Federal Reserve Bulletin, 1953-07

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

FEDERAL RESERVE BULLETIN VOLUME 39 July 1953 NUMBER 7 RECENT CREDIT AND MONETARY DEVELOPMENTS The Board of Governors, on June 24, an- At that time there were indications that nounced a reduction in the reserve require- Federal Reserve monetary measures were bements on net demand deposits of all member ginning to have a more restrictive effect than banks. In taking this action the Board made was appropriate for carrying out the general the following statement: objectives of economic stability. These indications began to appear in the capital market "This step was taken in pursuance of toward the end of April when the new 3*4 Federal Reserve policy, designed to make per cent Treasury bonds broke par and seaavailable the reserve funds necessary to soned issues, both public and private, reacted meet the essential needs of the economy sharply in price. The sudden hardening of and to help maintain stability of the dollar. The reduction, releasing an estimated DEMAND DEPOSITS $1,156,000,000 of reserves, was made in AND OTHER ECONOMIC INDICATORS anticipation of the exceptionally heavy de- Billions of Dollars 120 1935-39-100 mands on bank reserves which will develop DEMAND DEPOSITS ADJUSTED: 250 INDUSTRIAL ys. in the near future when seasonal require- ADJUSTED FOR PRODUCTION / ments of the economy will expand and — SEASONAL / V- ~~100 VARIATION /V-5*^* Treasury financing in large volume is in- 200 escapable. The action is intended to pro- AXT WITHOUT ijfts^V SEASONAL vide assurance that these needs will be JL ADJUSTMENT _ 80 Y met without undue strain on the economy >v. I I I! ^ 150 «, 1 1 ! 1 .. and is in conformity with System policy 140 400 1947-49 - 100 Billions of Dollars of contributing to the objective of sustain- Annual Rares PRICES: ing economic equilibrium at high levels of 120 340 "" WHOLESALE ~ production and employment." /GROSS /NATIONAL / PRODUCT The reduction in reserve requirements was VivS^ONSUMER 100 280 preceded and accompanied by open market purchases of Treasury bills by the Federal - . I I I! -- 80 1 1 1 1 220 Reserve, totaling more than 1 billion dollars. 1949 1951 1953 1949 1951 1953 The combined effect of these operations was NOTE.—Demand deposits and industrial production, Federal to supply more than 2 billion dollars of re- Reserve; prices, Bureau of Labor Statistics; gross national product, Department of Commerce estimates. Production and serves to banks in the two-month period gross national product are adjusted for seasonal variation. Latest figures shown are Federal Reserve estimates (June for all series except gross national product, which is second beginning in early May. quarter). JULY 1953 689 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT CREDIT AND MONETARY DEVELOPMENTS money rates, of which this was one expres- and most of the first half of 1953. A record sion, was further stimulated by an increasing total of security issues for new capital by reluctance of lenders to commit themselves corporations and State and local governments and by the entry into the market of bor- and a sustained large volume of new home rowers seeking to cover future requirements mortgages placed a heavy financing burden before money rates rose further. At the on the capital markets. Rapid expansion same time it appeared that the Federal cash of consumer instalment borrowing throughdeficit would be much larger than had earlier out the period also added greatly to total been expected and that the Treasury would credit demand, and in the second quarter be a heavy borrower during the remainder of of 1953 the Treasury re-entered the credit the year. market as a borrower. Business borrowing at These developments found little reflection banks showed somewhat less than the usual in general economic indicators outside the seasonal decline in the first five months of area of finance. Prices were generally stable. the year. Indexes of production, employment, and dis- New securities issued by corporations and tribution remained high throughout the State and local governments aggregated period, but the privately held money supply, about 7.5 billion dollars during the first half which earlier had paralleled movements in of the year, as is shown in the chart. This 1952, began to contract in May as compared was 600 million more than in the correspondwith the same period last year. ing period of last year and 2 billion more than During 1952 and most of the first half of for the first half of 1951. Corporation fi- 1953, with resources of production virtually nancing reflected continued heavy outlays for fully utilized, there was limited capacity for plant and equipment and a sharp expansion further growth in total capital and consump- of credit extended by business concerns to tion expenditures. The advanced levels of consumers. State and local governments economic activity during the period were borrowed to finance construction of comaccompanied by large demands for credit, munity facilities, roads, and bridges. As which if fully met would have created de- pressures developed in the securities markets mands for goods in excess of the resources of during May and June, a considerable volume the economy. The supply of savings available of contemplated security issues by businesses in the credit market, although very great, was and State and local governments was cannot sufficient to meet all credit demands, celed or postponed awaiting a more favorand Federal Reserve policy was largely di- able financing period. rected toward limiting additional bank credit Demand for mortgage credit at banks, expansion to amounts consistent with normal savings and loan associations, insurance commonetary growth over the year. Reflecting panies, and other mortgage lenders was also the pressures of a large current and prospec- maintained at a high level. In the first tive demand for credit on the supply of funds half of 1953 the volume of mortgage loans in the credit market, interest rates rose. extended on small nonfarm properties was one-eighth larger than in the same period last ACTIVE DEMAND FOR CREDIT AND CAPITAL year and about equal to the record volume Demand for credit and capital was excep- of the second half of that year. Demand for tionally strong in the late months of 1952 mortgage credit for commercial and multi- 690 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT CREDIT AND MONETARY DEVELOPMENTS GROWTH IN CREDIT AND CAPITAL the past twelve months such credit increased SELECTED TYPES nearly 5 billion dollars, or 31 per cent. Ex- 16 January -June pansion of consumer disposable income in Bi 11 ion s of Dollars the same period was at a rate of 8 per cent. Accordingly, the ratio of consumer instal- CONSUMER INSTALMENT ment credit outstanding to disposable income CREDIT climbed from about 6.6 to 8.1 per cent and 12 NEW SECURITY is now at the highest level in this country's ISSUESfinancial history. A special factor in the rise STATE AND LOCAL GOVT in instalment credit over the past year was a sharp relaxation by lenders of down-payment and maturity terms following suspension of consumer credit regulation in May CORPORATE BUSINESS 1952. Demand for short-term credit by other private borrowers remained strong in the first half of 1953. Business demand for such credit remained at a high level, follow- REAL ESTATE ing a substantial expansion in the fourth MORTGAGES quarter of 1952. There was some increase in borrowing for purchasing and carrying stocks following a reduction in margin 1951 1952 1953 requirements to 50 per cent early in 1953. NOTE.—Federal Reserve estimates based on data from the Securities and Exchange Commission, Bond Buyer, Census These requirements had been established at Bureau, Home Loan Bank Board, and Department of Agriculture. Security issues are those for new capital; corporate issues a high level of 75 per cent in January 1951, include long-term debt and equity financing. during the inflationary period after the unit residential construction was also heavy. Korean outbreak. Rapid expansion of consumer borrowing The Federal Government reduced its net continued in the first half of 1953 to be a debt outstanding (excluding that held by key factor contributing to the exceptionally Government agencies) by about 3 billion large credit demand. Consumers increased dollars in the first quarter of 1953. This rethe amount of their instalment obligations duction was accomplished by use of a seanearly 2 billion dollars, as is shown in the sonal excess of receipts over expenditures chart. About half of this additional credit and was accompanied by some increase was extended directly to consumers by banks. in the Treasury's cash balance. Debt re- The remainder reflected additional credit ex- tirements included principally the maturtended to consumers by retail businesses and ing of tax anticipation bills and net redempother consumer financing institutions, espe- tions of savings notes. In the second quarcially sales finance companies, which in turn ter the volume of Government securities obtained new funds from banks or from the held by the public showed little change, as capital market. retirements of securities were offset by sales Growth of consumer instalment credit has of over 1 billion dollars of a long-term bond been at a record pace since April 1952. Over issue, the issuance of 0.8 billion of tax antici- JULY 1953 691 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT CREDIT AND MONETARY DEVELOPMENTS pation bills maturing in September, and in- GROWTH IN SAVINGS creases in the regular weekly bill issues SELECTED FORMS 12 totaling 1.7 billion. January - June - Billions of Dollars Although the Treasury was not a net borrower in the first half of the year, there was growing recognition during the period that Treasury receipts were lagging behind Budget estimates while expenditures were TIME DEPOSITS: continuing to rise and that the Federal fiscal COMMERCIAL BANKS outlook was more unfavorable than it had appeared to be early in the year. These MUTUAL SAVINGS BANKS developments made it inevitable that Federal borrowing would be substantial in the second SAVINGS SHARES half of the year. As awareness of the size of this potential borrowing spread, it became LIFE INSURANCE an increasingly important factor in credit developments. Early in July the Treasury 1951 1952 1953 announced the offering of about 5.5 billion NOTE.—Data from Institute of Life Insurance, Home Loan Bank Board, and Federal Reserve. Figures for first half 1953 dollars of tax anticipation certificates matur- partly estimated by Federal Reserve. Savings shares and life insurance represent increases in total assets of the respective ing in March 1954 to meet the large cash institutions. deficit anticipated for the July-September by nonfinancial corporations in advance of period. quarterly taxpayment dates. Most of these funds were invested in short-term United CONTINUED LARGE SAVINGS States Government securities. Financing of the heavy credit demands in the first half of 1953 was facilitated by a BANK CREDIT DEVELOPMENTS large and expanding volume of individual During the first four months of 1953 savings. These funds became available for commercial banks were under pressure to investment through such financial inter- . maintain their reserve positions and in genmediaries as pension and trust funds, life eral this pressure seemed to be reflected in insurance companies, and savings insti- some curtailment in the total volume of tutions. The amount of savings flowing to bank credit. Bank holdings of Government savings and loan associations and insurance securities declined sharply as banks disposed companies and into time deposits at mutual of large amounts of short-term securities, savings banks and commercial banks in- which in part were retired by the Treasury creased substantially, as is shown in the and in part were purchased in the market by chart. In the January-June period the total corporations and other buyers. Bank loans was about 20 per cent larger than in the cor- for purchasing or carrying Government seresponding period a year ago and double curities declined somewhat. Despite the that in the first half of 1951. unusually heavy demand for credit from Additional funds were made available in private borrowers, other bank loans and inthe short-term credit market by foreign gov- vestments expanded only moderately, as is ernments, State and local governments, and shown in the chart. 692 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT CREDIT AND MONETARY DEVELOPMENTS BANK LOANS AND INVESTMENTS more this year than last, while bank portfolios of corporate and of State and local 80 government securities increased much less this year than they did a year ago. Outstand- 75 ing bank loans for agricultural purposes and also for purchasing and carrying securities declined this year, compared with a substan- 70 tial increase in the same period of 1952. The marked decline in bank holdings of United States Government securities in the OTHER LOANS AND INVESTMENTS 45 first half of this year was in striking contrast EXCLUDING INTERBANK to the small decline a year ago. As a consequence, total loans and investments of com- 40 mercial banks declined in the first half of 1953 compared with a small increase in the 35 same period last year. The decline in holdi ings of Government securities this year was GOV'T SECURITIES widespread among all classes and sizes of AND LOANS ON GOV'TS 30 banks, but it was greatest at the large city banks, which were under special pressure to 1951 1952 1953 meet deposit losses. In the first half of last NOTE.—Wednesday figures for weekly reporting member banks in leading cities. Series beginning 1952 includes eight year the small decline in Government secuadditional banks. Latest figures shown are for July 8. rity portfolios occurred largely at country Bank loans to businesses declined some- banks, and portfolios at banks in New York what in the first half of the year, but until and Chicago rose slightly. June the decline was less than in the cor- RISE IN INTEREST RATES responding period a year ago. Retail and wholesale trade concerns and textile, apparel, The large and growing demand for credit and leather manufacturers increased their in the first half of 1953 tended to outstrip bank indebtedness significantly in the first the substantial and increasing volume of six months of this year, whereas they de- funds available for lending and investing. creased it during the same period a year ago. The pressure of credit demand resulted in a Sales finance company indebtedness to banks, mild but general firming of interest rates which decreased sharply last year, declined until mid-April. Thereafter rates advanced only slightly this year. Borrowing by metal sharply. In the latter part of June interest and metal products manufacturers and pe- rates on most types of credit leveled off sometroleum, coal, chemical, and rubber com- what and in some cases receded from highs panies, on the other hand, was considerably reached earlier in the month. smaller this year than last. Over the six-month period, yields on out- Bank loans to individuals, largely consumer standing high-grade, long-term bonds rose loans, increased much more rapidly in the about l/ of 1 per cent, as is shown in the 2 January-June 1953 period than a year ago. chart on the following page. The increase Real estate loans of banks expanded slightly in yields on new offerings was somewhat JULY 1953 693 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT CREDIT AND MONETARY DEVELOPMENTS greater, and the spread between yields on The advance in interest rates thus was a outstanding issues and on new security issues factor in maintaining balance between the widened. Intermediate-term yields also in- demand for funds and the supply of savings. creased about Y of 1 per cent. Rates charged To the extent that it helped to limit the 2 by banks on loans to businesses also rose and bulge in demand for durable goods of all short-term market paper at midyear sold at kinds, it tended to spread the flow of exyields ranging from about l/+ to l/ of 1 per penditures more evenly over time. 2 cent higher than early in the year. CHANGES IN DEPOSITS AND CURRENCY MONEY RATES Credit expansion, though restrained, has PER CENT PER ANNUM nevertheless been adequate to permit growth in the deposit and currency supply needed to support an expanding economy with stable prices. For the 12-month period ending April 29, 1953, demand deposits and currency held by individuals and businesses increased 4.0 billion dollars, or about il/s '^'HIGH- GRADE /V f per cent. In the following two months, MUNICIPAL/1. J however, there was a contraction in privately held demand deposits and currency, compared with a small increase in the same period of 1952. For the 12-month period ending TREASURY BILLS June 30,1953, consequently, demand deposits and currency held by individuals and businesses showed an estimated increase of about 3 billion dollars, or 2Y per cent. In addition, 2 holdings of time deposits rose 4.5 billion 1950 1951 1952 1953 dollars, or about 7 per cent. There was a NOTE.—Treasury bill rates are market rates on longest bills. decline of 2.5 billion dollars in Treasury de- Yields on long-term U. S. Governments exclude 3lA per cent bonds of 1978-83, issued May 1, 1953. Corporate Aaa, Moody's posits. Investors Service; high-grade municipals, Standard and Poor's Corporation. Latest figures shown are for week ending July 11. Growth in demand deposits and currency The general rise in the interest rate struc- in the 12-month period ending June 30, 1953, ture in the first part of 1953 exerted a re- was about half that of the preceding 12 straining influence on capital and consump- months, while the increase in time deposits tion expenditures at a time when produc- was larger, as is shown in the table. The tive resources were virtually fully employed. smaller monetary growth in the 12 months This result was brought about through the just past, and particularly in recent months, operation of several forces. Rising interest reflects largely the effects of a reduction in rates encouraged saving. They also curbed bank holdings of Government securities. In credit demand, dampened somewhat the the preceding year these holdings increased strength of the capital goods boom, and led and tended to expand the volume of deto a postponement of some capital projects posits. Over the past year there has also awaiting more favorable financing terms. been a monetary drain due to changes in 694 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT CREDIT AND MONETARY DEVELOPMENTS the gold stock and other foreign transac- use or turnover of demand deposits to intions whereas in the preceding year these crease over the past year. In the first six factors operated in the opposite direction. months of 1953 demand deposits at banks Bank loans and other investments showed outside the leading financial centers turned about the same growth in both 12-month over at the rate of 19.0 times per year as comperiods. pared with 18.3 in the same period last year. CHANGES IN DEPOSITS AND CURRENCY RECENT FEDERAL RESERVE CREDIT ACTIONS [In billions of dollars] Federal Reserve credit actions during the 12 months ending June 30 Item past year have been directed toward the gen- 1953 1 1952 eral objective of keeping the supply of credit Deposits and currency: and money adjusted to the needs of a grow- Demand deposits, adjusted +2.1 +5.8 Currency outside banks + 1.0 +0.7 ing economy. This policy has called for Time deposits +4.6 +3.7 U. S. Government deposits -2.4 -0.2 some expansion in the supply of bank re- Factors affecting deposits and cur- (Sign indicates effect on serves, although in view of the large demand rency: deposits and currency) for credit in excess of the supply of savings, Bank holdings of U. S. Gov't. secu- Ba r n it k i e l s oans and other investments.. + -0 7. .5 9 +1.8 it has resulted in some restraint on credit Gold stock and foreign deposits at +7.7 F. R. Banks -0.9 + 1.9 demand. Other factors -1.1 -1.4 Keeping within the framework of this 1 Partly estimated. broad policy objective, the Federal Reserve NOTE.—Figures include changes in holdings of commerical banks, mutual savings banks, the Postal Savings System, and the Federal began in early May to take measures that Reserve Banks. would help provide for the normal large Privately held demand deposits and curseasonal requirements for credit and money rency typically decline in the first half of during the remainder of the year. The Feda calendar year and subsequently increase by eral Reserve first increased the reserve funds a larger amount in the second half, reflecting the combined seasonal and growth needs of available to banks by repeated open-market the economy. The amount of privately held purchases of Treasury bills. These were bedemand deposits, after allowance for such gun on a modest scale in the second week seasonal changes, expanded moderately dur- of May and were accelerated in subsequent ing 1952 and through April 1953 and then weeks. From May 7 through July 8 the contracted somewhat in May and leveled off Federal Reserve supplied about 1.2 billion in June, as is shown in the chart on page 689. dollars of reserves to banks by these opera- Prices of consumer goods have been stable tions. for the last year and a half. Wholesale prices, Banks were also supplied with a large volwhich declined through 1952 from the peak ume of reserves during most of June as a reached in the first quarter of 1951, have also result of a sharp reduction in Treasury balbeen stable thus far in 1953. Industrial pro- ances at the Federal Reserve and heavy duction has been at an advanced level Treasury borrowing on special certificates throughout the first half of the year, follow- from the Federal Reserve. By the third week ing a rapid rise after the settlement of the of June member banks had repaid most of steel strike last year, and gross national prod- their borrowings at the Federal Reserve uct has continued to expand. Banks and there was a substantial increase There has been some tendency for the in the volume of excess reserves. Reserves 695 JULY 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT CREDIT AND MONETARY DEVELOPMENTS supplied by Treasury operations over the Reserve funds supplied by open market June tax period were only temporary, how- operations in May and June, together with ever, and they were largely withdrawn by those freed by the reduction in reserve rethe first week of July. quirements, are part of what will be needed In order to prevent an undue tightening to meet the usual seasonal demands for reof bank reserve positions and of the credit serves in the last half of the year. Initially market from developing as a result of sea- the reserves will be more or less fully absonally expanding demands for credit, a mas- sorbed by Treasury borrowing from banks. sive drain on bank reserves in late June and Later, however, as the Treasury pays out early July, and the immediate need of the the funds borrowed and as corporations and Treasury for substantial financing, the Board others continue to accumulate funds for tax of Governors announced on June 24th the reserves and other reasons, the financial rereduction in reserve requirements on demand sources available to businesses and individdeposits of 1 percentage point at reserve city uals will be augmented. These resources and country banks and 2 percentage points may be used in part to meet their financing at central reserve city banks. The reduction, or cash needs and in part to purchase Governwhich became effective on July 1 for coun- ment securities from banks, thus releasing try banks and on July 9 for central reserve funds for bank lending to other borrowers and reserve city banks, freed an estimated as seasonal and growth needs of the economy 1.2 billion dollars of reserve funds. develop. 696 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1953 SURVEY OF CONSUMER FINANCES PART II. Purchases of Durable Goods in 1952 and Buying Plans for 1953 1 More than one in every five consumers 1951 when consumer credit regulation was purchased a new or a used automobile last in effect all year. The greater use of credit year and nearly two in five bought at least last year did not result from a less favorable one major household durable good. These financial position of consumers as both proportions were not much different from median income and median liquid asset those in 1951 although the proportion buying holdings increased significantly. Moreover, new cars declined somewhat while that pur- credit was used more extensively by all inchasing used cars increased moderately. The come groups. proportion of consumers buying household For the second successive year the propordurable goods declined slightly, reflecting tion of spending units owning automobiles declines in purchases of refrigerators and did not increase. It had risen steadily in radios and little change in purchases of other previous postwar years as consumers built household appliances. up their depleted stocks. During the last For new and used automobiles, as well as two years, with backlog demand largely satfor most classes of household durable goods, isfied, the rate of scrappage of older cars the median amount spent was larger last has risen relative to production so that car year than the year before. Total expendi- ownership has increased at about the same tures for automobiles rose while those for rate as the number of spending units. household durable goods remained about Early in 1953 consumers were more inthe same. clined to undertake purchases of new auto- The number of consumers utilizing credit mobiles and household durable goods during to facilitate their purchases of automobiles the year than they had been early in either was substantially greater last year than in of the two preceding years. The results of the Survey of Consumer Finances indicate 1 This is the second of a series of articles presenting the that the optimistic attitudes of consumers this results of the 1953 Survey of Consumer Finances conducted year seem to have been reinforced rather than by the Board of Governors of the Federal Reserve System in cooperation with the Survey Research Center of the Univer- weakened by widespread expectations of a sity of Michigan. The first article in the series, covering the decline in prices. Substantially fewer congeneral financial position and economic outlook of consumers, appeared in the June BULLETIN. Subsequent issues of the sumers cited "high prices" as a deterrent to BULLETIN will contain articles analyzing consumer purchases buying and the majority of consumers exand ownership of houses and ownership of selected major assets and liabilities. Discussion of the sampling procedure pressing an opinion expected prices to reand limitations of the Survey is given in the technical ap- main stable or to decline. A significantly pendix to the first article. larger number than a year ago looked for The present article was prepared by John Frechtling and Tynan Smith of the Consumer Credit and Finances Section declines in prices. At the same time those of the Board's Division of Research and Statistics. A close indicating intentions to buy durable goods working relationship is maintained with the staff of the Survey Research Center at all stages of the work and this this year expected to pay more than conanalysis has had the benefit of suggestions from the Center's sumers interviewed a year ago expected to staff, particularly Peter E. de Janosi and Stanley W. Steinkamp. pay in 1952. JULY 1953 697 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1953 SURVEY OF CONSUMER FINANCES While some market observers have been $2,500 from $2,200, reflecting a higher level searching for signs of a let-down in con- of prices and excise taxes and some upgradsumer buying of automobiles and other dur- ing as consumers bought more expensive able goods, actual expenditures through the models and more extra equipment, such as first half of 1953 were maintained at ad- automatic transmissions. For used cars, the vanced levels. These levels appear to be increase in gross selling price to $850 from broadly consistent with the optimistic buy- $600 reflected mainly the increased imporing intentions reported early in the year. tance and somewhat higher prices of postwar models in last year's market. About twothirds of the used cars bought were postwar AUTOMOBILES models as compared with one-half in 1951. New automobiles were purchased by about Although the median gross amount rose 3.6 million spending units in 1952, 0.7 milconsiderably, the net amount consumers paid lion less than in 1951 (see Table 1). The for new cars increased only slightly because decline was general, occurring among all of the larger allowances for late model tradeincome groups and most occupational groups. ins last year. For used cars, however, the Spending units purchasing used automonet as well as the gross amount rose substanbiles increased to 7.9 million in 1952 from tially, in part because there was no increase the 1951 total of 7.2 million. This increase in the trade-in value of prewar models. was largely among spending units with in- Credit purchases. Credit helped to finance comes of $2,000-$4,999 and reflected more nua larger proportion of automobile purchases merous purchases by the wage earning groups last year than in any other postwar year, as (spending units headed by clerical and sales TABLE 2 TABLE 1 METHOD OF FINANCING AUTOMOBILES CONSUMER PURCHASES OF AUTOMOBILES [Percentage distribution of purchasers] Estimated number of Median Median Method of financing 1952 1951 1950 Type of purchase spending units expendi- net purchasing ture1 outlay2 (In millions) Automobile:1 Full cash (including trade-in allowance).. 35 44 47 Instalment credit and/or other borrow- New automobile: ing 63 55 r52 1952 .... 3 6 $2,500 $1,430 Method not ascertained 2 1 1 1951 4 3 ••2,200 1,400 1950 5.2 2,110 1,590 All cases 100 100 100 Used automobile: Number of cases 650 635 859 1952 7.9 850 600 1951 7 2 600 450 New automobile: 1950 7.5 550 490 Full cash (including trade-in allowance).. 41 52 54 Instalment credit and/or other borrowing 57 47 46 ' Revised. Method not ascertained 2 1 (2) 1 Before deduction for trade-in or sale of automobile. 2 After deduction for trade-in or sale of automobile. All cases 100 100 100 Number of cases 245 295 400 personnel and by skilled, semiskilled, and Used automobile: unskilled workers). These groups had larger Full cash (including trade-in allowance).. 33 39 41 Instalment credit and/or other borrowing 65 60 57 than average increases in income last year. Method not ascertained 2 1 2 Expenditures. Median amounts spent by All cases 100 100 100 consumers increased considerably for both Number of cases 405 338 458 new and used cars last year. For new cars r Revised. the median gross selling price was up to 2 1 N In o c l c u a d s e e s s r b e o p th o rt n e e d w o a r n l d e s u s s t e h d a n a u o to ne m -h o a b l i f l e o s. f 1 per cent. 698 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1953 SURVEY OF CONSUMER FINANCES 57 per cent of the consumers buying new cars cent of the purchases as compared with about and 65 per cent of those buying used cars 51 per cent for consumers making a smaller borrowed part of the purchase price (see net outlay. Similarly, a net outlay of $500 Table 2). or more for a used car was accompanied by Every year since 1946, automobile pur- borrowing 75 per cent of the time as comchasers in all income groups have partici- pared with 50 per cent of the time when the pated in an increased use of credit. The rise net outlay was smaller. last year was unusually sharp, reflecting in Automobile ownership. About 700,000 part the suspension of consumer credit regu- more spending units owned automobiles in lation in early May. early 1953 than in early 1952. The rate of growth paralleled growth in the number of FINANCING OF AUTOMOBILES spending units, and the proportion own- Millions of Purchasers ing automobiles remained at approximately 60 per cent, the same as at the beginning of - 5 the two preceding years. In any one year there is considerable turn- 4 over within the car-owning group. Some consumers acquire cars for the first time while others dispose of cars because of deaths, changes in family composition, changes of residence, and other reasons. In 1952 about one-third of the automobile buyers did not trade in or sell another automobile and nearly as many consumers disposed of a car 1950 1951 1952 1950 1951 1952 without replacing it. Borrowing to purchase automobiles was Cars owned in early 1953 were in general influenced by several interrelated factors, of newer than those owned in 1952 (see Table which the income of the buyer and his net 3). A high rate of scrappage of prewar outlay for the car were probably the most models reduced the proportion of such modimportant. In 1952 about two in three purchasers with incomes of less than $5,000 used TABLE 3 credit as compared with one in two pur- AGE OF AUTOMOBILES OWNED chasers with higher incomes. The effect of [Percentage distribution of automobiles] income on use of credit is apparent in the Age of automobile1 1953 1952 1951 1949 greater proportion of used than of new car 3 years or less 42 44 39 28 buyers financing through credit. While two 1 year or less 11 14 17 12 2 to 3 years 31 30 22 16 in three buyers of new cars had incomes of More than 3 years... 58 56 61 n72 $5,000 or more, only one in five buyers of 4 to 7 years 30 20 14 More than 7 years.. 28 36 47 used cars was in this income bracket. Also, All cases. 100 100 100 100 the frequency of the use of credit generally 1 Automobiles owned at time of interview in January-March increased as average net outlay rose. Con- 1953 were classified for age as follows: 1 year or less—1952 and 1953 models; 2 to 3 years—1950 and 1951 models; 4 to 7 years— sumers making a net outlay of $1,300 or more 1946, 1947, 1948, and 1949 models; more than 7 years—1945 models and earlier. Ages of automobiles at time of previous for a new car used credit in about 56 per sur 2 v N e o y s c a w se e s r e b s e i c m au il s a e r ly o f c c o e m ss p a u ti t o e n d . of production in war period. JULY 1953 699 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

195 3 SURVEY OF CONSUMER FINANCES els to 28 per cent of all cars in early 1953 as one-half of those living in larger cities. Varycompared with 36 per cent in early 1952 and ing degrees of urbanization were also re- 47 per cent in early 1951. A smaller propor- flected to some extent in regional variations tion was a year or less in age than at the in car ownership. Ownership was least frebeginning of 1952, however, because of the quent at all income levels in the highly ursmaller volume of production and purchases banized North East and most frequent in in 1952 as compared with 1951. the less densely populated West. Because of Frequency of automobile ownership in- the lower level of income in the South, autocreased steadily with income, ranging from mobile ownership was less frequent on the 23 per cent of the spending units with 1952 whole than in any other region, notwithincomes of less than $1,000 to 92 per cent standing the large rural population (see of those with incomes of $7,500 or more, as Table 4). shown in the accompanying chart. The TABLE 4 effect of income was even more marked on AUTOMOBILE OWNERSHIP WITHIN REGIONS the frequency of multiple ownership: 25 per [Percentage distribution of spending units] cent of the spending units in the highest in- Owns come group had two or more cars as com- All Does pared with 5 per cent for all income groups. Region cases 1 auto- 2 or o n w ot n mobile more AUTOMOBILE OWNERS All regions 100 55 5 40 North East 100 53 2 45 WITHIN INCOME GROUPS, EARLY 1953 North Central 100 60 7 33 South 100 49 5 46 Percentage of Group West 100 61 10 29 100 2 OR MORE AUTOMOBILES I 1 AUTOMOBILE The much greater frequency of purchasers of new cars among higher than among lower 80 income groups was reflected in the age distribution of cars owned by various income 60 groups. About two-thirds of the automobiles owned by spending units with incomes of 40 $7,500 or more and one-half of those owned by the $5,000-$7,499 group were 1950 or later models. While the frequency of ownership of these newer models was less among the lower income groups, it amounted to ALL UNDER $1,000- $2,000- $3,000- $4,000- $5,000- $7,500 more than one-fifth for spending units with INCOME $1,000 $1,999 $2,999 $3,999 $4,999 $7,499 AND GROUPS OVER incomes of less than $2,000. The special dependence of residents of Prospective car purchasers. Plans to purrural areas, towns, and smaller cities on pri- chase new automobiles were more frequent vate automobiles for transportation was re- in early 1953 than in early 1952. This change flected in the Survey findings. About two- is consistent with the larger volume of autothirds of the spending units living in the mobile sales thus far this year. Plans to buy country or in towns and cities under 50,000 used cars in early 1953, however, were no owned cars in 1952 as compared with about more numerous than those reported in early 700 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1953 SURVEY OF CONSUMER FINANCES 1952 although used cars have been selling in or a used automobile, expected to pay more larger volume this year than last. for their purchases this year than last. The Increases in plans to buy new automobiles median expected gross price indicated for occurred in most income groups, while plans this year was $2,500 for new cars and $900 to buy used cars were apparently stable in for used cars (see Table 6). These amounts, each group (see Table 5). Associated with although substantially larger than expected the increase in plans to buy automobiles was a year earlier, are quite close to actual exthe increase in the proportion of the popula- penditures last year. TABLE 5 TABLE 6 PROSPECTIVE PURCHASERS OF AUTOMOBILES WITHIN CONSUMER PLANS TO PURCHASE AUTOMOBILES INCOME GROUPS Percentage of spending [Prospective purchasers as percentage of spending units in groups] Type of units with plans to buy Median anticipated Money income New automobile Used automobile purchase Definite, Uncertain expenditure before taxes1 probable 1953 1952 1953 1952 New automobile: All spending units 6 4 4 4 1953 5.8 3.3 $2,500 1952 4.3 2.5 2,300 Under $1,000 1 1 1 2 1951 4.0 2.6 1,970 $l,000-$l,999 1 1 4 3 $2,000-$2,999 4 2 4 5 Used automobile: $3,000-$3,999 4 4 6 4 1953 4.2 1.9 900 $4,000-44,999 5 4 5 5 1952 4.2 1.8 600 $5,000-$7,499 10 8 5 5 1951 3.1 2.3 590 $7,500 and over 17 14 3 1 'Income in preceding year. When asked about their longer range plans, about 18 per cent of all spending units tion viewing the current year as a favorable reported tentative plans to purchase a car in time to buy durable goods. In 1953 almost 1954. This is a slightly higher percentage a third of the population considered the marthan planned in early 1952 to buy in 1953. ket situation favorable as compared with onefifth in 1952. FURNITURE AND MAJOR HOUSEHOLD In early 1953, as a year ago, about 85 per APPLIANCES cent of the prospective buyers of new cars and 70 per cent of the prospective buyers of The number of consumers purchasing used cars already owned cars. Of those who furniture and major household appliances expected to buy new cars, about 40 per cent in 1952 dropped somewhat from the 1951 owned cars that were two years old or less level but the average amount spent rose in early 1953. This was a somewhat smaller moderately (see Table 7). Consequently, proportion than in early 1952. Consequently, trade-ins this year may be a little older on TABLE 7 the average. A more marked shift was evi- CONSUMER PURCHASES OF FURNITURE AND MAJOR HOUSEHOLD APPLIANCES1 dent in the age of cars owned by prospective buyers of used cars. About 55 per cent of Item 1952 1951 1950 the cars they owned were prewar models as Percentage of spending units purchasing. . . 39.3 42.1 41.8 Estimated number of spending units (in compared with 80 per cent in the previous millions) 21.3 22.3 21.8 Median expenditure1 $300 $280 $280 year. Average expenditure1 400 380 350 Prospective purchasers, whether of a new before deduction for trade-in. JULY 1953 701 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1953 SURVEY OF CONSUMER FINANCES total expenditures for these items were about groups, however, their share of total net as large in 1952 as in the previous year. expenditures on household equipment was About the same number of consumers almost equal to their share of disposable inbought television sets and washing machines come, as shown in the accompanying chart. in 1952 as in 1951, but the number purchas- Television. Television purchases are of ing refrigerators and radios declined and the particular interest because of rapid growth in number purchasing furniture increased. ownership in the past few years. Although Almost all income groups reported fewer the estimated proportion of all spending units purchases of household durable goods in buying television sets changed little from 1952 than in 1951. The decline was espe- 1951 to 1952, various groups of the populacially marked in the group having incomes tion exhibited divergent movements. of $7,500 or more. Slightly more than one- Spending units with incomes of $5,000 or half of this group purchased furniture or more purchased television sets much less fremajor appliances in 1952 as compared with quently in 1952 than in 1951 while spending two-thirds in 1951. units with lower incomes bought at about Expenditures and income. Although the the same or a slightly higher rate (see Table average amount spent on furniture and major 8). This difference in buying patterns probhousehold durables was larger for higher in- ably reflects the acquisition of sets by higher come groups than for lower income consum- income groups in previous years. In early ers, the percentage of income used for such 1952, the Survey showed that more than onepurchases was substantially smaller for the half of the spending units with incomes of higher income groups. Because of the greater $5,000 or more owned television sets as comfrequency of purchases in the higher income pared with much smaller proportions among the lower income groups. EXPENDITURES ON HOUSEHOLD EQUIPMENT The geographic spread of television is evi- IN RELATION TO INCOME, 1952 Per Cent dent in the increased purchases in the South and the West, where transmitting facilities j!::i SPENDING UNITS JPZ^X DISPOSABLE INCOME E55| NET EXPENDITURES ON 50 TABLE 8 "^ HOUSEHOLD EQUIPMENT PURCHASES OF TELEVISION SETS WITHIN INCOME GROUPS 40 AND REGIONS [Purchasers as a percentage of spending units within groups] 30 Purchasers in Income and region I 1952 1951 1 $ 20 m 8 All spending units 12 m Money income before taxes:1 Under $1,000 2 2 10 $l,00O-$l,999 3 4 $2,000-$2,999 11 8 m $3,000-$3,999 13 14 $4,000-$4,999 17 14 $5,000-$7,499 16 24 m $7,500 and over 16 26 UNDER $3,000 $3,000-54,999 $5,000 AND OVER 1952 MONEY INCOME BEFORE TAXES Region: North East 13 17 NOTE.—This chart indicates the proportions of spending units, North Central 12 14 aggregate disposable income, and aggregate net expenditures on South 9 7 housenold equipment accounted for by each income group. West 12 9 Household equipment includes furniture and major household appliances. Net expenditure equals total price less trade-in allowance. 1 Income in year of purchase. 702 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1953 SURVEY OF CONSUMER FINANCES have been installed more recently, and a fall- TABLE 9 ing off of purchases in the North East and CONSUMER PLANS TO PURCHASE HOUSEHOLD DURABLE GOODS North Central areas, where facilities have Percentage of spending been in operation for some time. Nearly one- units with plans to buy Median half of the spending units in the North East Type of purchase Definite, Uncertain e a x n p ti e c n i d p i a t t u e r d e1 owned sets in early 1952, in contrast to about probable three-tenths in the West arid one-eighth in Furniture and major household appliances: the South. Purchases continued to be more 1953 26.4 5.5 $300 1952 19.6 3.5 290 frequent in the North East than in the West 1951 21.7 5.7 300 and South in 1952, but the difference was Furniture: 1953 11.5 1.7 310 narrowed. 1952 8.7 0.9 260 1951 8.2 2.2 290 Prospective purchases. The proportion Television set: of spending units planning in early 1953 to 1953 8.1 2.7 320 1952 5.6 1.2 300 buy furniture and major appliances within 1951 5.1 1.3 250 Refrigerator:2 the year increased substantially over the pro- 1953 5.5 1.5 330 1952 4.6 0.9 280 portion having such plans in early 1952. The 1951 5.1 1.5 290 more optimistic buying plans expressed this Washing machine: 1953 3.2 0.5 210 year appear to be broadly consistent with the 1952 1.8 0.1 190 1951 2.7 0.8 200 higher level of sales of furniture and household appliances in the first half of 1953 than 1 Based on planned expenditures of spending units definitely or probably going to buy. 2Includes home freezers. In early 1953, an estimated 5.4 per a year ago. cent of the population had plans to buy refrigerators and 1.6 per cent had plans to buy home freezers. The median price for Plans to purchase each item individually planned refrigerator purchases was $300, for home freezers, $400. tabulated for the Survey (television sets, furniture, washing machines, refrigerators, were general throughout the income scale and radios) were more frequent in early 1953 above $1,000. The largest relative increases than in early 1952. The largest increases in occurred within groups having 1952 incomes plans to purchase were reported for television of $3,000-$3,999 and $5,000 or more. As a sets and furniture (see Table 9). result of the increase in the frequency of Although the proportion of respondents ex- planned purchases and the upward movepecting prices in general to be stable or to ment of incomes, plans reported by consumdecline in the coming year was much larger ers with incomes of $5,000 or more accounted in early 1953 than a year earlier, the amount for 40 per cent of all buying plans in early to be spent on specific items was expected 1953 as compared with 30 per cent of the to be greater. The rise in expected average plans reported in early 1952. Consumers expenditure may represent, in part, plans to with incomes of less than $3,000 accounted purchase goods of better quality. for only one-fourth of all prospective pur- Increases over 1952 in the frequency of chasers this year as compared to about oneplans to purchase at least one durable good third last year. Reprints of this article, 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. JULY 1953 703 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE CORPORATIONS] Over the war and postwar years 1939-52, by materials and price controls. Business the varying credit requirements of business needs for outside funds were moderate durhave reflected marked changes in the char- ing these years, since much of the expansion acter and levels of demand for goods and in productive facilities was financed by the services on the part of the Federal Govern- Federal Government. The large corporament and the private sector of the economy. tions were on balance suppliers of money At times business concerns have obtained market funds through their purchases of substantial amounts of funds from the credit substantial amounts of United States Govand capital market, while at other times ernment securities and, in addition, retirethey have on balance supplied funds to the ment of their own securities. market. Because of the magnitude and During the next four and one-half years diversity of their operations, the large cor- ending in the middle of 1950, businesses porations for which the Board of Governors undertook a huge program of conversion to regularly compiles financial data from pub- civilian production and expansion of basic lished sources have as a group been an im- capacity. The high level of demand and portant element in this market.2 production during this period led to sub- For purposes of analyzing the financing stantial profits which supplied a large proactivities of large companies, the past 14 portion of the needed funds. Additional years may be divided into three periods. funds were required, however, and large The seven-year period to 1945 involved a corporations obtained them through liquidashift to wartime production and was marked tion of United States Government security holdings, through borrowing at banks, and his article was prepared by Paul S. Anderson of the through sales of bonds and capital stocks. Board's Division of Research and Statistics. 2 This group of large corporations includes 300 companies By 1949, the approaching completion of post- —202 in ten manufacturing industries, 42 in retail trade, war expansion programs and a reduction in 20 railroads, 35 electric utilities, and one communications company. The industries covered are in general those in inventory holdings lessened the need for which large corporations are particularly important. To long-term external financing and permitted the extent possible, all companies with total assets of 100 million dollars or more were included, together with a repayment of short-term debt. random selection of companies in the 10 to 100 million With the outbreak of the conflict in Korea, dollar asset range. The manufacturing corporations included account for another period of expansion began as demore than 50 per cent of their respective industry assets fense needs were superimposed on expanded and sales, with the exception of the food, chemical, and machinery groups where the coverage varies from one-third civilian demands. In contrast to the World for food to almost one-half for chemicals. The retail trade War II period, the Federal Government did concerns account for about 20 per cent of the assets and sales of all retail trade corporations, while the coverage for not directly finance expansion of productive the communications industry is about 90 per cent, and for capacity and businesses were obliged to rely railroads and electric utilities about 60 per cent. Previous articles discussing financial developments for on external sources for a large part of the this group of corporations have appeared in the June 1949, necessary funds. Security offerings reached June 1950, August 1951, and June 1952 issues of the Federal Reserve BULLETIN. record levels, and in addition a number of 704 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE CORPORATIONS companies obtained substantial amounts of which fixed plant is large, and inventories short- and long-term credit from banks. small, relative to total assets. Consequently, while plant and equipment expenditures IMPORTANCE OF LARGE CORPORATIONS AS of the group during the period 1939-52 USERS AND SUPPLIERS OF FUNDS amounted to more than two-fifths those of all corporations, its additions to inventories ac- Although this group of large companies counted for less than one-third of the corincludes no representation in a number of porate total. industries and accounts for less than onefourth of total corporate revenues, it plays WARTIME GROWTH IN LIQUIDITY an important role in the capital market. As shown in the chart, security issues of these For large corporations, as for business in companies amounted to nearly one-half of general, the World War II period was one of those for all corporations during the period unusually profitable operations. At the same 1939-52. As suppliers of funds, these cor- time, demands for funds were relatively porations accounted for two-fifths of the net modest. The major part of defense facility corporate purchases of United States Gov- expansion was financed and owned by the ernment securities after 1938 and, as of Government, and materials and construction the end of 1952, they supplied about one-half controls restricted inventory accumulation of the outstanding net trade credit extended and less essential expansion or replacement by all corporations. of productive facilities. As a result, demands for external funds were small and additions The industrial representation of the large to liquid assets substantial. company group is heavily weighted by those Government-financed plant expansion. utilities and manufacturing industries in During the period 1940-45, the Government SELECTED USES AND SOURCES OF FUNDS authorized expenditures of 23 billion dollars LARGE CORPORATIONS COMPARED to expand manufacturing plant and equip- WITH ALL CORPORATIONS, 1939-52 Per cent ment. Roughly three-fourths of the funds for this expansion was provided by the Government while private businesses supplied PLANT AND EQUIPMENT EXPENDITURES the remainder. Public financing was most important among industries which had little prospect for peacetime use of the additional ADDITIONS TO LIQUID ASSET HOLDINGS facilities, such as explosives and weapons manufacturing. Many of the publicly financed facilities were leased to large manu- NET CORPORATE SECURITY ISSUES facturing corporations or operated by them on a management-fee basis. In manufacturing areas where profitable peacetime use of the facilities seemed prob- 10 20 30 40 50 able, such as petroleum refining, food proc- NOTE-—Basic data for all corporations were obtained from essing, and chemicals manufacturing, the following sources: plant and equipment expenditures, Department of Commerce and Federal Reserve; liquid asset holdings and corporate security issues. Securities and Exchange Com- privately financed portion of the expansion mission. Liquid asset holdings include cash as well as United States Government securities. was much greater. Even in these fields, how- JULY 1953 705 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE CORPORATIONS ever, significant amounts of capital expendi- profits increased from a prewar annual level tures were Government financed. As a re- of 800 million dollars in 1939-40 to an aversult, privately financed plant and equipment age of 1,600 million in 1941-44. expenditures by the large manufacturing Depreciation and depletion accruals also corporations averaged about 1.5 billion dol- increased sharply during the war period, lars a year during the period 1942-44, or thereby providing additional business funds. only slightly more than in 1939. Part of this increase represented accelerated Wartime capital expenditures by electric amortization of privately owned defense fautility, railroad, and communication com- cilities and part the more intensive use of panies represented facilities having definite fixed plant and exploitation of mineral repeacetime uses and were almost entirely pri- sources. With the ending of hostilities, many vately financed. At their peaks, which were companies which had defense facilities wrote reached in 1941 in the electric power and off their remaining value, with the result communications groups and a year later in that depreciation charges in 1945 exceeded railroad transportation, such expenditures the wartime average by nearly one-half. were substantially above the 1939 level. Other financing developments. Over the Inventory growth. Inventories rose period 1939-44, the large corporations as a sharply in 1941—increasing nearly one-third group added 9.5 billion dollars to their cash —but thereafter the rate of accumulation and temporary investments, more than tripslowed down, reflecting materials controls ling their holdings of these liquid assets. and increased deliveries of finished goods. The greater part of this increase was ac- The largest increases during the early war years took place among the machinery, auto- SUPPLY AND USE OF CREDIT MARKET FUNDS LARGE CORPORATIONS mobile, and other transportation equipment Billions of Dollars manufacturing groups, which were the ones most heavily engaged in the production of FUNDS SUPPLIED military end-products. Even in these industries, however, demands on the credit market were moderate, since the Government provided substantial financing in the form of progress payments and contract advances. Toward the end of the war, a moderate decline in the inventories of large corporations provided funds for other uses. Large wartime earnings. At the same time that Government policies were moderating corporate needs for funds for plant and inventory outlays, retained earnings of the large corporations were doubling. Profits FUNDS OBTAINED after taxes increased about 50 per cent be- I I I I I 1 I tween 1939 and 1941 and remained at the 1940 1945 1950 higher level through 1944, while dividends NOTE.—Chart shows net amounts supplied or obtained by the large corporations. Amounts are based on changes in rose more moderately; as a result, retained Government security holdings, accounts receivable, accounts payable, bank loans, long-term debt, and capital stock. 706 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE CORPORATIONS counted for by purchases of United States FINANCING OF LARGE-SCALE POSTWAR Government securities, including tax sav- INVESTMENT ings notes acquired in connection with the The postwar years 1946-48 were marked rise in their Federal income tax liabilities. by large business expenditures for plant (Additions to Government securities and and equipment and additions to inventhe growth in accrued income tax liability tories and other working assets. These each exceeded 5 billion dollars during the outlays were made to reconvert plants to period 1941-43.) civilian production as well as to expand Large corporations supplied funds to the productive capacity. The marked advance credit market during the war years, as is in the general level of prices that began in shown by the chart on the preceding page. mid-1946 contributed materially to the mag- Purchases of United States Government secunitude of these business expenditures, and rities, together with extension of credit to to the need for larger working fund balances. customers, exceeded the increase in outstand- Major financing requirements substantially ing indebtedness of these companies by 7.6 exceeded funds supplied by operations, billion dollars in the four-year period 1941-44. despite the fact that the average annual Following the end of the European war amount retained from operations was 50 in May 1945, the operations and financial per cent larger than during the war years. positions of large corporations began to Plant and equipment. During the period reflect adjustments to a reduced demand for 1946-50, the large corporations invested a military end-products and, with the conclutotal of 34 billion dollars in new plant and sion of war with Japan in August, to reequipment. This represented an annual conversion from military to civilian goods expenditure rate almost three times as high production. The general termination of as that of the preceding seven years, as may war contracts and declines in sales and profbe determined from the chart. While some its resulted in marked reductions in invenof this increased expenditure reflected higher tories, receivables, accrued tax liabilities, and other forms of both short- and long-term PLANT AND EQUIPMENT EXPENDITURES indebtedness. Despite large-scale debt re- Billions of Dollars, Annual Averages payment, large corporations reduced their liquid asset holdings only moderately; at the end of the year such holdings were still about three times their prewar level. Large corporations, to an even greater MANUFACTURING degree than corporations in the aggregate, were in an extremely liquid position at the PUBLIC UTILITIES end of 1945. The ratio of their liquid asset INCL. RAILROADS holdings to total short-term indebtedness was 120 per cent as compared with 93 per cent for all corporations. Moreover, the ratio of m equity to long-term debt was considerably m more favorable at the end of 1945 than before the war. 1939 - 45 1946 - 50 1951 - 52 JULY 1953 707 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE CORPORATIONS construction and equipment costs, much of earnings in the postwar years varied greatly, it represented larger physical additions to however, among the industries represented productive facilities. by the large corporations. Manufacturing While all of the industries represented by and retail trade, which as a group retained the Board's group of large corporations more than half of their profits after taxes, participated in the postwar expansion of financed more than 30 per cent of their plant and equipment, increases were rela- postwar requirements from this source. The tively greater for some than for others. The railroads also secured a substantial volume communications and electric power indus- of funds from profits in this period, having tries had the largest increases, their average retained more than one-third of their earnexpenditures for new plant and equipment ings. The communications company, on the during the period 1946-50 amounting to other hand, retained almost none of its four times those of the 1939-45 period. Rail- earnings and the electric utilities compararoad concerns and manufacturers of non- tively small amounts. Depreciation charges automotive transportation equipment in- showed similar movements in all the induscreased their expenditures least, although tries, dropping somewhat in 1946 from the even in these groups the 1946-50 average wras wartime levels and then rising in each year well above—90 and 70 per cent, respec- thereafter. tively—that of 1939-45. Liquid asset accumulation. Throughout Inventory accumulation. Restocking of the defense and war years, as noted precivilian goods and of materials intended for viously, these large corporations made subcivilian goods production, together with the stantial additions to their liquid assets. marked postwar rise in prices, resulted in a Between the end of 1938 and the end of 1945, substantial increase in the value of business holdings of cash and United States Governinventories during the early postwar period. ment securities increased more than 9 billion Between the end of 1945 and the end of 1948 dollars. the aggregate book value of large manu- Many companies expected to draw down facturing and retail trade corporation in- their large war-accumulated balances in ventories nearly doubled. Inventory growth financing reconversion and postwar expanwas general among all manufacturing and sion programs. Instead, however, the unretail trade lines, but the largest percentage usually high levels of activity and employincreases occurred in the petroleum refining ment and the rise in prices appear to have and automobile manufacturing groups. necessitated the maintenance of a large vol- While inventories were reduced moder- ume of working assets. As shown in the ately in 1949, they were built up again chart on the following page, liquid assets during 1950 as advances were resumed in have been lower relative to sales in almost both business activity and prices. every postwar year than in the 1939-41 pe- Funds from operations. Nearly three- riod. Consequently, except for a 2.5 billion fifths of the funds used by large corporations dollar reduction in 1946, large corporations as during the postwar period were obtained a group continued to add to their liquid asfrom operations in the form of retained earn- sets throughout the postwar period and relied ings and depreciation accruals. The pro- heavily on external sources for financing portion of funds supplied by retained their investment programs. 708 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE CORPORATIONS RELATION OF LIQUID ASSETS TO SALES Sales of capital stock supplied about 20 per Per Cent cent of the financial requirements of the 25 telephone and electric power companies during this period. This source was of negligible importance for most other industries, however, although in the first postwar years 20 large companies in a number of manufacturing industries obtained as much as 10 per cent of their funds from stock sales. Taking debt and external equity fi- 15 nancing together, it appears that large corporations obtained somewhat more from security issues, relative to their total outlays for plant, equipment, and inventory, than did all corporations. 10 1940 1945 1950 Ban\ credit. Large corporations, partly NOTE.—Chart shows average holdings of cash and Govern- because of the activities in which they are ment securities by the large corporations at the beginning and end of the year, expressed as a percentage of the year's sales. engaged and partly because of their readier access to alternative sources of funds, custo- External sources of funds. More than marily rely less heavily on bank credit than one-fourth of the 45 billion dollars of funds do smaller companies. In the first three used by the large corporations in the five postwar years, only about 3 per cent of the years 1946-50 was supplied by external funds used by the group as a whole came sources. The largest amount was obtained from bank loans, about half being shortfrom bond issues while smaller amounts were term and the remainder intermediate-term provided through sales of capital stock, by credit. Thus, while the outstanding indebtborrowing from commercial banks, and edness of all business concerns to commerfrom trade suppliers. cial banks increased 9 billion dollars in these Security issues. Historically low interest years, that of the large corporations—exclurates, the relatively high cost of stock sive of railroads, for which no separate bank financing, and the growing availability of loan figures are available—increased 0.9 funds from institutional sources induced cor- billion. porations to rely heavily on debt financing. During 1949-50, a substantial proportion Large corporations in all industries obtained of the bank credit obtained by large comfunds from bond issues, with public utilities panies in the earlier postwar years was resecuring the largest volume. More than paid. The 1949 reduction was associated two-fifths of the funds used by the communi- with liquidation of inventories and tapercations industry, as represented by the Bell ing off of capital expenditures, and was Telephone System, came from the sale of typical of business in general. During 1950, debt obligations; this same source supplied however, the experience of the large corponearly one-third of the funds used by electric rations contrasted strikingly with that of all power companies, and less than one-tenth of businesses; the former continued to repay those by manufacturing and trade concerns. their bank loans, while business as a whole JULY 1953 709 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE CORPORATIONS obtained a record volume of this type of specialized weapons. This new capacity, credit. This divergence is accounted for in practically all of which would have definite part by the much lower rate of inventory nonmilitary uses, was privately rather than accumulation by large corporations than by Government financed and owned. In addibusiness as a whole. Also, large corpora- tion, a substantial increase in tax rates was tion outlays for plant and equipment con- required in order to finance defense expenditinued to decline slightly in 1950 and did tures as much as possible on a pay-as-you-go not reflect the post-Korean wave of expan- basis. sion until the following year, while total A majority of the 300 large companies plant and equipment expenditures increased are in industries where additional capacity in 1950. was sought, that is, petroleum refining, Other financing developments. On bal- chemicals and rubber production, major duance during 1947-48, and again in 1950, rable goods manufacturing, and public utililarge corporations supplied their customers ties. Emphasis on private financing and the with somewhat more credit on open account impact of higher taxes meant that as a group than they themselves obtained from trade these companies were obliged to draw heavsuppliers. This net extension of credit was ily upon external sources of funds. Thus, more than offset, however, by growth in corporate financing in the present defense their accrued Federal income tax liability. period more nearly resembles an intensifica- The latter, representing a deferral of tax tion of the earlier postwar experience than payments, constitutes a source of funds which a repetition of the World War II experience. may be employed temporarily to meet work- Requirements for funds. In order to ening capital and other short-term require- courage essential business investment and to ments. In 1950, when profits before taxes limit less essential and purely speculative and tax rates both rose sharply, the excess capital expenditures and inventory accumuof current income tax provisions over cur- lation, the Government provided tax incenrent payments amounted to 3 billion dol- tives in the form of accelerated amortizalars, or almost one-fourth of total funds tion and placed restraints on construction used. and the use of credit and some materials. As a result, the greatest increases in plant and PRIVATE FINANCING OF POST-KOREAN equipment expenditures and in inventories INVESTMENT occurred in defense and defense-connected The recovery in business activity which industries, especially those producing metals began in the latter part of 1949 accelerated and metal products. For the large comwith the outbreak of the Korean war and panies as a group the average yearly expendithe adoption of the Government's defense ture for these purposes exceeded 12 billion program. Large corporations were, as sub- dollars in 1951-52, and was more than half sequent events proved, particularly affected again as large as during the period 1946-50. by certain basic decisions with respect to de- Internal sources of funds. Despite a 20 fense preparations. In contrast to World per cent increase in sales volume, funds re- War II, the present defense program has tained from operations in 1951 and 1952 emphasized expansion of capacity to pro- were below the 1950 peak, and provided a duce basic industrial products rather than smaller proportion of large corporation fi- 710 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE CORPORATIONS nancing requirements than at any time since institutional investors. While stock sales of the early postwar years. the large companies reached record levels in This decline reflects two developments: 1951 and 1952, half represented conversions (1) higher Federal income tax provisions of telephone company debentures. For most and dividend payments more than offset of the industries covered, stock sales were a an increase in profits before taxes, and (2) negligible source of funds. the increase in funds available from deprecia- Commercial bank loans, which supplied a tion charges was relatively small. Although relatively minor proportion of funds used many companies have taken advantage of by large corporations in the earlier postwar the accelerated amortization, its full effect period, were a more important source in the was not shown by 1952 because all authorized defense expansion period. While large corexpansions had not been completed. poration borrowing from banks was highly Despite the growth in financing require- selective, reflecting specific requirements of ments and decline in funds from operations, individual concerns rather than general relilarge corporations did not draw extensively ance on this type of financing, 12 out of 13 on the liquid asset holdings which had been industry groups reported increases in either accumulated during the war and postwar short- or intermediate-term bank loans in years. On the contrary, in response to their 1951. New short-term borrowing at banks increased needs for funds to cover current declined appreciably in 1952, but use of interpayroll and other operating requirements mediate-term bank credit continued to inand to meet substantially larger tax pay- crease, largely reflecting borrowing by a few ments, they continued to add to their liquid companies in the iron and steel, nonferrous asset holdings in 1951, though at a much metal, and machinery industries. For the more moderate rate than formerly. By 1952, period 1951-52, bank loans provided about 6 more of the large companies were obliged per cent of the funds used by large comto draw on liquid asset holdings, with the panies, as compared with an average of about result that 7 of the 14 industry groups 2 per cent in the earlier (1946-48) postwar showed declines in these assets. By and expansion period. large, however, additional needs were met from external sources. LONGER-RUN DEVELOPMENTS IN LARGE External financing. As in the early post- CORPORATION FINANCING war expansion period, security issues—con- With the exception of a brief period of sisting largely of debt obligations that were transition from military to civilian goods publicly offered or privately placed—were production at the end of World War II and the principal external source of funds for of moderate inventory adjustment in 1949, large companies in the post-Korean period. the period 1939-52 has been one of almost Despite some narrowing of the differential continuous growth in the volume of large costs of debt and equity financing, debt was company funds from operations. During the more attractive in terms of the tax ad- this period, as the chart on the following vantages resulting from a rise in normal page shows, outlays for plant and equipment corporate income tax rates and reimposition and inventories fluctuated sharply, averaging of an excess profits tax and also in view of about 30 per cent less than funds from operathe increased supply of funds available from tions during the war years, and nearly 55 JULY 1953 711 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE CORPORATIONS CAPITAL OUTLAYS AND FUNDS FROM OPERATIONS their liquidity position was still somewhat Billions of Dollars more favorable than that of all corporations. For the large corporations as a group, - 12 moreover, there is evidence of both a more OUTLAYS FOR -I PLANT AND INVENTORY efficient utilization of liquid assets and a -i trend toward keeping excess working funds more fully invested in United States Govi 8 ernment securities. The ratio of cash holdings to sales has declined steadily, from 13 per cent in 1938 to 6 per cent in 1952, and /FUNDS FROM -1 4 the proportion of total liquid assets held in \y OPERATIONS cash from 80 per cent to 45 per cent. The increased importance of Government securities reflects in part acquisition of tax J L notes in connection with the growth in Fed- 1940 1945 1950 eral income tax liability. Nevertheless, the per cent more for the postwar period. The fact that Government security holdings have wartime excess of funds from operations per- exceeded the total accrued tax liability of the mitted both some repayment of outstanding large corporations every year but one since indebtedness and substantial additions to 1943 strongly suggests that Governments are large company liquid asset holdings, while also purchased and held for other reasons. the postwar deficiency of funds from opera- From the standpoint of credit market analtions necessitated heavy reliance upon such ysis, this policy with respect to Government external sources of funds as bank loans and securities is significant, considering the large the proceeds of security issues. volume of these securities held by large com- This marked postwar reliance on external panies—8.4 billion dollars at the end of 1952. sources of funds, principally in the form of Inventory holdings, although substantially debt, is reflected in a decline in equity per larger in dollar amount now than before the dollar of debt from $1.80 in 1938-39 to $1.43 war, have been smaller in relation to sales at the end of 1952. At the same time the in each of the past few years than in the imliquidity position of the large corporations, mediate prewar period. In part this reflects as measured by the ratio of liquid asset hold- the adoption by many companies of the lastings to total short-term indebtedness, de- in-first-out (LIFO) method of accounting clined from an average of $1.12 in 1938-39 for inventories. Other causal factors, howto $0.68 at the end of 1952. ever, include more conservative buying prac- More efficient utilization of working capi- tices and improved methods of inventory tal. This decline in liquidity, which con- control. These in turn have helped to limit trasts with a rise in liquidity for all corpora- large company requirements for additional tions, reflects the more active participation working capital, and to that extent have of the large companies in the postwar, and lessened their demands on the credit market. particularly the post-Korean, expansion of ca- Increased requirements for funds. Depacity. Despite the decline registered by the velopments over the past 15 years that have large companies over the period 1938-52, tended to reduce large company require- 712 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE CORPORATIONS ments for funds have been far outweighed 1950, by requiring that progressively larger by the wartime and postwar rise in prices. amounts of a corporation's Federal income Unit costs of inventories and new productive tax liability be paid in the first half of the capacity have risen substantially, depreciation succeeding calendar year, has had the effect accruals based on prewrar costs have not pro- of increasing working capital requirements. vided sufficient funds to cover current re- While some individual corporations already placements, and the record postwar expan- had liquid assets sufficiently large to absorb sion of productive capacity has required an the marked first-half reduction occasioned enormous outlay of funds. Moreover, the by tax payments, others have had to build Mills Amendment to the Revenue Act of up working fund balances. Composite Sources and Uses of Funds data for the group of large corporations discussed in this article are shown in the following tables. Balance Sheet and Selected Income Statement data are available upon request to the Division of Research and Statistics, Board of Governors of the Federal Reserve System, Washington 25, D. C. COMPOSITE SOURCES AND USES OF FUNDS STATEMENT, 1939-52 300 LARGE CORPORATIONS IN SELECTED INDUSTRIES X [Dollar amounts in millions] 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 Account All selected industries Number of companies 293 296 297 298 298 299 300 300 300 300 300 300 300 300 Sources of funds—total $2,860 $4,259 $7,122 $7,989 $6,507 $2,861 $725 $4,196$10,483 $11,726 $6,776$13,065 $15,306 $12,751 Net from operations3 2,289 2,692 3,456 4,057 4,1863,997 4,387 3,195 5,212 6,894 6.338 7,554 7,272 7,415 Trade payables 190 175 450 395 818 76 -281 394 639 368 -519 1,231 541 698 Bank loans, short-term -45 3 236 67 5 163 -153 -45 238 173 -168 -42 839 40 Bank loans, long-term. 56 114 165 60 1 -120 121 198 308 72 -175 -138 341 482 Accrued Fed. income taxes. 165 587 1,745 1,759 1,781-426 -2,533 -962 1,033 840 -478 2,932 2,227 -1,017 Other current liabilities 181 487 606 1,349 42 -283 -463 -297 393 314 76 478 1,055 1,130 Mortgages, bonds, other liabilities -2 194 425 135 -361 -715 -944 947 2,047 2,250 833 287 1,698 2,485 Capital stock 26 3 18 75 35 168 187 521 575 724 792 715 1 ,229 1,499 Other sources5 0 4 22 92 0 0 404 244 38 91 77 47 104 20 Uses of funds—total $2,860 $4,259 $7,122 $7,989 $6,507 $2,861 $725 $4,196 $10,483 $11,726 $6,776 $13,065 $15,306$12,751 Plant and equipment expenditures 1,739 2,363 3,152 ,620 2,038 2,298 2,782 4,828 7,035 8,376 7,268 6,710 9,119 10,413 Inventories 184 558 1,729 889 409 -390 -530 2,547 1,920 1,641 -1,106 1,211 3,822 1,420 Receivables 238 334 969 ,745 505 -188 -944 -945 869 631 -457 2,248 1,382 1,171 Cash 406 928 -55 733 1,010 -204 -87 -274 360 188 150 466 -13 110 Government securities \33 -26 1,224 ,868 2,328 1,279 -483 -2,229 -35 603 808 2,213 556 -615 Other assets 121 102 102 134 70 -50 -13 270 334 287 114 218 440 253 Other uses6 38 0 0 0 147 117 0 0 0 0 0 0 0 0 Manufacturing—Total Number of companies 196 199 200 201 201 201 202 202 202 202 202 202 202 202 Sources of funds—total. . . $1, $2,997$5,064$5,740$4,400$1,888 $-148 $2,683 $7,185 $7,675 $3,990 $8,976$10,948 $8,649 Net from operations3 1,550 1,859 2,408 2,560 2,674 2,682 2,834 2,093 3,819 5,190 4,759 5,556 5,473 5,388 Trade payables 162 171 346 390 610 54 -443 280 434 390 -388 964 532 626 Bank loans, short-term.... -61 6 225 86 10 173 -152 -84 160 104 -223 7 723 107 Bank loans, long-term 37 117 148 47 19 -108 97 176 270 75 -130 -122 76 525 Accrued Fed. income taxes 126 494 1,429 1,059 1,115 -545 -1,737 -582 966 691 -355 2,349 1,962 -1,191 Other current liabilities 169 472 523 1,300 -22 -296 -665 -215 314 296 93 311 998 1,053 Mortgages, bonds, other liabilities -39 -66 18 196 -30 -140 -317 635 855 710 87 -138 871 1.788 Capital stock -26 -57 -33 33 24 68 47 336 334 181 116 20 279 303 Other sources5 0 0 0 70 0 0 188 45 33 37 30 29 34 51 Uses of funds—total $2,997$5,064$5,740$4,400$1,888 $-148 $2,683 $7,185 $7,675 $3,990 $8,976$10,948 $8,649 Plant and equipment expenditures 1,067 1 ,414 1,903 1,473 1,413 1,570 1,873 3,264 4,301 4,792 3,921 3,738 5,656 6,725 Inventories 109 486 1,360 861 405 -342 -636 1,879 1,632 1,530 -851 544 3,561 1,412 Receivables 164 294 944 1,588 399 -205 -970 -930 661 528 -523 1,824 1,179 1,006 Cash 337 691 -147 652 709 -24 -174 -148 304 -43 211 319 2 123 Government securities 86 23 944 1,109 1,374 780 -311 -1,490 139 598 1,129 2,037 216 -887 Other assets 135 68 52 57 -69 -34 69 108 148 270 103 215 335 269 Other uses6 21 22 9 0 168 143 0 0 0 0 0 0 0 0 See page 718 for footnotes. JULY 1953 713 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE CORPORATIONS COMPOSITE SOURCES AND USES OF FUNDS STATEMENT, 1939-52—Cont. 300 LARGE CORPORATIONS IN SELECTED INDUSTRIES [Dollar amounts in millions] 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 Account Manufacturing—Food Number of companies 28 28 28 28 28 28 28 28 28 28 28 28 28 (2)28 Sources of funds—total $94 $100 $319 $258 $215 $143 $55 $275 $410 $438 $142 $375 $436 $223 Net from operations3 108 107 139 142 147 126 131 in 236 220 221 260 206 198 Trade payables 1 -4 43 —7 24 13 2 38 21 1 -9 51 -12 6 Bank loans, short-term -16 -3 68 -2 -43 —21 -6 14 53 87 -90 33 117 -4 Bank loans, long-term -3 -1 10 -3 -3 10 22 6 1 -2 -3 -4 5 1 Accrued Federal income taxes.... 8 16 52 113 76 37 -63 -19 7 — 7 — 13 64 30 8 Other current liabilities 3 -2 11 4 19 13 2 15 5 7 8 11 8 -2 Mortgages, bonds, other liabilities -4 -3 16 —2 40 -38 -8 -9 63 116 21 -34 83 6 Capital stock -3 -10 -20 4 -48 (4) -25 -6 23 4 8 -14 -1 9 Other sources 5 0 0 0 9 3 0 9 1 12 1 9 0 0 Uses of funds—total $94 $100 $319 $258 $215 $143 $55 $275 $410 $438 $142 $375 $436 $223 Plant and equipment expenditures 63 67 87 60 52 59 78 147 226 247 235 192 215 187 Inventories 11 -6 205 -21 82 -26 -40 223 169 110 -105 126 216 -5 Receivables 3 11 93 46 -17 -2 -56 41 86 29 -81 118 3 17 Cash 13 20 -57 60 -24 59 1 -8 10 51 3 -7 13 — 12 Government securities -5 (4) 9 111 113 51 77 -134 -88 — 7 108 -68 -40 19 Other assets -20 3 10 3 -7 6 8 8 -19 13 8 12 Other uses6 6 2 0 0 0 2 0 0 0 0 0 21 6 Manufacturing—Tobacco Number of companies 4 4 4 4 4 4 4 4 4 4 4 4 Sources of funds—total $13 $26 $88 $96 $55 $124 $130 $187 $195 $180 $24 $83 $170 $105 Net from operations3 11 17 10 13 15 11 12 30 40 54 61 53 30 26 A O T O C M B B r c a t a a t o a h h c p n n r d e e r i k k t u r e t r g a e l l a s l c p o o d g o u a a a s e u r F t y n n s r o r a s s e , e c c , , b d n e k b l l s e t s o e o h r 5 s n l n a o i l g d a r - b t s i - t n , i e t l c e o i r o t m r t i m m h e e s e r t li a a x b e il s it . i . e . s . . -1 - - ( 2 8 1 7 4 0 2 5 1 ) - - - 2 ( 1 1 1 1 0 3 7 2 0 4) - - - - - 6 2 1 6 1 1 4 0 3 8 - - - 2 1 2 8 2 3 4 3 3 0 9 7 - 2 ( 1 2 0 4 5 1 0 2 4) - - 1 3 8 2 5 0 4 6 1 9 0 - - - - 1 3 4 6 2 2 6 6 0 4 8 2 1 - 2 2 0 8 8 7 7 1 8 - - 2 5 7 1 2 2 0 1 3 0 4 0 - 1 - 3 2 2 1 2 4 0 4 - 5 5 0 j - - - 1 6 3 1 5 4 0 0 2 6 9 -1 2 ( 1 5 6 0 0 2 2 6 4) - 1 - 2 3 2 1 1 0 0 2 5 5 0 - 3 5 ( 9 0 0 3 4 1 1 4) Uses of funds—total $13 $26 $88 $96 $55 $124 $130 $187 $195 $180 $24 $83 $170 $105 Plant and equipment expenditures 8 7 6 2 1 1 2 16 28 29 17 12 12 12 Inventories 3 3 83 96 32 67 193 176 156 144 2 56 140 79 Receivables (4) 1 7 16 9 7 -25 4 13 2 -1 11 4 7 Cash 11 1 — 13 13 44 -32 -4 -2 1 3 3 10 3 Government securities -1 2 -9 4 (4) 3 -6 -5 0 0 0 0 0 0 Other assets 2 -6 -8 1 -3 (4) -1 3 1 (4) 2 4 Other uses6 0 5 0 T4) 0 1 0 1 1 1 0 2 1 Manufacturing—Rubber Number of companies 4 4 4 4 4 4 4 4 4 4 4 4 4 Sources of funds—total $50 $82 $160 $206 $217 $100 $23 $126 $230 $124 $28 $350 $527 $172 Net from operations3 43 59 79 95 91 89 154 151 124 132 107 180 185 172 Trade payables 10 10 14 -2 15 -3 -3 16 13 -7 -19 53 63 -21 Bank loans, short-term 3 8 2 6 -18 39 -36 -3 9 (4) 3 -1 18 -19 Bank loans, long-term 16 -1 -6 -4 -5 27 -3 -24 18 -3 -12 0 0 Accrued Federal income taxes. . . 6 8 58 14 155 -83 -43 -37 6 -30 108 124 -61 Other current liabilities 4 8 5 30 -2 -1 14 23 -6 (4) -20 41 41 1 Mortgages, bonds, other liabilities. -37 -7 9 69 -19 -42 -23 8 137 -1 -9 -1 97 122 Capital stock 5 -3 -1 -3 (4) -6 -1 -2 -28 -3 -2 -17 (4) -21 Other sources5 (4) (4) 0 (4) (4) 0 4 0 0 0 0 0 0 0 Uses of funds—total $50 $82 $160 $206 $217 $100 $23 $126 $230 $124 $28 $350 $527 $172 Plant and equipment expenditures 30 33 39 38 37 99 71 116 113 76 67 86 121 144 Inventories 13 39 38 38 6 -11 -6 76 102 57 -87 56 226 61 Receivables 14 9 39 35 37 17 -48 38 15 -5 -5 139 34 53 Cash -1 1 9 48 35 -26 18 -33 48 -49 23 28 10 1 Government securities (4) -1 32 23 114 17 1 -75 -51 42 25 38 133 -99 Other assets -6 2 1 25 -11 (4) -14 2 2 2 -2 3 (4) 12 Other uses6 0 0 3 0 0 5 0 2 0 1 7 (4) 2 0 See page 718 for footnotes. 714 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE CORPORATIONS COMPOSITE SOURCES AND USES OF FUNDS STATEMENT, 1939-52—Com. 300 LARGE CORPORATIONS IN SELECTED INDUSTRIES [Dollar amounts in millions] 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 Account M anuf acturing—Petroleu m Number of companies. 24 24 24 24 24 24 24 24 24 24 24 24 24 24 Sources of funds—total $581 $610 $890 $854$1,108$1,068$1,046$1,368$2,382$3,135$1,527$2,295$2,962 J2,837 Net from operations3 528 577 723 692 798 1,008 1,170 1,071 1,506 2,187 1,824 1,967 2,255 2,274 Trade payables 14 -2 60 31 149 63 -68 77 236 147 -99 134 131 95 Bank loans, short-term -5 6 6 -3 -2 15 15 -1 -28 40 -2 -26 -2 53 Bank loans, long-term -4 76 23 -3 10 -1 122 29 116 176 42 -118 21 34 Accrued Federal income taxes (4) 26 92 40 118 11 -139 70 153 261 -301 279 391 -190 Other current liabilities 2 6 50 8 34 10 -17 8 45 59 5 6 62 35 Mortgages, bonds, other liabilities. . 49 -66 -9 63 -30 -52 -112 95 157 136 53 61 -13 375 Capital stock -3 -13 -55 -20 28 4 -18 1 192 111 -3 -13 87 127 Other sources6 0 0 0 47 3 10 92 18 6 18 8 5 30 34 Uses of funds—total $581 $610 $890 $854$1,108$1,068$1,046$1,368$2,382$3,135$1,527$2,295$2,962 12,837 Plant and equipment expenditures7. 523 545 650 572 789 898 932 1,131 1,736 2,166 1,781 1,538 2,069 2,489 Inventories -61 16 102 -14 -11 38 25 194 220 428 -27 -39 266 154 Receivables -15 -9 95 171 93 50 -168 53 277 229 -185 356 253 73 Cash 74 -5 -11 -16 154 -33 85 -16 135 104 -54 93 -5 49 Government securities -1 13 72 112 119 121 57 -77 -25 50 -48 289 389 44 Other assets 50 44 -22 28 -37 -7 116 82 39 158 61 58 -10 28 Other uses6 11 6 4 0 0 0 0 0 0 0 0 0 0 0 Manufacturing—Chemicals Number of companies 30 31 32 32 33 33 33 33 33 33 33 33 33 33 Sources of funds—total $169 $262 $464 $358 $339 $240 $140 $433 $835 $545 $406$1,063$1,129 $710 Net from operations3 136 153 206 185 229 202 280 274 368 437 409 532 501 480 Trade payables 13 12 25 4 29 -1 6 47 20 1 -17 72 23 22 Bank loans, short-term (4) -3 10 -8 -1 3 -5 -9 25 -11 7 -4 17 1 Bank loans, long-term (4) -2 1 23 -10 -6 16 59 20 13 -52 -6 3 30 Accrued Federal income taxes.... 19 73 181 85 98 -6 -158 -23 50 35 -9 337 362 -214 Other current liabilities 13 39 16 43 -4 -37 -7 18 21 17 6 23 7 8 Mortgages, bonds, other liabilities. -8 -4 1 11 -21 61 -52 15 179 32 18 6 91 308 Capital stock -4 -6 25 10 19 21 31 43 143 7 45 99 95 68 Other sources5 0 0 0 5 (4) 3 28 8 9 14 0 5 30 7 Uses of funds—total $169 $262 $464 $358 $339 $240 $140 $433 $835 $545 $406$1,063$1,129 $710 Plant and equipment expenditures 81 140 212 129 81 107 154 373 513 507 340 383 618 711 Inventories -1 28 85 46 23 12 46 165 137 86 -86 86 288 36 Receivables 30 19 55 53 22 11 -55 32 66 28 -28 194 27 73 Cash 64 64 -67 50 133 50 22 -24 2 -66 82 30 5 -9 Government securities -14 5 152 90 83 66 -21 -124 102 -15 77 389 153 -134 Other assets -1 4 24 -10 -2 -6 -5 11 15 5 17 -19 38 33 Other uses6 9 3 2 0 0 0 0 0 0 0 4 0 0 0 Manufacturing—Iron and steel Number of companies 18 18 18 18 18 18 18 18 18 18 18 18 18 18 Sources of funds—total $387 $511 $855 $674 $340 $270 $28 $407 $848 $948 $539$1,393$1,738 $521 Net from operations3 269 371 469 438 438 415 476 278 506 664 606 791 743 614 Trade payables 58 35 64 32 39 25 -36 74 82 110 -93 169 96 85 Bank loans, short-term (4) 1 6 -7 -1 1 4 -7 1 9 -4 1 51 20 Bank loans, long-term 9 8 1 -6 -5 23 6 -16 -6 -3 -4 (4) 71 147 Accrued Federal income taxes.... 33 71 318 275 -90 -109 -306 35 170 109 -40 408 450 -647 Other current liabilities 42 17 37 66 -8 15 -21 -1 21 4 3 32 28 46 Mortgages, bonds, other liabilities -17 50 -27 -125 -36 -96 -126 68 61 42 49 -12 228 230 Capital stock -12 -42 -12 (4) (4) -3 -8 -25 10 14 19 i 70 25 Other sources6 5 0 0 1 2 0 39 0 2 0 3 4 0 0 Uses of funds—total $387 $511 $855 $674 $340 $270 $28 $407 $848 $948 $539$1,393$1,738 $521 Plant and equipment expenditures 128 207 299 255 200 129 159 449 613 659 499 549 1,026 1,179 Inventories 40 98 8 72 -8 -52 -56 80 120 228 -46 138 260 115 Receivables 84 60 145 72 -16 -13 -118 -92 117 119 -104 251 7 106 Cash 90 162 117 -99 58 55 -39 88 -15 -13 42 109 -45 -53 Government securities 1 -19 281 357 97 153 88 -124 -11 -74 126 305 425 -866 Other assets 45 1 5 17 10 -8 -6 -4 24 24 22 42 60 35 Other uses 6 0 2 (4) 0 0 6 0 11 0 4 0 0 6 5 See page 718 for footnotes. JULY 1953 715 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE CORPORATIONS COMPOSITE SOURCES AND USES OF FUNDS STATEMENT, 1939-52—Com. 300 LARGE CORPORATIONS IN SELECTED INDUSTRIES [Dollar amounts in millions] 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 Account Manufacturing—Nonferrous metals Number of companies 14 14 14 14 14 14 14 14 14 14 14 14 14 14 Sources of funds—total $112 $202 $381 $385 $217 $57 $15 $82 $360 $337 $109 $497 $570 $554 Net from operations3 111 143 178 187 193 190 149 93 221 235 137 278 279 251 Trade payables 13 9 15 30 12 -13 -8 25 6 14 -23 55 39 26 Bank loans, short-term -17 -3 15 -2 -15 1 -10 7 17 2 5 -14 5 0 Bank loans, long-term -9 24 42 -17 -40 -15 (4) 9 34 -24 26 12 -21 156 Accrued Federal income taxes. . . . 18 59 95 37 58 -65 -119 11 80 27 -74 169 155 -116 Other current liabilities 9 10 13 97 -77 -1 -9 -5 1 15 -15 -3 11 20 Mortgages, bonds, other liabilities. -5 -33 19 45 87 -41 -51 -71 36 59 49 1 98 213 Capital stock -8 -6 1 (4) -1 -1 I 14 -34 5 4 (4) 2 1 Other sources5 0 0 4 8 0 1 64 0 0 4 0 0 2 2 Uses of funds—total $112 $202 $381 $385 $217 $57 $15 $82 $360 $337 $109 $497 $570 $554 Plant and equipment expenditures 39 84 211 146 84 53 54 98 164 207 259 146 307 484 Inventories 3 21 31 34 61 -70 j 88 61 72 4 -37 80 96 Receivables 26 29 42 59 22 -43 (4) -26 -2 33 -53 142 -6 11 Cash 66 35 6 16 41 4 -29 2 48 -39 -30 71 (4) -4 Government securities -6 20 83 124 16 127 -3 -82 74 66 -81 143 118 -101 Other assets -11 9 8 6 -8 -14 -5 e 11 -2 3 30 71 68 Other uses6 1 2 0 0 2 0 0 10 4 0 6 2 0 0 Manufacturing—Machinery, incl. electrical Number of companies 44 45 45 46 46 46 46 46 46 46 46 46 46 46 Sources of funds—total $138 $287 $748$1,039 $750 $59$-404 $-3 $939 $832 $298 $858$1,714$1,537 Net from operations3 118 144 211 248 251 204 224 -39 361 492 479 568 516 548 Trade payables 15 27 51 80 68 44 -89 13 45 18 -62 110 97 103 Bank loans, short-term -10 -11 7 1 33 32 8 -60 8 14 -41 1 164 3 Bank loans, long-term 5 1 9 100 11 -39 -84 123 69 -82 -96 -6 3 143 Accrued Federal income taxes. . . . 6 67 202 259 319 -210 -249 -301 197 93 -28 288 402 -110 Other current liabilities 14 57 210 360 79 -2 -289 -97 151 130 -17 49 268 299 Mortgages, bonds, other liabilities. 2 1 21 -10 -12 -12 60 214 104 160 26 -147 207 491 Capital stock -12 1 37 1 1 42 16 99 -8 6 19 -5 57 55 Other sources5 0 0 (4) 0 0 0 0 45 11 0 18 0 0 4 Uses of funds—total $138 $287 $748$1,039 $750 $59$-404 $-3 $939 $832 $298 $858$1,714$1,537 Plant and equipment expenditures 62 95 155 128 67 80 143 366 407 398 290 291 461 494 Inventories -8 105 299 249 21 -2 -210 321 374 197 -264 170 877 245 Receivables -9 72 148 131 53 -55 -87 -180 98 121 -71 243 412 285 Cash -15 37 44 169 167 -11 -96 -59 64 33 8 -13 11 50 Government securities 60 -9 89 379 396 21 -204 -461 -38 55 311 137 -92 495 Other assets 45 -15 13 -18 (4) -4 44 10 35 28 25 30 42 -31 Other uses6 3 2 0 2 46 30 5 0 0 1 0 (4) 2 0 Manufacturing—Automobile Number of companies 12 12 12 12 12 12 12 12 12 12 12 12 12 12 Sources of funds—total $260 $487 $529 $768 $562 $149$-558 $279$1,008 $1,032 $872$1,853 $611$1,217 Net from operations3 191 221 255 299 314 250 73 64 493 680 836 828 678 685 Trade payables 17 55 -10 92 109 -2 -158 116 48 91 -33 255 -19 250 Bank loans, short-term (4) (4) 25 94 -89 54 -70 1 -12 3 7 13 -2 30 Bank loans, long-term 3 -1 3 -2 3 -2 22 -17 6 0 -11 -2 -2 -2 Accrued Federal income taxes.... 27 112 228 -106 216 -3 -330 -110 329 144 152 617 -63 38 Other current liabilities 21 100 18 366 3 -154 -94 -122 84 75 55 156 5 205 Mortgages, bonds, other liabilities. -3 -7 5 16 1 7 -17 186 57 33 -143 3 20 16 Capital stock 4 7 5 3 5 1 (4) 152 3 -3 -3 -22 — 11 — 14 Other sources5 (4) 0 0 6 0 0 17 9 0 9 12 4 5 9 Uses of funds—total $260 $487 $529 $768 $562 $149$-558 $279$1,008$1,032 $872$1,853 $611$1,217 Plant and equipment expenditures 107 165 175 100 66 114 247 488 406 424 369 474 688 885 Inventories 65 55 149 192 80 -112 -231 327 218 184 -131 243 410 248 Receivables 14 47 121 593 31 -20 -284 -349 27 -58 21 242 165 204 Cash 2 206 -131 141 117 -139 -10 91 15 -11 86 28 -26 23 Government securities 68 15 178 -246 238 243 -255 -268 326 455 526 806 — 741 -248 Other assets 4 -1 36 -11 -27 (4) -26 -10 11 39 1 61 116 105 Other uses6 0 1 1 0 57 62 0 0 5 0 0 0 0 0 See page 718 for footnotes. 716 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE CORPORATIONS COMPOSITE SOURCES AND USES OF FUNDS STATEMENT, 1939-52- -Com. 300 LARGE CORPORATIONS IN SELECTED INDUSTRIES [Dollar amounts in millions] 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 Account Manufacturing—Other transportation equipment Number of companies 18 19 19 19 19 19 19 19 19 19 19 19 19 19 Sources of funds—total $120 $426 $641$1,110 $604$-304$-570$-425 $-8 $122 $66 $209$1,124 $785 Net from operations3 36 66 139 261 198 187 164 -58 -37 88 80 100 79 141 Trade payables 22 27 84 128 166 -75 -86 -133 -34 18 -30 59 113 61 Bank loans, short-term 1 4 23 30 126 11 -116 -33 13 -5 -45 -12 236 32 Bank loans, long-term -1 2 73 -27 59 -102 -2 9 14 3 -28 14 c 16 Accrued Federal income taxes.... 6 51 175 312 161 -182 -274 -209 9 13 n 56 77 99 Other current liabilities 57 237 165 326 -67 -145 -236 -61 -8 -16 62 -4 588 439 Mortgages, bonds, other liabilities. -9 23 -15 43 -53 y -24 1 38 8 38 1 61 -6 Capital stock 8 16 -8 36 14 10 4 59 -16 14 -10 -7 -25 -2 Other sources5 0 (4) 5 0 0 0 0 0 13 0 8 2 0 5 Uses of funds—total $120 $426 $641$1,110 $604$-304$-570$-425 $-8 $122 $66 $209$1,124 $785 Plant and equipment expenditures 26 71 70 43 37 32 33 80 97 79 64 67 138 142 Inventories 49 127 359 170 120 -187 -356 229 74 24 -112 45 799 383 Receivables 16 54 199 411 164 -158 -128 -451 -35 30 -15 127 281 177 Cash 43 159 -58 298 16 -27 -95 -183 (4) -55 49 -23 28 76 Government securities -15 -4 57 155 198 -22 -47 -139 -149 26 86 -4 -130 3 Other assets (4) 20 14 26 -3 (4) -24 16 5 5 -6 -3 7 4 Other uses6 2 0 0 7 72 58 47 23 0 13 0 0 (4) 0 Retail trade Number of companies 41 41 41 41 41 42 42 42 42 42 42 42 42 42 Sources of funds—total $178 $185 $374 $239 $143 $226 $195 $482 $404 $467 $235 $738 $580 $354 Net from operations3 122 107 127 122 118 107 130 320 303 364 287 339 241 235 Trade payables 15 14 38 1 8 11 47 61 28 -13 -9 101 -19 24 Bank loans, short-term 11 -6 21 -23 1 -10 6 34 -15 8 4 17 54 -16 Bank loans, long-term 13 4 9 10 -9 i 11 8 9 -6 -7 -16 259 -24 Accrued Federal income taxes.... 9 26 107 95 11 95 -29 -50 3 23 -57 184 10 6 Other current liabilities 17 11 30 24 5 27 22 43 34 y -8 80 -11 26 Mortgages, bonds, other liabilities. -3 14 13 -2 -7 -6 -26 -32 41 54 17 19 15 36 Capital stock -6 11 13 3 (4) -1 1 75 1 7 -3 5 20 48 Other sources5 (4) 5 15 9 16 5 33 23 1 21 12 9 12 19 Uses of funds—total $178 $185 $374 $239 $143 $226 $195 $482 $404 $467 $235 $738 $580 $354 Plant and equipment expenditures 86 91 99 47 27 39 41 141 207 225 234 228 255 143 Inventories 64 50 217 6 29 -95 107 534 72 -20 -71 286 36 49 Receivables 48 30 -47 -83 -27 16 -27 111 115 77 54 103 170 160 Cash -21 24 25 107 -3 116 15 -70 112 116 -4 60 60 -59 Government securities -6 -4 71 168 116 148 51 -256 -133 52 16 50 33 33 Other assets 7 -7 9 -6 1 1 7 23 31 18 5 11 26 27 Other uses6 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Railroads Number of companies 20 20 20 20 20 20 20 20 20 20 20 20 20 20 Sources of funds—total $277 $376 $732$1,278$1,452 $329 $121$-146 $574 $848 $332$1,133 $891 $874 Net from operations3 183 245 443 902 891 721 892 150 450 619 473 696 583 745 Trade payables 1 -24 29 43 181 -32 69 -43 53 -14 -85 100 1 -33 Bank loans, short-term Bank loans, long-term () Accrued Federal income taxes 9 6 94 436 572 -11 -740 -174 101 76 -125 195 21 25 Other current liabilities -1 11 39 17 50 -7 117 -96 25 -14 -42 66 9 13 Mortgages, bonds, other liabilities 85 115 115 -129 -247 -361 -374 -135 -62 180 100 48 243 115 Capital stock (4) (4) (4) (4) 1 16 7 0 (4) (4) 0 15 12 9 Other sources5 0 24 12 9 4 2 150 152 '7 1 11 13 22 0 Uses of funds—total $277 $376 $732$1,278$1,452 $329 $121$-146 $574 $848 $332$1,133 $891 $874 Plant and equipment expenditures 156 269 355 452 298 383 374 346 509 749 808 667 897 522 Inventories 7 3 94 26 9 50 -11 45 72 66 -91 6 136 -62 Receivables 23 -3 45 216 139 -12 28 -133 22 -15 -36 223 -59 -43 Cash 75 85 136 37 210 -233 61 -79 1 76 -94 134 -81 3 Government securities —5 -14 69 484 638 143 -231 -393 -94 17 -186 134 -48 157 Other assets 13 35 32 63 157 — 1 -100 67 64 -46 -70 -31 16 -56 Other uses6 8 0 0 0 0 0 0 0 0 0 0 0 0 54 See page 718 for footnotes. JULY 1953 717 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE CORPORATIONS COMPOSITE SOURCES AND USES OF FUNDS STATEMENT, 1939-52—Com. 300 LARGE CORPORATIONS IN SELECTED INDUSTRIES [Dollar amounts in millions] 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 Account Electric utilities Number of companies 35 35 35 35 35 35 35 35 35 35 35 35 35 35 Sources of funds—total $241 $328 $430 $434 $250 $166 $277 $462 $799$1,314$1,178$1,199$1,480$1,464 Net from operations3 229 248 249 261 274 282 300 373 384 370 417 465 464 497 Trade payables 8 4 12 -14 2 11 4 30 47 20 -6 17 -5 34 Bank loans, short-term 5 3 -11 5 -6 0 -7 5 53 24 15 -7 19 10 Bank loans, long-term 6 -7 8 4 -10 -12 13 14 29 2 -37 (4) 6 -19 Accrued Federal income taxes9. .. 9 34 73 78 42 -17 -1 -3 -17 15 30 72 115 83 Other current liabilities -6 -8 -1 8 -1 -7 28 -6 2 8 18 1 23 23 Mortgages, bonds, other liabilities. -69 (4) 37 49 -51 -113 -121 -6 201 648 381 376 494 464 Capital stock , 58 54 56 37 -5 2 23 45 99 196 339 275 319 365 Other sources5 0 (4) 6 6 4 20 38 8 0 31 21 0 45 6 Uses of funds—total $241 $328 $430 $434 $250 $166 $277 $462 $799$1,314$1,178$1,199$1,480$1,464 Plant and equipment expenditures 200 300 375 304 146 136 238 387 834 1,151 1,224 1,186 1,254 1,459 Inventories 5 13 44 3 -24 3 2 47 101 77 -69 64 80 11 Receivables -4 3 6 -14 -9 -3 16 -6 31 21 14 41 16 16 Cash 39 10 9 -12 73 -47 12 25 -73 31 33 -53 10 31 Government securities 22 6 -9 138 77 96 -1 4 -99 20 -23 -50 96 -60 Other assets -27 -4 5 15 -13 -19 10 6 3 15 -1 4 24 8 Other uses6 6 0 0 0 0 0 0 0 2 0 0 7 0 0 Communications Number of companies 1 1 1 1 1 1 1 1 1 1 1 1 1 Sources of funds—total $244 $398 $533 $300 $288 $279 $288 $714$1,523$1,422$1,040$1,024$1,417 Net from operations3 204 233 228 212 230 205 232 258 257 351 402 499 512 549 Trade payables 3 10 25 -26 17 33 43 67 76 -15 -31 49 32 47 Bank loans, short-term 0 0 0 0 0 0 0 0 40 37 36 -59 43 -60 Bank loans, long-term 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Accrued Federal income taxes 11 28 42 92 41 52 -26 -153 -20 34 28 131 119 61 Other current liabilities 2 15 (4) 10 1 35 -23 18 15 16 20 36 15 Mortgages, bonds, other liabilities. 24 130 242 20 -26 -94 -106 485 1,012 658 248 -20 75 83 Capital stock 0 -5 -19 2 15 83 109 64 140 340 340 400 600 774 Other sources5 0 0 0 0 0 0 0 16 (4) 1 2 4 0 0 Uses of funds—total $244 $398 $533 $300 $288 $279 $288 $714$1,523$1,422$1,040$1,024$1,417 51,470 Plant and equipment expenditures. 230 290 420 345 154 170 255 690 1,185 1,460 1,080 891 1,059 1,265 Inventories i 6 14 -7 -10 -5 8 43 42 -12 -25 10 9 10 Receivables 6 9 21 38 4 16 10 12 40 20 36 58 47 33 Cash -23 118 -77 -52 20 -17 1 -3 16 9 3 5 -4 12 Government securities 37 -38 149 -31 123 111 9 -94 153 -84 -130 42 259 142 Other assets y 10 3 5 -7 3 (4) 66 87 30 76 19 40 5 Other uses6 2 3 3 2 4 (4) 5 0 0 0 0 0 7 3 1 Figures were derived from income and balance sheet data shown in corporations' annual reports and Moody's Manual of Investments. Insofar as possible, prior years' figures reported by the companies have been revised to take account of later acquisitions and inclusion or exclusion of subsidiaries; reflecting a number of such shifts in 1952, figures for other recent years may differ from those published previously. Asset writeups and write-downs, stock dividends, and other nonfund bookkeeping transfers have been eliminated from the incom e data and balance sheet changes in deriving sources and uses of funds. Negative figures in the sources of funds sections represent uses of fund s, while negative figures in the uses of funds sections represent sources of funds. Details may not add to totals because of rounding. 2 Data for one company estimated. 3Net profit after taxes plus current depreciation accruals minus cash dividends paid; nonfund and nonrecurring charges and credits to income have been eliminated from net profit. *Less than 0.5 million dollars. 5Proceeds from sale of fixed assets and investments, tax refunds, and extraordinary sources of funds. 6Prior years' tax payments and extraordinary uses of funds. 7Company figures which in some cases include, and in others exclude, dry hole costs. 8 Included with other short- and long-term liabilities. 9Includes state income and property taxes. 718 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES Total liquid assets—defined to include currency, put into liquid forms in 1952. Accumulation of bank deposits, savings and loan shares, and United liquid assets by individuals, including trust ac- States Government securities—held by individuals counts, increased from 4.6 billion dollars in 1951 and businesses increased 10.6 billion dollars in 1952 to 8.3 billion in 1952 with almost all of the 1952 following the previous postwar record increase of additions in the form of cash holdings. 8.9 billion in 1951. In percentage terms, the in- Additions to liquid asset holdings by nonfinancial crease was larger for individuals than for bus- corporations in 1952 were the smallest since 1947, nesses. Unincorporated businesses added to their partly because investment of funds in plant and liquid assets in 1952 as in 1951 following five years equipment continued large. Financial corporations of successive declines from 1945 to 1950. (other than banks and life insurance companies) added substantially to liquid asset holdings in 1952, CHANCES IN ESTIMATED LIQUID ASSET HOLDINGS reflecting in part a growth in total assets, especially OF INDIVIDUALS AND BUSINESSES by open-end investment companies, and in part a shift to a more liquid position. Increase, Percentage in billions Estimates of liquid asset holdings of individuals Type of asset or holder of dollars increase and businesses as of December 31, 1952, and for 1952 1951 1952 1951 end-of-year and selected midyear dates beginning December 1939, are presented in the accompanying Total 10.6 8.9 4 4 table. These estimates cover the principal assets Type of asset: which are most readily available for use in current Currency 1.2 0.9 5 4 Demand deposits 2.6 4^6 4 7 transactions. Currency and demand deposits are Time deposits 4.2 2 2 7 4 Savings and loan shares 2.8 2^0 18 14 basic forms of cash; and time deposits, shares in U. S. Gov't. securities1 -0.2 -0.8 (2) -1 savings and loan associations, and short-term Gov- Type of holder: Business holdings—total 2.3 4.3 3 6 ernment securities are generally more readily con- Fin C a u n r c r i e a n l c c y o , r d p e o p ra o t s io it n s s , , a t n o d ta l shares 3 0 0 . . 5 2 0 0 . . 3 1 9 7 6 4 vertible into cash than are other types of assets. U. S. Gov't. securities1 0.3 0.2 10 7 Government securities of longer maturity fluctuate Nonfinancial corporations, total. . . 0.9 2.8 2 7 Currency, deposits, and shares 3 1.5 2.2 6 10 in market value with the result that their con- U. S. Gov't. securities1 -0.6 0.6 -3 3 Unincorporated business, total 0.9 1.2 4 5 version runs a risk of capital loss or gain. How- Currency, deposits, and shares 3 0.9 1.5 5 8 U. S. Gov't. securities1 -0.3 -5 ever, they are free of credit risk and are readily Personal holdings—total 8.3 4.6 5 3 saleable, and hence are generally regarded as more Personal trust funds—total 2.1 1.8 7 7 Currency, deposits, and shares 3 0.1 0.3 3 10 liquid than other securities of the same maturity. U. S. Gov't. securities1 2.0 1.5 8 6 Other personal—total 6.2 2.8 4 2 The estimates include liquid assets held by in- U Cu . r S re . n G c o y v , ' d t. e p se o c s u it r s i , t i a e n s1 d shares 3 -1 8 . . 9 1 -2 5 . . 8 6 -5 7 -7 5 dividuals (including farmers), unincorporated businesses, and corporations other than banks and in- 1 Securities valued at issue price, except savings bonds, which are valued at issue price plus accrued interest. Under flexible market surance companies (see footnote 1 of table for conditions, the selling price of marketable issues fluctuates daily and may at times be below the issue price. groups excluded). The figures, which are derived 2Less than one-half of 1 per cent. primarily from bank and Treasury reports, are 3 Includes shares of savings and loan associations. approximations of amounts shown or implied in Changes in liquid asset holdings of individuals accounting records of the holders rather than and businesses in 1952 reflected additional liquidity amounts reported from bank and Treasury records. needs and desires. Not only were additions to The deposit estimates therefore differ somewhat liquid assets larger in 1952 than in 1951 but the from figures reported by banks and published increases were wholly in the form of cash while among banking statistics. holdings of Government securities were reduced. The basic classifications used and method of es- The principal source of increased liquid assets in timating are the same as those employed previously. 1952, as in 1951, was expansion of bank credit to Some estimates for 1951 have been revised.1 private borrowers. Total personal saving during 1952 as measured 1See Federal Reserve BULLETINS for June 1945, February 1946, November 1946, September 1947, June 1948, July by the Department of Commerce continued at the 1949, August 1950, July 1951, and July 1952 for previously same high rate as in -1951 but more of saving was published estimates. JULY 1953 719 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES [In billions of dollars] 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 Type of holder Dec. Dec. Dec. Dec. Dec. June Dec. June Dec. June Dec. Dec. Dec. Dec. Dec. Dec. Dec. /' Totali 69.0 74.7 85.4116.2 156.4 175.5195.9212.9227.5228.5 231.5 237.2 238.8 243.0 250.2 '259.1 269.7 Currency 5 8 6 6 8 9 13 1 18 0 20 0 22 6 24 2 25 5 25 5 25 7 25 4 25 0 24.3 24.3 25.2 26.4 Demand deposits2 . . 20.9 24.6 27.9 36.8 47.1 47.9 53.1 56.0 60.2 62.5 64.6 66.2 64.5 63.8 65.8 '70.4 73.0 Time deposits 26.3 26.9 26.9 27.7 32.0 35.0 39.0 43.5 47.7 50.9 53.0 55.2 56.1 57.0 57.5 '59.7 63.9 Savings & loan shares3 .... 4.0 4.2 4.5 4.8 5.4 5.8 6.2 6.7 7.2 7.8 8.4 9.6 10.8 12.2 13.8 15.8 18.6 L\ S. Gov't. securities4 .... 12.0 12.4 17.2 33.8 53.9 66.8 75.0 82.5 86.9 81 .8 79.8 80.8 82.4 85.7 88.8 '88.0 87.8 Business holdings—total. . 19.4 22.3 25.9 39.4 55.9 62.9 67.5 72.3 73.0 69.6 66.3 64.6 64.5 66.7 70.5 r74.8 77.1 Currency 1.6 1.7 2.1 2.8 3.6 3.9 4.3 4.5 4.7 4.8 4.9 4.8 4.7 4.6 4.6 4.8 5.1 Demand deposits 12.5 15.5 16.6 21.7 28.9 29.4 31.3 33.7 33.7 34.7 33.5 33.9 33.7 34.2 34.6 r38.1 40.0 Time deposits 2 0 2 0 2 0 2 1 2 3 2 5 2 7 2 9 3 1 3 2 3 4 3 5 3 5 3 S 3 6 3 7 3.9 Savings & loan shares 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.3 0.3 0.3 0.3 0.3 0.4 0.4 0.6 U. S. Govt. securities 3.2 3.0 5.1 12.7 20.9 26.9 29.0 31.0 31.3 26.6 24.2 22.1 22.3 24.1 27.3 r27.8 27.5 Corporations—total 13.0 15.0 17.4 27.1 38.6 43.1 44.7 47.2 45.1 41.9 38.9 38.1 39.3 41.9 46.3 r49.4 50.8 Currency 0.7 0.7 0.8 0.8 0.9 0.9 0.9 0.9 0.9 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.1 Demand deposits 9.5 11.7 12.4 16.0 20.9 21.4 22.1 24.0 22.1 22.9 21.8 22.2 22.7 23.1 23.7 26.0 27.5 Time deposits 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 Savings & loan shares. . . . 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 I'. S. Govt. securities.. . . 2.1 i. 9 " 3'. 5 y.6 16.0 20.0 20.9 21.5 21 .3 17.2 15.3 14.1 14.8 17.0 20.8 ^21 .6 21.3 Financial corporations— total5 1.7 1.8 2.2 2.5 5.2 5.4 5.7 6.2 Demand deposits 1.1 1.2 1.3 1.2 1.3 1.3 1 .5 1.6 2.0 2.1 2.1 2.2 2.2 2.3 2.5 2.6 2.8 Time deposits 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 U. S. Govt. securities . . 0.5 0.5 0.8 1 .2 1.7 2.0 2.2 2.4 2.7 2.5 2.2 2.0 2.2 2.8 2.8 3.0 3.3 Nonfinancial corporations —total 11.3 13.2 15.2 24.6 35.5 39.7 40.9 43.1 40.3 37.2 34.5 33.8 34.8 36.7 40.9 '43.7 44.6 Currency. . 0.7 0.7 0.8 0.8 0.9 0.9 0.9 0.9 0.9 1.0 1.0 1.0 1.0 1 .0 1.0 1.0 1.1 Demand deposits. . . 8.4 10.5 11.1 14.8 19.6 20.1 20.6 22.4 20.1 20.8 19.7 20.0 20.5 20.8 21.2 23.4 24.7 Time deposits 0 6 0 6 0.6 0 6 0 6 0 6 0 6 0 6 0 6 0 6 0 6 0 6 0 6 0 6 0.6 0.6 0.6 Savings & loan shares. 0.1 0.1 0 1 0 1 0.1 0 1 0 1 0 1 0.1 0.1 0.1 0.1 0.2 U. S. Govt. securities.... 1.6 1.4 2.7 8.4 14.3 18.0 18.7 19.1 18.6 14.7 13.1 12.1 12.6 14.2 18.0 '18.6 18.0 Unincorporated business— total 6.4 7.3 8.5 12.3 17.3 19.8 22.8 25.1 27.9 27.7 27.4 26.5 25.2 24.8 24.2 r25 .4 26.3 Currency 0.9 1.0 1.3 2.0 2.7 3.0 3.4 3.6 3.8 3.8 3.9 3.8 3.7 3.6 3.6 3.8 4.0 Demand deposits 3.0 3.8 4.2 5.7 8.0 8.0 9.2 9.7 11.6 11.8 11.7 11.7 11.0 11.1 10.9 '12.1 12.5 Time deposits 1.3 1 .3 1.3 1.4 1.6 1 .8 2.0 2.2 2.4 2.5 2.7 2.8 2.8 2.8 2.9 3.0 3.2 Savings & loan shares.... 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.3 0.3 0.4 U. S. Govt. securities.. . . 1.1 1.1 1.6 3.1 4.9 6.9 8.1 9.5 10.0 9.4 8.9 8.0 7.5 7.1 6.5 6.2 6.2 Personal holdings—total. . . 49.6 52.4 59.5 76.8 100.5 112.6 128.4 140.6 154.5 158.9165.2 172.6 174.3 176.3 179.7 '184.3 192.6 Currency 4.2 4.9 6.8 10.3 14.4 16.1 18.3 19.7 20.8 20.7 20.8 20.6 20.3 19.7 19.7 20.4 21 .3 Demand deposits 8 4 9 1 11.3 15 1 18 2 18 5 21 8 22 3 26 5 27 8 31 1 32 3 30 8 29.6 31 .2 '32.3 33.0 Time deposits 24.3 24.9 24.9 25.6 29.7 32.5 36.3 40.6 44.6 47.7 49.6 51.7 52.6 53.5 53.9 '56.0 60.0 Savings & loan shares 3.9 4.1 4.4 4.7 5.2 5.6 6.0 6.5 7.0 7.5 8.1 9.3 10.5 11.9 13.4 15.4 18.0 U. S. Govt. securities 8.8 9.4 12.1 12.1 33.0 39.9 46.0 51.5 55.6 55.2 55.6 58.7 60.1 61.6 61.5 '60.2 60.3 Trust funds—total* 4.5 4.7 5.6 6.9 10.0 11.7 13.4 14.7 15.9 17.8 19.4 21.6 22.9 24.0 26.5 '28.3 30.4 Demand deposits 1.2 1.3 1.4 1.2 1 .3 1 .3 1.4 1.5 1 .6 1.8 1.7 1.6 1.6 1.5 1.6 '1.5 1 .5 Time deposits 0 2 0 3 0 3 0 2 0 2 0 2 0 2 0 2 0 2 0 3 0 3 0 3 0 5 0 5 0.8 1.0 1 .0 Savings & loan shares.... 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.3 0.3 0.5 0.6 U. S. Govt. securities.... 3.1 3.1 3.9 5.4 8.4 10.1 11.7 12.9 14.0 15.6 17.2 19.5 20.6 21.7 23.8 '25.3 27.3 Other personal—total7 45.1 47.7 53.9 69.9 90.5 100.9 115.0 125.9 138.6 141.1 145.8 151.0 151.4 152.3 153.2 T156.0 162.2 Currency 4.2 4.9 6.8 10.3 14.4 16.1 18.3 19.7 20.8 20.7 20.8 20.6 20.3 19.7 19.7 20.4 21.3 Demand deposits. . 7 2 7 8 9 9 13 9 16 9 17 2 20 4 20 8 24 9 26 0 29 4 30 7 29 2 28.1 29.6 '30.8 31.5 Time deposits 24.1 24.6 24.6 25.4 29.5 32.3 36.1 40.4 44.4 47.4 49.3 51.4 52.1 53.C 53.1 '55.0 59.0 Savings & loan shares.... 3.9 4.1 4.4 4.6 5.1 5.5 5.9 6.4 6.9 7.4 7.9 9.1 10.3 11.f 13.1 14.9 17.4 U. S. Govt. securities.... 5.7 6.3 8.2 15.7 24.6 29.8 34.3 38.6 41.6 39.6 38.4 39.2 39.5 39.9 37.7 '34.9 33.0 ' Revised. P Preliminary. 1 Holdings of banks, insurance companies, savings and loan associations, nonprofit associations, foreigners, and governmental bodies and agencies are not included in the totals shown. 2 These figures are estimates of demand deposit balances as they would appear on the records of depositors. They differ from figures based on bank records such as given in regular banking statistics. Depositor-record estimates are lower than bank-record estimates; for example, total demand deposits as of Dec. 31, 1952, on a holder-record basis (see table) amounted to 73.0 billion dollars while on a bank-record basis these deposits amount to 92.9 billion. This is because checks are constantly in the mail, i. e., deducted on a payor's records and not yet added on payee's records, and because checks are constantly in the process of collection, i. e., added to payee's deposits as per bank records and not yet deducted from payor's deposits as per bank records. 3 Private share capital in all operating savings and loan associations including private repurchasable shares, deposits, and investment certificates. ^Securities valued at issue price, except savings bonds, which are valued at issue price plus accrued interest. Under flexible market conditions, the selling price of marketable issues fluctuates daily and may at times be below the issue price. Includes outstanding amounts of excess profits tax refund bonds beginning December 1945, and armed forces leave bonds beginning December 1947. 5Includes real estate companies, finance and credit companies, insurance agencies (not carriers), investment trusts, security brokers and dealers, holding companies not otherwise classified, etc. 6 Includes only amounts administered by corporate trustees. 7 Includes holdings of farmers and professional persons. 720 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 Reserves mitted to maintain 13 per cent reserves against Amendment to Regulation D Supplement its net demand deposits; 22 per cent of its net demand deposits /'/ in The Board of Governors on June 24, 1953, a central reserve city, except as to any bank amended the supplement to Regulation D, relating located in an outlying district of a central reto reserves required to he maintained hy member serve city or in territory added to such city hanks with Federal Reserve Banks so as to decrease by the extension of the city's corporate limits, the reserve requirements of member hanks, effective which, by the affirmative vote of five members as to banks not in reserve and central reserve cities of the Board of Governors of the Federal Reat the opening of business on July 1, 1953, and as serve System is permitted to maintain 13 per to banks in reserve and central reserve cities at the cent or 19 per cent reserves against its net opening of business on July 9, 1953. There is demand deposits. set forth below the text of the amended supplement: Interest On Deposits SUPPLEMENT TO REGULATION I) Time Certificate with Alternate Maturities Issued by the Board of Governors of the Fedenil Reserve System Questions have recently been raised as to whether certain forms of time certificates of deposit provid- Effective as to member banks not in reserve and ing for alternate maturities and increasing rates of central reserve cities at opening of business on July interest comply with the requirements of the Board's 1, 1953, and as to member banks in reserve and Regulation Q relating to payment of interest on central reserve cities at opening of business on deposits by member banks. July 9, 1953. Under the Supplement to Regulation Q member banks may not pay interest at a rate in excess of Reserves Required To Be Maintained By 2l/ per cent per annum on any time deposit hav- Member Banks With Federal z ing a maturity date 6 months or more after the Reserve Banks date of deposit or payable upon written notice of Pursuant to the provisions of section 19 of the 6 months or more; in excess of 2 per cent on any Federal Reserve Act and section 2(a) of its Regula- time deposit having a maturity date less than 6 tion D, the Board of Governors of the Federal Re- months and not less than 90 days after the date of serve System hereby prescribes the following reserve deposit or payable upon written notice of less than balances which each member bank of the. Federal 6 months and not less than 90 days; or in excess of Reserve System is required to maintain on deposit one per cent on any time deposit having a maturity with the Federal Reserve Bank of its district: date less than 90 days after the date of deposit or payable upon written notice of less than 90 days. 6 per cent of its time deposits plus— In applying these provisions, it is the Board's 13 per cent of its net demand deposits // not position that if a time certificate permits withdrawal in a reserve or central reserve city; at a stated maturity, the maximum rate of interest 19 per cent of its net demand deposits // in payable is to be determined by the length of time a reserve city, except as to any bank located between the date of issue and the maturity, or if the in an outlying district of a reserve city or in certificate does not specify a maturity but permits territory added to such city by the extension of withdrawal after a prescribed period of written the city's corporate limits, which, by the affirma- notice, the maximum rate of interest is determined tive vote of five members of the Board of Gov- by the length of such period of notice. If a cerernors of the Federal Reserve System, is per- tificate permits withdrawal either at a specified JULY 1953 721 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT maturity or prior to such time after a specified rate of 2x/i per cent, but also provides for earlier period of written notice, the maximum rate of inter- payment after 90 days' written notice with interest est will depend upon which of such withdrawal at a rate of 2 per cent, such a certificate complies privileges is elected by the depositor and the rate with the requirements of Regulation Q. Similarly, applicable under the Regulation in the circum- such a five-year certificate providing for earlier withstances of the withdrawal privilege so elected. drawal after 30 days' written notice with interest at For example, if a certificate provides for pay- a rate of one per cent would meet the requirements ment 5 years after date of issue with interest at a of the Regulation. CURRENT EVENTS AND ANNOUNCEMENTS Tables Published Annually and Semiannually, with Admission of State Bank to Membership in the Latest BULLETIN Reference Federal Reserve System » Semiannually Issue Page Banking offices: Analysis of changes in number of. .. Feb. 1953 181 The following State bank was admitted to mem- On, and not on, Federal Reserve Par List, number of Feb. 1953 184 bership in the Federal Reserve System during the Annually Bank suspensions Feb. 1952 135 period May 16, 1953 to June 15, 1953: Earnings and expenses: Federal Reserve Banks Feb. 1953 182-183 Member banks: Calendar year May 1953 536-546 First half of year Oct. 1952 1159 California Insured commercial banks May 1953 547 Banks and branches, number of, by class and State May 1953 548-549 Whittier—Bank of Whittier. Operating ratios, member banks Aug. 1952 937-939 722 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled June 24 and released for publication ]une 26] Industrial production continued in May and rates. Television output has been further curtailed June at a level slightly below the March high. as stocks have continued to rise. Construction activity remained close to earlier Output of nondurable goods was again in record record levels, with private nonresidential building volume in May. Textile production expanded, activity showing further gains. Sales at departwith output of wool cloth showing a substantial ment stores and other retail outlets were maingain, and chemicals production increased further. tained at advanced levels. Consumer prices rose Activity in paper and rubber products industries slightly in May. In June prices of steel and petrowas maintained at advanced rates. Meat producleum were raised, while prices of farm products tion in June has continued substantially above a declined. year ago. INDUSTRIAL PRODUCTION Mineral fuels production rose in May and early The Board's industrial production index in May June as crude petroleum output turned up and was 241 per cent of the 1935-39 average, unchanged coal mining increased further from earlier reduced from April and 2 points below March. The index levels. Iron ore mining continued at advanced is also estimated at 241 in June. levels. A slight decline in durable goods production in May reflected mainly some further curtailment in CONSTRUCTION household goods production, a substantial reduction in truck output and a temporary sharp cut in Value of construction contract awards declined passenger auto assembly in the last half of the somewhat in May, but continued larger than a month. There was also some further decline in year earlier for the fifth consecutive month. The production of building materials. Activity in most number of housing units started declined contraindustrial equipment and military equipment lines seasonally to 107,000. This compares with 110,000 was maintained at the advanced first quarter level. both in the preceding month and in the corre- Aluminum production continued in record volume. sponding month a year ago. Value of nonresi- Steel production in May was at rated capacity but dential construction put in place increased somein June has declined somewhat. Auto assemblies what in May, after allowance for seasonal factors, have recovered in June to about earlier high levels, reflecting further gains in construction for private while truck production has continued at reduced business purposes. INDUSTRIAL PRODUCTION EMPLOYMENT Seasonally adjusted employment in nonagricultural establishments was at a new record of 49.2 million in May, slightly above the high levels of other recent months. At factories, the average workweek was reduced slightly further to 40.6 hours, and average hourly earnings continued unchanged at $1.75. Unemployment declined further in May and at 1.3 million was a postwar low for the month. DISTRIBUTION Federal Reserve indexes. Monthly figures, latest shown are Seasonally adjusted sales at department stores for June. JULY 1953 723 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS in the first three weeks of June continued near the bills, including the new tax anticipation issue. advanced May level. Automotive sales in May There was also some expansion in business borwere little changed from the high levels of other rowing associated in part with quarterly income recent months, and apparel sales strengthened again tax payments. Real estate and other loans (largely following some slackening in April. Stocks at consumer) increased further. department stores are estimated to have increased Bank reserve positions were relatively easy in slightly further in May after allowance for seasonal the first three weeks of June. Prior to the midvariation. June inflow of tax receipts, the Treasury drew down its balance at the Federal Reserve Banks and sold COMMODITY PRICKS special certificates to the Federal Reserve. Sub- Steel prices were raised about 4 per cent in June stantial additional reserves were also supplied by following conclusion of a wage agreement; prices Federal Reserve purchases of Treasury bills. of steel scrap firmed somewhat; and lead increased In anticipation of heavy demands on bank refurther. Crude petroleum prices were advanced serves in the near future from the seasonal requireabout 10 per cent and gasoline and fuel oil were ments of the economy and large Treasury financing, raised, while prices of most other finished products the Board announced on June 24 a reduction in continued to show little change. Average prices reserve requirements on demand deposits of 1 perof farm products declined in June as feeder cattle centage point at reserve city and country banks decreased sharply and wheat dropped reflecting in and 2 percentage points at central reserve city part larger crop prospects. banks. The action becomes effective July 1 for The consumer price index rose .3 per cent from country banks and July 9 for central reserve and April to May, reflecting chiefly a small increase in reserve city banks. food prices and a continuing advance in rents and services. SECURITY MARKETS BANK CREDIT and RESERVES Yields on most Treasury securities reached new highs on June 1 but moved lower during the first Loans, investments, and deposits at banks in three weeks of the month. Market rates on threeleading cities, which had declined earlier in the month Treasury bills declined sharply to the lowest year, rose somewhat in the first three weeks of point this year. Yields on high-grade corporate June. Banks increased their holdings of Treasury bonds rose somewhat further. Common stock prices declined to mid-June and subsequently ad- MONEY RATES vanced moderately. LOANS AND INVESTMENTS MEMBER BANKS IN LEADING CITIES V"9" / - / y— v^ I DISCOUNT RATE /-~, Figures except for Federal Reserve discount rate are monthly average market yields. Corporate Aaa bonds, Moody's Investors Service; U. S. Government long-term (excludes 3% per cent bonds issued May 1, 1953), U. S. Treasury Department and Federal Reserve; municipal high-grade bonds, Standard and Poor's Corporation; treasury bills', Federal Reserve. Latest Federal Reserve data. Weekly figures, latest shown are for figures shown are for May. June 10. 724 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES Member bank reserves, Reserve Bank credit, and related items 727-728 Federal Reserve Bank rates; margin requirements; reserve requirements 728-729 Reserves and deposits of member banks 730 Federal Reserve Bank statistics 731-733 Regulation V: guaranteed loans, fees, and rates 733-734 Bank debits and deposit turnover; Postal Savings System 734 Money in circulation 735 Consolidated statement of the monetary system; deposits and currency . 736 All banks in the United States, by classes 737-739 All commercial banks in the United States, by classes 740-741 Weekly reporting member banks 742-743 Commercial paper and bankers' acceptances 744 Life insurance companies; savings and loan associations 745 Government corporations and credit agencies 746-747 Security prices and brokers' balances 748 Money rates; bank rates on business loans; bond and stock yields 749 Treasury finance 750-755 New security issues 756 Business finance 757-758 Real estate credit statistics 759-761 Statistics on short- and intermediate-term consumer credit 762-764 Business indexes 765-774 Merchandise exports and imports 774 Department store statistics 775-779 Consumers' and wholesale prices 780-781 Gross national product, national income, and personal income 782-783 List of tables published in BULLETIN annually or semiannually, with references for latest data 722 Tables on the following pages include the principal statistics of current significance relating to financial and business developments in the United States. The data relating to Federal Reserve Banks, member banks of the Federal Reserve System, and department store trade, and the consumer credit estimates are derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained from statements of the Treasury; the remaining financial data and other series on business activity are obtained largely from other sources. Back figures through 1941 for banking and monetary tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics; back figures for many other tables may be obtained from earlier BULLETINS. JULY 1953 725 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 10 TREASURY CASH AND DEPOSITS! 0 1944 1945 1946 1947 1948 1949 1950 1951 1952 30 I I I FEDERAL RESERVE CREDIT HOLDINGS OF U. $ GOVERNMENT SECURITIES • TOTAL 10 I ] MDERAl RESIRVI flOAT L. . u\ . J 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 Wednesday figures, latest shown are for June 24. See page 727. 726 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 than member bank Member bank U.S. Govt. securities T u re ry as- Money Treas- w re i s th e r F ve . R ba . la B n a c n e k s s , O F t e h d e - r reserve balances Date Total B r o o ig u ug h t- h t t u r c a H e n h g p e a d r u l e s e d e e r r - - c v o D a a a u i n n d n s c d - - t e s s Float o e A t r h l i l - Total s G to o c ld k s r t o c e a i u n n u n g r c t d - - y - c t c u i i i o n l r a n - - h c i u o n a r l g s y d h s - Tr u d e r e a - y s- F e d o i e g r - - n O p d e o t e r h s - - - c s o e e R a u r r c e a v - n - l e ts Total qui R r e e - d2 Exment posits posits its Wednesday 1952 May 7 22,329 22,329 1,043 690 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 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 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 23,742 23,296 4,741 28,710 1,286 558 597 216 74519,667 19,217 450 June 4.... 22,378 22,273 105 926 770 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 24,128 23,297 4,750 28,830 1,284 507 623 211 74219,978 19,226 752 June 18. . . . 22,997 22,913 84 541 1,284 24,828 23,297 4,751 28,787 1,286 9 600 168 794 21,232 19,736 1,496 Jane 25.... 22,56422,564 307 877 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 24,465 23,347 4,754 29,148 1,264 38 638 268 799 20,413 20,008 405 July 16 22,723 22,605 118 974 969 24,671 23,348 4,756 28,988 1,271 307 700 288 79720,422 19,973 449 July 23.... 22,726 22,576 150 1,073 871 24,674 23,350 4,756 28,884 1,275 482 766 250 797 20,326 19,875 451 July 30 22,84422,602 242 1,403 655 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 24,440 23,350 4,763 29,041 1,279 270 727 255 72220,260 19,675 585 Aug. 13 23,051 23,032 19 770 727 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 24,810 23,344 4,766 29,068 1,281 526 839 218 72120,267 19,652 615 Aug. 27 23,092 23,055 37 897 610 24,603 23,344 4,768 29,129 1,276 707 849 235 72119,797 19,643 154 Sept. 3.... 23,182 23,116 66 968 661 24,816 23,344 4,774 29,391 1,285 715 815 251 71719,760 19,511 249 Sept. 10 23,229 23,116 113 880 759 24,872 23,344 4,776 29,364 1,279 347 789 159 71520,340 19,549 791 Sept. 17 23,740 23,740 313 1,191 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 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 24,963 23,342 787 29,417 1,287 523 722 162 88220,098 19,762 336 Oct 8 23,663 23,663 1,019 698 25,384 23,341 787 29,545 1,280 596 723 249 880 20,239 19,567 672 Oct 15. 23,663 23,663 772 887 25,325 23,341 4,787 29,617 1,276 212 675 179 88120,613 20,089 524 OOcctt. 22 23,663 23,663 1,130 1,070 25,867 23,340 4,790 29,511 1,281 618 684 245 878 20,779 20,128 651 Oct. 29 23,62423,624 1,171 706 25,505 23,340 4,790 29,540 1,289 588 655 236 87720,449 19,975 474 Nov. 5 23,52023,495 25 1,663 528 25,714 23,339 4,794 29,748 1,278 789 643 250 20,334 19,884 450 Nov. 12 23,567 23,492 75 1,583 542 25,696 23,338 4,794 29,905 1,282 505 639 244 80520,447 19,906 541 Nov. 19. . .23,563 23,502 61 1,486 1,140 26,193 23,337 4,797 29,842 1,292 703 691 258 80320,738 20,073 665 Nov. 26 23,761 23,612 149 1,615 921 26,301 23,338 4,797 30,152 1,267 317 711 270 80120,917 20,409 508 Dec. 3 23,968 23,712 256 1,591 1,188 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 26,860 23,337 4,804 30,370 1,280 645 720 316 80220,868 20,288 580 Dec. 17... 24,469 23,914 555 1,022 1,543 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 27,860 23,186 4,809 30,732 1,266 665 729 201 86321,400 20,531 869 Dec. 31 24,697 24,034 663 156 967 25,825 23,187 4,812 30,433 1,270 389 550 455 77719,950 20,520 -570 1953 Jan. 7... 24,391 24,034 357 1,336 965 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 1,076 881 26,166 23,137 4,81*1 29,884 1,280 455 699 364 776 20,660 20,274 386 Jan. 21 24,03424,034 862 1,005 25,904 23,088 4,814 29,687 1,291 343 622 348 774 20,741 20,255 486 Jan. 28 23,97023,970 1,307 728 26,009 23,036 4,815 29,592 1,298 745 612 337 77520,502 20,095 407 Feb. 4 23,989 23,888 101 1,385 770 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 25,912 22,832 4,820 29,776 1,312 431 558 340 770 20,376 19,894 482 Feb. 18 23,89023,888 2 732 1,023 25,648 22,722 4,821 29,654 1,288 395 458 244 83520,318 19,979 339 Feb. 25 23,853 23,853 806 743 25,406 22,662 4,821 29,735 1,291 389 454 211 83419,975 19,791 184 Mar. 4... 23,853 23,853 824 1,062 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 1,315 770 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 26,178 22,612 4,826 29,708 1,305 8 496 381 85220,865 20,002 863 Mar. 25 23,869 23,869 705 810 25,387 22,562 4,826 29,600 1,306 7 511 351 85220,148 19,854 294 Apr. 1 23,806 23,806 465 748 25,023 22,563 4,827 29,754 1,304 286 550 344 86919,305 19,518 —213 Apr. 8... 23,80623,806 908 709 25,427 22,562 4,828 29,780 1,300 329 568 343 86819,629 19,472 157 Apr. 15 23,821 23,806 15 868 856 25,549 22,562 4,833 29,753 1,278 341 574 200 86519,932 19,560 372 Apr. 22 23,806 23,806 842 743 25,395 22,562 4,834 29,722 1,279 509 585 356 86419,476 19,481 -5 Apr. 29... 23,806 23,806 837 581 25,227 22,562 4,836 29,787 1,278 367 518 401 78419.489 19,395 94 May 6 23,860 23,806 54 933 647 25,443 22,561 4,840 29,863 1,285 214 517 374 78019,811 19,386 425 M M M a a a y y y 2 2 1 0 7 3 . . . 2 2 2 3 3 4 , , , 9 8 0 2 7 8 2 9 8 2 2 2 3 3 3 , , , 8 8 9 5 9 6 1 1 3 1 3 2 2 1 8 5 1,2 5 5 6 7 3 4 1 0 6 8 6 3 8 4 2 4 5 2 2 2 5 5 5 , , , 8 2 3 3 8 0 1 8 8 2 2 2 2 2 2 , , , 5 5 5 6 6 3 1 2 6 4 4 4 , , , 8 8 8 4 4 4 1 5 4 2 2 2 9 9 9 , , , 8 7 8 4 9 2 5 5 5 1 1 1 , , , 2 2 2 8 8 8 2 5 4 4 3 1 2 5 4 8 5 5 6 5 5 1 8 0 8 4 4 3 2 2 6 8 3 6 6 8 7 7 7 8 7 7 0 7 71 1 1 9 9 9 , , , 9 7 8 1 0 2 2 6 4 1 1 1 9 9 9 , , , 2 3 2 8 1 9 2 2 8 6 4 5 0 3 1 8 0 2 June 3 . . .24,121 24,071 50 507 785 25,418 22,536 4,849 29,980 1,282 137 520 253 19,729 19,209 520 June 10... 24,637 24,632 5 454 646 25,741 22,537 4,850 30,003 1,289 6 587 173 90220,168 19,449 719 June 17.. 25,15425,154 286 1,213 26,656 22,513 4,851 29,970 1,276 8 598 252 958 20,958 19,712Pl.246 June 24...24,837 24,837 317 619 25,776 22,487 4,851 29,929 1,272 8 615 158 960 20,173 19,561 *»612 End of month 1952 June 22,906 22,764 142 59 581 23,551 23,346 4,754 29,026 ,283 333 548 298 78319,381 19,573 -192 July 22,853 22,602 251 1,270 694 24,821 23,350 4,762 28,978 ,281 638 724 267 72320,323 19,828 495 Aug 23,146 23,092 54 1,318 747 25,216 23,344 4,776 29,293 ,269 488 812 345 71820,411 19,576 835 Sept 23,69423,694 477 572 24,747 23,342 4,786 29,419 ,278 508 707 174 72320,066 19,747 319 Oct 23,575 23,495 80 1,591 685 25,855 23,339 4,795 29,644 ,268 770 642 245 80520,616 19,996 620 Nov 23,821 23,612 209 1,895 1,020 26,740 23,338 4,802 30,236 ,261 378 758 298 80121,149 20,354 795 Dec 24,697 24,034 663 156 967 25,825 23,187 4,812 30.433 ,270 389 550 455 77719,950 20,520 -570 1953 Jan.. 23,944 23,888 56 1,735 796 26,478 22,986 4,820 29,691 ,308 809 586 508 770 20,611 19,997 614 Feb.. 23,875 23,853 23 1,309 1,006 26,194 22,662 4,824 29,793 ,284 336 511 412 83320,511 19,796 715 Mar.. 23,806 23,806 485 632 24,927 22,563 4,829 29,754 ,293 222 536 342 85019,322 19,607 -285 Apr.. 23,880 23,806 74 1,014 649 25,546 22,562 4,841 29,842 ,269 393 506 416 78319,740 19,389 351 May. 24,246 24,031 215 731 607 25,589 22,537 4,849 29,951 ,272 221 515 171 77520,069 19,263 806 June. 24,74624,718 28 64 601 25,414P22.463P4.854P30.116 ,267 132 527 176 95119,561 19,521 P40 P Preliminary. For footnotes see following page. JULY 1953 727 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank U. S. Govt. securities T u re ry as- Money Treas- w re i s th e rv 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 o te d Total B r o o ig u u h g t- t ht u r c a H e n h g p e a d r u l e s e d e e r r - - v c a D o a a i n u n d s c n d - - e t s s Float o A th ll - Total s G to o c ld k s r o c e t i a u n n u n g r c t - d - y - c t c u i i i o n l r a n - - h c i u o n a r g l s y d h s - T p u o d r r e s e y - i a t s s - p F e o d i o s e g r - i n t - s O d e t e r h - - c s o e R e a r u r c e a v n - - l e ts Total qu R ir e e - d2 Exment End of month: 1929—June. 216 148 1,037 52 ,400 4,037 2,019 4,459 204 36 6 21 374 2,356 2,333 23 1933—June. 1,998 1,998 164 4 ,220 4,031 2,286 5,434 264 35 15 151 346 2,292 1,817 475 1939—Dec. 2,484 2,484 7 91 ,593 17,644 2,963 7,598 2,409 634 397 256 251 11,653 6,444 5,209 1941—Dec. 2,254 2,254 3 94 ,36122,737 3,24711,160 2,215 867 774 586 291 12,450 9,365 3,085 1945—Dec. 24,26219,410 4,852 249 578 2 25,09120,065 4,339 28,515 2,287 977 862 446 495 15,915 14,457 1,458 1947—Dec. 22,55922,559 85 535 ' 2"3M8122,754 4,56228,868 1,336 870 392 569 563 17,899 16,400 1,499 1948 -Dec. 23,33323,333 223 541 24,09724,244 4,589 ,224 1,325 1,123 642 547 550 20,479 19,277 1,202 1949—Dec. 18,88518,885 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. 20,77820,725 53 67 1,368 22,216 22,706 4,636 27,741 1,293 668 895 565 71417,681 16,509 1,172 1951—June. 22,982 22,932 50 53 1,002 24,04321,756 4,65527,809 1,281 317 870 392 76519,020 18,604 416 Dec. 23,801 23,605 196 19 1,184 25,009 22,695 4,70929,206 1,270 247 526 363 74620,056 19,667 389 1952—June. 22,906 22,764 142 59 581 23,55123,346 4,75429,026 1,283 333 548 298 783 19,381 19,573 -192 Dec. 24,697 24,034 663 156 967 25,82523,187 4,81230,433 1,270 389 550 77719,950 20,520 -570 Averages of daily figures Monthly: 1952—June. 22,617 22,505 585 936 24,144 23,308 4,75128,843 1,282 328 601 242 76720,140 19,431 709 July. 22,79822,617 181 1,092 890 24,786 23,348 4,75629,028 1,270 306 681 279 79120,535 19,926 609 Aug.. 23,02722,983 44 1,059 734 24,82423,346 4,76529,088 1,276 501 785 259 720 20,306 19,657 649 Sept. 23,471 23,433 38 723 856 25,05523,343 4,77829,343 1,275 326 766 231 72120,514 19,736 778 Oct.. 23,657 23,644 13 ,093 927 25,68123,340 4,78829,555 1,276 550 688 253 876 20,611 19,963 648 Nov. 23,63823,527 111 ,577 954 26,172 23,338 4,79629,904 1,277 591 689 297 80320,744 20,087 657 Dec. 24,40023,876 524 ,633 1,262 27,299 23,276 4 806 30,494 1,271 569 745 290 83221,180 20,457 723 1953—Jan.. 24,20224,011 191 ,372 1,008 586 23,101 4,81429,920 1,280 552 611 405 77520,958 20,251 707 Feb.. 23,91823,875 43 ,336 822 080 22,797 4,82129,718 1,299 500 526 336 800 20,520 19,882 638 Mar. 23,89223,878 14 ,220 909 02522,606 4,82529,752 1,296 244 530 378 84120,416 19,828 588 Apr.. 23,861 23,806 55 ,184 843 25,892 22,562 4,83229,782 1,281 395 563 397 86120,007 19,472 535 May. 23,97323,881 92 955 750 ,682 22,557 84329,869 1,279 356 552 350 19,897 19,306 591 June. 24,74824,729 19 433 776 25,960 22,514 4,851 30,011 1,273 52 566 203 93320,287 Weekending: Apr. 1 23,81323,813 1,158 747 25,72122,562 ,82629,712 1,296 156 520 371 85420,201 19,688 513 Apr. 8. . . 2.3,87823,806 72 1,366 936 26,18422,562 ,82829,826 1,297 410 568 532 86820,072 19,505 567 Apr. 15. .. .23,87923,806 73 1,254 792 25,929 ,562 ,83029,787 1,280 358 551 357 86720,121 19,500 621 Apr. 22 23,852 23,806 46 1,057 1,006 25,91922,562 4,834 29,766 1,273 396 583 295 86520,136 19,525 611 Apr. 29....23,841 23,806 35 1,186 681 25,71122,562 4,835 29,744 1,274 432 559 410 85419,837 19,369 468 May 6 23,871 23,806 65 1,140 701 4 25,71522,562 4,84029,856 1,278 436 515 426 781 19,825 19,369 456 May 13. .. 2.3,85523,820 35 1,323 689 4 !25,87122,562 4,84129,904 1,279 416 550 404 78019,940 19,309 631 May 20. .. 2.3,92523,873 52 855 936 4l 125,720 22,561 4,84429,856 1,279 289 636 384 77919,904 19,284 620 May 27 24,07523,934 141 627 730 4i 125,43522,554 4,84529,818 1,278 337 522 77719,814 19,275 539 June 3....24,191 24,035 156 634 658 4' 125,486 22,536 4,84929,952 1,282 205 519 830> 19,891 19,280 611 June 10....24,446 24,431 15 553 639 |25,641 22,537 4,850 30,037 1,280 25 549 902I 20,034 19,350 684 June 17....24,961 24,933 28 403 842 26,209 22,512 4,85130,018 1,275 14 599 9255 20,523'19,557 P966 June 24 25,18825,188 291 986 |26,469 22,508 4,85129,966 1,268 14 577 960 20,843 '19,656Pl.187 li P Preliminary. 1 Includes industrial loans and acceptances purchased, which are shown separately in subsequent tables. 2These figures are estimated. Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication. MAXIMUM RATES ON TIME DEPOSITS MARGIN REQUIREMENTS * [Per cent per annum] [Per cent of market value] Nov. 1, 1933- Feb. 1, 1935- Effective 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: For loans by banks on stocks 50 75 50 NOTE.—Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q. Under this Regulation the rate payable by a member bank 1 Regulations T and U limit the amount of credit that may be exmay not in any event exceed the maximum rate payable by State tended on a security by prescribing a maximum loan value, which is a banks or trust companies on like deposits under the laws of the St^ate 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. 728 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 June 30 beginning— rate June 30 beginning— rate June 30 beginning— rate Boston Jan.20, 1953 Jan.20, 1953 3 Jan. 20,1953 New York Jan.16, 1953 Jan.16, 1953 3 Jan. 16,1953 Philadelphia Jan.16, 1953 Jan.16, 1953 2% Jan. 16,1953 Cleveland Jan.16, 1953 Jan.16, 1953 2% Aug. 25,1950 Richmond Jan.23, 1953 Jan.23, 1953 3 Jan. 23,1953 Atlanta Jan.16, 1953 Jan.16, 1953 3 Jan. 16,1953 Chicago Jan.16, 1953 Jan,16, 1953 I* Aug. 13,1948 St. Louis Jan.16, 1953 Jan.16, 1953 May 18,1953 Minneapolis Jan.16, 1953 Jan.16, 1953 Jan. 26,1953 Kansas City Jan.16, 1953 Jan.16, 1953 Jan. 16,1953 Dallas Jan.23, 1953 Jan.23, 1953 3 Jan. 23,1953 San Francisco Jan.20, 1953 Jan.20, 1953 2H Jan. 20,1953 3 3 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. NOTE.—Maximum maturities. Discounts for and advances to member banks: 90 days for discounts and advances under Sections 13 and 13a of the Federal Reserve Act except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months, respectively, and advances secured by obligations of Federal intermediate credit banks maturing within 6 months are limited to maximum maturities of 15 days; 4 months for advances under Section 10(b). Advances to individuals, partnerships, or corporations under the last paragraph of Section 13: 90 days. Back figures.See Banking and Monetary Statistics, Tables 115-116, pp. 439-443. FEDERAL RESERVE BANK BUYING RATES ON MEMBER BANK RESERVE REQUIREMENTS ACCEPTANCES [Per cent per annum] [Per cent of deposits] Rate on In effect be- Previous Net demand deposits * Maturity June 30 ginning— rate Time Effective date deposits 91 1 - - 1 9 2 0 0 d d a a y y s s 2 2H V8 J J a a n n . . 1 1 6 6 , , 1 1 9 9 5 5 3 3 1^ of change C re e c s n i e t t r y r v a e l R b e c a s i n e ty k rv s e C b o a u n n k t s ry m b e a ( m n a k l b l s e ) r 121-180 days 2H Tan. 16, 1953 2H banks NOTE.—Effective minimum buying rates on prime bankers' accept- 1917—June 21.. 13 10 ances payable in dollars. Back figures.—See Banking and Monetary Statistics, Table 117, pp. 443-445. 1936—Aug. 16 .. 15 1937—Mar. 1.. 17 12* May 1.. 26 20 14 FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS AND COMMITMENTS UNDER SECTION 13B 1938—Apr. 16. . 22K 17 12 OF THE FEDERAL RESERVE ACT Maturities not exceeding five years 1 19 9 4 4 2 1 — — A N u o g v . . 2 1 0 . . . . 2 2 4 6 20 14 [In effect June 30. Per cent per annum] Sept. 14. . 22 Oct. 3. . 20 To industrial or 1948—Feb. 27. . 22 commercial To financing institutions June 11.. 24 businesses Sept. 16. . 16 Sept. 24. . 26 22 Federal On discounts or 1949—May 1. . 15 Reserve purchases May 5, . 24 21 Bank On com O m n it- Portion co O m n mit- J J A u u u l n y g e . 30 1 1 . . . . . . 20 1 1 3 4 3 26 6 loans * ments for which Re- ments Aug. 11.. 35 i t n i s o t n i tu is - m po ai r n ti i o n n g A A u u g g . . 1 1 6 8 . . . . 23 19 12 25 obligated S A e u p g t . . 2 1 5 . . . . 2 22 2^ 1 18 8 * Boston 1951—Jan. 11.. 23 19 36 New York Jan. 16.. 13 26 Philadelphia.... Jan. 25. . 24 26 Cleveland Feb. 1. . ii' Richmond Atlanta () 1953—July 1 13 Chicago 2^-5 July 9 22 19 St. Louis 2-2 X Minneapolis. . . . (a) In effect July 9, 1953*.... 22 19 13 Kansas City (•) S D a a n l la F s rancisco... (2) 1 Demand deposits subject to reserve requirements, which beginning Aug. 23, 1935, have been total demand deposits minus cash items in process of collection and demand balances due from domestic banks 1 Including loans made in participation with financing institutions. (also minus war loan and series E bond accounts during the period 2 Rate charged borrower less commitment rate. Apr. 13, 1943-June 30, 1947). 8 Rate charged borrower. *Rate charged borrower but 2 Requirement became effective at country banks. not to exceed 1 per cent above the discount rate. 3 Requirement became effective at central reserve and reserve city 5Charge of JHJ per cent per annum is made on undisbursed portion banks. of loan. * Present legal minimum and maximum requirements on net demand 6 Charge of M, per cent per annum is made on undisbursed portion deposits—central reserve cities, 13 and 26 per cent; reserve cities, of loan. 10 and 20 per cent; country, 7 and 14 per cent, respectively; on time Back figures.—See Banking and Monetary Statistics, Table 118, pp. deposits at all member banks, 3 and 6 per cent, respectively. 446-447. JULY 1953 729 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES AND BORROWINGS [Averages of daily figures. In millions of dollars] Central reserve Central reserve All city banks Re- All city banks Re- Month, or mem- serve Coun- Month, or mem- serve Counweek ending Wednesday ber city try week ending Wednesday ber city try banksl New Chi- banks banks* banksi New Chi- banks banks1 York cago York Total reserves held: Excess reserves: 1952—March 20,207 5,358 1,321 7,817 5,711 1952—March 885 92 10 209 574 April 19,777 5,146 1,259 7,702 5,670 April 650 2 -8 122 535 May 19,767 5,163 1,281 7,674 5,649 May 628 -1 -5 123 511 1953—March 20,416 5,089 1,366 8,014 5,947 1953—March 588 16 3 87 482 April 20,007 4,947 1,291 7,872 5,896 April 535 -6 70 471 May 19,897 4,922 1,297 7,824 5,853 May 591 15 3 108 466 May 20 19,903 4,902 1,290 7,837 5,874 May 20 619 23 110 483 May 27 19,814 4,896 1,297 7,800 5,821 May 27 539 9 97 433 June 3 19,891 4,965 1,306 7,806 5,815 June 3 611 33 6 133 439 June 10 20,034 4,970 1,304 7,850 5,910 June 10 684 29 2 132 521 June 17 20,523 5,225 1,341 8,022 5,935 June 17 P899 140 12 202 P545 June 24 20,843 5,442 1,335 8,049 6,017 June 24 Pl,153 333 4 210 P606 Borrowings at Federal Required reserves: Reserve Banks: 1952—March 19,323 5,266 1,311 7,608 5,137 1952—March. . 307 19 82 149 57 April 19,127 5,144 1,267 7,581 5,135 April. . . 367 60 12 219 76 May 19,140 5,164 1,286 7,551 5,138 May 563 105 26 321 111 1953—March 19,828 5,073 1,362 7,926 5,466 1953—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 May 19,306 4,908 1,295 7,716 5,387 May.... 944 72 54 569 249 May 20 19,284 4,879 1,287 727 5,391 May 20. 845 37 31 545 232 May 27 19,275 4,887 1,296 704 5,388 May 27. 617 26 19 327 245 June 3 19,280 4,932 1,300 7,672 5,376 June 3. 624 29 31 317 247 June 10 19,350 4,941 1,302 7,718 5,389 June 10. 543 14 20 258 251 June 17 P19,624 5,085 1,329 7,820 P5,390 June 17. 393 26 14 158 195 June 24 P19.690 5,108 1.331 7,840 P5,411 June 24. 281 13 93 175 P Preliminary. 1 Weekly hgures of excess reserves of all member banks and of country banks are estimates. Weekly figures of borrowings of all member banks and of country banks may include small amounts of Federal Reserve Bank discounts and advances for nonmember banks, etc. Back figures.—See Banking and Monetary Statistics, pp. 396-399. DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS [Averages of daily figures.1 In millions of dollars] Central reserve Central reserve All city banks Re- All city banks Remem- serve Coun- mem- serve Coun- Item ber city try ber city try banks New Chi- banks banks banks New Chi- banks banks York cago York cago May 1953 May 1952 Gross demand deposits: Total 103,667 21.881 5,726 39,972 36,088 102,572 22,978 5,658 39,170 34,766 Interbank 11,560 3,798 1,132 5,608 1,023 11,506 3,825 1,115 5,534 1 032 Other 92,106 18,084 4,594 34,364 35,065 91,066 19,153 4,544 33,635 33,734 Net demand deposits2 90,618 19,861 5,099 34,484 31,174 89,915 21,005 5,071 33,961 29,878 Time deoosits 34,242 2,347 1,187 13,662 17,046 31,770 2,048 1,147 12,655 15,921 Demand balances due from domestic banks... 5,745 40 116 1,822 3,767 5,787 38 118 1,812 3,819 Reserves with Federal Reserve Banks: Total 19,897 4,922 1,297 7,824 5,853 19,767 5,163 1,281 7,674 5,649 ReQuired 19,306 4,908 1,295 7,716 5,387 19,140 5,164 1,286 7,551 5,138 591 15 3 108 466 628 -1 -5 123 511 Borrowings at Federal Reserve Banks 944 72 54 569 249 563 105 26 321 111 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. 8 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. 730 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 June 24 June 17 June 10 June 3 May 27 June May June Assets Gold certificates 20,522,103 20,545,60120,575,603 20,607,60120,607,60220,496,10220,607,60221,452,251 Redemption fund for F. R. notes. . 790,629 790,826 778,683 744,303 748,472 790,179 748,473 691,036 Total gold certificate reserves. 21,312,73221,336,42721,354,286 21,351,90421,356,074 21,286,28121,356,075 22,143,287 Other cash 325,994 317,361 306,910 312,812 327,666 320,222 326,847 317,079 Discounts and advances: For member banks 307,054 276,575 444,599 497,941 561,387 54,314 722,122 44,047 For nonmember banks, etc.. 9,500 9,500 9,500 9,500 9,500 9,500 9,500 15,000 Industrial loans 3,029 3,204 3,441 3,523 3,342 3,192 3,674 5,068 U. S. Government securities: Bought outright: Bills 1,249,754 1,039,754 889,754 779,754 671,754 1,426,804 739,754 281,800 Certificates: Special 296,000 823,000 451,000 Other 4,995,716 4,995,716 4,995,716 4,995,716 ,995,716 4,995,716 4,995,716 11,778,216 Notes 13,773,67113,773,67113,773,67113,773,671 ,773,671 13,773,671 13,773,671 5,568,073 Bonds 4,521,975 4,521,975 4,521,975 4,521,975 ,521,975 4,521,975 4,521,975 5,135,823 Total bought outright 24,837,116 25,154,116 24,632,116 24,071,116 23,963,116 24,718,166 24,Q31,116 22,763,912 Held under repurchase agreement. 5,000 50,250 124,900 28,000 215,260 141,800 Total U. S. Government securities. 24,837,116 25,154,116 24,637,116 24,121,366 24,088,016 24,746,166 24,246,37622,905,712 Total loans and securities 25,156,699 25,443,39525,094,656 24,632 ,330 24,662 ,245 24,813,17224,981,67222,969,827 Due from foreign banks 23 23 23 23 23 23 23 28 F. R. notes of other Banks. 151,179 144 342 139,361 131,268 148,995 157,228 149,945 157,716 Uncollected cash items.... 4,380,867 5,406 171 3,442,852 ,604,907 3,538,330 3,518,618 3,278,976 3,117,886 Bank premises 49,919 49 946 49,834 49,746 49,808 49,816 49,763 44,931 Other assets 89,712 81 117 130,456 121,266 240,621 97,158 245,450 188,567 Total assets. 51,467,125 52,778,782 50,518,378 50,204,256 50,323,762 50,242,518 50,388,751 48,939,321 Liabilities Federal Reserve notes 25,652,222 25,680,149 25,705,37225,672,42125,560,09325,830,64425,670,56724,826,402 Deposits: Member bank—reserve accounts.. 20,172,54220,958,08620,168,22519,729,37219,706,41019,561 23620,068,89719,380,649 U. S. Treasurer—general account. 8,309 7,929 6,008 137,354 354,578 132 350 221 332,951 Foreign 614,786 598,406 587,311 520,119 504,197 526 690 514. 548,153 Other 157,525 251,879 173,018 252,861 238,248 175 521 170 297,394 Total deposits. 20,953,162 21,816,300 20,934,562 20,639,706 20,803,43320,395,797 20,975,858 20,559,147 Deferred availability cash items , 3,761,894 4,193,492 2,796,472 2,819,614 ,892,874 2,917, 2,671 ,536,747 Other liabilities and accrued dividends. 24,409 21,909 22,433 20,692 22,533 16, 21 12,034 Total liabilities. 50,391,687 51,711,850 49,458,839 49,152,433 49,278,933 49,160,774 49,339,761 47,934,330 Capital Accounts Capital paid in 259,417 258,241 257,983 257,917 257,767 259,536 257,777 245,187 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 203,802 196,472 189,337 181,687 174,843 209,989 178,994 193,919 Total liabilities and capital accounts 51,467,125 52,778,782 50,518,378 50,204,256 50,323,76250,242,518 50,388,751 48,939,321 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent).... 45.7 44.9 45.8 46.0 45.8 48.8 Contingent liability on acceptances purchased for foreign correspondents 28,388 28,542 29,561 28,539 31,173 29,653 29,231 8,069 Industrial loan commitments 3,385 3,199 2,851 2,815 3,013 3,142 2,670 5,946 Maturity Distribution of Loans and U. S. Government Securities * Discounts and advances—total 316,554 286,075 454,099 507,441 570,887 63,814 731,622 59,047 Within 15 days 295,970 261.659 411,840 449,038 510,163 45,879 660,498 37,191 16 days to 90 days , 20,405 24 237 42,077 58,228 60,546 14,008 70,948 15,408 91 days to 1 year 179 179 182 175 178 927 176 6,448 Industrial loans—total 3,029 3.204 ,441 3,523 3,342 192 3,674 5,068 Within 15 days 948 1 094 400 443 896 984 442 789 16 days to 90 days 742 707 ,370 1,437 550 782 1,260 345 91 days to 1 year 1,198 260 ,528 1,500 1,747 301 1,823 2,962 Over 1 year to 5 years 141 143 143 143 149 125 149 972 U. S. Government securities—total ,837,116 25,154,11624,637,116 24,121,366 24,088,016 24,746,166 24,246,376 ,905,712 Within 15 days 429,500 ,000 5 000 65,250 1,298,166 161,500 1,368,026 ,273,266 16 days to 90 days ,142,479 2,045,,979 1,511 154 935,154 806,654 2,319,529 895,154 123,000 91 days to 1 year ,023,616 13,023, 13,417,541 13,417,541 12,279,775 13,023,616 12,279,775 ,425,775 Over 1 year to 5 years ,452,264 6,452,264 6,914, 6,914,164 6,914,164 6,452,264 6,914,164 ,941,352 Over 5 years to 10 years 374,400 1,374,400 1,374 11,374,400 ,374,400 1,374,400 1,374,400 ,070,224 Over 10 years ,414,857 1,414,857 1,414 11,414,857 ,414,857 1,414,857 1,414,857 ,072,095 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. JULY 1953 731 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JUNE 30, 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- R m i o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c r is a c n o - Assets Gold certificates.20,496,102 676,555 6,826,7431,142,7181,437,784 713,998 594,6884,380,425 521,545 290,382 884,620 525,7572,500,887 Redemption func for F. R. notes. 790,179 64,822 109,247 58,668 85,252 80,848 61,599 125,539 50,683 26,044 40,360 30,399 56,718 Total gold certificate reserves..21.286,281 741,377 6,935,9901,201,3861,523,036 794,846 656,2874,505,964 572,228 316,42c 924,980 556,1562,557,605 Other cash 320.222 22,664 62,269 19,037 26,561 16,889 27.325 66,905 17.724 5,259 11,374 12.664 31,551 Discounts and advances: Secured by U. S. Govt. securities. . . 54,092 2,050 20,666 14,480 2,946 3.750 1,170 1,975 500 1,150 5,005 30( 100 Other 9,722 601 2,803 713 874 475 409 1,301 361 238 386 601 960 Industrial loans.. 3,192 2,634 19 426 113 U. S. Government securities: Bought outright 24,718,166 1,734,972 5,424,8191,548,3212,400,9501,767,0031.533,8583.658,421 1,313,319 758,121 981,5581,193,4182,403,406 Held under repurchase agreement... 28,000 28,000 Total loans and securities 24.813,172 1,737,623 5,476,2881,56"), 1482,404,7701,771,2471.535,8633,661.6971,314.180 759,622 986,949 1,194,3192,404,466 Due from foreign banks 23 1 i 7 2 2 1 1 3 1 1 1 1 2 F. R. notes of other Banks... 157,228 3,723 24,514 10,088 9,891 17,800 18,380 20,129 9,314 7,315 8,193 7,537 20,344 Uncollected cash items 3,518,618 291,161 731,221 222,040 342,803 291,326 238,872 544,552 134,887 90,257 160,472 137,424 333,603 Bank premises... 49,816 5,021 7,146 4,239 4,579 4,857 3,657 6,759 2,930 1,037 2,191 611 6,789 Other assets 97,158 7,261 20,493 5,841 9,573 6,851 6,744 13,799 4,754 2,947 4,527 5,017 9,351 Total assets .... 50,242,518 2.808,831 13,257,9283,028,7814,321,2152,903,8172,487,1298,819,8082,056,0181,182,8642,098,687 1,913,7295,363,711 Liabilities F. R. notes 25,830,644 1,610,269 5,685,097 1,836,4042,389,991 1,778,8331,376,4554,975,8141,179,412 638,742 1,012,313 733,6602,613,654 Deposits: Member bk.— reserve accts.19,561,236 817,492 6,290,223 883,1181,505,733 785,591 833,8963,198,718 685,530 421,623 888,610 976,6492,274,053 U. S. Treas.— gen. acct.. . . 132,350 561 124,896 311 528 557 536 567 503 528 547 569 2,247 Foreign 526,690 33,812 2 135,890 41,573 50,996 27,715 23,835 75,939 21,063 13,858 21,063 24.944 56,002 Other 175,521 4,575 119,847 1,236 3,166 2,027 880 871 7,134 2,128 1,232 890 31,535 Total deposits. . .20,395,797j 856,440 6,670,856 926,2381,560,423 815,890 859,147V2 76,095 714,230 438,137 911,452 1,003,0522,363,837 Deferred availability cash Ot i h te e m r s liabilities 2,917,696 272,770 595,770 184,781 268,975 249,812 200,286 416,694 117,073 75,976 131,994 126,426 277,139 and accrued dividends 16,637 1,175 4,899 892 1,834 888 845 2,511 748 491 555 586 1,213 Total liabilities..49,160,774 2,740,65412,956,6222,948,3154,221,2232,845,4232,436,7338,671,1142,011,4631,153,3462,056,3141,863,7245,255.843 Capital Accounts Capital paid in. . 259,536 13,805 81,360 17,802 24,709 11,246 10,926 33,209 8,942 5,807 9,922 13,042 28,766 Surplus (Sec. 7).. 584,676 36,462 157,503 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 209,989 14,899 45,124 14,597 20,213 14,551 12,905 29,428 11,464 7,507 9,389 10,275 19,637 Total liabilities and capital accounts 50,242,518 2,808,831 13,257,9283,028,7814,321,2152,903,8172,487,1298,819,8082,056,0181,182,8642,098,687 1,913,7205,363,711 Reserve ratio.... 46.0% 30.1% 56.1% 43.5%; 38.6% 30.6% 29.4% 54.6% 30.2% 29.4% 48.1% 32.0% 51.4% Contingent liability on acceptances purchased for foreign correspondents 29.653 1,734 3.9,608 2,132 2,616 1,422 1,223 3,895 1,080 711 1,080 1,280 2,872 Industrial loan commitments.. 3,142 1,567 749 52 43 731 1 After deducting $16,000 participations of other Federal Reserve Banks. 2After deducting $390,781,000 participations of other Federal Reserve Banks. 3After deducting $20,045,000 participations of other Federal Reserve Banks. 732 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 June 24 June 17 June 10 June 3 May 27 June May June F. R. notes outstanding (issued to Bank) 26,629,016 26,601,283 26,588,713 26,533,136 26,529,63726,698,399 26,575,818 25,753,569 Collateral held against notes outstanding: Gold certificates 11,874,000 11 ,874,00012,174,000 12,464,00012,464,000 12,464,000 133,149,000 Eligible paper 146.495 123,220 219,087 230,079 302,046 416,256 20,684 U. S. Government securities 15,400,000 15,400,000 15,100,000 14,800,00014,800,000 14,800,000 133,375,000 Total collateral 2 7,420,49527,397,220 27.493,087 27,494,079 27,566,04627,419,422 27,680,256 26.544.684 EACH FEDERAL RESERVE BANK ON JUNE 30, 1953 [In thousands of dollars] Item Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap i o n l n i e s - K C an it s y as Dallas F S r a a n ncisco F. R. notes outstanding (issued to Bank) 26,698,399 1,667,256 5,882,84^ 1,899,8082,455,117 1,849,300f ,443,984 1,222,371 1,036,968767,549 2,746,061 Collateral held: Gold certificates 11,974,000 390,000 745,000 770,000 450,000 310,000 2,800,000 280,000 280,000 184,0001,700,000 Eligible paper.. 45,422 2,071 14,480 3,750 500 5.030 100 U. S. Govt. securities 15,400,000 1,300,000 1,200,0001,700,000 1,450,0001,200,000 1,025,000 800,000 600,000 ,100,000 Total collateral.. 27,419,422 1,692,071 1,959,4802,470,000 1,903,7501,510,000 1,305,500 6 1,085,030 784,0002,800,100 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS LOANS GUARANTEED THROUGH FEDERAL RESERVE BANKS UNDER REGULATION V, PURSUANT TO [Amounts in thousands of dollars] DEFENSE PRODUCTION ACT OF 1950 AND EXECUTIVE ORDER NO. 10161 Partici- Date (last A a p p p p li r c o a v ti e o d ns pr A ov p- ed Loans Commit- o p f a f t i i n o a n n s c- [Amounts in thousands of dollars] Wednesday to but not out- ing instior last day com- standing2 standing tutions Guaranteed loans Guaranteed Additional of period) N b u e m r - Amount ( p am let o e u d n ! t) (amount) (amount) s ( t a a m o n u o d t u i - n n g t) 3 au t t o h o d r a iz te ed outs lo ta a n n d s ing a b v a o a m i r l r a o o b w u l n e e t rs to Date under guar- 1 1 9 9 4 4 6 5 3 3 , ,5 5 1 4 1 2 5 5 4 6 4 5 , , 9 9 6 1 1 3 4,5 3 7 2 7 0 1 , 5 9 5 9 4 5 8 1 , ,6 3 4 0 4 9 2 1 . , 6 0 7 8 0 6 N b u e m r - Amount am To o t u a n l t g P u o t a e r e r ti a d o n n - a o n u t t m e s e t e a n a n t g 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 Mav 31 ... 3,743 734,049 235 5,211 6,083 10,262 Mar. 31.. . 254 300,955 68,833 56,973 47,822 Tune 30. . . 3 ,745 738,721 ,083 5,101 5,947 10,105 Tune 30... 484 654,893 252,100 209,465 276,702 Tulv 31. .. 3 ,746 743,629 L ,589 4,624 6,184 9,814 Sept. 30. .. 729 1,154,942 492,167 400,652 450,013 Aug. 31 ... 3,750 748,451 2.142 4,690 6,152 10,128 Dec. 31.. . 854 1,395,444 675,459 546,597 472,827 Sept. 30. . . 3,750 752,042 1,370 4,496 6,327 9,978 Oct. 31 ... 3 , 751 757.277 ,601 4,311 3.720 7,174 1952 Nov. 30. . . 3,752 762,620 ,351 3,868 4,044 7,010 Dec. 31 ... 3. 753 766,492 .638 3,921 3,210 3,289 Mar. 31. .. 971 1,677,786 836,739 672,974 467,392 Apr. 30... 998 1,727,729 838,073 672,678 595,098 1953 May 31.. . 1,023 1,787,755 870,174 695,814 601,752 Tune 30. .. 1,050 1,867,643 883,262 703,774 615,139 [an. 31 ... 3,754 770,541 2,513 3,895 3. 1 76 3,236 julv 31.. . 1,066 1,922,388 909,688 726,452 648,065 Feb. 28. .. 3 ,755 773,013 1 ,185 4,054 2,816 3,234 Aug. 31... 1,092 2,023,403 907,899 725,943 692,067 Mar. 31 ... 3,756 776,461 1 ,188 3,678 2 , 756 3,193 Sept. 30.. . 1,113 2.052,327 922,129 736,833 656,995 Am-. 30. .. 3,757 780,468 1,751 3,485 2 ,866 3,131 Oct. 31. .. 1,130 2,069,697 993,856 811,132 591,762 Mav 31. .. 3,758 784,246 1,698 3,706 2,671 3,141 Nov. 30. . 1,143 2,081,888 989,678 811,117 600.304 Dec. 31.. . 1,159 2,124,123 979,428 803,132 586.303 includes applications approved conditionally by the Federal Re- 1953 serve Banks and under consideration by applicant. 2 Includes industrial loans past due 3 months or more, which are not Jan. 31... ,173 2,147,953 984,295 808,986 578,061 included in industrial loans outstanding in weekly statement of con- Feb. 28. .. ,188 2,170,443 999,794 822,257 548,916 dition of Federal Reserve Banks. Mar. 31.. . ,204 2,190,643 1,023,666 838,704 520,517 3Not covered by Federal Reserve Bank commitment to purchase or Apr. 30. .. 1,212 2,211,201 972,193 801,945 469,324 discount. May 31... 1,221 2,258,011 957,541 792,015 469,048 NOTE.—The difference between amount of applications approved and the sum of the following four columns represents repayments of advances, and applications for loans and commitments withdrawn or NOTE.—The difference between guaranteed loans authorized and expired. sum of loans outstanding and additional amounts available to borrowers under guarantee agreement outstanding represents amounts repaid, guarantees authorized but not completed, and authorizations expired or withdrawn. JULY 1953 733 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 June 30] Depos- Fees Payable to Gua G ra u n a t r e a e n i t n e g e d A P g o e r n t c io y n b o y f L F o in 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 rn . - Cash ances * Total deposi- ment funds, tory securi- etc.8 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—May 2,633 2,761 33 2,574 153 95 35 35 June 2,617 2,746 33 2,557 156 Over 95 40-50 40-50 July 2,601 2,751 33 2,554 164 August 2 586 2,758 34 2,554 170 September. . . 2,572 2,766 33 2,554 179 Maximum Rates Financing Institutions May Charge Borrowers October.. .. 2,561 2,760 33 2,553 174 November.... 2,555 2,749 33 2,553 162 [Per cent per annum] December 2,547 2,736 33 2,551 151 1953—January 2,536 2,724 33 2,538 152 Interest rate February 2,523 2,715 33 2,524 158 Commitment rate. March 2,510 2,708 33 2,520 155 April P2.496 May P2.477 P Preliminary. Outstanding principal, represented by certificates of deposit. 2Includes reserve and miscellaneous working funds with Treasurer of United States, working cash with postmasters, accrued interest on bond investments, and miscellaneous receivables. Back figures.—See Banking and Monetary Statistics, p. 519; for description, see p. 508 in the same publication. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Debits to total demand and time deposit Annual rate of turnover of total accounts, except interbank accounts deposits except interbank deposits (old series) (old series) Year or month Total, all New 140 Other New Other reporting York other reporting York reporting centers City1 centers1 centers City centers 1947. 1,125,074 405,929 599,639 119,506 21.0 11.9 1948. 1,249,630 449,002 667,934 132,695 23.6 12.9 1949. 1,231,053 452,897 648,976 129,179 24.1 12.4 1950. 1,403,752 513,970 742,458 147,324 26.6 13.4 1951. 1,577,857 551,889 854,050 171,917 26.9 14.5 1952. 1,692,136 615,670 895,906 180,560 28.7 14.4 Debits to demand deposit accounts, Annual rate of turnover of demand except interbank and U. S. Government accounts deposits except interbank and U. S. (new series) Government deposits (new series) Total, all New 6 Other New 6 Other reporting York other reporting York other reporting centers City centers 2 centers 3 City centers 2 centers 3 1952 1,643,130 597,815 349,904 695,411 34.4 24.1 18.4 1952—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 '18.9 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 '18.5 May 142,175 50,255 32,283 59,637 35.6 25.5 18.8 ••Revised. 1National series, now discontinued, for which debit figures are available 1919-52. 2Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los Angeles. 3In the new series there are 338 "other" reporting centers. (Old series included 193 centers, 1942-November 1947; 192, December 1947- 1950; and 201 beginning January 1951.) NOTE.—As described in the article on pp. 355-357 of the BULLETIN for April 1953 the monthly series of bank debits was revised beginning with figures for March 1953. Data for 1943-51 on the revised basis are being compiled and will be published later. ' 734 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 3$1 $2 $5 $10 $20 Total $50 $100 $500 $1,000$5,000$10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 2 1940 8,732 6,247 648 610 39 1,129 2,021 1,800 2,489 538 1,112 227 523 30 60 4 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 4 1942 15,410 11,576 880 801 55 1,693 4,051 4,096 3,837 1,019 1,910 287 586 9 25 3 1943 20,449 14,871 1,019 909 70 1,973 5,194 5,705 5,580 1,481 2,912 407 749 9 22 2 1944 ... . 25,307 17,580 1,156 987 81 2,150 5,983 7,224 7,730 1,996 4,153 555 990 10 24 3 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 2 1946 ... 28,952 20,437 1,361 1,029 67 2,173 6,497 9,310 8,518 2,492 4,771 438 783 8 26 3 1947 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 3 1948 . . . 28,224 19,529 1,464 1,049 64 2,047 6,060 8,846 8,698 2,494 5,074 400 707 5 17 3 1949 27,600 19,025 1,484 1,066 62 2,004 5,897 8,512 8,578 2,435 5,056 382 689 4 11 3 1950 ... 27,741 19,305 1,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 2 1951 29,206 20,530 1,654 1,182 67 2,120 6,329 9,177 8,678 2,544 5,207 355 556 4 12 2 1952—May 28,767 20,231 1,665 t,132 67 2,040 6,261 9,066 8,537 2,508 5,142 346 530 4 8 1 June 29,026 20,449 1,678 1,140 68 2,054 6,323 9,187 8,578 2,531 5,166 344 525 4 8 1 July 28,978 20,398 1,686 1,129 67 2,034 6,291 9,190 8,582 2,531 5,172 344 522 4 8 2 August . .. 29 293 20,659 1,695 1,140 67 2,062 6,376 9,319 8,635 2,551 5,211 342 519 4 8 2 September... 29,419 20,739 1,705 1,164 68 2,070 6,368 9,365 8,682 2,559 5,252 342 517 4 8 2 October 29 644 20,897 1,722 1,175 68 2,074 6,405 9,453 8,749 2,577 5,304 342 514 4 8 2 November... 30,236 21,392 1,739 1,199 69 2,123 6,600 9,661 8,846 2,612 5,367 342 513 4 8 2 December. .. 30,433 21,450 1,750 1,228 71 2,143 6,561 9,696 8,985 2,669 5,447 343 512 4 10 2 1953—January 29 691 20,799 1,721 1,157 69 2,051 6,359 9,442 8,894 2,634 5,399 341 508 4 8 2 February.... 29,793 20,918 1,725 1,158 68 2,052 6,432 9,483 8,877 2,629 5,390 340 507 4 8 2 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 1 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 May 29,951 21,085 1,755 1,172 69 2,065 6,482 9,542 8,867 2,627 5,388 338 502 4 8 1 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 2Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. 3Paper currency only; $1 silver coins reported under coin. Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money in circulation l Money Total out- held by standing, As security For Federal M 1 ay 95 3 3 1, g a o s g l i d a lv in e a s r n t d Tr c e a a s s h ury B R F a e n e d k se e s r r a v a n e l d B R a a n e g k s e e s n r t a v s n e d M 1 a 9 y 5 3 31, Ap 1 r 9 . 5 3 3 0, M 1 a 9 v 5 3 2 1, certificates agents Gold 22,537 21.393 -1.144 Gold certificates 21,393 ' 18^541 ' 2.816 37 37 38 Federal Reserve notes 26,576 70 1 ,055 25,451 25,376 24.356 Treasury currency—total 4.849 3 2,376 59 327 4,463 4.429 4,373 Standard silver dollars 492 252 35 3 201 200 190 Silver bullion 2,124 2.124 Silver certificates and Treasury notes of 1890. . *2,376 259 2,117 2,090 2,091 Subsidiary silver coin 1,190 18' ' 29 1.144 1,138 1.083 Minor coin 418 2 5 410 409 392 United States notes 347 3 27 316 314 318 Federal Reserve Bank notes 204 2 202 204 222 National Bank notes 75 (r>) 1 74 74 78 Total—May 31 1953 (4) 23,769 1,272 18,541 4,198 29,951 Apr. 30, 1953 (4) 23,796 1,269 18,568 4,256 29,843 May 31 1952 (4) 24,496 1 ,274 19,288 4,126 28.767 JOutside 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. 727. 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. * Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special significance and is not shown. See note for explanation of these duplications. 5 Less than $500,000. NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. 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. 735 JULY 1953 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 1 [Figures partly estimated except on call dates. In millions of dollars Assets Liabilities and Capital Bank credit Total assets, Eate Treas- U. S. Government obligations l T ia o b t i a l l - Total Ca a p n i d tal ury ities deposits misc. Gold r c e u n r c - y Total Lo n a e n t s, Total m C a e o n r m c d ia - l R Fe e d se e r r v a e l Other O s r e i t t c h ie u e s - r ca a n p n e it d t al, cur a r n e d ncy co n a u c e n - t ts, savings Banks banks 1929—June 29 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64 698 55,776 8,922 1933—june 30.. 4,031 2,286 42,148 957 10,328 8,199 1 998 131 9,863 48 465 42,029 6,436 1939—Dec. 30 17,644 2,963 54,564 7?,157 73,105 19,417 7 484 1,204 9,302 75 171 68,359 6,812 1941—Dec. 31 7?,737 3,247 64,653 76 605 79,049 25,511 2 754 1,284 8,999 90 637 82,811 7,826 1945—Dec 31 70 065 4,339 167,381 30,387 178,417 101,288 74 262 2,867 8,577 191 785 180,806 10,979 1947—Dec. 31 ?7 ,754 4,562 160,832 43,023 107,086 81,199 77 559 3,328 10,723 188 148 175,348 12,800 194g—Dec 31 74 244 4,589 160,457 48,341 100,694 74,097 73 333 3,264 11,422 189 290 176,121 13,168 1949—Dec. 31 74 ,427 4,598 162,681 49,604 100,456 78,433 18 885 3,138 12,621 191 706 177,313 14,392 1950—June 30 74,231 4,607 164,348 51,999 98,709 77,320 18 331 3,058 13,640 193 186 178,568 14,618 Dec. 30 79 ,706 4,636 171,667 60,366 96,560 72,894 70 778 2,888 14,741 190 009 184,385 14,624 1951—June 30 71 756 4,655 173,447 ,821 94,450 68,726 7? 982 2,742 15,176 100 858 185 038 14,820 Dec 31 77 ,695 4,706 181,323 67,597 97,808 71,343 73 801 2,664 15,918 708 724 193,404 15.320 1952—May 28 73,300 4,700 180,600 68 500 95,300 70,500 77 300 2,600 16,800 708 700 192,900 15,800 June 30 73 ,346 4,754 182,980 69,712 96,266 70,783 7? 906 2,577 17,002 080 194,960 16,120 July 30 73 400 4,800 185,300 70,000 08,100 72,700 77 800 2,600 17,200 713 400 197 200 16,100 Aug.27 73,300 4,800 185,300 70,500 07,300 71,700 73 100 2,600 17,500 713 400 197,000 16,400 Sept.24 73,300 4,800 186,500 71,600 97,600 71,300 23 700 2,600 17,400 714 600 197,900 16,700 Oct. 29 73 ,300 4,800 188,900 7?,900 98,600 72,400 73 600 2,600 17,300 717 000 199 900 17,100 Nov 26 73 300 4.800 191,500 74,300 99,900 73,600 73 800 2,600 17,300 910 600 202 700 16,900 Dec 31 73 187 4,812 192,866 75,484 100,008 72,740 74 697 2,571 17,374 770 865 204 220 16,647 1953—Jan. 28P 73 ,000 4,800 191,200 74,900 08,800 72,300 74 000 2,600 17,500 710 000 202,100 16,900 Feb 99 700 4,800 190,300 75,000 07,800 71,400 900 2,500 17 500 917 800 201 000 16 800 Mar 25P ,600 4,800 190,200 76,100 06,400 70,000 7.3 900 2,500 17,800 917 600 200 600 17,000 Apr 99 600 4.800 188,900 76,500 04,600 68,300 73 800 2 ,500 17,800 716 300 199 100 17 200 May 27P 22,500 4,800 188,800 76,600 94,300 67,700 24 100 2,500 17,800 216 200 199,100 17,100 Deposits and Currency U. S. Government bahinces Deposits adjusted and currency IDate Total d F e b o p n r a o e e n i s t k g it n s, T c r u a e r s a y h s- A m s b a t a e a v c r n n i c o n d k i m g a s s l - R F B e e a d A s n e e t r k r v a s e l Total d D e e p m os a i n ts d 2 Total m T b C e a i o r m n c m k 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 i t n t e a m g l s o b r u C e a t n n u s c i k r d - y s e 1929—June 29 55,776 365 204 381 36 54,790 7? 540 28,611 19,557 8 905 149 3 639 1933—June 30 47 029 50 264 852 35 40,828 14,411 21,656 10,849 0,621 1,186 4 761 1939—Dec.30 68,359 1,217 2,409 846 634 63,253 79 793 27,059 15,258 10 523 1,278 6,401 1941—Dec. 31 87 ,811 1,498 2,215 1,895 867 76,336 38 992 27,729 15,884 10 537 1,313 9,615 1945—Dec 31 180 806 2,141 2,287 74,608 977 150,793 75,851 48,452 30,135 15,385 2,932 26 490 1947—Dec. 31 175,348 1,682 1,336 1,452 870 170,008 87,121 56,411 35,249 17 746 3,416 26,476 1948—Dec. 31 176,121 2,103 1,325 ,451 1,123 169,119 85,520 57,520 35,804 18 387 3,329 26 079 1949—Dec 31 177 313 2,150 1,312 3,249 821 169,781 85,750 58,616 36,146 19 273 3,197 25 415 1950—June 30 178,568 2,555 1,298 3,801 950 169,964 85,040 59,739 36,719 19 973 3,097 25 185 Dec. 30 184,385 2,518 1,293 ,989 668 176,917 97,272 59,247 36,314 70,009 2,923 25 398 1951—June 30 185,038 2,424 1,281 6,332 317 174,684 88,960 59,948 36,781 70,387 2,785 25,776 Dec. 31 ,404 2,279 1,279 3,615 247 185,984 98,234 61,447 37,859 70,887 2,701 26 303 1952—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 1,283 6,121 333 184,904 94,754 63,676 39,302 71,755 2,619 26 474 July 30 197,200 2,600 1,300 7,000 600 185.800 95,700 63,800 39,400 71 900 2,600 26 200 AUK 27 197,000 2,600 1,300 6,200 700 186,200 95,800 64,100 39,600 7?,000 2,600 26 300 Sept.24 197,900 2,500 1,300 6,500 300 187,400 96,400 64,500 39,800 7?,200 2,600 26 600 Oct. 29 199,900 2,500 1,300 5,300 600 190,200 98,600 64,900 40,100 77,700 2,600 26 700 Nov.26 707 ,700 2,500 1,300 7,000 300 191,600 99,400 64,800 40,000 7?,300 2,600 27 400 Dec. 31 704 ,220 2,501 1,270 5,259 389 194,801 101,508 65,799 40,666 7?,586 2,547 27 494 1953—jan# 28P ,100 2,500 1,300 4,200 700 193,300 100,500 66,100 40,700 77 800 2,500 26 800 Feb 25 P 701 ,000 2,300 1,300 5,400 400 191,600 08,300 66,400 41,000 77 ,900 2,500 26 900 Mar. 25P 700 ,600 2,400 1,300 5,800 (5) 191,000 07,400 66,800 41,200 73,100 2,500 26 900 Apr 29P 100 100 2,400 1,300 7,900 400 192,200 08 000 67,200 41,500 73 ,300 2,500 27 000 May 27P 199,100 2,400 1,300 2,900 400 192,100 97,500 67,600 41,700 23,400 2,500 27,000 p 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. 3Excludes interbank time deposits; United States Treasurer's time deposits, open account; and deposits of Postal Savings System in banks. 4Prior 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. 736 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 assetsl Total» b In a t n e k r- ! a c c a c p o i u ta n l ts ba o n f ks Total ment secu- De- Time obliga- rities mand tions 411 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. 312 134,924 43,002 91,923 81,199 10,723 38,388 161,865 13,033 95,727 53,105 11,948 14,714 1948—Dec. 31 133,693 48,174 85,519 74,097 11,422 39,474 161,248 12,269 94,671 54,308 12,479 14,703 1949—Dec. 31 140,598 49,544 91,054 78,433 12,621 36,522 164,467 12,710 96,156 55,601 13,088 14,687 1950—Dec. 30 148,021 60,386 87,635 72,894 14,741 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—May 28 156,150 68,920 87,230 70.450 16,780 39,350 179,310 12,200 105,400 60,710 14,940 14,608 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 Nov. 26 165;490 74,600 90,890 73,560 17,330 42,620 190,620 13,880 114,190 62,550 15,280 14,586 Dec. 31 165,626 75,512 90,114 72,740 17,374 45,584 195,552 15,321 116,633 63,598 15,367 14,575 1953—Tan. 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 May 27P 163,040 77,470 85,570 67,730 17,840 39,300 185,030 12,650 106,960 65,420 15,680 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 1948—Dec. 31 114,298 42,488 71,811 62,622 9,189 38,596 142,843 12,269 94,654 35,921 10,480 14,171 1949—Dec. 31 120,197 42,965 77,232 67,005 10,227 35,650 145,174 12,709 96.136 36,328 10,967 14,156 1950—Dec. 30. , , 126,675 52,249 74,426 62,027 12,399 40,289 155,265 14,039 104,723 36,503 11,590 14,121 1951—Dec. 31 132.610 57.746 74,863 61,524 13,339 44.645 164,840 15.086 111.618 38,137 12.216 14,089 1952—May 28 133,060 58,520 74,540 60,700 13,840 38,530 157,720 12,200 106,370 39,150 12,500 14,079 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 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. 25 P 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. 20v 138,450 65,330 73,120 58,770 14,350 38.630 162,180 12,690 107,710 41,780 13,070 14,018 May 27P 138.040 65,490 72,550 58,200 14,350 38,510 161,630 12,650 106,930 42,050 13,180 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—May 28 112,379 50,026 62,353 50,826 11,527 33.982 134,519 11,665 91,418 31,436 10.453 6,821 Time 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 Nov. 26 119,564 54,283 65,281 53,486 11,795 36,896 143,478 13,120 98,006 32,352 10,700 6,801 Dec. 31 119,547 55,034 64,514 52,763 11,751 39,255 147,527 14,617 100,020 32,890 10,761 6,798 1953—Tan. 28 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. 25v 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. 29v 116,377 55,868 60,509 48,549 11,960 34,017 137,738 12,116 92,148 33,474 10,906 6,769 Ma: 27P 115,922 56,006 59,916 47.982 11,934 33,936 137,209 12,083 91,459 33,667 11,000 6,771 All mutual savings banks: 1939—Dec. 30 10,216 4,927 5,289 3,101 2,188 818 10,524 3 10,521 1,309 551 1941—Dec. 31. 10,379 4,901 5,478 3,704 1,774 793 10,533 6 10,527 1,241 548 1945—Dec. 31 16,208 4,279 11,928 10,682 1,246 609 15.385 14 15,371 1,592 542 1947—Dec. 31 2 18,641 4,944 13,696 11,978 1,718 886 17,763 i 17 17,745 1,889 533 1948—Dec. 31. . 19,395 5,686 13,709 11,476 2,233 878 18,405 l 17 18,387 1,999 532 1949—Dec 3i 20,400 6,578 13,822 11,428 2,394 873 19,293 20 19,273 2,122 531 1950—Dec 30 . . 21,346 8,137 13,209 10,868 2,342 797 20,031 22 20,009 2,247 529 1951—Dec. 31 22,259 9,862 12.398 9.819 2.579 886 20,915 2 26 20,888 2.407 529 1952—May 28 23,090 10,400 12.690 9,750 2,940 820 21,590 2 30 21,560 2,440 529 June 30 23.091 10,509 12,582 9,606 2,976 966 21,782 2 26 21,755 2,438 529 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—Jan. 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 Anr 29P 24,790 11,830 12,960 9,510 3,450 850 23,280 2 30 23,250 2,500 528 May 27P 25,000 11,980 13,020 9,530 3,490 790 23,400 2 30 23,370 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 nondf posit 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. JULY 1953 737 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Investments Other Cla a s n s d o d f a b te ank Total Loans Total G o U m b ov l . e i e S g n r a . t n - - O s ri e t t c h ie u e s - r a C ss a e s t h s1 Total1 b In an te k r - i m D a e n - d Time a c c T a c p o o i u t t a a n l l ts N b u a o m n f k b s er tions Central reserve city member banks: New York City: 1939—Dec. 30 9,339 3,296 6,043 4,772 1.272 6,703 14,509 4,238 9,533 736 1,592 36 1 19 9 4 4 5 1 — — D D eecc. . 3 3 i i 2 1 6 2 , , 1 8 4 9 3 6 4 7 , , 0 3 7 3 2 4 1 8 8 , , 8 8 2 0 3 9 1 7 7 , , 2 5 6 7 5 4 1 1, , 2 5 3 5 5 9 6 6 , , 6 4 3 3 7 9 3 1 0 7 , , 1 9 2 3 1 2 4 4 , , 2 6 0 5 7 7 2 1 4 2 , , 2 9 2 1 7 7 1,2 8 3 07 6 2 1 , , 1 64 2 8 0 3 3 6 7 1947—Dec. 3i 20,393 7,179 13,214 11,972 1,242 7,261 25,216 4,464 19,307 :1,445 2,259 37 1948—Dec. 31 18,759 8,048 10,712 9,649 1,063 7,758 24,024 4,213 18,131 1,680 2,306 35 1949—Dec. 31 . ... 19,583 7,550 12,033 10,746 1,287 6,985 23,983 4,192 18,139 L.651 2,312 25 1950—Dec. 30 20,612 9,729 10,883 8,993 1.890 7,922 25,646 4,638 19,287 1,722 2,351 23 1951—Dec. 31 - 21,379 11.146 10,233 8,129 2,104 8,564 26,859 4,832 20,348 1,679 2,425 22 1952—May 28 21,346 11,168 10,178 8,008 2,170 7,684 25,548 4,171 19,605 1,772 2,454 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 Nov. 26 21,696 11,973 9,723 7,695 2,028 7,818 26,108 4,440 19,884 L.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. 25* 21,049 12,112 8,937 6,840 2,097 7,224 24,769 4,367 18,589 1,813 2,525 22 Mar. 25P 21,185 12,335 8,850 6,717 2,133 7,227 24,942 4,292 18,773 1,877 2,520 22 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 May 27* 20,542 12,377 8,165 6,164 2,001 6,920 24,093 4,356 17,887 1,850 2,537 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 4,273 013 426 14 1948—Dec. 31 4,799 1,783 3,016 2,633 383 1,932 6,293 1L.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—May 28 5,458 2,402 3,056 2,511 545 1,992 6,913 1,085 4,689 1,139 524 13 June 30 5,664 2,380 3,284 2,721 563 1 .899 7,027 L.182 4,681 1,164 530 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 1,205 541 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 L, 133 4,835 1,154 539 13 Apr. 29*. . 5,588 2,547 3,041 2,455 586 2,051 7,006 1,144 4,688 1,174 541 .13 May 27*. . 5,560 2,595 2,965 2,426 539 2,014 6,947 1,137 4,625 1,185 545 13 Reserve city membeir banks: 1939—Dec. 30. .. 12,272 5,329 6,944 5,194 1,749 6,785 17,741 5.686 9,439 it.616 1,828 346 1941—Dec. 31 15,347 7,105 8,243 6,467 1,776 8,518 22,313 4,460 13,047 4,806 1,967 351 1945—Dec- 31 40,108 8,514 31,594 29,552 2,042 11,286 49,085 6,448 32,877 9,760 2,566 359 1947—Dec. 31 36,040 13,449 22,591 20,196 2,396 13,066 46,467 5,649 29,395 11,423 2,844 353 1948—Dec. 31 35,332 14,285 21,047 18,594 2,453 13,317 45,943 5,400 29,153 11,391 2,928 335 1949—Dec. 31 38,301 14,370 23,931 20,951 2,980 12,168 47,559 5,713 30,182 11,664 3 087 341 1950—Dec 30 40,685 17,906 22,779 19,084 3,695 13,998 51,437 6,448 33,342 11,647 3,322 336 1951—Dec. 31 42,694 19.651 23,043 19.194 3.849 15,199 54,466 6,976 35.218 12,272 3,521 321 1952—May 28. 42,559 19,563 22,996 18,829 4,167 13,147 51,593 5,421 33.586 12,586 3,625 320 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 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. 28P.. 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 May 27P. 44,304 22,138 22,166 17,657 4,509 13,525 53,279 5,593 34,113 13,573 3,844 321 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 1.223 29,700 12,494 2 525 6 476 1947—Dec. 31 36,324 10,199 26,125 22,857 3,268 10,778 44,443 1,073 28,810 14,560 2,934 6,519 1948—Dec. 31 36,726 11,945 24,782 21,278 3,504 11,196 45,102 964 29,370 14,768 3,123 6,535 1949_Dec. 31 38,219 12,692 25,527 21,862 3,665 10,314 45,534 1,001 29,771 14,762 3 305 6 513 1950—Dec. 30 40,558 14,988 25,570 21,377 4,193 11,571 48,897 1,133 32,899 14,865 3,532 6,501 1951—Dec. 31 42,444 16.296 26,148 21.587 4.561 13,292 52,288 1,309 35.449 15,530 3,760 6,484 1952—May 28 43,016 16,893 26,123 21,478 4,645 11,159 50,465 988 33,538 15,939 3,850 6,466 June 30 43.037 17,133 25.904 21.206 4.698 12.087 51.571 1.083 34.414 16,075 3,873 6,461 Nov. 26 45,652 18,091 27,561 22,731 4,830 12,373 54,079 1,181 36,537 16,361 3,967 6,447 Dec. 31 45,594 18,213 27,381 22,549 4,832 13,281 55,175 1,301 37,289 16,585 3 970 6 444 1953—Jan. 28 P 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 May 27P 45,516 18,896 26,620 21,735 4,885 11,477 52,890 997 34,834 17,059 4,074 6,415 2 Beginning with December 31, 1947, the all bank series was revised as announced in November 1947 by the Federal bank supervisory agencies. At that time a net of 115 noninsured nonmember commercial banks with total loans and investments of approximately 110 million dollars was added, and 8 banks with total loans and investments of 34 million were transferred from noninsured mutual savings to nonmember commercial banks. For other footnotes see preceding and opposite pages. 738 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Amounts in millions of dollars] Loans and investments Deposits Investments Other Cla a s n s d o d f a b t a e nk Total Loans Total G o U m b ov l . e i e S g n r a . t n - - O s r e i t t c h i u e e s - r a C ss a e s t h s > Total i b In an te k r ^ - m D a e n - d Time a c c T a c p o o t i u t a a n l l ts N b u a m o n f k b s er tions AH insured commercial banks: 1941—Dec. 31 49,290 ,259 78,031 ?1,046 5,984 75,788 69,411 10,654 43 059 15,699 6,844 13,426 1945—Dec 31 ,809 ?S,765 96,043 88,912 7,131 34,292 147 775 13,883 104 015 ?9,876 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 ,887 9,734 13,398 1950—Dec. 30 ,822 SI,723 73,099 60,986 12,113 39,821 153,288 13,744 103,499 36,045 11,263 13 432 1951—Dec. 31 130,820 57,256 73,564 60,533 13,031 44,176 162,908 14,777 110,382 37,749 11,902 13,439 1952—June 30 13?,557 S8,730 73,827 60.117 13.710 40,258 160 3S5 13.100 108,036 39,219 1?,282 13 434 Dec. 31 139,770 63,632 76,138 62,308 13,831 44,222 170,971 14,990 115,371 40,610 12,563 13,422 National member banks: 1941—Dec. 31 ?7,571 11,725 15,845 1?,039 3.806 14,977 39 458 6,786 24 350 8 372 3,640 5 117 1945—Dec. 31 69.312 13,925 55 387 SI,250 1,137 70,114 84 939 9,229 59 486 16,224 4,644 5 017 1947—Dec. 31 6S,280 ,428 43,852 38,674 5,178 27,024 82,023 8,410 54 335 19 278 5,409 5 005 1950—Dec. 30. 7?,090 ?Q,184 4?,906 35,587 7,320 73,763 89,281 9,133 60 25i 19,897 6,313 4 958 1951—Dec. 31 75,255 3?,317 47,938 35,063 7,875 75,951 94 173 9,788 63 477 70 908 6,653 4,939 1952—June 30 76,036 33.054 4? 982 34.604 $.378 73,928 97 770 8,584 6? 75S ?1 880 6,879 4 925 Dec. 31 . 80,180 ,004 44 176 3S,835 5,341 76,333 98 974 9,918 66 362 ?? 694 7,042 4 909 State member banks: 1941—Dec 31 IS,950 6,295 9 654 7,500 2,155 8,145 7? 759 3,739 14 495 4 025 ?,246 1 502 194 S—Dec.31 ,871 8.850 79 021 77,089 1.933 9,731 44 730 4,411 32 334 7 986 7,945 1 867 1947—Dec 31 32,566 11,200 365 19,240 2,125 10,822 40 505 3,993 77 449 9 062 3,055 1 918 1950—Dec. 30 3S,334 IS,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 37 491 9 715 3,565 1 901 1952—June 30 37.466 17,472 19 994 16,657 3.337 i? .119 46 049 4.227 31 914 9 908 3,647 1 890 Dec. 31 39,367 19.030 70 337 16,928 3.409 17,922 48 553 4,699 33 658 10 196 3,719 1 889 Insured nonmember commercial banks: 1941—Dec 31 s,776 ,241 535 1,509 1,025 ?,668 7 707 129 4 213 3 360 959 6 810 1945—Dec. 31 14,639 2,992 11 647 10.584 1,063 4,448 18 119 244 17 196 5 680 1,083 6 416 1947—Dec 31 16,444 4,958 11 486 10,039 1,448 4,083 19 340 266 1? 515 6 558 1,271 6 478 1950—Dec. 30 17,414 7,023 10 391 8,632 L,759 4,299 20 216 297 13 194 6 776 1,570 6*562 1951—Dec 31 18.591 7,701 10 890 8,923 1,967 4,926 71 91? 353 14 415 7 144 1,686 6 602 1952—Tune30 19.073 8,210 10 863 8,867 .996 4.215 71 606 289 13 867 7 450 1,757 6 622 Dec. 31 20,242 8,605 11 638 9,556 2,081 4,970 23 464 373 15351 7 740 1,804 6.627 Noninsured nonmember commercial banks: 1941—Dec. 31 1,457 455 1002 761 241 763 1872 329 291 253 329 852 1945—Dec 31 ,211 318 893 ,693 200 514 7 457 181 905 365 279 714 1947—Dec. 312 2,009 474 535 ,280 255 576 2 251 363 411 478 325 783 1950—Dec. 30 1,853 527 327 ,040 286 468 1 976 294 224 458 327 689 1951—Dec. 31 1,789 490 299 991 308 469 1 932 308 735 388 314 650 1952—Tune 30 1.880 503 377 ,061 317 443 1 993 412 186 396 320 636 Dec. 31 1,854 531 322 ,010 312 444 1960 329 229 402 326 624 AH nonmember commercial banks: 1941—Dec. 31 . 7,233 3,696 t 536 I,270 1.266 3,431 9 574 457 >504 3 613 ,288 7 662 1945—Dec. 31 16,849 3.310 13539 12,277 1,262 4.962 20 571 425 14 101 6 045 ,362 7,130 1947—Dec. 31 2 18,454 5,432 13 021 11,318 1,703 4,659 21 591 629 13926 7 036 ,596 7,261 1950—Dec. 30 . ... 19,267 7,550 11 718 9,672 2,040 4,767 22 19* 591 14417 7 184 ,897 7 251 1951—Dec. 31 20,380 8,192 12 189 9,914 2,275 5,395 23 843 661 15650 7 533 ,999 7,252 1952—Tune 30 ?0,954 8,714 1? 240 9,928 2.312 4.658 23 598 700 1505? 7 846 ?,077 7 258 Dec. 31 22,096 9,136 12 960 10,567 ,393 5,414 25 424 702 16 580 8 142 2,129 7,251 Insured mutual savings banks: 1941 Dec *1 1693 642 1050 629 421 151 1 789 789 164 52 1945—Dec. 31 10846 3,081 7 765 7,160 606 429 10,363 12 10351 ,034 192 1947—Dec; 31 12,683 3,560 9 123 8,165 958 675 12,207 1 14 12 192 ,252 194 1950—Dec 30 is,101 ,086 9 015 7,487 1,528 617 14370 19 14301 ,513 194 1951—Dec. 31 16,190 7,523 8 668 6,921 1,746 695 15,368 2 23 15343 ,678 202 1952—Tune 30 16,857 8.043 8 814 6,730 .084 756 16081 2 73 16 056 ,700 205 Dec. 17 621 8,691 8 930 6,593 ,337 732 16 785 2 30 16 753 1,730 206 Noninsured mutual savings banks: 1941 Dec ** 8 687 4 259 4 428 075 1,353 642 8,744 6 8 738 1 077 496 1945 Dec 31 s361 1 198 4 163 3,522 641 180 S 022 2 s020 558 350 1947—Dec. 31* 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 31 069 9 339 730 ? 897 833 191 5 547 3 5,544 729 327 1952 Tune30 f- 234 9 466 3 768 ? 876 892 209 5 70? 3 S 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, a• pp. 5-15 in the same publication. For revisions in series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-871. JULY 1953 739 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] Loansl Investments Class of bank T lo o a t n a s l C m c o i e a m r l, - - o p L s r u e o r c c c a a u h n r r s a r i y t s i f i i e o n n s r g g Other U. S. Govern D m ir e e n c t t obligations O t g i b o o a l f i n - - s cal a l n d d ate i m n a v e n e n d s t t s - Total i o e m k p i l n u a e e g d r t n - - - A c t g u a u r r l l i - - - b e T ro r o s k- o T t o h- l R t o e a a e s t n a - e l s u v i d t a i n o i d l - - s - O lo t a h n e s r Total Total Bills C o c e f a r t t i e i n f s i - - Notes Bonds G t a e u n e a - d r- S p s a i t u o c a n a b l t d i e l - t s - O s ri e t t h c i e e u r s pa- and ers debt- diviper deal- ed- sions ers ness All commercial banks: 2 1947—Dec. 31... 116,284 38,057 18,167 1,660 830 1,220 9,393 5,723 1,063 78,226 69,221 2,193 7,789 6,034 53,191 145,2763,729 1950—Dec. 30. .. 126,675 52,249 21,927 2,905 1,802 1,057 13,541 10,120 1,573 74,426 62,027 4,236 1,969 17,03338,778 118,118 4,281 1951—Dec. 31... 132,610 57,746 25,8793,408 1.581 980 14,580 10,451 1,681 74,863 61,524 7,337 7,657 11,40835,101 21 9,198 4,141 1952—Dec. 31. .. 141,624 64,163 27,8713,919 2,060 1,103 15,712 12,684 1,718 77,461 63,318 7,761 5,580 11,87838,077 22 10,1883,955 All insured commercial banks: 1941—Dec. 31. .. 49,290 21,259 9,214 1,450 614 662 4,773 4 545 28,031 21,046 988 3,159 12,797 4,102 3,651 3,333 1945—Dec. 31... 121,809 25,765 9,461 1,314 3,164 3,606 4,677 2,361 1,181 96,043 88,912 2,455 19,071 16,04551,321 22 3,8733,258 1947—Dec. 31... 114,274 37,583 18,012 1,610 823 1,190 9,266 5,654 1,028 76,691 67,941 2,124 7^552 5,918 52,334 145,129 3,621 1950—Dec. 30... 124,822 51,723 21,7762,823 1,789 1,036 13,389 10,049 1,534 73,099 60,986 4,118 1,932 16,75638,168 11 7,9334,179 1951—Dec. 31. .. 130,820 57,256 25,7443,321 1,571 960 14,450 10,378 1,645 73,564 60,533 7,219 7,526 11,25634,511 21 8,9894,042 1952—Dec. 31... 139,770 63,632 27,7393,8052,050 1,082 15,572 12,603 1,683 76,138 62,308 7,622 5,494 11,71437,456 22 9,9773,854 Member banks, total: 1941—Dec. 31... 43,521 18,021 8,671 972 594 598 3,494 3,692 25,500 19,539 971 3,007 11,7293,8323,090 2,871 1945—Dec. 31... 107,183 22,775 8,949 855 3,133 3,378 3,455 1,900 1,10484,408 78,338 2,275 16,985 14,271 44,792 163,2542,815 1947—Dec. 31... 97,846 32,628 16,962 1,046 811 1,065 7,130 4,662 952 65,218 57,914 1,987 5,816 4,815 45,286 104,199 3,105 1950—Dec. 30... 107,424 44,705 20,521 1,808 1,770 927 10,522 8,314 1,438 62,719 52,365 3,665 1,468 14,05433,170 86,6403,714 1951—Dec. 31... 112,247 49,561 24,347 2,140 1,551 851 11,334 8,524 1,535 62,687 51,621 6,399 6,010 9,596 29,601 15 7,5283,538 1952—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 9,83532,087 198,409 3,342 1953—Apr. 20. .. 116,489 55,646 26,1182,355 1,719 970 12,416 11,104 1,778 60,843 48,798 3,599 3,725 9,581 31,868 26 8,860 3,185 New York City:* 1 1 9 9 4 4 5 1 — — D i3 eecc, . 3 3i 1 .m.. 2 1 6 2 , , 1 8 4 9 3 6 4 7 , , 0 3 7 3 2 4 3 2, , 8 0 0 4 7 4 8 2,4 4 5 12 3 1,1 1 7 6 2 9 1 8 2 0 3 28 5 7 !4 298 1 8 8 , , 8 8 2 0 3 9 1 7 7 , , 2 5 6 7 5 4 3 4 1 7 1 7 3,433 3 1 , ,6 3 2 2 3 5 1 3 0 , , 6 3 5 3 2 7 1,679 1 6 7 0 2 6 9 8 6 3 2 0 9 1947—Dec. 31. .. 20,393 7,179 5,361 545 267 111 564 330 13,214 11,972 1,002 640 558 9,771 638 604 1950—Dec. 30... 20,612 9,729 6,328 1,421 285 442 930 460 10,883 8,993 824 250 1,711 6,206 2 1,123 767 1951—Dec. 31... 21,379 11,146 7,852 1,219 262 514 920 551 10,233 8,129 1,122 616 1,428 4,960 2 1,385 719 1952—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 1953—Apr. 20.. . 20,579 12,169 8,581 ' 1 1,276 270 392 1,240 592 8,409 6,266 204 201 1,082 4.777 2 1,506 638 Chicago:* 1941—Dec. 31. .. 2,760 954 732 6 48 52 22 96 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 i',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—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 1953—Apr. 20. .. 5,635 2,591 1,988 11 181 67 67 227 105 3.044 2,461 56 198 607 1,600 409 173 Reserve city banks: 1941—Dec. 31... 15,347 7,105 3,456 300 114 194 1,527 1,' 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 3 1,342 1,053 1950—Dec. 30... 40,685 17,906 8,646 392 207 386 4,423 3,498 603 22,779 19,084 1,218 499 5,536 11,830 12,184 1,511 1951—Dec. 31... 42,694 19,651 10,140 513 203 347 4,651 3,518 572 23,043 19,194 2,524 2,493 3,640 10,528 82,458 1,390 1952—Dec. 31... 45,583 21,697 10,842 501 218 422 5,099 4,347 595 23.886 19,624 2,387 1,774 3,854 11,594 142,934 1,328 1953—Apr. 20.. . 44,666 22,094 10,768 459 211 440 5,181 4,638 730 22,572 18,144 1,273 1,475 3,688 11,687 21 3,188 1,240 Country banks: 1941—Dec. 31... 12,518 5,890 1,676 659 20 183 1,823 1,530 6,628 4,377 110 481 2,926 861 1,222 1,028 1945—Dec. 31... 35,002 5,596 1,484 648 42 471 1,881 707 363 29,407 26,999 630 5,102 4,544 16,713 9 1,342 1,067 1947—Dec. 31... 36,324 10,199 3,096 818 23 227 3,827 1,979 229 26,125 22,857 480 2,583 2,108 17,681 62,006 1,262 1950—Dec. 30... 40,558 14,988 3,980 1,407 33 187 5,591 3,679 288 25,570 21,377 1,390 588 6,107 13,287 52,998 1,194 1951—Dec. 31... 42,444 16,296 4,377 1,610 35 178 6,099 3,906 303 26,148 21.587 2,418 2,568 4,008 12,587 5 3,334 1,227 1952—Dec. 31... 45,594 18,213 4,630 1,901 43 191 6,662 4,702 322 27,381 22,549 2,692 2,024 4,204 13.625 43,639 1,194 1953—Apr. 20... 45,610 18,792 4,781 1,885 51 193 6,777 4,999 351 26,818 21,927 2,065 1,851 4,204 13,803 33,756 1,134 All nonmember banks:2 1947—Dec. 31... 18,454 5,432 1,205 614 20 156 2,266 1,061 111 13,021 11,318 206 1,973 1,219 7,916 4 1,078 625 1950—Dec. 30... 19,267 7,550 1,405 1,096 31 130 3,024 1,807 134 11,718 9,672 571 501 2,979 5,618 3 1,478 567 1951—Dec. 31... 20,380 8,192 1,533 1,268 30 130 3,252 1,927 146 12,189 9,914 939 1,647 1,812 5,510 6 1,671 604 1952—Dec. 31... 22,096 9,136 1,639 1,503 29 137 3,505 2,288 141 12,960 10,567 1,196 1,325 2,043 6,000 3 1,781 613 * These figures do not include data for banks in possessions of the United States. During 1941 three mutual savings banks became members of the Federal Reserve System; these banks are included in "member banks" but are not included in "all insured commercial banks" or "all commercial banks." Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc. 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. 740 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Time deposits Cla c s a s l a l o n d d f a b te ank F s B s e w e R e R d a r r i e n v e e t v - - r h k e e a s s l v C a i a n u s l h t b m a a w B n e n i c a s k t e l t h s - i s c * justed5 ! p v S s o u i a t l s a b i n i t o t d d i e c n i s a - s l! j I j ; C h n a o e e n e e f t c f c r d d i k . t - i s - ,| p a v n s a p i t I h d d r i n o o t i u d n r p n c a a i e s o s - l - , r s r - - , I b n a t n er k - P U m G S e a o e . o a r n s v v n n t d S - - - t a . l v s v p i a u i S s o c n i b t l a o a i d d t l t n - e i s - s p a v n a s p i t I h d d r i n o o t i u n d r p c n a a e i o s s l - - r , r s ' - - , r B i o n o w g r s - - c C o a t a u a c p l - n i t - s ings ! All commercial I banks:2 1947—Dec. 31. . 17,796! 2,216i 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 6510,059 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 9011,590 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 3412,216 1952—Dec. 31. . 10.8091 2,753 11,875 101,506 13.109 1,465 4,941 8,910 2,956 99,793 744 346 1 ,620 39,046 18812,888 AH insured com- : mercial banks: i 1941—Dec. 31. . j 12,396| 1.3581 8,570 37,845 9.823 673 1 ,761 3,677 1,077 36,544 158 59 492 15,146 6,844 1945—Dec. 31. . 15,810; 1 ,829! 11,075 74,72212,566 1,24823,740 5,098 2,585 72.593 70 103 496 29,277 215 8,671 1947—Dec. 31. . 17.796J 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 8211,263 1951—Dec. 31. . 19,91lj 2,665 11,561 97^048 12^969 1,381 3,344 8,288 3,147 95,604 427 278 1,485 35,986 3011,902 1952-Tune 30.. 19,331! 2,365 9,935 93,652 11,286 1,339 5,797 8,682 2,721 90,836 475 312 1,574 37,333 8512,282 Dec. 31.. 19,809! 2,720! 11,489 100,329 12,948 1,437 4,912 8,776 2,938 98,746 605 346 1,564 38,700 12,563 Member banks, ; total: I 1941 —Dec. 31. .j 12,396 ,087 6,246 33,754 9,714 67l| 1,709 3,066 1 ,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 3^ . . I15,811 ,438 7,117 64,184 12,333 1,243 22,179 4,240 450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31. J 17,797! ,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| ,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 . .119,9121 ,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—Dec. 31. J 19,8101 ,081 7,378 85.543 12,594 1,431 4,567 7,029 2,744 85,680 592 321 1 .303 31,266 16510,761 1953 -Apr. 20..I 19.882J . 883 5,961 82,665 10,593 1,350 3,044 7,234I 2,520 80,998 625 311 1,337 31,783 1,213 10,958 I I New York City:* \ 1941—Dec. 31. .• 5,105! 93 141 10,761 3,595 607| 866 319 450 11,282 6 778 1,648 1945—Dec. 31. .'4,0151 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 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 1,418 30 2,259 1950—Dec. 30. J 4,693| 118 78 15,898 3,207 1,162 451 258 1,087 17,490 268 1,647 70 2,351 1951—Dec. 31. . j5,2461 159 79 16,439 3,385 1,128 858 321 1,289 17,880 318 1,614 2,425 1952—Dec. 31 . J 5.059: 148 84 16,288 3,346 1,154 1,143 322 1,120 17,919 465 1,752 2,505 1953 -Apr. 20. . '5,052! 143! 42 15,572 2,898 1,077 469 336 956 16,716 483 1,752 2,533 Chicago:* i 1941—Dec. 31. . 1,021i 298 2,215 1,027 81 127 233 2,152 476 288 1945—Dec. 31. J 942 200 3,153 1,292 20 1,552 237 3,160 719 377 1947—Dec. 31. .' 1,070 175 3,737 1,196 72 285 3,853 902 426 1950—Dec. 30. . '1,216 133 3,954 1,177 174 284 4,250 1,089 490 1951—Dec. 31. .!1,407 165 4,121 1,269 242 240 4,404 1,128 513 1952-Dec. 31. .i 1 ,144 169 4,126 1,308 343 242 4,491 1,190 541 1953 -Apr. 20. J 1 ,323 128 3.968 1,133 187 299 4,064 1,162 53 542 Reserve city banks: | 1941— Dec. 31.-1 4,0601 425 2,590 11,117 4,302 54 491 144 286 11,127 104 20 243 4,542 1,967 1945—Dec. 31. .1 6,326 494 2,174 22,372 6,307 110 8,221 ,763 611 22,281 30 38 160 9,563 2,566 1947—Dec. 31. J 7,095 562 2,125 25,714 5,497 131 405 ,282 705 26,003 22 45 332 11,045 2,844 1950—Dec. 30. . I6,806 519 2,206 27,938 6,174 217 976 2,575 852 28,938 57 60 631 10,956 3,322 1951—Dec. 31. J 7,582 639 2,356 29,489 6,695 192 1,124 2,550 822 30,722 90 85 714 11,473 3,521 1952—Dec. 31. . i7,788 651 2,419 30,609 6,662 230 1,814 2,693 791 31,798 109 105 739 12,417 3,745 1953 -Apr. 20. . j7.743 583 1,918 29,906 5,525 1,2211 2,678 738 30,416 121 104 768 12,592 563 3 ,806 Country banks: \ j 1941—Dec. 31. . j2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 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 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 45 337 14,177 23 2,934 1950—Dec. 30. .1 4,745 976 4,450 30,581 1,111 10 922 3,282 715 27,980 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 30,234 125 491 14,914 16 3,760 1952—Dec. 31. .i 5,820 1,250 4,706 34,519 1,278 11 1,267 3.772 777 31,473 152 525 15,908 25 3,970 1953—Apr. 20. . |5,764 1,125 3,874 33,220 1,03 11 1,168 3,922 763 29,802 151 528 16,277 206 4,078 A b l a l n n k o s n :2 member j 1947—Dec. 31. 544 3,947 13,595 385 55| 167 1,295 180 12,284 190 172 6,858 1,596 1950—Dec. 30. 532 3,996 13,912 432 38 283 1,612 195 12,326 120 263 6,915 1,897 1951—Dec. 31. 635 4,507 15,144 489 44 258 1,761 205 13,426 128 298 7,213 1,999 1952—Dec. 31..!. 672 4,498 15,964 516 34 374 1,881 212 14,113 152 317 7,800 2,129 -'Breakdown of loan, investment, and deposit classifications is not available prior to 1947; summary figures for earlier dates appear in the preceding table. 3Central reserve city banks. 4 Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. 5 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. For other footnotes see preceding page. Back figures—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113. JULY 1953 741 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] Loansl Investments For purchasing or carrying securities U. S. Government obligations Date or month i m T n lo a v o e n a e t n n d a s t s l t s - Total1 i C t m n c a r o i d i n a e a m u d l r l , s - , - - a T n o d b d r e o a k l e e r r s s To others e l s R o t a e a n a te s l b L a o t n o a k n s s O lo t a h n e s r Total c C t a if e t i e r - - s O s ri e t t h c ie u e 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 i i o g o . b S v a n - . - t s .O c t s u t i e h e r - s e i- r Total Bills o d n e f e e d b s i - n t s - - Notes Bonds2 Total— Leading Cities 1952—June 75,452 35,414 20,795 1,848 662 5,785 515 6,368 40,03832,662 3,957 3,752 5,99818,955 7,376 1953—April 76,669 39,512 23,229 1,634 799 6,197 554 7,708 37,15729,508 1,726 2,098 5,80819,876 7,649 May 75,985 39,499 23,006 1,599 793 6,237 669 7,805 36,48628,955 1,479 1,978 5,69219,806 7,531 June 76,288 39,550 22,801 1,648 765 6,282 781 7,888 36,73829,317 2,313 1,944 5,59319,4677,421 1953—Apr. 1.. 76,827 39,647 23,269 1,561 808 6,176 777 7,665 37,18029,547 ,701 2,115 5,850 19,8817,633 Apr. 8. . 76,882 39,508 23,297 1,703 797 6,180 459 7,681137,37429,736 ,852 2,158 5,84919,8777,638 Apr. 15.. 76,925 39,594 23,287 1,756 807 6,210 432 7,711I 37,33129,622 ,832 2,115 5,79319,8827,709 Apr. 22. . 76,412 39,377 23,156 1,612 796 6,206 493 7,,7723 37,03529,384 ,659 2,062 5,77819,8857,651 Apr. 29. . 76,301 39,437 23,133 1,540 789 6,214 611 7,,7 760 36,86429,249 ,583 2,038 5,771 19,8577,615 May 6. . 76,238 39,508 23,139 1,633 796 6,214 553 7,784 36,73029,185 ,539 2,011 5,731 19,9047,545 May 13. . 75,809 39,263 23,083 1,574 802 6,227 374 7,812 36,54629,040 ,510 1,961 5,70019,8697,506- May 20. . 76,017 39,685 22,965 1,625 789 6,246 881 7,789 36,33228,822 ,422 1,970 5,67319,7577,510 May 27. . 75,879 39,541 22,836 1,564 784 6,260 870 7,838 36,33828,775 1,443 1,971 5,66519,6967,563 Tune 3. . 75,981 39,439 22,690 1,547 779 6,257 930 7,84736,542 29,144 2,043 1,850 5,65219,5997,398- June 10.. 76,466 39,666 22,732 1,762 767 6,274 869 872 36,80029,383 2,276 1,843 5,62919,6357,417 June 17. . 76,640 39,654 22,985 1,716 769 6,293 617 893 36,98629,528 2,604 2,044 5,54519,3357,458" June 24.. 76,065 39,443 22,797 1,567 746 6,304 710 7,938 36,62229,211 2,327 2,040 5,54519,2997,411 New York City 1952—June 21,403 11,212 7,630 4551,005 20 209 429 278 1,36310,191 8,042 1,087 651 1,377 4,9272,1 1953—April 20,824 12,380 8,653 154 1,090 37 227 384 348 1,672 8,444 6,282 247 199 ,050 4,786 2,162 May 20,454 12,331 8,507 1271,107 43 217 388 466 1,661 8,123 6,103 237 170 ,041 4,6552,020> 20,764 12,383 8,456 1081,163 35 210 399 517 1,680 8,381 6,426 665 154 ,035 4,5721,955 June 1953—Apr. 1. . 21,105 12,490 8,647 162 ,046 30 235 379 519 ,657 8,615 6,437 298 208 ,071 4,8602,178-. Apr. 8. . 20,897 12,322 8,698 1721,062 33 231 381 245 ,685 8,575 6,391 284 208 ,068 4,8312,184 Apr. 15. . 20,862 12,418 8,679 189 1,136 45 227 388 251 ,688 8,444 6,244 230 215 ,039 4,7602,200* Apr. 22. . 20,647 12,338 8,625 1311,117 42 222 389 330 ,667 8,309 6,164 189 194 ,034 4,7472,145 Apr. 29. . 20,613 12,332 8,617 1151,086 35 221 385 393 ,665 8,281 6,174 235 168 ,040 4,7312,107 May 6. . 20,504 12,345 8,617 1471,113 SO 218 382 347 ,656 8,159 6,118 204 163 ,035 4,7162,041 May 13. . 20,230 12,085 8,524 1251,082 44 218 387 217 ,673 8,145 6,120 244 167 ,033 4,676 2,025 May 20. . 20,570 12,495 8,474 1271,126 42 217 390 651 ,653 8,075 6,067 214 160 ,045 4,6482,008- May 27. . 20,515 12,401 8,412 1,107 37 216 393 650 ,664 8,114 6,108 286 189 ,052 4,5812,006 June 3. . 20,572 12,354 8,383 951,107 36 213 389 635 ,681 8,218 6,264 513 150 ,045 4,556 1,954 June 10.. 20,952 12,527 8,448 1521,223 37 213 398 563 ,678 8,425 6,467 681 139 ,047 4,600 1,958 June 17. . 20,922 12,423 8,570 1141,203 36 213 403 391 ,678 8,499 6,530 791 161 ,019 4,559 1,969 June 24. . 20,612 12,229 8,424 1,120 31 201 405 477 ,684 8,383 6,444 674 167 ,029 4,574 1,939- Outside New York City 1952—June 54,049 24,202 13,165 388 433 5,356 237 5,005 29,847 24,620 2,870 3,101 4,62114,0285,227" 1953—April 55,845 27,132 14,576 390 535 5,813 206 6,036 28,71323,226 1,479 1,899 4,758 15,0905,487 May 55,531 27,168 14,499 365 533 203 6,144 28,36322,852 1,242 ,808 4,651 15,1515.511 June 55,524 27,167 14,345 377 520 264 6,208 28,35722,891 1,648 ,790 4,558 14,8955,466 1953—Apr. 1.. 55,722 27,157 14,622 353 543 5,797 258 6,008 28,56523,110 1,403 ,907 4,779 15,0215,455 Apr. 8. . 55,985 27,186 14,599 469 533 5,799 214 28,79923,345 1,568 ,950 4,781 15,0465,454 Apr. 15.. 56,063 27,176 14,608 431 535 5,822 181 6,023 28,88723,378 1,602 ,900 4,75415,1225,509' Apr. 22. . 55,765 27,039 14,531 364 532 5,817 163 6,056 28,72623,220 1,470 ,868 4,74415,138j5,506 Apr. 29. . 55,688 27,105 14,516 339 533 5,829 218 6,095 28,58323.075 1,348 ,870 4,731 15,126i5,508 May 6. . 55,734 27,163 14,522 373 528 5,832 206 6,128 28,57123,067 1,335 ,848 4,696 15,1885,504 May 13. . 55,579 27,178 14,559 367 540 5,840 157 6,139 28,40122,920 1,266 ,794 4,667 15,1935,481 May 20. . 55,447 27,190 14,491 372 530 5,856 230 6,136 28,25722,755 1,208 ,810 4,628 15,1095,502 May 27. . 55,364 27,140 14,424 350 531 5,867 6,174 28,22422,667 1,157 ,782 4,613 15,115 5^,557 June 3. . 55,409 27,085 14,307 345 530 5,868 6,166 28,32422,880 1,530 ,700 4,607 15,0435,444 June 10.. 55,514 27,139 14,284 387 517 5,876 306 6,194 28,37522,916 1,595 ,704 4,582 15,0355,459 Tune 17.. 55,718 27,231 14,415 399 520 5,890 226 6,215 28,48722,998 1,813 ,883 4,526 14,7765,489 June 24.. 55,453 27,214 14,373 375 514 5,899 233 6,254 28,23922,767 1,653 ,873 4,516 14,7255,472 1 Figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total, which is shown net. 2 Includes guaranteed obligations. For other footnotes see opposite page. 742 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 F w e R e a e r r i e n a d t v h - l k - e s v C a i a n u s l h t b m a w a d n e n i o c s t e k - h t s l s j p m u o a d s a t d s e e n i - t d d s s p u n v c h a a a o n e i i d r p l r r d s t - - - s - , , S p s d s a i t i o u i c a o n v l a b t n d i i e l t - - s - s c C h c o e a f e e e i f t n e f c c r r i d d k t s - . i ' s - , m U G er . o e n n v S - t - . s p u n c v h a a a o n e i i d p r l r r d s t - - - s - , , S p s d s a i i o t u i c o n a v l a b n i d t i l t - e - s - s P U m G S e a o a r n . o e s n v d t v n S a - - - t . l m D ti e o c s - - F ei o g r n - Time r B i o n o w g r s - - co C i a t u a a c n p - l t - s pora- pora- ings tions tions Total- Leading Cities 1952—June. 15,151 982 2,42 53,83354,749 3,742 1,750 3,17815,885 774 175 9,865 1,274 458 983 7,090 1953—April 14,289 925 2,42653,22854,325 3,946 1,762 2,50516,774 790 192 9,847 ,319 611 1,065 7,349 May 14,506 942 2,34553,41754,117 4,164 1,470 1,73 16,839 828 189 9,702 ,318 637 1,111 7,400 June......... 14,943 936 2,60654,26055,106 3,988 1,61 1,75516,962 82 18810,024 ,296 665 793 7,408 1953—Apr. 1. . 14.038 883 2,63551,80252,785 3,828 1,878 3,93416,726 777 19510,092 ,310 581 1,009 7,345 Apr. 8. . 14,320 924 2,29152,72353,751 3,703 2,189 3,05616,785 793 193 9,878 ,328 608 1,077 7,348 Apr. 15.. 14,574 916 2,50853,54255,71 3,948 1,720 2,437 16,766 786 19110,194 ,335 616 1,062 7,341 Apr. 22. . 14,266 931 2,37: 53,89"54,765 4,010 1,461 1,672 16,794 793 191 9,636 ,310 617 1,074 7,349 Apr. 29. . 14,247 973 2,32454,17654,608 4,241 1,559 1,426 16,799 803 190 9,436 ,315 631 1,107 7,360 May 6. 14,480 892 2,30853,35253,503 4,243 1,489 1,878 16,835 825 191 9,826 ,289 625 1,122 7,396 May 13. 14,578 977 2,36553,34654,761 4,114 1,500 1,532 16,812 832 189 9,852 ,276 633 1,258 7,397 May 20. 14,471 924 2,37953,08453,873 4,118 1,565 2,028 16,832 829 188 9,766 ,364 641 1,048 7,393 May 27. 14,496 973 2,32853,88954,332 4,181 1,327 1,509 16,876 825 189 9,364 ,344 650 1,016 7,413 June 3. 14,537 893 2,34753,70854,185 4,041 ,520 1,356 16,901 829 187 9,758 ,320 656 1,026 7,415 June 10........ 14,860 955 2,60454,90055,417 4,174 ,688 1,119 16,932 827 18710,033 ,296 668 906 7,410 Tune 17 15,505 931 2,82254,98156,69 3,82 ,707 1,979 16,975 826 18910,472 1,294 664 536 7,400 June 24., 14,87 965 2,65: 53,45454,124 3,911 1,556 2,566 17,041 826 187 9,831 1,275 671 705 7,407 New York City 1952—June.. 5,520 16,68' 17,502 909 1,006 1,631 2,864 1,055 346 475 2,424 1953—April., 4,801 139 8015,69716,656 328 875 637 ,716 2,800 1,061 474 306 2,500 May.. 4.909 143 3915.54416,360 370 648 554 ,702 2,771 1,078 498 259 2,511 June. . 5,214 140 4416,06216,886 324 738 503 ,730 2,940 1,063 522 219 2,504 Apr. 1 , 4,699 132 24215,624 16,612 248 930 1,117 ,718 2,795 1,043 447 274 2,503 Apr. 8. 4,799 139 3615,48216,448 249 1,388 796 ,731 2,772 1,069 471 400 2,500 Apr. 15. 4,901 136 4315,69516,803 410 800 576 ,702 2,876 1,073 478 394 2,500 Apr. 22. 4,778 140 4015,83416,666 355 563 371 ,710 2,782 1,057 481 202 2,501 Apr. 29, 4,826 150 3715,85316,749 379 696 323 ,717 2,776 1,063 493 260 2,497 May 6 4,912 139 3115,52416,218 360 644 693 ,720 2,785 1,044 489 203 2.512 May 13 4.950 148 4015,45616,357 379 656 518 ,688 2,752 1,040 496 279 2,513 May 20 4,820 13 4615,42516,274 367 732 594 ,688 2,820 1 119 499 284 2,511 May 27 4,954 148 15,772 6,589 374 561 413 1,713 2,727 1 109 508 269 2,507 June 3 4.975 137 15,76216,547 307 647 408 1,709 2,854 1,088 513 255 2,508 Iiine 10 5.157 144 16,274 6,956 414 851 304 1,715 2,917 1,065 524 372 2,505 Tune 17 5,434 139 6,494 7,487 279 768 463 1,734 3,056 1,054 523 119 2,501 June 24 5,290 140 5 ,720 6,554 295 688 838 1,761 2,933 1,043 530 2,501 Outside New York City 1952—June 9.631 782 2,38837,14637,247 3,481 2,172 4,254 751 124 7,001 219 112 508 4,666 1953—April 9,488 786 2,346 57,531 57,669 3,618 887 1,868 5,058 757 137 7,047 258 137 759 4,849 May 9,597 799 2,306 57,873 57,757 3,794 822 1,183 5,137 785 137 6,931 240 139 852 4,889 June. . 9,729 796 2,562 58,198 58,220 3,664 879 1,252 5,232 784 138 7,084 233 143 574 4,904 1953--Apr. 1 9,339 751 2,393 16,178 56,173 3,580 948 2,817 5,008 745 138 7,297 267 134 735 4,842 Apr. 8 9,521 785 2,255 57,241 57,303 3,454 801 2,260 5,054 762 135 7,106 259 137 677 4,848 Apr. 15 9,673 780 2,465 57,847 58,914 3,538 920 ,861 5,064 755 138 7,318 262 138 668 4,841 Apr. 22 9,488 791 2,332 18,063 58,099 3,655 898 ,301 5,084 757 138 6,854 253 136 872 4,848 Apr. 29 9,421 823 2,287 58,323 57,859 3,862 863 ,103 5,082 765 137 6,660 252 138 847 4,863 May 6. 9,568 753 2,277 (7,828 17,285 3,883 845 ,185 5,115 783 138 7,041 245 136 919 4.884 May 13. 9,628 829 2,325 !7,890 S8.404 3,735 844 ,014 5,124 789 137 7,100 236 137 979 4,884 May 20. 9,651 787 2,333 17,659 17,599 3,751 833 1,434 5,144 786 137 6,946 245 142 764 4,882 May 27. 9,542 825 2,291 18,117 17,743 3,807 766 1,096 5,163 783 138 6,637 235 142 747 4,906 June 3 9,562 756 2,308 17,946 17,638 3,734 873 948 5,192 786 136 6,904 232 143 771 4,907 June 10 9,703 811 2,569 18,626 18,461 3,760 837 815 5,217 785 137 7,116 231 144 534 4,905 lune 17 0.071 792 2,765 8,487 19,210 3,546 939 1,516 5,241 783 139 7,416 240 141 417 4,899 June 24 9.582 825 2,607 7,734 7,570 3,616 868 1,728 5,280 783 137 6,898 232 141 573 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. JULY 1953 743 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF A SAMPLE OF WEEKLY REPORTING MEMBER BANKS BY INDUSTRY^ [Net declines, (—). In millions of dollars] business of borrower Manufacturing anc mining Comm'I. Periods t l o F iq b a o u n a o d c o d c r , , o a T l p e e a a p x n t a t h d i r l e e e r l s , , p m M r m ( a o a i e c e n n d t h t c d u a a i l l c l n . s t - s ch P l e c e a e m o u n t a m r d i l o c , , - al, Other ( r T w e s a r t h a n a a l o d d i e l l e e ) - m d C e o a o d l m e it r - y s f p i S c n a o a a n m l n i e e c s - s e u P p t t ( t r i o u i i a l o n b r i n n c t t l i a s l ) i e . - c - s s C t t i r o o u n n c - - bu t o y s A t o i p h n l f l e e e s r ss c c h l N f a a i n e s e d t s g i e - s ch t i a a o a n g n t n d r a g d ' ' l l l e , 3 . — ery and rubber trans. equip.) 1951—April-June. . -243 116 275 48 60 62 -421 63 175 44 8 186 18 July-Dec.. . . 932 -361 873 125 141 16 722 30 351 -98 37 2,769 2,372 1952—Jan.-June... -868 -73 1,111 176 76 -105 -634 -217 —2 18 -28 -546 -637 July-Dec 754 -40 1 250 36 141 662 544 -57 13 191 2,494 2,435 1953—Jan.-June. . . -621 151 446 -10 95 208 -632 -90 84 18 -8 -360 -593 Monthly: 1953—Apr -216 -25 19 13 65 -117 105 66 — 12 -18 -119 -204 May -104 -19 34 6 30 23 -124 -96 -21 3 -4 -271 -297 June -65 41 72 -66 40 2 -91 8 5 10 26 -18 -39 Week ending: 1953—Apr. 1 -26 -6 — 12 -6 -6 12 -23 29 -2 -10 -8 -58 -68 Apr. 8.... -39 9 -4 15 -4 16 -27 57 5 -2 11 37 28 Apr. 15. ... -33 -17 19 9 6 18 -28 -1 16 -2 6 -8 -10 Apr. 22 -72 -3 8 -9 1 6 -23 11 15 -1 -15 -81 -131 Apr. 29 -46 -8 8 4 4 12 -15 9 32 3 -13 -9 -23 May 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 June 3.... -50 7 3 6 -3 -38 -6 -36 -5 -7 -129 -146 June 10 4 20' ' 12 -36 17 4 -19 18 16 10 2 47 42 June 17.... -I 11 71 -57 12 4 -14 118 60 12 29 245 253 June 24 -17 9 -18 24 5 -2 -19 -122 -35 2 -181 -188 1Sample 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 tor other than weekly periods are based on weeklv changes during Deriod. 3 Net change at all banks in weekly reporting series, according to the old series in 1951 and the revised series thereafter. For description of revisions in the weekly reporting series see BULLETIN for April 1953, p. 357. COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Held by Based on Commercial End of month p o a u p t e - r Total Accepting banks G s o h o ip d p s e s d t o b re e d tw i e n e o n r standing1 sta o n u d t i - ng Total O bi w ll n s bo B u il g ls ht Others I U S m i t n n p a i t o t t o e e r s d ts E U S f x n t r p a o i o t t m e e r s d ts c D h e o a x l n l - g ar e Unite p d oints F in oreign States countries 1947—December 287 261 197 88 109 64 159 63 3 25 11 1948—December 269 259 146 71 76 112 164 57 25 12 1949—December 257 272 128 58 70 144 184 49 30 9 1950—December 333 394 192 114 78 202 245 87 28 32 1951—December 434 490 197 119 79 293 235 133 2§ 55 44 1952—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—Tanuary 504 487 159 111 48 328 225 120 43 65 34 February 511 490 158 110 48 331 234 114 57 53 32 March 507 468 149 105 44 319 237 110 39 49 32 April 464 455 115 78 36 340 229 115 43 37 31 May 441 417 111 85 26 306 198 111 37 39 32 1 As reported by dealers; includes some finance company paper sold in open market. Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427. 744 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRINCIPAL ASSETS OF SAVINGS INSTITUTIONS UNITED STATES LIFE INSURANCE COMPANIES [In millions of dollars] Government securities Business securities Total Mort- Real Policy Other Date assets Total U S n ta i t t e e s d St l a o t c e a a l1 nd Foreign' Total Bonds3 Stocks gages estate loans assets End of year:4 1939 29,243 7,697 5,373 2,253 71 8,465 7,929 536 5,669 2,134 3,248 2,030 1940 30,802 8,359 5,857 2,387 115 9,178 8,624 554 5,958 2,060 3,091 2,156 1941 32,731 9,478 6,796 2,286 396 10,174 9,573 601 6,442 ,878 2,919 ,840 1942 34,931 11,851 9,295 2,045 511 10,315 9,707 608 6,726 ,663 2,683 ,693 1943 37,766 14,994 12,537 1,773 684 10,494 9,842 652 6,714 ,352 2,373 ,839 1944 41,054 18,752 16,531 1,429 792 10,715 9,959 756 6,686 ,063 2,134 ,704 1945 44,797 22,545 20,583 1,047 915 11,059 10,060 999 6,63<5 857 1,962 ,738 1946 48,191 23,575 21,629 936 1,010 13,024 11,775 1,249 7,155 735 1,894 ,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 ,055 2,057 2,160 1949 59,630 17,813 15,290 1,393 1,130 23,179 21,461 1,718 12,906 ,247 2,240 2,245 1950 64,020 16,066 13,459 1,547 1,060 25,403 23,300 2,103 16,102 ,445 2,413 2,591 1951 68,292 13,670 11,011 1,737 922 28,214 25,988 2,226 19,314 ,633 2,587 2,874 End of month:6 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—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 ,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 ,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 ,868 2,699 3,135 1953—January... 73,621 12,862 10,329 1,774 759 31,690 29,471 2,219 21,396 ,880 2,718 3,075 February. . 73,943 12,844 10,287 1,800 757 31,878 29,644 2,234 21,547 ,887 2,727 3,060 March.... 74,295 12,630 10,063 1,820 747 32,243 30,005 2,238 21,725 ,897 2,742 3,058 April.. 74,686 12,666 10,089 1,837 740 32,472 30,218 2,254 21,897 1,918 2,756 2,977 May 75.063 12,543 10,082 n.a. 32,732 30,463 2,269 22,055 1,924 2,770 3,039 n.a. Not available. 1 Includes United States and foreign. 2Central government only. 3 Includes International Bank for Reconstruction and Development. 4 These represent annual statement asset values, with bonds carried on an amortized basis and stocks at end-of-year market value. 5 These represent book value of ledger assets. Adjustments for interest due and accrued and differences between market and book values are not made on each item separately, but are included in total in "Other assets." Source.—Institute of Life Insurance—end-of-year figures, Life Insurance Fact Book, 1952; end-of-month figures, The Tally of Life Insurance Statistics and Life Insurance News Data. ALL SAVINGS AND LOAN ASSOCIATIONS IN THE UNITED STATES [In millions of dollars] Assets Assets End of U. S. Savings End of U. S. Savings year Total1 g M ag o e r s t - 2 G m o o v b e l e 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 1,506 913 671 13,422 1940 5,733 4,125 71 307 940 4,322 3 16,291 13,294 1,489 727 688 13,418 1941 6,049 4,578 107 344 775 4,682 4 16,846 13,622 1,489 951 692 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 1,547 844 751 14,286 1944 7,458 4,800 1,671 413 391 6,305 2 17,977 14,539 1,558 940 849 14,910 1945 8,747 5,376 2,420 450 356 7,365 3.... 18,429 15,058 1,577 852 852 15,317 1946 10,202 7,141 2,009 536 381 8,548 4. ... 19,164 15,520 1,606 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 1948 13,028 10,305 1,455 663 501 10,964 2 20,853 16,891 1,702 1,212 959 17,661 1 1 1 9 9 9 5 4 5 0 9 1 1 1 1 4 6 9 , , , 6 8 1 2 4 6 2 6 4 1 1 1 3 1 5 , , , 6 6 5 2 1 2 2 6 0 1 1 1 , , , 4 6 4 6 0 8 2 6 9 1,0 8 9 8 5 8 2 1 0 6 8 5 9 6 6 2 6 6 1 1 1 3 6 2 , , , 9 0 4 7 7 7 8 1 3 3 4... . 2 2 1 2 , , 6 7 5 0 6 0 1 1 7 8, , 4 7 4 4 4 0 1 1 , ,7 7 8 9 2 1 1 1 , , 0 2 4 9 6 3 1,0 9 8 9 3 9 1 1 8 9 , , 2 2 1 1 0 1 1952P 22,700 18,444 1,791 1,293 1,083 19,211 1953—1 23,506 19,105 1,931 1,263 1,121 20,105 P Preliminary. 1 Includes gross mortgages with no deduction for mortgage pledged shares. 2 Net of mortgage pledged shares. 3Includes 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. JULY 1953 745 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES SELECTED ASSETS AND LIABILITIES, BY CORPORATION OR AGENCY * [Based on compilation by United States Treasury Department. In millions of dollars] End of year ind of quarter Asset or liability, and agency 1952 1953 1944 1945 1946 1947 1948 1949 1950 1951 2 3 4 1 Loans, by purpose and agency: To aid agriculture, total 3,385 2,878 2,884 2,299 3,632 4,362 3,884 4,161 4,058 4,563 5 070 1,671 Banks for cooperatives ... . 189 197 232 276 305 302 345 425 343 370 424 367 257 231 273 336 426 437 510 633 866 822 673 728 Federal land banks * . . 1,220 1,088 986 351 242 149 109 80 60 45 34 29 27 25 23 Farmers Home Administration • 643 604 590 558 525 523 535 539 594 606 596 653 Rural Electrification Administration 361 407 528 734 999 1,301 1,543 1,742 1,831 1,873 1 920 1,966 Commodity Credit Corporation 353 99 120 280 1,293 1,729 898 782 390 859 1,426 1,927 10 9 6 7 5 9 7 6 6 5 6 5 To aid home owners, total 1,237 896 659 556 768 1,251 1,528 2,142 2,387 2,437 2 603 2,777 Federal National Mortgage Assn. .. . 52 7 6 4 199 828 1,347 1,850 2,068 2 097 2 242 2,394 RFC Mortgage Corporation* 81 24 6 Home Owners' Loan Corporation 2 1,091 852 636 486 369 231 10 Reconstruction Finance Corporation 12 12 10 « 1 177 168 137 123 119 117 115 113 Other agencies 1 1 1 65 22 24 35 169 201 223 246 270 To railroads, total 343 223 171 147 140 114 110 101 85 84 82 79 Reconstruction Finance Corporation 321 205 153 145 138 112 108 99 83 82 80 77 Other agencies 21 18 18 3 3 3 2 2 2 2 2 2 To other industry, total 191 232 192 272 310 462 458 488 464 480 516 526 Reconstruction Finance Corporation* 118 149 151 241 272 423 400 415 393 412 457 468 Other agencies 73 83 41 31 38 38 58 74 72 67 58 59 To financing institutions, total 216 267 314 447 525 445 824 814 653 716 864 611 Reconstruction Finance Corporation 66 60 14 7 6 8 8 8 (T) (7) Federal home loan banks 131 195 293 436 515 433 816 806 653 715 864 611 Other agencies 20 12 7 4 4 4 Foreign, total . . 225 526 2,284 5,673 6,102 6,090 6,078 6,110 7,617 7 826 7 736 7,713' Export-Import Bank 225 252 1,249 1,978 2,145 2,187 2,226 2,296 2,389 2 546 2 496 2,466 Reconstruction Finance Corporation • 8 274 235 246 206 154 101 64 58 58 58 55 Other agencies • 800 3,450 3,750 3,750 3,750 3,750 •5,170 5,222 5,182 5,191 AU other purposes, total 1,237 707 623 714 584 484 531 779 801 933 1,095 87Z Reconstruction Finance Corporation* «827 309 232 *340 190 88 59 61 61 61 50 51 Public Housing Administration10 305 286 278 278 294 297 366 609 624 750 919 688 Other agencies . « 106 112 113 96 100 99 105 109 116 123 126 133" Less: Reserve for losses 448 438 478 395 368 476 185 173 153 150 140 159 Total loans receivable (net) 6,387 5,290 6,649 9,714 11,69212,73313,22814,42215,91316,89017,826 18,089 Investments: U. S. Government securities, total 1,630 1,683 1,873 1,685 1,854 2,047 2,075 2,226 2,364 2 371 2 421 2.645 43 43 43 48 43 43 43 43 43 43 43 43 Federal intermediate credit banks 39 43 47 48 44 74 46 51 49 61 60 53 Production credit corporations 60 67 70 72 66 39 42 43 43 43 43 44 Federal land banks * .... 220 145 136 144 118 145 139 274 275 199 249 311 298 311 460 Federal Savings and Loan Insurance Corp . .... 151 161 172 184 199 214 193 200 209 203 208 212 Home Owners' Loan Corporation 2 . . 15 15 17 12 12 8 Federal Housing Administration 87 106 122 132 144 188 244 285 286 299 316 330 Public Housing Administration 10 7 8 8 8 Reconstruction Finance Corporation • 75 49 48 (7) 1 1 Federal Deposit Insurance Corporation 760 897 1,045 1,020 1,064 1,205 1,307 1,353 1,421 1,423 1,437 1,500 Other agencies . . 28 30 20 21 1 1 1 1 1 1 1 318 3,385 3,385 3,385 3,385 3,385 3,385 3 385 3 38") 3 385 Other securities, total 424 325 230 154 133 107 88 78 53 51 44 42 Reconstruction Finance Corporation 289 244 159 108 98 83 71 66 43 42 36 35 Production credit corporations 63 55 46 35 29 22 16 11 9 8 8 6 Other agencies 71 26 24 11 6 2 1 1 <7) (0 Commodities, supplies, and materials, total 2,942 2,288 1,265 822 627 1,549 1,774 1,461 1,350 1,377 1,280 1,259 1,450 1,034 463 448 437 1,376 1,638 1,174 1,023 1,034 978 1,013 Reconstruction Finance Corporation • 1,053 1,131 667 235 157 142 108 129 186 194 172 119 Other agencies 438 122 134 138 32 30 28 159 142 149 131 128 Land, structures, and equipment, total 16,23721,017 16,92412,600 3,060 2,962 2,945 3,358 3,186 3,212 3,213 3,240 200 222 227 204 1,448 1,352 1,248 1,251 1,232 1,216 1,173 1,149 Reconstruction Finance Corporation * 6,526 6,919 2,861 35 630 611 605 594 202 202 199 197 710 721 727 754 793 830 886 1,048 1,170 1,209 1,251 1,299 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 u 262 1,948 2,044 1,793 189 168 206 465 581 586 590 595 Bonds, notes, and debentures payable (not guaranteed), total 1,395 1,113 1,252 689 965 772 1,190 1,369 1,228 1,301 1,330 1,107 Banks for cooperatives 24 8 33 69 70 78 110 170 112 120 181 145 Federal intermediate credit banks 274 245 293 358 480 490 520 674 857 864 704 710 Federal land banks * 818 792 756 Commodity Credit Corporation . .... 212 67 69 169 262 415 204 560 525 258 317 445 252 For footnotes see following page. 746 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES—Continued PRINCIPAL ASSETS AND LIABILITIES [Based on compilation by United States Treasury Department. In millions of dollars] Assets, other than interagency items x Liabilities, other than interagency items Bonds, notes, m Co o m di - - I m nv e e n s t t s - Land, tu a r n e d s d p e a b y e a n b - le U G er o . n S v - . - v P a r te i- ly Date, and corporation or agency Total Cash L c a r e o b e i a - l v e n - s p s t a l u i n i e p e d s - s , , u. s. Other s e tu t a q r r n u u e d i c s p - , - O s a t e h s t - e s r F gu u a ll r y - l O i i a t t i b h e i e s l- r i m n e t e a e n t r t - o in w e t s e n t r e - d mate- Govt. secu- ment anteed Other rials secu- rities by rities U.S. All agencies: 1944—Dec. 31 31,488 756 6,387 2,942 1 63? 4?4 16,237 3,111 1,537 1 39 S 4,196 23,857 504 1945—Dec. 31 33,844 925 s?90 2,288 1 683 3?S21,017 2,317 555 1 113 4,212 27,492 472 1945—Dec. 31 . .. . . .. 30,409 1,398 6,649 1,265 1,873 54716,924 1,753 261 1 252 3,58824.810 498 1947—Dec. 31 « 30,966 1,481 9,714 822 168 S 3 S3912,600 1,125 82 689 2.037 28,015 143 1948—Dec. 31 2 .... 21,718 63011,692 627 1,854 3 518 3,060 337 38 965 1,663 18,886 166 1949—Dec. 31 ?3,733 441 f?,733 1,549 ? 047 349? 2,962 509 28 77? 7?021,030 183 1950—Dec. 31 . .. 24,635 64213,228 1,774 2.075 3 473 2,945 499 23 1 190 1L.19321,995 234 1951—Dec. 31« ?6,744 931 14,4?? 1,461 ? ??6 3463 3,358 882 43 1 369 1,16123,842 329 1952—June 30 2 ?7,933 808 is,913 1,350 ? 364 3 438 3,186 874 44 1 ??8 1,20025,104 357 Sept. 30 28,922 93216.890 1,377 2,371 3 436 3,212 704 39 1 301 .43425.780 367 Dec. 31 79,945 94417 8?6 .280 ? 4?1 34?9 3,213 832 53 1 330 1,728 26.456 378 1953—Mar. 31 . . .. 30,S64 936 18 089 1,259 ? 64 S 3 4?7 3,240 968 48 1 107 2,06926,938 401 Classification by agency. Mar. 31, 1953 Department of Agriculture: Farm Credit Administration: Banks for cooperatives 437 24 36 S 43 (7) 5 14S 2 265 26 Federal intermediate credit banks .. . 808 19 728 S3 9 710 8 91 Production credit corporations 52 1 44 6 8- 51 Agricultural Marketing Act 1 1 (7) 1 Federal Farm Mortgage Corp 25 1 ?3 1 (7) 24 Rural Electrification Administration 1 093 50 1,964 1 78 ( 7 )1 2,093 Commodity Credit Corporation 3,506 9 1,924 1,013 98 462 979 2,527 F F a e r d m er e a r l s C H r o o m p e I n A su d r m a i n n c is e t r C a o ti r o p n 8 63 3 6 1 6 3 2 0 549 1 (7) 23 2 4 4 63 2 1 7 Housing and Home Finance Agency: Home Loan Bank Board: 1,101 26 611 460 CO 4 ?S? 474 (7) 375 Federal Savings and Loan Insurance Corp.. 219 2 212 6 7 213 1 983 89 69 S (7) (7} 1,149 50 39 1,944 Federal Housing Administration 516 51 35 330 7) 1 98 48 231 236 Office of the Administrator: Federal National Mortgage Association... 2,404 2,394 10 6 2,398 Other 106 26 48 28 4 (7) 106 Reconstruction Finance Corporation: Assets held for U. S Treasury 12 343 3 1 104 2 197 37 343 Other u 831 34 721 15 34 1 26 40 791 Export-Import Bank ? 487 3 ?,467 (7) (7) 17 37 2,450 Federal Deposit Insurance Corp 1,515 1 1 500 14 128 1,387 Tennessee Valley Authority 1,673 344 1,299 8 42 1,631 All other 9,796 161 5J564 106 (7) 3,385 467 114 65 9,731 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. * Several changes in coverage have been made over the period for which data are shown. The more important are: exclusion of the following agencies following repayment of the U. S. Government interest—Federal land banks after 1946 and the Home Owners* Loan Corporation after June 1951; exclusion of the United States Maritime Commission (including War Shipping activities) after 1947, when this agency ceased to report to the U. S. Treasury; and inclusion of the Mutual Security Agency beginning June 1952. 8 This agency, successor to the Farm Security Administration, took over the continuing functions of the latter agency in 1946. Earlier figures have been adjusted to include the FSA. Figures for 1944 and 1945 also include Emergency Crop and Feed Loans of the Farm Credit Administration, transferred to the FSA in 1946. Figures through 1948 include the Regional Agricultural Credit Corporation, the assets and liabilities of which have been administered by the Farmers Home Administration since dissolution of the RACC in 1949. These activities are reported currently on the Treasury Statement as "Disaster Loans, etc., Revolving Fund." 4 Assets and liabilities transferred to the Reconstruction Finance Corporation on June 30, 1947. 6 Reconstruction Finance Corporation loans to aid home owners, which increased steadily through the first three quarters of 1947 and during 1948, appear to have been included with "other" loans in the statement for Dec. 31, 1947. 6 Figures have been adjusted to include certain affiliates of the Reconstruction Finance Corporation. Several of these—including the Defense Plant Corporation, Defense Supplies Corporation, Metals Reserve Company, and Rubber Reserve Company—were merged with the parent effective July 1, 1945. Most of their activities were reflected under "Commodities, supplies, and materials" and "Land, structures, and equipment." 7 Less than $500,000. 8 Foreign loans, except for the Export-Import Bank, are included with "other agencies" until 1945. 9 Treasury loan to the United Kingdom (total authorized amount of which was 3,750 million dollars) and, beginning with the balance sheet for June 30, 1952, outstanding loans of the Mutual Security Agency (totaling about 1,500 million on that date). « 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. 12 Assets representing unrecovered costs to the Corporation in its national defense, war, and reconversion activities, which are held for the Treasury for liquidation purposes in accordance with provisions of Public Law 860, 80th Congress. 13 Includes figures for Smaller War Plants Corporation, which is being liquidated by the Reconstruction Finance Corporation. NOTE.—Statement includes certain business-type activities of the United States Government. Figures for some agencies—usually small ones—may be for dates other than those indicated. Comparability of the figures with those for years prior to 1944 has been affected by (1) the adoption of a new reporting form beginning Sept. 30, 1944, and (2) changes in activities and agencies included (see footnote 2). For back figures see Banking and Monetary Statistics, Table 152, p. 517. JULY 1953 747 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS * Bond prices Stock prices Common U. S. Govt. Vol- (long-term) ume Standard and Poor's series Securities and Exchange Commission series of Ye o ar r , w m ee o k nth, ( n h M i i c g i u p h - a - l (h C r p i a g o o t - h r e - - fe P r r r e e - d5 (index, 1935-39=100) Manufact ( u in r d i e n x g , 1939=100) Trade, t t i h r n ( a o i g n d u 6 - - Old New grade)' grade)' In- Pub- Pub- fin- sands ri s e e s - 2 ri s e e- s3 T ta o l - d t u a ri s l - - R ro a a i d l- u i l t t i i y c l- T ta o l - T t o a - l D r b a l u e - - N d r b o u a l n - - e - T p t r o i a o r n t n a s- - u i l t t i i y c 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 15 17 480 20 40 265 170 98 72 21 28 32 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—June. . 98.32 130.9 116.2 173.3 188 204 174 116 196 222 187 253 225 117 204 291 1,215 July... 98.40 130.4 116.0 171.1 192 210 175 117 199 225 192 256 226 117 208 289 1,096 Aug.. . 97.09 128.6 115.8 169.9 191 208 175 119 199 225 194 254 228 120 210 278 995 Sept.. . 96.86 126.6 115.7 170.2 188 204 171 119 194 219 191 246 221 118 206 275 1.149 Oct.... 96.44 125.0 114.7 168.3 183 198 167 117 191 215 188 239 218 118 202 265 1,181 Nov.. . 96.96 125.4 115.2 169.8 190 206 172 121 197 223 196 247 225 121 205 260 1,779 Dec.. . 96.32 125.3 115.3 170.3 197 214 185 123 204 231 205 255 238 123 212 267 1,842 1953—Jan 95.68 124.0 114.5 168.4 198 214 185 124 205 232 208 255 239 124 212 261 1,623 Feb 95.28 122.7 114.0 166 3 196 212 181 124 202 229 204 252 235 124 210 256 1,678 Mar 94.31 121.6 113.4 165.7 198 215 185 125 204 232 207 256 238 124 212 263 1,931 Apr 93.25 121.3 111.7 161.7 190 206 173 122 194 220 194 245 223 120 207 252 1,637 May. ... 91 .59 99.75 110.4 109.8 160.0 205 174 121 194 221 196 244 226 120 209 247 1,227 June 91.56 99.16 115.2 108.8 156.7 198 169 117 187 213 187 236 219 117 204 237 1,185 Week ending: 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 June 6. 90.74 98.97 116.8 109.0 157.7 185 200 170 119 188 213 188 236 220 118 205 239 1,307 June 13. 91.48 99.08 116.3 108.8 156.2 180 194 166 116 186 211 185 235 217 116 204 236 1,457 June 20. 91.49 98.93 114.8 108.5 156.4 182 197 169 117 186 212 186 236 218 115 203 237 1,102 June 27. 92.12 99.44 112.7 108.9 156.7 184 199 172 117 189 215 188 240 222 117 204 239 1,024 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 2K 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 EXCHANGB 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 d u it s b to a m la e n r c s e ' s * Other credit balances End of month Customers' balances in balances in Cash on debit partners' firm hand Money balances investment investment and in borrowed2 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 n i ts ng banks Free O (n th e e t) r a in n v d e t s r t a m d e in n g t a in n v d e t s r t a m d e in n g t I a n c c c o a u p n it t a s l accounts accounts (net) 1950—June 1,256 12 386 314 827 673 166 25 11 312 December... 1,356 9 399 397 745 890 230 36 12 317 1951—June 1.275 10 375 364 680 834 225 26 13 319 December... 1,292 12 392 378 695 816 259 42 11 314 1952—June 1,327 9 427 365 912 708 219 23 16 324 July 31,387 31,126 3692 August 31,338 3926 3675 September.. 31,333 3891 3692 October 31,316 3860 3692 November. . 31,347 3878 3706 December... 1,362 8 406 343 920 724 200 35 9 315 1953—January.... 31,345 3908 3732 February.. . 31,350 3871 3 730 March 31,513 3966 3744 April 31,594 31,068 3738 May 31,675 31,193 3671 1 Excludes balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. 2 Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges). 3 As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balance! secured by U. S. Government securities was (in millions of dollars): March, 28; April, 25; May, 40. 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. 748 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN-MARKET MONEY RATES IN NEW YORK CITY BANK RATES ON BUSINESS LOANS [Per cent per annum) AVERAGE OF RATES CHARGED ON SHORT-TERM LOANS TO BUSINESS BY BANKS IN SELECTED CITIES 1J. S. Government [Per cent per annum] Prime securities (taxable) Prime Size of loan mo Y n e th ar , , or m c e o rc m ia - l a b c e a c r n s e ' k p - t- 3-month bills Area and period lo A a l n l s $1,000- $10,000-$100,000- $200,000 week paper, ances, 9-to 12- 3- to 5- $10,000 $100,000 $200,000 and over m 4- o n to t h 6 s - 1 da 9 y 0 s1 M y a i r e k ld et on R a n t e e w i m ss o u n e t s h 2 is y su ea e r s 3 An 1 n 9 u a c l i ti a e v s e : rages: issues 1944 2 4 4 3 3 3 2 6 2 2 1945 2.2 4.3 3.2 2.3 2.0 1950 average 1.45 L.15 1.20 1.218 1.26 1.50 1 1 9 9 4 4 7 6 2 2 .1 1 4 4 .2 2 3 3 .1 1 2 2 . . 2 5 1 1 . . 8 7 1 1 9 9 5 5 2 1 a av v e e r r a a g g e e 2 2 . . 1 3 7 3 1 L . . 6 7 0 5 1 1 . . 7 5 2 2 1 1 . . 7 55 6 2 6 1 1 . . 8 7 1 3 2 1 . .9 1 3 3 1 1 9 9 4 4 9 8.. . . 2 2 .7 5 4 4 .6 4 3 3 .7 5 2 3 .0 8 2 2 .4 2 1952—June 2.31 L 75 1 70 J .700 1.74 2.04 1950 2 7 4 5 3 6 3 0 2 4 July 2 31 1.75 1.81 1 824 1.89 2.14 1951 3.1 4.7 4.0 3.4 2.9 August.... 2.31 L.75 1.83 1.876 1.94 2.29 1952 3.5 4.9 4.2 3.7 3.3 September. 2.31 1.75 1.71 1.786 1.95 2.28 Quarterly: October. . . 2.31 L.75 1.74 1.783 1.84 2.26 19 cities: November. 2.31 L.75 1.85 1.862 1.89 2.25 1952—Sept 3.49 4.91 4.22 3.74 3 27 December.. 2.31 L.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 L .88 1.97 2.018 1.97 2.42 June 3.73 4.98 4.38 3.91 3.53 March 2.36 L .88 2.01 2.082 2.04 2.46 New York City: April 2.44 88 2 19 2 177 2.27 2.61 1952—Sept. . 3 29 4 66 4 06 3.60 3 15 May 2.68 .88 2.16 2.200 2.41 2^86 Dec 3.33 4.51 4.06 3.63 3.19 June 2.75 .88 2.11 2.231 2.46 2.92 1953—Mar. 3 31 4 55 4 13 3 55 3 17 Week ending: June 3.52 4.63 4.25 3.79 3.39 May 30. . . 2.69 .88 2.14 2.084 2.55 2.96 7 Northern and East- June 6... 2.75 .88 2.27 2.416 2.59 3.09 ern cities: June 13. .. 2.75 .88 2.27 2.324 2.50 2.95 1952—Sept 3.44 4.85 4.20 3.72 3.24 June 20. .. 2.75 .88 2.04 2.229 2.43 2.88 Dec 3 49 4 85 4 21 3.74 3.29 June 27... 2.75 1.88 1.89 1.954 2.36 2.81 1953—Mar 3.50 4.95 4.24 3.74 3.30 June 3.71 5.07 4.38 3.87 3.54 1 Monthly figures are averages of weekly prevailing rates. 11 Southern and bon 8 2 S S d e e r i r s i i e e s s u s e i s i n n . c c l l u u d d e e s s s c e e le r c ti t f e i d c a n te o s t e o a f n i d n d b e o b n t d e d i n ss e u s e s s. and selected note and 1 1 9 9 W 5 52 3 e — — st D S M e e r e n a p c r t cities: 3 3 3 . . . 8 9 8 4 0 4 5 5 5 . . . 0 0 0 2 4 6 4 4 4. . . 3 3 3 1 1 0 3 3 3 . . 9 9 8 1 1 2 3 3 3 . . . 6 5 5 2 1 6 Back figures.—See Banking and Monetary Statistics, Tables 120-121, June 4.05 5.09 4.46 4.02 3.79 pp3.. 444488-445599,, aanndd BBUULLETIN for May 1945, pp. 483-490, and October 19IA417 , npn p. 11O2C511_-11O2C513. NOTE.—For description of series see BULLETIN for March 1949, pp. 228-237. BOND AND STOCK YIELDS * [Per cent per annum] -ionds Industrial stocks U. S. Govt. Corporate (Moody**)5 Dividends/ E in a g rn s - / Ye o a r r , w m ee o k nth, (long-term) M i u p n a i l c- By ratings By groups priceratio r p a r t ic io e (high- Old New grade) 4 Total Indus- Rail- Public Pre- Com- Comseries2 series3 Aaa Aa A Baa trial road utility ferred e mon7 mon7 Number of issues.. . 3-7 15 120 30 30 30 30 40 40 40 15 125 125 1 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 average 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—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 June 3.09 3.29 2.99 3.61 3.40 3.49 3.67 3.86 3.48 3.73 3 .62 4.47 5.60 Week ending: 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 June 6 3.15 3.30 2.89 3.58 3.39 3.45 3.65 3.82 3.45 3.68 3.60 4.44 5.64 June 13 3.10 3.30 2.92 3.61 3.41 3.50 3.68 3.85 3.48 3.73 3.62 4.48 5.67 June 20 3.10 3.31 3.01 3.63 3.42 3.52 3.68 3.88 3.50 3.75 3.63 4.48 5.68 June 27 3.05 3.28 3.14 3.62 3.41 3.51 3.68 3.89 3.49 3.75 3.63 4.47 5.59 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 2Ji 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 33^ per cent bonds of 1978-83, issued May 1, 1953. 4Standard and Poor's Corporation. 6Moody'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. JULY 1953 749 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [On basis of daily statements of United States Treasury unless otherwise noted. In millions of dollars] Summary Increase or Budget receipts and Excess of receipts decrease (—) General fund of the Treasury expenditures or expenditures ( —) during period (end of period) Period rec N e e ip t ts p t e E u n r x d e - s i- S d u e r f o p i r c l i u t s c T o o a a t r u n h c u n d - e s t r t s r o i S e n b o d a a f l e l i g e m g m G e s a n a p o t a r c i t v o n k 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 i r r e b o e 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 f a g B e u n i e r a n n c a n l d - e l - A a F v b . a l i e R l- . D B e I c n e p a o s o n p s l s k l r e i o s o t c s f c - - in S d it p e a e p r c o i i e s a s - l O s n a t e s h e t - t e s r funds tion Calendar year: 1949 38,122 41,714 —3,592 -362 —140 234 4,331 471 4,679 841 94 2,557 1.187 1950 37,834 !38,255 1-422 1-38 349 87 -423 -447 4,232 690 129 2,344 1,069 1951 53,488 56,846 —3,358 759 56 — 106 2,711 62 4,295 321 146 2,693 134 1952 65,523 71.366 -5,842 49 -90 -319 7,973 1,770 6,064 389 176 4,368 L,132 Fiscal year: 1950 37,045 40,167 -3,122 121 —22 483 4,587 2,047 5,517 950 143 3,268 1,156 1951 48,143 144,633 13,510 1295 384 -214 -2,135 1,839 7,357 338 250 5,680 1,089 1952 62,129 66,145 -4,017 219 -72 —401 3,883 —388 6.969 333 355 5,106 11,175 1953 65,218 74,607 -9,389 462 -25 -312 6,966 -2,299 4,670 132 210 3,071 1,256 Semiannual totals: 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 1-599 1-173 392 -254 -650 -1,285 4,232 690 129 2,344 1,069 1951—Jan.-June. 29,679 25,570 4,109 468 -8 40 -1,486 3,124 7.357 338 250 5,680 1,089 July-Dec.. 23,809 31,276 -7,467 291 64 -146 4,197 -3,062 4.295 321 146 2,693 1,134 1952—Jan.-June. 38,320 34.869 3,451 -72 -136 -255 -313 2,674 6,969 333 355 5,106 1,175 July-Dec.. 27,204 36.497 -9,293 121 46 -64 8,286 -904 6,064 389 176 4.368 1,132 1953—Jan.-June. 38,014 38,110 -96 341 -71 -248 -1,320 -1,394 4,670 132 210 3,071 1,256 Monthly: 1952—June ... 9,796 6,930 2,865 -293 101 -326 -800 1,548 6,969 333 355 5,106 L.175 July 3,316 6,742 —3,426 —43 26 432 3,968 957 7,925 638 184 6,027 1,076 Aug. 4,050 5,018 -968 6 71 -195 113 -973 6.952 496 106 5,190 1,161 Sept 6,585 6,070 515 456 -34 —229 —504 204 7,156 508 161 5,217 1,270 Oct 3,099 6,383 -3,283 -207 -45 316 2,238 -981 6,175 770 174 4,145 1 087 Nov 4,151 5,161 — 1,009 127 74 —243 2,513 1,461 7,636 396 103 5,984 1,152 Dec 6,003 7,124 — 1,121 -218 -46 — 145 -41 — 1,572 6,064 389 176 4,368 1,132 1953—Jan 5,061 5,737 —676 -140 29 401 11 —376 5,689 811 350 3,318 1,209 Feb 5,479 5,595 — 116 404 — 133 —2 182 335 6,024 351 174 4,376 1,123 Mar. 10,502 6,187 4,315 -209 12 -135 -3,099 884 6.908 222 448 4,983 1,255 Apr...... 2,849 6,362 -3,513 -157 -50 289 105 -3,326 3,582 393 180 1,859 L ,151 May 4.380 6,241 — 1,862 377 38 -428 1,930 57 3,639 221 108 2,109 1,201 June 9.744 7,988 1,756 65 32 -373 -449 1,032 4,670 132 210 3,071 1,256 Budget expenditures Major national security programs Period Total TotaP t f i N e d o n e n a s - - a e l a a M b a t s a n r s i o r i c l s y a i e t - d - n I t a i e n o n o i c t m d a n o e - a - r 3 i - c l A E C m n s to o i e o i m m r s n - g - i y c I d n e o e t s n e b t r t - A e i t V s i d r o t a m e r n n a t * i - s - n- m A p t c D u a g e u e r r r n l - t e - i t - - 5 g c S r p u o s a r r e c o m 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 T c t o f r r a e t u a u c o r n n - s s s t ts - C>ther Calendar year: 1949... 41,714 19,452 12,849 6,005 560 5,482 6,364 3,104 1 .226 -123 536 1,425 1,673 1950 38,255 18,509 13,476 291 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 J.315 1952 . 71,366 51,121 43,176 2,975 2,652 1,813 6,065 4,433 1,564 1,508 646 1,573 775 1,193 !,487 Fiscal year: 1950 40,167 17,950 12,346 44 4,941 524 5,750 6,043 2.986 1.375 -270 ,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 J.276 1952 66.145 46,319 39,033 2.228 2.904 1.648 5,859 4.748 1,219 1,424 614 ,515 740 1,305 * 402 1953 74,607 P52.841 P44.583 3,760 P2.266 1,802 6,508 4,250 P3.066 p 597 382 pi 660 Pl.079 5,565 Semiannual totals: 1950—Jan.-June.. 19,192 8,659 5,970 44 2,320 270 3,190 3,036 1,335 681 -175 673 383 157 ,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 .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 .333 1953—Jan.-June..38,110 P26.927 P22,615 2,092 Pl.129 926 3,542 2,086 P2.181. P795 -42 P743 305 P342 P1,232 Monthly: 1952—June .... 6,930 4,357 3,683 231 352 192 1,518 343 187 148 —42 162 80 178 July 6,742 4,695 3,884 293 351 140 320 391 117 158 41 157 175 397 292 Aue. . . 5,018 3,814 2,971 352 266 144 183 354 126 109 21 148 94 169 Sept 6,070 4,518 4,008 184 133 155 559 343 49 116 71 158 64 191 Oct 6,383 4,373 3,723 298 142 160 572 354 192 191 79 174 iso 23 245 Nov. 5,161 3,876 3,302 266 128 150 185 345 112 124 101 140 93 184 Dec. 7 124 4,640 4,081 275 117 127 1,146 378 289 104 112 138 67 252 1953—Jan 5,737 4,216 3,632 277 138 158 235 348 357 180 —80 89 160 20 213 Feb. 5,595 4,168 3,501 316 171 151 311 339 285 109 19 70 101 192 Mar 6.187 4,670 3.789 523 181 157 563 358 281 10 —3 88 —30 58 193 Apr. 6,362 4,582 3,891 366 120 167 372 350 293 239 -35 193 125 13 232 May 6,241 4,481 3,746 285 278 153 179 348 581 125 66 155 92 213 June 7,988 M.810 P4.054 325 P240 140 1,882 343 P385 P132 -10 P148 50 P59 P190 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. 2Includes the following not shown separately: Maritime activities, special defense production expansion programs, Economic Stabilization Agency, and Federal Civil Defense Administration. 3 Consists of foreign economic and technical assistance under the Mutual Security Act, net transactions of the Export-Import Bank, and other nonrnilitary foreign aid programs, as well as State Department expenditures. * Excludes transfers to trust accounts, which are shown separately. 3 Excludes expenditures for forest development of roads and trails, which are included with public works. 750 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 (f daily statements of United StatesTreasury7, uness otherwise noted. In millions of dollars] Treasury receipts Budget receipts, by principal sources nternal 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 h d e r - a r - s nce 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 a c p o n a m l f e o d r o m r o y 8 n i o r e e - e o n r r s r s c O e r t i e h p - e ts r b c T u e r o d i e p t g - a t e s l t A to t f t p a r i u p r o u g o n p i n a s e k d r t s - o - - c fu e R r o i n e e p f d - - t s s b c u N e r d i e e p g - t t e s t W c a h o g e i m e t ld h e i - t n a a x s n u e d O s r a t o n h l c d e e r - C p r c t a r a a o o i o t x n n r m i f p d e o - it s e o n s - ta t a g E a x n i s f t d e - e t s m E t l a a o i x s x n u c c e e i s e s s - l e - Calendar year: 1949 . . 11 428 19 R94 8 326 794 2,123 42,565 1 ,666 2,777 38,122 11,591 7,828 12,006 754 7 529 1950 13,775 17,361 8 771 770 1 ,980 42,657 2,667 2,156 37,834 12,963 7,384 9,937 658 8 150 1951 . 19 392 R76 9 392 944 2,337 58,941 3,355 2,098 53,488 18,840 10,362 16 565 801 8 68? 1952 23,658 34,174 10416 902 2 ,639 71,788 2,814 2,451 65,523 23,090 11,980 22,140 849 9,558 Fiscal year: 1950 12,180 18,189 8 303 776 1 ,862 41,311 2,106 2,160 37,045 11,762 7,264 10,854 706 7,599 1951 . 16 654 14 q 423 811 2,263 53,369 3,120 2,107 48,143 15,901 9,908 14 388 730 8 704 1952 21,889 f)26 9 726 994 2,364 67,999 3,569 2,302 62,129 21,313 11,545 21,467 833 8 971 1953 P25 058 33 101 10 870 P902 2,525 72,455 4,086 3,151 65,218 Semiannual totals: 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,S41 4 779 317 1 ,039 20,185 1,411 311 18,464 6,858 1,881 4,971 303 4,462 1951—Jan.-June... 9,445 17,376 4 644 494 1,223 33,184 1, 709 1 ,796 29,679 9,043 8,027 9,416 427 4,241 July-Dec. . . 9,947 9,499 4 748 449 1,114 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 1,251 42,242 1,922 2.000 38,320 11,515 9.210 14,318 459 4,531 July-Dec.. . 11,716 10,547 5 438 357 1,388 29,546 1,891 451 27,204 11,574 2,770 7,821 390 5,027 1953—Jan.-June. P13 342 454 5432 1,137 42,910 2,195 2,700 38,014 Monthly: 1952—June 1,983 7,106 845 59 228 10,220 142 283 9,796 707 1,478 5,659 48 804 July 1,007 1 ,435 949 22 236 3,649 182 151 3,316 1,539 393 958 84 8>3 Aug 2 995 445 862 106 177 4,585 434 102 4.050 4,012 93 357 70 780 Sept 1,751 4,329 877 54 164 6,875 235 55 6,585 232 1,653 2,4 42 59 808 Oct 997 1,214 923 17 204 3,335 204 51 3,099 1,634 164 927 57 911 Nov.. 3,085 436 888 104 219 4,731 533 47 4,151 3,968 109 352 51 795 Dec 1,882 3, 188 939 54 387 6,350 303 45 6,003 190 358 2, 785 70 870 1953—Jan 989 3, 111 842 30 260 5,232 117 54 5,061 1,144 2,855 501 77 760 Feb 3,544 1,479 856 271 150 6,300 486 336 5,479 4,990 839 404 65 782 Mar.. 2,102 8,551 993 66 158 11,870 425 944 10,502 328 2,698 6,171 154 825 Apr 1,170 1,337 880 14 144 4,044 232 963 2,849 1,667 855 654 84 848 May 3,399 490 922 109 220 5,140 516 244 4,380 4,520 151 359 62 851 June v2 ,139 6, 586 939 206 10,323 420 159 9,744 Treasury receipts—Continued Trust andother 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 al m s e e n c t u , r a it n y d , Other accounts2 Period Excise and miscellaneous taxes Total i 111S1lranee accounts Total Liquor Tobacco M an a d n u e r x f e c a t i c a s i t e l u e r r e s' 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 - Other1 Calendar year: 1949 7,529 2,204 L.320 2,221 1 784 -362 5.512 1,965 3,584 1950 8,150 2,419 L.348 2,519 1 864 —38 6 543 56 6 214 —22 ^^ 1951 8,682 2,460 1,446 2,790 1 987 759 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: 1950 7,599 2.219 L,328 2,245 1 806 121 6,266 -402 6,484 — 62 1951 8,704 2.547 1,380 2,841 1 936 295 7,251 3,360 3 752 196 353 1952 8,971 2.549 1,565 2,824 032 219 8 210 3 361 4 885 275 530 1953 462 8,531 3,059 5 257 242 489 Semiannual totals: 1950—Jan.-June. . 3,688 1,028 665 1,125 870 135 3,231 -1,501 4,570 -26 July-Dec.. . 4,462 1,391 683 1.394 994 -173 3,312 1,557 1,644 -22' -307 1951—Jan.-June. . 4,241 1,156 697 1,446 942 468 3,939 1,803 2,108 219 660 July-Dec.. . 4,440 1,304 748 1,343 1045 291 3,967 1,352 2,398 52 126 1952—Jan.-June. . 4,531 1,245 817 1,481 988 -72 4,242 2,009 2,486 223 404 Julv-Dec . . 5,027 1,482 845 1,573 1 127 121 4,073 1,495 2,456 106 105 1953—Jan.-June. . 341 4,458 1,564 2,802 136 385 Monthly: 1952—June 804 220 148 273 163 -293 997 702 412 — 52 July 863 246 140 268 210 -43 707 307 410 1 -32 Aug. 780 205 149 253 173 6 930 361 403 36 — 124 Sept. . .. 808 258 147 223 180 456 399 53 399 —9 500 Oct 911 285 157 248 221 -207 361 22 399 — 1 — 148 Nov 795 269 127 268 131 127 958 388 383 93 34 Dec. 870 220 125 313 212 -218 718 363 462 — 14 — 125 1953—Tan. ... 760 188 136 283 154 -140 248 -103 447 23.3 188 Feb. 782 186 133 308 155 404 869 223 449 —54 154 Mar. 825 229 144 276 176 -209 596 61 488 38 —217 Apr 84S 230 133 292 193 -157 405 123 478 -17 27 May 851 229 129 320 173 377 1,020 412 463 42 274 June 65 1,319 843 476 -107 -42 p Preliminary. 2Excess of receipts, or expenditures ( —). 2Consists of miscellaneous trust funds and accounts and deposit fund accounts. The latter reflect principally net transactions of par tially 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). JULY 1953 751 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 cash Period Ne r t e c B ei u p d ts get a P c l c u t. s : re T c r e u ip st ts E o C p q e u a r a s a h ls t- : Budget e L x e p ss e : n d N i o tu n r c e a s sh P e l x u p s: e n T d r i . t u a r c e c s t. S E t x a c b h i P - . lus: Clear- E o C p qu e a r a s a h ls t- : i o n c p g o e m r in a e t - - 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 cashl cash2 public3 trans.4 cash 5 Fund 6 (-) Cal. vr.—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 1951 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.—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 1953.... 65,218 8,932 74,607 5,169 -28 312 Semiannual totals: 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 1,033 20,900 19,063 281 1,075 2,201 55 254 20,105 796 1951—Jan.-June. . 29,679 164 4,234 L ,210 32,537 25,570 196 1,279 1,744 82 -13 -40 25,700 6,839 July-Dec.. . 23,809 58 4,349 1,298 26,799 31,276 371 1,346 2,653 8 -13 146 32,334 -5,534 1952—Tan.-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 1953—Jan.-June. . 38,014 4,683 38,110 2,642 -44 248 Monthly: 1952—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 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—Tan 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 2 5,754 513 Mar 10,502 2 649 106 11,042 6,187 21 107 758 1 19 135 6,970 4,072 Apr 2,849 3 443 75 3,214 6,362 40 82 488 -289 6,443 -3,229 May 4,380 4 1,047 129 5,294 6,241 35 131 217 -2 -44' 428 6,673 -1,380 June 9,744 1,338 7 988 537 1 373 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. 3Represents 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). 5Represents principally repayments of capital stock and paid-in surplus by partially owned Government corporations, as well as interest receipts by such corporations on their investments in the public debt (negative entry). 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 In Plus: Cash Less: Noncash debt transactions Equals: Details of net cash borrowing from or crease. issuance of Net cash repayment ( —) ofborrowing to the public2 or de- securities of Net inv. Accruals 10 public1 borrow- Period d ( c i g - d r r r . ) e e o . a b p s s t i s u e n b. F a G n e u d te a e e r r d - al ag a g e N n n u t o c e a n i e r e - - d s G & o i s n t e v r c t . F . . f e a b u g d y n e . d n s . T I b n r o t e . n a d o s s . n a b s i n a ll d v s . P F f a e o d y rm . t s s . o e i c f n . b r ( i e o n - p i r g ) n r " , a o g o v o w f t r . - m & i D s k s c i t u r a o e e b n c s l v 3 t 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 es gs S s a P i p v s o e s . s u c t S e i a a y s l l s. Other* Cal. yr.—1949 4,331 -25 -115 2,156 585 -285 1,739 -2,275 1,125 3,020 15 -146 1950 -423 -6 355 94 602 163 -929 -2,649 751 1,021 -250 198 1951 2,711 18 37 3,418 718 -125 -1,242 1,999 -1,191 -1,099 -997 46 1952 7,973 12 -102 3,833 770 -74 3,353 5,778 -406 -1,784 -113 -122 Fiscal yr.—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 1953 6,966 7 —32 3,301 55,295 5—103 —2,164 — 100 Semiannual totals: 1950—Tan.-June. . . 227 -10 -33 -1,450 265 219 1,152 112 462 834 -80 -176 julv-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—Tan.-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 1953—Jan.-June. . .— 1,320 _2 —69 1,700 5—2,027 518 — 1,335 —68 Monthly: 1952—June -800 101 650 96 18 -1,463 -663 -28 -859 -17 104 July 3,968 _ir 37 308 77 11 3,597 3,830 -54 -173 -30 24 Aug 113 5 66 397 44 -27 -229 — 192 — 111 74 Sept —504 1 -34 44 49 -3 -628 -259 —46 —292 —31 Oct 2,238 5 -50 21 58 -2 2,116 2,200 -7 -13 -64 Nov 2,513 6 68 481 84 j 2,022 1,915 -8 62 53 Dec -41 3 -50 349 97 -7 -527 -172 -5 -302 2 -46 1953—Jan . . 11 -6 35 130 84 -2 -173 -199 112 -99 -8 21 Feb 182 2 -134 170 40 17 -178 r-81 93 -38 -13 '•-139 Mar -3,099 1 11 100 23 -21 -3,188 '•-2,503 58 -768 -4 '29 Apr 105 1 —51 112 42 -2 -97 47 1 —83 —62 M ay 1,930 38 453 36 43 1,436 51,571 5-147 -6 -32 50 June -449 33 735 -862 -98 -341 -11 rRevised. 752 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY CASH INCOME, OUTGO, AND BORROWING—Continued DETAILS OF TREASURY CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC [Classifications derived by Federal Reserve from Treasury data. In millions of dollars] Cash operating income Cash operating outgo Period Total t i a n D u x d i a e i r l v s e s i c 1 o d t n - t c a D a o x t i r i e r p o s e o n c o r s t - n E t m a a x x i n c s e d i c s s . e i c n S e s o i . c p i r t a s e l 2 - c O o c i t a m n h s - e h e r 8 D R c o e e e f f d i u p r u n t e c s d - t: s Total n g a M r t p a l a r . m o jo s - s e r * c. e d I s n e t t b e o t r * n - g e r V p r a a r m e o n t - - s s e s g e S r p c 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 2,777 42,642 19,738 4,186 6,819 4,333 7,566 1950 42,451 19,191 9,937 8,113 5,121 2,245 2,156 41,969 18,347 4,072 8,864 4,400 6,286 1951 59,338 27,149 16,565 8,591 6,362 2,769 2,098 58,034 37,279 4,137 6,121 4,915 5,582 1952 71,396 32,728 22,140 9,567 6,589 2,823 2,451 72,980 51,195 4,230 5,209 5,617 6,729 Fiscal yr.—1950 970 18,115 10,854 7,597 4,438 2,126 2,160 43,155 17,879 4,264 9,146 4,740 7,126 1951 439 24,095 14,388 8,693 5,839 2,531 2,107 45,804 26,038 4,052 5,980 4,458 5.276 1952 093 30,713 21,467 8,893 6,521 2,801 2,302 67,956 46,396 4,059 5,826 5,206 6,469 1953 3,151 P52.837 4,920 P6.128 Semiannual totals: 1950—Jan.-June 551 11,220 4,965 3,637 2,510 ,065 1,846 21,865 8,441 2,075 5,887 2,392 3,070 July-Dec 900 7,971 4,971 4,476 2,611 ,182 311 20,105 9,905 1,997 2,977 2,007 3,219 1951—Jan.-June 537 16,124 9,416 4,217 3,228 ,348 1,796 25,700 16,133 2,058 3,003 2,450 2,056 July-Dec 799 11,025 7,149 4,374 3,135 ,418 302 32,334 21,146 2,079 3,117 2,465 3,527 1952—Jan.-June 293 19,687 14,318 4,519 3,386 ,383 2,000 35,622 25,250 1,984 2.709 2,741 2,938 July-Dec 104 13,041 7,821 5,048 3,202 ,443 451 37,357 25,944 2,246 2,500 2,876 3,791 1953—Jan.-June P3,656 2,700 P26.893 2,420 P3.251 Monthly: 1952—June 988 3,335 5,659 797 257 223 283 6,978 4,339 724 424 477 1,014 July 593 1,386 958 865 302 233 151 6,233 4,684 243 464 492 350 Aug 878 2,719 357 792 908 204 102 5,622 3,841 139 408 456 778 Sept 898 3,162 2,442 818 344 187 55 6,066 4,520 497 398 459 192 Oct 418 1,135 927 866 298 243 51 6,514 4,375 485 409 532 713 Nov 997 2,686 352 838 934 234 47 5,558 3,877 100 391 459 731 Dec 320 1,952 2,785 868 415 345 45 7,364 4,646 781 431 478 1,028 1953—Jan ,239 3,558 501 765 214 255 54 5,442 4,218 149 397 576 102 Feb 267 4,198 404 791 1,013 197 336 5,754 4,151 269 390 506 438 Mar 042 4,211 6,171 840 557 207 944 6,970 4,691 526 418 436 899 Apr ,214 2,204 654 795 344 180 963 6,443 4,583 297 408 658 497 May 294 3,076 359 860 1,000 243 244 6,673 4,438 139 406 529 1,161 June 159 P4,811 401 *>547 P Preliminary. 1 Includes current and back income taxes, estate and gift taxes, and adjustment to Treasury daily statement. 3Includes taxes for old-age and unemployment insurance, carriers taxes, and veterans life insurance premiums. 'Represents mostly nontax receipts. 4Represents Budget expenditures adjusted for net redemptions of armed forces leave bonds and special International Bank and Monetary Fund notes. ^Represents Budget expenditures less the excess of interest accruals over payments on savings bonds and Treasury bills and less interest paid by the Treasury to (1) trust funds and accounts and (2) Government corporations not wholly owned. ^Represents Budget outlays plus payments to the public from veterans life insurance funds and redemptions of adjusted service bonds. 7Represents Budget outlays plus benefit payments and administrative expenses of trust funds for old-age and unemployment insurance, and Government employees and Railroad retirement funds. UNITED STATES SAVINGS BONDS AND NOTES—SALES, REDEMPTIONS, AND AMOUNT OUTSTANDING [In millions of dollars] Savings bonds Tax and savings notes Year or All series Series A-E and H Series F, G, J and K month Redemp- Outstand- Redemp- Outstand- Redemp- Outstand- Redemp- Outstand- Sales tions and ing (end of Sales tions and ing (end of Sales tions and ing (end of Sales tions and ing (end of maturities period) maturities period) maturities period) maturities period) 1941 3,036 162 6,140 1,643 160 4,750 1,393 2 1,390 2,479 8 2,471 1942 9,157 343 15,050 5,989 307 10,526 3,168 36 4,523 6,479 2,565 6,384 1943 13,729 1,576 27,363 10,344 1,452 19,573 3,385 124 7,790 8,055 5,853 8,586 1944 . ... 16,044 3,321 40,361 12,380 3,063 29,153 3,664 258 11,208 8,533 7 276 9,843 1945 12,937 5,503 48,183 9,822 5,135 34,204 3,115 368 13,979 5,504 7,111 8,235 1946 7,427 6,278 49,776 4,466 5,667 33,410 2,962 611 16,366 2,789 5,300 5,725 1947 6,694 4,915 52,053 4,085 4,207 33,739 2,609 708 18,314 2,925 3,266 5,384 1948 7,295 4,858 55,051 4,224 4,029 34,438 3,071 829 20,613 3,032 3,843 4,572 1949 . . . 5,833 4,751 56,707 4,208 3,948 35,206 1,626 803 21,501 5,971 2,934 7,610 1950 6,074 5,343 58,019 3,668 4,455 34,930 2,406 888 23,089 3 613 2,583 8,640 1951 3,961 5,093 57,587 3,190 4,022 34,728 770 1,071 22,859 5,823 6,929 7,534 1952 4,161 4,530 57,940 3,575 3,622 35,324 586 908 22,616 3,726 5,491 5,770 1952—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 58,268 362 251 35,657 52 68 22,611 80 114 5,642 Mar... 440 380 58,371 397 ?308 35,784 43 P72 22,587 63 826 4,879 Apr... 383 380 58,413 351 P319 35,852 31 *62 22,561 109 190 4,798 May.. 371 !906 57,920 340 P294 35,939 31 p!612 21,981 1,714 1,719 4,793 J> Preliminary. 1 Includes 390 million dollars of reported exchanges of F and G bonds maturing in 1953, for marketable bonds of June 1978-83. An additional 8 million dollars of exchanges represented accrued discount of F bonds and is not included above. 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. JULY 1953 753 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES [On basis of daily statements of United States Treasury. In millions of dollars] Public issuesi Marketable Nonmarketable E m n o d n t o h f d T g e r o o b t s a t s 1 l d d T g i e r o r o b e t t s a c s 2 l t Total Total Bills c C e i a e n d t r d e n t s e i e f o b s i s - f t- Notes B e b l l a i e g n * i k B - on s d t B s r r i a c e n - te k d b v C i o e b o n r l n e d t - - s Total5 b S i o n a n g v d s - s n s i T a o n a n a g t v d e x s - s S is p s e u c e ia s l 1940—Dec 50,94? 45 0?S 19,089 IS 64 S 1,110 6,178 78 1S6 3,444 3,195 5,370 1941—Dec. 64,262 57,938 50,469 41,562 2,002 5,997 33,563 8,907 6,140 2,471 6,982 1942—Dec 112,471 108,170 98,276 76,488 6,627 10,534 9,863 44,519 4,945 21,788 15,050 6,384 9,032 1943—Dec 170,108 16S 877 1 SI,80S 11S 11,07? 841 11 ,17S SS S91 1?, SSO 36,574 27,363 8,586 12,703 1944—Dec. 232,144 230,630 212,565 161,648 16,428 30,401 23,039 66,931 24,850 50,917 40,361 9,843 16,326 1945—Dec. 278,68? 778 IIS 7SS,693 198,778 17,017 18 1SS 22,967 68,401 S?,216 56,915 48,183 8,235 20,000 1945—June 269,898 269,422 245,779 189,606 17,039 34,804 18,261 66,043 53,459 56,173 49,035 6,711 22,332 Dec 259,487 259,149 233,064 176,613 17,033 29,987 10,090 69,866 49,636 56,451 49,776 5,725 24,585 1947—June .... 258,176 758 ,747 168 70? 1S,77S 75 ?96 8,14? 69,8S? 49,636 59,045 51,367 5,560 27,366 Dec 256,981 256,900 225,250 165,758 15,136 21,220 11,375 68,391 49,636 59,492 52,053 5,384 28,955 1948—June 252,366 252,292 219,852 160.346 13,757 22,588 11,375 62,990 49,636 59,506 53,274 4,394 30,211 Dec 252,854 252,800 218,865 157,482 12,224 26,525 7,131 61,966 49,636 61,383 55,051 4,572 31,714 1949—June 252,798 252,770 217,986 155,147 11,536 29,427 3,596 60,951 49,636 62,839 56,260 4,860 32,776 Dec. . . 257,160 757,110 221 1SS 1?,119 616 8,?49 SS 49,636 66,000 56,707 7,610 33,896 1950—June 257,377 257,357 222,853 155,310 13,533 18,418 20,404 53,319 49,636 67,544 57,536 8,472 32,356 Dec. 256,711 256,708 220,575 152,450 11,627 5,171 19, 44 49,636 68,125 58,019 8,640 33,707 1951—June 255, 7SS 198 117 917 11 614 9 S09 IS 806 4? 9?8 16 061 11 S71 66,708 57,572 7,818 34,653 Dec 259,461 259,419 221.168 142,685 18,102 29,078 18,409 41,049 36,048 12,060 66,423 57,587 7,534 35,902 1952—June 259,1S1 259,10S 219,124 140,407 17,219 ?8 18,961 48 141 77,460 11,09S 65,622 57,685 6,612 37,739 July 263,107 761 071 ,961 144 140 17 78 170 18 971 s? S79 77 407 11 14S 65,478 57,709 6,440 37,945 Aug. 263 225 263,186 222,753 144,148 17,206 28,019 18,974 52,579 27,369 13,186 65,419 57,753 6,330 38,307 Sept 262 77? ,68? 222,216 141,89S 17 ?07 77 761 1898? S? S79 77 16S 11 18? 65,139 57,758 6,039 38,360 Oct 264,964 264,919 224,430 146,775 19,712 16,902 30,246 52,578 27,338 12,491 65,164 57,794 6,026 38,390 Nov. . 267,481 ?67,41? 226,557 148,772 71 S 16,90? 10 S?,S78 77 ,499 65,285 57,850 6,089 38,788 Dec 267 44 S 767 ,141 148 S81 21 711 16 71? 10 ?66 58 874 016 1? SOO 65,062 57,940 5,770 39,150 1953—Jan. 267 450 267,402 226,226 148,574 21,709 16,712 30 275 58,864 21,013 12,491 65,161 58,134 5,676 39,097 Feb 267 614 767,584 ,187 148,445 710 15 9S8 10?8? 59 481 ,01? 1? 484 65,258 58,268 5,642 39,302 Mar 264 S16 264 48 S 223 025 145 988 19,211 1 S,959 30 SQ 482 21 009 ,438 64 599 58,371 4 879 39 354 Apr 264 642 264,590 223,077 146,133 19,312 15,959 30 375 63,238 17,249 12,391 64,553 58,413 4,798 39,474 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 June 266 123 266,071 223,408 147,335 19,707 15,854 30 425 64,104 17,245 12,340 63,733 57,886 4,453 40,538 1 Includes fully guaranteed securities, not shown separately. 2Includes noninterest-bearing debt, not shown separately. 3Includes amounts held by Government agencies and trust funds, which aggregated 7,057 million dollars on May 31, 1953. * Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds. includes Series A investment bonds, depositary bonds, armed forces leave bonds, and adjusted service bonds, not shown separately. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in millions of dollars] Total Held by Heldby the public U. S. Government End of month (i g n dr c eo l b u sts d- a tr g u e s n t c i f e u s n a d n s d 1 Federal Com- Mutual Insur- Other S a t n a d te Individuals Misceling guar- Total Reserve mercial savings ance corpo- local laneous a se n c te u e ri d - S i p ss e u c e ia s l P is u s b u l e i s c Banks banks2 banks p c a o n m ie - s rations g m ov e e n r t n s - S b a o v n in d g s s se O cu th ri e ti r es i t n o v r e s s3ties) 1940— Dec. . . 50,942 5,370 2,260 43,312 2,184 17,300 3,200 6,900 2,000 500 2,800 7,800 700 1941—Dec 64,262 6,982 2,558 54,722 2,254 21,400 3,700 8,200 4,000 700 5,400 8,200 900 1942—Dec. 112,471 9,032 3,218 100,221 6,189 41,100 4,500 11,300 10,100 1,000 13,400 10,300 2,300 1943—Dec 170,108 12,703 4,242 153,163 11,543 59,900 6,100 15,100 16,400 2,100 24,700 12,900 4,400 1944—Dec 232,144 16,326 5,348 210,470 18,846 77,700 8,300 19,600 21,400 4,300 36,200 17,100 7,000 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—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—Jan 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 Apr 264,642 39,474 6,866 218,302 23,880 59,000 9,500 16 000 21,100 11,300 49,600 15,100 12,800 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. '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. 754 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 June 30, 1953 [On basis of daily statements of United States Treasury. In millions of dollars] Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills1 Certificates Treasury bonds—Cont. July 2, 1953 1,201 Aug. 15, 1953 2 2,882 7,986 Dec. 15, 1963-68. . .2^ 2,828 J J J T u u u u l l l l y y y y 2 3 1 9 3 0 6 , , , , 1 1 1 1 9 9 9 9 5 5 5 5 3 3 3 3 1 1 1 1 , , , , 4 4 5 5 0 0 0 0 1 1 1 0 F Ju e n b. e 15 1 , , 1 1 9 9 5 5 4 4 2 2 % \i 4 8, , 1 8 1 5 4 8 5 8 1 , , , 6 8 5 6 5 0 6 2 8 1 1 2 5 1 0 J J D M M u u e n a a n c e r r e . . . 1 1 1 1 1 5 5 5 5 5 , , , , , 1 1 1 1 1 9 9 9 9 9 6 6 6 6 6 7 6 4 4 5 - - - - - 7 7 6 6 7 2 1 9 9 0 6 6 « 6 . . . . . . . . . 2 . 2 2 2 2 y H y y y 2 2 2 2 3 2 3 4 1 , , , , ,8 8 7 9 7 9 2 3 5 6 4 3 3 3 6 Aug. 6, 1953 1,500 2,611 Sept. 15, 1967-72. . .2^ 2,716 Aug. 13, 1953 1,501 1,449 Dec. 15, 1967-72 6.. 2% 3,832 A A u u g g . . 2 2 0 7 , , 1 1 9 9 5 5 3 3 1 1 , , 5 5 0 0 1 1 T D re e a c s . ur 1 y , n 19 o 5 te 3 s 2% 10,542 3,8 9 2 8 2 2 June 15, 1978-83... 3M 1,592 S S S S S e e e e e p p p p p t t t t t . . . . . 2 1 1 1 3 4 0 7 8 , , , , , 1 1 1 1 1 9 9 9 9 9 5 5 5 5 5 3 3 3 3 3 2 1 1 1 1 , , , , 5 4 5 5 8 0 0 0 0 0 1 0 0 0 0 A O A O A M M D c p e p c p a a c t t r r r . r r . . . . . . . 1 1 1 1 1 5 5 1 1 5 1 , , , , , , , , 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 5 5 5 5 5 5 5 5 8 7 5 5 4 7 6 6 W \ \ \ \ \ \ y \ % % % y y y 2 2 2 2 2 4 5 6 1 , , , ,0 8 6 3 5 5 8 0 5 7 6 2 5 3 7 7 4 5 5 4 0 1 7 3 4 5 2 1 , , , , , 4 2 4 1 2 9 9 6 6 8 4 1 7 2 1 2 7 5 5 7 9 7 9 0 C P P A b I o a o n o s p n n v n t r a v e a . d m l s e s t 1 r m a S t , i a e b C 1 v n l 9 a e i t 7 n n 5 S b g a - e s o l 8 r n i L 0 e d . s o s a B .. n 2 . 2 % . y 3 2 12,3 7 5 4 4 0 0 ^old on discount basis. See table on Open-Market Money Rates, p. 749. 2Tax anticipation series. 3Maturity June 15, 1954. 4Maturity June 15, 1955. 5Partially tax exempt. 6Restricted. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES • Marketable and Convertible Direct Public Securities [Par values in millions of dollars] End of month s T t o i a o n u n t g t a d - l - G f a U t u a c r g o u n n i . e e S v d d s n s t t . s - . B s F e R e a e r r n e a d v k - l - e s b C m a c o n i e a m k r l - s - i b M t s i a n u a n g a v u k s l - - s L c I i n o fe s m u p ra a O n n c i t e h e s er Other End of month s T t o i a o n u n t g t a d - l - G f U a t u c a r g o n u i n . e e S v d s d n s t t . s - . B s F e R e a e r r e n a v d - l k e - s b C m a c o n i e a m k r l - s - 1 b M t s i a n u a n g a v u k l s - - s L c I i o n f m s e u p r a a n O n i c t e h e s er Other Type of security: Type of security: Total marketable Convertible bonds and convertible: (Investment 1950—Dec 152,450 5,364 20,77854,88410,14312,737 4,116 44,428 Series B): 1951— D j eunce 1 1 5 5 4 1 , , 7 49 4 0 5 6 6, 2 1 5 7 1 7 2 2 3 2, , 9 8 8 0 2 15 5 4 1 , , 3 6 0 7 2 1 9 9 , 1 5 2 0 3 41 10 1 , , 2 1 8 3 9 8 4 4, , 3 1 0 6 1 1 4 4 6 5 , 6 8 7 5 9 5 1 1 9 9 5 5 0 1 — — D Ju e n c e 13,573 2,905 2,7U 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—Mar 158,476 6,780 23,80652,068 8,858 9,380 4,786 52,798 Apr 158,524 6,735 23,88051,630 8,819 9,376 4,767 53,316 1953—Mar 12,438 3,439 183 1,336 3,156 356 3,967 Treasury bills: Apr 12,391 3,439 183 1,320 3,153 354 3,942 1950—Dec 13,627 35 1,296 3,888 33 391 83 7,901 Marketable secu- 1951—June 13,614 26 527 3,750 122 756 72 8,360 rities, due or Dec 18,102 50 596 6,773 71 428 104 10,080 callable: 1952—June 17,219 41 381 5,828 103 504 92 10,268 Within 1 year: Dec 21,713 86 1,341 7,047 137 464 119 12,518 1950—Dec 58,013 81 16,00320,088 270 655 799 20,117 1951—June 60,860 129 13,96221,596 626 1,206 954 22,389 1953—Mar 19,211 187 515 4,048 165 351 121 13,824 Dec 72,790 155 15,05730,348 532 778 1,203 24,718 Apr 19,312 130 589 3,805 158 377 121 14,133 1952—June 70,944 146 13,82229,540 550 638 1,106 25.143 Certificates: Dec 74,261 163 15,61328,853 490 577 1,204 27,361 1950—Dec 5,373 (2) 2,334 1,544 7 1 52 1,434 1951—June 9,509 17 3,194 2,753 37 113 174 3,221 1953—Mar 75.670 266 14,96727,540 675 450 1,424 30,347 Dec 29,078 49 12,793 6,773 41 217 445 8,761 Apr 75,771 209 15,04127,043 670 485 1,410 30,913 1952—June 28,423 60 11,821 6,877 120 76 378 9,092 1-5 years: Dec 16,712 27 5,061 4,791 37 56 317 6,424 1950—Dec 33,378 189 1,28524,534 568 398 744 5,661 1951—June 31,022 139 3,87820,853 227 113 643 5,168 1953—Mar 15,959 26 4,996 4,250 95 26 325 6,239 Dec 28,678 155 5,10218,600 142 119 566 3,993 Apr 15,959 26 4,996 4,238 87 31 319 6,262 1952—June 29,434 130 5,94118,352 138 123 567 4,183 Treasury notes: Dec 30,196 123 6,65517,822 133 120 653 4,690 1950—Dec 39,258 10 12,52715,833 136 165 542 10,044 1951—June 35,806 14 12,43913,704 120 208 478 8,841 1953—Mar 25,582 78 6,41114,870 123 126 503 3,472 Dec 18,409 3 5,06810,465 67 1 315 2,489 Apr 25,629 78 6,41114,839 125 120 505 3,552 1952—June 18,963 2 5,56810,431 42 5 327 2,587 5-10 years: Dec 30,266 16 13,77410,955 49 8 486 4,978 1950—Dec 17,411 412 982 7,329 2,125 906 1,042 4,615 1951—June 16,012 376 1,032 6,275 2,010 842 1,017 4,460 1953-Mar 30,327 18 13,77410,759 57 10 527 5,182 Dec 11,206 309 1,014 2,442 1,925 712 945 3,859 Apr 30,375 18 13,77410,644 64 522 5,348 1952—June 13,321 524 1,070 3,274 2,092 1,090 1,089 4,183 Marketable bonds:8 Dec 17,564 629 1,070 6,426 2,052 1,127 1,342 4,918 1950—Dec 94,193 5,319 4,62033,620 9,96712,180 3,438 25,049 1951—June 78,989 3,215 4,10831,298 7,974 7,139 3,125 22,129 1953—Mar 18,183 673 1,070 6,936 1,999 1,120 1,348 5,037 Dec 77,097 3,243 4,13030,119 7,697 6,720 3,120 22,068 Apr 18,183 674 1,070 7,015 1,992 1,113 1,345 4,974 1952—June 75,802 2,908 4,42230,710 7,221 5,855 3,087 21,600 After 10 years: Dec 79,890 3,046 4,52232,849 7,165 5,807 3,429 23,072 1950—Dec 43,648 4,682 2,508 2,934 7,18010,778 1,531 14,035 1951—June 30,023 2,629 1,397 2,781 5,389 6,056 1,236 10,534 1953—Mar 80,491 3,108 4,52232,806 7,196 5,827 3,457 23,576 Dec 30,012 2,726 1,415 2,740 5,276 5,758 1,269 10,828 Apr 80,487 3,123 4,52232,760 7,189 5,811 3,452 23,631 1952—June 26,707 2,211 1,358 2,681 4,707 4,589 1,122 10,038 Dec 26,560 2,259 1,358 2,543 4,713 4,510 1,152 10,024 1953-Mar 26,553 2,321 1,358 2,518 4,717 4,519 1,155 9,966 Apr 26,550 2,335 1,358 2,551 4,712 4,506 1,154 9,935 * 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. includes stock savings banks. 2Less than $500,000. 3Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds. JULY 1953 755 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 is e s t 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 G m U ov e .S n er . t n 8 - ig F e e e r n a d c l - y S n m a t i n a c u d t i - e - Other Total Total B P l o i u c n l b d y - s v P a r t i e - ly f s e P t r o r r e c e - k d s C m to o o m c n k - Total m N o e n w ey7 l M p a c o u e n u i l r s e s - - - - m b t R i a o r e e n e f n - k - t s m t e i i t c o i r e e u e f n s r - t pal offered placed poses d e e tc b . t 8 , 1938 5,926 2,480 115 1,108 69 2,155 2,044 1,353 691 86 25 903 681 7 215 1,206 1939 5,687 2,332 13 1,128 50 2,164 1,979 1,276 703 98 87 420 325 26 69 1,695 1940 6,564 2,517 109 1,238 24 2,677 2,386 1,628 758 183 108 762 569 19 174 1,854 1941 15,157 11,466 38 956 30 2,667 2,389 1,578 811 167 110 1,040 868 28 144 1,583 1942 35,438 33,846 1 524 5 1,062 917 506 411 112 34 647 474 35 138 396 1943 44,518 42,815 2 435 97 1,170 990 621 369 124 56 408 308 27 73 789 1944 56,310 52,424 1 661 22 3,202 2,670 1,892 778 369 163 753 657 47 49 2,389 1945 54,712 47,353 506 795 47 6,011 4,855 3,851 1,004 758 397 1,347 1,080 133 134 4,555 1946 18,685 10,217 357 1,157 56 6,900 4,881 3,019 1,862 1,126 891 3,889 3,279 231 379 2,868 1947 19,941 10,589 2,324 451 6,577 5,035 2,888 2,147 761 778 5,115 4,591 168 356 1,352 1948 20,250 10,327 2,690 156 7,078 5,973 2,963 3,010 492 614 6,651 5,929 234 488 307 1949 21,110 11,804 216 2,907 132 6,052 4,890 2,435 2,455 424 736 5,558 4,606 315 637 401 1950 19,893 9,687 30 3,532 282 6,361 4,920 2,360 2,560 631 811 4,990 4,006 364 620 1,271 1951 21,265 9.778 110 3.189 446 7,741 5,691 2,364 3,326 838 1,212 7,120 6,531 226 363 486 1952 26,961 12,577 459 4,105 237 9,582 7,649 3,645 4,005 564 1,369 8,769 8,223 174 371 660 1952—May 2,527 928 396 54 1,149 898 544 354 85 166 990 947 3 40 139 June 2,436 978 624 3 831 635 211 425 84 112 769 735 4 30 49 July. 6,436 4,898 226 8 1,304 1,113 786 327 33 158 1,237 1,218 10 10 48 Aug. 1,168 544 201 2 421 342 125 217 29 49 291 276 9 5 123 Sept. 1,331 444 428 4 455 372 159 213 37 46 390 367 12 11 57 Oct.. 2,047 531 294 66 1,157 980 400 581 6 170 1,052 893 11 148 89 Nov. 1,108 480 219 25 384 314 126 188 20 49 340 293 34 13 38 Dec. 2,079 547 231 389 4 908 731 140 591 58 119 851 780 43 28 46 1953—Jan.. 1,783 611 30 392 86 664 497 186 310 51 116 634 603 25 21 Feb.. 1,592 494 390 2 706 536 307 229 47 123 666 635 23 28 Mar. 1,604 503 405 696 517 153 364 62 116 672 630 17 24 12 Apr.. 1,639 491 320 828 665 375 289 37 126 794 745 19 30 21 May 4,619 3,244 635 738 488 287 201 82 167 695 610 35 50 27 Proposed uses of net proceeds, by major groups of corporate issuers Manufacturing C m om is m ce e l r la c n ia e l o a u n s d Transportation Public utility Communication a R nd e a f l i n e a s n ta c t i e al Year or month T c p n e o r e e o t d t a - s l N c it a e a p w l - » m R e e n ti t r s e 1 - 0 T p n o r e o ta t - l N c i a t e a p w - l' m R e e n ti t r s e 1 - 0 T c p e n o r e e o t d a t - s l N it e af w » m R e e n ti t r s e i - e T p n o r e o ta t - l N c i a t e a p w - l' m R e e n ti t r s e 1 - 0 T c p e n o r e e o t d a t - s l 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 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 1948 2,180 2,126 54 403 382 748 56 2,150 2,005 144 891 890 587 557 30 1949 1,391 1,347 44 338 310 795 784 11 2,276 2,043 233 567 517 593 558 35 1950 1,175 1,026 149 538 474 806 609 196 2,608 1,927 395 314 739 639 100 1951 3,066 2,846 221 518 462 490 437 53 2.412 2.326 85 605 600 515 449 66 1952 4,022 3,765 257 536 512 758 225 2; 626 2,539 753 747 508 448 1952—April 283 16 74 71 167 167 259 259 49 47 59 58 1 May 631 581 50 23 22 167 99 238 228 26 26 45 35 10 June 271 264 7 44 44 58 23 345 343 29 28 72 68 4 July 354 336 18 51 49 82 82 233 231 493 493 72 47 25 August 127 93 34 35 33 112 27 107 106 21 21 12 11 1 September. 183 136 47 16 14 39 38 165 165 16 16 27 20 7 October... 645 630 15 30 29 30 29 347 280 67 27 26 61 58 3 November. 164 147 18 21 21 45 32 43 43 48 47 56 50 7 December. 327 309 18 149 148 115 93 216 213 34 33 56 55 1 1953—January... 283 276 7 24 24 51 38 245 245 4 4 47 47 February.. 148 144 3 92 89 51 33 257 254 7 7 140 140 March.... 203 194 31 30 81 81 212 210 15 15 142 141 April 347 338 41 38 44 4*4 210 202 12 12 161 160 May 162 139 23 76 73 36 387 387 7 7 54 53 1 Estimates of new issues sold for cash in the United States. 2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 3 Includes issues guaranteed. * Issues not guaranteed. 8 Includes foreign government; International Bank; and domestic eleemosynary and other nonprofit. 8 Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i. e., compensation to underwriters, agents, etc., and expenses. 7 Includes proceeds for plant and1 equipment and working capital. 8 Includes proceeds for the retirement of mortgages and bank debt with original maturities of more than one year. Proceeds for retirement of short-term bank debt are included under the uses for which the bank debt was incurred. 9 Includes all issues other than those for retirement of securities. 10 Retirement of securities only. Source.—Securities and Exchange Commission. 756 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 dcliars] Annual Quarterly Industry 1951 1952 1953 1947 1948 1949 1950 1951 1952 3 4 1 2 3 4 1 Manufacturing Total (200 corps.) : Sales 30 869 37 008 36 738 44 118 51,067 57 536 1? ?97 13,013 1?,760 1? 606 12.213 14.956 1S,45? Profits before taxes 4,104 317 5 038 7,893 8 557 7 041 1 964 137 1,940 1,618 1 493 1,988 9 ?30 Profits after taxes . . .. 574 3 31? 3 101 4 055 3 411 3 044 76? 93? 815 674 678 9?8 8S7 Dividends 1 170 1 404 1 660 7 ?40 1,986 1 980 475 567 48? 476 47S 549 486 Nondurable goods industries (94 corps.):2 Sales 11 313 13 407 17 853 14 77717,371 17 546 4,794 4,441 4, 335 4 716 4 363 4 6?7 4 637 Profits before taxes 1,787 1 847 70? 3 184 606 773 741 705 S99 642 660 7?9 Profits after taxes .... 1 167 1 475 1 1 513 1 411 1 ?56 334 368 314 787 308 347 330 Dividends 551 657 710 889 845 863 703 74? 710 706 70S ?44 Durable goods industries (106 corps.):3 Sales 19 SO??3 566 73 885 79 341 33,69634,991 8,003 8,57? 8,475 8 390 7 SS1 10.329 10 814 Profits before taxes 7,31? 3,105 3 191 5 19? 5,374 4,435 1,191 1,396 1,734 1 019 85? 1 3? 8 1 501 Profits after taxes . . 1 35S 1 835 1 887 S4? ,000 1 789 4?8 565 501 338 370 581 Dividends 615 746 950 1 351 1,141 1,118 773 375 773 770 ?70 30S ?76 Selected industries: Foods and kindred products (28 corps.): Sales 3 3 503 3 373 3 49? 3,873 3 911 94? 1,004 959 94? 984 1 0?7 1 01 S Profits before taxes 421 411 379 469 407 377 93 104 86 93 104 94 86 Profits after taxes 759 ?S8 ?35 757 199 175 46 5? 40 4? 48 45 41 Dividends 136 135 143 140 135 3? 47 37 33 3? 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 S11 Profits before taxes 547 656 675 1 110 1,384 1 184 347 317 318 781 ?99 349 Profits after taxes 337 409 404 560 484 449 111 175 108 105 108 128 Dividends 754 317 438 355 373 87 100 87 87 88 11? 89 Petroleum refining (14 corps.): Sales ? 906 3 945 3 865 4 734 4 999 5 370 1,746 1,345 1 318 1 775 1 3? 5 1 40? 1 381 Profits before taxes 456 575 650 861 690 718 222 704 147 165 174 191 Profits after taxes 350 548 406 44? 516 488 148 111 115 133 Dividends 1?7 17? 17? 705 731 753 55 64 64 60 60 69 6S Primary metals and products (39 corps.): Sales .. . 7 545 9 066 8 187 10 446 1? 501 11 557 3 034 3,776 3 073 ? 385 ? 60S 3 494 3 418 Profits before taxes . . 891 1 174 993 1 700 2 097 1 161 497 519 475 98 ?08 430 4S7 Profits after taxes 545 770 578 854 775 565 176 217 270 79 99 718 188 Dividends ?47 ?70 78S 377 380 367 86 170 88 87 06 106 88 Machinery (27 corps.): Sales 3 634 4 5?9 4 353 5 0S8 6 167 7 078 1,434 1,690 1 590 1 776 1 697 ? 066 ? 047 Profits before taxes 443 567 519 847 998 977 710 301 73? 738 ?13 790 Profits after taxes ?70 333 3?0 4?4 367 379 73 173 81 80 90 128 101 Dividends 113 175 138 708 191 199 48 54 49 48 49 53 SO Automobiles and equipment (15 corps.): Sales 6 69? 8 093 9 577 11 805 17 438 1? 877 7,899 7,939 3 035 3 477 ? 681 3 684 4 308 Profits before taxes 809 1,131 1 473 2,305 1 915 1 950 405 488 503 596 347 504 657 Profits after taxes . . .. 445 639 861 1,087 704 695 147 185 170 191 143 191 197 Dividends 195 451 671 479 461 119 119 116 114 114 117 117 Public Utility Railroad: Operating revenue ... . . 8 685 9 677 8 580 9 473 10 391 10 580 7 583 2 772 7 587 7 537 633 8?8 S96 Profits before taxes 777 1 148 700 1,384 1 260 1 436 250 505 295 261 368 51? 336 Profits after taxes. ... . . 479 699 438 783 693 816 174 370 141 149 ?08 318 186 Dividends 736 789 75? 31? 378 336 53 111 80 74 6o 116 97 Electric power: Operating revenue ; 4 4 830 5 055 5, 431 5 867 6 774 1 473 1 521 1 603 1 491 1 513 1 618 1 710 Profits before taxes 9S4 983 1 1 303 1 480 1 718 370 403 498 400 38? 439 545 Profits after taxes 643 657 757 874 818 977 168 226 257 214 707 ?44 788 Dividends 494 493 553 619 661 709 167 181 177 173 177 186 18? Telephone: Operating revenue ? ?83 ? 694 7 967 3, 347 3 729 4 136 931 976 993 1 023 1 037 1 084 1 09? Profits before taxes . . 715 333 580 691 787 160 187 194 705 18? ?06 Profits after taxes 138 186 ?07 331 341 384 7? 86 93 98 88 104 109 Dividends 131 178 213 276 318 355 81 81 85 87 91 93 100 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). 1 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). 757 JULY 1953 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 tr U p i r b n o u d f t i i t e s s - d quarter i N ss e u w es R m e e t n ir t e s - ch N a e n t ge i N ss e u w es R m e e t n ir t e s - ch N a e n t ge i N ss e u w es R m e e ti n r t e s - ch N a e n t ge 1939 2,182 2,721 -539 1,939 2,550 —611 243 171 72 1939 6 5 1 5 5.0 3 8 1.2 1941 2,793 2,817 -24 2,391 2,516 — 125 402 301 101 1941 17 2 7 8 9 4 4 5 4 9 1942 1,151 1,464 -313 929 1,327 -398 222 137 85 1942 21.1 11.7 9.4 4.3 5.1 1943 .. . 1,333 2,129 -796 996 1,800 -804 337 329 8 1943 25.1 14.4 10.6 4.5 6.2 1944 3,424 3,899 -475 2,693 3,391 -698 731 508 223 1944 24.3 13.5 10.8 4.7 6.1 1945 6 457 6 846 —389 4 924 5 995 — 1,071 1,533 851 682 1945 19 7 11 2 8 5 4 7 3 8 1946 7,180 4,798 2,382 4,721 3,625 1,096 2,459 1,173 1,286 1946 23.5 9.6 13.9 5.8 8.1 1947 6,882 4,359 5,015 2,011 3,004 1,867 512 1,355 1947 30.5 11.9 18.5 6.6 12.0 1948 7,570 1,684 5,886 5,938 1,284 4,654 1,632 400 1,232 1948 . . 33.8 13.0 20.7 7.3 13.5 1949 . . 6,732 1,875 4,856 4,867 1,583 3,284 1,865 292 1,572 1949 27.1 10.8 16.3 7.5 8.8 1950 7,224 3,500 3,724 4,806 2,802 2,004 2,418 698 1,720 1950' 41.0 18 2 22 7 9 1 13.6 1951 9,048 2,772 6,277 5,683 2,107 3,577 3,365 665 2,701 1951' 43.7 23.6 20.1 9.2 10.9 1952 10,727 2,653 8,074 7,392 2,300 5,092 3,335 353 2,982 1952' 39 2 20 6 18 6 9 1 9 5 1951—4.... 2,486 533 1,951 1,449 405 1,045 1,037 128 908 1951—3'-. . . 39.4 21.2 18.2 9.3 8.9 4'. . . 40.6 21.8 18.8 9.5 9.3 1952—1.... 2,339 559 1,780 1,544 490 1,054 795 69 726 2.... 3,035 603 2,432 2,127 514 1,613 908 89 819 1952—1'. . . 41.5 21.8 19.7 9.1 10.6 3... . 2,433 717 1,716 1,793 612 1,181 640 105 535 2'. . . 38.2 20.1 18.0 9.1 8.9 4.... 2,920 774 2,146 1,928 684 1,244 992 90 902 3 4 ' ' . . . . . . 3 4 7 0 . . 0 3 2 1 1 9 . . 2 4 1 1 7 9 . . 5 1 9 9 . . 1 1 1 8 0 . . 4 0 1953—1.... 2,321 612 1,710 1,492 481 1,012 829 131 698 1 Reflects cash transactions only. As compared with data shown on p. 756, new 1953—1'... 44.4 24.1 20.3 9.2 11.1 issues exclude foreign and include investment company offerings, sales of securities held by affiliated companies or RFC, special offerings to employees, and also new r Revised. stock issues and cash proceeds connected with conversions of bonds into stocks. Re- Source.—Department of Commerce. tirements include the same types of issues, and also securities retired with internal funds or with proceeds of issues for that purpose shown on p. 756. Source.—Securities and Exchange Commission. CURRENT ASSETS AND LIABILITIES OF UNITED STATES CORPORATIONS i [Estimates, in billions of dollars] Current assets Current liabilities End of year Net Notes and accts. Notes and accts. or quarter working U. S. receivable payable Federal capital Total Cash er G n o m v e - nt I t n o v ri e e n s - Other Total inc ta o x me Other securities G U o . v S t. . 2 Other G U o . v S t. . 2 Other liabilities 1939 24.5 54.5 10.8 2.2 .0 22.1 18.0 1.4 30.0 .0 21.9 1.2 6.9 1941 . . 32.3 72.9 13.9 4.0 .6 27.4 25.6 1.4 40.7 .8 25.6 7.1 7.2 1942 36.3 83.6 17.6 10.1 4.0 23.3 27.3 1.3 47.3 2.0 24.0 12.6 8.7 1943 42.1 93.8 21.6 16.4 5.0 21.9 27.6 1.3 51.6 2.2 24.1 16.6 8.7 1944 45.6 97.2 21.6 20.9 4.7 21.8 26.8 1.4 51.7 1.8 25.0 15.5 9.4 1945 . 51.6 97.4 21.7 21.1 2.7 23.2 26.3 2.4 45.8 .9 24.8 10.4 9.7 1946 56.2 108.1 22.8 15.3 7 30 0 37.6 1.7 51.9 1 31 «? 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 39.3 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 1.1 52.8 52.6 1.7 77.7 .4 46.8 14.8 15.7 1951 82.5 174.4 29.6 21.3 2.7 56.1 62.6 2.1 91.9 1.3 54.2 19.7 16.7 1952—1 83.2 173.9 28.2 20.7 2.5 56.8 63.5 2.2 90.7 1.6 53.8 17.9 17.4 2 84.5 '172.0 29.5 19.7 2.4 56.7 '61.6 2.1 '87.5 1.9 52.0 15.8 17.8 3 '85.4 '178.0 '30.0 20.2 2.5 61.0 '62.0 2.3 '92.6 2.0 ' 55.5 16.2 18.9 4 '85.6 '181.1 '29.5 21.0 2.9 61.7 '63.6 '2.4 '95.5 2.1 58.6 '16.4 '18.4 1953—1 86.9 181.2 28.1 20.1 3.0 62.2 65.4 2.5 94.3 2.3 57.9 15.2 18.9 r Revised. Excludes banks and insurance companies. 2Receivables from and payables to U. S. Government do not include amounts offset against each other on corporations' books. Source.—Securities and Exchange Commission. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT1 [Estimates, in millions of dollars] Trans- Manu- Transporta- 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 L ,363 3,838 1,598 5.391 24 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 L,380 4,368 7,000 1 Corporate and noncorporate business, excluding agriculture. 2Includes trade, service, finance, and construction. 3 Includes communications, trade, and other. Anticipated 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. 758 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 a o a ti l n n - - s S F e a e c l g d e i e e c e n s h t r O e - a o d l l t d h e e v o r r I i t s 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 to l 4- t F f u i a i n c t m n i i s o a a i t l i l n n y - - s ho O h u e o s th r e ld s s e - 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 n n i r - l - s o y p a e O h n rt o d e i t e h l r d s s e - r * h A e o r l l s d l - t F u i i n c t n i i s o a a ti l n n - s - h O ol t d h e e r r s2 1939 35 5 18.6 2.2 14.7 28.9 16.3 9.3 7.0 12.5 7.8 4.8 6.6 1.5 5.1 1940 36.5 19.5 2.1 14.8 30.0 17.3 10.2 7.1 12.6 7.8 4.8 6.5 1.5 5.0 1941 37.6 20.7 2.0 14.9 31.2 18.4 11.2 7.2 12.9 8.0 4.8 6.4 L.5 4.9 1942 . . 36.7 20.7 1.8 14.2 30.8 18.2 11.5 6.7 12.5 7.8 4.7 6.0 1.4 4.5 1943 35.3 20.2 1.4 13.6 29.9 17.8 11.5 6.3 12.1 7.4 4.6 5.4 L.3 4.1 1944 34.7 20.2 1.1 13.3 29.7 17.9 11.7 6.2 11.8 7.2 4.6 4.9 1.3 3.6 1945 35.5 21.0 .9 13.6 30.8 18.5 12.2 6.4 12.2 7.5 4.7 4.7 1.3 3.4 1946 41.6 26.0 .6 15.0 36.9 23.1 16.0 7.0 13.8 8.4 5.4 4.8 1.5 3.3 1947 48.7 31.8 .5 16.4 43.9 28.2 20.5 7.6 15.7 9.6 6.1 4.9 L.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 Q 3.2 1949 62 5 42.9 1.1 18.6 57.1 37.5 28.4 9.1 19.6 12.4 7.2 5.4 2.1 3.3 1950 72.5 51.6 1.4 19.5 66.7 45.1 35.3 9.8 21.6 14.0 7.6 5.8 2.3 3.5 1951 81.9 59.5 2.0 20.4 75.6 51 .9 41.2 10.7 23.7 15.7 8.0 6.3 2.6 3.7 1952? 90.6 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—March P 83.7 61.0 2.2 20.5 77.3 53.2 42.3 10.9 24.1 16.0 8.1 6.4 2.6 3.8 Junep 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 1953—March? 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 4.1 P Preliminary. 1 Derived figures, which include negligible amount of farm loans held by savings and loan associations. 2Derived 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 savingsbank holdings4 Nonfarm Nonfarm End of year or quarter Residential' 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 L 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 1,05811,379 11,306 9 875 3,168 2 237 4 470 I 431 73 1951—june 14,286 13,255 10,904 2,351 1,031 9,137 9,091 7,833 I 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 1,03010,203 10,156 8,843 2,720 1,815 4,308 1,313 47 June 15,176 14,113 11,602 3,441 2,952 5,209 2,512 1,06310,554 10,506 9,145 2,898 1,917 4,330 1,361 48 September 15,590 14,530 11,970 3,580 3,000 5,390 2,560 1,06010,940 10,880 9,485 3,025 2,069 4,392 1,394 60 December 15,867 14,809 12,188 3,675 3,012 5,501 2,621 1,05811,379 11,306 9,875 3,168 2,237 4,470 1,431 73 1953— March P 16,090 15,015 12,335 3,725 3,084 5,526 2,680 1,07511,680 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 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. JULY 1953 759 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 u A re - d a g V n u t A a e r e - - d Other Farm Total Total in F s H ur A e - d a g V n u t A a e r e - - d Other Farm 1939 5,669 4 782 887 1940 5,958 5,061 668 897 1941 6,442 5,529 815 913 1942 898 6,726 5,830 1,096 896 1943 855 6 714 5 873 1 286 841 1944 935 6,686 5 886 1,408 800 1945 976 6,636 5,860 1,394 776 1946 1 661 1,483 178 7,155 6 360 1,228 256 4 876 795 1947 2,786 2,520 451 600 1,469 266 8,675 7,780 1,398 844 5,538 895 1948 .... 3,407 3,114 1,202 366 1,546 293 10,833 9,843 2,381 1,106 6,356 990 1949 3,430 3,123 1,350 131 1,642 307 12,906 11,768 3,454 1,224 7,090 ,138 1950 4,980 4,621 1,572 930 2,119 359 16,102 14,775 4,573 2,026 8,176 ,327 1951 5,111 4,704 1,051 1,268 2,385 407 19,314 17,787 5,257 3,131 9,399 ,527 1952* 3,975 3,600 850 450 2,300 375 21,275 19,600 5,700 3,350 10,550 L ,675 1952—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 1,685 1953—January 347 309 80 25 204 38 21,396 19,701 5,725 3,358 10,618 ,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 . ... 364 321 77 27 217 43 21,897 20,139 5,820 3,388 10,931 1,758 MayP 344 308 62 30 216 36 22,055 20,277 5,854 3,390 11,033 1,778 p Preliminary. NOTE.—For loans acquired, monthly figures may not add to annual totals, and for loans outstanding, end-of-December figures may differ from end-of-year figures, because monthly figures represent book value of ledger assets whereas year-end figures represent annual statement asset values, and because year-end adjustments are based on more nearly complete data. Prior to 1947, complete data are not available for all classifications shown. Sources.—Institute of Life Insurance—end-of-year figures, Life Insurance Fact Book; end-of-month figures, the Tally of Life Insurance Statistics and Life Insurance News Data. MORTGAGE ACTIVITY OF ALL SAVINGS AND LOAN NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS ASSOCIATIONS [Number in thousands; amounts (except averages) in millions of dollars] [In millions of dollars] Loans made, by purpose Loans outstanding (end of period)2 Amount, by type of lender Average Y m e o ar n t o h r Total s N c t t i r o o e u n w n c - - H c p h o u a m r s - e e p O p o t u s h e r e s - r x Total3 F su H in r A e - d - a g n V u t A e a e r - - d t C i v o o e n n n a - - l3 m Y o o e n r a t r h N b u e m r - Total i a n S l s o g s a a s n v n s - & . p I c a n a o n s n m c u i e e r - - s b C m 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 l ( a d r r e o r o d s - u l e - ) n d 1939 986 301 340 345 3,806 1939 1,288 3,507 1,058 287 891 143 1,128 2,722 1940 1,200 399 426 375 4,125 1940 1,456 4,031 1,283 334 1,006 170 1,238 2,769 1941 1,379 437 581 361 4,578 1941 1,628 4,732 1,490 404 1,166 218 1,454 2,906 1942 1,051 190 574 287 4,583 1942 ,351 3,943 1,170 362 886 166 1,359 2,918 1943 1,184 106 802 276 4,584 1943 ,274 3,861 1,237 280 753 152 1,439 3,031 1944 1,454 95 1,064 295 4,800 1944 ,446 4,606 1,560 257 878 165 1,746 3,186 1945 1,913 181 1,358 374 5,376 1945 .639 5,650 2,017 250 1,097 217 2,069 3,448 1946 3,584 616 2,357 611 7,141 1946 2,497 10,589 3,483 503 2,712 548 3,343 4,241 1947 3,811 894 2,128 789 8,856 1947 2,567 11,729 3,650 847 3,004 597 3,631 4,570 1948 3,607 1,046 1,710 851 10,305 563 2,397 7,3451948 2,535 11,882 3,629 1,016 2,664 745 3,828 4,688 1949 3,636 1,083 1,559 994 11,616 717 2,586 8,313 1949 2,488 11,828 3,646 1,046 2,446 750 3,940 4,755 1950 5,237 1,767 2,246 1,224 13,622 841 2,969 9,812 1950 3,032 16,179 5,060 1,618 3,365 1,064 5,072 5,335 1951 5,250 1,657 2,357 1,236 15,520 864 3,125 11,530 1951 2,878 16,405 5,295 1,615 3,370 1,013 5,112 5,701 1952 6,617 2,105 2,955 1,557 18,444 906 3,398 14,1401952 3,028 18,018 6,452 1,420 3,600 1,137 5,409 5,950 1952-May... 586 198 252 136 1952-May... 256 1,511 557 114 303 90 447 5,907 June... 587 192 257 138 i6^891 "'887' 3^228 12^776 June... 256 1,513 564 108 305 96 440 5,909 July... 596 190 265 141 July... 268 1,590 586 113 317 105 469 5,937 Aug.... 617 200 279 138 Aug... 270 1,598 592 119 313 108 466 5,916 Sept... 616 193 285 138 i7^740 "'898' 3]34i 13^501 Sept... 267 1,588 593 118 316 103 458 5,943 Oct.... 659 208 303 148 Oct.... 285 1,727 627 135 342 117 506 6,051 Nov... 523 163 243 117 Nov... 245 1,492 526 116 298 104 448 6,085 Dec... 541 161 248 132 18,444 "906 14,140 Dec... 252 1,553 540 126 305 112 470 6,171 1953-Jan.... 497 147 222 128 1953-Jan.... 228 1,401 477 111 278 93 442 6,136 Feb.... 523 164 222 137 Feb.... 229 1,391 503 110 269 84 425 6,068 Mar... 639 206 266 167 ' 19405 ' 924 ' 3,492' 14^689 Mar... 264 1,627 605 126 316 92 488 6,153 678 226 288 164 Apr.... 275 1,709 642 127 325 102 513 6,206 May/.; 690 232 295 163 May... 273 1,699 641 133 317 111 497 6,221 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. * Excludes shares pledged against mortgage loans. Source.—Home Loan Bank Board. 760 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT STATISTICS—Continued GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- TO 4-FAMILY PROPERTIES [In millions of dollars] [In billions of dollars] FHA-insured loans VA-guaranteed loans3 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 e o p s r - tga i e p s g E r r t t e o i x i s n e p - g s - g m j t P a e y o g r 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 n v y p - s t e - " 2 - Total e p N r r m t o e i w e o p s - rtga i e p s g E r r t e t o i x i s n e p - g s - r A a e a t p l n i t a o e d i n r r - 2 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 - ritte g n 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 !o 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 4.3 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—May... 452 249 65 74 39 71 203 128 74 .4 1952P 58.2 25.4 10.8 14.6 32.8 June... 469 273 68 76 27 102 196 124 70 .5 July. . . 458 269 80 85 31 73 189 126 63 .4 Aug.... 463 260 81 82 32 66 203 134 68 .5 1951—June... 48.7 21.0 9.2 11.8 27.7 Sept... 484 267 94 91 13 69 217 142 75 .4 Sept... 50.4 22.0 9.5 12.5 28.4 Oct.. . . 526 306 108 103 26 69 220 141 78 .7 Dec... 51.9 22.9 9.7 13.2 29.0 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 1953—Jan 539 296 108 103 18 67 243 161 82 .6 JuneP. . 54.8 24.0 10.1 13.9 30.8 Feb.. . . 539 265 103 86 15 61 274 184 90 .6 Sept. P.. 56.5 24.7 10.4 14.3 31.7 Mar. . . 504 276 103 89 20 64 228 152 75 .5 Dec.P. . 58.2 25.4 10.8 14.6 32.8 Apr... 577 342 109 92 22 119 235 157 78 .4 May. . . 530 314 97 90 25 102 216 149 66 .5 1953—Mar.p.. 59.6 26.1 11.1 15.0 33.5 1 Monthly figures do not reflect mortgage amendments included in annual totals. 2FHA-insured property improvement loans are not ordinarily secured by mortgagess; VA- P Preliminary. guaranteed alteration and repair loans of $1,000 or less need not be secured,whereas those NOTE.—For total debt outstanding, figures for For more than that amount must be. first three quarters are Federal Reserve estimates. 3 Prior to 1949, data are not available for classifications shown. For conventional, figures are derivecI. NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guar- Sources.—Home Loan Bank Board,Federal Housanteed loans, gross amount of loans dosed, Figures do not take account of principalrepay- ing Administration, Veterans Administration, and ments on previously insured or guaranteed loans. For VA-guaranteed loan3, amounts by Federal Reserve. type are derived from data on number and average amount of loans closed. Sources.—Federal Housing Administration and Veterans Administration. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY FEDERAL HOME LOAN BANK LENDING [In millions of dollars] [In millions of dollars] E o n r d m o o f n y th ear A m f c u u i u i o z t n t n e h m t d d e - o s - d r- b m C u m d u o e r i n i s s n m t - e - - t - s 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 p h e g u a r u o a i r s r g r o i e - t n e d - s g ) ( p d M s g e u a a r o r l i g i e r o n e s t d - g ) Year or month va A n d c - es R m e e p n a t y s - T A o d t v a ( l a e n n c d e S t s o e h f r o o m u p 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 ""'26' 1943 157 176 110 69 41 1950 918 485 1,347 169 1,178 1,044 469 1944. . 239 219 131 106 25 1951 661 239 1,850 204 1,646 677 111 1945 278 213 195 176 19 1952 1,085 323 2,242 320 1,922 538 56 1946 329 231 293 184 109 1947 351 209 436 218 217 1952—June U16 266 2,068 236 1,832 7 5 1948 360 280 515 257 258 July 21,311 275 2,064 237 1,827 6 3 1949 .. 256 337 433 231 202 O A Se c u p t g o t u e b s m e t r ber.. . 1 1 1 , , , 2 2 1 8 7 3 3 0 8 2 3 3 1 2 9 5 6 9 2 2 2, , , 1 0 0 5 9 6 4 7 8 2 2 2 5 7 4 7 2 5 1 1 1, , , 8 8 8 8 4 2 2 0 3 4 7 1 0 2 3 3 4 6 1 1 1 9 9 9 5 5 5 2 1 0 4 6 5 2 7 8 3 5 6 4 2 5 9 3 2 2 3 8 8 8 86 0 1 4 6 6 5 5 5 4 6 0 7 5 8 2 2 2 9 6 9 8 9 9 November. .. 1,129 322 2,199 297 1,902 56 3 December.... 1,085 323 2,242 320 1,922 65 14 1952—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 June 97 23 718 471 248 military housing. Funds remaining from those set aside earlier for this purpose then became available for over-the-counter purchases of other mortgages. Source.—Federal National Mortgage Association. Secured or unsecured loans maturing in one year or less. 2Secured loans, amortized quarterly, having maturities of more than one year but not more than ten years. Source.—Home Loan Bank Board. JULY 1953 761 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 1 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 n a 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 L.166 1948 14,411 8,968 3,054 2,842 843 2,229 5,443 1,445 2,713 1,285 1949 . .... 17,104 11,516 4,699 3,486 887 2,444 5,588 1,532 2,680 1,376 1950 20,813 14,490 6,342 4,337 1,006 2,805 6,323 1,821 3,006 1,496 1951 21,468 14,837 6,242 4,270 1,090 3,235 6,631 1,934 3,096 1,601 1952 25,705 18,639 8,110 5,301 1,386 3,842 7,066 2,108 3,313 1,645 1952—April 20,940 14,731 6,186 4,053 1,098 3,394 6,209 2,007 2,535 1,667 May 21,705 15,308 6,539 4,169 1,138 3,462 6,397 2,055 2,659 1,683 June 22,446 16,032 6,974 4,324 1,178 3,556 6,414 2,054 2,661 1,699 July 22,751 16,465 7,200 4,433 1,221 3,611 6,286 2,023 2,573 1,690 August 23,030 16,728 7,272 4,539 1,258 3,659 6,302 2,026 2,579 1,697 September 23,414 17,047 7,388 4,669 1,300 3,690 6,367 2,033 2,642 1,692 October 24,050 17,572 7,639 4,871 1,347 3,715 6,478 2,033 2,776 1,669 November 24,525 17,927 7,866 4,943 1,376 3,742 6,598 2,109 2,826 1,663 December 25,705 18,639 8,110 5,301 1,386 3,842 7,066 2,108 3,313 1,645 1953—January 25.508 18,785 8,273 5,256 1,378 3,878 6,723 2,129 2,956 1,638 February 25,262 18,860 8,470 5,131 1,377 3,882 6,402 2,079 2,662 1,661 March 25,676 19,267 8,778 5,154 1,383 3,952 6,409 2,142 2,602 1,665 April? 26,172 19,656 9,074 5,185 1,401 3,996 6,516 2,147 2,677 1.692 May? 26,716 20,085 9,380 5,235 1,428 4,042 6,631 2,162 2,758 1,711 P Preliminary. 1 Includes all consumer instalment credit extended for the purpose of purchasing automobiles and other consumer goods and secured by the items purchased, whether held by retail outlets or financial institutions. Includes credit on purchases by individuals of automobiles or other consumer goods that may be used in part for business. 2Includes only repair and modernization loans held by financial institutions; such loans held by retail outlets are included in "other consumer goods paper." NOTE.—Monthly figures for the period December 1939 through 1952 and a general description of the series are shown on pp. 336-54 of the BULLETIN for April 1953; a detailed description of the methods used to derive the estimates may be obtained from Division of Research and Statistics. INSTALMENT CREDIT, BY HOLDER [Estimated amounts outstanding, in millions of dollars] Financial institutions Retail outlets Total E o n r d m 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 m c 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 » - F s t t u u o r r r n e e i s - H a s a h t p o o n o p u r c l l s d e e i e s - - d m A ea o u l b e to i r l s - e 2 Other 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 L,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 ',199 3,216 1,101 900 239 336 640 1952—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 L.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 3,1^0 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? 19,656 16,714 8,253 5,312 880 2.269 2,942 916 839 238 376 573 MayP 20,085 17,119 8,441 5,480 902 2,296 2,966 921 842 242 390 571 P Preliminary. 1 Includes mail-order houses. 2Includes only automobile paper; other instalment credit held by automobile dealers is included with "other" retail outlets. 762 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 T m n n o s o e t t n a n a - l t l - C m i ( o n s m e i s n n t - g i t t l u e o 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 o s e e t t d n a a i l t l t - ch P A a u s u r e - t p d o a m pe o D r b i i r l e e ct s O g p c u o a t o m o p h n d e e e - r r s r e R l m r t o a e n i o n a p o iz n d d n a a s - ir - s l P o o a e n n r a - s l credit mer- Other part- Other cial ment banks stores l 1939 1,079 237 178 166 135 363 1940 1,452 339 276 232 165 440 1941 1,726 447 338 309 161 471 1939 2 719 625 162 236 1,178 518 1942 862 149 134 153 124 302 1940 2.824 636 164 251 1,220 553 1941 3,087 693 152 275 1,370 597 1945 745 66 143 114 110 312 1942 2,817 593 120 217 1,227 660 1946 1,567 169 311 299 242 546 1947 2,625 352 539 550 437 747 1945 3,203 674 72 290 1,322 845 1948 3,529 575 753 794 568 839 1946 4,212 1,008 114 452 1,624 1,014 1949 4,439 849 946 ,016 715 913 1947 4,875 L.203 153 532 1,821 1,166 1950 5,798 177 1,294 ,456 834 1,037 1948 5 443 1,261 184 575 2,138 1,285 1951 5,771 135 1,311 ,315 888 1,122 1949 5,588 1,334 198 584 2,096 1,376 1952 7,576 1,596 1,653 ,813 1,138 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—April 5,899 1,136 1,368 ,289 899 1,207 1952 7,066 L ,852 256 709 2,604 1,645 May 6,144 1,218 1,432 ,331 931 1,232 Tune 6,458 1,313 1,508 ,394 967 1,276 1952—April 6,209 L,769 238 471 2,064 1,667 July 6,654 1,364 1,540 ,452 1 ,004 ,294 J Mt. u a n •*y e 6 6, . 4 3 1 9 4 7 1 1 , , 7 7 7 9 7 8 2 25 7 6 8 4 46 7 7 5 2 2 , , 1 1 9 8 4 4 1 1, , 6 6 9 8 9 3 A Se u p g te u m st b . e .. r 6 6 , , 8 9 0 6 7 7 1 1 , , 3 4 9 3 2 0 1 1, , 5 5 6 5 7 4 1 , , 5 5 1 6 2 4 1 1 , , 0 0 3 7 6 0 , . 3 3 3 1 6 3 July 6,286 1,792 231 418 2,155 1,690 October. . 7,189 1,485 1,599 1,647 1,110 ,348 August.... 6,302 1,792 234 422 2,157 1,697 November 7,352 1,534 1,625 1,709 1,131 ,353 September. 6,367 ,793 240 459 2,183 1,692 December. 7,576 1,596 1,653 1,813 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 ,433 1953—January... 6,723 1,858 271 570 2,386 1,638 April? 8.253 1,789 1,882 1,982 1,152 ,448 F M e a b r r c u h ar . y .. . . . 6 6 , , 4 4 0 0 2 9 1 1, , 8 8 8 3 2 9 2 2 4 6 0 0 4 47 9 8 0 2 2 , , 1 1 7 2 2 4 1 1, 6 .6 6 6 5 1 May*.... 8,441 1,854 1,940 2,011 1,175 ,461 April? 6,516 1,878 269 474 2,203 1,692 Mayp 6,631 1,851 311 484 2,274 1,711 Preliminary. P Preliminary. includes mail-order houses. INSTALMENT CREDIT HELD BY FINANCIAL INSTITU- TIONS OTHER THA^T COMMERCIAL BANKS AND SALES INSTALMENT CREDIT HELD BY SALES FINANCE FINANCE COMPANIES, BY TYPE OF CREDIT COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] [Estimated amounts outstanding, in millions of dollars] E o n r d m of o n y t e h ar i T m n o s e t t n a a t l l - m A pa o u p b t e o il r - e s O g c u o t o m o h n d e e - s r r m i R z o a e a n d p ti d e a o r i n r n- s l P o o a e n n r a - s l E o n r d m of o n y t e h ar i c T m n r o s e e t t d n a a i t l l t - m A pa o u p b t e o il r - e s O g p u c o a t o m o p h n d e e e - r s r r m i R z lo o a e a a n d p ti n d e a o s r i n r n- s l P o o a e n n r a - s l credit paper loans 1939 789 81 24 15 669 1939 1,197 878 115 148 56 1940 891 102 30 16 743 1940 1 575 1,187 136 190 62 1941 957 122 36 14 785 1941 1 797 1,363 167 201 66 1942 726 65 27 14 620 1942 588 341 78 117 52 1945 731 54 20 14 643 1945 300 164 24 58 54 1946 991 77 34 22 858 1946 677 377 67 141 92 1947 1,275 130 69 39 1,037 1947 1,355 802 185 242 126 1948 1,573 189 99 59 1,226 1 19 9 4 4 9 8 2 1 , ,9 9 9 5 0 0 2 1 , ,3 4 7 2 8 5 3 2 0 3 3 2 21 83 6 1 13 6 9 4 1 1 9 9 4 5 9 0 2 1 , ,8 2 5 3 8 7 3 2 3 4 0 0 1 18 3 2 7 1 8 1 9 5 1 1 , , 3 6 9 1 2 0 1950 3,785 3,257 313 57 158 1951 2,537 358 209 132 1,838 1951 . 3,769 3,183 241 70 275 1952 3,014 453 276 166 2,119 1952 4,833 4,072 332 82 347 1952—April 2,616 372 225 134 1,885 1952—April 3,662 3,063 232 65 302 May 2 ,682 390 231 140 1,921 May 3,853 3,237 240 67 309 June 2,755 405 244 143 1,963 June 4,111 3,466 260 68 317 July 2,808 415 252 147 1,994 July 4,263 3,589 281 70 323 August 2,849 423 255 151 2,020 August 4,294 3,608 289 71 326 September. . . 2,874 430 261 156 2,027 September. . . 4,362 3,660 301 74 327 October 2,902 438 267 159 2,038 October 4,523 3,804 312 78 329 November.... 2,933 443 269 166 2,055 November.... 4,670 3,940 317 79 334 December... . 3,014 453 276 166 2,119 December... . 4,833 4,072 332 82 347 1953—January 3,039 456 281 165 2,137 1953—January 4,930 4,159 337 81 353 February 3,037 460 283 164 2,130 February 5,031 4,260 339 80 352 March 3,097 476 287 166 2,168 March 5,174 4,402 342 79 351 April P 3.149 491 292 169 2,197 AprilP . . . 5,312 4,536 345 80 351 May? 3,198 502 297 175 2,224 May? 5,480 4,694 351 78 357 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. JULY 1953 763 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT—Continued FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE J Pe fr r o c m en ta p g re e c e c d h i a n n g ge f P ro e m rc e c n o t r a r g e e s p c o h n a d n i g n e g Instalment accounts a C c h co ar u g n e ts month month of preceding Item year Year or month Depart- Furni- h H ol o d u a se p - - Depart- 1 M 95 a 3 y ? A 19 p 5 r 3 . M 19 a 5 r 3 . 1 M 95 a 3 y *> A 19 p 5 r 3 . M 19 a 5 r 3 . s m to e r n e t s s t t u or re es p s l t i o a r n e c s e s m to e r n e t s Net sales: 1952 Total +8 0 +9 -8 +5 +8 April 18 10 13 46 C C a re sh d it s a s l a e l s es: +8 -1 +8 -5 +4 +2 J M un ay e 1 1 9 8 1 1 1 0 1 1 3 2 4 4 8 6 Instalment +6 -2 + 13 -11 +7 + 10 July 17 10 12 46 Charge account +8 -3 +3 -6 -6 +4 A Se u p g t u e s m t ber 1 1 7 8 1 1 1 1 1 1 1 2 4 4 7 6 Accounts receivable, end October 18 11 11 50 of month: November 17 10 11 48 Total + 1 -1 -1 + 19 +24 +24 December 17 10 11 48 Instalment 0 -1 j + 16 + 19 +21 1953 Collections during January 10 11 47 month: February 15 9 10 44 Total . -1 -4 +4 + 1 +8 +5 March 17 10 11 49 Instalment -2 -4 +9 0 + 11 +6 April 15 10 10 46 May? 15 10 10 46 Inventories, end of month, at retail value. -3 +4 +6 +2 +2 0 P Preliminary. T Revised. 1 Collections during month as percentage of accounts outstanding at Preliminary. beginning of month. DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasonal adjustment 1947-49 average =100 Percentage of total sales Year or month Sales during month Ac at c o e u n n d ts o r f e m ce o iv n a th ble Collec m tio o n n s t h during Cash I m ns e t n al t - a C c h c a o r u g n e t Total Cash I m ns e t n al t - a C c h c a o r u g n e t I m ns e t n a t l- a C c h c a o r u g n e t I m ns e t n a t l- a C c h c a o r u g n e t sales sales sales Averages of monthly data: 1941 46 44 55 48 76 53 58 47 48 9 43 1942 53 57 45 48 60 48 60 51 56 6 38 1943 60 72 39 49 35 42 47 50 61 5 34 1944 67 82 36 53 29 44 41 52 64 4 32 1945 75 92 37 59 28 50 40 59 64 4 32 1946 93 105 56 84 38 73 53 78 59 4 37 1947 99 103 85 95 67 92 78 92 55 6 39 1948 103 103 105 104 108 105 106 103 52 7 41 1949 98 94 110 101 125 103 117 104 51 8 41 1950 101 93 136 106 177 111 146 111 48 10 42 1951 104 95 133 111 181 124 165 118 48 9 43 1952 103 93 142 109 189 127 158 120 47 10 43 1952—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 \ 953—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 Mayp 101 90 138 109 220 124 158 116 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. 764 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 u s s i t c r a i l a l v o p l r u o m du e c ) t * i 1 on awar c d o e n d t ra (v ct a s lue)2 Employ 1 m 94 en 7 t - 4 a 9 n = d 1 0 p 0 ayrolls3 1935-39=100 1947-49=100 Depart- Whole- Freight ment Con- sale Year or month Total r D ab f u M a l - e c a tu n r u N r e d a - s o b u n - le - M era in ls - Total R d t e i e a n s l i - - o A th l e l r m p N t a e c u l g m o u e o r r n l a n y i - - - l t - - pr E o M m d m a u p e n c l n u t o t i f y o a - n c tu w r o in r P r k g o a e l y r ls s - c 1 a 9 i = r n 3 l g o 1 5 s 0 - a * 3 0 d 9 - 1 v ( s 9 = a r a 4 e l l 1 7 u e ta 0 s - e i 4 * 0 ) l 9 4 1 p s 9 = r u 4 i m c 1 7 e 0 - e s 4 0 r 3 9 1 m p 9 c = r o 4 o i c d 1 7 m e 0 i - s - t 4 0 y 3 9 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 l^l 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 19S1 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 December 218 217 282 185 163 166 145 180 108.6 104.7 105.4 133.7 133 109 113.1 113.5 1952 Tanuarv . .. 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 Mav 211 211 277 181 140 168 186 156 109.1 104.6 102.9 128.9 122 '109 113.0 111.6 June 204 205 247 186 147 172 193 158 108.6 102.0 100.9 127.3 108 111 113.4 111.2 Julv 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 •340 236 322 199 163 173 182 167 112.4 '•111.2 ••111.0 '149.3 130 111 113.4 109.6 March 243 240 328 201 162 177 176 178 112.3 '112.0 '111.8 '152.0 132 113 113.6 110.0 April 241 240 326 198 164 179 179 179 112 3 112 5 111 3 150 1 129 107 113 7 109 4 May P241 P320 P201 P\67 161 164 159 P112.6 P112.7 PllO.9 '148.8 130 P115 114.0 109.8 June «241 *319 e201 e168 128 109.4 e Estimated; all estimates are those of the Federal Reserve. P Preliminary. r Revised. *Average per working day. !For indexes by groups or industries, see pp. 766-769. 2Three-month moving average, based on F. W. Dodge Corporation data. A description of the index may be obtained from the Division of Research and Statistics. For monthly data (dollar value) by groups, see p. 773. 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 consumer 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. 4For indexes by Federal Reserve districts and for other department store data, see pp. 775-779. 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. JULY 1953 765 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 May June July Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. May Industrial Production—Total. . .. 211 204 193 215 228 230 234 235 236 240 243 241 P241 Manufactures— Total 224 214 202 225 237 242 245 247 249 254 258 255 P254 Durable Manufactures 277 247 230 267 290 300 304 313 316 322 328 326 P320 Iron and Steel* 246 140 139 244 270 281 283 286 287 297 292 P291 Pig iron 208 42 38 221 242 247 244 247 249 247 253 944 250 Steel 278 66 83 283 319 332 334 335 333 337 348 338 337 195 39 36 202 222 233 231 238 235 234 241 234 238 Electric . . 867 256 418 860 1013 1040 1064 1022 1029 1071 1113 1081 1047 Machinery 353 352 331 336 354 363 371 385 393 398 405 402 P398 338 339 287 300 353 371 376 392 391 '403 '412 415 P403 Automobiles (including parts) 231 229 162 175 247 265 272 282 283 '297 '308 311 (Aircraft; Railroad Equipment; Shipbuilding—Private and Government)2 . . .. Nonferrous Metals and Products 216 210 201 213 225 237 240 246 '250 '259 '259 263 P264 Smelting and refining 259 247 242 251 248 251 251 258 266 293 300 299 P291 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin) 2 Fabricating 199 195 184 197 216 231 236 241 '243 '246 '243 248 P253 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption) 2 Lumber and Products 142 146 141 149 155 155 161 165 171 175 '172 168 P154 Lumber 128 134 128 135 140 138 146 149 162 166 161 157 P139 Furniture 168 169 165 175 183 189 191 196 189 '191 190 P184 Stone, Clay, and Glass Products . . 217 222 214 221 222 224 221 221 223 233 238 234 °226 Glass products 227 247 243 243 245 241 232 221 '224 242 '256 249 Glass containers 243 269 266 261 261 254 242 225 232 255 271 261 Cement 230 222 215 231 227 231 233 254 257 279 273 262 Clay products ... 168 170 158 163 161 163 162 160 168 '166 '169 165 P158 Other stone and clay products2 Nondurable Manufactures 181 186 179 191 194 195 197 194 195 199 201 198 P201 Textiles and Products 151 154 147 170 177 172 176 169 169 173 '173 168 P175 Textile fabrics 137 138 129 152 158 154 158 152 151 157 157 151 Cotton consumption 135 133 111 143 145 142 149 141 140 149 148 141 143 Rayon deliveries 287 312 343 369 377 361 356 337 350 338 352 355 370 Nylon and silk consumption 2 Wool textiles 117 112 103 123 137 134 137 138 130 142 137 127 Carpet wool consumption 113 75 71 120 148 140 153 164 149 173 171 152 123 125 120 139 149 142 137 130 129 139 '138 126 Wool and worsted yarn 112 113 103 120 130 126 127 124 118 130 127 117 Woolen yarn 108 106 97 112 121 117 120 115 108 117 '113 107 Worsted yarn 116 124 112 131 144 140 138 136 132 149 147 131 Woolen and worsted cloth 123 124 113 123 136 138 141 146 136 142 '134 129 105 103 91 116 112 112 113 107 116 119 117 113 Leather tanning 90 92 81 97 97 103 103 100 103 101 '98 103 Cattle hide leathers 105 106 91 110 107 115 117 112 116 115 '108 116 Calf and kip leathers 67 69 60 79 90 87 84 88 87 82 83 87 67 67 71 67 65 77 83 80 79 81 86 79 Sheep and lamb leathers 72 79 66 89 88 93 86 76 80 80 77 81 Shoes 115 111 98 129 123 118 120 112 126 131 129 119 Manufactured Food Products 160 166 162 164 168 165 161 164 165 165 168 164 P164 Wheat flour 103 113 109 109 108 109 113 108 114 108 107 104 P106 Cane sugar meltings 2 Manufactured dairy products 148 147 145 148 148 146 147 152 151 154 156 152 Butter . . 73 69 70 69 71 73 73 85 89 90 94 95 84 Cheese 183 180 176 178 178 176 191 209 209 205 209 211 198 C Ic a e n n cr e e d a m an 2 d dried milk 163 164 152 168 166 155 152 155 142 138 149 159 158 P Preliminary. r Revised. 1 Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods may be obtained from the Division of Research and Statistics. 2 Series included in total and group indexes but not available for publication separately. 3 Because of a 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. 766 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 May June July Aug. Sept. Oct. Nov. Dec Jan. Feb. Mar. Apr. May Manufactured Food Products—Continued Meat packing 146 148 147 158 170 169 170 176 169 174 179 171 154 PPokr k anndd lard 167 170 163 180 200 194 196 202 181 181 187 169 141 Beef 140 137 144 149 151 153 155 163 175 188 193 197 189 Veal 84 99 109 121 125 131 131 124 113 109 111 117 124 Lamb and mutton. 76 78 68 77 87 96 89 97 100 97 100 91 81 Other manufactured foods 169 175 171 171 175 172 167 169 171 171 173 170 P171 Processed fruits and vegetables. 147 161 138 123 143 147 124 128 143 '143 ••154 146 P155 Confectionery 130 121 117 134 136 131 134 150 145 138 136 138 Other food products 181 188 189 190 190 185 184 183 182 183 184 181 P183 Alcoholic Beverages. 150 752 162 151 155 162 180 166 158 159 173 164 155 Malt liquor 149 161 176 165 160 154 177 182 175 169 179 169 151 Whiskey 51 38 19 21 26 28 31 44 53 58 63 62 56 Other distilled spirits. 231 185 198 234 148 182 133 127 160 139 191 198 228 Rectified liquors 214 207 175 263 325 369 228 180 221 245 227 239 Tobacco Products. 178 189 172 186 187 190 181 172 179 194 194 184 174 Cigars 114 116 113 111 123 134 124 98 110 111 112 116 117 Cigarettes 245 264 240 261 257 258 249 243 249 276 277 255 238 Other tobacco products. 64 65 54 68 65 66 57 59 64 61 60 65 62 Paper and Paper Products. 182 181 160 188 192 203 205 196 200 207 211 209 209 Paper and pulp 175 176 154 180 181 192 194 185 191 197 201 199 199 Pulp 221 227 195 229 220 233 236 220 233 237 245 239 244 Groundwood pulp 108 121 124 132 125 125 108 112 112 118 113 111 114 Soda pulp 92 89 68 82 83 89 92 91 92 95 94 85 90 Sulphate and sulphite pulp 3 260 266 226 267 256 274 280 258 275 279 291 284 290 Paper 168 168 148 172 175 186 188 180 185 191 194 193 192 Paperboard 207 201 182 222 233 246 249 235 236 245 249 249 249 Fine paper 2 Printing paper 175 182 150 168 165 178 182 179 185 193 193 192 191 Tissue and absorbent paper 162 168 174 180 187 206 193 195 201 201 207 210 196 Wrapping paper 149 153 124 148 146 150 161 151 162 167 170 166 168 Newsprint 130 134 126 130 126 123 121 116 119 118 121 114 120 Paperboard containers (same as Paperboard). Printing and Publishing. 170 176 157 165 165 176 175 168 173 180 183 181 184 Newsprint consumption 166 169 164 162 166 173 169 157 162 167 173 170 177 Printing paper (same as shown under Paper). Petroleum and Coal Products. 209 251 259 280 282 279 290 291 293 293 289 287 v288 Petroleum refining s Gasoline 157 216 225 231 234 225 233 229 230 231 225 225 P229 Fuel oil 167 228 231 235 232 226 239 239 241 236 233 225 P222 Lubricating oil 124 185 174 181 179 182 171 164 160 148 161 156 Kerosene 133 199 226 230 208 207 225 241 250 226 207 208 Other petroleum products 2. Coke 165 72 67 169 177 179 182 186 188 188 189 187 189 By-product coke 161 71 67 168 174 178 179 182 183 183 183 181 183 Beehive coke 311 84 52 184 299 243 268 364 391 •382 393 Chemical Products. 292 298 299 302 302 304 308 309 310 '314 >323 Paints 151 151 157 154 155 159 159 162 160 '161 161 •156 Rayon 270 307 325 354 370 358 350 351 348 •337 352 374 •367 Industrial chemicals 558 563 565 568 567 578 595 598 595 598 607 615 '633 Other chemical products 2 Rubber Products... 242 246 225 242 252 260 264 272 268 r275 272 Minerals—Total. 140 147 142 156 175 164 171 168 164 163 162 164 167 Fuels 140 161 155 161 180 167 177 176 172 170 168 167 >170 Coal 100 96 84 93 133 93 125 115 105 99 96 99 103 A B n it t u h m ra i c n i o te u s coal. , 107 10 7 2 4 91 1 6 0 1 2 144 93 135 125 116 1 6 0 0 9 1 5 0 2 7 113 113 Crude petroleum 73 193 57 194 88 95 87 71 60 205 204 201 66 Metals. 159 65 190 131 203 203 202 207 204 123 '125 145 •203 Metals other than gold and silver. 143 71 65 188 149 145 138 117 120 175 177 211 149 Iron ore (Copper; Lead; Zinc)2 207 71 219 212 200 166 170 '219 Gold Silver For other footnotes see preceding page. NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. JULY 1953 767 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 May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Industrial Production—Total 211 205 194 218 232 233 235 233 232 236 240 240 P241 Manufactures— Total 224 215 203 228 242 245 246 246 245 250 255 254 P254 Durable IVfanufactures 278 249 232 269 292 301 305 310 312 319 326 325 P321 iron and Steel1 . 246 140 139 244 270 281 283 286 287 '290 297 292 P291 Pig iron... . . . . .. 208 42 38 221 242 247 244 247 249 247 253 244 250 Steel 278 66 83 283 319 332 334 335 333 337 348 338 337 Open hearth 195 39 36 202 222 233 231 238 235 234 241 234 238 Electric 867 256 418 860 1013 1040 1064 1022 1029 1071 1113 1081 1047 Machinery . . . 353 352 331 336 354 363 371 385 393 398 405 402 Transportation Equipment 338 339 287 300 353 371 376 392 391 '403 '412 415 P403 Automobiles (including parts) 231 229 162 175 247 265 272 282 283 '297 '308 311 M00 (Aircraft; Railroad equipment; Shipbuilding—Private and Government)^ Nonferrous Metals and Products 216 210 201 213 225 237 241 246 '250 '259 '259 263 p?64 Smelting and refining 260 246 241 251 248 251 251 259 266 293 301 299 P291 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)2 Fabricating 199 195 184 197 216 231 236 241 »"246 '243 248 ,*3 (Copper products; Lead shipments; Zinc shipments; 7-243 Aluminum products; Magnesium products; Tin Lumber and Products 145 155 150 160 167 164 160 151 151 '158 163 168 Pi 58 Lumber 133 148 143 152 159 151 143 128 132 142 146 157 P145 Furniture 168 169 165 175 183 189 191 196 189 191 190 P184 Stone, Clay, and Glass Products 224 225 216 231 232 235 226 214 209 216 227 230 P233 Glass products 240 245 235 251 248 247 234 210 '237 '256 249 f'257 Glass containers 260 266 255 272 267 262 245 210 227 248 271 261 Cement . .. . . .... 241 237 236 261 263 267 252 231 209 212 224 249 Clav products 167 169 160 169 167 173 167 165 155 157 161 160 P.158 Other stone and clay products2 Nondurable Manufactures 180 187 181 195 201 200 199 193 191 194 197 196 P200 Textiles and Products 151 154 147 170 177 172 176 169 169 173 '173 168 pJ75 Textile fabrics 137 138 129 152 158 154 158 152 151 157 157 151 Cotton consumption 135 133 111 143 145 142 149 141 140 149 148 141 143 N Ra v y lo o n n a d n e d li v s e il r k ie s consumption2 287 312 343 369 377 361 356 337 350 338 352 355 370 Wool textiles 117 112 103 123 137 134 137 138 130 142 137 127 Carpet wool consumption 113 75 71 120 148 140 153 164 149 173 171 152 Apparel wool consumption 123 125 120 139 149 142 137 130 129 139 126 Woolen and worsted yarn 112 113 103 120 130 126 127 124 118 130 127 117 Woolen yarn 108 106 97 112 121 117 120 115 108 117 113 107 Worsted yarn 116 124 112 131 144 140 138 136 132 149 147 131 Woolen and worsted cloth 123 124 113 123 136 138 141 146 136 142 134 129 Leather and Products 105 102 90 116 111 112 114 107 117 122 116 113 Leather tanning 90 90 77 95 95 104 107 99 103 109 97 102 Cattle hide leathers 105 102 86 107 105 116 121 112 119 124 108 116 Calf and kip leathers 64 70 60 83 88 89 85 87 85 86 81 84 Goat and kid leathers 66 68 70 65 66 77 80 80 79 84 85 82 Sheep and lamb leathers 77 78 62 92 86 93 91 72 75 88 75 80 Shoes 115 111 98 129 123 118 120 112 126 131 129 119 Manufactured Food Products 154 165 174 185 192 178 165 161 153 149 150 150 P157 Wheat flour 99 109 108 108 118 115 114 107 114 109 105 100 P102 Cane sugar meltings2 Manufactured dairy products 197 217 215 214 173 133 106 107 98 109 128 162 202 Butter 94 95 86 76 69 63 55 67 74 80 86 97 109 Cheese 245 256 217 199 182 158 143 151 155 168 188 220 266 Canned and dried milk.. . . . .. 227 227 176 173 153 126 110 120 115 124 146 179 220 Ice cream 2 p Preliminary. r Revised. 1 Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods may be obtained from the Division of Research and Statistics. 2Series included in total and group indexes but not available for publication separately. 3 Because of a reclassification of the basic data used to measure changes in production, the sulphate pulp and sulphite pulp series are no longer available separately. Individual indexes through June 1951 are shown in preceding BULLETINS. 768 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued (Without Seasonal Adjustment) [Federal Reserve index numbers, 1935-39 average=100] 1952 1953 Industry May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Manufactured Food Products—Continued Meaatt ppaacckkiinngg.. 147 147 137 138 154 169 190 208 199 166 166 159 154 Pork and lard 167 170 144 139 158 183 230 266 237 178 174 154 141 Beef 140 134 146 150 163 167 161 163 178 173 175 185 189 Veal 88 99 109 118 138 149 141 116 105 96 104 114 129 Lamb and mutton. 78 73 65 75 93 100 89 95 106 98 98 89 Other manufactured foods 154 166 179 195 207 191 174 167 157 155 154 151 i 56 Processed fruits and vegetables. 96 124 179 234 279 190 114 100 93 '00 85 89 Confectionery 100 89 96 144 175 171 158 151 149 140 127 115 Other food products 178 189 193 194 194 195 193 187 175 174 174 P179 Alcoholic Beverages. 158 176 186 159 159 173 163 142 134 144 161 165 164 Malt liquor 170 203 220 188 161 143 136 145 144 152 167 177 173 Whiskey 51 38 19 21 26 28 31 44 53 58 63 62 56 Other distilled spirits . . 139 115 115 126 202 472 280 140 104 83 124 119 137 Rectified liquors , 214 207 224 175 263 325 369 228 180 221 245 227 239 Tobacco Products. 178 197 179 193 198 197 184 159 178 184 183 1T4 174 Cigars 114 116 113 134 124 98 110 111 112 116 117 Cigarettes 245 278 252 274 275 268 254 224 249 260 258 237 238 Other tobacco products. 64 66 54 66 69 71 59 51 63 59 60 65 63 Paper and Paper Products. 182 182 159 188 191 203 205 195 200 207 211 210 209 Paper and pulp 175 177 153 180 181 192 194 185 191 198 201 200 199 Pulp 222 227 193 227 217 232 237 220 233 238 246 241 245 Groundwood pulp 117 122 110 116 112 116 114 113 117 122 121 122 123 Soda pulp 92 89 68 82 83 89 92 91 92 95 94 85 90 Sulphate and sulphite pulp 3 260 266 226 267 256 274 280 258 275 279 291 284 290 Paper 168 169 147 172 175 186 188 179 185 192 194 193 192 Paperboard 207 201 182 222 233 246 249 235 236 245 249 249 249 Fine paper 2 Printing paper 175 182 150 168 165 178 182 179 185 193 193 192 191 Tissue and absorbent paper 162 171 167 180 187 208 193 189 199 209 207 212 196 Wrapping paper 149 153 124 148 146 150 161 151 162 167 170 166 168 Newsprint 131 135 124 129 126 123 123 114 119 118 121 116 121 Paperboard containers (same as Paperboard). Printing and Publishing. . . 174 175 145 157 180 183 172 168 178 187 187 Newsprint consumption 173 168 141 168 182 184 165 150 164 180 181 184 Printing paper (same as shown under Paper) . Petroleum and Coal Products. 209 251 259 280 282 279 293 293 289 287 Petroleum refining 2 Gasoline 157 216 225 231 234 225 233 229 230 231 225 Fuel oil 167 228 231 235 232 226 239 239 241 236 233 225 Lubricating oil 129 185 172 179 179 182 171 163 155 147 159 163 Kerosene 134 187 210 221 206 207 231 248 255 238 211 212 Other petroleum products 2. Coke 165 72 67 169 177 179 182 186 188 188 189 187 189 By-product coke 161 71 67 168 174 178 179 182 183 183 183 181 183 Beehive coke 311 84 52 184 299 243 268 312 353 364 391 '382 393 Chemical Products. 291 296 295 299 305 309 313 314 311 '313 v323 Paints 155 156 155 152 153 158 157 159 158 '158 ••161 Rayon 270 307 325 354 370 358 350 351 348 -•337 352 374 Industrial chemicals 558 563 565 568 567 578 595 598 607 615 P633 Other chemical products 2. Rubber Products 242 246 225 242 252 260 264 272 268 •270 r275 272 Minerals— Total. 143 149 144 161 180 166 170 163 159 158 157 163 P169 Fuels 140 161 155 161 180 167 177 176 172 170 168 167 P170 Coal. 100 96 84 93 133 93 125 115 105 99 96 90 103 Bituminous coal. 107 102 91 102 144 93 135 125 116 109 107 113 113 Anthracite 73 74 57 61 95 87 71 60 60 52 66 Crude petroleum 159 193 190 194 203 203 202 207 204 205 204 201 P203 Metals. 159 74 81 164 178 164 131 84 84 87 vl65 Metals other than gold and silver. 238 90 101 244 265 241 185 108 109 115 -•120 195 I ( r C o o n p p o e re r; Lead; Zinc)2 348 41 71 381 418 363 248 83 86 91 105 262 Gold 44 Silver 74 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. JULY 1953 769 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 May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Total 105 108 71 84 121 125 134 134 141 148 148 148 144 Passenger automobiles 110 114 47 63 122 125 131 129 134 146 151 159 155 Household goods, total 99 101 98 108 119 124 137 139 149 150 145 135 131 F C u a r r n p i e t t u s re 1 8 0 1 9 1 4 1 4 0 1 6 1 1 3 1 7 1 6 3 1 8 1 1 5 1 9 1 9 8 1 9 2 8 0 1 9 2 4 5 1 1 0 2 3 1 '1 1 2 0 2 4 '1 1 2 0 3 1 1 9 2 8 6 126 Major appliances 85 89 74 94 89 91 114 115 123 126 137 121 120 Radios and television 115 136 135 141 205 214 237 236 279 273 226 201 182 ' Revised. NOTE.—Figures for May 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 May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May ADJUSTED FOR SEASONAL VARIATION Total 12,942 12,622 12,442 12,953 13,216 13,338 13,513 13,607 13,682j 13,757 13,857 13,913 13,940 Durable goods 7,463 7,096 6,871 7,372 7,616 7,726 7,862 7,944 8,009 '8,089 '8,175 8,219 8,224 Ordnance and accessories 126 127 126 129 132 132 134 137 139 '142 '144 144 143 Lumber and wood products 653 718 744 740 736 717 723 708 690 ••694 '696 706 705 Furniture and fixtures 304 307 308 312 314 316 321 324 324 325 '331 332 332 Stone, clay, and glass products.. 442 447 441 449 453 457 459 453 456 '455 '460 464 463 Primary metal industries 1,116 684 653 1,073 1,109 1,110 1,120 1,126 l, 133; 1,136 1,139 1,145 1,152 Fabricated metal products 843 818 792 834 862 884 899 908 922 933 944 948 957 Machinery except electrical 1,280 1,271 1,230 1,205 1,214 1,233 1,266 1,295 1,313 '1,316 1,322 1,320 1,300 Electrical machinery 784 783 782 798 824 843 859 875 890 907 915 926 931 Transportation equipment 1,322 1,340 1,190 1,221 1,355 1,411 1,450 1,484 1,509 '1,543 '1,576 1,576 1,573 Instruments and related products 223 223 226 228 230 233 236 238 240 '240 243 244 244 Misc. manufacturing industries.. 370 378 379 383 387 390 395 396 393 398 '405 414 424 Nondurable goods 5,479 5,526 5,571 5,581 5,600 5,612 5,651 5,663 5,673 '5,668 '5,682 5,694 5,716 Food and kindred products 1,133 1,145 1,138 1,115 1,116 1,125 1,124 1,127 1,135 1,144 '1,138 1,127 1,139 Tobacco manufactures 95 98 98 99 97 98 102 105 101 '97 '95 96 97 T A e p x p t a il r e e - l m a il n l d p o ro th d e u r c t f s inished tex- 1,075 1,068 1,100 1,122 1,138 1,135 1,135 1,129 1,121 '1,117 1,123 1,123 1,121 tiles 1,043 1,055 1,083 1,072 1,074 1,066 1,093 1,098 1,109 1,104 1,105 1,110 1,118 Paper and allied products 416 421 419 427 427 432 431 434 434 '435 438 440 442 Printing, publishing and allied industries 492 492 495 495 497 499 500 498 498 '497 '503 502 503 Chemicals and allied products... 518 518 519 513 509 508 508 508 511 '511 '518 527 527 Products of petroleum and coal. 158 176 175 187 187 189 188 188 188 188 188 189 189 Rubber products 208 209 201 205 208 211 213 215 217 218 220 221 221 Leather and leather products. . . 341 344 343 346 347 349 357 361 359 '357 354 359 359 WITHOUT SEASONAL ADJUSTMENT Total 12,726 12,476 12,229 13,069 13,477 13,560 13,634 13,699 13,619 '13,733 13,834 13,767 13,712 Durable goods 7,426 7,065 6,748 7,332 7,634 7,774 7,916 8,010 8,020 '8,115 '8,213 8,216 8,184 Ordnance and Accessories 126 127 126 129 132 132 134 137 139 '142 '144 144 143 Lumber and Wood Products 653 725 744 759 751 728 730 704 676 r677 '686 695 705 Sawmills and planing mills.. 396 435 439 450 448 440 433 420 406 '404 '408 414 Furniture and Fixtures 296 298 296 307 316 322 329 330 329 332 '334 330 324 Household furniture 215 215 217 225 231 237 242 243 243 '246 '247 243 Stone, Clay, and Glass Products.. 442 447 434 451 455 459 461 458 451 '453 '460 464 463 Primary Metal Industries 1,105 681 643 1,068 1,109 1,116 1,126 1,137 1,139 1,142 1,145 1,145 1,140 Blast furnaces, steel works 549 153 132 530 556 557 557 561 562 563 '565 565 and rolling mills 839 810 768 821 862 888 903 922 931 942 953 953 952 Fabricated Metal Products 1,286 1,277 1,218 1,193 1,208 1,227 1,260 1,301 1,313 »1,323 1,335 1,327 1,307 Machinery except Electrical 225 226 219 222 224 223 223 226 226 '227 228 229 Metalworking machinery.. . 776 775 755 782 824 851 872 893 899 916 924 926 922 Electr E i l c e a c l t r M ic a a c l hi a n p er p y aratus (gen- 262 261 249 253 262 268 271 275 277 281 285 287 erating, etc.) 324 327 324 346 367 381 398 410 411 '418 '417 414 Communication equipment. 1,322 1,340 1,190 1,221 1,355 1,411 1,450 1,484 1,509 '1,543 '1,576 1,576 1,573 Transportation Equipment 660 663 515 524 674 701 735 750 769 '798 '823 828 Motor vehicles and equip- 454 466 476 490 474 501 510 524 531 538 542 533 ment Aircraft and parts 223 223 219 226 230 234 237 240 241 '241 244 245 244 Instruments and Related Products. 359 36. 354 375 393 408 415 404 393 404 '411 412 411 Misc. Manufacturing Industries.. For footnotes see following page. 770 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 May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. j May Nondurable goods 5,300 5,411 5,481 5,737 5,843 5,786 5,718 5,689 5,599 -•5,618 '5,621 5,551; 5,528 Food and Kindred Products 1,048 1,116 1,199 1,269 1,309 1,223 1,142 1,093 1,045 r1,033 rl,026 l,023\ 1,051 Meat products 239 238 244 242 247 244 254 256 249 '241 238 231 Canning and preserving. . . . 139 177 234 309 348 253 172 143 132 •"129 '122 132! Bakery products 173 180 188 186 186 187 187 184 179 '180 '180 178! Tobacco Manufactures 84 85 85 109 117 117 109 108 101 rQ4 '<?/ 85\ 85 Textile-mill Products 1,070 1,068 1,067 1,105 1,127 1,135 1,146 1,146 1,132 rl,134 1,134 1,123\ 1,115 Broad-woven fabric mills.. . 483 486 489 498 501 503 506 508 502 502 499j 496 Knitting mills 215 219 215 228 232 236 239 236 230 '232 235| 233 Apparel and Other Finished Textiles 996 1,008 1,018 1,088 1,106 1,103 1,104 1,114 1,109 1,137 1,138] 1,093\ 1,068 Men's and boys' furnishings. 258 261 260 271 276 279 280 280 279 284 '288: 290 Women's and misses' outerwear 298 295 311 339 340 330 331 347 351 360 '357 324 Paper and Allied Products 414 419 411 425 425 432 435 441 436 r437 440 440 440 Pulp, paper and paperboard mills 218 221 215 222 217 219 219 224 223 '223 223: 2211 Printing, Publishing and Allied Industries 490 492 490 490 497 504 505 505 498 *497 '500 I 499 Newspapers 145 146 145 144 146 146 147 147 144 144 146; 147 Commercial printing 157 158 156 156 158 160 161 162 161 159 '159; 158 Chemicals and Allied Products.. . 508 502 501 503 512 518 518 518 516 '519 r526\ 527 516 Industrial organic chemicals. 179 181 184 185 185 187 188 189 190 189 191 192 Products of Petroleum and Coal. . 157 177 177 191 190 189 188 187 186 186 186 187 188 Petroleum refining 114 141 144 146 145 144 144 144 144 144 '144 144 Rubber Products 206 207 195 203 208 213 217 219 219 219 220 220 219 327 337 338 355 352 352 355 359 359 *364 363 355 345 Leather and Leather Products 214 223 221 233 229 225 226 232 236 '238 238 2321 Footwear (except rubber)... ' Revised. NOTE.—Covers production and related workers only; data shown include all full- and part-time production and related workers who worked during, or received pay for, the pay period ending nearest the 15th of the month. Figures for May 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 wTorked Average hourly earnings (dollars per week) (per week) (dollars per hour) Industry group 1952 1953 1952 1953 1952 May Mar. Apr. May May Mar. Apr. May May I Mar. j Apr. May Total 66.33 71.93 71.40 71.05 40.2 41.1 40.8 40.6 1.65 1.75 1.75 1.75 Durable goods. 71.51 77.52 76.96 76.41 41.1 41.9 41.6 41.3 1.74 1.85 1.85 1.85 Ordnance and accessories 78.22 '77.46 77.11 76.92 43.7 '41.2 40.8 40.7 1.79 '1.88 1.89 1.89 Lumber and wood products 60.68 '64.21 65.35 66.58 41.0 '40.9 41.1 41.1 1.48 '1.57 ! 1.59 .62 Furniture and fixtures 59.16 '63.38 63.04 62.12 40.8 '41.7 41.2 40.6 1.45 1.52 I 1.53 .53 Stone, clay, and glass products 64.94 '70.38 70.45 69.94 41.1 '41.4 41.2 40.9 1.58 1.70 j 1.71 .71 Primary metal industries 71.94 r83.82 82.81 82.00 39.1 '41.7 41.2 41.0 1.84 2.01 | 2.01 .00 Fabricated metal products 70.45 77.59 77.23 77.23 41.2 42.4 42.2 42.2 1.71 1.83 1.83 .83 Machinery except electrical 78.75 84.05 83.46 82.45 42.8 43.1 42.8 42.5 1.84 1.95 1.95 .94 Electrical machinery 67.23 '71.80 71.69 71.17 40.5 41.5 41.2 40.9 1.66 '1.73 1.74 .74 Transportation equipment 79.93 '85.49 85.49 83.64 41.2 '41.7 41.5 41.0 1.94 2.05 2.06 2.04 Instruments and related products 70.89 '73.57 71.93 71.23 41.7 '41.8 41.1 40.7 1.70 '1.76 1.75 1.75 Miscellaneous manufacturing industries. 60.05 65.31 64.84 64.53 40.3 41.6 41.3 41.1 1.49 1.57 1.57 1.57 Nondurable goods.. 59.52 63.60 62.81 63.20 38.9 40.0 39.5 39.5 1.53 1.59 1.59 1.60 Food and kindred products 62.78 '64.87 64.48 65.85 41.3 40.8 40.3 40.9 '1.59 1.60 1.61 Tobacco manufactures 45.60 '47.75 47.37 46.49 38.0 '37.9 37.3 36.9 1.26 1.27 1.26 Textile-mill products 50.90 54.80 53.70 53.70 37.7 40.0 39.2 39.2 1.37 1.37 1.37 Apparel and other finished products.. . . 45.74 49.76 48.23 47.47 36.3 37.7 37.1 36.8 1.32 1.30 1.29 Paper and allied products 66.46 '72.14 72.24 71.64 41.8 43.2 43.0 42.9 1.67 1.68 1.67 Printing, publishing and allied products. 81.27 85.02 84.97 85.19 38.7 39.0 38.8 38.9 2.10 2.18 2.19 2.19 Chemicals and allied products 69.53 '73.87 74.52 75.17 40.9 '41.5 41.4 41.3 1.70 1.78 1.80 1.82 Products of petroleum and coal 75.35 88.10 88.51 90.67 37.3 40.6 40.6 41.4 2.02 2.17 2.18 2.19 Rubber products 73.31 '80.90 79.32 n.a. 40.5 '41.7 41.1 n.a. 1.81 '1.94 1.93 n.a. Leather and leather products 48.86 '53.45 51.54 51.61 37.3 '39.3 37.9 37.4 1.31 '1.36 1.36 1.38 ' Revised. n.a. Not available. NOTE.—Data are for production and related workers, Figures for May 1953 are preliminary. Back data are available from the Bureau of Labor Statistics. JULY 1953 771 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS BY INDUSTRY DIVISION [Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons] Transporta- Federal, Year or month Total M t a u n r u in f g ac- ing co C n o st n r t u r c a t c i t on ti p o u n b l a i n c d Trade Finance Service Sta l t o e c , al and utilities government 1945 40,069 15,302 826 1,132 3,872 7,522 1,394 4,055 5,967 1946 41,412 14,461 852 1,661 4,023 8,602 1,586 4,621 5,607 1947 43,438 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—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 '49,113 '17,039 867 '2,562 '4,261 '10,445 r1 ,987 5,300 6,652 March '49,095 '17,165 855 '2,519 '4,268 '10,386 '1,994 5,305 6,603 April 49,090 17,229 837 2,502 4,261 10,392 2 ,005 5,312 6.552 May 49,192 17,280 831 2,455 4,277 10,433 2,017 5,315 6,584 UNADJUSTED 1952—May 47,439 15,855 887 2,543 4,184 10,068 1,950 5,323 6,629 June 47,418 15,624 816 2,690 4,225 10,144 1,972 5,360 6,587 July 47,078 15,402 784 2,751 4,198 10,108 1,997 5,382 6,456 August 48,158 16,280 893 2,812 4,258 10,110 2,000 5,378 6,427 September 48,892 16,680 886 2,794 4,281 10,295 1,976 5,364 6,616 October 49,095 16.778 871 2,728 4,296 10,442 1,973 5,303 6,704 November 49,310 16.874 871 2,648 4,286 10,650 1,973 5,266 6,742 December 50,140 16,952 870 2,497 4,293 11,218 1,978 5,237 7,095 1953—January 48,382 16,884 866 2,303 4,210 10,283 1,969 5,192 6,675 February '48,369 '17,013 856 '2,280 '4,210 '10,214 '1,977 5,194 6,625 March '48,631 '17,131 846 '2,292 '4,231 '10,280 '1,994 5,225 6,632 April 48,796 17,077 833 2,402 4,239 10,304 2,015 5,312 6,614 May 48,948 17,039 829 2,480 4,2 74 10,315 2,027 5,368 6,616 'Revised. NOTE.—Data include all full- and part-time employees who worked during, or received pay for, the pay period ending nearest the 15th of the month. Proprietors, self-employed persons, domestic servants, unpaid family workers, and members of the armed forces are excluded. May 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 Year or month in T p s o o t p t i a t u u l l t a n i t o i o o n n n a - l T l f a o o b r t c o a e r l Total In E m no p n lo a y g e r d ic * ul- In U pl n o e y m ed - l N ab o o t r i n f o t r h c e e Total tural industries agriculture 1945 105 370 65 140 53,860 52,820 44,240 8,580 1,040 40,230 1946 . .. 106,370 60,820 57,520 55,250 46,930 8,320 2,270 45,550 1947 107 458 61,608 60,168 58 027 49,761 8,266 2,142 45,850 1948 . 108,482 62,748 61,442 59,378 51,405 7,973 2,064 45,733 1949 109,623 63,571 62,105 58,710 50,684 8,026 3,395 46,051 1950 110,780 64,599 63,099 59,957 52,450 7,507 3,142 46,181 1951 111,924 65,832 62,884 61,005 53,951 7,054 1,879 46.092 1952 113,136 66,426 62,966 61,293 54,488 6,805 1,673 46,710 1952—June 113,050 67,884 64,390 62,572 54,402 8,170 1,818 45,166 Tuly 113,158 67,642 64,176 62,234 54,636 7,598 1,942 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 113,902 66,508 62,921 61,509 55,812 5,697 1,412 47,394 1953—January (2) (2) 62,416 60,524 55,072 5,452 1,892 48,232 February • (2) (2) 62,712 60,924 55,558 5,366 1,788 48,224 March (2) (2) 63,134 61,460 55,740 5,720 1,674 48,076 A M p a r v il . . ( ( 2 2) ) ( ( 2 2) ) 6 6 2 2 , , 9 8 6 1 4 0 6 6 1 1 , , 6 2 5 2 8 8 5 5 5 5 , , 1 2 5 6 8 8 6 6 , , 3 0 9 7 0 0 1 1 , , 3 58 0 2 6 4 4 8 8 , , 4 4 3 9 4 0 June (2) (2) 64,734 63,172 55,246 7,926 1,562 46,742 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. 772 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 Resi- Business O n t o h n e - r Mili- High- Conser- All Total dential Indus- Com- Public d re e s n i - - Total tary vation other Total trial mercial utility tial 1939 8,198 4,389 2,680 229 254 292 683 480 3,809 125 1,381 570 1,733 1940 8,682 5,054 2,985 561 442 348 771 508 3,628 385 1,302 528 1,413 1941 11,957 6,206 3,510 082 801 409 872 614 5,751 1,620 1,066 500 2,565 1942 14,075 3,415 1,715 287 346 155 786 413 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 1,100 672 642 203 827 463 2,398 690 398 130 1,180 1946 12,000 9,638 4,015 195 1,689 1,132 1,374 1,428 2,362 188 895 240 1,039 19V 16,689 13,256 6,310 896 1,702 856 2,338 2,050 3,433 204 1,451 394 1,384 1948 21,678 16,853 8,580 693 1,397 1,253 3,043 2,580 4,825 158 1,774 629 2,264 1949 22,789 16,384 8,267 322 972 1,027 3,323 2,795 6,405 137 2,131 793 3,344 1950 28,749 21,610 12,600 680 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 2,400 860 062 1952 >• 32,638 21,812 11,101 7,460 2,320 1,137 4,003 3,251 10,826 1,388 2,860 854 5,724 1952—June'. . . . 683 1,775 894 614 190 85 339 267 908 129 243 71 465 July ' 659 1,784 901 613 188 85 340 270 875 115 237 68 455 Augustr. . 658 1,784 902 612 188 88 336 270 874 111 229 65 469 September 713 1 ,797 908 617 186 93 338 272 916 105 261 67 483 Octoberr. . 2,744 1,832 946 615 180 100 335 271 912 101 262 68 481 November 2,781 1,856 965 619 180 108 331 272 925 109 237 67 512 December : 2,774 1,871 980 624 179 114 331 267 903 121 190 71 521 1953—January r. 2,829 1,865 949 652 191 125 336 264 964 135 240 74 515 February r 2,985 1,959 1,011 683 204 134 345 265 1,026 139 289 75 523 March''". . 3,038 2,045 1,080 699 208 130 361 266 993 137 264 78 514 April'- 2,981 2,015 1,038 706 210 124 372 271 966 127 256 79 504 May 2,892 1,959 968 713 204 132 377 278 933 126 243 75 489 Juried. . . . 2,909 1,963 982 710 196 137 377 271 946 128 256 75 487 Preliminary. r Revised. Source.—Joint estimates of the Departments of Commerce and Labor. CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions] B ow y n ty er p s e h i o p f Byr type of construction Year or month Total Nonresidential building Public Resi- works Public Private dential and building Fac- Com- Educa- Other public tories mercial tional utilities 1945 3,299 1,311 1,988 563 1,027 346 100 377 885 1946 7,490 1,754 5,735 3,142 1,317 773 221 404 1,631 1947 7,760 2,296 5,464 3,154 941 785 392 597 1,890 1948 9,430 3,107 6,323 3,608 840 975 725 1,127 2,155 1949 10,359 3,718 6,641 4,239 559 885 824 1,376 2,476 1950 14,501 4,409 10,092 6,741 1,142 1,208 1,180 1,651 2,578 1951 15,751 6,122 9,629 6,205 2,883 915 1,335 1,689 2,723 1952 16,775 6,711 10,064 6,668 2,562 979 1,472 1,686 3,408 1952—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 1,606 554 1,052 638 132 156 163 131 386 June 1,116 372 744 CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts, in thousands of dollars] Federal Reserve district Total Month (11 districts) Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an it s y as Dallas 1952—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 May.... 1,563,660 106,005 244,053 95,602 157,630 134,944 156,230 248,460 98,329 46,634 98,698 177,075 I 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 May.... 1,606,091 102,025 302,338 123,974 187,505 161,875 193,602 252,210 89,603 45,012 50,808 97,139 JULY 1953 773 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PERMANENT NONFARM DWELLING UNITS STARTED [In thousands of units] Private Government-underwritten Rural Year or month Total Urban non- Public farm Total fam 1 i - ly fam 2- ily f M am ul i t ly i- 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—June 104 56 47 97 87 4 7 7 39 26 July 103 52 50 101 90 4 7 2 42 29 iTs 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 86 46 40 82 72 3 7 4 34 21 13 December 72 41 31 68 58 3 6 4 29 19 10 1953—January 72 38 34 68 58 3 7 4 27 18 9 February 79 43 36 74 64 3 7 5 27 17 10 March 106 59 47 96 84 4 9 10 32 22 10 April P110 n.a. n.a. P107 n.a. n.a. n.a. 36 23 13 May P107 n.a. n.a. P104 n.a. n.a. n.a. j>3 34 22 12 June P103 n.a. n.a. P100 n.a. n.a. n.a. »3 38 24 14 p Preliminary. n.a. Not available. NOTE.—Government underwritten units are those started under commitments of FHA or VA to insure or guarantee the mortgage. VA figures after June 1950 and all FHA figures are based on field office reports of first compliance inspections; VA figures prior to June 1950, estimates based on loans closed information. Other figures are estimated by Bureau of Labor Statistics on the basis of reports of building permits issued, reported starts of public units, and a sample of places not issuing permits. FREIGHT CARLOADINGS, BY CLASSES [Index numbers, 1935-39 average = 100] Monthly—seasonally adjusted Monthly—unadjusted Annual Class 1952 1953 1952 1953 1951 1952 May Dec. Jan. Feb. Mar. Apr. May May Dec. Jan. Feb. Mar. Apr. May Total 134 126 122 131 134 130 132 129 130 124 120 121 119 122 127 132 Coal 121 109 101 111 108 97 92 96 106 101 111 108 97 92 96 106 Coke 208 168 179 191 184 181 184 178 183 178 200 193 191 186 175 182 Grain 143 142 132 131 128 114 130 133 141 116 123 128 112 119 117 124 Livestock 69 69 66 69 62 57 60 66 65 59 66 59 46 47 58 58 Forest products 150 144 126 152 154 146 142 144 137 131 135 139 140 142 144 143 Ore 205 181 212 248 278 275 273 ••237 237 292 77 70 69 79 231 315 Miscellaneous . . 147 140 137 144 151 149 154 148 146 138 135 138 140 146 146 148 Merchandise 1 c. 1 48 46 45 45 44 45 45 44 45 45 43 42 43 45 44 45 NOTE.—For description and back data, see BULLETIN for June 1941, pp. 529-533. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission. MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exportsJ Merchandise imports2 Excess of exports Month 1951 1952 1953 1951 1952 1953 1951 1952 1953 January 974 1,254 '1,287 1,025 922 f-922 -51 332 '365 February 1,076 ,344 1,196 910 893 856 166 451 340 March 1,295 L.447 1,388 1,102 964 1,004 193 483 384 April 1,369 1,352 Pl.392 1,034 932 Pi,012 336 420 P379 May 1,354 ,474 1,018 834 337 640 June 1,297 1,167 930 861 366 306 July 1,186 1,027 895 839 292 188 August 1,270 ,086 881 817 390 269 September. .. . 1,232 ,227 721 876 510 351 October 1,152 1,215 834 918 319 297 November. ... 1,388 ,189 819 804 569 385 December.... 1,438 1,383 800 1,052 638 331 January-April. 4,714 5,397 P5.263 4,071 3,711 P3,794 644 1,686 PI.468 P Preliminary. r Revised. 1 Exports of domestic and foreign merchandise. Includes exports under foreign aid programs, including Department of Defense shipments under the Mutual Security Program as follows (in millions of dollars): 1951, 1,065; 1952, 1,981; January-April 1953, 1,227. 2General imports including imports for immediate consumption plus entries into bonded warehouses. Source.—Department of Commerce. 774 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS [Based on retail value figures] SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS [Index numbers, 1947-49 average = 100] Federal Reserve district United Year or month States Boston Y N o e r w k a P p d h h e i i l a l - - C l l a e n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is M ap i o n l n i e s - K C a i n t s y as Dallas F ci r s a c n o - SALESi 1947 98 99 99 96 97 97 96 98 97 98 98 94 99 1948 104 102 103 104 105 103 103 104 104 104 103 105 104 1949 98 99 98 100 98 100 101 97 98 99 99 102 98 1950 105 103 101 106 105 105 109 104 104 105 108 113 105 1951 109 105 105 109 111 113 115 108 105 104 111 117 109 1952 110 104 99 109 110 116 124 106 106 104 113 124 114 SEASONALLY ADJUSTED 1952—May '109 101 107 103 '121 '128 104 102 104 112 128 June 111 103 98 107 112 122 138 105 111 100 114 132 114 July 105 106 95 106 1C5 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 113 106 100 112 116 122 128 114 107 105 114 125 112 April 107 103 98 107 105 115 116 108 99 96 108 121 110 May 104 101 116 113 P129 114 108 P105 P115 130 122 UNADJUSTED 1952—May 108 102 95 108 105 ••120 '123 104 106 105 112 125 '114 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 '92 103 117 102 April 104 101 93 103 103 111 117 104 100 97 106 117 105 May 106 99 117 115 P128 P131 114 112 P107 Pi 15 127 117 STOCKSi 1947 93 95 98 93 93 94 90 89 93 91 93 89 93 1948 107 105 105 107 107 105 108 111 106 110 108 110 107 1949 100 100 97 99 100 101 102 100 100 100 100 101 100 1950 109 110 104 108 106 114 120 110 112 104 113 112 110 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—May M17 109 mi 114 109 '129 126 114 124 106 124 r123 128 J J u u l n y e 1 1 2 1 0 8 1 11 1 0 0 1 1 1 1 3 6 1 1 1 1 4 3 1 11 0 3 7 1 1 3 4 9 0 1 1 2 2 5 9 1 1 1 1 3 8 1 1 2 2 5 0 1 10 0 8 5 1 1 2 2 2 8 1 1 2 3 3 0 1 12 2 5 8 A O D S N e u c e o p t c g v o t e u e e b m s m m e t b r b b e e e r r r 1 1 1 1 1 2 2 1 2 1 0 0 9 0 8 1 1 1 1 1 1 1 0 0 0 1 0 9 9 9 1 1 1 1 1 1 1 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 1 1 1 3 4 4 3 2 1 1 1 1 1 1 1 1 1 0 1 2 3 2 9 1 1 1 1 1 3 3 3 3 3 2 2 2 0 6 1 1 1 1 1 4 3 3 3 2 2 6 3 0 9 1 1 1 1 1 1 1 1 1 1 8 4 8 8 5 1 1 1 1 1 3 2 2 3 3 2 9 8 0 0 1 1 1 1 1 1 1 0 1 0 1 3 9 3 7 1 1 1 1 1 2 2 2 2 2 3 4 9 4 7 1 1 1 1 1 3 3 2 3 2 0 1 9 0 7 1 1 1 1 1 2 2 2 3 2 6 7 6 4 3 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 126 118 114 '116 116 139 141 123 139 114 133 138 134 May P129 P117 116 120 117 146 P140 123 149 P118 139 142 UNADJUSTED 1952—May 120 112 '113 116 111 1-133 127 116 124 108 126 125 132 June 112 102 105 105 100 127 120 107 118 100 119 114 126 July 110 99 102 100 102 128 121 107 112 105 120 120 120 August 114 103 107 107 104 134 127 110 125 104 120 125 118 September 124 112 116 117 116 137 135 119 140 113 129 134 129 October 134 123 124 131 124 146 145 131 147 120 135 141 147 November 136 131 128 131 128 148 153 136 143 123 140 146 141 December 108 104 102 100 98 116 124 106 112 99 109 120 112 1953—January 111 103 101 101 104 127 126 109 113 105 118 122 119 February 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 132 122 119 '126 122 151 148 178 148 119 140 146 141 May P132 P120 119 123 119 150 P141 125 149 P120 P144 141 147 ' Preliminary. ' Revised. 1 Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average. NOTE.—For description and monthly indexes for back years, see BULLETIN for December 1951, pp. 1463-1515. JULY 1953 775 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued [Based on retail value figures] DEPARTMENT STORE MERCHANDISING DATA Amounts (In millions of dollars) Ratios to sales1 Out- Stocks Year or month Sales2 Stocks2 stand- Re- New Out- plus (total (end ing ceipts3 orders3 stand- out- Refor of orders2 (total (total Stocks ing stand- ceipts month) month) (end of for for orders ing month) month) month) orders 1944 average 246 574 596 244 256 2.4 2.5 5.0 1.0 1945 average 276 604 775 277 291 2.3 3.0 5.3 1.0 1946 average 345 767 964 373 354 2.3 3.0 5.3 .1 1947 average 365 887 588 366 364 2.5 .7 4.3 .0 1948 average 381 979 494 386 363 2.7 .4 4.1 .0 1949 average 361 925 373 358 358 2.7 .1 3.8 .0 1950 average 376 1,012 495 391 401 2.8 .4 4.2 .1 1951 average 391 1,202 460 390 379 3.2 .3 4.4 .0 1952 average 395 1,093 433 395 398 2.9 .2 4.1 1.0 1952—May '386 '1,105 "•275 '350 '330 2.9 .7 3.6 0.9 June 353 1,017 410 '265 '400 2.9 .2 4.0 0.8 July 289 997 520 269 379 3.4 .8 5.2 0.9 August 343 1,040 539 386 405 3.0 .6 4.6 1.1 September 387 1,131 592 478 531 2.9 .5 4.4 1.2 October 448 1,230 J 573 547 528 2.7 .3 4.0 1.2 November 462 1,275 ' 454 507 388 2.8 .0 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 .4 4.6 1.0 February 301 1,100 455 374 377 3.7 .5 5.2 1.2 March 381 1,169 401 450 396 3.1 .1 4.1 1.2 April 373 1,213 324 417 340 3.3 0.9 4.1 1.1 May? 388 1,184 321 359 356 3.1 0.8 3.9 0.9 p Preliminary. ' Revised. 1 The first three ratios are of stocks and/or orders at the end of the month to sales during the month. The final ratio is based on totals of sales and receipts for the month. 2 These figures are not estimates for all department stores in the United States. They are the actual dollar amounts reported by a group of department stores located in various cities throughout the country. In 1952, sales by these stores accounted for about 50 per cent of estimated total department store sales. 3 Receipts of goods are derived from the reported figures on sales and stocks. New orders are derived from receipts and reported figures on outstanding orders. NOTE.—For description and monthly figures for back years, see BULLETIN for October 1952, pp. 1098-1102. WEEKLY INDEX OF SALES [Weeks ending on dates shown, 1947-49 = 100] Without seasonal adjustment 1949 1950 1951 1952 1950 1951 1952 1953 Aug. 6 78lAug 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. . . 1.05Sept 6. . . 1.00Mar. 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 . . . 1.09 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. . . 1.10Oct. 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. . . ion! 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 109Nov. 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. . . 1.61Dec. 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 .112 17. . .201 16 220i 15. .. 213 20 237 17. ... 104 16.... 106 21 98 20 .111 24 186 23. ...22l! 22. .. 228 27 146 24 86 23 92 28 91 27 ..94 31 68 30 82 29 92 30 89 1950 1951 1952 1953 Jan. 7 70!jan. 6 98ijan. 5 78Jan. 3 81July 1 91July 7. ... 75July 5 79July 4. . . .. .80 14.... 80| 13.... 105 12. . . .92 10... . 89 8. ... 75 14.... 83 12.... 83 11 21. . . .79 20.... 104 19.... 90 17 92 15 91 21. ... 81 19 82 18 28.. . . 76 27.... 96 26.. . .83 24 86 22. ... 104 28.... 80 26. . 79 25 31 87 29.... 102 NOTE.—For description and weekly indexes for back years, see BULLETIN for April 1952, pp. 359-362. 776 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 RES2RVE DISTRICTS, METROPOLITAN AREAS, AND CITIES [Percentage change from corresponding period of preceding year] Federa a l re R a e , s o er r v c e i t d y istrict, M 19 a 5 v 3 A 19 p 5 r 3 . m 19 5 o 5 s 3 . Federa a l re R a e , s o er r v c e i t d y istrict, M 19 a 5 y 3 A 19 p 5 r 3 . m 19 5 o 5 s 3 . Federa a l re R a e , s o er r v c e i t d y istrict, M 19 a 5 y 3 Apr. United States p+1 0 +3 Richmond Dist. (Cont.) Minneapolis Dist. (Cont.) Boston District 2 -2 +2 M N e o tr r o f p o o lk li - ta P n o rts A m re o a u s t 2 h ~ , C V on a t . . . +7 +6 C M iti a es nkato, Minn +3 +3 M P e o tr r o tl p a o n l d it , a n M a A i r n e e as +5 . +2 +9 R R i o c a h n m ok o e n , d , V V a. a 1 .1 +4 -4 + + 2 8 G G r r e an at d F F a o ll r s k . s , M N o . n t D - - 5 8 - - 1 8 7 -1 L W N o e o w w rc e e l B l s - e t L e d a r f , o w r M r d e , n a c s M s e . , a 1 s M s ass.. . +7 0 0 + + 3 3 0 + + + 3 9 4 C S C it p h ie a a s r r t l a e n st b o u n r , g , W S . . V C a.1 + + 1 2 1 -5 0 + 7 0 D La u M l C u i t r n h o n - s . S s - e W u . p i W e s r e i i . s o 1 e r, -16 0 —6 + — 5 1 C D S it p i o e r w i s n n g t f o ie w ld n , B M o a st s o s n, Mass.1 + -4 1 - - 4 4 + + 1 1 L N H y e u n w n c t p h in o b g r u t t r o g N n , e , V w W s a , . . 1 V V a a.1 - + + - 11 7 3 6 - - — 1 4 1 7 + + _2 5 1K M a e n t s ro a p s o C lit i a ty n D A i r s e t a r s ict -3 + 1 +2 Providence, R. I.1 -2 —4 0 Atlanta District p+3 0 +5 D Pu e e n b v l e o r , , C C o o l l o o -4 + + 6 1 + + 2 6 New York District + 1 -1 -1 Metropolitan Areas2 Topeka. Kans -1 +6 +3 P C M h N A S B S B R B E P U i i e t N N B y l c o u l e i l o r i t t a m e N N b n r h i i r w u f u e c i c d s o a f d a g a e g w f h e e i a a g c p f n g n r e h w h w e l , a u o a e o y a e l a s k Y l J , s p l p a , o N , r c t m e i e Y e a e o r o t t h N r e , N a N k a r t . r s r o C p i Y , o n , F d t . k e a N . r , s . i n y k a y - Y N Y N t i Y . , N , C l y e , D A l . . , Y , C s N o N o N r i Y , J N e i n s N r . . . . t . 1 t a t N 1 . n y Y . h . Y i r Y s . , . e 1 2 Y i Y . c a N Y & . t s » . t N e Y r . n . J 1 . . + ( + + + + + + - + - - - - - 3 1 1 1 1 3 4 1 ) 2 4 8 6 6 6 4 0 3 + + + + - - - - - - - - 1 2 2 3 3 2 1 2 3 2 4 5 0 0 0 1 4+ + + + + + + + + + + + + - - 2 3 4 2 3 2 4 6 7 4 6 4 3 1 0 1 C J O A S A M M M S J C M N B C B K N i a a t S T t a o r i u t i h a e n a c . c o i o a e r l t l v a w a t l s g a o k . k a a m c b s n P o u a m h m t u x s n o n s i t n m t n P t v i l o g s o O v d n a t r p n i e n e i t a , n s o i n b n , o , a l g a r R l t a . b v l , m u , l o l , F e , h e A G h e e o g i s G r o , a F l M l , , a e F G u , s . l a a l g m - n r a l a b e T g l T . G . T a a i G y a a s 1 1 , . u s e , e 1 . , e , a . a s , a r n F 1 n A . m g T L A 1 n L l n , l a e a . p l . a a 1 a 1 . F n . a 1 . . 1 1 1 n , l a . F 1 la.. . P P + + + + + + + + + + + + + + + + - - 1 1 1 4 5 3 5 3 6 3 2 4 3 4 3 9 5 1 4 0 + ' - + + + + + + - _ - — - - _ - 1 + 1 3 2 8 2 2 2 5 9 3 8 2 2 0 1 0 0 1 1 0 + + + + + + + + + + + + + + + + _ 1 1 3 8 5 6 6 4 3 8 ? 9 8 9 7 0 0 7 1 - 7 3 2 D C M a J O S W S K E C D S T H F H O E i l e o t a h t o l n u l o i k a a u o t m . p a i e n r r r i l l n r l c t u P l s o s e d t s J l a p a c i h s a s a o v p A , a h n h h u a t W i D s , s o s e , o o t a i s s , n O o e a n p l , O i m n t i o M , , p T s k s C o C t o , N r k a t a n h l T r e n K t h i o r a l n T t . n h t e x a i , e r i y C o a . , b e i c . M x , 1 n s , A L r x t i T K t t s M . r T o i a y 1 e , e a , e x a n o T x O s s . e . k . x . . l . . a . . . - H + - ~ 1 2 5 4 i W + + + + + + + + + + - 3 6 4 8 9 2 3 3 7 1 1 j + + + + + + + + + + + + + + + - 1 1 6 3 3 5 3 2 4 4 2 8 4 7 1 1 2 Metropolitan Areas Rome, Ga +8 -6 +8 Waco. Tex -6 Trenton, N. J +3 +3 +6 Meridian, Miss +4 -3 +8 Lancaster, Pa + 10 -6 +5 Bristol, Tenn -2 -4 0San Francisco District. . . + 1 +4 Philadelphia, Pa +4 0 +2 Metropolitan Areas2 C W Y W R it P y e o i i a a l r l m k k d e , i i n s n P - g g B a , t o a P r n a r , e - D H e a l zleton, + + + - 2 5 4 3 4 + + - - 3 6 5 1 + + 1 6 0 0 3 C M h F C P I i e n o e c h t d r o r a i o t i c r g a i p a o a W n g o . a o l D a i p , 1 t y a o 1 i I n s n 1 l I i t . e I s 1 r . , , A 1 ic I r I n t e n a d d s . . 1 1 P + + +4 7 0 0 1 + + + + + 1 2 4 3 3 5 + + + + 1 5 2 1 1 F L P L r h o e D W s o o s e n A o n e n g w o s n i , x t g n B s , e C t i e o d l A a e a e w l s c r i , n h i L f z . , 1 C . . L 1 A C a . l a . A i , l f i . C . f 1 , . a 1 C li a f l . i 1 f . . . 1 P - - 1 — 8 1 7 + + — 3 4 3 0 + + + + - - 3 5 2 3 4 3 C M l A C S C Y W C T E e e v p r o o i a k o t h i n r r e l n l r u e i o e e u c l o n , t n a e d p i m o n g n g l n o P o n , f i b n s l , n d i a , i e t O u a g t . o O l a O 1 t s , d D h w i n , h , , h i W i n i O o s i O o O , A o l t . h x h J r r h O i V e i i o i o c h a o 1 a t x s i 1 . o 1 x + + + + + + + + - 1 4 5 6 4 8 4 5 0 1 0 + + + + - - - - 1 3 1 1 3 8 1 0 1 0 CJ + + + + + + + + _ — 1 3 3 3 4 4 4 7 7 4 3 S M t. T D D F M M G L G e l e L a e e r t r i i a r e r n a s n l t o d o r w e r n s t e u i o p n M , i d s a n o i i o u H M t s g o l B , R n i k , i t a D , i a n a e a M c u M y e e n p W i h t , s s , i i e . i c , d t 1 c , W i A W h r s s h I r . i I , o 1 . i e c i n 1 s w s M a t d . . s 1 a 1 . i 1 ch.1.. . . ' + + + + + - - - - 2 1 8 1 2 3 4 8 7 1 7 7 + + + + + - 2 1 1 6 3 5 2 t 0 j + + + + + + + + - - - 2 1 1 1 1 1 1 5 1 2 1 9 2 2 5 0 ! S S S S R O V S S P a a a a i n n n D n v c a a a a a n C r e a n s l k o a J F l D r r a t a e l w o s F m d a r d a j l i i s a i i o r e n e n d e f n e a n M , g n d . e t n , n o 1 o . o - a C - t , o c C w B , , o O a i n a C , s a e n C n l C a i c i l r a c d C k f i a a o k l a f O i l l l , . a e , i f i a 1 f f l S a l C n i . C e k 1 f a d y a . a l n 1 , , a l l i i n f f C C B d .1 a a , e . l l . r i i . f f - . . . 1 1 p + - - — 2 1 — 1 1 1 1 0 7 3 : - + + + + + - _ 1 4 6 2 3 3 2 0 0 0 1 + + + + + + + - - - - 1 1 6 3 1 3 8 3 4 4 4 4 R C M i P W C A P W R B c it e D o i h l i s a a t t a e i e h r r l l t m o n s s v e t t o s e w s s i h i e b p v m o t g m i l o n u o i n a h n l o n l t o r l n , g d i o e r g - t u d t e , a w S N h o t , , D n a h , N n n . O l M , , i e P . C s W A h m O D a t d C . r i r 1 . a , . h o e . 1 . 1 i 1 s a 1 i c C N h o s t . 1 2 . . , 1 C D . . 1 . C . . . P P + + + + + + - + — 2 2 1 2 4 3 3 8 0 3 1 7 + + — - - - - - — 1 1 8 6 6 2 2 7 5 4 , + + + + + + + + — 2 9 4 7 3 1 1 0 1 4 1 M C M S S Q i L F L M M E i e n t p t o o i v u y t . e p t n r r u r a i t i m o l t L n l e n i n s e s p c a g o s - p S v o y S v f u p h m R i l i , i l t i i e i o l l . s o t s i l e l 1 a l , t , e d c 1 P , i h n , k s , M 1 T a , K , u I e D M A o n A y A l n , d i r r . o n s r 1 k e M k . t a 1 r . s i 1 i n 2 c n t .1 P P- + + + - 3 3 7 4 2 0 0 0 0 + r + + - _ — - 1 3 2 2 4 5 5 0 -2 1 + + + + + + + 1 5 4 4 0 0 0 1 1 5 1 C S S T S S T T P I B B B i d t a p e t a o w u o i e a o a e l a o c r c k l i t i c h s s l t t o k s n e i t l e k o o n m L l r a a t e s g n n n F a a o f , F a , h e d n k i a n , a e W . a , l e d A , l l l W m d l W s O r C s a C N , , i , , s a z r a a i I a h s C e W t I l s d y m i h . d . h f a 1 a 1 , . a . a . l 1 p h 1 1 i s h U f o a h o . , 1 t a I h d a i. h . o . . p P + - ( + + + + + - + - 2 1 3 5 2 ) 2 2 5 1 6 7 0 1 - - + + _ _ - - - 1 1 2 2 7 1 4 2 1 2 0 ? i + + + + + + + + - 5 6 5 6 4 6 5 7 0 7 2 C C h o a lu r m les b t i o a n , , S S . . C C .1 .1 + + 1 1 7 + + 6 2 + + 8 8 S M t. i n P n a e u a l p o C l i i t s y C , M ity i , n M n. i 1 n .. n . .1 + -4 2 - - 5 2 + + 3 1 W Ev a e ll r a e t W t, a W ll a a, s h W .1 ash.1 + — 1 9 3 r- + 6 5 + + 1 9 6 Greenville, S. C.1 + 10 +3 +9 Sioux Falls, S. D _2 Yakima, Wash.1 -3 -15 2 -4 P Preliminary. r Revised. 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. 3Data not available. 4Four months 1953. JULY 1953 777 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS [Based on retail value figures] Percentage Ratio of Index numbers change from a stocks to without seasonal adjustment, year ago sales1 1941 average monthly sales =100 2 Num- Department r s b e t e p o r o r r e t o s - f d p S u e a r r l i i e o n s d g m ( S e t o n o n d c t k h o s ) f April Sale pe s r d i u o r d ing Sto o c f k m s o a n t t h end ing Apr. mo F n o t u h r s Apr. 1953 1952 1953 1952 1953 1952 1953 1953 1953 Apr. Mar. Apr. Apr. Mar. Apr. GRAND TOTAL—entire store3 369 -1 +2 +6 3.4 3.2 MAIN STORE—total 369 0 +2 +6 3.7 3.5 203 211 203 756 737 722 Piece goods and household textiles 330 +8 0 +3 4.3 4.6 168 163 155 727 709 717 Piece goods 309 -2 -4 -4 3.7 3.7 191 229 195 697 718 737 Silks, velvets, and synthetics 216 -7 -9 -5 3.6 3.4 159 245 172 569 731 603 Woolen yard goods 183 -3 +3 -6 7.4 7.7 94 213 97 705 747 727 Cotton yard goods 203 +2 0 + 1 2.9 3.0 285 278 280 835 838 843 Household textiles 321 + 17 +2 +6 4.7 5.2 158 131 135 745 713 706 Linens and towels 293 + 13 +2 + 1 5.4 6.0 139 123 124 750 714 740 Domestics—muslins, sheetings 271 +23 +9 4.3 4.8 175 149 142 749 746 689 Blankets, comforters, and spreads 257 + 15 +4 + 10 4.4 4.6 151 124 131 670 688 615 Small wares 355 +4 +3 +5 4.3 4.2 172 167 166 740 715 708 Laces, trimmings, embroideries, and ribbons . . . 210 -6 -3 +4 3.5 3.2 262 239 278 922 892 885 Notions 251 +4 0 +9 3.5 3.4 270 215 259 955 921 884 Toilet articles, drug sundries 338 + 1 +2 +5 4.0 3.8 148 147 146 586 577 562 Silverware and jewelry 332 +5 +3 + 1 5.5 5.7 168 158 160 927 902 919 Silverware and clocks4 226 +4 -1 -2 8.2 8.7 Costume jewelry* 296 +5 + 7 +8 3.3 3.2 Fine jewelry and watches4 92 +3 0 9.6 10.2 Art needlework 246 + 15 0 -1 5.4 6.3 129 137 113 708 700 720 Books and stationery 292 +8 +9 + 12 4.3 4.1 166 187 153 713 673 647 Books and magazines 136 +9 +6 +4 3.6 3.7 134 185 123 477 537 457 Stationery 253 +8 + 11 + 14 4.6 4.4 157 180 146 728 706 651 Women's and misses' apparel and accessories. 366 -5 +2 + 10 2.7 2.4 222 247 234 609 605 559 Women's and misses' ready-to-wear accessories. . 366 y +2 + 11 3.4 2.8 213 233 228 714 702 652 Neckware and scarfs 325 + 1 +9 + 19 2.3 1.9 324 333 321 736 726 626 Handkerchiefs 293 -7 0 + 1 4.7 4.3 102 106 110 478 475 467 Millinery 167 -19 +3 0.9 0.7 212 286 263 195 249 189 Women's and children's gloves 340 -19 -4 +4 3.6 2.8 165 173 204 597 611 574 Corsets and brassieres 354 +6 +8 + 13 3.1 2.9 305 300 287 943 911 843 Women's and children's hosiery 356 -6 +8 2.7 2.3 142 144 150 379 368 355 Underwear, slips, and negligees 360 +3 +3 +9 3.6 3.4 195 181 189 694 654 647 Knit underwear 262 +4 +4 + 11 3.8 3.5 242 237 233 916 899 834 Silk and muslin underwear, and slips 309 +2 + 1 +8 3.7 3.4 181 164 178 668 618 622 Negligees, robes, and lounging apparel 281 +4 +3 +5 2.8 2.8 180 168 172 508 472 493 Infants' wear 346 -10 +2 + 15 3.4 2.6 271 335 302 914 894 808 Handbags, and small leather goods 349 -12 +2 + 11 2.7 2.1 195 215 222 529 524 479 Women's and children's shoes 258 -10 +4 + 11 5.0 4.1 244 286 270 1,221 1,191 1,113 W Ch o i m ld e re n n 's ' s s s h h o o e e s4 s4 2 2 2 3 7 8 - — 2 6 6 + + 2 5 + + 1 1 1 4 4 5 . . 9 2 3 4. . 2 4 Women's and misses' ready-to-wear apparel. .. . 364 -3 +3 + 10 2.1 1.9 233 262 240 498 506 459 Women's and misses' coats and suits 355 -7 +2 +4 1.4 1.3 243 322 261 355 438 347 Coats4 244 -2 +2 +2 1.2 1.2 Suits4 235 — 13 4-1 +6 1.8 1.4 Juniors' and girls' wear 335 -12 +3 + 13 2.2 1.7 262 377 297 568 584 508 Juniors' coats, suits, and dresses 294 -6 +3 + 7 1.6 1.4 274 351 293 433 460 404 Girls' wear 334 -18 +4 + 18 2.9 2.0 264 423 321 770 753 662 Women's and misses' dresses 358 0 + 1 +6 1.7 1.6 247 229 248 418 402 402 Inexpensive dresses4 283 0 +2 + 11 1.4 1.3 Better dresses4 292 o -j-1 +2 2.0 1.9 Blouses, skirts, and sportswear 358 +2 +6 + 16 2.9 2.6 273 266 268 799 736 695 Aprons, housedresses. and uniforms 307 +6 +5 + 13 2.2 2.1 234 197 222 513 477 462 Furs 272 +6 -6 +3 6.4 6.6 54 81 52 351 427 351 Men's and boys' wear 348 -5 +2 +7 5.2 4.6 170 179 180 888 847 835 Men's clothing 284 0 + 1 0 5.6 5.6 177 180 177 984 951 992 Men's furnishings and hats 332 0 +3 + 10 5.2 4.7 153 143 154 792 740 721 Boys' wear 322 -21 +3 + 14 4.4 3.0 199 282 251 874 867 765 Men's and boys' shoes and slippers 210 _2 +4 + 14 6.2 5.4 185 183 189 1,151 1,108 1,022 For footnotes see following page. 778 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS—Continued [Based on retail value figures] Percentage Ratio of Index numbers change from a stocks to without seasonal adjustment, year ago sales i 1941 average monthly sales = 100 2 Num- Department r b s e t e p o r o r e r o t s f - d p S u e a r r l i i e o n s d g m S (e t n o o d n c k t o h s f ) April 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 Apr. Four Apr. 1953 1952 1953 1952 1953 months 1953 1953 1952 1953 Apr. Mar. Apr. Apr. Mar. Apr. Homefurnishings 333 +9 +2 +2 4.6 4.9 213 208 195 980 965 968 Furniture and bedding 261 + 12 +5 +5 4.6 4.9 209 199 186 960 941 930 Mattresses, springs, and studio beds4 187 + 15 +8 +9 2.4 2.5 Upholstered and other furniture4 196 + 10 +3 +4 5.4 5.7 Domestic floor coverings 289 +8 0 -2 5.2 5.7 179 169 165 922 928 Rugs and carpets* 170 +9 + 1 +3 5.4 5.8 Linoleum4 87 -12 -14 -4 4.6 4.2 Draperies, curtains, and upholstery 316 +4 0 +4 4.3 4.3 211 203 203 905 942 874 Lamps and shades 265 +8 0 +4 4.4 4.7 185 170 172 832 802 811 China and glassware 266 +5 -1 + 1 8.1 8.4 155 156 147 1,257 1,238 1,248 Major household applicances 242 +16 -10 3.6 4.7 193 226 167 698 690 789 Housewares (including small appliances) 277 +9 +8 +6 3.9 4.1 305 277 280 1,200 1,160 1,140 Gift shop* 195 + 11 +4 +9 6.0 6.1 +3 Radios, phonographs, television, records, etc. *.. 238 +7 -3 +7 4.3 4.3 Radios, phonographs, television4 179 +2 -5 +6 4.0 3.9 Records, sheet music, and instruments4 131 +6 -2 +1 5.4 5.6 Miscellaneous merchandise departments.... 336 + 1 +6 3.3 3.1 202 185 201 670 626 644 Toys, games, sporting goods, cameras 314 +3 t? +9 5.7 5.4 162 134 158 930 841 853 Toys and games 260 -4 + 15 5.7 4.8 125 117 130 712 690 629 Sporting goods and cameras 161 +9 +3 5.8 6.2 166 122 153 970 815 919 + 10 L C u a g n g d a y g 4 e 2 1 8 9 7 4 - + 17 6 +2 0 + + 5 8 5 1 . . 2 0 0 5 . . 7 2 179 154 169 925 880 891 BASEMENT STORE—total 204 -6 +7 2.4 2.1 208 222 221 507 497 479 143 +18 +2 +8 3.0 3.3 Domestics and blankets4 194 -10 +9 1.9 1.5 217 241 240 401 393 369 Women's and misses' ready-to-wear 170 +1 +6 2.4 2.3 Intimate apparel4 126 -5 +5 2.0 1.8 Hosiery4 126 + 1 +3 + 12 2.7 2.4 Underwear, corsets and brassieres4 181 +2 1.0 0.9 Coats and suits4 179 -16 -4 +9 1.2 1.0 Dresses4 160 -9 +3 +20 2.3 1.9 Blouses, skirts, and sportswear4 131 -1 +3 +23 2.2 1.4 Girls* wear4 127 -22 +2 +12 2.4 2.0 Infants' wear4 122 -11 7 +7 2.3 2.0 Aprons, housedresses, uniforms4 -3 Men's and boys* wear 171 -7 +1 +12 3.1 2.6 213 233 229 666 652 610 Men's wear4 157 -1 0 + 11 3.2 2.9 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 7 6 + -5 3 -1 +6 3 3. . 3 0 3 2 . . 0 7 + 1 Boys' wear4 125 -21 + 16 2.6 +4 + 12 Homefurnishings 109 +7 3.0 3.4 189 180 177 569 574 596 -3 -5 Shoes 124 -12 4.0 3.3 173 190 1% 683 676 650 0 NONMERCHANDISE—total4 191 +3 +7 +3 Barber and beauty shop4 82 -1 -1 xThe ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. 2The 1941 average of monthly sales for each department is used as a base in computing the sales index for that department. The stocks index is derived by applying to the sales index for each month the corresponding stocks-sales ratio. For description and monthly indexes of sales and stocks by department groups for back years, see BULLETIN for August 1946, pp. 856-858. The titles of the tables on pp. 857 and 858 were reversed. 3For movements of total department store sales and stocks, see the indexes for the United States on p. 778. 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. «Data not available. NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1952, sales and stocks at these stores accounted for almost 50 per cent of estimated total department store sales and stocks. Not all stores report data for all of the departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total. JULY 1953 779 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 G a l n e a c d s - S f a u o n e l d l i s d H f i u o s r u h n s - - e- H o h p o o e u l r s d a e - - p A a p re - l T p t r o i a r o t n n a s - - M c ic a e a r d e l - s c P o a e n r r a e - l re 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—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.. .. 113.7 111.5 117.0 122.1 106.5 123.6 107.8 114.3 104.6 129.4 120.2 112.5 107.9 117.9 May... 114.0 112.1 117.1 123.0 106.6 121.8 107.6 114.7 104.7 129.4 120.7 112.8 108.0 118.0 1 Indexes for January 1953 and subsequent months will be published later. NOTE.—Revised indexes, reflecting beginning January 1953 the inclusion of new series (i. e. home purchases and used autombiles) and revised weights. Prior to January 1953 indexes are based on the "interim adjusted" and "old" indexes, converted to the base 1947-49 =100. Source.—Bureau of Labor Statistics, Department of Labor. WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics, 1947-49=100] Y m e o a n r t o h r m c t A o i o e m d l s l i - - F p u r a c o r t d m s - f P e o s r o s o e d c d s - Total p p T u a t a r a i n c e p o l r t x e d d - e s - l - le H 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 O i o e a m i g u n r w n t h a i e g h d a e t l - e r - , ls r , C c a p i u a o l c h r l c n a m o i e e t l d d m s s d m - - od p R u i a b r t u n c i o e e b t d d r s s - - L p w u a b r u o c n o e m o t d d r s d - - p p a P u a a l r u l n c p o i l e t e d d p s d r - , , M m p u a r e e n c o t t t d a d a s l - l s p c M u m t a e r h i n c r o v i o a t n y d d e - s - - - F h d o h t b a o u u t u o n h l u r r e r l e d a s n d s e r e - i - - e s N t r t 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 n a r c t o v c n l g e d c - - e - u e s o d s - n c M e e l o i l s a u - - s 1947 96.4 100.0 98.2 95.3 100.1 101.0 90.9 101.4 99.0 93.7 98.6 91.3 92.5 95.6 93.9 98.0 100.8 1948 104.4 107.3 106.1 103 4 104.4 102.1 107.1 103.8 102.1 107.2 102.9 103.9 100.9 101.4 101.7 100.4 103.1 1949 99.2 92.8 95 7 101.3 95 5 96 9 101 .9 94.8 98.9 99.2 98.5 104.8 106.6 103.1 104.4 101.6 96 1 1950 103.1 97.5 99.8 105.0 99 2 104.6 103.0 96.3 120.5 113.9 100.9 110.3 108.6 105.3 106.9 102.4 96 6 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. 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 May 111.6 107.9 108.6 113.0 99 3 94 7 106.0 104.3 140.4 120 7 116.9 121.8 121.6 111.7 112.9 110.8 108 4 June 111.2 107.2 108.5 112.6 99 0 95.9 105.9 104.3 133.4 119.9 116.7 121.1 121.3 111.6 113.8 110.8 108 1 July 111.8 110.2 110.0 112.5 98 9 96.2 106.0 104.2 130.0 120.2 115.3 121.9 121.4 111.6 113.8 110.8 105 5 August ... 112.2 109.9 110.5 113.0 99 1 96.5 105 104.0 127.8 120.5 115.6 124.1 121.4 111.5 113.8 110.8 108 9 September . 111.8 106.6 110.3 113.2 99.5 96.5 106.2 104.0 126.3 120.4 115.6 124.6 121.5 112.0 113.8 110.8 108 3 October 111.1 104.9 108.5 113.0 99.2 96.7 106.6 103.9 126.0 120.2 115.5 124.1 121.3 112.0 114.4 110.8 108 4 November . 110.7 103.6 107.7 112.8 98 6 97.6 106.7 103.5 126.4 119.7 115.5 123.9 121.4 112.1 114.5 110.8 105 7 December. 109.6 99.2 104.3 112.9 98.2 99.0 107.2 103.3 127.7 119.7 115.9 124.0 121 A 112.3 114.6 110.8 105 1 1953 January.. . 109.9 99.6 105.5 113.1 98.8 97.3 107.8 103.6 127.3 120.5 115.8 124.0 121.5 112.7 114.6 112.2 103.0 February .. 109.6 97.9 105.2 113.1 98.5 98.0 108.1 103.6 126.2 121. 115.3 124.6 121.6 112.9 114.6 111.9 101.2 March 110.0 99.8 104.1 113.4 97.5 98.1 108.4 104.2 125.7 121.7 115.1 125.5 121.8 113.1 115.1 114.8 101 .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 r116.9 '•114.8 98.5 May 109.8 97.9 104.4 113.5 97.6 100.6 107.3 105.6 125.1 121.7 115.4 125.4 122.3 114.1 117.1 114.8 99.8 r Revised. Source.—Bureau of Labor Statistics, Department of Labor. Back figures.—See BULLETIN for March 1952, pp. 311-313. 780 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 May Mar. Apr. May May Mar. Apr. May Farm Products: Pulp, Paper and Allied Products— Continued Fresh and dried produce. 128.9 105.8 106.9 105.5 Grains 98.8 94.7 93.8 93.4 Converted paper and paperboard. . 114.5 111 .1 111.4 111 .6 Livestock and poultry. . . 108.9 91.7 87.5 91.7 Building paper and board 115.8 118.2 118.2 123.0 Plant and animal fibers. . 114.2 104.6 103.4 104.3 Fluid milk 104.3 100.5 96.7 94.2 Metals and Metal Products: '4.3 100.6 102.5 98.7 Hay and seeds 96.0 97.5 95.3 93.7 Iron and steel 122.8 127.7 127.7 128.5 Other farm products.. 137.1 142.5 137.1 135.1 Nonferrous metals 127.0 131.5 128.2 126.6 Metal containers 120.5 125.3 126.5 126.6 Processed Foods: Hardware 126.9 126.2 127.9 132.8 Plumbing equipment 116.0 114.3 113.8 113.8 Cereal and bakery products 107.0 108.9 109.2 109.0 Heating equipment 113.7 113.9 113.8 114.4 Meats, poultry, and fish 112.1 91 89.2 93.8 Fabricated structural metal prod- Dairy products and ice cream 110.6 109 108.5 107.9 ucts 115.4 113.6 113.6 113.5 Canned, frozen fruits, and vegeta- Fabricated nonstructural metal bles 104.2 105.1 104.4 104.3 products 123.6 Sugar and confectionery 109.2 109.6 109.7 109.6 Packaged beverage materials 161.9 168.9 168.1 164.6 Machinery and Motive Products: Other processed foods 112.8 120.9 120.5 121.5 Agricultural machinery and equip- Textile Products and Apparel: ment 122.2 122.3 122.4 Construction machinery and equip- Cotton products 97.2 93.1 92.9 93.3 ment 125.3 127.1 128.6 129.0 Wool products 111.7 111.9 111.3 112.1 Metal working machinery 128.0 129.1 129.8 130.1 Synthetic textiles 86.8 87.9 88.0 87.5 General purpose machinery and Silk products 128.8 141.4 131.6 133.0 equipment 123.1 122.1 123.6 123.4 Apparel 100.8 99.6 99.9 99.8 Miscellaneous machinery 119.2 120.3 120.6 121.9 Other textile products 98.6 82.8 82.5 83.5 Electrical machinery and equipment 120.8 119.9 121.3 122.3 Hides, Skins, and Leather Products: Motor vehicles 119.7 120.0 118.9 118.7 Hides and skins 58.1 64.8 66.4 74.8 Furniture and Other Household Dura- Leather 84.5 93.5 92.7 97.3 bles: Footwear 111.1 112.1 111.5 111.5 Other leather products. 100.3 99.0 99.3 100.8 Household furniture 113.1 113.6 113.8 114.0 Commercial furniture 123.2 123.2 123.2 124.3 Fuel, Power, and Lighting Materials: Floor covering 120.9 124.1 124.2 124.1 Household appliances 107.3 107.9 108.0 108.1 Coal 104.9 114.4 111 .2 110.8 Radio 91.7 95.5 94.9 94.9 Coke 124.3 131.8 131.8 131.8 Television 75.7 74.9 74.9 74.9 Gas 104.2 109.5 109.5 109.5 Other household durable goods 119.3 121.8 125.4 125.4 Electricity 98.0 100.7 98.0 98.0 Petroleum and products 109.9 109.0 109.3 109.4 Nonmetallic Minerals—Structural: Chemicals and Allied Products: Flat glass 114.4 116.4 116.4 116.4 Concrete ingredients 112.9 113.8 117.6 117.9 Industrial chemicals 115.1 113.9 117.0 118.2 Concrete products 112.4 112.8 114.2 114.9 Paint and paint materials 107.3 106.0 106.0 106 Structural clay products 121.4 124.3 124.6 124.7 Drugs, Pharmaceuticals, cosmetics. 92.2 91.6 93.0 93.1 Gypsum products 117.7 118.3 122.1 122.1 Fats and oils, inedible 47.2 59.0 55.9 50.4 Prepared asphalt roofing 98.6 106.0 106.0 106.0 Mixed fertilizers 108.6 110.7 110.7 110.7 Other nonmetalfic minerals 111.9 115.3 115.3 115.3 Fertilizer materials 111.5 112.8 113.2 112.9 Other chemicals and products 103.0 102.9 103.1 103.0 Tobacco Manufactures and Bottled Beverages: Rubber and Products: Cigarettes 107.3 124.0 124.0 124.0 Crude rubber 182.7 126.6 122.3 123.8 Cigars 98.0 102.9 102.9 102.9 Tires and tubes 133.0 126.3 126.3 126.3 Other tobacco products 114.8 122.4 121.5 121.5 Other rubber products. 127.6 124.3 124.2 124.2 Alcoholic beverages 111.2 110.0 110.0 110.0 Nonalcoholic beverages 119.7 119.8 119.8 119.9 Lumber and Wood Products: Miscellaneous: Lumber.., 121.1 120.9 121.5 120.9 Millwork. 126.4 131.9 132.0 132.0 Toys, sporting goods, small arms. . 113.5 112.9 113.7 114.3 Plywood. 105.6 112.0 112.0 112.4 Manufactured animal feeds 108.3 95.0 88.7 91.1 Notions and accessories 91.5 94.3 93.2 93.2 Pulp, Paper, and Allied Products: Jewelry, watches, photo equipment 101 .0 101.8 101.8 102.1 Other miscellaneous 121.0 121.0 121.1 120.2 Woodpulp... 113.3 108.8 108.8 108.8 Wastepaper. 55.1 83.8 88.3 85.0 Paper 123.5 124.9 124.9 124.9 Paperboard. 129.8 123.4 123.1 123.1 Source.—Bureau of Labor Statistics, Department of Labor. Back figures.—See BULLETIN for March 1952, pp. 311-313. JULY 1953 781 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME [Estimates of the Department of Commerce, in billions of dollars] RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING Seasonally adjusted annual rates Annual totals by quarters 1952'" 1953 r 1929 1933 1941 1947 1948 1949 1950' 1951 ' 1952' 1 2 3 4 1 Gross national product 103.8 55.8 126.4 233.3 259.0 258.2 286.8 329.8 348.0 340.4 345.1 345.3 361.1 363.4 Less: Capital consumption allowances.. 8.8 7.2 9.3 14.8 17.6 19.4 21.6 24.2 27.0 25.7 26.9 27.0 28.2 28.7 Indirect business tax and related liabilities 7.0 7.1 11.3 18.7 20.4 21.6 23.7 25.7 28.1 27.0 28.0 28.3 28.9 29.2 Business transfer payments .6 .7 .5 .7 .7 .8 .8 .9 .9 .9 .9 .9 .9 .9 Statistical discrepancy — 1 1 2 1 6 .3 —3 2 2 4 1 l 5 0 1 8 — 1.4 1.6 -2.0 Plus: Subsidies less current surplus of government enterprises . -.1 0) .1 — .1 0 0 4 4 1 .1 .4 -.1 -.2 .0 Equals: National income 87.4 39.6 103.8 198.7 223.5 216.3 240.6 278.4 291.6 286.8 287.9 290.4 301.4 306.5 Less: Corporate profits and inventory 10.3 -2.0 14.6 24.7 31.7 29.2 36.0 42.4 40.2 41.7 39.9 37.7 41.7 43.6 Contributions for social insurance.. .2 .3 2.8 5.7 5.2 5.7 6.9 8.2 8.6 8.6 8.6 8.7 8.8 9.0 Excess of wage accruals over disbursements .0 0 .0 0 0 0 o o 1 1 0 -.3 .0 .0 Plus: Government transfer payments... .9 1.5 2.6 11.1 10.5 11.6 14.3 11.6 12.0 11.5 11.7 12.2 12.4 12.6 Net interest paid by government.. 1.0 1.2 1.3 4.4 4.5 4.6 4.7 4.8 4.9 4.9 4.9 4.9 4.9 4.9 Dividends 5.8 2.1 4.5 6.6 7.2 7.5 9.1 9.2 9.1 9.1 9.1 9.1 9.1 9.2 Business transfer payments .6 .7 .5 .7 .8 .8 .9 .9 .9 .9 .9 .9 .9 Equals: Personal Income 85.1 46.6 95.3 191.0 209.5 205.9 226.7 254.3 269.7 262.8 266.0 271.4 278.3 281.6 Less: Personal tax and related payments.. 2.6 1.5 3.3 21.5 21.1 18.6 20.9 29.3 34.6 34.2 34.3 34.8 35.3 36.2 Federal 1.3 2.0 19.6 19.0 16.2 18.1 26.2 31.1 30.7 30.8 31.2 31.6 32.3 State and local 1.4 1.0 1.3 1.9 2.1 2.5 2.8 3.2 3.6 3.4 3.5 3.6 3.7 3.8 Equals: Disposable personal income. 82.5 45.2 92.0 169.5 188.4 187.2 205.8 225.0 235.0 228.7 231.7 236.6 243.0 245.4 Less: Personal consumption expenditures 78.8 46.3 82.3 165.6 177.9 180.6 194.6 208.1 218.1 213.7 217.2 217.2 224.4 227.7 Equals: Personal saving 3.7 -1.2 9.8 3.9 10.5 6.7 11.3 16.9 16.9 15.0 14.5 19.4 18.6 17.7 NATIONAL INCOME, BY DISTRIBUTIVE SHARES Annual totals Seasonally b a y d j q u u st a e r d te r a s nnual rates 1952' 1953 r 1929 1933 1941 1947 1948 1949 1950 • 1951' 1952' 1 National income 87.4 39.6 103.8 198.7 223.5 216.3 240.6 278.4 291.6 286.8 287.9 290.4 301.4 306.5 Compensation of employees , 50.8 29.3 64.3 128.0 140.2 139.9 153.4 178.9 193.2 187.9 189.5 194.1 201.3 204.5 Wages and salaries2 50.2 28.8 61.7 122.1 134.4 133.4 145.6 169.8 183.6 178.6 180.1 184.4 191.3 194.5 Private 45.2 23.7 51.5 104.8 115.7 113.0 123.4 141.2 151.1 146.9 147.7 151.5 158.3 161.3 Military .3 .3 1.9 4.1 4.0 4.2 5.0 8.6 10.4 10.1 10.4 10.6 10.4 n.a. Government civilian 4.6 4.9 8.3 13.2 14.7 16.1 17.1 20.0 22.2 21.6 22.0 22.4 22.6 n.a. Supplements to wages and salaries... .5 2.6 5.9 5.8 6.6 7.9 9.1 9.6 9.3 9.5 9.6 10.0 10.0 Proprietors' and rental income3 19.7 7.2 20.8 42.4 47.3 42.1 45.4 50.7 51.2 50.5 51.5 51.5 51.1 50.8 Business and professional 8.3 2.9 9.6 19.8 22.1 21.6 23.6 26.1 26.3 26.1 26.3 26.1 26.7 27.0 Farm 5.7 2.3 6.9 15.6 17.7 12.8 13.3 15.5 14.8 14.7 15.3 15.2 14.0 13.4 Rental income of persons 5.8 2.0 4.3 7.1 7.5 7.7 8.5 9.1 10.0 9.6 10.0 10.2 10.3 10.4 Corporate profits and inventory valuation adjustment 10.3 -2.0 14.6 24.7 31.7 29.2 36.0 42.4 40.2 41.7 39.9 37.7 41.7 43.6 Corporate Profits before tax 9.8 .2 17.2 30.5 33.8 27.1 41.0 43.7 39.2 41.5 38.2 37.0 40.3 44.4 Corporate profits tax liability.... 1.4 .5 7.8 11.9 13.0 10.8 18.2 23.6 20.6 21.8 20.1 19.4 21.2 24.1 Corporate profits after tax 8.4 -.4 9.4 18.5 20.7 16.3 22.7 20.1 18.6 19.7 18.0 17.5 19.1 20.3 Inventory valuation adjustment.... -2.1 -2.6 -5.8 -2.1 2.1 -5.0 -1.3 1.0 .2 1.7 .7 1.4 Net interest 5.0 4.1 3.5 4.3 5.0 5.7 6.4 7.0 6.7 6.9 7.1 7.4 7.6 n.a. Not available. r Revised. 1Less 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. 782 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 te r a s nnual rates 1952 r 1953' 1929 1933 1941 1947 1948 1949 1950 r 1951 r 1952 r 1 2 3 4 1 Gross national product 103.8 55.8 126.4 233.3 259.0 258.2 286.8 329.8 348.0 340.4 345.1 345.3 361.1 363.4 Personal consumption expenditures . . 78.8 46.3 82.3 165.6 177.9 180.6 194.6 208.1 218.1 213.7 217.2 217.2 224.4 227.7 Durable goods 9.4 3.5 9.8 21.4 22.9 23.8 29.2 27.3 26.7 26.0 27.4 25.1 28.2 30.2 Nondurable goods 37.7 22.3 44.0 95.1 100.9 99.2 102.6 113.4 118.8 117.2 118.0 118.7 121.1 121.2 Services 31.7 20.6 28.5 49.1 54.1 57.5 62.7 67.4 72 7 70.5 71.8 73.3 75.1 76.3 Gross private domestic Investment 15.8 1.3 18.3 30.2 42.7 33.5 52.5 58.6 52.5 50.4 49.6 52.3 57.9 55.4 New R co es n id st e r n u ti c a t l i o n n o l nfarm 3 7 . . 6 8 1. . 1 5 3 6 . . 5 8 1 6 3. . 9 3 1 8 7 . . 6 7 17 8 . . 2 3 2 1 2 2 . . 7 6 2 1 3 1 .0 1 2 1 3 1 . . 4 1 2 1 3 1 . . 3 0 2 1 3 1 . . 4 0 2 1 3 0 . . 1 8 2 1 3 1 . . 9 6 2 1 5 2 . . 2 0 Other 4.2 .7 3.3 7.6 9.1 9.0 10.1 12.2 12.3 12.4 12.4 12.3 12.3 12.8 Producers' durable equipment 6.4 1.8 7.7 17.1 19.9 18.7 22.3 24.6 25.4 25.6 25.6 24.9 25.5 27.5 Change in business inventories 1.6 — 1.6 3.9 — .8 5.0 —2.5 7.5 10.9 3.7 1.5 .7 4.2 8.5 2.9 Nonfarm only 1.8 -1.3 3.4 1.4 3.7 -1.6 6.6 9.6 3.1 .6 -.1 3.6 8.1 2.6 Net foreign Investment .8 .2 1.1 8.9 1.9 .5 -2.3 .3 -.2 2.1 .5 -2.0 -1.6 -2.1 Government purchases of goods and services 8.5 8.0 24.7 28.6 36.6 43.6 42.0 62.9 77.5 74.1 77.7 77.8 80.4 82.4 Federal.... 1.3 2.0 16.9 15.8 21.0 25.4 22.1 41.1 54.2 51.0 54.7 54.6 56.4 57.5 O Na th ti e o r nal security... },.3 2.0 1 3 3 . . 2 8 1 3 3 . . 8 3 1 5 6 . . 6 1 1 6 9 . . 6 3 1 3 8 . . 9 5 3 4 7 . . 1 4 4 5 8 . . 8 9 46 5 . . 2 4 4 5 9 . . 4 8 4 6 9 . . 0 2 5 6 0 . . 3 5 5 6 1 . . 5 6 Less: Government sales 2 ft 1.3 .6 .4 .2 .4 .5 .5 .5 .6 .5 State and local & 12.8 15.6 18.2 19.9 21.8 23.4 23.1 23.0 23.2 24.0 24^9 PERSONAL INCOME [Seasonally adjusted monthly totals at annual rates] Wages and salaries Divi- Less Year or month in s P o c e o n r m a - l e re T c o e t i a p l ts4 b m T u d o e i r s n t s - a e t l s - Wag d p m i e u C n r o o s g o a d t d m n r u i i i d n t e c - y - s - sal D a i r u n i t y s r t d t i i u r e v d i s s e b i - s - bu S r i e n s t r e r d v m i u e ic s s e e - nts m G er o e n v n - - t in O l c a t o b h m o e r r e8 i p n r r P c e a i o n r e n o m t t d o a - e r l 6 s' i i n n d s p t a o c e e n e o n n r r m d a d e - l s s e t m T p r e f a a e n y r n t - s s " - p b c i e s a u o n o r n f n t s s c o i u c o t i o r r a e r n n i 8 l - a - s l i a n g N t c u r o o i r c m n a u - l e l- * 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 1950r 226.7 142.6 145.5 63.5 41.3 18.6 22.1 3.9 45.4 19.6 15.1 2.9 209.0 1951 r 254.3 166.4 169.8 74.9 45.9 20.3 28.7 4.3 50.7 20.5 12.5 3.4 234.0 1952r. . 269.7 180.1 183.7 80.6 48.7 21.8 32.5 4.7 51.2 21.0 12.9 3.8 249.9 1952—May 266.2 176.4 179.9 78.0 48.0 21.6 32.3 4.6 51.8 20.9 12.7 3.7 245.6 June r 268.1 178.0 181.6 78.2 48.5 21.8 33.1 4.7 52.2 20.9 12.6 3.9 247.4 July 266.3 176.7 180.3 75.8 49.5 22.2 32.8 4.7 51.5 20.9 12.7 3.8 246.0 Augustr 271.3 181.9 185.4 80.6 49.5 22.2 33.1 4.7 50.6 21.0 13.4 3.8 25-1.9 Septemberr. . . 276.4 184.8 188.4 83.8 49.4 22.3 32.9 4.9 52.5 21.2 13.3 3.9 255.7 October ' 277.3 186.6 190.2 84.7 50.0 22.4 33.1 5.0 51.4 21.3 13.3 3.9 258.0 November r. . . 277.2 187.8 191.4 85.6 50.0 22.5 33.3 5.1 50.0 21.4 13.1 3.8 259.1 Decemberr.... 280.6 188.7 192.5 87.0 50.1 22.6 32.8 5.1 51.8 21.5 13.6 3.9 261.6 1953—January 280.5 188.8 192.8 86.8 50.2 22.7 33.1 5.1 51.6 21.6 13.5 4.1 261.1 Februaryr. . . . 281.0 190.9 194.6 88.0 50.6 22.8 33.2 5.1 50.2 21.7 13.3 3.9 263.3 Marchr 283.6 192.4 196.2 88.8 50.9 23.2 33.3 5.1 50.7 21.9 13.7 4.0 265.4 Aprilr 282.7 192.8 196.6 88.8 51.0 23.4 33.4 5.1 49.4 22.0 13.6 4.0 265.5 Mayp 283.8 193.4 197.2 89.0 51.4 23.4 33.4 5.1 49.9 22.1 13.5 4.0 266.2 P Preliminary. r Revised. 1 Includes construction expenditures tor crude petroleum and natural gas drilling. 2 Consists of sales abroad and domestic sales of surplus consumption goods and materials. 3 Less than 50 million dollars. 4 Total wage and salary receipts, as included in "Personal income," is equal to total disbursements less employee contributions to social insurance. Such contributions are not available by industries. 5 Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments. 6 Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory raluation adjustment. 7 Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as well as consumer bad debts and other business transfers. 8 Prior to 1952 includes employee contributions only; beginning January 1952, includes also contributions to the old-age and survivors' insurance program of the self-employed to whom coverage was extended under the Social Security Act Amendments of 1950. Personal contributions are not included in personal income. 9 Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents agricultural net interest, and net dividends paid by agricultural corporations. NOTE.—Details may not add to totals because of rounding. Source.—Department of Commerce. JULY 1953 783 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE International capital transactions of the United States 786-791 Gold production 791 Reported gold reserves of central banks and governments 792 Gold movements; gold stock of the United States 793 International Monetary Fund and Bank 794 Central Banks 794-798 Money rates in foreign countries 799 Commercial banks 800 Foreign exchange rates 801 Price movements in principal countries: Wholesale prices 802 Consumers' price indexes 803 Security prices 803 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. JULY 1953 785 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 th r J o a u n g . h 2 — , 1935, Total Total o F f o fi r c e ia ig 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 in b f a u r n U n o k d a . i n s d S g 1 . s I e n f f c o u f u r l n o r e d w i i g t s i n * e o s f : se o R f c f u u e n U t r u d i . t r s i S n e 4 s . : b I b r n a o fl l k o a e w n r c a e g i s n e 1948—Dec. 31 8,569.1 6,963.9 2,126.0 2,993.6 1,844.3 116.8 183.3 1,182.1 123.1 1949—Dec. 31 8.763.5 6,863.9 2,197.8 3,028.2 1,637.8 307.6 258.5 1,209.9 123.7 1950—Dec. 31 10.521.1 7.890.7 2.715.6 3.472 8 1.702.3 231.4 1,202.9 1.064.5 131.7 1951—Dec. 31 10,140-7 8.548.1 2.770.2 4,089.6 L.688.3 160.9 618.6 687.5 125.6 1952—Apr. 30 10,263.6 8,829.1 3,025.5 4,164.9 1,638.7 109.7 622.4 575.4 127.0 May 31 10,466.6 9.199.1 3,219.9 4.285.8 1,693.3 90.7 621.1 424.6 131.1 June 30 10,580.5 9,287.0 3,309.4 4,294.1 1,683.5 99.8 624.1 436.3 133.4 July 31 10,937.1 9,602.1 3,615.3 4,220.3 1,766.5 103.2 647.0 455.2 129.7 Aug. 31. 11,127.0 9,772.3 3,791.3 4,207.0 1,773.9 63.0 679.9 486.3 125.5 Sept. 30 11,355.6 9,952.7 3,909.1 4,262.6 L,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 1,747.1 93.4 967.4 446.4 127.3 Feb. 28 11,241.2 9,646.2 3,641.4 4,279.6 1,725.2 95.3 968.9 408.4 122.4 Mar. 31P 11,410.0 9.831.4 3,852.9 4,293.8 1,684.7 90.4 977.5 390.0 120.7 Apr. 30P 11,669.8 10,107.0 4,015.4 4,350.6 1,741.1 102.9 978.2 362.1 119.5 TABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 6 [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 i n m t g ed - France N la e e n r t d - h s - S la w e n r i d t - z « - 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 tutions8 and Official2 private 1948—Dec. 31... 1.864.3 5,853.7 2,836.3 546.3 192.8 122.8 538.9 333.5 738.1 2,472.4 775.2 1,287.0 1,151.8 167.4 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 L.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 1,378.5 254.5 1951—Dec. 31... ,708.2 7,594.0 3,480.5 642.6 289.4 148.8 521.3 300.5 1,022.2 2,924.7 1,307.1 1,455.2 1,609.6 297.4 1952—Apr. 30... 1,658.6 7,924.. 5 3,735.8 745.0 256.3 122.0 584.3 286.5 970.8 2,964.9 1,397.8 1,490.2 1,755.0 316.6 May 31 .. 1,713.3 8,239.9 3,930.2 756.8 267.2 155.9 599.6 278.5 1,004.7 3,062.7 1,496.0 L,529.3 1,826.0 325.9 June 30... 1,703.4 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 1,792.0 333.2 July 31... 1,786.5 8,569.7 4,325.6 849.2 344.3 241.2 617.5 291.7 1,058.3 3,402.1 1,540.3 1,538.0 1,757.7 331.6 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 1,528.1 1,570.0 1,743.5 370.7 Sept. 30... 1,800.9 8.905.9 4,619.4 866.5 404.0 345.1 614.3 291.9 1,141.4 3,663.1 1,530.1 1,580.7 1,795.1 336.8 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 1,373.3 1,520.7 1,781.9 321.5 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 1,356.5 1,561.2 1,812.9 328.1 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 1,415.9 1,607.6 1,845.0 335.6 1953—Jan. 31... 1,767.1 8,719.1 4,395.7 885.5 249.5 210.4 610.5 308.3 1,225.0 3,489.2 1,433.7 1,587.1 1,855.3 353.7 Feb.28... 1,745.2 8,655.1 4,351.7 754.4 253.5 221.1 608.6 286.6 1,273.7 3,397.8 1,387.5 1,610.0 1,901.5 358.4 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 Apr. 30P.. 1,761.0 9,100.1 4,725.7 833.7 233.4 231.5 657.6 311.4 1,370.6 3,638.2 L,365.0 1,735.9 1,999.5 361.5 pPreliminary. 1 Certain of the movement figures in Table 1 have been adjusted to take account of changes in the reporting practice of banks (see BULLETIN for August 1951, p. 1030). Reported figures from banks, however, did not permit similar adjustments in Tables 2 and 3, representing outstanding amounts. Therefore changes in outstanding amounts as may be derived from Tables 2 and 3 will not always be identical with the movement of funds shown in Table 1. 2 Represents funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.), and also funds held in accounts with the U. S. Treasury. 3Includes Bank for International Settlements, International Bank for Reconstruction and Development, International Monetary Fund, and United Nations and other international organizations. 4Figures include transactions of international institutions, which are shown separately in Tables 6 and 7. Securities of such institutions are included in foreign securities. 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.) 6Beginning January 1950, excludes Bank for International Settlements, included in "International institutions" as of that date. 7Data 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. 786 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] Table 2a.—Other Europe Date E O u th ro e p r e A tr u i s a - g B iu e m l- C v o z a s e k lo c i h - a - m De a n r - k l F a i n n d - Ger- Greece Nor- l P an o- d t P u o g r a - l m R a u n - ia Spain S d w e e n - 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 4.2 45.7 6.1 21.3 115.3 4.0 13.2 52.4 1951—Dec. 31.1,022.2 57.1 134.7 1.3 45.3 27.0 405.6 45.8 99.7 2.8 40.7 6.1 17.1 71.7 2.5 7.1 57.6 1952—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 4 July 31.* ,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. ,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. ,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. ,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. ,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. ,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.. ,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. ,273.7 96.3 131.2 .5 60.7 28.6 552.2 53.8 116.9 2.3 54.6 6.1 19.0 93.0 3.4 9.7 45.3 Mar. 31 P. ,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 Apr. 30P. ,370.6 108.2 133.8 .6 70.0 26.9 626.8 62.0 116.6 2.1 54.8 18.2 88.7 1.6 9.8 44.7 Table 2b.—Latin .&mericci Neth- Do- er- Date A L i m a c t a e in r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba m p i R c u i a e b n - n - - G m u a a l t a e- M ic e o x- l I W a a n n n d e d d i s e s t s Peru l p P i R u c 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 n 2 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. 1,436.7 201.1 13.5 192.8 60 9 85 9 164 2 214.6 25.9 52.8 74.3 143.2 207.4 1950—Dec. 31. 1,612.9 301 8 20.4 226.0 79 5 53 4 259 1 'ii'.i' 25A 207.1 30.2 60.2 59 2 io\i' js'.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 27.3 158.2 34.9 47.2 67 7 27.8 84.7 71.9 87.8 1952—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 ? 79 s 25.4 91.5 154 3 11S 6 Oct. 31. 1,520.7 131 9 18.7 72.3 62. 4 87 9 285 7 43.3 32.2 232.1 39.5 62 0 81 1 21.6 94.8 141.6 113.4 Nov. 30. 1,561.2 146 2 16.6 78.2 69. 2 96 4 284 2 43.5 33.2 251.0 41.9 67 0 82 4 19.9 92.8 126.2 112.5 Dec. 31. 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. 1,610.0 142.6 20.2 83.4 82.4 126 5 278 3 45.3 41.2 213.3 45.4 61 9 90 4 44.2 97.3 103.9 133.6 Mar.31P 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 Apr. 30P 1,735.9 152 4 19.6 81.1 88.6 125 3 357 2 48.3 49.1 199.3 41.2 63 9 90 4 52.2 94.3 142.5 130.6 Table 2c—Asii1 andAll Other For- Egypt mosa Phil and Union Date Asia C a h n i d na H K o o n n g g India I n n e d s o ia - Iran Isniel Japan ippine T la h n a d i- T k u ey r- O A t s h ia e 3 r o A th l e l r t A ra u l s i - a g B i e a l n - A E n g g y l p o - - So o u f th Other* Main- public Congo 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 12.6 458.5 374 4 "48!2 14.3 111.9 254 5 19.1 "58 i 75.6 44.0 57.7 1951—Dec. 31. 1,609.6 87.4 62.4 62.1 140 6 25.5 26.6 596.0 329.7 96.7 14.1 168.4 297 4 38.5 54 5 110.7 7.0 86.8 1952—Apr. 30. 1,755.0 80.1 65.6 52.1 171 1 23.8 27.6 696.8 335.0 125.8 10.8 166.3 316 6 36.7 62 0 123.3 13.9 80.7 May 31. 1,826.0 80.2 62.7 67.3 190.2 23.5 37.8 724.8 337.2 126.5 14.2 161.5 325 9 44.7 67 5 118.3 12.4 83.1 June 30. 1,792.0 76.5 65.9 58.7 176 5 21.1 30.5 730.7 333.0 126.8 20.6 151.7 333.2 49.5 72.6 117.7 10.9 82.5 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. 1,795.1 84.7 71.4 55.2 87 3 18.3 22.1 772.6 319.7 157.9 8.8 197.2 336 8 54.1 90 4 91.7 11.8 88.7 Oct. 31 L,781.9 83.3 70.2 54.1 64 9 20.1 27.9 767.5 321.8 166.6 9.7 195.8 321 5 50.1 96 6 72.1 13.3 89.4 Nov. 30. 1,812.9 80.3 70.7 55.0 60 0 18.9 19.3 789.1 315.1 176.5 11.0 217.1 328 I 48.4 105 2 62.0 23.0 89.5 Dec. 31. L,845.0 76.4 70.9 64.6 61 0 19.2 18.8 808.0 315.1 181.0 8.4 221.5 335 6 47.2 118 6 59.7 23.6 86.5 1953—Jan. 31. 1,855.3 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. 28. 1,901.5 72.8 71.4 75.1 60 7 16.4 22.7 862.8 313.7 190.4 8.6 206.9 358 4 52.3 119 5 55.1 38.1 93.5 Mar. 31*> ,012.3 70.6 71.4 76.3 67 3 19.3 15.2 897.1 324.8 193.0 8.8 268.5 357 8 54.8 125 9 53.4 33.2 90.6 Apr. 30P :,999.5 72.5 79.6 85.3 64 3 19.5 15.3 886.2 327.9 194.8 8.4 245.6 361 5 58.0 124 9 54.0 36.1 88.5 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. 3Beginning January 1950, excludes Iran, Israel, and Thailand, reported separately as of that date. 4 Beginning January 1950, excludes Belgian Congo, reported separately as of that date. JULY 1953 787 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Con tinned TABLE 3.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES. BY COUNTRIES* [Amounts outstanding, inmillions of dollars] Date Total U K d n i o i n m t g ed - France N la e e n r t d - h s - S l w a e n r it - d z- Italy E O ur th o e p r e E T u o ro ta p l e C a a d n a - A L i m a c t a e in r- Asia ot A h l e l r 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 96ft X 35.0 10.1 5.0 11.2 10.3 111.2 182.8 92.0 489.3 162.4 41.9 1952—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 Aug. 31 L.066.3 32.2 9.2 3.3 9.8 24.6 66.5 145.7 53.3 715.2 128.4 23.7 Sept. 30 L.023.4 26.8 9.3 2.6 8.4 19.6 75.1 141.8 58.3 658.3 141.6 23.4 Oct. 31 1,018.7 35.8 9 4 2 7 8.0 16 4 79 0 151 4 73 7 638 6 132 8 22 2 Nov. 30 L.021.1 33.8 7.6 4.4 9.2 17.2 82.7 154 8 73 8 641 8 127.9 22.8 Dec. 31 1,048.7 30.3 31.9 4.4 7.1 17.8 81.9 173.4 62.3 662.0 128.6 22.4 1953—Jan. 31 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 28 1,034.1 35.4 8.8 6.2 13.2 20.2 72.9 156.7 57.8 676.9 124.0 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 Apr. 30P 1,026.4 23.4 8.8 5.8 14.5 25.6 74.8 152.9 60.7 659.0 132.0 21.9 Table 3a.—Other Europe Date E O u t r h o e p r e A tr u ia s- g B iu e m l- m D a e r n k - l F a i n n d - m G a e n r y - Greece N w o a r y - t P u o g r a - l Spain S d w en e- Y sla u v 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—Dec. 31 98.5 19.3 .4 8.2 30.0 .7 7.4 5 7 0 2.3 22 6 1950—Dec. 31 67.1 .2 21.5 3.2 2.2 25.4 .2 1.4 .5 1.6 6.9 4.0 1951—Dec. 31 . .. 111.2 39.6 4.8 3.1 28.3 .2 2.5 .8 18.8 5.4 ***3.9 4.0 1952—Apr. 30 81.1 21.3 4.3 1 8 27.2 .1 1.8 1 0 12 6 3 6 2 4 4 9 May 31 79.1 .1 17.6 3.9 3.4 26.9 .1 2 0 .8 14.6 3.2 2.7 3.8 June 30 68.8 13.9 3.5 2.9 23.2 .1 L.6 .8 14.3 2.7 2.3 3.6 July 31 67.2 12.9 3.6 2.8 23.7 .2 8 .7 14.3 3.1 .5 3 6 Aug. 31 66.5 .1 11.5 2.2 2.2 25.7 .2 8 .6 12.5 1.9 3.4 4.4 Sept. 30 75.1 .1 11.8 3.5 2.8 27.5 .2 > 0 .6 13.5 2.2 7.3 3 7 Oct 31 79.0 1.0 13.2 2.8 3.8 28.0 .2 L.7 .5 12.6 3.3 8.0 3.8 Nov. 30 82.7 1.0 17.7 3.3 4.0 25.4 .2 L.8 .6 11.8 3.0 7.9 5.8 Dec. 31 81.9 .8 16.2 2.1 5.6 26.8 .2 9 .5 11.2 2.5 8.6 5 4 I9153—Tan 31 78.4 .3 16.2 3.5 5.1 24.1 .2 L.7 .5 9.4 2.6 7.8 7.0 Feb 28 72.9 .2 15.8 4.3 4.4 27.3 .1 L.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 S .5 5.9 2.4 1.5 6.5 Apr. 30P 74.8 .1 14.1 3.6 4.1 30.2 .1 L.I .5 7.5 3.2 3.5 6.7 Table 3b.—Latin J\merics1 Neth- Date A L m i a c t e a i r n - A t r i g n e a n- l B iv o ia - Brazil Chile l C o b m i o a - - Cuba m p i D R c u a i o e b n n - - - - G m u a a l te a - M ic e o x- I l W n a a e d n n r e i d d - s e t s s Peru l p P a i R c m u a e n b o a - - - f v S a E a d l l o - r g U u r a u y - V zu e e n l e a - A O L ic m a t a h t e i e n r « r lic Surinam 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 .3 5.8 5.3 25.6 43 I 1950—Dec. 31.. 378.8 45.9 8 7 78.0 6.8 42.5 27.6 "i!9 "2.6 70 6 .3 11.0 3.1 "V.8* *8!6 49.4 14 6 1951—Dec. 31.. 489.3 7.6 7 5 185.0 24.8 43.7 32.3 1.8 3.8 90 6 .2 11.8 3.0 9.5 10.5 41.7 14 5 1952—Apr. 30.. 601 ! 7.8 8 6 272.2 29.1 31.5 54.7 2.9 4.1 94 4 L.3 10.3 6.8 6.5 24.9 32.2 13 7 May 31. . 652.2 7.4 9 7 320.7 27.5 34.3 55.9 2.4 3.7 90 8 .1 11.6 6.0 5.3 27.9 34.2 13 8 June 30.. 669.6 8.2 8 4 358.3 26.1 35.0 51.8 2.2 4.1 78 0 L.2 10.9 5.9 5.4 30.5 32.1 11 5 July 31.. 700.1 7.2 8.7 392.6 27.0 34.5 52.5 1.9 3.7 71 2 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 1.8 3.2 91 7 L.I 10.7 3.3 5.3 25.7 32.4 13.0 Sept.30.. 658.3 8.6 6 2 374.7 21.6 32.1 33.6 1.8 2.8 92 0 L.2 10.3 3.7 5. 1 20.6 31.7 12 4 Oct. 31 .. 638.6 8.1 6 2 356.2 18.3 34.9 36.1 1.6 3.2 88 4 L.2 11.7 4.4 7.1 14.3 33.1 13 9 Nov.30.. 641.8 9.3 6.0 354.5 20.5 36.0 30.6 1.7 3.5 90 3 L.3 13.2 4.2 9.0 12.9 35.6 13 2 Dec. 31.. 662.0 8.2 5 8 356.4 26.4 41.7 32.5 1.6 4.2 88.6 L.3 14.8 6.5 9. 1 14.3 36.7 13 7 1953—Jan. 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. 28. . 676.9 7.2 10 7 383.3 19.4 36.8 30.7 2.3 4.9 94.5 1.9 17.2 5.0 6.8 9.2 33.0 14 1 Mar.31P. 672 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 Apr. 30P. 659.0 7.7 14 6 378.6 9.6 38.9 34.9 2.8 4.5 86.9 2.2 12.5 5.4 5.0 7.4 33.4 14 5 P Preliminary. 1 See footnote 1, p. 786. 2 Beginning January 1950, excludes Austria, reported separately as of that date. 3 Less than $50,000. 4 Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date. 788 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Con tinned TABLE 3.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars! Table 3c—Asia and All Other For- Egypt mosa Phil- and Union Date Asia C a h n in d a H K o o n n g g India I n n e d s o ia - Iran IsraelJapan ip R p e i - ne T la h n a d i- T k u ey r- O As th ia e * r o A th l e l r t A ra u l s i - a g B i e a l n - A E n g g y l p o - - So o u f th Othei '- Main- public Congo tian Africa land Sudan 1948—Dec. 31. . 118.8 24.2 3.4 20.4 1.9 15.9 37.3 1.4 14.3 19.7 4.7 .4 7.9 6.8 1949—Dec. 31.. 139.7 16.6 3.7 17.4 .2 14.1 23.2 14.3 50.3 20.4 7.9 .2 4.5 7.7 1950—Dec. 31. . 96.3 18.2 3.0 16.2 .2 *6!6 12.1 4.9 "i'.s' .9 13.9 60.0 40.8 4.4 .3 7.3 7.2 1951—Dec. 31.. 162.4 10.1 3.1 13.4 .3 9.3 30.0 12.2 29.3 2.5 .6 51.6 41.9 22.8 5.'7 .2 6.7 6.5 1952—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 Tuly 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—Tan. 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 28 t?4 0 9 8 2 4 3 3 6 10 2 25 1 15 6 11 6 3 0 21 2 21 3 18 7 6 4 6 6 8 2.1 2 8 Mar. 3\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 Apr. 30^. 132.0 8.8 2.7 3.9 .6 11.7 24.2 20.0 14.2 4.8 17.4 23.8 21.9 7.6 7.1 .9 2.8 3.5 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—April 13 9 15 8 -2.0 76 2 69 2 7 0 90 1 85 0 5 0 May 31.2 22.2 9.0 61.6 71.9 -10.3 92.8 94.1 — 1.3 June 39.6 32.0 7.7 63.6 68.3 -4.7 103.2 100.3 3.0 July 39.1 29.2 9.9 76.8 63.7 13.1 115.9 93.0 22 9 August 37.5 13.3 24.2 67.6 58.9 8.7 105.1 72.2 32.9 September 34 0 14 2 19.8 53 3 79 2 —25 9 87.3 93.4 —6 1 October 188.8 18.8 170.1 77.2 61.5 15.7 266.1 80.3 185.8 November 49.4 21.1 28.3 69 8 56 3 13.5 119.2 77.5 41 8 December 45.0 17.0 27.9 93.7 89.4 4.3 138.6 106.5 32.2 1953—Tanuary 42 6 14.9 27.7 81 8 75 6 6.2 124.4 90.5 33 9 February 27.6 37.5 -9.8 76.2 64.9 11.3 103.8 102.3 1 .4 March P 26.3 17.6 8.6 85 6 85 6 (6) 111 .8 103.2 8 6 April P 12.9 9.6 3.3 71.3 73.9 -2.6 84.2 83.5 . 7 TABLE 5.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM FOREIGN SECURITIES OWNED IN THE UNITED STATES, BY TYPES * (Return of U. S. Funds) [In millions of dollars] Foreign stocks Foreign bonds Net Total Total purchases Year or month Purchases Sales pur N ch e a t ses Purchases Sales pur N ch e a t ses purchases sales se fo c r u o e r 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—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 February.... 24.7 24.3 .4 29.4 67.8 -38.4 54.1 92.1 -38.0 MarchP 27.5 32.7 -5.2 29.7 42.9 -13.3 57.2 75.6 -18.4 April" 21.8 20.7 1.1 29.2 58.2 -29.0 51.1 79.0 -27.9 bonds. JULY 1953 789 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 t n t i t s i o e t o i r - n - ns al Total U K d n i o i n m t g ed - France N l e a t n h d e s r- Sw la i n tz d er- Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m i a c t a e in r- Asia o A th ll er 1948 7.6 -199.8 9.1 —82 8 —79 3 —40.0 0) 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!l .2 1950 121.2 823.2 64 0 197 8 —6.3 19 0 — .7 73.8 347! 5 458! 2 30 !l — 15*3 2.7 1951 — 15.9 —568.4 21.4 6.0 —22.2 45.9 l!9 —43! 8 —595! 5 13^9 4^8 — [7 1952 14.7 300.2 70.4 5.5 —21.9 50.7 .5 6.2 111.4 191.6 4/7 —9.5 1.9 1952—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 (l) 2.0 20.4 -10.3 -1.1 .3 — .9 Feb.. . . 10.5 -9.1 2.1 -.4 -1.3 6.7 -7.7 -.5 -8.8 -.4 .1 .6 Mar. P.. 1.0 7.7 9.5 .6 -3.4 4.4 -'.2 -1.4 9.5 -3.8 2.3 -.5 .2 Apr.p.. -1.2 -.5 2.5 .1 -5.4 2.7 -.1 .1 0) -1.0 1.4 (l) -1.0 TABLE 6a.—DOMESTIC SECURITIES: NET PURCHASES ]BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES Other Europe; Latin America; and Asia Y m e o a n r th or E O u t r h o e p r e t A r us- ia* g Be i l- um 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 - lo C m b o - - ia Cuba M ic e o x- p P R u e o a - b f n l - ic g U u r a u- y1 A O L m a th t e i e r n r - Asia C m F a h o n o i d r 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- *$? land 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 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—A A S O N D J J M p e u u u c e o r a p t c g n l v . . . y t . y . e . . . . . .. .. . . . . . . . . . . . . - — — 1 3 3 1 .2 . . 3 9 . . . 7 9 6 . . 6 2 4 0 0 8 0 0 ) ) ) ) - - - — 1 . . . 8 1 5 . . . . . 4 6 8 2 4 2 0 8 - — 3 3 ) .1 . 1 , . 2 1 -1 - - 1 . . . 2 3 3 .8 . . . 6 5 2 9 - - - 4 4 4 3 1 1 . . . 4 . . . 1 8 . . 1 5 4 9 1 1 - - 1 — 1 — - 1 . . . . 1 1 3 . . . 1 4 3 4 2 .1 - 0 - - - — - 1 1 ) . . . . 1 2 4 1 .6 . 3 .8 3 - - — 1 . . 7 8 . 1 . . . . 8 7 8 3 .4 1 — - - - 3 2 5 2 1 . . . 3 1 3 .9 . . 4 3 . . 4 4 8 - - — 1 . . 2 8 . 2 . . . 5 3 5 3 (V 1 1 1 . . 7 3 5 . . 6 4 4 1 - ( 0 7 — — I 1 ) 1 ) . . . 3 2 0 .1 2 2 C — 1) . . 2 1 A 0 1 ) .1 . . . . . . . 1 1 7 6 1 2 1 - - 8 0 0 0 7 i ) ) ) ! . o 5 0 0 0 0 ) ) " ' ) ) . . . 9 1 1 2 1953—Jan.. .. 2.0 0) .9 .9 . 2 -1.1 -1.3 0) .4 - .6 .4 0) .3 .2 .3 8 A M F p e a r b r. . . p . P . .. . . . . - - 7 1 . . 7 4 .1 ( 0) l ' ) -.1 . . 2 2 -6 -. . 1 8 .2 - - 1 . . 6 5 - 2 1 .4 . . 3 4 - - . . 3 1 c ( - 0 .3 .8 - - . . 2 3 .3 . A 3 0 - ) .3 .2 - 1 .6 . . 8 2 0) ' .1 0 0 ) ) - - . . 5 2 .1 0 0 ) ) . ! . 1 2 i TABLE 7.—FOREIGN SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM FOREIGN SECURITIES OWNED IN THE UNITED STATES, BY COUNTRIES (Return of U. S. Funds) [Net sales, ( —). In millions of dollars] Y m e o a n r t o h r n I a i n n ti t s o e t n i r - - al Total U K d n i o i n m t g e - d France N l e a t n h d e s r- Sw la it n z d er- Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m i a c t a e in r- Asia o A th l e l r tutions 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—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 . . . . . . . 5.. 3 1 1 8 . . 7 9 - -1 1 . . 1 0 1.0 - - 6 2 . . 7 9 -1 2 .6 .1 _ .4 * — . 2 .4 - - 1 9 . . 0 6 2 2 8 1 . . 3 4 0 1 ) .1 6 2 . . 7 7 . . 6 2 9.3 1.3 J.2 -.7 -.5 A .6 2.0 6.5 .6 4 — 2 Oct.... -58.8 69.8 4.0 .1 -.2 1.8 1.0 3.9 10.6 39.8 13.1 6.7 - .3 Nov.... -.8 7.9 -.7 -.1 -.1 .4 0) .7 .3 8.8 .2 -1.6 .2 Dec.... -.7 -47.4 -1.1 - .4 -.2 .7 .3 — .5 -46.0 2.3 -3.9 .7 1953—Jan... . 0) -19.2 -.3 .3 -1.5 2.1 .4 .7 1.7 -18.3 1.1 -4.1 .4 Feb.. .. 9.5 -47.5 .3 .3 1.4 1.1 .1 .5 3.8 -47.9 1.9 -2.6 -2.6 Mar. P.. -.1 -18.3 2.9 .6 .5 .1 5.2 9.4 -27.7 1.4 -1.7 .3 Apr.p.. 3.4 -31.2 0) 1.2 -.3 .5 0) 1.6 3.1 -33.8 3.2 -3.8 .1 p Preliminary. 1 Less than $50,000. ' Not available until 1950. 790 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 8.—INFLOW IN BROKERAGE BALANCES, BY TABLE 9.—DEPOSITS AND OTHER DOLLAR ASSETS HELD COUNTRIES AT FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS * (The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases in Balances Held by Brokers and Dealers in [In millions of dollars] U. S. with Brokers and Dealers Abroad) [In millions of dollars] Assets in custody Latin Asia Date Deposits U. S. Gov- Year or month Total Europe Canada Amer- and all ernment Miscelica other securities 2 laneous3 1948 -19.3 -20.8 .1 1.2 1951—Dec. 31 526 1,383 80 1949 .6 1.0 .9 -1.3 Is 1950 8.0 3.0 -3.0 4.4 1952—June 30 548 1,757 51 1 1 9 9 5 5 1 2... . - - 6 1 . . 1 8 - - 3 1 .3 .6 -1 2 . . 0 8 -5 1 . . 0 0 - -. . 2 6 J A u u ly g . 3 3 1 1 8 7 1 2 2 4 2 1 , , 1 9 1 7 6 2 5 5 4 5 Sept. 30 707 2,236 65 1952—April -4.8 -2.9 1.4 -2.6 -.8 Oct. 31 642 2,301 80 May 4.1 2.6 -1.5 2.1 .8 Nov. 30 758 2,225 84 June 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 June 30 527 2,449 101 1953—January 3.5 .3 2.0 .7 .4 February.. . . -4.8 -4.7 1.1 -1.0 -.2 1953—June 3 522 2,472 96 March? -1.7 -1.3 1.6 -1.1 -.9 June 10 587 2,449 98 April? 2 -1.2 4.7 -4.4 -2.2 .6 June 17 598 2,447 96 June 24 615 2,477 96 P Preliminary. 1 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., 80.3; U. S. brokerage balances abroad, 37.6. the International Bank for Reconstruction and Development and International Monetary Fund and earmarked gold. See footnote 4, p. 793, for total gold under earmark at Federal Reserve Banks for foreign and international accounts. 2U. S. Treasury bills, certificates of indebtedness, notes and/or bonds. 3 Includes 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 reported monthly Estimated Year or world Africa North and South America Othei month pr U o o u S d t S u si R c d t * e ion r m e T o p o n o t r t a h te l l d y A So fr u i t c h a d R e h s o i - a A W fr e ic st a5 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 a i g c u a a - 4 Au l s i t a ra- India3 $1 =15~a/n grains of gold 9/10 fine: i. e., an ounce 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... 857.5 777.1 408.2 17.9 24.1 12.0 80.1 155.4 14.3 13.3 6.7 8.0 30.4 6.7 1951... 840.0 758.3 403.1 17.0 22.9 12.3 66.3 153.7 13.8 15.1 6.1 8.8 31.3 7.9 1952... 780.9 413.7 17.4 23.8 12.9 '67.4 156.5 16.1 14.8 6.2 8.9 34.3 8.9 1952—April 63.3 33.8 1.5 2.0 1.3 5.0 12.7 .9 1.6 .4 .7 2.8 May 66.2 35.5 1.4 2.0 1.2 5.1 12.8 2.1 1.5 .5 .8 2.7 June 63.3 34.1 1.5 1.9 1.2 5.5 12.6 .8 .9 .4 .8 2.9 July 67.4 35.5 1.4 1.8 1.2 6.4 13.1 1.4 1.3 .7 .7 3.3 August... . 65.8 34.9 1.6 2.0 1.2 6.5 13.0 1.0 1.1 .6 .7 2.4 September. 66.4 34.7 1.4 2.1 1.2 6.2 13.4 1.4 1.0 .6 .8 2.8 October. . . 70.6 35.4 1.5 2.1 1.1 6.8 14.1 2.9 1.1 .5 .7 3.6 November. 64.9 34.3 1.5 2.1 1.1 6.0 13.6 1.2 .3 .5 .8 2.9 December. 66.7 34.6 1.4 2.1 .9 5.9 13.7 1.1 1.8 .4 .8 3.3 1953--January... 34.7 1.4 2.1 1.1 4 5 13 0 1 4 .7 2.9 February.. 32.4 1.4 2.1 1.1 4.3 12.4 1 2 7 March 34.7 1.4 2.1 1.1 5.2 13.3 1.2 .7 April 34 3 2.1 1.1 5.2 12.9 1 2 7 ••Revised. Gold production in USSR: No regular government statistics on gold production in USSR are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; and 1938, 180 million. 1 Estimates of United States Bureau of Mines. 2 Reported by American Bureau of Metal Statistics. 3Yearly figures are estimates of United States Mint. Monthly figures are estimates of American Bureau of Metal Statistics. 4Gold exports reported by the National Bank of Nicaragua, which states that they represent approximately 90 per cent of total production. NOTE.—For explanation of table and sources, see BULLETIN for June 1948, p. 731. and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543; for figures subsequent to 1941 see BULLETIN for April 1953, p. 427. JULY 1953 791 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars) Estimated UnitedStates E m n o d n t o h f ota ( l e x w cl o . rld A t r i g n e a n- g B iu e m l- Bolivia Brazil Canada Chile lo C m o b - ia Cuba m De a n rk - 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—June ... 36,120 23,346 23 533 268 669 23 317 893 42 318 31 22 July 23,350 23,536 268 735 23 317 887 41 304 31 22 Auc . . 23 344 23 5^8 268 735 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 23,504 268 711 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 22 751 701 317 904 42 214 31 23 Mar. . . P36,340 22,563 22,649 702 317 911 42 196 31 23 Apr 22 562 22 639 690 924 41 31 23 May 22,537 22,590 695 934 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 *180 100 231 23 72 20 1 19 9 4 4 9 8 — — D £) eecc 5 5 3 3 5 5 4 2 8 3 2 2 7 7 2 24 5 7 6 1 1 4 4 0 0 25 9 6 6 178 4 5 2 2 1 19 6 5 6 2 2 7 3 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—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 27 247 138 346 208 178 597 33 55 38 46 Mar 174 573 27 247 137 208 605 33 55 38 46 Apr 174 573 27 247 137 208 P605 33 55 38 46 May. .. 174 573 247 137 208 P605 33 55 38 Inter- Bank for E m n o d n t o h f Po g r a t l u- E v l a d S o a r l- A So fr u i t c h a Spain Sweden S l w a er n it - d z- T la h n a d i- Turkey U K d n i o i n m t g ed - g U u r a u y - V zu e e n l e a - n M a t t a o io r n y n e a - l n S I a e n t t i t t o e l n r e - - al Fund ments 1947—Dec 310 15 762 111 105 1,356 34 170 52,079 175 215 1,356 30 1948—Dec 236 15 183 111 81 ,387 34 162 5l,856 164 323 ,436 36 1949—Dec 178 17 128 85 70 ,504 118 154 51,688 178 373 ,451 68 1950—Dec 192 23 197 61 90 ,470 118 150 53,3OC 236 373 ,495 167 1951—Dec... 265 26 190 51 152 ,452 113 151 62,335 221 373 11,530 115 1952—June... 274 30 148 51 213 1,408 113 150 «l,685 211 373 11,537 154 July ... 274 30 151 51 206 ,408 113 150 51,716 211 373 ,537 166 Aug.... 274 30 159 51 202 ,404 113 150 51,672 211 373 ,681 181 Sept. . . 277 29 158 51 202 1,404 113 146 61,685 211 373 L,683 183 Oct 282 29 159 51 190 ,406 113 143 61,767 205 373 ,691 187 Nov... 285 29 159 51 185 ,407 113 143 61,895 205 373 1,692 191 Dec... 286 29 170 51 184 1,411 113 143 fil,846 207 373 L.692 196 1953—Jan 297 29 165 51 195 1,417 113 143 si,978 207 373 L.692 215 Feb 298 29 173 52 194 ,417 113 144 52,103 207 373 1,692 214 Mar 305 29 174 52 194 1,418 113 144 S2.166 217 373 1,693 233 A or 311 29 173 53 194 1 418 144 52 273 217 373 6Q3 242 May... 318 29 175 53 194 144 52,321 222 373 211 p 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. 5 Exchange Equalization Account holdings of gold, U. S. and Canadian dollars, as reported by British Government. (Gold reserves of Bank of England have remained unchanged at 1 million dollars since 1939, when Bank's holdings were transferred to Exchange Equalization Account.) NOTE.—For description of figures, including details regarding special internal gold transfers affecting the reported data, see Banking and Monetary Statistics, pp. 524-535; for back figures through 1941 see 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. 792 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 fime troy ounce) Year or quarter Total K U in n g it d e 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 th o e 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. S 40.7 63.0 3.0 -5.6 5.8 114.1 -10.0 61.6 1949 193.3 446.3 -41.0 -23.5 14.0 -40.0 2-159.9 3.4 -49.9 -10.0 -16.1 1950 -1,725.2 -1,020.0 -55.0 -84.8 -79.8 -15.0 -22.9 -38.0 -68.0 -100.0 28.2 -118.2 1951 75.2 469.9 -10.3 -20.0 -4.5 -34.9 -32.0 -15.0 -60.1 -10.0 -20.0 -60.2 1952 393.7 440.0 -3.8 -100.0 -5.0 22.5 -29.3 7.2 -20.0 87.7 1950 Jan.-Mar... -201.3 -80.0 -35.0 -13.0 -12.4 -15.8 Apr.-June.. -30.4 -20.0 -3.0 -11.9 July-Sept.. -731.0 -580.0 -28.5 •16.0 -25.0 3.4 8.2 —40.5 Oct.-Dec... -762.4 -360.0 -56.3 -79.8 -15.0 -4.0 -47.1 -100.0 20.0 -61.9 1951 Jan.-Mar -876.3 -400.0 -12.3 -91.7 -4.5 -10.0 -15.0 -15.0 -44.3 -49.9 -124.4 Apr.-June.... -55.6 -80.0 2.0 -15.0 -11.2 -10.0 64.1 July-Sept 291.4 320.0 -5.0 -17.0 -3.5 -20.0 Oct.-Dec 715.7 629.9 71.7 -5.0 -1.1 1952 Jan.-Mar 557.3 520.0 20.2 22.5 -10.1 11.3 Apr.-June 105.7 6.9 101.4 July-Sept -1.3 .3 -268.0 -80.0 -24.0 -100.0 -5.0 -19.3 -20.0 -25.0 Oct.-Dec 1953 -320.0 -36.5 -25.0 -15.0 -10.0 -20.0 -71.7 -54.9 Jan.-Mar 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) Goldstock 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 i m a t c h t a e i e n r r - Oc A a e n s a d i n a ia A U So f n o r u i i f o c th n a o A th l e l r Period T e u r n e r d a y s o - f p T e o ri t o a d l» I i n n s g c to o r to e c ld a t k a s l e g p e o o x N ld p rt e o i t o m rt r -g m o c c o l r ( r a r d e e - r : ) a i a k n s s d e e - e d e- t p D i r c o t o i m o d g n o u e 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 1 1 1 9 9 9 5 5 4 1 0 9 - - 1 6 2 4 4 2 . . . 4 8 2 — — 50 . . 0 9 - -1 1 — 7 7 7 . . 2 2 .5 « - - - 3 5 5 5 2 0 . . . 4 1 1 1 5 1 9 2 3 5 . . . 1 7 1 4 4 - - 4 — 8 7 4 . 1 2 . . 0 6 1 1 1 9 9 9 4 4 4 6 5 7. 2 2 2 2 0 0 , , , 7 5 0 5 2 6 4 9 5 2 2 2 2 0 0 , , , 8 7 0 6 0 8 8 6 3 22 — ,1 6 5 6 2 4 2 3 7 . . . 1 1 8 1 — ,8 3 1 1 6 0 1 6 6 ^ .3 . 5 3 — 4 2 3 6 1 5 5 0 6 ! . . 0 7 4 3 5 7 2 l 5 ! . . 2 0 8 1952 14.9 -25.1 -4.8 11.5 -2.0 1948 24,244 24 399 1,530.41,680^4 —159!2 70! 9 1949 24,427 24,563 164.6 686.5 -495.7 67.3 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 12 .0 0 -1 - 0 . . 9 4 1. . 0 2 3 9. . 2 9 -2 -2 6 . . 8 9 1 1 9 95 5 2 1 2 2 2 3 , , 6 1 9 8 5 6 2 2 2 3 , ,2 8 5 7 2 3 3 5 7 2 8 . . 7 9 — 6 5 8 4 4 9! .3 0 — 6 3 1 0 7 4 ^ . 6 8 r6 6 7 6 ! . 4 3 O Ju c l t y .- - D Se e p c t. — -2 2 6 3 .9 .9 - — 5.9 .1 — -2 2 13 .8 .9 -1 -2 4 . . 8 7 1952— J J u u l n y e . . . . . 2 2 3 3 , , 3 34 5 6 0 2 23 3 , , 5 5 3 3 6 3 3 3 0 . . 8 5 3 24 6 . . 5 6 -3 1 1 9 . . 4 3 6 5 . . 4 5 1951 Aug.. . 23,344 23,528 -8.0 3.1 -32.6 6.5 Sept... 23,342 23,525 -2.8 33.3 -13.8 6.2 Jan.-Mar -50.9 -11.7 -18.8 -28.0 Oct.... 23,339 23,521 -4.4 83.5 -92.4 6.8 A Ju p ly r. - - S Ju ep n t e 2 1 8 5 . . 0 0 ""-'.9 -5 3 . . 0 5 - - 3 2 . . 9 4 ""i2 2 * 0 !7 .3 - - 2 3 5 1 . . 0 0 N D o ec v . . . . . . 2 2 3 3 , , 3 1 3 8 7 6 2 2 3 3, , 2 5 5 0 2 4 -2 -1 5 6 2 . . 9 6 8. . 1 3 -2 -2 6 9 3 . . 0 2 5 6 . . 9 0 Oct -Dec. 30 1 -4.0 —25.0 19.2 1953—Jan. .. 22,986 23,079 -172.8 -2.2 -171.7 4.5 1952 F M e a b r. . . . . . 2 2 2 2 , , 6 5 6 6 2 3 2 22 2 , , 6 7 4 5 9 1 - - 3 1 2 0 7 2 . . 5 5 -2 3 . . 0 5 - -1 3 0 2 6 4 . . 5 1 4 5 . . 3 2 J A T a n u n r l . y - - - M T S u e a n p r e t. 10.0 -1 — -2 7 7 . . 0 6 .4 — -3 2 .2 . . 4 4 4 7 . . 3 2 — .1 A J M u p a n r. y e . . . . . . ^ 2 2 2 2 2 2 , , , 5 5 4 6 3 6 2 7 3 P 2 2 2 2 2 2 , , . 6 5 5 3 9 2 9 0 1 P- - - 6 1 4 9. 0 8 6 . . 7 0 (3 7 ) . . 0 1 4- - - 6 1 4 8 6 8 . . . 5 8 9 6 5 (3 . . ) 1 2 Oct.-Dec 4.8 2.0 .3 -1.9 P Preliminary. r Revised. 1953 *See footnote 2 on opposite page. 2Change includes transfer of 687.5 million dollars gold subscrip- Jan.-Mar -10.0 -3.6 -4.3 tion to International Monetary Fund. 3 Not yet available. 3 2 4 1 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 a l l l e e n e s k s o o f f o f o 1 f r 1 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 a d 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 o l n o o l t d w s ld . s t : o t o 1 It C 9 a 5 h l 0 y in , . a 4 . 4.8 million u t a i c n o c d n 4 o e s G u r , o n e a l t d a , m r h m i o n e u c a l n d l r u k t e d u d i i n n s d g t n e o r o g t o e 6 l a , i d 0 n r 4 m c h 9 l a u e .6 r d l k d e m d a f o t i i l r n l t i h o t t e n h h e e F d e a g o d c o l e l c l a d r o r a u s l s n t R o o t n c e o k s f e J r o u i v f n n e e t t e h B r 3 e n a 0 a n U , t k i n o s 1 i n 9 t f e a 5 o d l 3 r . i f S n o t s r G a e t t i o i e t g l u s d n - . dollars; and 1951, 76.0 million. NOTE.—For back figures and description of statistics, see Banking s Includes sales of 45.0 million dollars of gold to Indonesia. and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523. 793 JULY 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT [End-of-month figures. In millions of dollars] 1953 1952 1953 1952 International Fund International Bank Jan. Oct. July Jan. Mar. Dec. Sept. Mar Gold 1,692 1,691 1,537 1,531 Gold Currencies (balances with depositories Currencies (balances with depositories and securities payable on demand): and securities payable on demand): United States 1,288 1,293 1,319 1,322 United States 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 C:aallllss on subscriptions to capital stock2. 3 4 4 4 Accumulated net income -7 -7 -7 Loans (incl. undisbursed portions and incl. obligations sold under Bank's guarantee) 1,445 1,409 1,330 1,186 1953 1952 Other assets ; 17 13 15 14 Net currency purchased1 Bonds outstanding 556 568 496 450 (Cumulative—-millions of dollars) Liability on obligations sold under guar- May Apr. Mar. May Lo a a n n t s e — e undisbursed 4 6 0 6 4 4 6 2 6 3 40 5 7 9 37 4 2 1 Other liabilities 9 9 7 5 Australian pounds 50.0 50.0 50.0 20.0 General reserve 71 66 63 55 B B e o l l g iv ia ia n n f r b a o n l c iv s ianos 1 2 1 . . 5 4 11.4 11.4 11.4 S C p a e p c i i t a a l l 2 reserve 1,80 3 7 5 1,80 3 7 2 1,80 3 7 0 1,69 2 1 6 Brazilian cruzeiros 37.5 37.5 37.5 103.0 Chilean pesos -1.8 -1. -1 3.6 Czechoslovakian koruny. 6.0 6.0 6.0 6.0 iAs of May 31, 1953, the Fund had sold 872.2 million U. S. dollars; Danish kroner 10.2 10.2 10.2 10.2 in addition, the Fund sold to the Netherlands 1.5 million pounds Egyptian pounds -5.5 -5.5 -5.5 -5.5 sterling in May 1947 and 30.0 million Belgian francs in May 1948, sold Finnish markkaa 4.5 4.5 4.5 to Norway 200 million Belgian francs in June and July 1948, and sold French francs 125.0 125.0 125.0 125.0 to Brazil 10 million pounds sterling in January 1951. Repurchases Indian rupees 100.0 100.0 100.0 100.0 amounted to 252.2 million dollars. Currencies the net transactions in I N ra e n th ia e n rl a r n ia d l s s guilders. . . . 8.8 48 8 . . 1 8 7 8 5 . . 8 2 wh 2 i E ch x c a lu m d o e u s n u t n t c o a l l e le s d s t p h o an rt i o o n ns e m of i ll c i a o p n i t a a r l e s r u e b p s o c r r t i e p d t io u n n s d , e r a m "A ou ll n o ti t n h g e r. t " o Turkish liras 10.0 10.0 10.0 7.229 million dollars as of Mar. 31, 1953, of which 2,540 million repre- Pounds sterling 300.0 300.0 300.0 3oo!6 sents the subscription of the United States. Yugoslav dinars 9.0 9.0 9.0 9.0 All other -1.6 -1.6 -1 -1.7 Total... 665.9 663.4 711.4 764.9 CENTRAL BANKS Assets of issue Assets of banking Liabilities ofbanking department department department Bank of England Note (Fi p gu o r u e n s d s in s m ter il l l i i n o g n ) s of Gold* a O ss th et e s r 2 N c a o o n t i d e n s a c v n o a D d n u i s c n - a e t d s s - Se t c ie u s ri- ci t r i c o u n l 3 a- Bankers' Pub D li e c posit E s CA Other t c l i O i e a a p s b th i i t a l e a i n - l r 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 ,250.0 13.5 5.1 317.4 ,238.6 260.7 5.2 52.3 17.8 1945—Dec. 26 .2 ,400.0 20.7 8.4 327.0 ,379.9 274.5 5.3 58.5 17.8 1946—Dec. 25 .2 ,450.0 23.4 13.6 327.6 ,428.2 278.9 10.3 57.3 18.1 1947—Dec 31 .2 ,450 0 100.8 15.2 331.3 ,349.7 315.1 18.6 95.5 18.1 1948—Dec. 29 .2 ,325.0 36.1 16.7 401.1 ,293.1 314.5 11.7 17.4 92.1 18.1 1949—Dec 28 .4 ,350.0 33.7 14.8 489.6 ,321.9 299.2 11.6 97.9 111.2 18.1 1950—Dec. 27 .4 ,375.0 19.2 29.2 384.0 ,357.7 313.5 15.4 .4 85.0 18.1 1951—Dec. 26 .... .4 ,450.0 14.1 18.2 389.2 ,437.9 299.8 13.4 .6 89.8 18.1 1952—June 25 .4 ,500.0 59.8 21.2 309.6 1,442.1 275.7 10.6 13.6 72.5 18.1 July 30 .4 ,550.0 36.8 21.6 319.7 L,515.1 262.0 10.4 18.2 69.2 18.3 Aug 27 .4 L,500.0 43.0 7.2 324.4 L,459.0 252.4 16.0 23.0 64.8 18.4 Sept. 24 .4 L,500.0 57.8 5.2 333.5 1,444.1 275.7 11.1 24.2 67.0 18.5 Oct 29 .4 1,500.0 57.7 9.3 324.8 1,444.2 271.6 13.5 22.2 66.7 17.8 Nov 26 .4 1,500.0 40.5 9.9 357.6 L.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 4 ,500.0 52.9 6.5 343.2 1,448.9 274.5 11.5 32.2 66.1 18.3 Feb 25 .4 1,500.0 37.3 7.1 389.9 11,464.7 292.6 9.8 44.6 68.8 18.4 Mar 25 .4 41,550.0 63.3 6.2 359.0 L,488.8 288.3 14.6 32.0 75.0 18.5 Apr 29 .4 1,550.0 38.2 13.8 354.8 I,514.0 261.8 13.8 39.5 73.9 17.8 May 27 .4 1,550.0 19.8 6.0 384.9 L.532.4 260.3 15.7 45.7 71.0 18.0 *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. Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 3Notes issued less amounts held in banking department. 4Fiduciary issue decreased by 50 million pounds on Jan. 7 and 25 million on Jan. 14, and increased by 50 million on Mar. 25. For details on previous changes, see BULLETIN for February 1953, p. 194. NOTE.—For back figures, see Banking and Monetary Statistics, Table 164, pp. 638-640; for description of statistics, see pp. 560-561 in same publication. 794 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Dominion and provin- Bank of Canada cial government Deposits (F C ig a u n re ad s i i a n n m do il l l l i a o r n s s ) of Gold an S d S t e t U a rl t i n e n i s t g ed securities O as t s h e e ts r circ N u o la t t e ion2 lia O b a t i n h li d e ti r es dollars Short- Chartered Dominion capital3 term1 Other banks govern- Other ment 1940—Dec. 31. 38.4 448.4 127.3 12.4 359.9 217.7 10.9 9.5 28.5 1941—Dec. 31. 200.9 391.8 216.7 33.5 496.0 232.0 73.8 6.0 35.1 1942—Dec. 31. .5 807.2 209.2 31.3 693.6 259.9 51.6 19.1 24.0 1943—Dec. 31. .6 787.6 472.8 47.3 874.4 340.2 20.5 17.8 55.4 1944—Dec. 30. 172.3 906.9 573.9 34.3 1,036.0 401.7 12.9 27.7 209.1 1945—Dec. 31. 156.8 1,157.3 688.3 29.5 1,129.1 521.2 153.3 29.8 198.5 1946—Dec. 31. 1.0 1,197.4 708.2 42.1 1,186.2 565.5 60.5 93.8 42.7 1947—Dec. 31. 2.0 ,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—•.June 3300. 43.8 ,251.3 817.8 76.1 1,441.8 578.0 26.8 48.5 93.9 July 31 63.0 ,280.0 843.9 71.2 1,458.3 595.5 51.6 41.6 111.2 Aug. 29. 74.9 ,303.2 852.9 69.7 1,464.4 614.7 52.0 47.4 122.1 Sept. 30. 73.5 ,263.7 870.9 70.8 1,476.5 588.2 30.7 49.4 134.0 Oct. 31. 42.8 ,286.7 896.1 103.4 1,485.6 668.8 18.8 56.0 99.8 Nov. 29. 67.6 ,214.3 957.3 72.3 1,498.8 607.3 15.0 65.1 125.2 Dec. 31. 77.1 ,459.8 767.2 77.3 1,561.2 626.6 16.2 44.5 132.9 1953—Jan. 31. 64.3 ,351.2 803.0 82.3 1,479.6 603.1 40.5 47.6 130.1 FeU 28. 72.0 ,411.9 817.5 88.8 1,472.8 668.0 88.6 51.4 109.3 Mar. 31. 65.5 ,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 May 30 . 59.3 1,364.8 821.4 99.9 1,517.9 594.9 45.6 72.1 114.8 Assets Liabilities m B il a li n ( o F k n i g s o u f o r e f F s r f i a r n a n n c c e s) Gold* F c o h e r a x e n i - g g e n m O a p rk e e n t D 6 om S e p s e t c i i c a l bills Other Cu G A r o r d e v v n e a t r n n c m e O s e n t t h o t6 er a O ss t e h t e s r 6 ci N r ti c o o u t n l e a- G m ov e e n r t n- De E p C os A its7 Other c l O a i i a a t p t i n b h e i d i t e s l a r - l 1940—Dec. 26. 84,616 42 7,802 661 3,646 63,900 112,317 18,571 218,383 984 27,202 844,986 1941—Dec. 31. 84,598 38 6,812 12 4,517 69,500 182,507 17,424 270,144 1,517 25,272 868,474 1942—Dec. 31. 84,598 37 8,420 169 5,368 68,250 250,965 16,990 382,774 770 29,935 821,318 1943—Dec. 30. 84,598 37 9,518 29 7,543 64,400 366,973 16,601 500,386 578 33,137 815,596 1944—Dec. 28. 75,151 42 12,170 48 18,592 15,850 475,447 20,892 572,510 748 37,855 7,078 1945—Dec. 27. 129,817 68 17,980 303 25,548 445,447 24,734 570,006 12,048 57,755 4,087 1946—Dec. 26. 94,817 7 37,618 3,135 76,254 67,900 480,447 33,133 721,865 765 63,468 7,213 1947—Dec. 31. 65,225 12 67,395 64 117,826 147,400 558,039 59,024 920,831 733 82,479 10,942 1948—Dec. 30. 65,225 30 97,447 8,577 238,576 150,900 558,039 57,622 987,621 806 171,783 16,206 1949—Dec. 29. 62,274 61,943 137,689 28,548 335,727 157,900 560,990 112,658 ,278,211 1,168 158,973 19,377 1950—Dec. 28. 182,785 162,017 136,947 34,081 393,054 158,900 481,039 212,822 ,560,561 70 15,058 161,720 24,234 1951—Dec. 27. 191,447 28,320 234,923 31,956 741,267 160,000 481,039 190,830 ,841,608 29 10,587 166,226 41,332 1952—June 26. 191,447 16,991 254,301 21,871 831,044 168,000 479,982 110,501 ,885,929 36 730 143,900 43,541 July 31. 191,447 20,077 258,560 11,779 835,599 167,800 479,982 184,957 ,984,549 55 816 121,411 43,369 Aug. 28. 194,943 23,435 257,589 14,404 854,081 168,600 479,982 169,852 ,969,553 13 9,039 137,403 46,878 Sept. 25. 194,943 27,613 270,264 31,784 812,416 166,300 479,982 171,274 ,962,270 83 539 129,755 61,930 Oct. 30. 194,943 28,815 283,717 48,089 872,793 171,100 479,982 161,989 2,024,943 25 8,392 158,275 49,792 Nov. 27. 198,439 30,413 274,454 52,225 851,545 172,000 479,982 154,146 2,006,873 10 10,887 139,480 55,954 Dec. 31. 200,187 31,068 274,003 57,042 937,459 172,000 479,982 159,727 2,123,514 27 897 137,727 49,305 1953—Jan. 29. 200,187 16,040 262,363 55,681 915,903 175,000 501,982 124,,578 2,065,210 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 41,544 911,458 199,400 504,982 122,995 2,051,991 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 May 28. 200,187 14,896 291,555 28,494 926,296 199,600 534,982 129,4122,065,483 64 18,525 182,849 58,501 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. 7Beginning 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. JULY 1953 795 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued 1952 Central Bank Central Bank (Figures as of last report (Figures as of last report date of month) May Apr. Mar. May date of month) May Apr. Mar. May Central Bank of the Argentine Bank of the Republic of Colom- Republic (millions of pesos) : bia—Cont. Gold reported separately 1,358 1,358 814 Loans and discounts 337,119330,884369,627 323,077 Other gold and foreign exchange. 634 402 463 Government loans and securities. 184,677181,388175,566 156,840 Government securities 2,850 2,753 ,119 Other assets 83,128 84,006 82,795 108,557 Rediscounts and loans to banks. . 52,227 51,223 ,149 Note circulation 520,724521,011533,702 473,363 Other assets 268 250 332 Deposits 361,437365,877382,066 310,705 Currency circulation 21,683 21,449 ,434 Other liabilities and capital 73,775 73,303 72,484 65,207 Deposits—Nationalized 31,676 30,621 683 Central Bank of Costa Rica Other sight obligations 593 626 807 (thousands of colones) : Other liabilities and capital 3,385 3,289 2,952 Gold 11,511 11 511 11,511 11,511 Commonwealth Bank of Aus- Foreign exchange 109,586116 271 111,153 91,822 tralia (thousands of pounds): Net claim on Int'l. Fund4 7,031 7,031 7,031 7,031 Gold and foreign exchange 463,424445,413 421,838 305 877 Loans and discounts 74,549 63 100 68,848 57,025 Checks and bills of other banks. . 7,950 6,406 6,893 825 Securities 1,666 3 760 4,819 7,577 Securities (incl. Government and Other assets 25,072 25,017 24,403 24,162 Treasury bills) 424,931441,850377,285 514 173 Note circulation 139,574139 074 141,683 117,550 Other assets 87,472 98,531 116,142 129 220 Demand deposits 67,585 66 002 64,730 62,090 Note circulation 326,168327,418322,918 300, 471 Other liabilities and capital 22,256 21 614 21,352 19,488 Deposits of Trading Hanks: National Bank of Cuba Special 301,865301,870239,095 370, 670 (thousands of pesos): Other 33,051 34,105 54,439 21,433 Gold 195,748 320,564 Other liabilities and capital 322,693328,808305,706 265!521 Foreign exchange (net) 74,686 72,067 Austrian National Bank (millions Foreign exchange (Stabilization of schillings): Fund) 183,698 147,325 Gold 100 100 100 98 Silver 30,668 34,988 Foreign exchange 2,965 2,450 2,489 642 Net claim on Int'l. Fund 4 12,511 12,511 Loans and discounts 6,424 6,424 6,302 6,745 Loans and discounts 45,299 16,156 Claim against Government 2,167 2,492 2,512 3,491 Credits to Government 39,930 12,887 Other assets 39 43 42 42 Other assets 48,062 33,849 Note circulation 8,889 8,859 8,770 8,348 Note circulation 440,430 427,053 Deposits—Banks 488 305 350 233 Deposits 178,056 214,918 Other 346 402 342 370 Other liabilities and capital 12,116 8,378 Blocked 1,972 1,943 1,984 2,067National Bank of Czechoslovakia 5 National Bank of Belgium National Bank of Denmark (millions of francs): (millions of kroner): Gold' 34,767 34,492 35,078 32,485 Gold 69 69 69 69 Foreign claims and balances (net). 14,588 14,488 15,238 24,298 Foreign exchange 758 784 775 439 Loans and discounts 6,057 5,618 5,606 6,131 Contributions to Int'l. Bank. . . . 11 Consolidated Government debt. . 34,660 34,660 34,660 34,763 Loans and discounts 85 114 118 83 Government securities 8,587 9,272 7,837 9,345 Securities 455 450 446 431 Other assets 4,165 3,939 3,997 3,639 Govt. compensation account. . . . ,307 3,310 3,310 3,870 Note circulation 96,594 97,242 95,843 94,401 Other assets 196 174 185 195 Deposits—Demand 2,650 1,532 2,799 1,285 Note circulation ,846 1,887 1,889 1,702 EC A 289 221 220 1,308 Deposits—Government 1,417 1,451 1,443 1,791 Other liabilities and capital 3,291 3,475 3,553 13,667 Other 1 1,389 1,401 1,442 Central Bank of Bolivia—Mone- Other liabilities and capital 175 171 163 tary dept. (millions of bolivianos): (Feb.) Central Bank of the Dominican Gold at home and abroad2 1,396 1,370 Republic (thousands of dollars): Foreign exchange (net) 32,652 956 Gold 12,076 12,076 12,076 .12,066 Loans and discounts 1,886 1,464 Foreign exchange (net) 16,662 17,010 16,604 20,855 Government securities 2,196 1,838 Net claim on Int'l. Fund 4 1,250 1 ,250 1,250 1,250 Other assets 618 287 Paid-in capital—Int'l. Bank 43 43 43 42 Note circulation 6,750 4,355 Loans and discounts 328 639 798 545 Deposits 1,204 892 Government securities 9,950 8,940 8,689 6,895 Other liabilities and capital 794 669 Other assets 1,023 1,765 2,657 632 Central Bank of Ceylon (thousands Note circulation 32,754 32,429 32,587 29,794 of rupees): . Demand deposits 7,031 7,779 8,036 10,685 Foreign exchange 308,919 341,690 360 699 571,383 Other liabilities and capital 1,547 1,515 1,494 1,807 Advances to Government 91,000 86,400 91,100 24,000 Central Bank of Ecuador Government securities 153,691 124, 087107,486 27,513 (thousands of sucres): Other assets 4,430 2,523 2,508 3,437 Gold o 339,110339, 338,966 336,245 Currency in circulation 391,282 393 394,518 402,925 Foreign exchange (net)6 191,857220, 220,560 110,658 Deposits—Government 3,694 2, 3,033 6,897 Net claim on Int'l. Fund4 18,757 18, 18,757 18,758 Banks 123,921 120 127,120 183,25011 Credits—Government 303,602294, 275,635 234,940 Other liabilities and capital 39,143 38. 37,122 33,261'! Other 171,923161, 162,940 169,473 Central Bank of Chile (millions Other assets 168,254168, 162,471 196,380 of pesos) : Note circulation 568,608562, 550,747 499,243 Gold 1,352 1 ,326 1 ,096 Demand deposits—Private banks 175,391181, 178,559 165,318 Foreign exchange (net) 198 356 218 Other 233,295229, 225,636 141,686 Net claim on Int'l. Fund4 387 387 221 Other liabilities and capital 216,209 224,387 260,205 Discounts for member banks.... 1 ,889 1,849 1 ,961National Bank of Egypt (thou- Loans to Government 4,059 4,059 670 sands of pounds) : Other loans and discounts 9,880 9,622 7 ,392 Gold 7 60,553 60,553 60,553 60,553 Other assets 2,766 3,004 3,069 Foreign exchange 23,076 23,348 20,087 19,216 Note circulation 13,951 13,447 9,310 Foreign and Egyptian Deposits—Bank 3,172 3,457 2,212 Government securities 300,105307,015310,756 296,539 Other 376 435 604 Loans and discounts 10,040 9,989 10,935 26,729 Other liabilities and capital 3,033 3,264 2,501 Advances to Government Bank of the Republic of Colombia Other assets 2,966 1,971 2,499 ' 3,325 (thousands of pesos) : Note circulation 184,493186,876191,349 182,422 Gold and foreign exchange 325,196 338, 534,457 235,027 Deposits—Government 73,838 77,931 76,429 84,833 Net claim on Int'l. Fund4 24,373 24,373 24,373 24,371j Other 129,214128,426128,889 117,624 Paid-in capital—Int'l. Bank 1,443 1,436 1 ,434 1404 Other liabilities and capital 9,194 9,642 8,163 21,482 * Latest month available. *On Aug. 17, 1950, gold reserve revalued from .0202765 to .0177734 grams of fine gold per franc. 2It is understood that, beginning June 1950, gold reserves have been revalued at a rate of 60 bolivianos per dollar. 3Represents chiefly bills secured by stocks of mined tin not yet sold in world markets. 4This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 5For last available report (March 1950), see BULLETIN for September 1950, p. 1262. 6In December 1950, gold and foreign exchange holdings revalued from 13.50 to 15.00 sucres per dollar. 7Beginning 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. 796 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continue** I Central Bank 1953 1952 Central Bank 1953 1952 (Figures as of last report (Figures as of last report date of month) May Apr. Mar. May date of month) May Apr. Mai'. May Central Reserve Bank of El Salva- I Bank of Italy (billions of lire): dor (thousands of colones): Gold 4 4 4 4 Gold 73,125 73,193 73,243 946 Foreign exchange 50 49 47 36 Foreign exchange (net) 75,501 80,016 78,672 076 Advances to Treasury , 570 571 572 590 Net claim on Int'l. Fundl 1,566 1,566 1,566 566 Loans and discounts 281 312 313 226 Loans and discounts 10,100 7,230 9,121 248 Government securities , 262 262 267 211 Government debt and securities . 4,162 4,355 5,299 375 Other assets , 698 705 715 786 Other assets 1 ,696 1,385 1,545 334 Note circulation , 1,257 1,263 1 ,277 1,204 Note circulation 88,679 91,041 97,047 150| Deposits—Government 81 131 121 152 Deposits 69,487 68,775 64,637 3891 Demand , 54 57 59 55 Other liabilities and capital 7,985 7,929 7,762 006 Other 369 350 359 368 Bank of Finland (millions of mark- Other liabilities and capital 103 101 101 73 kaa): Bank of Japan (millions of yen): Gold 5,862 5,862 5,862 865 Bullion 448 448 448 '501 Foreign assets (net) 8,391 8 552 8,972 0221 Advances to Government , 37,424 ,424 38,424 38,390 Clearings (net) 5,300 6,473 6,154 269J Loans and discounts , 382,347 ,171387,695 279,940 Loans and discounts 42,234 37,214 36,108 877 Government securities 180,520 ,200 193,635 153,650 Securities 1 ,604 1,643 1,652 960 Other assets , 108,361 , 756132,653 114,666 Other assets 2,152 2,169 2,310 892 Note circulation , 501,136 710 515,977 444,003 Note circulation 45,962 43,804 44,078 5791 Deposits—Government 106,047 934 129,894 61,405 Deposits 1 ,402 872 535 454] Other 63,609 626 54,478 41,202 Other liabilities and capital 18.179 17,236 16,445 85 lj Other liabilities 38,307 728 52,506 40,540 Bank of German States The Java Bank (millions of rupiah) : (m D O G L L F N il o o o l o t e o i h r a a l o p t e d e e n n n o i r s s g s c s n a a i t i o r o s t n c f e s s d u x e G — G t l c O B s d a o h e G t i v t a a r i s h o m n e n o c e r n k g o v a r n s e u n e m n r t e n m s n m a t r e k n s t ) . : ......... 1 2 5 7 0 1 , , , , , , 4 9 0 8 2 7 3 0 4 9 7 7 8 7 5 5 6 7 4 1 0 1 5 2 7 8 3 1 4 2 2 7 0 1 , , , , , , 9 1 2 9 2 4 7 4 7 3 6 8 4 7 2 8 7 9 1 4 5 1 2 6 4 3 9 1 2 4 2 0 7 1 1 , , , , , , , 6 1 5 6 2 5 1 0 7 8 4 0 2 1 7 8 1 6 9 5 1 6 1 6 8 3 9 , , , , , 6 7 2 9 7 7 2 1 1 5 1 6 3 6 4 1 2 2 9 < 0 4 9 3 8 3 0 1 , O O N F A G L D o o t t o d o e h h r a l p v t e d e e e n a o i r r s g n s c n i a l c i a i t r s e a n s c e s s — b d u x e i t l t c l o O d E a s i h . t i t C t i a i s G h e o n A c s e o n o g r v e a u e n n ( r d t n n s e m c t a ) e p n i t tal. , 4 4 5 2 2 , . , , 7 2 3 4 4 5 9 1 6 9 9 7 6 8 4 8 7 2 6 6 5 6 5 3 4 5 1 , , 5 , 2 4 3 6 6 2 7 5 0 6 1 9 2 0 1 8 7 6 4 2 6 7 4 4 8 9 4 5 t , , , 6 4 4 5 2 5 7 1 8 1 8 9 7 4 6 8 8 6 8 0 6 1 5 9 8 9 2 3 2 1 1 1 , , , , , 1 2 2 0 4 2 3 8 4 2 0 6 7 9 3 5 5 6 3 9 3 7 6 7 5 0 2 Bank O t o h f e r G li r a e b e i c li e t ie ( s b i a ll n i d on c s a p o i f t a d l rach- ,628 1,709 1 ,733 , 803Bank M o o f n e M ta e r x y i c r o e se (m rv i e l l 5 ions of pesos): 1 ,186 1,199 1 ,229 1,042 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 a c a i n r s e n d c s s d u e — f t l o s d a r O G t i e i s i t o o 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) 24 3 8 2 1 , , , , . 1 4 7 9 4 1 7 4 7 4 2 2 9 4 6 3 5 4 3 2 8 1 1 , , , , , 4 4 4 9 9 1 6 0 1 2 4 4 2 3 3 4 6 0 , , , , , 8 3 4 1 1 9 2 7 5 6 4 8 7 0 4 0 0 5 O O D N " B A t t i e o l r h h m u l t i s e e e t t i r r a h e a c n o s n l a i d i , d r r s a c i s e b z l u e d t i i e c l a t l i a s d i s b t . t " c i i i e l o o i s n u t h i n o a es t n l s d d i n c g a s p i o ta f l secu- , 3 3 1 , , 0 2 , 4 3 6 5 3 0 9 8 3 3 1 7 0 2 5 6 3 3 1 , , , 2 1 3 4 5 5 2 3 6 8 9 5 0 5 2 4 8 9 3 3 1 , , 3 . 1 4 6 3 5 3 9 0 7 6 8 3 8 2 9 6 3 3 2 1 , , ,1 5 0 4 4 6 3 2 3 7 4 3 4 1 4 5 7 4 Deposits—Government 847 823 89<JNetherlands Bank (millions of Reconstruction and 7,661 7,663 ,619 guilders): Ot r h e e li r ef accts 2,000 1 ,949 2 ,060 Gldc _; 2,29 1 0 7 2,29 1 1 6 2,29 1 1 6 1,30 1 3 5 Other liabilities and capital.... 25,432 3,026 3,387 Silver (including subsidiary coin). 1,598 1,700 1 ,541 1,184 Bank of Guatemala (thousands of Foreign assets (net) 36 36 57 38 quetzales): Loans and discounts 1,300 1.300 1 .451 2,100 Gold 27,228 27,228 27,228 Govt. debt and securities 529 525 536 499 Foreign exchange (net) 27,453 25,055 17,495 Other assets 33 34 35 43 Gold contribution to Int'l. Fund 1,250 1,250 1,250 Note circulation—Old 3,049 3,051 3,085 2,870 Rediscounts and advances.... 6,772 7,587 5,095 New 974 1,125 1 ,149 624 Other assets 18,357 22,051 19,020 Deposits—Government 1,196 1,177 1,174 1,027 Circulation—Notes 44,361 45,476 41,154 ECA 318 276 248 367 Coin 3,530 3 ,534 3,359 Other 200 205 201 207 Deposits—Government 4,721 3,513 3,690 Other liabilities and capital Banks 13,472 12,882 6,094 Reserve Bank of New Zealand Other liabilities and capital.... 14,974 17,766 15,790 (thousands of pounds): 6,020 6,017 6,015 5,873 National Bank of Hungary 3 Gold 66,511 59,446 53,883 25,464 Reserve Bank of India (millions of Foreign exchange reserve 6,019 6,019 6,019 6,019 rupees): Loans and discounts Issue department: Advances to State or State un- 57,786 57,753 58,074 54,701 Gold at home and abroad.... 400 400 400 dertakings 34,950 34,882 32,132 32,182 Foreign securities 5,982 5,782 6,032 Investments 1,689 2,861 1,449 2,636 Indian Govt. securities 4,499 4,499 4,646 Other assets 62,656 62,886 62,469 61,876 Rupee coin 876 821 749 Note circulation 101,535 95,579 86,725 57,020 Note circulation 11,596 11,331 11,366 Demand deposits 8,785 8,512 8,377 7,980 Banking department: Other liabilities and capital Notes of issue department. . . . 159 170 460 Bank of Norway (millions of kroner): 280 280 280 242 Balances abroad 1,183 1,455 845 Gold 177 221 261 473 Bills discounted 127 88 48 Foreign assets (net) 13 19 30 33 Loans to Government 40 33 8 Clearing accounts (net) 65 61 60 62 Other assets 1 ,146 1,310 1,384 Loans and discounts 44 44 44 46 Deposits 2,218 2,650 2,341 Securities 5,546 5,546 5 ,546 6,202 Other liabilities and capital... 436 407 405 Occupation account (net) 57 57 53 59 Central Bank of Ireland (thousands Other assets 2,745 2,756 2,775 2,573 of pounds): Note circulation 2,092 2,080 2,174 1,999 Gold 2,646 2,646 2,646 2,646 Deposits—Government 562 608 552 1,012 Sterling funds 61,232 61,500 61,788 55,552 Banks 322 311 302 966 Note circulation 63,878 64,146 64,434 58,199 ECA—MSA 460 473 472 568 Other liabilities and capital 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. 2Figure reflects the adjustment in the official exchange rate from 15,000 to 30,000 drachmae per dollar, effective Apr. 9, 1953. 3 For last available report (February 1950), see BULLETIN for September 1950, p. 1263. 4Gold revalued in May 1953 from 4,265.35 rupiah to 12,796.05 rupiah per kilogram of fine gold. 5 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. eGold 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. 797 JULY 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1952 Central Bank 1953 1952 (Figures as of last report (Figures as of last report date of month) May Apr. Mar. May date of month) May Apr. Ma May State Bank of Pakistan (millions of Bank of Spain—Cont. rupees): Other assets ,813 30,629 29,890 27,730 Issue department: Note circulation ,416 36,704 37,303 35,299 Gold at home and abroad. . . 81 81 81 81 Deposits—Government ,604 2,243 1,814 1,934 Sterling securities 421 409 418 916 Other ,504 3,962 4,128 2,706 Pakistan Goyt. securities. . . 1,191 1,183 1,144 665 Other liabilities and capital ,386 26,780 25,798 24,540 Govt. of India securities 126 126 126 126 Bank of Sweden (millions of kronor) : India currency 300 300 300 300 Gold 427 427 429 463 Rupee coin 67 66 66 69 Foreign assets (net) ,189 1,152 1,241 1,346 Notes in circulation 2,073 2,100 2,087 2,092 Net claim on Int'l. Fund1 129 129 129 88 Banking department: Paid-in capital—Int'l. Bank 13 13 13 11 Notes of issue department. . 113 65 48 65 Swedish Govt. securities and ad- Bills discounted 9 6 96 vances to National Debt Office4 ,334 2,605 2,404 2,729 Loans to Government 104 " " 80 43 Other domestic bills and advances 362 295 322 276 Other assets 413 440 519 679 Other assets 718 728 734 786 Deposits 509 468 501 730 Note circulation ,223 4,365 4,311 3,962 Other liabilities and capital.. 130 117 115 111 Demand deposits—Government.. 132 300 343 1,018 Central Bank of Paraguay Other 202 69 53 96 (thousands of guaranies): (Feb.)* Other liabilities and capital 614 615 563 621 Gold 1,138 Swiss National Bank (millions of Foreign exchange (net) 61,580 francs): Net claim on Int'l. Fund1 11 Gold ,970 ,909 5,911 5,822 Paid-in capital—Int'l. Bank -1,032 Foreign exchange 518 554 467 289 Loans and discounts 90,176 Loans and discounts 217 217 225 232 Government loans and securities. 349,643 Other assets 80 80 76 78 Other assets 159,348 Note circulation ,791 ,796 4,806 4,574 Note and coin issue 346,757 Other sight liabilities ,794 ,763 1,677 1,649 Deposits—Government 63,686 Other liabilities and capital 200 200 196 197 Other 114,294 Central Bank of the Republic of Other liabilities and capital 136,128 Turkey (millions of pounds): Central Reserve Bank of Peru Gold 402 402 402 429 (millions of soles): Foreign exchange and foreign Gold and foreign exchange2 543 620 644 clearings 215 213 206 126 Net claim on Int'l. Fund1 67 67 21 Loans and discounts ,640 1,656 1,691 1,426 Contribution to Int'l. Bank 2 2 2 Securities 26 26 26 27 Loans and discounts to banks. . . 414 364 212 Other assets 112 114 112 105 Loans to Government 853 829 842 Note circulation ,239 1,229 1,239 1,112 Other assets 202 182 210 Deposits—Gold 153 153 153 153 Note circulation 1,440 1,416 1,267 Other 712 754 765 593 Deposits 354 379 370 Other liabilities and capital 290 275 280 256 Other liabilities and capital 288 269 294 Ba ( n th k o u o s f a t n h d e s R of e p p u es b o l s ic ): of Uruguay (Jan.) Ce ( n th t F G O O L N D N D r o o o a o t t o u e e o h h r a l l t m m s t e d e e e n a i c r r B a e s g n l c n s a n d a l a i t d i i r s s i n a m c c e s b k d o u e x i s e t l f o c l e s a i p o h n t c p t o i a f i u e e o n I s r s s n n i t g i o t t h t a s e i s ' e e n l ) . s : d F P c u h a n p il d i i t 1 p al pines 4 5 2 2 1 1 6 2 4 7 2 3 5 1 3 0 4 9 9 1 4 3 8 9 , , , , , , , , , 2 6 5 6 3 5 6 8 8 1 2 2 5 4 1 8 0 1 5 9 8 3 9 3 0 4 6 4 2 5 2 1 1 5 2 2 4 7 3 1 4 3 9 8 8 3 6 8 4 9 8 , , , , , , , , , 5 1 5 7 7 3 4 8 9 5 8 0 5 6 4 2 3 5 5 5 6 9 2 3 4 0 4 2 4 2 5 1 1 2 4 3 7 4 2 5 3 1 5 9 4 9 0 4 3 6 5 , , , , , , , , , 4 0 7 3 4 9 5 5 1 1 6 6 1 2 9 0 0 1 1 1 5 6 6 3 8 4 0 ' A O S O G P N D O i a d t o t e t o l m h h i h v l v p t d d e e e e e a o e - r r r r n i n s c n i c l a t l i t i o r e s s a c b c a s s — b a o u e n i p t d l t s l O G s a o i i i t t t e a i t o a i s e h S n o v l s e d — n t e a r a r t d n I e n i n m d s t a c ' e c l o n . n a u d t p B n i t G a t s a n o l k vern- 3 3 3 4 3 5 1 1 1 8 5 3 9 1 0 3 9 3 6 0 9 0 0 0 2 , , , , , , , ^ , 3 2 7 0 5 2 5 1 6 3 0 7 8 9 4 3 6 4 7 2 9 6 8 9 6 0 8 5 3 8 3 4 3 2 5 3 1 2 1 9 2 5 5 8 6 4 3 7 1 9 6 8 3 4 , , , , , , , , , 8 5 3 4 9 1 0 1 7 0 6 1 4 5 6 1 5 4 5 5 4 3 6 6 9 3 5 0 0 7 Bank of Portugal (millions of Central Bank of Venezuela (milescudos): lions of bolivares): Gold 4,696 4,646 4,616 4,415 Gold ,141 1,141 1,141 1,141 Foreign exchange (net) 11,978 11,899 11,770 11,598 Foreign exchange (net) 279 173 71 211 Loans and discounts 708 737 840 657 Other assets 90 92 98 72 Advances to Government 1,427 1,427 1,423 1,417 Note circulation 925 938 955 863 Other assets 607 596 555 599 Deposits 276 272 266 238 Note circulation 8,732 8,853 8,869 8,876 Other liabilities and capital 309 196 88 322 Demand deposits—Government.. 1,868 1,865 1,569 1,540Bank of International Settle- ECA 6 6 9 29 ments (thousands of Swiss gold Other 6,771 6,544 6,726 6,142 francs) : Other liabilities and capital 2,040 2,038 2,032 2,099 Gold in bars 647,149742,019712,617 471,683 South African Reserve Bank Cash on hand and with banks. . . 46,372 42,094 50,748 100,082 (thousands of pounds): Sight funds at interest 4,176 5,079 7,571 17,987 Gold* 61,968 61,241 61,573 57,215 Rediscountable bills and accept- Foreign bills 47,802 49,298 56,350 70,780 ances (at cost) 257,055 239,319 216,548 188,798 Other bills and loans 16,713 13,951! 16,931 16,497 Time funds at interest 28,429 40,882 45,557 25,704 Other assets 39,057 43,538 46,047 30,071 Sundry bills and investments. . . . 187,773166,466 227,165 281,621 Note circulation 91,500 90,252 89,144 85,129 Funds invested in Germany 297,201297,201297,201 297,201 Deposits 55,718 57,584 70,143 68,254 Other assets ,433 1,468 1,316 1,665 Other liabilities and capital 18,323 20,192 21,614 21,180 Demand deposits (gold) 455i 066 482^616 476,315 334,632 Bank of Spain (millions of pesetas): Short-term deposits: Gold 581 581 570 555 Central banks—Own account.. 454,029 490,635518,401 471,371 Silver 355 344 359 377 Other 56 57,512 60,783 79,535 Government loans and securities. 15,985 16,020 15,801 15,948 Long-term deposits: Special 228,909 228,909 228,909 228,909 Other loans and discounts 21,175 22,116 22,423 19,868 Other liabilities and capital 275,468 274,855 274,314 270,293 * Latest month available. iThia figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 2 In November 1949, part of the gold and foreign exchange holdings of the bank were revalued. 3On Dec. 31, 1949, gold revalued from 172 to 248 shillings per fine ounce. 4 Includes small amount of non-Government bonds. NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1953, p. 80; and January 1950, p. 120. 798 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— Date Central Rate Date Central Rate Date effective U K n i i n t g e - d France Ger- Bel- N e e r t - h- Swe- Sw er i - tz- bank of— M 3 a 1 y effective bank of—- M 3 a 1 y effective dom many gium lands den land Ineffect Dec. 31, Argentina Mar. 1, 1936 Italy 4 Apr. 6, 1950 Jun 19 e ^L 2 -7 8, 1948. . 2 2)4 &3 . .* 2V2 ..!«. A Be u l s g t i r u ia m 3 5 M De a c r . . 2 1 6 8 , , 1 1 9 9 5 5 3 2 J J a a p va an 3 5.84 A O p ct r . . 1 1 , , 1 19 9 4 5 6 1 Sept. 6 3H&4 Bolivia 6 Sept. 30, 1950 Mexico June 4, 1942 Oct. 1 May 27, 1949. . 141^ Tuly 14 14 Oct 6 Canada . 2 Oct. 17, 1950 Netherlands . 2)4 Apr. 7, 1953 Tune 8 1950 Chile June 13, 1935 New Zealand. July 26, 1941 Sept. 11 .21A. Colombia 4 July 18, 1933 Norway Jan. 9, 1946 Sep* 26 3 Costa Rica... . 4 Feb. 1, 1950 Pakistan.... 3 July 1, 1948 Oct. 27 >6 . _ . . Dec. 1 Apr. 17, 1951 . . 4 Julv 5 3)4 Denmark 5 Nov. 2, 1950 Peru 6 Nov.13, 1947 Sept. 13 3/4: Ecuador 10 May 13, 1948 Portugal. . . . I* Jan. 12, 1944 Oct 11 3 Egypt. 3)4 July 1, 1952 South Africa Mar.27, 1952 Nov 8 2 V El Salvador . . 3 Mar.22, 1950 Spain 4 Mar.18, 1949 Nov. 9 4 Jan. 22, 1952 Mar. 12 4 : :* May 29 15 Finland Dec. 16, 1951 Sweden 3 Dec. 1, 1950 Aug. 1 3 France 4 Nov. 9, 1951 Switzerland.. 1* Nov.26, 1936 Aug. 21 ... Germany 14 Jan. 8, 1953 Turkey Feb. 26, 1951 Dec. 18 3 Greece 12 July 12, 1948 United King- Jan. 8, 1953 14 India Nov. 15, 1951 dom 4 Mar.12,1952 Apr 7 2K Ireland Mar. 25,1952 USSR 4 July 1, 1936 In effect Mav 31, 1953 4 4 14 3 3 1 Rate establu3hed for the Land Central banks. NOTE.—Changes since May 31: Germany—June 11,from 4 to 3 )4 I>er cent. OPEN-MARKET RATES [Per cent per annum] Canada United Kingdom France Netherlands Sweden S l w an it d zer- Month Treasury Bankers' Treasury Day-to- Bankers' Day-to- Treasury Day-to- Loans Private bills acceptances bills day allowance day bills day up to discount 3 months 3 months 3 months money on deposits money 3 months money 3 months rate 1943—April .50 1.03 1.01 1.03 .50 1.66 3-5H .25 1944—April .39 1.03 1.01 1.13 .50 1.73 L .25 1945—April .37 1.03 1.01 1.00 .50 1.47 . . . . . _ . . L.25 1946—April .37 .53 .51 .63 .50 1.25 "!50" ' 2H-4M L .25 1947—April .41 .53 .51 .63 .50 1.41 1.59 1.11 L.25 1948—April .41 .56 .51 .63 .50 2.00 1.38 .93 1.50 1 1 9 9 5 4 0 9 — — A A p p r r i i l l . . 4 5 9 1 . .6 5 9 8 . .5 5 1 1 . .6 6 3 3 . . 5 5 0 0 2 2 . . 1 6 2 4 1 1. . 4 2 4 9 1 1. . 2 2 5 4 2 2 H V*> - — 4 4 M V*» L L . 5 6 0 3 1951—April .76 .69 .51 .63 .50 2.60 1.55 1.24 3-5 L.50 1952—April .98 3.00 2.35 2.25 2.00 3.65 1.40 1.00 3-5 .50 1952—May 1.02 3.00 2.37 2.25 2.00 3.77 1.25 .90 3-5 .50 June 1.08 3.00 2.43 2.25 2.00 3.66 1.20 .75 3-5 .50 July 1.11 3.00 2.46 2.25 2.00 3.84 1.05 .75 3-5 .50 August 1.10 3.00 2.46 2.25 2.00 3.77 .85 .58 3-5 .50 September.... 1.14 3.00 2.49 2.25 2.00 4.00 .85 .62 3-5 1.50 October 1.19 3.00 2.43 2.25 2.00 3.98 .84 .50 3-5 .50 November.... 1.21 3.00 2.38 2.25 2.00 3.98 .87 .54 3-5 .50 December 1.35 3.00 2.41 2.25 2.00 3.93 .92 .58 3-5 .50 1953—January 1.35 3.00 2.39 2.25 2.00 3.97 .83 .54 3-5 .50 February 1.47 3.00 2.42 2.25 2.00 4.10 .81 .50 3-5 L.50 March 1.50 3.00 2.40 2.25 2.00 3.93 .90 .51 3-5 .50 April 1.53 3.00 2.41 2.25 2.00 4.05 .93 .71 3-5 .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. 799 JULY 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS Assets Liabilities United Kingdom1 ( b 1 m a 1 i n l L l k io s o s . n n t e s d r o F l o i n f i n g g c p u ) l o r e e u a s n r i d i n n s g re C se a r s v h es M c n a s o l o h l n t o e i a c r y n t e d at B co il u ls n t d e i d s- T re d r c e e e p a i o s p u s t i r s t y 2 Securities c L u o s a to n m s e to rs O as t s h e e t r s Total D D e e p m o a s n it d s Time 1047—December. 502 480 793 1,288 1,483 1,219 567 5,935 3,962 1 ,972 1948—December. 502 485 741 1 ,397 1 ,478 1 ,396 621 6,200 4,159 2,041 1949—December. 532 571 1,109 793 1,512 1 ,534 579 6,202 4,161 2,041 1950—December. 540 592 1,408 456 1,528 1,660 735 6,368 4,262 2 .106 1951—December 531 598 972 102 1,965 1,950 867 6,333 4,290 2.042 1952— Mine 504 537 1,064 1,917 ,875 726 6.064 3,909 2,155 July 501 535 139 1.917 .834 696 6,063 3,903 2,159 August.... 510 516 239 1,918 , 765 638 6,048 3,878 2,170 September. 503 530 295 1,921 ,758 662 6,126 3,910 2,216 October 498 500 122 2,142 ,759 676 6,167 3,948 2,219 November. 503 516 142 2,138 , 755 655 6,183 3,949 2,234 December. 549 529 1,248 2,148 ,764 748 6,460 4,232 2,228 1953—Tanuary... 498 515 1 ,204 2,148 ,764 659 6,259 4,025 2.234 February.. 491 456 1 .046 2,130 ,783 649 6,029 3,836 2,192 March.... 497 472 1,024 2,122 1,811 641 6,053 3,873 2,179 April 498 454 1 ,010 2,119 1,825 664 6,060 3,860 2,200 May 498 464 1 ,080 2,123 1 ,784 654 6,083 3.896 2,187 Assets Liabilities Canada E (1 n C 0 d a i c n n o h a f a d m r m i t i a e l o n l r i n e o t d d n h o s b l o f l a a i f g n r u s k ) r s e . s re C se a r s v h E es ntire S l e y J c o u i a r n n i s t C y ana d lo d i O s a a c n t o s h u e a n r n t d s d S a a f u n b e o l b e o d c a r r e u a n o f i n r k r g n a i o s s d n t e m y t Securities O as t s h e e ta r Notes3 e D T x e o c p t lu a o l d s i i n ts g p i D a n y e te a m r b b a le a n n d i k n d C e a p T n o i a m s d 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 ,159 18 6,412 2,671 3,740 ,544 1948--December. 749 101 2,148 144 4,268 .169 16 7,027 2,970 4,057 ,537 1949--December. 765 133 2,271 146 4.345 ,058 14 7,227 2,794 4,433 ,477 1950--December. 824 134 2,776 171 4,286 ,304 7,828 3,270 4,558 ,667 1951--December. 907 107 3,028 227 3.876 .464 7,896 3,284 4,612 ,714 1952—May 785 132 3,012 255 4,100 ,350 7,979 3,210 4,769 ,655 June 813 138 3,048 328 4,067 ,453 8,120 3,328 4,792 ,727 July 847 145 3,053 279 4,134 ,278 8,079 3,243 4,836 ,658 August. . . . 828 147 3,048 260 4,139 ,306 8,075 3,205 4,870 ,652 September. 843 135 3,093 250 4,202 ,383 8,191 3,290 4,901 ,716 October 879 130 3,212 278 4,147 ,396 8.319 3,418 4,901 ,722 November. 827 121 3,350 308 4,006 ,424 8,291 3,376 4,916 ,746 December.. 916 155 3,289 326 3,955 ,516 8,421 3,497 4,924 ,736 1953—January.. 835 135 3,293 308 3,981 ,321 8,188 3,244 4,945 ,684 February. 877 141 3,301 330 4,042 ,342 8,310 3,301 5,008 ,724 March 851 140 3,394 322 4,082 , 394 8,458 3,391 5,067 1,724 April 897 152 3,508 345 4,135 ,380 8,642 3,535 5,107 1,774 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 o a s n it d s Time a a c O n c w c e e p n s t- li c a O a b a p t i n h l i d i e t t a 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 1948—December. 45,397 35,633 354,245 126,246 34,030 552,221 545,538 6,683 30,638 12,691 1949—December. 40,937 42,311 426,690 129,501 29,843 627,266 619,204 8,062 26,355 15,662 1950—December. 48,131 52,933 527,525 135,289 31,614 749,928 731,310 18,618 28,248 17,316 1951—December. 60,215 72,559 627,648 165,696 38,114 906,911 879,767 27,145 33,774 23,547 1952-April 45,646 72,947 556,151 180,550 41,474 831,729 800,944 30,786 28,482 36,556 May 48,832 75,533 618,190 172,693 43,093 891,422 861,703 29,719 27,025 39,893 Tune 50,436 72,818 554,963 193,942 44,463 848,354 819,030 29,324 25,529 42,738 July 45,999 70,090 560,877 196,665 45,990 846,689 817,569 29,120 23,811 49,121 August 46,383 69,715 624,623 177,289 43,318 890,582 860,668 29,915 19,221 51,525 September. 48,279 67,886 584,558 183,491 44,415 855,024 824,874 30,150 17,810 55,794 October... 45,375 67,846 595,383 185,930 47,721 863,250 831,713 31,536 18,292 60,713 November. 47,709 68,646 666,402 163,992 51,882 914,021 882,233 31,789 20,222 64,388 December P 51,147 68,269 636,427 169,508 61,909 896,076 864,033 32,043 24,957 66,225 53—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 March.... 46,064 75,743 630,601 175,934 37,896 900,928 864,528 36,400 27,291 38,019 p Preliminary. !This table represents aggregates of figures reported by individual banks. Data are compiled on the third Wednesday of each month, except in June and December when the statements give end-of-month data. 2 Represent six-month loans to the Treasury with a yield of % per cent after October 1945. 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. 800 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina Belgium Brazil Canada (peso) Aus- (franc) (cruzeiro) British (dollar) Year or month Basic P e r n e t f i e a r l - Free ( t p r o a u l n ia d) a n " c B o c t o a e u n s k n " t Official Free M (d a o si l l a l a a y r) - Official Free 1947 29 773 321.00 2.2817 5 4L4O3 100.000 91.999 1948 29.773 321.22 2.2816 5.4406 100.000 91 691 1949 29 774 293.80 2.2009 2.1407 5.4406 42 973 97 491 92 881 1950 26.571 13.333 8.289 223.15 1.9908 1.9722 5.4406 32.788 90.909 91 474 1951 20.000 13.333 7.067 223.07 1.9859 1.9622 5.4406 32.849 94.939 1952 20 000 13.333 7.163 222.63 1.9878 5.4406 32.601 102 149 1952—July . . . 20.000 13.333 7.196 222.17 1.9842 5.4406 32.509 103 120 August 20.000 13.333 7.194 222.19 1.9879 5.4406 32.445 103.984 September 20 000 13.333 7.195 221.73 1.9920 5.4406 32.418 104 171 October 20.000 13.333 7.196 222.55 1.9965 5.4406 32.499 103.681 November 20 000 13.333 7.198 223.12 1.9979 5.4406 32 489 102 289 December . .. 20.000 13.333 7.198 223.58 1.9941 5.4406 32.523 103 002 1953—January 20.000 13.333 7.198 224.13 1.9934 5.4406 32.560 103 014 February 20.000 13.333 7.198 224.62 1.9966 5.4406 12.5173 32.612 102.302 March 20 000 13 333 7 198 224 35 1.9976 5.4406 2 3024 32 586 101 666 April 20 000 13.333 7.198 224.43 1.9971 5.4406 2.2113 32.589 101 655 May 20.000 13.333 7.198 224.25 2.0019 5.4406 2.2508 32.585 100.559 June 20.000 13.333 7.198 224.19 2.0007 5.4406 2.0794 32.579 100.546 France Year or month Ceylon m De a n rk - Finland (franc) G (d e e r u m ts a ch 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 3?2 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—July 20.871 14.492 .4354 .2856 20.892 278.82 11.574 26.324 276.06 20 875 214 492 4354 2856 20 893 278 85 11 623 26 317 276 09 September 20.854 .4354 .2856 20.866 278.26 11.623 26^291 275.51 October 20.903 .4354 .2856 20.921 279.30 11.611 26.312 276.53 November . 20.984 .4354 .2856 20.976 280.01 11.622 26.289 277.24 December 21.024 .4354 .2856 21.025 280.59 11.623 26.277 277.81 1953—January 21.068 .4354 2856 21.074 281.28 11.625 26.281 278.50 February 21.088 .4354 .2856 21.089 281.90 11.620 26.269 279.11 March 21.061 .4354 .2856 21.061 281.56 11.614 26.321 278.78 April 21.067 .4354 .2856 21.069 281.66 11.608 26.335 278.87 Mav 21.046 .4354 .2856 21.049 281.43 11.564 26.340 278.65 June 21.041 .4354 .2856 21.044 281.35 11.561 26.334 278.57 Year or month N (k o r r o w n a e y ) R P e ( p h p p i e i u n l s i o b e p ) l - ic ( P es o g c r a u t l d u o - ) ( A S p o o fr u u i n c th a d) (k S d r w o en n e- a) e S (f r w r l a a i n t n c z d ) - U ( K p d n o i o u i n m t n g e d - d ) Ur ( u pe g s u o a ) y4 1947 20 160 4.0273 400.74 27.824 23.363 402.86 65.830 56.239 1948 20 159 4.0183 400.75 27.824 23.363 403 13 65 830 56 182 1949 18.481 49.723 3.8800 366.62 25.480 23.314 368.72 65.830 56.180 42.553 1950 14 015 49.621 3.4704 278.38 19.332 23.136 280.07 65.833 56.180 42 553 1951 14 015 49 639 3.4739 278.33 19.327 23 060 279 96 65 833 56 180 42 553 1952 14.015 49.675 3.4853 278.20 19.326 23.148 279.26 65.833 56.180 42.553 1952—Julv 14.015 49.677 3.4793 277.78 19.327 23.240 278.82 65.833 56.180 42.553 August 14.015 49.677 3.4848 277.81 19.327 23.288 278.85 65.833 56.180 42 553 September 14.015 49.677 3.4878 277.23 19.327 23.320 278.27 65.833 56.180 42.553 October 14.015 49.677 3.4825 278.25 19.325 23.329 279.30 65.833 56.180 42.553 November 14.015 49.677 3.4818 278.96 19.323 23.330 280.01 65.833 56.180 42.553 December 14.015 49.677 3.4839 279.54 19.323 23.332 280.59 65.833 56.180 42.553 1953—Januarv 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 23.318 281.90 665.833 556.180 542.553 636.025 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 May 14.015 49.677 3.4903 280.38 19.323 23.329 281.43 65.833 56.180 42.553 33.633 June 14.015 49.676 3.4897 280.30 19.323 23.331 281.35 65.833 56.180 42.553 33.270 1 Based on quotations beginning Feb. 25, 1953. 2 Based on quotations through Aug. 14, 1952. 3Based on quotations through May 8, 1952. 4Rate applied (except free rate) depends upon type of merchandise. In addition to the rates shown, a fifth rate is being certified; the June average for this rate was 53.1914. 5Quotations not available Jan. 28 through Feb. 9. 1953. «Free 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. JULY 1953 801 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers) Year or month (1 U S 94 1 n ta 7 0 i 0 - t t 4 e e ) 9 d s - ( C 1 - a 9 1 n 3 0 5 a 0 - d ) 3 a 9 M (19 1 e 3 0 x 9 0 i ) c = o K U ( i 1 n n 1 9 g 0 i 3 0 t d e 0 ) o d * m F (1 r 1 9 a 0 4 n 0 9 ) c e - (1 I 9 1 t 3 0 a 8 0 l y ) = ( a 1 J = v 9 a e 3 1 p r 0 4 a a 0 - g n 3 ) e 6 N (1 l e a 9 1 t 4 0 n h 8 0 d e ) s r = - S (1 w 1 9 e 0 3 0 5 d ) e = n (A Sw u = l g a i 1 . t n 0 z 1 d 0 e 9 ) r 3 - 9 1943 67 128 146 163 12 2 196 203 1944 68 131 179 166 14 2 196 207 1945 69 132 199 169 20 4 194 205 1946 79 139 229 175 34 16 186 200 1947 96 163 242 192 52 5,159 48 199 208 1948 104 193 260 219 89 5,443 128 100 214 217 1949 99 198 285 230 100 5,169 209 104 216 206 1950 103 211 311 262 108 4,897 246 117 227 203 1951 115 240 386 320 138 5,581 343 143 299 227 1952 112 226 400 328 145 5,270 349 140 317 220 1952—May 112 225 406 328 145 5,179 348 140 321 220 111 226 405 328 143 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 5.292 343 138 304 218 December.. .. 110 221 393 328 141 5,287 342 139 305 217 1953—January 110 222 387 328 141 5,264 ••349 137 303 215 February 110 221 384 324 139 5.243 351 136 302 214 March 110 222 386 328 140 5,260 351 136 301 214 April 109 220 387 P331 P139 134 *>300 212 May 110 220 393 P329 P139 214 p Preliminary. T 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 OP COMMODITIES [Indexes for groups included in total index above] United States Canada United Kingdom Netherlands (1947-49=100) (1935-39=100) (1930=100) (1948=100) Year or month Raw and Fully and Induspr F o a d r u m cts Pr f o o c o e d s s sed co O m it t i m h e e s o r d- pr F od a u rm cts fa m p g c o a a t r o u n t d r u l e y s - d fa c m g h c o a t ie o u n f d r u l e y s - d Foods p I r n o tr d d i u a u l s c - ts Foods t p r I r i n o a d l d u u r s c a - w ts p f r i o n t d r is i u a h c l e ts d 1943 69 n.a. 69 145 131 127 160 164 1944 69 n.a. 70 155 134 129 158 170 1945 72 n.a. 71 165 136 130 158 175 1946 83 n.a. 78 177 140 138 158 184 1947 100 98 95 190 164 162 165 207 1948 107 106 103 230 196 192 181 242 100 100 100 1949 93 96 101 226 197 199 197 249 101 108 104 1950 98 100 105 237 213 211 221 286 112 128 116 1951 113 111 116 269 238 242 247 »364 122 171 143 1952 107 109 113 247 219 231 284 »352 129 166 135 1952—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 »348 122 162 133 August 110 111 113 243 216 229 287 »345 124 164 133 September 107 110 113 232 212 228 284 »343 129 163 133 October 105 109 113 228 210 227 293 P343 129 164 132 November 104 108 113 229 211 228 293 9340 131 163 132 December 99 104 113 229 210 228 297 *>344 132 162 132 1953—January . . . 100 106 113 226 209 229 »-297 P341 128 160 132 February . .. 98 105 113 223 208 229 '300 P337 127 159 132 March 100 104 113 221 210 229 302 P337 124 159 132 April 97 103 113 215 206 228 P318 122 157 131 May 98 104 114 217 206 228 P317 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. 802 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 1 d 9 0 n 4 a 0 - 9 ) 1 K 5 d ( , J i o a n 1 m n 9 g 5 . - 2 F = ( r 1 a 1 9 0 n 4 0 c 9 ) e N l = ( e a 1 t 1 n 9 h 0 4 d e 0 9 s r ) - 1 ( l 9 A a e 3 r n 9 u - d g = . ( U S = 19 t n 1 a 4 i 0 7 t t e e 0 -4 d s )i 9 = C ( a 1 a 1 d 9 0 n 4 a 0 - 9 ) 1 K 5 d ( , J i o a n 1 m n 9 g . 5 - 2 F = ( r 1 a 1 9 0 n 4 0 c 9 ) e N l = ( e a 1 t 1 n 9 h 0 4 d e 0 9 s r ) - 1 ( l 9 A a e 3 r n u 9 - d g = . = 100) 100) =-100) 100) 1945 77 75 22 153 69 21 164 1946 83 78 35 152 79 36 160 1947 96 85 77 57 158 96 67 57 170 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—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 May 114 114 106 P146 121 170 112 110 113 P141 P125 183 p Preliminary. 1 These series are the revised indexes, reflecting, beginning January 1953, the inclusion of some new series and revised weights. Prior to January 1953 indexes are based on the "interim adjusted" and "old" indexes, converted to the base 1947-49 =100. NOTE.—For sources and references concerning changes in the structure of price indexes for various countries (except the United States), see BULLETIN for December 1952, p. 1357. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month U S g ( r n t h a a i i d g t t e e e h d ) s C (1 = a 9 n 3 1 5 0 a 0 - d 3 ) a 9 ( 1 K D 9 U i e 2 n n c 1 g e i = m t d 1 e o b d 0 m e 0 r ) F (1 r 9 1 a 4 0 9 n 0 ) c = e N l e a t n h d e s r- ( U 1 S = 9 t n 3 a 1 i 5 0 t t e e - 0 3 d s ) 9 C (1 = a 9 n 3 1 5 0 a 0 - d 3 ) a 9 ( K 1 U 9 in 2 n 6 g i = t d e 1 o d 0 m 0) (19 F 4 r 9 a = n 1 c 0 e 0) N l e a t n h d e s rdumber of issues. . . 17 87 60 14 480 103 278 295 27 1946 123.4 117.2 132.1 131.5 109.0 139.9 115.7 96.2 195 1947 122.1 118.5 130.8 120.0 105.6 123.0 106.0 94.6 233 1948 118.3 105.0 129.9 106.4 107.1 124.4 112.5 92.0 240 1949 121.0 107.6 126.5 100.0 106.8 121.4 109.4 87.6 100 219 1950 122.0 109.6 121.2 99.8 106.7 146.4 131.6 90.0 90 217 1951 117.7 95.7 117.6 101.4 87.0 176.5 168.3 97.1 112 215 1952 115.8 86.1 108.3 111.1 85.6 187.7 173.1 91.1 143 192 1952—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 May 109.8 83.6 111.4 99.7 189.6 159.8 91.1 206 NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December 1952, p. 1357. JULY 1953 803 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 ROBERT C. MASTERS, Assistant Director LEGAL DIVISION GLENN M. GOODMAN, Assistant Director GEORGE B. VEST, General Counsel HENRY BENNER, Assistant Director FREDERIC SOLOMON, Assistant General Counsel HOWARD H. HACKLEY, Assistant General Counsel DIVISION OF BANK OPERATIONS DAVID B. HEXTER, Assistant General Counsel ROBERT F. LEONARD, Director G. HOWLAND CHASE, Assistant General Counsel J. E. HORBETT, Assistant Director LOWELL MYRICK, Assistant Director DIVISION OF RESEARCH AND STATISTICS DIVISION OF PERSONNEL ADMINISTRATION RALPH A. YOUNG, Director FRANK R. GARFIELD, Adviser on Economic Research DWIGHT L. ALLEN, Director 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. }. 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 804 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman * President Vice Presidents Bank of Deputy Chairman First Vice President (Vice Presidents in charge of branches are listed in lower section of this page) Boston Harold D. Hodgkinson J. A. Erickson John J. Fogg Carl B. Pitman Ames Stevens Alfred C. Neal Robert B. Harvey s O. A. Schlaikjer E. O. Latham R. F. Van Amringe New York. Jay E. Crane Allan Sproul H. A. Bilby H. V. Roelse H. H. Kimball Robert G. Rouse William I. Myers William F. Treiber L. W. Knoke V. Willis Walter S. Logan R. B. Wiltse A. Phelan J. H. Wurts Philadelphia. .. William J. Meinel Alfred H. Williams Karl R. Bopp P. M. Poorman C. Canby Balderston W. J. Davis Robert N. Hilkert J. V. 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 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 R. G. Johnson Pittsburgh J. W. Kossin Kansas City.... Denver G. A. Gregory Oklahoma City R. L. Mathes Richmond Baltimore D. F. Hagner Omaha L. H. Earhart Charlotte R. L. Cherry Atlanta Birmingham John L. Liles, Jr. Dallas El Paso C. M. Rowland Jacksonville T. A. Lanford Houston W. H. Holloway Nashville R. E. Moody, Jr. San Antonio W. E. Eagle New Orleans E. P. Paris Chicago Detroit 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. 805 JULY 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS1 The material listed below may be obtained from THE FEDERAL RESERVE SYSTEM—ITS PURPOSES AND the Division of Administrative Services, Board of FUNCTIONS. November 1947; reprinted June Governors of the Federal Reserve System, Wash- 1953. 125 pages. 75 cents per cloth-bound copy; ington 25, D. C. Where a charge is indicated, in quantities of 10 or more copies for single remittance should be made payable to the order shipment, 50 cents each. Paper-bound copies of the Board of Governors of the Federal Reserve available without charge. System. BANKING STUDIES. Comprising 17 papers on banking and monetary subjects by members of the ANNUAL REPORT of the Board of Governors of the Board's staff. August 1941; reprinted October Federal Reserve System. Issued each year. 1952. 496 pages. Paper cover. $1.00 per copy; Available without charge upon request. in quantities of 10 or more copies for single shipment, 75 cents each. FEDERAL RESERVE BULLETIN. Issued monthly. Subscription price in the United States and its pos- BANKING AND MONETARY STATISTICS. Statistics of sessions, Bolivia, Canada, Chile, Colombia, Costa banking, monetary, and other financial develop- Rica, Cuba, Dominican Republic, Ecuador, ments. November 1943. 979 pages. $1.50 per Guatemala, Haiti, Republic of Honduras, Mexico, copy. No charge for individual sections (un- Nicaragua, Panama, Paraguay, Peru, El Salvador, bound). Uruguay, and Venezuela is $2.00 per annum or A STATISTICAL STUDY OF REGULATION V LOANS. 20 cents per copy; elsewhere $2.60 per annum or September 1950. 74 pages. 25 cents per copy; 25 cents per copy. Group subscriptions in the in quantities of 10 or more copies for single United States for 10 or more copies to one ad- shipment, 15 cents each. dress, 15 cents per copy per month, or $1.50 for 12 months. THE DEVELOPMENT OF BANK DEBITS AND CLEAR- INGS AND THEIR USE IN ECONOMIC ANALYSIS. January 1952. 175 pages. 25 cents per copy; in FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY quantities of 10 or more copies for single ship- RATES, AND BUSINESS. Issued monthly. $6.00 ment, 15 cents each. per annum including edition of historical supplement (listed below) available when subscription THE FEDERAL RESERVE ACT, as amended to Novemis entered or renewed. 60 cents per copy; in ber 1, 1946, with an Appendix containing proquantities of 10 or more copies of a particular visions of certain other statutes affecting the issue for single shipment, 50 cents each. (Do- Federal Reserve System. 372 pages. 50 cents per mestic rates) paper-bound copy; $1.00 per cloth-bound copy. 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. 1A more complete list, including periodic releases and REGULATIONS OF THE BOARD OF GOVERNORS OF THE reprints, appeared on pp. 684-687 of the June 1953 FEDERAL RESERVE SYSTEM. Individual regulations BULLETIN. with amendments. 806 FEDERAL RESERVE BULLETIN" Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS REPRINTS CREDIT AND MONETARY REVIEW FOR 1952. February (From Federal Reserve Bulletin unless preceded by an asterisk) 1953. 7 pages. VOLUNTARY ACTION TO HELP CURB INFLATION. THE MONETARY SYSTEM OF THE UNITED STATES. November 1951. 9 pages. February 1953. 16 pages. REVISED INDEXES OF DEPARTMENT STORE SALES AND INFLUENCE OF CREDIT AND MONETARY MEASURES ON STOCKS. December 1951. 53 pages. ECONOMIC STABILITY. March 1953. 16 pages. ECONOMIC PROBLEMS FACING POST-TREATY JAPAN. January 1952. 11 pages. FEDERAL FINANCIAL MEASURES FOR ECONOMIC STA- BILITY. May 1953. 7 pages. THE SECOND ARMAMENT BUDGET. February 1952. 9 pages. INTERNATIONAL FLOW OF GOLD AND DOLLARS, 1952. March 1953. 8 pages. (Also similar article from MONEY AND CREDIT IN 1951. February 1952. 9 March 1952 BULLETIN.) pages. REVISION OF CONSUMER CREDIT STATISTICS. April RECENT CHANGES IN GERMANY'S FOREIGN TRADE 1953. 19 pages. BALANCE. March 1952. 7 pages. BANKING IN THE SOVIET UNION. April 1952. 8 ^DETAILED DESCRIPTION OF SOURCES AND METHODS pages. USED IN REVISION OF SHORT- AND INTERMEDIATE- TERM CONSUMER CREDIT STATISTICS (supplemen- REVISED WEEKLY INDEX OF DEPARTMENT STORE tary details for item listed above), April 1953. SALES. April 1952. 4 pages. 25 pages. STATEMENT BY CHAIRMAN OF THE BOARD OF GOV- ERNORS BEFORE SUBCOMMITTEE ON GENERAL THE TRANSITION TO FREE MARKETS. April 1953. 6 pages. CREDIT CONTROL AND DEBT MANAGEMENT, MARCH 11, 1952. April 1952. 4 pages. FEDERAL RESERVE BANK RESPONSIBILITIES. May CHANGES IN INSTALMENT CREDIT TERMS. May 1952. 1953. 5 pages. 6 pages. UNITED STATES POSTWAR INVESTMENT IN LATIN EXCESS PROFITS TAXES OF COMMERCIAL BANKS. AMERICA. May 1953. 6 pages. June 1952. 18 pages. 1953 SURVEY OF CONSUMER FINANCES—PART I. THE REAL ESTATE LOANS OF REGISTRANTS UNDER REGU- GENERAL FINANCIAL POSITION AND ECONOMIC LATION X. June 1952. 18 pages. OUTLOOK OF CONSUMERS. June 1953. 16 pages. RETAIL CREDIT SURVEY—1951. From June 1952 PART II. PURCHASES OF DURABLE GOODS IN 1952 BULLETIN with supplementary information for AND BUYING PLANS FOR 1953. July 1953. 12 pages. 9 separate trades. (Also, Retail Credit Surveys— SELECTED PRELIMINARY FINDINGS OF THE 1953 1943, 1944, 1945, 1946, 1947, 1948, and 1949 SURVEY OF CONSUMER FINANCES. March 1953. 2 from the June 1944, May 1945, June 1946, July pages. (Other articles on the 1953 Survey will 1947, July 1948, June 1949, and June 1950 appear in later issues of the BULLETIN. Also, BULLETINS with supplementary information.) similar surveys for earlier years from 1946, 1947, 1948, 1949, 1950, 1951, and 1952 BULLETINS.) PROBLEMS OF TRADE EQUILIBRIUM. October 1952. 9 pages. WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE CORPORATIONS. July 1953. 12 pages. REVISED SERIES ON DEPARTMENT STORE SALES, STOCKS, AND ORDERS. October 1952. 5 pages. ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES. July 1953. 2 pages. (Also RECENT CREDIT EXPANSION. December 1952. 7 similar article from July 1952 BULLETIN.) pages. RECENT CENTRAL BANKING DEVELOPMENTS IN RECENT CREDIT AND MONETARY DEVELOPMENTS. SOUTHEAST ASIA. December 1952. 9 pages. July 1953. 8 pages. 807 JULY 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES I ==== BOUNDARIES OF FEDERAL RESERVE DISTRICTS B BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES w ^ BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 7* ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES s 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis