Federal Reserve Bulletin, 1953-09

F E D E R AL E S E R VE BULLETIN SEPTEMBER 1953 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VOLUME 39 September 19)3 NUMBER 9 AGRICULTURAL SUPPLY AND PRICE DEVELOPMENTS Domestic supplies of agricultural products A very rapid build-up in cattle herds from —both crops and livestock—have increased 1950 to late 1952 and the resulting threat to considerably in the past year. Prices of crops beef prices from this growth in potential suphave declined an eighth and prices of cattle ply gave rise this year to expanded marketa third from a year ago. In recent weeks, ings of cattle. Increases in over-all supplies prices of all farm products have averaged of livestock and livestock products, with close to the level prior to the Korean out- lower prices to farmers, have been accombreak and about one-eighth below the near- panied by a somewhat lower average level record level of mid-1952. of retail prices for these products and by Incomes and demand in the economy gen- larger consumer takings. erally have expanded over the past year. Net farm income thus far in 1953 has been Supplies of industrial materials and finished about one-eighth below the average for 1952. goods have also increased. The average level of prices of industrial products, however, has SELECTED PRICE INDEXES 1947-49=100 advanced slightly, as the chart shows, and in WHOLESALE relation to farm prices is higher than at any — 120 INDUSTRIAL other time in the postwar period. Average ^_ PRODUCTS ^. // prices of food at retail are only slightly below 110 the postwar high in mid-1952. Unit charges / FARM \ / PRODUCTS \ for processing and distributing farm prod- 100 ucts have changed little or increased further, while the prices received by farmers have declined. 1 1 Increased domestic supplies of crops re- FOODS flect mainly large harvests and a volume of RETAIL 120 agricultural exports considerably below the postwar record in 1951-52. Further improve- 110 ment in farm production abroad and an easier supply situation internationally for 100 major crops have reduced export demands. Increases in domestic crop supplies have 90 gone mainly into Federal Government hold- 1950 1951 1952 1953 ings acquired through price support oper- NOTE.—Bureau of Labor Statistics indexes. Wholesale foods ations. is the special index for all foods. Retail foods for August 1953 estimated by Federal Reserve. SEPTEMBER 1953 933 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AGRICULTURAL SUPPLY AND PRICE DEVELOPMENTS Lower actual and prospective incomes have 1953 increased sufficiently to about offset the been reflected in a decline in farm land decline in the two previous years, as shown values of 4 per cent in the last 12 months, or in the chart on page 938. Carryovers are about one-fifth as much as the advance in likely to be expanded further out of this 1950 and 1951. Farmers are increasing their season's harvest. indebtedness less rapidly than in other recent AGRICULTURAL EXPORTS DECLINE years, and have reduced expenditures for A sharp reduction in agricultural exports machinery and some other goods. from the advanced rate reached in 1951-52 has contributed to growth in crop carryovers. LARGE CROP SUPPLIES For the year ending June 1953 the quantity Total agricultural production this year, of agricultural exports was one-eighth less according to estimates based on September than in 1950-51, before the Korean war had 1 conditions, will equal the 1952 record, influenced shipments greatly, and one-fourth with an increase in the number of cattle less than in 1951-52. The declines, as shown raised and marketed offsetting a moderately in the table, were especially sharp for cotsmaller crop harvest. Crop prospects deton and wheat, the major export commodiclined during August and are now forecast ties. Nonagricultural exports—apart from at about the 1947-49 level, as shown in the military-aid shipments, which increased— table. In those years output was in excess were also smaller in 1952-53, declining in of requirements, and in 1950 Federal acreage value about 10 per cent from the previous limitations were undertaken for crops. After year. the Korean outbreak these measures were Smaller farm exports reflect to an impordiscontinued and the Government antant extent the substantial easing in world nounced increased output goals. supplies of raw materials. Agricultural production abroad has continued to rise and AGRICULTURAL PRODUCTION [1947-49 = 100] the desire to acquire and hold stocks has weakened as war fears moderated, anti- Livestock and Period Total Crops livestock products inflationary policies were carried into effect, and general price levels stabilized. In 1950 99 94 103 1951 10? 97 107 many importing countries, holdings of farm 1952 107 104 110 1953 107 99 112 products, built up following the Korean outbreak, were reduced in 1952-53. The NOTE.—U. S. Department of Agriculture indexes converted to a 1947-49 base by Federal Reserve; these indexes are currently being revised. Figures refer to production, for sale and farm home generally lower level of stocks and some consumption, of crops for crop years, and of livestock for calendar years. Indexes for 1953 estimated on basis of September 1 condi- increase in gold and dollar reserves of imtions. porting countries are factors of potential The current large crop harvest reflects strength in the outlook for farm exports. little change from earlier postwar years in On the other hand, weather conditions this either acreages planted or yields. Growing season are favorable in most foreign counconditions have been generally favorable in tries, and carryover stocks in other major the major crop areas, but dry weather in exporting countries, as in the United States, some parts of the West and Southwest has are large. limited crop and pasture output. With the general growth in agricultural Crop carryovers from mid-1952 to mid- supplies, importing countries have been able 934 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AGRICULTURAL SUPPLY AND PRICE DEVELOPMENTS to shift more of their purchases to countries three years, covers a smaller volume of exoutside the dollar area. However, Canada, ports, both total and United States, than the which is in the dollar area, increased its earlier agreement because the United Kingwheat exports during 1952-53, at prices dom, an importer, is no longer a member. slightly under United States export prices. United States exports of cotton this season may exceed somewhat the 3.2 million bales EXPORTS OF FARM PRODUCTS of last season if textile production in import- [Years ending June 30] ing countries is maintained. Stocks in such Product 1952-53 1951-52 1950-51 1949-50 countries are nearly 1 million bales below year-ago levels and, although stocks are gen- Physical quantity (1947-49=100) erally large in exporting countries, produc- Total 82 111 93 97 tion of raw cotton has been curtailed some- Wheat 71 105 82 69 Other grains 142 121 131 122 what this season in some of these countries. Cotton 83 157 119 162 Tobacco 95 112 100 102 LIVESTOCK MARKETINGS EXPAND Value (million dollars) The rapid build-up of beef cattle herds on farms that began in 1950 slackened in Total 2,817 4,053 3,411 2,986 late 1952 and may end this year. Slaugh- Wheat 687 1,073 749 684 Other grains 488 506 489 350 Other foods 528 667 645 547 ter of cattle and calves has increased to a Cotton 576 1,204 941 948 rate—nearly one-third above the 1947-49 Tobacco 284 327 274 235 Other products 254 276 313 222 average—that is about in line with the number of cattle now being raised from the NOTE.—U. S. Department of Agriculture data; physical quantity indexes converted to 1947-49 fiscal year base by Federal larger herds. Hog raising has been reduced Reserve. A declining part of this country's post- LIVESTOCK ON FARMS war agricultural exports has been financed Millions with general economic aid funds, including Export-Import Bank loans, or with funds made available specifically to cover emergency needs for foodstuffs. The proportion of agricultural exports financed with economic aid funds dropped from about twothirds in 1949-50 to about one-seventh in the past two years. There has been some increase recently in the funds made available to export surplus farm commodities from this country to provide relief in famineaffected areas. Four-fifths of the wheat exported from this country last season was shipped under the International Wheat Agreement. Export subsidies under this agreement probably prevented sharper declines in wheat exports. 1940 1945 1950 The agreement, as recently extended for NOTE.—U. S. Department of Agriculture figures as of January 1 of each year. SEPTEMBER 1953 935 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AGRICULTURAL SUPPLY AND PRICE DEVELOPMENTS since last year, reflecting the relatively low rea. The major farm commodities subject prices for hogs in relation to feed costs that to price supports have declined to or below prevailed earlier. This reduction in hog support levels. raising—and in feed grain usage—has been Crops.—Wheat prices declined about onethe major factor in the increased carryover tenth in May and June, as shown in the stocks of feeds. Also, the consequent re- chart, to about one-sixth below the support duction of about one-eighth in hog market- level. With substantial carryover from the ings partly offset the effect of greater cattle old crop, facilities for storage this year were slaughter on the total meat supply. limited in some areas. Corn prices, follow- The 1950-52 increase in beef cattle herds, ing a 15 per cent decline in the latter part which is shown in the chart on the pre- of 1952, remained through early August ceding page, was sharper than in most other about 7 per cent below the support level periods. It was accentuated by strong con- for this season's harvest. After mid-August, sumer demands and cattle-producer expec- grain prices strengthened reflecting in part tations of still higher prices. The decline the decline in crop prospects. in marketings, as relatively more cattle were PRICfS RECEIVED BY FARMERS held on farms, contributed to the upward 1935-39-100 pressure on prices. As herds increased in size, however, producers became less willing to add to them, and this development was an important factor in the sharp break in prices of feeder cattle and cows in mid- 1952. Cattle marketings expanded later in that year and in the first half of 1953 rose sharply further. 250 Milk output in recent months has continued somewhat above the year-earlier rate. 200 The number of milk cows on farms increased a little in 1952 after declining for several years beginning in 1944. Egg pro- ISO duction in July and August reached levels somewhat above a year ago. 1950 1951 1952 1953 1950 1951 1952 1953 NOTE.—U. S. Department of Agriculture midmonth figures, with indexes for corn and wheat computed by Federal Reserve. LOWER PRICES AT THE FARM Latest figures are for August. The expanded domestic supply of agricul- Cotton prices declined about one-sixth in tural products resulted in some sharp price the final months of 1952 to the Federal supdecreases last autumn and winter, despite port level. Since then prices have shown high and rising consumer incomes. The some advance. Demands for textiles have inaverage level of farm prices has not declined creased since mid-1952, but domestic supmuch further since February and in recent plies of raw cotton have been ample. weeks has been about 13 per cent below Livestock products.—Prices of cattle and mid-1952 and close to the level prevailing hogs have shown sharply divergent trends just before the outbreak of hostilities in Ko- in recent months, and average prices re- 936 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AGRICULTURAL SUPPLY AND PRICE DEVELOPMENTS ceived by farmers for all meat animals have prices and little increase in consumption continued close to the reduced level reached from year-ago levels. Egg production until last December. This level is near the post- recently has changed little and prices have war low in 1949. been substantially higher. Prices of cattle for feeding or herd build- EXPANDED FEDERAL SUPPORT ACTIVITIES ing broke sharply in June 1952, and further As domestic agricultural supplies increased declines through December brought them and prices declined, established Federal to a level about one-third below that in the measures to support farm prices and incomes spring of 1952. With consumer incomes became more important. Other programs, still rising, prices of higher grade steers, largely related to the cattle and drought situwhich are less directly influenced by proation in the Southwest, were also started. ducer demands, were maintained for several months, despite increased over-all supplies Federal outlays for price support (the of beef and the availability of lower grades excess of expenditures over receipts) in the at declining prices. In the first half of this year 1952-53 are estimated to total about 2 year, however, supplies expanded substan- billion dollars. This outlay for one year's tially further, and high-grade steer prices farm production approached the record declined one-third. Average cattle prices reached in 1948-49. It represented a marked in June were at the lowest level since change from the 1951-52 season when Fed- 1946, two-fifths below a year earlier. eral and private carryovers were declining. Continuing large expenditures can be ex- Around midyear Federal programs were pected for crops now being harvested. These undertaken to limit cattle price declines, expenditures are an important factor supwhich were being accentuated by increased porting farm income. cattle marketings due partly to drought conditions in the Southwest. Initially prices FEDERAL OUTLAYS FOR FARM PRICE SUPPORT advanced considerably. Market supplies were only temporarily reduced and after mid-July Year Ratio'of 1952-53 Commodity outlays to value prices of the lower grades declined again. 1952-53 1951-52 of farm output Prices of the higher grades have been main- (In millions of dollars) (Per cent) Crops: tained. Wheat 879 -106 32 Corn 350 -265 7 Hog prices, reflecting contrasting supply Cotton. . 280 23 10 Oil crops 170 38 11 developments, advanced almost steadily in Other crops 50 37 1 the first half of 1953. In mid-July they Total 1,729 -273 12 Livestock: reached a five-year peak, about 20 per cent Dairy products 2 75 o 5 Wool 72 3 58 above a year earlier. By early September Other livestock products 0 e 0 hog prices had declined somewhat from Total 347 0 2 their mid-July high. All products 2,076 -273 6 Prices received by farmers for other foods NOTE:—Partly estimated by Federal Reserve from Department —dairy products, poultry and eggs> and fruits of Agriculture reports. Dollar figures are expenditures for commodity loans or purchases plus carrying charges, minus receipts and vegetables—have been relatively well from loans repaid or commodities sold. Figures shown for crops are for 12 month periods following start of the harvests; for livemaintained. With price support operations stock products figures are for 12 months' ending June 30. Federal support outlays for fiscal year 1952-53'for all' products, as reported expanded, the larger supplies of milk have by Commodity Credit Corporation, were 1,867 million dollars, compared with net receipts of 266 million in 1951-52. Percentage resulted in only a moderate reduction in figures for subtotals and for all products represent ratio of outlays to value of farm marketings. SEPTEMBER 1953 937 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AGRICULTURAL SUPPLY AND PRICE DEVELOPMENTS The bulk of the outlays have been made Farm production and incomes are beginfor three of the basic crops, wheat, corn, and ning to be affected by Federal restrictions cotton, and for dairy products and wool. on acreages planted in basic crops, which Price supports for these products are manda- account for more than half of the country's tory under present law. For most other cropland. The application of these measproducts expenditures have been relatively ures is authorized by legislation designed small. to adjust production to domestic and export Most of the increase in carryovers of requirements and to limit price support outmajor crops from last season's harvest was lays. acquired by the Commodity Credit Corpo- The law provides at present for support ration, as shown in the chart. Most of these at 90 per cent of parity through 1954 for commodities are still held by the CCC. the basic crops and requires use of control The extent to which Federal outlays can measures when supplies rise to specified eventually be recovered will depend on such levels. Quotas intended to reduce by 20 per factors as agricultural production levels and cent the acreage planted in wheat this control measures, domestic demand, and in- autumn and next spring were voted by ternational and export developments. farmers in August. Quotas will probably In addition to price support outlays, there be invoked for cotton also, while acreage were some other Federal expenditures for allotments—involving smaller penalties— removal of surplus farm commodities and may be used for corn where surpluses are for school lunch programs. Such expendi- not so large. tures totaled 165 million dollars in fiscal Starting January 1, 1955, unless the law year 1952-53. is again amended, the price support levels established for basic crops will vary according to the relation of supplies to require- STOCKS OF FARM PRODUCTS Millions ments and will be less than 90 per cent of parity when supplies are above the level determined as normal. RETAIL FOOD PRICES Retail food prices have increased somewhat in recent months, as shown in the chart on page 933, and in spite of the increases in supplies, average prices in August were only about 2 per cent below the peak — 200 level reached in mid-1952. Prices of cereal and bakery products have advanced further — 100 during the past year, and most other foods have shown largely seasonal fluctuations. 1949 1951 1953 1949 1951 1953 Changes in the average level of food prices NOTE.—Annual, end of season figures, except for butter which are end of month figures. Figures are from reports of the have reflected chiefly changes in meats. Commodity Credit Corporation showing quantity of commodities in CCC loans and inventories, and from other U. S. De- Average meat prices in August were estipartment of Agriculture reports showing total stocks (Federal and private). Figures for feed grain stocks in 1953 partly mated to be 8 per cent above the low in estimated by Federal Reserve. 938 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AGRICULTURAL SUPPLY AND PRICE DEVELOPMENTS April, but 10 per cent below a year ago. MEAT PRODUCTION AND PRICES Thus, although population increased another 1947-49=100 PRODUCTION 1.7 per cent over the past year, and total 140 personal income rose by 8 per cent, the larger supplies of meat—amounting to 9 per cent 120 through August—have been able to clear 100 the market only at lower retail prices. While average meat prices have been lower and 80 average output higher, the movements for beef and pork have been sharply divergent. RETAIL PRICES 140 Retail beef prices, although down one- BEEF fifth from a year ago, have declined rela- 120 tively less than have cattle prices. The large expansion in beef supplies—about 30 per 100 cent—since mid-1952 has coincided with 80 rising consumer incomes and increased processing and distribution charges. On 1949 1950 1951 1952 1953 NOTE.—Production data are calculated from U. S. Departthe other hand, hog prices, with supplies ment of Agriculture figures and are seasonally adjusted by- Federal Reserve. Prices through 1952 are Bureau of Labor considerably smaller than earlier, have ad- Statistics data converted to a 1947-49 base; figures for the period January-August 1953 are Federal Reserve estimates vanced relatively more than retail pork based in part on BLS data. prices. Considering other foods as well as more tractors on farms now than in 1946. meats, the farmer's share of the consumer's Farmers have financed machinery purchases food dollar has declined somewhat during and improvements in part by increasing the past year. fairly substantially their short-term borrowings. The marked increase in value of FINANCIAL POSITION OF FARMERS physical assets owned by farmers has re- Net farm income in recent months, acflected not only additions and improvements cording to preliminary estimates of the Debut also the much higher prices at which partment of Commerce, has been at a level such assets are valued. Farmers have also about one-eighth below the average for 1952. quadrupled their holdings of bank deposits Cash receipts, especially from livestock, have and other liquid assets since 1940. A detailed declined, while costs of farmers' purchases, statement of the financial position of farmexcept for products such as feeds or liveers at the beginning of 1953, "The Balance stock that are bought largely from other Sheet of Agriculture, 1953/' was published in farmers, are at the record level of last year. the August BULLETIN, pages 822-834. This situation follows a long period when Since late 1952 the value of farm assets prices received by farmers were more favorhas declined, reflecting the less favorable able in relation to costs. income situation. Relative to changes in In most of the war and postwar years, prices and incomes, however, this decline farmers have improved considerably their has been moderate. At the same time, farmfarm land and buildings and have added ers have purchased less machinery and have greatly to their machinery and other assets. reduced somewhat their short-term debts to In particular, there are about 75 per cent banks and production credit associations. SEPTEMBER 1953 939 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1953 SURVEY OF CONSUMER FINANCES PART IV. Net Worth of Consumers, Early 1953* Most consumer spending units had some unincorporated businesses, farms, and real accumulated savings in early 1953 in the estate, rather than in corporations open to form of consumer capital goods, business or investment by the general public. investment assets, or liquid assets, according In the survey conducted early this year, as to survey findings. Older consumers typi- well as in that conducted in early 1950, an cally possessed larger holdings than younger attempt was made to obtain as complete a ones. About half of all consumer spending balance sheet as feasible far individual conunits in the population held resources equal sumers. The net worth figures obtained are to or greater than their 1952 incomes. partial estimates, however, because limita- The accumulated savings of consumers are tions of resources and of methodology remainly in assets subject to change in value sulted in incomplete coverage of assets and such as homes and businesses, rather than in understatement of certain reported assets, assets of fixed dollar value such as bank de- while coverage of debt was relatively composits or savings bonds. This pattern of in- plete.2 Despite these limitations, the data vestment is quite pervasive in nearly all in- obtained in the 1950 and 1953 surveys appear come, age, and occupational groups. to furnish a better basis for judging the finan- The homes and automobiles (capital cial position of American consumers than is goods) owned by consumers in early 1953 otherwise available.3 had an aggregate value nearly equal to their SIZE OF NET WORTH total direct personal investment in business. In early 1953 most consumers owned assets It was also found that investment in business in excess of their debts. Nearly half of the by individuals is for the most part directly 54 million spending units in the population in ventures they operate or control such as were worth $5,000 or more and about onexThis is the fourth of a series of articles presenting the tenth were worth $25,000 or more (see Table results of the 1953 Survey of Consumer Finances conducted by the Board of Governors of the Federal Reserve System in cooperation -with the Survey Research Center of the Univer- 2 A discussion of the method of calculating net worth and sity of Michigan. The first article in the series, covering the of the limitations of the data is presented in the technical general .financial position and economic outlook of con- appendix at the end of this article. The assets included are sumers, appeared in the June BULLETIN. The second article, bank deposits and U. S. Government securities, homes, farms, covering purchases of durable goods in 1952 and buying other real estate, unincorporated businesses and owner-operplans for 1953,, appeared in the July BULLETIN. The third ated privately held corporations, corporate stock, and autoarticle, covering the housing of consumers, was published mobiles. Among the assets excluded are currency, household in the August BULLETIN. Discussion of the sampling pro- goods, and life insurance and pension reserves. cedure and limitations D£ the survey is given in an appendix 3 The interview unit of the survey is the spending unit, to the first article. Additional technical material is included defined as all persons living in the same dwelling and bein the appendix to this article. longing to the same family who pool their incomes to meet Tbe present article was prepared by Irving Schweiger of their major expenses. Some families contain more than one the Consumer Credit and Finances Section of the Board's spending unit, and it is estimated that at the beginning of Division of Research and Statistics. A close working rela- 1953 there were approximately 48.1 million family units and tionship is maintained with the staff of the Survey Research 54.0 million spending units residing in private households. Center at all stages of the work and this analysis has had Since the same total amount .of net worth is distributed the benefit of suggestions from the Center's staff, particu- among the smaller number of family units, families have larly E. Scott Maynes and James N. Morgan. somewhat higher net worth than spending units. 940 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1953 SURVEY OF CONSUMER FINANCES 1). On the other hand, about one-tenth ap- goods, the saving permitted by income levels parently had a negative net worth (debt in and expenditure standards, prices of assets, excess of assets covered by the survey). Be- occupation, investment preferences, and incause of the restricted definition of net worth heritances. Acquisition of assets usually takes used in the survey, which covers practically place over a long period and net worth tends all debt but not all assets, these figures are to increase with age. partial estimates of the net worth positions This process is apparent at any one time of the consumer population. in the holdings of consumers of different ages. In 1953, as the chart shows, median TABLE 1 NET WORTH1 MEDIAN NET WORTH [Percentage distribution of spending units] WITHIN AGE GROUPS, EARLY 1953 ! 10000 Amount 1953 1950 Negative 11 8 -I 8000 $0^$499 14 $500-$999 6 27 $l,000-$2,999 14 $3,O0(M&4,999 9 24 6000 $5,000-$9,999 17 $10,000-$24,00O 18 33 $25,000-$49,000 7 $50,000 arid over 4 8 AH cases 100 100 M M e e a d n ian $ $ 1 4 1 , , 1 9 0 0 0 0 ( ( * 2) ) 2000 1 Difference between total selected reported assets and total reported debt. For detailed definition of net worth* see technical appendix. ALL 18-24 25-34 35-44 45-54 55-64 65 2 Data not available. AGES and OVER The median net worth of consumers as net worth varied from $300 for young conthus measured in early 1953 was $4,100, ap- sumers, from 18 to 24 years of age, to $8,500 proximately $500 to $1,000 larger than in for consumers from 55 to 64 years of age. 1950. Precise comparisons are not possible Calculations based on differences in the curbecause data from the 1953 and 1950 surveys rent holdings of the several age groups indiare not strictly comparable. The increase cate that the average difference in median in dollar value of consumer resources over net worth was roughly $200 per year among the three-year period reflected both growth those in their twenties. For those in their in volume of assets and price advances. The forties differences per year amounted to proportion of consumers with large net nearly $400. Additions to median net worth worth ($5,000 or more) increased somewhat apparently continue among people in their as did the proportion with debt in excess of fifties, but at a considerably slower pace, their reported assets. The relative net worth while consumers in their sixties tend to reposition of major age, income, and occupa- duce their net worth. tional groups did not change much from Income and occupational groups. The 1950 to 1953. opportunity of a consumer to accumulate Age groups. The amount of net worth of assets depends to a large extent on his inconsumers and the rate of accumulation de- come. This is reflected at any one time in pend upon many factors, including the need the direct relation between net worth and for homes, automobiles, and other durable amount of current income. In early 1953 the 941 SEPTEMBER 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1953 SURVEY OF CONSUMER FINANCES median net worth varied from $1,300 for the The smallest net worths were reported by lowest income groups (annual incomes of wage earners (skilled, semiskilled, and unless than $3,000) to $10,300 for the highest skilled workers) although this group has income groups (annual incomes of $5,000 a median income about as large as that of the and over). There was considerable disper- general population. Smaller resources probsion, however, in size of holdings within ably reflect in part the greater proportion of income groups, related in part to differences young consumers in this group. Also, a disin age and household status of consumers proportionate part of the assets acquired may (see Table 2). be of the types not covered by the survey, such as Old Age and Survivors Insurance TABLE 2 trust assets, life insurance reserves, and house- NET WORTH WITHIN VARIOUS GROUPS, EARLY 1953 hold goods. [Percentage distribution of spending units] Ratio of net worth to income. One way Net worth1 Me- of measuring the net worth of a consumer Group dian All characteristic w n o e r t th cases N t e iv g e a- $4 $ , 0 9 - 99 $ $2 5 4 ,0 ,9 0 9 0 9 -$2 o a 5 v n , e 0 d r 00 is to relate it to his current income. The median net worth in early 1953 was one-fifth All spending units.. $4,100 100 11 43 35 11 larger than the median income of the pre- 1952 money income ceding year ($4,100 compared with $3,420). before taxes: Less than $3,000. 1,300 100 16 51 27 6 About half of the spending units reported $3,000-$4,999.... 3,500 100 12 46 36 6 $5,000 and over.. 10,300 100 3 23 48 26 accumulated savings equal to at least one Occupation: year's income, and one-fourth had accumu- Business2 15,000 100 4 17 42 37 W Sa a la g r e i e e d a w rn o e r r k 4 e .. r . s . . 4 1 , , 5 90 0 0 0 1 1 0 0 0 0 1 7 8 4 4 5 9 3 3 7 1 1 2 1 lated as much as three years' current income Retired 6,000 100 2 42 40 16 (see Table 3). For slightly more than one- JFor definition of net worth, see note 1, Table 1. fourth of consumers, on the other hand, net 2 Includes farmers and self-employed businessmen and artisans. 3Includes clerical, sales, professional (including self-employed), .semiprofessional, and managerial personnel. 4Includes skilled, semiskilled, unskilled, and service workers. TABLE 3 The net worth position of a consumer may RELATION OF NET WORTH TO INCOME, EARLY 1953 x [Percentage distribution of spending units within specified groups] reflect his occupation. Among occupational groups the highest median net worth, Net worth as a percentage of 1,952 money income Nega $15,000, was reported by spending units before taxes tive net i h s e , a s d e e lf d - em by p l t o h y o e s d e b c u o s n in d e u s c s t m in e g n b a u n s d in f e a s r s m es , o t p h e a r t - Group characteristic c A as l e l s t L h 2 e a 5 s n s 25 p - e 9 r 9 1 2 0 9 0 9 - c 3 p e 0 e n 0 r t w n t o e i o r v g r t e a h per cent per and income ators. For such units a substantial invest- cent cent over ment is frequently necessary to engage in a All spending units... 100 17 20 25 26 12 business venture. Also, saving tends to be Age of head of spendgreater than in other groups, in part because ing unit: 18-34 100 26 29 20 8 17 there is an incentive to plow earnings back 35-54 100 11 21 31 26 11 55 and over 100 14 8 21 51 6 into the business and in part because of the Occupation: Business2 100 5 6 20 61 8 large proportion with high incomes. As Salaried worker3. . 100 16 29 30 18 7 Wage earner4 100 20 25 27 11 17 would be expected, retired persons also have Retired. 100 19 5 17 57 2 relatively large net worths. The median for lFor definition of net worth see note 1, Table 1. this group, $6,000, was exceeded only by that 2 Includes farmers and self-employed businessmen and artisans. 3 Includes clerical, sales, professional (including self-employed), of the business spending units. sem 4 I ip n r c o lu fe d s e s s i o s n k a i l l , l ed a , n s d e m m isk an il a le g d e , r i u a n l sk p i e ll r e s d o , n n a e n l d . service workers. •942 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1953 SURVEY OF CONSUMER FINANCES resources were equal to less than three TABLE 4 months' income. PROPORTION OF NET WORTH AND COMPONENTS HELD BY GROUPS, EARLY 1953 The variation in net worth position within [Per cent] all major consumer groups is illustrated by the wage earners. More than one-third of Spend- m 1 o 9 n 5 e 2 y N c e o t m w p o o r n t e h n a ts n 1 d wage earners had resources equal to less than Group characteristic ing income three months' income while about the same units b t e a f x o e r s e a T s o s t e a t l s Debt w N o e rt t h proportion had reserves equal to at least one Age of head of spendyear's pay and one-tenth had built up net ing unit: 18-34 32 30 14 32 12 worth equal to three years or more of cur- 35-54 39 46 44 48 44 55 and over 26 22 40 18 43 rent income. Not ascertained 3 2 2 2 1 All cases 100 100 100 100 100 Net worth: DISTRIBUTION OF AGGREGATE NET WORTH $ N 0 e - g $ a 9 t 9 iv 9 e } « 19 (2) 4 6 ( ( 3 3 ) ) fin T d h in e g t s o ta is l v e a s l t u im e a o t f e d a ss a e t t s 7 i 2 nc 5 l u b d il e l d io n in d su o r l v la e r y s $ $ $ 5 l 2 , 5 , 0 0 , 0 0 0 0 0 0 - 0 - $ $ 4 a 2 , 4 n 9 , d 9 9 9 9 o 9 ver 2 3 1 3 5 1 3 2 2 7 0 4 3 5 6 6 7 5 2 1 1 1 8 3 6 4 1 while the total of debt amounted to an esti- All cases 100 100 100 100 100 mated 84 billion. The difference, or 641 ^or definition of net worth, see note 1, Table 1. 2 Less than one-half of 1 per cent. billion dollars, was the total estimated con- 3Negative or less than one-half of 1 per cent. sumer net worth, as defined, in early 1953.4 The accumulation of assets that goes along younger than average, two-thirds being less with age is apparent in the distribution of than 45 years of age. aggregate net worth among the population. It seems likely that resources currently are Older consumers (55 and over) had a share distributed more widely among the populaof aggregate net worth that was twice as tion than before the war. Directly comlarge as their share of 1952 income (see parable data on net worth distribution prior Table 4). On the other hand, younger con- to the war are not available. In the related sumers (under 35) had a much smaller share case of income, however, available data indiof total savings than of 1952 income, despite cate that income has been more evenly disthe fact that the average income of the tributed since the war than prior to it. Also, younger group was slightly higher than very large savings were accumulated during that of the older. the war and these were probably very widely When size of net worth is considered with- distributed. out regard to age or income, the 11 per cent of consumers worth $25,000 or more were COMPOSITION OF NET WORTH found to account for 61 per cent of aggre- The types of assets in which consumers gate net worth as defined. Spending units invest or hold their savings and the extent worth less than $5,000 accounted for 6 per to which asset ownership is offset by debt cent of the total, although they constituted have a bearing not only on the financial posislightly more than half of all spending units. tion of consumers but also on the functioning Consumers in the latter group are typically of the economy. Survey information on the 4 Unincorporated nonfarm business and privately held composition of assets, liabilities, and net owner-operated corporations are the two assets which were worth by consumer groups supplements sigreported only on a net worth basis and this net amount is nificantly other available information. included in both the asset and net worth categories. 943 SEPTEMBER 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1953 SURVEY OF CONSUMER FINANCES Frequency of asset holdings and of debt. such as homes and corporate stocks, had an Ownership of different types of assets varies aggregate reported value nearly six times greatly among consumers. The most widely that of fixed dollar assets (liquid assets and held asset reported in the survey was liquid money out on loan). Although this ratio assets—United States Government securities would be smaller if life insurance reserves, and savings and checking accounts. This type Old Age and Survivors Insurance trust assets, of asset was reported by 7 out of 10 spend- and private retirement funds were added to ing units (see Table 5). Large proportions survey totals of fixed value assets, price risk of consumers also owned homes and auto- assets would still be roughly three times as mobiles, roughly 4 and 6, respectively, in large in total value as the fixed value assets. every 10. Consumer investment in a farm, Inclusion of still other assets which are exa business, or corporate stock was reported cluded from the survey, some of which are less frequently, each type by not more than variable and some fixed value assets, would 1 in 10. Except for farms, each type of asset not appear to change the general finding that was owned most frequently by consumers the ma>or part of consumer savings are held with the highest incomes. in assets subject to value change, Variable value assets constituted the bulk of consumer TABLE 5 assets in the prewar period also, according to OWNERSHIP OF ASSETS AND DEBT LIABILITY WITHIN INCOME GROUPS, EARLY 1953 * rough estimates. [Percentage of group owning asset or owing debt] In general, most broad groups of consumers—by age, occupation, income, or net 1952 money income before taxes All worth—hold the major part of their net Item s u p i n e n n i g t d s - Under $3,000- $5,000- $7 a , n 5 d 00 resources in assets subject to price risk rather $3,000 $4,999 $7,499 over than fixed value assets. This is also the case Assets: for individual spending units. About two- Liquid assets 71 52 76 93 98 Automobile 61 36 70 84 92 thirds of the spending units with assets in Owner-occupied non- Ow fa n r e m r- o h c o c m up e ied farm. 43 5 32 9 43 4 57 3 65 3 excess of debt had variable value assets equal O Bu th s e in r e r s e s a l i n e te st r a e t s e t -'.... 14 7 1 3 1 1 6 1 1 8 9 3 2 1 2 to 80 per cent or more of net worth (see Corporate stock 7 4 *.> 10 28 Money loaned out.... 12 12 11 14 17 Table 6). On the other hand, nearly one- Debt owed 62 51 68 75 63 fifth of consumers owned either fixed value xFor definition of assets and debts included, see Technical assets only or variable value assets in rela- Appendix. - Includes unincorporated nonfarm business and owner-operated tively small volume (amounting to less than privately held corporations. 40 per cent of net worth). Approximately 4 in every 10 consumers Consumer assets exposed to price risk were were completely free of debt. The 6 in 10 estimated to aggregate nearly 620 billion who owed some moneys such as personal dollars in early 1953, and this was almost debt or debt on home, farm, or real estate equally divided between consumer capital were found most frequently among con- goods and business and investment assets. sumers with incomes of $4,000 to $7,500, in Consumer capital goods covered in the surthe wage earner group, and from 25 to 34 vey are nonfarm homes and automobiles; years of age. business and investment assets are unincor- Broad patterns. In early 1953 consumer porated businesses, owner-operated privately holdings of assets subject to value change, held corporations, stock in corporations open 944 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1953 SURVEY OF CONSUMER FINANCES TABLE 6 1950, owners valued self-occupied homes at VARIABLE VALUE ASSETS IN RELATION TO NET WORTH X about 180 billion dollars. Survey and other [Percentage distribution of spending units within groups] data indicate that the price level of existing houses rose by roughly 15 per cent, or an Variable value assets as a percentage of net worth increase in value of more than 25 billion All Group characteristic cases th L an es 4 s 0 40-79 per 8 c 0 ent dollars, between early 1950 and early 1953. per cent per cent and over Thus somewhat more than one-third of the increase in value of homes in this period All spending units 100 17 14 69 (from 180 to 250 billion) would appear to 1952 money income before taxes: represent price inflation of houses existing Under $3,000 100 22 13 65 $3,000-$4,999 100 17 13 70 in early 1950. The balance of the increase $5,000 and over too 11 16 73 in value reflected mainly new construction Occupation: Business2 100 4 13 83 Salaried worker:J 100 25 18 57 for owner occupancy, some increase in value Wage earner4 100 18 10 72 Retired 100 15 18 67 of these newly constructed units, and additions and improvements to existing struc- 1 Excludes spending units with negative or zero net worth. -Includes farmers and self-employed businessmen and artisans. tures. 3Includes clerical, sales, professional (including self-employed), sem 4 I ip n r c o lu fe d s e s s i o s n k a i l l , l ed a , n s d em i m sk a i n ll a e g d e , ri u a n l sk p il e le rs d o , n a n n e d l. service workers. The composition of the consumer balance sheet appears to change substantially with the to investment by the general public, farm as- amount of resources and with age, two facsets, and real estate for other purposes than tors which are related (see Table 7). As net owner-occupancy. worth increases, the ratio of business and Owner-occupied nonfarm homes had by far the largest total value of any of the assets TABLE 7 reported in the survey, amounting to 250 COMPOSITION OF NET WORTH, EARLY 1953 1 billion dollars in early 1953.5 Allowing for [Assets and debt as percentages of net worth] the roughly 50 billion of debt owed on homes Variable at that time, owners' equity in such houses value assets wa T s h a e p p e r f o fe x c i t m a o te n l y v a 2 r 0 ia 0 b b le i ll v io a n lu e d ol a l s a s r e s t . s of a char G a r c o te u r p istic w N o e rt t h s C u o m n e - r B n a u e n s s d s i- a F v s i a s x l e u e t d e s4 a T s o s t e a t l s Debt i capital investchange in prices can be illustrated by an goods2 ment assets3 analysis of the change from 1950 to 1953 in the value of owner-occupied homes. Early in All spending units.. . . 100 45 51 17 113 13 Age of head of spending unit: 18-34 100 70 48 17 135 35 35-54 100 47 52 15 114 14 5 In early 1950, the average value and distribution of a 55 and over 100 35 52 18 105 5 similar sample of owner estimates were found to be approxi- Net worth: mately the same as those reached by professional appraisers $0-$999 100 140 9 50 199 99 $l,000-$4,999 100 103 13 31 147 47 for the same houses. The aggregate value in early 1953 of $5,000-$24,999 100 73 28 19 120 20 other assets that were reported by a sufficiently large number $25,000 and over.. . 100 23 67 15 105 5 of cases to compute separately were (in billions of dollars): Aggregate dollar valautomobiles, 38; liquid assets, 98; and real estate for other uation (in billions).. $641 $288 $328 $109 $725 $84 than owner-occupancy, 92. The aggregate value of all ^"or definition of net worth, see note 1, Table 1. business and investment assets, excluding real estate for 2 Includes automobiles and owner-occupied nonfarm homes. other than owner-occupancy, was 236 billion dollars. The :JIncludes owner-occupied farms, farm machinery, livestock, crops, interests in unincorporated business and privately held sampling errors of the aggregate value of homes and auto- corporations, real estate other than home or farm on which owner mobiles is estimated to be less than 10 per cent, of liquid is living, and corporate stock. 4 Includes liquid assets and loans made by spending units. assets about 10 per cent, and of other assets more than 5Includes mortgages and other real estate debt, instalment and 10 per cent. other short term debt. 945 SEPTEMBER 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1953 SURVEY OF CONSUMER FINANCES investment assets to net worth rises sharply, which are financed to a considerable extent while the ratios of consumer capital goods, by borrowing. As age increases, both confixed value assets, and debt to net worth sumer capital goods and debt decline prodecline substantially. Characteristic changes gressively in relation to net worth while also accompany increases in age of the con- business assets assume greater importance. sumer. The net worth of young consumers Fixed value assets, however, appear to bear (less than 35 years of age), reflects primarily a fairly stable relationship to net worth in the ownership of consumer capital goods, all age groups. 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. TECHNICAL APPENDIX The survey estimate of net worth of each business is reported on a net basis and the spending unit is the sum of reported or as- net amount is included in both the asset signed values of assets covered in the survey and the net worth categories. less the reported total debt. The assets in- The debts covered are: mortgages, land cluded in the survey are: liquid assets, in- contracts, or other debt on homes, farms, or cluding all types of United States Govern- other real estate; instalment debt; single-payment securities, checking accounts, savings ment loans; and any other debt to banks, accounts in banks, postal savings, shares in loan companies, insurance companies, and savings and loan associations or credit individuals except charge accounts. unions; automobiles; owner-occupied homes; This survey obtained more information owner-occupied farms including buildings; than the survey conducted in early 1950 in farm machinery, livestock, and crops of all that it obtained data for money out on loan farm operators; real estate other than home and detailed valuations for certain assets or farm on which owner is living, including which were reported in 1950 only within lots, one- or two-family houses, apartment broad brackets. Values of all asset items, houses, summer or weekend homes, com- except automobiles, and of all liabilities were mercial or rental property, farms owned by reported directly by respondents. The value nonfarmers and additional farms or land of 1952 model automobiles was considered owned by farmers, and other types; money equal to the purchase price reported in the out on loan; common and preferred stock in interview. All other automobiles were ascorporations open to investment by the gen- signed values based on the respondents' reeral public; interest in a nonfarm unincor- ports of make and model year. porated business or privately held owner- Some items of substantial value were operated corporation. Interest in nonfarm omitted from the asset compilation. Insur- 946 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1953 SURVEY OF CONSUMER FINANCES ance, an asset owned by almost four-fifths independent estimates, understatement of of all spending units, was omitted because aggregate liabilities appears to be relatively relatively few respondents know the cash slight. The incomplete coverage of assets value of their policies (and therefore ques- and the understatement of reported asset tions concerning them were not included in items probably results in an understatement the survey) and because the assignment of of the actual net worth of nearly all spending values would have been an extremely com- units. plex process, due to the many types of insur- Information in this article is presented ance and the wide range of ages of policy- primarily in terms of frequencies and proholders. Furniture, household appliances, portions because the sampling errors of such clothing, jewelry, etc., were omitted because data are much less than the sampling errors estimates of their value would be extremely of aggregate amounts or arithmetic averages. unreliable in the absence of organized mar- There is reason to believe that survey data kets, but consumer indebtedness for the tend to underestimate the average value of purchase of such articles is included in debt. highly skewed distributions such as liquid Holdings of currency were omitted since ex- assets, unincorporated businesses, privately perience has indicated that those respond- held corporations, farms and other real estate ents having large currency holdings are re- because of the difficulty in a sample of 3,000 luctant to report them. Trust funds, an- cases of getting adequate representation of nuities, pension reserves, and holdings of the very largest values. For additional disbonds of corporations and of State, local, and cussion, see "Methods of the Survey of Conforeign governments were also omitted. sumer Finances," Federal Reserve BULLETIN, Some understatement of the covered assets July 1950. is probable. From other data on ownership of liquid assets, for example, it is known that 1 The survey's estimate of consumer holdings in early survey information understates considerably 1953 was about 98 billion dollars. An estimate of holdings of these types of liquid assets—U. S. Government securities, the aggregate value of consumer holdings of checking accounts, savings accounts in banks, and shares these assets.1 Available evidence indicates, in savings and loan associations—by individuals at the end of 1952 on the basis of over-all banking and Treasury stahowever, that the understatement in reporttistics indicates approximately 135 billion dollars, after deing holdings of most other types of assets duction of 6 billion representing holdings of persons not included in the Survey of Consumer Finances. It is possible covered is probably less than in the case of that some additional adjustment may be necessary because liquid assets. Coverage of total liabilities is of estates and trust funds which are included in the banking statistics and largely excluded from the survey statistics. For relatively complete, except for charge account additional discussion of this point, see Federal Reserve BULcredit, and, on the basis of comparisons with I.F.TIX, July 1950, p. 808. SEPTEMBER 1953 947 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 Loans on Forest Tracts ment payments are sufficient to amortize the principal of the loan within a period of not more than Amendment to Section 24 ten years and at a rate of at least 10 per centum per By Act of Congress approved August 15, 1953, annum. All such loans secured by first liens upon section 24 of the Federal Reserve Act was amended forest tracts shall be included in the permissible by the insertion of a new paragraph which authoraggregate of all real estate loans prescribed in the izes national banks to make real estate loans secured preceding paragraph, but no national banking assoby first liens upon forest tracts. The text of the Act ciation shall make forest-tract loans in an aggregate is as follows: sum in excess of 50 per centum of its capital stock [PUBLIC LAW 285—83D CONGRESS] paid in and unimpaired plus 50 per centum of its unimpaired surplus fund." [CHAPTER 510—1ST SESSION] [H. R. 5603] Approved August 15, 1953. AN ACT Guarantees of Defense Loans To amend the Federal Reserve Act so as to authorize national banking associations to make loans on forest tracts. Defense Production Act Amendments of 1953 Be it enacted by the Senate and House of Repre- The provisions of the Defense Production Act of sentatives of the United States of America in Con- 1950 which provided for the guarantee of defense gress assembled, That section 24 of the Federal production loans and which, together with Execu- Reserve Act, as amended, is amended by inserting tive Order No. 10161, was the authority for Reguafter the first paragraph thereof the following new lation V, were amended by the Act of June 30, 1953 paragraph: (Public Law 95—83d Congress) and continued in "Any national banking association may make force until the close of June 30, 1955. The text of real-estate loans secured by first liens upon forest the sections of this Act relating to the guarantee tracts which are properly managed in all respects. of defense production loans reads as follows: Such loans shall be in the form of an obligation or SEC. 4. Subsection (a) of section 301 of the obligations secured by mortgage, trust deed, or Defense Production Act of 1950, as amended, is other such instrument; and any national banking amended by striking out, "or in connection with association may purchase any obligation so secured or in contemplation of the termination,'* and by when the entire amount of such obligation is sold inserting before the period at the end thereof a to the association. The amount of any such loan comma and the following: "or for the purpose of shall not exceed 40 per centum of the appraised financing any contractor, subcontractor, or other value of the economically marketable timber offered person in connection with or in contemplation of as security and the loan shall be made upon such the termination, in the interest of the United terms and conditions as to assure that at no time States, of any contract made for the national shall the loan balance exceed 40 per centum of the defense; but no small-business concern (as deoriginal appraised value of the economically mar- fined in section 714 (a) (1) of this Act) shall be ketable timber then remaining. No such loan shall held ineligible for the issuance of such a guaranty be made for a longer term than two years; except by reason of alternative sources of supply". that any such loan may be made for a term not SEC. 8. Section 702 (d) of the Defense Prolonger than ten years if the loan is secured by an duction Act of 1950, as amended, is amended to amortized mortgage, deed of trust, or other such read as follows: instrument under the terms of which the install- "(d) The term 'national defense' means pro- 948 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT grams for military and atomic energy production of productive capacity and of production and or construction, military assistance to any foreign supply of materials and facilities necessary for nation, stockpiling, and directly related activity." the national defense. SEC. 11. Subsection (a) of section 717 of the Section 302. (a) Each guaranteeing agency is Defense Production Act of 1950, as amended, is hereby authorized, in accordance with section 301 amended to read as follows: of the Defense Production Act of 1950, as "(a) Title I (except section 104), title III, and amended, subject to the provisions of this section, title VII (except section 714) of this Act, and all in order to expedite production and deliveries or authority conferred thereunder, shall terminate at services under Government contracts, and withthe close of June 30, 1955. Section 714 of this out regard to provisions of law relating to the Act, and all authority conferred thereunder, shall making, performance, amendment, or modificaterminate at the close of July 31, 1953. Section tion of contracts, to guarantee in whole or in 104, title II, and title VI of this Act, and all part any public or private financing institution authority conferred thereunder, shall terminate at (including any Federal Reserve Bank), by comthe close of June 30, 1953. Titles IV and V of mitment to purchase, agreement to share losses, this Act, and all authority conferred thereunder, or otherwise, against loss of principal or interest shall terminate at the close of April 30, 1953." on any loan, discount, or advance, or on any commitment in connection therewith, which may be SEC. 12. The first sentence of subsection (c) of made by such financing institution for the pursection 717 of the Defense Production Act of 1950, pose of financing any contractor, subcontractor, as amended, is amended by adding before the or other person in connection with the performperiod at the end thereof a comma and the folance of any contract or other operation deemed lowing: "or the taking of any action (including by the guaranteeing agency to be necessary to the making of new guarantees) deemed by a expedite production and deliveries or services unguaranteeing agency to be necessary to accomplish der Government contracts for the procurement of the orderly liquidation, adjustment or settlement materials or the performance of services for the of any loans guaranteed under this Act, including national defense, or for the purpose of financing actions deemed necessary to avoid undue hardany contractor, subcontractor, or other person in ship to borrowers in reconverting to normal connection with or in contemplation of the termicivilian production; and all of the authority nation, in the interest of the United States, of any granted to the President, guaranteeing agencies, contract made for the national defense; but no and fiscal agents, under section 301 of this Act small business concern (as defined in section 714 shall be applicable to actions taken pursuant to (a)(l) of the said Act) shall be held ineligible the authority contained in this subsection." for the issuance of such a guaranty by reason of In accordance with the amended law, the Presi- alternative sources of supply. dent, on August 14, 1953, issued Executive Order (b) Each Federal Reserve Bank is hereby des- No. 10480 which superseded or revoked a number ignated and authorized to act, on behalf of anv of Executive Orders, including No. 10161. The guaranteeing agency, as fiscal agent of the United new Executive Order contains the following sections States in the making of such contracts of guarwith respect to the guarantee of defense production antee and in otherwise carrying out the purposes loans: of section 301 of the said Act, as amended, in Section 301. The Department of the Army, respect to private financing institutions. the Department of the Navy, the Department of (c) All actions and operations of Federal Rethe Air Force, the Atomic Energy Commission, serve Banks, under authority of or pursuant to the Department of Commerce, the Department section 301 of the said Act, as amended, shall be of the Interior, the Department of Agriculture, subject to the supervision of the Board of Goverand the General Services Administration, in this nors of the Federal Reserve System. Said Board Part referred to as guaranteeing agencies, and is hereby authorized, after consultation with the each officer having functions delegated to him heads of the guaranteeing agencies, (1) to prepursuant to section 201 (a) of this order shall scribe such regulations governing the actions and develop and promote measures for the expansion operations of fiscal agents hereunder as it may SEPTEMBER 1953 949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT deem necessary, (2) to prescribe, either specific- The matter is treated generally in section 7(a) ally or by maximum limits or otherwise, rates of of Regulation T, and is also subject to the general interest, guarantee and commitment fees, and rule of law that any person who aids or abets a other charges which may be made in connection violation of law by another is himself guilty of a with loans, discounts, advances, or commitments violation. It may be stated as a general principle guaranteed by the guaranteeing agencies through that any person who arranges for credit to be such fiscal agents, and (3) to prescribe regulations extended by someone else has a responsibility so to governing the forms and procedures (which shall conduct his activities as not to be a participant in be uniform to the extent practicable) to be util- a violation of Regulation T which applies to brokers, ized in connection with such guarantees. or Regulation U, which applies to banks. More specifically, in arranging an extension of Loan Secured by Time Deposit credit that may be subject to Regulation U, a broker Rate of Interest must act in good faith and, therefore, must ques- An inquiry has been received by the Board con- tion the accuracy of any nonpurpose statement (i.e., cerning the permissible rate of interest under sec- a statement that the loan is not for the purpose of tion 4(<f) of Regulation Q on a loan by a member purchasing or carrying registered stocks) given in bank to its depositor "upon the security of" his connection with the loan where the circumstances time certificate of deposit. Section A(e) provides are such that the broker from any source knows that the rate of interest on such a loan "shall be or has reason to know that the statement is incomnot less than 2 per cent per annum in excess of the plete or otherwise inaccurate as to the true purrate of interest on" the deposit. pose of the credit. The requirement of "good faith" Briefly, the certificate in question provides for is of vital importance. While the application of payment 3 years after date of issue with interest the requirement will necessarily vary with the facts at a rate of 2l/ per cent per annum, but provides of the particular case, the broker, like the bank 2 for earlier withdrawal of the deposit after 90 days' for whom the loan is arranged to be made, must written notice during either of three successive inter- be alert to the circumstances surrounding the loan. vals with interest at a rate progressing from 1 to Thus, for example, if a broker or dealer is to deliver 11/ to 2 per cent per annum, respectively. registered stocks to secure the loan or is to receive 2 As indicated by the interpretation published at the proceeds of the loan, the broker arranging the page 721 of the July 1953 Federal Reserve BUL- loan and the bank making it would be put on LETIN, such a certificate complies with the provi- notice that the loan would probably be subject to sions of Regulation Q. The rate of interest payable Regulation U. In any such circumstances they to the depositor under the terms of the certificate could not in good faith accept or rely upon a statedepends upon which of the withdrawal privileges ment to the contrary without obtaining a reliable may be elected by him. Accordingly, the Board and satisfactory explanation of the situation. The is of the view that the rate of interest on a loan foregoing, of course, applies the principles published upon the security of such a certificate of deposit at page 27 of the 1947 Federal Reserve BULLETIN. should be no less than 2 per cent per annum in In addition, when a broker is approached by excess of the rate of interest to which the depositor another broker to arrange extensions of credit for would be entitled if he should exercise the particu- customers of the approaching broker, the broker lar withdrawal privilege of the certificate available approached has a responsibility not to arrange any to him at the time of the maturity of the loan. extension of credit which the approaching broker could not himself arrange. Accordingly, in such Interpretations of Regulations T and U cases the statutes and regulations forbid the ap- Arranging for Extensions of Credit to Be Made by aproached broker to arrange extensions of credit Bank on unregistered securities for the purpose of pur- The Board has recently had occasion to express chasing or carrying either registered or unregistered opinions regarding the requirements which apply securities. The approaching broker would also when a person subject to Regulation T—for con- be violating the applicable requirements if he venience, called here simply a broker—arranges for initiated or otherwise participated in any such fora bank to extend credit. bidden transactions. 950 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT The above expression of views to the effect that an example of the application of the "good faith" certain specific transactions are forbidden, of course, test. There it was stated that "if the loan is to should not in any way be understood to indicate be made to a customer who is not a broker or approval of any other transactions which are not dealer in securities, but such a broker or dealer mentioned. is to deliver registered stocks to secure the loan or is to receive the proceeds of the loan, the bank Reliance in "Good Faith" on Statement of Purpose of would be put on notice that the loan would prob- Loan ably be subject to the regulation. It could not accept in good faith a statement to the contrary Certain situations have arisen from time to time without obtaining a reliable and satisfactory exunder Regulation U wherein it appeared doubtplanation of the situation". ful that, in the circumstances, the lending banks Moreover, and as also stated by the aforemenmay have been entitled to rely upon the statements tioned interpretation, the "purpose" of a loan, of accepted by them in determining whether the course, "cannot be altered by some temporary appurposes of certain loans were such as to cause the plication of the proceeds. For example, if a borloans to be not subject to the regulation. rower is to purchase Government securities with The use by a lending bank of a statement in the proceeds of a loan, but is soon thereafter to determining the purpose of a particular loan is, sell such securities and replace them with registered of course, provided for by section 3 (a) of the regu- stocks, the loan is clearly for the purpose of purlation. However, under that section a lending chasing or carrying registered stocks". The purbank may "rely" upon any such statement only if pose of a loan, therefore, should not be determined it is "accepted by the bank in good faith". As the upon a narrow analysis of the immediate use to Board stated in the interpretation published in the which the proceeds of the loan are put. Accord- 1947 Federal Reserve BULLETIN, p. 27 the "require- ingly, a bank acting in "good faith" should carefully ment of 'good faith' is of vital importance"; and, scrutinize cases in which there is any indication that to fulfill such requirement, "it is clear that the the borrower is concealing the true purpose of the bank must be alert to the circumstances surround- loan, and there would be reason for special vigilance ing the loan". if registered stocks are substituted for bonds or un- Obviously, such a statement would not be ac- registered stocks soon after the loan is made, or on cepted by the bank in "good faith" if at the time more than one occasion. the loan was made the bank had knowledge, from Similarly, the fact that a loan made on the borany source, of facts or circumstances which were rower's signature only, for example, becomes secontrary to the natural purport of the statement, cured by registered stock shortly after the disburseor which were sufficient reasonably to put the bank ment of the loan usually would afford reasonable on notice of the questionable reliability or com- grounds for questioning the bank's apparent repleteness of the statement. liance upon merely a statement that the purpose Furthermore, the same requirement of "good of the loan was not to purchase or carry registered faith" is to be applied whether the statement ac- stock. cepted by the bank is signed by the borrower or These examples are, of course, by no means exby an officer of the bank. In either case, "good haustive. They simply illustrate the fundamental faith" requires the exercise of special diligence fact that no statement accepted by a bank is of in any instance in which the borrower is not per- any value for the purposes of the regulation unsonally known to the bank or to the officer who less "accepted by the bank in good faith", and that processes the loan. "good faith" requires, among other things, reason- The interpretation mentioned above contains able diligence to learn the truth. SEPTEMBER 1953 951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS Federal Reserve Meetings Death of Director The Federal Advisory Council held a meeting Mr. Clement B. Chinn, Vice Chairman, The First in Washington on September 13-15, 1953, and met National Bank of Miami, Miami, Florida, who had with the Board of Governors of the Federal Re- served as a director of the Jacksonville Branch of serve System on September 15. the Federal Reserve Bank of Atlanta since January 1, 1951, died on August 22, 1953. Retirement of Mr. R. R. Gilbert as President of the Federal Reserve Bank of Dallas Admission of State Bank to Membership in the Mr. R. R. Gilbert, who had been serving as Federal Reserve System President of the Federal Reserve Bank of Dallas The following State bank was admitted to since April 13, 1939, retired effective September 1, membership in the Federal Reserve System during 1953. He had been associated with the Federal the period July 16, 1953 to August 15, 1953: Reserve Bank of Dallas since its opening in 1914 and had served as an officer of the Bank since 1917. California Prior to Mr. Gilbert's employment with the Reserve Greenfield—Greenfield State Bank. Bank, he had been engaged in commercial banking for nine years. Tables Published Annually and Semiannually, with Latest BULLETIN Reference Resignation of Class A Director Setniannually Issue Page The Federal Reserve Bank of Boston accepted Banking offices: Analysis of changes in number of... Aug. 1953 907 the resignation of Mr. Earle W. Stamm as a Class On, and not on, Federal Reserve Par A director of the Bank, effective August 17, 1953. List, number of Aug. 1953 908 Mr. Stamm formerly was President of The National Annually Bank suspensions Feb. 1952 135 Bank of Commerce of New London, New London, Earnings and expenses: Connecticut, and is now Senior Vice President of Federal Reserve Banks Feb. 1953 182-183 Member banks: the Hartford National Bank and Trust Company, Calendar year May 1953 536-546 First half of year Oct. 1952 1159 Hartford, Connecticut. He had served as a Class Insured commercial banks May 1953 547 Banks and branches, number of, by A director since October 15, 1947. class and State ". May 1953 548-549 Operating ratios, member banks Aug. 1953 904-906. 952 FEDERAL RESERVE BULLETIN: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled August 27 and released for publication August 31] Industrial production in July and August showed changes, has continued near the reduced May level. about the usual seasonal changes from the advanced Farm machinery output has apparently been re- June level. Crop prospects have improved and as duced further. Steel output has been about 95 per of August 1 output was forecast as equal to last cent of January 1 rated capacity in August, as year's large volume. Total retail sales in July compared with 93 in July and 97 in June. continued substantially above a year ago; sales at Output in nondurable goods industries generally department stores in July and August have been recovered in late July and early August, following moderately below earlier high levels. Consumer sharp seasonal curtailments in the first half of July. prices rose further in July; wholesale prices also Paperboard production in early August was at a rose in July but have changed little in August. new peak rate. Minerals production apparently recovered in INDUSTRIAL PRODUCTION August to about the high June level, as coal output The Board's seasonally adjusted index of in- recovered sharply after the vacation shut-down in dustrial production in July was 233 per cent of the early July and crude petroleum output rose further 1935-39 average as compared with 240 in June. to new record levels. The dip in July was due to plant-wide vacations in important manufacturing industries and in coal CONSTRUCTION mining which are not adequately reflected in the Value of construction contracts awarded in July present seasonal adjustments for the production increased sharply from the reduced June total, reindex. In August the index is expected to recover flecting in part many large awards for business to 238. properties. New housing starts declined slightly While activity in most consumer and producer further in July to 96,000 units compared with about durable goods industries declined seasonally in 103,000 in the preceding month and also in July July, passenger auto assembly was maintained at 1952. Value of construction work put in place the high second quarter rate and truck output re- increased less than seasonally in July but continued covered sharply. In August auto output has de- appreciably larger than a year earlier. clined moderately but has remained at a very high AGRICULTURE level for this period of the year. Production of household goods, after allowance for seasonal Crop prospects improved during July, especially for cotton, and as of August 1 total crop production this year was officially forecast as equal to last INDUSTRIAL PRODUCTION year's large volume. Quotas limiting wheat plantings this autumn and next spring were approved by farmer vote on August 14. Total meat production in the first part of August, seasonally adjusted, increased from the May-June level, with a gain in pork more than offsetting a small decline in beef. Total meat output in the first 3 weeks of August was 15 per cent above the year ago level. Egg production in July showed a smaller decline than usual and exceeded the year ago level by 5 per cent. EMPLOYMENT 1949 1950 1951 1952 1953 1949 1950 1951 1952 1953 Seasonally adjusted employment in nonagricul- Federal Reserve indexes. Monthly figures, latest shown are for August. tural establishments rose further to a new peak of SEPTEMBER 1953 953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS 49.7 million in July, reflecting moderate gains in prices have continued firm. Markets for scrap most lines. Average hourly earnings in manufac- metals have weakened somewhat. turing industries advanced one cent further in July Consumer prices rose somewhat further in July, to $1.77, while average weekly earnings declined reflecting mainly continued gains in rents and servslightly reflecting a small reduction in the work- ices. Retail food prices changed little. week. Unemployment at 1.5 million in early July was little changed from June and 400,000 below BANK CREDIT AND RESERVES the level of a year ago. Total loans and investments at banks in leading cities declined moderately in late July and the first DISTRIBUTION three weeks of August, reflecting primarily a reduc- Seasonally adjusted department store sales in the tion in holdings of U. S. Government securities. first three weeks of August remained near the Bank loans to businesses increased as the seasonal moderately reduced July level. In July sales of auto- credit expansion, particularly to food processors, motive dealers and most other retail outlets showed began; loans to public utility concerns also rose. little change, and total retail sales continued close Real estate loans increased further, and banks added to the advanced June level and substantially above to their holdings of corporate and municipal securia year ago. Stocks at department stores are esti- ties. The rise in "other" loans, largely consumer, mated to have increased slightly further in July slackened appreciably. after seasonal adjustment. Member bank reserve positions were somewhat tighter throughout most of August. Gold and cur- COMMODITY PRICES rency outflows drained reserve funds, and Treasury Following an advance of 1.3 per cent in July deposits at the Federal Reserve Banks were mainto the highest level since October 1952, the average tained at generally high levels. The Federal Relevel of wholesale prices has changed little. After serve purchased a small volume of Treasury bills, mid-July steer prices declined slightly while prices in part under repurchase contracts with dealers. of most other grades of livestock lost all the earlier sharp advance. Wheat prices declined temporarily THE SECURITY MARKETS in early August reflecting uncertainty over prospects Yields on high-grade securities were generally for restrictions on next year's plantings. Following stable during the first three weeks of August. The a rise in July, average prices of industrial materials Treasury offered a 1-year 2% per cent certificate have been maintained. Prices of copper, tin, and in exchange for 2.9 billion dollars of certificates paperboard have strengthened recently and lead maturing August 15. P Pe R r IC C E en S t, A 19 N 4 D 7- 4 T 9 R 0 A 00 DE C M O EM M B M E E R R B C A IA N L K S L I O N A N L S EADING CITIES WHOLESALE PRICES of dollars DEPARTMENT KJ> I \STOCKS / I ........I I-.:.. •••• IJ..:J.-:.-N,-OJ 80 1949 1950 1951 1952 1953 Seasonally adjusted series except for prices. Price indexes compiled by Bureau of Labor Statistics. Total retail sales and Data for selected industries reported by over 200 of the largest disposable personal income, Federal Reserve indexes based on member banks. Metals, etc., includes machinery and transporta- Department of Commerce data. Department store trade, Fed- tion equipment. Foods and commodity dealers include liquor eral Reserve indexes. Monthly figures, latest shown are for and tobacco. Petroleum, etc., includes coal, chemical and rubber July. products. Wednesday figures, latest shown are for August 12. 954 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 957-958 Federal Reserve Bank rates; margin requirements; reserve requirements 958-959 Reserves and deposits of member banks 960 Federal Reserve Bank statistics 961-963 Regulation V: guaranteed loans, fees, and rates 963-964 Bank debits and deposit turnover; Postal Savings System 964 Money in circulation 965 Consolidated statement of the^monetary system; deposits and currency . 966 All banks in the United States, by classes 967-969 All commercial banks in the United States, by classes 970-971 Weekly reporting member banks 972-973 Commercial paper and bankers' acceptances 974 Life insurance companies; savings and loan associations 975 Government corporations and credit agencies 976-977 Security prices and brokers' balances 978 Money rates; bank rates on business loans; bond and stock yields. . . 979 Treasury finance 980-985 New security issues 986 Business finance 987-988 Real estate credit statistics 989-991 Statistics on short- and intermediate-term consumer credit. . . . 992-994 Business indexes 995-1004 Merchandise exports and imports . 1004 Department store statistics 1005-1009 Consumers' and wholesale prices 1010-1011 Gross national product, national income, and personal income . . 1012-1013 List of tables published in BULLETIN annually or semiannually, with references for latest data ... 952 Tables on the following pages include the principal statistics of current significance relating to financial and business developments in the United States. The data relating to Federal Reserve Banks, member banks of the Federal Reserve System, and department store trade, and the consumer credit estimates are derived from regular reports made to the Board; index numbers of production arc compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained from statements of the Treasury; the remaining financial data and other series on business activity are obtained largely from other sources. Back figures through 1941 for banking and monetary tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics; back figures for many other tables may be obtained from earlier BULLETINS. SEPTEMBER 1953 955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER IANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS Wednesday Figures, 1946-1950, Weekly Averages of Daily Figures, 1951- Billions of Dollars 25 15 *A*r*J~\^^ FEDERAL RESERVE CREDIT 20 15 DISCOUNTS AND ADVANCES FEDERAL RESERVE FLOAT U*VV**A* 1946 1947 1948 1949 1950 1951 1952 1953 1954 Wednesday figures, latest shown are for August 26. See page 957. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank Date U To .S ta . l Go B r v o o i t g u u . g t h s - h t e i cu u r c a H r e h n g i p t e : d r i u e l e e d e r s r - - c v o a D a a n u n i d s c n d - - e ts ! Float Total s G t o o l c d k s T r t o c r e u i a u u e n n r n t r a c g y d - - s y - - M c t c u i o i i o n l n r a n - e - y T h c i u o r n a e r g l s y a d h s s - - Tr w u d r e r e e i a y - s th s e - r F ve . F e d R i o b e g r a . - n - l B an a c n O p e d k o e s t e s s r h , - - - c O s F o e R t e a e u r e c r h d a n - - v e - l t e r s Tot r a e l ser q v u e R ir e b e - a d l 2 ance E s xment posits posits its Wednesday 1952 July 2. 22 869 22,764 105 480 801 24,155 23,346 4,755 29,180 ,277 90 576 184 798 20,153 20,104 49 Tuly 9. 22,860 22,645 215 683 918 24,465 23,347 4,754 29,148 ,264 38 638 268 799 20,413 20,008 405 July 16. 22,723 22,605 118 97- 969 24,671 23,348 4,756 28,988 ,271 307 700 288 797 20,422 19,973 449 July 23. 22,726 22,576 150 1,073 871 24,674 23,350 4,756 28,884 ,27. 482 766 250 79' 20,326 19,875 451 July 30. 22,844 22,602 242 1,403 655 24,907 23,350 4,761 28,952 ,286 605 785 25 724 20,409 19,829 580 Aug. 6. 22 97 22,891 86 843 616 24,440 23,350 4,763 29,041 ,279 270 727 255 72: 20,260 19,675 585 Aug. 13. 23,05 23,032 19 770 72 24,553 23,344 4,764 29,051 ,27 422 864 193 718 20,136 19,692 444 Aug. 20. 23 032 23,032 979 795 24,810 23,344 4,766 29,068 ,281 526 839 218 721 20,267 19,65 615 Aug. 27. 23 092 23,055 '37 897 610 24,603 23,344 4,768 29,129 ,276 707 849 235 721 19,79" 19,643 154 Sept. 3. 23,18223,116 66 968 661 24,816 23,344 4,774 29,391 ,28. 715 815 251 717 19,760 19,511 249 Sept. 10. 23,229 23,116 113 880 759 24,87 23,344 4,776 29,364 ,279 347 789 159 715 20,340 19,549 791 Sept. 17. 23,74023,740 313 1,191 25,249 23,344 4,780 29,292 ,281 6 821 17 729,21,067 19,957 1,110 Sept. 24. 23,71523,715 400 738 24,857 23,343 4,781 29,247 ,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 ,28 523 722 162 88220,098 19,762 336 Oct. 8. 23,663 23,663 1,019 698 25,384 23,341 4,787 29,545 ,280 596 723 249 88020,239 19,567 672 Oct. 15. 23,663 23,663 772 887 25 ,32i 23,341 4,787 29,617 ,276 212 675 179 88120,613 20,089 524 Oct. 22. 23,663 23,663 ,130 1,070 25,867 23,340 4,790 29,511 ,281 618 684 245 87820,779 20,128 651 Oct. 29. 23,62 23,624 ,171 706 5,505 23,340 4,790 29,540 ,289 588 655 236 87720,449 19,975 474 Nov. 5.... 23,520 23,495 25 ,663 528 25,714 23,339 4,794 29,748 ,278 789 643 250 80520,334 19,884 450 Nov. 12 23,567 23,492 75 ,583 542 25,696 23,338 4,794 29,90= ,282 505 639 244 80520,447 19,906 541 Nov. 19. ... 23,563 23,502 61 ,486 1,140 26,193 23,33 4,797 29,842 ,292 703 691 258 80320,738 20,073 665 Nov. 26.... 23,761 23,612 149 ,615 921 26,301 23,338 4,797 30,152 ,267 317 711 270 80120,917 20,409 508 Dec. 3 23,968 23,712 256 ,591 1,188 26,751 23,337 4,803 30,274 ,278 719 734 147 80020,939 20,371 568 Dec. 10 24,239 23,787 45: ,752 866 26,860 23,337 4,804 30,370 ,280 645 720 316 80220,868 20,288 580 Dec. 17 24,469 23,914 555 1,022 1,543 27,039 23,277 4,806 30,487 ,269 371 729 208 86021,198 20,582 616 Dec. 24 24,613 23,997 616 1,728 1,515 27,860 23,186 4,809 30,732 ,266 665 729 201 86321,400 20,531 869 Dec. 31 24,69' 24,034 663 156 967 25,825 23,187 4,812 30,433 ,270 389 550 455 77719,950 20,520 -570 1953 Jan. 7... 24,391 54,034 357 1,336 965 26,695 23,137 4,814 30,153 ,280 622 570 343 77620,902 20,309 593 Jan. 14... 24,205 '4,034 171 1,076 881 6,166 23,137 4,814 29,884 ,280 455 699 364 77620,660 20,274 386 Jan. 21... 24,034 '4,034 862 1,005 25,904 23,088 4,814 29,687 ,291 343 622 348 774 10,741 20,255 486 Jan. 28... 23,970 53,970 1,307 728 6,009 23,036 4,815 29,592 ,298 745 612 337 775.10,502 20,095 407 Feb. 4... 23,989 53,888 101 1,385 770 26,148 22,935 4,820 29,657 ,331 672 562 326 770 10,584 19,956 628 Feb. 11... 23,929 53,888 41 1,329 649 25,912 22,832 4,820 29,776 ,312 431 558 340 770 10,376 19,894 482 Feb. 18. .. 23,890 53,888 732 1,023 15,648 22,722 4,821 29,654 ,288 395 458 244 835 10,318 19,979 339 Feb. 25... 23,853 53,853 806 743 15,406 22,662 4,821 29,735 ,291 389 454 211 834 9,975 19,791 184 Mar. 4... 23,853 53,853 824 1,062 15,742 22,662 4,824 29,772 ,295 488 512 240 830 10,090 19,840 250 Mar. 11. .. 23,853 53,853 1,315 770 15,941 22,611 4,824 29,780 ,299 331 581 345 829 10,212 19,821 391 Mar. 18. .. 23,963 53,963 1,009 1,202 16,178 22,612 4,826 29,708 ,305 8 496 381 852 10,865 20,002 863 Mar. 25... 23,869 53,869 705 810 15,387 22,562 4,826 29,600 ,306 7 511 351 852; 10,148 19,854 294 Apr. 1... 23,806 53,806 465 748 15,023 22,563 4,827 29,754 ,304 286 550 344 869 9,305 19,518 -213 Apr. 8... 23,806 53,806 908 709 15,427 22,562 4,828 29,780 ,300 329 568 343 868 9,629 19,472 157 Apr. 15. . . 23,821 53,806 15 868 856 15,549 22,562 4,833 29,753 ,278 341 574 200 865 9,932 19,560 372 Apr. 22... 23,806 53,806 842 743 25,395 22,562 4,834 29,722 279 509 585 356 864 9,476 19,481 -5 Apr. 29... 23,806 53,806 837 581 25,227 22,562 4,836 29,787 ,278 367 518 401 784 9,489 19,395 94 May 6... 23,860 53,806 54 933 647 5,443 22,561 4,840 29,863 ,285 214 517 374 780 9,811 19,386 425 May 13... 23,879 53,851 28 1,264 684 5,831 22,561 4,841 29,845 285 428 618 366 780: 9,912 19,282 630 May 20. .. 23,922 53,891 31 530 832 25,288 22,562 4,844 29,795 ,282 145 584 286 777' 9,824 19,312 512 May 27. .. 24,088 53,963 125 571 645 25,308 22,536 4,845 29,825 ,284 355 504 238 777; 9,706 19,298 408 June 3... 24,121 54,071 50 507 785 25,418 22,536 4,849 29,980 ,282 137 520 253 902 9,729 19,209 520 June 10. .. 24,637 54,632 454 646 5,741 22,537 4,850 30,003 ,289 6 587 173 902 !0,168 19,449 719 June 17... 25,154 55,154 286 1,213 26,656 22,513 4,851 29,970 ,276 8 598 252 958 0,958 19,778 1,180 June 24... 24,837 54,837 317 619 25,776 22,487 4,851 29,929 ,272 8 615 158 960 0,173 19,594 579 July 1 ... 24,766 54,766 245 737 25,752 22,463 4,854 30,152 ,269 176 521 174 949 9,828 19,113 715 July 8... 24,964 54,964 341 677 25,984 22,438 4,854 30,279 ,266 431 488 176 948 9,690 19,002 688 Tuly 15. .. 24,964 54,964 200 756 25,923 22,374 4,853 30,163 ,264 640 561 179 947 9,397 18,253' 1,144 Tuly 22... 24,964 !4,964 521 777 26,265 22,276 4,853 30,051 ,267 539 525 323 947 9,742 19,098 644 July 29... 24,964 !4,964 747 588 16,301 22,277 4,853 30,044 ,264 841 547 343 863 9,529 19,014 515 Aug. 5... 24,964 14,964 561 625 6,153 22,227 4,858 30,139 276 460 557 332 860 9,614 18,959 655 Aug. 12. .. 24,964 14,964 776 609 6,352 22,228 4,859 30,158 275 675 551 329 859 9,593 18,942 651 Aug. 19... 25,008 !4,989 815 751 6,577 22,228 4,861 30,145 280 738 610 390 862 9,641 '18,831 "810 Aug. 26... 25,017 14,989 524 587 6,131 22,228 4,862 30,105 273 669 518 354 862 9,440 '18.871 "560 End of month 1952 Aug 23,146 3,092 54 1,318 747 15,216 23,344 4,776 29,293 ,269 488 812 345 71820,411 19,576 835 Sept 23,694 3,694 477 572 14,747 23,342 4,786 29,419 ,278 508 707 174 72320,066 19,747 319 Oct 23,575 !3,495 "80 1,591 685 15,855 23,339 4,795 29,644 ,268 770 642 245 805 20,616 19,996 620 Nov 23,821 !3,612 209 1,895 1,020 16,740 23,338 4,802 30,236 ,261 378 758 29S 801 11,149 20,354 795 Dec 24.697 !4,034 663 156 967 15,825 23,187 4,812 30,433 ,270 389 550 455 777 9,950 20,520 -570 1953 Jan., !3,944 !3,888 56 1,735 796 6,478 22,986 4,820 29,691 ,308 809 586 508 770 10,611 19,997 614 Feb.. !3,875 13,853 23 1,309 1,006 !6,194 22,662 4,824 29,793 ,284 336 511 412 833 10,511 19,796 715 Mar.. 13,806 13,806 485 632 14,927 22,563 4,829 29,754 ,293 222 536 342 850 9,322 19,607 -285 Apr.. 13,880 13,806 "74 1,014 649 •5,546 22,562 4,841 29,842 ,269 393 506 416 783 9,740 19,389 351 May. 14,246 14,031 215 731 607 15,589 22,537 4,849 29,951 1,272 221 515 171 775.10,069 19,263 806 June. !4,746 14,718 28 64 601 15,414 22,463 4,854 30,125 1,259 132 527 176 951 9,561 19,459 102 July. •4,964 !4,964 644 565 16,176 22,277 4,859 30,120 1,263 548 566 346 862 9,607 19,017 590 Aug.. 15,063 14,989 "74 343 549 15,9.58 22,178 '4,865 •30,240 1 ,275 496 524 325 862 9,278 '18,815 »463 * Preliminary. For footnotes see following page. SEPTEMBER 1953 957 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Con tinned [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank U S. Govt. securities Tr u e r a y s- Vloney Treas- w r i e t s h er F ve . b R a . l a B n a c n es k , s O F t e h d e - r reserve balances p D e a o ri t r o e d Total B r o o i u u g t g h - h t t u r c H n e h e p d a l u s e d r e r - c v D o a a a i u n n d s n c d - - t e s s Float o e A t l r h l i - Total s G t o o l c d k s r o c t e i u u a n n r t n c g - - d y - c t c u i i i l r o n a - n - h c i u o a n r l s g d y h s - Tr u d e r e a y - s- F e d o i e r g - - n O d t e e h r - - c s o e R e a r u r e c a n v - - l t e s Total qu R i e r - ed2 c E e x s - s2 agree- posits posits its ment End of month: 1929—June. 216 148 68 1,037 52 95 1,400 4,037 2,019 4,459 204 36 6 21 374 2,356 2333 23 1933—June. 1,998 1998 164 4 54 2,220 4,031 2,286 5434 264 35 15 151 346 2,292 1817 475 1939—Dec. 2,484 2484 7 91 11 2,59317,644 2,963 7598 2,409 634 397 256 25111653 6444 5,209 1941—Dec. 2,254 2254 3 94 10 2,36122,737 3,24711,160 2,215 867 774 586 29112450 9365 3,085 1945—Dec.24,262 19410 4,852 249 578 225,09120,065 4,33928515 2,287 977 862 446 49515915 14457 1,458 1947—Dec.22,55922559 85 535 123,18122,754 4,56228,868 1,336 870 392 569 56317899 16400 1,499 1948—Dec..23,33323333 223 541 124,09724,244 4,58928224 1,325 1,123 642 547 59020479 19277 1,202 1949—Dec.18,885 18885 78 534 219,49924,427 4,59827,600 ,312 821 767 750 70616568 15550 1,018 1950—Dec.20,77820725 53 67 1368 322,21622,706 4,63627741 ,293 668 895 565 71417681 16509 1,172 1951—June.22,982 22932 50 53 1002 524,04321,756 4,65527809 ,281 317 870 392 76519020 18604 416 Dec. 23,801 23605 196 19 1184 525,00922,695 4,70929206 ,270 247 526 363 74620056 19667 389 1952—June.22,90622764 142 59 581 523,55123,346 4 75429026 ,283 333 548 298 78319381 19573 -192 Dec. 24,69724034 663 156 967 42582523,187 481230433 1,270 389 550 455 77719950 20520 -570 1953—June.24,746 24718 28 64 601 32541422,463 485430125 1,259 132 527 176 95119561 19459 102 Averages of daily figures Monthly: 1952—Aug..23,027 22983 44 1,059 734 42482423,346 4 76529088 1,276 501 785 259 72020306 19657 649 Sept.23,471 23433 38 723 856 ^2505523,343 4 77829343 1,275 326 766 231 72120514 19736 778 Oct..23,657 23644 13 1,093 927 42568123,340 4 78829555 1,276 550 688 253 87620611 19963 648 Nov. 23,63823527 111 1,577 954 42617223,338 4 79629904 1,277 591 689 297 80320744 20087 657 Dec. 24,40023876 524 1,633 1262 42729923,276 480630494 1,271 569 745 290 83221180 20,457 723 1953—Jan..24,202 24011 191 1,372 1008 42658623,101 481429920 1,280 552 611 405 77520958 20,251 707 Feb..23,91823875 43 1,336 822 42608022,797 482129718 1,299 500 526 336 80020520 19,882 638 Mar. 23,892 23878 14 1,220 909 42602522,606 482529752 1,296 244 530 378 84120416 19,828 588 Apr..23,861 23806 55 1,184 843 42589222,562 483229782 1,281 395 563 397 86120007 19,472 535 May. 23,973 23881 92 955 750 42568222,557 484329869 1,279 356 552 350 77919897 19,306 591 June.24,74824,729 19 433 776 2596022,514 485130011 1,273 52 566 203 93320287 19,49O 788 July .24,955 24,943 12 428 737 2612322,366 485330165 1,264 545 537 239 93919,653 18,869 784 Aug.. 25,00024974 26 658 660 2632222,226 486030167 1,273 656 548 376 86119526 Weekending: June 3....24,191 24035 156 634 658 2548622,537 484929954 1,279 205 519 194 83019891 19,28( 611 June 10 24,44624,431 15 553 639 2564122,537 485030,037 1,280 25 549 201 90220034 19,350 684 June 17.... 24,961 24,933 28 403 842 2620922,512 485130,018 1,275 14 599 218 92520,523 19,625 898 June 24.... 25,18825,188 291 986 2646922,508 485129,966 1,268 14 577 201 96020,843 19,690 1,153 July 1 24,667 24,658 9 441 662 25,77322,480 4,85330.063 1,264 144 551 188 95719,939 19,393 546 July 8....24,954 24,902 52 409 721 26,08722,442 4,85430,267 1,262 413 494 160 94919,838 19,046 792 July 15 24,964 24,964 240 663 25,87022,402 4,85330,257 ],259 539 556 188 94819,377 18,190 1,187 July 22 21,964 24,964 391 920 26,27822,354 4,85330,122 1,268 629 548 233 94819,736 19,122 614 July 29. 24,96424,964 624 678 26,26922,276 4,85330,031 1,264 629 544 356 93119,644 19,046 508 Aug. 5....24,96424,964 628 606 26,20022,263 4,85730,124 1,269 563 563 368 86119,572 18,981 591 Aug. 12.... 24,964 24,964 847 572 26,38622,227 4,85830,178 1,273 657 539 349 86019,616 18,907 709 Aug. 19.. ..24,992 24,967 25 752 806 26,55422,228 4,85930,181 1,277 793 598 391 86019,541 P18,888 P653 Aug. 26 25,01424,989 25 496 659 26,17222,228 4,86230,138 1,274 626 520 402 86119,441 P18,810 P631 P Preliminary. 1 Includes industrial loans and acceptances purchased, which are shown separately in subsequent tables. 2These figures are estimated. Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication. MAXIMUM RATES ON TIME DEPOSITS MARGIN REQUIREMENTS > [Per cent per annum] [Per cent of market value] Nov. 1, 1933-Feb. 1, 1935- Effective Mar. 30, Jan. 17, Effec- Jan. 31, 1935Dec 31, 1935Jan. 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. 958 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)» (last par. Sec. 13) Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Aug. 31 beginning— rate Aug. 31 beginning— rate Aug. 31 beginning— rate Boston 20, 1953 3 Jan. 20, 1953 New York.. . 16, 1953 Jan. 16, 1953 Philadelphia. , 16, 1953 I* Jan. 16, 1953 Cleveland 16. 1953 Aug. 17, 1953 Richmond. .. 23, 1953 Jan. 23,1953 Atlanta 16, 1953 3 July 20, 1953 Chicago 16, 1953 11/ Aug. 13, 1948 St. Louis 16, 1953 3 * May 18, 1953 Minneapolis. . 16, 1953 i* Jan. 26, 1953 Kansas City. , 16, 1953 Jan. 16, 1953 Dallas 23, 1953 Jan. 23, 1953 San Francisco 20, 1953 3 Jan. 20, 1953 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. NOTE.—Maximum maturities. Discounts for and advances to member banks: 90 days for discounts and advances under Sections 13 and 13a of the Federal Reserve Act except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months, respectively, and advances secured by obligations of Federal intermediate credit banks maturing within 6 months are limited to maximum maturities of 15 days; 4 months for advances under Section 10(b). Advances to individuals, partnerships, or corporations under the last paragraph of Section 13: 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443. FEDERAL RESERVE BANK 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 Aug. 31 ginning— rate Time Effective date deposits 1- 90 davs 2% Jan. 16, 1953 17A of change C re e s n e t r r v a e l Re c s i e ty rve Country me ( m al b l er 91-120 days 2M Jan. 16, 1953 2 city banks banks banks) 121-180 davs 2% Jan. 16, 1953 2V8 banks 1917—June 21 13 10 7 3 NOTE.—Effective minimum buying rates on prime bankers' acceptances payable in dollars. Back figures.—See Banking and Monetary 1936—Aug. 16 15 Statistics, Table 117, pp. 443-445. 1937—Mar. 1 22% May 1 26 20 2 * 14 4 6 FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS AND COMMITMENTS UNDER SECTION 13B 1938—Apr. 16 22M 17X 12 5 OF THE FEDERAL RESERVE ACT 1951—Nov. 1 26 20 14 6 Maturities not exceeding five years 1942—Aug. 20 24 [In effect August 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 16 271/ Sept. 24 26 22 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 1 5 24 2 2 1 0 15 2 3 3 7 7 6 Bank On com O m n it- Portion co O m n mit- A Ju u l g y . 1 1 1 1 4 3 26 loans 1 ments fo in r s w ti h tu ic - h ma R in e i - ng ments A Au u g g . 1 1 6 1 23^ 19X "li"" 3 2 5 5 tion is portion Aug. 18 23 19 obligated A Se u p g t . . 25 1 22 y2 18 22 Boston 3-5 H Y2-IY2 i 1951—Jan. 11 19 36 N Ph e i w la d Y e o lp rk hia. .. . 3-5 y2 H-iX J T a a n n . . 2 1 5 6 2 2 4 3 20 13 26 Cleveland H-iX Feb. 1 . . .. 14 A Ri t c la h n m ta ond 2 2Y M 2 - - 5 5 8 (3) 5% &- - 1 iX X 1953—July 1 13 Chicago 2^-5 2 (3)5 X-iX July 9 22 19 St. Louis X-iX 2-2 H X-iX Minneapolis.... 3-5^ X-iX 8 X-ttf In effect Sept. 1, 1953*. . . 22 19 13 6 Kansas City 2M-5 X-iX X-iX S D a a n l la F s rancisco... 3 3- - 5 5 M ^ X-iH 8 1 Demand deposits subject to reserve requirements, which beginning Aug. 23, 1935, have been total demand deposits minus cash items in process of collection and demand balances due from domestic banks 1 Including loans made in participation with financing institutions. (also minus war loan and series E bond accounts during the period 2 Rate charged borrower less commitment rate. Apr. 13, 1943-June 30, 1947). not 3 R to a te e x c ce h e a d rg e 1 d p e b r o r c r e o n w t e a r b . ove the discou 4R nt a t r e a te c . harged borrower but 3 2 R R e e q q u u i i r r e e m m e e n n t t b b e e c c a a m m e e ef e f f e f c e t c i 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 rv n e k s a . nd 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 M per cent per annum is made on undisbursed portion deposits—central reserve cities, 13 and 26 per cent; reserve cities, of loan. 10 and 20 per cent; country, 7 and 14 per cent, respectively; on time deposits at all member banks, 3 and 6 per cent, respectively. Back figures.—See Banking and Monetary Statistics, Table 118. pp. 446-447. SEPTEMBER 1953 959 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 Centralreserve All city banks Re- All city banks Re- Month, or mem- serve Coun- Month, or mem- serve Counweek ending Wednesday ber city try week ending Wednesday ber city try banks* New Chi- banks banks * banks* New Chi- banks banks1 York cago York cago Total reserves held: Excess reserves: 1952—May 19,767 5,163 1,281 7,674 5,649 1952—May 628 -1 -5 123 511 June 20,140 5,324 ,317 7,785 5,714 June 709 38 -8 135 544 July 20,536 5,474 ,365 7,911 5,786 July 609 -14 7 84 532 1953—May 19,897 4,922 L ,297 7,824 5.853 1953—May 591 15 3 108 466 June 20,287 5,155 ,320 7,933 5.878 June 787 128 4 164 491 July 19,653 4,838 ,292 7,808 5.713 July 784 53 5 130 597 July 22 19,736 4,852 L,304 7,831 5,750 July 22 614 -22 -9 74 571 July 29 19,644 4,860 ,310 7,813 5,661 July 29 598 23 5 79 491 Aug. 5 19,572 4,785 ,292 7,802 5.694 Aug. 5 592 -8 -7 85 • 522 Aug. 12 19,616 4,728 1,300 7,801 5.787 Aug. 12 710 4 8 92 606 Aug. 19 19,541 4,695 1 ,286 7,820 5,740 Aug. 18 "653 7 -11 92 P565 Aug. 26 19,440 4,671 1 .295 7,782 5,693 Aug. 26 *>631 11 11 86 Borrowings at Fed era Required reserve Reserve Banks: 1952—May 19,140 5,164 ,286 7,551 5,138 1952—May 563 105 26 321 111 June 19,431 5,286 ,325 7,649 5,170 June 579 169 23 278 109 July 19,926 5,488 1,358 7,826 5,254 July 1,077 225 82 634 136 1953—May 19,306 4,908 1,295 7,716 5.387 1953—May 944 72 54 569 249 June. 19,499 5,028 .316 7,769 5,387 June 423 11 22 195 195 July2. . . 18,868 4,786 1,288 7,678 5,117 July 418 12 40 245 121 Tuly 22. 19,122 4,873 L .313 7,757 5,179 July 22 381 38 250 93 July 29. 19,046 4,837 ,305 7.734 5,170 July 29 614 23' 80 335 176 Aug. 5. 18,981 4,793 .299 7.717 5,172 Aug. 5 618 43 97 329 149 Aug. 12. 18,907 4,724 ,292 7,710 5,181 Aug. 12 836 116 117 429 174 Aug. 19. "18,888 4,688 ,297 7,728 P5.17S Aug. 19 742 58 122 408 154 Aug. 26. "18.808 4,659 I ,284 7,695 "5,170 Aug. 26 489 14 23 307 145 * 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. 2 Reserve 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 Centra reserve All city banks Re- All city 1Danks Remem- serve Coun- mem- serve Coun- Item ber city try ber city try banks New Chi- banks banks banks New Chi- banks banks York cago York cago July 1953 July 1952 Gross demand deposits: Total 106,408 22.530 6,036 41,267 36,575 106,828 24,393 5,967 40,750 35,718 Interbank 12,072 3,877 1,238 5,894 1,062 11,985 3,920 1,189 5,809 1,067 Other 94,336 18,653 4,798 35,372 35,513 94,843 20.473 4,778 34,941 34,651 Net demand deposits2 92,976 20,623 5,406 35,566 31,381 93,607 22,343 5,368 35,274 30,623 Time deposits 34,775 2,435 1,203 13,848 17,288 32,229 2 ,098 1 .154 12,862 16,115 Demand balances due from domestic banks... 6,169 40 124 1 .957 4,048 6,069 41 122 1.898 4,007 Reserves with Federal Reserve Banks: Total 19,653 4,838 1,292 7 ,808 5,713 20,536 5,474 1,365 7,911 5,786 Required3 18,868 4,786 1 ,288 7.678 5,117 19,926 5.488 1,358 7,826 5,254 Excess 784 53 5 130 597 609 -14 7 84 532 Borrowings at Federal Reserve Banks 418 12 4.0 245 121 1 ,077 225 82 634 136 1 Averages of daily closing figuresf or reserves and borrowings and of daily opening figures for other items, inasmuch as reserves required are based on deposits at opening of business. 2Demand deposits subject to reserve requirements, i. e., gross demand deposits minus cash items reported as in process of collection and demand balances due from domestic banks. 3 Reserve requirements were reduced on July 1, 1953, for country banks and on July 9 for central reserve and reserve city banks; see table on preceding page. 960 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 Aug.26 Aug. 19 Aug. 12 Aug. 5 July 29 Aug. July Aug. Assets Gold certificates ?0 ?4S 10? ?0 ?46 104 ?0 ?46 101 ?0,243,101 ?(1 ?94 10? ?0 19S 103 ?0 ?94 100 ,448,503 797,665 798,477 790,768 792,222 791,311 797,665 791,312 698,254 Total gold certificate reserves 21,042,767 21,044,58121,036,869 21,035,323 21,085,41320,992,76821,085,41222,146,757 Other cash . . 345,004 335,411 336,397 336,786 350,762 337,150 349,741 342,928 Discounts and advances: S?4 138 80S 489 766 843 551,158 737 346 34?,849 634,376 1,281,911 For nonmember banks, etc 9 SOO 9 SOO 9,500 9 SOO 9 500 36,500 Industrial loans 2 8S1 8S8 2,978 3 098 2,773 3,26? 4,659 U. S. Government securities: Bought outright: Bills 1 697 304 1 697 304 1 67? 304 1,672,304 1 67? 304 1 697 304 1 67/ 304 435,000 Certificates: Special Other 4 99 S 716 4 99 S 716 4 99 S 716 4,995,716 4 99 S 716 4 99 S 716 4 995 716 11,853,216 Notes 13 773 671 13 773 671 13 773 671 13,773,671 13 773 671 13 773,671 13 773,671 5,568,073 Bonds 4,521,975 4,521,975 4,521,975 4,521,975 4,521 975 4 521,975 4,521,975 5,235,823 Total bought outright.... ?4 988 666 74 988 666 ?4 963 666 74,963,666 ?4 963 666 ?4 988 666 ?4 963 666 ?3,092,112 Held under repurchase agreement 28,400 19,000 74,500 53,500 Total U. S. Government securities 25 017,066 25,007,66624,963,666 24,963,666 24,963 666 25 063 16624 963 666 23,145,612 Total loans and securities 25 544 055 25 825 47625 742,867 25,527,302 25,713 61025 408 788 25 610 80424,468,682 Due from foreign banks 77 73 23 ?3 ?3 23 F. R. notes of other Banks 184 701 176 4?8 180 186 181,155 179 168 181 457 190 604 187,911 3 43? 366 3 999 601 3 7S8 109 3,390,182 3 487 3 SO 9 847 ?47 3 039 6S6 3,060,783 Bank premises SO0?,4 50 071 SO0?6 49,995 49 856 49 983 49 8?7 45,300 Other assets 170 598 162 387 156 029 146,908 137 589 176 705 140 309 243,985 Total assets SO769 537 51 593 977 51 260 506 50 667,674 51,003 77149 994 12050 466 376 50,496,369 Liabilities Federal Reserve notes ?S 8S9 964 ?S 89? 405 ?S 899 864 ?S 883,042 ?S,793 473 ?S 983 4?4 ?s 87? ?17 ?5,119,018 Deposits: Member bank—reserve accounts 9 440 430 19 640 898 19 S9? S67 19 613,596 19,S?8 9S1 19 ?78 14S 19 607 f84 70,411,383 U. S. Treasurer—general account 669 738 086 674 S19 460,414 841 4?? 496 171 548 438 488,191 Foreign .. S17 638 609 88S SSI 0?? 556,615 546 638 S?4 ?03 S6S 96 S 811,731 Other 353 705 390 196 328 589 331,978 343 165 324 733 346 082 344,718 Total deposits 20 981 01521 379 065 21 146 69720 962,603 21,260 176 20 623 25221 067 66922,056,023 Deferred availability cash items 84 S697 3 ?48 SOS 3 148 879 764,858 ,899 70? ?98 336 474 7S? ,313,971 Other liabilities and accrued dividends 19 751 18 548 17 521 17,449 18 643 20 265 17 666 15,461 Total liabilities 49, 706 4? 7SOS38 S?3 SO?1? 961 49 627,952 49 971 994 48 9?,S ?77 49 43? 304 49,504,473 Capital Accounts Capital paid in 761 19? 087 ?60 901 260,711 ?60 738 ?60 679 246,407 Surplus (Section 7) S84 676 S84 676 S84 676 584,676 S84 676 S84 676 S84 676 538,342 Surplus (Section 13b) 77 S43 ?7 S43 ?7 S43 27,543 77, S43 77 S43 ?7 S43 27,543 Other capital accounts 189 699 182 148 174 425 166,792 158, 820 195 404 161 174 179,604 Total liabilities and capital accounts so,769, 537 51 593 977 51260 506 SO667,674 51,003, 771 49,994 120 50 466 376 50,496,369 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent).... 44.9 44.5 44.7 44.9 44.8 45.0 44,9 46.9 Contingent liability on acceptances purchased 25,291 25,334 25,484 25,406 23,315 25,316 24,899 9,130 Industrial loan commitments 3, 596 3, 653 3 677 3,574 3, 549 3 356 3 304 6,154 Maturity Distribution of Loans and U. S. Government Securities 1 Discounts and advances—total 524,138 814,989 776,343 560,658 746,846 342,849 643,876 ,318,411 Within 15 days 490,719 757,873 702,646 494,474 714,826 321,953 588,436 ,157,404 16 days to 90 days 33,269 56.959 73,528 66,014 31,849 20,746 55,269 160,971 91 days to 1 year.... 150 157 169 170 171 150 171 36 Industrial loans—total 2,851 2,821 2,858 2,978 3,098 2,773 3,262 4,659 Within 15 days 669 693 557 572 1,137 598 556 653 16 days to 90 days 203 249 424 387 477 318 465 856 91 days to 1 year 1,498 1,463 1,418 1,491 898 1,375 1,656 2,590 Over 1 year to 5 years 481 416 459 528 586 482 585 560 U. S. Government securities—total ,017,066 25 007,666 24963,66624,963,666 24,963,666 25,063,166 24 963,666 23,145,612 Within 15 days 369,800 424.900 574,050 559,400 339,500 120,325 453,400 53,500 16 days to 90 days 2 211,729 147,229 124,479 2,139,129 359,029 507,304 245,129 ,212,500 91 days to 1 year 13,194,01613,194,01613,023,61613,023,61613,023,61613,194,01613,023,616 ,795,941 Over 1 year to 5 years 6,452,264 452,264 452,264 452,264 6,452,264' 6,452,264 ,452,264 ,941,352 Over 5 years to 10 years 11.374,400 374,400 374.400 374,400 1,374,400 374,400 ,374,400 ,070,224 Over 10 years 11,414,857 414,857 414,857 414,857 111 ,4"• 14,•8"5•'7 414,857 ,414,857 ,072,095 1Beginning 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. SEPTEMBER 1953 961 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON AUGUST 31, 1953 [In thousands of dollars] San Item Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- 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 r is a c n o - Assets Gold certificates.20,195,103 670,935 6,166,5061,206,7301,528,860 721,690 656,6574,347,844 509,511 322,772 904,435 495,3832,663,780 forF. R. notes. 797,665 64,918 105,694 60,889 84,999 82,885 60,714 124,232 50,276 25,896 40,053 31,095 66,014 Total gold certificate reserves..20,992,768 735,853 6,272,2001,267,6191,613,859 804,575 717,3714,472,076 559,787 348,668 944,488 526,4782,729,794 Other cash 337,150 30,188 63,760 21,667 24,339 16,554 26,029 69,970 17,020 5,224 11,521 12,620 38,258 advances: Secured by U. S. Govt. securities. . . 342,371 12,520 66,830 16,067 30,996 32,538 32,420 45,260 9,800 10,200 41,935 32,270 11,535 Other 478 200 7 271 Industrial loans 2,773 2,091 100 476 106 U. S. Government securities: Bought outright 24,988,666 1,707,156 5,542,5351,565,2652,427,2241,786,3401,494 4843,743 1411,322,005 772,843 992,300 1,206,4782,428,895 Held under repurchase agreement... 74,500 74,500 Total loans and securities 25,408,788 1,719,676 5,683,8651,583,4232,458,2201,818,9781,527,3803,788,4011,332,005 783,1491,034,2421,239,0192,440,430 Due from foreign banks 22 1 16 2 2 1 1 3 1 1 1 1 2 F. R. notes of other Banks... 181,457 8,944 22,332 14,063 9,219 22,398 21,084 19,863 10,063 16,028 7,361 6,863 23,239 items 2,847,247 242,543 542,670 208,746 274,303 221,289 166,903 480,829 107,205 80,987 144,816 125,717 251,239 Bank premises... 49,983 5,059 7,109 4,338 4,552 4,803 3,634 6,749 2,919 1,033 2,182 602 7,003 Other assets 176,705 12,772 37,992 10,881 17,664 12,453 11,173 25,732 8,914 5,405 7,757 8,889 17,073 Total assets 49,994,120 2,755,036 12,629,9343,110,7394,402,1582,901,0512,473,5758,863,6232,037,914 1,240,4952,152,368 1,920,1895,507,038 Liabilities F. R. notes 25,983,424 1,586,203 5,716,4891,843,4732,412,322 1,803,4351,375,3255,029,8361,178,353 633,5891,017,545 737,8202,649,034 Member bk.— reserve accts.19,278,145 787,689 5,705,564 903,5041,520,312 797,466 875,3053,254,377 674,820 463,196 929,202 969,9582,396,752 U. S. Treas.— gen. acct 496,171 41,018 54,934 43,180 31,156 37,986 35,522 60,474 40,671 38,801 41,194 31,509 39,726 Foreign 524,203 31,183 2163,788 38,340 47,030 25,560 21,982 70,034 19,426 12,780 19,426 23,004 51,650 Other 324,733 3,435 267,646 2,626 4,507 1,644 740 784 7,371 1,841 1,906 752 31,481 Total deposits.. . 20,623,252 863,325 6,191,932 987,650 1,603,005 862,656 933,5493,385,669 742,288 516,618 991,7281,025,2232,519,609 ability cash items 2,298,336 236,837 416,622 199,233 286,408 176,341 114,384 297 965 72,680 60,641 100,341 106,936 229,948 Other liabilities and accrued dividends 20,265 1,304 6,377 1,072 2,078 1,002 939 2,877 845 643 733 765 1,630 Total liabilities. .48,925,277 2,687,669 12,331,4203,031,4284,303,8132,843,4342,424,1978,716,3471,994,1661,211,4912,110,347 1,870,7445,400,221 Capital Accounts Capital paid in. . 261,220 14,235 81,508 17,791 24,799 11,350 10,997 33,667 8,970 5,842 10,015 13,164 28,882 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 accounts 195,404 13,659 42,184 13,453 18,476 13,670 11,816 27,552 10,629 6,958 8,944 9,593 18,470 Total liabilities and capital accounts 49,994,120 2,755,036 12,629,9343,110,7394,402,1582,901,0512,473,5758,863,6232,037,914 1,240,4952,152,368 1,920,1895,507,038 Reserve ratio.... 45.0% 30.0% 52.7% 44.8% 40.2% 30.2% 31.1% 53.1% 29.1% 30.3% 47.0% 29.9% 52.8% Contingent liability on acceptances purchased for forspondents 25,316 1,546 37,454 1,900 2,331 1,267 1,089 3,471 963 633 963 1,140 2,559 Industrial loan commitments. 3,356 1,621 749 52 40 894 1 After deducting $16,000 participations of other Federal Reserve Banks. 2After deducting $360,396,000 participations of other Federal Reserve Banks. 3After deducting $17,862,000 participations of other Federal Reserve Banks. 962 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! Wednesdayr figures End of month Item 1953 1953 1952 Aug.26 'Vug.19 Aug. 12 Aug.5 July 29 Aug July Aug F. R. notes outstanding (issued to Bank) 26,896 89? 76 866 S84 26,833 448 96 g21 34S ?6 ,794,606 ?6 ,922, 781 ?6 784 543 ?6 on 96 S Collateral held against notes outstanding: Gold certificates 11,983,000 11,983,000 12,003 000 12,003,000 12,003,000 11,993, 00012 003 00013,164,000 Eligible paper. 303,146 404,995 385 402,779 188,?S7 474 875, 176 U. S. Government securities 15,650,000 15,600,000 15,600 000 15,600,000 15,600,000 15,650, 000 15 600 000 13,550, 000 Total collateral 27,936,14627,987, 99527,988 629 27,885,214 28,005,779 27,831,257 27 916 474 27,589, 176 EACH FEDERAL RESERVE BANK ON AUGUST 31, 1953 [In thousands of dollars] San hem Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in ol n i e s - K C an it s y as Dallas F ci r s a c n o - F. R. notes outstanding (issued to Bank) 26,922,781 1,654,292 5,907,6571,904,1092,504,1181,880,1511,438,4935,133,5031,221,135 647,0031,044,786 773,5992,813,935 Collateral held: Gold certificates 11,993,000 390,000 3,920,000 745,000 810,000 430,000 310,000 2,800,000 280,000145,000 280,000 183,0001,700,000 Eligible paper.. 188,257 12,520 53,655 16,067 32,538 9,800 10,200 41,942 11,535 U. S. Govt. securities 15,650,000 1,300,000 2,100,000 1,500,0001,200,0002,400,0001,025,000 525,000 800,000 600,0001,300,000 Total collateral.. 27,831,257111,702,520 6,073,655 1,962,5381,510,0005,200,000 1,314,800 680,2001,121,942783,000 3,011,535 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 Partici- [Amounts in thousands of dollars] Applications Ap- pations W o D o r f e a l d t a p e n s e t e r ( i s l d o d a a d s a y t ) y N b u e m r a - t p o p r d o A a v m t e e d ount ( b p a p m l u c r e o t o o t m v e u n e d - n o d 1 t t ) s ( t a a L m n o o d o u a i u t n n - n s g t 2 ) s ( C a t m a o m o n m e u o d n m t u i - t n n s i g t t ) - s o i ( n a t t f a g u m o n f t i u o i d i n o n t u i a - n n s n n s t g t c i ) 3 - - u •piate Gua a r u a t t o n h t o e d r e a i d z te ed loans o G u u t a s lo r ta a a n n n d t s e i e n d g a u A v b n a a o d d m i r d e l r r a i o o t b i w u g o l n e e u n t r a a s t r l o - 1945 3,511 544,961 320 1,995 1,644 1,086 NT ber Amount am To o t u a n l t g P u o t a e r e r ti a d o n n - a o n u t t m e s e t e a n n a t g d s r i e n e g - 1946 3,542 565,913 1,577 554 8,309 2.670 1947 3,574 586,726 945 1,387 7,434 4.869 1948 3,607 615,653 335 995 1,643 1 /J90 1950 1949 3,649 629,326 539 2,178 2,288 2,947 1950 3,698 651,389 4,819 2,632 3.754 3,745 Dec. 31... 62 31,326 8,017 6,265 8,299 1951 3,736 710,931 3,513 4,687 6,036 11,985 1951 1952 Mar. 31... 254 300 ,955 68.833 56,973 47,822 July 31 ^ 746 743,629 1,589 4,624 6,184 9,814 June30... 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 L.638 3,921 3,210 3,289 Mar. 31.. . 971 1,677,786 836 ,739 672,974 467,392 1953 June30... 1,050 1,867,643 883,262 703,774 615,139 Jan. 31 ^ 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, , S 758 788,058 1,646 3.223 3,142 3.141 Dec. 31... 1,159 2 124,123 979,428 803,132 586,303 July 31. . .1 3,759 790,798 ,162 3,292 3,304 3,129 1953 1 Includes applications approved conditionally by the Federal Re- Jan. 31... 1,173 2 147,953 984 ,295 808,986 578,061 serve Banks and under consideration by applicant. Feb. 28... 1,188 2 170,443 999 ,794 822,257 548,916 2 Includes industrial loans past due 3 months or more, which are not Mar. 31.. . 1,204 2 190,643 1,023,666 838,704 520,517 included in industrial loans outstanding in weekly statement of con- Apr 30.. . 1,212 2 211 ,201 972 ,193 801,945 469,324 dition of Federal Reserve Banks. May 31.. . 1,221 2 258 ,011 957,541 792,015 469,048 3Not covered by Federal Reserve Bank commitment to purchase or Tune30... 1 ,237 2 283,755 906 ,584 748,691 487,928 discount. July 31.. . 1,244 2 292 ,777 891 ,865 736,723 482,394 NOTE.—The difference between amount of applications approved and the sum of the following four columns represents repayments of ad- NOTE.—The difference between guaranteed loans authorized and vances, and applications for loans and commitments withdrawn or sum of loans outstanding and additional amounts available to borexpired. rowers under guarantee agreement outstanding represents amounts repaid, guarantees authorized but not completed, and authorizations expired or withdrawn. SEPTEMBER 1953 963 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 [In effect August 31] Assets Fees Payable to Guaranteeing Agency by Financing Institution on Depos- Guaranteed Portion of Loan End of month i b to a r l s - ' C i a n sh G U ov . e S rn . - re C s a e s r h ve Percentage of ( G p u e a rc r e a n n t t a e g e e f e o e f an P y e r c c o e m nt m ag it e m o e f nt ances * Total d b e t a o p n r o k y s s i- s m e t c i e e u n s r t i- fu e n tc d . s 5 , 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 70 or less 10 10 1947—December 3.417 3,525 6 3,308 212 75 15 15 1948—December 3,330 3,449 7 3,244 198 80 20 20 1949—December 3,188 3,312 7 3,118 187 85 25 25 1950—December 2,924 3,045 11 2,868 166 90 30 30 1951—December 2,705 2,835 28 2.644 162 95 35 35 1952—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 November.... 2,555 2,749 33 2,553 162 [Per cent per annum] December 2,547 2,736 33 2,551 151 1953—January 2,536 2,724 33 2,538 152 Interest rate February.... 2,523 2.715 33 2.524 158 Commitment rate . March 2,510 2.708 33 2,520 155 April 2.495 2,697 33 2,520 144 May P2.477 P2.459 July P2.438 P Preliminary. 1 Outstanding principal, represented by certificates of deposit. 2 Includes reserve and miscellaneous working funds with Treasurer of United States, working cash with postmasters, accrued interest on bond investments, and miscellaneous receivables. Back figures.—See Banking and Monetary Statistics, p. 519; for description, see p. 508 in the same publication. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Debits to total demand and time deposit Annual rate of turnover of total accounts, except interbank accounts deposits except interbank deposits (old series) (old series) Year or month Total, all New 140 Other New Other reporting York other reporting York reporting centers City1 centersJ 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 centers 3 1952 1,643,130 597,815 349,904 695,411 34.4 24.1 18.4 1952—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 r142,167 50,255 32,283 '59,630 35.6 25.5 18.8 June ••154,098 56,623 33,807 r63,668 38 9 25 9 19 3 July 148,128 51,799 32,683 63,646 36.0 25.0 19.2 'Revised. 1National series, now discontinued, for which debit figures are available 1919-52. 2 Boston, 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. 964 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS [Outside Treasury and Federal Reserve Banks. In millions of dollars] Total Coin and small denomination currency2 Large denomination currency2 End of year or in cir- Unasmonth cula- sorted tion1 Total Coin 3$1 $2 $5 $10 $20 Total $50 $100 $500 $1,000$5,000 $10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 2 1940. 8,732 6,247 648 610 39 1,129 2,021 1,800 2,489 538 1,112 227 523 30 60 4 1941. 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 4 1942. 15,410 11,576 880 801 55 1,693 4,051 4,096 3,837 1,019 1,910 287 586 9 25 3 1943. 20,449 14,871 1,019 909 70 1,973 5,194 5,705 5,580 1,481 2,912 407 749 9 22 2 1944 25,307 17,580 1,156 987 81 2,150 5,983 7,224 7,730 1,996 4,153 555 990 10 24 3 1945. 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 2 1946. 28,952 20,437 1,361 1,029 67 2,173 6,497 9,310 8,518 2,492 4,771 438 783 8 26 3 1947. 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 3 1948. 28,224 19,529 1,464 1,049 64 2,047 6,060 8,846 8,698 2,494 5,074 400 707 5 17 3 1949 27,600 19,025 1,484 1,066 62 2,004 5,897 8,512 8,578 2,435 5,056 382 689 4 11 3 1950. 27,741 19,305 1,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 2 1951. 29,206 20.530 1,654 1,182 67 2,120 6,329 9,177 8,678 2,544 5,207 355 556 4 12 2 1952—Tnlv 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 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 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 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 July 30,120 21,237 1,769 1,171 70 2,055 6,511 9,660 8,885 2,646 5,396 335 496 4 8 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 2 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. 3 Paper currency only; $1 silver coins reported under coin. Back figures.See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money in circulation 1 Money Total out- held by standing, As security For Federal Ju 1 ly 9 5 3 3 1, g a o s g l i d a lv in e a r s n t d Tr c e a a s s h ury B F R 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 ly 9 5 3 3 1, Ju 1 n 9 e 5 3 3 0, Ju 1 ly 9 5 3 2 1, certificates agents Gold 22 277 21 121 21 155 Gold certificates 21,122 18,270 2,816 36 37 38 Federal Reserve notes 26,785 64 1,103 25,618 25,609 24,580 Treasury currency—total 4,859 *2,387 43 350 4,466 4,480 4,361 Standard silver dollars 492 259 25 3 204 202 193 Silver bullion 2,128 2,128 Silver certificates and Treasury notes of 1890 32,387 279 2,108 2,123 2,064 Subsidiary silver coin 1,198 13 33 1,151 1,150 1,097 Minor coin 420 2 4 414 413 396 United States notes 347 3 27 317 318 315 Federal Reserve Bank notes 201 3 198 200 218 National Bank notes 74 1 73 73 77 Total—Julv 31 1953 23,509 1,263 18,270 4,268 30,120 Tune 30, 1953 (4) 23,702 1,259 18 471 4,161 30,125 July 31 1952 0) 24,536 1,281 19,331 4,310 28,978 1Outside 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. 957. 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 s not included in total Treasury currency outstanding. 4Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special significance and is not shown. See note for explanation of these duplications. 5 Less than $500,000. NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. Each Federal Reserve Bank must maintain a reserve in gold certificates of at least 25 per cent against its Federal Reserve notes in actual circulation. Gold certificates deposited with Federal Reserve agents as collateral, and those deposited with the Treasurer of the United States as a redemption fund, are counted as reserve. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement. SEPTEMBER 1953 965 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 * [Figurespartly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Bank credit Total assets, U. S Government obligations Total Capital E)ate Treas- liabil- Total and Gold r c e u u n r r y c - y Total Lo n a e n t s, Total m C a e o n r m c d ia - l R Fe e d se e r r v a e l Other O s ri e t t c h i u e 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 s n - 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 21,957 10,328 8,199 1,998 131 9 863 48,465 42,029 6,436 1939—Dec. 30 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9 302 75,171 68,359 6,812 1941—Dec. 31 22,737 3,247 64,653 26,605 79,049 75,511 2,254 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 24,262 2,867 8 577 191.785 180,806 10,979 1947—Dec. 31 . 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10 723 188,148 175,348 12,800 1948—Dec. 31 24,244 4,589 160,457 48,341 100,694 74 097 23,333 3,264 11 422 189,290 176,121 13,168 1949—Dec. 31 24,427 4,598 162,681 49,604 100,456 78,433 18,885 3,138 1? 621 191,706 177,313 14,392 1950— Dec. 30 ... 22,706 4,636 171,667 60,366 96,560 77,894 20,778 2,888 14 741 199,009 184,385 14,624 1951 June 30 21,756 4,655 173,447 63,821 94,450 68,726 22,982 2,742 1 S176 199,858 185,038 14,820 Dec. 31 22,695 4,706 181,323 67,597 97,808 71,343 23,801 2,664 15 918 208,724 193,404 15.320 1952—June 30 23,346 4,754 182,980 69,712 96,266 70.783 22,906 2,577 17 002 211,080 194,960 16,120 July 30 23,400 4,800 185,300 70,000 98,100 7? 700 22,800 2,600 17 200 213,400 197,200 16,100 Aug. 77 23,300 4 800 185,300 70,500 97,300 71,700 23,100 2,600 17 500 213 400 197 000 16,400 Sept. 24 23,300 4,800 186.500 71,600 97,600 71,300 23,700 2,600 17 400 214,600 197,900 16.700 Oct. 29 23,300 4,800 188,900 72,900 98,600 77 400 23,600 2,600 17 300 217,000 199,900 17,100 Nov. 26. 23,300 4,800 191,500 74,300 99,900 73,600 23,800 2,600 17 300 219 600 202 700 16,900 Dec. 31 23,187 4,812 192,866 75,484 100,008 7? 740 24,697 2,571 17 374 220 865 204,220 16,647 1953—Jan. 28P 23,000 4,800 191,200 74,900 98,800 77 300 24,000 2,600 17 500 219,000 202,100 16,900 Feb. 25P 22,700 4,800 190,300 75,000 97,800 71 400 23,900 2,500 17 500 217,800 201,000 16,800 Mar. 25P . 22,600 4,800 190,200 76,100 96,400 70,000 23,900 2,500 17 800 217 600 200 600 17,000 Apr. 29P 22,600 4,800 188,900 76,500 94,600 68 300 23,800 2,500 17 800 216,300 199,100 17,200 May 27P 22,500 4,800 188,800 76,600 94,300 67 700 24,100 2,500 17 800 216,200 199,100 17,100 Tune24P 22,500 4,900 189,900 77,000 9S,200 67,800 24,800 2,500 17 800 217 300 200 000 17,300 July 29P 22,300 4,900 195,400 77,500 100,000 72,500 25,000 2,500 18 000 222,500 205,000 17,500 Deposits and Currency U. S. Government balances Deposits adjusted and currency I)ate 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 n r n i c o n d k i m g a s s l - R F B e e a A d s n e e t r k r v a s e l Total d D e e p m os a i n ts d 2 Total m T b C e a i o r m n 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 a 3 g a 4 s l S S P a y o v s s i t n t e a m g l s o b r u C e a t n n u s c i k r d - y s e 1929—June 29 55,776 365 204 381 36 54 790 22,540 28,611 19,557 8,905 149 3,639 1933—june 30 42,029 50 264 852 35 40 828 14,411 21,656 10 849 9,621 1,186 4,761 1939—Dec. 30 68,359 1,217 2,409 846 634 63 253 29,793 27,059 15,258 10,523 1 ,278 6,401 1941—Dec. 31 82,811 1,498 2,215 1,895 867 76 336 38,992 27,729 15,884 10,532 1,313 9,615 1945—Dec. 31 180 806 2,141 2 287 24,608 977 1S0 793 75,851 48,452 30 135 15,385 2,932 26,490 1947—Dec. 31 175,348 1,682 1,336 1,452 870 170 008 87,121 56,411 35,249 17,746 3,416 26,476 1948—Dec. 31 176,121 2,103 1,325 2,451 1,123 169 119 85,520 57,520 35 804 18,387 3,329 26,079 1949—Dec. 31 177 313 2.150 1 312 3,249 821 169 781 85,750 58,616 36,146 19,273 3,197 25,415 1950—Dec. 30 184,385 2,518 1,293 2,989 668 176 917 92,272 59,247 36 314 20,009 2,923 25,398 1951—June 30 ... 185,038 2,424 1,281 6,332 317 174 684 88,960 59,948 36,781 20,382 2,785 25,776 Dec. 31 193.404 2,279 1,279 3.615 247 18S 984 98,234 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 21,755 2,619 26,474 July 30. 197,200 2,600 1,300 7,000 600 185 800 95,700 63,800 39,400 21,900 2,600 26,200 Aug. 27 197,000 2,600 1,300 6,200 700 186 200 95,800 64,100 39 600 22,000 2,600 26,300 Sept.24 197,900 2,500 1,300 6,500 300 187 400 96,400 64,500 39,800 22,200 2,600 26,600 Oct. 29 199,900 2,500 1 ,300 5,300 600 190 200 98,600 64,900 40 100 22,200 2,600 26,700 Nov.26 202,700 2,500 1,300 7,000 300 191 600 99,400 64,800 40 000 22,300 2,600 27,400 Dec. 31 204,220 2,501 1,270 5,259 389 194 801 101,508 65,799 40,666 22,586 2,547 27 494 1953—Jan. 28P 202,100 2,500 1,300 4,200 700 193 300 100,500 66,100 40,700 22,800 2,500 26,800 Feb. 25P 201,000 2,300 1 ,300 5,400 400 191 600 98,300 66,400 41 000 22,900 2,500 26,900 Mar. 25P 200,600 2,400 1,300 5,800 191 000 97,400 66,800 41 700 23,100 2,500 26,900 Apr. 29P.. 199,100 2,400 1,300 2,900 400 19? 200 98,000 67,200 41,500 23,300 2,500 27,000 Mav 27P 199,100 2,400 1,300 2,900 400 19? 100 97,500 67,600 41 700 23,400 2,500 27,000 June 24P 200,000 2,500 1,300 3,800 C5) 197 400 97,200 68.100 47 100 23,600 2,500 27.100 July 29P 205,000 2,400 1,300 7,500 800 193 000 97,300 68,500 42,300 23,700 2,400 27,200 P Preliminary. 1 Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund. 2Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 3Excludes interbank time deposits; United States Treasurer's time deposits, open account; and deposits of Postal Savings System in banks. 4Prior to June 30, 1947, includes a relatively small amount of demand deposits. 5Less 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. 966 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 Investment? Other Cla a s n s d o d f a b te ank Total Loans G U ov . e S r . n- Other as C s a e s t h s* Total i b In an te k r - i a c c T a c o p o i t u t a a n l l ts N b u a m o n f k b s er Total ment secu- De- Time obliga- rities mand tions All banks: 1939—Dec. 30 50.884 22,165 28,719 19,417 9,302 23,292 68,242 9,874 32,516 25,852 8,194 15,035 1941—Dec. 31 61.126 26,615 34,511 25,511 8,999 27,344 81,816 10,982 44,355 26,479 8,414 14,826 1945—Dec. 31 140,227 30.362 109,865 101,288 8,577 35,415 165,612 14,065 105,935 45,613 10,542 14,553 1947—Dec. 312 134.924 43,002 91,923 81,199 10,723 38,388 161,865 13,033 95,727 53,105 11,948 14,714 194g—Dec. 31 ... 133,693 48,174 85,519 74,097 11,422 39,474 161,248 12,269 94,671 54,308 12,479 14,703 1949—Dec. 31 140,598 49,544 91,054 78,433 12,621 36,522 164,467 12,710 96,156 55,601 13,088 14,687 1950—Dec. 30 148,021 60,386 87,635 72,894 14,741 41,086 175,296 14,039 104,744 56,513 13,837 14,650 1951—Dec. 31 154,869 67,608 87,261 71,343 15,918 45,531 185,756 15,087 111,644 59,025 14,623 14,618 1952—June 30. 157.528 69.742 87,786 70.783 17,002 41,667 184,130 13.513 109,247 61,369 15,039 14,599 July 30 160,200 70,360 89,840 72,650 17,190 40,010 183,450 12,740 109,170 61,540 15,020 14,605 Dec. 31 165,626 75,512 90,114 72,740 17,374 45,584 105,552 15,321 116,633 63,598 15,367 14,575 1953—Feb. 25 v 164.580 75,630 88,950 71.410 17,540 41,350 188,760 13,260 111,280 64,220 15,440 14,563 Mar. 25P 164,610 76,870 87,740 69,990 17,750 40,300 187,660 12,900 110,110 64.650 15,490 14,556 Apr. 29P 163,240 77.160 86,080 68,280 17,800 39,480 185,460 12,690 107,740 65,030 15,570 14,546 May 27P 163.040 77.470 85,570 67.730 17,840 39,300 185,030 12,650 106,960 65.420 15,680 14,546 June 24P 163.200 77.610 85,590 67,820 17,770 40,380 186,800 13,070 107,740 65,990 15,740 14,540 July 20P 168,350 77,900 90,450 72,500 17,950 39,340 190,590 12,900 111 ,320 66,370 15,790 14,534 All commercial banks: 1939—Dec. 30 40 668 17,238 23,430 16.316 7 114 22,474 57,718 9,874 32,513 15 331 6,885 14,484 1941—Dec. 31 50 74r 21 ,714 29,032 21 808 7 225 26,551 71,283 10,982 44,349 15 952 7 173 14,278 1945—Dec. 31 124,010 26.083 97.936 90,606 7,331 34,806 150,227 14,065 105,921 30,241 8.950 14.011 1947—Dec. 312 116,284 38,057 78,226 69.221 9,006 37,502 144,103 13,032 95,711 35,360 10,059 14,181 1948—Dec. 31 114,298 42,488 71,811 62,622 9,189 38,596 142,843 12,269 94,654 35,921 10,480 14,171 1949—Dec. 31 120,197 42.965 77,232 67,005 10,227 35,650 145,174 12,709 96.136 36,328 10,967 14,156 1950—Dec. 30 126,675 52,249 74,426 62,027 12,399 40,289 155,265 14.039 104,723 36,503 11,590 14,121 1951—Dec. 31 132.610 57.746 74,863 61,524 13,339 44,645 164,840 15,086 111.618 38,137 12.216 14,089 1952—June 30 134,437 59.233 75,204 61.178 14,026 40,702 162.348 13,512 109.222 30,614 12,601 14,070 July 30 136,760 59,720 77,040 62,000 14,140 39,260 161,560 12,740 100,140 39,680 12,580 14,076 Dec. 31 141,624 64,163 77,461 63,318 14,143 44,666 172,931 15,310 116,600 41,012 12,888 14,046 1953—Feb. 25 v 140.100 64.070 76,030 61,900 14,130 40,500 165,830 13,260 11 1 ,250 41,320 12,950 14,035 Mar. 25P 140,000 65,220 74,780 60,470 14,310 39,420 164,530 12,900 110,080 41,550 12,980 14,028 Apr. 29P 138,450 65,330 73,120 58,770 14,350 38,630 162,180 12,690 107,710 41,780 13,070 14,018 May 27P 138,040 65,400 72,550 58,200 14,350 38,510 161,630 12.650 1O6.O30 42,050 13,180 14,018 June 24P 138.080 65,520 72,560 58,350 14,210 39,510 163,170 13,070 107.710 42.390 13.230 14,012 July 29P 143,040 65,680 77,360 63,020 14,340 38,530 166,850 12,900 111,290 42,660 13,270 14,006 All member banks: 1939—Dec. 30 33 941 13,962 19.979 14,328 5,651 19.782 49,340 9.410 28 231 11,699 5,522 6,362 1941—Dec. 31 43.521 18,021 25,500 19,539 5,961 23.123 61,717 10 525 38 846 12,347 5,886 6,619 1945—Dec. 31 - 107 183 22,775 84,408 78,338 6,070 29.845 129,670 13,640 91.820 24,210 7,589 6.884 1947—Dec. 31 07 846 32,628 65,218 57,914 7,304 32,845 122,528 12,403 8\.785 28,340 8,464 6,923 1948—Dec. 3\ 95. 6 W 36,060 59,556 52,154 7,402 34,203 121,362 11,641 80,881 28.840 8,801 6,918 1949—Dec. 31 101 .528 36,230 65,297 56,883 8,414 31,317 123,885 12.097 82,628 29,160 9,174 6,892 1950—Dec. 30 107.424 44,705 62,719 52,365 10,355 35,524 133,089 13.447 90,306 29.336 9,695 6,873 1951—Dec. 31 1 12,247 49,561 62,687 51,621 11,065 39,252 141,015 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 94,160 31.788 10,526 6,815 July 30 115,533 50,907 64,626 52,786 11.840 34,641 137,807 12,074 93.921 31,812 10,506 6,812 Dec. 31 110,547 55,034 64,514 52,763 11,751 30,255 147,527 14.617 100,020 32,800 10,761 6,798 1953—Feb. 25P 117,075 54,868 63,107 51,348 11,759 35,614 140,949 12,645 OS,186 33,118 10,812 6,785 Mar. 25P 117,804 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 48,540 11,960 34,017 137,738 12.116 92,148 33,474 10,906 6,769 Ma: 27P 115.022 56,006 50 916 47.082 11.034 33,036 137,209 12,083 01 450 33,667 11,000 6,771 Tune 24P 116,060 56.045 60,024 48.228 11.706 34.881 138.728 12.502 02,278 33,048 11,042 6,766 July 29P 120,546 56,128 64,418 52,500 11.018 33,883 141,014 12,314 95,474 34.126 11,077 6,762 All mutual savings banks: 1939—Dec. 30 10 216 4,927 5.289 .•* MM 2 188 818 10,524 3 10.521 1 ,309 551 1941—Dec. 31 10 370 4,901 5 478 3 701 1 774 703 10,533 6 10.527 1,241 548 1945—Dec. 31. . 16 208 4.279 11 928 10.682 1 246 609 15 385 14 15 371 1,592 542 1947—Dec. 31 2. ... IS 641 4 944 13 696 11 .078 1 718 17,763 1 17 17 745 1,889 533 1948—Dec. 31 l<> 39s; 5.686 13,700 11 .476 2 .233 878 18,405 1 17 18,387 1 .999 532 1949—Dec. 31 20,400 6,578 13,822 11 ,428 2 .394 873 19,293 20 19,273 2,122 531 1950—Dec. 30 21,346 8,137 13,209 10,868 2.342 797 20,031 22 20.009 2,247 529 1951—Dec. 31 22.259 9.862 12,398 9.819 2.579 8S6 20,915 2 26 20.888 2.407 529 1952—June 30 23.001 10,500 12,582 0 ,606 2 976 066 21.782 2 26 21.755 2,438 529 July 30 23,440 10,640 12,800 9.750 3.050 750 21.800 2 30 21 .860 2,440 529 Dec. 31 24,003 11 ,340 12 ,654 9.422 3.231 918 22,621 2 33 2!. 586 2,479 529 1953—Feb 25 P 24.480 11,560 12 ,020 0,510 3,410 850 22,930 2 30 22.000 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 24.700 11,830 12,060 0,510 3.450 850 23,280 2 30 23,250 2,500 528 May 27P 25.000 11,080 13,020 9,530 3,490 700 ?3 400 2 30 23,370 2,500 528 June 24P 2 S 1?0'12,090 13.030 0,470 3 .560 870 23,630 2 30 23,600 2,M0 528 July 29P ?s'3l'o| 12,220 13,090 9,480 3,610 810 23,740 2 30 23,710 2,520 528 P Preliminary. * "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" with exception of three mutual savings banks that became members in 1941. Stock savings banks and nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability data are not available. Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc. i 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. 967 SEPTEMBER 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 Cla a s n s d o d f a b te ank U.S. a C ss a e s t h s1 Inter- 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 Total Loans Govern- Other Total i bank i De- Total ment secu- mand Time obliga- rities 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 July 30 21,804 11,080 10,724 8,407 2,317 7,840 26,107 4,217 20,172 1,718 2,464 22 Dec. 31 22,130 12,376 9,754 7,678 2,076 8,419 27,309 4,965 20,504 1,840 2,505 22 1953—Feb. 25?. .. 21,049 12,112 8,937 6,840 2,097 7,224 24,769 4,367 18,589 1,813 2,525 22 Mar. 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. 29P. . . 20,637 12,305 8,332 6,229 2,103 7,008 24,286 4,345 18,088 1,853 2,528 22 May 27P. . . 20,542 12,377 8,165 6,164 2,001 6,920 24,093 4,356 17,887 1,850 2,537 22 June 24P... 20,631 12,194 8,437 6,503 1,934 7,318 24,728 4,518 18,312 1,898 2,534 22 July 29P. . . 21,742 11,914 9,828 7,838 1,990 6,751 25,205 4,334 18,994 1,877 2,546 22 Chicago: 1939—Dec. 30 2,105 569 1.536 1,203 333 1,446 3,330 888 1,947 495 250 14 1941—Dec. 31 2,760 954 1,806 1,430 376 1,566 4,057 1,035 2,546 476 288 13 1945—Dec. 31 5,931 1,333 4,598 4.213 385 1,489 7,046 1,312 5,015 719 377 12 1947—Dec. 31 5,088 1,801 3,287 2,890 397 1,739 6,402 1,217 4,273 913 426 14 1948—Dec. 31 4,799 1,783 3,016 2,633 383 1,932 6,293 1,064 4,227 1,001 444 13 1949—Dec. 31 5,424 1,618 3,806 3,324 482 1,850 6,810 1,191 4,535 1,083 470 13 1950—Dec. 30 5,569 2,083 3,487 2,911 576 2.034 7,109 1,228 4,778 1,103 490 13 1951—Dec 31 5,731 ,468 3,264 2,711 552 2,196 7,402 1,307 4,952 1,143 513 13 1952—June 30 5,664 2.380 3,284 2.721 563 1,899 7,027 1,182 4.681 1,164 530 13 July 30 5,805 2,432 3,373 2,802 571 2,077 7,198 1,180 4,877 1,141 527 13 Dec. 31 6,240 2.748 3,493 2.912 581 2.010 7.686 1.350 5,132 1,205 541 13 1953—Feb. 25? 5,910 2,569 3,341 2,779 562 2,098 7,222 1,182 4,872 1,168 537 13 Mar.25P. 6,033 2,604 3,429 2,864 565 1,922 7,122 1,133 4,835 1,154 539 13 Apr. 29P. 5,588 2,547 3,041 2,455 586 2,051 7,006 1,144 4,688 1,174 541 13 May 27P. 5.560 2,595 2,965 2,426 539 2,014 6,947 1,137 4,625 1,185 545 13 June 24P. 5,655 2,605 3,050 2,505 545 1,998 7.020 1,231 4.588 1,201 548 13 July 29P. 6,116 2,712 3,404 2,816 588 1,992 7,397 1,201 5,000 1,196 547 13 Reserve city member banks: 1939—Dec. 30 12,272 5,329 6.944 5,194 1,749 6,785 17,741 3,686 9,439 4,616 1,828 346 1941—Dec. 31 15,347 7,105 8,243 6,467 1,776 8,518 22,313 4,460 13,047 4,806 1,967 351 1945—Dec. 31. .. 40,108 8,514 31,594 29,552 2,042 11,286 49,085 6,448 32,877 9,760 2,566 359 1947—Dec. 31. .. 36,040 13,449 22,591 20,196 2,396 13,066 46,467 5,649 29,395 11,423 2,844 353 1948—Dec. 31 35,332 14,285 21,047 18,594 2,453 13,317 45,943 5,400 29,153 11,391 2,928 335 1949—Dec. 31 38,301 14,370 23,931 20,951 980 12,168 47,559 5,713 30,182 11,664 3,087 341 1950—Dec. 30. .. 40,685 17,906 22,779 19,084 695 13,998 51,437 6,448 33,342 11,647 3,322 336 1951—Dec. 31 42,694 19.651 23,043 19.194 849 15,199 54,466 6,976 35.218 12,272 3,521 321 1952—June 30. .. 43.091 19.745 23.346 19,123 4.223 13.925 53,425 5.908 34,764 12,754 3,663 319 July 30. .. 44,088 20,070 24,018 19,750 4,268 13,201 52,902 5,664 34,444 12,794 3,641 319 Dec. 31... 45,583 21.697 23,886 19.624 4,262 15,544 57,357 7.001 37,095 13,261 3,745 319 1953—Feb. 25P. 45,271 21,801 23,470 19,161 4,309 14,152 54,912 5.991 35.551 13,370 3,762 322 Mar. 25P. 45,085 22,274 22,811 18,439 4,372 13,848 54,527 5,831 35,298 13,398 3,780 322 Apr. 29P. 44,591 22,162 22,429 18,006 4,423 13.447 53.419 5,613 34,334 13,472 3,803 321 May 27P. 44,304 22,138 22,166 17,657 4,509 13,525 53,279 5,593 34.113 13.573 3.844 321 June 24P. 44,398 22,253 22,145 17,727 4.418 14,022 54,031 5.752 34.595 13,684 3,858 320 July 29P. 46,252 22,339 23,913 19,481 4,432 13,575 55,299 5,755 35,819 13,725 3,871 321 Country member banks: 1939—Dec. 30 10,224 4,768 5,456 3,159 2,297 4,848 13,762 598 7 312 5,852 1,851 5,966 1941—Dec. 31 12,518 5,890 6,628 4,377 2,250 6,402 17,415 822 10 335 6,258 1,982 6,219 1945—Dec 31 35,002 5,596 29,407 26,999 2,408 10,632 43,418 1.223 29 700 12,494 2,525 6,476 1947—Dec. 31 36,324 10,199 26.125 22,857 3,268 10,778 44,443 1,073 28,810 14,560 2,934 6,519 1948—Dec. 31 36,726 11,945 24,782 21,278 3,504 11,196 45,102 964 29.370 14,768 3.123 6,535 1949—Dec. 31 38,219 12,692 25,527 21,862 3,665 10,314 45,534 1,001 29,771 14.762 3,305 6,513 1950—Dec. 30 40,558 14,988 25,570 21,377 4,193 11,571 48,897 1,133 32,899 14,865 3,532 6,501 1951—Dec. 31 42,444 16.296 26,148 21.587 4.561 13,292 52,288 1,309 35.449 15,530 3,760 6,484 1952—June 30 43.037 17,133 25.904 21.206 4.698 12.087 51.571 1.083 34.414 16,075 3,873 6,461 July 30 43,836 17,325 26,511 21,827 4,684 11,523 51,600 1,013 34,428 16,159 3,874 6,458 Dec. 31 45,594 18,213 27,381 22,549 4,832 13,281 55,175 1,301 37,289 16,585 3,970 6.444 1953—Feb. 25P 45,745 18,386 27,359 22,568 4,791 12,140 54,046 1,105 36.174 16,767 3,988 6,428 Mar. 25P 45,591 18,651 26,940 22,097 4,843 11,707 53,320 1,052 35,414 16,854 4,000 6,419 Apr. 29P 45,561 18,854 26,707 21,859 4,848 11,511 53,027 1,014 35,038 16,975 4,034 6,413 May 27P 45,516 18,896 26,620 21,735 4.885 11,477 52.890 097 34,834 17,059 4,074 6,415 June 24P 45,385 18,993 26,392 21,493 4,899 11,543 52,949 1,001 34,783 17,165 4,102 6,411 July 29P 46,436 19,163 27,273 22,365 4,908 11,565 54,013 1,024 35,661 17,328 4,113 6,406 2Beginning with December 31, 1947, the all bank series was revised as announced in November 1947 by the Federal bank supervisory agencies. At that time a net of 115 noninsured nonmember commercial banks with total loans and investments of approximately 110 million dollars waa 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. 968 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 Deposit.s Investments Other Cla a s n s d o d f a b te ank Total Loans Total G m U ov . e e S n r . t n- O se t c h u e - r as C s a e s t h s » Total 1 b In an te k r - 1 m D a e n - d Time a c c T a c o p o i t u t a a n l l ts N b u a m o n f k b s er obliga- rities tions All insured commercial banks: 1941—Dec. 31 49,290 ?1,259 28,031 21,046 6,984 25,788 69,411 10,654 43,059 15,699 6,844 13,426 1945—Dec 31 \r>\ .809 ?S.765 96 043 88 912 7,131 34,292 147,775 13,883 104,015 ?9,876 8,671 13 297 1947—Dec 31 114,274 37,583 76,691 67,941 8,750 36,926 141,851 12,670 94,300 34,882 9,734 13 398 1950—Dec. 30 1?4,822 S1,723 73,099 60,986 12,113 39,821 153,288 13,744 103,499 36,045 11,263 13,432 19151—Dec 31 no,820 57,256 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 S8.730 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 14,990 115,371 40,610 1?,563 13,422 National member banks: 1941—Dec. 31 27,571 11,725 15,845 12,039 3,806 14,977 39,458 6,786 24,350 8,322 3,640 5,117 1945—Dec 31 69.312 13.925 55,387 51,250 4,137 20,114 84,939 9,229 59,486 16,224 4.644 5 017 I947—Dec. 31 6S,280 ?1 ,428 43,852 38,674 5,178 22,024 8?,023 8,410 54,335 19,278 S,409 5 005 1950—Dec 30 7?,090 99 ,184 42,906 35 587 7,320 23,763 89,281 9,133 60,251 19,897 6,313 4 958 1951—Dec. 31 75.255 32,317 42,938 35,063 7,875 25,951 94,173 9,788 63,477 20,908 6,653 4,939 1952—June 30 76.036 33,054 42,982 34.604 8,378 23,928 92,720 8.584 62,255 21,880 6,879 4,925 Dec. 31 80,180 36,004 44,176 35,835 8,341 26,333 98,974 9,918 66,362 22,694 7,042 4 900 State member banks: 1941—Dec. 31 15.950 6 295 9,654 7,500 2,155 8,145 22,259 3,739 14,495 4,025 2,246 1,502 1945—Dec. 31 37 871 8 850 29,021 27,089 1,933 9.731 44,730 4,411 32,334 7,986 2,945 ,867 1947—Dec. 31 32,566 11,200 21,365 19,240 2,125 10,822 40,505 3,993 27,449 9,062 3,055 ,918 1950—Dec. 30 35.334 15,521 19,813 16,778 3,035 11,762 43,808 4,315 30 055 9,438 3,381 1,915 1951—Dec. 31 36,992 17.243 19,748 16,558 3,191 13,301 46,843 4,637 32,491 9.715 3,565 .001 1952—June 30 37.466 17.472 19,994 16.657 3.337 12.119 46.049 4,227 31.914 9,908 3,647 1 ,890 Dec 31 39,367 19 030 20 337 16,928 3.409 12,922 48,553 4,699 33,658 10,196 3,719 1 889 Insured nonmember commercial banks: 1941—Dec. 31 5.776 3,241 2,535 1,509 1.025 2,668 7,702 129 4,213 3,360 959 6,810 1945—Dec< 31 14.639 ?.992 11.647 10.584 1,063 4,448 18,119 244 12 196 5.680 1,083 6,416 1947—Dec 31 16,444 4 958 11,486 10,039 1,448 4,083 19,340 266 12,515 6,558 1,271 6 478 1950—Dec. 30 .... 17,414 7,023 10,391 8,632 1,759 4,299 20,216 297 13,194 6,726 1,570 6,562 1951—Dec 31 18 591 7 701 10 890 8,923 1,967 4,926 ?1,912 353 14,415 7,144 1,686 6 602 1952—June 30 19.073 8 210 10.86.3 8.867 .996 4.215 ?1.606 289 13.867 7,450 1,757 6 622 Dec. 31 20,242 8,605 11,638 9,556 2,081 4,970 23,464 373 15,351 7,740 1,804 6,627 Noninsured nonmember commercial banks: 1941—Dec. 31 1,457 455 1,002 761 241 763 1,872 329 1,291 253 329 852 1945—Dec. 31 2.211 318 L. 893 1.693 200 514 2.452 181 1.905 365 279 714 1947—Dec. 312 2,009 474 1,535 1,280 255 576 2,251 363 1,411 478 325 783 1950—Dec 30 1,853 527 L ,327 1,040 286 468 1,976 294 1,224 458 327 689 1951—Dec. 31 ,789 490 1,299 991 308 469 1,932 308 ,235 388 314 650 19S2—Tune 30 1 880 503 377 1 .061 317 443 1.993 412 .186 396 320 636 Dec 31 1,854 531 322 1,010 312 444 ,960 329 I .229 402 326 624 All nonmember commercial banks: 1941—Dec 31 7 233 3 696 3 536 2,270 1,266 3.431 9,574 457 5,504 3,613 ,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 ,362 7,130 1947—Dec 31 2 18,454 5432 13 021 11,318 1,703 4,659 ?1,591 629 13,926 7,036 ,596 7 261 1950—Dec. 30 19,267 7 550 11 ,718 9,672 2,046 4,767 ??,,193 591 14,417 7,184 ,897 7.251 19S1—Dec. 31 ?0,380 8 192 12,189 9,914 2.275 5.395 23.843 661 15,650 7, 533 ,999 7,252 1952—Tune 30 20.954 8 714 12.240 9.928 2.312 4.658 23.598 700 15.052 7,846 2.077 7,258 Dec 31 ??,096 9 136 12,960 10,567 2,393 5,414 25.424 702 16.580 8,142 ?,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 10846 3 081 7.765 7 160 606 429 10363 12 10,351 1,034 192 1947—Deci 31 P 683 3 560 9,123 8,165 958 675 1? 207 1 14 1?,192 1,252 194 1950—Dec. 30 IS 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 23 IS,343 1,678 202 1952—June 30 16 857 8 043 8.814 6,730 2.084 756 16 081 2 23 16 056 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. 31 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 5 022 2 5 020 558 350 1947—Dec. 31 2 5 957 1384 4,573 3,813 760 211 5 556 3 5 553 637 339 1950—Dec. 30 6 245 2 050 4,194 3,380 814 180 5 711 3 5 708 734 335 1951 Dec 31 069 2 339 3 730 2 897 833 191 s 547 3 S544 729 327 1952—Tune 30 .... 6 234 ? 466 3.768 2,876 892 209 5 702 3 5 699 738 324 Dec. 31 6 382 2 658 3,724 2,829 895 187 5 836 3 5 833 749 323 For footnotes see preceding two pages. Back figures.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, 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. 969 SEPTEMBER 1953 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] Loans * Investments Com- Loans for U. S. Government obligations Obli- Total m ci e a r l, - o p r u r c c a h r a ry si i n n g g Other t g io a n - s Cla c s a s l a l o n d f d a b te ank i m n lo a v e n a e n n d s t s t s - Total1 e o m i l i p n u n a e g - d r n - - A c t g u a u r r l l i - - - b s T r e o o c k u - rit T ie o s l R t o e a a e s t n a - e l s lo v i d t i a n o i d n - - - s O lo t a h n e s r Total Total C c e a r t t e i D f s i- irect G a u n a - r- S p a i t o c o a n a l t f d i e l t s - O s ri t e t h c i e e u r s ket ers oth- uals Bills of in- Notes Bonds teed subpa- 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 57,249 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,^45 28,031 21,046 988 3,159 12,797 4,102 3,651 3,333 1945—Dec. 31... 121,809 25,765 9,461 1,314 3,164 3,606 4,677 2,361 1,181 96,043 88,912 2,455 19,071 16,04551,321 22 3,8733,258 1947—Dec. 31... 114,274 37,583 18,012 1,610 823 1,190 9,266 5,654 1,028 76,691 67,941 2,124 7,552 5,918 52,334 145,129 3,621 1950—Dec. 30... 124,822 51,723 21,7762,823 1,789 1,036 13,389 10,049 1,534 73,099 60,986 4,118 1,932 16,75638,168 11 7,9334,179 1951—Dec. 31... 130,820 57,256 25,7443,321 1,571 960 14,450 10,378 1,645 73,564 60,533 7,219 7,526 11,25634,511 21 8,9894,042 1952—Dec. 31... 139,770 63,632 27,7393,8052,050 1,082 15,572 12,603 1,683 76,138 62,308 7,622 5,494 11,71437,456 22 9,977 3,854 Member banks, total: 1941—Dec. 31... 43,521 18,021 8,671 972 594 598 3,494 3,692 25,500 19,539 971 3,007 11,7293 8323,0902,871 1945—Dec. 31... 107,183 22,775 8,949 855 3,133 3,378 3,455 1,900 1,104 84,408 78,338 2,275 16,985 14,27144,792 163,2542,815 1947—Dec. 31... 97,846 32,628 16,962 1,046 811 1,065 7,130 4,662 952 65,218 57,914 1,987 5,816 4,815 45,286 104,199 3,105 1950—Dec. 30... 107,424 44,705 20,521 1,808 1,770 927 10,522 8,314 1,438 62,719 52,365 3,665 1,468 14,05433,170 86,6403,714 1951—Dec. 31... 112,247 49,561 24,347 2,140 1,551 851 11,334 8,524 1,535 62,687 51,621 6,399 6,010 9,596 29,601 15 7,5283,538 1952—Dec. 31... 119,547 55,034 26,232 2,416 2,032 966 12,214 10,396 1,577 64,514 52,763 6,565 4,255 9,83532,087 198,4093,342 1953—June 30. .. 115,789 55,613 25,763 2,234 1,687 933 12,628 11,612 1,585 60,176 48,318 4,064 3,807 9,242 31,176 29 8,6803,178 New York City:* 1941—Dec. 31... 12,896 4,072 2,807 8 412 169 123 5 =4 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—June 30. .. 20,452 11,883 8,345 11,274 237 406 1,285 517 8,569 6,639 789 203 1,035 4,611 2 1,318 612 Chicago:3 1941—Dec. 31... 2,760 954 732 6 48 52 22 96 1,806 1,430 256 153 903 119 182 193 1945—Dec. 31... 5,931 1,333 760 2 211 233 36 51 40 4,598 4,213 133 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—June 30. .. 5,627 2,552 1,992 7 142 71 70 235 90 3,075 2,529 147 235 551 1,596 375 170 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 14 2,934 1,328 1953—June 30. .. 44,352 22,150 10,609 469 229 424 5,270 4,849 645 22,201 17,756 1,344 1,453 3,542 11,393 23 3,184 1,262 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,i02 4,544 16,713 9 1,342 1,067 1947—Dec. 31... 36,324 10,199 3,096 818 23 227 3,827 1,979 229 26,125 22,857 480 2,583 2,108 17,681 62,006 1,262 1950—Dec. 30... 40,558 14,988 3,980 1,407 33 187 5,591 3,679 288 25,570 21,377 1,390 588 6,107 13,287 52,998 1,194 1951—Dec. 31... 42,444 16,296 4,377 1,610 35 178 6,099 3,906 303 26,148 21.587 2,418 2,568 4,008 12,587 5 3,334 1,227 1952—Dec. 31... 45,594 18,213 4,630 1,901 43 191 6,662 4,702 322 27,381 22,549 2,692 2,024 4,204 13,625 43,639 1,194 1953—June 30. .. 45,359 19,028 4,817 1,757 41 201 6,883 5,243 334 26,330 21,394 1,784 1,916 4,114 13,576 4 3,802 1,134 All nonmember banks: ^ 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. 970 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Time deposits Cla c s a s l a l o n d f d a b te ank F s B e s w e R R e d a r r i e n v e e t v r h k - e - e a s s l v C a i a n u s l h t b m a w a B n d e n i o c a s t k e t l - h i - s s c 4 ju p m D o s a d a t d s e e n e i - - - t d d s 5 m D e I s n d o t e i t - c e p 4 r o b s a i F e n t i s o g k 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 b i n i t o t d i d e c n i s a - s l c C h c o a e f e e e i f n t f c e r r c i d t s k d - . i ' s - , p a v n s a p i t I h d d i r n o o t i u d n r p n c a a i e s o s - l - r , s r - , - I b n a t n e k r- P m U G S e i a n o a r n o e . g s n v d n v t S s - - a t - . l v s S p i a u i 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 n c 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 u a c p l n - i t - s 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 1,339 5,797 8,682 2,721 90,836 475 312 1,574 37,333 85 12,282 Dec. 31.. 19,809 2,720 11,489 100,329 12,948 1,437 4,912 8,776 2,938 98,746 605 346 1,564 38,700 181 12,563 Member banks, total: 1941—Dec. 31. . 12.396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31.. 15,811 1,438 7,117 64,184 12,333 1,243 22,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31 . . 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1950—Dec. 30. . 17,459 1,643 6,868 78,370 11,669 1,437 2,523 6,400 2,724 78,659 341 183 1,121 28,032 79 9,695 1951—Dec. 31. . 19,912 2,062 7,463 83,100 12,634 1,369 3,101 6,666 2,961 83,240 422 257 1,238 29,128 26 10,218 1952—Dec. 31. . 19.810 2,081 7,378 85,543 12,594 1,431 4,567 7,029 2,744 85,680 592 321 1 ,303 31,266 165 10,761 1953—June 30. . 19,448 1 ,956 6,378 81,774 10,947 1,300 3,378 7,403 2,256 80,741 686 310 1,395 32,412 75 11,070 New York City:* 1941—Dec. 31. . 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1945—Dec. 31 .. 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 "195 2,120 1947—Dec. 31 .. 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1950—Dec. 30. 4,693 118 78 15,898 3,207 1,162 451 258 1,087 17,490 268 37 37 1,647 70 2,351 1951—Dec. 31. . 5,246 159 79 16,439 3,385 1,128 858 321 1,289 17,880 318 43 22 1,614 5 2,425 1952—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—June 30. . 5,204 127 49 15,384 2,979 1,059 887 333 899 16,617 540 50 39 1,841 8 2,544 Chicago-* 1941—Dec. 31. . 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 1945—Dec. 31. 942 36 200 3,153 1,292 20 1,552 237 66 3,160 719 377 1947—Dec. 31. . 1,0-70 30 175 3,737 1,196 21 72 285 63 3,853 2 9 902 426 1950—Dec. 30. 1,216 30 133 3,954 1,177 48 174 284 70 4,250 3 3 10 1,089 490 1951—Dec. 31. . 1,407 32 165 4,121 1,269 38 242 240 66 4,404 1 5 11 1,128 513 1952-Dec. 31. . 1,144 32 169 4,126 1,308 37 343 242 56 4,491 5 4 11 1,190 541 1953—June 30. . 1,318 31 123 3,913 1,175 33 201 320 53 4,123 8 3 10 1,194 551 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—June 30. . 7,420 609 2,150 29,444 5,744 197 1,358 2,866 636 30,192 124 103 794 12,847 17 3,874 Country banks: 1941—Dec. 31. . 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1945—Dec. 31. . 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1947—Dec. 31.. 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1950—Dec. 30. . 4,745 976 4,450 30,581 1,111 10 922 3,282 715 27,980 12 82 443 14,339 9 3,532 1951—Dec. 31. . 5,676 1,231 4,862 33,051 1,285 11 876 3,554 783 30,234 13 125 491 14,914 16 3,760 1952—Dec. 31. . 5,820 1,250 4,706 34,519 1,278 11 1,267 3,772 777 31,473 13 152 525 15,908 25 3,970 1953—June 30. . 5,505 1,189 4,057 33,033 1,049 11 932 3,885 668 29,810 14 154 553 16,531 49 4,101 All nonmember banks:2 1947—Dec. 3i 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 g 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. 5 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. For other footnotes see preceding page. Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113. SEPTEMBER 1953 971 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans1 Investments For purchasing or carrying securities U. S. Government obligations Com- Total 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 O lo t a h n e s r Total C ti e fi r - - O se th c e u r ments 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 - - t s . . O c t s u t i e h e r - e s i- r G U l t o i i o g o . b v S a - n - t . s . O c t s u t i h e e r - s e i- r Total Bills o d n f e e e d b s i - n t s - - Notes Bonds2 Total- Leading Cities 1952—August.... 76,467 35,914 20,955 1,672 756 5,882 624 6,591 40,553 32,871 2,824 3,472 6,03020,545 7,682 1953—June 76,288 39,550 22,801 1,648 765 6,282 781 7,88836,738 29,317 2,313 1,944 5,593 19,467 7,421 Tuly 78,451 39,457 22.628 1,756 756 6,315 649 7,97338,994 31,541 2,744 3,885 5,511 19,401 7,453 August.... 79,583 39,798 22,886 1,785 741 6,342 654 8,011 39,785 32,243 2,603 4,805 5,403 19,432 7,542 June 3... 75,981 39,439 22,690 1,547 779 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 1,762 767 6,274 869 7,872 36,800 29,383 2,276 1,843 5,629 19,635 7,417 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 19,335 7,458 June 24... 76,065 39,443 22,797 1,567 746 6,304 710 7,93836,622 29,211 2,327 2,040 5,545 19,299 7,411 July 1... 76,545 39,649 22,585 1,719 755 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 5,534 19,3247,439 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 19,466 7,454 July 22... 79,992 39,623 22,671 1,863 764 6,322 655 7,967 40,369 32,911 2,956 5,030 5,490 19,435 7,458 July 29... 79,606 39,381 22,643 1,830 763 6,326 446 7,992 40,225 32,705 2,855 4,985 5,440 19,425 7,520 Aug. 5... 79,870 39,811 22,799 1,878 740 6,321 670 8,02240,059 32,536 2,820 4,904 5,415 19,397 7,523 Aug. 12... 79,814 39,963 22,912 1,882 746 6,343 681 8,02039,851 32,333 2,667 4,813 5,415 19,4387,518 Aug. 19. .. 79,349 39,734 22,940 1,714 745 6,348 611 7,997 39,615 32,098 2,492 4,775 5,392 19,439 7,517 Aug. 26... 79,301 39,687 22,891 1,666 735 6,358 654 8,00539,614 32,005 2,433 4,729 5,390 19,453 7,609 New York City 1952—August 21,308 11,192 7,601 182 1,108 27 228 404 403 1,419 10,116 7,797 560 572 1,376 5,2892,319 1953—June. . 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 August.... 21,587 12,126 8,342 259 1,060 28 188 394 360 1,681 9,461 7,435 798 1,055 945 4,637 2,026 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 L,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 Aug. 5... 21,869 12,216 8,314 3311,066 28 188 395 378 1,702 9,653 7,623 956 1,114 957 4,596 2,030 Aug. 12 ... 21,685 12,180 8,365 2601,085 28 188 398 344 1,699 9,505 7,480 809 1,059 952 4,660 2,025 Aug. 19. .. 21,390 12,062 8,356 2231,051 28 187 393 342 1,669 9,328 7,308 718 1,030 934 4,626 2,020 Aug. 26. .. 21,406 12,046 8,334 2211,038 28 190 392 377 1,653 9,360 7,329 711 1,016 936 4,666 2,031 Outside New York City 1952—August.... 55,159 24,722 13,354 382 501 5,478 221 5,172 30,437 25,074 2,264 2,900 4,654 15,256 5,363 1953—June 55,524 27,167 14,345 377 520 5,883 264 6,20828,357 22,891 1,648 1,790 4,558 14,8955,466 July 57,020 27,361 14,368 435 519 5,913 273 6,28829,659 24,178 1,822 3,056 4,499 14,8015 481 August.... 57,996 27,672 14,544 466 525 5,948 294 6,33030,324 24,808 1,805 3,750 4,458 14,7955,516 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 1,704 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 1,883 4,526 14,776 5,489 June 24... 55,453 27,214 14,373 375 514 5,899 233 6,25428,239 22,767 1,653 1,873 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 1,902 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 3,890 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 3,790 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 3,817 4,470 14,785 5,525 Aug. 5... 58,001 27,595 14,485 481 524 5,926 292 6,32030,406 24,913 1,864 3,790 4,458 14,8015,493 Aug. 12. .. 58,129 27,783 14,547 537 530 5,945 337 6,321 30,346 24,853 1,858 3,754 4,463 14,7785,493 Aug. 19. .. 57,959 27,672 14,584 440 530 5,955 269 6,32830,287 24,790 1,774 3,745 4,458 14,8135,497 Aug. 26... 57,895 27,641 14,557 407 517 5,966 277 6,35230,254 24,676 1,722 3,713 4,454 14,7875,578 1 Figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total, which is shown net. ^Includes guaranteed obligations. iFor other footnotes see opposite page. -972 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 - e k h ti s s c j p m u o a s d a t d s e e n - i - d t d s 5 s p p u v n c h a o a a o i e n i r d r l p 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 d i i - e l t - - s c C h c o a e f e e e f i t n f e c c r r i d d t k . s - i ' s - , U m 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 r p d l r r d a s t - - - s - , - , S p s d s a i i o u t i c o n a v l b a n d i t i - l t e - s - s P U m G S i e a o n r a . n o e s g n v d n v t S s - a - t - . l m D t e i D o c s - - ema F n ei d o g r n - Time r B i o n o w g r s - - c C o i a t a u c a p - n l - ts tions tions Total- Leading Cities 1952— August 14,921 944 2,38152,674 53,539 3,573 1,338 4,50015,974 774 18810,026 1,326 1,182 7,124 1953—June 14,943 936 2,606 54,260 55,106 3,988 1,617 1,75516,962 827 18810,024 ,296 665 793 7,408 July 14,429 935 2,,566 53,00154,267 3,748 1 ,674 4,27417.064 827 119900 10,238 ,286 677 801 7,428 August. . . 14,382 928 2,40653,09154,046 3,779 1,464 4,99517,079 819 19110,028 ,271 706 1,044 7,452 Tune 3. . 14,537 893 2,347 53,708 54,1854,041 1,520 1,35616.901 829 187 9,758 ,320 656 1,026 7,415 June 10.. 14,860 955 2,604 54,900 55,4174,174 1,688 1,11916,932 827 18710,033 ,296 668 906 7,410 June 17.. 15,505 931 2,82254,98156,697 3,825 1,707 1,97916,975 826 18910,472 ,294 664 536 7,400 June 24.. 14,872 965 2,65253,454 54,124 3,911 1,556 2,56617,041 826 187 9,831 ,275 671 705 7,407 July 1 14,558 887 2,672 820 54,263 3,975 2,049 2,46917,052 826 19010,393 1,284 682 972 7,426 July 8 14,484 936 2,476 836 53,457 3,787 1,452 1,80017,052 829 18910,393 1,276 673 882 7,441 Tuly 15 14.124 935 2,919 52,64355,156 3,614 1,901 6,03917,067 831 19010,950 1,283 667 331 7,427 July 22 14,585 937 ••2,446 53,31554,380 3,628 1,508 5,77017,075 828 189 9,876 1,281 676 910 7,416 July 29 14,394 977 -•2,315 53,39554,082 3,736 1,461 5,29217,074 822 189 9,577 1,304 687 912 7,429 Aug. 5 14,385 881 2,346 53,17753,618 3,877 1 ,589 5,09617,080 824 18810,138 1,309 683 931 7,451 Aug. 12 14,333 949 2,481 53,18954,734 3,795 1,413 4,80617,070 819 18910,301 1,279 688 1,161 7,450 Aug. 19 14,446 926 2,444 52,67153,822 3,697 1,492 5,05017,087 822 19110,111 1,253 727 1,180 7,449 Aug. 26 14,364 957 2,354 53,330 54,010 3,747 1,364 5,02717,078 813 193 9,560 1,243 725 906 7,459 New York City 1952—August 5,190 171 15,68716,436 276 578 1,717 1,559 2,814 1,072 433 2,443 1953—June... . 5,214 140 16,06216,886 324 738 503 1,730 2,940 1,063 522 219 2,504 July.... 4,905 138 15,28616,248 274 825 1,619 1,751 2,920 1,048 535 201 2,516 August.. 4,828 137 15,22616,037 259 658 1,827 1,713 2,761 1,037 559 299 2 ,524 June 3 4,975 137 15,76216,547 307 647 408 1,709 2,854 1,088 513 255 2,508 June 10 5,157 144 16,27416,956 414 851 304 1,715 2,917 1,065 524 372 2,505 June 17 5,434 139 16,49417,487 279 768 463 1,734 3,056 1,054 523 119 2,501 June 24 5,290 140 15,72016,554 295 688 838 1,761 2,933 1,043 530 132 2,501 July 1 4,926 132 15,35716,567 290 1,143 804 1,749 3,070 1,046 540 299 2,517 July 8 4,869 144 15,39116,056 301 635 469 1,750 2,898 1,039 532 317 2,516 July 15 4,959 135 15,04316,341 273 1,005 2,452 1,760 3,170 1,047 526 25 2,516 July 22 4,966 135 15,38716,183 249 688 2,293 1,751 2,749 1,039 535 211 2,517 July 29 4,807 145 15,25316,094 255 654 2,075 1,743 2,715 1,067 540 153 2,514 Aug. 5 4,795 133 15,33316,003 272 769 1,958 1,726 2,794 1,077 537 234 2,527 Aug. 12 4,754 142 15,16116,099 272 601 1,830 1,711 2,797 1,045 542 366 2,526 Aug. 19 4,886 133 15,08115,970 244 671 1,758 1,712 2,785 1,017 579 373 2,525 Aug. 26 4,876 141 15,33016,075 247 594 1,762 1,702 2,668 1,008 577 221 2,520 Outside New York City 1952—August 9,731 773 2,345 36,98737,103 3,297 760 2,78314,415 750 133 7,212 254 4,681 1953—June 9,729 796 2,562 38,19838,220 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 7,318 238 142 600 4,912 August. . . . 9,554 791 2,370 37,86538,009 3,520 806 3,168 15,366 782 142 7,267 234 147 745 4,928 Tune 3 9,562 756 2,308 37,94637,638 3,734 873 94815,192 786 136 6,904 232 143 771 4,907 June 10 9,703 811 2,569 38,62638,461 3,760 837 81515,217 785 137 7,116 231 144 534 4,905 June 17 10,071 792 2,765 38,48739,210 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 2,629 37,46337,696 3,685 906 1,665 15,303 783 138 ,323 238 142 673 4,909 July 8 9.615 792 2,44437,44537,401 3,486 817 1,331 15,302 786 138 ,495 237 141 565 4,925 July 15 9,165 800 2,864 37,600 38,815 3,341 896 3,587 15,307 789 139 ,780 236 141 306 4,911 July 22 '9,619 802 '2,41137,92838,197 3,379 820 3,477 15,324 786 137 127 242 141 699 4,899 July 29 '9,587 832 '2,28138,14237,988 3,481 807 3,217 15,331 785 138 6,862 237 147 759 4,915 Aug. 5 9,590 748 2,315 37,844 •37,615 3,605 820 3,138 15,354 788 139 7,344 232 146 697 4,924 Aug. 12 9,579 807 2,446 38,028 38,,635 3,523 812 2,976 15,359 782 140 7,504 234 146 795 4,924 Aug. 19 9,560 793 2,400 37,590 37,852 3,453 821 3,292 15,375 785 142 7,326 236 148 807 4,924 Aug. 26 9,488 816 2,322 38,000 37,935 3,500 770 3,265 15,376 773 6,892 235 148 685 4,939 r Revised. 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-Tune 1947, see BULLETINS for June and July 1947, pp. 692 and 878-883, respectively. For old series, see Banking and Monetary Statistics, pp. 127-22*7. 973 SEPTEMBER 1953 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 INDUSTRY1 [Net declines, (—). In millions of dollars] 3usiness of borrower Manufacturing anc mining Comm'l. Period* t l o F iq a b o u n a o o d c 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 r t m r ( a r o y a i e a c n e n d t a n h t c d u a a n s i h 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 o u i i a l o n b r i n n t c t l i a s l i ) e . - c - s s C t t i r o o u n n c - - bu o ty s t A o i p h n f l 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 a r g d ' ' l l l e 3 . . — equip.) 1951—April-June. . -243 116 275 48 60 62 -421 63 175 44 8 186 18 July-Dec 932 -361 873 125 141 16 722 30 351 -98 37 2,769 2,372 1952—Jan.-June. . . -868 - 73 till 176 It, -m.S -634 -217 -2 18 -?8 -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—June -65 41 72 -66 40 2 -91 8 5 10 26 -18 -39 July -119 34 -50 -21 11 -16 25 36 -17 r o -113 — 154 Aug 89 33 — 13 18 7 -5 — 11 -60 76 19 50 201 248 Week ending: June 3.... -50 7 3 6 -3 -38 -6 -36 -5 -7 -129 -146 Tune 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 c -5 1 -11 5 July 15 -67 10 6 3 7 -2 6 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 Aug. 5 19 8 10 6 2 —9 -3 16 51 6 30 135 156 Aug. 12 24 11 4 3 5 3 3 5 7 22 85 113 Aug. 19 24 7 Q 11 -3 2 -11 i " 20 10 -16 37 28 Aug. 26 22 7 -18 -3 3 -78 1 -5 15 -55 -49 1Sample includes about 215 weekly reporting member banks reporting changes in their larger loans; these banks hold over 90 per cent of total commercial and industrial loans of all weekly reporting member banks and nearly 70 per cent of those of all commercial banks. 2Figures for other than weekly periods are based on weekly changes during period. 3Net change at all banks in weekly reporting series, according to the old series in 1951 and the revised series thereafter. For description of revisions in the weekly reporting series see BULLETIN for April 1953, p. 357. COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Held by Based on Commercial End of 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 - in 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 n t 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 i d t n o w r i e e n e i g o n n r States countries 1947—December 287 261 197 88 109 64 159 63 3 25 11 1948—December 269 259 146 71 76 112 164 57 1 25 12 1949—December 257 272 128 58 70 144 184 49 30 9 1950—December 333 394 192 114 78 202 245 87 2 28 32 1951—December 434 490 197 119 79 293 235 133 23 55 44 1952—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 July 429 435 131 108 23 304 213 115 40 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. 974 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 I 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 Foreign12 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 3,248 030 1940 30,802 8,359 5,857 2,387 115 9,178 8,624 554 5,958 2,060 3,091 156 1941 32,731 9,478 6,796 2,286 396 10,174 9,573 601 6,442 1,878 2,919 840 1942 34,931 11,851 9,295 2,045 511 10,315 9,707 608 6,726 1,663 2,683 693 1943 37,766 14,994 12,537 1,773 684 10,494 9,842 652 6,714 1,352 2,373 839 1944 41,054 18,752 16,531 1,429 792 10,715 9,959 756 6,686 1,063 2,134 704 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 1951r 68,278 13,667 11,009 1,736 922 28,204 25,983 2,221 19,314 1,631 2,590 2,872 1952 73,375 12,774 10,252 1,767 755 31,646 29,200 2,446 2.1,251 1,903 2,713 3,088 End of month:6 1950—December. . 63,687 15,933 13,361 1,520 1,052 25,209 23,231 .978 16.101 1,428 2,397 2,619 1951—December. . 67,983 13,579 10,958 1,702 919 28,042 25,975 ,067 19,291 1,617 2,575 2,879 1952—July 70,774 12,894 10,324 1,748 822 30,191 28,039 2,152 20,505 1,706 2,656 2,822 August.... 71,123 12,898 10,347 1,752 799 30,314 28,165 2,149 20,643 ,722 2,667 2,879 September. 71,578 12,929 10,399 1,736 794 30,475 28,315 2,160 20,801 ,736 2,683 2,954 October. . . 72,034 12,731 10,244 1,728 759 30,973 28,819 2,154 20,961 ,751 2,692 2,926 November. 72,415 12,780 10,297 1,728 755 31,143 28.986 2,157 21,087 ,766 2.698 2,941 December . 73,034 12,683 10,195 1,733 755 31,404 29,226 2,178 21,245 ,868 2,699 3,135 1953—January 73,621 12,862 10,329 1,774 759 31,690 29,471 2,219 21,396 ,880 2,718 3,075 February 73,943 12,844 10,287 1,800 757 31,878 29,644 2,234 21,547 ,887 2,727 3.060 March 74,295 12,630 10,063 1,820 747 32,243 30,005 2,238 21,725 ,897 2,,742 3,058 April 74,686 12,666 10,089 1,837 740 32,472 30,218 2,254 21,897 ,918 2,,756 2.977 May 75,063 12,543 10,082 1 ,835 626 32,732 30,462 2,270 22,055 ,924 2,,770 3.039 Tune 75.403 12.456 10,030 1,840 586 33,021 =30,752 C2,269 22,221 ,935 2..789 2,981 July 75.855 i12,429 9,991 n.a. 33,247 n.a. n.a. 22,429 1,943 2,8 2,999 c Corrected. r Revised, n.a. Not available. 1 Includes United States and foreign. 2Central government only. 3 Includes International Bank for Reconstruction and Development. 4These represent annual statement asset values, with bonds carried on an amortized basis and stocks at end-of-year market value. 6These represent book value of ledger assets. Adjustments for interest due and accrued and differences between market and book values are not made on each item separately, but are included in total in "Other assets." Source.—Institute of Life Insurance—end-of-year figures, Life Insurance Fact Book, 1952; end-of-month figures, The Tally of Life Insurance Statistics and Life Insurance News Data. ALL SAVINGS AND LOAN ASSOCIATIONS IN THE UNITED STATES [In millions of dollars] Assets Assets End of U. S. Savings End of U.S. Savings year Total i g M ag o e r s t- 2 G m o o v b e e l n i r - t n- Cash Other3 capital quarter Total1 g M ag o e r s t - 2 G m o o b v e l e n i r - t n- Cash Other3 capital gations gations 1939 5,597 3,806 73 274 1,124 4,118 1950—3... 16,291 13,294 1,489 727 688 13,418 1940 5,733 4,125 71 307 940 4,322 4... 16,846 13,622 1,489 951 692 13,978 1941 6,049 4,578 107 344 775 4,682 1942 6,150 4,583 318 410 612 4,941 1951—1. .. . 17,232 13,999 1,547 844 751 14,286 1943 6,604 4,584 853 465 493 5,494 2.... 17,977 14,539 1,558 940 849 14,910 1 1 9 9 4 4 5 4 8 7 , , 7 4 4 5 7 8 5 4 , , 3 8 7 00 6 1 > , , 6 4 7 2 1 0 4 4 5 1 0 3 3 3 5 9 6 1 6 7 , , 3 3 0 6 5 5 3 4 ... . 1 1 9 8 , , 1 4 6 2 4 9 1 1 5 5 , , 5 0 2 5 0 8 1 1 , , 5 6 7 0 7 6 1,0 8 8 5 2 2 8 85 6 2 6 1 1 6 5 , ,3 0 1 7 7 3 1946 10,202 7,141 1,009 536 381 8,548 1952—1.... 19,848 16,073 ,718 1,100 867 16,801 1947 11,687 8,856 1,740 560 416 9,753 2. ... 20,853 16,891 ,702 1,212 959 17,661 1948 13,028 10,305 1,455 663 501 10,964 3 21,656 17,740 1,782 ,046 999 18,210 1 1 9 9 4 5 9 0 1 1 6 4, , 6 8 2 4 2 6 1 1 3 1 , , 6 6 2 1 2 6 1 1 , , 4 4 6 8 2 9 8 95 8 1 0 5 69 6 2 6 1 1 3 2 , , 9 4 7 7 8 1 4 22,700 18,444 1,791 1,293 1,083 19,211 1951 19,164 15,520 1,606 1,082 866 16,073 1953—1.... 23,506 19,105 ,931 ,263 1,121 20,105 1952P 22,700 18,444 1,791 1,293 1,083 19,211 2.... 24,772 20,133 >,003 ,337 1,216 21,154 p Preliminary. 1 Includes gross mortgages with no deduction for mortgage pledged shares. 2 Net of mortgage pledged shares. 3 Includes other loans, stock in the Federal home loan banks and other investments, real estate owned and sold on contract, and office building and fixtures. Source.—Federal Savings and Loan Insurance Corporation. 975 SEPTEMBER 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES SELECTED ASSETS AND LIABILITIES, BY CORPORATION OR AGENCY * [Based on compilation by United States Treasury Department. In millions of dollars] End of year £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: To aid agriculture, total 3 385 2,878 2,884 2,299 3,632 4,362 3,884 4,161 4,058 4,563 5,070 5,671 189 197 73? 776 305 302 345 425 343 370 424 367 Federal intermediate credit banks 257 231 273 336 426 437 510 633 866 822 673 728 Federal land banks * 1 770 1088 986 351 74? 149 109 80 60 45 34 29 27 25 23 Farmers Home Administration • 643 604 590 5S8 S7S 523 535 539 594 606 596 653 Rural Electrification Administration 361 407 578 734 999 1,301 1,543 1,742 1,831 1,873 1,920 1,966 Commodity Credit Corporation 353 99 120 280 1,293 1,729 898 782 390 859 1,426 1,927 10 9 6 7 5 9 7 6 6 5 6 5 1237 896 619 116 768 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 74 6 Home Owners' Loan Corporation * . 1 091 8S? 636 486 369 231 10 Reconstruction Finance Corporation 12 12 10 * 1 177 168 137 123 119 117 115 113 Other agencies 1 1 1 65 22 24 35 169 201 223 246 270 To railroads total . , 171 147 140 114 110 101 85 84 82 79 Reconstruction Finance Corporation 321 70S 153 145 138 112 108 99 83 82 80 77 Other agencies 21 18 18 3 3 3 2 2 2 2 2 2 191 192 272 310 462 458 488 464 480 516 526 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 216 267 314 447 121 445 824 814 653 716 864 611 66 60 14 7 6 8 8 8 (7) (7) (7) Federal home loan banks 131 19S 793 436 515 433 816 806 653 715 864 611 Other agencies 20 12 7 4 4 4 221 2,284 1,673 6,102 6,090 6,078 6,110 7,617 7,826 7 736 7,713 Export-Import Bank 225 252 1,249 1,978 2,145 2,187 2,226 2,296 2,389 2,546 2,496 2,466 Reconstruction Finance Corporation • (8> 774 735 746 706 154 101 64 58 58 58 55 Other agencies' 800 3,450 3,750 3,750 3,750 3,750 »5,17O 5,222 5,182 5,191 All other purposes total ... 1,237 707 714 584 484 531 779 801 933 1,095 872 Reconstruction Finance Corporation6 »827 309 73? »340 190 88 59 61 61 61 50 51 305 786 778 278 294 297 366 609 624 750 919 688 Other agencies 8106 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 9,71411,69212,73313,228 14,42215,913 16,890 17,826 18,089 Investments: U» S. Government securities, total 1630 683 1,873 681 1,814 2,047 2,075 2,226 2,364 2 371 2 421 2 645 Banks for cooperatives . . .. 43 43 43 48 43 43 43 43 43 43 43 43 Federal intermediate credit banks 39 43 47 48 44 74 46 51 49 61 60 53 Production credit corporations . 60 67 70 72 66 39 42 43 43 43 43 44 Federal land banks * . . .. 14S 136 Federal home loan banks 144 118 145 139 774 275 199 249 311 298 311 460 Federal Savings and Loan Insurance Corp 151 161 172 184 199 214 193 200 209 203 208 212 Home Owners' Loan Corporation ^ . 17 1? 1? 8 Federal Housing Administration 87 106 1?? 137 144 188 244 285 286 299 316 330 Public Housing Administration 10 7 8 8 8 8 Reconstruction Finance Corporation ' 7S 49 48 CO 1 i Federal Deposit Insurance Corporation 760 897 1,045 1,020 1,064 1,205 1,307 1,353 1,421 1,423 1,437 1,500 Other agencies 28 30 20 21 1 1 1 1 1 1 1 318 3,385 3,381 3,385 3,385 3,385 3,385 3 385 3 385 3 385 Other securities, total 4?4 321 230 114 133 107 88 78 53 51 44 42 Reconstruction Finance Corporation 789 744 159 108 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 1450 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 16,23721,01716,92412,600 3,060 2,962 2,945 3,358 3,186 3,212 3,213 3,240 Public Housing Administration *" 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 35 630 611 605 594 202 202 199 197 710 771 777 754 793 830 886 1,048 1,170 1,209 1,251 1 299 U. S. Maritime Commission * 3,113 3,395 3,301 3,305 War Shipping Administration * 5,427 7,813 7,764 6,507 Other agencies X1 262 1,948 2,044 1,793 ' " 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 74 8 33 69 70 78 110 170 112 120 181 145 Federal intermediate credit banks 274 245 293 358 480 490 520 674 857 864 704 710 Federal land banks * 818 79? 756 Commodity Credit Corporation . Federal home loan banks 67 69 169 262 415 204 560 525 258 317 445 252 For footnotes see following page. 976 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 l Liabilities, other than interagency items Date, and corporation or agency Total Cash L c a r e o b e i a l v - e n - s m m C p s r t a l i i u o o a n i e a p e m t d s l d e - s s , i , - - - G U s ri e o t . c i v I e u S m n t s - . . v e e n O s s t r t s e i t - t c h ie u e s - r L s e t m u t a q a r r n e u u n e d n i c d s p t - , , - O s a t e h s t - e s r a t B F g U u n a u b u o r t . n a e y l e S n d l r e s . d y - d s d p , e a n O b y o e a t t h n b e e - l s e r , l O i i a t t i b h e i e s l r - i m U G n e e r t . o e s e n n v t S r - t - - . o i v n P w a e t r t s e n i e t - r e l - y d All agencies: 1944—Dec> 3i 31,488 756 6,387 2,942 1,632 42416,237 3,111 1,537 1,395 4,19623,857 504 1945—Dec. 31 33,844 925 5,290 2,288 1,683 32521,017 2,317 555 1,113 4,21227,492 472 1946—Dec. 31 30,409 1,398 6,649 1,265 1,873 54716,924 1,753 261 1,252 3,58824,810 498 1947—Dec. 31 2 30,966 1,481 9,714 822 1,685 3,539 12,600 1,125 82 689 2.03728,015 143 1948—Dec. 31 2 21,718 630 11,692 627 1,854 3,518 3,060 337 38 965 1,66318,886 166 1949—Dec. 31 23,733 441 12,733 1,549 2,047 3,492 2,962 509 28 772 11,72021,030 183 1950—Dec. 31 24,635 642 13,228 1,774 2,075 3,473 2,945 499 23 1,190 1,19321 995 234 1951—Dec. 312 26,744 931 14,422 1,461 2,226 3,463 3,358 882 43 1,369 L.16123,842 329 1952—June 30 2 27,933 808 15,913 3 SO 2,364 3,438 3,186 874 44 1,228 L.20025,104 357 Sept. 30 28,922 93216,890 1,377 2,371 3,436 3,212 704 39 1,301 1,43425,780 367 Dec. 31 29,945 94417,826 1,280 2,421 3,429 3,213 832 53 1,330 .75826 456 378 1953—Mar. 31 30,564 936 18,089 L.259 2,645 3,427 3,240 968 48 1,107 2 06926 938 401 Classification by agency, Mar. 31, 1953 Department of Agriculture: Farm Credit Administration: 437 24 365 43 (7) 5 145 2 265 26 Federal intermediate credit banks.. 808 19 728 53 9 710 8 91 Production credit corporations 52 1 44 6 51 Agricultural Marketing Act 1 1 (7) 1 Federal Farm Mortgage Corp 25 23 (7) 24 Rural Electrification Administration ~~ 2 093 50 1,964 1 78 1 2 093 Commodity Credit Corporation 3,506 9 1,924 1,013 98 462 979 2 527 636 62 549 1 (7) 23 4 631 Federal Crop Insurance Corp. .. 31 30 2 4 27 Housing and Home Finance Agency: Home Loan Bank Board: F F e e d d e e r r a a l l S h a o v m in e g l s o a a n n d b L an o k a s n Insurance Corp.. 1,1 2 0 1 1 9 2 2 6 611 4 21 6 2 0 (') 4 6 252 474 7 213 375 Public Housing Administration 1,983 89 695 0) 1,149 50 39 1,944 Federal Housing Administration 516 51 35 330 0 1 98 48 231 236 Office of the Administrator: Federal National Mortgage Association... 2,404 2,394 10 6 2,398 Other . . .. 106 26 48 28 4 (7) 106 Reconstruction Finance Corporation: Assets held for U. S. Treasury 12 343 3 1 104 2 197 37 343 Other13 . 831 34 721 15 34 1 26 40 791 Export-Import Bank 2 487 3 2,467 (7) (7) 17 37 2 450 Federal Deposit Insurance Corp 1,515 1 00 1,500 14 128 1,387 T A e ll n n o e th ss e e r e Valley Authority 9 1 , 7 6 9 7 6 3 3 1 4 61 4 5,564 1 2 0 2 6 (7) 3,385 1 4 2 6 9 7 9 114 8 4 65 2 9 1 , 7 6 3 3 1 1 1 Loans by purpose and agency are shown on a gross basis; total loans and all other assets are shown on a net basis, i. e., after reserve for 2 Several changes in coverage have been made over the period for which data are shown. The more important are: exclusion of the following agencies following repayment of the U. S. Government interest—Federal land banks after 1946 and the Home Owners' Loan Corporation after June 1951; exclusion of the United States Maritime Commission (including War Shipping activities) after 1947, when this agency ceased to report to the U. S. Treasury; and inclusion of the Mutual Security Agency beginning June 1952. 3 This agency, successor to the Farm Security Administration, took over the continuing functions of the latter agency in 1946. Earlier figures have been adjusted to include the FSA. Figures for 1944 and 1945 also include Emergency Crop and Feed Loans of the Farm Credit Administration, transferred to the FSA in 1946. Figures through 1948 include the Regional Agricultural Credit Corporation, the assets and liabilities of which have been administered by the Farmers Home Administration since dissolution of the RACC in 1949. These activities are reported currently on the Treasury Statement as "Disaster Loans, etc., Revolving Fund." * 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. SEPTEMBER 1953 977 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS ' Bond prices Stock prices Common U. S. Govt. Vol- Ye o ar r , w m e o ek nth, (long-term) n M ici u p - al C r p a o o t r - e - Pre- Sta (i n n d d a e r x d , 1 an 9 d 3 5 P -3 oo 9 r = 's 1 0 se 0 r ) ies Secu M r a i n ti u e f s a a c n t ( d u in r E d i e x n x c g , h a 1 n 9 g 3 e 9 C =1 o 0 m 0 m ) ission series t i u r n ( o m a i g f n d e 8 - (high- (high- ferred5 Trade, thour O i s e e l s - d 2 r N i s e e e s - w 3 grade)1grade)' T ta o l - d t I u a 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 ra u - - N d r o u a n - - - 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 n r n c v d e - - , M in i g n- s s h a a o n r f d e s s) ble ble ice Number of issues. . 3-7 15 17 15 480 420 20 40 265 170 98 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 1,315 1952—Aug 97.09 128.6 115.8 169.9 191 208 175 119 190 225 194 254 228 120 210 278 995 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 9696 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 3196 212 181 124 202 229 204 252 235 124 210 256 1,678 Mar 94.31 121.6 113.4 165.7 198 215 185 125 204 232 207 256 238 124 212 263 1,931 Apr 93.25 121.3 111.7 161.7 190 206 173 122 194 220 194 245 223 120 207 252 1,637 May 91 .59 99 75 110.4 109.8 160.0 190 205 174 121 104 221 106 244 226 120 200 247 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 92.98100.03 115.1 110.7 160 1 186 200 174 110 100 217 188 243 223 110 206 237 967 Aug 92.89100.44 116.8 111.4 163.1 187 202 170 121 190 217 186 245 217 121 206 236 1.13& Week ending: Aug. 1 92.80100.15 116.1 111.5 162.5 186 200 171 120 220 100 247 223 120 207 240 1,160 Aug. 8 92.94100.33 116.4 111.6 162.8 189 204 175 121 193 220 100 248 224 121 208 241 1,078 Aug. 15 92.92100.50 116.8 111.6 163.4 190 205 174 122 192 220 188 249 221 121 208 240 1,012 Aug. 22 92.95100.46 117.3 111.5 163.6 187 202 168 121 190 216 186 244 216 121 206 237 1,009 Aug. 29 92.83100.46 116.9 110.9 162.6 183 197 164 121 185 210 180 238 208 120 201 227 1,242 1 Monthly and weekly data for U. S. Government bond prices and volume of trading are averages of daily figures; for other series monthly and weekly data are based on figures for one day each week—Wednesday closing prices for municipal and corporate bonds, preferred stocks, and common stocks (Standard and Poor's Corporation) and weekly closing prices for common stocks (Securities and Exchange Commission). 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 \ears were included. 3The 3H per cent bonds of 1978-83, issued May 1, 1953. 4 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 2O-yeai bona. 8 Standard and Poor's Corporation. Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend 6Average daily volume of trading in stocks on the New York Stock Exchange. Back figures—See Banking and Monetary Statistics Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETIN' for May 1945, pp 483-490, and October 1947, pp. 1251-1253. CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances End of month C b u a ( s d n l t e a o e b n m t i c ) t i e e s rs' a b in n p a a v d l c a D a e c r n t s t o e r n c t b u a m e e i n d s t r e t i s s n n i ' n g t a i b n n a a v d c l D a e c f n t i s o e r r c t m b u a m e i d n s t e t i s n n in g t C a b h a n a s a d n h n k d i o s n n bo M rr o o n w e e y d 2 F cr r e e C e di u t s t b o a m la e n r O ( c s n ' t e h e s t e 1 ) r a i I n n n a v d c p e c t a s o r t r u a m t n d n O e t i e s n n t r h t g s' er a i c n n a r v d I c e n e c d t s o i r f t t u a i m r n d m b e t i a s n n l g t ance I a n s c ( c c n o a e u p t n ) it t a s l 1950—June 1,256 12 386 314 827 673 166 25 11 312 December... 1,356 9 399 397 745 890 230 36 12 317 1951—June 1,275 10 375 364 680 834 225 26 13 319 December... 1,292 12 392 378 695 816 259 42 11 314 1952—June 1,327 9 427 365 912 708 219 23 16 324 1952— \ugust 31,338 3926 3675 September. . 31,333 3891 3692 October 31,316 3 860 8692 November. . 31,347 3878 3 706 December. . . 1,362 8 406 343 920 724 200 35 9 315 1953—January.... 31,345 3908 3732 February. . . 31 ,350 3871 3730 31,513 3966 3 744 April . 31 504 31,068 3 738 May »-3l,671 31,193 '3673 Tune 1 .684 7 347 282 1,216 653 163 23 16 319 July 31,664 31,161 3650 r Revised. 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 al?o 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): May, 40; July, 29. 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. 978 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] P c r o i m m - e P ba ri n m k e - securities (taxable) Size of loan mo Y n e th ar , , or mercial ac e c rs e ' pt- 3-month bills Area and period lo A a l n l s $1,000- $10,000-$100,000 $200,000 week paper, ances, 9-to 12- 3- to 5- $10,000 $100,000$200,000 and over m 4- o t n o t h 6 s - 1 da 9 y 0 s1 M y a i r e k ld et o i n R s s a n u t e e e w s i m ss o u n e t s h 2 is y s e u a e r s8 An 1 n 9 u 1 a c 9 l 4 i t 4 i a e v s e : rages: 2.4 4.3 3.3 2.6 2.2 1945 2.2 4.3 3.2 2.3 2.0 1950 average 1.45 1.15 1.20 1.218 1.26 1.50 1 1 9 9 4 4 6 7 2 2 . . 1 1 4 4 . . 2 2 3 3 . . 1 1 2 2. . 2 5 1 1 . . 8 7 1951 average 2.17 L60 1.52 1.552 1.73 1.93 1948 2.5 4.4 3.5 2.8 2.2 1952 average 2.33 1.75 1.72 1.766 1.81 2.13 1949 2.7 4.6 3.7 3.0 2.4 1952—August. . .. 2.31 L .75 1.83 1.876 1.94 2.29 1950 2.7 4.5 3.6 3.0 2.4 S O e c p to te b m er b . e . r . . 2 2 . . 3 3 1 1 L L . . 7 7 5 5 1 1 . . 7 7 1 4 1 1 . . 7 7 8 8 6 3 1 1. . 8 9 4 5 2 2. . 2 2 6 8 1 1 9 9 5 5 1 2 3 3 . . 5 1 4 4 . . 9 7 4 4 . . 2 0 3 3 . . 7 4 3 2 . . 3 9 November. 2.31 L.75 1.85 1.862 1.89 2.25 Quarterly: December.. 2.31 L.75 2.09 2.126 2.03 2.30 19 cities: 1953— F M J e a a b n r r c u u h a a r r y y . . . . . 2 2 2 . . . 3 3 3 6 1 1 L 1 L . . . 8 8 8 8 2 8 2 1 1. . . 9 9 0 7 6 1 2 2 2 . . . 0 0 0 4 8 1 2 2 8 2 1 1 . . . 9 9 0 7 7 4 2 2 2 . . . 4 4 3 2 6 9 1 1 9 9 5 52 3 — — D S M e e a p c r t 3 3 3 . . . 5 5 4 4 1 9 4 4 4 . . . 2 2 2 2 1 5 3 3 3 . . . 7 7 7 7 5 4 3 3 3 . . . 3 2 2 2 7 9 April 2.44 1.88 2.19 2.177 2.27 2.61 June 3.73 4.38 3.91 3.53 Mav . . 2.68 L .88 2.16 2.200 2 41 2 86 New York City: Tune 2.75 .88 2.11 2.231 2^46 2.92 1952—Sept , 3.29 4.66 4.06 3.60 3.15 July 2.75 .88 2.04 2.101 2.36 2.72 Dec 3.33 4.51 4.06 3.63 3.19 August.... 2.75 1.88 2.04 2.088 2.33 2.77 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 Aug. 1... 2.75 1.88 2.11 2.157 2.30 2.70 7 Northern and East Aug. 8... 2.75 1.88 2.07 2.136 2.35 2.72 ern cities: Aug. 15. .. 2.75 1.88 2.08 2.116 2.37 2.79 1952—Sept 3.44 4.85 4.20 3.72 3.24 Aug. 22 ... 2.75 1.88 2.06 2.101 2.34 2.80 Dec 3.49 4.85 4.21 3.74 3.29 Aug. 29... 2.75 1.88 1.98 2.001 2.29 2.78 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 ie n s t h i l n y c f lu ig d u e r s e s c e a r r t e i f a ic v a e t r e a s g e o s f o i f n d w e e b e t k e l d y n e p s r s e v a a n il d 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 — th st e S e r e r n n p t a c n i d ties: 3.84 5.04 4.31 3.82 3.56 bon 8S d e r i i s e s s u e i s n . cludes selected note and bond issues. 1953— D M e a c r 3 3 . . 8 9 4 0 5 5 . .0 0 2 6 4 4 . . 3 3 0 1 3 3. . 9 9 1 1 3 3. . 6 5 2 1 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 t947, pp. 1251-1253. NOTE.—For description of series see BULLETIN for March 1949, pp. 228-237. BOND AND STOCK YIELDS * [Per cent per annum) -ionds inciustrial stocks Earn- U. S. Govt. Corporate (Moody' Dividends/ ings/ Year, month, (long-term) M i u p n a i l c- By ratings By groups price ratio p ra r t ic io e or week (high- Old New grade) * Total Indus- Rail- Public Pre- Com- Comseries 2 series3 Aaa Aa A Baa trial road utility ferred6 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—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 IVIarch 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 3.26 2.73 3.53 3.34 3.41 3.58 3.78 3.39 3.63 3.57 4.38 5.53 June 3.09 3.29 2.99 3.61 3.40 3.49 3.67 3.86 3.48 3.73 3.62 4.47 5.60 PIO.64 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 August 3.00 3.22 2.88 3.51 3.24 3.39 3.56 3.85 3.37 3.61 3.54 4.29 5.75 Week ending: Aug. \ 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 Aug. 8 3.00 3.23 2.91 3.50 3.22 3.38 3.57 3.84 3.37 3.61 3.53 4.30 5.44 Aug. 15 3.00 3.22 2.89 3.50 3.22 3.38 3.56 3.84 3.36 3.61 3.54 4.29 5.44 Aug. 22 3.00 3.22 2.86 3.51 3.24 3.39 3.55 3.85 3.37 3.61 3.55 4.28 5.52 Aug. 29 3.01 3.22 2.88 3.52 3.26 3.40 3.56 3.87 3.38 3.63 3.56 4.31 5.67 P Preliminary. 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 iy2 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 3M per cent bonds of 1978-83, issued May 1, 1953. ^Standard 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. 979 SEPTEMBER 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 re N ce e ip t ts 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 n h c u n - d e s r t t s r o i S e n b o d a a f l e l i g e m g m G e s a n a p a o t r c i t v n k o y i t o n e d . n t s s C co i a l n e u c a g - n r t - p d G d u 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 B e u e n i r a n n n a c l d - e l - A a F v b . a l i e R l- .B I c n e a o s n p s l k l r e o s o c f c - - S d it p e a e p r c o i i e s a s - l O s n a t e h s e t - t s er funds tion Calendar year: 1949 . . . 38,122 41,714 -3,592 —362 — 140 234 4,331 471 4,679 841 94 2,557 1,187 1950 37,834 138,255 !-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 ,132 Fiscal year: 1950 37,045 40,167 -3,122 121 -22 483 4,587 2,047 5,517 950 143 3,268 1,156 1951 48,143 144,633 13,510 »295 384 -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 1L ,256 Semiannual totals: 1950—Jan.-June. 19,370 19,192 178 135 -43 341 227 838 5,517 950 143 3,268 L,156 July-Dec.. 18,464 119,063 1-599 !-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—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 1,132 953—Tan. . 5,061 5,737 -676 — 140 29 401 11 —376 5,689 811 350 3 318 1,209 Feb 5,479 5,595 -116 404 -133 -2 182 335 6,024 351 174 4,376 1,123 Mar. 10,502 6,187 4,315 —209 12 -135 -3,099 884 6,908 222 448 4 983 1,255 Apr 2,849 6,362 -3,513 -157 -50 289 105 -3,326 3,582 393 180 1,859 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 L 322 Aug 4,568 6,042 -1,473 299 1 -430 536 -1,067 7,674 496 96 5,825 1,257 Budget expenditures Major national security programs Period Total Totaia 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 i a e t - d - n I t a i e n o n o c i t m a d n o e - - a r 3 ic - l A E C m s n t o o i e o i m m s r 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 t o a m e r n n t a - 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 - - 6 g c S r p u o s a r r c e o m i - i - t a y s l 4 H n h a a i o o f n n n m i u g d - c s e e - P w u o b r l k ic s o P d f i f c e o i i c f s t - e t T c t o f r r a e t u a u c o r n n s - s s t ts - Other 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 1,508 646 1,573 775 1,193 2,487 Fiscal year: i950 40,167 17,950 12,346 44 4,941 524 5,750 6,043 2,986 1,375 —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 L.458 624 972 2 276 1952 66,145 46,319 39,033 2.228 2,904 1,648 5,859 4,748 1,219 1,424 614 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 L. 593 382 .655 660 1 079 ? 570 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 L.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 2t,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—Aug 5,018 3,814 2,971 352 266 144 183 354 126 109 21 148 94 1KO Sept 6,070 4,518 4,008 184 133 155 559 343 49 116 71 158 64 191 Oct. 6,383 4,373 3,723 298 142 160 572 354 192 191 79 174 180 23 245 Nov 5,161 3,876 3,302 266 128 150 185 345 112 124 101 140 93 184 Dec 7,124 4,640 4,081 275 117 127 1,146 378 289 104 112 138 67 252 1953—Jan. 5,737 4,216 3,632 277 138 158 235 348 357 180 —80 89 160 20 213 Feb 5,595 4,168 3,501 316 171 151 311 339 285 109 19 70 101 19? Mar 6,187 4,670 3.789 523 181 157 563 358 281 10 -3 88 -30 58 1Q3 Apr 6,362 4,582 3,891 366 120 167 372 350 293 239 -35 193 125 13 232 May 6,241 4,481 3,746 285 278 153 179 348 581 125 66 155 92 213 June. ... 7,988 4,815 4,056 325 246 140 1,882 343 382 128 — 10 145 50 C;Q 194 July 6,068 P4,634 3,890 451 P139 117 237 369 254 M81 —78 174 P52 P245 Aug. 6,042 P4.169 P3.520 197 P255 157 206 P330 n.a. P122 n.a. P153 'l60' P146 n.a. 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. 4 Excludes transfers to trust accounts, which are shown separately. *Excludes expenditures for forest development of roads and trails, which are included with public works. 980 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS—Continued [On basis of daily statements of United States Treasury, unless otherwise noted. In millions of dollars] Treasury receipts Budget receipts, by principal sources Internal revenue collections (on basis of collectors' reports) Income Deduct and old-age Taxes Individual in- Period p i W n l h e o s b e m i u y y t l e r h d - a r - n s ce O ta t x h e e s r n t 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 d o r o r m o 8 y n i o r e e - e o n r r s r s c O e r t i e h p - e t r s b c T u e r o d i e p t g - a t e l s t A to t f t p a p r i u r o u g o n p i n a e s l d r t d s - o - - c fu e R r o i n e e p f d - - t s s b c u N e r d i e e p g - t t e s t W c a h o g e i m e t l h d e i t - n a a x s n u e d O s ra t o n h l c e d e r - C p r c t a r a a o o i o t x n n r m i f p o e d - it o s e 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 n x n u c c d e e s i e s s - l e - Calendar year: 1949 11,428 19,894 8 326 794 2,123 42,565 1,666 2,777 38,122 11,591 7,828 12,006 754 7,529 1950 13,775 17,361 8 771 770 1,980 42,657 2,667 2,156 37,834 12,963 7,384 9,937 658 8,150 1951 19,392 876 9 392 944 2,337 58,941 3,355 2,098 53,488 18,840 10,362 16 565 801 8,682 1952 23,658 34 174 10 416 902 2,639 71,788 3,814 2,451 65,523 23,090 11,980 22,140 849 9,558 Fiscal year: 1950 12,180 18,189 8 303 776 1,862 41,311 2,106 2,160 37,045 11,762 7,264 10,854 706 7,599 1951 . 16 654 218 9 423 811 2,263 53,369 3,120 2,107 48,143 15,901 9 908 14 388 730 8 704 1952 21,889 33 9 726 994 2.364 67,999 3,569 2,302 62,129 21,313 11,545 21,467 833 8,971 1953 25,058 33,101 10 870 902 2,525 72,455 4,086 3,151 65,218 24,750 11,604 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 ,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 ,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 ,114 25,757 1,646 302 23,809 9,798 2.335 7,149 374 4,440 1952—Jan.-June... 11,942 23,526 4 978 545 ,251 42,242 1,922 2,000 38,320 11,515 9,210 14,318 459 4,531 July-Dec... 11,716 10,647 5 438 357 ,388 29,546 1,891 451 27,204 11,574 2,770 7,821 390 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—Aug 2,995 44 5 862 106 177 4,585 434 102 4,050 4,012 93 70 780 Sept 1,751 4 877 54 164 6,875 235 55 6,585 232 1,653 2,442 59 808 Oct 997 1 ,214 923 17 204 3,355 204 51 3,099 1,634 164 927 57 911 Nov 3,085 436 888 104 219 4,731 533 47 4,151 3,968 109 352 51 795 Dec 1,882 3,088 939 54 387 6,350 303 45 6,003 190 358 2,785 70 870 1953_jan 989 3 111 842 30 260 5,232 117 54 5,061 1,144 2,855 501 77 760 Feb. . 3,544 1 ,479 856 271 150 6,300 486 336 5,479 4,990 839 404 65 782 Mar 2,102 8 SSI 993 66 158 11,870 425 944 10,502 328 2,698 6,171 154 825 Apr. . 1 ,170 1 ,837 880 14 144 4,044 232 963 2,849 1,667 855 654 84 848 May . . .. 3,399 490 922 109 220 5,140 516 244 4,380 4,520 151 359 62 851 Tune 2 138 6,986 939 54 206 10,323 420 159 9,744 527 1,437 5,683 60 854 July 1 2^2 1 ,125 937 P20 286 3,619 206 105 3,308 Aug P3,496 405 955 P110 187 5,153 519 65 4,568 Treasury receipts—Continued Trust and other accounts Internal revenue collections—con Social security, Other accounts2 (on basis of collectors' reports) retirement, and Period Excise and miscellaneous taxes Total i insurance accounts Total Liquor Tobacco M a a n n d u e r f x e a c t c i a s t i e u l r e e r r s' s' Other ce R i e p - ts I m nv e e n s t t s - Ex tu p r e e n s di- m In e v n e t s s t 3 - Other1 Calendar year: 1949 7,529 2,204 1,320 2,221 t 784 -362 5.512 1,965 3,584 —325 1950 8,150 2,419 1,348 2,519 1 864 -38 6,543 56 6,214 -22 -333 1951 8,682 2,460 1,446 2,790 1 987 759 7,906 3,155 4,507 271 786 1952 9,558 2,727 1,662 3,054 115 49 8,315 3,504 4,942 329 508 Fiscal year: 1950 7,599 2,219 1,328 2,245 1 806 121 6,266 -402 6,484 —62 1951 8,704 2,547 1,380 2,841 1 936 295 7,251 3,360 3,752 196 353 1952 8,971 2,549 1,565 2,824 032 219 8,210 3,361 4,885 275 530 1953 9,946 2,781 1,655 3.359 2 157 462 8,531 3.059 5,257 242 489 Semiannual totals: 1950—Jan.-June. . 3,688 1,028 665 1,125 870 135 3,231 ,501 4,570 -26 July-Dec... 4,462 1,391 683 1.394 994 -173 3,312 L.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 July-Dec .. 5.027 1,482 845 1,573 1 127 121 4,073 L.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_Aug 780 205 149 253 173 6 930 361 403 36 -124 Sept. 808 258\ 147 223 180 456 399 53 399 -9 500 Oct 911 285 157 248 221 -207 361 22 399 -1 -148 Nov 795 269 127 268 131 127 958 388 383 93 34 Dec. 870 220 125 313 71? -218 718 363 462 -14 -125 1953—jan 760 18f 136 283 154 -140 248 -103 447 233 188 Feb 782 ist 133 308 155 404 869 223 449 -54 154 Mar 825 229 144 276 176 -209 596 61 488 38 -217 Apr 848 230 133 292 193 -157 405 128 478 -17 27 851 229 129 320 173 377 1,020 412 463 42 274 June 854 ?.V 136 307 174 65 1,319 843 476 -107 -42 July -260 405 90 470 -29 -134 Aug 299 1,070 409 462 -14 86 P 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). SEPTEMBER 1953 981 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 Net Budget Plus: Trust Equals: Budget expenditures Plus: Tr. acct. Plus: Equals: operat- Period Cash Less: Noncash S E t x a c b h i- . Clear- Cash come Total Less: Less: ing Total Accru- Intra- Less: liza- ing ac- ing or net Non- Total Non- income als to Govt. Total Non- tion count outgo receipts cash1 cash2 public3 trans.4 cash6 Funds (—) Cal. yr.—1949 38,122 99 5,956 2,603 41,374 41,714 403 2,588 4,210 164 102 -234 42,642 -1,267 1950 37,834 171 7,001 2,211 42,451 38,255 503 2,307 6,923 65 -262 -87 41,969 482 1951... 53,488 222 8,582 2,508 59,338 56,846 567 2,625 4,397 90 -26 106 58,034 1,304 1952 65,523 184 8,707 2,649 71,396 71,366 734 2,807 4,825 28 38 319 72,980 -1,583 Fiscal yr.—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 ,178 21,551 19,192 222 1,213 4,722 10 -262 -341 21,865 -315 July-Dec.. . 18,464 91 3,562 ,033 20,900 19,063 281 1,075 2,201 55 254 20,105 796 1951—Jan.-June. . 29,679 164 4,234 1,210 32,537 25,570 196 1,279 1,744 82 -13 -40 25,700 6,839 July-Dec.. . 23,809 58 4,349 ,298 26,799 31,276 371 1,346 2,653 8 — 13 146 32,334 -5,534 1952—Jan.-June. . 38,320 77 4,458 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 ,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 1952—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 -1,368 June 9,744 49 1,338 848 10,185 7,988 70 907 537 — 11 373 7 932 2,2 S3 July . . 3,308 31 429 91 3,615 6,068 108 120 629 2 —466 6,001 -2,386 Aug 4,568 1,158 6,042 464 430 1 Represents principally interest paid to Treasury by Government agencies and repayment of capital stock and paid-in surplus by partially owned Government corporations. 2Represents principally interest on investments in U. S. Government securities, payroll deductions for Government employees' retirement accounts, and transfers shown as Budget expenditures. 3Represents principally excess of interest accruals over payments on savings bonds and Budgetary expenditures involving issuance of Federal securities; the latter include mostly armed forces leave bonds and notes issued to the International Bank and Monetary Fund, which are treated as noncash expenditures at the time of issuance and cash expenditures at the time of redemption. 4 Represents principally noncash items shown under trust account receipts (described in footnote 2); also includes small adjustments for noncash interest reflected in noncash Budget receipts (see footnote 1) and in noncash trust account expenditures (see footnote 5). 5Represents principally repayments of capital stock and paid-in surplus by partially owned Government corporations, as well as interest receipts by such corporations on their investments in the public debt (negative entry). 6Cash transactions between International Monetary Fund and Exchange Stabilization Fund. (See footnote 3.) DERIVATION OF CASH BORROWING FROM OR REPAYMENT OF BORROWING TO THE PUBLIC In Plus: Cash Less: Noncash debt transactions Equals: Details of net cash borrowing from or crease. issuance of Net cash repayment ( —) ofborrowing to the public2 or de- securities of Net inv. Accruals to public1 borrow- Period d ( c i g - d r r r ) e . e o , a b p s s i t s u e n b. F a G n e u d te a e e r r d - al ag a g N e n n u t o c e a n i e r e - - d s G & o i s n t e v r c t . F . . e f a b u g d y n e . d n s . T I b n r o t e . n a d o s s n . a b s i n a ll d v s . P F f a e o y d rm . t s s . e o i c f n . b ( i o n - i r g ) n r , o g o o w f r - m & i D s k s i c t u r a o e e b n c s l t v 3 e . . S b p ( a i r o v s i n i s c n u d e g e ) s s S n av o i t n es gs S s a P i p v s o e s . s u c S t e i a a y s l l s. Other* Cal yr—1949 4,331 -25 -115 2,156 585 —285 1,739 -2,275 1,125 3,020 15 — 146 1950 -423 -6 355 94 602 163 -929 -2,649 751 1,021 -250 198 1951 2,711 18 37 3,418 718 -125 -1,242 1,999 — 1,191 -1,099 -997 46 1952 7,973 12 -102 3,833 770 -74 3,353 5,778 -406 -1,784 — 113 — 122 Fiscal yr.—1950 4,587 -8 -14 -308 574 68 4,231 211 728 3,601 -150 -158 1951 -2,135 10 374 3,557 638 -149 -5,795 -3,943 -467 -657 -1,093 365 1952 3,883 16 -88 3,636 779 -79 -525 1,639 -717 -1,209 -155 -82 1953 6,966 7 -32 3,301 719 3 2,918 «5,295 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 «18 -1,335 -68 -21 Monthly: 1952—Aug 113 5 66 397 44 -27 -229 -192 -111 74 Sept -504 1 -34 44 49 -3 -628 -259 —46 —292 —31 Oct 2,238 5 -50 21 58 -2 2,116 2,200 —7 — 13 —64 Nov 2,513 6 68 481 84 -1 2,022 1,915 —8 62 53 Dec -41 3 —50 349 97 —7 —527 — 172 _5 —302 2 46 1953_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 1,425 61 571 5—147 —6 —32 39 June -449 33 735 71 -1 -1,222 -862 -98 -341 -11 90 July 6,598 11 15 61 6109 -1 6,456 6,333 6—122 252 — 7 Aug 536 1 395 -72 6-51 271 -17 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. 4Includes 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. 6See footnote 2 at bottom of following page. 982 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY CASH INCOME, OUTGO, AND BORROWING—Continued DETAILS OF TREASURY CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC [Classifications derived by Federal Reserve from Treasury data. In millions of dollars] Cash operating income Cash operating outgo Period Total t i a n D u x d i a e i r l v s e s i c o i 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 r i t a e s l 2 - c O o c i t a m n h s - e h e r 3 D R c o e e e f d f i p u u r n t e c s d - t: s Total n g a M r t p a l r a . 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 s0 s g e S r p c a o u r m c o r ia - 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,O7C July-Dec 20,900 7,971 4,971 4,476 2,611 1,182 311 20,105 9,905 1,997 2,977 2,007 3,219 1951—Jan.-June 32,537 16,124 9,416 4,217 3,228 1,348 1,796 25,700 16,133 2,058 3,003 2,450 2,056 July-Dec 26,799 11,025 7,149 4,374 3,135 1,418 302 32,334 21,146 2,079 3,117 2,465 3,527 1952—Jan.-June 41,293 19,687 14,318 4,519 3,386 1,383 2,000 35,622 25,250 1,984 2,709 2,741 2,938 July-Dec 30,104 13,041 7,821 5,048 3,202 1,443 451 37,357 25,944 2,246 2,500 2,876 3,791 1953—Jan.-June 41,241 20,329 13,773 4,931 3,656 1,252 2,700 39,203 26,898 2,413 2,420 3,247 4,225 Monthly: 1952—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 Fob 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 4,583 297 408 658 497 May. 5,294 3,076 359 860 1,000 243 244 6,662 4,438 127 406 529 1,162 June. . . 10,185 3,081 5,683 879 528 173 159 7,932 4,817 1,045 401 543 1,126 Tulv 3 615 P334 105 6,001 P4.635 128 428 P589 P221 Aug P995 65 P4.181 P386 Government employees and Railroad retirement funds. UNITED STATES SAVINGS BONDS AND NOTES—SALES, REDEMPTIONS, AND AMOUNT OUTSTANDING [In millions of dollars] Savings bonds Tax anu savings notes Year or All series Series A-E and H Series F, G, J and K month Redemp- Outstand- Redemp- Outstand- Redemp- Outstand- Redemp- Outstand- Sales tions and ing (end of Sales tions and ing (end of Sales tions and ing (end of Sales tions and ing (end of maturities period) maturities period) maturities period) maturities period) 1941 3,036 162 6,140 1,643 160 4,750 1,393 2 1,390 2,479 8 2,471 1942 9,157 343 15,050 5,989 307 10,526 3,168 36 4,523 6,479 2,565 6,384 1943 13,729 1,576 27,363 10,344 1,452 19,573 3,385 124 7,790 8,055 5,853 8,586 1944 16,044 3,321 40,361 12,380 3,063 29,153 3,664 258 11,208 8,533 7,276 9,843 1945 12,937 5,503 48,183 9,822 5,135 34,204 3,115 368 13,979 5,504 7,111 8,235 1946 7,427 6,278 49,776 4,466 5,667 33,410 2,962 611 16,366 2,789 5,300 5,725 1947 6,694 4,915 52,053 4,085 4,207 33,739 2,609 708 18,314 2,925 3,266 5,384 1948 7,295 4,858 55,051 4,224 4,029 34,438 3,071 829 20,613 3,032 3,843 4,572 1949 5,833 4,751 56,707 4,208 3,948 35,206 1,626 803 21,501 5,971 2,934 7,610 1950 6,074 5,343 58,019 3,668 4,455 34,930 2,406 888 23,089 3,613 2,583 8,640 1951 3,961 5,093 57,587 3,190 4,022 34,728 770 1,071 22,859 5,823 6,929 7,534 1952 4,161 4,530 57,940 3,575 3,622 35,324 586 908 22,616 3,726 5,491 5,770 1952—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 1485 57,886 340 P3O7 36,048 30 pil78 21,837 1,068 1,408 4,453 July.. 402 2524 57,871 370 P2344 36,168 33 P181 21,703 472 219 4,706 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. 2 Due to a change in Treasury processing, a large amount of redemptions of E bonds in July was not broken down as to issue price and accrued discount. Hence, the redemptions figure shown includes some accrued discount. This situation will be reversed in the near future. 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. 983 SEPTEMBER 1953 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. Inmillions of dollars] Public issues * Marketable Nonmarketable Total E m n o d n t o h f d T g e r o b o t s a t s 1 l d d g i e r r o b e s c t s 2 t Total Total Bills c C e i a n e d t r d e n t s e e if b s o i s - t f - Notes B e b l a l i e g n * i B k - on s d t B s r r a i e c n - t k ed b v C i o b e o n 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 n o a n a t g v e d 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 'i6i534 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 4,394 30,211 Dec 252,854 252,800 218,865 157,482 12,224 26,525 7,131 61,966 49,636 61,383 55,051 4,572 31,714 1949—June 252,798 252,770 217,986 155,147 11,536 29,427 3,596 60,951 49,636 62,839 56,260 4,860 32,776 Dec 257,160 257,130 221,123 155,123 12,319 29,636 8,249 55,283 49,636 66,000 56,707 7,610 33,896 1950—June 257,377 257,357 222,853 155,310 13,533 18,418 20,404 53,319 49,636 67,544 57,536 8,472 32,356 Dec 256,731 256,708 220,575 152,450 13,627 5,373 39,258 44,557 49,636 68,125 58,019 8,640 33,707 1951—June 255,251 255,222 218,198 137,917 13,614 9,509 35,806 42,928 36,061 13,573 66,708 57,572 7,818 34,653 Dec 259.461 259,419 221.168 142,685 18,102 29,078 18,409 41,049 36,048 12,060 66,423 57,587 7,534 35,902 1952—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—Aug 263,225 263,186 222,753 144,148 17,206 28,019 18,974 52,579 27,369 13,186 65,419 57,753 6,330 38,307 Sept 262,722 262,682 222,216 143,895 17,207 27,763 18,982 52,579 27,365 13,182 65,139 57,758 6,039 38,360 Oct 264,964 264,919 224,430 146,775 19,712 16,902 30,246 52,578 27,338 12,491 65,164 57,794 6,026 38,390 Nov 267,483 267,432 226,557 148,772 21,715 16,902 30,253 52,578 27,324 12,499 65,285 57,850 6,089 38,788 Dec 267,445 267,391 226,143 148,581 21,713 16,712 30,266 58,874 21,016 12,500 65,062 57,940 5,770 39,150 1953—Jan 267,450 267,402 226,226 148,574 21,709 16,712 30,275 58,864 21,013 12,491 65,161 58,134 5,676 39,097 Feb. 267,634 267,584 226,187 148,445 21,710 15,958 30,282 59,483 21,012 12,484 65,258 58,268 5,642 39,302 Mar 264,536 264,485 223,025 145,988 19,211 15,959 30,327 59,482 21,009 12,438 64,599 58,371 4,879 39,354 Apr 264,642 264,590 223,077 146,133 19,312 15,959 30,375 63,238 17,249 12,391 64,553 58,413 4,798 39,474 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 Aug 273,269 273,206 230,157 153,694 20,208 21,655 30,492 64,099 17,240 12,273 64,190 57,851 4,977 40,988 1 Includes fully guaranteed securities, not shown separately. 2Includes noninterest-bearing debt, not shown separately. 3Includes amounts held by Government agencies and trust funds, which aggregated 7,007 million dollars on July 31, 1953. includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds. •Includes Series A investment bonds, depositary bonds, armed forces leave bonds, and adjusted service bonds, not shown separately. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in millions of dollars] Total Held by Held by the public End of month (i g n dr c eo l b u sts d- U. a t o r g. u e L s n t rc oi f ev u se n ran d nm s d x ent Federal Com- Mutual Insur- Other S a t n a d te Individuals Misceling guar- Total Reserve mercial savings ance corpo- local laneous anteed Special Public Banks banks2 banks com- rations govern- Savings Other invessecuri- issues issues panies ments bonds securities 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—June 259,151 37,739 6,596 214,816 22,906 61,100 9,600 15,700 19,700 10,400 49,000 14,900 11,600 July 263,107 37,945 6,689 218,473 22,853 62,700 9,800 16,000 20,300 10,700 49,000 15,600 11,500 Aug 263,225 38,307 6,712 218,206 23,146 61,800 9,700 16,100 20,700 10,800 49,000 15,400 11,500 Sept 262,722 38,360 6,692 217,670 23,694 61,600 9,700 16,100 20,200 10,900 49,000 15,200 11,300 Oct 264,964 38,390 6,681 219,893 23,575 63,100 9,600 16,000 20,500 10,900 49,000 15,200 12,000 Nov 267,483 38,788 6,757 221,938 23,821 64,200 9,500 16,100 21,000 10,900 49,100 15,100 12,200 Dec 267,445 39,150 6,743 221,552 24,697 63,400 9,500 16,000 21,000 11,000 49,200 15,000 11,700 1953—Jan 267,450 39,097 6,895 221,458 23,944 62,800 9,500 16,200 21,400 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 12,8001 June 266,123 40,538 7,022 218,563 24,746 58,700 9,500 15,900 19,900 11,800 49,300 15,900 12,900 1 Includes the Postal Savings System. 2Includes holdings by banks in territories and insular possessions, which amounted to 300 million dollars on Dec. 31, 1952. 8 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. 984 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 August 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 Issue and coupon rate Amount Treasury bills1 Certificates Treasury bonds Treasurybonds—Cont. S S S S e e e e p p p p t t t t . . . . 1 1 1 3 7 8 0 , , , , 1 1 1 1 9 9 9 9 5 5 5 5 3 3 3 3 2 1 1 1, , , 8 5 5 4 0 0 0 0 1 0 0 0 J A F M u e u a n b g r e . . . 2 1 1 2 5 5 1 , , . , 1 1 1 1 9 9 9 9 5 5 5 5 4 4 4 4 2 2 2 2 2 ^ % 5 \ / i 8 8 4 2 5 , , , , 1 9 8 7 0 1 5 8 2 4 8 ! S D D De e e e c c c p . . . t. 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 5 5 5 5 3 3 3 3 - - - 5 5 5 5 5 4 * 3 . . . . 5 7 1 , , , 8 5 9 5 0 2 8 1 1 5 6 0 J D D M u e e n a c c r e . . . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 4 5 4 3 - - - - 6 6 7 6 9 0 9 8 « 6 . ..2Y2 3 2 3 4 , , , , 8 7 7 8 3 5 2 2 2 6 2 7 Sept. 24, 1953 1,500 Dec. 15, 1953-54 .. 8,662 Mar. 15,1966-71« 2,963 June 15, 1954-565. 681 June 15, 1967-72 6 1,893 Oct. 1, 1953 1,500 Mar. 15, 1955-60 «. 2,611 Sept. 15, 1967-72. 2,716 Oct. 8, 1953 1,501 Mar. 15, 1956-58. . 449 Dec. 15,1967-72 6. 3,830 O O O N N N N c c c o o o o t t t v v v v . . . . . . . 2 2 1 2 1 1 9 2 5 7 2 9 5 , , , , , , , 1 1 1 1 1 1 9 9 1 9 0 9 9 5 5 9 5 5 5 5 3 5 3 3 3 3 3 3 1 1 1 1 1 1 1 , , , , , , , 5 5 5 5 5 5 5 0 0 0 0 0 0 0 2 1 1 0 1 0 0 T A O A O A D D M M re p c p c p e e a a a t t c c r r r r r . . . . . s . . . . u 1 1 1 r 5 5 5 1 y , , , , , , , , 1 1 1 1 n 1 1 1 1 1 9 9 9 9 9 9 9 o 9 9 5 5 5 5 5 5 5 t 5 5 4 3 7 8 e 5 5 6 6 7 . s . . . . . . . . . . . . . . . . , 2Y8 1 4 5 6 0 1 , , , , , 0 8 3 6 5 5 8 5 1 0 5 6 7 2 4 3 5 4 4 1 0 4 7 4 5 5 2 J J J J D D S S D M u u e e e u u e e a p p n n c n c n c r t t e . e . e . e . . . 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 6 5 5 6 5 5 5 5 5 9 7 0 9 2 8 6 8 6 8 - - - - - - - - 5 6 6 6 6 6 5 5 9 2 2 5 7 3 9 9 . . . « . * . 5 . . . . . . . . 3 2 4 1 , , . , 4 4 1 2 9 6 9 9 8 2 8 6 1 4 1 2 2 2 8 7 5 6 7 5 9 7 0 2 2 8 C P P b J I o a o n u o s n n v n t n a v e a e d s m e l t s r 1 m a S t 5 i e a , b C n v l 1 t e a i 9 n n S b 7 g a e 8 o s l r i n - e L 8 d s 3 o s a B .. n .3 2 . M y .3 2 1,60 5 5 7 6 0 Apr. 1, 1975-80. ..2% 12,273 1Sold on discount basis. See table on Open Market Money Rates, p. 979. 2Tax anticipation series. 3Maturity June 15, 1954. ^Maturity 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] U.S. U.S. Total G ag o e v n t - . F e e ra d l - Com- M tua u l - c In o s m u p ra a n n c ie e s Total G ag o e v n t - . F e e ra d l - Com- M tua u l - c [ o n m su p r a a n n i c e e s End of month out- cies Re- mer- sav- Other End of month out- cies Re- mer- sav- Other stand- and serve cial ings stand- and serve cial ings ing f t u r n u d st s Banks banks banks Life Other ing f t u r n u d st s Banks banks1 banks Life Other Type of security: Type of security: Total marketable Convertible bonds and convertible: (Investment 1951—June 151,490 6,177 22,98251,671 9,50411,138 4,161 45,855 Series B): Dec. . 154,745 6,251 23,80154,302 9,123 10,289 4,301 46,679 1951—June . 13,573 2,905 2,714 166 1,252 2,921 312 3304 1952—June 153,502 '6,467 22,90654,038 8,843 9,613 4,246 '47,391 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—May 160,679 6,929 24,24651,096 8,881 9,401 4,810 55,315 June 159,675 6,899 24,74651,365 8,816 9,347 4,808 53,694 1953—May 12355 3,439 177 1320 3,140 354 3 924 Treasury bills: June 12,340 3,439 182 1,314 3,133 353 3,'919 1951—June 13,614 26 527 3 750 122 756 72 8,360 Dec. 18,102 50 596 6773 71 428 104 10080 Marketable secu- 1952—June 17,219 41 381 5 828 103 504 92 10268 rities, maturing:3 Dec 21,713 86 1,341 7047 137 464 119 12518 Within 1 year: 1951—June 42,789 55 12,592 10,234 201 1077 451 18180 1953—May 19,913 156 830 3 662 139 294 135 14696 Dec 48 204 112 1343714,081 182 648 576 19 167 June 19,707 106 1455 4411 120 327 132 13155 1952—June 45 642 101 1220212,705 223 581 470 19360 Certificates: Dec 56.953 133 1474916,996 263 532 733 23 547 1951—June 9,509 17 3 194 2 753 37 113 174 3221 Dec 29078 49 12793 6773 41 217 445 8761 1953—May 59 799 214 1454315723 437 369 930 27 583 1952—June 28423 60 11821 6877 120 76 378 9092 June 64 589 163 1550519580 476 390 1,082 27393 Dec 16 712 27 5,061 4 791 37 56 317 6,424 1-5 years: 1951—June 45033 77 5 23529272 613 218 1,035 8583 1953—May 15959 29 5 121 4 141 111 47 306 6204 Dec 44401 45 668827991 419 132 992 8 133 June 15854 30 4996 4 351 87 27 310 6052 1952—June 44 945 46 7 18827 858 370 63 996 8424 Treasury notes: Dec 37 713 31 7 14622381 259 48 910 6938 1951—June 35806 14 1243913704 120 208 478 8841 Dec 18409 3 5 06810465 67 1 315 2489 1953—May 33 896 44 691419259 306 63 805 6504 1952—June 18963 2 5 56810431 42 5 327 2587 June 32330 152 645218344 464 109 914 5 895 Dec 30266 16 1377410955 49 8 486 4 978 5-10 years: 1951—June 8914 194 31 6790 86 131 202 1480 1953—May 30411 18 1377410507 63 5 526 5 518 Dec 8914 152 34 6881 73 118 201 1454 June 30425 23 1377410355 62 5 529 5 678 1952—June 15122 387 693 7740 1357 497 765 3 684 Marketable bonds:2 Dec 22834 546 138711058 1775 885 1,348 5 835 1951—June 78989 3,215 4 10831 298 7,974 7 139 3 125 22 129 Dec 77097 3,243 4 13030,119 7,697 6 720 3 120 22068 1953—May 22003 530 137410606 1647 862 1,325 5 658 1952—June 75802 '2,928 442230,710 7,221 5 855 3 087'21 580 June 18677 422 1374 8 772 1395 745 1,104 4 865 Dec 79 890 3,046 4 52232 849 7,165 5807 3 429 23072\fter 10 years: 1951—June 41 181 2,947 2410 5210 7353 6791 2,161 14309 1953—May 82042 3,287 4 52232,609 7,247 5915 3 489 24,973 Dec 41 168 3,036 2 428 5177 7202 6470 2,213 14643 June 81349 3,300 452232,066 7,232 5855 3 484 24,890 1952—June 34 698 2,496 2 109 5544 5 537 5 301 1,652 12059 Dec 31081 2,464 1415 5207 5091 4 870 1,361 10,673 1963—May 32 626 2,702 1415 5331 5 169 4966 1,396 11646 June 31,739 2,723 1,415 4488 5 167 4 969 1,356 11,621 r Revised. * 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. 2Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds. 3 Beginning with this issue of the BULLETIN, the basis for classifying bonds with optional call dates has been changed from a first call to a final maturity date. SEPTEMBER 1953 985 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 State Bonds Mis- t R ir e e - - m ti e re n - t G m U o e v . n e S r t . n 8 - ag F e e e r n a d c l - y* n m a p i n c a u d l i - - Other* Total Total o P f l f i u c e l r b y e - d p v P l a a r t c i e - e ly d f s e P t r o r r e c e - k d s C m t o o o m c n k - Total m N on ew ey7 p l p a o o u n u s r e s e - - s d m b e a o e b n f n t k t , se it c o ie u f s retc. s 1938 5,926 I,1WO 115 1,108 69 2,155 2,044 1,353 691 86 25 MS 681 7 215 1,206 1939 5,687 2,:n? 13 1,128 50 2,164 1,979 1,276 703 98 87 l?0 325 26 69 1,695 1940 6,564 2,.>17 109 1,238 24 2,677 2,386 1,628 758 183 108 76? 569 19 174 1,854 1941 15,157 11,'166 38 956 30 2,667 2,389 1,578 811 167 110 1 ,140 868 28 144 1,583 1942 35,438 33, *U6 1 524 5 1,062 917 506 411 112 34 r>47 474 35 138 396 1943 44,518 42 ,**1S 2 435 97 1,170 990 621 369 124 56 108 308 27 73 789 1944 56,310 52,'124 1 661 22 3,202 2,670 1,892 778 369 163 753 657 47 49 2,389 1945 54,712 47,»*SS 506 795 47 6,011 4,855 3,851 1,004 758 397 1 ,347 1,080 133 134 4,555 1946 18,685 io,:?17 357 1,157 56 6,900 4,881 3,019 1,862 1,126 891 ^ R89 ,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,,m 2,690 156 7,078 5,973 2,963 3,010 492 614 6,5S1 s,929 234 488 307 1949 21,110 11J304 216 2,907 132 6,052 4,890 2,435 2,455 424 736 5, 558 4,606 315 637 401 1950 19,893 9,<387 30 3,532 282 6,361 4,920 2,360 2,560 631 811 4, ?90 4,006 364 620 1,271 1951 21,265 9,778 110 3,189 446 7,741 5,691 2,364 3,326 838 1,212 7, 120 6,531 226 363 486 1952 26,961 12,577 459 4,105 237 9,582 7,649 3,645 4,005 564 1,369 8, 769 8,223 174 371 660 1952—July.. . 6,436 4J398 226 8 1,304 1,113 786 327 33 158 1, 237 1,218 10 10 48 Aug 1,168 544 201 2 421 342 125 217 29 49 791 276 9 5 123 Sept 1,331 144 428 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 ,ns? 893 11 148 89 Nov 1,108 180 219 25 384 314 126 188 20 49 340 293 34 13 38 Dec 2,079 547 231 389 4 908 731 140 591 58 119 351 780 43 28 46 1953—Jan 1,783 (S11 30 392 86 664 497 186 310 51 116 5S4 603 6 25 21 Feb 1 592 104 390 2 706 536 307 229 47 123 <)66 635 g 23 28 Mar 1,604 503 405 696 517 153 364 62 116 572 630 17 24 12 Apr 1,667 191 349 9 818 659 375 284 35 124 789 757 18 13 17 May 4,630 3, 244 650 5 731 484 287 197 82 165 596 612 35 49 19 Tune 3.0.S3 1,<1^4 416 3 1,179 988 575 413 33 159 1 ,H4 1,046 24 64 27 July 1,890 384 512 1 492 380 107 273 31 82 466 445 7 14 17 Proposed uses of net proceeds, by major groups of corporate issuers Year or Manufacturing C m om is m ce e l r la c n ia e l o u an s d Transportation Public utility Communication a R nd e a f l i n e a st n a 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 ls - ' m R e e n ti t r s e 1 - 0 T c p e n o r e e o t d a t - s l N it e a w f» m R e e n ti t r s e 1 - 0 T c p e n o r e e o t d a t - s l N c it a e a p w l - ^ m R e e n ti t r s e 1 - 0 T c p e n o r e e o t d t a - s l 1^ j t 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 t d a - s l N i c t a a e p l w * - m R e e n ti t r s e i - ° T c p n e o r e e o t d a t - s l N c it a e a p l w - > m R e e n ti t r s e 1 - ° 1948 2,180 2,126 54 403 382 21 748 691 56 ?,150 *>•005 144 tMl 890 2 587 557 30 1949 1,391 1,347 44 338 310 28 795 784 11 2,276 2 043 233 567 517 49 593 558 35 1950 1,175 1,026 149 538 474 63 806 609 196 ?,608 ftS? 395 314 81 739 639 100 1951 . . 3 066 2 846 221 518 462 56 490 437 53 ?.412 ft3?fl 85 fW5 600 5 515 449 66 1952 4,022 3,765 257 536 512 24 983 758 225 ?,626 ?,539 88 747 6 508 448 60 1952—July 354 336 18 51 49 2 82 82 233 ?31 ft m 493 72 47 25 August 127 93 34 35 33 2 112 27 85 107 106 1 ?1 21 12 11 1 September 183 136 47 16 14 2 39 38 1 165 165 16 16 27 20 7 October.... 645 630 15 30 29 1 30 29 2 347 280 67 27 26 1 61 58 3 November 164 147 18 21 21 45 32 12 43 43 48 47 1 56 50 7 December.. 327 309 18 149 148 1 115 93 23 216 213 3 34 33 1 56 55 1 1953—January 283 276 7 24 24 51 38 14 245 245 4 4 47 47 1 February... 148 144 3 92 89 3 51 33 18 257 254 3 7 7 140 140 March . 203 194 9 31 30 1 81 81 212 ?10 ft 15 15 142 141 1 April. ... 312 309 2 31 25 6 66 66 223 ?15 8 13 13 162 161 1 May 114 97 17 57 56 1 40 40 397 397 7 7 99 99 June 285 278 7 41 41 42 42 334 317 17 43 43 415 412 3 July 153 138 15 35 34 1 53 53 194 193 14 14 34 33 1 1 Estimates of new issues sold for cash in the United States. 2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 3 Includes issues guaranteed. * Issues not guaranteed. 5 Includes foreign government; International Bank; and domestic eleemosynary and other nonprofit. 6 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. i° Retirement of securities only. Source.—Securities and Exchange Commission. 986 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 1952 1953 1947 1948 1949 1950 1951 1952 Manufacturing Total (200 corps.): Sales '•30,935 -•37,028'36,739 44,118 51,06752,53613,01312,76012,606 12,213 14,956 '15,38216,140 Profits before taxes '4,109 '5,319 5,038 7,893 8,557 7,041 2,137 1,940 1,618 1,493 1,988 '2,224 2,435 Profits after taxes '2,527 '3,314 3,101 4,055 3,411 3,044 932 815 624 678 928 '837 903 Dividends '1,171 '1,405 1,660 2,240 1,986 1,980 567 482 476 475 549 '485 477 Nondurable goods industries (94 corps.):1 Sales '•11,425 '13,441 12,85314,77717,37117,546 4,441 4,335 4,216 4,363 4,627'4,636 4,735 Profits before taxes '1,793 '2,212 1,847 2,702 3,184 2,606 741 705 599 642 660 '726 742 Profits after taxes '1,170 '1,477 1,213 1,513 1,411 1,256 368 314 287 308 347 '329 337 Dividends '553 '658 710 889 845 863 242 210 206 205 244 210 206 Durable goods industries (106 corps.):2 Sales -•19,510 '23,587 23,88529,34133,696 34,991 8,572 8,425 8,390 7,851 10,329 '10,74511,405 Profits before taxes '2,316 '3,107 3,191 5,192 5,374 4,435 1,396 1,234 1,019 852 1,328 '1,498 1 ,693 Profits after taxes '1,357 '1,837 1,887 2,542 2,000 1,789 565 501 338 370 581 '508 566 Dividends '618 '747 950 1,351 1,141 1,118 325 273 270 270 305 '275 271 Selected industries: Foods and kindred products (28 corps.): Sales '3,339 '3,538 3,323 3 492 3,873 3,911 1,004 959 942 984 1,027 1,015 1,033 Profits before taxes '428 '413 379 469 407 377 104 86 93 104 94 '83 101 Profits after taxes '263 '259 235 257 199 175 52 40 42 48 45 '40 45 Dividends '131 '137 135 143 140 135 42 32 33 32 38 30 32 Chemicals and allied products (26 corps.) Sales '3,111 3,549 3,557 4,447 5,433 5,553 1.367 1.373 1,337 1 ,367 1,476 •1,518 1,548 Profits before taxes '546 656 675 1,110 '1.388 1,184 '323 318 281 285 299 '351 343 Profits after taxes '336 409 404 560 449 '127 108 105 108 128 '121 124 Dividends '214 254 312 438 355 373 100 87 87 88 112 89 89 Petroleum refining (14 corps.): Sales 2 ,906 3,945 3,865 4.234 4,999 5,320 1,345 1,318 1,275 1,325 1,402 1,381 1,3^8 Profits before taxes 456 721 525, 650 861 690 222 204 147 165 174 '190 188 Profits after taxes 350 548 406 442 516 488 148 129 111 115 133 '126 124 Dividends 127 172 172 205 231 253 64 64 60 60 69 65 61 Primary metals and products (39 corps.) Sales 7,545 9,066 8,187 10,44612,50111,557 3,226 3,073 2,385 2,605 3,494 3,428 3,608 Profits before taxes 891 1,174 993 1,700 2,092 1,161 519 425 98 208 430 457 547 Profits after taxes 545 720 5 781 854 775 565 217 220 29 09 218 '183 207 Dividends 247 270 285J 377 380 367 120 88 87 85 106 88 Machinery (27 corps.): Sales '3 ,642 '4,550 4,353 5,058 '6,160 7,0781,681 1,590 1,726 1,697 2,066 -1,967 2,037 Profits before taxes '447 '569 519 847 '1,000 972 301 232 238 213 290 '278 301 Profits after taxes '273 '334 320 424 379 123 81 80 90 128 '89 103 Dividends '116 '126 138 208 191 199 54 49 48 49 53 50 49 Automobiles and equipment (15 corps.): Sales 6,692 8,093 9,57711,80512,43812,827 2,939 3,035 3,427 2,681 3,684 4,308 4.662 Profits before taxes 809 1,131 1,473 2,305 1,915 1 ,950 488 503 596 347 504 652 718 Profits after taxes 445 639 861 1,087 704 695 185 170 191 143 191 197 208 Dividends 195 282 451 671 '480 461 119 116 114 114 117 117 114 Public Utility Railroad: Operating revenue 8,685 9,672 8,580 9,47310,39110,580 2,772 2,587 2,532 2,633 2,828 2,596 2,7^2 Profits before taxes 777 1,148 700 1,384 1,260 1,436 505 295 261 368 512 336 397 Profits after taxes 479 699 438 783 693 816 320 141 149 208 318 186 231 Dividends 236 289 252 312 328 336 111 80 74 66 116 97 73 Electric power: Operating revenue 4,291 4,830 5,055 5,431 5,867 6,224 1,521 1,603 1,491 1,513 1,618 1.7U 1 ,625 Profits before taxes 954 983 1,129 1,303 1,480 1,718 403 498 400 382 439 54 454 Profits after taxes 643 657 757, 824 818 922 226 257 214 207 244 288 246 Dividends 494 493 553 619 661 709 181 172 173 177 186 182 189 Telephone: Operating revenue 2,283 2,694 2,967 3,342 3,729 4,136 976 993 1,023 1,037 1,084 1,092 1,126 Profits before taxes 215 292 333 580 691 787 182 194 205 182 206 223 2 34 Profits after taxes 138 186 207 331 341 384 86 93 98 104 109 114 Dividends 131 178 213 276 318 355 81 85 87 93 100 101 r Revised. 1 Includes 26 companies in groups not shown separately, as follows: textile mill products (10); paper and allied products (15); miscellaneous (1). 2Includes 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). 987 SEPTEMBER 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROFITS, TAXES, AND DIVIDENDS OF NET CHANGE IN OUTSTANDING CORPORATE SECURITIES * UNITED STATES CORPORATIONS [Estimates, in millions of dollars] [Quarterly estimates at seasonally adjusted annual rates. In billions of dollars] All types Bonds and notes Stocks Year or q Y u e a a r r t o er r P b t r a e o f x o f e i r s t e s c ta o I x n m e - e s P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s tr U p i r b n o u d fi t i t e s s - d quarter i N ss e u w es R m e e t n ir t e s - ch N a e n t ge i N ss e u w es R m e e ti n r 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 ?,7?1 -539 1,939 ? SSO -611 ?43 171 72 1939 6 5 1 5 5 0 3.8 1 2 1941. .. 2,793 ?,817 -24 2,391 ? 516 — 125 40? 301 101 1941 17 2 7 8 9.4 4.5 4.9 1942 1,151 1 464 -313 929 1,3? 7 -398 ?,?.?. 137 85 1942 21.1 11.7 9.4 4.3 5.1 1943 .. 1,333 ?,1?9 -796 996 1 800 —804 337 329 8 1943 25 1 14 4 10.6 4.5 6 2 1944 3,424 899 -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 s 99S — 1,071 1 5^3 851 682 1945 19 7 11 2 8.5 4.7 3.8 1946 7,180 4,798 2,382 4,721 6?S 1,096 ? 459 1,173 1 286 1946 23.5 9.6 13.9 5.8 8.1 1947 6 882 ?,523 4,359 5,015 ?,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 ?84 4,654 1 6S? 400 1,232 1948 33 8 13 0 20.7 7.3 13 5 1949 6,732 1 87S 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 ,S00 3,724 4,806 ? 80? 2,004 ? 418 698 1,770 1950 41 0 18 2 22 7 9 1 13 6 1951 9,048 ?,77? 6,277 5,683 ? 107 3,577 3 36 S 665 ?,,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 1952—1.... 2,339 559 1,780 1,544 490 1,054 795 69 726 1951—3 39.4 21.2 18.2 9.3 8.9 2... . 3,035 603 2,432 2,127 514 1,613 908 89 819 4 40.6 21.8 18.8 9.5 9.3 3.... 2,433 717 1,716 1,793 612 1,181 640 105 535 4... . 2,920 774 2,146 1,928 684 1,244 992 90 902 1952—1 41.5 21.8 19.7 9.1 10.6 2 38.2 20.1 18.0 9.1 8.9 1953—1.... 2,321 612 1,710 1,492 481 1,012 829 131 698 3 37.0 19.4 17.5 9.1 8.4 2 . .. 2,928 607 2,321 2,096 458 1,638 832 149 683 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 21. .. 44.6 24.2 20.4 9.4 11.0 h st e o l c d k b i y ss u a e f s fi l a ia n t d ed c a c s o h m p p r a o n c i e e e s d s o r c o R nn F e C c , t e s d p e w ci i a th l c o o f n fe v r e in rs g i s o n t s o o e f m b p o l n o d y s e e i s n , t o a n s d to c a k ls s o . n R e e w tirements include the same types of issues, and also securities retired with internal 1 Preliminary estimates by Council of Economic funds or with proceeds of issues for that purpose shown on p. 876. Advisers. Source.—Securities and Exchange Commission. Source.—Department of Commerce. CURRENT ASSETS AND LIABILITIES OF UNITED STATES CORPORATIONS1 [Estimates, in billions of dollars] Current assets Current liabilities End of year Net Notes and accts. Notes and accts. or quarter working U. S. receivable payable Federal capital Total Cash er G n o m v e - nt I t n o v ri e e n s - Other Total inc ta o x me Other securities U. S. U. S. liabilities Govt. 2 Other Govt.2 Other 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 .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 .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 .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 .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 .4 45.8 .9 24.8 10.4 9.7 1946 56.2 108.1 22.8 15.3 .7 30.0 37.6 .7 51.9 .1 31.5 8.5 11.8 1947 62.1 123.6 25.0 14.1 38.3 44.6 .6 61.5 37.6 10.7 13.2 1948 68.6 133.0 25.3 14.8 42.4 48.9 .6 64.4 39.3 11.5 13.5 1949 72.4 133.1 26.5 16.8 43.0 45.3 .4 60.7 37.5 9.3 14.0 1950 78.4 156.1 27.4 20.5 1.1 52.8 52.6 .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- other8 ing ing roads than ties cations min- rail- ties rail ing roads 1939 5,512 1,943 326 280 365 520 302 1,776 1952—1 6 141 2 867 716 821 1,737 1945 . 8,692 3,983 383 548 574 505 321 2,378 2 6,808 3,384 758 928 1,738 1946 14,848 6,790 427 583 923 792 817 4,516 3 6,244 3,026 591 947 1,680 1947 20 612 8,703 691 889 1 298 1 539 1 399 6 093 4 7 265 3 596 692 1 142 1 835 1948 22,059 9,134 882 1,319 1285 2 543 1,742 5 154 1949 19,285 7,149 792 1,352 887 3,125 1,320 4,660 1953—1 6,147 2,946 621 904 1,675 1950 .... 20,605 7,491 707 1,111 1,212 3,309 1,104 5,671 2r 7,225 3,492 697 1,148 1,887 1951 25,644 10,852 929 1,474 1 490 3 664 1,319 5,916 34r 7 408 3 669 689 1 ,231 1,820 1952 26,455 11,994 880 1,391 1,363 3,838 1,598 5,391 44 7,042 3,475 644 1,146 1,778 19534r 27,821 12,690 892 1,294 1,357 4,429 7,159 r Revised. 1 Corporate and noncorporate business, excluding agriculture. 2Includes trade, service, finance, and construction. 3 Includes communications and other. 4Anticipated by business. Source.—Department of Commerce and Securities and Exchange Commission. 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 All Finan- h O ol t d h e e r r s All 1- to 4-family 1louses com M m u e l r t c ii f a a l m p i r l o y p e a r n t d ies * All Finanh e o r l s d- tu in c ti i s o a t l i n - s S F e a e c l g d e i e e e c n s t r e - a d l v o I i t a d n h n u d e d a i r - l s s h e o r l s d- Total t F u i i n c t n i i s o a a ti l n n - - s O h e o th r l s d e - r Total t F u i i n c t n i i s o a a t l i n n - - s O ho e th l r d s e - r h e o r l s d- tu in c ti i s o a ti l n - s ho O l t d h e e r r s2 1939 35 5 18 6 2 2 14 7 28.9 16.3 9.3 7.0 12 5 7.8 4.8 6 6 1 5 5 1 1940 36.5 19.5 2.1 14.8 30.0 17.3 10.2 7.1 12.6 7.8 4.8 6.5 1.5 5.0 1941 37 6 20 7 2 0 14 9 31.2 18.4 11.2 7.2 12 9 8.0 4.8 6 4 1 5 4 9 1942 36.7 20.7 1.8 14.2 30.8 18.2 11.5 6.7 12.5 7.8 4.7 6.0 1.4 4.5 1943 . 35 3 20 2 1 4 13 6 29 9 17.8 11 .5 6 3 12 1 7.4 4 6 5 4 1 3 4 1 1944 34.7 20 2 1.1 13.3 29.7 17.9 11.7 6.2 11.8 7.2 4.6 4.9 1 3 3 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 5.6 2.1 3.5 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 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 1952P 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—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—MarchP 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 June? 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 Septemberp. . . 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 «21.5 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 June" 95.9 70.9 2.7 22.3 88.4 61.5 49.7 11.8 26.8 18.2 8.6 7.5 2.9 4.6 p Preliminary. c Corrected. 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 2,671 1,026 569 4,836 4,807 3,875 932 29 1940 4,578 4,003 2,963 1,040 575 4,859 4,829 3,914 915 30 1941 4,906 4,340 3,292 1,048 566 4,812 4,784 3,884 900 28 1942 4,746 4,256 3,332 924 491 4,627 4,601 3,725 876 26 1943 4,521 4,058 3,256 802 463 4,420 4,395 3,558 837 25 1944 4,430 3,967 3,218 749 463 4,305 4,281 3,476 805 24 1945 4,772 4,251 3,395 856 521 4,208 4,184 3,387 797 24 1946 7,234 6,533 5,146 1,387 702 4,441 4,415 3,588 827 26 1947 9,446 8,623 6,933 1,690 823 4,856 4,828 3,937 891 28 1948 10,897 10,023 8,066 1,957 874 5,806 5,773 4,758 1,015 34 1949 11,644 10,736 8,676 2,060 909 6,705 6,668 5,569 1,099 37 1950 13,664 12,695 10,431 2,264 968 8,261 8,218 7,054 1,164 44 1951 14,732 13,728 11,270 3,421 2,921 4,929 2,458 1,004 9,916 9,869 8,595 2,567 1,726 4,303 1,274 47 1952 15,867 14,809 12,188 3,675 3.012 5.501 2,621 1,058 11,379 11,306 9,875 3,168 2,237 4,470 1,431 73 1951—September 14,540 13,500 11,100 2,400 1,040 9,515 9,468 8,200 1,268 47 December 14,732 13,728 11,270 '3,421 *2", 921 4,929 2,458 1,004 9,916 9,869 8,595 2,567 1,726 4,303 1,274 47 1952—March 14,860 13,830 11,350 3,432 2,928 4,990 2,480 1,030 10,203 10,156 8,843 2,720 1,815 4,308 1,313 47 June 15,176 14,113 11,602 3,441 2,952 5,209 2,512 1,063 10,554 10,506 9,145 2,898 1,917 4,330 1,361 48 September 15,590 14,530 11,970 3,580 3,000 5,390 2,560 1,060 10,940 10,880 9,485 3,025 2,069 4,392 1,394 60 December 15,867 14,809 12,188 3,675 3,012 5,501 2,621 1,058 11,379 11,306 9,875 3,168 2,237 4,470 1,431 73 1953—March? 16,090 15.015 12,335 3.725 3,084 5.526 2,680 1 ,07511,680 11 ,62010,140 3.270 2,352 4,518 1.480 60 June? 16,420 15,330 12,590 3,810 3,100 5,680 2,740 1,090 12,120 12,058 10,520 3,408 2,488 4,624 1,538 62 v Preliminary. 1 Includes all banks in the United States and possessions. 2 Includes loans held by nondeposit trust companies but excludes holdings of trust departments of commercial banks. March and September figures are Federal Reserve estimates based on data from Member Bank Call Report and from weekly reporting member banks. For 1940, figures except for the grand total are Federal Reserve estimates based on data for insured commercial banks. 3 Data not available for all classifications prior to December 1951. 4 Through 1946. figures except for the grand total are estimates based on Federal Reserve preliminary tabulation of a revised series of banking statistics. March and September figures are Federal Reserve estimates based in part on data from National Association of Mutual Savings Banks. Sources.—All bank series prepared by Federal Deposit Insurance Corporation from data supplied by Federal and State bank supervisory agencies; Comptroller of the Currency, and Federal Reserve. SEPTEMBER 1953 989 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT STATISTICS—Continued MORTGAGE ACTIVITY OF ALL UNITED STATES LIFE INSURANCE COMPANIES [In millions of dollars] Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Year or month Total Total in F s H ur A e - d a g V n u t A a e r e - - d Other Farm Total Total in F s H ur A e - d a g V n u t A a e r e - - d Other Farm 1939 5,669 4,782 887 1940 5,958 5,061 668 897 1941 6,442 5,529 815 913 1942 898 6,726 5,830 1,096 896 1943 855 6,714 5,873 1,286 841 1944 935 6,686 5,886 1,408 800 1945 976 6,636 5,860 1,394 776 1946 1,661 1,483 178 7,155 6,360 1,228 256 4,876 795 1947 2,786 2,520 451 600 1,469 266 8,675 7,780 1,398 844 5,538 895 1948 3,407 3,114 1,202 366 1,546 293 10,833 9,843 2,381 1,106 6,356 990 1949 3,430 3,123 1,350 131 1,642 307 12,906 11,768 3,454 1,224 7,090 ,138 1950.. . 4,980 4,621 1,572 930 2,119 359 16,102 14,775 4,573 2,026 8,176 ,327 1951 5,111 4,704 1,051 1,268 2,385 407 19,314 17,787 5,257 3,131 9,399 ,527 1952 3,975 3,600 850 450 2,300 375 21,275 19,600 5,700 3,350 10,550 ,675 1952—july 353 325 69 34 222 28 20,505 18,870 5,517 3,321 10,032 ,635 August . 307 285 66 29 190 22 20,643 18,998 5,542 3,334 10,122 ,645 September 303 280 79 12 189 23 20,801 19,147 5,592 3,326 10,229 ,654 October 364 337 79 30 228 27 20,961 19,298 5,626 3,333 10,339 ,663 November 288 260 65 22 173 28 21,087 19,411 5,648 3,340 10,423 ,676 December 390 352 86 31 235 38 21,245 19,560 5,690 3,349 10,521 1,685 1953—January 347 309 80 25 204 38 21,396 19,701 5,725 3,358 10,618 L.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 A.pril 364 321 77 27 217 43 21,897 20,139 5,820 3,388 10,931 758 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 July 405 371 71 36 264 34 22,429 20,614 5,905 3,412 11,297 1,815 NOTE.—For loans acquired, monthly figures may not add to annual totals, and for loans outstanding, end-of-December figures may differ from end-of-year figures, because monthly figures represent book value of ledger assets whereas year-end figures represent annual statement asset values, and because year-end adjustments are based on more nearly complete data. Prior to 1947, complete data are not available for all classifications shown. Sources.—Institute of Life Insurance—end-of-year figures, Life Insurance Fact Book; end-of-month figures, the Tally of Life Insurance Statistics and Life Insurance News Data. MORTGAGE ACTIVITY OF ALL SAVINGS AND LOAN NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS ASSOCIATIONS [Number in thousands; amounts (except averages) in millions of dollars] [In millions of dollars] Loans made, by purpose Loans outstanding (end of period)2 Amount, by type of lender Aver age Y m ea o r 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 * 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 a c o i n e a m r k l - s - M b s i u a n a n t g v u k s - a s l Other a c m o l ( a d r r e o 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 1941 1,379 437 581 361 4,578 1941 1,628 4,732 1,490 404 1,166 218 1,454 2,906 1942 1,051 190 574 287 4,583 1942 1,351 3,943 1,170 362 886 166 1,359 2,918 1943 1,184 106 802 276 4,584 1943 1,274 3,861 1,237 280 753 152 1,439 3,031 1944 1,454 95 1,064 295 4,800 1944 1,446 4,606 1,560 257 878 165 1,746 3,186 1945 1,913 181 1,358 374 5,376 1945 1,639 5,650 2,017 250 1,097 217 2,069 3,448 1946 3,584 616 2,357 611 7,141 1946 2,497 10,589 3,483 503 2,712 548 3,343 4,241 1947 3,811 894 2,128 789 8,856 1947 2,567 1J 729 3,650 847 3,004 597 3,631 4,570 1948 3,607 1,046 1,710 851 10,305 563 2,397 7,345 1948 2,535 11,882 3,629 1,016 2,664 745 3,828 4,688 1949 3,636 1,083 1,559 994 11,616 717 2,586 8,313 1949 2,488 1],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 1(),179 5,060 1,618 3,365 1,064 5,072 5,335 1 19 9 5 5 2 1 5 6 , ,6 2 1 5 7 0 1 2 , , 6 1 5 0 7 5 2 2 , , 3 9 5 5 7 5 1 1 , , 2 5 3 5 6 7 1 1 8 5 , , 4 5 4 2 4 0 8 9 6 0 4 6 3 3, , 3 1 9 2 8 5 1 1 1 4 , , 5 1 3 4 0 0 1 19 9 5 5 2 1 3 2 , , 0 8 2 7 8 8 1 1 ( * ) 5 , , 4 0 0 1 5 8 5 6, , 4 2 5 9 2 5 1 1 , , 4 6 2 1 0 5 3 3 , , 3 6 7 0 0 0 1 1 , , 0 1 1 3 3 7 5 5 , , 1 4 1 0 2 9 5 5 , , 7 9 0 5 1 0 1952-July... 596 190 265 141 1952-July... 268 ],590 586 113 317 105 469 5,937 Aug.... 617 200 279 138 Aug... 270 ,59S 592 119 313 108 466 5,916 Sept... 616 193 285 138 17^740 "'898' 3i34i' '13^501 Sept... 267 ,588 593 118 316 103 458 5,943 Oct.... 659 208 303 148 Oct.... 285 ,727 627 135 342 117 506 6,051 Nov... 523 163 243 117 Nov... 245 ,492 526 116 298 104 448 6,085 Dec... 541 161 248 132 18,444 906 3,398 14,140 Dec... 252 1,553 540 126 305 112 470 6,171 1953-Jan.... 497 147 222 128 1953-Jan.... 228 1,401 477 HI 278 93 442 6,136 Feb.... 523 164 222 137 Feb.... 229 1,391 503 110 269 84 425 6,068 Mar... 639 206 266 167 19,105 '' 924' 3^492 ' 141689 Mar.. . 264 1,627 605 126 316 92 488 6,153 Apr.... 678 226 288 164 Apr.... 275 700 642 127 325 102 513 6,206 May... 690 232 295 163 May... 273 1,699 641 133 317 111 497 6,221 June.. 733 241 327 165 -20433 "'962' ^593" 15^57 June . . 282 1,769 682 131 325 120 511 6,282 July... 758 237 355 166 July.. . 286 1,798 699 132 323 127 517 6,282 1 Includes loans for repair, additions and alterations, refinancing, etc. Source.—Home Loan Bank Board 2 Prior to 1948, data are not available for classifications shown. 3 Excludes shares pledged against mortgage loans. Source.—Home Loan Bank Board. 990 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT STATISTICS—Continued GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- TO 4-FAMILY PROPERTIES [In millions of dollars] [In billions of dollars] FHA-insured loans VA-guaranteed loans3 Home Home Governmentm Y o o e n r a t r h Total Total e p N r r m t o e i w e o p s r - tga i e p s g E r r t e t o i x i s n e p - g s - g m j t P a e y o r g c p o r e t e - t - s - 1 p l P m o e r i r a m r o e o t n v n y p - s e t - 2 - Total e p N r r m t o e i w o e p s r - tga i e p s g E r r t e t o i x i s n e p - g s - r A a e a t p l n i t a o e d i n r r - 2 q y E u e n a a d r r t o o e f r r Total Tota u l nde F r H i w n A - ri - tten g V u A ar - - t C i v o e o n n n a - - l sured anteed 1939 925 925 486 208 52 179 1940 991 991 588 175 13 216 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 2.4 17.0 1948 5 222 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 10.3 26.2 1952 5 830 3 113 969 974 322 848 2 721 1 824 890 6 1951 51.9 22.9 9.7 13.2 29.0 1952r . . .. 58 2 25 4 10 8 14 6 32 8 1952—July. .. 458 269 80 85 31 73 189 126 63 .4 Aug.... 463 260 81 82 32 66 203 134 68 .5 Sept... 484 267 94 91 13 69 217 142 75 .4 1951—June... 48.7 21.0 9.2 11.8 27.7 Oct.... 526 306 108 103 26 69 220 141 78 .7 Sept... 50.4 22.0 9.5 12.5 28.4 Nov. . . 503 259 97 87 17 59 243 157 85 .6 Dec... 51.9 22.9 9.7 13.2 29.0 Dec... 519 293 108 98 23 63 227 155 71 .5 1953—Jan 539 296 108 103 18 67 243 161 82 .6 1952—Mar.P.. 53.2 23.5 9.9 13.6 29.7 Feb.... 539 265 103 86 15 61 274 184 90 .6 JuneP. . 54.8 24.0 10.1 13.9 30.8 Mar. . . 504 276 103 89 20 64 228 152 75 .5 Sept. P.. 56.5 24.7 10.4 14.3 31.7 Apr 577 342 109 92 22 119 235 157 78 .4 Dec.P. . 58.2 25.4 10.8 14.6 32.8 May. . . 530 314 97 90 25 102 216 149 66 .5 Tune.. . 516 274 91 95 19 69 242 164 78 .4 July. .. 602 363 109 94 40 120 239 160 79 .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 P Preliminary. NOTE.—For total debt outstanding, figures for first three quarters are Federal Reserve estimates. 3 Prior to 1949, data are not available for classihcations shown. For conventional, figures are derived. 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 Reserve. type are derived from data on number and average amount of loans closed. Sources.—Federal Housing Administration and Veterans Administration. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY FEDERAL HOME LOAN BANK LENDING [In millions of dollars] [In millions of dollars] E o n r d m o o f n y th ear A m f c u u i u o i z t n t n e h m t d - d e o s - d r- b m C m u d u e o r i n i s s n m t - - e - ts - d To M ta o l rtga F s g u H i e n r A e - h d - oldi a n g n V g u t s A e a e r - - d ( c p M d p h 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 o r r l i g i e r o n e t s d - g ) Year or month va A n d c - es R m e e p n a t y s - T A o d t v a ( l a e n n c d e S t s o e h f r o o m p u rt e t 1 - s r t io an d L t d ) e o i r n n m g g 2 - 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—July 1,311 275 2,064 237 L.827 6 3 1947 .... 351 209 436 218 217 August 1,283 299 2,068 245 L.823 13 3 1948 360 280 515 257 258 September. . . 1 ,238 315 2,097 257 1,840 40 4 1949 256 337 433 231 202 October 1,170 326 2,154 272 L.882 72 6 1950 . 675 292 816 547 269 November. .. 1,129 322 2,199 297 1,902 56 3 1951 423 433 806 508 298 December.... 1,085 323 2,242 320 .922 65 14 1952 586 528 864 565 299 1953—January 1,043 321 2,286 338 1,948 61 10 1952—August 56 25 687 436 251 February.... 1,008 313 2,329 358 1 ,971 53 3 September.. 56 28 715 460 255 March 934 322 2,394 395 1,999 81 7 October.... 63 26 752 491 261 April 876 326 2,448 429 2,019 68 3 November.. 59 20 791 520 271 May 816 357 2,477 457 2,020 40 3 December. . 106 33 864 565 300 June 610 542 2,498 477 2,020 31 1 July 597 526 2,527 508 2,019 39 0) 1953—January... . 16 197 683 439 245 February... 14 71 627 401 226 March 30 46 610 391 219 iLess than $500,000. April 47 32 626 406 220 Source.—Federal National Mortgage Association. May 44 26 645 416 229 June 97 23 718 471 248 July. 61 79 700 469 231 August 70 25 746 510 236 ] Secured or unsecured loans maturing in one year or less. 2Secured loans, amortized quarterly, having maturities of more than one year but not more than ten years. Source.—Home Loan Bank Board. SEPTEMBER 1953 991 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding, in millions of dollars] Instalment credit Noninstalment credit E o n r d m of o n y t e h ar Total Total Au p to a m pe o r b 1 ile co p O g n a o s t p u o h e d m e r r s i er e a r n R l n d o i e a z p m a n a t s o i i 2 r o d n - Pe lo rs a o n n s al Total p S a l i y o n a m g n l e e s n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 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 L,006 2,805 6,323 1,821 3,006 1,496 1951 21,468 14,837 6,242 4,270 1,090 3,235 6,631 1,934 3,096 1,601 1952 25,705 18,639 8,110 5,301 1,386 3,842 7,066 2,108 3,313 1,645 1952—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 L.376 3,742 6,598 2,109 2,826 1,663 December 25,705 18,639 8,110 5,301 1,386 3,842 7,066 2,108 3,313 1,645 1953—January 25,508 18,785 8,273 5,256 1,378 3,878 6,723 2,129 2,956 1,638 February 25,262 18,860 8,470 5,131 1,377 3,882 6,402 2,079 2,662 1,661 March 25,676 19,267 8,778 5,154 1,383 3,952 6,409 2,142 2,602 1,665 April 26,172 19,656 9,074 5,185 1,401 3,996 6,516 2,147 2,677 1,692 May 26,715 20,078 9,379 5,231 1,426 4,042 6,637 2,162 2,760 1,715 June 27,051 20,489 9,630 5,289 1,454 4,116 6,562 2,047 2,784 1,731 July 27,217 20,854 9,908 5,308 1,476 4,162 6,363 1,938 2,705 1,720 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 m c k ia - s l f p i S c n a o a a n m l n e ie c s - s e u C n r i e o d n i s t Other Total D st m e o p r e a e n r s t t l - F st t u o u r r r n e e i s - H a s a h t p o o n o u p r c l s l d e 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—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 Tune 20,489 17,496 8,604 5,633 935 2,324 2,993 928 844 251 401 569 July 20,854 17,871 8,744 5,816 959 2,352 2,983 913 845 254 415 556 includes mail-order houses. 2Includes only automobile paper; other instalment credit held by automobile dealers is included with "other" retail outlets. 992 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT—Continued NONINSTALMENT CREDIT, BY HOLDER INSTALMENT CREDIT HELD BY COMMERCIAL BANKS, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] [Estimated amounts outstanding, in millions of dollars] Financial Retail E o n r d m o o f n y t e h ar i c T m n n r o s o e e t t d n n a a - i l t l t - C m i ( o n s m e i s n n t - g i t t l u e lo t - i p a o a n n y s s ) - D a e c ( - o c c u h o t a u le r n g t t s e s) S c e r r e v d i i c t e E o n r d m o o f n y t e h ar i c T m n r o s e e t t d n a a i t l l t - 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 p g u c o a t o m p o h n d e e e - r r s r e R l m r t o a e n i n a o p o iz n d d a n a s - ir - s l P o o a e n n r a - s l m ci e a r l - Other m pa e r n t- t Other banks stores 1 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 L.624 L.014 1949 4,439 849 946 1,016 715 913 1947 4,875 1,203 153 532 1.821 1,166 1950 5,798 1,177 1,294 1,456 834 1,037 1948 5,443 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 1,596 1,653 1,813 1,138 1,376 1950 6,323 1,576 245 641 2,365 1,496 1951 6,631 1,684 250 685 2,411 1,601 1952—June 6,458 1,313 1,508 1,394 967 1,276 1952 7,066 L.852 256 709 2,604 L,645 July 6,654 1,364 L,540 1,452 1,004 1,294 August.... 6,807 1,392 L,554 1,512 1,036 1,313 1952—June 6,414 1,798 256 467 2,194 1,699 September. 6,967 1,430 1,567 1,564 1,070 L,336 July 6,286 1,792 231 418 2,155 L.690 October. . . 7,189 1,485 ,599 1,647 1,110 [,348 August.... 6,302 1,792 234 422 2,157 L.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 ,653 1,813 1,138 1,376 October. . . 6,478 1,801 232 499 2,277 1,669 November. 6,598 1,821 288 536 2,290 1,663 1953—January... 7,696 1,631 ,684 1,861 1,132 1,388 December. 7,066 L.852 256 709 2,604 L.645 February.. 7,808 1,662 ,736 1,877 1,133 1,400 March.... 8,047 1,723 ,813 1,940 1,138 1,433 1953—January... 6,723 L ,858 271 570 2,386 ,638 April 8,253 1,789 ,882 1,982 1,152 1,448 February.. 6,402 L.839 240 490 2,172 1,661 May 8,433 1,852 ,941 2,006 1,173 L ,461 March.... 6,409 1,882 260 478 2,124 1,665 Tune 8,604 1,887 ,990 2,039 1,200 1,488 April 6,516 L ,878 269 474 2,203 L,692 July 8,744 1,934 .,026 2,067 1.221 ,496 May 6,637 L ,851 311 484 2,276 1,715 June 6,562 L ,768 279 478 2,306 ,731 July 6,363 1,683 255 445 2,260 L,72O 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 o o f 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 - m A pa o u p b t e o il r - e s O p g c u o a t o m p o h n d e e e - r r s r m i R z lo o a e a n a d p ti n d e a o s r i n r n- s l P o o e a n r n a - s l E o n r d m o o f n y t e h ar i c T m n r s o e e t t d 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 a e a n d t p i n d e a o s r i n n r - s l P o o a e n n r a - s l 1939 789 81 24 15 669 1939 1,197 878 115 148 56 1940 891 102 30 16 743 1940 1,575 1,187 136 190 62 1941 957 122 36 14 785 1941 . 1,797 1,363 167 201 66 1942 726 65 27 14 620 1942 588 341 78 117 52 1945 731 54 20 14 643 1945 300 164 24 58 54 1946 991 77 34 22 858 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—June 2,755 405 244 143 1,963 1952—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 July 3,311 526 306 180 2,299 July 5,816 5,007 367 75 367 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. 993 SEPTEMBER 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 ta p g re e c e c d h i a n n g ge f P ro e m rc e c n o ta rr g e e s p c o h n a d n i g n e g Instalment accounts a C c h co ar u g n e ts month month of preceding year Item J 1 u 95 ly 3 J 1 u 9 n 5 e 3 M 19 a 5 y 3 J 1 u 95 ly 3 J 1 u 9 n 5 e 3 M 19 a 5 v 3 Year or month D s m e to p e r a n e r t s t- F s t t u u o r r r n e e i s - h H p o s l t o l i o d a u r n s e a c e s p e - - D s m e to p e r a n e r t s t- Net sales: 1952 Total Q i +8 -j -3 —8 June 18 10 12 46 Cash sales -5 -2 +9 +3 +3 -5 July 17 10 12 46 Credit sales: August 17 11 11 46 Instalment -8 0 +7 -5 -6 -11 September 18 11 12 47 Charge account -8 -1 +8 -3 + 1 -6 O N c o t v o e b m er ber 1 1 8 7 1 1 1 0 1 1 1 1 4 5 8 0 Accounts receivable, end December 17 10 11 48 of month: Total -1 0 + 1 + 15 + 16 +20 1953 Instalment 0 0 0 + 10 + 13 + 16 January 16 10 11 47 February 15 9 10 44 Collections during March 17 10 11 49 month: April 15 10 10 46 Total . . . -1 +2 -1 +8 + 10 + 1 May 15 10 10 46 Instalment -5 +4 2 +9 + 12 0 June 15 11 10 47 July 15 10 10 46 Inventories, end of month, at retail value. -3 A -3 + 1 +2 +3 ^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 Sales during month Accounts receivable Collections during Year or month at end of month month Cash I m ns e t n a t l- a C c h c a o r u g n e t Total Cash I m ns e t n a t l- a C c h co ar u g n e t I m ns e t n a t l- Charge I m ns e t n a t l- Charge 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—June 93 84 126 99 178 120 148 114 47 10 43 July 78 71 113 80 177 107 144 111 48 11 41 August 89 81 136 90 180 108 145 100 48 11 41 September. .. 101 89 149 108 190 118 151 103 46 11 43 October 116 102 178 124 201 128 159 119 46 11 43 November. . . 120 108 174 127 211 138 160 123 47 11 42 December 190 176 233 200 231 183 167 134 49 9 42 1953—January 84 76 121 87 226 147 179 172 47 11 42 February.... 78 69 119 81 224 126 162 132 47 11 42 March 99 88 144 106 222 123 178 126 46 11 43 April 97 87 131 103 220 122 165 118 47 10 43 May 101 90 138 109 220 124 158 116 47 10 43 June 97 88 132 104 219 123 164 121 47 10 43 July 81 74 118 84 214 114 155 117 47 11 42 NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 1005. 994 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] Construction ( I p n h d 1 y u s 9 s i 3 t c r 5 a i l - a 3 l v 9 o p = l r u 1 o m 0 d 0 u e c )* ti 1 on aw 1 a 9 r c 4 d o 7 e n d - t 4 r 9 a (v c = a t 1 s l 0 u 0 e)2 Employ 1 m 94 en 7 t - 4 a 9 n = d 1 0 p 0 ayrolls3 Freight D m ep e a n r t t- Con- W s h a o le le- Year or month Total r D ab u f M a l - e c a tu n r u N r e d a - s o b u n - le - M era in ls - Total R d t e i e a n s l i - - o A th l e l r p m N t a e c u l g u m o o e r r l n a n y - i - - l t - - pr E o M m d m a u p e n c l n u t o t i f y o a - n c t w ur o in r P r k g o a e l y r l s s - c 1 a 9 i = r n 3 l g 1 o 5 s 0 - a * 3 0 d 9 - 1 v ( s 9 = r a a 4 e l l 1 7 e u ta 0 - s e i 4 * 0 ) l 9 4 1 p s 9 = r u 4 i m c 1 7 e 0 - e s 4 0 r 3 9 1 m p 9 c = r o 4 o i c 1 d 7 m e 0 i - t s - 4 0 y 3 9 Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 72 84 62 71 34 26 39 61 6 68 7 31.1 120 27 74.0 1920 75 93 60 83 34 18 45 62.2 69.0 37.1 129 32 85.7 1921 58 53 57 66 30 27 32 55.4 52.8 24.0 110 30 76.4 1922 73 81 67 71 43 41 43 58.7 58.4 25.7 121 30 71.6 1923 88 103 72 98 45 49 42 64.6 66.9 32.6 142 34 72.9 1924 82 95 69 89 51 57 46 63.8 62 1 30.4 139 34 73.1 1925 90 107 76 92 66 75 59 65.5 64.2 32.1 146 36 75.0 1926 96 114 79 100 69 73 67 67.9 65.5 33.0 152 37 75.6 65.0 1927 95 107 83 100 69 71 68 68.2 64.1 32.4 147 37 74.2 62.0 1928 99 117 85 99 73 76 70 68.3 64.2 32.8 148 37 73.3 62.9 1929 110 132 93 107 63 52 70 71.3 68.3 35.0 152 38 73.3 61.9 1930 91 98 84 93 49 30 62 67.0 59.5 28.3 131 35 71.4 56.1 1931 75 67 79 80 34 22 41 60.6 50 2 21.5 105 32 65.0 47.4 1932 58 41 70 67 15 8 20 53.7 42.6 14.8 78 24 58.4 42.1 1933 69 54 79 76 14 7 18 53.9 47.2 15.9 82 24 55.3 42.8 1934 75 65 81 80 17 7 24 59.0 55.1 20.4 89 27 57.2 48.7 1935 87 83 90 86 20 13 25 61.6 58 8 23.5 92 29 58.7 52.0 1936 103 108 100 99 30 22 35 66.2 63 9 27.2 107 33 59 3 52 5 1937 113 122 106 112 32 25 36 70.6 70.1 32.6 111 35 61.4 56 1 1938 89 78 95 97 35 27 40 66.4 59 6 25 3 89 32 60 3 51 1 1939 109 109 109 106 39 37 40 69.6 66.2 29.9 101 35 59.4 50 1 1940 125 139 115 117 44 43 44 73.6 71.2 34.0 109 37 59.9 51.1 1941 162 201 142 125 66 54 74 83 1 87 9 49 3 130 44 62 9 56 8 1942 199 279 158 129 89 49 116 91.2 103.9 72.2 138 50 69 7 64 2 1943 239 360 176 132 37 24 45 96.6 121.4 99.0 137 56 74.0 67 0 1944 235 353 171 140 22 10 30 95.3 118 1 102 8 140 62 75 2 67 6 1945 203 274 166 137 36 16 50 92.1 104.0 87.8 135 70. 76 9 68 8 1946 170 192 165 134 82 87 79 95.1 97.9 81.2 132 90 83 4 78 7 1947 187 220 172 149 84 86 83 99.4 103.4 97.7 143 98 95.5 96.4 1948 192 225 177 155 102 98 105 101.5 102 8 105 1 138 104 102 8 104 4 1949 176 202 168 135 113 116 111 99.1 93.8 97.2 116 98 101.8 99.2 1950 200 237 187 148 159 185 142 102.3 99 6 111 7 128 105 102 8 103 1 1951 220 273 194 164 171 170 172 108.0 106.2 129 6 134 109 111 0 114 8 1952 219 280 189 160 183 183 183 109.8 105.5 135.3 126 110 113.5 111.6 1952 February 222 218 284 190 167 156 163 152 109.2 104.9 104.7 132.0 136 107 112.4 112.5 March... 221 217 285 188 164 164 174 157 109.1 104 9 104 7 132 5 133 107 112 4 112 3 April. .. 216 215 277 183 166 171 189 158 109 0 105 2 104 1 129 1 126 106 112 9 May 211 211 277 181 140 168 186 156 109.1 104.6 102.9 128.9 122 110 113.0 111.6 June 204 205 247 186 146 172 193 158 108.6 102.0 100.9 127.3 108 112 113.4 111.2 July 193 194 230 179 139 177 196 165 108.3 100 6 98 9 122 2 102 107 114 1 111 8 August 215 218 267 191 156 207 193 217 109.9 104.7 105.7 134.2 125 112 114.3 112.2 September ... 228 232 290 194 175 207 191 218 110.8 106 8 109 0 143 3 134 108 114 1 111 8 October 230 233 300 195 164 210 185 227 111 3 107 8 109 6 145 7 128 IIS 114 2 111 1 November 234 235 304 197 171 196 178 207 111.8 109.2 110.2 146.3 134 111 114.3 110.7 December 235 233 313 194 168 205 183 219 112.0 110.0 110.8 150.9 131 115 114.1 109.6 1953 January 236 232 316 195 164 190 173 201 112.1 110.6 110.1 148.4 134 111 113.9 109.9 February 240 236 322 198 163 173 182 167 112.4 111 2 111 0 149.3 130 112 113 4 109 6 March 243 240 328 201 162 177 176 178 112.5 112.0 111.8 151.9 132 115 113.6 110.0 April 241 240 »-326 198 164 179 179 179 112.5 112 4 111 2 150 0 129 110 113 7 109 4 May 240 240 321 199 164 161 164 159 112.8 112.7 110.9 150.0 130 117 114.0 109.8 June 240 r241 320 198 169 169 174 166 113 1 112 7 111 5' 150 8 128 11S 114 S 109 S July P233 P235 P312 P192 P165 P172P113.7 P113.0 Plll.O 150.0 123 112 114.7 110.9 August e238 e315 198 170 130 112 e Estimated; all estimates are those of the Federal Reserve. Preliminary. ' Revised. c Corrected. * Average per working day. !For indexes by groups or industries, see pp. 996-999. 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. 1003. 3The unadjusted indexes 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 cf 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. 1005-1009. 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. SEPTEMBER 1953 995 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 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Industrial Production— Total. 193 215 228 230 234 235 236 240 243 241 240 240 P233 Manufactures—Total 202 225 237 242 245 247 249 254 258 255 253 253 P245 Durable Manufactures 230 267 290 300 304 313 316 322 328 326 321 320 Iron and Steel1 139 244 270 281 283 286 287 290 297 292 291 288 P279 Pig iron 38 221 242 247 244 247 249 247 253 244 250 250 247 Steel Open hearth. 83 2 2 0 8 2 3 3 22 1 2 9 3 2 3 3 2 3 2 3 3 3 1 4 335 333 337 348 3 23 3 4 8 3 2 3 3 7 8 3 23 2 1 8 3 22 1 9 8 Electric 36 860 1013 1040 1064 238 235 234 241 1081 1047 1022 958 Machinery 418 336 354 363 371 1022 1029 1071 1113 402 •400 398 P385 Transportation Equipment. 331 300 353 371 376 385 393 398 406 •407 407 P407 Automobiles (including parts) 287 175 247 265 272 392 391 403 412 '314 •304 304 P302 (Aircraft; Railroad Equipment; Shipbuilding — Private and Government)2 162 282 283 297 308 Nonferrous Metals and Products. 201 213 225 237 240 246 250 259 259 263 '262 259 P252 Smelting and refining 242 251 248 251 251 258 266 293 300 299 290 285 J>287 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)2 Fabricating 184 197 216 231 236 241 243 245 243 248 ••251 249 P239 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)2 Lumber and Products. 141 149 155 155 161 165 171 175 172 168 151 154 Lumber... 128 135 140 138 146 149 162 166 161 157 134 139 P130 Furniture. 165 175 183 189 191 196 189 191 193 189 '185 182 P177 Stone, Clay, and Glass Products. 214 221 222 224 221 221 223 233 238 '232 231 233 P230 Glass products.; 243 243 245 241 232 221 224 242 255 248 255 Glass containers 266 261 261 254 242 225 232 255 271 261 271 279 280 Cement 215 231 227 231 233 254 257 279 273 262 246 242 243 Clay products 158 163 161 163 162 160 168 166 169 165 160 165 P158 Other stone and clay products2 . Nondurable Manufactures. 179 191 194 195 197 194 195 198 201 198 199 198 P192 Textiles and Products 147 170 177 172 176 169 169 173 173 169 173 174 Textile fabrics 129 152 158 154 158 152 151 157 157 151 '155 155 Cotton consumption 111 143 145 142 149 141 140 149 148 141 143 142 113 Rayon deliveries 343 369 377 361 356 337 350 338 352 355 367 '367 361 Nylon and silk consumption2. . . Wool textiles 103 123 137 134 137 138 130 142 137 128 130 135 Carpet wool consumption. . 71 120 148 140 153 164 149 173 171 152 130 137 Apparel wool consumption. 120 139 149 142 137 130 129 139 138 134 '144 143 Wool and worsted yarn 103 120 130 126 127 124 118 130 127 116 124 129 Woolen yarn 97 112 121 117 120 115 108 117 113 105 113 117 Worsted yarn 112 131 144 140 138 136 132 149 147 132 138 147 Woolen and worsted cloth.. 113 123 136 138 141 146 136 142 134 130 136 138 Leather and Products. 91 116 112 112 113 107 116 119 117 112 111 104 Leather tanning 81 97 97 103 103 100 103 101 98 102 104 97 Cattle hide leathers 91 110 107 115 117 112 116 115 108 117 '118 111 Calf and kip leathers 60 79 90 87 84 88 87 82 83 81 '81 70 Goat and kid leathers 71 67 65 77 83 80 79 81 86 80 84 83 Sheep and lamb leathers. 66 89 88 93 86 76 80 80 77 82 82 82 Shoes 98 119 116 129 123 118 120 112 126 131 129 108 Manufactured Food Products. 162 '165 163 P161 164 168 165 161 164 165 165 168 161 Wheat flour 109 104 108 Pill Cane sugar meltings2 109 108 109 113 108 114 108 107 109 Manufactured dairy products. 145 148 148 146 147 152 151 151 154 156 152 152 150 Butter 70 69 71 73 73 85 89 90 94 95 84 82 79 Cheese 176 178 178 176 191 209 209 205 209 211 198 195 185 Canned and dried milk... 152 168 166 155 152 155 142 138 149 159 158 165 160 Ice cream2 * Preliminary. r Revised. « Corrected. 1 Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new method* may be obtained from the Division of Research and Statistics. •Series included in total and group indexes but not available for publication separately. •Because of a reclassincation of the basic data used to measure changes in production, the sulphate pulp and sulphite pulp series are no longer available separately. Individual indexes through June 1951 are shown in preceding BULLETINS. 996 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Con**™*** (Adjusted for Seasonal Variation) [Federal Reserve index numbers, 1935-39 average =100] 1952 1953 Industry July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Manufactured Food Products—Continued Meat packing 147 158 170 169 170 176 169 174 179 171 154 157 157 Pork and lard 163 180 200 194 196 202 181 181 187 169 141 142 145 Beef 144 149 151 153 155 163 175 188 193 197 189 193 186 Veal 109 121 125 131 131 124 113 109 111 117 124 148 158 Lamb and mutton. 68 77 87 96 89 97 100 97 100 91 81 81 81 Other manufactured foods 171 171 175 172 167 169 171 171 173 170 170 167 Processed fruits and vegetables. 138 123 143 147 124 128 143 143 155 '148 '154 144 P135 Confectionery 117 134 136 131 134 150 145 138 136 138 132 115 Other food products 189 190 190 185 184 183 182 183 184 '182 181 182 P184' Alcoholic Beverages. 162 151 155 162 180 166 158 159 173 164 155 152 158 Malt liquor 176 165 160 154 177 182 175 169 179 169 151 151 169 Whiskey 19 21 26 28 31 44 53 58 63 62 56 59 43 Other distilled spirits. 198 234 148 182 133 127 160 139 191 198 228 179 195 Rectified liquors 224 175 263 325 369 228 180 221 245 227 239 237 204 Tobacco Products. . 172 186 187 190 181 172 179 194 194 184 174 169 Cigars 113 111 123 134 124 98 110 111 112 116 117 114 Cigarettes 240 261 257 258 249 243 249 276 277 255 238 232 Other tobacco products. 54 68 65 66 57 59 64 61 60 65 62 59 Paper and Paper Products. 160 188 192 203 205 196 200 207 211 209 209 207 Paper and pulp 154 180 181 192 194 185 191 197 201 199 199 197 Pulp 195 229 220 233 236 220 233 237 245 239 244 241 Groundwood pulp 124 132 125 125 108 112 112 118 113 111 114 115 Soda pulp 68 82 83 89 92 91 92 95 94 85 90 90 Sulphate and sulphite pulp3 226 267 256 274 280 258 275 279 291 284 290 286 Paper 148 172 175 186 188 180 185 191 194 193 192 190 Paperboard 182 222 233 246 249 235 236 245 249 249 249 250 215 Fine paper2 Printing paper 150 168 165 178 182 179 185 193 193 192 191 188 Tissue and absorbent paper 174 180 187 206 193 195 201 201 207 210 197 189 Wrapping paper 124 148 146 150 161 151 162 167 170 166 168 163 Newsprint 126 130 126 123 121 116 119 118 121 114 120 118 118 Paperboard containers (same as Paperboard). Printing and Publishing. 157 165 165 176 175 168 173 180 183 181 184 179 P173 Newsprint consumption 164 162 166 173 169 157 162 167 173 170 177 170 169 Printing paper (same as shown under Paper). Petroleum and Coal Products. . . 25Q 280 282 279 290 291 293 293 289 286 '288 296 Petroleum refining2 Gasoline 225 231 234 225 233 229 230 231 225 225 230 238 P243 Fuel oil 231 235 232 226 239 239 241 236 233 225 221 230 P230 Lubricating oil 174 181 179 182 171 164 160 148 161 156 162 163 Kerosene 226 230 208 207 225 241 250 226 207 208 190 204 Other petroleum products2 . Coke 67 169 177 179 182 186 188 188 189 187 189 189 188 By-product coke 67 168 174 178 179 182 183 183 183 181 183 184 184 Beehive coke 52 184 299 243 268 312 364 391 382 393 367 306 Chemical Products. . . 299 302 302 304 308 309 310 310 314 319 320 324 P328 Paints 157 154 155 158 159 162 160 161 161 160 P166 Rayon 325 354 370 358 350 351 349 336 '351 373 367 382 P371 Industrial chemicals 565 568 567 578 595 598 595 598 605 '614 619 627 P646 Other chemical products2 Rubber Products.. . 225 242 252 260 264 272 268 270 275 269 270 v270 Minerals—Total. '139 156 175 164 171 168 164 163 162 164 164 169 p/65 Fuels. 180 167 177 176 172 170 168 167 '168 173 Coal '73 93 133 93 125 115 105 99 96 99 103 «106 94 Bituminous coal. 102 144 93 135 125 116 109 107 113 113 103 Anthracite 57 61 60 52 47 66 66 57 Crude petroleum 190 194 203 95 87 71 60 205 204 201 206 P207 Metals. 131 149 203 202 207 204 123 125 145 144 145 P!38 Metals other than gold and silver. 188 219 145 138 117 120 175 177 211 '209 210 P197 Iron ore (Copper; Lead; Zinc)2 212 200 166 170 Gold 48 48 46 53 Silver 63 67 67 62 For other footnotes see preceding page. NOTE.—For description and back figures sec BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. SEPTEMBER 1953 997 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 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Industrial Production—Total 194 218 232 233 235 233 232 236 240 240 240 241 P235 Manufactures— Total 203 228 242 245 246 246 245 250 255 254 253 254 P247 Durable Manufactures 232 269 292 301 305 310 312 319 326 '326 322 321 Iron and Steel1 139 244 270 281 283 286 287 290 297 292 291 288 P279 Pig iron 38 221 242 247 244 247 249 247 253 244 250 250 247 Steel 83 283 319 332 334 335 333 337 348 338 337 328 318 Open hearth 36 202 222 233 231 238 235 234 241 234 238 231 229 Electric 418 860 1013 1040 1064 1022 1029 1071 1113 1081 1047 1022 958 Machinery .... 331 336 354 363 371 385 393 398 406 402 '400 398 Transportation Equipment 287 300 353 371 376 392 391 403 412 '417 '407 407 P407 Automobiles (including parts) 162 175 247 265 272 282 283 297 308 '314 '3 04 304 (Aircraft; Railroad equipment; Shipbuilding—Private and Government)2 Nonferrous Metals and Products 201 213 225 237 241 246 250 259 259 263 '262 259 P252 Smelting and refining 241 251 248 251 251 259 266 293 301 299 290 284 P284 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)2 Fabricating 184 197 216 231 236 241 243 245 243 248 r251 249 P239 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)2 Lumber and Products 150 160 167 164 160 151 151 158 162 168 '155 163 P155 Lumber 143 152 159 151 143 128 132 142 146 157 139 153 P143 Furniture 165 175 183 189 191 196 189 191 193 189 r185 182 Stone Clay and Glass Products 216 231 232 235 226 214 209 216 227 230 238 236 v232 Glass products 235 251 248 247 234 210 221 237 255 248 r269 259 P250 Glass containers 255 272 267 262 245 210 227 248 271 261 291 276 269 Cement 236 261 263 267 252 231 209 212 224 249 259 259 267 Clay products 160 169 167 173 167 165 155 157 161 r161 160 164 P159 Other stone and clay products 2 Nondurable Manufactures 181 195 201 200 199 193 191 194 197 196 198 199 P193 Textiles and Products 147 170 177 172 176 169 169 173 173 169 17 3 174 P156 Textile fabrics 129 152 158 154 158 152 151 157 157 151 155 155 Cotton consumption 111 143 145 142 149 141 140 149 148 141 143 142 113 Rayon deliveries ... . . 343 369 377 361 356 337 350 338 352 355 367 367 361 Nylon and silk consumption 2 Wool textiles 103 123 137 134 137 138 130 142 137 128 130 135 Carpet wool consumption . .. 71 120 148 140 153 164 149 173 171 152 130 137 Apparel wool consumption 120 139 149 142 137 130 129 139 138 134 ,•144 143 Woolen and worsted yarn 103 120 130 126 127 124 118 130 127 116 129 Woolen yarn 97 112 121 117 120 115 108 117 113 105 112143 117 Worsted yarn 112 131 144 140 138 136 132 149 147 132 '138 147 Woolen and worsted cloth 113 123 136 138 141 146 136 142 134 130 r136 138 Leather and Products 90 116 111 112 114 107 117 122 116 112 111 103 Leather tanning 77 95 95 104 107 99 103 109 97 102 r103 95 Cattle hide leathers 86 107 105 116 121 112 119 124 108 117 r118 107 Calf and kip leathers 60 83 88 89 85 87 85 86 81 78 77 72 Goat and kid leathers 70 65 66 77 80 80 79 84 85 82 82 84 Sheep and lamb leathers ... 62 92 86 93 91 72 75 88 75 80 88 81 Shoes 98 129 123 118 120 112 126 131 129 119 116 108 Manufactured Food Products 174 185 192 178 165 161 153 149 151 '151 156 162 P172 Wheat flour 108 108 118 115 114 107 114 109 105 100 103 104 Cane sugar meltings2 Manufactured dairy products 215 214 173 133 106 107 98 109 128 162 202 225 221 Butter 86 76 69 63 55 67 74 80 86 97 109 114 96 Cheese 217 199 182 158 143 151 155 168 188 220 266 277 228 Canned and dried milk 176 173 153 126 110 120 115 124 146 179 220 228 186 Ice cream 2 Preliminary. r Revised. « Corrected. 1Methods 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. 998 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 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Manufactured Food Products—Continued Meat packing 137 138 154 190 208 199 166 166 159 154 156 149 Pork and lard 144 139 158 183 230 266 237 178 174 154 141 142 128 Beef 146 150 163 167 161 163 178 173 175 185 189 189 188 Veal 109 118 138 149 141 116 105 96 104 114 129 148 158 Lamb and mutton. 65 75 93 100 89 95 106 98 98 89 82 75 78 Other manufactured foods 179 195 207 191 174 167 157 155 154 152 '155 159 P174 Processed fruits and vegetables. 179 234 279 190 114 100 93 90 85 '90 '100 111 P176 Confectionery 96 144 175 171 158 151 149 140 127 115 102 85 Other food products 193 194 194 195 193 187 175 174 177 174 178 184 Alcoholic Beverages. 186 159 159 173 163 142 134 144 161 165 164 174 181 Malt liquor 220 188 161 143 136 145 144 152 167 177 173 190 211 Whiskey 19 21 26 28 31 44 53 58 63 62 56 59 43 Other distilled spirits. 115 126 202 472 280 140 104 83 124 119 137 111 113 Rectified liquors 224 175 263 325 369 228 180 245 227 239 237 204 Tobacco Products. 179 193 198 197 184 159 178 184 183 174 174 176 Cigars 113 111 123 134 124 98 110 111 112 116 117 114 Cigarettes 252 274 275 268 254 224 249 260 258 237 238 244 Other tobacco products. 54 66 69 71 59 51 63 59 60 65 63 60 Paper and Paper Products. 159 188 191 203 205 195 200 207 211 210 '210 208 vl84 Paper and pulp 153 180 181 192 194 185 191 198 201 200 199 197 Pulp 193 227 217 232 237 220 233 238 246 241 245 241 Groundwood pulp 110 116 112 116 114 113 117 122 121 122 123 117 Soda pulp 68 82 83 89 92 91 92 95 94 85 90 90 Sulphate and sulphite pulp * 226 267 256 274 280 258 275 279 291 284 290 286 Paper 147 172 175 186 188 179 185 192 194 193 192 190 Paperboard 182 222 233 246 249 235 236 245 249 249 249 250 Fine paper * Printing paper 150 168 165 178 182 179 185 193 193 192 191 188 Tissue and absorbent paper 167 180 187 208 193 189 199 209 207 212 '197 192 Wrapping paper 124 148 146 150 161 151 162 167 170 166 168 163 Newsprint 124 129 126 123 123 114 119 118 121 116 121 119 Paperboard containers (same as Paperboard). Printing and Publishing. 145 157 166 180 183 172 168 178 187 187 187 178 P161 Newsprint consumption 141 146 168 182 184 165 150 164 180 181 184 168 145 Printing paper (same as shown under Paper). Petroleum and Coal Products. 259 280 282 279 290 291 293 293 289 286 288 296 P298 Petroleum refining 2 Gasoline 225 231 234 225 233 229 230 231 225 225 230 P243 Fuel oil 231 235 232 226 239 239 241 236 233 225 221 230 P230 Lubricating oil 172 179 179 182 171 163 155 147 159 163 168 163 Kerosene 210 221 206 207 231 248 255 238 211 212 192 192 Other petroleum products 2. . Coke 67 169 177 179 182 186 188 188 189 187 189 189 188 By-product coke 67 168 174 178 179 182 183 183 183 181 183 184 184 Beehive coke 52 184 299 243 312 353 364 391 382 393 '367 306 Chemical Products. 295 299 305 309 313 314 311 313 318 322 320 323 P325 Paints 155 152 153 158 157 159 158 158 161 162 '165 165 P165 Rayon 325 354 370 358 350 351 349 336 •351 373 367 382 P371 Industrial chemicals 565 568 567 578 595 598 595 598 605 '614 619 627 Other chemical products 2. Rubber Products 225 242 252 260 264 272 268 270 275 '272 269 270 P270 no Minerals—Total. '141 161 180 166 163 159 158 157 163 r166 172 P170 Fuels '151 161 180 167 177 176 172 170 168 167 173 P169 Coal '73 93 133 93 125 115 105 99 96 99 103 nO6 94 Bituminous coal. '76 102 144 93 135 125 116 109 107 113 113 C116 103 Anthracite 57 61 88 95 87 71 60 60 52 47 66 66 57 Crude petroleum 190 194 203 203 202 207 204 205 204 201 199 206 '207 Metals. 81 164 178 164 131 84 84 87 90 134 160 171 P171 Metals other than gold and silver. 101 244 265 241 185 108 109 115 120 195 240 257 P257 Iron ore 71 381 418 363 248 83 86 91 105 262 363 407 (Copper; Lead; Zinc)2 Gold Silver For other footnotes see preceding page. NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. 999 SEPTEMBER 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OUTPUT OF MAJOR CONSUMER DURABLE GOODS (Adjusted for Seasonal Variation) [Federal Reserve index numbers, 1947-49 average =100] 1952 1953 Product group July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr May June July Total 71 84 121 125 134 134 141 148 148 148 144 143 144 Passenger automobiles. 47 63 122 125 131 129 134 146 151 159 155 158 158 Household goods, total. 98 108 119 124 137 139 149 150 145 135 132 127 129 Carpets 61 76 81 99 98 94 103 104 101 98 87 Furniture 113 113 115 118 120 125 121 122 123 126 126 124 123 Major appliances 74 94 89 91 114 115 123 126 137 121 122 116 108 Radios and television 135 141 205 214 237 236 279 273 226 201 182 182 204 NOTE.—Figures for July 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 July Aug. Sept. Oct. Nov. Dec Jan. Feb. Mar. Apr. May June July ADJUSTED FOR SEASONAL VARIATION Total 12,442 12,953 13,216 13,338 13,513 13,607 13,682 13,757 13,857 13,906 '13,945 13,946 13,974 Durable goods 6,871 7,372 7,616 7,726 7,862 7,944 8,009 8,089 8,175 '8,218 '8,238 8,239 8,252 O L Fu u rd r m n n b i a t e n u r c r e e a n a a d n n d d w o a fi c o x c d t e u s p r s e r o s o r d ie u s cts 3 7 1 0 4 2 8 4 6 3 7 1 1 4 2 2 0 9 3 7 1 1 3 3 4 6 2 3 7 1 1 1 3 6 7 2 3 7 1 2 2 3 1 3 4 3 7 1 2 0 3 4 8 7 3 6 1 2 9 3 4 0 9 3 6 1 2 9 4 5 4 2 3 6 1 3 9 4 0 8 7 ' ' ' 7 1 3 1 5 3 2 0 1 ' ' 3 7 1 3 1 5 0 3 6 3 7 1 2 2 5 7 2 8 3 7 1 2 1 6 7 9 4 Stone, clay, and glass products.. 441 449 453 457 459 453 456 455 459 '462 '460 465 462 Primary metal industries 653 ,073 1,109 1,110 1,120 1,126 1,133 1,136 1,139 1,144 1,149 1,149 1,150 Fabricated metal products 792 834 862 884 899 908 922 933 943 rQ47 '957 968 968 Machinery except electrical 1,230 1,,205 1,214 1,233 1,266 1,295 1,313 1,316 1,322 '1,314 '1,297 1,293 1,289 Electrical machinery 782 798 824 843 859 875 890 907 916 926 '930 922 912 Transportation equipment 1,190 1,221 1,355 1,411 1,450 1,484 1,509 1,543 1,574 '1,576 '1,576 1,557 1,574 Instruments and related products 226 228 230 233 236 238 240 240 243 243 244 245 253 Misc. manufacturing industries.. 379 383 387 390 395 396 393 398 404 '413 426 433 434 Nondurable goods 5,571 5,581 5,600 5,612 5,651 5,663 5,673 5,668 5,682 '5,688 '5,707 5,707 5,722 Food and kindred products 1,138 1,115 1,116 1,125 1,124 1,127 1,135 1,144 1,138 '1,132 '1,139 1,115 1,121 Tobacco manufactures 98 99 97 98 102 105 101 97 95 96 97 98 100 Textile-mill products 1,100 1,122 1,138 1,135 1,135 1,129 1,121 1,117 1,123 '1,119 '1,119 1,119 1,134 Apparel and other finished textiles 1,083 1,072 1,074 1,066 1,093 1,098 1,109 1,104 1,106 '1,103 '1,111 1,127 1,111 Paper and allied products 419 427 427 432 431 434 434 435 437 440 '442 448 452 Printing, publishing and allied industries 495 495 497 499 500 498 498 497 502 '501 502 502 506 Chemicals and allied products... 519 513 509 508 508 508 511 511 518 526 527 529 530 Products of petroleum and coal. 175 187 187 189 188 188 188 188 188 190 189 189 191 Rubber products 201 205 208 211 213 215 217 218 221 '222 '223 223 225 Leather and leather products. . . 343 346 347 349 357 361 359 357 354 359 '358 357 352 WITHOUT SEASONAL ADJUSTMENT Total 12,229 13,069 13,477 13,560 13,634 13,699 13,619 13,733 13,831 13,758 13,717 13,788 13,731 Durable goods 6,748 7,332 7,634 7,774 7,916 8,010 8,020 8,115 8,211 '8,215 '8,198 8,199 8,105 Ordnance and Accessories 126 129 132 132 134 137 139 142 147 '150 '156 158 164 Lumber and Wood Products 744 759 751 728 730 704 676 677 688 '701 '713 729 719 Sawmills and planing mills.. 439 450 448 440 433 420 406 404 408 '416 '424 431. Furniture and Fixtures 296 307 316 322 329 330 329 332 333 r329 322 317 314 Household furniture 217 225 231 237 242 243 243 246 247 '242 '237 231 Stone, Clay, and Glass Products.. 434 451 455 459 461 458 451 453 459 '462 r460 465 455 Primary Metal Industries 643 1,068 1,109 1,116 1,126 1,137 1,139 1,142 1,145 1,144 1,138 1,143 1,133 Blast furnaces, steel works 132 530 556 557 557 561 562 563 564 '562 '561 566 and rolling mills 768 821 862 888 903 922 931 942 952 r952 '952 958 939 Fabricated Metal Products 1,218 1,193 1,208 1,227 1,260 1,301 1,313 1,323 1,335 rl, 321 r1,303 1,299 1,276 Machinery except Electrical 219 222 224 223 223 226 226 227 228 '228 '226 226 Metalworking machinery.. . 755 782 824 851 872 893 899 916 925 926 '921 913 880 Electrical Machinery Electrical apparatus (gen- 249 253 262 268 271 275 277 281 285 '287 288 288 erating, etc.) 324 346 367 381 398 410 411 418 418 415 '408 400 Communication equipment. 1,190 1,221 1,355 1,411 1,450 1,484 1,509 1,543 1,574 '1,576 '1,576 1,557 1,574 Transportation Equipment 515 524 674 701 735 750 769 798 821 '831 '834 814 Mo m to en r t vehicles and equip- 476 490 474 501 510 524 531 538 542 '533 '534 533 Aircraft and parts 219 226 230 234 237 240 241 241 244 244 244 245 245 Instruments and Related Products. 354 375 393 408 415 404 393 404 410 '411 413 416 406 Misc. Manufacturing Industries.. For footnotes see following page. 1000 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 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Nondurable goods 5,481 5,737 5,843 5,786 5,718 5,689 5,599 5,618 5,620 '5,543 '5,519 5,589 5,626 Food and Kindred Products 1,199 1,269 1,309 1,223 1,142 1,093 1,045 1,033 1,025 '1,027 '1,052 1,089 1,183 Meat products 244 242 247 244 254 256 249 241 238 '233 '234 237 Canning and preserving 234 309 348 253 172 143 132 129 123 '134 '145 160 Bakery products 188 186 186 187 187 184 179 180 180 '179 '180 182 Tobacco Manufactures 85 109 117 117 109 108 101 94 87 85 85 85 87 Textile-mill Products 1,067 1,105 1,127 1,135 1,146 1,146 1,132 1,134 1,134 n, ii9 '1,113 1,119 1,100 Broad-woven fabric mills... 489 498 501 503 506 508 502 502 499 '494 '494 496 Knitting mills 215 228 232 236 239 236 230 232 235 233 232 232 Apparel and Other Finished Textiles 1,018 1,088 1,106 1,103 1,104 1,114 1,109 1,137 1,139 '1,086 '1,061 1,076 1,044 Men's and boys' furnishings. 260 271 276 279 280 280 279 284 289 '289 289 289 Women's and misses' outerwear 311 339 340 330 331 347 351 360 356 '318 '298 308 Paper and Allied Products 411 425 425 432 435 441 436 437 439 440 '440 445 443 Pulp, paper and paperboard mills 215 222 217 219 219 224 223 223 223 222 222 225 Printing, Publishing and Allied Industries 490 490 497 504 505 505 498 497 499 r498 499 502 501 Newspapers 145 144 146 146 147 147 144 144 146 '146 147 148 Commercial printing 156 156 158 160 161 162 161 159 159 158 158 159 Chemicals and Allied Products... 501 503 512 518 518 518 516 519 526 526 516 512 511 Industrial organic chemicals. 184 185 185 187 188 189 190 189 190 191 192 195 Products of Petroleum and Coal.. 177 191 190 189 188 187 186 186 186 188 188 190 193 Petroleum refining 144 146 145 144 144 144 144 144 144 144 144 145 195 203 208 213 217 219 219 219 221 '221 221 218 Rubber Products 338 355 352 352 355 359 359 364 363 355 r344 350 347 Leather and Leather Products.... 221 233 229 225 226 232 236 238 238 232 '226 229 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 July 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 1952 1953 1952 1953 July May June July July May June July July May June July Total 65.44 71.63 71.63 71.51 39.9 40.7 40.7 40.4 1.64 1.76 1.76 1.77 Durable goods 69.55 77.19 77.42 77.08 40.2 41.5 41.4 41.0 1.73 1.86 1.87 1.88 Ordnance and accessories 75.72 '78.25 77.90 76.80 42.3 41.4 41.0 40.0 1.79 '1.89 1.90 1.92 Lumber and wood products 64.21 '66.34 67.90 69.47 40.9 '40.7 41.4 41.6 1.57 '1.63 1.64 1.67 Furniture and fixtures 58.18 '62.73 62.47 61.10 40.4 '41.0 41.1 40.2 1.44 1.53 1.52 1.52 S P t r o im ne a , r y c la m y, e t a a n l d i n g d l u a s ss tr i p e r s oducts 6 7 4 1 . . 0 3 8 1 r8 7 3 0 . . 6 8 3 6 8 7 5 0 . . 0 6 8 9 8 7 5 0 . .1 2 1 8 4 3 0 9 . . 3 4 '4 4 1 1 . . 4 2 4 41 1 . . 5 1 4 41 1 . . 4 0 1 1 . . 8 5 1 9 2 1 . .7 0 2 2 2 1. . 7 0 2 5 2 1 . .7 0 1 6 Fabricated metal products 67.66 '77.46 77.28 76.96 39.8 '42.1 42.0 41.6 1.70 '1.84 1.84 1.85 Machinery except electrical 76.36 82.88 82.49 81.71 41.5 42.5 42.3 41.9 1.84 1.95 1.95 1.95 Electrical machinery 65.90 '70.99 71.23 70.27 39.7 '40.8 40.7 39.7 1.66 1.74 1.75 1.77 Transportation equipment 75.65 '85.08 85.08 84.45 39.4 '41.5 41.1 40.6 1.92 2.05 2.07 2.08 Instruments and related products 69.60 '73.22 73.63 71.86 40.7 41.6 41.6 40.6 1.71 '1.76 1.77 1.77 Miscellaneous manufacturing industries 58.61 '64.53 64.37 62.71 39.6 '41.1 41.0 40.2 1.48 1.57 1.57 1.56 Nondurable goods 60.68 63.20 63.36 63.60 39.4 39.5 39.6 39.5 1.54 1.60 1.60 1.61 Food and kindred products 63.42 '65.44 66.65 66.72 42.0 40.9 41.4 41.7 1.51 '1.60 1.61 1.60 Tobacco manufactures 46.36 '47.36 46.86 46.61 38.0 37.0 36.9 36.7 1.22 '1.28 1.27 1.27 Textile-mill products 51.98 '53.98 53.86 53.43 38.5 '39.4 39.6 39.0 1.35 1.37 1.36 1.37 Apparel and other finished products.. . . 46.18 47.21 48.05 48.37 35.8 36.6 36.4 36.1 1.29 1.29 1.32 1.34 Paper and allied products 68.26 72.07 72.24 73.19 42.4 42.9 43.0 42.8 1.61 1.68 1.68 1.71 Printing, publishing and allied products. 81.45 85.58 85.75 84.75 38.6 38.9 38.8 38.7 2.11 2.20 2.21 2.19 Chemicals and allied products 70.00 74.93 75.17 76.04 40.7 41.4 41.3 41.1 1.72 1.81 1.82 1.85 Products of petroleum and coal 88.18 '88.94 88.94 91.91 41.4 '40.8 40.8 41.4 2.13 2.18 2.18 2.22 Rubber products 72.07 '78.38 77.78 79.56 39.6 '40.4 40.3 40.8 1.82 1.94 1.93 1.95 Leather and leather products 50.05 51.61 52.47 51.54 38.5 37.4 38.3 37.9 1.30 1.38 1.37 1.36 r Revised. NOTE.—Data are for production and related workers, Figures for July 1953 are preliminary. Back data are available from the Bureau of Labor Statistics. SEPTEMBER 1953 1001 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 , a a l nd utilities government 1945 40,069 15,302 826 1,132 3,872 7,522 1,394 4,055 5,967 1946 41,412 14,461 852 1,661 4,023 8,602 ,586 4,621 5,607 1947 43,438 15,290 943 1,982 4,122 9,196 ,641 4,807 5,456 1948 44,382 15,321 982 2,169 4,141 9,519 L ,711 4,925 5,614 1949 43,295 14,178 918 2,165 3,949 9,513 ,736 5,000 5,837 1950 44,696 14,967 889 2,333 3,977 9,645 L.796 5,098 5,992 1951 47,202 16,082 913 2,588 4,166 10,013 L.861 5,207 6,373 1952 47,993 16,209 872 2,572 4,220 10,251 L ,957 5,280 6,633 SEASONALLY ADJUSTED 1952—July 47,336 15,609 777 2,595 4,154 10,273 L.967 5,302 6,659 August 48,039 16,151 883 2,604 4,209 10,261 1,980 5,299 6,652 September 48,406 16,412 880 2,611 4,259 10,333 1,986 5,285 6,640 October 48,664 16,546 867 2,574 4,303 10,390 1,993 5,303 6,688 November 48,857 16,755 870 2,571 4,293 10,366 L.993 5,292 6,717 December 48,957 16,870 871 2,548 4,281 10,397 1,988 5,290 6,712 1953—January 49,014 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 '49,154 '17,229 838 '2,517 '4,266 '10,402 '2,004 '5,307 6,591 May 49,282 17,290 833 '2,467 '4,283 '10,455 2,016 '5,301 6,637 June 49,443 17,312 833 2,485 4,279 10,507 2,030 5,315 6,682 July 49,673 17,362 820 2,525 4,298 10,518 2,044 5,333 6,773 UNADJUSTED 1952—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 '48,860 '17,077 835 '2,416 '4,244 '10,314 '2,014 '5,307 6,653 May '49,039 '17,050 831 "•2,492 '4,280 '10,337 2,026 '5,354 6,669 June 49,372 17,155 837 2,584 4,312 10,401 2,050 5,395 6,638 July 49,371 17,125 828 2,676 4,345 10,349 2,075 5,413 6,560 '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. July 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 s o t t i a tu l t n io o n n a - l T la o b t o a r l Employed * Not in the population force Unem- labor force Total In nonagricul- In ployed 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 14? 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 L.673 46,710 1952—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 L.418 46,552 December 113,703 66,309 62,921 61,509 55,812 5,697 1,412 47,394 1953—January 114,191 65,959 62,416 60,524 55,072 5,452 1,892 48,232 February 114,479 66,255 62,712 60,924 55,558 5,366 1,788 48,224 March (2) (2) 63,134 61,460 55,740 5,720 L.674 48,076 April (2) 62,810 61,228 55,158 6,070 1,582 48,490 May (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 August (2) (2) 64,648 63,408 56,134 7,274 1,240 46,994 1 Includes self-employed, unpaid family, and domestic service workers. 2Current data available six months later than for other series when armed forces figures, withheld for reasons of security, are released. NOTE.—Details do not necessarily add to group totals. Information on the labor force status of the population is obtained through interviews of households on a sample basis. Data relate to the calendar week that contains the eighth day of the month. Back data are available from the Bureau of the Census. 1002 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VALUE OF NEW CONSTRUCTION ACTIVITY [Adjusted for seasonal variation. In millions of dollars] Private Public Year or month Total Total d R en e t s i i a - l Total In tr d i B u al s u - sin m e C s e s r o c m ia - l P ut u i b li l t i y c O n r d t e t o e i h s a n n i l e - - - r Total M ta i r l y i- H w ig ay h- C v o a n ti s o e n r- o A th ll er 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—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 M Ju a n y e 2 2 , , 9 9 1 2 0 3 1 1, , 9 9 7 7 9 8 1,0 9 0 8 0 7 7 7 0 1 9 3 2 1 0 9 4 5 1 13 3 2 7 3 3 7 7 7 7 2 2 7 7 0 8 9 9 4 3 4 2 1 1 2 2 4 6 2 2 5 4 2 3 7 7 3 2 4 4 9 9 2 4 Tulv . . 2,868 1,948 970 703 185 141 377 275 920 115 266 70 469 August? 2,826 1,926 936 720 185 155 380 270 900 105 266 66 463 Preliminary. r Revised. Source.—Joint estimates of the Departments of Commerce and Labor. CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions] By type of ownership By type of construction Year or month Total Nonresidential building Public Resi- works Public Private dential and building t F or a i c e - s m C e o rc m ia - l E ti d o u n c a a l - Other u p ti u l b it l i i e c s 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—Aueust 1,439 501 937 628 142 94 145 139 291 Seotember 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 L,467 478 990 439 313 100 146 154 316 1953—Tanuarv . • • 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 L,742 673 1,069 674 262 120 147 151 387 May L.606 554 1,052 638 132 156 163 131 386 June 1,116 372 744 463 85 99 148 127 193 July 1,793 610 1,183 653 207 200 176 181 376 August 1,439 501 938 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—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 July. ,511,285 85,405 213,875 112,121 170,016 141,852 197,533 250,592 104,938 49,632 71,598 113,723 1953—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 July. ,793,342 94,331 299,010 117,445 220,831 148,586 198,776 349,672 104,543 97,791 62,898 99,459 SEPTEMBER 1953 1003 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—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 72 41 31 68 58 3 6 4 29 19 10 1953 Tanuarv 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 108 55 53 106 93 4 8 3 34 22 12 June P103 n.a. n.a. P100 n.a. n.a. n.a. 38 24 14 July P96 n.a. n.a. n.a. n.a. n.a. 39 24 15 August P94 n.a. n.a. n.a. n.a. n.a. 41 23 18 p Preliminary. n.a. Not available. iLess than 500 units. iLess 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 July Feb. Mar. Apr. May June July July Feb. Mar. Apr. May June July Total 134 126 102 130 132 129 130 128 123 104 119 122 127 132 133 128 Coal 121 109 75 97 92 96 106 105 94 75 97 92 96 106 105 94 Coke 208 168 57 181 184 178 183 179 167 56 191 186 175 182 176 162 Grain 143 142 153 114 130 133 141 155 138 183 112 119 117 124 158 166 Livestock 69 69 56 57 60 66 65 60 60 45 46 47 58 58 52 46 Forest oroducts 150 144 146 146 142 144 137 145 146 147 140 142 144 143 151 147 Ore 205 181 46 275 273 237 237 212 213 73 69 79 231 315 328 341 Miscellaneous 147 140 115 149 154 148 146 142 139 116 140 146 146 148 146 141 Merchandise, 1. c. 1 48 46 43 45 45 44 45 43 42 43 43 45 44 45 43 42 NOTE.—For description and back data, see BULLETIN for June 1941, pp. 529-533. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission. MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports* Merchandise imports2 Excess of exports Month 1951 1952 1953 1951 1952 1953 1951 1952 1953 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 '1,389 1,102 964 1,004 193 483 384 April 1,369 1,352 '1,395 1,034 '933 1,012 336 420 '383 May 1,354 1,474 1,446 1,018 '835 902 337 '639 544 June 1,297 '1,168 Pi,374 930 861 P934 366 306 P440 July 1,186 1,027 895 839 292 188 August.... 1,270 '1,087 881 '818 390 269 September. 1,232 '1,228 721 876 510 '352 October. . . 1,152 ^1,216 834 918 319 297 November 1,388 '1,191 819 '805 569 '386 December. 1,438 '1,390 800 1,052 638 '338 January-June 7,365 8,039 P8,092 6,019 5,408 P5,630 1,347 2,631 P2.461 p Preliminary. r Revised. i 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, 1,988 (revised); January-June 1953, 1,914. 2General imports including imports for immediate consumption plus entries into bonded warehouses. Source.—Department of Commerce. 1004 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS [Based on retail value figures] SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS [Index numbers, 1947-49 average = 100] Federal Reserve district Year or month U S n t i a t t e e d s Boston Y N o e r w k a P p d h h e i i l l a - - C l l a e n ve d - m Ri o c n h d - l A a t nt - a c Ch a i g - o Lo S u t i . s M a i po n l n i e s - K C a i n t s y as Dallas F c S r i a a sc n n o - SALESi 1947 98 99 99 96 97 97 96 98 97 98 98 94 99 1948 .... 104 102 103 104 105 103 103 104 104 104 103 105 104 1949 98 99 98 100 98 100 101 97 98 99 99 102 98 1950 105 103 101 106 105 105 109 104 104 105 108 113 105 1951 109 105 105 109 111 113 115 108 107 104 111 117 109 1952 110 104 101 109 110 118 124 106 110 104 113 124 114 SEASONALLY ADJUSTED 1952—July- 107 102 98 107 105 112 120 101 104 104 114 '124 111 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 115 111 107 112 115 126 129 112 115 108 114 128 118 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 110 106 102 113 105 117 118 110 ••111 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 *-118 134 '121 July .... P112 106 103 117 114 120 P127 110 107 105 Pill 124 117 UNADJUSTED 1952—July 84 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 '115 108 115 128 116 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 83 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 '118 115 128 131 114 118 107 115 127 117 Tune 108 103 98 105 111 112 114 110 110 98 '111 118 r\\2 July P89 76 75 83 89 P96 P102 89 86 84 P91 104 101 STOCKS i 1947 93 95 98 93 93 94 90 89 93 91 93 89 93 1948 . 107 105 105 107 107 105 108 111 102 110 108 110 107 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 129 124 124 127 128 133 140 128 128 117 132 132 131 1952 118 111 112 113 111 130 135 115 117 107 124 126 125 SEASONALLY ADJUSTED 1952—July . 119 110 '115 112 113 130 136 115 119 108 '129 129 '124 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 Tune 128 117 118 122 122 146 147 123 132 114 140 141 '135 July P130 P117 120 122 124 P145 P148 125 131 117 P146 P140 138 UNADJUSTED 1952—July 111 100 '102 100 102 126 126 107 111 105 '121 120 121 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 119 108 108 112 113 132 144 116 113 109 127 132 125 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 Tune 123 110 111 113 115 139 139 117 132 109 '136 130 '136 July P121 P106 107 109 112 P141 P137 117 122 114 P137 P131 133 v Preliminary. 'Revised. 1 Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average. NOTE.—For description and monthly indexes for back years, see BULLETIN for December 1951, pp. 1463-1515. SEPTEMBER 1953 1005 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued [Based on retail value figures] DEPARTMENT STORE MERCHANDISING DATA Amounts (In millions of dollars) Ratios to sales1 Out- Stocks Year or month Sales2 Stocks2 stand- Re- New Out- plus (total (end ing ceipts3 orders3 stand- out- Refor of orders2 (total (total Stocks ing stand- ceipts month) month) (end of for for orders ing month) month) month) orders 1944 average 246 574 596 244 256 2.4 2.5 5.0 1.0 1945 average 276 604 775 277 291 2.3 3.0 5.3 1.0 1946 average 345 767 964 373 354 2.3 3.0 5.3 I 1 1947 average 365 887 588 366 364 2.5 1.7 4.3 i!o 1948 average 381 979 494 386 363 2.7 1.4 4.1 1.0 1949 average 361 925 373 358 358 2.7 1.1 3.8 1.0 1950 average 376 1,012 495 391 401 2.8 1.4 4.2 1.1 1951 average 391 1,202 460 390 379 3.2 1.3 4.4 1.0 1952 average 395 1,093 433 395 398 2.9 1.2 4.1 1.0 1952—July '290 '998 '526 267 '382 3.4 1.8 '5.3 0.9 August 343 1,040 539 '385 '398 3.0 1.6 4.6 1.1 September 387 L,131 592 478 531 2.9 1.5 4.4 1.2 October... 448 1,230 573 547 528 2.7 1.3 4.0 1.2 November 462 L ,275 454 507 388 2.8 1.0 3.7 1.1 December. 736 L ,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 L.184 321 358 355 3.1 0.8 3.9 0.9 June 375 L ,102 459 293 431 2.9 1.2 4.2 0.8 July? 305 1,080 523 283 347 3.5 1.7 5.3 0.9 P Preliminary. «• Revised. 1 The first three ratios are of stocks and/or orders at the end of the month to sales during the month. The final ratio is based on totals of sales and receipts for the month. 2 These figures are not estimates for all department stores in the United States. They are the actual dollar amounts reported by a group of department stores located in various cities throughout the country. In 1952, sales by these stores accounted for about 50 per cent of estimated total department store sales. 3 Receipts of goods are derived from the reported figures on sales and stocks. New orders are derived from receipts and reported figures on outstanding orders. NOTE.—For description and monthly figures for back years, see BULLETIN for October 1952, pp. 1098-1102. WEEKLY INDEX OF SALES [Weeks ending on dates shown, 1947-49 = 100] Without seasonal adjustment 1949 1950 1951 1952 1950 1951 1952 1953 Oct. 1 . . .1 0.4Oct. 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 19sJ 1952 1953 Jan. 7 70 Jan. 6. . . .98Jan. 5 78 Jan. 3 81July 1. ... 91July 7. . . .75July 5 79July 4. . .. . 79 14 810 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 27 96 26 83 24 86 22 104 28 80 26 79 25. ... . 83 31 87 29 102 Feb. 4 3 81Feb. 2 84'Feb. 7. ... 88Aug. 5 102Aug. 4 88Aug. 2 87Aug. 1.. ... 86 11. . . .8782|Feb.10.... 94 9. . . .11 14. . . .92 12. . . .94 11. . . .87 9 90 8 92 18 80 17 94 16 21 85 19 97 18 93 16 95 15 95 25 76 24 95 23 83 28 93 26 99 25 97 23 100 22. . .. .100 30 110 29.....100 Mar. 4 84Mar. 3 99Mar. 1 85Mar. 7 96Sept. 2. . . .107Sept. 1 105Sept. 6 100Sept. 5. . .. .100 11 87 10.. . .105 8. . . .88 14.. . .100 9 102 8 100 13 ... 114 12 18. . . 91 17 101 15 90 21 109 16 127 15 114 20 113 19. .. 25. .. 96 24. . . .105 22 94 28 112 23 111 22 111 27 112 26 31 89 29 101 30 110 29 114 NOTE.—For description and weekly indexes for back years, see BULLETIN for April 1952, pp. 359-362. 1006 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 e r r v c e i t d y istrict, J 1 u 95 ly 3 J 1 u 9 n 5 e 3 m 19 7 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 95 lv 3 J 1 u 9 n 53 e m 19 7 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 95 ly 3 June 1953 United States P+5 +6 +4 Richmond Dist. (Cont.) Minneapolis Dist. (Cont.) Boston District. . +5 +4 M N et o r r o f p o o lk li - ta P n o rts A m re o a u s t 2 h ~ , C V on a t . . +4 -4 +4 C M iti a es nkato, Minn +5 +3 +2 Metropolitan Areas Richmond, Va.1 +4 -3 + 1 Great Falls, Mont +3 -3 L Po ow rtl e a ll n - d L , a w M r a e i n n c e e, Mass.. . + + 1 8 0 + + 1 4 1 + + 1 8 0 C R h o a a r n l o e k st e o , n V , a W .1 . Va.1 + + 1 4 0 + + 2 5 + + 8 6 G Du ra l n u d th - F S o u r p k e s r , io N r . , D -4 +3 -3 W Ne o w rc e B s e te d r f , o r M d, a M ss a . s 1 s .... + + 1 5 6 + + 8 1 + +4 5 C S it p ie a s rtanburg, S. C... +3 r-1 0 La M C i r n o n s . s - e W , W isc i . s 1 e +8 0 • + + 1 6 2 + -3 3 C D S P it p r i o e o r w i s v n i n g d t f e o ie n w l c d n e , , B M R o . a s t s I o s .1 n, Mass.1 + + + 2 5 7 + + + 1 6 1 0 + + + 3 1 1 At L N H la y e u n n w n t c t p a i h n o b D g r u t t i r o s N g n t , e r , V w i W c s a t , . . 1 V V a a. . 1 . . . P + ( + 3 - 1 1 ) 6 3 + + -9 4 1 0 4 + + -1 5 5 2 K M a D P e n u t e s r e n o a b v p s l e o o C r l , , i t i C a C ty n o o l l o D o A i r s e t a r s ict + -3 9 2 + r + + 2 8 6 2 + + + 9 2 2 N M e N B w e N u e t N N r w f e Y o f w e e a p o w l w o o r Y J l a , k e i Y r o t r N a k D r s o n , k e r . i k y - Y N s N , t A . C r o N r J i i e r c . t . t a 1 y Y t h s . e 2 . a N & s . t e N Y rn J .1 + + + + + 1 6 5 5 7 1 + + + + + 1 4 3 3 5 0 + + - 2 2 1 0 M J O M M M B e a r i t c i o o r r l a k a m o b n m s n p i t i l o g d o i n e n , o o l , g i v m , t F h A a i F l a l e n l a l m r a l e . a y 1 , , , A F A r A l e a l a l a . a s 1 .1 2 P P ( + + + + 3 -1 ) 1 8 7 3 - + + + + 12 3 3 5 2 0 4 + + + + + - 1 1 6 6 6 4 3 C T W S O T O it t u o i k m . e i l p l c s s J a a e h a o h h k i , s o t a a e a O , m , , p N k h a K K l , e a a C a b M n n r i s t s o y, Okla + - - - 8 3 3 0 0 1 + + + + + + 1 1 1 1 2 5 4 5 7 3 + + + + + 4 4 5 5 0 1 C S R B it N B y i o i e n r u c i s a a g f h c f g h e a u a a s l s o r t m e a e , r t C , o F N i n a N t . , l y l . Y , s N Y , N . . 1 N .i . Y . Y Y .i. . . . + + + + + 1 1 1 1 2 1 5 0 1 + + + + + 1 1 9 9 6 0 1 + + + +2 6 8 5 A A S M C S T t o u t . a l t a l g . a c P u m u n o P m t s n r t p e a t s b , a a t , b u e . , G g r s G F G s . , a - b a l . T a G a 1 . u 1 . a a r 1 m g, p F a, l a Fla.. + + + + + + — 1 7 7 7 9 5 4 6 — + + + -5 1 5 3 6 0 ^ 7 + + + + + — - 1 2 5 6 3 3 5 4 Da J E K H l o n l a u p a i n t l s d c i s , n h a D , i s O n i M s k s C t o l o i a r n t i y . c , t K M an o s - + 1 -1 6 6 0 + + + 6 5 5 + + + + 3 4 5 4 Albany, N. Y + 1 0 Savannah, Ga P+7 -6 +6 Metropolitan Areas Elmira, N. Y +2 +7 +4 Baton Rouge, La.1 +8 +9 + 12 Shreveport, La 2 + 13 +4 Poughkeepsie, N. Y +3 +8 +6 New Orleans, La.1 +5 +4 +6 Corpus Christi, Tex +4 + 15 + 12 Schenectady, N. Y +6 +7 +2 Jackson, Miss.1 +3 -1 2 Dallas, Tex.1 +4 +7 +4 Ph U il t a ic d a e , lp N h . i Y a District.... + +9 4 + + 1 6 1 + + 5 4 C N K h a n s a o h t x t v v a i i n l l l o l e e o , , g T T a e , e n n T n n . e . 1 1 nn.1... + + + 1 8 7 8 + + - 1 1 6 1 + + + 1 9 7 1 F H E o l o r u P t s a W t s o o n o , , r T t T h e , e x x T .1 ex + - — 3 3 7 + + + 2 7 5 + + -2 7 6 M T e r t e ro n p to o n li , t a N n . A J reas +3 +9 +7 C R iti o e m s e, Ga + 11 -1 +7 S W a a n c o A , n T to e n x io, Tex -1 -2 1 + - 3 3 4 — 0 1 W L P R h a e i i n a l l k d c a e a i d n s s e - g t l e B , p r a h , P r i a P a re , a - P H a azleton, + + + 1 8 8 4 + + + 1 5 0 + + + ? 7 7 Ch M B ic r e i a s r g i to d o l i , a D n T , i e s M n tr n i i s c s t P + + -6 8 2 + + - 1 1 2 0 + + -1 6 6 S M a P n e h tr F o o e r p n a o i n x li c , t a i A s n c r o iz A . D 1 re i a s s t 2 rict. .. P -1 + 0 3 + -2 7 + + 2 4 C C M l C S C W T A C Y Y E e W i e t p v P o o r i a y k o o t h n i r i r e a l l n r e u r l i e e o u c l o k n m , t n e a d p i m o n , g n g l P o n i o n , i f n b n P s , n l i d a . i e g t O u a g a t . O o l a 1 O t t s , d h D o w i , n h , , i h W n i o n i O O . i s o O , A o * . t h 1 D h l r h r O V i e i o i i e o c h a o a 1 l t l s i 1 . o 1 1 - + + + ^ + + + + + + + + - 1 1 1 3 4 5 3 2 5 5 7 9 0 5 2 6 3 + + + + + + + + + + + + - 2 1 1 1 1 1 4 2 4 8 4 4 9 0 5 2 2 4 1 + + + + + + + + + + - 1 1 6 4 1 6 8 5 1 1 7 7 4 S M M t. M T F L M C F D D G G P I e e n L l o e a e h t r e t e r a i i d r r o e n r a r s l i n t o d o o i t r c w e r r s n t a e u p i p o i a n M , i d s n W a a n o o i g i o s , u H M a t l g l o o B , R i n i a k p , t i , 1 t D a , i a a y n a e o a M 1 c u M 1 n y n n e e p i l 1 W h t 1 i s , s , i . e i e s i . 1 1 c , d t , 1 c W , , A i W A . h r s s 1 h I I r i r I . , I o . 1 i n e c i e n n 1 s w s a M a d t d d . . . s 1 s 1 a . . . 1 i 1 . 1 c . h.1. P P + + + + + + + + + + + - + - 2 1 1 1 1 1 1 4 2 8 2 5 2 5 5 0 0 9 0 3 5 + + + + + + + + + + + + + + 2 3 2 1 1 1 1 8 5 9 9 0 4 1 5 8 7 4 7 3 1 + + + + + + + + + + 4 + + + 2 1 1 1 1 1 - 5 8 2 5 6 2 2 3 1 3 1 1 1 1 S S S S L F R V S O S L a P a a a r o i e D n n n n v D c a W a s a o a a s n C r e a n l s n k o A o n F J a l D r r a e t g e a l w o w F s o m d a r s d n a j l i i s a , r i o t i e n n g e d n B e f n s e a n M g , n d . e t e C t i n , n o 1 e . o o o d l - a C - t c a o , a e C w B , e w O , o a l i c s a n C i a s , C n e , n n h l L C f a i c i l a . r c , d C k f i a C 1 . a o k l f a L O l i l l A C . , a e a , i f i a 1 . f f S l a l l a n . C . i C A i e , k 1 f a l f d y . i a . a l n C . 1 f , 1 a , , l l . i a 1 n i C C f C f B l d . i a a a 1 , e f l l l . . r i i i . 1 f f f - . . . . . . . 1 1 1 + + + + + + + + - - - - - - 1 4 6 5 1 8 1 2 1 3 9 2 9 9 0 0 1 1 1 + + + + + + + + + + + + + + 1 1 1 1 1 5 5 4 8 7 6 8 7 1 1 2 9 1 0 2 + + + + + + + + + + + - - 1 3 3 3 4 5 5 4 3 5 4 5 0 0 4 1 Cities Little Rock, Ark.1. -3 +7 + 1 Stockton, Calif.1 -1 + 15 +5 Cleveland, Ohio1 +8 +5 +3 Fort Smith, Ark.. . -3 + 1 0 Portland, Ore.1 P+1 0 +5 P Pi o t r t t s s b m ur o g u h t , h , P O a. h 1 io1 + + 2 9 1 + + 2 8 7 + + 2 3 7 L E o v u a i n s s v v i i l l le le , , K In y d .1 . . . . . . . + +5 1 + + 1 3 6 + + 1 3 4 S S a e l a t t t L le a , k W e a C s i h ty .1 , Utah i. . . 0 + +5 7 + + 5 4 St. Louis, Mo +5 + 10 +5 Spokane, Wash.1 +6 + 7 +6 Richmond District P+5 I +2 Springfield, Mo.. . . -1 + 10 +2 Tacoma, Wash.1 0 +6 +5 Metropolitan Areas2 Memphis, Tenn.1. . i +2 +3 Cities W D a o s w hi n n t g o t w on n , W D a . s C h. . , 1 D. C, + -2 1 - - 6 5 - - 1 4 C Q ity uincy, 111 -2 + 13 + 1 T B u ak cs e o rs n f , i e A ld r , i z Calif.1 P P- + 9 3 + + 2 1 +5 A B s a h lt e i v m il o le re , , N M . d C . . 1 1 + -4 2 + -2 6 + + 1 1Minneapolis District 0 r+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. + + 6 9 0 +4 0 Raleigh, N. C.1 -1 -4 +2 Metropolitan Areas2 Idaho Falls, Idaho -4 -2 Winston-Salem, N. C.1. . -4 0 +6 Mpls-St. Paul, Minn.1 +4 +7 +2 Bellingham, Wash (3) +25 4+18 C C h o a lu r m les b t i o a n , , S S . . C C .1 .1 + +5 5 ! - + 10 1 + + 4 7 S M t. i n P n a e u a l p C ol i i t s y C , M ity i . n M n. i 1 n .. n . .1 + + 5 4 + + 9 5 + + 3 2 W Ev a e ll r a e t W t, a W ll a a, s h W .1 ash.1 - - 3 6 + +6 Greenville, S. C.1 +6 +2 + 7 Sioux Falls, S. D 0 +5 -1 Yakima, Wash.1 P-3 -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. 8 Breakdowns shown under various metropolitan areas do not necessarily include all portions of such areas. 3 Data not available. *Six months 1953. SEPTEMBER 1953 1007 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS [Based on retail value figures] Percentage Ratio of Federal Reserve"index numbers change from a stocks to without seasonal adjustment, year ago sales1 1941 average monthly sales = 1002 Department r s N b e t e p o u r o r m e r o s t - f - d p S u e a r r l i i e o n s d g m ( S e t o n o d n c t k o h s f ) June Sale p s e ri d o u d ring Sto o c f k m s o a n t t e h nd 1953 1952 1953 1952 J 1 u 9 n 5 e 3 mo 1 S 9 n i 5 t x h 3 s J 1 u 9 n 5 e 3 1953 1952 June May June June May June GRAND TOTAL—entire store3 362 +5 +2 +8 3 1 3.1 MAIN STORE—total 362 +6 +2 +8 3.4 3.3 205 210 194 692 737 646 Piece goods and household textiles 325 +4 0 +6 4.2 4.2 167 180 160 708 716 667 Piece goods 302 +3 -4 -1 3.9 4.0 161 188 157 627 667 641 Silks velvets and synthetics 213 I3 -8 4.4 4.4 105 141 109 469 514 485 Woolen yard goods 181 + 18 +4 -2 15.9 19.2 57 56 48 900 725 823 Cotton yard goods 200 +7 0 +2 2.4 2.5 284 309 266 677 765 664 Household textiles 316 +5 +2 + 10 4.4 4.2 170 179 162 742 746 672 Linens and towels 288 +8 +3 +2 4.8 5.0 159 153 147 758 739 740 Domestics—muslins, sheetings 265 +3 0 +23 4.2 3.6 184 209 179 782 781 630 Blankets, comforters, and spreads 251 +4 +3 +9 4.0 3.8 169 177 164 684 692 628 Small wares 348 +8 +3 +5 3.8 4.0 181 182 168 697 727 667 Laces, trimmings, embroideries, and ribbons . . . 205 +4 -3 +4 3.4 3.4 228 248 218 789 847 755 Notions 246 +4 + 1 +9 3.2 3.1 276 288 266 891 923 824 Toilet articles, drug sundries 332 +7 +2 +3 3.5 3.6 160 159 150 563 592 551 Silverware and jewelry 326 + 10 +4 +2 4.3 4.7 201 196 182 865 900 851 Silverware and clocks* 223 +8 0 0 5 5 6 0 Costume jewelry4 289 + 13 +8 +5 2 6 2 8 Fine jewelry and watches* 91 +3 -1 < 7.7 8.0 Art needlework 240 + 10 +1 +1 6.2 6.7 112 113 102 694 711 690 Books and stationery 285 + 13 +8 + 12 4.0 4.0 169 166 150 674 704 602 Books and magazines 136 +11 +5 +9 3.7 3.8 136 136 122 506 540 464 Stationery 249 +13 +10 + 11 4.0 4.1 177 164 156 709 706 635 Women's and misses' apparel and accessories. 359 +6 +3 +10 2.6 2.5 199 223 187 526 571 478 Women's and misses' ready-to-wear accessories. . 359 +6 +3 +8 3.2 3.2 192 213 181 624 674 579 Neckware and scarfs 319 + 17 + 12 + 18 2.2 2.2 271 333 231 597 699 501 Handkerchiefs 285 +4 -1 0 4.2 4.4 98 110 94 418 449 421 Millinery 169 +4 +3 1.3 1.4 103 135 99 138 163 131 Women's and children's gloves 332 -2 -5 —2 6.2 6.2 83 121 85 518 553 528 Corsets and brassieres 348 + 12 +8 + 10 2.7 2.7 338 322 302 912 938 827 Women's and children's hosiery 349 — 1 +4 2.7 2.6 119 145 121 321 356 310 Underwear, slips, and negligees 353 +5 +3 +6 2 8 2.7 222 246 211 613 657 579 Knit underwear. 257 +2 +2 + 10 3 2 3 0 259 294 253 833 878 762 Silk and muslin underwear, and slips 303 +6 +2 +6 2.7 2.7 211 233 199 575 618 540 Negligees, robes, and lounging apparel 274 +8 +4 2.0 2.2 196 241 181 401 481 413 Infants' wear 340 +6 +2 + 11 3.6 3.4 229 235 217 824 869 745 Handbags, and small leather goods 342 +5 +1 +7 2.4 2.4 175 200 167 433 488 409 Women's and children's shoes 253 +7 +4 +9 4.7 4.6 224 244 209 1,052 1,154 969 Children's shoes* 228 +8 +3 +12 5 0 4 8 Women's shoes* 234 +7 +4 +9 4.6 4.5 Women's and misses' ready-to-wear apparel.... 357 +6 +3 + 15 2.1 1.9 206 234 194 423 464 371 Women's and misses' coats and suits. .. 348 _3 0 + 17 4 1 3.4 70 133 72 292 288 249 Coats* 240 + 1 0 +24 4 4 3 7 Suits* 232 -7 -1 +5 3.6 3.2 Juniors' and girls' wear 330 + 10 +5 + 18 2.1 1.9 237 268 215 495 538 420 Juniors' coats, suits, and dresses 289 + 11 +4 + 17 1.4 1.4 246 285 223 362 402 305 Girls' wear 329 +9 +5 + 19 2.9 2.6 236 257 216 673 718 568 Women's and misses' dresses 350 +6 +3 +7 1 3 1.2 256 294 242 323 394 305 Inexpensive dresses * 278 +5 +4 +6 0.9 0.9 Better dresses* 287 +8 +2 +5 1.7 1.8 Blouses, skirts, and sportswear 352 +9 +7 +21 2.0 1.8 345 330 318 687 779 563 Aprons, housedresses, and uniforms 303 + 1 +4 + 15 1.4 1.3 295 305 292 434 481 377 Furs 259 + 14 -6 +8 28.6 30.4 14 27 13 412 403 393 Men'8 and boys' wear 341 +7 +4 +6 3.3 3.3 247 193 230 819 904 771 Men's clothing 279 +7 +4 0 3.8 4.0 233 217 217 878 985 878 Men's furnishings and hats 325 +7 +4 +9 2.7 2.6 276 177 258 740 '827 682 Boys' wear 318 +9 +4 + 12 4 4 4 3 175 183 160 774 848 689 Men's and boys' shoes and slippers 206 +9 +4 + 14 4.3 4.1 258 190 236 1,109 1,128 942 For footnotes see following page. 1008 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 Department r b N s e t e p o u r o r m e o r s t - f - d p S u e a r r l i i e o n s d g m S (e t o n o n d c t k h o s f ) June 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 June Six June 1953 1952 1953 1952 1953 m 1 o 9 n 5 th 3 s 1953 1953 1952 June May June June May June Homefurnishings 326 +3 + 1 +7 4.3 4.2 218 223 212 948 975 901 Furniture and bedding 257 +8 +4 + 10 4.4 4.3 216 217 201 947 934 859 Mattresses, springs, and studio beds4 185 +8 +6 + 16 2.3 2.1 Upholstered and other furniture4 191 +8 +3 + 10 5.2 5.1 Domestic floor coverings 284 0 -1 +5 6.2 5.9 173 146 906 905 869 Rugs and carpets4 165 -1 -1 + 10 6.4 5.8 Linoleum 4 86 0 -12 4.4 4.4 Draperies, curtains, and upholstery 309 +5 0 +4 4.3 4.4 206 238 196 892 924 859 Lamps and shades 263 +4 -1 +6 5.2 5.1 151 172 145 778 808 744 China and glassware 264 +6 i + 1 7.9 8.2 164 146 155 1,285 1,217 1,281 Major household applicances 241 0 +4 2.4 2.1 260 228 278 615 721 619 Housewares (including small appliances) 277 +6 +5 + 7 3.4 3.4 328 330 310 1,129 1,193 1,063 Gift shop* 192 +9 +3 + 11 5.3 5.3 Radios, phonographs, television, records, etc.4.. 235 -5 + 17 4.3 3.3 Radios, phonographs, television4 175 -8 + 18 3.8 2.7 Records, sheet music, and instruments4 127 + 1 +4 6.1 6.8 Miscellaneous merchandise departments.... 332 +5 +1 +8 2.9 2.8 200 201 191 575 673 532 Toys, games, sporting goods, cameras 313 + 10 +8 + 12 4.0 3.9 223 164 202 887 888 781 Toys and games 253 + 11 +8 + 19 4.3 4.0 174 137 157 752 780 652 Sporting goods and cameras 158 + 10 +7 +5 3.6 3.8 228 160 207 823 819 749 Luggage 2 1 8 9 4 2 +11 1 + -2 3 + + 6 3 3 1 . . 0 3 2 1 . . 8 4 307 247 912 945 852 Candy4 201 +5 + 1 +7 2.1 2.0 221 215 211 496 430 BASEMENT STORE—total 457 140 +8 +2 +15 3.0 2.8 Domestics and blankets4 190 +3 0 +8 1.6 1.6 214 222 208 351 381 327 Women's and misses' ready-to-wear 168 +5 + 1 +6 2.1 Intimate apparel4 126 +3 -3 +3 2.1 Hosiery4 127 +6 +3 + 10 2.0 Underwear, corsets and brassieres4 177 +7 -3 +8 2.8 2.8 Coats and suits4 176 0 -2 +8 0.8 0.7 Dresses4 164 +8 +5 + 19 1.4 1.2 Blouses, skirts, and sportswear4 127 +8 +4 + 16 1.9 1.8 Girls' wear4 126 ' +5 +3 +6 2.6 2.6 Infants' wear4 119 -7 -7 +6 1.4 1.2 Aprons, housedresses, uniforms4 Men's and boys' wear 169 +9 +4 +12 1.9 307 232 282 596 681 543 Men's wear4 156 +9 +3 +11 1.8 1.8 M M e e n n ' ' s s f c u lo rn th is i h n i g n 4 gs4 1 13 1 2 0 +7 + + 5 2 + + 1 8 4 2 1 . . 2 6 2 1 . . 1 5 Boys' wear4 124 + 11 +7 + 11 2.7 2.7 Homefurnishings 108 + 11 2 0 3.3 3.4 166 193 164 553 555 558 + 1 Shoes 122 + 1 +4 3.1 3.2 185 172 177 582 649 563 NONMERGHANDISE—total4 189 +5 +3 (5) (5) (5) +7 Barber and beauty shop4 80 + 1 +5 c Corrected. 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. 1005. 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. fiData 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. SEPTEMBER 1953 1009 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES CONSUMER PRICES [Bureau of Labor Statistics index for city wage-earner and clerical-worker families. 1947-49 =100] Housing Read- Other Y m e o a n r t o h r it A em ll s Foods Total Rent s O he th lt e e r r i e G a l n e a c d s - S f a u o n e l d l i s d H f i u o s r u h n s - - e- H o h p o o e u l r s d a e - - p A a p re - l T p t r o i a 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 t a c i i n n o re g d n a- g s a i o e c n o r e v d d s - s tricity fuel oil ings tion 1929 .. . 73.3 65.6 117 4 60 3 1933 55.3 41.6 83 6 45 9 1941 62.9 52.2 88 4 55 6 1942 69.7 61.3 90 4 64 9 1943 74.0 68.3 90 3 67 8 1944 75.2 67.4 90 6 72.6 1945 76.9 68.9 90 9 76 3 1946 83 4 79 0 91 4 83 7 1947 95.5 95.9 95.0 94.4 97.6 88.8 97.2 97.2 97.1 90.6 94.9 97.6 95.5 96.1 1948 .. 102.8 104.1 101.7 100.7 100.0 104.4 103.2 102.6 103.5 100.9 100.9 101.3 100.4 100.5 1949 101.8 100.0 103.3 105.0 102.5 106.8 99.6 100.1 99.4 108.5 104.1 101.1 104.1 103.4 1950 .... 102.8 101.2 106.1 108.8 102.7 110.5 100.3 101.2 98.1 111.3 106.0 101.1 103.4 105.2 1951 111.0 112.6 112.4 113.1 103.1 116.4 111.2 109.0 106.9 118.4 111.1 110.5 106.5 109.7 1952 113.5 114.6 114.6 117.9 104.5 118.7 108.5 111.8 105.8 126.2 117.3 111.8 107.0 115.4 1952—July. . . 114.1 116.3 A14.4 117.9 104.2 115.6 107.6 111.8 105.3 126.8 118.0 111.9 107.0 116.0 Aug 114.3 116.6 114.6 118.2 105.0 119.0 107.6 111.9 105.1 127.0 118.1 112.1 107.0 115.9 Sept... 114.1 115.4 114.8 118.3 105.0 119.6 108.1 112.1 105.8 127.7 118.8 112.1 107.3 115.9 Oct 114.2 115.0 115.2 118.8 105.0 121.1 107.9 112.8 105.6 128.4 118.9 112.3 107.6 115.8 Nov... 114.3 115.0 115.7 119.5 105.4 121.6 108.0 113.3 105.2 128.9 118.9 112.4 107.4 115.8 Dec... 114.1 113.8 116.4 120.7 105.6 123.2 108.2 113.4 105.1 128.9 119.3 112.5 108.0 115.9 1953—Jan.... 113.9 113.1 116.4 121.1 105.9 123.3 107.7 113.4 104.6 129.3 119.4 112.4 107.8 115.9 Feb.... 113.4 111.5 116.6 121.5 106.1 123.3 108.0 113.5 104.6 129.1 119.3 112.5 107.5 115.8 Mar.... 113.6 111.7 116.8 121.7 106.5 124.4 108.0 114.0 104.7 129.3 119.5 112.4 107.7 117.5 Apr.... 113.7 111.5 117.0 122 .1 106.5 123.6 107.8 114.3 104.6 129.4 120.2 112.5 107.9 117.9 May... 114.0 112.1 117.1 123.0 106.6 121.8 107.6 114.7 104.7 129.4 120.7 112.8 108.0 118.0 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 July... 114.7 113.8 117.8 123.8 106.4 123.7 108.1 115.7 104.4 129.7 121.5 112.6 107.4 118.3 » Indexes for January 1953 and subsequent months will be published later. NOTE.—Revised indexes, reflecting beginning January 1953 the inclusion of new series (i. e. home purchases and used autombiles) and revised weights. Prior to January 1953 indexes are based on the "interim adjusted" and "old" indexes, converted to the base 1947-49 =100. Source.—Bureau of Labor Statistics, Department of Labor. WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics, 1947-49 =100] Y m e o a n r t o h r m c t A o i o e m l d s l i - - F p u r a c o r t d m s - f P e o s r o s o e d c d s - Total p p T u a a t r a i e c n o p l r x t d e d - e s - l - l H s e p u a k a r i c n o i t d n h t d d e s s e s - , r , p l t F O i e m o a i g u n r w n t h a i e g h d a e - t l e l , - r s r , C c a p i u o a l h c r l c n m o a e i t e d d l m s m s d - - od p R i u a b r t u c n i o e e t d b d r s s - - L w p u a b r u o c n o e m o t d d r s d - - p p a P u a a l r u l c n p o i l t e d e d p s d r - , , M m p u a r e e c n o t t t d d a a s l - l s p c u M m t a e r h i c n o r v i o a y t d n d e s - - - - h F d o h t b a o u u t u o l n h u r r e r l d e n s a d e s e r - i- - e s N t r t t m a u a r o l l r u l e s a n i c — - c l - - b m b e t o b f a T u r a a t e a a n c r t o c v n g l d e c - - e - u e s o d s - n c M e e l 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 92.8 95.7 101.3 95.5 96.9 101.9 94.8 98.9 99.2 98.5 104.8 106.6 103.1 104.4 101.6 96.1 1950 103 1 97 5 99 8 105 0 99.2 104.6 103.0 96.3 120.5 113.9 100.9 110.3 108.6 105.3 106.9 102.4 96.6 1951 114 8 113.4 111.4 115.9 110.6 120.3 106.7 110.0 148.0 123.9 119.6 122.8 119.0 114.1 113.6 108.1 104.9 1952 111 6 107.0 108.8 113.2 99.8 97.2 106.6 104.5 134.0 120.3 116.5 123.0 121.5 112.0 113.6 110.6 108.3 1952 J Aul u y gust 1 1 1 1 1 2 8 1 1 1 0 0 9 2 9 1 1 1 1 0 0 5 0 1 1 1 1 2 3 5 0 9 9 8 9 . . 9 1 9 9 6 6 . . 2 5 1 1 0 0 6 5 . . 0 8 1 1 0 0 4 4 . . 2 0 1 1 3 2 0 7 . . 0 8 1 1 2 2 0 0 . . 2 5 1 1 1 15 5 . . 6 3 1 1 2 2 1 4 . . 9 1 1 1 2 2 1 1. . 4 4 1 1 1 1 1 1 . . 6 5 1 1 1 1 3 3. . 8 8 1 1 1 1 0 0 . . 8 8 1 10 0 8 5 . . 9 5 Seotember 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 111 104 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 1096 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.« 105.1 1953 109 9 99.6 105 5 113.1 98.8 97.3 107.8 103.6 127.3 120.5 115.8 124.0 121.5 112.7 114.6 112.2 103.0 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 May 109 ft, 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 s '95 4 103 3 '113 9 '97.4 '101.0 '108.3 '105.6 '125.0 '121.5 '115.8 '126.9 '122.9 '114.3 '118.1 114.9 '95 8 July 110 9 97.9 105.5 114.8 97.3 100.0 111.3 106.3 124.7 121.2 115.8 129.3 123.2 114.4 119.4 115.6 95.3 r Revised. Source.—Bureau of Labor Statistics, Department of Labor. Back figures.—See BULLETIN for March 1952, pp. 311-313. 1010 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES—Continued 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 E S —C o n t i n u ed [Index numbers of the Bureau of Labor Statistics, 1947-49 =100] 1952 1953 1952 1953 Subgroup Subgroup July M ay June July July May June July Farm Products: Pulp, Paper and Allied Products- Continued Fresh and dried produce. 128.2 109.9 94.7 Grains 94.9 93 '84.2 85.4 Converted paper and paperboard. 113.2 111.4 "112.4 112.2 Livestock and poultry. . . 108.2 91 86.8 95.9 Building paper and board 115.8 123.0 123.0 123.0 Plant and animal fibers. . 115.3 104 104.0 105.0 Fluid milk 107.0 93 93.1 96.4 Metals and Metal Products: Eggs 112.9 98 106.5 106.2 Hay and seeds 100.5 93 89.8 85.5 Iron and steel 122.3 128.9 130.9 135.6 Other farm products 138.1 135.4 136.7 140.7 Nonferrous metals 124.0 126.6 127.6 126.4 Metal containers 120.5 126.6 126.6 128.6 Processed Foods: Hardware 123.9 133.2 134.5 134.5 Plumbing equipment 118.1 113.8 113.5 116.4 Cereal and bakery products 106.5 109.0 107.9 108.5 Heating equipment 113.6 114.4 114.6 115.2 Meats, poultry, and fish 110.6 93.8 91.6 97.0 Fabricated structural metal prod- Dairy products and ice cream 113.8 107.9 107.7 110.0 ucts 115.4 113.6 114.4 117.8 Canned, frozen fruits, and vegeta- Fabricated nonstructural metal bles 103.9 104.0 103.7 104.8 products 124.4 124.0 124.1 125.5 Sugar and confectionery 111.6 109.6 •109.8 109.8 Packaged beverage materials.... 161.9 164.6 164.6 169.8 Machinery and Motive Products: Other processed foods 126.6 121.5 120.2 117.3 Agricultural machinery and equip- Textile Products and Apparel: ment 121.5 122.4 122.6 122.6 Construction machinery and equip- Cotton products...... 96.1 93.3 93.4 93.2 ment 125.4 129.1 129.4 129.6 Wool products 113.9 112.0 111.6 111.7 Metal working machinery 129.0 130.1 •131.3 131.8 Synthetic textiles 89.2 87.4 87.5 87.5 General purpose machinery and Silk products 134.7 133.0 134.7 134.7 equipment 122.2 123.8 124.9 125.7 Apparel 99.5 99.9 r9g 4 99.4 Miscellaneous machinery 119.0 122.0 •122 .4 123.a Other textile products. 94.4 83.8 85.5 85.3 Electrical machinery and equipment 119.9 122.6 '124.2 124.4 Hides, Skins, and Leather Products: Motor vehicles 119.7 118.6 118.6 118.6 Hides and skins 61.8 74.8 '76.3 73.4 Furniture and Other Household Dura- Leather 89.3 97.3 98.0 96.1 bles: Footwear 110.6 111.5 111.7 111.7 Other leather products. 100.5 100.0 '100.3 99.8 Household furniture 112.6 114.0 114.1 113.8 Commercial furniture 123.2 124.3 125.7 125.8 Fuel, Power, and Lighting Materials: Floor covering 119.1 125.0 124.8 125.2 Household appliances 106.8 108.1 108.1 108.1 Coal 106.0 110.8 111.2 111.9 Radio 95.0 94.9 '95.4 95.0- Coke 124.3 131.8 131.8 131.8 Television 75.6 74.9 •75.0 74.3 Gas 101.4 108.2 108.2 108.2 Other household durable goods 119.4 125.4 125.5 126.3 Electricity 99.1 97.4 r98.5 98.5 Petroleum and products. 109.4 109.4 116.8 Nonmetallic Minerals—Structural: Chemicals and Allied Products: Flat glass 114.4 116.4 "122.9 124.7 Concrete ingredients 112.9 117.9 118.2 118.4 Industrial chemicals 114.7 118.0 119.2 120.2 Concrete products 112.4 115.5 115.5 115.6 Paint and paint materials 106.9 106.1 106.1 106.1 Structural clay products. . . 121.3 124.7 •125.1 131.1 Drugs, Pharmaceuticals, cosmetics. 92.1 93.1 93.1 93.6 Gypsum products 117.7 122.1 122.1 122.1 Fats and oils, inedible 49.8 49.9 46.6 46.8 Prepared asphalt roofing. .. 106.0 106.0 106.2 106.2 Mixed fertilizers 108.7 110.7 110.7 110.6 Other nonmetallic minerals. 111.9 115.3 116.4 117.5 Fertilizer materials 110.7 112.9 110.6 113.8 Other chemicals and products 103.1 103.0 '102.6 102.8 Tobacco Manufactures and Bottled Beverages: Rubber and Products: Cigarettes 105.7 124.0 124.0 124.0- Crude rubber 138.6 124.2 122.7 121.1 Cigars 101.5 102.9 102.9 103.5 Tires and tubes 129.6 126.3 126.3 126.3 Other tobacco products. 118.4 121.5 '120.7 120.7 Other rubber products. 125.8 124.7 '124.5 124.5 Alcoholic beverages 111.2 110.0 110.0 110.0 Nonalcoholic beverages. 119.7 119.9 120.6 125.1 Lumber and Wood Products: Miscellaneous: Lumber.. 120.4 121.0 '120.7 120.3 Millwork. 126.8 132.0 132.0 131.6 Toys, sporting goods, small arms. . 113.3 114.3 114.0 114.0- Plywood. , 105.8 112.4 112.4 112.7 Manufactured animal feeds 102.7 91.1 83.7 82.7 Notions and accessories 91.5 93.2 93.2 93.2 Pulp, Paper, and Allied Products: Jewelry, watches, photo equipment 101.1 101.9 101.8 101.& Other miscellaneous 120.8 120.3 119.9 119.8 Woodpulp... 109.3 108.8 108.8 108.8 Wastepaper. 44.3 85.0 85.0 85.0 Paper 123.8 124.9 124.7 125.1 Paperboard.. 125.4 123.1 123.2 123.7 ••Revised. Source.—Bureau of Labor Statistics, Department of Labor. Back figures.—See BULLETIN for March 1952, pp. 311-313. SEPTEMBER 1953 1011 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME [Estimates of the Department of Commerce, in billions of dollars] RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING Seasonally adjusted annual rates Annual totals by quarters 1952 1953 1929 1933 1941 1947 1948 1949 1950 1951 1952 Grose 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 S B t u a s t i i n s e ti s c s a l t r d an is s c f r e e r p a p n a c y y ments .6 .7 1. . 6 5 . . 7 3 .7 . . 8 2 . A 8 .9 . . 9 5 .9 .9 .9 .9 n.a. .9 Plus: Subsidies less current surplus of 1.2 -3.2 1.1 1.8 -1.4 1.6 -2.9 government enterprises -.1 0) .1 -.1 .0 A .1 .0 .4 .4 -.1 -.2 .0 Equals: National Income 87.4 39.6 103.8 198.7 216.3 240.6 291.6 223.5 278.4 287.9 290.4 301.4 306.5 Less: Corporate profits and inventory valuation adjustment , 10.3 -2.0 14.6 24.7 31.7 29.2 36.0 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 8.6 8.6 8.7 8.8 9.0 9.0 Excess of wage accruals over disbursements , .0 .0 .0 .0 .0 .0 .0 -.1 .0 -.3 .0 .0 .0 Plus: Government transfer payments.. .9 1.5 2.6 11.1 10.5 11.6 14.3 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 4.9 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 9.1 9.1 9.1 9.1 9.2 9.4 Business transfer payments .6 .7 .5 .7 .7 .8 .9 .9 .9 .9 .9 .9 Equate: 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 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 31.1 30.8 31.2 31.6 32.3 32.8 State and local 1.4 1.0 1.3 2.1 2.5 2.8 3.9 1.9 3.6 3.5 3.6 3.7 3.8 Equate: Disposable personal income 82.5 45.2 92.0 188.4 187.2 205.8 225.0 247.7 169. 235.0 231.7 236.6 243.0 245.4 Less: Personal consumption expenditures 78.8 46.3 82.3 177.9 180.6 194.6 208.1 230.4 165.6 218.1 217.2 217.2 224.4 227.7 Equate: Personal saving 3. -1.2 9.8 10.5 6.7 11.3 16.9 17.2 3.9 16.9 14.5 19.4 18.6 17.7 NATIONAL INCOME, BY DISTRIBUTIVE SHARES Seasonally adjusted annual rates Annual totals by quarters 1952 1953 1929 1933 1941 1947 1948 1949 1950 1951 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* 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 10.3 -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. 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.... .5 -2.1 -2 -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.] 7.4 7.6 7.7 n.a. Not available. 1Less than 50 million dollars. 'Includes employee contributions to social insurance funds. •Includes noncorporate inventory valuation adjustment. NOTE.—Details may not add to totals because of rounding. Source.—Department of Commerce. 1012 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued [Estimates of the Department of Commerce, in billions of dollars] GROSS NATIONAL PRODUCT OR EXPENDITURE Annual totals Seasonally b a y d j q u u st a e r d t er a s nnual rates 1952 1953 1929 1933 1941 1947 1948 1949 1950 1951 1952 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 R co e n si s d tr e u n c ti ti a o l n 1 nonfarm 3 7 . 6 8 1. . 1 5 6 3 . . 8 5 1 6 3. . 9 3 1 8 7. . 7 6 1 8 7. . 2 3 2 1 2 2 . . 7 6 2 1 3 1 . . 1 0 2 1 3 1 . . 4 1 2 1 3 1 . . 4 0 2 1 3 0 . . 1 8 2 1 3 1 . . 9 6 2 1 5 2 . . 0 2 2 1 5 2 . . 3 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 16.4 57 .4 58.9 National security \ 1.3 2.0 1 3 3 . . 2 8 1 3 3 . . 8 3 1 5 6 . . 6 1 1 6 9 . . 6 3 1 3 8 .5 9 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. . 5 0 Other Less: Government sales 2 1 3 6 4 2 4 5 5 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 s P o e n r a - l re T c o e t i a p l ts4 b m T u d o e i r s n t s - a e t l s - Wag d p m i e u n C r o o s g o a t d d m r n i u i i n d t e c - y - s - sal D a i r u n t i y r s t d i i t u e v r d s i s e i b - s - bu S r i e s n t e r r d v i m e u ic s e s 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 r n o 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 a d 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 t o i r e r a r n n i 8 - l a - s l i a n g N t c u r o o i r c m n a u l - e l- 9 1929 85.1 50.0 50.2 21.5 15.5 8.2 5.0 .5 19.7 13.3 1.5 .1 76.8 1933 46.6 28.7 28.8 9.8 8.8 5.1 5.2 .4 7.2 8.2 2.1 .2 43.0 1941 95.3 60.9 61.7 27.5 16.3 7.8 10.2 .6 20.8 9.9 3.1 .8 86.1 1947 191.0 119.9 122.0 54.3 35.1 15.3 17.2 2.4 42.4 14.5 11.8 2.1 170.8 1948 209.5 132.1 134.3 60.2 38.8 16.6 18.7 2.8 47.3 16.0 11.3 2.2 187.1 1949 205.9 131.2 133.4 56.9 38.9 17.2 20.4 3.1 42.1 17.1 12.4 2.2 188.7 1950 226.7 142.6 145.5 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—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 286.3 195.6 199.5 89.8 52.2 23.9 33.6 5.1 50.1 22.3 13.5 4.2 268.8 Julyp 288.1 197.3 201.2 90.9 52.5 24.1 33.7 5.1 50.0 22.5 13.5 4.2 270.5 P Preliminary. 1 Includes construction expenditures for crude petroleum and natural gas drilling. i Consists of sales abroad and domestic sales of surplus consumption goods and materials. 8 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. • 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. 0 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. SEPTEMBER 1953 1013 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PAGE International capital transactions of the United States 1016-1021 Gold production 1021 Reported gold reserves of central banks and governments 1022 Gold movements; gold stock of the United States 1023 International Monetary Fund and Bank 1024 Central Banks 1024-1028 Money rates in foreign countries 1029 Commercial banks 1030 Foreign exchange rates 1031 Price movements in principal countries: Wholesale prices 1032 Consumers' price indexes 1033 Security prices 1033 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. SEPTEMBER 1953 1015 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 an u . g h 2 — , 1935. Total Total o F f o fi r c e i i a g l n 2 F o o t r h e e ig r n I t n io te n r a n l a 3 - a b in b f a u r n U n o k d . a i s n d S g 1 . 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 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 g i s n e 1948—Dec. 31 8,569.1 6,963.9 2,126.0 2,993.6 1,844.3 116.8 183.3 1,182.1 123.1 1949—Dec. 31 8,763.5 6,863.9 2,197.8 3,028.2 1,637.8 307.6 258.5 1,209.9 123.7 1950—Dec. 31 10,521.1 7.890.7 2.715.6 3.472.8 1,702.3 231.4 1,202.9 1.064.5 131.7 1951—Dec. 31 10,140.7 8.548.1 2.770.2 4,089.6 1,688.3 160.9 618.6 687.5 125.6 1952—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 L.745.6 108.2 901.4 513.6 120.1 Dec. 31 11,399.5 9,792.0 3,770.4 4,283.1 1,738.5 80.6 933.5 '469.6 123.8 1953—Jan. 31 'II,385.4 9,746.9 3,691.8 4,308.0 ,747.1 93.4 967.4 '450.4 127.3 Feb. 28 '•11,245.3 9,646.2 3,641.4 4,279.6 L ,725 .2 95.3 968.9 "412.5 122.4 Mar. 31 '11,424.9 9,849.7 3,866.7 4,298.4 L.684.7 88.8 976.6 '389.0 120.7 Apr. 30 11,683.2 10,125.8 4,043.8 4,340.9 ,741.1 99.4 977.3 361.1 119.5 May 31* 11,857.3 10,173.9 4,083.4 4,327.0 ,763.5 152.0 982.5 429.6 119.3 June 30P 11,944.2 10,153.5 4,128.3 4,268.1 ,757.2 188.1 1,001.5 482.3 118.7 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 ti a a - - l Official U K d n i o i n m t g e - d France N la e e n r t d - h s - S la w e n r i d - t z « - 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 at e i 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 1,287.0 1,151.8167.4 1949—Dec. 31... ,657.8 5,960.2 2,908.1 574.4 171.6 170.5 576.9 303.6 717.0 2,513.9 869.1 1,436.7 961.0 179.3 1950—Dec. 31... ,722.2 76,922.6 3,425.9 7656.6 260.7 193.6 553.0 314.7 799.2 '2,777.7 899.0 1,612.9 1,378.5254.3 1951—Dec. 31... ,708.2 7,594.0 3,480.5 642.6 289.4 148.8 521.3 300.5 1,022.2 2,924.7 1,307.1 ,455.2 1,609.6297.4 1952—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 1,503.0 1L.517.2 ,792.0 333.2 July 31... L.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 L,538.0 ,757.7 331.6 Aug. 31... L.793.8 8,732.5 4,501.6 834.8 395.6 299.4 612.0 294.9 1,083.5 3,520.3 1,528.1 L.57O.O ,743.5 370.7 Sept. 30... 1,800.9 8,905.9 4,619.4 866.5 404.0 345.1 614.3 291.9 1,141.4 3,663.1 1,530.1 L.580.7 ,795.1 336.8 Oct. 31... L.829.7 8,757.9 4,542.2 890.1 348.4 384.3 624.0 305.7 1,207.9 3,760.5 1,373.3 1,520.7 ,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 ,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 1,420.7 L.612.9 ,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 1,442 .0 1,591.4 ,855.3 353.7 Feb.28... L.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 1,901.5358.4 Mar. 31... 1,704.6 8,899.2 4,577.0 751.6 259.1 230.7 632.6 304.9 1,307.1 3,485.9 1,349.1 L.692.5 5,012.6 359.1 Apr. 30. .. 1,761.0 9,118.9 4,754.1 837.3 233.3 231.5 657.8 312.1 1,370.8 3,642.7 1,365.0 1,744.0 >,005.6 361.5 May3lP.. 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 1,231.6 1,823.9 ,962.5 378.4 June 30P . . 1,777.1 9,130.5 4,838.6 911.2 308.4 267.6 650.1 310.6 1,442.4 3,890.3 1,119.4 1,800.7 1,936.0384.1 p Preliminary. T 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 tgencies (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. * Figures include transactions of international institutions, which are shown separately in Tables 6 and 7. Securities of such institutions are included in foreign securities. *"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 individuals 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. 7Data for August 1950 include, for the first time, certain deposit balances and other items which have been held in specific trust accounts, bat 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, 1016 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 2.- SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] Table 2a.—Other Europe Date E O u t r h o e p r e A tr u i s a - g B iu el m - C v o z a s e k lo c i h - a - m D a en rk - l F a i n n d - m G a e n r- y Greece N w o a r y - l P an o d - t P u o g r a - l m R a u n - ia Spain S d w en e- USSR s Y la u v g i o a - ot A h l e l r i 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 1 1 9 9 5 4 0 9 — — D D e ec c < . 3 3 i 1. . 7 7 1 9 7 9. . 2 0 41.9 1 1 1 28 9 . . 2 9 5.6 4 3 5 8 . . 5 0 2 1 5 8 . . 1 3 2 1 2 4 1 9 .4 6 3 2 2 9. . 6 3 6 4 9 3 . . 4 6 4.2 4 3 5 8 . . 7 1 6 6 . . 1 7 2 1 1 5 .3 7 1 9 1 0 5 .3 1 1 4 0 . 0 2 1 7 3 .2 6 1 5 1 2 7 ' .4 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—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. 30. .1,370.8 108.2 133.9 .6 70.0 26.9 626.8 62.0 116.6 2.1 55.1 5.8 18.2 88.7 1.6 9.8 44.7 May 31 J>.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 June 30^. 1,442.4 118.7 127.2 .7 71.0 34.3 682.8 70.7 109.1 2.0 57.2 5.8 19.3 86.7 2.2 7.9 46.9 Table 2b.—Latin America Neth- Do- er- Re- Date A L i m a c t a e i r n - A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba m p i R c 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 a i u c m a b n o a - - f v S a E a d l l o - r g U u r a u y - V zu e e n l e a - A O L i m c a th a t e i e r a n r lic Surinam 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. I,612.9 301.8 20.4 226.0 79.5 53 4 259 1 42 .7 25A' 207.1 30.2 60.2 59.2 16.1 *75 85.2 71 3 1951—Dec. 31 1,455 749 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—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. 1,591.4 131.7 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. ,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. 1,744.0 152.4 19.6 81.2 89.1 125 4 356 9 48.3 49.1 199.4 41.2 63.8 90.4 52.2 94.1 143 2 137 8 May 31* 1,823 g 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 June 1,800• 7]155.6 25.6 133.6 88. 1 121 6 381.0 47.5 45.2 167.5 44.8 63.4 97.1 44.7 87.8 156 3 140 9 Table 2c—Asia and All Other For- Egypt Date Asia C m a h n o i d s n a a H K o o n n g g India I n n e d s o ia - Iran IsraelJapan i P p R h p e i i - l n - e T la h n a d i- T k u ey r- O A t s h ia e 3 r o A th l e l r t A ra u l s i - a C g B o i e a n l n g - o A E a n g n g y d l p o - - S U o o n u f i t o h n Other* Main- public tian Africa land Sudan 1948—Dec. 31. 1,151.8 216.2 51.1 51.8 41.5 81.4 488.3 17.5 204.0 167.4 22.2 27.7 15.8 101.6 1949 Dec. 31 961.0 110 6 83.9 63 3 15 7 214 6 297 3 9 8 165.7 179 5 32.4 61.6 6.0 79 5 1950—Dec! 3l! 1,378.5 81.7 86.1 55.7 114.7 20!3 ii!6458.5 374! 4"48 .2 14.3 111.9 254.5 19.1 58.1 75!6 44.0 57.'7 1951—Dec. 31. 1,609.6 87.4 62.4 62.1 140.6 25.5 26.6596.0 329.7 96.7 14.1 168.4 297.4 38.5 54.5 110.7 7.0 86.8 1952—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 26.5743.9 324.6 143.8 9.8 153.0 370.7 81.2 84.5 104.2 14.2 86.5 Sept. 30. 1,795.1 84.7 71.4 55.2 87.3 18.3 22.1772.6 319.7 157.9 8.8 197.2 336.8 54.1 90.4 91.7 11.8 88.7 Oct. 31 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 19.3789.1 315.1 176.5 11.0 217.1 328.1 48.4 105.2 62.0 23.0 89.5 Dec. 31. 1,845.0 76.4 70.9 64.6 61.0 19.2 18.8808.0 315.1 181.0 8.4 221.5 335.6 47.2 118.6 59.7 23.6 86.5 I953—jan. 31. 1,855.3 73.5 72.0 70.2 58.0 16.5 26.2821.6 309.6 186.7 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 22.7862.8 313.7 190.4 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 15.4897.1 324.8 193.0 8.8 268.4 359.1 54.8 125.9 53.4 33.2 91.9 Apr. 30. 2,005.6 72.1 70.1 85.3 64.3 19.5 15.3892.6 327.9 194.8 8.4 255.3 361.5 58.0 124.9 54.1 36.0 88.7 May 31 P 1,962.5 72.1 75.3 92.2 58.9 17.1 16.4883.0 326.1 192.1 7.3 221.9 378.4 66.4 130.5 54.3 33.3 93.9 June 30P 1,936.0 71.3 72 -1 87.4 38.4 17.8 16.5893.7 307.4 197.5 8.0 226.0 384.1 67.3 126.3 55.2 37.4 97.8 p Preliminary. 1 Beginning January 1950, excludes Austria, Czechoslovakia, and Poland, reported separately as of that date. 2 Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date. 8Beginning 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. SEPTEMBER 1953 1017 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 3.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES» [Amounts outstanding, in millions of dollars] Date Total U K d n i o n i m t g e - d France N la e e n r t d - h s - S l w a e n r it - d z- Italy E O u t r h o e p r e E T ur o o ta p l e C a a d n a - A L m i a c t a e i r n - Asia o A th l e l r 1948—Dec. 31. 1,018.7 24.5 119.0 51.4 6.9 15.8 106.3 323.8 39.8 516.6 118.8 19.7 1949—Dec. 31. 827.9 37.2 51.8 5.2 3.8 22.6 98.5 219.2 37.6 411.1 139.7 20.4 1950—Dec. 31. 898.0 105.7 31.4 3.4 8.7 20.7 67.1 237.0 125.8 378.8 96.3 60.0 1951—Dec. 31. 968.4 35.0 10.1 5.0 11.2 10.3 111.2 182.8 92.0 489.3 162.4 41.9 1952—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. 30. 1,029.9 23.4 8.8 5.9 13.9 25.6 74.8 152.4 60.6 663.0 132.0 21.9 May 31 P 977.3 27.3 9.5 9.1 12.8 25.5 71.3 155.4 57.4 633.1 110.3 21.1 June 30P 941.2 28.1 7.8 5.1 15.2 24.8 70.6 151.7 57.2 598.6 112.1 21.6 Table 3a.—Other Europe Date E O u th ro 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 sla u v g i o a - ot A he ll r2 t948—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# 3i 98.5 19.3 .4 8 2 30 0 7 7 4 5 7.0 2 3 22 6 1950—Dec. 31 67.1 .2 21.5 3.2 2.2 25.4 .2 1.4 .5 1.6 6.9 4.0 1951—Dec. 31 111.2 39.6 4.8 3.1 28.3 .2 2.5 .8 18.8 5.4 3.9 4.0 1952—June 30 68.8 13.9 3.5 2.9 23.2 .1 1.6 .8 14.3 2.7 2.3 3.6 July 31 67.2 12.9 3.6 2.8 23.7 .2 1.8 .7 14.3 3.1 .5 3.6 Aug. 31 66.5 .1 11.5 2.2 2.2 25.7 .2 1.8 .6 12.5 1.9 3.4 4.4 Sept. 30 75.1 .1 11.8 3.5 2 8 27.5 .2 2.0 .6 13.5 2.2 7.3 3.7 Oct. 31 79.0 1.0 13.2 2.8 3.8 28.0 .2 1.7 .5 12.6 3.3 8.0 3.8 Nov. 30 82.7 1.0 17.7 3.3 4 0 25.4 .2 1.8 .6 11.8 3 0 7.9 5.8 Dec. 31 81.9 .8 16.2 2.1 5.6 26.8 .2 1.9 .5 11.2 2.5 8.6 5.4 1953—Jan. 31 78.4 .3 16.2 3.5 5 1 24 1 .2 1 7 .5 9 4 2 6 7 8 7 0 Feb 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 1.5 .5 5.9 2 4 1 5 6.5 Apr 30 74.8 .1 14.1 3.6 4.1 30.2 .1 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 1.3 .5 6.7 2.9 4.5 7.3 June 30P 70.6 .1 11.6 1.3 3.8 30.9 .1 1.1 .5 6.9 2.4 5.3 6.5 Table 3b.—Latin America Neth- Date A L m i a c t e a i r n - A t r i g n e a n- l B iv o ia - Brazil Chile l C o b m i o a - - Cuba m p i D R c l u i a i o e c b n n - - - - G m u a a l t a e- M ic e o x- I l W n S a a e d u n n r e i r d d - e s i- s s t Peru l P p a i R c m u a e n b o - a - - f v S a E a d l l o - r g U u r a u y - V zu e e n l e a - A O L ic m a t a h t e i e n * r r nam 194g—Dec. 3i m . 516.6 72.4 2.7 165.4 15.2 32.6 83.1 73.8 15 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 ^ 5.8 5 3 25 6 43.1 1950—Dec. 31.. 378.8 45.9 8.7 78.0 6.8 42.5 27.6 1.9 2 6 70.6 L.3 11.0 3.1 6.8 8.0 49.4 14.6 1951—Dec. 31.. 489.3 7.6 7.5 185.0 24.8 43.7 32.3 1.8 3.8 90.6 1.2 11.8 3.0 9.5 10.5 41.7 14.5 1952—June 30.. 669.6 8.2 8.4 358.3 26.1 35.0 51.8 2.2 4.1 78.0 L.2 10.9 5.9 5 4 30.5 32.1 11.5 July 31.. 700.1 7.2 8.7 392.6 27.0 34.5 52.5 1.9 3.7 71.2 L.2 10.9 6.3 5.3 32.1 32.4 12.5 Aug. 31.. 715.2 7.6 6.8 403.9 23.0 34.2 51.6 1.8 3.2 91.7 l.l 10.7 3.3 5.3 25.7 32.4 13.0 Sept. 30.. 658.3 8.6 6.2 374.7 21.6 32.1 33.6 1.8 2.8 92.0 L.2 10.3 3.7 5.1 20.6 31.7 12.4 Oct. 31.. 638.6 8.1 6.2 356.2 18.3 34.9 36.1 1.6 3.2 88.4 L.2 11.7 4.4 7.1 14.3 33.1 13.9 Nov. 30.. 641.8 9.3 6.0 354.5 20.5 36.0 30.6 1.7 3.5 90.3 L.3 13.2 4.2 9.0 12.9 35.6 13.2 Dec. 31.. 662.0 8.2 5.8 356.4 26.4 41.7 32.5 1.6 4.2 88.6 L.3 14.8 6.5 9.1 14.3 36.7 13.7 1953—Jan. 31.. 647.5 7.4 6.5 353.2 23.4 36.4 26.5 1.8 4.4 94.2 1.4 15.7 5.7 8.5 14.0 34.2 14.3 Feb. 28.. 676.9 7.2 10.7 383.3 19.4 36.8 30.7 2.3 4.9 94.5 1.9 17.2 5.0 6.8 9.2 33.0 14.1 Mar. 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. 30.. 663.0 7.7 14.6 382.7 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 31». 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 June 30*. 598.6 9.0 10.2 324.3 7.5 47.7 27.0 2.9 3.2 88.3 2.1 14.3 5.4 4.0 3.6 35.2 13.9 pPreliminary. iSee footnote 1, p. 1016. 2Beginning January 1950, excludes Austria, reported separately as of that date. 3Less than $50,000. *Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date. 1018 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 s d 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 e r y - O A t s h ia e 1 r o A th l e l r t A ra u l s ia - C g B o i n e a l g 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 Others Main- public tian Africa land Sudan 1948—£)ec# 31. 118.8 24.2 3.4 20.4 1.9 15.9 37.3 1.4 14.3 19.7 4.7 .4 7.9 6.8 1 19 9 5 4 0 9 — — D D e ec c # . 3 3 1 i 1 9 39 6 .3 7 1 1 6 8 2 6 3 3 .0 7 1 1 7 6 2 4 . . 2 2 6 6 18 9 1 1 4 2 . . 1 1 2 4 3 . . 9 2 1.5 14. .9 3 5 1 0 3 . . 3 9 6 2 0 0 . . 0 4 4 7 0 . . 9 8 4.4 .3 2 4 7 . . 5 3 7 7 . . 2 7 1951—Dec 31 162 4 10 1 3 1 13 4 3 9 3 30 0 12.2 29.3 2 5 .6 51.6 41.9 22.8 5.7 2 6.7 6.5 1952—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 A 12.2 3 0 4 0 47.4 17.7 22.8 10.0 6.5 .1 2 6 3 6 Dec. 31.. 128.6 10.1 1.2 4.3 .9 10.2 15.1 12.5 7.6 3.3 38.8 24.6 22.4 10.1 6.0 .5 2.0 3.8 1953—Jan. 31.. 125.9 10.4 1.9 3.6 .8 10.2 25.9 11.5 10.7 2.6 26.7 21.6 24.1 9.2 7.0 1.0 2.5 4.4 Feb. 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. 30. . 132.0 8.8 2.7 3.9 .6 11.7 24.2 20.0 14.2 4.8 17.4 23.8 21.9 7.6 7.1 .9 2.8 3.5 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 June 30P. 112.1 8.1 2.3 2.9 1.1 12.8 19.4 16.6 11.8 5.3 11.3 20.4 21.6 7.2 6.6 .3 2.9 4.6 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* Net purchases Year or month Total Total of Purchases Sales pur N ch et ases Purchases Sales pur N ch et ases purchases sales 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—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 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 (8) 112.1 104.4 7.7 April 12 9 9 6 3 3 71 3 73 9 —2 6 84.2 83 5 7 May* 144.5 136.7 7.8 61.7 64.3 -2.7 206.2 201.0 5.2 JuneP 28.8 22.7 6.1 63.9 51.1 12.9 92.8 73.8 19.0 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 et ases Purchases Sales pur N ch et ases pu T rc o h ta as l e T sa o l t e a s l p se u fo c r u r c o e r h f i 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 1,149.7 -377.0 1952 289.8 329.6 -39.8 495.3 677.4 -182.1 785.1 1,007.0 -221.9 1952—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 '26.8 20.9 '5.9 25.7 75.7 -49.9 '52.6 96.6 '-44.0 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 20.8 1.0 29.2 58.2 -29.0 51.1 79.0 -28.0 May* 16.9 41.8 -24.9 112.4 19.0 93.4 129.2 60.8 68.5 JuneP.... 44.9 21.9 23.0 62.6 32.8 29.7 107.5 54.7 52.8 p Preliminary. r Revised. 1 Beginning January 1950, excludes Iran, Israel, and Thailand, reported separately as of that date. 3 Beginning January 1950, excludes Belgian Congo, reported separately as of that date. 8 Includes transactions of international institutions. 4Through 1949 includes transactions in corporate bonds. Through 1949 represents transactions in corporate stocks only. 6Less than $50,000. SEPTEMBER 1953 1019 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 6.—DOMESTIC SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES (Inflow of Foreign Funds) [Net sales, (—). In millions of dollars] Y m e o a n r t o h r n I a i n n ti t s o e t n i r - - al Total U K d n i o i n m t g ed - France N l e a t n h d e s r- Sw la it n z d er- Italy E O u t r h o e p r e E T u o r t o a p l e Canada A L m i a c t a e in r- Asia ot A h l e l r tutions 1948 7.6 —199.8 9.1 —82.8 —79.3 —40.0 (i) 2.6 —190.4 7.5 10.2 —23.3 —3.9 1949 87 0 — 11.8 20.9 -6.8 —25 5 44.2 1.5 2 2 36 5 —49.0 2 5 —2 1 2 1950 121.2 823.2 64.0 197.8 —6.3 19.0 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 -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—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 -.3 Oct 11.3 174.5 38.9 .1 -2.7 5.4 .2 3.9 45.9 126.1 1.1 l!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 2.0 20.4 -10.3 -1.1 .3 -.9 Feb.. . . 10.5 -9.1 2.1 -.4 -1.3 6.7 -7.7 -.5 -8.8 -.4 .1 .6 Mar.. .. 1.0 6.8 10.0 .6 -3.4 4.4 — .2 -1.4 10.0 -3.8 .8 -.5 .2 J A M u p a n r y e .. ? p . . . . . . -1 5 1 . . 2 . 2 3 1 0 7 )' .7 c - 5 2 .6 . . 4 5 2. . . 0 4 1 - - 1 5 — . . 1 4 9 2 2 6 . . . 7 2 0 - - 1 . . 1 2 .1 0 - ) .2 .1 12^4 -1 - 3 . . . 4 0 9 1. . . 4 8 8 0) .1 - - 1 . . 5 . 0 4 TABLE 6a.—DOMESTIC SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES Other Europe; Latin America; and Asia For- Y m e o a n r t o h r E O u t r h o e p r e A tr u ia s - 2 g B iu e m l- N w o a r y - ot A h 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 R u m o a b e f n a - l - ic g U u r a u y - 8 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 t s h i 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 1.2 -1.0 .3 4.2 -2.1 -2.1 -7.2 -1.0 .5 5.5 1950 73.8 18.4 12.6 36.7 6.0 30.1 -1.2 24.6 .5 .1 -5.0 11.1 -15.3 -3.0 2.3 .9 -15.6 1951 -43.8 -U.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 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 1952—T J u u n ly e ... 1 .9 2 0) 2 -.8 4 — l 1.8 6 — 1 4 . 5 8 1 .3 1 — -.2 .4 — .8 .4 -5 - .3 9 . . 3 5 "I 4 - — 7.3 2 K . . 7 6 - - 1 7. . 5 0 C 0) 1) Aug .6 8 .4 .2 .9 -.1 1.3 .7 -2.3 1.2 .1 (9 Sept.. . -.4 — .1 -.2 -4.1 -1.3 -.1 .8 -3.1 -.8 .1 O N De o c c v t . . . .. . . . . . -1 3 3 . . . 2 9 3 8 0) - - 1 . . 2 5 .6 1 - 3 ' . . 1 . 2 1 -.3 . . 9 5 3 1. . . 1 4 1 - - . . 2 1 .4 - o 1 ) . ' 6 3 1. . . 1 3 1 2. . . 3 8 4 C 0 - ) 1 . ) 3 1. . . 1 6 4 — \ 1 '. . 2 0 .1 0 1 ) . . 1 2 0 8 0 ) ) 1953—Jan.. .. 2.0 .9 .9 .2 -1.1 — 1.3 0) .4 -.6 .4 0) .3 .2 .3 Feb.... -7.7 0) -.1 -6.8 -.6 -.4 -.3 .8 -.2 .3 -.3 -.6 .1 0) .1 0) Mar.... -1.4 0)' .2 -.1 -1.5 .8 -.1 0) -.3 .7 .2 .3 -.5 0) -.5 0) Apr .1 0) .2 .2 1.4 .5 -.3 .3 .1 0) .2 0) .1 -.2 0) .2 Mayp.. 0) — .5 .5 C1)' .8 -i 5 0) — .5 -.4 1.2 .1 .2 0) 0) JuneP. . ••(1)" .3 .1 -.6 .8 -A '.3 -.3 2.0 -1.3 A 0) 0) 0) TABLE 7.—FOREIGN SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM FOREIGN SECURITIES OWNED IN THE UNITED STATES, BY COUNTRIES (Return of U. S. Funds) [Net sales, (—). In millions of dollars] Inter- Y m e o a n r t o h r n t a u i t n t i i o s o n t n i a - s l Total U K d n i o i n m t g ed - France N l e a t n h d e s r- Sw la 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 ot A h 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—Tune.. -.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 -i .4 0) * .7 .3 8.8 .2 — 1.6 .2 Dec.... -.7 '•-43.3 -1.1 -.4 »-3.9 .7 .2 .3 r3.5 -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... . 3.4 -31.3 0) 1.2 -.3 .5 0) 1.7 3.1 -33.8 3.1 -3.8 .1 Mayp.. -.5 69.0 -1.1 .4 0) 2.2 <l> .3 1.7 68.3 .9 -2.1 .2 JuneP. . 2.1 50.7 21.7 .9 -.4 2.8 1.6 26.8 22.9 7.3 -2.2 -4.1 P Preliminary. r Revised. » Less than $50,000. ' Not available until 1950 1020 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 Year or month TToottaall EEuurrooppee CCaannaaddaa AA L m i m a c t e a e i r n r-- an o A d th si e a a r ll Date Deposits s U e e . c r S n u . m r i G t e ie n o s t v 2 - la M n i e s o c u el s - 8 1948 -19.3 -20.8 .1 1.2 .3 1951—Dec. 31 526 1,383 80 1949 .6 1.0 .9 -1.3 C1) 1950 8.0 3.0 -3.0 4.4 3.5 1952—Aug. 31 812 2,116 55 1951 -6.1 -3.3 2.8 -5.0 -.6 Sept. 30 707 2,236 65 1952 -1.8 -1.6 -1.0 1.0 -.2 Oct. 31 642 2,301 80 Nov. 30 758 2,225 84 1952—June 2.3 2.2 — .3 .5 -.1 Dec. 31 550 2,156 86 July -3.7 -2.1 .3 -2.0 C1) 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 N D o ec v e e m m b b e e r r . -7 3 . . 8 7 -3 1 . . 2 5 - C 1. 1 2 ) -2 2 .4 .1 -1.0 .1 A M p a r y . 3 3 0 1 5 51 0 5 6 2 2, , 4 4 5 2 5 5 9 9 5 7 June 30 527 2,449 101 1953—January. . 3.5 .3 2.0 .7 .4 Tuly 31 566 2,378 95 February. -4.8 -4.7 1.1 -1.0 -.2 Aug. 31 524 2,588 95 March -1.7 -1.3 1.6 -1.1 -.9 April -1.2 4.7 -4.4 -2.2 .6 1953—Aug. 5 557 2,378 95 Mayp. . . . -.2 -.5 .8 — 6 .1 Aug. 12 551 2,436 92 June?. . . . 2-.6 -4.9 6.8 -1.7 Aug. 19 610 2,464 92 Aug. 26 518 2,580 93 1 P L P e r s e s l im th i a n n a r $ y 5 . 0,000. 9 Represents dollar assets belonging to foreign monetary authorities 2 Amounts outstanding (in millions of dollars): foreign brokerage and the Bank for International Settlements. Excludes assets held for balances in U. S., 79.5; U. S. brokerage balances abroad, 37.6. the International Bank for Reconstruction and Development and International Monetary Fund and earmarked gold. See footnote 4, p. 1023, for total gold under earmark at Federal Reserve Banks for foreign and international accounts. 2U. S. Treasury bills, certificates of indebtedness, notes and/or bonds. 3 Includes bankers' acceptances, commercial paper, foreign and international bonds. NOTE.—For explanation of table and for back figures see BULLETIN for May 1953, p. 474. GOLD PRODUCTION OUTSIDE USSR [In millions of dollars] Production reportedmonthly Estimated Year or pr w od o u r c ld tion Africa North and South America Other month U ou S t S si R d * e r m e T o p o n o t r t a h te l l d y A So fr u ic th a d R e h s o i - a A W fr e i s c t a1 B C e o lg n i g a o n 2 U St n a i t t e e s d 3 C a a d n a - M ic e o x- Co b lo ia m- Chile r N ag ic u a a - * Au l s i t a ra- India' $1=i5*/n grains of gold 9/10 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 19"5O 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—June 63.3 34.1 1.5 1.9 L.2 5.5 12.6 .8 .9 .4 .8 2.9 .7 July 67 4 35.5 1.4 1.8 ? 6.4 13.1 1.4 1.3 .7 .7 3.3 .7 August 65.8 34.9 1.6 2.0 L.2 6.5 13.0 1.0 1.1 .6 .7 2.4 .7 September. 66 4 34.7 1.4 2.1 ? 6.2 13.4 1.4 1.0 .6 .8 2.8 .8 October. . . . 70.6 35.4 1.5 2.1 L.I 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 1953 Tanuarv 34.7 1.4 2.1 LI 4.5 13.0 1.4 .6 .7 2.9 .6 February 32.4 1.4 2.1 1 4.3 12 A 1.2 .3 .7 2.8 6 Ivlarch 34 7 1 4 2 1 1 5 2 13 3 1 2 .7 3 1 6 April 34 3 1 4 2 1 1 5.2 12.9 1 2 .7 7 May 34 9 1.4 2.1 0 6.1 12.9 1.1 .9 .7 34 1 2.1 1 6.0 12.7 1 0 8 .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. Estimates of United States Bureau of Mines. 2 Reported by American Bureau of Metal Statistics. 3Yearly figures are estimates of United States Mint. Monthly figures are estimates of American Bureau of Metal Statistics. *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 thpse and othpr 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. SEPTEMBER 1953 1021 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)* 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—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... '3>,270 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.. .. 36,330 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... P36.390 22,463 22,521 696 944 41 31 23 July 22,277 22,353 701 951 41 31 23-. E m n o d n t o h f Egypt France8 G m u a a l t a e- India n In e d si o a - Iran Italy 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 - P t a a k n is- Peru 1947—Dec 53 548 27 274 «180 142 58 100 231 23 72 20 1948—Dec 53 548 27 256 140 96 42 166 23 52 14 20 1949—Dec 53 523 27 247 "178 140 256 52 195 27 51 27 28 1950—Dec 97 523 27 247 209 140 256 208 311 29 50 27 31 1951—Dec 174 548 27 247 280 138 333 208 316 32 50 27 46. 1952—Aug 174 558 27 247 280 138 346 72 323 33 50 38 46 Sept 174 558 27 247 280 138 346 87 326 33 50 38 46 Oct 174 558 27 247 280 138 346 104 326 33 50 38 46 Nov 174 568 27 247 255 138 346 105 394 33 50 38 46 Dec 174 573 27 247 235 138 346 144 544 33 50 38 46. 1953—Jan 174 573 27 247 218 138 346 149 567 33 55 38 46 Feb 174 573 27 247 208 138 346 178 597 33 55 38 46 Mar 174 573 27 247 208 137 346 179 605 33 55 38 46 Apr 174 573 27 247 208 137 346 180 *>605 33 55 38 46 May.... 174 573 27 247 208 137 P605 33 55 38 46 June.... 174 573 27 247 208 137 P615 33 55 38 46 July.... 174 573 177 137 P662 33 55 38 Inter- Bank for Switz- United national Inter- E m n o d n t o h f Po g r a t l u- E v l a d S o a r l- A So fr u i t c h a Spain Sweden la er n - d T la h n a d i- Turkey K do in m g- g U u ru a - y V zu e e n l e a - M ta o r n y e- n S a e t t i t o le n - a , l Fund menta 1947—Dec 310 15 762 111 105 ,356 34 170 62,079 175 215 1,356 30 1948—Dec 236 15 183 111 81 ,387 34 162 61,856 164 323 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 53,300 236 ! 373 L.495 167 1951—Dec 265 26 190 51 152 ,452 113 151 52,335 221 373 1,530 115 1952—Aug.... 274 30 159 51 202 L.404 113 150 51,672 211 373 1,681 181 Sept 277 29 158 51 202 1,404 113 146 61,685 211 373 L,683 183 Oct 282 29 159 51 190 1,406 113 143 51,767 205 373 L.691 187 Nov 285 29 159 51 185 1,407 113 143 sl,895 205 373 1,692 191 Dec 286 29 170 51 184 L.411 113 143 81,846 207 373 1,692 196 1953—Jan 297 29 165 51 195 1,417 113 143 51,978 207 373 L.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 1,432 113 144 52,321 222 373 1,693 211 Tune. . . 324 29 175 54 193 1,441 144 52,367 222 373 L,698 193 July- 29 175 203 144 52,456 373 t 699 195 p Preliminary. r Revised. 1 Includes reported gold holdings of central banks and governments and international institutions, unpublished holdings of various centraj 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 2Includes gold in Exchange Stabilisation Fund. Gold in active portion of this Fund is not included in regular statistics on gold stock (Treasurygold) 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." 8Represents gold holdings of Bank of France (holdings of French Exchange Stabilization Fund are not included). ^Figure as of Mar. 31. 5Exchange 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 Ranking 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 subse-. quent 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. 1022 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 it d e o d m g B iu e m l- France N la e e n r t d - h s - Po g r a t l u- S d w en e- S l w a e n r i - t d z- E O ur t o h p e e r * 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 -49.9 -20.0 -60.2 1952 393.7 440.0 -3.8 -100.0 -5.0 22.5 -29.3 7.2 -20.0 87.7 1950 Jan.-Mar -201.3 -80.0 -35.0 -13.0 -12.4 -15.8 Apr.-June... . -30.4 -20.0 -3.0 -11.9 July-Sept -731.0 -580.0 -28.5 -16.0 -25! 6 3.4 8.2 -40.5 Oct.-Dec -762.4 -360.0 -56.3 -79.8 -15.0 -4.0 -47.1 -100.0 20.0 -61.9 1951 Jan.-Mar.. -876.3 -400.0 -12 3 -91.7 -4.5 -10.0 15.0 -15.0 -44.3 —49.9 —124.4 Apr.-June. -55.6 -80.0 2.0 -15 0 -11.2 -10.0 64.1 July-Sept.. 291 4 320.0 -5.0 17!6 -3.5 -20.0 Oct.-Dec.. 715.7 629.9 71.7 -5.0 -1.1 1952 Jan.-Mar 557.3 520.0 20.2 22.5 -10.1 11.3 Apr.-June.... 105.7 6.9 101.4 July-Sept -1.3 .3 Oct.-Dec -268.0 -80.0 -24.0 -100.0 -5.0 -20.0 -25.0 1953 Jan.-Mar.. -599.1 -320.0 -36.5 -25.0 -15.0 -10.0 -20.0 -71.7 -54.9 -28.1 Apr.-June. -128.2 -40.0 -3.4 -15.0 -25.0 -18.8 -20.0 NET GOLD PURCHASES BY THE UNITED STATES, ANALYSIS OF CHANGES IN GOLD STOCK OF BY COUNTRIES—Continued UNITED STATES [Negative figures indicate net sales by the United States] [In millions of dollars] (In millions of dollars at $35 per fine troy ounce) Gold stock at Ear- Y qu e a a r r te o r r g U u r a u y - V zu e e n l e a - A O L m i a t c h t a e i e r n r - Oc A a e n s a d i n a ia U A So f n o r u i f i o c th n a ot A h l e l r Period T e u r n e r d a y s o - f p T e o r t io aH d I i n n s g c to o t r o e c ld t a k a s l e g p e o x o ( N l p d r - e t ) o i t o m rt r -g m o c c o l r r a d r e e r : a a k i n s s d e e e - d e- p D ti r c o t o i m o g d n o u e l s c 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 IQ51 22.2 — .9 -17.2 «-50.1 52.1 *-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.* 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 J O u c l t y . - -D Se e p c t - - 2 2 3 6 . . 9 9 - - 5 . . 1 9 - - 2 1 2 3 . . 8 9 -1 -2 4 . . 8 7 1952— S A e u p g t . . . . . . 2 2 3 3 , , 3 3 4 4 2 4 2 23 3 , , 5 5 2 2 5 8 - -2 8 . . 8 0 3 3 3 . . 1 3 - - 3 1 2 3 . . 6 8 6 6 . . 5 2 ; 1 Oct.... 23,339 23,521 -4.4 83.5 -92.4 6.8' 1951 Nov... 23,337 23,504 -16.9 .3 —29.0 6.0 Jan.-Mar -50.9 -11.7 -18.8 -28.0 Dec... 23,186 23,252 -252.6 8.1 -263.2 5.9- O A Ju c p l t r y . - - - D S J e u e p n c t e 2 3 1 0 8 5 . . 1 0 0 — .9 — -4 3 5 . . 0 . 5 0 -2 — -3 5 2 . . 9 0 .4 "i 2 1 i 0 9 .i . . 3 2 — -3 2 1 5 .0 .0 1953— F M Ta e a n b r . . . . . . . . . 2 2 2 2 2 2 , , , 9 6 5 8 6 6 6 2 3 2 2 2 2 3 2 , , , 7 0 6 5 7 4 1 9 9 - - - 3 1 1 2 7 0 7 2 2 . . . 5 8 5 - - 2 2 3 . . . 2 0 5 - - - 1 3 1 7 2 0 1 4 6 . . . 7 1 5 4 4 5 . . . 3 5 2 1952 A M p a r. y . . . . 2 2 2 2 , , 5 5 6 3 2 7 2 2 2 2 , . 6 5 3 9 9 0 - - 1 48 0 . . 7 0 7. . 0 1 - - 4 1 8 6 . . 9 8 6 5. . 2 1 - J T a u n l . v - - M Se a o r t 10.0 -1 - — 7 7 2 . . 4 6 .0 - - 3 2 . . 2 4 .4 4 7 . . 3 2 — .1 J A T u u u l g n y . e . . . . . . . ^ 2 2 2 2 2 2 , . , 2 4 1 7 6 7 7 3 8 ^ 2 2 2 2 2 2 , , , 5 3 2 2 5 7 1 3 5 P - - 1 - 7 6 7 6 9 8 . . 4 . 0 6 - ( 2 - 3) . . 5 0 * - 1 - - 6 7 7 8 1 8 . . . 5 7 8 6 6 (3 . . ) 8 0 Oct -Dec 4 8 2.0 .3 -1.9 P Preliminary. 1953 *See footnote 2 on opposite page. 2Change includes transfer of 687.5 million dollars gold subscrip- Jan.-Mar -10 0 -3.6 -4.3 tion to International Monetary Fund. -5 0 -1.2 3 Not yet available. * Gold held under earmark at the Federal Reserve Banks for foreign 2 1 I I n n c c l l u u d d e e s s s B a a le n k o f f o 1 r 1 4 In .3 t e m rn il a l t io io n n d al o l S la e r t s t l o e f m g e o n l t d s . to Italy. u a ti c n o c d n o e s u r , n e a t a , m r i m o n u c a n l r u k te d d i i n s g t n o o g t o 6 l , i d 3 n 0 c h 0 lu e .0 d ld e d m f o i i l n r li o t t n h h e e d a g o c o l c l l a d o r u s s n to t o c n o k f A o i u f n g t t e . h r 3 e n 1 a U , t i n 1 o i 9 n te a 5 d l 3 . i S n t s G a t t i o e t l u s d . - ! 'Includes sales of 185.3 million dollars of gold to China. * Includes sales of gold to Egypt as follows: 1950, 44.8 million NOTE.—For back figures and description of statistics, see Banking dollars; and 1951, 76.0 million. and Monetary Stitis'ics, Table 156, pp. 536-538, and pp. 522-523. 8Includes sales of 45.0 million dollars of gold to Indonesia. 1023 SEPTEMBER 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT [End-of-month figures. In millions of dollars] 1953 1952 1953 1952 International Fund International Bank July Apr. Jan. July June Mar. Dec. June Gold 1,699 1,693 1,692 1,537 Gold Currencies (balances with depositories Currencies (balances with depositories and securities payable on demand): and securities payable on demand): United States 1,332 1,338 1,288 1,319 United States 5 3 10 6 Other 14,885 4,640 4,395 4,420 Other 1,022 1,033 1,040 937 Unpaid balance of member subscriptions, 812 1,057 1,354 869 Investment securities (U. S. Govt. obli- Other assets 1 1 1 1 gations) 423 446 495 512 Member subscriptions 8,737 8,737 8,737 8,154 Calls on subscriptions to capital stock3 . 4 3 4 4 Accumulated net income -8 -7 Loans (incl. undisbursed portions and incl. obligations sold under Bank's guarantee) 1,487 1,445 1,409 1,270 1953 1952 Other assets 14 17 13 14 Net currency purchased2 Bonds outstanding 556 556 568 500 (Cumulative—millions of dollars) Liability on obligations sold under guar- July June May July Lo a a n n t s e — e undisbursed 39 7 8 0 40 6 4 6 42 6 3 6 40 5 3 6 Other liabilities 9 9 9 7 Australian pounds 50.0 50.0 50.0 20.0 General reserve 77 71 66 58 B B e o l l g iv ia ia n n f r b a o n l c iv s ianos 1 2 1 . . 5 4 1 2 1 . . 5 4 1 2 1 . . 5 4 11.4 S C p a e p c i i t a a l l 2 resei ve 1,80 3 7 7 1,80 3 7 5 1,80 3 7 2 1,69 2 1 8 Brazilian cruzeiros 37.5 37.5 37.5 63.0 Chilean pesos -1.8 -1.8 -1. 3.6 Czechoslovakian koruny. 6.0 6.0 6.0 6.0 includes 5 million dollars receivable from a member country for D Eg a y n p is t h ia n k ro p n o e u r nds - 1 5 0 . . 5 2 - 1 5 0 . . 5 2 - 1 5 0 . . 5 2 - 1 5 0 . . 5 2 cur 2 r A e s n c o y f a J d u j l u y s t 3 m 1 e , n 1 t 9 . 53, the Fund had sold 872.7 million U. S. dollars; Finnish markkaa 4.5 4.5 4.5 in addition, the Fund sold to the Netherlands 1.5 million pounds French francs 125.0 125.0 125.0 125.0 sterling in May 1947 and 30.0 million Belgian francs in May 1948, sold Indian rupees 100.0 100.0 100.0 100.0 to Norway 200 million Belgian fiancs in June and July 1948, and sold Iranian rials 8.8 8.8 8.8 to Brazil 10 million pounds sterling in January 1951. Repurchases Netherlands guilders.... 75.2 amounted to 252.2 million dollars. Currencies the net transactions in T Po u u rk n i d s s h s l t i e ra rl s ing 30 1 0 0 . . 0 0 30 1 0 0 . . 0 0 30 1 0 0 . . 0 0 30 1 0 0. . 0 0 wh 3 i c E h x c a l m ud o e u s n t u n to ca l l e le s d s th p a o n rt i o o n n e s m of i ll c io a n p it a a r l e s r u e b p s o c r r te ip d t i u o n n d s, e r a m "A o l u l n o ti t n h g e r. t " o Yugoslav dinars 9.0 9.0 9.0 9.0 7,229 million dollars as of June 30, 1953, of which 2,540 million repre- Allother -1.6 -1.6 -1.6 -1.6 sents the subscription of the United States. Total. 665.9 665.9 665.9 735.0 CENTRAL BANKS Assets of issue Assets of banking Liabilities of banking department department department Bank of England Note (Fi p gu o r u e n s d s in s m te i r l l l i i n o g n ) s of Gold* a O ss th et e s r 2 N c a o o n t i d e n s a v c n o a D d n u i s c n - a e t d s s - Se t c ie u s ri- ci t r io cu n l 3 a- Bankers' Pub D li e c posit E s CA Other t c l i O i e a a s p t b h i a i t e l n a i r - d l 1943—Dec. 29 .2 1,100.0 12.5 2.5 307.9 1,088.7 234.3 10.3 60.4 17.9 1944—Dec. 27 .2 1,250.0 13.5 5.1 317.4 1,238.6 260.7 5.2 52.3 17.8 1945—Dec. 26 .2 1,400.0 20.7 8.4 327.0 1,379.9 274.5 5.3 58.5 17.8 1946—Dec. 25 .2 L,450.0 23.4 13.6 327.6 1,428.2 278.9 10.3 57.3 18.1 1947—Dec. 31 .2 1,450.0 100.8 15.2 331.3 1,349.7 315.1 18.6 95.5 18.1 1948—Dec. 29 .2 1,325.0 36.1 16.7 401.1 1,293.1 314.5 11.7 17.4 92.1 18.1 1949—Dec. 28 .4 L,350.0 33.7 14.8 489.6 1,321.9 299.2 11.6 97.9 111.2 18.1 1950—Dec. 27 .4 1,375.0 19.2 29.2 384.0 1,357.7 313.5 15.4 .4 85.0 18.1 1951—Dec. 26 .4 1,450.0 14.1 18.2 389.2 1,437.9 299.8 13.4 .6 89.8 18.1 1952—Aug. 27 .4 1,500.0 43.0 7.2 324.4 1,459.0 252.4 16.0 23.0 64.8 18.4 Sept. 24 .4 1,500.0 57.8 5.2 333.5 1,444.1 275.7 11.1 24.2 67.0 18.5 Oct. 29 .4 L,500.0 57.7 9.3 324.8 1,444.2 271.6 13.5 22.2 66.7 17.8 Nov. 26 .4 1,500.0 40.5 9.9 357.6 L,461.4 275.4 15.4 26.6 72.6 18.0 Dec. 31 .4 1,575.0 51.3 11.2 371.2 1,525.5 302.8 10.0 24.3 78.5 18.1 1953—Jan. 28 .4 4 ,500.0 52.9 6.5 343.2 1,448.9 274.5 11.5 32.2 66.1 18.3 Feb. 25 .4 1,500.0 37.3 7.1 389.9 1,464.7 292.6 9.8 44.6 68.8 18.4 Mar. 25 .4 L.55O.O 63.3 6.2 359.0 1,488.8 288.3 14.6 32.0 75.0 18.5 Apr. 29 .4 1,550.0 38.2 13.8 354.8 ,514.0 261.8 13.8 39.5 73.9 17.8 May 27 .4 L,550.0 19.8 6.0 384.9 L.532.4 260.3 15.7 45.7 71.0 18.0 June 24 .4 1,600.0 62.2 8.1 346.9 , 540.2 276.7 9.8 44.5 68.2 18.1 July 29 A 4L,625.0 29.0 10.7 369.1 ,598.8 274.8 9.8 38.4 67.5 18.3 xOn June 9, 1945, the official buying price of the Bank of England for gold was increased from 168 shillings to 172 shillings and threepence per fine ounce, and on Sept. 19, 1949, it was raised to 248 shillings. For details regarding previous changes in the buying price of gold and for internal gold transfers during 1939, see BULLETIN for March 1950, p. 388, footnotes 1 and 4. Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 3Notes issued less amounts held in banking department. 4Fiduciary issue decreased by 50 million pounds on Jan. 7 and 25 million on Jan. 14, and increased by 50 million on Mar. 25 and June 3 and by 25 million on July 29. 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. 1024 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Dominion and provin- Bank of Canada cial government Deposits (F C ig a u n re ad s i i a n n m do il l l l i a o r n s s ) of Gold an S d S t e t U a rl t i n e n i s g ted securities Other 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 assets Ch b a a r n te k r s ed D g o o m m v e e i n n rn i t o - n Other capital3 l940_Dec. 31. (*> 38.4 448.4 127.3 12 A 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 ,036.0 401.7 12.9 27.7 209.1 1945—Dec. 31. 156.8 1,157.3 688.3 29.5 ,129.1 521.2 153.3 29.8 198.5 1946—Dec. 31. 1.0 1,197.4 708.2 42.1 ,186.2 565.5 60.5 93.8 42.7 1947—Dec. 31. 2.0 1,022.0 858.5 43.7 ,211.4 536.2 68.8 67.5 42.4 1948—Dec. 31. .4 1,233.7 779.1 45.4 ,289.1 547.3 98.1 81.0 43.1 1949—Dec. 31. 74.1 1,781.4 227.8 42.5 ,307.4 541.7 30.7 126.9 119.2 1950—Dec. 30. 111.4 1,229.3 712.5 297.1 ,367.4 578.6 24.7 207.1 172.6 1951—Dec. 31. 117.8 1,141.8 1,049.3 135.2 ,464.2 619.0 94.9 66.1 200.0 1952—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 ,517.9 594.9 45.6 72.1 114.8 June 30. 66.4 ,405 5 852.0 100.2 ,529.0 647.6 47.9 82.6 116.0 July 31. 74.9 ,451.6 838.5 87.5 1,547.2 646.6 43.8 68.7 146.3 Assets Liabilities Ban (F k i g o u f r e F s r i a n nce Foreign Domestic bills G A o d v v e a r n n c m es e n to t6 Other Note Deposits7 l O ia t b h i e l r millions of francs) Golds ch e a x n ge Open assets6 cir ti c o u n la- Governi a t n ie d s 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—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 52,225 851,545 172,000 479,982 154,1462,006,873 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 55,681 915,903 175,000 501,982 124,578 2,065,210 56 730 128,731 57,008 Feb. 26. 200,187 16,502 263,286 48,658 929,291 185,300 504,982 121,4452,067,257 55 3,479 146,509 52,350 Mar. 26. 200,187 16,734 252,386 41,544 911,458 199,400 504,982 122,9952,051,991 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 Tune 25. 200,187 15,088 281,415 20,630 926,024 199,700 554,982 118,3002,054,347 46 16,838 182,828 62,276 July 30. 200,187 2,275 262,811 15,341 960,622 200,000 650,482 139,7542,163,216 70 18,883 193,516 55,788 1 Securities maturing in two years or less. 2 Includes notes held by the chartered banks, which constitute an important part of their reserves. 3 Beginning November 1944, includes a certain amount of sterling and United States dollars. 4On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940, pp. 677-678). 5For details on devaluations and other changes in the gold holdings of the Bank of France, see BULLETIN for September 1951, p. 1211; September 1950, pp. 1132 and 1261; June 1949, p. 747; May 1948, p. 601; May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880. 6For explanation of these items, see BULLETIN for January 1950, p. 117, footnote 6. 7Beginning January 1950, when the Bank of France modified the form of presentation of its statement, the figures under this heading are not strictly comparable with those shown for earlier dates. 8Includes the following amounts (in millions of francs) for account of the Central Administration of the Reichskreditkassen: 1940, 41,400; 1941, 64,580; 1942, 16,857; 1943, 10,724. NOTE.—For back figures on Bank of Canada and Bank of France, see Banking and Monetary Statistics, Tables 166 and 165, pp. 644-645 and pp. 641-643, respectively; for description of statistics, see pp. 562-564 in same publication. For last available report from the Reichsbank (February 1945), see BULLETIN for December 1946, p. 1424. SEPTEMBER 1953 1025 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued 1953 1952 1953 Central Bank Central Bank (Figures as of last report (Figures as of last report date of month) July June May July date of month) July June May July Central Bank of the Argentine Bank of the Republic of Colom- Republic (millions of pesos): bia—Cont. Gold reported separately 1,537 1,358 814 Loans and discounts 360,920 356,511337,119 341,741 Other gold and foreign exchange. 906 882 112 Government loans and securities. 199,842192,359184,677 161,574 Government securities 3,217 3,351 2,124 Other assets 97,758 97,399 '•96,778r103,534 Rediscounts and loans to banks. . 52,425 51,917 45,576 Note circulation 542,964549,083520,724 498,385 Other assets 302 275 248 Deposits 404,467 375,873 361,437 295,437 Currency circulation 22,282 21,914 17,680 Other liabilities and capital 85,473 '81,549 85,982 r73,336 Deposits—Nationalized 32,042 31,812 27,357 Central Bank of Costa Rica Other sight obligations 495 576 778 (thousands of colones): Other liabilities and capital 3,568 3,482 3,058 Gold 11,511 11,511 11,511 11,511 Commonwealth Bank of Aus- Foreign exchange 112,638123,849109,586 92,101 tralia (thousands of pounds): Net claim on Int'l. Fund2 7,031 7,031 7,031 7,031 Gold and foreign exchange 490,880 485,823 463,424 280,220 Loans and discounts 74,549 70,363 74,549 62,206 Checks and bills of other banks.. 4,704 10,580 7,950 4.679 Securities 1,376 1,407 1,666 7,335 Securities (incl. Government and Other assets 24,389 23,740 25,072 24,046 Treasury bills) 431,892463,193424,931 458,840 Note circulation 138,455138,957 139,574 117,351 Other assets 53,633 71,838 87,472 62,871 Demand deposits 67,937 75,276 67.585 68,106 Note circulation 329,113328,668 326,168 303,168 Other liabilities and capital 25,102 23,668 22,256 18,773 Deposits of Trading Banks: National Bank of Cuba Special 292,930 301,865 301,865 194,920 (thousands of pesos): (Mar.)* Other 36,252 51,600 33,051 36,839 Gold 195,748 304,113 Other liabilities and capital 322,813349,302322,693 271,683 Foreign exchange (net) 74,686 71,454 Austrian National Bank (millions Foreign exchange (Stabilization of schillings): Fund) 183,698 147,870 Gold 100 100 100 98 Silver 30,668 34,988 Foreign exchange 4,323 3,544 2,965 903 Net claim on Int'l. Fund2 12,511 12,511 Loans and discounts 6,283 6,329 6,424 7,145 Loans and discounts 45,299 20,644 Claim against Government 1,853 1,973 2,167 3,263 Credits to Government 39,930 22,677 Other assets. 28 40 39 41 Other assets 48,062 30,488 Note circulation 9,471 9,147 8,889 8,566 Note circulation 440,430 425,304 Deposits—Banks 653 445 488 255 Deposits 178,056 210,765 Other 388 398 346 419 Other liabilities and capital 12,116 8,677 National Bank B o lo f ck B e e d lgium 2,075 1,996 1,972 2,211 National Bank of Czechoslovakia3 (millions of francs): National Bank of Denmark Cent O O N D G F L C G r o o a o o t t e o o h h r a l l n p v t e d e e e n s o e i r r o s g B s r c n l i n l a a i i a t i m r d s s a n n c c — s a b d e l u k e t a i n e t l l D i E s a d i d t m t t o i C i e i s s e s f o m G c A e s n a o c a o n a B u u n v n d r n d o e i d t t l r b s i i n e v a c m s l i a a a p e n — i n c t t a e M l s d o ( e n n b e e t t - . ) . . 3 3 9 1 5 4 9 4 9 8 4 2 5 , , , , , , , , , 0 0 9 4 0 8 5 6 0 1 4 1 2 7 8 6 1 8 8 6 2 1 5 6 3 5 2 9 0 8 3 3 9 1 3 6 4 4 4 6 6 5 1 , , , , , , , , , 7 0 2 5 7 6 6 1 4 1 0 3 7 4 0 2 7 6 0 6 7 9 5 8 3 6 0 6 0 7 3 3 9 1 3 4 4 4 6 6 8 2 4 , , , , , , , , , 2 1 2 7 0 6 6 5 5 5 9 6 8 5 5 6 8 6 9 8 9 1 5 7 0 0 4 7 7 8 3 3 9 1 4 6 3 7 7 7 7 7 1 1 , , , , , , , , , , 5 7 6 7 1 4 8 7 6 6 2 4 6 7 8 7 6 1 2 9 1 3 9 5 0 7 6 2 0 0 (m O O S F N D G L G il e o o t t o l e o o h c h i r a p l o t v e u d e e e n o n t i r r r s . g s s i c t i n l a c i i a t i o r e s s o a n c f e — s s m b d u e x i k l t c p l G O a s d i r h e t t o i o i t a n i s e h n o v n s c s e e n a e g o r r t r a e u i ) n n o : n m d n ts e c a n a c t p c i o ta u l nt. . . . 3 1 1 1 , . , , 4 5 2 2 8 7 1 1 1 5 5 2 6 9 9 9 1 3 6 4 1 9 2 7 3 8 4 4 4 3 1 1 1 , , , , 3 8 4 2 4 7 1 1 1 2 6 7 6 5 6 6 8 7 2 7 4 4 5 4 9 1 7 5 8 3 1 1 1 , , , , 4 4 3 8 4 7 1 1 5 2 4 5 1 8 9 0 6 8 5 8 4 1 6 9 5 6 7 7 3 1 1 1 , , , , 4 5 5 5 5 6 1 1 3 3 5 0 6 4 6 9 8 7 5 0 6 9 5 3 3 5 2 0 tary dept. (millions of bolivianos): (Apr.)* Central Bank of the Dominican Gold at home and abroad 1,396 1,370 Republic (thousands of pesos): Foreign exchange (net) 12,986 1,183 12,076 12,076 12,076 12,066 L G o o a v n e s r n a m nd e n d t is s c e o cu u r n i t t s ies 2 2 , , 1 3 9 2 2 5 1 1 , , 4 8 2 3 5 0 F N o e r t e i c g la n i m ex c o h n a n In g t e ' l. ( n F e u t) nd2 17 1, , 2 3 5 2 0 7 1 1 7 , , 2 1 5 8 0 0 16 1, , 2 6 5 6 0 2 20 1 , , 8 2 0 5 9 0 Other assets 527 371 Loans and discounts 1,017 898 328 336 Note circulation 7,537 4,606 Government securities 9,950 9,950 9,950 8,395 Deposits 1,073 836 Other assets 1,521 ••1,464 1,422 •"989 Other liabilities and capital 816 739 Note circulation 32,873 33,137 32,754 31,469 Central Bank of Ceylon (thousands Demand deposits 8.325 7,749 7,031 10,669 of rupees): Other liabilities and capital 1,944 ••1,932 '1,905 1,706 Foreign exchange 323,876293 689308,919 529,476Central Bank of Ecuador Advances to Government 58,200 84 200 91,000 (thousands of sucres): Government securities 136,427170 796 153,691 40,966 Gold 339,145339,110 336,797 Other assets 7,087 5,047 4,430 3,207 Foreign exchange (net) 159,931191,857 117,208 Currency in circulation 384,638388 764391,282 393,928 Net claim on Int'l. Fund2 18,757 18,757 18,757 Deposits—Government 890 17.614 3,694 19,137 Credits—Government 316,569303,602 227,724 Banks 99,280 107 581 123,921 125,817 Other 193,317171,923 220,230 Other liabilities and capital.... 40,781 39 772 39,143 34,766 Other assets 173,165168,254 141,978 Central Bank of Chile (millions Note circulation 565,566568,608 528,351 of pesos): Demand deposits—Private banks 187,810175,391 165,465 Gold 1,271 1,374 1,383 1,109 Other 222,993233,295 144,023 Foreign exchange (net) 156 117 181 221 Other liabilities and capital 224,515216,209 224,854 Net claim on Int'l. Fund2 387 387 388 166 National Bank of Egypt (thou- Discounts for member banks. . .. 2,149 1,922 2,346 2,147 ands of pounds): Loans to Government 4,020 4,020 4,059 665 Gold 60,553 60,553 60,553 60,553 Other loans and discounts 11,394 11,845 10,582 8,452 Foreign exchange 23,238 25,288 23,076 21,201 Other assets 1,707 2,501 2,598 2,882 Foreign and Egyptian Note circulation 14,706 14,907 14,195 10,338 Government securities 285,525295,205 300,105 283,574 Deposits—Bank 3,113 3,599 3,219 2,697 Loans and discounts 11,719 9,173 10,040 17,432 Other 611 1,052 1,102 247 Advances to Government Other liabilities and capital 2,654 2,609 3,020 2,362 Other assets 2,453 2,129 2,966 2,661 Bank of the Republic of Colombia Note circulation 176,246180,193184,493 170,456 (thousands of pesos): Deposits—Government 64,127 71,655 73,838 69,862 Gold and foreign exchange 350,010 335,862325,196 235,938 Other 132,753131,012 129,214 121,986 Net claim on Int'l. Fund2 24,373 24,373 24,373 24,371 Other liabilities and capital 10,361 9,488 9,194 23,118 •Latest month available. r Revised. 1 Represents chiefly bills secured by stocks of mined tin not yet sold in world markets. 2This figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund. •3For last available report (March 1950), see BULLETIN for September 1950, p. 1262. 1026 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1953 1952 Central Bank 1952 (Figures as of last report (Figures as of last report date of month) July June May July date of month) July June May July Central Reserve Bank of £1 Salva- Bank Indonesia—Cont. dor (thousands of colones): Other assets 190 198 145 668 Gold 72,994 73,064 73,125 73,821 Note circulation 4,814 4,909 4,767 3,860 Foreign exchange (net) 65,625 69,847 75,501 40,559 Deposits—ECA 495 495 496 496 Net claim on Int'l. Fundx 1,566 1,566 1,566 1,566 Other 1,042 1,155 2,983 1,344 Loans and discounts 16,285 11,468 10,100 14,520 Other liabilities and capital 539 418 617 541 Government debt and securities.. 4,522 6,465 4,162 6,814 Central Bank of Ireland (thousands Other assets 1,701 1,878 1,696 1,265 of pounds): Note circulation 86,541 87,201 88,679 81,647 Gold 2,646 2,646 2,646 2,646 Deposits 68,051 69,219 69,487 49,598 Sterling funds 60,685 60,709 61,232 55,489 Other liabilities and capital 8,102 7,867 7,985 7,300 Note circulation 63,331 63,355 63,878 58,135 Sank of Finland (millions of mark- Bank of Italy (billions of lire): kaa): Gold 4 4 4 4 Gold 5,862 5,862 5,862 5,865 Foreign exchange 54 52 50 38 Foreign assets (net) 9,050 8,567 8,391 14,684 Advances to Treasury 568 569 570 590 Clearings (net) 5,651 4,434 5,300 3,859 Loans and discounts 277 307 281 247 Loans and discounts 40,830 40,834 42,234 31,189 Government securities 261 262 262 212 Securities 1,655 1,651 1,604 1,086 Other assets 713 702 698 816 Other assets. 2,273 2,083 2,152 1,898 Note circulation 1,287 1,248 1,257 1,259 Note circulation 42,615 43,247 45,962 44,173 Deposits—Government 36 109 81 110 Deposits - 4,429 1,700 1,402 '293 Demand 59 61 54 58 Other liabilities and capital.*<;.. 18,278 18,485 18,179 r14,114 Other 379 364 369 394 Bank of German States 2 Other liabilities and capital 115 114 103 86 (millions of German marks): Bank of Japan (millions of yen): Gold 941 880 880 492 Bullion 448 448 448 '447 Foreign exchange 5,775 5,377 5,072 3,447 Advances to Government 37,374 37 399 37,424 38,390 Loans and discounts 1,869 2,258 2,068 2,868 Loans and discounts 421,516 419,996382,347 336,553 Loans to Government 7,278 7,177 7,471 8,398 Government securities 141,471 361180,520 135,838 Other assets 938 945 994 573 Other assets 135,841 088108,361 r93,481 Note circulation -. 11,040 10,831 10,757 9,843 Note circulation 512,806 352501,136 455,405 Deposits—Government. *. 1,407 1,382 1,473 1,781 Deposits—Government 117,815 ,761106,047 59,801 Banks 2,331 2,451 2,355 2,093 Other 60,530 ,346 63,609 49,147 Other 251 257 271 241 Other liabilities 45,499 ,832 38,307 40,358 Other liabilities and capital 1,773 1,714 1,628 1,820Bank of Mexico (millions of pesos): Bank of Greece (billions of drach- Monetary reserve 7 1,156 1,161 1,186 1,018 mae): "Authorized" holdings of secu- Gold and foreign exchange (net)3 4,307 4,392 1,523 rities, etc 2,810 2,939 3,031 2,601 Loans and discounts 123 117 114 Bills and discounts 700 630 635 502 Advances—Government 8,053 8,784 8,633 Other assets 446 412 382 422 Other 3,476 3,426 3,389 Note circulation 3,153 3,150 3,207 3,023 Other assets 2,088 2,090 1,877 Demand liabilities - 1,472 1,492 1,536 1,050 Note circulation 2,328 2,353 2,042 Other liabilities and capital 488 499 490 470 Deposits—Government 832 934 820 Netherlands Bank (millions of Reconstruction and guilders): relief accts 6,976 ,700 6,810 Gold... 2,500 2,306 2,290 1,325 Other 2,290 ,095 1,946 Silver (including subsidiary coin) 16 15 17 14 Other liabilities and capital 5,622 5,727 3,917 Foreign assets (net) 1,556 1,727 1,598 1,540 Bank of Guatemala (thousands of Loans and discounts 32 41 36 34 quetzales): Govt. debt and securities 1,217 1,242 1,300 1.920 Gold 27,228 27,228 27,228 Other assets 498 516 529 504 Foreign exchange (net) 24,195 25,693 14,007 Note circulation—Old 32 33 33 42 Gold contribution to Int'l. Fund . 1,250 1,250 1,250 New 3,116 3,109 3,049 2,932 Rediscounts and advances 7,479 6,575 7,180 Deposits—Government 765 993 974 700 Other assets 17,136 17,868 17,942 ECA 1,203 1,196 1,196 1,062 Circulation—Notes 43,513 43,515 38,896 Other 487 314 318 391 Coin 3,496 3,517 3,326 Other liabilities and capital 216 202 200 209 Deposits—Government 3,356 3,953 6,861 Reserve Bank of New Zealand Banks 12,192 12,253 6,884 (thousands of pounds): Other liabilities and capital , 14,731 15,376 11,641 Gold 6,023 6,021 6,020 5,955 National Bank of Hungary4 Foreign exchange reserve 66,504 66,563 66,511 20,719 rve Bank- of- I-n d-i a ([mmiililiiioons of Loans and discounts 6,019 6,019 6,019 6,019 rupees): Advances to State or State un- Issue department: dertakings 58,895 63,775 57,786 53,073 Gold at home and abroad. 400 400 400 Investments 37,007 37,006 34,950 32,182 Foreign securities 5,932 6,132 5,532 Other assets 1,909 1,727 1,689 1,024 Indian Govt. securities 4,499 4,499 4,646 Note circulation 62,142 62,605 62,656 60,374 Rupee coin 915 877 791 Demand deposits 106,558 109,584 101,535 51,684 Note circulation 11,381 11,589 11,041 Other liabilities and capital 7,657 8,921 8,785 6,915 Banking department: Bank of Norway (millions of kroner): Notes of issue department... 365 318 329 Gold 281 280 280 242 Balances abroad 1,200 976 1,200 Foreign assets (net) 118 130 177 468 Bills discounted 143 140 13 Clearing accounts (net) 25 13 13 42 Loans to Government 34 33 34 Loans and discounts 56 61 65 49 Other assets 1,224 1,227 1,020 Securities 46 43 44 45 Deposits 2,475 2,202 2,342 Occupation account (net) 5,546 5,546 5,546 5,546 Bank In O d th o e n r e s li i a a b 5 i l ( i m tie il s l i a o n n d s o c f a r p up it i a a l h . ) .. : 491 493 253 O N t o h t e e r c a ir s c s u et l s ation 2,92 5 3 4 2,86 6 4 1 2,74 5 5 7 2,73 6 2 1 Gold. . 2,017 2,365 6 2,365 1,063 Deposits—Government 1,684 1,865 2,092 1,654 Foreign exchange (net) 88 148 476 705 Banks 778 642 562 1,262 Loans and discounts 599 588 586 377 ECA—MSA 278 278 322 262 Advances to Government 3,995 3,678 5,292 3,428 Other liabilities and capital. 464 484 460 543 ' Revised. iThis figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund. 2 Combined figures for the Bank of German States and the nine Land Central Banks. 3The official exchange rate was adjusted from 15,000 to 30,000 drachmae per dollar, effective Apr. 9, 1953. 4For last available report (February 1950), see BULLETIN for September 1950, p. 1263. 5As of July 1, 1953, the Java Bank became the Bank Indonesia and established an Issue and a Banking Department. Figures shown represent Issue and Banking Departments combined. 6Gold revalued in May 1953 from 4,265.35 rupiah to 12,796.05 rupiah per kilogram of fine gold. 7Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. 1027 SEPTEMBER 1953 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) July June May July date of month) July June May July State Bank of Pakistan (millions of Bank of Spain—Cont. rupees): Other assets 29,292 27,813 27,508 Issue department: Note circulation 36,244 36,416 35,721 Gold at home and abroad... 81 81 81 81 Deposits—Government 1,672 1,604 1,714 Sterling securities 424 421 421 681 Other 3,489 3,504 2,570 Pakistan Govt. securities. . . 1,088 1,191 1,191 752 Other liabilities and capital 25,296 24,386 23,592 Govt. of India securities 126 126 126 126Bank of Sweden (millions of kronor): India currency 300 300 300 300 Gold 448 426 427 454 Rupee coin 69 66 67 71 Foreign assets (net) ,280 1,250 1,189 1,319 Notes in circulation 2,000 2,081 2,073 1,942 Net claim on Int'l. Fund2 129 129 129 Banking department: Swedish Govt. securities and ad- Notes of issue department. . 88 104 113 68 vances to National Debt Office3 ,376 2,427 2,334 2,741 Bills discounted 19 9 46 Other domestic bills and advances 355 366 362 269 Loans to Government 106 103 104 1 Other assets 864 '847 '821 '844 Other assets 518 457 413 535 Note circulation ,267 4,327 4,223 4,051 Deposits 621 548 509 552 Demand deposits—Government.. 208 275 132 782 Other liabilities and capital.. 91 134 130 98 Other 257 134 202 148 Central Bank of Paraguay1 Other liabilities and capital 721 '711 '705 '734 (thousands of guaranies): Swiss National Bank (millions of Gold 1,138 1,169 francs): Foreign exchange (net) 60,151 '67,551 Gold ,049 6,009 5,970 5,813 Net claim on Int'l. Fund2 11 11 Foreign exchange 534 525 518 337 Loans and discounts 198,666 75,663 Loans and discounts 214 218 217 234 Government loans and securities. 349.909 '222,598 Other assets 63 75 80 80 Other assets •248,361'148,765 Note circulation ,837 4,814 4,791 4,635 Note and coin issue 424,830 '333,697 Other sight liabilities ,815 1,809 1,794 1,629 Deposits—Government 75,386 '22,968 Other liabilities and capital 208 204 200 201 Other 134,950 '133,468Central Bank of the Republic of Other liabilities and capital '223,072 '25,623 Turkey (millions of pounds): Central Reserve Bank of Peru Gold 402 402 402 419 (millions of soles): Foreign exchange and foreign Gold and foreign exchange 517 520 599 clearings 186 195 215 86 Net claim on Int'l. Fund2 67 67 67 Loans and discounts ,711 1,623 1,640 ,534 Loans and discounts to banks. . . 343 439 285 Securities 26 26 26 27 Loans to Government ,009 867 842 Other assets 125 174 112 91 Other assets 174 '153 '235 Note circulation ,282 1,239 1,239 ,138 Note circulation ,490 1,466 1,361 Deposits—Gold 153 153 153 153 Deposits 357 342 354 Other 705 656 712 678 Other liabilities and capital 263 237 313 Other liabilities and capital 309 372 290 188 Central Bank of the Philippines Bank of the Republic of Uruguay (thousands of pesos): (thousands of pesos): (Mar.)* Gold 18,813 18,813 17,314 Gold 328,977 321,119 Foreign exchange 448,014 464,451 438,958 Silver , 9,046 9,664 Net claim on Int'l. Fund2 29,504 29,504 29,504 Advances to State and Govern- Loans 35,860 36,380 36,382 ment bodies 161,605 158,063 Domestic securities 232,236 234,310 233,908 Other loans and discounts 338,594 362,916 Other assets 149,205151,112 166,770 Other assets 521,967 -•441,165 Circulation—Notes 545,179 565,019 525,454 Note circulation 420,200 355,946 Demand # depo C si o ts in 22 8 7 7 , , 4 3 8 1 2 6 22 8 8 7 , , 8 7 7 6 1 0 25 9 7 1 , , 7 5 0 6 1 3 Deposits— O G t o h v e e r rnment 3 9 5 5 4 , , 1 8 6 6 3 8 3 8 04 7 , , 5 6 6 7 0 0 Other liabilities and canital '53,654 •52,919 '48,117 Other liabilities and capital 489,958 -•544,750 Bank of Portugal (millions of Central Bank of Venezuela (milescudos): lions of bolivares): Gold 4,775 4,734 4,696 4,413 Gold ,141 1,141 1,141 1,141 Foreign exchange (net) 12,101 12,070 11,978 11,601 Foreign exchange (net) 244 246 279 162 Loans and discounts 685 667 708 639 Other assets 88 90 90 64 Advances to Government 1,426 1,429 1,427 1,419 Note circulation 919 932 925 854 Other assets 693 671 607 617 Deposits 253 249 276 249 Note circulation 8,961 8,762 8,732 8,915 Other liabilities and capital 300 297 309 264 Demand deposits—Government.. 1,717 1,675 1,868 1,353 Bank for International Settle- ECA 6 6 6 29 ments (thousands of Swiss gold Other 6,902 7,039 6,771 6,289 francs): Other liabilities and capital 2,094 2,089 2,040 2,104 Gold in bars 598,339590,348 647,149 507,473 South African Reserve Bank Cash on hand and with banks. . . 53,733 60,943 46,372 56,669 (thousands of pounds): Sight funds at interest 4,014 4,730 4,176 10,318 Gold 62,168 61,977 61,968 53,604 Rediscountable bills and accept- Foreign bills 34,246 41,430 47,802 67,827 ances (at cost) 212,379222,270 257,055 233,770 Other bills and loans 23,640 21,165 16,713 14,046 Time funds at interest 116,072 49,110 28,429 44,952 Other assets 42,586 42,070 39,057 32,538 Sundry bills and investments.... 194 670 202,455187,773 211,383 Note circulation 93,349 92,296 91,500 87,463 Funds invested in Germany 297 297,201297,201 297,201 Deposits 50,818 53,774 55,718 58,151 Other assets 1 1,318 1,433 1,372 Other liabilities and capital 18,474 20,572 18,323 22,401 Demand deposits (gold) 419 473 420,651455,066 339,137 Bank of Spain (millions of pesetas): Short-term deposits: Gold 596 581 558 Central banks—Own account.. 501 710 448,588 454,029 469,905 Silver 338 355 374 Other 54 127 54,124 56,116 55,660 Government loans and securities 15,717 15,985 15,775 Long-term deposits: Special 228 909228,909228,909 228,909 Other loans and discounts 20,758 21,175 19,381 Other liabilities and capital 273 681276,104275,468 269,527 * Latest month available. ' Revised. !The new Central Bank of Paraguay began operations on July 1, 1952. Central banking functions previously performed by the Monetary Department of the Bank of Paraguay were transferred to the new institution. 2This figure represents the amount of the countrv's subscription to the Fund less the bank's local currency liability to the Fund. 3 Includes small amount of non-Government bonds. 1028 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— July effective bank of— July effective King- France Ger- Bel- er- Swe- er- 31 31 dom many gium lands den land In effect Dec. 31, Argentina Mar. 1, 1936 Ireland Mar.25,1952 1947 2 2H&3 IX 2X IX Austria . .. Mar.26, 1953 Italy 4 Apr. 6, 1950 June 28 1948 15 Belgium 3 Dec. 18, 1952 Japan 5.84 Oct. 1, 1951 Sept. 6 3X &4 Bolivia 6 Sept.30, 1950 Mexico June 4, 1942 Oct 1 May 27, 1949. 141/ July 14 14 Oct. 6. . 3% 2 Oct. 17, 1950 Netherlands . 2X Apr. 7, 1953 June 8 1950 2X Ceylon 3 July 23, 1953 New Zealand. 1X July 26, 1941 Sept. 11. 3*/ Chile June 13, 1935 Norway 2 V£ Jan. 9, 1946 Sept. 26 3 Colombia 4 July 18, 1933 Pakistan. . . . 3 July 1, 1948 Oct. 27. . 16 Costa Rica... . 4 Feb. 1, 1950 Dec. 1 3 Apr 17, 1951 4 July 5 Sept 13 3Vi. Denmark .... 5 Nov. 2, 1950 Peru 6 Nov.13, 1947 Oct. 11 3 Ecuador 10 May 13, 1948 Portugal.... 2X Jan. 12, 1944 Nov 8 2X 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 3X Finland Dec. 16, 1951 Sweden 3 Dec. 1, 1950 Mar. 12 4 May 29 15 Aug. 1 ... . 3 Aug 21 14H France 4 Nov. 9, 1951 Switzerland.. IX Nov.26, 1936 Dec. 18... 3 Germany June 11, 1953 Turkey 3 Feb. 26, 1951 Jan. 8, 1953. . 14 Greece 12 July 12, 1948 United King- Apr. 7 . . 2i/ India Nov.15, 1951 dom 4 Mar.12, 1952 June 11 Indonesia 3 Apr. 1, 1946 USSR 4 July 1, 1936 In effect July 31, 1953 4 4 13^ 3 2X 3 1 Rate established for the Land Central banks. NOTE.—Changes since July si: IN one. 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 19433——JJuunnee .50 1.03 1.00 1.06 .50 1.67 1.25 19444—- June .39 1.03 .00 .13 .50 1.58 .25 19455-—June .36 1.03 .00 .13 .50 .74 .25 1946—"Tune .39 .53 .50 .63 .50 1.32 .42 1.00 .25 1947—June .41 .53 .51 .63 .50 1.45 .46 .86 .25 1948—June .41 .56 .51 .63 .50 2.02 .36 .84 .50 1949—June .51 .63 .52 .63 .50 P2.46 .32 .83 .52 1950—Tune .51 .69 .51 .63 .50 2.52 .44 .81 .50 1951—June .75 .69 .51 .63 .50 2.52 .39 1.00 .50 1952—June 1.08 3.00 2.43 2.25 2.00 3.66 .20 .75 .50 1952—July .11 3.00 2.46 2.25 2.00 3.84 1.05 .75 .50 August.... .10 3.00 2.46 2.25 2.00 3.77 .85 .58 .50 September. .14 3.00 2.49 2.25 2.00 4.00 .85 .62 .50 October .19 3.00 2.43 2.25 2.00 3.98 .84 .50 .50 November. .21 3.00 2.38 2.25 2.00 3.98 .87 .54 .50 December.. .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 3.97 .83 .54 .50 February.. .47 3.00 2.42 2.25 2.00 4.10 .81 .50 .50 March .50 3.00 2.40 2.25 2.00 3.93 .90 .51 .50 April .53 3.00 2.41 2.25 2.00 4.05 .93 .71 .50 May 1.53 3.00 2.38 2.25 2.00 4.22 .64 .52 .50 June 1.70 3.00 2.37 2.25 2.00 3.94 .57 .50 1.50 p Preliminary. 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. SEPTEMBER 1953 1029 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom l Assets Liabilities ( b 1 m a 1 i n l l L k io s o s n . n t e s d r o l F o i n n f ig g p c u ) l o r e e u a s n r i d i n n s g re C se a r s v h es M c n a s o l o h l n t o e i a c r y n t e d at B co il u ls n t d e i d s- T re d r c e e e p a i o s p u s t i s r t y 2 Securities c L u o s a to n m s e to rs a O s t s h e e ts r Total D D e e p m o a s n it d s Time li c a O a b a p t i n h l i i d e t t a i r e l s 1947—December. 502 480 793 1,288 1,483 ,219 567 5,935 3,962 1,972 396 1948—December. 502 485 741 1,397 1,478 ,396 621 6,200 4,159 2,041 420 1949—December. 532 571 ,109 793 1,512 ,534 579 6,202 4,161 2,041 427 1950—December. 540 592 ,408 456 1,528 ,660 735 6,368 4,262 2,106 550 1951—December. 531 598 972 102 1.965 ,950 867 6,333 4,290 2.042 651 1952—August.... 510 516 ,239 1,918 ,765 638 6,048 3,878 2,170 537 September 503 530 ,295 1,921 ,758 662 6,126 3,910 2,216 543 October... 498 500 ,122 2,142 ,759 676 6,167 3,948 2,219 530 November 503 516 ,142 2,138 ,755 655 6,183 3,949 2,234 526 December. 549 529 ,248 2,148 ,764 748 6,460 4,232 2,228 528 1953—January... 498 515 ,204 2,148 ,764 659 6,259 4,025 2,234 528 February.. 491 456 .046 2,130 ,783 649 6,029 3,836 2,192 525 March 497 472 ,024 2,122 ,811 641 6,053 3,873 2,179 515 April 498 454 ,010 2,119 ,825 664 6,060 3,860 2,200 511 May 498 464 ,080 2,123 ,784 654 6,083 3,896 2,187 520 Tune 514 469 ,209 2,136 ,778 673 6,299 4,040 2,259 481 July 510 460 ,244 2,140 ,742 633 6,247 3,990 2,257 483 Assets Liabilities C anada Security Deposits payable in Canada (10 chartered banks. Entirely in Canada loans excluding interbank deposits End of month figures abroad Other Ca i n n a d m ia il n li o d n o s l l o a f rs) re C se a r s v h es Se lo cu an ri s ty lo O an t s h e a r nd d a f u n o e d re f i r g n o n e m t Securities O as t s h e e ts r Notes3 Total Demand Time li c a a b a p i n l i i d t t a ie l s discounts banks 1947—December. 731 105 1,999 106 3,874 .159 18 6,412 2,671 3,740 ,544 1948—December. 749 101 2,148 144 4,268 ,169 16 7,027 2,970 4,057 ,537 1949—December. 765 133 2,271 146 4,345 ,058 14 7,227 2,794 4,433 ,477 1950—December. 824 134 2,776 171 4,286 ,304 7,828 3,270 4,558 ,667 1951—December. 907 107 3,028 227 3,876 ,464 7,896 3,284 4,612 ,714 1952—July 847 145 3,053 279 4,134 ,278 8,079 3.243 4,836 ,658 August. . . 828 147 3,048 260 4,139 ,306 8,075 3,205 4,870 ,652 September 843 135 3,093 250 4,202 ,383 8,191 3,290 4,901 ,716 October... 879 130 3,212 278 4,147 ,396 8,319 3,418 4,901 ,722 November 827 121 3,350 308 4,006 ,424 8,291 3,376 4,916 ,746 December. 916 155 3,289 326 3,955 ,516 8,421 3,497 4,924 ,736 1953—January. . 835 135 3,293 308 3,981 ,321 8,188 3,244 4,945 ,684 February. 877 141 3,301 330 4,042 ,342 8,310 3,301 5,008 ,724 March.... 851 140 3,394 322 4,082 ,394 8,458 3,391 5,067 ,724 April 897 152 3,508 345 4,135 ,380 8,642 3,535 5,107 ,774 May 822 138 3,526 331 4.024 1,402 8,486 3,386 5,100 ,755 June 903 123 3,576 331 3,956 1,509 8,634 3,508 5,126 1,764 Assets Liabilities France (4 o m f l a i m l r li g o o e n n s t b h a o f n f i k g f s u r . a r n e c s E s i ) n n d re C se a r s v h es Du b e a n f k ro s m B co ill u s n t d e i d s- Loans O as t s h e e ts r Total D D e e p m o a s n it d s Time a a c O n c w c e e p n s t- li c a O a b a p t i n h l i i d t e t a i r e l s 1947—December 22,590 19,378 219,386 86,875 27,409 341,547 338,090 3,457 25,175 8,916 1948—December 45,397 35,633 354,245 126,246 34,030 552,221 545,538 6,683 30,638 12,691 1949—December 40,937 42,311 426,690 129,501 29,843 627,266 619,204 8,062 26,355 15,662 1950—December 48,131 52,933 527,525 135,289 31,614 749,928 731,310 18,618 28,248 17,316 1951—December 60,215 72,559 627.648 165,696 38,114 906,911 879,767 27,145 33,774 23,547 1952—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 v 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 May 48,079 84,973 690,729 166,926 44,885 962,225 924,151 38,074 29,618 43,750 * 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. 8In 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. 1030 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina Belgium Brazil Canada (peso) Aus- (franc) (cruzeiro) British (dollar) Year or month Basic P e r n e t f i e a r l - Free (p tr o a u l n ia d) a n " c B o c t o a e u n s n k " t Official Free M (d a o si l l a l a a y r - ) Official Free 1947 29 773 321 00 2 2817 5 4AM 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—September 20 000 13.333 7.195 221.73 1.9920 5.4406 32.418 104 171 October 20 000 13 333 7 196 222 55 1.9965 5 4406 32 499 103 681 November 20 000 13.333 7.198 223.12 1.9979 5.4406 32 489 102 289 December 20 000 13 333 7 198 223 58 1 9941 5 4406 32 523 103 002 1953—January 20.000 13.333 7.198 224.13 1.9934 5 4dnfi 32.560 103.014 February 20.000 13.333 7.198 224.62 1.9966 5.4406 12.5173 32.612 102.302 March 20 000 13.333 7.198 224.35 1.9976 5.4406 2 3024 32 586 101 666 April 20 000 13 333 7 198 224 43 1 9971 5 4406 2 2113 32 589 101 655 May 20.000 13.333 7.198 224.25 2.0019 5.4406 2.2508 32.585 100.559 June 20 000 13 333 7 198 224 19 2 0007 5 4406 2 0794 32 579 100 546 Tuly 20 000 13 333 7 198 224 32 2.0011 5.4406 2 3078 32 582 100 782 August 20.000 13.333 7.197 224.30 2.0006 5.4455 2.5003 32.610 101.180 France Year or month Ceylon m De a n r - k 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 .8^07 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 3 23 838 20 922 279 68 11 588 26 315 276 49 1952—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 June 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 August 21.067 .4354 .2855 21.073 281.50 11.620 26.322 278.71 Year or month N (k o r r o w n a e y ) R P e ( p h p p i i e u n l s i b o e p ) l - ic ( P e o s g c r a u tu l d - o) ( A S p o o fr u u i n c th d a ) (k S d r w o en e n - a) e S (f r w r l a a i n t n c z d ) - U ( K p d n o i o i u n m t n g e d - d ) Ur ( u pe g s u o a ) y* 1947 20.160 4.0273 400.74 27.824 23.363 402.86 65 830 56.239 1948 20.159 4.0183 400.75 27.824 23.363 403.13 65 830 56 182 1949 18 481 49 723 3 8800 366 62 25.480 23 314 368 72 65 830 56 180 42 553 1950 14.015 49.621 3.4704 278.38 19.332 23.136 280.07 65 833 56.180 42 553 1951 14 015 49 639 3.4739 278.33 19.327 23.060 279.96 65 833 56 180 42 553 1952 14.015 49.675 3.4853 278.20 19.326 23.148 279.26 65.833 56.180 42.553 1952—September 14.015 49.677 3.4878 277.23 19.327 23.320 278.27 65.833 56.180 42.553 October 14.015 49.677 3.4825 278.25 19.325 23.329 279.30 65.833 56.180 42.553 November 14.015 49.677 3.4818 278.96 19.323 23.330 280.01 65.833 56 180 42 553 December 14.015 49.677 3.4839 279.54 19.323 23.332 280.59 65.833 56.180 42.553 1953—January 14.015 49.677 3.4872 280.23 19.323 23.311 281.28 565.833 556.180 542.553 14.015 49.677 3.4856 280.84 19.323 23.318 281.90 «65.833 556.180 542.553 636.025 14.015 49.677 3.4842 280.51 19.323 23.317 281.56 65.833 56.180 42.553 35.547 April . . 14 015 49.677 3.4882 280.61 19.323 23.329 281.66 65 833 56 180 42.553 34 205 May 14.015 49.677 3.4903 280.38 19.323 23.329 281.43 65.833 56.180 42.553 33.633 June 14.015 49 676 3.4897 280.30 19.323 23.331 281.35 65 833 56 180 42 553 33 270 July 14.015 49.677 3.4896 280.47 19.323 23.333 281.53 65 833 56.180 42.553 32 994 August 14.015 49.676 3.4897 280.45 19.323 23.334 281.50 65.833 56.180 42.553 34.001 1 Based on quotations beginning Feb. 25, 1953. 2Based on quotations through Aug. 14, 1952. 3 Based 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 August average for this rate was 53.1914. fiQuotations 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. SEPTEMBER 1953 1031 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 ( U S 1 = 9 n t a 4 1 i t t 0 7 e e 0 - s d 4 ) 9 ( C 1 = 9 a 3 n 1 5 0 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 9 n g 0 3 i 0 0 t d e ) o d = m F = ( r 1 a 9 1 n 4 0 c 0 9 e ) (1 I 1 9 t 0 a 3 0 8 ly ) = ( a 1 J v 9 a = e 3 p r 4 1 a a - ) g n 3 e 6 N l = ( e a 1 t n 9 1 h 4 0 d e 8 0 s r ) - S (1 w 1 9 e 0 3 d 0 5 ) e = n (A Sw u = l g a i . 1 t n z 0 d 1 e 0 9 r ) - 39 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 ioo" 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—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 110 220 393 331 139 P5.253 350 135 P299 214 June '110 222 391 P330 P139 134 213 July 111 221 397 P330 P137 P213 P Preliminary. r Revised. NOTE.—For sources and references concerning changes in tne structure of price indexes for various countries, see BULLETIN for December 1952, p. 1356. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States Canada United Kingdom Netherlands (1947-49=100) (1935-39=100) (1930=100) (1948 = 100) Year or month Raw and Fully and pr F o a d r u m cts Pro fo c o es d s s ed 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 t a r u n t r l u e y - d fa c m c h 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 t p r I r i n o al d d u u r s c a - t w s f I in n tr i d s i u h al 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 P364 122 171 143 1952 107 109 113 247 219 231 284 P352 129 166 135 1952—July 110 110 113 254 218 230 289 »348 122 162 133 August 110 111 113 243 216 229 287 P345 124 164 133 September 107 110 113 232 212 228 284 »343 129 163 133 October 105 109 113 228 210 227 293 »343 129 164 132 November 104 108 113 229 211 228 293 »340 131 163 132 December 99 104 113 229 210 228 297 '344 132 162 132 1953—January 100 106 113 226 209 229 297 *341 128 160 132 February 98 105 113 223 208 229 300 P337 127 159 132 100 104 113 221 210 229 302 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 95 103 114 219 207 230 316 124 155 131 July 98 106 115 219 207 230 P315 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 December 1952, p. 1356. 1032 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Ccm*f>ffie<* CONSUMERS' PRICE INDEXES All items Food United Switz- United Switz- Year or month ( U S = 19 t n 1 a 4 i 0 7 t t 0 e e - ) 4 d s 1 9 = C ( a 1 1 a d 9 0 4 n a 0 9 - ) 1 K 5 d (J , i o 1 a n m 9 n g 5 . - 2 F = ( r 1 a 1 9 n 0 4 0 c 9 ) e N l = ( 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 - ) d 4 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 0 n 4 0 c 9 ) e N l = ( e a 1 t 1 n 9 h 0 4 d e 0 9 s r ) - 1 ( l 9 A a e 3 n r 9 u - d g = . = 100) 100) = 100) 100) 1945 77 75 22 153 69 21 164 1946 83 78 35 152 79 36 160 1947 96 85 77 57 158 96 67 57 170 1948 103 97 82 90 163 104 72 92 176 1949 102 100 84 100 100 162 100 100 76 100 100 174 1950 103 103 86 111 109 159 101 103 82 111 111 176 1951 111 114 95 130 119 167 113 117 91 128 121 181 1952 114 116 103 145 120 171 115 117 105 141 123 184 1952—July 114 116 104 143 120 171 116 116 108 136 123 185 August. . . 114 116 103 145 119 171 117 116 107 140 120 185 September 114 116 103 146 120 172 115 116 106 142 123 186 October. . 114 116 104 145 120 171 115 115 108 141 123 186 November 114 116 104 144 119 171 115 116 108 140 122 186 December. 114 116 105 145 120 171 114 114 109 141 122 186 1953—January.. 114 116 104 146 120 170 113 114 109 141 123 184 February. 113 116 105 146 120 170 112 113 110 142 124 183 March. . . 114 115 105 145 120 169 112 112 111 141 123 183 April.... 114 115 106 145 120 169 112 111 113 140 124 182 May 114 114 106 146 121 170 112 110 113 141 125 183 Tune 115 115 107 145 121 170 114 111 114 141 127 184 July 115 115 121 114 113 P184 P Preliminary. 1 These series are the revised indexes, reflecting, beginning January 1953, the inclusion of some new series and revised weights. Prior to January 1953 indexes are based on the "interim adjusted" and "old" indexes, converted to the base 1947-49 =100. NOTE.—For sources and references concerning changes in the structure of price indexes for various countries (except the United States), see BULLETIN for December 1952, p. 1357. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month U S g ( r n t h a a i i d g t t e e h e ) 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 0 d m e 0 r ) F = ( r 1 a 1 9 n 0 4 0 c 9 ) 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 - e 0 3 d s ) 9 C (1 = a 9 n 3 1 5 0 a - 0 d 3 ) a 9 ( K 1 U 9 in 2 n 6 g i = t d e 1 o d 0 m 0) (19 F 4 r 9 a = n 1 c 0 e 0) N l e a t n h d e s 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—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 Tune 108.8 82.9 112.2 112.9 101.2 182.8 156.8 91.1 153 207 July 110.7 82.9 111.5 102.7 185.5 160.7 91.6 214 NOTE,—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December 1952. p. 1357. SEPTEMBER 1953 1033 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, CHICAGO DISTRICT GEORGE B. VEST, General Counsel President FREDERIC SOLOMON, Assistant General Counsel WOODLIEF THOMAS, Economist V. J. ALEXANDER, ST. LOUIS DISTRICT WM. J. ABBOTT, JR., Associate Economist L. MERLE HOSTETLER, Associate Economist JOSEPH F. RINGLAND, MINNEAPOLIS DISTRICT J. MARVIN PETERSON, Associate Economist CHARLES J. CHANDLER, KANSAS CITY DISTRICT H. V. ROELSE, Associate Economist PARKER B. WILLIS, Associate Economist DEWITT T. RAY, DALLAS DISTRICT RALPH A. YOUNG, Associate Economist JOHN M. WALLACE, SAN FRANCISCO DISTRICT ROBERT G. ROUSE, Manager of System Open Market Account HERBERT V. PROCHNOW, Secretary 1034 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 x President Vice Presidents Bank of Deputy Chairman First Vice President (Vice Presidents in charge of branches are listed in lower section of this page) Boston.... Harold D. Hodgkinson J. A. Erickson John J. Fogg Carl B. Pitman Ames Stevens Alfred C. Neal Robert B. Harvey 3 O. A. Schlaikjer E. O. Latham RR . FF. VVa n AAmiringe 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. Vergari4 E. C. Hill Richard G. Wilgus 2 Wm. G. McCreedy Cleveland. John C. Virden W. D. Fulton Roger R. Clouse H. E. J. Smith Leo L. Rummell Donald S. Thompson A. H. Laning 3 Paul C. Stetzelberger Martin Morrison Richmond. Charles P. McCormick Hugh Leach N. L. Armistead C. B. Strathy John B. Woodward, Jr. Edw. A. Wayne Aubrey N. Heflin K. Brantley Watson Upton S. Martin Chas. W. Williams R. W. Mercer 3 Atlanta. Frank H. Neely Malcolm Bryan V. K. Bowman E. C. Rainey 2 Rufus C. Harris Lewis M. Clark J. E. Denmark L. B. Raisty Harold T. Patterson Earle L. Rauber S. P. Schuessler Chicago. John S. Coleman C. S. Young Neil B. Dawes L. G. Meyer Bert R. Prall E. C. Harris W. R. Diercks George W. Mitchell W. A. Hopkins A. L. Olson L. H. Jones * Alfred T. Sihler W. W. Turner St. Louis Russell L. Dearmont Delos C. Johns Dale M. Lewis H. H. Weigel Wm. H. Bryce Frederick L. Deming Wm. E. Peterson J. C. Wotawa Minneapolis. . . Roger B. Shepard O. S. Powell H. C. Core . Marvin Peterson Paul E. Miller A. W. Mills E. B. Larson tis R. Preston H. G. McConnell M. H. Strothman, Jr. Sigurd Ueland Kansas City... Raymond W. Hall H. G. Leedy ohn T. Boysen 2 Clarence W. Tow Cecil Puckett Henry O. Koppang . W. E. Park E. D. Vanderhoof D. W. Woolley Dallas. J. R. Parten E. B. Austin L. G. Pondrom Robert J. Smith W. D. Gentry J. L. Cook 3 Harry A. Shuford Watrous H. Irons Mac C. Smyth San Francisco.. Brayton Wilbur C. E. Earhart E. R. Millard Ronald T. Symms 3 William R. Wallace, Jr. H. N. Mangels H. F. Slade O. P. Wheeler VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVEI BANKS Federal Reserve Federal Reserve Branch Vice Presidents Branch Vice Presidents Bank of Bank of New York Buffalo I. B. Smith Minneapolis.... Helena C. W. Groth Cleveland Cincinnati R. G. Johnson Pittsburgh J. W. Kossin Kansas City.... Denver G. A. Gregory Oklahoma City R. L. Mathes Richmond Baltimore D. F. Hagner Charlotte R. L. Cherry Omaha L. H. Earhart Atlanta Birmingham John L. Liles, Jr. Dallas El Paso C. M. Rowland Jacksonville T. A. Lanford Houston W. H. Holloway Nashville R. E. Moody, Jr. San Antonio W. E. Eagle New Orleans E. P. Paris Chicago Detroit R. A. Swaney San Francisco... Los Angeles W. F. Volberg St. Louis Little Rock C. M. Stewart Portland J. A. Randall Louisville C. A. Schacht Salt Lake City W. L. Partner Memphis Paul E. Schroeder Seattle J. M. Leisner 1 Also Federal Reserve Agent. 2 Cashier. 3 Also Cashier. 4 Counsel. 1035 SEPTEMBER 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 adshipment, 15 cents each. dress, 15 cents per copy per month, or $1.50 for 12 months. THE DEVELOPMENT OF BANK DEBITS AND CLEAR- INGS AND THEIR USE IN ECONOMIC ANALYSIS. January 1952. 175 pages. 25 cents per copy; in FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY quantities of 10 or more copies for single ship- RATES, AND BUSINESS. Issued monthly. $6.00 ment, 15 cents each. per annum including edition of historical supplement (listed below) available when subscription THE FEDERAL RESERVE ACT, as amended to Novemis entered or renewed. 60 cents per copy; in ber 1, 1946, with an Appendix containing proquantities of 10 or more copies of a particular visions of certain other statutes affecting the issue for single shipment, 50 cents each. (Do- Federal Reserve System. 372 pages. 50 cents per mestic rates) paper-bound copy; $1.00 per cloth-bound copy. COMPILATION OF FEDERAL AND STATE LAWS RELAT- HISTORICAL SUPPLEMENT TO FEDERAL RESERVE ING TO BRANCH BANKING WITHIN THE UNITED CHARTS ON BANK CREDIT, MONEY RATES, AND STATES. (July 1, 1951.) December 1951. 33 BUSINESS. Issued semiannually, usually April pages. and September. Annual subscription to monthly chart book includes one issue of supplement. RULES OF ORGANIZATION AND RULES OF PROCEDURE Single copies, 60 cents each; in quantities of 10 —Board of Governors of the Federal Reserve or more copies for single shipment, 50 cents System (with Amendments). September 1946. each. (Domestic rates) 31 pages. 1A more complete list, including periodic releases and REGULATIONS OF THE BOARD OF GOVERNORS OF THE reprints, appeared on pp. 684-687 of the June 1953 FEDERAL RESERVE SYSTEM. Individual regulations BULLETIN. with amendments. 1036 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS REPRINTS INFLUENCE OF CREDIT AND MONETARY MEASURES ON (From Federal Reserve Bulletin unless preceded by an asterisk) ECONOMIC STABILITY. March 1953. 16 pages. REVISED INDEXES OF DEPARTMENT STORE SALES AND FEDERAL FINANCIAL MEASURES FOR ECONOMIC STA- STOCKS. December 1951. 53 pages. BILITY. May 1953. 7 pages. THE SECOND ARMAMENT BUDGET. February 1952. 9 pages. INTERNATIONAL FLOW OF GOLD AND DOLLARS, 1952. March 1953. 8 pages. (Also similar article from MONEY AND CREDIT IN 1951. February 1952. 9 March 1952 BULLETIN.) pages. RECENT CHANGES IN GERMANY'S FOREIGN TRADE REVISION OF CONSUMER CREDIT STATISTICS. April BALANCE. March 1952. 7 pages. 1953. 19 pages. BANKING IN THE SOVIET UNION. April 1952. 8 *DETAILED DESCRIPTION OF SOURCES AND METHODS pages. USED IN REVISION OF SHORT- AND INTERMEDIATE- TERM CONSUMER CREDIT STATISTICS (supplemen- REVISED WEEKLY INDEX OF DEPARTMENT STORE tary details for item listed above), April 1953. SALES. April 1952. 4 pages. 25 pages. STATEMENT BY CHAIRMAN OF THE BOARD OF GOV- THE TRANSITION TO FREE MARKETS. April 1953. ERNORS BEFORE SUBCOMMITTEE ON GENERAL 6 pages. CREDIT CONTROL AND DEBT MANAGEMENT, MARCH 11, 1952. April 1952. 4 pages. FEDERAL RESERVE BANK RESPONSIBILITIES. May 1953. 5 pages. CHANGES IN INSTALMENT CREDIT TERMS. May 1952. 6 pages. UNITED STATES POSTWAR INVESTMENT IN LATIN EXCESS PROFITS TAXES OF COMMERCIAL BANKS. AMERICA. May 1953. 6 pages. June 1952. 18 pages. 1953 SURVEY OF CONSUMER FINANCES—PART I. THE REAL ESTATE LOANS OF REGISTRANTS UNDER REGU- GENERAL FINANCIAL POSITION AND ECONOMIC LATION X. June 1952. 18 pages. OUTLOOK OF CONSUMERS. June 1953. 16 pages. RETAIL CREDIT SURVEY—1951. From June 1952 PART II. PURCHASES OF DURABLE GOODS IN 1952 BULLETIN with supplementary information for AND BUYING PLANS FOR 1953. July 1953. 12 pages. 9 separate trades. (Also, Retail Credit Surveys— PART III. HOUSING OF CONSUMERS. August 1953. 1943, 1944, 1945, 1946, 1947, 1948, and 1949 10 pages. PART IV. NET WORTH OF CONSUMERS, from the June 1944, May 1945, June 1946, July EARLY 1953. September 1953. 16 pages. SE- 1947, July 1948, June 1949, and June 1950 LECTED PRELIMINARY FINDINGS OF THE 1953 BULLETINS with supplementary information.) SURVEY OF CONSUMER FINANCES. March 1953. 2 pages. Also, similar surveys for earlier years PROBLEMS OF TRADE EQUILIBRIUM. October 1952. from 1946, 1947, 1948, 1949, 1950, 1951, and 9 pages. 1952 BULLETINS.) REVISED SERIES ON DEPARTMENT STORE SALES, WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE STOCKS, AND ORDERS. October 1952. 5 pages. CORPORATIONS. July 1953. 12 pages. RECENT CREDIT EXPANSION. December 1952. 7 pages. ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES. July 1953. 2 pages. (Also RECENT CENTRAL BANKING DEVELOPMENTS IN similar article from July 1952 BULLETIN.) SOUTHEAST ASIA. December 1952. 9 pages. RECENT CREDIT AND MONETARY DEVELOPMENTS. CREDIT AND MONETARY REVIEW FOR 1952. February July 1953. 8 pages. 1953. 7 pages. THE MONETARY SYSTEM OF THE UNITED STATES. THE BALANCE SHEET OF AGRICULTURE, 1953. February 1953. 16 pages. August 1953. 13 pages. SEPTEMBER 1953 1037 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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