Federal Reserve Bulletin, 1953-10

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

VOLUME 39 October 1953 NUMBER 10 UNITED STATES BALANCE OF PAYMENTS IN 1952-53 During the fifteen months since mid-1952, DOLLAR PAYMENTS FROM THE UNITED STATES Billions of Dollars current account transactions between the P]"ON .e e United States and other countries have been roughly in balance. Except for a brief period -R V 8 7 8 \ P U R .S IV . A G TE O V P 'T A Y P M U E R N CH TS A S F E O S R FO S R ER V U I S C E E S A , B ET R C O . AD I PAYMENT$ - 25 JH^ IMPORTS OF GOODS just after the Korean war began, this is the first time since 1945 that payments to other - 20 countries for goods and services, together with private gifts, have equaled the value - 15 of exports of goods and services outside the I'M I:: 1 ^» ^^ military assistance program. Capital move- • A •:j / ' B m S - 10 ments and economic-aid grants, although smaller than before, have continued to - 5 finance part of foreign purchases in the United States. As a result, foreign countries were able to increase their gold reserves and 1949 1950- 1951- 1952dollar holdings nearly 3 billion dollars over 1951 1952 1953 NOTE.—After 1949 years ending June. Based on Departthe 15-month period. ment of Commerce data; for definitions of certain items see footnotes 2 and 3 to the table on p. 1042. The world-wide increase in production recurrent threats of international financial after the summer of 1952 was accompanied crisis. by renewed expansion in world trade. While Preservation of balance-of-payments equithe import trade of most countries remained librium and maintenance of United States smaller in the year ending June 1953 than export sales at a high level will depend in in the preceding year, payments by the large part on further growth in United United States for its purchases from other States commercial imports, especially when countries were larger than ever before. This a reduction of military purchases abroad reflected high economic activity in the United eventually becomes possible. States, increased demand for foreign manu- Under the Trade Agreements Extension factures, and rising Government expendi- Act of 1953, approved by the President early tures for military goods and services used in August, a commission of members of abroad. The resultant replenishment of Congress and Presidential appointees was monetary reserves of foreign countries has established to study import policy and other been an essential element in the progress that aspects of the foreign economic policy of the has been made toward the goal of ending United States. The President has referred OCTOBER 1953 1039 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES BALANCE OF PAYMENTS IN 1952-53 to this commission a report by Mr. Lewis provided by increased expenditures on im- Douglas following up discussions with rep- ports brought into the United States. This resentatives of the United Kingdom concern- represents an increase of over 50 per cent ing the related problem of freer converti- in the value and nearly 30 per cent in the bility of currencies. physical volume of imports. The increase in volume was somewhat greater than that in United States manufacturing output, DOLLAR PAYMENTS FROM THE UNITED STATES which rose about one-fourth over this period. The dollar funds accruing to foreign coun- The value of United States imports rose tries to cover their purchases in the United very rapidly in 1950 and early 1951, reflecting States, or to augment their reserves, come sharp price advances at that time as well as from transactions of many kinds. Most of increased volume. Since then many import these transactions may be grouped in five prices have declined but further increases in major classes, as shown in the chart on the the physical volume of imports have ocpreceding page: (1) imports of goods into curred, particularly for manufactured prodthe United States, (2) private payments for ucts. The quantity of manufactures imservices received from abroad, together with ported in 1952-53, as the table shows, was private gifts, (3) Government purchases of 55 per cent greater than in 1948. military and other goods and services for use abroad, (4) the outflow of United States COMPOSITION OF UNITED STATES IMPORTS private capital, and (5) United States Gov- JULY 1952-JUNE 1953 ernment loans and grants of aid. Payments Value Percentage increase in these five major classes amounted to 19.4 (in from: Economic class millions billion dollars in the 12 months ending June of dollars) 1951 1948 1953. This excludes grants of military supplies and services, which exceeded 4 billion. Dollar value: Crude foodstuffs 2,104 65 Manufactured foodstuffs 1,119 9 53 Payments to foreign countries for current Crude materials 2,677 -20 25 Semimanufactures 2,801 14 72 transactions—the first three of the groups— Finished manufactures 2,187 15 67 totaled 17 billion dollars in 1952-53; as the Total 10,887 54 chart indicates, these payments were more Quantity (indexes eliminating price factor): than 50 per cent larger than in 1948 when Crude foodstuffs 10 Manufactured foodstuffs.... 9 46 Crude materials 6 8 they were already considerably above war- Semimanufactures 15 55 Finished manufactures. . . 19 55 time levels. Other payments in 1952-53 were Total 10 29 2.5 billion dollars. The outflow of United States private capital has fluctuated without NOTE.—Department of Commerce data on imports for consumption. Dollar figures do not add to total because of rounding. showing any upward trend in recent years, and since 1948 and 1949 there has been a As a result of developments in import large reduction in economic-aid grants and trade since 1948, annual dollar earnings of Government loans. This reduction has offset Europe from sales in the United States have part of the increase in payments for goods more than doubled. United States imports and services. from Canada and from Latin American Of the 6 billion dollar increase from 1948 dollar area countries have increased by more to 1952-53 in the annual rate of payments than 50 per cent. Imports from other areas for current transactions, 3.8 billion was rose to a sharp peak in the spring of 1951. 1040 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES BALANCE OF PAYMENTS IN 1952-53 UNITED STATES IMPORTS in these expenditures was largely for supplies, FROM SELECTED AREAS equipment, and services purchased for the di- Millions of Dollars rect use of United States forces, including local expenditures by troops from their own - 1500 pay. Under the program of offshore pur- \ \ DOLLAR chases for military aid, however, large / \ AREA amounts of materiel are being procured - f OTHERS —~ 1000 abroad by the United States Government for use by the forces of allied countries. Contracts made before June 30, 1953, for such procurement amounted to about 2.3 billion OEEC EUROPE ^ ^s — 500 dollars, but deliveries and payments in 1952- 53 were relatively small. \ \ I 1 BALANCE ON CURRENT ACCOUNT 1949 1951 1953 United States exports of goods and services mere arear have shown large fluctuations since the end and the Latin American Republics except Argentina, Brazil, Chile, Paraguay, and Uruguay. of the war, and these fluctuations have been reflected in changes in the size of the United With the return of more normal demand States surplus on current account. The priconditions for wool, rubber, tin, and various mary factor in reducing the surplus since other commodities, the total value of im- 1948, however, has been the steadier increase ports from these other areas has remained in imports of goods and services. fairly stable in the past two years at a level From an early postwar peak in 1947, when only one-third higher than in 1948. overseas demands were swollen by recon- The growth of imports has been paralleled struction and relief requirements, exports deby a rise in payments to foreigners for ocean clined until 1949-50. A new peak was freight and other transportation costs. In- reached in 1951-52, reflecting world-wide creases have also occurred in tourist expendi- fears of shortages after the outbreak of fighttures abroad and in payments for various ing in Korea, inflationary conditions of detypes of business and financial services. The mand in many countries, and special cirflow of private gifts abroad, however, has cumstances affecting world supplies of fuels become somewhat smaller than it was in and grain. 1948. Altogether, the annual amount of In 1952 inflation was brought to a halt in transactions classed as private payments for most countries, and world demand in 1952-53 services and gifts has increased by about 30 was more stable than before. United States per cent, or 800 million dollars, since 1948. exports (apart from shipments of military- Finally, there has been a considerable rise aid equipment and supplies) were smaller in Government expenditures for goods and than in the preceding year. The reduction services to be used abroad. From 1.2 billion reflected some tightening of trade controls dollars in 1948 and 900 million in 1950, such in certain countries, as well as readjustment expenditures increased to 2.6 billion in the of world supply and demand for many comyear 1952-53. Until very recently the increase modities. OCTOBER 1953 1041 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES BALANCE OF PAYMENTS IN 1952-53 UNITED STATES BALANCE OF PAYMENTS 1950 and 1952-53 in Government expendi- ON CURRENT ACCOUNT tures for military and other goods and serv- Billions of Dollars at Annual Ra,te ices used abroad, the world dollar supply would have been much tighter this past year. EXPORTS QF GOODS AND SERVICES 20 Foreign countries would have been unable minus mili4o-ry qid to replenish their gold and dollar holdings 15 by anything approaching the 1952-53 increase of 2.3 billion dollars, unless they had greatly stiffened restrictions on buying from 10 IMPORTS OF GOODS AND SERVICES UNITED STATES BALANCE OF PAYMENTS plus private gifts [In billions of dollars] Year ending June— Item 1952-53* 1951-52 1947 1949 1951 1953 NOTE.—Quarterly figures at annual rate. Based on Depart- Current account receipts.: ment of Commerce balance-of-payments data. Merchandise exports reported monthly1.. 12.0 14.4 Military aid exports and other adjustments 4.2 1.8 Private investment income 1.7 1.8 Other exports of services 3.2 3.2 At the 1952-53 levels of export and im- Total exports of goods and services.... 21.1 21.3 port trade and of other transactions, the Deduct: Grants of military supplies and services 4.2 1.8 United States current account showed a very Total current account receipts 16.9 19.5 small deficit. Since many exports were Current account payments: financed directly or indirectly by outflows Merchandise imports reported monthly.. 10.9 10.4 Private payments for services and gifts2.. 3.4 3.1 of economic aid and of capital, this close U. S. Gov't purchases of goods and services used abroad3 2.6 2.0 balance between current account expendi- Total current account payments 17.0 15.5 tures and receipts permitted a large increase in the aggregate gold reserves and dollar Balance on current account -.1 +4.0 holdings of foreign countries, A somewhat Other transactions (net receipts, + ; payments, —): similar development had occurred just after Private U. S. capital — 4 — 1.3 Foreign capital other than dollar holdings. + .3 + .1 the Korean war began. In the recent situa- Miscellaneous unidentified + .1 + .7 U. S. Gov't economic aid and loans -2.0 -2.8 tion, however, conditions of demand were Total other transactions -2.1 -3.2 more stable. Exports of goods and services (excluding Net transfers of gold and dollars +2.1 -.8 military-aid exports) amounted to nearly 17 Gold (U. S. sales, + ; purchases, -) +1.0 -1.7 billion dollars in 1952-53, no less and indeed Increase in foreign dollar holdings4 +1.1 + .9 slightly more than in 1948. The disappear- P Preliminary. i After deducting reported exports by Department of Defense ance of the surplus on current account, which un 2 d I e n r c l M ud u e t s u a a l l s S o e c a u d r j i u t s y t m P e ro n g ts r a o m n . private merchandise imports and Government unilateral transfers other than for aid. in 1948 had amounted to 5.5 billion dollars, 3 Includes offshore purchases for military aid. Figures represent Government payments for miscellaneous services plus the could therefore be regarded as due entirely difference between balance-of-payments and monthly reported data for merchandise imports, minus^the adjustments applying to to the growth in United States imports of private imports. ^Federal Reserve data. Holdings of international institutions goods and services between those years, in- (except Bank for International Settlements) are excluded. Dollar holdings include reported holdings of short-term U. S. Government cluding the considerable rise in United States securities and also certain long-term U. S. Government securities held for foreign official accounts. military expenditures abroad. NOTE.—Department of Commerce data, except dollar holdings. Details may not add to totals because of rounding. Increases in Without the 1.7 billion dollar rise between foreign gold reserves cited in the text include additions from foreign gold production not shown here. 1042 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES BALANCE OF PAYMENTS IN 1952-53 the United States. The rise in American ALTERNATIVE MEASURES OF THE BALANCE OF military expenditures abroad has thus been PAYMENTS POSITION an important element contributing to stabili- [In billions of dollars] zation of international financial conditions Year Calendar year ending and relaxation of exchange and trade con- Type of data June 1953? 1948 1947 trols. Even in the absence of large military ex- Including grant-financed military supplies and services: penditures abroad, the contribution made by U. S. export surplus on goods and services 4.8 6.7 11.5 growth of import trade to the narrowing of Excluding grant-financed military supplies and services: the surplus on current account would have U. S. export surplus on goods and services .5 6.3 11.4 been impressive. Thus it has become evi- U. S. surplus on current account1.... -.1 5.5 10.7 dent that, with postwar reconstruction v Preliminary. largely accomplished, the so-called "dollar xAs used in this article. Differs from preceding line by deduction of net payments for private unilateral transfers (gifts) and gap" is not an entirely intractable problem. Government unilateral transfers other than aid (pensions, etc.). NOTE.—Based on Department of Commerce data. Potential foreign demand for United States goods does seem to exceed current On the foreign earnings side of the balearnings of dollars by foreign countries, for ance, both sets of statistics include United many countries still place restrictions on pur- States military expenditures abroad. These chases of dollar goods. Without a further purchases by the United States are in most increase in United States imports or in other cases quite different from dollar aid, in that current dollar payments, relaxation of those they require direct use of foreign productive restrictions might lead to new or larger resources. Large amounts of military expenddeficits in the balances of payments of some itures in foreign countries will continue countries. In the longer run—so long as for some indefinite period, giving time for inflation is avoided and exchange rates be- adjustments that will help to draw additional tween currencies are at appropriate levels— resources into normal export production. it should not be impossible for foreign coun- As to the United States export side of the tries to earn their way internationally by pro- balance, it is generally recognized that grantducing and selling, to the United States and aid military supplies, while providing net to other countries, those things in the produc- additions to foreign military strength, have tion of which they have a comparative ad- for the most part not altered greatly the genvantage. eral export-import position with which the Balance-of-payments statistics that include monetary authorities of a recipient country grant-financed military exports from the would have had to deal in the absence of aid. United States are sometimes taken as evi- This is particularly so in the case of military dence of continuing large dollar deficits for supplies produced within the United States foreign countries. However, statistics that and then transferred to other countries. By exclude such supplies provide a more useful far the greater part of military-aid supplies measure of the balance between foreign in 1952-53 were of this sort, rather than countries' normal purchases (as affected by transfers of supplies procured abroad, which existing trade controls) and their ability to sometimes involved cash payment for milipay with earnings from their own produc- tary production already planned by a foreign tion. country. OCTOBER 1953 1043 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES BALANCE OF PAYMENTS IN 1952-53 dollars, net of repayments. Nearly 5 billion ROLE OF CAPITAL IN THE BALANCE OF of this amount went to Western Europe. In PAYMENTS subsequent years there has been a steady re- The balancing of international payments duction in economic aid to Western Europe, over the longer term need not depend on and in 1952-53 the net flow of aid to this area, permanent elimination of the United States other than for military supplies and services, surplus on current account. When monetary amounted to about 1.2 billion dollars. This reserves abroad have been sufficiently aug- included grants in support of defense efforts mented, a surplus in the international cur- and special assistance to certain countries that rent accounts of the United States might be still had serious difficulties with their balance entirely consistent with world economic bal- of payments. ance if such a surplus of exports were covered In the current fiscal year funds already by investments of United States capital committed or newly available for these types abroad. of assistance, together with funds appropri- In recent years the outflow of private cap- ated for support of military operations in ital on the average has not exceeded one bil- Indochina, will provide a further flow of lion dollars annually, and most of this flow dollar assistance to Western Europe on a scale somewhat smaller than last year. This has been directed to countries where investors find minimum obstacles to realizing their earnings in dollars. Moreover, as the table UNITED STATES GOVERNMENT GRANTS AND LOANS on page 1042 shows, there have also been [In billions of dollars] inflows of foreign investment capital to the United States, as well as miscellaneous un- Year ending June— Category and area identified transactions, which have tended 1952-53* 1951-52 1948-49 to offset the outward flows. Under condi- Grants of military supplies and servtions of more general interconvertibility of ices 4.2 1.8 .4 currencies, however, a larger outflow of in- Other grants and loans 2.0 2.8 5.7 vestment capital from the United States Western Europe, total 1.2 1.9 4.7 might occur. Grants and ECA-MSA loans1 . . 1.4 2.1 4.7 Other loans, net of repayments At present, United States Government on outstanding loans -.2 -.2 (2) loans and grants-in-aid are continuing not Other areas, total .8 .9 1.0 Grants: only to cover large amounts of military as- Economic and technical assistance .3 .3 2 sistance but also to finance, directly or indi- Relief: Korea, Palestine, etc.. .2 .2 A Civilian supplies in occupied rectly, some part of United States exports of areas (3) .1 .6 Philippine war damage (3) (3) .2 nonmilitary goods and services. Loans: Export-Import Bank, net. . . . .2 .1 -.1 India grain loan (3) .2 Other loans, net .1 -.1 POSTWAR ECONOMIC AID J> Preliminary. The postwar outflow of United States Excludes ECA-MSA loans for strategic materials production. 2Net repayments less than 50 million dollars. Government economic-aid grants and loans 3Less than 50 million dollars. NOTE.—Based on Department of Commerce balance-of-payreached a peak in 1947. In the fiscal year ments data. Grants are net of reverse grants received, and loans are net of repayments on outstanding loans. "Other loans" in- 1948-49, the first year of the European Recov- clude also certain small changes in U. S. Government assets not classed as aid. Western Europe includes all OEEC countries and, ery Program, it amounted to nearly 6 billion for 1951-52 and 1952-53, Finland, Spain and Yugoslavia. Details may not add to totals because of rounding. 1044 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES BALANCE OF PAYMENTS IN 1952-53 reduction in receipts from aid will probably Since mid-1952 exports to these areas have be offset by increased earnings from offshore shown little change. Although several Europurchases made by the United States. pean countries now permit importers more Economic aid in the postwar period to freedom in buying from the United States, areas outside Europe has taken a variety of increased supplies of agricultural, mineral, forms including provision of civilian sup- and manufactured products from other plies in Japan under occupation, war dam- sources have tended to limit the demand for age rehabilitation in the Philippines, assist- United States goods. ance to India and Pakistan in meeting emer- UNITED STATES EXPORTS gency needs for foodstuffs, Export-Import TO SELECTED AREAS Bank loans, and economic and technical Millions of Dollars assistance under the Point IV and Mutual Security programs. 1500 Funds available in the current fiscal year for nonmilitary-grant assistance outside Western Europe are somewhat larger than a year ago. Grant aid actually extended dur- 1000 ing the year 1952-53 amounted to about 500 million dollars. In addition, Government loans provided dollar finance to countries 500 outside Europe amounting to about 300 million dollars, net of repayments. PROGRESS TOWARD CONVERTIBILITY 1949 1951 1953 Relatively complete convertibility of na- NOTE.—Quarterly figures, merce data for exports i tional currencies into foreign currencies now exports are excluded foi area" see note to chart on p. 1041. exists in the United States, Canada, and other countries of the dollar area, and in very few Closer balance in international trade has countries elsewhere. The fairly consistent improved the prospects for broader interconupward trend of United States exports to vertibility of currencies. Further measures the dollar area, which the chart exhibits, is to this end were the principal subject of dispartly a result of the relative freedom which cussion at the Commonwealth Conference importers of these countries enjoy in placing in London in December 1952, which was folorders abroad. The consistency of the trend lowed by discussions in March 1953 in Washalso reflects the greater degree of internal ington between representatives of the United monetary stability in these countries in re- Kingdom and of the United States and later cent years. in Europe among member countries of the In contrast, the declines in United States Organization for European Economic Coexports to nondollar areas in 1949-50 and operation. again in the first half of 1952, after the 1951 Many uncertainties, however, remain to be boom, were intensified by changes in many resolved. These relate in part to the estabcountries in import licensing policies and lishment of conditions under which counthe administration of exchange controls. tries could undertake the risks of making OCTOBER 1953 1045 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES BALANCE OF PAYMENTS IN 1952-53 their currencies more widely convertible. only on their balance of payments but also Other questions relate to the degree of con- on the adequacy of their reserves of gold and vertibility that would be given—by way of dollars. The rise in gold and dollar holdings relaxation of import restrictions and ex- of the sterling area by 800 million dollars and change controls—to national currencies in in those of the continental Western European the hands of national residents, at the same countries by 13 billion dollars during 1952time that foreign users would be given 53, as shown in the chart, represents a modbroader privileges of converting their hold- erate, and for some countries a significant, ings of a country's currency into United improvement. States dollars. This improvement in reserve positions was Fuller convertibility of currencies, espe- made possible by a better balance in the cially if accompanied by further liberaliza- trade of Europe and the sterling area with tion of trade, would help to promote de- the United States, and by an increase to about sirable flows of investment capital. Liberal- one billion dollars in United States Governization of trade, particularly if pursued with- ment expenditures on European goods and out discrimination among currencies, would services for use in Europe. allow greater play for market forces. Importers and consumers in each country could IMPACT ON UNITED STATES ECONOMY more readily buy in the most economical The narrowing of the postwar excess of markets, and production in each country United States exports over imports of goods could be geared more effectively to the satand services reflected a rise in United States isfaction of world demands. demand for the products of other countries The willingness of countries outside the and increased ability of foreign suppliers to dollar area to undertake permanent liberalimeet demands in their own countries and zation of their trade or to broaden the conabroad. Despite the gains in foreign producvertibility of their currencies depends not tion, demand for United States exports has remained high. Machinery exports, in par- FOREIGN GOLD RESERVES AND DOLLAR HOLDINGS SELECTED COUNTRIES AND AREAS ticular, were well maintained in 1952-53. Billions of Dollars The sudden upsurge of world demand after 10 the outbreak of war in Korea had led tem- CONTINENTAL WESTERN EUROPE porarily to increased agricultural exports, but restoration of financial stability throughout -\ OTHER COUNTRIES - the world in 1952 was accompanied by a I \ drop, largely in wheat and cotton exports, that was relatively greater than the declines in most other exports. Despite declines in 1949-50 and in 1952, CANADA total exports of goods and services were actu- — STERLING AREA — ally a little higher in 1952-53 than in 1948. In the 12 months ended June 1953, the total 1 1 1 I I 1 1 1 11 I 1 (after deduction of grants of military sup- 1947 1949 1951 1953 1947 1949 1951 1953 plies and services) amounted to 16.9 billion NOTE.—End-of-quarter figures. Federal Reserve data; gold reserves partly estimated. For coverage of dollar holdings see footnote 4 to the table on p. 1042. dollars, as against 16.5 billion in 1948. Mer- 1046 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES BALANCE OF PAYMENTS IN 1952-53 COMPOSITION OF UNITED STATES EXPORTS High exports added to these pressures; high Millions of Dollars imports facilitated the satisfaction of domestic consumer demands and of defense and 1500 industrial needs. A year and a half ago, when the second MACHINERY downward adjustment occurred in the de- AND VEHICLES 1000 mand for United States exports, many foreign countries were experiencing mild recessions in industrial activity. After the summer of 1952, a renewal of growth in 500 European industrial and construction activity became evident, and this development has indirectly exerted a sustaining influ- J L 1949 1951 1953 1949 1951 1953 ence upon incomes and commodity prices NOTE.—Quarterly figures. Based on Department of Com- throughout the world. Meanwhile the enmerce data for exports of domestic merchandise. Military-type products are the "special category" exports; these are somewhat largement of foreign gold and dollar relarger than military-aid shipments. For 1950-1953, other groups of exports shown here exclude any special category serves diminishes the danger of a future conexports. traction of foreign buying of United States chandise exports (excluding military-aid products. shipments) were valued at 12.1 billion dol- The approach to world economic balance lars, as compared with 12.4 billion in 1948. is of great importance to the United States, Continued foreign buying of United States The tendency now visible in Europe to reproducts at this level, after reduction of move direct governmental controls of foreign intergovernmental dollar aid, was made pos- transactions, using instead more flexible sible by the great rise in dollar payments measures of monetary and fiscal policy, will from the United States for imports of goods tend to increase the efficiency with which and services. productive resources are used and to allow During the postwar period while these de- importers and consumers greater freedom of velopments were taking place, there was choice. Continued progress in this direction heavy pressure from many sides upon the will strengthen the economy of the free productive resources of the United States. world and help to assure its cohesion. OCTOBER 1953 1047 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, FIRST HALF OF 1953 Member banks' net profits after taxes in Details of earnings, expenses, etc., for the the first half of this year amounted to 438 first half of 1953 and the two halves of 1952 million dollars, an increase of 6 per cent are shown on page 1114 of this BULLETIN. over the first half of 1952. Net profits on an Earnings. Current operating earnings conannual basis were 8.0 per cent of average tinued to increase and amounted to 2,238 milcapital accounts, the same as in the first half lion dollars, 260 million more than in the first of last year. half of 1952. Earnings on loans accounted Net current earnings before income taxes for 176 million of this increase. Earnings on of member banks were 918 million dollars for the January-June period this year; this 1 Net current earnings are gross current operating earnings was 16 per cent more than in the correspond- less gross current operating expenses, before adjustments for losses, recoveries, and transfers to and from valuation reing period of 1952 and 10 per cent more than serves, and before taxes on net income. in the second half of that year.1 On an Normal differences in some items do not invalidate comannual basis they were 16.9 per cent of total parisons of earnings in the first and second halves of a year, but they are sufficiently important to warrant care in intercapital accounts, as compared with 15.2 per preting the results for any first half. For example, bonuses cent in the first half of 1952 and 15.4 per cent paid to officers and employees and losses and charge-offs arc usually reported in larger volume in the second half of a for the entire year. year than in the first. MEMBER BANK EARNINGS [Amounts in millions of dollars] 1949 1950 1951 1952 1953 Item First Second First Second First Second First Second First half half half half half half half half half Earnings 1,460 1,525 1,557 1,707 1,771 1,898 1,978 2,141 2,238 On U. S. Government securities 423 436 435 430 406 426 441 488 495 On other securities 81 87 91 99 102 108 113 121 122 On loans 698 729 760 874 960 1,043 1,105 1,201 1,281 Service charges on deposit accounts 78 80 84 88 93 94 98 100 107 Other earnings 180 193 187 216 209 227 221 231 233 Expenses 914 975 965 1,055 1,075 1,157 1,190 1,311 1,320 Salaries and wages 441 485 465 535 529 597 586 658 645 Interest on time deposits 130 131 135 136 146 160 176 188 201 Taxes other than on net income 46 50 54 55 58 57 59 59 61 Other expenses 297 308 310 329 342 344 370 405 414 Net current earnings before income taxes... 546 551 593 652 697 740 788 830 918 Recoveries and profits1 59 97 82 93 59 80 57 56 54 Losses and charge-offs 2 70 96 67 81 86 116 71 155 115 Net increase in valuation reserves3 32 94 41 80 37 90 24 44 27 Profits before income taxes 503 458 566 584 633 614 751 686 829 Taxes on net income 143 132 169 200 252 239 337 271 392 Net profits 360 326 397 384 381 375 414 416 438 Cash dividends declared4 146 167 155 190 170 200 185 205 193 6,903 6,892 6,885 6,873 6,859 6,840 6,815 6,798 6,765 Number of banks at end of period 1 Includes recoveries credited either to undivided profits or to valuation reserves. 2 Includes losses charged either to undivided profits or to valuation reserves. 3This is the net of transfers from undivided profits to valuation reserves and vice versa, and of losses charged and recoveries credited to valuation reserves. 4Includes interest on capital notes and debentures. 1048 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, FIRST HALF OF 195 3 United States Government securities and on Interest on time deposits continued to inother securities expanded 54 million and 9 crease and aggregated 201 million dollars, 14 million dollars, respectively. per cent larger than the first half of 1952. Earnings on loans amounted to 1,281 mil- The increase reflected the continued rise in lion dollars, or 57 per cent of total earnings; the volume of savings deposits and in the this compared with 1,105 million dollars in average rate of interest paid on time and the first half of 1952, when they were 56 per savings deposits; this average rose from 1.12 cent of the total. About three-fourths of the per cent for the first half of 1952 to 1.18 per cent for the first half of 1953. This was the increase in earnings from this source resulted highest average rate reported since 1941. from the expanded volume of loan holdings, Profits, recoveries, losses, and transfers which averaged about 5,700 million dollars to leserves. Profits on securities sold were higher than a year ago. The average yield 12 million dollars, down from 17 million in on loans continued to increase, from 4.44 per the first half of 1952. Net losses and chargecent to 4.62 per cent. oflfs on securities amounted to 53 million dol- Earnings on United States Government lars, considerably higher than the 22 million securities amounted to 495 million dollars; reported for the first half of 1952. Net losses this was 54 million higher than in the first and charge-offs on loans were practically unhalf of 1952, but the proportion of total earnchanged at 5 million dollars. ings remained unchanged at 22 per cent. Additional provisions were made for fu- Average holdings of these securities were ture losses on loans and securities, and the slightly lower than in the first half of 1952, increase in valuation reserves amounted to but the average yield increased from 1.72 27 million dollars, as compared with 24 milper cent to 1.97 per cent. lion in the first half of 1952. Expenses. Total current operating ex- Taxes and net profits. Profits before inpenses (excluding taxes on net income) were come taxes were larger than in either half of 1,320 million dollars, 11 per cent above the the preceding year, but provision for income comparable period last year. Salaries and taxes also increased—by 55 million and 121 wages accounted for nearly half of total ex- million dollars over the first and second penses and of the increase; they amounted to halves, respectively, of last year. The re- 645 million dollars, 10 per cent more than in sultant net profits, 438 million, were only 6 the first half of 1952. The 13 million dollar per cent higher than in the first half of 1952. decline in salaries and wages from the last Gash dividends. Dividends totaled 193 half of 1952 follows a normal pattern, since million dollars, about 44 per cent of net bonuses paid to officers and employees are profits. These payments amounted to 3.5 per usually larger in the second half of a year cent of average total capital accounts, practithan in the first. cally unchanged from previous periods. OCTOBER 1953 1049 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 Interest on Deposits sible for the remainder of the original deposit to bear interest at the 2l/ per cent rate for the specified Time Deposit, Open Acount, with 2 Alternate Maturities maturity of 6 months. An inquiry has been received by the Board as to Loan Guarantees for Defense Production whether the principle stated in its interpretation of Regulation Q relating to "Time * Certificates with Amendment to Form of Guarantee Agreement Alternate Maturities" and published in the 1953 In order to incorporate changes in references Federal Reserve BULLETIN, page 721, is applicable made necessary by 1953 amendments to the Defense also in the case of a "time deposit, open account" Production Act and by the issuance of Executive as defined in section l(d) of the regulation. Order No. 10480 on August 14, 1953, the standard By way of illustration, the inquiry cited a case form of V-loan guarantee agreement is being rein which, by the terms of the contract, the deposit printed and, for identification purposes, will be would be payable at a stated maturity of 6 months designated as "Form of September 27, 1950 (As from the date thereof with interest at a rate of amended to October 1, 1953)". 2l/i per cent, but with an option on the part of the The reprinted standard form of agreement also depositor to withdraw all or part of the deposit at includes a minor change in the language of secan earlier date either after 30 days' written notice tion 9 which was suggested by the Department of with interest at a rate of 1 per cent, or after 90 Defense and which has been approved by the Board days' written notice with interest at a rate of 2 of Governors after consultation with the guaranper cent. teeing agencies. It is the Board's view that such a deposit could As previously in effect, section 9 was subject properly be classified as a "time deposit, open ac- to the construction that, when the Guarantor is the count" and that the principle stated in the inter- Holder of the obligation, the Financing Institution pretation referred to above with respect to time might request the Guarantor to institute "legal certificates of deposit would also be applicable to proceedings" against a party other than the borsuch a time deposit, open account; in other words, rower in order to enforce realization of the colthat the maximum permissible rate of interest lateral and that if the Guarantor did not institute would depend upon which of the alternate with- such proceedings within 30 days, the guaranteed drawal privileges is elected by the depositor and percentage would be increased to 100 per cent. the rate applicable under the regulation in the cir- Thus, in one instance, the Department of the Army cumstances of the withdrawal privilege so elected. was requested to institute legal proceedings against The application of this principle is not affected by itself in order to enforce a disputed claim on an the fact that the contract of deposit provides con- army contract of a bankrupt borrower. The present temporaneous, alternative provisions for withdrawal amendment inserts the words "against the Borprior to the stated maturity, either of which the rower" after the words "legal proceedings" in order depositor might exercise at his option. to make it clear that such an increase in the guar- The Board is of the view also that, should the anteed percentage will occur only in the event that depositor withdraw only a part of the deposit pur- the Guarantor, when the Holder of the obligation, suant to exercise of either the 30 days' or the 90 fails within the prescribed time to institute redays' written notice provision, it would be permis- quested legal proceedings against the borrower. 1050 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS Federal Reserve Meetings Admission of State Banks to Membership in the Federal Reserve System A meeting of the Presidents of the Federal Re- The following State banks were admitted to serve Banks was held in Washington on September membership in the Federal Reserve System during 22 and 23, and on September 24 the Presidents met the period August 16, 1953 to September 15, 1953: with the Board of Governors of the Federal Reserve Iowa System. St. Ansgar—St. Ansgar Citizens State Bank. On September 24 a meeting of the Federal Open Michigan Market Committee was held. Dearborn—Bank of Dearborn. Tables Published Annually and Semiannually, with Historical Supplement to Monthly Chart Book on Bank Credit, Money Rates, and Business Latest BULLETIN Reference Semiannually Issue Page The autumn edition of the historical supplement Banking offices: Analysis of changes in number of... Aug. 1953 907 to the monthly Federal Reserve Chart Book on On, and not on, Federal Reserve Par List, number of Aug. 1953 9Q8 Bank Credit, Money Rates, and Business will be Annually available for distribution late in October, on the Bank suspensions Feb. 1952 135 Earnings and expenses: terms indicated on page 1136. The format of the Federal Reserve Banks Feb. 1953 182-183 Member banks: book and the charts included will be much the same Calendar year May 1953 536-546 First half of year Oct. 1953 1114 as in the April 1953 edition. The charts will include Insured commercial banks May 1953 547 Banks and branches, number of, by class and State May 1953 548-549 the latest data available on October 5, 1953. Operating ratios, member banks Aug. 1953 904-906 OCTOBER 1953 1051 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled September 28 and released for publication September 30] Industrial production declined slightly in Sep- in producers' machinery lines has declined sometember following substantial recovery in August what, owing mainly to curtailment of farm machinfrom the usual vacation let-down in July. Con- ery output. struction activity declined slightly further from Activity at textile mills showed somewhat less earlier peaks. Crop prospects declined in August than the usual seasonal pick-up in August, while and on September 1 the crop was forecast somewhat output of paper and paperboard rose substantially below last year's large harvest. Retail sales declined and continued at advanced levels in early September. somewhat in August and, at department stores, Minerals production was at a high level in August dipped further in early September but subsequently and early September. Iron ore mining continued advanced. Consumer prices rose slightly further in exceptionally large volume, and coal output inin August, while wholesale prices in August and creased somewhat. Beginning in September, crude September showed little change. petroleum output has been curtailed moderately from earlier advanced levels. INDUSTRIAL PRODUCTION CONSTRUCTION The Board's index of industrial production rose 4 points in August to 236 per cent of the 1935-39 Value of construction contract awards declined average, as activity in nondurable goods and min- substantially in August from the unusually high erals industries recovered to about June levels after July total which had included several large awards. showing the usual July vacation curtailments. Out- The number of nonfarm housing units started deput of durable goods in August remained below clined further to 94,000, as compared with 96,000 earlier high levels and in September is estimated to in July and 99,000 in August 1952. Value of all have declined moderately. Reflecting mainly an new construction work put in place, after allowance easing in some durable goods industries, the total tor seasonal changes, declined somewhat further index for September is estimated at 234. during August and was about 6 per cent below the Steel output was reduced in the first three weeks early spring peak. of September to about 90 per cent of capacity, as EMPLOYMENT compared with 94 in August, but increased again in late September. Passenger auto assembly has Seasonally adjusted employment in nonagriculdeclined moderately in August and September from tural establishments at 49.3 million in August was earlier exceptionally high rates, while television set moderately below the record midyear level, as emproduction began a strong seasonal rise. Activity ployment in a number of durable and nondurable manufacturing industries showed somewhat less INDUSTRIAL PRODUCTION than the usual seasonal increases. The average workweek at factories of 40.5 hours was little changed from July and below levels reached earlier this year. Average hourly earnings continued at $1.77. Unemployment at 1.2 million in early August was as low as at any time in the postwar period, but in early September, initial claims for unemployment compensation were rising and were well above year-ago levels. MINERALS AGRICULTURE Hot, dry weather in important growing areas in August reduced somewhat over-all crop prospects 1950 1951 1952 1953 1949 1950 J951 1952 1953 for the year. As of September 1 they were forecast Federal Reserve indexes, Monthly figures, latest shown ; for September. at 1.5 per cent below the large crop last year, owing 1052 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS primarily to reductions in wheat, corn, and tobacco tember. Banks continued to sell U. S. Government harvests. Output of livestock and products this securities. Business loans increased but the increase year, however, is expected to exceed last year's was considerably less than in the same period last volume. Meat production through September has year, reflecting in part a smaller volume of seasonal increased about 9 per cent from the corresponding borrowing by commodity dealers and food procperiod in 1952, with an increase of close to one-third essors. Real estate loans also continued to increase in beef production more than offsetting a decline of moderately but "other loans", largely consumer, about one-eighth in pork output. showed little change in contrast to substantial increases prior to midsummer. DISTRIBUTION Member bank reserve positions eased considerably Seasonally adjusted retail sales declined somewhat in the first three weeks of September. Reductions in August and sales for the month at most retail in Treasury deposits at the Reserve Banks and Fedoutlets other than auto dealers were at about their eral Reserve purchases of U. S. Government securiyear-ago levels. In September, sales at department ties provided reserves to banks. Part of these funds stores continued to lag early in the month but subwere drained off through a currency outflow. Dursequently advanced and in the third week exceeded ing most of the period member bank excess reserves year-ago levels by 6 per cent. Seasonally adjusted exceeded member bank borrowing at the Federal stocks at department stores are estimated to have Reserve. changed little in August following a substantial rise from April through July. SECURITY MARKETS Yields on Government securities held steady dur- COMMODITY PRICES ing the first half of September and declined sharply Wholesale prices have generally continued to in the following week. Yields on other high-grade change little from mid-August through September. bonds increased somewhat during the first three Steel scrap prices have dropped sharply and some weeks of the month. Common stock prices declined declines have occurred in nonferrous metals and sharply in mid-September and then recovered sometextiles. Prices of a few manufactured products, what. such as paper products and television, have been The Treasury offered 1-year 2% per cent certifiadvanced. Dairy products and eggs have risen, cates of indebtedness or 3!/2-year 2% per cent notes while prices of most other farm products and foods in exchange for 8 billion dollars of bonds maturing have shown little net change. on September 15. Subscriptions totaled nearly 5 Consumer prices advanced again in August as billion dollars for the certificates and 3 billion for foods increased further, average rents rose by 1.1 the notes. On September 25 the Treasury disconper cent, and services continued to advance. tinued sales of Series B savings notes and announced BANK CREDIT AND RESERVES that a new savings note would be ordered on Total loans and investments at banks in leading October 1. cities changed little from mid-August to mid-Sep- PRICES AND TRADE EMPLOYMENT IN HOHAGRICULTURAL ESTABLISHMENTS ^L-C*"1!- 1947-49'lOQ Setuonotly Adju*»ed_._MjMion_s_of_ Per WHOLESALE PRICES 1950 1951 1952 1953 1949 1951 1953 1949 1951 1953 Seasonally adjusted series except for prices. Price indexes Bureau of Labor Statistics data adjusted for seasonal varia- compiled by Bureau of Labor Statistics. Total retail sales and tion by Federal Reserve. Proprietors, self-employed persons and disposable personal income, Federal Reserve indexes based on domestic servants are not included. Midmonth figures, latest Department of Commerce data. Department store trade, Federal1 shown are for August. Reserve indexes. Monthly figures, latest shown are for August. OCTOBER 1953 105S 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 1057-1058 Federal Reserve Bank rates; margin requirements; reserve requirements 1058-1059 Reserves and deposits of member banks 1060 Federal Reserve Bank statistics 1061-1063 Regulation V: guaranteed loans, fees, and rates 1063-1064 Bank debits and deposit turnover; Postal Savings System 1064 Money in circulation 1065 Consolidated statement of the monetary system; deposits and currency 1066 All banks in the United States, by classes 1067-1069 All commercial banks in the United States, by classes 1070-1071 Weekly reporting member banks 1072-1073 Commercial paper and bankers' acceptances 1074 Life insurance companies; savings and loan associations 1075 Government corporations and credit agencies 1076-1077 Security prices and brokers' balances 1078 Money rates; bank rates on business loans; bond and stock yields 1079 Treasury finance 1080-1085 New security issues 1086 Business finance 1087-1088 Real estate credit statistics 1089-1091 Statistics on short- and intermediate-term consumer credit 1092-1094 Business indexes 1095-1104 Merchandise exports and imports 1104 Department store statistics 1105-1109 Consumers' and wholesale prices 1110-1111 Gross national product, national income, and personal income 1112-1113 Member bank earnings 1114 List of tables published in BULLETIN annually or semiannually, with references for latest data 1051 Tables on the following pages include the principal statistics of current significance relating to financial and business developments in the United States, The data relating to Federal Reserve Banks, member banks of the Federal Reserve System, and department store trade, and the consumer credit estimates are derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained from statements of the Treasury; the remaining financial data and other series on business activity are obtained largely from other sources. Back figures through 1941 for banking and monetary tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics; back figures for many other tables may be obtained from earlier BULLETINS. OCTOBER 1953 1055 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMIER IANK RESERVES, RESERVE IANK CREDIT, AND RELATED ITEMS Wsdnasdoy Figure, 1946-1950, Weekly Averoget of Daily Figure*, 1951- Billions of Dollars 2$ I 1 FEDERAL RESERVE CREDIT 20 ^J 15 FEDERAL RESERVE FLOAT 1946 1947 1948 1949 1950 1951 1952 1953 1954 Latest averages shown are for week ending Sept. 30. See page 1057. 1056 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT. AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Date U.S. Go B v o t u . g s h e t cu u H r n it e d i l e e d s r co D a u n i n s d - ts Float o A th ll - Total s G to o c ld k r 1 o c e u u u r n r e r t c y - a - y s- M c c u o i i n r l n a - e - y T h c u r o a r e l s d y a h - s- T w r r e e it a s h e s - r F ve . F R b o a r . - l a B n a c O n e k t s h s , - O s F e e R t r e r h e a d v - e l - e r reseermveb ebra lbaanncess Total r o i u gh t- t r c e h p a u se r- va a n d c - es er1 sta in n g d- tion ings u d r e y - e d ig e- n d e e r - co a u c n - ts Total qu R ir e e - d2 c E es x s - * agree- posits posits posment its Wednesday 1952 Aug. 6.... 22,977 22,891 86 843 616 4 24,440 23,350 4,763 29,041 1,279 270 727 255 722 20,260 19,675 585 Aug. 13 23,051 23,032 19 770 727 5 24,553 23,344 4,764 29,051 1,277 422 864 193 718 20,136 19,692 444 Aug. 20 23,032 23,032 979 795 4 24,810 23,344 4,766 29,068 1,281 526 839 218 721 20,267 19,652 615 Aug. 27 23,092 23,055 ""*37 897 610 4 24,603 23,344 4,768 29,129 1,276 707 849 235 721 19,797 19,643 154 Sept. 3 23,182 23,116 66 968 661 5 24,816 23,344 4,774 29,391 1,285 715 815 251 717 19,760 19,511 249 Sept. 10 23,229 23,116 113 880 759 5 24,872 23,344 4,776 29,364 1,279 347 789 159 715 20,340 19,549 791 Sept. 17. 23 74023,740 313 1,191 4 25 249 23,344 4 780 29,292 L 281 6 821 177 729 21 067 19,957 1 110 Sept. 24. '. 23,715 23,715 400 738 4 24,857 23,343 4,781 29,247 1,274 264 728 161 726 20,581 19,901 '680 Oct. 1.... 23,694 23,694 544 721 4 24,963 23,342 4,787 29,417 I 287 523 722 162 882 20,098 19,762 336 Oct. &'.'.'.'.23,663 23,663 1,019 698 4 25,384 23,341 4,787 29,545 1,280 596 723 249 880 20,239 19,567 672 Oct. 15. ... 23,663 23,663 772 887 4 25,325 23,341 4,787 29,617 1,276 212 675 179 881 20,613 20,089 524 Oct. 22 23,663 23 663 1 1301 070 4 25,867 23,340 4 790 29,511 I 281 618 684 245 878 20,779 20,128 651 Oct. 29! ! '.'.23,624 23,624 1,171 706 4 25,505 23,340 4,790 29,540 1,289 588 655 236 877 20,449 19,975 474 Nov. 5 23,520 23,495 25 1,663 528 4 25,714 23,339 4,794 29,748 1,278 789 643 250 805 20,334 19,884 450 Nov. 12 23,567 23,492 75 1,583 542 4 25,696 23,338 4,794 29,905 1,282 505 639 244 805 20,447 19,906 541 Nov. 19 23,563 23,502 61 1,486 1,140 3 26,193 23,337 4,797 29,842 1,292 703 691 258 803 20,738 20,073 665 Nov. 26 23,761 23,612 149 1,615 921 4 26,301 23,338 4,797 30,152 1,267 317 711 270 801 20,917 20,409 508 Dec. 3 23,968 23,712 256 1,591 1.188 3 26,751 23,337 4,803 30,274 1,278 719 734 147 800 20,939 20,371 568 Dec. 10 24,239 23,787 452 1,752 866 4 26,860 23,337 4,804 30,370 1,280 645 720 316 802 20,868 20,288 580 Dec. 17 24,469 23,914 555 1,022 1,543 4 27,039 23,277 4,806 30,487 1,269 371 729 208 860 21,198 20,582 616 Dec. 24 24,613 23,997 616 1,728 1,515 4 27,860 23,186 4,809 30,732 1,266 665 729 201 863 21,400 20,531 869 Dec. 31 24,697 24,034 663 156 967 4 25,825 23,187 4,812 30,433 1,270 389 550 455 777 19,950 20,520 -570 1953 Jan. 7 24,391 24,034 357 1,336 965 4 26,695 23,137 4,814 30,153 1,280 622 570 343 776 20,902 20,309 593 Jan. 14 24,205 24,034 171 1,076 881 4 26,166 23,137 4,814 29,884 1,280 455 699 364 776 20,660 20,274 386 Jan. 21.... 24,034 24,034 862 1,005 4 25,904 23,088 4,814 29,687 1,291 343 622 348 774 20,741 20,255 486 Jan. 28 23,970 23,970 1,307 728 4 26,009 23,036 4,815 29,592 1,298 745 612 337 775 20,502 20,095 407 Feb. 4.... 23,989 23,888 101 1,385 770 4 26,148 22,935 4,820 29,657 1,331 672 562 326 770 20,584 19,956 628 Feb. 11 23,929 23,888 41 1,329 649 4 25,912 22,832 4,820 29,776 1,312 431 558 340 770 20,376 19,894 482 Feb. 18 23,890 23,888 2 732 1,023 4 25,648 22,722 4,821 29,654 1,288 395 458 244 835 20,318 19,979 339 Feb. 25 23,853 23,853 806 743 4 25,406 22,662 4,821 29,735 1,291 389 454 211 834 19,975 19,791 184 Mar. 4.... 23,853 23,853 824 1,062 4 25,742 22,662 4,824 29,772 1,295 488 512 240 830 20,090 19,840 250 Mar. 11 23,853 23,853 1,315 770 4 25,941 22,611 4,824 29,780 1,299 331 581 345 829 20,212 19,821 391 Mar. 18 23,963 23,963 1,009 1,202 4 26,178 22,612 4,826 29,708 1,305 8 496 381 852 20,865 20,002 863 Mar. 25 23,869 23,869 705 810 4 25,387 22,562 4,826 29,600 1,306 7 511 351 852 20,148 19,854 294 Apr. 1 23,806 23,806 465 748 4 25,023 22,563 4,827 29,754 1,304 286 550 344 869 19,305 19,518 —213 Apr. 8 23,806 23,806 908 709 4 25,427 22,562 4,828 29,780 1,300 329 568 343 868 19,629 19,472 157 Apr. 15 23,821 23,806 15 868 856 4 25,549 22,562 4,833 29,753 1,278 341 574 200 865 19,932 19,560 372 Apr 22 23 80623,806 842 743 4 25 395 22,562 4 834 29,722 1,279 509 585 356 864 19 476 19 481 5 Apr! 29'. '. '..23^806 23,806 837 581 3 25,227 22,562 4,836 29,787 1,278 367 518 401 784 19',489 19,395 94 May 6 23,860 23,806 54 933 647 3 25,443 22,561 4,840 29,863 1,285 214 517 374 780 19,811 19,386 425 May 13 23,879 23,851 28 1,264 684 3 25,831 22,561 4,841 29,845 1,285 428 618 366 780 19,912 19,282 630 May 20 23,922 23,891 31 530 832 3 25,288 22,562 4,844 29,795 1,282 145 584 286 777 19,824 19,312 512 May 27 24,088 23,963 125 571 645 3 25,308 22,536 4,845 29,825 1,284 355 504 238 77719,706 19,298 408 June 3.... 24,121 24,071 50 507 785 4 25,418 22,536 4,849 29,980 1,282 137 520 253 902 19,729 19,209 520 June 10.... 24,637 24,632 5 454 646 4 25,741 22,537 4,850 30,003 1,289 6 587 173 902 20,168 19,449 719 June 17 25,154 25.154 286 1,213 3 26,656 22,513 4,851 29,970 1,276 8 598 252 958 20,958 19,778 1,180 June 24 24,837 24,837 317 619 3 25,776 22,487 4,851 29,929 L ,272 8 615 158 960 20,173 19,594 579 July 1.... 24,766 24,766 245 737 3 25,752 22,463 4,854 30,152 1,269 176 521 174 949 19,828 19,113 715 July 8 24,964 ?4,964 341 677 3 25,984 22,438 4,854 30,279 1,266 431 488 176 948 19,690 19,002 688 July 15 24,964 >4,964 200 756 3 25,923 22,374 4,853 30,163 1,264 640 561 179 947 19,397 18,253 1,144 July 22 24,964 24,964 521 777 3 26,265 22,276 4,853 30,051 [,267 539 525 323 947 19,742 19,098 644 7uly 29 24,964 24,964 747 588 3 26,301 22,277 4,853 30,044 1,264 841 547 343 863 19,529 19,014 515 Aug. 5.... 24,964 24,964 561 625 3 26,153 22,227 4,858 30,139 ,276 460 557 332 860 19,614 18,959 655 Aug. 12 24,964 24.964 776 609 3 26,352 22,228 4,859 30,158 ,275 675 551 329 859 19,593 18,942 651 Aug. 19 25,008 24,989 19 815 751 3 26,577 22,228 4,861 30,145 ,280 738 610 390 862 19,641 18,865 776 Aug. 26 25,017 24,989 28 524 587 3 26,131 22,228 4,862 30,105 ,273 669 518 354 862 19,440 18,860 580 Sept 2 >S 06725,014 53 391 610 3 26,071 22,178 4,865 30,240 1,278 541 538 333 859 19,325 18,884 441 Sept. 9 ?S 12625,034 92 491 559 3 26,179 22,178 4,865 30,479 1,274 574 569 363 859 9^104 18*731 373 Sept. 16. ... 25,207 25,084 123 311 943 3 26,464 22,178 4,868 30,335 1,278 356 507 381 882 19,771 18,885 886 Sept. 23 .... 25,185 25,185 228 813 3 26,228 22,179 4,869 30,210 1,277 619 543 259 881 19,486 18,868 618 Sept. 30.... 25,235 25,235 329 685 3 26,252 P22.128 P4.872 P3O.271 Pl.287 642 512 352 88019,309 18,816 493 End of month 1952 Sept 23,694 23,694 477 572 5 24,747 23,342 4,786 29,419 ,278 508 707 174 72320,066 19,747 319 Oct 23,575 23,495 80 1,591 685 4 25,855 23,339 4,795 29,644 ,268 770 642 245 80520,616 19,996 620 Nov 23,821 23,612 209 1,895 1,020 4 26,740 23,338 4,802 30,236 ,261 378 758 298 80121,149 20,354 795 Dec 24,697 24,034 663 156 967 4 25,825 23,187 4,812 30,433 ,270 389 550 455 777 19,950 20,520 —570 1953 Jan 23,944 23,888 56 1,735 796 4 26,478 22,986 4,820 29,691 ,308 809 586 508 770 20,611 19,997 614 Feb. 23 87523,853 23 1 3091,006 4 26,194 22,662 4,824 29,793 ,284 336 511 412 833 20 511 19 796 715 Mar 23,806 23,806 485 632 3 24,927 22,563 4,829 29,754 ,293 222 536 342 850 19,322 19,607 -285 Apr 23,880 23,806 74 1,014 649 3 25,546 22,562 4,841 29,842 ,269 393 506 416 783 19,740 19,389 351 May . .. 24,246 24,031 215 731 607 4 25,589 22,537 4.849 29,951 ,272 221 515 171 775 20,069 19,263 806 24,746 24,718 28 64 601 3 25,414 22,463 4,854 30,125 ,259 132 527 176 951 19,561 19,459 102 July 24,964 24,964 644 565 3 26,176 22,277 4,859 30,120 ,263 548 566 346 862 19,607 19,017 590 Aug 25,063 24,989 74 343 549 3 25,958 22,178 4,867 30,248 ,269 496 524 325 862 19,278 18,802 476 Sept 25,235 25,235 329 685 3 26,252 P22.128 P4.872 P30.271 P] .287 642 512 352 880 19,309 P18.827 P482 » Preliminary. For footnotes see following page. OCTOBER 1953 1057 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank U. S. Govt. securities T u re ry as- Money Treas- w re i s th e rv F e . R ba . l a B n a c n e k s, s O F t e h d e - r reserve balances p D e o r a i r o te d Total B r o o ig u u h t g - t ht u c r a H n e h g e p d r a l u e s e d r e e r - - v c a D o a a i n u n d s c n d - - e t s s Float o A t l h l - Total s G t o o l c d k s r o c e t i a u n n u n r g c t - - d y - c t c u i i i o n l r a n - - h c i u o n a r l g s y d h s - T p u o d re r s e y - a it s s - p F e o d i o s g e r - i n - ts O p d i e o t t e r s h s - - - c s o e R e a r u c r e a v * n - l e ts Total qu R ir e e - d2 Exment End of month: 1929—June. 216 148 68 1,037 52 ,400 4,037 2,019 4,459 204 36 6 21 374 2,356 2,333 1933—June. 1,998 1,998 164 4 ,220 4,031 2,286 5,434 264 35 15 151 346 2 ,292 1,817 475 1939—Dec. 2,484 2 ,484 7 91 ,59317,644 2,963 7,598 2,409 634 397 256 25111,653 6,444 5,209 r941—Dec. 2,254 2,254 3 94 ,36122,737 3,24711,160 2,215 867 774 586 29112,450 9,365 3,085 1945—Dec. 24,262 19,410 4,852 249 578 ,09120,065 4,339 28,515 2,287 977 862 446 49515,915 14,457 1,458 1947—Dec. 22,559 22,559 85 535 18122,754 4,562 28,868 1,336 870 392 569 56317,899 16,400 1,499 1948—Dec. 23,333 23,333 223 541 ,09724,244 4 ,224 1,325 1.123 642 547 590 20,479 19,277 1,202 1949—Dec. 18,885 18,885 78 534 ,499 24,427 4,598 27,600 1,312 821 767 750 70616,568 15,550 1,018 1950—Dec. 20,778 20,725 53 67 1,368 .216 22,706 4,636 27,741 1,293 668 895 565 71417,681 16,509 1,172 1951—June.22,982 22,932 50 53 1,002 ,043 21,756 4 ,809 1,281 317 870 392 76519,020 18,604 416 Dec. 23,801 23,605 196 19 1,184 25,00922,695 4,709 29,206 1,270 247 526 363 74620,056 19,667 389 1952—June.22,906 22,764 142 59 581 23,55123,346 4,75429,026 1,283 333 548 298 783 19,381 19,573 -192 Dec. 24,697 24,034 663 156 967 25,825 23,187 4 81230,433 1,270 389 550 455 777 19,950 20,520 -570 1953—June. 24,746 24,718 28 64 601 25,41422,463 4,854 30,125 1,259 132 527 176 951 19,561 19,459 102 Averages of daily figures Monthly: 1952—Sept. 23,471 23,433 38 723 856 25,055 23,343 4,77829,343 ,275 326 766 231 721 20,514 19,736 778 Oct.. 23,65723,644 13 ,093 927 25,68123,340 4,788 29,555 ,276 550 688 253 876 20,611 19,963 648 Nov. 23,63823,527 111 ,577 954 26,172 23,338 4 79629,904 ,277 591 689 297 803 20,744 20,087 657 Dec. 24,40023,876 524 ,633 1,262 27,29923,276 4,806 30,494 ,271 569 745 290 832 21,180 20,457 723 1953—Jan.. 24,20224,011 191 ,372 1,008 26,58623,101 4,81429,920 ,280 552 611 405 775 20,958 20,251 707 Feb.. 23,91823,875 43 ,336 822 26,080 22,797 4,82129,718 ,299 500 526 336. 800 20,520 19,882 638 Mar. 23,892 23,878 14 ,220 909 26,02522,606 4,82529,752 ,296 244 530 378 84120,416 19,828 588 Apr.. 23,861 23,806 55 ,184 843 25,89222,562 4,83229,782 ,281 395 563 397 86120,007 19,472 535 May. 23,97323,881 92 955 750 25,68222,557 4,84329,869 ,279 356 552 350 77919,897 19,306 591 June. 24,74824,729 19 433 776 25,960 22,514 4,85130.011 ,273 52 566 203 93320,287 19,499 788 July. 24,95524,943 12 428 737 26,12322,366 4,85330,165 ,264 545 537 239 93919,653 18,869 784 Aug.. 25,00024,974 26 658 660 26,32222,226 4,860 30,167 ,273 656 548 376 86119,526 18,882 644 Sept. 25,16825,097 71 468 771 26,410 22,176 4,867 30,328 ,273 537 538 354 87119,552 Weekending: July 1.... 24,66724,658 441 662 25,773 22,480 4.853 30,,063 ,264 144 551 188 95719,939 19,393 546 July 8.... 24,954 24,902 409 721 26,087 22,442 4.854 30,,:267 ,262 413 494 160 94919,838 19,046 792 July 15 24,96424,964 240 663 25,870 22,402 4,853 30..257 ,259 539 556 188 94819,377 18,190 1,187 July 22 24,96424,964 391 920 26,278 22,354 4,853 30,122 ,268 629 548 233 94819,736 19,122 614 July 29 24,96424,964 624 678 26,269 22,276 4,853 30,031 ,264 629 544 356 93119,644 19,046 598 Aug. 5 24,96424,964 628 606 26,200 22,263 4.857 30,124 ,269 563 563 368 86119,572 18,981 591 Aug. 12.... 24,96424,964 847 572 26,386 22,227 4.858 30,178 ,273 657 539 349 86019,616 18,907 709 Aug. 19 24,99224,967 25 752 806 26,554 22,228 4.859 30,181 ,277 793 598 391 86019,541 18,895 646 Aug. 26 25,01424,989 25 496 659 26", 1'7"2" 22,2284,86230,138 ,274 626 520 402 86119,441 18,818 623 Sept. 2 25,07324,992 81 506 624 26,20722,185 4,863 30,219 ,272 592 518 350 19,442 18,840 602 Sept. 9.... 25,13725,017 120 802 631 26,573 22,178 4,866 30,376 ,270 710 568 382 86019,450 18,751 699 Sept. 16 25,19525,045 150 541 758 26,496 22,178 4,866 30,430 ,270 422 558 395 86619,600 18,844 756 Sept. 23.... 25,14225,125 17 227 1,023 26,39522,178 4,868 30,294 ,272 409 520 247 88219,818 18,900 918 Sept. 30 25,22925,229 318 726 26,276 22,171 4,870 30,238 1,280 615 510 400 88219,393 18,831 562 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 1 [Per cent per annum] [Per cent of market value] Nov. 1, 1933-Feb. 1, 1935- Effective Mar. 30, Jan. 17, Effec- Jan. 31, 1935 Dec. 31, 1935 Jan. 1, 1936 Prescribed in accordance with 1949- 1951- tive Securities Exchange Act of 1934 Jan. 16, Feb. 19, Feb. 20, 1951 1953 1953 Savings deposits Postal Savings deposits Other deposits payable: Regulation T: In 6 months or more 2H 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 1 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 ex-» may 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. 1058 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- Advances secured by Government tions other than member obligations and discounts of and Other secured advances banks secured by direct Federal Reserve Bank advances secured by eligible paper [Sec. 10(b)] obligations of the U. S. (Sees. 13 and 13a)1 (last par. Sec. 13) Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Sept. 30 beginning— rate Sept, 30 beginning— rate Sept. 30, beginning— rate Boston Jan. 20,1953 an.20, 1953 3 Jan. 20,1953 New York.... Jan. 16,1953 an.16, 1953 V Jan. 16,1953 Philadelphia.. Jan. 16,1953 an. 16, 1953 Jan. 16,1953 Cleveland Jan. 16,1953 an.16, 1953 Aug. 17,1953 Richmond..., Jan. 23,1953 an.23, 1953 Jan. 23,1953 Atlanta , Jan. 16,1953 an.16, 1953 July 20,1953 Chicago Jan. 16,1953 an.16, 1953 Aug. 13,1948 St. Louis Jan. 16,1953 an.16, 1953 3 * May 18,1953 M Ka in n n sa e s a p C o i li t s y . .. . J J a a n n . . 1 1 6 6 , , 1 1 9 9 5 5 3 3 Ja a n n. . 1 1 6 6 , , 1 1 9 9 5 5 3 3 I" J J a a n n . . 2 1 6 6 , , 1 1 9 9 5 5 3 3 Dallas Jan. 23,1953 Jan.23, 1953 Jan. 23,1953 San Francisco Jan. 20,1953 Jan.20, 1953 Jan. 20,1953 3 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. NOTE.—Maximum maturities. Discounts for and advances to member banks: 90 days for discounts and advances under Sections 13 and 13a of the Federal Reserve Act except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months, respectively, and advances secured by obligations of Federal intermediate credit banks maturing within 6 months are limited to maximum maturities of 15 days; 4 months for advances under Section 10(b). Advances to individuals, partnerships, or corporations under the last paragraph of Section 13: 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443. FEDERAL RESERVE BANK BUYING RATES ON MEMBER BANK RESERVE REQUIREMENTS ACCEPTANCES [Per cent per annum] [Per cent of deposits] Rate on In effect be- Previous Net demand deposits 1 Maturity Sept. 30 ginning— rate Time Effective date deposits of change Central Reserve (all 1- 90 days 2H Jan. 16, 1953 114 reserve city Country member 91-120 days 2H Jan. 16, 1953 city banks banks banks) 121-180 days 2% Jan. 16, 1953 2K banks NOTE.—Effective minimum buying rates on prime bankers' accept- 1917—June 21. 13 10 7 ances payable in dollars. Back figures.—See Banking and Monetary 1936—Aug. 16. 15 Statistics, Table 117, pp. 443-445. 1937—Mar. 1. 22^ 17 May 1. 26 20 14 FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS AND COMMITMENTS UNDER SECTION 13B 1938—Apr. 16. 22 % 17 12 OF THE FEDERAL RESERVE ACT 1941—Nov. 1. 26 , 20 14 Maturities not exceeding five years 1942—Aug. 20. 24 [In effect September 30. Per cent per annum] Sept. 14. 22 Oct. 3. 20 To industrial or 1948—Feb. 27. 22 commercial To financing institutions June 11. 24 businesses Sept. 16. 16 271, Sept. 24. 26 22 371, R Fe e d se e r r v a e l On p d u i r sc ch ou as n e t s s or 1949— J M M u a a n y y e 30 5 1 . . . 24 2 2 1 0 15 3 2 3 7 7 6 Bank On com O m n it- Portion com On mit- A Ju u l g y . 1 1 . . 1 1 4 3 26 loans l ments for which Re- ments Aug. 11. 23^ 35 institu- maining Aug. 16. 12 25 tion is portion Aug. 18. 23 " 19 obligated Aug. 25. 18* Sept. 1. 22 18 Boaton 1951—Jan. 11. 23 19 36 New York Jan. 16. 13 26 Philadelphia Jan. 25. 24 26 Cleveland Feb. 1. 14 Richmond Atlanta 1953—July 13 Chicago July 22 19 St. Louis 3-5 Minneapolis.... In effect Oct. 1, 1953* 22 19 13 Kansas City Dallas 1 Demand deposits subject to reserve requirements, which beginning San Francisco... Aug. 23, 1935, have been total demand deposits minus cash items in process of collection and demand balances due from domestic banks (also minus war loan and series E bond accounts during the period 1 Including loans made in participation with financing institutions. Apr. 13, 1943-June 30, 1947). 2 Rate charged borrower less commitment rate. 2 Requirement became effective at country banks. 3 Rate charged borrower. 4Rate charged borrower but 3 Requirement became effective at central reserve and reserve city not to exceed 1 per cent above the discount rate. banks. ^Charge of H Per cent per annum is made on undisbursed portion * Present legal minimum and maximum requirements on net demand of loan. deposits—central reserve cities, 13 and 26 per cent; reserve cities, 6Charge of 34 Per cent per annum is made on undisbursed portion 10 and 20 per cent; country, 7 and 14 per cent, respectively; on time of loan. deposits at all member banks, 3 and 6 per cent, respectively. Back figures.—See Banking and Monetary Statistics, Table 118, pp. 446-447. •OCTOBER 1953 1059 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES AND BORROWINGS [Averages of daily figures. In millions of dollars] Central reserve Central reserve All city banks Re- All city banks Re- Month, or mem- serve Coun- Month, or mem- serve Counweek ending Wednesday ber city week ending Wednesday ber city try banks1 New Chi- banks banksl banksi New Chi- banks banks» York cago York cago Total reserves held: Excess reserves: 1952—June 20,140 5,324 1,317 7,785 5,714 1952—June 709 38 -8 135 544 July 20,536 5,474 1,365 7,911 5,786 July 609 -14 7 84 532 August 20,306 5,223 1,360 7,933 5,790 August 649 5 1 129 513 1953—June 20,287 5,155 1,320 7,933 5.878 1953—June 787 128 4 164 491 July 19,653 4,838 1,292 7,808 5,713 July 784 53 5 130 597 August 19,526 4,713 1,293 7,805 5,714 August 643 6 1 99 537 Aug. 19 19,541 4,695 1,286 7,820 5,740 Aug. 19 647 7 -11 92 559 Aug. 26 19,440 4,671 1,295 7,782 5,693 Aug. 26 621 11 11 86 513 Sept. 2 19,441 4,708 1,292 7,797 5,643 Sept. 2 601 12 -5 121 473 Sept. 9 19,450 4,645 1,288 7,761 5,756 Sept. 9 700 7 1 127 565 Sept. 16 19,600 4,689 1,287 7,797 5,827 Sept. 16 P756 14 111 P631 Sept. 23 19,818 4,764 1,288 7,838 5,928 Sept. 23 P930 72 2 144 P712 Borrowings at Federal Required reserves:2 Reserve Banks: 1952—June 19,431 5,286 ,325 7,649 5,170 1952—June 579 169 23 278 109 July 19,926 5,488 ,358 826 5,254 July 1,077 225 82 634 136 August 19,657 5,218 ,359 804 5,277 August 1,032 227 41 581 183 1953—June 19,499 5,028 ,316 769 5,387 1953—June 423 11 22 195 195 July 18,868 4,786 ,288 678 5,117 July 418 12 40 245 121 August 18,882 4,706 ,292 7,706 5,177 August 650 53 79 365 154 Aug. 19 18,895 4,688 ,297 7,728 5,181 Aug. 19 742 58 122 408 154 Aug. 26 18.818 4,659 ,284 7,695 5,180 Aug. 26 489 14 23 307 145 Sept. 2 18,840 4,696 ,297 7,677 5,170 Sept. 2 506 15 32 316 143 Sept. 9 18,751 4,638 ,287 7,635 5,191 Sept. 9 802 77 98 469 158 Sept. 16 P18.843 4,675 1,286 7,686 P5,196 Sept. 16 541 53 77 289 122 Sept. 23 P18.887 4,691 1,286 7,694 P5.216 Sept. 23 227 2 12 142 71 p Preliminary. 1 Weekly figures of excess reserves of all member banks and of country banks are estimates. Weekly figures of borrowings of all member banks and of country banks may include small amounts of Federal Reserve Bank discounts and advances for nonmember banks, etc. 2 Reserve requirements were reduced in July 1953; see table on preceding page. Back figures.—See Banking and Monetary Statistics, pp. 396-399. DEPOSITS, RESERVES. AND BORROWINGS OF MEMBER BANKS [Averages of daily figures.1 In millions of dollars] Central reserve Central reserve All city banks Re- All city banks Remem- serve Coun- mem- serve Coun- Item ber city try ber city try banks New Chi- banks banks banks New Chi- banks banks York cago York cago August 1953 August 1952 Gross demand deposits: Total 107,291 22,583 6,145 41,674 36,889 105,077 23,022 5,943 40,347 35,765 Interbank 11,806 3,747 1,238 5,782 1,039 11,921 3,864 1,200 5,809 1,049 Other 95,485 18,836 4,906 35,892 35,850 93,155 19,159 4,743 34,538 34,715 Net demand deposits2 94,241 20,734 5,547 36,170 31,790 92.473 21,226 5,375 35,139 30,734 Time deposits 34,926 2,416 1,198 13,901 17,411 32,377 2,059 1,151 12,934 16,232 Demand balances due from domestic banks.. 6,013 37 119 1,871 3.987 5,968 40 122 1,822 3,984 Reserves with Federal Reserve Banks: Total 19,526 4,713 1,293 7.805 5,714 20,306 5,223 1,360 7,933 5,790 Required3 18,882 4,706 1,292 7,706 5,177 19,657 5,218 1,359 7,804 5,277 Excess 643 6 1 99 537 649 5 1 129 513 Borrowings at Federal Reserve Banks 650 53 79 365 154 1,032 41 581 1 Averages of daily closing figures for reserves and borrowings and of daily opening figures for other items, inasmuch as reserves required are based on deposits at opening of business. 2Demands 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. 3Reserve requirements were reduced in July 1953; see table on preceding page. 1060 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 Sept.30 Sept. 23 Sept. 16 Sept. 9 Sept. 2 Sept. Aug. Sept. Assets Gold certificates 70 071 104 70 101 ?0 170 103 70,140,101 ,130,102 90 071 104 90,195,103 ,451,602 Redemption fund for F. R. notes 862,363 866,180 868,022 849,967 862,665 862,363 797,665 695,320 Total gold certificate reserves ?0 933 467 70 987 281 70 988 17S 70,990,068 ?0,992,767 ?0 933 467 70,992,7687?,146,922 Other cash 344 110 348 178 339,16? 308,054 334,941 344 110 337,150 323,534 Discounts and advances: For member banks 379 347 888 310 767 490,873 391,434 379 347 342,849 431,544 For nonmember banks, etc 45,000 Industrial loans 2,968 2,975 2,657 2,784 2,710 2,968 2,773 4,465 U. S. Government securities: Bought outright: Bills 1 943 31? 1 893,31? 1 79? 304 1,742,304 1,722,304 1 943 319 1,697,304 397,200 Certificates: Special Other s8S1 S41 S 8S1 541 S 8S1 S41 4,995,716 4,995,716 5 851 S41 4 995,716 1?,492,466 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 3 666,150 3 666,150 3 666,150 4,521,975 4,521,975 3 666,150 4 521,975 5,235,823 Total bought outright 9S 734 674 ?S 184 674 ?S 083 666 ?S,033,666 95,013,666 95 734 674 94 988,666 93,693,562 Held under repurchase agreement 123,350 92,500 53,000 74,500 Total U. S. Government securities 25 234,674 25 184,674 25 207,01625,126,16625,066,666 25 234,67425 063,16623,693,562 Total loans and securities ?S S66 989 ?S 41 SS3 7?S S70 440 ?S 619,823?S 460,81095 566 989 ?S 408,788 94,174,571 Due from foreign banks 7? 22 22 7? 22 23 F. R. notes of other Banks 198 242 707,570 192 793 166,475 172,901 198 74? 181,457 176,019 Uncollected cash items 3 843 878 4 140i SS7 4 850.014 3 248,002 3 426,101 3 843 878 ? 847,247 3,343,399 Bank premises 50 041 50 089 50 106 49,984 49,968 50 041 49,983 45,625 Other assets 192,809 183,533 175 063 188,854 180,595 192 809 176,705 268,933 Total assets 51 129,558 51 332,717 52 115 725 50 571,282 50 618,10551 129 558 49 994,12050,479,026 Liabilities Federal Reserve notes 76 033 313 ?S 98? 81S 76 087 004 ?6 173,941 ?S 975,399 ?6 033 313 ?S 983,424 95,215,340 Deposits: Member bank—reserve accounts 19 308 S3S19 48 S S6S 19 771 16? 19 104,105 19 325,147 19 308 S3S 19 278,14570,066,456 U. S. Treasurer—general account 64? 404 618 890 355 990 573,537 540,684 64? 404 496,171 508,025 S1? ?ss 543 180 507 148 568,948 538,257 SI? 755 524,203 706,988 Other 351,631 259,334 380 692 363,392 332,915 351 631 324,733 173,804 Total deposits .. 20 814,825 20.906,969 21,014 99220 609,982 20 737,00320,814 82520 623,252 ,455,273 Deferred availability cash items 3 1S8,668 3 3?7 900 3 906 819 689,119 816,193 3,1S8668 9 298,336 ?,770,956 Other liabilities and accrued dividends 20,693 20,679 20 283 19,398 18,621 20 693 20,265 16,456 Total liabilities . SO,027,499 50,238,363 51,029 09849 492,44049 547,216 so,027 49948 925,27749,458,025 Capital Accounts Capital paid in 961 550 469 761 396 261,342 261,267 961 550 261,220 247,734 Surplus (Section 7) S84 676 S84 676 S84 676 584,676 584,676 584 676 584,676 538,342 Surplus (Section 13b) . . . 27,543 27,543 27 543 27,543 27,543 27 543 27,543 27,543 Other capital accounts 228,290 220 666 213 012 205,281 197,403 228 290 195,404 207,382 Total liabilities and capital accounts 51, 129,558 51,332,717 52,115 725 50 571,282 50 618,10551, 129 558 49 994,12050,479,026 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) .... i1:4.7 i14.8 44.6 44.9 44.9 44.7 45.0 47.5 Contingent liability on acceptances purchased 96 ?S 343 25,652 26,373 25,323 26,255 25,316 13,097 Industrial loan commitments 3,342 3,220 3 502 3,388 3,450 3 342 3,356 6,328 Maturity Distribution of Loans and U. S. Government Securities l Discounts and advano total. 329,347 227,888 310,767 490,873 391,434 329,347 342,849 476,544 Within 15 days 316,337 212,364 287,967 469,275 368,600 316,337 321,953 345,981 16 days to 90 days 13,010 15,515 22,761 21,537 22,729 13,010 20,746 130,545 91 days to 1 year 9 39 61 105 150 18 Industrial loans—total 2,968 2,975 2,657 2,784 2,710 2,968 2,773 4,465 Within 15 days 840 1,491 1,234 556 637 840 598 495 16 days to 90 days 423 57 61 732 710 423 318 770 91 days to 1 year 1,624 937 866 965 1,002 1,624 1,375 3,007 Over 1 year to 5 years 81 490 496 531 361 81 482 193 U. S. Government securities—total. 25,234,674 25,184,674 25,207,016 25 126,16625,066,666 25,234,674 25,063,166 23,693,562 Within 15 days 494,900 536,400 673,250 344,925 225,825 494,900 ,120,325 ,540,250 16 days to 90 days ,940,162 ,848,662 734,154 837,454 897,054 ,940,162 ,507,304 348,700 91 days to 1 year ,558,091 ,558,091 558,091 702,266 702,266 6,558,091 ,194,016 ,720,941 Over 1 year to 5 years ,452,264 452,264 452,264 452,264 452,264 6,452,264 ,452,264 ,941,352 Over 5 years to 10 years ,374,400 374,400 374,400 374,400 374,400 1,374,400 ,374,400 ,070,224 Over 10 years ,414,857 414,857 414,857 414,857 414,857 1,414,857 ,414,857 ,072,095 JBeginning 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. OCTOBER 1953 1061 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON SEPTEMBER 30, 1953 [In thousands of dollars] San Item Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- R m i o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c r is a c n o - Assets Gold certificates.20,071,104 1,001,213 5,557,1281,201,1361,775,2551,051,769 854,1113,670,454 784,695 458,036 769,531 699,6472,248,129 forF.R. notes. 862,363 54,433 148,848 59,949 84,291 78,787 60,229 143,494 50,044 25,816 39,908 30,922 85,642 Total gold certificate reserves..20,933,467 1,055,646 5,705,9761,261,0851,859,5461,130,556 914,3403,813,948 834,739 483,852 809,439 730,5692,333,771 Other cash 344,110 27,735 69,889 24,121 22,936 15,549 26,861 70,154 16,063 6,586 11,362 11,078 41,776 advances: Secured by U. S. Govt. securities. . . 329,048 6,385 7,360 3,650 9,350 26,748 32,800 79,250 3,310 24,725 38,515 13,470 83,485 Other 299 25 4 270 Industrial loans.. 2,968 2,152 90 624 102 U. S. Government securities: right 25,234,674 1,389,522 6,496,1121,520,4902,142,1461,496,4161,290,7284,361,3591,061,648 622,8171,099,8031,002,3972,751,236 repurchase agreement... Total loans and securities. .... 25,566,989 1,395,907 6,503,4971,526,2922,151,4961,523,2541,324,1524,440,6091,064,958 647,6441,133,3221,016,1372,834,721 Due from foreign banks 22 1 16 2 2 1 1 3 1 1 1 1 2 F. R. notes of other Banks... 198,242 4,554 32,539 14,633 9,848 23,325 18,000 21,939 11,275 15,267 7,760 10,686 28,416 items 3,843,878 283,712 759,355 248,182 346,896 307,414 244,401 626,673 171,358 105,175 198,702 165,567 386,443 Bank premises... 50,041 5,050 7,091 4,439 4,539 4,778 3,631 6,743 2,914 1,031 2,167 598 7,060 Other assets 192,809 11,491 48,649 11,283 16,880 11,177 10,616 32,204 7,808 4,757 9,051 8,057 20,836 Total assets 51,129,558 2,784,09613,127,0023,090,0374,412,1433,016,0542,542,0029,012,2732,109,1161,264,3132,176,8041,942,6935,653,025 Liabilities F. R. notes 26,033,313 1,590,918 5,709,3431,840,6682,419,1151,838,7621,390,5305,025,762 1,182,367 637,332 1,015,220 740,2312,643,065 Member bk.— reserve accts.19,308,535 774,526 5,926,506 884,6021,502,274 786,896 825,2043,207,686 679,705 461,792 880,285 953,7132,425,346 TT Q T-rn-irr gen. acct.... 642,404 51,582 154,159 46,891 49,591 47,465 37,601 55,132 42,031 26,100 46,064 21,908 63,880 Foreign 512,255 30,543 2159,241 37,553 46,064 25,035 21,530 68,596 19,027 12,518 19,027 22,532 50,589 Other 351,631 4,639 284,248 2,464 5,389 2,667 3,905 1,023 9,236 962 744 2,736 33,618 Total deposits... 20,814,825 861,290 6,524,154 971,5101,603,318 862,063 888,2403,332,437 749,999 501,372 946,1201,000,8892,573,433 ability cash items 3,158,668 261,670 579,767 195,442 286,421 254,818 211,345 497,548 130,948 95,216 171,230 150,129 324,134 Other liabilities and accrued dividends 20,693 1,253 6,372 1,149 2,127 912 881 3,236 762 651 769 712 1,869 Total liabilities.. 50,027,499 2,715,13112,819,6363,008,7694,310,9812,956,5552,490,9968,858,9832,064,0761,234,5712,133,3391,891,9615,542,501 Capital Accounts Capital paid in. . 261,550 14,235 81,559 17,821 24,850 11,389 11,033 33,712 8,991 5,843 10,021 13,204 28,892 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 228,290 15,257 50,985 15,380 21,242 15,513 13,408 33,521 11,900 7,695 10,382 10,840 22,167 Total liabilities and capital accounts 51,129,558 2,784,09613,127,0023,090,0374,412,1433,016,0542,542,0029,012,2732,109,1161,264,3132,176,8041,942,6935,653,025 Reserve ratio.... 44.7% 43.0% 46.6% 44.8% 46.2% 41.9% 40.1% 45.6% 43.2% 42.5% 41.3% 42.0% 44.7% Contingent liability on acceptances purchased for foreign correspondents 26,255 1,602 3 7,745 1,969 2,415 1,313 1,129 3,597 998 656 998 1,181 2,652 Industrial loan commitments.. 3,342 1,494 749 52 138 31 878 1 After deducting $16,000 participations of other Federal Reserve Banks. * After deducting $352,994,000 participations of other Federal Reserve Banks. •After deducting $18,510,000 participations of other Federal Reserve Banks. 1062 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS FEDERAL RESERVE BANKS COMBINED In thousands of dollars! Wednesday figures End of month Item 1953 1953 1952 Sept.30 Sept.23 Sept. 16 Sept. 9 Sept.2 Sept Aug Sept. F. R. notes outstanding (issued to Bank) ?7 107,943?7 107 644 27 213 18327,121.080 ?6 928, 97 ,107, 94 3->(> Q?? 781 76 ,130,702 Collateral held against notes outstanding: Gold certificates 11 463 000 11 463 000 11,563,000 11,518,000 11,193, 000 11,463,000 11 993 000 n,204,000 Eligible paper 191,182 86,828 154,642 312,452 212,967 191,182 188 257 254,966 U. S. Government securities.»..- 16 620,00016 620,00016,520,000 16,320,00016,410, 00016,620, 00015 650 00013,625,000 Total collateral 28 274,18228 169,82828,237,642 28,150,452 27,815, 967 28,274, 182 27 831 257 27,083,966 EACH FEDERAL RESERVE BANK ON SEPTEMBER 30, 1953 [In thousands of dollars] San Item Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c r is a c n o - F. R. notes outstanding (issued to Bank) 27,107,9431,657,913 5,938,2791,917,6112,508,5741,911,9471,451,599 5,162,0081,252,458 650,5441,049,667780,3262,827,017 Collateral held: Gold certificates11,463,000 640,000 3,220,000 745,0001,000,000 600,000 385,000 2,400,000 355,000175,000 28800,,000000 283,000L, 380,000 Eligible paper.. 191,182 6,385 7,360 3,650 26,748 3,310 24,725 38,519 80,485 U. S. Govt. securities 16,620,0001,200,000 2,900,0001,200,0001,550,0001,350,0001,100,000 2,900,000 975,000 500,000 800,000 525,000 1,620,000 Total collateral.. 28,274,182 1,846,385 6,127,360 1,948,650 2,550,0001,976,7481,485,0005,300,000 ,333,310 699,7251,118,519 808,000 3,080,485 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] W D e a d te n e ( s l d as a t y A a p t p p o p l i r c d o a a v t t i e e o d ns b p u r A o t p v n - e o d t L o o u a t n - s C m om en m ts it-o in p f g a f t i i i n o n a n s n t s c i- - Guaranteed loans Guaranteed Additional or last day com- standing2 out- tutions authorized loans amount of period) pleted 1 (amount) standing out- to dite outstanding available to N b u e m r - Amount (amount) (amount)s (a ta m n o d u in n g t) ' • L p J vate u b n o d r e r r o w gu er a s r- 1945 3,511 544,961 320 1,995 1,644 1,086 N b u e m r - Amount a T m o o t u a n l t g P u o te a r e r ti a d o n n - a o n u t t m e s e t e a n a n g t d s r i e n e g - 1946 3,542 565,913 4,577 554 8,309 2,670 1 1 9 9 4 4 7 8 ... 3 3, , 6 5 0 7 7 4 6 5 1 8 5 6, , 7 6 2 5 6 3 9 3 4 3 5 5 1,3 9 8 9 7 5 7 1, , 6 4 4 3 3 4 4 1 , , 8 99 6 0 9 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 Aug. 31. . . 3,750 748,451 2,142 4,690 6,152 10,128 June 30... 484 654,893 252,100 209,465 276,702 Sept. 30... 3,750 752,042 1,370 4,496 6,327 9,978 Sept.30.. . 729 1,154,942 492,167 400,652 450,013 Oct. 31... 3,751 757,277 1,601 4,311 3,720 7,174 Dec. 31... 854 1,395,444 675,459 546,597 472,827 Nov. 30. .. 3,752 762,620 1,351 3,868 4,044 7,010 1952 Dec. 31... 3,753 766,492 1,638 3,921 3,210 3,289 1953 Mar. 31... 971 1,677,786 836,739 672.974 467,392 June 30... 1,050 1,867,643 883,262 703.774 615.139 Jan. 31. .. 3,754 770,541 2,513 3,895 3,176 3,236 Feb. 28. .. 3,755 773,013 1,185 4,054 2,816 3,234 July 31... 1,066 1,922,388 909,688 726.452 648,065 Mar. 31. . . 3,756 776,461 1,188 3,678 2,756 3,193 Aug. 31... 1,092 2,023.403 907,899 725.943 692,067 Apr. 30. .. 3,757 780,468 1,751 3,485 2,866 3,131 Sept.30... 1,113 2,052,327 922,129 736,833 656,995 May 31. .. 3,755 784,246 1,698 3,706 2,671 3,141 Oct. 31... 1,130 2,069,697 993,856 811,132 591,762 June 30. .. 3,758 788,058 1,646 3,223 3,142 3,141 Nov.30... 1,143 2,081,888 989,678 811,117 600,304 July 31. 3,759 790,798 1,162 3,292 3,304 3,129 Dec. 31... 1,159 2,124,123 979,428 803,132 586,303 Aug. 31... 3,760 793,196 1,492 2,801 3,355 2,955 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 inc 2 l u In d c e l d u d i e n s i i n n d d u u s s t t r r i i a a l l l l o o a a n n s s p o a u s t t s t d a u n e d i 3 n g m o in n t w hs e e o k r l y m o st r a e t , e w m h e i n ch t o a f r e c n o o n t - A M p a r r . . 3 30 1 . .. . . . l 1 ] 12 2 1 0 2 4 2 2 , , 1 2 9 1 0 1 , , 6 2 4 0 3 1 1,0 9 2 7 3 2 , , 6 1 6 9 6 3 8 8 3 0 8 1 . , 7 9 0 4 4 5 5 46 2 9 0 , , 3 5 2 1 4 7 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 June30... 11 237 2,283,755 906,584 748,691 487,928 discount. July 31... l! 244 2,292,777 891,865 736,723 482.394 NOTE.—The difference between amount of applications approved and Aug. 31... 1,259 2,301,987 868,274 716,618 444,265 the sum of the following four columns represents repayments of advances, and applications for loans and commitments withdrawn or NOTE.—The difference between guaranteed loans authorized and expired. sum of loans outstanding and additional amounts available to borrowers under guarantee agreement outstanding represents amounts repaid, guarantees authorized but not completed, and authorizations expired or withdrawn. OCTOBER 1953 1063 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 September 30] Assets Fees Payable to Guaranteeing Agency by Financing Institution on Depos- Percentage o G f uaranteed Po G ( r p t u e i r a o c r n e a n n o t f t a e L g e e o f a e o n e f an P y e r c c o e m nt m ag it e m o e f nt End of month a i n b to c a r e l s s - ' J Total d b C e t a o p i a n n r o s k y s h s i- G s U m e o t c v . i e u e e n r s S r t i n . - - r f e C u e s n t a e c d r s 1 v h s, e 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 Over 95 40-50 40-50 1952—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 2.477 2,665 33 2,488 144 June. P2,459 July- r>2 438 August ^2,419 * Preliminary. 'Outstanding principal, represented by certificates of deposit. aIncludes 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 DBBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Debits to total demand and time deposit Annual rate of turnover of total accounts, except interbank accounts deposits except interbank deposits (old series) (old series) Year or month Total, all New 140 Other New Other reporting York other reporting York reporting centers Cityi centersx centers City centers 1947 1^25,074 405,929 599,639 119,506 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 centers2 centers3 City centers2 1952 1,643,130 597,815 349,904 695,411 34.4 24.1 18.4 1952—August 122,200 42,778 25,550 53,873 29.6 20.8 16.9 September 136,067 49,131 28,611 58,325 35.4 24.3 18.9 October... 150,486 54,893 32,322 63,271 36.4 25.0 18.6 November 127,665 44,209 27,064 56,392 34.1 24.1 19.2 December. 165,140 63,091 35,179 66,871 41.8 26.9 19.8 1953—January... 145,988 52,048 31,660 62,281 34.3 23.9 18.4 February., 129,319 45,749 28,126 55,443 35.1 24.4 18.9 March 153,511 53,898 35,339 64,274 37.1 28.3 19.4 April 145,740 52,038 32,742 60,961 35.4 26.0 18.4 May 142,167 50,255 32,283 59,630 35.6 25.5 18.8 June , 154,098 56,623 33,807 63,668 38.9 25.9 19.3 July 148.128 51.799 32,683 63,646 36.0 25.0 19 2 August 134,589 45,516 29,958 59,115 32.2 23.0 17.8 National series, now discontinued, for which debit figures are available 1919-52. 2Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los Angeles. 8In 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. 1064 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS [Outside Treasury and Federal Reserve Banks. In millions of dollars] Total Coin and small denomination currency 2 Large denomination currency2 End of year or in cir- Unasmonth cula- sorted tion1 Total Coin 3$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 1940 8,732 6,247 648 610 39 1,129 2,021 1,800 2,489 538 1,112 227 523 30 60 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1942 15,410 11,576 880 801 55 1,693 4,051 4,096 3,837 1,019 1,910 287 586 9 25 1943 20,449 14,871 1,019 909 70 1,973 5,194 5,705 5,580 1,481 2,912 407 749 9 22 1944 25,307 17,580 1,156 987 81 2,150 5,983 7,224 7,730 1,996 4,153 555 990 10 24 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7.834 2,327 4.220 454 801 7 24 1946 28,952 20,437 1,361 1,029 67 2,173 6,497 9,310 8,518 2,492 4.771 438 783 8 26 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 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 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 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 1951 29,206 20.530 1,654 1,182 67 2,no 6.329 9,177 8,678 2,544 5,207 355 556 4 12 1952—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 September.. . 29.419 20,739 1,705 l|l64 68 2,070 6,368 9,365 8,682 2,559 5,252 342 517 4 8 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 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 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 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 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 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 August. 30,248 21,331 1,778 1,182 70 2,061 6,531 9,709 8,918 2,655 5,423 334 494 4 8 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 3Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. 8Paper 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 leld in the Treasury Money in circulation x Money Total out- held by standing, As security For Federal Au 1 g 9 . 5 3 3 1, g a o s g l i d a lv i a n e n r st d Tr c e a a s s h ury B R F an e e d s k e e s r r a v a n e l d B R a a n e g s k e e s n r a t v s n e d Au 1 g 9 . 5 3 3 1, Ju 1 l 9 y 5 3 3 1. Au 1 g 9 . 5 2 31, certificates agents Gold 22,178 21.029 -993 Gold certificates 21,029 18.177 2.816 36 36 38 Federal Reserve notes.. 26.923 64 1,121 25,738 25.618 24.870 Treasury currency—total 4,867 32.379 56 337 4.474 4,466 4,385 Standard silver dollars 492 249 34 3 205 204 195 Silver bullion 2.130 2.130 Silver certificates and Treasury notes of 1890.. *2.379 272 ' ' 2,'WS' ' 2^108 2,081 Subsidiary silver coin 1 204 17' 31 1,156 1,151 1,102 Minor coin 421 1 4 416 414 398 United States notes 347 25 319 317 316 Federal Reserve Bank notes 199 (») ? 197 198 217 National Bank notes 73 (5) (r0 " 73 73 77 Total—Aug 31 1953 f4) 23.408 1.269 18,177 4.274 30,248 July 31, 1953 (4) 23.509 1 .263 18.270 4.268 30J20 Aug. 31 1952. . . . (4) 24,544 1,269 19.331 4.240 29,293 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. 1057. includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890. 8To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding is not included in total Treasury currency outstanding. * Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special significance and is not shown. See note for explanation of these duplications. 6 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. OCTOBER 1953 1065 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM ALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS, POSTAL SAVINGS SYSTEM, AND TREASURY CURRENCY FUNDS * [Figures itartly estimated except on cal1 dates. In millions of dollar3 Assets Liabilities and Capital Bank credit Total assets, Date Treas- U. S. Government obligations l T ia o b t i a l l - Total Ca a p n i d tal ury ities deposits misc. Gold r c e u n r c - y Total Lo n a e n t s, Total m C a e o r n m c d ia - l R Fe e d se e r r v a e l Other O s r e i t t c h i u e e s - r ca a n p n e i d t t al, cu a rr n e d ncy co n a u c e n - t ts, savings Banks banks 1929—-June 29 4,037 2,019 58 642 41,082 5 741 5 499 216 26 11,819 64,698 55,776 8,922 1933_june 30 4 031 2,286 4? 148 21,957 10 328 8 199 1,998 131 9,863 48,465 4?, 029 6 436 1939—Dec. 30 17,644 2,963 54 564 22,157 105 19 417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31 7? 737 3,247 64 653 26,605 79 049 75 511 2,254 1,284 8,999 90,637 87,811 7 826 1945—Dec. 31 065 4,339 T67 381 30,387 178 417 101 288 24,262 2,867 8,577 191.785 180,806 10,979 1947—Dec. 31 7? 754 4,562 160 832 43,023 107 086 81 199 22,559 3,328 10,723 188,148 175,348 1? 800 1948—Dec. 31 244 4,589 160 457 48,341 100 694 74 097 23,333 3,264 11,422 189 290 176,121 n, 168 1949—Dec. 31 74 427 4,598 681 49,604 100 456 78 433 18,885 3,138 12,621 191,706 177,313 14 392 1950—.Dec. 30 77 ,706 4,636 171 667 60,366 96 560 7? 894 20,778 2,888 14,741 199 009 184 385 14,624 1951—June 30 71 ,756 4,655 m ,447 63,821 94 450 68 776 22,982 2,742 15,176 199,858 185,038 14 820 Dec. 31 22,695 4,706 181,323 67,597 97 808 71 343 23,801 2,664 15.918 208,724 193,404 15.320 1952—June 30 23,346 4,754 182,98G 69,712 96 266 70 783 22,906 2,577 17,002 211,080 194,960 16 120 Aug. 27 300 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 7? 400 23,600 2 600 17,300 217 000 190 900 17 100 Nov.26 73 300 4,800 191,500 74,300 99 900 73 600 23,800 2,600 17,300 219,600 70? 700 16 900 Dec. 31 . .... 23, 187 4,812 192,866 75,484 100,008 72 740 24,697 2,571 17,374 220,865 204 220 16 647 1953—Jan. 28 000 4,800 191,200 74,900 98.800 7? 300 24,000 2,600 17 500 219 000 707 100 16 900 Feb. 25 22 700 4,800 190,300 75,000 97,800 71 400 23,900 2,500 17,500 217 800 701 000 16 800 Mar. 25 22 600 4,800 190,200 76,000 96,400 70 000 23,900 2,500 17,800 217,600 200 600 17 000 Apr. 29 22,600 4,800 189,000 76,500 94,700 68 400 23,800 2,500 17,800 216,400 199 100 17 300 May 27 22,500 4,800 188,900 76,600 94,400 67 800 24,100 2,500 17,800 216,200 199 100 17 200 June 30 7? 463 4,854 190,277 77,071 9S,350 68 108 24,746 2 496 17,856 217 594 700 360 17 234 July 29?"- 22,300 4,900 195,500 77,400 100,200 72 700 25,000 2,500 18,000 222,700 205 100 17 600 Aug. 26? 22 200 4,900 195,400 77,700 99,600 72 100 25,000 2,500 18,200 222,500 204 800 17 700 Deposits and Currency U.S. Governmentbalances Deposits adjusted and currency r>ate Total d F e o b p n r a o e e n i s t k g it n s, T c u r a e r s a y h s- A m sa t a e v c n r i c o n d i m g a s l - R Fe e A d se e t r r v a e l Total d D e e p m os a i n ts d 2 Total m T C e i o r m m ci e a - l dep M s o a s v u i i t t n u s3 g a s l S P a o v s in ta g l s o r u C e t n u s c i r d - y e banks Banks banks banks* System banks 1929—June 29 55 776 365 204 381 36 54 790 22,540 28,611 19,557 8,905 149 1 639 1 19 9 3 3 9 3 — — D juence. 3 3 0 0 . 4 6 7 8 0 3 2 5 9 9 1,21 5 7 0 7,4 2 0 64 9 8 8 5 4 2 6 6 3 3 5 4 4 6 0 3 8 7 2 5 8 3 2 1 9 4 , , 7 4 9 1 3 1 2 2 1 7 , , 6 0 5 5 6 9 1 1 0 5 , , 8 2 4 5 9 8 1 9 0 , , 6 5 2 2 1 3 1 1 2 1 7 8 8 6 4 6 4 7 0 6 1 1 1941—Dec. 31 8? 811 1,498 ,215 1,895 867 76 336 38,992 27,729 15,884 10,532 1 313 Q,615 1945—Dec. 31 180 806 2,141 ,287 24,608 977 150 793 75,851 48,452 30,135 15,385 7 932 ?6,490 1947—Dec. 31 175 348 1,682 ,336 1,452 870 170 008 87,121 56,411 35,249 17,746 3 416 76 476 194g—Dec. 31 176 121 2,103 ,325 2,451 1,123 169 119 85,520 57,520 35,804 18,387 3 329 76 079 1949—Dec. 31 177 313 2.150 ,312 3,249 821 169 781 85,750 58,616 36,146 19,273 3 197 ?5,415 1950—Dec. 30 184,385 2,518 ,293 2,989 668 176 917 92,272 59,247 36,314 20,009 2 923 75 398 1951—June 30 185,038 2,424 ,281 6,332 317 174 684 88,960 59,948 36,781 20,382 2 785 75,776 Dec. 31 ,404 2,279 ,279 3,615 247 185,984 98,234 61,447 37.859 20,887 2 701 76 1952—June 30 194,960 2,319 ,283 6,121 333 184,904 94,754 63,676 39,302 21,755 2 619 26,474 Aug. 27 197,000 2,600 1,300 6,200 700 186,200 95,800 64,100 39,600 22,000 ?.600 76 WO Sept 24 . 197,900 2,500 1,300 6,500 300 187,400 96,400 64,500 39,800 22,200 7 600 76,600 Oct. 29 199,900 2,500 1,300 5,300 600 190,200 98,600 64,900 40,100 22,200 7 600 76 700 Nov. 26 ,700 2,500 1,300 7,000 300 191 600 99.400 64,800 40,000 22,300 2,600 77 400 Dec. 31 704,220 2,501 1,270 5,259 389 194,801 101,508 65,799 40,666 22,586 7 547 77,494 1953—Jan. 28 ,100 2,500 1,300 4,200 700 ,300 100,500 66,100 40,700 22,800 7 500 ,800 Feb. 25 701,000 2,300 I ,300 5,400 400 191,600 98,300 66,400 41,000 22,900 7,500 76,900 Mar. 25 700,600 2,400 1,300 5,800 191,000 97,400 66,800 41,200 23,100 7,500 76 900 Apr. 29 199,100 2,400 1,300 2,900 400 19?,200 98,000 67,200 41,500 23,300 7 500 ?7,000 May 27 199,100 2,400 1,300 2,900 400 197 ,100 97,500 67,600 41,700 23,400 7 500 77,000 June 30 200,360 2,467 1,259 3,942 132 192,560 96,898 68,293 42,245 23,589 2,459 27,369 July 29P r 705,100 2.500 1,300 7,500 800 ,000 97.400 68,400 42,300 23,700 ,400 ?7,200 Aug. 204,800 2,400 1,300 7,000 700 193,400 97,500 68,700 42,500 23,800 2,400 27,300 p Preliminary. r Revised. 1 Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund. 'Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. •Excludes interbank time deposits; United States Treasurer's time deposits, open account; and deposits of Postal Savings System in banks. •Prior to June 30, 1947, includes a relatively small amount of demand deposits. »Less than 50 million dollars. 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. 1066 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES * PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of bank Cash Total Number and date U.S. assets1 Inter- a c c a c p o i u ta n l t; ba o n f ks Total Loans Govern- Other Total i bank i Total o m bl e ig n a t - s r e it c i u es - m D a e n - d Time tions All banks: 1939—Dec. 30. . .. 50,884 22,165 28,719 19,417 9,302 23,292 68,242 9,874 32,516 25,852 8,194 15,035 1941—Dec. 31 61,126 26,615 34,511 25,511 8,999 27,344 81,816 10,982 44,355 26,479 8,414 14,826 1945—Dec. 31 140,227 30.362 109,865 101,288 8,577 35,415 165,612 14,065 105,935 45,613 10.542 14,553 1947—Dec. 312... 134,924 43,002 91,923 81,199 10,723 38,388 161,865 13,033 95,727 53,105 11,948 14,714 1948—Dec. 31 133,693 48,174 85,519 74,097 11,422 39,474 161,248 12,269 94,671 54,308 12,479 14,703 1949—Dec. 31 140,598 49,544 91,054 78,433 12,621 36,522 164,467 12,710 96,156 55,601 13,088 14,687 1950—Dec. 30 148,021 60,386 87,635 72,894 14,741 41,086 175,296 14,039 104,744 56,513 13,837 14,650 1951—Dec. 31 154,869 67,608 87,261 71,343 15,918 45,531 185,756 15,087 111,644 59,025 14,623 14,618 1952—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 Aug. 27 160,100 70,970 89,130 71,670 17,460 39,160 182,770 12,890 108,020 61,860 15,070 14,603 Dec. 31 165,626 75,512 90,114 72,740 17,374 45,584 195,552 15,321 116,633 63,598 15,367 14,575 1953—Mar. 25.... 164,610 76,820 87,790 70,040 17,750 40,300 187,660 12,900 110,110 64,650 15,490 14,556 Apr. 29 163,310 77,110 86,200 68,400 17,800 39,410 185,460 12,690 107,740 65,030 15,570 14,546 May 27 163,100 77,420 85,680 67,840 17,840 39,240 185,030 12,650 106,960 65,420 15,680 14,546 June 30.... 163,082 77,117 85,965 68,108 17,856 42,023 189,159 13,600 109,389 66,170 15,791 14,537 July 29P»\ . 168,500 77,850 90,650 72,700 17,950 39,230 190,620 12,960 111,320 66,340 15,810 14,534 Aug. 26?. . . 168,590 78,370 90,220 72,070 18,150 39,060 190,350 12,920 110,850 66,580 15,890 14,532 All commercial banks 1939—Dec. 30 40,668 17,238 23,430 16,316 7,114 22,474 57,718 9,874 32,513 15,331 6,885 14,484 1941—Dec. 31 50,746 21,714 29,032 21,808 7,225 26,551 71,283 10,982 44,349 15,952 7,173 14,278 1945—Dec. 31 124,019 26,083 97,936 90,606 7,331 34,806 150,227 14,065 105,921 30,241 8,950 14,011 1947—Dec. 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 39,614 12,601 14,070 Aug. 27 136,550 60,210 76,340 61,960 14,380 38,380 160,770 12,890 107,990 39,890 12,630 14,074 Dec. 31 .... 141,624 64,163 77,461 63,318 14,143 44,666 172,931 15,319 116,600 41,012 12,888 14,046 1953—Mar. 25 140,000 65,170 74,830 60,520 14,310 39,420 164,530 12,900 110,080 41,550 12,980 14,028 Apr. 29. . . . 138,520 65,280 73,240 58,890 14,350 38,560 162,180 12,690 107,710 41,780 13,070 14,018 May 27. . . . 138,100 65,440 72,660 58,310 14,350 38,450 161,630 12,650 106,930 42,050 13,180 14,018 June 30.... 137,957 65,025 72,932 58,644 14,287 41,156 165,531 13,598 109,352 42,581 13,275 14,009 July 29v. . 143,190 65,630 77,560 63,220 14,340 38,420 166.880 12,960 111,290 42,630 13,290 14,006 Aug. 26P. . . 143,130 66,040 77,090 62,590 14,500 38,260 166,520 12,920 110,810 42,790 13,350 14,004 All member banks: 1939—Dec. 30 ... 33,941 13,962 19,979 14,328 5,651 19,782 49,340 9,410 28,231 11,699 5,522 6,362 1941—Dec. 31 43,521 18,021 25,500 19,539 5,961 23,123 61,717 10,525 38,846 12,347 5,886 6,619 1945—Dec. 31 107,183 22,775 84,408 78,338 6,070 29-845 129,670 13,640 91,820 24,210 7.589 6.884 1947—Dec. 31 97,846 32,628 65,218 57,914 7,304 32,845 122,528 12,403 81,785 28,340 8,464 6,923 1948—Dec. 31 95,616 36,060 59,556 52,154 7,402 34,203 121,362 11,641 80,881 28,840 8,801 6,918 1949—Dec. 31. ... 101,528 36,230 65,297 56,883 8,414 31,317 123,885 12,097 82,628 29,160 9,174 6,892 1950—Dec. 30 107,424 44,705 62,719 52,365 10,355 35,524 133,089 13,447 90,306 29,336 9,695 6,873 1951—Dec. 31 112,247 49,561 62,687 51,621 11,065 39,252 141,015 14,425 95,968 30,623 10,218 6,840 1952—June 30 113.502 50.526 62,976 51,261 11,715 36,046 138,769 12,812 94,169 31.788 10,526 6,815 Aug. 27 115,220 51,331 63,889 51,839 12,050 33,730 136,873 12,215 92,687 31,970 10,549 6,810 Dec. 31 .... 119,547 55,034 64,514 52,763 11,751 39,255 147,527 14,617 100,020 32,890 10,761 6,798 1953—Mar. 25 . ... 117,894 55,864 62,030 50,117 11,913 34,704 139,911 12,308 94,320 33,283 10,839 6,776 Apr. 29 .... 116,377 55,868 60,509 48,549 11,960 34,017 137,738 12,116 92,148 33,474 10,906 6,769 May 27. ... 115,922 56,006 59,916 47,982 11,934 33,936 137,209 12,083 91,459 33,667 11,000 6,771 June 30. ... 115,789 55,613 60,176 48,318 11,858 36,467 140,830 12,933 93,780 34,117 11,070 6,765 July 29*"\ . 120,546 56,128 64,418 52,500 11,918 33,883 141,914 12,318 95,474 34,122 11,077 6,762 Aug. 26P. . . 120,398 56,491 63,907 51,859 12,048 33,730 141,507 12,278 94,995 34,234 11,116 6,759 All mutual savings banks: 1939—Dec. 30 10,216 4,927 5,289 3,101 2,188 818 10,524 3 10,521 1,309 551 1941—Dec. 31 10,379 4,901 5,478 3,704 1,774 793 10,533 6 10,527 1,241 548 1945—Dec. 31 16.208 4,279 11,928 10,682 1,246 609 15,385 14 15,371 1,592 542 1947—Dec. 31 2 18,641 4,944 13,696 11,978 1,718 886 17,763 17 17,745 1,889 533 1948—Dec. 31 19,395 5,686 13,709 11,476 2,233 878 18,405 17 18,387 1,999 532 1949—Dec. 31 20t400 6,578 13,822 11,428 2,394 873 19,293 20 19,273 2,122 531 1950—Dec. 30 21,346 8,137 13,209 10,868 2,342 797 20,031 22 20,009 2,247 529 1951—Dec. 31 22,259 9,862 12.398 9.819 2,579 886 20,915 26 20,888 2.407 529 1952—June 30 23.091 10,509 12,582 9,606 2,976 966 21.782 26 21,755 2,438 529 Aug. 27 23,550 10,760 12,790 9,710 3,080 780 22,000 30 21,970 2,440 529 Dec. 31 24,003 11,349 12,654 9,422 3,231 918 22,621 33 22,586 2,479 529 1953—Mar. 25 24,610 11,650 12,960 9,520 3,440 880 23,130 30 23,100 2,510 528 Apr. 29 24,790 11,830 12,960 9,510 3,450 850 23,280 30 23,250 2,500 528 May 27 25,000 11,980 13,020 9,530 3,490 790 23,400 30 23,370 2,500 528 June 30 25,124 12,091 13,033 9,464 3,569 867 23,628 37 23,589 2,516 528 July 29*"\ . . 25,310 12,220 13,090 9,480 3,610 810 23,740 30 23,710 2,520 528 Aug. 26P. . . . 25,460 12,330 13,130 9,480 3,650 800 23,830 40 23,790 2,540 528 P Preliminary. r Revised. * "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. OCTOBER 1953 1067 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES •—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of bank Cash c T ap o i t t a a l l Nu o m f ber and date U.S. assetsl Inter- accounts banks Total Loans Govern- Other Total i bank i Total o m bl e ig n a t - s ri e t c ie u s - m D a e n - d Time tions Central reserve city member banks: New York City: 1939—Dec. 30 9,339 3,296 6,043 4,772 1.272 6,703 14,509 4.238 9,533 736 1,592 36 1941—Dec. 31 12,896 4,072 8,823 7,265 1,559 6,637 17,932 t1,207 12,917 807 1,648 36 1945—Dec. 31 26,143 7,334 18,809 17,574 1,235 6,439 30,121 t1,657 24,227 1,236 2,120 37 1947—Dec. 31 20,393 7,179 13,214 11,972 1,242 7,261 25,216 i1,464 19,307 ,445 2,259 37 194g—Dec. 31 18,759 8,048 10,712 9,649 1,063 7,758 24,024 i1,213 18,131 11.680 2,306 35 1949—Dec. 31 19,583 7,550 12,033 10,746 1,287 6,985 23,983 t1,192 18,139 1,651 2,312 25 1950—Dec. 30 20,612 9,729 10,883 8,993 1.890 7,922 25,646 i1,638 19,287 .722 2,351 23 1951—Dec. 31, 21,379 11,146 10,233 8,129 2,104 8,564 26,859 i1,832 20,348 1,679 2,425 22 1952—June 30 21,710 11,268 10.442 8.212 2.231 8.135 26,745 i1,639 20.311 .79S 2.460 22 Aug. 27 21,325 11,142 10,183 7,839 2,344 6,769 24,746 i1,102 18,957 ,687 2,473 22 Dec. 31 22.130 12,376 9,754 7,678 2,076 8,419 27,309 i1,965 20,504 1.840 2,505 22 1953—Mar. 25 21,185 12,335 8,850 6,717 2,133 7,227 24,942 i1,292 18,773 1,877 2,520 22 Apr. 29 20,637 12,305 8,332 6,229 2,103 7,008 24,286 t1,345 18,088 .853 2,528 22 May 27 20.542 12.377 8.165 6.164 2.001 6.920 24.093 i1,356 17.887 .850 2.537 22 June 30 20,452 11,883 8,569 6,639 1,930 7,879 25,244 1,578 18,736 .930 2,544 22 July 29P*\ . . . 21,742 11,914 9,828 7,838 1,990 6,751 25,205 t1,336 18,994 1,875 2,546 22 Aug. 26* 21,407 12,003 9,404 7,380 2,024 6,655 24,706 i1,267 18,605 1,834 2,550 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 3,237 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 IS 1949—Dec. 31 5,424 1,618 3,806 3,324 482 1,850 6,810 1,191 4,535 1,083 470 13 1950—Dec. 30 5,569 2,083 3,487 2,911 576 2,034 7,109 1,228 4,778 1,103 490 13 1951—Dec 31 5.731 2,468 3,264 2.711 552 2,196 7,402 1,307 4,952 L.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 Aug. 27 5,735 2,401 3,334 2,763 571 2,022 7,129 1,199 4,784 L,146 529 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—Mar. 25 6,033 2,604 3,429 2,864 565 1,922 7,122 1,133 4,835 1,154 539 13 Apr. 29.... 5,588 2,547 3,041 2.455 586 2,051 7,006 1,144 4,688 1,174 541 13 May 27 5.560 2,595 2.965 2,426 539 2,014 6.947 1.137 4.625 1,185 545 13 June 30 5,627 2 552 3,075 2,529 546 2,058 7,119 1 .216 4.696 L,2O7 551 13 July 29* 6,116 2,712 3,404 2,816 588 1,992 7,397 1 ,201 5,000 1,196 547 13 Aug. 26P 5,984 2,670 3,314 2,758 556 2,006 7,357 1,224 4,943 1,190 552 13 Reserve city member banks: 1939—Dec. 30. 12,272 5,329 6,944 5,194 1,749 6,785 17,741 3,686 9,439 i1,616 1,828 346 1941—Dec. 31 .... 15,347 7,105 8,243 6,467 1,776 8,518 22,313 4,460 13,047 4L 806 1,967 351 1945—Dec. 31 40,108 8,514 31,594 29,552 2,042 11,286 49,085 6,448 32,877 9,760 2,566 359 1947_Dec. 31 36,040 13,449 22,591 20,196 2,396 13,066 46,467 5,649 29,395 11,423 2,844 353 1948—Dec. 31 35,332 14,285 21,047 18,594 2,453 13,317 45,943 5,400 29,153 11,391 2,928 335 1949—Dec. 31 38,301 14,370 23,931 20,951 2,980 12,168 47,559 5,713 30,182 11,664 3,087 341 1950—Dec. 30 . 40,685 17,906 22,779 19,084 3,695 13,998 51,437 6,448 33,342 11,647 3,322 336 1951—Dec. 31. . 42,694 19.651 23,043 19.194 3.849 15,199 54,466 6,976 35.218 12,272 3,521 321 1952—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 Aug. 27. . 44,086 20,290 23,796 19,404 4,392 13,308 53,090 5,876 34,362 12,852 3,655 319 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—Mar. 25.. 45,085 22,274 22,811 18,439 4,372 13,848 54,527 5,831 35,298 13,398 3,780 322 Apr. 29. . 44,591 22,162 22,429 18,006 4,423 13.447 53.419 5,613 34,334 13,472 3.803 321 May 27.. 44.304 22,138 22.166 17,657 4.509 13.525 53.279 5.593 34.113 13,573 3.844 321 June 30. . 44.352 22,150 22,201 17,756 4,446 14,447 54,861 6,066 35,052 13,743 3,874 321 July 29P' 46,252 22,339 23,913 19,481 4,432 13,575 55,299 5,756 35,819 13,724 3,871 321 Aug. 26?. 46,397 22,552 23,845 19,339 4,506 13,546 55,338 5,760 35,798 13,780 3,881 319 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 Aug. 27 44,074 17,498 26,576 21,833 4,743 11,631 51,907 1,038 34,584 16,285 3,892 6,456 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—Mar. 25 45,591 18,651 26,940 22,097 4,843 11,707 53,320 1,052 35,414 16,854 4,000 6,419 Apr. 29. 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 27 45,516 18,896 26,620 21,735 4.885 11,477 52.890 997 34.834 17,059 4,074 6,415 June 30 45,359 19,028 26,330 21,394 4,936 12,083 53,606 1,073 35,295 17,237 4,101 6,409 July 29Pr. . . . 46,436 19,163 27,273 22,365 4,908 11,565 54,013 1,025 35,661 17,327 4,113 6,406 Aug. 26P 46,610 19,266 27,344 22,382 4,962 11,523 54,106 1,027 35,649 17,430 4,133 6,405 2Beginning with December 31, 1947, the all bank series was revised as announced in November 1947 by the Federal bank supervisory agencies. At that time a net of 115 noninsured nonmember commercial banks with total loans and investments of approximately 110 million dollars was added, and 8 banks with total loans and investments of 34 million were transferred from noninsured mutual savings to nonmember commercial banks. For other footnotes see preceding and opposite pages. 1068 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS— Continued [Amounts in millions of dollars] Loans and investments Deposits Investments Other Cla a s n s d o d f a b te ank Total Loans Total G o m U b ov l . e i e g n S r a t . n - - O s r e i t t c h i u e e s - r a C ss a e s t h s * Total 1 b In an te k r - 1 m D a e n - d Time a c c T a c p o o t i u t a a n l l ts N b u a m o n f b ks er tions All insured commercial banks: 1941—Dec. 31 49,290 21,259 28,031 21,046 6,984 25,788 69,411 10,654 43,059 15,699 6,844 13,426 1945—Dec 31 121.809 25,765 96,043 88,912 7,131 34,292 147,775 13,883 104,015 29,876 8,671 13,297 1947—Dec. 31 114,274 37,583 76,691 67,941 8,750 36,926 141,851 12,670 94,300 34,882 9,734 13,398 1950—Dec. 30 124,822 51,723 73,099 60,986 12,113 39,821 153,288 13,744 103,499 36,045 11,263 13,432 1951—Dec. 31 130,820 57,256 73,564 60,533 13,031 44,176 162,908 14,777 110,382 37,749 11,902 13,439 19S2—Dec 31 139,770 63,632 76,138 62,308 13,831 44,222 170,971 14,990 115,371 40,610 12,563 13,422 1953—June 30 136,144 64,522 71,622 57,667 13,955 40,756 163,650 13,242 108,222 42,186 12,950 13,417 National member banks: 1941—Dec. 31 27,571 11,725 15,845 12,039 3,806 14,977 39,458 6,786 24,350 8,322 3,640 5 117 1945—Dec 31 69.312 13,925 55,387 51,250 4,137 20,114 84,939 9,229 59,486 16,224 4,644 5,017 1947—Dec. 31 65,280 21,428 43,852 38,674 5,178 22,024 82,023 8,410 54,335 19,278 5,409 5 005 1950—Dec. 30 72,090 29,184 42,906 35,587 7,320 23,763 89,281 9,133 60,251 19,897 6,313 4,958 1951—Dec. 31 75,255 32,317 42,938 35,063 7,875 25,951 94,173 9,788 63,477 20,908 6,653 4 939 1952—Dec. 31 80,180 36,004 44,176 35,835 8,341 26,333 98,974 9,918 66,362 22,694 7,042 4 909 1953—june 30 .... 77,848 36,420 41,428 32,958 8,471 24,279 94,475 8,594 62,364 23,516 7,221 4 874 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 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 I 867 1947—Dec. 31 32,566 11,200 21,365 19,240 2,125 10,822 40,505 3,993 27,449 9,062 3,055 1,918 1950—Dec. 30 35,334 15,521 19,813 16,778 3,035 11,762 43,808 4,315 30,055 9,438 3,381 I 915 1951—Dec. 31 36,992 17,243 19,748 16,558 3,191 13,301 46,843 4,637 32,491 9,715 3,565 1,901 1952—Dec. 31 .... 39,367 19,030 20,337 16,928 3,409 12,922 48,553 4,699 33,658 10,196 3,719 L 889 1953—June 30 37,941 19,194 18,748 15,361 3,387 12,188 46,355 4,339 31,415 10,601 3,850 8Q1 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 2,992 11.647 10.584 1,063 4,448 18,119 244 12,196 5.680 L 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 21,912 353 14,415 7,144 1,686 6 602 1952—Dec. 31 20,242 8 605 11,638 9,556 2,081 4,970 23,464 373 15,351 7,740 L 804 6 627 19S3—Tune 30 20,375 8,915 11,460 9,361 2,099 4,292 22,841 309 14,443 8,090 9.9.7 6,655 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. 31* 2,009 474 1,535 1,280 255 576 2,251 363 1,411 478 325 783 1950—Dec. 30 1,853 527 1,327 1,040 286 468 1,976 294 1,224 458 327 689 1951—Dec. 31 1,789 490 1,299 991 308 469 1,932 308 1,235 388 314 650 1952—Dec. 31 1,854 531 1,322 1,010 312 444 1,960 329 1,229 402 326 624 1953—June 30 1,813 504 L.310 977 332 400 1,880 356 1,130 395 325 592 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 7 662 1945—Dec. 31 16,849 3.310 13,539 12,277 1,262 4.962 20,571 425 14,101 6,045 1,362 7 130 1947—Dec. 31 2 18,454 5,432 13,021 11,318 1,703 4,659 21,591 629 13,926 7,036 1,596 7,261 1950—Dec. 30 . ... 19,267 7 550 11,718 9,672 2,046 4,767 22,193 591 14,417 7,184 L 897 7 251 1951—Dec. 31 20,380 8,192 12,189 9,914 2,275 5,395 23,843 661 15,650 7,533 .999 7 252 1952—Dec. 31 22,096 9 136 12,960 10,567 2,393 5,414 25,424 702 16,580 8,142 2 129 7 251 1953—June 30. 22,188 9,419 12,769 10,339 2,431 4,691 24,722 665 15,572 8,485 2,207 7,247 Insured mutual savings banks: 1941—Dec. 31 1 693 642 1 050 629 421 151 1,789 1,789 52 1945—Dec 31 10 846 3 081 7 765 7 160 606 429 10,363 12 10 351 L 034 192 1947—Dec 31 12,683 3,560 9,123 8,165 958 675 12,207 1 14 12,192 1,252 194 1950—Dec 30 15,101 6,086 9,015 7,487 1,528 617 14,320 19 14,301 1,513 194 1951—Dec. 31 16,190 7,523 8,668 6,921 1,746 695 15,368 2 23 15,343 1,678 202 1952—Dec. 31 17,621 8,691 8,930 6,593 2,337 732 16,785 2 30 16,753 L.730 206 1953—June 30 18,610 9,325 9,284 6,642 2,642 692 17,695 2 35 17,657 771 213 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 « 5,957 1,384 4,573 3,813 760 211 5,556 3 5,553 637 339 1950—Dec 30 6,245 2,050 4,194 3,380 814 180 5,711 3 5,708 734 335 1951—Dec 31 6 069 2 339 3 730 2 897 833 191 5,547 3 5,544 729 327 1952—Dec. 31 6,382 2,658 3,724 2,829 895 187 5,836 3 5,833 749 323 1953—June 30 6,515 2,766 3,749 2,822 927 175 5,933 2 5,931 745 315 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 n series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-871. OCTOBER 1953 1069 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES * LOANS AND INVESTMENTS [In millions of dollars] Loans1 Investments Com- Loans for U. S. Government obligations Oblimer- purchasing ga- Total cial, or carrying Other tions Cla c s a s l a l o n d d f a b te ank i m n lo a v e a n e n n d s t s t s - Total i c 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 o t e a a e s t n a - e l s l v o i d t i n a 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 c o o a n a l f t d i e l t s - u s r t e i n t c i e u e 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 52,249 21,9272,905 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 25,879 3,408 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 27,871 3,9192,060 1,103 15,712 12,684 1,718 77,461 63,318 7,761 5,580 11,87838,077 22 10,1883,955 1953—June 30... 137,957 65,025 27,4183,675 1,719 1,074 16,231 14,111 1,737 72,932 58,644 5,050 5,092 11,25937,212 32 10,5333,754 All insured commercial banks: 1941—Dec. 31.. 49,290 21,259 9,214 1,450 614 662 4,773 4,545 28,031 21,046 988 3,159 12,797 4,102 3,651 3,333 1945—Dec. 31... 121,809 25,765 9,461 1,3143,1643,606 4,677 2,361 1,181 96,043 88,912 2,455 19,071 16,045 51,321 22 3,873 3,258 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 21,776 2,823 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 27,7393,805 2,050 1,082 15,572 12,603 1,683 76,138 62,308 7,622 5,494 11,71437,456 22 9,9773,854 1953—June 30. . .136,144 64,522 27,282 3,594 1,704 1,051 16,100 14,025 1,702 71,622 57,667 4,927 5,000 11,11936,589 32 10,3023,653 Member banks, total: 1941—Dec. 31... 43,521 18,021 8,671 972 594 598 3,494 3,<92 25,500 19,539 971 3,007 11,7293,832 3,090 2,871 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 14,271 44,792 163,254 2,815 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 24,3472,140 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 1,274 237 406 1,285 517 8,569 6,639 789 203 1,035 4,611 2 1,318 612 Chicago:* 1941—Dec# 31.. 2,760 954 732 6 48 52 22 6 1,806 1,430 256 153 903 119 182 193 1945—Dec. 31... 5,931 1,333 760 2 211 233 36 51 40 4,598 4,213 133 1,467 749 1,864 181 204 1947—Dec. 31... 5,088 1,801 1,418 3 73 87 46 149 26 3,287 2,890 132 235 248 2,274 213 185 1950—Dec. 30... 5,569 2,083 1,567 9 110 69 65 207 87 3,487 2,911 232 131 700 1,847 335 242 1951—Dec. 31... 5,731 2,468 1,977 16 94 63 70 180 109 3,264 2,711 334 332 520 1,526 351 201 1952—Dec. 31... 6,240 2,748 2,080 14 239 66 67 211 120 3,493 2,912 407 224 607 1,674 384 197 1953—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 11,594 142,934 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: 1 19 9 4 4 5 1 — — D D eecc#. 3 3 1 1 . . . . . . 3 1 5 2 , , 0 5 0 1 2 8 5 5, , 5 8 9 9 6 0 1 1 , , 6 4 7 8 6 4 6 64 5 8 9 4 2 2 0 4 1 7 8 1 3 1 1, , 8 8 8 2 1 3 7 1 0 7 530 363 2 6 9 , , 6 40 2 7 8 2 4 6 , , 3 9 7 9 7 9 6 1 3 1 0 0 5,102 4,5 4 4 81 4 1 2 6 , , 9 7 2 1 6 3 861 9 1 1 , , 2 3 2 4 2 2 1 1 , , 0 0 6 2 7 8 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 43,802 1,134 All nonmember banks: 2 1947—Dec. 31... 18,454 5,432 1,205 614 20 156 2,266 1,061 111 13,021 11,318 206 1,973 1,219 7,916 4 1,078 625 1950—Dec. 30... 19,267 7,550 1,405 1,096 31 130 3,024 1,807 134 11,718 9,672 571 501 2,979 5,618 3 1,478 567 1951—Dec. 31. .. 20,380 8,192 1,533 1,268 30 130 3,252 1,927 146 12,189 9,914 939 1,647 1,812 5,510 6 1,671 604 1952—Dec. 31... 22,096 9,136 1,639 1,503 29 137 3,505 2,288 141 12,960 10,567 1,196 1,325 2,043 6,000 3 1,781 613 1953—June 30. . . 22,188 9,419 1,655 1,441 32 141 3,610 2,499 151 12,769 10,339 987 1,285 2,017 6,047 3 1,855 576 * 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. 1070 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Time deposits Class a o n f d bank F s e w e R d r i e v e t r h - e a s l C i a n sh a w B n i a c t l e h - s m D d a e e n - - d In d t e e p r o b s a it n s k U. S. States C f e ie r d ti- vi I d n u d a i- ls, U G er . o n v S - - . S a t n a d tes vi I d n u d a i- ls r B o o w r - - C t a a p l icall date Re- vault do- posits Gov- and and partner- Inter- ment polit- partner- ings acserve mestic ad- ern- political offi- ships, bank and ical ships, counts Banks banks* justed8 Do- For- ment subdi- cers' and cor- Postal subdi-and cormestic4 eign visions checks, pora- Sav- visions poraetc. tions ings tions 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 1953—June 30. . 19,446 2,590 10,233 96,892 11,409 1,343 3,634 9,350 2,449 93,918 846 336 1,731 40,514 113 13,275 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—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 1953—June 30. . 19,446 2,559 9,885 95,795 11,241 1,305 3,620 9,211 2,431 92,961 696 336 1,675 40 176 103 12,950 Member banks, total: 1941—Dec. 31.. 12 396 1,087 6 246 33,754 <? 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 1,24322,179 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 5,346 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—oec# 31. . 942 36 200 3,153 1,292 20 1 552 237 66 3 160 719 377 1947—Dec. 31. . 1 070 30 175 3,737 1,196 21 72 285 63 3 853 2 9 902 426 1950—Dec. 30.. 1 216 30 133 3,954 1,177 48 174 284 70 4 250 3 3 10 1 089 490 1951—Dec. 31.. 1 407 32 165 4,121 1,269 38 242 240 66 4 404 1 5 11 1 128 513 1952—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 ,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 ,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 ,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 ,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 ,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 ,049 11 932 3,885 668 29,810 14 154 553 16 531 49 4,101 All nonmember banks:2 1947—Dec. 31 544 3,947 13 595 385 55 167 295 180 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 1 1 9 9 5 5 2 1 — — D D e ec c # . 3 31 1 6 6 7 3 2 5 4 4 , , 4 5 9 0 8 7 1 1 5 5 9 1 6 4 4 4 4 51 8 6 9 3 4 4 4 3 2 7 5 4 8 8 7 8 6 1 1 2 2 1 0 2 5 1 1 4 3 , ,4 1 2 1 6 3 1 15 2 2 8 2 2 5 2 3 2 1 9 7 8 7 7 , , 2 8 1 0 3 0 23 8 2 1 , , 1 9 2 9 9 9 1953—June 30. . 635 3, 856 15 118 462 43 256 946 193 13,177 160 27 335 8, 123 38 2,207 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. ^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. OCTOBER 1953 1071 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] Loans * Investments For purchasing or carrying securities U. £>. Government obligations Com- Total mer- Date or month m n l a o v e n a e n d n s t s t s - Total1 i t n c a r i d i n a a u d l l , s , - a T n o d b d r e o a k l e e r r s s To others e l s R o t a e a n a te l s b L a o t n o a k n s s O lo t a h n e s r Total c C t a if e t i e r - - s O s ri e t t h c ie e u r s t a c u g u r r l a i - - l G U t l i o i o o . g b v n a S - - t s . . O c t s u t i e h e r - s i e - r G U l t o i i o g o . b S v a - n - . t s . O c t s u t i e h e r - e s i- r Total Bills o d n e f e e d b s i - n t s - - Notes Jonds2 Total- Leading Cities 1952—September. 76,457 36 504 21, 523 1,429 789 5,943 692 6,695 39,953 32,269 2,654 3, 181 6,022 20,412 7,684 1953—July 78,451 39,457 22,628 1,756 756 6,315 649 7,973 38,994 31, 541 2,744 3, 885 5,511 9,401 7,453 August.... 79,583 39,798 22,886 1,785 741 6,342 654 8 01139,78532,243 2,603 4,805 5,403 9,4327,542 September. 79 164 40,014 23 071 ,809 731 6,382 663 7 98039,15031 594 2,197 5,223 6,02818,1467,556 July 1... 76,545 39,649 22,585 1,719 755 6,302 948 7,96036,896 29,501 2,514 2,090 5,54119,3567,395 July 8... 76,067 39,366 22,590 1,603 747 6,306 767 7 97336,701 29,262 2,309 2,095 5,53419,3247,439 July 15. .. 80 048 39,268 22 651 1,764 751 6,322 428 7 97240,78033 326 3,085 5,227 5,54819 4667,454 July 22... 79 992 39,623 22 671 1,863 764 6,322 655 7 96740,369 32,911 2,956 5,030 5,49019 4357,458 July 29. .. 79 606 39,381 22 643 1,830 763 6,326 446 7 99240,225 32 705 2,855 4,985 5,44019 4257,520 Aug. 5... 79 870 39,811 22 799 1,878 740 6 321 670 8 02240,059 32 536 2,820 4,904 5,41519 3977,523 Aug. 12. .. 79 814 39,963 22 912 1,882 746 6 343 681 8 02039,851 32 333 2,667 4,813 5,41519 4387,518 Aug. 19... 79 349 39,734 22 940 1,714 745 6 348 611 7 99739,615 32 098 2,492 4,775 5,392 9 4397,517 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 194537,609 Sept. 2... 79,385 40,067 22 965 L.850 732 6 365 762 8 01639,318 31 797 2,289 4,705 5,36719 4367,521 Sept. 9... 79,138 40,099 22 957 2,017 731 6 372 645 7 99939,039 31 512 2,106 4,691 5 27919 4367,527 Sept. 16. .. 79 482 40,261 23 295 1,802 737 6 383 677 7 98839,221 31 604 2,237 5,607 6 39617 3647,617 Sept. 23... 78 916 39,942 23 035 1,615 729 6 392 829 7 96338,974 31 393 2,034 5,591 6 52617 2427,581 Sept. 30. .. 78 901 39,705 23 103 1,763 726 6 397 402 7 93539 19631 663 2,317 5,522 6 57417 2507,533 New York City 1952—September. 21 132 11,264 7 827 134 947 27 242 401 433 1 435 9 868 7 582 626 411 1 372 5 173 2,286 1953—juiy 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 2591,060 28 188 394 360 1 681 9 461 7 435 798 1 055 945 4 6372,026 September. 21 548 12,309 8 460 3621,023 28 186 394 403 1 640 9 239 7 198 636 1 098 1 034 4 4302,041 July 1... 20 906 12,328 8 254 1411,191 30 205 403 615 1 674 8 578 6 660 838 207 1 019 4 5961,918 July 8... 20 491 12,074 8 264 791,147 29 201 404 451 684 8 417 6 439 660 193 1 015 4 5711,978 July 15... 22 026 12,008 8 283 2181,129 25 211 409 232 68610 018 8 035 1,073 1 337 1 045 4 5801,983 July 22... 21 999 12,119 8 268 2611,113 24 221 398 331 688 9 880 7 893 1,032 1 240 1 008 4 6131,987 July 29... 21 734 11,954 8 232 2251,102 24 216 395 250 695 9 780 7 785 1,007 1 168 970 4 6401,995 Aug. 5... 21 869 12,216 8 314 3311,066 28 188 395 378 702 9 653 7 623 956 1 114 957 4 5962,030 Aug. 12... 21 685 12,180 8 365 2601,085 28 188 398 344 699 9 505 7 480 809 1 059 952 4 6602,025 Aug. 19. .. 21 390 12,062 8 356 2231,051 28 187 393 342 669 9 328 7 308 718 1 030 934 4 6262,020 Aug. 26... 21 406 12,046 8 334 2211,038 28 190 392 377 ,653 9 360 7 329 711 1 016 936 4 6662,031 Sept. 2... 21 608 12,309 8 398 3541,044 26 189 393 448 644 9 299 7 272 647 1 010 937 4 6782,027 Sept. 9... 21 467 12,333 8 384 4371,053 25 187 395 385 ,654 9 134 7 086 513 1 010 843 4 7202,048 Sept. 16. .. 21 635 12,468 8 559 4001,019 34 184 395 422 ,642 9 167 7,099 567 1 189 1 123 4 2202,068 Sept. 23. . 21 471 12,272 8 422 2361,003 27 186 397 558 ,630 9 199 7,162 624 1 151 1 129 4 2582,037 Sept. 30. .. 21 559 12,164 8 535 386 996 27 184 392 201 ,630 9 395 7,371 829 1 131 1 138 4 2732,024 Outside New York City 1952—September 55 325 25,240 13,696 348 520 5,542 259 5,26030 085 24,687 1,028 2 770 4 650 15,2395,398 1953—July 57 020 27,361 14 368 435 519 5,913 273 6,28829 659 24,178 ,822 3 056 4,49914 801 5,481 August. . . 57,996 27,672 14 544 466 525 5,948 294 6,33030 324 24,808 ,805 3 750 4,45814,7955,516 September. 57,616 27,705 14,611 424 517 5,988 260 6,34029 911 24,396 ,561 4 125 4,99413,7165,515 July 1... 55,639 27,321 14,331 387 520 5,899 333 6,28628 318 22,841 ,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 ,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 5,012 3 890 4,503 14,8865,471 July 22. . 57,993 27,504 14,403 489 519 5,924 324 6,27930 489 25,018 ,924 3 790 4,482 14,8225,471 July 29. . 57,872 27,427 14,411 503 523 5,931 196 6,29730 445 24,920 1,848 3,817 4,470 14,7855,525 Aug. 5. . 58,00 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 6,32130,346 24,853 1,858 3,754 4,463 14,7785,493 Aug. 19. . 57,959 27,672 14,584 440 530 5,955 269 6,32830,28 24,790 1,774 3,745 4,45814,8135,497 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 Sept. 2. . 57,77 27,758 14,567 452 517 5,972 314 6,37230,01 24,525 1,642 3,695 4,430 14,7585,494 Sept. 9. . 57,67 27,766 14,573 527 519 5,977 260 6,34529,90 24,426 1,593 3,681 4,436 14,7165,479 Sept. 16. . 57,84 27,793 14,736 383 519 5,988 255 6,34630,05 24,505 1,670 4,418 5,273 13,1445,549 Sept. 23. . 57,445 27,670 14,613 376 516 5,995 27 6,33329,77 24,231 1,410 4,440 5,397 12,9845,544 Sept. 30.. 57,342 27,54 14,568 381 515 6,005 20 6,30529,98 24,292 1,488 4,391 5,436 12,9775,509 1 Figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total, which is shown net. 2 Includes guaranteed obligations. For other footnotes see opposite page. 1072 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—Con tinned RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollarsl 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 a n t d v - h l k - e s v C a i a n u s l h t b m a w a d n e n o i c s t - k e h ti s s c j p u m o a s d a t d e s e n - i - t d d s 3 s p p u n v h c a o a a o e i i n r p d r l r r d a s t - - - s - , - , S p s d s a i t i o u i c a o n v b l a t n d i i - e l t - s - s c C h c o f a e e e e f i t n e f c c r r i d d s k t . - 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 e i n i r p r 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 b l a n d i t i - l t e - s - s P m U G S e i a o n r a . n o e s g n v d n t v 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 it a a p l tions tions Total- Leading Cities 1952—September 15,130 2,54653,38454,751 3,475 1,501 3,558 16,058 768 19110,641 1,321 494 1,005 7,147 1953—July 14.429 935 2,56653,00154,267 3,748 1,674 4,274 17,064 827 19010,238 1,286 677 801 7,428 August 14,382 928 2,40653,09154,046 3,779 1,464 4,995 17,079 819 19110,028 1,271 706 1,044 7,452 September 14,170 941 2,58< 53,04754,584 3,664 1,712 4,195 17,169 811 18910,511 1,267 728 790 7,483 July 1 14,558 887 2,67252,82054,263 3,975 2,049 2,469 17,052 826 190 10,393 1,284 682 972 7,426 July 8 14,484 936 2,,476 52,83653,457 3,787 1,452 1,800 17,052 829 18910,393 1,276 673 882 7,441 July 15 14,124 935 2,919 52,64355,156 3,614 1,901 6,039 17,067 831 19010,950 1,283 667 331 7,427 July 22 14,58.; 937 2,44653,31554,380 3,62 1,508 5,77017,075 828 189 9,876 1,281 676 910 7,416 July 29 14,394 977 2,31553,39554,082 3,736 1,461 5,292 17,074 822 9,577 1,304 687 912 7,429 Aug. 5 14,385 881 2,34653,17753,618 3,877 1,589 5,09617,080 824 10,138 1,309 683 931 7,451 Aug. 12 14,333 949 2,48153,189 54,734 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 2,35453,330 54,010 3,747 1,364 5,02717,078 813 193 9,560 1,243 725 906 7,459 Sept. 2 14,139 899 2,44153,059 53699 3,834 1,560 4,639 17,083 823 18710,090 1,243 723 914 7,483 Sept. 9 13,929 954 2,51353,03454,216 3,681 1,539 3,817 17,142 817 18910,490 1,254 729 919 7,476 Sept. 16 14,383 950 2,75653,52756,203 3,606 1,835 3,884 17,165 806 19111,059 1,270 732 781 7,471 Sept. 23 14,186 965 2,63252,80154,164 3,489 1,767 4,197 17,198 804 18810,504 1,260 725 831 7,477 14,212 936 2,604 52,814 54,639 3,711 1,855 4,434 17,259 804 190 10,412 1,308 732 504 7,509 Sept. 30 New York City 5,29: 162 15,97416,829 267 655 1,174 1,569 3,030 1,065 379 359 2,439 1952—September 4,905 138 15,28616,248 274 825 1,619 1,751 2,920 1,048 535 201 2,516 1953—July 4,828 137 15,22616,037 259 658 1,827 ,713 2,761 1,037 559 299 2,524 August 4,721 140 15,27216,275 268 842 1,499 ,750 2,911 1,026 578 224 2,526 September 4,926 132 15,35716,567 290 1,143 804 ,749 3,070 1,046 540 299 2,517 July 1 4,869 144 15,39116,056 301 635 469 ,750 2,898 1,039 532 317 2,516 July 8 4,959 135 15,04316,341 273 1,005 2,452 ,760 3,170 1,047 526 25 2,516 July 15 4,966 135 15,38716,183 249 688 2,293 ,751 2,749 1,039 535 211 2,517 J J u u l l y y 2 2 9 2 4,807 145 15,25316,094 255 654 2,075 ,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 Sept. 2 4,662 133 15,20315,980 252 719 1,666 1,700 2,779 1,011 573 330 2,528 Sept. 9 4,622 142 3415,25116,121 270 719 1,386 1,743 49 2,854 1 ,009 579 267 2,525 Sept. 16 4,772 142 15,44716,710 251 877 1,287 1,755 3,040 1,023 582 275 2,523 Sept. 23 4,662 145 15,17016,102 238 889 1,458 1 ,757 2,906 1 ,018 576 243 2,519 Sept. 30 4,886 137 15,28716,460 327 1,007 1,700 1,794 2,977 1 ,069 581 2 2,537 Outside New York City 1952—September 9,837 791 2,50437,41037,922 3,208 846 2,38414,489 135 7,611 256 115 646 4,708 1953—July 9,524 797 2,52637,71538,019 3,474 849 2,655 15,313 786 139 7,318 238 142 600 4,912 August 9,554 791 2,37037,86538,009 3,520 806 3,168 15,366 782 142 7,267 234 14 745 4,928 September 9,449 801 2,550 37,77538,309 3,396 870 2,696 15,419 770 140 7,600 241 150 566 4,957 July 1 9,632 755 2,62937,46337,696 3,685 906 1,665 15,303 783 138 7,323 238 142 673 4,909 July 8 9,615 792 2,444 3744537,401 3,486 817 1,331 15,302 786 138 7,495 237 141 565 4,925 July 15 9,165 800 2,86437;60038,815 3,341 896 3,587 15,307 789 139 7,780 236 141 306 4,911 July 22 9,619 802 2,41137,92838,197 3,379 820 3,477 15,324 786 137 7,127 242 141 699 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 2,31537,84437,615 3,605 820 3,138 15,354 788 139 7,344 232 146 697 4,924 Aug. 12 9,579 807 2,44638,02838,635 3,523 812 2,976 15,359 782 140 ,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 ,326 236 148 807 4,924 Aug. 26 9,488 816 2,32238,00037,935 3,500 770 3,265 15,376 773 144 ,892 235 148 685 4,939 Sept. 2 9,477 766 2,40737,856 37,719 3,582 841 2,97315,383 783 138 7,311 232 150 584 4,955 Sept. 9 9,307 812 2,47937,78338,095 3,411 820 2 .43115,399 776 140 7,636 245 150 652 4,951 Sept. 16 9,611 808 2,71338,08039,493 3,355 958 2,59715,410 765 142 8,019 247 150 506 4,948 Sept. 23 9,524 820 2,58537,63138,062 3.251 878 2,73915,441 763 139 7,598 242 149 588 4,958 Sept. 30 9,326 799 2,56637,52738,179 3,384 848 2,73415,465 763 141 7,435 239 151 502 4,972 8 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. Back figures.—For description of revision beginning Mar. 4, 1953, see BULLETIN for April 1953, p. 357 and for figures on the revised basis beginning Jan. 2, 1952, see BULLETIN for May 1953, pp. 550-555. For description of revision beginning July 3, 1946, and for revised figures July 1946-June 1947, see BULLETINS for June and July 1947, pp. 692 and 878-883, respectively. For old series, see Banking and Monetary Statistics. pp. 127-227. OCTOBER 1953 1073 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF A SAMPLE OF WEEKLY REPORTING MEMBER BANKS BY INDUSTRY * [Net declines, (—). In millions of dollars] Business of borrower Manufacturing and mining Comm'l. Period* t l o F iq b a 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 i d r l e e e r l s , , p m e M r t m r ( r a o y a i e a c e n n d t n h t a c d u a a s i n l l c l n , . s d t - s ch r P l u e c e a e m o b u n t a b m r d i l o c e , , - a r l, Other ( r T w e s a r t h a n a a o l d d i e l l e e ) - m d C e o a o d l m e it r - y s f p i S c n a o a a n m l n i e e c s - s e u P p t t ( t r i o u i i a l o n b r i n c n t t l i a s l i ) e . - c - s s C t ti r o o u n n c - - bu o ty s A t o i h p n l f e e l e r s ss c c h l N f a a i n e s e d g s t i e - s ch t i a a o n a g n t n d r g a d ' ' l e l l . 3 . — equip.) 1951—April-June. . -243 116 275 48 60 62 -421 63 175 44 8 186 18 July-Dec 932 -361 873 125 141 16 722 30 351 -98 37 2,769 2,372 1952—Jan.-June... -868 -73 176 76 -105 -634 -217 -2 18 -28 -546 -637 July-Dec 754 -40 1,111 250 36 141 662 544 -57 13 191 2,494 2,435 1953—Jan.-June... -621 151 -10 95 208 -632 -90 84 18 -8 -360 -593 446 Monthly: 1953—July -119 34 -50 -21 11 -16 25 36 -17 -5 9 -113 -154 Aug 89 33 -13 18 7 -5 -11 -60 76 19 50 201 248 Sept 248 -14 -159 39 -4 55 68 -29 -13 -5 26 212 212 Week ending: July 1.... -36 5 -25 -35 -5 8 -12 -1 -73 1 -3 -177 -212 July 8.... 5 16 -25 6 4 -14 8 -5 -5 1 -11 5 July 15 -67 10 6 3 7 -2 6 -8 79 3 28 65 61 July 22 -12 4 -4 6 4 13 31 4 -15 31 20 July 29 -9 -3 -1 -7 11 15 -22 -3 -20 -28 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 -8 11 -3 2 -11 i 20 10 -16 37 28 Aug. 26 22 7 -18 -3 3 -78 1 -5 15 -55 -49 Sept. 2 36 5 -11 7 3 8 -5 29 2 -4 12 81 74 Sept. 9 24 -1 -4 8 -6 4 -3 -43 7 3 -13 Sept. 16 94 7 15 29 2 24 28 18 66 11 20 314 338 Sept. 23 43 -14 -4 -6 3 13 14 -179 -75 -4 -11 -222 -260 Sept. 30.... 52 -11 -155 -6 6 34 145 -13 e 3 51 68 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. 3 Net change at all banks in weekly reporting series, according to the old series in 1951 and the revised series thereafter, For description of revisions in the weekly reporting series see BULLETIN for April 1953, p. 357. COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Held by Based on Commercial End of month paper Total Accepting banks Goods stored in or sta o n u d t i - ng1 sta o n u d t i - ng Total O bi w ll n s bo B u il g ls ht Others I U S m i t n n p a i t o t t o e e r s d ts E U S f x n t r p a o i o t m t e e r s d ts c D h e o a x l n l - g ar e U sh n i i p te p p d o ed in t b s e F t i o n w r e e e ig n n States countries 1947—December 287 261 197 88 109 64 159 63 25 11 1948—December 269 250 146 71 76 112 164 57 25 12 1949—December 257 272 128 58 70 144 184 49 30 9 1950—December 333 394 192 114 78 202 245 87 2 28 32 1951—December 434 490 197 119 79 293 235 133 23 55 44 1952—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 August 451 478 148 108 40 329 211 128 64 36 38 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. 1074 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRINCIPAL ASSETS OF SAVINGS INSTITUTIONS UNITED STATES LIFE INSURANCE COMPANIES [In millions of dollars] Government securities Business securities Total Mort- Real Policy Other Date assets Total U St n a i t t e e s d St l a o t c e a a l1 nd Foreign Total Bonds3 Stocks gages estate loans assets End of year:4 1939 29,243 7,697 5,373 2,253 71 8,465 7,929 536 5,669 2,134 3,248 2,030 1940 30,802 8,359 5,857 2,387 115 9,178 8,624 554 5,958 2,060 3,091 2,156 1941 32,731 9,478 6,796 2,286 396 10,174 9,573 601 6,442 ,878 2,919 1,840 1942 34,931 11,851 9,295 2,045 511 10,315 9,707 608 6,726 ,663 2,683 1,693 1943 37,766 14,994 12,537 1,773 684 10,494 9,842 652 6,714 ,352 2,373 1,839 1944 41,054 18,752 16,531 1,429 792 10,715 9,959 756 6,686 ,063 2,134 1,704 1945 44,797 22,545 20,583 1,047 915 11,059 10,060 999 6,636 857 1,962 1,738 1946 48,191 23,575 21,629 936 1,010 13,024 11,775 1,249 7,155 735 1,894 1,808 1947 51,743 22,003 20,021 945 1,037 16,144 14,754 1,390 8.675 860 1,937 2,124 1948 55,512 19,085 16.746 1,199 1,140 20,322 18,894 1.428 10,833 ,055 2,057 2,160 1949 59,630 17,813 15,290 1,393 1,130 23,179 21.461 1,718 12,906 ,247 2,240 2,245 1950 64,020 16,066 13,459 1,547 1,060 25,403 23.300 2,103 16,102 ,445 2,413 2,591 1951 68,278 13,667 11,009 1,736 922 28,204 25,983 2,221 19,314 ,631 2,590 2,872 1952 73,375 12,774 10,252 1,767 755 31,646 29,200 2,446 21,251 ,903 2,713 3,088 End of month:5 1950—December. 63,687 15,933 13,361 1,520 1,052 25,209 23,231 1.978 16.101 ,428 2,397 2.619 1951—December. 67,983 13,579 10,958 1,702 919 28,042 25,975 2,067 19,291 ,617 2,575 2,879 1952—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 28,315 160 20.801 ,736 2,683 2,954 October. . . 72,034 12,731 10,244 1,728 759 30,973 28,819 154 20,961 ,751 2,692 2,926 November. 72,415 12,780 10,297 1,728 755 31,143 28,986 157 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 June 75,403 12,456 10,030 1,840 586 33,021 30,752 2,269 22,221 ,935 2,789 2,981 July 75,855 12,429 9,991 1,857 581 33.247 30,977 2,270 22,429 1,943 2,808 2,999 August. . . 76,244 12,436 9,994 n.a. n.a. 33,349 31,079 2,270 22,552 1,967 2,819 3,121 n.a. Not available. 1 Includes United States and foreign. 2 Central government only. 3Includes International Bank for Reconstruction and Development. 4 These represent annual statement asset values, with bonds carried on an amortized basis and stocks at end-of-year market value. 5These represent book value of ledger assets. Adjustments for interest due and accrued and differences between market and book values are not made on each item separately, but are included in total in "Other assets." Source.—Institute of Life Insurance—end-of-year figures, Life Insurance Fact Book, 1952; end-of-month figures, The Tally of Life Insurance Statistics and Life Insurance News Data. ALL SAVINGS AND LOAN ASSOCIATIONS IN THE UNITED STATES [In millions of dollars] Assets Assets End of U. S. Savings End of U. S. Savings year Total1 g M ag o e r s t - 2 G m o o v b e l e n i r - t n- Cash Other3 capital quarter Total1 g M ag o e r s t - 2 G m o o v b e e l n i r - t n- Cash Other3 capital gations gations 1939 5.597 3,806 73 274 1,124 4,118 1950—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 1944 7.458 4.800 1 .671 413 391 6,305 3. ... 18,429 15,058 1,577 852 852 15,317 1945 8.747 5,376 2.420 450 356 7,365 4 19,164 15,520 1,606 1,082 866 16,073 1946 10.202 7.141 2,009 536 381 8,548 1952—1 19,848 16,073 1,718 1,100 867 16,801 1947 11,687 8.856 1.740 560 416 9,753 2... . 20,853 16,891 1,702 1,212 959 17,661 1948 13.028 10,305 1.455 663 501 10,964 3 21,656 17,740 1,782 1,046 999 18,210 1949 14,622 11,616 1.462 880 566 12,471 4 22,700 18,444 1,791 1,293 1,083 19,211 1950 16,846 13,622 1.489 951 692 13,978 1951 19,164 15,520 1,606 1,082 866 16,073 1953—1... . 23,506 19,105 1,931 1,263 1,121 20,105 1952P 22,700 18.444 1,791 1,293 1,083 19,211 2 24,772 20,133 2,003 1,337 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. OCTOBER 1953 1075 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 End of quarter Asset or liability, and agency 1952 1953 1944 1945 1946 1947 1948 1949 1950 1951 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 Banks for cooperatives 189 197 232 276 305 302 345 425 343 370 424 367 Federal intermediate credit banks.... 257 231 273 336 426 437 510 633 866 822 673 728 Federal land banks 2 1,220 1,088 986 Federal Farm Mortgage Corporation. 351 242 149 109 80 60 45 34 29 27 25 23 Farmers Home Administration 8 643 604 590 558 525 523 535 539 594 606 596 653 Rural Electrification Administration. 361 407 528 734 999 1,301 1,543 1,742 1,831 1,873 1,920 1,966 Commodity Credit Corporation 353 99 120 280 1,293 1,729 898 782 390 859 1,426 1,927 Other agencies 10 9 6 9 7 6 6 5 6 5 To aid home owners, total 1,237 896 659 556 768 1,251 1,528 2,142 2,387 2,437 2,603 2,777 Federal National Mortgage Assn 52 7 6 4 199 828 1,347 1,850 2,068 2,097 2,242 2,394 RFC Mortgage Corporation* 81 24 6 Home Owners' Loan Corporation 2.. . 1,091 852 636 486 369 231 10 Reconstruction Finance Corporation. 12 12 10 » 1 177 168 137 123 119 117 115 113 Other agencies 1 1 1 65 22 24 35 169 201 223 246 270 To railroads, total 343 223 171 147 140 114 110 101 85 84 82 79 Reconstruction Finance Corporation. 321 205 153 145 138 112 108 99 83 82 80 77 Other agencies 21 18 18 3 3 3 2 2 2 2 2 To other industry, total 191 232 192 272 310 462 458 488 464 480 516 526 Reconstruction Finance Corporation5 . 118 149 151 241 272 423 400 415 393 412 457 468 Other agencies 73 83 41 31 38 38 58 74 72 58 59 67 To financing institutions, total 216 267 314 447 525 445 824 814 653 611 Reconstruction Finance Corporation. 66 60 14 7 6 8 8 8 716 (7) Federal home loan banks 131 195 293 436 51 433 816 806 864 611 Other agencies 20 12 7 4 4 4 715 Foreign, total 225 526 2,284 5,673 6,102 6,090 6,078 6,110 7,617 7,826 7,736 7,713 Export-Import Bank 225 252 1,249 1,978 2,145 2,187 2,226 2,296 2,389 2,546 2,496 2,466 Reconstruction Finance Corporation fl. 8 274 235 246 206 154 101 64 58 58 58 55 Other agencies 9 800 3,450 3,750 3,750 3,750 3,750 •5,170 5,222 5,182 5,191 All other purposes, total , 1,237 707 623 714 584 484 531 779 801 933 1,095 872 Reconstruction Finance Corporation8 . 8 82 309 232 *340 190 88 59 61 61 61 50 51 Public Housing Administration10 305 286 278 278 294 297 366 609 624 750 919 688 Other agencies s 106 11 113 96 100 99 105 109 116 123 126 133 Less: Reserve for losses 448 438 478 395 368 476 185 173 153 150 140 159 Total loans receivable (net). 6,38! 5,290 6,649 9,714 11,69212,733 13,228 14,422 15,913 16,890 17,826 18,089 Investments: U. S. Government securities, total 1,630 1,683 1,873 1,685 1,85^ 2,047 2,075 2,226 2,364 2,371 2,421 2,645 Banks for cooperatives 43 43 43 48 4, 43 4. 4. 43 43 43 43 Federal intermediate credit banks.. 39 43 47 48 4- 74 46 51 49 61 60 53 Production credit corporations 60 67 70 7, 66 39 4: 43 43 43 43 44 Federal land banks 2 220 145 136 Federal home loan banks. 144 118 145 139 27- 275 199 249 311 298 311 460 Federal Savings and Loan Insurance Corp. 151 161 17: 18- 199 21 193 200 209 203 208 212 Home Owners' Loan Corporation 2 15 15 17 l: 12 8 Federal Housing Administration. . 106 122 132 144 188 286 299 316 330 Public Housing Administration 10 8 8 Reconstruction Finance Corporation • 75 49 48 () 1 Federal Deposit Insurance Corporation 760 897 1,045 1,020 1,064 1,205 1,30' 1,353 1,421 1,423 1,437 1,500 Other agencies 28 30 20 21 1 1 1 Investment in international institutions. 318 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 Other securities, total 42- 325 230 15 133 107 8< 7, 51 44 42 Reconstruction Finance Corporation. 289 244 15' 108 9! 83 7 66 42 36 35 Production credit corporations 63 55 46 35 V 22 16 1 8 6 Other agencies 71 26 2 11 Commodities, supplies, and materials, total. 2,942 2,288 1,265 822 627 1,54" 1,774 1,46 1,350 1,377 1,280 1,259 Commodity Credit Corporation 1,450 1,03 463 448 43 1,376 1,638 1,17 1,023 1,034 978 1,013 Reconstruction Finance Corporation • 1,053 1,131 667 235 15 142 10S 1 186 194 172 119 Other agencies 43" 122 134 138 32 3 28 142 149 131 128 Land, structures, and equipment, total 16,237 21,01 16,924 12,600 3,06 2,96 2,945 3,35! 3,186 3,212 3,213 3,240 Public Housing Administration 10 200 222 22^ 204 1,44 1,35 1,24J 1,25 1,232 1,216 1,173 1,149 Reconstruction Finance Corporation 6 6,52 6,91' 2,86: 35 63C 61 60. 594 202 202 199 197 Tennessee Valley Authority 71C 72 727 754 79, 1,04, 1,170 1,209 1,251 1,299 U. S. Maritime Commission * 3,11 3,39! 3,30 3,305 War Shipping Administration 2 5,42 7,81. 7,764 6,50 Other agencies u 262 1,94 2,044 1,793 18' 46J 58 586 59C 595 Bonds, notes, and debentures payable (not guaranteed), total 1,39! 1,11; 1,25! 683 77: 1,19C 1,36' 1,228 1,30 1,33(1 1,107 Banks for cooperatives 2. 3. 6 7£ 11C 11. 12! 181 145 Federal intermediate credit banks 27^ 24! 29. 35, 49C 521 67 85 864 704 710 Federal land banks 2 81, 79: 75i Commodity Credit Corporation 21. Federal home loan banks 6' 16' 26: 41 204 56C 52 25 31 44 252 For footnotes see following page. 1076 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES PRINCIPAL ASSETS AND LIABILITIES [Based on compilation by United States Treasury Department. In millions of dollars] Liabilities, other than Assets, other than interagency items * 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 u i o o a n i e a p e m t d d s l e - s s i , - - , - G U s ri e o t . c i v e I S u m n t s - . . v e e n s O r t s i s t e t - t i c h e u e s - r 2 L s e t m u t a q a r r n e u n u e d n i d c s p t - , , - O s a t e s h t - s er a t B F g u n a u u b o t r n a e l y e n d l r e s y d - 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 U m G n e e t . o e s r e t n v n S r t - - - . o i v n P w a e t r s t e n i e t - r e l - y d U. S. All agencies: 1944—Dec. 31 31,488 756 6,387 2,942 1,632 42416,237 3,111 .537 1,395 4,196 23,857 504 1945—Dec. 31 33,844 925 5,290 2,288 1,683 32521,017 2,317 555 1,113 4.21227,492 472 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 * 30,966 1,481 9,714 822 1,685 3,53912,600 1,125 82 689 2,03728,015 143 1948—Dec. 31 2 21,718 63011,692 627 1.854 3,518 3,060 337 38 965 1,66318,886 166 1949—Dec. 31 23,733 44112,733 1,549 2,047 3,492 2,962 509 28 772 1,72021,030 183 1950—Dec. 31 24,635 64213,228 1,774 2,075 3,473 2,945 499 23 1,190 1,19321,995 234 1951—Dec. 312 26,744 93114,422 1,461 2,226 3.463 3,358 882 43 1,369 1,16123.842 329 1952—June 30 2 27,933 80815,913 1,350 2,364 3,438 3,186 874 44 1,228 1,20025,104 357 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 1.72826,456 378 1953—Mar. 31 30,564 93618,089 1,259 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: Banks for cooperatives 437 365 145 265 26 Federal intermediate credit banks 808 728 710 91 Production credit corporations 52 51 Agricultural Marketing Act 1 1 1 Federal Farm Mortgage Corp 25 23 1 () 24 Rural Electrification Administration 2,093 50 1,964 78 2,093 Commodity Credit Corporation 3,506 1,924 1,013 462 979 2,527 Farmers Home Administration 8 636 549 23 4 631 Federal Crop Insurance Corp 31 2 4 27 Housing and Home Finance Agency: Home Loan Bank Board: Federal home loan banks ,101 611 460 252 474 () 375 Federal Savings and Loan Insurance Corp. 219 212 7 213 O F P e f u f d b ic e l e i r c a o l H f H o t o u h u s e i s n i A n g g d A m A d i d m n m i i s n i t n r is a i t s t r o t a r r t a : i t o io n n , 5 9 1 8 6 3 6 3 9 5 5 330 1,149 1 48 23 3 1 9 1, 2 94 3 4 6 Federal National Mortgage Association.. ,404 2,394 ) 2,398 Other 106 26 48 28 106 Reconstruction Finance Corporation: Assets held for U. S. Treasury 12 343 3 1 104 197 37 343 Other13 831 34 721 15 26 791 Export-Import Bank 2,487 3 2,467 8 17 37 2,450 Federal Deposit Insurance Corp 1,515 1 () 1,500 14 128 1,387 Tennessee Valley Authority 1,673 344 22 8 42 1,631 All other 9,796 161 5,564 106 3,385 114 65 9,731 1,299 467 1 Loans by purpose and agency are shown on a gross basis; total loans and all other assets are shown on a net basis, i. e., after reserve for 2 Several changes in coverage have been made over the period for which data are shown. The more important are: exclusion of the following agencies following repayment of the U. S. Government interest—Federal land banks after 1946 and the Home Owners' Loan Corporation after June 1951; exclusion of the United States Maritime Commission (including War Shipping activities) after 1947, when this agency ceased to report to the U. S. Treasury; and inclusion of the Mutual Security Agency beginning June 1952. 3 This agency, successor to the Farm Security Administration, took over the continuing functions of the latter agency in 1946. Earlier figures have been adjusted to include the FSA. Figures for 1944 and 1945 also include Emergency Crop and Feed Loans of the Farm Credit Administration, transferred to the FSA in 1946. Figures through 1948 include the Regional Agricultural Credit Corporation, the assets and liabilities of which have been administered by the Farmers Home Administration since dissolution of the RACC in 1949. These activities are reported currently on the Treasury Statement as "Disaster Loans, etc., Revolving Fund." 4 Assets and liabilities transferred to the Reconstruction Finance Corporation on June 30, 1947. 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 "all other purposes" 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 earlitr 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. OCTOBER 1953 1077 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS * Bond prices Stock prices Common U. S. Govt. Vol- (long-term) Cor- St ( a i n n d d a e r x d , a 1 n 9 d 3 5 P - o 3 or 9 ' = s 1 0 s 0 er ) ies Securities an ( d in E d x ex c , h a 1 n 9 g 3 e 9 C =1 o 0 m 0 m ) ission series t u r o m a f d e - Year, month, Mu- po- ings or week nicipal rate Pre- (in (high- (high- ferred5 Manufacturing Trade, thou- Old r N i s e e e s - w 3 grade)4grade)4 T t o a - l d t I u a r n i s l - - - R ro a a i d l- u P i l t u t i i y c b l - - T ta o- l To- D r u a - - N d o u- 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 i i n n g - s s h a a o n r f d es s ) tal ble ra- ice ble Number of issues 3-7 15 17 15 480 420 20 40 265 170 98 72 21 28 32 14 1950 average.... 102.53 133.4 122.0 181.8 146 156 117 107 154 166 150 180 160 107 184 144 2,012 1951 average. .. . 98.85 133.0 117.7 170.4 177 192 149 112 185 207 178 233 199 113 208 205 ,684 1952 average.... 97.27 129.3 115.8 169.7 188 204 169 118 195 220 189 249 221 118 206 275 ,313 1952—Sept 96.86 126.6 115.7 170.2 188 204 171 119 194 219 191 246 221 118 206 275 ,149 Oct 96.44 125.0 114.7 168.3 183 198 167 117 191 215 188 239 218 118 202 265 ,181 Nov 96.96 125.4 115.2 169.8 190 206 172 121 197 223 196 247 225 121 205 260 ,779 Dec 96.32 125.3 115.3 170.3 197 214 185 123 204 231 205 255 238 123 212 267 ,842 1953—Jan 95.68 124.0 114.5 168.4 198 214 185 124 205 232 208 255 239 124 212 261 ,623 Feb 95.28 122.7 114.0 166.3 196 212 181 124 202 229 204 252 235 124 210 256 ,678 Mar 94.31 121.6 113.4 165.7 198 215 185 125 204 232 207 256 238 124 212 263 ,931 Apr 93.25 121.3 111.7 161.7 190 206 173 122 194 220 194 245 223 120 207 252 ,637 May 91.59 99 75 119.4 109.8 160.0 190 205 174 121 194 221 196 244 226 120 209 247 ,227 June 91.56 99.16 115.2 108.8 156.8 183 198 169 117 187 213 187 236 219 117 204 237 ,185 July 92.98 100.03 115.1 110.7 160.1 186 200 174 119 190 217 188 243 223 119 206 237 967 Aug 92.89 100.44 116.8 111.4 163.1 187 202 170 121 190 217 186 245 217 121 206 236 ,138 Sept 93.40 101.00 116.9 110.9 162.8 179 193 156 120 181 205 175 232 199 119 198 219 ,294 Week ending: Sept. 5. . 92.65 100.32 116.8 110.7 161.8 181 195 159 120 184 209 178 236 205 120 199 226 ,311 Sept. 12.. 92.71 100.18 116.4 110.5 162.4 181 195 159 121 180 204 174 231 198 118 197 219 ,134 Sept. 19. . 93.05 100.70 116.3 110.4 162.8 177 190 154 118 178 202 172 229 195 118 195 214 ,893 Sept. 26. . 94.11 101.71 117.3 111.0 162.5 178 191 155 119 182 206 176 233 198 119 198 217 ,108 Oct. 3. . 94.77 102.31 117.6 111.7 164.7 179 192 154 120 184 209 179 237 199 120 200 216 ,021 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 3}4 per cent bonds of 1978-83, issued May 1, 1953. 4 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 6 Standard and Poor's Corporation. Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. 6 Average daily volume of trading in stocks on the New York Stock Exchange. Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Customers' bal D an e c b e i s t in bal D an e c b e i s t in Cash on cre C di u t s b to a m la e n r c s e ' s * Other credit balances End of month debit partners' firm hand Money ba (n la e n t c )i es a in n a v d c e c t s o r t u a m d n e i ts n n g t a in n a v d c e c t s o r t u a m d n e i ts n n g t a b n a d n k in s borrowed 2 Free O (n th et e ) 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 e t i e s n n r g t s' a in n a v d I c n e c t s o r f t u a i m r n d m e t i s n n g t I a n 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—September. . 31,333 3891 3692 October 31,316 3 860 3 692 November. . 31,347 3878 3706 December.. . 1,362 8 406 343 920 724 200 35 9 315 1953—January.... 31,345 3908 3732 February. . . 31,350 3871 3 730 March 31,513 3966 8744 April 31,594 31,068 3 738 May 31,671 31,193 3673 June 1,684 7 347 282 1,216 653 163 23 16 319 July 31,664 31,161 ••3651 August 31,682 31,182 3641 * 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. 2Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges). 3 As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances secured by U. S. Government securities was (in millions of dollars): July, 29; August, 27. 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. 1078 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN MARKET MONEY RATES IN NEW YORK CITY BANK RATES ON BUSINESS LOANS [Per cent per annum] AVERAGE OF RATES CHARGED ON SHORT-TERM LOANS TO BUSINESS BY BANKS IN SELECTED CITIES U. S. Government [Per cent per annum] mo Y n e th ar , , or m p P c e a r o r p i c m m e ia r - e , l a P b c e a r c r i n s m e ' k p e - t- 3-mon s t e h c u b r i i l t l i s es (taxable) Area and period lo A a l n l s $1,000- $10 S ,0 iz 0 e 0 of $ 1 l 0 o 0 a , n 000- $200,000 week 4- to 6- ances, 9-to 12- 3- to 5- $10,000 $100,000 $200,000 and over months1 da 9 y 0 s1 M y a i r e k ld et o i n R ss 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 i 4 ti 4 a e v s e : rages: 2.4 4 3 3 3 2 6 2 2 1945 2.2 43 3.2 2.3 2.0 1 1 1 9 9 9 5 5 5 2 1 0 a a a v v v e e e r r r a a a g g g e e e 2 2 1 .3 1 4 3 7 5 L L L . . . 7 6 1 5 0 5 1 L 1. . . 7 2 5 2 2 0 L I L . . 2 7 5 1 6 5 8 6 2 1 1 1 . . . 8 2 7 1 6 3 2 1 1 . . . 1 9 5 3 3 0 1 1 1 1 9 9 9 9 4 4 4 4 9 6 8 7 2 2 2 2 . . . 5 7 1 1 4 4 4 4 6 .4 2 2 3 3 3 3 .7 1 1 5 2 2 3 2 .0 2 5 8 2 2 1 1 . . 2 4 7 8 1952—September. 2.31 1.75 1.71 1.786 1.95 2.28 1950 2.7 4.5 3 6 3 0 2 4 October. . . 2.31 I 75 L .74 L .783 1.84 2.26 1951 3.1 4.7 4.0 3.4 2.9 November. 2.31 1.75 L .85 L.862 1.89 2.25 1952 3.5 4.9 4.2 3.7 3.3 December.. 2.31 L.75 S.09 5.126 2.03 2.30 Quarterly: 1953—January... 2.31 L .82 1.96 2.042 1.97 2.39 19 cities: February. . 2.31 L .88 L .97 '.018 1.97 2.42 1952—Dec. 3.51 4.88 4.21 3.77 3.29 March 2.36 L .88 '.01 1.082 2.04 2.46 1953—Mar 3.54 4.89 4.25 3.75 3.32 April 2.44 1.88 >.19 >.177 2.27 2.61 June 3.73 4.98 4.38 3.91 3.53 May 2.68 L.88 M6 >.200 2.41 2.86 Sept 3.74 5.01 4.40 3.93 3.54 June 2.75 .88 >.ll J.231 2.46 2.92 New York City: July 2.75 .88 >.O4 J.101 2.36 2.72 1952— Dec 3.33 4.51 4.06 3.63 3.19 S A e u p g te u m st b . e . r .. . 2 2. . 7 7 4 5 ] 1 L . . 8 8 8 8 > . .O 79 4 1 > . .O 87 8 6 8 2 2 . . 1 3 7 3 2 2 . . 6 7 9 7 1953— J M u a n r e . 3 3 .5 3 2 1 4 4 . . 6 5 3 5 4 4 . . 2 1 5 3 3 3 . . 7 5 9 5 3 3 .3 1 9 7 Week ending: Sept 3.52 4.76 4.25 3.76 3.40 Sept. 5... 2.75 1.88 ].94 1.961 2.30 2.78 7 Northern and East- Sept. 12 ... 2.75 1.88 1.96 1.953 2.28 2.77 ern cities: Sept. 19. .. 2.75 1.88 1.83 \.957 2.19 2.73 1952—Dec. 3.49 4.85 4.21 3.74 3.29 Sept. 26... 2.75 1.88 1.63 :.634 2.07 2.65 1953—Mar 3.50 4.95 4.24 3.74 3.30 Oct. 3... 2.69 1.88 1.54 .583 1.99 2.48 June 3.71 5.07 4.38 3.87 3.54 Sept 3.71 5.08 4.45 3.91 3.52 1 Monthly figures are averages of weekly prevailing rates. 11 Southern and 2Series includes certificates of indebtedness and selected note and Western cities: bond issues. 1952—Dec 3.84 5.06 4.30 3.91 3.51 8Series includes selected note and bond issues. 1953—Mar 3.90 5.02 4.31 3.91 3.62 Tune 4.05 5.09 4.46 4.02 3.79 Back figures.—See Banking and Monetary Statistics, Tables 120-121, Sept. 4.10 5.10 4.46 4.06 3.86 pp. 448-459, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. NOTE.—For description of series see BULLETIN for March 1949, pp. 228-237. BOND AND STOCK YIELDS i [Per cent per annum] Bonds IndLstrial stocks U. S Govt. Corporate 'Moody's)8 Dividends/ E in a g rn s/ - Year, month, (long-term) M i u p n al ic- By ratings By groups price ratio r p a r t i i c o e or week (high- Old New grade) * Total Indus- Rail- Public Pre- Com- Comseries2 series3 Aaa Aa A Baa trial road utility ferred6 mon7 mon8 Number of issues... 3-7 1 15 120 30 30 30 30 40 40 40 15 125 125 i 9 SO 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—September... 2.71 2.33 3.19 2.95 3.07 3.22 3.52 3.02 3.36 3.20 4.12 5.63 9.06 October 2.74 2.42 3.22 3.01 3.08 3.24 3.54 3.05 3.39 3.22 4.16 5.62 November. 2.71 2.40 3.20 2.98 3.06 3.24 3.53 3.05 3.37 3.19 4.12 5.33 December. . . 2.75 2.40 3.19 2.97 3.05 3.22 3.51 3.04 3.34 3.19 4.11 5.14 10.56 1953—January . 2.80 2.47 3.22 3.02 3.09 3.25 3.51 3.07 3.36 3.23 4.16 5.18 February 2 83 2 54 3.26 3.07 3.14 3.30 3.53 3.11 3.39 3.29 4.21 5.26 March 2.89 2.61 3.31 3.12 3.18 3.36 3.57 3.16 3.43 3.33 4.23 5.36 9 39 April 2 97 2.63 3.40 3.23 3.29 3.44 3.65 3.27 3.51 3.44 4.33 5.52 May 3.09 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 P10 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 C5.79 September... 2.97 3.19 2.88 3.54 3.29 3.43 3.56 3.88 3.40 3.65 3.58 4.30 5.76 Week ending: Sept 5 3 02 3 23 2.89 3.54 3 29 3.42 3.57 3.87 3.39 3.64 3.58 4 33 5 73 Sept 12 3.02 3.24 2.91 3.55 3.30 3.43 3.57 3.88 3.40 3.65 3.59 4.31 5.84 Sept. 19 2.99 3.21 2.92 3.55 3.31 3.45 3.57 3.89 3.41 3.66 3.60 4.30 5.88 Sept. 26 2.92 3.15 2.86 3.54 3.30 3.44 3.56 3.88 3.40 3.66 3.58 4.31 5.79 Oct. 3 2.87 3.12 2.84 3.52 3.24 3.41 3.53 3.87 3.38 3.62 3.54 4.25 5.69 P Preliminary. c Corrected 1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for preferred stocks, which are based on figures for Wednesday. Figures for common stocks, except for annual averages, are as of the end of the period (quarterly in the case of earnings/price ratio). 2Fully taxable, marketable 2% per cent bonds first callable after 12 years. Of these the 1967-72 bonds are the longest term issues. Prior to Apr. 1, 1952, only bonds due or first callable after 15 years were included. 3The 2>ii per cent bonds of 1978-83, issued May 1, 1953. ^Standard ^nd Poor's Corporation. 6 Moody's Investors Service, week ending Friday. Because of a limited number of suitable issues, the industrial Aaa and Aa groups have been reduced from 10 to 6 issues, and the railroad Aaa and Aa groups from 10 to 5 and 4 issues, respectively. 6Standard and Poor's Corporation. Ratio is based on 9 median yields in a sample of noncallable issues, 12 industrial and 3 public utility. 7Moody's Investors Service. 8Computed by Federal Reserve from data published by Moody'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. OCTOBER 1953 1079 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 theTreasury expenditures or expenditures ( —) during period (end of period) Deposits in Period rec N e e i t pts p t e u E n r x d e - s i- S d u e r f o p i r c l i u t s c T o o a a t r u n h c u n d - e s r t t s r o i e S n o b d a a f l e l g i e m m g e G s a n a p o a t c r t i v n y i k o o t n e d . n t s s C co i l a n e u c g a - n r t - p d G d u i r r e b o e b l s c i t s c t G ba f e u l n a n e n d r c a e l f a g B e u n e i r a n n c a n l d e l - - A a F v b . a l R i e l- . B In c 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 e s r funds tion Calendar year: 1949 38,122 41,714 -3,592 -362 -140 234 4,331 471 4,679 841 94 2,557 1,187 1950 .... 37,834 1 -422 1 -38 349 87 -423 —447 4,232 690 129 2,344 1,069 1951 53,488 56,846 -3,358 759 56 -106 2,711 62 4,295 321 146 2,693 1,134 1952 65,523 71,366 -5,842 49 -90 -319 7,973 1,770 6,064 389 176 4,368 1,132 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 L 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 L 256 Semiannual totals: 1950—Jan.-June. 19,370 19,192 178 135 -43 341 227 838 5,517 950 143 3,268 1,156 July-Dec. 18,464 M9.063 1-599 1-173 392 -254 -650 -1,285 4,232 690 129 2,344 1,069 1951—Jan.-June. 29,679 25,570 4,109 468 Q 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—Sept 6,585 6,070 515 456 -34 -229 -504 204 7,156 508 161 5.217 1,270 Oct 3,099 6,383 -3,283 -207 -45 316 2,238 -981 6,175 770 174 4.145 1,087 Nov 4,151 5,161 -1,009 127 74 -243 2,513 1,461 7,636 396 103 5,984 1,152 Dec 6,003 7,124 -1,121 -218 -46 -145 -41 -1,572 6,064 389 176 4,368 1,132 1953__jan 5,061 5,737 -676 -140 29 401 11 -376 5,689 811 350 3,318 1,209 Feb. .. 5,479 5,595 -116 404 -133 -2 182 335 6,024 351 174 4 376 1,123 Mar 10,502 6,187 4,315 -209 12 -135 -3,099 884 6,908 222 448 4,983 L ,255 Apr 2,849 6 362 —3,513 -157 -50 289 105 -3,326 3,582 393 180 1 859 L 151 May . . . 4,380 6,241 -1,862 377 38 -428 1,930 57 3,639 221 108 2,109 1,201 June 9,744 7,988 1,756 65 32 -373 -449 1,032 4,670 132 210 3,071 1,256 July 3,308 6,068 -2,759 -260 26 466 6,598 4,071 8,741 548 181 6 690 L 322 Aue;. . . 4,568 6,042 -1,473 299 1 -430 536 -1,067 7,674 496 96 5,825 1,257 Sept 6,041 6,119 -79 -40 75 117 -269 -196 7,478 642 183 5,255 1,398 Budget expenditures Major national security programs Period Total Total* t f i N e d o n e n a s - - a e l a a M b a t s a n r s i o r i c l y s i a e t - d - n I t a i n e o n o c i t m a n d o e - 8 - a r i - c l A E C n m s to o i e i o m m r s n - g i - y c I d n e o e t s n e b t r t - A e i t V s d i r o t a m e r n n t a i - 4 s - n- g c S r p u o s a r r e c o m i - i - t a y s l * m A p t c D u a g u e e r r r l n e t - - i - t - 5 H n h a a i o o f n n n i m u - g d c s e e - P w u o b r l k i s c o P d f i f c e o ic f i s t - e t T c t o f r r a e t u a u c o r n n - s s t t s s - C)ther Calendar year: 1949 41 714 19,452 12,849 6,005 560 5,482 6,364 1.226 3,104 -123 1 .575 536 1,425 2,673 1950 38,255 18,509 13,476 291 4,012 611 5,580 5,714 1,351 1,499 -17 1,551 643 961 2,464 1951 56,846 37,154 30,275 1,559 3,560 1,278 5,983 5,088 1,463 1,010 694 1,438 684 1,016 2.315 1952 71,366 51,121 43,176 2,975 2,652 1,813 6,065 4,433 1,508 1,564 646 L.573 775 1,193 2.487 Fiscal year: 1950 40,167 17,950 12,346 44 4,941 524 5,750 6,043 1,375 2,986 -270 1,575 593 1,383 2,781 1951 44,633 25,891 19,955 884 3,863 908 5,613 5,288 1,415 635 460 1,458 624 972 2.276 1952 . . 66,145 46,319 39,033 2,228 2,904 1,648 5,859 4.748 1,424 1,219 614 1,515 740 1,305 2-402 1953 74,607 52,847 44,584 3,760 2,272 1,802 6,508 4,250 L.593 3,063 382 L.655 660 1,079 2,570 Semiannual totals: 1950—Jan.-June.. 19,192 8,659 5,970 44 2,320 270 3,190 3,036 681 1,335 -175 673 383 157 1,254 July-Dec.. 19,063 9,850 7,505 247 1,692 341 2,390 2,678 670 164 158 878 260 804 1,210 1951—Jan.-June.. 25,570 16,041 12,450 637 2,170 567 3,223 2,610 745 470 302 580 364 168 1,066 July-Dec. 31,276 21,113 17,825 921 1,389 711 2,761 2,479 718 540 392 858 320 848 1,249 1952—Jan.-June.. 34,869 25,206 21,208 1,306 1,514 937 3,099 2,269 706 679 222 657 420 457 1,153 July-Dec. 36.497 25,915 21.968 1,669 1,137 876 2,966 2.164 802 885 424 916 355 737 L.333 1953—Jan.-June.. 38,110 26,932 22,616 2,092 1,134 926 3,542 2,086 791 2,178 -42 740 305 342 1,236 Monthly: 1952—Sept 6,070 4,518 4,008 184 133 155 559 343 116 49 71 158 64 191 Oct 6,383 4,373 3,723 298 142 160 572 354 191 192 79 174 180 23 245 Nov 5,161 3,876 3,302 266 128 150 185 345 124 112 101 140 93 184 Dec 7,124 4,640 4,081 275 117 127 1,146 378 104 289 112 138 67 ?">? 1953—Jan 5,737 4,216 3,632 277 138 158 235 348 180 357 -80 89 160 20 213 Feb 5,595 4,168 3,501 316 171 151 311 339 109 285 19 70 101 192 Mar 6,187 4,670 3,789 523 181 157 563 358 10 281 -3 88 -30 58 193 Apr 6,362 4,582 3,891 366 120 167 372 350 239 293 -35 193 125 13 TV) May . .. 6,241 4,481 3,746 285 278 153 179 348 125 581 66 155 92 213 June 7,988 4,815 4,056 325 246 140 1,882 343 128 382 -10 145 50 59 194 July 6,068 P4,645 3,890 451 P150 117 237 369 177 254 —78 174 53 P238 Aug 6,042 M.168 3,519 197 P255 157 206 330 120 377 95 155 160 P146 P285 Sept 6,119 P4.387 P3,787 232 P165 155 560 323 P103 n.a. n.a. P152 P58 n.a. P Preliminary. n.a. Not available. 1 Beginning November 1950, investments of wholly owned Government corporations in public debt securities are excluded from Budget expenditures, and included with other such investments under "Trust and other accounts." Adjustments for July-October 1950 investments were made by the Treasury in the November 1950 and January 1951 figures. 2Includes the following not shown separately: Maritime activities, special defense production expansion programs, Economic Stabilization Agency, and Federal Civil Defense Administration. 8Consists 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. a Excludes expenditures for forest development of roads and trails, which are included with public works. 1080 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY RECEIPTS* EXPENDITURES, AND RELATED ITEMS—Continued [On basis of daily statements of United States Treasury, unless otherwise noted. In millions of dollars] Treasury receipts Budget receipts, by principal sources Internal revenue collections (on basis of collectors' reports) Income Deduct Period With in - a su n r d a n o c l e d - O a ta g t x h e e e s r t c M e e i r n l n i l s - a a - - l a c T n a e d r a o m r x n i o e e - n r s s c O e r t i e h p - e ts r b T u r o d e t g - a e l t A t p i p r o p i n a r s - o- fu R n e d - s bu N r d e e g - t et c a I o g n m e d e i t i v a n a i x s d n u e u d s r a a l n o c i l n d e - - C r c a o o i t n r m i p - o e o n - t a E a n t s d e held ployers ceipts to old- of ceipts and gift pl e o b m y y e - rs v I i n d d u i a - l C ra o t r i p o o n - enue o m f o 8 r e or t f a r u u g n s e d t ce r i e p - ts W he it ld h- Other p t r a o x f e it s s taxes Calendar year: 1949 11,428 19 894 8,326 794 2,123 42,565 1,666 2,777 38,122 11,591 7,R?8 12,006 754 1950 13,775 17,361 8,771 770 1,980 42,657 2,667 2,156 37,834 12,963 7,S84 9,937 658 1951 19 392 26,876 9,392 944 2,337 58,941 3,355 2,098 53,488 18,840 10 36? 16 565 801 1952 23,658 34,174 10,416 902 2,639 71,788 3,814 2,451 65,523 23,090 11 ,580 22,140 849 Fiscal year: 1950 12,180 18,189 8,303 776 1,862 41,311 2,106 2,160 37,045 11,762 7,?64 10,854 706 1951 16 654 24,218 9,423 811 2,263 53,369 3,120 2,107 48,143 15,901 0, 908 14 388 730 1952 21,889 33,026 9,726 994 2,364 67,999 3,569 2,302 62,129 21,313 11 ,S4S 21,467 833 1953 25,058 33,101 10,870 902 2,525 72,455 • 4,086 3,151 65,218 24,750 11 r>04 21,595 891 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 July-Dec... 7,209 6,841 4,779 317 1,039 20,185 1,411 311 18,464 6,858 1,381 4,971 303 1951—Jan.-June... 9,445 17,376 4,644 494 1,223 33,184 1,709 1 ,796 29,679 9,043 8,327 9,416 427 July-Dec... 9,947 9,499 4,748 449 1,114 25,757 1,646 302 23,809 9,798 2,335 7,149 374 1952—Jan.-June... 11,942 23,526 4,978 545 1,251 42,242 1,922 2,000 38,320 11,515 9,210 14,318 459 July-Dec.. 11,716 10,647 5,438 357 1,388 29,546 1,891 451 27,204 11,574 2,770 7,821 390 1953—Jan.-June... 13,342 22,454 5,432 545 1,137 42,910 2,195 2,700 38,014 13,176 8,334 13,773 502 Monthly: 1952—Sept 1,751 4,029 877 54 164 6,875 235 55 6,585 232 1 553 2,442 59 Oct 997 1,214 923 17 204 3,355 204 51 3,099 1,634 164 927 57 Nov 3,085 436 888 104 219 4,731 533 47 4,151 3,968 109 352 51 Dec 1,882 3,088 939 54 387 6,350 303 45 6,003 190 358 2,785 70 1953_jan 989 3,111 842 30 260 5,232 117 54 5,061 1,144 ? 355 501 77 Feb. 3,544 1,479 856 271 150 6,300 486 336 5,479 4,990 3V) 404 65 Mar 2,102 8,551 993 66 158 11,870 425 944 10,502 328 ? 598 6,171 154 Apr 1,170 1,837 880 14 144 4,044 232 963 2,849 1,667 3SS 654 84 May 3,399 490 922 109 220 5,140 516 244 4,380 4,520 t SI 359 62 June 2,138 6,986 939 54 206 10,323 420 159 9,744 527 1 ,*37 5,683 60 July 1,252 1,125 937 P20 286 3,619 206 105 3,308 1,792 3?4 651 83 Aug P3,496 405 955 P110 187 5,153 519 65 4,568 Sept P1,839 1,689 1 636 981 P53 203 6,402 299 63 6,041 Treasury receipts—Continued Trust and other accounts In ( t o e n rn b a a l s r i e s v o e f n u c e o ll c e o c l t l o ec rs ti ' o r n e s p — or c t o s n ) r S e o t c ir i e a m l s e e n c t u , r a i n ty d , Other accounts2 Period Excise and miscellaneous taxes Total i insurance accounts Total Liquor Tobacco M an an d u e r f x e a c t c i a s t i e u le re rs r ' s' Other ce R i e p - ts I m nv e e n s ts t- Ex tu pe re n s di- m In e v n e t s s t 3 - Otheri Calendar year: 1949 7,529 2,204 1,320 2,221 1,784 -362 5.512 1,965 3,584 —325 1950 8,150 2,419 1,348 2,519 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 2,115 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 2,032 219 8,210 3,361 4,885 275 530 1953 9,946 2,781 1,655 3,359 2,152 462 8,531 3,059 5,257 242 489 Semiannual totals: 1950—Jan -June 3,688 1.028 665 1.125 870 135 3,231 -1,501 4,570 —26 July-Dec.. . 4,462 1,391 683 1,394 994 -173 3,312 1,557 1,644 -22 -307 1951—Jan.-June. . 4,241 1,156 697 1,446 942 468 3,939 1,803 2,108 219 660 July-Dec... 4,440 1,304 748 L.343 1,045 291 3,967 1,352 2,398 52 126 1952—Jan.-June.. 4,531 1,245 817 1,481 988 -72 4,242 2,009 2,486 223 404 Julv-Dec . . 5,027 1,482 845 1,573 1,127 121 4,073 1,495 2,456 106 105 1953—Jan.-June. . 4,919 1,299 810 1,786 1,025 341 4,458 1,564 2,802 136 385 Monthly: 1952—Sept 808 258 147 273 180 456 399 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 870 220 175 313 212 -218 718 363 462 -14 -125 1953—yan 760 188 136 283 154 -140 248 -103 447 233 188 Feb. 782 186 133 308 155 404 869 * 223 449 -54 154 Mar. .. 825 229 144 276 176 -209 596 61 488 38 -217 Apr 848 230 133 292 193 -157 405 128 478 -17 27 May 851 229 129 320 173 377 1,020 412 463 42 274 June 854 237 136 307 174 65 1,319 843 476 -107 -42 July 895 244 125 312 213 -260 405 90 470 -29 -134 A.ug 299 1,070 409 462 — 14 86 Sept -40 449 16 506 55 87 P Preliminary. 2Excess of receipts, or expenditures (—). 2 Consists of miscellaneous trust funds and accounts and deposit fund accounts. The latter reflect principally net transactions of partially owned Government corporations, European Payments Union deposit fund, and suspense accounts of Defense and other Government departments. Investments of wholly owned Government corporations are included as specified in footnote 3, but their operating transactions are included in Budget expenditures. 8 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 I on previous page). OCTOBER 1953 1081 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY CASH INCOME, OUTGO, ANEJ> 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 operatingincome,other than debt Cash operating outgo, other than debt Net Period T N o e r t t a e l c B ei u p d t L s g e e s t s: a P c l c u t. s : re T c L r e u i e p s s t t s s : E o . C p q i u e n a r a s g a l h s t- : T B ot u a d l get A e L c x e c s p r s e u : n - d N i o tu I n n r c e t a r s s a h - P e l x u p s: e n T d r i . t L u a e r c s e c s s t : . S E l t i x a z c b a h - i P - . lus i : C ng le a a r c - - E o C p q i u e n a a r s g a l h s t- : i o n c p g o o e m r i r n a e t - net Non- Total Non- income als to Govt. Total Non- tion count outgo outgo receipts cash1 cash2 public3 trans.* cash6 Fund 6 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 >,623 40,970 40,167 436 >,754 6,881 13 -207 -483 43,155 -2,185 1951.... 48,143 256 7,796 J.244 53,439 44,633 477 >,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 >,595 71,344 74,607 694 >,774 5,169 31 -28 312 76,561 -5,217 Semiannual totals: 1950—Jan.-June. . 19,370 80 3,438 1,178 21,551 19,192 222 1,213 4,722 10 -262 -341 21,865 -315 July-Dec 18,464 91 3,562 1,033 20,900 19,063 281 1,075 2,201 55 254 20,105 796 1951—Jan.-June. . 29,679 164 4,234 1,210 32,537 25,570 196 1,279 1,744 82 -13 -40 25,700 6,839 July-Dec.. . 23,809 58 4,349 1,298 26,799 31,276 371 L.346 2,653 8 -13 146 32,334 -5,534 1952—Jan.-June. . 38,320 77 4,458 1,406 41,293 34,869 338 1,488 2,298 —4 22 255 35,622 5,671 July-Dec.. . 27,204 107 4,248 1,243 30,104 36,497 396 1,319 2,527 32 16 64 37,357 -7,254 1953—Jan.-June. . 38,014 104 4,683 1,351 41,241 38,110 298 1,456 2,642 -2 -44 248 39,203 2,038 Monthly: 1952—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 Feb 5 5 ,4 0 7 6 9 1 43 3 2 9 8 2 6 0 1 6 2 5 8 6 5 ,2 2 6 3 7 9 5 5 , , 7 5 3 9 7 5 3 8 8 2 1 12 0 9 0 3 2 4 9 6 6 8 2 -19 —40 2 1 5 5 , 4 7 4 54 2 — 5 2 1 0 3 3 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 2,253 July 3,308 31 429 91 3,615 6,068 108 120 629 2 —466 6,001 -2,386 Aug. 4,568 3 1,158 196 5,526 6,042 27 194 464 5 11 430 6,720 -1,193 Sept 6,041 482 6,119 451 11 -117 1 Represents principally interest paid to Treasury by Government agencies and repayment of capital stock and paid-in surplus by partially owned Government corporations. 2Represents principally interest on investments in U. S. Government securities, payroll deductions for Government employees' retirement accounts, and transfers shown as Budget expenditures. 3 Represents principally excess of interest accruals over payments on savings bonds and Budgetary expenditures involving issuance of Federal securities; the latter include mostly armed forces leave bonds and notes issued to the International Bank and Monetary Fund, which are treated as noncash expenditures at the time of issuance and cash expenditures at the time of redemption. * Represents principally noncash items shown under trust account receipts (described in footnote 2); also includes small adjustments for noncash interest reflected in noncash Budget receipts (see footnote 1) and in noncash trust account expenditures (see footnote 5). Represents principally repayments of capital stock and paid-in surplus by partially owned Government corporations, as well as interest receipts by such corporations on their investments in the public debt (negative entry). 6Cash transactions between International Monetary Fund and Exchange Stabilization Fund. (See footnote 3.) DERIVATION OF CASH BORROWING FROM OR REPAYMENT OF BORROWING TO THE PUBLIC In Plus: Cash Less: Noncash debt transactions Equals: Details of net cash borrowing from or crease, issuance of Net cash repayment (—) of borrowing to the public2 Period c o r r e d as e e - Fe s d e e c r u al r it a ie g s e n o c f ies N in e t F i e n d v . . Accruals 1,o public1 b in o g rr , o o w r - Direct Savings Postal d (— i g d r. r e o ) p b . s t u s in b. a G n u te a e r d - a g N n u t o e a n e r - - d & G o s t e v r c . t . . f a b u g y n e d n s . T I b n r o t e . n a d o s s n . b a s i n a ll d v s . P F f a e o d y rm . t s . s o e i c f n . b ( o - i r ) n r o g o w f - m & is k s c t u a o e b n s l v 3 e . . b p (i o r s i n s c u d e e ) s S n a o v t in es gs S s a i p v s e s . u c S i e a y s l s. Other* Cai 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 S-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 «-2,O27 *18 -1,335 -68 -21 Monthly: 1952—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 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 51 571 6—147 —6 —32 39 June -449 33 735 71 -1 — 1,222 —862 —98 —341 — 11 90 July 6,598 ii 15 61 «109 -1 6,456 6,333 6-122 252 — 7 Aug. 536 1 395 628 -12 127 -72 6-51 271 — 17 —4 Sept -269 75 71 -931 -90 662 -16 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. 4 Includes cash issuance in the market of obligations of Government corporations and agencies and some miscellaneous debt items. 6 Excludes exchanges of savings bonds into marketable bonds. 6See footnote 2 at bottom of following page. 1082 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 1 d t n - t c a a D o t x i i r e o r p s e n o c s o r t l - n E t m a a x n x i c s d e i c s s . e i c n S e s o i . c p i r t a e s l 2 - c O o c i a t m n h s - h e e r 3 D R c o e e e f f i d p u r u n t e c s - d t: s Total n g a M r t p a l a r . m o j s o - s e r 4 c. e d I s n e t t b e o t r 5 n - g e r V p r a r a e m o n t - - s s 6 s g e S r p c a o r u m c o r i - a s it 7 l y Other Cal. yr.—1949 41,374 18,403 12,006 7,572 3,864 2,306 2,777 42,642 19,738 4,186 6,819 4,333 7,566 1950 42,451 19,191 9,937 8,113 5,121 2,245 2,156 41,969 18,347 4,072 8,864 4,400 6 286 1951 59,338 27,149 16,565 8,591 6,362 2,769 2,098 58,034 37,279 4,137 6,121 4,915 5,582 1952 71,396 32,728 22,140 9,567 6,589 2,823 2,451 72,980 51,195 4,230 5,209 5,617 6,729 Fiscal yr.—1950 40,970 18,115 10,854 7,597 4,438 2,126 2,160 43,155 17,879 4,264 9,146 4,740 7,126 1951 53,439 24,095 14,388 8,693 5,839 2,531 2,107 45,804 26,038 4,052 5,980 4,458 5,276 1952 68,093 30,713 21,467 8,893 6,521 2,801 2,302 67,956 46,396 4,059 5,826 5,206 6,469 1953 71,344 33,370 21,595 9,978 6,858 2,694 3,151 76,561 52,843 4,658 4,920 6,124 8,016 Semiannual totals: 1950—Jan.-June 21,551 11,220 4,965 3,637 2,510 1,065 1,846 21,865 8,441 2,075 5,887 2,392 3,070 July-Dec 20,900 7,971 4,971 4,476 2,611 1,182 311 20,105 9,905 1,997 2,977 2,007 3,219 1951—Jan.-June 32,537 16,124 9,416 4,217 3,228 1,348 1,796 25,700 16,133 2,058 3,003 2,450 2,056 July-Dec 26,799 11,025 7,149 4,374 3,135 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—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 !953_jan 5,239 3,558 501 765 214 255 54 5,442 4,218 149 397 576 102 Feb. 6,267 4,198 404 791 1,013 197 336 5,754 4,151 269 390 506 438 Mar 11,042 4,211 6,171 840 557 207 944 6,970 4,691 526 418 436 899 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 July 3 615 P\,602 651 854 P334 ^69 105 6,001 *>4,647 128 428 586 P2\2 Aug. 5,526 n.a. n.a. n.a. P995 n.a. 65 6,720 P4.180 178 386 522 Pl,454 Sept *>3,290 1,636 P920 P397 63 P4,399 378 P511 p Preliminary. n.a. Not available. 1 Income taxes include current and back taxes; individual taxes also include estate and gift taxes and, prior to September 1953, adjustment to Treasury daily statement. Income taxes through August 1953 are from internal revenue collectors' reports, thereafter from Treasury daily statement. 2 Includes taxes for old-age and unemployment insurance, carriers taxes, and veterans life insurance premiums. 3Represents mostly nontax receipts. 4 Represents Budget expenditures adjusted for net redemptions of armed forces leave bonds and special International Bank and Monetary Fund notes. 8Represents Budget expenditures less the excess of interest accruals over payments on savings bonds and Treasury bills and less interest paid by the Treasury to (1) trust funds and accounts and (2) Government corporations not wholly owned. 6Represents Budget outlays plus payments to the public from veterans life insurance funds and redemptions of adjusted service bonds. 7Represents Budget outlays plus benefit payments and administrative expenses of trust funds for old-age and unemployment insurance, and Government employees and Railroad retirement funds. UNITED STATES SAVINGS BONDS AND NOTES—SALES, REDEMPTIONS, AND AMOUNT OUTSTANDING [In millions of dollars] Savings bonds 1 ax emu savings iiuies 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—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 P*612 21,981 1,714 1,719 4,793 June.. 370 *485 57,886 340 P307 36,048 30 P1l78 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 Aug.. 371 421 57,851 346 P276 36,264 25 ?146 21,587 479 208 4,977 P Preliminary. 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. 2Due 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 is being reversed in subsequent months. 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. OCTOBER 1953 1083 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES [On basis of daily statements of United States Treasury. In millions of dollars] Public issuesi Marketable Nonmarketable Total E m n o d n t o h f d T g e r o b o t s t a * s l d d g i e r r b o e s t c » s t Total Total Bills c C i a n e t r d e t s e i f b o i- t f - Notes B el a ig n i k B - ond B s r a e n - k b C v i o b e o n r l n e d t- - s Total« b S i o n a n g v d s - s s i T a n a n a g v d x s - S i p s < s j U c C ia 8 l edness ble* stricted notes 1940—Dec. 50 942 45 0?S 39 089 35,645 1,310 6,178 ?8, 1S6 3 444 3,195 370 1941—Dec 64,262 57,938 50,469 41 S6? ? 00? 5,997 33, S63 8,907 6,140 ?,471 6,98? 1942—Dec 112 471 108 170 98 ?76 76,488 6,627 10 S34 9,863 44. 519 4,945 21 788 15,050 ,384 9 03? 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 4?8 30 401 23,039 66 931 ?4 8S0 50,917 40,361 9 843 16,3?6 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 1 1 9 9 4 4 6 7 — — D Ju e n c e 2 2 5 5 9 8, , 3 48 7 7 6 2 2 5 5 8 9 , , 2 1 8 4 6 9 2 22 3 7 3, , 0 7 6 4 4 7 1 1 6 7 8 6 , , 7 6 0 1 2 3 1 1 7 5,7 0 7 3 5 3 2 ? 5 9 9 2 8 9 7 6 1 8 0 , , 1 0 4 9 2 0 6 6 9 9 , ,8 8 5 6 2 6 4 4 9 9 , , 6 6 3 3 6 6 5 59 6 , , 0 4 4 5 5 1 4 5 9 1, , 3 7 6 7 7 6 5s , , 5 7? 6 S 0 2 ? 7 4 , ,S 36 8 6 S Dec 256,981 256,900 225,?50 165,7S8 1S 136 ?1 ??0 11,375 68,391 49,636 59,492 52,053 5,384 ?8.9SS 1948—June ?5? 366 252,?9? 219,8S? 160 346 13 7S7 ?? S88 11,375 6? 9Q0 49 636 59,506 53,274 4 394 30,?11 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—j une ?S?,79ft 252,770 217,986 155,147 11 S36 ?9 4? 7 3,596 60 9S1 49,636 62,839 56,260 4,860 3?,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—j une # 257,377 257,357 222,8S3 ISS,310 13,S33 18 418 20,404 S3,319 49,636 67,544 57,536 8,477 3?,356 Dec ?S6,731 256,708 220,S7S IS? 4S0 13 6? 7 S 373 39,258 44 SS7 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 10? ?9 078 18,409 41 ,049 36,048 1? 060 66,423 57,587 7,534 3S,90? 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—Sept ?6?,7?7 262,68? 222,?16 143 89 S 17 ?07 ?7 763 18,982 S? S79 ?7 36S 13 18? 65,139 57,758 6 039 38,360 Oct 264,964 264,919 224,430 146,775 19,712 16 902 30,246 52,578 27,338 12,491 65,164 57,794 6,026 38,390 Nov ?67,483 267,43? 226,557 148,77? 71,71 S 16 90? 30,253 s?,S78 ?7,3?4 17 499 65,285 57,850 6,089 38,788 Dec ?67 ,445 267,391 226,143 148 S81 ?1 713 16 71? 30,266 58 874 ?1 016 1? SOO 65,062 57,940 s,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 M Fe a b r. ? 2 6 6 7 4,5 6 3 3 6 4 2 26 6 4 7, 4 S 8 8 5 4 2 22 2 3 6, 0 1 2 8 5 7 1 14 4 5 8 ,9 44 8 8 S ? 1 1 9.2 7 1 1 1 0 I 1 S 5,9 9S 59 8 3 3 0 0 , , 2 3 8 2 2 7 5 5 9 9 4 4 8 8 3 2 2 ? 1 1, , 0 0 1 0 ? 9 1 1 ? 2,4 4 3 8 8 4 6 6 5 4 , , 2 5 5 9 8 9 5 58 8 , , 3 2 7 6 1 8 4 s, , 6 8 4 7 ? 9 3 3 9 9, , 3 3 0 5 ? 4 Apr ?64,642 264 590 223 077 146 133 19 31? IS 9S9 30,375 63 ?38 17,?49 17 391 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 266,1?3 266 071 223 408 147,33S 19,707 1S 8S4 30,425 64 104 17,245 17,340 63,733 57,886 4,453 40,538 Tulv 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.. 773,7fiQ 273 706 230 1S7 153,694 ?0 708 71 6SS 30,492 64 0Q9 17,240 17,773 64,190 57,851 4,977 40 988 Sept 273,001 272 937 229 785 152,804 19,508 26,369 33,578 59 944 13,406 12,168 64,814 57,795 5,639 40,958 1 Includes fully guaranteed securities, not shown separately. 2Includes noninterest-bearing debt, not shown separately. 3 Includes amounts held by Government agencies and trust funds, which aggregated 6,986 million dollars on Aug. 31, 1953. 4 Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds. 5Includes Series A investment bonds, depositary bonds, armed forces leave bonds, and adjusted service bonds, not shown separately. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in millions of dollars] Total Held by Held by the public U. S. Government End of month in ( a s i g g n e d n t r c i c e t g e o u l e b s u u s r e ) ts a d i d - r - - S i p s a t s e r g u c u e e i s a n s t l c i f e u s n P i a s d u n s s b u d 1 e li s c Total R F B e e a d s n e e r r k v a s e l m b C a e o n r m c k i s a - 3 l s M b av a u n i t n u k g a s s l p I c a n a o n s n m c u i e e r - - s r c O a o t t r i h p o e o n r - s g m S o l a o v t e n c a e n a d r t t e l n s - S b a o v I n i n n d d g s i s vid se u O c a u t l r h s i e t r ies l M a i t n n o i v s e r c e o s e * s u - l s - 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—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 1952—July 263,107 37,945 6,689 218,473 22,853 62,700 9,800 16,000 20,300 10,700 49,000 15,600 11,500 Aug 263,225 38,307 6,712 218,206 23,146 61,800 9,700 16,100 20,700 10,800 49,000 15,400 11,500 Sept 262,722 38,360 6,692 217,670 23,694 61,600 9,700 16,100 20,200 10,900 49,000 15,200 11,300 Oct 264,964 38,390 6,681 219,893 23,575 63,100 9,600 16,000 20,500 10,900 49,000 15,200 12,000 Nov 267,483 38,788 6,757 221,938 23,821 64,200 9,500 16,100 21,000 10,900 49,100 15,100 12,200 Dec 267,445 39,150 6,743 221,552 24,697 63,400 9,500 16,000 21,000 11,000 49,200 15,000 11,700 1953—Tan 267,450 39,097 6,895 221,458 23,944 62,800 9,500 16,200 21,400 11,100 49,300 15,000 12,300 Feb 267,634 39,302 6,869 221,463 23,875 61,900 9,600 16,100 21,800 11,100 49,400 15,200 12,500 > Mar 264,536 39,354 6,908 218,274 23,806 59,500 9,600 16,000 20,700 11,300 49,500 15,500 12,500 Apr 264,642 39,474 6,866 218,302 23,880 59,000 9,500 16,000 20,700 11,300 49,600 15,300 13,000 May 266.572 39,710 7,057 219,805 24,246 58,500 9,600 16,000 21,800 11.700 49,300 15,900 12,800 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 July 272,732 40,594 7,007 225,131 24,964 63,300 9,500 15,900 21,000 12,000 49,300 15,800 13,400 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. 1084 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 September 30, 1953 [On basis of daily statements of United States Treasury. In millions of dollars] Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills1 Certificates Treasury Treasurybonds—Cont. O O O O O c c c c c t t t t t . . . . . 2 2 1 9 2 5 8 1 , , , , , 1 1 1 1 1 9 9 9 9 9 5 5 5 5 5 3 3 3 3 3 1 1 1 1 1 , , , , , 5 5 5 5 5 0 0 0 0 0 1 0 1 0 0 F J A S M u e e u a n b p g r e . t . . . 2 1 1 1 2 5 1 5 5 , , , , , 1 1 1 1 1 9 9 9 9 9 5 5 5 5 5 4 4 4 4 4 2 2 2 2 2 2 Y y ^ % ^ % 2 4 8 4 2 5 , , , , , 9 1 7 7 8 0 1 0 8 5 2 4 6 8 8 J J J J J M u u u u u a n n n n n r e e e e e . 1 1 1 1 1 1 5 5 5 5 5 5 , , , , , , 8 5 2 1 , , , , 6 6 6 8 5 5 8 0 1 6 2 1 1 0 1 1 2 5 J J D D M M u u e e a a n c n c r r e . . e . . 1 1 1 1 1 1 5 5 5 5 5 5 , , , , , , 1 1 1 1 1 1 9 9 9 9 9 9 6 6 6 6 6 6 3 4 4 6 7 5 - - - - - - 6 6 6 7 7 7 8 9 9 1 2 0 . . . * « 6 . . . . . . . . . . . 2 2 . 2 2 2 i H H H y y y 2 2 2 3 3 4 2 2 1 , , , , , , 8 7 8 8 7 9 9 3 5 2 2 6 3 2 6 7 1 3 D D N D D N N N e e e e o o o o c c c c v v v v . . . . . . . . 2 1 2 1 1 1 4 0 7 7 3 9 5 2 , , , , , , , , 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 5 5 5 5 5 5 5 5 3 3 3 3 3 3 3 3 1 1 1 1 1 1 1 1 , , , , , , , , 5 5 5 5 5 5 5 5 0 0 0 0 0 0 0 0 2 0 1 1 0 0 0 1 T A O O A D M D M M r c p e e c e p a a a c t c a t r r r . r r . . . . . s . . . u 1 1 1 1 r 5 1 5 1 5 5 1 1 1 y , , , , , , , , , 1 1 1 1 1 1 1 n 1 9 9 9 9 9 9 9 9 o 1 5 5 5 5 5 5 5 5 t 5 5 3 7 4 6 6 e 7 9 s 5 7 1 1 2 \ i \ y i % y2 1 2 5 6 4 1 0 , , , , , , 8 9 3 0 6 5 8 5 5 0 5 6 8 7 4 2 3 5 7 5 0 4 5 2 4 1 0 J J D J J D S D S M M u u u u e e e e e n n n n a a p p c c c e e e r e r . . . t t . . . . 1 1 1 1 1 1 1 1 1 1 1 5 5 5 5 5 5 5 5 5 5 5 , , , , , , , , , , , 2 4 3 1 , , , , , , , 1 2 9 6 9 8 9 4 4 4 2 1 1 2 4 2 8 8 2 6 7 4 7 9 0 7 2 5 6 5 8 2 9 C P P J b S D a o o e u e o s n n p c n t n v a t . a e d . e m l r 1 s 1 a 1 S t 5 5 i 5 , a , b C , v l 1 1 1 a e i 9 9 9 n n 6 6 b 7 g a 7 7 8 s o l - - - n 7 L 7 8 d 2 2 o 3 . s « a . . . n . . . . 3 2 . 2 i . % H y y 3 2 2 2 3 1 , , ,6 8 7 0 3 1 5 5 6 0 6 7 0 Apr. 1,1958 249 Investment Series B Apr. 1, 1975-80. . .2% 12,168 ^old on discount basis. See table on Open Market Money Rates, p. 1079 2 Tax anticipation series. ^Maturity Dec. 15, 1955. ^Maturity Dec. 15, 1954. ^Partially tax e: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] End of month s T t o i a o n u n t g t a d - l - f G a U t u a r c g o u n n i . e e S v d s d n s t t . s - . B s F e R e a e r r n e a d v k - l - e s b C m a c o n i e a m k r l - s - *b M s t i a n u a n g v a u k s l - - s L c [ if o n e m su p ra a O n n c t i h e e s er Other End of month s T t o i a o n u n t g t a d - l - G f a U t u a c r g o u n n i . e e S v d s d n s t t . s - . B s F e R e a e r r e n a v d - l k e - s b C m a c o i n e a m k r l - s - i b M s t i a n u a n g v a u k s l - - s L c I i o n f m e su p r a a O n n i c t e h e s er Other Type of security: Type of security: Total marketable Convertible bonds and convertible: (Investment 1951—June 151,490 6,177 22,98251,671 9 504 11,138 4,161 45,855 Series B): Dec 154,745 6,251 23,80154,302 9 12310,289 4,301 46,679 1951—June 13,573 2,905 2,714 166 1,252 2,921 312 3,304 1952—June 153,502 6,467 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 1953—June 159,675 6,899 24,74651,365 8,816 9,347 4,808 53,694 Dec 12,500 3,438 185 1,352 3,179 360 3,987 July 166,067 6,878 24,96455,680 8 824 9,333 4,837 55,551 1953—June 12,340 3 439 182 1,314 3,133 353 3,919 Treasury bills: July 12,310 3 439 179 1,309 3,126 352 3,904 1951—June 13,614 26 527 3,750 122 756 72 8,360 Dec 18,102 50 596 6,773 71 428 104 10,080 Marketable secu- 1952—June 17,219 41 381 5,828 103 504 92 10,268 rities, maturing:3 Dec 21,713 86 1,341 7,047 137 464 119 12,518 Within 1 year: 1951—June 42,789 55 12,59210,234 201 1,077 451 18,180 1953—June. 19,707 106 1,455 4,411 120 327 132 13,155 Dec 48,204 112 13,43714,081 182 648 576 19,167 July 20,207 84 1,672 5,015 122 334 117 12,863 1952—June 45,642 101 12,20212,705 223 581 470 19,360 Certificates: Dec 56,953 133 14,74916,996 263 532 733 23,547 1951—June 9,509 17 3,194 2,753 37 113 174 3,221 Dec 29,078 49 12,793 6,773 41 217 445 8,761 1953—June 64,589 163 15,50519,580 476 390 1,082 27,393 1952—June 28,423 60 11,821 6,877 120 76 378 9,092 July 70,991 152 15,72223,841 537 398 1,114 29,227 Dec 16,712 27 5,061 4,791 37 56 317 6,424 1-5 years: 1951—June 45,033 77 5,23529,272 613 218 1,035 8,583 1953—June 15,854 30 4,996 4,351 87 27 310 6,052 Dec 44,401 45 6,68827,991 419 132 992 8,133 July 21,756 41 4,996 8,155 155 42 346 8,020 1952—June 44,945 46 7,18827,858 370 63 996 8,424 Treasurv notes: Dec 37,713 31 7,14622,381 259 48 910 6,938 1951—June 35,806 14 12,43913,704 120 208 478 8,841 Dec 18,409 3 5,06810,465 67 1 315 2,489 1953—June 32,330 152 6,45218,344 464 109 914 5,895 1952—June 18,963 2 5,56810,431 42 5 327 2,587 July 32,343 139 6,45218,295 461 98 939 5,958 Dec 30,266 16 13,77410,955 49 8 486 4,978 5-10 years: 1951—June 8,914 194 31 6,790 86 131 202 1,480 1953—June 30,425 23 13,77410,355 62 5 529 5,678 Dec 8,914 152 34 6,881 73 118 201 1,454 July 30,455 18 13,77410,200 61 5 553 5,844 1952—June 15,122 387 693 7,740 1,357 497 765 3,684 Marketable bonds:2 Dec 22,834 546 1,38711,058 1,775 885 1,348 5,835 1951—June 78,989 3,215 4,10831,298 7 974 7,139 3,125 22,129 Dec 77,097 3,243 4,13030,119 7697 6,720 3,120 22,068 1953—June 18,677 422 1,374 8,772 1,395 745 1,104 4,865 1952—June 75,802 2,928 4,42230,710 7221 5,855 3,087 21,580 July 18,675 414 1,374 8,843 1,363 739 1,087 4,855 Dec 79,890 3,046 4,52232,849 7165 5,807 3,429 23,072 After 10 years: 1951—June 41,181 2 947 2,410 5,210 7,353 6,791 2,161 14,309 1953—June 81,349 3,300 4,52232,066 7232 5,855 3,484 24,890 Dec 41,168 3 036 2,428 5,177 7,202 6,470 2,213 14,643 July 81,339 3,295 4,52232,130 7176 5,826 3,469 24,921 1952—June 34,698 2 496 2,109 5,544 5,537 5,301 1,652 12,059 Dec 31,081 2 464 1,415 5,207 5,091 4,870 1,361 10,673 1953—June 31,739 2 723 1,415 4,488 5,167 4,969 1,356 11,621 July 31,748 2 733 1,415 4,522 5,154 4,971 1,345 11,607 * 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 beaded "other" are residuals. * Includes stock savings banks. 2 Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds. 3 Beginning with the September 1953 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. OCTOBER 1953 1085 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW SECURITY ISSUES1 [Estimates, in millions of dollars] Gross proceeds, all issuers2 Propo a s ll e d c o u r s p e o s r a o t f e n i e s t s u p e r r o s c 0 eeds, Noncorporate Corporate New capital Re- Y m e o a n r t o h r Total State Bonds Mis- t R ir e e - - m ti e re n - t G m o U v e . e n S rn t . 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 li f u c e l r b y e - d p v P l a a r t c e i- e ly d f s e P t r o r r e c e - k d s C m t o o o m c n k - Total m N o e n w ey7 p l p a o o u n u s r e e s - - s d m b e e a t o e c b n f n . t k t 8 , s i e t c o ie u f s r- 1938 5,926 2,480 115 1,108 69 2,155 2,044 1,353 691 86 25 903 681 7 215 1,206 1939 5,687 2,332 13 1,128 50 2,164 1,979 1,276 703 98 87 4?0 325 26 69 1,695 1940 6,564 2,517 109 1,238 24 2,677 2,386 1,628 758 183 108 762 569 19 174 1,854 1941 15,157 11,466 38 956 30 2,667 2,389 1,578 811 167 110 1,040 868 28 144 1,583 1942 35,438 33,846 1 524 5 1,062 917 506 411 112 34 647 474 35 138 396 1943 44,518 42,815 2 435 97 1,170 990 621 369 124 56 408 308 27 73 789 1944 56,310 52,424 1 661 22 3,202 2,670 1,892 778 369 163 7S3 657 47 49 2,389 1945 54,712 47,353 506 795 47 6,011 4,855 3,851 1,004 758 397 1 ,347 1,080 133 134 4,555 1946 18,685 10,217 357 1,157 56 6,900 4,881 3,019 1,862 1,126 891 889 3,279 231 379 2,868 1947 19,941 10,589 2,324 451 6,577 5,035 2,888 2,147 761 778 5,115 4,591 168 356 1,352 1948 20,250 10,327 2,690 156 7,078 5,973 2,963 3,010 492 614 6,6S1 s,929 234 488 307 1949 21,110 11,804 216 2,907 132 6,052 4,890 2,435 2,455 424 736 S SS8 4,606 315 637 401 1950 19,893 9,687 30 3,532 282 6,361 4,920 2,360 2,560 631 811 4, 990 4,006 364 620 1,271 1951 21,265 9,778 110 3,189 446 7,741 5,691 2,364 3,326 838 1,212 7, 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—Aug 1,168 544 201 2 421 342 125 217 29 49 276 9 5 123 Sept 1,331 444 428 4 455 372 159 213 37 46 390 367 12 11 57 Oct 2,047 531 294 66 1,157 980 400 581 6 170 1 , 893 11 148 89 Nov 1 108 480 219 25 384 314 126 188 20 49 340 293 34 13 38 Dec. ... 2,079 547 231 389 4 908 731 140 591 58 119 851 780 43 28 46 1953—Jan. .. 1,783 611 30 392 86 664 497 186 310 51 116 634 603 6 25 21 Feb 1 592 494 390 2 706 536 307 229 47 123 666 635 8 23 28 Mar 1,604 503 405 696 517 153 364 62 116 672 630 17 24 12 Apr. 1,667 491 349 9 818 659 375 284 35 124 789 757 18 13 17 May 4,630 3,244 650 5 731 484 287 197 82 165 696 612 35 49 19 June 3,053 1,454 416 3 1,179 988 575 413 33 159 1,134 1,046 24 64 27 July ... 1,890 884 512 1 492 380 107 273 31 82 466 445 7 14 17 Aug 1,380 853 246 2 279 207 123 84 7 65 272 247 8 17 1 Proposed uses of net proceedsi, by major groups of corporate issuers 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 s n ta c t i e al Year or T c p n e o r e e o t t d a - s l N ca e p w - m R e e n ti t r s e 1 - 0 T c p e n o r e e o t d t a - s l New 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 l» m R e e n ti t r s e 1 - 0 T c p e n o r e e t o d t a - s l N c it a e a p w l - * m R e e n ti t r s e 1 - 0 T c p n e o r e e o t d a t - s l N i c t a a e p l w * - m R e e n ti t r s e 1 - 0 T c p n e o r e e o t d a t - s l N c it a e a p w l - * m R e e n ti t r s e 1 - 0 1948 2,180 ?,126 54 403 382 21 748 691 56 ?,150 ? 005 144 y 890 2 587 557 30 1949 1,391 1,347 44 338 310 28 795 784 11 2,276 2043 233 I567 517 49 593 558 35 1950 1,175 1,026 149 538 474 63 806 609 196 7,608 199,7 683 (95 314 81 739 639 100 1951 3,066 2,846 221 518 462 56 490 437 53 2.412 2326 85 iJ05 600 5 515 449 66 1952 4,022 3,765 257 536 512 24 983 758 225 7,'626 539 88 f53 747 6 508 448 60 1952—August 127 93 34 35 33 2 112 27 85 107 106 1 21 21 12 11 1 September.. 183 136 47 16 14 2 39 38 1 165 165 16 16 27 20 7 October 645 630 15 30 29 1 30 29 2 347 280 67 27 26 1 61 58 3 N D o ec v e e m m b b e e r r . . . . 3 1 2 6 7 4 3 1 0 4 9 7 1 1 8 8 1 2 4 1 9 1 2 4 1 8 i' 1 4 1 5 5 9 3 3 2 2 1 3 2 2 4 1 3 6 21 4 3 3 3 4 3 8 4 4 3 7 3 1 1 5 5 6 6 5 5 0 5 7 1 1953—January 283 276 7 24 24 51 38 14 245 245 4 4 47 47 1 February 148 144 3 92 89 3 51 33 18 257 ?54 '' 3 7 7 140 140 March 203 194 9 31 30 1 81 81 212 210 15 15 142 141 1 April 312 309 2 31 25 6 66 66 223 8 13 13 162 161 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 August 34 34 1 8 8 21 21 84 84 31 31 94 94 1 Estimates of new issues sold for cash in the United States. 2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 3 Includes issues guaranteed. 4 Issues not guaranteed. 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 notation, i. e., compensation to underwriters, agents, etc., and expenses. 7 Includes proceeds for plant and1 equipment and working capital. 8 Includes proceeds for the retirement of mortgages and bank debt with original maturities of more than one year. Proceeds for retirement of short-term bank debt are included under the uses for which the bank debt was incurred. 9 Includes all issues other than those for retirement of securities. 10 Retirement of securities only. Source.—Securities and Exchange Commission. 1086 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 4 1 2 3 4 1 2 Manufacturing Total (200 corps.): Sales 30,935 37,028 36,73944,11851,06752,536 13,013 12,760 12 60612 21314 95615 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 12,853 14,777 17,371 17,546 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 23,885 29,34133,69634,991 8,572 8,425 8,390 7,851 10,329 10,745 11,405 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 0271 01 "51 033 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 3731 3371 3671 4761 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 336 409 404 560 482 449 127 108 105 108 128 121 124 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 1,398 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 10,446 12,501 11,557 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 ... 545 720 578 854 775 565 217 220 29 99 218 183 207 Dividends 247 270 285 377 380 367 120 88 87 86 106 88 88 Machinery.(27 corps.): Sales • 3,642 4,550 4,353 5,058 6,160 7,078 1,681 1 5901 7261 6972 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 273 334 320 424 368 379 123 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 9,577 11,805 12,438 12,827 2,939 3,035 3,427 2 6813 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 9,473 10,391 10,580 2,772 2,587 2,532 2,633 2,828 2,596 2,732 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 1,710 1,625 Profits before taxes 954 983 1,129 1,303 1,480 1,718 403 498 400 382 439 545 454 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 . • . 215 292 333 580 691 787 182 194 205 182 206 223 234 Profits after taxes 138 186 207 331 341 384 86 93 98 88 104 109 114 Dividends 131 178 213 276 318 355 81 85 87 91 93 100 101 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). 1087 OCTOBER 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 i UNITED STATES CORPORATIONS [Estimates, in millions of dollars] [Quarterly estimates at seasonally adjusted annual rates. In billions of dollars] All types Bonds and notes Stocks Year or q Y u e a a r r t o er r P b t r e a o f x o f e i r t s e s c ta o I x n m e - e s P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s tr U p i r b n o u d f t i i t e s s - d quarter i N ss e u w es R m e e t n ir t e s - ch N a e n t ge i N ss e u w es R m e e 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 2,721 -539 1,939 2,550 -611 243 171 72 1939 6.5 1.5 5.0 3.8 , 1.2 1941 2,793 2,817 -24 2,391 2,516 -125 402 301 101 1941 17 2 7 8 9 4 4.5 4.9 1942 1,151 1,464 —313 929 1,327 —398 222 137 85 1942 21.1 11.7 9.4 4.3 5.1 1943 ... . 1,333 2,129 —796 996 1,800 —804 337 329 8 1943 25.1 14.4 10.6 4.5 6.2 1944 3,424 3,899 -475 2,693 3,391 —698 731 508 223 1944 24 3 13.5 10.8 4.7 6.1 1945 6,457 6,846 -389 4,924 5,995 -1,071 1,533 851 682 1945 19.7 11.2 8.5 4.7 3.8 1946 7,180 4,798 2,382 4,721 3,625 1,096 2,459 1,173 1,286 1946 23.5 9.6 13.9 5.8 8.1 1947 6,882 2,523 4,359 5,015 2,011 3,004 1,867 512 1,355 1947 30 5 11.9 18.5 6.6 12.0 1948 . 7,570 1,684 5,886 5,938 1,284 4,654 1,632 400 1,232 1948 33.8 13.0 20.7 7.3 13.5 1949 6,732 1,875 4,856 4,867 1,583 3,284 1,865 292 1,572 1949 27.1 10.8 16.3 7.5 8.8 1950 7,224 3,500 3,724 4,806 2,802 2,004 2,418 698 1,720 1950 41 0 18 2 22.7 9.1 13.6 1951 9,048 2,772 6,277 5,683 2,107 3,577 3,365 665 2,701 1951 43.7 23.6 20.1 9.2 10.9 1952 10,727 2,653 8,074 7,392 2,300 5,092 3,335 353 2,982 1952 39.2 20.6 18.6 9.1 9.5 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 4. . . . . . . . 2 2 , , 4 9 3 2 3 0 7 7 1 7 7 4 2 1 , , 1 7 4 1 6 6 1 1 , , 7 9 9 2 3 8 6 6 1 8 2 4 1 1 , , 1 2 8 4 1 4 6 9 4 9 0 2 1 9 0 0 5 9 5 0 3 2 5 1952—1 2 3 4 3 3 1 8 7 . . . 2 5 0 2 2 1 1 0 9 . . . 8 1 4 1 1 1 9 7 8 . . . 7 5 0 9 9 9 . . . 1 1 1 1 8 8 0 . . . 4 9 6 1953— 2 1 . . .. . . . 2 2, , 3 9 2 2 1 8 6 6 1 0 2 7 2 1 , , 3 7 2 1 1 0 2 1 , , 0 49 9 2 6 4 4 5 8 8 1 1 1 , , 6 01 3 2 8 8 83 2 2 9 1 1 4 3 9 1 6 6 8 9 3 8 4 40.3 21.2 19.1 9.1 10.0 1953—1 44.4 24.1 20.3 9.2 11.1 21. .. 44.6 24.2 20.4 9.4 11.0 uremems mnuue uie same types oi issues, a.nu aisu seuuiiucs ICUI preliminary estimates by Council of Economic funds or with proceeds of issues for that purpose shown on p. 1086. 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 E o n r d q o u f a r y te e r ar w c o a N p rk e it i t a n l g Total Cash er U G n . o m v S e - . nt Not r e e s c e a i n v d a b a l c e cts. I t n o v ri e e n s - Other Total Note p s a a y n a d b le accts. F in e c t d a o e x m ra e l Other securities G U o . v S t. . 2 Other G U o . v S t. . 2 Other liabilities 1939 24.5 54.5 10.8 2.2 .0 22.1 18.0 1 4 30 0 .0 21 9 1.2 6.9 1941 32.3 72.9 13.9 4.0 .6 27.4 25.6 J 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 L 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 L.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 L.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 J.4 45.8 .9 24.8 10.4 9.7 1946 56.2 108.1 22.8 15.3 .7 30.0 37.6 L.7 51.9 .1 31.5 8.5 11.8 1947 62.1 123.6 25.0 14.1 38.3 44.6 L 6 61 5 37 6 10.7 13.2 1948 68.6 133.0 25.3 14.8 42 4 48 9 L 6 64 4 39 3 11 5 13.5 1949 72.4 133.1 26.5 16.8 43.0 45.3 L.4 60.7 37 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—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 1 '55 4 16 2 18 9 4 85.6 181.1 '30.2 21.0 '2.8 '61.8 '62.9 2.4 95.5 '2.2 58.6 16.4 18.4 86.7 180.4 27.6 20.7 2.9 62.4 64.3 2.4 93.7 2.5 57.5 15.1 18.7 2 88.2 180.7 29.2 19.2 2.7 62.5 64.8 2.4 92.5 2.2 56.7 14.4 19.2 'Revised. 1 Excludes banks and insurance companies. ^Receivables from and payables to U. S. Government do not include s offset against each other on corporations' books. Source.—Securities and Exchange Commission. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT * [Estimates, in millions of dollars] Trans- Manu- Transporta- factur- porta- Manu- tion Public Com- ing tion Public All Year Total factur- Min- Rail- other utili- muni- Other 2 Quarter Total and incl. utili- other* ing ng 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 1,285 2,543 1,742 5,154 1949 19,285 7,149 792 1,352 887 3,125 1,320 4,660 1953—i 6,147 2,946 621 904 1,675 1950 20,605 7,491 707 1,111 1,212 3,309 1,104 5,671 2 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 34 . . . 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 1953* 27,821 12,690 892 1,294 1,357 4,429 7,159 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. 1088 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 Other 1- to 4-family houses Multi-family and holders commercial properties * E o n r d q o u f a r y te e r ar h A e o r l l s d l - t F u i i n c t n i i s o a a t l i n n - - s S F e a e c l g d e i e e e c n s t r e - a d l v o I i t a d n h n u d e d a i r - l s s h A e o r l l s d l - Total t F u i i n c t n i i s o a a ti l n n - - s O h e o th r l s d e - r Total t F u i i n c t n i i s o a a t l i n n - - s O ho e th r ld s e - r h e A o r l l s d l - t F u i i n c t n i i s o a a t l i n n - s - h O ol t d h e e r r s1 1939 35 5 18 6 2 2 14.7 28.9 16.3 9.3 7.0 12.5 7.8 4.8 6.6 1.5 5.1 1940 36.5 19.5 2.1 14.8 30.0 17.3 10.2 7.1 12.6 7.8 4.8 6.5 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—March P 84.0 61.0 2.2 20.8 77.3 53.2 42.3 10.9 24.1 16.0 8.1 6.7 2.6 4.1 JuneP . . 86 3 63.0 2.2 21 1 79.3 54.8 43.8 11.0 24.6 16.4 8.1 7 0 2.7 4 2 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 0 68.6 2.6 ?1.8 85.7 59.6 48.0 11.6 26.1 17.7 8.4 7.3 2.9 4 4 JuneP 95.7 70.9 2.7 22.1 88.2 61.5 49.8 11.7 26.7 18.1 8.5 7.5 3.0 4.6 P Preliminary. 1 Derived figures, which include negligible amount of farm loans held by savings and loan associations. 2Derived figures, which include debt held by Federal land banks and Farmers Home Administration. NOTE.—Figures for first three quarters of each year, and all figures for December 1952 except those on 1- to 4-family houses and total farm (preliminary estimates from HLBB and Dept. of Agriculture, respectively), are Federal Reserve estimates. Financial institutions include commercial banks (including nondeposit trust companies but not trust departments), mutual savings banks, life insurance companies, and savings and loan associations. Federal agencies include HOLC, FNMA, and VA (the bulk of the amounts through 1948 held by HOLC, since then by FNMA). Other Federal agencies (amounts small and separate data not readily available currently) are included with "Individuals and others." Sources.—Federal Deposit Insurance Corporation, Home Loan Bank Board, Institute of Life Insurance, Departments of Agriculture and Commerce, Federal National Mortgage Association, Veterans Administration, Comptroller of the Currency, and Federal Reserve. MORTGAGE LOANS HELD BY BANKS * lln millions of dollars] Commercial bank holdingsJ Mutual savings bank holdings4 Nonfarm Nonfarm End of year or quarter Residential8 Residential * Total Farm Total Farm Total FHA- VA- Con- Other Total FHA- VA- Con- Other Total in- guar- ven- Total in- guar- vensured anteed tional sured anteed tional 1939 4,266 3,697 ? 671 1 0?6 S69 4,836 4,807 3,875 932 29 1940 4,578 4,003 2,963 1 040 S7S 4,859 4,829 3,914 915 30 1941. 4,906 4,340 3 1 048 S66 4,812 4,784 3,884 900 28 1942 4,746 4,256 3 332 9?4 491 4,627 4,601 3,725 876 26 1943 4,521 4,058 3,256 80? 463 4,420 4,395 3,558 837 25 1944 4,430 3,967 3 749 463 4,305 4,281 3,476 805 24 1945 4,772 4,251 395 8S6 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 1690 8?3 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 L.099 37 1950 13,664 12,695 10 ?64 968 8,261 8,218 7,054 1,164 44 1951. 14,732 13,728 11 ?70 3 421 2 921 4 9?9 9,458 004 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 1,05811,379 11,306 9,875 3,168 2,237 4,470 1.431 73 2 1951--Spntpmhpr 14,540 13,500 11,100 400 1040 9,515 9,468 8,200 L ,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 L ,274 47 1952—March 14,860 13,830 11,350 343? 2,928 4 990 480 103010,203 10,156 8,843 2,720 1,815 4,308 1,313 47 Tnn*» 15,176 14,113 11,602 3,441 2,952 5,209 2,512 1,06310,554 10,506 9,145 2,898 1,917 4,330 1,361 48 September 15,590 14,530 11,970 3,580 3,000 5,390 2,560 1,06010,940 10,880 9,485 3,025 2,069 4,392 L.394 60 December 15,867 14,809 12,188 3,675 3,012 5,501 2,621 1,05811,379 11,306 9,875 3,168 2,237 4,470 ,431 73 1953—MarchP 16,080 15,000 12,320 3,719 3,010 5,591 2,680 1,08011,680 11,630 10,165 3,230 2,395 4,540 L.465 50 JuneP 16,387 15,283 12,545 3,798 3,013 5,734 2,738 1,104 12,112 12,062 10,574 3,325 2,590 4,658 488 50 p Preliminary. 1 Includes all banks in the United States and possessions. 2Includes loans held by nondeposit trust companies but excludes holdings of trust departments of commercial banks. March and September figures are Federal Reserve estimates based on data from Member Bank Call Report and from weekly reporting member banks. For 1940, figures except for the grand total are Federal Reserve estimates based on data for insured commercial banks. 3 Data not available for all classifications prior to December 1951. * Through 1946, figures except for the grand total are estimates based on Federal Reserve preliminary tabulation of a revised series of banking statistics. March and September figures are Federal Reserve estimates based in part on data from National Association of Mutual Savings Banks. Sources.—All bank series prepared by Federal Deposit Insurance Corporation from data supplied by Federal and State bank supervisory agencies; Comptroller of the Currency; and Federal Reserve. OCTOBER 1953 1089 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 ofperiod) Year or month Nonfarm Nonfarm Total Total in F s H ur A e - d a g n V u t A a e r e - - d Other Farm Tota 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 1,327 1951 5,111 4,704 1,051 1,268 2,385 407 19,314 17,787 5,257 3,131 9,399 1,527 1952 3,975 3,600 850 450 2,300 375 21,275 19,600 5,700 3,350 10,550 1L.675 1952—August 307 285 66 29 190 22 20,643 18,998 5,542 3,334 10,122 1,645 September 303 280 79 12 189 23 20,801 19,147 5,592 3,326 10,229 L.654 October 364 337 79 30 228 27 20,961 19,298 5,626 3,333 10,339 1L,663 November 288 260 65 22 173 28 21,087 19,411 5,648 3,340 10,423 L.676 December 390 352 86 31 235 38 21,245 19,560 5,690 3,349 10,521 1,685 1953—January 347 309 80 25 204 38 21,396 19,701 5,725 3,358 10,618 1,695 February 327 289 69 25 195 38 21,547 19,834 5,751 3,367 10,716 L.713 March 403 353 88 29 236 50 21,725 19,992 5,804 3,370 10,818 1,733 April 364 321 77 27 217 43 21,897 20,139 5,820 3,388 10,931 1,758 May. 344 308 62 30 216 36 22,055 20,277 5,854 3,390 11 033 1,778 June. 359 330 67 34 229 29 22,221 20,425 5,884 3,396 11,145 L.796 July- 405 371 71 36 264 34 22,429 20,614 5,905 3,412 11,297 L ,815 August 305 279 62 32 185 26 22,552 20,722 5,924 3,430 11,368 L.830 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 dollarsl [In millions of dollars] Loans made, by purpose Loans outstanding (end of period)2 Amount, by type of lender Average Year amount 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 l Total' F su H in r A e - d - a g n V u te A a e r - - d t C i v o o e n n n a - - l' mo o n r th N b u e m r - Total in S lo g a a s v n & - p I c a n a o n s n m c u ie e r - - s b C m c a o i n e a m r k l - s - M s u a t v u - al Other co ( la d r r e r d o s - e l ) - d 1939 986 301 340 345 3,806 1939. 1,288 3,507 1,058 287 891 143 ,128 2,722 1940 1,200 399 426 375 4,125 1940.. 1,456 4,031 1,283 334 1,006 170 ,238 2,769 1941 1,379 437 581 361 4,578 1941. 1,628 4,732 1,490 404 1,166 218 ,454 2,906 1942 1,051 190 574 287 4,583 1942.. 1,351 3,943 1,170 362 886 166 ,359 2,918 1 19 9 4 4 3 4 1 1 , , 1 4 8 5 4 4 1 9 0 5 6 1,0 8 6 0 4 2 2 29 7 5 6 4 4 , , 5 8 8 0 4 0 1 1 9 9 4 4 3 4 . ., 1 1 , , 4 27 4 4 6 4 3 , , 6 86 0 1 6 1 1 , , 5 2 6 3 0 7 2 2 8 5 0 7 8 7 7 5 8 3 1 16 5 5 2 , , 4 7 3 4 9 6 3 3 , ,0 1 3 8 1 6 1945 1,913 181 1,358 374 5,376 1945., 1,639 5,650 2,017 250 1,097 217 2,069 3,448 1946 3,584 616 2,357 611 7,141 1946., 2,497 10,589 3,483 503 2,712 548 3,343 4,241 1947 3,811 894 2,128 789 8,856 1947., 2,567 11,729 3,650 847 3,004 597 3,631 4,570 1948 3,607 1,046 1,710 851 10,305 563 2,397 7,345 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 11,828 3,646 1,046 2,446 750 3,940 4,755 1950 5,237 1,767 2,246 1,224 13,622 841 2,969 9,812 1950., 3,032 16,179 5,060 1,618 3,365 1,064 5,072 5,335 1951 5,250 1,657 2,357 1,236 15,520 864 3,125 11,530 1951., 2,878 16,405 5,295 1,615 3,370 1,013 5,112 5,701 1952 6,617 2,105 2,955 1,557 18,444 906 3,398 14,140 1952., 3,028 18,018 6,452 1,420 3,600 1,137 5,409 5,950 1952-Aug.... 617 200 279 138 1952-Aug. 268 1,590 586 113 317 105 469 5,937 Sept... 616 193 285 138 17,740 898 3,341 13,501 Sept. 270 1,598 592 119 313 108 466 5,91ft. Oct.... 659 208 303 148 Oct.. 267 1,588 593 118 316 103 458 5,943 Nov... 523 163 243 117 Nov. 285 1,727 627 135 342 117 506 6,051 Dec... 541 161 248 132 18,444 906 3,398 14,140 Dec.. 245 1,492 526 116 298 104 448 6,085 252 1,553 540 126 305 112 470 6,171 1953-Jan.... 497 147 222 128 1953-Jan.. Feb.... 523 164 222 137 Feb... 229 ,391 503 110 269 84 425 6,068 Mar... 639 206 266 167 19,105 924 3,492 14,689 Mar.. 264 ,627 605 126 316 92 488 6,153 678 226 288 164 Apr.. 275 ,709 642 127 325 102 513 6,206 May".'.! 690 232 295 163 May. 273 ,699 641 133 317 111 497 6,221 June. . 733 241 327 165 20,133 962 3,593 i^57 June . 282 ,769 682 131 325 120 511 6,282 July... 758 237 355 166 July.. 286 ,798 699 132 323 127 517 6,282 Aug... 707 218 340 149 Aug. 273 ,709 671 122 310 111 495 6,270 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. 1090 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 lo<ins3 Home Home Governmentm Y o o e n r a t r h Total Total e p N r r m t e o i w o e p s r - tga i e p g s 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 g s 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 o a 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 8S7 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 1952P 58 2 25 4 10 8 14 6 32 8 1952—Aug.... 463 260 81 82 32 66 203 134 68 .5 Sept... 484 267 94 91 13 69 217 142 75 .4 Oct.... 526 306 108 103 26 69 220 141 78 .7 1951—June... 48.7 21.0 9.2 11.8 27.7 Nov. . . 503 259 97 87 17 59 243 157 85 .6 Sept... 50.4 22.0 9.5 12.5 28.4 Dec... 519 293 108 98 23 63 227 155 71 .5 Dec... 51.9 22.9 9.7 13.2 29.0 1953—Jan 539 296 108 103 18 67 243 161 82 .6 Feb.... 539 265 103 86 15 61 274 184 90 .6 1952—Mar. P.. 53.2 23.5 9.9 13.6 29.7 Mar. . . 504 276 103 89 20 64 228 152 75 .5 JuneP. . 54.8 24.0 10.1 13.9 30.8 Apr 577 342 109 92 22 119 235 157 78 .4 Sept.P. . 56.5 24.7 10.4 14.3 31.7 May. . . 530 314 97 90 25 102 216 149 66 .5 Dec.P. . 58.2 25.4 10.8 14.6 32.8 June... 516 274 91 95 19 69 242 164 78 .4 July. . . 602 363 109 94 40 120 239 160 79 .4 Aug... . 597 349 106 87 23 133 248 166 82 .3 1953—Mar. P.. 59.6 26.1 11.1 15.0 33.5 JuneP.. 61.5 26.7 11.4 15.3 34.8 1 Monthly figures donot reflect mortgage amendments included inannual totals. 2FHA-insured property improvement loans ire not ordinarily secured by mortgages; VA- P Preliminary. guaranteed alteration and repair loansof $1,000 or less neednot be secured,whereas those NOTE.—For total debt outstanding, figures for for more than that amount must be. first three quarters are Federal Reserve estimates. 3 Prior to 1949, data are not available for clissifications shown. For conventional, figures are derivec 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 loan*3. amounts by Federal Reserve. type are derived from data on number and average ai•nount of loansclosed. Sources.—Federal Housing Administration and Veterans Administration. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY FEDERAL HOME LOAN BANK LENDING [In millions of dollars] [In millions of dollars] E o n r d m o o f n y th ear A m f c u u i u o i z t n t n e m h t d d - e o s - d r- b m C u m d u e o r i n i s s n m t - - e - ts d - To M ta o l rtga F s g u H i e n r A e - h d - oldi a n g n V g u t s A e a e r - - d ( c p M d h p e g u a u r o a i r s r g r o i e - t n e d - s g ) ( p d M s g e u a a r o r l i g i e r o n e s t d - g ) Year or month va A n d c - es R m e e p n a t y s - T A o d t v a ( l a e n n c d e S t s o e h f r o o m u p rt e t 1 - s r t i a o n d L t d e ) o i r n n m g g 2 - 1 1 1 1 1 9 9 9 9 9 5 4 4 5 5 2 0 8 9 1 . . .. 1,0 5 9 6 8 8 2 6 1 4 5 8 1 8 8 4 2 3 8 2 8 2 2 2 3 5 7 3 4 9 2 1 1 , , , 3 8 2 8 1 4 5 4 2 9 7 0 2 8 9 4 3 2 1 1 0 0 2 8 6 3 4 0 8 9 1 1 1 , , , 9 1 6 4 2 7 4 2 1 2 8 6 5 1 1,0 6 6 5 1 4 7 7 3 9 4 2 7 8 8 4 1 6 5 2 1 0 9 6 1 * 1 1 1 1 1 9 9 9 9 9 4 4 4 4 4 2 1 4 5 3 . . .. 2 2 1 1 9 3 7 5 5 9 9 8 7 8 2 2 1 1 1 1 1 4 9 7 9 3 0 0 6 2 1 1 1 1 1 2 1 9 3 9 9 0 5 1 1 1 1 6 0 5 7 0 9 6 4 6 5 1 2 4 7 1 1 5 1 6 9 5 1946 329 231 293 184 109 1952—August 1,283 299 2,068 245 1,823 13 3 1947 351 209 436 218 217 September.. . 1,238 315 2,097 257 1,840 40 4 1948 360 280 515 257 258 October 1.170 326 2,154 272 1,882 72 6 1949 256 337 433 231 202 November. .. 1,129 322 2,199 297 1,902 56 3 1950.. .. 675 292 816 547 269 December.... 1,085 323 2,242 320 1.922 65 14 1951 423 433 806 508 298 1952 586 528 864 565 299 1953—January 1,043 321 2,286 338 1.948 61 10 February.... 1,008 313 2,329 358 1.971 53 3 1952—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 August 596 512 2,541 536 2,005 33 11 February... 14 71 627 401 226 September... 593 517 2,540 556 1,984 26 19 March 30 46 610 391 219 April 47 32 626 406 220 May 44 26 645 416 229 iLess than $500,000. June 97 23 718 471 248 Source.—Federal National Mortgage Association. July 61 79 700 469 231 August 70 25 746 510 236 September.. 83 28 801 557 244 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. OCTOBER 1953 1091 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 o o f n y t e h ar Total Total Au p t a o p m e o r b i ile co p O g n a o s t p o h u e d e m r r s * er e a r n R l n d o i e a z p m n a a s t o i i 2 r o d n - Pe lo rs a o n n s al Total p S a l i y o n m a g n l e 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 RS7 2,444 5,588 1,532 2,680 1,376 1950 20,813 14,490 6,342 4,337 1,006 2,805 6,323 1,821 3,006 1,496 1951 21,468 14,837 6,242 4,270 1,090 3,235 6,631 1,934 3,096 1,601 1952 . .. 25,705 18,639 8,110 5,301 1,386 3.842 7,066 2,108 3,313 1,645 1952—July 22,751 16,465 7,200 4,433 1,221 3,611 6,286 2,023 2,573 1,690 August 23,030 16,728 7,272 4,539 1,258 3,659 6,302 2,026 2,579 1,697 September 23,414 17,047 7,388 4,669 1,300 3,690 6,367 2,033 2,642 1,692 October 24,050 17,572 7,639 4,871 1,347 3,715 6,478 2,033 2,776 1,669 November 24,525 17,927 7,866 4,943 1,376 3,742 6,598 2,109 2,826 1,663 December 25,705 18,639 8,110 5,301 1,386 3,842 7,066 2,108 3,313 1,645 1953—January 25,508 18,785 8,273 5,256 1,378 3,878 6,723 2,129 2,956 1,638 February 25,262 18,860 8,470 5,131 1,377 3,882 6,402 2,079 2,662 1,661 March 25,676 19,267 8,778 5,154 1,383 3,952 6,409 2,142 2,602 1,665 April 26,172 19,656 9,074 5,185 1,401 3,996 6,516 2,147 2,677 1,692 May 26,715 20,078 9,379 5,231 1,426 4,042 6,637 2,162 2,760 1,715 Tune 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 L.476 4,162 6,363 1,938 2,705 1,720 August 27,434 21,058 10,067 5,314 1,494 4,183 6,376 1,986 2,670 ,720 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 t l t - Total m b C e a o r n m c k i s a - l f p i S c n a o a a n m l n i e e c s - s e u C n r i e o d n i s t Other Total D st m e o p e re a n s r t t * - F s t t u o u r r r n e e i s - H a a h p o n o p u c l l s d e i e - - d m A ea o u l b t e o i r l - e s2 Other stores 1939 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1940 5,514 3,918 1,452 1,575 171 720 1,596 394 474 196 167 365 1941 6,085 4,480 1,726 1,797 198 759 1,605 320 496 206 188 395 1942 3,166 2,176 862 588 128 598 990 181 331 111 53 314 1945 2,462 1,776 745 *300 102 629 686 131 240 17 28 270 1946 4,172 3,235 1,567 677 151 840 937 209 319 38 47 324 1947 6,695 5,255 2,625 1,355 235 1,040 1,440 379 474 79 101 407 1948 8,968 7,092 3,529 1,990 334 1,239 1,876 470 604 127 159 516 1949 11,516 9,247 4,439 2,950 438 1,420 2,269 595 724 168 239 543 1950 14,490 11,820 5,798 3,785 590 1,647 2,670 743 791 239 284 613 1951 14 837 12,077 5,771 3,769 635 1,902 2,760 920 760 207 255 618 1952 18,639 15,423 7,576 4,833 815 2,199 3,216 1,101 900 239 336 640 1952—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 ]Vlay 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 August 21,058 18,069 8,801 5,924 979 2,365 2,989 922 845 258 426 538 1 Includes mail-order houses. 2 Includes only automobile paper; other instalment credit held by automobile dealers is included with "other" retail outlets. 1092 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT—Continued NONINSTALMENT CREDIT, BY HOLDER INSTALMENT CREDIT HELD BY COMMERCIAL BANKS. BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] [Estimated amounts outstanding, in millions of dollars] Financial Retail E o n r d m of o n y t e h ar i c T m n n r o s o e e t t d n n a a - i l t l t - C m c m i ( o i n s e a m e i r s l n n - t - g i t t l u e lo t - i O p a o a n t n y h s s - ) er m p D a e a e r n - c t ( o - t c c u h o t a u le r n g O t t s e s t ) her S c e r r e v d i i c t e E o n r d m of o n y t e h ar i c T m n r o s e e t t d n a a i l t l t - ch P A a u s u r e - t p d o a m pe o D r b i i r l e e ct s O g p c u o a t o m o p h n d e e e - r r s r e R l m r t o a e n i n a o p o iz n d d n a a s - ir - s l P o o a e n n r a - s l banks stores * 1939 1,079 237 178 166 135 363 1940 1,452 339 276 232 165 440 1941 1,726 447 338 309 161 471 1939 2,719 625 162 236 1,178 518 1942 . 862 149 134 153 124 302 1940 2,824 636 164 251 1,220 553 1941 3,087 693 152 275 1,370 597 1945 . 745 66 143 114 110 312 1942 2,817 593 120 217 1,227 660 1946 1,567 169 311 299 242 546 1947. . 2,625 352 539 550 437 747 1945 3,203 674 72 290 1,322 845 1948 3,529 575 753 794 568 839 1946 4,212 1,008 114 452 1,624 1,014 1949 4,439 S49 946 1,016 715 913 1947 4,875 1,203 153 532 .821 ,166 1950 5,798 1,177 1,294 1,456 834 1,037 1948 5,443 1,261 184 575 2,138 L,285 1951 5,771 1,135 1,311 1,315 888 1,122 1949 5,588 L,334 198 584 2,096 1,376 1952 7,576 L.596 1,653 L.813 1,138 1,376 1950 . 6,323 ,576 245 641 2,365 ,496 1951 6,631 1,684 250 685 2,411 ,601 1952—July 6,654 L,364 1,540 1,452 1,004 1,294 1952 7,066 1,852 256 709 2,604 L,645 August.... 6,807 1,392 1,554 1,512 1,036 1,313 September. 6,967 1,430 1,567 L.564 1,070 1,336 1952—July 6,286 1,792 231 418 2,155 ,690 October. . . 7,189 1,485 1,599 1,647 1,110 1,348 August.... 6,302 1,792 234 422 2,157 ,697 November. 7,352 1,534 1,625 J,709 1,131 1,353 September. 6,367 ,793 240 459 2,183 ,692 December. 7,576 L, 596 1,653 1L ,813 1,138 1,376 October.. . 6,478 1,801 232 499 2,277 ,669 November. 6,598 1,821 288 536 2,290 ,663 1953—January... 7,696 ,631 1,684 ] ,861 1,132 1,388 December. 7,066 L ,852 256 709 2,604 ,645 February.. 7,808 ,662 1,736 1,877 1,133 1,400 March.... 8,047 L ,723 1,813 L.940 1,138 1,433 1953—January... 6,723 ,858 271 570 2,386 ,638 April 8,253 1,789 1,882 ,982 1,152 ,448 February.. 6,402 L,839 240 490 2,172 ,661 May 8,433 ,852 1,941 >,006 1,173 ,461 March.... 6,409 1,882 260 478 2,124 ,665 Tune 8,604 1,887 1,990 1,039 1,200 1,488 April 6,516 L ,878 269 474 2,203 ,692 July 8,744 ,934 2,026 ',067 1,221 ,496 May 6,637 ,851 311 484 2,276 ,715 August.... 8,801 ,957 2,044 ',067 1,239 ,494 June 6,562 1,768 279 478 2,306 ,731 July 6,363 ,683 255 445 2,260 ,720 August... . 6,376 ,720 266 445 2,225 ,720 includes mail-order houses. INSTALMENT CREDIT HELD BY FINANCIAL INSTITU- TIONS OTHER THAN COMMERCIAL BANKS AND SALES INSTALMENT CREDIT HELD BY SALES FINANCE FINANCE COMPANIES, BY TYPE OF CREDIT COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] [Estimated amounts outstanding, in millions of dollars] Other Repair E o n r d m of o n y t e h ar i T m n o s e t t n a a l t l - m A pa o u p b t e o il r - e s O g c u o t o m o h n d e e - s r r m i R z a o e a n d p ti d e a o r i n r n- s l P o o e a n r n a - s l E o n r d m of o n y t e h ar i c T m n r s o e e t t d n a a i l t l t - m A pa o u p b t e o il r - e s g p u c o a o m o p n d e e - r s r m iz lo o a a n a d ti n d e o s r n n- s l P o o e a n r n a - s l credit paper loans 1939 789 81 24 15 669 1939 1,197 878 115 148 56 1940 891 102 30 16 743 1 19 9 4 4 1 0 1 1 , , 5 7 7 9 5 7 1 1 , , 3 18 6 7 3 1 16 3 7 6 2 1 0 9 1 0 6 6 6 2 1 19 9 4 4 2 1 9 7 5 2 7 6 1 6 2 5 2 3 2 6 7 1 1 4 4 6 7 2 8 0 5 1942 . 588 341 78 117 52 1945 731 54 20 14 643 1945 300 164 24 58 54 1946 991 77 34 22 858 1946 677 377 67 141 92 1947 1,275 130 69 39 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 1 1 1 9 9 9 5 4 5 1 9 0 .. 3 2 3 , , 7 7 9 6 8 5 9 5 0 3 3 2 , , , 1 2 4 8 2 5 3 5 7 3 3 2 0 1 4 3 3 1 8 5 7 3 7 0 2 1 1 7 3 5 9 5 8 1 1 1 9 9 9 5 5 5 2 0 1 2 3 2 , , , 2 0 5 3 1 3 7 4 7 3 3 4 3 5 5 0 8 3 2 2 1 7 0 8 6 9 2 1 1 1 3 1 6 2 5 6 2 1 1 , , , 6 1 8 1 3 1 0 8 9 1952 4,833 4,072 332 82 347 1952—July 2,808 415 252 147 1,994 1952—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 M T T u u a n l y v e 5 5 5 , , , 8 4 6 1 8 3 6 0 3 4 4 5 , , , 6 8 0 9 3 0 4 6 7 3 3 3 5 5 6 6 1 7 7 7 7 6 5 8 3 3 3 6 6 5 5 7 7 J A T u u u l n y g e ust 3 3 3 , , , 3 3 2 1 4 5 1 4 9 5 5 5 3 2 1 2 6 6 3 3 3 1 0 0 0 6 2 1 1 1 8 8 7 3 0 8 2 2 2 , , , 3 2 2 1 9 6 9 9 3 August 5,924 5,108 374 72 370 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. OCTOBER 1953 1093 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 * Percentage change Charge Percentage change from corresponding Instalment accounts accounts from preceding month of preceding month year Item A 19 u 5 g 3 . J 1 u 9 l 5 y 3 J 1 u 9 n 5 e 3 A 19 u 5 g 3 . J 1 u 9 l 5 y 3 J 1 u 9 n 5 e 3 Year or month D s m e to p e r a n e r t s t- F s t t u o u r r r n e e i s - h p H s o l t o l i o d a u r n a s e c e p s e - - D s m e to p e r a n e r t s t- Net sales: 1952 Total ... . ... +8 -9 -1 -3 -3 -3 July 17 10 12 46 C C a re sh d it s a s l a e l s es: +4 -5 -2 -2 +3 +3 A Se u p g t u em st ber 1 1 8 7 1 1 1 1 1 1 1 2 4 4 7 6 Instalment +8 r_O 0 -4 -5 -6 October 18 11 11 50 Charge account +8 -8 -1 -5 -3 + 1 N De o c v e e m m b b e e r r 1 1 7 7 1 1 0 0 1 1 1 1 4 4 8 8 Accounts receivable, end of month: 1953 Total + 1 -1 0 + 12 + 15 + 16 January 16 10 11 47 Instalment 0 0 0 +8 + 10 + 13 February 15 9 10 44 March 17 10 11 49 Collections during April 15 10 10 46 month: May 15 10 10 46 Total -2 -1 +2 +5 +8 + 10 June 15 11 10 47 Instalment -1 -5 +4 +5 +9 + 12 J A u u ly gust 1 1 5 5 1 1 0 1 1 1 0 0 4 4 6 5 Inventories, end of month, at retail value. -1 -3 -4 0 + 1 +2 1 Collections during month as percentage of accounts outstanding at beginning of month. »• Revised. DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasonal adjustment 1947-49 average = 100 Percentage of total sales Year or month Sales during month Ac a c t o e u n n d ts o r f e m ce o iv n a th ble Collec m tio o n n s t h during Cash I m ns e t n a t l- a C c h c a o r u g n e t sales sales sales Total Cash Instal- Charge Instal- Charge Instal- Charge ment account ment account ment account Averages of monthly data: 1941 46 44 55 48 76 53 58 47 48 9 43 1942 53 57 45 48 60 48 60 51 56 6 38 1943 60 72 39 49 35 42 47 50 61 5 34 1944 67 82 36 53 29 44 41 52 64 4 32 1945 75 92 37 59 28 50 40 59 64 4 32 1946 93 105 56 84 38 73 53 78 59 4 37 1947 99 103 85 95 67 92 78 92 55 6 39 1948 103 103 105 104 108 105 106 103 52 7 41 1949 98 94 110 101 125 103 117 104 51 8 41 1950 101 93 136 106 177 111 146 111 48 10 42 1951 104 95 133 111 181 124 165 118 48 9 43 1952 103 93 142 109 189 127 158 120 47 10 43 1952—July 78 71 113 80 177 107 144 HI 48 11 41 August 89 81 136 90 180 108 145 100 48 11 41 September 101 89 149 108 190 118 151 103 46 11 43 October 116 102 178 124 201 128 159 119 46 11 43 120 108 174 127 211 138 160 123 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 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 August 88 79 137 92 218 113 154 102 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. 1105. 1094 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] ( I p n h d y 1 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 C a 9 o r c 4 d n o 7 e s n d - t t r 4 r u 9 a ( c v c = t a t i 1 s l o 0 u n 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 Du f M a - c a tu n r u N e - s on- M era in ls - Total R d t e i e a n s l i - - o A th l e l r N t a e c u g u m o r r l a n - i - - l - pr E o M m d a u p n c l u t o i f y o a - n c t w ur o i r n P k g a e y rs - c 1 a 9 i = r n 3 l g 5 o 1 s - a 0 * 3 d 0 9 - 1 v ( s 9 = a r a 4 e l l u 7 1 e ta e - s 0 i 4 * ) 0 l 9 *1 p s 9 = r u 4 i m c 7 1 e - e 0 s 4 r 0 3 9 1 m p 9 c = r o 4 i o c d 7 1 m e - i 0 t s 4 - 0 v 3 9 rable du- ploy- ment rolls rable ment Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justec justed justec justec justec jus tec justed justec 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 "t 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 III arch 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 9 111 8 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 '113 114.3 112.2 September 228 232 290 194 175 207 191 218 110.8 106.8 109.0 143.3 134 108 114.1 111.8 October 230 233 300 195 164 210 185 227 111.3 107.8 109.6 145.7 128 115 114.2 111.1 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 '112.6 '•110.8'149.9 130 117 114.0 109.8 June 240 241 ••319 198 '168 169 174 166 '113.2 '112.6 '111.4 '150.7 128 115 114.5 109.5 July 232 234 311 191 '164 172 175 170 113.3 112.3 110.3 149.0 123 '113 114.7 110.9 August P236 P239 P311 P197 P170 205 184 220 P112.8P110.9Pill.7 •151.3 130 P112 115.0 110.6 September e234 e239 e307 «197 *168 126 «108 • Estimated; all estimates are those of the Federal Reserve. Preliminary. r Revised. •Average per working day. *For indexes by groups or industries, see pp. 1096-1099. 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. 1103. 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. Nonaericultural 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. 1105-1109. 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. OCTOBER 1953 1095 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, 1935-30 average = 100] Industry Aug. Sept. Oct. Nov. Dec.Jan. Feb. Mar. Apr. May June July Aug. Industrial Production— Total. 215 228 230 234 235 236 240 243 241 240 240 232 P236 Manufactures—Total 225 237 242 245 247 249 254 258 255 r254 252 244 P248 Durable Manufactures 267 29© 300 304 313 316 322 328 326 321 '319 311 P311 Iron and Steel1. 244 270 281 283 286 287 290 297 292 291 288 279 P277 Pig iron 221 242 247 244 247 249 247 253 244 250 250 247 246 Steel O El p e e c n t ri h c earth. 2 8 2 8 0 6 3 2 0 3 2 1 2 9 2 3 2 3 3 2 3 1 3 2 0 3 3 6 4 1 4 3 2 3 3 5 8 3 2 3 3 3 5 1 3 2 0 3 3 7 7 4 1 1 3 2 1 4 4 1 8 1 3 3 2 3 3 8 4 1 3 2 0 3 3 4 7 8 7 1 3 2 0 2 3 2 8 1 2 3 2 9 1 5 2 8 8 9 3 9 2 1 2 2 1 3 5 Machinery 336 1013 1040 371 1022 1029 398 406 1081 399 '397 387 P389 354 363 385 393 402 Transportation Equipment. 300 376 403 412 •408 P389 353 371 392 391 417 Automobiles (including parts) 175 272 297 308 •306 ••297 P277 (Aircraft; Railroad Equipment; Shipbuilding — Private 247 265 282 283 314 and Government)2 Nonferrous Metals and Products. 213 225 237 240 246 250 259 259 263 262 259 249 P243 Smelting and refining 251 248 251 251 258 266 293 300 299 290 285 283 P2S0 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)2 Fabricating 197 216 231 236 241 243 245 243 248 251 235 P228 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)2 Lumber and Products. 149 155 155 161 165 171 175 172 168 151 '153 149 P159 Lumber.. . 135 140 138 146 149 162 166 161 157 134 139 135 P146 Furniture. 175 183 189 191 196 189 191 193 189 '184 182 177 Stone, Clay, and Glass Products. 221 222 224 221 221 223 233 238 232 231 233 231 P230 Glass products 243 245 241 232 221 224 242 255 248 255 261 258 P259 Glass containers 261 261 254 242 225 232 255 271 261 271 279 280 Cement 231 227 231 233 254 257 279 273 262 246 242 243 238 Clay products 163 161 163 162 160 168 166 169 165 160 '164 155 P156 Other stone and clay products2 . Nondurable Manufactures... 191 194 195 197 194 195 198 201 198 199 198 191 P197 Textiles and Products. 170 177 172 176 169 169 173 173 169 173 174 156 P167 Textile fabrics 152 158 154 158 152 151 157 157 151 155 155 Cotton consumption 143 145 142 149 141 140 149 148 141 143 142 113 139 R N a y y lo o n n a d n el d i v s e il r k ie c s onsumption2. . . 369 377 361 356 337 350 338 352 355 367 367 '359 347 Wool textiles 123 137 134 137 138 130 142 137 128 130 135 Carpet wool consumption. . 120 148 140 153 164 149 173 171 152 130 137 83 Apparel wool consumption. 139 149 142 137 130 129 139 138 134 144 143 118 Wool and worsted yarn 120 130 126 127 124 118 130 127 116 124 129 Woolen yarn 112 121 117 120 115 108 117 113 105 113 117 Worsted yarn 131 144 140 138 136 132 149 147 132 138 147 Woolen and worsted cloth.. 123 136 138 141 146 136 142 134 130 136 138 Leather and Products. 112 112 113 107 116 119 117 112 111 104 95 Leather tanning 97 103 103 100 103 101 98 102 104 97 85 Cattle hide leathers 110 107 115 117 112 116 115 108 117 118 111 99 Calf and kip leathers 79 90 87 84 88 87 82 83 81 81 '71 58 Goat and kid leathers 67 65 77 83 80 79 81 86 80 84 83 74 Sheep and lamb leathers. 89 88 93 86 76 80 80 77 82 82 82 70 Shoes 123 119 116 102 129 118 120 112 126 131 129 108 Manufactured Food Products. . . 168 165 rl64 161 vl60 164 165 161 164 165 165 168 '162 Wheat flour 108 104 108 107 Cane sugar meltings2 109 109 113 108 114 108 107 109 Manufactured dairy products. 148 148 146 147 152 151 151 154 156 152 152 150 148. Butter 69 71 73 73 85 89 90 94 95 84 82 79 76 Cheese 178 178 176 191 209 209 205 211 198 195 185 181 Canned and dried milk... 168 166 155 152 155 142 138 149 159 158 165 160 155 Ice cream2 * Preliminary. ' Revised. e Corrected. 1 Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods may be obtained from the Division of Research and Statistics. '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. 1096 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued (Adjusted for Seasonal Variation) [Federal Reserve index numbers, 1935-39 average =100] 1952 1953 Industry Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Manufactured Food Products—Continued Meat packing 158 170 169 170 176 169 174 179 171 154 157 157 168 Pork and lard 180 200 194 196 202 181 181 187 169 141 142 145 162 Beef 149 151 153 155 163 175 188 193 197 189 193 186 189 Veal 121 125 131 131 124 113 109 111 117 124 148 158 172 Lamb and mutton 77 87 96 89 97 100 97 100 91 81 81 81 87 Other manufactured foods 171 175 172 167 169 171 171 173 170 172 169 167 P165 Processed fruits and vegetables 123 143 147 124 128 143 143 155 148 155 146 134 Confectionery 134 136 131 134 150 145 138 136 138 132 115 118 Other food products 190 190 185 184 183 182 183 184 182 183 184 183 P186 A Icoholic Beverages 151 155 162 180 166 158 159 173 164 155 152 *160 161 Malt liquor 165 160 154 177 182 175 169 179 169 151 151 172 180 Whiskey 21 26 28 31 44 53 58 63 62 56 59 43 31 Other distilled spirits 234 148 182 133 127 160 139 191 198 228 179 195 183 Rectified liquors 175 263 325 369 228 180 221 245 227 239 237 204 184 Tobacco Products 186 187 190 181 172 179 194 194 184 174 169 154 Cigars 111 123 134 124 98 110 111 112 116 117 114 107 Cigarettes 261 257 258 249 243 249 276 277 255 238 232 209 Other tobacco products 68 65 66 57 59 64 61 60 65 62 59 54 Paper and Paper Products 188 192 203 205 196 200 207 211 209 209 207 186 216 Paper and pulp 180 181 192 194 185 191 197 201 199 199 197 179 204 Pulp 229 220 233 236 220 233 237 245 239 244 241 222 254 Groundwood pulp 132 125 125 108 112 112 118 113 111 114 115 126 131 Soda pulp 82 83 89 92 91 92 95 94 85 90 90 79 94 Sulphate and sulphite pulp3 267 256 274 280 258 275 279 291 284 290 '285 260 300 Paper 172 175 186 188 180 185 191 194 193 192 190 172 196 Paperboard 222 233 246 249 235 236 245 249 249 249 250 215 261 Fine paper2 Printing paper 168 165 178 182 179 185 193 193 192 191 188 177 194 Tissue and absorbent paper 180 187 206 193 195 201 201 207 210 197 189 200 200 Wrapping paper 148 146 150 161 151 162 167 170 166 168 163 147 164 Newsprint 130 126 123 121 116 119 118 121 114 120 . 118 118 121 Paperboard containers (same as Paperboard) Printing and Publishing 165 165 176 175 168 173 180 183 181 184 179 173 182 Newsprint consumption 162 166 173 169 157 162 167 173 170 177 170 169 171 Printing paper (same as shown under Paper) Petroleum and Coal Products 280 282 279 290 291 293 293 289 286 288 '295 294 P295 Petroleum refining2 Gasoline 231 234 225 233 229 230 231 225 225 230 238 245 P248 Fuel oil 235 232 226 239 239 241 236 233 225 221 230 227 P224 Lubricating oil 181 179 182 171 164 160 148 161 156 162 163 161 Kerosene 230 208 207 225 241 250 226 207 208 190 204 203 Other petroleum products2 Coke 169 177 179 182 186 188 188 189 187 189 189 188 188 Bv-product coke 168 174 178 179 182 183 183 183 181 183 184 184 185 Beehive coke 184 299 243 268 312 353 364 391 382 393 367 '299 304 Chemical Products 302 302 304 308 309 310 310 314 319 '321 '325 326 P327 Paints 154 155 158 159 159 162 160 161 161 161 160 165 P162 Rayon 354 370 358 350 351 349 336 351 373 367 382 373 Industrial chemicals 568 567 578 595 598 595 598 605 614 '•621 r628 636 P633 Other chemical products2 Rubber Products 242 252 260 264 272 268 270 275 272 '267 '266 261 P261 Minerals — Total 156 175 164 171 168 164 163 162 164 164 rl68 164 P170 Fuels 161 180 167 177 176 172 170 168 167 168 173 169 P174 Coal 93 133 93 125 115 105 99 96 99 103 106 94 106 Bituminous coal 102 144 93 135 125 116 109 107 113 113 116 103 119 Anthracite 61 88 95 87 71 60 60 52 47 66 66 57 54 Crude petroleum 194 203 203 202 207 204 205 204 201 199 206 206 P208 Metals 131 149 145 138 117 120 123 125 145 144 '144 134 P138 Metals other than gold and silver 188 219 212 200 166 170 175 177 211 209 '209 193 P199 Iron ore (Copper; Lead; Zinc)2 Gold 50 48 47 48 46 46 47 50 53 56 57 55 Silver 63 63 69 67 66 67 67 65 62 55 52 50 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 *md 933-937, and August 1940, pp. 753-771 and 825-882. OCTOBER 1953 1097 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 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Industrial Production—Total 218 232 233 235 233 232 236 240 240 240 241 234 P239 Manufactures— Total 228 242 245 246 246 245 250 255 254 '254 '253 246 P251 Durable Manufactures 269 292 301 305 310 312 319 326 326 322 '320 312 P313 Iron and Steel1 244 270 281 283 286 287 290 297 292 291 288 279 P277 Pig iron 221 242 247 244 247 249 247 253 244 250 250 247 246 Steel . 283 319 332 334 335 333 337 348 338 337 328 318 311 Open hearth 202 222 233 231 238 235 234 241 234 238 231 229 225 Electric 860 1013 1040 1064 1022 1029 1071 1113 1081 1047 1022 958 923 Machinery 336 354 363 371 385 393 398 406 402 '399 '397 387 P389 Transportation Equipment 300 353 371 376 392 391 403 412 417 '408 '401 394 P389 Automobiles (including parts) 175 247 265 272 282 283 297 308 314 '306 '297 290 P277 (Aircraft; Railroad equipment; Shipbuilding—Private and Government)2 Nonferrous Metals and Products 213 225 237 241 246 250 259 259 263 262 259 248 P243 Smelting and refining 251 248 251 251 259 266 293 301 299 290 284 282 P280 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)2 Fabricating 197 216 231 236 241 243 245 243 248 251 249 235 P228 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)2 Lumber and Products 160 167 164 160 151 151 158 162 168 154 163 158 P169 Lumber 152 159 151 143 128 132 142 146 157 139 153 149 P\62 Furniture 175 183 189 191 196 189 191 193 189 '184 182 177 P184 Stone, Clay, and Glass Products 231 232 235 226 214 209 216 227 230 238 236 233 P240 Glass products 251 248 247 234 210 221 237 255 248 269 259 250 P267 Glass containers 272 267 262 245 210 227 248 271 261 291 276 269 Cement 261 263 267 252 231 209 212 224 249 259 259 267 269 169 167 173 167 165 155 157 161 161 r159 157 P161 Other stone and clay products2 Nondurable Manufactures 195 201 200 199 193 191 194 197 196 198 199 192 P201 Textiles and Products 170 177 172 176 169 169 173 173 169 173 174 156 P167 Textile fabrics 152 158 154 158 152 151 157 157 151 155 155 Cotton consumption 143 145 142 149 141 140 149 148 141 143 142 113 139 Rayon deliveries 369 377 361 356 337 350 338 352 355 367 367 '359 347 Nylon and silk consumption2 Wool textiles 123 137 134 137 138 130 142 137 128 130 135 Carpet wool consumption 120 148 140 153 164 149 173 171 152 130 137 83 Apparel wool consumption 139 149 142 137 130 129 139 138 134 144 143 118 Woolen and worsted yarn 120 130 126 127 124 118 130 127 116 124 129 112 121 117 120 115 108 117 113 105 113 117 Worsted yarn 131 144 140 138 136 132 149 147 132 138 147 Woolen and worsted cloth 123 136 138 141 146 136 142 134 130 136 138 Leather and Products 116 HI 112 114 107 117 122 116 112 111 103 94 Leather tanning 95 95 104 107 99 103 109 97 102 103 95 81 Cattle hide leathers 107 105 116 121 112 119 124 108 117 118 107 93 Calf and kip leathers 83 88 89 85 87 85 86 81 78 77 72 57 65 66 77 80 80 79 84 85 82 82 84 73 Sheep and lamb leathers 92 86 93 91 72 75 88 75 80 88 81 65 Shoes 129 123 118 120 112 126 131 129 119 116 108 102 Manufactured Food Products 185 192 178 165 161 153 149 151 151 '157 '163 172 P181 Wheat flour 108 118 115 114 107 114 109 105 100 103 104 106 PIOO Cane sugar meltings2 Manufactured dairy products. 214 173 133 106 107 98 109 128 162 202 225 221 214 Butter 76 69 63 55 67 74 80 86 97 109 114 96 84 Cheese 199 182 158 143 151 155 168 188 220 266 277 228 203 C Ic a e n c n r e e d a m an 2 d dried milk 173 153 126 110 120 115 124 146 179 220 228 186 160 P Preliminary. ' Revised. « Corrected. 1 Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods may be obtained from the Division of Research and Statistics. 2Series included in total and group indexes but not available for publication separately. 3 Because of a reclassification of the basic data used to measure changes in production, the sulphate pulp and sulphite pulp series are no longer available separately. Individual indexes through June 1951 are shown in preceding BULLETINS. 1098 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 Aug. Sept. Oct. Nov Dec. Jan. Feb. Mar. Apr. May June July Aug. Manufactured Food Products—Continued Meat packing , 138 154 190 208 199 166 166 159 154 156 149 150 Pork and lard , 139 158 183 230 266 237 178 174 154 141 142 128 125 Beef 150 163 167 161 163 178 173 175 185 189 189 188 191 Veal 118 138 149 141 116 105 96 104 114 129 148 158 169 Lamb and mutton. 75 93 100 89 95 106 98 98 89 82 75 78 85 Other manufactured foods 195 207 191 174 167 157 155 154 152 '156 '160 174 P188 Processed fruits and vegetables. 234 279 190 114 100 93 90 85 90 '101 -•112 174 Confectionery 144 175 171 158 151 149 140 127 115 102 85 96 Other food products 194 194 195 193 187 175 174 177 174 "•179 '185 187 P189 Alcoholic Beverages. 159 159 173 163 142 134 144 161 165 164 174 *184 172 Malt liquor 188 161 143 136 145 144 152 167 177 173 190 '215 206 Whiskey 21 26 28 31 44 53 58 63 62 56 59 43 31 Other distilled spirits. 126 202 472 280 140 104 83 124 119 137 111 113 99 Rectified liquors 175 263 325 369 228 180 221 245 227 239 237 204 184 Tobacco Products. 193 198 197 184 159 178 184 183 174 174 176 159 Cigars 111 123 134 124 98 110 111 112 116 117 114 107 Cigarettes 274 275 268 254 224 249 260 258 237 238 244 219 Other tobacco products. 66 69 71 59 51 63 59 60 65 63 60 54 Paper and Paper Products. 188 191 203 205 195 200 207 211 210 210 208 185 215 Paper and pulp 180 181 192 194 185 191 198 201 200 199 197 178 203 Pulp 227 217 232 237 220 233 238 246 241 245 241 220 252 Groundwood pulp 116 112 116 114 113 117 122 121 122 123 117 112 115 Soda pulp 82 83 89 92 91 92 95 94 85 90 90 79 94 Sulphate and sulphite pulp 3 267 256 274 280 258 275 279 291 284 290 ••285 260 300 Paper 172 175 186 188 179 185 192 194 193 192 190 171 196 Paperboard 222 233 246 249 235 236 245 249 249 249 250 215 261 Fine paper2 Printing paper 168 165 178 182 179 185 193 193 192 191 188 177 194 Tissue and absorbent paper 180 187 208 193 189 199 209 207 212 197 192 192 200 Wrapping paper 148 146 150 161 151 162 167 170 166 168 163 147 164 Newsprint 129 126 123 123 114 119 118 121 116 121 119 116 119 Paperboard containers (same as Paperboard). Printing and Publishing. 157 166 180 183 172 168 178 187 187 187 178 174 Newsprint consumption 146 168 182 184 165 150 164 180 181 184 168 153 Printing paper (same as shown under Paper). Petroleum and Coal Products. 280 282 279 290 291 293 293 289 286 288 •295 294 P295 Petroleum refining 2 Gasoline 231 234 225 233 229 230 231 225 225 230 238 245 P248 Fuel oil 235 232 226 239 239 241 236 233 225 221 230 227 P224 Lubricating oil 179 179 182 171 163 155 147 159 163 168 163 159 Kerosene 221 206 207 231 248 255 238 211 212 192 192 189 Other petroleum products 2. Coke 169 177 179 182 186 188 188 189 187 189 189 188 188 By-product coke 168 174 178 179 182 183 183 183 181 183 184 184 185 Beehive coke 184 299 243 268 312 353 364 391 382 393 367 '299 304 Chemical Products. 299 305 309 313 314 311 313 318 322 323 323 P324 Paints 152 153 158 157 159 158 158 161 162 165 165 163 M61 Rayon 354 370 358 350 351 349 336 351 373 367 382 373 P364 Industrial chemicals 568 567 578 595 598 595 598 605 614 '621 636 P633 Other chemical products 2. Rubber Products 242 252 260 264 272 268 270 275 272 '267 •266 v261 Minerals—Total. 161 180 166 no 163 159 158 157 163 166 172 169 P174 Fuels 161 180 167 177 176 172 170 168 167 173 vl74 Coal 93 133 93 125 115 105 99 96 99 103 106 94 106 Bituminous coal. 102 144 93 135 125 116 109 107 113 113 116 103 119 Anthracite 61 95 87 71 60 60 52 47 66 66 57 54 Crude petroleum 194 203 203 202 207 204 205 204 201 199 206 206 P208 Metals. 164 178 164 131 84 84 87 90 134 160 170 168 vl7l Metals other than gold and silver. 244 265 185 108 109 115 120 195 240 "256 253 P254 Iron ore 381 418 363 248 83 86 91 105 262 363 '404 400 (Copper; Lead; Zinc)* 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. OCTOBER 1953 1099 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 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Total 84 121 125 134 134 141 148 '146 148 144 '142 144 P140 Passenger automobiles 63 122 125 131 129 134 146 151 159 155 158 159 P150 Household goods total 108 119 124 137 139 149 150 '141 135 '131 '125 128 Carpets .. . 76 81 99 98 94 103 104 101 98 87 C1) 113 115 118 120 125 121 122 123 126 126 123 P121 Major appliances 94 89 91 114 115 123 126 '2125 121 122 112029 2107 P104 Radios and television 141 205 214 237 236 279 273 226 201 182 182 204 217 P Preliminary. r Revised. Publication of this index has been discontinued pending a general revision of the major consumer durable goods index to be completed in a fewmonths. 2Seasonal allowances for major appliances have been revised on an interim basis for March and July 1953. NOTE.—Indexes without seasonal adjustment for all of the above series and component series may be obtained from the Division of Research and Statistics. 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 Aug. Sept. Oct. Nov. Dec Jan. Feb. Mar. Apr. May June July Aug. ADJUSTED FOR SEASONAL VARIATION Total 12,953 13,216 13,338 13,513 13,607 13,682 13,757 13,857 13,906 13,930 13,928 13,887 13,716 Durable goods 7,372 7,616 7,726 7,862 7,944 8,009 8,089 8,175 8,218 '8,220 '8,221 8,182 8,078 O L Fu u rd m rn n b i a t e n u r c r e e a n a a d n n d d w a o fi c o x c d t e u s r p s e r o s o r d ie u s cts 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 6 3 1 9 2 3 0 4 9 3 6 1 2 9 4 5 4 2 3 6 1 3 9 4 0 8 7 3 7 1 3 1 5 1 2 0 3 1 7 3 1 5 0 3 6 1 3 7 5 2 2 7 7 2 3 7 1 2 6 1 8 1 7 3 7 1 2 0 6 2 0 0 Stone, clay, and glass products.. 449 453 457 459 453 456 455 459 462 '461 465 463 455 Primary metal industries 1,073 1,109 1,110 1,120 1,126 1,133 1,136 1,139 1,144 1,149 1,149 1,150 1,136 Fabricated metal products 834 862 884 899 908 922 933 943 947 957 968 967 959 Machinery except electrical 1,205 1,214 1,233 1,266 1,295 1,313 1,316 1,322 1,314 1,300 1,297 1,283 1,259 Electrical machinery 798 824 843 859 875 890 907 916 926 '928 '920 930 927 Transportation equipment 1,221 1,355 1,411 1,450 1,484 1,509 1,543 1,574 1,576 1,556 1,537 1,502 1,483 Instruments and related products 228 230 233 236 238 240 240 243 243 244 245 249 247 Misc. manufacturing industries.. 383 387 390 395 396 393 398 404 413 426 '434 432 430 Nondurable goods 5,581 5,600 5,612 5,651 5,663 5,673 5,668 5,682 5,688 '5,710 5,707 5,705 5,638 Food and kindred products 1,115 1,116 1,125 1,124 1,127 1,135 1,144 1,138 1,132 1,138 1,114 1,110 1,094 Tobacco manufactures 99 97 98 102 105 101 97 95 96 97 98 98 98 T A e p x p t a il r e e - l m a il n l d p r o o th d e u r c t f s inished tex- 1,122 1,138 1,135 1,135 1,129 1,121 1,117 1,123 1,119 1,123 1,122 1,136 1,131 tiles 1,072 1,074 1,066 1,093 1,098 1,109 1,104 1,106 1,103 1,111 1,127 1,118 1,090 Paper and allied products 427 427 432 431 434 434 435 437 440 442 '447 452 453 Printing, publishing and allied industries 495 497 499 500 498 498 497 502 501 502 '501 503 505 Chemicals and allied products... 513 509 508 508 508 511 511 518 526 '528 '530 530 526 Products of petroleum and coal. 187 187 189 188 188 188 188 188 190 189 189 189 186 Rubber products 205 208 211 213 215 217 218 221 222 '222 '222 221 218 Leather and leather products. . . 346 347 349 357 361 359 357 354 359 358 357 348 337 WITHOUT SEASONAL ADJUSTMENT Total 13,069 13,477 13,560 13,634 13,699 13,619 13,733 13,831 13,758 13,699 13,775 13,644 13,817 Durable goods 7,332 7,634 7,774 7,916 8,010 8,020 8,115 8,211 8,215 '8,179 '8,183 8,035 8,029 Ordnance and Accessories 129 132 132 134 137 139 142 147 150 156 rl57 161 160 Lumber and Wood Products 759 751 728 730 704 676 677 688 701 713 729 717 718 Sawmills and planing mills.. 450 448 440 433 420 406 404 408 416 '422 '430 423 Furniture and Fixtures 307 316 322 329 330 329 332 333 329 322 317 315 317 Household furniture 225 231 237 242 243 243 246 247 242 237 231 229 Stone, Clay, and Glass Products.. 451 455 459 461 458 451 453 459 462 '461 465 456 457 Primary Metal Industries 1,068 1,109 1,116 1,126 1,137 1,139 1,142 1,145 1,144 1,138 1,143 1,133 1,130 Blast furnaces, steel works 530 556 557 557 561 562 563 564 562 '562 '567 569 and rolling mills 821 862 888 903 922 931 942 952 952 952 958 938 945 Fabricated Metal Products 1,193 1,208 1,227 1,260 1,301 1,313 1,323 1,335 1,321 ' 1,307 '1,303 1,270 1,246 Machinery except Electrical 222 224 223 223 226 226 227 228 228 '227 '227 222 Metalworking machinery... 782 824 851 872 89. 899 916 925 926 '919 '911 897 908 Electrical Machinery Electrical apparatus (gen- 253 262 268 271 275 277 281 285 287 288 '287 283 erating, etc.) 346 367 381 398 410 411 418 418 415 '407 '399 392 Communication equipment. 1,221 1,355 1,411 1,450 1,484 1,509 1,543 1,574 1,576 r1,556 '1,537 1,502 1,483 Transportation Equipment 524 674 701 735 750 769 798 821 831 '816 '796 768 Motor vehicles and equip- 490 474 501 510 524 531 538 542 533 '532 '531 534 ment Aircraft and parts 226 230 234 237 240 241 241 244 244 244 245 242 245 Instruments and Related Products, 375 393 408 415 404 393 404 410 411 413 '417 404 421 Misc. Manufacturing Industries.. For footnotes see following page. 1100 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 Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. May June July Aug, Nondurable goods 5,737 5,843 5,786 5,718 5,689 5,599 5,618 5,620 5,543 '5,520 '5,592 5,609 5,788 Food and Kindred Products 1,269 1,309 1,223 1,142 1,093 1,045 1,033 1,025 1,027 '1,051 '1,088 1,171 1,244 Meat products 242 247 244 254 256 249 241 238 233 '233 237 240 Canning and preserving.... 309 348 253 172 143 132 129 123 134 '146 '161 237 Bakery products 186 186 187 187 184 179 180 180 179 '181 '184 184 Tobacco Manufactures 109 117 117 109 108 101 94 87 85 85 85 85 108 Textile-mill Products 1,105 1,127 1,135 1,146 1,146 1,132 1,134 1,134 1,119 r1,117 rl, 122 1,102 1,114 K Br n o i a tt d i - n w g o m ve i n ll s fabric mills... 4 2 9 2 8 8 2 50 3 1 2 5 2 0 3 3 6 5 2 0 3 6 9 5 23 0 6 8 2 50 3 2 0 2 5 3 0 2 2 4 23 9 5 9 4 2 9 3 4 3 4 23 9 2 4 r 2 4 3 97 2 4 2 9 2 2 8 Apparel and Other Finished Textiles 1,088 1,106 1,103 1,104 1,114 1,109 1,137 1,139 1,086 1,061 1,076 1,051 1,106 Men's and boys' furnishings. 271 276 279 280 280 279 284 289 289 '288 '288 274 Women's and misses' outerwear 339 340 330 331 347 351 360 356 318 298 308 313 Paper and Allied Products 425 425 432 435 441 436 437 439 440 440 445 443 Pulp, paper and paperboard mills 222 217 219 219 224 223 223 223 222 222 225 225 Printing, Publishing and Allied Industries 490 497 504 505 505 498 497 499 498 499 r501 498 500 Newspapers 144 146 146 147 147 144 144 146 146 147 148 147 Commercial printing 156 158 160 161 162 161 159 159 158 158 159 158 Chemicals and A Hied Products . . 503 512 518 518 518 516 '519 526 526 '517 '514 511 515 Industrial organic chemicals. 185 185 187 188 189 190 189 190 191 192 195 196 Products of Petroleum and Coal 191 190 189 188 187 186 186 186 188 188 190 191 146 145 144 144 144 144 144 144 144 '143 145 146 Petroleum refining 203 208 213 217 219 219 219 221 221 '220 "220 214 216 Rubber Products 355 352 352 355 359 359 364 363 355 344 350 343 345 Leather and Leather Products. . . . 233 229 225 226 232 236 238 238 232 226 '230 223. Footwear (except rubber)... r 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 August 1953 are preliminary. Back data and data for industries not shown, without seasonal adjustment, may be obtained from the Bureau of Labor Statistics. Seasonally adjusted data beginning January 1939, for groups and the total, may be obtained from the Division of Research and Statistics. HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES [Compiled by Bureau of Labor Statistics] Average weekly earnings Average hours worked Average hourly earnings (dollars per week) (per week) (dollars per hour) Industry group 1952 1953 1952 1953 1952 Aug. June July Aug. Aug. June July Aug. Aug. June July Aug. Total 67.23 71.63 71.51 71.69 40.5 40.7 40.4 40.5 1.66 1.76 1.77 1.77 Durable goods. 72.16 77.42 76.89 77.27 41.0 41.4 40.9 41.1 1.76 1.87 1.88 1.88 Ordnance and accessories 74.21 '78.31 78.50 80.29 41.0 41.0 41.1 41.6 1.81 '1.91 1.91 1.93 Lumber and wood products. . . . 67.20 67.90 67.24 67.98 42.0 41.4 41.0 41.2 1.60 1.64 1.64 1.65 Furniture and fixtures 60.03 '62.73 60.80 63.76 41.4 '41.0 40.0 41.4 1.45 '1.53 1.52 1.54 Stone, clay, and glass products. 65.92 70.69 70.76 72.63 41.2 41.1 40.9 41.5 1.60 1.72 1.73 1.75 Primary metal industries 77.97 85.08 86.11 85.28 40.4 41.5 41.2 41.2 1.93 2.05 2.09 2.07 Fabricated metal products 70.58 77.28 76.59 76.59 40.8 '42.0 41.4 41.4 1.73 1.84 1.85 1.85 Machinery except electrical 77.70 '82.10 81.32 81.93 42.0 '42.1 41.7 41.8 1.85 1.95 1.95 1.96 Electrical machinery 67.97 71.23 70.58 71.23 40.7 40.7 40.1 40.7 1.67 1.75 1.76 1.75 Transportation equipment 78.18 '84.87 84.04 83.23 40.3 '41.0 40.6 40.6 1.94 2.07 2.07 2.05 Instruments and related products 71.21 '73.46 72.04 73.16 41.4 '41.5 40.7 41.1 1.72 1.77 1.77 1.78 Miscellaneous manufacturing industries. 60.64 '64.21 62.80 62.80 40.7 '40.9 40.0 40.0 1.49 1.57 1.57 1.57 Nondurable goods. 61.45 63.36 63.76 63.92 39.9 39.6 39.6 39.7 1.54 1.60 1.61 1.61 Food and kindred products 62.51 '66.82 66.56 66.56 41.4 '41.5 41.6 41.6 1.51 1.61 1.60 1.60 Tobacco manufactures 45.47 '47.36 48.00 47.72 39.2 '37.0 37.5 38.8 1.16 '1.28 1.28 1.23 Textile-mill products 53.60 53.86 53.18 53.04 39.7 39.6 39.1 39.0 1.35 1.36 1.36 1.36 Apparel and other finished products 48.60 '48.41 48.37 49.78 37.1 36.4 36.1 36.6 1.31 '1.33 1.34 1.36 Paper and allied products 69.82 72.24 73.27 73.61 43.1 43.0 43.1 43.3 1.62 1.68 1.70 1.70 Printing, publishing and allied products. 82.08 '85.36 84.75 85.36 38.9 38.8 38.7 38.8 2.11 2.20 2.19 2.20 Chemicals and allied products 70.35 75.17 75.62 75.62 40.9 41.3 41.1 41.1 1.72 1.82 1.84 1.84 Products of petroleum and coal 87.53 '89.16 92.13 91.91 40.9 '40.9 41.5 41.4 2.14 2.22 2.22 Rubber products 73.49 '76.99 78.18 77.41 40.6 '40.1 40.3 39.9 1.81 1.94 1.94 Leather and leather products 51.88 52.47 52.20 52.03 39.6 38.3 38.1 37.7 1.31 1.37 1.38 r Revised. NOTE.—Data are for production and related workers. Figures for August 1953 are preliminary. Back data are available from the Bureau of Labor Statistics. 1101 OCTOBER 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS BY INDUSTRY DIVISION [Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons] Transporta- Federal, Year or month Total M t a u n r u in f g ac- Mining 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 l and utilities government 1945 40,069 15,302 826 1,132 3,872 7,522 1,394 4,055 5,967 1946 . 41,412 14,461 852 1,661 4,023 8,602 1,586 4,621 5,607 1947 43,438 15,290 943 1,982 4,122 9,196 1,641 4,807 5,456 1948 44,382 15,321 982 2,169 4,141 9,519 1,711 4,925 5,614 1949 43,295 14,178 918 2,165 3,949 9,513 1,736 5,000 5,837 1950 44,696 14,967 889 2,333 3,977 9,645 1,796 5,098 5,992 1951 47,202 16,082 913 2,588 4,166 10,013 1,861 5,207 6,373 1952 47,993 16,209 872 2,572 4,220 10,251 1,957 5,280 6,633 SEASONALLY ADJUSTED 1952—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 L.986 5,285 6,640 October 48,664 16,546 867 2,574 4,303 10,390 L.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 L.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 L.993 5,305 6.637 April 49,154 17,229 838 2,517 4,266 10,402 2,004 5,307 6,591 May ... '49,297 '17,276 833 '2,484 '4,282 '10,466 '2,015 '5,304 6,637 June '49,468 '17,303 833 '2,503 '4,282 '10,518 '2,029 '5,318 6,682 July 49,498 17,273 819 2,508 4,295 10,535 2,043 5,338 6,687 August 49,313 17,103 817 2,507 4,288 10,525 2,057 5,329 6,687 UNADJUSTED 1952—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 L ,969 5,192 6,675 February 48,369 17,013 856 2,280 4,210 10,214 1,977 5,194 6,625 A M p a r r i c l h. 4 4 8 8 , ,6 8 8 6 5 0 1 1 7 7 , ,0 1 7 3 7 5 8 8 4 3 6 5 2 2 , , 3 4 0 1 1 6 4 4, , 2 2 4 3 4 5 1 1 0 0 , , 2 3 8 1 4 4 2, . 0 9 1 9 4 3 55,,320275 6 6 , , 6 6 6 5 6 3 May ... r49,058 '17,040 831 '2,509 '4,279 '10,348 '2,025 '5,357 6,669 June '49,397 '17,145 837 '2,603 '4,315 '10,412 '2 ,049 '5,398 6,638 July 49,198 17,037 826 2,658 4,342 10,365 2,074 5,418 6,478 August 49,400 17,217 826 2,708 4,338 10,369 2,078 5,409 6,455 ••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. August 1953 figures are preliminary. Back unadjusted data are available from the Bureau of Labor Statistics; seasonally adjusted figures beginning January 1939 may be obtained from the Division of Research and Statistics. LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates without seasonal adjustment. Thousands of persons 14 years of age and over] Civilian labor force Year or month in T p s o o t p t i a t u u l l t a n i t o i o o n n n a - l T l f a o o b r t c o a e r l Total Employed J Unem- l N ab o o t r i n fo t r h c e e 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 3,142 46,181 1951 111,924 65,832 62,884 61,005 53,951 7,054 1,879 46,092 1952 113,136 66,426 62,966 61,293 54,488 6,805 1,673 46,710 1952—September 113,374 67,166 63,698 62,260 54,712 7,548 1,438 46,208 October 113,494 66,566 63,146 61,862 54,588 7,274 1,284 46,928 November 113.599 67,047 63,646 62,228 55,454 6,774 1,418 46,552 December 113,703 66,309 62,921 61,509 55,812 5,697 1,412 47,394 1953—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 114,755 66,679 63,134 61,460 55,740 5,720 1,674 48,076 April (2) (2) 62,810 61,228 55,158 6,070 1,582 48,490 J M u a n y e ( (2 2) ) ( (2 2) ) 6 6 2 4 , , 9 7 6 3 4 4 6 6 1 3, , 1 6 7 5 2 8 5 55 5 , , 2 2 4 6 6 8 6 7 , , 3 9 9 2 0 6 1 1, , 5 3 6 0 2 6 4 46 8 , , 7 4 4 3 2 4 July. f2) (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 September (2) (2) 63,552 62,306 55,044 7,262 1,246 48,215 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. 1102 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. Tn millions of dollars] Private Public Year or month Total Total d R en e t s i i a - l Ind B us u - sine C ss om- Public O n d re t o e h s n n i e - - - r Total M ta i r l y i- H w ig ay h- C v o a n ti s o e n r- o A th ll er Total trial mercial utility tial 1939 8,198 4,389 2,680 1,229 254 292 683 480 3,809 125 1,381 570 1,733 1940 8,682 5,054 2,985 1,561 442 348 771 508 3,628 385 1,302 528 1,413 1941 11,957 6,206 3,510 2,082 801 409 872 614 5,751 1,620 1,066 500 2,565 1942 14,075 3,415 1,715 1,287 346 155 786 413 10,660 5,016 734 357 4,553 1943 8,301 1,979 885 759 156 33 570 335 6,322 2,550 446 285 3,041 1944 5,259 2,186 815 989 208 56 725 382 3,073 837 362 163 1,711 1945 5,633 3,235 1,100 1,672 642 203 827 463 2,398 690 398 130 1,180 1946 12,000 9,638 4,015 4,195 1,689 1,132 1,374 1,428 2,362 188 895 240 1,039 1947 16,689 13,256 6,310 4,896 1,702 856 2,338 2,050 3,433 204 1,451 394 1,384 1948 21,678 16,853 8,580 5,693 1,397 1,253 3,043 2,580 4,825 158 1,774 629 2,264 1949 22,789 16,384 8,267 5,322 972 1,027 3,323 2,795 6,405 137 2,131 793 3,344 1950 28,454 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—September. 2,713 1,797 908 617 186 93 338 272 916 105 261 67 483 October 2,744 1,832 946 615 180 100 335 271 912 101 262 68 481 November. 2,781 1,856 965 619 180 108 331 272 925 109 237 67 512 December., 2,774 1,871 980 624 179 114 331 267 903 121 190 71 521 1953—January... 2,829 1,865 949 652 191 125 336 264 964 135 240 74 515 February.. 2,985 1,959 1,011 683 204 134 345 265 1,026 139 289 75 523 March 3,050 2,057 1,092 699 208 130 361 266 993 137 264 78 514 April 3,007 2,038 1,061 706 210 124 372 271 969 127 256 79 507 May 2,910 1,978 987 713 204 132 377 278 932 124 243 73 492 June 2,923 1,979 1,000 709 195 137 377 270 944 126 252 72 494 July '2,854 '1 ,953 '975 703 185 141 377 275 ••901 '110 266 '71 '454 August 2,827 1,944 954 720 185 155 380 270 '883 101 266 66 450 September? 2,845 1,939 945 726 176 169 381 268 906 95 270 65 476 Preliminary. * Revised. Source.—Joint estimates of the Departments of Commerce and Labor. CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions] By type of ownership By type of construction Year or month Total Nonresidential building Public Resi- works Public Private dential and building 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—September 2,029 1,269 760 519 995 87 87 93 248 October 1,321 410 911 602 113 103 126 138 238 November 1,249 491 758 528 117 85 117 143 259 December. . . . 1,467 478 990 439 313 100 146 154 316 1953—January 1,076 450 626 460 76 87 106 138 209 February 1,021 351 671 419 89 100 102 83 228 March 1,348 417 931 605 105 101 124 120 293 April 1,742 673 1,069 674 262 120 147 151 387 May 1,606 554 1,052 638 132 156 163 131 386 June 1,116 372 744 463 85 99 148 127 193 July 1,793 610 1.183 653 207 200 176 181 376 August cl ,414 C532 C882 508 110 111 146 179 361 September . 1,742 507 383 145 138 116 451 e Corrected. 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] Federa 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—June 1,488 850 105 392 203 90S 105 070 150,210 150,472 205 ?6S 211,SS1 116 664 59 ?47 67 0S1 114,92S July 1,511,285 85 40 S 213 87S 112 1?1 170,016 141,852 197 S33 250,S9? 104 938 49 71 SQ8 113,723 August i,438,725 80,214 236 649 94 729 160,000 143,731 185 430 234 225 86 512 43 269 52 042 121,924 1953—June I,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 1,793 342 94,331 299 010 117 44 S 220 831 148,586 198 776 <120 S4S 97 791 62 898 99.459 August i,414,408 89,623 241 834 77 361 220,711 151,978 123 193 217 429 90 273 48 361 59 400 94,245 c Corrected. OCTOBER 1953 1103 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PERMANENT NONFARM DWELLING UNITS STARTED [In thousands of units] Private Government-underwritten Rural Year or month Total Urban non- Public farm Total fam 1- ily fam 2- ily f M am ul i t l i y - Total FHA VA 1939 515 359 156 458 373 20 66 57 158 158 1941 . . 706 434 272 620 533 28 58 87 220 220 1945 209 134 75 208 185 9 15 1 47 41 6 1946 671 404 267 663 590 24 48 8 152 69 83 1947 849 480 369 846 740 34 72 3 440 229 211 1948 932 525 407 914 763 46 104 18 393 291 102 1949 1,025 589 436 989 792 35 162 36 466 361 105 1950 1,396 828 568 1.352 1,151 42 159 44 686 486 200 1951 1 .091 595 496 1 020 892 40 S8 71 413 264 149 1952 1,127 610 517 1,069 939 46 84 58 420 279 141 1952—September. 101 53 48 99 87 5 8 2 42 28 14 October 101 54 47 99 87 4 8 2 43 27 16 November 86 46 40 82 72 3 7 4 34 21 13 72 41 31 68 58 3 6 4 29 19 10 1953—January 72 38 34 68 58 3 7 4 27 18 9 February 79 43 36 74 64 3 7 5 27 17 10 March 106 59 47 96 84 4 9 10 32 22 10 April 111 57 54 107 94 4 9 4 36 23 13 May 108 55 53 106 93 4 8 3 34 22 12 June . 105 53 51 102 90 3 9 3 38 24 14 Tulv . . P96 n.a. n.a. P96 n.a. n.a. n.a. P(1) 39 24 15 August P94 n.a. n.a. P93 n.a. n.a. n.a. Pi 41 23 18 September P92 n.a. n.a. P89 n.a. n.a. n.a. P3 p Preliminary. n.a. Not available. !Less than 500 units. ^ess than 500 units. NOTE—Government underwritten units are those started under commitments of FHA or VA to insure or guarantee the mortgage. VA hgures 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 Aug. Mar. Apr. May June July Aug. Aug. Mar. Apr. May June July Aug. Total 134 126 125 132 129 130 128 123 130 129 122 127 132 133 128 134 Coal 121 109 101 92 96 106 105 94 112 101 92 96 106 105 94 112 Coke 208 168 160 184 178 183 179 167 169 154 186 175 182 176 162 162 Grain 143 142 134 130 133 141 155 138 131 145 119 117 124 158 166 142 Livestock 69 69 65 60 66 65 60 60 58 61 47 58 58 52 46 55 Forest oroducts 150 144 149 142 144 137 145 146 145 157 142 144 143 151 147 153 Ore 205 181 216 273 237 237 212 213 221 323 79 231 315 328 341 331 Miscellaneous 147 140 140 154 148 146 142 139 145 141 146 146 148 146 141 146 Merchandise, 1. c. 1 48 46 46 45 44 45 43 42 44 46 45 44 45 43 42 44 NOTE.—For description and back data, see BULLETIN for June 1941, pp. 529-533. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission. MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports* Merchandise imports2 Excess of exports Month 1951 1952 1953 1951 1952 1953 1951 1952 1953 January .. . 974 1,254 1,291 1,025 922 922 -51 332 369 February ,076 1,344 1,197 910 893 856 166 451 341 March .295 1,447 1,388 1 102 964 1 004 193 483 r385 April ,369 1,352 1,396 1,034 933 rl,013 336 420 383 May L.354 1,474 1,447 1.018 835 902 337 639 '545 June . • • L,297 1,168 1,377 930 861 934 366 306 443 July ,186 1,027 p 34* 895 S39 P908 292 188 *>438 August L,27O 1,087 881 818 390 269 September 1,232 I 228 721 876 510 3S2 October L.152 1 .216 834 918 319 297 November. ,388 1,191 819 805 569 386 December 1.438 1 390 800 1,052 638 338 Tanuary-Tuly 8,551 9,066 P9.442 6,914 6,247 P6,539 1,639 2,819 P2,904 p Preliminary. r Revised. E-cxxppouirit.s3 oufi duowmiiiecsatuicv . attnndu flourieciiggni i muieerrcchhaannddisisee.. 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; January-July 1953, 2,312. 2General imports including imports for immediate consumption plus entries into bonded warehouses. Source.—Department of Commerce. 1104 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS [Based on retail value figures] SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS [Index numbers, 1947-49 average = 100] Federal Reserve district United Year or month States Boston Y N o e r w k a P p d h h e i i l l a - - C l l a e n v d e- m Ri o c n h d - la A n t t - a Chi- L S ou t. is M ap i o n l n is e K C a i n ty sas Dallas F c S i r s a a c n n o - SALESi 1947 98 99 99 96 97 97 96 '99 97 98 98 94 99 1948 104 102 103 104 105 103 103 104 1C4 104 103 105 104 1949 98 99 98 100 98 100 101 97 98 99 09 102 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—August '113 '103 103 110 113 120 131 108 112 108 118 '125 '117 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 115 107 103 111 117 123 129 114 115 110 118 128 117 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 Tune 115 103 ••102 110 118 119 128 112 122 106 118 134 121 July 113 106 '104 117 114 120 127 110 107 105 111 124 117 August P112 99 99 116 120 114 P130 109 110 102 P112 127 113 UNADJUSTED 1952—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 '99 105 111 112 114 110 110 98 111 118 112 July 89 76 75 83 89 96 102 89 86 84 91 104 101 August 79 75 92 104 97 P114 98 100 97 P104 116 109 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—August 118 109 '113 '113 109 131 131 116 119 109 127 127 125 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 130 117 '121 122 124 145 148 125 131 117 146 140 138 August P131 122 122 124 148 128 134 120 P146 »143 135 UNADJUSTED 1952—August 114 105 '109 107 104 131 131 110 115 104 120 '124 119 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 121 106 107 '108 112 141 137 117 122 114 137 131 133 August P126 P114 118 116 119 147 P141 121 130 115 P137 P140 128 p 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. 1105 OCTOBER 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued [Based on retail value figures] DEPARTMENT STORE MERCHANDISING DATA Amounts (In millions of dollars) Ratios to sales1 Out- Stocks Year or month 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 .0- 1946 average 345 767 964 373 354 2.3 3.0 5.3 .1 1947 average 365 887 588 366 364 2.5 1.7 4.3 .0 1948 average 381 979 494 386 363 2.7 1.4 4.1 L.O 1949 average 361 925 373 358 358 2.7 L.I 3.8 L.O 1950 average 376 ,012 495 391 401 2.8 L.4 4.2 . 1 1951 average 391 ,202 460 390 379 3.2 L.3 4.4 L.O 1952 average 395 ,093 433 395 398 2.9 .2 4.1 .0 1952—August '345 rj,044 ••541 '391 '406 3.0 L.6 4.6 1.1 September 387 L ,131 592 r474 '525 2.9 L.5 4.4 12 October. . , 448 L.23O 573 547 528 2.7 1.3 4.0 I 2 November 462 1,275 454 507 388 2.8 1.0 3.7 1 1 December. 736 1,018 358 479 383 1.4 ().4 1.9 3 7 1953—January.., 325 1,027 452 334 428 3.2 L.4 4.6 1.0 February., 301 1,100 455 374 377 3.7 1.5 5.2 L.2 March..., 381 1,169 401 450 396 3.1 L.I 4.1 L.2 April 373 1,213 324 417 340 3.3 (3.9 4.1 1.1 May 387 1,184 321 358 355 3.1 3.8 3.9 0.9 June , 375 r1,103 '461 -•294 '434 2.9 L.2 4.2 0.8 July 305 r1,081 ••525 283 347 3.5 L.7 5.3 0.9 August?.. 343 1,135 491 397 363 3.3 1.4 4.7 1.2 9 Preliminary. r Revised. 1 The first three ratios are of stocks and/or orders at the end of the month to sales during the month. The final ratio is based on totals of sales and receipts for the month. 2 These figures are not estimates for all department stores in the United States. They are the actual dollar amounts reported by a group of department stores located in various cities throughout the country. In 1952, sales by these stores accounted for about 50 per cent of estimated total department store sales. 3 Receipts of goods are derived from the reported figures on sales and stocks. New orders are derived from receipts and reported figures on outstanding orders. NOTE.—For description and monthly figures for back years, see BULLETIN for October 1952, pp. 1098-1102. WEEKLY INDEX OF SALES [Weeks ending on dates shown, 1947-49 = 100] Without seasonal adjustment 1949 1950 1951 1952 1950 1951 1952 1953 Nov. 5 108(Nov. 4 109Nov 3 1?1Nov. 1. . . 1.15 May 6. ...104May 5 113May 3. ... IllMay 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. . .. HI 24 186 23 221 22.... 228 27 146 24 86 23 92 28 91 27. . .. 94 31 68 30 82 29 92 30 89 1950 1951 1952 1953 Jan. 7 70Jan. 6 98Jan. 5 78Jan. 3 81July 1 91July 7 75July 5 79July 4. . .. . 79 14 80 13 105 12 92 10 89 8 75 14 83 12 83 11 .. . 92 21 79 20 104 19 90 17 92 15 91 21 81 19 82 18. . .. . 84 28 76 27 96 26 83 24 86 22 104 28 80 26 79 25. ... . 83 31 87 29.... 102 Feb. 4 78Feb. 3 81Feb. 2 84Feb. 7 88Aug. 5 102Aug. 4 88Aug. 2 87Aug. 1.. .. . 86 11 82 10 94 9 87 14 92 12 94 11 87 9 90 8.. .. . .92 18 80 17 94 16.. . .89 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. . .. '101 11 87 10 105 8 88 14... 100 9 . 102 8 100 13 114 12. ... .102 18 91 17 101 15 90 21. .. 109 16 127 15 114 20 113 19. . .. .120 25 96 24 105 22 94 28. . . 112 23 111 22 111 27 112 26. ... .114 31 89 29 101 30 110 29 114 Apr. 1 104Apr. 7 101Apr. 5 109Apr. 4. . . 118Oct. 7 112Oct. 6 110Oct. 4. ...116Oct. 3. . .. .112 8 110 14 100 12 111 11. .. 97 14 111 13 117 11 126 10. . . 15 88 21 97 19 97 18. . . 105 21 ... 105 20 116 18.... 124 17 22 96 28 101 26 105 25. .. 104 28.. . .108 27 . .113 25 . .122 24 29 98 r Revised. NOTE.—For description and weekly indexes for back years, see BULLETIN for April 1952, pp. 359-162. 1106 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] Federal Reserve district, Aug. July 8 Federal Reserve district, Aug. July 8 Federal Reserve district, Aug. Tulv area, or city 1953 1953 1953 area, or city 1953 1953 m 1 o 95 s. 3 area, or city 1953 1953 United States p-l +5 +3 Richmond Dist. (Cont.) Minneapolis Dist. (Cont.) Boston District —4 +5 + 1 M N e o tr r o f p o o lk li - t P an o rts A m r o ea u s t 2 h - , C V on a t . . . -8 +4 +2 C M iti a es nkato, Minn -12 +5 0 Metropolitan Areas Richmond, Va.1 -4 +4 + 1 Great Falls, Mont -7 '+2 -2 Portland, Maine + 1 +8 +6 Roanoke, Va.1 -6 + 10 +6 Grand Forks, N. D -17 -4 -5 W L N o e o w w rc e e B ll s - e t L e d a r f , o w r M r d e , n a s c M s e . , a 1 s M s ass.. . - - - 2 6 5 + + + 1 1 5 6 0 + + + 8 3 3 C S C it p h ie a a s r r t l a e n st b o u n r , g W , S . . V C a.1 + -7 4 + + 4 3 + -1 5 D La u M C lu r i t o n h s n - s S .- e u W , p W e is r i c i s o 1 e r, - - 5 4 +8 0 + -3 2 C S D it p i o e r w i s n n g t f o ie w ld n , B M o a s s to s n, Mass.1 - - 5 3 + + 5 7 + +2 1 L N H y e u n w n c t p i h n o b g r u t t r o N g n , e , V w W s a , . . 1 V V a a.1 p - - + 1 l 2 3 + 1 0 i 3 + - - 2 1 5 K M a e n t s r a o s p o C li i ta ty n D A i r s e t a r s ict -5 2 +1 Providence, R. I.1 -8 +2 0 Atlanta District p-l +6 +4 D Pu e e n b v l e o r , , C C o o l l o o - - 1 6 0 + - 9 3 +6 0 New York District -4 +6 + 1 Metropolitan Areas2 Topeka, Kans -1 -3 +4 M N e N e t N N w r e o w e e p w w o Y J a l e Y i o r t r k a r s o , n k e r k y - N N , A . C o N r J e i r . . t a t 1 y Y h s , e 2 . a N & s . t e N Y rn . J 1 . . - - - 5 4 3 r + + + 5 7 6 +2 0 2 J M M M B a i c o i o r a k m b n m s i t i l o g n i e n , o , g v m F h A i a l l e l a l m r a e . y , 1 , , F A A l l a l a a . . 1 1 P- + + — - 2 3 7 1 1 + + + - - 1 1 2 8 3 0 + + + + - 1 2 3 5 7 1 S W O T O t u k m . i l l c s J a a h a o h h i , s o t a e a , O m , p N k h a K l , e a C a b M n r it s o y, Okla - - - - - 5 8 2 2 2 + - - 8 3 0 0 1 + + + 3 3 4 0 0 Buffalo, N. Y +2 + 11 +4 Orlando, Fla +4 +7 +5 Cities Buffalo City, N.Y.1.... +3 + 11 +4 St. Ptrsbg.-Tampa, Fla.. . +2 +7 +5 Kansas City, Mo -6 -1 +2 B R N o in c ia g h g h e a a s r m t a e r t , o F n a N , l l . s N Y , . N .1 Y . Y - - 3 1 j + + + 1 1 2 1 0 + + + 5 6 1 A S T tl t a . a m n P t p e a a t , e , r G F s a b la . u 1 . r 1 g, Fla + -3 3 0 + + + 7 7 9 + + + 5 5 2 J H E o n u p i t l d c i , n h , i O n M k so la o n. Kans + - - 3 8 5 - + - 1 2 6 6 + + 4 4 C S it y ie r s acuse, N. Y.1 -4 + 15 +7 A M Co u a l g c u u o m s n t b , a u , G s G , a . a G 1 a P - - - 1 3 7 5 + r+ - 1 l 6 4 + - - 6 3 2 Dallas District +1 0 +4 Albany, N.Y -11 -3 -2 Savannah, Ga P-4 +7 +5 Metropolitan Areas Elmira, N. Y -8 +2 +3 Baton Rouge, La.1 +4 +8 + 11 Shreveport, La +8 -2 +5 Poughkeepsie, N. Y -2 +3 +5 New Orleans, La.1 P+2 +5 +6 Corpus Christi, Tex -8 +4 +8 Schenectady, N.Y -3 +6 +2 Jackson, Miss.1 0 +3 -2 Dallas, Tex.1 +5 +4 +5 Utica, N.Y +2 +4 +5 Chattanooga, Tenn.1 + 11 +8 + 10 El Paso, Tex +2 -3 +5 Knoxville, Tenn.1 +2 + 18 +9 Fort Worth, Tex -6 -7 -2 Philadelphia District +5 +9 +4 Nashville, Tenn.1 +3 +7 +6 Houston, Tex.1 +7 +3 +7 M T e r t e ro n p to o n li , t a N n . A J reas -12 r+5 +4 C R it o ie m s e, Ga -1 + 11 +6 S W a a n c o A . n T to e n x io, Tex - - 5 5 - - 1 2 1 - - 1 2 L Ph a i n l c a a d s e t l e p r h , ia P , a Pa + + 6 4 + + 1 8 4 + + 6 4 M Br e is r t i o d l i , a n T , e M nn iss - + 1 4 4 + - 2 6 + -3 6San Francisco District. . . P-3 +3 +3 W Re i a lk d e in s- g B , a P r a re-Hazleton, +9 +8 +7 Chicago District PO +9 +6 M P e h tr o o e p n o ix li , t a A n riz A . r 1 eas2 -10 -10 0 C C l Y W e it P v y o i a e r lm l k a , i n n P d g a t D on i , s t D ri e c l t P + + + - 6 9 9 8 + + + + 1 1 5 9 2 6 + + + 1 2 5 0 3 M F C T P D I e n o e e h t e d r o r r i s o i t r c r a e p i a M W a n o g , H a l o o i a p 1 , i t a y n a o 1 u 1 n n e 1 l t 1 i s . e e s 1 1 , , , , A . 1 I I r I I o n e n n w a d d d s a . . . 1 1 1 + + + + - - 1 4 6 6 5 2 0 + + + + + - 1 1 5 8 2 2 3 0 + + + + + 1 5 6 2 1 0 2 F L S L P r o e D W a s a o s n s n A o n a e t g w o a n s d , t g e n B s M e n C t i e o d l a a e o a e w , l s c n i , n h L C f i . c , C 1 . a a L l A C a , i . f l a . i C A , f l i . a C . f 1 , l . i a 1 C f li a f l . i 1 f . . . 1 P p - + + - - — P 2 3 3 5 4 O 7 + + + + + + - 1 1 1 8 9 2 9 1 1 1 + + + + -3 5 2 5 4 0 0 M S W C T C Y A C E e p o r o i a o k t h i n r l r n l e r u i e e u o c o n , t n d e p i m o n g n g l o P o n i , f b n s , n i l a , e t i O u a g . t O o l 1 O a t s , d h w i , h n , , h W i n i o O i O o O , A x o . h 1 h 1 h r O V i i e o o i h a o * a 1 i s 1 • . o 1 x + ( + + + + + + - 3 1 5 6 ) 5 2 6 7 4 1 - + \ + + + + + + 1 - 7 5 4 5 2 3 3 0 5 3 + + + + + + + + - 1 2 5 7 6 7 7 3 6 6 S M t. M F L M G D G e l L a r t r e a i i r n e a n l t o d o w e r n s t u i p o n , i d s a n o i i o s u M t g l B , R n i k , t D , i a a e a M c M y e n p W i h s , , i i i . c d t 1 c W A i W h r s s h r i . , . 1 c i e i 1 s s t M a . . s 1 1 ich.1 P P + - - + + + - 2 1 2 2 5 6 2 1 1 2 + + + + + + + - 2 1 1 1 1 4 5 5 0 2 9 5 0 + + + + + + + - 1 2 1 1 1 9 2 1 7 4 0 0 S S S S R O V S a a a a i D n n n n v a c a a n C a r e l k o F a l J D r r e a l w o F s d m r a j l i i a s r i o i e n n d f e n e a n g , d . t e n , n o 1 . o o - - C t c , C w B , O o a i a C s , a C e n n l a c i l r a d C k a f i o k l f O l i l , . a e i f a 1 f S a l l n C . i e k 1 f a d y . a l n 1 , a , l n i C C f B d . a a 1 , e l l . r i i . f f - . . . . 1 1 P P - + - - - - - - - 9 5 4 5 4 3 6 5 5 r + + - - - - 4 5 6 2 9 3 1 0 i + + + + + + - - 1 3 3 2 2 4 4 1 3 Cities Little Rock, Ark.1 -7 -3 0 Stockton, Calif.1 -8 -1 +4 Cleveland, Ohio1 + 1 +8 +3 Fort Smith, Ark -2 -3 0 Portland, Ore.1 P-5 + 1 +3 P P o it r t t s s b m u o rg u h th , , P O a. h 1 io* + + 1 8 3 + + 2 9 1 + + 2 3 5 L E o v u a i n s s v v i i l l le le , , K In y d .1 P + + 2 1 + +5 1 + + 1 3 2 S S a e l a t t t L le a , k W e a C s i h ty .1 , Utah i. . . - - 4 2 -3 0 + + 3 3 St. Louis, Mo -1 +5 +5 Spokane, Wash.1 0 +6 +5 Richmond District P-5 +4 + 1 S M p e ri m ng p f h i i e s l , d , T e M n o n.1 + -7 2 - - 1 1 +3 0 Tacoma, Wash.1 -5 0 +3 M W e D t a r o s o w h p i n o n t l g i o t t w a o n n n , W A D r a e . s a C h s . 2 . , 1 D. C. P P - - 1 9 1 + 1 - - 5 2 C Q ity uincy, 111 +2 -2 +2 C T B it u i a e c k s s e o rs n f , i e A ld r , i z Calif.1 P - + 1 1 3 7 + -9 3 +2 A B R s a a h l l e t e i i v m g i h l o l , e r e , N , N . M . C d C .1 . . 1 1 - + - 1 7 2 0 + -4 2 1 + + 0 1 1 M M i e n t n ro e p a o p l o it l a i n s D A i r s e t a r s i 2 ct -6 0 0 T B Id w o a i i h s n e o F a F n a a l d l l l s s N , , I a I d m d a a p h h o a o , Idaho. - - - 1 1 7 1 2 + + -4 9 6 + -1 2 Winston-Salem, N. C.1. . . + 1 r-5 +5 Mpls-St. Paul, Minn.1 -3 +4 +2 Bellingham, Wash 4+18 C C h o a lu rl m es b t i o a n , , S S . . C C .1 .1 +4 0 + + 5 5 + + 4 6 S M t. i n P n a e u a l p o C l i i t s y C , M ity i , n M n. i 1 n .. n . .1 - - 4 3 + + 5 4 + +2 1 W Ev a e ll r a e t W t, a W ll a a, s h W .1 ash.1 - - 1 2 7 - - 3 6 +5 Greenville, S. C.1 0 +6 +6 Sioux Falls, S. D -9 2 Yakima, Wash.1 (3) -1 5-4 p Preliminary. r Revised. indexes showing longer term comparisons are also available for these areas and cities and may be obtained upon request from the Federal Reserve Bank in the district in which the area or city is located. 2 Breakdowns shown under various metropolitan areas do not necessarily include all portions of such areas. 3 Data not available. *Six months 1953. 5Seven months 1953. 1107 OCTOBER 1953 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 =100 2 Department r N b 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 n o o d n c k t o h s f ) July Sale p s e r d io u d ring Sto o c f k m s o a n t t e h nd ing Seven 1953 1952 1953 1952 July months July 1953 1952 1953 1953 1953 July June July July June July GRAND TOTAL—entire store3 364 +5 +3 +8 3.8 3 7 MAIN STORE—total 364 +5 +3 +8 4.1 4.0 163 205 155 665 692 622 Piece goods and household textiles 328 +5 0 +8 4.4 4.2 155 167 149 683 708 636 Piece goods 304 +4 -3 +3 5.1 5.1 129 161 124 650 627 641 Silks, velvets, and synthetics 213 + 1 -7 +2 5.8 5.8 97 105 96 562 469 556 Woolen yard goods 181 + 13 +4 +4 10.6 11.4 88 57 78 927 900 893 Cotton yard goods 199 +4 + 1 +6 3.1 3.0 205 284 198 629 677 626 Household textiles 319 +5 +2 + 11 4.1 3.8 172 170 164 704 742 634 Linens and towels . • 290 +4 +3 +4 4.6 4.7 149 159 143 690 758 664 Domestics—muslins, sheetings 267 +5 + 1 +27 3.3 2.7 223 184 212 739 782 594 Blankets, comforters, and spreads 255 +5 +3 +8 4.6 4.4 149 169 142 687 684 638 Small wares 350 +5 +3 +4 4.6 4.6 142 181 134 644 697 622 Laces, trimmings, embroideries, and ribbons . . . 206 + 1 2 +4 4.4 4.4 155 228 153 696 789 657 N To o i t l i e o t n a s rticles, drug sundries 2 3 4 3 8 4 ++42 + + 2 1 + + 7 2 4 3. . 8 1 3 3 . . 9 9 2 1 0 3 1 7 2 1 7 6 6 0 1 13 9 2 6 8 5 2 2 2 3 5 8 6 9 3 1 5 7 1 7 6 4 Silverware and jewelry 328 +8 +4 + 1 5.8 6.2 137 201 126 796 865 788 Silverware and clocks* 227 +3 0 + 1 8.3 8.5 Costume jewelry* 292 + 13 +8 +5 3.1 3 4 Fine jewelry and watches* 92 +3 0 -2 10.0 10.5 Art needlework 242 +7 +2 + 1 5.9 6.3 107 112 100 632 694 637 Books and stationery 288 + 10 +8 + 11 4.6 4.6 138 169 126 638 674 578 Books and magazines 134 +9 +6 +8 3.8 3.8 120 136 111 456 506 430 StBtionery 250 + 10 + 10 + 11 4.9 4.9 131 177 119 647 709 591 Women'8 and misses* apparel and accessories. 361 +6 +3 +13 3.4 3.2 156 199 147 532 526 475 Women's and misses' ready-to-wear accessories. . 361 +6 +3 +9 4.0 3.9 150 192 142 598 624 553 N H e a c n k d w ke e r a c r h i a e n f d s scarfs 3 2 2 8 0 7 + + 1 2 6 + 12 0 + - 3 18 2 5. . 0 7 2 5 . .3 6 20 8 6 1 27 98 1 1 8 7 0 9 5 40 4 8 7 5 41 9 8 7 4 4 2 6 1 4 Millinery 165 +4 — 1 0 2.0 2.1 67 103 64 135 138 131 Women's and children's gloves 335 +4 -4 -2 10.0 10.6 52 83 50 523 518 529 Corsets and brassieres 340 + 10 +9 + 10 3.3 3.3 259 338 236 851 912 775 Women's and children's hosiery 351 +3 -3 +4 3.2 3.1 95 119 93 302 321 290 Underwear, slips, and negligees 355 +2 +3 +4 3.0 2.9 185 222 181 549 613 531 Knit underwear 259 + 1 +2 +7 3.2 3.0 228 259 225 731 833 687 Silk and muslin underwear, and slips 305 +2 +2 +4 3.1 3.0 165 211 162 513 575 492 Negligees, robes, and lounging apparel 277 +4 +4 0 2.1 2.2 168 196 162 357 401 366 Infants' wear 343 +5 +2 + 14 4.1 3.8 209 229 198 849 824 748 Handbags, and small leather goods 343 +4 +2 +6 3.3 3.2 120 175 115 395 433 371 Women's and children's shoes 257 +6 +5 + 12 6.5 6.2 159 224 150 1,042 1,052 939 Children's shoes* 225 +7 +3 + 14 6.7 6 3 Women's shoes^ 238 +6 +4 + 11 6.4 6.2 Women's and misses' ready-to-wear apparel.... 359 +7 +4 + 19 2.8 2.6 164 206 153 464 423 392 Women's and misses' coats and suits 351 +3 0 +20 4.6 4.0 93 70 90 431 292 359 Coats* 241 +3 0 + 16 5.0 4.4 Suits* 234 +3 -1 + 19 4.1 3.6 Juniors' and girls' wear 331 + 13 46 +25 3.2 2.9 186 237 165 587 495 474 Juniors' coats, suits, and dresses 288 + 13 45 +23 2.2 2.0 188 246 167 420 362 347 Girls' wear . . 331 + 13 46 +26 4.2 3.8 189 236 167 794 673 628 Women's and misses' dresses 352 +7 44 +9 1.6 1.5 166 256 155 261 323 237 InexDensive dresses* 279 +6 44 +9 1.1 1.1 Better dresses* 289 +9 43 +8 2.1 2.1 Blouses, skirts, and sportswear 354 +9 47 +29 2.6 2.2 275 345 253 727 687 563 Aprons housedresses and uniforms 303 + 1 44 + 15 1.6 1.4 216 295 215 342 434 301 Furs 267 +3 -5 +4 11.5 11.4 47 14 46 544 412 535 Men's and boys* wear 344 +5 44 +8 5.3 5.2 143 247 136 762 819 708 Men's clothing 280 +9 44 +3 5.8 6.1 144 233 133 841 878 815 Men's furnishings and hats 327 +3 44 +7 4.4 4.3 149 276 145 663 740 615 Boys' wear .. 316 +8 45 + 17 6.7 6.2 121 175 112 811 774 689 Men's and boys' shoes and slippers 207 +7 44 + 12 6.3 6.1 152 258 142 966 1,109 854 For footnotes see following page. 1108 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 sales1 1941 average monthly sales =100 2 Number of Sales Stocks Sales during Stocks at end Department r s e t p o o re rt s - d p u er r i i o n d g m (e o n n d th of ) July period of month ing Seven 1953 1952 1953 1952 J 1 u 9 l 5 y 3 m 1 o 9 n 5 th 3 s J 1 u 9 l 5 y 3 1953 July June July July June July Homefvrnlshings 328 +5 +2 +5 4.4 4.4 197 218 188 881 948 859 Furniture and bedding 257 +11 +5 +8 4.0 4.1 218 216 196 863 947 816 Mattresses, springs, and studio beds* 186 + 10 +7 + 12 1.9 1.9 Upholstered and other furniture4 192 + 12 +4 +6 4.8 5.0 Domestic floor coverings 273 +4 -1 +5 6.4 6.3 132 146 127 843 906 829 Rugs and carpets4 167 +6 0 +7 6.5 6.4 Linoleum * 87 -2 -11 -10 4.7 5.1 Draperies, curtains, and upholstery 311 +5 + 1 +3 5.1 5.2 158 206 150 799 892 789 Lamps and shades 262 +4 -1 +4 5.3 5.4 131 151 126 701 778 689 China and glassware 264 +5 0 + 1 9.5 9.9 126 164 120 1,197 1,285 1,220 Major household appliances 240 0 -1 2.3 2.3 286 260 300 668 615 698 Housewares (including small appliances) 276 +8 +5 +6 3.8 3.9 264 328 243 1,013 1,129 975 Gift shop* 191 +8 +4 + 11 6.3 6.2 Radios, phonographs, television, records, etc.4.. 235 -15 y + 17 4.2 3.0 Radios, phonographs, television4 176 -24 -10 +18 3.6 2.3 Records, sheet music, and instruments4 126 +24 +4 + 10 6.2 7.0 Miscellaneous merchandise departments. . . . 334 +3 +1 +8 3.2 3.1 173 200 167 560 575 527 Toys, games, sporting goods, cameras 314 +6 +8 +13 4.7 4.4 190 223 180 896 887 806 Toys and games 256 +2 +7 + 19 5.0 4.3 149 174 146 745 752 640 Sporting goods and cameras 160 +9 +8 +6 4.3 4.4 193 228 176 829 823 792 Luggage 2 1 8 9 7 0 + + 8 1 + -2 3 + + 5 5 3 1 . . 4 3 3 1 . . 3 4 239 307 829 780 Candy4 BASEMENT STORE—total 200 +4 +1 +8 2.7 2.6 162 221 156 435 457 408 137 +7 +3 +15 2.9 2.7 Domestics and blankets4 189 +4 0 +9 2.1 2.0 160 214 154 339 351 314 Women's and misses' ready-to-wear 167 +4 +2 +4 2.4 2.4 Intimate apparel4 123 +4 + 1 2.6 2.6 Hosiery4 125 +5 +3 +8 2.3 2.3 Underwear, corsets and brassieres4 175 +9 +9 4.3 4.3 Coats and suits4 175 +2 -1 +10 0.9 0.9 Dresses4 152 + 11 +6 +23 1.8 1.6 Blouses, skirts, and sportswear4 127 +13 +5 +22 3.0 2.7 Girls' wear4 124 +5 +3 +7 3.3 3.2 Infants' wear4 120 -5 + 10 1.5 1.3 Aprons, housedresses, uniforms4 Men's and boys' wear 168 +5 +4 +11 3.1 2.9 184 307 175 566 596 515 Men's wear4 155 +5 +3 + 10 2.8 2.7 Men's clothing4 108 +8 +2 +7 3.2 3.2 Men's furnishings4 122 +3 +5 + 12 2.6 2.3 Boys' wear4 122 +7 + 16 +8 Homef urnishings 106 +1 -2 0 4.0 4.0 125 166 124 504 553 506 Shoes 120 +4 +2 +4 4.1 4.1 132 185 126 533 582 517 NONMERCHANDISE—total4 186 +4 +6 Barber and beauty shop4 80 +9 +2 2The 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. 8For movements of total department store sales and stocks, see the indexes for the United States on p. 1105. 4Index numbers of sales and stocks for this department are not available for publication separately; the department, however, is included n group and total indexes. *Data not available. NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1952, sales and stocks at these stores accounted for almost 50 per cent of estimated total department store sales and stocks. Not all stores report data for all of the departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total. OCTOBER 1953 1109 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES CONSUMER PRICES [Bureau of Labor Statistics index for city wage-earner and clerical-worker families. 1947-49 = 100] Housing Read- Other Y m e o a n r t o h r it A em ll s Foods Total Rent s O he th lt e e r r* e a G l n e a c d s - S f a u o n e li d l d s H fu i o s r u h n s - e - - H o h p o o e u l r s d a e - - p A a p re - l T p t o r i a r o t n n a s - - M c ic a e a r d e l - s c P o a e n r r a e - l re t a i c i n n r o g e d n a- g s a i o e c n r o e d v 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—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 A 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 Aug 115.0 114.1 118.0 125.1 106.9 123.9 107.4 115.8 104.3 130.6 121.8 112.7 107.6 118.4 1 Indexes for this subgroup are not yet available. 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 OP COMMODITIES [Index numbers of the Bureau of Labor Statistics, 1947-49 =100] Other commodities c M hi a n - - F t u u r r n e i- Non- ba 1 c O c - o Y m e o a n r t o h r m c t o A o i m e l d s l - i- F p u r a c o r t d m s - f P e o s r o s o e d c d s - Total p p T u a a t r a i e c n p o r l x t e d d - e s - l - l H e s p u k a a r i n c t i d o h n t d d e s e s s - , r , p l t F i m e o a i g u n r w n h a i e g d a e t - l, r - ls ,C p a i u a c l h r l c n a o i e t e d l d m s s d - - p R u a b r u c n o e b t d r d s - - L p w u a b r u o c n o e m o t d d r s d - - p a p P u a a l r u l p c n o i l t e e d d p s d r - , , M m p u a r e e c n o t t t d a d a s l - l s p u m t a e r i c n r o v o t y d d e - s - h d o h b a o u t o n h l u r e l d e s a d s r e - - e s r t t m t m a u a r i l r l u e n l s a i - c — - c l - b m e t o b f a u r a t a e n a r t c n v l g d e - e - u e s d s - n c M e e l o i l s a u - - s 1947 96.4 100.0 98.2 95.3 100.1 101.0 90.9 101.4 99.0 93.7 98.6 91.3 92.5 95.6 93.9 98.0 100.8 1948 104.4 107.3 106.1 103.4 104.4 102.1 107.1 103.8 102.1 107.2 102.9 103.9 100.9 101.4 101.7 100.4 103.1 1949 99.2 92.8 95.7 101.3 95.5 96.9 101.9 94.8 98.9 99.2 98.5 104.8 106.6 103.1 104.4 101.6 96.1 1950 103.1 97.5 99.8 105.0 99.2 104.6 103.0 96.3 120.5 113.9 100.9 110.3 108.6 105.3 106.9 102.4 96.6 1951 114.8 113.4 111.4 115.9 110.6 120.3 106.7 110.0 148.0 123.9 119.6 122.8 119.0 114.1 113.6 108.1 104.9 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 August ... 112.2 109.9 110.5 113.0 99.1 96.5 105.8 104.0 127.8 120.5 115.6 124.1 121.4 111.5 113.8 110.8 108.9 September 111.8 106.6 110.3 113.2 99.5 96.5 106.2 104.0 126.3 120.4 115.6 124.6 121.5 112.0 113.8 110.8 108.3 October.... 111.1 104.9 108.5 113.0 99.2 96.7 106.6 103.9 126.0 120.2 115.5 124.1 121.3 112.0 114.4 110.8 108.4 November. 110.7 103.6 107.7 112.8 98.6 97.6 106.7 103.5 126.4 119.7 115.5 123.9 121.4 112.1 114.5 110.8 105.7 December. 109.6 99.2 104.3 112.9 98.2 99.0 107.2 103.3 127.7 119.7 115.9 124.0 121.4 112.3 114.6 110.8 105.1 1953 January... 109.9 99.6 105.5 113.1 98.8 97.3 107.8 103.6 127.3 120.5 115.8 124.0 121.5 112.7 114.6 112.2 103.0 February .. 109.6 97.9 105.2 113.1 98.5 98.0 108.1 103.6 126.2 121.1 115.3 124.6 121.6 112.9 114.6 111.9 101.2 March 110.0 99.8 104.1 113.4 97.5 98.1 108.4 104.2 125.7 121.7 115.1 125.5 121.8 113.1 115.1 114.8 101.7 April 109.4 97.3 103.2 113.2 97.4 97.9 107.4 105.5 124.8 122.2 115.3 125.0 122.0 113.9 116.9 114.8 98.5 May 109.8 97.8 104.3 113.6 97.6 100.4 107.1 105.5 125.4 121.8 115.4 125.7 122.4 114.1 117.2 114.8 99.7 June 109.5 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 '97.5 100.0 111.1 106.2 124.6 121.1 115.8 129.3 123.4 114.7 119.4 115.6 95.3 August.... 110.6 96.3 104.8 114.8 97.5 99.9 110.9 106.3 123.8 120.5 116.2 129.3 123.6 114.8 119.6 115.6 96.5 p Revised. Source.—Bureau of Labor Statistics, Department of Labor. Back figures.—See BULLETIN for March 1952, pp. 311-313. 1110 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES—Continued WHOLESALE PRICES, BY GROUPS OF COMMODITIES— Continued [Index numbers of the Bureau of Labor Statistics, 1947-49 =100] 1952 1953 1952 1953 Subgroup Subgroup Aug. June July Aug. Aug. June July Aug. Farm Products: Pulp, Paper and Allied Products- Continued Fresh and dried produce 124.3 109.9 94.7 98.0 Grains 96.9 84.2 85 4 86.5 Converted paper and paperboard.. 113.0 112 4 112 1 112.1 Livestock and poultry 106.4 86.8 95.9 88.1 Building paper and board 115.8 123.0 123.0 123.0 Plant and animal fibers 115.0 104.0 105.0 103.9 Fluid milk 110.1 93.1 96.4 97.6 Metals and Metal Products: Eggs 114.2 106.5 106 2 113.8 Hay and seeds 99 9 89 8 85 5 85 1 Iron and steel 127 2 130 9 135 7 136 1 Other farm Droducts 137 6 136 7 140 7 143 7 Nonferrous metals 124 4 127 6 126 4 124 2 Metal containers 120 7 126 6 128 6 128 6 Processed Foods: Hardware.. ... 123.8 134.5 134.7 135.6 Plumbing equipment 118.1 113.5 116.4 118.7 Cereal and bakery products 106.4 107.9 108.5 108.5 Heating equipment 113.7 114.6 115.1 115.4 Meats, poultry, and fish 112.3 91.6 97.0 93.6 Fabricated structural metal prod- H r-1 Dairy products and ice cream 114.3 107.7 110.0 110.7 ucts . .. 114.4 117.5 117.8 Canned, frozen fruits, and vegeta- Fabricated nonstructural metal 115.4 bles 105.1 103 7 105 0 104 9 products 124 1 125 4 126 3 Sugar and confectionery 110.7 109.8 109.8 110.5 124 6 Packaged beverage materials 161.9 164.6 169.8 169.8 Machinery and Motive Products: Other processed foods... 125.2 120.2 117.3 116.7 Agricultural machinery and equip- Textile Products and Apparel- ment 121.5 122.6 122.7 122.3 Construction machinery and equip- Cotton products 97 6 93 4 r94 1 94 0 ment . . . 125 3 129 4 130 8 131 0 Wool products 113.3 111.6 111.7 111.8 Metal working machinery 129.1 131.3 131.8 131.9 Synthetic textiles . 90.5 87 5 87 5 86 7 General purpose machinery and Silk products 139 3 134 7 134 7 134 7 equipment 122 2 124 9 125 8 126 7 Apparel 99.1 99 4 r99 3 99 3 Miscellaneous machinery 119 1 122 4 123 3 123 8 Other textile products. . 90.4 85.5 85.3 86.5 Electrical machinery and equipment 119.8 124.2 124.8 124.9 Hides, Skins, and Leather Products: Motor vehicles 119.7 118.6 118.6 118.6 Hides and skins 64.4 76 3 73.4 74 6 Furniture and Other Household Dura- Leather 89.3 98 0 96 1 95 0 bles: Footwear 110.6 111 7 111.7 111 8 Other leather products 100.1 100 3 r99 7 99 4 Household furniture 112 5 114 1 113 8 113 9 Commercial furniture 122 5 125 7 125 8 125 8 Fuel, Power, and Lighting Materials: Floor covering 118.9 124.8 125.2 125.3 Household appliances 106.8 108.1 108.8 108.9 Coal 106 5 111 2 111 8 111 6 Radio.... 95 0 95 4 95 0 95 0 Coke 124 3 131 8 131 8 131 8 Television 75 3 75 0 74 3 74 3 Gas 100.4 108.2 106.1 106.1 Other household durable goods 119.4 125.5 126.7 126.7 Electricity 100.7 98.5 98.5 98.5 Petroleum and products 108.3 111.1 116.8 116.5 Nonmetallic Minerals—Structural- Chemicals and Allied Products: Flat glass 114.4 122.9 124.7 124.7 Concrete ingredients 112.9 118.2 118.4 118.6 Industrial chemicals 114 6 119 2 120 2 120 2 Concrete products 112 4 115 5 115 6 116 1 Paint and paint materials 106.9 106.1 106.1 106.3 Structural clay products. 121.3 125.1 131.1 131.3 Drugs, Pharmaceuticals, cosmetics. 92.1 93.1 93.6 93.5 Gypsum products 117.7 122.1 122.1 122.1 Fats and oils, inedible. . 47 5 46 6 r46 7 46 2 Prepared asphalt roofing 106 0 106 2 105 8 105.8 Mixed fertilizers 108 7 110 7 110 6 111 0 Other nonmetallic minerals 111.9 116 4 117.3 117.6 Fertilizer materials 110 9 110 6 113 8 113 8 Other chemicals and products 103.1 102.6 102.8 102.9 Tobacco Manufactures and Bottled Beverages: Rubber and Products: Cigarettes 105.7 124.0 124.0 124.0 Crude rubber 136 3 122 7 121 1 120 0 Cigars . . 102 0 102 9 103 5 103 5 Tires and tubes 126 3 126 3 126 4 125 1 Other tobacco products 118 4 120 7 120 7 120 7 Other rubber products 125 2 124 5 124 1 124 1 Alcoholic beverages 111 2 110 0 110 0 110 0 Nonalcoholic beverages 119.7 120.6 125.1 125.1 Lumber and Wood Products: Miscellaneous: Lumber 120 6 120 7 120 2 119 5 Millwork 127 2 132 0 131 6 131 7 Toys, sporting goods, small arms. . 113 1 114 0 114 1 114 1 Plywood 106 0 112 4 112 7 112 7 Manufactured animal feeds 109 5 83 7 82.7 85.0 Notions and accessories 90 8 93 2 93 2 93 2 Pulp, Paper, and Allied Products: Jewelry, watches, photo equipment 101.1 101.8 101.8 101.8 Other miscellaneous 120 8 119 9 119 8 119 7 Woodpulp 109.3 108.8 108.8 108.8 Wastepaper 65.7 85.0 85.0 98.5 Paper 124 0 124 7 125 1 125 9 Paperboard 124.6 123.2 123.7 123.6 'Revised. Source.—Bureau of Labor Statistics, Department of Labor. Back figures.—See BULLETIN for March 1952, pp. 311-313. OCTOBER 1953 1111 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 quarter:* 1952 1953 1929 1933 1941 1947 1948 1949 1950 1951 1952 2 3 4 1 2 Gross national product 103.8 55.8 126.4 233.3 259.0 258.2 286.8 329.8 348.0 345.1 345.3 361.1 362.0 372.4 Less: Capital consumption allowances. . 8.8 7.2 9.3 14.8 17.6 19.4 21.6 24.2 27.0 26.9 27.0 28.2 28.2 29.2 Indirect business tax and related liabilities 7.0 7.1 11.3 18.7 20.4 21.6 23.7 25.7 28.1 28.0 28.3 28.9 29.3 30.1 S B t u a s t i i n st e i s c s a l t r d an is s c f r e e r p p a a n y c m y. e . nts — . 6 1 1.2 7 1.6 5 .3 7 -3.2 7 .2 8 .4 8 1.1 9 .5 9 1.8 9 -1.4 9 1.6 9 -2. . 9 9 n.a. .9 Plus: Subsidies less current surplus of government enterprises. -.1 0) 1 — l 0 0 4 4 .1 .4 — .1 — .2 .0 .2 Equals: National income 87.4 39.6 103.8 198.7 223.5 216.3 240.6 278.4 291.6 287.9 290.4 301.4 306.5 n.a. Less: Corporate profits and inventory valuation adjustment 10.3 -2.0 14.6 24.7 31.7 29.2 36.0 42.4 40.2 39.9 37.7 41.7 43.6 n.a. Contributions for social insurance.. .2 .3 2.8 5.7 5.2 5.7 6.9 8.2 8.6 8.6 8.7 8.8 9.0 9.0 Excess of wage accruals over disbursements .0 .0 .0 .0 .0 .0 .0 .0 i .0 -.3 .0 .0 .0 Plus: Government transfer payments. . . .9 1.5 2.6 11.1 10.5 11.6 14.3 11.6 12!o 11.7 12.2 12.4 12.6 12.6 Net interest paid by government. . 1.0 1.2 1.3 4.4 4.5 4.6 4.7 4.8 4.9 4.9 4.9 4.9 4.9 5.0 Dividends 5.8 2.1 4.5 6.6 7.2 7.5 9.1 9.2 9.1 9.1 9.1 9.1 9.2 9.4 Business transfer payments 6 7 5 7 7 g 8 9 9 9 9 9 .9 .9 £quals: Personal income 85.1 46.6 95.3 191.0 209.5 205.9 226.7 254.3 269.7 266.0 271.4 278.3 281.6 284.4 Less: Personal tax and related payments.. 2.6 1.5 3.3 21.5 21.1 18.6 20.9 29.3 34.6 34.3 34.8 35.3 36.2 36.7 Federal 1.3 .5 2.0 19.6 19.0 16.2 18.1 26.2 31.1 30.8 31.2 31.6 32.3 32.8 State and local 1.4 1.0 1.3 1.9 2.1 2.5 2.8 3.2 3.6 3.5 3.6 3.7 3.8 3.9 Equals: Disposable personal income. 82.5 45.2 92.0 169.5 188.4 187.2 205.8 225.0 235.0 231.7 236.6 243.0 245.4 247.7 Less: Personal consumption expenditures 78.8 46.3 82.3 165.6 177.9 180.6 194.6 208.1 218.1 217.2 217.2 224.4 227.7 230.4 ftquals: Personal saving 3.7 —1.2 9 8 3.9 10 5 6 7 11 3 16 9 16 9 14.5 19 4 18.6 17.7 17.2 NATIONAL INCOME, BY DISTRIBUTIVE SHARES Seasonally adjusted annual rates Annual totals by quarters 1929 1933 1941 1947 1948 1950 1951 1952 National income 87.4 39.6 103.8 198.7 223.5 216.3 240.6 278.4 291.6 287.9 290.4 301.4 306.5 n.a. Compensation of employees 50.8 29.3 64.3 128.0 140.2 139.9 153.4 178.9 193.2 189.5 194.1 201.3 204.5 208.0 Wates and salaries2 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 income 8. . . 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.... -2.1 -2.6 -5.8 -2.1 2.1 -5.0 -1.3 1.0 1.7 .7 1.4 -.8 -.6 Net interest 6. 5.0 4.1 3.5 4.3 5.0 5.7 6.4 7.0 6.9 7.1 7.4 7.6 7.7 n.a. Not available. lLess 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. 1112 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Con tinned [Estimates of the Department of Commerce, in billions of dollars] GROSS NATIONAL PRODUCT OR EXPENDITURE \nnual totals Seasonally b a y d j q u u st a e r d t er a s nnualratei 1952 1953 1929 1933 1941 1947 1948 1949 1950 1951 1952 2 3 4 1 2 Gross national product 103.8 55.8 126.4 233.3 259.0 258.2 286.8 329.8 348.0 345.1 345.3 361.1 362.0 372.4 Personal consumption expenditures 78 8 46.3 82.3 165.6 177.9 180.6 194.6 208.1 218.1 217.2 217.2 224.4 227.7 230.4 Durable goods 9.4 3.5 9.8 21.4 22.9 23.8 29.2 27.3 26.7 27.4 25.1 28.2 30.2 30.7 Nondurable goods 37.7 22.3 44.0 95.1 100.9 99.2 102.6 113.4 118.8 118.0 118.7 121.1 121.2 122.1 Services 31.7 20.6 28.5 49.1 54.1 57.5 62.7 67.4 72.7 71.8 73.3 75.1 76.3 77.6 Gross private domestic investment 15.8 1.3 18.3 30.2 42.7 33.5 52.5 58 6 52.5 49.6 52.3 57.9 54.0 61.0 New construction * 7.8 1.1 6.8 13.9 77.7 17.2 22.7 23.1 23.4 23.4 23.1 23.9 25.0 25.3 Residential, nonfarm 3 6 .5 3.5 6.3 8.6 8.3 12 6 11 0 11 1 11.0 10 8 11.6 12.2 12.0 Other 4.2 .7 3.3 7.6 9.1 9.0 10.1 12.2 12.3 12.4 12.3 12.3 12.8 13.4 Producers' durable equipment 6.4 1.8 7.7 17.1 19.9 18.7 22.3 24.6 25.4 25.6 24.9 25.5 26.2 26.9 Change in business inventories. .. 1.6 — 1.6 3.9 -.8 5.0 -2.5 7.5 10.9 3.7 .7 4.2 8.5 2.9 8.8 Nonfarm only 1.8 -1.3 3.4 1.4 3.7 -1.6 6.6 9.6 3.1 -.1 3.6 8.1 2.6 8.7 Net foreign investment .8 .2 1.1 8.9 1.9 .5 -2.3 .3 -.2 .5 -2.0 -1.6 -2.1 -2.5 Government purchases of goods and services 8 5 8.0 24.7 28.6 36.6 43.6 42.0 62 9 77.5 77.7 77 8 80.4 82.4 83.5 Federal 1.3 2.0 16.9 15.8 21.0 25.4 22.1 41.1 54.2 54.7 54.6 56.4 57.4 58.9 O N t a h ti e o r nal 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 . . 9 5 3 4 7 . . 1 4 4 5 8 . . 8 9 4 5 9 . . 4 8 4 6 9 . . 0 2 5 6 0 . . 3 5 5 6 1 . . 5 6 5 6 3. . 5 0 Less: Government sales 2 («) (») (•) 1 3 6 .4 2 4 5 5 6 5 7 7 State and local 7.2 5.9 7.8 12.8 15.6 18.2 19.9 21.8 23.4 23.0 23 2 24.0 24.9 24.6 PERSONAL INCOME [Seasonally adjusted monthly totals at annual rates] Wages and salaries Divi- Less Year or month in s P o c e o n r m a - l e re T c o e t i a p l ts4 b m T u d o e i r s n t s - a e t l s - Wag d p m i e u C r n o o s g o a d t d m r n i u i i n t d 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 r e r d v i m u e ic s s e e - nts m G er o e n n v - t - in O l c a t o b h m o e r r e5 i p n r r e c P a i o n e r n o m t t d a - o e l r 8 s' i i n n d s p t a c o e e e o n n n r r m d d a e - l s s e t m T p r e f a a e n y n r t - s s - 7 p b c i e s a u n o o r n f t s n s o c i c u o o t 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.< 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.() 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 A 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. 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. 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. 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. 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 July. . . 287 5 197 3 201 2 90 6 52.9 24 2 33 5 5.1 49.5 22.4 13.5 4.2 270 6 August? 287.0 196.8 200.7 89.9 53.0 24.2 33.6 5.1 49.3 22.5 13.6 4.2 270.3 P Preliminary. 1 Includes construction expenditures for crude petroleum and natural gas drilling. 3 Consists of sales abroad and domestic sales of surplus consumption goods and materials. * 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. * 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 payment!, as well as consumer bad debts and other business transfers. 8 Prior to 1952 includes employee contributions only; beginning January 1952, includes also contributions to the old-age and survivors' insurance program of the self-employed to whom coverage was extended under the Social Security Act Amendments of 1950. Personal contributions are not included in personal income. 9 Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents, agricultural net interest, and net dividends paid by agricultural corporations. NOTE.—Details may not add to totals because of rounding. Source.—Department of Commerce. 1113 OCTOBER 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS ALL MEMBER BANKS BY CLASSES, FIRST HALF OF THE YEAR, 1953 [Amounts in thousands of dollars] All member banks cit C y e m nt e r m al b r e e r s e b r a v n e ks Re c s i e ty rve C m o e u m n b tr e y r Item New York Chicago m b e a m nk b s er banks First half Second half First half of 1952 of 1952 of 1953 First half of 1953 Earnings 1,978,463 2,141,186 2,237,645 364,227 89,500 873,424 910,494 Interest on U. S. Government securities 441,429 487,878 495,002 61,534 25,070 181,715 226,683 Interest and dividends on other securities 113,298 121,230 122,293 21,252 6,079 45,671 49,291 Interest and discount on loans 1,087,023 1,182,921 1,260,124 205,921 44,892 504,986 504,325 Service charges and fees on loans 18,105 17,831 20,797 3,776 675 10,973 5,373 Service charges on deposit accounts 97,713 100,021 106,650 9,669 976 41,447 54,558 Other charges, commissions, fees, etc 39,932 42,939 44,021 7,893 1,127 16,182 18,819 Trust department 91,479 102,951 99,022 34,103 7,781 37,892 19,246 Other current earnings 89,484 85,417 89,736 20,079 2,900 34,558 32,199 Expenses 1,190,294 1,310,797 1,320,143 194,545 50,066 519,012 556,520 Salaries—officers 191,889 216,441 209,589 25,953 6,826 70,469 106,341 Salaries and wages—others 393,640 441,660 435,001 81,645 16,473 183,026 153,857 Directors' and committee members' fees 9,856 11,658 10,772 853 119 1,982 7,818 Interest on time deposits 176,385 188,118 200,880 11,673 7,449 86,077 95,681 Interest on borrowed money 6,432 13,393 13,474 3,266 1,737 6,154 2,317 Taxes other than on net income 58,501 59,158 61,039 6,529 2,488 25,447 26,575 Recurring depreciation 26,614 33,450 29,832 2,016 445 11,116 16,255 Other current expenses 346,919 359,556 62,610 326,977 14,529 134,741 147,676 Net current earnings before income taxes 830,389 917,502 169,682 788,169 39,434 354,412 353,974 Recoveries, profits, etc 63,136 60,127 10,512 On securities: 61,872 10,320 19,251 20,044 Recoveries 4,550 5,404 3,471 99 840 820 1,712 Transfers from valuation reserves 11,624 8,022 11,889 2,216 5,485 2,849 1,339 Profits on securities sold or redeemed 17,486 11,561 11,600 2,506 1,333 4,639 3,122 On loans: Recoveries < 7,816 9,150 11,828 1,934 339 4,540 5,015 Transfers from valuation reserves 9,241 15,493 8,788 3,286 1,814 1,238 2,450 All other 11,155 13,505 12,551 471 509 5,165 6,406 Losses, charge-offs, etc 99,222 207,159 148,181 24,252 16,241 52,146 55,542 On securities: Losses and charge-offs 18,159 65,692 43,050 12,998 837 12,251 16,964 Transfers to valuation reserves 9,677 17,363 22,587 3,598 1,570 14,137 3,282 On loans: Losses and charge-offs 5,156 10,496 7,574 221 188 966 6,199 Transfers to valuation reserves 49,375 83,521 47,660 5,285 7,184 17,910 17,281 All other 16,855 30,087 27,310 2,150 6,462 6,882 11,816 Profits before income taxes 750,819 686,366 829,448 155,942 33,513 321,517 318,476 Taxes on net income 337,100 270,750 391,836 77,881 13,946 156,753 143,256 Federal 321,613 257,069 375,593 71,398 13,946 150,930 139,319 State 15,487 13,681 16,243 6,483 5,823 3,937 Net profits 413,719 415,616 437,612 78,061 19,567 164,764 175,220 Gash dividends declared 185,201 205,229 192,701 48,406 9,717 78,799 55,779 On preferred stock1 1,188 1,122 942 30 34 128 750 On common stock 184,013 204,108 191,759 48,376 9,683 78,671 55,029 Memoranda items: Recoveries credited to reserves (not included in recoveries above): On securities 3,238 1,070 246 131 43 72 On loans 12,906 15,182 14,461 2,920 829 5,043 5,669 Losses charged to reserves (not included in losses above) On securities 11,281 13,361 13,396 1,815 48 10,074 1,459 On loans 19,095 35,843 24,055 4,608 436 8.317 10,694 Number of officers at end of period 52,112 52,652 54,010 3,624 947 14,594 34,845 Number of employees at end of period 298,115 300,868 315,601 48,302 10,050 127,133 130,116 Number of banks at end of period 6,815 6,798 6,765 22 13 321 6,409 Ratios: Percentage of total capital accounts:2 Net current earnings before income taxes 15.2 15.6 16.9 13.4 14.6 18.7 17.6 Net profits 8.0 7.8 8.0 6.2 7.2 8.7 8.7 Cash dividends declared* 3.6 3.9 3.5 3.8 3.6 4.2 2.8 Percentage of total assets:2 Total earnings 2.65 2.77 2.89 2.52 2.26 2.92 3.13 Net current earnings belore income taxes 1.05 1.07 1.18 1.17 .99 1.18 1.22 Net profits .55 .54 .56 .54 .49 .55 .60 Percentage of earnings to related assets:2 Earnings on loans 4.44 4.57 4.62 3.43 3.50 4.69 5.48 Interest on U. S. Government securities 1.72 1.87 1.97 1.82 1.86 1.95 2.05 Interest and dividends on other securities 2.01 2.05 2.06 2.06 2.15 2.09 2.03 Total capital accounts to: Total assets 6.9 6.9 7.0 8.7 6.8 6.S 6.9 Total assets less Govt. securities and cash assets. . . 16.4 16.0 15.7 17.1 16.9 14.0 16.7 Total deposits 7.6 7.6 7.7 10.1 7.5 6.9 7.5 Time deposits to total deposits 23.1 23.3 24.1 9.3 16.5 24.8 31.4 Interest on time deposits to time deposits2 1.12 1.15 1.18 1.00 1.26 1.27 1.13 NOTE.—The figures of assets, deposits, and capital accounts used in computing ratios are averages of the amounts reported for the call dates at the beginning and end of each period plus the last-Wednesday-of-the-month figures for the intervening months. Data may not add to totals because of rounding. 1 Includes interest on capital notes and debentures. 2Annual basis. 1114 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE International capital transactions of the United States 1116-1121 Gold production 1121 Reported gold reserves of central banks and governments 1122 Net gold purchases and gold stock of the United States 1123 International Monetary Fund and Bank 1124 Central Banks 1124-1128 Money rates in foreign countries 1129 Commercial banks 1130 Foreign exchange rates 1131 Price movements in principal countries: Wholesale prices 1132 Consumers' price indexes 1133 Security prices 1133 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. OCTOBER 1953 1115 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. Decrease Domestic Foreign From th r J o a u n g . h 2 — , 1935, Total Total o F f o fi r c e i i a g l n * F o o t r h e e ig r n I t n io te n r a n l a 2 - b i a n f a b u n r U n k o d . i a n s d S g . 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 3 o es f : se o R f c f u u e n U t r d u it . s r i n 3 e S 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—July 31 10,937.1 9,602.1 3,615.3 4,220.3 1.766.5 103.2 647.0 455.2 129.7 Aug. 31 11,127.0 9,772.3 3,791.3 4,207.0 1,773.9 63.0 679.9 486.3 125.5 Sept. 30 11,355.6 9,952.7 3,909.1 4,262.6 L,781.0 106.0 673.8 495.6 127.6 Oct. 31 11,438.2 9,833.5 3,831.9 4,191.8 1,809.8 110.7 859.6 506.6 127.9 Nov. 30 11,567.3 9,924.0 3,959.7 4,218.6 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 11,385.4 9,746.9 3,691.8 4,308.0 1,747.1 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 L,741.1 99.4 977.3 361.1 119.5 May 31 11,867.8 10,183.7 4,101.5 4,318.6 L.763.5 152.5 983.5 428.9 119.3 June 30P 11,944.5 10,153.5 4,128.3 4,268.1 1,757.2 188.1 1,002.5 481.6 118.7 July 31P 12,012.6 10,233.9 4,097.1 4,368.1 L.768.7 206.8 969.6 481.7 120.4 TABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES * [Amounts outstanding, in millions of dollars] Total foreign In- countries Date t t i e i n o r s n n t a i a - - l Official U K d n o in i m t g e - d France N la e e n r t d - h s - S la w e n r i d - t z « - Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m a e ti r n ica Asia ot A h l e l r tutions2 and Official i 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 ,287.0 1,151.8 167.4 1949—Dec. 31... ,657.8 5,960.2 2,908.1 574.4 171.6 170.5 576.9 303.6 717.0 2,513.9 869.1 ,436.7 961.0179.5 1950— Dec. 31... ,722.2 66,922.6 3,425.9 6656.6 260.7 193.6 553.0 314.7 799.2 62,777.7 899.0 ,612.9 ,378.5254.5 1951—Dec. 31... .708.2 7,594.0 3,480.5 642.6 289.4 148.8 521.3 300.5 1,022.2 2,924.7 1,307.1 ,455.2 ,609.6297.4 1952—July 31... ,786.5 8,569.7 4,325.6 849.2 344.3 241.2 617.5 291.71,058.3 3,402.1 1,540.3 L,538.0 L ,757.7331.6 Aug. 31... ,793.8 8,732.5 4,501.6 834.8 395.6 299.4 612.0 294.91,083.5 3,520.3 1,528.1 L,570.0 L.743.5370.7 Sept. 30... ,800.9 8,905.9 4,619.4 866.5 404.0 345.1 614.3 291.91,141.4 3,663.1 1,530.1 L.580.7 L,795.1336.8 Oct. 31... L.829.7 8,757.9 4,542.2 890.1 348.4 384.3 624.0 305.71,207.9 3,760.5 1,373.3 ,520.7 1,781.9321.5 Nov. 30... 1,765.6 8,912.5 4,670.0 976.3 337.3 343.1 627.7 326.21,243.1 3,853.8 1,356.5 L.561.2 L.812.9328.1 Dec. 31... 1,758.4 8,787.6 4,480.7 817.9 342.6 203.1 641.8 308.91,259.3 3,573.5 1,420.7 L.612.9 I,845.0 335.6 1953—Jan. 31... L,767.1 8,734.0 4,402.1 887.8 249.5 210.4 610.5 308.31,225.0 3,491.5 1,442.0 1,591.4 1,855.3353.7 Feb.28... 1,745.2 8,655.1 4,351.7 754.4 253.5 221.1 608.6 286.61,273.7 3,397.8 1,387.5 1,610.0 1,901.5358.4 Mar. 31... L.704.6 8,899.2 4,577.0 751.6 259.1 230.7 632.6 304.91,307.1 3,485.9 1,349.1 1,692.5 2,012.6359.1 Apr. 30... 1,761.0 9,118.9 4,754.1 837.3 233.3 231.5 657.8 312 11,370.8 3,642.7 1,365.0 L,744.0 2,005.6361.5 May 31. .. 1,783.5 9,154.3 4,811.8 900.0 255.0 245.0 624.1 314.41,411.0 3,749.6 1,231.4 1,827.9 L,966.7378.7 June 30P . . 1,777.1 9,130.5 4,838.6 911.2 308.4 267.6 650.1 310.61,442.4 3,890.3 1,119.4 1,800.7 1,936.0384.1 July 31 P. . 1,788.7 9,199.4 4,807.4 891.6 335.0 227.5 661.3 336.01,532.7 3,984.1 1,138.8 1,771.0 1,947.2358.2 * Preliminary. 1 Represents funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and their Agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.), and also funds held in accounts with the U. S. Treasury. 2Includes Bank for International Settlements, International Bank for Reconstruction and Development, International Monetary Fund, and United Nations and other international organizations. 3 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 1 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. 5Beginning January 1950, excludes Bank for International Settlements, included in "International institutions" as of that date. 6Data 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. F«r farther explanation and information on back figures see BULLETIN for August 1951, p. 1030. 1116 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars Table 2a.—Other Europe Date E O u th ro e p r e A tr u ia s- g B iu e m l- C v o z a s e k lo c i h - a - m D a en rk - l F a i n n d - m G a e n r- y Greece N w o a r y - l P an o d - t P u o g r a - l m R a u n - ia Spain S d w en e- USSR s Y la u v g i o a - ot A h l e l r» 1948—Dec. 31. . 738.1 128.7 44.7 19.1 178.9 21.1 77.7 37.7 7.0 13.6 49 0 21.3 19.9 119.3 1949—Dec. 31 717.0 119 9 38.0 25.1 149.4 29.6 69.4 38 1 6.7 15.7 90 1 10 2 7 6 117.4 1950—Dec. 31. . 799.2 41 9 128.2 5.6 45.5 18.3 221 6 32.3 43.6 "4.2 45.7 6.1 21.3 115.3 4.0 13.2 52.4 1951—Dec. 31.. 1,022.2 57 1 134.7 1.3 45.3 27.0 405.6 45.8 99.7 2.8 40.7 6.1 17.1 71.7 2.5 7.1 57.6 1952—July 31. 1,058.3 51 9 143 5 .6 37 5 22 7 464 3 38 7 96.1 4 7 45 9 S 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. . 1,411.0 115 1 129.1 .6 69.4 29.7 645.7 66.5 119.2 2.2 57.8 5.8 22.7 88.5 1.3 10.8 46.6 June 30P. 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 July 31P. 1,532.7 129 9 130 8 .7 72.6 35.7 739.5 69.5 108.4 2 4 62.9 5.8 19.9 87.9 3.6 10.5 52.6 Table 2b.—Latin Americf Neth- Do- er- Re- Date A L i m a c t a e in r- A t r i g n e a n- l B iv o ia - Brazil Chile l C o b m i o a - - Cuba m i R c i a e n n - - G m u a a l t a e- M ic e o x- l I W a n n d e d i s e s t s Peru l p P ic u a b n o - - f v S a E a d l l o - r g U u r a u y - V zu e e n l e a - A O L m a th t e i e r n r pub- and ama ica a 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 1 19 9 5 4 0 9 — — D D eeCci. 3 3 1 1 . . 1 1 , , 6 4 1 3 2 6 . . 9 7 3 2 0 0 1 1 . . 8 1 2 1 0 3 4 5 2 1 2 9 6 2. . 8 0 6 7 0 9. . 5 9 8 5 5 3 9 4 2 1 5 6 9 4. . 2 1 42.7 25.4 2 2 0 1 7 4 .1 6 2 3 5 0 .2 9 6 5 0 2 .2 8 5 7 9 4 . . 2 3 16.1 75.1 1 8 4 5 3 .2 2 20 7 7 1 4 3 1951—Dec. 31. 1,455.2 249.7 27 8 100.3 54.0 106 4 263.6 45.8 27.3 158.2 34.9 47.2 67.7 27.8 84.7 71.9 87 8 1952—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 7 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. 1,610.0 142.6 20 2 83.4 82.4 126 5 278.3 45.3 41.2 213.3 45.4 61.9 90.4 44.2 97.3 103.9 133 6 Mar. 31. 1,692.5 142.5 20 1 75.7 86.2 123 9 331.3 47.0 45.6 213.9 45.3 67.5 91.1 54.8 91.7 117.3 138 6 Apr. 30. 1.744.0 152.4 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. 1,827.9 153.1 27 4 119.7 93.1 122 0 370.5 48.0 47.2 181.7 42.3 62.5 95.2 48.9 90.2 186.4 139 6 Tune30? 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 July 31 P1,771.0 151.3 22.9 83.5 89 1 130.4 381.5 50.2 43.2 168.7 45.6 61.2 103.8 42.1 91.3 166.5 139 7 Table 2c—Asia andAll Other For- Egypt mosa Phil- Bel- and Union Date Asia C a h n i d na H K o o n n g g India I n n e d s o ia - Iran IsraelJapan ip R p e i - ne T la h n a d i- T k u ey r- O A t s h ia e 3 r o A th l e l r t A ra u l s i - a gian A E n g g y l p o - - So o u f th Other* Main- public 0 tiarjL Africa land Sudan 1948—Dec. 31. 1,151.8 216.2 51.1 51 8 41.5 81.4 488 3 17.5 204 0 167 4 22.2 27 7 15.8 101.6 1949—Dec. 31. 961.0 110.6 83.9 63 3 15.7 214.6 297 3 9.8 165 7 179 5 32.4 61 6 6.0 79.5 1950—Dec. 31. 1,378.5 81.7 86.1 55 7114.7 20'3 "l2"6458.5 374 4 48 2 14.3 111 9 254 5 19.1 "58".i 75 6 44.0 57.7 1951—Dec. 31. 1,609.6 87.4 62.4 62 1140.6 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—July 31. 1,757.7 76.3 68.1 61 6 154.0 24 7 26.8 725.6 321 8 134.9 9.4 154 4 331.6 47.4 74.8 116 8 11.2 81.5 Aug. 31. 1,743.5 80.4 69.6 54 8 114.5 22 6 26.5 743.9 324 6 143.8 9.8 153 0 370 7 81.2 84.5 104 2 14.2 86.5 Sept. 30. 1,795.1 84.7 71.4 55 2 87.3 18 3 22.1 772.6 319 7 157.9 8.8 197 2 336.8 54.1 90.4 91 7 11.8 88.7 Oct. 31 1,781.9 83.3 70.2 54 1 64.9 20 1 27.9 767.5 321 8 166.6 9.7 195 8 321.5 50.1 96.6 72 1 13.3 89.4 Nov. 30. 1,812.9 80.3 70.7 55 0 60.0 18 9 19.3789 315 1 176.5 11.0 217 1 328 1 48.4 105.2 62 0 23.0 89.5 Dec. 31. 1,845.0 76.4 70.9 64 6 61.0 19 2 18.8808.0 315 1 181.0 8.4 221 5 335 6 47.2 118.6 59 7 23.6 86.5 1953—Jan. 31. ],855.3 73.5 72.0 70 2 58.0 16 5 26.2 821.6 309 6 186.7 10.2 210 7 353 7 51.1 117.8 58 4 36.3 90.1 Feb. 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. ,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. .,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 '57.9 124.9 54 1 36.0 88.7 May 31 . 1,966.7 72.1 67.3 92 3 58.9 17 1 16.4882.9 326. 192.1 7.4 234 2 378 7 66.5 130.5 54 4 33.3 94.0 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 July 31P ,947.2 71.6 68.2 89 1 39.6 20 3 13.2910.2 303.0 191.9 6.3 233 9 358 2 54.6 119.4 45 3 37.2 101.7 P Preliminary. r Revised. 1 Beginning January 1950, excludes Austria, Czechoslovakia, and Poland, reported separately as of that date. 2 Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date. "Beginning January 1950, excludes Iran, Israel, and Thailand, reported separately as of that date. 4 Beginning January 1950, excludes Belgian Congo, reported separately as of that date. OCTOBER 1953 1117 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 3.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES. BY COUNTRIES [Amounts outstanding, in millions of dollars] Date Total U K d n o i i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O ur th o e p r e E T u o ro ta p l e C a a d n a - A L i m a c t a e in r- Asia o A th l e l r I §48—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-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. 976.8 27.3 9.5 5.6 12.8 25.5 71.3 151.9 57.4 636.1 110.3 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 July 31 P 922.5 28.5 10.5 5.2 14.0 22.1 75.4 155.7 51.7 590.4 103.6 21.2 Table 3t.—Other Europe Date E O u t r h o e p r e Aus- Bel- m D a en rk - l F a i n n d - Ger- Greece N w o a r y - t P u o g r a - l Spain S d w e e n - Y sl u av g i o a - ot A he ll r1 1948—Dec. 31. 106.3 21.4 .6 3.4 30.5 1.2 8.4 2.9 1.4 6.0 29.8 1949—Dec. 31. 98.5 19.3 .4 8.2 30.0 .7 7.4 7.0 2.3 22.6 1950—Dec. 31. 67.1 21.5 3.2 2.2 25.4 .2 1.4 1.6 6.9 4.0 1951—Dec. 31. 111.2 39.6 4.8 3.1 28.3 .2 2.5 18.8 5.4 3.9 4.0 If52—July 31. 67.2 12.9 3.6 2.8 23.7 2 1.8 14.3 3.1 .5 3.6 Auf. 31.. 66.5 11.5 2.2 2.2 25.7 .2 1.8 12.5 1.9 3.4 4.4 Sept. 30. 75.1 .1 11.8 3.5 2.8 27.5 .2 2.0 13.5 2.2 7.3 3.7 Oct. 31.. 79.0 1.0 13.2 2.8 3.8 28.0 .2 .7 12.6 3.3 8.0 3.8 Nov. 30. 82.7 1.0 17.7 3.3 4.0 25.4 .2 .8 11.8 3.0 7.9 5.8 Dec. 31.. 81.9 .8 16.2 2.1 5.6 26.8 .2 .9 11.2 2.5 8.6 5.4 1953—Jan. 31. 78.4 .3 16.2 3.5 5.1 24.1 .2 .7 9.4 2.6 7.8 7.0 Feb. 28. 72.9 .2 15.8 4.3 4.4 27.3 .1 .7 5.7 2.2 3.9 6.6 Mar. 31. 70.9 .2 14.8 5.1 5.1 27.2 .3 .5 5.9 2.4 1.5 6.5 Apr. 30. 74.8 .1 14.1 3.6 4.1 30.2 .1 .1 7.5 3.2 3.5 6.7 May 31. 71.3 .1 12.4 1.5 2.9 31.0 .2 1.3 6.7 2.9 4.5 7.3 June 30* 70.6 .1 11.6 1.3 3.8 30.9 .1 1.1 6.9 2.4 5.3 6.5 July 31 P 75.4 .2 12.2 2.3 3.5 27.0 .1 14.4 2.6 5.3 6.4 Table 3b.—Latin America Neth- Do- er- Date A L m i a c t e a i r n - A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba m p i R c l u i i a e b c n - n - - G m u a a l t a e- M ic e o x- I l W n S a a d u n n e i r d d e s i- s s t Peru l P p a i R c u m a e b n - o a - - f v S a E a d l l o - r g U u r a u y - V zu e e n l e a - A O L i a m c th t a i e e 3 n r r nam 1948—Dec. 31 516.6 72.4 2.7 165.4 15.2 32.6 83.1 73.8 1.5 4.4 4 6 26.0 34.7 It49—Dec. 31 411.1 53.6 2.3 136.9 15.5 21.1 27.5 73 0 1 3 5 8 5 3 25 6 43.1 if 50—Dec. 31.. 378.8 45.9 8.7 78.0 6.8 42.5 27.6 1.9 2.6 70.6 1.3 11.0 3.1 6.8 8.6 49.4 14.6 if51—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 If52—July 31.. 700.1 7.2 8.7 392.6 27.0 34.5 52.5 1.9 3.7 71.2 1.2 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 1.1 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 1.2 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 1.2 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 1.3 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 1.3 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.. 636.1 10.2 15.4 367.4 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 July 31P. 590.4 8.0 14.3 316.4 7.7 44.4 28.8 1.9 3.2 86.4 2.4 13.7 5.6 3.3 3.3 35.6 15.5 ^Preliminary. 1 Beginning January 1950, excludes Austria, reported separately as of that date. 2Less than $50,000. * Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date. 1118 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] Tftble 3c—Asis and All Other For- Egypt Date Asia C M m a h n o i a n d s in a a - H K o o n n g g India I n n e d s o ia - Iran IsraelJapan i p P p R u h p b e i i l - l n - i e c T la h n a d i- T k u e r y - O A t s h ia e 1 r o A th l e l r t A ra u l s ia - C g B o i n e a l g n - o A E t a n i g n a g y d n l p o - - A S U f o o r n u i f i c t o a h n Other* land Sudan 1948—Dec. 31.. 118.8 24.2 3.4 20.4 1.9 15.9 37.3 1.4 14.3 19.7 4.7 .4 7.9 6.8 1949—Dec. 31.. 139.7 16.6 3.7 17.4 .2 14.1 23.2 14.3 50.3 20.4 7.9 .2 4.5 7.7 1950—Dec. 31.. 96.3 18.2 3.0 16.2 .2 "o\6 18!9 12.1 4.9 "i'.'s' .9 13.9 60.0 40.8 "4.4 .3 7.3 7.2 1951—Dec. 31.. 162.4 10.1 3.1 13.4 .3 9.3 30.0 12.2 29.3 2.5 .6 51.6 41.9 22.8 5.7 .2 6.7 6.5 1952—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.S Sept. 30.. 141.6 10.1 1.0 3.7 .7 9.3 22.8 10.1 5.3 3.8 55.7 19.2 23.4 8.2 6.9 .6 3.1 4.7 Oct. 31.. 132.8 10.1 .9 3.5 .9 10.1 18.7 12.6 6.4 3.4 51.0 15.3 22.2 8.7 6.7 .5 2.3 4.0 Nov. 30. 127.9 10.1 1.3 3.7 .7 10.2 17.4 12.2 3.0 4.0 47.4 17.7 22.8 10.0 6.5 .1 2.6 3.6 Dec. 31.. 128.6 10.1 1.2 4.3 .9 10.2 15.1 12.5 7.6 3.3 38.8 24.6 22.4 10.1 6.0 .5 2.0 3.8 1953—Jan. 31. 125 9 10.4 1.9 3.6 .8 10.2 25.9 11.5 10.7 2.6 26.7 21.6 24.1 9.2 7 0 1.0 2 5 4 4 Feb. 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 31. . 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 July 31P. 103.6 8.2 2.3 2.5 1.2 13.3 17.8 18.8 10.8 4.5 8.7 15.5 21.2 6.3 7.1 .2 2.9 4.7 TABLE 4.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM DOMESTIC SECURITIES, BY TYPES 8 (InfUw of Foreign Funds) [In millions of dollars] U. S. Government bonds and notes * Corporate bonds and stocks * Net Year or month Purchases Sales pur N ch e a t ses Purchases Sales pur N ch e a t ses pu T rc o h t a a s l es T sa o l t e a s l p s d e u o c r m c u o h r e f i a s t s i t e i e c s s 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—July 39.1 29.2 9.9 76.8 63.7 13.1 115.9 93.0 22 9 August 37.5 13.3 24.2 67.6 58.9 8.7 105.1 72.2 32.9 September . 34.0 14.2 19.8 53.3 79.2 -25.9 87.3 93.4 —6 1 October 188.8 18 8 170.1 77.2 61.5 15.7 266.1 80 3 185 8 November 49.4 21.1 28.3 69.8 56.3 13.5 119.2 77.5 41 8 December 45.0 17.0 27.9 93.7 89.4 4.3 138.6 106.5 32.2 1953—January 42.6 14.9 27.7 81.8 75.6 6.2 124.4 90.5 33.9 February .. ... 27.6 37.5 -9.8 76.2 64.9 11.3 103.8 102.3 1 4 26.3 18.6 7.7 85.8 85.8 112.1 104.4 7.7 April 12.9 9.6 3.3 71.3 73.9 -2.6 84.2 83.5 7 May 145.5 136.7 8.8 61.7 64.3 -2.7 207.2 201.0 6.2 28.8 22.7 6.1 63.9 51.1 12.9 92.8 73.8 19.0 36.6 82.3 -45.7 62.1 49.3 12.8 98.7 131.5 -32.8 TABLE 5.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM FOREIGN SECURITIES OWNED IN THE UNITED STATES, BY TYPES8 (Return «f U. S. Funds) [In millions of dollars] Foreign stocks Foreign bonds Net Total Total purchases Year or month Purchases Sales pur N ch e a t ses Purchases Sales pur N ch e a t ses purchases sales se fo c r u o e r i f i g ti n es 1948. 81.7 96.7 -15.0 211.6 291.4 -79.8 293.3 388.2 —94.8 1949 88.8 70.8 18.0 321.2 311.5 9.8 410.1 382.3 27.8 1950. 173.8 198.2 -24.4 589.2 710.2 -121.0 763.0 908.4 -145.4 1951. 272.3 348.7 -76.4 500.4 801.0 —300.6 772.7 1,149.7 -377.0 1952. '293.9 329.6 '-35.8 495.3 677.4 -182.1 '789.1 1,007.0 r-217.9 1952—T"lv . . .. 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 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 26.8 20.9 5.9 25.7 75.7 -49.9 52.6 96.6 -44.0 1953—Tnrmnrv 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 -24.9 111.7 19.0 92.7 128.6 60.8 67.8 JuneP . 44.9 21.9 23.0 62.6 32.8 29.7 107.5 54.7 52 8 July* 23.1 21.2 2.0 46.2 48.1 -1.9 69.3 69.2 .1 9 Preliminary. r Revised. 1 Beginning January 1950, excludes Iran, Israel, and Thailand, reported separately as of that date. 2 Beginning January 1950, excludes Belgian Congo, reported separately as of that date. 8Includes transactions of international institutions. ^Through 1949 includes transactions in corporate bonds. ^Through 1949 represents transactions in corporate stocks only. 6Less than $50,000. OCTOBER 1953 1119 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 6.—DOMESTIC SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES (Inflow of Foreign Funds) [Net sales, (—). In millions of dollars] Y m e o a n r t o h r n t I a u i n n t t i t i s o o e t n i r n - - a s l Total U K d n i o i n t m g ed - France N l e a t n h d e s r- Sw la it n z d er- Italy E O u t r h o e p r e E T u o r t o a p l e Canada A L m i a c t a e i r n - Asia o A th l e l r 1948 7.6 —19<>.8 9.1 —82.8 —79.3 —40.0 0) 2.6 —190.4 7.5 10.2 —23.3 —3.9 1949 87.0 —11.8 20.9 —6.8 —25.5 44.2 1.5 2.2 36.5 —49.0 2.5 —2.1 .2 1950 121.2 82;5.2 64.0 197.8 -6 .3 19.0 — .7 73.8 347.5 458.2 30.1 — 15.3 2.7 1951 —15.9 —568-4 21.4 6.0 —22.2 45.9 1.9 —43.8 9.2 —595.5 13.9 4.8 — .7 1952 14.7 30().2 70.4 5.5 —21.9 50.7 .5 6.2 111.4 191.6 4.7 —9.5 1.9 1952—July. . . .4 22.5 7.2 .6 -1 .4 13.7 .3 .9 21.3 6.8 1.5 -7.3 .2 Aug.... .9 3:5.0 7.0 .7 .5 6.9 .4 .6 15.1 15.7 0 0) .3 Sept.... .9 —*r.O -6.9 -1.2 —.3 8.3 .1 —.4 -.5 -2.3 -4.1 -.3 Oct.... 11.3 174L5 38.9 .1 -2 .7 5.4 .2 3.9 45.9 126.1 1.1 1.2 .1 Nov.... .9 4().9 1.8 .5 .6 5.3 -.1 3.3 10.2 27.2 3.4 -!i .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 I5.4 5.8 1.3 -2 .1 13.4 0) 2.0 20.4 -10.3 -1.1 .3 -.9 Feb.. .. 10.5 ).l 2.1 -.4 -1 .3 6.7 .1 -7 .7 -.5 -8.8 — .4 .1 .6 Mar.... 1.0 (>.8 10.0 .6 -3 .4 4.4 -.2 -1 .4 10.0 -3.8 .8 -.5 .2 Apr.... -1.2 -.5 2.5 .1 -5 .4 2.7 -.1 .1 0) -1.0 1.4 0) -1.0 May... 5.2 1.0 -.6 .4 —.9 2.5 -.7 (i) .8 -.4 .8 .2 -.5 JuneP.. 1.3 rr.7 5.4 2.0 -1 .1 6.2 ,1 — 2 12.4 3.9 .8 .1 .4 Julyp. . .5 -3;5.3 9.0 -49.0 -1 .9 1.4 .4 2.6 -37.4 2.9 1.5 -.2 -.1 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 - o A th l e l r L imi i n a c c t e a t i rr n - l C o b m i o a - - LUDa M ic e o x- p P a R u a o m b e n f - a l - ic g U u r a u y - 1 A O L m i a t c h t e a i e r n r - Asia M C m l a a h a n o n i i s d n d n a a - H K o o n n g g P p h u il b ip - - O A t s h i e a r 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 —11.9 5^7 —38.1 .5 13.9 .5 6.1 2.5 .8 2.6 1.5 4.8 — .2 7.0 —2.1 (i) 1952 6.2 .4 .5 6.0 .3 4.7 — .8 .2 2.6 -6.5 2.7 6.(5 —9.5 — .3 1.3 —11.4 .9 1952—July... .9 (i) 8 (i) 1 8 1.5 .3 — .2 .8 — .3 s —7 3 — 4 .6 5 (i) Aug.... .6 0) .4 0) .2 .9 -.1 1.3 .7 -2.3 1.2 (i) 0) .1 — .1 Sept... -.4 _ .1 — .1 — .2 -4.1 -1.3 -.1 .8 -3.1 -.8 .2 .1 0) Oct. . 3 9 (1) _ 7 3 2 9 1.1 — .2 — .3 .1 .8 - 3 l!l 1 2 .1 .2 ( (; .9 Nov. .. 3.3 .6 3.1 — .3 3.4 .4 .3 2.3 0) .t -!i -.1 0 .1 Dec. .. -1.2 -1 — .1 * 5 .1 — .1 -i.e 1.1 .4 0) A 1.0 -.1 1.1 0 .1 1953—Jan.... 2.0 0) 9 .9 ^ 2 -1.1 -1.3 0) .4 — .6 .4 0) .3 .2 .3 0) — .1 Feb 7 7 6 8 — 6 _ 2 _ ^ ,1 .1 1 Mar.... -1.4 0) . 2 -.1 -1.5 .8 -.1 0) 7 .2 — .5 0) — .5 0) .1 Apr 0) . 1 3 1.4 c -J •a .1 0) 0) .1 — .2 0) .2 May... 0) . « n\ .8 — J " 1 c -.4 \.\ .2 .1 2 (1) (i) JuneP.. -.2 0) 1 i .8 -.1 ? 0 -1.: .1 0) Julyp. . 2.6 0) .1 1.5 — .1 .1 -\ - .3 i.( -.2 0) -.2 0) .1 TABLE 7.—FOREIGN SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM FOREIGN SECURITIES OWNED IN THE UNITED STATES, BY COUNTRIES (Return of U. S. Funds) [Net sales, ( —). In millions of dollars] Inter- Y m e o a n r t o h r n t a u in t t i s i o o t n i n - a s l Total U K d n i o i n m t g ed - France N l e a t n h d e s r- Sw la it n z d er* Italy E O u t r h o e p r e E T u o r t o a p l e Canada A L m i a c t a e i r n - Asia ot A h l e l r 1948 (i) —94.9 —9.9 —4.3 -5.3 —35.4 .1 11.4 —43.4 —102.2 40.7 1 6 8 4 1949 —16.0 43.8 —13.5 .4 — .1 19.1 .4 24.6 30.8 —10.6 20.2 .8 2 6 1950 —3.6 —141.8 —6.1 —1.3 —4.7 17.2 .5 7.8 13.4 —190 0 29 8 1 0 * 3 9 1951 —152.7 —224.3 —2.0 —4.1 2.8 14.2 1.2 16.4 28.5 —258.6 33.8 —36 0 7 9 1952 -118.1 r-99.8 —4.4 4.9 r-8.7 8.7 1.2 18.2 19.9 — 141.0 25.3 —10 0 6 0 1952—July.. . 0) 18.9 -1.1 -.3 -6.7 -1.6 .4 -.4 -9.6 21.4 0) 6.7 .2 Aug -.6 31.7 -1.0 1.0 -2.9 2.1 -.3 .2 -1.0 28.3 1.1 2.7 .6 Sept.... 9.3 1.3 1.2 -.7 — .5 .1 .6 2.0 6 5 .6 4 — 2 Oct -58.8 69.8 4.0 .1 -.2 1.8 1.0 3.9 10.6 39.8 13.1 6.7 -.3 Nov.... -.8 7.9 -.7 — .1 -.1 .4 0) .7 .3 8.8 .2 -1.6 .2 Dec.... -.7 -43.3 -1.1 -.4 3.9 .7 .3 3.5 -46.0 2.3 -3.9 .7 1953—Jan.... 0) —19.2 -.3 .3 -1.5 2.1 .4 .7 1.7 -18.3 1.1 -4.1 .4 Feb.. .. 9.5 -47.5 .3 .3 1.4 1.1 .1 .5 3.8 -47.9 1.9 -2.6 -2.6 Mar.... -.1 -23.3 2.9 .6 .1 .5 .1 5.2 9.4 -32.6 1.3 -1.7 .3 Apr 3.4 —31.3 0) 1.2 -.3 .5 0) 1.7 3.1 -33.8 3.1 -3.8 .1 May... -.5 68.3 -1.1 .4 0) 2.2 0) .7 2.1 67.2 .9 -2.1 .2 JuneP.. 2.1 50.7 21.7 .9 -.4 2.8 .2 1.6 26.8 22.9 7.3 -2.2 -4.1 Julyp. . 0) .1 -.1 0) -2.8 2.1 .6 .8 .5 -18.0 2.1 -2.7 18.1 Preliminary. ' Revised. iLess than $50,000. *Not available until 1950. 1120 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 Total Europe Canada A L m i a c t a e in r- a o n A t d h s i e a a r ll Date Deposits s U e e . c r n S u m . r i G t e ie n o s t v 2 - la M n i e s o ce u l s - 3 1948 -19.3 -20.8 .1 1.2 .3 1951—Dec. 31 526 1,383 80 1949 6 1.0 .9 -1 3 (i) 1950 8.0 3.0 -3.0 4.4 3.5 1952—Sept. 30 707 2,236 65 1951 -6.1 -3.3 2.8 -5.0 -.6 Oct. 31 642 2,301 80 1952. — 1.8 -1.6 — 1.0 1.0 — .2 Nov. 30 758 2,225 84 Dec. 31 550 2,156 86 1952—July -3.7 -2.1 .3 -2.0 0) August -4.1 -3.3 .6 .4 -1.8 1953—Jan. 31 586 2,182 85 September. . . 2.0 -1.8 .6 1.9 1.3 Feb. 28 511 2,170 89 October.. .3 .9 — 1.8 .2 1.0 Mar. 31 536 2,246 90 November. . . -7.8 -3.2 -1.2 —2.4 -1.0 Apr. 30 506 2,425 97 December.... 3.7 1.5 0) 2.1 .1 May 31 515 2,455 95 June 30 527 2,449 101 1953—January 3.5 .3 2.0 .7 .4 July 31 566 2,378 95 February... . -4.8 -4.7 1.1 -1.0 2 Aug. 31 524 2,588 95 March -1.7 -1.3 1.6 -1.1 -.9 Sept. 30 512 2,641 94 April. . . — 1.2 4.7 -4.4 -2.2 .6 May 2 -.5 .8 -.6 .1 1953—Sept. 2 538 2,592 95 June? -!s -4.9 6.8 -1.7 -.8 Sept. 9 569 2,576 96 July? 2 1.7 2.6 -1.7 .2 .7 Sept. 16 507 2,602 95 Sept. 23 543 2,621 93 » Preliminary. » Less than $50,000. Represents dollar assets belonging to foreign monetary authorities 2 Amounts outstanding (in millions of dollars): foreign brokerage and the Bank for International Settlements. Excludes assets held for balances in U. S., 80.5; U. S. brokerage balances abroad, 37.0. the International Bank for Reconstruction and Development and International Monetary Fund and earmarked gold. See footnote 4, p. 1123, for total gold under earmark at Federal Reserve Banks for foreign and international accounts. 2U. S. Treasury bills, certificates of indebtedness, notes and/or bonds. 3 Includes bankers' acceptances, commercial paper, foreign and international bonds. NOTE.—For explanation of table and for back figures see BULLETIN for May 1953, p. 474. GOLD PRODUCTION OUTSIDE USSR [In millions of dollars] Production reported monthly Estimated Year or world Africa North and South America Other month pr U o o u S d t S u si R c d t * e ion r m e T o p o n o t r t a h te l l d y A So fr u i t c h a d R e h s o ia - A W fr e i s c t a' B C e o lg n i g a o n 2 U St n a i t t e e s d 8 C a a d n a - M ic e o x- Co b l i o a m- Chile r N ag ic u a a - * Au l s i t a ra- India2 $1 grains of gold 9/10 fine: i.g., an ounee of fine gold =$35. 1947 766 5 705 5 392 0 18 3 19 3 10 8 75 8 107 5 16 3 13 4 5 9 7 4 32 8 6 1 1948 798.0 728.1 405.5 18.0 23.4 11.1 70.9 123.5 12 9 11.7 5.7 7.8 31.2 6.5 1949 833 0 753.2 409.7 18 5 23.1 12 9 67.3 144 2 14 2 12.6 6.3 7.7 31.3 5.7 1950 857.5 777.1 408.2 17.9 24.1 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—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 L.6 2.0 .2 6.5 13.0 1.0 1.1 .6 .7 2.4 .7 September.. 66.4 34.7 L.4 2.1 L.2 6.2 13.4 1.4 1.0 .6 .8 2.8 .8 October 70.6 35.4 L.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 L.I 6.0 13.6 1.2 .3 .5 .8 2.9 .7 December 66.7 34.6 4 2.1 9 5.9 13 7 1.1 1.8 .4 .8 3.3 .7 1953—January 34.7 4 2.1 1 4 5 13 0 1.4 .6 .7 2.9 6 Februarv 32 4 4 2 1 1 4 3 12 4 1 2 3 7 2 8 6 March 34.7 L.4 2.1 L.I 5.2 13.3 1 2 .7 3.1 .6 April 34.3 4 2.1 1 5.2 12 9 1.2 .7 .7 May 34.9 4 2.1 1.0 6.1 12.9 1 l 9 .7 June 34.1 1.5 2.1 1 1 6 0 12 7 1.0 .8 5 July 35 9 2.1 1.1 6.8 3 .9 .7 Gold production in USSR: No regular government statistics on gold production in USSR are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annua production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; and 1938, 180 million. 1 Estimates of United States Bureau of Mines. 2 Reported by American Bureau of Metal Statistics. •Yearly figures are estimates of United States Mint. Monthly figures are estimates of American Bureau of Metal Statistics. 4Gold exports reported by the National Bank of Nicaragua, which states that they represent approximately 90 per cent of total production. NOTE.—For explanation of table and sources, see BULLETIN for June 1948, p. 731, and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543; for figures subsequent to 1941 see BULLETIN for April 1953, p. 427. 1121 OCTOBER 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars! Estimated United States E m n o d n t o h f ota (e l x w cl o . rld A t r i g n e a n- g B iu e m l- Bolivia Brazil Canada Chile lo C m o b - ia Cuba m De a n r - k E d c o u r a- USSR) i Treasury Total2 1947—Dec... 34,550 22,754 22,868 322 597 23 354 294 45 83 279 32 20- 1948—Dec 34,930 24,244 24,399 143 624 23 317 408 43 51 289 32 21 1949—Dec 35,410 24,427 24,563 216 698 23 317 496 40 52 299 32 21 1950—Dec 35,120 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—Sept.... 36,210 23,342 23,525 268 718 22 317 892 42 280 31 23; Oct 23,339 23,521 268 713 26 317 885 42 280 31 23, Nov 23,337 23,504 268 711 23 317 887 42 254 31 23. Dec... 36,270 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 41 196 31 23 May.... 22,537 22,590 695 934 41 196 31 23; June... P36\390" 22,463 22,521 696 944 41 196 31 23 July... 22,277 22,353 701 951 41 196 31 23 Aug.... 22,178 22,275 715 960 41 196 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 - Pa ta k n is- Peru 1947—Dec 53 548 27 274 M80 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—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 27 247 208 137 181 605 33 55 38 46 June. . .. 174 573 27 247 208 137 615 33 55 38 46 July.... 174 573 247 177 137 P662 33 55 38 Aug 174 576 168 137 P683 33 55 38 Inter- Bank for E m n o d n t o h f Po g r a t l u- E v l a S do a r l- A So fr u ic th a Spain Sweden S l w a er n i - t d z- T la h n a d i- Turkey U K d n i o i n m t g ed - g U u ru a - y V zu e e n l e a - n M a t t a i o o r n y n e a - l n S I a n e t t i t t e o l r e n - - al Fund ments 1947—Dec 310 15 762 111 105 ,356 34 170 62,079 175 215 ,356 30 1948—Dec 236 15 183 111 81 ,387 34 162 •1,856 164 323 ,436 36 1949—Dec 178 17 128 85 70 ,504 118 154 61,688 178 373 ,451 68 1950—Dec 192 23 197 61 90 1,470 US 150 63,300 236 373 ,495 167 1951—Dec 265 26 190 51 152 ,452 113 151 62,335 221 373 ,530 115 1952—Sept 277 29 158 51 202 1,404 113 146 61,685 211 373 ,683 183 Oct 282 29 159 51 190 L.406 113 143 51,767 205 373 ,691 187 Nov 285 29 159 51 185 1,407 113 143 61,895 205 373 1,692 191 Dec, ,. 286 29 170 51 184 L,411 113 143 61,846 207 373 L.692 196 1953—Jan 297 29 165 51 195 L ,417 113 143 61,978 207 373 1,692 215 Feb 298 29 173 52 194 L ,417 113 144 62,103 207 373 L.692 214, Mar 305 29 174 52 194 1,418 113 144 62,166 217 373 1,693 233 Apr 311 29 173 53 194 1,418 113 144 62,273 217 373 1,693 242 May 318 29 175 53 194 1.432 113 144 62,321 222 373 ,693 211 June... 324 29 175 54 193 1,441 144 62.367 222 373 ,698 193 July.... 330 29 175 54 203 1,450 144 62,456 373 L,699 195 Aug 331 29 176 54 204 1,452 143 •2,469 188 9 Preliminary. 1 Includes reported gold holdings of central banks and governments and international institutions, unpublished holdings of various central,; banks and governments, estimated holdings of British Exchange Equalization Account based on figures shown below under United Kingdom,, and estimated official holdings of countries from which no reports are received 2 Includes gold in Exchange Stabilization Fund. Gold in active portion of this Fund is not included in regular statistics on gold stock (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." •Represent! gold holdings of Bank of France (holdings of French Exchange Stabilization Fund are not included). * Figure as of Mar. 31. • Exchange Equalization Account holdings of gold, U. S. and Canadian dollars, as reported by British Government. (Gold reserves of Bank of England have remained unchanged at 1 million dollars since 1939, when Bank's holdings were transferred to Exchange Equalization Account.) NOTE.—For description of figures, including details regarding special internal gold transfers affecting the reported data, see Banking and' Monetary Statistics, pp. 524-535; for back figures through 1941 see p. 526 and Table 160, pp. 544-555, in the same publication and for those 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. 1122 FEDERAL RESERVE BULLETIN.- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES [Negative figures indicate net sales by the United States] (In millions of dollars at $35 per fine troy ounce) Year or quarter Total K U in n g i d te o d m g B iu e m l- France N la e e n r t d - h s - Po g r a t l u- S d w en e- S l w a e n r i - t d z- E O ur th o e p r el 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 il.6 1949 193.3 446.3 -41.0 -23.5 14.0 -40.0 2-159.9 3.4 -49.9 -10.0 -16.1 1950 -1,725.2 -1 ,020.0 -55.0 -84.8 -79.8 -15.0 -22.9' -38.0 -68.0 -100.0 28.2 -118.2 1951 75.2 469.9 -10.3 -20.0 —4.5 -34.9 -32.0 -15.0 -60.1 -10.0 -20.0 -60.2 1952 393.7 440.0 -3.8 -100.0 -5.0 22.5 -29.3 7.2 -20.0 87.7 1950 Jan.-Mar -201.3 -80.0 -35.0 -13.0 -12.4 -15.8 Apr.-June.... -30.4 -20.0 -3.0 -11.9 July-Sept -731.0 -580.0 -28.5 -16.0 -2516 3.4 8.2 -40.5 Oct.-Dec -762.4 -360.0 -56.3 -79.8 -15.0 -4.0 -47.1 -100.0 20.0 -61.9 1951 Jan.-Mar -876.3 -400.0 -12.3 -91.7 -4.5 -10.0 -15.0 -15.0 -44.3 -49.9 -124.4 Apr.-June.... -55.6 -80 0 2.0 -15.0 -11.2 -10.0 64.1 July-Sept 291.4 320.0 -5.0 -17.0 -3.5 -20.0 Oct.-Dec 715.7 629.9 71.7 -5.0 -1.1 1952 Jan.-Mar 557.3 520.0 20.2 22.5 -10.1 11.3 Apr.-June.... 105.7 6.9 101.4 July-Sept -1.3 .3 Oct.-Dec -268.0 -80.0 -24.0 -100.0 -5.0 -19.3 -20.0 -25.0 1953 Jan.-Mar.. -599.1 -320.0 -36.5 -25.0 -15.0 -10.0 -20.0 -71.7 -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 t o er r g U u r a u y - V zu e e n l e a - A O L i m a t c h t a e i e n r r - O A c a e n s a i d n a ia U A So f n o r u i i f o c th n a o A th l e l r Period T e u r n e r d a y s o - f p T e o ri t o a d l1 I i n n s g c to r t o o e c ld a t k a s l e g p e o o x N ld r p e t o i t o m rt r -g m o c c o l r a r r d e e r : i a a k n s s d e e e - d e- D t p i r c o t o i m o g d o n u e l c s d - - (-) 1945 —37 9 —73 1 -27.8 a-188.3 3.7 1946 -4 9 -9.2 25.0 13.7 94.3 22.9 1942 22,726 22,739 -23.0 315.7 -458.4 125.4 1947 25.1 -3.7 79.1 1.0 256.0 11.9 1943 21,938 21,981 -757.9 68.9 -803.6 48.3 1948 10.7 -108.0 13.4 -4.1 498.6 6.9 1944 20,619 20,631 -1,349.8 -845.4 -459.8 35.8 1949 -14.4 —50.0 -7.5 -52.1 195.7 -1.6 1945 20,065 20,083 -547.8 -106.3 -356.7 32.0 1950 -64.8 -17.2 -35.4 13.1 4-47.2 1946 20,529 20,706 623.1 311.5 465.4 51.2 1951 22 2 9 -17.2 *-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 1,530.41,680.4 -159.2 70.9 1949 24,427 24,563 164.6 686.5 —495.7 67.3 1950 1950 22,706 22,820 -1,743.3 -371.3 -1,352.4 80.1 1951 22,695 22,873 52.7 -549.0 617.6 66.3 Jan -I^Iar . — 12 0 — 10.4 .2 3.9 -26.9 1952 23,186 23,252 378.9 684.3 -304.8 67.4 Apr.-June -2.0 — .9 1.0 9.2 -2.8 July-Sept -23.9 — .1 -13.9 -14.7 1952—Sept... 23,342 23,525 -2.8 33.3 -13.8 6.2 Oct.-Dec -26.9 -5.9 -22.8 -2.8 Oct.... 23,339 23,521 -4.4 83.5 -92.4 6.8 Nov... 23,337 23,504 — 16.9 .3 -29.0 6.0 1951 Dec... 23,186 23,252 -252.6 8.1 —263.2 5.9 J O A Ju a c p n l t y r . . . - - - - D M S J e u e a p c n r t e -5 2 3 1 0 8 0 5 . . . . 9 0 1 0 '—'.9 -1 - - 4 5 1 3 . . . . 0 7 0 5 - - 2 1 - - 2 3 5 8 . . . . 4 9 8 0 '"l 2 1 2 0 9 !7 . . 3 2 — - - 2 3 2 5 1 8 . . 0 0 .0 1953— A F M Ja e p a n r b r . . . . . . . . . . . . 2 2 2 2 2 2 2 2 , , , , 5 6 9 5 6 6 8 6 2 2 6 3 2 2 2 2 3 2 2 2 , , , , 0 7 6 6 7 5 4 3 9 1 9 9 - - - 3 1 1 -1 2 0 7 0 7 2 2 . . . . 0 5 5 8 - - 2 2 3 7 . . . 2 . 0 5 0 - - - 1 1 3 -1 7 0 2 6 1 6 4 . . . . 8 7 5 1 4 5 4 5 . . . . 3 2 5 2 1952 M Ju a n y e . . . . 2 2 2 2 , , 5 4 3 6 7 3 2 22 2 , , 5 5 2 9 1 0 - - 4 6 8 9 . . 7 4 -2.0 .1 - - 4 6 8 8 . . 9 5 6 6 . . 0 1 T T a u n lv - - M Se a o r t 10 0 — - — 7 17 2 .4 . . 6 0 — -2 3 .4 . . 4 2 4 7 . .2 3 — .1 J A S u e u l p g y t . . . . . . . . . P 2 2 2 2 2 2 , , . 2 1 1 7 7 2 7 8 8P 2 2 2 2 2 2 , , . 2 3 2 7 5 1 5 3 9 p -1 - - 5 7 6 7 5 8 . . . 4 9 0 0 - - 9 . . 1 5 4 -1 - - 5 7 7 8 5 1 . . . 8 0 7 6 6 (3 . . 2 ) 8 Oct -Dec 4 8 2.0 .3 —1.9 9 Preliminary. 1953 *See footnote 2 on opposite page. 2 Change 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 3Not yet available. 4 Gold held under earmark at the Federal Reserve Banks for foreign 1 Includes Bank for International Settlements, a ti c o c n o s u , n a t, m o in u c n lu te d d i ng to g 6 o , l 3 d 5 5 h .0 el d m f il o li r o n th e d o a l c la c r o s u n o t n o S f e p in t. t e 3 rn 0 a , t i 1 o 9 na 5 l 3 . i ns G ti o tu ld - 3 i I n n c c l l u u d d e e s s s s a a l l e e s o o f f 1 1 1 8 4 5 .3 .3 m m il i l l i l o io n n d d o o ll l a la rs r s o o f f g g o o ld ld to to It C a h ly in . a. under earmark is not included in the gold stock of the United States. * 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 Statistics, Table 156, pp. 536-538, and pp. 522-523. * Includes sales of 45.0 million dollars of gold to Indonesia. OCTOBER 1953 1123 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 dollarsl 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 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 ggatii)ons) 423 446 495 512 Member subscriptions 8,737 8,737 8,737 8,154 Caal ls on subscrippt ions to cappital stock3. 4 3 4 4 Accumulated net income -7 Loans ((inilc l. unddiisbbudrs ed poir tions adnd inch obligations sold under Bank's guarantee) 1,487 1,445 1,409 1,270 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- Aug. July June Aug. antee 70 66 66 56 Loans—undisbursed , 398 404 423 403 Other liabilities 9 9 9 7 Australian pounds 50.0 50.0 50.0 50.0 General reserve 77 71 66 58 Belgian francs 11.4 11.4 11.4 11.4 Special reserve 37 35 32 28 Bolivian bolivianos 2.5 2.5 2.5 Capitals 1,807 1,807 1,807 1,691 Brazilian cruzeiros 18.8 37.5 37.5 37.5 C Cz h e il c e h a o n s l p o e v s a o k s ian koruny. -1 6 . . 8 0 -1 6 .8 .0 -1 6 . . 8 0 3 6 . . 6 0 1 Includes 5 million dollars receivable from a member country for D Eg a y ni p s 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 ad u j g u . s t 3 m 1 e , n 1 t 9 . 53, the Fund had sold 882.7 million U. S. dollars. Finnish markkaa 4.5 4.5 4.5 In addition, other sales have included the following: to the Nether- French francs 125.0 125.0 125.0 125.0 lands, 1.5 million pounds sterling (May 1947) and 300.0 million Belgian Indian rupees 100.0 100.0 100.0 100.0 francs (May 1948); to Norway, 200.0 million Belgian francs (June and Iranian rials 8.8 July 1948); to Brazil, 10.0 million pounds sterling (January 1951); Netherlands guilders 48.1 to Turkey, 2.0 million pounds sterling and 18.5 million Deutsche marks Turkish liras 30.0 10.0 10.0 10.0 (August 1953). Repurchases amounted to 271.0 million dollars. Cur- Pounds sterling 300.0 300.0 300.0 300.0 rencies the net transactions in which amount to less than one million Y Al u l g o o t s h l e a r v dinars -1 9 . . 6 0 -1 9 .6 .0 -1 9 . . 6 0 -1 9 . . 6 0 are 3 E re x p c o lu rt d e e d s u u n n d ca e l r l e " d A p ll o o rt t i h o e n r s . " of capital subscriptions, amounting to 7,229 million dollars as of June 30, 1953, of which 2,540 million repre- Total... 667.2 665.9 665.9 712.3 sents the subscription of the United States. CENTRAL BANKS A d ss e e p t a s r t o m f e is n s t ue Ass d e e ts p a o r f t m ba e n n k t ing Liabilities ofbanking department Bank of England Note (Fig p u o r u e n s d i s n s m te i r l l l i i n o g n ) s of Gold* a O ss th et e s r 2 N c a o o n t i d n es 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 i c o u n l 3 a- Bankers' Pub D li e c posit E s CA Other t c i l 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 1,450.0 23.4 13.6 327.6 1,428.2 278.9 10.3 57.3 18.1 1947—-Dec. 31 .2 1,450.0 100.8 15.2 331.3 1,349.7 315.1 18.6 95.5 18.1 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 1,350.0 33.7 14.8 489.6 1,321.9 299.2 11.6 97.9 111.2 18.1 1950—Dec. 27 .4 L,375.0 19.2 29 2 384.0 1,357.7 313.5 15.4 .4 85.0 18.1 1951—Dec. 26 .4 L.450.0 14.1 18.2 389.2 1,437.9 299.8 13.4 .6 89.8 18.1 1952—Sept 24 .4 1,500.0 57.8 5.2 333.5 1,444.1 275.7 11.1 24.2 67.0 18.5 Oct. 29 .4 1,500.0 57.7 9.3 324 8 1,444.2 271.6 13.5 22.2 66.7 17.8 Nov. 26 .4 1,500.0 40.5 9.9 357.6 1,461.4 275.4 15.4 26.6 72.6 18.0 Dec. 31 .4 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 41,500.0 52.9 6.5 343.2 1,448.9 274.5 11.5 32.2 66.1 18.3 Feb. 25 .4 1,500.0 37 3 7.1 389.9 1,464.7 292.6 9.8 44.6 68.8 18.4 Mar. 25 .4 41,550.0 63.3 6.2 359.0 1,488.8 288.3 14.6 32.0 75.0 18.5 Apr. 29 .4 L,550.0 38 2 13 8 354 8 1,514 0 261.8 13.8 39 5 73.9 17.8 May 27 .4 1.550.0 19.8 6.0 384.9 1,532.4 260.3 15.7 45.7 71.0 18.0 June 24 .4 *1,600.0 62.2 8.1 346.9 1,540.2 276.7 9.8 44.5 68.2 18.1 July 29 .4 41,625.0 29.0 10.7 369.1 1,598.8 274.8 9.8 38.4 67.5 18.3 Aug. 26. ... .4 41,575.0 32.2 3.6 367.8 1,545.7 277.5 8.8 31.6 67.3 18.4 *On June 9, 1945, the official buying price of the Bank of England for gold was increased from 168 shillings to 172 shillings and threepence per fine ounce, and on Sept. 19, 1949, it was raised to 248 shillings. For details regarding previous changes in the buying price of gold and for internal gold transfers during 1939, see BULLETIN for March 1950, p. 388, footnotes 1 and 4. 2Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 3Notes issued less amounts held in banking department. 4 Fiduciary issue decreased by 50 million pounds on Jan. 7 and 25 million on Jan. 14; increased by 50 million on Mar. 25 and June 3 and by 25 million on July 29; and decreased by 50 million on Aug. 26. 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. 1124 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Dominion and provin- Bank of Canada cial government Deposits (F C ig a u n re ad s i i a n n m do il l l l i a o r n s s ) of Gold an S d S t e t U a rl t i n e n i s t g ed securities 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 Short- assets Chartered Dominion capital8 term1 Other banks govern- Other ment 1940—Dec. 31. (4) 38.4 448.4 127.3 12.4 359.9 217.7 10.9 9.5 28.5 1941—Dec. 31. 200.9 391.8 216.7 33.5 496.0 232.0 73.8 6.0 35.1 1942—Dec. 31. .5 807.2 209.2 31.3 693.6 259.9 51.6 19.1 24.0 1943—Dec. 31. .6 787.6 472.8 47.3 874.4 340.2 20.5 17.8 55.4 1944—Dec. 30. 172.3 906.9 573.9 34.3 ,036.0 401.7 12.9 27.7 209.1 1945—Dec. 31. 156.8 ,157.3 688.3 29.5 ,129.1 521.2 153.3 29.8 198.5 1946—Dec. 31. 1.0 ,197.4 708.2 42.1 ,186.2 565.5 60.5 93.8 42.7 1947—Dec. 31. 2.0 ,022.0 858.5 43.7 ,211.4 536.2 68.8 67.5 42.4 1948—Dec. 31. .4 ,233.7 779.1 45.4 ,289.1 547.3 98.1 81.0 43.1 1949—Dec. 31. 74.1 ,781.4 227.8 42.5 ,307.4 541.7 30.7 126.9 119.2 1950—Dec. 30. 111.4 ,229.3 712.5 297.1 ,367.4 578.6 24.7 207.1 172.6 1951—Dec. 31. 117.8 ,141.8 1,049.3 135.2 ,464.2 619.0 94.9 66.1 200.0 1952—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 1,436.6 796.0 86.5 ,504.8 646.7 48.3 76.8 110.6 May 30 . 59.3 1,364.8 821.4 99.9 ,517.9 594.9 45.6 72.1 114.8 June 30. 66.4 1,405.5 852.0 100.2 1,529.0 647.6 47.9 82.6 116.9 July 31 . 74.9 1,451.6 838.5 87.5 1,547.2 646.6 43.8 68.7 146.3 Aug. 31. 67.4 1,414.0 830.9 83.0 1,549.7 617.8 66.4 35.2 126.4 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) Gold* ex- assets6 circula- ities change m O a p rk e e n t6 Special Other Current Other tion G m ov e e n rn t - ECA Other ca a p n i d tal 1940—Dec. 26. 84,616 42 7,802 661 3,646 63,900 112,317 18,571 218,383 984 27,202 844,986 1941—Dec. 31. 84,598 38 6,812 12 4,517 69,500 182,507 17,424 270,144 1,517 25,272 868,474 1942—Dec. 31.. 84,598 37 8,420 169 5,368 68,250 250,965 16,990 382,774 770 29,935 821,318 1943—Dec. 30. 84,598 37 9,518 29 7,543 64,400 366,973 16,601 500,386 578 33,137 H5,596 1944—Dec. 28. 75,151 42 12,170 48 18,592 15,850 475,447 20,892 572,510 748 37,855 7,078 1945—Dec. 27. 129,817 68 17,980 303 25,548 445,447 24,734 570,006 12,048 57,755 4,087 1946—Dec. 26. 94,817 7 37,618 3,135 76,254 67,900 480,447 33,133 721,865 765 63,468 7,213 1947—Dec. 31. 65,225 12 67,395 64 117,826 147,400 558,039 59,024 920,831 733 82,479 10,942 1948—Dec. 30. 65,225 30 97,447 8,577 238,576 150,900 558,039 57,622 987,621 806 171,783 16,206 1949—Dec. 29. 62,274 61,943 137,689 28,548 335,727 157,900 560,990 112,658 ,278,211 1,168 158,973 19,377 1950—Dec. 28. 182,785 162,017 136,947 34,081 393,054 158,900 481,039 212,822 ,560,561 70 15,058 161,720 24,234 1951—Dec. 27. 191,447 28,320 234,923 31,956 741,267 160,000 481,039 190,830 ,841,608 29 10,587 166,226 41,332 1952—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 48,089 872,793 171,100 479,982 161,989 ,024,943 25 8,392 158,275 49,792 Nov. 27. 198,439 30,413 274,454 52,225 851,545 172,000 479,982 154,146 ,006,873 10 10,887 139,480 55,954 Dec. 31. 200,187 31,068 274,003 57,042 937,459 172,000 479,982 159,7272,123,514 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 " ,067,257 55 3,479 146,509 52,350 Mar. 26. 200,187 16,734 252,386 41,544 911,458 199,400 504,982 122,995 2,051,991 10 498 128,788 68,399 Apr. 30. 200,187 14,700 281,119 32,627 923,968 199,400 546,482 153,101 ,127,140 60 312 165,572 58,500 May 28. 200,187 14,896 291,555 28,494 926,296 199,600 534,982 129,412 ,065,483 64 18,525 182,849 58,501 June 25. 200,187 15,088 281,415 20,630 926,024 199,700 554,982 118,309 2,054,347 46 16,838 182,828 62,276 July 30. 200,187 2,275 262,811 15,341 960,622 200,000 650,482 139,754 2,163,216 70 18,883 193,516 55,788 Aug £7. 201,282 2,870 276,048 4,877 953,856 200,000 668,349 144,154 ,176,277 41 397 188,594 86,126 1 Securities maturing in two years or less. 3Includes notes held by the chartered banks, which constitute an important part of their reserves. 3 Beginning November 1944, includes a certain amount of sterling and United States dollars. *On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940, pp. 677-678). 6For details on devaluations and other changes in the gold holdings of the Bank of France, see BULLETIN for September 1951, p. 1211; September 1950, pp. 1132 and 1261; June 1949, p. 747; May 1948, p. 601; May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880. 6For explanation of these items, see BULLETIN for January 1950, p. 117, footnote 6. 7 Beginning January 1950, when the Bank of France modified the form of presentation of its statement, the figures under this heading are not strictly comparable with those shown for earlier dates. 8 Includes 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. OCTOBER 1953 1125 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued 1953 1952 1953 1952 Central Bank Central Bank (Figures as of last report (Figures as of last report date of month) Aug. July June Aug. date of month) Aug. July June Aug. Central Bank of the Argentine Bank of the Republic of Colom- Republic (millions of pesos): bia—Cont. Gold reported separately 1,623 1,623 1,537 814 Loans and discounts 342,459 360,920 356,511 354,303 Other gold and foreign exchange. 1,063 921 906 17 Government loans and securities. 198,446 199,842 192,359 160,758 Government securities 3,201 3,210 3,217 2,126 Other assets 100,103 97,758 97,399 •100,765 Rediscounts and loans to banks. . 53,796 53,350 52,425 45,770 Note circulation 545,237 542,964 549,083 503,458 Other assets 316 295 302 257 Deposits 382,375 404,467 375,873 302,595 Currency circulation 22,756 22,534 22,282 17,818 Other liabilities and capital 86,922 85,473 81,549 r75,829 Deposits—Nationalized 33,063 32,803 32,042 27,246 Central Bank of Costa Rica Other sight obligations 465 456 495 783 (thousands of colones): Other liabilities and capital 3,715 3,607 3,568 3,139 Gold 11,511 ,511 11,511 11,511 Commonwealth Bank of Aus- Foreign exchange 105,861 ,638123,849 80,896 tralia (thousands of pounds): Net claim on Int'l. Fund2 7,031 ,031 7,031 7,031 Gold and foreign exchange 496,335490,880 485,823 300,099 Loans and discounts 77,379 ,549 70,363 69,244 Checks and bills of other banks.. 5,275 4,704 10,580 4,587 Securities 1,376 ,376 1,407 7,435 Securities (incl. Government and Other assets 23,736 ,389 23,740 24,826 Treasury bills) 410,094 431,892463,193 453,301 Note circulation 133,722 ,455138,957 115,371 Other assets 47,485 53,633 71,838 61,180 Demand deposits 67,060 ,937 75,276 66,276 Note circulation 331,863329,113328,668 306,668 Other liabilities and capital 26,113 ,102 23,668 19,296 Deposits of Trading Banks: National Bank of Cuba Special 278,230 292,930301,865 191,220 (thousands of pesos): Other 37,272 36,252 51,600 36,536 Gold 195,748 195,748 195,748 293,998 Other liabilities and capital 311,824322,813 349,302 284,743 Foreign exchange (net) 57,494 61,751 69,436 79,118 Austrian National Bank (millions Foreign exchange (Stabilization of schillings): Fund) 247,561 233 446224,707 164,410 Gold 101 100 100 98 Silver 12,412 14 209 15,460 34,988 Foreign exchange 5,109 4,323 3,544 1,209 Net claim on Int'l. Fund2 12,511 12 511 12,511 12,511 Loans and discounts 6,165 6,283 6,329 7,207 Loans and discounts 42,251 48 167 43,679 16,006 Claim against Government 1,893 1,853 1,973 2,762 Credits to Government 27,419 27 574 36,821 22,675 Other assets 31 28 40 40 Other assets 68,941 68 430 69,092 31,402 Note circulation 9,608 9,471 9,147 8,686 Note circulation 416,697 416 731421,671 417,510 Deposits—Banks 1,139 653 445 255 Deposits 232,765 230 744232,122 228,611 Other 468 388 398 479 Other liabilities and capital 14,873 14361 13,663 8,986 National Bank B o lo f c B ke e d lgium 2,084 2,075 1,996 1,896 National Bank of Czechoslovakia 3 (millions of francs): National Bank of Denmark Cent O O C G F L N D G r o o o a o t t e o o h h r a n l l p v t e d e e e n s o e i r r s o g B s r c l n n i l a a i a i i t r m s d a s n n c c s a — b d l e u k e t a i n t e l l i s D d E a i d t m t o t i C i e i s s s e f o G m c A e s n a o c o a B n a u u v n d n r n o e d i d t l t b r s i i n a v e c m l s i a a a p n e — i n c t t e a M s l d o ( e n n b e e t t - . ) . . 3 3 9 1 5 4 9 4 8 5 5 7 1 , , , , , , , , , 7 6 2 1 3 9 3 1 4 1 6 0 6 8 9 0 4 4 9 9 7 7 0 7 0 2 3 3 5 4 3 3 9 1 5 4 9 4 4 9 8 2 5 , , , , , , , , , 0 8 6 0 4 9 0 0 5 1 4 1 8 6 8 2 1 6 8 7 1 6 9 0 2 5 5 3 2 8 3 3 9 1 4 4 4 6 6 6 3 5 1 , , , , , , , , , 7 6 1 4 2 7 0 5 6 1 7 6 0 6 0 7 0 2 3 4 8 0 6 0 7 5 6 3 9 7 3 3 9 1 6 4 5 3 8 5 6 7 1 1 , , , , , , , , , , 7 4 7 2 8 8 6 9 3 3 6 6 6 0 6 5 3 7 2 9 5 3 0 0 1 9 6 8 6 4 (m O O S D F L G N G il e o o t t o e l o o c h h i r a p l v t o e u d e e e n o n t i r r r . s g s s i c t i n l c a i a i t i o r o e s s a n c e s f s — m b d u e x i k t p l c l G O s d r a i h e o t t i i o t n a i s n e h o n v s c s e e n a o g e r r t a ) r u e i n n : o n m n d ts e c a n a c t p c i o ta u l nt. . .. 3 1 1 1 , , , , 4 2 8 8 4 4 1 1 1 5 3 6 0 1 5 0 9 5 5 5 0 9 6 6 0 3 9 8 0 3 1 1 1 , , , , 2 4 8 2 5 1 7 1 1 5 9 5 6 6 3 1 2 9 9 4 2 1 9 3 7 4 8 4 4 3 1 1 1 , , , , 4 2 3 4 8 7 1 1 1 5 2 6 6 8 6 7 7 6 2 4 1 7 9 5 7 8 5 4 4 3 1 1 1 , , , , 4 5 5 5 2 6 5 1 4 5 3 4 1 1 6 6 8 0 1 7 0 1 6 9 6 3 7 0 tar G y o d ld e p a t t . h (m om il e li o a n n s d o a f b b ro o a li d vianos): (A 1 p , r 3 . 9 ) 6 * 1,490 Ce R n e tr p a u l b B li a c n ( k t h o o f u s t a h n e d s D o o f m p i e n s i o c s a ) n : Foreign exchange (net) !2,986 1,556 Gold 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 c u ur n i t t s ies 2 2 , , 3 1 2 9 5 2 1 1 , , 8 8 3 3 8 0 F N o e r t e i c g la n i m ex o ch n a I n n g t e ' l. ( n F e u t n ) d2 17 1 , , 8 2 3 5 2 0 17 1 , , 3 2 2 5 7 0 17 1 , , 1 2 8 5 0 0 21 1 , , 7 2 8 5 5 0 Other assets 527 320 Loans and discounts 1,059 1,017 898 206 Note circulation 7,537 4,876 Government securities 9,950 9,950 9,950 8,395 Deposits 1,073 1,411 Other assets 1,517 1,521 1,464 1,018 Other liabilities and capital 816 749 Note circulation 33,880 32,873 33,137 32,996 "Central Bank of Ceylon (thousands Demand deposits 7,828 8,325 7,749 9,998 of rupees): Other liabilities and capital 1,975 1,944 1,932 1,727 Foreign exchange 326,528323,876 293,689 503,453 Central Bank of Ecuador Advances to Government 13,300 58,200 84,200 (thousands of sucres): Government securities 163,497 136,427 170,796 "49"! 792 Gold 339,373 339 205339,145 337,608 Other assets 7,643 7,087 5,047 3,781 Foreign exchange (net) 115,779 124 885 159,931 145,425 Currency in circulation 376,700 384,638 388,764 393,671 Net claim on Int'l. Fund2 18,757 18 757 18,757 18,757 Deposits—Government 447 890 17,614 3,691 Credits—Government 308,705 323 423316,569 228,607 Banks 91,450 99,280 107,581 123,681 Other 256,983 231 813193,317 239,727 Other liabilities and capital 42,371 40,781 39,772 35,983 Other assets 182,645 175,774173,165 153,360 Central Bank of Chile (millions Note circulation 602,855 76!130565,566 562,793 of pesos): Demand deposits—Private banks 177,898 183,815 187,810 167,099 Gold 1,253 1,271 1,374 1,109 Other 192,332 207;798222,993 159,488 Foreign exchange (net) 273 156 117 101 Other liabilities and capital 249,156 246,114224,515 234,104 Net claim on Int'l. Fund2 387 387 387 221 National Bank of Egypt (thou- Discounts for member banks.... 2,861 2,149 1,922 2,287 sands of pounds): Loans to Government 4,020 4,020 4,020 665 Gold 60,553 60,553 60,553 60,553 Other loans and discounts 10,921 11,394 11,845 9,026 Foreign exchange 19,831 23,238 25,288 13,882 Other assets 1,997 1,707 2,501 2,522 Foreign and Egyptian Note circulation 15,073 14,706 14,907 10,519 Government securities 281,252 285,525 295, 276,429 Deposits—Bank 3,298 3,113 3,599 2,345 Loans and discounts 15,143 11,719 14,320 Other 464 611 1,052 498 Advances to Government 1,142 3,664 Other liabilities and capital 2,878 2,654 2,609 2,571 Other assets 2,479 2,453 2, 3,087 Sank of the Republic of Colombia Note circulation 175,762 176,246 180, 175,519 (thousands of pesos): Deposits—Government 60,689 64,127 71, 48,076 Gold and foreign exchange 349,152 350,010 335,862 241,685 Other 133,829 132,753 131 126,132 Net claim on Int'l. Fund2 24,374 24,373 24,373 24,371 Other liabilities and capital 10,120 10,361 9, 22,207 •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. 1126 . FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1953 1952 Central Bank 1953 1952 (Figures as of last report (Figures as of last report date of month) Aug. July June Aug. date of month) Aug. July June Aug. Central Reserve Bank of El Salra- Bank Indonesia—Cont. dor (thousands of colones): Other assets 257 190 198 614 G«ld 72,940 72,994 73 064 73 753 Note circulation .. . 4,840 4,814 4,909 3 763 Foreign exchange (net) 58,665 65,625 69,847 35,735 Deposits—ECA 495 495 495 496 Net claim on Int'l Fund ^ 1,566 1,566 1,566 1,566 Other 1,115 1,042 1,155 1,489 16,891 16,285 11,468 18,643 Other liabilities and capital 457 539 418 583 Government debt and securities.. 4,078 4,522 6,465 6,344 Central Bank of Ireland (thousands 2,362 1,701 1,878 1,393 of pounds): Nfote circulation •. . 85,420 86,541 87 201 81,019 Gold 2,646 2,646 2,646 2,646 Deposits 62,888 68,051 69,219 49,146 Sterling funds 61,076 60,685 60,709 55,772 Other liabilities and capital 8,193 8,102 7,867 7,268 63,722 63,331 63,355 58,418 Bank 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 56 54 52 39 Foreicn assets (net) 10,690 9,050 8 567 12,577 Advances to Treasury 567 568 569 590 Clearings (net) .. 5,938 5,651 4,434 2,048 Loans and discounts 307 277 307 259 Loans and discounts 41,278 40,830 40,834 38,283 Government securities 256 261 262 211 Securities 1,661 1,655 1,651 1,145 734 713 702 823 Other assets 2,386 2,273 2 ,083 1,888 Note circulation 1,289 1,287 1,248 1,268 45,075 42,615 43,247 45,193 Deposits—Government 65 36 109 103 Deposits •.. 4,605 4,429 1,700 '2,331 66 59 61 56 Other liabilities and capital 18,136 18,278 18 485 '14,282 Other 389 379 364 401 Bank of German States * Other liabilities and capital 114 115 114 100 (millions of German marks): Hank of Japan (millions of yen): Gold 1,035 941 880 459 Bullion 448 448 448 448 6,045 5,775 5 377 3,669 Advances to Government 37,344 37,374 37,399 38,390 Loans and discounts •. 2,195 1,869 2,258 2,837 Loans and discounts 458,828421,516419,996 351,904 Loans to Government 6,707 7,278 7,177 8,381 Government securities 136,644 141,471 146,361 131,585 Other assets • • . 998 938 945 709 Other assets . 134,559 135,841 123,088 106,350 Note circulation •_. 11,124 11,040 10,831 10,039 Note circulation 526,992 512,806 516,352 464,224 1,335 1,407 1,382 1,750 137,111 117,815 115,761 78,635 Banks 2,477 2,331 2,451 2,178 Other 55,687 60,530 54,346 43,993 Other 241 251 257 240 Other liabilities 48,033 45,499 40,832 41,823 Other liabilities and capital 1,801 1,773 1,714 1,847 Bank of Mexico (millions of pesos): ank of Greece (billions of drach- Monetary reserve7 1,155 1,156 1,161 1,076 mae): "Authorized" holdings of secu- Gold and foreign exchange (net)8 4,408 4,307 1,501 rities, etc 2,775 2,810 2,939 2,883 Loans and discounts .. 128 123 127 Bills and discounts 723 700 630 505 Advances—Government 8,316 8,053 8,891 Other assets 456 446 412 316 Other 3,418 3,476 3,289 Note circulation 3,141 3,153 3,150 3,066 Other assets 2,181 2,088 1,797 Demand liabilities . 1,479 1,472 1,492 1,240 Note circulation 2,536 2,328 2,182 Other liabilities and capital 488 488 499 474 Dep®sits—Government 925 832 824 Netherlands Bank (millions of Reconstruction and guilders): relief accts 6,949 6,976 6,902 Gold 2,588 2,500 2,306 1,222 Other 2,249 2,290 1,965 Silver (including subsidiary coin). 16 16 15 14 Other liabilities and capital..... 5,793 5,622 3,732 1,510 1,556 1,727 1,694 Bank of Guatemala (thousands of Loans and discounts 32 32 41 38 quetzales): Govt. debt and securities 1,217 1,217 1,242 1,755 Gold 27,228 27,228 Other assets 461 498 516 609 Foreign exchange (net) 24,195 11,119 Note circulation—Old 32 32 33 42 Gold contribution to Int'l. Fund . 1,250 1,250 New 3,176 3,116 3,109 2,913 Rediscounts and advances 7,479 7,595 Deposits—Government 691 765 993 761 Other assets • . • • • 17,136 18,528 ECA 1,195 1,203 1,196 1,062 Circulation—Notes 43,513 39,695 Other . .. 521 487 314 347 Coin 3,496 3,326 Other liabilities and capital ... 209 216 202 207 Deposits—Government , 3,356 3,761 Reserve Bank of New Zealand Banks . ... 12,192 7,284 (thousands of pounds): Other liabilities and capital 14,731 11,653 Gold 6,024 6,023 6,021 5,996 National Bank of Hungary * Foreign exchange reserve 66,421 66,504 66,563 23,156 Reserve Bank of India (millions of Loans and discounts 6,019 6,019 6,019 6,019 rupees) : Advances to State or State un- Issue department: 58,719 58,895 63,775 52,717 Gold at home and abroad 400 400 400 Investments 36,990 37,007 37,006 36,182 Foreign securities 5,832 5,932 5,382 Other assets 1,517 1,909 1,727 1,256 Indian Govt. securities 4,249 4,499 4,646 Note circulation 62,647 62,142 62,605 59,568 924 915 818 Demand deposits 105,036 106,558 109,584 58,565 Note circulation .. .. .. 10,941 11,381 10,858 Other liabilities and capital 8,007 7,657 8,921 7,192 Banking department: Bank of Norway (millions of kroner): Notes of issue department. . . . 463 365 389 Gold 281 281 280 242 Balances abroad 1,208 1,200 1,411 Foreicn assets (net) 69 118 130 444 Bills discounted 81 143 14 Clearing accounts (net) 39 25 13 52 Loans to Government 25 34 33 Loans and discounts • 53 56 61 46 Other assets 1,080 1,224 1,031 Securities 43 46 43 45 2,552 2,475 2,635 Occupation account (net) 5,546 5,546 5,546 5,546 Other liabilities and capital.. . 305 491 243 Other assets 49 54 61 60 Bank Indonesia 5 (millions of rupiah): Note circulation 2,914 2,923 2,864 2,761 Gold6 1,911 2,017 2,365 1,063 Deposits—Government 1,672 1,684 1,865 1,946 4 88 148 160 Banks 759 778 642 902 LOMI« and discounts 644 599 588 537 ECA—MSA 278 278 278 271 Advances to Government 4,092 3,995 3,678 3,959 Other liabilities and capital 456 464 484 555 •• 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. *For 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. 0Gold 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. OCTOBER 1953 1127 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) Aug. July June Aug. date of month) Aug. July June Aug. State Bank of Pakistan (millions of Bank of Spain—Cont. rupees) : Other assets ,777 32,680 29,292 26,930 Issue department: Note circulation ,124 37,019 36,244 35,793 Gold at home and abroad... 81 81 81 81 Deposits—Government ,721 4,601 1,672 1,434 Sterling securities 424 424 421' 573 Other ,983 3,136 3,489 2,892 Pakistan Goyt. securities. . . 1,118 1,088 1,191 809 Other liabilities and capital ,957 29,009 25,296 23,039 Govt. of India securities.... 126 126 126 126 Bank of Sweden (millions of kronor): India currency 300 300 300 300 Gold 450 448 426 445 Rupee coin 68 69 66 73 Foreign assets (net) ,327 1,280 1,250 1,334 Notes in circulation 2,009 2,000 2,081 1,886 Net claim on Int'l. Fund2 129 129 129 Banking department: Swedish Govt. securities and ad- Notes of issue department. . 108 88 104 75 vances to National Debt Office3 ,376 2,376 2,427 2,562 Bills discounted 1 19 46 Other domestic bills and advances 365 355 366 302 Loans to Government 124 "106 103 2 Other assets 856 864 847 '831 Other assets 492 518 457 473 Note circulation ,321 4,267 4,327 4,121 Deposits 640 621 548 495 Demand deposits—Government.. 228 208 275 284 Other liabilities and capital.. 85 91 134 102 Other 233 257 134 432 Central Bank of Paraguay1 Other liabilities and capital 720 721 711 '724 (thousands of guaranies): (May): Swiss National Bank (millions of Gold 1,138 1,169 francs): Foreign exchange (net) 60,151 69,260 Gold ,056 6,049 6,009 5,798 Net claim on Int'l. Fund2 11 11 Foreign exchange 536 534 525 375 Loans and discounts 198,666 75,676 Loans and discounts 211 214 218 231 Government loans and securities. 349,909 317,197 Other assets 56 63 75 75 Other assets 248,361 '154,665 Note circulation ,861 4,837 4,814 4,677 Note and coin issue 424,830 340,898 Other sight liabilities ,787 1,815 1,809 1,602 Deposits—Government 75,386 ••43,414 Other liabilities and capital 211 208 204 199 Other 134,950 146,500 Central Bank of the Republic of Other liabilities and capital 223,072 '87,166 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 503 517 573 clearings 184 186 195 85 Net claim on Int'l. Fund2 67 67 67 Loans and discounts ,831 1,711 1,623 1,713 Loans and discounts to banks. . . 405 343 317 Securities 26 26 26 27 Loans to Government 1,015 1,009 848 Other assets 108 125 174 132 Other assets 165 174 ••217 Note circulation ,370 1,282 1,239 1,268 Note circulation 1,568 1,490 1,333 Deposits—Gold 153 153 153 153 Deposits 331 357 392 Other 711 705 656 769 Other liabilities and capital 255 263 297 Other liabilities and capital 316 309 372 187 Central Bank of the Philippines Bank of the Republic of Uruguay (thousands of pesos): (thousands of pesos): (May)* Gold 18,813 18,813 18,813 17,622 Gold 336,572 321,119 Foreign exchange 452,098 432,615 448,014 455,214 Silver 9,168 9,487 Net claim on Int'l. Fund2 29,504 29 504 29,504 29,504 Advances to State and Govern- Loans 17,374 31 226 35,860 45,055 ment bodies 130,848 154,595 Domestic securities 224,061229 026232,236 233,824 Other loans and discounts 335,462 360,328 Other assets 155,835156 746149,205 151,770 Other assets 577,897 '461,232 Circulation—Notes 551,447 554400,570 545,179 516,495 Note circulation 400,598 370,950 Coin 86,106 86 87,316 91,406 Deposits—Government 118,845 88,240 Demand deposits 204,202 251155 227,482 277,126 Other 362,065 309,871 Other liabilities and capital 55,931 55. 53,654 '47,962 Other liabilities and capital 508,439 '537,700 Bank of Portugal (millions of Central Bank of Venezuela (milescudos): lions of bolivares): Gold 4,775 4,734 4,408 Gold ,141 1,141 1,141 1,141 Foreign exchange (net) 12,101 12,070 11,663 Foreign exchange (net) 197 244 246 113 Loans and discounts 685 667 630 Other assets 83 88 90 71 Advances to Government 1,426 1,429 1,421 Note circulation 917 919 932 854 Other assets 693 671 592 Deposits 293 253 249 245 Note circulation 8,961 8,762 9,010 Other liabilities and capital 211 300 297 226 Demand deposits—Government.. 1,717 1,675 1,483Bank for International Settle- ECA 6 6 29 ments (thousands of Swiss gold Other 6,902 7,039 6,052 francs): Other liabilities and capital 2,094 2,089 2,141 Gold in bars 575,696598,339590,348 555,444 South African Reserve Bank Cash on hand and with banks. . . 75,439 53,733 60,943 72,406 (thousands of pounds): Sight funds at interest 3,322 4,014 4,730 10,338 O N O D O F G o t e t t o o h h h r p l t e d e e e e o i r r r g s c i n a l b i t i r s s i a c l s b b l u e s i i l t l l l s a a i s t t n i i e d o s n l a o n a d n s capital 4 2 3 3 9 6 1 7 6 3 0 9 2 8 , , , , , , , 6 3 4 2 9 6 0 6 8 6 5 6 1 3 5 9 8 9 3 4 4 4 3 2 9 6 5 1 2 4 3 3 2 0 8 , , , , , , , 5 2 3 6 1 8 4 8 4 4 6 1 4 7 6 6 9 8 8 0 4 4 4 9 2 6 2 5 0 2 2 1 1 1 3 , , , , , , , 5 1 2 9 0 7 4 7 6 9 7 7 7 3 2 5 6 7 4 0 0 3 8 2 5 5 5 1 1 7 6 8 7 6 4 , , , , , , , 9 5 0 4 9 4 4 9 8 2 5 1 2 9 3 2 7 3 4 4 4 T S O F D R u u i t e e m a h n n d m n e d d e i c r s a r s e c y n f a s u o i d s n n b u s ( v d i n d a e l e s t t l e t s s s a p c t a b o e a o t l d n s e s i i d t n t ) i b s n t i i e l n ( l r G g v s e o e e s a l t r s d n m t ) d m a e n a n y c t c s ept- 4 2 2 2 3 9 8 5 2 7 3 8 4 3 1 . , , , , ,3 2 0 7 1 1 0 9 1 0 3 4 1 9 2 6 3 3 2 4 2 1 1 9 1 1 1 9 7 9 2 6 4 1 , , , , , , 2 4 4 3 0 6 9 0 7 7 7 7 2 1 3 9 2 0 4 2 2 2 4 2 9 2 0 0 7 9 2 2 1 , , , , , , 6 2 3 1 2 4 5 1 0 7 1 5 1 8 1 0 0 5 2 3 2 2 4 9 7 0 1 7 3 7 5 9 1 , , , , , , 2 4 4 5 7 0 0 0 2 0 3 5 9 1 6 6 4 7 Bank of Spain (millions of pesetas): Short-term deposits: Gold 596 596 596 558 Central banks—Own account.. 540, 501,710 448,,588 478,654 Silver 338 338 338 374 Other 42, 54,127 54,124 50,108 Government loans and securities. 15,991 16,362 15,717 15,886 Long-term deposits: Special 228,909 228,909 228,909 228,909 Other loans and discounts 23,082 23,790 20,758 19,409 Other liabilities and capital 274,154273,681276,104 269,998 * Latest month available. r Revised. iThe 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 country's subscription to the Fund less the bank s local currency liability to the Fund. 3 Includes small amount of non-Government bonds. 1128 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— Aug. effective bank of— Aug. effective King- France Ger- Bel- er- Swe- er- 31 31 dom many gium lands den land In effect Dec. 31, Argentina 3X Mar. 1, 1936 Ireland 3X Mar. 25, 1952 J S u e n 1 p e 9 t. 4 2 7 6 8 1948 2 2 3K ^& & 3 4 3K 15 sy 2 2Y 2 A B B e o u l l s g i t v i r u i i a a m 3 6 S M D e e a p c r . t . . 2 3 1 6 0 8 , , , 1 1 1 9 9 9 5 5 5 3 0 2 J I M t a a p e l x a y i n co ± 5. X 84 J A O u p c n t r e . . 6 4 1 , , , 1 1 1 9 9 9 4 5 5 2 0 1 Oct 1 May 27, 1949 July 14 14 Oct. 6 Canada 2 Oct. 17, 1950 Netherlands . 2X Apr. 7, 1953 June 8, 1950. . 2Y2 Ceylon 3 July 23, 1953 New Zealand. July 26, 1941 Sept. 11 .. 3% Chile 4^ June 13, 1935 Norway 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 3U Sept 13 3M 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 Egypt 3x July 1, 1952 South Africa. Mar. 27, 1952 Nov 9 4 El Salvador. .. 3 Mar. 22, 1950 Spain 4 Mar. 18, 1949 Jan. 22, 1952 Finland SH Dec. 16, 1951 Sweden 3 Dec. 1, 1950 Mar. 12 4 May 29 15 Aug. 1 3 Aug. 21 ... !4K France ^4x 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- J A u p n r e . 11 7 131^ 2H I In n d d o ia nesia s 3 y 2 A N p o r v . . 1 1 5 , , 1 1 9 9 4 5 6 1 US d S o R m . 4 4 J M ul a y r . 12 1 , , 1 1 9 9 3 5 6 2 In effect Aug. 31, 1953 4 4 3 2Y2 3 IX 1 Rate established for the Land Central banks. NOTE.—Changes since Aug. 31: Austria—Sept. 24, from 5 to 4 per cent; Denmark—Sept. 23, from 5 to 4}4 per cent; France—Sept. 17,from 4 to 3^ per cent; United Kingdom—Sept. 17, from 4 to 3}4 Per cent. OPEN MARKET RATES [Per cent per annum] Canada United Kingdom France Netherlands Sweden Switzerland Month Treasury Bankers' Treasury Day-to- Bankers' Day-to- Treasury Day-to- Loam Private bills acceptances bills day allowance day bills day up to discount 3 months 3 months 3 months money on deposits money 3 months money 3 months rate 1943—July .50 1.03 1.00 1.04 .50 1.64 3-5X L .25 1944 July .38 1.03 1.00 1.13 .50 1.49 3-5 J^ L .25 1 1 9 9 4 4 5 6 — — J J u u l l y y . . 3 4 6 0 1. . 0 5 3 3 1. . 0 5 0 1 1. . 1 6 3 3 . . 5 5 0 0 1 1 . . 2 3 5 0 L.52 K31 2Y 2 S 1 L . 2 .2 5 5 1947—July .41 .53 .51 .63 .50 1.51 L.52 1.09 1.25 1948—July .41 .56 .51 .63 .50 2.04 L .56 1.35 L .63 1949—July .51 .63 .52 .63 .50 P2.34 L.43 .83 .50 1 1 9 9 5 5 0 1 — — T Ju u l l y y . .7 5 7 1 . . 6 9 9 3 . . 5 5 1 1 . . 6 6 3 3 . . 5 5 0 0 2 2 . . 5 5 9 7 L L . . 5 3 7 9 1. . 1 91 0 2xA 3 - - ± 5 y2 L . . 5 5 0 0 1952—July 1.11 3.00 2.46 2.25 2.00 3.84 L.05 .75 3-5 L .50 1952—August 1.10 3.00 2.46 2.25 2.00 3.77 .85 .58 3-5 .50 September.... 1.14 3.00 2.49 2.25 2.00 4.00 .85 .62 3-5 L.50 October 1.19 3.00 2.43 2.25 2.00 3.98 .84 .50 3-5 L.50 November.... 1.21 3.00 2.38 2.25 2.00 3.98 .87 .54 3-5 L.50 December 1.35 3.00 2.41 2.25 2.00 3.93 .92 .58 3-5 L.50 1953—January 1.35 3.00 2.39 2.25 2.00 3.97 .83 .54 3-5 L.50 February 1.47 3.00 2.42 2.25 2.00 4.10 .81 .50 3-5 L.50 March 1.50 3.00 2.40 2.25 2.00 3.93 .90 .51 3-5 ]L.50 April 1.53 3.00 2.41 2.25 2.00 4.05 .93 .71 3-5 L.50 May 1.53 3.00 2.38 2.25 2.00 4.22 .64 .52 3-5 L.50 June 1.70 3.00 2.37 2.25 2.00 3.94 .57 .50 3-5 .50 July 1.76 3.00 2.35 2.25 2.00 4.13 .50 .50 3-5 L.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. 1129 OCTOBER 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom l Assets Liabilities (11 London clearing b m a i n ll k io s s n . t e s r l o F i f n ig g p u ) o re u s n d in s re C se a r s v h es M ca s o l h l n o e a r y n t 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 Deposits lia O b a t i n h li d e ti r es notice Total Demand Time capital 1947—December. 502 480 793 1,288 1,483 1,219 567 5,935 3,962 1.972 396 1948—December. 502 485 741 1,397 1,478 ,396 621 6,200 4,159 2,041 420 1949—December. 532 571 1,109 793 1,512 ,534 579 6,202 4,161 2,041 427 1950—December. 540 592 1,408 456 1,528 ,660 735 6,368 4,262 2,106 550 1951—December. 531 598 972 102 1.965 ,950 867 6,333 4,290 2.042 651 1952—September 503 530 1,295 1,921 ,758 662 6,126 3,910 2,216 543 October... 498 500 1,122 2,142 ,759 676 6,167 3,948 2,219 530 November 503 516 1,142 2,138 ,755 655 6,183 3,949 2,234 526 December. 549 529 1,248 2,148 ,764 748 6,460 4,232 2,228 528 1953—January... 498 515 1,204 2,148 ,764 659 6,259 4,025 2,234 528 February.. 491 456 L.046 2,130 ,783 649 6,029 3,836 2,192 525 March 497 472 1,024 2,122 ,811 641 6,053 3,873 2,179 515 April 498 454 L.010 2,119 ,825 664 6,060 ,860 2,200 511 May 498 464 [,080 2,123 ,784 654 6,083 ,896 2,187 520 June 514 469 1,209 2,136 1,778 673 6,299 ,040 2,259 481 July 510 460 1,244 2,140 1,742 633 6,247 ,990 2,257 483 August. . . 511 456 1,331 2,140 1,688 595 6,240 3,971 2,269 480 Assets Liabilities G anada (10 chartered banks. Entirely in Canada Se lo c a u n ri s ty e D x e c p lu o d s i i n ts g p i a n y te a r b b l a e n i k n d C e a p n o a s d it a s Other En C d a i n n o a f m d m i i a l o n li n o d t n h o s l f o la i f g rs u ) res 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 a f u n o b e d r r e o f i r g n a o d n e m t Securities O as t s h e e ts r Notes« 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 1,159 18 6,412 2,671 3,740 ,544 1948—December. 749 101 2,148 144 4,268 1,169 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—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 ,402 8,486 3,386 5,100 ,755 June 903 123 3,576 331 3,956 ,509 8,634 3,508 5,126 ,764 July 877 125 3,649 328 3,872 1,359 8,496 3,344 5,152 ,713 Assets Liabilities France (4 o m f l i a m l r li g o o e n n t s b h a o n f f i k g f s u r . a r e n s c E s i ) n n d re C se a r s v h es Du b e a n f k ro s m B c i o ll u s n t d e i d s- Loans Other Deposits a a c O n c w c e e p n s t- lia O b a t i n h li d e t r i - es Total Demand Time capital 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—July 45,999 70,090 560,877 196,665 45,990 846,689 817,569 29,120 23,811 49,121 August 46,383 69,715 624,623 177,289 43,318 890,582 860,668 29,915 19,221 51,525 September. 48,279 67,886 584,558 183,491 44,415 855,024 824,874 30,150 17,810 55,794 October... 45,375 67,846 595,383 185,930 47,721 863,250 831,713 31,536 18,292 60,713 November. 47,709 68,646 666,402 163,992 51,882 914,021 882,233 31,789 20,222 64,388 December* 51,147 68,269 636,427 169,508 61,909 896,076 864,033 32,043 24,957 66,225 1953—January... 47,150 69,200 642,991 174,912 33,586 907,691 873,232 34,459 27,216 32,932 February.. 46,436 68,971 638,377 174,329 34,793 900,626 864,734 35,892 27,960 34,321 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 June 47,394 85,411 643,804 184,584 46,676 930,986 892,185 38,801 28,728 48,155 * Preliminary. iThis table represents aggregates of figures reported by individual banks. Data are compiled on the third Wednesday of each month, except in June and December when the statements give end-of-month data. aRepresent six-month loans to the Treasury with a yield of M per cent after October 1945. •In January 1950, the Bank of Canada assumed responsibility for these notes. NOTE.—For details concerning data in earlier years, see BULLETIN for April 1952, p. 466; for back figures and figures on German commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and for description of statistics see pp. .566-571 in same publication. 1130 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina Belgium Brazil Canada (peso) Aus- (franc) (cruzeiro) British (dollar) Year or month Basic P e r n e t f i e a r l - Free ( t p r o a u l n ia d) a " n c B o c t o a e u n s k n " t Official Free (do si l a lar) Official Free 1947 29 773 321 00 2 2817 5.4L403 100 000 91 999 1948 29 773 321 22 2 2816 5 4406 100 000 91 691 1949 29 774 293.80 2.2009 2.1407 5.4406 42.973 97.491 92.881 1950 26.571 13.333 8.289 223.15 L.9908 1.9722 5.4406 32.788 90.909 91.474 1951 20 000 13 333 7.067 223.07 L.9859 1.9622 5.4406 32.849 94.939 1952 20 000 13 333 7 163 222 63 L 9878 5.4406 32 601 102 149 1952—October 20 000 13 333 7 196 222 55 I.9965 5.4406 32 499 103 681 November .... 20 000 13.333 7.198 223.12 .9979 5.4406 32.489 102.289 December 20 000 13 333 7 198 223 58 L 9941 5 4406 32 523 103 002 1953—January 20.000 13.333 7.198 224.13 .9934 5.4406 32.560 103.014 February . ... 20 000 13 333 7.198 224.62 .9966 5.4406 12.5173 32.612 102.302 March 20 000 13 333 7.198 224.35 .9976 5.4406 2.3024 32.586 101.666 April 20 000 13 333 7 198 224 43 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 July 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 September 20.000 13.333 7.198 223.33 2.0050 5.4466 2.5522 32.569 101.580 France Year or month Ceylon m D a en rk - Finland (franc) G (d e e r u m tsc a h n e y India Ireland Mexico e N rl e a t n h d - s Ze N a e la w nd (rupee) (krone) (markka) mark) (rupee) (pound) (peso) (guilder) (pound) Official Free 1947 20.864 .8407 30.164 20.577 37.760 322.29 1948 20.857 .4929 .3240 30.169 18.860 37 668 350 48 1949 27 839 19 117 .4671 .3017 27.706 12.620 34 528 365 07 1950 20 850 14 494 2858 23 838 20.870 11 570 26 252 277 28 1951 20 849 14 491 .4354 .2856 23.838 20.869 280.38 11.564 26 264 277 19 1952 20.903 214.492 .4354 .2856 323.838 20.922 279.68 11.588 26 315 276 49 1952—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 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 September 20.990 .4354 .2855 20.995 280.29 11.615 26.338 277.51 Year or month N (k o r r o w n a e y ) R P e ( p h p p i e i u n l s i o b e p ) l - ic ( P es o g c r a u t l d u o - ) ( A S p o o fr u u i n t c h d a ) (k S d r w o e n n e a - ) e S (f r w r l a a i n t n c z d ) - U ( K p d n o i o u i n m t n g e d - d ) Ur ( u pe g s u o a ) y4 1947 20.160 4.0273 400.74 27.824 23.363 402.86 65.830 56.239 1948 .... 20 159 4.0183 400.75 27.824 23.363 403.13 65.830 56 182 1949 18 481 49 723 3 8800 366 62 25 480 23 314 368 72 65 830 56 180 42 553 1950 14.015 49.621 3.4704 278.38 19.332 23.136 280.07 65.833 56.180 42 553 1951 14 015 49 639 3.4739 278.33 19.327 23.060 279.96 65.833 56 180 42 553 1952 14.015 49.675 3.4853 278.20 19.326 23.148 279.26 65.833 56.180 42.553 1952—October 14.015 49.677 3.4825 278.25 19.325 23.329 279.30 65.833 56.180 42.553 14.015 49.677 3.4818 278.96 19.323 23.330 280.01 65.833 56.180 42.553 December . ... 14 015 49 677 3.4839 279.54 19.323 23.332 280.59 65.833 56.180 42 553 14.015 49.677 3.4872 280.23 19.323 23.311 281.28 565.833 «56.180 642.553 February 14.015 49.677 3.4856 280.84 19.323 23.318 281.90 565.833 «56.180 642 553 636 025 March 14.015 49.677 3.4842 280.51 19.323 23.317 281.56 65.833 56.180 42 553 35 547 April 14.015 49.677 3.4882 280.61 19.323 23.329 281.66 65.833 56.180 42.553 34.205 May 14.015 49.677 3.4903 280.38 19.323 23.329 281.43 65.833 56.180 42 553 33 633 June 14.015 49.676 3.4897 280.30 19.323 23.331 281.35 65.833 56.180 42 553 33 270 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 September 14.015 49.677 3.4896 279.24 19.323 23.332 280.28 65.833 56.180 42.553 35.228 1 Based on quotations beginning Feb. 25, 1953. 2 Based on quotations through Aug. 14, 1952. 3Based on quotations through May 8, 1952. *Rate applied (except free rate) depends upon type of merchandise. In addition to the rates shown, a fifth rate is being certified; the September average for this rate was 53.1914. 'Quotations not available Jan. 28 through Feb. 9, 1953. •Free rate, based on quotations beginning Feb. 10, 1953. NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics, see pp. 572-573 in same publication, and for further information concerning rates and averages for previous years, see BULLETIN for December 1952, p. 1355. OCTOBER 1953 1131 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 t n a 1 4 i 0 t t 7 e e 0 - d 4 s ) 9 ( C 1 = 9 a 3 1 n 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 n 9 g 0 3 i 0 d t 0 e ) o = d m F = ( r 1 a 1 9 n 0 4 0 c 9 ) e (1 I 9 1 t 3 0 a 8 0 l y ) = ( 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 1 9 h 0 4 d e 0 8 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 1 d e 0 9 r ) 3 - 9 1943 67 128 146 163 12 2 196 203 1944 68 131 179 166 14 2 196 207 1945 69 132 199 169 20 4 194 205 1946 79 139 229 175 34 16 186 200 1947 96 163 242 192 52 5,159 48 199 208 1948 104 193 260 219 89 5,443 128 100 214 217 1949 99 198 285 230 100 5,169 209 104 216 206 1950 103 211 311 262 108 4,897 246 117 227 203 1951 115 240 386 320 138 5,581 343 143 299 227 1952 112 226 400 328 145 5,270 349 140 317 220 1952—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 no 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 '5,250 ••351 135 299 214 June 110 222 391 330 139 5,259 P352 134 299 213 July 111 221 397 P329 P137 133 298 213 August 111 222 395 P327 P137 P212 p Preliminary. r Revised. NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December 1952, p. 1356. 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 a t 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 a d l d r u u a s c w - ts p f I i r n n o tr i d d s i u a h u l s e c - d ts goods goods 1943 69 n.a. 69 145 131 127 160 164 1944 69 n.a. 70 155 134 129 158 170 1945 72 n.a. 71 165 136 130 158 175 1946 83 n.a. 78 177 140 138 158 184 1947 100 98 95 190 164 162 165 207 1948 107 106 103 230 196 192 181 242 100 100 100 1949 93 96 101 226 197 199 197 249 101 108 104 1950 98 100 105 237 213 211 221 286 112 128 116 1951 113 111 116 269 238 242 247 P364 122 171 143 1952 107 109 113 247 219 231 284 P352 129 166 135 1952—August 110 111 113 243 216 229 287 P345 124 164 133 September 107 110 113 232 212 228 284 P343 129 163 133 October 105 109 113 228 210 227 293 P343 129 164 132 November 104 108 113 229 211 228 293 P340 131 163 132 December 99 104 113 229 210 228 297 P344 132 162 132 1953—January 100 106 113 226 209 229 297 P341 128 160 132 February 98 105 113 223 208 229 300 P337 127 159 132 March 100 104 113 221 210 229 302 P337 124 159 132 April . .. 97 103 113 215 206 228 318 122 157 131 May 98 104 114 217 206 228 317 124 157 131 June 95 103 114 219 207 230 316 124 155 131 July 98 106 115 219 207 230 315 118 155 131 August 96 105 115 214 210 230 P310 n.a. Not available. P Preliminary. NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December 1952, p. 1356. 1132 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES— CONSUMERS' PRICE INDEXES All items Food United Switz- United Switz- Year or month ( U S = 19 t n 1 a 4 i 0 7 t t 0 e e - ) 4 d s 1 9 = C ( a 1 a 1 d 9 0 n 4 a 0 - 9 ) 1 K 5 d (J , i o 1 a n m 9 n g 5 . - 2 F = ( r 1 a 1 9 0 n 4 0 c 9 ) e N l = ( e a 1 t 1 n 9 h 0 4 d e 0 9 s r ) - 1 ( l 9 A a e 3 r n u 9 - d g = . ( U 1 S = 9 t n 1 a 4 i 0 7 t t 0 e e - ) 4 d s 9 = C ( a 1 1 a d 9 0 n 4 a 0 - 9 ) 1 K 5 d (J , i o a n 1 m n 9 g . 5 - 2 F = ( r 1 a 1 9 0 n 4 0 c 9 ) e N l = ( e a 1 t 1 n 9 h 0 4 d e 0 9 s r ) - 1 ( l 9 A a e 3 r n u 9 - d g = . = 100) 100) =-100) 100) 1945 77 75 22 153 69 21 164 1946 83 78 35 152 79 36 160 1947 96 85 77 57 158 96 67 57 170 1948 103 97 82 90 163 104 72 92 176 1949 102 100 84 100 100 162 100 100 76 100 100 174 1950 103 103 86 111 109 159 101 103 82 111 111 176 1951 111 114 95 130 119 167 113 117 91 128 121 181 1952 114 116 103 145 120 171 115 117 105 141 123 184 1952—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 June 115 115 107 145 121 170 114 111 114 141 127 184 July 115 115 107 144 121 170 114 113 114 137 127 184 August 115 116 120 114 113 1 These series are the revised indexes, reflecting, beginning January 1953, the inclusion of some new series and revised weights. Prior to January 1953 indexes are based on the "interim adjusted" and "old" indexes, converted to the base 1947-49=100. NOTE.—For sources and references concerning changes in the structure of price indexes for various countries (except the United States), see BULLETIN for December 1952, p. 1357. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month U S g ( r n t h a a i i d g t t e e e h d s ) ( C 1 = a 9 n 3 1 5 a 0 - 0 d 3 ) a 9 ( 1 K D 9 U 2 i e n c 1 n e g i = m t d e 1 o b d 0 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 0 e -3 d s ) 9 C (1 = a 9 n 3 1 5 a 0 - 0 d 3 ) a 9 ( K 1 U 9 in 2 n 6 g i = t d e 1 o d 0 m 0) (19 F 4 r 9 a = n 1 c 0 e 0) N l e a t n h d e s r- Number of issues. . . 17 87 60 14 480 103 278 295 27 1946 123.4 117.2 132.1 131.5 109.0 139.9 115.7 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 1 1 9 9 5 5 1 2 1 1 1 1 7 5 . . 7 8 9 8 5 6 . . 7 1 1 1 1 0 7 8%6 .3 1 1 1 0 1 1 . . 1 4 8 85 7 . . 6 0 1 1 8 7 7 6 . . 7 5 1 17 6 3 8 . . 1 3 9 9 7 1 . . 1 1 1 1 1 4 2 3 2 1 1 9 5 2 1952—September ... 115.7 83.6 110.0 116.9 87.1 188.2 171.6 91.2 147 192 October 114.7 84.3 109.0 115.5 87.6 183.4 163.6 90.3 142 191 November... 115.2 84.9 108.3 115.0 89.9 189.8 167.3 89.9 141 194 December 115.3 84.7 109.0 114.6 91.6 197.0 168.4 91.0 141 196 1953—January 114.5 84.5 109.1 114.3 93.6 197.6 172.3 92.0 151 201 February 114.0 84.2 109.7 112.7 96.3 195.9 169.0 92.0 153 207 March 113.4 84.1 110.5 111.9 95.8 198.0 170.0 93.2 150 206 April 111.7 84.1 111.3 112.6 98.0 190.0 160.8 92.3 150 203 May 109.8 83.6 111.4 113.2 99.7 189.6 159.8 91.1 153 206 June 108.8 82.9 112.2 112.9 101.2 182.8 156.8 91.1 153 207 July 110.7 82.9 111.5 112.9 102.7 185.5 160.7 91.6 157 214 August 111.4 82.6 112.0 101.8 187.3 161.2 92.5 218 NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December 1952, p. 1357. OCTOBER 1953 1133 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 GARDNER L. BOOTHE, II, Administrator DIVISION OF INTERNATIONAL FINANCE 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 HENKY C. ALEXANDER, NEW YORK DISTRICT J. A. ERICKSON A. L. MILLS, JR. GEOFFREY S. SMITH, PHILADELPHIA DISTRICT R. M. EVANS O. S. POWELL W. D. FULTON J. L. ROBERTSON GEORGE GUND, CLEVELAND DISTRICT DELOS C. JOHNS M. S. SZYMCZAK ROBERT V. FLEMING, RICHMOND DISTRICT JAMES K. VARDAMAN, JR. Vice President PAUL M. DAVIS, ATLANTA DISTRICT WINFIELD W. RIEFLER, Secretary 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 1134 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman * President Vice Presidents Bank of Deputy Chairman First Vice President (Vice Presidents in charge of branches are listed in lower section of this page) Boston.... Harold D. Hodgkinson J. A. Erickson JJ ohn JJ . Foogg Carl B. Pitman Ames Stevens Alfred C. Neal RRobb ert BB. Harvey * 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. Vergari « E. C. Hill Richard G. Wilgus 2, Wm. G. McCreedy Cleveland John C. Virden W. D. Fulton Roger R. Clouse H. E. J. Smith Leo L. Rummell Donald S. Thompson A. H. Laning 3 Paul C. Stetzelberger Martin Morrison Richmond Charles P. McCormick Hugh Leach N. L. Armistead C. B. Strathy John B. Woodward, Jr. Edw. A. Wayne Aubrey N. Heflin K. Brantley Watson Upton S. Martin Chas. W. Williams R. W. Mercer 3 Atlanta Frank H. Neely Malcolm Bryan V. K. Bowman L. B. Raisty Rufus C. Harris Lewis M. Clark J. E. Denmark Earle L. Rauber Harold T. Patterson S. P. Schuessler Chicago John S. Coleman C. S. Young Neil B. Dawes L. G. Meyer Bert R. Prall E. C. Harris W. R. Diercks George W. Mitchell W. A. Hopkins A. L. Olson L. H. Jones * Alfred T. Sihler W. W. Turner St. Louis Russell L. Dearmont Delos C. Johns Dale M. Lewis H. H. Weigel Wm. H. Bryce Frederick L. Deming Wm. E. Peterson J. C. Wotawa Minneapolis. . Roger B. Shepard O. S. Powell H. C. Core J. Marvin Peterson Paul E. Miller A. W. Mills E. B. Larson Otis R. Preston H. G. McConnell M. H. Strothman, Jr. Sigurd Ueland Kansas City.. Raymond W. Hall H. G. Leedy John T. Boysen a Clarence W. Tow Cecil Puckett Henry O. Koppang M. 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 RESERVE BANKS Federal Reserve Federal Reserve Branch Vice Presidents Branch Vice Presidents Bank of Bank of New York Buffalo I. B. Smith Minneapolis.... Helena C. W. Groth Cleveland Cincinnati R. G. Johnson Pittsburgh J. W. Kossin Kansas City.... Denver G. A. Gregory Oklahoma City R. L. Mathes Richmond Baltimore D. F. Hagner Omaha L. H. Earhart Charlotte R. L. Cherry Atlanta Birmingham John L. Liles, Jr. Dallas El Paso C. M. Rowland Jacksonville T. A. Lanford Houston W. H. Holloway Nashville R. E. Moody, Jr. San Antonio W. E. Eagle New Orleans E. P. Paris Chicago Detroit R. A. Swaney San Francisco... Los Angeles W. F. Volberg St. Louis Little Rock C. M. Stewart Portland J. A. Randall Louisville C. A. Schacht Salt Lake City W. L. Partner Memphis Paul E. Schroeder Seattle J. M. Leisner 1 Also Federal Reserve Agent. * Cashier. * Also Cashier. 4 Counsel. OCTOBER 1953 1135 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 October 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 stafT. August 1941; reprinted October Federal Reserve System. Issued each year. 1952. 496 pages. Paper cover. $1.00 per copy; Available without charge upon request. in quantities of 10 or more copies for single shipment, 75 cents each. FEDERAL RESERVE BULLETIN. Issued monthly. Subscription price in the United States and its pos- BANKING AND MONETARY STATISTICS. Statistics of sessions, Bolivia, Canada, Chile, Colombia, Costa banking, monetary, and other financial develop- Rica, Cuba, Dominican Republic, Ecuador, ments. November 1943. 979 pages. $1.50 per Guatemala, Haiti, Republic of Honduras, Mexico, copy. No charge for individual sections (un- Nicaragua, Panama, Paraguay, Peru, El Salvador, bound). Uruguay, and Venezuela is $2.00 per annum or A STATISTICAL STUDY OF REGULATION V LOANS. 20 cents per copy; elsewhere $2.60 per annum or September 1950. 74 pages. 25 cents per copy; 25 cents per copy. Group subscriptions in the in quantities of 10 or more copies for single United States for 10 or more copies to one ad- shipment, 15 cents each. dress, 15 cents per copy per month, or $1.50 for 12 months. THE DEVELOPMENT OF BANK DEBITS AND CLEAR- INGS AND THEIR USE IN ECONOMIC ANALYSIS. January 1952. 175 pages. 25 cents per copy; in FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY quantities of 10 or more copies for single ship- RATES, AND BUSINESS. Issued monthly. $6.00 ment, 15 cents each. per annum including edition of historical supplement (listed below) available when subscription THE FEDERAL RESERVE ACT, as amended to Novemis entered or renewed. 60 cents per copy; in ber 1, 1946, with an Appendix containing proquantities of 10 or more copies of a particular visions of certain other statutes affecting the issue for single shipment, 50 cents each. (Do- Federal Reserve System. 372 pages. 50 cents per mestic rates) paper-bound copy; $1.00 per cloth-bound copy. COMPILATION OF FEDERAL AND STATE LAWS RELAT- HISTORICAL SUPPLEMENT TO FEDERAL RESERVE ING TO BRANCH BANKING WITHIN THE UNITED CHARTS ON BANK CREDIT, MONEY RATES, AND STATES. (July 1, 1951.) December 1951. 33 BUSINESS. Issued semiannually, usually April pages. and September. Annual subscription to monthly chart book includes one issue of supplement. RULES OF ORGANIZATION AND RULES OF PROCEDURE Single copies, 60 cents each; in quantities of 10 —Board of Governors of the Federal Reserve or more copies for single shipment, 50 cents System (with Amendments). September 1946. each. (Domestic rates) 31 pages. 1A more complete list, including periodic releases and REGULATIONS OF THE BOARD OF GOVERNORS OF THE reprints, appeared on pp. 684-687 of the June 1953 FEDERAL RESERVE SYSTEM. Individual regulations BULLETIN. with amendments. 1136 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS REPRINTS FEDERAL FINANCIAL MEASURES FOR ECONOMIC STA- (From Federal Reserve Bulletin unless preceded by an asterisk) BILITY. May 1953. 7 pages. THE SECOND ARMAMENT BUDGET. February 1952. INTERNATIONAL FLOW OF GOLD AND DOLLARS, 1952. 9 pages. March 1953. 8 pages. (Also similar article from MONEY AND CREDIT IN 1951. February 1952. 9 March 1952 BULLETIN.) pages. REVISION OF CONSUMER CREDIT STATISTICS. April RECENT CHANGES IN GERMANY'S FOREIGN TRADE 1953. 19 pages. BALANCE. March 1952. 7 pages. ^DETAILED DESCRIPTION OF SOURCES AND METHODS BANKING IN THE SOVIET UNION. April 1952. 8 USED IN REVISION OF SHORT- AND INTERMEDIATEpages. TERM CONSUMER CREDIT STATISTICS (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 AMERICA. May 1953. 6 pages. EXCESS PROFITS TAXES OF COMMERCIAL BANKS. June 1952. 18 pages. 1953 SURVEY OF CONSUMER FINANCES—PART I. THE GENERAL FINANCIAL POSITION AND ECONOMIC REAL ESTATE LOANS OF REGISTRANTS UNDER REGU- LATION X. June 1952. 18 pages. OUTLOOK OF CONSUMERS. June 1953. 16 pages. PART II. PURCHASES OF DURABLE GOODS IN 1952 RETAIL CREDIT SURVEY—1951. From June 1952 AND BUYING PLANS FOR 1953. July 1953. 12 pages. BULLETIN with supplementary information for PART III. HOUSING OF CONSUMERS. August 1953. 9 separate trades. (Also, Retail Credit Surveys— 10 pages. PART IV. NET WORTH OF CONSUMERS, 1943, 1944, 1945, 1946, 1947, 1948, and 1949 EARLY 1953. September 1953. 16 pages. SEfrom the June 1944, May 1945, June 1946, July LECTED PRELIMINARY FINDINGS OF THE 1953 1947, July 1948, June 1949, and June 1950 SURVEY OF CONSUMER FINANCES. March 1953. BULLETINS with supplementary information.) 2 pages. Also, similar surveys for earlier years from 1946, 1947, 1948, 1949, 1950, 1951, and PROBLEMS OF TRADE EQUILIBRIUM. October 1952. 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 ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS pages. 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 BALANCE SHEET OF AGRICULTURE, 1953. THE MONETARY SYSTEM OF THE UNITED STATES. August 1953. 13 pages. February 1953. 16 pages. INFLUENCE OF CREDIT AND MONETARY MEASURES ON UNITED STATES BALANCE OF PAYMENTS IN 1952-53. ECONOMIC STABILITY. March 1953. 16 pages. October 1953. 9 pages. 1137 OCTOBER 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES f if BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES I 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