Federal Reserve Bulletin, 1953-08

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

VOLUME 39 August 1953 NUMBER 8 RESIDENTIAL REAL ESTATE DEVELOPMENTS Construction activity has been at new larly during the second quarter of 1953, has record high levels in recent months as de- exerted pressure on the available supply of mands have remained strong. Supplies of funds, and interest rates, including rates on materials and labor have been adequate, and mortgage loans, have advanced. In some increases in prices, wages, and costs generally places and for some types of loans, difficulhave been small. The number of new pri- ties have been reported in obtaining funds vate dwelling units started in recent months to finance future construction. has declined more than is usual for this season of the year, but for the year to date has been MATERIALS AND LABOR larger than in the corresponding period of Construction materials and labor, with a any other year except 1950. few exceptions, have been in adequate supply Additions to the housing supply have this year, generally at slightly higher prices been very large in recent years and, reflecting and wages than a year earlier. Output of the record number of households and the many major materials used in construction continued low level of vacancies, the number was in postwar record volume in the first of housing units occupied by owners and quarter of 1953. Since then output of some tenants is now greater than ever before. items, after allowance for seasonal influences, Sales have remained in large volume, al- has declined. Lumber production in parthough houses are reported to be selling ticular dropped sharply in the second quarmore slowly than earlier, and in some areas ter. Cement production, however, has inat somewhat lower prices. Rents generally creased further from the record high level have continued to rise and, with the recent at the beginning of the year. removal of Federal controls except in defense Manufacturers' stocks of most building areas, are likely to rise further. materials and equipment this year have re- The flow of funds to finance construction mained somewhat below the high levels of and the transfer and carrying of real estate 1952. At other stages of distribution, howhas been in record volume this year and ever, stocks have generally been about as rapid growth in mortgage debt outstanding large as at any time since the war. has continued. Loans made on existing Following a year and a half of relative stahouses have been at a new high and loans bility, prices of some building materials rose on newly completed houses have also been somewhat in the first seven months of 1953. large. The increased demand for all types Price advances occurred for such major buildof credit during the past year, and particu- ing materials as plywood and millwork, AUGUST 1953 809 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESIDENTIAL REAL ESTATE DEVELOPMENTS cement, brick, steel, copper, and gypsum NEW CONSTRUCTION ACTIVITY products. Prices of most other building Millions of Dollars materials, however, showed little change. 1300 PRIVATE In July the average level of prices at whole- RESIDENTIAL 3000 1100 sale was more than 2 per cent higher than in TOTAL fly _ the winter and about the same as at the post- 900 war peak reached in the spring of 1951. I I I- 700 2600 Employment in contract construction has ALL PUBLIC /\ been slightly smaller this year than in 1952. 900 It rose less than seasonally during the spring, 2200 — 700 and in the early summer was 5 per cent V^y/ PRIVATE _ below the record in the summer and autumn — 500 ^/ BUSINESS of 1951. Recent wage increases, following 1800 • i i i r i l l ." 300 annual contract negotiations, have been fairly 1951 1953 1951 1953 NOTE.—Joint estimates of Departments of Commerce and widespread in construction trades and in Labor, adjusted for seasonal variation by Department of Commerce. Total includes miscellaneous types of construction such most have averaged between 10 and 15 cents as farm, religious, and recreational, which are not shown separately. Private business includes commercial, industrial, and an hour, about the same as a year earlier. public utility construction. Latest figures shown are for July. Expenditures for industrial plant, follow- CONSTRUCTION ACTIVITY ing an appreciable decline in the second half Total expenditures for new construction of last year, are again at the high level of have increased quite steadily since the end the first half of 1952. According to anof the war except for the leveling off in nounced business intentions, plant and 1948-49; in the first seven months of 1953 equipment expenditures will continue large such outlays were at a new record rate, sea- through the remainder of the year. sonally adjusted, of 35 billion dollars a year, Spending for new construction by public 8 per cent larger than in 1952. Higher costs utility companies, which has expanded alaccounted for about half of the increase. most without interruption since the end of Since March activity has increased somewhat the war, has increased further this year and in less than seasonally, reflecting less than sea- the early summer was at a new record level. sonal rises in private residential and in some Demands from consumers and businesses for types of public construction. additional telephone, electric power, and gas Private business construction. Construc- facilities continue strong, and together with tion for business purposes, as is shown in the need for additional power facilities for the chart, has been stable in recent months new atomic energy installations they indicate after rising during the winter and spring. that utility construction will remain at a high Other private nonresidential building has level in the months ahead. shown little change at high levels. Follow- Public construction. This year expendiing removal of credit and building controls tures for public construction, although up in late 1952, and early 1953, expenditures for somewhat less than seasonally in recent commercial structures increased sharply, and months, have been at a new record level, rein the first seven months of 1953 were al- flecting mainly increased outlays for defense most one-half greater than the restricted construction, and for some types of nondevolume in the comparable period a year ago. fense work following the removal of controls 810 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESIDENTIAL REAL ESTATE DEVELOPMENTS on the use of materials. Construction of mili- PRIVATE HOUSING STARTS tary facilities has risen again following some Thousands of Units, Monthly decline during 1952 and is now over 12 150 times as large as in the spring of 1950. Annual Rate Millions Building of publicly owned industrial plants, / \ ADJUSTED FOR 120 \ / \\ SEASONAL VARIATION chiefly atomic energy facilities, has risen sub- 1.4 stantially further. Highway construction, \ _ 1.2 which is financed largely by State and local 1.0 governments, has expanded moderately, reflecting the need for new and improved highways to accommodate the marked in- UNADJUSTED crease in the number of cars and trucks. Publicly financed residential building has 30 changed little during the past year after declining from the high level reached at the end of 1951. Under the First Independent 1949 1950 1951 1952 1953 Offices Appropriation Act, approved July 31, NOTE.—Bureau of Labor Statistics data for permanent family dwelling units built in nonfarm areas. Latest figures shown the maximum number of Federally aided are for July. units to be started in fiscal year 1954 was family units started in the early months of reduced to 20,000 from 35,000 in fiscal year this year, however, was somewhat larger than 1953; starts are limited to those contracted in the corresponding months of 1951 and for with the Public Housing Administra- 1952; the number financed with FHA-intion before July 1, 1953. sured mortgages, largely in connection with defense, military, and cooperative housing Private residential building. Dollar volume programs, was somewhat smaller. of private residential building, seasonally adjusted, rose about one-fifth between the RESIDENTIAL MARKETS middle of 1952 and the early spring of 1953. For about a decade demand for housing Since then expenditures have increased less space has been generally strong, reflecting than seasonally but have continued well above high and rising levels of economic activity 1952, reflecting the large volume of work and incomes, rapid household formation, started this past winter and early spring. and ready availability of mortgage credit. Last winter the number of private dwelling In the early part of this period much of the units started declined less than usual from increasing demand was met by occupancy the autumn level, and in March and April of vacant units, by conversion of existing rose less than usual from this high winter residential and nonresidential structures to level. In May starts dropped counterseason- provide additional dwelling units, and by ally and since then have declined slightly use of what is ordinarily regarded as temfurther, as is shown in the chart. In the porary space, such as trailers. Some defirst seven months private starts amounted mands, however, were met only by sharing to 646,000, more than in the corresponding of quarters, and doubling up was frequent. period of any year except 1950. The marked In later years, as shortages of materials preference of recent years for single-family and labor were overcome and mortgage houses has continued. The number of multi- terms became more favorable to borrowers, AUGUST 1953 811 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESIDENTIAL REAL ESTATE DEVELOPMENTS new building met a greater part of the de- ments. In varying degree in different places, mand. Population movements—both migra- existing houses and apartments have been tion and local moves to improve housing meeting the needs of those families changing arrangements—have been large, and so have their quarters, and according to trade repurchases of both old and new houses. ports, both new and old houses in some Roughly half of the houses now occupied places are taking longer to sell, concessions by their owners have been bought since the are being given on prices and terms, and war, and about one-third since 1948. vacancies are appearing more frequently. Reflecting the large demand relative to In this setting, however, purchases of both the available supply, real estate values rose new and existing houses have continued very markedly and in early 1951 reached new large. New house buying has fluctuated highs; since then values have been relatively more than old since 1951, but the general stable. Average rents have continued to rise level has changed little. Purchases of old as controls have been removed in different houses in the first half of this year continued areas. On July 31 Federal rent controls were at the high rate of 1952, considerably above removed in all except defense areas. that in 1950. During the past two years a more com- Credit extension. Changes in real estate fortable balance between the supply of markets have influenced, and have been inhousing space available and the demand fluenced by, mortgage lending activity. Gross for space has become evident. Since early lending on nonfarm houses in the first half 1950 the number of new dwelling units of 1953 reached a new record level of 9.6 started has exceeded the net addition to the billion dollars, as is shown in the table. This number of households. Some of this differ- was slightly larger than in the second half ence represents replacement of units—tem- of 1952 and almost one-eighth larger than in the first half. The volume of loans made to porary as well as permanent—and some finance the purchase of existing properties in represents an increase in the number of the first half of 1953 was somewhat larger vacancies. Over-all demand for housing than that in the second half of 1952 and was space, however, continues to increase as the well above earlier levels; loans made to finumber of households continues to rise, although at a slackened pace, and as migration MORTGAGE LOANS MADE ON SMALL NONFARM PROPERTIES remains large. The proportion of consumers [In billions of dollars] planning in early 1953 to buy houses during On existing the coming year was larger than in 1952 or properties On 1951, according to findings of the Survey of new Period Total prop- To For Consumer Finances reported in the article erties finance other pur- purchase poses on pages 816 to 821 of this BULLETIN. Current market for houses. The large 1949—Jan.-June. 5.4 1.7 2.6 1.1 July-Dec.. 6.5 2.4 2.8 1.3 1950—Jan.-June. 7.3 2.5 3.3 1.5 postwar increase in the housing supply and July-Dec.. 8.9 3.7 3.5 1.7 1951—Jan.-June. 8.1 3.1 3.4 1.6 the easing of the market have broadened the July-Dec.. 8.3 3.3 3.3 1.7 1952—Jan.-June. 8.5 2.6 4.2 1.7 range of choices available to consumers and July-Dec.. 9.5 3.2 4.4 1.9 1953—Jan.-June. 9.6 3.0 4.6 2.0 have been reflected in shifts in the relative strength of demand for particular kinds of NOTE.—Figures for total are from Home Loan Bank Board and represent nonfarm mortgage recordings of $20,000 or less. Loans houses and in greater diversity of price move- made on new and existing properties are Federal Reserve estimates based on data from Government and other sources. 812 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESIDENTIAL REAL ESTATE DEVELOPMENTS nance the purchase of new houses was not June 30 authority to restrain credit under this much different from other recent years. Act expired. Federally aided mortgage loans, Lending not associated with transfer of formerly limited under the credit regulations houses continued to rise. to a maturity of 20 years with certain excep- After 1950, as shown in the first chart on tions, may now be made with a maturity up this page, financing with conventional mort- to the statutory maximum, which in the gages increased and financing with Federally case of loans insured by the Federal Housing underwritten mortgages declined. The de- Administration is 25 or 30 years, depending cline in Federally underwritten lending re- largely on the amount of the loan, and in flected a drop in both FHA-insured and VA- the case of loans guaranteed by the Veterans guaranteed mortgage lending on new houses, Administration is 30 years. Also, a minias shown in the second chart on this page. mum down payment on houses purchased Since mid-1952 FHA and VA loans have with VA-guaranteed loans is no longer rerisen, but are still well below earlier high quired by Federal regulation. In early May levels. This low level appears to be due to maximum interest rates permitted on VAthe ability of lenders to find more attractive guaranteed and most FHA-insured home uses for their funds rather than to a decrease loans were increased from 4 and 42/4 per in the demand for loans of these types. cent, respectively, to 4l/ per cent. 2 Recent legislation and administrative ac- On June 30, the Housing Amendments tions have had the effect of reducing some of 1953 were enacted raising maximum rates of the hindrances to Federally underwritten mortgage lending. On April 17, 1953, the GOVERNMENT-UNDERWRITTEN MORTGAGE LENDING remaining limitations on Federally aided real Mill 300 estate loans imposed under the Defense Production Act of 1950 were removed, and on 200 HOME MORTGAGE LENDING Billions of Dollars ^CONVENTIONAL J GOVERNMENT [UNDERWRITTEN 4 I FEDERAL HOUSING ADMINISTRATION 1 L 200 100 EXISTING 1949 1950 1951 1952 1953 1950 1951 1952 1953 NOTE.—Semiannual totals. Conventional loans represent the difference between nonfarm mortgage recordings of $20,000 or NOTE.—Data are from the Federal Housing Administration less and Government-underwritten loans on 1- to 4-family houses. and Veterans Administration and represent gross amount of Government-underwritten loans are loans insured by the Federal insurance written and gross amount of loans closed, respectively, Housing Administration and those guaranteed or insured by the on nonfarm 1- to 4-family houses. Latest figures shown arc Veterans Administration. for June. AUGUST 1953 813 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESIDENTIAL REAL ESTATE DEVELOPMENTS on other FHA-insured home mortgages and of the discounts varying according to locality, giving the President authority to lower down terms, and other conditions of the individual payments and extend maturities on FHA- loans. insured loans up to $12,000. This legislation also rescinded the regulation of the Veterans MORTGAGE DEBT OUTSTANDING Administration prohibiting builders from The large number of sales of existing taking certain kinds of discounts in the sale properties this year has been accompanied of VA-guaranteed mortgages. by an increase in debt repayment which, to- The Federal National Mortgage Associagether with regular amortization of outtion was also enabled to participate more acstanding debt, has brought total mortgage tively in the mortgage market. The Amenddebt retirement to a record rate. The exments authorized the Association to use for tension of new mortgage credit, however, the purchase of other mortgages part of the has been even larger and mortgage debt 900 million dollars that had been made availoutstanding on 1- to 4-family nonfarm houses able earlier for commitments to purchase increased almost 3.4 billion dollars in the defense, military, and disaster mortgages. first half of 1953—about the same as in The Association was also authorized to the second half of 1952. The 61.5 billion contract with purchasers of its mortgages dollars of home mortgage debt outstanding to buy, within a year, an equal amount of on June 30, 1953 was well over three times eligible mortgages from such purchasers. the amount outstanding at the end of the This contract authority is limited to 500 war, as is shown in the table. It represented million dollars and expires on July 1, 1954. almost two-thirds of the total mortgage debt Beginning July 27, the Association offered outstanding on all real property, compared to sell VA-guaranteed 4 per cent mortgages with a little over half at the end of 1945. at 96, FHA-insured 4^ per cent mortgages at 97.75, and FHA and VA underwritten MORTGAGE DEBT OUTSTANDING ON 1- TO 4-FAMILY NONFARM PROPERTIES, BY TYPE OF MORTGAGE 4l/ per cent mortgages at par. For contracts 2 to purchase there is a charge of 1 per cent Percentage distribution of the amount of mortgages covered by such Debt Government undercontracts and for actual purchases under con- out- written Date standing (In bil- Contracts an acquisition and service charge of lions of Total vendollars) FHA VA tional l/ of 1 per cent of the amount of mortgages Total in- guar- 2 sured anteed purchased. Purchases are at par and are limited to Federally underwritten mortgages 1939—Dec. 31... 16.3 100 11 11 89 bearing the higher interest rates recently 1945—Dec. 31... 18.5 100 23 22 1 77 1949—Dec. 31... 37.5 100 40 18 22 60 authorized. 1950—June 30... 40.9 100 40 19 22 60 Dec. 31... 45.1 100 42 19 23 58 It is too early to ascertain the effects of 1951—June 30... 48.7 100 43 19 24 57 Dec. 31... 51.9 100 44 19 25 56 all these changes on Federally insured and 1952—June 30... 54.8 100 44 18 25 56 Dec. 31... 58.2 100 44 19 25 56 guaranteed mortgages. Available reports in- 1953—June 30... 61.5 100 43 18 25 57 dicate that even at the 4l/ per cent rate many NOTE.—For total debt outstanding, June 30 figures are Federal 2 Reserve estimates. Other figures are based on data from Home such mortgages can be placed with lenders Loan Bank Board, Federal Housing Administration, and Veterans Administration. Government-underwritten and conventional only at discounts from face value, the amount mortgage debt, annually and quarterly, is shown regularly in the statistical section of the BULLETIN (see p. 881). 814 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESIDENTIAL REAL ESTATE DEVELOPMENTS The sharp increase in conventional mort- INCREASE IN RESIDENTIAL MORTGAGE HOLDINGS OF SELECTED TYPES OF FINANCIAL INSTITUTIONS gage lending relative to Federally under- [In billions of dollars] written lending after 1950 halted the rise in the proportion of mortgage debt for which Private institutions Fedthe Federal Government has a contingent To se ta - l, Sav- ti e N o r n a a a - l l l t i h a e b i t l a it b y l . e , h T a h d i s i nc p r r e o a p s o e r d t io st n e , a d a i s ly i f s r o s m ho w 11 n p i e n r Period l i t e n i t c o u s t n t e - i s d - a l i a c o n s n i s a g a o d n - s - i p c a n L a o n s i n m u f c i e e r e - - s b C m c a o i n e a m k r l - s - b M s i t a n u a n g v a u k s l - - s A M g t c i a s i o s o a g o n - r e « tcent in 1939 to 23 per cent in 1945 and to tions 44 per cent in 1951. Since 1951 it has shown 1949—Jan.-June. 2.0 .5 .7 .2 .4 .2 July-Dec.. 2.8 .8 .7 .5 .5 .3 little change. 1950—Jan.-June. 3.7 1.1 1.1 .8 .6 .1 July-Dec.. 4.6 .9 1.7 .9 .9 .2 1951—Jan.-June. 4.0 .8 1.6 .5 .8 .3 July-Dec.. 3.6 .9 1.2 .4 .8 .3 1952—Jan.-June. 3.1 1.3 .7 .3 .6 .2 RESIDENTIAL MORTGAGE LENDERS July-Dec.. 3.7 1.5 .7 .6 .7 .2 1953—Jan.-June. 3.7 1.6 .7 .4 .7 .3 The further rise this year in residential NOTE.—Data for savings and loan associations represent loans on 1- to 4-family properties, which account for more than 95 per mortgage debt outstanding has been reflected cent of their residential loan holdings. Data are from Home Loan Bank Board, Institute of Life Insurance, Federal Deposit Insurance in a general expansion in mortgage port- Corporation, and Housing and Home Finance Agency; June 30 figures for life insurance companies are Federal Reserve estimates. folios of all major types of lenders. Among institutional lenders, as can be seen from The Federal National Mortgage Associathe table, savings and loan associations in- tion increased its mortgage portfolio by creased their holdings most, by a record about 250 million dollars in the first half 1.6 billion dollars in the first half. This of 1953, more than in either half of 1952. amounted to well over two-fifths of the total In contrast to earlier periods, the greater increase in residential mortgage portfolios part of the increase this year—almost twoat major institutions, including the Federal thirds — was in FHA-insured mortgages, National Mortgage Association. Commer- largely on programmed housing in defense cial banks and mutual savings banks in- areas. Most of the increase in FNMA mortcreased their holdings somewhat more in gage holdings this year occurred before the first half of this year than in the com- April 13 when the Association suspended parable year-ago period, and life insurance over-the-counter purchase of all mortgages companies added to their holdings about except those on defense, military, disaster, as much as in each half of 1952. and Alaskan housing. AUGUST 1953 815 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1953 SURVEY OF CONSUMER FINANCES PART III. Housing of Consumers1 The high rate of family formation, rising the same amount for their houses as was levels of employment and real income, shifts paid on the average in 1952. of population, and availability of mortgage The average value of owner-occupied credit on terms favorable to borrowers have houses has increased substantially in recent maintained demand for both rental and years—from $9,100 in early 1949 to $10,700 owner-occupied housing at a high level early this year. While the increase in house throughout the postwar period. Although values reflects primarily the rise in real the major part of this demand has been met estate prices, it also reflects the greater proby an increase in the number of owner-occu- portion of recently constructed houses in the pied houses, there has been a substantial in- total stock. The rise in the average value of crease in the number of rental units. The owner-occupied houses since 1949 has been demand for housing has also been reflected accompanied by a sizable increase in the in large expenditures for home improve- average amount of mortgage debt. Consements and maintenance. quently, the average equity has increased less Consumers continued in 1952 to purchase than the average value—from about $7,400 new and existing houses at the high rates in early 1949 to approximately $8,600 at the characteristic of previous postwar years. The beginning of 1953. elements underlying housing demand were Rents, as well as the values of owner-occustill strong early in 1953. A larger pro- pied houses, have risen in the postwar period. portion of consumers at that time reported Relaxation of rent controls and higher conplans to buy new and existing houses during struction and maintenance costs, together the coming year than in the previous two with strong demand, have led to higher rents. Surveys of Consumer Finances. Those plan- The average rent paid in early 1953 was ning to buy this year expected to pay about about $47 a month as compared with $33 five years earlier. aThis is the third of a series of articles presenting the results of the 1953 Survey of Consumer Finances conducted by Expenditures for improvements and mainthe Board of Governors of the Federal Reserve System in tenance continued at high rates in 1952. cooperation with the Survey Research Center of the University of Michigan. The first article in the series, covering About 12 million home owners spent at the general financial position and economic outlook of con- least $50 on their houses last year and about sumers, appeared in the June BULLETIN. The second article, covering purchases of durable goods in 1952 and buying one-third of these spent $500 or more. Conplans for 1953, appeared in the July BULLETIN. An article sumer plans for improvements and maintecovering the ownership of selected major assets and liabilities will appear in a subsequent issue of the BULLETIN. nance suggest that demand in this field will Discussion of the sampling procedure and limitations of the continue strong this year. survey is given in the technical appendix to the first article. The present article was prepared by Tynan Smith and John Frechtling of the Consumer Credit and Finances Sec- HOME OWNERSHIP tion of the Board's Division of Research and Statistics. A The number of nonfarm families who close working relationship is maintained with the. staff of the Survey Research Center at all stages of the work and own their homes has increased substantially this analysis has had the benefit of suggestions from the since early 1948, rising from 18.5 million to Center's staff, particularly John Lansing and Kent Winter. 816 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1953 SURVEY OF CONSUMER FINANCES 23.5 million early this year.2 This increase tions. In many cases, they had deferred has been relatively greater than the increase marriage or the setting up of a permanent in the number of nonfarm families, and the household during the war years and had proportion that own their homes rose from faced difficulties in finding housing im- 49 per cent in early 1948 to 54 per cent in mediately after the war. The favorable credit early 1953 (see Table 1). The proportion terms made available under the Veterans owning homes has shown little change since Administration loan program permitted vetearly 1951. erans to enter the market in large numbers TABLE 1 as housing supplies improved. In early 1948, HOUSING STATUS OF NONFARM FAMILIES only three in ten of the younger spending [Percentage distribution] units (head under 45 years of age) with veterans owned their homes and two in ten Estimated Year number of non- All Owns Rents Other1 lived with relatives. Five years later, four farm families cases home home (In millions) in ten of similar age and veteran status 1953.... 43.9 100 54 43 3 owned their homes and only one in ten 1952 42.6 100 54 42 4 1951.... 41.7 100 55 41 4 lived with relatives. 1950 40.8 100 51 44 5 1949.... 39.5 100 51 44 5 Continuation of a strong demand for hous- 1948 38.0 100 49 45 6 ing is indicated by the large number of con- 1 Families who have housing as part of compensation, who are sumers who in early 1953 were considering temporarily living in houses they have sold, etc. the purchase of a house during the year. The postwar rise in home ownership has Consumers planning 1953 purchases were reflected several factors. The most important concentrated in the same groups which have of these are the deferred demand which been active in the market in the other postexisted at the end of World War II, the high war years. About 60 per cent of prospective levels of income and employment, the availpurchasers were younger married couples ability of mortgage credit on favorable terms, (under 45) although they made up less and concentration of residential constructhan 40 per cent of the population. Veterans tion in single-family dwelling units for continued to show more interest in the owner occupancy. In the early postwar housing market than nonveterans. Nearly period, rent control encouraged many owners one-half of those planning to purchase houses of rented houses to sell to owner-occupants. in 1953, as in recent years, were veterans Younger veterans of World War II have of World War II. made a marked change in their housing ar- Pattern of ownership. Home ownership rangements in the postwar period. While is less common in more densely populated purchases of houses are generally more freareas than in small communities. In large quent among younger families, young vetcities, for many reasons, a large proportion erans have been affected by special condiof the families satisfy their housing needs 2 The analysis in this article excludes families who derive by renting apartments. In early 1953, the the major part of their incomes from farm operations. Families of farm laborers and those who, though living on farms, proportion of nonfarm families owning derive the major portion of their incomes from nonfarm homes ranged from 43 per cent in metrosources are considered nonfarm families. As used in the Survey of Consumer Finances, the term "family" includes all politan areas to about 68 per cent in small persons related by blood, marriage, or adoption, and residing towns and rural areas. The relatively low in the same dwelling unit and also includes persons living frequency of home ownership in the North alone. AUGUST 1953 817 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1953 SURVEY OF CONSUMER FINANCES East reflects the high degree of urbaniza- they become settled in a particular commution of the area (see Table 2). nity, their need for single-family dwelling increases, and their financial position permits TABLE 2 home ownership. HOUSING STATUS OF NONFARM FAMILIES RELATED TO LOCALITY, EARLY 1953 Income is another important factor af- [Percentage distribution of nonfarm families within groups] fecting home ownership. For families of Locality ca Al se l s O ho w m n e s R h e o n m t e s Other i s c i o m m il p a a r r a a b g le e s a i n z d e , l h iv o i m ng e o in w n c e o r m sh m ip u n i i s t ie m s o o re f Size of community: common among those with higher incomes. Metropolitan area2 100 43 55 Other city, 50,000 and over 100 46 51 In the under $2,000 group, however, where Town or city, 2,500 to 50,000 .. 100 57 41 Town under, 2,500 100 68 29 there is a concentration of families headed Open country 100 69 23 by older persons and those living in rural Region: N N o o r r t t h h E C a e s n t tral 1 1 0 0 0 0 4 6 4 4 5 3 3 4 areas, home ownership is more frequent than W So e u s t t h 1 1 0 0 0 0 5 5 7 0 4 4 5 0 among families with somewhat higher incomes. 1 Families who have housing as part of their compensation, who temporarily live in houses they have sold, etc. 2 Includes the 12 largest cities in the United States and their House value and debt. Rising prices, an surrounding suburban areas. increasing proportion of relatively new Home ownership is less frequent among houses, and large expenditures on improveyounger than among older families, rang- ments have contributed to a substantial ining in early 1953 from 14 per cent among crease in the average value of owner-occuthose headed by persons under 25 years of pied homes in recent years.8 The proportion age to 69 per cent among those headed by of homes valued at $12,500 or more rose from persons 65 and over, as shown in the accom- two in ten in early 1949 to three in ten in panying chart. The frequency of home early 1953, as shown in the first chart on ownership increases most rapidly through the following page. the 35-44 age group. This reflects the high There is a striking difference in the value rate of purchases among young families as of owner-occupied houses by size of community. In general, the value of homes is HOME OWNERSHIP greater in more densely populated areas. WITHIN AGE GROUPS, EARLY 1953 About one-half of the homes in metropoli- Percentage of Group tan areas were valued in early 1953 at $12,500 or more as compared with only about onesixth of the homes in small towns and rural areas. This variation reflects differences in land and construction costs, in the quality of houses, and in the income groups owning their houses. In the large cities home ownership is concentrated to a greater 8 The values of owner-occupied homes are based upon estimates of the owners. A check of owners' estimates of value against values determined by professional appraisers in 1950 indicated that owners' estimates can be accepted as ALL 18-24 25-34 35-44 45-54 55-64 65 fairly reliable guides to the size distribution of the current AGES and OVER market values of homes. 818 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1953 SURVEY OF CONSUMER FINANCES amounted to $5,000 or more as compared VALUE OF HOMES Per Cent with about one-third of the mortgages four 60 years earlier. UNDER The value of owners' equities in houses $7,500 has risen in recent years since the increase $7,500 in house values has been larger than the in- -$12,499 $12,500 40 and crease in mortgage debt. The amount of OVER equity an owner has in his house is affected not only by the price paid, cash pay- 20 ments at time of purchase, and amortization terms if the property is mortgaged, but .uso by the length of time over which mortgage payments have been made and by changes in house values since the time of financing. 1949 1953 1949 1953 1949 1953 Consequently, owners of houses bought prior NOTE.—Percentage distribution of one- and two-family owneroccupied houses. to World War II generally have larger equiextent in the upper income groups whereas ties than do those who purchased houses durit is fairly general in smaller communities. ing the postwar period. In early 1953 nearly one-half of the home Home owners who bought during the owners had mortgage debt, about the same thirties generally have the largest equities proportion as four years earlier (see Table in their houses, as shown in the accompany- 3). Over this period, however, there has been ing chart. This group of homes has risen an increase in the average size of mortgage, substantially in value since the time of purfrom about $3,700 in early 1949 to nearly chase and owners have had a longer period $4,500 in early 1953, as credit extensions have than more recent purchasers in which to exceeded amortization and repayment of pay off mortgage indebtedness. For the mortgage debt. This reflects the liberal mort- group who bought houses prior to 1930, the gage terms available and the high prices of effects of factors increasing equities have houses purchased. The active trading in been offset to some extent by the relatively existing properties has resulted in larger low value of many of these older houses mortgages being placed on these properties. located in less desirable neighborhoods. At the beginning of this year, about two-fifths of the mortgages on owner-occupied houses OWNERS' EQUITIES IN HOMES EARLY 1953 Percentage Distribution Year ' - 1 *1 1 ' 1 TABLE 3 Purchased UNDER $5,000 $5,000-$9,999 and°OVER MORTGAGE DEBT ON OWNER-OCCUPIED NONFARM HOUSES 1949-53 [Percentage distribution of houses] 1945-48 Amount1 1953 1951 1949 1940-44 Zero 53 53 55 Under $5,000 27 30 29 1930-39 $5,000-$7,499 11 8 7 $7,500-$9,999 5 5 3 Before $10,000 and over 3 2 2 1930 Not ascertained 1 2 4 All All cases 100 100 100 Homes 1 . 1 I . I. 1 Early in year specified 60 80 100 819 AUGUST 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

195 3 SURVEY OF CONSUMER FINANCES rent payments amounted to about one-fifth RENTAL HOUSING of total income as compared with one-tenth The number of families renting their for families with incomes of $5,000 or more. homes has increased from 17 million in early 1948 to nearly 19 million in early 1953. This IMPROVEMENTS AND MAINTENANCE increase reflects some of the same factors Substantial expenditures for home imthat have influenced the rise in home ownprovements and maintenance have accomership, primarily the high marriage and panied the active postwar markets for newly birth rates and the rise in incomes which constructed and existing houses. In 1952 has permitted more families to maintain sepabout 13.8 million families, or 60 per cent of arate households. Another factor is the all nonfarm home owners, made such exgrowth of population of the large cities penditures (see Table 5). where rental housing is generally more readily available than in smaller communities. TABLE 5 Relaxation of rent controls and increased EXPENDITURES ON HOME IMPROVEMENT AND MAINTENANCE [Percentage distribution of home-owning nonfarm families] construction and maintenance costs, together with strong demand, have resulted in rent Amount 1952 1950 1948 increases over the last five years. By early None 40 38 36 1953, four in ten renting families were pay- Some . 60 62 64 ing $50 or more a month in rent as compared Under $100 14 14 14 $100-$299 18 20 19 to less than two in ten in 1948 (see Table 4). $300-$499 9 9 10 $s>00-$999 11 12 12 $1000 and over 7 6 9 Not ascertained 1 C1) TABLE 4 All cases 100 100 100 MONTHLY RENT OF NONFARM FAMILIHS [Percentage distribution of rent-paying nonfarm familiesj 1 No cases reported or less than one-half of 1 per cent. Amountl 1953 1948 Families who purchased houses during the postwar years made expenditures for im- Under $20 11 21 $20-$29 16 22 provements more frequently than those who $30-$39 15 22 $40-$49 17 16 had purchased earlier. On the other hand, $5O-$74 26 12 $ N 7 o 5 t a a n sc d e o rt v a e i r ned 1 2 3 2 5 home owners made expenditures for repairs All cases 100 100 and other maintenance with about the same Average $47 $33 frequency regardless of the period of purchase. In general, major improvements are 1 Early in year specified. probably more frequent between 3 and 5 Average rent paid has increased relatively years after the purchase of a house than in more since 1948 than the average income the years immediately after purchase, or after of renters. Average rent payments in early the house has been owned for some time and 1953 amounted to approximately 14 per cent many of the major improvements desired of the average money income of renting fam- bv the family have already been made. ilies as compared with 12 per cent five years In 1948, home owners were still in the earlier. Lower income families spent a process of catching up on improvements and larger proportion of their incomes for rent maintenance that had been deferred during than the higher income groups. For families the war, and as a result there was little differwith incomes of less than $3,000 in 1952, ence in the frequency of such expenditures 820 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1953 SURVEY OF CONSUMER FINANCES among families who had purchased their as frequently as actual expenditures in 1952, houses in different periods. plans for spending $500 or more were almost Less than one in five nonfarm families as frequent as actual expenditures of such renting their dwellings made expenditures amounts in 1952. Experience with plans for on improvements and maintenance in 1952. other types of expenditures indicates that the Their expenditures tended to be small be- larger the expenditure the more likely that cause they were largely confined to minor it will be planned well ahead of time. Acprojects such as interior painting and decora- cordingly, the total number of families maktion rather than major structural changes. ing some outlays for improvements and Plans for improvements and repairs were maintenance in 1953 will probably be conreported by about three in ten nonfarm home siderably greater than indicated early in the owners in early 1953, the first year such plans year since a very substantial number of have been investigated. While planned ex- smaller but unforeseen expenditures are penditures for 1953 were reported only half likely to be made. 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. AUGUST 1953 821 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1953* The major factual portion of the ninth in a F. L. Garloc\, L. A. Jones, R. W. Bierman, and series of annual reports on the financial condition W. H. Scofield. of agriculture, issued by the United States Depart- Data relating to the inventories of particular ment of Agriculture, is given below.2 The full items were prepared under the direction of the report will be published as an Agriculture Infor- following persons: Livestock—A. V. Nordquist; mation Bulletin of the Department of Agricul- crops—C. E. Bur\head, J. J. Morgan, George D. ture. Harrell; machinery—E. W. Grove, Margaret F. The study was prepared under the direction of Cannon; household equipment—Barbara B. Reagan. Norman J. Wall, Head of Division of Agricultural Data relating to farm income and expenditures Finance, Bureau of Agricultural Economics, by were compiled under the direction of E. W. Grove. THE BALANCE SHEET IN GENERAL Declining farm commodity prices in 1952 were Farm debts increased by 1.4 billion dollars, or accompanied by a decrease in value of the assets 10 per cent, in 1952. The combined effect of deof agriculture in this country. The same thing creased assets and increased debts was to reduce happened in 1949. These were the only years in the equity of owners by 4.7 billion dollars, or about the period covered by the balance sheet estimates 3 per cent. (1940-53) in which the assets of American agri- Further declines in prices during 1952, followculture failed to increase. ing the reversal in 1951 of the rising price trend The decline in 1952 was 3.3 billion dollars, or of 1950 and early 1951, apparently caused farmers about 2 per cent. All of the decline occurred in to tighten their financial belts. They reduced extwo items—farm real estate and livestock on farms. penditures for buildings, farm machinery, and Taken together, these assets fell 6.1 billion dollars motor vehicles, reduced the rate at which they exin 1952. This decline was partly offset by increases panded debts, and built up their financial reserves in other assets. to a new record level. aThc balance sheet views agriculture as though it were ASSETS one large enterprise. It is an aggregate of individual series In 1952, as in 1949, the value of total assets of of farm assets and the claims to those assets. In effect, it is American agriculture was lower at the end than comparable to a consolidated balance sheet of all farms. It at the beginning of the year. The value of such is not, however, restricted to the assets and debts of farm operators. It includes, in addition, the farm assets owned, and the farm-mortgage debt owed, by nonoperators. Readers are reminded that in a country as vast and diver- THE BALANCE SHEET sified as ours, financial changes are never entirely uniform, OF AGRICULTURE either for geographic areas or for individuals, so that even ASSETS CLAIMS when the balance sheet accurately reflects the aggregate, it does not reveal the differences that are found in different inancial EBOwners' equities States and regions and among individual farmers. Eg3 Other physical ^Other debt Attention is called to the fact that all series shown in this . HBFarm real estat year's balance sheet, except those for livestock and non-realestate debt, have been revised. Most of the changes resulted from the 1950 census which modified the definition of a farm, and established new benchmark data or otherwise influenced many of the estimates. 8 For earlier reports in this series, see the Federal Reserve BULLETIN for September 1946, pp. 974-94; November 1947, pp. 1357-72; September 1948, pp. 1067-82; September 1949, 1940 1945 1950 1945 1950 pp. 1053-63; September 1950, pp. 1118-31; September 1951, &ATA A*C AS Of JANUARY I fACH YlAt pp. 1090-1103; and July 1952, pp. 758-71. U.S. DEPARTMENT OF » HI NEC. 47376-XX BUREAU :ULTURAL ECONOMICS 822 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1953 assets on January 1, 1953, was 165.4 billion dollars, were the only classes of assets that declined in 1952, 2 per cent less than a year earlier (Table 1). The their relative importance is so great that they decline in 1949 was 1 per cent. Both were years of pulled down the total value of agricultural assets. falling agricultural prices; and in both years it was The value of machinery and motor vehicles and price declines that reduced the asset valuations as of stored crops owned by farmers continued to the physical assets of agriculture were increased increase in 1952, the former by 1.1 billion dollars, and improved. or 7 per cent, and the latter by nearly 300 million In 1952, the value of farm real estate decreased dollars, or 3 per cent. Farmers also further inabout 1.4 billion dollars, or about 1 per cent, and creased both their household goods and equipment the value of livestock on farms dropped about 4.7 and their financial assets, by about 700 million billion dollars, or 24 per cent. Although those dollars each. Had prices remained stable throughout 1952, all classes of assets would have increased. Despite TABLE 1 COMPARATIVE BALANCE SHEET OF AGRICULTURE, UNITED TABLE 2 STATES, JANUARY 1, SELECTED YEARS, 1940-53 * [Dollar amounts in billions] BALANCE SHEET OF AGRICULTURE WITH PHYSICAL ASSETS VALUED AT 1940 PRICES, JANUARY 1, SELECTED Net change YEARS, 1940-53 (per cent) [Dollar amounts in billions] Item 1940 1952 1953 1940- 1952- Net change1 53 53 (per cent) Item 1940 1952 1953 1940- 1952- ASSETS 53 53 Physical assets: Real estate 33.6 293.7 92.3 + 174 -1 Non-real-estate: ASSETS Livestock 5.1 19.6 14.9 + 189 -24 Ma v c e h h i i n cl e e r s y and motor 3.1 2 16.1 17.2 +451 +7 Ph N R ys e o i a n c l a - r l e e s a a t s l a s - t e e e t s s t a ( t 1 e 9 : 40 prices): 33.6 2 33.6 233.6 0 0 Cr f o a p r s m s s t 3 ored on and off 2.6 28.8 9.1 +242 +3 M Li a v c e h st i o n c e k ry and motor 5.1 5.1 5.2 + 1 +2 Ho a u n s d e h e o q ld u ipm fu e r n n t i 4 shings 4.3 29.3 MO.O + 134 +8 Cr v o e p h s i c s l t e o s red on and off 3.1 37.3 7.5 + 141 +4 Fin D a e n p c o ia s l i ts a s a s n e d ts : currency. . . . 3.9 213.8 14.2 +264 +3 Ho f u a s rm eh s old furnishings 2.6 2.9 3.1 + 19 +8 Unite b d o nds States savings 2.3 24.9 5.0 + 1567 +2 Financi a a n l d a e ss q e u t i s p m (a e c n t t u 4 al 4.3 39.3 510.0 + 134 +8 Inves ti t v m e e s nts in coopera- .8 «2.5 52.7 +231 +9 De v p a o l s u i e ts ): and currency. . . . 3.9 313.8 14.2 +264 +3 Total 253.7 5168.7 5165.4 +207 -2 Un b i o te n d d s States savings 3 .3 34.9 5.0 + 1,567 +2 Investments in coopera- CLAIMS tives .8 52.5 52.7 +231 +9 Lia R b e i a li l t i e e s s t : ate debt 6.6 26.6 7.1 +8 +8 Total 3 53.7 579.4 «81.3 +51 +3 Non-real-estate debt: To principal institutions: CLAIMS Excluding Commodity Credit Corporation Liabilities (outstanding Lo l a o n a s n s held or guar- 1.5 4.1 4.2 + 181 +4 a R m ea o l u e n s t t ) a : te debt 6.6 36.6 7.1 +8 +8 anteed by Com- Non-real-estate debt: modity Credit Cor- To principal institutions: To o p th o e ra rs ti 6 on 1. . 5 4 3. . 2 6 3 1 . . 4 2 + + 1 12 6 7 4 +1 + 0 6 3 Ex t i c i t o y lu n C d l i r o n e g a d n i s t C C o o m rp m o o r d a - - 1.5 4.1 4.2 + 181 +4 Total liabilities... 10.0 2 14.5 15.9 +59 +10 Lo a a n n t s e e h d e ld b y o r C g o u m ar - - Proprietors' equities 2 43.7M54.2 5149.5 +241 -3 p m o o r d a i t t i y o n Credit Cor- .4 .6 1.2 +164 + 103 Total 253.7 «168.7 5165.4 +207 -2 Equi T ti o es o ( th re e s rs i * d * ual balance). . 3 4 1 3 . . 5 7 56 3 4 . . 2 9 56 3 5 . . 4 4 + + 1 5 2 0 7 + + 6 1 *The margin of error of the estimates varies with the items. Total 353.7 5 79.4 581.3 +51 +3 Net change in last 2 columns is computed from unrounded data. 2Revised. *Net change computed from unrounded data. 3Includes all crops held on farms for whatever purpose and 21940 valuation of farm land and buildings. This figure does crops held in bonded warehouses as security for Commodity Credit not reflect net physical improvements in farm buildings, or net Corporation loans. The latter on January 1, 1953 totaled 705 depletion of productivity of agricultural lands. million dollars. 3Revised. ^Estimated valuation for 1940, plus purchases minus deprecia- 4Not deflated. Estimated valuation for 1940 plus purchases tion since then. minus depreciation. 6 5 I p n re c i l i u m d i e n s a r i y n . dividuals, merchants, dealers, and others. Esti- 6 P I r n e c l l i u m d i e n s a i r n y d . ividuals, merchants, dealers, and others. Estimates mates based on fragmentary data. based on fragmentary data. AUGUST 1953 823 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1953 sharply reduced numbers of hogs and chickens, the AGRICULTURAL INCOME livestock inventory would have increased in value The balance sheet of agriculture is influenced to about 2 per cent because of the increased number a considerable extent by farm income, particularly of cattle. Moreover, the inventory of stored crops net farm income. Purchases of machinery, buildwould have increased by 8 instead of 3 per cent. ing improvements, and the accumulation of savings These changes are shown by the valuations of depend in large part on available earnings. Moreassets at 1940 prices (Table 2). over, the demand for and the prices of farm real The increase during 1952 in the financial assets estate, dairy and beef herds, and other agricultural owned by farmers brought the total on January earning assets are strongly influenced by current 1, 1953 to 21.9 billion dollars. Demand deposits and prospective farm income. Also the amount of owned by farmers showed no net change, but credit that farmers are willing to use, and that farmer-owned time deposits appear to have in- lenders are willing to extend, is largely governed creased about 300 million dollars, or 10 per cent. by the prosperity of agriculture. Currency and United States savings bonds owned Total gross farm income in 1952—37.6 billion by farmers each increased about 100 million dollars, and the equity of farmers in cooperative associations increased about 200 million dollars. The TABLE 3 increase in redemption value of United States sav- COMPARATIVE INCOME STATEMENT FOR AGRICULTURE, UNITED ings bonds owned by farmers resulted wholly from STATES, SELECTED YEARS, 1940-52 [In millions of dollars] accrual of interest, as farmers cashed more bonds than they bought during the year. Item 1940 1951i 19522 Liquid financial reserves owned by farmers (currency, bank deposits, and savings bonds) rose about HOW NET INCOME WAS OBTAINED 3 per cent during 1952, to a new record of 19.2 bil- Total gross farm income: Cash receipts from farm marketings 8,332 32,62233,125 lion dollars on January 1, 1953. The gain in pur- Government payments to farmers 724 286 292 Home consumption of farm products.... 1,239 2,200 2,117 chasing power was slightly greater, as prices of Rental value of farm dwellings 625 1,623 1,740 Net change in inventory3 270 1,345 352 some of the things that farmers buy, notably the Total 11,19038,076 37,626 products of other farmers, were lower on January Production costs, other than wages, rent, 1, 1953 than a year earlier. and interest on mortgages: Feed bought 998 4,142 4,313 Livestock bought, except horses and CLAIMS mules 530 2,535 2,105 Fertilizer and lime bought 261 1,022 1,107 Vehicle operation 584 2,045 2,120 Farm debts continued to increase in 1952, al- Depreciation and maintenance 1,085 4,512 4,807 though at a slower rate than in 1950 and 1951, Taxes on farm real estate and personal property 446 917 969 and reached a total of 15.9 billion dollars on Seed bought 197 646 677 Miscellaneous 766 2,125 2,305 January 1, 1953. Farm-mortage debt rose nearly Total 4,86717,94418,403 600 million dollars, or 8 per cent. Non-real-estate Net income from agriculture 6,32320,132 19,223 debt to principal lending institutions (excluding HOW NET INCOME WAS DISTRIBUTED Commodity Credit Corporation loans) increased Wages to hired labor (cash and perabout 150 million dollars, or 4 per cent; non-real- quisites) 1,031 2,918 2,940 estate debt to miscellaneous lenders grew 200 mil- Ne l t a n r d e l n o t r ds a n n d o t G liv o i v n e g r n o m n e f n a t r m p s a 4 yments to 431 1,286 1,305 lion dollars, or 6 per cent; and price-support loans Interest to holders of farm mortgages 293 284 307 Net income of farm operators 4,56815,64414,671 made or guaranteed by the Commodity Credit Cor- Net income from agriculture 6,323 20,132 19,223 poration rose about 600 million dollars, or slightly more than 100 per cent. Lower prices and in- REALIZED NET INCOME OF FARM OPERATORS creased marketings of livestock moderated the need Net income of farm operators 4,56815,64414,671 for credit in the principal livestock-producing areas. Net change in inventory 270 1,345 352 Proprietary equities of farmers and other own- Realized net income of farm operators 4,29814,29914,319 ers of farm property were reduced during 1952 1 Revised. by 4.7 billion dollars, or 3 per cent. This reduction 2 Preliminary. 3 Market value, in terms of prices at end of year, of increase or was a joint result of the decline in value of agri- decrease in physical quantities of crops and livestock. 4After subtraction of taxes, mortgage interest, and other excultural assets and the increase in farm debts. penses paid by such landlords. 824 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 195 3 dollars—was about 1 per cent lower than the all- preceding year. Business inventories increased furtime high gross farm income of 1951 (Table 3). ther but at only a third of the 1951 rate. This slight decline resulted mainly from a smaller The increase in gross national product in 1952 increase in inventories in 1952 than in 1951. Cash was accompanied by an increase of 5.5 per cent in receipts from farm marketings in 1952 reached a personal income. The increase in disposable inrecord of 33.1 billion dollars. Although prices re- come, however, was slightly less (about 4 per cent) because of the higher personal income tax rates ceived by farmers declined, the physical volume of in effect for the entire year. This rise in disposable agricultural production was 4 per cent larger in income was accompanied by a similar increase in 1952 than the previous record in 1951. Howpersonal consumption expenditures. ever, expenses of production continued to increase, With consumer demand sustained at high levels, so that net income was about 5 per cent lower than the over-all movement of prices was confined to in the previous year. Between 1951 and 1952, the relatively minor fluctuations—consumers' prices cost of all production items, except livestock, rose. averaged slightly more than 2 per cent higher in In contrast to the decline in prices received by farm- 1952 than a year earlier and wholesale prices deers, the prices they paid for commodities, as well creased by about the same percentage. as wage rates, interest, and taxes, increased. For Wage rates in industry were generally higher in the first quarter of 1953, prices received by farmers 1952, although the increases were smaller than were about 10 per cent below a year earlier and from 1950 to 1951. These higher wage rates tended prices paid by farmers were down about 2 per cent. to be accompanied by increases in wages of farm Net income from agriculture during 1952 (in- labor; they also were reflected in the cost of the cluding Government payments) was 19.2 billion many products of industry bought by farmers. At dollars, nearly 1 billion less than 1951. The de- the same time charges for transportation, marketcline in net income between 1951 and 1952 and the ing, and processing farm products increased about expectation of a further decline in 1953 contributed 7 per cent from 1951 to 1952. These services are to the shrinkage in asset valuations shown in the performed primarily by the nonfarm sector of the Balance Sheet of Agriculture. economy, and an increase in their cost, while farm prices were declining, reduced the farmers' share of the consumers' food dollar from 50 to 48 cents. INFLUENCE OF THE GENERAL ECONOMIC SITUATION Interest costs to farmers rose slightly in 1952. Further growth in disposable personal income Increases in open market short-term rates were acsustained domestic demand for agricultural prod- companied by higher cost of funds for the Federucts in 1952, but foreign purchases of most major ally sponsored credit institutions, which in turn was export commodities were reduced. As agricultural reflected in some increase in cost of funds obtained production reached a new high in 1952, prices by farmers from production credit associations. A dropped below those of the preceding year. These slightly firmer interest-rate structure was also in evilower farm commodity prices are reflected in the dence for new farm loans made by other lenders Balance Sheet of Agriculture in lower inventory on farm real estate and other security. Credit and equity funds were generally adequate, however, valuations particularly in the livestock item. to maintain a high level of farm operations. General economic activity was maintained at a In 1952, total agricultural exports of 3.4 billion high level with employment, income, and retail dollars were 15 per cent below the postwar record sales at record peaks. Gross national product of the year before. Larger crops of wheat in both reached a record total of 348.0 billion dollars in importing and other exporting countries and larger 1952, and was 5 per cent higher than in 1951. supplies of foreign-grown cotton contributed ma- Major causes of the continued expansion were terially to a decline in United States sales of these further, though less marked, increases in Govern- two important export commodities. Exports of ment purchases of goods and services and in per- most of the other major agricultural commodities sonal consumption expenditures. Industrial invest- were also reduced. ment in new construction and producers' durable To summarize, the major influences leading to equipment was about the same in 1952 as in the lower prices received by farmers in 1952 were: AUGUST 1953 825 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1953 increase in agricultural supplies, curtailment in for- ing and transportation industries. Consumer deeign demand, and increase in marketing costs re- mand for farm products, particularly food, consulting primarily from higher wages in the process- tinued strong. THE 1953 BALANCE SHEET IN DETAIL The foregoing section has provided a summary were more than offset by a decline of 7 per cent in analysis of the balance sheet in general terms, an Texas-Oklahoma, and of 2 per cent in the Mounaccount of the income position of agriculture, and tain and Pacific States, as shown in the map. an analysis of the influence of the general economic Average value of farm real estate per acre for situation on the financial status of farmers. In the country declined from $80.87 as of March 1, this section each item of the 1953 balance sheet is 1952, to $79.66 this March. Values in March 1953 treated in detail. were nearly 25 per cent above both the post-World ASSETS War I peak reached in 1920 and the level in mid- 1950 before the Korean outbreak. Assets fall into two general classes: (1) Physical The weakness that developed in farm real estate assets, both real estate and tangible personalty, and values during the last half of 1952 brought to an (2) financial assets, which include cash, bank deend an advance which began after the Korean outposits, United States savings bonds, and farmers' break. From July 1950 to July 1952, values of investments in cooperative associations. farm real estate rose at an average rate of 1 per Farm real estate. The total value of farm real cent a month, although the gain during the latter estate (land and buildings) was estimated at 92.3 part of this period was somewhat less. But changes billion dollars as of March 1, 1953. This amount from July through November 1952 were nominal— is about 1.4 billion dollars, or 1 per cent, less than only 11 States showed changes of 2 per cent or a year earlier, as contrasted with an increase of more. nearly 8 billion dollars during 1951. Despite the Farm real estate values weakened further besmall decline during 1952, farm real estate actween November 1952 and March 1953, and values counted for 56 per cent of all assets included in declined 2 per cent or more in 19 States. Dethe balance sheet, about the same percentage as a clines were sharpest in the Mountain and Pacific year earlier. States, where sharply lower prices for beef cattle The lower value of farm real estate for the counreduced the value of grazing lands. Lower prices try as a whole was the net result of mixed trends for cattle also contributed to the small declines in per-acre values in the various regions. Although in land values in Iowa, Illinois, Ohio, Texas, and per-acre values as of March 1, 1953, were slightly Oklahoma, although two years of dry weather was higher than a year earlier in the Northeastern, an additional factor in the latter two States. Appalachian, and Southeastern States, these gains Land values changed 1 per cent or less between November 1952 and March 1953 in about half the CHANGES IN DOLLAR VALUE States. Small increases were reported for six States OF FARM LAND* in which 1952 crop and weather conditions were especially favorable, or in which special factors of Percentages, March 1952 to March 1953 demand prevailed. Continued oil and gas leasing activity in North Dakota, and to a lesser extent in Mississippi, contributed to small gains in land values in these States. Demand for small farms and rural residences helped to maintain firm to slightly higher values in several Southeastern States. fo INCREASE Although several factors were responsible for 2 or more •to DECREASE the recent decline in land values, the accelerated 2 or more decline in prices of farm products during the latter % CHANGE id) 1 or lest half of 1952 was probably the most important. The general slackening in inflationary pressures through- S26 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1953 out the economy also contributed to checking the TABLE 4 demand for farm land as an inflation hedge. These LIVESTOCK ON FARMS: NUMBER, VALUE PER HEAD, AND TOTAL factors, as well as dry weather in certain areas, VALUE BY CLASSES, UNITED STATES, JANUARY 1, 1952 AND 1953 tended to reduce the demand for farm real estate 19521 1953 at the prevailing prices and brought about a furo th f e r v o d l e u c n l t i a n r e y in sa l t e h s e o n f u m far b m er p o r f o p fa e r r m ty s d s u o r ld in . g T th h e e y ra ea te r Class N b u e m r - V h p a e e l a u r d e T va o l t u a e l N b u e m r - V h p a e e l a u r d e T va o l t u a e l ended March 1953 was 8.5 per cent below that of the previous year and the lowest since 1941. The (Mil- (Dol- (Million (Mil- (Dol- (Million lions) lars) dollars) lions) lars) dollars) number of farm foreclosures, however, continued Cattle 87.8 179.00 15,723 93.7 128.00 11,997 Milk cows. . . . 23.4 251.00 5,871 24.0 202.00 4,838 at the extremely low rate of recent years. Hogs 63.6 30.00 1,905 54.6 25.90 1,416 Horses 4.3 45.80 198 3.9 47.20 183 The proportion of farm purchases financed by Mules 1.9 72.40 139 1.8 65.30 116 credit during the year ended March 1953 was the All S t s o h c e k e p s 2 heep... 3 2 2 8 . . 1 1 2 2 7 8 . . 8 0 6 0 8 7 9 8 4 6 3 2 1 7 . . 6 9 1 1 5 5 . .9 8 1 0 5 43 0 9 3 highest in 10 years. For the country as a whole, Chickens 449.9 1.53 689 431.4 1.41 609 Turkeys 5.8 6.99 41 5.3 6.16 33 59 per cent of all farms bought were credit-financed, Total 19,589 14,857 compared with 56 per cent the previous year. The debt incurred also represented a higher proportion 1 Revised. 2Includes sheep and lambs on feed for market. of the purchase price than in previous years, averaging 57 per cent. About 22 per cent of the credit- beginning of 1953; this was an increase of 4.6 milfinanced purchases had a debt of 75 per cent or lion during the last year. Beef cattle have been more of the purchase price. This increase in the increasing in number since 1948, when 41.0 miluse of credit to finance farm purchases explains in lion were on farms. The number of cattle on feed part why the dollar volume of all new farm-mort- January 1, 1953, was 16 per cent above a year gage recordings continued to increase in 1952 de- earlier, and the number of beef cows was 9 per spite the decline in the total number of farm trans- cent higher. fers. The number of new mortgages recorded in The number of cattle kept for milk, including 1952 was the lowest since 1945, but the average heifers as well as milk cows, increased about 3 per amount per mortgage was 5 per cent larger than cent in 1952; 36.9 million head were on farms in 1951 and about 2.5 times the prewar average. January 1, 1953. This number was the highest Interest rates on new farm-mortgage credit in- since 1947, but it was well below the 40.8 million creased during 1952, and some lenders became more in 1945. selective in making loans. The total of all types of cattle amounted to 81 Livestock on farms. Total value of livestock and per cent of the value of livestock and poultry on poultry on farms on January 1, 1953 was 14.9 farms on January 1, 1953. Total value of cattle— billion dollars, nearly a fourth less than a year 12.0 billion dollars—was 24 per cent less than a year before (Table 4). Lower prices during 1952 for earlier. Reductions in prices of cattle were remost livestock and poultry were largely responsible sponsible for the lower value, because numbers of for the decline. Numbers of cattle on farms in- cattle increased. Average value per head of all creased 7 per cent during 1952. The numbers of cattle was $128 at the beginning of 1953—a year all other major types of livestock decreased: hogs earlier it was $179. The value of milk cows per declined 14 per cent, horses 11 per cent, mules and head fell about a fifth, from $251 in 1952 to $202 turkeys each 8 per cent, chickens 4 per cent, and in 1953. sheep 1 per cent. Hog numbers declined 14 per cent in 1952; the Cattle on farms numbered 93.7 million on Janu- 54.6 million on farms January 1, 1953 was the ary 1, 1953. This represented an increase of 5.9 lowest since 1948. A lower hog-corn ratio during million during 1952, the fourth consecutive year most of 1952 was a major factor in farmers' dein which the number of cattle increased. The cisions to keep fewer hogs. Value per head of number was at a new high, about 8 million above hogs in 1953 was $26 compared with $30 a year the previous cyclical high in 1945. earlier. Total value of hogs on January 1, 1953, A large part of the increase in cattle numbers was 1.4 billion dollars, 26 per cent less than a was in beef cattle, which totaled 56.8 million at the year before. 827 _AUGUST 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 195 3 In terms of 1940 prices, the total value of live- and motor vehicles now on farms is more than stock and poultry on farms January 1, 1953, was five times as great as the 1940 value. Even after 5.2 billion dollars, 2.0 per cent higher than in 1952 allowance for the rise in prices, the investment in and 1.4 per cent above 1940. The number of machinery and motor vehicles is nearly 2% times cattle was 37 per cent higher in 1953 than in 1940, what it was in 1940. This larger real investment but all other livestock and chickens and turkeys reflects the continuing trend toward farm mechhad decreased in number. anization in this country. In current prices the Machinery and motor vehicles on farms. Farmers' value of machinery and motor vehicles represented purchases of machinery and motor vehicles in 1952 10 per cent of the total assets of agriculture at the dropped from 10 to 15 per cent below 1951, but beginning of 1953, compared with the 1940 proporthe preliminary total of 3.6 billion dollars was tion of 6 per cent. higher than in any previous year except 1951. The larger investment in machinery and motor As a result of the continued heavy investment in vehicles has increased the fixed charges of farmers. machinery and motor vehicles, the value of these Depreciation on machinery and motor vehicles in items on farms reached 17.2 billion dollars at the 1952 is estimated at 3,400 million dollars, about beginning of 1953 (Table 5). This was 7 per 5 times that in 1940. cent above the 1952 figure and the highest value Crops stored on and off farms. The volume of ever recorded for machinery and motor vehicles on crops produced in 1952, despite drought in a large farms. part of the South, was the second largest on record. Acreage was smaller than the average of the 10 TABLE 5 preceding years, but yields were generally higher. FARM MACHINERY AND MOTOR VEHICLES: VALUE BY CLASSES, More fertilizer, effective use of farm machinery, UNITED STATES, JANUARY 1, SELECTED YEARS, 1940-53 and good weather for harvesting contributed to [In millions of dollars] this high production. Record or near-record pro- Tractors Auto- Motor- Other duction was made for rice, corn, winter wheat, Year Total i mobiles trucks fa c r h m in e m ry a- and soybeans. Other crops for which 1952 production was larger than average include cotton, 1940 3,118 501 900 301 1,358 cottonseed, hay, tobacco, and several hay and pas- 1946 26,296 1,069 935 650 3,562 ture seeds. Production of rye, buckwheat, sorghum 19512 14,005 3,211 1,143 1,462 8,119 grain, silage, and forage was smaller than usual. 19522 16,078 3,819 1,274 1,622 9,295 1953 17,169 3,957 1,516 1,705 9,924 As a result of the increased production the physical quantity of crops remaining on farms at the 1 Also includes harness and saddlery. a Revised. beginning of 1953, including those sealed under Commodity Credit Corporation loans, was nearly The number of automobiles, motortrucks, and 4 per cent greater than a year earlier. Because of tractors on farms continued to increase during a widespread decline in prices, however, the inven- 1952. Preliminary estimates indicate that on Jan- tory value of farm stocks, 8,350 million dollars, uary 1, 1953, farmers had about 4,400,000 tractors, was about 1 per cent lower than at the beginning an increase of 230,000 from the year before; of 1952. Prices of food grains, oil crops, and 2,500,000 motortrucks, or a gain of 90,000; and tobacco declined from 2 to 3 per cent during the 4,400,000 automobiles, or 50,000 more than on Jan- year. Feed and hay crops as a group declined 6 uary 1, 1952. per cent and the price of cotton dropped 21 per Farmers5 outlays for machinery and motor ve- cent. hicles in 1952 represented 11 per cent of their gross The value of food grains stored on farms on Jancash income from marketings and Government pay- uary 1, 1953, was 870 million dollars, the largest ments totaling 33.4 billion dollars. This propor- in recent years except for 1948. The inventory tion compared with 13 per cent in 1951. From value of wheat was 847 million dollars, rye 6 mil- 1948 to 1952 this proportion ranged between 10 lion, buckwheat 2 million, and rice 15 million. and 13 per cent and averaged about the same as The physical quantity of these food grains was 18 in 1940 and 1941. per cent higher at the beginning of 1953 than a The 17.2 billion dollars worth of farm machinery year earlier. Wheat accounted for all of the in- 828 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1953 crease; stocks of the other food grains were lower available following the wartime shortages. Curthan last year. rent values are about 2]/$ times higher than in 1940. The quantity of feed grains harvested in 1952 Bank deposits, currency, and United States savings was the fifth largest on record and nearly 7 per cent bonds. The liquid financial reserves of farmers are more than in 1951. The 1952 corn crop was estimated to have increased by about 500 million second largest on record, and was generally of ex- dollars, or 3 per cent, during 1952, to a new reccellent quality. For the other feed grains—oats, ord of 19.2 billion dollars on January 1, 1953 barley, and sorghum grain—production in 1952 was (Table 6). Most of this increase—300 million dolbelow average. The quantity of feed grains stored lars—was in time deposits. Farmer-owned demand on farms at the beginning of 1953 (measured by deposits showed no net change for the year, while the change in value in constant 1940 prices) was currency and the redemption value of United States about 7 per cent larger than a year earlier. The savings bonds owned by farmers each increased value in current prices of these farm stocks, 4,065 about 100 million dollars. million dollars, was about 4 per cent less than in TABLE 6 1952. Nearly half the value of all crops stored on farms consisted of these feed grains. LIQUID FINANCIAL ASSETS OWNED BY FARMERS, UNITED STATES, JANUARY 1, SELECTED YEARS, 1940-53 Stocks of hay on farms January 1, 1953 were [In billions of dollars] valued at 1,768 million dollars, 2 per cent more than a year earlier. Physical stocks were down Deposits United 7 per cent, and the price per ton was up about 9 Year Total1 re C n u c r y - 1 s S av ta i t n e g s s Demand2 Time1 bonds1-3 per cent. The total supply of hay for the 1952-53 season, including 1952 production and old carry- 1940 4.2 1.0 1.5 1.4 0.3 over, was nearly 120 million tons, approximately 1946 17.0 3.9 6.2 2.8 4.1 4 per cent more than the 1946-50 average supply. 1951 18.2 3.1 7.0 3.2 4.9 In relation to livestock to be fed, however, the sup- 1952 18.7 3.2 17.3 3.3 4.9 1953 19.2 3.3 7.3 3.6 5.0 ply of hay was 1 per cent less than average. Further, in some sections of the South and Southwest 1 Revised. 2Federal Reserve estimates, adjusted to a January 1 basis, are dry pastures in 1952 necessitated supplemental used for 1946 and 1951-53. feeding, which rapidly reduced stocks of hay. 3 Redemption value. No estimates have been made of the consider- The increase in farmer-owned deposits and curable quantities of crops owned by farmers and rency during 1952 raised these assets to a level on stored of! farms in warehouses. Data are available, January 1, 1953, which was near the records at however, on oft-farm storage of crops that farmers the beginning of 1947 and 1948. Leading up to have pledged to the Commodity Credit Corpora- these records were years of rising prices and rapidly tion as security for price-support loans. On Janu- increasing farm incomes, both gross and net. The ary 1, 1953, the value of these crops was 705 mil- increase in deposits and currency during 1952 oclion dollars. This was 335 million dollars, or 91 curred under much less favorable conditions, as per cent, larger than the amount on January 1, prices declined during 1952 and only increased 1952. The large expansion resulted primarily from marketings kept the realized net income of farm increased price-support activity for wheat. operators from falling below that of 1951. The in- Household furnishings and equipment. During crease in 1952 on a nationwide basis occurred 1952 the value of household furnishings and equip- mainly in time deposits, which represent funds ment on farms is estimated to have increased 8 per saved rather than funds held for immediate use. cent, to 10.0 billion dollars. This was about the Farmers apparently economized on postponable exsame as the increase that occurred in 1951. The penditures during the year. This conclusion is greatest expansion in home furnishings for any strengthened by the substantial decline that ocyear since 1940 was 900 million dollars during 1950, curred in 1952 in expenditures of farmers for builda year when there was scare-buying because of the ings, farm machinery, and motor vehicles. Korean outbreak. The value of furnishings also Deposits and currency. Federal Reserve estirose greatly in 1947 and 1948, when incomes were mates show no net change in demand deposits favorable and supplies of goods were more readily owned by farmers in the United States as a whole AUGUST 1953 829 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1953 during the year ended January 31, 1953. Such continued to grow during 1952. On January 1, deposits appear to have increased in Federal Re- 1953, the net worth of farmers' cooperatives totaled serve districts in the Northeast but to have de- 2.7 billion dollars. This compares with a net worth creased in most other districts. Demand deposits of 2.5 billion dollars a year earlier and 1.3 billion of "other individuals" and nonfinancial businesses at the beginning of the postwar period. The imincreased 1.6 per cent and 3.3 per cent respectively proved financial condition of farmers' associations for the country as a whole; and increases for these in recent years has resulted partly from appreciclasses occurred in most of the Federal Reserve ation in value of physical facilities and commodity districts. inventories. Also, for most of them the volume In contrast to demand deposits, time deposits ap- of business and of income has increased substanpear to have increased more in agricultural than in tially, permitting expansion of facilities, reduction urban areas (Table 7). The increase in time de- of debts, and increase in financial reserves. posits during 1952 is estimated at 10 per cent for Marketing and purchasing associations, which farmers, compared with 7.5 per cent for all in- have been directly aflected by the increased output dividuals, partnerships, and corporations. and higher production costs of agriculture, contain the largest ofl-farm investment of farmers. The net TABLE 7 worth of these cooperatives—1,570 million dollars— PERCENTAGE INCREASE IN DEMAND AND TIME DEPOSITS OF is more than half the net worth for all farmers' as- INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS, IN 1952, sociations and has more than doubled since the BY CLASS OF COUNTY1 [Per cent] beginning of the postwar period. The next largest off-farm investment of farmers, 537 million dol- Demand Time Demand lars, is in the cooperative credit system of the Farm Class of county deposits deposits a d n e d p o t s im its e Credit Administration. The increase in net worth of credit cooperatives was about 10 per cent during Counties that include: Major trade and financial 1952 and 74 per cent between 1946 and 1953. The centers 2.1 7.5 3.4 Secondary trade and financial net worth of rural electric cooperatives, which is centers 4.8 6.5 5.3 Small trading centers 4.1 8.7 5.5 believed to have been relatively small before the Selected agricultural counties.... 2.3 9.6 4.5 postwar period, increased about 20 per cent during All counties 3.3 7.5 4.4 1952, to a total of 158 million dollars at the beginning of 1953. The net worth of mutual irrigation 1 Prepared from county data for insured commercial banks supplied by Federal Deposit Insurance Corporation. companies, which are important in the Western Currency held by farmers is estimated to have States, totaled 284 million dollars on January 1, increased by 100 million dollars during 1952, as 1953. Surplus and reserves of farmers' mutual fire "currency outside banks" increased substantially insurance companies increased about 12 per cent during the year. during 1952, to a total of 163 million dollars. The United States savings bonds. The value of increase in surplus and reserves of insurance com- United States savings bonds owned by farmers in- panies since 1940 has been relatively greater than creased by about 100 million dollars during 1952. the increase in the amount of insurance in force, This increase resulted wholly from accrual of in- indicating that their ability to meet losses is greater terest on bonds held by farmers, as farmers cashed now than before World War II. a greater value in bonds than they bought in all regions except the Great Plains. CLAIMS Accrual of interest has been the sole source of Claims on agricultural assets are of two general increase in the value of savings bonds held by classes: (1) Liabilities, which are divided into real farmers each year since 1949. In 1950-52, interest estate and non-real-estate debt; and (2) equities, accruals on bonds owned by farmers totaled 392 which represent the value of the residual rights million dollars, compared with total purchases by in agricultural assets belonging to the proprietors— farmers of 873 million and redemptions for farm- owner-operators, tenants, and landlords. Included ers amounting to 1,126 million. among these proprietors are individuals, financial Net worth of farmers' cooperatives. The financial institutions, other corporations, and Federal, State, interest of farmers in their cooperative associations and local government agencies. 830 FEDERAL RESERVE BULLETUST Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1953 Farm real estate debt. Farm-mortgage debt con- All active lenders increased their holdings of farm tinued to increase in 1952 for the seventh consecu- mortgages during 1952. On January 1, 1953, life tive year. A rise of 8 per cent brought the out- insurance companies held about 1,702 million dolstanding total to an estimated 7.1 billion dollars lars of farm mortgages, an increase of 10 per cent on January 1, 1953 (Table 8), the largest amount in the last year. Holdings of the Farmers Home since 1937. The increase was a little less than in Administration rose 11 per cent, those of individual each of the previous 2 years. and miscellaneous lenders 9 per cent, those of Fed- Several factors were associated with the rise in eral land banks 8 per cent, and those of insured farm-mortgage debt in 1952. Credit-financed sales commercial banks 5 per cent. of farm real estate increased in relative importance, Farm-mortgage debt increased in every region and down payments were a smaller part of the pur- and State during 1952. The rate of increase was chase price than in 1951. This partly explains why greatest (13 per cent) in the Southeast, and inthe dollar volume of farm recordings was slightly creases of 10 per cent or more occurred in the Appahigher in 1952 than in 1951, although the number lachian, Delta, Texas-Oklahoma, and the Mountain of mortgages recorded dropped 5 per cent and the and Pacific regions. In other regions the increase rate of voluntary farm sales declined 8 per cent. varied from 5 to 10 per cent in 1952. The average size of mortgages recorded increased Results of the cooperative farm-mortgage survey 5 per cent, from $5,350 in 1951 to $5,630 in 1952. of 1950 by the Bureau of Agricultural Economics In addition, there are indications that principal and the Bureau of the Census have become availrepayments on farm mortgages fell of? somewhat in able since publication of the 1952 balance sheet. 1952. Total repayments of principal, including re- This permits more detailed comparisons of 1950 payments through renewals, for the Federal land with 1945 and other census dates. The number of banks, life insurance companies, and commercial mortgaged farms in 1950 is estimated at 1,480,000, banks combined averaged about 16 per cent of the or 14 per cent fewer than in 1945. In 1950, howloans held at the beginning of the year plus loans ever, about 28 per cent of all farms were mortgaged recorded during the year. This compares with a which is about the same as the proportion mortgross repayment rate of 18 per cent in 1951 and 24 gaged in 1945 (29 per cent). From 1945 to 1950 per cent in 1946. Delinquencies continue to be the number of mortgaged farms declined 18 per negligible for all types of lenders. cent in the North and 11 per cent in the South, but TABLE 8 FARM-MORTGAGE DEBT OUTSTANDING BY LENDERS, UNITED STATES, JANUARY 1, SELECTED YEARS, 1940-53 Year T d o e t b a t l F b e a la d n n e k d r s a i l C Fe o M d rp e o o r r a r t l a g t a F i g o a e r n m 12 m H i F n o i a m s r t m r e a e t A r io s d n - 3 c i o n m s L u p r i a f a n e n i c e e s1 co I m b n a s m u n e r k e r s c d ial m I i n s d ce i a v l n l i a d d n u e a o l u s s Amount Outstanding [In millions of dollars] 1940 6,586 2,010 713 32 984 534 2,313 1946 4 4,760 1,079 239 182 4891 507 41,862 1951 46,071 947 44 214 41,356 943 42,567 1952 4 6,588 994 33 233 M,541 980 42,807 1953 7,140 1,071 24 258 1,702 1,033 3,052 Percentage Change 1940-53 8.4 -46.7 -96.6 707.9 72.9 93.4 32.0 1952-53 8.4 7.8 -27.1 10.5 10.4 5.4 8.8 iAlso include purchase-money mortgages and sales contracts. 2Loans were made for the Corporation by Land Bank Commissioner. Authority to make new loans expired July 1, 1947. 3For 1940-41, tenant-purchase loans only. Years shown, beginning 1946, also include farm-development (special real estate) loans, farm-enlargement loans, project-liquidation loans. Beginning 1951, also includes farm-housing loans. Also includes similar loans from State Corporation trust funds. 4Revised upward to incorporate new benchmark data for 1950 from a cooperative Census-BAE farm-mortgage survey made for that year. The United States estimate of total farm-mortgage debt for 1950 was raised 3 per cent and estimated debt for individual and miscellaneous lenders 8 per cent. Estimates of farm-mortgage debt held by individual and miscellaneous lenders for 1951 and later years are only general indicators of trend. AUGUST 1953 831 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1953 increased slightly in the West, where 36 per cent of the farms were mortgaged in 1950; this was the NON-REAL-ESTATE FARM LOANS highest proportion mortgaged in any region. (HELD BY BANKS AND FEDERALLY-SPONSORED AGENCIES) Percentage Change, 1952-53* Considering farms by type of tenure, 34 per cent of the owned part of part-owner farms were mortgaged in 1950. This was a higher ratio than the 29 per cent mortgaged for full owners and 21 per cent for farms operated by tenants and managers. For each tenure, a smaller percentage was mortgaged in 1950 than in 1945. DECREASE The average mortgage debt per mortgaged farm 0.0-20.0 NCREASE in 1950 was $3,769 compared with $2,883 in 1945. m 0.0- 9.9 -24.9 Although the average debt was higher, the average E3 25.0 & over equity per mortgaged farm had increased relatively more, partly because of the rise in per-acre value of farm land and buildings. The average equity per large in the South, as shown on the map, where mortgaged farm in 1945 was $6,672; this amount shifts in farming involved large expenditures for had risen to $11,125 in 1950. The ratio of debt such items as livestock and pasture improvement. to value of mortgaged farms was 25 per cent in Some delay last year in the repayment of produc- 1950, a substantial decrease from the 30 per cent tion loans, because of drought or late marketings, ratio-of-debt-to-value in 1945. may have accentuated the expansion of debt in the Non-real-estate debt. At the beginning of 1953, South. The drop in livestock prices was the domithe non-real-estate debt of farmers, excluding loans nant force in slowing up the expansion of credit. made or guaranteed by the Commodity Credit In areas in which cattle are fed, lower prices reduce Corporation, totaled about 7.6 billion dollars (Table the credit needed to buy cattle. Non-real-estate 9). This was about 5 per cent higher than such debt declined in Illinois, Iowa, South Dakota, Nedebt on January 1, 1952. The rise during the braska, and Kansas. In the range areas heavy marpreceding year was 18 per cent. The substantially ketings of cattle have exerted a downward influslower rate of increase is an important change in ence on the volume of outstanding debt. In the the non-real-estate debt situation. Texas-Oklahoma, Mountain, and Pacific regions, where ranching is important, non-real-estate loans of banks and Federally sponsored lenders increased TABLE 9 only 2, 7, and 5 per cent, respectively, during 1952, FARMERS' NON-REAL-ESTATE DEBT, UNITED STATES, compared with increases of 20, 29, and 36 per cent, JANUARY 1, SELECTED YEARS, 1940-53 respectively, in 1951. [In billions of dollars] Of the non-real-estate debt owed by farmers on Year g l P o u C C r a a i o o n c r r C m a e s p n - r m o m s e t r u e d o a a e p i d t d t d p i e i o o t n y b o rt y r b s F a p l a e o g O o n d a e n k t e n n s h s r s c o e a i a r o r l e e n l f s y d d c a l r l n e m e a L n d n d i o d s e i a b c t e o s n e o r u s l s o b - s 1 k y e s x u T l c p o p l r o u a i p t c n d a o e i s l r n t g t J t d o i a u o n c n c u t s o i a o m r ( n y e m x c e c 1 r r l e u c , d i d a 1 i i t l 9 n 5 g b a 3 s a C s n o t k C c o s i C , a t t 1 i h l o o 4 e n a s p n p , e s r r 2 ) i n , c c p 7 e i e 6 n p r t a p l e c w e r l a n e c s t n e o d n t w o i t n w e g t d h a e s i t n o o o s w t t p h i r t e e u o d r - financing institutions discounting with the Federal 1940 0.4 1.5 1.5 3.0 intermediate credit banks, and 8 per cent to the 1946 0.3 1 .7 1.2 2.9 Farmers Home Administration. The debt held by 1951 0.8 3.4 2.8 6.2 1952 0.6 4.1 3.2 7.3 banks increased only 2 per cent in 1952—the small- 1953 1.2 4.2 3.4 7.6 est percentage increase for any institutional lender. Compared with loans of Federally sponsored lend- 1 Estimate based on fragmentary data. ers, those of banks are heavily concentrated in the Non-real-estate loans of banks and Federally Midwest, where the decline in livestock prices has sponsored lenders, which constitute more than half reduced credit requirements of many farmers. of all such debt owed by farmers, increased about Loans of the Farmers Home Administration showed 4 per cent during 1952. Increases were relatively the largest increase (12 per cent) in 1952. The 832 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1953 more of their credit on a longer term basis secured NON-REAL-ESTATE FARM LOANS by real estate mortgages. Moreover, lenders tended Held by Banks and Federally Sponsored Agencies* to curtail some of their credit extensions because of lower prices for farm products. On April 30, 1953, outstanding loans of production credit associations were 1.4 per cent less than a year earlier. The amount of new loans made during the first 4 months of 1953 was 6 per cent less than that of the first 4 months of 1952. For member banks of the Federal Reserve System, the outstanding non-real-estate farm loans on April 20, 1953, were 1.7 per cent less than on March 31, 1952. If data were available for corresponding dates, probably a larger decrease would be shown. Non-real-estate debt of farmers has a shorter term volume of new loans made, both regular and dis- than farm-mortgage debt and is more responsive aster loans, was larger than during 1951. Out- to changes in economic conditions. standing loans of the other Federally sponsored Outstanding loans to farmers made or guaranteed lenders increased about 7 per cent during 1952. by the Commodity Credit Corporation totaled 1,173 Considering the entire postwar period—January million dollars on January 1, 1953, or about twice 1, 1946, to January 1, 1953—the non-real-estate farm the amount outstanding a year earlier. This redebt held by banks and Federally sponsored agen- flects the increase in price-support activity which cies rose 153 per cent. Percentage increases by ma- has accompanied large agricultural output, a dejor regions were: Northeastern, 161; Southern, 126; cline in exports, and generally lower prices. Midwestern, 160; and Western, 176. States in Total farm debt. In the main, farm-mortgage which increases were less than 100 per cent include, and non-real-estate credit differ as to purpose, maamong others, New Hampshire, Vermont, and turity, rate of payment, and frequency of use. For Rhode Island. This is a relatively stable area in these reasons the two types are usually reported which the dominant types of farming often do not and discussed separately. In order to analyze the lend themselves to rapid expansion. Farmers in total debt position of farmers, however, mortgage the northern Plains and in the Southeast also in- and non-real-estate debt must be treated as a whole. creased their non-real-estate debts to institutional Both farm-mortgage and non-real-estate debt lenders relatively little during the postwar years. have been rising since 1946. Farm-mortgage debt In these areas, however, extensive liquidation of rose about 50 per cent between January 1, 1946 and old loans of the Farmers Home Administration January 1, 1953, and non-real-estate debt, not in- (emergency crop and feed loans and rural rehabili- cluding price-support loans, rose 165 per cent. The tation loans) offset in large part the increased bor- combined debt increased 93 per cent. rowings during this period. Estimates of the total debt of farmers are not The economic forces that caused the sharp rise available by States. For this reason the total of in the use of non-real-estate credit during recent farm debt held by the principal institutional lenders years diminished in 1952. Some production costs, —banks, Federally sponsored agencies, and life insuch as those for livestock, declined. Purchases of surance companies—are used to analyze area trends. equipment and building improvements made by These lenders, at the beginning of 1953, held 59 farmers in recent years had been large enough so per cent of the farm-mortgage debt and 55 per cent that needs of this kind were less urgent and less of the non-real-estate debt for the United States as widespread. Possibly the chief factor underlying a whole. the smaller use of credit in 1952 was the decline During the postwar period total farm debt holdin prices of several important farm products. This ings of the institutional lenders expanded most in caused some farmers and ranchers to be more con- the Mountain and Pacific regions, as shown in the servative in the amount of debt they were willing map on the next page. Arizona and Nevada each to assume. Also some farmers probably obtained showed increases of more than 200 per cent. These 833 AUGUST 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET QF AGRICULTURE, 1953 Non-real-estate debt, because of its rapid rise dur- PERCENTAGE CHANGE IN FARM DEBT OWED ing the postwar period, now constitutes a much TO INSTITUTIONAL LENDERS larger part of the total debt of farmers. Non-real- J.n. 1,1946-Jan. 1,1953 estate debt accounted for about 36 per cent of the total farm debt held by institutional lenders at the beginning of 1946, but at the beginning of 1953 it had increased to 50 per cent. The increase in relative importance of non-real-estate debt was greater in the Great Plains, Lake States, and the INCREASE Corn Belt than elsewhere. In those regions rising E3 0.0 - 49.9 50.0 - 99.9 costs of production, especially cost of livestock, are over «% DECREASE of the type that would be financed largely by short- • 0.0 - 49.9 term, non-real-estate credit. Also, favorable incomes of those regions have permitted the han- «ENT OF AGRICULTURE U OF AGRICULTURAL ECONOMICS dling on a short-term repayment basis of financing two western regions have experienced a relatively that otherwise might have necessitated long-term greater growth and development of agriculture real estate loans. than most other sections. Much land has been The small increase in the relative importance of brought under irrigation; crop production has be- non-real-estate debt in the Southeast and Delta come more intensive; and the livestock industry States probably results in part from the increased has expanded rapidly. In Florida, where there has diversification of agriculture. This has involved also been a large agricultural expansion in recent improvements to real estate and the establishment years, total farm debt increased 209 per cent be- of dairy and beef herds, and has required much tween 1946 and 1953. long-term mortgage financing. Decreased depen- The smallest increase in farm debt during the dence on seasonal crop production has tended to postwar period—46 per cent—was in the Great reduce the relative need for short-term, non-real- Plains. In that region the exceptionally large estate credit in some parts of these regions. farm incomes of the last decade permitted the re- In early 1953, indications were that non-realduction of old debts carried over from the depres- estate debt, which was near a record level, was sion. New borrowing for production has been un- undergoing some readjustment, but it is too early to necessary in many instances. Memories of the debt determine whether a significant change in trend difficulties of the 1930's, and of dry years and lower was occurring. Farm real estate debt, which was prices, has influenced farmers to borrow cautiously still relatively low, was continuing its upward moveand lenders to lend conservatively. ment. 834 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 Regulations T and U Interpretation ance. In no case did it appear that the credit Assistance by Federal Credit Union to its Members union would make a charge for arranging the execution of transactions in the stock for its An inquiry was presented recently concerning members. the application of Regulation T or Regulation U to a plan proposed by a Federal credit union to The Board was of the view that, from the facts aid its members in purchasing stock of a corpora- as presented, it did not appear that the Federal tion whose subsidiary apparently was the employer credit union should be regarded as the type of of all the credit union's members. institution to which Regulation U, in its present From the information submitted, the plan ap- form, applied. peared to contemplate that the Federal credit union With respect to Regulation T, the question was would accept orders from its members for regis- whether the activities of the Federal credit union tered common stock of the parent corporation in under the proposal, or otherwise, might be such multiples of 5 shares; that whenever orders had as to bring it within the meaning of the terms been so received for a total of 100 shares, the "broker" or "dealer" as used in the regulation and credit union, as agent for such members, would the Securities Exchange Act of 1934. The Board execute the orders through a brokerage firm with observed that this, of course, was a question of membership on a national securities exchange; that fact that necessarily depended upon the circumthe brokerage firm would deliver certificates for stances of the particular case, including the manner the stock, registered in the names of the individual in which the arrangement in question might be purchasers, to the credit union against payment by carried out in practice. the credit union; that the credit union would pro- On the basis of the information submitted, howrate the total amount so paid, including the broker- ever, it did not appear to the Board that the Federal age fee, among the individual purchasers according credit union should be regarded as being subject to the number of shares purchased by them; and to Regulaion T as a "broker or dealer who transthat a savings in brokerage fee resulting from the acts a business in securities through the medium 100-lot purchases would be passed on by the credit of" a member firm solely because of its activities union to the individual purchasers of the stock. as contemplated by the proposal in question. The However, amounts of the stock less than 100 shares Board stated that the regulation rather clearly would be purchased by the credit union through would not apply if there appeared to be nothing the brokerage firm for any members willing to other than loans by the credit union to its memforego such savings. bers to finance purchases made directly by them It appeared further that the Federal credit union of stock of the parent corporation of the employer members for whom stock was so purchased would of the member-borrowers. The additional fact that reimburse the credit union (1) by cash pay- the credit union, as agent, would purchase such ment, (2) by the proceeds of withdrawn shares stock for its members (even though all such purof the credit union, (3) by the proceeds of an in- chases might not be financed by credit union loans) stalment loan from the credit union collateraled was not viewed by the Board as sufficient to make by the stock purchased, or (4) by a combination the regulation applicable where, as from the facts of two or more of the above methods. To assist presented, it did not appear that the credit union in the collection of any such loan, the employer of the any case was to make any charge or receive any credit union members would provide payroll deduc- compensation for assisting in such purchases or that tions. Apparently, sales by the credit union of any the credit union otherwise was engaged in securiof the stock purchased by one of its members would ties activities. However, the Board stated that matoccur only in satisfaction of a delinquent loan bal- ters of this kind must be examined closely for any 835 AUGUST 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT variations that might suggest the inapplicability o£ bers dissenting, on March 27, 1952 entered the order the foregoing. here challenged, finding that Transamerica's acquisitions and ownership of the stocks of the various Clayton Act Proceeding banks named in the complaint constituted a viola- Transamerica Corporation tion of Section 7 of the Clayton Act and requiring Transamerica to divest itself of all such stocks, ex- The United States Court of Appeals for the Third cept that of Bank of America National Trust and Circuit on July 16, 1953, set aside the Board's Savings Association, within an over-all period of order in the Clayton Antitrust Act proceeding two years and ninety days. against Transamerica Corporation. The opinion of At the outset we are confronted with a question the Court is printed below: of jurisdiction. Transamerica sought to have the UNITED STATES COURT OF APPEALS FOR THE Board's complaint dismissed and here seeks to have THIRD CIRCUIT it set aside upon the ground that under Section 11 of the Clayton Act the only authority given to No. 10,768 the Board is to enforce compliance with those sections of the Act which are "applicable to banks, TRANSAMERICA CORPORATION, Petitioner banking associations and trust companies," and that v. the provisions of Section 7 here sought to be en- BOARD OF GOVERNORS OF THE FEDERAL RESERVE forced do not apply to such institutions. To de- SYSTEM, Respondent termine the validity of this contention we turn first to the language of Section 7 of the Clayton Act, PETITION TO REVIEW THE ORDER OF THE BOARD OF which is as follows: GOVERNORS OF THE FEDERAL RESERVE SYSTEM "SEC. 7. That no corporation engaged in commerce shall acquire, directly or indirectly, the ARGUED MARCH 16, 1953 whole or any part of the stock or other share Before MARIS, GOODRICH and KALODNER, Circuit Judges capital of another corporation engaged also in commerce, where the effect of such acquisition may be to substantially lessen competition be- OPINION OF THE COURT (Filed July 16, 1953) tween the corporation whose stock is so acquired and the corporation making the acquisition, or By MARIS, Circuit Judge to restrain such commerce in any section or com- Transamerica Corporation, a corporation of Dela- munity, or tend to create a monopoly of any line ware, has petitioned this court to review an order of commerce. of the Board of Governors of the Federal Reserve "No corporation shall acquire, directly or indi- System entered against it under Section 11 of the rectly, the whole or any part of the stock or other Clayton Act to enforce compliance with Section 7 share capital of two or more corporations engaged of the Act. The Board's complaint was issued in commerce where the effect of such acquisition, June 24, 1948 charging Transamerica with having or the use of such stock by the voting or granting violated Section 7 in that for many years it and its of proxies or otherwise, may be to substantially predecessors have continuously and systematically lessen competition between such corporations, or been acquiring the stocks of independent com- any of them, whose stock or other share capital mercial banks located in the five States of Califor- is so acquired, or to restrain such commerce in nia, Oregon, Nevada, Washington and Arizona, any section or community, or tend to create a and that the effect of such acquisitions may be to monopoly of any line of commerce. substantially lessen competition, restrain commerce "This section shall not apply to corporations or tend to create a monopoly. purchasing such stock solely for investment and Hearings were held on the Board's complaint not using the same by voting or otherwise to before a member of the Board as hearing officer. bring about, or in attempting to bring about, The hearing officer submitted recommended find- the substantial lessening of competition. Nor ings to the Board to which exceptions were filed. shall anything contained in this section prevent After hearing the exceptions the Board, two mem- a corporation engaged in commerce from causing 836 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT the formation of subsidiary corporations for the members of Congress in enacting Section 7 of the actual carrying on of their immediate lawful busi- Clayton Act in 1914 did not specifically contemness, or the natural and legitimate branches or ex- plate that "corporations engaged in commerce" tensions thereof, or from owning and holding all would include banks. We find nothing in the legor a part of the stock of such subsidiary corpora- islative history, however, to indicate that Congress tions, when the effect of such formation is not to did not intend by Section 7 to exercise its power substantially lessen competition. . . ." 1 under the commerce clause of the Constitution to It will be seen that the significant language of the fullest extent. The avowed purpose of the Section 7 is that "No corporation shall acquire . . . Clayton Act was to supplement the Sherman Act by the stock ... of two or more corporations engaged arresting in their incipiency those acts and pracin commerce where the effect of such acquisition tices which might ripen into a violation of the latter . . . may be" that denounced by the section. This act. Since the general language of the Sherman language is so clear and unambiguous as to leave Act was designed by Congress "to go to the utmost no room for construction.2 Its sweep includes all extent of its Constitutional power in restraining "corporations engaged in commerce" without ex- trust and monopoly agreements" 6 the supplemenception. The Board found, and Transamerica does tary general language of the Clayton Act was unnot contest the finding, that the commercial banks doubtedly intended to have the same all inclusive the stocks of which are here involved were engaged scope. in interstate commerce.3 Those banks must, there- We turn then to the merits of the case. The fore, be held to be within the purview of Section 7. Transamerica group had its origin in 1904 when A. Transamerica argues that Congress has not in P. Giannini organized the Bank of Italy (now Bank the past regulated the banking business by legisla- of America National Trust and Savings Association directed to corporations generally but rather tion) with headquarters in San Francisco. This by special banking legislation and it says that the bank is said to be the largest bank in the world, legislative history indicates that Congress did not due principally to the fact that more than 550 indeintend to depart from this practice in the Clayton pendent banks and branches in the State of Cali- Act. In particular Transamerica points to Section fornia have been acquired and either converted 8 of the Act which deals specifically with inter- into branches of Bank of America or merged or locking directors of banks. consolidated with it. Until 1917 these acquisitions were made by individual officers of the bank, who It may readily be admitted that Congress has in pledged their personal credit when stock of an inthe past customarily dealt with the banking busidependent bank was being purchased. In that ness by special legislation directed solely to that year Stockholders Auxiliary Corporation, a Transend. This it did under its fiscal and currency powers.4 Indeed more than 100 years ago the Su- america predecessor, was organized and this company thereupon acted as purchaser of independent preme Court had held that banking was not commerce.5 It is, therefore, doubtless true that the banks in California destined for inclusion within the Bank of America system. In 1918 another corporation, Bancitaly Corpora- *38 Stat. 730, 731-732, 15 U. S. C. (1946 Ed.) §18. Section 7 was amended in 1950. 64 Stat. 1125. The amend- tion was organized by A. P. Giannini the largest ment is prospective only. The proceedings here in ques- stockholder of which was Stockholders Auxiliary tion were conducted and the order under review was en- Corporation. This company acquired the stocks of tered under Section 7 as it existed prior to the amendment. various banks located in New York City and cer- 2 Lewis v. United States, 1875, 92 U. S. 618, 621; Standtain foreign countries. Later on it also acquired ard Co. v. Magrane-Houston Co., 1922, 258 U. S. 346, 356. stock interests in California banks. In 1924 still 3 This finding was clearly correct. National Labor Relaanother corporation was formed called Americomtions Board v. Bank of America etc., 9 Cir. 1942, 130 F. 2d 624, 626, cert. den. 318 U. S. 791, 792; United States v. mercial Corporation and it, too, acquired control- South-Eastern Underwriters Association, 1944, 322 U. S. ling stock interests in California banks. In 1928 533. Transamerica Corporation, the petitioner here, was 4McCulloch v. Maryland, 1819, 17 U. S. 316; Osborn organized to take over stock control of Bank of v. Bank of United States, 1824, 22 U. S. 738; Farmers' and Mechanics' National Bank v. Dearing, 1875, 91 U. S. 29. ° United States v. South-Eastern Underwriters Associa- 5 Nathan v. Louisiana, 1850, 49 U. S. 73. tion, 1944, 322 U. S. 533, 558. AUGUST 1953 837 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT America and its affiliated companies. Since that stock interest, however, since it did not find that time Transarnerica has acted as purchaser of inde- Transamerica exercises control over that bank. pendent banks in California for Bank of America. The Board's findings of fact set forth the growth, In 1930 Transamerica acquired The First Na- by years, in banking offices, deposits and loans of tional Bank of Portland, Oregon, which has since the Transamerica banking group. This growth has been steady. The Transamerica group controls become the principal Transamerica branch banking approximately 645 or 41 per cent of all commercial system in that State. In 1934 it acquired the First banking offices in the five-State area. In addition National Bank in Reno, Nevada, the name of the Transamerica group holds approximately 39 which has subsequently been changed to First per cent of all commercial bank deposits and ap- National Bank of Nevada. In 1936 it acquired the proximately 50 per cent of all commercial bank National Bank of Tacoma, Washington the name loans in the five-State area.8 On the basis of such of which was later changed to National Bank of over-all figures as these and without any findings Washington. In 1937 it acquired the First Naas to the competitive effect of Transamerica's bank tional Bank of Arizona at Phoenix, the Phoenix acquisitions in the communities in which the banks National Bank and the Phoenix Savings Bank & operate the Board reached its conclusion that the Trust Company (the latter being an affiliate of the acquisitions violated Section 7 of the Clayton Act Phoenix National Bank). The Phoenix National and accordingly called for the order of divestment Bank and the First National Bank of Arizona at here under review. Phoenix were later consolidated as the First National Bank of Arizona. Numerous subsequent It will be recalled that Section 7 makes unlawful the acquisition of the stock of two or more corporaacquisitions of independent banks were made by tions engaged in interstate commerce where its Transamerica in these four States, most of which effect "may be to substantially lessen competition have been converted into branches of the banks between such corporations, or any of them, whose just mentioned. stock or other share capital is so acquired, ... or Commencing in 1937 Transamerica, which then tend to create a monopoly of any line of comheld substantially all the stock of Bank of Amermerce." The contention of Transamerica is that ica, began a program of voluntary disposal of these the Board's findings wholly fail to furnish support holdings. In that year it distributed 58 per cent to the conclusion that the effect of Transamerica's of this stock to its own shareholders. By 1948 acquisitions of bank stocks may be to substantially Transamerica's holdings of Bank of America stock lessen competition between the acquired banks or had been reduced to 22.88 per cent and by 1951 to that those acquisitions may tend to create a monop- 7.66 per cent. On October 20, 1952 the last of the oly in the banking business. stock was disposed of so that today Transamerica We think that Transamerica's contention with has no stock interest whatever in Bank of America. respect to substantial lessening of competition must Also upon the death of L. M. Giannini on August be sustained. The ban imposed by Section 7 in this 19, 1952 the two corporations ceased to have any regard is solely against stock acquisitions which director in common.7 The Board, nonetheless in may have the effect of substantially lessening comits findings of fact included Bank of America petition between the companies acquired. The apin the Transamerica banking group, along with plication of this clause obviously requires a pre- 47 majority owned banks which Transamerica had liminary determination of the area of effective acquired in the five States, since it regarded Transcompetition between the companies involved before america as still exercising effective control over the question of competition between them may be Bank of America in spite of its then comparatively considered. The Board has made such a determinasmall stock interest. The Board did not include tion in this case, finding that the business of com Citizens National Trust and Savings Bank of Los mercial banks is largely local and confined to the Angeles, in which Transamerica also has a minority communities in which they operate and in which customers may conveniently visit them. The Board 7 These events of 1952 do not appear in the record but Transamerica has asked leave to introduce evidence estab- 8 If the business of Bank of America were excluded these lishing them and the Board concedes that they have oc- percentages, according to Transamerica's Exhibit 271, would curred. Brief for respondent, p. 66. be only 7 per cent of deposits and 6.5 per cent of loans. 838 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT made this finding in subparagraph (f) of Paragraph The Board's ultimate finding on this score was Seven of its findings of fact, as follows: "that the effect of its [Transamerica] holding and use of such stocks may be to substantially lessen "Because of the frequency of need for access to competition and restrain commerce in commercial one or more of the services of commercial banks, banking in the States of California, Oregon, Nesuch banks draw their business largely from areas vada, Arizona, and Washington." This finding is within which customers may conveniently visit deficient in two respects. It is not directed to the banks as occasion may require. Thus, in this competition between the acquired banks, the only aspect of their customer relations, commercial competition with which Section 7 is concerned. banks are largely local and for the usually needed And it sets up a five-State area of competition for customer services a distant bank cannot adewhich there is no support in the evidence and quately serve a customer. Very large concerns which is inconsistent with its own specific finding with national credit standing have access to credit on this point to which we have already referred. from banks in many parts of the country and So far as concerns the portion of this finding that may also maintain accounts in widely scattered the effect of these stock acquisitions may be to rebanks. This does not apply, however, to the strain commerce in commercial banking in the fivegreat multitude of the customers of commercial State area it is sufficient to say that the Board did banks. The smaller concerns, local business ennot refer to it in this court either in its brief or in terprises, and ordinary citizens must depend upon oral argument and evidently does not rely upon it. their local commercial bank or banks for the financial services peculiar to such banks; for all We turn then to the consideration of the Board's these customers there is no alternative or sub- conclusion that Transamerica's bank stock acquistitute, because distantly located banks do not sitions violate Section 7 of the Clayton Act because serve or supply their needs." they may tend to create a monopoly in the commercial banking business in the five-State area. The Likewise it must appear that substantial com- Board states its theory thus: Because of governpetition exists between the acquired companies mental restrictions there are only a limited numwhich may be subject to substantial lessening as the ber of commercial banking offices serving the pubresult of their acquisition by a common owner.9 lic in any designated area. Principally as a result In the present case the Board has made no findings of hundreds of acquisitions of independent banks with respect to either present or possible future one small banking institution organized in San competition between the individual acquired banks Francisco in 1904 has been built into a vast inin the communities in which they operate. Indeed tegrated network of 645 banks and branches now it rejected evidence on this subject offered by Translocated over a five-State area. These offices repreamerica. Moreover as to 38 of the acquired banks sent 40.9 per cent of all commercial banking offices there could hardly be a finding of such competiin that area, and they hold 38.8 per cent of all detion since none of them is located in the same composits and 49.9 per cent of all commercial loans munity as any other acquired bank. While the therein. Despite the tremendous growth of popuremaining 10 banks are not eliminated by this lation and economic activity in that area in recent geographic test the mere showing of common ownyears, the total number of all banking offices therein ership will not support an inferential finding that has decreased since Transamerica was organized in competition between them exists and may be 1928, while the number of banking offices in the lessened.10 Transamerica group has increased during that time. By every applicable standard in assessing the eco- 9 International Shoe Co. v. Federal Trade Commission, nomic power of an integrated group of banks, that 1930, 280 U. S. 291, 298; Federal Trade Commission v. of the Transamerica group has been always on the Thatcher Mfg. Co., 3 Cir. 1925, 5 F. 2d 615, 622, aff. in part, 272 U. S. 554, 560; V. Vivaudou, Inc. v. Federal increase. Furthermore, Transamerica is constantly Trade Commission, 2 Cir. 1931, 54 F. 2d 273. Compare seeking to acquire additional banks and, unless United States v. Columbia Steel Co., 1948, 334 U. S. 495, restrained, intends to do so. Because the Trans- 527. america acquisitions have systematically and con- 10 Temple Anthracite Coal Co. v. Federal Trade Comtinuously eliminated competition over the years, and mission, 3 Cir. 1931, 51 F. 2d 656; Pennsylvania R. Co. v. because its total of controlled banking offices has Interstate Commerce Commission, 3 Cir. 1933, 66 F. 2d 37. AUGUST 1953 839 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT been steadily increasing as a result of such acquisi- is inconsistent with the Board's own finding that the tions, thus demonstrating a patent, not to say in- local community in which a commercial bank is exorable movement in the direction of monopoly, located is its area of competition. Moreover it is a the Board concludes that the cumulative effect of mere assumption by the Board wholly unsupported such acquisitions may be to create a monopoly by evidence. No valid reason is shown for taking within the five-State area. five States rather than one, the seven included in It will be seen that the Board paints with an the Federal Reserve district or all 48. The Board's exceedingly broad brush. By cumulating the ac- conclusion of a tendency to monopoly in the fivequisition of banks by Transamerica throughout the State area, therefore, fails for want of a supporting five-State area and including Bank of America (in finding that the five States constitute a single area which Transamerica no longer has any stock in- of effective competition among commercial banks terest) the Board shows the growth of a banking and flies in the face of its own finding that the local group which, it asserts, is moving toward a monop- community is the true competitive banking area. oly in banking in the five States. We agree that We, of course, do not hold that no tendency to this quantitative analysis discloses a tremendous monopoly by Transamerica in commercial banking concentration of banking capital, and thereby of could be shown in any of the competitive areas economic power, in the hands of the Transamerica in which its acquired banks operate. It may well group which may be unwise and against sound pub- be that in some of these areas Transamerica through lic policy. It may well be in the public interest to the acquisition of banks has brought about a subcurb the growth of this banking colossus by appro- stantial lessening in competition and in that and priate legislative or administrative action. This, other ways has moved measurably toward monopoly however, is not for us to decide. Our only question power in those particular areas. The Board has is whether the theory upon which the Board based made no such findings, however, nor has it made its decision meets the legal tests which are required appropriate supporting findings as to the factors under Section 7 of the Clayton Act to determine which an analysis of the market would disclose to whether Transamerica's bank stock acquisitions be relevant to the determination of these questions. tend to create a monopoly of commercial banking. It has been held that such findings are necessary We are compelled to agree with Transamerica that under Section 7.12 it does not do so. The Board does not deny that the cases which A monopoly involves the power to raise prices or have been decided under Section 7 have interto exclude competition when the monopolist desires preted and applied that section as we do here. to do so.11 Obviously, under Section 7 it was not But it asserts that these cases have all been overnecessary for the Board to find that Transamerica ruled by the opinion of the Supreme Court in has actually achieved monopoly power but merely Standard Oil Co. v. United States, 1949, 337 U. S, that the stock acquisitions under attack have brought 293, in which Section 3 of the Clayton Act was held it measurably closer to that end. For it is the pur- violated upon the mere showing that by the use pose of the Clayton Act to nip monopoly in the of the exclusive dealing contracts there involved bud. Since by definition monopoly involves the competition had been foreclosed in a substantial power to eliminate competition a lessening of com- share of the line of commerce affected. We do not petition is clearly relevant in the determination of think that the Standard Oil case has any such effect. the existence of a tendency to monopolize. Ac- Section 3 of the Clayton Act deals with exclusive cordingly in order to determine the existence of a dealing contracts, not with stock acquisitions. The tendency to monopoly in the commercial banking use of exclusive dealing contracts per se lessens or any other line of business the area or areas of competition, however, so that the fact of lessening existing effective competition in which monopoly need not be proved. For one who agrees to purpower might be exercised must first be determined. chase all his requirements from a single seller The Board in this case apparently regards that area as comprising the five States of California, Oregon, 12 International Shoe Co. v. Federal Trade Commission, Nevada, Arizona and Washington. This, however, 1930, 280 U. S. 291, 298-299; Aluminum Co. of America v. Federal Trade Commission, 3 Cir. 1922, 284 F. 401, cert, 11 American Tobacco Co. v. U. S., 1946, 328 U. S. 781,den. 261 U. S. 616; V. Vivaudou, Inc. v. Federal Trade 811. Commission, 2 Cir. 1931, 54 F. 2d 273. 840 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT is legally barred from purchasing them from any- case from International Salt Co. v. U. S., 1947, 332 one else and is consequently eliminated entirely U. S. 392, upon which the Board also relies. For from the competitive market. In order to estab- that case involved contracts tying sales of an unlish a substantial lessening of competition in such patented product, salt, to a patented one, a maa case, therefore, it is only necessary in addition chine for its use. These contracts, the court pointed to prove that the sales covered by the exclusive deal- out, closed against competition the market for salt ing contracts amount to a substantial portion of the by those persons who bought the machines. The total involved in the competitive market area.13 contracts therefore per se violated the antitrust This is precisely what was held in the Standard laws as to the salt to be purchased under the con- Oil case. tracts regardless of its amount. The Supreme Court The situation with respect to corporate stock so interpreted the case in United States v. Columbia acquisitions, the subject matter of Section 7, is Steel Co., 1948, 334 U. S. 495, 522. wholly different, however. For the acquisition of We conclude that since the Board failed to find the stock of two or more corporations engaged in the facts as to lessening competition and tendency to interstate commerce is not per se a violation of the monopoly in the areas of effective competition acsection.14 On the contrary such acquisition is a tually involved, its order is unsupported by the violation only if its effect may be in fact to sub- necessary findings and cannot stand. stantially lessen competition between such corpora- Since we hold that the Board's order must be tions, to restrain commerce or to tend to create a set aside we need not discuss Transamerica's conmonopoly. Otherwise the acquisition is entirely tentions that it was denied a fair hearing by the lawful, so far as Section 7 is concerned. It neces- manner in which the proceedings were conducted sarily follows that under Section 7, contrary to the by the Board's hearing officer and by the inability rule under Section 3, the lessening of competition of the Board to provide it with subpoenas to comand the tendency to monopoly must appear from the pel the attendance of witnesses and the production circumstances of the particular case and be found as of documents. Nor need we consider Transamerfacts before the sanctions of the statute may be in- ica's application for leave to introduce additional voked. Evidence of mere size and participation evidence to prove that it has now disposed of the in a substantial share of the line of business in- remainder of its Bank of America stock and that volved, the "quantitative substantiality" theory re- following the death of L. M. Giannini the two lied on by the Board, is not enough. corporations have no longer a common director. For if the Board should decide, in the light of this The same considerations serve to distinguish this opinion, to proceed further against Transamerica 13 In the Standard Oil case Justice Frankfurter said: "Since that corporation will, of course, have full opporit is the preservation of competition which is at stake, the tunity to introduce this and all other relevant evisignificant proportion of coverage is that within the area dence to which its application for leave was directed. of effective competition." 337 U. S. 293, 299-300, note 5. 14 International Shoe Co. v. Federal Trade Commission, The order of the Board of Governors of the 1930, 280 U. S. 291, 298. Federal Reserve System will be set aside. AUGUST 1953 841 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS Changes in the Board's Organization structing the unadjusted indexes of department store sales and stocks resulted in some changes in On August 1, 1953, the Board created in its staff these indexes. The revised data are available upon for an indefinite period the Office of Controller as request from the Division of Research and Statistics. a separate division. The Office will have responsibility for the receipt and disbursement of the Tables Published Annually and Semiannually, with Board's funds and the administration of its budget. Latest BULLETIN Reference Mr. Edwin J. Johnson, formerly Assistant Director Semiannually Issue Page of the Division of Administrative Services, will Banking offices: Analysis of changes in number of... Aug. 1953 907 head the new division as Controller. On, and not on, Federal Reserve Par List, number of Aug. 1953 908 Mr. Johnson has been associated with the Federal Annually Reserve System since 1925 except for a period of Bank suspensions Feb. 1952 135 Earnings and expenses: military service and a short period of service with Federal Reserve Banks Feb. 1953 182-183 the Treasury Department. He was appointed to Member banks: Calendar year May 1953 536-546 the Board's staff in January 1939 after having been First half of year Oct. 1952 1159 Insured commercial banks May 1953 547 a member of the staff of the Baltimore Branch of Banks and branches, number of, by the Federal Reserve Bank of Richmond for approxi- class and State May 1953 548-549 Operating ratios, member banks Aug. 1953 904-906 mately fourteen years. Admissions of State Banks to Membership in the Federal Reserve System Revised Indexes of Department Store Sales and Stocks The following State banks were admitted to Following a recent review of the factors used in membership in the Federal Reserve System during adjusting the monthly indexes of department store the period June 16, 1953 to July 15, 1953: sales and stocks for seasonal variation, the seasonally adjusted indexes have been revised for a California number of months in recent years. The revised Inglewood—The Southwest Bank. figures for the 13 months ending with June 1953 are given on page 895 of this BULLETIN. Data for Missouri earlier months may be obtained upon request from Rock Port—The Bank of Atchison County. the Division of Research and Statistics, Board of Governors of the Federal Reserve System, Wash- Pennsylvania ington 25, D. C. It is planned to review these Philadelphia—Land Title Bank and Trust Comseasonal adjustment factors regularly in order that pany (Simultaneously with admission to memberthey may reflect current seasonal patterns in de- ship this bank merged with Tradesmens National partment store trade. Bank and Trust Company, Philadelphia, Pennsyl- Concurrently with the review of seasonal fac- vania, under title of Tradesmens Land Title Bank tors, minor adjustments in the sample used in con- and Trust Company.) 842 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled July 28 and released for publication July 30] Industrial production in July showed about the CONSTRUCTION usual seasonal decline from the advanced levels of Value of all new construction put in place in June, other recent months. Retail sales were maintained after allowance for seasonal influences, continued in June at levels substantially above a year ago; in close to the early spring record level. The number July department store sales have declined somewhat. of nonfarm housing units started declined sea- Consumer prices rose slightly further to a new sonally from 107,000 in May to 103,000 in June, high in June. Wholesale prices advanced some- about the same number started as in June, 1952. what in July, owing mainly to increases in live- Value of construction contract awards declined stock and meats. Yields on long-term high-grade considerably in June, reflecting reductions in most bonds declined. major categories of construction. INDUSTRIAL PRODUCTION EMPLOYMENT Employment in nonagricultural establishments in The Board's industrial production index in June June at 49.4 million (seasonally adjusted) was up was 241 per cent of the 1935-39 average, as comsomewhat from May and 400,000 higher than at pared with 240 in May and 241 in April. Reducthe beginning of the year. The average workweek tions in output from June to July due to plantat factories was unchanged from May at 40.7 hours. wide vacations in important manufacturing indus- With hourly earnings up slightly further, average tries and in coal mining are not adequately reweekly earnings at factories rose to $72.04, someflected in the present seasonal adjustments for the what above the previous high for this year reached production index. During the postwar period in March. Unemployment showed about the usual this has resulted in a temporary summer dip in seasonal rise in June and at 1.6 million was a postthe index. This year, the index for July is exwar low for the month. pected to decline to about 232, or a drop of about 4 per cent which is close to the average July decline AGRICULTURE in other recent years. Crop conditions have been relatively favorable Total durable goods production in June held this summer despite drought in some areas, and as steady as a small decline in steel production from of July 1 output was officially forecast at close to 100 to 97 per cent of capacity was offset by small last year's volume. Large harvests and increased gains elsewhere. Steel output has decreased slightly carryovers are in prospect for corn and wheat. Cotfurther in July. Auto assembly since mid-June ton acreage in cultivation on July 1 was 9 per cent has been close to advanced rates earlier in the year less than last year. Total marketings of meat aniand July output is at a near record for this month. mals in July have been about 12 per cent above a Truck production in late July was up from the year ago. Milk production, which was relatively sharply curtailed June rate and was close to the 1MPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS average first quarter rate. Over-all activity in machinery and military equipment industries continued to change little in June, and production of lumber and other building materials was generally maintained. Nondurable goods output in June also remained stable at very high levels. Wool textile production continued to expand, and there were also further increases in petroleum refining and chemical industries. Output in most other nondurable lines was generally maintained in large volume. Production of minerals rose further in June to peak rates as both crude petroleum and coal increased. Crude petroleum output continued to rise Bureau of Labor Statistics data adjusted for seasonal variation by Federal Reserve. Proprietors, self-employed persons and slightly in July. domestic servants are not included. Midmonth figures, latest shown are for June. AUGUST 1953 843 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS large last winter and spring, rose less than usual in mid-July reflecting purchases of the new Treasin May and June. ury tax anticipation certificates. Business loans increased somewhat during the first half of July fol- DISTRIBUTION lowing a substantial reduction during the last half Department store sales in the first three weeks of of June. Consumer and real estate loans continued July declined more than seasonally from the ad- to expand over the period. vanced levels reached in the previous two months. Interest rates charged by commercial banks on In June seasonally adjusted sales at automotive and short-term business loans averaged 3.73 per cent in other retail outlets remained close to May levels; the first half of June as compared with 3.54 per total retail sales were about 6 per cent above a cent in the first half of March. The rise reflected year ago. Seasonally adjusted stocks held by depart- mainly a one-quarter per cent increase in the rate ment stores, which had been rising since March, are charged prime business borrowers effective in late estimated to have shown little change in June. April. In the first half of July, bank reserve positions re- COMMODITY PRICES mained easy as required reserves of member banks The average level of wholesale prices advanced were reduced over one billion dollars as a result somewhat during the first three weeks in July, re- of the change in reserve requirements announced flecting mainly a sharp rise in livestock and meats. by the Board in late June. Later bank reserve posi- After midmonth, cattle marketings—which had tions tightened somewhat due to an increase in been reduced reflecting in part special drought and member bank required reserves associated with the other Federal support operations—expanded again sharp buildup in U. S. Government deposits at and prices lost about one-half the earlier advance. commercial banks following the July 15 sale of Prices for various other foods strengthened in July Treasury tax anticipation certificates. and prices of a number of household appliances were raised. Prices of industrial materials showed SECURITY MARKETS selective changes. While aluminum, iron ore, and Yields on Treasury bonds and notes continued lead were advanced, tin declined sharply further to decline during the first three w^eks of July but and copper wire and cable were reduced. at a slower pace than in June. Yields on corporate The consumer price index rose .4 per cent in and municipal bonds also declined from peak levels June, to a new high, reflecting chiefly increases reached in June. Yields on Treasury bills rose in meats and some other foods, which rose further moderately during this period. On July 6 the in July. Treasury offered for cash new 2/4 per cent tax anticipation certificates of indebtedness dated July BANK CREDIT AND RESERVES 15. This issue will mature March 22, 1954 but Holdings of U. S. Government securities by memwill be acceptable at full maturity value for tax ber banks in leading cities increased substantially payments on March 15, 1954. Allotments totaled $5.9 million. * PRICES AND TRADE Per Cent, 1947-49*100 Seasonally adjusted series except for prices. Price indexes compiled by Bureau of Labor Statistics. Total retail sales and disposable personal income, Federal Reserve indexes based on Department of Commerce data. Department store trade, Federal Reserve indexes. Monthly figures, latest shown are for Federal Reserve data. Weekly figures, latest shown are for June. July 15. 844 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGE Member bank reserves, Reserve Bank credit, and related items 847-848 Federal Reserve Bank rates; margin requirements; reserve requirements 848-849 Reserves and deposits of member banks 850 Federal Reserve Bank statistics 851-853 Regulation V: guaranteed loans, fees, and rates 853-854 Bank debits and deposit turnover; Postal Savings System 854 Money in circulation 855 Consolidated statement of the monetary system; deposits and currency. . 856 All banks in the United States, by classes 857-859 All commercial banks in the United States, by classes 860-861 Weekly reporting member banks 862-863 Commercial paper and bankers' acceptances 864 Life insurance companies; savings and loan associations 865 Government corporations and credit agencies 866-867 Security prices and brokers' balances 868 Money rates; bank rates on business loans; bond and stock yields 869 Treasury finance 870-875 New security issues 876 Business finance 877-878 Real estate credit statistics 879-881 Statistics on short- and intermediate-term consumer credit 882-884 Business indexes 885-894 Merchandise exports and imports 894 Department store statistics 895-899 Consumers' and wholesale prices 900-901 Gross national product, national income, and personal income 902-903 Member bank operating ratios, 1952 904-906 Changes in number of banking offices in the United States 907 Number of banking offices on Federal Reserve par list and not on par list 908 List of tables published in BULLETIN annually or semiannually, with references for latest data 842 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. AUGUST 1953 845 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS Billions of Dollars Wednesday Figures Billions of Dollars 35 | 1 1 1 1 q 15 15 10 10 1944 1945 1946 1947 1948 1949 1950 1951 1952 I I I FEDERAL RESERVE CREDIT HOLDINGS OF U- S GOVERNMENT SECURITIES • TOTAL I | FEDERAL RESERVE DISCOUNTS AND ADVANCES 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 Wednesday figures, latest shown are for July 29. See page 847. 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 Date U T . o S t . a l Go B v r o o i t g u u . h t g s - t h e t cu u r c a m r H e h n i g t p e e a d r i u l n e e s e d e e s r t r - - c v o D a a a u n n i d s n c d - - e ts s Float o A th ll - Total s G t o o l c d k s T r t o e c a u i r n n u u n e r g c r y t a d - - y s - - M c t c u i o i i o n l n r a n - e - y T h c i u r n o a e r g l s y d a h s s - - T p t o r w u h d r s r e e e a i i a y - s n t t h s e s - r m F ve p . e F e o m d R i o b s e g i r b a . - t n - l e a B s r n a b c n O p e a d i k t o e s e n t s h s r , - k s - - c O s F o e R e a t e u r r c h e a d v - n - e l - e t r s Tot r a e M l se e r q m v u e b R i e r b e e r - a d l b 2 a a n n c k e E s x- Wednesday 1952 June 4.... 22 378 22,273 105 926 770 24,079 23,296 4,747 28,842 1,282 527 608 216 74219,906 19,207 699 June 11 22 49: 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.... 22 991 22,913 84 541 1,284 24,828 23,297 4,751 28,787 1,286 9 600 168 79421,232 19,736 1,496 June 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 86922,764 105 480 801 24,155 23,346 4,755 29,180 1,277 90 576 184 79820,153 20,104 49 July 9 22 86022,645 21 683 918 24,465 23,347 4,754 29,148 1,264 38 638 268 79920,413 20,008 405 July 16 22,72322,605 118 974 969 24,671 23,348 4,756 28,988 1,271 307 700 288 79720,422 19,973 449 July 23 22,72622,576 150 1,073 871 24,674 23,350 4,756 28,884 1,275 482 766 250 79720,326 19,875 451 July 30 22,844 22,602 242 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 71820,136 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 23,18223,116 66 968 661 24,816 23,344 4,774 29,391 1,285 715 815 251 71719,760 19,511 249 Sept. 10 23,22923,116 113 880 759 24,872 23,344 4,776 29,364 1,279 347 789 159 71520,340 19,549 791 Sept. 17 23,74023,740 313 1,191 25,249 23,344 4,780 29,292 1,281 6 821 177 72921,067 19,957 1,110 Sept. 24 23,71523,715 400 738 24,857 23,343 4,781 29,247 1,274 264 728 161 72620,581 19,901 680 Oct. 1 23,694 23,694 544 721 24,963 23,342 4,787 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 4,787 29,545 1,280 596 723 249 88020,239 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 Oct. 22 23,663 23,663 1,130 1,070 25,867 23,340 4,790 29,511 1,281 618 684 245 87820,779 20,128 651 Oct. 29 23,624 23,624 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 80520,334 19,884 450 Nov. 12 23,56723,492 75 1,583 542 25,696 23,338 4,794 29,905 1,282 505 639 244 80520,447 19,906 541 Nov. 19 23,56323,502 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 23,96823,712 256 1,591 1,188 26,751 23,337 4,803 30,274 1,278 719 734 147 80020,939 20,371 568 Dec. 10 24,23923,787 452 1,752 866 26,860 23,337 4,804 30,370 1,280 645 720 316 80220,868 20,288 580 Dec. 17 24,46923,914 555 1,022 1,543 7,039 23,277 4,806 30,487 1,269 371 729 208 86021,198 20,582 616 Dec. 24 24,61323,997 616 1,728 1,515 27,860 23,186 4,809 30,732 1,266 665 729 201 86321,400 20,531 869 Dec. 31 24,69724,034 663 156 967 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 77620,902 20,309 593 Jan. 14 24,20524,034 171 1,076 881 26,166 23,137 4,814 29,884 1,280 455 699 364 77620,660 20,274 386 Jan. 21 24,03424,034 862 1,005 25,904 23,088 4,814 29,687 1,291 343 622 348 77420,741 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 23,98923,5 101 1,385 770 26,148 22,935 4,820 29,657 1,331 672 562 326 77020,584 19,956 628 Feb. 11.... 23,92923,888 41 1,329 649 25,912 22,832 4,820 29,776 1,312 431 558 340 77020,376 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 23,85323,853 806 743 25,406 22,662 4,821 29,735 1,291 389 454 211 19,975 19,791 184 Mar. 4 23,85323,853 824 1,062 25,742 22,662 4,824 29,772 1,295 488 512 240 83020,090 19,840 250 Mar. 11 23,85323,853 1,315 770 25,941 22,611 4,824 29,780 1,299 331 581 345 82920,212 19,821 391 Mar. 18 23,96323,963 1,009 1,202 26,178 22,612 4,826 29,708 1,305 8 496 381 85220,865 20,002 863 Mar. 25 23,86923,869 705 810 25,387 22,562 4,826 29,600 1,306 7 511 351 85220,148 19,854 294 Apr. 1 23,80623,806 465 748 25,023 22,563 4,827 29,754 1,304 286 550 344 869 9,305 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 1,278 341 574 200 865 9,932 19,560 372 Apr. 22 23,80623,806 842 743 25,395 22,562 4,834 29,722 1,279 509 585 356 864 9,476 19,481 -5 Apr. 29 23,80623,806 837 581 25,227 22,562 4,836 29,787 1,278 367 518 401 78419,489 19,395 94 May 6.... 23,86023,806 933 647 25,443 22,561 4,840 29,863 1,285 214 517 374 780 9,811 19,386 425 M M M a a a y y y 2 2 1 7 3 0. ... 2 2 2 3 3 4 , , , 8 9 0 7 2 8 9 2 8 2 2 2 3 3 3 , , , 8 8 9 5 9 6 1 1 3 1 3 2 2 1 8 5 1, 5 2 5 6 7 3 4 1 0 6 8 6 3 4 8 2 5 4 2 2 2 5 5 5 , , , 8 3 2 3 0 8 1 8 8 2 2 2 2 2 2 , , , 5 5 5 6 6 3 1 2 6 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 4 5 4 3 1 5 2 4 5 8 5 6 5 5 1 8 0 8 4 4 3 2 2 6 8 3 6 6 8 7 7 7 7 7 8 7 7 01 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 4 6 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 90219,729 19,209 520 June 10.... 24,63724,632 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 95820,958 19,778 1,180 24,83724,837 317 619 25,776 22,487 4,851 29,929 1,272 8 615 158 20,173 19,594 579 June 24 July 1 24,76624,766 245 737 25,752 22,463 4,854 30,152 1,269 176 521 174 94919,828 19,113 715 July 8.... 24,96424,964 341 677 25,984 22,438 4,854 30,279 1,266 431 488 176 94819,690 19,002 688 July 15 24,96424,964 200 756 25,923 22,374 4,853 30,163 1,264 640 561 179 94719,397 18,253 1,144 July 22 24,96424,964 521 777 26,265 22,276 4,853 30,051 1,267 539 525 323 94719,742 19,011 v13\ July 29 24,96424,964 747 588 26,301 22,277 4,853 30,044 1,264 841 547 343 86319,529 18,905 P624 End of month 1952 July 22,85322,602 251 1,270 694 24,821 23,350 4,762 28,978 1,281 638 724 267 723 :0,323 19,828 495 Aug 23,14623,092 54 1,318 747 25,216 23,344 4,776 29,293 1,269 488 812 345 718 10,411 19,576 835 Sept 23,69423,694 477 572 24,747 23,342 4,786 29,419 1,278 508 707 174 723 10,066 19,747 319 Oct 23,57523,495 "80 1,591 685 25,855 23,339 4,795 29,644 1,268 770 642 245 805 10,616 19,996 620 Nov 23,82123,612 209 1,895 1,020 26,740 23,338 4,802 30,236 1,261 378 758 298 801 11,149 20,354 795 Dec 24,69724,034 663 156 967 25,825 23,187 4,812 30,433 1,270 389 550 455 777 9,950 20,520 -570 1953 Jan 23,94423,8881 56 1,735 796 26,478 22,986 4,820 29,691 1,308 809 586 508 770 10,611 19,997 614 Feb 23,87523,853 23 1,309 1,006 26,194 22,662 4,824 29,793 1,284 336 511 412 833 10,511 19,796 715 Mar 23,80623,806 485 632 24,927 22,563 4,829 29,754 1,293 222 536 342 850 9,322 19,607 -285 Apr 23,88023,806 "74 1,014 649 25,546 22,562 4,841 29,842 1,269 393 506 416 783 9,740 19,389 351 May 24,24624,031 215 731 607 25,589 22,537 4,849 29,951 1,272 221 515 171 775 0,069 19,263 806 June 24,74624,718 28 64 601 25,414 22,463 4,854 30,125 1,259 132 527 176 951 9,561 19,459 102 July 24,96424,964 644 565 26,176P22,277 '4,857 '30,113 '1,267 548 566 346 862 9,607 P19.008 P Preliminary. For footnotes see following page. 847 AUGUST 1953 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 t o e d Total B r o o ig u u h g t- t ht u r c a m H e n h g p e e d a r l u n e s e d e e r t r - - c v D o a a a i u n n d s n c d - - t e 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 r g 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 - T p u o d re r s e y - a it s s - p F e o d i o s e g r - i n - ts O p d i e o t t e r h s s - - - c s o e R e a r u r c e a v - n - l e ts Total qu R ir e e - d2 Ex- 2 End of month: 1929—June. 216 148 68 1,037 52 1,400 4,037 2,019 4,459 204 36 6 21 374 2,356 2,333 23 1933—June. 1,998 1,998 164 4 2,220 4,031 2,286 5,434 264 35 15 151 346 2,292 1,817 475 1939—Dec.. 2,484 2,484 7 91 2,593 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 2,361 22,737 3,247 11,160 2,215 867 774 586 291 12,450 9,365 3,085 1945—Dec.. 24,262 19,410 4,852 249 578 25,09120,065 4,3"3"9 28,515 2,287 977 862 446 495 15,915 14,457 1,458 1947—Dec.. 22,559 22,559 85 535 23,18122,754 4,562 28,868 1,336 870 392 569 563 17,899 16,400 1,499 1948—Dec.. 23,333 23,333 223 541 24 09724,244 4,589 28,224 1,325 1,123 642 547 590 20,479 19,277 1,202 1949—Dec.. 18,885 18,885 78 534 19,499 24,427 4,598 27,600 1,312 821 767 750 70616,568 15,550 1,018 1950—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. 22,98222,932 50 53 1,002 24,04321,756 4,655 27,809 1,281 317 870 392 765 19,020 18,604 416 Dec. 23,801 23,605 196 19 1,184 25,009 22,695 4,709 29,206 1,270 247 526 363 74620,056 19,667 389 1952—June. 22,90622,764 142 59 581 23,55123,346 4,754 29,026 1,283 333 548 298 783 19,381 19,573 -192 Dec. 24,69724,034 663 156 967 ,825 23,187 4,81230,433 1,270 389 550 455 77719,950 20,520 -570 1953—June. 24,746 24,718 28 64 601 ,414 22,463 4,85430,125 1,259 132 527 19,561 19,459 102 Averages of daily figures Monthly: 1952—July. 22,79822,617 181 1,092 890 24,786 23,348 4,756 29,028 ,270 306 681 279 79120,535 19,926 609 Aug.. 23,02722,983 44 1,059 734 24 824 23,346 4,76529,088 ,276 501 785 259 720 20,306 19,657 649 Sept. 23,471 23,433 38 723 856 25!055 23,343 4,778 29,343 ,275 326 766 231 72120,514 19,736 778 Oct.. 23,657 23,644 13 ,093 927 25, 23,340 4,788 29,555 ,276 550 688 253 87620,611 19,963 648 Nov. 23,63823,527 111 ,577 954 26, 23,338 4,796 29,904 ,277 591 689 297 803 20,744 20,087 657 Dec. 24,40023,876 524 ,633 1,262 27, 23,276 4,806 30,494 ,271 569 745 290 83221,180 20,457 723 1953—Jan.. 24,202 24,011 191 ,372 1,008 26 23,101 4,81429,920 ,280 552 611 405 775 20,958 20,251 707 Feb.. 23,91823,875 43 ,336 822 26 080 22,797 4,82129,718 ,299 500 526 336 800 20,520 19,882 638 Mar. 23,89223,878 14 ,220 909 26 22,606 4,82529,752 ,296 244 530 378 84120,416 19,828 588 Apr.. 23,861 23,806 55 ,184 843 25 22,562 4,83229,782 ,281 395 563 397 86120,007 19,472 535 May. 23,973 23,881 92 955 750 25,68222,557 4,84329,869 ,279 356 552 350 77919,897 19,306 591 June. 24,74824,729 19 433 776 ,960 22,514 4,85130,011 ,273 52 566 203 93320,287 19,499 788 July. 24,955 24,943 12 428 737 ,123 22,366 4,853 30,165 ,264 545 537 239 939 19,653 Week ending: May 6 23,871 23,806 65 1,140 701 25,715 22,562 4,840 29,856 ,278 436 515 426 781 19,825 19,369 456 May 13. ... 23,855 23,820 35 1,323 689 25,871 22,562 4,84129,904 ,279 416 550 404 78019,940 19,309 631 May 20 23,925 23,873 52 855 936 25,720 22,561 4,84429,856 ,279 289 636 384 77919,904 19,284 620 May 27... . 24,07523,934 141 627 730 25,435 22,554 4,84529,818 ,278 337 522 289 777 19,814 19,275 539 June 3 24,191 24,035 156 634 658 25,486 '22,537 4,849 •29,954 ,279 205 519 194 83019,891 19,280 611 June 10.... 24,446 24,431 1 = 553 639 25,64122,537 4,? 0,037 ,280 25 549 201 90220,034 19,350 684 June 17 24,961 24,933 28 403 842 26, 20"9 22,512 4,851 30,018 ,275 14 599 218 92520,523 19,625 898 June 24 25,18825,188 291 986 26,469 22,508 4,851 29,966 ,268 14 577 201 96020,843 19,690 1,153 July 1. . . . 24,667 24,658 441 662 25,77322,480 4,85330,063 ,264 144 551 188 957 19,939 19,393 546 July 8.... 24,954 24,902 409 721 26,087 22,442 4,85430,267 ,262 413 494 160 949 19,838 19,046 792 July 15. . . . 24,964 24,964 240 663 25,870 22,402 4,853 30,257 ,259 539 556 188 948 19,377 18,190 1,187 July 22 24,96424,964 391 920 26,278 22,354 4,853 30,122 ,268 629 548 233 948 19,736 P19.089 July 29. .. . 24,964 24,964 624 678 26,,269 22,276 4,85330,031 ,264 629 544 356 931 19,644 P18.939 P704 P Preliminary. r Revised. 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: NOTE.—Maximum rates that may be paid by member banks as For loans by banks on stocks 50 75 50 established by the Board of Governors under provisions of Regulation Q. Under this Regulation the rate payable by a member bank 1 Regulations T and U limit the amount of credit that may be exmay not in any event exceed the maximum rate payable by State tended on a security by prescribing a maximum loan value, which is a banks or trust companies on like deposits under the laws of the State specified percentage of its market value at the time of the extension; the in which the member bank is located. Maximum rates that may be "margin requirements" shown in this table are the difference between paid by insured nonmember banks as established by the F.D.I.C, the market value (100%) and the maximum loan value. effective Feb. 1, 1936, are the same as those in effect for member banks. Back figures.—See Banking and Monetary Statistics, Table 145, p. 504, and BULLETIN for March 1946, p. 295, February 1947, p. 162, and February 1953, p. 130. 848 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 Pr« Rate on In effect Previous Rate on In effect Previous July 31 beginning— July 31 beginning— rate July 31 beginning— rate Boston Jan. 20, 1953 Jan.20, 1953 3 Jan. 20,1953 New York.. . Jan. 16, 1953 Jan.16, 1953 3 Jan. 16,1953 Philadelphia., Jan. 16, 1953 Jan. 16, 1953 Jan. 16,1953 Cleveland Jan. 16, 1953 Jan. 16, 1953 Aug. 25,1950 Richmond Jan. 23, 1953 an.23, 1953 3 4 Jan. 23,1953 Atlanta Jan. 16, 1953 an. 16, 1953 July 20,1953 Chicago Jan. 16, 1953 an. 16, 1953 Aug. 13,1948 St. Louis Jan. 16, 1953 an. 16, 1953 3 4 May 18,1953 Minneapolis. . Jan. 16, 1953 an. 16, 1953 Jan. 26,1953 Kansas City. . Jan. 16, 1953 an. 16, 1953 2% Jan. 16,1953 Dallas Jan. 23, 1953 an.23, 1953 Jan. 23,1953 San Francisco Jan. 20, 1953 Jan.20, 1953 3 Jan. 20,1953 i 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 1 Maturity July 31 ginning— rate Time Effective date deposits 1 9 2 1 1 1 - - - 1 1 2 8 9 0 0 0 d d d a a a y y y s s s 2 2 2 % % Vs J J T a a a n n n . . . 1 1 1 6 6 6 , , , 1 1 1 9 9 9 5 5 5 3 3 3 2 2 V % 8 of change C r b e e c a s n i e n t t r y k r v s 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 • NOTE.—Effective minimum buying rates on prime bankers' accept- 1917—June 21. 13 10 ances payable in dollars. Back figures.—See Banking and Monetary 1936—Aug. 16. 3 15 Statistics, Table 117, pp. 443-445. 1937—Mar. 1 . 22 173 May 1. 26 14 20 FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS AND COMMITMENTS UNDER SECTION 13B 1938—Apr. 16. 17 12 OF THE FEDERAL RESERVE ACT 1951—Nov. 1. 26 20 14 Maturities not exceeding five years 1942—Aug. 20. 24 [In effect July 31. Per cent per annum] Sept. 14. 22 Oct. 3. 20 To industrial or 1948—Feb. 27 22 commercial To financing institutions June 11 24 businesses Sept. 16 16 Sept. 24 373, R Fe e d se e r r v a e l On p d u i r s c c h o a u s n e t s s or 1949— J M M u a n a y y e 30 5 1 24 2 2 0 1 15 3 3 2 7 6 7 Bank On com O m n it- Portion co O m n mit- J A u u l g y . 1 1 1 1 4 3 26 loans » ments for which Re- ments Aug. 11 23^ '35' o i b t n i l s o ig t n i a t t u i e s - d m p a o i r n ti i o n n g A A A Se u u u p g g g t . . . . 2 1 1 5 1 8 6 2 2 2 3 2 2 ^ " ' 1 1 8 9 25 Boston 1951—Jan. 11 23 19 36 N Ph ew il a Y de o l rk phia.... 8 J J a a n n . . 2 1 5 6 24 '26' 13 26 Cleveland Feb. 1 14 Richmond Atlanta 1953—July 13 Chicago July 22 19 St. Louis Minneapolis. . . . In effect Aug. 1, 19534. . 22 19 13 Kansas City S D a a n l la F s rancisco... Au 1 g D . e 2 m 3, a n 1 d 9 3 d 5 e , po h s a i v ts e s b u e b e j n e ct t o t t o a l r e d se e r m ve a n r d e q d u e ir p e o m si e ts n ts m , i w nu h s ic h c a b sh e gi i n te n m in s g 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 not 3 2 R R to a a t t e e e x c c c e h h e a a d r r g g 1 e e d d p e b b r o o r r c r r e o o n w w t e e a r r b . o le v s e s c th o e m d m is i c tm ou e 4 n R n t t a t r r e a a t t e c e . . harged borrower but Ap 3 2 r . R R e 1 e q 3 q , u u i i 1 r r 9 e e 4 m m 3 e e - n n J t t u n b b e e e c c 3 a a 0 m m , e 1 e 9 e e 4 f f f 7 f e ) e c . c ti t v iv e e a a t t c c e o n u tr n a t l r y r es b e a r n v k e s. and reserve city 5Charge of }4 Per cent per annum is made on undisbursed portion banks. of loan. * Present legal minimum and maximum requirements on net demand 6Charge of 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 deposits at all member banks, 3 and 6 per cent, respectively. Back figures.—See Banking and Monetary Statistics, Table 118, pp. 446-447. AUGUST 1953 849 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES AND BORROWINGS [Averages of daily figures. In millions of dollars] Central reserve Central reserve All city banks Re- All city banks Re- Month, or mem- serve Coun- Month, or mem- serve Counweek ending Wednesday ber city try week ending Wednesday ber city try banks1 New Chi- banks banks» banks1 New Chi- banks banks1 York cago York cago Total reserves held: Excess reserves: 1952—April 19,777 5,146 1,259 7,702 5,670 1952—April 650 2 -8 122 535 May........ 19,767 5,163 1,281 7,674 5,649 May 628 -1 -5 123 511 June 20,140 5,324 1,317 7,785 5,714 June 709 38 -8 135 544 1953—April 20,007 4,947 1,291 7,872 5,896 1953—April 535 -6 70 471 May 19,897 4,922 1,297 7,824 5,853 May 591 15 3 108 466 June 20,287 5,155 1,320 7,933 5,878 June 787 128 4 164 491 June 17 20,523 5,225 1,341 8,022 5,935 June 17 897 140 12 202 543 June 24 20,843 5,442 335 8,049 6,017 June 24 1,154 333 4 210 607 July 1 19,939 5,061 316 7,893 5,668 July 1 546 45 6 138 357 July 8 19,838 4,875 300 7,886 5,777 July 8 792 -31 -6 117 712 July 15 19,377 4,748 257 7,707 5,665 July 15 1,187 257 36 280 614 July 22 19,736 4,852 1,304 7,831 5,750 July 22 *>642 -22 -9 74 P599 Borrowings at Federal Required reserves: Reserve Banks: 1952—April 19,127 5,144 1,267 7,581 5,135 1952—April 367 60 12 219 76 May 19,140 5,164 1,286 551 ,138 May 563 105 26 321 111 June 19,431 5,286 1,325 7,649 ,170 June 579 169 23 278 109 1953—April 19,472 4,947 1,297 7,802 5,425 1953—April 1,166 278 113 584 190 May 19,306 4,908 1,295 7,716 5,387 May 944 72 54 569 249 June 19,499 5,028 1,316 7,769 5,387 June 423 11 22 195 195 June 17... 19,624 5,085 1,329 ,820 5,390 June 17 393 26 14 158 195 June 24 19,690 5,108 1,331 ,840 5,411 June 24 281 13 93 175 July I2.. 19,393 5,016 1,311 ,755 5,311 July 1 431 2 41 251 137 July 8... 19,046 4,906 1,307 ,768 5,065 July 8 399 20 24 243 112 July 152.. 18,190 4,491 1,221 7,427 5,051 July 15 230 1 123 106 July 22... P19.094 4,873 1,313 7,757 P5,151 July 22 381 38 250 93 P Preliminary. 1 Weekly figures of excess reserves of all member banks and of country banks are estimates. Weekly figures of borrowings of all member banks and of country banks may include small amounts of Federal Reserve Bank discounts and advances for nonmember banks, etc. 2Reserve requirements were reduced on July 1 for country banks and on July 9 for central reserve and reserve city banks; see table on preceding page. 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 Counber city try ber city try banks New Chi- banks banks banks New Chi- banks banks York cago York cago June 1953 June 1952 Gross demand deposits: Total 104,657 22,361 5,811 40,395 36,090 104,356 23,543 5,834 39,882 35,096 Interbank . 11,739 3,887 1,182 5,661 1,009 11,745 3,900 1,167 5 640 1 038 Other 92,918 18,474 4,628 34,733 35,082 92,611 19,643 4,667 34,242 34,058 Net*demand deposits2 91,376 20,347 5,181 34,719 31,129 91,217 21,496 5,232 34,423 30 065 Time deoosits 34,515 2,407 1,205 13,759 17,144 32,044 2,123 1,156 12,748 16,016 Demand balances due from domestic banks... 5,911 43 126 1,946 3,796 5,945 43 119 1,867 3,915 Reserves with Federal Reserve Banks: Total . . 20,287 5,155 1,320 7,933 5,878 20,140 5,324 1,317 7,785 5,714 Required 19,499 5,028 1,316 7,769 5,387 19,431 5,286 1,325 7,649 5,170 Excess 787 128 4 164 491 709 38 -8 135 544 Borrowings at Federal Reserve Banks 423 11 22 195 195 579 169 23 278 109 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. a 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. 850 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 July 29 July22 July15 JulyS July1 July June July Assets Gold certificates . . 90 ,294 109 90 904 109 90 ,405 109 90,472 109 90 ,497, 10390 294 100 90 496 10291 452 253 Redemption fund for F. R. notes. . . 791,311 797,084 786,085 786,487 790,178 791,312 790,179 694,090 Total gold certificate reserves 21,085,41321,091,18621,191,18721,258,58921,287,28121 085,41221 286,28122 146,343 Other cash 350,762 339,455 330,286 307,029 312,846 349,741 320,222 350,772 Discounts and advances: For member banks 737 346 511 481 190 135 331 999 935 674 634 376 54,314 1255,135 For nonmember banks etc. 9,500 9,500 9,500 9,500 9,500 9,500 9,500 15,000 Industrial loans . . . 3 098 ? 943 3 071 3 059 3 099 969 3,192 4 592 U. S. Government securities: Bought outright: Bills 1,672,304 1,672,304 1,672,304 1,672,304 1,474,804 1 672,304 1 426,804 120,000 Certificates: Special Other . . 4,995 716 4,995,716 4,995 716 4,995 716 4,995 716 4 995 716 4 995,716 11 778 216 Notes 13 773 671 13 773 671 13 773 671 13 773 671 13 773 671 13 773 671 H 773,671 S 568,073 Bonds 4,521,975 4,521,975 4,521,975 4,521,975 4,521,975 4 521,975 4 521,975 5 135,823 Total bought outright 24,963,66624,963,66624 963 666 24,963 666 24,766,16624 963,66624 718,16622 602,112 Held under repurchase agreement 28,000 250,400 Total U. S. Government securities 24,963,66624,963,66624 963 666 24,963 666 24,766,16624 963 666 24 746,16622 852,512 Total loans and securities 25,713,61025,487,59025 166 37225,307 447 25,014 43925 610 80424,813,172 24,127,239 Due from foreign banks ?3 73 ?3 73 73 93 23 23 F R notes of other Banks . 179 168 179 S11 16S 779 14S 591 1S9 61 5 190 604 157 228 199,019 Uncollected cash items 3 487 350 3 860 793 4 ?45 109 3 454 784 4 043 306 3 039 6S6 518,618 3, 175,286 Bank premises 49,856 49,941 49 85? 49 807 49 80S 49 897 49,816 45,202 Other assets . . 137,589 128,788 118 645 110 391 99 782 140 309 97,158 208,188 Total assets 51,003,77151,130,28751 267 253 50 633 161 50 960 097 50 466 376 SO,242,518 50,252,072 Liabilities Federal Reserve notes 9,5 793,473?,5,79?,,685?,5 886 377 75 963 57? ?5 856 6S8 9S 879 917 95 830,644 94 842,583 Deposits: Member bank—reserve accounts 19,528,951 19,742,254 19 396 88719 689 506 19 827 622 19 607 184 19,561,23620,323,406 U S Treasurer—general account . . . 841 4?? 538 934 639 979 430 697 176 941 S48438 132,350 637,546 Foreign 546 638 574 606 560 53H 487 656 570 909 S6S 96 S 526,690 723,641 Other 343,165 322,575 178 909 175 686 174 301 346 082 175,521 266,979 Total deposits 21,260,17621,128,36920 776 30620 783 545 20 699 06621,067 669 20,395,797 21,951,572 Deferred availability cash items ? 89Q 709 3 083 796 3 488 779 9 111 549 3 306 090 474 7S9 9 917,696 2 481,171 Other liabilities and accrued dividends 18,643 19,181 17 156 17 338 15 704 17 666 16,637 14,050 Total liabilities 49,971,99450,024,03150 168 61149 541 997 49 877 44849,432 304 49, 160,77449,289,376 Capital Accounts Capital paid in 960 738 960 578 960 S10 960 9Q7 9 596S1 960 679 259 536 246 232 Surplus (Section 7) 584 676 584 676 584 676 S84 676 584 676 S84 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 158 820 233 459 225 913 218 648 210 779 161 174 209,989 150,579 Total liabilities and capital accounts 51,003 771 51 130 287 51 267 253 SO633 161 50 960 097 SO,466 376 SO,242,518 50,252,072 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent).... 44.8 45.0 45.4 45.5 45.7 44.9 46.0 47.3 Contingent liability on acceptances purchased for foreign correspondents 23,315 25,288 25,753 26,613 29,624 24,899 29,653 9,098 Industrial loan commitments 3,549 3,583 3,451 3,392 3,453 3,304 3,142 6,185 Maturity Distribution of Loans and U. S. Government Securities l Discounts and advances—total.... 746,846 520,981 199,635 340,722 245,174 643,876 63,814 ,270,135 Within 15 days 714,826 489,926 166,954 310,641 224,977 588,436 45,879 ,182,208 16 days to 90 days 31,849 30,884 32,258 29,902 16,270 55,269 14,008 87,867 91 days to 1 year 171 171 423 179 3,927 171 3,927 60 Industrial loans—total 3,098 2,943 3,071 3,059 3,099 3,262 3,192 4,592 Within 15 days 1,137 1,124 591 519 475 556 984 649 16 days to 90 days 477 457 998 995 741 465 782 824 91 days to 1 year 898 942 1,028 1,077 1,220 1,656 1,301 2,901 Over 1 year to 5 years 586 420 454 468 663 585 125 218 U. S. Government securities—total. 24,963,666 24,963,666 24,963,666 24,963,666 24,766,166 24963,66624,746,166 22,852,512 Within 15 days 339,500 321,554 369,504 391,504 318,200 453,400 161,500 308,400 16 days to 90 days 2,359,029 2,376,975 ,329,025 ,307,025 182,829 245,129 2,319,529 ,956,500 91 days to 1 year 13,023,616 13,023,616 13,023,616 13,023,61613,023,61613,023,616 13,023,616 ,503,941 Over 1 year to 5 years 6,452,264 ,452,264 6,452,264 6,452,264 6,452,264 ,452,264 452,264 ,941,352 Over 5 years to 10 years 1,374,400 374,400 374,400 374,400 374,400 ,374,400 374,400 ,070,224 Over 10 years 1,414,857 414,857 414,857 414,857 414,857 ,414,857 414,857 ,072,095 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. AUGUST 1953 851 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JULY 31, 1953 [In thousands of dollars] Item Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- R m i o c n h d - Atlanta Chicago L S ou t. is M ap in ol n i e s - K C an it s y as Dallas F c S r is a a c n n o - Assets Gold certificates. 20,294,100 687,422 6,445,5711,179,8701,432,705 747,797 639,1034,277,441 532,860 305,297 937,704 522,004 2,586,326 Redemption fund for F. R. notes 791,312 64,267 107,041 59,542 84,476 76,100 61,053 124,741 50,450 25,952 40,172 31,217 66,301 Total gold certificate reserves.. 21,085,412 751,689 6,552,6121,239,4121,517,181 823,897 700,156 4,402,182 583,310 331,249 977,876 553,2212,652,627 Other cash 349,741 29,713 63,628 24,329 26,489 17,091 29,140 72,908 18,382 6,002 12,627 11,799 37,633 Discounts and advances: Secured by U. S. Govt. securities. . . 633,984 13,245 90,445 21,995 56,796 46,448 59,985 153,245 11,200 13,975 57,960 40,300 68,390 Other 9,892 580 2,803 713 874 475 409 1,301 561 238 377 601 960 Industrial loans.. 3,262 2,492 118 541 111 U. S. Government securities: Bought outright 24,963,666 1,715,922 5,557,4211,563,6992,424,7961,761,4861,519,5093,693,2311,336,904 778,560 991,3071,194,2922,426,539 Held under repurchase agreement.. Total loans and securities 25,610,8041,729,747 5,650,6691,588,899 2,482,4661,808,5271,580,4443,847,777 1,348,665 792,884 1,049,6441,235,1932,495,889 Due from foreign banks 23 1 1 3 1 1 1 1 2 F. R. notes of other Banks... 190,604 7,145 29,813 17,458 9,184 20,133 22,521 18,132 9,038 14,574 8,637 6,715 27,254 Uncollected cash items 3,039,656 228,331 554,321 183,504 287,467 250,247 200,736 497,143 119,820 88,609 170,379 140,408 318,691 O B t a h n e k r p a r s e se m ts ises... 1 4 4 9 0 , , 8 3 2 0 7 9 10 5 , , 1 0 0 4 9 8 29 7 , ,1 6 2 2 8 8 4 8, , 6 3 1 2 1 3 1 4 4 , , 5 1 6 1 6 2 4 9, , 8 8 1 2 4 9 3 9, , 2 6 5 5 2 2 2 6 0 , , 7 2 5 7 5 1 2 7 , , 9 1 2 3 5 0 4 1 , , 3 03 2 5 4 2 6 , ,3 1 1 8 6 0 7, 6 0 0 50 6 1 6 3 , , 7 69 8 2 0 Total assets. 50,466,3762,761,783 12,887,8063,066,538 4,341,4672,934,5392,545,902 8,865,1712,089,271 1,238,678 2,227,6601,954,9935,552,568 Liabilities F. R. notes 25,872,217 1,586,584 5,708,644 ,839,990 2,397,347 1,779,9941,375,6285,009,8411,177,479 633,550 1,013,571 732,8452,616,744 Deposits: Member bk.— reserve accts. 19,607,184 833,168 5,895,963 912,503 1,523,373 823,002 894,5123,179,829 701,177 456,631 954,568 980,8152,451,643 U. S. Treas.— gen. acct.... 548,438 32,041 81,986 36,835 44,110 41,488 35,407 79,471 25,988 33,229 54,009 44,256 39,618 Foreign 565,965 33,300 2181,086 40,942 50,223 27,295 23,474 74,788 20,744 13,648 20,744 24,566 55,155 Other 346,082 3,432 292,386 1,608 3,737 2,326 479 950 7,749 1,074 2,409 793 29,139 Total deposits. . . 21,067,669 901,941 6,451,421 991,888 1,621,443 894,111 953,8723,335,038 755,658 504,582 1,031,7301,050,4302,575,555 Deferred availability cash items 2,474,752 206,863 432,700 156,453 225,532 204,338 168,201 375,841 113,371 71,859 141,051 123,213 255,330 Other liabilities and accrued dividends 17,666 1,308 4,283 1,001 2,141 971 911 2,609 807 753 685 696 1,501 Total liabilities. . 49,432,304 2,696,696 12,597,048 2,989,3324,246,463 2,879,4142,498,612 8,723,3292,047,315 1,210,744 1,907,1845,449,130 Capital Accounts Capital paid in. . 260,679 14,236 81,429 17,784 24,774 11,296 10,992 33,422 8,970 5,824 9,941 13,154 28,857 Surplus (Sec. 7).. 584,676 36,462 167,503 43,578 54,064 29,248 25,803 84,628 23,628 15,131 21,925 25,381 57,325 Surplus (Sec. 13b) 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Other capital accounts 161,174 11,378 34,507 11,355 15,160 11,232 9,733 22,363 8,837 5,906 7,620 7,967 15,116 Total liabilities and capital accounts 50,466,376 2,761,783 12,887,8063,066,538 4,341,4672,934,539 2,545,9028,865,1712,089,271 1,238,6782,227,6601,954,9935,552,568 Reserve ratio 44.9% 30.2% 53.9% 43.8% 37.8% 30.8% 30.1% 52.8% 30.2% 29.1% 47.8% 31.0% 51.1% Contingent liability on acceptances purchased for foreign correspondents 24,899 1,426 38,423 1,753 2,150 1,168 1,005 3,202 888 584 1,052 2,360 Industrial loan commitments.. 3,304 1,553 749 52 41 909 1 After deducting $16,000 participations of other Federal Reserve Banks. 2After deducting $384,859,000 participations of other Federal Reserve Banks. 3After deducting $16,476,000 participations of other Federal Reserve Banks. 852 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 July29 July 22 July 15 July 8 July 1 July June July F R notes outstanding (issued to Bank) 26,794,60626,800,93326 889,54726,821,75426,696,90026,784,543 26,698,399 25,787,225 Collateral held against notes outstanding: Gold certificates 12,003,000 12,003,000 12004,000 12,004,000 11,974,000 12,003,000 11,974,000 13,094,000 Eligible paper . . 402,779 9S4 919 83 in 170,340 141,482 313,474 45 422 885 683 U. S. Government securities 15,600,000 15,600,000 15 600 ,000 15,400,000 15,400,000 15,600,000 15,400,000 13,475,000 Total collateral 28,005,77927,837,91927 687,11327,574,34027,515,482 27,916,474 27,419,422 27,454,683 EACH FEDERAL RESERVE BANK ON JULY 31, 1953 [In thousands of dollars] Item Total Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in ol n i e s - K C an it s y as Dallas F c S i r s a a c n n o - F. R. notes outstanding (issued to Bank) 26,784,5431,656,813 5,897,0751,902,5452,476,9811,869,8551,439,418 5,098,1721,220,204 650,6561,039,295 767,9412,765,588 Collateral held: Gold certificates12,003,000 390,000 3,920,000 745,000 800,000 450,000 310,000 2,800,000 280,000145,000 280,000 183,0001,700,000 Eligible paper.. 313,474 13,245 83,245 21,995 46,448 11,200 13,975 57,976 65,390 U. S. Govt. securities 15,600,000 1,300,000 2,100,000 1,200,0001,700,0001,450,0001,200,000 2,400,0001,025,000 525,000 800,000 600,0001,300,000 Total collateral.. 27,916,474 1,703,245 6,103,245 1,966,9952,500,0001,946,4481,510,0005,200,0001,316,200 683,9751,137,976783,000 3,065,390 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS LOANS GUARANTEED THROUGH FEDERAL RESERVE BANKS UNDER REGULATION V, PURSUANT TO [Amounts in thousands of dollars] DEFENSE PRODUCTION ACT OF 1950 AND EXECUTIVE ORDER NO. 10161 Partici- Date (last A a p p p p li r c o a v ti e o d ns pr A o p v - ed Loans Commit- o p f a f t i i n o a n n s c- [Amounts in thousands of dollars] Wednesday to UclLC but not out- ments ing instior last day com- standing2 out- tutions Guaranteed loans Guaranteed Additional of period) pleted i (amount) standing out- authorized loans amount N b u e m r - Amount (amount) (amount) s ( t a a m n o d u in n g t) s Date to date outstanding a b v o ai r l r a o b w le e rs to under guar- 1 1 9 9 4 4 5 6 3 3 , , 5 5 1 4 1 2 5 5 4 6 4 5 , , 9 9 6 1 1 3 4,5 3 7 2 7 0 1,9 5 9 5 5 4 8 1 , ,6 3 4 0 4 9 2 1 , ,0 6 8 7 6 0 N b u e m r - Amount am To o t u a n l t g P u o te a 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 June 30. .. 3,745 738,721 1,083 5,101 5,947 10,105 Mar. 31... 254 300,955 68,833 56,973 47,822 Tuly 31. .. 3,746 743,629 1,589 4,624 6,184 9,814 June 30.. . 484 654,893 252,100 209,465 276,702 Aug. 31... 3,750 748,451 2,142 4,690 6,152 10,128 Sept. 30... 729 1,154,942 492,167 400,652 450,013 Sept. 30. . . 3,750 752,042 1,370 4,496 6,327 9,978 Dec. 31... 854 1,395,444 675,459 546,597 472,827 Oct. 31... 3,751 757,277 1,601 4,311 3,720 7,174 Nov. 30. .. 3,752 762,620 1,351 3,868 4,044 7,010 1952 Dec. 31... 3,753 766,492 1,638 3,921 3,210 3,289 Mar. 31... 971 1,677,786 836,739 672,974 467,392 1953 June 30... 1,050 1,867,643 883,262 703,774 615.139 Tan. 31... 3,754 770,541 2,513 3,895 3,176 3,236 July 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 Apr. 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 May 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 June 30... 3,758 788,058 1,646 3,223 3,142 3,141 Dec. 31.. . 1,159 2,124,123 979,428 803,132 586,303 1953 1 Includes applications approved conditionally by the Federal Reserve Banks and under consideration by applicant. Jan. 31. .. 1,173 2,147,953 984,295 808,986 578,061 2 Includes industrial loans past due 3 months or more, which are not Feb. 28... 1,188 2,170,443 999,794 822,257 548,916 included in industrial loans outstanding in weekly statement of con- Mar. 31.. . 1,204 2,190,643 1,023,666 838,704 520,517 dition of Federal Reserve Banks. Apr. 30.. . 1,212 2,211,201 972,193 801,945 469,324 3Not covered by Federal Reserve Bank commitment to purchase or May 31... 1,221 2,258,011 957,541 792,015 469,048 discount. June 30.. . 1,237 2,283,755 906,584 748,691 487,928 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. AUGUST 1953 853 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 July 31] Depos- Fees Payable to Gua G ra u n a t r e a e n i t n e g e d A P g o e r n t c io y n b o y f L Fi o n a a n ncing Institution on End of month a i n b to c a e r l s s - ' 1 Total d C ep i a n o s s h i- G U m ov . e e n S r t n . - r f e C u s n a e d r sh v s, e tory securi- etc.* 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—June 2,617 2,746 33 2,557 156 95 35 35 July 2,601 2,751 33 2,554 164 Over 95 40-50 40-50 August 2,586 2,758 34 2,554 170 September. . . 2,572 2,766 33 2,554 179 October 2,561 2,760 33 2,553 174 Maximum Rates Financing Institutions May Charge Borrowers N De o c v e e m m b b e e r r.... 2 2, , 5 5 4 5 7 5 2 2, , 7 7 3 4 6 9 3 3 3 3 2 2 , , 5 5 5 5 3 1 1 1 6 5 2 1 [Per cent per annum] 1953—January 2,536 2,724 33 2,538 152 February.... 2,523 2,715 33 2,524 158 Interest rate March 2,510 2,708 33 2,520 155 Commitment rate. April 2,495 2,697 33 2,520 144 May P2,477 June P2,459 » Preliminary. 1 Outstanding principal, represented by certificates of deposit. 2 Includes reserve and miscellaneous working funds with Treasurer of United States, working cash with postmasters, accrued interest on bond investments, and miscellaneous receivables. Back figures.—See Banking and Monetary Statistics, p. 519; for description, see p. 508 in the same publication. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Debits to total demand and time deposit Annual rate of turnover of total accounts, except interbank accounts deposits except interbank deposits (old series) (old series) Year or month Total, all New 140 Other New Other reporting York other reporting York reporting centers Cityi 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 centers3 City centers 2 centers3 1952 1,643,130 597,815 349,904 695,411 34.4 24.1 18.4 1952—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 18.4 May 142,175 50,255 32,283 59,637 35.6 25.5 18.8 June * 154,106 56,623 33,807 63,675 38.9 25.9 19.3 •"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 has been revised. Revised figures beginning January 1952 were published in the BULLETIN for May 1953, p. 486; data for 1943-51 are being compiled and will be published later. 854 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$l $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—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 June 30,125 21,243 1,766 1,176 69 2,071 6,527 9,635 8,883 2,645 5,391 337 499 4 8 1 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 2 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. 3 Paper currency only; $1 silver coins reported under coin. Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money in circulation l Money Total out- held by standing, As security For Federal Ju 1 n 9 e 5 3 3 0, 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 v a a n e l d B R a a n e g k s e e s n r t v a s n e d Ju 1 n 9 e 5 3 3 0, M 1 a 9 v 5 3 3 1, Ju 1 n 9 e 5 2 30, certificates agents Gold 22,463 21,323 2l,140 Gold certificates 21,323 18,471 2,816 37 37 38 Federal Reserve notes 26,698 65 1,025 25,609 25,451 24,605 Treasury currency—total 4,854 ' '22,379" 54 320 4,480 4,463 4,383 Standard silver dollars 492 253 33 3 202 201 191 Silver bullion 2,126 2,126 Silver certificates and Treasury notes of 1890.. 32,379 257 2,123 2,117 2,089 Subsidiary silver coin 1,194 14 29 1,150 1,144 1,093 M^inor coin 419 1 4 413 410 393 United States notes 347 4 25 318 316 318 Federal Reserve Bank notes . 203 2 200 202 221 National Bank notes 74 1 73 74 77 Total—Tune 30 1953 CO 23,702 1,259 18,471 4,161 30,125 May 31, 1953 (4) 23,769 1,272 18,541 4,198 29,951 June 30 1952 24,528 1,283 19,328 4,218 29,026 1 Outside Treasury and Federal Reserve Banks. Includes any paper currency held outside the continental limits of the United States. Totals for other end-of-month dates are shown in table above, totals by weeks in table on p. 847. 2Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890. 3 To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding is not included in total Treasury currency outstanding. * Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special significance and is not shown. See note for explanation of these duplications. 5 Less than $500,000. NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. 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. 855 AUGUST 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 * [Figures partly estimated except on call dates. In millions of dollars Assets Liabilities and Capital Bank credit Total assets, net— U. S. Government obligations Total Capital Date Treas- liabil- Total and Gold r c e u u n r r c y - y Total Lo n a e n t s, Total m C a e o r n m c d - ial R Fe e d se e r r v a e l Other O s ri e t t c h ie u e s - r ca i a n p t n i e i e d t t s al, c d u e a r p r n o e d s n i c ts y c m o n a u i c e n s - t c 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 22,157 23,105 19,417 7 484 1 204 9,302 75 171 68,359 6,812 1941—Dec. 31 7^7 3,247 64,653 76,605 79,049 25,511 7 254 1 284 8,999 90 637 82,811 7,826 1945—Dec. 31 20 065 4,339 167,381 30,387 178.417 101,288 74 262 7 867 8,577 191 785 180,806 10,979 1947—Dec. 31 . ... 22, 754 4,562 160,832 ,023 107,086 81,199 7? 559 328 10,723 188 148 175,348 12,800 194g—Dec. 31 74, 744 4,589 160,457 48,341 100,694 74,097 73 333 ^ 264 11,422 189 290 176,121 13,168 1949—Dec 31 24 427 4,598 162,681 49,604 100,456 78,433 18 885 138 12,621 191 706 177,313 14,392 1950—June 30 731 4,607 164,348 51,999 98,709 77,320 18 331 3 058 13,640 19S 186 178,568 14,618 Dec. 30 7? 706 4,636 171,667 60,366 96,560 72,894 70 778 7 888 14,741 199 009 184,385 14,624 1951—June 30 21, 756 4,655 173,447 63,821 94,450 68,726 7? 982 742 15,176 199 858 185,038 14,820 Dec 31 695 4,706 181,323 67,597 97,808 71,343 73 801 2 664 15,918 908 724 193,404 15.320 1952—June 30 73 346 4,754 182,980 69,712 96,266 70,783 77, 906 ? 577 17,002 080 194,960 16,120 July 30 23,400 4,800 185,300 70,000 98,100 72,700 800 2 600 17,200 213 400 197,200 16,100 Aug. 27 SOO 4,800 185,300 70,500 97,300 71,700 73 100 2 600 17,500 213 400 197,000 16,400 Sept. 24 23, 300 4,800 186,500 71,600 97,600 71,300 23 700 2,600 17,400 214 600 197,900 16,700 Oct 29 23, 300 4,800 188,900 7?,900 98,600 72,400 73 600 600 17,300 917 000 199,900 17,100 Nov. 26 73 ^00 4.800 191,500 74,300 99,900 73,600 73 800 2 600 17,300 919 600 202,700 16,900 Dec. 31 23, 187 4,812 192,866 75,484 100,008 72,740 24 697 2 571 17,374 220 865 204,220 16,647 1953—Jan 28P 93, 000 4,800 191,200 74,900 98,800 72,300 74 000 600 17 500 910 000 202 100 16 900 Feb. 25P 9?, 700 4,800 190,300 75,000 97,800 71,400 73 900 2 500 17,500 917 800 201,000 16,800 Mar. 25P 600 4,800 190,200 76,100 96,400 70,000 73 900 2 500 17,800 917 600 200,600 17,000 Apr 29P . 22,600 4,800 188,900 76,500 94,600 68,300 800 2 500 17 800 916 300 199 100 17,200 May 27P . . 22, 500 4,800 188,800 76,600 94,300 67,700 74 100 7 500 17 800 916 200 199 100 17,100 June 24P 22, 500 4,900 189,900 77,000 95,200 67,800 24 800 2 500 17,800 217 300 200,000 17,300 Deposits and Currency U. S. Government balances Deposits adjusted and currency Date Total d F e b o p n a r o e e n i s t k g it n s, T c u r a e r s a y h s- A m s b a t a e a v c r n n i c n o d k i m g a s s l - R F B e e a d A s n e e t r r k v a s e l Total d D e e p m os a i n ts d 2 Total m T b C e a i o r m n c m k i e a - s l dep M s b o a a s v u n i i t t k n u s s 3 g a * s l S S P a y o v s s i t n t e a g m 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, 079 50 264 852 35 40,828 14 411 21 656 10,849 9,621 1,186 4,761 1939—Dec. 30 68,359 1,217 2,409 846 634 63,253 79 793 77 059 15,258 10,523 1,278 6,401 1941—Dec. 31 87, 811 1,498 2,215 1,895 867 76,336 38 997. 27 729 15,884 10,532 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 7,451 1,123 169,119 85 570 57 520 35,804 18 387 3,329 26,079 1949—Dec 31 .... 177 313 2,150 1,312 ,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 19,923 3,097 25,185 Dec. 30 184 385 2,518 1,293 ,989 668 176,917 9? 777 59 247 36,314 20,009 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. 31 193 404 2,279 1,279 3,615 247 185,984 98 734 61 447 37,859 20,887 2,701 26,303 1952—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 30 197 700 2,600 1,300 7,000 600 185,800 95 ,700 63 800 39,400 21,900 2,600 26,200 Aug 27 197 000 2,600 1,300 6,200 700 186,200 95,800 64 100 39,600 77,000 2,600 26 300 Sept. 24 197 900 2,500 1,300 6,500 300 187,400 96 400 64 500 39,800 77.,700 2,600 26,600 Oct. 29 199 900 2,500 1,300 5,300 600 190,200 98 600 64 900 40,100 27,700 2,600 26,700 Nov. 26 909 700 2,500 1,300 7,000 300 191,600 99,400 64 800 40,000 77 300 2,600 27 400 Dec 31 904 990 2,501 1,270 5,259 389 194,801 101,508 65 799 40,666 77 586 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. 25P 201 000 2,300 1,300 5,400 400 191,600 98,300 66,400 41,000 22,900 2,500 26,900 Mar. 25P 700 600 2,400 1,300 5,800 191,000 97 400 66,800 41,200 23,100 2,500 26,900 Apr 29P 199 100 2,400 1,300 ,900 400 192,200 98,000 67 700 41,500 73 300 2,500 27,000 May 27P 199 100 2,400 1,300 9,900 400 192,100 97,500 67,600 41,700 73 400 2,500 27,000 June 24P 200 000 2,500 1,300 3,800 192,400 97 ,200 68,100 42,100 23,600 2,500 27,100 p Preliminary. 1Treasury 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. *Less than 50 million dollars. NOTE.—For description of statement and back figures, see BULLETIN for January 1948, pp. 24-32. The composition of a few items differs slightly from the description in the BULLETIN article; stock of Federal Reserve Banks held by member banks is included in "Other securities" and in "Capital and miscellaneous accounts, net" and balances of the Postal Savings System and the Exchange Stabilization Fund with the U. S. Treasury are netted against the same item instead of against U. S. Government deposits and Treasury cash. Total deposits and currency shown in the monthly Chart Book excludes "Foreign bank deposits, net" and "Treasury cash." Except on call dates, figures are rounded to nearest 100 million dollars and may not add to the totals. See Banking and Monetary Statistics, Table 9, pp. 34-35, for back figures for deposits and currency. 856 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 Investment3 Other Cla a s n s d o d f a t b e ank Total Loans Go U v . e S rn . - Other as C s a e s t h s1 Total1 b I a nt n e k r i - a c c T a c o p o t i u t a n a l t l s N b u a m o n b f k e s r Total ment secu- De- Time obliga- rities mand tions All banks: 1939—Dec. 30 50,884 22,165 28,719 19,417 9302 23292 68,242 9,874 32,516 25,852 8,194 15,035 1941—Dec. 31 61,126 26,615 34,511 25,511 8999 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 8577 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 10723 38,388 161,865 13,033 95,727 53,105 11948 14,714 1948—Dec. 31 .... 133,693 48,174 85,519 74,097 11422 39,474 161,248 12,269 94,671 54,308 12479 14,703 1949—Dec. 31 140,598 49544 91,054 78433 12621 36,522 164,467 12,710 96,156 55,601 13,088 14,687 1950—Dec. 30 .... 148,021 60386 87,635 72894 14741 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 15918 45,531 185,756 15,087 111,644 59,025 14,623 14,618 1952—June 30 157.528 69.742 87,786 70783 17002 41,667 184130 13.513 109247 61369 15039 14,599 Nov. 26 165;490 74,600 90,890 73560 17330 42,620 190620 13,880 114190 62550 15280 14,586 Dec. 31 165626 75512 90114 72740 17374 45,584 195552 15,321 116633 63598 15367 14,575 1953—Jan 28P 165030 75330 89,700 72250 17450 40,800 188590 13,520 111210 63860 15370 14,571 Feb. 25P 164580 75630 88950 71410 17540 41,350 188760 13,260 111280 64220 15440 14563 Mar. 25P 164610 76870 87740 69990 17750 40,300 187660 12,900 110110 64650 15490 14556 Apr. 29P . . . 163240 77160 86080 68280 17800 39,480 185460 12,690 107740 65030 15570 14,546 May 27P 163040 77470 85570 67730 17840 39,300 185030 12,650 106960 65420 15680 14,546 June 24P 163200 77610 85590 67820 17770 40,380 186800 13,070 107740 65990 15740 14540 All commercial banks: 1939—Dec 30 40668 17238 23430 16316 7114 22,474 57718 9,874 32513 15331 885 14484 1941—Dec 31 .... 50746 21714 29032 21808 7225 26,551 71283 10,982 44349 15952 7173 14,278 1945—Dec 31 124019 26083 97936 90606 7331 34,806 150227 14,065 105921 30241 8950 14011 1947—Dec 312 116284 38057 78226 69221 9006 37,502 144103 13,032 95711 35360 10059 14181 1948—Dec. 31 114298 42488 71811 62622 9 189 38,596 142843 12,269 94654 35921 10480 14171 1949—Dec. 31 120197 42965 77232 67005 10227 35,650 145174 12,709 96136 36328 10967 14156 1950—Dec. 30 126675 52249 74426 62027 12399 40,289 155265 14,039 104723 36503 11590 14121 1951—Dec. 31 132610 57746 74863 61524 13339 44,645 164840 15,086 111618 38137 12216 14089 1952—June 30 ... 134437 59233 75204 61178 14026 40,702 162348 13,512 109222 39614 12601 14070 Nov. 26 141660 63400 78260 64090 14170 41,820 168340 13,880 114160 40300 12820 14057 Dec 31 141624 64163 77461 63318 14143 44,666 172931 15,319 116600 41012 12888 14046 1953—Tan. 28P 140780 63860 76920 62760 14160 39,920 165780 13,520 111180 41080 12890 14042 Feb. 25P 140100 64070 76030 61900 14130 40,500 165830 13,260 111250 41320 12950 14035 Mar. 25P 140000 65220 74780 60470 14,310 39,420 164530 12,900 110080 41550 12,980 14028 Apr 29P 138450 65330 73120 58770 14350 38,630 162180 12,690 107710 41780 13070 14018 May 27P 138040 65490 72550 58200 14350 38,510 161630 12,650 106930 42050 13180 14018 June 24P 138080 65520 72560 58350 14210 39,510 163170 13,070 107710 42390 13,230 14012 All member banks: 1939—Dec 30 33941 13962 19979 14328 5,651 19,782 49340 9,410 28231 11699 5,522 ,362 1941—Dec. 31 ... 43521 18021 25500 19539 5,961 23.123 61717 10,525 38846 12347 5,886 ,619 1945—Dec 31- 107183 22775 84408 78338 6,070 29.845 129670 13,640 91820 24210 7,589 5884 1947—Dec. 31 . 97846 32628 65218 57,914 7,304 32,845 122528 12,403 81785 28,340 8,464 6,923 1948—Dec 31 95616 36,060 59556 52,154 7,402 34,203 121362 11,641 80881 28840 8,801 5,918 1949—Dec. 31 101528 36,230 65297 56,883 8,414 31,317 123885 12,097 82628 29,160 9,174 6,892 1950—Dec 30 107424 44,705 62,719 52,365 10,355 35,524 133089 13,447 90,306 29,336 9,695 ,873 1951—Dec. 31 . 112247 49,561 62,687 51,621 11,065 39,252 141015 14,425 95,968 30,623 10,218 6,840 1952—June 30 113.502 50.526 62,976 51,261 11,715 36,046 138,769 12,812 94,169 31.788 10,526 6,815 Nov 26 119564 54,283 65,281 53,486 11,795 36,896 143,478 13,120 98006 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. 28P 118,625 54,698 63,927 52,137 11,790 35,053 140,913 12,876 95,116 32,921 10,763 6,791 Feb. 25P 117,975 54,868 63,107 51,348 11,759 35,614 140,949 12,645 95,186 33,118 10,812 6,785 Mar. 25J» 117,894 55,864 62,030 50,117 11,913 34,704 139,911 12,308 94,320 33,283 10,839 6,776 Apr. 29P 116,377 55,868 60,509 48,549 11,960 34,017 137,738 12,116 92,148 33,474 10,906 6,769 May 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 June 24P 116,069 56,045 60,024 48,228 11,796 34,881 138,728 12,502 92,278 33,948 11,042 6,766 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 15385 14 15371 1592 542 1947—Dec. 312 18,641 4,944 13,696 11,978 1,718 886 17,763 ..... 17 17,745 1,889 533 1948—Dec 31 . 19,395 5,686 13,709 11,476 2,233 878 18,405 1 17 18,387 1,999 532 1949—Dec 31* 20,400 6,578 13,822 11,428 2,394 873 19,293 20 19,273 2,122 531 1950—Dec 30 21,346 8,137 13,209 10,868 2,342 797 20,031 22 20,009 2247 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—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—Tan. 28P. . . . 24,250 11,470 12,780 9,490 3,290 880 22,810 2 30 22,780 2,480 529 Feb. 25P. . . . 24,480 11,560 12,920 9,510 3,410 850 22,930 2 30 22,900 2,490 528 Mar. 25P 24,610 11,650 12,960 9,520 3,440 880 23,130 2 30 23,100 2,510 528 Apr 29P. . . . 24,790 11,830 12,960 9,510 3,450 850 23,280 2 30 23,250 2,500 528 May 27P 25,000 11,980 13,020 9530 3,490 790 23,400 2 30 23,370 2,500 528 June 24P 25,120 12,090 13,030 9,470 3,560 870 23,630 2 30 23,600 2,M0 528 v Preliminary. * "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" with exception of three mutual savings banks that became members in 1941. Stock savings banks and nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability data are not available. Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc. 1 Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. For other footnotes see following two pages. 857 AUGUST 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of bank Cash Total Number and date Total Loans G U ov .S er . n- Other assetsJ Total i b In an te k r - i a c c a c p o i u ta n l ts ba o n f ks Total o m bl e ig n a t - s ri e t c ie u s - m D a e n - d Time tions 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 1941—Dec. 31. . . 12,896 4,072 8,823 7,265 1,559 6,637 17,932 4,207 12,917 807 1,648 36 1945—Dec. 31... 26,143 7,334 18,809 17,574 1,235 6,439 30,121 4,657 24,227 1,236 2,120 37 1947—Dec. 31... 20,393 7,179 13,214 11,972 1,242 7,261 25,216 4,464 19,307 1,445 2,259 37 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 1,651 2,312 25 1950—Dec. 30. .. 20,612 9,729 10,883 8,993 1,890 7,922 25,646 4,638 19,287 1,722 2,351 23 1951—Dec. 31.-. . 21,379 11,146 10,233 8,129 2,104 8,564 26,859 4,832 20,348 1,679 2,425 22 1952—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 7,695 028 7,818 26,108 4,440 19,884 1,784 2,476 22 Dec. 31. . . 22,130 12,376 9,754 7,678 076 8,419 27,309 4,965 20,504 1,840 2,505 22 1953—Jan. 28?. . 21,233 12,127 9,106 7,012 2,094 6,994 24,817 4,437 18,601 1,779 2,508 22 Feb. 25P. . 21,049 12,112 8,937 6,840 2,097 7,224 24,769 4,367 18,589 1,813 2,525 22 Mar. 25*.. 21,185 12,335 8,850 6,717 2,133 7,227 24,942 4,292 18,773 1,877 2,520 22 Apr. 29?. . 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 June 24?. . 20,631 12,194 8,437 6,503 1,934 7,318 24,728 4,518 18,312 1,898 2,534 22 Chicago: 1939—Dec. 30 ,105 569 1,536 1,203 333 1,446 3,330 888 1,947 495 250 14 1941—Dec. 31 ,760 954 1,806 1,430 376 1,566 4,057 1,035 2,546 476 288 13 1945—Dec. 31 ,931 1,333 4,598 4.213 385 1,489 7,046 1,312 5,015 719 377 12 1947—Dec. 31 ,088 1,801 3,287 2,890 397 1,739 6,402 1,217 4,273 913 426 14 1948—Dec. 31 ,799 1,783 3,016 2,633 383 1,932 6,293 1,064 4,227 1,001 444 13 1949—Dec. 31 ,424 1,618 3,806 3,324 482 1,850 6,810 1,191 4,535 1,083 470 13 1950—Dec. 30...... ,569 2,083 3,487 2,911 576 2,034 7,109 1,228 4,778 103 490 13 1951—Dec- 31 ,731 2,468 3,264 2,711 552 2,196 7,402 1,307 4,952 143 513 13 1952—June 30 ,664 2,380 3,284 2,721 563 1,899 7,027 1,182 4,681 164 530 13 Nov. 26 ,112 2,592 3,520 2,933 587 2,120 ,368 1,221 4,981 166 537 13 Dec. 31 ,240 2,748 3,493 2,912 581 2,010 ,686 1,350 5,132 205 541 13 1953—Jan. 28* ,037 2,594 3,443 2,862 581 083 7,186 1,171 4,843 172 537 13 Feb. 25? 910 ,569 3,341 2,779 562 098 7,222 1,182 4,872 168 537 13 Mar. 25? ,033 ,604 3,429 2,864 565 1,922 7,122 1,133 4,835 154 539 13 Apr. 29? ,588 2,547 3,041 2,455 586 2,051 7,006 1,144 4,688 174 541 13 May 27P .560 2,595 2,965 2,426 539 2,014 6,947 1,137 4.625 185 545 13 June 24P ,655 2,605 3,050 2,505 545 1,998 7,020 1,231 4,588 1,201 548 13 Reserve city member banks: 1939—Dec. 30 ,272 5,329 6,944 5,194 1,749 6,785 17,741 3,686 9,439 4,616 1,828 346 1941—Dec. 31 ,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 ,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 ,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 ,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 ,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 ,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 ,694 19,651 23,043 19,194 3.849 15,199 54,466 6,976 35.218 12,272 3,521 321 1952—June 30 ,091 19.745 23,346 19,123 4,223 13.925 53,425 5.908 34,764 12,754 3,663 319 Nov. 26 ,104 21,627 24,477 20,127 4,350 14,585 55,923 6,278 36,604 13,041 3,720 319 Dec. 31 ,583 21,697 23,886 19,624 4,262 15,544 57,357 7,001 37,095 13,261 3,745 319 1953—Jan. 28?. . . ,533 21,680 23,853 19,543 4,310 13,898 54,893 6,104 35,499 13,290 3,742 320 Feb. 25P. . . ,271 21,801 23,470 19,161 4,309 14,152 54,912 5,991 35,551 13,370 3,762 322 Mar. 25?. . . ,085 22,274 22,811 18,439 4,372 13,848 54,527 5,831 35,298 13,398 3,780 322 Apr. 29P. . . ,591 22,162 22,429 18,006 4,423 13.447 53,419 5,613 34,334 13,472 3,803 321 May 27P. . . ,304 22,138 22,166 17,657 4,509 13,525 53,279 5,593 34,113 13,573 3,844 321 June 24?... ,398 22,253 22,145 17,727 4,418 14,022 54,031 5,752 34,595 13,684 3,858 320 Country member banks: 1939—Dec. 30 ,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 ,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 ,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 ,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 ,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 ,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 ,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 ,444 16,296 26,148 21.587 4.561 13,292 52,288 1,309 35.449 15,530 3,760 6,484 1952—June 30 ,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 ,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 ,594 18,213 27,381 22,549 832 13,281 55,175 1,301 37,289 16,585 3,970 6,444 1953—Jan. 28? ,822 18,297 27,525 22,720 805 12,078 54,017 1,164 36,173 16,680 3,976 6,436 Feb. 25P ,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 ,591 18,651 26,940 22,097 843 11,707 53,320 1,052 35,414 16,854 4,000 6,419 Apr. 29? ,561 18,854 26,707 21,859 848 11,511 53,027 1,014 35,038 16,975 4,034 6,413 May 27P ,516 18,896 26,620 21,735 885 11,477 52,890 997 34,834 17,059 4,074 6,415 June 24? ,385 18,993 26,392 21,493 4,899 11,543 52,949 1,001 34,783 17,165 4,102 6,411 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. 858 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Amounts in millions of dollars] Loans and investments Deposits Investments Other Cla a s n s d o d f a b te ank Total Loans Total G o m U o b v l . e i S e g n . r a t n - - O r s i e t t c h ie u e s - r as C s a e s t h s l Total i b In an te k r - i m D a e n - d Time a c c T a c p o o i t u t a a n l l ts N b u a o m n f k b s er tions All insured commercial banks: 1941—Dec. 31 49,290 71,259 78 031 21,046 6,984 25,788 69,411 10,654 43,059 IS,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 79,876 8,671 13 297 1947—Dec. 31 114,274 37,583 76,691 67,941 8,750 36,926 141 8S1 12,670 94,300 34,882 9,734 13 398 1950—Dec. 30 124,822 51,723 73,099 60,986 12,113 39,821 153,288 13,744 103,499 36,045 11,263 13,432 1951—Dec. 31 no,820 S7,256 73,564 60,533 13,031 44,176 16?,908 14,777 110,382 37,749 11,902 13 439 1952—June 30 13?,557 58,730 73,827 60,117 13,710 40,258 160 355 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 11 S,371 40,610 563 13 422 National member banks: 1941—Dec. 31 ?7,571 11,725 1S,845 12,039 3,806 14,977 39,458 6,786 74 350 8,322 ,640 5 117 1945—Dec. 31 69,312 H ,925 SS,387 51,250 4,137 20,114 84,939 9,229 59 486 16,224 4,644 5 017 1947—Dec 31 6S,280 ,428 43,852 38,674 5,178 22,024 8?,023 8,410 S4 335 19,278 s409 5 005 1950—Dec. 30. 7?,090 79,184 4?,906 35,587 7,320 23,763 89,781 9,133 60 25i 19,897 6,313 4 958 1951—Dec. 31 75 7S5 3? 317 4?,938 35,063 7,875 25,951 94,173 9,788 63 477 ?0,908 6,653 4 939 1952—June 30 76,036 33,054 4?,982 34,604 8,378 23,928 9?,720 8,584 6? 255 71,880 6,879 4 925 Dec. 31 80,180 36,004 44,176 35,835 8,341 26,333 98 974 9,918 66 36? 7?,694 7,042 4 909 State memberbanks: 1941—Dec. 31 IS,950 6,295 9,654 7,500 2,155 8,145 77,259 3,739 14 495 4,025 246 1 502 1945—Dec. 31 37,871 8,850 79,021 27,089 1,933 9,731 44,730 4,411 37 334 7,986 2 945 1 867 1947—Dec. 31 37,566 11,700 71 365 19,240 2,125 10,822 40,505 3,993 77 449 9,06? 3 055 1,918 1950—Dec. 30 35,334 15,521 19,813 16,778 3,035 11,762 43,808 4,315 30 055 ,438 381 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—Tune 30 37,466 17 47? 19 994 16,657 3,337 12,119 46,049 4,227 31 914 9 908 3 647 1,890 Dec. 31 39,367 19,030 70,337 16,928 3,409 12,922 48 553 4,699 33 658 10,196 3 719 1 889 Insured nonmember commercial banks: 1941—Dec. 31 S,776 ,241 535 1,509 1,025 2,668 7,707 129 4 713 3,360 959 6 810 1945—Dec.31 14 639 2,992 11 647 10.584 1,063 4t448 18,119 244 12 196 5,680 1 083 6416 1947—Dec. 31 16,444 4,958 11 486 10,039 1,448 4,083 19,340 266 17 515 6,558 1 271 6 478 1950—Dec.30 17 414 7,023 10 391 8,632 1,759 4,299 20,216 297 13 194 6,726 1 570 6 562 1951—Dec 31 18 591 7 701 10 890 8,923 1,967 4,926 71,912 353 14 415 7,144 1 686 6 602 1952—Tune30 19 073 8 210 10 863 8,867 1,996 4,215 71,606 289 13 867 7 450 1 757 6 622 Dec. 31 70 242 8 605 11 638 9,556 2,081 4,970 23,464 373 15 351 7 740 1 804 6 627 Noninsured nonmember commercial banks: 1941—Dec. 31 1 457 455 1 002 761 241 763 1 872 329 7,91 253 329 852 1945—Dec.31 9 211 318 1 893 1,693 200 514 7 457 181 905 365 279 714 1947—Dec.312 . ? 009 474 535 1,280 255 576 2 751 363 411 478 325 783 1950—Dec. 30 1 853 527 377 1,040 286 468 1 976 294 224 458 327 689 1951—Dec.31 1 789 490 299 991 308 469 1 93? 308 735 388 314 650 1952—Tune30 1 880 503 377 1,061 317 443 1 993 412 186 396 320 636 Dec. 31 1 854 S31 37? 1,010 312 444 1 960 329 229 407 326 624 All nonmember commercial banks: 1941—Dec. 31 7 233 3 696 536 2,270 1,266 3,431 9 574 457 S 504 3 613 1 288 7 662 1945—Dec 31 16 849 3 310 13 539 12,277 1,262 4.962 20 571 425 14 101 6 045 1 362 7 130 1947—Dec.31 2 . . 18 454 S432 13 021 11,318 1,703 4,659 71 591 629 13 926 7 036 1 596 7 261 1950—Dec.30 19 267 7 550 11 718 9,672 2,040 4,767 7? 193 591 14 417 7 184 1 897 7 251 1951—Dec.31 70 380 8 192 1? 189 9,914 2,275 5,395 23 843 661 15,650 7 533 1 999 7 252 1952—Tune30 70 954 8 714 1? 240 9,928 2,312 4,658 73 598 700 15 052 7 846 077 7 2S8 Dec. 31 22 096 9 136 12 960 10,567 2,393 5,414 25 424 702 16,580 8 142 2 129 7,251 Insured mutua1 savings banks: 1941—Dec 31 1 693 642 1 050 629 421 151 1 789 1 789 164 52 1945 Dec 31 10 846 ^ 081 7 765 7,160 606 429 10 363 12 10 351 1 034 192 1947—Deci 31 1? 683 3 560 9 1?3 8,165 958 675 12 207 1 14 1? 192 1 252 194 1950—Dec. 30 15 101 6 086 9 015 7,487 1,528 617 14 320 19 14 301 1,513 194 1951—Dec. 31 16 190 7 523 8 668 6,921 1,746 695 15 368 2 73 15 343 1 678 202 1952—Tune 30 16 857 8 043 8 814 6,730 2,084 756 16 081 2 73 16 0S6 1 700 205 Dec. 31 17 621 8 691 8 930 6,593 2,337 732 16 785 2 30 16 753 1 730 206 Noninsured mutual savings banks: 1941—Dec ^1 8 687 4 259 4 428 3,075 1,353 642 8 744 6 8 738 1 ,077 496 1945 Dec 31 5 361 1 198 4 163 3 522 641 180 S022 2 s 020 558 350 1947—Dec. 31 2 5,957 1 384 4,573 3,813 760 211 5,556 3 5,553 637 339 1950—Dec 30 245 050 4,194 3,380 814 180 5 711 3 5,708 734 335 1951 Dec 31 069 2 339 730 2,897 833 191 S,547 3' 5,544 729 327 1952 Tune 30 234 9 466 •j' 768 2,876 892 209 s 702 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, see pp. 5-15 in the same publication. For revisions in series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-871. AUGUST 1953 859 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 Cla c s a s l a l o n d d f a b te ank i m T n lo a v o e n a e n t d n a s t s t l s - Total i o C e m m c p i k l i o i n u n a e e a e m g d - r r n t l, - - - - - A c t g u a u r r l l i - - - b o p L s T e r r u e o r o o r s c c k c a a u - h n r r a s r i y t o s T i f i i t e o n n h o s r g g - l R t o e a a e s t n a - e l s O l u v o i d t t a i a n o h i d l n - - e s - s r O lo t a h n e s r Total Total U. B S i . l ls Go C o v c e f a e r t r t i e i n n f D s m i - - ir e e N n c t o t t o e b s lig B at o io n n d s s G t a e u n e a - d r- O S p s t a t g i o u b o a n o a l l b t f d i n i - e - - t s s - A\j s r it i e tn t . 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 6,03453,191 145,2763,729 1950—Dec. 30... 126,675 52,249 21,927 2,905 1,802 1,057 13,541 10,120 1,573 74,426 62,027 4,236 1,969 17,03338,778 118,118 4,281 1951—Dec. 31... 132,610 57,746 25,8793,408 1,581 980 14,580 10,451 1,681 74,863 61,524 7,337 7,657 11,40835,101 21 9,198 4,141 1952—Dec. 31... 141,624 64,163 27,8713,919 2,060 1,103 15,712 12,684 1,718 77,461 63,318 7,761 5,580 11,87838,077 22 10,1883,955 All insured commercial banks: 1941—Dec. 31... 49,290 21,259 9,214 1,450 614 662 4,773 4,545 28,031 21,046 988 3,159 12,7974,102 3,651 3,333 1945—Dec. 31... 121,809 25,765 9,461 1,314 3,164 3,606 4,677 2,361 1,181 96,043 88,912 2,455 19,071 16,04551,321 22 3,8733,258 1947—Dec. 31... 114,274 37,583 18,012 1,610 823 1,190 9,266 5,654 1,028 76,691 67,941 2,124 7,552 5,918 52,334 145,129 3,621 1950—Dec. 30... 124,822 51,723 21,7762,823 1,789 1,036 13,389 10,049 1,534 73,099 60,986 4,118 1,932 16,75638,168 11 7,9334,179 1951—Dec. 31... 130,820 57,256 25,7443,321 1,571 960 14,450 10,378 1,645 73,564 60,533 7,219 7,526 11,25634,511 21 8,9894,042 1952—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,t 92 25,500 19,539 971 3 00711,7293 8323,0902,871 1945—Dec. 31... 107,183 22,775 8,949 855 3,133 3,378 3,455 1,900 1,104 84,408 78,338 2,275 16,985 14,27144,792 163,2542,815 1947—Dec. 31... 97,846 32,628 16,962 1,046 811 1,065 7,130 4,662 952 65,218 57,914 1,987 5,816 4,815 45,286 104,199 3,105 1950—Dec. 30... 107,424 44,705 20,521 1,808 1,770 927 10,522 8,314 1,438 62,719 52,365 3,665 1,468 14,05433,170 86,6403,714 1951—Dec. 31... 112,247 49,561 24,347 2,140 1,551 851 11,334 8,524 1,535 62,687 51,621 6,399 6,010 9,59629,601 15 7,5283,538 1952—Dec. 31... 119,547 55,034 26,2322,416 2,032 966 12,214 10,396 1,577 64,514 52,763 6,565 4,255 9,83532,087 198,4093,342 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 8,8603,185 New York City:* 1941—Dec. 31... 12,896 4,072 2,807 8 412 169 123 554 8,823 7,265 311 1,623 3,652 1,679 729 830 1945—Dec. 31... 26,143 7,334 3,044 2,453 1,172 80 287 298 18,809 17,574 477 '3^433 3,325 10,337 1 606 629 1947—Dec. 31... 20,393 7,179 5,361 545 267 111 564 330 13,214 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 1,276 270 392 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 6 1,806 1,430 256 153 903 119 182 193 1945—Dec. 31... 5,931 1,333 760 2 211 233 36 51 40 4,598 4,213 133 1,467 749 1,864 181 204 1947—Dec. 31... 5,088 1,801 1,418 3 73 87 46 149 26 3,287 2,890 132 235 248 2,274 213 185 1950—Dec. 30... 5,569 2,083 1,567 9 110 69 65 207 87 3,487 2,911 232 131 700 1,847 335 242 1951—Dec. 31... 5,731 2,468 1,977 16 94 63 70 180 109 3,264 2,711 334 332 520 1,526 351 201 1952—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 1,512 8,243 6,467 295 751 4,248 1,173 956 820 1945—Dec. 31. .. 40,108 8,514 3,661 205 427 1,503 1,459 855 404 31,594 29,552 1,034 6,982 5,653 15,878 5 1,126 916 1947—Dec. 31... 36,040 13,449 7,088 225 170 484 3,147 1,969 366 22,591 20,196 373 2,358 1,901 15,560 3 1,342 1,053 1950—Dec. 30... 40,685 17,906 8,646 392 207 386 4,423 3,498 603 22,779 19,084 1,218 499 5,536 11,830 12,184 1,511 1951—Dec. 31. .. 42,694 19,651 10,140 513 203 347 4,651 3,518 572 23,043 19,194 2,524 2,493 3,640 10,528 82,458 1,390 1952—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 53,334 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. 1 Beginning June 30, 1948, figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total and are not entirely comparable with prior figures. Total loans continue to be shown net. For other footnotes see opposite page. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Time deposits Cla c s a s l a l o n d f d a b te ank F s B e s w e R R e d a r r i e n v e e t v r h - - e k e a s s l v C a i a n u s l h t b m a w a B d n e n i o a c s t k l e - t h - i s s c 4 ju p m D o a s d a t d s e e n e i - - - t d d s 5 m D e I s n d o t t e - ic e p 4 r o b s a i F e n t i s o k g r n - u m G er . o e n v n - s - t . p v S s o i u a t l s a i b n i t t o d d i e c n i s a - s l c C h c o a f e e e e i f n t e f c r r c d i d t k s - . i ' s - , p a v n s a p i I t h d d r i n o o t i u d r n p c n a a i e s o s - l - , r s r - - , I b n a t n er k - P U m G S e i a o n r . a n o e s g n v d n v S t s - - a t - . l v s S p i a i u s o t c n i a b l a o d i t d l t n e - i s s - p a v n s a p i t I h d d i r n o o t i u d r n p c n a a i e s o s - - l , r s r - - , r B i o n o w g r s - - c C o a t a a u c p l - n i- ts All commercial banks:2 1947—Dec. 31. . 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 65 10,059 1950—Dec. 30.. 17,458 2,174 10,863 92,282 12,102 1,476 2,806 8,012 2,918 90,986 462 189 1,384 34,930 90 11,590 1951—Dec. 31. . 19,911 2,697 11,969 98,243 13,123 1,413 3,359 8,426 3,166 96,666 550 278 1,536 36,323 34 12,216 1952—Dec. 31.. 19,809 2,753 11,875 101,506 13,109 1,465 4,941 8,910 2,956 99,793 744 346 1,620 39,046 188 12,888 All insured commercial banks: 1941—Dec. 31. . 12,396 1,358 8,570 37,845 9,823 673 1,761 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31. . 15,810 1,829 11,075 74,722 12,566 1,248 23,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31.. 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1950—Dec. 30.. 17,458 2,145 10,463 91,099 11,955 1,442 2,788 7,892 2,898 89,922 347 189 1,331 34,525 82 11,263 1951—Dec. 31.. 19,911 2,665 11,561 97,048 12,969 1,381 3,344 8,288 3,147 95,604 427 278 1,485 35,986 30 11,902 1952—June 30.. 19,331 2,365 9,935 93,652 11,286 L.339 5,797 8,682 2,721 90,836 475 312 1,574 37,333 85 12,282 Dec. 31.. 19,809 2,720 11,489 100,329 12,948 1,437 4,912 8,776 2,938 98,746 605 346 1,564 38,700 181 12,563 Member banks, total: 1941—Dec. 31.. 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31.. 15,811 1,438 7,117 64,184 12,333 1,243 22,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31.. 17,797 1,672 6,270 73,528 10,978 L,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1950—Dec. 30.. 17,459 1,643 6,868 78,370 11,669 L,437 2,523 6,400 2,724 78,659 341 183 1,121 28,032 79 9,695 1951—Dec. 31. . 19,912 2,062 7,463 83,100 12,634 1,369 3,101 6,666 2,961 83,240 422 257 1,238 29,128 26 10,218 1952—Dec. 31. . 19,810 2,081 7,378 85,543 12,594 ,431 4,567 7,029 2,744 85,680 592 321 1,303 31,266 165 10,761 1953—Apr. 20. . 19,882 1,883 5,961 82,665 10,593 :L.350 3,044 7,234 2,520 80,998 625 311 1,337 31,783 1,213 10,958 New York City:* 1941—Dec. 31. . 5 105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1945—Dec. 31. . 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 195 2,120 1947—Dec. 31.. 4,639 151 70 16,653 3,236 L ,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1950—Dec. 30. . 4,693 118 78 15,898 3,207 L.162 451 258 1,087 17,490 268 37 37 1,647 70 2,351 1951—Dec. 31.. 5,246 159 79 16,439 3,385 1,128 858 321 1,289 17,880 318 43 22 1,614 5 2,425 1952—Dec. 31.. 5,059 148 84 16,288 3,346 1,154 1,143 322 1,120 17,919 465 59 29 1,752 132 2,505 1953—Apr. 20. . 5,052 143 42 15,572 2,898 t ,077 469 336 956 16,716 483 53 32 1,752 392 2,533 Chicago:^ 1941—Dec. 31.. 1,021 43 298 2,215 J 097 8 127 233 34 2,152 476 288 1945—Dec. 31.. *949 36 200 3,153 ,292 20 1,552 237 66 3,160 719 377 1947—Dec. 31.'. ,070 30 175 3,737 L.196 21 72 285 63 3,853 2 9 902 426 1950—Dec. 30'.'. ,216 30 133 3,954 1,177 48 174 284 70 4,250 3 3 10 1,089 490 1951—Dec. 31. '. ,407 32 165 4,121 L.269 38 242 240 66 4,404 1 5 11 1,128 513 1952—Dec! 31'. ' ,144 32 169 4,126 1,308 37 343 242 56 4,491 5 4 11 1,190 541 1953—Apr. 20..' ,323 32 128 3.968 L ,133 34 187 299 63 4,064 7 3 8 1,162 53 542 Reserve city banks: 1941—Dec. 31. . 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1945—Dec. 31.. 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 2 2,566 1947—Dec. 31. . 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 1950—Dec. 30. . 6,806 519 2,206 27,938 6,174 217 976 2,575 852 28,938 57 60 631 10,956 3,322 1951—Dec. 31. . 7,582 639 2,356 29,489 6,695 192 1,124 2,550 822 30,722 90 85 714 11,473 4 3,521 1952—Dec. 31. . 7,788 651 2,419 30,609 6,662 230 1,814 2,693 791 31,798 109 105 739 12,417 8 3,745 1953—Apr. 20. . 7,743 583 1,918 29,906 5,525 227 1,221 2,678 738 30,416 121 104 768 12,592 563 3,806 Country banks: 1941—Dec. 31. . 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1945—Dec. 31. . 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1947—Dec. 31. . 4,993 929 3,900 27,424 :L.049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1950—Dec. 30.. 4,745 976 4,450 30,581 L, 111 10 922 3,282 715 27,980 12 82 443 14,339 9 3,532 1951—Dec. 31. . 5,676 1,231 4,862 33,051 1,285 11 876 3,554 783 30,234 13 125 491 14,914 16 3,760 1952—Dec. 31. . 5,820 1,250 4,706 34,519 L ,278 11 1,267 3,772 777 31,473 13 152 525 15,908 25 3,970 1953—Apr. 20 . . 5,764 1,125 3,874 33,220 L.037 11 1,168 3,922 763 29,802 13 151 528 16,277 206 4,078 All nonmember banks:2 1947—Dec 31 544 3,947 13,595 385 55 167 1,295 180 12,284 190 6 172 6,858 12 1,596 1950—Dec 30 532 3,996 13,912 432 38 283 1,612 195 12,326 120 7 263 6,915 11 1,897 1951—Dec. 31.. 635 4,507 15,144 489 44 258 1,761 205 13,426 128 22 298 7,213 8 1,999 1952—Dec. 31 672 4,498 15,964 516 34 374 1,881 212 14,113 152 25 317 7,800 23 2,129 2 Breakdown of loan, investment, and deposit classifications is not available prior to 1947; summary figures for earlier dates appear in the preceding table. 3 Central reserve city banks. 4 Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. 5Demand 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. 861 AUGUST 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans1 Investments For purchasing or carrying securities U. >3. Government obligations Com- Total merloans cial, To brokers Date or month in a v n e d st- Total i i t n r d ia u l s , - and dealers To others es R t e a a te l Lo to ans Other Total C tif e i r - - O se th c e u r and loans banks cates rities t a c u g u r r l a i - - l G U t l i o i o o g . b v n a S - - s t . . O c t s u t i e h e r - e s i- r G l U t o i i o g o . b v S 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—July 77,589 36,162 20,770 2,272 774 5,830 568 6,511 41,427 33,834 3,517 3,855 6,014 20,448 7,593 1953—May 75,985 39,499 23,006 1.599 793 6,237 669 7,805 36,486 28,955 1,479 1,978 5,692 19,8067,531 June 76,288 39,550 22,801 1,648 765 6,282 781 7,88836,738 29,317 2,313 1,944 5,59319,467 7,421 July 78,451 39,457 22,628 1,756 756 6,315 649 7,97338,994 31,541 2,744 3,885 5,511 19,4017,453 May 6... 76,238 39,508 23,139 1,633 796 6,214 553 7,78436,730 29,185 1,539 2,011 5,731 19,904 7,545 May 13... 75,809 39,263 23,083 1,574 802 6,227 374 7,812 36,546 29,040 1,510 1,961 5,700 19,8697,506 May 20. .. 76,017 39,685 22,965 ,625 789 6,246 881 7,78936,332 28,822 1,422 1,970 5,67319,757 7,510 May 27. .. 75,879 39,541 22,836 1,564 784 6,260 870 7,83836,338 28,775 1,443 1,971 5,665 19,6967,563 June 3... 75,981 39,439 22,690 L.547 779 6,257 930 7,847 36,542 29,144 2,043 1,850 5,652 19,599 7,398 June 10. .. 76,466 39,666 22,732 L.762 767 6,274 869 7,872 36,800 29,383 2,276 1,843 5,629 19,6357,417 June 17. .. 76,640 39,654 22,985 1,716 769 6,293 617 7,89336,986 29,528 2,604 2,044 5,545 19,3357,458 June 24... 76,065 39,443 22,797 L,567 746 6,304 710 7,93836,622 29,211 2,327 2,040 5,545 19,2997,411 July 1... 76,545 39,649 22,585 L.719 755 6,302 948 7,96036,896 29,501 2,514 2,090 5,541 19,356 7,395 July 8... 76,067 39,366 22,590 1,603 747 6,306 767 7,97336,701 29,262 2,309 2,095 5,53419,3247,439 July 15. .. 80,048 39,268 22,651 1,764 751 6,322 428 7,972 40,780 33,326 3,085 5,227 5,548 19,4667,454 July 22... 79,992 39,623 22,671 1,863 764 6,322 655 7,96740,369 32,911 2,956 5,030 5,49019,4357,458 July 29... 79,606 39,381 22,643 L.830 763 6,326 446 7,992 40,225 32,705 2,855 4,985 5,440 19,4257,520 New York City 1952—July 22,230 11,581 7,526 700 1,062 57 209 409 411 1,386 10,649 8,361 817 785 1,379 5,3802,288 1953—May 20,454 12,331 8,507 127 1,107 43 217 388 466 1,661 8,123 6,103 237 170 1,041 4,655 2,020 20,764 12,383 8,456 108 1,163 35 210 399 517 1,680 8,381 6,426 665 154 1,035 4,572 1,955 July 21,431 12,096 8,260 185 1,136 26 211 402 376 1,685 9,335 7,363 922 829 1,012 4,600 1,972 May 6... 20,504 12,345 8,617 1471,113 50 218 382 347 1,656 8,159 6,118 204 163 1,035 4,716 2,041 May 13... 20,230 12,085 8,524 1251,082 44 218 387 217 1,673 8,145 6,120 244 167 1,033 4,6762,025 May 20. .. 20,570 12,495 8,474 1271,126 42 217 390 651 1,653 8,075 6,067 214 160 1,045 4,6482,008 May 27... 20,515 12,401 8,412 1071,107 37 216 393 650 1,664 8,114 6,108 286 189 1,052 4,5812,006 June 3... 20,572 12,354 8,383 951,107 36 213 389 635 1,681 8,218 6,264 513 150 1,045 4,556 1,954 June 10. .. 20,952 12,527 8,448 1521,223 37 213 398 563 1,678 8,425 6,467 681 139 1,047 4,600 1,958 June 17... 20,922 12,423 8,570 1141,203 36 213 403 391 1,678 8,499 6,530 791 161 1,019 4,559 1,969 June 24... 20,612 12,229 8,424 721,120 31 201 405 477 1,684 8,383 6,444 674 167 1,029 4,574 1,939 July 1... 20,906 12,328 8,254 1411,191 30 205 403 615 1,674 8,578 6,660 838 207 1,019 4,596 1,918 July 8... 20,491 12,074 8,264 791,147 29 201 404 451 1,684 8,417 6,439 660 193 1,015 4,571 1,978 July 15... 22,026 12,008 8,283 2181,129 25 211 409 232 1,686 10,018 8,035 1,073 1,337 1,045 4,580 1,983 July 22... 21,999 12,119 8,268 2611,113 24 221 398 331 1,688 9,880 7,893 1,032 1,240 1,008 4,613 1,987 July 29. .. 21,734 11,954 8,232 2251,102 24 216 395 250 1,695 9,780 7,785 1,007 1,168 970 4,640 1,995 Outside New York City 1952—July 55,359 24,581 13,244 510 508 5,421 157 5,12530,778 25,473 2,700 3,070 4,635 15,0685,305 1953—May 55,531 27,168 14,499 365 533 5,849 203 6,144 28,363 22,852 1,242 1.808 4,651 15,1515,511 June 55,524 27,167 14,345 377 520 5,883 264 6,20828,357 22,891 1,648 ,790 4,558 14,8955,466 July 57,020 27,361 14,368 435 519 5,913 273 6,28829,659 24,178 1,822 5,056 4,499 14,8015,481 May 6... 55,734 27,163 14,522 373 528 5,832 206 6,128 28,571 23,067 1,335 1,848 4,696 15,1885,504 May 13.. . 55,579 27,178 14,559 367 540 5,840 157 6,139 28,401 22,920 1,266 L.794 4,667 15,1935,481 May 20. .. 55,447 27,190 14,491 372 530 5,856 230 6,136 28,257 22,755 1,208 L.810 4,628 15,1095,502 May 27. . .55,364 27,140 14,424 350 531 5,867 220 6,174 28,224 22,667 1,157 1,782 4,613 15,1155,557 June 3... 55,409 27,085 14,307 345 530 5,868 295 6,166 28,324 22,880 1,530 1,700 4,607 15,0435,444 June 10. .. 55,514 27,139 14,284 387 517 5,876 306 6,194 28,375 22,916 1,595 L,704 4,582 15,0355,459 June 17. .. 55,718 27,231 14,415 399 520 5,890 226 6,215 28,487 22,998 1,813 L.883 4,526 14,7765,489 June 24. .. 55,453 27,214 14,373 375 514 5,899 233 6,25428,239 22,767 1,653 L.873 4,516 14,7255,472 July 1... 55,639 27,321 14,331 387 520 5,899 333 6,28628,318 22,841 1,676 1,883 4,522 14,7605,477 July 8... 55,576 27,292 14,326 377 517 5,902 316 6,28928,284 22,823 1,649 L,902 4,519 14,7535,461 July 15. .. 58,022 27,260 14,368 417 515 5,913 196 6,28630,762 25,291 2,012 5,890 4,503 14,886 5,471 July 22... 57,993 27,504 14,403 489 519 5,924 324 6,27930,489 25,018 1,924 5,790 4,482 14,822 5,471 July 29... 57,872 27,427 14,411 503 523 5,931 196 6,29730,445 24,920 1,848 5,817 4,470 14,7855,525 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. 2Includes guaranteed obligations. For other footnotes see opposite page. 862 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Date or month B s w F e R e a e r r i e n a t d v h - l k - e s v C a i a n u s l h t b m a w a d n e n o i c s t k - e h ti i s c j p u m o a s d a t d s e e n i - - t d d s 3 s p p u n c v h a o a a o n e i i r d r p l r r d a s t - - - s - , - , S p d s a i t o u i c a n v l b a t i d i e l - t - - s c C h c o a e f e e e f i n t f c e c r r i d k s t d - . i ' s - , m U G er . o e n n v S - t - . s p p u n c h v a o a a o n e i i r p r d l r r d a s t - - s - - , - , p S s d s a i i o u t i c o n a v l b a n i d t i l - t e - s - s P m U G S e i a o n r a n . e o s g n v d n t v S s - a - t - . l m D ti e D o c s - - ema F e n i d o g r n - Time r B i o n o w g r s - - co C it u a a n p l - ts tions tions Total- Leading Cities 1952—July 15,174 958 2,43052,84253,805 3,644 1,691 5,79815,942 777 18210,031 1,270 47J 1,256 7,098 1953—May 14,506 942 2,34553,41754,117 4,164 ,470 1,737 16,839 828 189 9,70: 1,318 637 1,111 7,400 June 14,943 936 2,60654,260 55,106 3,988 ,617 1,755 16,962 827 18810,024 1,296 66. 793 7,408 July 14,429 93. 2,56653,00154,267 3,748 ,674 4,274 17,064 827 19010,238 1,286 677 801 7,428 May 6 14,480 892 2,30853,35253,503 4,243 ,489 1,878 16,835 825 191 9,826 1,289 625 1,122 7,396 May 13 14,578 977 2,36553,346 54,761 4,114 ,500 1,532 16,812 832 189 9,852 1,276 633 1,258 7,397 May 20 14,471 924 2,37953,08453,873 4,118 ,565 2,028 16,832 829 188 9,766 1,364 641 1,048 7,393 May 27 14,496 973 2,32853,88954,332 4,181 ,327 1,509 16,876 825 189 9,364 1,344 650 1,016 7,413 June 3 14,537 893 2,34753,70854,185 4,041 ,520 1,356 16,901 829 187 9,758 1,320 656 1,026 7,415 June 10 14,860 955 2,60454,90055,417 4,174 ,688 1,119 16,932 827 18710,033 1,296 668 906 7,410 J J u u n n e e 1 2 7 4...... 1 14 5 , , 8 5 7 0 2 5 9 9 6 3 5 1 2 2 , , 8 6 2 5 2 2 5 5 4 3 , , 9 4 8 5 1 45 5 4 6 , , 1 69 2 7 4 3 3 , , 9 8 1 2 1 5 , ,5 7 5 0 6 7 2 1 , , 5 97 6 9 6 1 1 7 6 , , 0 9 4 7 1 5 8 82 2 6 6 1 1 8 8 9 7 1 9 0 , f4 83 7 1 2 1 1 , , 2 2 7 9 5 4 6 6 7 6 1 4 5 7 3 0 6 5 7 7 , , 4 4 0 0 7 0 July 1 14,558 887 2,672 52,82054,263 3,975 ,049 2,469 17,052 826 19010,393 1,284 682 972 7,426 July 8 14,484 936 2,476 52,83653,457 3,787 ,452 1,800 17,052 829 18910,393 1,276 673 882 7,441 July 15 14,124 935 2,91952,64355,156 3,614 ,901 6,03917,067 831 19010,950 1,283 667 331 7,427 July 22 14,584 937 2,44753,31554,380 3,628 ,508 5,77017,075 828 189 9,876 1,281 676 910 7,416 14,393 977 2,31653,39554,082 3,736 ,461 5,29217,074 822 189 9,577 1,304 687 912 7,429 July 29 New York City 5,415 185 15,95216,810 280 876 2,534 1,597 2,922 1,040 359 383 2,435 1952—July 4,909 143 15,54416,360 370 648 554 1,702 52 2,771 1,078 498 259 2,511 1953—May 5,214 140 16,06216,886 324 738 503 1,730 50 2,940 1,063 522 219 2,504 June 4,905 138 40 15,28616,248 274 825 1,619 1,751 51 2,920 1,048 535 201 2,516 J M M M M ul a a a a y y y y y 2 2 1 7 6 0 3 4 4 4 4 , , , , 9 9 8 9 1 5 2 5 2 4 0 0 1 1 1 1 3 3 4 4 9 7 8 8 1 1 1 1 5 5 5 5 , , , , 4 7 4 5 2 7 5 2 5 2 6 4 1 1 1 1 6 6 6 6 , , , , 5 3 2 2 8 5 7 1 9 7 4 8 3 3 3 3 7 6 7 6 9 7 4 0 6 5 6 7 6 5 3 4 1 6 2 4 4 6 5 5 1 9 1 9 3 3 8 4 1 1 1 1 , , , , 7 6 7 6 1 8 2 8 3 8 0 8 5 5 5 5 1 3 2 1 2 2 2 2 , , , , 7 7 8 7 2 5 2 8 7 2 0 5 1 1 1 1 , , , , 1 1 0 0 1 0 4 4 9 9 4 0 4 4 4 5 8 9 9 0 9 9 6 8 2 2 2 2 0 7 6 8 3 9 9 4 2 2 2 2 , , , , 5 5 5 5 1 1 0 1 2 1 7 3 June 3 4,975 137 15,76216,547 307 647 408 1,709 51 2,854 1,088 513 255 2,508 June 10 5,157 144 16,27416,956 414 851 304 1,715 50 2,917 1,065 524 372 2,505 • June 17 5,434 139 16,49417,487 279 768 463 1,734 50 3,056 1,054 523 119 2,501 June 24 5,290 140 15,72016,554 295 688 838 1,761 50 2,933 1,043 530 132 2,501 July 1 4,926 132 15,35716,567 290 1,143 804 1,749 52 3,070 1,046 540 299 2,517 July 8 4,869 144 15,39116,056 301 635 469 1,750 51 2,898 1,039 532 317 2,516 July 15 4,959 135 15,04316,341 273 1,005 2,452 1,760 51 3,170 1,047 526 25 2,516 July 22 4,966 135 15,38716,183 249 688 2,293 1,751 52 2,749 1,039 535 211 2,517 July 29 4,807 145 15,25316,094 255 654 2,075 1,743 51 2,715 1,067 540 153 2,514 Outside New York City 1952—July 9,759 773 2,39536,890 36,995 3,364 3,26414,345 755 128 7,109 230 873 4,663 1953—May 9,597 799 2,30637,87337,757 3,794 822 1,183 15,137 785 137 6,931 240 139 852 4,889 June 9,729 796 2,56238,19838,220 3,664 879 1,252 15,232 784 138 7,084 233 143 574 4,904 July 9,524 797 2,526 37,71538,019 3,474 849 2,655 15,313 786 139 7,318 238 142 4,912 May 6 9,568 753 2,27737,82837,285 3,883 845 1,185 15,115 783 138 7,041 245 136 919 4,884 May 13 9,628 829 2,32537,89038,404 3,735 844 1,014 15,124 789 137 7,100 236 137 979 4,884 May 20 9,651 787 2,33337,65937,599 3,751 833 1,434 15,144 786 137 6,946 245 142 764 4,882 May 27 9,542 825 2,29138,11737,743 3,807 766 1,096 15,163 783 138 6,637 235 142 747 4,906 June 3 9,562 756 2,30837,94637,638 3,734 873 94815,192 786 136 6,904 232 143 771 4,907 Tune 10 9,703 811 2,56938,62638,461 3,760 837 81515,217 785 137 7,116 231 144 534 4,905 June 17 0,071 792 2,76538,48739,210 3,546 939 1,51615,241 783 139 7,416 240 141 417 4,899 June 24 9,582 825 2,607 37,73437,570 3,616 868 1,72815,280 783 137 6,898 232 141 573 4,906 July 1 9,632 755 2,62937,46337,696 3,685J 906 1,665 5,303! 783 138 7,323 238 142 673 4,909 July 8 9,615 792 2,44437,44537,401 3,486i 817 1,331 15,302j 786| 138 7,495 237 141 565 4,925 July 15 9,165 800 2,864 7,600 38,815 3,341 896 3,58715,307 789 139 7,780 236 141 306 4,911 July 22 9,618 802 2,41237,92838,197 3,379 820 3,47715,324 786 137 7,127 242 141 699 4,899 July 29 9,586 832 2,282 38,14237,988 3,481 807 3,217 15,331 785 138 6,862 237 147 759 4,915 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. AUGUST 1953 863 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF A SAMPLE OF WEEKLY REPORTING MEMBER BANKS BY INDUSTRY 1 [Net declines, (—). In millions of dollars] Business of borrower Manufacturing and mining Comm'l. Period2 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 p a x n t a t h d i r l e e e r l s , , p m e M t r m r ( a r y o a i e a c e n d n t n h a t c d u a a s i n l l c l n , . s d t - s ch r P l u e c e a e m o b u n t a b m r d i l o c e , , - a r l, Other ( r T w e s a r t h a n a a o l d d i e l l e e ) - m d C e o a o d l m e it r - y s f p i S c n a o a a n m l n i e e c s - s e u P p t t ( t r i u o i i a l o n b r i n n c t t l i a s l i ) e . - c - s s C t ti r o o u n n c - - bu t o y s A t o i p h n l f e e l e s r ss c c h l N f a a i n e s e d s g t i e - s ch t i a a o n a g n t n d r a g d ' ' l l e l s , . — 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—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 July -119 34 -50 -21 11 -16 25 36 -17 c 9 -113 -154 Week ending: 1953—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 -1 11 71 -57 12 4 -14 118 60 12 29 245 253 June 24 -17 9 -18 24 5 -2 -19 -122 -35 -7 2 -181 -188 July 1 -36 5 -25 -35 -5 8 -12 -1 -73 1 -3 -177 -212 July 8.... 5 16 -25 6 4 -14 8 -5 -5 -1 -11 5 July 15 -67 10 6 3 7 -2 6 -8 79 3 28 65 61 July 22 -12 4 -4 6 4 13 31 4 -15 31 20 July 29 -9 -3 -1 -7 11 15 ' -22 -3 -20 -28 1 Sam pie includes about 215 weekly reporting member banks reporting changes in their larger loans; these banks hold over 90 per cent of total commercial and industrial loans of all weekly reporting member banks and nearly 70 per cent of those of all commercial banks. 2 Figures for other than weekly periods are based on weeklv changes during period. 3Net change at all banks in weekly reporting series, according to the old series in 1951 and the revised series thereafter. For description of revisions in the weekly reporting series see BULLETIN for April 1953, p. 357. COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Held by Based on Commercial End of month sta p o n a u d p t i e - n r g1 st T a o n o u d t t a i - n l g Total Accept O b in i w l g l n s banks bo B u il g ls ht Others I U S m i t n n p a i t o t t o e e r s d ts E U S f x t n r p a o i o t m t e e r s d ts c D h e o a x l n l - g ar e G U s o h n o i i p t d e p p s d o e s d i t n o t b r s e e F d t i o n w r i e e n e i g n o n r States countries 1947—December. 287 261 197 88 109 64 159 63 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 2 28 32 1951—December. 434 490 197 119 79 293 235 133 23 55 44 1952—June 495 416 148 108 40 268 195 126 45 15 36 July 539 450 171 122 49 279 200 126 73 17 34 August. .. 550 454 169 113 56 285 212 119 74 20 30 September 565 454 166 106 61 288 232 108 60 24 31 October. . 591 449 155 103 52 294 237 114 30 40 28 November 575 478 172 114 58 306 233 123 29 62 31 December. 539 492 183 126 57 309 232 125 39 64 32 1953—January.. 504 487 159 111 48 328 225 120 43 65 34 February. 511 490 158 110 48 331 234 114 57 53 32 March 507 468 149 105 44 319 237 110 39 49 32 April.... 464 455 115 78 36 340 229 115 43 37 31 May 441 417 111 85 26 306 198 111 37 39 32 June 408 428 123 92 30 306 214 112 35 32 35 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. 864 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 St n a 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 1,878 2,919 1,840 1942 34,931 11,851 9,295 2,045 511 10,315 9,707 608 6,726 1,663 2,683 1,693 1943 37,766 14,994 12,537 1,773 684 10,494 9,842 652 6,714 1,352 2,373 1,839 1944 41,054 18,752 16,531 1,429 792 10,715 9,959 756 6,686 1,063 2,134 1,704 1945 44,797 22,545 20,583 1,047 915 11,059 10,060 999 6,636 857 1,962 1,738 1946 48,191 23,575 21,629 936 1,010 13,024 11,775 1,249 7,155 735 1,894 1,808 1947 51,743 22,003 20,021 945 1,037 16,144 14,754 1,390 8,675 860 1,937 2,124 1948 55,512 19,085 16,746 1,199 1,140 20,322 18,894 1,428 10,833 1,055 2,057 2,160 1949 59,630 17,813 15,290 1,393 1,130 23,179 21,461 1,718 12,906 1,247 2,240 2,245 1950 64,020 16,066 13,459 1,547 1,060 25,403 23,300 2,103 16,102 1,445 2,413 2,591 1951 68,292 13,670 11,011 1,737 922 28,214 25,988 2,226 19,314 1,633 2,587 2,874 End of month:5 1950—December 63,687 15,933 13,361 1,520 1,052 25,209 23,231 1,978 16,101 1,428 2,397 2,619 1951—December 67,983 13,579 10,958 1,702 919 28,042 25,975 2,067 19,291 1,617 2,575 2,879 1952—June 70,334 12,853 10,309 706 838 29,895 27,745 2,150 20,335 1,693 2,646 2,912 July 70,774 12,894 10,324 ,748 822 30,191 28,039 2,152 20,505 1,706 2,656 2,822 August 71,123 12,898 10,347 752 799 30,314 28,165 2,149 20,643 1,722 2,667 2,879 September 71,578 12,929 10,399 736 794 30,475 28,315 2,160 20,801 1,736 2,683 ,954 October 72,034 12,731 10,244 728 759 30,973 28,819 ,154 20,961 1,751 2,692 2,926 November 72,415 12,780 10,297 ,728 755 31,143 28,986 ,157 21,087 1,766 2,698 2,941 December 73,034 12,683 10,195 1,733 755 31,404 29,226 2,178 21,245 1,868 2,699 3,135 1953—January 73,621 12,862 10,329 1,774 759 31,690 29 All 2,219 21,396 1,880 2,718 3,075 February 73,943 12,844 10,287 1,800 757 31,878 29,644 2,234 21,547 1,887 2,727 3,060 March 74,295 12,630 10,063 1,820 747 32,243 30,005 2,238 21,725 1,897 2,742 3,058 April 74,686 12,666 10,089 1,837 740 32,472 30,218 2,254 21,897 1,918 2,756 2,977 May 75,063 12,543 10,082 1,835 626 32,732 30,462 2,270 22,055 1,924 2,770 3,039 June 75,403 12,456 10,030 n.a. n.a. 33,021 30,753 2,268 22,221 1,935 2,789 2,981 n.a. Not available. 1 Includes United States and foreign. 2 Central government only. 3 Includes International Bank for Reconstruction and Development. 4 These represent annual statement asset values, with bonds carried on an amortized basis and stocks at end-of-year market value. 5These represent book value of ledger assets. Adjustments for interest due and accrued and differences between market and book values are not made on each item separately, but are included in total in "Other assets." Source.—Institute of Life Insurance—end-of-year figures, Life Insurance Fact Book, 1952; end-of-month figures, The Tally of Life Insurance Statistics and Life Insurance News Data. ALL SAVINGS AND LOAN ASSOCIATIONS IN THE UNITED STATES [In millions of dollars] Assets Assets End of U. S. Savings End of U. S. Savings year Total1 g M ag o e r s t- 2 G m o o v b e e l n i r - t n- Cash 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 L ,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 1 1 9 9 4 4 8 7 1 1 1 3 , , 6 0 8 2 7 8 1 8 0 , , 8 3 5 0 6 5 1 1 , , 4 7 5 4 5 0 5 66 6 3 0 4 5 1 0 6 1 1 9 0 , , 7 9 5 6 3 4 1952—1 2. .. . 2 1 0 9 , , 8 8 5 4 3 8 1 1 6 6 , , 0 89 7 1 3 ] 1 L , 7 ,7 02 18 1 1 , , 1 21 0 2 0 9 8 5 6 9 7 1 1 7 6 , , 6 8 6 0 1 1 1949 14,622 11,616 1,462 880 566 12,471 3 21,656 17,740 L ,782 1,046 999 18,210 1950 16,846 13,622 1,489 951 692 13,978 4 22,700 18,444 L ,791 1,293 1,083 19,211 1951 19,164 15,520 1,606 1,082 866 16,073 1952? 22,700 18,444 1,791 1,293 1,083 19,211 1953—1 23,506 19,105 ,931 1,263 1,121 20,105 P Preliminary. includes gross mortgages with no deduction for mortgage pledged shares. 2Net of mortgage pledged shares. sIncludes 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. AUGUST 1953 865 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 1 [Based on compilation by United States Treasury Department. In millions of dollars] End of year ]£nd 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: 3,385 2,878 2,884 2,299 3,632 4,362 3,884 4,161 4,058 4,563 5,070 5,671 Banks for cooperatives 189 197 232 276 305 302 345 425 343 370 424 367 Federal intermediate credit banks 257 231 273 336 426 437 510 633 866 822 673 728 Federal land banks * 1,220 1,088 986 Federal Farm Mortgage Corporation 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 Other agencies . . 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 Corporation4 81 24 6 Home Owners' Loan Corporation ' 1,091 852 636 486 369 23i 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 Corporation6 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 (7) (7) (7) 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 2,466 274 235 246 206 154 101 64 58 58 58 55 Other agencies9 800 3,450 3,750 3,750 3,750 3,750 »5,170 5,222 5,182 5,191 All other purposes, total 1,237 707 623 714 584 484 531 779 801 933 1 095 872 Reconstruction Finance Corporation6 8 827 309 232 «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 8 106 112 113 96 100 99 105 109 116 123 126 133 448 438 478 395 368 476 185 173 153 150 140 159 Total loans receivable (net) 6,387 5,290 6,649 9,714 11,69212,73313,22814,422 15,913 16,890 17,826 18,089 Investments: 1,630 1,683 1,873 1,685 1,854 2,047 2,075 2,226 2,364 2,371 2,421 2,645 Banks for cooperatives . .. 43 A3 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 J 220 145 136 Federal home loan banks . 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 ^ 15 15 17 12 12 8 Federal Housing Administration 87 106 122 132 144 188 244 285 286 299 316 330 Public Housing Administration *" 7 8 8 8 8 Reconstruction Finance Corporation 6 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 1 Investment in international institutions 318 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 Other securities, total 424 325 230 154 133 107 88 78 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 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 Commodity Credit Corporation 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 Public Housing Administration 10 200 222 227 204 1,448 1,352 1,248 1,251 1,232 1 216 1 173 1 149 Reconstruction Finance Corporation 6 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 2 5,427 7,813 7,764 6,507 Other agencies n 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 2 818 792 756 Commodity Credit Corporation 212 Federal home loan banks 67 69 169 262 415 204 560 525 258 317 445 252 For footnotes see following page. 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 1 Lia in b t i e li r t a ie g s e , n c o y th e it r e m th s an Bonds, notes, Date, and corporation or agency Total Cash L c a r e o b e i a l v - e n - s m m C p s t a i l u o o a n i e p e m t d s d e - s , i - , - - G U se o . c v I u S m n t - . . v e e n O s s t t s e - t c h u e - r L s e t m u t a q a r r n e u u n e n d i c d s p t - , , - O s a t e h s t - e s r a t F g u n a u u r t n a e e l d l r e s y - d d p e a O b y e a th n b e - le r O li i a t t i b h e i e s l r - i m U G n e e r t . o e s e n n v t S r - t - - . o i v n P w a e t r t s e n i e t - r e l - y d rials rities rities by U.S. All agencies: 1944—Dec. 31 31,488 756 6,387 2,942 1,632 42416,237 3,111 1,537 1,395 4,196 23,857 504 1945—Dec. 31 33,844 925 5,290 2,288 1,683 32521,017 2,317 555 1,113 4,212 27,492 472 1946—Dec. 31 30,409 1,398 6,649 1,265 1,873 54716,924 1,753 261 1,252 3, ,810 498 1947—Dec. 31 2 30,966 1,481 9,714 822 1,685 3,53912,600 1,125 82 689 2,037 28,015 143 1948—Dec. 31 2 21,718 63011,692 627 1,854 3,518 3,060 337 38 965 1,66318,886 166 1949—Dec. 31 23,733 44112,733 1,549 2,047 3,492 2,962 509 28 772 1,720 21,030 183 1950—Dec. 31 24,635 64213,228 1,774 2,075 3,473 2,945 499 23 ,190 1,193 21,995 234 1951—Dec. 312 26,744 93114,422 1,461 2,226 3,463 3,358 882 43 ,369 1,16123,842 329 1952—June 30 2 27,933 80815,913 1,350 2,364 3,438 3,186 874 44 ,228 1,200 25,104 357 Sept. 30 28,922 93216,890 1,377 2,371 3,436 3,212 704 39 ,301 1,434 25,780 367 Dec. 31 29,945 94417,826 1,280 2,421 3,429 3,213 832 53 ,330 1,728 26,456 378 1953—Mar. 31 30,564 936 18,089 1,259 2,645 3,427 3,240 968 48 ,107 2,06926,938 401 Classification by agency, Mar. 31, 1953 Department of Agriculture: Farm Credit Administration: Banks for cooperatives 437 365 145 265 26 Federal intermediate credit banks 808 728 710 91 Production credit corporations 52 51 Agricultural Marketing Act 1 1 () 1 Federal Farm Mortgage Corp 25 23 () 24 Rural Electrification Administration 2,093 50 1,964 78 2,093 Commodity Credit Corporation 3,506 1,924 1,013 462 979 2,527 Farmers Home Administration 8 636 549 23 4 631 Federal Crop Insurance Corp 31 2 4 27 Housing and Home Finance Agency: Home Loan Bank Board: Federal home loan banks 1,101 611 460 252 474 () 375 Federal Savings and Loan Insurance Corp. 219 212 7 213 F P e u d b e li r c a l H H o o u u si s n in g g A A d d m m in in is i t s r t a r t a i t o io n n 1, 5 98 16 3 6 3 9 5 5 330 1,149 1 23 3 1 9 1, 2 9 3 4 6 4 Office of the Administrator: Federal National Mortgage Association.. 2,404 2,394 2,398 Other 106 26 48 106 Reconstruction Finance Corporation: Assets held for U. S. Treasury 12 343 3 1 104 197 37 343 Other" 831 34 721 15 1 26 791 Export-Import Bank 2,487 3 2,467 17 37 2,450 Federal Deposit Insurance Corp 1,515 1 () 1,500 () 14 128 1,387 Tennessee Valley Authority 1,673 344 8 1,631 All other 9,796 161 5,564 1 2 0 2 6 3,385 1, 4 2 6 9 7 9 114 65 9,731 1 Loans by purpose and agency are shown on a gross basis; total loans and all other assets are shown on a net basis, i. e., after reserve for losses. 2 Several changes in coverage have been made over the period for which data are shown. The more important are: exclusion of the following agencies following repayment of the U. S. Government interest—Federal land banks after 1946 and the Home Owners' Loan Corporation after June 1951; exclusion of the United States Maritime Commission (including War Shipping activities) after 1947, when this agency ceased to report to the U. S. Treasury; and inclusion of the Mutual Security Agency beginning June 1952. 3 This agency, successor to the Farm Security Administration, took over the continuing functions of the latter agency in 1946. Earlier figures have been adjusted to include the FSA. Figures for 1944 and 1945 also include Emergency Crop and Feed Loans of the Farm Credit Administration, transferred to the FSA in 1946. Figures through 1948 include the Regional Agricultural Credit Corporation, the assets and liabilities of which have been administered by the Farmers Home Administration since dissolution of the RACC in 1949. These activities are reported currently on the Treasury Statement as "Disaster Loans, etc., Revolving Fund." 4 Assets and liabilities transferred to the Reconstruction Finance Corporation on June 30, 1947. 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). 10 Reflects activities of the Federal Public Housing Authority under the U. S. Housing Act, as amended, until July 27, 1947, when these activities were transferred to the newly established Public Housing Administration. War housing and other operations of the Authority—shown on the Treasury Statement with "other agencies" through 1947—were not transferred to the PHA until 1948. 11 Beginning 1951, includes figures for Panama Canal Company, a new corporation combining the Panama Railroad Company (included in earlier Treasury Statements) and the business activities of the Panama Canal (not reported prior to that time). See also footnote 10. 12 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. AUGUST 1953 867 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS1 Bond prices Stock prices Common U. S. Govt. Vol- (long-term) Standard and Poor's series Securities and Exchange Commission series ume Year, month, Cor- (index, 1935-39=100) (index, 1939=100) tr o a f dor week Mu- po- ing* ( n h ic ig ip h al rate fe P r r r e e - d5 Manufacturing Trade, th ( o in ur O i s e e l s - d 2 N ri s e e e- s w 3 grade)4 grade) T ta o l - d t I a u r n i l s - - - R ro a a i d l- u P i l t t u i i y c b l- - T ta o l - T t o a - l D r b a l u e - - N d b o u l n - e - T p t r o i a o r n n ta s - - u P i l t u t i i y c b l- - a s a f e n i i n c r n c e v d e - - , M in i g n- s s h a a o n r f d e s s) Number of issues. 3-7 15 17 15 480 420 20 40 265 170 98 72 21 28 32 14 1950 average 102.53 133.4 122.0 181.8 146 156 117 107 154 166 150 180 160 107 184 144 2,012 1951 average 98.85 133.0 117.7 170.4 177 192 149 112 185 207 178 233 199 113 208 205 1,684 1952 average 97.27 129.3 115.8 169.7 188 204 169 118 195 220 189 249 221 118 206 275 1,313 1952—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 99.75 119.4 109.8 160.0 190 205 174 121 194 221 196 244 226 120 209 247 1,227 June 91.56 99.16 115.2 108.8 '156.8 183 198 169 117 187 213 187 236 219 117 204 237 1,185 July 92.98 100.03 115.1 110.7 160. 186 200 174 119 190 217 188 243 223 119 206 237 967 Week ending: July 4. 92.74 99.77 113.8 109.7 157.7 185 200 175 118 190 216 188 242 226 118 206 238 877 July 11. 92.96 99.92 114.6 110.5 159.3 187 202 177 120 190 216 188 242 224 119 205 234 914 July 18. 93.08 100.01 115.1 110.9 159.4 185 199 173 119 190 216 188 242 223 119 205 237 926 July 25. 93.14 100.16 115.8 111.0 161.6 185 199 173 120 189 215 186 242 221 119 205 235 894 Aug. 1. 92.80 100.15 116.1 111.5 162.5 186 200 171 120 192 220 190 247 223 120 207 240 1,160 r Revised. 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 2)4 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 3H Per cent bonds of 1978-83, issued May 1, 1953. * Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. fi Standard and Poor's Corporation. Prices derived from averages of median yields on noncaliable high-grade stocks on basis of a $7 annual dividend. « 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 Customers' Debit Debit credit balancesl 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)i an a d c c t o r u ad nt i s ng an a d c c t o r u a n d t i s ng banks Free O (n th e e t) r a in n v d e t s r t a m d e in n g t a in n v d e t s r t a m d e in n g t I a n c c c o a u p n it t a s l accounts accounts (net) 1950—June 1,256 12 386 314 827 673 166 25 11 312 December... 1,356 9 399 397 745 890 230 36 12 317 1951—June 1,275 10 375 364 680 834 225 26 13 319 December... 1.202 12 392 378 695 816 250 42 11 314 1952—June 1,327 9 427 365 912 708 219 23 16 324 1952—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 3730 March 31,513 3966 3 744 April 31,594 31,068 3738 May 31,675 31,193 3671 June 1,684 7 347 282 1,216 653 163 23 16 319 1 Excludes balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) 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 balances secured by U. S. Government securities was (in millions of dollars): 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. 868 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN-MARKET MONEY RATES IN NEW YORK CITY BANK RATES ON BUSINESS LOANS [Per cent per annum] AVERAGE OF RATES CHARGED ON SHORT-TERM LOANS TO BUSINESS BY BANKS IN SELECTED CITIES U. S. Government [Per cent per annum] mo Y w n e e t a h ek r , , or m m 4 p P - c o e a r o r t n p i o c m m t e i h a r 6 - e s , l - 1 a a P d b c n e a a r 9 c r i c n y m s 0 e e k ' s p s e 1 - , t- M y 3 a i - r e m k ld e o t n s t e h o c i R n u s b s r a i n u i l t t l e e e i s w s es 9 ( i m t - s a s t o x u o n a e 1 t s b h 2 2 le - ) 3 is - y s t e u o a e r 5 s8 - An 1 n 9 A u 1 r a c 9 e l i 4 a ti a 4 e v a s e n : r d a g p e e s ri : od l 2 o A . a 4 l n l s $ $ 1 1 4 0 , . 0 3 ,0 0 0 0 0 - $ $ 1 1 3 0 0 . S 0 3 ,0 , i 0 z 0 0 e 0 0 - o $ f $ 1 l 2 0 2 o 0 0 a . 0 6 , n 0 ,0 0 0 0 0 -$ a 2 n 2 0 d . 0 2 o ,0 v 0 e 0 r 1945 2.2 4.3 3.2 2.3 2.0 1 1 1 9 9 9 5 5 5 2 0 1 a a a v v v e e e r r r a a a g g g e e e 2 2 1 . . . 4 1 3 5 7 3 L 1 L . . . 6 1 7 0 5 5 1 1 1 . . . 5 7 2 2 2 0 1 1 1 . . . 5 7 2 5 6 1 2 6 8 L L L . . . 2 8 7 6 1 3 2 1 1 . . . 5 9 1 0 3 3 1 1 1 1 9 9 9 9 4 4 4 4 6 7 8 9 2 2 2 2 . . . . 1 5 1 7 4 4 4 4 . . . 2 6 4 2 3 3 3 3 . . . 7 1 5 1 2 2 2 3 . . . 5 0 8 2 2 2 1 1 . . . 4 2 8 7 1952—July 2.31 L.75 1.81 1.824 L.89 2.14 1950 . . 2.7 4.5 3.6 3.0 2.4 August.... 2.31 1.75 1.83 1.876 L.94 2.29 1951 3.1 4.7 4.0 3.4 2.9 September. 2.31 L.75 1.71 1.786 L.95 2.28 1952 3.5 4.9 4.2 3.7 3.3 October. . . 2.31 L.75 1.74 1.783 L.84 2.26 Quarterly: November. 2.31 L.75 1.85 1.862 L.89 2.25 19 cities: December.. 2.31 L.75 2.09 2.126 >.03 2.30 1952—Sept 3.49 4.91 4.22 3.74 3.27 1953—January... 2.31 L.82 1.96 2.042 L.97 2.39 Dec 3.51 4.88 4.21 3.77 3.29 February.. 2.31 L.88 1.97 2.018 :L.97 2.42 1953—Mar 3.54 4.89 4.25 3.75 3.32 March 2.36 L.88 2.01 2.082 >.O4 2.46 June 3.73 4.98 4.38 3.91 3.53 April 2.44 L.88 2.19 2.177 2.27 2.61 New York City: May 2.68 1.88 2.16 2.200 '.41 2.86 1952—Sept . 3.29 4.66 4.06 3.60 3.15 June 2.75 L.88 2.11 2.231 2.46 2.92 Dec 3.33 4.51 4.06 3.63 3.19 July 2.75 L.88 2.04 2.101 1.36 2.72 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 July 4.... 2.75 .88 1.98 2.107 >.4O 2.78 7 Northern and East- July 11.... 2.75 .88 1.96 2.007 J.40 2.78 ern cities: July 18.... 2.75 .88 2.03 2.106 1.36 2.71 1952—Sept 3.44 4 85 4.20 3.72 3 24 July 25.... 2.75 .88 2.10 2.126 >.34 2.67 Dec 3.49 4.85 4.21 3.74 3.29 Aug. 1.... 2.75 .88 2.11 2,157 >.3O 3.70 1953—Mar 3 50 4 95 4 24 3 74 3 30 June 3.71 5.07 4.38 3.87 3.54 2 1 S M er o i n es t h i l n y c f lu ig d u e r s e s c e a r r t e if a ic v a e t r e a s g e o s f o i f n d w e e b e t k e l d y n e p s r s e v a a n il d in g se l r e a c t t e e s d . note and 11 1 S 9 o W 5 u 2 e t — h s e t S e r e r n n p a t c n i d ties: 3.84 5.04 4.31 3.82 3.56 bond issues. Dec. . 3 84 5.06 4.30 3.91 3.51 8Series includes selected note and bond issues. 1953—Mar 3.90 5.02 4.31 3.91 3.62 Back figures.—See Banking and Monetary Statistics, Tables 120-121, June 4.05 5.09 4.46 4.02 3.79 pp. 448-459, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. NOTE.—For description of series see BULLETIN for March 1949, pp. 228-237. BOND AND STOCK YIELDS * [Per cent per annum] Bonds Industrial stocks U. S. Govt. Corporate (Moody's)5 Dividends/ E in a g rn s - / Ye o a r r , w m ee o k nth, (long-term) M (h i u p ig n a h i l c - - By ratings By groups price ratio r p a r t ic io e Old New grade) * Total Indus- Rail- Public Pre- Com- Comseries2 series3 Aaa Aa A Baa trial road utility ferred 6 mon7 mon7 Number of issues... 3-7 1 15 120 30 30 30 30 40 40 40 15 125 125 1950 average 2.32 1.98 2.86 2.62 2.69 2.89 3.24 2.67 3.10 2.82 3.85 6.51 14.61 1951 average 2.57 2.00 3.08 2.86 2.91 3.13 3.41 2.89 3.26 3.09 4.11 6.29 10.42 1952 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—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 '9.39 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 "3126' ' 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 pi6!<54 July 2.99 3.25 2.99 3.55 3.28 3.42 3.62 3.86 3.42 3.67 3.56 4.37 5.44 Week ending: July 4 3.01 3.26 3.07 3.59 3.36 3.46 3.66 3.88 3.45 3.72 3.60 4.44 5.55 July 11 2.99 3.25 3.02 3.57 3.31 3.43 3.64 3.87 3.43 3.70 3.57 4.39 5.55 July 18 2.98 3.25 2.99 3.54 3.28 3.41 3.62 3.86 3.42 3.67 3.54 4.39 5.56 Tuly 25 2.98 3.23 2.95 3.53 3.26 3.41 3.59 3.86 3.41 3.64 3.54 4.33 5.57 Aug. 1 3.01 3.24 2.93 3.52 3.24 3.38 3.58 3.85 3.39 3.62 3.53 4.31 5.46 P Preliminary. r Revised. 1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for preferred stocks, which are based on figures for Wednesday. Figures for common stocks, except for annual averages, are as of the end of the period (quarterly in the case of earnings /price ratio). 2Fully taxable, marketable 2^ per cent bonds first callable after 12 years. Of these the 1967-72 bonds are the longest term issues. Prior to Apr. 1, 1952, only bonds due or first callable after 15 years were included. 3The 3% 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. 869 AUGUST 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [On basis of daily statements of United States Treasury unless otherwise noted. In millions of dollarsl Summary Increase or Budget receipts and Excess of receipts decrease ( —) General fund of the Treasury expenditures or expenditures ( —) during period (end of period) Deposits in Period Sales and Balre N ce e i t pts p t e u E n r x d e - s i- S d u ( e r - o f ) p i r c l i u t s c T o o a t a r u h n c u n - d e s r t t s r o i e n b o d a f l e i g m g m G e a n a p o t r c i t v k o y i t o n e . n t s s C co i l a n e u c g a - n r t - p d G d u i r r e b o e b l c s t i s t c G ba f e u l n a n e n d r c a e l f a g e u n e i r n n n a c d - e l A f a u F v b n . a l d i e R l s - . B I c n e a o s t n p i s l o l k r e o n o s c f c - - S d it p e a e p r c o i i e s a s - l O s n a t e e h s t - t e s r Calendar year: 1949 38,122 41,714 —3,592 —362 —140 234 4,331 471 4,679 841 94 2,557 1.187 1950 . . 37,834 X38,255 1 —422 !-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 1S6 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 1,175 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—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 7SS Apr 2,849 6,362 -3,513 — 157 -50 289 105 -3,326 3,582 393 180 1,859 1,151 May 4,380 6,241 — 1,862 377 38 -428 1,930 57 3,639 221 108 2,109 1,201 June. 9,744 7,988 1,756 65 32 -373 -449 1,032 4,670 132 210 3,071 1,256 July ... . 3,308 6,068 -2,759 -260 26 466 6,598 4,071 8,741 548 181 6,690 1,322 Budget expenditures Major national security programs Period Total Total2 t f i N e d o n e n a s - - a e l a a M b a t s a n r s i r i o c l s y a i e t - d - n I t a i e n o n o c i t m a n d o e - a 3 - r i - c l A E C m s n to i o e o i m m r s n g - i - y c I d n e o e t s n b e t r t - A e i t V s d i r o t a m e r n n a t i - 4 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 c e m o i i - t a - y s l 4 H n h a a i o o f n n n i m u - g d c s e e - P w u o b r l k i s c o P d f i f c o e i i c f s t - e t T c t o r f r a e u t a u c o r n n - s s t t s s - C)ther Calendar year: 1949 41,714 19,452 12,849 6,005 560 5,482 6,364 3,104 1.226 — 123 1 .575 536 1,425 2,673 1950 38,255 18,509 13,476 291 4,012 611 5,580 5,714 1,499 1,351 -17 1,551 643 961 2,464 1951 56,846 37,154 30,275 1,559 3,560 1,278 5,983 5,088 1,010 1,463 694 1,438 684 1,016 2,315 1952 71,366 51,121 43,176 2,975 2,652 1,813 6,065 4,433 1,564 L.508 646 1,573 775 1,193 2,487 Fiscal year: 1950 40,167 17,950 12,346 44 4,941 524 5,750 6,043 2,986 ,375 —270 1,575 593 1,383 2,781 1951 44,633 25,891 19,955 884 3,863 908 5,613 5,288 635 1,415 460 1,458 624 972 2,276 1952 66.145 46,319 39,033 2.228 2.904 1,648 5,859 4,748 1.219 474 614 1,515 740 1,305 2,402 1953 74,607 52,847 44,584 3,760 2,272 1,802 6,508 4,250 3,063 1,593 382 .655 660 1,079 ?.57O 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 1,254 July-Dec.. 19,063 9,850 7,505 247 1,692 341 2,390 2,678 164 670 158 878 260 804 1,210 1951—Jan.-June.. 25,570 16,041 12,450 637 2,170 567 3,223 2,610 470 745 302 580 364 168 1,066 July-Dec.. 31,276 21,113 17,825 921 1,389 711 2,761 2,479 540 718 392 858 320 848 1,249 1952—Jan.-June.. 34,869 25,206 21,208 1,306 1,514 937 3,099 2,269 679 706 222 657 420 457 1,153 July-Dec. 36,497 25.915 21.968 1,669 1,137 876 2,966 2.164 885 802 424 916 355 737 1,333 1953—Jan.-June.. 38,110 26.932 22,616 2,092 1,134 926 3,542 2,086 2,178 791 -42 740 305 342 1,236 Monthly: 1952—July 6,742 4,695 3,884 293 351 140 320 391 117 158 41 157 175 397 292 Aug. . . 5,018 3,814 2,971 352 266 144 183 354 126 109 21 148 94 169 Sept. 6,070 4,518 4,008 184 133 155 559 343 49 116 71 158 64 191 Oct 6,383 4,373 3,723 298 142 160 572 354 192 191 79 174 180 23 245 Nov. 5,161 3,876 3,302 266 128 150 185 345 112 124 101 140 93 184 Dec 7,124 4,640 4,081 275 117 127 1,146 378 289 104 112 138 67 252 1953—Jan 5,737 4,216 3,632 111 138 158 235 348 357 180 -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 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 4,815 4.056 325 246 140 1,882 343 382 128 -10 145 50 59 194 July 6,068 M, 634 P3.891 451 P139 117 237 P369 n.a. P181 n.a. *>184 *>52 n.a. p Preliminary. n.a. Not available. 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. ^Consists of foreign economic and technical assistance under the Mutual Security Act, net transactions of the Export-Import Bank, and other nonmilitary foreign aid programs, as well as State Department expenditures. * Excludes transfers to trust accounts, which are shown separately. ^Excludes expenditures for forest development of roads and trails, which are included with public works. 870 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS—Continued [On basis of daily statements of United States Treasury, unless otherwise noted. In millions of dollars] Treasury receipts Budget receipts, by principal sources Internal revenue collections (on basis of collectors' reports) Income Deduct and old-age Taxes Individual in- Period p i W n l h e o s b e m i y u y t l e d r h - a r - s nce O ta t x h e e s r t n c e • e » r e e i n e r n l o n v u l - u a a - e - s l a c p o n a m l f e o d r o m r o 8 y n i o r e e - e o n r r s s r 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 t f p i a r p u r o u g o n p i n a s e l d r d s t - o - - c fu e R r o n i e e p f d - - t s s b c u N e r d i e e p g - t t e s t W c a h o g e i m e t ld h e i t - n a a x s n u e d O r s a t n o h c l e d e r - C p r c t a r a a o o i o t n x n r m i f d p o e - it e s o n s - t t a a g E a x n i s f t e d e t - s m E t l a a a o i x s x n n u c c e d e i s e s s - l e - Calendar year: 1949 11428 19,894 8 3?6 794 2,123 4? ,565 1,666 2,777 38,122 11,591 7 828 12,006 754 7,529 1950 n,775 17,361 8 771 770 1,980 4?,657 2,667 2,156 37,834 1?,963 7 384 9,937 658 8,150 1951 ... . 19 392 16 876 Q 39? 944 2,337 S8 941 3 355 2,098 S3,488 18 840 10 362 16 565 801 8,682 1952 it, ,658 ,174 10 416 902 2,639 71,788 3,814 2,451 6S,523 ,090 11 980 22,140 849 9,558 Fiscal year: 1950 19,180 18,189 8 SOS 776 1,862 41,311 2,106 2,160 37,045 11,762 7 264 10,854 706 7,599 1951 16,654 24,218 9 423 811 2,263 53,369 3,120 2,107 48,143 15,901 9 908 14,388 730 8,704 1952 71,889 33,026 q 7?6 994 2,364 67,999 3,569 2,302 6?,129 ?1,313 11 545 21,467 833 8,971 1953 25,058 33,101 10870 902 2,525 72,455 4,086 3,151 65,218 24,750 11604 21,595 891 9,946 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 6,841 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 10,647 5 438 357 1,388 29,546 1,891 451 27,204 11,574 2 770 7,821 390 5,027 1953—Jan.-June... 13,342 22,454 5 432 545 1,137 42.910 2,195 2,700 38,014 13,176 8 834 13,773 502 4,919 Monthly: 1952—july 1007 1,435 949 22 236 3,649 182 151 3,316 1,539 393 958 84 863 Aug ? 995 445 86? 106 177 4,585 434 102 4,050 4,012 93 70 780 Sept 1,751 4,029 877 54 164 6,875 235 55 6,585 232 1 653 2,442 59 808 Oct 997 1 214 o?3 17 204 3 355 204 51 ,099 1,634 164 927 57 911 Nov 3 085 436 888 104 219 4,731 533 47 4,151 ,968 109 51 795 Dec 1,882 3,088 939 54 387 6,350 303 45 6,003 190 358 2,785 70 870 1953—Jan 989 3,111 842 30 260 5,232 117 54 5,061 1,144 2 855 501 77 760 Feb 3,544 1,479 856 271 150 6,300 486 336 5,479 4,990 839 404 65 782 Mar ?,102 8,551 993 66 158 11,870 425 944 10 507, 328 ? 698 6,171 154 825 Apr. 1,170 1,837 880 14 144 4,044 232 963 ?,849 1,667 855 654 84 848 May 3,399 490 9?? 109 220 S,140 516 244 4,380 4,520 151 359 62 851 June i 138 6 986 939 54 206 10,323 420 159 9,744 527 1 437 60 854 July P\ ,251 1,125 937 P20 286 3,619 206 105 3,308 Treasury receipts—Continued Trust and other accounts Internal revenue collections—conI. Social security, Other accounts2 (on basis of collectors' reports) retirement, and Period Excise and miscellaneous taxes Total i insurance accounts Total Liquor Tobacco M an an d u e r f x e a c t c i a s t i e u le re rs r ' s' Other ce R i e p - ts I m nv e e n s ts t- Ex tu p r e e n s di- m In e v n e t s s t 3 - Other1 Calendar year: 1949 .... 7 529 2,204 3?0 2,221 t 784 -362 S 512 ,965 3,584 -325 1950 8 150 2,419 348 2,519 1 864 -38 6 543 56 6,214 -22 -333 1951 8 682 2,460 446 2,790 1,987 759 7 906 3,155 4,507 271 786 1952 . . . 9 558 2,727 66? 3,054 ,115 49 8 315 3.504 4,942 329 508 Fiscal year: 1950 7 599 2,219 3?8 2,245 1,806 121 6 266 -402 6,484 -62 1951 8,704 2,547 380 2,841 1,936 295 7 251 3,360 3 752 196 353 1952 8 971 2,549 565 2,824 7,032 219 8 210 3,361 4,885 275 530 1953 9 946 2,781 6SS 3,359 ,152 462 8 531 3.059 5,257 242 489 Semiannual totals: 1950—Tan -Tune 3,688 1,028 66 •> J . 125 870 135 3 231 L 501 4 570 —26 July-Dec... 4,462 1.391 683 L.394 994 -173 3 312 1,557 1,644 -22 -307 1951—Jan.-June. . 4,241 1,156 697 1,446 942 468 3 939 1,803 2,108 219 660 July-Dec.. . 4,440 1,304 748 1,343 1,045 291 3 967 1,352 2,398 52 126 1952—Jan.-June. . 4,531 1,245 817 1,481 988 -72 4 242 >,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. . 4,919 1,299 810 1,786 1,025 341 4 458 1,564 2,802 136 385 Monthly: 1952—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 25? 147 223 180 456 399 53 399 -9 500 Oct. 911 285 157 248 221 -207 361 22 399 -1 -148 Nov 795 265 177 268 131 127 958 388 383 93 34 Dec 870 220 i?s 313 -218 718 363 462 -14 -125 1953—Tan 760 188 136 283 154 -140 248 ' -103 447 233 188 Feb.. . 782 186 133 308 155 404 869 223 449 -54 154 Mar... 825 225 144 276 176 -209 596 61 488 38 -217 848 23C 133 292 193 -157 405 128 478 -17 27 May. . 851 229 1?9 320 173 377 1 020 412 463 42 274 June 854 237 136 307 174 65 1 319 843 476 -107 -42 July -260 405 90 470 -29 -134 v Preliminary. xExcess of receipts, or expenditures (—). 2Consists of miscellaneous trust funds and accounts and deposit fund accounts. The latter reflect principally net transactions of partially owned Government corporations, European Payments Union deposit fund, and suspense accounts of Defense and other Government departments. Investments of wholly owned Government corporations are included as specified in footnote 3, but their operating transactions are included in Budget expenditures. 3 Consists of net investments in public debt securities of partially owned Government corporations and agencies and other trust funds beginning with July 1950, which prior to that date are not separable from the next column; and, in addition, of net investments of wholly owned Government corporations and agencies beginning with November 1950, which prior to that date are included with Budget expenditures (for exceptions see footnote 1 on previous page). AUGUST 1953 871 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 T N o e r t t a e l c B ei u p d t L s g e e s t s: a P cc lu t. s : r e T c L r e u i e p s s t t s s : E o C p q i e u n a r a s g a h l t s - : T B o u ta d l get A e L x c e c p s r s e u : n - d N i o tu I n n r c e t a r s s a h - P e l x u p s: e n T d r i . t L u a e r c s e c s s t : . S E l t i x a z c b a h - i P - . lus i C : ng le a a r c - - E o C p q i e u n a r a s g a h l t s - : i o n c p o g o e m r r i a n e t - rec n e e i t pts c N a o s n h - 1 Total c N a o sh n 2 - income p a u ls b l t i o c3 t G ra o n v s t . . 4 Total c N a o s n h - 5 F t u io n n d6 count outgo ou (- tg ) o Cal. yr.—1949 38,122 99 5,956 2,603 41,374 41,714 403 2,588 4,210 164 102 -234 42,642 -1,267 1950 37,834 171 7,001 2,211 42,451 38,255 503 2,307 6,923 65 -262 -87 41,969 482 1951 53,488 222 8,582 2,508 59,338 56,846 567 2,625 4,397 90 -26 106 58,034 1,304 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 «5 9 401 67,956 137 1953.... 65,218 210 8,932 2,595 71,344 74,607 694 2,774 5,169 31 -28 312 76,561 -5,217 Semiannual totals: 1950—Jan.-June. . 19,370 80 3,438 1,178 21,551 19,192 222 1,213 4,722 10 -262 -341 21,865 -315 July-Dec.. . 18,464 91 3,562 1,033 20,900 19,063 281 1,075 2,201 55 254 20,105 796 1951—Jan.-June. . 29,679 164 4,234 1,210 32,537 25,570 196 1,279 1,744 82 -13 -40 25,700 6,839 July-Dec.. . 23,809 58 4,349 1,298 26,799 31,276 371 1,346 2,653 8 -13 146 32,334 -5,534 1952—Jan.-June. . 38,320 77 4,458 1,406 41,293 34,869 338 1,488 2,298 -4 22 255 35,622 5,671 July-Dec.. . 27,204 107 4,248 1,243 30,104 36,497 396 1,319 2,527 32 16 64 37,357 -7,254 1953—Jan.-June. . 38,014 104 4,683 1,351 41,241 38,110 298 1,456 2,642 -2 -44 248 39,203 2,038 Monthly: 1952—July 3,316 24 738 438 3,593 6,742 74 457 473 5 -14 -432 6,233 -2,640 Aug 4,050 2 959 128 4,878 5,018 42 127 556 2 25 195 5,622 -744 Sept 6,585 3 427 111 6,898 6,070 46 112 -73 1 229 6,066 832 Oct 3,099 4 401 79 3,418 6,383 56 86 587 -2 -316 6,514 -3,097 Nov 4,151 3 975 127 4,997 5,161 83 128 367 3 243 5,558 -561 Dec 6,003 71 747 360 6,320 7,124 95 409 617 23 5" 145 7,364 -1,044 1953—Jan 5,061 43 286 65 5,239 5,737 82 100 296 8 -401 5,442 -203 Feb 5,479 3 920 128 6,267 5,595 38 129 346 2 -19 2 5,754 513 Mar 10,502 2 649 106 11,042 6,187 21 107 758 1 19 135 6,970 4,072 Apr 2,849 3 443 75 3,214 6,362 40 82 488 -3 -289 6,443 -3,229 May 4,380 4 1,047 129 5,294 6,241 '47 131 217 1 -44 428 ••6,662 r-1,368 June 9,744 49 1,338 848 10,185 7,988 70 907 537 -11 373 7,932 2,253 July 3,308 429 6,068 629 -466 c Corrected. r Revised. 1 Represents principally interest paid to Treasury by Government agencies and repayment of capital stock and paid-in surplus by partially owned Government corporations. 2 Represents principally interest on investments in U. S. Government securities, payroll deductions for Government employees' retirement accounts, and transfers shown as Budget expenditures. 3 Represents principally excess of interest accruals over payments on savings bonds and Budgetary expenditures involving issuance of Federal securities; the latter include mostly armed forces leave bonds and notes issued to the International Bank and Monetary Fund, which are treated as noncash expenditures at the time of issuance and cash expenditures at the time of redemption. 4 Represents principally noncash items shown under trust account receipts (described in footnote 2); also includes small adjustments for noncash interest reflected in noncash Budget receipts (see footnote 1) and in noncash trust account expenditures (see footnote 5). •Represents principally repayments of capital stock and paid-in surplus by partially owned Government corporations, as well as interest receipts by such corporations on their investments in the public debt (negative entry). 6Cash transactions between International Monetary Fund and Exchange Stabilization Fund. (See footnote 3.) DERIVATION OF CASH BORROWING FROM OR REPAYMENT OF BORROWING TO THE PUBLIC In Plus: Cash Less: Noncash debt transactions Equals: Details of netcash borrowing from or crease, issuance of Net cash repayment ( —) ofborrowing to the public2 Period c o r r e d as e e - Fe s d e e c r u al r it a ie g s e n o c f ies N in e t F i e n d v . . Accruals .0 public1 b i o n r g r , o o w r - Direct Savings Postal d (— i g d r r . e o ) b p . s t u s in b. a G n u te a e r d - a g N n u t o e a n e r - - d G & o s t e v r c . t . . f a b u g y n e d n s . T I b n r o t e . n a d o s s . n b a 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 ( e o - p i r ) n r a o g y o w t f . - m & is k s c t u a o e b n s l v 3 e . . b p (i o r s i n s c u d e e ) s S n av o i t n es gs S s a i p s v s e . u c S e ia y s 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 3,301 719 3 2,918 65,295 6-103 -2,164 -100 -10 Semiannual totals: 1950—Jan.-June. . . 227 -10 -33 -1,450 265 219 1,152 112 462 834 -80 -176 July-Dec.. . . -650 4 388 1,544 337 -56 -2,081 -2,761 292 187 -170 371 1951—Jan.-June. . . -1,486 5 -13 2,014 301 -92 -3,714 -1,184 -758 -845 -923 -5 July-Dec.. . . 4,197 13 51 1,404 417 -33 2,472 3,183 -432 -255 -74 51 1952—Jan.-June. . . -313 3 -139 2,232 361 -45 -2,998 -1,544 -285 -955 -81 -134 July-Dec.. . . 8,286 8 37 1,601 409 -29 6,351 7,322 -121 -829 -32 11 1953—Jan.-June. . . -1,320 -2 -69 1,700 308 34 -3,433 5-2,027 518 -1,335 -68 -21 Monthly: 1952—July. . 3,968 -11 37 308 77 11 3,597 3,830 —54 — 173 —30 24 Aug 113 5 66 397 44 -27 —229 — 192 — 111 74 Sept -504 1 -34 44 49 -3 -628 -259 -46 -292 -31 Oct 2,238 5 —50 21 58 —2 2 116 2 ,200 _7 — 13 54 Nov 2,513 6 68 481 84 -1 2! 022 l]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 —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 May 1,930 38 453 ••48 43 rl,425 61,571 5_i47 —6 —32 r39 June -449 33 735 71 1 — 1,222 —862 —98 —341 — 11 90 July.i 6,598 ii' 15 61 6,333 -122 252 r Revised. 1 Differs from "accruals to the public" shown in preceding table, principally because adjustments to Exchange Stabilization Fund are included. 2 Includes redemptions of tax anticipation bills and savings notes used in payment of taxes. 3Most changes in convertible Series B investment bonds, 1975-80, reflect exchanges of, or conversions into, marketable issues and thus cancel out in this column. An exception was the sale for cash of about 300 million dollars in June 1952. * Includes cash issuance in the market of obligations of Government corporations and agencies and some miscellaneous debt items. 6Excludes exchanges of savings bonds into marketable bonds. 872 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 CashL operating outfo Period Total t i a n D u x d i a e i r v l s e s i c o 1 d t n - t c a D a o x t i r i e r p o s e o n c o r s t - n E t m a a x x i n c s e d i c s s . e i c n S e s o . i c p i r t a e s l 2 - c O o c i a t m n h s - h e e r 3 D R c o e e e f f i d p u r u e t n c s - d t: s Total n g a M r t p a l a r . m o j s o - s e r * c. e d I s n e t t b e o t r * n - g e r V p r a a r e m o n t - - s s8 s g e S r p c o a r u c m o r i - a i 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 40,970 18,115 10,854 7,597 4,438 2,126 2,160 43,155 17,879 4,264 9,146 4,740 7,126 1951 53,439 24,095 14,388 8,693 5,839 2,531 2,107 45,804 26,038 4,052 5 980 4,458 5,276 1952 68,093 30,713 21,467 8,893 6,521 2,801 2,302 67,956 46,396 4,059 5,826 5,206 6,469 1953 71,344 33,370 21,595 9,978 6,858 2.694 3,151 76,561 52,843 4,658 4,920 6,124 8,016 Semiannual totals: 1950—Jan.-June 21,551 11,220 4,965 3,637 2,510 1,065 1,846 21,865 8,441 2,075 5,887 2,392 3,070 July-Dec 20,900 7,971 4,971 4,476 2,611 1,182 311 20,105 9,905 1,997 2,977 2,007 3,219 1951—Jan.-June 32,537 16,124 9,416 4,217 3,228 1,348 1,796 25,700 16,133 2,058 3,003 2,450 2,056 July-Dec. , 26,799 11,025 7,149 4,374 3,135 L ,418 302 32.334 21,146 2,079 3,117 2,465 3,527 1952—Jan.-June 41,293 19,687 14,318 4,519 3,386 L.383 2,000 35,622 25,250 1,984 2.709 2,741 2,938 July-Dec 30,104 13,041 7,821 5,048 3,202 ,443 451 37,357 25,944 2,246 2,500 2,876 3,791 1953—Jan.-June 41,241 20,329 13,773 4,931 3,656 L ,252 2,700 39,203 26,898 2,413 2,420 3,247 4,225 Monthly: 1952—July. . . 3,593 1,386 958 865 302 233 151 6,233 4,684 243 464 492 350 Aug 4 878 2,719 357 792 908 204 102 5,622 3,841 139 408 456 778 Sept 6,898 3,162 2,442 818 344 187 55 6,066 4,520 497 398 459 192 Oct 3 418 1,135 927 866 298 243 51 6,514 4,375 485 409 532 713 Nov 4,997 2,686 352 838 934 234 47 5,558 3,877 100 391 459 731 Dec 6,320 1,952 2,785 868 415 345 45 7,364 4,646 781 431 478 1,028 1953—Jan 5,239 3,558 501 765 214 255 54 5,442 4,218 149 397 576 102 Feb 6,267 4,198 404 791 1,013 197 336 5,754 4,151 269 390 506 438 Mar 11 042 4,211 6,171 840 557 207 944 6,970 4,691 526 418 436 899 Apr 3,214 2,204 654 795 344 180 963 6,443 4,583 ?97 408 658 497 May 5,294 3,076 359 860 1,000 243 244 '6,662 4,438 ••127 406 529 r\ ,162 June 10,185 3,OS1 5,683 879 528 173 159 7,932 j 4,817 1,045 401 543 1,126 T«ly 105 1 P4 635 P428 »589 r Revised. v Preliminary. 1 Includes current and back income taxes, estate and gift taxes, and adjustment to Treasury daily statement. 2Includes taxes for old-age and unemployment insurance, carriers taxes, and veterans life insurance premiums. 3 Represents mostly nontax receipts. * Represents Budget expenditures adjusted for net redemptions of armed forces leave bonds and special International Bank and Monetary Fund notes. 5Represents Budget expenditures less the excess of interest accruals over payments on savings bonds and Treasury bills and less interest paid by the Treasury to (1) trust funds and accounts and (2) Government corporations not wholly owned. Represents Budget outlays plus payments to the public from veterans life insurance funds and redemptions of adjusted service bonds. 7 Represents Budget outlays plus benefit payments and administrative expenses of trust funds for old-age and unemployment insurance, and Government employees and Railroad retirement funds. UNITED STATES SAVINGS BONDS AND NOTES—SALES, REDEMPTIONS, AND AMOUNT OUTSTANDING [In millions of dollars] Savings bonds and saving. Year or All series Series A-E and H Series F, G, J and K i notes month Redemp- Outstand- Redemp- Outstand- Redemp- Outstand- Redemp- Outstand- Sales tions and ing (end of Sales tions and ing (end of Sales tions and ing (end of Sales tions and ing (end of maturities period) maturities period) maturities period) maturities period) 1941 3.036 162 6,140 1,643 160 4,750 1,393 2 1,390 2,479 8 2,471 1942 9,157 343 15,050 5,989 307 10,526 3,168 36 4,523 6,479 2,565 6,384 1943 13,729 1,576 27,363 10,344 1,452 19,573 3,385 124 7,790 8,055 5,853 8,586 1944 16,044 3,321 40,361 12,380 3,063 29,153 3,664 258 11,208 8,533 7,276 9,843 1945 12,937 5,503 48,183 9,822 5,135 34,204 3,115 368 13,979 5,504 7,111 8,235 1946 7,427 6,278 49,776 4,466 5,667 33,410 2,962 611 16,366 2,789 5,300 5,725 1947 6,694 4,915 52,053 4,085 4,207 33,739 2,609 708 18,314 2,925 3,266 5,384 1948 7,295 4,858 55,051 4,224 4,029 34,438 3,071 829 20,613 3,032 3,843 4,572 1949 5,833 4,751 56,707 4,208 3,948 35,206 1,626 803 21,501 5,971 2,934 7,610 1950 6,074 5,343 58,019 3,668 4,455 34,930 2,406 888 23,089 3,613 2,583 8,640 1951 3,961 5,093 57,587 3,190 4,022 34,728 770 1,071 22,859 5,823 6,929 7,534 1952 4,161 4,530 57,940 3,575 3,622 35,324 586 908 22,616 3,726 5,491 5,770 1952—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 72 22,587 63 826 4,879 Apr... 383 380 58,413 351 318 35,852 31 62 22,561 109 190 4,798 May.. 371 1906 57,920 340 P294 35,939 31 P1612 21,981 1,714 1,719 4,793 June.. 370 U85 57,886 340 P307 36,048 30 P178 21,837 1,068 1,408 4,453 P Preliminary.. 1 Figures for May include 390 million dollars and those for June include 18 million 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. AUGUST 1953 873 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES [On basis of daily statements of United States Treasury. In millions of dollars] Public issues» 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 i e o r b e t t a c a l t Total Total Bills c C e i a n e d t r d e n t s e i e f b s o i s - t f - Notes B e b l l a i e g n * i k B - on s d t B s r r i a e c n - t k ed b v C i o b e o n r l n e d t- - s Total5 b S i o n a n g v d s - s n s i T a o n a n a t g v d e x s - s S is p s e u c e ia s l 1940—Dec.. 50,942 45,025 39,089 35,645 1,310 6,178 28,156 3,444 3,195 5,370 1941—Dec.. 64,262 57,938 50,469 41,562 2,002 5,997 33,563 8,907 6,140 2,471 6,982 1942—Dec.. 112.471 108,170 98,276 76,488 6,627 10,534 9,863 44,519 4,945 21,788 15,050 6,384 9,032 1943—Dec.. 170,108 165,877 151,805 115,230 13,072 22,843 11,175 55,591 12,550 36,574 27,363 8,586 12,703 1944—Dec.. 232,144 230,630 212,565 161,648 16,428 30,401 23,039 66,931 24,850 50,917 40,361 9,843 16,326 1945—Dec.. 278,682 278,115 255,693 198,778 17,037 38,155 22,967 68,403 52,216 56,915 48,183 8,235 20,000 1946—Dec.. 259,487 259,149 233,064 176,613 17,033 29,987 10,090 69,866 49,636 56,451 49,776 5,725 24,585 1947—June. 258,376 258,286 227,747 168,702 15,775 25,296 8,142 69,852 49,636 59,045 51,367 5,560 27,366 Dec. 256,981 256,900 225,250 165,758 15,136 21,220 11,375 68,391 49,636 59,492 52,053 5.384 28,955 1948—June. 252,366 252.292 219,852 160,346 13,757 22,588 11,375 62,990 49,636 59,506 53,274 394 30,211 Dec. 252,854 252,800 218,865 157,482 12,224 26,525 7,131 61,966 49,636 61,383 55,051 4,572 31,714 1949—June. 252,798 252,770 217,986 155,147 11,536 29,427 3,596 60,951 49,636 62,839 56,260 4,860 32,776 Dec. 257,160 257,130 221,123 155,123 12,319 29,636 8,249 55,283 49,636 66,000 56,707 7,610 33,896 1950—June. 257,377 257,357 222,853 155,310 13,533 18,418 20,404 53,319 49,636 67,544 57,536 8,472 32,356 Dec. 256,731 256,708 220,575 152,450 13,627 5,373 39,258 44,557 49,636 68,125 58,019 8,640 33,707 1951—June. 255,251 255,222 218,198 137,917 13,614 9,509 35,806 42,928 36,061 13,573 66,708 57,572 7,818 34,653 Dec. 259.461 259,419 221.168 142.685 18,102 29,078 18,409 41,049 36,048 12,060 66,423 57,587 7,534 35,902 1952—June. 259,151 259,105 219,124 140,407 17,219 28,423 18,963 48,343 27,460 13,095 65,622 57,685 6,612 37,739 1952—July 263,107 263,073 222,963 144,340 17,213 28,170 18,971 52,579 27,407 13,145 65,478 57,709 6,440 37,945 Aug 263,225 263,186 222,753 144,148 17,206 28,019 18,974 52,579 27,369 13,186 65,419 57,753 6,330 38,307 Sept 262,722 262,682 222,216 143,895 17,207 27,763 18,982 52,579 27,365 13,182 65,139 57,758 6,039 38,360 Oct 264,964 264,919 224,430 146,775 19,712 16,902 30,246 52,578 27,338 12,491 65,164 57,794 6,026 38,390 Nov 267,483 267,432 226,557 148,772 21,715 16,902 30,253 52,578 27,324 12,499 65,285 57,850 6,089 38,788 Dec 267,445 267,391 226,143 148,581 21,713 16,712 30,266 58,874 21,016 12,500 65,062 57,940 770 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 58,134 676 39,097 Feb 267,634 267,584 226,187 148,445 21,710 15,958 30,282 59,483 21,012 12,484 65,258 58,268 5,642 39,302 Mar 264,536 264,485 223,025 145,988 19,211 15,959 30,327 59,482 21,009 12,438 64,599 58,371 879 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 58,413 798 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 July 272,732 272,669 230,009 153,757 20,207 21,756 30,455 64,096 17,243 12,310 63,942 57,871 4,706 40,594 1 Includes fully guaranteed securities, not shown separately. 2Includes noninterest-bearing debt, not shown separately. 'Includes amounts held by Government agencies and trust funds, which aggregated 7,022 million dollars on June 30, 1953. 4 Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds. 8Includes 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 HelcIby Held by the public gross TUT. oQ. VxCOs\Vici II.IUCJ.IL End of month (in d c e l b u t 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 anteed Special Public Banks banks2 banks com- rations govern- Savings Other invessecuri- issues issues panies ments bonds securities tors* ties) 1940—Dec 50,942 5,370 2,260 43,312 2,184 17,300 3,200 6,900 2,000 500 2,800 7,800 700 1941—Dec 64,262 6,982 2,558 54,722 2,254 21,400 3,700 8,200 4,000 700 5,400 8,200 900 1942—Dec 112,471 9,032 3,218 100,221 6,189 41,100 4,500 11,300 10,100 1,000 13,400 10,300 2,300 1943—Dec 170,108 12,703 4,242 153,163 11,543 59,900 6,100 15,100 16,400 2,100 24,700 12,900 4,400 1944—Dec 232,144 16,326 5,348 210,470 18,846 77,700 8,300 19,600 21,400 4,300 36,200 17,100 7,000 1945—Dec 278,682 20,000 7,048 251,634 24,262 90,800 10,700 24,000 22,000 6,500 42,900 21,400 9,100 1946—June 269.898 22,332 6,798 240,768 23,783 84,400 11,500 24,900 17,700 6,500 43,500 20,000 8,600 Dec 259,487 24,585 6,338 228,564 23,350 74.500 11,800 24,900 15,300 6,300 44,200 20,100 8,100 1947—June 258,376 27,366 5,445 225,565 21,872 70,000 12,100 24,600 13,900 7,100 45,500 20,900 9,600 Dec 256,981 28,955 5,404 222,622 22,559 68,700 12,000 23,900 14,100 7,300 46,200 19,400 8,400 1948—June 252,366 30,211 5,549 216,606 21,366 64,600 12,000 22,800 13,600 7,800 47,100 18,600 8,700 Dec 252,854 31,714 5,614 215,526 23,333 62,500 11,500 21,200 14,800 7,900 47,800 17.600 8,900 1949—June 252,798 32,776 5,512 214,510 19,343 63,000 11,600 20,500 15,600 8,000 48,800 18,000 9,600 Dec 257,160 33,896 5,464 217,800 18,885 66,800 11,400 20,100 16,800 8,100 49,300 17,000 9,400 1950—June 257,377 32,356 5,474 219,547 18,331 65,600 11,600 19,800 18,800 8,700 49,900 17,200 9,700 Dec 256,731 33,707 5,490 217,533 20,778 61,800 10,900 18,700 20,500 8,800 49,600 15,900 10,500 1951—June 255.251 34,653 6,305 214,293 22,982 58,400 10,200 17,100 20,800 9,400 49,100 15,600 10,700 Dec 259,461 35,902 6,379 217,180 23,801 61,600 9,800 16,400 21,300 9,600 49,100 15,000 10,600 1952—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 r21,400 11,100 49,300 15,000 '12,300 Feb. , 267,634 39,302 6,869 221,463 23,875 61,900 9,600 16,100 ••21,800 11,100 49,400 '15,200 '12,500 Mar 264,536 39,354 6,908 218,274 23,806 59,500 9,600 16,000 '20,700 11,300 49,500 '15,500 '12,500 Apr 264,642 39,474 6,866 218,302 23,880 59,000 9,500 16,000 '20,700 11,300 49,600 '15,300 '13,000 May 266,572 39,710 7,057 219,805 24,246 58,500 9,600 16,000 21,800 11,700 49,300 15,900 12,800 ' Revised. includes the Postal Savings System. 2Includes holdings by banks in territories and insular possessions, which amounted to 300 million dollars on Dec. 31, 1952. 3 Includes savings and loan associations, dealers and brokers, foreign accounts, corporate pension funds, and nonprofit institutions. NOTE.—Holdings of Federal Reserve Banks and U. S. Government agencies and trust funds are reported figures; holdings of other investor groups are estimated by the Treasury Department. 874 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 July 31, 1953 [On basis of daily statements of United States Treasury. In millions of dollars] Issue and coupon rate Amount! Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills1 Certificates Treasury bonds Treasury bonds—Cont. Aug. 6, 1953. . 1,500 Aug. 15, 1953 2 2,882 Sept. 15, 1953 ...2 7,986 Dec. 15, 1963-68. ..2M 2,827 Aug. 13, 1953.. 1,501 Feb. 15, 1954 2Vi 8,114 Dec. 15, 1953-55 . . . .2 510 June 15, 1964-69 3,756 Aug. 20, 1953. . 1,501 June 1, 1954 2% 4,858 Dec. 15, 1953-543 . ..2 5,825 Dec. 15, 1964-69 e.. 2 3,832 Aug. 27, 1953. . 1,501 Mar. 22, 1954 2 2y2 5,902 Dec. 15,1953-554 1,501 Mar. 15, 1965-70 « 4,722 Dec. 15, 1953-54 . . . .2 8,662 Mar. 15, 1966-71«..2 2,963 Sept. 3, 1953 . . 1,500 June 15, 1954-565..2X 681 June 15, 1967-72 6 1,894 Sept. 10, 1953. . 1.400 Mar. 15, 1955-60 5. .2% 2,611 Sept. 15, 1967-72. . . 2,716 Sept. 17, 1953. . 1,501 Mar. 15, 1956-58. ..2Vi 1,449 Dec. 15, 1967-72 6.. 2 H 3,832 O O O O O S S c c c c c e e t t t t p t p t . . . . t . . . 2 2 1 2 1 9 2 8 5 1 4 8 , , , , , , , 1 1 1 1 1 1 1 9 9 9 9 9 9 9 5 5 5 5 5 5 5 3 3 3 3 3 3 3 . . . . . . 2 . . . . . . . . . . . . 1 1 1 1 1 1 , , , . , , 5 5 5 5 8 5 5 0 0 0 0 0 0 0 1 0 0 0 0 1 0 T O A A O A D M D M re e e c p p c p a a c c a t t r r r r r . . . . . . . s . . u 1 1 1 r 5 5 1 1 1 5 1 1 1 y , , , , , , , , , 1 1 1 1 1 1 1 1 n 1 9 9 9 9 9 9 9 9 9 o 5 5 5 5 5 5 5 5 5 8 t 5 5 7 7 6 3 4 6 e . . s . . . . . . 2 1 5 6 4 1 0 , , , , , 8 0 3 6 5 8 5 5 1 0 5 7 6 4 2 3 5 0 7 4 5 5 2 4 1 0 7 J J J J D D S S M D u u u u e e e e e n n n a n p c c p c e e e r . e . . t t . . . 1 1 1 1 1 1 1 1 1 1 5 5 5 5 5 5 5 5 5 5 , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 5 5 5 5 6 5 5 5 5 6 8 8 6 8 2 9 7 9 6 0 - - - - - - - - 5 6 6 6 6 5 5 6 9 3 7 2 9 2 9 5 . . . . . 5 6 5 . . . . . . . . . . . . . 2 2 . . 2 2 2 2 2 2 " 2 2 % H 3 % % H % " ^ 4 ' 5 3 2 3 4 1 , , , , , , 4 4 1 8 2 2 9 6 9 9 8 6 1 2 4 7 1 8 2 2 5 7 7 2 5 8 9 2 0 7 P P C A J b I o a n u o o p s n v n n t n r a e e . a v d m s l e s t 1 1 r m a S , t 5 i a e , 1 b C n v 1 9 l a t e i 9 7 n n 7 5 S b g a 8 - e s o 8 l - r n i 8 0 L e . 3 d s o . . s a B . . 2 n .3 M 2 . J . H 4 3 12 1 , , 3 6 1 0 5 5 7 0 0 3 lSdld on discount basis. See table on Open Market Money Rates, p. 869. 2Tax anticipation series. 3Maturity June 15, 1954. 4Maturity June 15, 1955. 5Partially tax exempt. 6 Restricted. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES • Marketable and Convertible Direct Public Securities [Par values in millions of dollars] Total G a U g o . e S v n . t - . F e e ra d l - Com- M tua u l - c [ o n m su p ra a n n c ie e s Total G a U g o . e S v n . t - . F e e ra d l - Com- M tua u l - c In o s m u p r a a n n i c e e s End of month out- cies Re- mer- sIV- Other End of month out- cies Re- mer- sav- Other stand- and serve cial iiigs stand- and serve cial ings ing f t u ru nd st s Banks banks1 banks Life Other ing f t u r n u d st s Banks banks* banks 1Life Other Type of security: Type of security: Total marketable Convertible bonds and convertible: (Investment 1950—Dec. 152,450 5,364 20 77854,88410,14312,737 4 116 44,428 Series B): 1951—June 151,490 6,177 22 98251,671 9,50411,138 4 161 45,855 1950—Dec. Dec 154,745 6,251 23 80154,302 9,12310,289 4 301 46,679 1951—June 13,573 2,905 2,714 166 1,252 2,921 312 3,304 1952—June 153,502 6,447 22,90654,038 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—Apr 158,524 6,735 23 88051,630 8,819 9,376 4 767 53,316 May 160,679 6,929 24 246 51,096 8,881 9,401 4 810 55,315 1953—Apr 12,391 3,439 183 1,320 3,153 354 3,942 Treasury bills: May 12,355 3,439 177 1,320 3,140 354 3,924 1950—Dec 13,627 35 1296 3,888 33 391 83 7,901 Marketable secu- 1951—June 13,614 26 527 3,750 122 756 72 8,360 rities, due or Dec 18 102 50 596 6,773 71 428 104 10,080 callable: 1952—June 17 219 41 381 5,828 103 504 92 10,268 Within 1 year: Dec. .. 21,713 86 1341 7,047 137 464 119 12,518 1950—Dec 58 013 81 16,00320.088 270 655 799 20,117 1951—June 60,860 129 13,96221,596 626 1,206 954 22,389 1953—Apr. 19 312 130 589 3,805 158 377 121 14 133 Dec 72,790 155 15,05730,348 532 778 1,203 24,718 May 19 913 156 830 3,662 139 294 135 14,696 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 1544 7 1 52 1434 1951—June 9 509 17 3 194 2 753 37 113 174 3 221 1953-Apr 75 771 209 15,04127,043 670 485 1,410 30,913 Dec 29 078 49 12 793 6 773 41 217 445 8 761 May 76,372 248 15,40726,398 683 420 1,390 31,826 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—Apr 15 959 26 4 996 4 238 87 31 319 6 262 Dec 28 678i 155 5,102 18,600 142 119 566 3,993 May 15 959 29 5 121 4 141 111 47 306 6 204 1952—June 29 4341 130 5,941 18,352 138 123 567 4,183 Treasury notes: Dec 30 196 123 6,65517,822 133 120 653 4,690 1950—Dec 39 258 10 12 527 15 833 136 165 542 10044 1951—June 35 806 14 12 439 13 704 120 208 478 8 841 1953—Apr 25 629 78 6,411 14,839 125 120 505 3,552 Dec 18 409 3 5 068 10 465 67 1 315 2 489 May 25 665j 76 6,41114,812 124 120 530 3,592 1952—June 18 963 2 5 568 10 431 42 5 327 2 587 5-10 years: Dec 30 266 16 13 774 10 955 49 8 486 4 978 1950-Dec 17 411 412 982 7,329 2 125 906 1.042 4.615 I 1951—June 16 012! 376 1,032 6,275 2 010 842 1,017 4,460 1953-Apr 30 375 18 13,774 10 644 64 5 522 5 348 Dec 11 2061 309 1,014 2,442 1925 712 945 3,859 May 30 411 18 13 774 10507 63 5 526 5 518 1952—June 13 321 524 1,070 3,274 2 092 1,090 1,089 4.183 Marketable bonds:3 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 9 967 12 180 3438 25 049 1951—June 78 989 3,215 4,10831 298 7974 7 139 3125 22 129 1953-Apr 18 183 674 1,070 7,015 1992 1,113 1,345 4,974 Dec 77 097 3,243 4,13030 119 7697 6 720 3120 22 068 May 18 182 675 1,070 7,060 1 950 1,105 1,347 4,974 1952—June 75 802 2,908 4,42230 710 7221 5 855 3,087 21 600 After 10 years: Dec 79 890 3,046 4,522 32 849 7165 5 807 3,429 23 072 1950—Dec 43 648 4,682 2.50S 2,934 7 180 10,778 1,531 14,035 1951—June 30 023 2,629 1,397 2,781 5 389 6,056 1,236 10,534 1953—Apr 80 487 3,123 4,522 32760 7189 5 811 3,452 23 631 Doc 30 012 2,726 1,415 2,740 5 276 5,758 1,269 10.828 May 82 042 3,287 4,522 32609 7247 5 915 3,489 24 973 1952-June 26 707 2,211 1,358 2,6S1 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—Apr 26 550 2,335 1,358 2,551 4 712 4,506 1,154 9,935 May 28 105 2,492 1,358 2,649 4 804 4,616 1,188 10,998 • 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. 3 Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds. AUGUST 1953 875 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW SECURITY ISSUES1 [Estimates, in millions of dollars] Proposed uses of net proceeds, Gross proceeds, all issuers2 all corporate issuers6 Noncorporate Corporate New capital Re- Y m e o a n r t o h r Total G m U o e v . n S er t . n 8 - ag F e e e r n a d c l - y4 S n m a p t i n a c a u d t i l - e - Other* Total Total o B P f l o f i u c e n r l b d e y - s d p v P l a a r t c e i e - ly d 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 New p l M p a c o o u e n u s i l r s e s e - - - - s d b m e t R e i a t o e r c b e n f e n - . t k - 8 t , s m t i e t i c o i r e e u e f n s r - t - 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 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 I ,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—June. 2,436 978 624 831 635 211 425 84 112 769 735 4 30 49 July. 6,436 4,898 226 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.. 783 611 30 392 86 664 497 186 310 51 116 634 603 25 21 Feb.. 592 494 390 2 706 536 307 229 47 123 666 635 23 28 Mar. 604 503 405 696 517 153 364 62 116 672 630 24 12 Apr.' 667 491 349 818 659 375 284 35 124 789 757 13 17 May: 630 3,244 6.SO 731 484 287 197 82 165 696 612 49 19 June. 3,053 1 ,454 416 1,179 988 575 413 33 1,134 1,046 64 27 Proposed uses of net proceeds, by major groups of corporate issuers Year or Manufacturing C m om is m ce e ll r a 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 month T c p n e o r e e o t d t a - s l N c it a e a p w l - * m R e e n ti t r s e 1 - 0 T c p e n o r e e o t d t a - s l N c it a e a p w l - * m R e e n ti t r s e 1 - 0 T c p e n o r e e o t d t a - s l N c it a e a p w l - * Retire- T c p e n o r e e t o d a t - s l N c it a e a p w l - * m R e e n ti t r s e 1 - 0 T c p e n o r e e o t d a t - s l i N c t a a e p l w - • m R e et n ii ts10 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 54 403 382 748 691 56 2,150 2.005 144 891 890 587 557 30 1949 1,391 1,347 44 338 310 795 784 11 2.276 2,043 233 567 517 593 558 35 1950 1,175 1,026 149 538 474 806 609 196 2,608 1,927 682 395 314 739 639 100 1951 3,040 2,846 221 518 462 490 437 53 2.412 2.326 85 605 600 515 449 66 1952 4,022 3,765 257 536 512 983 758 225 2,626 2,539 753 747 508 448 60 1952—June 271 264 7 44 44 58 23 35 345 343 29 28 72 68 4 July 354 336 18 51 49 82 82 233 231 493 493 72 47 25 August 127 93 34 35 33 112 27 "85' 107 106 21 21 12 11 1 September. 183 136 47 16 14 39 38 1 165 165 16 16 27 20 7 October... 645 630 15 30 29 30 29 2 347 280 67 27 26 61 58 3 November. 164 147 18 21 21 45 32 12 43 43 48 47 56 50 7 December. 327 309 18 149 148 115 23 216 213 34 33 56 55 1 1953—January... 283 276 7 24 24 51 14 245 245 4 4 47 47 February.. 148 144 3 92 89 51 18 257 254 7 7 140 140 March.... 203 194 9 31 30 81 212 210 15 15 142 141 Aprilr 312 309 2 31 25 66 223 215 13 13 162 161 May' 114 97 17 57 56 40 397 397 7 7 99 99 June 285 278 7 41 41 42 334 317 43 43 415 412 r Revised. 1 Estimates of new issues sold for cash in the United States. 2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 8 Includes issues guaranteed. * Issues not guaranteed. • 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 and> 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. 19 Retirement of securities only. Source.—Securities and Exchange Commission. 876 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Annual Quarterly Industry 1951 i 1952 1953 1947 1948 1949 1950 1951 1952 3 4 1 2 3 4 1 Manufacturing Total (200 corps.): Sales 30,86937,00836,73844,11851,067 52,536 12,297 13,013 12,760 12,606 12,213 14,95615,452 Profits before taxes .... .... 4,104 5,317 5,038 7,893 8,557 7,041 1,964 2,137 1,940 1,618 1 493 1,988 2,230 Profits after taxes 2,524 3,312 3,101 4,055 3,411 3,044 762 932 815 624 678 928 857 Dividends . . . 1,170 1,404 1,660 2,240 1,986 1,980 475 567 482 476 475 549 486 Nondurable goods industries (94 corps.):2 Sales 11,313 13,407 12,853 14,777 17,371 17,546 4,294 4,441 4,335 4,216 4,363 4,627 4,637 Profits before taxes . . 1,787 2,210 1,847 2,702 3,184 2,606 773 741 705 599 642 660 729 Profits after taxes 1,167 1,475 1,213 1,513 1,411 1,256 334 368 314 287 308 347 330 Dividends . . .. 551 657 710 889 845 863 203 242 210 206 205 244 210 Durable goods industries (106 corps.):3 Sales 19,502 23,56623,88529,34133,69634,991 8,003 8,572 8,425 8,390 7 851 10 32910 814 Profits before taxes 2,312 3,105 3,191 5,192 5,374 4,435 1,191 1,396 1,234 1,019 852 1,328 1,501 Profits after taxes 1,355 1,835 1,887 2,542 2,000 1,789 428 565 501 338 370 581 527 Dividends 615 746 950 1,351 1,141 1,118 273 325 273 270 270 305 276 Selected industries: Foods and kindred products (28 corps.): Sales 3,231 3,503 3,323 3,492 3,873 3,911 942 1,004 959 942 984 1,027 1 015 Profits before taxes 421 411 379 469 407 377 93 104 86 93 104 94 86 Profits after taxes 259 258 235 257 199 175 46 52 40 42 48 45 41 Dividends 128 136 135 143 140 135 32 42 32 33 32 38 30 Chemicals and allied products (26 corps.): Sales 3,108 3,549 3,557 4,447 5,433 5,553 1,351 1,367 1,373 1,337 1 367 1,476 1,511 Profits before taxes 547 656 675 1,110 1,384 1,184 342 312 318 281 285 299 349 Profits after taxes 337 409 404 560 484 449 111 125 108 105 108 128 120 Dividends 215 254 312 438 355 373 87 100 87 87 88 112 89 Petroleum refining (14 corps.): Sales 2,906 3,945 3,865 4,234 4,999 5,320 1,246 1,345 1,318 1,275 1,325 1,402 1,381 Profits before taxes . . . . . 456 721 525 650 861 690 218 222 204 147 165 174 191 Profits after taxes 350 548 406 442 516 488 127 148 129 111 115 133 127 Dividends . . .. 127 172 172 205 231 253 55 64 64 60 60 69 65 Primary metals and products (39 corps.): Sales 7,545 9,066 8,187 10,446 12,501 11,557 3,034 3,226 3,073 2,385 2 60S 3 494 3,418 Profits before taxes 891 1,174 993 1,700 2,092 1,161 492 519 425 98 208 430 457 Profits after taxes . . 545 720 578 854 775 565 176 217 220 29 99 218 188 Dividends 247 270 285 377 380 367 86 120 88 87 ©6 106 88 Machinery (27 corps.): Sales 3,634 4,529 4,353 5,058 6,167 7,078 1,434 1,690 1,590 1,726 1 697 2,066 2,047 Profits before taxes 443 567 519 847 998 972 210 301 232 238 213 200 281 Profits after taxes 270 333 320 424 367 379 73 123 81 80 90 128 101 Dividends 113 125 138 208 191 199 48 54 49 48 49 53 50 Automobiles and equipment (15 corps.): Sales 6,692 8,093 9,577 11,805 12,438 12,827 2,899 2,939 3,035 3,427 2 681 3 684 4 308 Profits before taxes 809 1,131 1,473 2,305 1,915 1,950 405 488 503 596 347 504 652 Profits after taxes 445 639 861 1,087 704 695 142 185 170 191 143 191 197 Dividends 195 282 451 671 479 461 119 119 116 114 114 117 117 Public Utility Railroad: Operating revenue 8,685 9,672 8,580 9,473 10,391 10,580 2,583 2,772 2,587 2,532 2,633 2,828 2,596 Profits before taxes .... 777 1,148 700 1,384 1,260 1,436 250 505 295 261 368 512 336 Profits after taxes 479 699 438 783 693 816 124 320 141 149 208 318 186 Dividends 236 289 252 312 328 336 53 111 80 74 6o 116 97 Electric power: Operating revenue ... 4,291 4,830 5,055 5,431 5,867 6,224 1,423 1,521 1,603 1,491 1 513 1 618 1,710 Profits before taxes 954 983 1,129 1,303 1,480 1,718 320 403 498 400 382 439 545 Profits after taxes 643 657 757 824 818 922 168 226 257 214 207 244 288 Dividends . . 494 493 553 619 661 709 162 181 172 173 177 186 182 Telephone: Operating revenue 2,283 2,694 2,967 3,342 3,729 4,136 931 976 993 1,023 1,037 1,084 1,092 Profits before taxes . 215 292 333 580 691 787 160 182 194 205 182 206 223 Profits after taxes 138 186 207 331 341 384 72 86 93 98 88 104 109 Dividends . . .. . . . .. 131 178 213 276 318 355 81 81 85 87 91 93 100 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). • 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). AUGUST 1953 877 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 s ts d C d e i a n v s d i h - s t U r p i r b n o u d fi t i t e s s - d quarter i N ss e u w es R m e e t n ir t e s - ch N a e n t ge i N ss e u w es R m e e t n ir t e s - ch N a e n t ge i N ss e u w es R m e e ti n r t e s - ch N a e n t ge 1939 . 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 2,523 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 37.0 19.4 17.5 9.1 8.4 1953—1.... 2,321 612 1,710 1,492 481 1,012 829 131 698 4 40.3 21.2 19.1 9.1 10.0 1 Reflects cash transactions only. As compared with data shown on p. 876, 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 Source.—Department of Commerce. stock issues and cash proceeds connected with conversions of bonds into stocks. Retirements include the same types of issues, and also securities retired with internal funds or with proceeds of issues for that purpose shown on p. 876. Source.—Securities and Exchange Commission. CURRENT ASSETS AND LIABILITIES OF UNITED STATES CORPORATIONS1 [Estimates, in billions of dollars] Current assets Current liabilities E o n r d q o u f a r y t e er ar w c o a N r p k e i i t t n al g Total Cash er U G n . o m v S e - . nt Not r e e s c e a i n v d a b a l c e cts. I t n o v ri e e n s - Other Total Note p s a a y n a d b le accts. F in e c d ta o e x m ral e Other securities G U o . v t S . . 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 31.5 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 35.3 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 1 Excludes banks and insurance companies. 2 Receivables 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 EQUIPMENT * [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- other' ing ing roads than ties cations min- rail- ties rail ing roads 1939 . . 5,512 1,943 326 280 365 520 302 1,776 1951—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 ,737 1947. . 20,612 8,703 691 889 1,298 1,539 1,399 6,093 2 6,808 3,384 758 928 L,738 1948 22,059 9,134 882 1,319 1,285 2,543 1,742 5,154 3 6 244 3 026 591 947 680 1949 19,285 7,149 792 1,352 887 3,125 1,320 4,660 4 7,265 3,596 692 1,142 ,835 1950 20 605 7,491 707 1,111 1,212 3 309 1,104 5,671 1951 25,644 10.852 929 1,474 1,490 3,664 1,319 5,916 1953—1 6,147 2,946 621 904 1,675 1952 26,455 11,994 880 1,391 1,363 3,838 1,598 5.391 24 7,244 3,464 755 1,216 1,810 34 7,088 3,465 682 1,205 L 736 1953 * 26,991 12,039 910 1,294 1,380 4,368 7,000 1 Corporate and noncorporate business, excluding agriculture. 2Includes trade, service, finance, and construction. 3Includes communications, trade, and other. 4Anticipated by business. Figures for the second and third quarters of 1953 are based on more recent reports than those for the year as a whole. Source.—Department of Commerce and Securities and Exchange Commission. 878 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 o er l l d s l - t F u i i n c t n i i s o a a t l i n n - - s S F e a e c l g d e i e e e c n s h t r e O - a o d l l t d h e e v o r r I i s t a d n h n u d e d a i r - l s s h A e o r l l s d l - T 1 o - t a t l o 4- t F f u i a i n c m t 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 ti c t - F i u i f a i n a c t n l i i m s o a a t p i l n n i r - l s - o y p a e n O h rt o d e i t e h l r d s s e - r 1 h A e o r l l d s l - t F u i i n c t n i i s o a a ti n l n - s - h O ol t d h e e r r s2 1939 35.5 18 6 2 2 14.7 28.9 16.3 9.3 7.0 12.5 7.8 4.8 6.6 1 5 5.1 1940 36.5 19.5 2.1 14.8 30.0 17.3 10.2 7.1 12.6 7.8 4.8 6.5 1.5 5.0 1 1 9 94 4 2 1 3 36 7 . . 7 6 2 2 0 0 . . 7 7 2 1 .8 0 1 14 4 . . 2 9 3 3 0 1. . 2 8 1 18 8 . . 2 4 1 1 1 1 . . 2 5 67..72 1 1 2 2 . . 9 5 8 7. . 8 0 4 4. . 7 8 6 6 . . 4 0 1 1. 4 5 4 4 .5 9 1943 35.3 20.2 1.4 13.6 29.9 17.8 11.5 6.3 12.1 7.4 4.6 5.4 1 3 4.1 1944 34.7 20.2 1.1 13.3 29.7 17.9 11.7 6.2 11.8 7.2 4.6 4.9 1.3 '3.7 1945 35.5 21.0 .9 '13.7 30.8 18.5 12.2 6.4 12.2 7.5 4.7 '4.8 1.3 3.4 1946 '41.8 26.0 .6 '15.1 36.9 23.1 16.0 7.0 13.8 8.4 5.4 '4.9 1.5 '3.4 1947 '48.9 31.8 .5 '16.6 43.9 28.2 20.5 7.6 15.7 9.6 6.1 '5.1 1.7 '3.3 1948 '56.2 37.8 .6 '17.8 50.9 33.3 25.0 8.3 17.6 10.9 6.7 '5.3 1.9 '3.4 1949 '62 7 42 9 1 1 '18 7 57.1 37.5 28.4 9.1 19.6 12.4 7.2 r5 6 2 1 r3 5 1950 '72.8 51.6 1.4 '19.7 66.7 45.1 35.3 9.8 21.6 14.0 7.6 '6.1 2.3 '3.7 1951 r82 1 59 5 2 0 r20 7 75.6 51.9 41.2 10.7 23.7 15.7 8.0 '6 6 2 6 '4 0 1952 P 90.9 66.9 2.4 21.5 83.8 58.2 46.8 11.3 25.6 17.3 8.3 7.1 2.8 4.3 1951—June '78.1 56.0 1.7 20.4 71.6 48.6 38.4 10.3 23.0 15.1 7.9 '6.5 2.5 '3.9 September. .. . 80.2 57.8 1.8 20.6 73.6 50.3 39.9 10.5 23.3 15.4 7.9 '6.6 2.6 '4.0 December. . . . '82.1 59.5 2.0 20.7 75.6 51.9 41.2 10.7 23.7 15.7 8.0 ••6.6 2.6 '4.0 1952—March P 84 0 61 0 2 2 20 8 77.3 53.2 42.3 10.9 24.1 16.0 8.1 6 7 2 6 4 1 Junep 86.3 63.0 2.2 21.1 79.3 54.8 43.8 11.0 24.6 16.4 8.1 7.0 2.7 4.2 September P. . . 88.7 65.1 2.3 21.3 81.6 56.5 45.4 11.1 25.1 16.9 8.2 7.1 2.8 4.3 December?. . . 90.9 66.9 2.4 21.2 83.8 58.2 46.8 11.3 25.6 17.3 8.3 7.1 2.8 4.3 1953—March? 93.1 68.6 2.6 21.9 85.8 59.6 48.0 11.6 26.2 17.7 8.5 7.3 2.9 4.4 P Preliminary. ' Revised. 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 savings bank 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 ? 671 1 076 569 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 1048 566 4 81? 4 784 3 884 900 28 1942 4,746 4,756 3,33? 974 491 4 677 4,601 3,725 876 26 1943 521 4,058 3,256 80? 463 4,420 4,395 3,558 837 25 1944 4,430 3 967 3,218 749 46,3 4 305 4 781 3,476 805 24 1945 4 772 4,251 3,395 856 4 ?08 4,184 3,387 797 24 1946 7 ?34 6 533 5 146 1,387 70? 4 441 4 415 3 588 827 26 1947 Q,446 8,623 6 933 1 690 873 4 856 4 8?8 3,937 891 28 1948 10 897 10,023 8,066 1 957 874 5 806 5,773 4,758 1 015 34 1949 11 644 10 736 8 676 7,060 909 6,705 6 668 5 569 1,099 37 1950 13.664 1? 695 10 431 7,764 968 8 761 8 7 054 ,164 44 1951 14 73? 13 7?8 11 770 3,421 2,921 4 979 7,458 1,004 9,916 9,869 8 595 7 567 1,726 4,303 1 ?74 47 1952 15,867 14 809 1? 188 3,675 3.012 5 501 2,621 1,058 11,379 11,306 9 87,5 3,168 2,237 4,470 1 431 73 1951 Tun* 14,286 13,255 10,904 2,351 1,031 9,137 9,091 7,833 1,258 46 September 14,540 13,500 11,100 2,400 1,040 9,515 9,468 8,200 1,268 47 December 14,732 13,728 11,270 '3 ^ 421Y,92i 4 929 2,458 1,004 9,916 9,869 8,595 2,567 1,726 4,303 1,274 47 195?-—March 14 860 13830 11 350 3,432 2,928 4 990 2,480 1,030 10,703 10 156 8 843 7 7?0 1,815 4,308 1,313 47 Tune 176 14 113 11 60? 3,441 2,952 5 709 2,51? 1,063 10,554 10,506 9,145 7 898 1,917 4,330 361 48 September 15, 59014.530 11,970 3,580 3,000 5 390 2,560 1,060 10,940 10,880 9,485 3,025 2,069 4,392 1,394 60 December 15,867 14,809 12,188 3,675 3,012 5 501 2,621 1,058 11,379 11,306 9,875! 3,168 2,237 4,470 1,431 73 1953—March P 16,090 15,015 12,335 3,725 3,084 5 526 2,680 1,075 11,680 11,620 10>140j 3,2-70 2,352 4,518 1,480 60 includes all banks in the United States and possessions. 2Includes 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 grano* total are Federal Reserve estimates based on data for insured commercial banks. 3 Data not available for all classifications prior to December 1951. * 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. AUGUST 1953 879 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) Year or month Nonfarm Nonfarm Total Total in F s H ur A e - d a g n V u t A a e r e - - d Other Farm Total Total in F s H ur A e - d a g V n u t A a e r e - - d Other Farm 1939 5,669 4,782 887 1940 5 958 5 061 668 897 1941 6,442 5,529 815 913 1942 898 6 726 5 830 1 096 896 1943 855 6,714 5,873 1,286 841 1944 935 6,686 5,886 1,408 800 1945 976 6,636 5 860 1,394 776 1946 1,661 1,483 178 7,155 6,360 1,228 256 4,876 795 1947 2,786 2,520 451 600 1,469 266 8,675 7,780 1,398 844 5,538 895 1948... 3,407 3,114 1,202 366 1,546 293 10,833 9,843 2,381 1,106 6,356 990 1949 3,430 3,123 1,350 131 1,642 307 12,906 11,768 3,454 1,224 7,090 1,138 1950. . 4,980 4,621 1,572 930 2,119 359 16,102 14,775 4,573 2,026 8,176 1,327 1951 5,111 4,704 1,051 1,268 2,385 407 19,314 17.7S7 5,257 3,131 9,399 1,527 1952 3,975 3,600 850 450 2,300 375 21,275 19,600 5,700 3,350 10,550 1,675 1952—June 344 316 80 32 204 28 20,335 18,716 5,476 3,304 9,936 1,619 July 353 325 69 34 222 28 20,505 18,870 5,517 3,321 10,032 1,635 August 307 285 66 29 190 22 20,643 18,998 5,542 3,334 10,122 1,645 September 303 280 79 12 189 23 20,801 19,147 5,592 3 326 10,229 1,654 October 364 337 79 30 228 27 20,961 19,298 5,626 3,333 10,339 1,663 November .. 288 260 65 22 173 28 21,087 19,411 5,648 3,340 10,423 1,676 December 390 352 86 31 235 38 21,245 19,560 5,690 3,349 10,521 1,685 1953—January 347 309 80 25 204 38 21,396 19,701 5,725 3,358 10,618 1,695 February 327 289 69 25 195 38 21,547 19,834 5,751 3,367 10,716 1,713 March. 403 353 88 29 236 50 21,725 19,992 5 804 3 370 10,818 1,733 April 364 321 77 27 217 43 21,897 20,139 5,820 3,388 10,931 1,758 May... 344 308 62 30 216 36 22,055 20 277 5 854 3 390 11 033 1 778 June. 359 330 67 34 229 29 22,221 20,425 5,884 3.396 11,145 1,796 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 Fad 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 ******* ^~V ^-^tT A MIT *~* [Number in thousands; amounts (except averages) in millions of dollars] In millions of dollars] Loans made, by purpose Loans outstanding (end of period)* Amount, by type of lender Aver age Y m e o ar n t o h r Total s N c t t i r o o e u n w n c - - H c p h o u a m r s - e e p O p o t u s h e r e s - r l Total» F su H in r A e - d - a g n V u te A a e r - - d t C i v o o e n n n a - - l3 m Y o o e n r a t r h N b u e m r - Total i a n S l s o g a s a s n v n s - & . p I c a n a o n s n m c u i e e r - - s b C m c a o i n e a m r k l - s - M b s i u a n a n t g v u k s - a s l Other a c m o l ( a d r r o e r d o s - u e l ) - d nt 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 194L....... 1,379 437 581 361 4,578 1941 1,628 4,732 1,490 404 1,166 218 1,454 2,906 1942 1,051 190 574 287 4,583 1942 1,351 3,943 1,170 362 886 166 1,359 2,918 1943 1,184 106 802 276 4,584 1943 1,274 3,861 1,237 280 753 152 1,439 3,031 1944 1 454 95 1 064 295 4,800 1944 .... 1,446 4,606 1 560 257 878 165 1,746 3,186 1945 1,913 181 1,358 374 5,376 1945 1,639 5,650 2,017 250 1,097 217 2*069 3*448 1946 3,584 616 2,357 611 7,141 1946 2,497 10,589 3,483 503 2,712 548 3,343 4.241 1947 3,811 894 2,128 789 8,856 1947 2,567 11,729 3,650 847 3,004 597 3,631 4,570 1948 3,607 1,046 1,710 851 10,305 563 2^397 7^3451948 2,535 11,882 3,629 1,016 2,664 745 3,828 4,688 1949 3,636 1,083 1,559 994 11,616 717 2,586 8,313 1949 2,488 11,828 3,646 1,046 2,446 750 3,940 4,755 1950 5,237 1,767 2,246 1,224 13,622 841 2.969 9,812 1950 3,032 16,179 5,060 1,618 3,365 1,064 5,072 5,335 1951 5,250 1,657 2,357 1,236 15,520 864 3,125 11,5301951 2,878 16,405 5,295 1,615 3,370 1,013 5,112 5,701 1952 6,617 2,105 2,955 1,557 18,444 906 3,398 14,1401952 3,028 18,018 6,452 1,420 3,600 1,137 5,409 5,950 1952-June... 587 192 257 138 16,891 887 3,228 12,7761952-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 Aue 617 200 279 138 Aug 270 1,598 592 119 313 108 466 5,916 n.ug.... 616 193 285 138 17,740 898 3,341 13,50! Sept'... 267 1,588 593 118 316 103 458 5! 943 SOecpt.t...... 659 208 303 148 Oct.... 285 1,727 627 135 342 117 506 6,051 Nov... 523 163 243 117 Nov... 245 1,492 526 116 298 104 448 6,085 Dec. .. 541 161 248 132 18!444 906 3,'398" 14. HO 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 22§ 137 Feb.... 229 1.301 503 110 269 84 425 6,068 Mar... 639 206 266 167 19,105 " 924 ' 3^492 14,689 Mar... 264 1,627 605 126 316 92 488 6,153 Apr.... 678 226 288 164 Apr.... 275 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 June.. 733 241 327 165 20,133 ""96.2" 3^593 15^578 June . . 282 1,769 682 131 325 120 511 6,282 1 Includesloans for repair, additions and alterations, refinancing, etc. Source.—Home Loan Bank Board 2 Prior to1948, data are not available for classifications shown 3 Excludesj shares pledged against mortgage loans. Source.— lome Loan Bank Board. 880 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-FAM1LY 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 N m ew ortga is g E t e x in s - g m j t P e y o r c p o r t - e t - - p P m e r i r m r o e o t v n y p - e t - - Total N m ew ortga is g E t e i x n s - g 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 underwritten t C i v o e o n n n a - - l prop- prop- gages1 loans2 prop- prop- FHA VAerties erties erties erties Total -in- guarsured anteed 1939 925 925 486 208 52 179 1940 . 991 991 588 175 13 216 1939... 16 3 1.8 1.8 14.5 1941 1,152 1,152 728 183 14 228 1940 17.3 2.3 2.3 15.0 1942 1,121 1,121 766 208 21 126 1941... 18 4 3 0 3.0 15.4 1943 . ... 934 934 553 210 85 86 1942 18.2 3.7 3.7 14.5 1944 877 877 484 224 56 114 1943 . 17 8 4.1 4.1 13.7 1945 .. 857 665 257 217 20 171 192 1944 17.9 4.2 4.2 13.7 1946 3,058 756 120 302 13 321 2,302 1945 18 5 4.3 4.1 2 14.2 1947 . . 5,074 1,788 477 418 360 534 3,286 1946 23.1 6.1 3.7 2 A 17^0 1948 S 222 3,341 1,434 684 609 614 1 ,881 1947 28.2 9.3 3.8 5 .5 18.9 1949 ... 5,250 3.826 1,319 892 1,021 594 1 ,424 '793 629 3' 1948 33.3 12^5 5.3 7^2 20.8 1950 7,416 4,343 1,637 856 1 157 694 3 073 1,865 1,202 5 1949 37.5 15 0 6 9 8.1 22.5 1951 6,834 3,220 1,216 713 584 707 3,614 2,667 942 6 1950 45.1 18.9 8.6 1952 5,830 3,113 969 974 322 848 2,721 1,824 890 6 1951 51.9 22 .9 9.7 \3 .2 29*0 1952* 58.2 2514 10.8 32! 8 1952—Tune.. . 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—Tune... 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.?.. 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 Mav 530 314 97 90 25 102 216 149 66 .5 June. . . 516 274 91 95 19 69 242 164 78 .4 1953—Mar.p.. 59.6 26.1 11.1 15.0 33.5 June?.. 61.5 26.7 11.4 15.3 34.8 !Monthly figures do not reflect mortgage amendments included in annual totals. 2FHA-insured property improvement loans ire not ordinarily secured by mortgages; VA- P Preliminary. guaranteed alteration and repair loansof $1,000 or less neednot be secured.whereas those NOTE.—For total debt outstanding, figures for for 3 P m ri o o r r e t t o h a 1 n 9 4 t 9 h , a t d a a t m a o a u re n t n m ot u a st v a b i e la . ble for classifications shown. f F i o rs r t c t o h n re v e e n q ti u o a n r a te l, r s f ig a u re r es F e a d r e e r a d l e r R iv e e s d e . rve estimates. NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guar- Sources.—Home Loan Bank Board, Federal Housanteed loans, gross amount of loans closed. Figures do not take account of principal repay- ing Administration, Veterans Administration, and ments on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by Federal Rpser*7** type are derived from data on number and average amount of loansclosed. Sources.—Federal Housing Administration and Veterans Administration. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY FEDERAL HOME LOAN BANK LENDING [In millions of dollars] [In millions of dollars] E o n r d m o o f n y th ear A m f c u u i u i o z t n t n e m h t d d e - o s - d r b m C u m d u o e r i n i s s m n t - - e - t - d s To M ta o l rtga F s g u H i e n r e A - h d - oldi a n g n V g u t s A e a e r - - d ( c p M d h p e g u a u r o a i r s r g r o i e - t n e d - s g ) ( p d M s g e u a a r o r l i g i e r o n e 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 - 1948 528 227 199 188 11 198 1941 158 140 219 105 115 1949 848 824 828 403 425 672 20 1942 99 190 129 54 76 1950 918 485 1,347 169 1,178 1,044 469 1943 157 176 110 69 41 1951 661 239 1,850 204 1 ,646 677 111 1944 239 219 131 106 25 1952 1,085 323 2,242 320 1,922 538 56 1945 278 213 195 176 19 1946 329 231 293 184 109 1952—June 1416 266 2,068 236 1,832 7 5 1947 351 209 436 218 217 July 311 275 2,064 237 1,827 6 3 1948 360 280 515 257 258 August 283 299 068 245 1,823 13 3 1949 256 337 433 231 202 September.. . 238 315 097 257 1,840 40 4 1950 675 292 816 547 269 October ,170 326 2,154 272 1,882 72 6 1951 423 433 806 508 298 November. .. 129 322 2,199 297 1,902 56 3 1952 586 528 864 565 299 December.... ,085 323 2,242 320 1,922 65 14 1952—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 2,3<>4 395 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 June 610 542 2,498 477 2,020 31 1 1953—January... 16 197 683 439 245 February.. 14 71 627 401 226 1 During the period from late March through early July, the bulk of these funds March. . . . 30 46 610 391 219 was available only for the purchase of mortgages on defense, disaster, and military April 47 32 626 406 220 housing. May 44 26 645 416 229 2Public Law 531. enacted July 14, 1952, authorized an additional 900 million June 97 23 718 471 248 dollars for advance commitments to purchase mortgages on defense, disaster, and July 61 79 700 469 231 military housing. Funds remaining from those set aside earlier for this purpose then became available for over-the-counter purchases of other mortgages. Secured or unsecured loans maturing in one year or less. Source.—Federal National Mortgage Association. 2Secured loans, amortized quarterly, having maturities of more than one year but not more than ten years. Source.—Home Loan Bank Board. AUGUST 1953 881 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] Inatalment credit Noninstalment credit E o n r d m of o n y t e h ar Total Total Au p to a m pe o r b 1 ile co p O g n a o s t p o h u e d e m r s r 1 er e a r n R l n d o i e a z p m a n a t s o i i 2 r o d n - Pe lo rs a o n n s al Total p S a l i y o n m a g n l e s e n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1939 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1940 8,338 5,514 2,071 1,827 371 1,245 2,824 800 1,471 553 1941 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1942 5,983 3,166 742 1,195 255 974 2,817 713 1,444 660 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1946 8,384 4,172 981 1,290 405 1,496 4,212 1,122 2,076 1,014 1947 11,570 6,695 1,924 2,143 718 1,910 4,875 1,356 2,353 1,166 1948 14,411 8,968 3,054 2,842 843 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 L,601 1952 25,705 18,639 8,110 5,301 1,386 3,842 7,066 2,108 3,313 1,645 1952—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—Tanuary 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 L.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 26,715 20,078 9,379 5,231 1,426 4,042 6,637 2,162 2,760 .71.5 June . ... 27,051 20,489 9,630 5,289 1,454 4,116 6,562 2,047 2,784 1,731 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. 336-354 of the BULLETIN for April 1953; a detailed description of the methods used to derive the estimates may be obtained from Division of Research and Statistics. INSTALMENT CREDIT, BY HOLDER [Estimated amounts outstanding, in millions of dollars] Financial institutions Retail outlets Total E o n r d m of o n y t e h ar i c m n r s e e t d n a i l t t - Total m b C e a o r n c m k ia s - l f p i S c n a o a a n m l n i e e c s - s e u C n r i e o d n i s t Other Total D st m e o p e re a n s r t t l - 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 e d e i e s - - d m A ea o u l b t e o i r l - e s2 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 1,420 2,269 595 724 168 239 543 1950 14,490 11,820 5,798 3,785 590 1,647 2,670 743 791 239 284 613 1951 14,837 12,077 5,771 3,769 635 1,902 2,760 920 760 207 255 618 1952 18,639 15,423 7,576 4,833 815 2,199 3,216 1,101 900 239 336 640 1952—May 15,308 12,679 6,144 3,853 688 1,994 2,629 902 726 186 262 553 June 16,032 13,324 6,458 4,111 717 2,038 2,708 927 750 198 282 551 July 16,465 13,725 6,654 4,263 738 2,070 2,740 932 766 206 292 544 August 16,728 13,950 6,807 4,294 759 2,090 2,778 951 782 210 295 540 September 17,047 14,203 6,967 4,362 773 2,101 2,844 990 796 218 301 539 October 17,572 14,614 7,189 4,523 789 2,113 2,958 1,042 821 223 313 559 November 17,927 14,955 7,352 4,670 798 2,135 2,972 1,019 839 225 324 565 December 18,639 15,423 7,576 4,833 815 2,199 3,216 1,101 900 239 336 640 1953—January ... 18,785 15,665 7,696 4,930 818 2,221 3,120 1,068 865 232 343 612 February 18,860 15,876 7,808 5,031 828 2,209 2,984 960 855 231 352 586 March 19,267 16,318 8,047 5,174 856 2,241 2,949 931 844 231 364 579 April 19,656 16,714 8,253 5,312 880 2,269 2,942 916 839 238 376 573 May 20,078 17,111 8,433 5,480 902 2,296 2,967 923 842 243 390 569 June 20,489 17,496 8,604 5,633 935 2,324 2,993 928 844 251 401 569 1 Includes mail-order houses. 2Includes only automobile paper; other instalment credit held by automobile dealers is included with "other" retail outlets. 882 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 amount3 outstanding, in imillions of dollars Financial Retail E o n r d m of o n y t e h ar c T m n r o o e e t d n n a - i t l t C m m i ( o n s e m e i s r n n - t - g i t t l u e lo t - i O p a o a n t n y h s s ) - er p D a a e r - c t ( o - c c u h o t a u le r n g O t t s e s t ) her S c e r r e v d i i c t e E o n r d m of o n y t e h ar i c T m n r 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 p o h n d e e e - r s r r e R l m r t o a e n i a n o p o i n z d d n a a s - ir - s l P o o a e n n r a - s l cial ment banks stores * 1939 1,079 237 178 166 135 363 1940 1,452 339 276 232 165 440 1941 1,726 447 338 309 161 471 1939 2,719 625 162 236 1,178 518 1942 862 149 134 153 124 302 1940 2,824 636 164 251 1,220 553 1941 3,087 693 152 275 1,370 597 1945 745 66 143 114 110 312 1942 2,817 593 120 217 1,227 660 1946 1,567 169 311 299 242 546 1947 2,625 352 539 550 437 747 1945 3,203 674 72 290 1,322 845 1948 . . 3,529 575 753 794 568 839 1946 4 212 L 008 114 452 1,624 1,014 1949 4,439 849 946 1,016 715 913 1947 . .. 4,875 L.203 153 532 1,821 L ,166 1950 .. . 5,798 1,177 1,294 1,456 834 1,037 1948 5,443 L ,261 184 575 2,138 1,285 1951 5,771 1,135 L ,311 1,315 888 1,122 1949 5,588 1,334 198 584 2,096 1,376 1952 7,576 L.596 1,653 1,813 1,138 1,376 1950 6,323 ,576 245 641 2,365 L.496 1951 6 631 1,684 250 685 2,411 1,601 1952—May 6,144 L ,218 1,432 ,331 931 1.232 1952 7,066 L ,852 256 709 2,604 L.645 June 6,458 1,313 1,508 1,394 967 1.276 July 6,654 L.364 1,540 1,452 1,004 1.294 1952—May . . . 6,397 1,777 278 475 2,184 1,683 August 6,807 L,392 L.554 L ,512 1,036 1,313 June 6 414 1,798 256 467 2,194 1,699 September. 6,967 1,430 1,567 1,564 1,070 1,336 July 6,286 L ,792 231 418 2,155 1,690 October. . . 7,189 1,485 1,599 1,647 1,110 1,348 August.... 6,302 1,792 234 422 2,157 1,697 November. 7,352 1,534 1,625 1,709 1,131 1,353 September. 6,367 1,793 240 459 2,183 1,692 December. 7,576 1,596 1,653 1,813 1,138 1,376 October. . . 6,478 1,801 232 499 2,277 L,669 November. 6,598 :1,821 288 536 2,290 L.663 1953—January... 7,696 1,631 1,684 1,861 1,132 1,388 December. 7,066 1,852 256 709 2,604 1,645 February.. 7,808 L,662 1,736 1,877 1,133 1,400 March 8,047 L ,723 L ,813 1,940 1,138 1,433 1953—January... 6,723 1,858 271 570 2,386 1,638 April 8,253 1,789 L ,882 L.982 1,152 1,448 February.. 6,402 1,839 240 490 2,172 1,661 May 8,433 1,852 1,941 >,006 1,173 1,461 March.... 6,409 1,882 260 478 2,124 1,665 June 8,604 1,887 1,990 >,039 1,200 1,488 April 6,516 1,878 269 474 2,203 1,692 May 6,637 1,851 311 484 2,276 11,715 June 6,562 1,768 279 478 2,306 1,731 1 Includes mail-order houses. INSTALMENT CREDIT HELD BY FINANCIAL INSTITU- TIONS OTHER THAN COMMERCIAL BANKS AND SALES INSTALMENT CREDIT HELD BY SALES FINANCE FINANCE COMPANIES, BY TYPE OF CREDIT COMPANIES. BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] [Estimated amounts outstanding, in millions of dollars] E o n r d m of o n y t e h ar i 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 s o e e t t d n a a i l t l t - m A pa o u p b t e o il r - e s O g p c u o a t o m o p h n d e e e - r s r r m i R z lo a o e a a n d p ti n d e a o s r i n r n- l s P o o e a n r n 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 1948 1,990 1,378 232 216 164 1949 1,858 240 137 89 1,392 1949 2 950 2,425 303 83 139 1950 2,237 330 182 115 1,610 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—May 2,682 390 231 140 1,921 1952—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 3,149 491 292 169 2,197 April 5,312 4,536 345 80 351 May 3,198 502 297 175 2,224 May 5,480 4,694 351 78 357 June 3,259 516 302 178 2,263 June 5,633 4,836 356 76 365 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. 883 AUGUST 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT—Continued FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE » Pe fr r o c m en m t p a o g r n e e t c h e c d h i a n n g ge f m P ro e o m r n c t e h c n o o t y a r f r e g e a e p s r r p c e o c h n e a d d n i i g n n e g g Instalment accounts a C c h co ar u g n e ts Item Year or month Depart- Furni- h H o o ld u a se p - - Depart- J 1 u 9 n 53 e M 19 a 5 y 3 A 19 p 5 r 3 . J 1 u 9 n 5 e 3 M 19 a 5 y 3 A 19 p 5 r 3 . s m to e r n e t s s t t u or r e e s p s l t i o a r n e c s e s m to e r n e t s Net sales: 1952 Total .. -1 +8 0 -3 -8 +5 May 19 11 13 48 C C a re sh d it s a s l a e l s es: -2 +9 -1 +3 -5 +4 J J u u n ly e 1 1 8 7 1 1 0 0 1 1 2 2 4 4 6 6 Instalment 0 + 7 -2 -6 -11 + 7 August 17 11 11 46 Charge account -1 +8 -3 + 1 -6 -6 O Se c p to te b m er ber 1 1 8 8 1 1 1 1 1 1 2 1 4 5 7 0 Accounts receivable, end November , 17 10 11 48 of month: December 17 10 11 48 Total 0 + 1 -1 + 16 +20 +24 Instalment 0 0 -1 + 13 + 16 + 19 1953 January 16 10 11 47 Collections during February 15 9 10 44 month: March 17 10 11 49 Total +2 -1 -4 + 10 + 1 +8 April 15 10 10 46 Instalment +4 9 -4 + 12 0 + 11 J M u a n y e , 1 1 5 5 1 1 0 1 1 1 0 0 4 4 6 7 Inventories, end of month, at retail value. -4 -3 +4 +2 +3 +2 1 Collections during month as percentage of accounts outstanding at beginning of month. DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasonal adjustment 1947-49 average = 100 Percentage of total sales Accounts receivable Collections during Year or month Sales during month at end of month month Cash I m ns e t n 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 co ar 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—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 HI 48 11 41 August . . 89 81 136 90 180 108 145 100 48 11 41 September 101 89 149 108 190 118 151 103 46 11 43 October 116 102 178 124 201 128 159 119 46 11 43 November . . 120 108 174 127 211 138 160 123 47 11 42 December 190 176 233 200 231 183 167 134 49 9 42 1953—January 84 76 121 87 226 147 179 172 47 11 42 February . 78 69 119 81 224 126 162 132 47 11 42 March . 99 88 144 106 222 123 178 126 46 11 43 97 87 131 103 220 122 165 118 47 10 43 May 101 90 138 109 220 124 158 116 47 10 43 June 97 88 132 104 219 123 164 121 47 10 43 NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 895. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] ( I p n h d 1 y u s 9 s i 3 c tr 5 a i l - a 3 l v 9 o p = l r u o 1 m d 0 u 0 e c ) t * i 1 on aw 1 C a 9 r o c 4 d n o 7 e s n d - t t 4 r r u 9 a ( c v c = t a t i 1 s l o 0 u n 0 e)2 Emplov 1 m 94 e 7 nt - 4 a 9 n = d 1 0 p 0 ayrolls3 Depart- Whole- Freight ment Con- sale carload- store sumer com- Manu- Non- Manufacturing ings* sales* prices3 modity factures agri- production workers 1935-39 (retail 1947-49 prices3 Year or month Total r D ab u l - e N r d a o b u n l - e - M era in ls - Total R d t e i e a n s l i - - ot A h l e l r p m t c e u l u m e o r l n a y - - l t - Em m p e l n o t y- P ro a l v 'ls - = 100 1 v 9 = a 4 l 1 7 u 0 - e 4 0 ) 9 4 = 100 19 = 4 1 7 0 -4 0 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 j usted 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 \925. ............ 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 A 1940 125 139 115 117 44 43 44 73.6 71.2 34.0 109 37 59.9 51 1 1941 162 201 142 125 66 54 74 83.1 87.9 49.3 130 44 62 9 56 8 1942 199 279 158 129 89 49 116 91.2 103,9 72.2 138 50 69.7 64.2 1943 239 360 176 132 37 24 45 96.6 121.4 99.0 137 56 74.0 67.0 1944 235 353 171 140 22 10 30 95 3 118 1 102 8 140 62 75 2 67 6 1945'. '.'.'..'.'.'.'..'.'.'. 203 274 166 137 36 16 50 92.1 104.0 87.8 135 70 76.9 68^8 1946 170 192 165 134 82 87 79 95.1 97.9 81.2 132 90 83.4 78.7 1947 187 220 172 149 84 86 83 99.4 103.4 97.7 143 98 95 5 96 4 1948 192 225 177 155 102 98 105 101.5 102.8 105.1 138 104 102.8 104.4 1949 176 202 168 135 113 116 111 99.1 93.8 97.2 116 98 101 8 99 2 1950 200 237 187 148 159 185 142 102.3 99.6 111.7 128 105 102.8 103.1 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 1952 January 221 217 282 189 167 161 142 173 108.7 104.7 104.2 130.9 141 M08 113.1 113.0 February 222 218 284 190 167 156 163 152 109.2 104.9 104.7 132.0 136 M07 112.4 112.5 March 221 217 285 188 164 164 174 157 109.1 104.9 104.7 132.5 133 M07 112.4 112.3 April 216 215 277 183 166 171 189 158 109.0 105.2 104.1 129.1 126 M.06 112.9 111.8 May 211 211 277 181 140 168 186 156 109.1 104.6 102.9 128.9 122 M10 113.0 111.6 June 204 205 247 186 147 172 193 158 108.6 102.0 100.9 127.3 108 M12 113.4 111.2 July 193 194 230 179 142 177 196 165 108.3 100.6 98.9 122.2 102 '107 114.1 111.8 August 215 218 267 191 156 207 193 217 109.9 104.7 105.7 134.2 125 M12 114.3 112.2 September 228 232 290 194 175 207 191 218 110.8 106.8 109.0 143.3 134 M08 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 Mil 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 1 09.9 February 240 236 322 M98 163 173 182 167 112.4 111 .2 111.0 149.3 130 M12 113.4 109.6 March 243 240 328 201 162 177 176 178 M12.5 112.0 111.8 M51 .9 132 M15 113.6 110.0 April 241 240 '325 198 164 179 179 179 M12.5 Ml 2.4 111.3 150. ! 129 M10 113.7 1 09.4 May 240 240 321 199 166 161 164 159 112.8 112.7 110.<> 150.1 130 117 114.0 109.8 Tune vl\\ 24? '321 Pi 99 T»I 70 P157| ?'164 M52 /'I 13.1 "113.0 Pi 11 .7 '152.0 128 115 114.5 109 .4 July •232 *233 '311 «190 Mf>2 123 MOS 1 e Estimated; all estimates are those of the Federal Reserve. Preliminary. ' Revised. * Average per working day. lFor indexes by groups or industries, see pp. 886-889. 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. 893. 3The unadjusted indexe? of employment and payrolls, wholesale commodity prices, and consumer 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. 895-899. 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. AUGUST 1953 885 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 June July Aug. Sept. Oct. Nov. Dec Jan. Feb. Mar. Apr. May June Industrial Production—Total. 204 193 215 228 230 234 235 236 240 243 241 240 v241 Manufactures—Total 214 202 225 237 242 245 247 249 254 258 255 253 v253 Durable Manufactures 247 230 267 290 300 304 313 316 322 328 -•325 321 P321 Iron and Steel1 140 139 244 270 281 283 286 287 290 297 292 v288 Pig iron 42 38 221 242 247 244 247 249 247 253 244 250 250 Steel Open hearth. 66 83 2 2 0 8 2 3 3 22 1 2 9 332 334 335 3 2 3 3 3 5 3 2 3 3 7 4 3 24 4 1 8 3 2 3 3 8 4 3 2 3 3 7 8 3 2 2 3 8 1 Electric 39 36 860 1013 233 231 238 1029 1071 1113 1081 1047 1022 Machinery 256 418 336 354 1040 1064 1022 393 398 '406 402 399 P400 Transportation Equipment. 352 331 300 353 363 371 385 391 403 412 r414 404 P408 Automobiles (including parts) 339 287 175 247 371 376 392 283 297 308 311 300 P300 (Aircraft; Railroad Equipment; Shipbuilding — Private and Government)2 229 162 265 272 282 Nonferrous Metals and Products 210 201 213 225 237 240 246 250 259 259 263 263 P263 Smelting and refining 247 242 251 248 251 251 258 266 293 300 299 290 P286 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)2 Fabricating 195 184 197 216 231 236 241 243 '245 243 248 252 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)2 Lumber and Products. 146 141 149 155 155 161 165 171 175 172 168 151 Lumber.. . 134 128 135 140 138 146 149 162 166 161 157 134 •136 Furniture. 169 165 175 183 189 191 196 189 191 '193 189 184 •183 Stone, Clay, and Glass Products. 222 214 221 222 224 221 221 223 233 238 •233 231 231 Glass products 247 243 243 245 241 232 221 224 242 '255 •248 255 '260 ^ Glass containers 269 266 261 261 254 242 225 232 255 271 261 271 278 1 Cement 222 215 231 227 231 233 254 257 279 273 262 246 242 1 Clay products 170 158 163 161 163 162 160 168 166 169 165 160 1641 Other stone and clay products2 . Nondurable Manufactures. . . 186 179 191 194 195 197 194 195 198 201 198 199 199 Textiles and Products 154 147 170 177 172 176 169 169 173 173 169 173 P174 Textile fabrics 138 129 152 158 154 158 152 151 157 157 151 154 Cotton consumption 133 111 143 145 142 149 141 140 149 148 141 143 142 Rayon deliveries 312 343 369 377 361 356 337 350 338 352 355 '367 366 Nylon and silk consumption2 Wool textiles 112 103 123 137 134 137 138 130 142 137 128 130 Carpet wool consumption 75 71 120 148 140 153 164 149 173 171 152 130 Apparel wool consumption 125 120 139 149 142 137 130 129 139 138 134 145 Wool and worsted yarn 113 103 120 130 126 127 124 118 130 127 116 124 Woolen yarn 106 97 112 121 117 120 115 108 117 113 105 113 Worsted yarn 124 112 131 144 140 138 136 132 149 147 132 139 Woolen and worsted cloth 124 113 123 136 138 141 146 136 142 134 130 134 Leather and Products. 103 91 116 112 112 113 107 116 119 117 Leather tanning 92 81 97 97 103 103 100 103 101 98 102 104 Cattle hide leathers 106 91 110 107 115 117 112 116 115 108 117 119 Calf and kip leathers. . . . 69 60 79 90 87 84 88 87 82 83 '81 80 Goat and kid leathers 67 71 67 65 77 83 80 79 81 86 '80 84 Sheep and lamb leathers. 79 66 89 88 93 86 76 80 80 77 '82 82 Shoes 98 123 126 119 111 129 118 120 112 131 129 116 Manufactured Food Products 162 168 165 164 162 166 164 165 161 164 165 168 163 Wheat flour 109 108 114 104 108 Cane sugar meltings2 113 109 109 113 108 108 107 108 Manufactured dairy products. 147 145 148 148 146 147 152 151 151 154 156 152 152 Butter 69 70 69 71 73 73 85 89 90 94 95 84 82 Cheese 180 176 178 178 176 191 209 209 205 209 211 198 195 Canned and dried milk... 164 152 168 166 155 152 155 142 138 149 159 158 165 Ice cream2 P Preliminary. r Revised. 1 Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods may be obtained from the Division of Research and Statistics. 2 Series included in total and group indexes but not available for publication separately. 8 Because of a reclassification of the basic data used to measure changes in production, the sulphate pulp and sulphite pulp series are no longer available separately. Individual indexes through June 1951 are shown in preceding BULLETINS. 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 June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Manufactured Food Products—Continued Meat packing 148 147 158 170 169 170 176 169 174 179 171 154 157 Pork and lard 170 163 180 200 194 196 202 181 181 187 169 141 142 Beef 137 144 149 151 153 155 163 175 188 193 197 189 193 Veal 99 109 121 125 131 131 124 113 109 111 117 124 148 Lamb and mutton. 78 68 77 87 96 89 97 100 97 100 91 81 81 Other manufactured foods 175 171 171 175 172 167 169 171 171 173 170 170 Processed fruits and vegetables 161 138 123 143 147 124 128 143 143 '155 146 152 P140 Confectionery 121 117 134 136 131 134 150 145 138 136 138 132 Other food products 188 189 190 190 185 184 183 182 183 184 181 181 P182' Alcoholic Beverages. . 152 162 151 155 162 180 166 158 159 173 164 155 Malt liquor 161 176 165 160 154 177 182 175 169 179 169 151 Whiskey 38 19 21 26 28 31 44 53 58 63 62 56 Other distilled spirits. . 185 198 234 148 182 133 127 160 139 191 198 228 Rectified liquors 207 224 175 263 325 369 228 180 221 245 227 239 Tobacco Products. . . 189 172 186 187 190 181 172 179 194 194 184 174 Cigars 116 113 111 123 134 124 98 110 112 116 117 Cigarettes 264 240 261 257 258 249 243 249 276 277 255 238 Other tobacco products. . . 65 54 68 65 66 57 59 64 61 60 65 62 Paper and Paper Products. 181 160 188 203 205 196 200 207 211 209 209 207 Paper and pulp 176 154 180 181 192 194 185 191 197 201 199 199 197 Pulp 227 195 229 220 233 236 220 233 237 245 239 244 241 Groundwood pulp 121 124 132 125 125 108 112 112 118 113 111 114 115 Soda pulp 89 68 82 83 89 92 91 92 95 94 85 90 90 Sulphate and sulphite pulp3 266 226 267 256 274 280 258 275 279 291 284 290 286 Paper 168 148 172 175 186 188 180 185 191 194 193 192 190 Paperboard 201 182 222 233 246 249 235 236 245 249 249 249 250 Fine paper2 Printing paper 182 150 165 178 182 179 185 193 193 192 191 188 Tissue and absorbent paper 168 174 187 206 193 195 201 201 207 210 196 189 Wrapping paper 153 124 146 150 161 151 162 167 170 166 168 163 Newsprint 134 126 126 123 121 116 119 118 121 114 120 118 Paperboard containers (same as Paperboard). Printing and Publishing 176 157 165 176 175 168 180 183 181 184 179 Newsprint consumption 169 164 166 173 169 157 167 173 170 177 170 Printing paper (same as shown under Paper) . Petroleum and Coal Products 251 259 280 282 279 290 291 293 293 289 •286 289 >300 Petroleum refining2 Gasoline 216 225 231 234 225 233 229 230 231 225 225 230 240- Fuel oil 228 231 235 232 226 239 239 241 236 233 225 221 P230 Lubricating oil 185 174 181 179 182 171 164 160 148 161 156 162 Kerosene 199 226 230 208 207 225 241 250 226 207 208 190 Other petroleum products2 Coke 72 67 169 177 179 182 186 188 188 189 187 189 By-product coke 71 67 168 174 178 179 182 183 183 183 181 183 Beehive coke 84 52 184 299 243 268 312 391 382 393 400. Chemical Products. 298 299 302 302 304 308 309 310 310 314 319 320 >324 Paints 151 157 154 155 158 159 159 160 161 161 161 Rayon 307 325 354 370 358 350 351 '349 ••336 352 •373 367 '381 Industrial chemicals 563 565 568 567 578 595 598 595 598 ••605 •613 619 P626 Other chemical products2 Rubber Products 246 225 242 252 260 264 272 268 270 275 269 Minerals — Total 147 142 156 175 164 171 168 164 163 162 164 166 •170 Fuels 161 155 161 180 167 177 176 172 170 168 167 170 '176 Coal 96 84 93 133 93 125 115 105 99 96 99 103 113 Bituminous coal 102 91 102 144 93 135 125 116 109 107 113 113 125 Crud A e n p t e h t r r a o c le it u e m 19 7 3 4 57 1 6 9 1 4 88 95 87 71 2 6 0 0 4 20 6 5 0 2 5 0 2 4 20 4 1 7 '2 6 0 6 3 P2 6 0 6 7 Metals 65 190 131 203 203 202 207 120 123 125 145 144 139 Metals other than gold and silver. 71 65 188 149 145 138 117 170 175 177 211 208 P201 Iron ore (Copper; Lead; Zinc)2 71 219 212 200 166 Gold 56 Silver 55 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. 887 AUGUST 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Without Seasonal Adjustment) [Federal Reserve index numbers. 1935-39 average =100] 1952 1953 Industry June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Industrial Production—Total 205 194 218 232 233 235 233 232 236 240 240 240 P242 Manuf&ctures— Total 215 203 228 242 245 246 246 245 250 255 254 253 P?,54 Durable Manufactures 249 232 269 292 301 305 310 312 319 326 325 322 P322 Iron and Steel1 140 139 244 270 281 283 286 287 290 297 292 291 v?M Pig iron 42 38 221 242 247 244 247 249 247 253 244 250 250 Steel 66 83 283 319 332 334 335 333 337 348 338 337 328 Open hearth . . 39 36 202 222 233 231 238 235 234 241 234 238 231 Electric 256 418 860 1013 1040 1064 1022 1029 1071 1113 1081 1047 1022 Machinery 352 331 336 354 363 371 385 393 398 '406 402 399 P40O Transportation Equipment 339 287 300 353 371 376 392 391 403 412 r414 404 P408 Automobile? (including parts) 229 162 175 247 265 272 282 283 297 308 311 300 P300 (Aircraft; Railroad equipment; Shipbuilding—Private and Government)2 Nonferrous Metals and Products 210 201 213 225 237 241 246 250 259 259 263 263 P263 Smelting and refining 246 241 251 248 251 251 259 266 293 301 299 290 P285 (Copper smelting; Lead refining; Zinc smelting; Aluminum* Magnesium; Tin)2 Fabricating 195 184 197 216 231 236 241 243 ••245 243 248 ' 252 P254 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption) 2 Lumber and Products 155 150 160 167 164 160 151 151 158 '162 168 154 P161 Lumber . 148 143 152 159 151 143 128 132 142 146 157 139 Furniture 169 165 175 183 189 191 196 189 191 '193 '189 184 Pi 83 Stone Clay and Glass Products 225 216 231 232 235 226 214 209 216 227 230 238 P233 Glass products 245 235 251 248 247 234 210 221 237 '•255 ••248 270 P258 Glass containers 266 255 272 267 262 245 210 227 248 271 261 291 276 Cement 237 236 261 263 267 252 231 209 212 224 249 259 259 Clay products 169 160 169 167 173 167 165 155 157 161 160 160 P163 Other stone and clay products2 Nondurable Manufactures 187 181 195 201 200 199 193 191 194 197 196 198 P199 Textiles and Products 154 147 170 177 172 176 169 169 173 173 '169 173 vl74 Textile fabrics 138 129 152 158 154 158 152 151 157 157 151 154 Cotton consumption 133 111 143 145 142 149 141 140 149 148 141 143 142 Rayon deliveries 312 343 369 377 361 356 337 350 338 352 355 '367 366 Nylon and silk consumption2.. . . Wool textiles 112 103 123 137 134 137 138 130 142 137 M28" 130 Carpet wool consumption 75 71 120 148 140 153 164 149 173 171 152 130 Apparel wool consumption 125 120 139 149 142 137 130 129 139 138 '134 145 Woolen and worsted yarn 113 103 120 130 126 127 124 118 130 127 '116 124 ^^oolen yarn 106 97 112 121 117 120 115 108 117 113 M05 113 Worsted yarn... 124 112 131 144 140 138 136 132 149 147 rl32 \V) Woolen and worsted cloth 124 113 123 136 138 141 146 136 142 134 '130 134 Leather and Products 102 90 116 111 112 114 107 117 122 116 rll2 111 Leather tanning 90 77 95 95 104 107 99 103 109 97 102 104 Cattle hide leathers.... 102 86 107 105 116 121 112 119 124 108 '117 119 Calf and kip leathers 70 60 83 88 89 85 87 85 86 81 '78 77 Goat and kid leathers .. 68 70 65 66 77 80 80 79 84 85 82 8? Sheep and lamb leathers 78 62 92 86 93 91 72 75 88 75 80 88 Shoes 111 98 129 123 118 120 112 126 131 129 119 116 Manufactured Food Products 165 174 185 192 178 165 161 153 149 '151 150 156 P163 Wheat flour 109 108 108 118 115 114 107 114 109 105 100 103 P103 Cane sugar meltings2. Manufactured dairy products. 217 215 214 173 133 106 107 98 109 128 162 202 225 Butter 95 86 76 69 63 55 67 74 80 86 97 109 114 Cheese 256 217 199 182 158 143 151 155 168 188 220 266 277 C Ic a e n c n r e e d a m a n 2 d dried milk 227 176 173 153 126 110 120 115 124 146 179 2?0 2 >8 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. 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 June July Aug. Sept. Oct. Nov Dec. Jan. Feb. Mar. Apr. May June Manufactured Food Products—Continued Meat packing 147 137 138 154 169 190 208 199 166 166 159 154 156 Pork and lard 170 144 139 158 183 230 266 237 178 174 154 141 142 Beef 134 146 150 163 167 161 163 178 173 175 185 189 189 Veal 99 109 118 138 149 141 116 105 96 104 114 129 148 Lamb and mutton 73 65 75 93 100 89 95 106 98 98 89 82 75 Other manufactured foods 166 179 195 207 191 174 167 157 155 154 M52 154 P160 Processed fruits and vegetables 124 179 234 279 190 114 100 93 90 85 89 99 P108 Confectionery 89 96 144 175 171 158 151 149 140 127 115 102 Other food products . 189 193 194 194 195 193 187 175 174 177 174 178 P184 Alcoholic Beverages 176 186 159 159 173 163 142 134 144 161 165 164 M^alt liquor 203 220 188 161 143 136 145 144 152 167 177 173 Whiskey 38 19 21 26 28 31 44 53 58 63 62 56 Other distilled spirits 115 115 126 202 472 280 140 104 83 124 119 137 Rectified liquors . . 207 224 175 263 325 369 228 180 221 227 239 245 Tobacco Products 197 179 193 198 197 184 159 178 184 174 174 183 Cigars 116 113 111 123 134 124 98 110 111 116 117 Cigarettes 278 252 274 275 268 254 224 249 260 112 237 238 Other tobacco products 66 54 66 69 71 59 51 63 59 26508 65 63 Paper and Paper Products 182 159 188 191 203 205 195 200 207 211 210 209 208 Paper and pulp 177 153 180 181 192 194 185 191 198 201 200 199 197 Pulp 227 193 227 217 232 237 220 233 238 246 241 245 241 Ground wood pulp 122 110 116 112 116 114 113 117 122 121 122 123 117 Soda pulp 89 68 82 83 89 92 91 92 95 94 85 90 90 Sulphate and sulphite pulp * 266 226 267 256 274 280 258 275 279 291 284 290 286 Paper 169 147 172 175 186 188 179 185 192 194 193 192 190 Paperboa rd 201 182 222 233 246 249 235 236 245 249 249 249 250 Fine paper * .... Printing paper 182 150 168 165 178 182 179 185 193 193 192 191 188 Tissue and absorbent paper 171 167 180 187 208 193 189 199 209 207 212 196 192 Wrapping paper 153 124 148 146 150 161 151 162 167 170 166 168 163 Newsprint 135 124 129 126 123 123 114 119 118 121 116 121 119 Paperboard containers (same as Paperboard) Printing and Publishing 175 145 157 166 180 183 172 168 178 187 187 187 178 Newsprint consumption 168 141 146 168 182 184 165 150 164 180 181 184 168 Printing paper (same as shown under Paper) Petroleum and Coal Products . 251 259 280 282 279 290 291 293 293 289 r286 289 P300 Petroleum refining 2. ... Gasoline 216 225 231 234 225 233 229 230 231 225 22=5 230 P240 Fuel oil . . ... 228 231 235 232 226 239 239 241 236 22S 221 Lubricating oil 185 172 179 179 182 171 163 155 147 1 S9 163 168 Kerosene 187 210 221 206 207 231 248 255 238 211 212 192 Other petroleum products 2 Coke 72 67 169 177 179 182 186 188 188 189 187 189 By-product coke 71 67 168 174 178 179 182 183 183 183 181 183 Beehive coke 84 52 184 299 243 268 312 353 364 391 382 393 400 Chemical Products 296 295 299 305 309 313 314 311 313 '318 322 320 P322 Paints 156 155 152 153 158 157 159 158 158 161 '163 166 P166 307 325 354 370 358 350 351 '349 ••336 352 '373 367 Industrial chemicals 563 565 568 567 578 595 598 595 598 '605 r613 619 P626 Other chemical products 2 Rubber Products 246 225 242 252 260 264 272 268 270 275 '273 269 Minerals—Total 149 144 161 180 166 170 163 159 158 157 163 169 P174 Fuels . . . 161 155 161 180 167 177 176 172 170 168 167 170 P176 Coal . . 96 84 93 133 93 125 115 105 99 96 99 103 113 Bituminous coal 102 91 102 144 93 135 125 116 109 107 113 113 125 Anthracite 74 57 61 88 95 87 71 60 60 52 47 66 66 Crude petroleum 193 190 194 203 203 202 207 204 205 204 201 P203 P2O7 Metals 74 81 164 178 164 131 84 84 87 90 134 160 P165 Metals other than gold and silver 90 101 244 265 241 185 108 109 115 120 195 240 P248 Iron ore 41 71 381 418 363 248 83 86 91 105 262 363 (Copper; Lead; Zinc)2 Gold 48 52 54 55 56 54 48 44 42 44 47 49 Silver 68 61 61 64 69 68 65 68 68 67 62 54 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. AUGUST 1953 889 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 June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr May June Total 108 71 84 121 125 134 134 141 148 148 148 144 145 Passenger automobiles 114 47 63 122 125 131 129 134 146 151 159 155 158 Household goods total 101 98 108 119 124 137 139 149 150 145 135 132 130 Carpets 44 61 76 81 99 98 94 103 104 101 98 87 110 113 113 115 118 120 125 121 122 123 126 126 125 Major appliances 89 74 94 89 91 114 115 123 126 137 121 122 120 Radios and television 136 135 141 205 214 237 236 279 273 226 201 182 182 NOTE.—Figures for June 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 June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June ADJUSTED FOR SEASONAL VARIATION Total 12,622 12,442 12,953 13,216 13,338 13,513 13,607 13,682 13,757 13,857 13,908 13,944 13,973 Durable goods 7,096 6,871 7,372 7,616 7,726 7,862 7,944 8,009 8,089 8,175 '8,215 8,231 8,274 Ordnance and accessories 127 126 129 132 132 134 137 139 142 147 '149 154 157 Lumber and wood products 718 744 740 736 717 723 708 690 694 '698 '709 709 719 Furniture and fixtures 307 308 312 314 316 321 324 324 325 '330 '330 330 328 Stone, clay, and glass products.. 447 441 449 453 457 459 453 456 455 '459 '463 461 464 Primary metal industries 684 653 1,073 1,109 1,110 1,120 1,126 1,133 1,136 1,139 '1,144 1,149 1,149 Fabricated metal products 818 792 834 862 884 899 908 922 933 '943 '946 956 964 Machinery except electrical 1,271 1,230 1,205 1,214 1,233 1,266 1,295 1,313 1,316 1,322 '1,319 1,302 1,298 Electrical machinery 783 782 798 824 843 859 875 890 907 '916 '926 929 921 Transportation equipment 1,340 1,190 1,221 1,355 1,411 1,450 1,484 1,509 1,543 1,574 '1,572 1,571 1,592 Instruments and related products 223 226 228 230 233 236 238 240 240 243 '243 244 246 Misc. manufacturing industries.. 378 379 383 387 390 395 396 393 398 r404 414 426 436 Nondurable goods 5,526 5,571 5,581 5,600 5,612 5,651 5,663 5,673 5,668 5,682 '5,693 5,713 5,699 T T F A o e o p x o b p t d a a il c r e a c e - n o l m d a m i l n k l a d i n p n u o r d o f t r h a e d c d e u t r c u p t f r s r i e o n s d is u h c e t d s tex- 1 1 , , 1 0 4 9 6 5 8 8 1 1 , , 1 1 3 0 9 8 0 8 1 1, , 1 1 9 2 1 9 2 5 1 1 , , 1 1 1 3 97 6 8 1 1 , , 1 1 2 3 98 5 5 1 1 , ,1 1 1 3 2 0 5 2 4 1 1 , , 1 1 1 2 2 0 7 5 9 1 1 , ,1 1 1 2 3 0 1 5 1 1 1, , 1 1 1 4 9 7 4 7 1 1 , ,1 1 9 2 3 5 3 8 ' 1 1 , , 1 1 2 9 2 3 6 6 1 1 , ,1 1 2 3 9 2 7 5 1 1 , ,1 1 0 2 9 1 5 8 tiles 1,055 1,083 1,072 1,074 1,066 1,093 1,098 1,109 1,104 '1,106 1,110 1,117 1,127 Paper and allied products 421 419 427 427 432 431 434 434 435 '-437 440 443 448 Printing, publishing and allied industries 492 495 495 497 499 500 498 498 497 502 502 502 502 Chemicals and allied products... 518 519 513 509 508 508 508 511 511 518 '526 527 527 Products of petroleum and coal. 176 175 187 187 189 188 188 188 188 188 '190 189 190 Rubber products 209 201 205 208 211 213 215 217 218 '221 221 222 223 Leather and leather products. . . 344 343 346 347 349 357 361 359 357 354 359 359 358 WITHOUT SEASONAL ADJUSTMENT Total 12,476 12,229 13,069 13,477 13,560 13,634 13,699 13,619 13,733 13,831 '13,762 13,718 13,820 Durable goods 7,065 6,748 7,332 7,634 7,774 7,916 8,010 8,020 8,115 '8,211 '8,212 8,193 8,237 Ordnance and Accessories 127 126 129 132 132 134 137 139 142 *147 r149 154 157 Lumber and Wood Products 725 744 759 751 728 730 704 676 677 '688 '698 709 726 Sawmills and planing mills.. 435 439 450 448 440 433 420 406 404 408 414 420 Furniture and Fixtures 298 296 307 316 322 329 330 329 332 r333 r328 322 318 Household furniture 215 217 225 231 237 242 243 243 246 247 243 238 S P t r o i n m e a , r C y la M y e , t a a n l d I n G d l u a s s t s r i P es roducts.. 4 6 4 8 7 1 4 6 3 4 4 3 1, 4 0 5 6 1 8 1,1 45 0 5 9 1,1 45 1 9 6 1,1 46 2 1 6 1,1 45 3 8 7 1,1 45 3 1 9 1,1 45 4 3 2 1, r4 1 5 4 9 5 '/, r4 1 6 4 3 4 1, 4 1 6 3 1 8 1,1 46 4 4 3 Blast furnaces, steel works 153 132 530 556 557 557 561 562 563 '564 '563 562 and rolling mills 810 768 821 862 888 903 922 931 942 r952 '951 951 954 Fabricated Metal Products 1,277 1,218 1,193 1,208 1,227 1,260 1,301 1,313 1.323 1,335 '1,326 1,309 1,304 Machinery except Electrical 226 219 222 224 223 223 226 226 227 228 229 228 Metalworking machinery.. . 775 755 782 824 851 872 893 899 916 r925 926 920 912 Electrical Machinery 261 249 253 262 268 271 275 277 281 285 '286 288 Electrical apparatus (generating, etc.) 327 324 346 367 381 398 410 411 418 418 '415 409 Communication equipment. 1,340 1,190 1,221 1,355 1,411 1,450 1,484 1,509 1,543 '1,574 r1,572 1,571 1,592 Transportation Equipment 663 515 524 674 701 735 750 769 798 '821 '825 828 Motor vehicles and equip- 466 476 490 474 501 510 524 531 538 542 '531 532 Ai m rcr e a n f t t and parts 223 219 226 230 234 237 240 241 241 244 r244 244 246 Instruments and Related Products. 363 354 375 303 408 415 404 393 404 r410 412 413 419 Misc. Manufacturing Industries.. For footnotes see following page. 890 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 June July Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. May June Nondurable goods 5,411 5,481 5,737 5,843 5,786 5,718 5,689 5,599 5,618 '5,620 '5,550 5,525 5,583 Food and Kindred Products 1,116 1,199 1,269 1,309 1,223 1,142 1,093 1,045 1,033 *1,025 rl,022 1,048 1,075 Meat products 238 244 242 247 244 254 256 249 241 238 231 232 Canning and preserving.. . . 177 234 309 348 253 172 143 132 129 '123 '133 144 Bakery products 180 188 186 186 187 187 184 179 180 180 178 179 Tobacco Manufactures 85 85 109 117 117 109 108 101 94 87 85 85 85 Textile-mill Products 1,068 1,067 1,105 1,127 1,135 1,146 1,146 1,132 1,134 1,134 1,123 1,116 1,125 Broad-woven fabric mills... 486 489 498 501 503 506 508 502 502 499 496 495 Knitting mills 219 215 228 232 236 239 236 230 232 235 233 232 Apparel and Other Finished Textiles 1,008 1,018 1,088 1,106 1,103 1,104 1,114 1,109 1,137 '1,139 1,093 1,067 Men's and boys' furnishings. 261 260 271 276 279 280 280 279 284 '289 290 289 Women's and misses' outerwear 295 311 339 340 330 331 347 351 360 '356 323 302 Paper and Allied Products 419 411 425 425 432 435 441 436 437 '439 440 441 Pulp, paper and paperboard mills 221 215 222 217 219 219 224 223 223 223 222 222 Printing, Publishing and Allied Industries 492 490 490 497 504 505 505 498 497 r499 499 499 502 Newspapers 146 145 144 146 146 147 147 144 144 146 147 147 Commercial printing 158 156 156 158 160 161 162 161 159 159 158 158 'Chemicals and Allied Products... 502 501 503 512 518 518 518 516 519 526 526 516 511 Industrial organic chemicals. 181 184 185 185 187 188 189 190 189 190 191 192 Products of Petroleum and Coal.. 177 177 191 190 189 188 187 186 186 186 188 188 191 Petroleum refining 141 144 146 145 144 144 144 144 144 144 144 144 Rubber Products 207 195 203 208 213 217 219 219 219 '221 220 220 221 Leather and Leather Products 2 3 2 3 3 7 3 22 3 1 8 2 3 3 5 3 5 2 3 2 5 9 2 3 22 5 5 2 2 3 2 5 6 5 2 3 3 5 2 9 2 3 3 5 6 9 3 23 6 8 4 2 3 3 6 8 3 3 2 5 3 5 2 3 22 4 7 5 351 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 June 1953 are preliminary. Back data and data for industries not shown, without seasonal adjustment, may be obtained from the Bureau of Labor Statistics. Seasonally adjusted data beginning January 1939, for groups and the total, may be obtained from the Division of Research and Statistics. HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES [Compiled by Bureau of Labor Statistics] Average weekly earnings Average hours worked Average hourly earnings (dollars per week) (per week) (dollars per hour) Industry group 1952 1953 1952 1953 1952 1953 June Apr. May June June Apr. May June June Apr. May June Total 66.83 71.40 71.63 72.04 40.5 40.8 40.7 40.7 1.65 1.75 1.76 1.77 Purable goods 71.69 76.96 77.19 77.61 41.2 41.6 41.5 41.5 1.74 1.85 1.86 1.87 Ordnance and accessories 77.87 -76.70 78.66 79.46 43.5 40.8 41.4 41.6 1.79 rl.88 1.90 1.91 Lumber and wood products 65.57 65.35 66.42 68.22 42.3 41.1 41.0 41.6 1.55 1.59 1.62 1.64 Furniture and fixtures 59.71 63.04 62.58 62.73 40.9 41.2 40.9 41.0 1.46 1.53 1.53 1.53 Stone, clay, and glass products 65.35 70.45 70.86 70.18 41.1 41.2 41.2 40.8 1.59 1.71 1.72 1.72 Primary metal industries 72.80 '83.43 83.83 85.48 40.0 '41.3 41.5 41.9 1.82 '2.02 2.02 2.04 Fabricated metal products 69.77 77.23 76.86 76.68 40.8 42.2 42.0 41.9 1.71 1.83 1.83 1.83 Machinery except electrical 78.81 83.46 82.88 83.10 42.6 42.8 42.5 42.4 1.85 1.95 1.95 1.96 Electrical machinery 67.97 71.69 70.82 71.40 40.7 41.2 40.7 40.8 1.67 1.74 1.74 1.75 Transportation equipment 79.15 85.49 84.67 85.69 40.8 41.5 41.3 41.0 1.94 2.06 2.05 2.09 Instruments and related products 70.97 71.93 73.63 73.46 41.5 41.1 41.6 41.5 1.71 1.75 1.77 1.77 Miscellaneous manufacturing industries 59.90 '64.58 64.37 64.21 40.2 ••41.4 41.0 40.9 1.49 '1.56 1.57 1.57 Nondurable goods 60.44 62.81 63.20 63.36 39.5 39.5 39.5 39.6 1.53 1.59 1.60 1.60 Food and kindred products 63.99 64.48 65.85 66.58 42.1 40.3 40.9 41.1 1.52 1.60 1.61 1.62 Tobacco manufactures 46.83 47.37 46.99 47.49 38.7 37.3 37.0 37.1 1.21 1.27 1.28 Textile-mill products 51.84 53.70 53.84 53.98 38.4 39.2 39.3 39.4 1.35 1.37 1.37 Apparel and other finished products 45.85 48.23 47.21 48.55 36.1 37.1 36.6 36.5 1.27 1.30 1.33 Paper and allied products 68.00 -71.81 72.07 72.84 42.5 43.0 42.9 43.1 1.60 '1.67 1.69 Printing, publishing and allied products. 81.48 84.97 85.58 84.92 38.8 38.8 38.9 38.6 2.10 2.19 2.20 2.20 Chemicals and allied products 70.28 74.29 74.93 75.76 41.1 '41.5 41.4 41.4 1.71 '1.79 1.81 1.83 Products of petroleum and coal 84.66 '88.29 89.16 88.97 40.7 '40.5 40.9 41.0 2.08 2.18 2.18 2.17 Rubber products 75.26 •79.71 78.57 n.a. 40.9 '41.3 40.5 n.a. 1.84 1.93 1.94 n.a. Leather and leather products 50.04 •51.92 51.61 52.47 38.2 37.9 37.4 38.3 1.31 '1.37 1.38 1.37 r Revised. n.a. Not available. NOTE.—Data are for production and related workers, Figures for June 1953 are preliminary. Back data are available from the Bureau of Labor Statistics, AUGUST 1953 891 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS BY INDUSTRY DIVISION [Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons] Transporta- Federal, Year or month Total M t a u n r u in fa g c- ing co C n o st n r t u r c a t c i t on ti p o u n b a li n c d Trade Finance Service Sta l t o e c , al and utilities government 1945 40,069 15,302 826 1,132 3,872 7,522 1,394 4,055 5,967 1946 41,412 14,461 852 1,661 4,023 8,602 1,586 4,621 5,607 1947 43,438 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 19S0 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—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 1,987 5,300 6,652 March '49,148 '17,168 854 ••2,529 '4,272 '10,390 '1,993 5,305 '6,637 April '49,147 '17,233 836 '2,510 '4,264 '10,396 2,005 5,312 '6,591 May 49,282 17,290 832 2,460 4,284 10,450 2,016 5,313 6,637 June 49,432 17,337 831 2,480 4,282 10,483 2,028 5,333 6,658 UNADJUSTED 1952—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 '48,685 '17,135 846 '2,301 '4,235 '10,284 '1,993 5,225 '6,666 April '48,854 '17,081 833 ••2,410 '4,242 '10,308 '2,015 5,312 '6,653 May 49,042 17,054 829 2,485 4,281 10,332 2,026 5,366 6,669 June 49,361 17,179 835 2,579 4,315 10,378 2,048 5,413 6,614 '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. June 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 ri d c u 1 l- In U pl n o e y m ed - l N ab o o t r i n f o t r h c e e Total tural industries agriculture 1945 105,370 65,140 53,860 52,820 44,240 8.580 1,040 40,230 1946 106,370 60,820 57,520 55,250 46,930 8.320 2,270 45,550 1947 107,458 61,608 60,168 58,027 49,761 8,266 2,142 45,850 1948 108,482 62,748 61,442 59,378 51,405 7,973 2,064 45 733 1949 109.623 63,571 62,105 58,710 50,684 8,026 3,395 46.051 1950 110 780 64 599 63.099 59,957 52,450 7,507 3,142 46 181 1951 111,924 65,832 62,884 61,005 53,951 7,054 1,879 46,092 1952 113,136 66,426 62,966 61,293 54,488 6,805 1,673 46,710 1952—July 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 '113,703 '66,309 62,921 61,509 55,812 5,697 1,412 47,394 1953—Tanuary 114,191 65,959 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 April (2) (2) 62,810 61,228 55,158 6,070 1,582 48.490 May .... (2) (2) 62,964 61.658 55,268 6,390 1.306 48.434 June (2) (2) 64,734 63,172 55.246 7,926 1,562 46,742 July (2) (2) 64,668 63,120 55,492 7,628 1,548 46,874 ' Revised. A 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. 892 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VALUE OF NEW CONSTRUCTION ACTIVITY [Adjusted for seasonal variation. In millions of dollars] Private Public Year or month Total Business Other Total d R en e t s i i a - l Total In tr d i u al s- m C e o rc m ia - l P ut u i b li l t i y c n d r t e o e i s a n n i l - - - Total M ta i r l y i- H w ig ay h- C v o a n ti s o e n r- o A th ll er 1939 8,198 4,389 2,680 1,229 254 292 683 480 3,809 125 1,381 570 1,733 1940 8,682 5,054 2,985 1,561 442 348 771 508 3,628 385 1,302 528 1,413 1941 11,957 6,206 3,510 2,082 801 409 872 614 5,751 1,620 1,066 500 2,565 1942 14,075 3,415 1,715 1,287 346 155 786 413 10,660 5 016 734 357 4,553 1943 8,301 1,979 885 759 156 33 570 335 6,322 2,550 446 285 3,041 1944 5,259 2,186 815 989 208 56 725 382 3,073 837 362 163 1,711 1945 .. 5,633 3,235 1,100 1,672 642 203 827 463 2,398 690 398 130 1,180 1946 12,000 9 638 4,015 4,195 1,689 1,132 1,374 1,428 2,362 188 895 240 1,039 1947 16,689 13,256 6,310 4,896 1,702 856 2,338 2,050 3,433 204 1,451 394 1,384 1948 21,678 16,853 8,580 5,693 1,397 1,253 3,043 2,580 4,825 158 1,774 629 2,264 1949 22,789 16,384 8,267 5,322 972 1,027 3,323 2,795 6,405 137 2,131 793 3,344 1950 '28,454 '21,454 12,600 5,680 1,062 1,288 3,330 '3,174 '7,000 177 '2,272 881 '3,670 1951 . . '30,895 '21,564 10,973 '7,217 2,117 1,371 '3,729 '3,374 '9,331 '887 '2,518 '853 '5,073 1952 32,638 21,812 '11,100 7,460 2,320 1,137 4,003 '3,252 10,826 1,388 2,860 854 5,724 1952—July 2,659 1,784 901 613 188 85 340 270 875 115 237 68 455 August 2,658 1,784 902 612 188 88 .336 270 874 111 229 65 469 September 2,713 1,797 908 617 186 93 338 272 916 105 261 67 483 October 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 2,829 1,865 949 652 191 125 336 264 964 135 240 74 515 February .. 2,985 1,959 1,011 683 204 134 345 265 1,026 139 289 75 523 March '3,050 '2,057 '1,092 699 208 130 361 266 993 137 264 78 514 April '3,007 '2,038 '1,061 706 210 124 372 271 '969 127 256 79 '507 May '2,910 '1,978 '987 713 204 132 377 278 '932 '124 243 '73 '492 June 2,923 1 ,979 1,000 709 195 137 377 270 944 126 252 72 494 JulyP 2,860 1,945 966 704 186 141 377 2 75 915 115 255 70 475 p Preliminary. ' Revised. Source.—Joint estimates of the Departments of Commerce and Labor. CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions] By type of ownership By type of construction Year or month Total Nonresidential building Public Resi- works Public Private dential and building Fac- Com- Educa- Other public tories mercial tional utilities 1945.. 3,299 1,311 1,988 563 1,027 346 100 377 885 1946.. 7,490 1,754 5,735 3,142 1,317 773 221 404 1,631 1947.. 7,760 2,296 5,464 3,154 941 785 392 597 1,890 1948.. 9,430 3,107 6,323 3,608 840 975 725 1,127 2,155 1949. . 10,359 3,718 6,641 4,239 559 885 824 1,376 2,476 1950.. 14,501 4,409 10,092 6,741 1,142 1,208 1,180 1,651 2,578 1951. . 15,751 6,122 9,629 6,205 2,883 915 1,335 1,689 2,723 1952. , 16,775 6,711 10,064 6,668 2,562 979 1,472 1,686 3,408 1952—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 Tune 1,116 372 744 463 85 99 148 127 193 July 1 ,793 610 1.183 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—April. . . ,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.. . . ,563,660 106,005 244,053 95,602 157,630 134,944 156,230 248,460 98,329 46,634 98,698 177,075 June ,488,850 105,392 203,203 105,070 150,210 150,472 205,265 211,351 116,664 59,247 67,051 114,925 1953—April. . ,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.. . ,606,091 102,025 302,338 123,974 187,505 161,875 193,602 252,210 89,603 45,012 50,808 97,139 June.. . ,115,509 63,376 222,880 79,055 165,263 114,588 111,843 155,605 74,200 -9,852 40,868 97,683 AUGUST 1953 893 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PERMANENT NONFARM DWELLING UNITS STARTED [In thousands of units] Private Government-underwritten Rural Year or month Total Urban non- Public farm Total fam 1 i - ly fam 2- ily f M am ul i t l i y - Total FHA VA 1939 . . 515 359 156 458 373 20 66 57 158 158 1941 706 434 272 620 533 28 58 87 220 220 1945 209 134 75 208 185 9 15 1 47 41 6 1946 671 404 267 663. 590 24 48 8 152 69 83 1947 849 480 369 846 740 34 72 3 440 229 211 1948 932 525 407 914 763 46 104 18 393 291 102 1949 1,025 589 436 989 792 35 162 36 466 361 105 1950 . . .. 1,396 828 568 1,352 1,151 42 159 44 686 486 200 1951 1,091 595 496 1,020 892 40 88 71 413 264 149 1952 1,127 610 517 1,069 939 46 84 58 420 279 141 1952—July 103 52 50 101 90 4 7 2 42 29 13 August 99 51 48 97 85 4 8 2 38 25 13 101 53 48 99 87 5 8 2 42 28 14 October. 101 54 47 99 87 4 8 2 43 27 16 November 86 46 40 82 72 3 7 4 34 21 13 December 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 111 57 54 107 94 4 9 4 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. P3 38 24 14 July P96 96 C1) 39 24 15 p Preliminary. n.a. Not available. ^ess than 500 units. 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 June Jan. Feb. Mar. Apr. May June June Jan. Feb. Mar. Apr. May June Total 134 126 108 134 130 132 129 130 128 111 121 119 122 127 132 133 Coal . 121 109 96 108 97 92 96 106 105 96 108 97 92 96 106 105 Coke 208 168 69 184 181 184 178 183 179 68 193 191 186 175 182 176 Grain 143 142 161 128 114 130 133 141 155 165 128 112 119 117 124 158 Livestock 69 69 56 62 57 60 66 65 r60 45 59 46 47 58 58 52 Forest products . 150 144 139 154 146 142 144 137 145 144 139 140 142 144 143 151 Ore 205 181 53 278 275 273 237 237 212 82 70 69 79 231 315 328 Miscellaneous 147 140 119 151 149 154 148 146 142 122 138 140 146 146 148 146 Merchandise, 1. c. 1 48 46 44 44 45 45 44 45 43 44 42 43 45 44 45 43 r Revised. 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 Int erstate Commerce Commission. MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports1 Merchandise imports2 Excess of exports Month 1951 1952 1953 1951 1952 1953 1951 1952 1953 January 974 1,254 ••1,291 1,025 922 922 -51 332 '369 February 1,076 1,344 '1,197 910 893 856 166 451 '341 March 1,295 1,447 1,388 1,102 964 1,004 193 483 384 April 1,369 1,352 1,394 1,034 932 1,012 336 420 382 May 1,354 1,474 Pl.439 1,018 834 P902 337 640 P537 1,297 1,167 930 861 366 306 July 1,186 L,O27 895 839 292 188 L,27O L,086 881 817 390 269 September 1,232 1,227 721 876 510 351 October 1,152 L 215 834 918 319 297 November 1,388 1,189 819 804 569 385 December L.438 1.383 800 1,052 638 331 January-May 6,068 6,871 P6,709 5,089 4,545 -4.696 981 2,326 P2.013 P Preliminary. f 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-May 1953, 1,589. 2General imports including imports for immediate consumption plus entries into bonded warehouses. Source.—Department of Commerce. 894 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 ty sas Dallas F c S r is a a c n n o - SALES1 1947. 98 99 99 96 97 97 96 98 97 98 98 94 99 1948. 104 102 103 104 105 103 103 104 104 104 103 105 104 1949. 98 99 98 100 98 100 101 97 98 99 99 102 98 1950. 105 103 101 106 105 105 109 104 104 105 108 113 105 1951.. 109 105 105 109 111 113 115 108 '107 104 111 117 109 1952.. 110 104 '101 109 110 '118 124 106 '110 104 113 124 114 SEASONALLY ADJUSTED 1952—June '112 103 '101 '108 112 '125 '132 105 '118 '103 '113 132 '117 July '107 '102 '98 '107 105 '112 120 '101 '104 104 114 123 '111 August '112 '104 '103 '110 113 '120 131 '108 '112 '108 '118 '126 116 September '108 '104 '98 '105 '106 '117 '123 '104 '108 98 108 '120 114 October 115 rill '107 '112 '115 '126 '129 '112 '115 '108 '114 128 118 November '111 105 '100 109 113 '116 128 '107 '113 '104 '115 '128 '117 December 115 '107 '102 111 117 '123 '129 '114 '115 110 '118 '128 '117 1953—January 111 '105 '100 '108 '113 '113 '126 107 108 '103 114 '127 116 February '112 106 '100 '112 115 117 '124 '110 '113 '105 '115 125 '116 March '115 '105 '103 112 116 '124 128 114 '118 '108 114 '126 '119 April ••110 '106 '102 '112 105 '117 '118 '110 '100 '99 '112 '124 '116 May 117 '106 '104 '119 '115 129 134 114 '118 107 115 '131 '124 June 115 103 101 110 118 119 128 112 122 106 119 134 120 UNADJUSTED 1952—June 103 '98 '103 105 '117 117 103 '106 96 106 116 108 July 73 '70 76 82 '90 96 82 '84 84 93 104 96 August 98 83 '78 '87 99 '102 115 97 '102 103 110 114 112 September '113 111 '102 110 110 '124 126 110 '116 108 115 128 '116 October '120 111 '113 120 119 '132 132 116 '126 124 120 134 '118 November '134 127 '127 143 139 142 145 129 '134 120 132 145 136 December '196 193 '181 '194 194 214 221 186 '189 175 196 215 '208 1953—January 85 '80 82 87 83 97 '83 '83 74 86 101 91 February '88 80 '81 85 89 89 102 '85 '89 80 91 101 94 March 103 95 '93 106 107 '110 124 101 '104 92 103 117 102 April 104 101 '95 103 103 111 117 104 '105 97 106 117 105 May 115 106 '101 117 115 128 131 114 '118 107 115 127 117 June 108 103 98 105 111 112 114 110 110 98 112 118 111 STOCKS^ 1947 93 95 98 93 93 94 90 89 93 91 93 89 93 1948 107 105 105 107 107 105 108 111 '102 110 108 110 107 1949 100 100 97 99 100 101 102 100 '96 100 100 101 100 1950 109 '109 '105 108 106 '113 120 110 '107 104 113 112 110 1951 129 124 124 127 128 \33 140 128 '128 117 132 132 131 1952 118 '111 '112 113 111 '130 '135 115 '117 107 124 126 125 S E ASO NA L LV A DJITS T K D 1952—Tune '117 110 113 113 107 '131 '131 '112 '118 105 122 '124 '126 July '119 110 116 '112 113 '130 '136 '115 '119 108 128 '129 125 August 118 109 '112 112 109 '131 '131 '116 '119 109 127 127 '125 September 120 '110 '113 113 '111 '130 '136 118 '121 '112 '127 129 126 October '121 '110 '113 114 '112 '134 '138 118 '121 '112 '125 129 '131 November '122 '112 '113 '115 113 '139 '143 118 '122 111 '126 '131 '131 December '120 '111 '113 114 112 '130 '144 '116 '119 '109 '124 '132 '131 1953—January 123 '115 '113 116 114 '140 '144 '119 '125 111 '129 135 132 February '123 114 '111 115 '115 '137 '146 '119 '119 '113 '129 '134 '133 March '122 '116 '112 '112 113 '138 '145 '118 '122 111 '129 '133 '133 April '125 '119 '116 '117 '114 '140 '145 123 '128 114 '131 138 '132 May 127 120 '118 '121 117 '142 145 123 '131 115 136 139 '135 June P128 Pl 17 118 122 P117 146 147 123 132 114 140 141 134 UNADJUSTED 1952—Tune 112 '103 '106 105 100 '124 '124 107 118 100 119 114 '127 July '111 '100 '103 100 102 '126 '126 107 '111 105 120 120 '121 August 114 '105 '108 107 104 '131 '131 110 '115 104 120 125 '119 September 124 '113 '118 117 116 '134 '140 119 '129 113 129 134 '130 October 134 '124 '126 '131 124 '145 '150 131 '136 120 135 141 '146 November '137 131 '130 131 128 '147 '158 136 '133 123 140 146 141 December '107 104 '103 100 98 '114 '127 106 '104 99 109 120 '109 1953—January 111 103 101 101 104 '126 '131 109 '105 105 118 122 119 February 119 108 '108 112 113 '132 '144 '116 '113 109 127 132 12S March 127 118 '117 120 119 '144 '151 122 '125 115 133 142 134 April 132 '124 '122 126 '121 151 '153 128 '137 119 140 146 141 May 132 121 '121 '124 119 150 147 125 '138 117 144 141 147 June P122 P110 111 113 Pi 10 139 139 117 132 109 135 130 135 v Preliminary. r Revisions reflect changes in series announced on p. 842. * 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. 895 AUGUST 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued [Based on retail value figures] DEPARTMENT STORE MERCHANDISING DATA Amounts (In millions of dollars) Ratios to sales1 Out- Stocks Year or month Sales 2 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 1.1 1947 average 365 887 588 366 364 2.5 1.7 4.3 1.0 1948 average 381 979 494 386 363 2.7 1.4 4.1 1.0 1949 average 361 925 373 358 358 2.7 L.I 3.8 1.0 1950 average 376 1,012 495 391 401 2.8 L.4 4.2 1.1 1951 average 391 1,202 460 390 379 3.2 L.3 4.4 1.0 1952 average 395 1,093 433 395 398 2.9 L.2 4.1 1.0 1952—June •"357 1,019 '411 ••271 ••407 2.9 L.2 4.0 0.8 July 289 997 520 '267 »-376 3.4 L.8 5.2 0.9 August 343 1,040 539 386 405 3.0 L.6 4.6 1.1 September 387 1,131 592 478 531 2.9 L.5 4.4 1.2 October 448 1,230 573 547 528 2.7 [.3 4.0 1.2 November 462 1,275 454 507 388 2.8 L.O 3.7 1.1 December 736 1,018 358 479 383 1.4 0.4 1.9 0.7 1953—January.. . . 325 1,027 452 334 428 3.2 1.4 4.6 1.0 February... 301 1,100 455 374 377 3.7 1.5 5.2 1.2 March 381 1,169 401 450 396 3.1 1.1 4.1 1.2 April 373 1,213 324 417 340 3.3 0.9 4.1 1.1 May 387 1,184 321 358 355 3.1 0.8 3.9 0.9 June? 376 1,100 456 292 427 2.9 L.2 4.1 0.8 p Preliminary. r Revised. * 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] Withoutseasonal adjustment 1949 1950 1951 1952 1950 1951 1952 1953 Sept. 3 101Sept. 2. . . 107Sept. 1. ...105Sept. 6 100Mar. 4. ... 84Mar. 3 99Mar. 1 85Mar. 7. . .. 96 10 93 9 102 8. 100 13 114 11 87 10 105 8 88 14. . .. 100 17 108 16.'.'. 127 15. 114 20 113 18 91 17 101 15 90 21. . .. 109 24 100 23. .. 111 22. 111 27 112 25 96 24 105 22 94 28. ... 112 30. . . 110 29. 114 31 89 29 101 Oct. 1 104Oct. 7. . .112Oct. 6. 110Oct. 4 116Apr. 1 104Apr. 7 101Apr. 5 109Apr. 4. . .. 118 8 102 14. . . 111 13. 117 11 126 8. ...110 14 100 12 111 11. ... 97 15 100 21. . . 105 20. 116 18 124 15 88 21. ... 97 19 97 18. . .. 105 22 101 28. .. 108 27. 113 25 122 22.... 96 28 101 26 105 25. ... 104 29 102 29 98 Nov. 5 108Nov. 4. . . 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 161Dec. 6 195June 3 90June 2. ... 95June 7 111June 6. . .. 118 10 186 9. . . 191 8 191 13 223 10 104 9 108 14 116 13. ... 112 17 201 16... 220 15 213 20 237 17. ...104 16 106 21 98 20.... Ill 24 186 23. .. 221 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 70Jan. 6. . .. 98Jan. 5 78Jan. 3 81July 1 91July 7 75July 5 79July 4. . .. . '79 14 80 13. .. 105 12 92 10 89 8. . . .75 14 83 12 83 11. ... . 92 21 79 20. .. 104 19 90 17 92 15 91 21 81 19 82 18. . .. . 84 28 76 27. .. 96 26 83 24 86 22 104 28 80 26 79 25. ... . 83 31 87 29 102 Feb. 4 78Feb. 3. . .. 81Feb. 2 84Feb. 7 88Aug. 5 102Aug. 4 88Aug. 2 87A.ug. 1. . .. . 86 11 82 10. . .. 94 9 87 14 92 12 94 11 87 9 90 8. . . 18 80 17. . .. 94 16 89 21 85 19 97 18 93 16 95 15. .. 25. .. 76 24. ... 95 23 83 28 93 26 99 25 97 23 100 22. .. 30 110 29 ' Revised. NOTE.—For description and weekly indexes for back years, see BULLETIN for April 1952, pp. 359-362. 896 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued [Based on retail value figures] SALES BY FEDERAL RESERVE DISTRICTS, METROPOLITAN AREAS, AND CITIES [Percentage change from corresponding period of preceding year] Federa a l re R a e , s o er r v c e i t d y istrict, J 1 u 9 n 5 e 3 M 19 a 5 y 3 m 19 6 o 5 s 3 . Federa a l re R a e , s o er r v c e i t d y istrict, 1 T 9 u 5 n 3 e M 19 a 5 y 3 m 19 6 o 5 s 3 . Federa a l re R a e , s o er r v c e i t d y istrict, J 1 u 9 n 53 e M 19 a 5 y 3 m 19 w o 5 s 3 . United States +1 +4 Richmond Dist. (Cont.) Minneapolis Dist. (Cont.) Boston District +4 -2 +2 M N et o r r o f p o o lk li - ta P n o rts A m r o ea u s th 2- , C V on a t . . . P-3 +7 +5 C M iti a es nkato, Minn +3 r-2 +2 Metropolitan Areas Richmond, Va.1 -3 +4 + 1 Great Falls, Mont -3 -8 -1 Portland, Maine +4 +5 +7 Roanoke, Va.1 +5 + 11 +7 Grand Forks, N. D +3 -5 _2 C D N S L W it p o i o e o e r w w w i s r n c e n g e l B t l f s o - i e t L e w e d l a r f d n , o w , r M r B d M e , o n a a s c s M s t s e o s . , a 1 n s M , s M as a s s . s . . . 3 + + + + + 1 1 8 1 0 1 1 + + -4 7 0 0 1 + + + + + 5 2 2 9 1 C S C L N H it p y h i e u e a n a w n s r r c t p t l i h a e n o b n s g r u t b t o t r u o n g N r n , , g e , , W V w W S s a . , . . . V 1 V C V a a a .1 .1 + +- — 2 2 4 0 9 - + + + 1 -6 1 2 7 3 + + - — 2 4 6 0 1 K M a D L e n a u t s M r C l a o u r s i p t n o h o C n s l - i s . S i t - e a t W u y , n p W i e D s A r c i i i r s . o s 1 e e r t a , r s ict + + + 1 6 9 3 -1 -3 6 + + -3 3 2 Providence, R. I.1 +6 -2 + 1 Atlanta District +3 +4 D Pu e e n b v l e o r , , C C o o l l o o + + 22 6 - — 4 5 + + 9 2 New York District +5 r0 r+l Metropolitan Areas2 Topeka, Kans + 14 -1 +5 P C M h A S N S U B B R B P E i i e t N N B l y c o l u e l r i i o t t a N m e N b n h i r r i u w u f e i c c d a s d o f a a g e f g w e h e i a a c g p f n g e n r h w h w e l , a u e a o o y a e l a k s l Y J . s p p l a N o , r c , m t e e i e Y a e o r o t t h N r e , a N k a N r . t r s o r C i p Y , o n d , t F . a k e N . r , s . i n y k y a N - Y Y t N i Y . , , N C e y l D , A l . , . Y , C s N o N N o r i Y , J N s n e N i . r . . . t 1 . t a t N . n 1 y Y . h i Y r . Y s . , Y . i e 1 2 Y . c a N Y & . t s 1. . t e N Y . r . n . K J . . + + + + ( + + + + + + + + + + + 3 1 1 1 1 ) 6 9 9 7 8 4 3 3 6 7 1 0 1 1 0 + ( + + + + + + + 3 - - — 1 1 4 ) f 8 6 4 6 2 3 i 0 3 2 1 1 - 4 + + + + + + + + + + + + + - - 1 3 2 4 4 5 8 2 5 6 5 4 2 3 7 0 C J J O A A S S M M M C N C N M K B B i a a t S T t a o i r u h i t a e a n c . c o i o a e r l v t l a w t l a s g a o k k . a a m c s b n P o u a h m m t u x s n n o s i t n m t P n t v i l o o s g v O a d n t r p n i e n e i t a n , s n i o b n , o , l a g a R r l t a , b l v , m u o , l l e , , F h e G h A e e o g i s r G o , a M l F l , , a e F G u s , . a l a l g m - n r a b T a l e g l T . G . T i a a a G y a 1 s , 1 . u s e , e , 1 e , , a . a s , r a n F 1 n A . m g T L A 1 n L l n , l a e a . p l . a a 1 1 a . n F . a . 1 . 1 1 1 n , l a . F 1 la.. . P v T + - - — - > + + + + + + + + 1 1 1 - 6 1 2 - 7 S 4 6 1 9 3 5 5 3 3 0 + + + + + + + + + + + + + + + — 1 1 4 3 5 3 4 3 9 2 5 3 4 6 1 0 i 4 + + + + + + + + + + + + + + + + - - - A 1 1 1 2 3 6 f 3 9 5 5 1 6 5 5 3 7 7 2 0 o 4 i D C M a J S S F K H E C D W S O T H E O i l e o t a h o t l n l u i o a a u t k o m p . a e n i r r r i l l n r t l c u s s l P o t e d s l J p c a a i s h a s a p A v o , a n h h h u a D t W s i . o s e s , o i o s t a s O n , o e n a l p i , O n m t i o M , p , T s k s C C o t o , a r k N o t h a l r T n e K t i h o a r n l T t n , h t x e i a , i e r y C o , a , e b c i . x M , 1 s , n A L t x r i K T t t s M . r T o i a y 1 e , a e , e x a n o T x s s O ex kla.... + + + + + + + + + + + + + + + - - 1 1 1 1 1 1 3 3 2 5 5 6 2 7 7 5 5 3 5 2 7 3 5 - - + + + + + + 1 1 — - - - - - - 1 4 2 4 2 2 2 0 8 4 5 3 2 7 4 2 7 + + + + + + + + + + + + + + + - 1 1 4 4 6 7 5 5 5 8 5 7 3 1 1 0 3 1 M T L e r a t e r n o n c p t a o o s n l t i e , t a r, N n . P A a J reas + + 1 9 0 + + 1 3 0 + + 6 7 M R Br o e i m s ri t e o d , l i , a G n T , a e M nn iss +2 + + _2 8 4 + + 7 6 |Sa W n a F c r o a , n T c e is x co District. . P + + 3 7 4 -3 -3 1 + + 4 1 C C M l W C S T Y E C W A C Y e W P R i e t P p v o r h o i a o y k e o t h i i i n r a e r l i l n a e r u l l r i e e l u o c k m l o k n , d t a n e d a p i m o e n , g i d n g l i o P n o n s n , i f n e b n s P - , n d i l g a . g l i t e O u a g B a , . p t o O l t 1 O a t s , D d o h h w a i . P n h , , h n i W r i i n a a i O o r i , O s O o o , e , A 1 . t h l D - h r h r * O P H i V i e i o e i a o c h a o a a 1 l t 1 s 1 i z . o 1 le 1 ton, + + + + + + + + + + + + + + - 1 2 1 1 1 1 4 4 2 8 5 0 5 7 4 9 4 2 2 1 4 + + + + + + + + + + + + - - 2 1 5 4 8 4 4 4 4 3 5 5 6 4 1 0 0 + + + + + + + + + + + + + - 1 1 2 6 4 6 2 6 5 3 8 5 8 1 4 5 i C S M M t h . F C T D D F P G L M G M I i e e n l o e c L e a h e r e r t t i i d a r o r e n a r a r s i n l t o d o o i t r c w r e r n g s t a e u i i p o a p n , M i d o a s W n a n g o i o i o , s u H a M t g o o l l B , D R n i a i p k , , 1 i t t a D , y i a n a o a e a M 1 i c u M 1 y n e e n s n 1 l p i W h t 1 i , s . s , t e i i e s 1 . i 1 c , r d t , 1 c , , W A A i W . i h r s s 1 h I c I r r i . I , I o 1 . n t c i e e i n n 1 s w s t a a M d d d . . s s 1 a 1 . . , 1 i 1 1 ch.1... . p P P + + + + + + + + + + + 3 2 1 + 2 1 1 1 3 8 4 9 8 0 7 5 1 4 7 0 M + + + + + + + + - — 2 1 1 - 4 7 8 4 3 8 7 1 0 0 7 7 2 3 + + + + + + + + + + + + + + + 3 1 1 1 1 1 4 2 6 2 5 0 ? 5 1 1 0 3 2 0 2 1 M L S F S S S P R e V S S O L P a a a r a o h i t e n n r v D n D n a c W a s a o o a a o s n e C r a n s l e n k o o A n p a l J F r D a r e n t g a e l w w s o o m d F o a d n s r a l i j i i s , i a x l t i o r n g e d e n n f B i e s n e n a M , . , t g n e e d C t t i * n , a o n e o o d l o . a - A C t a n e , o a - c C B w e w , , o O l a s c i n a r i C , s a , e C n n n h i C f l L i a z c i l . A r c a , d C f C i 1 a k a . . k o l a f L 1 r O l i l A l . a . e a , C i i e f a 1 . f f l S l a l a . C n . i e i A a C , k 1 f a s f d y . l a . 2 l C n . 1 a 1 i , , a , l f l i a n C C C . i f B l 1 d f . i . a a a 1 . , f e . . . l l l . . r . . i i i 1 . . . f f f - . . . . . + + + + + + + + + + + + + + - - 1 1 1 1 1 2 2 5 8 4 8 6 7 7 5 2 0 2 9 1 1 1 + - - - 1 2 - - - - 1 _ - - - — - 2 8 1 7 7 1 2 8 2 1 1 1 5 0 2 j 3 7 + + + + + + + + - + + + - + — 2 1 1 4 4 4 7 4 5 3 5 4 3 0 1 3 5 6 C C P P it i o l i t e e r t v s t s s e b m l u a r o n g u d h t , , h O , P h O a i . h o 1 1 io1 + + + 2 7 8 5 + + + 2 3 3 8 + + + 2 2 8 2 S F L L K t o o i v . t u r t a t L l i n e s o s S v v u R i m l i i l l s o i e l , t c e , h k , M , K , I A o n y A d . r r 1 k k.1 + + + + 1 3 7 1 6 + + + 4 4 2 + + + + 1 5 3 2 0 5 S S S S P p a e t o o l a o r t c t t k t l k l a L a e t n n a o , e d k n , W , e , W O C a C s r a a i h e t l s y i . . h 1 f 1 , . . 1 1 Utah1. . P + + + + 1 r 8 5 7 ( 5 ) + + + + -4 4 2 5 1 + + + + + 6 7 5 6 5 Richmond District P-1 r+2 +2 S M p e ri m ng p f h i i e s l , d , T e M n o n.1 + 10 + 0 1 + + 2 4 Tacoma, Wash.1 +6 +6 +5 M W e D t a r o s o w h p i o n n l t g i o t t a w o n n n , W A D r a e . s a C h s . 2 . , 1 D. C. — —6 5 -2 7 - - 5 1 C Q ity uincy, 111 + 13 +2 C T B it u i a e c k s s e o rs n f , i e A ld r , i z Calif.1 + +2 1 +2 ^ + -4 6 A B s a h lt e i v m il o le re , , N M . d C . . 1 1 + -2 6 + 0 1 +2 0 Minneapolis District +6 + 1 T B w oi i s n e F an al d l s N , I a d m a p ho a, Idaho +2 0 - - 2 1 + — 3 1 Raleigh, N. C.1 -4 +4 +3 Metropolitan Areas2 Idaho Falls, Idaho -9 -10 -2 Winston-Salem, N. C.1. . . 0 + 13 +7 Mpls-St. Paul, Minn.1.... +7 0 +2 Bellingham, Wash +25 +27 + 18 C C h o a lu r m les b t i o a n , , S S . . C C .1 .1 P- + 11 1 + + 1 1 7 + + 7 5 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 + + 9 5 r- + 3 2 + + 2 3 W Ev a e ll r a e t W t, a W ll a a, s h W .1 ash.1.. .. + 3 1 + - 1 9 3 + -2 8 Greenville, S. C.1 P+3 + 10 +9 Sioux Falls, S. D +5 -7 Yakima, Wash.1 P-5 -3 -5 p Preliminary. r Revised. 1 Indexes showing longer term comparisons are also available for these areas and cities and may be obtained upon request from the Federal Reserve Bank in the district in which the area or city is located. 2 Breakdowns shown under various metropolitan areas do not necessarily include all portions of such areas. 3Data not available. *Four months 1953. AUGUST 1953 897 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS— SALES AND STOCKS BY MAJOR DEPARTMENTS [Based on retail value figures] Percentage Ratio of Federal Reserve index numbers change from a stocks to without seasonal adjustment, year ago sales i 1941 average monthly sales =100 2 Number of Sales Stocks Sales during Stocks at end Department r s e t p o o re r s t- d p u er r i i o n d g ( m en o d n t o h f ) May period of month ing M 19 a 5 y 3 m F 1 o 9 n iv 5 th e 3 s M 19 a 5 y 3 1953 1952 May 1 95 A 3 pr, M 19 a 5 y 2 May 1 95 A 3 pr, 1 M 95 ay 2 GRAND TOTAL—entire store3 370 + 1 +7 3.3 3.1 MAIN STORE—total 370 +2 +7 3.5 3.3 210 203 210 737 756 699 Piece goods and household textiles. 332 -3 -1 +4 4.0 3.7 180 168 185 716 727 695 Piece goods 309 -6 -4 3.6 3.4 188 191 200 667 697 697 Silks, velvets, and synthetics. 217 -9 -9 -4 3.6 3.4 141 159 155 514 569 536 Woolen yard goods 184 +2 +3 -6 12.9 14.0 56 94 55 725 705 737 Cotton yard goods 205 + 1 2.4 2.4 309 285 320 765 835 764 Household textiles 322 -1 + 1 +7 4.2 3.9 179 158 180 746 745 696 Linens and towels 295 -1 +2 + 1 4.8 4.7 153 139 155 739 750 730 Domestics—muslins, sheetings. 271 0 0 + 16 3.7 3.2 209 175 209 781 749 678 Blankets, comforters, and spreads. 258 -2 +3 +8 3.9 3.6 177 151 180 692 670 645 Small wares. 356 +2 +6 4,0 3.7 182 172 185 727 740 689 Laces, trimmings, embroideries, and ribbons . . 211 -7 -4 +7 3.4 3.0 248 262 266 847 922 792 Notions 252 0 0 + 10 3.2 2.9 288 270 287 923 955 853 Toilet articles, drug sundries 339 -? + 1 +6 3.7 3.4 159 148 164 592 586 562 Silverware and jewelry 333 0 +2 + 1 4.6 4.5 196 168 196 927 Silverware and clocks4 228 -7 -3 0 7.2 6.7 Costume jewelry4 297 +5 +7 +5 2.5 2.5 Fine jewelry and watches4 93 -6 -1 -6 7.9 7.9 Art needlework. 247 + 1 6.3 6.2 113 129 115 708 708 Books and stationery.... 293 +7 + 12 4.3 3.8 166 166 164 704 713 635 Books and magazines.. 137 -1 +5 +9 4.0 3.6 136 134 136 540 477 491 Stationery 254 +2 +9 + 11 4.3 3.9 164 157 161 706 728 643 Women's and misses' apparel and accessories. 367 +2 +2 +9 2.6 2.4 223 222 218 571 609 530 Women's and misses' ready-to-wear accessories. . 367 0 +2 +9 3.2 2.9 213 213 212 674 714 627 Neckware and scarfs 326 + 15 + 10 +20 2.1 2.0 333 324 290 699 736 586 Handkerchiefs 292 -5 0 4.1 3.8 110 102 116 449 478 445 Millinery 168 -6 -2 +2 1.2 1.1 135 212 143 163 195 163 Women's and children's gloves 341 -9 -5 +2 4.6 4.1 121 165 133 553 597 547 Corsets and brassieres 355 +7 +8 + 12 2.9 2.8 322 305 303 938 943 842 Women's and children's hosiery 357 -7 -4 +7 2.4 2.1 145 142 155 356 379 334 Underwear, slips, and negligees 361 0 +2 + 7 2.7 2.4 246 195 246 657 694 623 Knit underwear 263 -3 +2 + 10 3.0 2.7 294 242 302 878 916 809 Silk and muslin underwear, and slips. . 311 + 1 + 1 +6 2.7 2.5 233 181 231 618 668 586 Negligees, robes, and lounging apparel. 281 +2 +3 0 2.0 2.0 241 180 236 481 508 490 Infants' wear 347 0 + 1 + 12 3.7 3.3 235 271 236 869 914 786 Handbags, and small leather goods. 350 -2 + 1 +8 2.2 200 195 204 488 529 458 Women's and children's shoes. . 259 +3 +4 +9 4.7 4.4 244 237 1,154 1,221 1,079 Children's shoes4 227 +3 +2 + 12 5.3 4.9 Women's shoes4 242 0 +4 +8 4.6 4.3 Women's and misses' ready-to-wear apparel. 365 +4 +3 + 10 2.0 1.9 234 233 225 464 498 425 Women's and misses' coats and suits 356 -11 0 + 10 2.2 1.8 133 243 149 355 266 S C u o i a t t s s 4 * 2 2 4 3 6 8 -1 -7 3 0 0 + 13 2 2. . 2 1 1 1 . . 9 6 +4 Juniors' and girls' wear 336 +6 +4 + 11 2.0 1.9 268 262 254 538 568 489 Juniors' coats, suits, and dresses. 294 +4 +3 + 7 1.4 1.4 285 274 274 402 433 380 Girls' wear 335 + 7 +4 + 14 2.8 2.6 257 264 239 718 770 631 Women's and misses' dresses. . 359 4-6 +3 +6 1.3 1.3 247 394 418 373 Inexpensive dresses4 284 +8 +4 +9 1.0 1.0 Better dresses4 293 +2 + 1 +3 1.7 1.7 Blouses, skirts, and sportswear 359 +9 +7 + 15 2.4 2.2 330 273 303 779 799 684 Aprons, housedresses, and uniforms. 308 +7 +5 + 11 1.6 1.5 305 234 286 481 513 440 Furs 265 -5 -6 14.6 13.0 27 54 29 403 351 387 +7 Men's and boys' wear. 349 +5 +3 4.7 4.6 193 170 184 904 888 856 +7 Men's clothing 283 +9 +3 4.5 4.9 217 177 199 985 984 992 Men's furnishings and hats 334 +3 +3 + 1 4.7 4.4 177 153 172 828 792 766 Boys' wear 325 +5 +3 +9 4.6 4.3 183 199 174 848 874 758 Men's and boys' shoes and slippers.... 210 -2 +2 + 12 5.9 5.1 190 185 194 1.128 1,151 994 + 15 For footnotes see following page. 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 Federal Reserve index numbers change from a stocks to without seasonal adjustment, year ago sales i 1941 average monthly sales = 100 2 Num- Department b s e t e p o r o r e o rt s f - d p S u e a r r l i i e o n s d g m S (e t n o o d n c t k o h s f ) May 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 1953 1952 1953 1952 M 19 a 5 y 3 mo F n iv th e s M 19 a 5 y 3 1953 1952 1953 May Apr. May May Apr. May Homefurnishings 334 -4 + 1 +6 4.4 4.0 223 213 231 975 980 933 Furniture and bedding 262 -2 +3 +8 4.3 3.9 217 209 220 934 960 868 Mattresses, springs, and studio beds4 , 187 -1 +6 + 15 2.4 2.0 Upholstered and other furniture4 195 i +2 + 7 5 0 4 6 Domestic floor coverings 288 -8 9 +3 5.2 4.7 173 179 188 905 922 885 Rugs and carpets4 167 -8 -1 + 7 5 4 4 7 Linoleum 4 87 — 15 15 _1 4 0 3 4 Draperies, curtains, and upholstery 316 -1 0 +4 3.9 3.7 238 211 241 924 905 892 Lamps and shades 267 -8 -2 +5 4.7 4.1 172 185 187 808 832 778 China and glassware 269 -7 -2 +2 8.3 7.6 146 155 157 1,217 1,257 1,196 Major household applicances , 246 -13 +2 + 1 3.2 2.7 228 193 262 721 698 744 Housewares (including small appliances) 281 +5 +4 +6 3.6 3.6 330 305 315 1,193 1,200 1,126 Gift shop4 196 — 1 +2 + 10 5 7 <; 1 Radios, phonographs, television, records, etc.4 232 -13 -5 + 14 4.6 3 "5 Radios, phonographs, television4 182 -16 -7 + 15 4.3 3.1 Records, sheet music, and instruments4 131 -f-6 _t +3 6.0 6 2 Miscellaneous merchandise departments. . . 339 -6 0 +8 3.3 2.9 201 202 213 673 670 633 Toys, games, sporting goods, cameras 318 +2 +7 + 10 5.4 5.0 164 162 161 888 930 802 Toys and games 259 + 7 + 7 + 16 5.7 5.3 137 125 128 780 712 684 Sporting goods and cameras 162 -3 +6 +5 5.1 4.7 160 166 165 819 970 776 Luggage 289 -8 -2 + 7 3.8 3.3 247 179 269 945 925 902 Candy4 193 "2 + 1 +8 1 3 1 i 203 0 0 +7 2.3 2.2 215 208 214 496 507 470 BASEMENT STORE—total 141 — 1 + 1 + 13 2 9 2 6 Domestics and blankets4 182 0 1 +8 1.7 1.6 222 217 222 381 401 358 Women's and misses' ready-to-wear 169 -1 0 +6 2.1 2.0 Int H im os a i t e e r y a 4 pparel4 1 1 2 2 5 5 -7 0 +2 4 +9 0 2 2 . . 2 0 2 1. . 9 0 Co U at n s d a e n rw d e s a u r i , ts c 4 orsets and brassieres4 1 1 7 7 9 8 - + 14 3 -3 + + 1 6 2 0 1 . . 8 6 0 1. . 2 8 Dresses4 159 + 7 + -2 4 + 14 1.8 1.7 Blouses, skirts, and sportswear4 128 +6 +4 + 19 2.2 2.0 Girls' wear4 127 +6 +3 + 7 2.7 2.7 Infants' wear4 122 — 5 + 1 1.7 1 6 Aprons, housedresses, uniforms4 Men's and boys' wear 169 +7 +2 +8 2.9 2.9 232 213 217 681 666 638 Men's wear4 156 +5 +2 +8 2.9 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 2 0 4 8 + + 3 7 +3 o + 4 1 -5 1 2 2 9 9 2 2 .8 9 Boys' wear4 124 + 15 -f-6 +8 2.9 3.1 Homefurnishings 108 -4 -3 -1 2.9 2.8 193 189 201 555 569 564 Shoes 123 + 1 0 +6 3.8 3.6 172 173 171 649 683 619 NONMERGHANDISE—total4 191 +2 +2 (5) (5) (5) Barber and beauty shop4 80 +4 0 (5) (5) (5) xThe ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. 2The 1941 average of monthly sales for each department is used as a base in computing the sales index for that department. The stocks index is derived by applying to the sales index for each month the corresponding stocks-sales ratio. For description and monthly indexes of sales and stocks by department groups for back years, see BULLETIN for August 1946, pp. 856-858. The titles of the tables on pp. 857 and 858 were reversed. 3For movements of total department store sales and stocks, see the indexes for the United States on p. 898. 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. i 6Data not available. NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1952, sales and stocks at these stores accounted for almost 50 per cent of estimated total department store sales and stocks. Not all stores report data for all of the departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total. AUGUST 1953 899 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES C O N S U M ER P R I C ES [Bureau of Labor Statistics index for city wage-earner and clerical-worker families. 1947-49 =100] Housing Read- Other Y m e o a n r t o h r it A em ll s Foods Other G an a d s S fu o e l l i s d H fu o r u n s - e- H h o o u l s d e- p A a p re - l T p t r o i a o r n t n a s - - M c ic a e a r d e l - s c P o a e n r r a e - l re a c in n re g d a- g s a o e n o rv d d - s Total Rent shelter i elec- and ish- opera- tion ices tricity fuel oil ings tion 1929 73.3 65.6 117.4 60.3 1933 55.3 41.6 83.6 45.9 1941 62.9 52.2 88 4 55.6 1942 69.7 61.3 90 4 64 9 1943 74.0 68.3 90 3 67 8 1944 75.2 67.4 90.6 72 6 1945 .. 76.9 68.9 90 9 76 3 1946 83.4 79.0 91 4 83 7 1947. . 95.5 95.9 95.6 94.4 97.6 88.8 97.2 97.2 97.1 90.6 94.9 97.6 95.5 96.1 1948 102.8 104.1 101.7 100.7 100.0 104.4 103.2 102.6 103.5 100.9 100.9 101.3 100.4 100.5 1949 101 8 100.0 103.3 105 0 102.5 106.8 99.6 100.1 99.4 108.5 104.1 101.1 104.1 103.4 1950 102.8 101.2 106.1 108.8 102.7 110.5 100.3 101 2 98.1 111.3 106.0 101.1 103.4 105.2 1951 111.0 112.6 112.4 113.1 103.1 116.4 111.2 109.0 106.9 118.4 111.1 110.5 106.5 109.7 1952 113.5 114.6 114.6 117.9 104.5 118.7 108.5 111.8 105.8 126.2 117.3 111.8 107.0 115.4 1952—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—Tan.... 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 June.. . 114.5 113.7 117.4 123.3 106.4 121 .8 108.0 115.4 104.6 129.4 121.1 112.6 107.8 118.2 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. W H O L E S A LE P R I C E S, BY G R O U PS OF C O M M O D I T I ES [Ind-x 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 o i d l e m l s - i- F p u r a c o r t d m s - f P e o s r o s o e d c d s - Total p p T u a a r t a e c i n o p r d - l x t e s - e d l - l H s p e u a k i r a c i n d o t d n ts h e d- s, s e , r p l t F O o m i e a i u g r w t n n a e d g - i h h e l a , t- r e l , r s C c a p i u a o l h r c c l n m o e a d i ts l d e s m m - d - odi p R t u a b r i u c n o e d r e t b s s - d- L w p u a r b u o c n o e d r m o ts d d - - p a p P u a a l r u l c p n o l d i t e s d p e - , d r, M m p u e a r e c t n o t d t a s d a - l ls p c u M m t a r e h i c n o r o i a y d v - - t e s n d - - h F d o h t b o a u u t o u l u n r h r d e l r d e s s n a e - r e i- - e s N t r t m t m a a u r o l l u r i e s l n a n i c - — c - l - - b m b e t o b f a u T r a a t e a a n c r t o c v n g l e d c - - e u - e s o d s - n c M e el o i l s u a - - s 1947 96.4 100.0 98.2 95.3 100.1 101.0 90.9 101.4 99.0 93.7 98.6 91.3 92.5 95.6 93.9 98.0 100.8 1948 104.4 107.3 106.1 103 4 104 4 102.1 107.1 103.8 102.1 107.2 102 9 103.9 100.9 101.4 101.7 100.4 103.1 1949 . 99 2 92 8 95 7 101 3 95 5 96 9 101 9 94 8 98 9 99 2 98 5 104.8 106.6 103.1 104.4 101.6 96.1 1950 103.1 97.5 99.8 105.0 99.2 104.6 103.0 96.3 120.5 113.9 100.9 110.3 108.6 105.3 106.9 102.4 96.6 19SI 114 8 113 4 111 4 115 9 110 6 120 3 106 7 110 0 148 0 123 9 119 6 122.8 119.0 114 1 113 6 108 1 104.9 1952 111.6 107 0 108.8 113 2 99 8 97.2 106.6 104.5 134.0 120.3 116 5 123.0 121.5 112 0 113 6 110 6 108 3 1952 111.2 107.2 108.5 112.6 99.0 95.9 105.9 104.3 133.4 119.9 116.7 121.1 121.3 111.6 113.8 110.8 108.1 July 111 8 110 2 110 0 112 5 98 9 96.2 106.0 104 2 130 0 120 2 115 3 121.9 121.4 111 6 113.8 110 8 105 5 August 112.2 109.9 110 5 113.0 99.1 96.5 105.8 104.0 127.8 120 5 115 6 124.1 121 A 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 4 110.7 103.6 107.7 112.8 98.6 97.6 106.7 103.5 126.4 119.7 115.5 123 9 121.4 112.1 114.5 110 8 105 7 December 109.6 99.2 104.3 112.9 98.2 99.0 107.2 103.3 127.7 119.7 115.9 124.0 121.4 112.3 114.6 110.8 105.1 1953 January 109.9 99.6 105.5 113.1 98.8 97.3 107.8 103.6 127.3 120.5 115 8 124.0 121.5 112.7 114.6 112.2 103.0 February 109.6 97.9 105.2 113.1 98.5 98.0 108.1 103.6 126.2 121.1 115.3 124.6 121.6 112.9 114.6 111.9 101 .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 2 115.3 125.0 122.0 113.9 116.9 114.8 98 5 M ay 109.8 '97.8 '104.3 '113.6 97.6 '100.4 '107.1 '105.5 '125.4 '121.8 115.4 '125.7 '122.4 114.1 '117.2 114.8 '99.7 June 109.4 95.3 103.3 113.8 97.5 100.8 107.6 105.7 124.9 121.6 115.3 126.8 122.8 114.2 117.9 114.9 95.9 ' Revised. Source.—Bureau of Labor Statistics, Department of Labor. Back figures.—See BULLETIN for March 1952, pp. 311-313. 900 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 June Apr. May June June Apr. May June Farm Products: Pulp, Paper and Allied Products— Continued Fresh and dried produce 124.2 106.9 105.4 109.9 Grains 95.4 93.8 93.4 83.8 Converted paper and paperboard. 113.7 111.4 111.4 111.5 Livestock and poultry 107.2 87.5 91.7 86.8 Building paper and board 115.8 118.2 123.0 123.0 Plant and animal fibers 118.7 103.4 104.3 104.0 Fluid milk 103.5 96.7 '93.6 93.1 Metals and Metal Products: 81.0 102.5 98.7 106.5 Hay and seeds , 98.5 95.3 93.7 89.8 Iron and steel 122.4 127.7 '128.9 130.7 Other farm products. 136.7 137.1 •135.4 136.7 Nonferrous metals 120.0 128 2 126.6 127.6 Metal containers 120.5 126.5 126.6 126.6 Processed Foods: Hardware 123.9 127.9 '133.2 134.5 Plumbing equipment 118.0 113.8 113.8 113.5 Cereal and bakery products 106.7 109.2 109.0 107.9 Heating equipment 113.5 113.8 114.4 114.5 Meats, poultry, and fish 110.1 89.2 93.8 91.6 Fabricated structural metal prod- Dairy products and ice cream 110.1 108.5 107.9 107.7 ucts 115.4 113.6 '113.6 114.3 Canned, frozen fruits, and vegeta- Fabricated nonstructural metal bles 103 5 104.4 '104.0 103.7 products 122.8 124.0 124.1 Sugar and confectionery 110.9 109.7 109.6 109.9 Packaged beverage materials.... 161.9 168.1 164.6 164.6 Machinery and Motive Products: Other processed foods 118.4 120.5 121.5 120.2 Agricultural machinery and equip- Textile Products and Apparel: ment 121.5 122.3 122.4 122.5 Construction machinery and equip- Cotton products 95.4 92.9 93.3 93.4 ment 125.4 128.6 129.1 129.4 Wool products 112.8 111.3 112.0 111.6 Metal working machinery 127.9 129.8 130.1 131.1 Synthetic textiles 88.6 88.0 r87 A 87.5 General purpose machinery and Silk products 129.8 131.6 133.0 134.7 equipment 122.4 123.6 123.8 124.7 Apparel 100.3 99.9 '•99.9 99.5 Miscellaneous machinery 119.0 120.6 122.0 122.2 Other textile products. 98.7 82.5 '83.8 85.5 Electrical machinery and equipment 120.0 121.3 '122.6 124.0 Hides, Skins, and Leather Products: Motor vehicles 119.7 118.9 118.6 118.6 Hides and skins 59.5 66.4 74.8 75.1 Furniture and Other Household Dura- Leather 88.9 92.7 97.3 98.0 bles: Footwear 111.0 111.5 111.5 111.7 Other leather products 100.6 99.3 100.0 100.2 Household furniture 112.7 113.8 114.0 113.9 Commercial furniture 123.2 123.2 124.3 124.3 Fuel, Power, and Lighting Materials: Floor covering 119.1 124.2 125.0 124.8 Household appliances 106.8 108.0 108.1 108.1 Coal 105.3 111.2 110.8 111 .2 Radio 91.7 94.9 94.9 95.3 Coke 124.3 131.8 131.8 131.8 Television 75.0 74.9 74.9 74.9 Gas 102.0 109.5 108.2 108.2 Other household durable goods... 119.3 125.4 125.4 125.5 Electricity 98.5 98.0 '97.4 97.4 Petroleum and products. 109.6 109.3 109.4 110.3 Nonmetallic Minerals—Structural: Chemicals and Allied Products: Flat glass 114.4 116.4 116.4 121.0 Concrete ingredients 112.9 117.6 117.9 118.2 Industrial chemicals 114.9 117.0 118.0 119.2 Concrete products 112.4 114.2 115.5 115.5 Paint and paint materials 107.0 106.0 106.1 106.1 Structural clay products. . . 121.4 124.6 124.7 125.2 Drugs, Pharmaceuticals, cosmetics 92.2 93.0 93.1 93.1 Gypsum products 117.7 122.1 122.1 122.1 Fats and oils, inedible 52.0 55.9 •"49.9 46.6 Prepared asphalt roofing. . . 106.0 106.0 106.0 106.2 Mixed fertilizers 108.7 110.7 110.7 110.7 Other nonmetallic minerals. 111.9 115.3 115.3 116.4 Fertilizer materials 109.9 113.2 112.9 110.6 Other chemicals and products 103.0 103.1 103.0 102.7 Tobacco Manufactures and Bottled Beverages: Rubber and Products: Cigarettes 107.3 124.0 124.0 124.0 Crude rubber 152.7 122.3 124.2 122.7 Cigars 98.0 102.9 102.9 102.9 Tires and tubes 130.5 126.3 126.3 126.3 Other tobacco products. 114.8 121.5 121.5 121.5 Other rubber products. 127.1 124.2 124.7 124.3 Alcoholic beverages 111.2 110.0 110.0 110.0 Nonalcoholic beverages. 119.7 119.8 119.9 120.6 Lumber and Wood Products: Miscellaneous: Lumber... 120.1 121.5 121.0 120.8 Millwork. 126.4 132.0 132.0 132.0 Toys, sporting goods, small arms. . 113.5 113.7 114.3 114.0 Plywood. 105.7 112.0 112.4 112.4 Manufactured animal feeds 107.9 88.7 91.1 83.7 Notions and accessories 91.5 93.2 93.2 93.2 Pulp, Paper, and Allied Products: Jewelry, watches, photo equipment 101.0 101.8 101.9 101.8 Other miscellaneous 120.5 121.1 120.3 120.2 Woodpulp... 113.3 108.8 108.8 108.8 Wastepaper. 55.1 88.3 85.0 85.0 Paper 124.2 124.9 124.9 124.7 Paperboard. 129.3 123.1 123.1 123.2 ••Revised. Source.—Bureau of Labor Statistics, Department of Labor. Back figures.—See BULLETIN for March 1952, pp. 311-313. AUGUST 1953 901 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 annualrates Annual totals by quarters 1952 1953 1929 1933 1941 1947 1948 1949 1950 1951 1952 2 3 4 1 2 Gross national product 103.8 55.8 126.4 233.3 259.0 258.2 286.8 329.8 348.0 345.1 345.3 361.1 '362.0 372.4 Less: Capital consumption allowances.. 8.8 7.2 9.3 14.8 17.6 19.4 21.6 24.2 27.0 26.9 27.0 28.2 '28.2 29.2 Indirect business tax and related liabilities 7.0 7.1 11.3 18.7 20.4 21 6 23.7 25.7 28.1 28.0 28.3 28.9 '29.3 30.1 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 1.1 .5 1.8 -1.4 1.6 '-2.9 n.a. Plus: Subsidies less current surplus of government enterprises -.1 0) .1 — .1 0 0 4 4 .1 .4 -.1 -.2 .0 .2 Equals: National income 87.4 39.6 103.8 198.7 223.5 216.3 240.6 278.4 291.6 287.9 290.4 301.4 306.5 n.a. Less: Corporate profits and inventory valuation adjustment 10.3 —2.0 14.6 24.7 31.7 29 2 36.0 42 4 40.2 39.9 37.7 41.7 43.6 n.a. Contributions for social insurance.. .2 .3 2.8 5.7 5.2 5.7 6.9 8.2 8.6 8.6 8.7 8.8 9.0 9.0 Excess of wage accruals over disbursements 0 0 0 0 0 o o 0 — .1 0 — 3 .0 .0 .0 Plus: Government transfer payments... .9 1.5 2.6 11.1 10.5 11.6 14.3 11.6 12.0 11.7 12.2 12.4 12.6 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 5.0 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 9.2 9.4 Business transfer payments 7 5 7 7 8 g 9 9 9 9 9 .9 .9 Equals: Personal income 85.1 46.6 95.3 191.0 209.5 205.9 226.7 254.3 269.7 266.0 271.4 278.3 281.6 284.4 Less: Personal tax and related payments.. 2.6 1.5 3.3 21.5 21.1 18.6 20.9 29.3 34.6 34.3 34.8 35.3 36.2 36.7 Federal 1.3 .5 2.0 19.6 19.0 16 2 18 1 26 2 31.1 30.8 31.2 31.6 32.3 32.8 State and local 1.4 1.0 1.3 1.9 2.1 2.5 2.8 3.2 3.6 3.5 3.6 3.7 3.8 3.9 Equals: Disposable personal income 82.5 45.2 92.0 169.5 188.4 187.2 205.8 225.0 235.0 231.7 236.6 243.0 245.4 247.7 Less: Personal consumption expenditures 78.8 46.3 82.3 165.6 177.9 180.6 194.6 208.1 218.1 217.2 217.2 224.4 227.7 230.4 Equals: Personal saving 3.7 -1.2 9.8 3.9 10.5 6.7 11.3 16.9 16.9 14.5 19.4 18.6 17.7 17.2 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 1929 1933 1941 1947 1948 1949 1950 1951 1952 National income 87.4 39.6 103.8 198.7 223.5 216.3 240.6 278.4 291.6 287.9 290.4 301.4 306.5 n.a. Compensation of employees 50.8 29.3 64.3 128.0 140.2 139.9 153.4 178.9 193.2 189.5 194.1 201.3 204.5 208.0 Wages and salaries 2 50.2 28.8 61.7 122.1 134.4 133.4 145.6 169.8 183.6 180.1 184.4 191.3 194.5 198.0 Private 45.2 23.7 51.5 104.8 115.7 113.0 123.4 141.2 151.1 147.7 151.5 158.3 161.3 164.5 Military .3 .3 1.9 4.1 4.0 4.2 5.0 8.6 10.4 10.4 10.6 10.4 n.a. n.a. Government civilian 4.6 4.9 8.3 13.2 14.7 16.1 17.1 20.0 22.2 22.0 22.4 22.6 n.a. n.a. Supplements to wages and salaries... .6 .5 2.6 5.9 5.8 6.6 7.9 9.1 9.6 9.5 9.6 10.0 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 51.5 51.5 51.1 50.8 49.7 Business and professional 8.3 2.9 9.6 19.8 22.1 21.6 23.6 26.1 26.3 26.3 26.1 26.7 27.0 27.0 Farm 5.7 2.3 6.9 15.6 17.7 12.8 13.3 15.5 14.8 15.3 15.2 14.0 13.4 12.3 Rental income of persons 5.8 2.0 4.3 7.1 7.5 7.7 8.5 9.1 10.0 10.0 10.2 10.3 10.4 10.4 Corporate profits and inventory valuation adjustment 10 -2.0 14.6 24.7 31.7 29.2 36.0 42.4 40.2 39.9 37.7 41.7 43.6 n.a. Corporate profits before tax 9.8 .2 17.2 30.5 33.8 27.1 41.0 43.7 39.2 38.2 37.0 40.3 44.4 n.a. Corporate profits tax liability.... 1.4 .5 7.8 11.9 13.0 10.8 18.2 23.6 20.6 20.1 19.4 21.2 24.1 n.a. Corporate profits after tax 8.4 -.4 9.4 18.5 20.7 16.3 22.7 20.1 18.6 18.0 17.5 19.1 20.3 n.a. Inventory valuation adjustment -2.1 -2.6 -5.8 -2.1 2.1 -5.0 -1.3 1.0 1.7 .7 1.4 -.8 -.6 Net interest 6.5 5.0 4.1 3.5 4.3 5.0 5.7 6.4 7.0 6.9 7.1 7.4 7.6 7.7 n.a. Not available. ' Revised. JLess than 50 million dollars. 2 Includes employee contributions to social insurance funds. 3Includes noncorporate inventory valuation adjustment. NOTE.—Details may not add to totals because of rounding. Source.—Department of Commerce. 902 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued [Estimates of the Department of Commerce, in billions of dollars] GROSS NATIONAL PRODUCT OR EXPENDITURE Seasonally adjusted annual rates Annual totals by quarters 1952 1953 1929 1933 1941 1947 1948 1949 1950 1951 1952 2 3 4 1 2 Gross national product 103.8 55.8 126.4 233.3 259.0 258.2 286.8 329.8 348.0 345.1 345.3 361.1 '362.0 372.4 Personal consumption expenditures 78.8 46.3 82.3 165.6 177.9 180.6 194.6 208.1 218.1 217.2 217.2 224.4 227.7 230.4 Durable goods 9.4 3.5 9.8 21.4 22.9 23.8 29.2 27.3 26.7 27.4 25.1 28.2 30.2 30.7 Nondurable goods 37.7 22.3 44.0 95.1 100.9 99.2 102.6 113.4 118.8 118.0 118.7 121.1 121.2 122.1 Services 31.7 20.6 28.5 49.1 54.1 57.5 62.7 67.4 72.7 71.8 73.3 75.1 76.3 77.6 Gross private domestic investment. . .. . . 15.8 1.3 18.3 30.2 42.7 33.5 52.5 58.6 52.5 49.6 52.3 57.9 '54.0 61.0 New construction * 7.8 1.1 6.8 13.9 17.7 17.2 22.7 23.1 23.4 23.4 23.1 23.9 25.0 25.3 Residential, nonfarm 3.6 .5 3.5 6.3 8.6 8.3 12.6 11.0 11.1 11.0 10.8 11.6 12.0 Other 4 2 .7 3.3 7.6 9.1 9.0 10 1 12.2 12.3 12 4 12 3 12.3 12!8 13.4 Producers' durable equipment 6.4 1.8 7.7 17.1 19.9 18.7 22.3 24.6 25.4 25.6 24.9 25.5 '26.2 26.9 Change in business inventories.... 1.6 -1.6 3.9 -.8 5.0 -2.5 7.5 10.9 3.7 .7 4.2 8.5 2.9 8.8 Nonfarm only 1.8 -1.3 3.4 1.4 3.7 -1.6 6.6 9.6 3.1 -.1 3.6 8.1 2.6 8.7 Net foreign investment .8 .2 1.1 8.9 1.9 .5 -2.3 .3 -.2 .5 -2.0 -1.6 -2.1 -2.5 Government purchases of goods and services . 8.5 8.0 24.7 28.6 36.6 43.6 42.0 62.9 77.5 77.7 77.8 80.4 82.4 83.5 Federal 1.3 2.0 16.9 15.8 21.0 25.4 22.1 41.1 54 2 54 7 54 6 ^6 4 r57.4 58.9 O N t a h ti e o r nal security 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 4 5 9 . . 4 8 4 6 9 . . 0 2 5 6 0 . . 3 5 5 6 1 . . 5 6 5 6 3 . . 0 5 Less: Government sales 2 1.3 .6 .4 .2 .4 .5 .5 .6 .5 .7 .7 State and local . 7.2 5.9 7.8 12.8 15.6 18.2 19.9 21.8 23.4 23.0 23.2 24.0 24.9 24.6 PERSONAL INCOME [Seasonally adjusted monthly totals at annual rates] Wages and salaries Divi- Less Year or month in s P c o e o n r m a - l e re T c o e t i a p l ts4 b m T u d o e i r s n t s a - e t l s - Wag d p m i e u C n r o o s g o a d t d m n r i u i i n d t e c - y - s - sal D a i r u n t i y r s t d i i t u e v r d i s s e i b - s - bu S r i e s n t e r r d v i m u e ic s s e e - nts m G er o e n n v - t - in O l c a t o b h m o e r r e8 i p n r r e c P a i o n e n ro m t t d a o - e l r 6 s' i i n n d s p t a c o e e e n o n n r r d m d a e - l s s e t m T p r e f a a e n y n r t - s s - 7 p b c i e s a u n o o r n f t s n s o c i c u o o t i r e r a n r n i 8 - l a - s l i a n g N t c u r o o i r c m a n u l - l e - 1 1929 85.1 50.0 50.2 21.5 15.5 8.2 5.0 .5 19.7 13.3 1.5 .1 76.8 1933 46.6 28.7 28.8 9.8 8.8 5.1 5.2 .4 7.2 8.2 2.1 .2 43.0 1941 95.3 60.9 61.7 27.5 16.3 7.8 10.2 .6 20.8 9.9 3.1 .8 86.1 1947 191.0 119.9 122.0 54.3 35.1 15.3 17.2 2.4 42.4 14.5 11.8 2.1 170.8 1948 209.5 132.1 134.3 60.2 38.8 16.6 18.7 2.8 47.3 16.0 11.3 2.2 187.1 1949 205.9 131.2 133.4 56.9 38.9 17.2 20.4 3.1 42.1 17.1 12.4 2.2 188.7 1950 226.7 142.6 145.5 63.5 41.3 18.6 22.1 3.9 45.4 19.6 15.1 2.9 209.0 1951 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 1952 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—June 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 August. . . 271.3 181.9 185.4 80.6 49.5 22.2 33.1 4.7 50.6 21.0 13.4 3.8 251.9 September 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. 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 December. 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 February. 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 March 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 April 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 May 284.7 194.2 198.0 89.3 51.7 23.5 33.5 5.1 50.0 22.1 13.5 4.0 267.2 June?.... 285.9 195.5 199.3 89.7 52.1 23.9 33.6 5.1 49.8 22.3 13.5 4.1 268.7 P Preliminary. r Revised. 1 Includes construction expenditures for crude petroleum and natural gas drilling. 2 Consists of sales abroad and domestic sales of surplus consumption goods and materials. 3 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. 8 Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments. 8 Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory valuation adjustment. 7 Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, ai 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. AUGUST 1953 903 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK OPERATING RATIOS, 1952 AVERAGES OF INDIVIDUAL BANK RATIOS, BY FEDERAL RESERVE DISTRICTS [Expressed in percentages] Federal Reserve district All Item tr d i i c s- ts B to o n s- Y N o e r w k P p d h h e i i l l a - a- C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S r is a a c n n o - Summary ratios Percentage of total capital accounts: Net current earnings before income taxes.. 15.1 11.8 12.4 11.4 13.4 14.6 16.4 16.0 15.7 17.7 17.9 17.5 17.0 Profits before income taxes 13 1 10.1 10.6 10.0 12.0 13.5 14.1 13.8 13.7 15.5 15.8 14.1 14.5 Net profits 8.8 6.6 7.3 7.0 8.3 8.8 9.0 9.3 9.6 9.8 10.4 9.3 9.0 Cash dividends declared 3.0 2.8 2.5 2.5 2.6 3.0 3.2 2.8 3.0 3.5 3.6 3.6 3.1 Percentage of total assets: Total earnings 3.00 3.13 3.07 3.01 2.86 2.99 3.12 2.77 2.80 3.18 3.05 3.12 3.32 Net current earnings before income taxes.. 1 10 1 01 98 1 10 1.06 1 12 1 14 1.01 1.11 1.14 1.24 1.21 1.06 Net profits .65 .58 .59 .67 .67 .69 .64 .60 .69 .64 .74 .65 .56 Sources and disposition of earnings Percentage of total earnings: Interest and dividends on: U. S. Government securities 25.6 23.0 26.0 27.8 28.0 24.3 22.1 30.4 28.2 25.5 22.5 19.8 22.0 Other securities 5.6 5.3 6.9 7.3 6.4 5.1 5.9 5.3 6.0 5.0 4.4 5.3 3.8 Earnings on loans 56 7 54.2 54 9 55.8 55.3 60.3 58.7 52.0 55.9 52.7 60.5 63.9 59.7 Service charges on deposit accounts 5.9 9.3 6.9 3.7 4.7 4.6 6.6 6.3 4.1 6.5 6.9 5.5 7.0 Other current earnings 6.2 5.6 6.7 6.0 5.8 10.3 5.5 7.5 8.2 5.3 5.4 5.7 5.7 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 30.8 27.3 31.7 31.2 30.8 31.2 34.2 32.5 Interest on time deposits 10.4 3110..97 3114..02 2165..82 12.9 2182..65 8.2 11.3 7.3 11.9 353..04 2.3 15.4 Other current expenses 22.1 25.0 22.8 21.6 22.7 21.4 23.5 21.1 22.4 20.9 20.8 24.5 19.7 Total expenses 63.3 67.6 68.0 63.6 62.9 62.5 63.4 63.6 60.5 64.0 59.2 61.0 67.6 Net current earnings before income taxes. 36.7 32.4 32.0 36.4 37.1 37.5 36.6 36.4 39.5 36.0 40.8 39.0 32.4 Net losses including transfers 4.4 4.4 4.2 4.2 3.3 2.6 4.5 4.5 4.5 4.2 4.2 7.4 4.0 Taxes on net income. .. 10 4 9 4 8 4 9.7 10.1 11.8 11.4 10.0 10.2 11.3 12.2 10.6 10.4 Net profits 21.9 18.6 19 A 22.5 23.7 23.1 20.7 21.9 24.8 20.5 24.4 21.0 18.0 Rates of return on securities and loans Return on securities: Interest on U. S. Government'securities.. . 1.93 1.96 1.99 2.07 1.95 1.97 1.89 1.88 1.92 1.94 1.88 1.88 1.86 Interest and dividends on other securities.. 2.50 2.41 2.34 2.72 2.41 2.50 2.61 2.31 2.58 2.28 2.52 2.84 2.80 Net losses including transfers on total securities 08 06 10 .11 .08 .07 09 .10 .08 .11 .07 .05 .07 Return on loans: Earnings on loans 5.77 5.34 5.36 5.44 5.37 5.72 6.26 5.44 5.82 5.69 6.21 6.92 6.05 Net losses on loans1 .13 .08 .05 .02 .05 .07 .12 .06 .12 .13 .20 .55 .16 Distribution of assets Percentage of total assets: U. S. Government securities 37.2 35.0 38.1 38.9 39.5 35.0 33.9 42.2 38.8 39.8 33.9 30.1 35.9 Other securities 7.6 7.8 9.5 9.1 8.4 6.8 7.7 7.5 7.2 7.3 6.4 6.5 5.4 Loans 30 3 32 4 32 3 31.5 30.2 32 2 29 8 27.2 27.8 30.0 31.0 29.8 33.5 Cash assets 24.0 23.5 19.0 19.5 21.0 24.9 27.5 22.4 25.5 22.2 28.2 32.6 24.0 Real estate assets .8 1.1 1.0 1.0 .7 1.0 .9 .5 .6 .6 .4 .9 1.0 Other ratios Total capital accounts to: Total assets 7.7 9.2 8.3 10.0 8.4 8.0 7.2 6.5 7.3 6.8 7.2 7.3 6.4 Total assets less Government securities and cash assets 21 5 23 7 20 9 25 5 23 1 20 9 20 1 20.8 22.9 19.3 20.6 20.7 17.3 Total deposits 8.5 10.4 9.3 11.3 9.2 8.8 7.9 7.0 8.0 7.4 7.8 8.0 6.9 Time to total deposits 30.1 29.8 43.8 47.3 40.9 32.9 22.2 34.0 21.0 35.6 11.8 6.3 33.4 Interest on time deposits2. ... . .. 1.10 1.10 1.07 1.07 .96 1.19 1.12 .96 .98 1.13 1.29 1.17 1.57 Trust department earnings to total earnings2. 3.1 4.4 2.9 3.6 3.9 3.4 2.2 2.7 2.3 2.2 2.6 2.2 4.4 Number of banks3 6,758 321 715 615 673 476 355 1,005 490 474 749 631 254 1"Net losses on loans" is the excess of (a) actual losses charged against net profits plus losses charged against valuation reserves over (b) actual recoveries credited to net profits plus recoveries credited to valuation reserves. Transfers to and from valuation reserves are excluded. 2Banks with no time deposits, or no trust department earnings, as the case may be, were excluded in computing this average. 3The ratios for 40 member banks in operation at the end of 1952 were excluded from the compilations because of unavailability of data covering the complete year's operations, certain accounting adjustments, lack of comparability, etc. NOTE.—These ratios, being arithmetic averages of the operating ratios of individual member banks, differ in many cases from corresponding ratios computed from aggregate dollar amounts shown in the May 1953 issue of the BULLETIN. Such differences result from the fact that each bank's figures have an equal weight in calculation of the averages whereas the figures of the many small and medium-sized banks have but little influence on the aggregate dollar amounts. Averages of individual ratios are useful primarily to those interested in studying the financial results of operations of individual banks, while ratios based on aggregates show combined results for the banking system as a whole and, broadly speaking, are the more significant for purposes of general analyses of credit and monetary problems. Figures of earnings, expenses, etc., used in the calculations were taken from the annual earnings and dividends reports for 1952. Balance sheet figures used in the compilations were obtained by averaging the amounts shown in each bank's official condition reports submitted for Dec. 31, 1951, and June 30 and Sept. 5, 1952, except for a limited number of banks for which all three reports were not available; such reports as were available were used in those instances. Savings deposits are included in the time deposit figures used in these tables. Banks with no time deposits (304 in number) are included with the banks having ratios of time to total deposits of less than 25 per cent. 904 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK OPERATING RATIOS, 1952— Continued AVERAGES OF INDIVIDUAL BANK RATIOS, BY SIZE OF BANK AND BY RATIO OF TIME TO TOTAL DEPOSITS [Expressed in percentages] Ratio of time deposits to Size group—tota deposits (in thousands of dollars) total deposits (per cent) Item gr A o ll ups 1,000 75 and 1,000- 2,000- 5,000- 10,000- 25,000- 50,000- Over Under 25- -50 50-75 and under 2,000 5,000 10,000 25,000 50,000 100,000 100,000 25 over Summary ratios Percentage of total capital accounts: Net current earnings before income taxes 15 1 11 6 13 8 15 0 16 1 16 4 16 q 17 s 16 6 16 7 14 6 12.8 10.2 Profits before income taxes 13 .1 10 .3 12 .4 13 .1 13 .6 13 .9 14 .2 15 .1 14 .6 14 .4 12 .7 11.2 9.2 Net profits 8 8 7 7 9 7 9 1 8 6 8 3 8 7 8 3 8 0 9 5 8 .4 7.9 7.0 Cash dividends declared 3 .0 2 .7 2 .9 3 .0 3 .0 3 .0 3 2 3 .0 3 .7 3.4 2 .8 2.5 2.5 Percentage of total assets: Total earnings 3 .00 3 .33 3 .13 2 .99 2 .95 2 .94 2 86 2 .75 2 .62 2.94 3 .04 3.06 2.98 Net current earnings before income taxes 1 10 1 17 1 16 1 11 1 07 1 03 1 01 98 1 01 1.17 1 06 1.01 .94 Net profits .65 .78 .78 .68 .58 .53 50 .47 .49 67 .63 .63 .64 Sources and disposition of earnings Percentage of total earnings: Interest and dividends on: U. S. Government securities. . 25 .6 21.2 24 .9 26 .1 26 .3 26 .5 25 3 25 .3 25 5 24 2 26 .1 27.6 32.0 Other securities .... 5 6 4.2 4 8 5 7 6 4 6 3 6 4 9 5 3 5 7 5 ,7 6.6 10.0 Earnings on loans 56.7 64 .5 59 .6 57 .2 55 .0 52 .7 52 5 53 .7 52 6 57 5 56 .0 56.2 51.6 Service charges on deposit accounts o 4 9 5 s 5 7 6 s 6 q 6 s 5 7 4 1 6 5 5 9 4.5 2.2 Other current earnings 6 .2 5 .2 5 .4 5 .3 5 .8 7.6 9 5 10 .4 12 5 6 6 6 .3 5.1 4.2 Total earnings.... 100 0 100 0 100 0 100 0 100 0 100 0 100 0 100 0 100 0 100 0 100 .0 100.0 100.0 Salaries and wages 30 8 33 q 31 8 SO3 9 30 S 31 1 31 4 30 6 33 7 30.0 27.1 23.9 Interest on time deposits 10.4 8 .3 9 .6 10 .7 11 .4 11.4 9.5 8 .4 7 2 3 9 13.0 19.6 26.4 Other current expenses 22.1 22 .8 21 .5 21 .7 22 .2 23.0 23.7 24 .1 23 0 23 0 22.0 20.5 18.5 Total expenses. 63.3 65 .0 62 .9 62 7 63 5 64.9 64.3 63 .9 60 8 60 1 65.0 67.2 68.8 Net current earnings before income taxes 36 7 3S 0 37 1 37 3 36 S 35.1 35.7 36 1 39 7 39 9 35.0 32.8 31.2 Net losses including transfers. . . 4 .4 3 .6 3 .2 4 3 5 3 4 9 5 3 5 .0 4 4 4 9 4 .2 3.7 3.1 Taxes on net income 10 4 8 0 8 7 9 8 11 1 11 8 12 8 13 7 15 6 11 7 9 .9 8.4 6.8 Net profits 21.9 23.4 25.2 23 2 20 1 18 4 17 6 17 4 19 2 23 3 20.9 20.7 21.3 Rates of return on securities and loans Return on securities: Interest on U. S. Government securities. 1 93 2 04 2 00 1 9S 1 90 1 89 1 84 1 79 1 80 1.88 1 95 2.02 2.10 Interest and dividends on other securities 2 SO 3 2 9S 2 57 2 2 13 2 2 00 2 31 7 60 7 47 2.46 2.56 Net losses including transfers on total securities .08 03 .04 08 11 11 15 10 09 07 .10 .10 .07 Return on loans: Earnings on loans 5 77 6 61 6 13 5 86 5 70 5 47 5 11 4 90 4 38 6 05 5.62 5.45 5.38 Net losses on loans1 ... . .13 26 .15 14 14 08 07 07 03 22 .08 .04 .04 Distribution of assets Percentage of total assets: U. S. Government securities. . . . 37 .2 31 9 36 .4 37 6 38 3 38 6 37 1 37 0 35 2 35 1 38 .4 39.5 42.2 Other securities 7 6 5 4 5 q 7 6 9 0 8 q 8 8 6 9 6 3 6 7 7 .9 8.9 12.4 Loans 30 s 33 31 4 30 1 29 3 29 29 8 30 s 31 9 98 9 31 0 32.3 29.5 Cash assets 24 0 28 s 25 6 23 q 22 s 22 2 23 0 74 4 25 3 78 5 21.8 18.5 15.2 Real estate assets 8 6 .6 7 8 9 1 0 I 0 9 7 .9 .8 .6 Other ratios Total capital accounts to: Total assets 7 7 10 •5 8 8 7 8 7 1 6 6 6 s s8 6 3 7 4 7.7 8.3 9.8 Total assets less Government securities and cash assets 21 5 29 0 25 .2 22 0 19 3 18 3 16. 8 15 8 16 8 22 1 20 .8 21.4 26.4 Total deposits 8 5 11 9 9 .8 8 5 7 7 7 2 6 8 6 3 6 9 8 1 8 .5 9.2 11.1 Time to total deposits 30 1 24 1 0 30 q S3 33 6 28 1 73 7 19 3 11 0 37 .8 57.7 79.1 Interest on time deposits2... 1 10 1 74 1 16 1 17 1 08 1 OS 1. 00 1 04 1 03 1 08 1.12 1.12 1.08 Trust department earnings to \ total earnings2 3 1 1 0 1.8 1 8 2 1 3 2 4. 1 4 2 6 3 3.9 3.0 2.0 .8 N u m b er of banks3 6,758 403 1,192 2,378 1,275 862 311 142 195 2,863 2,669 1,189 37 For footnotes see p. 904. 905 AUGUST 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK OPERATING RATIOS, 1952— Continued AVERAGES OF INDIVIDUAL BANK RATIOS, BY RATIO OF TIME TO TOTAL DEPOSITS, BY SIZE OF BANK [Expressed in percentages] Banks with ratios of time Banks with ratios of time Banks with ratios of time to total deposits of to total deposits of to total deposits of under 25 per cent 25-50 per cent 50 per cent and over Item All Size group—total deposits (in thousands of dollars) groups u 1 a n ,0 n d 0 d e 0 r 1 5 , , 0 0 0 0 0 0 - 2 5 5 ,0 ,0 0 0 0 0 - 2 O 5, v 0 e 0 r 0 u 1 a , n 0 n d 0 d e 0 r 1 5 , , 0 0 0 0 0 0 - 2 5 5 ,0 ,0 0 0 0 0 - 2 O 5, v 0 e 0 r 0 u 1 a , n 0 n d 0 d e 0 r 1 5 , , 0 0 0 0 0 0 - 5 25 ,0 ,0 0 0 0 0 - 2 O 5, v 0 e 0 r 0 Summary ratios Percentage of total capital accounts: Net current earnings before income taxes 15 1 12 8 16 3 18 s 17 4 10 1 13 7 15 8 16 3 9 7 12.4 13 5 15.6 Profits before income taxes 13.1 10.9 143 156 15 3 9 5 12 2 134 13.7 9 3 11.1 11 3 12.4 Net profits 8 8 8 0 10 0 9 3 8 3 7 8 7 8 3 8.0 7 1 8.1 7 5 7.5 Cash dividends declared 3 0 3 3 S 3 3 3 4 2 1 2 7 2 9 3 3 7 1 2.4 2 7 2.9 Percentage of total assets: Total earnings 3 00 3 40 2 97 2 88 2 61 3 24 3 09 2 97 2 96 3 20 3.08 3 00 2.93 Net current earnings before income taxes .. . 1 10 1 ?8 1 70 1 13 1 1 OS 109 1 04 99 98 1.03 96 .85 Net profits 65 80 74 58 49 75 70 56 50 73 .68 54 .42 Sources and disposition of earnings Percentage of total earnings: Interest and dividends on: U. S. Government securities. . 25 6 183 24 5 25 1 24 9 24 3 25 8 26 7 25 5 26 1 27.7 27 8 29.3 Other securities . 5 3 3 5 1 5 7 5 3 5 1 5 3 6 6 1 6 0 6.2 7 8 5.9 Earnings on loans 56 7 67 4 58 3 54 7 53 4 61 3 58 1 53 9 51 9 59 4 57.3 53 6 52.3 Service charges on deposit accounts 5 o 5 6 6 7 q 50 4 5 3 6 7 6 3 3 3 4.0 5 2 6.0 Other current earnings 6.2 5 4 5 5 7.0 114 4 9 5 5 6 5 10 2 5 2 4.8 5 6 6.5 Total earnings 100.0 100 0 100 0 100.0 100 0 100 0 100 0 100 0 100 0 100 0 100.0 100 0 100.0 Salaries and wages 30.8 36 6 33 6 32.2 31 0 30 9 29 8 29 9 31 3 29 3 26.5 27 1 29.9 Interest on time deposits 10 4 3 0 3 6 4 5 4 Q 12q 13 12 8 12 3 19 8 20.0 19 6 20.3 Other current expenses 22 1 23 1 22 3 23.8 24 2 23 8 21 6 22.3 22.9 20 2 20.1 21 1 21 A Total expenses 63 3 62 7 59 5 60.5 60 1 67 6 64 6 65.0 66.5 69 3 66.6 67 8 71.6 Net current earnings before income taxes 36 7 37 3 40 5 39.5 39 9 32 4 35 4 35.0 33.5 30 7 33.4 32 2 28.4 Net losses including transfers. . . 4 4 5 2 4 5 5.8 4 8 16 3 6 4.8 5.3 8 3.1 4 8 5.5 Taxes on net income.. 104 8 4 10 S 13 3 15 9 7 8 9 11.1 11.3 7 0 8.1 8 9 8.7 Net profits 21 9 23 7 25 5 20 4 19 2 23 3 s 22 9 19 1 16 9 22 9 22.2 18 5 14.2 Rates of return on securities and loans Return on securities: Interest on U. S. Government securities 1 93 1 99 1 90 1 8S 1 79 2 11 1 99 1 90 1 85 7 10 2.06 1 97 1.83 Interest and dividends on other securities 2 SO 3 43 2 73 2 2 2 94 2 6? 2 18 2 10 3 02 2.57 2 25 2.03 Net losses including transfers (or recoveries and profits +) on total securities. . . 08 03 OS 10 11 08 11 14 01 .09 13 .14 Return on loans: Earnings on loans . 5 77 7 6 77 5 94 4 68 6 01 5 81 5 SO 5 04 5 80 5.53 5 29 5.15 Net losses on loans1 13 44 22 .22 07 02 10 .08 04 04 .05 03 .05 Distribution of assets Percentage of total assets: U. S. Government securities.... 37 2 28 7 35 5 36.5 34 5 35 5 37 9 39.3 38 9 37 2 39.5 39 9 41.0 Other securities 7 (5 4 3 6 s g 0 3 7 0 8 9 9 0 7 3 8.1 10 7 8.7 Loans 30 3 33 3 28 6 27 3 30 3 34 0 31 7 29 7 30 9 3.3-9 32.8 31 0 31.0 Cash assets 24 0 33 i 28 7 27 7, 27 23 9 22 f> 21 0 19 9 ?0 8 18.8 17 3 18.0 Real estate assets 8 .5 .6 .8 8 8 .8 .9 1.0 8 .7 9 .9 Other ratios Total capital accounts to: Total assets 7.7 10.3 7.7 6.4 6.2 10 7 8.4 6.9 6.3 10 9 8.8 7 6 5.5 Total assets less Government securities and cash assets 21.5 29.5 23.5 19.2 17.0 28 1 22.8 18.6 16.0 28 6 22.7 189 15.9 Total deposits 8.5 11.7 8.4 6.9 6.7 12.2 9.2 7.6 6.8 12.3 9.7 8 3 5.9 Time to total deposits 30 1 7 8 9 7 13 4 13 7 38 s 3$ 37 s 36 S8 6 58.9 ,S75 55.0 Interest on time deposits2 1 10 1 ?8 1 11 1 0? 97 1 19 1 16 1 08 1 08 1 19 1.13 1 10 1.11 Trust department earnings to total total earnings2 3.1 1.0 2.2 3.0 5.2 1.0 1.8 2.7 4.7 1.3 2.2 1.7 Number of banks3 6,758 229 1,561 707 366 114 1,288 1,017 250 60 721 413 32 For footnotes see p. 904. 906 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN NUMBER OF BANKING OFFICES IN THE UNITED STATES [Figures for last date shown are preliminary] Commercia and stock savings banks and nondeposit trust companies Mutual savings banks ba A n l k l s Member banks Nonmember banks Total Total1 ti N on a- al me S m ta b te er1 Total su I r n e - d2 in N su o r n e - d2 sur I e n d - 12 in N su o r n e - d Banks (head offices) Dec. 31, 1933 15,029 14,450 6,011 5,154 857 8,439 8,^39 519 Dec. 31, 1934 16,063 15,484 6,442 5,462 Q80 9,042 7,699 1,343 68 511 Dec. 31, 1941 14,825 14,277 6,619 5,117 1,502 7,661 6,810 851 52 496- Dec. 31, 1946 14,585 14,044 6,900 5,007 1,893 7,147 6,457 690 191 350 Dec. 31, 19473 14,714 14,181 6,923 5,005 1,918 7,261 6,487 783 194 339 Dec. 31, 1950 14,650 14,121 6,873 4,958 1,915 7,251 6,562 689 194 335 Dec. 31, 1951 14,618 14,089 6,840 4,939 1,901 7,252 6,602 650 202 327 Dec. 31, 1952 14,575 14,046 6,798 4,909 :1,889 7,251 6,627 624 206 323 June 30, 1953 14,537 14,009 6,765 4,874 SOI 7,247 6,655 592 213 315 Branches and additional offices Dec. 31, 1933 2,911 2,786 2,081 1,121 960 705 7C5 12 Dec. 31, 1934 3,133 3,007 2,224 1,243 981 783 Dec. 31, 1941 3,699 3,564 2,580 1,565 1,015 984 932 52 32 103 Dec. 31, 1946 4,138 3,981 2,913 1,781 J 13? 1,068 1,006 62 115 42 Dec. 31, 19473 4,332 4,161 3,051 1,870 1,181 1,110 1,043 67 124 47 Dec. 31, 1950 5,056 4,843 3,589 2,230 ,359 1,254 1,202 52 152 61 Dec. 31, 1951 5,383 5,153 3,837 2,370 ,467 1,316 1,275 41 165 65 Dec. 31, 1952 5,711 5,465 4,106 2,556 ,550 1,359 1,318 41 177 69 June 30, 1953 5,892 5,637 4,251 2,647 ,604 1,386 1,346 40 182 73 Changes, Jan. 1-June 30, 1953 Banks New banks ^ +35 +35 +14 +9 +21 + 18 +3 Suspensions -4 -4 -3 Reopenings +3 +3 + 1 + 1 +2 +2 Consolidations and absorptions: Banks converted into branches -54 -53 -41 -36 -5 -12 -10 -2 -1 Other -14 -14 -7 -6 -1 -7 -6 i Voluntary liquidations6 -4 A -4 -2 -2 Interclass bank changes: Conversions— National into State -3 +3 +3 State into national + 1 i Federal Reserve membership:7 Admissions of State banks +6 +6 -6 -5 -1 Fede W ral i th de d p ra o w si a t ls in o s f u r S a t n a c t e e :8 banks ... 2 +2 +2 Admissions of State banks -28 +7 -7 +28 Net increase or decrease -38 -37 -33 -35 +2 -4 -32 +7 -8 +28 Number of banks, June 30, 1953 14,537 14,009 6,765 4,874 1,891 7,247 592 213 315 6,655 Branches and additional offices9 x\ De novo branches + 129 + 121 +93 +63 +30 +28 +27 + 1 +5 Banks converted into branches +54 +53 +47 +35 + 12 +6 +6 Discontinued -10 -10 -6 -4 2 -4 A Interclass branch changes: National to State member -10 + 10 State member to nonmember — 1 -1 + 1 Nonmember to national + 1 + 1 Nonmember to State member +4 •••• — • -4 -4 Noninsured to insured +2 -2 +1 -1 Net increase or decrease + 173 +164 +138 +85 +53 +26 -1 +4 +27 +5 Number of branches and additional offices June 30, 1953 5,693 5,438 4,071 2,488 1,583 1,367 40 73 Banking facilities10 1,327 182 Established +10 +10 +9 +8 + 1 + 1 D N i e s t c o in n c t r in ea u s e e d + -2 8 +8 + -2 7 +6 + 1 + 1 + + 1 1 Number of banking facilities, June 30, 1953 199 199 180 159 21 19 19 xThe State member bank figures and the insured mutual savings bank figures both include three member mutual savings banks that became members of the Federal Reserve System during 1941. These banks are not included in the total for "commercial banks" and are included only once in "all banks." 2Federal deposit insurance did not become operative until Jan. 1, 1934. 3As of June 30, 1947, the series was revised to conform (except that it excludes possessions) with the number of banks in the revised all bank series announced in November 1947 by the Federal bank supervisory authorities. The revision resulted in a net addition of 115 banks and 9 branches. 4Separate figures not available for branches of insured and noninsured banks. 5 Exclusive of new banks organized to succeed operating banks. 6Exclusive of liquidations incident to succession, conversion, and absorption of banks. 7Exclusive of conversions of national banks into State bank members, or vice versa. Such changes do not affect Federal Reserve membership; they are included under "conversions." 8Exclusive of insured nonmember banks converted into national banks or admitted to Federal Reserve membership, or vice versa. Such changes do not affect Federal Deposit Insurance Corporation membership; they are included in the appropriate groups under "interclass bank changes." 9Covers all branches and other additional offices (excluding banking facilities) at which deposits are received, checks paid, or money lent. 1 °Banking facilities are provided through arrangements made by the Treasury Department with banks designated as depositaries and financial agents of the Government at military and other Government establishments. Three of these banking facilities are, in each case, operated by two national banks, each bank having separate teller windows; each of these facilities is counted as one office only. These figures do not include branches that have also been designated by the Treasury Department as banking facilities. Back figures.—See Banking and Monetary Statistics, Tables 1 and 14, pp. 16-17 and 52-53, and descriptive text, pp. 13-14. AUGUST 1953 907 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST, BY FEDERAL RESERVE DISTRICTS AND STATES Total banks on On par list which checks are Not on par list drawn, and their (nonmember) Federal Reserve branches and offices1 Total Member Nonmember district or State Branches Branches Branches Branches Branches Banks and offices2 Banks and offices Banks and offices Banks and offices Banks and offices United States total: Dec. 31, 1946 14,043 3,981 11,957 3,654 6,894 2,913 5,063 741 2,086 327 Dec. 31, 1947 14,078 4,148 12,037 3,823 6,917 3,051 5,120 772 2,041 325 Dec. 31, 1948 14,072 4,333 12,061 4,015 6,912 3,197 5,149 818 2,011 318 Dec. 31, 1949 14,051 562 12,178 4,289 6,887 3,387 5,291 902 1,873 273 Dec. 31, 1950 14,015 4,824 12,162 4,534 6,868 3,589 5,294 945 1,853 290 Dec. 31, 1951 13,987 5,145 12,158 4,843 6,835 3,837 5,323 1,006 1,829 302 Dec. 31, 1952 13,942 5,456 12,122 5,152 6,792 4,106 5,330 1,046 1,812 304 June 30, 1953?.... 13,907 5,628 12,095 5,321 6,759 4,251 5,336 1,070 1,812 307 By districts and by States June 30, 1953? District Boston 468 399 468 399 319 317 149 82 New York 825 1,073 825 1,073 708 988 117 85 Philadelphia. 809 239 809 239 616 186 193 53 Cleveland 1,073 412 1,073 412 658 358 415 54 Richmond 1,004 664 811 514 476 319 335 195 193 150 Atlanta 1,230 263 636 222 362 192 274 30 594 41 Chicago 2,478 687 2,478 687 1,009 328 1,469 359 St. Louis 1,460 179 1,142 114 493 72 649 42 318 65 Minneapolis 1,277 115 677 74 473 29 204 45 600 41 Kansas City 1,754 27 1,745 27 752 17 993 10 9 Dallas 1,043 75 945 65 635 46 310 19 98 10 San Francisco 486 1,495 486 1,495 258 1,399 228 96 State Alabama 230 31 134 31 96 31 38 96 Arizona 13 70 13 70 5 53 8 17 Arkansas 230 22 113 5 70 2 43 3 117* 17 California 193 1,047 193 ,047 121 991 72 56 Colorado 151 5 151 5 94 57 1 Connecticut 103 70 103 70 61 59 42 11 Delaware 35 33 35 33 14 14 21 19 District of Columbia 19 50 19 50 15 40 4 10 Florida 207 10 155 9 76 8 79 1 52 Georgia 403 54 119 51 66 47 53 4 284 Idaho 38 65 38 65 20 60 18 Illinois 895 3 893 3 511 3 382 Indiana 479 130 479 130 236 73 243 57 Iowa 663 163 663 163 164 1 499 162 Kansas 604 2 602 2 213 2 389 2 Kentucky 376 60 376 60 110 40 266 Louisiana 171 89 65 65 51 57 14 106" Maine 63 79 63 79 38 42 25 37 Maryland 155 145 155 145 72 83 83 62 Massachusetts 175 206 175 206 138 184 37 22 Michigan 425 296 425 296 226 235 199 61 Minnesota 678 6 268 6 206 6 62 410 Mississippi 199 76 42 18 31 10 11 "8* 157 58 Missouri 593 1 529 1 176 1 353 64 Montana 109 109 82 27 Nebraska 413 2 413 2 140 2 273 Nevada 8 22 8 22 6 20 2 2 New Hampshire. . . . 74 2 74 2 52 1 22 1 New Jersey 306 202 306 202 264 179 42 23 New Mexico 51 24 51 24 34 8 17 16 New York 593 880 593 880 515 819 78 61 North Carolina 209 263 102 119 55 67 47 52 107 144 North Dakota 153 22 60 6 41 19 6 93 16 Ohio 646 290 646 290 413 253 233 37 Oklahoma 384 2 376 2 224 2 152 Oregon 67 114 67 114 29 104 38 10 Pennsylvania 914 284 914 284 692 247 222 37 Rhode Island 13 55 13 55 8 43 5 12 South Carolina. . . . 149 69 68 63 33 51 35 12 81 6 South Dakota 169 52 72 27 62 23 10 4 97 25 Tennessee 296 116 212 103 84 79 128 24 84 13 Texas 917 16 870 16 580 16 290 47 Utah 54 36 54 36 29 33 25 3 Vermont 66 11 66 11 38 4 28 7 Virginia 315 137 311 137 204 78 107 59 Washington 115 166 115 166 49 154 66 West Virginia 182 181 109 72 12 Wisconsin 553 150 553 150 166 22 387 Wyoming 53 53 40 13 128' P Preliminary. * Excludes mutual savings banks, on a few of which some checks are drawn. 2 Branches and other additional offices at which deposits are received, checks paid, or money lent, including "banking facilities" at military reservations and other Government establishments (see p. 907). Back figures.—See Banking and Monetary Statistics, Table 15, pp. 54-55, and Annual Reports. 908 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PAGE International capital transactions of the United States 910-915 Gold production 915 Reported gold reserves of central banks and governments 916 Gold movements; gold stock of the United States 917 International Monetary Fund and Bank 918 Central Banks 918-922 Money rates in foreign countries 923 Commercial banks 924 Foreign exchange rates 925 Price movements in principal countries: Wholesale prices 926 Consumers' price indexes 927 Security prices 927 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. AUGUST 1953 909 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 J ro a u n g . h 2 — , 1935, Total Total o F f o f r ic e i i a g l n 2 F o o t r h e e ig r n I t n io te n r a n l a 3 - a b in b a fu n r U n o k d a i . n s d S g l . s I e n f f c o u f u l r n o e r d w i i g t s i n 4 o es f : se o R f c f u u e n U t r d u i . t s r i S * n e . s: b I b n r a o fl l k o a e w n r c a e i g 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 1,688.3 160.9 618.6 687.5 125.6 1952—May 31 10,466.6 9,199.1 3,219.9 4,285.8 1,693.3 90.7 621.1 424.6 131.1 June 30 10,580.5 9,287.0 3.309.4 4,294.1 1,683.5 99.8 624.1 436.3 133.4 July 31 10,937.1 9,602.1 3,615.3 4,220.3 1,766.5 103.2 647.0 455.2 129.7 Aug. 31 11,127.0 9,772.3 3,791.3 4,207.0 1,773.9 63.0 679.9 486.3 125.5 Sept. 30 11,355.6 9,952.7 3,909.1 4,262.6 1,781.0 106.0 673.8 495.6 127.6 Oct. 31 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 '11,395.5 '9,792.0 '3,770.4 '4,283.1 1,738.5 80.6 933.5 465.6 123.8 1953—Jan. 31 '11,381.4 '9,746.9 '3,691.8 '4,308.0 ,747.1 93.4 967.4 446.4 127.3 Feb. 28 11,241.2 9,646.2 3,641.4 4,279.6 L,725.2 95.3 968.9 408.4 122.4 Mar. 31 11,420.8 9,849.7 3,866.7 4,298.4 1,684.7 88.8 976.6 385.0 120.7 Apr. 30? 11,663.9 10,107.0 4.015.4 4,350.6 .741.1 102.9 977.3 357.1 119.5 May 31P 11,853.3 10,173.9 4,083.4 4,327.0 ,763.5 152.0 982.5 425.6 119.3 TABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES « [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 8 - Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m a e ti r n ica Asia ot A h l e l r tutions8 and Official« private 1948—Dec. 31... ,864.3 5,853.7 2,836.3 546.3 192.8 122.8 538.9 333.5 738.1 2.472.4 775.2 L,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 1,436.7 961.0 179.5 1950— Dec. 31... .722.2 76,922.6 3.425.9 7656.6 260.7 193 6 553.0 314.7 790.2 72.777.7 899.0 1.612.9 ,378.5 254.5 1951—Dec. 31... .708.2 7,594.0 3,480.5 642.6 289.4 148.8 521.3 300.5 1,022.2 2,924.7 1,307.1 ,455.2 11,609.6 297.4 1952—May 31 .. ,713.3 8.239.9 3,930.2 756.8 267.2 155.9 599.6 278.5 1,004.7 3,062.7 1,496.0 1,529 3 1,826.0 325.9 June 30. .. ,703.4 8,337.7 4,019.7 793 4 299.2 203.0 600.8 266.8 1,028.9 3,192.2 I,503.0 L,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 I,538.0 1,757.7 331.6 Aug. 31... L.793.8 8,732.5 4,501.6 834.8 305.6 299.4 612.0 294.9 1,083.5 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 L,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 L.520.7 L.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 '8,787.6 '4,480.7 '817.9 342.6 203.1 641.8 308.9 1,259.3 '3,573.5 rL,420.7 '1,612.9 1,845.0 335.6 1953—Jan. 31... 1,767.1 '8,734.0 '4,402.1 '887.8 249.5 210.4 610.5 308.3 1,225.0 '3,491.5 'L,442 .0 1,591.4 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 L,610.0 1,901.5 358.4 Mar. 31... ,704.6 8,899.2 4,577.0 751.6 259.1 230.7 632.6 304.9 1,307.1 3,485.9 L,349.1 1,692.5 2,012.6 359.1 Apr. 30P. . ,761.0 9,100.1 4,725.7 833.7 233.4 231.5 657.6 311.4 1,370.6 3,638.2 1,365.0 1,735.9 L.999.5 361.5 May 31 P.. 1,783.5 9,144.5 4,793.7 900.0 255.0 244.1 626.4 312.6 1,410.0 3,748.1 L ,231.6 1,823.9 1,962.5 378.4 p Preliminary. ' Revised. 1 Certain of the movement figures in Table 1 have been adjusted to take account of changes in the reporting practice of banks (see BULLETIN for August 1951, p. 1030). Reported figures from banks, however, did not permit similar adjustments in Tables 2 and 3, representing outstanding amounts. Therefore changes in outstanding amounts as may be derived from Tables 2 and 3 will not always be identical with the movement of funds shown in Table 1. 2 Represents funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.), and also funds held in accounts with the U. S. Treasury. 8Includes 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 art included in foreign securities. 5"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.) « Beginning January 1950, excludes Bank for International Settlements, included in "International institutions" as of that date. 7 Data for August 1950 include, for the first time, certain deposit balances and other items which have been held in specific trust accounts. but which have been excluded in the past from reported liabilities. NOTE.—These statistics are based on reports by banks, bankers, brokers, and dealers. Beginning with the BULLETIN for September 1951, certain changes were made in the order and selection of the material published. An explanation of the changes appears on p. 1202 of that issue. For further explanation and information on back figures see BULLETIN for August 1951, p. 1030, 910 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 rk - l F a i n n d - m G a e n r- y Greece N w o a r y - l P an o- d t P u o g r a - l m R a u n - ia Spain S d w 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—May 31.. 1,004.7 53.1 155.0 .6 37.0 23.9 390.5 41.1 100.9 2.4 43.1 6.1 20.2 65.8 2.2 7.8 55.1 June 30. . 1,028.9 49.5 137.5 .6 34.2 21.3 453.1 41.7 94.6 2.6 40.6 6.0 18.5 68.4 2.0 10.7 47.6 July 31.. 1,058.3 51.9 143.5 .6 37.5 22.7 464.3 38.7 96.1 4.7 45.9 5.7 18.0 70.6 2.0 11.4 44.6 Aug. 31.. 1,083.5 60.7 142.1 .6 43.8 24.4 457.5 39.4 101.0 3.1 49.3 5.7 17.6 77.0 2.1 12.7 46.5 Sept. 30. . 1,141.4 74.3 136.7 .9 51.0 25.9 486.2 39.8 104.1 2.2 51.0 5.7 20.4 77.6 5.1 14.1 46.4 Oct. 31.. 1,207.9 77.7 131.8 .5 59.6 26.7 534.3 41.2 109.6 3.6 46.7 6.0 24.4 82.8 4.8 13.0 45.3 Nov. 30.. 1,243.1 84.9 140.2 .5 69.9 26.7 544.7 42.8 109.4 1.8 49.9 6.1 21.4 84.5 2.1 13.4 45.0 Dec. 31.. 1,259.3 91.1 123.9 .6 70.4 28.5 551.1 47.3 110.3 3.4 57.4 6.1 19.2 91.0 1.7 12.0 45.2 1953—Jan. 31. .1,225.0 94.9 121.3 .6 63.7 32.9 531.5 50.7 106.8 2.3 47.8 6.1 20.2 86.6 3.5 12.1 44.2 Feb. 28. .1,273.7 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. . 1.307.1 102.3 130.8 .6 62.3 26.1 585.7 57.1 115.9 2.4 54.9 5.8 17.6 89.2 2.8 9.3 44.3 Apr. 30P. 1 ,370.6 108.2 133.8 .6 70.0 26.9 626.8 62.0 116.6 2.1 54.8 5.8 18.2 88.7 1.6 9.8 44.7 May 31 P. 1,410.0 115.1 129.0 .6 69.4 29.7 645.7 66.5 119.2 2.2 57.7 5.8 22.7 88.4 1.3 10.8 45.8 Table 2b.—Latin America Neth- Do- er- Date A L i m a c t a e in r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba m p i R c 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 c u a e b n o - - - f v S a E a d l l o - r g U u r a u y - V zu e e n l e a - A O L i m c a th a t e i e 2 r n i 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 '42.7' '25!4' 207.1 30.2 60.2 59 2 16!i * 75! 1 *85.2 71.3 1951—Dec. 31. 1,455.2 249.7 27.8 100 3 54.0 106.4 263 .6 45.8 27.3 158.2 34.9 47.2 67 7 27.8 84.7 71.9 87.8 1952—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 9U.4 140.4 105.1 June 30. 1,517.2 146 8 24.1 80 9 54.3 73.6 316 .6 50.4 38.3 195.7 32.2 56.5 74 2 36.8 97.6 129.8 109.2 July 31. 1,538.0 130 7 23.2 93 2 58.4 77 6 321 .2 51.2 36.4 205.1 29.1 57.1 73 3 32.6 101 .5 131.0 116.2 Aug. 31. 1,570.0 128 3 22.5 87 9 61.2 85 4 341 .4 49.9 34.4 238.0 35.5 58.5 74 5 30.5 97.3 108.3 116.2 Sept. 30. 1,580.7 129.8 21.2 88 9 58.1 88 3 321 .4 46.6 32.4 233.5 38.0 56.2 79 5 25.4 91.5 154.3 115.6 Oct. 31. 1,520.7 131 9 18.7 72 3 62.4 87 9 285.7 43.3 32.2 232.1 39.5 62.0 81 1 21.6 94.8 141.6 113.4 Nov. 30. 1.561.2 146 2 16.6 78 2 69.2 96 4 284 .2 43.5 33.2 251.0 41.9 67.0 82 4 19.9 92.8 126.2 112.5 Dec. 31. 1,612.9 138 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 '•117.4 1953—Jan. 31. r1,591.4 131 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 '•128.8- 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. 31. 1,692 .5 142 5 20.1 75 7 86.2 123 9 331 .3 47.0 45.6 213.9 45.3 67.5 91 1 54.8 91 .7 117.3 138.6 Apr. 30/>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 May 31P 1,823.9 153 3 27 4 117.5 93.1 122 1 372 .2 48.0 47.2 181.6 42.3 62.5 95 2 48.9 87.2 186.3 139.1' Table 2c—Asia and All Other For- Egypt mosa Phil- and Union Date Asia C a h n i d na H Ko o n n g g India I n n e d s o ia - Iran Isr.lei Japan ippine T la h n a d i- T k u ey r- O As th ia e 3 r o A th l e l r t A ra u l s i - a C g o ia n n go A E n g g y l p o - - So o u f th Other* Main- public tian Africa land Sudan 1948—Dec. 31. 1,151.8 216.2 51.1 51.8 41 c 81.4 488.3 17 5 204 0 167 4 22.2 27.7 15.8 101.6 1 I9 9 4 50 9 — — D Deecc#. 3 3 1 1. 1,3 9 7 61 8 .0 1 8 1 1 0 .7 6 8 8 6 3 . . 1 9 6 5 3 5. . 7 3 11 1 4 5, .7 7 20.3 12.6 4 2 5 1 8 4 .5 6 3 2 7 9 4 7 .4 48 2 14 9 3 8 1 11 6 1 5 9 7 2 1 5 79 4.5 5 3 1 2 9 . . 4 1 "58 .1 6 7 1 5 ! 6 6 44 6 .0 0 5 7 7 9 . . 7 5 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— May31. 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 1,781.9 83 3 70 2 54.1 64 9 20 1 27.9 767 5 321 8 166 6 9 7 195 8 321.5 50 1 96.6 72.1 13.3 89.4 Nov. 30. 1,812.9 80 3 70 7 55.0 60 0 18 9 19.3 789 1 315 1 176 5 11 0 217 1 328.1 48 4 105.2 62.0 23.0 89.5 Dec. 31. 1,845.0 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. 2,012.6 70 7 71 4 76.3 67 3 19 3 15.4 897 1 324 8 193 0 8 8 268 4 359.1 54 8 125.9 53.4 33.2 91.9 Apr. 30P 1,999.5 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 May 31* 1,962.5 72. 1 75 3 92 2 58 9 17 1 16.4 883 0 326 1 192 1 7 3 221 9 378.4 66 4 130.5 54.3 33.3 93.9 p Preliminary. r Revised. 1 Beginning January 1950, excludes Austria, Czechoslovakia, and Poland, reported separately as of that date. 2 Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date. a Beginning January 1950, excludes Iran, Israel, and Thailand, reported separately as of that date. * Beginning January 1950, excludes Belgian Congo, reported separately as of that date. AUGUST 1953 911 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 3.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES. BY COUNTRIES» [Amounts outstanding, 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 i - t d z- Italy E O ur th o e p r e E T u o ro ta p l e C a a d n a - A L i m a c t a e in r- Asia o A th l e l r 1948—Dec. 3i 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. 3i 827.9 37.2 51.8 5.2 3.8 22.6 98.5 219.2 37.6 411.1 139.7 20.4 1950—Dec. 31 898.0 105.7 31.4 3.4 8.7 20.7 67.1 237 0 125 8 378 8 96 3 60 0 1951—Dec. 31 968.4 35.0 10.1 5.0 11.2 10.3 111.2 182.8 92.0 489.3 162.4 41.9 1952 —May 31 ... 1,038.7 42.0 11.6 3.3 7.3 24.9 79.1 168.2 69.5 652.2 117.4 31.5 June 30 1,029.6 36.2 11.7 3.1 9.8 30.4 68.8 160.2 51.4 669.6 118.0 30.4 July 31 1,026.2 30.9 11.6 3 8 8.0 28.6 67.2 150 0 45 1 700 1 105 2 25 8 Aug. 31 1,066.3 32.2 9.2 3.3 9.8 24.6 66.5 145.7 53.3 715.2 128.4 23.7 Sept. 30 1,023.4 26.8 9.3 2.6 8.4 19.6 75.1 141.8 58.3 658.3 141.6 23.4 Oct. 31 1,018.7 35.8 9.4 2.7 8.0 16.4 79.0 151.4 73.7 638.6 132.8 22.2 Nov. 30 1,021.1 33.8 7 6 4 4 9 2 17 2 82 7 154 8 73 8 641 8 127 9 22 8 Dec. 31 1,048.7 30.3 31.9 4.4 7.1 17.8 81.9 173.4 62.3 662.0 128.6 22.4 1953—Jan. 31 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 . . .. 1,040.6 35.8 8.2 6.9 14.2 25.3 70.9 161.5 61.3 672.7 125.5 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 May 31p 977.3 27.3 9.5 9.1 12.8 25.5 71.3 155.4 57.4 633.1 110.3 21.1 Table 3a.—Other Europe Date E O u t r h o e p r e A tr u ia s- g B iu e m l- m D a en rk - l F a i n n d - m G a e n r- y Greece N w o a r y - t P u o g r a - l Spain S d w en e- Y sl u av g i o a - ot A he ll r2 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 7.4 .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—May 31 79.1 .1 17.6 3.9 3.4 26.9 .1 2.0 .8 14.6 3.2 2.7 3.8 June 30 68.8 13.9 3.5 2.9 23.2 .1 1.6 .8 14.3 2.7 2.3 3.6 A Ju u l g y . 3 3 1 1 6 6 7 6 . . 2 5 .1 1 1 2 1 . . 9 5 3 2 . . 6 2 2 2 . . 8 2 2 2 3 5 . . 7 7 . . 2 2 1 1 . . 8 8 . . 7 6 1 1 4 2 . . 3 5 3 1 . . 1 9 3..45 3 4. . 4 6 Sept. 30 75.1 .1 11.8 3.5 2.8 27.5 .2 2.0 .6 13.5 2.2 7.3 3.7 Oct 31 79.0 1.0 13.2 2.8 3.8 28.0 .2 L.7 .5 12.6 3.3 8.0 3.8 Nov. 30 82.7 1.0 17.7 3.3 4.0 25.4 .2 8 .6 11.8 3.0 7.9 5.8 Dec. 31 81.9 .8 16.2 2.1 5.6 26.8 .2 L.9 .5 11.2 2.5 8.6 5.4 1953—Jan. 31 78.4 .3 16.2 3.5 5.1 24.1 .2 7 .5 9 4 2 6 7.8 7 0 Feb 28 72.9 .2 15.8 4.3 4.4 27.3 .1 1.7 .6 5.7 2.2 3.9 6.6 Mar. 31 70.9 .2 14.8 5.1 5.1 27.2 .3 •> .5 5 9 2 4 1.5 6 5 Apr. 30P 74.8 .1 14.1 3.6 4.1 30.2 .1 .1 .5 7.5 3.2 3.5 6.7 May 31 P 71.3 .1 12.4 1.5 2.9 31.0 .2 .5 6.7 2.9 4.5 7.3 Table 3b.—Latin America Neth- Do- er- Date A L m i a c t e a i r n - A t r i g n e a n- l B iv o ia - Brazil Chile l C o b m i o a - - Cuba 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- I l W n a a d n n e i d d e s s s t Peru l P p i R c u a e b n o - - - f v S a E a d l l o - r g U u r a u y - V zu e e n l e a - A O L ic a m t a h t i e e 4 n r r lie Suri- ama nam 1948—Dec. 31.. 516.6 72.4 2.7 165.4 15.2 32.6 83.1 73.8 1.5 4.4 4.6 26.0 34.7 1949— Dec. 31.. 411.1 53.6 2.3 136.9 15.5 21.1 27.5 73.0 .3 5.8 5.3 25.6 43.1 1950—Dec. 31.. 378.8 45.9 8.7 78.0 6.8 42.5 27.6 1.9 "2!6* 70.6 .3 11.0 3.1 6\8 "sio' 49.4 14.6 1951—Dec. 31.. 489.3 7.6 7.5 185.0 24.8 43.7 32.3 L.8 3.8 90.6 .2 11.8 3.0 9.5 10.5 41.7 14.5 1952—May 31.. 652.2 7.4 9.7 320.7 27.5 34.3 55.9 > 4 3.7 90.8 L.I 11.6 6.0 5.3 27.9 34.2 13.8 June 30.. 669.6 8.2 8.4 358.3 26.1 35.0 51.8 1.2 4.1 78.0 .2 10.9 5.9 5.4 30.5 32.1 11.5 July 31.. 700.1 7.2 8.7 392.6 27.0 34.5 52.5 L.9 3.7 71.2 .2 10.9 6.3 5.3 32.1 32.4 12.5 Aug. 31.. 715.2 7.6 6.8 403.9 23.0 34.2 51.6 L.8 3.2 91.7 :L.I 10.7 3.3 5.3 25.7 32.4 13.0 Sept. 30.. 658.3 8.6 6.2 374.7 21.6 32.1 33.6 1.8 2.8 92.0 .2 10.3 3.7 5.1 20.6 31.7 12.4 Oct. 31 .. 638.6 8.1 6.2 356.2 18.3 34.9 36.1 1.6 3.2 88.4 .2 11.7 4.4 7.1 14.3 33.1 13.9 Nov. 30.. 641.8 9.3 6.0 354.5 20.5 36.0 30.6 L.7 3.5 90.3 .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 L.6 4.2 88.6 .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 L.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 L.9 17.2 5.0 6.8 9.2 33.0 14.1 Mar. 31. . 672.7 7.1 13.4 370.7 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 May 31P . 633.1 10.2 15.4 364.4 9.0 39.8 27.2 2.7 3.1 83.0 2.5 13.7 4.9 3.4 4.6 35.1 14.0 "Preliminary. 1 See footnote 1, p. 910. 2 Beginning January 1950, excludea 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. 912 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 3.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] Table 3c—Asia and All Other For- Egypt Date Asia C m a h n o in d s a a H K o o n n g g India I n n e d s o ia - Iran IsraelJapan i P p R h p e i i l - n - e T la h n a d i- T k u ey r- O A t s h ia e 1 r o A th l e l r t A ra u l s ia - C g B o i n e a g l n - o A E a n g n g y d l p o - - S U o o n u f i t o h n Other2 Main- public tian Africa land Sudan 194g—Dec# 3i 118.8 24.2 3.4 20.4 1.9 15.9 37.3 1 4 14 3 19.7 4 7 4 7.9 6.8 1949—j)ec> 3i [ 139 7 16^6 3^7 17.4 .2 14 1 23 2 14.3 50 3 20 4 7.9 .2 4.5 7.7 1950—Dec. 31. 96.3 18 2 3.0 16 2 .2 6.6 18.9 12.1 4.9 1.5 .9 13.9 60.0 40.8 4A 3 7.3 7.2 1951—Dec. 31.. 162 4 10.1 31 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—May 31.. 117.4 8.1 1.8 9 4 .6 10.6 30.1 12.5 27.4 3.2 1 6 12.1 31.5 12.7 7.8 2 4 8 6.1 June 30. . 118.0 7.3 2.4 6.5 1.4 10.7 27.7 14.3 20.5 2.7 15 4 9.0 30.4 12.0 8.7 2 4 7 4.9 July 31.. 105 2 8.1 .8 5.5 .5 10.3 27.4 10.4 6.9 2.3 16 7 16.3 25.8 9.6 8.2 2 3 7 4.1 Aug. 31. . 128 4 8.3 1.3 4.2 .6 9.6 22.9 13 3 10.3 3.5 37 0 17.4 23.7 8.0 7.9 5 3 5 3.8 Sept. 30.. 141 6 10.1 1.0 3 7 .7 9.3 22.8 10 1 5.3 3 8 55.7 19.2 23.4 8.2 6 9 6 3.1 4.7 Oct. 31 .. 132 8 10.1 .9 3.5 .9 10.1 18.7 12 6 6 4 3 4 51.0 15.3 22.2 8.7 6 7 5 2 3 4.0 Nov. 30.. 127.9 10.1 1.3 3.7 .7 10.2 17.4 12.2 3.0 4.0 47.4 17.7 22.8 10.0 6.5 .1 2.6 3.6 Dec. 31.. 128 6 10.1 1.2 4.3 .9 10.2 15.1 12.5 7.6 3.3 38.8 24.6 22.4 10.1 6.0 .5 2.0 3.8 1953—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.. 124.0 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. 31 ., 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. 30P. 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 May 31P. 110.3 8.4 2.1 3.1 .8 12.6 20.5 14.2 13.6 4.3 10.5 20.2 21 .1 7.2 6.7 1.0 2.8 3.4 TABLE 4.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM DOMESTIC SECURITIES. BY TYPES < (Inflow of Foreign Funds) [In millions of dollars] U. S. Government bonds and notes4 Corporate bonds and stocks 5 Net Total Total purchases Year or month purchases sales of Purchases Sales pur N ch e a t ses Purchases Sales pur N ch e a t ses s d e o c m ur e 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—May 31 2 22.2 9.0 61 6 71.9 -10.3 92.8 94 1 — 1.3 June 39 6 32 0 7 7 63 6 68 3 —4 7 103 2 100 3 3 0 July 39 1 29.2 9.9 76 8 63.7 13.1 115.9 93 0 22.9 August 37 5 13.3 24.2 67.6 58.9 8.7 105.1 72.2 32.9 September . 34 0 14.2 19.8 53 3 79.2 —25 9 87.3 93.4 —6.1 October 188.8 18.8 170.1 77.2 61.5 15.7 266.1 80.3 185.8 November.. 49 4 21 1 28.3 69 8 56 3 13 5 119 2 77.5 41.8 December . . 45.0 17.0 27.9 93.7 89.4 4.3 138.6 106.5 32.2 1953—January . ... 42.6 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 26.3 18 6 7.7 85.8 85 8 (6) 112 1 104.4 7.7 April P 12.9 9.6 3.3 71 .3 73.9 -2.6 84.2 83.5 .7 May*7 144.5 136.7 7.8 61.7 64.3 -2.7 206.2 201.0 5.2 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 Year or month Purchases Sales pur N ch e a t ses Purchases Sales pur N ch e a t ses pu T rc o h t a a s l es T sa o l t e a s l p se f u o c r r u c o e h r i f i g a ti n s e e s s 1948 81.7 96.7 -15.0 211.6 291.4 -79.8 293.3 388.2 -94.8 1949 88 8 70.8 18.0 321.2 311.5 9.8 410.1 382.3 27.8 1950 173 8 198.2 -24.4 589.2 710.2 -121.0 763.0 908.4 -145.4 1951 272 3 348 7 -76.4 500.4 801.0 -300.6 772.7 .149.7 -377.0 1952 289.8 329.6 -39.8 495.3 677.4 -182.1 785.1 ,007.0 -221.9 1952—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 March 27.5 37.6 -10.1 29.7 43.0 -13.3 57.2 80.6 -23.4 April* 21.8 20.7 1 .1 29.2 58.2 -29.0 51.1 79.0 -27.9 MayP 16.9 41.8 -24.9 112.4 19.0 93.4 129.2 60.8 68.5 AUGUST 1953 913 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Co#*/*fi«*<* TABLE 6.—DOMESTIC SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES (Inflow of Foreign Funds) [Net sales, (—). In millions of dollars] Inter- Y m e o a n r t o h r n t a u in t t i i s o o t n i n - a s l Total U K d n i o n i 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 i m a c t a e in r- o A th l e l r 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 -2.1 .2 1950 121.2 823.2 64.0 197.8 -6.3 19.0 -.7 73.8 347.5 458.2 30.1 -15.3 2.7 1951 -15.9 -568.4 21.4 6.0 -22.2 45.9 1.9 -43.8 9.2 -595.5 13.9 4.8 -.7 1952 14.7 300.2 70.4 5.5 -21.9 50.7 .5 6.2 111.4 191.6 4.7 -9.5 1.9 1952—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 .3 Sept.... 9 -7.0 -6.9 -1.2 -.3 8.3 .1 — 4 -.5 -2.3 -4.1 0) -.3 Oct 11.3 174.5 38.9 .1 -2.7 5.4 .2 3i9 45.9 126.1 1.1 1.2 .1 Nov.... .9 40.9 1.8 .5 — .6 5.3 -.1 3.3 10.2 27.2 3.4 — .1 .2 Dec.... .9 31.3 11.4 1.2 -2.2 4.5 -.3 -1.2 13.4 16.3 .1 1.0 .5 1953—Jan 25.5 8.4 5.8 1.3 -2.1 13 4 0) 2 0 20.4 -10.3 -1.1 .3 -.9 Feb.. .. 10.5 -9.1 2.1 -.4 -1.3 6.7 .1 -7.7 -.5 I -8.8 -.4 .1 .6 A M p a r. r P .. . . . . — 1 1 .0 .2 - 6 .5 .8 1 2 0 . . 5 0 . . 6 1 - - 3 5 . . 4 4 4 2. . 7 4 -A 2 -1.4 .1 o)'°! - - 3 1 . . 8 0 1. . 4 8 -.5 -1.0 .2 May?.. 5.2 0) -.6 .4 -.9 2.0 -1.2 0) -.4 .8 -.5 -.2 I TABLE 6a.—DOMESTIC SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES Other Europe; Latin America; and Asia Re- For- Y m e o a n r t o h r E O u t r h o e p r e t A ri u a s * - g B iu e m l- N w o a r y - o A th l e l r A L m i a c t e a i r n - l C o b m i o a - - Cuba M ic e o x- p P a u m o a b n f a l - ic g U u r a u y - * A O L m i a t c h t e a i e r n r - Asia M C m a h a n o i i d s n n a a - H K o o n n g g P p p h R u i i n e l b i - e p - - O A th si e a r land lic 1948 2.6 2.6 -.3 .3 10.2 .2 -.8 2.9 -4.7 12.6 -23.3 -22.7 -1.2 .4 .2 1949 2.2 1.6 -.9 1.4 2.5 12 -1.0 .3 4.2 -2.1 -2.1 -7.2 -1.0 .5 5.5 1950 73.8 18.4 12.6 36.7 6.0 30.1 -1.2 24.6 .5 .1 -5.6 11.1 -15.3 -3.0 2.3 .9 -15.6 1951 -43.8 -11.9 5-7 -38.1 .5 13.9 .5 6.1 2.5 .8 2.6 1.5 4.8 — .2 7.0 -2.1 0) 1952 6.2 .4 -.5 6.0 .3 4.7 -.8 .2 2.6 -6.5 2.7 6 6 -9.5 — 3 1.3 -11 4 .9 1952—May .. .7 .2 C1) .5 -.4 -1.1 — .1 -.7 .4 -.2 1.3 .2 .1 .1 .1 0) J J u u n ly e .. . . . 1 . 2 9 1 -.8 .4 ?. 1.8 6 -4 1. 8 5 1. . 1 3 - - . . 4 2 -.4 .8 -5 -. . 3 9 . . 3 5 .5 4 -7 — .3 .2 K 0) . . 7 6 - - 1 7. . 5 0 0 0 ) ) Aug.... .6 .4 .2 .9 -.1 1.3 .7 -2.3 1.2 0) .1 0) -.1 Sept... — .4 -.1 -.2 -4.1 -1.3 -.1 .8 -3.1 -.8 W2 .1 0) 0) N O D o e c c v t . . . .. . . . . . -1 3 3 . . . 2 9 3 0 0 0 ) ) ) - - 1 . . 2 5 .6 - 3 3 . ! 1 .1 2 — . 9 .3 3 1. . . 1 4 1 - - . . 2 1 .4 - 0 - 1 ) . . 3 6 1. . . 1 1 3 2. . . 3 8 4 0 0 - ) ) .3 1. . . 1 6 4 - 1 1 .1 . . 2 0 - - ! .i i 0 1 ) . . 1 2 0 0 0 ) ) ) .9 1953—Jan.. .. 2.0 0) .9 .9 .2 -1.1 -1.3 0) .4 -.6 .4 0) .3 .2 .3 8 A M M Fe p a a b r y r . . p . P . . . . . . . . . . . - - 0 7 1 ) . . 7 4 .1 0 0 ) )' -.1 . . 2 2 5 -6 -. . 1 8 .2 - 0 1 ) '. " £ — 1. . . 4 8 8 .4 - - -A . . 1 3 e 0 - ) .3 . . 8 5 0 - - ) . . 2 3 .3 . . . 7 3 1 5 0 - - ) . . 3 4 .2 - 1 .6 . . 3 2 .2 0 - ) .5 . .2 1 0 0 ) ) . . 1 1 - -. . 2 5 . . 1 2 0 0 (l ) ) ) 0) '.2 TABLE 7.—FOREIGN SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM FOREIGN SECURITIES OWNED IN THE UNITED STATES, BY COUNTRIES (Return of U. S. Funds) [Net sales, (—). In millions of dollars] Inter- Y m e o a n r t o h r n t a u in t t i i s o o t n i n - a s l Total U K d n i o i n m t g e - d France N l e a t n h d e s r- Sw la i n tz d er- Italy E O u t r h o e p r e E T u o r t o a p l e Canada A L m i a c t a e in r- Asia o A th l e l r 1948 0) -94.9 -9.9 -4.3 -5.3 -35.4 .1 11.4 -43.4 -102.2 40.7 1.6 8.4 1949 -16.0 43.8 -13.5 .4 -.1 19.1 .4 24.6 30.8 -10.6 20.2 .8 2 6 1950 —3.6 — 141.8 -6.1 -1.3 -4.7 17.2 .5 7.8 13.4 -190.0 29.8 1.0 3.9 1951 -152.7 -224.3 -2.0 -4.1 2.8 14.2 1.2 16.4 28.5 -258.6 33.8 —36.0 7 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—May... -50.7 -100.1 -1.1 .5 -.2 1.0 .1 2.1 2.3 -101.5 1.9 -3.0 .1 June... -.8 12.5 -1.6 .9 -.3.9 -.2 -.2 6.1 1.2 11.2 2.5 -2.7 .4 July... 0) 18.9 -1.1 - 3 -6.7 -1.6 .4 -.4 -9 6 21.4 0) 6.7 .2 Aug -.6 31.7 -1.0 1.0 -2.9 2.1 -.3 .2 -1 0 28.3 1.1 2.7 .6 Sept. . 9.3 1.3 1.2 -.7 -.5 .1 .6 2.0 6.5 .6 .4 — .2 Oct.... -58.8 69.8 4.0 .1 -.2 1.8 1.0 3.9 10.6 39.8 13.1 6.7 -.3 Nov -.8 7.9 -.7 -.1 -.1 .4 0) .7 .3 8.8 .2 -1.6 .2 Dec.... -.7 -47.4 -1.1 -.4 2 .7 .2 .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.... -.1 -23.3 2.9 .6 .1 .5 .1 5.2 9.4 -32.6 1.3 -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 Mayp.. -.5 69.0 -1.1 .4 0) 2.2 0) .3 1.7 68.3 .9 -2.1 .2 p Preliminary. » Less than $50,000. * Not available until 1950. 914 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 securities2 laneous8 1948 — 19 3 -20.8 .1 1.2 .3 1951—Dec. 31. 526 1,383 80 1949 .6 1.0 .9 -1.3 (i) 1950 8.0 3.0 -3.0 4.4 3.5 1952—July 31. 724 1,972 54 1951 . . —6 1 -3.3 2.8 -5.0 -.6 Aug. 31. 812 2,116 55 1952 -1.8 -1.6 -1.0 1.0 -.2 Sept. 30. 707 2,236 65 Oct. 31. 642 2,301 80 1952—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 July 31. 566 2,378 95 February. . . . -4.8 -4.7 1.1 -1.0 -.2 March — 1 7 -1.3 1.6 -1.1 -.9 1953—July 1. 521 2,454 100 April? -1.2 4.7 -4.4 -2.2 .6 July 8. 488 2,486 97 May? 2-.2 -.5 .8 -.6 .1 July 15. 560 2,384 97 July 22. 525 2,403 97 July 29. 547 2,384 96 P Preliminary. 1 Less than $50,000. 2 Amounts outstanding (in millions of dollars): foreign brokerage 1 Represents dollar assets belonging to foreign monetary authorities balances in U. S., 79.0; U. S. brokerage balances abroad, 36.5. and the Bank for International Settlements. Excludes assets held for the International Bank for Reconstruction and Development and International Monetary Fund and earmarked gold. See footnote 4, p. 917, for total gold under earmark at Federal Reserve Banks for foreign and international accounts. 2U. S. Treasury bills, certificates of indebtedness, notes and/or bonds. 3Includes bankers' acceptances, commercial paper, foreign and international bonds. NOTE.—For explanation of table and for back figures see BULLETIN for May 1953, p. 474. GOLD PRODUCTION OUTSIDE USSR [In millions of dollars] Production reported monthly Estimated Y m e o a n r t o h r pr U o o w u S d t o u S s r i c R l d d ti e * on r m e T p o o o n t r t a h te l l d y A So fr u ic th a d R e h s o i - a Afric A W a fr e ic st a2 B C e o lg n i g a o n 2 S U t n a i t t e e s d 8 C a a d N n a - orth M a i n c e o d x - Sou C t o h b l i o a A m m - eri C ca hile r N ag ic u a a - * Au l s ia tr O a t - he I r ndia3 $1=i5V2i grains ofgold 9/19 fine: i.e., an ounee 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—May 66.2 35.5 1.4 2.0 1.2 5.1 12.8 2.1 1.5 .5 .8 2.7 .7 June 63 3 34.1 1.5 1.9 ? 5.5 12 6 8 9 4 8 2 9 7 July . .. 67.4 35.5 1.4 1.8 7 6.4 13.1 1.4 1.3 .7 .7 3.3 .7 August 65.8 34.9 1.6 2.0 ? 6.5 13.0 1.0 1.1 6 7 2.4 .7 September. 66.4 34.7 1.4 2.1 1.2 6.2 13.4 1.4 1.0 .6 .8 2.8 .8 October 70 6 35.4 1.5 2.1 1 6.8 14.1 2.9 1.1 5 .7 3.6 .8 November 64.9 34.3 1.5 2.1 1 6.0 13.6 1.2 .3 .5 .8 2.9 .7 December 66.7 34.6 1.4 2.1 9 5.9 13.7 1.1 1.8 .4 .8 3.3 .7 19S3 Tanuarv 34 7 1 4 2 1 4 5 13 0 1 4 6 7 2 9 6 February 32.4 1.4 2.1 L.I 4.3 12.4 1.2 .3 .7 2.8 .6 34 7 1 4 2 1 5 2 13 3 1 2 7 6 A "1 34 3 2 1 5 2 12 9 1 2 7 7 May 34 9 2. 1.0 6.1 12.9 .9 .7 Gold production in USSR: No regular government statistics on gold production in USSR are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; and 1938, 180 million. 1 Estimates of United States Bureau of Mines. 2Reported by American Bureau of Metal Statistics. 3Yearly figures are estimates of United States Mint. Monthly figures are estimates of American Bureau of Metal Statistics. *Gold exports reported by the National Bank of Nicaragua, which states that they represent approximately 90 per cent of total production. NOTE.—For explanation of table and sources, see BULLETIN for June 1948, p. 731, and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543; for figures subsequent to 1941 see BULLETIN for April 1953, p. 427. 915 AUGUST 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Estimated United States E m n o d n t o h f ota ( l e x w cl o . rld A t r i g n e a n- g B iu e m l- Bolivia Brazil Canada Chile lo C m o b - ia Cuba m De a n r - k E d c o u r a- USSR) 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—July .. 23,350 23,536 268 735 23 317 887 41 304 31 22 Aug 23,344 23,528 268 735 25 317 883 41 294 31 23 Sept 36,210 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 21 317 900 42 214 31 23 Feb 22,662 22,751 701 21 317 904 42 214 31 23 Mar.... P36,340 22,563 22,649 702 21 317 911 42 196 31 23 Apr 22,562 22,639 690 924 41 31 23 May.... 22,537 22,590 695 934 41 31 23 June 22,463 22,521 696 944 41 31 23 E m n o d n t o h f Egypt France3 G m u a a l t a e- India Iran Italy Java Mexico N l e a t n h d e s r- Ze N a e la w nd N w o a r y - Pa ta k n is- Peru 1947—Dec 53 548 27 274 142 58 4180 100 231 23 72 20 1948—Dec 53 548 27 256 140 96 42 166 23 52 14 20 1949—Dec 53 523 27 247 140 256 178 52 195 27 51 27. 28 1950—Dec 97 523 27 247 140 256 209 208 311 29 50 27 31 1951—Dec 174 548 27 247 138 333 280 208 316 32 50 27 46 1952—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 27 247 137 346 208 179 605 33 55 38 46 Apr 174 573 27 247 137 208 P605 33 55 38 46 May.... 174 573 27 247 137 208 *>605 33 55 38 46 June.... 174 573 247 137 208 P615 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 S do a r l- A So fr u ic th a Spain Sweden S l w a e n r i - t d z- T la h n a d i- Turkey U K d n i o i n m t g ed - g U u ru a - 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 ,356 34 170 52,079 175 215 1,356 30 1948—Dec 236 15 183 111 81 ,387 34 162 51,856 164 323 1,436 36 1949—Dec 178 17 128 85 70 ,504 118 154 51,688 178 373 1,451 68 1950—Dec 192 23 197 61 90 ,470 118 150 53,30C 236 373 1,495 167 1951—Dec 265 26 190 51 152 ,452 113 151 52,J35 221 373 1,530 115 1952—July 274 30 151 51 206 1,408 113 150 51,716 211 373 1,537 166 Aug 274 30 159 51 202 ,404 113 150 51,672 211 373 1,681 181 Sept 277 29 158 51 202 1,404 113 146 51,685 211 373 1,683 183 Oct, , 282 29 159 51 190 L.406 113 143 51,767 205 373 1,691 187 Nov.... 285 29 159 51 185 1,407 113 143 51,895 205 373 1,692 191 Dec 286 29 170 51 184 1,411 113 143 51,846 207 373 1,692 196 1953—Jan 297 29 165 51 195 1,417 113 143 51,978 207 373 1.692 215 Feb 298 29 173 52 194 1,417 113 144 52,103 207 373 1,692 214 Mar 305 29 174 52 194 1,418 113 144 52,166 217 373 1,693 233 Apr 311 29 173 53 194 1,418 113 144 52,273 217 373 1,693 242 May.... 318 29 175 53 194 1,432 144 52,321 222 373 211 June... 324 29 175 54 193 144 52,367 222 373 193 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). •Figure as of Mar. 31. 6 Exchange Equalization Account holdings of gold, U. S. and Canadian dollars, as reported by British Government. (Gold reserves of Bank of England have remained unchanged at 1 million dollars since 1939, when Bank's holdings were transferred to Exchange Equalization Account.) NOTE.—For description of figures, including details regarding special internal gold transfers affecting the reported data, see Banking and Monetary Statistics, pp. 524-535; for back figures through 1941 see p. 526 and Table 160, pp. 544-555, in the same publication and for those subsequent to 1941 see BULLETIN for January 1953, p. 74; April 1951, p. 464; February 1950, p. 252; and November 1947, p. 1433. For revised back figures for Argentina and Canada, see BULLETIN for January 1949, p. 86, and February 1949, p. 196, respectively. 916 FEDERAL RESERVE BULLETIN: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES [Negative figures indicate net sales by the United States] (In millions of dollars at $35 per fine troy ounce) Year or quarter Total K U in n g i d te o d m g B iu e m l- France N la e e n r t d - h s - Po g r a t l u- S d w en e- S l w a e n r i - t d z- E O ur 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 15.8 40.7 63.0 3.0 -5.6 5.8 114.1 -10.0 61.6 1949 193.3 446.3 -41.0 -23.5 14.0 -40.0 2-159.9 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 -599.1 -320.0 -36.5 -25.0 -15.0 -10.0 -20.0 -71.7 -54.9 -28.1 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) Gold stock at Earend of period Net marked Y qu e a a r r te o r r g U u r a u y - V zu e e n l e a - A O L m i a t c h t a e i e r n r - Oc A a e n s a i d n a ia U A So f n o r u i i f o c th n a o A th l e l r Period T u re r a y s- Total 1 I i n n s g c to o r to e c ld t a k a s l e g p T o o ld r - t T im or -go c c o l r r r d e e : a a i n d s s e e - e- t p D i r c t o 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 1949 -14.4 —50.0 -7.5 -52.1 195.7 -1.6 1945 20,065 20,083 -547.8 -106.3 -356.7 32.0 1950 -64.8 -17.2 -35.4 13.1 4-47.2 1946 20,529 20,706 623.1 311.5 465.4 51.2 1951 22.2 — .9 — 17.2 6-50.1 52.1 4-84.0 1947 22,754 22,868 22,162.1 1,866.3 210.0 75.8 1952 14.9 -25.1 -4.8 11.5 -2.0 1948 24,244 24,399 1,530.4 1,680.4 -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 1951 22,695 22,873 52.7 -549.0 617.6 66.3 Jan.-Mar -12.0 -10.4 .2 3.9 -26.9 1952 23,186 23,252 378.9 684.3 -304.8 67.4 Apr.-June -2.0 -.9 1.0 9.2 -2.8 July-Sept -23.9 -.1 -13.9 -14.7 1952—July. 23,350 23,536 3.8 24.5 -31.4 6.4 Oct.-Dec -26.9 -5.9 -22.8 -2.8 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 1951 Oct.. 23,339 23,521 -4.4 83.5 -92.4 6.8 Nov. 23,337 23,504 -16.9 .3 -29.0 6.0 J A a p n r . . - - M Ju a n r e -5 1 0 5 . . 9 0 " — .9 -1 — 1 5 .7 .0 -1 — 8 2 .8 .4 "ii'.i - - 2 2 8 5 . . 0 0 Dec. 23,186 23,252 -252.6 8.1 —263.2 5.9 O Ju c l t y .- - D Se e p c t 2 30 8 . . 1 0 -4 3 . . 0 5 -2 -3 5 . . 9 0 2 1 0 9 . . 3 2 -31.0 1953— F J e a b n . . 2 2 2 2 , , 9 66 8 2 6 2 2 3 2, , 7 0 5 7 1 9 - -3 1 2 7 7 2 . . 5 8 - - 2 2 . . 2 0 - — 1 3 7 2 1 4 .7 .1 4 4 . . 3 5 Mar. 22,563 22,649 -102.5 3.5 -106.5 5.2 1952 Apr. 22,562 22,639 -10.0 7.0 -16.8 5.2 J A T a n o n l r . v - - - M T Se u a n n r t e 10.0 -1 - - 7 2 7 . . . 4 0 6 - - 2 3. . 2 4 .4 4 7 . . 3 2 -.1 J M T u u a l n y y e . ^ 2 2 2 2 2 2 , , , 5 4 2 3 6 7 7 3 7 z> 2 2 2 2 2 2 , , 5 5 ,3 2 9 5 1 0 3 P-1 - - 6 4 6 9 8 8 . . . 7 4 3 - ( 2 3) .0 .1 4-1 - - 7 6 4 1 8 8 . . . 7 5 9 6 6 (3 . . ) 1 0 Oct.-Dec 4.8 2.0 .3 -1.9 P Preliminary. 1953 JSee 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 1 I I I n n n c c c l l l u u u d d d e e e s s s s s B a a a l le e n s k o o f f f o 1 r 1 1 8 4 I 5 n .3 . t 3 e m r m n il i a l l i t l o i i o o n n n d a d l o o ll S l a l e a r t r s t s l o e o m f f g e g o n o l t d l s d . t t o o I C ta h ly in . a. u t a i n c o c d n 4 o e s G u r , o n e l t a d a , m r h m i o n e u a c ld l r n u k t d e u d i n i n s d g e n t o r o g o t e 6 a l i , d n r 2 m 2 c h l 1 a u e . r 2 d ld k e d m a f o t i i l r n l t i h o t t h n e h e F e d e a g o d c o l e c l l a d r o r a u s l s n t t R o o c n e o k s f e J o r u i v n f l e y t t e h r B 3 n e a 1 a n U , t k i n o 1 s i n 9 t f a e 5 o d l 3 r . i S f n o t s G r a t e t i o i t e l g u d s n - . 4Includes sales of gold to Egypt as follows: 1950, 44.8 million dollars; and 1951, 76.0 million. NOTE.—For back figures and description of statistics, see Banking sIncludes sales of 45.0 million dollars of gold to Indonesia. and Monetary Stitis'ics, Table 156, pp. 536-538, and pp. 522-523. 917 AUGUST 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 International Fund International Bank Apr. Jan. Oct. Apr. Mar. Dec. Sept. Mar Gold 1,693 1,692 1,691 1,532 Gold Currencies (balances with depositories Currencies (balances with depositories and securities payable on demand).: and securities payable on demand): United States 1,338 1,288 1,293 1,283 United States 10 13 5 Other 4,640 4,395 4,390 4,460 Other 1,033 1,040 1,035 940 Unpaid balance of member subscriptions. 1,057 1,354 1,354 871 Investment securities (U. S. Govt. obli- Other assets 1 1 1 1 gations) 446 495 472 490 Member subscriptions 8,737 8,737 8,737 8,154 Calls on subscriptions to capital stock2 . 3 4 4 4 Accumulated net income -8 -7 -7 Loans (inch 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- June May Apr. June antee 66 66 59 41 Loans—undisbursed 404 423 407 372 Other liabilities 9 9 7 5 Australian pounds 50.0 50.0 50.0 20.0 General reserve 71 66 63 55 B B e o l l g iv ia ia n n fr b a o n l c iv s ianos 1 2 1 . . 5 4 1 2 1 . . 5 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 88^0 Chilean pesos -1.8 -1.8 -1.8 3.6 Czechoslovakian koruny. .0 6.0 6.0 6.0 iAs of June 30, 1953, the Fund had sold 872.7 million U. S. dollars; F D E i g a n y n n i p i s s t h i h a n k m ro p a n o rk e u r k n a d a s - 1 5 4 0 . . . 5 5 2 - 1 5 4 0 . . . 5 5 2 - 1 5 4 0 . . . 5 5 2 - 1 5 0 . . 5 2 i s t n o te r N a li d o n d r g w i t i i a n o y n M , 2 0 a t 0 h y e m 1 9 i F l 4 l u 7 io n n a d n B d s e o 3 l l g 0 d i . a 0 n t o m f i r t l a l h i n o e c n s N B i e n e t l h J g e u ia r n l n e a n f a r d a n s n d c s 1 J u .5 i l n y m M 1 i 9 l a l 4 i y o 8 n , 1 9 a 4 n p 8 d o , u s s n o o d l l d d s 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 N Ira e n th ia e n rl a r n ia d l s s guilders 8.8 8.8 7 8 5 . . 8 2 wh 2 i E ch x c a lu m d o e u s n t u n t c o a l l e le s d s t p h o an rt i o on n s e m of i ll c io ap n it 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 300.0 300.0 300.0 300.0 sents the subscription of the United States. Yugoslav dinars 9.0 9.0 9.0 9.0 All other -1.6 -1.6 -1.6 -1.6 Total. 665.9 *665.9 663.4 750.0 CENTRAL BANKS A d ss e e p t a s rt o m f e is n s t ue Ass d e e ts p a o r f t m ba e n n k t ing Liabilities ofbanking department Bank of England Note (Fi p g o ur u e n s d i s n s m te i r l l l i i n o g n ) s of Gold* a O ss th et e s r 2 N c a o o n t i d e n s a v c n o a D d n u is 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 pc>sit E s CA Other t c l i O i e a a s p t b h i a i t e l n a i r - l d 1943—Dec 29 2 1,100 0 12.5 2.5 307.9 1.088.7 234.3 10.3 60.4 17 9 1944—Dec. 27 . .2 1,250.0 13.5 5.1 317.4 L.238.6 260.7 5.2 52.3 17.8 1945—Dec 26 2 1,400.0 20.7 8.4 327.0 1,379.9 274.5 5.3 58.5 17 8 1946—Dec, 25 .2 1,450.0 23.4 13.6 327.6 1,428.2 278.9 10.3 57.3 18.1 1947—Dec 31 .2 1,450.0 100.8 15.2 331.3 1,349.7 315.1 18.6 95.5 18.1 194g—Dec. 29 .2 1,325.0 36.1 16.7 401.1 1,293.1 314.5 11.7 17.4 92.1 18.1 1949—Dec 28 .4 1,350.0 33.7 14.8 489.6 L,321.9 299.2 11.6 97.9 111.2 18.1 1950—Dec. 27 .4 1,375.0 19.2 29.2 384.0 1,357.7 313.5 15.4 .4 85.0 18.1 1951—Dec. 26 .4 1,450.0 14.1 18.2 389.2 1,437.9 299.8 13.4 .6 89.8 18.1 1952—July 30 .4 1,550.0 36.8 21.6 319.7 ,515.1 262.0 10.4 18.2 69.2 18.3 Aug 27 .4 1,500.0 43.0 7.2 324.4 ,459.0 252.4 16.0 23.0 64 8 18 4 Sept. 24 .4 1,500.0 57.8 5.2 333.5 ,444.1 275.7 11.1 24.2 67.0 18.5 Oct. 29 .4 1,500.0 57.7 9.3 324.8 ,444.2 271.6 13.5 22.2 66.7 17.8 Nov. 26 .4 1,500.0 40.5 9.9 357.6 ,461.4 275.4 15.4 26.6 72.6 18.0 Dec. 31 .4 1,575.0 51.3 11.2 371.2 ,525.5 302.8 10.0 24.3 78.5 18.1 1953—jan# 28 .4 M.500.0 52.9 6.5 343.2 ,448.9 274.5 11.5 32.2 66.1 18.3 Feb 25 .4 1,500.0 37.3 7.1 389.9 ,464.7 292.6 9.8 44.6 68 8 18 4 Mar 25 . .. .4 M, 550.0 63.3 6.2 359.0 ,488.8 288.3 14.6 32.0 75.0 18 5 Apr 29 4 1,550 0 38 2 13.8 354 8 ,514 0 261.8 13.8 39 5 73 9 17 8 May 27 .4 1,550.0 19.8 6.0 384.9 .532.4 260.3 15.7 45.7 71.0 18.0 June 24 .4 41,600.0 62.2 8.1 346.9 ,540.2 276.7 9.8 44.5 68.2 18.1 *On June 9, 1945, the official buying price of the Bank of England for gold was increased from 168 shillings to 172 shillings and threepence per fine ounce, and on Sept. 19, 1949, it was raised to 248 shillings. For details regarding previous changes in the buying price of gold and for internal gold transfers during 1939, see BULLETIN for March 1950, p. 388, footnotes 1 and 4. 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. 4 Fiduciary issue decreased by 50 million pounds on Jan. 7 and 25 million on Jan. 14, and increased by 50 million on Mar. 25 and on June 3. 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. 918 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 (Fi C g a u n re a s d i i a n n m d i o ll l i l o a n rs s ) of Gold an S d S t e ta U rl t i n e n s i g ted securities O as t s h e e t r s circ N u o la t t e ion2 lia O b a t i n h li d e ti r es dollars S te h r o m rt 1 - Other Ch b a a r n te k r s ed D g o o m m v e e i n n r t n io - n Other capital3 1940—Dec. 31. (*) 38.4 448.4 127.3 12.4 359.9 217.7 10.9 9.5 28.5 1941—Dec. 31. 200.9 391.8 216.7 33.5 496.0 232.0 73.8 6.0 35.1 1942—Dec. 31. .5 807.2 209.2 31.3 693.6 259.9 51.6 19.1 24.0 1943—Dec. 31. .6 787.6 472.8 47.3 874.4 340.2 20.5 17.8 55.4 1944—Dec. 30. 172.3 906.9 573.9 34.3 1,036.0 401.7 12.9 27.7 209.1 1945—Dec. 31. 156.8 ,157.3 688.3 29.5 1,129.1 521.2 153.3 29.8 198.5 1946—Dec. 31. 1.0 ,197.4 708.2 42.1 1,186.2 565.5 60.5 93.8 42.7 1947—Dec. 31. 2.0 ,022.0 858.5 43.7 1,211.4 536.2 68.8 67.5 42.4 1948—Dec. 31. .4 ,233.7 779.1 45.4 1,289.1 547.3 98.1 81.0 43.1 1949—Dec. 31. 74.1 ,781.4 227.8 42.5 ,307.4 541.7 30.7 126.9 119.2 1950—Dec. 30. 111.4 ,229.3 712.5 297.1 ,367.4 578.6 24.7 207.1 172.6 1951—Dec. 31. 117.8 ,141.8 1,049.3 135.2 ,464.2 619.0 94.9 66.1 200.0 1952—July 31. 63.0 ,280.0 843.9 71.2 ,458.3 595.5 51.6 41.6 111.2 Aug. 29. 74.9 ,303.2 852.9 69.7 ,464.4 614.7 52.0 47.4 122.1 Sept. 30. 73.5 ,263.7 870.9 70.8 ,476.5 588.2 30.7 49.4 134.0 Oct. 31. 42.8 ,286.7 896.1 103.4 ,485.6 668.8 18.8 56.0 99.8 Nov. 29. 67.6 ,214.3 957.3 72.3 ,498.8 607.3 15.0 65.1 125.2 Dec. 31. 77.1 ,459.8 767.2 77.3 ,561.2 626.6 16.2 44.5 132.9 1953—Jan. 31. 64.3 ,351.2 803.0 82.3 ,479.6 603.1 40.5 47.6 130.1 Feb. 28. 72.0 ,411.9 817.5 88.8 ,472.8 668.0 88.6 51.4 109.3 Mar. 31. 65.5 ,371.0 810.9 79.4 ,493.4 601.1 60.6 66.5 105.1 Apr. 30. 68.0 ,436.6 796.0 86.5 ,504.8 646.7 48.3 76.8 110 6 May 30 . 59.3 ,364.8 821.4 99.9 1,517.9 594.9 45.6 72.1 114.8 June 30. 66.4 ,405.5 852.0 100.2 1,529.0 647.6 47.9 82.6 116.9 Assets Liabilities Bank of France Domestic bills G A o d v v e a r n n c m es e n to t6 Deposits7 Other milli ( o F n i s g u o re f s f i r n ancs) Golds Fo e re x i - gn Other ci N rc o u t l e a- li i a ti b e i s lchange Open assets6 tion Govern- and market6 Special Other Current Other ment ECA Other capital 1940— Dec. 26. 84,616 42 7,802 661 3,646 63,900 112,317 18,571 218,383 984 27,202 844,986 1941—Dec. 31. 84,598 38 6,812 12 4,517 69,500 182,507 17,424 270,144 1,517 25,272 868,474 1942—Dec. 31. 84,598 37 8,420 169 5,368 68,250 250,965 16,990 382,774 770 29,935 821,318 1943—Dec. 30. 84,598 37 9,518 29 7,543 64,400 366,973 16,601 500,386 578 33,137 815,596 1944—Dec. 28. 75,151 42 12,170 48 18,592 15,850 475,447 20,892 572,510 748 37,855 7,078 1945—Dec. 27. 129,817 68 17,980 303 25,548 445,447 24,734 570,006 12,048 57,755 4,087 1946—Dec. 26. 94,817 7 37,618 3,135 76,254 67,900 480,447 33,133 721,865 765 63,468 7,213 1947—Dec. 31. 65,225 12 67,395 64 117,826 147,400 558,039 59,024 920,831 733 82,479 10,942 1948—Dec. 30. 65,225 30 97,447 8,577 238,576 150,900 558,039 57,622 987,621 806 171,783 16,206 1949—Dec. 29. 62,274 61,943 137,689 28,548 335,727 157,900 560,990 112,658 ,278,211 1,168 158,973 19,377 1950—Dec. 28. 182,785 162,017 136,947 34,081 393,054 158,900 481,039 212,822 ,560,561 70 15,058 161,720 24,234 1951—Dec. 27. 191,447 28,320 234,923 31,956 741,267 160,000 481,039 190,830 1,841,608 29 10,587 166,226 41,332 1952—July 31. 191,447 20,077 258,560 11,779 835,599 167,800 479,982 184,9571,984,549 55 816 121,411 43,369 Aug. 28. 194,943 23,435 257,589 14,404 854,081 168,600 479,982 169,8521,969,553 13 9,039 137,403 46.878 Sept. 25. 194,943 27,613 270,264 31,784 812,416 166,300 479,982 171,2741,962,270 83 539 129,755 61,930 Oct. 30. 194,943 28.815 283,717 48,089 872,793 171,100 479,982 161,9892,024,943 25 8,392 158,275 49,792 Nov. 27. 198,439 30,413 274,454 52,225 851,545 172,000 479,982 154,146 ,006,873 10 10,887 139,480 55,954 Dec. 31. 200,187 31,068 274,003 57,042 937,459 172,000 479,982 159,7272,123,514 27 897 137,727 49,305 1953—Jan. 29. 200,187 16,040 262,363 55,681 915,903 175,000 501,982 124,5782,065,210 56 730 128,731 57,008 Feb. 26.. 200,187 16,502 263,286 48,658 929,291 185,300 504,982 121,4452,067,257 55 3,479 146,509 52,350 Mar. 26. 200,187 16,734 252,386 41,544 911,458 199,400 504,982 122,9952,051,991 10 498 128,788 68,399 Apr. 30., 200.187 14,700 281,119 32,627 923.968 199,400 546,482 153,1012,127,140 60 312 165,572 58,500 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 June 25.. 200,187 15,088 281,415 20,630 926,024 199,700 554,982 118,3092,054,347 46 16,838 182,828 62.276 Securities maturing in two years or less. 2Includes notes held by the chartered banks, which constitute an important part of their reserves. 3 Beginning November 1944, includes a certain amount of sterling and United States dollars. *On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940, pp. 677-678). 5For details on devaluations and other changes in the gold holdings of the Bank of France, see BULLETIN for September 1951, p. 1211; September 1950, pp. 1132 and 1261; June 1949, p. 747; May 1948, p. 601; May 1940. pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880. 6For explanation of these items, see BULLETIN for January 1950, p. 117, footnote 6. 7 Beginning January 1950, when the Bank of France modified the form of presentation of its statement, the figures under this heading are not strictly comparable with those shown for earlier dates. 8Includes the following amounts (in millions of francs) for account of the Central Administration of the Reichskreditkassen: 1940, 41,400; 1941, 64,580; 1942, 16,857; 1943, 10,724. NOTE.—For back figures on Bank of Canada and Bank of France, see Banking and Monetary Statistics, Tables 166 and 165, pp. 644-645 and pp. 641-643, respectively; for description of statistics, see pp. 562-564 in same publication. For last available report from the Reichsbank (February 1945), see BULLETIN for December 1946, p. 1424. AUGUST 1953 919 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued 1953 1952 1953 1952 Central Bank Central Bank (Figures as of last report (Figures as of last report date of month) June May- Apr. June date of month) June May Apr. June 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 356,511337,119330,884 346,294 Other gold and foreign exchange. 882 634 279 Government loans and securities. 192,359184,677181,388 161,811 Government securities 3,351 2,850 2,112 Other assets 78,601 83,128 84,006 97,736 Rediscounts and loans to banks. . 51,917 52,227 44,983 Note circulation 549,083520,724 521,011 497,505 Other assets 275 268 251 Deposits 375,873361,43 365,877 295,299 Currency circulation 21,914 21,683 17,622 Other liabilities and capital 69,342 73,775 73,303 62,409 Deposits—Nationalized 31,812 31,676 27,114Central Bank of Costa Rica Other sight obligations 576 593 702 (thousands of colones) : Other liabilities and capital 3,482 3.38J 3,000 Gold 11,511 11,511 11,511 11,511 Commonwealth Bank of Aus- Foreign exchange 123,849109,586116,271 97,369 tralia (thousands of pounds): Net claim on Int'l. Fund4 7,031 ,031 7,031 7,031 Gold and foreign exchange 485 ,823 463,424 445,413 298,055 Loans and discounts 70,363 ,549 63,100 60,773 Checks and bills of other banks.. 10.580 7,950 6,406 10,754 Securities 1,407 ,666 3,760 7,405 Securities (incl. Government and Other assets 23,740 ,072 25,017 24,335 Treasury bills) 463,193 424,931441,850 475,887 Note circulation 138,957139,574139,074 118,288 Other assets 71,838 87,472 98,531 98,317 Demand deposits 75,276 ,585 66,002 72,062 Note circulation 328,668 326,168 327,418 302,721 Other liabilities and capital 23,668 256 21,614 18,074 Deposits of Trading Banks: National Bank of Cuba Special 301,865301,865 301,870 257,970 (thousands of pesos): (Mar.)* Other 51,600 33,051 34,105 33,777 Gold 195,748 318,240 Other liabilities and capital 349,302322,693 328,808 288,545 Foreign exchange (net) 74,686 70,290 Austrian National Bank (millions Foreign exchange (Stabilization of schillings): Fund) 183,698 149,447 Gold 100 100 100 98 Silver 30,668 34,988 Foreign exchange 3,544 2,965 2,450 559 Net claim on Int'l. Fund 4 12,511 12,511 Loans and discounts 6,329 6,424 6,424 7,206 Loans and discounts 45,299 16,643 Claim against Government 1,973 2,167 2,492 3,487 Credits to Government 39,930 22,794 Other assets. 40 39 43 41 Other assets 48,062 33,548 Note circulation 9,147 8,889 8,859 8,491 Note circulation 440,430 423,471 Deposits—Banks 445 488 305 312 Deposits 178,056 226,712 Other... 398 346 402 379 Other liabilities and capital 12,116 8,279 Blocked 1,996 1,972 1,943 2,210National Bank of Czechoslovakia s National Bank of Belgium National Bank of Denmark (millions of francs): (millions of kroner): Gold* 34,778 34,767 34,492 33,468 Gold 69 69 69 69 Foreign claims and balances (net). 15,406 14,588 14,488 23,727 Foreign exchange 761 758 784 448 Loans and discounts 6,073 6,057 5,618 5,470 Contributions to Int'l. Bank. . . . 11 Consolidated Government debt.. 34,660 34,660 34,660 34,763 Loans and discounts 128 85 114 148 Government securities 6,527 8,587 9,272 10,007 Securities 454 455 450 432 Other assets 4,206 4,165 3,939 3,768 Govt. compensation account. . . . 3,265 3,307 3,310 3,831 Note circulation 96,160 96,594 97,242 94,671 Other assets 175 196 174 198 Deposits—Demand 1,639 2,650 1,532 1,540 Note circulation 1,864 1,846 1,887 1,681 ECA 147 289 221 1,250 Deposits—Government 1,474 1,417 1,451 1,870 Other liabilities and capital 3,705 3,291 3,475 13,742 Other 1,327 1,421 1,389 1,423 Central Bank of Bolivia—Mone- Other liabilities and capital 187 184 175 163 tary dept. (millions of bolivianos): (Mar.): Central Bank of the Dominican Gold at home and abroad2 1,396 1,370 Republic (thousands of dollars): Foreign exchange (net) 33,235 1,056 Gold 12,076 ,076 12,076 12,066 Loans and discounts 1,774 1,510 Foreign exchange (net) 17,180 ,662 17,010 19,825 O G t o h v e e r r n a m ss e e n ts t securities 2,1 57 9 2 2 1, 3 8 3 3 3 0 N Pa e i t d c i l n a im ca p o i n ta I l n — t' I l. n t F 'l u . n B d a 4 nk 1,2 4 5 3 0 r2 4 5 3 0 1,2 4 5 3 0 1,2 4 5 2 0 Note circulation 7,032 4,438 Loans and discounts 898 328 639 488 Deposits 1,335 943 Government securities 9,950 ,950 8,940 8,395 Other liabilities and capital 803 719 Other assets 1,064 ,023 1,765 589 Central Bank of Ceylon (thousands Note circulation 33,137 ,754 32,429 31,147 of rupees): Demand deposits 7,749 ,031 7,779 10,186 Foreign exchange 293,689 308 919341,690 521,914 Other liabilities and capital 1,575 ,547 1,515 1,324 Advances to Government 84,200 000 86,400 43,000Central Bank of Ecuador Government securities 170,796 691 124,087 32,762 (thousands of sucres): Other assets 5,047 430 2,523 2,865 Golde 339,145339,110 339,002 336,467 Currency in circulation 388,764 282393,459 394,593 Foreign exchange (net)6 159,931 91 857 20,445 120,200 Deposits—Government 17,614 694 2,305 11,759 Net claim on Int'l. Fund4 18,757 18 757 18,757 18,757 Banks 107,581 921 120,565 160,246 Credits—Government 316,569 103602294,455 223,865 Other liabilities and capital 39,772 143 38,371 33,944 Other 193,317171 923 161,507 197,403 Central Bank of Chile (millions Other assets 173,165 68 254168,785 200,652 of pesos): Note circulation 65,566 68,608 ^6,685 515,127 Gold 1,374 1,383 1,352 1,108 Demand deposits—Private banks 187,810175,391 181,392 177,096 Foreign exchange (net) 117 181 198 236 Other 222,993233!295229,149 125,210 Net claim on Int'l. Fund4 387 388 387 221 Other liabilities and capital 224,515216 209229,725 279,913 Discounts for member banks.... 1,922 2,346 1,889 1,562 National Bank of Egypt (thou- Loans to Government 4,020 4,059 4,059 665 sands of pounds): Other loans and discounts 11,845 10,582 9,880 8,770 Gold? 60,553 60,553 60,553 60,553 Other assets 2,501 2,598 2,766 2,953 Foreign exchange 25,288 23,076 23,348 19,700 Note circulation 14,907 14,195 13,951 10,391 Foreign and Egyptian Deposits—Bank 3,599 3,219 3,172 2,280 Government securities 195,205300,105307,015 292,020 Other 1,052 1,102 376 505 Loans and discounts 9,173 10,040 9,989 21,645 Other liabilities and capital 2,609 3,020 3,033 2,339 Advances to Government Bank of the Republic of Colombia Other assets 2,129 2,966 1,971 2.348 (thousands of pesos): Note circulation 80,193 84,493186,876 179,738 Gold and foreign exchange 335,862325,196338,103 223,596 Deposits—Government 71,655 73,838 77,931 70,839 Net claim on Int'l. Fund4 24,373 24,373 24,373 24,371 Other 31,012 29,214128,426 122,206 Paid-in capital—Int'l. Bank 6,591 1,443 1,436 1,405 Other liabilities and capital 9,488 9,194 9,642 23,482 * Latest month available. iOn Aug. 17, 1950, gold reserve revalued from .0202765 to .0177734 grams of fine gold per franc. 2It is understood that, beginning June 1950, gold reserves have been revalued at a rate of 60 bolivianos per dollar. 3 Represents chiefly bills secured by stocks of mined tin not yet sold in world markets. 4This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as 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. 920 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1953 Central Bank 1953 1952 (Figures as of last report (Figures as of last report date of month) June May Apr. June date of month) June May Apr. June C antral Reserve Bank of El Salva- Bank of Italy (billions of lire): dor (thousands of colones): Gold 4 4 4 F4 Gold 73,064 73,125 73,193 73,886 Foreign exchange 52 50 49 34 Foreign exchange (net) 69,847 75,501 80,016 46,961 Advances to Treasury , 569 570 571 590 Net claim on Int'l. Fund1 1,566 1,566 1,566 1,566 Loans and discounts 307 281 312 239 Loar»s and discounts 11,468 10,100 7,230 10,856 Government securities , 262 262 262 202 Government debt and securities.. 6,465 4,162 4,355 6,382 Other assets , 702 698 705 793 Other assets 1,878 1 ,696 1,385 1,440 Note circulation 1,248 1,257 1,263 1,209 Note circulation 87,201 88,679 91,041 82,278 Deposits—Government 109 81 131 153 Deposits 69,219 69,487 68,775 51,749 Demand , 61 54 57 f 62 Other liabilities and capital 7,867 7,985 7,929 7,064 Other , 364 369 350 352 Bank of Finland (millions of mark- Other liabilities and capital 114 103 101 87 kaa): Bank of Japan (millions of yen): Gold 5,862 5,862 5,862 5,865 Bullion , 448 448 448 '447 Foreign assets (net) 8,567 8,391 8,552 16,584 Advances to Government 37,399 ,424 37,424 38,390 Clearings (net) 4,434 5,300 6,473 4,970 Loans and discounts 419,996 ,347364,171 312,844 Loans and discounts 40,834 42,234 37,214 30,626 Government securities , 146,361 520 200,200 138,650 Securities 1,651 1,604 1,643 1,070 Other assets 123,088 361106,756 r103,210 Other assets 2,083 2,152 2 ,169 1 ,900 Note circulation , 516,352 136517,710 461,224 Note circulation 43,247 45,962 43,804 45,052 Deposits—Government 115,761 047 78,934 57,349 Deposits 1,700 1 ,402 872 '2,186 Other 54,346 609 65,626 36,111 Other liabilities and capital 18,485 18,179 17,236 13,778 Other liabilities 40,832 307 46,728 38,858 Bank of German States The Java Bank (millions of rupiah): (m O D G F L L N il o o o l t o e o i h r a a p l o t e d e e n n o n i r s s g s s c n i a i a t t o o r s s n f c e s — d u e x G G t l c O G B s d a o h e t i v t a o r a i s h m o e n n c v e r n k o g e a r n s e u r n m n n m e t m s n e a t n r t k . s): 1 2 5 7 0 1 , , , , , , 4 2 0 8 9 4 7 3 0 7 7 7 7 9 8 5 5 6 1 1 4 2 0 3 7 5 8 1 4 2 2 7 1 0 , , , , , 9 , 1 9 2 2 4 7 7 3 4 6 4 8 2 9 7 7 8 1 1 4 2 5 3 6 9 4 9 2 3 3 2 8 , , , , , , 1 8 1 3 2 5 4 0 5 1 5 0 7 6 8 2 7 2 9 8 3 7 6 9 5 2 0 O O F A N G L D o o t t d o o e h h r a p l v t e d e e e n o a i r r s g n s c n i c l a i a t i e r s s a n c e s s — b d u e x i t l t c l E o O s a d i h t t C i i t a i s G e h o A n c s e n o g o 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 , , 3 2 4 1 , , , ,1 9 6 3 4 4 5 1 1 5 0 7 6 9 1 8 9 4 5 9 5 8 5 8 8 8 8 42 4 5 2 , , , , 3 7 2 9 4 4 6 5 1 6 6 9 8 9 1 7 8 4 5 7 2 3 6 7 6 6 5 4 5 1 , , ,5 5 2 4 6 3 6 2 7 7 0 6 9 1 1 0 2 8 9 6 4 6 4 2 7 4 8 3 2 1 1 , , , , 1 0 7 8 4 4 9 2 7 5 6 4 5 6 9 5 6 4 7 3 9 0 9 6 1 3 6 Bank O t o h f e r G li r a e b e i c li e t ie ( s b i a l n li d o n c s a p o i f t a d l rach- 1,628 1,709 1,806 Bank M o o f n e M ta e r x y ic r o e se (m rv i e l l 5 ions of pesos): 1,161 1,186 1,199 997 ma O G L A N e) o t o d o : h a l v t d e e n a r s n a c a c n a ir s e d n 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) . 3 2 2 4 8 , . , , . 3 4 3 7 1 0 5 9 2 8 1 9 3 2 6 7 4 0 24 3 2 8 1 , , , , , 4 1 7 4 9 1 4 7 7 2 4 2 5 6 3 4 4 9 3 2 8 1 1 , , , , , 0 4 5 9 4 1 6 4 3 5 0 2 3 5 0 0 3 5 O O D N " B A t i t e o l h r h m l u t i s e e e t t i r r a h e a c n o s n l a i d i , r r d s a c i s e b z l u e d t i i e c l t a l i s a d i s b t t " c i i i e l o o i s n t u h i n o e a s l t n s d d i n c gs a p o i f t a s l e . c .. u . - 3 2 1 , , , 4 1 9 4 4 6 9 5 3 9 1 3 2 0 9 9 2 0 3 3 1 , , , 2 0 4 6 3 5 3 0 9 8 3 3 1 7 0 2 5 6 3 3 1 , , ,5 2 1 3 4 5 5 2 3 6 8 9 9 0 5 2 4 8 3 2 , , 0 5 4 4 4 9 1 0 9 7 7 7 3 3 2 3 0 6 Deposits—Government 934 847 862 Netherlands Bank (millions of Reconstruction and guilders): relief accts 7,700 7,661 6,856 Gold e 2,306 2,290 2,291 1,303 Other 2 ,095 2 ,000 1,972 Silver (including subsidiary coin). 15 17 16 14 Other liabilities and capital 5,727 25,432 3,935 Foreign assets (net) 1,727 1,598 1,700 1,281 Bank of Guatemala (thousands of Loans and discounts 41 36 36 46 quetzales): Govt. debt and securities 1,242 1,300 1,300 2,100 Gold 27,228 27,228 27,228 Other assets 516 529 525 552 Foreign exchange (net) 25,693 2 7,453 16,678 Note circulation—Old 33 33 34 43 Gold contribution to Int'l. Fund . 1,250 1,250 1,250 New 3,109 3,049 3,051 2,959 Rediscounts and advances 6,575 6,772 4,794 Deposits—Government 993 974 1,125 622 Other assets 17,868 18,357 17,476 ECA 1,196 1,196 1,177 1,027 Circulation—Notes 43,515 44,361 40,527 Other 314 318 276 445 Coin 3,517 3,530 3,355 Other liabilities and capital 202 200 205 200 Deposits—Government 3,953 4,721 7,301 Reserve Bank of New Zealand Banks.... 12,253 13,472 5,854 (thousands of pounds): Other liabilities and capital . . . 15,376 14,974 10,390 Gold 6,021 6,020 6,017 5,913 National Bank of Hungary3 Foreign exchange reserve 66,563 66,511 59,446 22,444 Reserve Bank of India (millions of Loans and discounts 6,019 6,019 6,019 6,019 rupees): Advances to State or State un- Issue department: dertakings 63,775 57,786 57,753 54,812 Gold at home and abroad 400 400 400 Investments 37,006 34,950 34,882 32,182 Foreign securities 6,132 5,982 5,832 Other assets 1,727 1,689 2,861 4,258 Indian Govt. securities 4,499 4,499 4,646 Note circulation 62,605 62,656 62,886 61,225 Rupee coin. 877 876 759 Demand deposits 109,584 101,535 95,579 56,385 Note circulation 11,589 11,596 11,288 Other liabilities and capital 8,921 8,785 8,512 8,017 Banking department: Bank of Norway (millions of kroner): Notes of issue department.... 318 159 350 Gold 280 280 280 242 Balances abroad 976 1,183 1,002 Foreign assets (net) 130 177 221 480 Bills discounted 140 127 103 Clearing accounts (net) i3 13 19 30 Loans to Government 33 40 15 Loans and discounts 61 65 61 54 Other assets 1,227 1,146 1,342 Securities 43 44 44 46 Deposits 2,202 2,218 2,351 Occupation account (net) 5,546 5,546 ,546 6,202 Other liabilities and capital.. . 493 436 459 Other assets 61 57 57 53 Central Bank of Ireland (thousands Note circulation 2,864 2,745 , 756 2,679 of pounds): Deposits—Government 1,865 2,092 ,080 1,737 Gold 2,646 2,646 2,646 2,646 Banks 642 562 608 1,146 Sterling funds 60,709 61,232 61,500 55,333 ECA—MSA 278 322 311 973 Note circulation 63,355 63,878 64,146 57,979 Other liabilities and capital 484 460 473 573 r Revised. iThis 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. 3For 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. 6Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. «Gold revalued on Sept. 19, 1949, from .334987 to .233861 grams of fine gold per guilder. NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1953, p. 79; January 1952, p. 103; and January 1951, p. 113. AUGUST 1953 921 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1953 1952 Central Bank 1953 1952 (Figures as of last report (Figures as of last report date of month) June May Apr. June date of month) June May Apr. June State Bank of Pakistan (millions of Bank of Spain—Cont. rupees) : Other assets 29,292 27,813 30,629 26,291 Issue department: Note circulation 36,244 36,416 36,704 35,093 Gold at home and abroad... 81 81 81 81 Deposits—Government 1,672 1,604 2,243 1,852 Sterling securities 421 421 409 815 Other 3,489 3,504 3,962 2,538 Pakistan Goyt. securities. . . 1,191 1,191 1,183 766 Other liabilities and capital 25,296 24,386 26,780 22,747 Govt. of India securities.... 126 126 1261 126Bank of Sweden (millions of kronor): India currency 300 300 300 300 Gold 426i 427 427j 469 Rupee coin 66 67 66 66 Foreign assets (net) 1,2501 1,189 1,152 1,358 Notes in circulation 2,081 2,073 2,100 2,094 Net claim on Int'l. Fund1 1291 129 129 88 Bank N in o g t es d e o p f a r is t s m u e e n d t: epartment. . 104 113 65 61 S P w ai e d d - i i s n h c G ap o i v t t a . l — sec I u n r t i 'l t . i e B s a a n n k d ad- 13 13 13 11 Bills discounted 19 9 96 vances to National Debt Office4 2,427 2,334 2,605 2,688 Loans to Government 103 104 " ' 80 2 Other domestic bills and advances 366 362 295 258 Other assets 457 413 440 537 Other assets 744 718 728 798 Deposits 548 509 468 594 Note circulation 4,327 4,223 4,365 4,097 Other liabilities and capital.. 134 130 117 102 Demand deposits—Government.. 275 132 300 685 Central Bank of Paraguay Other 134 202 69 234 (thousands of guaranies): Other liabilities and capital 620 614 615 654 Gold 1,138 1,138 Swiss National Bank (millions of Foreign exchange (net) 60,151 59,353 francs): Net claim on Int'l. Fund1 11 11 Gold 6,009 5,970 5,909 5,815 Paid-in capital—Int'l. Bank -962 -962 Foreign exchange 525 518 554 287 Loans and discounts 198,666180,666 Loans and discounts 218 217 217 252 Government loans and securities. 349,909 349,662 Other assets 75 80 80 76 Other assets 248,026199,960 Note circulation 4,814 4,791 4,796 4,624 Note and coin issue 424,830 402,968 Other sight liabilities 1,809 1,794 1,763 1,609 Deposits—Government 75,386 67,875 Other liabilities and capital 204 200 200 198 Other 134,950121,779 Central Bank of the Republic of Other liabilities and capital 221,774197,207 Turkey (millions of pounds): Central Reserve Bank of Peru Gold 402 402 402 419 (millions of soles): Foreign exchange and foreign Gold and foreign exchange2 520 543 592 clearings 195 215 213 144 Ce ( n th t O O O F C D N L N N D D O G N L L r o o o a o o o t t o t e e o o e t e o u h h h h r l a t a t a p l n m m t t s e d e e e e e e n n n o a t i c c r r r B r a r e s s s g n s l l c c i n s a a i n a a l l d b a i i t a t t d i i i i o r r s s s s i u n a a m n m c c c e s s b b k t d d u u e e o x G i i i s o t t e l f l o o c l l s e s d a o a i i o n p h n n t t c t p t i v f i i o a i i s u e e e o e t o I I n s c o s r s s n n t r n n i g o i o t n h t t t a a s e u I i s ' ' m e e n n l l n n ) . . s d d : e t ts F ' F P n l c c . u u t h t a a o n n B i p p l d d a b i i i 1 t 1 t n p a a a k p n l l k in s. e s . . 4 2 5 2 1 1 3 4 2 2 3 4 4 4 1 5 7 8 2 9 5 9 0 8 , , , , , , , , , 4 2 1 8 0 5 2 8 9 8 3 7 0 1 0 6 1 7 2 6 9 5 4 4 0 3 0 464 1, 4 8 3 3 4 2 6 3 0 8 1 1 6 3 6 4 6 7 3 5 1 8 1 8 1 6 9 7 2 7 1 7 1 2 9 0 0 2 0 2 4 2 5 1 1 4 2 3 6 2 7 1 5 3 4 4 9 0 1 9 1 8 3 9 , , , , , , , , , , 3 4 8 2 4 5 2 3 2 5 6 8 6 6 8 4 5 6 1 5 0 1 8 2 4 1 0 8 2 5 1 0 4 7 4 3 2 5 2 8 8 9 3 4 0 9 3 6 4 2 5 2 1 1 7 2 2 5 3 3 5 1 4 4 1 9 2 9 4 7 6 1 , , , , , , , , , , 4 3 3 2 8 2 3 8 2 5 1 9 6 8 2 0 6 1 7 2 6 4 6 5 8 4 0 2 8 8 8 1 7 7 2 4 0 4 0 5 5 2 7 4 6 9 7 0 Ba ( n th k S O S A O O L N D O O N G P D o e i a o t e d t t t o o t o e o u l c m h h h h h i v a p l f v p t t s d u d e e e e e e e n e o a a o e - r r r r r r t r s s n n i n s i c h c n t i i a c l d a l l t a i i i t e t o i i r s r e e s s s s n a a c b c c a s — s s s — b b d R a u e u o o n e i i p t l f s t d l t e l l G O s G O d s a o a i i i i p t t t t p a i t e o t i o i t i a s i u n s h e e e h S o l o c v l d s s d b s e e n — n t o e o a r r l u a a r i d s t n I n c n e n ) i n m : d d s ts t o c a ' e f c l o n c . n a a d u t U p p B n i i t G a r t t s a u a n o l l k g v u er a n y - 1 1 , , 6 2 6 3 1 1 2 3 7 5 2 5 7 3 9 2 6 6 3 4 1 1, , 2 6 2 7 1 1 3 4 2 1 9 1 5 9 0 6 2 0 2 3 3 4 3 4 3 5 1 ( 4 0 9 6 1 6 0 5 F 3 8 1 8 3 9 0 8 1 1 3 e , , , , , , , , , , , b 2 6 1 2 1 6 3 7 3 2 2 5 7 9 1 1 . 1 5 2 0 2 8 9 7 3 0 8 6 5 6 5 1 3 ) 5 6 9 1 6 5 5 5 9 9 6 9 4 3 8 4 8 * 3 4 3 3 5 3 1 2 6 5 0 3 2 8 6 7 3 9 6 9 1 1 9 5 1 1 , , , , , , , , , , , 0 4 6 6 1 4 6 3 3 1 5 2 6 9 1 1 0 0 2 3 2 9 4 0 0 1 0 1 2 5 0 3 0 9 1 0 1 7 2 3 4 6 9 3 4 9 9 8 9 0 Bank of Portugal (millions of Central Bank of Venezuela (milescudos): lions of bolivares): Gold 4,696 4,646 4,407 Gold 1,141 1,141 1,141 1,141 Foreign exchange (net) 11,978 11,899 11,551 Foreign exchange (net) 246 279 173 170 Loans and discounts 708 737 671 Other assets 90 90 92 73 Advances to Government 1,427 1,427 1,418 Note circulation 932 925 938 867 Other assets 607 596 579 Deposits 249 276 272 236 Note circulation 8,732 8,8S3 8,813 Other liabilities and capital 297 309 196 282 Demand deposits—Government.. 1,868 1,865 1,324 Bank of International Settle- ECA 6 6 29 ments (thousands of Swiss gold Other 6,771 6,544 6,396 francs): Other liabilities and capital 2,040 2,038 2,064 Gold in bars 590,348 647,149742,019 471,640 South African Reserve Bank Cash on hand and with banks. . . 60,943 46,372 42,094 34,416 (thousands of pounds): Sight funds at interest 4,730 4,176 5,079 16,666 Golds 61,977 61,968 61,241 52,318 Rediscountable bills and accept- Foreign bills 41,430 47,802 49,298 65,911 ances (at cost) 222,270 257,055239,319 153,290 Other bills and loans 21,165 16,713 13,951 16,622 Time funds at interest 49,110 28,429 40,882 46,598 Other assets 42,070 39,057 43,538 33,282 Sundry bills and investments.. . . 202,455187,773166,466 295,741 Note circulation 92,296 91,500 90,252 86,265 Funds invested in Germany 297,201297,201297,201 297,201 Deposits 53.774 55,718 57,584 59,447 Other assets 1,318 1,433 1,468 1,332 Other liabilities and capital 20,572 18,323 20,192 22,420 Demand deposits (gold) 420,651455,066 482,616 341,195 Bank of Spain (millions of pesetas): Short-term deposits: Gold 596 581 581 555 Central banks—Own account.. 448,588 454,029 490,635 422,157 Silver 338 355 344 377 Other 54,124 56,116 57,512 53,437 Government loans and securities. 15,717 15,985 16,020 15,650 Long-term deposits: Special 228,909 22288,,990099 228,909 228,909 Other loans and discounts 20,758 21,175 22,116 19,358 Other liabilities and capital 276,104275,468274,855 271,186 * Latest month available. iThis figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 2In November 1949, part of the gold and foreign exchange holdings of the bank were revalued. 3On Dec. 31, 1949, gold revalued from 172 to 248 shillings per fine ounce. 4Includes small amount of non-Government bonds NOTE.—For details relating to individual items in certain bank statements, see BULLETIN fot January 1953, p. 80; and January 1950. p. 120. 922 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 United Neth- Switz- bank of— June effective bank of— June effective King- France Ger- Bel- er- Swe- er- 30 30 dom many gium lands den land Ineffect Dec. 31, Argentina I* Mar. 1, 1936 Italy 4 Apr. 6,1950 194[7 2 3M 2H Austria Mar.26, 1953 Japan 5.84 Oct. 1,1951 J S u e n p e t. 2 6 8, 1948 33^ &4 s« B B e o l l g iv iu ia m 36 S D e e p c t . .3 1 0 8 , , 1 1 9 9 5 5 0 2 J M a e v x a ico 3 J A u p n r e . 4 1 , ,1 1 9 9 4 4 6 ? Oct 1 3 May 27, 1949. . 143^ July 14 l4 Oct. 6 Canada 2 Oct. 17, 1950 Netherlands . 234 Apr. 7, 1953 S Ju e n pt e 11 8 1950 2y2 3M C C h ey il l e o . n 4^a A Ju u n g e . 2 1 8 3 , , 1 1 9 9 5 3 0 5 N Ne o w rw Z ay ealand. 23^ J T a ii n iv . 26 9 , 1 1 9 9 4 4 1 6 Sept 26 3 Colombia July 18, 1933 Pakistan.... 3 Tulv 1948 Oct. 27 16 Costa Rica... . 4 Feb. 1, 1950 Dec. 1 3 Apr. 17 1951 4 July 5 3>£ Sept. 13 Denmark 5 Nov. 2, 1950 Peru 6 Nov. 13, 1947 Oct. 11 3 Ecuador 10 May 13, 1948 Portugal. . . . Tan. 12, 1944 Nov. 8 2H Egypt July 1, 1952 South Africa. 4 Mar. 27, 1952 Nov. 9 . 4 El Salvador. . . 3 Mar.22,1950 Spain 4 Mar. 18, 1949 Jan. 22 1952 3K Finland Dec. 16, 1951 Sweden 3 Dec. 1,1950 Mar.12 . 4 May 29 X5 Aug. 3 Aug 21 France 4 Nov. 9, 1951 Switzerland.. Nov.76 1936 Dec 18 3 Germany l3l4 June 11, 1953 Turkey 3 Feb. ?6 1951 Jan. 8 1953 I A Greece . ... July 12,1948 United King- Apr. 7 . 21/ India Nov.15, 1951 dom 4 Mar. 12, 1952 June 11 Ireland 31/ Mar. 25, 1952 USSR 4 Tulv 1, 1936 In effect June 30, 1953 4 4 >3H 3 2H 3 1 Rate established for the Land Centra! banks. -~ 11/ » 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—May .50 1.03 1.00 1.07 .50 1.66 25 1944—May .39 1.03 1.00 1.13 .50 1.61 3-53^ .25 1945—May .37 1.03 1.00 1.03 .50 1.38 M5 25 1946—May .39 .53 .51 .63 .50 1.34 1.27 .93 .25 1947—May .41 .53 .51 .63 .50 1.46 1.45 1.08 .25 1948—May .41 .56 .51 .63 .50 2.12 1.33 .94 .50 1949—May .50 .63 .52 .63 .50 2.43 1.28 1.03 .63 1950—May .51 .69 .51 .63 .50 2.68 1.45 1.03 50 1951—May .76 .69 .51 .63 .50 2.61 1.50 1.07 .50 1952—May 1.02 3.00 2.37 2.25 2.00 3.77 1.25 .90 50 1952—June 1.08 3.00 2.43 2.25 2.00 3.66 1.20 .75 50 July ll 3.00 2.46 2.25 2.00 3.84 1.05 .75 50 August.... .10 3.00 2.46 2.25 3.77 .85 .58 50 September. .14 3.00 2.49 2.25 4.00 .85 .62 .50 October .19 3.00 2.43 2.25 3.98 .84 .50 50 November. .21 3.00 2.38 2.25 3.98 .87 .54 50 December.. .35 3.00 2.41 2.25 2.00 3.93 .92 .58 50 1953—January... .35 3.00 2.39 2.25 2.00 .83 .54 50 February. . .47 3.00 2.42 2.25 2.00 .81 .50 .50 March .50 3.00 2.40 2.25 2.00 .90 .51 .50 April .53 3.00 2.41 2.25 2.00 .93 .71 .50 May .53 3.00 2.38 2.25 2.00 4.22 .64 .52 .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. AUGUST 1953 923 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 ll L k io s o s . n n t e s d r o l o F i n f n i g g p c u ) l o r e e u a s n r i d i n n s g re C se a r s v h es M c n a s o l o h l n t o e i a r c 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 li c a O a b a p t i n h l i d i t e t a i r l es 1947—December 502 480 793 1,288 1,483 1,219 567 5,935 3,962 1,972 396 1948—December 502 485 741 1,397 1,478 1,396 621 6,200 4,159 2,041 420 1949—December 532 571 1,109 793 1,512 1,534 579 6,202 4,161 2.041 427 1950—December 540 592 1,408 456 1,528 1,660 735 6,368 4.262 2,106 550 1951—December 531 598 972 102 1.965 1 ,950 867 6,333 4,290 2.042 651 1952—Julv 501 535 1,139 1,917 1,834 696 6,063 3,903 2,159 558 August 510 516 1,239 1,918 1,765 638 6,048 3,878 2,170 537 September 503 530 1,295 1,921 1,758 662 6,126 3,910 2,216 543 October 498 500 1,122 2,142 1,759 676 6,167 3,948 2,219 530 November 503 516 1,142 2,138 1,755 655 6,183 3,949 2,234 526 December 549 529 1,248 2,148 1,764 748 6,460 4,232 2,228 528 1953—January 498 515 1,204 2,148 1,764 659 6,259 4,025 2.234 528 February .. 491 456 1 ,046 2,130 1,783 649 6,029 3,836 2,192 525 Marcli . . . 497 472 1,024 2,122 1 ,811 641 6,053 3 873 2 179 515 April 498 454 1,010 2,119 1,825 664 6,060 3,860 2,200 511 Mav 498 464 1,080 2,123 1,784 654 6,083 3.896 2.187 520 June 514 469 1,209 2,136 1,778 673 6,299 4,040 2,259 481 Assets Liabilities Canada E (1 n C 0 d a i c n n o h a f a m d r m i t i a e l o n l r i n e o t d d n h o s b l f o l a i a f g n r u s k ) r s e . s re C se a r s v h E e n s tire S ly e lo c a u in n r i s t C y ana l d o d i O a s a c n t o s h u e a n r n t d s d S a f a u b n e o l b e o d c a r r e a u n o f i n r r k g n a i o s s n d t e m y t Securities O as t s h e e t r s Notes3 e D T x o e c p t l a u o l d s i i n ts g p i D a n y e te m a r b b a l n e a n d i k n d C e a p T n o i a m s d it e a s li c a O a b a p t i n h l i d i t e t a r i l es 1947—December 731 105 1,999 106 3,874 ,159 18 6,412 2,671 3,740 1,544 1948—December 749 101 2,148 144 4,268 1,169 16 7.027 2,970 4,057 1,537 1949—December 765 133 2,271 146 4,345 ,058 14 7,227 2,794 4 433 1,477 1950—December 824 134 2,776 171 4,286 ,304 (3) 7,828 3,270 4,558 1,667 1951—December 907 107 3,028 in 3,876 1,464 7,896 3,284 4,612 1,714 1952—June 813 138 3,048 328 4,067 ,453 8,120 3,328 4,792 1,727 July 847 145 3,053 279 4,134 1,278 8,079 3,243 4,836 1,658 August .. 828 147 3,048 260 4,139 ,306 8,075 3,205 4 870 1,652 September 843 135 3,093 250 4,202 1,383 8,191 3,290 4,901 1,716 October 879 130 3,212 278 4.147 1,396 8.319 3,418 4,901 1,722 November .. 827 121 3,350 308 4,006 1,424 8,291 3,376 4 916 I 746 December 916 155 3,289 326 3,955 1,516 8,421 3,497 4,924 1,736 1953—Tanuary 835 135 3,293 308 3,981 1,321 8,188 3,244 4,945 1,684 February .. 877 141 3,301 330 4,042 [ ,342 8,310 3,301 5,008 t ,724 Marcli 851 140 3,394 322 4,082 1,394 8,458 3,391 5,067 .774 897 152 3 508 345 4 1 3S 380 8 642 3 S35 5 107 1 774 May 822 138 3,526 331 4,024 I ,402 8,486 3,386 5,100 1,755 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 e c p e n ! t- li c a O a b a p t i n h l i i d t e t a r ie l s 1947—December 22,590 19,378 219,386 86,875 27,409 341,547 338,090 3,457 25,175 8,916 1948—December 45,397 35,633 354,245 126,246 34,030 552,221 545,538 6,683 30,638 12,691 1949—December 40,937 42,311 426,690 129,501 29,843 627,266 619,204 8,062 26,355 15,662 1950—December 48,131 52,933 527,525 135,289 31,614 749,928 731,310 18,618 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—May 48,832 75,533 618,190 172,693 43,093 891,422 861,703 29,719 27,025 39,893 June 50,436 72,818 554,963 193.942 44,463 848,354 819,030 29,324 25,529 42,738 July 45,999 70,090 560,877 196,665 45,990 846,689 817,569 29,120 23,811 49,121 August 46,383 69,715 624,623 177,289 43,318 890,582 860,668 29,915 19,221 51,525 September 48,279 67,886 584,558 183,491 44,415 855,024 824,874 30,150 17,810 55,794 October 45,375 67,846 595,383 185,930 47,721 863,250 831,713 31,536 18,292 60,713 November 47,709 68,646 666,402 163,992 51,882 914,021 882,233 31,789 20,222 64,388 December P 51,147 68,269 636,427 169,508 61,909 896,076 864,033 32,043 24,957 66,225 1953—January 47,150 69,200 642,991 174,912 33,586 907,691 873,232 34,459 27,216 32,932 February 46,436 68,971 638,377 174,329 34,793 900,626 864,734 35,892 27,960 34,321 March 46,064 75,743 630,601 175,934 37,896 900.928 864.528 36,400 27,291 38,019 April 48,314 83,702 634,643 174,379 41,925 910,867 873,209 37,658 29,219 42,878 v Preliminary. 1This 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. 3In 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. 924 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 tralia "Bank sia Basic P e r n e t f i e a r l - Free (pound) a n c o c t o e u s n " t Official Free (dollar) Official Free 1947 29 773 321 00 2 2817 5 41403 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—August 20 000 13.333 7.194 222.19 1.9879 5.4406 32.445 103 984 Se D tern ber 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 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 Tune 20 000 13.333 7.198 224.19 2.0007 5.4406 2.0794 32 579 100 546 July 20.000 13.333 7.198 224.32 2.0011 5.4406 2.3078 32.582 100.782 France Year or month Ceylon m D a en rk - Finland (franc) G (d e e r u m tsc a h n e y India Ireland Mexico e N rl e a t n h d - s Ze N a e la w nd (rupee) (krone) (markka) mark) (rupee) (pound) (peso) (guilder) (pound) Official Free 1947 20.864 .8407 30.164 20.577 37.760 322 29 1948 20 857 .4929 .3240 30 169 18 860 37 668 350 48 1949 27 839 19.117 .4671 .3017 27.706 12.620 34 528 365 07 1950 20 850 14 494 .2858 23 838 20 870 11 570 26 252 277 28 1951 20 849 14 491 .4354 .2856 23.838 20.869 280.38 11.564 26 264 277 19 1952 20.903 214.492 .4354 .2856 323.838 20.922 279.68 11.588 26.315 276 49 1952 Aueiist 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 May 21.046 .4354 .2856 21.049 281.43 11.564 26.340 278.65 Tune 21 041 .4354 .2856 21.044 281.35 11.561 26 334 278 57 July 21.047 .4354 .2855 21.051 281.53 11.589 26.321 278.74 Year or month N (k o r r o w n a e) y R P e ( p h p p i e i u n l s i o b e p ) l - ic ( P es o g c r a u t l d u o - ) ( A S p o o fr u u i n c th d a ) (k S d r w o 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 i u 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—August 14.015 49.677 3.4848 277.81 19.327 23.288 278.85 65.833 56.180 42.553 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 14.015 49.677 3.4818 278.96 19.323 23.330 280.01 65.833 56.180 42.553 December • • 14.015 49.677 3.4839 279.54 19.323 23.332 280.59 65.833 56.180 42.553 1953—January . . 14.015 49.677 3.4872 280.23 19.323 23.311 281.28 565.833 556.180 542.553 February .... 14.015 49.677 3.4856 280.84 19.323 23.318 281.90 565.833 556.180 542.553 636.025 ]VIarch .... 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 Tune 14.015 49.676 3.4897 280.30 19.323 23.331 281.35 65.833 56.180 42.553 33.270 July 14.015 49.677 3.4896 280.47 19.323 23.333 281.53 65.833 56.180 42.553 32.994 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 July average for this rate was 53.1914. 5Quotations not available Jan. 28 through Feb. 9. 1953. 6Free rate, based on quotations beginning Feb. 10, 1953. NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics, see pp. 572-573 in same publication, and for further information concerning rates and averages for previous years, see BULLETIN for December 1952, p. 1355. 925 AUGUST 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month (1 U S 94 n 1 ta 7 0 it 0 - t 4 e e ) d 9 s - ( C 1 - a 9 1 3 n 0 5 a 0 - d ) 3 a 9 M (1 1 9 e 0 3 x 0 9 i ) c = o K U ( i 1 n 1 n 9 g 0 3 i 0 t d 0 e ) o d = m F (1 r 1 9 a 0 4 n 0 9 ) c = e (1 I 1 9 t 0 a 3 0 8 ly ) = ( a 1 J = v 9 a e 3 1 p r 4 0 a a - 0 g n 3 ) e 6 N ( l 1 e a 1 9 t 0 n 4 h 0 8 d e ) s r = - S (1 w 1 9 0 e 3 0 d 5 ) e = n (A Sw u = l g a i . 1 t n z 0 1 d e 0 9 ) r 3 - 9 1943 67 128 146 163 12 2 196 203 1944 68 131 179 166 14 2 196 207 1945 69 132 199 169 20 4 194 205 1946 79 139 229 175 34 16 186 200 1947 96 163 242 192 52 5,159 48 199 208 1948 104 193 260 219 89 5,443 128 100 214 217 1949 99 198 285 230 100 5,169 209 104 216 206 1950 103 211 311 262 108 4,897 246 117 227 203 1951 115 240 386 320 138 5,581 343 143 299 227 1952 112 226 400 328 145 5,270 349 140 317 220 1952—June 111 226 405 328 143 5,133 348 139 322 220 July 112 225 400 327 144 5.200 351 136 320 220 August 112 224 400 325 144 5,234 348 137 319 220 September 112 222 393 323 143 5,265 348 138 316 220 October 111 220 397 326 141 5,272 347 138 314 218 November 111 222 395 324 140 5,292 343 138 304 218 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 '5,264 351 136 301 214 April 109 220 387 333 139 5,234 350 134 300 212 May 110 220 393 P331 P139 P5.253 135 P299 214 June 109 222 391 P330 P139 213 p Preliminary. r Revised. NOTE.—For sources and references concerning changes in tne structure of price indexes for various countries, see BULLETIN for December 1952, p. 1356. WHOLESALB PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States Canada United Kingdom Netherlands (1947-49=100) (1935-39=100) (1930 = 100) (1948=100) Year or month Raw and Fully and pr F o a d r u m cts Pr f o o c o e d s s sed co O m it t i m h e e s o r d- pr F o a d r u m cts fa m p c a a tu r n t r l u e y - d fa c m h c a t ie u n f r u l e y - d Foods p I r n o tr d d i u a u l s c - ts Foods p tr I r i n o a d d l u u ra s c - w ts f I in n tr i d s i h a u l e s d goods goods products> 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—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 S O e c o to te b m er ber 1 1 0 0 7 5 no 1 1 1 1 3 3 2 23 2 2 8 2 2 1 1 2 0 2 2 2 2 7 8 2 2 8 9 4 3 » * 3 3 4 4 3 3 1 12 2 9 9 1 1 6 6 4 3 1 1 3 3 2 3 November 104 109 113 229 211 228 293 »340 131 163 132 99 110048 113 229 210 228 297 i»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 97 103 113 215 206 228 318 122 157 131 May 98 104 114 217 206 228 317 124 157 131 June 95 103 114 219 207 230 P316 n.a. Not available. v Preliminary. NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for Decembe r~ 1952, p. 1356. 926 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 9 = C ( a 1 1 a d 9 0 n 4 a 0 9 - ) 1 K 5 d ( , J i o a n 1 m n 9 g 5 . - 2 F = ( r 1 a 1 9 n 0 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 = . ( U S = 19 t n 1 a 4 i 0 7 t t 0 e e - ) 4 d s i 9 = C ( a 1 1 a d 9 0 n 4 a 0 9 - ) 1 K 5 d (J , i o a n 1 m n 9 g . 5 - 2 F = ( r 1 a 1 9 0 n 4 0 c 9 ) e N l = ( a e 1 t n 1 9 h 0 d 4 e 0 9 s r ) 1 ( l 9 e A a 3 r u n 9 - g d . = = 100) 100) = 100) 100) 1945 77 75 22 153 69 21 164 1946 83 78 35 152 79 36 160 1947 96 85 77 57 158 96 67 57 170 1948 103 97 82 90 163 104 72 92 176 1949 102 100 84 100 100 162 100 100 76 100 100 174 1950 103 103 86 111 109 159 101 103 82 111 111 176 1951 111 114 95 130 119 167 113 117 91 128 121 181 1952 114 116 103 145 120 171 115 117 105 141 123 184 1952—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 J22 186 December. 114 116 105 145 120 171 114 114 109 141 122 186 t953—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 114 114 106 146 121 170 112 110 113 141 P125 183 June 115 115 P145 121 170 114 111 P141 P127 184 P Preliminary. 1 These series are the revised indexes, reflecting, beginning January 1953, the inclusion of some new series and revised weights. Prior to Janwary 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 a 0 - 0 d 3 ) a 9 ( 1 K D 9 U i e 2 n c n 1 g e i = m t d 1 e o b d 0 m e 0 r ) F (1 r 1 9 a 0 4 n 0 9 ) c = e N l e a t n h d e s r- ( U 1 S = 9 n t 3 a 1 i 5 0 t t e - 0 e 3 d s ) 9 ( C 1 = a 9 n 3 1 5 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 r- Number 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—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 83.6 111.4 113.2 99.7 189.6 159.8 91.1 153 206 June 108.8 82.9 101.2 182.8 156.8 207 NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December 1952, p. 1357. 927 AUGUST 1953 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 DWIGHT L. ALLEN, Director FRANK R. GARFIELD, Adviser on Economic Research H. FRANKLIN SPRECHER, JR., Assistant Director KENNETH B. WILLIAMS, Assistant Director DIVISION OF ADMINISTRATIVE SERVICES SUSAN S. BURR, Assistant Director LISTON P. BETHEA, Director GUY E. NOYES, Assistant Director JOSEPH E. KELLEHER, Assistant Director C. RICHARD YOUNGDAHL, Assistant Director OFFICE OF DEFENSE LOANS DIVISION OF INTERNATIONAL FINANCE GARDNER L. BOOTHE, II, Administrator ARTHUR W. MARGET, Director OFFICE OF THE CONTROLLER LEWIS N. DEMBITZ, Assistant Director EDWIN J. JOHNSON, Controller 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, GHICAGO DISTRICT GEORGE B. VEST, General Counsel President FREDERIC SOLOMON, Assistant General Counsel WOODLIEF THOMAS, Economist V. J. ALEXANDER, ST. LOUIS DISTRICT WM. J. ABBOTT, JR., Associate Economist L. MERLE HOSTETLER, Associate Economist JOSEPH F. RINGLAND, MINNEAPOLIS DISTRICT J. MARVIN PETERSON, Associate Economist CHARLES J. CHANDLER, KANSAS CITY DISTRICT H. V. ROELSE, Associate Economist PARKER B. WILLIS, Associate Economist DEWITT T. RAY, DALLAS DISTRICT RALPH A. YOUNG, Associate Economist JOHN M. WALLACE, SAN FRANCISCO DISTRICT ROBERT G. ROUSE, Manager of System Open Market Account HERBERT V. PROCHNOW, Secretary 928 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 Pre»ident8 in charge of branches are listed in lower section of this page) Boston.... Harold D. Hodgkinson J. A. Erickson John J. Fog Carl B. Pitman Ames Stevens Alfred C. Neal Robert B. Harvey 3 O. A. Schlaikjer E. O. Latham R. F. Van Amringe New York. Jay E. Crane Allan Sproul H. A. Bilby Robert G. Rouse William I. Myers William F. Treiber H. H. Kimball T. G. Tiebout L. W. Knoke V. Willis A. Phelan R. B. Wiltse H. V. Roelse J. H. Wurts Philadelphia... William J. Meinel Alfred H. Williams Karl R. Bopp P. M. Poorman C. Canby Balderston W. J. Davis Robert N. Hilkert J. V. Vergari * E. C. Hill Richard G. Wilgus 2 Wm. G. McCreedy Cleveland. John C. Virden W. D. Fulton Roger R. Clouse H. E. J. Smith Leo L. Rummell Donald S. Thompson A. H. Laning 3 Paul C. Stetzelberger Martin Morrison Richmond. Charles P. McCormick Hugh Leach N. L. Armistead C. B. Strathy John B. Woodward, Jr. Edw. A. Wayne Aubrey N. Heflin K. Brantley Watson Upton S. Martin Chas. W. Williams R. W. Mercer3 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 0. S. Powell H. C. Core J. Marvin Peterson Paul E. Miller A. W. Mills E. B. Larson Otis R. Preston H. G. McConnell M. H. Strothman, Jr Sigurd Ueland Kansas City... Raymond W. Hall H. G. Leedy John T. Boysen 2 Clarence W. Tow Cecil Puckett Henry O. Koppang M. W. E. Park E. D. Vanderhoof D. W. Woolley Dallas J. R. Parten R. R. Gilbert E. B. Austin L. G. Pondrom Robert J. Smith W. D. Gentry R. B. Coleman Harry A. Shuford J. L. Cook 3 Mac C. Smyth Watrous H. Irons San Francisco... Brayton Wilbur C. E. Earhart E. R. Millard Ronald T. Symms J 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 Richmond Baltimore D. F. Hagner Oklahoma City R. L. Mathes Charlotte R. L. Cherry Omaha L. H. Earhart Birmingham John L. Liies, Jr. Atlanta Dallas El Paso C. M. Rowland Jacksonville T. A. Lanford Houston W. H. Holloway Nashville R. E. Moody, Jr. San Antonio W. E. Eagle New Orleans E. P. Paris Chicago Detroit R. A. Swaney San Francisco... Los Angeles W. F. Volberg St. Louis Little Rock C. M. Stewart Portland J. A. Randall Louisville C. A. Schacht Salt Lake City W. L. Partner Memphis Paul E. Schroeder Seattle J. M. Leisner 1 Also Federal Reserve Agent. 2 Cashier. 3 Also Cashier. 1 Counsel. 929 AUGUST 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. REGULATIONS OF THE BOARD OF GOVERNORS OF THE *A more complete list, including periodic releases and reprints, appeared on pp. 684-687 of the June 1953 FEDERAL RESERVE SYSTEM. Individual regulations BULLETIN. with amendments. 930 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS REPRINTS THE MONETARY SYSTEM OF THE UNITED STATES. (From Federal Reserve Bulletin unless preceded by an asterisk) 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. FEDERAL FINANCIAL MEASURES FOR ECONOMIC STA- January 1952. 11 pages. BILITY. May 1953. 7 pages. THE SECOND ARMAMENT BUDGET. February 1952. INTERNATIONAL FLOW OF GOLD AND DOLLARS, 1952. 9 pages. March 1953. 8 pages. (Also similar article from March 1952 BULLETIN.) MONEY AND CREDIT IN 1951. February 1952. 9 pages. REVISION OF CONSUMER CREDIT STATISTICS. April RECENT CHANGES IN GERMANY'S FOREIGN TRADE 1953. 19 pages. BALANCE. March 1952. 7 pages. #DETAILED DESCRIPTION OF SOURCES AND METHODS BANKING IN THE SOVIET UNION. April 1952. 8 USED IN REVISION OF SHORT- AND INTERMEDIATEpages. TERM CONSUMER CREDIT STATISTICS (supplementary details for item listed above), April 1953. REVISED WEEKLY INDEX OF DEPARTMENT STORE 25 pages. SALES. April 1952. 4 pages. THE TRANSITION TO FREE MARKETS. April 1953. STATEMENT BY CHAIRMAN OF THE BOARD OF GOV- 6 pages. ERNORS BEFORE SUBCOMMITTEE ON GENERAL CREDIT CONTROL AND DEBT MANAGEMENT, MARCH FEDERAL RESERVE BANK RESPONSIBILITIES. May 11, 1952. April 1952. 4 pages. 1953. 5 pages. CHANGES IN INSTALMENT CREDIT TERMS. May 1952. UNITED STATES POSTWAR INVESTMENT IN LATIN 6 pages. AMERICA. May 1953. 6 pages. EXCESS PROFITS TAXES OF COMMERCIAL BANKS. 1953 SURVEY OF CONSUMER FINANCES—PART I. THE June 1952. 18 pages. GENERAL FINANCIAL POSITION AND ECONOMIC OUTLOOK OF CONSUMERS. June 1953. 16 pages. REAL ESTATE LOANS OF REGISTRANTS UNDER REGU- LATION X. June 1952. 18 pages. PART II. PURCHASES OF DURABLE GOODS IN 1952 AND BUYING PLANS FOR 1953. July 1953. 12 pages. RETAIL CREDIT SURVEY—1951. From June 1952 PART III. HOUSING OF CONSUMERS. August 1953. BULLETIN with supplementary information for 10 pages. SELECTED PRELIMINARY FINDINGS OF 9 separate trades. (Also, Retail Credit Surveys— THE 1953 SURVEY OF CONSUMER FINANCES. 1943, 1944, 1945, 1946, 1947, 1948, and 1949 March 1953. 2 pages. (A final article on the from the June 1944, May 1945, June 1946, July 1953 survey will appear in a later issue of the 1947, July 1948, June 1949, and June 1950 BULLETIN. Also, similar surveys for earlier years BULLETINS with supplementary information.) from 1946, 1947, 1948, 1949, 1950, 1951, and PROBLEMS OF TRADE EQUILIBRIUM. October 1952. 1952 BULLETINS.) 9 pages. WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE REVISED SERIES ON DEPARTMENT STORE SALES, CORPORATIONS. July 1953. 12 pages. STOCKS, AND ORDERS. October 1952. 5 pages. ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS RECENT CREDIT EXPANSION. December 1952. 7 AND BUSINESSES. July 1953. 2 pages. (Also pages. similar article from July 1952 BULLETIN.) RECENT CENTRAL BANKING DEVELOPMENTS IN RECENT CREDIT AND MONETARY DEVELOPMENTS. SOUTHEAST ASIA. December 1952. 9 pages. July 1953. 8 pages. CREDIT AND MONETARY REVIEW FOR 1952. February THE BALANCE SHEET OF AGRICULTURE, 1953. 1953. 7 pages. August 1953. 13 pages. 931 AUGUST 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 j S BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES 8 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 1 FEDERAL RESERVE BANK CITIES FEDERAL RESERVE BRANCH CITIES 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis