 135,426 Net current earnings before income taxes 1,323,153 1,486,164 1,694,100 1,903,112 226,527 241,306] 257,409 284,631 Recoveries, transfers from reserves, and profits 213,187 245,461 169,233 144,146 30,726 26,89l! 20,621; 19,139 On securities: Recoveries 16,412 14,718 15,292 11,191 2,968 1 ,930 1 ,761; 1,237 Transfers from reserves 26,672 38,639 12,285 ?0,492 4,383 1,840! 1,350: 846 Profits on securities 73,196 90,469 56,563 33,806 9,263 8,32l| 4,683; 4,759 On loans: Recoveries 23,142 28,506 22,595 2?,004 5,017 5,958 5,O18; 5,038 Transfers from reserves 28,220 29,971 28,453 27,330 3,302 3,011 2,841> 2 ,596 All other 45,546 43,157 34,046 29,324 5,794 5,830 4,970' 4,665 Losses, charge-offs, and transfers to reserves 379,824 366,932 395,687 362,444 61,966 53,301 56,840 56,065 On securities: Losses and charge-offs 38,671 38,721 83,756 97,51? 7,822 6,098 11.655.: 13,662 Transfers to reserves 33,044 54,518 31,680 29,531 5,041 3,585 3,262. 2,491 On loans: Losses and charge-offs 29,064 23,030 21,215 23,637 9,912 8,762 7,660; 7,985 Transfers to reserves 221,167 191,248 204,202 154 510 29,919 24,980 24,168 21,614 All other 57,878 59,414 54,836 57,253 9,272 9,875 10,097 10,312 Profits before income taxes 1,156,514 1,364,690 1,467,645 ,684,813 195,285 214,894 221,189 247,704 Taxes on net income 325,148 427,776 559,475 604,883 50,082 58,716 68,556 87,033 Federal 304,572 402,582 530,810 667,277 47,503 55,6731 65,330: 83,595 State 20,576 25,194 28,664 32,606 2,579 3,043 3,225' 3,438 Net profits 831,364 936,915 908,175 989,931 145,201 156,179 152,638 160,672 Cash dividends declared 354,144 391,249 418,860 441,971 41,478 45,727 48,356; 51,541 On preferred stock 2 5,093 4,333 3,876 3.67S 1,605 1 ,498 l,289i 1,365 On common stock 349,052 386,916 414,984 438,298 39,874 44,229 47,067! 50,177 Memoranda items Recoveries credited to reserves (not included in recoveries above): On securities 2,600 3,565 2 ,363 4.35^1 201 529, 2 78' 47 On loans 19,645 20,385 28,477 3),508J 2,133 3,369 3,423i 3,420 Losses charged to reserves (not included in losses above): On securities 6,104 6,324 17,725 25,598 960 516 1 ,806 956 On loans 72,978 56,250 64,735 64,607 11,123 9,921 9,154; 9,669 Loans 41 670,879 46,250,272 54,533,221 59 999,743 6,092,203 6,723,419 7,494,950 8,299,177 U. S. Government securities 63,080,739 63,846,830 59,711,922 61'065,059 9,035,341 8,855,315 8,691,259 9,194,638 Other securities 9 387,984 11,043,342 12,554,632 13 567,469 1,541,486 1,678,776 1,885,830 2,053,320 Cash assets 35 683,829 36,006,423 40,373,273 47 O5?,K08 3,705,187 3,934,637! 4,368,648 4,771,055 Other assets 1,742,647 1,840,027 2,034,346 2,223,391 182,596 201,885 215,804 237,903 Total assets 151,566,078158,986,894169,207,394179,803,46320,556,813 21 ,394,032 22,656,491 24,556,093 Time deposits 35,902,235 36,446,656 37,271,294 39,817,653 6.708,045 6,853,262 7,023,832 7,575,491 Total deposits 139,764,394146,269,294155,460,465165 031.49519,038,25719,725,789 •0,864,285 22,613,728 Total capital accounts. 10,421,106 11,007,396 11,615,767 12.270,913 1,423,677 1,545,040 1,650,644 1,770,932 Number of officers 69,439 71,566 73,806 76 7=^! 21,996 22,610 23,263! 24,113 Number of employees. 296,308 312,324 334,961 358,325\ 45,959 48,696 52,7131 57,475 Number of banks 13,436 13,446 13,4551 13,439; 6,547 6,576 6,618 6,644 1 Excludes three mutual savings banks, State bank members of the Federal Reserve System, which are included in member bank figures on preceeddiinngg ppaaggeess.. 22IInncclluuddeess iinntteerreesstt oonn ccaappiittaall nnootteess aanndd ddeebbeennttuurreess.. NOTE.—TT he ffiig ures off assets, deposits, and capital accounts are averages of the amounts reported for call dates at the beginning, middle, and end of each year. The number of officers, employees, and banks are as of the end of each year. MAY 1953 547 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NUMBER OF BANKS AND BRANCHES IN OPERATION ON DECEMBER 31, 1952 All banks by class of bank All b ( a e n x k c s e p m t a b i a n n ta k i i n n i g n g f a b c r il a i n ti c e h s e ), s b o y r a c d la d s i s t i o o f n a b l a o n f k fi 1 ces Commercial banks Commercial banks Mutual sav- Mutual sav- State Member Nonmember ings banks Member Nonmember ings banks Total banks banks Total banks banks Total Total ti N on a- al m S b t e a e m t r e - su In re - d s N u i o n re n - d - su In re - d s N u i o n re n - d - ti N on a- al m S b t e a e m r te - su In re - d s N u i o n re n - d - su In re - d s N u i o n re - n d - United States 14,575214 046 4,909 21,889 6,627 624 2206 323 1,483 1,359 385 237 708 29 78 46 Alabama 229 229 71 24 134 4 4 3 1 Arizona. 14 14 3 2 8 1 8 8 2 1 4 1 Arkansas 230 230 53 16 155 19 19 1 18 California 199 199 92 27 70 10 52 52 19 12 19 2 Colorado 160 160 77 17 54 12 1 1 1 Connecticut 184 112 48 15 32 17 4 68 29 23 11 6 6 1 5 Delaware 37 35 11 3 20 1 1 1 9 8 3 4 1 1 Dist. of Col 19 19 9 6 4 15 15 8 4 3 Florida 213 213 64 11 134 4 1 1 1 Georgia.... 403 403 52 14 275 62 17 17 7 5 4 1 Idaho 40 40 12 9 18 1 9 9 5 2 2 Illinois 894 894 386 125 372 11 Indiana 485 2481 124 2H3 235 10 23 1 65 65 20 5 39 1 Iowa 665 665 97 64 448 56 121 121 118 3 Kansas. . 609 609 174 41 259 135 Kentucky . 380 380 91 20 251 18 27 27 4 5 18 Louisiana 167 167 37 12 117 1 43 43 12 6 25 Maine 96 64 32 6 17 9 8 24 27 26 7 4 10 5 1 Maryland . 165 156 59 14 81 2 6 3 35 30 4 6 19 1 5 Massachusetts 368 180 114 25 34 7 188 90 53 22 18 12 1 37 Michigan 429 429 77 150 185 17 70 70 14 17 36 3 Minnesota 680 679 178 28 458 15 1 2 2 2 Mississippi 202 202 24 7 168 3 38 38 2 1 35 Missouri 598 598 77 100 399 22 Montana. . 109 109 38 45 26 Nebraska 417 417 124 16 229 48 2 2 2 Nevada.. 8 g 5 1 2 4 4 2 i 1 New Hampshire . 109 75 51 1 6 17 34 3 2 1 i 1 New Tersey 335 312 200 67 41 4 23 66 60 29 21 10 6 New Mexico 51 51 26 8 17 13 13 4 9 New York 734 604 363 162 70 9 130 186 127 52 51 22 2 59 North Carolina 226 226 46 9 170 1 73 73 15 6 51 1 North Dakota 153 153 40 2 104 7 15 15 15 Ohio 654 651 238 179 227 7 3 66 66 24 19 23 Oklahoma 385 385 198 25 153 9 Oregon 69 68 19 10 37 2 1 13 13 3 2 8 Pennsylvania 947 940 607 99 217 17 7 86 82 46 16 17 3 4 Rhode Island 21 13 6 2 2 3 5 3 10 8 2 2 2 2 1 1 South Carolina . . 149 149 25 8 101 15 20 20 8 1 11 South Dakota 170 170 35 28 107 27 27 4 23 Tennessee 297 297 74 10 206 7 33 33 11 2 20 Texas 919 919 444 137 296 42 Utah 55 10 21 24 8 8 1 4 3 Vermont 74 67 37 1 28 1 7 9 8 3 ...... 5 1 Virginia . . 315 315 133 71 111 59 59 21 27 Washington. . . 121 117 35 16 63 3 4 18 17 10 2 5 1 West Virginia 182 182 74 35 69 4 Wisconsin 557 2553 95 272 380 8 23 1 90 90 4 3 82 1 Wyoming. ... . . 52 52 24 15 13 • 1 Some State laws make a distinction between "branches" and certain other types of "additional offices." The table, however, covers all branches of additional offices within the meaning of Section 5155 U. S. R. S., which defines the term "branch" as "any branch bank, branch office, branch agency, additional office, or any branch place of business . .. at which deposits are received, or checks paid, or money lent." In addition the last column on the second page of the table shows the number of "banking facilities" at military and other Government establishments provided through arrangements made by the Treasury Department with banks designated as depositaries and financial agents of the Government. These tables are similar to those appearing in previous years (see May 1952 BULLETIN, pp. 567-568), except that the number of banks that have no additional offices, other than "banking facilities" at military and other Government establishments provided through arrangements made by the Treasury Department, are excluded from the number of banks maintaining branches or additional offices; these "banking facilities" are shown in the last column of the table on p. 549, but are not included elsewhere. Branches that have been designated by the Treasury Department as "banking facilities" are included in the number of branches, but are not included in the number of "banking facilities." Back figures.—See Banking and Monetary Statistics, Table 1, pp. 16-17, and Tables 73-79, pp. 297-311, for data through 1941 (descriptive text, pp. 14 and 294-295) and BULLETINS for subsequent data, the latest of which appeared in May 1952, pp. 567-568. 2The figures for member (commercial) banks and those for mutual savings (noncommercial) banks both include one mutual savings bank in Indiana and two in Wisconsin. The total for "All banks," however, includes such banks only once; and they are not included in the total for "Commercial banks." 3These facilities are operated by 133 banks, 72 of which have no other type of branch or additional office. 4 Each bank is reported once only—according to the widest area in which it operates branches or additional offices. NOTE.—All of the branches and additional offices are located in the same States as their parent banks except that one national bank in New Jersey has a branch in Pennsylvania, one national bank in California has two branches in Washington and one in Oregon, and one noninsured (unincorporated) bank in New York has one branch in Massachusetts and one in Pennsylvania. In the table these branches are shown according to their own location, rather than that of the parent bank. 548 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NUMBER OF BANKS AND BRANCHES IN OPERATION ON DECEMBER 31, 1952—Continued All branches and additional offices (except banking facilities), by class of bank1 All branches and additional offices (except banking facilities), Bankby location1 ing facili- Commercial banks ties at Mutual Gov- State savings Outside» head office city ern- Member Nonmember banks Total banks banks head estab- Total ti N on a- al m S e t m at b e er su I r n e - d in N s o u n re - d su I r n e - d in N s o u n re - d o c ff i i t c y e I c n o o f u f h i n c e t e a y d c I t o n i u g n c u o t o i n u e - s s c I c o n o u u n o n n t u o t i i s g n e - - s m l e is n h t - s3 United States 5,520 5,274 2,403 1,530 1,300 41 177 69 2,496 1,426 722 876 191 Alabama ... . . . 26 26 25 1 7 7 4 g 4 Arizona 68 68 46 5 16 1 16 18 24 10 3 Arkansas 21 21 1 20 16 4 1 1 California 1,001 1,001 783 164 52 2 251 119 143 488 35 Colorado 1 1 1 1 4 Connecticut 79 68 29 28 11 10 3? 31 1 s> 1 Delaware 32 31 14 15 2 1 10 14 8 District of Columbia 43 43 22 11 10 43 5 Florida 1 1 1 1 9 Georgia 45 45 28 10 6 1 30 1 7 7 7 Idaho 61 61 52 4 5 4 5 11 41 1 Illinois 3 Indiana 124 124 46 21 56 1 63 61 2 Iowa 163 163 160 3 120 43 Kansas 2 Kentucky 52 52 23 9 20 37 13 2 51 Louisiana 86 86 44 10 32 i 45 32 6 3 3 Maine 80 79 13 29 29 8 11 37 32 1 Maryland 149 131 17 58 55 1 18 77 33 32 7 11 Massachusetts 252 199 98 79 20 2 ' " " 53' 151 94 6 1 2 Michigan 282 282 107 119 49 7 182 67 23 10 3 Minnesota 6 6 6 6 Mississippi 71 71 5 2 64 10 39 16 6 2 Missouri 1 Montana Nebraska 2 2 2 2 Nevada 20 20 14 4 2 3 3 4 10 2 New Hampshire 3 2 1 1 1 3 New Jersey 196 186 88 ' " 75 23 10 106 90 3 New Mexico 20 20 5 15 9 7 3 1 3 New York 961 850 239 546 62 3 111 765 134 S3 9 12 North Carolina 255 255 29 33 191 2 57 51 82 65 2 North Dakota 22 22 22 11 11 Ohio 268 268 92 143 33 175 88 5 3 Oklahoma 2 Oregon 111 111 90 11 10 21 13 12 65 Pennsylvania 272 250 151 66 29 4 22 163 75 33 1 6 Rhode Island . 60 54 10 33 9 2 3 3 20 21 8 11 South Carolina 59 59 42 1 16 16 8 9 26 5 South Dakota 51 51 22 29 22 18 11 1 Tennessee 106 106 58 14 34 61 30 7 8 7 Texas 14 Utah 29 29 16 10 3 6 3 7 13 5 V V e ir r g m in o i n a t 1 2 1 0 2 11 1 2 1 40 4 • • • •— 53 7 9 58 2 1 1 1 2 9 4 9* 16 Washington 160 157 140 6 11 3 40 24 32 64 5 West Virginia Wisconsin 150 150 15 5 129 1 18 107 25 1 Wyoming Nonmember Mutual Member banks commercial banks savings banks Distribution by location of branches with respect to head office Total Non- Non- National State Insured insured Insured insured Banks with branches or additional offices (except banking facilities)* 1,483 385 237 708 29 78 46 In head office city only 471 181 114 76 5 73 22 Outside head office city but not beyond head office county. . . 686 134 78 439 13 3 19 Outside head office county but not beyond contiguous counties. 252 38 27 172 2 5 In counties not contiguous to head office county 74 32 18 21 Branches and additional offices (except banking facilities). . 5,520 2,403 1,530 1,300 41 177 69 In head office city 2,496 1,047 1,009 224 13 162 41 Outside head office city: In head office county 1,426 385 292 704 15 22 In contiguous counties 722 252 153 295 9 6 In noncontiguous counties 876 719 76 77 4 Banking facilities at military and other Government establishments3 191 153 20 18 For footnotes see opposite page. MAY 1953 549 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—REVISED SERIES, TOTAL FOR ALL LEADING CITIES * LOANS AND INVESTMENTS [In millions of dollars] Loans1 Investments For purchasing U. S. Government obligations or carrying securities Com- Total merloans cial, To brokers Date in m a v n e e d n s t t s - Total i i t n a r d i n a u d l s , - and dealers To others e l R o st a e a n a t l s e b L a o t n o a k n s s O lo t a h n e s r Total c C t a if e t i e r - - s O s ri e t t h c ie e u s r t a c u g u r r l a i - - l G U t l i o i o o g . b n v a - S - s t . . O c t s u t i e h e r - s i e - r G t l U i o i o o g b .S n v a - . s - t. O c t s u t i e h e r - s i e - r Total Bills o d n e f e e d b s i - n t s - - Notes Bonds2 1952—Jan. 2. 75,131 35,516 21,588 313 ,034 121 573 5,733 565 6,132 39,615 32,682 4,193 3,651 6,02318,815 6,933 Jan. 9. 74,645 35,175 21,433 178 949 114 571 5,737 636 6,103 39,470 32,541 4,148 3,613 6,02218,758 6,929 Jan. 16. 75,141 35,487 21,605 129 ,031 113 568 5,744 731 6,111 39,654 32,756 4,296 3,663 6,02018,777 6,898 Jan. 23. 74,516 34,917 21,449 86 883 108 565 5,750 521 6,103 39,599 32,649 4,169 3,714 6,016 18,750 6,950 Jan. 30. 74,946 35,103 21,320 109 867 108 565 5,745 823 6,114 39,843 32,900 4,393 3,760 6,00318,744 6,943 Feb. 6. 74,682 34,856 21,271 108 984 106 563 5,735 538 6,101 39,826 32.833 4,302 3,812 6,00318,,716 6,993 Feb. 13. 74,598 34,910 21,307 140 915 107 565 5,747 579 6,100 39,688 32,651 4,108 3,857 6,00618,680 7,037 Feb. 20. 74,418 34,986 21,311 258 897 103 567 5,736 556 6,109 39,432 32,431 3,905 3,902 6,00318,621 7,001 Feb. 27. 74,449 35,049 21,322 179 905 104 563 5,729 691 6,106 39,400 32,357 3,920 3,868 6,00818,5617,043 Mar. 5. 74,339 35,105 21,324 185 904 105 562 5,719 770 6,090 39,234 32,173 3,822 3,762 6,00918,580 7,061 Mar. 12. 74,561 35,182 21,404 241 940 105 565 5,720 645 6,11639,379 32,312 4,018 3,744 6,010 18,540 7,067 Mar. 19. 74,844 35,330 21,642 238 972 105 564 5,723 518 6,12339,514 32,416 4,195 3,773 5,98018,468 7,098 Mar. 26. 74,659 35,066 21,537 166 971 104 565 5,730 398 6,15339,593 32,420 4,152 3,783 5,97718,508 7,173 Apr. 2. 74,024 35,165 21,345 207 1,078 119 567 .,735 542 6,130 38,85931,604 3,465 3,675 5,97218,4927,255 Apr. 9. 73,844 35,100 21,221 266 1,069 107 566 .,736 555 6,137 38,74431,454 3,341 3,636 5,96518,5127,290 Apr. 16.. 74,029 35,053 21,221 31511,110 107 572 5,756 404 6,125 38,97631,690, 3,578 3,675 5,951 18,486 7,286 Apr. 23. 74,004 35,120 21,044 476 1,166 106 573 5,758 409 6,144 38,88431,671 3,494 3,709 5,95418,514 7,213 Apr. 30. 74,265 35,142 20,966 539 1,165 97 572 5,753 441 6,166 39,12331,917 3,688 3,752 5,93018,5477,206 May 7. 74,095 35,030 20,892 597 ,118 95 572 5,756 382 6,175 39,06531,845 3,477 3,801 5,96018,6077,220 May 14. 74,157 35,116 20,874 561 ,136 97 572 5,765 482 6,186 39,04131,854 3,445 3,779 5,96718,6637,187 May 21. 74,290 35,065 20,800 457 ,185 98 572 5,760 505 6,246 39,22532,035 3,532 3,793 5,98318,7277,190 May 28. 74,774 35,235 20,697 656 ,238 96 571 5,771 465 6,299 39,53932,174 3,601 3,796 5,97818,799 7,365 June 4. 74,657 35,009 20,591 571 ,283 96 567 5,768 383 6,308 39,64832,359 3,738 3,763 5,99818,860 7,289 June 11. 74,882 35,059 20,687 536 ,185 95 564 5,778 422 6,350 39,82332,504 3,907 3,756 6,00318, ,319 June 18. 175,928 35,641 20,946 560 ,227 105 557 5,787 623 6,395 40,28732,850 4,072 3,766 5,992 19,0207,437 June 25. (76,344 35,949 20,955 724 ,306 106 559 5,806 632 6,420 40,395 32,934 4,111 3,723 5,99819,1027,461 July 2. 78,448 36,865 20,738 1,386 ,421 226 574 5,812 762 6,50741,583 34,044 3,789 3,954 6,00220,299 7,539 July 9. 77,676 36,252 20,750 1,039 ,343 217 570 5,822 584 6,488 41,42433,820 3,472 3,904 6,01320,4317,604 July 16. 77,596 36,147 20,808 813 ,316 215 571 5,825 672 6,49141,449 33,862 3,540 3,855 6,01720,450 7,587 July 23. 77,149 35,833 20,799 730 ,316 200 571 5,839 425 6,51741,316 33,719 3,419 3,799 6,01720,4847,597 July 30. 77,078 35,716 20,756 626 ,373 157 571 5,850 396 6,55241,362 33,726 3,366 3,763 6,02220,5757,636 Aug. 6. 76,605 35,936 20,834 383 ,525 149 578 5,860 598 6,574 40,66933,040 2,892 3,548 6,02220,578 7,629 Aug. 13. 76,534 35,919 20,900 317 ,456 140 574 5,882 635 6,580 40,61532,951 2,840 3,512 6,026 20,5717,664 Aug. 20. 76,288 35,825 20,978 260 ,243 135 654 5,890 642 6,589 40,46332,808 2,810 3,424 6,03120,5437,655 Aug. 27. 76,440 35,976 21,108 282 ,221 137 655 5,897 622 6,621 40,46432,683 2,753 3,403 6,04220,4857,781 Sept. 3. 76,130 36,087 21,200 246 ,225 139 662 5,911 6,656 40,04332,368 2,625 3,268 6,040 20,4357,675 Sept. 10. 76,250 36,323 21,419 266 ,207 133 656 5,946 589 6,675 39,92732,223 2,530 3,208 6,04320,4427,704 Sept. 17. 76,960 36,907 21,692 234 ,230 136 646 5,953 869 6,715 40,05332,360 2,830 3,126 6,01520,389 7,693 Sept. 24. 76,488 36,697 21,782 164 ,145 135 649 5,963 6,733 39,79132,127 2,632 3,121 5,99120,3837,664 Oct. 1. 76,723 37,081 21,854 184 ,238 132 646 5,977 827 6,789 39,64232,018 2,568 2,666 6,380 20,4047,624 Oct. 8. 78,349 37,213 21,990 274 ,281 130 645 5,986 678 6,798 41,13633,534 4,158 2,584 6,40520,3877,602 Oct. 15. 78,606 37,693 22,236 294 ,300 129 650 6,006 802 847 40,91333,315 4,049 2,543 6,386 20,3377,598 Oct. 22. 77,909 37,416 22,333 259 ,206 118 649 6,020 550 852 40,49332,893 3,714 2,474 6,369 20,336 7,600 Oct. 29. 77,954 37,639 22,457 271 ,173 116 635 6,032 621 6,90440,315 32,819 3,681 2,482 6,313 20,3437,496 ! Nov. 5. 77,995 37,794 22,670 379 ,153 116 632 6,035 430 6,95140,201 32,745 3,622 2,463 6,349 20 7,456 Nov. 12. 77,971 38,121 22,911 395 ,187 112 631 6,061 446 6,950 39,85032,480 3,428 2,468 6,264 20,320 7,370 Nov. 19. 78,081 38,316 23,043 368 ,194 110 632 6,078 6,96539,765 32,321 3,390 2,490 6,159 20 7,444 Nov. 26. 79,447 38,465 23,058 508 ,200 112 629 6,078 6,99340,982 33,517 4,574 2,467 6,176 20,300 7,465 Dec. 3. 79,248 38,452 23,130 431 ,181 110 624 6,081 433 7,039 40,79633,420 4,545 2,488 6,,128 20,2597,376 Dec. 10. 79,338 38,693 23,321 422 ,197 113 626 6,085 423 7,082 40,64533,290 4,495 2,470 6,,089 20,2367,355 Dec. 17. 79,977 39,168 23,423 480 ,226 116 644 6,073 633 7,15140,809 33,396 4,568 2,474 6,,058 20,2967,413 Dec. 24. 79,803 39,303 23,494 552 ,232 126 653 6,096 518 7,20140,500 33,091 4,336 2,453 6,072 20,230 7,409 Dec. 31. 79,486 39,104 23,390 709 ,293 153 654 6,095 151 7,253 40,38232,967 4,163 2,467 6,044 20,2937,415 1953—Jan. 7. 79,095 38,895 23,159 468 271 137 657 6,094 450 7,260 40,20032,841 4,152 2,452 6,02520,2127,359 Tan. 14. 78,955 38,765 23,188 283 179 132 659 6,106 538 7,281 40,19032,740 4,082 2,482 6,014 20,1627,450 Jan. 21. 78,728 38,790 23,087 257 195 136 663 6,104 625 7,324 39,93832,453 3,925 2,474 5,999 20,0557,485 Jan. 28. 78,313 38,687 23,011 331 212 134 665 6,120 480 7,33539,626 32,143 3,710 2,458 5,97520,000 7,483 Feb. 4. 77,958 38,600 22,952 408 178 132 678 6,121 365 7,369 39,35831,885 3,464 2,496 5,95319,9727,473 Feb. 11. 77,878 38,685 22,989 426 179 135 666 6,122 395 7,377 39,19331,729 3,281 2,567 5,92019,9617,464 Feb. 18. 78,014 38,892 22,881 351 204 134 665 6,135 731 7,395 39,12231,535 3,224 2,299 5,916 20,096 7,587 Feb. 25. 77,711 38,775 22,869 287 172 134 661 6,147 708 7,405 38,93631,478 3,156 2,271 5,928 20,1237,458 *For description of the revision see BULLETIN for April 1953, p. 357. 1 Figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total, which is shown net. 2 Includes guaranteed obligations. 550 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—REVISED SERIES, TOTAL FOR ALL LEADING CITIES *—Cont. RESERVES AND LIABILITIES [In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Date B s w F e R e a e r r i e n a t v d h - l k e - s v C a i a n u s l h t b m a w a n d e n i c o s t e k t - h i s s c j p m u o a d s a d t s e n e i - - t d d s s p p u v n c h a o a a o e i n i r d p r l r r d s a t - - - s - , - , S p s d s a i i o t u i c o n a v l b a d n i t i l t - e s - - s c C c O h a e f e e i e t n f e r r c f c d i s t d . k - i ' - s u m G er . o e n n v - s t - . s p p u v n c a h o a a o n e i i r d l r p r r d a s t - - - s - , - , S p s d s a i i o t u c i o n a v l a b n d i t i l t - e - s - s P U m G S e i a o n a r . n o e g s n v n d v S t s - - a t - . ' m D ti e D o c s - e - ma F n ei d o g r n - Time r B i o n o w g r s - - c C o i a t u a c a p n - l - ts tions tions 1952—Jan. 2 15,043 1,002 2,963 54,09856,271 3,632 2,12 2,257 15,404 716 16211,831 1,348 413 500 6,923 Jan. 9 15,078 991 2,674 54,42955,079 3,499 1,388 1,63115,451 725 16411,212 1,293 41 658 6,931 Jan. 16 15,166 925 2,801 55,27757,020 3,544 1,525 1,26915,412 725 15611,393 1,292 415 706 6,921 Jan. 23 15,428 920 2,698 55,32755,959 3,590 1,390 1,36815,42 727 10,979 1,274 411 450 6,926 Jan. 30 14,935 926 2,415 55,04155,504 3,747 1,371 1,67115,429 733 16610,220 1,261 417 825 6,944 Feb. 6 14,935 868 2,329 54,22054,37. 3,777 1,368 2,133 15,466 745 10,32' 1,240 416 654 6,958 Feb. 13 14,962 96' 2,519 53,81155,99 3,709 1,572 2,334 15,486 746 16610,288 1,219 414 1,088 6,966 Feb. 20 14,909 909 2,402 53,26954,16. 3,583 1,590 2,881 15,486 762 16910,02 1,241 416 911 6,950 Feb. 27 14,655 94- 2,392 53,38754,33. 3,651 1,386 2,585 15,528 766 169 9,899 1,229 415 959 6,969 Mar. 5 14,660 852 2,376 53,32953,931 3,538 1,461 1,977 15,578 76: 17110,160 1,246 418 1,035 6,976 Mar. 12 14,687 920 2,499 54,11455,610 3,45' 1,585 1,708 15,656 763 17010,215 1,240 420 902 6,977 Mar. 19 15,722 896 2,787 53,70:54,832 3,42; 1,524 3,616 15,659 761 17010,704 1,24^ 421 485 6,980 Mar. 26 15,147 905 2,726 52,61553,17 3,581 1,536 4,491 15,664 764 17010,182 1,253 424 355 6,992 Apr. 2 14,644 839 2,692 51,85652,409 3,763 1,549 3,71515,641 769 16910,422 1,251 438 465 7,009 Apr. 9 14,552 896 2,398 51,88352,28; 3,640 1,43 3,38115,660 771 17010,046 1,283 43. 571 7,016 Apr. 16 15,06" 886 2,541 52,52354,262 3,719 1,532 3,16915,669 770 17210,176 1,26: 427 851 7,013 Apr. 23 14,848 895 2,29; 52,86353,354 3,820 1,878 2,92"15,677 768 171 9,377 1,269 424 1,059 7,018 Apr. 30 14,901 86. 2,320 53,02653,608 4,123 1,686 3,22115,700 772 172 9,373 1,26. 428 872 7,050 May 7 14,936 870 2,286 52,599 52,489 4,065 1,451 2,73515,728 768 173 9,749 1,242 428 1,210 7,072 May 14 14,859 931 2,475 52,66253,926 3,957 1,38: 2,95715,726 784 171 9,943 1,222 430 954 7,065 May 21 15,106 884 2,333 52,88153,470 3,919 1,773 3,47415,766 782 175 9,459 1,282 432 799 7,063 May 28 14,770 960 2,334 53,56553,840 4,06 1,754 2,94515,813 785 17 9,219 1,301 441 1,021 7,079 June 4 14,848 95 2,340 53,21653,913 3,854 1,538 2,731 15,842 779 174 9,666 1,293 448 1,095 7,090 June 11 14,838 1,012 2,399 53,90555,069 3,643 1,389 2,283 15,867 775 176 9,811 1,261 460 1,062 7,089 June 18 15,959 963 2,57: 54,63 56,039 3,615 2,067 3,23. 15,892 775 17510,302 1,260 463 1,059 7,087 June 25 14,959 99 2,388 53,57553,975 3,85 2,004 4,465 15,939 767 178 9,680 1,282 460 717 7,094 July 2 15,04 920 2,565 52,40953,509 3,749 2,083 6,995 15,947 768 17910,322 1,265 472 1,025 7,108 July 9 15,140 993 2,436 52,45153,143 3,697 1,623 6,187 15,934 770 17910,310 1,275 474 1,104 7,099 July 16 15,215 94 2,518 52,70754,620 3,489 1,496 5,691 15,928 781 18210,248 1,246 477 1,436 7,083 July 23 15,157 95 2,348 53,16653,874 3,538 1,564 5,25515,951 783 182 9,732 1,245 478 1,216 7,097 July 30 15,309 978 2,280 53,47953,87 3,750 1,689 4,860 15,947 784 186 9,541 1,321 475 1,499 7,104 Aug. 6 15,01. 909 2,381 52,57152,867 3,772 1,316 4,71215,973 778 18310,099 1,341 461 1,202 7,125 Aug. 13 14,89. 964 2,483 52,54454,056 3,510 1,348 4,52215,973 777 18910,350 1,359 468 1,106 7,123 Aug. 20 15,09; 924 2,371 52,46853,396 3,497 1,411 4,63415,965 772 189 9,963 1,313 473 1,281 7,120 Aug. 27 14,68; 979 2,286 53,11653,838 3,512 1,280 4,13015,984 771 190 9,693 1,289 482 1,139 7,127 Sept. 3 14,578 938 2,346 52,98253,941 3,609 1,464 3,186 16,012 770 19010,197 1,347 487 1,254 152 Sept. 10 15,022 995 2,398 53,63454,923 3,497 1,335 2,839 16,046 772 18810,587 1,325 496 1,166 147 Sept. 17. ... 15,610 926 2,755 53,93256,098 3,407 1,784 3,67516,066 764 19311,214 1,292 494 892 142 Sept. 24 15,312 953 2,685 52,99054,042 3,386 1,422 4,533 16,108 764 19210,565 1,318 499 709 148 Oct. 1 14,850 896 2,424 53,02454,526 3,568 2,002 3,601 16,144 761 19010,478 1,340 510 1,071 7,177 Oct. 8 14,917 930 2,410 52,88053,910 3,427 1,614 4,737 16,212 752 19110,805 1,344 515 1,376 188 Oct. 15.... 15,195 956 2,726 53,36857,203 3,339 1,753 4,473 16,220 744 19111,538 1,352 525 1,229 181 Oct. 22 15,407 948 2,435 53,94855,605 3,486 1,468 3,73916,249 742 19110,768 1,359 526 1,345 185 Oct. 29 15,171 1,001 2,369 54,31455,508 3,614 1,401 3,48716,266 743 18910,338 1,366 537 1,405 7,203 Nov. 5 14,998 928 2,441 53,76055,633 3,736 1,613 3,100 16,342 747 10,792 1,337 542 1,718 7,224 Nov. 12 15,067 1,044 2,579 54,04257,100 3,581 1,742 2,966 16,327 748 19411,043 1,357 560 1,618 7,225 Nov. 19 15,293 969 2,553 53,95655,810 3,529 1,700 3,37916,272 754 19510,999 1,328 581 1,634 7,207 Nov. 26 15,595 986 2,392 54,68856,306 3,604 1,706 4,751 16,295 751 19510,352 1,335 581 1,632 7,217 Dec. 3 15,553 987 2,414 55,12556,171 3,610 1,739 3,83616,289 756 10,643 1,341 580 1,626 7,238 Dec. 10 15,491 1,084 2,395 55,86657,222 3,507 1,703 3,00716,324 756 10,655 1,345 584 1,756 7,220 Dec. 17 15,676 1,084 2,618 56,56618,576 3,512 1,786 3,10916,385 764 19511,194 1,363 581 1,296 7,222 Dec. 24 5,792 966 2,524 55,44857,446 3,579 1,674 3,54416,440 764 19611,038 1,370 577 1,824 7,234 Dec. 31 14,549 1,013 3,079 55,37358,264 3,798 2,123 3,56716,569 763 20111,693 1,410 586 145 7,258 1953—Jan. 7 5,353 1,018 2,445 55,211 !6,035 3,689 ,578 2,744 16,532 756 11,197 1,357 583 1,539 7,258 Jan. 14 5,111 1,017 2,606 55,602 !7,471 3,625 ,747 2,214 16,497 766 20211,353 1,328 582 1,308 7,231 Jan. 21 5,225 953 2,544 55,738 J7.108 3,735 ,568 2,227 16,517 767 19711,022 1,327 580 1,240 7,231 Jan. 28 5,110 978 2,344 55,546 16,112 3,894 ,431 2,362 16,528 770 20110,158 1,314 579 1,426 7,259 Feb. 4 5,146 902 2,307 54,589 14,980 3,945 ,458 2,684 16,556 775 200 10,255 1,306 571 1,504 7,276 Feb. 11 4,917 956 2,321 54,349 15,455 3,942 ,589 2,846 16,579 779 19810,165 1,266 571 1,415 7,283 Feb. 18 4,879 929 2,487 53,771 15,298 3,766 550 3,514 16,601 777 19910,426 1,271 570 1,223 7,285 Feb. 25 4,701 992 2,410 53,811 15,342 3,790 ,484 3,30916,641 783 19810,011 1,280 572 1,260 7,305 I *}For description of the revision see BULLETIN for April 1953, p. 357. 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. MAY 1953 551 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—REVISED SERIES, NEW YORK CITY * LOANS AND INVESTMENTS [In millions of dollars] Loansx Investments For purchasing U. S. Government obligations or carrying securities Total Comloans mer- Date and in c d ia u l s , - a T n o d b d r e o a k l e e r r s s To others Real Loans Other Cer- Other ments Total i t a ri n a d l, e lo st a a n t s e ba t n o ks loans Total c t a if t i e - s s ri e t c ie u s a c g u r l- i- G U o . v S t . . Other G U o .S v . t. Other Total Bills o d f e b in t- - Notes Bonds2 tural ob- se- ob- se- edliga- ties liga- c t u ie r s i- ness tions tions 1952—Jan. 2.... 21,434 11,380 7,909 285 808 30 223 507 447 1,345 10,054 7,986 1,065 599 1,397 4,925 2,068 Jan. 9.... 20,923 11,195 7,836 154 738 30 221 514 534 1,344 9,728 7,670 833 587 1,393 4,857 2,058 Jan. 16 21,219 11,366 7,931 107 807 31 219 513 582 1,352 9,853 7,805 931 641 1,384 4,8492,048 Jan. 23.... 20,773 11,011 7,899 66 688 27 219 514 422 1,352 9,762 7,695 856 617 1,395 4,827 2,067 Jan. 30 21,177 11,235 7,839 89 670 27 218 508 698 1,362 9,942 7,882 1,068 619 1,390 4,805 2,060 Feb. 6.... 20,931 10,994 7,849 86 771 26 217 502 368 1,351 9,937 7,855 1,041 657 1,393 4,764 2,082 Feb. 13.... 20,869 11,010 7,890 108 696 26 218 505 390 ,353 9,859 7,776 924 678 1,398 4,776 2,083 Feb. 20.... 20,983 11,155 7,913 225 697 25 219 498 403 1,351 9,828 7,769 840 752 1,393 4,784 2,059 Feb. 27.... 21,075 11,227 7,939 150 704 25 220 482 531 1,352 9,848 7,762 914 715 1,389 4,744 2,086 Mar. 5.... 21,144 11,264 7,980 152 706 25 218 470 536 1,353 9,880 7,792 990 673 L ,3874,742 2,088 Mar. 12.... 21,163 11,226 7,957 200 742 25 218 470 442 1,347 9,937 7,856 1,073 663 L,384 4,736 2,081 Mar. 19.... 21,293 11,291 8,022 210 774 25 217 470 406 ,342 10,002 7,899 1,159 657 1,372 4,711 2,103 Mar. 26 21,107 11,096 7,983 138 761 25 218 471 330 1,346 10,011 7,854 1,116 671 1,370 4,697 2,157 Apr. 2.... 20,997 11,212 7,869 182 867 26 218 470 421 1,335 9,785 7,589 890 653 1,370 4,6762,196 Apr. 9.... 20,830 11,084 7,799 206 862 27 219 471 345 1,331 9,746 7,549 847 654 1,382 4,666 2,197 Apr. 16.... 20,694 11,019 7,798 252 894 26 219 466 199 1,341 9,675 7,478 811 652 1,381 4,634 2,197 Apr. 23.... 20,724 11,126 7,685 372 930 25 218 462 271 1,338 9,598 7,495 809 643 1,387 4,656 2,103 Apr. 30.... 20,965 11,130 7,664 445 918 20 217 453 245 1,344 9,835 7,737 1,027 654 1,377 4,679 2,098 May 7.... 20,825 11,062 7,645 429 897 18 216 450 239 1,344 9,763 7,683 881 711 1,382 4,709 2,080 May 14 20,843 11,100 7,622 406 917 20 217 450 303 1,341 9,743 7,686 903 683 1,385 4,715 2,057 May 21 20,880 11,058 7,593 353 947 20 216 442 301 ,362 9,822 7,773 967 671 1,384 4,751 2,049 May 28.... 21,321 11,187 7,559 531 985 18 212 440 252 1,366 10,134 7,968 1,099 652 1,388 4,829 2,166 J J u u n n e e 1 4 1 2 2 1 1 , , 1 1 5 5 0 5 1 1 1 1 , , 0 0 5 4 2 7 7 7 , , 5 5 6 2 2 4 4 4 3 0 9 7 1,0 9 2 5 1 8 1 1 8 8 2 2 1 1 2 1 4 4 3 3 1 2 2 2 2 7 6 8 1, , 3 3 5 5 8 8 1 1 0 0 , , 0 1 9 0 8 8 8 7 , , 0 9 0 9 1 0 1 1 , , 0 0 6 4 6 7 6 6 4 5 4 7 1 1 , , 3 3 9 8 1 4 4 4 , ,9 9 0 0 2 0 2 2 , , 0 1 9 1 7 8 June 18.... 21,521 11,286 7,713 439 991 22 203 428 300 1,367 10,235 8,044 1,086 650 1,366 4,942 2,191 June 25 21,788 11,463 7,722 537 1,050 22 209 425 308 1,368 10,325 8,134 1,148 651 1,369 4,966 2,191 July 2.... 23,145 12,321 7,561 1,149 1,073 70 212 419 618 1,397 10,824 8,582 1,050 832 1,373 5,3272,242 July 9.... 22,338 11,744 7,549 857 1,040 66 209 413 412 1,376 10,594 8,290 741 794 1,375 5,3802,304 July 16.... 22,102 11,526 7,522 601 1,055 63 207 407 460 1,381 10,576 8,292 791 757 1,378 5,3662,284 July 23.... 21,801 11,213 7,522 486 1 ,048 55 209 405 282 1,386 10,588 8,296 745 761 1,389 5,401 2,292 July 30.... 21,764. 11,102 7,465 409 1,093 30 209 403 282 1,391 10,662 8,344 758 779 1,378 5,4292,318 Aug. 6 21,480 11,293 7,530 244 1,278 28 213 411 365 1,404 10,187 7,880 507 633 1,376 5,3642,307 Aug. 13.... 21,338 11,200 7,577 189 1,207 26 210 406 354 1,411 10,138 7,819 512 593 1,374 5,3402,319 Aug. 20.... 21,118 11,108 7,613 149 985 25 245 403 437 1,431 10,010 7,708 562 518 1,376 5,2522,302 Aug. 27.... 21,297 11,167 7,683 147 962 29 244 394 458 1,432 10,130 7,782 661 545 1,377 5,199 2,348 Sept. 3.... 20,950 11,029 7,679 134 963 29 249 398 325 1,434 9,921 7,629 596 468 1,382 5,183 2,292 Sept. 10.... 20,959 11,112 7,792 154 943 26 243 408 302 1,426 9,847 7,551 570 409 1,388 5,184 2,296 Sept. 17.... 21,396 11,520 7,907 145 978 26 238 400 570 1,438 9,876 7,598 681 398 1,361 5,158 2,278 Sept. 24.... 21,221 11,394 7,931 102 902 25 238 399 536 1,443 9,827 7,551 655 369 1,359 5,168 2,276 Oct. 1 21,307 11,576 7,991 97 969 25 237 396 602 1,441 9,731 7,498 609 290 1,422 5,177 2,233 Oct. 8.... 21,721 11,609 8,046 144 1,021 24 237 397 470 1,452 10,112 7,892 1,103 257 1,388 5,144 2,220 Oct. 15.... 21,560 11,796 8,193 158 1,048 24 243 398 461 1,453 9,764 7,564 846 260 1,370 5,0882,200 Oct. 22 21,202 11,654 8,238 163 949 22 235 397 384 1,448 9,548 7,373 691 232 1,358 5,0922,175 Oct. 29.... 21,242 11,703 8,288 174 925 22 225 395 396 1,461 9,539 7,452 751 261 1,346 5,0942,087 Nov. 5.... 21,106 11,726 8,390 248 913 22 224 391 269 1,452 9,380 7,349 674 256 1,335 5,0842,031 Nov. 12 21,091 11,908 8,476 267 963 21 225 400 294 1,445 9,183 7,195 591 250 1,258 5,096 1,988 Nov. 19.... 21,091 11,960 8,532 252 973 21 226 403 295 1,442 9,131 7,112 630 229 1,172 5,081 2,019 Nov. 26.... 21,667 11,991 8,536 327 970 24 221 395 244 1,459 9,676 7,646 1,180 229 1,150 5,0872,030 Dec. 3.... 21,701 12,042 8,627 331 950 22 213 397 219 1,468 9,659 7,655 1,177 258 1,135 5,0852,004 Dec. 10.... 21,793 12,174 8,735 290 968 28 212 395 228 1,503 9,619 7,616 1,147 246 1,127 5,0962,003 Dec. 17.... 22,087 12,400 8,750 337 977 32 230 378 345 1,536 9,687 7,621 1,096 241 1,142 5,142 2,066 Dec. 24.... 22,163 12,507 8,783 386 982 46 233 383 325 1,547 9,656 7,577 1,081 222 1,135 5,139 2,079 Dec. 31.... 22,118 12,409 8,735 498 1,031 57 228 380 104 1,560 9,709 7,631 1,086 234 1,144 5,167 2,078 1953—Jan. 7.... 21,477 12,186 8,617 305 980 48 235 381 244 1,561 9,291 7,225 799 239 1,117 5,0702,066 Jan. 14.... 21,291 12,088 8,650 194 918 46 237 378 275 1,575 9,203 7,127 754 242 1,107 5,0242,076 Jan. 21 21,239 12,182 8,620 162 923 42 238 372 430 1,580 9,057 6,963 675 238 1,089 4,9612,094 Jan. 28.... 21,214 12,153 8,596 229 950 41 238 376 318 1,591 9,061 6,963 695 245 1,076 4,947 2,098 Feb. 4.... 20,968 12,004 8,557 215 929 40 244 375 218 1,612 8,964 6,880 553 277 1,092 4,9582,084 Feb. 11.... 20,905 11,961 8,574 218 894 41 237 374 208 1,601 8,944 6,871 513 343 1,070 4,945 2,073 Feb. 18 21,085 12,158 8,535 174 911 40 233 380 473 1,598 8,927 6,793 556 196 1,069 4,972 2,134 Feb. 25.... 21,025 12,136 8,543 174 913 40 228 382 443 1,599 8,889 6,791 555 197 1,076 4,963 2,098 * For description of the revision see BULLETIN for April 1953, p. 357. 1 Figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total, which is shown net. 2 Includes guaranteed obligations. 552 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—REVISED SERIES, NEW YORK CITY*—Continued RESERVES AND LIABILITIES [In millions of dollars! Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Date B s w F e R e a e r r i e n a t d v h - l k - e s v C a i a n u s l h t b m a w a n d e n i o c s t e k - t h i s s c j p m u o a d s a d s t e n e i - - t d d s s p p u v c h n a o a a o i n i e r d p r l r r d a s t - - s - - , - , S p s d s a i i o t u c i o n a v l a b n d i t i l t - e - s - s c C c O h a e f e e e i t n f e r r c c f d i s t d k . - i ' - s u m G er . o e n n v - s t - . s p p u n v c h a o a a o n e i i r d p r l r r d a s t - - - s - , - , S p s d s a i i o t u i c o n a v l b a n i d t i l t - e - s - s P U m G S e i a n o r a . n o e g s n v n d v S t s - - a t - . l m D ti e D o c s - e - ma F n ei d o g r n - Time r B i o n o w g r s - - C it a a p l tions tions 1952—Jan. 2. 5,29 157 48 16,45 17,801 326 1,146 837 1,520 22 3,388 1,120 316 206 2,397 Jan. 9. 5,305 15: 50 16,53217,214 252 611 580 1,512 21 3,146 1,072 317 195 2,399 Jan. 16. 5,119 139 4. 16,72417,786 279 687 378 1,474 23 3,227 1,057 318 267 2,401 Jan. 23. 5,603 136 49 16,98217,72 292 581 405 1,477 23 3,152 1,054 314 69 2,402 Jan. 30. 5,357 142 38 16,94617,753 318 624 557 1,478 26 3,014 1,042 315 245 2,398 Feb. 6. 5,289 13 = 31 16,59617,190 295 608 752 1,486 27 2,936 1,022 315 150 2,413 Feb. 13. 5,289 155 34 16,30317,574 34' 797 857 1,492 27 2,946 1,013 314 275 2,409 Feb. 20. 5,353 14. 38 16,26917,126 270 806 1,046 1,486 27 2,910 1,032 315 320 2,410 Feb. 27. 5,275 145 35 16,51617,359 287 592 907 1,494 27 2,856 1,025 315 274 2,409 Mar. 5. 5,205 131 36 16,61617,305 253 685 668 1,489 27 2,927 1,043 318 302 2,412 Mar. 12. 5,175 14: 41 16,69417,718 238 795 542 1,577 28 2,925 1,036 320 318 2,410 Mar. 19. 5,727 132 51 16,45417,360 210 646 1,426 1,595 28 3,137 1,040 319 139 2,411 Mar. 26. 5,631 139 78 16,08916,831 261 716 1,707 1,600 28 3,022 1,042 324 64 2,409 Apr. 2 5,078 130 200 16,07916,867 304 680 1,243 ,580 2 3,004 1,029 334 69 2,417 Apr. 9 5,046 141 31 15,78516,450 319 669 1,050 ,562 27 2,947 1,069 329 243 2,418 Apr. 16 5,426 134 38 15,92216,991 300 719 950 ,558 28 2,932 1,042 324 485 2,418 Apr. 23 5,381 135 35 16,22116,973 314 1,082 878 ,555 24 2,742 1,051 321 434 2,419 Apr. 30 5,350 129 3 16,28417,178 389 862 1,008 ,574 24 2,811 1,050 323 350 2,428 May 7 5,36 135 30 16,10316,612 37 698 910 ,565 25 2,802 1,024 324 536 2,429 May 14 5,362 142 38 16,06316,944 335 613 1,132 ,568 25 2,827 1,013 324 338 2,429 May 21 5,501 131 42 16,23617,000 30: 1,034 1,237 ,588 25 2,755 1,072 326 216 2,429 May 28 5,394 169 35 16,59717,266 40' 986 1,007 ,628 25 2,750 1,095 335 402 2,424 June 4 5,471 196 35 16,42117,159 291 741 944 ,613 25 2,762 1,078 340 608 2,427 June 11 5,264 215 33 16,58917,459 266 621 749 ,624 22 2,768 1,044 348 471 2,426 June 18 5,970 18 39 17,18518,131 235 1,140 816 ,639 22 3,045 1,037 350 535 2,422 June 25 5,376 200 41 16,55517,260 251 1,134 1,516 ,648 22 2,879 1,062 347 285 2,420 July 2 5,138 188 3 15,90116,922 230 1,174 3,127 ,625 21 3,125 1,048 360 221 2,434 July 9 5,45 19 35 15,80916,558 294 811 2,786 ,601 22 2,973 1,044 358 381 2,436 July 16 5,446 178 36 15,80916,820 264 701 2,494 ,581 23 2,933 1,014 360 495 2,434 July 23 5,470 179 35 16,08216,786 294 783 2,241 ,592 22 2,804 1,017 361 299 2,435 July 30 5,56 184 33 16,16216,963 318 912 2,023 ,584 23 2,777 1,076 358 518 2,433 Aug. 6 5,276 168 31 15,59516,231 296 557 1,903 ,573 24 2,861 1,095 347 504 2,446 Aug. 13 5,16 17/ 3 15,50116,410 26. 598 1,777 , 560 24 2,907 1,104 353 456 2,442 Aug. 20 5,270 16.1 40 15,60616,411 250 614 1,699 ,553 24 2,791 1,058 358 454 2,443 Aug. 27 5,051 17/ 36 16,04716,692 293 544 1,490 1,551 24 2,697 1,032 367 319 2,442 Sept. 3 5,085 169 3. 15,77416,575 273 622 1,121 1,560 25 2,840 1,090 373 448 2,445 Sept. 10 5,210 184 3. 15,95016,757 257 536 956 1,569 28 2,903 1,076 379 504 2,442 Sept. 17 5,419 147 54 16,30517,348 281 874 1,074 1,567 27 3,224 1,039 380 315 2,438 Sept. 24 5,45 148 48 15,86616,634 258 589 1,544 1,582 27 3,152 1,056 383 170 2,432 Oct. 1 5,101 139 43 15,76416,880 314 1,075 1,215 1,568 27 3,091 1,090 391 340 2,447 Oct. 8 5,163 150 49 15,70516,383 336 740 1,717 1,588 29 3,014 1 ,091 396 444 2,448 Oct. 15 5,219 148 51 15,64717,246 337 869 1,527 1,570 29 3,156 1,102 402 425 2,448 Oct. 22 5,352 145 43 15,99916,927 396 676 1,264 1,575 29 2,991 1,108 404 266 2,445 Oct. 29 5,179 154 44 16,01416,848 398 628 1,181 1,574 29 2,850 1,119 414 351 2,446 5,266 154 35 15,71616,702 449 795 1,049 1,621 30 2,977 1,081 420 587 2,458 Nov.12 . 5,160 173 40 15,77317,093 387 885 989 1,612 30 3,053 1,102 436 403 2,458 Nov.19 5,242 153 43 15,83616,769 360 800 1,026 1,597 30 3,021 1,068 453 440 2.448 Nov.26 5,363 175 45 16,07417,117 345 826 1,659 1,642 30 2,908 1,070 455 344 2,446 Dec. 3 5,464 163 40 16,31417,192 305 842 1,318 1,628 31 2,957 1,089 456 504 2,459 Dec. 10 5,299 192 37 16,54717,496 279 870 1,002 1,641 31 2,924 1,098 460 564 2,445 Dec. 17 . ... 5,433 195 44 16,99518,049 306 857 869 1,677 31 3,048 1,119 457 461 2,443 Dec. 24 5,280 168 45 16,33217,388 314 807 1,158 1,681 31 3,028 1,118 454 751 2,460 Dec. 31 . 5,060 150 58 16,35318,002 321 1,109 1,142 1,699 31 3,341 1,143 462 130 2,477 1953—Jan. 7 5,135 155 36 16,15417,006 268 681 840 1,646 29 3,074 1,091 461 410 2,476 Jan. 14 5,051 158 47 16,19717,160 274 817 635 1,628 29 3,095 1,072 458 321 2,476 Jan. 21 5,096 140 45 16,23417,187 280 678 606 1,634 27 3,059 1,067 456 333 2,476 Jan. 28 . . 5,079 148 39 16,34717,094 325 623 631 1,645 29 2,909 1,064 456 302 2,477 Feb. 4 5,105 138 35 15,91816,685 297 653 708 1,645 30 1,059 445 438 2,488 Feb. 11 4,933 160 34 15,80616,732 301 790 744 1,642 31 2,856 1,031 445 354 ,488 Feb. 18 5,017 137 41 15,82316,869 303 691 887 1,653 31 2,917 1,023 443 370 ,489 Feb. 25 4,870 154 39 15,68116,822 290 705 831 1,675 31 2,883 1,033 445 362 2,493 * For description of the revised series see BULLETIN for April 1953, p. 357. demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. MAY 1953 553 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—REVISED SERIES, OUTSIDE NEW YORK CITY* LOANS AND INVESTMENTS [In millions of dollars] Loans* Investments For purchasing U. S. Government obligations or carrying securities TV Com- 1 Ota.i mer- Date i m n lo a v e n a e n n d s t s t s - TotaP i t n a r c d i n i a a u d l l s , , - an T d o d b e r a o l k e e rs rs To others e l R o st a e a n a t l s e b L a o t n o a k n s s O lo t a h n e s r Total c C t a i e f t i e r - - s O s ri e t t h c ie e u r s t a c u g u r r l a i - - l G U t l i o i o o . g b v n a S - - s t . . O c t s u t i e h e r - s i e - r G t U l i o i o o g . b S v n a - . - s t.O c t s u t i e h e r - s i e - r Total Bills o d n f e e e d b i s - n t s - - Notes Bonds2 1952—Jan. 2.... 53,697 24,136 13,679 28 226 91 350 5,226 118 4,787 29,561 24,696 3,128 3,052 4,62613,8904,865 Jan. 9 53 722 23,980 13 597 24 211 84 350 5,223 102 4,759 29,742 24,871 3,315 3,026 4,62913,9014,871 Jan. 16.... 53 922 24,121 13,674 22 224 82 349 5,231 149 4,759 29,801 24,951 3,365 3,022 4,63613,9284,850 Jan. 23.... 53 743 23,906 13 550 20 195 81 346 5,236 99 4,751 29,837 24,954 3,313 3,097 4,621 13,9234,883 Jan. 30.... 53 769 23,868 13 481 20 197 81 347 5,237 125 4,752 29,901 25,018 3,325 3,141 4,613 13,9394,883 Feb. 6.... 53 751 23,862 13 422 22 213 80 346 5,233 170 4,750 29,889i24,978 3,261 3,155 4,610 13,9524,911 Feb. 13.... 53 729 23,900 13 417 32 219 81 347 5,242 189 4,747 29,829 24,875 3,184 3,179 4,60813,9044,954 Feb. 20.... 53 435 23,831 13 398 33 200 78 348 5,238 153 4,758 29,604|24,662 3,065 3,150 4,61013,8374,942 Feb. 27.... 53 374 23,822 13 383 29 201 79 343 5,247 160 4,754 29,552 24,595 3,006 3,153 4,619 13,8174,957 Mar. 5.... 53 195 23 841 13 344 33 198 80 344 5,249 234 4,737 29,354 24,381 2,832 3,089 4,62213,8384,973 Mar. 12 53 398 23 956 13 447 41 198 80 347 5,250 203 4,769 29,442 24,456! 2,945 3,081 4,62613,8044,986 Mar. 19.... 53 551 24,039 13 620 28 198 80 347 5,253 112 4,781 29,512 24,517 3,036 3,116 4,60813,7574,995 Mar.26.... 53 552 23,970 13 554 28 210 79 347 5,259 68 4,807 29,582 24 566 3,036 3,112 4,60713,8115,016 Apr. 2.... 53 027 23 953 13 476 25 211 93 349 5,265 121 4,795 29 074|24,015 2,575 3,022 4,60213,8165,059 Apr. 9.... 53 014 24 016 13 422 60 207 80 347 5,265 210 4,806 28,998j23 905 2,494 2,982 4,58313,8465,093 Apr. 16.... 53 335 24 034 13 423 63 216 81 353 5,290 205 4,784 29 301 24 212 2,767 3,023 4,57013,8525,089 Apr. 23.... 53 280 23 994 13 359 104 236 81 355 5,296 138 4,806 29 286|24 176 2,685 3,066 4,56713,8585,110 Apr. 30.... 53 300 24 012 13 302 94 247 77 355 5,300 196 4,822 29 288:24 180 2,661 3,098 4,55313,8685,108 May 7 53 270 23 968 13 247 168 221 77 356 5,306 143 4,831 29 302 24 162 2,596 3,090 4,57813,8985,140 May 14.... 53 314 24 016 13 252 155 219 77 355 5,315 179 4,845 29 298!24 168 2,542 3,096 4,582 13,9485,130 May 21.... 53 410 24 007 13 207 104 238 78 356 5,318 204 4,884 29 403 24 262 2,565 3,122 4,59913,9765,141 May 28.... 53 453 24 048 13 138 125 253 78 359 5,331 213 4,933 29 405 24 206 2,502 3,144 4,59013,9705,199 J Ju u n n e e 1 4 1 . . . . . . . . 5 5 3 3 5 7 0 2 7 7 2 2 3 4 9 0 5 1 7 2 1 1 3 3 0 1 6 2 7 5 1 13 2 2 9 2 2 6 2 2 7 7 78 7 3 3 5 5 5 3 5 5 , , 3 3 3 4 7 6 1 1 5 4 7 4 4 4 , ,9 9 9 5 2 0 2 29 9 5 7 5 1 0 5 2 2 4 4 3 5 5 1 8 4 2 2 , , 6 8 7 6 2 0 3 3 , , 1 0 1 9 9 9 4 4, , 6 6 1 0 9 7 1 1 3 3 , , 9 9 3 6 6 05 5 , , 1 2 9 0 2 1 June 18.... 54 407 24 355 13 233 121 236 83 354 5,359 323 5,02830 052 24 806 2,986 3,116 4,62614,0785,246 June 25.... 54 556 24 486 13 233 187 256 84 350 5,381 324 5,05230 070 24 800 2,963 3,072 4,62914,1365,270 July 2 55 303 24 544 13 177 237 348 156 362 5,393 144 5,110 30 759 25 462 2,739 3,122 4,62914,9725,297 July 9.... 55 338 24 508 13 201 182 303 151 361 5,409 172 5,112 30 830 25 530 2,731 3,110 4,63815,0515,300 July 16 55 494 24 621 13 276 212 261 152 364 5,418 212 5.110 30 873 25 570 2,749 3,098 4,63915,0845,303 July 23.... 55 348 24 620 13 277 244 268 145 362 5,434 143 5,131 30 728 25 423 2,674 3,038 4,62815,0835,305 July 30.... 55 314 24 614 13 291 217 280 127 362 5,447 114 5,161 30 700 25 382 2,608 2,984 4,64415,1465,318 Aug. 6.... 55 125 24 643 13 304 139 247 121 365 5,449 233 5,170 30 482 25 160 2,385 2,915 4,64615,2145,322 Aug. 13 55 196 24 719 13 323 128 249 114 364 5,476 281 5,169 30 477 25 132 2,328 2,919 4,65215,2335,345 Aug. 20.... 55 170 24 717 13 365 111 258 110 409 5,487 205 5 15830 453 25 100 2,248 2,906 4,65515,2915,353 Aug. 27 55 143 24 809 13 425 135 259 108 411 5,503 164 5,189 30 334 24 901 2,092 2,858 4,66515,2865,433 Sept. 3.... 55 180 25 058 13 521 112 262 110 413 5,513 290 5,222 30 122 24 739 2,029 2,800 4,65815,2525,383 Sept. 10 55 291 25 211 13 627 112 264 107 413 5,538 287 5,24930 080 24 672 1,960 2,799 4,65515,2585,408 Sept. 17.... 55,564 25 387 13 785 89 252 110 408 5,553 299 5,27730 177 24 762 2,149 2,728 4,65415,2315,415 Sept. 24 55,267 25 303 13 851 62 243 110 411 5,564 157 5,29029 964 24 576 1,977 2,752 4,63215,2155,388 Oct. 1.... 55,416 25 505 13,863 87 269 107 409 5,581 225 5,348 29 911 24 520 1,959 2,376 4,95815,2275,391 Oct. 8 56,628 25 604 13,944 130 260 106 408 5,589 208 5,34631 024 25 642 3,055 2,327 5.017 15,2435,382 Oct. 15.... 57,046 25,897 14,043 136 252 105 407 5,608 341 5,39431 149 25 751 3,203 2,283 5,016 15,2495,398 Oct. 22 56,707 25,762 14,095 96 257 96 414 5,623 166 5,40430 945 25 520 3,023 2,242 5,011 15,2445,425 Oct. 29.... 56,712 25,936 14,169 97 248 94 410 5,637 225 5,44330 776 25 367 2,930 2,221 4,96715,2495,409 Nov. 5.... 56,889 26,068 14,280 131 240 94 408 5,644 161 5,49930 821 25 396 2,948 2,207 5,014 15,2275,425 Nov. 12.... 56,880 26,213 14,435 128 224 91 406 5,661 152 5,50530 667 25 285 2,837 2,218 5,00615,2245,382 Nov. 19.... 56,990 26 356 14,511 116 221 89 406 5,675 204 5,52330 634 25 209 2,760 2,261 4,98715,2015,425 Nov.26.... 57,780 26,474 14,522 181 230 88 408 5,683 217 5,53431 306 25 871 3,394 2,238 5,02615,2135,435 Dec. 3.... 57,547 26,410 14,503 100 231 88 411 5,684 214 5,571 31 137 25 765 3,368 2,230 4,99315,1745,372 Dec. 10... 57,545 26,519 14,586 132 229 85 414 5,690 195 5,57931 026 25 674 3,348 2,224 4,962 15,1405,352 Dec. 17.... 57,890 26 768 14,673 143 249 84 414 5,695 288 5,615 31,122 25 775 3,472 2,233 4,916 15,1545,347 Dec. 24.... 57,640 26,796 14,711 166 250 80 420 5,713 193 5,65430,844 25 514 3,255 2,231 4,93715,0915,330 Dec. 31.... 57,368 26 695 14,655 211 262 96 426 5,715 47 5,69330,673 25,336 3,077 2,233 4,90015,1265,337 1953—Jan. 1.... 57,618 26,709 14,542 163 291 89 422 5,713 206 5,69930 909 25 616 3,353 2,213 4,90815,1425,293 Jan. 14 57,664 26,677 14,538 89 261 86 422 5,728 263 5,70630,987 25,613 3,328 2,240 4,90715,1385,374 Jan. 21.... 57,489 26,608 14,467 95 272 94 425 5,732 195 5,74430,881 25,490 3,250 2,236 4,910 15,0945,391 Jan. 28.... 57,099 26,534 14,415 102 262 93 427 5,744 162 5,74430,565 25,180 3,015 2,213 4,89915,0535,385 Feb. 4.... 56,990 26,596 14,395 193 249 92 434 5,746 147 5,75730,394 25,005 2,911 2,219 4,861 15,0145,389 Feb. 11 56,973 26,724 14,415 208 285 94 429 5,748 187 5,77630,249 24,858 2,768 2,224 4,85015,0165,391 Feb. 18.... 56,929 26,734 14,346 177 293 94 432 5,755 258 5,797 30,195 24,742 2,668 2,103 4,84715,1245,453 Feb. 25.... 56,686 26,639 14,326 113 259 94 433 5,765 265 5,80630,047 24,687 2,601 2,074 4,85215,1605,360 * For description of the revised series see BULLETIN for April 1953, p. 357. . 1 Figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total, which is shown net. 2 Includes guaranteed obligations. 554 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—REVISED SERIES, OUTSIDE NEW YORK CITY *—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Date B s w F e R e a e r r i e n a d t v h - l k - e s v C a i a n u s l h t b m a w a d n e n i o c s t e k - h ti s s c j p m u o a d s a d s e t n i e - - t d d s 1 s p p u v n h c a o a a o e i n i r d r l p r r d s a t - - - s - , - , S p s d s a i i o t u i c o n a v l a b d n i t i l t - e - s - s c C c O h f a e e e i e n t f e r r c f c d d i t s . k - i ' - s u m G er . o e n n v - s t - . s p p u n v c h a o a a o n e i i r r l p d r r d s a t - - - s - , - , p S s d s a i i o t u i c o n a v l a b n d i t i l t - e - s - s P U m G S e i a o n r a . n o e s g n v d n v S t s - - a t - . l m D ti e D o c s - e - ma F n ei d o g r n - Time r B i o n o w g r s - - c C o i a t u a c a p n - l - ts tions tions 1952—Jan. 2 9,752 845 2,91 37,64138,470 3,306 978 1,42013,884 694 119 8,443 228 97 294 4,526 Jan. 9 9,773 839 2,624 37,89 37,865 3,247 777 1,05113,939 704 119 8,066 221 95 463 4,532 Jan. 16 10,04 786 2,758 38,55339,234 3,265 838 89113,938 702 111 8,166 235 97 439 4,520 Jan. 23.... 9,825 784 2,649 38,34538,23: 3,298 809 96313,950 704 118 7,827 220 97 381 4,524 Jan. 30 9,578 784 2,377 38,09537,751 3,429 74 1,11413,951 707 11 7,206 219 102 580 4,546 Feb. 6 9,646 733 2,298 37,62437,183 3,482 760 1,381 13,980 718 118 7,391 218 101 504 4,545 Feb. 13 9,67. 809 2,485 37,50838,423 3,36: 775 1,47713,994 719 119 7,34: 206 100 813 4,557 Feb. 20 9,556 764 2,364 37,00037,037 3,313 784 1,83514,000 735 121 7,11 209 101 591 4,540 Feb. 27.... 9,384 799 2,35^ 36,87136,976 3,364 794 1,67814,034 739 121 7,043 204 100 685 4,560 Mar. 5.... 9,455 721 2,340 36,71336,626 3,28. 776 1,30914,089 735 123 7,233 203 100 733 4,564 Mar. 12 9,512 778 2,458 37,42037,89: 3,221 790 1,16614,079 735 12: 7,290 204 100 584 4,567 Mar. 19 9,99 764 2,736 37,24837,472 3,212 878 2,190 14,064 733 12: 7,56 20' 102 346 4,569 Mar. 26 9,516 766 2,648 36,52636,346 3,320 820 2,784 14,064 736 122 7,160 211 100 291 4,583 Apr. 2 9,566 709 2,49: 35,77735,542 3,459 869 2,472 14,061 74: 121 7,418 22: 104 396 592 Apr. 9 9,506 755 2,36 36,09835,83 3,321 768 2,331 14,098 744 121 7,099 214 104 328 598 Apr. 16 9,641 752 2,503 36,60137,271 3,419 813 2,219 14,111 74: 123 7,244 220 103 366 4,595 Apr. 23 9,46 760 2,25^ 36,64236,381 3,506 796 2,044 14,122 744 12: 6,635 218 103 62 4,599 Apr. 30 9,551 736 2,283 36,74236,430 3,734 824 2,213 14,126 748 123 6,56: 213 105 522 4,622 May 7 9,569 735 2,256 36,49635,87 3,688 753 1,82514,163 743 124 6,94 218 104 674 4,643 May 14 9,497 789 2,43 36,59936,982 3,622 769 1,82514,158 759 12 7,116 209 106 616 4,636 May 21 9,605 753 2,291 36,64536,470 3,612 739 2,23714,178 75 126 6,704 210 106 583 4,634 May 28 9,376 791 2,299 36,96836,574 3,660 768 1,93814,185 760 126 6,469 206 106 619 4,655 June 4. ... 9,377 761 2,30. 36,79536,754 3,563 797 1,78714,229 754 125 6,904 215 108 487 4,663 June 11 9,574 797 2,366 37,31637,610 3,377 768 1,53414,243 753 124 7,043 217 112 591 4,663 June 18.... 9,989 776 2,533 37,45237,908 3,380 927 2,417 14,253 753 123 7,257 223 113 524 4,665 June 25.... 9,583 797 2,347 37,02036,715 3,606 870 2,949 14,291 745 12J 6,801 220 113 432 4,674 July 2.... 9,909 732 2,528 36,50836,587 3,519 909 3,868 14,322 747 126 7,197 217 112 804 4,674 July 9 9,688 796 2,401 36,64236,585 3,403 812 3,401 14,333 748 126 7,337 231 116 723 4,663 July 16 9,769 764 2,482 36,89837,800 3,225 795 3,197 14,347 758 128 7,315 232 117 941 4,649 July 23 9,687 776 2,313 37,08437,088 3,244 781 3,014 14,359 761 127 6,928 228 117 917 4,662 July 30 9,742 794 2,247 37,31736,916 3,432 777 2,837 14,363 761 131 6,764 245 117 981 4,671 Aug. 6.... 9,737 741 2,350 36,97636,636 3,476 759 2,80914,400 754 129 7,238 246 114 698 4,679 Aug. 13 9,733 787 2,446 37,04337,646 3,247 750 2,74514,413 753 134 7,443 255 115 650 4,681 Aug. 20 9,823 761 2,331 36,86236,985 3,247 797 2,93514,412 748 134 7,172 255 115 827 4,677 Aug. 27 9,632 802 2,250 37,06937,146 3,219 736 2,64014,433 747 6,996 257 115 820 4,685 Sept. 3 9,493 769 2,313 37,208 37,366 3,336 842 2,06514,452 745 135 7,357 257 114 806 4,707 Sept. 10 9,812 811 2,363 37,68438,166 3,240 799 1,88314,477 744 133 7,684 249 117 662 4,705 Sept. 17 10,191 779 2,701 37,62738,750 3,126 910 2,60114,499 737 137 7,990 253 114 577 4,704 Sept. 24 9,855 805 2,637 37,12437,408 3,128 833 2,98914,526 737 136 7,413 262 116 539 4,716 Oct. 1 9,749 757 2,381 37, ,646 3,254 927 2,386 14,576 734 135 7,387 250 119 731 4,730 Oct. 8 9,754 780 2,361 37,17537,527 3,091 874 3,020 14,624 723 136 7,791 253 119 932 4,740 Oct. 15 9,976 808 2,675 37,72139,957 3,002 884 2,946 14,650 715 137 8,382 250 123 804 4,733 Oct. 22 10,055 803 2,392 37,94938,678 3,090 792 2,475 14,674 713 137 7,777 251 122 ,079 4,740 Oct. 29 9,992 847 2,325 38,300 38,660 3,216 773 2,306 14,692 714 136 7,488 247 123 ,054 4,757 Nov. 5 9,732 774 2,406 38,04438,931 3,287 818 2,051 14,721 717 137 7,815 256 122 ,131 4,766 Nov. 12 9,907 871 2,539 38,269 40,007 3,194 857 1,97714,715 718 139 7,990 255 124 ,215 4,767 Nov. 19 10,051 816 2,510 38,12039,041 3,169 900 2,353 14,675 724 139 7,978 260 128 ,194 4,759 Nov. 26 10,232 811 2,347 38,61439,189 3,259 880 3,092 14,653 721 139 7,444 265 126 ,288 4,771 Dec. 3 10,089 824 2,374 38,81138,979 3,305 897 2,518 14,661 725 140 7,686 252 124 ,122 4,779 Dec. 10 10,192 892 2,358 39,31939,726 3,228 833 2,005 14,683 725 139 7,731 247 124 ,192 4,775 Dec. 17 10,243 889 2,574 39,57140,527 3,206 929 2,240 14,708 733 139 8,146 244 124 835 4,779 Dec. 24 10,512 798 2,479 39,116 40,058 3,265 867 2,386 14,759 733 140 8,010 252 123 1,073 4,774 Dec. 31 9,489 863 3,021 39,020 40,262 3,477 1,014 2,425 14,870 732 142 8,352 267 124 15 4,781 1953—Jan. 7 10,218 863 2,409 39,05739,029 3,421 897 1,90414,886 727 142 8,123 266 1,129 782 Jan. 14 10,060 859 2,559 39,40540,311 3,351 930 1,57914,869 737 143 8,258 256 124 987 755 Jan. 21 10,129 813 2,499 39,50439,921 3,455 890 1,62114,883 740 140 7,963 260 124 907 4,755 Jan. 28 10,031 830 2,305 39,19939,018 3,569 808 1,73114,883 741 143 7,249 250 123 1,124 4,782 Feb. 4 10,041 764 2,272 38,671 8,295 3,648 805 1,97614,911 745 142 7,357 247 126 1,066 ,788 Feb. 11 9,984 796 2,287 38,543 8,723 3,641 799 2,102 14,937 748 141 7,309 235 126 1,061 ,795 Feb. 18 9,862 792 2,446 37,948 18,429 3,463 859 2,627 14,948 746 142 7,509 248 127 853 796 Feb. 25 9,831 838 2,371 38,130 8,520 3,500 779 2,478 14,966 752 140 7,128 247 127 898 4,812 * For description of the revised series see BULLETIN for April 1953, page 357. 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. MAY 1953 555 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PAGE International capital transactions of the United States 558-563 Gold production 563 Reported gold reserves of central banks and governments 564 Gold movements; gold stock of the United States 565 International Monetary Fund and Bank 566 Central Banks 566-570 Money rates in foreign countries 571 Commercial banks 572 Foreign exchange rates 573 Price movements in principal countries: Wholesale prices 574 Consumers' price indexes 575 Security prices 575 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. MAY 1953 557 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES TABLE 1.—NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935, BY TYPES [Net movement from United States, (-). In millions of dollars] Increase in banking funds in U. S.l Decrease Domestic Foreign From Jan. 2, 1935, in U. S. securities: securities: Inflow in through— Total Total o F f o fi r c e i i a g l n s F o o t r h e e ig r n I t n i t o e n r a n l a 3 - a b b a fu n r n o k d a i s n d g 1 In f f o u fl r n o e d w i s g n 4 of o R f f u e n U t d u . s r n S * . b b r a o l k a e n r c a e g s e 1947—Dec. 31 8,343.7 6,362.3 1.121.8 2,998.5 2,242.0 186.5 375.5 1,276.9 142.4 1948—Dec. 31 8,569.1 6,963.9 2,126.0 2,993.6 1,844.3 116.8 183.3 1,182.1 123.1 1949—Dec. 31 8,763.5 6,863.9 2,197.8 3,028.2 1,637.8 307.6 258 5 1,209.9 123.7 1950—Dec. 31 10,521.1 7,890 7 2.715.6 3.472 8 L.702.3 231.4 1.202 9 1 064.5 131.7 1951—Dec. 31 10,140.7 8,548.1 2.770.2 4,089.6 1,688.3 160.9 618 6 687.5 125.6 1952—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 1,638.7 109.7 622.4 575.4 127.0 May 31 10,466.6 9,199.1 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 1.683.5 99.8 624.1 436.3 133.4 July 31 '•10,937.1 '9,602.1 3,615.3 '4,220.3 1,766.5 103.2 647.0 455.2 129.7 Aug. 31 '11,127.0 '•9,772.3 3,791 .3 '4,207.0 1,773.9 63.0 679.9 486.3 125.5 Sept. 30 '•11,355.6 '9,952.7 3,909.1 '4,262.6 1.781.0 106.0 673.8 495.6 127.6 Oct. 31 »-ll,438.2 '9,833.5 3,831.9 '4,191.8 1,809.8 110.7 859.6 506.6 127.9 Nov. 30 '11,567.3 '9,924.0 3,959.7 '4,218.6 L,745.6 108.2 901.4 513.6 120.1 Dec. 31 11,383.1 9,779.6 3,763.3 4,277.8 1,738.5 80.6 933.5 465.6 123.8 1953—Jan. 31* 11,360.0 9,725.0 3,687.7 4,290.1 1,747.1 93.4 966.4 448.0 127.3 Feb. 28P 11,209.2 9,616.8 3,625.6 4,266.0 1,725.2 96.0 973.8 400.1 122.4 TABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 5 [Amounts outstanding, in millions of dollars] Tota breign In- countries Date t t i e i n o r s n n t a a i- l - Official U K d n 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 6 - 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 tutions3 and Official2 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... ,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 11,151.8167.4 1949—Dec. 31... ,657.8 5,960.2 2,908.1 574 4 171.6 170.5 576.9 303.6 717 0 2,513.9 869.1 1,436 7 961.0 179.5 1950—Dec. 31... ,722.2 76,922.6 3,425.9 7656 6 260 7 193 6 553 0 314.7 799 2 72,777.7 899.0 1.612 9 ,378.5 254.5 1951—Dec. 31... ,708.2 7,594.0 3.480.5 642 6 289.4 148.8 521.3 300.5 1,022.2 2,924.7 1,307.1 ,455 2 1,609.6297.4 1952—Mar. 31... ,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... ,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 .. ,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... U703.4 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 ,5172 L,792.0 333.2 July 31... L.786.5 '8 ,569 7 4,325.6 '849 2 344.3 241.2 617.5 291.71,058 3 '3,402.1 1,540.3 1,538 0 1,757.7 331.6 Aug. 31. .. L.793.8 '8 ,732 5 4,501.6 '834 8 395.6 299 4 612.0 294 9 1,083 5 '3,520.3 1,528.1 1,570.0 L,743.5 370.7 Sept. 30... L,800.9 '8 ,905 9 4,619.4 '866 5 404.0 345 1 614.3 291 9 1,141 4 '3,663.1 1,530.1 L.580 7 1,795.1336.8 Oct. 31... 1,829.7 '8 ,757 9 4,542.2 '890 1 348.4 384 3 624.0 305 71,207 9 '3,760.5 1,373.3 1,520 7 L.781.9321.5 Nov. 30... ,765.6 '8 ,912 5 4,670.0 '976 3 337.3 343 627.7 326 21,243 1 '3,853 .8 1,356.5 1,561 2 1,812.9328.1 Dec. 31. .. L,758 4 8,775 3 4,473.6 815 6 342.6 203 1 641.8 308 9 1,259 3 3,571.2 1,415.9 1,607.6 1,845.0335.6 1953—Jan. 31 P.. ,767.1 8,712 0 4,398.0 884 4 249.5 209 4 610.3 310 51 ,229 0 3,493.1 1,432.1 1,581 7 1,851.4353.7 Feb.28P.. L,745.2 8,625 7 4,335.9 751.3 253.4 220 0 605.9 276 51,273.6 3,380.6 1,375.2 1,611.3 1,900.5358.1 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. 3Includes Bank for International Settlements, International Bank for Reconstruction and Development, International Monetary Fund, and United Nations and other international organizations. 4Figures include transactions of international institutions, which are shown separately in Tables 6 and 7. Securities of such institutions are included in foreign securities. 6UShort-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.) 6 Beginning January 1950, excludes Bank for International Settlements, included in "International institutions" as of that date. 7 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, 558 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] Table 2a.—Other Europe Date E O u t r h o e p r e A tr u ia s- g B iu e m l- C v o z a s e k lo c i h a - - m 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 h H er1 1947—Dec. 31.. 739.8 124.9 52.8 30.5 89.5 34.7 56.2 47.1 8.7 12.8 58.6 73.7 12.1 138.2 1 19 9 4 4 9 g — — D D eecc>. 3 3i 1.. 7 7 3 1 8 7 . . 1 0 1 1 2 1 8 9 . . 7 9 3 4 8 4. . 7 0 2 1 5 9 . . 1 1 1 14 7 9 8 . . 4 9 2 29 1 . . 6 1 6 7 9 7 . . 4 7 3 3 7 8 . . 7 1 6 7 . . 7 0 1 1 5 3 . . 7 6 4 90 9 . . 1 0 2 1 1 0 .2 3 1 7 9 . . 6 9 1 1 1 1 9 7 .4 3 1950— Dec. 31.. 799.2 41.9 128.2 5.6 45.5 18.3 221 6 32.3 43.6 "4.2" 45.7 6.1 21.3 115.3 4.0 13.2 52.4 1951—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—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 A 84 5 2 1 11 4 45.0 Dec. 31. . 1,259.3 91.1 123.9 .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 45.2 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 Feb. 28?. 1,273.6 96.3 131.0 .5 60.7 28.6 552.2 53.8 116.9 4.5 52.4 6.1 19.0 93.3 3.4 9.7 45.3 Table 2b.—Latin 4meric«1 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 p m i D R c l u i i a o e c b n n - - - - G m u a a l t a e- M ic e o x- l W I S a a n e u n n d r e r d d - i s i e - s t s Peru l p P a i R c u m a e b n o a - - - f v S a E a d l l o - r g U u r a u y - V zu e e n l e a - A O L i m c a th a t e i e r 2 n r nam 1947—Dec. 31. 1,216.6 236.2 17.8 104 7 46.3 46 1 234 7 139.2 14.9 41.8 70 3 78.0 186.5 1948—Dec. 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 1949—Dec. 31. 1,436.7 201.1 13.5 192 8 60.9 85 9 164.2 214.6 25.9 52.8 74 3 143.2 207.4 1950—Dec. 31. 1,612.9 301.8 20.4 226 0 79.5 53 4 259 1 42.7' 25.4 207.1 30.2 60.2 59 2 16 1 75! 1 85.2 71.3 1951—Dec. 31. 1,455.2 249.7 27.8 100.3 54.0 106 4 263 6 45.8 27.3 158.2 34.9 47.2 67 7 27.8 84.7 71.9 87.8 1952—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 A 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. 1,607.6 138.8 24.5 72 5 79.3 118 2 301 2 44.2 34.3 231.2 44.3 60.9 80 8 25.6 94.1 145.5 112.2 1953—Jan. 31? 1,581.7 131.7 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 Feb. 28P 1,611.3 145.5 20.2 82 8 82.4 126 5 279 6 42.8 41.2 213.2 45.4 61.9 90 4 44.2 97.1 103.9 134.4 fable :2c.—Asia and All Other For- Egypt mosa Phil- and Union Date Asia C a h n i d na H Ko o n n g g India I n n e d s o ia - Iran IsraelJapan ip R p e i - ne 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 g B i e a l n - A E n g g y l p o - - So o u f th Other4 Main- public Congo tian Africa land Sudan 1947—Dec. 31. 1,057.9 229.9 39.8 62.4 69.3 31.3 488.6 37.6 99.0 193.7 30.6 25.0 46 4 91.8 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*6458.5 374.4 48 2 14.3 111.9 254.5 19.1 "58.1 75.6 44 0 57.7 1951—Dec. 31. 1,609.6 87.4 62.4 62.1 140.6 25.5 26 6596.0 329.7 96 7 14.1 168.4 297.4 38.5 54.5 110.7 7 0 86.8 1952—Mar. 31. 1,687.8 78.6 67.8 46.3 141.0 25.7 19 8682.4 332.2 121.0 10.6 162.4 325.9 38.4 57.8 127.3 9 0 93.3 Apr. 30. 1,755.0 80.1 65.6 52.1 171.1 23.8 27 6696.8 335.0 125 8 10.8 166.3 316.6 36.7 62.0 123.3 13.9 80.7 May 31. 1,826.0 80.2 62.7 67.3 190.2 23.5 37 8724.8 337.2 126 5 14.2 161.5 325.9 44.7 67.5 118.3 12 4 83.1 June 30. ,792.0 76.5 65.9 58.7 176.5 21.1 30 5730.7 333.0 126 8 20.6 151.7 333.2 49.5 72.6 117.7 10 9 82.5 July 31. L,757.7 76.3 68.1 61.6 154.0 24.7 26 8725.6 321.8 134 9 9.4 154.4 331.6 47.4 74.8 116.8 11 2 81.5 Aug. 31. ,743.5 80.4 69.6 54.8 114.5 22.6 26.5743.9 324.6 143 8 9.8 153.0 370.7 81.2 84.5 104.2 14 2 86.5 Sept. 30. 1,795.1 84.7 71.4 55.2 87.3 18.3 22 1772.6 319.7 157 9 8.8 197.2 336.8 54.1 90.4 91.7 11 8 88.7 Oct. 31 ,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. ,812.9 80.3 70.7 55.0 60.0 18.9 19 3789.1 315.1 176 5 11.0 217.1 328.1 48.4 105.2 62.0 23 0 89.5 Dec. 31. ,845.0 76.4 70.9 64.6 61.0 19.2 18 8808.0 315.1 181 0 8.4 221.5 335.6 47.2 118.6 59.7 23 6 86.5 1953—Jan. 31* 1,851.4 73.5 72.0 70.2 58.0 16.5 26 2821.6 305.7 186 7 10.2 210.7 353.7 51.1 117.8 58.4 36 3 90.1 Feb. 28* 1,900.5 72.8 71.4 75.1 60.6 16.4 21 6863.1 313.7 190 4 8.6 206.7 358.1 52.3 119.5 55.1 38 1 93.2 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. MAY 1953 559 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 3.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES» [Amounts outstanding, in millions of dollars] Date Total U K d n i o i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O ur th o e p r e E T u o ro ta p l e C a a d n a - A L i m a c t a e in r- Asia o A th l e l r 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—Mar. 31... 1,004.4 35.4 13.2 5.7 11.6 21.5 89.6 176.9 72.1 570.2 149.5 35.7 Apr. 30... 1,019.7 33.5 13.8 3.4 8.6 23.5 81.1 163.9 76.4 601.1 144.8 33.5 May 31... 1,038.7 42.0 11.6 3.3 7.3 24.9 79.1 168.2 69.5 652.2 117.4 31.5 June 30... 1,029.6 36.2 11.7 3.1 9.8 30.4 68.8 160.2 51.4 669.6 118.0 30.4 July 31... 1,026.2 30.9 11.6 3.8 8.0 28.6 67.2 150.0 45.1 700.1 105.2 25.8 Aug. 31... 1,066.3 32.2 9.2 3.3 9.8 24.6 66.5 145.7 53.3 715.2 128.4 23.7 Sept. 30... 1,023.4 26.8 9.3 2.6 8.4 19.6 75.1 141.8 58.3 658.3 141.6 23.4 Oct. 31... 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... 1,021.1 33.8 7.6 4.4 9.2 17.2 82.7 154.8 73.8 641.8 127.9 22.8 Dec. 31... 1,048.7 30.3 31.9 4.4 7.1 17.8 81.9 173.4 62.3 662.0 128.6 22.4 1953—Jan. 31 P.. 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 Feb. 28P.. 1,033.3 35.3 8.8 6.2 13.1 20.2 72.9 156.6 57.5 676.6 124.0 18.7 Table 3a.—Other Europe Date E O u t r h o e p r e A tr u ia s- g B iu e m l- m D a 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 2 1947—Dec# 31 .... 118 9 15.0 2.2 8.0 30.5 10.6 9.2 1 1 .9 5.4 («) 35.9 1948—DeCt 31 106.3 21.4 .6 3.4 30.5 1.2 8.4 .7 2.9 1.4 6.0 29.8 1949—Dec 31 98 5 19.3 .4 8.2 30.0 .7 7.4 .5 7.0 2.3 («) 22.6 1950—Dec. 31 67.1 .2 21.5 3.2 2.2 25 4 .2 1 4 5 1.6 6 9 4 0 1951—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—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 (8) 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 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 11.5 2.2 2.2 25.7 .2 1.8 .6 12.5 1.9 3.4 4.4 Sept. 30 75.1 A 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. 31 81.9 .8 16.2 2.1 5.6 26.8 .2 1.9 .5 11.2 2.5 8.6 5 4 1953—Tan 31 P 78.4 .3 16.2 3.5 5.1 24.1 .2 1.7 .5 9.4 2.6 7.8 7.0 Feb 28P 72.9 .2 15.9 4.3 4.4 27.3 .1 1.7 .6 5.7 2.2 3.9 6.6 Table 3b.—Latin America Neth- Date A L m i a c t e a i r n - A t r i g n e a n- l B iv o ia - Brazil Chile l C o b m i o a - - Cuba m p i D R c u a i o e b n n - - - - G m u a a l t a e- M ic e o x- I l W n a a e d n n e r i d d - e s s t s Peru l p P a i R c u m a e n b o - a - - f v S a E a d l l o - r g U u r a u y - V zu e e n l e a O A L ic a m t a h t i e e n 4 r r lic Surinam 1947—Dec. 31 514 3 65.2 2.0 165.8 27.8 32 6 108.6 52.2 1 l 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 .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 .3 5.8 5 3 25.6 43.1 1950—Dec. 31.. 378.8 45.9 8.7 78.0 6.8 42.5 27.6 "i!9 "2 .6 70.6 .3 11 0 3 1 *6 8 "8 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 .2 11.8 3 0 9 5 10.5 41.7 14.5 1952—Mar.31.. 570.2 8.6 8.1 234.9 29.3 33 8 56.6 2.1 4.2 101.1 .2 11.5 3 9 7 5 19.1 33.1 15.1 Apr. 30.. 601.1 7.8 8.6 272.2 29.1 31 5 54.7 2.9 4.1 94.4 .3 10.3 6 8 6 5 24.9 32.2 13.7 May 31.. 652.2 7.4 9.7 320.7 27.5 34 3 55.9 2.4 3.7 90.8 .1 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 .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 .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.. 662.0 8.2 5.8 356.4 26.4 41 7 32.5 1.6 4.2 88.6 L.3 14.8 6 5 9 1 14.3 36.7 13.7 1953—Jan. 31P. 647.5 7.4 6.5 353.2 23.4 36 4 23.5 1.8 4.4 94.2 L.4 15.7 8.7 8 5 14.0 34.2 14.3 Feb. 28P. 676.6 7.2 10.7 383.1 19.3 36 8 30.7 2.3 4.9 94.6 1.9 17.2 5.0 6 7 9.2 33.0 14.1 p Preliminary. 1 See footnote 1, p 558. 2 Beginning January 1950, excludes Austria, reported separately as of that date. 3 Less than $50,000. 4 Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date. 560 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 3.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] Table 3c—Asia and All Other For- Egypt Date Asia C m M a h n o i a n d s in a a - H K o o n n g g India I n n e d s o ia - Iran IsraelJapan i p P p R u h p b e i i l l - n - i e c T la h n a d i- T k u e r y - 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 t a n i g n a g y d n l p o - - A S U f o o r n u i i f c o t a h n Other 2 land Sudan 1947—Dec. 31.. 127.0 40.8 2.6 29.6 .5 .9 27.4 17.7 7.5 31.5 9.0 .1 14.4 8.0 1948—Dec. 31.. 118.8 24.2 3.4 20.4 1.9 15.9 37.3 1.4 14.3 19.7 4.7 .4 7.9 6.8 1 19 9 5 4 0 9 — — D i) eecc<. 3 3i 1.. 1 9 3 6 9 .3 7 1 1 6 8 .2 6 3 3 .0 7 1 16 7 . . 2 4 . . 2 2 6.6 18.9 1 14 2 .1 1 2 4 3 .9 2 1.5 14. .9 3 5 1 0 3 . . 3 9 2 6 0 0 .0 4 4 7 0 .8 9 4.4 .3 2 4 7 . . 5 3 7 7 . . 2 7 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—Mar. 31.. 149.5 9.1 2.8 20.4 .7 10.1 30.3 9.1 22.6 3.7 13.8 26.9 35.7 17.7 7.2 .1 5.7 5.0 Apr. 30.. 144.8 8.6 4.2 14.5 .9 10.8 29.3 11.0 23.7 2.8 23.6 15.3 33.5 13.5 7.6 .2 7.0 5.1 May 31.. 117.4 8.1 1.8 9.4 .6 10.6 30.1 12.5 27.4 3.2 1.6 12.1 31.5 12.7 7.8 .2 4.8 6.1 June 30.. 118.0 7.3 2.4 6.5 1.4 10.7 27.7 14.3 20.5 2.7 15.4 9.0 30.4 12.0 8.7 .2 4.7 4.9 July 31.. 105.2 8.1 .8 5.5 .5 10.3 27.4 10.4 6.9 2.3 16.7 16.3 25.8 9.6 8.2 .2 3.7 4.1 Aug. 31. . 128.4 8.3 1.3 4.2 .6 9.6 22.9 13.3 10.3 3.5 37.0 17.4 23.7 8.0 7.9 .5 3.5 3.8 Sept. 30.. 141.6 10.1 1.0 3.7 .7 9.3 22.8 10.1 5.3 3.8 55.7 19.2 23.4 8.2 6.9 .6 3.1 4.7 Oct. 31.. 132.8 10.1 .9 3.5 .9 10.1 18,7 12.6 6.4 3.4 51.0 15.3 22.2 8.7 6.7 .5 2.3 4.0 Nov. 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 31 128 6 10 1 1 2 4 3 .9 10 2 15 1 12 5 7 6 3 3 38 8 24 6 22 4 10 1 6 0 .5 2.0 3.8 1953—Jan. 31 P. 125.9 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 Feb. 28P. 124.0 9.8 2.4 3 3 .6 10.2 25.1 15.6 11.6 3.0 21.2 21 ? 18.7 6.4 6 6 .8 2.1 2.8 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 notes4 Corporate bonds and stocks 5 Net Year or month Purchases Sales pur N ch e a t ses Purchases Sales pur N ch e a t ses pu T rc o h t a a s l es T sa o l t e a s l p s d e u o c r m c u o h r e f i a s t s i t e i e c s s 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 -683 0 859 8 761 .0 98 7 1,533 .3 2,117.6 -584.3 1952 533.7 231.4 302.3 850.3 837.7 12 6 1,384.0 1,069.0 314 9 19«;2—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 45.0 17.0 27.9 93.7 89.4 4.3 138.6 106.5 32.2 1953—January* 42.6 15.9 26.6 81.8 75.6 6.2 124.4 91.5 32.9 February? 28.1 30.7 -2.6 74.7 64.7 10.0 102.8 95.4 7.4 TABLE 5.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM FOREIGN SECURITIES OWNED IN THE UNITED STATES, BY TYPES * (Return of U. S. Funds) [In millions of dollars] Foreign stocks Foreign bonds Net Total Total purchases Year or month Purchases Sales pur N ch e a t ses Purchases Sales pur N ch e a t ses purchases sales se fo c r u o e r f i i g ti n es 1947 57.1 42.6 14.6 658.7 634.3 24.5 715.9 676.8 39.0 1948 81.7 96.7 -15.0 211.6 291.4 -79.8 293.3 388.2 -94.8 1949 88.8 70.8 18.0 321.2 311.5 9.8 410.1 382.3 27.8 1950 173.8 198.2 -24.4 589.2 710.2 -121.0 763.0 908.4 -145.4 1951 272.3 348.7 -76.4 500.4 801 .0 -300.6 772.7 149.7 -377.0 1952 289.8 329.6 -39.8 495.3 677.4 -182.1 785.1 1,007.0 -221.9 1952—March 22.0 35.8 -13.8 21.5 28.4 -6.9 43.5 64.3 -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 27.5 11.4 63.6 54.3 9.3 October... 22.1 20.8 1.3 87.6 77.8 9.7 109.6 98.6 11.0 November 19.5 16.5 3.0 18.2 14.1 4.1 37.7 30.7 7.1 December 22.8 20.9 1.8 25.7 75.7 -49.9 48.5 96.6 -48.1 1953—January P. 25.4 26.1 -.7 33.0 49.9 -16.8 58.4 76.0 -17.6 FebruaryP. 24.7 23.4 1.4 18.6 67.8 -49.2 43.3 91.2 -47.8 P Preliminary. 1 Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. Beginning January 1950, excludes Iran* Israel, and Thailand, reported separately as of that date. 2 Beginning January 1950, excludes Belgian Congo, reported separately as of that date. 3 Includes transactions of international institutions. 4 Through 1949 includes transactions in corporate bonds. 5Through 1949 represents transactions in corporate stocks only. MAY 1953 561 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 6.—DOMESTIC SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES (Inflow of Foreign Funds) [Net sales, ( -). In millions of dollars] Inter- Y m e o a n r t o h r n t a u in t t i i s o o t n i n - a s l Total U K d n i o i n m t g ed - France N l e a t n h d e s r- Sw la it n z d er- Italy E O u t r h o e p r e E T u o r t o a p l e Canada A L m i a c t a e i r n - Asia ot A h l e l r 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 !o 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!o —22.2 45.9 1.9 —43.8 9i2 —595.5 13.9 4.8 — .7 1952 14.7 300.2 70.4 5.5 —21.9 50.7 .5 6.2 111 .4 191.6 4.7 -9.5 1.9 1952—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 -l!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.... .9 31.3 11.4 1.2 -2.2 4.5 -.3 -1.2 13.4 16.3 .1 1.0 .5 1953—Jan.p. . 25.5 7.4 4.8 1.3 -2.1 13.4 0) 2.0 19.4 -10.3 -1.1 .3 — .9 Feb.P. . 10.5 -3.1 8.8 -.4 -1.3 6.7 .1 -7.7 6.2 -10.3 .3 .1 .7 TABLE 6a.—DOMESTIC SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES Other Europe; Latin America; and Asia Re- For- Latin Co- public Other mosa Philip- 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 a r y - ot A h l e l r Am ic e a r- lo b m ia - Cuba M ic e o x- P am o a f n a - g U u r a u y - * A L m i a c t e a i r n - Asia M C a h a n i i d n n a - I n n e d si o a - p p R u in e b - e - O A t s h i e a r 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 -5.0 11.1 -15.3 -3.0 -.3 .9 -13.0 1951 -43.8 -11.9 5.7 -38.1 .5 13.9 .5 6.1 2.5 .8 2.6 1.5 4.8 -.2 .3 -2.1 6.8 1952 6.2 .4 -.5 6.0 .3 4.7 -.8 .2 2.6 -6.5 2.7 6.6 -9.5 -.3 -.1 -11.4 2.3 1952—Mar. .. -1.2 0) -.1 .1 -1.3 2.9 .6 .5 2.0 -.1 — .1 -2.1 -.2 8 -1.6 — 4 A M p a r y .. -.6 .7 0 0 ) ) . . 2 8 0 - ) .1 -1.3 .5 - 4 .4 .1 -1.1 .4 -.1 .8 l! 1. . 4 4 -.2 .5 1 1 . . 7 3 0) .2 .2 0) -.1 .1 A J J u u u n l g y e . . . . . . . . 1. . . 2 6 9 0 0 ) ) -.8 . . 4 4 0 0 ) ) 1. . . 8 6 2 -4 1 . . 8 . 5 9 - 1 .1 . . 1 3 — - 1 .2 . 3 .4 -.4 . . 8 7 - - 5 2 -. . . 3 9 3 1. . . 2 3 5 .4 - 0 — 7 ) .3 .2 K 0 0 0 ) ) ) - -7 i! . o 5 . . 8 6 Sept... -.4 0) -.1 -.2 -4.1 -1.3 -.1 .8 -3.1 -.8 0) (1).2 Oct.... 3.9 0) — .2 3^2 .9 1.1 -.2 -.3 .1 .8 -.3 i.i l.*2 0) 1.1 N D o ec v . . . . . . -1 3 . . 2 3 8 -1.5 .6 — 3. 1 .1 -.3 .5 3. . 4 1 -.1 .4 - 0 1 ) .6 1. . 1 3 2. . 3 4 0 0 ) ) . . 6 4 — 1. 0 .1 -!i 0 0 ) ) 0) 1. . 1 1 — .i 1953— F Ja e n b . . P P . . . . -7 2 . . 7 0 0) -.1 .9 -6.8 .9 -.6 .2 -1.1 .3 -1 -. . 3 3 0) .8 — . 4 .2 -.6 .3 .4 0) .1 . . 3 1 0) .2 C1) 0 0 ) ) . . 1 1 -.2 TABLE 7.—FOREIGN SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM FOREIGN SECURITIES OWNED IN THE UNITED STATES, BY COUNTRIES (Return of U. S. Funds) [Net sales, ( -). In millions of dollars] Y m e o a n r t o h r na I i n n ti t s o e t n r i- - al Total U K d n i o i n m t g ed - France N l e a t n h d e s r- Sw la it n z d er* Italy E O u t r h o e p r e E T u o r t o a p l e Canada A L m i a c t a e i r n - Asia ot A h l e l r tutions 1947 -249.3 288.3 -2.0 -3.1 -29.9 -14.9 -.3 15.6 -34.4 205.2 89.2 .5 27.8 1948 (i) -94.9 -9.9 -4.3 -5.3 -35.4 .1 11.4 -43.4 -102.2 40.7 1.6 8 4 1949 -16.0 43.8 -13.5 .4 -.1 19.1 .4 24.6 30.8 —10.6 20.2 .8 2.6 1950 -3.6 -141.8 -6.1 -1.3 -4.7 17.2 .5 7.8 13.4 -190.0 29.8 1.0 3.9 1951 -152.7 -224.3 -2.0 -4.1 2.8 14.2 1.2 16.4 28.5 —258.6 33.8 —36.0 7 9 1952 -118 1 -103.9 -4.4 4.9 -12.8 8.7 1.2 18.2 15.9 -141.0 25.3 —10.0 6 0 1952—Mar.... -4.4 -16.4 -.5 .2 .5 .4 -.2 2.8 3.1 -10.5 1.5 -5.0 -5.5 Apr.... 0) -62.2 .1 .5 .6 1.7 0) .4 3.3 -71.2 1.0 -4.1 8.8 May... -50.7 -100.1 -1.1 .5 -.2 1.0 2.1 2.3 -101.5 1.9 -3.0 .1 June... -.8 12.5 -1.6 .9 -3.9 -.2 — .2 6.1 1.2 11.2 2.5 -2.7 .4 July.. . 0) 18.9 -1.1 -.3 -6.7 -1.6 .4 -.4 -9.6 21.4 0) 6.7 .2 Aug.... -.6 31.7 -1.0 1.0 -2.9 2.1 -.3 .2 -1.0 28.3 1.1 2.7 .6 Sept. . 9.3 1.3 1.2 -.7 -.5 .1 .6 2.0 6.5 .6 .4 _ 2 Oct -58.8 69.8 4.0 .1 -.2 1.8 1.0 3.9 10.6 39.8 13.1 6.7 -.3 Nov.... -.8 7.9 -.7 -.1 -.1 .4 0) .7 .3 8.8 .2 -1.6 .2 Dec.... -.7 -47.4 -1.1 -.4 -.2 .7 .3 -.5 -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 Feb.P .. -1.3 -46.6 .3 .3 1.4 1.1 .1 .5 3.8 -47.0 1.9 -2.6 -2.6 9 Preliminary. » Less than $50,000. 1 Not available until 1950. 562 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 TABLE 9.—DEPOSITS AND OTHER DOLLAR ASSETS HELD COUNTRIES AT FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS * (The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases in Balances Held by Brokers and Dealers in [In millions of dollars] U. S. with Brokers and Dealers Abroad) [In millions of dollars] Assets in custody Latin Asia Date Deposits U. S. Gov- Year or month Total Europe Canada Amer- and all ernment Miscelica other securities 2 laneous 3 1947 -11.3 -9.3 -2.0 -.6 .5 1950—Dec. 31 895 ,571 60 1948 -19.3 -20.8 .1 1.2 .3 1951—Dec. 31 526 ,383 80 1949 .6 1.0 .9 -1.3 0) 1950 8.0 3.0 -3.0 4.4 3.5 1952—Apr. 30 518 ,663 50 1951 -6.1 -3.3 2.8 -5.0 — 6 May 31 599 ,691 50 1952 -1.8 -1.6 -1.0 1.0 -.2 June 30 548 ,757 51 July 31 724 ,972 54 1952—March 1.2 (l) 1.8 .1 Aug. 31 812 2,116 55 April -4.8 -2.9 1.4 -2.6 Sept. 30 707 2,236 65 May 4.1 2.6 -1.5 2.1 .8 Oct. 31 642 2,301 80 June 2.3 2.2 -.3 .5 -.1 Nov. 30 758 2,225 84 July -3.7 —2 1 .3 -2.0 0) Dec. 31 550 2,156 86 August -4.1 -3.3 .6 .4 -1.8 September. . . 2.0 -1.8 .6 1.9 1.3 1953—Jan. 31 586 2,182 85 October .3 .9 -1.8 .2 1.0 Feb. 28 511 2,170 89 November. . . -7.8 -3.2 -1.2 -2.4 -1.0 Mar. 31 536 2,246 90 December.. . . 3.7 1.5 0) 2.1 .1 Apr. 30 506 2,425 97 1953—JanuaryP 3.5 .3 2.0 .7 .4 May 6 517 2,433 97 February P... 2-4.8 -4.7 1.1 -1.0 2 May 13 618 2,407 98 P Preliminary. 1 Represents dollar assets belonging to foreign monetary authorities 1 Less than $50,000. and the Bank for International Settlements. Excludes assets held for 2 Amounts outstanding (in millions of dollars): foreign brokerage the International Bank for Reconstruction and Development and balances in U. S., 83.0; U. S. brokerage balances abroad, 37.4. International Monetary Fund and earmarked gold. See footnote 5, p. 565, for total gold under earmark at Federal Reserve Banks for foreign and international accounts. 2U. S. Treasury bills, certificates of indebtedness, notes and/or bonds. 3Includes bankers' acceptances, commercial paper, foreign and international bonds. NOTE.—For explanation of table and for back figures see p. 474 of this BULLETIN. GOLD PRODUCTION OUTSIDE USSR [In millions of dollars] Production reported monthly Estimated world Africa North and South America Other Y m e o ar n t o h r pr U o o u S d t S u si R c d t * e ion r m e T o p o n o t r t a h te l l d y A So fr u i t c h a d R e h s o i - a A W fr e i s c t a2 B C e o lg n i g a o n 2 S U t n a i t t e e s d 3 C a a d n a - M ic e o x- Co b l i o a m- Chile r N ag ic u a a - 4 Au l s i t a ra- India2 $1 rains of ilold 9/10fine: i. e., an ounce of finegold =$35. 1947 766 5 705.5 392.0 18.3 19.3 10 8 75.8 107.5 16.3 13.4 5.9 7.4 32.8 6.1 1948 798 0 728.1 405.5 18.0 23.4 11 1 70.9 123.5 12.9 11.7 5 7 7.8 31.2 6.5 1949 833 0 753.2 409.7 18.5 23.1 12.9 67.3 144.2 14.2 12.6 6.3 7 7 31.3 5.7 1950 857.5 777.1 408.2 17.9 24.1 12.0 80.1 155.4 14.3 13.3 6 7 8.0 30.4 6.7 1951 840 0 758.3 403.1 17.0 22 9 12.3 66.3 153.7 13.8 15.1 6 1 R 8 31.3 7.9 1952 413.7 17.4 23.8 13.7 67.8 156.5 14 8 8 9 8.5 1952—February.. 61.0 32.2 L.4 1.9 4.8 12.3 1.4 1.4 4 7 2.6 .7 March 63.3 34.4 L.3 1.9 .2 4.6 12.8 1.4 L.2 5 .7 2.5 .7 April .:.... 63.3 33.8 S 2.0 5.0 12.7 .9 1 6 4 7 2.8 .7 May 66.2 35.5 .4 2.0 5.1 12.8 2.1 L.5 5 8 2.7 .7 63.2 34.1 1.9 ? 5.5 12.6 .8 9 4 .8 2.9 .7 July 67.3 35.5 L.4 1.8 .2 6.4 13.1 1.4 .3 .6 .7 3.2 .7 August ... 65.8 34.9 6 2.0 6.5 13.0 1.0 6 7 2 4 .7 66.4 34.7 4 2.1 L 2 6.2 13.4 1.4 0 .6 .8 2.8 .8 October 35 4 •> 2.1 1 6 8 14 1 1 1 5 7 3 6 8 November. 34.3 1.5 2.1 1 6.0 13.6 3 8 2 9 .7 34.6 1.4 2.1 9 5.9 13.7 1.8 8 .7 1953—January.. . . 34.7 L.4 2.1 4.5 13.0 1.4 .7 .6 February 32 4 2.1 '? 4.3 12.3 7 .6 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 Reported by American Bureau of Metal Statistics. 3Yearly figures through 1951 are estimates of United States Mint. Figures for 1952 and 1953 are estimates of American Bureau of Metal Statistics. 4Gold 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; for figures subsequent to 1941 see BULLETIN for April 1953, p. 427. MAY 1953 563 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Estimated United States E m n o d n t o h f tota ( l e x w cl o . rld A t r i g n e a n- g B iu e m l- Bolivia Brazil Canada Chile lo C m o b - ia Cuba m De a n r - k E d c o u r a- USSR)* Treasury Total2 1947—Dec 34,550 22,754 22,868 322 597 23 354 294 45 83 279 32 20 1948—Dec 34,930 24,244 24,399 143 624 23 317 408 43 51 289 32 21 1949—Dec 35,410 24,427 24,563 216 698 23 317 496 40 52 299 32 21 1950—Dec 35,820 22,706 22.820 216 587 23 317 590 40 74 271 31 19 1951—Dec '35,960 22,695 22,873 268 621 23 317 850 45 311 31 22 1952—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 r36,210 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 P36.280 23,186 23,252 706 21 317 896 42 214 31 23 1953—Jan 22 986 23 079 709 317 900 42 214 31 23 Feb 22,662 22 751 701 317 904 42 31 23 Mar.. .. 22,563 22,649 702 317 911 42 31 23 E m n o d n t o h f Egypt France3 G m u a a l t a e- India Iran Italy Java Mexico N l e a t n h d e s r- Ze N a e la w nd N w o a r y - Pa ta k n is- Peru 1947—Dec 53 548 27 274 142 58 M80 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—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 27 247 138 346 235 144 544 33 50 38 46 1953 jan 174 573 27 247 138 218 P567 33 55 38 46 Feb 174 573 27 247 138 208 P597 33 55 38 46 Mar 174 573 247 208 P605 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 o in i m t g e - d g U u r a u y - V zu e e n l e a - n M a t t a 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 ,387 34 162 1,856 164 323 1,436 36 1949—Dec 178 17 128 85 70 ,504 118 154 1,688 178 373 L.451 68 1950—Dec 192 23 197 61 90 ,470 118 150 *,30C 236 373 ,495 167 1951— Dec...-.. 265 26 190 51 152 ,452 113 151 J.335 221 373 1,530 115 1952—Aor 274 26 164 51 214 1,413 113 150 1,662 211 373 L.532 151 May.... 274 30 161 51 210 1,410 113 153 1,678 211 373 1,535 154 June 274 30 148 51 213 ,408 113 150 1,685 211 373 L ,537 154 July 274 30 151 51 206 ,408 113 150 1,716 211 373 ,537 166 Aug 274 30 159 51 202 ,404 113 150 1,672 211 373 ,681 181 Sept 277 29 158 51 202 ,404 113 146 1,685 211 373 ,683 183 Oct 282 29 159 51 190 ,406 113 143 1,767 205 373 ,691 187 Nov.... 285 29 159 51 185 1,407 113 143 1,895 205 373 1,692 191 Dec 286 29 170 51 184 1,411 113 143 1,846 207 373 1,692 196 1953—Jan 297 29 165 51 195 1,417 113 143 1,978 207 373 1,692 215 Feb 298 29 173 52 194 ,417 113 144 2.103 207 373 214 Mar 305 29 52 194 1,418 144 52,166 373 233 p Preliminary. r Revised. 1 Includes reported gold holdings of central banks and governments and international institutions, unpublished holdings of various central banks and governments, estimated holdings of British Exchange Equalization Account based on figures shown below under United Kingdom, and estimated official holdings of countries from which no reports are received. 2 Includes gold in Exchange Stabilization Fund. Gold in active portion of this Fund is not included in regular statistics on gold stock (Treasury gold) used in the Federal Reserve statement "Member Bank Reserves, Reserve Bank Credit, and Related Items" or in the Treasury statement "United States Money, Outstanding and in Circulation, by Kinds." 3 Represents gold holdings of Bank of France (holdings of French Exchange Stabilization Fund are not included). 4 Figure as of Mar. 31. 5 Exchange Equalization Account holdings of gold, U. S. and Canadian dollars, as reported by British Government. (Gold reserves of Bank of England have remained unchanged at 1 million dollars since 1939, when Bank's holdings were transferred to Exchange Equalization Account.) NOTE.—For description of figures, including details regarding special internal gold transfers affecting the reported data, see Banking and Monetary Statistics, pp. 524-535; for back figures through 1941 see Table 160, p. 526 and pp. 544-555, in the same publication and for those subsequent to 1941 see BULLETIN for January 1953, p. 74; April 1951, p. 464; February 1950, p. 252; and November 1947, p. 1433. For revised back figures for Argentina and Canada, see BULLETIN for January 1949, p. 86, and February 1949, p. 196, respectively. 564 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 fiae troy ounce) Year or quarter Total K U in n g i d te o d m g B iu e m l- France N la e e n r t d - h s - Po g r a t l u- S d w e e n - S l w a e n r i - t d z- E O ur t o h p er e1 Canada A t r i g n e a n- Cuba Mexico 1945 —452 9 31 1 278 5 -47 9 —86 8 —7 4 36 8 —224.9 —85.0 —23.8 1946 721.3 — .2 14.2 -10.0 80.2 -29.9 27.3 337.9 153.2 -30.0 36.9 1947 2,864.4 406.9 222.8 264.6 130.8 116.0 238.0 10.0 86.6 311.2 727.5 -65.0 45.4 1948 1,510.0 734.3 69.8 15.8 40.7 63.0 3.0 -5.6 5.8 114.1 -10.0 61.6 1949 193 3 446 3 —41 0 —23 5 14 0 —40 0 2_i59 9 3 4 —49 9 — 10 0 — 16 1 1950 -1,725.2 -1,020.0 -55.0 -84.8 -79.8 -15.0 -22.9 -38.0 -68.0 -100.0 28.2 -118.2 1951 75 2 469.9 — 10.3 -20 0 -4.5 -34.9 -32.0 -15.0 —60.1 — 10.0 -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 -M!ar. —201 3 —80 0 —35 0 — 13 0 — 12 4 -15.8 —30.4 -20.0 -3.0 — 11.9 July-Sept —731.0 —580.0 -28.5 -16.0 —25.0 3.4 8.2 -40.5 Oct.-Dec —762 4 —360.0 -56.3 —79.8 -15.0 -4.0 —47.1 — 100 0 20 0 —61 9 1951 Jan.-Mar.. -876.3 —400.0 — 12.3 -91.7 —4.5 -10.0 -15.0 -15.0 —44.3 —49 9 — 124 4 Apr.-June -55.6 -80.0 2.0 -15.0 —11.2 -10.0 64 1 July-Sept 291 4 320.0 -5.0 -17 6 —3 5 —20 0 Oct.-Dec 715.7 629.9 71.7 -5.0 — 1.1 1952 Jan -Mar 557 3 520 0 20.2 22 5 — 10 1 11 3 Apr.-June 105.7 6 9 101.4 Tuly-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 t o er r g U u r a u y - V zu e e n l e a - A O L m i a t c h t a e i e n r r - Oc A a e n s a i d n a ia U A So f n o r u i i f o c th n a o A th l e l r Period T e u r n e r d a y s o - f p T e o r t i a o l d 1 I i n n s g c to r o to e c ld a t k a s l e g p e o o x N ld r p e t o t i o r m t r -g m o c c o l r r a r d e e r : a a i k n d s s e e e - d e- t D p i t r c o i o o m d g n o u e 2 l c s d - - (-) 1945 -37.9 -73.1 -27.8 3-188.3 3.7 1 1 9 9 4 4 6 7 - 2 4 5 . . 9 1 — -3 9 .7 .2 2 7 5 9 . . 0 1 1 1 3 . . 0 7 2 9 5 4 6 . . 3 0 2 1 2 1 . . 9 9 1 1 9 9 4 4 2 3 2 2 2 1 , , 7 9 2 3 6 8 2 2 1 2 , , 9 7 8 3 1 9 -7 -2 5 3 7 . . 0 9 3 6 15 8 . . 7 9 - - 4 8 5 0 8 3 . . 4 6 1 4 2 8 5 . . 3 4 1948 10 7 -108.0 13.4 -4.1 498.6 6.9 1944 20,619 20,631 -1,349.8 -845.4 -459.8 35.8 1 1 19 9 9 5 4 5 1 9 0 — -1 2 6 4 2 4 . 4 2 8 -5 — 0. 0 .9 — — - 7 1 1 7 7 .5 . . 2 2 5— - - 5 3 5 5 2 0 . . 1 4 1 1 5 1 9 2 3 5 . . . 1 7 14 4 - - 4 8 - 7 1 4 . . . 2 6 0 1 1 1 9 9 9 4 4 4 6 7 5 2 2 2 0 2 0 , , , 5 7 0 2 5 6 9 4 5 2 2 2 0 2 0 , , , 7 8 0 0 6 8 6 8 3 32 -5 ,1 6 4 6 2 7 2 3 . . . 8 1 1 1 -1 ,8 3 0 6 1 6 1 6 . . . 3 5 3 -3 4 2 5 1 6 6 0 5 . . . 7 0 4 3 5 7 1 2 5 . . . 2 0 8 1952 14.9 -25.1 -4.8 11.5 -2.0 1948 24,244 24,399 1,530.41,680.4 -159.2 70.9 1949 24,427 24,563 164.6 686.5 -495.7 67.3 1949 1950 22,706 22,820 -1,743.3 -371.3-1,352.4 80.1 J A a p n r . - - M Ju !a n r e . 3.6 3 3 .7 6 — -6 2 .6 .3 5 7 5 2 .6 0 . .1 1 1 19 9 5 5 2 1 2 2 2 3 , , 6 1 9 8 5 6 2 2 2 3 , ,2 8 5 7 2 3 3 5 7 2 8 . . 7 9 -5 6 4 8 9 4 . . 0 3 -3 6 0 1 4 7 . . 8 6 6 6 7 6 . . 8 3 O Ju c l t y .- - D Se e p c t, -1 — 6 1 .5 .0 -50.6 -1 -2 1 . . 9 9 — -2 41 .2 .0 4 1 8 9 . . 1 9 -2. . 0 2 1952— M A a p y r . . .. . 2 2 3 3 , , 2 29 9 7 6 2 2 3 3, , 5 4 0 5 2 0 2 51 2 . . 9 0 9 2 6 7. . 2 6 -7 2 5 7 . . 4 1 5 5. . 1 0 June.. 23,346 23,533 30.5 36.6 19.3 5.5 1950 July... 23,350 23,536 3.8 24.5 -31.4 6.4 Jan.-Mar -12.0 — 10.4 .2 3.9 -26.9 A Se u p g t . . . . . . 2 23 3 , , 3 3 4 4 2 4 2 23 3 , , 5 5 2 2 5 8 - - 8 2 . . 0 8 3 3 3. . 3 1 — -1 3 3 2 . . 8 6 6 6 . . 5 2 A Ju p ly r. - - S Ju ep n t e . -2 — 3 2 .9 0 — — . . 9 1 -13 1 . . 9 0 9.2 -1 -2 4 . . 8 7 O N c o t v . . . . . . . 2 23 3 , , 3 3 3 3 7 9 2 2 3 3 , , 5 5 0 2 4 1 -1 -4 6 . . 4 9 83. . 5 3 - - 2 92 9 . . 4 0 6 6 . . 8 0 Oct.-Dec -26.9 -5.9 -22.8 -2.8 Dec... 23,186 23,252 -252.6 8.1 -263.2 5.9 1951 1953—Tan. .. 22,986 23,079 -172.8 -2.2 -171.7 4.5 J A O T a u c p n l t r v . . - - - - M S D J e u e a D n c r e t . . . -5 2 3 1 0 0 8 5 . . . 9 0 0 1 — .9 -1 - - 5 4 1 3 . . . . 0 0 7 5 - -1 2 - - 3 2 8 5 . . . . 9 4 8 0 2 1 1 0 2 9 . . . 3 7 2 - - - 2 3 2 5 1 8 . . . 0 0 0 F M A e p a b r r . . . . . . . . . P 2 2 2 2 2 2 , , , 6 5 5 6 6 6 2 2 3 P 2 2 2 2 2 2 , , . 6 7 6 4 5 3 9 1 9 P - - 3 1 -1 2 0 0 7 2 . . . 1 5 5 - r ( 2 « 4) ) .0 5 - - - 1 3 1 0 2 6 6 4 . . . 8 5 1 4 5. . 2 3 P Preliminary. 1952 xSee footnote 2 on opposite page. O J A T a c n u n t r l . v - - - - D M T Se u e a D c n r e t. 1 4 0 .0 8 -1 — -7 7 2 2 . . . 4 6 . 0 0 - - 3 2 . . 2 . 4 . 3 4 4 7 . . 3 2 -1 — .9 .1 F S ti i o t g a 2 3 n t u Y C i r s t e e h o t a i s a c r n I f s l n g o y . t e r e f r i 1 g i n 9 n u a 5 c t r 2 l i e u o s d a n e n t a h s d l r o M t 1 r u 9 a g o 5 n h n 3 s e f a e t 1 a r r 9 e r 5 y o 1 e f s F a ti u r 6 m e n 8 a d 7 e t . . s e 5 t s i m m o a i f l t l e A io s m n o e f d r i o c U l a l n a n i r t s B e d u g r o S e l a d ta u t s e o u s f b M s M cr i e i n p t t a - . l 4 Not yet available. 2 1 I I n n c c l l u u d d e e s s s B a a le n k o f f o 1 r 1 4 In .3 t e m rn il a l t io io n n a d l o l S la e r t s t le o m f g e o n l t d s. to Italy. acc 5 o G u o n l t d , h in 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 rv in 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 - 3 Includes sales of 185.3 million dollars of gold to China. tions, amounted to 5,932.2 million dollars on Apr. 30, 1953. Gold 4Includes sales of gold to Egypt as follows: 1950, 44.8 million under earmark is not included in the gold stock of the United States. dollars; and 1951, 76.0 million. NOTE.—For back figures and description of statistics, see Banking 5 Includes sales of 45.0 million dollars of gold to Indonesia. and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523. MAY 1953 565 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 1953 1952 International Fund International Bank Jan. Oct. July Jan. Mar. Dec. Sept. Mar. 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 , 3 10 13 5 Other 4,395 4,390 4,420 4,408 Other 1,033 1.040 1,035 940 Unpaid balance of member subscriptions, 1,354 1,354 869 883 Investment securities (U. S. Govt. obli- Other assets 1 1 1 1 gations) 446 495 472 490 M Ac e c m um be u r l a s t u e b d s c n r e ip t t i i n o c n o s me 8,7 - 3 8 7 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 d b . 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 ti l o s n to s c a k n a. d . 3 4 4 4 incl. obligations sold under Bank's guarantee) , 1,445 1,409 1,330 1,186 1953 1952 Other assets 17 13 15 14 Net currency purchased1 Bonds outstanding 556 568 496 450 (Cumulative—millions of dollars) Liability on obligations sold under guar- Mar. Feb. Jan. Mar. antee 66 66 59 41 Loans—undisbursed 404 423 407 372 Other liabilities 9 9 7 5 Australian pounds 50.0 50.0 50.0 20.0 General reserve 71 66 63 55 Belgian francs 11.4 11.4 11.4 11.4 Special reserve 35 32 30 26 Brazilian cruzeiros 37.5 18.8 37.5 103.0 Capital2 1,807 1,807 1,807 1,691 Chilean pesos 1.8 5.4 Czechoslovakian koruny. 6.0 6.0 6.0 6.0 Danish kroner 10.2 10.2 10.2 10.2 iAs of Mar. 31, 1953, the Fund had sold 870.2 million U. S. dollars; Egyptian pounds -5.5 -5.5 -5.5 -5.5 in addition, the Fund sold to the Netherlands 1.5 million pounds Finnish markkaa .5 4 4 sterling in May 1947 and 30.0 million Belgian francs in May 1948, sold French franca 125.0 125.0 125.0 125.0 to Norway 200 million Belgian francs in June and July 1948, and sold Indian rupees 100.0 100.0 100.0 100.0 to Brazil 10 million pounds sterling in January 1951. Repurchases Iranian rials 8.8 8.8 8.8 8.8 amounted to 204.2 million dollars. Currencies the net transactions in Netherlands guilders.... 48.1 48.1 48.1 75.2 which amount to less than one million are reported under "All other." Turkish liras 10.0 10.0 10.0 5.0 2 Excludes uncalled portions of capital subscriptions, amounting to Pounds sterling 300.0 300.0 300.0 300.0 7,229 million dollars as of Mar. 31, 1953, of which 2,540 million repre- Yugoslav dinars 9.0 9.0 9.0 9.0 sents the subscription of the United States. Allother -1.6 -1.6 -1.6 -1.7 Total. 711.4 694.5 715.0 771.7 CENTRAL BANKS A d ss e e p t a s r t o m f e is n s t ue Ass d e e ts p a o r f t m ba e n n k t ing Liabilities of banking department Bank of England Note circula- (Fig p u o r u e n s d i s n s m ter il l l i i n o g n ) s of Gold* a O ss th et e s r 2 N c a o o n t i d n es a c v n o a D d u n i s n c a - e t d s s - Se t c ie u s ri- tion3 Bankers' Pub D li e c posit E s CA Other t c l i O i e a a s p t b h i a i t e l n a i r - l d 1943—Dec. 29 .2 1.100.0 12.5 2.5 307.9 1.088.7 234.3 10.3 60.4 17.9 1944—Dec. 27 .2 1,250.0 13.5 5.1 317.4 1,238.6 260.7 5.2 52.3 17.8 1945—Dec 26 2 1,400 0 20.7 8.4 327.0 L.379.9 274.5 5.3 58 5 17.8 1946—Dec. 25 .2 1,450.0 23.4 13.6 327.6 1,428.2 278.9 10.3 57.3 18.1 1947—Dec 31 .2 L,450.0 100.8 15.2 331.3 1,349.7 315.1 18.6 95.5 18.1 194g—Dec. 29 .2 L,325.0 36.1 16.7 401.1 1,293.1 314.5 11.7 17.4 92.1 18.1 1949—Dec. 28 . .4 1,350.0 33.7 14.8 489.6 L.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—Apr. 30 .4 1,450.0 41.9 27.4 306.1 1,410.0 273.0 10.7 .5 73.4 17.8 May 28 .4 1,450.0 39.7 11.9 319.6 1,412.2 270.0 10.1 .5 72.6 18.0 June 25 .4 L,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 L.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 L.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 L.464.7 292.6 9.8 44.6 68.8 18.4 Mar. 25 .4 41,550.0 63.3 6.2 359.0 1,488.8 288.3 14.6 32.0 75.0 18.5 2On 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. 2Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 3Notes issued less amounts held in banking department. 4Fiduciary issue decreased by 50 million pounds on Jan. 7 and 25 million on Jan. 14, and increased by 50 million on Mar. 25. 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. 566 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Dominion and provin- Bank of Canada cial government Deposits (F C ig a u n 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 d S t o e t U a l r l l t a i n e n r i s s g ted S te h r o m r s t 1 - ecuritie O s ther O as t s h e e ts r circ N u o la t t e ion2 Ch b a a r n te k r s ed D g o o m m v e e i n n rn t io - n Other l c ia O a b a p t i n i h l t i d e a ti r l e 3 s 1940—Dec. 31. 38.4 448.4 127.3 12.4 359.9 217.7 10.9 9.5 28.5 1941—Dec. 31. 200.9 391.8 216.7 33.5 496.0 232.0 73.8 6.0 35.1 1942—Dec. 31. .5 807.2 209.2 31.3 693.6 259.9 51.6 19.1 24.0 1943—Dec. 31. .6 787.6 472.8 47.3 874.4 340.2 20.5 17.8 55.4 1944—Dec. 30. 172.3 906.9 573.9 34.3 1,036.0 401.7 12.9 27.7 209.1 1945—Dec. 31. 156.8 ,157.3 688.3 29.5 1,129.1 521.2 153.3 29.8 198.5 1946—Dec. 31. 1.0 ,197.4 708.2 42.1 1,186.2 565.5 60.5 93.8 42.7 1947—Dec. 31. 2.0 ,022.0 858.5 43.7 1,211.4 536.2 68.8 67.5 42.4 1948—Dec. 31. .4 ,233.7 779.1 45.4 1,289.1 547.3 98.1 81.0 43.1 1949—Dec. 31. 74.1 ,781.4 227.8 42.5 1,307.4 541.7 30.7 126.9 119.2 1950—Dec. 30. 111.4 ,229.3 712.5 297.1 1,367.4 578.6 24.7 207.1 172.6 1951—Dec. 31. 117.8 ,141.8 1,049.3 135.2 1,464.2 619.0 94.9 66.1 200.0 1952--Apr. 30. 72.3 ,191.5 874.7 84.0 1,411.8 645.7 14.3 41.7 109.0 May 31. 78.3 ,203.6 824.6 73.8 1,417.4 579.4 21.9 44.6 117.1 June 30. 43.8 ,251.3 817.8 76.1 1,441.8 578.0 26.8 48.5 93.9 July 31. 63.0 ,280.0 843.9 71.2 1,458.3 595.5 51.6 41.6 111.2 Aug. 29. 74.9 ,303.2 852.9 69.7 1,464.4 614.7 52.0 47.4 122.1 Sept. 30. 73.5 ,263.7 870.9 70.8 1,476.5 588.2 30.7 49.4 134.0 Oct. 31. 42.8 1,286.7 896.1 103.4 1,485.6 668.8 18.8 56.0 99.8 Nov. 29. 67.6 1,214.3 957.3 72.3 1,498.8 607.3 15.0 65.1 125.2 Dec. 31. 77.1 1,459.8 767.2 77.3 1,561.2 626.6 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 Mar. 31. 65.5 1,371.0 810.9 79 A 1,493.4 601.1 60.6 66.5 105.1 Assets Liabilities m B il a li n ( o F k n i s g o u f o r e f F s r f i a r n a n n c c e s) Golds Fo e re x i - gn Domestic bills G A o d v v e a r n n c m es e n to t6 Other ci N rc o u t l e a- Deposits7 l O i i a t t i b h e i e s l r change m O a p rk en et6 Special Other Current Other assets 6 tion G m ov e e n r t n- ECA Other ca a p n i d tal 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 1,841,608 29 10,587 166,226 41,332 1952--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 ,885,929 36 730 143,900 43,541 July 31. 191,447 20,077 258,560 11,779 835,599 167,800 479,982 184,957 ,984,549 55 816 121,411 43,369 Aug. 28. 194,943 23,435 257,589 14,404 854,081 168,600 479,982 169,852 ,969,553 13 9,039 137,403 46,878 Sept. 25. 194,943 27,613 270,264 31,784 812,416 166,300 479,982 171,274 ,962,270 83 539 129,755 61,930 Oct. 30. 194,943 28,815 283,717 48,089 872,793 171,100 479,982 161,989 ,024,943 25 8,392 158,275 49,792 Nov. 27. 198,439 30,413 274,454 52,225 851,545 172,000 479,982 154,146 ,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 55,681 915,903 175,000 501,982 124,578 ,065,210 56 730 128,731 57,008 Feb. 26. 200,187 16,502 263,286 48,658 929,291 185,300 504,982 121,445 ,067,257 55 3,479 146,509 52,350 Mar. 26. 200,187 16,734 252,386 41,544 911,458 199,400 504,982 122,9952,051,991 10 498 128,788 68,399 Securities maturing in two years or less. 2Includes 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). 6For 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. 6For 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. 8Includes 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. MAY 1953 567 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) date of month) Mar. Feb. Jan. Mar. Mar. Feb. Jan. Mar. Central Bank of the Argentine Bank of the Republic of Colom- Republic (millions of pesos): bia—Cont. Gold reported separately 1,196 1,117 814 Loans and discounts 369 627384,,956 365,286 265,349 Other gold and foreign exchange. 262 138 806 Government loans and securities.175 566176,547174,759 155,495 Government securities 2,326 2,123 2,108 Other assets 82 795 88,197 82,176 119,421 Rediscounts and loans to banki.. 49,648 48,913 43,441 Note circulation 533 702537,959538,879 457,435 Other assets 247 201 327 Deposits 382 066392,280 344,151 297,392 Currency circulation 21,256 21,009 17,184 Other liabilities and capital 72 484 68,912 69,914 60,827 Deposits—Nationalized 28,545 27,547 26,564Central Bank of Costa Rica Other sight obligations 696 774 896 (thousands of colones): Other liabilities and capital 3,184 3,162 2,851 Gold 11 511 511 11,511 11,511 Commonwealth Bank of Aus- Foreign exchange 111 153 301 87,009 86,188 tralia (thousands of pounds): Net claim on Int'l. Fund* 7.031 031 7,031 7,031 Gold and foreign exchange 421,838 403,745 381,576 321,475 Loans and discounts 68 848 314 84,051 61,913 Checks and bills of other banks.. 6,893 5,322 6,275 6,513 Securities 4 819 125 7,125 7,619 Securities (incl. Government and Other assets 24,403 968 23,360 24,409 Treasury bills) 377,285 377,810 411,530 598,898 Note circulation 141 683 865 132,547 115,844 Other assets 116,142 61,637 111,271 Demand deposits 64 730 559 67,086 64,186 Note circulation 322,918 318,918 321,168 297,471 Other liabilities and capital 21 352 826 20,454 18,641 Deposits of Trading Banks: National Bank of Cuba Special 239,095216,095187,595 434,170 (thousands of pesos): Other 54,439 56,107 56,715 30,219 Gold 213,748 320,564 Other liabilities and capital 305,706 302,150 295,541 276,297 Foreign exchange (net) 58,276 65,299 Austrian National Bank (millions Foreign exchange (Stabilization of schillings): Fund) 135,471 120,948 Gold 100 100 100 98 Silver 33,380 40,351 Foreign exchange 2,489 2,422 2,239 667 Net claim on Int'l. Fund* 12,511 12,511 Loans and discounts 6,302 6,342 6,325 6,424 Loans and discounts 50,489 16,379 Claim against Government 2,512 2,403 2,405 3,335 Credits to Government 46,918 12,277 Other assets 42 41 41 41 Other assets 43,248 27,294 Note circulation 8,770 8,818 8,777 8,222 Note circulation 411,899 409,770 Deposits—Banks 350 316 385 314 Deposits 170,866 198,026 Other 342 292 259 293 Other liabilities and capital 11,275 7,826 Blocked 1,984 1,884 1,689 1,736National Bank of Czechoslovakia 5 National Bank of Belgium National Bank of Denmark (millions of francs): (millions of kroner): Gold* 35,078 35,069 35,448 31,187 Gold 69 69 69 69 Foreign claims and balances (net) 15,238 16,126 16,272 24,785 Foreign exchange 775 736 780 412 Loans and discounts 5,606 6,070 6,823 5,795 Contributions to Int'l. Bank.... 11 Consolidated Government debt.. 34,660 34,723 34,723 34,763 Loans and discounts 118 102 98 100 Government securities 7,837 7,678 6,386 8,007 Securities 446 442 443 328 Other assets. 3,997 4,064 3,806 3,663 Govt. compensation account.... ,310 3,314 3,347 3,872 Note circulation 95,843 96,602 96,301 93,138 Other assets 185 355 178 219 Deposits—Demand 2,799 3,269 2,111 1,553 Note circulation ,889 1,849 1,863 1,688 ECA 220 209 1,319 1,241 Deposits—Government ,443 1,481 1,522 1,821 Other liabilities and capital 3,553 3,650 3,729 12,267 Other ,401 1,514 1,344 1,357 Central Bank of Bolivia—Mone- (Dec. Other liabilities and capital 171 175 186 146 tary dept. (millions of bolivianos): 1952)= Central Bank of the Dominican Gold at home and abroad2 1,396 1,370 Republic (thousands of dollars): Foreign exchange (net) 32,746 746 076 12,076 12,076 12,066 Loans and discounts 1,840 1,350 Foreign exchange (net) 604 17,218 18,874 20,227 Government securities 2,196 1,843 Net claim on Int'l. Fund * 250 1,250 1,250 1,250 Other assets 537 261 Paid-in capital—Int'l. Bank 43 43 43 41 Note circulation 6,481 4,157 Loans and discounts 798 1,016 1,217 220 Deposits 1,419 748 Government securities 689 9,848 7,154 6,895 Other liabilities and capital 815 666 Other assets 657 2,198 2,236 720 Central Bank of Ceylon (thousands Note circulation 587 33,515 33,955 29,912 of rupees): Demand deposits 036 8,650 7,423 9,736 Foreign exchange 360,699 395,142 405,352 600,692 Other liabilities and capital 494 1,485 1,472 1,771 Advances to Government 91,100 ,600 89,000 22,964Central Bank of Ecuador Government securities - 107,486 ,331 80,745 3,526 (thousands of sucres): Other assets 2,508 ,010 3,349 3,809 Golds 338. 966 338 880 338,818 335,965 Currency in circulation 394,518 185,598 402,514 Foreign exchange (net)6 220, 560 233 851230,231 53,758 Deposits—Government 3,033 818 7,013 23,197 Net claim on Int'l. Fund* 18,757 18 757 18,757 18,758 Banks 127,120 550000 147,997 161,641 Credits—Government 275,635235,939 224,333 236,060 Other liabilities and capital 37,122 840 37,838 43,638 Other 162,940 148,466 153,079 181,719 Central Bank of Chile (millions Other assets 162, 151 365 155,425 178,322 of pesos): Note circulation 550, 536 589544,911 472,219 Gold 1,326 1,248 1,247 1,215 Demand deposits—Private banks178 174 448 189,847 145,923 Foreign exchange (net) 356 161 84 270 Other 225,636 205 875 180,013 139,047 Net claim on Int'l. Fund4 387 332 277 107 Other liabilities and capital 224 387210,347 205,873 247,392 Discounts for member banks.... 1,849 1,708 2,136 1,935National Bank of Egypt (thou- Loans to Government 4,059 4,059 4,059 670 ands of pounds): Other loans and discounts 9,622 8,280 7,447 6,719 Gold/ 60,553 60,553 60,553 Other assets 3,004 2,699 2,827 3,140 Foreign exchange 19,513 20,817 18,456 Note circulation 13,447 12,488 12,219 8,861 Foreign and Egyptian Deposits—Bank 3,457 2,635 2,409 2,435 Government securities 310, 756 323383299,012 311,802 Other 435 422 542 320 Loans and discounts 10, 12 940 19,092 27,224 Other liabilities and capital 3,264 2,941 2,906 2,440 Advances to Government 4 372 3,361 Bank of the Republic of Colombia Other assets 2.499 4 175 5,803 2,873 (thousands of pesos): Note circulation 191 349 661200,574 190,044 Gold and foreign exchange 334,457 318,495299,185 243,885 Deposits—Government 76 429 177 80,510 97,443 Net claim on Int'l. Fund4 24,373 24,374 24,373 24,371 Other 128 889 658107,562 112,478 Paid-in capital—Int'l. Bank 1,434 6,582 7,164 7,132 Other liabilities and capital 8 163 20440 19,993 20,943 * Latest month available. *On Aug. 17, 1950, gold reserve revalued from .0202765 to .0177734 grams of fine gold per franc. 2It is understood that, beginning June 1950, gold reserves have been revalued at a rate of 60 bolivianos per dollar. 3 Represents chiefly bills secured by stocks of mined tin not yet sold in world markets. 4This 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 thr Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution, 5For 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. 568 FEDERAL RESERVE BULLETIN 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) Mar. Feb. Jan. Mar. date of month) Mar. Feb. Jan. Mar. Central Reserve Bank of El Salva- nk of Italy (billions of lire): dor (thousands of colones): Gold 4 4i 4 4 Gold 73,243 73,330 73,404 , 075! Foreign exchange , 47 45! 45 37 Foreign exchange (net) 78,672 70,116 56,589 , 658 Advances to Treasury , 572 573i 574 590 Net claim on Int'l. Fund1 1,566 1,566 1,566 ,566 Loans and discounts , 313; 323! 299 257 Loans and discounts .•;••- 9,121 14,043 19,434 ,474 Government securities , 267 249! 249 200 Government debt and securities.. 5,299 5,677 6,409 ,111 Other assets , 715 724! 738 799 Other assets 1,545 1,558| 1.747 ,350 Note circulation 1,277 1,275 1,299 1,204 Note circulation 97,047 99,5221 96,691 ,380 Deposits—Government 12V 137 65 186 Deposits 64,637 59.0261 54,659 ,757i Demand 59 i 49 57i 71 Other liabilities and capital 7,762 7,743! 7,800 , 096 Other , 359 358i 390 352 Bank of Finland (millions of mark- Other liabilities and capital 101 98i 98! 74 kaa): Bank of Japan (millions of yen): Gold 5,862 5,862 5,863 ,865; Bullion 448! 448 448 '501 Foreign assets (net) 8,972 9,249 11,313 ,375! Advances to Government 38,424i 37,501 37,931 39,670 Clearings (net) 6,154 4,6661 1,679 ,427 Loans and discounts 387,695|376.065 329,845 324,865 Loans and discounts 36,108 38,075j 39,965 ,305 Government securities 193,6351194,3691233,240 99,672 Securities 1,652 1,165 1,139 ,01. Other assets 132,6531108,5OO|lO7,274 -•160,762 Other assets 2,310 2,287 2,009 ,2081 Note circulation 515,9771521,1371519,765 457,576 Note circulation 44,078 44,238i 41,104 ,044 Deposits—Government 129,894| 86.744! 80,475 97,197 Deposits 535 1,050 4,145 ,706| Other 54,478 60,4111 63,026 25,683 Other liabilities and capital 16,445 16,016 16,719 ,446; Other liabilities 52,506| 48,590 45,472 45,015 Bank of German States I The Java Bank (millions of rupiah): Ba ( n m k D O F L L O G N i l o o o e t o l t o o i h h r a a p l t o e f d e e e n n o n i r r s s g s s G c i n l a a i t t o i r r o s s a n e c f e — s b d u x e e G G i l t c c l O G B d s a o i e h e t t i v t a o i a r i s h e e m o n v n c ( s e r n b k e o g r a n s i r e a u n l m n l n n i m d t e o m s n n e c a t s n a r t k p o s i f t ) a : d l rach- 1 4 2 2 7 0 1 1 1 , , , , , , , , 6 6 5 1 0 7 2 7 1 5 1 8 7 8 3 4 6 0 2 1 1 5 9 1 3 3 9 6 6 8 1 4 2 2 6 1 0 1 , , , , , , , 0 3 5 9 2 4 8 7 7 8 6 7 7 4 9 3 8 6 7 5 8 1 0 2 8 5 1 7 8 3 1 4 2 7 0 1 1 1 , , , , , , , 3 9 2 0 2 6 9 7 9 5 4 4 4 9 7 2 2 8 8 2 2 9 8 5 2 6 6 0 0 0 1, , , , , , , 9 2 0 2 2 1 5 1 4 5 5 2 5 8 1 3 7 1 3 4 8 7 0 6 2 0 7 8 6 4 ! | ! !Bank O O A N F D M G L o o t t d e o o o o h h r a p v l t f e n e e d e n o a i r r e 3 s M g n s c t i n c l a a a i t i e r e s s r a n x c e y s s — b d u e x i i c t t l c r l E o O s d a o i e h t t i C s i t a i s G e h e ( o n A c m s r e n o g o v r v i e a u e l e n l n 4 i ( r d t o n n s n m e c s t a e ) p o n i f t t a p l esos): 4 5 1 1 , , , ,8 2 6 4 4 5 2 5 1 6 2 1 8 4 9 6 7 8 2 9 8 5 0 6 1 9 9 | j ! ! 4 5 l l, , , , 2 5 3 1 4 6 2 7 6 0 2 5 8 9 6 9 4 8 1 3 6 2 1 9 8 l 7 8 5 J i 1 ! ' | i 4 5 1 1 1 , , , , , 1 0 4 1 2 4 3 8 7 8 1 2 9 1 9 4 2 3 2 2 5 9 3 6 3 4 6 9 1 2 3 1 1 1 1 1 1 , , , , , , , 0 3 0 1 1 0 , 2 4 6 0 5 7 6 1 3 6 4 7 9 3 2 2 0 0 1 5 8 7 6 4 ma A O G L N e o ) o d t o : h a l v t d e e n a r s n a c c a n a ir e s n d c s s d u e — f t l o d s a r O G t i e i s i t o o c g h v n o n e e u r r e n n x t m s ch e a n n t ge (net) . 3 2 8 1 1 , , , , , 3 3 8 9 4 1 4 7 0 8 4 2 1 7 1 3 5 6 9 3 2 1 1 , , , , , 0 3 4 5 7 1 2 6 0 3 2 3 6 5 7 7 9 8 , , , , , 3 9 9 4 9 1 2 0 0 5 7 9 5 1 0 3 8 0 O O " N D B A i t t e o l r h h u m l t i s e e e t t i r r a h e a c n o s n l a i d i , r r s d a i c s e b z l u e d t i i e t l c a l i s a d i s b t t " c i i i e l o o i s n u h t i n o a e l t s n s d d in c g a s p i o ta f l secu- 3 3 1 , , , 3 1 5 3 6 4 3 8 9 0 6 7 3 3 8 2 9 6! 3 3 1 , , , 3 2 5 3 4 5 0 2 0 2 7 2 2 8 9 0 0 9 ; 3 3 1 , , , 3 3 5 4 3 5 2 6 3 6 2 1 1 2 1 2 8 1 3 2 1 , , , 1 3 7 4 4 5 1 2 8 8 6 2 4 6 3 5 5 7 Deposits—Government 805 819 962 Netherlands Bank (millions of Reconstruction and guilders): relief accts 7,431 7,403 ,217 Gold6. 2,291 2,187 2,149! 1,288 Other 1,919 1,957 ,209 Silver (including subsidiary coin) 16 15 14 16 Other liabilities and capital 3,236 3,292 ,557 Foreign assets (net) 1,541 1,531 1,416 1,027 Bank of Guatemala (thousands of I Loans and discounts 57 33 109 quetzales): Govt. debt and securities 1.451 1,451I 1,451 2,850 Gold 27,228 27,228 228! Other assets 536 508 595 446 Foreign exchange (net) 21,177 18,410 7491 Note circulation—Old 35 36 38 44 Gold contribution to Int'l. Fund . 1,250 1,250 250 New 3,085 2,983 2,966 2,951 Rediscounts and advances 7,764! 8,415 210 Deposits—Government 1,149 994! 930 369 Other assets 21,9941 21,897 280 ECA 1,174 1,163! 1,155 1,804 Circulation—Notes 44,4121 43,956 075 Other 248 330; 341 343 Coin 3.52 7J 3,505 393 Other liabilities and capital.... 201 221| 227 227 Deposits—Government 3,431j 3,056 702 Reserve Bank of New Zealand Banks 12,0721 11,637 469| (thousands of pounds): Other liabilities and capital 15,972! 15,047 078! Gold 6,015 6,015 5,714 National Bank of Hungary 2 Foreign exchange reserve 49,674 39,239 22,266 Reserve Bank of India (millions of Loans and discounts 6,019 6,019 6,019 rupees): Advances to State or State un- Issue department: j dertakings 58,350j 58,377 56,321 Gold at home and abroad 4 001 400 400 Investments 58,132i 58,132 34,182 Foreign securities 5,6821 5,582 ,032 Other assets 1,360! 1,440 3,789 Indian Govt. securities 4,501 ,646 Note circulation 61,9081 63,626 62,205 Rupee coin 827 838 691 Demand deposits 109,444 97,772 58,852 Note circulation 11,1981 11,064 ,411 Other liabilities and capital 8,198 7,822 7,233 Banking department: Bank of Norway (millions of kroner): Notes of issue department.... 209 257 358 Gold 280 279 279 242 Balances abroad 1,523 1,600 , 199! Foreign assets (net) 261 280 331 433 Bills discounted 120 116 37 Clearing accounts (net) 30 30 40 16 Loans to Government 33 34 9 Loans and discounts 601 53 50 49 Other assets 1,202 1,200 ,936 Securities 44 44! 44 46 Deposits 2,690 2,848 ,181 Occupation account (net) 5,546 5,546 ,546 6,202 Other liabilities and capital... 396 358 359 Other assets 53 43 48 61 Central Bank of Ireland (thousands Note circulation 2,775 2,712 ,740 2,558 of pounds): Deposits—Government 2,174 2,096j ,020 1,946 Gold 2,646 2,646 2 ,646 646 Banks 552 672 784 1,028 Sterling funds 61,788 60,796 60,237 458! ECA—MSA 302 299 299 949 Note circulation 64,434 63,442 62,883 104; Other liabilities and capital.... 472 496 496 569 r Revised. 1 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 2For last available report (February 1950), see BULLETIN for September 1950, p. 1263. 3Gold revalued on Jan. 18, 1950, from .334987 to .233861 grams of fine gold per rupiah. 4 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. 6Gold 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. MAY 1953 569 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) Mar. Feb. Jan. Mar. date of month) Mar. Feb. Jan. Mar. State Bank of Pakistan (millions of Bank of Spain—Cont. rupees): Other assets 29,890 29,533 31,729 26,475 Issue department: Note circulation 37,303 37,033 37,140 35,599 Gold at home and abroad... 81 81 81 81 Deposits—Government 1,814 2,440 2,250 2,454 Sterling securities 418 416 416 1,017 Other 4,128 4,604 4,544 2,346 Pakistan Goyt. securities. . 1,144 ,146 1,146 715 Other liabilities and capital 25,798 25,429 29,066 22,976 Goyt. of India securities. . . 126 126 126 126Bank of Sweden (millions of kronor): India currency 300 300 300 300 Gold 429 428 429 472 Rupee coin 66 67 66 66 Foreign assets (net) 1,241 1,320 1,313 1,328 Notes in circulation 2,087 ,053 2,038 2,214 Net claim on Int'l. Fund1 129 129 129 88 Banking department: Paid-in capital—Int'l. Bank 13 12 12 11 Notes of issue department.. 48 83 98 91 Swedish Govt. securitiet and ad- Bills discounted 6 103 vances to National Debt Office4 2,404 2,665 2,666 2,439 Loans to Government 43 23 Other domestic bills and advances 322 294 301 279 Other assets 519 525 518 763 Other assets 734 717 729 851 Deposits 501 522 505 865 Note circulation 4,311 4,365 4,350 3,919 Other liabilities and capital.. 115 108 112 92 Demand deposits—Government.. 343 371 525 866 Central Bank of Paraguay Other 53 286 192 84 (thousands of guaranies): Other liabilities and capital 563 542 514 598 Gold ,138 1,138 Swiss National Bank (millions of Foreign exchange (net) ,580 66,765 francs): Net claim on Int'l. Fund1 11 11 Gold 5,911 5,905 ,907 5,920 Paid-in capital—Int'l. Bank ,032 -1,020 Foreign exchange 467 464 469 246 Loans and discounts •.-.••• ,176 90,176 Loans and discounts 225 219 224 234 Government loans and securities. 643 316,535 Other assets 76 70 67 76 Other assets 165,155 Note circulation 4,806 4,787 ,784 4,591 Note and coin issue 757 366,296 Other sight liabilities 1,677 1,672 ,686 1,692 Deposits—Government 686 58,997 Other liabilities and capital 196 199 197 193 Other 294123,123 Central Bank of the Republic of Other liabilities and capital 128 90,347 Turkey (millions of pounds): Central Reserve Bank of Peru Gold 402 402 402 419 (millions of soles): Foreign exchange and foreign C O N L G L N D o o o t e e o o h a a t n p l t d e e n n t o c r r s s s l a c i a i b a i a t n t i r o s s u m n d c s t d u e G i f o t o l o a d s o n n r t v i e i s e o t i I c g o r n n o n n t u T ' m n l e n . x t e t s F n c ' l h t u . t a o n B n d a b g n * a e k n 2. k . s . . . . . ,3 5 3 9 4 1 7 3 1 4 0 6 7 0 2 7 1 4 7 1 2 , 5 3 9 4 1 3 6 2 1 1 6 6 5 3 1 2 4 2 7 8 3 1,2 6 2 2 3 7 0 4 2 6 1 8 8 6 7 1 3 4 3 2 8 S L O O N D e o t e t o c c h h a p t u l e e e n e o r r r a s s i c r i t l a i a t i i i r s e n s a n c — s s g b u d e s i l G t l O a d i s t t i o t . i i s . h e o l c d s e n o r u a n n t d s capital 1 1 , , 6 2 2 2 7 1 1 9 3 0 6 2 8 1 5 1 9 6 5 6 0 2 3 , , 7 2 2 2 7 1 1 7 0 1 5 9 2 5 2 2 9 2 8 1 6 3 4 1 1 , , 7 2 2 8 1 1 1 6 4 6 0 5 2 3 7 0 0 2 6 1 1 6 2 1 1 , , 4 1 6 1 1 1 6 3 5 2 9 3 5 9 4 6 7 7 3 4 3 1 Other liabilities and capital.... 257 253 345 Bank of the Republic of Uruguay Central Bank of the Philippines (thousands of pesos): (Nov.)* (th G F L N D o o o e o o u r a t l m s d e n a c i e s g n l s a n d t i i m s c e x o s c o f e h n c p a u e n I r s n g i o t t e i s ' e l ) . s : Fund * 4 2 5 2 3 5 1 3 9 5 4 8 5 9 5 1 1 5 8 0 4 4 2 8 4 2 0 4 2 2 3 5 3 1 9 2 5 4 8 , , , , , 2 8 5 5 1 3 5 0 0 4 3 2 7 4 0 4 23 7 2 4 1 9 1 1 9 4 , , , , , 6 4 8 5 9 8 7 6 0 8 1 3 4 4 0 S G A O P O i a d t o t l m h v h i l v d d e e e a e - r r r n i n n c t a l o e s c b a s s a o n e p t d t s s o i i t a e a s S n l— t d a t d I e n i s t a c ' n o l. u d B n G t a s n o k vern- 3 3 5 1 5 1 0 3 9 7 0 0 0 , , , , , 3 4 7 9 0 3 4 5 6 2 1 1 1 8 3 8 8 4 3 3 4 1 2 4 2 5 9 1 3 6 7 , , , , , 6 1 4 9 6 3 1 3 9 5 2 1 9 5 8 0 0 3 Other assets 148 842148,279 148,306 Note circulation 370,836 365,300 Note circulation 571 417561,631 568,727 Deposits—Government 93,116 81,052 Demand deposits 229 299 219,305 243,327 Other 315,113 303,566 Other liabilities and capital 139 451137,579 133,753 Other liabilities and capital 529,757 509,218 Bank of Portugal (millions of Central Bank of Venezuela (milescudos): lions of bolivares): Gold 4,553 4,448 Gold 1,141 ,141 1,141 1,141 Foreign exchange (net) 11,583 11,748 Foreign exchange (net) 71 102 132 -22 Loans and discounts 928 646 Other assets 98 94 92 90 Advances to Government 1,,425 1,421 Note circulation 955 971 976 866 Other assets 499 579 Deposits 266 269 274 264 Note circulation 9,106 8,938 Other liabilities and capital 88 97 115 79 Demand deposits—Government.. 1,690 1,543 Bank for International Settle- ECA 9 52 ments (thousands of Swiss gold Other 6,163 6,207 francs): Other liabilities and capital 2,020 2,103 Gold in bars 712,617 656,518 657,029 438,453 South African Reserve Bank Cash on hand and with banks. .. 50,748 57,355 62,167 91,161 (thousands of pounds): Sight funds at interest 7,571 10,699 7,480 3,857 Gold3 ,157 58,437 59,778 Rediscountable bills and accept- Foreign bills ,896 62,888 69,751 ances (at cost) 216,548 213,287 267,015 155,461 Other bills and loans ,186 14,804 18,153 Time funds at interest 45,557 39,536 78,467 17,864 Other assets ,626 37,998 33,602 Sundry bills and investments.... 227,165 232,606 290,229 233,434 Note circulation ,468 87,498 82,676 Funds invested in Germany 297,201 297,201 297,201 297,201 Deposits ,178 66,639 76,317 Other assets 1,316 1,425 1,386 1,628 Other liabilities and capital ,219 19,991 22,292 Demand deposits (gold) 476,315 463,460 501,011 305,025 Bank of Spain (millions of pesetas): Short-term deposits: Gold 570 570 563 55; Central banks—Own account.. 518,401476,330 612,112 359,268 Silver 359 366 369 378 Other 60,783 66,047 45,506 76,357 Government loans and securities. 15,801 ,810 15,576 15,76' Long-term deposits: Special 228,909 228,909 228,909 228,909 Other loans and discounts 22,423 ,227 24,762 20,20: Other liabilities and capital 274,314 273,880 273,436 269,500 * Latest month available. JThis 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. 2In November 1949, part of the gold and foreign exchange holdings of the bank were revalued. 3On 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 •tatements, see BULLETIN for January 1953, p. 80; and January 1950, p. 120. 570 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— ef D fec a t t i e ve U K d n i o i n m t g ed - France m G a e n r- y g B i e u l m - N la e e n r t - d h s - S d w e e n - S la w e n r i - d tz- ba C n e k n tr o a f— l R M 3 a a 1 t r e . eff D ec a t t i e ve ba C n e k n tr o a f— l R M 3 a a 1 t r e . eff D ec a t t i e ve In effect Dec. 31, Argentina Mar. 1, 1936 Italy 4 Apr. 6, 1950 1946 2 if 3* 3 2H IK Austria 5 Mar. 26, 1953 Japan 5.84 Oct. 1, 1951 Jan. 10, 1947 . Belgium 3 Dec. 18, 1952 Java 3 Apr. 1, 1946 Bolivia 6 Sept. 30, 1950 Mexico June 4, 1942 Aug. 27 Oct. 9 2K&3 June 28, 1948. . 15 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 O Ju c l t y . 1 6 4 M 3\i. Costa Rica 4 Feb. 1, 1950 Pakistan.... 3 July 1, 1948 June 8, 1950. . 2K Sept. 11 Sept. 26 3 Denmark 5 Nov. 2, 1950 Peru 6 Nov. 13, 1947 O D c e t c . . 27 1 1 5 3 E E c g u y a p d t or 10 J M u a ly y 1 1 3 , , 1 1 9 95 4 2 8 S P o o u r t t h u g A a f l ri . c .. a . . I" J M an ar . . 2 1 7 2 , , 1 1 9 9 5 4 2 4 Apr. 17, 1951.. 4 El Salvador... 3 3 Mar. 22, 1950 Spain Mar. 18, 1949 July 5 4 Sept. 13 Oct. 11 3 Nov. 8 2K Finland Dec. 16, 1951 Sweden Dec. 1, 1950 Nov. 9 4 France 4 Nov. 9, 1951 Switzerland.. Nov. 26, 1936 Jan. 22, 1952.. 14 Jan. 8, 1953 Turkey \H Feb. 26, 1951 Mar. 12 4 Greece July 12, 1948 United King- May 29 , 15 India 12 Nov. 15, 1951 dom 4 Mar. 12, 1952 Aug. 1 3 Mar. 25, 1952 USSR 4 July 1, 1936 Aug. 21 Dec. 18 3 Jan. 8, 1953 . . 14 xRate established for the Land Central banks. In 1 ef 9 f 5 e 3 ct Mar. 31, 4 4 14 3 3 3 IK cen N t O . TE.—Changes since Mar. 31: Netherlands—Apr. 7, from 3 to 2}£ per 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—February. , .51 1.03 1.00 1.10 .50 1.65 25 1944—February. . .39 1.03 1.00 1.13 .50 1.69 ,25 1945—February. , .37 1.03 1.00 1.00 .50 1.60 .25 1946—February. . .36 .53 .51 .63 .50 1.36 1.18 1.00 .25 1947—February. . .40 .53 .51 .63 .50 1.39 1.72 1.46 .25 1948—February. . .41 .56 .50 .63 .50 2.00 1.38 .78 .50 1949—February. . .42 .56 .52 .63 .50 2.08 1.39 .90 .63 1950—February. , .51 .69 .52 .63 .50 2.40 1.54 1.50 .50 1951—February. . .73 .69 .51 .63 .50 2.42 1.55 1.00 .50 1952—February. . .91 1.50 .99 1.00 .75 3.93 1.17 1.00 .50 1952—March .94 2.48 2.01 1.82 1.57 3.51 1.38 1.00 .50 April .98 3.00 2.35 2.25 2.00 3.65 40 1.00 .50 May .02 3.00 2.37 2.25 2.00 3.77 1.25 .90 .50 June .08 3.00 2.43 2.25 2.00 3.66 1.20 .75 .50 July .11 3.00 2.46 2.25 2.00 3.84 1.05 .75 .50 August.... .10 3.00 2.46 2.25 2.00 3.77 .85 .58 .50 September. .14 3.00 2.49 2.25 2.00 4.00 .85 .62 .50 October.... .19 3.00 2.43 2.25 2.00 3.98 .84 .50 .50 November. .21 3.00 2.38 2.25 2.00 3.98 .87 .54 .50 December.. 1.35 3.00 2.41 2.25 2.00 3.93 .92 .58 .50 1953—January... 1.35 3.00 2.39 2.25 2.00 3.97 .83 .54 .50 February.. 1.47 3.00 2.42 2.25 2.00 4.10 .81 .50 .50 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. MAY 1953 571 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS Assets Liabilities United Kingdom1 ( b m 1 a 1 i n ll L k io s o s . n n t e s d r o l F o i n f n i g 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 r s 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 d i t e t a r i l es 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 t.050—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—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 1,917 ,834 696 6,063 3,903 2,159 558 August 510 516 ,239 1,918 ,765 638 6,048 3,878 2,170 537 September 503 530 ,295 1,921 ,758 662 6,126 3,910 2,216 543 October... 498 500 ,122 2,142 ,759 676 6,167 3,948 2,219 530 November 503 516 ,142 2,138 ,755 655 6,183 3,949 2,234 526 December. 549 529 ,248 2,148 ,764 748 6,460 4,232 2,228 528 1953—January... 498 515 ,204 2,148 ,764 659 6,259 4,025 2.234 52S February., 491 456 ,046 2,130 ,783 649 6,029 3,836 2,192 525 March 497 472 ,024 2,122 1,811 641 6,053 3,873 2,179 515 Assets Liabilities Canada E (1 n C 0 d a i c n n o h a f a m d r m i i t a l e o n l r i n o e d t d n h o s l b f o l a i a f g n r u s k ) r s e . s Cash Entire S ly e l o c i a u n n r i s C ty ana l d o d i O a a sc n t o s h u e a n r n t d s d S a f a u b n e o l b e o c d a r r e a u n o f i n r r k g n a i o s s d n t e m y t Securities O as t s h e e t r s Notes3 e D T x e o c p t lu a o l d s i i n ts g p i D a n y e te a m r b b a le a n n d i k n d C e a p T n o i a m s d it e a s li c a O a b a p t i n h l i d i t e t a r i l es 1947—December. 731 105 1,999 106 3,874 ,159 18 6,412 2,671 3,740 ,544 1948-—December. 749 101 2,148 144 4,268 ,169 16 7,027 2,970 4,057 ,537 1949—December. 765 133 2,271 146 4,345 ,058 14 7,227 2,794 4,433 ,477 1950—December. 824 134 2,776 171 4,286 ,304 7.828 3,270 4.558 ,667 1951—December. 907 107 3,028 227 3,876 ,464 7,896 3.284 4.612 ,714 1952—March 880 97 2,949 202 4,095 ,390 7,979 3,231 4,748 ,634 April 897 140 2,960 236 4,068 ,370 7,987 3,230 4,757 ,685 May 785 132 3,012 255 4,100 ,350 7,979 3,210 4,769 ,655 June 813 138 3,048 328 4,067 ,453 8,120 3,328 4,792 ,727 July 847 145 3,053 279 4,134 ,278 8,079 3,243 4.836 ,658 August. . . 828 147 3,048 260 4,139 ,306 8,075 3,205 4,870 ,652 September 843 135 3,093 250 4,202 ,383 8,191 3,290 4,901 ,716 October... 879 130 3,212 278 4,147 ,396 8,319 3,418 4,901 ,722 November 827 121 3,350 308 4,006 ,424 8,291 3,376 4,916 ,746 December. 916 155 3,289 326 3,955 ,516 8,421 3,497 4,924 ,736 1953—January.. 835 135 3,293 308 3,981 1,321 8,188 3.244 4,945 .684 February. 877 141 3,301 330 4,042 1,342 8,310 3,301 5,008 ,724 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 n f 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 co il u ls n t d e i d s- Loans a O s 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 e c p e n s t- li c a O a b a p t i n h l i i d t e t a r ie 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 ?8.248 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—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? 51,147 68,269 636,427 169,508 61,909 896,076 864,033 32,043 24,957 66,225 1953—January.. . 47,150 69,200 642,991 174,912 33,586 907,691 873,232 34,459 27,216 32,932 p Preliminary. iThis 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. 3 In January 1950, the Bank of Canada assumed responsibility for these notes. NOTE.—For details concerning data in earlier years, see BULLETIN for April 1952, p. 466; for back figures and figures on German commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and for description of statistics see pp. 566-571 in same publication. 572 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 4403 100 000 91 999 1948 . . 29 773 321.22 2.2816 5.4406 100.000 91 691 1949 29 774 293.80 2.2009 2 1407 5 4406 42 973 97 491 92 881 1950 26.571 13.333 8.289 223.15 L.9908 1.9722 5.4406 32.788 90.909 91 474 1951 20.000 13.333 7.067 223.07 L.9859 1.9622 5.4406 32.849 94.939 1952 20.000 13.333 7.163 222.63 L.9878 5.4406 32.601 102 149 1952—May 20.000 13.333 7.169 223.24 L.9838 5.4406 32.752 101 615 June 20.000 13.333 7.183 221.88 L.9838 5.4406 32.505 102.086 July . 20 000 13.333 7.196 222.17 L.9842 5.4406 32 509 103 120 August 20.000 13.333 7.194 222.19 L.9879 5.4406 32.445 103.984 September 20 000 13 333 7.195 221.73 L.9920 5.4406 32 418 104 171 October 20.000 13.333 7.196 222.55 .9965 5.4406 32.499 103 681 No vem ber 20.000 13.333 7.198 223.12 .9979 5.4406 32.489 102.289 December .. . 20.000 13.333 7.198 223.58 L.9941 5.4406 32 523 103 002 1953—January . 20 000 13.333 7.198 224.13 L9934 5.4406 32 560 103 014 February 20.000 13.333 7.198 224.62 L.9966 5.4406 !2.5173 32.612 102.302 March 20.000 13.333 7.198 224.35 1.9976 5.4406 2.3024 32.586 101.666 April 20.000 13.333 7.198 224.43 1.9971 5.4406 2.2113 32.589 101.655 France Year or month Ceylon m D a en rk - Finland (franc) G (d e e r u m tsc a h n e y India Ireland Mexico e N rl e a t n h d - s Ze N a e la w nd (rupee) (krone) (markka) mark) (rupee) (pound) (peso) (guilder) (pound) Official Free 1947 20 864 8407 30 164 20 577 37 760 322 29 1948 . 20.857 .4929 .3240 30.169 18 860 37 668 350 48 1949 27.839 19.117 .4671 .3017 27.706 12.620 34.528 365 07 1950 20 850 14 494 .2858 23.838 20.870 11 570 26 252 277 28 1951 20.849 14.491 .4354 .2856 23.838 20.869 280.38 11.564 26 264 277 19 1952 20.903 214.492 .4354 .2856 323.838 20.922 279.68 11.588 26.315 276 49 1952—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 April 21.067 . 4354 .2856 21.069 281.66 11.608 26.335 278.87 Philip- Portu- South Swe- Switz- United Year or month N (k o r r o w n a e) y Re ( p p p i e u n so b e ) lic (es g c a ud l o) ( A po fr u i n c d a ) (k d ro e n n a) e ( r fr l a a n n c d ) ( K p d o i o u n m n g 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—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 28 465 833 456 180 442 553 February 14.015 49.677 3.4856 280.84 19.323 23.318 281.90 465.833 456.180 442.553 536.025 March 14.015 49.677 3.4842 280.51 19.323 23.317 281.56 65.833 56.180 42.553 35.547 April 14.015 49.677 3.4882 280.61 19.323 23.329 281.66 65.833 56.180 42.553 34.205 1 Based on quotations beginning Feb. 25, 1953. 2Based on quotations through Aug. 14, 1952. 3Based on quotations through May 8, 1952. 4Quotations not available Jan. 28 through Feb. 9, 1953. 5Based 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. MAY 1953 573 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month (1 U S 94 1 t n a 7 0 i 0 - t t 4 e e ) 9 d s = ( C 1 = a 9 n 3 1 5 a 0 - d 0 3 ) a 9 M (19 1 e 3 0 x 9 0 i ) c = o K U ( i 1 n 1 n 9 g 0 3 i 0 0 t d ) e o d - m F (1 r 9 1 a 4 0 9 n 0 ) c = e (1 I 9 1 t 3 0 a 8 0 l y ) - ( 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 n 0 h 8 0 d e ) s r - - S (1 w 9 1 3 e 0 5 d 0 ) e = n (A Sw u = l g a i 1 . t n 0 z 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 112 226 400 328 145 5,270 349 140 *317 220 1952—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 r226 405 328 143 5,133 348 139 322 220 Tulv 112 ••225 400 327 144 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 '220 397 326 141 5,272 347 138 314 218 111 222 395 324 140 5,292 343 138 305 218 Decem ber 110 221 393 328 141 5,287 342 139 P306 217 1953—January 110 222 387 ••328 ••141 5,255 348 137 P303 215 February 110 221 384 J>324 P139 P5,243 136 P302 214 March 110 222 386 P326 P140 P214 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 a c w a a t r u n t r a u l e y n - d d F f u a c m l h c l a y i t e u n f r a u l e y n - d d Foods p I r n o tr d d i u u al s c - ts Foods p tr I r i n o a d l d u u ra s c - w ts p f r I i o n n t d r i d s i u u a h c l s e t - d s goods goods 1943 69 n.a. 69 145 131 127 160 164 1944 69 n.a. 70 155 134 129 158 170 1945 72 n.a. 71 165 136 130 158 175 1946 83 n.a. 78 177 140 138 158 184 1947 100 98 95 190 164 162 165 207 1948 107 106 103 230 196 192 181 242 100 100 100 1949 93 96 101 226 197 199 197 249 101 108 104 1950 98 100 105 237 213 211 221 286 112 128 116 1951 113 111 116 269 238 242 247 »364 122 171 143 1952 107 109 113 247 219 231 284 *352 129 166 135 1952—March 108 109 114 257 ••225 235 276 »366 130 169 139 April 109 108 113 254 221 231 280 »358 130 166 138 May 108 109 113 253 220 228 280 »355 128 165 136 June 107 109 113 258 '220 '230 283 J»352 127 163 134 July 110 110 113 ••254 ••218 230 289 P348 122 162 133 110 111 113 243 216 229 287 P345 124 164 133 September 107 110 113 232 '212 228 284 P343 129 163 133 October 105 109 113 228 210 ••227 293 P343 129 164 132 November 104 108 113 229 211 '228 293 P340 131 163 132 December 99 104 113 229 210 228 297 P344 132 162 132 100 106 113 226 209 229 301 J'341 128 160 132 98 105 113 223 208 229 302 P337 127 159 132 March 100 105 113 221 210 229 P303 P337 n.a. Not available. » 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. 574 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 i 0 t 7 t 0 e e - s ) d 4 1 9 = C ( a 1 1 a d 9 0 n a 4 0 - 9 ) 15 K , 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 1 t n 9 h 0 4 d 0 e 9 s ) r- 1 ( l 9 A a e 3 n r u 9 - d g = . ( U S 1 = 9 n t 1 a 4 i 0 7 t t 0 e e - ) d s 4 i 9 = C ( a 1 1 a d 9 0 n a 4 0 - 9 ) 1 K 5 d ( , J i o a n 1 m n 9 g . 5 - 2 F = ( r 1 a 1 9 n 0 4 0 c 9 e ) N l = ( e a 1 t n 9 1 h 4 d 0 9 s e 0) r- 19 ( 3 l 9 A e a r u - nd g. =» = 100) 100) = 100) 100) 1945 . . . ... 77 75 22 153 69 21 164 1946 83 78 35 152 79 36 160 1947 . 96 85 77 57 158 96 67 57 170 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—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 Tulv 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 December 114 116 105 145 120 171 114 114 109 141 122 1953—January 114 116 104 146 120 170 113 114 109 141 123 184 February 113 116 105 146 120 170 112 113 110 142 124 183 March . . . 114 115 P145 120 P169 112 112 P141 P Preliminary. 1 These series are the revised indexes, 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. NOTE.—For sources and references concerning changes in the structure of price indexes for various countries (except the United States), see BULLETIN for December 1952, p. 1357. S E C U R I TY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month U S g ( n r t h a i a i d t t gh e e e ) d s ( C 1 = a 9 n 3 1 a 5 0 - da 0 3 ) 9 ( 1 K D 9 U i e 2 n n c 1 i g e = t m d 1 ed b 0 om e 0 r ) F (1 r 1 9 a 0 49 n 0 ) ce = N l e a t n h d e s r- ( U S 1 = n 9 t 3 a i 1 5 t t 0 - e e s d 0 3 ) 9 C (1 a = 9 n 3 1 a 5 0 - da 0 3 ) 9 ( K 1 U i 9 n n 2 i 6 g t = d e 1 d om 00) (19 F 49 r a = nce 100) 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. G 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—April 116.2 86.7 108.5 105.3 83.9 183.6 175.8 91.6 144 185 M ay 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 84.2 109.7 112.7 96.3 195.9 169.0 92.0 153 207 March 113.4 84.1 110.5 95.8 198.0 170.0 93.2 206 NOTB.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December 1952, p. 1357. MAY 1953 575 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 GLENN M. GOODMAN, Assistant Director GEORGE B. VEST, General Counsel HENRY BENNER, Assistant Director FREDERIC SOLOMON, Assistant General Counsel HOWARD H. HACKLEY, Assistant General Counsel DIVISION OF BANK OPERATIONS DAVID B. HEXTER, Assistant General Counsel ROBERT F. LEONARD, Director G. HOWLAND CHASE, Assistant General Counsel J. E. HORBETT, Assistant Director LOWELL MYRICK, Assistant Director DIVISION OF RESEARCH AND STATISTICS DIVISION OF PERSONNEL ADMINISTRATION RALPH A. YOUNG, Director FRANK R. GARFIELD, Adviser on Economic Research DWIGHT L. ALLEN, Director 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 C. RICHARD YOUNGDAHL, Assistant Director LISTON P. BETHEA, 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 PAUL M. DAVIS, ATLANTA DISTRICT WINFIELD W. RIEFLER, Secretary EDWARD E. BROWN, CHICAGO DISTRICT ELLIOTT THURSTON, Assistant Secretary President GEORGE B. VEST, General Counsel FREDERIC SOLOMON, Assistant General Counsel V. J. ALEXANDER, ST. LOUIS DISTRICT WOODLIEF THOMAS, Economist JOSEPH F. RINGLAND, MINNEAPOLIS DISTRICT WM, J. ABBOTT, 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 576 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman 1 President Vice Presidents Bank of Deputy Chairman First Vice President (Vice Presidents in charge of branches are listed in lower section of this page) Boston.... Harold D. Hodgkinson J. A. Erickson John JJ. Fooggg Carl B. Pitman Ames Stevens Alfred C. Neal .obert B. Harvey 3 O. A. Schlaikjer E. O. Latham R. F. Van Amringe New York. Jay E. Crane Allan Sproul H. A. Bilby H. V. Roelse H. H. Kimball Robert G. Rouse William I. Myers William F. Treiber 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 W. D. Fulton Roger R. Clouse H. E. J. Smith Leo L. Rummell Donald S. Thompson A. H. Laning 3 Paul C. Stetzelberger Martin Morrison Richmond. Charles P. McCormick Hugh Leach N. L. Armistead C. B. Strathy John B. Woodward, Jr. Edw. A. Wayne Aubrey N. Heflin K. Brantley Watson Upton S. Martin Chas. W. Williams R. W. Mercer 3 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 * Alfred T. Sihler W. W. Turner St. Louis Russell L. Dearmont Delos C. Johns Dale M. Lewis H. H. Weigel Wm. H. Bryce Frederick L. Deming Wm. E. Peterson J. C. Wotawa Minneapolis. . . Roger B. Shepard O. S. Powell H. C. Core J. Marvin Peterson Paul E. Miller A. W. Mills E. B. Larson Otis R. Preston H. G. McConnell M. H. Strothman, Jr. Sigurd Ueland Kansas City... Raymond W. Hall H. G. Leedy John T. Boysen 2 Clarence W. Tow Cecil Puckett Henry O. Koppang M. W. E. Park E. D. Vanderhoof D. W. Woolley Dallas J. R. Parten R. R. Gilbert E. B. Austin L. G. Pondrom Robert J. Smith W. D. Gentry R. B. Coleman Harry A. Shuford J. L. Cook 3 Mac C. Smyth Watrous H. Irons San Francisco.. Brayton Wilbur C. E. Earhart E. R. Millard Ronald T. Symms2 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 Birmingham John L. Liles, Jr. Atlanta 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 R. A. Swaney 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. 1 Cashier. »Also Cashier. 4 Counsel. MAY 1953 577 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 April Governors of the Federal Reserve System, Wash- 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 WITHIN THE UNITED BUSINESS. Issued semiannually, usually April STATES. (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. 578 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS REPRINTS REAL ESTATE LOANS OF REGISTRANTS UNDER REGU- (From Federal Reserve Bulletin unless preceded by an asterisk) LATION X. June 1952. 18 pages. MEASUREMENT OF CONSUMER CREDIT. November RETAIL CREDIT SURVEY—1951. From June 1952 1950. 9 pages. BULLETIN with supplementary information for * THE TREASURY—CENTRAL BANK RELATIONSHIP IN 9 separate trades. (Also, Retail Credit Surveys— FOREIGN COUNTRIES—PROCEDURES AND TECH- 1943, 1944, 1945, 1946, 1947, 1948, and 1949 NIQUES. November 1950. April 1951. 19 pages. from the June 1944, May 1945, June 1946, July TRENDS IN INTERNATIONAL TRADE AND PAYMENTS. 1947, July 1948, June 1949, and June 1950 April 1951. 14 pages. BULLETINS with supplementary information.) HOUSE PURCHASES IN THE FIVE MONTHS FOLLOWING ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS THE INTRODUCTION OF REAL ESTATE CREDIT REGU- AND BUSINESSES. July 1952. 2 pages. LATION. July 1951. 23 pages. PROBLEMS OF TRADE EQUILIBRIUM. October 1952. SAVING IN THE DEFENSE ECONOMY. September 9 pages. 1951. 5 pages. REVISED SERIES ON DEPARTMENT STORE SALES, NEW INDEX OF OUTPUT OF MAJOR CONSUMER STOCKS, AND ORDERS. October 1952. 5 pages. DURABLE GOODS. October 1951. 6 pages. RECENT CREDIT EXPANSION. December 1952. 7 CREDIT AND SALES REPORTED BY REGULATION W pages. REGISTRANTS. October 1951. 12 pages. VOLUNTARY ACTION TO HELP CURB INFLATION. RECENT CENTRAL BANKING DEVELOPMENTS IN November 1951. 9 pages. SOUTHEAST ASIA. December 1952. 9 pages. REVISED INDEXES OF DEPARTMENT STORE SALES AND CREDIT AND MONETARY REVIEW FOR 1952. February STOCKS. December 1951. 53 pages. 1953. 7 pages. ECONOMIC PROBLEMS FACING POST-TREATY JAPAN. THE MONETARY SYSTEM OF THE UNITED STATES. January 1952. 11 pages. February 1953. 16 pages. THE SECOND ARMAMENT BUDGET. February 1952. INFLUENCE OF CREDIT AND MONETARY MEASURES ON 9 pages. ECONOMIC STABILITY. March 1953. 16 pages. MONEY AND CREDIT IN 1951. February 1952. 9 FEDERAL FINANCIAL MEASURES FOR ECONOMIC STApages. BILITY. May 1953. 7 pages. RECENT CHANGES IN GERMANY'S FOREIGN TRADE INTERNATIONAL FLOW OF GOLD AND DOLLARS, 1952. BALANCE. March 1952. 7 pages. March 1953. 8 pages. (Also similar article 1952 SURVEY OF CONSUMER FINANCES—From April, from March 1952 BULLETIN.) July, August, and September issues of BULLETIN. SELECTED PRELIMINARY FINDINGS OF THE 1953 67 pages. (Also, similar surveys for earlier years SURVEY OF CONSUMER FINANCES. March 1953. from 1946, 1947, 1948, 1949, 1950, and 1951 2 pages. BULLETINS.) REVISION OF CONSUMER CREDIT STATISTICS. April BANKING IN THE SOVIET UNION. April 1952. 8 1953. 19 pages. pages. ^DETAILED DESCRIPTION OF SOURCES AND METHODS REVISED WEEKLY INDEX OF DEPARTMENT STORE USED IN REVISION OF SHORT- AND INTERMEDIATE- SALES. April 1952. 4 pages. TERM CONSUMER CREDIT STATISTICS (supplemen- STATEMENT BY CHAIRMAN OF THE BOARD OF GOV- tary details for item listed above), April 1953. ERNORS BEFORE SUBCOMMITTEE ON GENERAL 25 pages. CREDIT CONTROL AND DEBT MANAGEMENT, MARCH THE TRANSITION TO FREE MARKETS. April 1953. 11, 1952. April 1952. 4 pages. 6 pages. CHANGES IN INSTALMENT CREDIT TERMS. May 1952. FEDERAL RESERVE BANK RESPONSIBILITIES. May 6 pages. 1953. 5 pages. EXCESS PROFITS TAXES OF COMMERCIAL BANKS. FEDERAL FINANCIAL MEASURES FOR ECONOMIC STA- June 1952. 18 pages. BILITY. May 1953. 7 pages. MAY 1953 579 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

o FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES = BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES I if BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis