Federal Reserve Bulletin, 1953-06

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

FEDERAL RESERVE BULLETIN VOLUME 39 June 1953 NUMBER 6 LABOR MARKET DEVELOPMENTS The large expansion in national product The bulk of the employment increase over during the past year has been accompanied the past 12 months has been in manufacturby strong demands for manpower. Employ- ing activities. In durable goods manufacment in nonagricultural establishments in turing industries employment has risen by May, seasonally adjusted, was at an all- 900,000; most of this growth occurred in time high, 1.5 million greater than a year the last half of 1952 following the settleearlier. Increased manpower needs in non- ment of the steel strike in July. Increases farm activities have been met by additions have been especially sharp in the automoto the civilian labor force and a continued bile, aircraft, and electrical machinery inshift out of farm employment. The armed dustries, as may be seen from the chart. Emservices, which earlier had risen rapidly, have ployment in nondurable goods industries shown little change in the past year. Unemployment has been exceptionally low, EMPLOYMENT IN SELECTED ACTIVITIES with monthly changes reflecting mainly sea- Thousands of Persons sonal influences. 1600 Employment gains over the past year have 1400 reflected stronger private demands as de- TEXTILES fense spending has tended to level off. In- DEFENSE AGENCIES 1200 creased availability of basic metals has per- ELECTRICAL / mitted elimination of restraints on the use MACHINERY J 1000 of steel, copper, and aluminum and has allowed expansion of civilian durable goods 800 output, particularly automobiles. Personal incomes after taxes have increased consid- 600 erably and consumer prices have been relatively stable. Both the dollar and the physi- 400 cal volume of consumer purchases of goods FURNITURE and services have expanded sharply to all- 200 time highs. Plant and equipment outlays have been at record levels. Business inven- I tories have risen substantially in durable 1950 1952 1950 1952 goods lines but have declined moderately in Bureau of Labor Statistics data. Data for textiles, electrical machinery, automobiles, and furniture are adjusted for seasonal nondurable goods lines. variation by Federal Reserve; other data are unadjusted. Latest figures shown are for May 1953. JUNE 1953 581 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LABOR MARKET DEVELOPMENTS is almost 300,000 higher than a year ago be seen from the chart. This rise contrasts and close to its all-time high. with developments of the two preceding Since early this year total nonfarm em- years, when wage increases more closely ployment (seasonally adjusted) has been paralleled price increases. fairly stable at record levels; a further rise in manufacturing industries has been partly AVERAGE WEEKLY EARNINGS IN MANUFACTURING offset by a reduction in nonmanufacturing Dollars lines. Among defense activities, employ- 80 ment has recently leveled off in the aircraft and ordnance industries and has declined in shipbuilding and in the Federal defense CURRENT DOLLARS agencies. The labor market has continued strong and fairly well balanced, with some tighten- 60 ing reported in localities that earlier had 1947-49 DOLLARS been adversely affected by reduced output of civilian goods. Except for certain technical and professional occupations, manpower resources generally have been adequate. The workweek in manufacturing declined somewhat in April and May but 40 1950 1952 was higher than a year earlier; layoff rates Bureau of Labor Statistics data. Weekly earnings exhave been low and hire and quit rates high. pressed in terms of 1947-49 dollars are obtained by adjusting weekly earnings by the changes in the consumer price index. Latest figures shown are for May 1953. GROWTH IN REAL WAGES Wage and salary payments to all employees Strong demands for labor, expansion of have continued to rise this year and in April consumer and other private expenditures, were at an all-time high, one-tenth larger increased productivity, and improved pros- than a year earlier. The substantial gain pects for business profits have contributed to from a year ago reflects generally higher further advances in wage rates over the wage rates, the increase in nonfarm empast year. Gains have been widespread but ployment, and a longer workweek in manuhave differed considerably among major facturing. groups. In agriculture, wage rates are little There was little change in wage rates changed from a year ago. In manufactur- after termination of wage controls in Febing, both hourly and weekly earnings rose ruary, and in recent months increases in rates sharply in the last half of 1952 but have in major industries have been more selecshown relatively little change this year. tive than earlier. In mid-June workers in Average hourly earnings in May, at $1.75, the steel industry received an increase of were 6 per cent and weekly earnings, at 8.5 cents an hour. In the automobile indus- $71.05, were 7 per cent above the levels of try, long-term contracts of major companies a year ago. With consumer prices up less were revised in May, raising the annual prothan 1 per cent, real weekly wages are con- ductivity increment from 4 to 5 cents, imsiderably higher than a year ago, as may proving pensions somewhat, incorporating 582 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LABOR MARKET DEVELOPMENTS in the permanent wage structure 19 of the has declined somewhat while the number 24 cents received as cost-of-living increases of men has increased. With the armed forces in the past three years, and substituting the maintained at about 3.5 million, men rerevised consumer price index as a basis for leased from military service have contributed escalation. Increases in hourly rates to re- to growth in the male civilian labor force store earlier differentials were also given to since replacements have come largely from certain categories of skilled workers. Work- the 19 and 20 year old group, many of whom ers in the men's and women's clothing, elec- would ordinarily be in school and outside trical equipment, shoe, and other indus- the civilian labor force. tries also have received wage increases this Civilian employment, including those enyear. gaged in farming, totaled 61.7 million in Occasional slight declines in the consumer May, half a million above the level of a year price index have resulted in some small re- ago and the largest number ever employed ductions in wage rates tied to this index. in May (Census Bureau estimates). Em- With consumer prices relatively stable, ployment is now about 14 million above the unions appear less favorably disposed toward pre-World War II level. This gain repcost-of-living adjustment clauses, and such resents a tremendous expansion in job opescalator clauses have been dropped recently portunities in the nonfarm sector. In agrifrom a few important contracts. culture, employment trends for a long time have been downward, reflecting major tech- CHANGES IN THE LABOR FORCE nological improvements in farming and In May 1953 the total labor force, includ- strong demands for labor in other sectors. ing the armed services, was estimated at 66.5 Farm employment, at 6.4 million in May, million persons. This was not much above was 40 per cent below the prewar level. It the level of a year ago, but was about 2.5 was down 1.7 million from May 1950 and a million more than in the comparable month half million from a year ago. of 1950. Additions since the spring of 1950 represent mainly continued growth of the EXPANSION IN NONAGRICULTURAL population of working age. The proportion EMPLOYMENT of the population 14 years of age and over Sharply increased demands for goods and in the labor force has been fairly steady at services have resulted in a rise in nonagriculabout 58 per cent. Most of the increase in tural employment from 29.7 million in May the labor force during the past three years 1939 to the current record level of over 49 has been taken up by the expansion in the million (Bureau of Labor Statistics estimates, armed forces. The civilian labor force has seasonally adjusted). The number of workshown only a slight increase. ers on nonfarm payrolls in May was about The immediate post-Korean upsurge in 5 million higher than in the spring of 1950, employment coincided with the withdrawal and 1.5 million above a year ago. of 1.5 million men from civilian activities Although the rising trend of employment into military service, and the entrance of since 1939 has been interrupted from time large numbers of women into the civilian to time, the generally strong demand for labor force. During the past year, however, labor during this period marks a dramatic the number of women in the labor force shift from the preceding decade in which JUNE 1953 583 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LABOR MARKET DEVELOPMENTS large-scale unemployment was a persistent activities, such as trade, finance, services, problem. Within the framework of over- and Government, were largely responsible all expansion, significant changes have oc- for the rise of 500,000 in employment in curred since 1939 in the structure of em- this period. ployment. These have been associated with war, basic changes in technology, shifts in N0NA6RICULTURAL EMPLOYMENT demands, and a continued tense and un- Millions of Persons NONMANUFACTURING certain international situation. The number employed in durable goods manufacturing 32 industries, construction, and civilian Federal Government has more than doubled, as may be seen in the table on page 586 30 and now accounts for a substantially greater proportion of nonfarm employment. The shift has been away from nondurable goods 28 manufacturing, mining, and State and local MANUFACTURING governments, where the relative increases 10 have been considerably smaller. DURABLE During the defense build-up of the past three years nonfarm employment has exhibited several phases. Employment rose NONDURABLE very sharply after Korean hostilities began, and in the 12 months ending May 1951 about 3 million workers were added to pay- 1950 1952 rolls. As the chart shows, substantial gains Bureau of Labor Statistics data adjusted for seasonal variatook place in both manufacturing and non- tion by Federal Reserve. Latest figures shown are for May 1953. manufacturing industries, resulting largely from extraordinarily strong private de- Job opportunities expanded further during mands. Government defense requirements the past year. Nonfarm employment has also contributed to increased demands for risen sharply, with the increase concenmanpower. The number of Federal civilian trated largely in manufacturing activities. employees, as well as the size of the armed The prolonged rise in nonmanufacturing forces, increased markedly in this period. employment halted in the autumn of 1952 Between May 1951 and May 1952, Federal and has been followed by moderate deexpenditures for national security increased clines this year. sharply and output of defense hard goods Manufacturing. About half of the inwas greatly expanded. However, some sof- crease in nonfarm employment since May tening of civilian demands, excessive busi- 1950 has been in the manufacturing indusness inventories, and limitations on the use tries. At 17.3 million in May 1953, emof metals for nondefense purposes tended ployment (seasonally adjusted) was about to moderate upward pressures. Employment one-fifth larger than before Korea and 7 in manufacturing industries as a whole re- per cent above a year ago. mained fairly stable. Nonmanufacturing All major manufacturing groups except 584 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LABOR MARKET DEVELOPMENTS lumbering and textiles had more employees EMPLOYEES IN MANUFACTURING INDUSTRIES in May 1953 than in May 1950. Most of [May of each year] the expansion occurred in the durable goods Percentage in- 1953 crease, or decrease industries. The relative importance of these Industry group (in thou- (-), 1953 from: sands of industries has increased considerably since persons) 1952 1951 1950 1939, as the table indicates. More than 1 out of 5 workers in all nonagricultural All manufacturing 17,280 18 establishments and about 3 out of 5 in man- Durable goods 10,134 28 ufacturing industries are now engaged in O Lu rd m n b a e n r ce 7 1 7 8 7 7 -10 5 - 9 2 3 durable goods activities. F St u o r n n e i , t u c r l e ay, and glass 3 5 8 4 6 4 -3 5 5 8 Primary metals 1,352 2 14 Fabricated metals 1,166 8 25 Machinery (excluding electrical) 1,695 6 28 EMPLOYEES IN DURABLE GOODS MANUFACTURING T E r le a c n t s r p ic o a r l t a m ti a o c n h i e n q e u ry ipment 1 1, , 9 2 7 1 2 4 3 2 1 1 5 4 7 4 [May of each year] M In i s s t c r e u l m la e n n e t o s us 3 50 3 8 3 1 5 4 4 1 1 6 Durable goods employment Nondurable goods 7,146 Number of as a percentage of: Year persons Foods 1,568 0) 2 (in thousands) Tobacco 106 5 2 Nonagricultural Manufacturing Textile-mill products 1,217 -6 -3 Apparel 1,242 4 7 Paper 530 3 12 1939 4,526 15 46 Printing and publishing 780 3 6 Chemicals 765 2 13 1948 8,258 19 54 Petroleum and coal 263 4 15 Rubber 277 5 16 1950 7,906 18 54 Leather 398 6 3 1951 9,143 19 56 1952 9,227 19 57 1953 10,134 21 59 1Less than 0.5 of 1 per cent. NOTE.—Bureau of Labor Statistics estimates adjusted for seasonal variation by Federal Reserve. May 1953 figures are prelim- NOTE.—Bureau of Labor Statistics estimates adjusted for inary. seasonal variation by Federal Reserve. year, with most groups showing relatively During the past year employment in dur- small gains. Employment in May was 5 able goods industries has gone up by 900,000 per cent larger than in May 1950 and at about and in May was at a postwar high. Sharp the peak reached in the first quarter of increases in output in the metal working 1951. Nondurable goods industries most industries, reflecting in large measure ex- closely associated with the defense program panded production of consumer goods, espe- and with durable goods industries—chemicially automobiles, accounted for the bulk cals, petroleum, and rubber—have had the of the gains. largest employment gains in the past three Since May 1950 employment has risen al- years. In the food, tobacco, apparel, and most 60 per cent in the transportation equip- leather industries changes have been small ment industries, which include automobiles, and employment is currently only slightly shipbuilding, and aircraft. Substantial gains above 1950 levels. Although textile employhave also been reported in electrical and ment is up somewhat from a year ago, it is other machinery, instruments, and fabricated still below the pre-Korean level. metal products, as may be seen from the The workweek in manufacturing indusfollowing table. Increases in the stone, clay, tries averaged 40.6 hours in May 1953, the and glass industry and in furniture have been same as in 1951, but somewhat longer than relatively small. in the corresponding months of 1950 and Almost 300,000 workers have been added 1952. In durable goods industries the averin nondurable goods industries in the past age workweek in May was 41.3 hours, in- JUNE 1953 585 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LABOR MARKET DEVELOPMENTS dicating continued overtime, and was almost ment leveled off in 1951 following a sharp two hours longer than in nondurables. Since increase. March, however, there has been a moderate UNEMPLOYMENT decline in the average workweek in both durable and nondurable goods industries. Strong demands for labor associated with Nonmanufacturing. In May 31.9 million rising civilian demands, the increase in the persons—about two-thirds of all nonagricul- armed forces, and growing defense outtural workers—were employed in nonmanu- put reduced unemployment from a postfacturing activities, shown in the table. The war high of 4.7 million in February 1950 to 1.6 million in May 1951. Since then EMPLOYEES IN NONAGRICULTURAL ESTABLISHMENTS unemployment has remained at exception- [May of each year] ally low levels, and changes from month to Percentage increase, month have been moderate, as may be seen or decrease (—), Industry division (in th 19 o 5 u 3 sands 1953 from: from the chart. Unemployment in May of of persons) 1953, at 1.3 million persons or 2 per cent of 1952 1950 1939 the total labor force, was lower than in any Total . , .... 49,192 3 11 65 May since the war. Manufacturing 17,280 7 18 75 Durable 10,134 10 28 124 Nondurable 7,146 4 5 34 Both initial and continued claims for un- Nonmanufacturing 31,912 1 8 61 employment insurance in early June were Mining 831 -7 -10 19 Contract construction... 2,455 -3 10 113 at postwar lows for this time of the year. Transportation 2,964 1 12 46 Public utilities 1,313 5 9 58 Weekly payments to unemployed workers Trade 10,433 2 9 59 F Se in rv a i n c c e e 2 5 , , 0 31 1 5 7 4 1 5 3 4 6 7 1 averaged over $23, or somewhat higher than Government 6,584 C1) 9 68 Federal 2,297 19 161 last year, as a result of improvements in State and local 4,287 2 5 41 benefit provisions in some States, increases 1Less than 0.5 of 1 per cent. NOTE.—Bureau of Labor Statistics estimates adjusted for seasonal variation by Federal Reserve. Self-employed persons and UNEMPLOYMENT domestic servants are excluded. May 1953 figures are preliminary. Millions of Persons increase of 2.5 million in nonmanufacturing employment since the spring of 1950 reflects a larger volume of construction activity, a considerably higher level of trade, and expanded Federal expenditures for de- — 4 fense activities. Nonmanufacturing employment increased until last fall, but has subsequently been reduced by about 200,000. Since the peak in October 1952 the sharpest reduction has — 1 been in Federal civilian activities, but other activities have also shown moderate declines. In mining, however, employment has been declining fairly steadily over the past two years and is currently 10 per cent below 1948 1950 1952 pre-Korean levels. In construction, employ- Bureau of Census data. Latest figure shown is for May 1953. 586 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LABOR MARKET DEVELOPMENTS in wage levels, and the changing composi- activities—have remained few. Moreover, tion of the eligible group. Although aver- easing has occurred recently in some of these age weekly benefits are more than double the areas. In the Aiken-Augusta area, construcamount paid before the war, they represent tion employment on the giant Savannah a smaller proportion of weekly wages. atomic energy project has passed its peak. Unemployment compensation payments In Wichita, the nation's second largest airtotaled 1.0 billion dollars in 1952, somewhat craft center, employment has recently delarger than in the preceding year. Unem- clined in the dominant aircraft industry. In ployment insurance reserves, however, rose both of these areas labor supply and demand further last year to a record total of 8.3 bil- are in better balance than at any time in lion dollars, or 8.8 per cent of taxable wages nearly two years. in 1952. In Detroit and neighboring automobile and metalworking centers, however, there AREA DEVELOPMENTS has been a marked tightening in the labor supply during the past year. In Detroit, Labor market conditions in the nation's for instance, unemployment declined from major areas have been relatively stable since an estimated 6 per cent of the labor force early this year, but the situation is stronger in early 1952 to less than 2 per cent reand supplies and demands are better balcently, and the supply of both skilled and anced than a year ago. Changes are sumunskilled labor at times has been insufficient marized in the table. to meet existing needs. The reduction in the number of areas re- CLASSIFICATION OF MAJOR LABOR MARKET AREAS porting an excessive labor supply has re- Nature of supply in relation to May January May sulted mainly from increased output in the demand 1953 1953 1952 textile and light metal goods industries. (Number of areas) Group I. Shortage 5 4 4 Areas with continued substantial surpluses Group II. Balanced supply 79 79 51 Group III. Moderate surplus 82 81 99 of labor, such as Lawrence, Massachusetts, Group IV. Substantial surplus 16 18 23 Providence, Rhode Island, Scranton and Total number of areas 182 182 177 Wilkes-Barre, Pennsylvania, and a number Source.—U. S. Department of Labor, Bureau of Employment of West Virginia areas, have been in this Security. situation for relatively long periods of time The tightest areas—those where a shortage because of continued adverse conditions in in the locally available labor supply has im- coal mining and in the New England texpeded or may significantly impede essential tile industry. JUNE 1953 587 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1953 SURVEY OF CONSUMER FINANCES PART I. The General Financial Position and Economic Outlook of Consumers1 Further expansion of economic activity in FINANCIAL POSITION OF CONSUMERS 1952 resulted in a substantial increase in con- The financial position of consumers imsumer money income. With little change proved in 1952 not only as a result of in prices, the rise in money income was higher incomes but also as a result of a large largely reflected in higher real incomes. Acnet addition to liquid assets. Continued cording to the 1953 Survey of Consumer moderation of spending during most of 1952 Finances, more people reported feeling finanwas reflected in a high rate of saving which, cially better off in early 1953 compared with more than in other recent years, took the a year earlier than in any previous survey in form of increases in liquid asset holdings. the postwar period. Survey findings also in- Income. An appreciably higher level of dicate an increase in the number of conconsumer income was reported in early 1953 sumers having liquid assets and in the than in early 1952. Nearly half of all nonmedian amount of such holdings. On the farm spending units reported making more other hand, the level of consumer debt was money while about one-sixth reported makalso considerably higher and, although debt ing less. The annual income of the median increases were widely distributed, they were (middlemost) consumer spending unit rose especially large for consumers who had purfrom $3,200 in 1951 to $3,420 in 1952 (see chased durable goods such as automobiles. Table I).2 Income continued to be widely In early 1953, consumers appeared to be distributed among income classes in 1952 in more of a mood to make major durable goods purchases than they had been since 1 This is the first in a series of articles presenting the results of the 1953 Survey of Consumer Finances conducted 1950. Contributing to the change in attiby the Board of Governors of the Federal Reserve System in tude from the year before were the improve- cooperation with the Survey Research Center of the University of Michigan. Subsequent issues of the BULLETIN will ment in financial positions, the expectation contain articles analyzing consumer expenditures during 1952 of still further improvement in 1953, the and plans for 1953 and 1954 purchases of major durable adjustment by many to the higher post- goods and houses, and ownership of selected major assets and liabilities. For a discussion of the sample and a general Korean price level, and the fact that con- statement concerning the Surveys of Consumer Finances, see sumer purchases of durable goods had been the Technical Appendix at the end of this article. The present article was prepared by Irving Schweiger of curtailed in 1951 and 1952. The greatest inthe Consumer Credit and Finances Section of the Board's crease in frequency of plans to make major Division of Research and Statistics. purchases was found among consumers with 2 Survey data indicate that aggregate consumer income rose from 202 billion dollars in 1951 to 220 billion in incomes of $5,000 or more. These consumers 1952, roughly the same percentage increase shown by Degenerally have a strong enough current partment of Commerce estimates when adjusted to the surfinancial position or are sufficiently 'credit- vey universe and definition of income. In both years, the figures obtained by the survey amounted to more than 90 worthy to carry out their buying plans. per cent of the Commerce Department estimate. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1953 SURVEY OF CONSUMER FINANCES with little evidence of any shift toward INCOME GROUPING OF SPENDING UNITS greater or less concentration. Percentage Distribution Every one of the major occupational groups had an increase in median annual income last year (see Table 2). Increases in income weie reported most frequently by professional and semiprofessional persons (e.g. lawyers, teachers, nurses) and by clerical and sales personnel. The smallest increase in median income was registered by the managerial group. Median income of farm operators increased appreciably but mean income (arithmetic average) showed little change, reflecting the fact that total farm income did not increase last year. Some 1946 1951 1952 1946 1951 1952 1946 1951 1952 change in the distribution of farm income is indicated by these findings. more, while last year 26 per cent had incomes As a result of the upward trend in income of this size. At the opposite end of the in all postwar years except 1949, the level of scale, the proportion of consumers with inconsumer income has been raised signifi- comes of less than $2,000 declined from 40 cantly. Reflecting higher prices as well as to 25 per cent, as is shown in the accomgrowth in real income, median consumer panying chart. income rose from $2,300 in 1946 to $3,420 In the period of high level employment last year. In 1946, only 10 per cent of all and production between 1946 and 1952, perspending units had incomes of $5,000 or centage gains in income tended to be greatest for the occupational groups whose median TABLE 1 incomes were lowest at the beginning of the INCOME GROUPING OF SPENDING UNITS AND OF TOTAL MONEY period. Groups whose median incomes were INCOME BEFORE TAXES 1 less than $2,000 in 1946 (unskilled and serv- [Percentage distribution] 1952 1951 1946 TABLE 2 Money income MEDIAN INCOMES WITHIN OCCUPATIONAL GROUPS before taxes Spend- Total Spend- Total Spend- Total ing money ing money ing money units income units income units income Median income1 Occupation of head of spending unit Under $1,000 11 1 13 1 17 3 1952 1951 1946 $l,000-$l,999 14 5 15 6 23 12 $2,000-$2,999 16 10 18 12 25 21 $3,000-$3,999 18 15 18 16 17 20 All spending units2 $3,420 $3,200 $2,300 $ $ 5 4r , 0 0 0 0 0 0 - - $ $ 4 7 , , 9 4 9 9 9 9 1 1 7 5 2 1 5 6 1 1 5 4 2 1 2 7 6 8 1 1 3 1 Professional and semiprofessional 5,310 4,500 4,00© $ $1 7 0 ,5 ,0 0 0 0 0 -$ a 9 n ,9 d 9 9 over 4 5 1 1 8 0 4 3 }» } « }» Ma M n a a n g a e g ri e a r l i a a l nd self-employed 5 5 , , 5 0 0 0 0 0 4 5 , , 7 3 8 5 0 0 3,7 ( 0 3) ® Self-employed 4,730 4,180 () M M e e d an i A a n l i l n i c c n a o c s m e o s e m 3 e2 $ $ 3 4 10 , , 4 0 0 7 2 0 0 100 $ $ 3 3 10 , , 8 2 0 2 0 0 0 100 $ $ 2 2 10 , , 8 3 0 7 0 0 0 100 S U F C k a l n e i r s l m r l k i e c i d l a o l l e p a d a e n n r d a a d n t s o d s e r a m s le e is s r k v i i l c l e ed 3 4 2 2 , , , , 8 0 1 4 5 9 0 7 0 0 0 0 2 3 3 1 , , , , 1 8 4 8 0 1 0 8 0 0 0 0 2 2 1 1 , , , , 6 7 6 3 0 0 0 0 9 0 0 0 * Income data for each year are based on interviews during Jan- 1 Median income is that of middle spending unit in a ranking of uary, February, and early March of the following year. all units b> size of money income before taxes. 2Median income is that of the middle spending unit in a ranking 2 Includes spending units headed by housewives, protective of all units by size of money income before taxes. service workers, unemployed persons, students, and persons whose 3 Mean income is the average obtained by dividing aggregate occupations were not ascertained in addition to occupations listed. money income before taxes by number of spending units. 3Data not available. JUNE 1953 589 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1953 SURVEY OF CONSUMER FINANCES ice workers and farm operators) had in- median liquid asset holding for all spending creases of more than 50 per cent by 1952; units rose from $240 in early 1952 to $300 groups with 1946 median incomes between in early 1953. In early 1946, this median $2,000 and $3,000 (skilled and semiskilled workers and clerical and sales personnel) ' TABLE 3 had increases of almost 50 per cent; while SIZE OF LIQUID ASSET HOLDINGS1 [Percentage distribution of spending units] groups whose median incomes had been between $3,000 and $4,000 (professional and Size of holding2 1953 1952 1951 1946 semiprofessional persons and the combined Zero 29 31 28 24 $1-$199 16 17 16 15 group of managerial and self-employed per- $200-$499 12 13 14 14 $500-$999 . .. 11 9 11 14 sons) had increases of approximately one- $l,000-$l,999 12 10 12 14 $2,000-$4 999 11 12 11 13 third. These changes have affected the oc- $5,000-$9,999 5 5 5 4 $10,000 and over 4 3 3 2 cupational composition of each fifth of the All cases 100 100 100 100 population when ranked by income without Median holding: affecting the proportion of total income re- All units $300 $240 $300 $400 All units with assets $790 $720 $710 $750 ceived by each fifth. 1 Liquid asset groupings refer to holdings on Jan. 1, 1952, and at Liquid assets. Survey findings indicate time of interviews in January, February, and early March of other years indicated. that increases in liquid asset holdings since 2Liquid assets include all types of U. S. Government bonds, checking accounts, savings accounts in banks, postal savings, and shares in savings and loan associations and credit unions; currency early 1952 were widely distributed among in- is excluded. come and occupational groups. Liquid ashad been $400. Since prices have risen sets, as measured for this purpose, include sharply since 1946, the median liquid asset deposits in checking and savings accounts at holding is lower than in 1946 in real as well banks, shares in savings and loan associaas dollar terms. In view of the rise in tions, and United States Government securiconsumer income, the median liquid asset ties; they do not include pocket cash or holding is also lower relative to income than other holdings of currency. The fifth of at the end of the war. This postwar decline the spending units with the highest incomes in liquid assets has accompanied an increascontinued to hold approximately half of the ing use of consumer credit, although in 1952 liquid assets. The groups of professional both average liquid assets and average conpersons and clerical and sales personnel, sumer credit increased. which had the largest increases in median income, also had the largest increases in Consumer debt. In 1952, as during much liquid asset holdings. The smallest change of the postwar period, consumer debt inin median liquid asset holdings as well as creased rapidly. The increase last year in median income was shown by managerial brought the total to an all-time high both personnel. in absolute amount and in relation to in- As part of the fairly general increase in come after taxes. Only part of the survey liquid asset holdings, there was a slight de- findings concerning the distribution of this cline in the proportion of consumers who debt and the ability of consumers to carry owned no liquid assets. The decrease from it are available at present. The remaining 31 to 29 per cent canceled part of an earlier findings will be presented in the final article increase from the low mark of 24 per cent in this series covering major assets and liaat the end of the war (see Table 3). The bilities of consumers. 590 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1953 SURVEY OF CONSUMER FINANCES Survey data show that, as of early 1953, to have smaller liquid asset holdings than nonbusiness spending units were almost older groups. To finance their outlays for equally divided between those having some automobiles and major household goods, consumer short- and intermediate-term debt which in recent years have totaled roughly (53 per cent) and those having no debt of two-thirds of total consumer purchases of this type (47 per cent). Of those with debt, these goods, the half of the population made approximately 1 in every 4 consumers owed up of younger spending units (under 45 an amount equal to 20 per cent or more of years of age) need and are willing to use his income, while 3 in 4 owed 1 to 19 per credit. Their income experience encourages cent of income (see Table 4). them to use credit to satisfy their needs, inasmuch as younger spending units have gen- TABLE 4 erally received income increases with con- RELATION OF CONSUMER DEBT TO INCOME, EARLY 1953 1 siderably greater frequency than older units [Percentage distribution of nonbusiness spending units within income groups] in the postwar period, and in the 1949 downturn had fewer income declines. Consumer debt in early 1953 as percentage of 1952 money Many indebted consumers also hold subincome before taxes 1952 money income All stantial amounts of liquid assets, although before taxes cases 20 per Zero pe 1 r c -9 ent p 1 e 0 r - c 1 e 9 nt an c d e n o t ver holdings of the debtor group tend to be smaller than those of the nondebtor group. All nonbusiness spend As in 1952, it was found that approximately ing units 100 47 29 11 13 1 in every 3 spending units owing consumer Under $1,000. .. 100 70 11 6 13 $1,000-$ 1,999.. . 100 56 21 10 13 debt had more liquid assets than short- and $2,000-$2,999. . . 100 46 29 11 14 $ $ 3 4 , , 0 0 0 0 0 0 - - $ $ 3 4 , , 9 9 9 9 9 9 . . . . . . 1 1 0 0 0 0 3 4 5 0 3 3 7 1 1 1 4 3 1 1 5 5 intermediate-term debt. Among debtors $5,000-$7,499. .. 100 39 36 15 10 $7,500and over.. 100 57 26 7 10 with middle or moderately high incomes ($3,000-$7,500), who constitute the bulk of 1 Consumer debt includes all personal debt except business debt, mortgage debt, charge accounts, and debts incurred for additions the debtors, the proportion with more liquid and repairs to homes. Figures are presented only for nonbusiness spending units, excluding spending units headed by farm operators assets than debt ranged upward with income and owners of part or all of an unincorporated business or privately held corporation. from about 30 to 45 per cent. A majority These debt figures cannot be compared directly with the regular consumer short- and intermediate-term debt statistics published by the Board of Governors of the Federal Reserve System because of the debtors with incomes above $7,500 of differences in universe and in definition necessitated by survey methodology. had more liquid assets than debt, while this was true of only one-sixth of the debtors Debtors are found most frequently at with incomes of less than $3,000. middle to moderately high income levels ($3,000 to $7,500), and especially among ECONOMIC OUTLOOK younger married families with children. Economic developments can be better This finding gives support to the belief that understood when not only the financial conthe rapid growth of credit in recent years dition of consumers but also their views of is related in part to the high rate of family their current positions and prospects are formation during and since the war. taken into account. In early 1953, consumers Younger families attempt to acquire in a believed that their financial positions had relatively short time the large stock of con- improved during 1952 and they looked forsumer durable goods that enters into the ward to further improvement in 1953. Also, accepted standard of living. At the same they felt that conditions were much more time, the younger groups with children tend favorable for major purchases in 1953 than JUNE 1953 591 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1953 SURVEY OF CONSUMER FINANCES in 1952. These attitudes were reflected in TABLE 5 plans to increase considerably their purchases CHANGE IN FINANCIAL SITUATION OF CONSUMERS [Percentage distribution of spending units] of automobiles and other consumer durable goods in 1953 as compared with 1952, and to Change from year earlier E 1 a 9 r 5 l 3 y E 1 a 9 r 5 l 2 y E 1 a 9 r 5 l 1 y maintain purchases of houses at a high rate. Such attitudes and plans contrasted with Current income:1 More than a year ago 48 46 47 About the same 33 33 33 those of early 1952 when consumers were Less than a year ago 16 17 18 Not ascertained 4 4 2 less optimistic about their prospects for All cases 100 100 100 maintenance or expansion of real incomes, Opinion of own financial situation:2 and generally believed that times were not Better off 38 33 32 Same 33 29 29 Worse off 26 35 37 favorable for major durable goods pur- Uncertain . . 1 1 1 Not ascertained 2 2 1 chases, although they reported continued All cases 100 100 100 strong demand for houses. Fewer consumers planned to purchase consumer durable *Data refer to nonfarm spending units only, except for early 1951 when all units are included. The question was: "Are you making as much money now as you were a year ago, more or less?" goods in 1952 than in 1951 and, despite an 2The question was: "Would you say that you people are better off or worse off financially than you were a year ago?" increase in money and real incomes and the termination of consumer credit regulation ing better off and more feeling worse off in early May, fewer of them made such pur- than in early 1952. chases. Attitudes expressed in early 1953 Expectations of income and price changes. suggest that consumers were in more of a Consumers appeared to be confident about buying mood than they had been at the their own prospects at the beginning of 1953. time of the survey in other recent years. Nearly 9 in every 10 nonfarm consumers Views of financial position. The proportion of consumers who believed they were TABLE 6 better off financially than they had been a EXPECTED CHANGE IN CONSUMER PRICES AND INCOMES [Percentage distribution of spending units] year earlier was larger in early 1953 than it had been in any previous survey in the Expected change E 1 a 9 r 5 l 3 y E 1 a 9 r 5 l 2 y E 1 a 9 r 5 l 1 y postwar period. This year found 38 per cent In income:1 feeling better off and 26 per cent worse off Increase 34 36 39 None 33 30 35 (see Table 5). As in previous years, the Decrease 10 8 13 Uncertain 18 20 12 chief reason expressed for feeling better off Not ascertained 5 6 1 was a rise in income, but there was also a All cases 100 100 100 significant increase in the frequency of re- In prices: Increase • 15 49 67 Increase or no change2 2 4 9 ports of greater savings. The relative sta- No change3 43 30 16 Decrease or no change4 3 2 1 bility of consumer prices in 1952 was re- Decrease 28 5 3 Uncertain 7 7 3 flected in a sharp decline in the frequency Not ascertained 2 3 1 with which people reported being worse off All cases . ... 100 100 100 because of higher prices. Farm operators !Data for 1952 and 1953 are based on the question: "How about a year from now, do you think you people will be making more were the only major exception to the gen- money or less money than you are now, or what do you expect?" Data for 1951 are based on the question: "Now for the current eral pattern, probably due to the substantial year, 1951, do you think your income will be larger, the same, or smaller than in 1950?" The 1951 data apply to all spending units, decline in prices of farm products during those for other years only to nonfarm spending units. 2 Includes "some prices will stay the same, others will rise." the year. The 1953 survey showed fewer feel- 3 4I I n n c c l l u u d d e e s s " " s s o o m m e e p p r r i i c c e e s s w w i i l l l l f r a i l s l e , , o o th th e e rs rs w w il i l l l s f t a ay ll ." the same." 592 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1953 SURVEY OF CONSUMER FINANCES PRICE EXPECTATIONS, EARLY 1949-53 people could now afford to buy. The an- Per Cent of Spending Units swers of many consumers appeared to reflect RISING PRICES 80 adjustment to the higher post-Korean level of prices which had changed little in the past 60 year. Consumer investment preferences. As 40 in several other years, in 1953 the Survey of 20 Consumer Finances inquired into the investi ment preferences of consumers with incomes T 0 of $3,000 or more. Each consumer was asked the wisest thing to do with money not 20 needed for expenses: put it in a savings 40 account, buy Government savings bonds, FALLING PRICES invest in real estate, or buy common stock. 60 The first two types tend to represent fixed 1949 1950 1951 1952 1953 dollar value assets; the last two fluctuating who expressed an opinion expected their value or risk assets. money income to be maintained or to in- The answers obtained suggest that the crease during 1953, and half of these ex- shift in preference toward risk type assets pected increases (see Table 6). Nearly 8 which had gone on from early 1949 to early in every 10 spending units who expressed an 1952 had come to a halt. In this three-year opinion expected prices to remain stable or period the proportion favoring risk assets to go down during 1953. This was a marked had risen from 11 to 26 per cent. Most of shift from early 1951 and 1952 when from this increase probably took place in the one-half to two-thirds expected prices to rise. period immediately following the outbreak As a group, consumers thus appeared to of fighting in Korea when fear of inflation expect their economic positions in both was widespread. An apparent slight reacmoney and real terms to improve further in tion against risk assets in 1952 may be related 1953. in part to the sharp change in general price Attitudes regarding major purchases. expectations during 1952. Consumers who believed times were favor- Changes in investment preference from able for making purchases of major durable early 1952 to early 1953 appeared to be highly goods such as automobiles increased from selective among types of risk and riskless 22 to 34 per cent of all spending units be- assets. Among risk assets, there was a detween early 1952 and early 1953. Many cline in the proportion favoring investment consumers still felt that times were bad for in real estate with no change or a very small such purchases, primarily because prices increase in popularity of common stock. As were too high, but their ranks had been to fixed value assets, there was an increase thinned to 38 from 52 per cent of all con- in reports favoring bank deposits and a desumers. crease in the proportion favoring savings The chief reason given for the belief that bonds (see Table 7). this was a good time to buy was that prices Although the proportion preferring savhad stabilized or had come down and that ings bonds declined a few percentage points JUNE 1953 593 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1953 SURVEY OF CONSUMER FINANCES TABLE 7 $5,000 income group, which in early 1953 INVESTMENT PREFERENCES owned slightly less than one-fourth of all [Percentage distribution of spending units1] A-F bonds, reported some increased prefer- Preferred investment 1953 1952 1951 1949 ence for putting their savings in bank accounts. Little change in attitude toward Assets of fixed money value.... 65 65 69 79 savings bonds was apparent among con- Savings accounts 20 16 13 18 Savings bonds 38 43 49 54 sumers with incomes of $5,000 or more, who Accounts or bonds 7 6 7 7 as a group owned about 55 per cent of all Assets of fluctuating money value .. . .. 24 26 23 11 A-F bonds in early 1953. Common stock . 9 8 6 2 Real estate 14 17 16 9 Plans for maturing savings bonds. Infor- Common stock or real estate. 1 1 1 (2) mation was also obtained regarding plans Other3 9 6 5 8 for savings bonds maturing in 1953 from Not ascertained 2 3 3 2 the 16 per cent of spending units in the All cases 100 100 100 100 population that owned such bonds. Uncer- Number of cases 1,954 1,729* 1,000 1,751 tainty as to what to do with maturing bonds • Estimated. includes all spending units with incomes of $3,000 or more in appears to have been resolved to a greater exprevious year. 2 No cases reported or less than one-half of 1 per cent. tent than in previous years in favor of letting 3 Includes combinations of assets of fixed and fluctuating value and assets other than those listed above. the bonds run on. Of those consumers with plans for savings bonds maturing in the near further during 1952, it is significant that term, about 70 per cent planned in early this occurred only among middle income 1953 to retain their funds in savings bonds consumers and not among high income con- compared with 66 per cent in early 1952 and sumers as in former years. The $3,000 to 53 per cent in early 1951. The Technical Appendix for this article follows. Reprints of the article and appendix, including additional tabular material, may be obtained upon request to the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington 25, D. C. 594 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1953 SURVEY OF CONSUMER FINANCES TECHNICAL APPENDIX Interviewing for the survey began during each of these samples was a representative the first week in January and continued probability sample of the population, the through the first week of March.1 This year two could be combined into a larger reprefor the second time (the first time was in sentative probability sample. The sample the 1949 Survey) the sample included a of new interviews of spending units was representative selection of persons who had taken at 66 sampling points. The sample of been interviewed in last year's survey. These 1,037 reinterviews of spending units was reinterviews, which have been worked into taken at 60 sampling points. Inasmuch as the sample design in such a manner that 51 sampling points were common to both they do not affect the representative character samples, a total of 75 sampling points was of the total sample, provide information on used for the full survey sample of 3,097 financial changes and consumer reactions interviews. over a two-year period. As in previous surveys, the interview unit The sample for the 1953 Survey of Con- was the consumer spending unit, defined as sumer Finances consisted of 3,097 consumer all persons living in the same dwelling and spending units representing a cross-section related by blood, marriage, or adoption, who of the population of the continental United pooled their incomes for their major items States residing in private households. The of expense.2 Survey methods also permit sample was made up of two nationwide tabulation of many survey results on a family probability samples of addresses, one for new basis, and some of the results will be preinterviews and one for reinterviews. Since sented on this basis.8 1 From the Board of Governors, general supervision of the Previous surveys were conducted by the Board of Govsurvey was under the direction of Ralph A. Young, Director, ernors early in each of the years 1947-52 in cooperation with and Kenneth B. Williams, Assistant Director, of the Di- the Survey Research Center. The results of those surveys vision of Research and Statistics, and of Homer Jones, Chief were reported beginning with the June or July issue of the of the Consumer Credit and Finances Section of the Division. BULLETIN for those years. A preliminary report on certain The Division of Research and Statistics has responsibility for key points in each of the last four surveys, 1950-53, was planning the over-all content of the survey, analyzing survey published in the March or April BULLETIN. The first survey results, and preparing the special articles reporting survey was made by the Board of Governors early in 1946 in findings that appear in the BULLETIN. cooperation with the Division of Program Surveys, Bureau of Agricultural Economics, U. S. Department of Agriculture. From the University of Michigan, Rensis Likert, Director The Survey Research Center staff currently in charge of the of the Institute for Social Research, and Angus Campbell, survey work was associated with the Division of Program Director of the Survey Research Center, were in general Surveys at the time of the first survey. Results of that charge of the survey. The Survey Research Center is a survey were reported in the June, July and August 1946 division of the Institute for Social Research of the University issues of the BULLETIN under the general title "National of Michigan. Responsibility for detailed planning and super- Survey of Liquid Assets." vision of the survey, including interviewing, editing, tabulation of survey results, and preparation of Survey Research 2 If people contributed more than one-half of their income Center studies was carried by George Katona in collaboration to the family, it was considered that they pooled their inwith James N. Morgan and John B. Lansing of the Survey comes. In addition, the wife of the head of the family, or a Research Center staff. Charles F. Cannell served as head family member under 18 years of age or earning less than of the field staff and Leslie Kish as head of the sampling a specified amount, was always considered a member of the section of the Center. A close working relationship is main- main spending unit. In this survey, the specified amount tained with the staff of the Survey Research Center at all was $15 a week; in all previous surveys it was $10 a week. stages of the work, and this analysis of the survey tabula- 8 Families are defined as all persons living in the same tions has had the benefit of suggestions from the Center's dwelling unit who are related by blood, marriage, or staff, particularly Kent E. Winter and Robert J. Wolfson. adoption. JUNE 1953 595 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1953 SURVEY OF CONSUMER FINANCES Survey findings regarding the percentage SPENDING UNITS AND FAMILY UNITS IN SURVEY POPULATION distribution of spending units or families [Estimated numbers, in millions] are reported without adjustment or correc- 1953 1952 1951 1950 1949 tion on the basis of outside information. The Type of unit sur- sur- sur- sur- survey vey vey vey vey findings presented in terms of millions of units or billions of dollars are calculated by a. Occupied dwelling units (equal primary spendmultiplying survey averages by a factor b. Re i l n a g te u d n s i e ts c ) ondary spend- 46.3 45.3 44.4 43.3 41.9 ing units 5.9 5.8 6.1 6.9 6.7 (either the number of spending units or c. Unrelated secondary spending units 1.8 1.9 1.7 2.3 2.2 family units) which depends upon the esti- Family units (a plus c). . . 48.1 47.2 46.1 45.6 44.1 mated number of occupied dwelling units in Spending units (a plus b the nation. The estimates of dwelling units plus c) 54.0 53.0 52.2 52.5 50.8 are prepared on the basis of Census data. From these figures estimates of the numbers For more extensive discussion of the of spending units and family units in the methods of the survey and of the sampling survey population as of February 1 of each and other limitations of the data, see "Methyear are derived on the basis of survey find- ods of the Survey of Consumer Finances" ings. The figures are given in the accom- in the Federal Reserve BULLETIN for July panying table, which reflects revisions for 1950, as well as tables of sampling errors in years prior to 1953. the July 1952 BULLETIN, page 750. 596 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COLLECTION OF CHECKS BY FEDERAL RESERVE BANKS The question has been raised whether it is banks or from Federal Reserve Banks the practice of Federal Reserve Banks to checks and drafts drawn upon any of its make a charge for clearing and collecting depositors, and when remitted by a Fedchecks for their member banks or whether eral Reserve Bank, checks and drafts they have ever made such charges. drawn by any depositor in any other In July 1916, under authorization of the Federal Reserve Bank or member bank Federal Reserve Board, the Federal Reserve upon funds to the credit of said depos- Banks put into effect a plan for clearing and itor in said Reserve Bank or member collecting checks which provided for a service bank. # * # The Board of Governors charge not exceeding 2 cents per item. As of the Federal Reserve System shall, by the System's functions developed, these rule, fix # # # the charge which may be charges were gradually reduced. At the close imposed for the service of clearing or colof the year 1917 the maximum charge was lection rendered by the Federal Reserve 1.5 cents per item. Early in 1918 some Re- Bank." serve Banks began taking up to 500 checks This provision, which was contained in the per month from each member bank without original Federal Reserve Act and which has charge. As of July 1, 1918 the charge was not been changed, was characterized by eliminated entirely by action of the Board, Carter Glass as "one of the most imporacting upon a recommendation of the Re- tant provisions" in the Federal Reserve serve Banks (1918 Federal Reserve BULLE- Act. He made this statement on December TIN, page 371; 1918 Annual Report of Board, 22, 1913 (Cong. Rec. Vol. 51, pt. 17, apx. p. page 76). The charge has never been reim- 563) in the course of his final speech on the posed. bill, which became law the following day. The following statement was contained in Since he was the principal author of the bill the Board's Annual Report for 1919, page 42: and its chief exponent then and for many "It should be recalled that during the years thereafter, his statement was of imyear 1918 the service charge of from 1 to portance. He went on to say: \l/ 2 cents per item previously imposed by "The provision, as it stands, will re- Federal Reserve Banks to cover overhead sult in an immense saving to the tradesand other costs of collection was abol- people of the United States. It will ished and the growth of the collection eliminate the amazing wastefulness incibusiness during that year was due to a dent to many independent collection orgreat extent to this fact." ganizations by substituting one compact The statutory provision governing this collection system. # # # I speak thus matter is contained in Section 16 of the Fed- confidently only in anticipation of wise eral Reserve Act, paragraph 14 (12 U.S.C. action by the Federal Reserve Board 360). It reads: when appointed. If the Board will have "Every Federal Reserve Bank shall re- the wisdom and courage to establish imceive on deposit at par from member mediately a comprehensive and econom- JUNE 1953 597 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COLLECTION OF CHECKS BY FEDERAL RESERVE BANKS ical plan of bank clearings, it will be dif- the Treasury, and, likewise, make no charge ficult to compute the advantages that for this service. The Reserve Banks perform this section of the currency bill will without charge for the Government agencies every service with respect to the receipt, secure. In view of the statement by Senator Glass clearing, and collection of checks that they quoted above, it is evident that the purpose perform for member banks without charge. of the statutory provision with respect to In the case of Government checks issued in charges for services rendered by Federal Re- punch-card form, the Reserve Banks perform serve Banks in clearing or collecting checks certain additional work formerly done by the was, not to require or make certain that such Treasury. In connection with this work the charges would be made, but on the other Treasury furnishes the tabulating equipment hand to provide a means by which such and certain supplies. charges might be restricted or even elimi- In handling postal money orders the Renated if that were found to be practicable. serve Banks perform certain operations for This conclusion is consistent with the lan- the Post Office Department in addition to the guage of the law in directing the Board to clearing of the money orders, and they are fix the charge "which may be imposed" for reimbursed for that part of their expenses the service of clearing or collection by the attributable to these operations not essential Federal Reserve Banks. to the clearing. The Reserve Banks also re- The question has also been raised whether ceive reimbursement from the Treasury cov- Federal Reserve Banks charge the Federal ering expenditures incurred by them in opagencies for the collection and clearing of erations known as fiscal agency operations, checks. such as those in connection with the public The Reserve Banks clear millions of checks debt and withheld taxes. However, they drawn on commercial banks deposited by have never received reimbursement from the Directors of Internal Revenue and other Gov- Treasury for depositary operations, which inernment officials, and for this service make clude the clearing of Government checks and no charge. The Reserve Banks also handle checks drawn on commercial banks deposited millions of Government checks drawn on by Government agencies. 598 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Administrative interpretations of banking laws, new regulations issued by the Board of Governors, and other similar material Margin Requirements for Purchasing (b) (1) No loan, however it may be se- Securities cured, need be treated as a loan for the purpose of "carrying" a stock registered on a na- Amendment to Regulation U tional securities exchange unless the loan is as The Board of Governors of the Federal Reserve described in section 3(b) (2) or the purpose of System, effective August 1, 1953, amended Reguthe loan is to enable the borrower to reduce or lation U entitled "Loans by Banks for the Purpose retire indebtedness which was originally incurof Purchasing or Carrying Stocks Registered on a red to purchase such a stock, or, if he be a National Securities Exchange" so as to make it broker or a dealer, to carry such stocks for clear that the regulation applies to loans for the customers. purpose of purchasing or carrying certain shares (2) A loan for the purpose of purchasing or issued by open-end investment companies whose carrying a "redeemble security" (i.e. a redeemassets customarily include registered stocks. The able proportionate interest in the issuer's assets) shares affected give the purchaser a proportionate issued by an "open-end company," as defined in interest in the issuing company's assets, and carry the Investment Company Act of 1940, whose the right to convert his interest into the company's assets customarily include stocks registered on a underlying assets or their cash equivalent. Such national securities exchange, shall be deemed to shares are technically called "redeemable securities." be for the purpose of purchasing or carrying a The action does not affect Regulation T, which, stock so registered. among other things, forbids securities brokers and (c) In determining whether or not a security dealers to lend on securities not registered on a is a "stock registered on a national securities national securities exchange. Therefore, "redeemexchange" or a "redeemable security" described able securities" of open-end investment companies in section 3(b) (2), a bank mav rely upon any cannot be given loan value by brokers or dealers reasonably current record of such securities that unless they are registered on a national securities is published or specified in a publication of the exchange, which rarely is the case. This action, Board of Governors of the Federal Reserve Sysof course, does not affect section ll(d)(l) of the tem. Securities Exchange Act of 1934 which prohibits a broker-dealer from extending credit, or arrang- Federal Reserve Branch Buildings ing for the extension of credit, on any security Amendment to Section 10 which was part of a new issue in the distribution By Act of Congress, approved May 29, 1953, secof which he participated within the preceding six tion 10 of the Federal Reserve Act was amended so months. The text of the amendment is as follows: as to increase by $20,000,000 the aggregate amount which may be expended for Federal Reserve Bank Loans by Banks for the Purpose of Purbranch buildings. The text of the Act is as follows: chasing or Carrying Stocks Registered on a National Securities Exchange [PUBLIC LAW 45—83D CONGRESS] [CHAPTER 87—1ST SESSION] AMENDMENT NO. 12 TO REGULATION U [H. R. 4605] Issued by the Board of Governors of the Federal Reserve System AN ACT To Amend Section 10 of the Federal Reserve Act, Effective August 1, 1953, subsections (b) and (c) and for Other Purposes of section 3 of Regulation U are hereby amended Be it enacted by the Senate and House of Repreto read as follows: sentatives of the United States of America in Con- JUNE 1953 599 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT gress assembled, That the second proviso contained out "$10,000,000" and inserting in lieu thereof in the ninth paragraph of section 10 of the Fed- "$30,000,000". eral Reserve Act, as amended (U. S. C, title 12, sec. 522), is hereby further amended by striking Approved May 29, 1953. CURRENT EVENTS AND ANNOUNCEMENTS Federal Reserve Meetings Appointment of Class C Director The Conference of Presidents of the Federal Re- On June 2, 1953, the Board of Governors anserve Banks met on June 8-9, 1953, and on June 11 nounced the appointment of Mr. Franz Schneider, the Conference met with the Board of Governors Executive Vice President, Newmont Mining Corin Washington. poration, New York, New York, as a Class C A meeting of the Federal Open Market Comdirector of the Federal Reserve Bank of New York mittee was held in Washington on June 11, 1953. for the term ending December 31, 1955. Mr. Revision of Bank Debits Series Schneider succeeded Mr. Philip Young who re- When the revision of the bank debits series was signed to accept appointment as the Chairman of announced in a statement for the press on January 7, the Civil Service Commission. Mr. Young was 1953, it was contemplated that a new series of pay- Dean of the Graduate School of Business, Columbia ments from Treasury accounts at Federal Reserve University, New York, New York. Banks, i. e., debits to United States Government accounts at Federal Reserve Banks, would be inau- Tables Published Annually and Semiannually, with gurated. However, following a study of the various Latest BULLETIN Reference problems involved in the development of such a Semiannually Issue Page series, it has been concluded that it would largely Banking offices: duplicate the present monthly series prepared by the Analysis of changes in number of... Feb. 1953 181 On, and not on, Federal Reserve Par Treasury on cash operating outgo. List, number of Feb. 1953 184 A nnually Cash operating outgo, as reported by the Treas- Bank suspensions Feb. 1952 135 ury, does not measure exactly the volume of non- Earnings and expenses: Federal Reserve Banks Feb. 1953 182-183 debt payments by the Government since, for ex- Member banks: ample, expenditures by Government corporations Calendar year May 1953 536-546 First half of year Oct. 1952 1159 are included on a net basis; that is, only the cur- Insured commercial banks May 1953 547 Banks and branches, number of, by rent difference between their operating revenues class and State May 1953 548-549 and expenditures is included. However, the Treas- Operating ratios, member banks Aug. 1952 937-939 ury series presents a sufficiently accurate indication Admission of State Bank to Membership in the of the volume of payments by the Government, Federal Reserve System excluding principal payments in connection with public debt operations. The following State bank was admitted to mem- The Treasury series is shown in the BULLETIN bership in the Federal Reserve System during the monthly in the section on Treasury Finance (see period April 16, 1953 to May 15, 1953: pages 628-633 of this issue, and see Federal Re- Iowa serve BULLETIN for April 1953, pages 355-356, for description of bank debits series revision). Greene—First State Bank. 600 FEDERAL RESERVE BULLETIK Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [ Compiled May 27 and released for publication May 29 ] Industrial production leveled off in April and scheduled at about rated capacity, up somewhat May following earlier marked expansion, and con- from April but still below the record March rate. struction activity continued in near record volume. Lumber production in April and May has in- Retail sales were maintained at the high level of creased less than seasonally from the exceptionally other recent months and were substantially above high first quarter levels. a year ago. Prices generally changed little. Pri- Production of nondurable goods was at an unvate demands for bank credit continued strong usually high level in April though down slightly for this time of the year. Yields on long-term gov- from the record March rate. Activity in the texernment and private bonds rose further. tile and leather industries declined somewhat but remained substantially above year-ago levels. Out- INDUSTRIAL PRODUCTION put of paper, chemicals, and rubber products was The Board's industrial production index in April maintained at peak rates for the postwar period. was 242 per cent of the 1935-39 average as com- Coal production has increased in April and May pared with 243 in March. In May output has ap- as earlier marked output curtailments led to a parently been maintained at the April rate and is substantial reduction in inventories, and in May 15 per cent above the reduced level of May 1952. crude petroleum output has also turned up. Iron Output in durable goods industries was main- ore mining increased sharply in April as the Great tained in April at the advanced March level. Lakes were opened for shipments earlier this year Passenger automobile assembly rose further and in than usual. April and the first half of May was at an annual CONSTRUCTION rate of 7.2 million units; in the latter part of May, however, output was considerably curtailed by scat- Value of contract awards increased substantially tered work stoppages. Output of household dur- in April, reflecting in part large Federal awards for ables declined in April as major appliance produc- atomic energy projects. The number of housing tion was reduced and television set production units started was 110,000 in April—up from 97,000 declined substantially further from the record in March and also from 106,000 in April 1952. levels of last winter. Activity in industrial and Value of new construction work put in place conmilitary equipment lines generally held steady in tinued close to record levels after allowance for April. Steel mill operations in May have been seasonal variation. INDUSTRIAL PRODUCTION CONSTRUCTION CONTRACTS AWARDED Millions of Dollars 2000 V PRIVATE f NONRESIDENTIAL 1949 1950 1951 1952 1953 1950 1951 I 1952 1953 Federal Reserve indexes. Monthly figures, latest shown are F. W. Dodge Corporation data for 37 Eastern States, for May. Monthly figures, latest shown are for April. JUNE 1953 601 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS EMPLOYMENT May. Hog prices rose substantially further, and cattle prices firmed despite continued heavy mar- Seasonally adjusted employment in nonagriculketings. After mid-May winter wheat prices detural establishments in April continued at the recclined sharply and on May 27 were about 10 per ord of 49.1 million reached in February. The avercent below Federal support levels. Prices of lead age factory work week, at 40.8 hours, was down and finished steel were raised, while steel scrap seasonally but was 1 hour above a year ago; avereased further. Some additional makes of motor age hourly earnings at factories were unchanged vehicles were reduced. from March at $1.75, or 10 cents more than in The consumer price index advanced slightly from April 1952. The number unemployed continued mid-March to mid-April, reflecting chiefly increases to decline seasonally and at 1.6 million was unin rents and various services. Since mid-April rechanged from a year ago. tail prices of foods have risen slightly reflecting mainly increases in pork and fresh fruits and vege- DISTRIBUTION tables. Total retail sales in April and May continued sub- BANK CREDIT AND RESERVES stantially above year-ago levels. At department Total loans and investments outstanding at banks stores, sales slackened somewhat in April but rose in leading cities declined further in late April and considerably in the first three weeks of May to a early May. The decline was due in the main to a level 7 per cent larger than in the corresponding further reduction in holdings of United States Govperiod a year ago; sales for the entire month after ernment securities. There were also moderate deallowance for seasonal changes are likely to return creases in other security investments and in total to the high levels reached at the end of the last loans. Food processors and commodity dealers conyear. According to preliminary figures, stocks at tinued to repay seasonal debt at banks, but metal department stores at the end of April were 6 per manufacturers, public utilities, and trade concerns cent larger than a year ago and on a seasonally increased their borrowing. Real estate and other adjusted basis slightly higher than at the end of loans (largely consumer) rose further. March. Member bank reserve positions remained gen- COMMODITY PRICES erally tight until about mid-May but eased con- The general level of wholesale commodity prices siderably thereafter owing to the usual mid-month changed little from mid-April to the latter part of increase in Reserve Bank float and a sharp reduction in Treasury balances with the Reserve Banks. Banks were able to reduce substantially their in- PRICES AND TRADE Per Cent, 1947-49-100 debtedness to the Federal Reserve. WHOLESALE PRICES SECURITY MARKETS Yields on Treasury bills moved sharply lower during most of May while yields on long-term issues reached new peaks. On May 11 the Treasury announced the offering of a new series of savings notes yielding 2.47 per cent if held to maturity of two years. On May 20 the Treasury offered a 2% per cent certificate maturing June 1, 1954 to holders of the certificates maturing June 1 and to holders of the bonds called for payment June 15. Yields on corporate bonds advanced appreciably 1949 1950 1951 1952 Seasonally adjusted series except for prices. Price indexes during the first two weeks of May and then leveled compiled by Bureau of Labor Statistics. Total retail sales and disposable personal income, Federal Reserve indexes based on off at a new postwar high. Prices of common stocks Department of Commerce data. Department store trade, Federal Reserve indexes. Monthly figures, latest shown are for April. increased moderately during the same period. 602 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 605-606 Federal Reserve Bank rates; margin requirements; reserve requirements 606-607 Reserves and deposits of member banks 608 Federal Reserve Bank statistics 609-611 Regulation V: guaranteed loans, fees, and rates 611-612 Bank debits and deposit turnover; Postal Savings System 612 Money in circulation 613 Consolidated statement of the monetary system; deposits and currency. . 614 All banks in the United States, by classes 615-617 All commercial banks in the United States, by classes 618-619 Weekly reporting member banks 620-621 Commercial paper and bankers' acceptances 622 Life insurance companies; savings and loan associations 623 Government corporations and credit agencies 624-625 Security prices and brokers' balances 626 Money rates; bank rates on business loans; bond and stock yields 627 Treasury finance 628-633 New security issues 634 Business finance 635-636 Real estate credit statistics 637-639 Statistics on short- and intermediate-term consumer credit 640-642 Business indexes 643-652 Merchandise exports and imports 652 Department store statistics 653-657 Consumers' and wholesale prices 658-659 Gross national product, national income, and personal income 660-661 List of tables published in BULLETIN annually or semiannually, with references for latest data 600 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 arc 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. JUNE 1953 603 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 | 1 1 1 1 1 TREASURY CASH AND DEPOSITS 0 I NONMEMIER DEPOSITS 1944 1945 1946 1947 1948 1949 1950 1951 1952 I I I FEDERAL RESERVE CREDIT OF U- $• GOVERNMENT SECURITIES • TOTAL 10 NOTES AND CERTIFICATES FEDERAL RESERVE FLOAT ^^^VVA-M.^v 0 y*» DISCOUNTS AND ADVANCES JW^JUJ^A/K^ j\. ->! -» ' 1 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 Wednesday figures, latest shown are for May 27. See page 605. 604 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Deposits, other U.S. Govt. securities 1 u r r e y as- Money Treas- t w h re a i s t n h e r m v F e e . m R ba b . l e a B r n a c b n e a k s n s , k O F t e h d e - r re M se e r m ve b e b r a l b a a n I c K es Date Bought u H n e d l e d r co D a u n is n d - ts Float o A th ll - Total s G to o c ld k r o e c n u u c r t- - y c c u i i n l r a - - h c u o a r l s y d h - Treas- For- Oth- s e R e r r e a v - l e Total r o ig u h t- t r a m e g p e re u n e r t - - va a n d c - es er1 sta in n g d- tion ings p u o d r e s y i - ts p e o d i s e g i - n ts p d i o t e s s - - co a u c- nts Total qu R ir e e - d2 ce E s x s - 2 Wednesday 1952 Apr. 2 22,514 22,514 130 761 5 23,409 23,291 4,736 28,445 1,281 295 565 211 827 19,812 19,166 646 Apr. 9 22,494 22,494 167 726 5 23,393 23,293 4,736 28,526 1,273 381 562 201 827 19,652 19,076 576 Apr. 16 22,467 22,467 622 1,015 5 24,109 23,293 4,737 28.436 1,288 520 576 277 825 20,218 19,225 993 Apr. 23 22,372 22,372 830 766 5 23,973 23,295 4,738 28,333 1,287 877 538 271 824 19,875 19,087 788 Apr. 30.... 22,363 22,363 676 588 5 23,632 23,297 4,739 28,460 1,284 450 518 266 749 19,940 19,143 797 May 7 22,329 22,329 ,043 690 5 24,067 23,297 4,739 28,523 1,286 749 497 265 747 20,034 19,071 963 May 14. ... 22,315 22,315 671 774 5 23,764 23,297 4,739 28,497 1,293 516 539 257 745 19,953 19,092 861 May 21. ... 22,283 22,283 499 1,008 5 23 794 23,298 4' 739 28,483 1 279 384 572 241 745 20,127 19,181 946 May 28 22,273 22,273 816 648 5 23,742 23,296 4,741 28,710 1,286 558 597 216 745 19,667 19,217 450 June 4.... 22,378 22,273 105 926 770 5 24,079 23,296 4,747 28,842 1,282 527 608 216 742 19,906 19,207 699 June 11 22,492 22,273 219 834 798 5 24,128 23,297 4,750 28,830 1,284 507 623 211 742 19,978 19,226 752 June 18. ... 22,997 22,913 84 541 1,284 5 24,828 23,297 4,751 28,787 1,286 9 600 168 794 21,232 19,736 1,496 Jane 25. ... 22,564 22,564 307 877 5 23,753 23,346 4,752 28,814 1,290 134 595 218 793 20,006 19,621 385 July 2.... 22,869 22,764 105 480 801 ^ 24,155 23,346 4,755 29,180 1,277 90 576 184 798 20,153 20,104 49 July 9.... 22,860 22,645 215 683 918 5 24,465 23,347 4,754 29,148 1,264 38 638 268 799 20,413 20,008 405 Tuly 16 22,723 22,605 118 974 969 5 24,671 23,348 4,756 28,988 1,271 307 700 288 797 20,422 19,973 449 July 23.... 22,726 22,576 150 1,073 871 4 24,674 23,350 4,756 28,884 1,275 482 766 250 797 20,326 19,875 451 July 30 22,844 22,602 242 1,403 655 5 24,907 23,350 4,761 28,952 1,286 605 785 257 724 20,409 19,829 580 Aug. 6.... 22,977 22,891 86 843 616 4 24,440 23,350 4,763 29,041 1,279 270 727 255 722 20,260 19,675 585 Aug. 13 23,051 23,032 19 770 727 5 24,553 23,344 4,764 29,051 1,277 422 864 193 718 20,136 19,692 444 Aug. 20 23,032 23,032 979 795 4 24,810 23,344 4,766 29,068 1,281 526 839 218 721 20,267 19,652 615 Aug. 27 23,092 23,055 37 897 610 4 24,603 23,344 4,768 29,129 1,276 707 849 235 721 19,797 19,643 154 Sept. 3.... 23,182 23,116 66 968 661 5 24,816 23,344 4,774 29,391 1,285 715 815 251 717 19,760 19,511 249 Sept. 10 23,229 23,116 113 880 759 5 24,872 23,344 4,776 29,364 1,279 347 789 159 715 20,340 19,549 791 Sept. 17 23,740 23,740 313 1,191 4 25,249 23,344 4,780 29,292 1,281 6 821 177 729 21,067 19,957 1,110 Sept. 24 23,715 23,715 400 738 4 24,857 23,343 4,781 29,247 1,274 264 728 161 726 20,581 19,901 680 Oct. 1.... 23,694 23,694 544 721 4 24,963 23,342 4,787 29,417 1,287 523 722 162 882 20,098 19,762 336 Oct. 8 23,663 23,663 1,019 698 4 25,384 23,341 4,787 29,545 1,280 596 723 249 880 20,239 19,567 672 Oct. 15.... 23,663 23,663 772 887 4 25,325 23,341 4,787 29,617 1,276 212 675 179 881 20,613 20,089 524 Oct. 22.... 23,663 23,663 1,130 1,070 4 25,867 23,340 4,790 29,511 ,281 618 684 245 878 20,779 20,128 651 Oct. 29 23,624 23,624 1,171 706 4 25,505 23,340 4,790 29,540 1,289 588 655 236 877 20,449 19,975 474 Nov. 5 23,520 23,495 25 1,663 528 4 25,714 23,339 4,794 29,748 1,278 789 643 250 805 20,334 19,884 450 Nov. 12 23,567 23,492 75 1,583 542 4 25,696 23,338 4,794 29,905 1,282 505 639 244 805 20,447 19,906 541 Nov. 19. ... 23,563 23,502 61 1,486 1,140 3 26,193 23,337 4,797 29,842 1,292 703 691 258 803 20,738 20,073 665 Nov. 26 23,761 23,612 149 1,615 921 4 26,301 23,338 4,797 30,152 1,267 317 711 270 801 20,917 20,409 508 Dec. 3 23,968 23,712 256 1,591 1,188 3 26,751 23,337 4,803 30,274 1,278 719 734 147 800 20,939 20,371 568 Dec. 10.... 24,239 23,787 452 1,752 866 4 26,860 23,337 4,804 30,370 1,280 645 720 316 802 20,868 20,288 580 Dec. 17 24,469 23,914 555 1,022 1,543 4 27,039 23,277 4,806 30,487 1,269 371 729 208 860 21,198 20,582 616 Dec. 24.... 24,613 23,997 616 1,728 1,515 4 27,860 23,186 4,809 30,732 1,266 665 729 201 863 21,400 20,531 869 Dec. 31 24,697 24,034 663 156 967 4 25,825 23,187 4,812 30,433 1,270 389 550 455 777 19,950 20,520 -570 1953 Jan. 7 24,391 24,034 357 1,336 965 4 26,695 23,137 4,814 30,153 1,280 622 570 343 776 20,902 20,309 593 Jan. 14.... 24,205 24,034 171 L.076 881 4 26,166 23,137 4,814 29,884 1,280 455 699 364 776 20,660 20,274 386 Jan. 21 24,034 24,034 862 1,005 4 25,904 23,088 4,814 29,687 1,291 343 622 348 774 20,741 20,255 486 Jan. 28 23,970 23,970 1,307 728 4 26,009 23,036 4,815 29,592 1,298 745 612 337 775 20,502 20,095 407 Feb. 4 23,989 23,888 101 1,385 770 4 26,148 22,935 4,820 29,657 1,331 672 562 326 770 20,584 19,956 628 Feb. 11.... 23,929 23,888 41 1,329 649 4 25,912 22,832 4,820 29,776 L ,312 431 558 340 770 20,376 19,894 482 Feb. 18 23,890 23,888 2 732 1,023 4 25,648 22,722 4,821 29,654 1,288 395 458 244 835 20,318 19,979 339 Feb. 25 23,853 23,853 806 743 4 25,406 22,662 4,821 29,735 1,291 389 454 211 834 19,975 19,791 184 Mar. 4 23,853 23,853 824 1,062 4 25,742 22,662 4 824 29,772 1,295 488 512 240 830 20,090 19,840 250 Mar. 11 23,853 23,853 ,315 770 4 25,941 22,611 4,824 29,780 1,299 331 581 345 829 20,212 19,821 391 Mar. 18 23,963 23,963 1,009 1,202 4 26,178 22,612 4,826 29,708 1,305 8 496 381 852 20,865 20,002 863 Mar. 25 23,869 23,869 705 810 4 25,387 22,562 4,826 29,600 1,306 7 511 351 852 20,148 19,854 294 Apr. 1 23,806 23,806 465 748 4 25,023 22,563 4,827 29,754 1,304 286 550 344 869 19,305 19,518 -213 Apr. 8.... 23,806 23,806 908 709 4 25,427 22,562 4,828 29,780 1,300 329 568 343 868 19,629 19,472 157 Apr. 15 23,821 23,806 ' "' 15 868 856 4 25,549 22,562 4,833 29,753 1,278 341 574 200 865 19,932 19,560 372 Apr. 22.... 23,806 23,806 842 743 4 25,395 22,562 4,834 29,722 1,279 509 585 356 864 19,476 19,481 -5 Apr. 29 23,806 23,806 837 581 3 25,227 22,562 4,836 29,787 1,278 367 518 401 784 19,489 19,395 94 May 6.... 23,860 23,806 54 933 647 3 25,443 22,561 4,840 29,863 1,285 214 517 374 780 19,811 19,386 425 May 13. ... 23,879 23,851 28 1,264 684 3 25,831 22,561 4,841 29,845 1,285 428 618 366 780 19,912 19,282 630 May 20. ... 23,922 23,891 31 530 832 3 25,288 22,562 4,844 29,795 1,282 145 584 286 111 19,824 19,312 512 May 27 24,088 23,963 125 571 645 3 25,308 22,536 4,845 29,825 1,284 355 504 238 111 19,706 19,298 408 End of month 1952 May 22,273 22,273 952 922 5 24,152 23,296 4,748 28,767 L ,274 541 599 495 743 19,778 19,187 591 June 22,906 22,764 "i42 59 581 5 23,551 23,346 4,754 29,026 1,283 333 548 298 783 19,381 19,573 -192 JJ.u lyy 22 85322,602 251 1,270 694 5 24,821 23,350 4,762 28,978 1,281 638 724 267 723 20,323 19,828 495 Aug 23,146 23,092 54 ; 318 747 4 25^216 23 344 4^776 29,293 269 488 812 345 718 20,411 19,576 835 Sept 23,694 23,694 477 572 5 24,747 23,342 4,786 29,419 [278 508 707 174 723 20,066 19,747 319 Oct 23,575 23,495 80 1,591 685 4 25,855 23,339 4,795 29,644 1,268 770 642 245 805 20,616 19,996 620 Nov 23,821 23,612 209 ;,895 1,020 4 26,740 23,338 4,802 30,236 378 758 298 801 21,149 20,354 795 Dec. 24,697 24^034 663 156 967 4 25,825 23,187 4 [ 812 30,433 1^270 389 550 455 11119,950 20,520 -570 1953 Jan 23,944 23,888 56 1,735 796 4 26,478 22,986 4,820 29,691 1,308 809 586 508 no20,611 19,997 614 Feb. ?3 87523,853 23 ],309 1,006 4 26,194 22,662 4,824 29,793 1,284 336 511 412 833 20 511 19,796 715 Mar 23,806 23,806 485 632 3 24,927 22,563 4,829 29,754 1,293 222 536 342 850 19,322 19,607 -285 Apr. 23,880 23,806 74 1,014 649 3 25 546 22,562 4 841 29,842 1 269 393 506 416 783 19 740 19 389 351 May 24,246 24,031 215 731 607 4 25^589P22,536 P4]849 ^29,943 Pl]280 221 515 171 775 20,069 19,263 806 P Preliminary. For footnotes see following page. JUNE 1953 605 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Con tinned [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank U.S. Govt. securities T u re ry as- Money Treas- w re i s t e h r v F e . R ba . la B n a c n e k s s , O F t e h d e - r reserve balances p D e o r a i r t o e d Total B r o o ig u u h g t- t ht u c r a H e h n g p e a d r l e u s e d e e r r - - v c D a o a a n n u d is c d n - - e t s s Float ot A he ll rl Total s G to o c ld k s r t c o e a i u n n u n r g c t d - - y - c t c u i i i o n l r a n - - h c i u n o a r g l s y d h s - T po r u d s e r e i a y - t s s - p F e o d i o s e g i r - t n - s O po d t e h s - i e t r s c s o e R e a u r 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 1,037 52 1,400 4,037 2,019 4,459 204 36 6 21 374 356 2,333 23 1933—June. 1,998 1,998 164 4 2,220 4,031 286 5,434 264 35 15 151 346 292 1,817 475 1939—Dec. 2,484 2,484 7 91 2,59317,644 2,963 7,598 2,409 634 397 256 251 653 6,444 5,209 1941— Dec. 2,254 2,254 3 94 2 36122,737 3,247 11,160 2,215 867 774 586 291 1450 9,365 3,085 1945—Dec.. 24,262 19,410 4,852 249 578 25J09120,065 4,339 28,515 2,287 977 862 446 49515,915 14,457 1,458 1947—Dec. 22,559 22,559 85 535 23 18122,754 4,56228,868 1,336 870 392 569 56317,899 16,400 1,499 1948—Dec.. 23,333 23,333 223 541 24,097 24,244 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 19,499 24,427 4,598 27,600 1,312 821 767 750 70616,568 15,550 1,018 1950—June. 18,331 18,331 43 326 18,703 24,231 4,60727,156 1,298 950 1,158 273 77115,934 15,498 436 Dec. 20,778 20,725 53 67 1,368 22,216 22,706 4,636 27 1,293 668 895 565 71417,681 16,509 1,172 1951—June. 22,982 22,932 50 53 1,002 24,043 21,756 4,65527,809 1,281 317 870 392 76519,020 18,604 416 Dec. 23,801 23,605 196 19 1,184 25 009 22,695 4,709 29,206 1,270 247 526 363 746 20,056 19,667 389 1952—June. 22,906 22,764 142 59 581 23,55123,346 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 4,812 30,433 1,270 389 550 455 77719,95020,520 -570 Averages of daily figures Monthly: 1952—May. 22,308 22,308 573 818 23,704 23,297 4,740 28,557 ,281 553 538 300 74519,767 19,139 628 June. 22,617 22,505 112 585 936 24,144 23,308 4,75128,843 ,282 328 601 242 76720,140 19,431 709 July.. 22,798 22,617 181 ,092 890 24,786 23,348 4,75629,028 ,270 306 681 279 79120,535 19,926 609 Aug.. 23,027 22,983 44 ,059 734 24.824 23,346 4 765 29,088 ,276 501 785 259 720 20,306 19,657 649 Sept , 23,471 23,433 38 723 856 25,055 23,343 4 778 29,343 ,275 326 766 231 72120,514 19,736 778 Oct.. 23,657 23,644 13 ,093 927 25,681 2"3,340 4 788 29,555 ,276 550 688 253 876 20,611 19,963 648 Nov. 23,638 23,527 111 ,577 954 26,17223,338 4 796 29,904 ,277 591 689 297 803 20,74420,087 657 Dec 24,400 23,876 524 ,633 1,262 27,299 23,276 4 806 30,494 ,271 569 745 290 832 21,18020,457 723 1953—Jan., 24,202 24,011 191 ,372 1,008 26,586 23,101 4 814 29,920 ,280 552 611 405 775 20,95820,251 707 Feb., 23,918 23,875 43 ,336 822 26,080 22,797 4,82129,718 ,299 500 526 336 800 20,520 19,882 638 Mar. 23,892 23,878 14 ,220 909 26,025 22,606 4,82529,752 ,296 244 530 378 84120,416 19,828 588 Apr., 23,861 23,806 55 ,184 843 25,892 22,562 4,83229,782 ,281 395 563 397 86120,007 19,472 535 May, 23,973 23,881 92 955 750 25,68222,557 4,84329,869 ,279 356 552 350 77919,897 Week ending: Mar. 4.... 23,871 23,852 ,190 929 25,994 22,662 4,823 29,788 ,289 394 509 302 832 20,365 19,798 567 Mar. 11 23,852 23,852 ,429 865 26,150 22,612 4,8 ,805 ,294 424 551 368 830 20,314 19,758 556 Mar. 18 23,923 23,868 ,318 1,085 26,329 22,612 4.825 29,797 ,297 286 563 403 839 20,581 19,948 633 Mar. 25 23,985 23,985 939 892 25,819 22,598 4.826 29,674 ,300 19 495 406 852 20,498 19,893 605 Apr. 1 23,813 23,813 ,158 747 25,72122,562 4,826 29,712 ,296 156 520 371 854 20,201 19,688 513 Apr. 8 23,878 23,806 72 ,366 936 26,18422,562 4,828 29,826 ,297 410 568 532 868 20,072 19,505 567 Apr. 15 23,879 23,806 73 ,254 792 25,929 22,562 4,830 29,787 ,280 358 551 357 867 20,121 19,500 621 Apr. 22 23,852 23,806 46 ,057 1,006 25,91922,562 4,834 ,766 ,273 396 583 295 865 20,136 19,525 '611 Apr. 29 23,841 23,806 35 ,186 681 25,71122,562 4,83529,744 ,274 432 559 410 854 19,837 19,369 468 May 6 23,871 23,806 65 ,140 701 25,71522,562 4,840 ,856 ,278 436 515 426 781 19,825 19,369 456 May 13 23,855 23,820 35 ,323 689 25,87122,562 4,84129,904 ,279 416 550 404 780 19,940 19,309 631 May 20.... 23,925 23,873 52 855 936 25,720 22,561 4,844 29,856 ,279 289 636 384 77919,904 19,284 620 May 27.... 24,075 23,934 141 627 730 25,43522,554 4,,845 29,818 1,278 337 522 289 77719,814 19,275 539 ' Revisarl. 1 Includes industrial loans and acceptances purchased, which are shown separately in subsequent tables. 2These figures are estimated. Back figures.—Sec Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication. MAXIMUM RATES ON TIME DEPOSITS MARGIN REQUIREMENTS^ [Per cent per annum] [Per cent of market value] Nov. 1, 1933- Feb. 1, 1935- Effective Mar. 30,Jan. 17, Effec- Jan. 31, 1935 Dec. 31, 1935 Jan. 1, 1936 Prescribed in accordance with 1949- 1951- tive Securities Exchange Act of 1934 Jan. 16,Feb. 19,Feb. 20, 1951 1953 1953 Savings deposits 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 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. 606 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 May 31 beginning— rate May 31 beginning— rate May 31 beginning— rate Boston Jan. 20,1953 Jan. 20,1953 3 Jan. 20, 1953 New York. . . . an. 16,1953 Jan. 16,1953 3 Jan. 16, 1953 Philadelphia. . an. 16,1953 Jan. 16,1953 Jan. 16. 1953 Cleveland an. 16,1953 Jan. 16,1953 Aug. 25, 1950 Richmond an. 23,1953 Jan. 23,1953 3 4 Jan. 23, 1953 Atlanta an. 16,1953 Jan. 16,1953 3 Jan. 16, 1953 Chicago an. 16,1953 Jan. 16,1953 2H Aug. 13, 1948 St. Louis Jan. 16,1953 Jan. 16,1953 May 18. 1953 Minneapolis. . Jan. 16,1953 Jan. 16,1953 3 Jan. 26, 1953 Kansas City. . Jan. 16,1953 Jan. 16,1953 2* Jan. 16, 1953 Dallas Jan. 23,1953 Jan. 23,1953 Jan. 23, 1953 San Francisco. Jan. 20,1953 Jan. 20,1953 3 Jan. 20, 1953 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. NOTE.—Maximum maturities. Discounts for and advances to member banks: 90 days for discounts and advances under Sections 13 and 13a of the Federal Reserve Act except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months, respectively, and advances secured by obligations of Federal intermediate credit banks maturing within 6 months are limited to maximum maturities of 15 days; 4 months for advances under Section 10(b). Advances to individuals, partnerships, or corporations under the last paragraph of Section 13: 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443. FEDERAL RESERVE BANK BUYTNG RATES ON MEMBER BANK RESERVE REQUIREMENTS ACCEPTANCES fPer cent per annum) [Per cent of deposits] Maturity R M a a t y e 3 o 1 n In g in ef n fe in ct g — be- Pr r e a v t i e ous Net demand deposits ' Time deposits 91 1- - 1 9 2 0 0 d d a a y y s s 2 2 % H J J a a n n . . 1 16 6 , , 1 1 9 9 5 5 3 3 Ef o f f e ct c i h ve a n d g a e te C re e c s n i e t t r y r v a e l R b e c a s i n e ty k rv s e C b o a u n n k tr s y m ba e ( m n al k b l s e ) r 121-180 days 2% Jan. 16, 1953 2H banks NOTE.—Effective minimum buying rates on prime bankers' accept- 1917—June 21 13 10 7 h ances payable in dollars. Back figures.—See Banking and Monetary 1936—Aug. 16 15 ¥ Statistics, Table 117, pp. 443-445. 1937—Mar. 1 May 1 26 4 20 FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS AND O C F O M TH M E I T F M E E D N E T R S A L U N R D E E S R ER S V E E C T A I C O T N 13B 1938—Apr. 16 22 K 12 5 1941—Nov. 1 26 20 Maturities not exceeding five years 1942—Aug. 20 24 14 6 [In effect May 31. Per cent per annum] Sept. 14 22 Oct. 3 20 To industrial or 1948—Feb. 27 22 commercial To financing institutions June 11 24 businesses Sept. 16 . 16 Sept. 24 26 22 Federal On discounts or 1Q49—May 1 15 2 7 R B es a e n r k ve On purchases On J J M u u a n ly y e 3 1 5 0 24 2 2 1 0 14 2 « 3 6 6 7 On commit- Portion commit- Aug. 1 13 loans 1 ments for which Re- ments Aug. 11 23^ 19H 35 institu- maining Aug. 16 12 25 tion is portion Aug. 18 23 19 obligated Aug. 25 S" Sept. 1 18 Boston 1951—Jan. 11 23 19 36 New York Jan. 16 13 26 Philadelphia Jan. 25 24 20 Cleveland Feb. 1 14 Richmond Atlanta In effect June 1, 19534... 24 20 14 6 Chicago S M t. i n L n o e u a i p s olis. . . . 1 Demand deposits subject to reserve requirements, which beginning Kansas City Aug. 23, 1935, have been total demand deposits minus cash items Dallas in process of collection and demand balances due from domestic banks San Francisco... (also minus war loan and series E bond accounts during the period Apr. 13, 1943-June 30, 1947). 2 Requirement became effective at country banks. 1 including loans made in participation with financing institutions 3 Requirement became effective at central reserve and reserve city 2 Rate charged borrower less commitment rate. banks. 3 Rate charged borrower. 4 Rate charged borrower but 4 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, 5Charge of ^ per cent per annum is made on undisbursed portion 10 and 20 per cent; country, 7 and 14 per cent, respectively; on time of loan. deposits at all member banks, 3 and 6 per cent, respectively. 6 Charge of % Per cent per annum is made on undisbursed portion of loan. Back figures.—See Banking and Monetary Statistics, Table 118, pp. 446-447. JUNE 1953 607 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 banks» banks * New Chi- banks banks1 York cago York cago Total reserves held: Excess reserves: 1952—February 19,995 5,209 ,305 7,757 5,723 1952—February 695 5 -3 136 557 March 20,207 5,358 1,321 7,817 5,711 March 885 92 10 209 574 April 19,777 5,146 1,259 7,702 5,670 April 650 2 -8 122 535 1953—February 20,520 5,050 1,356 8,082 6,031 1953—February 638 14 -3 95 531 March 20,416 5,089 1,366 8,014 5,947 March 588 16 3 87 482 April 20,007 4,947 1,291 7,872 5,896 April 535 -6 70 471 Apr. 22 20,135 4,955 1,306 7,907 5,967 Apr. 22 609 6 -1 72 532 Apr. 29 19,836 4,923 1,297 7,816 5,801 Apr. 29 467 8 -1 68 392 Mav 6 19,825 4,951 1,299 7,786 5,789 May 6 456 -7 -6 60 409 May 13 19,940 4,913 1,291 7,811 5,925 May 13.. 631 17 2 86 526 May 20 19,903 4,902 1,290 7,837 5,874 May 20 619 23 3 110 483 May 27 19,814 4,896 1,297 7,800 5,821 May 27 539 9 97 433 Borrowings at Federal Required reserves: Reserve Banks: 1952—February 19,300 5,205 1,308 7,621 5,166 1952—February 365 9 82 220 53 March 19,323 5,266 1,311 7,608 5,137 March 307 19 82 149 57 April 19,127 5,144 1,267 7,581 5,135 April 367 60 12 219 76 1953—February 19,882 5,036 , 359 7,986 5,500 1953—February 1,310 255 277 624 155 March 19,828 5,073 ,362 7,926 5,466 March 1,202 211 277 559 154 April 19,472 4,947 1,297 7,802 5,425 April 1,166 278 113 584 190 Apr. 22 19,525 4,949 1,306 7,835 5,435 Apr. 22 1,044 183 96 '576 189 Apr. 29 19,369 4,915 1,298 7,747 5,409 Apr. 29 1,167 170 71 661 265 May 6 19,369 4,958 1,305 7,726 5,380 May 6 1,125 49 86 756 234 May 13 19,309 4,896 1,289 7,725 5,399 May 13 1,313 193 81 761 278 May 20 19,284 4,879 1,287 7,727 5,391 May 20 845 37 31 545 232 May 27 19,275 4,887 1,296 7,704 5,388 May 27 617 26 19 327 245 ••Revised. 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 lAverages 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 April 1953 April 1952 Gross demand deposits: Total 104,774 22,025 5,730 40,532 36,486 102,665 22,875 5,559 39,380 34,851 Interbank 11,777 3,806 1 ,166 5,744 1,062 '"11,806 r3,883 1,154 5,692 1,077 Other 92,997 18,219 4,565 34,789 35,424 '90,859 18 ,992 4,405 33,688 33,774 Net demand deposits2 91,574 20,030 5,111 34,940 31,493 89,931 20,925 4,994 34,125 29,887 Time deposits 34,017 2,334 1,175 13,575 16,932 31,618 2,030 1,142 12,596 15,850 Demand balances due from domestic banks 5,854 68 103 1,845 3,838 5,925 56 106 1,875 3,888 Reserves with Federal Reserve Banks: Total 20,007 4,947 1,291 7,872 5,896 19,777 5,146 1,259 7,702 5,670 Required 19,472 4,947 1,297 7,802 5,425 19,127 5,144 1,267 7,581 5,135 Excess 535 -6 70 471 650 2 122 535 Borrowings at Federal Reserve Banks 1,166 278 113 584 190 367 60 12 219 76 T Revised. 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. 608 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 May 27 May 20 Ma> 13 May 6 Apr. 29 May Apr. May Assets Gold certificates 20,607,60220,635,60220,638,103 100 20,633,099 20607,60220,633,103 21,426,252 Redemption fund for F. R. notes. . 748,472 748,196 744,745 752,619 748,473 750,029 677,137 Total gold certificate reserves. 21,356,07421,383,798 21,382,848 21 386 21,385,718 21,356,07521,383,13222,103,389 Other cash 327,666 331,943 326,345 350,094 326,847 354,872 324,123 Discounts and advances: For member banks 561,387 520,315 1,254,295 818,350 722,122 995,100 951,116 For nonmember banks, etc.. 9,500 9,500 9,500 18,500 9,500 18,500 1,000 Industrial loans 3,342 3,627 3,663 3,476 3,674 3,460 5,176 U. S. Government securities: Bought outright: Bills 671,754 599,754 559,754 514,754 514,754 739,754 514,754 82,000 Certificates: Special Other 4,995,716 4,995,716 4,995,716 4,995,716 4,995,716 4,995,716 4,995,716 11,486,806 Notes 13,773,671 13,773,67113,773,671 13,773,67113,773,671 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 23,963,116 23,891,116 23,851,116 23,806,116 23,806,116 24,031,116 23,806,116 22,272,702 Held under repurchase agreement. 124,900 30,800 28,400 54,300 215,260 74,000 Total U. S. Government securities. 24,088,016 23,921,916 23,879,516 23,860,416 23,806,116 24,246,376 23,880,116 22,272,702 Total loans and securities 24,662,24524,455,358 25,146,974 24,796,372 24,646,442 24,981,672 24,897,176 23,229,994 Due from foreign banks.... 23 23 23 23 23 23 23 28 F. R. notes of other Banks. 148,995 148,203 144,738 147,623 153,769 149,945 151,350 142,456 Uncollected cash items. . . . 3,538,330 4,118,903 4,004,308 ,504,961 3,607,190 3,278,976 3,518,032 3,497,186 Bank premises 49,808 49,927 49,540 49,537 49,561 49,763 49,533 44,745 Other assets 240,621 230,374 220,995 211,303 202,624 245,450 203,939 207,011 Total assets. . 50,323,762 50,718,529 51,275,771 50,425,150 50,395,42150,388,751 50,558,057 49,548,932 Liabilities Federal Reserve notes 25,560,093 25,534,79325,581,225 25,609,308 25,556,131 25,670,567 25,598,279 24,567,302 Deposits: Member bank—reserve accounts.. 19,706,410 19,824,214 19,912,48519,811,08019,489,347 20,068,89719,739, 19,777,679 U. S. Treasurer—general account. 354, 144, 428,161 214,477 367,496 221,345 392, 540,536 Foreign 504, 584, 617,683 516,863 518,415 514,653 505, 598,771 Other 238, 286 365,862 373,706 401,048 170,963 416 494,738 Total deposits. . 20,803,43320,839,458 21,324,191 20,916,126 20,776,306 20,975,858 21,054,699 21,411,724 Deferred availability cash items 2,892 3,286,478 3,319,860 2,858,434 3,026,472 ,671,839 2,869, ,574,929 Other liabilities and accrued dividends. 22 20,177 20,062 18,416 20,786 21,497 19, 17,699 Total liabilities. .. 49,278,933 49,680,906 50,245,338 49,402,284 49,379,695 49,339,761 49,541,551 48,571,654 Capital Accounts Capital paid in 257,767 257,678 257,579 257,532 257,239 257,777 257,254 243,549 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 174,843 167,726 160,635 153,115 146,268 178,994 147,033 167,844 Total liabilities and capital accounts 50,323,76250,718,529 51,275,77150,425,150 50,395,42150,388,751 50,558,057 49,548,932 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent).... 46.1 46.1 46.2 45.8 45.8 48.1 Contingent liability on acceptances purchased for foreign correspondents 31,173 32,703 32,905 32,089 31,858 29,231 31,887 8,085 Industrial loan commitments 3,013 2,710 2,660 2,882 2,971 2,670 2,867 6,082 Maturity Distribution of Loans and U. S. Government Securities 1 Discounts and advances—total 570,887 529,815 1,263,795 932,494 836,850 731,622 ,013,600 952,116 Within 15 days 510,163 469,937 1,192472 857,700 769,787 660,498 946,732 897,618 16 days to 90 days 60,546 59,843 69 686 74,757 67,025 70,948 66,830 54,498 91 days to 1 year 178 35 1637 37 38 176 38 Industrial loans—total 3,342 3,627 3,663 3,462 3,476 3,674 3,460 5! 176 Within 15 days 896 899 401 448 706 442 421 882 16 days to 90 days 550 567 1,294 1,174 1,103 1,260 1,164 666 91 days to 1 year 1,747 2,012 1.816 1,688 1,507 1,823 1,722 2,358 Over 1 year to 5 years 149 149 152 152 160 149 153 1,270 U. S. Government securities—total ,088,016 23,921,916 23,879516 23860,41623,806,11624,246,37623,880,116 22 272,702 Within 15 days ,298,166 .207,066 181 900 290,050 237,250 1,368,026 300,750 16 days to 90 days 806,654 731,654 1,544 1416,770 1,415,270 895,154 1415,270 498^856 91 days to 1 year 279,775 ,279,77512,450 12,450,17512,450,17512,279,77512,460,675 690,175 Over 1 year to 5 years 914,164 ,914,164 6,914 ,914,164 ,914,164 6,914,164 6,914,164 941,352 Over 5 years to 10 years 374,400 ,374,400 1,374 ,374,400 ,374,400 1,374,400 1,374,400 013,614 Over 10 years 414,857 ,414,857 1,414 ,414,857 ,414,857 1,414,857 1,414,857 128,705 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. JUNE 1953 609 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MAY 31, 1953 [In thousands of dollars] Item Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- R m i o c n h d - Atlanta Chicago 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 - Assets Gold certificates. 20,607,602 681,952 6,512,9111,160,4651,440,285 758,362 635,122 4,441,870 540,r96 319,904 935,787 533,3992,647,349 Redemption fund forF. R. notes. 748,473 63,393 71,323 59,707 84,970 75,432 62,101 126,276 50,911 26,136 40,507 30,586 57,131 Total gold certificate reserves.. 21,356,075 745,345 6,584,2341,220,1721,525,255 833,794 697,223 4,568,146 591,107 346,040 976,294 563,985 2,704,480 Other cash 326,847 24,234 56,635 19,951 26,101 19,476 29,528 65,934 18,671 6,716 10,618 15,900 33,083 Discounts and advances: Secured by U. S. Govt. securities. . . 721,295 31,195 130,086 47,255 57,656 48,215 63,635 122,525 40,035 35,675 57,018 38,200 49,800 Other 10,327 711 2,803 713 874 775 409 1,301 561 238 389 593 960 Industrial loans.. 3,674 3,118 20 420 116 U. S. Government securities: Bought outright 24,031,1161,671,962 5,334,8951,505,2852,334,2151,717,8881,492,904 3,505,0681,273,470 734,386 954,2761,160,246 2,346,521 Held under repurchase agreement... 215,260 215,260 Total loans and Du s e e c f u ro r m iti e f s oreign 24,981,672 ,703,868 5,683,0441,556,3712,392,7451,766,8981,557,368 3,628,894l;314,066 770,4151,011,6831,199,039 2,397,281 banks 23 1 1 7 2 2 1 1 3 1 1 1 1 2 F. R. notes of other Banks... 149,945 4,036 19,683 11,485 9,383 18,843 23,110 16,190 7,848 5,502 7,663 7,350 18,852 Uncollected cash items 3,278,976 234,508 631,246 201,825 305,334 260,526 221,793 549,146 133,411 91,409 210,665 153,357 285,756 O B t a h n e k r p a r s e se m ts ises... 24 4 5 9, , 7 4 6 5 3 0 1 4 7 , , 9 5 5 79 2 53 7 , , 9 16 2 4 6 1 4 5 , , 1 1 2 1 8 1 23 4 , ,5 5 9 48 2 1 4 7 , , 8 5 8 7 5 0 1 3 6 , , 6 2 7 0 6 6 34 6 , , 9 7 9 7 2 4 1 2 2 , , 9 7 3 5 5 1 1 7 , , 0 4 4 7 0 5 1 2 0 , , 2 4 0 4 8 3 12,1 6 1 1 2 5 23 6 , , 7 7 3 9 7 4 Total assets 50,388,751 2,734,523 13,035,939 3,029,045 4,286,960 2,921,9932,548,9058,870,079 2,080,790 1,228,598 2,229,5751,952,3595,469,985 Liabilities F. R. notes 25,670,567 ,574,637 5,664,458 825,428 2,365,6251,771,2041,374,808 4,952,2001,183,987 640,025 1,011,586 729.160 2,577,449 Deposits: Member bk.— reserve accts.20,068,897 845,005 6,110,204 924,113 1,524,769 845,947 910,2473,266,823 718,141 468,650 980,767 1,011,925 2,462,306 U. S. Treas.— gen. acct 221,345 645 212,981 218 517 584 560 485 544 504 597 583 3,127 Foreign 514,653 30,244 2 165,097 37,185 45,614 24,790 21,319 67,925 18,840 12,395 18,840 22,311 50,093 Other 170,963 2,414 103,897 1,902 4,251 2,544 10,701 946 8,140 1,027 704 3,375 31,062 Total deposits.. . 20,975,858 878,308 6,592,179 963,4181,575,151 873,865 942,8273,336,179 745,665 482,576 1,000,9081,038,1942,546,588 Deferred availability cash items 2,671,839 214,368 478,348 160,734 246,922 219,534 182,000 434,631 107,428 76,897 175,253 135,802 239,922 Other liabilities and accrued dividends 21,497 1,227 6,412 1,240 2,460 1,190 898 3,149 832 560 769 885 1,875 Total liabilities. . 49,339,761 2,668,540 12,741,3972,950,820 4,190,158 2,865,793 2,500,533 8,726,159 2,037,912 1,200,058 2,188,5161,904,0415,365,834 Capital Accounts Capital paid in. . 257,777 13,807 81,327 17,487 24,674 11,189 10,897 32,972 8,918 5,787 9,800 12,908 28,011 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 178,994 12,703 38.393 12,671 17,058 12,414 10,910 24,891 9,811 6,549 8,197 8,722 16,675 Total liabilities and capital accounts 50,388,751 2,734,523 13,035,939 3,029.045 4,286,9602,921,993 2,548.905 8,870,079 2,080,790 1,228,598 2,229,5751,952,359 5,469,985 Reserve ratio.... 45.8% 30.4% 53.7% 43.8% 38.7% 31.5% 30.1% 55.1% 30.6% 30.8% 48.5% 31.9% 52.8% Contingent liability on acceptances purchased for foreign correspondents 29,231 1,901 » 7,254 2,338 2,868 1.559 1,340 4,271 1,185 779 1,185 1,403 3,148 Industrial loan commitments.. 2,670 1,108 749 52 24 737 1 After deducting $16,000 participations of other Federal Reserve Banks. 2 After deducting $349,539,000 participations of other Federal Reserve Banks. 8 After deducting $21,977,000 participations of other Federal Reserve Banks. 610 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS FEDERAL RESERVE BANKS COMBINED In thousands of dollars] Wednesday figures End of month Item 1953 1953 1952 May 27 May 20 May 13 May 6 kpr.29 May Apr May F. R. notes outstanding (issued to Bank) ?6,S?9 6^7 76 4QQ,87676 S11 144 76,506,01076,533,431 76, S7S,81876 SS? 864 ,411, S08 Collateral held against notes outstanding: Gold certificates 1? 464 000 1? 484 ,000 1? S74 000 17 S74,000 1?, S74,000 \7 ,464,000 1? S74 000 n ,099, 000 Eligible paper 302,046 263,511 712 662 440,296 452,028 416,256 610 478 736,257 U. S. Government securities 14,800,000 14 800,000 14 760 00014,760,000 14,760,000 14,800,000 14, 760 00013,175, 000 Total collateral 27,566,04627 547 ,51128 046 662 27,774,29627,786,02827,680,25627,944 478 27,010, 257 EACH FEDERAL RESERVE BANK ON MAY 31, 1953 [In thousands of dollars] San Item Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S o t u . is M ap i o n l n i e s - K C an it s y as Dallas F ci r s a c n o - F. R. notes outstanding (issued to Bank) 26,575,8181,632,416 5,873,2011,877,863 2,448,3391,851,3661,433,6345,044,2621,233,988 654,6321,035,227 762,9622,727,928 Collateral held: Gold certificates 12,464,000 390,000 4,520,000 745,000 770,000 450,000 310,000 2,700,000 280,000 145,000 280,000 174,0001,700,000 Eligible paper.. 416,256 31,326 113,706 41,255 48,215 40,235 35,675 57,044 48,800 U. S. Govt. securities 14,800,000 1.300,000 1.500,0001,200,000 1,700,0001,450,0001,200,000 2,400,0001,025,000 525,000 800,000 600,0001,100,000 Total collateral.. 27,680,256 1,721,326 6,133,706 1,986,255 2,470,000 1,948,2151,510,000 5,100,0001.345,235705,6751,137,044774,000 2,848,800 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- W Da ed te n e ( s l d as a t y Ap a t p p o p l i r c d o a a v t t i e e o d ns b p u r A t o p v n - e o d t L o o u a t n - s C m om en m ts it- o in p f g a f i t n i i o n a n s n t s c i- - [Amounts in thousands of dollars] o o r f l p as e t r i d od ay ) N b u e m r - Amount ( p a l m c e o o t m e u d - n 1 t) s ( t a a m n o d u in n g t) 3 ( s a t m a o n u o d t u - i n n t g ) s (a t t a u m o n t u o i d o t u i - n n n s g t) 3 Gua a r u a t t o n h t o e d r e a i d z te e l d oans o G u u t a s lo t r a a a n n n d t s e i e n d g a A b v a o a d m i r d l r i a o o t b i w u o l n e e n t r a s t l o Date under guar- 1 1 9 9 4 4 5 6 3 3 , , 5 5 1 4 1 2 5 5 6 44 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 te a r e t r 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 Apr. 30. .. 3,743 730.482 571 5,207 6,536 10,339 Mar. 31... 254 300,955 68,833 56,973 47,822 May 31... 3,743 734,049 235 5,211 6,083 10,262 June 30. .. 484 654,893 252,100 209,465 276.702 June 30... 3,745 738,721 1,083 5,101 5,947 10,105 Sept. 30... 729 1,154.942 492,167 400,652 450,013 July 31... 3,746 743,629 1,589 4,624 6,184 9,814 Dec. 31... 854 1,395,444 675,459 546,597 472,827 Aug. 31... 3,750 748,451 2,142 4,690 6,152 10,128 Sept. 30... 3,750 752,042 1,370 4,496 6,327 9,978 1952 Oct. 31... 3,751 757,277 1,601 4,311 3,720 7,174 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 Apr. 30. .. 3,757 780,468 1,751 3,485 2,866 3,131 Dec. 31... 1,159 2,124,123 979,428 803,132 586,303 1 Includes applications approved conditionally by the Federal Re- 1953 ser 2 v I e n c B lu an d k es s i a n n d d u s u t n ri d a e l r lo co an n s s id p e a r s a t t d io u n e b 3 y m a o p n p t l h i s c a o n r t . more, which are not F T e a b n . . 3 2 1 8. . . . . . 1 1, , 1 1 8 7 8 3 2 2 , , 1 1 7 4 0 7 , , 4 9 4 5 3 3 9 9 9 8 9 4 , , 7 2 9 9 4 5 8 8 2 0 2 8 , , 2 9 5 8 7 6 5 5 4 78 8 , , 0 9 6 1 1 6 included in industrial loans outstanding in weekly statement of con- Mar. 31.. . 1,204 2,190,643 1,023,666 838,704 520,5 7 dit 8 i o N n o o t f c o F v e e d r e e r d a l b R y e F se e r d v e e r a B l a R n e k s s e . rve Bank commitment to purchase or Apr. 30... 1,212 2,211,201 972,193 801,945 469,324 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. JUNE 1953 611 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 May 31] Depos- Fees Payable to Gua G ra u n a t r e a e n i t n e g e d A P g o e r n t c io y n b o y f F L i o n a a n ncing Institution on End of month i b to a r l s - ' C i a n sh G U ov . e S r . n- Cash ances * Total de to po ry si- s m ec e u n r t i- funds, Guarantee fee Percentage of banks ties Percentage of (percentage of any commitment loan guaranteed interest payable fee charged by borrower) borrower 1945—December 2,933 3,022 6 2,837 179 1946—December 3,284 3,387 6 3,182 200 1947—December 3,417 3,525 6 3,308 212 70 or less 10 10 1948—December 3,330 3,449 7 3,244 198 75 ... . 15 15 1949—December 3,188 3,312 7 3,118 187 80 20 20 1950—December 2,924 3,045 11 2,868 166 85 25 25 1951—December 2,705 2,835 28 2,644 162 90 30 30 1952—April 2,651 2,778 32 2,598 147 95 35 35 May 2,633 2,761 33 2,574 153 Over 95 40-50 40-50 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 October 2,561 2,760 33 2,553 174 (Per cent per annum] November.... 2,555 2,749 33 2,553 162 December 2.547 2,736 33 2,551 151 Interest rate 1953—January 2,536 2,724 33 2,538 152 Commitment rate. February. ... 2,523 2,715 33 2,524 158 March P2.510 April P2.496 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 centersl 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* centers 3 1952 1,643,130 597,815 349,904 695,411 34.4 24.1 18.4 1952—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 ••145,988 52,048 31,660 '62,281 34.3 23.9 18.4 February ••129,319 45,749 28,126 '55,443 35.1 24.4 18.8 March ••153,511 53,898 35,339 ••64,274 37.1 28.3 ••19.4 April 145,740 52,038 32,742 60,961 35.4 26.0 18.4 'Revised. National 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. 612 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS [Outside Treasury and Federal Reserve Banks. In millions of dollars] Total Coin and small denomination currency2 Large denomination currency2 End of year or in cir- Unasmonth cula- sorted tion1 Total Coin $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 048 460 919 191 425 20 32 1940 8,732 6,247 648 610 39 1,129 2,021 1,800 489 538 1,112 227 523 30 60 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 044 724 1,433 261 556 24 46 1942 15,410 11,576 880 801 55 693 4,051 4,096 3,837 1,019 1,910 287 586 9 25 1943 20,449 14,871 1,019 909 70 973 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 7,224 730 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 67 173 6,497 9,310 8,518 2,492 4,771 438 783 8 26 1947 28,868 20,020 1,404 ,048 65 110 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 ,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—April 28,464 19,936 1,651 ,114 66 2,004 6,141 8,960 8,529 2,498 137 347 535 4 9 May 28,767 20,231 1,665 ,132 67 2,040 6,261 9,066 8,537 2,508 142 346 530 4 8 June 29,026 20,449 1,678 ,140 68 2,054 6,323 9,187 8,578 2,531 166 344 525 4 8 July 28,978 20,398 1,686 ,129 67 2,034 6,291 9,190 8,582 2,531 5,172 344 522 4 8 August 29,293 20,659 1,695 ,140 67 2,062 6,376 9,319 8,635 2,551 5,211 342 519 4 8 September.. . 29,419 20,739 1,705 ,164 68 2,070 6,368 9,365 8,682 2,559 5,252 342 517 4 8 October 29,644 20,897 1,722 ,175 68 2,074 6,405 9,453 8,749 2,577 5,304 342 514 4 8 November.. . 30,236 21,392 1,739 ,199 69 2,123 6,600 9,661 8,846 2,612 5,367 342 513 4 8 December. . .30,433 21,450 1,750 ,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 ,157 69 2,051 6,359 9,442 8,894 2,634 5,399 341 508 4 8 February.... 29,793 20,918 1,725 ,158 68 2,052 6,432 9,483 8,877 2,629 5,390 340 507 4 8 March 29,754 20,896 1,737 1,165 67 2,048 6,418 9,462 8,859 2,621 5,383 339 505 3 8 April 29,843 20,979 1,747 1,163 68 2,056 6,448 9,497 8,865 2,623 5,388 339 503 4 8 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 2 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. 3 Paper currency only; $1 silver coins reported under coin. Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money in circulation l Money Total out- held by standing, As security For Federal Ap 1 r 9 . 5 3 3 0, g a o s g l i d a lv i n e a s r n t d Tr c e a a s s h ury B F R 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 A 1 p 9 r 5 . 3 30 M 1 a 9 r. 5 3 31, Ap 1 r 9 . 5 3 2 0, certificates agents Gold 22,562 21,420 21,142 Gold certificates 21,420 18^568 2^816 37 37' ' 38* ' Federal Reserve notes 26,533 70 1,086 25,376 25,321 24,116 Treasury currency—total 4,841 *2,376 57 355 4,429 4,396 4,310 Standard silver dollars 492 256 33 3 200 199 189 Silver bullion 2,121 2 121 Silver certificates and Treasury notes of 1890.. 286 2,090 2,066 2,043 Subsidiary silver coin... 1' 185 18 28 1,138 1,130 1,073 Minor coin 416 2 5 409 407 389 United States notes 347 3 30 314 314 315 Federal Reserve Bank notes 206 1 2 204 205 223 National Bank notes 75 1 74 74 78 Total—Apr. 30, 1953 23,796 1,269 18,568 4,256 29,843 Mar. 31, 1953 (4) 23 767 1 293 18 552 4 340 29[754 Apr. 30, 1952 24,484 1,281 19,290 4,261 28,464 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. 605. 2 Includes $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. 4Because 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. Each Federal Reserve Bank must maintain a reserve in gold certificates of at least 25 per cent against its Federal Reserve notes in actual circulation. Gold certificates deposited with Federal Reserve agents as collateral, and those deposited with the Treasurer of the United States as a redemption fund, are counted as reserve. "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. JUNE 1953 613 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 caldates. [n millions of dollars] Assets Liabilities and Capital Bank credit Total assets, Date Treas- U. S.Government obligations l T ia o b t i a l l - Total Ca a p n i d tal Gold c u u r r y - Loans, Com- Other i a t n ie d s dep a o n s d its m a i c s - c. rency Total net mercial Federal secu- capital, currency counts, Total and Reserve Other rities net net savings Banks banks 1929—June 29 4,037 2,019 58 642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30 4,031 2,286 4? 148 21,957 10,328 8,199 1,998 131 9,863 48 465 42,029 6,436 1939—Dec. 30 17,644 2,963 54 564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31 22,737 3,247 64 653 26,605 29,049 25,511 2,254 1,284 8,999 90 637 82,811 7,826 1945—Dec. 31 20,065 4,339 167 381 30,387 128,417 101,288 24,262 2,867 8,577 191.785 180,806 10,979 1947—Dec. 31 22,754 4,562 160 832 43,023 107,086 81,199 22,559 3,328 10,723 188 148 175 348 12,800 1948—Dec. 31 24,244 4,589 160 457 48,341 100,694 74,097 23,333 3,264 11,422 189,290 176,121 13,168 1949—Dec. 31 24,427 4,598 16? 681 49,604 100,456 78,433 18,885 3,138 12,621 191 706 177 313 14,392 1950—June 30 24,231 4,607 164348 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—Tune 30 21,756 4,655 173 447 63,821 94,450 68,726 22,982 2,742 15,176 199,858 185,038 14,820 Dec 31 22,695 4,706 181 323 67,597 97,808 71,343 23,801 2,664 15,918 208,724 193,404 15.320 1952—A^pr. 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 June 30 . ... 23,346 4,754 18?,980 69,712 96,266 70,783 22,906 2,577 17 002 211 080 194 960 16,120 July 30 23,400 4,800 185,300 70,000 98,100 72,700 22,800 2,600 17,200 213,400 197,200 16,100 Aug 27 23 300 4,800 ,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 99,900 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 24,697 2,571 17,374 220,865 204,220 16,647 1953—Jan 28P 23,000 4,800 191,200 74,900 98,800 72,300 24,000 2,600 17 500 219 000 202 100 16 900 Feb. 25P 22,700 4,800 190,300 75,000 97,800 71,400 23,900 2,500 17,500 217 800 201.000 16,800 Mar. 25P 22,600 4,800 190,200 76,100 96,400 70,000 23,900 2,500 17,800 217,600 200,600 17,000 Apr. 29P 22,600 4,800 188,900 76,500 94,600 68,300 23,800 2,500 17,800 216,300 199,100 17,200 Deposits and Currency U. S. Government balances Deposits adjusted and currency Date Total d F e b o p n r a o e e n i s t k g it n s, T c u r a e r s a y h s- A m s b a t a e a v c n r n i c o n d k i m g a s s l - R F B e e a A d s n e e t r k r v a s e l Total d D e e p m os a i n ts d 2 Total m T b C e a i o r m n m c k i e a - s l dep M b s o a a s v u n i i t t k n u s s g 3 a * s l S S P a y o v s s t i t n e a m g l s o b r u C e a t n n u s c i r k d y - s e 1929—June 29 55 776 365 204 381 36 54,790 22,540 28,611 19,557 8,905 149 3,639 1933—June 30 42,029 50 264 852 35 40,828 14,411 21,656 10,849 9,621 1,186 4,761 1939—Dec. 30 68,359 1,217 t,409 846 634 63,253 29,793 27,059 15,258 10,523 1,278 6,401 1941—Dec. 31 82,811 1,498 f,215 1,895 867 76,336 38,992 27,729 15,884 10,532 1,313 9,615 1945—Dec 31 180 806 2,141 ,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 ,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 ,325 2,451 1,123 169,119 85,520 57,520 35,804 18,387 3,329 26,079 1949—Dec 31 177 313 2,150 ,312 3,249 821 169,781 85,750 58,616 36,146 19,273 3,197 25 415 1950—Tune 30 178,568 2,555 ,298 3,801 950 169,964 85,040 59,739 36,719 19,923 3,097 25,185 Dec 30 184 385 2,518 ,293 2,989 668 176,917 92,272 59,247 36,314 20,009 2,923 25,398 1951—June 30 185 038 2,424 ,281 6,332 317 174,684 88,960 59,948 36,781 20,382 2,785 25 776 Dec. 31 193,404 2,279 L ,279 3,615 247 185,984 98,234 61,447 37,859 20,887 2,701 26 303 1952—Apr. 30 192,200 2,200 L.300 4,500 500 183,800 95,100 62,700 38,600 21,400 2,700 25,900 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 June 30 194,960 2,319 L.283 6,121 333 184,904 94,754 63,676 39,302 21,755 2,619 26,474 July 30 197 200 2,600 1,300 7,000 600 185,800 95,700 63,800 39,400 21,900 2,600 26 200 Aug 27 197,000 2,600 L,300 6,200 700 186,200 95,800 64,100 39,600 22,000 2,600 26 300 Sept. 24 197,900 2,500 1,300 6,500 300 187,400 96,400 64,500 39,800 22,200 2,600 26,600 Oct 29 199 900 2,500 1,300 5,300 600 190,200 98,600 64,900 40,100 22,200 2,600 26 700 Nov. 26 202,700 2,500 1,300 7,000 300 191,600 99,400 64,800 40,000 22,300 2,600 27 400 Dec 31 204,220 2,501 1,270 5,259 389 194,801 101,508 65,799 40,666 22,586 2,547 27,494 1953—Jan 28 P 202,100 2,500 1,300 4,200 700 193,300 100,500 66,100 40,700 22,800 2,500 26,800 Feb. 25P 201,000 2,300 1,300 5,400 400 191,600 98,300 66,400 41,000 22,900 2,500 26,900 Mar. 25P 200,600 2,400 1,300 5,800 (5) 191,000 97,400 66,800 41,200 23,100 2,500 26 900 Apr. 29* 199,100 2,400 1,300 2,900 400 192,200 98,000 67,200 41,500 23,300 2,500 27,000 * Preliminary. 1 Treasury 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. 8Excludes interbank time deposits; United States Treasurer's time deposits, open account; and deposits of Postal Savings System in banks. * Prior to June 30, 1947, includes a relatively small amount of demand deposits. 6Less than 50 million dollars. NOTE.—For description of statement and back figures, see BULLETIN for January 1948, pp. 24-32. The composition of a few items differs slightly from the description in the BULLETIN article; stock of Federal Reserve Banks held by member banks is included in "Other securities" and in "Capital and miscellaneous accounts, net" and balances of the Postal Savings System and the Exchange Stabilization Fund with the U. S. Treasury are netted against the same item instead of against U. S. Government deposits and Treasury cash. Total deposits and currency shown in the monthly Chart Book excludes "Foreign bank deposits, net" and "Treasury cash." Except on call dates, figures are rounded to nearest 100 million dollars and may not add to the totals. See Banking and Monetary Statistics, Table 9, pp. 34-35, for back figures for deposits and currency. 614 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES * PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of bank Cash Total Number and date Total Loans G U ov . e S rn . - Other assets1 Total» b In an te k r - i a c c a c p o i u ta n l ts ba o n f ks Total o m bl e ig n a t - s ri e t c ie u s - . m D a e n - d Time tions All banks: 1939—Dec. 30 50,884 22,165 28,719 19,417 9,302 23,292 68,242 9,874 32,516 25,852 8,194 15,035 1941—Dec. 31 61,126 26,615 34,511 25,511 8,999 27,344 81,816 10,982 44,355 26,479 8,414 14,826 1945—Dec. 31 140,227 30.362 109,865 101,288 8,577 35,415 165,612 14,065 105,935 45,613 10.542 14,553 1947—Dec. 31 2 134,924 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—Apr. 30 155,250 68,490 86,760 70,210 16,550 40,050 179,360 12,340 106,670 60,350 14,890 14,602 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 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—Jan. 28P 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. 25P 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. 25P 164,610 76,870 87,740 69,990 17,750 40,300 187,660 12,900 110,110 64,650 15,490 14,556 Apr. 29P 163,240 77,160 86,080 68,280 17,800 39,480 185,460 12,690 107,740 65,030 15,570 14,546 All commercial banks: 1939—Dec. 30 40,668 17,238 23,430 16,316 7,114 22,474 57,718 9,874 32,513 15,331 6,885 14,484 1941—Dec. 31 50,746 21,714 29,032 21,808 7,225 26,551 71,283 10,982 44,349 15,952 7,173 14,278 1945—Dec. 31 124,019 26,083 97,936 90,606 7,331 34,806 150.227 14,065 105,921 30,241 8,950 14.011 1947—Dec. 31 2 116,284 38,057 78,226 69,221 9,006 37,502 144,103 13,032 95,711 35,360 10,059 14.181 1<M8— 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 10.S1—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—Apr. 30 132,340 58,220 74,120 60,450 13,670 39,220 157,910 12,340 106,640 38,930 12,460 14,073 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 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. 28P 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. 25P 140,000 65,220 74,780 60,470 14,310 39,420 164,530 12,900 110,080 41,550 12,980 14,028 Apr. 29P 138,450 65,330 73,120 58,770 14,350 38,630 162,180 12,690 107,710 41,780 13,070 14,018 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—Apr. 30 111, 753 49,806 61,947 50,590 11,357 34,528 134,650 11.796 91,607 31,247 10,419 6,824 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 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—Jan 28 P 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 Apr. 29P 116,377 55,868 60,509 48,549 11,960 34,017 137,738 12,116 92,148 33,474 10,906 6,769 All mutual savings banks: 1939—Dec. 30 10,216 4,927 5,289 3,101 2,188 818 10,524 3 10,521 1,309 551 1941—Dec. 31 10,379 4,901 5,478 3,704 1,774 793 10,533 6 10,527 1,241 548 1945—Dec. 31 16,208 4,279 11,928 10,682 1,246 609 15,385 14 15,371 1,592 542 1947—Dec. 312 18.641 4,944 13,696 11,978 1,718 886 17,763 1 17 17,745 1,889 533 1948—Dec. 31 19,395 5,686 13,709 11,476 2,233 878 18,405 1 17 18,387 1,999 532 1949—Dec. 31 20,400 6,578 13,822 11,428 2,394 873 19,293 20 19,273 2,122 531 1950—Dec. 30 21,346 8,137 13,209 10,868 2,342 797 20 031 22 20,009 2,247 529 1OS1—Dec. 31 22,259 9,862 12.398 9.819 2,579 886 20,915 2 26 20,888 2.407 529 1952—Apr. 30 22,910 10,270 12,640 9,760 2,880 830 21,450 2 30 21,420 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 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. 28P 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. 25P 24,610 11,650 12,960 9,520 3,440 880 23,130 2 30 23,100 2,510 528 Apr. 29P 24,790 11,830 12,960 9,510 3,450 850 23,280 2 30 23,250 2,500 528 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. TUNE 1953 615 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 r s i e t t c h ie u e s - r assetsl Total1 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 1,272 6,703 14,509 4 33K 9,533 736 1,592 36 1941—Dec. 31 12,896 4,072 8,823 7,265 1,559 6,637 17,932 1,207 12,917 807 1,648 36 1 1 9 9 4 4 7 5 — — D D eecc. . 3 3 1 1 .... 2 2 6 0 , , 1 3 4 9 3 3 7 7 , , 1 3 7 3 9 4 1 13 8 , , 2 8 1 0 4 9 1 11 7 , , 9 5 7 7 2 4 1 1 , ,2 2 4 3 2 5 6 7 , , 4 26 3 1 9 3 2 0 5 , ,2 1 1 2 6 1 t 1 , , 6 4 5 6 7 4 2 1 4 9 , , 2 3 2 0 7 7 1 1, , 4 2 4 3 5 6 2 2 , , 2 1 5 2 9 0 3 3 7 7 194g—Dec. 31 18,759 8,048 10,712 9,649 1,063 7,758 24,024 L213 18,131 1,680 2,306 35 1949—Dec. 31 19,583 7,550 12,033 10,746 1,287 6,985 23,983 4,192 18,139 1,651 2,312 25 1950—Dec. 30 20,612 9,729 10,883 8,993 1,890 7,922 25,646 4,638 19,287 1,722 2,351 23 1951—Dec. 31 21,379 11,146 10,233 8,129 2.104 8,564 26,859 4,832 20,348 1,679 2,425 22 1952—Apr. 30 20,990 11,113 9,877 7,775 2,102 7,682 25,266 4,175 19,374 1,717 2,458 22 June 30 21,710 11,268 10,442 8,212 2,231 8,135 26,745 4,639 20,311 1,795 2.460 22 Oct. 29 21,283 11,680 9,603 7,518 2,085 7,267 25,111 4,388 19,011 1,712 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. 28P 21,233 12,127 9,106 7,012 2,094 6,994 24,817 4,437 18,601 1,779 2,508 22 Feb. 25P 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 Apr. 29P 20,637 12,305 8,332 6,229 2,103 7,008 24,286 4,345 18,088 1,853 2,528 22 Chicago: 1939—Dec. 30 2,105 569 1,536 1,203 333 1,446 3,330 888 1,947 495 250 14 1941—Dec. 31 2,760 954 1,806 1,430 376 1,566 4,057 1,035 2,546 476 288 13 1945—Dec. 31 5,931 1,333 4,598 4.213 385 1,489 7,046 1,312 5,015 719 377 12 1947—Dec. 31 5,088 1,801 3,287 2,890 397 1,739 6,402 1,217 4,273 913 426 14 1948—Dec. 31 4,799 1,783 3,016 2,633 383 1,932 6,293 1,064 4,227 1,001 444 13 1949—Dec. 31 5,424 1,618 3,806 3,324 482 1,850 6,810 1,191 4,535 1,083 470 13 1950—Dec. 30 5,569 2,083 3,487 2,911 576 2,034 7,109 1,228 4,778 1,103 490 13 1951—Dec- 31 5,731 2,468 3,264 2,711 552 2,196 7,402 1,307 4,952 1,143 513 13 1952—Apr. 30 5,456 2,370 3,086 2,545 541 1,994 6,877 1,091 4,645 L ,141 520 13 June 30 5,664 2,380 3,284 2,721 563 1,899 7,027 1,182 4,681 L.164 530 13 Oct. 29 5,839 2,444 3,395 2,827 568 2,119 7,215 1,240 4,812 L.163 534 13 Nov. 26 6,112 2,592 3,520 2,933 587 2,120 7,368 1,221 4,981 1,166 537 13 Dec. 31 6,240 2 748 3,493 2,912 581 2,010 7,686 1,350 5,132 L ,205 541 13 1953—Jan. 28P 6,037 2,594 3,443 2,862 581 2,083 7,186 1,171 4,843 1,172 537 13 Feb. 25P 5,910 2,569 3,341 2,779 562 2,098 7,222 1,182 4,872 1,168 537 13 Mar. 25P 6,033 2,604 3,429 2,864 565 1,922 7,122 1,133 4,835 1,154 539 13 Apr. 29P 5,588 2,547 3,041 2,455 586 2,051 7,006 1,144 4,688 L ,174 541 13 Reserve city member banks: 1939—Dec. 30 12,272 5,329 6,944 5,194 1,749 6,785 17,741 3,686 9,439 i1,616 1,828 346 1941—Dec. 31 15,347 7,105 8,243 6,467 1,776 8,518 22,313 4,460 13,047 t.806 1,967 351 1945—Dec. 31. . .. 40,108 8,514 31,594 29,552 2,042 11,286 49,085 6,448 32,877 9,760 2,566 359 1947—Dec. 31 36,040 13,449 22,591 20,196 2,396 13,066 46,467 5,649 29,395 11,423 2,844 353 1948—Dec. 31 35,332 14,285 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—Apr. 30 42,463 19,577 22,886 18,807 4,079 13,454 51,900 5,502 33,879 12,519 3,606 320 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 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 Nov. 26 46,104 21,627 24,477 20,127 4,350 14,585 55,923 6,278 36,604 13,041 3,720 319 Dec. 31 45,583 21,697 23,886 19,624 4,262 15,544 57,357 7,001 37,095 13,261 3,745 319 1953—Jan. 28? 45,533 21,680 23,853 19,543 4,310 13,898 54,893 6,104 35,499 13,290 3,742 320 Feb. 25P 45,271 21,801 23,470 19,161 4,309 14,152 54,912 5,991 35,551 13,370 3,762 322 Mar. 25P 45,085 22,274 22,811 18,439 4,372 13,848 54,527 5,831 35,298 13,398 3,780 322 Apr. 29P 44,591 22,162 22,429 18,006 4,423 13,447 53,419 5,613 34,334 13,472 3,803 321 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 1L.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—Apr. 30 42,844 16,746 26,098 21,463 4,635 11,398 50,607 1,028 33,709 15,870 3,835 6,469 June 30 43.037 17,133 25.904 21.206 4,698 12.087 51.571 L.083 34.414 16,075 3,873 6,461 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 3,9b7 6,447 Dec. 31 45,594 18,213 27,381 22,549 4,832 13,281 55,175 L.301 37,289 16,585 3,970 6,444 1953—Jan. 28P 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. 25P 45,591 18,651 26,940 22,097 4,843 11,707 53,320 1,052 35,414 16,854 4,000 6,419 Apr. 29P 45,561 18,854 26,707 21,859 4,848 11,511 53,027 1,014 35,038 16,975 4,034 6,413 2Beginning 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. 616 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Amounts in millions of dollars] Loansand investments Deposits Investments Other Cla a s n s d o d f a b te ank Total Loans Total G m U ov e . e S n r . t n- O se t c h u e - r a C ss a e s t h s 1 Total i b In an te k r - * De- Time a c c T a c o p o i t u t a a n l l t N b u a m o n f k b s er obliga- rities mand tions All insured commercial banks: 1941—Dec. 31 49,290 21,259 78,031 21,046 6,984 25,788 69 411 10,654 43,059 15,699 6,844 13,426 1945—Dec 31 ,809 25,765 96,043 88,912 7,131 34,292 147,775 13,883 104,015 79,876 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 ,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 HO,820 57,256 73,564 60,533 13,031 44,176 167,908 14,777 110,382 37,749 11,902 13,439 1952—Tune30 n? ,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 ,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. 77,571 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 ,852 38,674 5,178 22,024 87,023 8,410 54,335 19,278 5,409 5,005 1950—Dec. 30 7?,090 29,184 4?,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 4?,938 35,063 7,875 25,951 94,173 9,788 63,477 70,908 6,653 4,939 1952—Tune30 76,036 33,054 4? ,982 34,604 8,378 23,928 97,720 8.584 62,255 71,880 6,879 4,925 Dec. 31 . 80,180 36,004 44,176 35,835 8,341 26,333 98,974 9,918 66,362 77,694 7,042 4,909 State member banks: 1941—Dec. 31 15,950 6,295 9,654 7,500 2,155 8,145 7?,259 3,739 14,495 4,025 2,246 1,502 194 s—Dec.31 . ... ,871 8,850 79,021 27,089 1,933 9,731 44,730 4,411 32,334 7,986 2,945 1,867 1947—Dec. 31 32,566 11,200 21,365 19,240 2,125 10,822 40,505 3,993 27,449 9,062 3,055 1,918 1950—Dec. 30 ,334 15,521 19,813 16,778 3,035 11,762 43,808 4,315 30,055 9,438 3,381 1,915 1951—Dec. 31 36,992 17,243 19,748 16,558 3,191 13,301 46 843 4,637 32,491 9 715 3,565 1,901 1952—June 30 37,466 17,472 19,994 16,657 3.337 12,119 46,049 4,227 31,914 9.908 3,647 1,890 Dec. 31 39,367 19,030 ,337 16,928 3,409 12,922 48 553 4,699 33,658 10,196 3,719 1,889 Insured nonmember commercial banks: 1941—Dec. 31 5 776 3,241 ,535 1,509 1,025 2,668 7 707 129 4,213 ,360 959 6,810 1945—Dec. 31 14 639 2,992 11.647 10.584 l,0f3 4,448 18 119 244 12,196 5,680 1,083 6,416 1947—Dec. 31 16 444 4,958 11 486 10,039 1,448 4,083 19 340 266 12,515 6,558 1,271 6,478 1950—Dec. 30 17 414 7,023 10 391 8,632 1,759 4,299 20 ?16 297 13,194 6 776 1,570 6,562 1951—Dec. 31 18 591 7,701 10 890 8,923 1,967 4,926 71 912 353 14,415 7 144 1,686 6,602 1952—Tune 30 19 073 8,210 10 863 8,867 1,996 4,215 71 606 289 13.867 7 450 1,757 6,622 Dec. 31 70 242 8,605 11 638 9,556 2,081 4,970 73 464 373 15,351 7 740 1 .804 6,627 Noninsured nonmember commercial banks: 1941—Dec. 31 1 457 455 002 761 241 763 1 877. 329 1.291 253 329 852 1945—Dec. 31 ... 211 318 893 1,693 200 514 7 457 181 L.905 365 279 714 1947—Dec. 312 2 009 474 535 1,280 255 576 2 251 363 1,411 478 325 783 1950—Dec. 30 1 853 527 327 1,040 286 468 1976 294 1,224 458 327 689 1951—Dec. 31 1 789 490 299 991 308 469 1932 308 1,235 388 314 650 1952—Tune 30 1 880 503 377 1,061 317 443 1993 412 .186 396 320 636 Dec. 31 1 854 531 322 1,010 312 444 1960 329 ,229 402 326 624 All nonmember commercial banks: 1941—Dec 31 7 233 3,696 t 536 2,270 1,266 3,431 9 574 457 c5.504 3 613 1,288 7,662 1945—Dec. 31 16 849 3.310 13 539 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 71 591 629 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 70 380 8,192 1? 189 9,914 2,275 5,395 23 843 661 15,650 7 533 1,999 7,252 1952—Tune 30 70 954 8,714 17 240 9,928 2,312 4.658 23,598 700 15.052 7 846 2,077 7,258 Dec. 31 . . . 096 9,136 960 10,567 2,393 5,414 75 474 702 16,580 8 142 2,129 7,251 Insured mutual savings banks: 1941—Dec 31 693 642 1 ,050 629 421 151 1 ,789 1 ,789 164 52 1945—Dec. 31 10,846 3,081 7 765 7,160 606 429 10 363 12 10 351 ,034 192 1947—Deci 31 ... 1? 683 3,560 0 123 8,165 958 675 17,707 1 14 17 197 ,252 194 1950—Dec. 30 15,101 6,086 9,015 7,487 1,528 617 14,320 19 14,301 ,513 194 1951—Dec. 31 16,190 7,523 8,668 6,921 1,746 695 15,368 2 23 15343 ,678 202 1952—-Tune30 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 .730 206 Noninsured mutual savings banks: 1941 Dec '?1 g 687 4 259 4 428 3 075 1 353 642 8,744 6 8,738 1 077 496 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 2 339 730 2 897 833 191 547 3 5,544 729 327 1952—June 30 6 234 2,466 3 768 2.876 892 209 5, 707 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, see pp. 5-15 in the same publication. For revisi in series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-871. JUNE 1953 617 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] Loan Investments i Com- Loans for U S. Government obligations Oblimer- purchasing ga- 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 d n a s t s t l s - Total1 o c m c k p p i l i i n u n a e a e a g d - r l t n - , - - - A t c g u a u r r l l i - - - b o a s e T r r n e o r o s d c c k a u - r r r i y t o e T i i t e r n h o s s g - l R t o e a a e s t n a - e l s O l u v o m d a t t i a h o l i d n - - s e - 2 s r O lo t a h n e s r 2 Total Total Bills C o d c e f a e r t b t i e i n t f D s - i - - ire N c o t tes Bonds G t a e u n e a - d r- S p d s t a i t i u o i c o a n o v a b l f t d n i i e l - t - s s - O s r e t it h c i e u e r s per deal- ed- sions ers ness All commercial banks:3 1947—Dec. 31... 16,284 38,057 18,167 660 830 ,220 9,393 5,723 1,063 78,226 69,221 ,193 7 789 6,034 53, 191 145 276 ;,729 1950—Dec. 30... 126,675 52,249 21,927 905 1,802 ,057 13,541 10,120 1,573 74,426 62,027 4,236 1 969 17,033 38,778 11 118 [,281 1 1 9 9 5 5 1 2 — — D Ju e n c e . 3 3 1 0 . . . . . . 1 1 3 3 2 4 , , 6 43 1 7 0 5 5 9 7 , , 2 7 3 4 3 6 2 2 5 5,3 8 1 7 2 9 ; \ t4 65 0 2 8 2 1 , ,5 1 8 1 1 3 9 96 8 5 0 1 15 4 , , 0 5 1 8 9 0 1 11 0 , ,4 4 5 1 1 7 1 1 , , 6 6 8 0 1 8 7 7 4 5, 8 2 6 0 3 4 61,5 1 2 7 4 8 7, , 3 2 3 4 7 1 7 6 7 5 9 7 8 1 1 1 1 , , 4 24 0 6 8 3 3 5 5 , ,8 1 6 0 7 1 2 2 1 5 > i 8 1 4 9 4 8 [ j. , , 1 18 4 2 1 Dec. 31... 141,624 64, 163 27,871 3*.919 2,060 1,10315,712 12,684 1,718 77,461 a!318 7,761 5 580 11,878 38,077 22 10,1883,955 All insured commercial banks: 1941—Dec. 31... 49,290 21, 259 9,214 450 614 662 4,773 4,! 45 28 031 21,046 988 3,159 12 797 4,102 ;651 [,333 1945—Dec. 31... 121,809 25,765 9 461 314 3,164 3,606 4,677 2,361 1,181 96 043 88,912 ,455 19 071 16,045 51,321 22 ;873 \,258 1947—Dec. 31... 114,274 37,583 18 012 610 823 ,190 9,266 5,654 1,028 76 691 67,941 ,124 7 552 5,918 52,334 14 •5129 j,621 1950—Dec. 30... 124,822 51, 723 21 776 823 1,789 ,03613,389 10,049 1,534 73 099 60,986 4,118 1 932 16,756 38, 168 11 7 933 [,179 1951—Dec. 31... 130,820 57,256 25 744 321 1,571 960 14,450 10,378 1,645 73 564 60,533 7,219 526 11,256 34 511 21 I989 [,042 1952—June 30... 132,557 58,730 25 176 562 2,106 942 14,884 11 340 1,570 73 827 60, 117 6,090 7 653 11,099 35 251 25 9 627 [,083 Dec. 31... 139,770 63,632 27 739 3 805 2,050 1,082 15,572 12 603 1,683 76 138 62,308 7,622 5 494 11,714 37 456 22 9 977 3,854 Member banks, total: 31... 43,521 18 021 8 671 972 594 598 3 494 3,( 92 25 500 19 539 971 3 007 11 729 3,832 3,0902,871 11994415——DDeecc.. 31... 107,183 22 775 8 949 855 3,1333,378 3 455 1 900 1,104 84 408 78 338 2,27516 985 14 271 44 792 163,254 t,815 1947—Dec. 31... 97,846 32 628 16 962 046 811 1,065 7 130 4 662 952 65 218 57 914 ,987 5 816 4 815 45 286 104,1993,105 1950—Dec. 30... 107,424 44 705 20 521 L808 1,770 927 10 522 8 314 1,438 62 719 52 365 3,665 1 468 14 054 33 170 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 j,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 9 468 30 215 21 8,1253,590 Dec. 31... 119 547 55 034 26 232 2 416 2,032 966 12 214 10 396 1,577 64 514 52 763 6,565 4 255 9 835 32 087 198,4093,342 New York City:* 1941—Dec. 31... 12 896 4 072 2 807 8 412 169 123 554 8 823 7 265 311 1 623 3 652 1,679 729 830 1945—Dec. 31... 26 143 7 334 3 044 2,453 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 11972 i 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 8 212 062 692 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:4 1941—Dec. 31. .. 2 760 954 732 6 48 52 22 s6 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 S3 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 I." 12 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 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 ,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 ,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 ],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 i 3,334 I,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 c3,494 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 4,20413,625 A3,639 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 I,219 7,916 L 1,078 625 1950—Dec. 30... 19,267 7,550 1,4051,096 31 130 3,024 1,807 134 11,718 9,672 571 501 2,979 5,618 $ 1,478 567 1951—Dec. 31... 20,380 8,192 1,5331,268 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 1,5801,388 29 136 3,397 2,149 135 12,240 9,928 819 1,664 ,778 5,662 i 1,720 592 Dec. 31... 22,096 9,136 1,6391,503 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. 618 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 Class a o n f d bank F s e w e R d r i e v e t r - h e a s l C i a n sh a w B n i c a t e l h - s m D d a e e n - - d In d t e e p r o b s a i n ts k U. S. States C f e ie r d ti- vi I d n u d a i- ls, U G er . o n v S - - . S a t n a d tes vi I d n u d a i- ls, r B o o w r- - C t a a p l icall date Re- vault do- posits Gov- and and partner- Inter- ment polit- partner- ings acserve mestic ad- ern- political offi- ships, bank and ical ships, counts Banks banks5 justed6 Do- For- ment subdi- cers' and cor- Postal subdi-and cormestic5 eign visions checks, pora- Sav- visions poraetc. tions ings tions All commercial banks:3 1947—Dec. 31.. 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 65 10,059 1950—Dec. 30. . 17,458 2,174 10,863 92,282 12,102 1,476 2,806 8,012 2,918 90,986 462 189 1,384 34,930 90 11,590 1951—Dec. 31.. 19,911 2,697 11,969 98,243 13,123 1,413 3,359 8,426 3,166 96,666 550 278 1,536 36,323 34 12,216 1952—Tune 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 11,875 101,50613,109 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—June 30.. 19,331 2,365 9,935 93,652 11,286 1,339 5,797 8,682 2,721 90,836 475 312 1,574 37,333 85 12,282 Dec. 31.. 19,809 2,720 11,489100,32912,948 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 85,54312,594 1,431 4,567 7,029 2,744 85,680 592 321 1,303 31,266 165 10,761 New York City:* 1941—Dec. 31. . 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1945—Dec. 31.. 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 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 L.O27 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 ,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 ,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 All 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. 3Breakdown of loan, investment, and deposit classifications is not available prior to 1947; summary figures for earlier dates appear in the preceding table. 4Central reserve city banks. 6Beginning 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. JUNE 1953 619 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 Com- Total mer- Date or month i m n l a o v e n a e n n d s t s t s - Total1 i t n c 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 R s o t a e a n a te l 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 - rG U l t o o i . i b g v o S a - t n . - . s O c t t u i h r e i e s - r Total Bills o d n e f e e d b s i - n t s - - Notes Bonds2 Total- Leading Cities 1952—May 74,329 35,112 20,816 1,737 668 5,763 459 6,226 39,217 31,977 3,514 3,792 5,97218,6997,240 1953—March.... 77,799 39,193 23,204 1,522 793 6,164 587 7,532 38 60631,067 2,901 2,215 5,913 20,0387,539 April 76,669 39,512 23,229 1,634 799 6,197 554 7,708 37 15729,508 1,726 2,098 5,808 876 7,649 May 75,985 39,499 23,006 1,599 793 6,237 669 7,805 36 48628,955 1,479 1,978 5,692 806 7,531 1953—Mar. 4.. 77,534 38,770 22,922 1,482 796 6,156 569 7,,455 38,764 31,276 3,010 2,234 5,934 20,098 7,488 Mar. 11. . 77,844 38,973 23,139 1,589 791 6,167 389 7,507 38,87131,328 3,144 2,218 5,92520,0417,543 Mar. 18. . 78,010 39,441 23,418 ,505 792 6,159 615 7,56138,569 31,014 2,855 2,239 5,89520,025 7,555 Mar. 25. . 77,808 39,588 23,337 ,513 792 6,173 776 7,60738,220 30,650 2,595 2,169 5,897 989 7,570 19, Apr. 1. . 76,827 39,647 23,269 ,561 808 6,176 777 7,665 37,180 29,547 1,701 2,115 850 19,8817,633 Apr. 8. . 76,88: 39,508 23,297 ,703 797 6,180 459 37,374 29,736 1,852 2,158 5,84919,8777,638 Apr. 15. . 76,925 39,594 23,287 ,756 807 6,210 432 7,711,37,331 29,622 1,832 2,115 5,79319,8827,709 Apr. 22. . 76,412 39,377 23,156 ,612 796 6,206 493 7,723 37,035 29,384 1,659 2,062 5,77819,8857,651 Apr. 29. . 76,301 39,437 23,133 1,540 789 6,214 611 7,760 36,864 29,249 1,583 2,038 5,77119,8577,615 May 6. . 76,238 39,508 23,139 1,633 796 6,214 553 7,784 36,730 29,185 1,539 2,011 5,731 19,904 7,545 May 13. . 75,809 39,26" 23,083 1,574 802 6,227 374 136,546 29,040 1,510 1,961 5,700 19,869 7,506 May 20. . 76,01 39,685 22,965 1,625 789 6,246 881 ,789 36,332 28,822 1 ,422 1,970 5,67319,7577,510 May 27. . 75,879 39,541 22,836 1,564 784 6,260 870 838 366,338 28,775 1,443 1,971 5,66519,696 7,563 New York City 1952—May 20,967 11,101 7,605 936 19 215 274 1,353 9,866 7,778 963 679 1,385 4,7512,088 1953—March... . 21,083 12,197 8,653 146 967 34 235 384 327 1,637 8,886 6,761 548 192 ,073 4,948 2,125 April 2 2 0 0 , ,8 4 2 5 4 4 1 12 2 , , 3 3 3 8 1 0 8 8, , 5 6 0 5 7 3 1 1 5 2 4 7 1 1 , ,1 0 0 9 7 0 4 3 3 7 2 2 2 1 7 7 3 3 8 8 4 8 3 46 4 6 8 , , 6 6 7 6 2 1 8 8, , 1 4 2 4 3 4 6 6, ,2 10 8 3 2 2 2 4 3 7 7 1 1 9 7 9 0 , ,0 0 4 5 1 0 4 4 , , 7 6 8 5 6 5 2 2, , 0 1 2 6 0 2 May 1953—Mar. 4. . 20,920 12,066 8,565 141 937 41 231 383 346 ,608 8,854 6,743 483 186 ,076 4,,998 2,111 Mar. 11.. 21,039 12,053 8,633 150 955 34 234 387 207 ,639 8,986 6,853 630 185 ,072 4, ,133 Mar. 18. . 21,213 12,305 8,742 133 984 31 235 386 334 ,646 8,908 6,786 578 211 ,070 4,9272,122 Mar. 25. . 21,160 12,364 8,673 159 992 30 238 381 420 ,657 8,796 6,661 500 188 ,073 4,900 2,135 Apr. 1. . 21,105 12,490 8,647 162 ,046 30 235 379 519 ,657 8,615 6,437! 298 208 ,071 4,860 2,178 Apr. 8. . 20,897 12,322 8,698 172 ,062 33 231 381 245 ,685 8,575 6,391 284 208 ,068 4,8312,184 Apr. 15. . 20,862 12,418 8,679 189 ,136 45 227 388 251 ,688 8,444 6,244 230 215 ,039 4,760 2,200 Apr. 22. . 20,647 12,338 8,625 131 ,117 42 222 389 330 ,667 8,309 6,164 189 194 ,034 4,7472,145 Apr. 29. . 20,613 12,332 8,617 115 ,086 35 221 385 393 ,665 8,281 6,174 235 168 ,040 4,7312,107 May 6. . 20,504 12,345 8,617 ,113 50 218 382 347 ,656 8,159 6,118 204 163 ,035 4, ,041 May 13. . 20,230 12,085 8,524 125 ,082 44 218 387 217 ,673 8,145 6,120 244 167 ,033 4,676 2,025 May 20. . 20,570 12,495 8,474 127 ,126 42 217 390 651 ,653 8,075 6,067 214 160 ,045 4,6482,008 May 27. . 20,515 12,401 8,412 107 ,107 37 216 393 650 ,664 8,114 6,108 286 1,052 4,5812,006 Outside New York City 1952—May 53,362 24,011 13,211 371 5,318 185 4,873 29,351 24,199 2,551 3,113 4,58713,9485,152 1953—March 56,716 26,996 14,551 409 524 5,780 260 5,895 29,72024,306 2,353 2,023 4,84015,090 5,414 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 May 55,531 27,168 14,499 365 533 5,849 203 6,144 28,363 22,852 1,242 1,808 4,651 15,1515,511 1953—Mar. 4. . 56,614 26,704 14,357 404 524 5,773 223 5,84729,910 24,533 2,527 2,048 4,85815,100 5,377 Mar. 11. . 56,805 26,920 14,506 484 523 5,780 182 868 29,885 24,475 2,514 2,033 4,85315,0755,410 Mar. 18. . 56,79 27,136 14,676 388 526 5,773 281 915 29,66124,228 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 4,779 15,0215,455 Apr. 8. . 55,98= 27,186 14,599 469 533 5,799 214 5,996 28,799 23,345 1,568 1,950 4,781 15,046 5,454 Apr. 15. . 56,063 27,176 14,608 431 535 5,822 181 6,023 28,887 23,378 1,602 1,900 4,754 15,1225,509 Apr. 22. . 55,765 27,039 14,531 364 532 5,817 163 6,056 28,726 23,220 1,470 1,868 4,744 15,138 5,506 Apr. 29. . 55,688 27,105 14,516 339 533 218 6,095 28,583 23.075 1,348 1,870 4,731 15,1265,508 May 6. . 55,73. 27,163 14,522 373 528 832 206 6,128 28,571 23,067 1,335 1,848 4,696 15,188 5,504 May 13. . 55,579 27,178 14,559 367 540 840 157 6,139 28,401 22,920 1,266 1,794 4,667 15,1935,481 May 20. . 55,447 27,190 14,491 372 530 856 230 6,136 28,257 22,755 1,208 1,810 4,62815,109 ,502 May 27. . 55,364 27,140 14,424 350 531 5,867 220 6,174 28,224 22,667 1,157 1,782 4,61315,1155,557 2 1 I F n i c g l u u r d e e s s f o g r u v ar a a ri n o t u ee s d lo o a b n l i i g te a m tio s 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. 620 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE— Continued RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, except interbank except interbank Demand Reserves Bal- De- Indi- Indi- Date or month B s w F e R e a e r i r 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 d n e o i n c s t - e k h t s i s c j p m u o a d s a e d t s n - e i - t d d s 3 s p p u v n h c a o a a o i e i n r d l p r r r d s a t - - - s , - - , S p d s a i t o u i c a n v b l a t d i - i e l t - - s c C h c o a f e e e e f i t n f e c c r r i d . d t k s - i ' s - , U m G e . o r e v n n S - - t . p p u n v c a o a a o e i n r d l r r r d s a t - - - - , - S p s d s a i i o u t i c o n a v b l a n d i - t i l t e - s - s P U m G S e i a o n . a o r n e s v g v n d n S t - - s - a t . l m D t e i o s c - - F ei o g r n - Time r B i o n w o g - r s - co C i a t u a c a p - n l - ts tions tions Total- Leading Cities 1952—May. . 14,918 911 2,35752,92653,431 4,002 1,590 3,02815,758 780 174 9,592 1,262 433 996 7,070 1953—March 14,961 931 2,39354,11755,361 3,685 1,636 3,010 16,740 77. 19610,090 1,331 589 1,30: 7,316 April 14,289 925 2,42653,22854,325 3,946 1,762 2,505 16,774 790 19: 9,847 ,319 611 1,065 7,349 May 14,506 942 2,345 53,41754,117 4,164 1,470 1,73716,839 828 189 9,702 ,318 637 1,111 7,400 1953—Mar. 4. 14,711 904 2,35153,87654,819 3,790 1,561 2,76: 16,720 776 19J 10,221 ,293 579 1,140 7,311 Mar. 11. 14,850 953 2,38654,84156,317 3,628 1,462 2,089 16,744 773 19(10,087 ,365 586 1,411 7,313 Mar. 18. 15,452 935 2,516 54,47956,143 3,665 1,782 3,020 16,747 770 19510,409 ,359 595 1,416 7,314 Mar. 25 . 14,832 931 2,318 53,27554,165 3,659 1,740 4,170 16,749 771 198 9,643 ,306 598 1,241 7,324 Apr. 1 14,038 883 2,63551,802 52,785 3,828 1,878 3,934 16,726 77' 19510,092 ,310 581 1,009 7,345 Apr. 14,320 924 2,29152,72353,751 3,703 2,189 3,056 16,785 793 193 9,878 ,328 608 1,077 7,348 Apr. 15 14,574 916 2,50853,54255,717 3,948 1,720 2,437 16,766 786 19110,194 ,335 616 1,062 7,341 Apr. 22 14,266 931 2,372 53,89754,763 4,010 1,461 1,67: 16,794 793 191 9,636 ,310 617 1,074 7,349 Apr. 29 14,247 973 2,324 54,17654,608 4,241 1,559 1,42616,799 803 190 9,436 ,315 631 1,107 7,360 May 6. 14,480 892 2,308 53,35: 53,503 4,243 1,489 1,87816,835 825 191 9,826 ,289 62 1,122 7,396 May 13. 14,578 977 2,36553,34654,761 4,114 1,500 1,53216,812 832 189 9,852 ,276 633 1,258 7,397 May 20. 14,471 924 2,379 53,084 53,873 4,118 1,565 2,028 16,832 829 188 9,766 ,364 641 1,048 7,393 May 27. 14,496 973 2,328 53,88954,332 4,181 1,327 1,50916,876 825 189 9,364 ,344 650 1,016 7.413 New York City 1952—May 5,406 144 16,24916,955 356 833 1,072 1,587 2,784 1,051 327 373 2,428 1953—March. . 5,112 140 15,84116,827 239 758 909 1,734 2,876 ,065 459 341 2,492 April 4,801 139 15,69716,656 328 875 637 1,716 2,800 ,061 474 306 2,500 May.. . 4,909 143 15,54416,360 370 648 554 1,702 2,771 ,078 498 259 2,511 1953- -Mar. 4. 4,977 139 15,89116,774 247 701 690 1,714 2,935 ,045 450 193 2,495 Mar. 11. 5,052 150 16,19617,189 254 652 509 1,737 2,808 ,095 458 329 2,491 Mar. 18. 5,401 135 15,79716,947 235 805 1,100 1,743 2,987 ,083 461 478 2,491 Mar. 25. 5,016 136 15,48116,399 219 876 1,338 1,743 2,774 ,039 465 364 2,490 Apr. 1 . 4,699 132 24215,62416,612 248 930 1,117 1,718 2,795 ,043 447 274 2,503 Apr. 8. 4,799 139 3615,48216,448 249 1,388 796 1,731 2,772 ,069 471 400 2,500 Apr. 15. 4,901 136 4315,69516,803 410 800 576 1,702 2,876 ,073 478 394 2,500 Apr. 22. 4,778 140 40 15,83416,666 355 563 371 1,710 2,782 ,057 481 202 2,501 Apr. 29. 4,826 150 3715,85316,749 379 696 323 1,717 2,776 ,063 493 260 2,497 May 6 4,912 139 15,52416,218 360 644 693 1,720 2,785 ,044 489 203 2,512 May 13 4,950 148 4015,45616,357 379 656 518 1,688 2,752 ,040 496 279 2,513 May 20 4,820 137 15,42516,274 367 732 594 1,688 2,820 ,119 499 284 2,511 May 27 4,954 148 15,77216,589 374 561 413 1,713 2,727 ,109 508 269 2,507 Outside New York City 1952—May.. . 9,512 767 2,32136,67736,476 3,646 757 1,95614,171 755 6,808 106 623 4,642 1953—March. 9,849 791 2,35538, 276 38,534 3,446 878 2,101 15,006 742 138 7,214 266 130 961 4,824 April... 9,488 786 2,34637,53137,669 3,618 887 1,86815,058 757 137 7,047 258 137 759 4,849 May.. . 9,597 799 2,30637,87337,757 3,794 822 1,18315,137 785 137 6,931 240 139 852 4,889 1953—Mar. 4. 9,734 765 2,31437,98538,045 3,543 860 2,072 15,006 745 138 7,286 248 129 947 4,816 Mar. 11. 9,798 803 2, ,64539,128 3,374 810 1,58015,007 742 138 7,279 270 128 1,082 4,822 Mar. 18. 10,051 800 2,474 38,682 39,196 3,430 977 1,920 15,004 739 137 7,422 276 134 938 4,823 Mar. 25. 9,816 795 2,282 37,794 37,766 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 2,817 15,008 745 138 7,297 267 134 735 4,842 Apr. 8. 9,521 785 2,,255 37,24137,303 3,454 801 2,26015,054 762 135 7,106 259 137 677 4,848 Apr. 15. 9,673 780 2,46537,847 38,914 3,538 920 ,86115,064 755 138 7,318 262 138 668 4,841 Apr. 22. 9,488 791 2,33238,06338,099 3,655 898 ,30115,084 757 138 6,854 253 136 872 4,848 Apr. 29. 9,421 823 2,287 38,323 37,859 3,862 863 ,10315,082 765 137 6,660 252 138 847 4,863 May 6. 9,568 753 2,27737,,828 37,285 3,883 845 ,18515,115 783 138 7,041 245 136 919 4,884 May 13. 9,628 829 2,32537,890 38,404 3,735 844 ,01415,124 789 137 7,100 236 137 979 4,884 May 20. 9,651 787 2,33337,65937,599 3,751 833 ,43415,144 786 137 6,946 245 142 764 4,882 May 27. 9,542 825 2,29138,11737,743 3,807 766 1,09615,163 783 138 6,637 235 142 747 4,906 3 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. Back 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 BULLETIN for May 1953, pp. 550-555. 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. JUNE 1953 621 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 o d d c r , , o T a le p e a a p x n t a t h d i r l e e e r l s , , p m e M m r t r ( r a o y a i a e c n e d n n t h a t c u d a a n s i l c l n l . . s d t - s ch r P l u e c e a e b m o u n t a b m r d i o l e c , , - 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 i u i a l o n r b i n n t c t l i a s l i ) e . - c - s s C t ti 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 ie n s e d g s t i e - s ch t i a a o n a n g t n d g r a d ' e ' l l l , 3 —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: 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 May -104 -19 34 6 ' ' 30' ' 23 -124 -96 -21 3 A -271 -297 Week ending: 1953—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 i -15 -81 -131 Apr. 29 -46 -8 8 4 4 12 -15 9 32 3 -13 -9 -23 Mav 6.... -34 2 10 13 6 16 -35 9 15 4 7 12 6 May 13... -31 2 27 -1 26 12 -29 -69 -1 2 2 -66 -56 May 20. , . . -15 -13 4 -2 -3 -11 -27 -8 -16 -6 -6 -100 -118 May 27 -24 -5 -7 -4 1 6 -33 -28 -19 2 -7 -117 -129 1 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. 3Net 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 e i - n r g1 st T a o n o u d t t a i - n l g Accepting banks Others I U m i n n p i t o t o e r d ts E U f x r n p o i o m te r d ts D e o x ll - ar G s o h o ip d p p s o e s d i t n o t b r s e e i t d w n i e n e n or Total O bi w ll n s bo B u il g ls ht States States change United Foreign States countries 1947—December 287 261 197 88 109 64 159 63 3 25 11 1948—December 269 2 co 146 71 76 112 164 57 1 25 12 1949—December 257 272 128 5S 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—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 j 507 468 149 105 44 319 237 110 39 49 32 April 464 455 115 78 36 340 229 115 43 37 31 1As 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. 622 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 Date a T s o s t e a t l s Total U S n ta i t t e e s d St l a o t c e a l a i nd Foreign 2 Total Bonds3 Stocks M ga o g r e t s - e R st e a a t l e P lo o a li n c s y O as t s h e e t r s End of year:4 1939 29,243 7,697 5 373 2 253 71 8,465 7,929 536 5 669 2 134 3,248 2,030 1940 30,802 8,359 5,857 2,387 115 9,178 8,624 554 5,958 ? 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 L.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 I 445 2,413 2,591 1951 68,292 13,670 11,011 1,737 922 28,214 25,988 2,226 19.314 L ,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 .428 2.397 2,619 1951—December. 67,983 13,579 10,958 1,702 919 28,042 25,975 2,067 19 291 .617 2 575 2,879 1952—April 69,604 13,306 10,737 1 694 875 29,186 27,059 2 127 20 0^8 L 662 2 621 2.821 May 69,959 13,020 10,463 1,697 860 29,594 27,456 2,138 20.175 .674 2 633 2.863 June 70,334 12,853 10,309 1,706 838 29,895 27,745 2,150 20.335 .693 2.646 2.912 July 70,774 12,894 10,324 1,748 822 30,191 28,039 2,152 20,505 L.706 2.656 2,822 August 71,123 12,898 10,347 1,752 799 30,314 28,165 2,149 20.643 .722 2,667 2.879 September 71,578 12,929 10,399 1,736 794 30,475 28,315 2.160 20.801 .736 2,683 2.954 October 72,034 12,731 10,244 1,728 759 30,973 28.819 2 154 20,961 .751 2.692 2,926 November 72,415 12,780 10,297 1,728 755 31,143 28.986 2 157 21.087 ,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—Tanuary 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 L ,887 2 727 3 060 March 74,295 12,630 10.063 1,820 747 32.243 30,005 2,238 21 ,725 1 ,897 2.742 3,058 April 74,686 12,666 10.089 n.a. n.a. 32,472 30,218 2,254 21,897 1.918 2,756 2,977 n.a. Not available. 1 Includes United States and foreign. 2 Central government only. 3 Includes International Bank for Reconstruction and Development. 4 These represent annual statement asset values, with bonds carried on an amortized basis and stocks at end-of-year market value. 8 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 Total i g M ag o e r s t - 2 G m o o v b e e l n i r - t n- Cash Other3 capital quarter 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 Other3 capital gations gations 1939 5,597 3,806 73 274 1,124 4,118 1950—2.... 15,880 12,695 ,506 913 671 13,422 1940 5,733 4,125 71 307 940 4,322 3 16,291 13,294 ,489 727 688 13,418 1941 6,049 4,578 107 344 775 4,682 4. . . . 16,846 13,622 ,489 951 692 13,978 1942 6,150 4,583 318 410 612 4,941 1943 6,604 4,584 853 465 493 5,494 1951 — 1 .... 17,232 13,999 ,547 844 751 14,286 1944 7,458 4,800 1,671 413 391 6,305 2 17,977 14,539 ,558 940 849 14,910 1945 8,747 5,376 2,420 450 356 7,365 3. ... 18,429 15,058 ,577 852 852 15,317 1946 10,202 7,141 2,009 536 381 8,548 4. ... 19,164 15,520 ,606 1,082 866 16,073 1947 11,687 8,856 1,740 560 416 9,753 1952—1 19,848 16,073 1,718 1,100 867 16,801 1 1 1 1 9 9 9 9 4 4 5 5 8 9 0 1 1 1 1 1 3 4 6 9 , , , , 6 8 1 0 2 4 6 2 2 6 4 8 1 1 1 1 0 3 1 5 , , , , 6 3 6 5 2 0 1 2 2 5 6 0 1 1 1 1 , , , , 4 4 6 4 6 5 0 8 2 5 6 9 1,0 8 9 6 8 5 8 6 2 1 0 3 6 5 5 8 9 0 6 6 2 1 6 6 1 1 1 1 0 3 2 6 , , , , 9 9 4 0 6 7 7 7 4 8 1 3 3 4 2 . ... 2 2 2 1 0 2 , , , 6 8 7 5 5 0 6 3 0 1 1 1 6 7 8 , , , 8 4 7 9 4 4 1 4 0 1, , , 7 7 7 0 9 8 2 1 2 1 1 1 , , , 2 0 2 1 4 9 2 6 3 1,0 9 9 8 5 9 3 9 9 1 1 1 7 9 8 , , , 6 2 2 6 1 1 1 1 0 1952P 22,700 18,444 1 ,791 1,293 1,083 19,211 1953—1.... 23,506 19,105 ,931 1.263 1,121 20,105 P Preliminary. 1 Includes gross mortgages with no deduction for mortgage pledged shares. 2Net of mortgage pledged shares. 3 Includes other loans, stock in the Federal home loan banks and other investments, real estate owned and sold on contract, and office building .and fixtures. Source.—Federal Savings and Loan Insurance Corporation. JUNE 1953 623 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 Loans, by purpose and agency: To aid agriculture, total 3,3852,8782,884 2,299 3,632 4,362 3,884 4,161 4,239 4,058 4,563 5,070 Banks for cooperatives 189 197 232 276 305 302 345 425 373 343 370 424 Federal intermediate credit banks 257 231 273 336 426 437 510 633 739 866 822 673 Federal land banks 2 1,220 1,088 986 Federal Farm Mortgage Corporation. 351 242 149 109 80 60 45 34 32 29 27 25 Farmers Home Administration 8 643 604 590 558 525 523 535 539 595 594 606 596 Rural Electrification Administration. 361 407 528 734 999 1,301 1,543 1,742 1,784 1,831 1,873 1,920 Commodity Credit Corporation 353 99 120 280 1,293 1,729 898 782 710 390 859 1,426 Other agencies 10 9 6 7 5 9 7 6 6 6 5 6 To aid home owners, total 1,237 896 659 556 768 1,251 1,528 2,142 2,363 2,387 2,437 2,603 Federal National Mortgage Assn 52 7 6 4 828 1,347 1,850 2,053 2,068 2,097 2,242 RFC Mortgage Corporation4 81 24 6 Home Owners' Loan Corporation 2... 1,091 852 636 486 369 231 10 Reconstruction Finance Corporation. 12 12 10 * 1 177 168 137 123 121 119 117 115 Other agencies 1 1 65 22 24 35 169 189 201 223 246 To railroads, total 343 223 171 147 140 114 110 101 98 85 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 191 232 192 272 310 462 458 488 473 464 480 516 Reconstruction Finance Corporation6 . 118 149 151 241 272 423 400 415 400 393 412 457 Other agencies 73 83 41 31 38 38 58 74 73 72 67 58 To financing institutions, total 216 267 314 447 525 445 824 814 597 653 716 F R e e d c e o r n a s l tr h u o c m ti e o n l o F an in a b n a c n e k s Corporation. 1 6 3 6 1 1 6 9 0 5 29 1 3 4 436 7 51 6 5 43 8 3 81 8 6 806 8 589 8 (7 6 ) 53 (7 7 ) 15 () 864 Other agencies 20 12 7 4 4 4 Foreign, total 225 526 2,284 5,673 6,102 6,0906,078 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 Reconstruction Finance Corporation •. 274 235 246 206 154 101 64 61 58 58 58 Other agencies9 C8) 800 3,450 3,750 3,750 3.750 3,750 3,706 »5,17O 5,222 5,182 All other purposes, total 1,237 707 623 714 584 484 531 779 731 801 933 1,095 Reconstruction Finance Corporation8 . »827 309 232 «340 190 88 59 61 63 61 61 50 Public Housing Administration10 305 286 278 278 294 297 366 609 557 624 750 919 Other agencies 8 106 112 113 96 100 99 105 109 110 116 123 126 Less: Reserve for losses. 438 478 395 368 476 173 173 153 448 185 150 140 Total loans receivable (net) 5,290 6,649 9,714 11,692 12,733 14,422 14,422 15,913 6,387 13,228 16,890 17,826 Investments: U. S. Government securities, total 1,630 1,683 1,873 1,685 1,854 2,047 2,075 2,226 2,422 2,364 2,371 2,421 Banks for cooperatives 43 43 43 48 43 43 43 43 43 43 43 43 Federal intermediate credit banks. 39 43 47 48 44 74 46 51 48 49 61 60 Production credit corporations 60 67 70 72 66 39 42 43 43 43 43 43 Federal land banks 2 220 145 136 Federal home loan banks. 144 118 145 139 274 275 199 249 384 311 298 311 Federal Savings and Loan Insurance Corp. 151 161 172 184 199 214 193 200 204 209 203 208 Home Owners' Loan Corporation 2 15 15 17 12 12 8 Federal Housing Administration 87 106 122 132 144 188 244 285 289 286 299 316 Public Housing Administration10 7 8 8 8 Reconstruction Finance Corporation •. . 75 49 48 1 1 1 Federal Deposit Insurance Corporation. 760 897 1,045 1,020 1.064 1.205 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 424 325 230 154 133 107 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 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 1,131 667 235 157 142 108 129 147 186 194 172 Other agencies 438 122 134 138 32 30 28 159 164 142 149 131 Land, structures, and equipment, toi>tal. 16,237 21,017 16,924 12,600 3,060 2,962 2,945 3,358 3,406 3,186 3,212 3,213 P R u e b co li n c s H tru ou ct s i i o n n g F A i d n m an i c n e i s C tra o t r i p o o n r a 10 tion 6. 6,5 2 2 0 6 0 6,9 2 1 2 9 2 2,8 2 6 2 1 7 2 3 0 5 4 1,4 6 4 3 8 0 1,3 6 5 1 2 1 1,2 6 4 0 8 5 1,2 5 5 9 1 4 1,2 5 4 9 2 2 1,2 2 3 0 2 2 1,2 2 1 0 6 2 1,1 1 7 9 3 9 Tennessee Valley Authority. .. 710 721 727 754 793 830 886 1,048 1,105 1,170 1,209 1,251 U. S. Maritime Commission *. 3,113 3,395 3,301 3,305 War Shipping Administration 5,427 7,813 7,764 6,507 Other agencies n 262 1,948 2,044 1,793 189 168 465 467 581 586 Bonds, notes, and debentures payable (not guaranteed), total 1,395 1,113 689 965 772 1,190 1,369 1,214 1,228 1,301 1,330 Banks for cooperatives 24 8 69 70 78 110 170 140 112 120 181 Federal intermediate credit banks 274 245 293 358 480 490 520 674 745 857 864 704 Federal land banks 2 818 792 756 Commodity Credit Corporation 212 Federal home loan banks 67 69 262 415 560 525 329 258 317 445 For footnotes see following page. 624 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES—Continued [Based on compilation by United States Treasury Department. In millions of dollars] PRINCIPAL ASSETS AND LIABILITIES Assets, other than interagency items 1 Liabilities, other than interagency items Date, and corporation or agency Total Cash L c a r e o b e i a l v - e n - s m m C p s t a l i u o o a n i e p e m t d d s e - s , i - , - - G U se o . c v I u S m n t - . . v e e n O s s t t s e t c h u e - r L s e t m u t a q a r r n e u u n e n d i c d s p t - , , - O s a t e s h t - e s r a t B F g u n a u u o r t n e a e l n d l e r s d y - d s d p , e a n O b y o e a t t h n b e e - l s e r , l O i i a t t i b h e i e s l r - i m U G n e e r t o . e s e n n v t S r - t - - . o v in P w a e t r s t e n i e t - r e l - y d rials rities rities by U.S. All agencies: 1944—Dec. 3i 31,488 756 6,387 2,942 1,632 42416,237 3,111 1,537 1,395 4,196 23,857 504 1945—Dec. 3i 33 844 925 s ?90 2,288 1683 3?S?1,017 2,317 555 1,113 4,212 ?7,499 472 1946—Dec. 31 SO409 1,398 6 649 1,265 1 873 S47 16 9?4 1,753 261 1,252 3,588 ?4 810 498 1947—Dec. 31 s 30,966 1,481 9,714 822 1,685 3,539 12,600 1,125 82 689 2,037 28,015 143 1948—Dec. 31 2 ?1 718 63011 69? 627 1 8S4 3 S18 3 060 337 38 965 1,663 18 886 166 1949—Dec. 31 . .. 23,733 44112,733 1,549 2,047 3 492 2,962 509 28 772 1,720 21,030 183 1950—Dec. 31 ?4 63S 642n ??8 1,774 ? 07 S 3 473 ? 94 S 499 23 1,190 1,193 ?1 99 S 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 84414,422 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 2 364 3 438 3,186 874 44 1,228 1,200 25 104 357 Sept. 30 ?8 9?? 93216 890 1.377 ? 371 3 436 3 ?1? 704 39 1,301 1,434 ?S 780 367 Dec. 31 29 945 94417,826 1,280 2 421 3 429 3,213 832 53 1,330 1,728 26,456 378 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 (7) 1 52 A Fe g d r e ic r u al lt u F r a a r l m M M ar o k r e t t g i a n g g e A C c o t rp ?7 1 1 9S 1 (7) 1 (7) ?6 1 Rural Electrification Administration ? 0?3 30 1 918 1 74 1 ? 099 Commodity Credit Corporation 9 8?9 11 1 4? ^ 978 100 317 1 740 9 080 Farmers Home Administration3 607 69 S07 1 25 2 rton Federal Crop Insurance Corp.. . 32 29 3 2 30 Housing and Home Finance Agency: Home Loan Bank Board: Federal home loan banks . 1 999 43 864 311 (7) 4 445 427 (m 350 Federal Savings and Loan Insurance Corp.. 214 1 208 4 7 207 Federal Housing Administration . 2 2 S 1 O 7 S 8 6 6 2 92 3 1 4 316 ( 7) 1 173 1 3 9 8 2 52 22 2 6 4 2 9 1 9 9 7 3 Office of the Administrator: Federal National Mortgage Association... 2 254 2 242 (7) 12 3 2 251 Other 118 45 41 ?9 4 118 Reconstruction Finance Corporation: Assets held for U. S. Treasury 13 372 5 1 134 2 198 33 372 Other14 836 9 38 34 1 31 46 700 Export-Import Bank 2 543 4 2 496 (7) 43 56 2 487 Federal Deposit Insurance Corp 1 444 (7) 1 437 !7) 6 80 1 364 Tennessee Valley Authority 1 600 320 20 251 9 40 1 560 All other 9 778 165 5 535 110 3,385 460 122 63 9 715 (?) I Loans by purpose and agency are shown on a gross basis; total loans and all other assets are shown on a net basis, i. e., after reserve for losses. 8 Several changes in coverage have been made over the period for which data are shown. The mere imnortant 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. • 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. II 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. w 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. 625 JUNE 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS1 Bondprices Stock prices Common U. S.Govt. Vol- (long-term) Standard and Poor'sseries Securities and Exchange Commission series u o m f e Year, month, Mu- C p o o r - - (index, 1935-39=100) (index, 1939—100) t i r n a g d 6 or week ( n h ic ig ip h a - l (h r i a g t h e - fe P r r r e e - d 5 Manufacturing Trade, th ( o in u- Old New grade)4grade)4 In- Pub- Trans- Pub- fin- sands ri s e e s - 2 ri s e e- s3 T ta o l - d t a u ri l s - - R ro a a i d l- u i l t t i i y c l- T ta o l - T ta o l - D b ra l u e - - N d r b a o u le - n - - p t o io r n ta- u i l t t i i c y l- a s a e n i n c r c e v d e - , M in i g n- sha o r f es) Number of issues. . 3-7 1 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—May 98 91 131.9 116 3 173 4 184 199 167 117 190 214 182 243 216 117 201 283 J 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 L,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 L ,931 Apr 93.25 121.3 111.7 161.7 190 206 173 122 194 220 194 245 223 120 207 252 L ,637 May 91.59 99! 75 119.4 109.8 160.0 190 205 174 121 194 221 196 244 226 120 209 247 1,227 Week ending: May 2 92.28 120.7 110.4 160.3 188 204 171 120 193 220 195 243 223 120 207 247 1,275 May 9 91.72 '99^69 120.0 109.9 160.5 190 206 173 121 195 222 197 245 224 120 210 249 1,251 May 16 91.71 99.81 119.6 109.6 158.9 189 204 171 120 195 222 196 245 226 120 209 247 1,126 May 23 91.64 99.84 119.3 110.0 160.6 191 206 179 121 196 223 197 246 231 121 210 250 1,367 May 30 91.16 99.62 118.8 109.6 159.8 189 204 175 121 192 218 193 240 225 120 208 242 1,169 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. 2Fully taxable, marketable 2J^ per cent bonds first callable after 12 years. Of these the 1967-72 bonds are the longest-term issues. Prior to Apr. 1, 1952, only bonds due or first callable after 15 years were included. 3The 3% per cent bonds of 1978-83, issued May 1, 1953. 4 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 5 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)* an a d c c t o r u ad n i ts ng an a d c c t o r u ad nt i s ng banks Free O (n th et e ) r a in n v d e t s r t a m d e in n g t a in n v d e t s r t a m d e in n g t I a n c c c o a u p n it t a s l accounts accounts (net) 1950—June 1,256 12 386 314 827 673 166 25 11 312 December... 1,356 9 399 397 745 890 230 36 12 317 1951—Tune 1,275 10 375 364 680 834 225 26 13 319 December... 11,292 12 392 378 695 816 259 42 11 314 1952—May »11,312 3847 3725 June 1,327 9 427 365 912 708 219 23 16 324 July 3 .387 31,126 3692 August 31,338 3926 3675 September.. 31,333 3891 3692 October 31,316 3 860 3692 November. . 31,347 3878 3 706 December. . . 1,362 8 406 343 920 724 200 35 9 315 1953—January... . 31,345 3908 3732 February.. . 3l,350 3871 3730 March 31,513 3966 3744 April 31,594 31,068 3 738 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): February, 30; March, 28; April, 25. 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. 626 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN-MARKET MONEY RATES IN NEW YORK CITY BANK RATES ON BUSINESS LOANS [Per cent per annum] AVERAGE OF RATES CHARGED ON SHORT-TERM LOANS TO BUSINESS BY BANKS IN SELECTED CITIES U. S. Government [Per cent per annum] mo Y w n e e th a e r k , , or m m 4 p P - c o e a r o r t n p i o c m m t e i h a 6 r - e s , l - 1 a a P b d c n e a r a 9 c r i c n y s m e 0 e ' k s p s e 1 - , t- M 3 a - r m ke o t n s t e h o c R n u b r i a n i l t t l e i e s w es 9 ( i m t - s a s t o o x u n a e b t s 1 h 2 l 2 e - ) 3 is - y s t u e o a e r s 5 3 - Ann A u r a e l a a a v n e d ra g p e e s ri : od lo A a l n l s $ $ 1 1 0 ,0 ,0 0 0 0 0 - $ $ 1 1 0 0 S 0 ,0 , i 0 z 0 e 0 0 0 - o f $ $ 1 l 2 0 o 0 0 a 0 n ,0 ,0 0 0 0 0 - $ a 2 n 0 d 0 o ,0 v 0 e 0 r yield issues 19 1 c 9 i 4 t 4 ies: 2.4 4.3 3.3 2.6 2.2 1945 2.2 4.3 3.2 2.3 2.0 1 1 1 9 9 9 5 5 5 2 0 1 a a a v v v e e e r r r a a a g g g e e e 2 2 1 . . . 4 1 3 5 7 3 1 1 1 . . . 1 7 6 5 5 0 1 1 1 . . . 5 7 2 2 2 0 1 L L . . . 2 5 7 1 5 6 8 2 6 1 L L . . 2 7 .8 6 3 1 2 1 1 . . . 1 5 9 3 0 3 1 1 1 1 9 9 9 9 4 4 4 4 9 6 8 7 2 2 2 2. . . . 7 1 5 1 4 4 4 4 . . . . 2 2 6 4 3 3 3 3 . . . . 7 5 1 1 2 2 2 3 . . . . 2 0 5 8 2 2 1 1 . . . . 2 4 8 7 1952—May 2.31 1.75 1.67 L .710 L66 1.95 1950 2.7 4.5 3.6 3.0 2.4 June 2.31 1.75 1.70 .700 1.74 2.04 1951 3.1 4.7 4.0 3.4 2.9 July 2.31 1.75 1.81 L.824 1.89 2.14 1952 3.5 4.9 4.2 3.7 3.3 August.... 2.31 1.75 1.83 L.876 1.94 2.29 Quarterly: September. 2.31 1.75 1.71 L.786 L .95 2.28 19 cities: October. . . 2.31 1.75 1.74 1.783 L .84 2.26 1952—June 3.51 4.90 4.21 3.72 3.29 November. 2.31 1.75 1.85 1.862 1.89 2.25 Sept 3.49 4.91 4.22 3.74 3.27 December.. 2.31 1.75 2.09 2.126 2.03 2.30 Dec 3.51 4.88 4.21 3.77 3.29 1953—January... 2.31 1.82 1.96 2.042 1.97 2.39 1953—Mar 3.54 4.89 4.25 3.75 3.32 February. . 2.31 1.88 1.97 2.018 L .97 2.42 New York City: March 2.36 1.88 2.01 2.082 2.04 2.46 1952—June 3.27 4.53 4.03 3.55 3.14 April 2.44 1.88 2.19 2.177 2.27 2.61 Sept 3.29 4.66 4.06 3.60 3.15 May 2.68 1.88 2.16 2.200 2.41 2.86 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 May 2... 2.55 1.88 2.22 2.243 2.38 2.75 7 Northern and East- May 9... 2.63 1.88 2.29 2.352 2.41 2.85 ern cities: May 16. .. 2.69 1.88 2.15 2.271 2.30 2.82 1952—June 3.46 4.90 4.17 3.71 3.27 May 23... 2.69 1.88 2.03 2.092 2.39 2.84 Sept 3.44 4.85 4.20 3.72 3.24 May 30... 2.69 1.88 2.14 2.084 L55 2.96 Dec 3.49 4.85 4.21 3.74 3.29 1953—Mar 3.50 4.95 4.24 3.74 3.30 2 1 S M er o i n es t h i l n y c l f u ig d u e r s e s c e a r r t e i f a ic v a e t r e a s g e o s f o i f n d w e e b e t k e l d y n e p s r s e v a a n il d i n s g e l r e a c t t e e s d . note and 11 1 S 9 o W 5 u 2 e t — h s e t J e r u r n n n e a c n i d ties: 3.90 5.05 4.33 3.86 3.63 bon 3S d e r i i s e s s u e i s n . cludes selected note and bond issues. S D e e p c t 3 3 . . 8 8 4 4 5 5 . . 0 0 6 4 4 4 . . 3 3 1 0 3 3. . 8 9 2 1 3 3. . 5 5 1 6 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 Earn- U. S Govt. Corporate Moody's Dividends/ ings/ Year, month, (long-term) Munic- By ratings By groups price ratio price ipal ratio (high- Old New grade) 4 Total Indus- Rail- Public Pre- Com- Comseries2 series3 Aaa Aa A Baa trial road utility ferrede mon7 mon7 Number of issues... 3-7 1 15 120 30 30 30 30 40 40 40 15 125 125 1950 average 2.32 1.98 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 3.08 2.86 2.91 3.13 3.41 2.89 3.26 3.09 4.11 6.29 10.42 1952 averasre 2.68 2.19 3.19 2.96 3.04 3.23 3.52 3.00 3.36 3.20 4.13 5.55 9.49 1952—May 2 57 2.05 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 3.17 2.94 3.03 3.20 3.50 2.98 3.32 3.20 4.04 5 48 8 58 July 2 61 2 12 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 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 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 3.22 3.01 3.08 3.24 3.54 3.05 3.39 3.22 4.16 5.62 November.. . 2.71 2.40 3.20 2.98 3 06 3.24 3.53 3.05 3.37 3.19 4.12 5.33 December. . . 2.75 2.40 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 3.22 3.02 3.09 3.25 3.51 3.07 3.36 3.23 4.16 5.18 February.... 2 83 2.54 3.26 3 07 3 14 3 30 3.53 3.11 3.39 3.29 4.21 5.26 March 2.89 2.61 3.31 3.12 3.18 3.36 3.57 3.16 3.43 3.33 4.23 5.36 9.47 April 2 97 2 63 3 40 3 23 3 29 3 44 3.65 3.27 3.51 3.44 4 33 5 52 May . . 3 09 3.26 2.73 3.53 3.34 3.41 3.58 3.78 3.39 3.63 3.57 4.38 5.53 Week ending: May 2 3.04 2.66 3.46 3.28 3.36 3.50 3.72 3.33 3.57 3.50 4.37 5.52 May 9 3.08 3.27 2.70 3.51 3.33 3.40 3.54 3.76 3.37 3.61 3.55 4.36 5.46 May 16 3.08 3.26 2.72 3.53 3.35 3.41 3.58 3.77 3.38 3.63 3.57 4.41 5.46 May 23 3.09 3.26 2.74 3.54 3.35 3.42 3.59 3.78 3.39 3.63 3.59 4.36 5.44 May 30 3.12 3.27 2.77 3.55 3.35 3.43 3.62 3.80 3.41 3.66 3.59 4.38 5.53 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). 2Fully taxable, marketable 2% per cent bonds first callable after 12 years. Of these the 1967-72 bonds are the longest term issues. Prior to Apr. 1, 1952, only bonds due or first callable after 15 years were included. 3The 314 per cent bonds of 1978-83, issued May 1, 1953. 4Standard and Poor's Corporation. 5Moody'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. 6Standard 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. 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. JUNE 1953 627 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 rec N e e ip t ts p t e u E n r x d e - i s - S d u ( e r - o f ) p i r c l i u t s c T o o a a t r u n h c u n d e - s t r t s r o i S e n b o d a a f l l e i g m e g m G e s a a n p o t a r c i t v k n o y i t o n e d . n t s s C co i a l n e u c a g n - r t - p d G d u ir r e b e o b l c s i t s c t G ba f e u l n a n e n d r c a e l i i B i g e u n i r e a n n a c n l d l e - - A f a u F v b n . a l d e i R s l- . D B e I c n e p a o t s n o i p s l o k s l r e i o n s o t c f s c - - in S d it p e a e p r c o i i e s a s - l C) s n a t e s e h t - t e s r 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 ^,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 13,510 »295 384 —214 -2,135 1,839 7,357 338 250 5,680 ,089 1952 62,129 66,145 -4,017 219 -72 -401 3,883 -388 6,969 333 355 5,106 1,175 Semiannual totals: 1949—July-Dec. 17,675 20,974 -3,300 -14 21 142 4,360 1,209 4,679 841 94 2,557 1,187 1950—Jan.-June. 19,370 19,192 178 135 -43 341 227 838 5,517 950 143 3,268 1,156 July-Dec.. 18,464 119,063 i -599 1 -173 392 -254 -650 -1,285 4,232 690 129 2,344 ,069 1951—Jan.-June. 29,679 25,570 4,109 468 -8 40 -1,486 3,124 7,357 338 250 5,680 1,089 July-Dec.. 23,809 31,276 — 7,467 291 64 -146 4,197 —3,062 4,295 321 146 2,693 1,134 1952—Jan.-June. 38,320 34,869 3,451 -72 -136 -255 -313 2,674 6,969 333 355 5,106 1,175 July-Dec.. 27,204 36,497 -9,293 121 46 -64 8,286 -904 6,064 389 176 4,368 .132 Monthly: 1952—May . .. 3,809 5,659 — 1,850 343 14 -91 1,613 28 S,421 569 125 3,690 L.O37 9,796 6,930 2,865 -293 101 -326 -800 1,548 6,969 333 355 5,106 1,175 July 3,316 6,742 —3,426 -43 26 432 3,968 957 7,925 638 184 6,027 L.O76 Aug 4,050 5,018 —968 6 71 -195 113 —973 6,952 496 106 5,190 1,161 Sept 6,585 6,070 515 456 -34 -229 -504 204 7,156 508 161 5,217 1,270 Oct 3,099 6,383 —3,283 -207 -45 316 2,238 -981 6,175 770 174 4,145 1,087 Nov 4,151 5,161 -1,009 127 74 -243 2,513 1,461 7,636 396 103 5,984 1,152 Dec 6,003 7,124 -1,121 -218 -46 -145 -41 -1,572 6,064 389 176 4,368 ,132 1953—Jan 5,061 5,737 -676 -140 29 401 11 —376 S,689 811 350 3,318 1,209 Feb 5,479 5,595 -116 404 -133 -2 182 335 6,024 351 174 4,376 1,123 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 1,151 May 4,380 6,241 -1,862 377 38 -428 1,930 57 3,639 221 108 2,109 1,201 Budget expenditures Major nationalsecurity programs Period Total Total2 t f i N e d o n n e a s - - a e l a a M b a t s a n r s i o r i c l s y a i e t - d - n I t a i e n o n o i c t m a n d e o - a s r 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 e n b t r t - A e i t V i s d r o t a m e r n n a t i - s - * n- m A p t c D u a e g u e r r n r l - t e - i t - - 5 g c S r p u o a s r r e c m o i - i t - a y s l 4 H n h a a i o o f n n n i m u - g d c s e e - P w u o b r l k i s c o P d f i f c e o ic i f s t - e t c T t o f r r a e u t a u c o r n n s - s s t t s - c)ther Calendar year: 1949 41,714 19,452 12,849 6 005 560 5,482 6,364 3,104 1.226 — 123 f .575 536 1 425 » 673 1950 38,255 18,509 13,476 791 4 012 611 5,580 5,714 1,499 1,351 — 17 1,551 643 961 5,464 1951 56,846 37,154 30,275 1,559 3 560 1,278 5,983 5,088 1,010 1,463 694 1,438 684 1,016 5,315 1952 71,366 51,121 43,176 2,975 2 652 1,813 6,065 4,433 1,564 L.508 646 1,573 775 1,193 .,487 Fiscal year: 1949 40,057 19,084 12,158 6 279 647 5,339 6,789 2,656 1,110 —56 1,519 524 916 5,177 1950 40,167 17,950 12,346 44 4 941 524 5,750 6,043 2,986 L.375 -270 1,575 593 1,383 5,781 1951 44,633 25,891 19,955 884 3 863 908 5,613 5,288 635 1,415 460 1,458 624 972 5,276 1952 . 66,145 46,319 39,033 7 228 7 904 1,648 5,859 4,748 1,219 1.424 614 .515 740 1 305 * 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—May 5,659 4,541 3,788 228 319 154 172 355 85 76 37 94 99 200 June 6,930 4,357 3,683 231 357 192 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 5,018 3,814 2,971 352 266 144 183 354 126 109 21 148 94 169 SeDt. 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 i.60 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 3,789 573 181 157 563 358 281 10 -3 88 -30 58 193 Apr. 6,362 4,582 3,891 366 170 167 372 350 293 239 —35 193 125 13 232 May 6,241 ?4,481 P3,748 285 P277 153 179 348 P581 *>128 66 P161 P92 P205 P Preliminary. 1 Beginning November 1950, investments of wholly owned Government corporations in public debt securities are excluded from budget expenditures, and included with other such investments under "Trust and other accounts." Adjustments for July-October 1950 investments were made by the Treasury in the November 1950 and January 1951 figures. 2 Includes the following not shown separately: Maritime activities, special defense production expansion programs, Economic Stabilization Agency, and Federal Civil Defense Administration. 8 Consists of foreign economic and technical assistance under the Mutual Security Act, net transactions of the Export-Import Bank, and other nonmilitary foreign aid programs, as well as State Department expenditures. * 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. 628 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 and old-age Taxes Individual in- Period p i W n l h e o s b e m i u y y t l r e h d - a r - n s ce O ta t x h e e s r t c e e r e i n e r n l n v u l - a a - e - l c a o p a n m f l e o r d o m r o 8 y n i r e e o - e o r r n s s r O ce r t i e h p - e t r s b c T u e r o d i e t p g - a t e l s t A to t t p f p i a r u r o u p g o n i n a e s r l d d s - o t - - c fu e R r o n i e e f p - d - t s s b c u N e r d i e e p g - t t e s t W c a h o g e i m e t l d h e t i - a n a x s n u e d s r O a o t n h l c d e e - r C p r c t a r a o a o i o t n x r n i m f p d o e - i o t e s n s - t t a a g E a n x i s t f d e e t - s m E t l a a o x is x n u c c e i e s e s s - l e - Calendar year: 1 19 9 5 4 0 9 . 1 13 1 , , 7 4 7 2 5 8 1 17 9,8 ^6 9 ^ 4 8 8 3 7 2 7 6 1 7 7 9 7 4 0 2 1 , , 1 98 2 0 3 4 42 2 , , 6 5 5 6 7 5 2 1 , , 6 66 6 6 7 2 2 , , 7 1 7 5 7 6 3 3 8 7 , , 1 8 2 3 2 4 1 1 1 2 , , 5 9 9 6 1 3 7 7, , 3 8 8 2 4 8 17 9 J , 006 6 7 5 5 8 4 8 7 , 1 5 5 2 0 9 1951 19,392 76 876 9 397 944 2,337 58,941 3,355 2,098 53,488 18,840 10,362 16,S6S 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 77, 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 ,SS4 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,KS4 706 7,599 1951 16,654 ?4,718 9 473 811 2,263 53,369 3,120 2,107 48,143 15,901 9,908 14 388 730 8,704 Se 1 m 9 i 5 a 2 n . n u . al totals: 21,889 ^i 0?6 9 726 994 2.364 67,999 3,569 2,302 62,129 21,313 11,545 ?1 ,467 833 8,971 1949—July-Dec... 5,613 7,670 4 311 323 921 18,838 850 314 17,675 5,657 1,761 5,889 351 3,911 1950—Jan.-June... 6,566 10,520 3 992 453 941 22,472 1,256 1,846 19,370 6,105 5,503 4,965 356 3,688 July-Dec. .. 7,209 6,841 4 779 317 ,039 20,185 1,411 311 18,464 6,858 1,881 4,?71 303 4,462 1951—Jan.-June... 9,445 17,376 4 644 494 ,223 33,184 1,709 1,796 29,679 9,043 8,027 9,116 427 4,241 July-Dec... 9,947 9,499 748 449 ,114 25,757 1,646 302 23,809 9,798 2,335 7,149 374 4,440 1952—Jan.-June... 11,942 23,526 4 978 545 ,251 42,242 1,922 2,000 38,320 11,515 9,210 14,318 459 4,531 July-Dec. .. 11,716 10,647 5 438 357 ,388 29,546 1,891 451 27,204 11,574 2,770 7,321 390 5,027 Monthly: 1952—May 3,009 S49 878 105 197 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 s,559 48 804 July.. . . 1,007 1 435 949 22 236 3,649 182 151 3,316 1,539 393 9S8 84 863 2,995 445 86? 106 177 4,585 434 102 4,050 4,012 93 3S7 70 780 Sept. 1,751 4,f)?9 877 54 164 6,875 235 55 6,585 232 1,653 ?, 44? 59 808 Oct 997 1 ,214 973 17 204 3,355 204 51 3,099 1,634 164 9?7 57 911 Nov. 3,085 4^6 888 104 219 4,731 533 47 4,151 3,968 109 352 51 70S Dec. 1,882 3 088 939 54 387 6,350 303 45 6,003 190 358 ? 785 70 870 1953— Tan 989 3, 111 84? 30 260 5,232 117 54 5,061 1,144 2,855 S01 77 760 Feb. . 3,544 1 479 856 271 150 6,300 486 336 5,479 4,990 839 *04 65 782 Mar 2,102 8,551 993 66 158 11,870 425 944 10,502 328 2,698 6, 171 154 825 Apr 1,170 1,837 880 14 144 4,044 232 963 2,849 1,667 855 554 84 848 May P3.403 490 922 *>105 220 5,140 516 244 4,380 Treasury receipts—Continued Trust and other accounts In ( t o e n rn b a a l s r i e s v o e f n u c e o ll c e o c l t l o ec rs ti ' o r n e s p — or c t o s) nt. r S e o t c ir i e a m l s e e n c t u , r a it n y d , Other accounts 2 Period Excise and miscellaneous taxes Total1 insurance accounts Total Liquor Tobacco M a a nd n u r f e a t c a t i u le re rs r ' s' Other ce R i e p - ts I m nv e e n s ts t- Ex tu pe re n s di- m In e v n e t s s t - 3 Other i excise Calendar year: 1949 7,529 2,204 1.320 2,221 1.784 -362 5,512 1,965 3,584 —325 1950 8,150 2,419 1,348 2,519 ,864 -38 6,543 56 6,214 —22 -333 1951 8,682 2,460 1,446 2,790 ,987 759 7,906 3,155 4,507 271 786 1952 9,558 2,727 1,662 3,054 ,115 49 8,315 3,504 4,942 329 508 Fiscal year: 1949 7,585 2,211 1,322 2,221 ,832 -420 5,185 2,311 2,884 -410 1950 7,599 2,219 1,328 2,245 ,806 121 6,266 -402 6,484 —62 1951 8,704 2.547 L.380 2,841 .936 295 7,251 3,360 3,752 196 353 1952 8,971 2.549 L.565 2,824 2,032 219 8,210 3,361 4,885 275 530 Semiannual totals: 1949—Tulv-Dec 3,911 ,191 663 1.121 936 — 14 3,035 1,099 1,914 —36 1950—Jan.-June. . 3,688 1,02*\ 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 L.ise 697 1,446 942 468 3,939 1,803 2,108 219 660 July-Dec.. . 4,440 L,3O4 748 1,343 1,045 291 3,967 1,352 2,398 52 126 1952—Jan.-June. . 4,531 L,24« 817 1,481 988 -72 4,242 2,009 2,486 223 404 Julv-Dec . . 5,027 1,482 845 1,573 1,127 121 4,073 1,495 2,456 106 105 Monthly: 1952—May 750 704 134 743 169 343 999 486 420 24 273 June 804 22C 148 273 163 -293 997 702 412 -52 -228 July 863 7\f 140 268 210 -43 707 307 410 1 -32 Aug.. 780 70,'i 149 253 173 6 930 361 403 36 -124 Sept 808 25? 147 223 180 456 399 53 399 -9 500 Oct 911 78"i 157 248 221 -207 361 22 399 — 1 -148 Nov. . . 795 265 127 268 131 127 958 388 383 93 34 Dec 870 220 125 313 212 -218 718 363 462 —14 -125 1953—Jan. 760 18* 136 283 154 -140 248 -103 447 233 188 Feb 782 18(5 133 308 155 404 869 223 449 -54 154 Mar 825 229 144 276 176 -209 596 61 488 38 -217 Apr 848 230 133 292 193 -157 405 128 478 -17 27 May 377 1,020 412 463 42 274 P Preliminary. 1 Excess of receipts, or expenditures (—). 2Consists 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). 1953 629 JUNE 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: Ti'. acct. Plus: E uals- op ca e s r h atreceipts acct. receipts Cash Less: Nonrnsh expenditures Exch. Cash ing in- Period operat- Stabi- Clear- operat- come Total Less: Less: ing Total Accru- Intra- Less- liza- ing ac- ing or net Non- Total Non- income als to Govt. Total Non- tion count outgo outgo receipts cash1 cash2 public3 trans.4 cash5 Fund6 (-) Cal yn—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 ,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 ,178 21,551 19,192 222 1,213 4,722 10 -262 -341 21,865 -315 July-Dec... 18,464 91 3,562 ,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 ,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 ,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—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 S13 Mar 10,502 2 649 106 11,042 6,187 21 107 758 1 19 135 6,970 4,072 Apr 2,849 3 443 75 3,214 6 362 40 82 488 3 —289 6 443 —3 229 May 4,380 1,047 6,241 217 -44 428 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. * Represents principally noncash items shown under trust account receipts (described in footnote 2); also includes small adjustments for noncash interest reflected in noncash Budget receipts (see footnote 1) and in noncash trust account expenditures (see footnote 5). 6 Represents principally repayments of capital stock and paid-in surplus by partially owned Government corporations, as well as interest receipts by such corporations on their investments in the public debt (negative entry). 6Cash transactions between International Monetary Fund and Exchange Stabilization Fund. (See footnote 3.) DERIVATION OF CASH BORROWING FROM OR REPAYMENT OF BORROWING TO THE PUBLIC cre In as - e, P is l s u u s a : nc C e a o sh f Less: Noncash debt transactions N E e q t u a c l a s s : h rep D ay e m ta e il n s t o ( f — ne ) t o c f a b sh or r b o o w rr i o n w g in to g t f h ro e m p u o b r lic 2 Period d ( i c o r g - d r . r r ) e e o , d a p b s s e t u i s e n - b. F a G n e u s t d e e a e e c r r d - u a r l it a i g e a s e N g n n u o t o c e a f n i e r e - - d s G & N o s i t n e v e r t c t . . F . i a f e b n u g d y v n e . . d n s . T I b n r o A t e . n a c d o c s s n . r u a b s a n a i l l d s 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 i r ) n r r , a o o g y o w w o t f r . - - m & i D s k s i t c u r a o e e b c n s l t v 3 e. . S b p ( a i o r v s i n s i c n u d e g e s ) s S n a o vi t n e g s s S s a P i p s v o s e . 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 -8 -14 -308 574 68 4,231 211 728 3,601 -150 -158 1951.... 2,135 10 374 3,557 638 -149 5,795 -3,943 -467 -657 1,093 365 1952.... 3,883 16 -88 3,636 779 -79 -525 1,639 -717 -1,209 -155 -82 Semiannual totals: 1949—July-Dec.. 4,360 2 19 1,141 307 -147 3,079 99 268 2,767 -70 15 1950—Jan.-June. 227 -10 -33 -1,450 265 219 1,152 112 462 834 -80 -176 July-Dec.. -650 4 388 1,544 337 -56 2,081 -2.761 292 187 -170 371 1951—Jan.-June. 1,486 5 -13 2,014 301 -92 3,714 -1,184 -758 -845 -923 -5 July-Dec.. 4,197 13 51 1,404 417 -33 2,472 3,183 -432 -255 -74 51 1952—Jan.-June. -313 3 -139 2,232 361 -45 2,998 -1,544 -285 -955 -81 -134 July-Dec.. 8,286 8 37 1,601 409 -29 6,351 7,322 -121 -829 -32 11 Monthly: 1952—May 1,613 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 —ii 37 308 77 11 3,597 3,830 -54 -173 -30 24 Aug 113 66 397 44 -27 -229 -192 -111 74 Sept -504 5 -34 44 49 -3 -628 -259 -46 -292 -31 O N D c o e t c v 2 2, , - 5 2 4 1 3 1 3 8 5 6 1 - - 5 5 6 0 0 8 3 4 2 8 4 1 1 9 9 5 8 7 8 4 - - 2 7 j 2 2 - , , 5 0 1 2 2 1 7 2 6 2 1 - , , 1 2 9 7 1 0 2 0 5 - - - 7 8 5 -3 -1 0 6 3 2 2 -2 - - 6 4 5 4 6 3 1953—Jan 11 3 35 130 84 -2 -173 -199 112 -99 -8 21 Feb 182 -6 -134 170 40 17 -178 -82 93 -38 -13 -138 Mar -3,099 2 11 100 23 -21 3,188 -2,504 58 -768 -4 30 A M p a r y 1, 1 9 0 3 5 0 1 1 -5 3 1 8 4 1 5 1 3 2 42 -2 -97 5 1,57 47 1 5 _i47 1 -8 -6 3 -32 -62 differs from "accruals to the public" shown in preceding table, principally because adjustments to Exchange Stabilization Fund are included. 2 Includes redemptions of tax anticipation bills and savings notes used in payment of taxes. 3 Most changes in convertible Series B investment bonds, 1975-80, reflect exchanges of, or conversions into, marketable issues and thus cancel out in this column. An exception was the sale for cash of about 300 million dollars in June 1952. 4 Includes cash issuance in the market of obligations of Government corporations and agencies and some miscellaneous debt items. 5Excludes exchanges of savings bonds into marketable bonds. 630 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 operatingincome CashL 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 - e h e r 3 D R c o e e e f f d i u p r u n e t c d s - s t: Total n g a M r t p a l a r . m o jo - s s e r 4 c. e d I s n e t t b e o t r s n - g e r V p r a a r e m o n t - s - s6 s g e S r c p a o r u m c o r i - i a s t l 7 y Other Cal. yr.—1949 . 41,374 18,403 12,006 7,572 3,864 2,306 ? 777 42,642 19,738 4,186 819 4,333 7 S66 1950 42,451 19,191 9,937 8,113 5,121 2,245 ? 156 41,969 18 347 4 072 s 864 4,400 <s286 1951 59,338 27,149 16,565 8,591 6,362 2,769 ? 098 58,034 37,279 4,137 6 121 4,915 S8? 1952 71,396 32,728 22,140 9,567 6,589 2,823 ? 451 72,980 51,195 4,230 s 209 s,617 7^9 Fiscal yr.—1949 41,628 18,725 11,554 7,551 3,899 2,737 ? 838 40,576 19,370 3,889 7 201 ^,561 6 sss 1950 40,970 18,115 10,854 7,597 4,438 2,126 ? 160 43,155 17,879 4,264 9 146 4,740 7, 1?6 1951... . 53,439 24,095 14,388 8,693 5,839 2,531 ? 107 45,804 26.038 4,052 s 980 4,458 s ?7<S 1952 68,093 30,713 21,467 8,893 6,521 2,801 7 302 67,956 46,396 4,059 S 826 S,206 6 46Q Semiannual totals: 1949—July-Dec 19,420 6,894 5,889 3,960 1,927 1,064 314 21,290 9,438 2,194 259 ?,348 4 0S1 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 ? 977 ?,007 ?19 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 30? 32,334 21,146 2,079 117 ?,465 ,S?7 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 ? 500 ?,876 -\ 791 Monthly: 1952—May 4,722 2,811 351 748 970 245 403 5,751 4,544 106 442 407 ?s? 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 ISO 4,878 2,719 357 792 908 204 107, 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 19? Oct 3,418 1,135 927 866 298 243 51 6,514 4,375 485 409 532 7U 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 0?S 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 4S8 Mar 11,042 4,211 6,171 840 557 207 944 6,970 4,691 526 418 436 899 Apr 3,214 2,204 654 795 344 180 963 6,443 4,583 297 408 658 497 May P996 244 P4,438 406 P532 P Preliminary. 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. 3Represents mostly nontax receipts. 4Represents 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. 6 Represents Budget outlays plus payments to the public from veterans life insurance funds and redemptions of adjusted service bonds. 7 Represents Budget outlays plus benefit payments and administrative expenses of trust funds for old-age and unemployment insurance, and Government employees and Railroad retirement funds. UNITED STATES SAVINGS BONDS AND NOTES—SALES, REDEMPTIONS, AND AMOUNT OUTSTANDING [In millions of dollars] Savings bonds All series Series A-E and H Series F, G, J and K Tax and savings notes Year or 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—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 58,134 441 320 35,511 64 70 22,623 107 200 5,676 Feb... 414 319 58,268 362 P251 35,657 52 P68 22,611 80 114 5,642 Mar.. . 440 380 58,371 397 P308 35,784 43 P72 22,587 63 826 4,879 Apr... 383 380 58,413 351 P319 35,852 31 P62 22,561 109 190 4,798 P Preliminary. 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. JUNE 1953 631 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT—VOLUME AND RIND OF SECURITIES [On basis of daily statements of United States Treasury. Inmillions of dollars] Public issues3 Marketable Nonmarketable E m n o d n t o h f d T g e r o b o t t s a * s l d d T g i e r o r o b e t s a c t s 2 l t Total Total Bills c C e i a n e d t r d e n t s e i e f b o s i s - t f - Notes B e b l a l i e g n * i k B - on s d t B s r r a i e c n - t k ed b v C i o b e o n l r n e d t- - s Total 5 b S i o n a n g v d s - s n s i T a n o a n a g t v d e x s - s S is p s e u c e ia s l 1940—Dec 50 942 45 0?S 39,089 35,64S 1 310 ,178 ?8,156 3,444 3,195 5,370 1941 Dec 64 262 57 938 50 469 41,562 9 002 s,997 33 563 8 907 6,140 2,471 6 982 1942—Dec. 11?,471 108,170 98,776 76 488 6 677 10 534 9 863 44 519 4 94 S 21,788 15,050 6,384 9,032 1943—Dec 170 108 165 877 151 805 115,730 13,07? 7?,843 11,175 55,591 1? 550 36,574 27,363 8,586 12,703 1944 -Dec 232 144 230 630 212 565 161,648 16,428 30 401 ?3 ,039 66 931 ?4 850 50 917 40,361 9,843 16 326 1945—£)ec# ?78,68? ?78,115 ?55 693 198 778 17 037 38 155 ?? 967 68 403 5? 716 56,915 48,183 8,235 20,000 1946—June 269,898 269,4?? ?4S,779 189 606 17 039 34 804 18 ?61 66 043 SI,459 56,173 49,035 6,711 22,332 Dec. ?S9,487 ?S9 149 ?3S 064 176 613 17 033 ?9 987 10 090 69 866 49 636 56,451 49,776 5,725 24,585 1947—June 258 376 ?58,?86 ??7,747 168 70? is,77S ?S,?96 8,14? 69,8S? 49,636 59,045 51,367 5,560 27,366 Dec 256 981 256 900 225 250 165,758 is,136 ?1 220 11,375 68,391 49 636 59,492 52 053 5,384 28 955 1948—Tune 252 366 252,292 ?19,85? 160,346 U ,7S7 ??,588 11,375 6?,990 49,636 59,506 53,274 4,394 30,211 Dec 252,854 252,800 ?18,865 157,48? 1? ??4 ?6 S?S 7 131 61 966 49,636 61,383 55,051 4,572 31,714 1949—Tune 252 798 252 770 217 986 155,147 11, S36 ?9,4?7 ,S96 60,951 49,636 62,839 56,260 4,860 32,776 Dec 257,160 ?S7,no ??1,1?3 155 1?3 1? 319 ?9 636 8 ?49 SS ?83 49,636 66,000 56,707 7,610 33,896 1950 Tune 257 377 257 357 222 853 155 310 ,s^n 18,418 ?0,404 53,319 49,636 67,544 57,536 8,472 32,356 Dec ?S6 731 ?56 708 770 575 157,450 13,677 5,373 39,758 44,557 49,636 68,125 58,019 8,640 33,707 1951—June ?ss,?">1 ?S5 ??? ?18 198 137 917 13 614 9 509 3S 806 4? 9?8 36 061 S7S 66,708 57,572 7,818 34,653 Dec. .. . ?59,461 ?S9 419 ??1 168 14? 685 18,107 79 078 18 409 41,049 36 048 i? 060 66,423 57,587 7,534 35,902 1952—May ?59 9S1 ?59 90S ??0 540 14? 675 18,767 78,473 18 956 43 061 33 918 11 517 66,403 57,614 7,470 37,198 June 259,151 ?S9,105 ?19 1?4 140 407 17 ?19 ?8 4? 3 18 963 48 ?7 460 n 09 S 65,622 57,685 6,612 37,739 July ?63 107 ?63 073 ??? 963 144 340 17 ?13 78 170 18 971 5?,579 77 407 13 14S 65,478 57,709 6,440 37,945 Aug 263,225 263,186 ??? ,753 144 148 17 ?06 ?8 019 18 974 S? S79 ?7 360 ^^ 186 65,419 57,753 6,330 38,307 Sept ?6? 7?? ?6? 68? ??? ?16 143 895 17,?07 77 763 18 98? 57,579 77 365 n 187 65,139 57,758 6,039 38,360 Oct 264,964 264,91Q ??4,4^0 146,775 19 71? 16 90? ?46 S?,578 ?7 S38 1? 491 65,164 57,794 6,026 38,390 Nov. . . ?67 483 ?67 43? ??6 S57 148 77? ?1 71S 16 90? 30 ?S3 s? S78 ?7 3?4 1? 49Q 65,285 57,850 6,089 38,788 Dec ?67 445 ?67 391 776,143 148,581 21,713 16,71? 30,766 58,874 71 016 1? 500 65,062 57,940 5,770 39,150 1953—Jan 267,4S0 ?67,40? ??6 ??6 148 574 ?1 709 16 71? 30 ?7S S8 864 ?1 on 1? 491 65,161 58,134 5,676 39,097 Feb ?67 634 767 584 776 187 148,445 71,710 15,958 30 78? 59 483 71 017 i? 484 65,258 58,268 5,642 39,302 Mar ?64 ,536 ?64 48S ??S 0?S 145 Q88 19 ?11 15 QSQ 30 Ml S9 48? ?1 00Q 1? 438 64,599 58,371 4,879 39,354 Apr 764 64? ?64 5Q0 ??3 077 146 133 19 31? 1S QS9 30 37 S 61 ?38 17 ?49 i? SQ1 64,553 58,413 4,798 39,474 May 266,572 266,520 224,735 148,324 19,913 15,959 30,411 64,795 17,248 12,355 64,056 57,920 4.793 39,710 1 Includes fully guaranteed securities, not shown separately. 2Includes noninterest-bearing debt, not shown separately. 3 Includes amounts held by Government agencies and trust funds, which aggregated 6,866 million dollars on Apr. 30, 1953. •Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds. 5Includes Series A investment bonds, depositary bonds, armed forces leave bonds, and adjusted service bonds, not shown separately. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in millions of dollars] Total Held by Held by the public End of month (i g n dr c eo l b u sts d- TUT .^^ a t o r g /"*. u - e T. •v s n fJ-Tj. t tr c .. o i 1 f vT e .-1 u J-Ie. s J1. n r1 an d nm s d 1 ent Federal Com- Mutual Insur- Other S a t n a d te Individuals Misceling guar- Total Reserve mercial savings ance corpo- local laneous anteed Special Public Banks banks2 banks com- rations govern- Savings Other invessecuri- issues issues panies ments bonds securities tors3 ties) 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 '15,600 8,000 48,800 '18,000 9,600 Dec 257,160 33,896 5,464 217,800 18,885 66,800 11,400 20,100 '16,800 8,100 49,300 '17,000 9,400 1950—June 257,377 32,356 5,474 219,547 18,331 65,600 11,600 19,800 '18,800 8,700 49,900 '17,200 9,700 Dec 256,731 33,707 5,490 217,533 20,778 61,800 10,900 18,700 '20,500 8,800 49,600 '15,900 10,500 1951— June 255,251 34,653 6,305 214,293 22,982 58,400 10,200 17,100 '20,800 9,400 49,100 '15,600 10,700 Dec 259,461 35,902 6,379 217,180 23,801 61,600 9,800 16,400 '21,300 9,600 49,100 '15,000 10,600 1952—Mar 258,124 36,493 6,503 215,128 22,514 60,100 9,800 16,300 '20,700 10,100 49,100 '15,900 10,600 Apr 258,337 36,746 6,500 215,091 22,363 60,500 9,800 16,200 '20,200 10,200 49,000 '15,600 11,300 May 259,951 37,198 6,524 216,229 22,273 61,000 9,800 16,000 '21,200 10,200 49,000 '15,300 11,500 June 259,151 37,739 6,596 214,816 22,906 61,100 9,600 15,700 '19,700 10,400 49,000 '14,900 11,600 July 263,107 37,945 6,689 218,473 22,853 62,700 9,800 16,000 '20,300 10,700 49,000 '15,600 11,500 Aug 263,225 38,307 6,712 218,206 23,146 61,800 9,700 16,100 '20,700 10,800 49,000 '15,400 11,500 Sept 262,722 38,360 6,692 217,670 23,694 ••61,600 9,700 16,100 '20,200 10,900 49,000 15,200 11,300 Oct 264,964 38,390 6,681 219,893 23,575 '•63,100 9,600 16,000 '20,500 10,900 49,000 '15,200 12,000 Nov 267,483 38,788 6,757 221,938 23,821 '64,200 9,500 16,100 '21,000 10,900 49,100 '15,100 12,200 Dec 267,445 39,150 6,743 221,552 24,697 '63,400 9,500 16,000 '21,000 11,000 49,200 '15,000 11,700 1953—Tan 267,450 39,097 6,895 221,458 23,944 '62,800 9,500 16,200 '21,500 11,100 49,300 '15,000 12.100 Feb 267,634 39,302 6,869 221,463 23,875 '61,900 9,600 16,100 '22,100 11,100 49,400 '15,100 '12,300 Mar 264,536 39,354 6,908 218,274 23.806 59,500 9,600 16.000 21.200 11,300 49,500 15,200 12,300 ' Revised. 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. 632 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 May 31, 1953 [On basis of daily statements of United States Treasury. In millions of dollars] Issue and coupon rate Amount] Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills1 Certificates Treasury bonds Treasurybonds—Cont. June 4,1953 1,301 June 1, 1953 IK 4,963 June 15, 19533 2 725 Dec. 15,1963-68.. 2,828 June 11, 1953 1,202 Aug. 15, 1953 2 2,882 Sept. 15, 1953 2 7,986 June 15,1964-69 . 3,757 June 18, 1953 1,201 Feb. 15, 1954 2M 8,114 Dec. 15, 1953-55 2 510 Dec. 15,1964-696. 3,833 fune 19, 19532 2,003 Dec. 15, 1953-544 2 5,825 Mar. 15,1965-706. 4,723 June 25, 1953 1,201 Dec. 15, 1953-55« . .2% 1,501 Mar. 15,1966-716. 2,963 Dec. 15, 1953-54 2 8,662 June 15,1967-72 6. 1,895 July 2,1953 1,201 June 15, 1954-563. 681 Sept. 15,1967-72...2 2,716 Fuly 9,1953 1,401 Mar. 15, 1955-603. 2,611 Dec. 15,1967-726.. 2 3,833 J J J u u u l l l y y y 2 1 3 3 6 0 , , , 1 1 1 9 9 9 5 5 5 3 3 3 1 1 1 , , , 4 5 5 0 0 0 1 1 0 T D M re e a c a r . s . u 1 r 1 5 y , , 1 n 1 9 9 o 5 5 t 3 4 e s 2 ' 1 4 0 , , 6 5 7 4 5 2 S S M e e a p p r t t . . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 5 5 5 6 6 6 - - - 5 5 5 9 9 8 3 . . . . . 3 1 , , 9 8 44 8 2 9 2 2 P J o u s n t e a l 1 S 5 a , v 1 i 9 n 7 g 8 s -83.. 1,557 A A A A u u u u g g g g . . . . 2 2 1 6 0 7 3 , , , , 1 1 1 1 9 9 9 9 5 5 5 5 3 3 3 3 1 1 1 1 , , , , 5 5 5 5 0 0 0 0 1 0 1 1 A O A A O D M e p c p p c a c t t r r r r . . . . . . . 1 1 5 1 1 1 1 5 1 , , , , , , , 1 1 1 1 1 1 1 9 9 9 9 9 9 9 5 5 5 5 5 5 5 8 6 5 5 7 7 6 1 1 5 6 1 , , , 5 5 8 0 3 8 0 6 3 2 5 6 5 7 3 1 4 0 5 4 J J J J D D D M u u u u e e e n n n a n c c c e e e r e . . . . 1 1 1 1 1 1 1 1 5 5 5 5 5 5 5 5 , , , , , , , , 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 5 5 6 5 5 5 5 6 8 8 0 8 9 9 7 2 - - - - - 6 6 - 6 6 5 6 5 3 2 9 2 7 . 3 . . 3 . . . . . . . . . . . . . 2 2 2 2 2 2 2 2 ] 5 3 2 4 1 , , , , , 1 4 9 4 2 9 6 2 1 8 1 4 2 6 2 8 7 5 9 7 0 5 7 0 C P A I b a o n o p n n v n r a v e . d m s e t s r 1 m a t , i e b 1 C n l 9 e a t 7 n S b 5 a e o - l r 8 n i L e 0 d s o . s . B a . n 2 2 % . % .3 12,35 5 7 5 0 4 aSold on discount basis. See table on Open-Market Money Rates, p. 627. 2Tax anticipation series. 3 Partially tax exempt. 4 Maturity June 15, 1954. ^Maturity June 15, 1955. 6 Restricted. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES * Marketable and Convertible Direct Public Securities [Par values in millions of dollars] Total G a U g o . e S v n . t - . F e e ra d l - Com- M tua u l - c in o s m u p ra a n n c ie e s Total G a U g o . e S v n . t - . F e e ra d l - Com- M tua u l - c I o n m su p r a a n n i c e e s End of month out- cies Re- mer- K*v- Other End of month out- cies Re- mer- sav- Other st i a n n g d- f t u a ru n n d d st s B se a r n v k e s ba c n ia k l si b i a ii n g k s s Life Other st i a n n g d- f t u a ru n n d d st s B se a r n v k e s ba c n ia k l s1 b i a n n gs ks Life 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—June 151,490 6,177 22,98251,671 9,50411,138 4,161 45,855 1950—Dec. A W> VD UellcVt • « • • 154,745 6,251 23,80154,302 9,12310,289 4,301 46,679 1951—June 13,573 2,905 2,714 166 1,252 2,921 312 3,304 1952—June 153,502 6,447 22 90654,038 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—Feb 160,929 6,740 23 87554,254 8,843 9,567 4 740 52,909 Mar 158,476 6,780 23 80652,068 8,858 9,380 4 786 52,798 1953—Feb 12,484 3,439 184 1,340 3,180 360 3,981 Treasury bills: Mar 12,438 3,439 183 1,336 3,156 356 3,967 1950—Dec 13,627 35 1296 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 1341 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 1396221,596 626 1,206 954 22,389 1953—Feb. . .. 21,710 167 584 5,831 168 472 117 14371 Dec 72,790 155 1505730.348 532 778 1,203 24,718 Mar 19,211 187 515 4,048 165 351 121 13824 1952—June 70944 146 1382229,540 550 638 1,106 25,143 Certificates: Dec 74261 163 1561328,853 490 577 1,204 27,361 1950—Dec 5,373 (2) 2 334 1,544 7 1 52 1434 1951—June 9,509 17 3 194 2,753 37 113 174 3 221 1953—Feb 73 494 242 1479226898 641 604 1,208 29 109 Dec 29,078 49 12,793 6,773 41 217 445 8 761 Mar 75 670 266 1496727540 675 450 1,424 30,347 1952—June 28,423 60 11821 6,877 120 76 378 9092 1-5 years: Dec 16,712 27 5061 4,791 37 56 317 6 424 1950—Dec 33 378 189 128524534 568 398 744 5 661 1951—June 31 022 139 3 87820853 227 113 643 5 168 1953—Feb 15,958 23 4 996 4,414 101 63 314 6049 Dec 28 678 155 5 10218600 142 119 566 3 993 Mar 15,959 26 4 996 4,250 95 26 325 6239 1952—June 29434 130 5 94118352 138 123 567 4 183 Treasury notes: Dec 30 196 123 6 65517822 133 120 653 4690 1950—Dec 39,258 10 1252715,833 136 165 542 10044 1951—June 35,806 14 12,43913,704 120 208 478 8 841 1953—Feb 30 212 81 6 65517807 129 121 664 4 753 Dec 18,409 3 5,06810,465 67 1 315 2 489 Mar 25 582 78 641114870 123 126 503 3 472 1952—June 18,963 2 5 56810,431 42 5 327 2587 5-10 years: Dec 30,266 16 1377410,955 49 8 486 4 978 1950—Dec 17411 412 982 7329 2 125 906 1,042 4 615 1951—June 16012 376 1032 6275 2 010 842 1,017 4 460 1953—Feb 30,282 18 1377410,866 53 5 497 5 069 Dec 11206 309 1014 2442 1925 712 945 3 859 Mar 30,327 18 1377410,759 57 10 527 5 182 1952—June 13321 524 1070 3274 2092 1,090 1,089 4 183 Marketable bonds:8 Dec 17564 629 1070 6426 2 052 1,127 1,342 4 918 1950—Dec 94,193 5,319 4 62033,620 9 96712180 3,438 25049 1951—June 78,989 3,215 4 10831,298 7974 7139 3 125 22 129 1953—Feb 18 184 664 1,070 6845 2,021 1,127 1,355 5102 Dec 77,097 3,243 4 13030,119 7697 6720 3,120 22068 Mar 18 183 673 1,070 6936 1999 1,120 1,348 5 037 1952—June 75,802 2,908 4 42230,710 7221 5855 3,087 21 600 After 10 years: Dec 79,890 3,046 4 52232,849 7165 5807 3,429 23 072 1950—Dec 43,648 4,682 2,508 2 934 7,18010,778 1,531 14,035 1951—June 30,023 2,629 1,397 2 781 5,389 6,056 1,236 10534 1953—Feb 80,495 3,093 4 52232,959 7181 5848 3,453 23 439 Dec 30 012 2,726 1,415 2 740 5,276 5,758 1,269 10828 Mar 80,491 3,108 452232,806 7196 5827 3,457 23 576 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 10024 1953—Feb 26,556 2,314 1,358 2 520 4,713 4,536 1,151 9,964 Mar 26,553 2,321 1,358 2 518 4,717 4,519 1,155 9 966 * 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. 3Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds. 633 JUNE 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW SECURITY ISSUES1 [Estimates. In millions of dollars] Gross proceeds, all issuers2 Propo a s ll e d c o u r s p e o s r a o t f e n i e s t s u p e r r o s c 6 eeds, Noncorporate Corporate New capital Re- Y m e o a n r t o h r Total State Bonds Mis- t R ir e e - - m ti e re n - t G m U o e v . n S er t . n 3 - ag F e e e r n a d c l - y4 n m a p i n c a u d i l - - Others Total Total o P f l f i u c e b r ly e - d p v P l a a r t c e i- e l d y f s e P t r o r r e c e - k d s C m t o o o m c n k - Total m N on ew ey7 p l p a o o u n u s r e s e - - s d m b e e a t o e c b n f n . t k 8 t , s i e t c o ie u f s r- 1938 5,926 2 lJ80 115 1,108 69 2,155 2,044 1,353 691 86 25 90S 681 7 215 1,206 1939 5,687 2,.*3? 13 1,128 50 2,164 1,979 1,276 703 98 87 4?0 325 26 69 1,695 1940 6,564 2,.>17 109 1,238 24 2,677 2,386 1,628 758 183 108 76? 569 19 174 1,854 1941 15,157 11,'166 38 956 30 2,667 2,389 1,578 811 167 110 1 ,040 868 28 144 1,583 1942 35,438 33,}U6 1 524 5 1,062 917 506 411 112 34 647 474 35 138 396 1943 44,518 42,5*1S 2 435 97 1,170 990 621 369 124 56 408 308 27 73 789 1944 56,310 52,'P4 1 661 22 3,202 2,670 1,892 778 369 163 657 47 49 2,389 1945 54,712 47,»353 506 795 47 6,011 4,855 3,851 1,004 758 397 1,347 1,080 133 134 4,555 1946 18,685 10,.217 357 1,157 56 6,900 4,881 3,019 1,862 1,126 891 3,889 3,279 231 379 2,868 1947 19,941 10,.589 2,324 451 6,577 5,035 2,888 2,147 761 778 5, 115 4,591 168 356 1,352 1948 20 250 10,,327 2,690 156 7,078 5,973 2,963 3,010 492 614 ft ,929 234 488 307 1949 21,110 11, W4 216 2,907 132 6,052 4,890 2,435 2,455 424 736 5S8 4,606 315 637 401 1950 19,893 9, S87 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 6,531 226 363 486 1952 26,961 12, S77 459 4,105 237 9,582 7,649 3,645 4,005 564 1,369 8 769 8,223 174 371 660 1952—Apr 2,275 722 228 397 21 907 712 398 314 59 137 870 786 15 68 21 May . 2,527 9?8 396 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, 598 226 8 1,304 1,113 786 327 33 158 1 1,218 10 10 48 Aug 1,168 544 201 2 421 342 125 217 29 49 291 276 9 5 123 Sept 1,331 144 428 4 455 372 159 213 37 46 S90 367 12 11 57 Oct 2,047 SSI 294 66 1,157 980 400 581 6 170 1 OS? 893 11 148 89 Nov 1,108 180 219 25 384 314 126 188 20 49 S40 293 34 13 38 Dec. ... 2,079 547 231 389 4 908 731 140 591 58 119 8S1 780 43 28 46 1953—Jan 1,783 511 30 392 86 664 497 186 310 51 116 6S4 603 6 25 21 Feb 1,592 194 390 2 706 536 307 229 47 123 666 635 8 23 28 Mar. 1,604 SOS 405 696 517 153 364 62 116 67? 630 17 24 12 Apr 1,639 191 320 1 828 665 375 289 37 126 794 745 19 30 21 Proposed uses of net proceeds, by major groups of corporate issuers Manufacturing C m om is m ce e l r la c n ia e l o a u n s d Transportation Public utility Communication a R nd e a f l in e a s n ta c t i e al Year or T c p n e o r e e o t d t a - 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 a t - s l N c it a e a p w l - ' m R e e n ti t r s e 1 - 0 T c p e n o r e e o t d t a - s l N c it a e a p w l - " 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 1 ( > Ia I p e ~ w 9 m R e e n ti t r s e 1 - 0 T c p e n o r e e o t d t a - s l i N c t a a e p l w " - 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 1948 . . 2,180 2,126 54 403 382 21 748 691 56 ?,150 ? 005 144 891 890 2 587 557 30 1949 1,391 1,347 44 338 310 28 795 784 11 2,276 2043 233 567 517 49 593 558 35 1950 1,175 1,026 149 538 474 63 806 609 196 ,608 1927 68? 395 314 81 739 639 100 1951 3 066 2,846 221 518 462 56 490 437 53 <).412 2,326 85 605 600 5 515 449 66 1952 4,022 3,765 257 536 512 24 983 758 «>626 539 88 753 747 6 508 448 60 1952—March 387 381 5 54 45 9 99 99 403 401 2 5 5 20 19 1 April 283 268 16 74 71 3 167 167 259 259 49 47 2" 59 58 1 May 631 581 50 23 22 1 167 99 68 238 10 26 26 45 35 10 June 271 264 7 44 44 58 23 35 345 343 2 29 28 1 72 68 4 July 354 336 18 51 49 2 82 82 233 493 493 72 47 25 August 127 93 34 35 33 2 112 27 85 107 106 1 21 21 12 11 1 September.. 183 136 47 16 14 2 39 38 1 165 165 16 16 27 20 7 October 645 630 15 30 29 1 30 29 2 347 280 67 27 26 1 61 58 3 November.. 164 147 18 21 21 45 32 12 43 43 48 47 1 56 50 7 December.. 327 309 18 149 148 i 115 93 23 216 213 "3" 34 33 1 56 55 1 1953—January 283 276 7 24 24 51 38 14 245 245 4 4 47 47 1 February 148 144 3 92 89 3 51 33 18 257 ?54 3 7 7 140 140 March 203 194 9 31 30 1 81 81 212 210 2 15 15 142 141 1 April . . 347 338 9 41 38 3 44 44 210 202 8 12 12 161 160 1 1 Estimates of new issues sold for cash in the United States. 2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 3 Includes issues guaranteed. 4 Issues not guaranteed. 6 Includes foreign government; International Bank; and domestic eleemosynary and other nonprofit. « Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i. e., compensation to underwriters, agents, etc., and expenses. 7 Includes proceeds for plant and1 equipment and working capital. 8 Includes proceeds for the retirement of mortgages and bank debt with original maturities of more than one year. Proceeds for retirement of short-term bank debt are included under the uses for which the bank debt was incurred. 9 Includes all issues other than those for retirement of securities. 1 ° Retirement of securities only. Source.—Securities and Exchange Commission. 634 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 1953 1947 1948 1949 1950 1951 1952 3 4 1 2 3 4 1 Manufacturing Total (200 corps.): Sales 30,86937,00836,73844,11851,067 52,536 12,297 13,013 12,760 12,606 12,213r14,956 15 452 Profits before taxes 4,104 5,317 5,038 7,893 8,557 7,041 1,964 2,137 1,940 1,618 1,493 '1,988 2,230 Profits after taxes 2,524 3,312 3,101 4,055 3,411 3,044 762 932 815 624 678 '928 857 Dividends 1,170 1,404 1,660 2,240 1,986 1,980 475 567 482 476 475 '549 486 Nondurable goods industries (94 corps.):2 Sales 11,313 13,407 12,853 14,777 17,371 17,546 4,294 4,441 4,335 4,216 4,363 '4,627 4,637 Profits before taxes 1,787 2,210 1,847 2,702 3,184 2,606 773 741 705 599 642 660 729 Profits after taxes 1,167 1,475 1,213 1,513 1,411 1,256 334 368 314 287 308 347 330 Dividends 551 657 710 889 845 863 203 242 210 206 205 '244 210 Durable goods industries (106 corps.):8 Sales 19,50223,56623,88529,34133,69634,991 8,003 8,572 8,425 8,390 7,851 '10,329 10,814 Profits before taxes 2,312 3,105 3,191 5,192 5,374 4,435 1,191 1,396 1,234 1,019 852 '1 328 1 501 Profits after taxes 1,355 1,835 1,887 2,542 2,000 1,789 428 565 501 338 370 '581 527 Dividends 615 746 950 1,351 1,141 1,118 273 325 273 270 270 305 276 Selected industries: Foods and kindred products (28 corps.): Sales 3,231 3,503 3,323 3,492 3,873 3,911 942 1,004 959 942 984 '1,027 1 .015 Profits before taxes 421 411 379 469 407 377 93 104 86 93 104 94 86 Profits after taxes 259 258 235 257 199 175 46 52 40 42 48 45 41 Dividends 128 136 135 143 140 135 32 42 32 33 32 38 30 Chemicals and allied products (26 corps.): Sales ... 3,108 3,549 3,557 4,447 5,433 5,553 1,351 1,367 1,373 1,337 1 367 1 476 1,511 Profits before taxes 547 656 675 1,110 1,384 1,184 342 312 318 281 285 '299 349 Profits after taxes 337 409 404 560 484 449 111 125 108 105 108 128 120 Dividends 215 254 312 438 355 373 87 100 87 87 88 '112 89 Petroleum refining (14 corps.): Sales 2,906 3,945 3,865 4,234 4,999 5,320 1,246 1,345 1,318 1,275 1,325 1,402 1,381 Profits before taxes 456 721 525 650 861 690 218 222 204 147 165 174 191 Profits after taxes 350 548 406 442 516 488 127 148 129 111 115 133 127 Dividends 127 172 172 205 231 253 55 64 64 60 60 69 65 Primary metals and products (39 corps.): Sales 7,545 9,066 8,187 10,446 12,501 11,557 3,034 3,226 3,073 2,385 2,605 3,494 3,418 Profits before taxes 891 1,174 993 1,700 2,092 1,161 492 519 425 98 208 430 457 Profits after taxes 545 720 578 854 775 565 176 217 220 29 99 '218 188 Dividends 247 270 285 377 380 367 86 120 88 87 06 106 88 Machinery (27 corps.): Sales 3,634 4,529 4,353 5,058 6,167 7,078 1,434 1,690 1,590 1,726 1 697'2,066 2,047 Profits before taxes 443 567 519 847 998 972 210 301 232 238 213 '290 281 Profits after taxes 270 333 320 424 367 379 73 123 81 80 90 128 101 Dividends . . 113 125 138 208 191 199 48 54 49 48 49 53 50 Automobiles and equipment (15 corps.): Sales 6,692 8,093 9,577 11,805 12,438 12,827 2,899 2,939 3,035 3,427 2,681 3,684 4,308 809 1,131 1,473 2,305 1,915 1,950 405 488 503 596 347 504 652 Profits after taxes 445 639 861 1,087 704 695 142 185 170 191 143 191 197 195 282 451 671 479 461 119 119 116 114 114 117 117 Public Utility Railroad: Operating revenue 8,685 9,672 8,580 9,473 10,391 10,580 2,583 2,772 2,587 2,532 2,633 2,828 2,596 Profits before taxes 777 1,148 700 1,384 1,260 1,436 250 505 295 261 368 512 336 Profits after taxes 479 699 438 783 693 816 124 320 141 149 208 318 186 Dividends 236 289 252 312 328 336 53 111 80 74 6o 116 97 Electric power: Operating revenue 4,291 4,830 5,055 5,431 5,867 6,224 1,423 1,521 1,603 1,491 1,513 1 618 1,710 Profits before taxes 954 983 1,129 1,303 1,480 1,718 320 403 498 400 382 439 545 Profits after taxes . 643 657 757 824 818 922 168 226 257 214 207 244 288 Dividends 494 493 553 619 661 709 162 181 172 173 177 186 182 Telephone: Operating revenue 2,283 2,694 2,967 3,342 3,729 4,136 931 976 993 1,023 1,037 1,084 1,092 Profits before taxes . 215 292 333 580 691 787 160 182 194 205 182 206 223 138 186 207 331 341 384 72 86 93 98 88 104 109 Dividends 131 178 213 276 318 355 81 81 85 87 91 93 100 ' Revised. 1 For manufacturing, certain tax accruals for the first six months of 1951, required by subsequent increases in Federal income tax rates and charged by many companies against third quarter profits, have been redistributed to the first and second quarters. For public utility corporations, 1951 quarterly profits after taxes are as reported. 2 Includes 26 companies in groups not shown separately, as follows: textile mill products (10); paper and allied products (15); miscellaneous (1). 8 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). JUNE 1953 635 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROFITS, TAXES, AND DIVIDENDS OF NET CHANGE IN OUTSTANDING CORPORATE SECURITIES * UNITED STATES CORPORATIONS [Estimates, in millions of dollars] [Quarterly estimates at seasonally adjusted annual rates. In billions of dollars] All types Bonds and notes Stocks Year or q Y u e a a r r t e o r r P b t r 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 t U r p i r b n o u d f i i t s t e 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 t n ir t e s - ch N a e n t ge 1939 6.5 1.5 5.0 3 8 1.2 1939 2,182 2,721 -539 1,939 2,550 -611 243 171 72 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 /1.3 5.1 1942 1,151 1,464 -313 929 1,327 -398 222 137 85 1 1 19 9 9 4 4 4 5 4 3 2 2 1 5 4 9 . . . 1 3 7 1 1 11 4 3 . . . 2 4 5 1 1 8 0 0 . . 5 6 8 i t t \ 1 . 5 7 7 3 6 6 . . . 8 2 1 1 1 1 9 9 9 4 4 4 5 4 3 3 6 1 , , , 4 4 33 5 2 3 7 4 3 6 2 , , , 8 8 1 9 4 2 9 6 9 - - - 3 4 7 8 7 9 9 5 6 4 2 , , 9 6 9 2 9 9 4 3 6 3 5 1 , , , 3 8 9 0 9 9 0 1 5 -1 - - ,0 8 6 7 0 9 1 4 8 1,5 3 7 3 3 3 3 7 1 3 5 8 2 5 0 9 1 8 2 68 2 2 3 8 1946 23.5 9.6 13.9 5.8 8.1 1946 7,180 4,798 2,382 4,721 3,625 1,096 2,459 1,173 1,286 1 1 1 1 9 9 9 9 4 4 4 5 7 9 8 0 3 3 3 2 9 3 0 7 . . . . 6 5 1 8 1 1 1 18 3 0 1 . . . . 4 0 8 9 2 2 1 1 1 0 6 8 . . . . 2 7 3 5 9 6 7 7 . . . . 0 6 5 3 1 1 1 8 2 3 2 . . . . 8 3 5 0 1 1 1 1 9 9 9 9 4 4 5 4 9 7 0 8 6 6 7 7 , , , , 7 8 2 5 3 8 2 7 2 2 4 0 3 2 1 1 , , , , 5 8 6 5 7 8 0 2 5 4 0 3 4 5 4 3 , , , , 3 7 8 8 2 5 5 8 4 9 6 6 5 5 4 4 , , , , 0 8 8 9 1 6 0 3 5 7 6 8 2 2 1 1 , , , , 2 8 5 0 8 8 0 1 4 3 2 1 3 4 3 2 , , , , 0 2 6 0 8 0 0 5 4 4 4 4 2 1 1 1 , , , ,6 8 8 4 3 6 6 1 2 7 5 8 4 5 2 6 9 1 0 9 2 2 0 8 1 1 1 1 , , , , 2 5 3 7 3 7 5 2 2 2 5 0 1 1 9 9 5 5 1 2 3 42 9 .7 9 2 2 1 4 .8 2 1 1 8 7. 9 7 9 9 . 1 0 9 8 .8 6 1 1 9 9 5 5 2 1 2 1 9 0 , , 0 7 4 2 8 7 2 2 , , 7 6 7 5 2 3 6 8 , , 2 0 7 7 7 4 5 7 , , 6 39 8 2 3 2 2 , , 1 3 0 0 7 0 3 5 , , 5 0 7 9 7 2 3 3 , , 3 3 6 3 5 5 6 3 6 5 5 3 2 2 , ,9 7 8 0 2 1 1951—3 38.6 21.8 16.9 9.2 7.7 1951—4.... 2,486 533 1,951 1,449 405 1,045 1,037 128 908 4 39.5 22.2 17.3 9.3 8.0 1952—12... 2,339 559 1,780 1,544 490 1,054 795 69 726 1952— 2 3 1 3 3 4 7 8 2 . . . 2 2 7 2 2 2 0 3 1 . . . 4 4 0 1 1 1 7 9 6 . . . 2 3 8 8 9 9 . . . 9 6 3 1 7 7 0 . . . 6 5 4 3 2 4 2 2 2 . . . . . . . . . 3 2 2 , , , 0 4 9 3 3 2 5 3 0 6 7 7 0 1 7 3 7 4 2 2 1 , , , 4 1 71 3 4 6 2 6 2 1 1 , , , 1 9 7 2 9 2 8 3 7 5 6 6 1 1 8 2 4 4 1 1 1 , , , 6 1 2 1 8 4 3 1 4 9 6 9 4 0 9 0 8 2 1 8 9 0 9 0 5 8 5 90 1 3 2 9 5 4 40.3 22.1 18.2 9.0 9.2 1953—1.... 2,321 612 1,710 1,492 481 1,012 829 131 698 1953—1 i... 42.8 '23.5 '19.3 9.1 no.2 1 Reflects cash transactions only. As compared with data shown on p. 634, new issues exclude foreign and include investment company offerings, sales of securities ' Revised. held by affiliated companies or RFC, special offerings to employees, and also new i Preliminary estimates by the Office of the Economic stock issues and cash proceeds connected with conversions of bonds into stocks. Re- Adviser to the President. tirements include the same types of issues, and also securities retired with internal Source.—Department of Commerce. funds or with proceeds of issues for that purpose shown on p. 634. 2Figures revised, except for retirements of privately held issues. 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 S n u . m r G i e ti n o e t v s - r N e a c o c e c te i o v s u a n a b t n l s e d 2 I t n o v ri e e n s - Other Total N a p c o a c t y e o a s u b n a l n t e s 3 d in l F i c a e o b d m i e l r i e t a i l 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 4 3 .. . . 8 8 5 6 .5 3 1 17 8 7 3 .4 7 3 29 1 .0 9 2 2 0 1 .0 2 6 66 3 . . 4 4 6 62 1 . . 7 9 2 2 .3 3 9 9 2 6 .9 5 5 61 7 . . 4 4 1 1 6 6 . . 2 8 1 18 8 . . 7 9 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 1 [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- other3 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—4 7,173 3,466 778 1,055 1,874 1945 8,692 3,983 383 548 574 505 321 2,378 1946 14,848 6,790 427 583 923 792 817 4,516 1952—1 6,141 2,867 716 821 1,737 1947 20,612 8,703 691 889 1,298 1,539 1,399 6,093 2 6,808 3,384 758 928 1,738 1948 22,059 9,134 882 1,319 1,285 2,543 1,742 5,154 3 6,244 3,026 591 947 1,680 1949 19,285 7,149 792 1,352 887 3,125 1,320 4,660 4 7,265 3,596 692 1,142 1,835 1950 20,605 7,491 707 1,111 1,212 3,309 1,104 5,671 1951 25,644 10,852 929 1,474 1,490 3,664 1,319 5,916 1953—1'' 6,147 2,946 621 904 1,675 1952 26,455 11,994 880 1,391 1 363 3 838 1,598 5,391 24r . 7,244 3,464 755 1,216 1,810 34 7,088 3,465 682 1,205 1,736 1953* 26,991 12,039 910 1,294 1,380 4,368 7,000 r Revised. 1 Corporate and noncorporate business, excluding agriculture. 2 Includes trade, service, finance, and construction. 3 Includes communications, trade, and other. 4Anticipated by business. Figures for the second and third quarters of 1953 are based on more recent reports than those for the year as a whole. Source.—Department of Commerce and Securities and Exchange Commission. 636 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 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 t l i n n - - s S F e a e c l g d e i e e e c n h s t r O e - a o d l l t d h e e v o r r I i s 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 - T 1 o - t a t l o 4- t F f u i a i n c t m n i i s o a a t i l i l n n - y - s ho O h u e o s th r e l s d e s - r c T o o m t M a m l u e l r t c i t - F i u f i a i n a c t l n i m i s o a a t p i l i n n r - l - s o y p e a O h r n t o d e i t e h l r d s s e - r ! h e A 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 s2 1939 35.5 18.6 2.2 14.7 28.9 16.3 9.3 7.0 12.5 7.8 4.8 6.6 .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 .5 5.0 1941 37.6 20.7 2.0 14.9 31.2 18.4 11.2 7.2 12.9 8.0 4.8 6.4 .5 4.9 1942 36.7 20.7 1.8 14.2 30.8 18.2 11.5 6.7 12.5 7.8 4.7 6.0 .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 .3 4.1 1944 34.7 20.2 1.1 13.3 29.7 17.9 11.7 6.2 11.8 7.2 4.6 4.9 .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 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 .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 1.1 18.6 57.1 37.5 28.4 9.1 19.6 12.4 7.2 5.4 2.1 3.3 1950 72.5 51.6 1.4 19.5 66.7 45.1 35.3 9.8 21.6 14.0 7.6 5.8 2.3 3.5 1951 . . 81.9 59.5 2.0 20.4 75.6 51.9 41.2 10.7 23.7 15.7 8.0 6.3 2.6 3.7 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—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—Marchp. . .. 83.7 61.0 2.2 20.5 77.3 53.2 42.3 10.9 24.1 16.0 8.1 6.4 2.6 3.8 June? 85.9 63.0 2.2 20.8 79.3 54.8 43.8 11.0 24.6 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 December?. 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 1(>5.$ -MarchP. . . . 92.8 68.6 2.6 21 .5 85.8 59.6 48.0 11 .6 26.2 17.7 8.5 6.9 2.9 p Preliminary. 1 Derived figures, which include negligible amount of farm loans held by savings and loan associations. 2 Derived figures, which include debt held by Federal land banks and Farmers Home Administration. NOTE.—Figures for first three quarters of each year, and all figures for December 1952 except those on 1- to 4-family houses and total farm (preliminary estimates from HLBB and Dept. of Agriculture, respectively), are Federal Reserve estimates. Financial institutions include commercial banks (including nondeposit trust companies but not trust departments), mutual savings banks, life insurance companies, and savings and loan associations. Federal agencies include HOLC, FNMA, and VA (the bulk of the amounts through 1948 held by HOLC, since then by FNMA). Other Federal agencies (amounts small and separate data not readily available currently) are included with "Individuals and others." Sources.—Federal Deposit Insurance Corporation, Home Loan Bank Board, Institute of Life Insurance, Departments of Agriculture and Commerce, Federal National Mortgage Association, Veterans Administration, Comptroller of the Currency, and Federal Reserve. MORTGAGE LOANS HELD BY BANKS * [In millions of dollars] Commercial bank holdings2 Mutual savings bank holdings * Nonfarm Nonfarm End of year or quarter Residential3 Residential3 Total Farm Total Farm Total FHA- VA- Con- Other Total FHA- VA- Con- Other Total in- guar- ven- Total in- guar- vensured anteed tional sured anteed tional 1939 4,266 3,697 2,671 1,026 569 4,836 4,807 3,875 932 29 1940 4,578 4,003 2,963 1,040 575 4,859 4,829 3,914 915 30 1941 4,906 4,340 3,292 1,048 566 4,812 4,784 3,884 900 28 1942 4,746 4,256 3,332 924 491 4,627 4,601 3,725 876 26 1943 4,521 4,058 3,256 802 463 4,420 4,395 3,558 837 25 1944 4,430 3,967 3,218 749 463 4,305 4,281 3,476 805 24 1945 4,772 4,251 3,395 856 521 4,208 4,184 3,387 797 24 1946 7,234 6,533 5,146 1,387 702 4,441 4,415 3,588 827 26 1947 9,446 8,623 6,933 1,690 823 4,856 4,828 3,937 891 28 1948 10,897 10,023 8,066 1,957 874 5,806 5,773 4,758 1,015 34 1949 11,644 10,736 8,676 2,060 909 6,705 6,668 5,569 1,099 37 1950 13,664 12,695 10,431 2,264 968 8,261 8,218 7,054 1,164 44 1951 14,732 13,728 11,270 3,421 2,921 4,929 2,458 1,004 9,916 9,869 8,595 2,567 1,726 4,303 1,274 47 1952 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 1951—Tune 14,286 13,255 10,904 2,351 1,031 9,137 9,091 7,833 1,258 46 September 14,540 13,500 11,100 2,400 1,040 9,515 9,468 8,200 1,268 47 December 14,732 13,728 11,270 3,421 2,921 4,929 2,458 1,004 9,916 9,869 8,595 2,567 1,726 4,303 1,274 47 1952—March 14,860 13,830 11,350 3,432 2,928 4,990 2,480 1,030 10,203 10,156 8,843 2,720 1,815 4,308 1,313 47 June 15,176 14,113 11,602 3,441 2,952 5,209 2,512 1,063 10,554 10,506 9,145 2,898 1,917 4,330 1,361 48 September 15,590 14,530 11,970 3,580 3,000 5,390 2,560 1,060 10,940 10,880 9,485 3,025 2,069 4,392 1,394 60 December 15,867 14,809 12,188 3,675 3,012 5,501 2,621 L,05811,379 11,306 9,875 3,168 2,237 4,470 1,431 73 1953—March P 16,090 15,015 12,335 3,725 3,084 5,526 2,680 1,075 11,680 11,620 10,140 3,270 2,352 4,518 1,480 60 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 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. JUNE 1953 637 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 V n u t A a e r e - - d Other Farm Total Total in F s H u A re - 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 ,527 1952P 3,975 3,600 850 450 2,300 375 21,275 19,600 5,700 3,350 10,550 ,675 April. 326 292 66 45 181 34 20,008 18,425 5,402 3,272 9,751 ,583 May 301 270 63 34 173 31 20,175 18,574 5,429 3,290 9,855 ,601 June 344 316 80 32 204 28 20,335 18,716 5,476 3,304 9,936 ,619 July 353 325 69 34 222 28 20,505 18,870 5,517 3,321 10,032 ,635 August 307 285 66 29 190 22 20,643 18,998 5,542 3,334 10,122 ,645 September 303 280 79 12 189 23 20,801 19,147 5,592 3,326 10,229 ,654 October 364 337 79 30 228 27 20,961 19,298 5,626 3,333 10,339 ,663 November 288 260 65 22 173 28 21,087 19,411 5,648 3,340 10,423 ,676 December. . . 390 352 86 31 235 38 21,245 19,560 5,690 3,349 10,521 ,685 1953—January 347 309 '80 ••25 '204 38 21,396 19,701 5,725 3,358 10,618 1,695 February.. 327 289 '69 ••25 '195 38 21,547 19,834 5,751 3,367 10,716 1,713 March 403 353 '88 '29 '236 50 21,725 19,992 '5,804 '3,370 10,818 1,733 April? 371 326 76 27 223 45 21,897 20,139 5,820 3,388 10,931 1,758 p Preliminary. ' Revised. 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 Aver age Y m e o ar n t o h r Total s N c t t i r o o e u n w n c - - H c p h o u a m r s - e e p O p o t u s h e r e s - r l TotaH F su H in r A e - d - a g n V u te A a e r - - d t C i v o o e n n n a - - l3 m Y o o e n r a t r h N b u e m r - Total i a n S l s o g 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 s i u a n a t n g v u k s - a s l Other a c m o ( la d r r o e r d o s - u e l ) - n d 1939 986 301 340 345 3,806 1939 L,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 J.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 9,8121950 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 If),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 U1,018 6,452 1,420 3,600 1,137 5,409 5,950 549 183 239 127 1952-Apr.... 250 ,482 540 114 293 81 454 5,921 uly.Y. 586 198 252 136 May... 256 ,511 557 114 303 90 447 5,907 June... 587 192 257 138 16,891 887 3,228 12,776 June... 256 ,513 564 108 305 96 440 5,909 July... 596 190 265 141 July... 268 ,590 586 113 317 105 469 5,937 Aug.... 617 200 279 138 Aug... 270 ,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 2 30 8 3 5 1 1 3 4 8 8 17;740 898 3,341 13,501 S O e c p t. t . . . . . . 2 2 6 8 7 5 , , 5 7 8 2 8 7 5 6 9 2 3 7 1 1 1 3 8 5 3 3 1 4 6 2 1 1 0 1 3 7 4 5 5 0 8 6 5 6, , 0 9 5 4 1 3 Nov... 523 163 243 117 Nov... 245 ,492 526 116 298 104 448 6,085 Dec... 541 161 248 132 18,444 906 3,398 14,140 Dec... 252 ,553 540 126 305 112 470 6,171 1953-Jan.... 497 147 222 128 1953-Jan.... 228 ,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 Apr.... 678 226 288 164 Apr.... 275 709 642 127 325 102 513 6,206 1 Includes loans for repair, additions and alterations, refinancing, etc. Source.—Home Loan Bank Board. 2 Prior to 1948, data are not available for classifications shown. 1 Excludes shares pledged against mortgage loans. Source.—Home Loan Bank Board. 638 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- TO4-FAMILY PROPERTIES [In millions of dolhirs] [In billions of dollars] FHA-insured loans VA-guaranteed loans3 Home Home Governmentm Y o o e n r a t r h Total Total e p N r r m t o e i w o e p s - rtga i e p s g E r r t t e o i x i n s e p - g s - g m j t P a e y o r g c p o r e t - e t - s - 1 p l P m o e r i r a m r o e o t n v n y p - s e t - 2 - Total e p N r r m t o e i w o p es - rtga i e p g s E r r t e t o i x i s n e p - g s - r A a e a t l p n i t a o e d i n r r - s q y E u e n a a d r r t o o e f r r Total Tota u l nde F r - H i w n A r - itten g V u A ar - - t C i v o e o n n n a - - l sured anteed 1939 925 925 486 208 52 179 1940 991 991 588 175 13 216 1941 1,152 1,152 728 183 14 228 1939 16.3 1 .8 1.8 14.5 1942 1,121 1,121 766 208 21 126 1940 17.3 2 .3 2.3 15 0 1943 934 934 553 210 85 86 1941 18.4 3.0 3.0 15 4 1944. . . 877 877 484 224 56 114 1942 18.2 3.7 3.7 14.5 1945 857 665 257 217 20 171 192 1943 17 .8 4. 1 4. 1 13.7 1946 3,058 756 120 302 13 321 2,302 1944 17^9 4^2 4 .2 13^7 1947 5,074 1,788 477 418 360 534 3,286 1945 18.5 43 4. 1 2 14 2 1948 5 222 3,341 1,434 684 609 614 1,881 1946 23^1 6.1 3^7 2 4 17.0 1949 5,250 3,826 1,319 892 1,021 594 1,424 793 629 3 1947 28.2 9.3 3.8 5.5 18.9 1950 7,416 4,343 1,637 856 1,157 694 3,073 1,865 1,202 5 1948 33 3 12.5 5.3 7 2 20.8 1951 6,834 3,220 1,216 713 584 707 3,614 2,667 942 6 1949 37.5 15.0 6.9 8.1 22.5 1952 5,830 3,113 969 974 322 848 2,721 1,824 890 6 1950 45.1 18.9 8.6 10.3 26.2 1951 51.9 22.9 9.7 13.2 29.0 1952—Apr 487 242 61 69 49 64 244 159 85 .5 1952? 58.2 25.4 10.8 14.6 32.8 May.. . 452 249 65 74 39 71 203 128 74 .4 Tune.. . 469 273 68 76 27 102 196 124 70 .5 July. . . 458 269 80 85 31 73 189 126 63 .4 1951—June. . . 48.7 21 .0 9.2 11 .8 27.7 Aug... . 463 260 81 82 32 66 203 134 68 .5 Sept... 50.4 22.0 9.5 12.5 28.4 Sept... 484 267 94 91 13 69 217 142 75 .4 Dec... 51.9 22.9 9.7 13.2 29.0 Oct 526 306 108 103 26 69 220 141 78 .7 Nov. . . 503 259 97 87 17 59 243 157 85 .6 Dec... 519 293 108 98 23 63 227 155 71 .5 1952—Mar.P. . 53.2 23.5 9.9 13.6 29.7 June P. . 54.8 24.0 10.1 13.9 30.8 1953—Jan 539 296 108 103 18 67 243 161 82 .6 Sept.P. . 56.5 24.7 10.4 14.3 31.7 Feb.. . . 539 265 103 86 15 61 274 184 90 e 6 Dec.P. . 58.2 25.4 10.8 14.6 32.8 Mar. . . 504 276 103 89 20 64 228 152 75 .5 Apr 577 342 109 92 22 119 235 157 78 .4 1953— Mar. P.. 59.6 26.1 tl .1 15.0 33 .5 « Corrected 1 Monthly figures do not reflect mortgage amendments included in annual totals. 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 les3s neednot be secured, whereas those first three quarters are Federal Reserve estimates. For more than that amount must be. For conventional, figures are derived. 3 Prior to 1949, data are not available for classifications shown. Sources.—Home Loan Bank Board Federal Hous- NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guar- ing Administration, Veteran3 Administration, and anteed loans, gross amount of loans closed. Figures do not take account of principal repay- Federal Reserve. ments on previously insured oi guaranteed loans. For VA-guaranteed loans, amounts by type are derived from data on number and average amount of loansclosed. Sources.—Federal Housing Administration and Veterans Administration. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY FEDERAL HOME LOAN BANK LENDING [In millions of dollars] [In millons 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 s n m t - - e - ts d - 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 n e d - s g ) ( p d M s g e u a a r o r l i g i e r o n e t s d - g ) Year or month va A n d c - es R m e e p n a t y s - T A o d t v a ( l a e n n 1 c d e S t s o e h f r o o m u p rt e t 1 - s r t i a o n d L 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 ,178 1,044 469 1944 239 219 131 106 25 1951 661 239 1,850 204 ,646 677 111 1945 278 213 195 176 19 1952 1,085 323 2,242 320 L.922 538 56 1946 329 231 293 184 109 1947 351 209 436 218 217 1952—May 1411 264 2,075 236 L,839 4 4 1948 360 280 515 257 258 June 1416 266 2,068 236 L,832 7 5 1949 . .. 256 337 433 231 202 July 2lr311 275 2,064 237 L,827 6 3 1950 675 292 816 547 269 August 1,283 299 2,068 245 L.823 13 3 1951 423 433 806 508 298 September.. . 1,238 315 2,097 257 L.840 40 4 1952 586 528 864 565 299 October 1,170 326 2,154 272 1,882 72 6 November. .. 1,129 322 2,199 297 1,902 56 3 1952—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 May 816 357 2,477 457 2,020 40 3 December.. 106 33 864 565 300 1953—January... . 16 197 683 439 245 1 During the period from late March through early July, the bulk of these funds February... 14 71 627 401 226 was available only for the purchase of mortgages on defense, disaster, and military March 30 46 610 391 219 housing. April 47 32 626 406 220 2Public Law 531, enacted July 14, 1952, authorized an additional 900 million May 44 26 645 416 229 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. JUNE 1953 639 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding, in millions of dollars] Instalment credit Noninstalment credit End of year or month Total Total Au p to a m pe o r b l ile co p O g n a o s t p o h u e d e m r r s i er e a r n R l 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 1,356 2,353 1,166 1948 14,411 8,968 3,054 2,842 K4.3 2,229 5,443 1,445 2,713 1,285 1949 17,104 11,516 4,699 3,486 887 2,444 5,588 1,532 2,680 1,376 1950 20,813 14,490 6,342 4,337 ,006 2,805 6,323 1,821 3,006 1,496 1951 . 21,468 14,837 6,242 4,270 ,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—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 L.098 3,394 6,209 2,007 2,535 1,667 May 21,705 15,308 6,539 4,169 1,138 3,462 6,397 2,055 2,659 1,683 June 22,446 16,032 6,974 4,324 ,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 ,258 3,659 6,302 2,026 2,579 1,697 September 23,414 17,047 7,388 4,669 ,300 3,690 6,367 2,033 2,642 1,692 October 24,050 17,572 7,639 4,871 ,347 3,715 6,478 2,033 2,776 1,669 November 24,525 17,927 7,866 4,943 1,376 3,742 6,598 2,109 2,826 1,663 December 25,705 18,639 8,110 5,301 1,386 3,842 7,066 2,108 3,313 1,645 1953—January '25,508 18,785 8,273 5,256 L,378 3,878 '6,723 2,129 2,956 ,638 February 25,262 18,860 8,470 5,131 ,377 3,882 6,402 2,079 2,662 1,661 March* 25,676 19,267 8,778 5,154 ] ,383 3,952 6,409 2,142 2,602 1,665 Aprilp 26,177 19,666 9,073 5,194 ,401 3,998 6,511 2,147 2,673 1,691 p Preliminary. r Revised. 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 of o n y t e h ar i c m n r s e e t d n a i l t t - Total m b C e a o r n c m k i s a - 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 s m t e o p e re 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 e to i r l s - e 2 Other stores 1939 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1940 5,514 3,918 1,452 1,575 171 720 1,596 394 474 196 167 365 1941 6,085 4,480 1,726 1,797 198 759 1,605 320 496 206 188 395 1942 3,166 2,176 862 588 128 598 990 181 331 111 53 314 1945 2,462 1,776 745 300 102 629 686 131 240 17 28 270 1946 4,172 3,235 1,567 677 151 840 937 209 319 38 47 324 1947 6,695 5,255 2,625 1,355 235 1,040 1,440 379 474 79 101 407 1948 8,968 7,092 3,529 1,990 334 1,239 1,876 470 604 127 159 516 1949 11,516 9,247 4,439 2,950 438 1,420 2,269 595 724 168 239 543 1950 14,490 11,820 5,798 3,785 590 1,647 2,670 743 791 239 284 613 1951 14,837 12,077 5,771 3,769 635 1,902 2,760 920 760 207 255 618 1952 18,639 15,423 7,576 4,833 815 2,199 3,216 1,101 900 239 336 640 1952—March 14,550 12,002 5,808 3,623 647 1,924 2,548 870 699 185 244 550 April 14,731 12,177 5,899 3,662 661 1,955 2,554 875 700 183 247 549 May 15,308 12,679 6,144 3,853 688 1,994 2,629 902 726 186 262 553 June 16,032 13,324 6,458 4,111 717 2,038 2,708 927 750 198 282 551 July 16,465 13,725 6,654 4,263 738 2,070 2,740 932 766 206 292 544 August 16,728 13,950 6,807 4,294 759 2,090 2,778 951 782 210 295 540 September. .. 17,047 14,203 6,967 4,362 773 2,101 2,844 990 796 218 301 539 October 17,572 14,614 7,189 4,523 789 2,113 2,958 1,042 821 223 313 559 November. . . 17,927 14,955 7,352 4,670 798 2,135 2,972 1,019 839 225 324 565 December.... 18,639 15,423 7,576 4,833 815 2,199 3,216 1,101 900 239 336 640 1953—January 18,785 15,665 7,696 4,930 818 2,221 3,120 1,068 865 232 343 612 February.... 18,860 15,876 7,808 5,031 828 2,209 2,984 960 855 231 352 586 March? 19,267 16,318 8,047 5,174 856 2,241 2,949 931 844 231 364 579 April? 19,666 16,715 8,251 5,312 882 2,270 2,951 929 839 237 376 570 P Preliminary. 1 Includes mail-order houses. 2Includes only automobile paper; other instalment credit held by automobile dealers is included with "other" retail outlets. 640 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT—Continued NONINSTALMENT CREDIT, BY HOLDER INSTALMENT CREDIT HELD BY COMMERCIAL BANKS, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] [Estimated amounts outstanding, in millions of dollars] Financial Retail E o n r d m of o n y t e h ar i c T m n n r o s o e e t t d n n a a - i l t l t - C m i ( o n s m e i s n n t - g i t t l u e lo t - i p a o a n n y s s ) - D a e c ( - o c c u h o t a u le r n g t t s e s) S c e r r e v d i i c t e E o n r d m of o n 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 p o h n d e e e - r r s r e R l m r t o a e n i n a o p o i n d z d n a a s - ir - s l P o o a e n n r a - s l m ci e a r l - Other m pa e r n t- t Other banks stores * 1939 1,079 237 178 166 135 363 1940 1,452 339 276 232 165 440 1941 1,726 447 338 309 161 471 1939 2,719 625 162 236 1,178 518 1942 862 149 134 153 124 302 1940 2,824 636 164 251 1,220 553 1941 3,087 693 152 275 1,370 597 1945 745 66 143 114 110 312 1942 2,817 593 120 217 1,227 660 1946 1,567 169 311 299 242 546 1947 2,625 352 539 550 437 747 1945 3,203 674 72 290 L,322 845 1948 3,529 575 753 794 568 839 1946 4,212 1,008 114 452 L.624 1,014 1949 4,439 849 946 L ,016 715 913 1947 4,875 1,203 153 532 .821 1,166 1950 5,798 1,177 1,294 L,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 .13R 1,376 1950 6,323 1,576 245 641 2,365 1,496 1951 6,631 1,684 250 685 2,411 1,601 1952-March 5,808 1,114 1,336 ,291 881 1,186 1952 7,066 1,852 256 709 2,604 1,645 April 5,899 1,136 1,368 ,289 899 1,207 May 6,144 1,218 1,432 ,331 931 1,232 1952-March , . , 6,059 1,758 239 457 1,953 1,652 Tune 6,458 1,313 1,508 ,394 967 ,276 April 6,209 1,769 238 471 2,064 1,667 July 6,654 1,364 1,540 ,452 1,004 ,294 May 6,397 1,777 278 475 2,184 1,683 August 6,807 1,392 1,554 ,512 1,036 ,313 June 6,414 1,798 256 467 2,194 1,699 September.. 6,967 1,430 1,567 ,564 1,070 ,336 July 6,286 L ,792 231 418 2,155 1,690 October 7,189 1,485 1,599 ,647 1,110 ,348 August 6,302 1,792 234 422 2,157 1,697 November.. 7,352 1,534 1,625 ,709 1,131 ,353 September.. 6,367 1,793 240 459 2,183 1,692 December. . 7,576 1,596 1,653 ,813 1,138 ,376 October 6,478 1,801 232 499 2,277 1,669 November.. 6,598 1,821 288 536 2,290 1,663 1953-January 7,696 1,631 1,684 1,861 1,132 ,388 December. . 7,066 1,852 256 709 2,604 1,645 February... 7,808 1,662 1,736 1,877 1,133 ,400 March?. . . . 8,047 1,723 1,813 1,940 1,138 L,433 1953-January... . 6,723 1,858 271 570 2,386 1,638 April? 8,251 1,788 1,882 1,981 L ,152 1,448 February... 6,402 1,839 240 490 2,172 1,661 March?.... 6,409 1,882 260 478 2,124 1,665 April? 6,511 L ,878 269 474 2,199 1,691 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 o o f n y t e h ar i c T n r o s e t d t a a i l l t - m A pa o u p b t e o il r - e s O g c u o o t 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 o o f n y t e h ar i c T m n r s o e e t t d a n a i l t l t - m A pa o u p b t e o il r - e s g p c u o a o m o p n d e e - r s r m iz lo a o a n a d ti n d e o s r n n- l s P o o a e n n r a - s l paper loans 1939 789 81 24 15 669 1939 1,197 878 115 148 56 1940 891 102 30 16 743 1 19 9 4 4 1 0 1 1, , 7 5 9 7 7 5 1 1 , ,1 3 8 6 7 3 1 1 6 3 7 6 2 1 0 9 1 0 6 6 2 6 1 1 9 9 4 4 2 1 9 7 5 2 7 6 1 6 2 5 2 3 2 6 7 1 1 4 4 6 7 2 8 0 5 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 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 1 1 1 9 9 9 4 4 5 8 9 0 2 3 1 , , ,9 9 7 9 5 8 0 0 5 2 3 1 , , ,3 4 2 7 2 5 8 5 7 2 3 3 3 0 1 2 3 3 21 8 5 6 3 7 1 1 1 6 3 5 4 9 8 1 1 19 9 9 5 4 5 1 9 0 2 2 1 , , ,8 2 5 5 3 3 8 7 7 3 2 3 4 3 5 0 0 8 2 1 1 0 3 8 9 7 2 1 1 8 3 1 9 2 5 , , , 3 8 6 9 3 1 2 8 0 1951 3,769 3,183 241 70 275 1952 3,014 453 276 166 ,119 1952 4,833 4,072 332 82 347 1952—March 2,571 363 216 133 ,859 1952—March 3,623 3,033 233 65 292 April 2,616 372 225 134 ,885 April 3,662 3,063 232 65 302 May 2,682 390 231 140 ,921 May 3,853 3,237 240 67 309 June 2,755 405 244 143 ,963 June 4,111 3,466 260 68 317 July 2,808 415 252 147 ,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 O Se c p to te b m er ber. . . 4 4 , , 3 5 6 2 2 3 3 3, , 8 6 0 6 4 0 3 31 0 2 1 7 7 4 8 3 32 2 9 7 N O o ct v o e b m er ber 2 2 , , 9 9 0 3 2 3 4 4 4 3 3 8 2 2 6 6 7 9 1 16 5 6 9 2 2, , 0 0 5 3 5 8 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— F M J e a a b n r r u c u a h a r ? y ry 4 5 5 , , , 1 0 9 7 3 3 4 1 0 4 4 4 , , , 4 2 1 0 6 5 2 0 9 3 3 34 3 3 2 9 7 8 8 7 0 1 9 3 3 35 5 5 1 3 2 F A M e p a b r r r i c l u ? h a ? ry 3 3 3 , , , 1 0 0 5 9 3 2 7 7 4 4 4 9 7 6 1 6 0 2 2 2 8 8 9 7 3 3 1 1 1 6 6 6 6 9 4 2 2 2 , , , 1 1 1 9 6 3 9 8 0 April? 5,312 4,536 345 80 351 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. JUNE 1953 641 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 RECEIVABLB ' Pe f r ro ce m n m t p a o r g n e e t c h e c d h i a n n g ge f m P ro e o m r n c t e h c n o t o y r a f e r g a e p e s r r p c e o h c n e a d d n i i g n n e g g Instalment accounts a C cc h o a u rg n e t s Item Year or month Depart- Furni- House- Department ture hold ap- ment Apr. Mar. Feb. Apr. Mar. Feb. stores stores pliance stores 1953P 1953 1953 1953P 1953 1953 stores Net sales: 1952 Total. . 0 +9 -3 +5 +8 +3 March 20 11 13 48 Cash sales + 1 +8 -10 +5 +2 -3 April 18 10 13 46 Credit sales: May 19 11 13 48 Instalment + 1 + 13 -3 +7 + 10 +7 June 18 10 12 46 Charge account i +3 + 1 -6 +4 + 1 July 17 10 12 46 August 17 11 11 46 Accounts receivable, end September 18 11 12 47 of month: October 18 11 11 50 Total . .. 0 1 -1 +24 +24 +24 November 17 10 11 48 Instalment -1 -1 -1 + 19 +21 +21 December 17 10 11 48 Collections during 1953 month: January 17 10 11 47 Total -4 +4 -9 +9 +5 +4 February 15 9 10 44 Instalment -4 +9 -9 + 10 +6 +4 March , 17 10 11 49 April? 16 10 10 47 Inventories, end of month, at retail value. +4 +6 +4 +3 0 -1 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 Sales during month Accounts receivable Collections during Year or month at end of month month Cash I m ns e t n a t l- a C c h c a o r u g n e t Total Cash Instal- Charge Instal- Charge Instal- Charge sales sales sales ment account ment account ment account 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—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 88 144 106 222 123 178 126 46 11 43 April? 97 87 131 103 220 122 165 118 47 10 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. 653. 642 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 p n h d y 1 u s 9 i s c 3 t a r l 5 i - a v 3 l o 9 l p u = r m 1 o e 0 d ) 0 u *1 ction aw 1 a 9 r c 4 d o 7 e n d - t 4 r 9 a (v c = t a 1 s l 0 u 0 e)2 Employ 1 m 94 en 7 t - 4 a 9 n = d 1 0 p 0 ayrolls3 Freight D m ep e a n r t t- Con- W s h a o le le- Year or month f M ac a tu n r u e - s Min- Resi- All N a c g o u r l n i - - - pro M d a u n c u ti f o a n c tu w r o in rk g ers c 1 a 9 i = n r 3 l g 1 5 o s 0 - a * 3 0 d 9 - 1 v ( s 9 a r a 4 e l l 7 u t e a - s e 4 i * ) l 9 4 1 s p 9 u = r 4 m i c 1 7 e e 0 - s r 4 0 s 3 9 ' 1 m p 9 c r o 4 i o c d 7 m e - i s t 4 - y 3 9 Total r D ab u l - e N ra d o b u n l - e - erals Total d t e ia n l - other p m t e u l m e o r n a y - l t - Em m p e l n o t y- P ro a l y ls - = 100 = 100 Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 72 84 62 71 34 26 39 61.6 68.7 31.1 120 27 74.0 1920. 75 93 60 83 34 18 45 62 2 69 0 37 1 129 32 85 7 1921 58 53 57 66 30 27 32 55.4 52.8 24.0 110 30 76.4 1922 73 81 67 71 43 41 43 58.7 58.4 25.7 121 30 71.6 1923 88 103 72 98 45 49 42 64 6 66 9 32.6 142 34 72.9 1924 82 95 69 89 51 57 46 63.8 62.1 30.4 139 34 73.1 1925 90 107 76 92 66 75 59 65.5 64.2 32.1 146 36 75.0 1926 96 114 79 100 69 73 67 67.9 65.5 33.0 152 37 75.6 65.0 1927 95 107 83 100 69 71 68 68 2 64 1 32.4 147 37 74.2 62 0 1928 99 117 85 99 73 76 70 68.3 64.2 32.8 148 37 73.3 62.9 1929 110 132 93 107 63 52 70 71.3 68.3 35.0 152 38 73.3 61.9 1930 91 98 84 93 49 30 62 67 0 59 5 28.3 131 35 71.4 56 1 1931 75 67 79 80 34 22 41 60 6 50 2 21.5 105 32 65 0 47 4 1932 58 41 70 67 15 8 20 53.7 42.6 14.8 78 24 58.4 42.1 1933 69 54 79 76 14 7 18 53.9 47.2 15.9 82 24 55.3 42.8 1934. 75 65 81 80 17 7 24 59 0 55 1 20.4 89 27 57.2 48 7 1935 87 83 90 86 20 13 25 61.6 58.8 23.5 92 29 58.7 52.0 1936 . . 103 108 100 99 30 22 35 66.2 63.9 27.2 107 33 59.3 52.5 1937 113 122 106 112 32 25 36 70.6 70.1 32.6 111 35 61.4 56.1 1938 89 78 95 97 35 27 40 66 4 59 6 25 3 89 32 60 3 51 1 1939 109 109 109 106 39 37 40 69.6 66.2 29.9 101 35 59.4 50.1 1940 125 139 115 117 44 43 44 73.6 71.2 34.0 109 37 59.9 51.1 1941 162 201 142 125 66 54 74 83 1 87 9 49 3 130 44 62 9 56 8 1942. . . 199 279 158 129 89 49 116 91.2 103.9 72.2 138 50 69.7 64.2 1943 239 360 176 132 37 24 45 96.6 121.4 99.0 137 56 74.0 67.0 1944 235 353 171 140 22 10 30 95 3 118.1 102.8 140 62 75 2 67 6 1945 203 274 166 137 36 16 50 92.1 104.0 87.8 135 70 76.9 68.8 1946 170 192 165 134 82 87 79 95.1 97.9 81.2 132 90 83.4 78.7 1947 187 220 172 149 84 86 83 99 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 November 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 '316 195 164 190 173 201 112.1 '110.6 110.1 148.4 134 111 113.9 109.9 February . 240 236 322 ri99 163 173 182 167 112.4 •"HI .3 rill . 1 149.4 130 111 113.4 109.6 March 243 240 328 201 162 177 176 178 112.3 112.1 111.9 152.1 132 113 113.6 rllO.O April J>242 P240 P327 P198 P162 179 179 179P112.2 P112.4 Pill.2 "150.0 129 P107 113.7 109.4 May «242 «242 «327 «198 «166 130 "116 109.8 «Estimated; all estimates are those of the Federal Reserve. Preliminary. ' Revised. * Average per working day. xFor indexes by groups or industries, see pp. 644-647. of R 2 eTseharreceh- manodn tSh tamtiosvtiicnsg. avFeorra gmeo, nbtahsleyd doanta F(.d oWlla. rD voadlguee) Cboyr pgororautpiosn, sdeea tpa.. 6 A 5 1 d . escription of the index may be obtained from the Division 3The unadjusted indexes of employment and payrolls, wholesale commodity prices, and consumers' prices are compiled by or based on data of the Bureau of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces. The consumers' prices index is the revised series, reflecting beginning January 1953 the inclusion of some new series and revised weights. Prior to January 1953 indexes are based on the "interim adjusted" and "old" indexes converted to the base 1947-49=100. *For indexes by Federal Reserve districts and for other department store data, see pp. 653-657. Back figures in BULLETIN.—For industrial production. August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp. 958-984; for department store sales, December 1951, pp. 1490-1515. JUNE 1953 643 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Adjusted for Seasonal Variation) [Federal Reserve index numbers 1935-39 average =100] 1952 1953 Industry Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Industrial Production—Total 216 211 204 193 215 228 230 234 235 236 240 243 P242 Manufactures—Total 225 224 214 202 225 237 242 245 247 249 254 258 P256 Durable Manufactures 277 277 247 230 267 290 300 304 313 '316 322 328 P327 Iron and Steel1 245 246 140 139 244 270 281 283 286 287 '289 297 P292 Pig iron 205 208 42 38 221 242 247 244 247 249 247 253 244 Steel 278 278 66 83 283 319 332 334 335 333 337 348 338 Open hearth 196 195 39 36 202 222 233 231 238 235 234 241 234 Electric 867 418 860 013 040 1064 1022 029 071 1113 1081 855 256 Machinery 353 331 336 354 363 371 385 '393 '398 405 P403 354 352 Transportation Equipment 338 287 300 353 371 376 392 '391 405 414 P418 329 339 Automobiles (including parts) 231 162 175 247 265 272 282 '283 301 312 P321 (Aircraft; Railroad Equipment; Shipbuilding — Private 227 229 If on ferrous Metals and Products 218 216 210 201 213 225 237 240 246 249 '260 261 P264 Smelting and refining 257 259 247 242 251 248 251 251 258 266 293 300 P300 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin) 2. Fabricating 203 199 195 184 197 216 231 236 241 242 ••247 245 P249 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin Lumber and Products 152 142 146 141 149 155 155 161 165 171 175 173 P168 Lumber 143 128 134 128 135 140 138 146 149 162 166 161 157 170 168 169 165 175 183 189 191 196 189 '193 196 P190 Stone, Clay, and Glass Products 220 217 222 214 221 222 224 221 221 '223 233 238 P234 Glass products 225 227 247 243 243 245 241 232 221 225 242 255 P249 Glass containers 242 243 269 266 261 261 254 242 225 232 255 '271 261 Cement 238 230 222 215 231 227 231 233 254 257 279 273 262 Clay products 173 168 170 158 163 161 163 162 160 168 168 170 P165 Other stone and clay products2 183 181 186 179 191 194 195 197 194 195 '199 201 P198 Textiles and Products 144 151 154 147 170 177 172 176 169 169 173 174 vl71 Textile fabrics 131 137 138 129 152 158 154 158 152 151 157 157 Cotton consumption 130 135 133 111 143 145 142 149 141 140 149 148 141 Rayon deliveries 280 287 312 343 369 377 361 356 337 350 338 '352 355 Nylon and silk consumption 2 Wool textiles 108 117 112 103 123 137 134 137 138 130 142 137 Carpet wool consumption 117 113 75 71 120 148 140 153 164 149 173 171 Apparel wool consumption 110 123 125 120 139 149 142 137 130 129 '139 137 103 112 113 103 120 130 126 127 124 118 130 127 Woolen yarn . . 96 108 106 97 112 121 117 120 115 108 '117 112 112 116 124 112 131 144 140 138 136 132 '149 147 109 123 124 113 123 136 138 141 146 136 142 135 Leather and Products 102 105 103 91 116 112 112 113 107 116 119 117 Leather tanning . . .. . . 84 90 92 81 97 97 103 103 100 103 101 97 Cattle hide leathers 95 105 106 91 110 107 115 117 112 116 '115 107 Calf and kip leathers 72 67 69 60 79 90 87 84 88 87 82 83 Goat and kid leathers 64 67 67 71 67 65 77 83 80 79 81 86 Sheep and lamb leathers 69 72 79 66 89 88 93 86 76 80 80 77 Shoes 114 115 111 98 129 123 118 120 112 126 131 129 Manufactured Food Products 163 160 166 162 164 168 165 161 164 '165 165 168 P164 Wheat flour 108 103 113 109 109 108 109 113 108 114 108 107 P108 Cane sugar meltings 2 146 148 147 145 148 148 146 147 152 151 151 154 156 Butter 73 73 69 70 69 71 73 73 85 89 90 94 95 Cheese 181 183 180 176 178 178 176 191 209 209 205 209 211 Canned and dried milk 149 163 164 152 168 166 155 152 155 142 138 149 159 Ice cream 2 P Preliminary. ' Revised. 1 Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods may be obtained from the Division of Research and Statistics. 2 Series included in total and group indexes but not available for publication separately. 8 Because of a ^classification of the basic data used to measure changes in production, the sulphate pulp and sulphite pulp series are no longer available separately. Individual indexes through June 1951 are shown in preceding BULLETINS. 644 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued (Adjusted for Seasonal Variation) [Federal Reserve index numbers, 1935-39 average = 100] 1952 1953 Industry Apr. May June July Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. Manufactured Food Products—Continued Meat packing 165 146 148 147 158 170 169 170 176 169 174 179 171 Pork and lard 207 167 170 163 180 200 194 196 202 181 181 187 169 Beef 135 140 137 144 149 151 153 155 163 175 188 193 197 Veal 79 84 99 109 121 125 131 131 124 113 109 111 117 Lamb and mutton. 79 76 78 68 77 87 96 89 97 100 97 100 91 Other manufactured foods 169 169 175 171 171 175 172 167 169 171 173 •169 Processed fruits and vegetables. 146 147 161 138 123 143 147 124 128 '143 •144 155 '145 Confectionery 128 130 121 117 134 136 131 134 150 145 138 136 Other food products 183 181 188 189 190 190 185 184 183 182 183 184 182* Alcoholic Beverages. 157 150 152 162 151 155 162 180 166 158 159 173 164 Malt liquor 154 149 161 176 165 160 154 177 182 175 169 179 169 Whiskey 62 51 38 19 21 26 28 31 44 53 58 63 62 Other distilled spirits. 298 231 185 198 234 148 182 133 127 160 139 191 198 Rectified liquors 205 214 207 224 175 263 325 369 228 180 221 245 227 Tobacco Products. 184 178 189 172 186 187 190 181 172 179 194 194 184 Cigars 110 114 116 113 111 123 134 124 98 110 111 112 116 Cigarettes 259 245 264 240 261 257 258 249 243 249 276 277 255 Other tobacco products. 62 64 65 54 68 65 66 57 59 64 61 60 65 Paper and Paper Products. 185 182 181 160 188 192 203 205 196 200 207 211 209 Paper and pulp 181 175 176 154 180 181 192 194 185 191 197 201 199 Pulp 228 221 227 195 229 220 233 236 220 233 237 245 239 Groundwood pulp 110 108 121 124 132 125 125 108 112 112 118 113 111 S So u d lp a h p a u te l p and sulphite pulpf 2 9 6 5 9 2 9 6 2 0 26 8 6 9 22 6 6 8 26 8 7 2 25 8 6 3 2 8 7 9 4 2 9 8 2 0 25 9 8 1 27 9 5 2 2 9 7 5 9 29 9 1 4 28 8 4 5 Paper 174 168 168 148 172 175 186 188 180 185 191 194 193 Paperboard 202 207 201 182 222 233 246 249 235 236 245 249 249 Fine paper 2 Printing paper 186 175 182 150 168 165 178 182 179 185 193 193 192 Tissue and absorbent paper 186 162 168 174 180 187 206 193 195 201 201 207 210 Wrapping paper 161 149 153 124 148 146 150 161 151 162 167 170 166 Newsprint 122 130 134 126 130 126 123 121 116 119 118 121 114 Paperboard containers (same as Paperboard). Printing and Publishing. 175 170 176 157 165 165 176 175 168 173 180 183 181 Newsprint consumption 164 166 169 164 162 166 173 169 157 162 167 173 170 Printing paper (same as shown under Paper). Petroleum and Coal Products. 261 209 251 259 280 282 279 290 291 293 293 289 v282 Petroleum refining * Gasoline 205 157 216 225 231 234 225 233 229 230 231 225 P224 Fuel oil 218 167 228 231 235 232 226 239 239 241 236 233 P223 Lubricating oil 177 124 185 174 181 179 182 171 164 160 148 161 O K t e h r e o r s e p n e e troleum products2. 211 133 199 226 230 208 207 225 241 250 226 207 Coke 166 165 72 67 169 177 179 182 186 188 188 189 187 By-product coke 161 161 71 67 168 174 178 179 182 183 183 183 181 Beehive coke 326 311 84 52 184 299 243 268 312 353 364 P391 380 Chemical Products. 292 292 298 299 302 302 304 308 309 '310 316 P316 Paints 152 151 151 157 154 155 158 159 159 '162 -•161 Rayon 267 270 307 325 354 370 358 350 351 348 336 352 P373 O In t d h u e s r tr c i h a e l m c i h c e a m l i p c r a o ls ducts 2. 559 558 563 565 568 567 578 595 598 '595 ••598 607 P602 Rubber Products... 235 242 246 225 242 252 260 264 272 268 268 273 P271 Minerals—Total. 166 140 147 142 156 175 164 171 168 164 163 162 P162 Fuels 171 140 161 155 161 180 167 177 176 172 170 168 P165 Coal 110 100 96 84 93 133 93 125 115 105 99 96 99 Bituminous coal. 119 107 102 91 102 144 93 135 125 116 109 107 113 Crud A e n p t e h t r r a o c l i e t u e m , 74 73 19 7 3 4 57 1 6 9 1 4 88 95 87 71 60 20 6 5 0 20 5 4 2 44 201 159 190 203 203 202 207 204 P198 Metals. 65 131 123 124 Metals other than gold and silver. 141 143 71 65 188 149 145 138 117 120 175 177 P143 I ( r C o o n p p o e re r; Lead; Zinc)2 205 207 71 219 212 200 166 170 P211 Gold Silver 65 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. s^ JUNE 1953 645 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 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Industrial Production—Total 215 211 205 194 218 232 233 235 233 232 236 240 P240 Manufactures— Total 224 224 215 203 228 242 245 246 246 245 250 255 v254 Durable Manufactures 277 278 249 232 269 292 301 305 310 312 319 326 P326 Iron and Steel1 245 246 140 139 244 270 281 283 286 287 r289 297 P292 Pig iron. 205 208 42 38 221 242 247 244 247 249 247 253 244 Steel 278 278 66 83 283 319 332 334 335 333 337 348 338 Open hearth 196 195 39 36 202 222 233 231 238 235 234 241 234 Electric 855 867 256 418 860 1013 1040 1064 1022 1029 1071 1113 1081 Machinery 354 353 352 331 336 354 363 371 385 '393 r398 405 P403 Transportation Equipment 329 338 339 287 300 353 371 376 392 r391 405 414 P418 Automobiles (including parts) 227 231 229 162 175 247 265 272 282 ••283 301 312 P321 (Aircraft; Railroad equipment; Shipbuilding—Private and Government)2 Nonferrous Metals and Products 218 216 210 201 213 225 237 241 246 249 r260 261 P264 Smelting and refining 257 260 246 241 251 248 251 251 259 266 293 301 P300 (Copper smelting; Lead refining; Zinc smelting; Aluminum * Magnesium * Tin) 2 Fabricating . . 203 199 195 184 197 216 231 236 241 242 ••247 245 P249 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)2 Lumber and Products 152 145 155 150 160 167 164 160 151 151 159 163 P168 Lumber 143 133 148 143 152 159 151 143 128 132 142 146 P157 Furniture 170 168 169 165 175 183 189 191 196 189 193 196 P190 Stone, Clay, and Glass Products 216 224 225 216 231 232 235 226 214 . 209 216 227 P230 Glass products 225 240 245 235 251 248 247 234 210 222 236 255 P249 Glass containers 242 260 266 255 272 267 262 245 210 227 248 '271 261 Cement 226 241 237 236 261 263 267 252 231 209 212 224 249 Clay products 168 167 169 160 169 167 173 167 165 155 158 162 P161 Other stone and clay products2 Nondurable Manufactures 180 180 187 181 195 201 200 199 193 191 194 197 P196. Textiles and Products 144 151 154 147 170 177 172 176 169 169 173 174 P171 Textile fabrics 131 137 138 129 152 158 154 158 152 151 157 157 Cotton consumption 130 135 133 111 143 145 142 149 141 140 149 148 141 Rayon deliveries 280 287 312 343 369 377 361 356 337 350 338 ••352 355 Nylon and silk consumption2 Wool textiles 108 117 112 103 123 137 134 137 138 130 142 137 Carpet wool consumption 117 113 75 71 120 148 140 153 164 149 173 171 Apparel wool consumption 110 123 125 120 139 149 142 137 130 129 139 137 Woolen and worsted yarn 103 112 113 103 120 130 126 127 124 118 130 127 Woolen yarn... 96 108 106 97 112 121 117 120 115 108 117 112 Worsted yarn 112 116 124 112 131 144 140 138 136 132 149 147 Woolen and worsted cloth 109 123 124 113 123 136 138 141 146 136 142 135 Leather and Products 102 105 102 90 116 111 112 114 107 117 122 116 Leather tanning 84 90 90 77 95 95 104 107 99 103 109 97 Cattle hide leathers 95 105 102 86 107 105 116 121 112 119 124 107 Calf and kip leathers 69 64 70 60 83 88 89 85 87 85 86 81 Goat and kid leathers 66 66 68 70 65 66 77 80 80 79 '84 85 Sheep and lamb leathers 68 77 78 62 92 86 93 91 72 75 88 75 Shoes 114 115 111 98 129 123 118 120 112 126 131 129 M anufactured Food Products 149 154 165 174 185 192 178 165 161 153 r149 150 P150 Wheat flour 104 99 109 108 108 118 115 114 107 114 109 105 103 Manufactured dairy products 152 197 217 215 214 173 133 106 107 98 109 128 162 Butter 75 94 95 86 76 69 63 55 67 74 80 86 97 Cheese 188 245 256 217 199 182 158 143 151 155 168 188 220 Canned and dried milk 168 227 227 176 173 153 126 110 120 115 124 146 179 Ice cream 2 p Preliminary. r Revised. iMethods 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 reclassincation 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. 646 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Con tinned (Without Seasonal Adjustment) [Federal Reserve index numbers, 1935-39 average=100] 1952 1953 Industry Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Manufactured Food Products—Continued Meat packing ... 152 147 147 137 138 154 169 190 208 199 166 166 159 Pork and lard 188 167 170 144 139 158 183 230 266 237 178 174 154 Beef 127 140 134 146 150 163 167 161 163 178 173 175 185 Veal 78 88 99 109 118 138 149 141 116 105 96 104 114 Lamb and mutton 77 78 73 65 75 93 100 89 95 106 98 98 89 Other manufactured foods 151 154 166 179 195 207 191 174 167 157 155 154 P151 Processed fruits and vegetables 89 96 124 179 234 279 190 114 100 '93 '91 85 P88 Confectionery 107 100 89 96 144 175 171 158 151 149 140 127 Other food products 175 178 189 193 194 194 195 193 187 175 174 176 P174 Alcoholic Beverages 155 158 176 186 159 159 173 163 142 134 144 161 165 Malt liquor 162 170 203 220 188 161 143 136 145 144 152 167 177 Whiskey 62 51 38 19 21 26 28 31 44 53 58 63 62 Other distilled spirits . . 179 139 115 115 126 202 472 280 140 104 83 124 119 Rectified liquors 205 214 207 224 175 263 325 369 228 180 221 245 227 Tobacco Products 174 178 197 179 193 198 197 184 159 178 184 183 174 Cigars ... . . . 110 114 116 113 111 123 134 124 98 110 111 112 116 Cigarettes 241 245 278 252 274 275 268 254 224 249 260 258 237 Other tobacco products 62 64 66 54 66 69 71 59 51 63 59 60 65 Paper and Paper Products 186 182 182 159 188 191 203 205 195 200 207 211 210 Paper and pulp 181 175 177 153 180 181 192 194 185 191 198 201 200 Pulp .. 230 222 227 193 227 217 232 237 220 233 238 246 241 Groundwood pulp 121 117 122 110 116 112 116 114 113 117 122 121 122 Soda pulp 95 92 89 68 82 83 89 92 91 92 95 94 85 Sulphate and sulphite pulp 3 269 260 266 226 267 256 274 280 258 275 279 291 284 Paper 174 168 169 147 172 175 186 188 179 185 192 194 193 Paperboard 202 207 201 182 222 233 246 249 235 236 245 249 249 Printing paper. . . 186 175 182 150 168 165 178 182 179 185 193 193 192 Tissue and absorbent paper 188 162 171 167 180 187 208 193 189 199 209 207 212 Wrapping paper. . 161 149 153 124 148 146 150 161 151 162 167 170 166 Newsprint . . . 124 131 135 124 129 126 123 123 114 119 118 121 116 Printing and Publishing 180 174 175 145 157 166 180 183 172 168 178 187 187 Newsprint consumption 174 173 168 141 146 168 182 184 165 150 164 180 181 Petroleum and Coal Products ... 261 209 251 259 280 282 279 290 291 293 293 289 P282 Gasoline 205 157 216 225 231 234 225 233 229 230 231 225 J»224 Fuel oil 218 167 228 231 235 232 226 239 239 241 236 233 P223 Lubricating oil 184 129 185 172 179 179 182 171 163 155 147 159 Kerosene.. . ... 215 134 187 210 221 206 207 231 248 255 238 211 Coke 166 165 72 67 169 177 179 182 186 188 188 189 187 By-product coke . . 161 161 71 67 168 174 178 179 182 183 183 183 181 Beehive coke 326 311 84 52 184 299 243 268 312 353 364 '391 380 Chemical Products . ... 295 291 296 295 299 305 309 313 314 311 '315 320 P319 Paints 153 155 156 155 152 153 158 157 159 158 159 162 P165 Rayon ... . 267 270 307 325 354 370 358 350 351 348 336 352 P373 Industrial chemicals 559 558 563 565 568 567 578 595 598 '595 '598 607 P602 Rubber Products 235 242 246 225 242 252 260 264 272 268 268 273 P271 Minerals—Total . 165 143 149 144 161 180 166 no 163 159 158 157 P161 Fuels 171 140 161 155 161 180 167 177 176 172 170 168 P!65 Coal 110 100 96 84 93 133 93 125 115 105 99 96 99 Bituminous coal 119 107 102 91 102 144 93 135 125 116 109 107 113 Anthracite 74 73 74 57 61 88 95 87 71 60 60 52 44 Crude petroleum. 201 159 193 190 194 203 203 202 207 204 205 204 P198 Metals 130 159 74 81 164 178 164 131 84 84 '87 '89 P133 Metals other than gold and silver 189 238 90 101 244 265 241 185 108 109 115 119 P195 Iron ore.... ... 238 348 41 71 381 418 363 248 83 86 91 105 (Copper* Lead* Zinc)2 Gold 42 44 48 52 54 55 56 54 48 44 42 Silver 77 74 68 61 61 64 69 68 65 68 68 67 For other footnotes see preceding page. NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and. August 1940, pp. 753-771 and 825-882. 647 JUNE 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OUTPUT OF MAJOR CONSUMER DURABLE GOODS {Adjusted for Seasonal Variation) [Federal Reserve index numbers, 1947-49 average =100] 1952 1953 Product group Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr, Total 103 105 108 11 84 121 125 134 134 141 148 148 149 Passenger automobiles. 109 110 114 47 63 122 125 131 129 134 146 151 161 Household goods, total 97 99 101 98 108 119 124 137 139 149 150 145 137 F C M u a a r r j n p o i e r t t u s a r p e pliances.... 1 S 8 0 3 2 6 1 8 8 0 1 5 9 1 4 8 1 4 9 0 1 6 7 1 1 4 3 1 9 1 7 4 3 6 1 8 8 1 1 9 5 1 9 9 1 9 1 8 1 1 9 2 1 8 0 4 1 1 9 2 1 4 5 5 '1 1 2 0 1 3 r 1 1 l2 0 2 3 4 6 1 1 1 2 0 3 4 1 7 1 1 2 2 6 6 Radios and television 118 115 136 135 141 205 214 237 236 123 273 226 201 279 *• Revised. NOTE.—Figures for April 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 Divsion 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 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr, ADJUSTED FOR SEASONAL VARIATION Total 13,014 12,942 12,622 12,442 12,953 13,216 13,338 13,513 13,607 13,682 13,769 13,869 13,897 Durable goods 7,500 7,463 7,096 6,871 7,372 7,616 7,726 7,862 7,944 '8,009 '8,097 8,183 8,215 Primary metal industries 1,109 1,116 684 653 1,073 1,109 1,110 1,120 1,126 '1,133 1,136 1,139 1,147 Fabricated metal products 843 843 818 792 834 862 884 899 908 •"922 '933 944 947 Machinery except electrical 1,292 1,280 1,271 1,230 1,205 1,214 1,233 1,266 1,295 rl,313 '1,315 1,322 1,319 Electrical machinery 781 784 783 782 798 824 843 859 875 890 907 915 928 Transportation equipment 1,300 1,322 1,340 1,190 1,221 1,355 1,411 1,450 1,484 '•1,509 '1,553 1,585 1,588 Lumber and wood products 714 653 718 744 740 736 717 723 708 ••690 '696 697 691 Furniture and fixtures 302 304 307 308 312 314 316 321 324 '324 '325 332 333 Stone, clay, and glass products. . 446 442 447 441 449 453 457 459 453 456 454 459 462 Instruments and related products 225 223 223 226 228 230 233 236 238 240 239 243 243 Misc. manufacturing industries.. 365 370 378 379 383 387 390 395 396 ••393 '398 404 413 Ordnance and accessories 123 126 127 126 129 132 132 134 137 '139 '141 143 144 Nondurable goods 5,514 5,479 5,526 5,571 5,581 5,600 5,612 5,651 5,663 '5,673 '5,672 5,686 5,682 Textile-mill products 1,079 1,075 1,068 1,100 1,122 1,138 1,135 1,135 1,129 1,121 1,118 1,123 1,122 Apparel and other finished textiles 1,048 1,043 1,055 1,083 1,072 1,074 1,066 1,093 1,098 '1,109 '1,104 1,105 1,096 Leather and leather products. . . 336 341 344 343 346 347 349 357 361 '359 '356 354 359 Food and kindred products 1,137 1,133 1,145 1,138 1,115 1,116 1,125 1,124 1,127 '1,135 '1,148 1,141 1,135 Tobacco manufactures 94 95 98 98 99 97 98 102 105 '101 98 96 96 Paper and allied products 413 416 421 419 427 427 432 431 434 '434 '434 438 441 Printing, publishing and allied industries 491 492 492 495 495 497 499 500 498 '498 '496 502 499 Chemicals and allied products... 521 518 518 519 513 509 508 508 508 511 '512 519 524 Products of petroleum and coal. 188 158 176 175 187 187 189 188 188 188 188 188 189 Rubber products 207 208 209 201 205 208 211 213 215 217 218 220 221 WITHOUT SEASONAL ADJUSTMENT Total 12,872 12,726 12,476 12,229 13,069 13,477 13,560 13,634 13,699 13,619 '13,744 13,843 13,754 Durable goods 7,497 7,426 7,065 6,748 7,332 7,634 7,774 7,916 8,010 '8,020 '8,123 8,220 8,213 Primary Metal Industries 1,109 1,105 681 643 1,068 1,109 1,116 1,126 1,137 '1,139 1,142 1,145 1,147 Blast furnaces, steel works and rolling mills 552 549 153 132 530 556 557 557 561 '562 563 564 Fabricated Metal Products 847 839 810 768 821 862 888 903 922 r931 r942 953 952 Machinery except Electrical 1,298 1,286 1,277 1,218 1,193 1,208 1,227 1,260 1,301 'I,313 »1,322 1,335 1,326 Metalworking machinery... 227 225 226 219 222 224 223 223 226 226 226 228 Electrical Machinery 781 776 775 755 782 824 851 872 893 899 916 924 928 Electrical apparatus (gen- 265 262 261 249 253 262 268 271 275 '277 281 285 erating, etc.) 327 324 327 324 346 367 381 398 410 411 419 419 Communication equipment. 1,300 1,322 1,340 1,190 1,221 1,355 1,411 1,450 1,484 '1,509 r 1,5 5 3 1,585 1,588 Transportation Equipment Motor vehicles and equip- 655 660 663 515 524 674 701 735 750 '769 '807 833 ment 444 454 466 476 490 474 501 510 524 531 538 542 Aircraft and parts 703 653 725 744 759 751 728 730 704 r676 r679 687 681 Lumber and Wood Products 414 396 435 439 450 448 440 433 420 '406 '406 409 Sawmills and planing mills.. 300 296 298 296 307 316 322 329 330 r329 *332 335 331 Furniture and Fixtures 218 215 215 217 225 231 237 242 243 243 247 248 Household furniture 446 442 447 434 451 455 459 461 458 451 452 459 "462 Stont, Clay, and Glass Products. . 3 2 6 2 3 6 2 3 2 5 3 9 3 2 6 2 3 3 3 2 5 1 4 9 2 3 2 7 6 5 3 2 9 3 3 0 4 2 0 3 8 4 4 2 1 3 5 7 2 4 4 0 0 4 r 2 3 4 9 1 3 r 2 4 4 0 0 4 2 4 4 1 4 0 2 4 4 1 4 1 Instruments and Related Products. 123 126 127 126 129 132 132 134 137 rJ39 143 144 Misc. Manufacturing Industries., Ordnance and Accessories For footnotes see following page. 648 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 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Nondurable goods 5,375 5,300 5,411 5,481 5,737 5,843 5,786 5,718 5,689 '5,599 '5,621 5,623 5,541 Textile-mill Products 1,079 1,070 1,068 1,067 1,105 1,127 1,135 1,146 1,146 1,132 1,135 1,134 1,122 Broad-woven fabric mills... 487 483 486 489 498 501 503 506 508 502 502 499 Knitting mills 215 215 219 215 228 232 236 239 236 '230 233 235 Apparel and Other Finished Textiles 1,032 996 1,008 1,018 1,088 1,106 1,103 1,104 1,114 rl, 109 '1,137 1,138 1,080 Men's and boys' furnishings. 259 258 261 260 271 276 279 280 280 279 284 287 Women's and misses' outerwear 323 298 295 311 339 340 330 331 347 351 '360 356 Leather and Leather Products 333 327 337 338 355 352 352 355 359 '359 '363 363 355 Footwear (except rubber)... 218 214 223 221 233 229 225 226 232 '236 237 238 Food C M B a a a n e k n a d e n t r i K n y p i g r n p o d a r d r o n e u d d d c u ts c P p ts r r o e d s u e c r t v s ing.... 1, 2 0 1 1 4 3 7 3 0 1 8 3 1, 2 0 1 1 3 7 4 3 9 3 8 9 1, 2 1 1 1 3 8 7 1 8 0 7 6 1, 2 2 1 1 3 4 8 9 4 4 8 9 1, 3 2 2 1 0 4 8 6 9 2 6 9 1, 3 2 3 1 4 4 8 0 8 7 6 9 1, 2 2 2 1 5 4 8 2 3 4 7 3 1, 2 1 1 1 5 7 8 4 4 2 7 2 1, 2 0 1 1 5 4 8 9 6 3 4 3 '1, ' 1 ' 0 1 2 7 4 3 4 9 5 2 9 '1, ' ' ' 0 2 1 1 3 4 7 3 6 2 9 0 1, ' 0 1 2 1 2 7 3 2 8 9 8 3 1,029 Tobacco Manufactures 84 84 85 85 109 117 117 109 108 rlOl 95 85 Paper and Allied Products 413 414 419 411 425 425 432 435 441 r436 '436 440 441 Pulp, paper and paperboard mills 216 218 221 215 222 217 219 219 224 223 222 223 Printing, Publishing and Allied Industries 489 490 492 490 490 497 504 505 505 '498 r496 499 497 Newspapers 142 145 146 145 144 146 146 147 147 144 144 146 Commercial printing 157 157 158 156 156 158 160 161 162 161 159 158 Chemicals and Allied Products... 521 508 502 501 503 512 518 518 518 516 '520 527 524 Industrial organic chemicals. 181 179 181 184 185 185 187 188 189 ••190 189 191 Products of Petroleum and Coal.. 186 157 177 177 191 190 189 188 187 186 186 186 187 Petroleum refining 2 14 0 3 6 2 1 0 1 6 4 2 1 0 4 7 1 1 1 9 4 5 4 2 1 0 4 3 6 2 1 0 4 8 5 2 1 1 4 3 4 2 1 1 4 7 4 2 1 1 4 9 4 2 1 1 4 9 4 2 1 1 4 9 4 2 1 2 4 0 3 220 Rubber Products NOTE.—Covers production and related workers only data shown include all full- and part-time production and related workers who worked during, or received pay for, the pay period ending nearest the 15th of the month. Figures for April 1953 are preliminary. Back data and data for industries not shown, without seasonal adjustment, may be obtained from the Bureau of Labor Statistics. Seasonally adjusted data beginning January 1939, for groups and the total, may be obtained from the Division of Research and Statistics. HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES [Compiled by Bureau of Labor Statistics] Average weekly earnings Average hours worked Average hourly earning (dollars per week) (per week) (dollars per hour) Industry group 1952 1953 1952 1953 1952 1953 Apr. Feb. Mar. Apr. Apr. Feb. Mar. Apr. Apr. Feb. Mar. Apr. Total 65.67 71.17 71.93 71.40 39.8 40.9 41.1 40.8 1.65 1.74 1.75 1.75 Durable goods 70.99 77.15 77.52 77.75 40.8 41.7 41.9 41.8 1.74 1.85 1.85 1.86 Primary metal industries 71.19 '83.01 83.62 83.42 38.9 '41.3 41.6 41.5 1.83 '2.01 2.01 2.01 Fabricated metal products 69.19 76.80 77.59 78.20 40.7 42.2 42.4 42.5 1.70 1.82 1.83 .84 Machinery except electrical 78.57 '83.03 84.05 83.07 42.7 '42.8 43.1 42.6 1.84 1.94 1.95 .95 Electrical machinery 67.23 71.86 72.21 72.28 40.5 '41.3 41.5 41.3 1.66 1.74 1.74 .75 Transportation equipment 78.14 '85.69 85.28 85.90 40.7 41.8 41.6 41.7 1.92 '2.05 2.05 .06 Lumber and wood products 61.71 63.96 63.96 64.68 40.6 41.0 41.0 41.2 1.52 1.56 1.56 .57 Furniture and fixtures 59.13 •63.38 63.69 63.04 40.5 '41.7 41.9 41.2 1.46 '1.52 1.52 .53 Stone, clay, and glass products 64.15 69.29 70.21 70.97 40.6 41.0 41.3 41.5 1.58 1.69 1.70 .71 Instruments and related products 69.97 73.81 74.16 73.81 41.4 41.7 41.9 41.7 1.69 1.77 1.77 .77 Miscellaneous manufacturing industries 59.20 64.43 65.31 65.00 40.0 41.3 41.6 41.4 1.48 1.56 1.57 .57 Ordnance and accessories 77.25 •77.75 78.44 77.23 43.4 '41.8 41.5 41.3 1.78 '1.86 1.89 .87 Nondurable goods 58.75 '62.73 63.60 62.65 38.4 '39.7 40.0 39.4 1.53 1.58 1.59 .59 Textile-mill products 49.98 54.94 54.80 53.57 37.3 40.1 40.0 39.1 1.34 1.37 1.37 .37 Apparel and other finished products 44.45 •49.85 49.76 47.34 35.0 '37.2 37.7 36.7 1.27 1.34 1.32 .29 Leather and leather products 48.60 •53.45 53.70 52.09 37.1 '39.3 39.2 38.3 1.31 '1.36 1.37 .36 Food and kindred products 61.86 64.71 65.28 64.16 40.7 40.7 40.8 40.1 1.52 1.59 1.60 .60 Tobacco manufactures 41.52 45.39 47.63 48.13 34.6 '36.9 37.8 37.9 1.20 1.23 1.26 .27 Paper and allied products 65.41 71.64 71.81 71.74 41.4 '42.9 43.0 42.7 1.58 1.67 1.67 1.68 Printing, publishing and allied products. 79.66 83.55 85.02 85.14 38.3 '38.5 39.0 38.7 2.08 2.17 2.18 2.20 Chemicals and allied products 68.88 73.28 74.23 74.70 41.0 '41.4 41.7 41.5 1.68 1.77 1.78 1.80 Products of petroleum and coal 82.01 •87.23 88.10 88.54 40.4 '40.2 40.6 40.8 2.03 2.17 2.17 2.17 Rubber products 71.28 78.31 79.90 79.32 39.6 41.0 41.4 41.1 1.80 1.91 1.93 1.93 r Revised. NOTE.—Data are for production and related workers, Figures for April 1953 are preliminary. Back data are available from the Bureau of Labor Statistics. JUNE 1953 649 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS BY INDUSTRY DIVISION [Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons] Transporta- Federal, Year or month Total M t a u n r u in fa g c- ing co C n o st n r t u r c a t c i t on ti p o u n b l a i 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 1,394 4,055 5,967 1946 41,412 14,461 852 1,661 4,023 8,602 1,586 4,621 5,607 1947 43,438 15,290 943 1,982 4,122 9,196 1,641 4,807 5,456 1948 44,382 15,321 982 2,169 4,141 9,519 1,711 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 1,796 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—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 1,940 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 1,993 5,292 6,717 December 48,957 16,870 871 2,548 4,281 10,397 1,988 5,290 6,712 1953—January 49,014 16,949 872 2,531 4,246 10,437 1,989 5,298 6,692 February 49,112 17,049 867 2,565 4,257 10,433 1,989 5,300 6,652 March 49,091 17,171 855 2,523 4,264 10,375 1,995 5,305 6,603 April 49,055 17,198 832 2,515 4,263 10,378 2,005 5,311 6,553 UNADJUSTED 1952—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 L.978 5,237 7,095 1953—January 48,382 16,884 866 2,303 4,210 10,283 L.969 5,192 6,675 February 48,364 17,019 856 2,283 4,206 10,202 1,979 5,194 6,625 March 48,626 17,136 846 2,296 4,227 10,269 1,995 5,225 6,632 April 48,765 17,050 829 2,414 4,241 10,290 2,015 5,311 6,615 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. April 1953 figures are preliminary. Back unadjusted data are available from the Bureau of Labor Statistics seasonally adjusted figures beginning January 1939 may be obtained from the Division of Research and Statistics. LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates without seasonal adjustment. Thousands of persons 14 years of age and over] Civilian labor force Total non- Total Employed * Not in the Year or month in p s o t p it u u l t a i t o io n n al l f a o b rc o e r Unem- labor force Total Total In nonagricul- In ployed tural industries agriculture 1945 105,370 65,140 53,860 52,820 44,240 8,580 1,040 40,230 1946 106,370 60,820 57,520 55,250 46,930 8,320 2,270 45,550 1947 107,458 61,608 60,168 58,027 49,761 8,266 2,142 45,850 1948 108,482 62,748 61,442 59,378 51,405 7,973 2,064 45,733 1949 109,623 63,571 62,105 58,710 50,684 8,026 3,395 46,051 1950 110,780 64,599 63,099 59,957 52,450 7,507 3,142 46,181 1951 111,924 65,832 62,884 61,005 53,951 7,054 1,879 46,092 1952. ... (») (*) 62,966 61,293 54,488 6,805 J rt73 46,710 1952—May 112,946 66,298 62,778 61,176 54,216 6,960 :1,602 46,648 June 113,050 67,884 64,390 62,572 54,402 8,170 L,818 45,166 July 113,158 67,642 64,176 62,234 54,636 7,598 L.942 45,516 August 113,265 67,419 63,958 62,354 55,390 6,964 1,604 45,846 September 113,374 67,166 63,698 62,260 54,712 7,548 1,438 46,208 October 113,494 66,566 63,146 61,862 54,588 7,274 1,284 46,928 November 113,599 67,047 63,646 62,228 55,454 6,774 1,418 46.552 December (') <*> 62,921 61,509 55,812 5,697 1,412 47,394 1953—January (2) 8 62,416 60,524 55,072 5,452 L,892 48,232 February 62,712 60,924 55,558 5,366 L,788 48,224 M A M p a a r r y i c l h 8 ( ( 2 2) ) ( 2 ) 6 6 6 2 3 2 , , , 9 1 8 6 3 1 4 4 0 6 6 6 1 1 1 , , , 6 4 2 5 6 2 8 0 8 5 5 5 5 5 5 , , , 7 1 2 4 6 5 0 8 8 5 6 6 , , , 7 3 0 2 9 7 0 0 0 L 1 1 , , . 5 3 6 8 0 7 2 6 4 '4 4 4 8 8 8 , , , 4 0 4 3 7 9 4 6 0 e Corrected. 1 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. 650 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 Total In tr d i B a u l s u - sin m e C s e s o rc m ia - l P ut u i b li l t i y c O n r d t e t o e i h s a n n i e l - - - 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 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—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 1,015 672 195 134 343 278 949 127 264 68 490 M arch... . 2,979 1.039 1,063 693 208 130 355 283 940 132 255 70 483 April 2,926 2,006 1,022 696 210 124 362 288 920 121 239 72 488 Mayp 2,872 1,967 968 700 202 131 367 299 905 123 225 71 486 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 By type of construction ownership 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—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 1,348 417 931 605 105 101 124 120 293 April 1,742 673 1,069 674 262 120 147 151 387 May . . . . . .. 1,606 638 132 156 163 131 386 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—February 885,206 40,649 169,440 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 April 1,597,517 84,710 293,921 101,983 139,772 145,786 176,809 207,782 180,415 51,174 74,846 140,319 1953—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 April 1,741,542 91,434 253,951 84,223 336,188 153,540 144,481 262,027 135,302 100,145 59,691 120,560 JUNE 1953 651 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PERMANENT NONFARM DWELLING UNITS STARTED [In thousands of units) Private Government-underwritten Rural Year or month Total Urban non- Public farm Total fam 1- ily fam 2- ily f M am ul i t l i y - Total FHA VA 1939 515 359 156 458 373 20 66 57 158 158 1941 706 434 272 620 533 28 58 87 220 220 1945 209 134 75 208 185 9 15 1 47 41 6 1946 671 404 267 663 590 24 48 8 152 69 83 1947 . .. . .... 849 480 369 846 740 34 72 3 440 229 211 1948 932 525 407 914 763 46 104 18 393 291 102 1949 1,025 589 436 989 792 35 162 36 466 361 105 1950 1,396 828 568 1,352 1,151 42 159 44 686 486 200 1951 1,091 595 496 1,020 892 40 88 71 413 264 149 1952 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 72 38 34 68 58 3 7 4 27 18 9 February 79 43 36 74 64 3 7 5 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. P107 n.a. n.a. n.a. P4 36 23 13 May P107 n.a. n.a. P104 n.a. n.a. n.a. P3 34 22 12 p Preliminary. n.a. Not available. NOTE.—Government underwritten units are those started under commitments of FHA or VA to insure or guarantee the mortgage. VA figures after June 1950 and all FHA figures are based on field office reports of first compliance inspections; VA figures prior to June 1950, estimates based on loans closed information. Other figures are estimated by Bureau of Labor Statistics on the basis of reports of building permits issued, reported starts of public units, and a sample of places not issuing permits. FREIGHT CARLOADINGS, BY CLASSES [Index numbers, 1935-39 average =100] Monthly—seasonally adjusted Monthly—unad j usted Annual Class 1952 1953 1952 1953 1951 1952 Apr. Nov. Dec. Jan. Feb. Mar. Apr. Apr. Nov. Dec. Jan. Feb. Mar. Apr. Total 134 126 126 134 131 134 130 132 129 123 138 120 121 119 122 127 Coal 121 109 103 123 111 108 97 92 96 103 123 111 108 97 92 96 Coke 208 168 166 195 191 184 181 184 178 163 195 200 193 191 186 175 Grain . . 143 142 130 147 131 128 114 130 133 115 144 123 128 112 119 117 Livestock 69 69 73 76 69 62 57 60 66 65 95 66 59 46 47 58 Forest products 150 144 142 152 152 154 146 142 144 142 149 135 139 140 142 144 Ore 205 181 212 233 248 278 275 273 251 195 258 77 70 69 79 231 Miscellaneous 147 140 141 144 144 151 149 154 148 139 150 135 138 140 146 146 Merchandise, 1. c. 1 48 46 46 46 45 44 45 45 44 47 47 43 42 43 45 44 NOTE.—For description and back data, see BULLETIN for June 1941, pp. 529-533. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission. MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports * Merchandise imports2 Excess of exports Month 1951 1952 1953 1951 1952 1953 1951 1952 1953 974 1,254 'I,277 1,025 922 927 -51 332 '350 February 1,076 1,344 1,196 910 893 856 166 r451 340 March 1,295 1,447 Pl.378 1,102 964 Pl.004 193 483 P374 April 1,369 1,352 1,034 932 336 420 May . . 1,354 ••1,474 1,018 834 337 640 1,297 1,167 930 861 366 306 July . . . . .. 1,186 1,027 895 839 292 188 August 1,270 '1,086 881 817 390 269 1,232 '1,227 721 '876 510 '351 October 1,152 rl 215 834 918 319 '297 1,388 '1,189 819 804 569 r385 December 1,438 'I,383 800 '1,052 638 r331 January-March. 3,345 4,045 P3,851 3,037 2,779 P2.787 308 1,266 Pl.064 v Preliminary. r Revised. 1 Exports of domestic and foreign merchandise. Includes exports under foreign aid programs, including Department of Defense shipments under the Mutual Security Program as follows (in millions of dollars): 1951, 1,065; 1952, 1,981; January-March 1953, 869. 2General imports including imports for immediate consumption plus entries into bonded warehouses. Source.—Department of Commerce. 652 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS [Based on retail value figures] SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS [Index numbers, 1947-49 average = 100] Federal Reserve district Year or month United 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 ve d - m Ri o c n h d - l A a t n - ta c Ch a i g - o Lo St u . is M a i po n l n i e s - K C a i n t s y as Dallas F c S r i a a sc n n o - SALES i 1947 98 99 99 96 97 97 96 98 97 98 98 94 99 1948 104 102 103 104 105 103 103 104 104 104 103 105 104 1949 . . . 98 99 98 100 98 100 101 97 98 99 99 102 98 1950 105 103 101 106 105 105 109 104 104 105 108 113 105 1951 109 105 105 109 111 113 115 108 105 104 111 117 109 1952 110 104 99 109 110 116 124 106 106 104 113 124 114 SEASONALLY ADJUSTED 1952—April 103 99 96 102 104 111 '115 100 98 98 104 114 '106 M ay 108 101 96 107 103 116 127 104 102 104 112 128 118 June 111 103 98 107 112 122 138 105 111 100 114 132 114 July 105 106 95 106 105 106 120 97 99 104 114 123 110 August 114 109 102 115 113 127 131 111 110 115 119 127 116 September 106 101 95 105 105 112 121 103 104 98 108 119 114 October 115 109 105 114 116 120 126 113 114 110 113 128 118 November 113 105 98 109 113 115 128 108 106 107 117 129 128 December 115 108 101 111 117 121 130 116 113 110 120 130 119 1953—January 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 113 106 100 112 116 122 128 114 107 106 114 125 112 April P107 103 98 107 105 115 P115 108 99 96 121 110 UNADJUSTED 1952—April 103 103 94 103 104 '113 118 99 101 '100 104 114 '104 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 112 111 100 110 110 121 126 110 110 108 115 128 115 October 119 111 110 120 119 128 132 116 121 124 120 134 117 November 133 127 123 143 139 142 145 129 126 120 132 145 136 December 195 193 175 195 194 214 221 186 179 175 196 215 207 1953—January 85 84 78 82 87 83 97 82 79 74 86 101 91 February 87 80 79 85 89 89 102 84 85 80 91 101 94 March 103 95 91 106 107 109 124 101 99 93 103 117 102 April P104 101 93 103 103 111 104 100 97 P106 117 105 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—April 116 111 '110 112 111 '125 125 114 114 104 121 122 123 118 109 112 114 109 131 126 114 124 106 124 124 128 118 110 113 113 107 139 125 113 125 105 122 123 128 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 122 114 110 115 114 135 141 118 125 112 128 133 131 March... . .... 121 114 110 113 113 134 138 117 128 111 127 134 131 April P126 P118 114 115 116 139 141 123 139 114 P138 134 UNADJUSTED 1952—April 122 114 121 117 '135 132 118 122 109 127 129 129 May 120 112 115 116 111 135 127 116 124 108 126 125 132 June . 112 102 105 105 100 127 120 107 118 100 119 114 126 July 110 99 102 100 102 128 121 107 112 105 120 120 120 August 114 103 107 107 104 134 127 110 125 104 120 125 118 September . . 124 112 116 117 116 137 135 119 140 113 129 134 129 October 134 123 124 131 124 146 145 131 147 120 135 141 147 November 136 131 128 131 128 148 153 136 143 123 140 146 141 108 104 102 100 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 127 118 115 120 119 143 145 122 135 115 133 142 134 April P132 P122 119 125 122 151 148 128 148 119 P141 141 P Preliminary. r Revised. 1 Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average. NOTE.—For description and monthly indexes for back years, see BULLETIN for December 1951, pp. 1463-1515. JUNE 1953 653 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) Raitios 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 L.O 1945 average 276 604 775 277 291 2.3 3.0 5.3 L.O 1946 average 345 767 964 373 354 2.3 3.0 5.3 l.l 1947 average 365 887 588 366 364 2.5 1.7 4.3 L.O 1948 average 381 979 494 386 363 2.7 1.4 4.1 L.O 1949 average 361 925 373 358 358 2.7 1.1 3.8 L.O 1950 average 376 ,012 495 391 401 2.8 1.4 4.2 L.I 1951 average 391 ,202 460 390 379 3.2 1.3 4.4 L.O 1952 average 395 ,093 433 395 398 2.9 1.2 4.1 1.0 1952—April '376 r ,141 '295 ••393 '326 3.0 0.8 3.8 1.0 May 382 ,102 273 '343 '321 2.9 0.7 3.6 0.9 June 353 ,017 410 268 405 2.9 L.2 4.0 0.8 July 289 997 520 269 379 3.4 L.8 5.2 0.9 August 343 ,040 539 386 405 3.0 L.6 4.6 1.1 September 387 ,131 592 478 531 2.9 L.5 4.4 1.2 October. . . 448 1,230 573 547 528 2.7 L.3 4.0 1.2 November. 462 1,275 454 507 388 2.8 L.O 3.7 1.1 December. 736 1,018 358 479 383 1.4 ).4 1.9 0.7 1953—January.. , 325 1,027 452 334 428 3.2 L.4 4.6 1.0 February.. 301 L,100 455 374 377 3.7 1.5 5.2 1.2 March 381 L,169 401 450 396 3.1 L.I 4.1 1.2 373 L ,213 326 417 342 3.3 0.9 4.1 1.1 April? p Preliminary. r Revised. 1 The first three ratios are of stocks and/or orders at the end of the month to sales during the month. The final ratio is based on totals of sales and receipts for the month. 2 These figures are not estimates for all department stores in the United States. They are the actual dollar amounts reported by a group of department stores located in various cities throughout the country. In 1952, sales by these stores accounted for about 50 per cent of estimated total department store sales. 3 Receipts of goods are derived from the reported figures on sales and stocks. New orders are derived from receipts and reported figures on outstanding orders. NOTE.—For description and monthly figures for back years, see BULLETIN for October 1952, pp. 1098-1102. WEEKLY INDEX OF SALES [Weeks ending on dates shown, 1947-49 = 100] Without seasonal adjustment 1949 1950 1951 1952 1950 1951 1952 1953 July 2 82July 1. ... 91July 7 75July 5 79Jan. 7. . . .70Jan. 6 98Jan. 5 78Jan. 3. . .. 81 9 69 8 75 14.... 83 12.... 83 14... . 80 13 105 12. ... 92 10. . .. 89 16 73 15 91 21 81 19 82 21 79 20 104 19 90 17. . .. 92 23 71 22 104 28 80 26 79 28 76 27.... 96 26.... 83 24. . .. 86 30 72 29 102 31. ... 87 Aug. 6 78Aug. 5 102Aug. 4 88Aug. 2 87Feb. 4 78Feb. 3 81Feb. 2 84Feb. 7. . .. 88 13 75 12 94 11 87 9. ... 90 11 82 10 94 9 87 14. . .. 92 20 86 19 97 18 93 16 95 18 80 17 94 16.... 89 21. ... 85 27 86 26 99 25 97 23.... 100 25. . . .76 24 95 23 83 28. ... 93 30 110 Sept. 3 101Sept. 2 107Sept. 1 105Sept. 6. ...100Mar. 4 84Mar. 3 99Mar. 1 85Mar. 7. . .. 96 10 93 9. ...102 8 100 13 114 11 87 10 105 8 88 14. . .. 100 17 108 16 127 15 114 20 113 18 91 17 101 15 90 21. ... 109 24 100 23 111 22. ...111 27 112 25 96 24 105 22. ... 94 28. ... 112 30 110 29 114 31 89 29 101 Oct. 1 104Oct. 7 112Oct. 6 110Oct. 4 116Apr. 1 104Apr. 7 101Apr. 5 109Apr. 4. . .. 118 8 102 14 111 13 117 11 126 8 110 14 100 12 111 11. ... 97 15 100 21 105 20 116 18 124 15 88 21 97 19 97 18. . .. 105 22 101 28 108 27 113 25 122 22 96 28 101 26 105 25. ... 104 29 102 29 98 Nov. 5 108Nov. 4. . . 1.09Nov. 3 121Nov. 1 115May 6 104May 5 113May 3 111May 2. . .. 114 12 109 11 118 10 127 8 118 13 106 12 110 10 117 9. . .. .128 19 118 18 127 17 130 15 130 20 95 19 99 17 99 16. . .. .105 26 113 25 110 24.... 123 22 134 27 97 26 100 24 105 23. ... .112 29.... 138 31. ... 97 30 97 Dec. 3. . . .154Dec. 2 153Dec. 1. ...161Dec. 6 195June 3 90June 2 95June 7 111June 6. . .. .118 10.... 186 9. . . .191 8 . 191 13 . .223 10 104 9 108 14.... 116 13 17! 1 ! 1201 16 . 220 15. ...213 20.... 237 17. . . .104 16.... 106 21.... 98 20 24 186 23 ... 221 22. . . .228 27. ...146 24.. . .86 23... . 92 28 91 27 31 68 30 82 29 92 30 89 NOTE.—For description and weekly indexes for back years, see BULLETIN for April 1952, pp. 359-362. 654 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 CITIBS [Percentage change from corresponding period of preceding year] Federal Reserve district, Apr. Mar. Federal Reserve district, Apr. Mar. 4 Federal Reserve district, Apr. Mar. area, or city 1953 1953 1953 area, or city 1953 1953 1953 area, or city 1953 1953 1953 United States P0 +11 +4 Richmond Dist. (Gont.) Minneapolis Dist. (Cont.) Boston District 2 +8 +3 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 . . . PO + 15 +7 C M iti a e n s kato, Minn -7 +25 +3 Metropolitan Areas Richmond, Va.1 -4 + 7 +1 Great Falls, Mont -8 +8 +1 New Haven, Conn +3 +5 -3 Roanoke, Va.1 -4 +2 +7 Grand Forks, N. D -17 +14 -3 Portland, Maine +2 + 13 + 10 Charleston, W. Va.1 0 +15 +8 Duluth-Superior, C W L N it o e i o e w w r s c e e l B l s - e t L e d a r f , o w r M r d e , n a c M s e s. , a 1 s M s ass... + + 3 3 0 + + + 1 1 7 5 1 + + + 10 6 4 C S L N it p y i e e a n w s r c t p h a o b n r u b t r u N g r , g e , V w S s a , . . 1 V C a - - - 4 7 5 + + + 1 1 1 6 0 0 + + 4 4 0 Ka L n a M s C a i s r n o C n s . s i - e t W y , W i D se i i . s s 1 e trict + - - 6 4 1 + + + 1 1 8 0 1 + +4 1 Downtown Boston, Mass.1 -4 +9 +2 Huntington, W. Va.1 -11 +5 -1 S P p ro ri v n i g d f e ie n l c d e , , M R. a s I s .1 -4 + + 7 6 + 0 1 Atlanta District P-1 +13 +6 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 + +6 1 + + 1 1 1 5 + + 9 3 New York District +6 -1 M B e i t r r m op in ol g i h ta a n m , A r A e l a a s . 2 1 _3 ' + 14 +5 T W o i p c e h k it a a , , K K a a n n s s + + 6 4 + + 2 1 0 0 + + 5 5 Metropolitan Areas2 Mobile, Ala 0 +37 + 18 St. Joseph, Mo +1 +7 -2 New York-Northeastern Montgomery, Ala +2 + 15 +8 Omaha, Nebr +8 +10 +5 New Jersey, N.Y. & NJ. -1 +5 -2 Jacksonville, Fla.1 -10 +7 0 Oklahoma City, Okla +5 +2 New York City, N. Y.1. -2 +3 -4 Miami, Fla.1 -6 + 12 +5 Tulsa, Okla 0 +4 +4 Newark, N. J.1 0 +7 + 1 Orlando, Fla +2 + 15 +8 Buffalo, N.Y +3 +8 +4 St. Ptrsbg.-Tampa, Fla.. . +2 + 12 +6 Cities N Bu ia ff g a a lo ra C F i a t l y l , s , N N . . Y Y .1 + + 2 4 + + 8 2 + +5 3 S T t a . m P p e a te , r F sb la u . r 1 g, Fla +5 0 + + 1 1 1 4 + + 6 5 J K o a p n li s n a , s M Ci o ty, Mo + -2 2 + + 1 1 0 1 + + 4 3 S B R y o in r c a g h c h e u a s s m t e e , r t , o N n N . , . Y N Y .1 . . Y 1 - - - 1 2 3 + + + 1 1 8 4 4 + + + 4 7 1 A A Co u tl l g a u u n m s ta t b a , u , G s G , a G a .1 a - - - 2 9 8 r + + + 5 9 l +3 0 9 Da H ll u a t s c h D in is s t o r n i , c t Kans + -3 3 + +1 18 2 + +6 6 Cities Macon, Ga.1 -3 +5 + 1 A B E Po l l r m b i u d a g i g n r h e a y k p , , e o N e N r p t . . , s Y i Y C e, o N nn . . Y 1 + - - 2 3 5 0 + + + + 1 1 1 3 2 4 8 + + + + 2 4 6 3 J S N B a a a e c v w t k o a s n n o O n n R r a , l h e o M , a u n g G i s s e , a s , . L 1 L a a . . 1 1 P P + + - + 1 8 1 0 1 + + + + 2 1 1 8 5 8 0 + + + - 1 3 9 8 6 M S C D e h o a tr r l r e o l p a v p u s e o s , p l i T C o ta e r h t n x , r i . A s 1 L t r a i e , a T s ex + + + 6 7 1 + + + 2 1 9 5 3 + + + 1 9 4 5 P M h S U i e c l t t a h i r c d o e a p n e , o e lp N l c i t h t a a . i Y d n a y A , D r N e is a . t s Y rict.... - - 2 1 0 + + + 1 1 6 1 0 + + +3 3 1 C N C K R it o h a n ie s m a o s h t x e t v v a , i i n l l G l o l e e o a , , g T T a e e , n n T n n e . . 1 1 nn.1 - - - - 2 2 2 6 + + + + 2 2 2 2 4 5 1 2 + + + + 1 9 9 8 0 F W S H E a o l o a n r u P c t s o A a W t , s o n o T n t o , o , e r T n t x T h i e o , e x , x T T . e 1 e x x + + - - 3 5 9 3 + + + + + 1 1 1 1 6 6 5 0 1 + + + + 1 9o 5 2 1 Trenton, N. J +3 + 14 +8 Meridian, Miss -3 +23 + 10San Francisco District. . . +11 +6 L Ph an il c a a d s e t l e p r h , ia P , a Pa -6 0 +14 + + 4 1 Bristol, Tenn -4 +8 0 Metropolitan Areas2 Reading, Pa + 1 +7 +6Chicago District P+4 +13 +5 Phoenix, Ariz.1 +3 + 13 +7 C C M l C S A C T C Y W W e i e t P p v o o i a k y o t n i i r a e r l l n r l l r i e u o c l m k o n k t a d i m p o e n g , n i o n . o n s f , n b P n , i - d l , g e O u i B a a O t l t O t s a d D o a h i , h n , , r h n i i r i O o O , s i o e O A 1 o t h - 1 D h r r l h H i e i i o e i o c a a o 1 l t l z s 1 leton, + + + + - - - - 3 6 3 3 5 8 1 1 + + + + + + + + + + + 2 2 1 1 1 1 1 7 9 5 6 3 4 2 8 6 6 3 + + + + + + + + 1 2 4 4 2 8 5 8 0 M C F T F D D M M P G L G I e n l o e e a h e r e r t i d i a o r e r n a r i n s l t d i o c r t w e r r n s t a e i i o a p M n , i d W s a n a n g i o o , H u M a t g o o B l , R n a p k i , 1 i , a t , y i a n o e M a 1 a u c M 1 y n e e 1 l p W n h t 1 i s , . i , e i e s . 1 i 1 c , d , A 1 c W , , W i . h s s 1 h I r I I I . , o e . n 1 i i n n 1 s w s a M d d d . . s 1 a 1 . . . i 1 1 1 ch.1 P + + + + + + + + + + - 2 1 1 9 5 3 2 5 3 2 6 3 5 0 j c ' + + + + + + r + + + + + + + 1 1 1 3 2 4 1 1 1 1 6 2 7 9 7 7 0 7 3 1 7 7 8 + + + + + + + + + + + 3 1 1 1 1 1 3 7 3 0 C 4 1 1 0 2 3 0 L F S S S R S S O L P a a r a o i e n D D v n n W c a a a o s a s a e n r n s n k o o A n F a D r r a e t g l w w F o s d m a r d s n a i i a , i r t e n n e g d n B e s n a n M g n d C e t e t i n n o e . o o d o l a - - t a a , c o e w B e w , O , o a c l i s n C i s , C e n , h n L n C f a i c a r . c , d C k a C . 1 a o k l a L O i l l A l C a , e a , i i f a . f S f a l l C l a . n i . C A e i k , f 1 a l f d a y . i a l . C n . 1 f , l 1 a , , l . i i n a 1 f C C f C B . l d 1 i a a a , e f l l l . r i i i 1 f f f - . . . . . 1 1 1 P P- + + + + + + + - 3 P 6 2 2 4 4 6 3 1 0 0 0 + + + + + + + + + + + + + 2 1 1 1 1 1 1 1 8 8 6 7 6 2 0 1 3 0 2 2 2 + + + + + + + + + + 1 2 5 4 5 6 6 8 6 6 0 0 5 W Y Er o h ie u e , n e g l P i s n a t g . o 1 , w W n, . O V h a i . o 1 x + - 1 1 0 + + + 2 2 1 6 0 0 +2 S M t. e L tr o o u po is l i D ta i n s t A r r i e c a t s PO +10 +3 S V an a C l J le a o j l s o if e , . , 1 C C a a li l f if.1 - + 1 -2 0 3 + + 1 1 4 6 0 + + -8 5 8 R C M i A W C C G W R C P P B c i e t D o h i o h a s l r a i i t t a e e e h l r l a l r n m o t e s v u t e t s s e o r s w i s h i n e m l b v m p o t g m e i l o v n i u o h n a n s b l o n i t o r l l n t , g l d i o e r i g o - l a u d t t e S , e N w h n a o , t , , , D a h N , , n n n . S l M O S , , i e S P C . . A s W . m h O D . d t a C C . r C i 1 r . C a . e , h o . . . 1 1 i . 1 s a 1 1 i c . 1 N C h o 1 s t 2 . 1 . . , 1 C D . . 1 C . . . P v + - + + + + - - - - - - 1 2 1 1 6 8 3 6 2 6 3 2 5 0 + + + + + + + + + + + + + 1 3 1 1 1 1 1 2 4 7 5 9 1 6 4 6 8 2 1 3 + + + + + + + + + + - 2 1 3 3 4 7 5 9 7 0 1 0 1 1 1 M C M S S S Q M L F L M i E i n e t i p t o o i v u y o t . p e S n t M r r u r a i t u i m l o L t n t l e n i n s x . e i s p c a o g - s n p S v P y S o v p u f F n h R m i i , a l t i l i e o e a i i . l l s o u s t i e l l a 1 l l , a t c , d e l l P 1 , i p h s k n s , , M 1 T a o C , , K , u I l D M e S A A i o i n A y l t n s , . y r i d r . o n s C r e 1 k , D M k t . a 1 i M r . s t i 1 i y 2 n c i . n n t M . n 1 i .1 n . n . . . 1 P P + + + - - - - - - _ - - 1 4 5 2 2 5 5 3 3 P 2 2 2 5 O + + + + + + + + + + + + + 3 2 1 1 1 1 1 1 1 1 1 2 5 9 2 8 5 0 9 7 3 2 2 3 + + + + + + + + 2 4 4 1 2 0 2 5 1 0 0 0 0 C S S T S W S T T Y P B B I B E i d t p e a t a o w u o v a e i a o a a a e l o c r k c i l k e t i h c l s l s t t o k s e n l r i i t l e k o a L o n m m l e r a a e t s g n F t n n a a o f W F , a a t h , e k n d a i , n , , a e W , a l e , d A , a W l l l W W m d W l s l O r C s a C l N , , i , a a , a a s z r a a i I s , a h C s s e W t I l s d h y m h h i d . . W h a f 1 a 1 . , . . a a . 1 . l 1 1 p h 1 1 i s h U a f o a h s o . , t 1 h a . I h 1 d a ^. h o . . . p - - - + + + - - 1 1 1 - - - 4 7 1 2 4 2 1 4 2 2 5 0 2 + + + + + + + + + + + + + + 1 1 1 1 1 1 1 1 9 9 9 7 8 3 9 2 1 1 2 7 6 5 + + + + + + + + + + + - - - 1 6 2 5 5 4 7 8 7 7 4 7 5 8 0 2 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. JUNE 1953 655 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS [Based on retail value figures] Percentage change from a year ago Number of Sales Department r s e t p o o r r e t s - d p u e r ri i o n d g ing Mar. Three 1953 months 1953 GRAND TOTAL—entire store3 365 +9 +3 MAIN STORE—total 365 +8 +3 Piece goods and household textiles 327 -1 -3 Piece goods 304 -1 -5 Silks, velvets, and synthetics 213 -5 -9 Woolen yard goods 183 +4 +4 Cotton yard goods 200 +4 Household textiles 318 -1 2 Linens and towels 290 0 0 Domestics—muslins, sheetings 267 -3 c Blankets, comforters, and spreads 256 -2 0 Small wares 350 +5 +2 Laces, trimmings, embroideries, and ribbons . . 206 +2 -2 Notions 249 +3 -2 Toilet articles, drug sundries 334 +2 +2 Silverware and jewelry 328 +6 Silverware and clocks4 222 + 1 Costume jewelry4 291 + 12 Fine jewelry and watches4 92 —4 Art needlework 244 -4 Books and stationery 286 + 13 Books and magazines 134 +4 Stationery 251 +20 Women's and misses' apparel and accessories 362 + 12 Women's and misses' ready-to-wear accessories. 362 + 14 Neckware and scarfs 322 +20 Handkerchiefs 290 + 12 Millinery 166 + 18 Women's and children's gloves 337 +15 Corsets and brassieres 350 + 13 Women's and children's hosiery 352 + 1 Underwear, slips, and negligees 356 +6 Knit underwear 259 +9 Silk and muslin underwear, and slips 306 +6 Negligees, robes, and lounging apparel.... 276 +5 Infants' wear 343 + 16 Handbags, and small leather goods 345 +17 Women's and children's shoes 257 +20 Children's shoes4 225 -\-33 Women's shoes* 236 + 16 Women's and misses' ready-to-wear apparel... 360 + 11 Women's and misses' coats and suits 352 + 10 Coats* 240 +8 Suits* 233 + 11 Juniors' and girls' wear 331 + 18 Juniors' coats, suits, and dresses 289 +13 Girls' wear 329 +23 Women's and misses' dresses 354 +9 Inexpensive dresses* 277 + 10 Better dresses* 287 +8 Blouses, skirts, and sportswear 354 + 13 Aprons, housedresses, and uniforms 303 +8 Furs 270 -4 Men's and boys' wear 344 +12 Men's clothing 277 +5 Men's furnishings and hats 328 +9 Boys' wear 318 +28 Men's and boys' shoes and slippers 207 + 10 + 1 + 1 ot oO 00 »- Ratio of Index numbers stocks to without seasonal adjustment, sales1 1941 average monthly sales =1002 ( S e t n o d ck o s f March Sales during Stocks at end month) period of month 1953 1952 1953 1952 Mar. 1953 1953 1952 Mar. Feb. Mar. Mar. Feb. Mar. +4 3.2 3.4 +4 3.4 3.6 211 166 194 737 684 714 +3 4.3 4.2 163 147 165 709 687 697 -1 3.1 3.2 229 188 231 718 723 736 -3 3.0 2.9 245 158 257 731 603 752 -6 3.4 3.9 213 187 205 747 755 768 +4 3.0 3.0 278 215 268 838 797 819 +5 5.4 5.1 131 127 133 713 667 682 0 5.8 5.8 123 121 123 714 681 721 +7 5.0 4.6 149 138 153 746 844 694 + 11 5.6 4.9 124 123 127 688 662 626 +5 4.3 4.3 167 156 159 715 671 687 +5 3.7 3.6 239 161 234 892 754 856 +7 4.3 4.1 215 172 210 921 822 872 +6 3.9 3.8 147 143 144 577 549 551 0 5.7 6.0 158 144 149 902 837 902 -2 8.1 8.4 +4 3.3 3.6 10 9 10 7 -3 +2 5.1 4.8 137 147 142 700 643 689 +9 + 11 3.6 3.7 187 186 164 673 627 612 +5 +9 2.9 2.8 185 173 178 537 448 489 + 12 + 10 3.9 4.3 180 180 149 706 680 644 +6 +7 2.4 2.6 247 169 220 605 574 571 +6 +8 3.0 3.2 233 163 205 702 653 656 + 13 + 10 2.2 2.4 333 243 278 726 644 669 +2 4.4 5.1 106 109 94 475 429- 476 +8 -7 0.9 1. 1 286 144 243 249 244 272 +5 + 1 3.5 4.0 173 104 150 611 556 602 +9 +13 3.0 3.0 300 238 265 911 863 810 -2 +8 2.6 2.4 144 123 143 368 344 339 +3 +8 3.6 3.6 181 155 170 654 574 609 +4 + 14 3.8 3.6 237 198 218 899 746 794 +1 +4 3.8 3.8 164 135 156 618 536 597 +3 +8 2.8 2.7 168 152 161 472 410 446 +6 + 10 2.7 2.8 335 218 287 894 858 822 +9 +6 2.4 2.7 215 138 184 524 464 498 + 11 +8 4.2 4.6 286 176 238 1,191 1,161 1,119 + 18 +5 3.3 4.2 +9 +8 4 4 4 7 +5 +6 1.9 2.0 262 176 235 506 492 483 +4 +2 1.4 1.4 322 204 293 438 495 437 +3 +2 1.3 1.4 +6 +3 1 4 1 6 + 10 +5 1.5 1.7 377 195 321 584 605 558 +7 +3 1.3 1.4 351 195 312 460 464 442 +14 +7 1.8 2.0 423 205 345 753 806 713 +2 +2 1.8 1.9 229 163 210 402 380 399 +3 1.4 1.5 +2 2 1 2 2 +8 + 13 2.8 2.8 266 209 236 736 653 656 +5 + 11 2.4 2.4 197 169 181 477 411 430 -9 +3 5.3 4.9 81 78 84 427 409 422 +5 +4 4.7 5.1 179 131 160 847 771 819 +1 -2 5.3 5.6 180 137 171 951 871 972 +5 +6 5.2 5.3 143 126 131 740 652 698 + 16 +9 3.1 3.6 282 134 220 867 817 798 +6 + 11 6.1 6.0 183 136 167 1,108 1,004 1,020 For footnotes see following page. 656 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS—Continued [Based on retail value figures] Percentage Ratio of Index numbers change from a stocks to without seasonal adjustment, year ago sales1 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 t k o h s f ) March 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 Mar. Three Mar. 1953 1952 1953 1952 1953 m 1 o 9 n 5 th 3 s 1953 1953 1952 Mar. Feb. Mar. Mar. Feb. Mar. Homefurnishings 330 +3 +1 4.6 4.7 208 196 201 965 880 956 Furniture and bedding 258 +4 +2 +5 4.7 4.7 199 232 191 941 844 905 Mattresses, springs, and studio beds4 183 +4 +5 +9 2.5 2.4 Upholstered and other furniture4 193 +4 + 1 +4 5.4 5.4 Domestic floor coverings 293 -1 -2 -2 5.4 5.5 169 174 171 928 894 943 Rugs and carpets4 166 + 1 -1 + 1 5.7 5.7 Linoleum 4 89 -13 -15 4.1 3.9 Draperies, curtains, and upholstery 312 +1 -2 +6 4.7 4.4 203 161 201 942 860 896 Lamps and shades 264 -1 -3 +8 4.7 4.3 170 165 171 802 728 758 China and glassware 262 +3 2 +2 7.9 8.0 156 149 151 1,238 1,199 1,215 M Ho a u jo se r w h a o r u e s s e h (i o n l c d l u a d p i p n l g ic s a m nc a e ll s appliances) 2 31 4 1 0 + + 9 7 +6 - + 15 3 3 4 . . 1 2 3 4 . . 9 3 2 2 2 7 6 7 2 1 1 7 5 4 2 2 5 0 9 7 1,1 6 6 9 0 0 1,0 6 2 1 0 8 1,1 8 2 2 3 6 Gift shop4 192 +6 +2 +8 6.4 6.3 0 Ra R R di e a o c d s o i , o r d s p , s h , p o s h n h o o e n g e o r t a g p m ra h u p s s , h ic s te , , l a t e e n v l d i e s v i i o i n s n s i , o t r n r u e 4 m co e r n ds ts , 4 etc.4.. 2 1 1 3 7 2 6 5 0 - - 6 3 0 - - 5 7 c - - - 3 1 1 4 3 3. . . 0 3 9 4 3 2 . . . 9 9 3 Miscellaneous merchandise departments.... 333 +9 +2 +3 3.4 3.6 185 147 171 626 579 623 Toys, games, sporting goods, cameras 312 +17 + 13 +6 6.3 6.9 134 88 115 841 770 787 Toys and games 256 +21 + 13 5.9 6.4 117 68 96 690 619 616 Sporting goods and cameras 156 + 12 +11 6.7 7.3 122 92 110 815 745 790 Luggage 2 1 8 8 0 9 + + 4 1 0 + - 1 2 3 - + 16 5 5 1 . . 7 0 5 1 . . 5 6 154 143 152 880 828 835 Candy4 BASEMENT STORE—total 201 +10 +2 +4 2.2 2.4 222 149 202 497 472 481 141 +1 + 11 3.4 3.1 Domestics and blankets4 193 +11 +3 +4 1.6 1.7 241 152 216 393 381 381 Women's and misses' ready-to-wear 167 +6 +2 + 1 2.4 2.4 Intimate apparel4 124 0 -1 +3 2.0 1.9 Hosiery4 123 +8 +3 +5 2.6 2.6 Underwear, corsets and brassieres4 179 + 11 +5 0 0.9 1.0 Coats and suits4 178 + 13 -2 1.1 1.3 Dresses4 157 + 11 +5 + 16 2.2 2.1 Blouses, skirts, and sportswear4 128 +26 + 17 + 11 1.4 1.6 Girls' wear4 125 + 18 +8 +5 2.1 2.3 Infants' wear4 119 -6 -9 +8 2.3 2.0 Aprons, housedresses, uniforms4 Men's and boys' wear 168 +13 +5 +8 2.8 2.9 233 151 206 652 600 602 Men's wear4 155 +5 + 1 +9 3.2 3.1 M M e e n n ' ' s s f c u lo rn th is i h n i g n 4 gs4 1 1 0 2 6 4 + + 4 7 + 1 +6 2 3. . 5 8 2 3. . 3 8 + 12 Boys' wear4 124 +35 + 19 1.9 2.4 +4 Homefurnishings 106 -1 -6 3.2 3.3 180 149 183 574 550 594 Shoes 122 +17 +6 -4 3.6 4.1 190 112 162 676 621 656 NONMERGHANDISE—total4 190 +8 +2 +2 (6) (6) Barber and beauty shop4 83 +4 -1 (s) JThe 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. 656. 4Index numbers of sales and stocks for this department are not available for publication separately; the department, however, is included in group and total indexes. 6Data 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. JUNE 1953 657 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES CONSUMER PRICES [Bureau of Labor Statistics index for city wage-earner and clerical-worker families. 1947-49 = 100] Housing Read- Other Y m e o a n r t o h r it A em ll s Foods Total Rent s O he th lt e e r r* e a G l n e a c d s - S f a u o n e l d l i s d H fu i o s r u h n s - - e- H o h p o o e u l r s d a e - - p A a p re - l T p t r o i a o r n t n a s - - M c ic a e a r d e l - s P c o a e n r r a e - l re t a i c i n n o r g e d n a- g s a i o e c n o r e v d d s - s tricity fuel oil ings tion 1929 73.3 65.6 117.4 60.3 1933 55.3 41.6 83.6 45.9 1941 62.9 52.2 88.4 55.6 1942 69.7 61.3 90 4 64.9 1943 74.0 68.3 90.3 67.8 1944 75.2 67.4 90.6 72.6 1945 76.9 68.9 90.9 76.3 1946 83.4 79.0 91.4 83.7 1947 95.5 95.9 95.0 94.4 97.6 88.8 97.2 97.2 97.1 90.6 94.9 97.6 95.5 96.1 1948 102.8 104.1 101.7 100.7 100.0 104.4 103.2 102.6 103.5 100.9 100.9 101.3 100.4 100.5 1949 101.8 100.0 103.3 105.0 102.5 106.8 99.6 100.1 99.4 108.5 104.1 101.1 104.1 103.4 1950 102.8 101.2 106.1 108.8 102.7 110.5 100.3 101.2 98.1 111.3 106.0 101.1 103.4 105.2 1951 111.0 112.6 112.4 113.1 103.1 116.4 111.2 109.0 106.9 118.4 111.1 110.5 106.5 109.7 1952.... 113.5 114.6 114.6 117.9 104.5 118.7 108.5 111.8 105.8 126.2 117.3 111.8 107.0 115.4 1952—Apr.... 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 Apr.... 113.7 111.5 117.0 122.1 106.5 123.6 107.8 114.3 104.6 129 A 120.2 112.5 107.9 117.9 1 Indexes for January 1953 and subsequent months will be published later. NOTE.—Revised indexes, reflecting beginning January 1953 the inclusion of new series (i. e. home purchases and used autombiles) and revised weights. Prior to January 1953 indexes are based on the "interim adjusted" and "old" indexes, converted to the base 1947-49 =100. Source.—Bureau of Labor Statistics, Department of Labor. WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics, 1947-49 =100] Other commodities Y m e o a n r t o h r m c t A o o ie m l d s l i - - F p u r a c o r t m d s - f P e o s r o s o e d c d s - Total p p T u a a t r a i c e n p o r l t x e d d - e s - l - l H e s p u a a k r i n t c i o d h n t d d e s e s s - , r , p l t F i e o m a i g u r n w n h i a e g d a e - l t l , - r s , C a p i u a l h c r l c n o a e i t e d l d m s s d - - p R u a b r u c n o e t b d r d s - - L p w u a b r u o c n o e m o t d r d s d - - p p a P u a a l r u l c n p o i l t e e d d p s d r - , , M m p u a r e e c n o t t t d a d a s l - l s p c u M m t a e r h i c n r o v i o a t d y n d e s - - - - h F d o h t b a o u u t u o l n h u r r e r l d e n a s e d s e r - i- -e s N t t r m t m a u a r o l l i r u e l s n a n i c - — c - l - - b m b e t o b f a T u r a a t a e a n c r t o c n v g l e d c - - e u - e s o d s - n c M e el o i l s u a - - s 1947 96.4 100.0 98.2 95.3 100.1 101.0 90.9 101.4 99.0 93.7 98.6 91.3 92.5 95.6 93.9 98.0 100.8 1948 104.4 107.3 106.1 103.4 104.4 102.1 107.1 103.8 102.1 107.2 102.9 103.9 100.9 101.4 101.7 100.4 103.1 1949 99.2 92.8 95.7 101.3 95.5 96.9 101.9 94.8 98.9 99.2 98.5 104.8 106.6 103.1 104.4 101.6 96.1 1950 103.1 97.5 99.8 105.0 99.2 104.6 103.0 96.3 120.5 113.9 100.9 110.3 108.6 105.3 106.9 102.4 96.6 1951 114.8 113.4 111.4 115.9 110.6 120.3 106.7 110.0 148.0 123.9 119.6 122.8 119.0 114.1 113.6 108.1 104.9 1952 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 April 111.8 108.7 108.0 113.3 99.9 94.1 106.3 104.8 140.6 120.9 117.4 122.5 121.6 112.1 112.8 110.8 109.5 May 111.6 107.9 108.6 113.0 99.3 94.7 106.0 104.3 140.4 120.7 116.9 121.8 121.6 111.7 112.9 110.8 108.4 111.2 107.2 108.5 112.6 99.0 95.9 105.9 104.3 133.4 119.9 116.7 121.1 121.3 111.6 113.8 110.8 108.1 July 111.8 110.2 110.0 112.5 98.9 96.2 106.0 104.2 130.0 120.2 115.3 121.9 121.4 111.6 113.8 110.8 105.5 112.2 109.9 110.5 113.0 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 96.5 106.2 104.0 126.3 120.4 115.6 124.6 121.5 112.0 113.8 110.8 108.3 111.1 104.9 108.5 113.0 99.2 96.7 106.6 103.9 126.0 120.2 115.5 124.1 121.3 112.0 114.4 110.8 108.4 110.7 103.6 107.7 112.8 98.6 97.6 106.7 103.5 126.4 119.7 115.5 123.9 121.4 112.1 114.5 110.8 105.7 December 109.6 99.2 104.3 112.9 98.2 99.0 107.2 103.3 127.7 119.7 115.9 124.0 121.4 112.3 114.6 110.8 105.1 1953 109.9 99.6 105.5 113.1 98.8 97.3 107.8 103.6 127.3 120.5 115.8 124.0 121.5 112.7 114.6 112.2 103.0 109.6 97.9 105.2 113.1 98.5 98.0 108.1 103.6 126.2 121.1 115.3 124.6 121.6 112.9 114.6 111.9 101.2 Inarch »"110.0 »-99.8 »-104.1 113.4 r97.5 98.1 r108.4 104.2 125.7 121.7 '115.1 125.5 121.8 113.1 115.1 114.8 101.7 April 109.4 97.3 103.2 113.2 97.4 97.9 107.4 105.5 124.8 122.2 115.3 125.0 122.0 113.9 116.8 114.9 98.5 p Revised. Source.—Bureau of Labor Statistics, Department of Labor. Back figures.—See BULLETIN for March 1952, pp. 311-313. 658 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES—Continued WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Index numbers of the Bureau of Labor Statistics, 1947-49 =100]- 1952 1953 1953 Subgroup Subgroup Apr. Feb. Mar. Apr. Apr. Feb. Alar. Apr. Farm Products: Pulp, Paper and Allied Products- Continued Fresh and dried produce 127.3 102.2 '105.8 106.9 Grains 100.9 93.1 94.7 93.8 Converted paper and paperboard. 115.0 111.5 •111.1 111.4 Livestock and poultry 106.6 91.2 91.7 87.5 Building paper and board 113.8 118.2 118.2 118.2 Plant and animal fibers 119.6 102.7 104.6 103.4 Fluid milk 108.1 103.0 '100.5 96.7 Metals and Metal Products: 81.7 89.1 100.6 102.5 Hay and seeds 95.5 94.9 97.5 95.3 Iron and steel 123.0 127.5 127.7 127.7 Other farm products. 136.7 134.5 142.5 137.1 Nonferrous metals 124.8 124.4 131.5 128.2 Metal containers 120.5 125.3 125.3 126.5 Processed Foods: Hardware 126.9 125.9 126.2 127.9 Plumbing equipment 116.3 114.3 114.3 113.8 Cereal and bakery products 107.4 107.6 108.9 109.2 Heating equipment 113.9 113.9 113.9 113.8 Meats, poultry, and fish 109.4 98.2 '91.2 89.2 Fabricated structural metal prod- Dairy products and ice cream 112.2 110.9 109.7 108.5 ucts 115.4 113.9 113.6 113.6 Canned, frozen fruits, and vegeta- Fabricated nonstructural metal bles 104.6 105.5 105.1 104.4 products 124.4 126.7 122.2 122.8 Sugar and confectionery 109.4 108.0 109.6 109.7 Packaged beverage materials.... 161.9 161.9 168.9 168.1 Machinery and Motive Products: Other processed foods 107.8 114.4 120.9 120.5 Agricultural machinery and equip- Textile Products and Apparel: ment 121.6 121.8 Construction machinery and equip- Cotton products 98.6 96.1 93.1 92.9 ment 124.9 126.2 '127.1 128.6 Wool products 109.2 111.5 111.9 111.3 Metal working machinery 127.9 129.0 129.1 129.8 Synthetic textiles 86.7 88.3 87.9 88.0 General purpose machinery and Silk products 128.4 141.4 141.4 131.6 equipment 123.1 122.0 122.1 123.6 Apparel 101.2 99.9 r99.6 99.9 Miscellaneous machinery 119.3 120.1 120.3 120.6 Other textile products. 110.0 83.5 82.5 Electrical machinery and equipment 120.9 119.7 '119.9 121.3 Hides, Skins, and Leather Products: Motor vehicles 119.7 119.9 120.0 118.9 Hides and skins 49.7 66.5 r(A. 8 66.4 Furniture and Other Household Dura- Leather 84.4 91.9 93.5 92.7 bles: Footwear 112.9 112.1 112.1 111.5 Other leather products. 100.2 99.0 '99.0 99.3 Household furniture 113.4 113.4 "113.6 113.8 Commercial furniture 123.0 123.2 123.2 123.2 Fuel, Power, and Lighting Materials: Floor covering , 126.8 124.1 124.1 124.2 Household appliances , 107.8 107.4 •107.9 108.0 Coal 104.9 115.9 '114.4 111.2 Radio 91.7 95.5 95.5 94.9 Coke 124.3 131.8 131.8 131.8 Television 75.7 75.6 »74.9 74.9 Gas 106.6 109.5 109.5 109.5 Other household durable goods 117.7 121.7 121.8 125.4 Electricity 99.1 100.7 100.7 98.0 Petroleum and products 109.5 107.9 109.0 109.3 Nonmetallic Minerals—Structural: Chemicals and Allied Products: Flat glass 114.4 114.4 •116.4 116.4 Concrete ingredients 112.9 113.1 113.8 117.6 Industrial chemicals 116.8 113.1 113.9 117.0 Concrete products 112.4 112.8 112.8 114.2 Paint and paint materials 108.0 105.9 106.0 106.0 Structural clay products 121.3 124.0 •124.3 124.6 Drugs, Pharmaceuticals, cosmetics 92.7 91.4 91.6 93.0 Gypsum products 117.7 117.7 118.3 122.1 Fats and oils, inedible 42.6 52.7 59.0 55.9 Prepared asphalt roofing 98.6 106.0 106.0 106.0 Mixed fertilizers 108.6 110.8 110.7 110.7 Other nonmetallic minerals 111.9 115.3 115.3 115.3 Fertilizer materials 109.8 112.7 112.8 113.2 Other chemicals and products 103.0 102.9 102.9 103.1 Tobacco Manufactures and Bottled Beverages: Rubber and Products: Cigarettes 107.3 112.0 124.0 124.0 Crude rubber 182.7 129.4 126.6 122.3 Cigars 98.0 102.9 102.9 102.9 Tires and tubes 133.0 126.3 126.3 126.3 Other tobacco products 114.8 120.3 122.4 121.5 Other rubber products. . 128.2 124.3 124.3 124.2 Alcoholic beverages 111.2 110.1 110.0 110.0 Nonalcoholic beverages 119.7 119.8 119.8 119.8 Lumber and Wood Products: Miscellaneous: Lumber.. 121.3 120.3 120.9 121.5 Millwork. 126.4 131.9 131.9 132.0 Toys, sporting goods, small arms. . 113.5 112.8 112.9 113.7 Plywood. 105.6 110.9 112.0 112.0 Manufactured animal feeds 110.2 94.4 95.0 88.7 Notions and accessories 96.1 92.9 94.3 93.2 Pulp, Paper, and Allied Products: Jewelry, watches, photo equipment 101.0 101.0 •101.8 101.8 Other miscellaneous 121 .0 121.2 121.0 121.1 Woodpulp... 113.3 108.8 108.8 108.8 Wastepaper. 70.0 83.8 83.8 88.3 Paper 123.5 124.9 124.9 124.9 Paperboard.. 130.3 123.5 123.4 123.1 pRevised. Source.—Bureau of Labor Statistics, Department of Labor. Back figures.—See BULLETIN for March 1952, pp. 311-313. JUNE 1953 659 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME [Estimates of the Department of Commerce, iti billions of dollars] RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING Seasonally adjusted annual rates 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 Leas: 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 29.6 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 S B t u a s t i i n st e i s c s a l t ra d n is s c fe re r p p an ay cy ments -.1 .6 1. . 2 7 1. . 6 5 . . 7 3 -3.2 .7 .2 g -.7 g 1.4 9 -.2 .9 -1.6 .9 1. . 8 9 -1.3 .9 . . 1 9 n. . a 9 . 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 8.6 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 g 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 82.3 165.6 177.9 180.6 194.3 208.0 216.3 213.2 214.9 215 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 20.5 19.5 NATIONAL INCOME, BY DISTRIBUTIVE SHARES Seasonally adjusted annual rates Annual totals by quarters 1952 1953 1929 1933 1941 1947 1948 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 64.3 128.0 140.2 139.9 153.4 178.9 190.4 186.5 186.9 190.3 197.9 201.6 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 51.5 104.8 115.7 113.0 123.4 141.2 148.7 145.8 145.6 148.3 155.3 158.7 Military .3 .3 1.9 4.1 4.0 4.2 5.0 8.6 n.a. 10.0 10.2 10 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 9.6 9.8 Proprietors' and rental income 8... 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 10.0 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 Corporate profits before tax 9.8 .2 17.2 30.5 33.8 27.1 39.6 42.9 39.7 42.7 38.2 37.2 4O.3 n.a. Corporate profits tax liability.... 1.4 .5 7.8 11.9 13.0 10.8 18.4 24.2 21.8 23 21.0 20.4 22.1 n.a. Corporate profits after tax 8.4 -.4 9.4 18.5 20.7 16.3 21.2 18.7 17.9 19 17.2 16.8 18.2 n.a. Inventory valuation adjustment .5 -2.1 -2.6 -5.8 -2.1 2.1 -4.8 -1.3 .8 1.7 .6 1.2 -.5 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. 1 Less than 50 million dollars. 2 Includes employee contributions to social insurance funds. 3 Includes noncorporate inventory valuation adjustment. NOTE.—Details may not add to totals because of rounding. Source.—Department of Commerce. 660 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued [Estimates of the Department of Commerce, in billions of dollars] GROSS NATIONAL PRODUCT OR EXPENDITURE Annual totals Seasonally b a y d j q u u st a e r d t er a s nnual rates 1952 1953 1929 1933 1941 1947 1948 1949 1950 1951 1952 1 2 3 4 1 Gross national product 103 8 55 8 126 A 233.3 259.0 258.2 284.2 329 2 346.1 339.7 342.6 343.0 359.0 361 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 33.5 50.3 58.5 52.1 50.0 49.3 51.7 57.3 54.4 New construction * 7.8 1.1 6.8 13.9 17.7 17.2 22.9 23.3 23.5 23.7 23.6 23.0 23.7 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 9.1 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 7 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 5.5 10.3 3.1 .6 .1 3.7 8.1 1.7 Nonfarm only 1 8 < •? 3 4 1 4 3 7 — 1 6 4 6 9 4 2 4 — l — 8 3 0 7.5 1 l Net foreign investment g 2 1 1 8 9 1 9 .5 -2 3 2 .0 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 Federal 1 3 2 0 16 9 15 8 21 0 25 4 22 2 40 9 54.4 51.2 54 9 54.8 56.6 57.5 13.8 13.3 16.1 19.3 18.5 37.1 49.2 46.4 50.3 49.6 50.4 51.2 O N t a h ti e o r nal security }l.3 2.0 3.2 3.8 5.6 6.6 3.9 4.2 5.6 5.2 5.1 5.6 6.5 6.5 Less: Government sales 2 m (3) (8) 1 3 6 4 2 4 .4 .4 4 .4 3 .3 State and local . . .. 5.9 7.8 12.8 15.6 18.2 19.7 21.7 23.4 23.2 23.0 23.1 24.0 25.0 7.2 PERSONAL INCOME [Seasonally adjusted monthly totals at annual rates] Wages and salaries 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 n m r i u i i n d t e c - y - s - sal D a i r u n t i y r s t d i i t u e v r d s i s e i b - s - bu S r i e s n t e r r d v i m e u ic s s e e - nts m G er o e n n v - t - in O l c a t o b h m o e r r e5 i p n r r e c P a i o n e n ro m t t d a o - l e r 6 s' i i n n d s D p t a c o e e n i e o n n r v r d m d a e - i l - s s e t m T p r e f a a e n y n r t - s s - 7 p b c i e s a u o n L o r n f t s n s o c i e c u o o t i r s e r a r n n s i 8 - l a - s l i a n g N t c u r o o i r c m a n u l - l e - 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 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—Tanuary 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 282.8 189.9 193.5 87.1 50.5 22.5 33.4 4.7 53.0 21.7 13.8 3.9 263.3 April? 283.1 190.9 194.6 87.8 50.6 22.7 33.5 4.8 52.2 21.8 13.6 3.9 264.2 p Preliminary. 1 Includes construction expenditures for crude petroleum and natural gas drilling. 2 Consists of sales abroad and domestic sales of surplus consumption goods and materials. 3 Less than 50 million dollars. 4 Total wage and salary receipts, as included in "Personal income," is equal to total disbursements less employee contributions to social insurance. Such contributions are not available by industries. 5 Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments. 6 Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory valuation adjustment. 7 Includes government social insurance benefits, direct relief, mustering out pay, veterans1 readjustment allowances and other payments, as well as consumer bad debts and other business transfers. 8 Prior to 1952 includes employee contributions only; beginning January 1952. includes also contributions to the old-age and survivors' insurance program of the self-employed to whom coverage was extended under the Social Security Act Amendments of 1950. Personal contributions are not included in personal income. 9 Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents agricultural net interest, and net dividends paid by agricultural corporations. NOTE.—Details may not add to totals because of rounding. Source.—Department of Commerce. JUNE 1953 661 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTIC PAGE International capital transactions of the United States 664-669 Gold production 669 Reported gold reserves of central banks and governments 670 Gold movements; gold stock of the United States 671 International Monetary Fund and Bank 672 Central Banks 672-676 Money rates in foreign countries 677 Commercial banks 678 Foreign exchange rates 679 Price movements in principal countries: Wholesale prices 680 Consumers' price indexes 681 Security prices 681 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. JUNE 1953 663 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.1 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 2 F o o t r h e e ig r n I t n io te n r a n l a 3 - a b b f a u r n o n k a d i d n s * g In f f o u fl r n o e d w ig s n 4 of o R f f u e n U t d u . s r n 4 S. b b r a o l k a e n r c a e g s e 1948—Dec. 31 8,569.1 6.963.9 2,126.0 2,993.6 ,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 .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 .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 .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 L.657.3 125 0 617.4 637.5 131.8 Apr. 30 10,263.6 8.829.1 3.025.5 4,164.9 .638.7 109.7 622.4 575.4 127.0 May 31 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 ,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 11,438.2 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 1,745.6 108.2 901.4 513.6 120.1 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 11,366.5 9,732.0 3,685.4 4,299.5 ,747.1 93.4 967.4 446.4 127.3 Feb. 28P 11,208.6 9,616,8 3,625.6 4,266.0 1,725.2 96.0 974.8 398.5 122.4 Mar. 31 P 11,406.1 9,831.4 3,852.9 4,293.8 1,684.7 90.4 983.5 380.1 120.7 TABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 5 [Amounts outstanding, in millions of dollars] Total foreign 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 n i m t g e - d France N la e e n r t d - h s - S la w e n r i d - tz 8 - 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 Officials private 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 1,151.8167.4 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 1,378.5254.5 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 1.455.2 1,609.6297.4 1952—Mar. 31... L,677.2 7,796.1 3.622.6 783.6 251.4 149.7 544.8 292.1 958.0 2,979.7 11,339.7 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 1,755.0316.6 May 31 . . 1.713.3 8,239.9 3,930.2 756.8 267.2 155.9 599.6 278.5 t,004.7 3,062.7 :,496.0 1,529.3 1,826.0325.9 June 30. .. L.703.4 8.337.7 4,019.7 793.4 299.2 203.0 600.8 266.81,028.9 3,192.2 1,503.0 1,517.2 1,792.0333.2 July 31... 1,786.5 8,569.7 4,325.6 849.2 344.3 241.2 617.5 291.71,058.3 3,402 1 L.540.3 1,538.0 1,757.7331.6 Aug. 31... 1,793.8 8,732.5 4,501.6 834.8 395.6 299.4 612.0 294.91,083.5 3,520.3 ,528.1 1,570.0 1,743.5370.7 Sept. 30... 1,800.9 8,905.9 4,619.4 866.5 404.0 345.1 614.3 291.91,141.4 3,663.1 ,530.1 1,580.7 1,795.1336.8 Oct. 31 ... 1,829.7 8,757.9 4,542.2 890.1 348.4 384.3 624.0 305.7 1,207.9 3,760.5 ,373.3 1,520.7 1,781.9321.5 Nov. 30... 1,765.6 8,912.5 4,670.0 976.3 337.3 343.1 627.7 326.2 1,243.1 3,853.8 L.356.5 1,561.2 1,812.9328.1 Dec. 31... 1,758.4 8,775.3 4,473.6 815.6 342.6 203.1 641.8 308.9 1,259.3 3,571.2 L.415.9 1,607.6 1,845.0335.6 1953—Jan. 31... 1,767.1 8,719.1 4,395.7 885.5 249.5 210.4 610.5 308.31,225.0 3,489.2 L.433.7 1,587.1 1,855.3353.7 Feb.28P.. 1,745.2 8,625.7 4,335.9 751.3 253.4 220.0 605.9 276.5 1,273.6 3,380.6 1,375.2 1,611.3 1,900.5358.1 Mar. 31 P.. ,704.6 8,880.9 4,563.2 749.6 258.7 229.7 635.0 304.4 1,306.1 3,483.4 1,345.2 1,682.1 2,012.3 357.8 ^Preliminary. 1 Certain of the movement figures in Table 1 have been adjusted to take account of changes in the reporting practice of banks (see BULLETIN for August 1951, p. 1030). Reported figures from banks, however, did not permit similar adjustments in Tables 2 and 3, representing outstanding amounts. Therefore changes in outstanding amounts as may be derived from Tables 2 and 3 will not always be identical with the movement of funds shown in Table 1. 2 Represents funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.), and also funds held in accounts with the U. S. Treasury. 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 3f such institutions are included in foreign securities. 6"Short-term liabilities" reported in these statistics represent principally demand deposits and U. S. Government obligations maturing in not more than one year from their date of issue, held by banking institutions in the United States. The term "foreigner" is used to designate foreign governments, central banks, and other official institutions (see footnote 2 above) as well as other banks, organizations, and individual! domiciled outside the United States, including U. S. citizens domiciled abroad and the foreign subsidiaries and offices of U. S. banks and commercial firms. (Footnote 1 above also applies to this table.) 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. 664 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] Table 2a.—Other Europe Date E O u th ro e p r e A tr u ia s- g B iu e m l- C v o z a s e k lo c i h a - - m D a en rk - l F a i n n d - m G a e n r- y Greece N w o a r y - l P an o d - t P u o g r a - l m R a u n - ia Spain S d w en e- USSR s Y la u v g i o a - ot A h l e l r1 1948—Dec 31 738 1 128.7 44.7 19.1 178.9 21.1 77.7 37.7 7.0 13.6 49.0 21.3 19.9 119 3 1949—Dec. 31. . 717.0 119.9 38.0 25.1 149.4 29.6 69.4 38.1 6.7 15.7 90.1 10.2 7.6 117.4 1950—Dec. 31. . 799.2 41.9 128.2 5 6 45.5 18.3 221 6 32.3 43.6 ' "l.l 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 A 2.5 7.1 57.9 Apr. 30. . 970.8 54.9 134.1 .7 37.6 23.8 380.2 41.9 100.5 2.1 41.6 6.1 17.7 65.3 2.4 7.6 54.2 May 31.. 1,004.7 53.1 155.0 .6 37.0 23.9 390.5 41.1 100.9 2.4 43.1 6.1 20.2 65.8 2.2 7.8 55.1 June 30. . 1,028.9 49.5 137.5 .6 34.2 21.3 453.1 41.7 94.6 2.6 40.6 6.0 18.5 68.4 2.0 10.7 47.6 July 31 1,058 3 51 9 143 5 .6 37 5 22.7 464 3 38 7 96 1 4 7 45 9 5 7 18 0 70 6 2 0 11 4 44.6 Aug. 31.. 1,083.5 60.7 142.1 .6 43.8 24.4 457.5 39.4 101.0 3.1 49.3 5.7 17.6 77.0 2.1 12.7 46.5 Sept.30. . 1,141.4 74.3 136.7 .9 51.0 25.9 486.2 39.8 104.1 2.2 51.0 5.7 20.4 77.6 5.1 14.1 46.4 Oct. 31.. 1,207.9 77.7 131.8 .5 59.6 26.7 534.3 41.2 109.6 3.6 46.7 6.0 24.4 82.8 4.8 13.0 45.3 Nov.30.. 1,243.1 84.9 140.2 .5 69.9 26.7 544.7 42.8 109.4 1.8 49.9 6.1 21.4 84.5 2.1 13.4 45.0 Dec. 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. . 1,225.0 94.9 121.3 .6 63.7 32.9 531.5 50.7 106.8 2.3 47.8 6.1 20.2 86.6 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 Mar. 31P. 1,306.1 102.3 130.6 .6 62.3 26.1 585.7 57.1 115.9 2.4 54.9 5.8 17.6 89.2 2.8 8.6 44.3 Table 2b.—Latin America Neth- Date A L m i a c t a e in r A t r i g n e a n- l B iv o ia - Brazil Chile l C o b m i o a - - Cuba p m i D R c u i a e o b n n - - - - G m u a a l t a e- M ic e o x- l I W a a n e n n d r e d d - i s e s t s Peru l p P i R c u a e b n o - - - f v S a E a d l l o - r g U u r a u y - V zu e e n l e a - A O L i m c a th a t e i e r 2 n r lic Suri- ama nam 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 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 '4i!7" 25!4' 207 1 30.2 60.2- 59.2 16 i 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 ? 34 9 47.? 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 1 39.5 62.0 81.1 21 6 94.8 141.6 113.4 Nov.30. 1,561.2 146.2 16.6 78.2 69.2 96 4 284 ? 43.5 33.2 251 0 41 9 67.0 82.4 19 9 92.8 126.2 11? 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. 1,587.1 131.7 18.9 71.9 75.7 113 4 275 9 44.9 38.5 239 3 44.5 61. 5 87.7 40 1 94.2 124.3 124.5 Feb. 28? 1,611 3 145.5 20 2 82.8 82.4 126 5 279 6 42.8 41.2 213 ? 45 4 61 Q 90 4 44 ? 97 1 103 9 H4 4 Mar. 31? 1,682.1 142.5 20 1 75.7 86.2 123 9 333 7 43.9 45.6 213 9 45.3 67.5 91.1 54 8 89.5 117.3 131.1 Tahle 2c—Asia and All Other For- Egypt Date Asia C m a h o n i d s n a a H Ko o n n g g India I n n e d s o ia - Iran IsraelJapan i P p R h p e i i - l n - e T la h n a d i- T k u ey r- O A t s h ia e 3 r o A th l e l r t A ra u l s ia - C g B o i e a n l n g - o A E a n g n g y d l p o - - S U o o n u f i t o h n Other* Main- public tian Africa land Sudan 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'ii.6 458.5 374.4 48^2 14.3 111.9 254.5 19.1 58J 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 37.8 724.8 337.2 126.5 14.2 161.5 325.9 44.7 67.5 118.3 12.4 83.1 June 30. L,792.0 76.5 65.9 58.7 176.5 21.1 30.5 730.7 333.0 126.8 20.6 151.7 333.2 49.5 72.6 117.7 10.9 82.5 July 31. 1,757.7 76.3 68.1 61.6 154.0 24.7 26.8 725.6 321.8 134.9 9.4 154.4 331.6 47.4 74.8 116.8 11.2 81.5 Aug. 31. 1,743.5 80.4 69.6 54.8 114.5 22.6 26.5 743.9 324.6 143.8 9.8 153.0 370.7 81.2 84.5 104.2 14.2 86.5 Sept. 30. L,795.1 84.7 71.4 55.2 87.3 18.3 22.1 772.6 319.7 157.9 8.8 197.2 336.8 54.1 90.4 91.7 11.8 88.7 Oct. 31 1,781.9 83.3 70.2 54.1 64.9 20.1 27.9 767.5 321.8 166.6 9.7 195.8 321.5 50.1 96.6 72.1 13.3 89.4 Nov. 30. L,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. 1,845.0 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. ,855.3 73.5 72.0 70.2 58.0 16.5 26.2 821.6 309.6 186.7 10.2 210.7 353.7 51.1 117.8 58.4 36.3 90.1 Feb. 28P ,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 Mar. 31P 2,012.3 70.6 71.4 76.3 67.3 19.3 15.2897.1 324.8 193.0 8.8 268.5 357.8 54.8 125.9 53.4 33.2 90.6 P Preliminary, 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 1950, excludes Iran, Israel, and Thailand, reported separately as of that date. 4Beginning January 1950, excludes Belgian Congo, reported separately as of that date. JUNE 1953 665 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 3.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES* [Amounts outstanding, in millions of dollars] Date Total U K d n o in i m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O ur th o e p r e E T u o ro ta p l e C a a d n a - A L i m a c t a e in r- Asia o A th l e l r 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—Tan. 31. 1,036.0 32.5 28.6 6.4 13.5 22.9 78.4 182.4 56.3 647.5 125.9 24.1 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 Mar. 31 P 1,039.0 35.8 8.2 6.9 12.9 25.3 70.9 160.2 61.3 672.5 125.5 19.6 Table 3a.—Other Europe Date E O u t r h o e p r e A tr u i s a - g B iu e m l- m 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 - t P u o g r a - l Spain S d w e e n - Y sl u av g i o a - ot A he ll r 2 1948—Dec. 31 106.3 21.4 .6 3.4 30.5 1.2 8.4 .7 2.9 1.4 6.0 29.8 1949—DeCt 3i 98 5 19.3 .4 8.2 30.0 .7 7.4 .5 7.0 2.3 (») 22.6 1950—Dec. 31 67.1 .2 21.5 3.2 2.2 25.4 .2 1 4 .5 1.6 6 9 4.0 1951—Dec> 31 111.2 (») 39.6 4.8 3.1 28.3 .2 ? •> .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 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 (8) 13.9 3.5 2.9 23.2 .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 L.8 .7 14.3 3.1 .5 3.6 66.5 11.5 2.2 2.2 25.7 .2 L.8 .6 12.5 1.9 3.4 4.4 Sept. 30 75.1 !i 11.8 3.5 2.8 27.5 .2 > 0 .6 13.5 2.2 7.3 3.7 Oct. 31 79.0 1.0 13.2 2.8 3.8 28.0 .2 L.7 .5 12.6 3.3 8.0 3.8 Nov. 30 82.7 1.0 17.7 3 3 4.0 25 4 .2 8 .6 11.8 3 0 7.9 5.8 Dec. 31 81.9 .8 16.2 2.1 5.6 26.8 .2 0 .5 11.2 2.5 8.6 5.4 1953—Jan. 31 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 Mar 31 P 70.9 .2 14.8 5.1 5.1 27.2 .3 1.5 .5 5.9 2.4 1.5 6.5 Table 3b.—Latin America Neth- Date A L m i a c t e a i r n - A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba m p i D R c l u i i a e o b c n - n - - - G m u a a l t a e- M ic e o x- I l W n S a a e d u n n r e i r d d - e s i- s s t Peru l P p a i R c u m a e b n - o a - - f v S a E a d l l o - r g U u r a u y - V zu e e n l e a - A O L ic a m t a h t i e e n * r r nam 1948—Dec. 31. . 516.6 72.4 2.7 165.4 15.2 32.6 83.1 73.8 1.5 4.4 4.6 26.0 34.7 1949—Dec. 31. . 411.1 53.6 2.3 136.9 15.5 21.1 27.5 73.0 L.3 5.8 5.3 25.6 43.1 1950—Dec. 31.. 378.8 45.9 8.7 78.0 6.8 42.5 27.6 1.9 2 6 70.6 L.3 11.0 3.1 "o\8 "i'.o 49.4 14.6 1951—Dec. 31.. 489.3 7.6 7.5 185.0 24.8 43.7 32.3 1.8 3^8 90.6 L.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 L.2 11.5 3.9 7.5 19.1 33.1 15.1 Apr. 30.. 601.1 7.8 8.6 272.2 29.1 31.5 54.7 2.9 4.1 94.4 1L.3 10.3 6.8 6.5 24.9 32.2 13.7 May 31.. 652.2 7.4 9.7 320.7 27.5 34.3 55.9 2.4 3.7 90.8 L.I 11.6 6.0 5.3 27.9 34.2 13.8 June 30.. 669.6 8.2 8.4 358.3 26.1 35.0 51.8 2.2 4.1 78.0 L.2 10.9 5.9 5.4 30.5 32.1 11.5 July 31.. 700.1 7.2 8.7 392.6 27.0 34.5 52.5 L.9 3.7 71.2 L.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 L.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 L.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 .6 3.2 88.4 L.2 11.7 4.4 7.1 14.3 33.1 13.9 Nov. 30.. 641.8 9.3 6.0 354.5 20.5 36.0 30.6 .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 .6 4.2 88.6 1L.3 14.8 6.5 9.1 14.3 36.7 13.7 1953—Jan. 31.. 647.5 7.4 6.5 353.2 23.4 36.4 26.5 1.8 4.4 94.2 1.4 15.7 5.7 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 Mar.31P. 672.5 7.1 13.4 370.4 19.0 37.8 37.8 2.9 4.4 96.1 2.1 14.7 4.2 4.9 7.3 35.7 14.8 p Preliminary. 1 See footnote 1, p. 664. 2 Beginning January 1950, excludes Austria, reported separately as of that date. 3 Less than $50,000. * Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date. 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 s d 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 i - a C g B o i n e a g l n - o A E t a n i g n a g y d n l p o - - A S U f o r o n u i i f c t o a h n Other 2 land Sudan 194g—]}eCi 3i # 118.8 24 2 3.4 20.4 1.9 15.9 37.3 1 4 14 3 19 7 4 7 .4 7.9 6.8 1949—Dec. 31.. 139.7 16.6 3.7 17.4 .2 14.1 23.2 14.3 50.3 20.4 7.9 .2 4.5 7.7 1950—Dec. 31.. 96.3 18.2 3.0 16.2 .2 "6.6 18.9 12.1 4.9 i.5 .9 13.9 60 0 40 8 i!4 .3 7 3 7 2 1951—Dec. 31.. 162.4 10.1 3.1 13.4 .3 9.3 30.0 12.2 29.3 2.5 .6 51.6 41.9 22.8 5.7 .2 6.7 6.5 1952—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. 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 21.2 18.7 6.4 6.6 .8 2.1 2.8 Mar. 31 P 125 5 9 4 2 0 4 0 .6 10 9 25.2 17 0 10 0 6 1 18 6 21 6 19 6 7 0 6 5 .3 2.7 3.1 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 stocks5 Net Total Total purchases Year or month Purchases Sales pur N ch e a t ses Purchases Sales pur N ch e a t ses purchases sales s d e o c m u o r e f i s ti t e ic s 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 1952—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 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—Tanuary 42.6 14.9 27.7 81.8 75.6 6.2 124.4 90.5 33.9 FebruaryP 28.1 30.7 -2.6 74.7 64 7 10 0 102.8 95 4 7 4 March P 26.3 17.6 8.6 85.6 85.6 (6) 111.8 103.2 8.6 TABLE 5.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM FOREIGN SECURITIES OWNED IN THE UNITED STATES, BY TYPES 8 (Return o! 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 si purchases sales se fo c r u o e r i f i g ti n es 1948 81.7 96.7 -15.0 211.6 291.4 -79.8 293.3 388.2 -94.8 1949 88.8 70.8 18.0 321.2 311.5 9.8 410.1 382.3 27.8 1950 173.8 198.2 -24.4 589.2 710.2 -121.0 763.0 908.4 -145.4 1951 272.3 348.7 —76.4 500.4 801.0 -300.6 772.7 1,149.7 -377.0 1952 289.8 329.6 -39.8 495.3 677.4 -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.. 25.4 26.1 -.7 33.0 51.5 -18.4 58.4 77.6 -19.2 FebruaryP 24.7 23.4 1.4 18.6 67.8 -49.2 43.3 91.2 -47.8 March?... 27.5 32.7 -5.2 29.7 42.9 -13.3 57.2 75.6 -18.4 P Preliminary. 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. * Through 1949 includes transactions in corporate bonds. 5Through 1949 represents transactions in corporate stocks only. 6Less than $50,000. JUNE 1953 667 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 6.—DOMESTIC SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES (Inflow of Foreign Funds) [Net sales, (—). In millions of dollars] Y m e o a n r t o h r n t a I u i n n t t i i t s o o e t n i n r - - a s l Total U K d n i o i n m t g e - d France N l e a t n h d e s r- Sw la i n tz d er- Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L i m a c t a e in r- Asia o A th l e l r 1948 7.6 -199.8 9.1 -82.8 -79.3 —40.0 (i) 2.6 — 190.4 7.5 10.2 —23.3 —3.9 1949 87.0 — 11.8 20.9 —6 8 —25 5 44.2 1 5 2 2 36 5 —49.0 2.5 —2.1 .2 1950 . . .. 121.2 823.2 64.0 197.8 -6.3 19.0 -.7 73.8 347.5 458^2 30.1 —15!3 2.7 1951 — 15.9 —568.4 21.4 6.0 —22.2 45.9 1.9 —43.8 9.2 —595.5 13.9 4.8 — .7 1952 14.7 300.2 70.4 5.5 -21.9 50.7 .5 6.2 111.4 19l!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 -1.9 .1 .7 -1.9 .7 — 4 .2 -.2 June.. .6 2.4 2.4 1.6 -3.0 .7 — .2 1.2 2.6 4.4 -4^8 — .2 .5 July.. .4 22.5 7.2 .6 -1.4 13.7 .3 .9 21.3 6.8 1.5 -7.3 .2 Aug... .9 32.0 7.0 .7 -.5 6.9 .4 .6 15.1 15.7 .9 0) 3 Sept... .9 -7.0 -6.9 -1.2 -.3 8.3 .1 -.4 -.5 -2.3 -4.1 .2 -.3 Oct... 11.3 174.5 38.9 .1 -2.7 5.4 .2 3.9 45.9 126.1 1.1 1.2 .1 Nov... .9 40.9 1.8 .5 -.6 5.3 -.1 3.3 10.2 27.2 3.4 — .1 .2 Dec... .9 31.3 11.4 1.2 -2.2 4.5 -.3 -1.2 13.4 16.3 .1 1.0 .5 1953—Jan 25.5 8.4 5.8 1.3 -2.1 13.4 0) 2 0 20.4 -10.3 -1.1 .3 — .9 Feb.?.. 10.5 -3.1 8.8 -.4 -1.3 6.7 .1 -7.7 6.2 -10.3 .3 .1 .7 Mar. P.. 1.0 7.7 9.5 .6 -3.4 4.4 -.2 -1.4 9.5 -3.8 2.3 -.5 .2 TABLE 6a.—DOMESTIC SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES Other Europe; Latin America; and Asia Re- For- Y m e o a n r t o h r E O u t r h o e p r e t A r u i s a - ' g B iu e m l- N w o a r y - o A th l e l r A L m i a c t e a i r n - l C o b m i o a - - Cuba M ic e o x- p P u o a b f n l - ic g U u r a u y - 1 A O L m a th t e i e r n r - Asia C m a h n o i d s n a a H K o o n n g g Philip- O A t s h i e a r ama ica Main- publand lic 1948 2 6 2 6 — .3 .3 10.2 .2 -.8 2.9 -4 7 12.6 -23.3 -22.7 -1.2 .4 .2 1949 2.2 1.6 -.9 1.4 2.5 1.2 -1.0 .3 4.2 -2.1 -2.1 -7.2 -1.0 .5 5.5 1950 73.8 18.4 12.6 36.7 6.0 30.1 -1.2 24.6 .5 .1 ' -5.6 11.1 -15.3 -3.0 2.3 .9 -15.6 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 7.0 -2.1 0) 1952 ... . 6.2 .4 -.5 6.0 .3 4.7 -.8 .2 2.6 -6.5 2.7 6.6 -9.5 -.3 1.3 -11.4 .9 1952—Mar. .. -1.2 0) — .1 .1 -1.3 2.9 .6 .5 2.0 -.1 -.1 -2.1 -.2 -.4 -1.6 0) A M p a r y .. — . 7 .6 8, . . 8 2 0 — ) .1 -1.3 .5 — 4. 1 .4 -1.1 .4 — . 8 .1 I? 1. . 4 4 -.2 .5 1 1 . . 7 3 0) . . 2 1 . . 1 1 0) .1 0 - ) .2 J J u u n l e y .. . . 1 .9 2 0) -.8 .4 0) 1. . 8 6 -4 1 . . 8 5 1. . 1 3 - - . . 4 2 -.4.8 -5.9 . . 3 5 .5 4 - — 7.3 .2 C - 1) .4 . . 7 6 - - 1 7 . . 0 5 0 0 ) ) A S O e u c p t g . t . . . . . . . . . . — 3. . 9 6 .4 0 0 0 ) ) ) - -. . 2 1 .4 0 3 ) !2 -.2 . . 9 2 -4 1 . . 1 . 1 9 - — - 1 . . 2 3 .1 - - 1 . . 3 1 .3 . . . 1 7 8 - -2 3 ! .1 . 3 8 - 1 .8 .2 0 1 ) . . 1 5 0 l ) !2 0 0 ) ) . . . 1 1 2 8 0)' .9 N D o ec v . . . . . . -1 3 . . 2 3 0 0 ) ) -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 — — . A 1 0 1 ) .1 8 . . 1 1 1953—Jan 2.0 0) .9 .9 .2 -1.1 -1.3 0) .4 -.6 .4 0) .3 .2 .3 J M Fe a b r. . p P . . . . - - 7 1 . . 7 4 - 0 .2 ) '.2 -6 -. . 1 8 -1 -. . 6 5 -!i o 0) .8 - - . . 2 3 . . 3 7 -.3 .2 l!8 -.5 .1 0 0 ) ) -.5 .1 (») . A 1 0) 0) TABLE 7.—FOREIGN SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM FOREIGN SECURITIES 0)OWNED IN THE UNITED STATES, BY COUNTRIES (Return of U. S. Funds) [Net sales, ( —). In millions of dollars] Y m e o a n r t o h r n t a I u i n n t t i i t s o o e t n i r n - - a s l Total U K d n i o i n m t g e - d France N l e a t n h d er s - Sw la i n tz d er- Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m i a c t a e in r- Asia o A th l e l r 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 J A u u l g y . . . . . . . «.« 3 1 1 8 . . 7 9 - - 1 1 . . 1 0 - 1 .3 .0 - - 6 2 . . 7 9 -1 2 . . 6 1 -.3 .4 -.4 .2 - - 9 1 . . 6 0 2 2 1 8 . . 4 3 "I, 6 2 . . 7 7 . . 2 6 Sept 9.3 1.3 1.2 -.7 -.5 .1 .6 2.0 6.5 .4 — .2 Oct -58.8 69.8 4.0 .1 -.2 1.8 1.0 3.9 10.6 39.8 13..16 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.... 0) -19.2 -.3 .3 -1.5 2.1 .4 .7 1.7 -18.3 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 Mar. P.. -.1 -18.3 2.9 .6 .1 .5 .1 5.2 9.4 -27.7 1.4 -1.7 .3 P Preliminary. » Less than $50,000. » Not available until 1950. 668 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 TToottaall || EEuurrooppee CCaannaaddaa AAmmeerr-- and all ernment Miscelica other securities 2 laneous 3 1948 -19.3 -20.8 .1 1.2 .3 1951—Dec. 31 526 1,383 80 1949 .6 1.0 .9 -1.3 0) 1950 8.0 3.0 -3.0 4.4 3.5 1952—May 31 599 1,691 50 1951 -6.1 -3.3 2.8 -5.0 -.6 June 30 548 1,757 51 1952 -1.8 -1.6 -1.0 1.0 -.2 July 31 724 1,972 54 Aug. 31 812 2,116 55 1952—March 1.2 C1) 1.8 .1 Sept. 30 707 2,236 65 April -4.8 -2.9 1.4 -2.6 Oct. 31 642 2,301 80 May 4.1 2.6 -1.5 2.1 Nov. 30 758 2,225 84 Tune 2.3 2.2 -.3 .5 -.1 Dec. 31 550 2,156 86 July -3.7 -2.1 .3 -2.0 0) August -4.1 -3.3 .6 .4 -1.8 1953—Jan. 31 586 2,182 85 September. . . 2.0 -1.8 .6 1.9 1.3 Feb. 28 511 2,170 89 October .3 .9 -1.8 2 1.0 Mar. 31 536 2,246 90 November. . . -7.8 -3.2 -1.2 -2.4 -1.0 Apr. 30 506 2,425 97 December... . 3.7 1.5 0) 2.1 .1 May 31 515 2,455 95 1953—January 3.5 .3 2.0 .7 1953—May 6 517 2,433 97 FebruaryP. . . -4.8 -4.7 1.1 -1.0 -.2 May 13 618 2,407 98 March? 2-1.7 -1.3 1.6 -1.1 -.9 May 20 584 2,364 98 May 27 504 2,463 96 P Preliminary. * Less than $50,000. 1 Represents dollar assets belonging to foreign monetary authorities 2 Amounts outstanding (in millions of dollars): foreign brokerage and the Bank for International Settlements. Excludes assets held for balances in U. S., 84.9; U. S. brokerage balances abroad, 41.0. the International Bank for Reconstruction and Development and International Monetary Fund and earmarked gold. See footnote 5, p. 671, for total gold under earmark at Federal Reserve Banks for foreign and international accounts. 2IJ. 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 BULLETIN for May 1953, p. 474. GOLD PRODUCTION OUTSIDE USSR [In millions of dollars] Production reportedmonthly Estimated world Africa North and South America Other Year or production month U ou S t S si R d * e r m e T o p o n o t r t a h te l l d y A So fr u ic th a d R e h s o i - a A W fr e ic st a2 B C e o lg n i g a o n 2 U St 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 ia tra- India2 $1 grains0/gold 9/10 fine: i.e., an onnee of fine gold =$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 17.9 24. 1 12.0 80.1 155.4 14.3 13.3 6.7 8 0 30 4 6 7 1951. 840.0 758.3 403.1 17.0 22.9 12.3 66.3 153.7 13.8 15.1 6.1 8.8 31.3 7.9 1952 413 7 17.4 23.8 r12 9 67 8 156 5 14 8 6 2 8 9 34 9 1952 —March 63.3 34 4 1.3 1.9 ? 4.6 12.8 1.4 1.2 '.6 7 S 7 April 63.3 33 8 I S 0 ^ 5.0 12 7 9 1 6 .4 7 2 8 7 May 66.2 35.5 .4 2.0 [.2 5.1 12.8 2.1 1.5 .5 .8 2.7 .7 June '63.3 34 1 1,9 7 5.5 12.6 .8 .9 4 8 9 7 July r67A 35 s 4 1.8 7 6.4 13.1 1 4 1.3 «• 7 7 r3 7 August 65.8 34 Q 6 0 7 6.5 13.0 1.0 1.1 .6 7 2 4 7 September. 66.4 34 7 4 2. 1 6.2 13.4 1.4 1.0 .6 8 2 8 8 October 35 4 s 1 1 6 8 14 1 1.1 .5 7 3 6 8 34 S 2 1 6.0 13.6 .5 8 2 9 7 December . 34 6 1.4 2. 1 9 5.9 13.7 1.8 .4 8 3 3 7 1953-•January 34.7 1.4 2.1 r .1 4.5 13.0 1 4 7 .6 February 32 4 1.4 2 1 r 1 4 3 r12 4 1 .2 7 6 March 34.7 2. 1 1.1 5.2 13.3 1 2 7 .6 rRevised. 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. *Gold exports reported by the National Bank of Nicaragua, which states that they represent approximately 90 per cent of total production. NOTE.—For explanation of table and sources, see BULLETIN for June 1948, p. 731, and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543; for figures subsequent to 1941 see BULLETIN for April 1953, p. 427. JUNE 1953 669 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 ota ( l e x w cl o . rld A t r i g n e a n- g B i e u l m - Bolivia Brazil Canada Chile lo C m o b - ia Cuba m D a e r n k - E d c o u r a- USSR) i 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_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 Julv ... 23,350 23 536 268 735 23 317 887 41 304 31 22 23,344 23,528 268 735 25 317 883 41 294 31 23 Sept 36,210 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 ?3 504 268 711 23 317 887 42 254 31 23 Dec. .. 36 280 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 7S1 701 317 904 42 214 31 23 Mar ?36 340 22 563 ?2 649 702 317 911 42 196 31 23 Apr.. . . 22,562 22,639 690 924 41 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 4180 100 231 23 72 20 1 1 9 9 4 4 9 g — — D D eeCct t 5 5 3 3 5 5 4 2 8 3 2 2 7 7 2 2 5 4 6 7 1 1 4 4 0 0 25 9 6 6 178 4 5 2 2 1 19 6 5 6 2 2 3 7 5 5 2 1 2 1 7 4 2 2 0 8 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—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 27 247 138 346 218 149 567 33 55 38 46 Feb 174 573 27 247 138 208 597 33 55 38 46 Mar 174 S73 27 247 137 208 60S 33 ss 38 Apr 174 573 247 137 208 P605 33 55 38 Inter- Bank for Switz- United national Inter- 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 la e n r- d T la h n a d i- Turkey K d i o n m g- g U u r a u y - V zu e e n l e a - M ta o r n y e- n S a e ti t o tl n e a - l Fund ments 1947—Dec 310 15 762 111 105 1.356 34 170 52,079 175 215 1,356 30 1948—Dec 236 15 183 111 81 1,387 34 162 61,856 164 323 L.436 36 1949—Dec 178 17 128 85 70 1.504 118 154 5l,688 178 373 ,451 68 1950—Dec 192 23 197 61 90 1,470 118 150 5*,30C 236 373 ,495 167 1951—Dec... 265 26 190 51 152 1,452 113 151 5<,335 221 373 1,530 115 1952—May... 274 30 161 51 210 1,410 113 153 5?,678 211 373 L,535 154 June... 274 30 148 51 213 1,408 113 150 M.685 211 373 1,537 154 July ... 274 30 151 51 206 1,408 113 150 M.716 211 373 ,537 166 Aug.... 274 30 159 51 202 1,404 113 150 51,672 211 373 1,681 181 Sept. . . 277 29 158 51 202 1,404 113 146 51,685 211 373 ,683 183 Oct 282 29 159 51 190 1,406 113 143 51,767 205 373 ,691 187 Nov... 285 29 159 51 185 1,407 113 143 51.895 205 373 1,692 191 Dec... 286 29 170 51 184 1,411 113 143 51,846 207 373 1,692 196 1953—Jan 297 29 165 51 195 1,417 113 143 51,978 207 373 1,692 215 Feb 298 29 173 52 194 1 ,417 113 144 62,103 207 373 1,692 214 Mar 305 29 174 52 194 1,418 113 144 52,166 217 373 1,693 233 Apr 311 29 173 53 194 1,418 144 52,273 217 373 1,693 242 v Preliminary. 1 Includes reported gold holdings of central banks and governments and international institutions, unpublished holdings of various central banks and governments, estimated holdings of British Exchange Equalization Account based on figures shown below under United Kingdom, and estimated official holdings of countries from which no reports are received. 2 Includes gold in Exchange Stabilization Fund. Gold in active portion of this Fund is not included in regular statistics on gold stock (Treasury gold) used in the Federal Reserve statement "Member Bank Reserves, Reserve Bank Credit, and Related Items" or in the Treasury statement "United States Money, Outstanding and in Circulation, by Kinds." 3Represents gold holdings of Bank of France (holdings of French Exchange Stabilization Fund are not included). 4 Figure as of Mar. 31. 6 Exchange Equalization Account holdings of gold, U. S. and Canadian dollars, as reported by British Government. (Gold reserves of Bank of England have remained unchanged at 1 million dollars since 1939, when Bank's holdings were transferred to Exchange Equalization Account.) NOTE.—For description of figures, including details regarding special internal gold transfers affecting the reported data, see Banking and Monetary Statistics, pp. 524-535; for back figures through 1941 see p. 526 and Table 160, 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. 670 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES [Negative figures indicate net sales by the United States] (In millions of dollars at $35 per fine troy ounce) Year or quarter Total K U in n g i d te o d m g B iu e m l- France N la e e n r t d - h s - Po g r a t l u- S d w en e- S l w a e n r i - t d z- E O ur t o he p r 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 a—159.9 3.4 -49.9 -10.0 — 16.1 1950 -1,725.2 -1,020.0 -55.0 -84.8 -79.8 -15.0 -22.9 -38.0 -68.0 -100.0 28.2 -118.2 1951 75.2 469.9 -10.3 -20.0 -4.5 -34.9 -32.0 -15.0 -60.1 -10,0 ' -49!9" -20.0 -60.2 1952 ! 393 7 440.0 —3.8 -100.0 -5.0 22.5 -29.3 7.2 -20.0 87.7 1950 Jan.-Mar -201.3 -80.0 -35.0 -13.0 -12.4 -15.8 -30.4 -20.0 '-316' -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 -4.0 -47.1 -100.0 20.0 -61.f 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 —5^ 6 -80 0 2 0 -15.0 — 11.2 -io!6 64 1 July-Sept. 291 4 320.0 -5.0 -17.0 —3.5 -20.0 Oct -Dec 715 7 629 9 71.7 -5.0 — 1.1 1952 Tan -Mar 557 3 520 0 20 2 22 5 -10.1 11 3 Ar>r -Jurif* > .. 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 1953 Jan -Mar -599.1 -320.0 -36.5 -25.0 -15.0 -10.0 -20.0 -71.7 -54.9 -28.1 j NET GOLD PURCHASES BY THE UNITED STATES, ANALYSIS OF CHANGES IN GOLD STOCK OF BY COUNTRIES—Continued UNITED STATES [Negative figures indicate net sales by the United States] [In millions of dollars] (In millions of dollars at $35 per fine troy ounce) Gold stock at Ear- Y qu e a a r r te o r r g U u r a u y - V zu e e n l e a - A O L m i a t c h t a e i e n r r - Oc A a e n s a i d n a ia A U So f n o r u i i f o c th a n o A th l e l r Period T e u r n e r d a y s o - f p T e o ri t o al d i I i n n s g c t o o r to e c ld a t k a s l e g p e o o x ( N ld r p - t e ) o i t o r m t r -g m o c c o l r r a r d e e r : a a k i n s s d e e e - d e- p t D i t r c o i o o m d g n u o e 3 l c s d - - (-) 1945 -37.9 -73.1 -27.8 3-188.3 3.7 1946 —4.9 ~9.2 25.0 13.7 94.3 22.9 1942 22,726 22,739 -23.0 315.7 -458.4 125.4 1947 25.1 -3.7 79.1 1.0 256.0 11.9 1943 21,938 21,981 -757.9 68.9 -803.6 48.3 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 1949 — 14.4 -50.0 -7.5 -52.1 195.7 -1.6 1945 20,065 20,083 -547.8 -106.3 -356.7 32.0 1950 -64.8 -17.2 -35.4 13.14-47.2 1946 20,529 20,706 623.1 311.5 465.4 51.2 1951 . . . 22.2 -'. 9 -17.2 5-50.1 52.1 4-84.0 1947 22,754 22,868 32.162.1 1,866.3 210.0 75.8 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 1950 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 — - 2 1 . 2 0 0 — — 10 . . 4 9 1. . 0 2 3 9. . 2 9 -2 -2 6 . . 8 9 1 19 9 5 5 2 1 2 2 2 3 , , 6 1 9 8 5 6 2 23 2 , , 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 67 6 . . 8 3 O Ju c l t y - - S D e e p c t. - — 2 2 3 6 . 9 9 — — 5 . 9 1 - — 1 2 3 2 .9 .8 -1 -2 4 . . 8 7 1952— J M u a n y e . . . . 2 2 3 3 , , 2 3 9 4 6 6 2 2 3 3 , , 5 5 0 3 2 3 5 30 1 . . 5 9 3 2 6 7. . 2 6 2 1 7 9 . . 1 3 5 5. . 5 1 July... 23,350 23,536 3.8 24.5 -31.4 6.4 1951 Aug.. . 23.344 23,528 -8.0 3.1 -32.6 6.5 A O J Ju a c p n l t y r . . - - - - S M D Ju e e a p n c r t e -5 2 3 1 0 0 8 5 . . 9 0 1 0 -1 - -4 5 1 3 . . . . 0 0 7 5 - - 2 1 - - 2 3 5 8 . . . . 4 9 0 8 2 1 1 0 9 2 . . . 3 2 7 - - - 2 2 3 8 5 1 . . . 0 0 0 S O N D e c o e p t c v . t . . . . . . . . . . . . 2 2 2 2 3 3 3 3 , , , , 3 3 1 3 4 3 8 3 2 7 6 9 2 2 2 2 3 3 3 3 , , , , 2 5 5 5 5 0 2 2 2 4 5 1 -2 -1 - - 5 4 2 6 2 . . . . 4 8 9 6 3 8 8 3 3 . . . . 1 5 3 3 -2 - - - 1 9 2 6 3 2 9 3 . . . . 4 8 0 2 6 5 6 6 . . . . 8 9 2 0 1953—Jan. . . 22,986 23,079 -172.8 -2.2 -171.7 4.5 1952 Feb... 22,662 22,751 -327.5 -2.0 -324.1 4.3 J A J a v p n l r v . . - - - M S Ju e a n p r e t 10.0 -1 - - 7 2 7 . . . 4 0 6 - - 3 2 . . 2 4 .4 4 7. . 2 3 -. i A M M p a a r y r . . . . . . . .P 2 2 2 2 2 2 , , . 5 5 5 6 6 3 2 3 6P 2 2 2 2 2 2 , , . 6 6 5 4 3 9 9 9 0 P -1 - - 1 4 0 0 9 2 . . . 1 0 5 (4 3 7 ) . . 5 0 5 - - 1 - 4 1 0 6 8 6 . . . 8 5 9 5 5 ( . . 4 2 2 ) Oct -Dec 4 8 2.0 .3 -1.9 p Preliminary. 1953 1 See footnote 2 on opposite page. 2 Yearly figures through 1951 are estimates of United States Mint. Tan -Max — 10 0 -3.6 -4.3 Figures for 1952 and 1953 are estimates of American Bureau of Metal Statistics. 3 4 1 2 I I I I n n n n c c c c l l l l u u u u d d d d e e e e s s s s s s B s a a a l a l l e e n e s k s o o f f o f o 1 f 1 r 1 8 4 I g 5 n o .3 . t l 3 e d m r m n i t l a i o l l t i l o i i o o n E n n g d a y d l o p o l S l t l a l e a r t a s r t s s l o e o m f f f o g e l g l o n o o l t d w l s d . s t : t o o 1 I C t 9 a h 5 ly i 0 n . , a 4 . 4.8 million a ti c o c 3 5 n 4 o C G N u t h o o o n a l t t d , n I y n g i h e t n e e e t c l r d l a i n u n v a d c u a t i l n i i n u o l d a g d n e b e a r l s g l e o e . l M t a d r r a m o n h n s a e e f r l e k t d a r r a f y o o t r f t F h u t 6 e h n 8 e F d 7 . . e a 5 d c e c m r o a u i l l n li R t o e n o s f e d r i v o n l e l t a e B r r s n a a n g t k i o o s l n d f a o l s r u i f b n o s s r c e ti r i t g i u p n - dol 5 l a In rs c ; l u a d n e d s 1 sa 9 l 5 e 1 s , o 7 f 6 . 4 0 5 m .0 i l m li i o l n li . on dollars of gold to Indonesia. u ti n o d n e s r , e a a m rm ou a n r t k e d is t n o o t 5 , i 9 n 8 c 1 lu .1 d e m d il i l n io t n h e d o g l o l l a d r s s t o o n ck M o a f y t h 3 e 1 , U 1 n 9 it 5 e 3 d . St G at o e l s d . NOTE.—For back figures and description of statistics, see Banking and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523. JUNE 1953 671 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 t. 1,692 1,691 1,537 1,531 Gold Currencies (balances with depositories Currencies (balances with depositories and securities payable on demand): and securities payable on demand): United States 1,288 1,293 1.319 1,322 United States 10 13 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 Member subscriptions 8,737 8,737 8,154 8,152 Calls on subscriptions to capital stock 2. 3 4 4 4 Accumulated net income -8 -7 -7 -7 Loans (incl. undisbursed portions and incl. obligations sold under Bank's guarantee) 1,445 ,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- Apr. Mar. Feb. Apr. 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 37.5 18.8 103.0 Capital2 1,807 1,807! 1,807 1,691 Chilean pesos — 1.8 -1.8 5.4 Czechoslovakian koruny. 6.0 6.0 "6.6 6.0 Danish kroner 10.2 10.2 10.2 10.2 !As of Apr. 30, 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 4.5 4.5 4 sterling in May 1947 and 30.0 million Belgian francs in May 1948, sold French francs 125.0 125.0 125.0 125.0 to Norway 200 million Belgian francs in June and July 1948, and sold Indian rupees 100.0 100.0 100.0 100.0 to Brazil 10 million pounds sterling in January 1951. Repurchases Iranian rials 8.8 8.8 8.8 amounted to 252 .2 million dollars. Currencies the net transactions in Netherlands guilders 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. All other -1.6 -1.6 -1.6 -1.7 Total. 663.4 711.4 694.5 771.7 CENTRAL BANKS Assets of issue Assets of banking Liabilities of banking department department department Bank of England Note (Fig p u o r u e n s d s in s m te i r l l l i i n o g n ) s of Gold* a O ss 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 n u i c s n a - e t d s s - Se t c ie u s ri- ci t r i c o u n l 3 a- Bankers' Pub D li e c pc>sit E s CA Other t c l i O i e a a s p t b h i i a t e l a n 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—rjec 26 .2 1,400 0 20.7 8.4 327.0 1,379.9 274.5 5.3 58.5 17.8 1 1 9 9 4 4 6 7 — — D r)e e c c 2 3 5 i .2 2 1 1 ,4 4 5 5 0 0 .0 0 1 2 0 3 0 .8 4 1 1 3 5 .2 6 3 3 2 3 7 1 . . 6 3 1 1 , , 4 3 2 4 8 9 . . 2 7 3 2 1 7 5 8 . . 1 9 1 18 0 . . 6 3 9 5 5 7 . . 5 3 1 18 8 . . 1 1 1948—Dec. 29 .2 1,325.0 36.1 16.7 401.1 1,293.1 314.5 11.7 17.4 92.1 18.1 1 1 19 9 9 5 4 5 1 9 0 — — — D j D ) e e e c c c # . 2 2 2 7 8 6 . . . 4 4 4 1 1 1 , , , 3 3 4 5 7 5 0 5 0 . . . 0 0 0 3 1 1 3 9 4 . . . 7 2 1 2 1 1 9 8 4 . . . 2 2 8 4 3 3 8 8 8 9 9 4 . . . 2 6 0 1 1 , , , 3 3 4 2 5 3 1 7 7 . . . 9 7 9 3 2 2 1 9 9 9 3 9 . . . 2 5 8 1 1 1 1 5 3 . . . 6 4 4 97. . . 9 4 6 1 8 8 1 9 5 1 . . . 8 0 2 1 1 1 8 8 8 . . . 1 1 1 1952—May 28 .4 1,450.0 39.7 11.9 319.6 1,412.2 270.0 10.1 .5 72.6 18.0 June 25 .4 1,500.0 59.8 21.2 309.6 1,442.1 275.7 10.6 13.6 72.5 18.1 July 30 .4 1,550.0 36.8 21.6 319.7 1,515.1 262.0 10.4 18.2 69.2 18.3 Aug. 27 .4 1,500.0 43.0 7.2 324.4 L,459.0 252.4 16.0 23.0 64.8 18.4 Sept 24 .. .4 1,500.0 57.8 5.2 333.5 L,444.1 275.7 11.1 24.2 67.0 18.5 Oct. 29 .4 1,500.0 57.7 9.3 324.8 1,444.2 271.6 13.5 22.2 66.7 17.8 Nov 26 .4 1,500 0 40.5 9.9 357.6 1,461.4 275.4 15.4 26.6 72.6 18.0 Dec. 31 .4 1,575.0 51.3 11.2 371.2 1,525.5 302.8 10.0 24.3 78.5 18.1 1953—Jan. 28 .... .4 ^1,500.0 52.9 6.5 343.2 L,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 *1,550.0 63.3 6.2 359.0 1,488.8 288.3 14.6 32.0 75.0 18.5 Apr. 29 .4 1,550.0 38.2 13.8 354.8 L,514.0 261.8 13.8 39.5 73.9 17.8 *On June 9, 1945, the official buying price of the Bank of England for gold was increased from 168 shillings to 172 shillings and threepence per fine ounce, and on Sept. 19, 1949, it was raised to 248 shillings. For details regarding previous changes in the buying price of gold and for internal gold transfers during 1939, see BULLETIN for March 1950, p. 388, footnotes 1 and 4. 2Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 3 Notes issued less amounts held in banking department. 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. 672 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Dominion and provin- Bank of Canada cial government Deposits Sterling securities Other (F C ig a u n re a s d i i a n n m do il l l l i a o r n s s ) of Gold and S t U at n e i s ted O as t s h e e ts r circ N ul o a t t e ion liab a i n li d ties dollars S te h r o m rt 1 - Other 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 capital3 1940—Dec. 31. 38.4 448.4 127.3 12.4 359.9 217.7 10.9 9.5 28.5 1941—Dec. 31. 200.9 391.8 216.7 33.5 496.0 232.0 73.8 6.0 35.1 1942—Dec. 31. .5 807.2 209.2 31.3 693.6 259.9 51.6 19.1 24.0 1943—Dec. 31. .6 787.6 472.8 47.3 874.4 340 20.5 17.8 55.4 1944—Dec. 30. 172.3 906.9 573.9 34.3 1,036.0 401 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—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 1,280.0 843.9 71.2 1,458.3 595.5 51.6 41.6 111.2 Aug. 29. 74.9 1,303.2 852.9 69.7 1,464.4 614.7 52.0 47.4 122.1 Sept. 30. 73.5 1,263.7 870.9 70.8 1,476.5 588.2 30.7 49.4 134.0 Oct. 31. 42.8 1,286.7 896.1 103.4 1,485.6 668.8 18.8 56.0 99.8 Nov. 29. 67.6 1,214.3 957.3 72.3 1,498.8 607.3 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—Tan. 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 79.4 1,493.4 601.1 60.6 66.5 105.1 Apr. 30. 68.0 1,436.6 796.0 86.5 1,504.8 646.7 48.3 76.8 110 6 Assets Liabilities Ban (F k i g o u f r e F s r i a n nce Foreign Domestic bills G A o d v v e a r n n c m es e n to t6 Other Note Deposits7 l O ia t b h i e l r millions of francs) Golds ch e a x n ge m O a p rk en et6 Special Other Current Other assets6 cir ti c o u n la- G m ov e e n r t n- ECA Other ca i a t p i n e i d t s al 1940—Dec. 26. 84,616 42 7,802 661 3,646 63,900 112,317 18,571 218,383 984 27,202 844,986 1941—Dec. 31. 84,598 38 6,812 12 4,517 69,500 182,507 17,424 270,144 1,517 25,272 868,474 1942—Dec. 31. 84,598 37 8,420 169 5,368 68,250 250,965 16,990 382,774 770 29 935 821,318 1943—Dec. 30. 84,598 37 9,518 29 7,543 64,400 366,973 16,601 500,386 578 33,137 815,596 1944—Dec. 28. 75,151 42 12,170 48 18,592 15,850 475,447 20,892 572,510 748 37,855 7,078 1945—Dec. 27. 129,817 68 17,980 303 25,548 445,447 24,734 570,006 12,048 57,755 4,087 1946—Dec. 26. 94,817 7 37,618 3,135 76,254 480,447 33,133 721.865 765 63,468 7,213 1947—Dec. 31. 65,225 12 67.395 64 117,826 147,400 558,039 59,024 920,831 733 82,479 10,942 1948—Dec. 30. 65,225 30 97,447 8,577 238,576 150,900 558.039 57,622 987,621 806 171,783 16,206 1949—Dec. 29. 62,274 61,943 137,689 28,548 335,727 157,900 560,990 112,658 ,278,211 1,168 158,973 19,377 1950— Dec. 28. 182,785 162,017 136,947 34,081 393,054 158,900 481,039 212,822 ,560,561 70 15,058 161,720 24,234 1951—Dec. 27. 191,447 28,320 234,923 31,956 741,267 160,000 481,039 190,830 ,841,608 29 10,587 166,226 41,332 1952—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 Tune 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 55,681 915,903 175,000 501,982 124,5782,065,210 56 730 128,731 57,008 Feb. 26. 200,187 16,502 263,286 48,658 929,291 185,300 504,982 121,4452,067,257 55 3,479 146,509 52,350 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 Apr. 30. 200,187 14,700 281,119 32,627 923.968 199,400 546,482 153,1012,127,140 60 312 165,572 58,500 1 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. 4On 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). 5For 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. JUNE 1953 673 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1953 1952 Central Bank 1953 (Figures as of last report (Figures as of last report date of month) Apr. Mar. Feb. Apr. date of month) Apr. Mar. i Feb Apr. Central Bank of the Argentine Bank of the Republic of Colom- Republic (millions of pesos): bia—Cont. Gold reported separately 1,358 1,196 814 Loans and discounts 330 884369,627384,956 288,080 Other gold and foreign exchange. 402 262 541 Government loans and securities. 181.388175,566176,547 156,100 Government securities 2,753 2,326 2,114 Other assets 84.006 82,795 88,197 118,430 Rediscounts and loans to banks.. 51,223 49,648 44,158 Note circulation 521.011533,702537,959 454,588 Other assets 250 247 327 Deposits 365 877382,066392,280 316,775 Currency circulation 21,449 21,256 17,260 Other liabilities and capital 73 303 72,484 68,912 63,100 Deposits—Nationalized 30,621 28,545 26,965 Central Bank of Costa Rica Other sight obligations 626 696 838 (thousands of colones): Other liabilities and capital 3,289 3,184 2,890 Gold 11 511 11,511 11,511 Commonwealth Bank of Aus- Foreign exchange 116, 153101,301 92,464 tralia (thousands of pounds): Net claim on Int'l. Fund* 7.031 031 7,031 7,031 Gold and foreign exchange 445,413 421,838 403,745 313,364 Loans and discounts 63,100 848 75,314 57,841 Checks and bills of other banks.. 6,406 6,893 5,322 9,492 Securities 3,760 819 7,125 7,577 Securities (incl. Government and Other assets 25,017 403 23,968 24,276 Treasury bills) 441,850 377,285 377,810 573,630 Note circulation 139,074 683138,865 116,765 Other assets 98,531 106,393 140,085 Demand deposits 66, 730 66,559 64,931 Note circulation 327,418 322,918 318,918 303,971 Other liabilities and capital 21, 352 20,826 19,004 Deposits of Trading Banks: National Bank of Cuba Special 301,870239,095216,095 432,170 (thousands of pesos): Other 34,105 54,439 56,107 30,475 Gold 195,748213,748 320,564 Other liabilities and capital 328,808 305 706302,150 269,956 Foreign exchange (net) 74,686 55,768 66,588 Austrian National Bank (millions Foreign exchange (Stabilization of schillings): Fund) 183,698143,972 137,116 Gold 100 100 100 98 Silver 30,668 32,204 40,014 Foreign exchange 2,450 2,489 2,422 665 Net claim on Int'l. Fund* 12,511 12,511 12,511 Loans and discounts 6,424 6,302 6,342 6,541 Loans and discounts 45,299 47,076 15,385 Claim against Government 2,492 2,512 2,403 3,393 Credits to Government 39.930 40,931 12,880 Other assets 43 42 41 42 Other assets 48,062 46,360 27,353 Note circulation 8,859 8,770 8,818 8,291 Note circulation 440,430 418,706 418,846 Deposits—Banks 305 350 316 235 Deposits 178.056162,246 205,466 Other 402 342 292 274 Other liabilities and capital 12,116 11,620 8,099 Blocked 1,943 1,984 1,884 1,937National Bank of Czechoslovakia 5 National Bank of Belgium National Bank of Denmark (millions of francs): (millions of kroner): Gold1 34,492 35,078 35,069 31,886 Gold 69 69 69 69 F L o o r a e n i s g n a n c d la i d m is s c a o n u d n t b s alances (net) 1 5 4 , , 6 4 1 8 8 8 1 5 5 , , 6 2 0 3 6 8 1 6 6 , , 0 1 7 2 0 6 24 7 , , 3 7 1 8 6 0 F C o o r n e t i r g i n b u e t x io c n h s a n t g o e Int'l. Bank 784 775 736 40 1 8 1 Consolidated Government debt.. 34,660 34,660 34,723 34,763 Loans and discounts 114 118 102 110 Government securities 9,272 7,837 7,678 10,152 Securities 450 446 442 431 Other assets 3,939 3,997 4,064 3,370 Govt. compensation account. . .. ,310 3,310 3,314 3,872 Note circulation 97,242 95,843 96,602 95,773 Other assets 174 185 355 200 Deposits—Demand 1,532 2,799 3,269 1,573 Note circulation ,887 1,889 1,849 1,693 ECA 221 220 209 1,295 Deposits—Government ,451 1.443 1,481 1,840 Other liabilities and capital 3,475 3,553 3,650 13,627 Other ,389 1,401 1,514 1,405 Central Bank of Bolivia—Mone- (Dec. Other liabilities and capital 175 171 175 163 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) 32,746 831 076 12,076 12,076 12,066 Loans and discounts 1,840 1,439 Foreign exchange (net) 010 16,604 17,218 20.610 Government securities 2,196 1,843 Net claim on Int'l. Fund* 250 1,250 1,250 1,250 Other assets 537 267 Paid-in capital—Int'l. Bank 43 43 43 41 Note circulation 6,481 4,220 Loans and discounts 639 798 1,016 390 Deposits 1,419 862 Government securities 940 8,689 9,848 6,895 Other liabilities and capital 815 668 Other assets 765 2,657 2,198 666 Central Bank of Ceylon (thousands Note circulation 429 32,587 33,515 29,992 of rupees): Demand deposits 779 8,036 8,650 10,137 Foreign exchange 341,690 360,699 395,142 566,051 Other liabilities and capital 515 1,494 1,485 1,790 Advances to Government 86,400 91 100 87,600 28,964Central Bank of Ecuador Government securities 124,087107 486 73,331 12,827 (thousands of sucres): Other assets 2,523 2 508 2,010 4,086 Golds 339,002338 966338,880 336,123 Currency in circulation 393,459 394,518 386,924 409,133 Foreign exchange (net)6 220,445220 560233,851 76,159 Deposits—Government 2,305 3 033 1,818 6,828 Net claim on Int'l. Fund* 18,757 18 757' 18,757 18,758 Banks 120,565127 120133,500 151,069 Credits—Government 294,455 75,635235,939 240,052 Other liabilities and capital 38,371 37 122 35,840 44,898 Other 161,507162 940148,466 162,609 Central Bank of Chile (millions Other assets 168,785 471151,365 189,030 of pesos): Note circulation 562,685 550747536,589 470,332 Gold 1,352 1,326 1,248 1,210 Demand deposits—Private banks 181 559174,448 148,953 Foreign exchange (net) 198 356 161 265 Other 229,149 225,636 205,875 138,455 Net claim on Int'l. Fund4 387 387 332 107 Other liabilities and capital 229,725224,387210,347 264,991 Discounts for member banks.... 1,889 1,849 1,708 1,830National Bank of Egypt (thou- Loans to Government 4,059 4,059 4,059 670 sands of pounds): Other loans and discounts 9,880 9,622 8,280 7,044 Gold? 553 60,553 60,553 60,553 Other assets 2,766 3,004 2,699 3,089 Foreign exchange 20,087 19,513 19,365 Note circulation 13,951 13,447 12,488 9,056 Foreign and Egyptian Deposits—Bank 3,172 3,457 2,635 2,420 Government securities 307.015 310,756 323,383 308,826 Other 376 435 422 290 Loans and discounts 9,989 10,935 12,940 25,825 Other liabilities and capital 3,033 3,264 2,941 2,451 Advances to Government i! 4,372 Bank of the Republic of Colombia Other assets 971 ' 2,499 4,175 "2,107 (thousands of pesos): Note circulation 186 876191,349197,661 187,398 Gold and foreign exchange 338,103334,457 318,495 246,080 Deposits—Government 77 931 76,429 84,177 100,240 Net claim on Int'l. Fund* 24,373 24,373 24,374 24,371 Other 128 426128,889122,658 107,910 Paid-in capital—Int'l. Bank 1,436 1,434 6,582 1,402 Other liabilities and capital 9,642 8,163 20,440 21,129 • Latest month available. JOn 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. 3Represents chiefly bills secured by stocks of mined tin not yet sold in world markets. * This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 6For last available report (March 1950), see BULLETIN for September 1950, p. 1262. 6In 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. 674 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Con tinned Central Bank 1953 1952 Central Bank 1953 1952 (Figures as of last report (Figures as of last report date of month) Apr. Mar. Feb, Apr. date of month) Apr. Mar. j Feb. Apr. C Mitral Reserve Bank of El Salva- Bank of Italy (billions of lire): dor (thousands of colones): Gold 4 4| 4 4 Gold 73,193 73,243 73,330 64,013 Foreign exchange 49 47! 45 35 Foreign exchange (net) 80,016 78,672 70,116 63,087 Advances to Treasury 571 572| 573 590 Net claim on Int'l. Fundx 1,566 1,566 1,566 1,566 Loans and discounts 312 313! 323 261 Loans and discounts 7,230 9,121 14,043 10,488 Government securities 262 267| 249 200 Government debt and securities.. 4,355 5,299 5,677 6,369 Other assets 705 715 724 797 Other assets 1,385 1,545 1,558 1,531 Note circulation 1,263 1,277! 1.275 1,196 Note circulation 91,041 97,047 99,522 84,895 Deposits—Government 131 121 137 193 Deposits 68,775 64,637 59,026 55,050 Demand 51 59 49 93 Other liabilities and capital 7,929 7,762 7,743 7,109 Other 350 359 358 331 Bank of Finland (millions of mark- Other liabilities and capital 101 101 98 73 kaa): Bank of Japan (millions of yen): Gold 5,862 5,862 5,862 5,865 Bullion 448 448 448 r501 Foreign assets (net) 8,552 8,972 9,249 18,628 Advances to Government 37,424 ,424 37,501 38,390 Clearings (net) 6,473 6,154 4,666 6,930 Loans and discounts 364,171 ,695376,065 287,589 Loans and discounts 37,214 36,108 38,075 23,296 Government securities 200,200 ,635 194,369 150,868 Securities 1,643 1,652 1,165 990 Other assets 106,756 ,653 108,500 r98,479 Other assets 2,169 2,310 2,287 1,919 Note circulation 517,710 ,977521,137 462,482 Note circulation 43,804 44,078 44,238 44,338 Deposits—Government 78,934 .894! 86,744 47,429 Deposits 872 535 1,050 1,125 Other 65,626 478! 60.411 24,626 Other liabilities and capital 17,236 16,445 16,016 12,164 Other liabilities 46,728 506! 48,590 41,291 Bank of German States The Java Bank (millions of rupiah): (m D O L L G F N il o o o e t l o o i h r a a p l o t e d e e n n o n i r s s s g s c i n a i a t t o r s s o n c e f s — d u e x G G t l c G O B s d a o h e t i v o t a a r i s h o e n m v n c e r n k e o g r a n s r e u n m n n m e t m s n e a t n r t ks): 1 4 2 2 7 0 1 , , , , , , 9 2 1 4 2 9 4 7 7 3 2 4 9 8 6 8 7 7 1 6 2 9 4 1 4 3 5 1 4 2 2 0 7 1 1 , , , , , , , 6 5 1 0 2 5 6 1 7 8 8 0 6 2 1 1 4 7 1 3 6 9 6 8 1 9 5 1 4 2 2 6 1 0 , , , , , , 0 3 5 4 8 2 9 8 7 6 7 7 6 5 4 9 8 7 8 1 0 8 3 2 8 5 7 3 2 2 9 9 2 , , , , , , 3 1 1 4 4 6 2 6 1 6 1 4 9 4 8 4 4 9 1 3 3 8 0 0 0 4 0 A O N O F L D G o o d t t o e o h h r a p v l t e e e d e n o a i r r 3 s g n s c i n c l a i a t i e r s s a n c e s s — b d u x e i t l t c l E O o s d a i h t t i C t i a i s G h e o n A c s e n o g o r v e a u e n n ( r t d n n s m e ca t e ) p n i t tal 5 4 1 , , , 2 5 5 3 6 4 6 2 7 6 7 0 1 0 9 1 2 8 4 9 6 2 4 6 4 7 8 4 5 l, , , S 6 4 5 2 4 5 1 6 1 8 7 4 6 9 8 2 1 8 0 5 9 6 9 i i i 4 5 1 , , , 3 5 1 4 6 2 6 2 8 5 9 6 1 9 4 1 1 2 6 9 5 8 7 3 1 1 1 1 , , , , , 3 4 1 0 2 9 2 9 1 2 6 6 2 3 9 1 3 8 7 6 3 7 4 6 6 6 7 Bank O t o h f e r G li r a e b e i c li e t ie ( s b i a ll n io d n c s a p o i f t a d l rach- 1,709 1,733 1,731 1,949 Bank M o o f n e M ta e r x y i c r o e se (m rv i e l l 4 ions of pesos): 1,199 1,229| 1,203 1,080 ma O A G L N e) o : t o d o h a l v t d e e n a r s n a c c a a i n r e s n d c s s d u e — f t l o s d a r G O t i e i s i o o t c g h n v o n e e u r r e n n x t m s ch e a n n t ge (net) . 4 2 8 3 1 , , , , , 4 1 4 9 7 1 7 7 4 2 4 2 3 6 4 4 5 9 8 3 2 1 1 , , , , , 4 4 4 9 9 1 6 2 0 1 4 4 3 6 3 4 2 0 8 3 2 1 1 , , , , , 3 3 4 8 9 1 4 8 7 0 2 4 1 5 7 3 6 1 8 3 2 1 1 , , , , , 0 3 3 8 0 1 2 5 7 7 6 6 1 3 2 7 9 7 O O N D " B A i t t e o l h r h m u l t i s e e e t t i r r a h e a c n s o a l n i d , i r r s d a i c s e b z l u e d t i i e c t l a l i s a d i s b t t " c i i i e l o o i s n u t h i n o e a s t l n s d d in c g a s p i o ta f l secu- , , , 2 5 1 3 4 5 3 5 8 6 2 9 5 9 4 2 0 8 ! , , , 3 5 1 4 6 3 3 8 9 0 6 7 3 3 2 6 8 9 . ! ! ! i i 3 3 1 , , , 3 2 5 4 3 5 0 0 2 7 2 2 8 2 9 0 0 9 2 3 1 , , , 6 0 4 5 5 2 5 8 6 3 3 2 1 1 9 8 5 3 Deposits—Government 847 823 805 907Netherlands Bank (millions of Reconstruction and guilders): relief accts 7,661 7,663 7,431 6,373 Gold5 2,291 2,291j 2,187 1,297 Other 2,000 1,949 1,919 2,098 Silver (including subsidiary coin). 16 16: 15 16 Other liabilities and capital 5,432 3,026 3,236 3,439 Foreign assets (net) 1,700 1,541! 1,531 1,059 Bank of Guatemala (thousands of Loans and discounts 36 57! 35 45 quetzales): Govt. debt and securities 1,300 1,451! 1,451 2,100 Gold 27,228 27,228 27,228 Other assets 525 5361 508 467 Foreign exchange (net) 25,055 21,177 22,445 Note circulation—Old 34 35| 36 44 Gold contribution to Int'l. Fund . 1,250 1,250 1,250 New 3,051 3,085! 2,983 2,932 Rediscounts and advances 7,587 7,764 4,815 Deposits—Government 1,125 1,149! 994 379 Other assets 22,051 21,994 18,678 ECA 1,177 1,174! 1,163 1,027 Circulation—Notes 45,476 44,412 39,212 Other 276 248 330 376 Coin 3,534 3,527 3,399 Other liabilities and capital 205 201 221 225 Deposits—Government 3,513 3,431 4,984 Reserve Bank of New Zealand Banks 12,882 12,072 11,425 (thousands of pounds): Other liabilities and capital.... 17,766 15,972 15,398 Gold 6,017 6,015 6,015 5,749 National Bank of Hungary 2 Foreign exchange reserve 59,446 53,8S3\ 49,674 23,424 Reserve Bank of India (millions of Loans and discounts 6,019 6,019| 6,019 6,019 rupees): Advances to State or State un- Issue department: dertakings 57,753 58,074! 58,350 55,985 Gold at home and abroad 400 400 400 400 Investments 34,882 32,132\ 58,132 32,182 Foreign securities 5,982 5,782 5,682 6,032 Other assets 2,861 1,449! 1,360 3,001 Indian Govt. securities 4,499 4,499 4,499 4,646 Note circulation 62,886 62,469 61,908 62,600 Rupee coin 876 821 827 752 Demand deposits 95,579 86,725 109,444 55,974 Note circulation 11,596 11,331 11,198 11,458 Other liabilities and capital 8,512 8,377; 8,198 7,786 Banking department: Bank of Norway (millions of kroner): I Notes of issue department.... 159 170 209 372 Gold 280 280i 279 242 Balances abroad 1,183 1,455 1,523 969 Foreign assets (net) 221 261! 280 438 Bills discounted 127 88 120 110 Clearing accounts (net) 19 30| 30 18 Loans to Government 40 33 33 11 Loans and discounts 61 60 53 57 Other assets 1,146 1,310 1,202 ,506 Securities 44 44 44 46 Deposits 2,218 2,650 2,690 ,607 Occupation account (net) 5,546 5,546! 5,546 6,202 Other liabilities and capital.. . 436 407 396 362 Other assets 57 53; 43 56 Central Bank of Ireland (thousands Note circulation 2,756 2,7751 2,712 2,589 of pounds): Deposits—Government 2,080 2,174j 2,096 1,913 Gold 2,646 2,646 2,646 2,646 Banks 608 5521 672 1,024 Sterling funds 61,500 61,788 60,796 56,205 ECA—MSA 311 302 j 299 954 Note circulation 64,146 64,434 63,442 58,851 Other liabilities and capital 473 472! 496 578 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. 3 Gold 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. 5Gold 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. JUNE 1953 675 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 rep«rt (Figures as of last report date of month) Apr. Mar. Feb. Apr. date of month) Apr. Mar. Feb. Apr. State Bank of Pakistan (millions of Bank of Spain—Cont. rupees): Other assets i,629 29,890 29,533 26,024 Issue department: Note circulation ,704 37,303 37,033 35,533 Gold at home and abroad... 81 81 81 81 Deposits—Government ,243 1,814 2,440 2,312 Sterling securities 409 418 416 1,016 Other ,962 4,128 4,604 2,530 Pakistan Goyt. securities. . . ,183 1,144 1,146 665 Other liabilities and capital. . . . ,780 25,798 25,429 22,538 Govt. of India securities... . 126 126 126 126 Bank of Sweden (millions of kronor): India currency 300 300 300 300 Gold 427 429 428 472 Rupee coin 66 66 67 66 Foreign assets (net) ,152 1,241 1,320 1,246 Notes in circulation ,100 2,087 2,053 2,182 Net claim on Int'l. Fund* 129 129 129 88 Banking department: Paid-in capital—Int'l. Bank 13 13 12 11 Notes of issue department.. 65 48 83 72 Swedish Govt. securities and ad- Bills discounted 6 99 vances to National Debt Office* ,605 2,404 2,665 2,690 Loans to Government ' '80 43 " "23 Other domestic bills and advances 295 322 294 256 Other assets 440 519 525 700 Other assets 728 734 717 853 Deposits 468 501 522 779 Note circulation ,365 4,311 4,365 4,021 Other liabilities and capital.. 117 115 108 92 Demand deposits—Government.. 300 343 37] 866 Central Bank of Paraguay Other 69 53 286 110 (thousands of guaranies): Other liabilities and capital 615 563 542 618 Gold 1 ,138 Swiss National Bank (millions of Foreign exchange (net) 61,580 francs): Net claim on Infl. Fund 1 11 Gold ,909 5,911 5,905 5,836 Paid-in capital—Int'l. Bank -1,032 Foreign exchange 554 467 464 307 Loans and discounts 90,176 Loans and discounts 217 225 - 219 236 Government loans and securities. 349,643 Other assets 80 76 70 79 Other assets 159,348 Note circulation ,796 4,806 4,787 4,582 Note and coin issue 346,757 Other sight liabilities ,763 1,677 1,672 1,679 Deposits—Government 63,686 Other liabilities and capital.... 200 196 199 197 Other 114,294 Central Bank of the Republic of 136,128 Turkey (millions of pounds): Other liabilities and capital Gold 402 402 402 419 ( entral Reserve Bank of Peru Foreign exchange and foreign (m C O D O N L L N G il o o o t l e t o o e i h h a a p t n l o t d e e e n n o t n c r r r s s s s l a c i a i b a l n i a t t o i i o r s s u a n d m f c s b t d u e G i s f i o t l o l o o s d a o i n n r t l t i v e i e i s e o i e t s I c g o s ) n n r o n : n t a u I ' m n l n n e . d t x t e s ' F n c l c . t h u t a o a B n p n d a b i g t 1 n a a e k n l 2 ks. . . , 3 2 4 8 2 5 4 8 5 5 0 1 4 6 4 8 4 3 2 4 2 3 7 0 1,4 3 2 3 8 6 1 1 6 7 2 6 6 2 8 6 9 9 9 2 4 7 0 2 , 4 3 9 2 5 1 3 4 5 0 1 3 6 7 7 1 7 4 7 2 2 7 1 0 1, 3 4 2 6 2 8 2 3 3 3 6 1 2 5 2 0 5 3 5 5 2 8 8 1 Ba ( n th k S O O N D L o e o t t e o u o c c h h a p t f s l u e e e n o e a r r r t s a n s i c h t i r d a l i a t i i e i r s s e s n a n c — s s g b d R u o e s i l t f l G e O s d a i p t t p i o t i i s u e h e o l c d s s e n b o o r l a u s i n n c ): d ts o c f a U pi r t u al g . u . a . y .. , , 2 6 2 2 7 1 1 2 5 7 1 2 5 1 5 9 6 5 3 6 4 4 3 1 1, , 2 6 2 2 7 1 1 3 9 8 0 6 2 1 5 9 1 5 0 6 6 2 3 (J 1 1 a , , n 2 7 2 2 7 1 1 . 7 0 ) 1 5 2 9 2 5 * 2 9 2 8 6 1 4 3 1 1 , , 4 1 6 1 1 1 3 2 2 3 9 7 0 5 7 1 7 3 3 8 9 3 Central Bank of the Philippines Gold 313,786 321,119 (th O D O N L F N G D o o o t t e o o e o u h h r a t m l t m s e d e e e n a i c r r a e s g n l c n s a n a l i d t d i i r s i a s m c c e s b d u x e o i s e l t c o l f e a s i p h n t c t p o i a i u e o e s n I r s s n i n g i t o t t s e a i ' s e n l ) . s d : F c u a n p d i * tal 4 5 2 2 1 1 6 2 4 7 2 3 3 5 1 0 9 1 9 4 4 9 8 3 , , , , , , , , , , 6 6 2 8 5 3 8 6 5 2 4 1 2 1 5 0 8 1 9 9 3 8 6 3 4 0 5 4 5 2 5 1 1 2 5 2 7 2 4 7 3 4 1 3 8 3 6 9 8 6 8 9 8 4 , , 4 9 3 5 8 5 7 7 1 6 3 5 2 5 0 8 5 4 5 9 6 5 4 3 2 4 0 5 2 2 4 1 1 7 2 3 2 5 5 3 4 1 1 5 9 9 3 9 4 8 8 , , , , , , , , , 4 4 1 2 8 5 5 1 9 5 1 4 5 4 9 0 4 8 1 7 2 2 2 9 4 0 8 4 2 5 2 1 1 7 3 5 2 2 5 5 3 1 6 6 9 4 9 1 1 2 5 , , , , , , , , , 8 8 1 8 5 3 1 7 8 7 1 9 1 0 6 8 6 3 1 1 2 5 4 6 0 4 0 S O O A O D N P i a t t d t e o l m h h h i v p v t d e e e e e o a e - r r r r i n s n c n i a c t l l i t i o r s e s a c b c a s s — b a u o e n i p t d l s t l G O s a o i i i t t t a e o t i i a s n h S e o v l s d e n t — e a r r a d t n I n e i n m d s a t c e ' n o c l n . d a u t p B n i G t a t s a n o l k vern- 3 3 3 4 5 1 1 5 9 3 8 1 0 3 9 0 0 9 6 0 0 2 , , , , , , , , 2 2 1 5 0 5 6 3 3 7 3 4 6 9 7 4 2 0 6 8 3 0 8 5 9 8 9 4 3 2 3 5 1 8 9 6 1 1 4 6 9 3 2 1 1 4 7 2 , , , , , , , , 5 7 1 3 7 6 1 2 3 3 5 5 3 6 2 4 2 1 2 6 5 6 4 7 6 6 4 Ba e n » k c udo o s f ): Portugal (millions of Central Bank of Venezuela (mil- So ( u th t O F O G L A D N h o o o t o t d e u o h h r A a l m v s t e d e e e n a a i f r r a s g n n r c n n d l i c a i a d i c r s e s a n c a e s s b d o u d x n e i t f t l c e l o s d a i h p R t p t i i a o i s G e e o o n c s s s u n o g o i e t n v a e u s r n d e n — v ( r d s t e n n s O ) E G : e m c B C t t o a h ) e A a p v e n n i e r t t r k a n l ment.. 1 2 6 4 8 1 1 1 , , , , , , , 8 4 0 6 8 5 5 8 7 6 2 3 4 5 9 4 9 3 5 7 6 6 8 7 6 9 3 4 1 4 6 2 8 1 1 1 , , , , , , , 6 4 0 5 7 8 8 5 7 1 2 6 3 5 6 2 4 7 6 3 9 9 5 2 0 9 6 0 1 4 8 6 2 1 1 1 , , , , , , , 5 6 0 4 3 9 8 5 6 6 3 2 2 8 1 6 2 8 1 2 4 9 7 8 2 3 6 4 1 6 4 2 8 1 1 1 , , , , , , , 0 4 5 9 0 6 4 5 6 6 1 8 4 8 5 8 3 2 4 3 8 3 2 5 7 2 4 0 0 Ba f l m i n r o a k e F O O S N C G D G n n n i s o c a o t o t e o g h h r t s s l l p f o t h e s d d h ) e e e o o f t : i r r r g s i o c f b ( n i n a l u i n t t i o r s s h a n I c b e l s o b h n d i u e x a v i u a s t t l c r l a s n a s e i s h t r a t d r a i a e i n e t n o n s s a d n ) g a n i s : a e n t d n i t o o e ( d w n f r n e e c i a s t t S a l ) h t p w i b i t S s a a s e l n t k g t s o l . e l d - . . 7 4 4 2 2 5 ,1 9 0 2 0 0 1 1 4 9 7 3 1 7 9 7 9 1 4 2 8 9 9 2 3 6 7 5 1 0 7 2 1 , , , , 5 1 7 6 9 2 4 7 1 4 6 9 5 7 1 1 7 8 6 8 5 1 6 5 5 1 7 6 1 0 , , , , 1 3 5 6 9 2 1 4 5 1 9 6 7 9 9 0 1 5 8 9 9 1 7 4 2 46 7 1 1 1 9 7 , , , , 1 4 1 9 2 8 1 4 2 9 9 5 7 9 8 8 1 7 3 8 9 1 3 3 6 Golds 61,241 61,573 61,157 58,236 Rediscountable bills and accept- Foreign bills 49,298 56,350 57,896 65,801 ances (at cost) 239,319216,548 213,,287 242,568 Other bills and loans 13,951 16,931 23,186 17,324 Time funds at interest 40,882 45,557 39,536 21,256 Other assets 43,538 46,047 42,626 30,017 Sundry bills and investments.... 166,466227,165 232,,606 224,713 Note circulation 90,252 89,144 87,468 83,806 Funds invested in Germany 297,201297,201:297,201 297,201 Deposits 57,584 70,143 75,178 66,316 Other assets 1,468 1,316 1,425 1,877 Other liabilities and capital 20,192 21,614 22,219 21,256 Demand deposits (gold) 4821616 476,315 463,460 336,023 Bank of Spain (millions of pesetas): Short-term deposits: Gold 581 570 570 553 Central banks—Own account.. 490 518,401476,330 435,993 Silver 344 359 366 377 Other 57 60,783 66,047 75,176 Government loans and securities. 16,020 15,801 15,810 15,733 Long-term deposits: Special 228 909 228,909 228,909 228,909 Other loans and discounts 22,116 22,423 23,227 J20.226 Other liabilities and capital 274 855274,314 273,880 270,132 * Latest month available. 1 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 2la 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. 4Includes small amount of non-Government bonds. NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1953, p. 80; and January 1950, p. 120. 676 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— eff D ec a t t i e ve U K d n i o n i m t g e - d France m G a e n r- y g B i e u l m - N la e e n r t - d h s - S d w en e- S la w e n r i - d tz- ba C n e k n tr o a f— l R A 3 a p 0 t r e . eff D ec a t t i e ve ba C n e k n tr o a f— l R A 3 a p 0 t r e . eff D ec a t t i e ve In effect Dec. 31, Argentina 3H Mar. 1, 1936 Italy 4 Apr. 6, 1950 1947 2 2^&3 3K 2H 1H Austria Mar. 26, 1953 Japan 5.84 Oct. 1, 1951 J S u e n p e t 2 6 8, 1948. . 3H&4 15 B B e o l l g iv iu ia m 3 6 D Se e p c. t . 3 1 0 8 , , 1 19 9 5 5 2 0 J M av ex a ico 4 3 K J A u p n r e . 4 1 , , 1 1 9 9 4 4 2 6 Oct. 1 May 27 1949 14K July 14 14 Oct 6 3H Canada 2 Oct. 17, 1950 Netherlands.. 2K Apr. 7, 1953 June 8, 1950. . 2H Chile 4^ June 13, 1935 New Zealand. July 26, 1941 Sept. 11 3H Colombia July 18, 1933 Norway Jan. 9, 1946 Sept. 26 "3 Costa Rica 4 Feb. 1, 1950 Pakistan.... 3 July 1, 1948 Oct. 27 »6 Dec. 1 3 Apr. 17, 1951.. 4 July 5 Denmark 5 Nov. 2, 1950 Peru 6 Nov. 13, 1947 Sept. 13 3H Ecuador 10 May 13, 1948 Portugal. . . . Jan. 12, 1944 Oct. 11 3 Egypt V*July 1, 1952 South Africa. Mar. 27, 1952 Nov. 8 El Salvador. .. Mar. 22, 1950 Spain 4 Mar. 18, 1949 Nov. 9 4 Jan. 22, 1952. . 3H Mar. 12 4 May 29 , 15 Finland Dec. 16, 1951 Sweden I* Dec. 1, 1950 Aug. 1 3 France 4 Nov. 9, 1951 Switzerland.. Nov. 26, 1936 Aug. 21 .. *4H Germany 14 Jan. 8, 1953 Turkey Feb. 26, 1951 Dec 18 3 Greece 12 July 12, 1948 United King- Tan. 8 1953 *4 India Nov. 15, 1951 dom 4 Mar. 12, 1952 Apr 7 2^ Ireland Mar. 25, 1952 USSR 4 July 1, 1936 In effect Apr. 30, 1953 4 4 >4 3 2V2 3 1 Rate established for the Land Central banks. NOTE.—Changes since Apr. 30- Germany—June 11, from 4 to 3}£ per cent . OPEN-MARKET RATES {Per cent per annum] Canada United Kingdom France Netherlands Sweden Switzerland Month Treasury Bankers' Treasury Day-to- Bankers' Day-to- Treasury Day-to- Loans Private bills acceptances bills day allowance day bills day up to discount 3 months 3 months 3 months money on deposits money 3 months money 3 months rate 1943—-March .50 1.03 1 .00 .90 .50 1.58 3-5 H .25 1944—March .39 1.03 1 .00 1.13 .50 1.65 3-53^ L .25 1945—March .37 1.03 1.00 1.00 .50 1.60 2^-5 L .25 1946— March .36 .53 .51 .63 .50 1.34 L.05 1.00 L .25 1947—March .40 .53 .51 .63 .50 1.41 1.65 1.19 2H-^H .25 1948—March .41 .56 .51 .63 .50 2.09 1.45 .99 2H-4y L .50 1949—March .42 .56 .52 .63 .50 2.10 1.38 1.01 2H-4H2 L.63 1950—March .51 .69 .52 .63 .50 2.70 L.45 1.13 2H-4% L.50 1951—March .76 .69 .51 .63 .50 2.45 1.46 1.23 2V L.50 1952—March .94 2.48 2.01 1.82 1.57 3.51 L .38 1.00 3 T -5 fA .50 1952—April .98 3.00 2.35 2.25 2.00 3.65 L40 1.00 3-5 .50 May .02 3.00 2.37 2.25 2.00 3.77 .25 .90 3-5 L.50 June .08 3.00 2.43 2.25 2.00 3.66 L .20 .75 3-5 L.50 July L.ll 3.00 2.46 2.25 2.00 3.84 .05 .75 3-5 L.50 August L10 3.00 2.46 2.25 2.00 3.77 .85 .58 3-5 L.50 September.... L.14 3.00 2.49 2.25 2.00 4.00 .85 .62 3-5 L.50 October L.19 3.00 2.43 2.25 2.00 3.98 .84 .50 3-5 L.50 November. . . . .21 3.00 2.38 2.25 2.00 3.98 .87 .54 3-5 L.50 December L .35 3.00 2.41 2.25 2.00 3.93 .92 .58 3-5 1.50 1953—January L .35 3.00 2.39 2.25 2.00 3.97 .83 .54 3-5 1.50 February L .47 3.00 2.42 2.25 2.00 4.10 .81 .50 3-5 L.50 March .50 3.00 2.40 2.25 2.00 3.93 .90 .51 3-5 L.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. JUNE 1953 677 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS Assets Liabilities United Kingdom1 (11 London clearing Money at Treasury Deposits Oth<r b m a i n ll k io s s . n t e s r F l o i f i n g g p u ) o re u s n d in s re C se a r s v h es c n a s l o h l t o i a c r n t e d B co il u ls n t d e i d s- re d c e e p i o p s t i s t 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 Demand Time li c a a b a p i n l i d i t t a ie l s 1947—December 502 480 793 1,288 1,483 1.219 567 5,935 3,962 1,972 396 1948—December 502 485 741 1,397 1,478 ,396 621 6,200 4,159 2,041 420 1949—December 532 571 1,109 793 1,512 ,534 579 6,202 4,161 2,041 427 1950—December 540 592 1,408 456 1,528 ,660 735 6,368 4,262 2,106 550 1951—December 531 598 972 102 1,965 ,950 867 6,333 4,290 2,042 651 1952—Mav 491 518 936 1,932 ,901 713 5,903 3,840 2,063 587 June . . . 504 537 1,064 1,917 U575 726 6,064 3,909 2,155 559 July 501 535 1,139 1,917 f?34 696 6,063 3,903 2,159 558 August 510 516 1,239 1,918 1/*65 638 -6,048 3,878 2,170 537 September . .. 503 530 1,295 1,921 1,'r58 662 6,12(5 3,910 2,216 543 October 498 500 1,122 2,142 1 * 676 6 167 3 948 2 219 530 November 503 516 1,142 2,138 1,755 655 6,183 3,949 2,234 526 December 549 529 1,248 2,148 1,764 748 6,46C 4,232 2,228 528 1953— January 498 515 1 ,204 2,148 1 764 6S9 6 255 4 025 2 234 S28 February 1 401 456 1 ,046 2,130 1 ,783 649 6,02? 3,836 2,192 525 Maxell 497 472 1,024 2,122 1,811 641 6 0*3 3 873 2 179 515 April 498 454 1,010 2,119 1,825 664 6,06f 3,860 2,200 511 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 l n r i n o e t d d n h o s l b f o l a i a f g n r u s k ) r s e . s re C se a r s v h E e n s tire S ly e lo c i a u n n r i s t C y 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 d c a r r e a u n o f i n r k r n g 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 o e c p t l a u o l d s i i n ts g p i D a n y e te 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 i e t a s li c a O a b a p t i n h l i d i e t t a r i l es 1947—December .. . 731 105 1,999 106 3,874 1.159 18 6,412 2,671 3,740 1.544 1948—December , 749 101 2.148 144 4,268 1,169 16 7 027 2,970 4,057 1,537 1949—December 765 133 2,271 146 4,345 1,058 14 7,227 2,794 4,433 1,477 1950—December . 824 134 2,776 171 4,286 1,304 (3) 7,828 3,270 4,558 1,667 1951—December 907 107 3,028 227 3.876 1,464 7,896 3,284 4,612 1,714 1952—April 897 140 2,960 236 4,068 1,370 7,987 3,230 4,757 1,685 May 785 132 3,012 255 4,100 1,350 7,979 3,210 4,769 1,655 June 813 138 3,048 328 4,067 1,453 8,120 3,328 4,792 1,727 July 847 145 3,053 279 4 134 L 278 8 079 3 243 4 836 1 658 August 828 147 3,048 260 4,139 1,306 8,075 3,205 4,870 1,652 Sentember 843 135 3 093 250 4 202 L 383 8 191 3 290 4 901 I 716 October 879 130 3,212 278 4,147 1,396 8.31$ 3,418 4,901 [,722 November 827 121 3,350 308 4,006 L ,424 8,291 3 376 4,916 1,746 December 916 155 3,289 326 3 955 I 516 8 421 3 497 4 924 I 736 1953—January 835 135 3,293 308 3,981 1,321 8,188 3,244 4,945 1 .684 February 877 141 3,301 330 4,042 I , 342 8,310 3,301 5,008 1,724 March 851 140 3 ,394 322 4,082 1,394 8,455 3,391 5,067 1,724 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 . r a e n s c E s i ) n nd re C se a r s v h es Du b e a n f k ro s m B c i o ll u s n t d e i d s- Loans O as t s h e e t r s Total D D e e p m os a it n s d Time a O n w ce n i li c a O a b a p t i n h i l t i d e a t r i l es 1947—December . 22,590 19,378 219,386 86,875 27,409 341 547 338,090 3,457 25,175 8,916 194g—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 29,843 677 266 619,204 8,062 26,355 15,662 1950—December . 48,131 52,933 527,525 1*5,289 31,614 749 928 731.310 18,618 28,248 17,316 1951—December 60,215 72,559 627,648 165,696 38,114 906 911 879,767 27,145 33,774 23.547 1952—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 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 February . . 46,436 68,971 638,377 174,329 34,793 900 626 864,734 35,892 27,960 34,321 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. 2Represent 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. 678 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Average5 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 n k " t Official Free M (d a o si l l a l a a y r - ) Official Free 1947 ?9 773 321.00 2.2817 5 4403 100.000 91.999 1948 29 773 321 22 2 2816 5 4406 100 000 91 691 1949 29 774 293.80 2 2009 2.1407 5.4406 42.973 97.491 92.881 1950 26.571 13.333 8.289 223.15 1.9908 1.9722 5.4406 32.788 90.909 91.474 1951 20 000 13 333 7 067 223 07 I 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— J J u im ly e 2 2 0 0 . . 0 0 0 0 0 0 1 1 3 3 . . 3 3 3 3 3 3 7 7 . . 1 1 8 9 3 6 2 2 2 2 1 2. . 1 8 7 8 1 L . . 9 9 8 8 3 42 8 5 5 . . 4 4 4 4 0 0 6 6 3 3 2 2 .5 5 0 0 9 5 1 1 0 0 2 3 .1 0 2 8 0 6 August 20 000 13.333 7.194 222.19 .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 L.9965 5 4406 32 499 103 681 Novembpr. ...... 20.000 13.333 7.198 223.12 L.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 1.9934 5 4406 32.560 103.014 February 20.000 13.333 7.198 224.62 1 .9966 5.4406 12.5173 32.612 102 302 lYlarol"1 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 9113 32 589 101 655 May 20.000 13.333 7.198 224.25 2.0019 5 .4406 2.2508 32.585 100.559 France Year or rnomh Ceylon m De a n rk - Finland (franc) G (d e e r u m tsc a h n e y India Ireland Mexico e N rl e a t n h d - s Ze N a e la w nd (rupee) (krone) (markka) mark) (rupee) (pound) (peso) (guilder) (pound) Official Free 1947 20 864 8407 30.164 20 577 37 760 322 29 1948 20 857 4929 3240 30 169 18 860 37 668 350 48 1949 . 27 839 19 117 4671 .3017 27.706 12 620 34 528 365 07 1950 20.850 14.494 .2858 23.838 20.870 11.570 26.252 277.28 1951 . 20.849 14.491 .4354 .2856 23.838 20.869 280.38 11.564 26.264 277.19 1952 20 903 214.492 .4354 .2856 323.838 20.922 279.68 11.588 26 315 276 49 1952—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—Januarv 21.068 4354 2856 21.074 281.28 11.625 26.281 278.50 FebruaT'v 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 \nril 21 067 4354 2856 21 069 281 66 11 608 26 335 278 87 Mav 21 046 .4354 .2856 21.049 281.43 11.564 26.340 278.65 Year or month N (k o r r o w n a e y ) R P e ( p h p p i i e u n l s i b o e p ) l - ic ( P es o g c r a u t l d u o - ) ( A S po o fr u u i n c th d a ) (k S d r w o e e n n - a) e S (f r w r l a a i n t n c z d ) - U ( K p d n o i o u i n m t n g e d - d ) Ur ( u p g es u o a ) y * 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 5 S3 1952—June 14.015 49.677 3.4801 277.42 19.327 23.138 278.46 65.833 56.180 42.553 J AUu ly gust 1 1 4 4 0 0 1 1 5 5 4 49 9 .6 6 7 7 7 7 3 3 .4 4 8 7 4 9 8 3 2 2 7 7 7 7 .8 7 1 8 1 1 9 9 .3 3 2 2 7 7 2 23 3 .2 2 8 4 8 0 2 2 7 7 8 8 .8 8 5 2 6 65 5 .8 8 3 3 3 3 5 5 6 6 1 1 8 8 0 0 4 4 2 2 5 5 5 S 3 3 September 14.015 49 677 3 4878 277 23 19.327 23.320 278 27 65 833 56 180 42 S53 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 23.311 281.28 565 833 556 180 542 553 February 14.015 49.677 3.4856 280.84 19.323 23.318 281.90 565.833 556.180 542.553 636.025 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 Mav 14.015 49.677 3.4903 280.38 19.323 23.329 281.43 65.833 56.180 42.553 33.633 1 Based on quotations beginning Feb. 25, 1953. 2Based on quotations through Aug. 14, 1952. 33BBaasseedd oonn qquuoottaattiioonnss tthhrroouugghh MMaayy 88,, 11995522.. 44RRta te applliide d( t( excfe pt frete) rate) ddedpends upon type of merchandise. In addition to the rates shown, a fifth rate is being certified; the May average for this rate was 53.1914. 5Quotations not available Jan. 28 through Feb. 9, 1953. 6Free rate, based on quotations beginning Feb. 10, 1953. NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics, see pp. 572-573 in same publication, and for further information concerning rates and averages for previous years, see BULLETIN for December 1952, p. 1355. JUNE 1953 679 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 9 n t 4 1 i a 0 7 t t 0 - e e ) 49 d s = ( C 1 a - 9 1 n 3 0 a 5 0 - d ) 3 a 9 M (1 e 1 9 x 0 3 i 0 9 ) c o = K U ( i 1 n n 1 9 i 0 g 3 t 0 0 d e ) o = d m F (1 r 1 9 a 0 4 n 0 9 ) c - e (1 I 1 9 t 0 3 a 0 8 l ) y = ( a J 1 = v 9 a e 3 1 p r 4 0 a a - 0 g n 3 ) e 6 N ( e l 1 1 t a 9 0 4 n h 0 8 d e ) s r = - S ( w 1 1 9 e 0 3 d 0 5 e ) = n ( S A w u = l g i a . t 1 n z 0 1 d e 0 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—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 111 226 405 328 143 5,133 348 139 322 220 July 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 November 111 222 395 324 140 5,292 343 138 r304 218 December 110 221 393 328 141 5,287 342 139 305 217 1953—J F a e n b u ru a a r r y y 1 1 1 1 0 0 2 22 2 1 2 3 3 8 8 7 4 3 3 2 2 4 8 1 1 4 3 1 9 » 5 \ , 5 2 (2 4 6 3 4 3 35 4 1 8 1 1 3 3 7 6 3 3 0 0 2 3 2 2 1 1 5 4 March 110 222 386 P324 140 136 P301 214 April 109 220 387 P314 P139 212 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 i m t t m h ie e o s r d- pr F o a d r u m cts R f m a a p g c a a w o t r n o u t a d u r l n s - e y d d F f u c m a l g h c l a o i t y n e o u f u d a r l - s n e y d d Foods pr I o t n r d d i u u a c s l t - s Foods p tr r I i o n a d d l u u s c r - t a s w p f r I i o t n n r d i d i s u u a h c s l e - t d s 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 H3 Ml 116 269 238 242 247 J'364 122 171 143 1952 107 109 113 247 219 231 284 *»352 129 166 135 1952—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 »352 127 163 134 July 110 110 113 254 218 230 289 i»348 122 162 133 August 110 til 113 243 216 229 287 P345 124 164 133 107 110 113 232 212 228 284 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 1953—January 100 106 113 226 209 229 301 P341 128 160 132 February 98 105 113 223 208 229 302 P337 127 159 132 March 100 r104 113 221 210 229 P302 P337 124 159 132 April 97 103 113 215 206 228 P313 n.a. Not available. P Preliminary r Revised. NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December 1952, p. 1356. 680 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 7 t t 0 e e - ) 4 d s 1 9 = C ( a 1 a d 1 9 0 4 n a 0 9 - ) 1 K 5 d ( , J i o a n 1 m n 9 g . 5 - 2 F = ( r 1 a 1 9 0 n 4 0 c 9 ) e N l = ( e a 1 t 1 n 9 h 0 4 d 0 e 9 s ) r- 1 ( l 9 A a e 39 r n u - d g = . ( U S 1 = 9 t n 1 a 4 i 0 7 t t 0 e e - ) 4 d s 9 = C ( a 1 1 a d 9 0 n 4 a 0 9 - ) 1 K 5 d (J , i o 1 a n m 9 n g 5 . - 2 F = ( r 1 a 1 9 n 0 4 0 c 9 ) e N l = ( a e 1 t n 1 9 h 0 4 d e 0 9 s r ) - 1 ( l 9 A a 3 e 9 n r u - d g = . = 100) 100) = 100) 100) 1945. 77 75 22 153 69 21 164 1946. 83 78 35 152 79 36 160 1947. 96 85 77 57 158 96 67 57 170 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—April 113 117 102 147 120 170 114 117 104 142 125 182 May 113 116 102 145 119 171 114 116 104 139 124 183 June 113 116 104 143 119 171 115 116 109 137 124 184 July 114 116 104 143 120 171 116 116 108 136 123 185 August.... 114 116 103 145 119 171 117 116 107 140 120 185 September. 114 116 103 146 120 172 115 116 106 142 123 186 October. . . 114 116 104 145 120 171 115 115 108 141 123 186 November. 114 116 104 144 119 171 115 116 108 140 122 186 December.. 114 116 105 145 120 171 114 114 109 141 122 186 1953—January 114 116 104 146 120 170 113 114 109 141 123 184 February 113 116 105 146 120 170 112 113 110 142 124 183 March 114 115 105 145 120 169 112 112 111 141 123 183 April 114 115 106 145 120 169 112 111 113 140 124 182 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. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month U S g ( n r t h a a i i d g t t e e e h ) d s ( C 1 = a 9 n 3 1 5 a 0 - 0 d 3 ) a 9 ( 1 K D 9 U 2 i e 1 n n c g e i = m t d e 1 o b d 0 m e 0 r ) F (1 r 1 9 a 0 4 0 n 9 ) c = e N l e a t n h d e s r- ( U 1 S = 9 n t 3 a 1 i 5 0 t t e - 0 e 3 d s ) 9 C (1 = a 9 n 3 1 5 a 0 - 0 d 3 ) a 9 ( K 1 U 9 in 2 n 6 g i = t d e 1 o d 0 m 0) (19 F 4 r 9 a = n 1 c 0 e 0) N l e a t n h d e s r- Number of issues.. . 17 87 60 14 480 103 278 295 27 1946 ... 123.4 117.2 132.1 131.5 109.6 139.9 115 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—May 116.3 88.8 108.6 110.7 84.5 183.7 169.0 92.0 136 185 June 116.2 87.7 105.8 113.9 85.2 187.6 171.6 89.6 142 184 July 116.0 85.3 105.8 114.4 85.4 192.1 174.9 89.9 145 190 August 115.8 84.0 106.3 114.8 87.6 191.1 176.0 89.9 146 190 September ... 115.7 83.6 110.0 116.9 87.1 188.2 171.6 91.2 147 192 October 114.7 84.3 109.0 115.5 87.6 183.4 163.6 90.3 142 191 November. . . 115.2 84.9 108.3 115.0 89.9 189.8 167.3 89.9 141 194 December 115.3 84.7 109.0 114.6 91.6 197.0 168.4 91.0 141 196 1953—January 114.5 84.5 109.1 114.3 93.6 197.6 172.3 92.0 151 201 February .... 114.0 84.2 109.7 112.7 96.3 195.9 169.0 92.0 153 207 March 113.4 84.1 110.5 111.9 95.8 198.0 170.0 93.2 150 206 April 111.7 84.1 111.3 112.6 98.0 190.0 160.8 92.3 150 203 NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December 1952, p. 1357. JUNE 1953 681 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 Direceor 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 RALPH A. YOUNG, Director DIVISION OF PERSONNEL ADMINISTRATION FRANK R. GARFIELD, Adviser on Economic Research DWIGHT L. ALLEN, Director KENNETH B. WILLIAMS, Assistant Director H. FRANKLIN SPRECHER, JR., Assistant Director SUSAN S. BURR, Assistant Director GUY E. NOYES, Assistant Director DIVISION OF ADMINISTRATIVE SERVICES 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 A. L. MILLS, JR. GEOFFREY S. SMITH, PHILADELPHIA DISTRICT R. M. EVANS O. S. POWELL GEORGE GUND, CLEVELAND DISTRICT W. D. FULTON J. L. ROBERTSON DELOS C. JOHNS M. S. SZYMCZAK ROBERT V. FLEMING, RICHMOND DISTRICT JAMES K. VARDAMAN, JR. Vice President WINFIELD W. RIEFLER, Secretary PAUL M. DAVIS, ATLANTA DISTRICT ELLIOTT THURSTON, Assistant Secretary EDWARD E. BROWN, CHICAGO DISTRICT GEORGE B. VEST, General Counsel President FREDERIC SOLOMON, Assistant General Counsel WOODLIEF THOMAS, Economist V. J. ALEXANDER, ST. LOUIS DISTRICT WM. J. ABBOTT, JR., Associate Economist L. MERLE HOSTETLER, Associate Economist JOSEPH F. RINGLAND, MINNEAPOLIS DISTRICT J. MARVIN PETERSON, Associate Economist CHARLES J. CHANDLER, KANSAS CITY DISTRICT H. V. ROELSE, Associate Economist PARKER B. WILLIS, 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 682 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 JJ ohn JJ. Foogg Carl B. Pitman Ames Stevens Alfred C. Neal RRbo bert BB. Harvey 3 O. A. Schlaikjer E. O. Latham RR . FF. VVa n AAmiringe New York. Jay E. Crane Allan Sproul H. A. Bilby H. V. Roelse 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. Vergari4 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. Symms 3 William R. Wallace, Jr. H. N. Mangels H. F. Slade O. P. Wheeler VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Federal Reserve Branch Vice Presidents Branch Vice Presidents Bank of Bank of New York Buffalo I. B. Smith Minneapolis.... Helena C. W. Groth Cleveland Cincinnati Wilbur T. Blair Pittsburgh J. W. Kossin Kansas City.... Denver G. A. Gregory Richmond Baltimore D. F. Hagner Oklahoma City R. L. Mathes Omaha L. H. Earhart Charlotte R. L. Cherry Atlanta Birmingham John L. Liles, Jr. Dallas El Paso C. M. Rowland Jacksonville T. A. Lanford Houston W. H. Holloway Nashville R. E. Moody, Jr. San Antonio W. E. Eagle New Orleans E. P. Paris Chicago Detroit 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. 2 Cashier. 3 Also Cashier. 4 Counsel 683 JUNE 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS The material listed below may be obtained from in quantities of 10 or more copies for single the Division of Administrative Services, Board of shipment, 50 cents each. Paper-bound copies Governors of the Federal Reserve System, Wash- available without charge. ington 25, D. C. Where a charge is indicated, BANKING STUDIES. Comprising 17 papers on bankremittance should be made payable to the order ing and monetary subjects by members of the of the Board of Governors of the Federal Reserve Board's staff. August 1941; reprinted October System. 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 Federal Reserve System. Issued each year. shipment, 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 pos- ments. 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. September 1950. 74 pages. 25 cents per copy; Uruguay, and Venezuela is $2.00 per annum or in quantities of 10 or more copies for single 20 cents per copy; elsewhere $2.60 per annum or shipment, 15 cents each. 25 cents per copy. Group subscriptions in the United States for 10 or more copies to one ad- THE DEVELOPMENT OF BANK DEBITS AND CLEARdress, 15 cents per copy per month, or $1.50 INGS AND THEIR USE IN ECONOMIC ANALYSIS. for 12 months. January 1952. 175 pages. 25 cents per copy; in quantities of 10 or more copies for single ship- FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY RATES, AND BUSINESS. Issued monthly. $6.00 ment, 15 cents each. per annum including edition of historical supple- THE FEDERAL RESERVE ACT, as amended to Novemment (listed below) available when subscription ber 1, 1946, with an Appendix containing prois entered or renewed. 60 cents per copy; in visions of certain other statutes affecting the quantities of 10 or more copies of a particular Federal Reserve System. 372 pages. 50 cents per issue for single shipment, 50 cents each. (Dopaper-bound copy; $1.00 per cloth-bound copy. mestic rates) COMPILATION OF FEDERAL AND STATE LAWS RELAT- HISTORICAL SUPPLEMENT TO FEDERAL RESERVE ING TO BRANCH BANKING WITHIN THE UNITED CHARTS ON BANK CREDIT, MONEY RATES, AND STATES. (July 1, 1951.) December 1951. 33 BUSINESS. Issued semiannually, usually April 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 System (with Amendments). September 1946. each. (Domestic rates) 31 pages. THE FEDERAL RESERVE SYSTEM—ITS PURPOSES AND REGULATIONS OF THE BOARD OF GOVERNORS OF THE FUNCTIONS. November 1947; reprinted June FEDERAL RESERVE SYSTEM. Individual regulations 1953. 125 pages. 75 cents per cloth-bound copy; with amendments. 684 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS PERIODIC RELEASES DEPARTMENT STORE SALES AND STOCKS, BY MAJOR WEEKLY DEPARTMENTS CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS DEPARTMENT STORE STOCKS BY INDUSTRY FOREIGN EXCHANGE RATES CONDITION OF THE FEDERAL RESERVE BANKS INTERDISTRICT SETTLEMENT FUND CONDITION OF WEEKLY REPORTING MEMBER BANKS NATIONAL SUMMARY OF BUSINESS CONDITIONS IN LEADING CITIES OPEN-MARKET MONEY RATES IN NEW YORK CITY CONDITION OF WEEKLY REPORTING MEMBER BANKS RETAIL FURNITURE REPORT IN CENTRAL RESERVE CITIES SALES FINANCE COMPANIES DEPARTMENT STORE SALES IN SELECTED CITIES AND STATE MEMBER BANKS OF THE FEDERAL RESERVE AREAS SYSTEM AND NONMEMBER BANKS THAT MAINTAIN WEEKLY DEPARTMENT STORE SALES CLEARING ACCOUNTS WITH FEDERAL RESERVE BANKS (Also annual list) WEEKLY FOREIGN EXCHANGE RATES WEEKLY REVIEW OF PERIODICALS SEMIANNUAL—QUARTERLY SEMIMONTHLY ALL BANKS IN THE UNITED STATES AND POSSESSIONS —PRINCIPAL ASSETS AND LIABILITIES DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER MEMBER BANK CALL REPORT BANKS MONTHLY MEMBER BANK EARNINGS ASSETS AND LIABILITIES OF ALL BANKS IN THE MEMBER BANK LOANS UNITED STATES SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORA- ASSETS AND LIABILITIES OF ALL MEMBER BANKS, TIONS BY DISTRICTS ANNUAL BANK DEBITS TO DEMAND DEPOSIT ACCOUNTS BANK DEBITS TO DEMAND DEPOSIT ACCOUNTS BUSINESS INDEXES T^ C C C A/r DEPARTMENT STORE SALES AND STOCKS, BY MAJOR CONSUMER CREDIT (Short- and Intermediate-Term) DEPARTMENTS CONSUMER INSTALMENT CREDIT AT COMMERCIAL IRREGULAR BANKS DISTRIBUTION OF BANK DEPOSITS BY COUNTIES AND DEPARTMENT STORE CREDIT STANDARD METROPOLITAN AREAS DEPARTMENT STORE MERCHANDISING DATA SELECTED LIST OF ADDITIONS TO THE RESEARCH DEPARTMENT STORE SALES LIBRARY 685 JUNE 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS REPRINTS REVISION OF WEEKLY STATISTICS FOR MEMBER (From Federal Reserve Bulletin unless preceded by an asterisk) BANKS IN LEADING CITIES. June-July 1947. 9 pages. THE HISTORY OF RESERVE REQUIREMENTS FOR BANKS REVISION OF NATIONAL INCOME AND PRODUCT STA- IN THE UNITED STATES. November 1938. 20 TISTICS. September 1947. 12 pages. pages. STERLING IN MULTILATERAL TRADE. September THE PAR COLLECTION SYSTEM OF THE FEDERAL RE- 1947. 8 pages. SERVE BANKS. February 1940. 8 pages. BANKING ASSETS AND THE MONEY SUPPLY SINCE HISTORICAL REVIEW OF OBJECTIVES OF FEDERAL RE- 1929. January 1948. 9 pages. SERVE POLICY. April 1940. 11 pages. NEW COMMERCIAL BANKING OFFICES, 1936-1947. GENERAL INDEXES OF BUSINESS ACTIVITY. June 1940. May 1948. 12 pages. 7 pages. SALES FINANCE COMPANY OPERATIONS IN 1947. MEASUREMENT OF PRODUCTION. September 1940. July 1948. 6 pages. 16 pages. THE PHILIPPINE CENTRAL BANK ACT and Text of FEDERAL RESERVE BANK LENDING POWER NOT DEthe Act. In part a reprint from the August PENDENT ON MEMBER BANK RESERVE BALANCES. 1948 BULLETIN. 36 pages. February 1941. 2 pages. LATIN AMERICA'S POSTWAR INFLATION AND BALANCE ADJUSTMENT FOR SEASONAL VARIATION. Descrip- OF PAYMENTS PROBLEMS. November 1948. 11 tion of method used by Board in adjusting ecopages. nomic data for seasonal variation. June 1941. 11 pages. NEW STATISTICS OF INTEREST RATES ON BUSINESS LOANS. March 1949. 10 pages. COMMERCIAL AND INDUSTRIAL LOANS AT MEMBER BANKS, April 16-May 15, 1942. August, Septem- MEASUREMENTS OF SAVINGS. November 1949. 8 ber, and November 1942. 32 pages. pages. FEDERAL RESERVE INDEX OF INDUSTRIAL PRODUCTION. NOTES ON FOREIGN CURRENCY ADJUSTMENTS. No- From August 1940, September 1941, and October vember 1949. 14 pages. 1943 issues of BULLETIN with supplementary data. October 1943. 120 pages. A STUDY OF INSTALMENT CREDIT TERMS. December 1949. 8 pages. ESTIMATES OF GROSS NATIONAL PRODUCT, 1919-28. September 1945. 2 pages. FRENCH EXCHANGE STABILIZATION FUND. January 1950. 5 pages. SURVEYS OF LIQUID ASSET HOLDINGS. September 1945. 7 pages. REVISED ESTIMATES OF CONSUMER CREDIT. November 1950. 2 pages. INDEX OF DEPARTMENT STORE SALES AND STOCKS, BY MAJOR DEPARTMENTS. August 1946. 4 pages. MEASUREMENT OF CONSUMER CREDIT. November 1950. 9 pages. BUSINESS LOANS OF MEMBER BANKS. March, May, June, July, and August 1947. 80 pages. * THE TREASURY—CENTRAL BANK RELATIONSHIP IN FOREIGN COUNTRIES—PROCEDURES AND TECH- COMMERCIAL BANK ACTIVITY IN CONSUMER INSTAL- NIQUES. November 1950. April 1951. 19 pages. MENT FINANCING. March 1947. 6 pages. VALUES AND LIMITATIONS OF CONSUMER FINANCIAL TRENDS IN INTERNATIONAL TRADE AND PAYMENTS. April 1951. 14 pages. SURVEYS FOR ECONOMIC RESEARCH. March 1947. 9 pages. HOUSE PURCHASES IN THE FIVE MONTHS FOLLOWING METHODS OF RESTRICTING MONETIZATION OF PUBLIC THE INTRODUCTION OF REAL ESTATE CREDIT REGU- DEBT BY BANKS. April 1947. 4 pages. LATION. July 1951. 23 pages. 686 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS SAVING IN THE DEFENSE ECONOMY. September PROBLEMS OF TRADE EQUILIBRIUM. October 1952. 1951. 5 pages. 9 pages. NEW INDEX OF OUTPUT OF MAJOR CONSUMER REVISED SERIES ON DEPARTMENT STORE SALES, DURABLE GOODS. October 1951. 6 pages. STOCKS, AND ORDERS. October 1952. 5 pages. CREDIT AND SALES REPORTED BY REGULATION W RECENT CREDIT EXPANSION. December 1952. 7 REGISTRANTS. October 1951. 12 pages. 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 pages. FEDERAL FINANCIAL MEASURES FOR ECONOMIC STA- BILITY. May 1953. 7 pages. RECENT CHANGES IN GERMANY'S FOREIGN TRADE BALANCE. March 1952. 7 pages. INTERNATIONAL FLOW OF GOLD AND DOLLARS, 1952. March 1953. 8 pages. (Also similar article from BANKING IN THE SOVIET UNION. April 1952. 8 March 1952 BULLETIN.) pages. REVISION OF CONSUMER CREDIT STATISTICS. April REVISED WEEKLY INDEX OF DEPARTMENT STORE 1953. 19 pages. SALES. April 1952. 4 pages. ^DETAILED DESCRIPTION OF SOURCES AND METHODS STATEMENT BY CHAIRMAN OF THE BOARD OF GOV- USED IN REVISION OF SHORT- AND INTERMEDIATE- ERNORS BEFORE SUBCOMMITTEE ON GENERAL TERM CONSUMER CREDIT STATISTICS (supplemen- CREDIT CONTROL AND DEBT MANAGEMENT, MARCH tary details for item listed above), April 1953. 11, 1952. April 1952. 4 pages. 25 pages. CHANGES IN INSTALMENT CREDIT TERMS. May 1952. THE TRANSITION TO FREE MARKETS. April 1953. 6 pages. 6 pages. EXCESS PROFITS TAXES OF COMMERCIAL BANKS. FEDERAL RESERVE BANK RESPONSIBILITIES. May June 1952. 18 pages. 1953. 5 pages. REAL ESTATE LOANS OF REGISTRANTS UNDER REGU- UNITED STATES POSTWAR INVESTMENT IN LATIN LATION X. June 1952. 18 pages. AMERICA. May 1953. 6 pages. RETAIL CREDIT SURVEY—1951. From June 1952 1953 SURVEY OF CONSUMER FINANCES—PART I. THE BULLETIN with supplementary information for GENERAL FINANCIAL POSITION AND ECONOMIC 9 separate trades. (Also, Retail Credit Surveys— OUTLOOK OF CONSUMERS. June 1953. 16 pages. 1943, 1944, 1945, 1946, 1947, 1948, and 1949 SELECTED PRELIMINARY FINDINGS OF THE 1953 from the June 1944, May 1945, June 1946, July SURVEY OF CONSUMER FINANCES. March 1953. 2 1947, July 1948, June 1949, and June 1950 pages. (Other articles on the 1953 Survey will BULLETINS with supplementary information.) appear in later issues of the BULLETIN. Also, ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS similar surveys for earlier years from 1946, 1947, AND BUSINESSES. July 1952. 2 pages. 1948, 1949, 1950, 1951, and 1952 BULLETINS.) 687 JUNE 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SB CO FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES == BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ^T BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM <S> FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis