Federal Reserve Bulletin, 1953-11
F E D E R AL E S E R VE BULLETIN NOVEMBER 1953 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BULLETIN VOLUME 39 November 1953 NUMBER 11 EXPENDITURES IN 1953 Gross national product this year will total high, however, and unemployment has conabout 368 billion dollars, 5 per cent larger tinued exceptionally low. than in 1952 and a record in both dollar Average wholesale prices have been reamount and physical volume. The increase markably stable for a period which included reflects an upsurge in activity which began a strong upsurge in demand and output, in the fall of 1952 and reached a high in the elimination of price and wage controls, truce late spring of this year. Expansion was based in Korea, and more recently some general primarily on growth in private spending easing in demand together with intensified and was dominated by rising consumer ex- competitive pressures among producers and penditures. Business outlays for fixed in- distributors. Industrial prices edged up until vestment also increased further to record August but have since declined slightly. levels, and outlays for inventory accumula- SELECTED BUSINESS INDEXES tion expanded considerably. Federal expen- 1947-49-100 ditures for national security rose only mod- NONAGRICULTURAL MANUFACTURING erately, in contrast to sharp advances in the EMPLOYMENT EMPLOYMENT 130 preceding two years when such outlays accounted directly for about half of the in- -NONMANUFACTURJNG crease in national product. 110 Since midyear the pace of economic activity has slackened somewhat. With supplies of materials and finished goods gen- 90 erally ample and with manufacturers' and PRICES distributors' sales in many lines below earlier DISPOSABLE 130 levels, new orders have been reduced and production of both durable and nondurable WHOLESALE goods has been curtailed moderately. Fac- 110 tory employment has also declined, as may be seen from the chart. Reflecting these developments, the rate of buildup of business 90 _L _L J_ inventories has been considerably retarded. 1951 1953 1951 1953 The small decline in national product in the NOTE.—Seasonally adjusted series, except for prices. Indexes based on Bureau of Labor Statistics data for employment and third quarter reflected mainly this change in prices, with employment seasonally adjusted by Federal Reserve, and on Department of Commerce data for income and the rate of inventory accumulation. The sales. Latest figures shown are for October 1953 for employment and prices, and for September 1953 for retail sales and rate of resource utilization has remained very disposable income. Consumer prices for October 1953 estimated by Federal Reserve. NOVEMBER 1953 1139 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
EXPENDITURES IN 1953 Prices of farm products have declined some- employment of civilians in the defense eswhat further this year, following sharp re- tablishment has been reduced moderately. ductions in the latter part of 1952, and are National security expenditures declined a litback to the pre-Korean level. Consumer tle in the third quarter and will decline someprices have increased steadily since late what further by mid-1954 if the estimates in winter, but in October they were only about the Budget Review of August are realized. 1 per cent higher than a year ago. Federal expenditures for goods and services for nondefense programs will be mod- GOVERNMENT EXPENDITURES erately larger this year than in 1952, with in- Government purchases of goods and serv- creases in outlays under the farm price supices continued to rise slowly in the first half port program more than offsetting reducof this year but were unchanged in the third tions in other activities. State and local govquarter, as may be seen from the chart. Fed- ernment purchases will be in record amount, eral expenditures for national security pro- about 7 per cent larger than in 1952. BUSINESS FIXED INVESTMENT GROSS NATIONAL PRODUCT Business outlays for fixed investment—con- Billions of Dollars,Annual Rates 400 struction of facilities and producers' durable equipment—rose moderately in the first half TOTAL of 1953, and remained at the advanced level 350 in the third quarter. For the full year, fixed investment outlays may be about 5 per cent above the record 1952 level. Farm invest- 300 ment, however, has been running well below GROSS NATIONAL PRODUCT [Seasonally adjusted annual rates, in billions of dollars] PRIVATE 250 EXPENDITURES 1953 1952 Type of expenditure 3rd. Q. 2nd. Q. 4th. Q. 3rd. Q 200 I • , , 100 Gross national product 369.0 372.4 361.1 345.3 Personal consumption expenditures 231.0 230.4 224.4 217.2 Durable goods 30.4 30.7 28.2 25.1 GOV'T PURCHASES Nondurable goods 121.3 122.1 121.1 118.7 50 OF GOODS AND SERVICES Services 79.2 77.6 75.1 73.3 Gross private domestic investment 56.5 61.0 57.9 52.3 New construction: Residential, nonfarm 11.5 12.0 11.6 10.8 , . . 1 . Other 13.4 13.4 12.3 12.3 Producers' durable equipment 27.1 26.9 25.5 24.9 1951 1953 Increase in business inventories : NOTE.—Department of Commerce quarterly estimates, ad- Nonfarm 4.4 8.7 8.1 3.6 justed for seasonal variation. Farm .1 .4 .6 Net foreign investment -2.1 -2.5 -16 -2.0 grams are estimated to be only moderately Government purchases of goods and services 83.6 83.5 80.4 77.8 larger in dollar amount this year than in Federal 58.4 58.9 56.4 54.6 National security 52.1 53.5 50.5 49.2 1952, accounting for about one-seventh of Other 6.8 6.0 6.3 6.0 Less: Government sales .5 .7 .5 .6 total output in both years. The size of the State and local 25.2 24.6 24.0 23.2 armed forces has changed little this year, but NOTE.—Department of Commerce estimates. 1140 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
EXPENDITURES IN 1953 PRIVATE DOMESTIC INVESTMENT expected for nondurable goods industries Billions of Dollars, Annual Rates and 3 per cent for durable goods lines. Industries with large relative increases are 30 PRODUCERS' beverages, chemicals and allied products, DURABLE EQUIPMENT electrical and other machinery, paper and allied products, and petroleum and coal 20 products. On the other hand, relatively large declines are reported by makers of OTHER CONSTRUCTION textile mill products and transportation 10 equipment other than motor vehicles. NEW RESIDENTIAL CONSTRUCTION The record volume of business outlays for expansion and modernization this year reflects a variety of influences, of which a major 20 one has been further activity in connection — CHANGE IN NONFARM with the defense program. Incentives pro- BUSINESS INVENTORIES vided by the program of accelerated amorti- 10 — 1 1 •I .I1 zation for tax purposes have continued to stimulate investment in defense and related ll. 1 1 industries. A large part of the work planned or started under this program has not yet 0 • been completed. . . . i . , , i , Other influences of importance in main- 1951 1953 NCTE.—Department of Commerce quarterly estimates, ad- taining capital outlays this year have been justed for seasonal variation. Changes in farm inventories are not shown. the generally expanded volume of sales, a year ago; outlays for both construction and further rapid growth in population, conequipment have declined substantially as a tinued high rates of internal migration, and result of the lower level of farm incomes. sustained industrial research. Currently, Among the major nonfarm industry however, demands generally are placing less groups, plant and equipment outlays of elec- pressure on capacity than earlier, with the tric and gas utilities are expected to show a easier supply conditions reflecting in part the rise of 15 per cent and manufacturing in- substantial increases in capacity that have dustries a rise of 6 per cent for the year 1953. taken place in recent years. The commercial and miscellaneous group as a whole will apparently show only a small INCREASE IN BUSINESS INVENTORIES expansion, although construction of com- Accumulation of nonfarm business invenmercial facilities has increased considerably tories was resumed on a substantial scale in since late 1952. Outlays in transportation the fall of 1952 and has continued this year, industries other than railroads and in mining as shown in the chart. For the full year the are expected to be about unchanged, while increase in the physical volume of nonfarm railroads have programmed a 7 per cent business inventories, measured at current reduction. prices, is likely to approximate 5 billion dol- Manufacturing industries have shown di- lars, as compared with 3 billion in 1952. verse tendencies, with a rise of 8 per cent Privately held inventories of farm prod- NOVEMBER 1953 1141 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
EXPENDITURES IN 1953 ucts will probably show little change in 1953 a number of lines to stabilize or reduce following accumulation valued at 600 mil- stocks. Expansion in the physical volume lion dollars in 1952. Cattle herds have been of inventories was considerably less in the unchanged this year following a very rapid third quarter than in the second. The inbuildup from late 1950 until late 1952, when crease in book value of stocks was somewhat marketings began to expand sharply. The smaller, and reflected price advances to a substantial additions this year to stocks of greater extent, than in the second quarter. grains and cotton have been going mainly The book value of nonfarm business inunder price support loan or into Commodity ventories at the end of September amounted Credit Corporation holdings, which are not to 79 billion dollars, 8 per cent larger than included in the figures cited for privately a year earlier. The increase was divided held farm inventories. about equally between manufacturers and Total nonfarm business stocks rose only distributors and was concentrated in durmoderately in the first quarter of this year, able goods lines, in which total stocks exas reductions in some nondurable goods lines panded 15 per cent. In manufacturing, partly offset a continued rapid growth in additions to stocks of 7 per cent were condurable goods lines. From early spring to centrated in metals and metal products inabout midyear, accumulation was substantial dustries. Wholesalers' inventories rose 7 per in both durable and nondurable goods lines cent, with the largest increases in electrical and at both manufacturing and distributor goods, machinery and metals, and apparel. levels, as may be seen from the chart. The Retail stocks rose 10 per cent, with inventories desire to expand inventory holdings further, of automotive outlets accounting for more in line with growth in sales, continued to be than half of the rise. Expansion also was an important consideration, but in some considerable at general merchandise and areas stocks became larger than desired. building materials outlets. Since midyear new orders have been cur- Ratios of stocks to sales were reduced in tailed and production has been cut back in late 1952 and early 1953 by a substantial rise in sales. With continued growth in stocks, INVENTORIES and some reductions in business sales during Billions of Dollars, Book Value 50 the summer, however, ratios of stocks to sales have risen generally since early spring. MANUFACTURERS / RESIDENTIAL CONSTRUCTION DURABLE jf 40 - Expenditures for private nonfarm residential building, seasonally adjusted, have de- / 1 NONDURABLE clined by more than one-tenth since early this year and are currently at about the year- 30 ago level. The number of private housing / DISTRIBUTORS units started from July to October was 8 per y cent fewer than a year earlier. For the year I I 1 as a whole, however, the number of hous- 20 1951 1953 1951 1953 ing units started, including those publicly NOTE.—Department of Commerce monthly data, seasonally adjusted. Latest figures shown are for end of September 1953. financed, will be about 1.1 million, approxi- 1142 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
EXPENDITURES IN 1953 mately the same as in each of the two pre- PERSONAL INCOME, CONSUMPTION, AND SAVING ceding years. Billions of Dollars, Annual Rafes In recent months markets for residential 300 real estate have eased somewhat. Sales of both new and old houses have continued in PERSONAL INCOME large volume but transactions apparently DISPOSABLE have taken longer to close, with concessions INCOME frequently being given on prices and terms. 250 Residential construction costs have been stable following slight increases earlier in the year. Construction of new dwelling units has continued to exceed net formation of new households, and vacancies, while still 200 CONSUMPTION low, have been rising. EXPENDITURES Reflecting the continued high level of market activity and the steady increase in the average size of loan, mortgage loans on new and existing properties have been extended in record volume this year and the RATIO OF SAVING TO DISPOSABLE INCOME volume of outstanding mortgage debt has increased substantially further. Funds for 1951 1953 Federally underwritten mortgages, and par- NOTE.—Department of Commerce quarterly estimates, adjusted for seasonal variation. ticularly commitments for financing future construction, have been difficult to obtain half of 1952, and since July some declines in many areas. Recently, however, credit have occurred. After rising gradually markets generally have eased, and mortgage through June, seasonally adjusted manufacfunds and commitments have become more turing employment has declined. In midreadily available. October, such employment was 3 per cent below its summer peak and only slightly PERSONAL INCOME higher than a year earlier. Average weekly Personal income will total about 285 bil- hours of work have been reduced this year lion dollars this year, nearly 6 per cent above and at 40.3 in October were about one hour last year's record level. Such income, sea- below last October. Hourly earnings have sonally adjusted, was moderately larger in continued to advance, although much less the third than in the second quarter, as rapidly than during the second half of last may be seen from the chart. It reached a year. In nonmanufacturing activities, wages monthly peak in July, and then declined and salaries continued to rise until July but slightly in August and September. since then have shown little change. Wages and salaries accounted for the mod- Income of farm proprietors, reflecting furerate growth in total income in the first half ther reductions in prices of farm commodof this year and the small declines in recent ities, has declined markedly and currently is months. Increases in manufacturing pay- about at the postwar low reached in late rolls slowed up after a sharp rise in the last 1949. Business and professional income has NOVEMBER 1953 1143 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
EXPENDITURES IN 1953 shown little change this year, while rental a brief interruption because of the steel strike income, dividends, and interest have con- in the summer, the rise continued through tinued to increase steadily. the first half of 1953. Outlays declined Disposable personal income (after taxes) slightly in the third quarter, but were about in the third quarter was nearly 6 per cent one-fifth larger than in early 1952. larger than a year ago. After allowance for Purchases of new automobiles have acslightly higher consumer prices and further counted for the bulk of the rise since the growth in population, real disposable income spring of 1952 in consumer spending for durper capita was 2 per cent above the level ables. Registrations of new passenger cars of a year ago. Since the end of 1952 the increased from an annual rate of 4.3 million change has been slight. in the first half of 1952 to 5.8 million in the first half of 1953, reflecting both a resurgence CONSUMER EXPENDITURES of demand and an expansion in the supply of For the year 1953, total consumer expen- new cars permitted by greater availability of ditures for goods and services will be at a metals. Since June, sales of new automonew high, in both dollar amount and physical biles, though exceptionally large, have been volume. Following a sharp expansion in moderately lower than in the spring, as is late 1952, such expenditures rose moderately indicated by the chart. further in the first half of this year. In the Increased availability of credit following third quarter they increased only slightly suspension of instalment credit regulations as declines in expenditures for apparel and in May 1952 contributed importantly to automobiles and parts about offset a sub- large-scale purchases of autos. Total outstantial rise in outlays for services. In real standing consumer instalment credit exterms, total consumption outlays in the third panded by 6.6 billion dollars from the end quarter were well above a year earlier, about of April 1952 to the end of September 1953, 3 per cent on a per capita basis, but the with most of the increase accounted for change since early spring has been small. by automobile credit. In recent months, In dollar volume, personal saving in 1953 however, the rate of growth in outstanding may slightly exceed the postwar record level credit has diminished considerably. of the previous two years, and the proportion Passenger car output in 1953 is estimated of disposable income saved will be close to at about 6.1 million units, a total second only the relatively high ratios of 1951 and 1952. to the 6.7 million units of 1950. The num- Saving by individuals in liquid forms will ber of passenger cars in use may rise by 2 apparently be larger than last year. million or more to a total of 44 million at Durable goods. Consumer expenditures the end of 1953. This will be two-thirds for durable goods for the year 1953 will more than the 26 million in use at the end of reach a dollar volume somewhat above the World War II. previous record of 1950; in physical terms, Sales of furniture and household equiptotal takings will be exceeded only by those ment, which had increased after the spring of 1950. Consumer durable goods outlays of 1952, declined moderately this spring. began to rise appreciably in the spring of Such purchases recovered briefly in early 1952, following a year of restrained demands summer, however, and total outlays in the and, in some areas, limited supplies. After third quarter were somewhat above the level 1144 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
EXPENDITURES IN 1953 PERSONAL CONSUMPTION EXPENDITURES sumer prices of food in the third quarter Billions of Dollars, Annual Rates somewhat lower than a year earlier, the rise in spending indicates a moderate growth over ALL OTHER 80 — the past year in the amount of food consumed. A sharp reduction in retail beef 70 - A B L E F C V O E O O R H D A O G & L E IC S / _ - 20 C & L O S T H H O I E N S G y*.. p b r y i c a es m in a r t k h e e d p a in st c r y e e a a s r e h i a n s c b o e n e s n u m ac e c r o m ta p k a i n n i g e s d . f SERVICfS Total meat consumption in 1953 is estimated FURNITURE & ^ \ H E O Q U U S IP E M H E O N L T D r ^^ by the Department of Agriculture at a post- — war record 151 pounds per person, 5 per cent 60 AUTOMOBILES more than in 1952. & PARTS Consumer spending for services has main- 1 tained its uninterrupted postwar growth and 50 1951 1953 1951 1953 in the third quarter was 8 per cent greater NOTE.—Department of Commerce quarterly estimates, adjusted for seasonal variation. than a year earlier, with probably half of of the second quarter. Television sales the rise representing higher prices. Expendshowed about the usual seasonal rise after itures for housing services rose 9 per cent, in late summer. In October, however, with outconsiderable part reflecting rent advances, put at advanced rates, television inventories which accelerated after the termination of expanded to unusually high levels and some rent controls at the end of July. Outlays for production cutbacks occurred. Output of other types of services, including housefurniture and appliances was curtailed markhold operation, medical care, and transporedly during the summer and early autumn, tation, have also continued to advance. reflecting the need to work off inventories. In early autumn, output of major appliances was about one-fourth and of furniture one- Economic activity and employment have tenth below the highs in the first quarter. advanced to new peaks in 1953, under the impetus mainly of expanding private de- Nondurable goods and services. Conmands. The year as a whole will be one of sumer expenditures for nondurable goods substantial achievement in terms of utilizarose markedly in late 1952 and slightly furtion of manpower and industrial resources,, ther in the first half of this year. In the third quarter, however, outlays for such goods, additions to productive capacity, higher conseasonally adjusted, declined somewhat. Ex- sumer living standards, and over-all stability penditures for clothing and shoes, which rose of prices. Since midyear, however, demands sharply in late 1952 to a new high, have de- have eased and some declines have occurred clined appreciably this year and in the third in output and employment. If Federal exquarter were at the lowest level since the penditures for national security programs summer of 1951. are moderately reduced as scheduled, the Dollar outlays for food and beverages in maintenance next year of current high levels 1953 rose at a much lower rate than in earlier of resource utilization and further growth in postwar years, as may be seen from the chart, aggregate output will depend primarily on and in the third quarter were only 2 per renewed expansion in consumer and business cent larger than a year earlier. With con- demands. NOVEMBER 1953 1145 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REVISED INDEXES OF DEPARTMENT STORE SALES AND STOCKS, BY MAJOR DEPARTMENTS The Board's monthly indexes of depart- ous department store series begun in 1951. ment store sales and stocks, by departments, Descriptions of the other major revisions have been revised for 1940 to date, the entire may be found in the following issues of the period covered by the series.1 The principal Federal Reserve BULLETIN: (1) comprehenfeatures of the revision are as follows: sive monthly indexes of total sales and stocks, (1) The average of the years 1947-49 December 1951; (2) weekly index of sales, has been used as the base period April 1952; and (3) monthly dollar series for the indexes. on sales, stocks, and orders, October 1952. (2) The sample of reporting stores in Monthly department store credit statistics several of the Federal Reserve dis- were also revised in conjunction with the tricts has been enlarged with a view general revision of the Board's consumer to obtaining more nearly propor- credit statistics, a description of which was tionate representation among the 12 published in the BULLETIN for April 1953. districts, as indicated by Census of New base period. The base period for Business data on department store the departmental sales and stocks indexes sales for the year 1948. has been changed from 1941 to 1947-49, and (3) An expanded and standardized re- all of the index numbers from 1940 on have porting schedule has been intro- been recalculated on this base. This was done duced by the System, beginning in accordance with a general recommendawith the collection of data for Janu- tion made in August 1951 to all Federal staary 1948. Where necessary and pos- tistical agencies by the Division of Statistical sible, figures for earlier years have Standards of the Bureau of the Budget. been recompiled on a basis com- The adoption of the new base period parable to the departmental classifi- means that the indexes will reflect more cations provided by the standard- clearly recent developments in department ized reporting schedule. store trade. It also will facilitate comparisons of these indexes with other economic These features are discussed in the sections series, most of which have been, or are being, below. The revised series will appear regurelated to the new base. As indicated above, larly in the statistical section of the Fedother department store indexes compiled by eral Reserve BULLETIN and in the monthly the System already have been placed on this press releases. base. This completes the revisions of the vari- Users of the departmental indexes can aThis revision was made by Orville K. Thompson under readily convert them to another base period, the general supervision of Guy E. Noyes, Assistant Director if desired, by dividing the published indexes of the Board's Division of Research and Statistics. Howard G. Smith, formerly of the Board's staff and now associated on the 1947-49 base by the average index for with the Research Department at the Federal Reserve Bank the year or years which they prefer as the of Boston, contributed substantially to the work of the revision in its earlier stages. base period. 1146 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REVISED INDEXES OF DEPARTMENT STORE SALES AND STOCKS Reporting sample. In several districts statistics was introduced by all Federal Rethe reporting sample has been enlarged with serve Banks beginning with the collection the result that currently about 365 stores of data for January 1948. A Manual of Desupply information on departmental sales partmental Classifications, prepared for use and stocks. These are all so-called "inde- with this new reporting form, contains dependent" department stores; in other words, tailed listings of the merchandise lines northe reporting group does not include retail mally carried in each major department outlets of the large national department group or subdivision thereof. Both the restore chains. The universe measured by the porting form and the Manual were dedepartmental series differs, therefore, from veloped by System research committees, folthat of the comprehensive monthly sales and lowing discussions with the department store stocks indexes and of the weekly sales index, respondents and other interested groups in the reporting samples for which include rep- the trade. resentative establishments of the national The standardized form provided addichains. In recent months the group report- tional departmental breakdowns and also ing departmental data has accounted for provided for realignment of the departabout 50 per cent of the estimated sales and mental categories falling within several of stocks of all department stores, including the major groups. One important shift inthe national chains. The sample represents volved the department "Domestics, blankets, slightly more than 65 per cent of the dollar and linens," which was transferred from the volume of the related universe, that is, the "Homefurnishings" major group to the independent department stores. "Piece goods" major group and redesignated "Household textiles." Also, the "Barber and It is believed that the sample is adequate beauty shop" and "Restaurant, fountain, and from the standpoint of geographical distribubakery" departments, formerly in the "Mistion since sales of each district reporting cellaneous merchandise departments" major group approximate the relative importance of grouping, were relocated in "Nonmerchanthat district in the national total, as indicated dise," a newly established division representby Census of Business data on department ing the service functions performed by destore sales in 1948, and since reports are obpartment stores. tained from virtually every department store trading area of importance in the country. In order to maintain continuity of the For the most part, larger department stores back series, it was necessary to reconstruct are included in the sample, as they are able to all data affected by this departmental rereport departmental figures in greater de- alignment and place them on a basis comtail than is usually possible for smaller parable to the departmental listings shown firms. Every store does not report data for on the standardized form. Also, back data were needed for a number of departmental all of the departments listed on the reportclassifications that were reported for the first ing schedule; consequently, the sample for time on the standardized schedule. Wherthe individual departments is not so comever possible, comparable figures for the prehensive as that for the major department earlier years are shown for the standardized groupings and for the total store. classifications. For a number of classifica- Comparability of back data. A standardtions, however, figures are not available prior ized schedule for reporting departmental NOVEMBER 1953 1147 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REVISED INDEXES OF DEPARTMENT STORE SALES AND STOCKS to January 1947. (The reporting of year-ago computed using average end-of-month stocks figures on the standardized schedule pro- in the 1947-49 period as the base.4 vided a continuous series on the new basis For purposes of carrying the departmental beginning January 1947.) indexes forward, estimates of sales and stocks Departmental indexes. The indexes of for the identical sample for any one month sales, by departments, were computed in the will be obtained by applying the year-to-year following manner. Monthly sales totals, by percentage changes shown by the particular departments, were assembled for an identical reporting group comprising the sample for sample of 350 stores for the years 1947 and that month. As noted above in the discus- 1948, this sample replacing the one for 1943 sion of the reporting sample, about 365 and 1944 previously used.2 The figures for stores are currently reporting in this series. this new sample were carried back to 1940 Monthly distribution of sales. These figon the basis of the year-to-year percentage ures show the distribution of total sales in changes shown for each month by the old a calendar year among the departments and series after it had been reconstructed along also the distribution of each department's the departmental lines of the new reporting sales among the months of the year. They schedule. The figures were carried forward are compiled regularly by the Board's Divito current months on the basis of the year- sion of Research and Statistics each April for to-year percentage changes shown for each the previous calendar year. Since the report month by a group of stores which varied for 1948, the annual distribution data have somewhat in number from month to month. been based on sales figures for the new 350- Using actual figures for the identical sample store identical sample. As a part of the curfor 1947 and 1948 and estimates for 1949, rent revision the reports for 1947 and earlier the 1947-49 average of monthly sales was years have been recomputed, also using these calculated for each department and was used new sample data. as the base in computing the sales index for The percentage distribution of total sales that department. by departments indicates the relative impor- The sample of stores reporting stocks over tance of each department in total departthe years has also varied from month to ment store sales. In 1952, 84.2 per cent of month. Before the stocks indexes could be total sales was accounted for by "Main Store" constructed, therefore, it was necessary to departments and 13.1 per cent by "Basement compile estimates of the dollar value of end- Store" groups, while sales in the "Nonmerof-month stocks for each department in the chandise" division amounted to 2.7 per cent 350-store identical sample. These estimates of total sales. were obtained by applying to the depart- Sales of women's and misses' apparel and mental sales totals for the identical sample accessories have always represented the the corresponding stocks-sales ratios.3 The largest single departmental share of total stocks index for each department was then sales. In 1952 these items (in the Main Store) accounted for 35.4 per cent of total 2 See earlier description of departmental indexes contained store sales. This ratio has not varied greatly in BULLETIN for August 1946. since 1941 except during World War II, 3 These end-of-month ratios are obtained by dividing stocks at the end of the month by sales during the month. They have been regularly compiled since 1940 from reported * This differs from the old departmental stocks indexes figures on sales and stocks. which had as their base average monthly sales in 1941. 1148 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REVISED INDEXES OF DEPARTMENT STORE SALES AND STOCKS when durable goods sales were at reduced stocks-sales ratios, provide additional inforlevels and the ratio increased to almost 40 mation on the fluctuations in department per cent. store sales and stocks of various types of Figures for each department showing the merchandise. The data are not intended to percentage of total sales made in each month measure the movements of total department of the year give some indication of seasonal store sales and stocks. For this purpose the movement of sales in the respective depart- System's comprehensive monthly indexes of ments. As would be expected, the month total sales and stocks should be used. The with the largest business in the greater share latter indexes are adjusted for seasonal variaof the departments is December, reflecting tion, for changes shown by Census of Busi- Christmas shopping. This is apparent in ness benchmark, and, in the case of the sales sales of handkerchiefs, men's and boys' furindex, for differences in the number of tradnishings, fine jewelry and watches, stationing days. Similar refinements have not been ery, sporting goods and cameras, and negattempted for the departmental index series ligees, robes, and lounging apparel. In each except in the case of the "Furniture and bedof these departments more than 25 per cent ding," "Domestic floor coverings," "Major of total annual sales usually occurs in Dehousehold appliances," and "Radios, phonocember. It is particularly apparent in the graphs, and television" departments. Intoys and games department, where more dexes for each of these departments, adjusted than 40 per cent of the year's sales is cusfor seasonal variation and trading day diftomarily made in that month. ferences, appear regularly in the monthly Purpose of the departmental series. The publication Federal Reserve Charts on Ban\ departmental sales and stocks indexes, to- Credit, Money Rates, and Business. gether with sales-distribution figures and 1149 NOVEMBER 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REVISED INDEXES OF DEPARTMENT STORE SALES AND STOCKS, BY MAJOR DEPARTMENTS [Based on retail value figures] Sales indexes, without seasonal adjustment Stocks indexes, without seasonal adjustment 1947-49 average monthly sales = 100 1947-49 average end-of-month stocks = 100 Department 1953 1953 Jan. Feb. Mar. Apr. May June Jan. Feb. Mar. Apr. May June MAIN STORE TOTAL 85 77 98 94 98 95 107 113 122 125 122 114 Piece goods and household textiles 129 70 78 79 86 77 105 106 110 112 111 106 Piece goods 70 72 89 74 73 61 95 99 99 96 92 84 Silks, velvets, and synthetics 63 66 81 68 62 48 87 92 88 89 82 79 Woolen yard goods 68 70 74 33 20 17 96 97 86 84 85 83 Cotton yard goods 83 84 106 110 123 113 110 116 121 122 114 100 Household textiles 171 68 69 83 94 89 110 110 115 121 121 119 Linens and towels 147 66 68 79 87 85 100 101 108 114 112 109 Domestics—muslins, sheetings 229 69 68 83 100 90 124 164 130 138 146 146 Blankets, comforters, and spreads 131 70 69 89 99 94 115 110 114 117 115 112 Small wares 85 80 86 90 95 94 106 108 115 121 119 113 Laces, trimmings, embroideries, and ribbon; 69 74 108 112 110 98 96 114 134 130 124 111 Notions 84 73 89 112 121 115 115 120 133 139 135 129 Toilet articles, drug sundries 100 91 93 9<5 102 102 106 104 109 114 114 107 Silverware and jewelry 63 67 73 79 91 93 105 113 119 126 121 115 Silverware and clocks 60 60 64 66 75 96 121 127 132 139 136 136 Costume jewelry 63 73 83 91 105 93 81 95 111 120 108 96 Fine jewelry and watches 60 63 61 87 102 89 111 116 118 142 140 117 Art needlework 111 88 80 76 65 64 101 104 112 114 111 107 Books and stationery 90 88 89 79 79 81 106 104 113 121 119 114 Books and magazines 96 96 98 85 74 75 98 94 108 114 111 106 Stationery 86 84 85 77 80 86 108 108 114 124 119 116 Women's apparel and accessories 81 77 113 101 102 91 108 120 127 128 121 109 Women's accessories 75 77 109 100 100 90 108 121 130 134 126 115 Neckwear and scarfs 75 86 119 118 121 102 97 120 137 142 133 117 Handkerchiefs 50 61 58 55 60 54 74 78 84 82 79 74 Millinery 64 81 163 121 78 60 93 135 138 107 92 76 Women's and children's gloves 63 61 103 99 72 49 82 92 103 100 93 87 Corsets and brassieres 113 98 123 125 131 137 122 131 138 143 141 136 Women's and children's hosiery 71 76 89 88 89 74 106 118 126 131 122 110 Underwear, slips, and negligees 65 66 76 82 104 94 97 105 120 129 121 112 Knit underwear 87 81 90 96 116 103 121 131 149 159 152 145 Silk and muslin underwear, slips 56 58 68 76 97 90 90 98 110 120 110 104 Negligees, robes, lounging apparel.... 58 69 75 82 106 91 76 86 100 110 101 89 Infants' wear 81 80 121 97 86 83 108 120 124 127 122 114 Handbags, small leather goods 61 72 109 102 103 90 99 117 130 135 123 108 Women's and children's shoes 84 82 134 113 114 105 128 144 148 151 145 130 Children's shoes 60 64 146 97 92 93 121 141 141 148 141 132 Women's shoes 86 84 131 119 117 109 123 141 152 155 146 132 Women's apparel 87 78 117 103 105 92 108 117 122 120 113 101 Women's, misses' coats and suits 104 85 138 100 56 29 111 124 114 88 74 73 Women's, misses' coats 108 78 120 97 48 23 97 109 99 77 65 68 Women's, misses' suits 88 108 179 117 73 40 130 158 145 112 85 74 Juniors' and girls' wear 66 73 141 99 100 105 125 121 120 112 101 Juniors' coats, suits, dresses 70 72 129 101 105 89 102 117 114 109 102 88 Girls' wear 61 74 155 96 95 86 108 131 127 129 121 112 Women's and misses' dresses 83 75 108 113 137 118 109 117 127 129 122 99 Inexpensive dresses 82 73 104 113 145 136 105 112 119 129 121 101 Better dresses 82 81 110 115 122 99 105 122 128 129 117 93 Blouses, skirts, and sportswear 81 77 99 103 125 133 110 120 138 152 148 131 Aprons, housedresses, uniforms 100 85 98 118 154 149 103 110 126 139 131 116 Furs 106 68 68 52 23 13 96 94 95 91 91 99 Men's and boys' wear 73 64 87 83 93 120 103 114 125 133 134 122 Men's clothing 100 69 91 91 111 122 113 125 136 144 144 129 Men's furnishings and hats 60 60 67 73 84 131 100 106 119 129 136 121 Boys' wear 59 63 129 93 85 83 93 111 115 118 114 104 Men's and boys' shoes, slippers 82 72 97 100 101 137 108 120 135 141 136 127 For note see following page. 1150 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REVISED INDEXES OF DEPARTMENT STORE SALES AND STOCKS, BY MAJOR DEPARTMENTS —Continued [Based on retail value figures] Sales indexes, without seasonal adjustment Stocks indexes, without seasonal adjustment 1947-49 average monthly sales =100 1947-49 average end-of-month stocks =100 Department 1953 Jan. Feb. Mar. Apr. May June Jan. Feb. Mar. Apr. May June Homefurnishings 90 88 93 96 100 97 109 112 124 127 125 121 Furniture and bedding 120 121 105 108 116 111 116 116 131 132 131 127 Mattresses, springs, studio beds 141 139 119 127 125 128 138 143 154 158 149 146 Upholstered, other furniture 107 119 99 103 109 106 110 115 126 130 125 128 Domestic floor coverings 80 82 83 85 67 112 109 119 115 120 111 Rugs and carpets 89 85 80 88 86 70 110 117 118 128 124 120 Linoleum 52 54 68 68 66 65 81 76 75 84 71 76 Draperies, curtains, upholstery 79 79 100 111 118 101 107 115 126 128 124 118 Lamps and shades 80 78 80 88 83 72 105 111 121 125 123 118 China and glassware 89 88 93 94 92 97 121 126 131 135 137 136 Major household appliances 64 59 72 66 72 88 91 99 104 113 111 102 Housewares (incl. small appliances) 78 78 99 110 116 116 106 114 128 134 129 124 Gift shop 67 76 84 94 97 100 112 121 132 138 135 136 Radios, phonographs, television, records, etc 115 95 101 81 74 75 99 102 116 120 119 112 Radios, phonographs, television 146 95 105 82 89 72 101 97 113 124 139 108 Pianos, records, sheet music, instruments 61 77 80 67 67 78 91 96 102 102 94 77 Miscellaneous merchandise departments 57 63 78 84 95 99 97 106 109 112 108 82 Toys, games, sporting goods, cameras 30 38 57 73 96 98 103 111 117 122 117 Toys and games 18 29 47 66 55 80 106 97 101 108 117 129 Sporting goods and cameras 50 54 69 51 99 127 92 106 114 126 125 109 89 Luggage 67 60 66 76 105 133 113 108 119 126 129 123 65 114 105 76 67 104 93 96 88 85 79 Candy 84 108 101 105 107 100 112 118 121 119 108 BASEMENT STORE TOTAL 72 147 88 136 100 99 109 118 121 168 121 120 Domestics and blankets. 78 75 115 103 105 101 95 110 114 116 111 101 Women's, misses' ready-to-wear 72 84 81 98 103 113 110 103 113 117 128 122 114 Intimate apparel 76 72 153 106 57 32 86 110 99 82 66 65 Coats and suits 75 69 99 105 150 146 93 98 99 116 116 103 Dresses 71 72 95 100 121 138 87 103 127 136 107 112 Blouses, skirts, and sportswear 59 64 157 99 95 96 94 120 123 125 120 104 Girls' wear 79 74 125 104 93 91 104 121 121 122 119 111 Infants' wear Men's and boys' wear 70 67 104 95 103 137 97 113 123 129 130 114 Men's wear 73 68 91 95 106 148 98 112 124 133 135 116 Men's clothing 92 81 116 112 116 143 104 122 130 138 136 124 Men's furnishings 61 60 74 100 156 92 105 118 129 134 113 84 Boys' wear 62 63 152 94 93 95 119 119 116 115 106 104 Homef urnishings 75 78 95 108 89 108 113 117 123 122 116 105 Shoes 78 71 118 109 115 106 126 132 136 131 114 108 NONMERCHANDISE TOTAL 99 91 108 99 106 n.a. n.a. n.a. n.a. 104 Barber and beauty shop 103 98 122 136 136 n.a. n.a. n.a. n.a. 139 n.a. Not available. NOTE.—A brochure containing data for the revised departmental series for the period 1940-1952, inclusive, may be obtained from the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington 25, D. C. Sales indexes are shown monthly for the entire period, while stocks indexes and stocks-sales ratios are available for October 1940, January and April 1941, and each month beginning June 1941. Figures showing the distribution of total sales in a calendar year among the various departments and among the various months of the year begin with 1941. The revised departmental indexes for the period January-June 1953 are shown above. Stocks-sales ratios for these six months and July may be found in the regular statistical section of the BULLETIN (April-October 1953 issues). Indexes for July and August and ratios for August are given on pp. 1208-1209 of this BULLETIN. Sales distribution data are compiled regularly in the spring for the preceding year; data for 1953 will be available in May 1954. NOVEMBER 1953 1151 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 Common Trust Funds made in such participations. Limitation Upon Aggregate Investments by It is the Board's view that under this language Single Trust £ ^ g l i additional amount which a 0 re Uaton tne The Board has been requested to interpret the i i trust fund is detrust may nvest n a common following sentence of section 17(<r)(5) of its Regu- i d by the dollar amount which the trust actermne lation F: tually invested in the participations which it now "No funds of any trust shall be invested in a holds, rather than by the present market value of participation in a Common Trust Fund if such such participations. For example, if a total of investment would result in such trust having in- $75,000 was paid for units purchased for the trust vested in the aggregate in the Common Trust n previous occasions, the amount which could now o Fund an amount in excess of 10 per cent of the be invested would be $25,000 (assuming that $100,value of the assets of the Common Trust Fund 000 does not exceed 10 per cent of the present value at the time of investment, as determined by the f assets of the common trust fund), regardless o tne trust investment committee, or the sum of $100,- f h present market value of the units already held o t e 000 whichever is less." by the trust. The specific question was whether (1) the actual This interpretation supersedes the one published amount previously invested in participations in the in the 1938 Federal Reserve BULLETIN at page 762 common trust fund or (2) the present market value which was to the opposite effect, but was based on of such participations, should determine the amount a provision of the regulation which was revised in of additional investments, if any, which may be 1945. CURRENT EVENTS AND ANNOUNCEMENTS Federal Reserve Meetings with indexes for recent months, appears on pages The Federal Advisory Council held a meeting in 1146-1151 of this BULLETIN. Back data for the Washington on November 15-17, 1953, and met period 1940-52 are included in a brochure that may with the Board of Governors of the Federal Reserve be obtained upon request to the Division of Admin- System on November 17. istrative Services, Board of Governors of the Federal Reserve System, Washington 25, D. C. In addition Deaths of Directors ^ ^ _ departmental indexes the available data in Dr. J. Hillis Miller, President, University of Flor- i stocks-sales ratios and also the dudc departmenta ida, Gainesville, Florida, who had been serving as j l dar year by the distribution of total saes in a caen a director of the Jacksonville Branch of the Federal u fa distribution of each dedepartments as wc as c Reserve Bank of Atlanta since August 16, 1948, died > of the year, partment s sales by the montns on November 14, 1953. Mr. L. C. Hutson, Director, Chickasha Cotton Oil Tables Published Annually and Semiannually, with Company, Chickasha, Oklahoma, who had been Latest BULLETIN Reference serving as a Class B director of the Federal Reserve ^™^ Issue Page Banking offic Bank of Kansas City since June 27, 1944, died on Analysis of changes in number of... Aug. 1953 907 J ' On, and not on, Federal Reserve Par November 16, 1953. List, number of Aug. 1953 908 Annually Revised Indexes of Department Store Sales and Stocks Bank suspensions Feb. 1952 135 hv Mai or Departments Earnings and expenses: by Major departments Federal Reserve Banks Feb. 1953 182-183 The Board's monthly indexes of department store Member banks: 7 r . Calendar year May 1953 536-546 sales and stocks, by departments, have been revised First half of year Oct. 1953 1114 inA*\ 1 1 • *1 1 11 Insured commercial banks May 1953 547 fror 1940 tO date, the entire period covered by the Banks and branches, number of, by series. A description of the revision, together p1Sta"rat?£^ A^ 19" 904-906 O 1152 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled October 28 and released for publication October 30] Industrial activity and retail sales in September duction of major household goods decreased slightly and October were somewhat below earlier ad- in September with furniture and appliances declinvanced levels. Wholesale commodity prices gen- ing somewhat further and television sets strengtherally continued to show little change. Total loans ening seasonally. and investments at banks contracted from mid- Nondurable goods production declined slightly September to mid-October and yields on securities in September as activity was reduced in the rayon declined sharply. and wool industries and operations were curtailed somewhat at petroleum refineries. Output of INDUSTRIAL PRODUCTION paperboard continued at capacity levels through The Board's preliminary index of industrial mid-October. Activity in the cotton textile indusproduction in September was 232 per cent of the try and in most other nondurable goods industries 1935-39 average, down 1 per cent from August. in September held steady at August levels. The reduction in output of about 3 per cent from Minerals production also was maintained in Septhe unusually high level maintained during the tember. Fuel output changed little with a small first half of the year reflected partly efforts to limit cutback in crude petroleum offset by an increase in inventories. The total index is expected to change coal mining. In early October crude output was little in October, with increases in output of steel curtailed further to a level about 4 per cent below and autos largely offsetting further reductions in that of late August and early September and propetroleum and some other products. duction of coal was also reduced somewhat. Output of durable goods declined moderately in September, reflecting further decreases in autos, CONSTRUCTION farm machinery, some items of industrial equip- Value of construction awards increased substanment, and reduced output of steel. Steel mill oper- tially in September to about the July level, reflecting ations, however, turned up at the end of the month, chiefly large awards in connection with a new and in October have been scheduled at an average atomic energy project. Outlays for new construcrate of about 95 per cent of capacity. Auto output tion put in place continued high, with advances in also expanded somewhat in October, while truck private business construction and public construcproduction was sharply curtailed late in the month tion offsetting a further slight decrease in residenowing partly to model changeovers. Over-all pro- tial building. The number of housing units started INDUSTRIAL PRODUCTION CONSTRUCTION CONTRACTS AWARDED led, 1935-39-100 Millions of Dollars 1 2000 1949 1950 Federal Reserve indexes. Monthly figures, latest shown are F. W. Dodge Corporation data for 37 Eastern States. for October. Monthly figures, latest shown are for September. NOVEMBER 1953 1153 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NATIONAL SUMMARY OF BUSINESS CONDITIONS declined further in September to 92,000, as com- tober, reflecting partly seasonal reductions in prices pared with 94,000 in August and 101,000 in Sep- of livestock and meat. Corn fell about 15 per cent tember 1952. during this period of crop harvest, but wheat ad- EMPLOYMENT vanced to the highest levels since early May. Average prices of industrial commodities changed Employment in nonagricultural establishments little. Steel scrap declined further in early October was maintained at near record levels in September, but subsequently advanced, and nonferrous metals a time when a seasonal expansion usually occurs. generally strengthened. Hides, rubber, and lumber In reports for mid-September, which included the declined. Tire prices were raised, while gasoline Labor Day holiday for many establishments, the prices were reduced in some areas. factory work-week was down almost one hour, to 391/ . Unemployment in September continued The consumer price index rose slightly further 2 at a low level. in September, reflecting increases in most groups of goods and services other than foods. DISTRIBUTION Seasonally adjusted sales at department stores BANK CREDIT AND RESERVES decreased further in September, partly reflecting Total loans and investments at banks in leading unusually warm weather, but showed some rise in cities declined from mid-September to mid-October, the first half of October. Sales of new and used reflecting both a continued reduction in holdings cars remained very active for this season of the of United States Government securities and a deyear. Preliminary indications are that the seasoncline in loans. All major categories of loans and ally adjusted index of department store stocks deinvestments except real estate loans declined. There clined slightly in September. was a contraction in business loans of 95 million dollars compared with an increase of over 500 COMMODITY PRICES million in the corresponding four-week period last The average level of wholesale commodity prices year. Interest rates on business loans made in declined slightly from mid-September through Octhe first fifteen days of September by banks in MONEY RATES nineteen centers averaged 3% per cent, about the same as in early June. Bank reserve positions continued easy during the first three weeks of October. Reserve funds were supplied through Federal Reserve purchases of Treasury bills in the first week of October, as well as an increase in float, and a decline in Treasury deposits at Federal Reserve Banks. Excess reserves of member banks averaged 800 million dollars, while borrowing from the Federal Reserve averaged under 400 million. SECURITY MARKETS Yields on Treasury and other high-grade bonds 1950 1951 1952 1953 Figures except for Federal Reserve discount rate are declined sharply in October. Short-term yields also monthly average market yields. Corporate Aaa bonds, Moody's Investors Service; U. S. Government long-term (excludes 2>Y\ declined, and the yield on new three-month Treasper cent bonds issued May 1, 1953), U. S. Treasury Department and Federal Reserve; municipal high-grade bonds, Stand- ury bills was 1.22 per cent in late October as comard and Poor's Corporation; treasury bills, Federal Reserve. Latest figures shown are for October. pared with 1.63 per cent at the end of September. 1154 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGE Member bank reserves, Reserve Bank credit, and related items 1157-1158 Federal Reserve Bank rates; margin requirements; reserve requirements 1158-1159 Reserves and deposits of member banks 1160 Federal Reserve Bank statistics 1161-1163 Regulation V: guaranteed loans, fees, and rates 1163-1164 Bank debits and deposit turnover; Postal Savings System 1164 Money in circulation 1165 Consolidated statement of the monetary system; deposits and currency. . 1166 All banks in the United States, by classes 1167-1169 All commercial banks in the United States, by classes 1170-1171 Weekly reporting member banks 1172-1173 Commercial paper and bankers' acceptances 1174 Life insurance companies; savings and loan associations 1175 Government corporations and credit agencies 1176-1177 Security prices and brokers' balances 1178 Money rates; bank rates on business loans; bond and stock yields 1179 Treasury finance 1180-1185 New security issues 1186 Business finance 1187-1188 Real estate credit statistics 1189-1191 Statistics on short- and intermediate-term consumer credit 1192-1194 Business indexes 1195-1204 Merchandise exports and imports 1204 Department store statistics 1205-1209 Consumers' and wholesale prices 1210-1211 Gross national product, national income, and personal income 1212-1213 Revised Estimates of Short- and Intermediate-Term Consumer Credit for 1952 1214 List of tables published in BULLETIN annually or semiannually, with references for latest data 1152 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. NOVEMBER 1953 1155 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS Wednesday Figure*, 1946-1950, Weekly Averages of Daily Figures, 1951- Billions of Dollars 25 - L-j MEA«BE1 BANK . I 20 ^L ««.v, .MANC.S jkhCFZSr*- | - « Kr K r REQUIRED REStRVES I - 15 - EXCESS RESERVES i i 30 FEDERAL RESERVE CREDIT - ; S. GOVERNMEIMT SECURITIES 25 - / -* OUTRIGHT / BOUGHT 20 \ V - - 15 I 3 HELD UNDER REPURCHASE AGREEMENTS 0 5 DISCOUNTS AND ADVANCES FEDERAL RESERVE FLOAT 4fK 1946 1947 1948 1949 1950 1951 1952 1953 1954 Latest averages shown are for week ending Oct. 28. See page 1157. 1156 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Deposits, other Date U T . o S t . a l Go B v r o o i t g u . u h t g s - t h e t cu u r c a m r H e h n i g t p e e a d r i u l n e e s e d s e e r t r - - c v o D a a a u n n i d s n c d - - e ts s Float o A t l h l - Total s G t o o l c d k s T r t o e c a u i r n n u u n e r g y c r t a d - - y s - - M c t c u o i i i o n l n r a n - e - y T h c i u r o n a e r l g s y d a h s s - - T p t w u o h d r r e e r s e a i y - i a s t n t h e s s - r m F v . e e p F e m o d R b i o e s g b . a - r i n t - l e B s a r n a b c n O p e a d k i o e s t t n e s s r s h , - k - - c O s F o e R e a t e u r r c h e a d v - n - e l - e t r s Tot r a e M l se e r q m v u e b R i e r b e e r - a d l b 2 a a n n c c k e e E s s x s - * Wednesday 1952 Sept. 3 23,182 23,116 66 968 661 24,816 23,344 4,774 29,391 1,285 715 815 251 71719,760 19,511 249 Sept. 10 23,229 23,116 113 880 759 24,872 23,344 4,776 29,364 ,279 347 789 159 71520,340 19,549 791 Sept. 17 23,740 23,740 313 1,191 25,249 23,344 4,780 29,292 ,281 6 821 177 729 21,067 19,957 1,110 Sept. 24 23,715 23,715 400 738 24,857 23,343 4,781 29,247 ,274 264 728 161 726 20,581 19,901 680 Oct. 1.... 23,69423,694 544 721 24,963 23,342 4,787 29,417 ,287 523 722 162 88220,098 19,762 336 Oct. 8 23,663 23,663 1,019 698 25,384 23,341 4,787 29,545 ,280 596 723 249 880 20,239 19,567 672 Oct. 15 23,663 23,663 772 887 25,325 23,341 4,787 29,617 ,276 212 675 179 88120,613 20,089 524 Oct. 22 23,663 23,663 1,130 1,070 25,867 23,340 4,790 29,511 ,281 618 684 245 878 20,779 20,128 651 Oct. 29 23,62423,624 1,171 706 25,505 23,340 4,790 29,540 ,289 588 655 236 87720,449 19,975 474 Nov. 5 23,520 23,495 25 1,663 528 25,714 23,339 4,794 29,748 ,278 789 643 250 80520,334 19,884 450 Nov. 12 23,567 23,492 75 1,583 542 25,696 23,338 4,794 29,905 ,282 505 639 244 80520,447 19,906 541 Nov. 19 23,563 23,502 61 1,486 1,140 26,193 23,337 4,797 29,842 ,292 703 691 258 80320,738 20,073 665 Nov. 26 23,761 23,612 149 1,615 921 26,301 23,338 4,797 30,152 ,267 317 711 270 80120,917 20,409 508 Dec. 3.... 23,968 23,712 256 1,591 1,188 26,751 23,337 4,803 30,274 ,278 719 734 147 80020,939 20,371 568 Dec. 10.... 24,239 23,787 452 1,752 866 26,860 23,337 4,804 30,370 ,280 645 720 316 80220,868 20,288 580 Dec. 17 24,469 23,914 555 1,022 1,543 27,039 23,277 4,806 30,487 ,269 371 729 208 86021,198 20,582 616 Dec. 24 24,613 23,997 616 1,728 1,515 27,860 23,186 4,809 30,732 ,266 665 729 201 86321,400 20,531 869 Dec. 31 24,697 24,034 663 156 967 25,825 23,187 4,812 30,433 ,270 389 550 455 77719,950 20,520 -570 1953 Jan. 7.... 24,391 24,034 357 1,336 965 26,695 23,137 4,814 30,153 ,280 622 570 343 77620,902 20.309 593 Jan. 14 24,205 24,034 171 1,076 881 26,166 23,137 4,814 29,884 ,280 455 699 364 77620,660 20,274 386 Jan. 21 24,03424,034 862 1,005 25,904 23,088 4,814 29,687 ,291 343 622 348 77420,741 20,255 486 Jan. 28.... 23,970 23,970 1,307 728 26,009 23,036 4,815 29,592 ,298 745 612 337 77520,502 20,095 407 Feb. 4.... 23,989 23,888 101 1,385 770 26,148 22,935 4,820 29,657 ,331 672 562 326 77020,584 19,956 628 Feb. 11 23,929 23,888 41 1,329 649 25,912 22,832 4,820 29,776 ,312 431 558 340 77020,376 19,894 482 Feb. 18 23,89023,888 732 1,023 25,648 22,722 4,821 29,654 ,288 395 458 244 83520,318 19,979 339 Feb. 25 23,853 23,853 806 743 25,406 22,662 4,821 29,735 ,291 389 454 211 83419,975 19,791 184 Mar. 4 23,85323,853 824 1,062 25,742 22,662 4,824 29,772 ,295 488 512 240 83020,090 19,840 250 Mar. 11 23,853 23,853 1,315 770 25,941 22,611 4,824 29,780 ,299 331 581 345 82920,212 19,821 391 Mar. 18 23,963 23,963 1,009 1,202 26,178 22,612 4,826 29,708 ,305 496 381 85220,865 20,002 863 Mar. 25 23,86923,869 705 810 25,387 22,562 4,826 29,600 ,306 511 351 85220,148 19,854 294 Apr. 1 23,80623,806 465 748 25,023 22,563 4,827 29,754 ,304 286 550 344 86919,305 19,518 -213 Apr. 8 23,80623,806 908 709 25,427 22,562 4,828 29,780 ,300 329 568 343 86819,629 19,472 157 Apr. 15 23,821 23,806 15 868 856 25,549 22,562 4,833 29,753 ,278 341 574 200 86519,932 19,560 372 Apr. 22 23,80623,806 842 743 25,395 22,562 4,834 29,722 ,279 509 585 356 86419,476 19,481 -5 Apr. 29 23,80623,806 837 581 25,227 22,562 4,836 29,787 ,278 367 518 401 78419,489 19,395 94 May 6 23,86023,806 54 933 647 25,443 22,561 4,840 29,863 ,285 214 517 374 78019,811 19,386 425 May 13. . .. 23,87923,851 28 1,264 684 25,831 22,561 4,841 29,845 ,285 428 618 366 78019,912 19,282 630 May 20 23,92223,891 31 530 832 25,288 22,562 4,844 29.795 ,282 145 584 286 77719,824 19,312 512 May 27 24,08823,963 125 571 645 25.308 22,536 4,845 29,825 ,284 355 504 238 77719,706 19,298 408 June 3. . . . 24,121 24,071 507 785 25,418 22,536 4,849 29,980 ,282 137 520 253 90219,729 19,209 520 June 10 24,63724,632 454 646 25.741 22,537 4,850 30,003 ,289 6 587 173 90220,168 19,449 719 June 17.... 25,15425,154 286 1,213 26,656 22,513 4,851 29,970 ,276 8 598 252 95820,958 19,778 1,180 June 24.... 24,83724,837 317 619 25,776 22,487 4,851 29,929 ,272 8 615 158 96020,173 19.594 579 July 1. . . . 24,76624,766 245 737 25,752 22,463 4,854 30,152 ,269 176 521 174 94919,828 19,113 715 July 8 . . . . 24,96424,964 341 677 25,984 22,438 4,854 30,279 ,266 431 488 176 94819,690 19,002 688 July 15 24,96424,964 200 756 25,923 22,374 4,853 30,163 ,264 640 561 179 94719,397 18,253 1,144 July 22 24,96424,964 521 777 26,265 22,276 4,853 30,051 ,267 539 525 323 94719,742 19,098 644 July 29 24,96424,964 747 588 26,301 22,277 4,853 30.044 ,264 841 547 343 86319.529 19,014 515 Aug. 5 24,96424,964 561 625 26,153 22,227 4,858 30,139 ,276 460 557 332 86019,614 18,959 655 Aug. 12 24,96424,964 776 609 26,352 22,228 4,859 30,158 ,275 675 551 329 85919,593 18,942 651 Aug. 19 25,00824,989 19 815 751 26,577 22,228 4,861 30,145 ,280 738 610 390 86219,641 18,865 776 Aug. 26 25,017 24,989 28 524 587 26.131 22,228 4,862 30,105 ,273 669 518 354 86219,440 18,860 580 Sept. 2 25,067 25,014 53 391 610 26,071 22,178 30,240 ,278 541 538 333 85919,325 18,884 441 Sept. 9 25,126 25,034 92 491 559 26,179 22,178 30,479 ,274 574 569 363 85919,104 18,731 373 Sept. 16 25,207 25,084 123 311 943 26,464 22,178 30,335 ,278 356 507 381 88219,771 18,885 886 Sept. 23 25,185 25,185 228 813 26,228 22,179 30,210 ,277 619 543 259 88119,486 18,868 618 Sept. 30.... 25,235 25,235 329 685 26,252 22,128 4,872 30,275 ,283 642 512 352 88019.309 18,816 493 Oct. 7 25,348 25,348 281 606 26,238 22,128 4,872 30,374 ,284 524 484 370 89919,303 18,757 546 Oct. 14. . . .25,363 25,348 271 685 26,322 22,128 4,873 30,412 ,271 348 461 375 89919,557 18,728 829 Oct. 21 25,348 25,348 260 826 26,437 22,077 4,874 30,305 ,270 530 461 358 89719,567 18,817 750 •Oct. 28 25,348 25,348 359 599 26,309 22,077 4,874 30,268 ,282 644 471 366 89519,334 18,796 538 End of month 1952 Oct 23,575 23,495 80 1,591 685 25,855 23,339 4,795 29,644 ,268 770 642 245 805 !0,616 19,996 620 Nov 23,821 23,612 209 1,895 1,020 26,740 23,338 4,802 30,236 ,261 378 758 298 801 20,354 795 Dec 24,697 24,034 663 156 967 25,825 23,187 4,812 30,433 ,270 389 550 455 777 9^950 20,520 -570 1953 Jan 23,944 23,888 56 1,735 796 26,478 22,986 29,691 ,308 809 586 508 77020,611 19,997 614 Feb 23,875 23,853 23 1,309 1,006 26,194 22,662 29,793 ,284 336 511 412 83320,511 19.796 715 Mar 23,806 23,806 485 632 24,927 22,563 29,754 ,293 222 536 342 850 9,322 19,607 -285 Apr 23,880 23,806 "74 1,014 649 25,546 22,562 29,842 ,269 393 506 416 783 9,740 19,389 351 May 24,246 24,031 215 731 607 25,589 22,537 29,951 ,272 221 515 171 77520,069 19,263 806 J O J A S u u e c u n l p t g y e t 2 2 2 2 2 5 5 5 4 4 , , , , , 2 3 0 7 9 3 4 6 4 6 5 8 3 6 4 2 2 2 2 2 5 5 4 4 4 , , , , , 2 3 9 7 9 3 4 8 1 6 5 8 9 8 4 "7 2 4 8 3 3 4 6 1 6 4 2 4 3 4 3 9 4 6 6 5 5 7 0 8 4 8 6 1 5 9 7 5 2 2 2 2 2 6 6 5 5 6 , , , , , 2 1 5 9 4 5 7 5 5 1 2 6 0 8 4 ' 2 2 2 2 2 2 2 2 2 2 , , . , , 4 1 1 2 0 6 7 2 7 7 3 8 8 7 7 P 3 3 3 3 3 0 0 0 0 0 , , , , . 2 2 1 1 3 7 4 2 2 9 5 8 0 5 1Pi, , , , , 2 2 2 2 2 8 6 5 6 8 1 9 9 3 3 4 6 5 6 1 9 4 4 5 3 6 2 8 4 2 5 5 5 4 5 1 2 6 4 2 2 7 6 8 4 3 3 3 4 1 2 5 4 6 7 5 2 6 8 6 9 8 8 8 8 5 6 6 8 0 1 2 2 0 21 1 9 9 9 9 9 , , , , , 5 3 2 6 4 6 0 7 0 6 1 9 7 8 0 1 1 1 1 1 8 9 8 9 8 , , , , , 8 8 4 0 8 0 1 5 1 2 2 6 9 7 6 4 6 5 1 1 7 3 9 9 0 6 4 0 3 2 9 Preliminary. For footnotes see following page. NOVEMBER 1953 1157 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 Treas- reserve balances, Other reserve balances U. S. Govt. securities ury Money Treas- with F. R. Banks Fed- Date Dis- Gold cur- in ury erai pe o ri r od Total B r o o ig u u h g t- t ht u r c a H e n h g p e a d r l u e s e d e e r r - - v co a a a n n u d c d n - e ts s Float o e A r t l h * l - Total stock s r o t e i a u n n n t g c - d y - c t c u i i o r la n - - h c in o a l g s d h s - T p u o d r r e s e i y - a t s s - p F e o d i o s e g r i - n t - s O p d i e o t t e r h s s - - - c s o R e a u r c e v - n - e ts Total qu R ir e e - d2 c E es x s - 3 ment End of month: 1929—June. 216 148 68 1,037 52 95 1,400 4,037 2,019 4,459 204 36 6 21 374 2,3S6 2,333 25 1933—June. 1,998 1,998 164 4 54 2,220 4,031 2,286 5,434 264 35 15 151 346 2,292 1,817 475 1939—rjec. 2,484 2,484 7 91 11 2,59317,644 2,963 7,598 2,409 634 397 256 251 11,653 6,444 5,209 1941—Dec. 2,254 2,254 3 94 10 2,36122,737 3,24711,160 2,215 867 774 586 291 12,450 9 365 3,085 1945—Dec. 24,262 19,410 4,852 249 578 2 25,09120,065 4,33928,515 2.287 977 862 446 495 15,915 14,457 1,458 1947—Dec. 22,559 22,559 85 535 1 23,18122,754 4,56228,868 1,336 870 392 569 563 17,899 16,400 1,499 1948—Dec. 23,333 23,333 223 541 1 24,09724,244 4,58928,224 1,325 1.123 642 547 590 20,479 19,277 1,202 1949—Dec. 18,885 18,885 78 534 2 19,49924,427 4,59827,600 1,312 821 767 750 706 16,568 15,550 1,018 1950—Dec. 20,778 20,725 53 67 1,368 3 22,21622,706 4,63627,741 1,293 668 895 565 714 17,681 16,509 1,172 1951—June.22,982 22,932 50 53 1,002 5 24,04321,756 4,65527,809 1,281 317 870 392 765 19,020 18,604 416 Dec. 23,801 23,605 196 19 1,184 5 25,00922,695 4,70929,206 1,270 247 526 363 746 20,056 19,667 389 1952—June.22,906 22,764 142 59 581 5 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 4 25,82523,187 4,81230,433 1,270 389 550 455 777 19,950 20,520 -570 1953—June.24,746 24,718 28 64 601 3 25,41422,463 4,85430,125 1,259 132 527 176 951 19,561 19,459 102 Averages of daily figures Monthly: 1952—Oct..23,657 23,644 13 1,093 927 4 25,68123,340 4,78829,555 1,276 550 688 253 876 20,611 19,963 648 Nov. 23,638 23,527 111 1,577 954 4 26,17223,338 4,79629,904 1,277 591 689 297 803 20,744 20,087 657 Dec. 24,400 23,876 524 1,633 1,262 4 27,29923,276 4,80630,494 1,271 569 745 290 832 21,180 20,457 723 1953—Jan.. 24,202 24,011 191 1,372 1,008 4 26,58623,101 4,81429,920 1,280 552 611 405 775 20,958 20,251 707 Feb.. 23,918 23,875 43 1,336 822 4 26,08022,797 4,82129,718 1,299 500 526 336 800 20,520 19,882 638 Mar. 23,892 23,878 14 1,220 909 4 26,02522,606 4,82529,752 1,296 244 530 378 841 20,416 19,828 588 Apr.. 23,861 23,806 55 1,184 843 4 25,89222,562 4,83229,782 1,281 395 563 397 861 20,007 19,472 535 May. 23,973 23,881 92 955 750 4 25,68222,557 4,84329,869 1,279 356 552 350 779 19,897 19,306 591 June. 24,748 24,729 19 433 776 3 25,96022,514 4,851 30,011 1,273 52 566 203 933 20,287 19,499 788 July. 24,955 24,943 12 428 737 3 26,12322,366 4,85330,165 1,264 545 537 239 939 19,653 18,869 784 Aug.. 25,000 24,974 26 658 660 3 26,32222,226 4,86030,167 1,273 656 548 376 861 19,526 18,882 644 Sept. 25,168 25,097 71 468 771 3 26,41022,176 4,86730,328 1,273 537 538 354 871 19,552 18,834 718 Oct.. 25,344 25,341 3 367 800 3 26,51422,102 4,87330,366 .274 557 463 406 889 19,536 Weekending: Aug. 5 24,964 24,964 628 606 3 26,20022,263 4,85730,124 1,269 563 563 368 861 19,572 18,981 591 Aug. 12 24,964 24,964 847 572 3 26,38622,227 4,85830,178 1,273 657 539 349 860 19,616 18,907 709 Aug. 19 24,992 24,967 25 752 806 3 26,55422,228 4,85930,181 1,277 793 598 391 860 19,541 18,895 646 Aug. 26 25,014 24,989 25 496 659 3 26,17222,228 4,86230,138 1,274 626 520 402 861 19,441 18,818 623 Sept. 2.... 25,073 24,992 81 506 624 3 26,20722,185 4,86330,219 1,272 592 518 350 862 19,442 18,840 602 Sept. 9 25,137 25,017 120 802 631 3 26,57322,178 4,86630,376 1,270 710 568 382 860 19,450 18,751 699 Sept. 16.... 25,195 25,045 150 541 758 3 26,49622,178 4,86630,430 1,270 422 558 395 866 19,600 18,844 756 Sept. 23.... 25,142 25,125 17 227 1,023 3 26,39522,178 4,86830,294 1,272 409 520 247 882 19,818 18,900 918 Sept. 30. . . . 25,229 25,229 318 726 3 26,27622,171 4,87030,238 1,280 615 510 400 882 19,393 18,831 562 Oct. 7 25,320 25,317 3 415 714 3 26,45222,128 4,87230,345 1,277 590 494 380 900 19,466 18,791 675 Oct. 14.... 25,360 25,349 11 499 671 3 26,53322,128 4,87330,437 1,277 525 470 459 899 19,466 18,710 756 Oct. 21 25,348 25,348 250 1,109 3 26,71022,085 4,87330,373 1,266 550 439 398 898 19,744 18,823 921 Oct. 28 25,348 25,348 299 741 3 26,39122,077 4,87430,300 1,273 518 451 390 896 19,515 18,779 736 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 sime publication. MAXIMUM RATES ON TIME DEPOSITS MARGIN REQUIREMENTS3 [Per cent per annum] [Per cent of market value] Nov. 1, 1933-Feb. 1, 1935- Effective Mar. 30, Jan. 17, Effec- Jan. 31, 1935 Dec. 31, 1935 Jan. 1,1936 Prescribed in accordance with 1949- 1951- tive Securities Exchange Act of 1934 Jan. 16, Feb. 19, Feb. 20,- 1951 1953 1953 Savings deposits Postal Savings deposits Other deposits payable: Regulation T: In 6 months or more For extensions of credit by brokers In 90 days to 6 months. . . and dealers on listed securities 50 75 50, In less than 90 days For short sales 50 75 50 * Regulation U: NOTE.—Maximum rates that may be paid by member banks as For loans by banks on stocks 50 75 50 established by the Board of Governors under provisions of Regulation Q. Under this Regulation the rate payable by a member bank 1 Regulations T and U limit the amount of credit that may bePex^ 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, andvs February 1953, p. 130. 1158 FEDERAL RESERVE BULLETINS 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)i (last par. Sec. 13) Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Oct. 31 beginning— rate Oct. 31 beginning— rate Oct. 31 beginning— rate Boston Jan. 20,1953 an. 20,1953 Jan. 20,1953 New York.... Jan. 16,1953 an. 16,1953 Jan. 16,1953 Philadelphia.. an. 16,1953 an. 16,1953 Jan. 16,1953 2}J Cleveland an. 16,1953 \X an. 16,1953 Aug. 17,1953 2H Richmond.... an. 23,1953 IX an. 23,1953 Jan. 23,1953 2V* Atlanta an. 16,1953 1H an. 16,1953 July 20,1953 Chicago an. 16,1953 IX an. 16,1953 Aug. 13,1948 2H St. Louis an. 16,1953 IX Jan. 16,1953 May 18,1953 Minneapolis. . an. 16,1953 IX Jan. 16,1953 3 Jan. 26,1953 2% K Da a l n l s a a s s City.. a a n n . . 2 1 3 6 , ,1 1 9 9 5 5 3 3 I I X X J J a a n n . . 2 1 3 6 , ,1 1 9 9 5 5 3 3 28 2% J J a a n n . . 2 1 3 6 , ,1 1 9 9 5 5 3 3 San Francisco Jan. 20,1953 IX Jan. 20,1953 3 Jan. 20,1953 2*1 i Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. NOTE.—Maximum maturities. Discounts for and advances to member banks: 90 days for discounts and advances under Sections 13 and 13a of the Federal Reserve Act except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months, respectively, and advances secured by obligations of Federal intermediate credit banks maturing within 6 months are limited to maximum maturities of 15 days; 4 months for advances under Section 10(b). Advances to individuals, partnerships, or corporations under the last paragraph of Section 13: 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443. FEDERAL RESERVE BANK BUYING RATES ON MEMBER BANK RESERVE REQUIREMENTS ACCEPTANCES [Per cent per annum] [Per cent of deposits] Rate on In effect be- Previous Net demand deposits l Maturity Oct. 31 ginning— rate Time Effective date deposits 1- 90 days 2H Jan. 16, 1953 IH of change C re e s n e t r r v a e l Re c s i e ty rve Country me ( m al b l er 91-120 days 2H Jan. 16, 1953 city banks banks banks) 121-180 days 2% Jan. 16, 1953 2H banks NOTE.—Effective minimum buying rates on prime bankers' accept- 1917—June 21. 13 10 a S n ta c t e is s t ic p s a , ya T b a l b e l e i n 1 1 d 7 o , l l p a p rs . . 4 43 B - a 4 c 4 k 5 . figures.—See Banking and Monetary 1 1 9 9 3 3 6 7 — — A M u a g r . . 16 1 . . 22M 1 1 5 7 4K May 1. 26 20 14 2* FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS AND COMMITMENTS UNDER SECTION 13B 1938—Apr. 16. 22M 17 12 OF THE FEDERAL RESERVE ACT 5 1941—Nov. 1. 26 20 14 Maturities not exceeding five years 1942—Aug. 20. 24 6 [In effect October 31. Per cent per annum] Sept. 14. 22 Oct. 3. 20 To industrial or 1948—Feb. 27. 22 commercial To financing institutions June 11. 24 businesses Sept. 16. 16 27^ Sept. 24. On discounts or 1949—May 1. 15 27 R Fe e d se e r r v a e l purchases J M u a n y e 3 5 0 . . 24 2 2 1 0 3 3 7 6 Bank lo O an n s x co m m O e m n n t i s t- fo P r o w rti h o i n ch Re- c m o O m en n m ts it- J A A u u u ly g g . . 11 1 1 . . . 1 1 4 3 3 26 5 institu- maining Aug. 16. 12 25 tion is portion Aug. 18. 23 19 obligated Aug. 25. 22^ Sept. 1. 22 18 Boston 1951—Jan. 11. 23 19 36 New York Jan. 16. 13 26 P C h le il v a e d la e n lp d hia. . . . 2 y ^ 2 -5 J F a e n b . . 25 1 . . 24 20 ii' Richmond Atlanta 1953—July 1. 13 Chicago July 9. 22 19 St. Louis 3-5 2-2 Minneapolis 3-5^ In effect Nov. 1, 1953* .. 22 19 13 Kansas City 2 H-5 Dallas 3-5 H 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. 2Requirement became effective at country banks. 8Rate 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 4Present legal minimum and maximum requirements on net demand of loan. deposits—central reserve cities, 13 and 26 per cent; reserve cities, • Charge of }£ per cent per annum is made on undisbursed portion 10 and 20 per cent; country, 7 and 14 per cent, respectively; on time •of loan. deposits at all member banks, 3 and 6 per cent, respectively. Back figures.—See Banking and Monetary Statistics, Table 118, pp. 446-447. NOVEMBER 1953 1159 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MEMBER BANK RESERVES AND BORROWINGS [Averages of daily figures. In millions of dollars] Central reserve Central reserve All city banks Re- All city banks Re- Month, or mem- serve Coun- Month, or mem- serve Counweek ending Wednesday ber city try week ending Wednesday ber city try banks» New Chi- banks banksl banks! New Chi- banks banks1 York cago York cago Total reserves held: Excess reserves: 1952—July 20,536 5,474 1,365 7,911 5,786 1952—July 609 -14 7 84 532 August 20,306 5,223 1,360 7,933 5,790 August 649 5 1 129 513 September... 20,514 5,256 1,369 8,009 5,880 September 778 63 6 155 554 1953—July 19,653 4,838 1,292 7,808 5,713 1953—July 784 53 5 130 597 August 19,526 4,713 1,293 7,805 5,714 August 643 6 1 99 537 September... 19,552 4,717 1,283 7,779 5,773 September 718 31 -2 116 573 Sept. 16 19,600 4,689 1,287 7,797 5,827 Sept. 16 755 14 111 630 Sept. 23 19,818 4,764 1,288 7,838 5,928 Sept. 23 917 72 2 144 699 Sept. 30 19,393 4,781 1,261 7,753 5,598 Sept. 30 564 50 -12 117 409 Oct. 7 19,467 4,746 1,279 7,718 5,724 Oct. 7 675 14 10 112 539 Oct. 14 19,466 4,663 1,263 7,758 5,783 Oct. 14 757 25 1 145 586 Oct. 21 19,744 4,741 1,282 7,824 5,897 Oct. 21 P932 76 3 168 P685 Borrowings at Federal Required reserves:2 Reserve Banks: 1952—July 19,926 5,488 1,358 7,826 5,254 1952—July 1,077 225 82 634 136 August 19,657 5,218 1,359 7,804 5,277 August 1,032 227 41 581 183 September... 19,736 5,193 1,364 7,854 5,326 September 683 117 30 384 151 1953—July 18,868 4,786 1,288 7,678 5,117 1953—July 418 12 40 245 121 August 18,882 4,706 1,292 7,706 5,177 August 650 53 79 365 154 September... 18,834 4,686 1,285 7,663 5,200 September 468 32 51 275 110 Sept. 16 18,844 4,675 1,286 7,686 5,197 Sept. 16 541 53 77 289 122 Sept. 23 18,900 4,691 1,286 7,694 5,229 Sept. 23 227 2 12 142 71 Sept. 30 18,831 4,731 1 ,274 7,637 5,189 Sept. 30 318 21 207 90 Oct. 7 18,791 4,732 1,268 7,606 5,185 Oct. 7 412 4 25 295 88 Oct. 14 18,710 4,638 1,262 7,613 5,197 Oct. 14 495 4 39 331 121 Oct. 21 P18.812 4,665 1,279 7,656 P5.212 Oct. 21 243 5 158 80 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 September 1953 September 1952 Gross demand deposits: Total 107,897 22,688 6,141 41,796 37,273 106,443 23,015 6,010 41,008 36,410 Interbank 12,331 3.843 1,275 6,126 1,087 12,528 4,023 1,234 6,158 1,113 Other 95,566 18,845 4,866 35,669 36,186 93,915 18,992 4,776 34,850 35,297 Net demand deposits2 93,991 20,624 5,514 35,927 31,927 92,921 21,112 5,393 35,367 31,049 Time deposits 35,126 2,476 1,200 13,956 17,494 32,569 2,098 1,152 13,004 16,315 Demand balances due from domestic banks... 6,312 40 118 1,986 4,168 6,310 47 132 1,907 4,223 Reserves with Federal Reserve Banks: Total 19,552 4,717 1,283 7,779 5,773 20,514 5,256 1,369 8,009 5,880 Required3 18,834 4,686 1,285 7,663 5,200 19,736 5,193 1,364 7,854 5,326 Excess 718 31 -2 116 573 778 63 6 155 554 Borrowings at Federal Reserve Banks 468 32 51 110 683 117 30 384 151 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. 2Demand deposits subject to reserve requirements, i. e., gross demand deposits minus cash items reported as in process of collection and demand balances due from domestic banks. 3 Reserve requirements were reduced in July 1953; see table on preceding page. 1160 FEDERAL RESERVE BULLETIN: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month Item 1953 1953 1952 Oct. 28 Oct.21 Oct. 14 Oct. 7 Sept. 30 Oct. Sept. Oct. Assets Gold certificates ... 90 043 109 20 043,10220,093 109 90 ,081,102 20 071 104 90 ,043,10320,071,104 21,433,103 Redemption fund for F. R. notes 853,889 856,621 859,267 859,405 862,363 853,890 862,363 706,468 Total gold certificate reserves 20,896,99120,899,72320,952,36920,940,507 20,933,46720,896,99320,933,467 22,139,571 Other cash 336,553 334,723 338,867 329,367 344,110 336,770 344,110 328,454 Discounts and advances: For member banks 352,090 253,080 264,475 278,355 329,347 405,520 329,347 1,546,404 For nonmember banks, etc 7 000 7 000 7 000 3,000 7,000 45,000 Industrial loans 2,661 2,578 2,672 2,809 2,968 2,662 2,968 4,281 U. S. Government securities: Bought outright: Bills 9 0S6 9 0S6 319 9 0S6 319 9,056,312 1 943 319 9,056,312 1,943,312 283,200 Certificates: Special Other s 8S1 S41 S 851 541 s 8S1 S41 S,851,541 S 8S1 541 s,851,541 5,851,541 4,995,716 Notes 13 773 671 13 773,67113,773 671 13,773,671 13 773 671 13,773,671 13,773,671 13,773,671 Bonds 3,666,150 3,666,150 3,666,150 3,666,150 3,666,150 3,666,150 3,666,150 4,521,975 Total bought outright ?S 347 674 9S 347 674 95 347 674 ?S,347,674 9S 734 674 ?S,347,67425,234,674 23,574,562 Held under repurchase agreement 15 000 Total U. S. Government securities 25,347,67425,347,67425,362,67425,347,67425,234,67425,347,67425,234,674 23,574,562 Total loans and securities 25,709,42525,610,33225,636,82125,631,83825,566,98925,762,85625,566,989 25,170,247 Due from foreign banks 22 22 22 23 F. R. notes of other Banks 17S 139 178 536 16S 446 171,204 198 949 182,301 198,242 180,443 Uncollected cash items 3 717 98S 4 981 736 4 S17 969 3,409,521 3 843,878 3,525,147 3,843,878 3,328,069 Bank premises SO036 SO 14? so081 50,029 SO041 50,056 50,041 45,583 Other assets 211,152 201,120 191,653 181,592 192,809 214,722 192,809 148,146 Total assets 51 096,59651,556,33451,852,52850,714,08051,129,55850,968,86751,129,558 51,340,536 Liabilities Federal Reserve notes 96 007 S99 96 037 17? ?6 138 4S6 96 ,098,753 96 033 313 ?6 ,133,622 26,033,313 25,426,180 Deposits: Member bank—reserve accounts 19 334,392 19 567,281 19 557,272 19,303,241 19,308,535 19,459,892 19,308,53520,615,560 643 566 530 309 348 473 524,267 64? 404 653,969 642,404 770,116 Foreign 470 970 460 S88 461 100 483,656 SI? 9SS 448,446 512,255 642,208 Other 365,672 357,656 374,980 369,813 351,631 467,556 351,631 244,677 Total deposits ?0 814 600 70 915 834 70 741 77S70,680,977 70 814 8?S ?1,029,86320,814,825 22,272,561 Deferred availability cash items 3 117 88S 3 455 571 3 831 ,803,340 3 158 668 ,738,362 3,158,668 2,643,010 Other liabilities and accrued dividends 22,149 21,801 22,363 20,985 20,693 19,952 20,693 17,539 Total liabilities 49 969 9 33SO430 378 SO734 S1S49,604,055 SO 09 7 499 49,921,799 50,027,499 50,359,290 Capital Accounts Capital paid in 969 70? 073 838 261,740 5 SO 262,707 261,550 248,166 Surplus (Section 7) S84,676 S84,676 S84,676 584,676 S84,676 584,676 584,676 538,342 Surplus (Section 13b) 77 543 77 S43 77 S43 27,543 97 S43 27,543 27,543 27,543 Other capital accounts 259,442 251,764 243,956 236,066 228,290 172,142 228,290 167,195 51 096,59651 556,33451 852,52850,714,08051,129,558 50,968,867 51,129,558 51,340,536 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 44.6 44.5 44.7 44.8 44.7 44.3 44.7 46.4 Contingent liability on acceptances purchased for foreign correspondents 99 739 94 643 9S 61? 26,050 96 9SS 22,752 26,255 16,141 Industrial loan commitments 3,443 3,478 3,398 3,318 3,342 3,381 3,342 3,720 Maturity Distributionof Loans andU. S. GovernmentSecurities» Discounts and advances—total 3S9 090 960 080 971 47S 281,355 39Q 347 412,520 329,347 1,591,404 Within 15 days 320,397 221,349 235,322 263,370 316,337 375,971 316,337 1,438,248 16 days to 90 days 38,583 38,731 32,253 17,985 13,010 36,439 13,010 153,156 91 davs to 1 vear 110 3,900 110 Industrial loans—total . . . 9 661 9^578 9,672 2,809 9,968 2,662 2,968 4,281 Within 15 days 583 546 SS9 607 840 533 840 332 16 days to 90 days 1,067 993 1,138 1,160 423 1,098 423 1,648 91 days to 1 year . 934 962 904 964 1,624 895 1,624 1,954 Over 1 year to 5 years 77 77 78 78 81 136 81 347 U. S Government securities—total 95 347 6749S 347,6749S 369,6749S 347,674 9S 9 34,6749S,347,67425,234,674 23,574,562 Within 15 days 360 9 SO 344 SS4 414 404 416,404 494 900 283,750 494,900 154,700 16 days to 90 days 9 187,812 9 203,508 9 148,658 9 131,658 8,940,162 9,264,312 8,940,162 128,500 91 days to 1 year 6 SS8,091 6 SS8,091 6 SS8 091 6 558,091 6 SS8 091 6,558,091 6,558,091 6,715,941 Over 1 year to 5 years 6 452,264 6 452,264 6 452,264 6 452,264 6,452,264 6,452,264 6,452,264 14,146,950 Over 5 years to 10 years . .... . .. t 374 400 1 374,400 1 374 400 1374,400 1 374 400 1,374,400 1,374,400 1 070,224 Over 10 years 1 414,857 1 414,857 1 414 857 1 414,857 1,414,857 ,414,857 1,414,857 1,358,247 beginning Apr. 15, 1953, U. S. Government securities classified according to maturity date. During the period Jan. 3, 1951-Apr. 8, 1953, callable issues classified according to nearest call date. Securities held under repurchase agreement are classified as maturing within 15 days in accordance with maximum maturity of the agreements. NOVEMBER 1953 1161 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON OCTOBER 31, 1953 [In thousands of dollars] Item Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- 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 S r is a a c n n o - Assets Gold certificates. 20,043,103 1,032,127 5,321,0231,247,4011,771,2191,074,867 874,0083,621,605 851,079 453,404 804,334 746,9262,245,110 Redemption fund for F. R. notes. 853,890 53,853 147,110 60,877 83,464 74,906 59,733 142,713 49,791 25,692 39,739 30,745 85,267 Total gold certificate reserves. . 20,896,993 1,085,980 5,468,1331,308,2781,854,6831,149,773 933,7413,764,318 900,870 479,096 844,073 777,6712,330,377 Other cash 336,770 28,403 74,191 23,212 23,754 17,904 27,369 53,784 17,945 7,025 11,827 13,872 37,484 Discounts and advances: Secured by U. S. Govt. securities. . . 391,093 4,845 13,980 5,415 26,325 14,778 44,435 52,910 21,550 24,133 39,617 33,270 109,835 Other 21,427 427 2,090 525 644 350 14,301 959 266 175 266 717 707 Industrial loans , 2,662 1,967 80 519 96 U. S. Government securities: Bought outright 25,347,674 1,395,744 6,525,2011,527,2992,151,739 1,503,1171,296,5084,380,889 1,066,402 625,606 1,104,7281,006,8862,763,555 Held under repurchase agreement... Total loans and securities 25,762,856 1,401,016 6,541,2711,535,2062,178,708 1,518,3251,355,7634,434,758 1,088,218 650,010 1,144,6111,040,8732,874,097 Due from foreign banks 22 1 16 2 2 1 1 3 1 1 1 1 2 F. R. notes of other Banks... 182,301 6,500 27,057 13,416 9,704 24,578 24,730 17,296 8,788 12,290 7,307 8,408 22,227 Uncollected cash items 3,525,147 266,134 592,744 202,317 326,237 328,194 246,076 601,982 167,810 107,696 176,177 196,120 313,660 Bank premises... 50,056 5,077 7,072 4,488 4,526 4,766 3,625 6,737 2,908 1,028 2,150 594 7,085 Other assets 214,722 12,944 53,211 12,686 18,956 12,601 11,810 36,179 8,751 5,240 10,041 8,989 23,314 Total assets 50,968,867 2,806,055 12,763,6853,099,6054,416,5703,056,1422,603,1158,915,0572,195,291 1,262,3862,196,1872,046,5285,608,246 Liabilities F. R. notes 26,133,622 1,585,824 5,737,9011,845,9332,414,859 1,847,8381,399,1045,050,8161,202,587 640,737 1,015,206 743,9592,648,858 Deposits: Member bk.— reserve accts. 19,459,892 852,130 5,727,331 924,187 1,523,291 842,319 869,2663,140,294 733,340 459,052 932,490 1,007,4482,448,744 U. S. Treas.— gen. acct.. . . 653,969 35,672 112,333 50,552 64,515 36,570 50,657 81,169 50,026 29,158 46,124 36,994 60,199 Foreign 448,446 28,091 2123,773 34,538 42,366 23,025 19,802 63,088 17,499 11,513 17,499 20,723 46,529 Other 467,556 4,257 298,899 1,717 5,681 12,444 30,472 1,024 22,183 5,604 1,129 46,412 37,734 Total deposits... 21,029,863 920,150 6,262,3361,010,9941,635,853 914,358 970,1973,285,575 823,048 505,327 997,242 1,111,5772,593,206 Deferred availability cash items 2,738,362 233,884 462,817 163,614 268,035 237,586 185,383 429,693 126,839 87,706 141,601 142,204 259,000 Other liabilities and accrued dividends 19,952 1,029 5,474 1,135 2,202 963 922 3,208 803 614 818 756 2,028 Total liabilities.. 49,921,799 2,740,887 12,468,5283,021,6764,320,9493,000,7452,555,6068,769,2922,153,277 1,234,3842,154,867 1,998,4965,503,092 Capital Accounts Capital paid in. . 262,707 14,239 81,582 17,985 24,862 11,424 11,052 34,489 8,995 5,854 10,023 13,229 28,973 Surplus (Sec. 7).. 584,676 36,462 167,503 43,578 54,064 29,248 25,803 84,628 23,628 15,131 21,925 25,381 57,325 Surplus (Sec. 13b) 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Other capital accounts 172,142 11,456 38,753 11,877 15,689 11,376 9,892 25,219 8,870 5,944 8,235 8,115 16,716 Total liabilities and capital accounts 50,968,867 2,806,055 12,763,6853,099,6054,416,5703,056,1422,603,1158,915,0572,195,2911,262,3862,196,1872,046,5285,608,246 Reserve ratio 44.3% 43.3% 45.6% 45.8% 45.8% 41.6% 39.4% 45.2% 44.5% 41.8% 41.9% 41.9% 44.5% Contingent liability on acceptances purchased for foreign correspondents 22,752 1,380 36,797 1,697 2,082 1,132 973 3,101 860 566 860 1,018 2,286 Industrial loan commitments.. 3,381 1,553 748 52 136 30 862 1 After deducting $16,000 participations of other Federal Reserve Banks. 2After deducting $324,652,000 participations of other Federal Reserve Banks. 3After deducting $15,955,000 participations of other Federal Reserve Banks. 1162 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 195;I Oct.28 3ct. 21 Oct. 14 Oct. 7 Sept. 30 Oct Sept. Oct F. R. notes outstanding (issued to Bank) ?7 077 ?7 106 06? ?7 076,094 ?7 04? 0?6 97 107 Q4S ?7 , 106,656?7 107 Q4S ?6 S47 ?0? Collateral held against notes outstanding: Gold certificates 11,463,000 11,463,000 11 463,000 11 463,000 11,463,000 11,463,000 11,463 000 13,179 000 Eligible paper 164,578 91,538 78,007 14S,766 191,182 226 70S 191 18? Q60 764 U. S. Government securities 16,620,000 16,620,000 16 620,000 16 620,000 16,620,000 16,620,000 16,620 000 13,790 000 Total collateral 28,247,57828,174,53828 161,007 28 226,76628,274,18228,309,70328,274 182 27,929 764 EACH FEDERAL RESERVE BANK ON OCTOBER 31, 1953 [In thousands of dollars] San Item Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap i o n l n i e s - K C an it s y as Dallas F ci r s a c n o - F. R. notes outstanding (issued to Bank) 27,106,656 1,660,763 5,966,1301,920,9462,502,094 1,920,1521,460,900 5,142,7241,254,345652,4501,044,375782,256 2,799,521 Collateral held: Gold certificates11,463,000 640,000 3,220,000 745,000 1,000,000 600,000 385,000 2,400,000 355,000175,000 28800,,000000 283,0001,380,000 Eligible paper.. 226,703 4,845 13,030 5,415 14,778 21,550 24,133 39,617 103,335 U. S. Govt. securities 16,620,000 1,200,000 2,900,000 1,200,0001,550,0001,350,0001,100,000 2,900,000 975,000 500,000 800,000 525,0001,620,000 Total collateral.. 28,309,703 1,844,845 6,133,0301,950,4152,550,000 1,964,7781,485,000 5,300,0001,351,550 699,1331,119,617808,000 3,103,335 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS LOANS GUARANTEED THROUGH FEDERAL RESERVE BANKS UNDER REGULATION V, PURSUANT TO [Amounts in thousands of dollars] DEFENSE PRODUCTION ACT OF 1950 Partici- [Amounts in thousands of dollars] Applications Ap- pations y E m e n o a d r n t o o h f r N b u e m r a - t p o p r d o A v a m t e e d ount ( b p a p m u l c r e o o t t o m v e u n d e - n o d t i t ) s ( t a a L m n o o d o u a i u t n n - n s g t 2 ) s ( C a t m a o m o n m e u o d n m u t i - t n n s i g t t ) - s o i ( n t a t f a u g m o n f t i i u o d i n o u t n i a - n n n s n s g t t c i ) 8 - - E m n o d n t o h f Gua a r u a t t o n h t o e d r e a i d z t e ed loans o G u u t a s lo t r a a a n n n d t s e P i e n o d g rtion a u a A b n v n a o t a d d e m r i d e l e r a r i o o t b a w i u g o l g n e e u n r t r e a a s t e r l o - - 1945 3,511 544,961 320 1,995 1,644 1,086 N b u e m r - Amount am To o t u a n l t gu te a e ra d n- out m st e a n n t d s ing 1946 3,542 565,913 1,577 554 8,309 2,670 1947 3,574 586,726 945 1,387 7,434 4,869 1948 3,607 615,653 335 995 1,643 1,990 1950 1949 3,649 629,326 539 2,178 2,288 2,947 1950 3,698 651,389 i,819 2,632 3,754 3,745 December. 62 31,326 8,017 6,265 8,299 1951 3,736 710,931 3,513 4,687 6,036 11,985 1951 1952 March.... 254 300,955 68,833 56,973 47,822 O S N e c o p t v o t e e b m m er b b . e e .. r r . . . 3 3 3 , , , 7 7 7 5 5 5 1 2 0 7 7 7 5 5 6 2 7 2 , , , 0 2 6 4 7 2 2 7 0 1 1 1 , , , 6 3 3 0 5 7 1 1 0 4 4 3 , , , 3 8 4 1 6 9 1 6 8 4 3 6 , , , 0 3 7 4 2 2 4 7 0 9 7 7 , , , 1 0 9 7 1 7 4 0 8 J S D u e e n p c e t e e m m b b e e r r . . 4 8 7 8 5 2 4 4 9 1 1 , , 3 1 6 5 9 5 4 5 4 , , , 9 4 8 4 4 9 2 4 3 4 2 6 9 7 5 2 5 2 , , , 1 4 1 6 5 0 7 9 0 2 4 5 0 0 4 0 9 6 , , , 6 5 4 5 9 6 2 7 5 4 4 2 7 5 7 2 0 6 , , , 8 7 0 2 0 1 7 2 3 December.. 3,753 766,492 1,638 3,921 3,210 3,289 1952 1953 March.... 971 1,677,786 836,739 672,974 467,392 J F a e n b u ru a a ry ry .. . . . 3 3, , 7 7 5 5 5 4 7 7 7 7 3 0 , , 0 5 1 4 3 1 > 1, , 1 5 8 1 5 3 4 3 , , 0 8 5 9 4 5 3 2 , , 1 8 7 1 6 6 3 3 , , 2 2 3 3 4 6 J S u e n p e tember 1 1, , 1 0 1 5 3 0 2 1 , , 0 8 5 6 2 7 , , 3 6 2 4 7 3 9 8 2 83 2 , , 2 1 6 2 2 9 7 7 3 0 6 3 , , 8 7 3 7 3 4 6 6 5 1 6 5 , . 9 1 9 3 5 9 J A M M u p a a n r y r e i c l h 3 3 3 3 , , , , 7 7 7 7 5 5 5 5 8 7 8 6 7 7 7 7 8 8 8 7 4 0 8 6 , , , , 2 4 0 4 4 6 5 6 6 8 8 1 1 L 1 1, , , 6 1 6 , 4 8 9 7 6 8 8 51 3 3 3 3 , , , , 2 7 4 6 0 2 8 7 6 3 5 8 3 2 2 2 , , , , 1 6 8 7 4 7 6 5 2 1 6 6 3 3 3 3 , , , , 1 1 1 1 4 4 3 9 1 1 1 3 O N D o c e t c v o e e b m m e b r b . e e r r . . . . 1 1 1, , , 1 1 1 5 3 4 9 0 3 2 2 2 , , , 1 0 0 2 8 69 4 1 , , , 6 1 8 9 2 8 7 3 8 9 9 9 9 7 8 3 9 9 , , , 8 4 6 5 2 7 6 8 8 8 8 8 1 0 1 1 3 1 , , , 1 1 1 3 3 1 2 2 7 6 5 5 0 8 9 0 1 6 , , , 3 7 3 6 0 0 2 4 3 July 3,759 790,798 L ,162 3,292 3,304 3,129 August.... 3,760 793,196 1,492 2,801 3,355 2,955 1953 September. 3,760 795,496 997 2,993 3,341 3,134 January. . . 1,173 2,147,953 984,295 808,986 578,061 February. . 1,188 2,170,443 999,794 822,257 548,916 includes applications approved conditionally by the Federal Re- March.... 1,204 2,190,6431,023,666 838,704 520,517 serve Banks and under consideration by applicant. April L ,212 2,211,201 972,193 801,945 469,324 2 Includes industrial loans past due 3 months or more, which are not May 1,221 2,258,011 957,541 792,015 469,048 included in industrial loans outstanding in weekly statement of con- June L ,237 2,283,755 906,584 748,691 487,928 dition of Federal Reserve Banks. July ,244 2,292,777 891,865 736,723 482,394 3Not covered by Federal Reserve Bank commitment to purchase or August.... ,259 2,301,987 868,274 716,618 444,265 discount. September L.269 2,310,182 860,874 709,488 438,091 NOTE.—The difference between amount of applications approved and the sum of the following four columns represents repayments of ad- NOTE.—The difference between guaranteed loans authorized and vances, and applications for loans and commitments withdrawn or sum of loans outstanding and additional amounts available to borexpired. llll VI .lOttHS UULSLclIlUlUg a.IlU C1UU.IL1U11.CU cllllUUllLS ciVilllclUlC tU UU1- >wers under guarantee agreement outstanding represents amounts re:ppaaiidd,, gguuaarraan-twee^s ~a^uthorized but not completed, and authorizations expired or withdrawn. NOVEMBER 1953 1163 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 October 31] Assets Fees Payable to Guaranteeing Agency by Financing Institution on Depos- Guaranteed Portion of Loan End of month i b to al r - s' C i a n sh G U ov . e S rn . - re C s a er sh ve Percentage of ( G p u e a rc r e a n n t t a e g e e f e o e f an P y e r c c o e m nt m ag it e m o e f nt ances * Total d b e t a o p n r o y k s s i- s m e t c i e e u n s r t i- fu et n c d .» s, 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—September. . 2.572 2,766 33 2,554 179 October 2,561 2,760 33 2,553 174 November... 2.555 2,749 33 2,553 162 Maximum Rates Financing Institutions May Charge Borrowers December... 2.547 2,736 33 2,551 151 [Per cent per annum] 1953—January 2,536 2,724 33 2,538 152 February.... 2,523 2,715 33 2,524 158 Interest rate M Ap a r r i c l h 2 2 , , 5 4 1 9 0 5 2 2 . ,6 7 9 0 7 8 3 3 3 3 2 2 , , 5 5 2 2 0 0 1 1 5 4 5 4 Commitment rate. Mav 2.477 2.665 33 2,488 144 June 2,457 2,653 33 2,477 143 July P2.438 P2.419 September P2 402 P 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 M^res.—See Banking and Monetary Statistics, p. 519; for description, see p. 508 in the same publication. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Debits to total demand and time deposit Annual rate of turnover of total accounts, except interbank accounts deposits except interbank deposits (old series) (old series) Year or month Total, all New 140 Other New Other reporting York other reporting York reporting centers City1 centersJ centers City centers 1947 ,125,074 405,929 599,639 119,506 21.0 11.9 1948 ,249,630 449,002 667,934 132,695 23.6 12.9 1949 ,231,053 452,897 648,976 129,179 24.1 12.4 1950 ,403,752 513,970 742,458 147,324 26.6 13.4 1951 ,577,857 551,889 854,050 171,917 26.9 14.5 1952 ,692,136 615,670 895,906 180,560 28.7 14.4 Debits to demand deposit accounts, Annual rate of turnover of demand except interbank and U. S. Government accounts deposits except interbank and U. S. (new series) Government deposits (new series) Total, all New 6 Other New 6 Other reporting York other reporting York other reporting centers City centers2 centers3 City centers2 centers3 1952 1,643,130 597,815 349,904 695.411 34.4 24.1 18.4 1952—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 -•134.579 45,516 29,958 ••59,105 32.2 23.0 17.8 September 147.890 54,888 31,422 61,581 40.2 25.2 19.3 r Revised. National series, now discontinued, for which debit figures are available 1919-52. 'Boston, 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. 1164 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS [Outside Treasury and Federal Reserve Banks. In millions of dollars] Total Coin and small denomination currency2 Large denomination currency2 End of year or in cir- Unasmonth cula- sorted tion1 Total Coin 3$1 $2 $5 $10 $20 Total $50 $100 $500 $1,000$5,000$10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1940 8,732 6,247 648 610 39 1,129 2,021 1,800 2,489 538 1,112 in 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 2,120 6,329 9,177 8,678 2,544 5,207 355 556 4 12 1952—September... 29,419 20,739 1,705 1,164 68 2,070 6,368 9,365 8,682 2,559 5,252 342 517 4 8 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 September... 30,275 21,321 1,792 1,207 69 2,060 6,499 9,694 8,956 2,659 5,458 334 493 4 8 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 2 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. 'Paper currency only; $1 silver coins reported under coin. Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money in circulation * Money Total out- held by standing, As security For Federal Sep 1 t 9 . 53 30, g a o s g l i d a lv in e a r s n t d Tr c e a a s s h ury B R F a e n e d k se e s r r v a a n e l d B R a a n e g k s e e s n r t a v s n e d Se 1 p 9 t. 5 3 30, Au 1 g 9 . 5 3 31, Se 1 p 9 t 5 . 2 30, certificates agents Gold 22,128 20,970 21,159 Gold certificates 20,970 18,118 2,816 36 36 37 Federal Reserve notes 27,108 73 1,273 25,762 25,738 24,971 Treasury currency—total 4,872 32,378 52 341 4,476 4,474 4,410 Standard silver dollars 492 246 36 3 207 205 196 Silver bullion 2,133 2,133 Silver certificates and Treasury notes of 1890.. 32,378 277 2,101 2,108 2,096 Subsidiary silver coin 1,207 11 29 1,166 1,156 1,108 Minor coin 423 1 3 419 416 401 United States notes 347 3 28 316 319 318 Federal Reserve Bank notes 197 (5) 2 195 197 215 National Bank notes 73 (5) 1 72 73 76 Total—Sept 30 1953 (4) 23,348 1,283 18,118 4,433 30,275 Aug. 31, 1953 . . . .. (4) 23,408 1,269 18,177 4,274 30,248 Sept 30 1952 (4) 24,540 1,278 19,331 4,230 29,419 1 Outside Treasury and Federal Reserve Banks. Includes any paper currency held outside the continental limits of the United States. Totals for other end-of-month dates are shown in table above, totals by weeks in table on p. 1157. includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890. 8 To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding is not included in total Treasury currency outstanding. * Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special significance and is not shown. See note for explanation of these duplications. 5 Less than $500,000. NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. Each Federal Reserve Bank must maintain a reserve in gold certificates of at least 25 per cent against its Federal Reserve notes in actual circulation. Gold certificates deposited with Federal Reserve agents as collateral, and those deposited with the Treasurer of the United States as a redemption fund, are counted as reserve. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement. NOVEMBER 1953 1165 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 FUNDS1 [Figures partly estimated except on call dates. [n millions of dollar3 Assets Liabilitle and Capital Bank credit Total assets, Date Treas- U. S. Government obligationsI l T ia o b t i a l l - Total Ca a p n i d tal Gold r c e u u n r r c y - y Total Lo n a e n t s, Total m C a e o n r m c d ia - l R Fe e d se e r r v a e l Other O s ri e t t c h ie u e s - r ca i a n p t n i e i e t d t s al, c d u e a r p r n o e d s n i c ts y c m o n a u i c e s n - t c ts . , savings Banks banks 1929—June 29 . .. 4,037 2,019 58,642 41,082 5 741 5,499 216 26 11,819 64,698 55, 776 8,922 1933—june 30 4,031 2,286 4?,148 ?1 9S7 10 328 8,199 1 998 131 9,863 48,465 47, 029 6 436 1939—Dec. 30 17,644 2,963 54,564 22, 157 23 105 19,417 2,484 1,204 9,302 75,171 68,359 6 812 1941—Dec# 31 77, 737 3,247 64,653 ?6 605 ?9 049 25,511 ? 254 1 ,284 8,999 90 637 87, 811 7 826 1 19 9 4 4 7 5 — — D D e e c c, . 3 3 1 1 ? 7 0 9. , 0 7 6 5 5 4 4 4, , 5 3 6 3 2 9 1 1 6 6 7 0 , , 3 8 8 3 1 2 3 4^ 0 3 0 8 2 7 3 1 1 0 7 7 8 4 0 1 8 7 6 1 8 0 1 1 , , 1 2 9 8 9 8 7 74 7, 2 5 6 5 2 9 ? 3, 3 86 2 7 8 1 8 0 , , 5 7 7 2 7 3 1 18 9 8 1. 7 1 8 4 5 8 1 17 8 5 0 , 3 8 4 0 8 6 1 1 0 ? 9 8 7 0 9 0 194g—Dec. 31 ?4, 244 4,589 160,457 48 341 100 694 74,097 7%333 264 11,422 189,290 176 121 163 1949—Dec. 31 ?4 427 4,598 16?,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 72,894 ?0 778 ? 888 14,741 199,009 184 385 14 624 1951 D Ju ec n . e 3 3 0 1 7 7 1 ? ( ,6 7 9 5 5 6 4 4 , , 6 7 5 0 5 6 m 181, , 3 4 2 4 3 7 6 6 3 7 8 5 2 9 1 7 9 9 7 4 4 8 5 0 0 8 6 7 8 1 , , 7 3 2 4 6 3 ? ?? 3 , 9 8 8 0 2 1 ? ? , 6 7 6 4 4 2 1 1 5 5 , , 1 9 7 1 6 8 2 19 08 9 , 7 8 2 5 4 8 1 19 8 ^ S 0 4 3 0 8 4 1 ts 4 8 3 2 2 0 0 1952—June 30 23,346 4,754 182,980 69 712 96 266 70.783 22,906 2,577 17,002 211,080 194 960 16 120 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 73,300 4,800 188,900 77 900 98,600 72,400 73 600 ?,600 17,300 217,000 199 900 17 100 Nov.26 23,300 4,800 191,500 74 300 99,900 73,600 23 800 2,600 17,300 219,600 202 700 16 900 Dec. 31 23, 187 4,812 192,866 75 484 100,008 72,740 24,697 2,571 17,374 220,865 204 220 16 647 1953—jan. 28 ?1,000 4,800 191,200 74 900 98,800 72,300 74 000 ? 600 17,500 219 000 ?07 100 16 900 Feb. 25 ... 22, 700 4,800 190,300 75 000 97,800 71,400 23 900 2 500 17,500 217,800 201 000 16,800 Mar. 25 ?? 600 4,800 1Q0,200 76 000 96,400 70,000 71 900 ? 500 17,800 217 600 ^oo 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 22,463 4,854 190,277 77 071 95,350 68,108 24 746 2 496 17,856 217,594 200 360 17,234 July 29P 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. 26P 22 200 4,900 195,400 77 700 99,600 72,100 25 000 2 500 18,200 222,500 204 800 17,700 Sept.30P 22 100 4,900 196,000 78 500 99,400 71,700 25 200 2 500 18,200 223,000 204 900 18,100 Deposits and Currency U. S. Governmentbalances Deposits adjusted and currency IDate Total d F e b o p n a r o e e n i s t k g it n s, T c u r a r e s y a h s- A m s b a t a e a v n r n i c d c n o k i g m a s s l - R F B e e a A d s n e e t r k r v a s e l Total d D e e p m os a i n ts d 2 Total m T b C e a i o r m n m c k i e a - s l dep M b s o a a s v u n i i t t k n s u s g 3 a * a l S S P a y o v s s t in t e a m g l s o b r u C e a t u n n s r c i k - d y s e 1929—June 29 ss 776 365 204 381 36 54»790 7? 540 78 611 19,557 8,905 149 ,639 1933—june 30 4? 029 50 264 852 35 40,828 14 411 21 656 10,849 9,621 1 186 4,761 1939—Dec. 30 68 359 1,217 ,409 846 634 63,253 79 793 27 059 15,258 10,523 1 278 6,401 1941—Dec 31 811 1 498 ,215 1,895 867 76,336 38 992 77 779 15,884 10,532 1 313 9,615 1945—Dec. 31 180 806 2,141 ,287 ?4,608 977 150,793 7S,851 48 457. 30,135 15,385 2 932 76,490 1947—Dec. 31 . .. 17S 348 1,682 ,336 1,452 870 170,008 87,121 56,411 35,249 17,746 3 416 76,476 1948—Dec. 31 176 121 2,103 ,325 2,451 1,123 169,119 85,520 57,520 35,804 18,387 3 329 26,079 1949—Dec. 31 177 313 2,150 ,312 ,249 821 169,781 8">,750 58,616 36,146 19,273 3 197 ?S,415 1950—Dec 30 181 385 2,518 ,293 ?,989 668 176,917 9?,272 59,247 36,314 20,009 7 973 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. 31 193 404 2,279 L.279 ,615 247 185,984 98,234 61,447 37.859 20,887 7 701 76,303 1952—June 30 194 960 2,319 1,283 6,121 333 184,904 94,754 63,676 39,302 21,755 2,619 26,474 Seot 24. . .. 197 900 2,500 1,300 6,500 300 187,400 96,400 64,500 39,800 22,200 ?,600 76 600 Oct. 29 199 900 2,500 1,300 s,300 600 190,200 98,600 64 900 40,100 22,200 ?,600 ?6,700 Nov 26 ?0?,700 2,500 1,300 7,000 300 191,600 99 400 64,800 40,000 22,300 7 600 77,400 Dec. 31. 204,220 2,501 1,270 5,259 389 194,801 101,508 65,799 40,666 22,586 2,547 27,494 1953—Jan. 28 .... 70?,100 2,500 1,300 4,200 700 193,300 100,500 66 100 40,700 22,800 ?,500 76,800 Feb. 25 ?01,000 2,300 1,300 S,400 400 191,600 98,300 66,400 41,000 22,900 ?,500 ?6,900 Mar 25 ?00,600 2,400 1,300 •>,800 191,000 97 400 66,800 41,200 23,100 7,500 76,900 Apr. 29 199,100 2,400 1,300 ?,900 192,200 98,000 67,200 41,500 23,300 ?,500 77,000 May 27 199,100 2,400 1,300 ?,900 400 192,100 97,500 67,600 41,700 23,400 ?,500 ?7,000 June 30 700,360 2,467 1,259 ^,942 132 192,560 96,898 68,793 42,245 23,589 7,459 77,369 July 29P . ... ?0S,100 2.500 1,300 7,500 800 193,000 97,400 68,400 42,300 23,700 7,400 ?7,200 Aug. 26P 204,800 2,400 1,300 7,000 700 193,400 97,500 68,700 42,500 23,800 2,400 27,300 Sept 30P 204,900 2,500 1,300 6,200 600 194,300 97,700 69,100 42,800 24,000 2,400 27,600 P Preliminary. 1 Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund. 2Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 8Excludes interbank time deposits; United States Treasurer's time deposits, open account; and deposits of Postal Savings System in banks. * Prior to June 30, 1947, includes a relatively small amount of demand deposits. 'Less than 50 million dollars. NOTE.—For description of statement and back figures, see BULLETIN for January 1948, pp. 24-32. The composition of a few items differs slightly from the description in the BULLETIN article; stock of Federal Reserve Banks held by member banks is included in "Other securities" and in "Capital and miscellaneous accounts, net" and balances of the Postal Savings System and the Exchange Stabilization Fund with the U. S. Treasury are netted against the same item instead of against U. S. Government deposits and Treasury cash. Total deposits and currency shown in the monthly Chart Book excludes "Foreign bank deposits, net" and "Treasury cash." Except on call dates, figures are rounded to nearest 100 million dollars and may not add to the totals. See Banking and Monetary Statistics, Table 9, pp. 34-35, for back figures for deposits and currency. 1166 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 Cla a s n s d o d f a b te ank Total Loans G U ov . e S r . n- Other a C ss a e s t h s1 Total1 b In a t n e k r 1 - a c c T a c o p o i t u t a a n l l ts N b u a m o n f k b s er De- Total ment secu- Time obliga- rities 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 Sept. 24 160,750 72,090 88,660 71,280 17,380 40,980 185,440 13,870 109,350 62,220 15,170 14,599 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—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 Sept. 30P 168,610 78,780 89,830 71,660 18,170 41,270 192,960 13,940 111,980 67,040 15,980 14,526 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 Sept. 24 137,090 61,200 75,890 61,610 14,280 40,130 163,260 13,870 109,320 40,070 12,720 14,070 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—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 29P 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 Sept. 30P 143,040 66,310 76,730 62,240 14,490 40,430 168,970 13,940 111,940 43,090 13,430 13,998 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 Sept. 24 115,533 52,192 63,341 51,406 11,935 35,363 139,052 13,161 93,773 32,118 10,606 6,807 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—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 29P 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 Sept. 30P 120,223 56,668 63,555 51,534 12,021 35,758 143,706 13,263 95,960 34,483 11,191 6,754 All mutual savings banks: 1939—Dec. 30 10,216 4 927 5 289 3 101 2 188 818 10,524 3 10,521 1,309 551 1941—Dec. 31 10,379 4,901 5,478 3,704 1,774 793 10,533 6 10,527 1,241 548 1945—Dec. 31 16,208 4,279 11,928 10 682 1,246 609 15,385 14 15 371 1 592 542 1947—Dec. 312. .'.'.'. 18,641 4^944 13^696 ll]978 1*718 886 17,763 1 17 17,745 1,889 533 1948—Dec. 31 19,395 5,686 13,709 11,476 2,233 878 18,405 1 17 18,387 1,999 532 1 19 9 5 4 0 9 — — D D eecc . 3 3 0 i 2 2 0 1 ,3 4 4 0 6 0 6 8 ,1 5 3 7 7 8 1 1 3 3 ,2 8 0 2 9 2 1 1 0 1 , 8 4 6 2 8 8 2 2 ,3 3 4 9 2 4 8 7 7 9 3 7 2 1 0 9 , , 0 2 3 9 1 3 2 2 0 2 2 1 0 9 , , 0 2 0 7 9 3 2 2 , , 1 2 2 4 2 7 5 52 3 9 1 1951—Dec. 31 22,259 9,862 12,398 9,819 2,579 886 20,915 2 26 20,888 2,407 529 1952—June 30 23,091 10,509 12,582 9,606 2,976 966 21,782 2 26 21,755 2,438 529 Sept. 24 23,660 10,890 12,770 9,670 3,100 850 22,180 2 30 22,150 2,450 529 Dec. 31 24,003 11,349 12,654 9,422 3,231 918 22,621 2 33 22,586 2,479 529 1953—Apr. 29 24,790 11,830 12,960 9,510 3,450 850 23,280 2 30 23,250 2,500 528 May 27 25,000 11,980 13,020 9,530 3,490 790 23,400 2 30 23,370 2,500 528 June 30 25,124 12,091 13,033 9,464 3,569 867 23,628 3 37 23,589 2,516 528 July 29? 25,310 12,220 13,090 9,480 3,610 810 23,740 3 30 23,710 2,520 528 Aug. 26P 25,460 12,330 13,130 9,480 3,650 800 23,830 3 40 23,790 2,540 528 Sept. 30P 25,570 12,470 13,100 9,420 3,680 840 23,990 3 40 23,950 2,550 528 P Preliminary. * "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" with exception of three mutual savings banks that became members in 1941. Stock savings banks and nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability data are not available. Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc. 1 Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. For other footnotes see following two pages. 1167 NOVEMBER 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Investments Other Cla a s n s d o d f a b te ank Total Loans G U ov .S er . n- Other a C ss a e s t h s1 Total1 b In a t n e k r - i De- a c c T a c o p o t i u t a n a l t l s N b u a o m n f k b s er Total ment secu- mand Time obliga- rities tions Central reserve city member banks: New York City: 1939—Dec. 30 9,339 3,296 6,043 4,772 ,272 6,703 14,509 4,238 9,533 736 1592 36 1941—Dec. 31. . . . 12,896 4,072 8,823 7,265 ,559 6,637 17,932 ,207 12,917 807 1648 36 1945—Dec. 31 26,143 7,334 18,809 17,574 ,235 6,439 30,121 ,657 24,227 1,236 2 120 37 1947—Dec. 31. . . . 20,393 7,179 13,214 11,972 ,242 7,261 25,216 4,464 19,307 1,445 2,259 37 1948—Dec. 31 18,759 8,048 10,712 9,649 ,063 7,758 24,024 4,213 18,131 1,680 2306 35 1949—Dec. 31. . . . 19,583 7,550 12,033 10,746 ,287 6,985 23,983 4,192 18,139 1,651 2,312 25 1950—Dec. 30 20,612 9,729 10,883 8,993 ,890 7,922 25,646 ,638 19,287 1,722 2351 23 1951—Dec. 31. . . . 21,379 11,146 10,233 8,129 2,104 8,564 26,859 4,832 20,348 1,679 2,425 22 1952—June 30 21,710 11,268 10,442 8,212 2,231 8,135 26,745 4,639 20,311 1,795 2460 22 Sept. 24 21,246 11,363 9,883 7,612 2,271 7,297 25,288 4,596 18,971 1,721 2462 22 Dec. 31. . . . 22,130 12,376 9,754 7,678 2,076 8,419 27,309 4,965 20,504 1,840 2505 22 1953—Apr. 29. . . . 20,637 12,305 8,332 6,229 2,103 7,008 24,286 4,345 18,088 1,853 2528 22 May 27 20,542 12,377 8,165 6,164 2,001 6,920 24,093 4,356 17,887 1,850 2537 22 June 30 20,452 11,883 8,569 6,639 1,930 7,879 25,244 4,578 18,736 1,930 2544 22 July 29*. . . 21,742 11,914 9,828 7,838 1,990 6,751 25,205 4,336 18,994 1,875 2546 22 Aug. 26P. . . 21,407 12,003 9,404 7,380 2,024 6,655 24,706 4,267 18,605 1,834 2550 22 Sept. 30P . . . 21,569 12,114 9,455 7,437 2,018 7,599 25,994 4,643 19,425 1,926 2570 22 Chicago: 1939—Dec. 30. . . . 2,105 569 1,536 203 333 1,446 3,330 888 1,947 495 250 14 1941—Dec. 31 2,760 954 1,806 430 376 1,566 4,057 1,035 2,546 476 288 13 1945—Dec. 31. . . . 5,931 1,333 4,598 4,213 385 1,489 7,046 1,312 5,015 719 377 12 1947—Dec. 31 5,088 1,801 3,287 890 397 1,739 6,402 1,217 4,273 913 426 14 1948—Dec. 31 4,799 1,783 3,016 633 383 1,932 6,293 1,064 4,227 1,001 444 13 1949—Dec. 31 5,424 1,618 3,806 3,324 482 1,850 6,810 191 4,535 1,083 470 13 1950—Dec. 30 5,569 2,083 3,487 2,911 576 2,034 7,109 1,228 4,778 103 490 13 1951—Dec. 31 5,731 2,468 3,264 2,711 552 2,196 7,402 1,307 4,952 143 513 13 1952—June 30 664 2,380 3,284 2,721 563 1,899 7,027 1,182 4,681 164 530 13 Sept. 24. . . . 679 2,399 3,280 2,709 571 2,084 7,196 1,239 4,808 149 531 13 Dec. 31 6,240 2,748 3,493 2,912 581 2,010 7,686 1,350 5,132 205 541 13 1953—Apr. 29. . . 5,588 2,547 3,041 2,455 586 2,051 7,006 1,144 4,688 174 541 13 May 27 5,560 2,595 2,965 2,426 539 2,014 6,947 1,137 4,625 185 545 13 June 30... 5,627 2,552 3,075 2,529 546 2,058 7,119 1,216 4,696 207 551 13 July 29P. . 6,116 2,712 3,404 2,816 588 1,992 7,397 1,201 5,000 196 547 13 Aug. 26P. . , 5,984 2,670 3,314 2,758 556 2,006 7,357 1,224 4,943 190 552 13 Sept. 30*. . . 5,974 2,609 3,365 2,805 560 2,083 7,337 1,278 4,855 1,204 557 13 Reserve city member banks: 1939—Dec. 30... 12,272 5,329 6,944 5,194 1,749 6,785 17,741 3,686 9,439 4,616 1828 346 1941—Dec. 31. .. 15,347 7,105 8,243 6,467 1,776 8,518 22,313 4,460 13,047 4,806 1967 351 1945—Dec. 31... 40,108 8,514 31,594 29,552 2,042 11,286 49,085 6,448 32,877 9,760 2566 359 1947—Dec. 31. .. 36,040 13,449 22,591 20,196 2,396 13,066 46,467 5,649 29,395 11,423 2844 353 1948—Dec. 31... 35,332 14,285 21,047 18,594 2,453 13,317 45,943 5,400 29,153 11,391 2928 335 1949—Dec. 31. . . 38,301 14,370 23,931 20,951 2,980 12,168 47,559 5,713 30,182 11,664 3087 341 1950—Dec. 30... 40,685 17,906 22,779 19,084 3,695 13,998 51,437 6,448 33,342 11,647 3322 336 1951—Dec. 31. .. 42,694 19,651 23,043 19,194 3,849 15,199 54,466 6,976 35,218 12,272 3521 321 1952—June 30. .. 43,091 19,745 23,346 19,123 4,223 13,925 53,425 5,908 34,764 12,754 3663 319 Sept. 24... 44,163 20,730 23,433 19,113 4,320 14,086 54,013 6,226 34,861 12,926 3675 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—Apr. 29. .. 44,591 22,162 22,429 18,006 4,423 13,447 53,419 5,613 34,334 13,472 3803 321 May 27. .. 44,304 22,138 22,166 17,657 4,509 13,525 53,279 5,593 34,113 13,573 3844 321 June 30. .. 44,352 22,150 22,201 17,756 4,446 14,447 54,861 6,066 35,052 13,743 3874 321 July 29. .. 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 3881 319 Sept. 30*. . 45,921 22,500 23,421 18,962 4,459 14,191 55,722 6,246 35,615 13,861 3,909 319 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 ,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 ,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 ,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 ,133 32,899 14,865 3,532 6,501 1951—Dec. 31. .. .2,444 16,296 26,148 21,587 4,561 13,292 52,288 ,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 ,083 34,414 16,075 3,873 6,461 Sept. 24... .4,445 17,700 26,745 21,972 4,773 11,896 52,555 ,100 35,133 16,322 3,938 6,453 Dec. 31. .. 45,594 18,213 27,381 22,549 4,832 13,281 55,175 ,301 37,289 16,585 3,970 6,444 1953—Apr. 29. .. 45,561 18,854 26,707 21,859 4,848 11,511 53,027 ,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 ,073 35,295 17,237 4,101 6,409 July 29. .. 46,436 19,163 27,273 22,365 4,908 11,565 54,013 ,025 35,661 17,327 4,113 6,406 Aug. 26*. . 46,610 19,266 27,344 22,382 962 11,523 54,106 ,027 35,649 17,430 4,133 6,405 Sept. 30P . . 46,759 19,445 27,314 22,330 4,984 11,885 54,653 ,096 36,065 17,492 4,155 6,400 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. 1168 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Amounts in millions of dollars] Loansand investments Deposits Investments Other Cla a s n s d o d f a b te ank Total Loans G U ov . e S r . n- Other a C ss a e s t h s1 Total 1 b In an te k r ^ - De- a c c T a c p o o t i u t a a n l l ts N b u a m o n f k b s er Total o m bl e ig n a t - r s i e t c ie u s - mand Time tions All insured commercial banks: 1941—Dec 3j 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- 3i 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 1952—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 1 1 9 94 4 7 5 — — D D e ec c . . 3 3 1 1 6 6 9 5 , , 3 2 1 8 2 0 2 1 1 3 , , 4 9 2 2 8 5 4 5 3 5 ,8 3 5 8 2 7 3 5 8 1 , , 6 2 7 5 4 0 4 5 , , 1 1 3 7 7 8 2 2 2 0 , ,1 0 1 2 4 4 8 8 4 2 , , 9 0 3 2 9 3 9 8 , , 2 41 2 0 9 5 5 4 9 , , 3 4 3 8 5 6 1 1 6 9 , , 2 2 2 7 4 8 4 5 , , 6 4 4 0 4 9 5 5 ,0 0 0 1 5 7 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 1 502 1945—Dec. 31 37,871 8,850 29,021 27,089 1,933 9,731 44,730 4,411 32,334 7,986 2,945 1,867 1947—Dec 31 32 566 11,200 21 365 19,240 2,125 10,822 40,505 3,993 27,449 9,062 3,055 1 918 1950—Dec. 30 35,334 15,521 19,813 16,778 3,035 11,762 43,808 4,315 30,055 9,438 3,381 1 915 1951_Dec. 31 36,992 17,243 19,748 16,558 3,191 13,301 46,843 4,637 32,491 9,715 3,565 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 1 889 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 1,891 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 1,083 6 416 1947—Dec. 31 16,444 4,958 11,486 10,039 1,448 4,083 19,340 266 12,515 6,558 1,271 6 478 1950—Dec. 30 17,414 7,023 10 391 8,632 1,759 4,299 20,216 297 13,194 6,726 1,570 6 562 1951—Dec. 31 18,591 7,701 10,890 8,923 1,967 4,926 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 1,804 6 627 1953—June 30 20,375 8,915 11,460 9,361 2,099 4,292 22,841 309 14,443 8,090 1,882 6,655 Noninsured nonmember commercial banks: 1941—Dec. 31 1,457 455 1,002 761 241 763 1,872 329 1,291 253 329 S52 1945—Dec. 31 2,211 318 1,893 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 L.322 1,010 312 444 1,960 329 1,229 402 326 624 1953—June 30 1,813 504 1,310 977 332 400 1,880 356 1,130 395 325 592 All nonmember commercial banks: 1941—Dec. 31 7,233 3,696 $.536 2,270 1,266 3,431 9,574 457 5,504 3,613 1.288 7 662 1945—Dec. 31. 16,849 3.310 13,539 12,277 1,262 4.962 20,571 425 14,101 6,045 1,362 7 130 1947—Dec. 31 * 18,454 5,432 13,021 11,318 1,703 4,659 21,591 629 13,926 7,036 L.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 1,897 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 USA 52 1945—Dec 31 10 846 3 081 7 765 7,160 606 429 10,363 12 10,351 1,034 192 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 11,513 194 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 ,730 206 1953—june 30. 18,610 9,325 9,284 6,642 2,642 692 17,695 2 35 17,657 L .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 ^ 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 reviaiona in series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-871. 1169 NOVEMBER 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES * LOANS AND INVESTMENTS [In millions of dollars] Loans1 Invsstments Com- Loans for U. S. Government obligations Obli- Cla c s a s l a l o n d f d a b te ank i m T n lo a v o e n a e n t d n a s t s l t s - Total i c o m m c i l i p i n u n a e a e g d - r r l n , - - - A t c g u a u r r l l i - - - b o p s T r r u e o o r c c k c a u - h r r a r i y t s T i i i e n n o s g g l R t o e a a e s t n a - e l s O lo v i d t t i a n h o i d n - - e - s r 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 t a i g t i o c o a n o a a l f t d - n i e l t s 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 25,8793,408 1,581 980 14,580 10,451 1,681 74,863 61,524 7,337 7,657 11,40835,101 21 9,198 4,141 1952—Dec. 31.. . 141,624 64,163 27,871 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 55,025 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 1,314 3,164 3,606 4,677 2,361 1,181 96,043 88,912 2,455 19,071 16,04551,321 22 3,8733,258 1947—Dec. 31... 114,274 37,583 18,012 1,610 823 1,190 9,266 5,654 1,028 76,691 67,941 2,124 7,552 5,918 52,334 145,129 3,621 1950—Dec. 30... 124,822 51,723 21,7762,823 1,789 1,036 13,389 10,049 1,534 73,099 60,986 4,118 1,932 16,75638,168 11 7,9334,179 1951—Dec. 31... 130,820 57,256 25,7443,321 1,571 960 14,450 10,378 1,645 73,564 60,533 7,219 7,526 11,25634,511 21 8,9894,042 1952—Dec. 31... 139,770 63,632 27,7393,8052,050 1,082 15,572 12,603 1,683 76,138 62,308 7,622 5,494 11,71437,456 22 9.9773,854 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 11,729 3,8323,0902,871 1945—Dec. 31... 107,183 22,775 8,949 855 3,133 3,378 3,455 1,900 1,104 84,408 78,338 2,275 16,985 14,27144,792 163,2542,815 1947—Dec. 31... 97,846 32,628 16,962 1,046 811 1,065 7,130 4,662 952 65,218 57,914 1,987 5,816 4,815 45,286 104,199 3,105 1950—Dec. 30... 107,424 44,705 20,521 1,808 1,770 927 10,522 8,314 1,438 62,719 52,365 3,665 1,468 14,05433,170 86,6403,714 1951—Dec. 31... 112,247 49,561 24,3472,140 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 25,7632,234 1,687 933 12,628 11,612 1,585 60,176 48,318 4,064 3,807 9,24231,176 29 8,6803,178 New York City:* 1 19 9 4 4 5 1 — — D D eecc-. 3 3 1 1 . . . . . . 2 1 6 2 , , 1 8 4 9 3 6 4 7 ,3 0 3 7 4 2 3 2, , 8 0 0 4 7 4 g 2,4 4 5 1 3 2 1,1 1 7 6 2 9 1 8 2 0 3 28 5 7 !4 298 1 8 8 , , 8 8 2 09 3 1 7 7 ,5 2 7 6 4 5 3 4 1 7 1 7 3,433 3 1 , ,6 3 2 2 3 5 1 3 0 ,3 6 3 5 7 21,679 1 6 7 0 2 6 9 6 8 2 3 9 0 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 «12 8,243 6,467 295 751 4,248 1 173 956 820 1945—Dec. 31... 40,108 8,514 3,661 205 427 1,503 1,459 855 404 31,594 29,552 1,034 6,982 5,653 15,878 5 1,126 916 1947—Dec. 31... 36,040 13,449 7,088 225 170 484 3,147 1,969 366 22,591 20,196 373 2,358 1,901 15,560 3 1,342 1,053 1950—Dec. 30... 40,685 17,906 8,646 392 207 386 4,423 3,498 603 22,779 19,084 1,218 499 5,536 11,830 12,184 1,511 1951—Dec. 31... 42,694 19,651 10,140 513 203 347 4,651 3,518 572 23,043 19,194 2,524 2,493 3,640 10,528 82,458 1,390 1952—Dec. 31... 45,583 21,697 10,842 501 218 422 5,099 4,347 595 23,886 19,624 2,387 1,774 3,854 11,594 14 2,934 1,328 1953—June 30. .. 44,352 22,150 10,609 469 229 424 5,270 4,849 645 22,201 17,756 1,344 1,453 3,542 11,393 23 3,184 1,262 Country banks: 1941—Dec. 31... 12,518 5,890 1,676 659 20 183 1,823 1,530 6,628 4,377 110 481 2,926 861 1,222 1,028 1945—Dec. 31... 35,002 5,596 1,484 648 42 471 1,881 707 363 29,407 26,999 630 *5', 102 4,544 16,713 9 1,342 1,067 1947—Dec. 31... 36,324 10,199 3,096 818 23 227 3,827 1,979 229 26,125 22,857 480 2,583 2,108 17,681 62,006 1,262 1950—Dec. 30... 40,558 14,988 3,980 1,407 33 187 5,591 3,679 288 25,570 21,377 1,390 588 6,107 13,287 52,998 1,194 1951—Dec. 31... 42,444 16,296 4,377 1,610 35 178 6,099 3,906 303 26,148 21.587 2,418 2,568 4,008 12,587 5 3,334 1,227 1952—Dec. 31... 45,594 18,213 4,630 1,901 43 191 6,662 4,702 322 27,381 22,549 2,692 2,024 4,204 13,625 43,639 1,194 1953—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. 1170 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 Re- Cla c s a s l a l o n d f d a b te ank F s B e s w e R e d a r r i e n v e t v r h k e - e a s s l v C a i a n u s l h t b m a a w B n d e n i c o a s k t e l t - h s i - s c * ju m p D s o a d a t d s e e e n i - - d - t d s « m D e I s n d o t e t - ic e p 4 r o b s a i F e n t i s o g k r n - U m G er . o e n n v S - t - . p v S s o i u a t l s a i b n i t o t d i d e c n i s a - s l c C h c o a e f e e e i f n t e f c r r c i d d t k s - . i ' s - , p a v n s a p i t I h d i d r n o o t i u d n r p n c a a i e s o s - l - , r s r - - , I b n a t n e k r- P U m G S e a o r a n . o e s n v d v n S t - - a - t . l v s S p i a i u s o t c n i b a l a o i d t d l t n e - i s s - a p v n s a p i t I h d i d r n o o t i u d r n p n c a a i e s o s l - - , r r s - - , r B i o n o w g r s - - c C o a t a u a c p n l - i t - s ings 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 98,24313,123 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 11,875101,50613,109 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 85,75111,236 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 11,489100,32912,948 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 95,79511,241 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 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31. . 15,811 1,438 7,117 64,184 12,333 1,243 22,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31.. 17,797 1,672 6,270 73,52810,978 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 78,37011,669 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 83,10012,634 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 85,54312,594 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: 3 1 1 9 94 4 5 1 — — D D eecc#. 3 3i 1.. 5 4 , , 1 0 0 1 5 5 1 9 1 3 1 14 7 1 8 1 15 0 , , 0 7 6 6 5 1 3 3 , , 5 5 9 3 5 5 1,1 6 0 0 5 7 6,9 8 4 66 0 3 2 1 3 9 7 1,3 4 3 5 8 0 1 1 1 5 , , 2 7 8 1 2 2 17 6 10 2 2 9 0 1,2 7 0 7 6 8 195 2 1 , , 1 64 2 8 0 1947—Dec. 31. . 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1950—Dec. 30.. 4,693 118 78 15,898 3,207 1,162 451 258 1,087 17,490 268 37 37 1,647 70 2,351 1951—Dec. 31. . 5,246 159 79 16,439 3,385 1,128 858 321 1,289 17,880 318 43 22 1,614 5 2,425 1952—Dec. 31.. 5.059 148 84 16,288 3,346 1,154 1,143 322 1,120 17,919 465 59 29 1,752 132 2,505 1953—June 30. . 5,204 127 49 15,384 2,979 1,059 887 333 899 16,617 540 50 39 1,841 8 2,544 Chicago:* 1 19 9 4 4 5 1 — — D D eecc#. 3 3 1 1 . . . . 1,0 9 2 4 1 2 4 36 3 2 2 9 0 8 0 3 2 , , 1 2 5 1 3 5 1 1 , , 0 29 2 2 7 20 8 1,5 1 5 2 2 7 2 23 3 7 3 3 6 4 6 3 2 , , 1 1 6 5 0 2 4 7 7 1 6 9 2 37 8 7 8 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 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1947—Dec. 31. . 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1950—Dec. 30.. 4,745 976 4,450 30,581 1,111 10 922 3,282 715 27,980 12 82 443 14,339 9 3,532 1951—Dec. 31.. 5,676 1,231 4,862 33,051 1,285 11 876 3,554 783 30,234 13 125 491 14,914 16 3,760 1952—Dec. 31. . 5,820 1,250 4,706 34,519 1,278 11 1,267 3,772 777 31,473 13 152 525 15,908 25 3,970 1953—June 30.. 5,505 1,189 4,057 33,033 1,049 11 932 3,885 668 29,810 14 154 553 16,531 49 4,101 All nonmember banks:2 1 19 9 5 4 0 7 — — D D eecc#. 3 3 0 i 5 53 4 2 4 3 3 , , 9 9 4 9 7 6 1 13 3 , , 9 5 1 9 2 5 3 43 8 2 5 5 3 5 8 2 1 8 6 3 7 1 1 , , 6 2 1 9 2 5 1 1 9 8 5 0 1 1 2 2 , , 3 2 2 8 6 4 1 12 9 0 0 6 7 2 1 6 7 3 2 6 6 , , 9 8 1 5 5 8 1 1 2 1 1 1, , 8 5 9 9 7 6 1951—Dec. 31.. 635 4,507 15,144 489 44 258 1,761 205 13,426 128 22 298 7,213 8 1,999 1952—Dec. 31 672 4,498 15,964 516 34 374 1,881 212 14,113 152 25 317 7,800 23 2,129 1953—June 30. . 635 3,856 15,118 462 43 256 1,946 193 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. 1171 NOVEMBER 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans1 Investments For purchasing or carrying securities U. S. Government obligations Com- Date or month i m T n lo a v o e n a e t n n d a s t s t l s - Total1 i t m n c a r i d i n a e a u d l r l , s - , - a T n o d b d r e o a k l e e r r s s To others e l s R o t a e a n a te 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 s r t a c u g u r r l a i - - l G U t l i i o o o g . b n v a S - - s t . . O c t s u t i e h e r - e s i- r U l i t i o o i g o . b v S a n - - t . s .O c t s u t i e h e r - s e i- r Total Bills o d n e f e e d b s i - n t s - - Notes Bonds2 Total- Leading Cities 1952—October. . 77,908 37,408 22,174 1,496 770 6,004 695 6,838 40,500 2,916 3,634 2,550 6,37120,3617,584 1953—August.... 79,583 39,798 22,886 1,785 741 6,342 654 8,01139,78532,243 2,603 4,805 5,40319,4327,542 September 79,164 40,014 23,071 1,809 731 6,382 663 7,980 39,15031,594 2,197 5,223 6,02818,146 7,556 October. . . 79,157 40,109 23,190 1,653 730 6,420 771 7,96639,04831,515 2,180 5,466 6,619 17,250 7,533 Aug. 5. . 79,870 39,811 22,799 1,878 740 6,321 670 8,022 40,05932,536 2,820 4,904 5,415 19,3977,523 Aug. 12. . 79,814 39,963 22,912 1,882 746 6,343 681 8,020 39,851 32,333 2,667 4,813 5,415 19,4387,518 Aug. 19. . 79,349 39,734 22,940 1,714 745 6,348 611 7,99739,61532,098 2,492 4,775 5,39219,4397,517 Aug. 26. . 79,301 39,68r 22,891 1,666 735 6,358 654 8,00005539,61432,005 2,433 4,729 5,39019,453 7",609 Sept. 2. . 79,385 40,06 22,965 1,850 732 6,365 762 8,016 39,31831,797 2,289 4,705 5,36719,4367,521 Sept. 9. .79,138 40,099 22,957 2,017 731 6,372 645 7,999 39,03931,512 2,106 4,691 5,27919,436 7,527 Sept. 16. . 79,48: 40,261 23,295 1,802 737 6,383 677 7,98839,221 31,604 2,237 5,607 6,396 17,364 7,617 Sept. 23. . 78,916 39,942 23,035 1,615 729 6,392 829 7,96338,97431,393 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 6,57417,250 7,533 Oct. 7. . 79,115 40,174 23,146 1,792 734 6,398 772 7,95338,941 31,359 2,097 5,446 6,571 17,2457,582 Oct. 14. . 78,90: 40,03 23,201 1,696 732 6,418 656 7,95538,86531,319 2,013 5,438 6,62517,2437,546 Oct. 21. . 79,072 39,92' 23,112 1,460 728 6,425 850 7,97539,14331,588 2,222 5,477 6,62517,2647,555 79,538 40,294 23,301 1,663 724 6,438 806 7,98339,24431,795 2,388 5,502 6,65417,2517,449 Oct. 28. . New York City 21,406 1.1.66' 8,151 147 98: 23 235 397 463 1,451 9,739 7,556 800 260 1,377 5,119 2,183 1952—October. . 1953—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 4,430 2,041 October, 21,663 12,398 8,543 30 190 393 522 1,633 9,265 7,248 734 1,139 1,123 4,252 2,017 Aug. 5. . 21,869 12,216 8,314 3311,066 28 188 395 378 1,702 9,653 7,623 956 ,114 957 4,5962,030 Aug. 12. . 21,685 12,180 8,365 260 1,085 28 188 398 344 1,699 9,505 7,480 809 ,059 952 4,6602,025 Aug. 19. . 21,390 12,06: 8,356 223 ,051 28 18 393 342 ,669 9,328 7,308 718 ,030 934 4,6262,020 Aug. 26. . 21,406 12,046 8,334 221 ,038 28 190 392 377 ,653 9,360 7,329 711 ,016 936 4,6662,031 Sept. 2. . 21,608 12,309 8,398 354 ,044 26 189 393 448 ,644 9,299 7,272 647 ,010 937 4,6782,027 Sept. 9. .21,467 12,333 8,384 437 ,053 25 18 395 385 ,654 9,134 7,086 513 ,010 843 4,720 2,048 Sept. 16. .21,635 12,468 8,559 400 ,019 34 184 395 422 ,64f 9,16 7,099 567 ,189 1,123 4,2202,068 Sept. 23. .21,471 12,27: 8,422 236 ,003 27 186 397 558 ,630 9,199 7,16: 624 ,151 1,129 4,258 2,037 Sept. 30. . 21,559 12,164 8,535 386 996 27 184 39: 201 ,630 9,395 7,371 829 ,131 1,138 4,,273 2,024 Oct. 7. . 21,727 12,438 8,541 3311,060 27 195 390 456 ,625 9,289 7,248 729 ,114 1,129 4,276 2,041 Oct. 14. . 21,376 12,303 8,555 307 994 36 183 393 389 ,632 9,073 7,033 571 ,112 1,112 4, ,040 Oct. 21. . 21,666 12,32 8,51 163 934 30 189 395 646 ,641 9,342 7,294 789 ,148 1,121 4,236 2,048 Oct. 28. . 21,883 12,526 8,564 305 995 28 19: 396 598 ,635 9,357 7,418 846 ,184 1,129 4,259 1,939 Outside New York City 1952—October. . . 56,502 25,741 14,023 367 512 5,60 23: 5,38730,761 25,360 2,834 2,290 4,994 15,2425,401 1953—August. 57,996 27,672 14,544 466 525 5,948 294 6,33030,32 24,808 1,805 3,750 4,458 14,7955,516 September. 57,616 27,705 14,611 424 517 5,988 260 6,34029,911 24,396 1,561 4,125 4,994 1133,,771166 5,515 October. . 57,494 27,711 14,647 380 510 6,02 249 6,33329,78324,267 1,446 4,32^ 5,49612,9985,516 Aug. 5. . 58,00 27,595 14,485 481 524 5,926 29: 6,320 30,40624,913 864 3,790 4,458 14,8015,493 Aug. 12. . 58,12< 27,783 14,54 537 530 5,945 337 30,34624,853 ,858 3,754 4,463 14,778 5,493 Aug. 19. . 57,95< 27,672 14,584 440 530 5,955 269 6,328 30,28724,790 ,774 3,745 4,458 14,813 5,497 Aug. 26. . 57,895 27,641 14,55 407 517 5,966 27 6,35: 30,25424,676 ,722 3,713 4,454 14,787 5,578 Sept. 2.. 57,777 27,758 14,56 452 517 5,97 314 6,37230,01924,525 ,64: 3,695 4,430 14,,758 5,494 Sept. 9.. 57,67 27,766 14,573 527 519 5,97 260 6,34529,90524,426 ,593 3,681 4,436 14,716 5,479 Sept. 16. .57,847 27,793 14,736 383 519 5,988 255 6,34630,05424,505 ,670 4,418 5,27313,144 5,549 Sept. 23. . 57,44.r 27,670 14,613 376 516 5,995 271 6,33329,775 24,231 ,410 4,440 5,39" 12,984 5,544 Sept. 30..57,342 27,541 14,568 381 515 6,005 201 6,30529,98024,292 ,488 4,391 5,43612,9775,509 Oct. 7. . 57,388 27,736 14,605 401 512 6,008 316 6,32829,65224,111 ,368 4,33: 5,44: 12,9695,541 Oct. 14. . 57,526 27,73' 14,646 395 513 6,02. 267 6,32329,79224,286 ,44 4,326 5,51313,0055,506 Oct. 21. . 57,406 27,605 14,600 363 509 6,030 204 6,33429,80 24,294 ,433 4,329 5,50413,0285,507 Oct. 28. . 57,655 27,768 14,737 363 504 6,04: 208 6,34829,88 24,377 ,542 4,318 5,52512,99:5,510 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. 1172 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Re serves Bal- De- Indi- Indi- Date or month B s w F e R e a e r r i e n a d t v h - l k - e s v C a i a n u s l h t b m a w a n d e n i c o s t e k - h ti s s c j p m u o a d s a d t s e n e i - - t d d s 3 s p p u n v h c a o a a o e i n i r d p l r r r d a s t - - - s - , - , S p s d s a i t i o u i c a o n v l b a t n d i i e l t - - s - s c C h c o a f e e e e f i n t f c e r r c i d t k s d - . 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 n i i r d p r l r r d a s t - - s - - , - , S p d s a i o u t i c n a v l b a i d t i l - t e - - s P m U G S i e a o n r a . n o e s g n v n d v t S s - a - t - . l m D ti e D o c s - e - ma F n ei d o g r n - Time r B i o n o w g r s - - c C o i a t u a c a p n - l - ts tions tions Total- Leading Cities 1952—October 15,108 2,473 53,50755,350 3,487 1,648 4,00716,218 748 19110,786 1,352 523 1,285 7,187 1953—August 14,382 928 2,406 53,09154,046 3,779 1,464 4,995 17,079 819 19110,028 1,271 706 1,044 7,452 September 14,170 941 2,58953,04754,584 3,664 1,712 4,195 17,169 811 18910,511 1,267 728 790 7,483 October 14,195 975 2,647 53,73255,491 3,569 1,686 2,899 17,339 839 18910,869 1,253 832 796 7,526 Aug. 5 14,385 881 2,34653,177 53,618 3,877 1,589 5,09617,080 824 18810,138 1,309 683 931 7,451 Aug. 12 14,333 949 2,48153,18954,734 3,795 1,413 4,806 17,070 819 18910,301 1,279 688 1,161 7,450 Aug. 19 14,446 926 2,44452,67153,822 3,697 1,492 5,05017,087 822 19110,111 1,253 727 1,180 7,449 Aug. 26 14,364 957 2,354 53,330 54,010 3,747 1,364 5,02717,078 813 193 9,560 1,243 725 906 7,459 Sept. 2 14,139 899 2,44153,05953,699 3,834 ,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 ,539 3,817 17,142 817 18910,490 1,254 729 919 7,476 Sept. 16 14,383 950 2,756 53,527 56,203 3,606 ,835 3,88417,165 806 19111,059 1,270 732 781 7,471 Sept. 23 14,186 965 2,63252,80154,164 3,489 ,767 4,197 17,198 804 18810,504 1,260 725 831 7,477 Sept. 30 14,212 936 2,604 52,81454,639 3,711 1,855 4,434 17,259 804 19010,412 1,308 732 504 7,509 Oct. 7 14,094 925 2, ,96153,847 3,684 1,831 3,66217,289 795 18910,693 1,248 781 841 7,515 Oct. 14 14,254 1,018 2,80553,30756,446 3,425 1,728 3,03917,324 839 18811,322 1,229 829 673 7,511 Oct. 21 14,272 954 2,650 53,968 55,706 3,555 1,526 2,549 17,371 856 18910,837 1,264 840 821 7,532 14,160 1,004 2,617 54,69255,965 3,612 1,660 2,346 17,374 865 18710,622 1,273 878 849 7,544 Oct. 28 New York City 5,203 147 15,82616,857 356 798 1,381 1,575 29 3,020 1,102 401 365 2,447 1952—October 4,828 137 15,22616,037 259 658 1,827 1,713 2,761 1,037 559 299 2,524 1953—August 4,721 140 15,27216,275 268 842 1,499 1,750 2,911 1,026 578 224 2,526 September 4,678 154 15,54316,485 368 867 1,090 1,786 2,986 1,016 668 185 2,536 O A c u t g o . b er 5 4,795 133 15,33316,003 272 769 1,958 1,726 36 2,794 1,077 537 234 2,527 Aug. 12 4,754 142 15,16116,099 272 601 1,830 1,711 37 2,797 1,045 542 366 2,526 Aug. 19 4,886 133 15,08115,970 244 671 1,758 1,712 37 2,785 1,017 579 373 2,525 Aug. 26 4,876 141 15,330 16,075 247 594 1,762 1,702 40 2,668 1,008 577 221 2,520 Sept. 2 133 15,20315,980 252 719 1,666 ,700 40 2,779 1,011 573 330 2,528 Sept. 9 142 15,25116,121 270 719 1,386 ,743 41 2,854 1,009 579 267 2,525 Sept. 16 142 15,44716,710 251 877 1,287 ,755 41 3,040 1,023 582 275 2,523 Sept. 23 145 4715,17016,102 238 889 1,458 ,757 41 2,906 1,018 576 243 2,519 Sept. 30 4,886 137 15,28716,460 327 1,007 1,700 ,794 41 2,977 1,069 581 2 2,537 Oct. 7 4,715 147 15,43115,996 438 1,051 1,366 ,791 40 2,948 1,010 625 252 2,539 Oct. 14 4,671 165 15,21816,613 344 868 1,129 ,776 89 3,068 990 665 136 2,536 Oct. 21 4,654 146 15,60416,521 390 705 967 ,790 106 2,970 1,024 672 189 2,536 Oct. 28 4,672 159 15,92016,809 301 843 898 ,789 116 2,957 1,040 709 164 2,533 Outside New York City 1952—October 9,905 2,42737,68138,493 3,131 2,62614,643 137 7,766 4,740 1953—August 9,554 791 2,370 37,86538,009 3,520 806 3,168 15,366 782 142 7,267 234 147 745 4,928 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 October 9,517 821 2,60538,189 39,006 3,201 819 1,809 15,553 751 140 7,883 237 164 611 4,990 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 2,446 38,02838,635 3,523 812 2,976 15,359 782 140 7,504 234 146 795 4,924 Aug. 19 9,560 793 2,40037,59037,852 3,453 821 3,29215,375 785 142 7,326 236 148 807 4,924 Aug. 26 9,488 816 2,32238,00037,935 3,500 770 3,26515,376 773 144 6,892 235 148 685 4,939 Sept. 2 9,477 766 2,40737,856 37,719 3,582 841 2,973 15,383 783 138 7,311 232 150 584 4,955 Sept. 9 9,307 812 2,47937,78338,095 3,411 820 2,431 15,399 776 140 7,636 245 150 652 4,951 Sept. 16 9,611 808 2,71338,08039,493 3,355 958 2,597 15,410 765 142 8,019 247 150 506 4,948 Sept. 23 9,524 820 2,58537,63138,062 3,251 878 2,739 15,441 763 139 7,598 242 149 588 4,958 Sept. 30 9,326 799 2,56637,52738,179 3,384 848 2,734 15,465 763 141 7,435 239 151 502 4,972 Oct. 7 9,379 778 2,47737,530 37,851 3,246 780 2,296 15,498 755 140 7,745 238 156 589 4,976 Oct. 14 9,583 853 2,76238,08939,833 860 1,910 15,548 750 139 8,254 239 164 537 4,975 Oct. 21 9,618 808 2,60538,36439,185 821 1,582 15,581 750 140 7,867 240 168 632 4,996 Oct. 28 9,488 845 2,57738,77239,156 3,311 817 1,448 15,585 749 138 7,665 233 169 685 5,011 '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 figurea 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. NOVEMBER 1953 1173 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 i [Net declines, (—). In millions of dollars] Business of borrower Manufacturing and mining Comm'l. ind'l, Period2 t l o F iq b a o u n a o d c o d c r , , o a T l p e e a p a x n t a t h d i r l e e e r l s , , p m e M r m r ( a y o a i e c e n d n t h t d a c a u a 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 i d l c o e , , a - r l, Other ( T r w e s a r h t 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 l m n i e e c s - s e u P p t t t ( r i u o i i a l o n b r i n n t c t l i s a l i ) e . - c - s s C t t i 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 s g t i e - s ch t a a o a g n t n r a g d ' l e l s . — trans, equip.) 1951—April-June. . -243 116 275 48 60 62 -421 63 175 44 8 186 18 July-Dec 932 -361 873 125 141 16 722 30 351 -98 37 2,769 2,372 1952—Jan.-June... -868 -73 176 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: 1*953—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 Oct.. 124 -63 -20 14 -9 84 165 -199 23 -9 3 113 198 Week ending: 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 -8 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 -5 3 51 68 Oct. 7 52 8 1 1 13 34 -67 18 A -2 54 43 Oct. 14. ... 41 -17 5 14 -4 35 39 -23 -31 4 -3 59 55 Oct. 21 15 -28 -21 3 -4 16 45 -74 15 -7 -12 -52 -89 Oct. 28. ... 16 -18 -12 ^ -2 21 48 -36 21 -3 21 52 189 1Sample includes about 220 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 Deriod. 3Net change at all banks in weekly reporting series, according to the old series in 1951 and the revised series thereafter. For description of revisions in the weekly reporting series see BULLETIN for April 1953, p. 357. COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Held by Based on Commercial End of month sta p o n a u d p t i e - n r g1 st T a o n o u d t t a i - n l g Total Accept O in w g n banks Bills Others I U S m i t n n p a i t o t t o e e r s d ts E U S f x t r n p a o i o t m t e e r s d ts c D h e o a x l n l - g ar e G s o h o ip d p p s o e s d i t n c b t r s e e i d t n w i e n e n or bills bought United Foreign States countries 1947—December 287 261 197 88 109 64 159 63 3 25 11 194g—Decem ber 269 259 146 71 76 112 164 57 1 25 12 1949—December . . . 257 272 128 58 70 144 184 49 30 9 1950—December 333 394 192 114 78 202 245 87 2 28 32 1951—December 434 490 197 119 79 293 235 133 23 55 44 1952—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 32 408 428 123 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 September 475 515 159 110 49 356 237 135 66 40 38 i 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. 1174 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 l a i nd Foreign Total Bonds3 Stocks gages estate loans assets End of year:4 1939 29,243 7,697 5,373 2,253 71 8,465 7,929 536 5,669 2,134 3,248 2,030 1940 30,802 8,359 5,857 2,387 115 9,178 8,624 554 5,958 2,060 3,091 2,156 1941 32,731 9,478 6,796 2,286 396 10,174 9,573 601 6,442 1,878 2,919 1,840 1942 34,931 11,851 9,295 2,045 511 10,315 9,707 608 6,726 1,663 2,683 1,693 1943 37,766 14,994 12,537 1,773 684 10,494 9,842 652 6,714 1,352 2,373 1,839 1944 41,054 18,752 16,531 ,429 792 10,715 9,959 756 6,686 1,063 2,134 1,704 1945 44,797 22,545 20,583 ,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 1.80& 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 ,199 1,140 20,322 18,894 1,428 10,833 1,055 2,057 2,160 1949 59,630 17,813 15,290 ,393 1,130 23,179 21,461 1,718 12,906 1,247 2,240 2,245 1950 64,020 16,066 13,459 ,547 1,060 25,403 23,300 2,103 16,102 1,445 2,413 2,591 1951 68,278 13,667 11,009 ,736 922 28,204 25,983 2,221 19,314 1,631 2,590 2,872 1952 73,375 12,774 10,252 ,767 755 31,646 29,200 2,446 21,251 1,903 2,713 3,088 End of month:6 1950—December. 63,687 15,933 13,361 ,520 1,052 25,209 23,231 1,978 16,101 1,428 2,397 2,619 1951—December. , 67,983 13,579 10,958 ,702 919 28,042 25,975 2,067 19,291 1,617 2,575 2,879 1952—September. 71,578 12,929 10,399 ,736 794 30,475 28,315 2,160 20,801 1,736 2,683 2,954 October. . . 72,034 12,731 10,244 ,728 759 30,973 28,819 2,154 20,961 1,751 2,692 2,926 November. 72,415 12,780 10,297 ,728 755 31,143 28,986 2,157 21,087 1,766 2,698 2,941 December . 73,034 12,683 10,195 ,733 755 31,404 29,226 2,178 21,245 1,868 2,699 3,135 1953—January... 73,621 12,862 10,329 ,774 759 31,690 29,471 2,219 21,396 1,880 2,718 3,075 February.. 73,943 12,844 10,287 ,800 757 31,878 29,644 2,234 21,547 1,887 2,727 3,060 March. . . . 74,295 12,630 10,063 ,820 747 32,243 30,005 2,238 21,725 1,897 2,742 3,058 April 74,686 12,666 10,089 ,837 740 32,472 30,218 2,254 21,897 1,918 2,756 2,977 May 75,063 12,543 10,082 ,835 626 32,732 30,462 ,270 22,055 1,924 2,770 3,039 June 75,403 12,456 10,030 ,840 586 33,021 30,752 ,269 22,221 1,935 ,789 2,981 July 75,855 12,429 9,991 ,857 581 33,247 30,977 2,270 22,429 1,943 ,808 2,999 August.... 76,244 12,436 9,994 ,861 581 33,349 31,079 2,270 22,552 1,967 ,819 3,121 September. 76,612 12,397 9,930 n.a. 33,614 31,319 2,295 22,698 1,972 2,831 3,100 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 e l n i r - t n- Cash Others capital quarter Total1 g M ag o e r s t - 2 G m o ob v e l e n i r - t n- Cash Others capital gations gations 1939 5,597 3,806 73 274 1,124 4,118 1950—4 16,846 13,622 1,489 951 692 13,978 1940 5,733 4,125 71 307 940 4,322 1941 6,049 4,578 107 344 775 4,682 1951—1. ... 17,232 13,999 1,547 844 751 14,286 1942 6,150 4,583 318 410 612 4,941 2 17,977 14,539 1,558 940 849 14,910 1943 6,604 4,584 853 465 493 5,494 3 18,429 15,058 1,577 852 852 15,317 1944 7,458 4,800 1,671 413 391 6,305 4.... 19,164 15,520 1,606 1,082 866 16,073 1945 8,747 5,376 2,420 450 356 7,365 1952—1P... 19,848 16,073 1,718 1,100 867 16,801 1946 10,202 7,141 2,009 536 381 8,548 2P... 20,853 16,891 1,702 1,212 959 17,661 1947 11,687 8,856 1,740 560 416 9,753 3P... 21,656 17,740 1,782 1,046 999 18,210 1 1 9 9 4 4 8 9 1 1 3 4, , 6 0 2 2 2 8 1 1 1 0 , , 6 3 1 0 6 5 1 1, , 4 4 6 5 2 5 8 6 8 6 0 3 5 5 6 0 6 1 1 1 0 2 , , 9 4 6 7 4 1 4P.. . 22,700 18,444 1,791 1,293 1,083 19,211 1950 16,846 13,622 1,489 951 692 13,978 1953—1.... 23,506 19,105 1,931 1,263 1,121 20,105 1951 19,164 15,520 1,606 1,082 866 16,073 2P... 24,772 20,133 2,003 ,337 1,216 21,154 1952P 22,700 18,444 1,791 1,293 1,083 19,211 3P... 25,633 21,145 1,990 1,200 1,215 21,742 P Preliminary. 1 Includes gross mortgages with no deduction for mortgage pledged shares. 2Net of mortgage pledged shares. 3 Includes other loans, stock in the Federal home loan banks and other investments, real estate owned and sold on contract, and office building and fixtures. Source.—Federal Savings and Loan Insurance Corporation. NOVEMBER 1953 1175 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 2 3 4 1 Loans, by purpose and agency: To aid agriculture, total. 3,385 2,878 2,884 2,299 3,632 4,362 3,884 4,161 4,058 4,563 5 070 5,671 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 a . . . 1,220 1,088 986 Federal Farm Mortgage Corporation 351 242 149 109 80 60 45 34 29 27 25 23 Farmers Home Administration8 643 604 590 558 525 523 535 539 594 606 596 653 Rural Electrification Administration 361 407 528 734 999 1,301 1,543 1,742 1,831 1,873 1,920 1,966 Commodity Credit Corporation 353 99 120 280 1,293 1,729 898 782 390 859 1,426 1,927 Other agencies 10 9 6 7 5 9 7 6 6 5 6 5 To aid home owners, total 1,237 896 659 556 768 1,251 1,528 2,142 2,387 2,437 2,603 2,777 Federal National Mortgage Assn. 52 7 6 4 199 828 1,347 1,850 2,068 2,097 2,242 2,394 RFC ]Vf ortgage Corporation* 81 24 6 Home Owners' Loan Corporation 2 1,091 852 636 486 369 231 10 Reconstruction Finance Corporation 12 12 10 « 1 177 168 137 123 119 117 115 113 Other agencies 1 1 1 65 22 24 35 169 201 223 246 270 To railroads, total 343 223 171 147 140 114 110 101 85 84 82 79 Reconstruction Finance Corporation 321 205 153 145 138 112 108 99 83 82 80 77 Other agencies 21 18 18 3 3 3 2 2 2 2 2 2 To other industry, total 191 232 192 272 310 462 458 488 464 480 516 526 Reconstruction Finance Corporation6 118 149 151 241 272 423 400 415 393 412 457 468 Other agencies 73 83 41 31 38 38 58 74 72 67 58 59 To financing institutions, total 216 267 314 447 525 445 824 814 653 716 864 611 Reconstruction Finance Corporation 66 60 14 7 6 8 8 8 C) O Fe th d e e r r a a l g h e o n m ci e e s loan banks . . 1 2 3 0 1 19 1 5 2 293 7 43 4 6 515 4 43 4 3 816 806 653 715 864 611 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 5462,496 2,466 Reconstruction Finance Corporation 6 274 235 246 206 154 101 64 58 58 58 55 Other agencies9 800 3,450 3,750 3,750 3,750 3,750 »5,17O 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 8 827 309 232 *340 190 88 59 61 61 61 50 51 Public Housing Administration 10 305 286 278 278 294 297 366 609 624 750 919 688 Other agencies 8 106 112 113 96 100 99 105 109 116 123 126 133 Less: Reserve for losses . . . . 448 438 478 395 368 476 185 173 153 150 140 159 Total loans receivable (net) ... 6,387 5,290 6,649 9,714 11,69212,73313,22814,42215,91316,890 17,826 18,089 Investments: U. S. Government securities, total 1,630 1,683 1,873 1,685 1,854 2,047 2,075 2,226 2,364 2,371 2,421 2,645 Banks for cooperatives . . . . 43 43 43 48 43 43 43 43 43 43 43 43 Federal intermediate credit banks 39 43 47 48 44 74 46 51 49 61 60 53 Production credit corporations 60 67 70 72 66 39 42 43 43 43 43 44 Federal land banks 2 220 145 136 Federal home loan banks 144 118 145 139 274 275 199 249 311 298 311 460 Federal Savings and Loan Insurance Corp 151 161 172 184 199 214 193 200 209 203 208 212 Home Owners' Loan Corporation 2 15 15 17 12 12 8 Federal Housing Administration 87 106 122 132 144 188 244 285 286 299 316 330 Public Housing Administration 10 7 8 8 8 8 Reconstruction Finance Corporation ' 75 49 48 (7) 1 1 Federal Deposit Insurance Corporation 760 897 1,045 1,020 1,064 1,205 1,307 1,353 1,421 1,423 1,437 1,500 Other agencies 28 30 20 21 1 1 1 1 1 1 1 1 Investment in international institutions 318 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 Other securities, total 424 325 230 154 133 107 88 78 53 51 44 42 Reconstruction Finance Corporation 289 244 159 108 98 83 71 66 43 42 36 35 Production credit corporations 63 55 46 35 29 22 16 11 9 8 g 6 Other agencies 71 26 24 11 6 2 1 1 Commodities, supplies, and materials, total 2,942 2,288 1,265 822 627 1,549 1,774 1,461 1,350 1,377 1,280 1,259 Commodity Credit Corporation 1,450 1,034 463 448 437 1,376 1,638 1,174 1,023 1,034 978 1 013 Reconstruction Finance Corporation • 1,053 1,131 667 235 157 142 108 129 186 194 172 119 Other agencies 438 122 134 138 32 30 28 159 142 149 131 128 Land, structures, and equipment, total .... 16,23721,017 16,92412,600 3,060 2,962 2,945 3,358 3,186 3,212 3,213 3 240 Public Housing Administration 10 200 222 227 204 1,448 1,352 1,248 1,251 1,232 1,216 1 173 1 149 Reconstruction Finance Corporation 6 6,526 6,919 2,861 35 630 611 605 594 202 202 199 197 Tennessee Valley Authority 710 721 727 754 793 830 886 1,048 1,170 1,209 1,251 1,299 U. S. Maritime Commission i 3,113 3,395 3,301 3,305 War Shipping Administration s 5,427 7,813 7,764 6,507 Other agencies X1 . . 262 1,948 2,044 1,793 "189 ' " 168" ' 206 "465 "581 "586 "590 ' "595 Bonds, notes, and debentures payable (not guaranteed), total 1,395 1,113 1,252 689 965 772 1,190 1,369 1,228 1,301 1,330 1,107 Banks for cooperatives 24 8 33 69 70 78 110 170 112 120 181 145 Federal intermediate credit banks 274 245 293 358 480 490 520 674 857 864 704 710 Federal land banks 2 818 792 756 Commodity Credit Corporation 212 Federal home loan banks 67 69 169 262 415 204 560 525 258 317 445 252 For footnotes see following page. 1176 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] Assets, other than interagency items * Lia in b t i e li r t a ie g s e , n c o y th e it r e m th s an Date, and corporation or agency Total Cash L c a e r o b e i a l v - e n - s m m C p s r t a l i i u o o a n i a e p e m t d d l s e s - s , i , - - - G U s ri e o t . c i v e I u S m n t s - . . v e e n O r s s t i s t e t - t i c h e u e s - r 2 L s t e m u t a q a r r n e u u n e d n i c d s p t - , , - O s a t e h s t - e s r a t B F g n u a u u b o t r n a e l y e n d l r e s d y - d s d p , e a O n b y o e a t t h n b e e - l s r e , O li i a t t i b h e i e s l r - i m U G n e e t . e o s r e n t v S n r t - - - . o i v n P w e a 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 4241*6,237 3,111 ,537 1,395 4,19623,857 504 1945—Dec. 31 33,844 925 5,290 2,288 1,683 32521,017 2,317 555 1,113 4,21227,492 472 1946—Dec. 31 30,409 1,398 6,649 1,265 1,873 54716,924 1,753 261 1,252 3,58824,810 498 1947—Dec. 312 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 ,66318,886 166 1949—Dec. 31 23,733 44112,733 ,549 2,047 3,492 2,962 509 28 772 720 21,030 183 1950—Dec. 31 24,635 64213,228 ,774 2,075 3,473 2,945 499 23 1,190 ,19321,995 234 1951—Dec. 31 2 26,744 93114,422 ,461 2,226 3,463 3,358 882 43 1,369 ,16123,842 329 1952—June 30 2 27,933 80815,913 ,350 2,364 3,438 3,186 874 44 1,228 200 25,104 357 Sept. 30 28,922 93216,890 ,377 2,371 3,436 3,212 704 39 1,301 ,43425,780 367 Dec. 31 29,945 94417,826 ,280 2,421 3,429 3,213 832 53 1,330 ,72826,456 378 1953—Mar. 31 30,564 93618,089 ,259 2,645 3,427 3,240 968 48 1,107 2,069 26,938 401 Classification by agency, Mar. 31, 1953 Department of Agriculture: Farm Credit Administration: Banks for cooperatives 437 365 145 265 26 Federal intermediate credit banks 808 728 710 91 Production credit corporations 52 51 Agricultural Marketing Act 1 1 () 1 Federal Farm Mortgage Corp 25 23 24 Rural Electrification Administration 2,093 1,964 78 1 2,093 Commodity Credit Corporation 3,506 1,924 1,013 462 979 2,527 Farmers Home Administration 8 636 549 23 4 631 Federal Crop Insurance Corp 31 2 4 27 Housing and Home Finance Agency: Home Loan Bank Board: Federal home loan banks 1,101 611 460 4 252 474 () 375 Federal Savings and Loan Insurance Corp. 219 212 6 7 213 Public Housing Administration 1,983 695 1,149 50 39 1,944 Federal Housing Administration 516 35 330 1 98 48 231 236 Office of the Administrator: Federal National Mortgage Association.. 2,404 2,394 ) 10 2,398 Other 106 26 48 28 4 106 Reconstruction Finance Corporation: Assets held for U. S. Treasury 12 343 3 1 104 197 37 343 Other13 831 34 721 15 1 26 40 791 Export-Import Bank 2,487 3 2,467 ) 17 37 2,450 Federal Deposit Insurance Corp 1,515 1 1,500 () 14 128 1,387 A T l e l n n ot e h ss e e r e Valley Authority 9 1 , ,6 7 7 9 3 6 3 1 4 6 4 1 5,564 1 2 0 2 6 3,385 1, 4 29 6 9 7 11 8 4 4 6 2 5 9 1 , ,6 7 3 3 1 1 1 Loans by purpose and agency are shown on a gross basis; total loans and all other assets are shown on a net basis, i. e., after reserve for losse s. 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. 5 Reconstruction Finance Corporation loans to aid home owners, which increased steadily through the first three quarters of 1947 and during 1948, appear to have been included with "other" loans in the statement for Dec. 31, 1947. 6 Figures have been adjusted to include certain affiliates of the Reconstruction Finance Corporation. Several of these—including the Defense Plant Corporation, Defense Supplies Corporation, Metals Reserve Company, and Rubber Reserve Company—were merged with the parent effective July 1, 1945. Most of their activities were reflected under "Commodities, supplies, and materials" and "Land, structures, and equipment." 7 Less than $500,000. 8 Foreign loans, except for the Export-Import Bank, are included with "all other purposes" until 1945. ® Treasury loan to the United Kingdom (total authorized amount of which was 3,750 million dollars) and, beginning with the balance sheet for June 30, 1952, outstanding loans of the Mutual Security Agency (totaling about 1,500 million on that date). 1° Reflects activities of the Federal Public Housing Authority under the U. S. Housing Act, as amended, until July 27, 1947, when these activities were transferred to the newly established Public Housing Administration. War housing and other operations of the Authority—shown on the Treasury Statement with "other agencies" through 1947—were not transferred to the PHA until 1948. 11 Beginning 1951, includes figures for Panama Canal Company, a new corporation combining the Panama Railroad Company (included in earlier Treasury Statements) and the business activities of the Panama Canal (not reported prior to that time). See also footnote 10. 12 Assets representing unrecovered costs to the Corporation in its national defense, war, and reconversion activities, which are held for the Treasury for liquidation purposes in accordance with provisions of Public Law 860, 80th Congress. 13 Includes figures for Smaller War Plants Corporation, which is being liquidated by the Reconstruction Finance Corporation. NOTE.—Statement includes certain business-type activities of the United States Government. Figures for some agencies—usually small ones—may be for dates other than those indicated. Comparability of the figures with those for years prior to 1944 has been affected by (1) the adoption of a new reporting form beginning Sept. 30, 1944, and (2) changes in activities and agencies included (see footnote 2). For back figures see Banking and Monetary Statistics, Table 152, p. 517. NOVEMBER 1953 1177 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SECURITY MARKETS I Bondprices Stock prices Common U. S. Govt. Vol- (long-term) Standard and Poor's series Securities and Exchange Commission series ume Year, month, Mu- C p o o- r- (index, 1935-39—100) (index, 1939—100) t i r n o a g f d 6 or week ( n h ic ig ip h a - l (h r i a g t h e - fe P r r r e e - d5 Manufacturing Trade, th ( o in ur O i s e e l s - d 2 r N i s e e e s - w 3 grade)4grade)4 T ta o l - d t I a u r n i l s - - - R ro a a i d l- u P i l t t u i i y c l b - - T ta o l - T ta o l - D r b a l u e - - N d b ra o u le - n - - T p t r o i a o r n n ta s - - u P i l t t i u i y c l b - - a s a f e n i i n c r n c e v d e - - , M in i g n- s s h a a o n r f e d s s ) Number of issues 3-7 1 15 17 15 480 420 20 40 265 170 98 72 21 28 32 14 1950 average 102.53 133.4 122.0 181.8 146 156 117 107 154 166 150 180 160 107 184 144 2,012 1951 average 98.85 133.0 117.7 170.4 177 192 149 112 185 207 178 233 199 113 208 205 1,684 1952 average 97.27 129.3 115.8 169.7 188 204 169 118 195 220 189 249 221 118 206 275 1,313 1952—Oct.. . 96.44 125.0 114.7 168.3 183 198 167 117 191 215 188 239 218 118 202 265 1,181 Nov 96.96 125.4 115.2 169.8 190 206 172 121 197 223 196 247 225 121 205 260 1,779 Dec. 96.32 125.3 115.3 170.3 197 214 185 123 204 231 205 255 238 123 212 267 1,842 1953—Jan. . 95.68 124.0 114.5 168.4 198 214 185 124 205 232 208 255 239 124 212 261 1,623 Feb 95.28 122.7 114.0 166.3 196 212 181 124 202 229 204 252 235 124 210 256 1,678 Mar. 94.31 121.6 113.4 165.7 198 215 185 125 204 232 207 256 238 124 212 263 1,931 Apr 93.25 121.3 111.7 161.7 190 206 173 122 194 220 194 245 223 120 207 252 1,637 May 91.59 99 75 119.4 109.8 160.0 190 205 174 121 194 221 196 244 226 120 209 247 1,227 June 91.56 99.16 115.2 108.8 156.8 183 198 169 117 187 213 187 236 219 117 204 237 1,185 July 92.98 100.03 115.1 110.7 160.1 186 200 174 119 190 217 188 243 223 119 206 237 967 Aug. 92.89 100.44 116.8 111.4 163.1 187 202 170 121 190 217 186 245 217 121 206 236 1,138 Sept 93.40101.00 116.9 110.9 162.8 179 193 156 120 181 205 175 232 199 119 198 219 1,294 Oct 95.28103.30 119.7 112.6 167.3 183 197 157 122 187 214 184 240 202 121 201 219 1,225 Week ending: Oct. 3 94.77102.31 117.6 111.7 164.7 179 192 154 120 184 209 179 237 199 120 200 216 1,021 Oct. 10 95.21102.91 118.6 112.0 165.1 181 194 154 121 184 209 180 236 199 121 200 213 981 Oct. 17 95.16103.17 119.6 112.4 166.5 182 195 155 122 188 215 185 241 205 122 202 217 1,436 Oct. 24 95.27103.49 120.0 112.6 167.9 185 200 160 123 189 216 188 243 204 122 202 222 1,290 Oct. 31 95.61 103.98 120.7 113.2 169.6 186 200 157 122 190 218 190 244 205 122 201 225 1,358 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]4 per cent bonds first callable after 12 years. Of these the 1967-72 bonds are the longest term issues. Prior to Apr. 1, 1952, only bonds due or first callable after 15 years were included. 3The $x/i per cent bonds of 1978-83, issued May 1, 1953. * Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 5Standard and Poor's Corporation. Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. • Average daily volume of trading in stocks on the New York Stock Exchange. Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Customers' Debit Debit credit balances1 Other credit balances Customers' balances in balances in Cash on End of month ba ( d n l e a e b n t) i c t e i s a in n p a d v c a e c r s t t o r n t u a m e n d r e t i s s n n ' g t a in n a v d c e c f t s i o r r t m u a m n d e t i s n n g t a b h n a a d n n k d i s n bo M rr o o n w e e y d2 Free O (n th e e t) r a i I n n n a v d c p e c t s a o r t r u a m t n d n e t i e s n n r t g 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—October 31,316 3860 3692 November. . 31,347 3878 3 706 December.. . 1,362 8 406 343 920 724 200 35 9 315 31 345 3908 3732 February... 31,350 3871 3 730 March 31,513 3966 3744 April 31,594 31,068 3738 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 September. . 31,624 31,070 3674 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). 8 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. 1178 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 c e r o r i c m m ia - e l a P b c e a r c i r n m s 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 paper, ances, 9-to 12- 3- to 5- $10,000 $100,000 $200,000 and over m 4- o t n o t h 6 s -1 da 9 y 0 s1 M y a i r e k ld et o i R n 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 4.3 3.2 2.3 2.0 1950 average 1.45 L.15 1.20 1.218 1.26 1.50 1946 2.1 4.2 3.1 2.2 1.7 1947 2 1 4 2 3 1 2 5 1.8 1 1 9 9 5 5 1 2 a a v v e e r r a a g g e e 2 2 . . 1 3 7 3 L 1. . 7 6 5 0 1 1 . . 5 7 2 2 1 1 . .5 7 5 6 2 6 1 1 . . 8 7 1 3 2 1 . .9 1 3 3 1 1 9 9 4 4 8 9 2 2 . 5 7 4 4 . 4 6 3 3 .5 7 2 3 . 8 0 2 2. . 4 2 1952—October. . . 2.31 1.75 1.74 1.783 1.84 2.26 1950 2.7 4.5 3.6 3.0 2.4 November. 2.31 1.75 1.85 1.862 1.89 2.25 1951 3 1 4 7 4 0 3 4 2.9 December.. 2.31 L .75 2.09 2.126 2.03 2.30 1952 3.5 4.9 4.2 3.7 3.3 1953—January. . . 2.31 L .82 1.96 2.042 1.97 2.39 Quarterly: February.. 2.31 L .88 1.97 2.018 1.97 2.42 19 cities: March 2.36 L.88 2.01 2.082 2.04 2.46 1952—Dec 3.51 4.88 4.21 3.77 3.29 April 2.44 1.88 2.19 2.177 2.27 2.61 1953—Mar 3.54 4.89 4.25 3.75 3.32 May 2.68 1.88 2 16 2 .200 2 .41 2 .86 June . . 3.73 4.98 4.38 3.91 3.53 June. 2.75 1.88 2.11 2 .231 2 46 2 92 Sept 3.74 5.01 4.40 3.93 3.54 July 2.75 L.88 2.04 2.101 2^36 2.72 New York City: August.... 2.75 L.88 2.04 2.088 2.33 2.77 1952—Dec 3.33 4.51 4.06 3.63 3.19 September. 2.74 L.88 1 .79 1.876 2.17 2.69 1953—Mar. 3 31 4 55 4 13 3.55 3 17 October. . . 2.55 L.88 1.38 1,402 1.72 2.36 June 3.52 4.63 4.25 3.79 3.39 Week ending: Sept 3.52 4.76 4.25 3.76 3.4Q Oct. 3.... 2.69 .88 1.54 1.583 1.99 2.48 7 Northern and East- Oct. 10. ... 2.69 .88 1.40 1.397 1.85 2.39 ern cities: Oct. 17.. .. 2.50 .88 1.44 1.438 1.73 2.39 1952—Dec 3.49 4.85 4.21 3.74 3.29 Oct. 24 2.50 .88 1.35 1.372 1.61 2.30 1953—Mar. . . 3.50 4.95 4.24 3.74 3.30- Oct. 31 2.50 1.88 1.27 1.220 1.59 2.32 Tune 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 arid 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 June 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 194SI, pp. 228-237. BOND AND STOCK YIELDS 1 [Per cent per annum] ]Bonds Industrial stocks U. S Govt. Corporate (Moody's)5 Dividends/ E in a g rn s/ - Ye o a r r , w m ee o k nth, (long-term) M i u p n a i l c- By ratings By groups priceratio r p a r t ic io e (high- Old New grade) * Total Indus- Rail- Public Pre- Com- Comseries2 series3 Aaa Aa A Baa trial road utility ferred 6 mon7 mon3 Number of issues... 3-7 1 15 120 30 30 30 30 40 40 40 15 125 125 1950 average 2 32 1.98 2.86 2 62 2.69 2.89 3.24 2.67 3.10 2.82 3 85 6 51 14 61 1951 average 2.57 2.00 3.08 2.86 2.91 3.13 3.41 2.89 3.26 3.09 4.11 6.29 10.42 1952 average 2.68 2.19 3.19 2.96 3.04 3.23 3.52 3.00 3.36 3.20 4.13 5.55 9.49> 1952- 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 10 47 July 2.99 3.25 2.99 3.55 3.28 3.42 3.62 3.86 3.42 3.67 3.56 4.37 5.44 August 3.00 3.22 2.88 3.51 3.24 3.39 3.56 3.85 3.37 3.61 3.54 4.29 5.79 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 Pi1.03 October. . 2.83 3.06 2.72 3.45 3.16 3.33 3.47 3.82 3.33 3.56 3.46 4.19 5 60 Week ending: 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 Oct. 10 2.83 3.08 2.78 3.48 3.19 3.37 3.51 3.85 3.36 3.59 3.49 4.24 5.70 Oct. 17 2.84 3.06 2 72 3.45 3.16 3.34 3.48 3.82 3.34 3.56 3.46 4.20 5.56 Oct. 24 2.83 3.05 2.70 3.43 3.14 3.32 3.46 3.81 3.31 3.54 3.44 4.17 5.57 Oct. 31 2.81 3.02 2.66 3.40 3.12 3.28 3.43 3.79 3.29 3.52 3.41 4.13 5.58 P Preliminary. 1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for preferred stocks, which are based on figures for Wednesday. Figures for common stocks, except for annual averages, are as of the end of the period (quarterly in the case of earnings /price ratio). 2Fully taxable, marketable 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 3H Per cent bonds of 1978-83, issued May 1, 1953. ^Standard and Poor's Corporation. ^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. ^Standard and Poor's Corporation. Ratio is based on 9 median yields in a sample of noncallable issues, 12 industrial and 3 public utility. ^Moody'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. NOVEMBER 1953 1179 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [On basis of daily statements of United States Treasury unless otherwise noted. In millions of dollarsl Summary Increase or Budget receipts and Excess of receipts decrease ( —) General fund of the Treasury expenditures or expenditures ( —) during period (end of period) Deposits in Period re N ce e ip t ts p t e u E n r x d e - s i- S d u e r f o p i r c l i u t s c T o o a a t r u n h c u n d e - s t r t s r o i e S n o b d a a f l e l g i e m m g G e s a n a p o t c r t i a v k y i o n o t e n 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 e r b o e b l s c t i 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 f a u F v b n . a l d e i R s l- . B In c a e o t s n i p s l k o l r e s o n o c f c - - S d it p e a e p r c o ie i s a s - l O s n a t e h s e t - t e s r Calendar year: 1949 38,122 41,714 -3,592 -362 — 140 234 4,331 471 4,679 841 94 2,557 1.187 1950 37,834 !38,255 1-422 i-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 6? 4,295 321 146 2,693 ,134 1952 65,523 71,366 -5,842 49 —90 -319 7,973 1,770 6,064 389 176 4,368 L ,132 Fiscal year: 1950 37,045 40,167 -3,122 121 —22 483 4,587 2,047 5,517 950 143 3,268 1,156 1951 . . .. 48,143 144,633 13,510 1295 384 -214 —2,135 1,8^9 7,357 338 250 5,680 1,089 1952 62,129 66,145 -4,017 219 -72 -401 3,883 —388 6,969 333 355 5,106 1,175 1953 65,218 74 607 -9,389 462 —25 -312 6,966 —2,299 4,670 132 210 3,071 1,256 Semiannual totals: 1950—Jan.-June. 19,370 19,192 178 135 -43 341 227 838 5,517 950 143 3,268 1,156 July-Dec.. 18,464 119,063 1-599 1-173 392 -254 -650 -1,285 4,232 690 129 2,344 1,069 1951—Jan.-June. 29,679 25,570 4,109 468 -8 40 -1,486 3,124 7,357 338 250 5,680 1,089 July-Dec.. 23,809 31,276 -7,467 291 64 -146 4,197 -3,062 4,295 321 146 2,693 1,134 1952—Jan.-June. 38,320 34,869 3,451 -72 -136 -255 -313 2,674 6,969 333 355 5,106 1,175 July-Dec.. 27,204 36,497 -9,293 121 46 -64 8,286 -904 6,064 389 176 4,368 1,132 1953—Jan.-June. 38,014 38,110 -96 341 -71 -248 — 1,320 -1,394 4,670 132 210 3,071 L,256 Monthly: 1952—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 — 1,577 6,064 389 176 4 368 I 132 1953—Jan 5,061 5,737 -676 -140 29 401 11 —376 5,689 811 350 3,318 1,209 Feb 5,479 5,595 -116 404 — 133 —2 182 335 6,024 351 174 4 376 1,123 Mar 10,502 6,187 4,315 -209 12 -135 -3,099 884 6,908 222 448 4,983 1,255 Apr . . 2,849 6,362 -3,513 — 157 -50 289 105 -3, ,582 393 180 1,859 1,151 May 4,380 6,241 -1,862 377 38 -428 1,930 57 3,639 221 108 2,109 1,201 June. 9,744 7,988 1,756 65 32 -373 -449 1,0^7 4,670 132 210 3 071 I 256 July 3,308 6,068 -2,759 -260 26 466 6,598 4,071 ,741 548 181 6,690 L 322 Aug. 4,568 6,042 -1,473 299 I -430 536 -1, 067 7,674 496 96 5 825 I 257 Sept 6,041 6,119 -79 -40 75 117 -269 196 7,478 642 183 5,255 1,398 Oct 2,659 5,477 -2,818 -149 -70 235 449 -2, 352 5,126 662 185 2,892 1,387 Budget expenditures Major national security programs Period Total Total2 t f i N e d o n e n a s - - a e l a a M b a t s a n r s i o r i c l s y a i e t - d - n I t a i e n o n o i c t m a n d e o - a 3 r - ic - l A E C m n s to o i e i o m m s r n - g - i y c I d n e o e t s n b e t r t - A i e t V s i d r o t a m e r n n a t- i 4 s - n- g c S r p u o s a r r c e m o i i - t - a y s l 4 m A p t c D u a e g u e r r n r l e t - - i - t - 5 n H h a a i o o f n n n i m u g d - c s e e - P w u o b r l k i s c o P d f i f c e o ic i f s t - e t T c t o f r r a e t u a u c o r n n s - s s t ts - Other Calendar year: 1949 41,714 19,452 12,849 6 005 560 5,482 6,364 ,226 3,104 — 123 1,575 536 1,425 2,673 1950 38,255 18,509 13,476 291 4 017 611 5,580 5,714 ,351 1,499 — 17 1,551 643 961 2,464 1951 56,846 37,154 30,275 1 SS9 560 1,278 5,983 5,088 ,463 1,010 694 1,438 684 1 016 2 315 1952 . 71,366 51,121 43,176 7 975 2 652 1,813 6,065 4,433 ,508 1,564 646 1,573 775 1,193 2 487 Fiscal year: 1950 40,167 17,950 12,346 44 4 941 524 5,750 6,043 ,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 ,415 635 460 1,458 624 972 2,276 1952 66,145 46,319 39,033 7 778 2 904 1,648 5,859 4,748 ,424 1,219 614 1,515 740 1,305 2 402 1953 74,607 52,847 44,584 3, 760 272 1,802 6,508 4,250 ,593 3,063 382 1,655 660 1,079 2 .$70 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 ,254 July-Dec.. 19,063 9,850 7,505 247 1,692 341 2,390 2,678 670 164 158 878 260 804 ,210 1951—Jan.-June.. 25,570 16,041 12,450 637 2, 170 567 3,223 2,610 745 470 302 580 364 168 ,066 July-Dec.. 31,276 21,113 17,825 921 1,389 711 2,761 2,479 718 540 392 858 320 848 ,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 ,153 July-Dec. 36,497 25,915 21,968 1,669 1,137 876 2,966 2.164 802 885 424 916 355 737 :.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—Oct. . 6,383 4,373 3,723 798 142 160 572 354 191 192 79 174 180 23 1AZ Nov 5,161 3,876 3,302 766 178 150 185 345 124 112 101 140 93 184 Dec 7,124 4,640 4,081 275 117 127 1,146 378 104 289 112 138 67 252 1953—Jan. 5,737 4,216 3,632 777 138 158 235 348 180 357 —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 3,789 573 181 157 563 358 10 281 —3 88 —30 58 193 Apr. .. . 6,362 4,582 3,891 366 120 167 372 350 239 293 -35 193 125 13 232 May 6,241 4,481 3,746 785 278 153 179 348 125 581 66 155 92 213 June 7,988 4,815 4,056 375 746 140 1,882 343 128 382 -10 145 50 59 194 July 6,068 4,645 3,890 451 151 117 237 369 177 254 —78 174 53 237 Aug. 6,042 4,172 3,519 197 258 157 206 330 120 377 95 155 160 157 270 Sept 6,119 4,392 3,787 232 169 155 560 323 101 275 34 158 60 217 Oct 5,477 P4,267 ?3,647 155 P175 208 354 336 P212 n.a. n.a. P153 n.a. p Preliminary. n.a. Not available. i Beginning November 1950, investments of wholly owned Government corporations in public debt securities are excluded from Budget expenditures, and included with other such investments under "Trust and other accounts." Adjustments for July-October 1950 investments were made by the Treasury in the November 1950 and January 1951 figures. 2Includes the following not shown separately: Maritime activities, special defense production expansion programs, Economic Stabilization Agency, and Federal Civil Defense Administration. •Consists of foreign economic and technical assistance under the Mutual Security Act, net transactions of the Export-Import Bank, and other nonmilitary foreign aid programs, as well as State Department expenditures. * Excludes transfers to trust accounts, which are shown separately. BExcludes expenditures for forest development of roads and trails, which are included with public works. 1180 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 ld e - O a ta g t x h e e e s r t n c M e e e i r n o l i n l s - u a a - - s 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 i t v n a a i x s d n u e u d s r a a o l n l c i d n e - - C r c a o o i t n r m i p - o e o n - t a E a n s t 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 r a 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 7,828 12,006 754 1950 13 775 17,361 8,771 770 1,980 42,657 2,667 2,156 37,834 12,963 7,384 9,937 658 1951 19,392 26,876 9,392 944 2,337 58,941 3,355 2,098 53,488 18,840 10,362 16,565 801 1952 23 658 34,174 10,416 902 2,639 71,788 3,814 2,451 65,523 23.090 11,980 22 140 849 Fiscal year: 1950 12 180 18,189 8,303 776 1,862 41,311 2,106 2,160 37,045 11.762 7,264 10,854 706 1951 16,654 24,218 9,423 811 2,263 53,369 3,120 2,107 48,143 15.901 9,908 14,388 730 1952 21,889 33,026 9,726 994 2,364 67,999 3,569 2,302 62,129 21.313 11,545 21,467 833 1953 25,058 33,101 10,870 902 2,525 72,455 4,086 3,151 65,218 24,750 11,604 21,595 891 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 1,881 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 8,027 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 8,834 13,773 502 Monthly: 1952—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— F ja e n b # . 3,5 9 4 8 4 9 3 1 , , 1 4 1 7 1 9 8 84 5 2 6 27 3 1 0 2 1 6 5 0 0 6 5 , , 3 23 0 2 0 4 1 8 1 6 7 33 5 6 4 5 5, , 0 4 6 7 1 9 4 1 . . 9 1 9 4 0 4 2,8 8 5 3 5 9 5 4 0 0 1 4 6 7 5 7 Mar 2 102 8,551 993 66 158 11,870 425 944 10,502 328 2,698 6,171 154 Apr 1,170 1,837 880 14 144 4,044 232 963 2,849 L.667 855 654 84 May 3,399 490 922 109 220 5,140 516 244 4,380 4.520 151 359 62 June .... 2,138 6,986 939 54 206 10,323 420 159 9,744 527 1,437 5,683 60 July 1 252 474 651 937 19 286 3,619 206 105 3,308 L.792 324 651 83 Aug 3,500 79 326 955 106 187 5,153 519 65 4,568 4.434 91 326 60 Sept 1 837 1,689 1,636 981 55 203 6,402 299 63 6,041 Oct P1,137 159 385 1,019 P18 176 2,894 160 75 2,659 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 e r c s t ' i o r n e s p — or c t o s) nt. r S e o ti c r i e a m l s e e n c t u , r a it n y d , Other accounts2 Period Excise and miscellaneous taxes Total i insurance accounts Total Liquor Tobacco M a a n n d u e r f x e a c t c i a s t i e u le re rs r ' s' Other ce R i e p - ts I m nv e e n s t t s - Ex tu pe re n s di- m In e v n e t s s t 3 - Other i 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 L.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 L.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 July-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 L,786 1,025 341 4,458 1,564 2,802 136 385 Monthly: 1952—Oct . 911 285 157 7,48 221 -207 361 22 399 —1 — 148 Nov 795 269 127 268 131 127 958 388 383 93 34 Dec 870 220 125 313 212 -218 718 363 462 -14 -125 1953—jan> m 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 Aug 793 225 145 267 156 299 1,070 409 462 -14 86 Sept —40 449 16 506 55 87 Oct -149 328 -80 537 4 -16 p Preliminary. xExcess of receipts, or expenditures (—). 2Consists of miscellaneous trust funds and accounts and deposit fund accounts. The latter reflect principally net transactions of partially owned Government corporations, European Payments Union deposit fund, and suspense accounts of Defense and other Government departments. Investments of wholly owned Government corporations are included as specified in footnote 3, but their operating transactions are included in Budget expenditures. 3 Consists of net investments in public debt securities of partially owned Government corporations and agencies and other trust funds beginning with July 1950, which prior to that date are not separable from the next column; and, in addition, of net investments of wholly owned Government corporations and agencies beginning with November 1950, which prior to that date are included with Budget expenditures (for exceptions see footnote 1 on previous page). NOVEMBER 1953 1181 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TREASURY CASH INCOME, OUTGO, AND BORROWING DERIVATION OF CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC [On basis of daily statements of United States Treasury and Treasury Bulletin. In millions of dollars] Cash operating income, other than debt Cash operating outgo, other than debt Net cash Period Net Budget a P c l c u t s . : re T c r e u ip st ts E C qu a a s l h s: Budget e L x es p s e : n d N i o tu n r c e a s sh P e l x us p : e n T d r i . t u a r c e c s t. S E t x a c b h i P - . lus: Clear- E C qu a a s l h s: o c p o e m ra e t- Total Less: Less: ing Total Accru- Intra- Less: liza- ing ac- ing or net Non- Total Non- income als to Govt. Total Non- tion count outgo receipts cashi cash2 publics trans > cash5 Funds (—) Cai yr.—1949 38,122 99 5,956 2,603 41,374 41,714 403 2,588 4,210 164 102 -234 42,642 — 1 267 1950 37,834 171 7,001 2,211 42,451 38,255 503 2,307 6,923 65 -262 -87 41,969 482 1951 53,488 222 8,582 2,508 59,338 56,846 567 2,625 4,397 90 —26 106 58,034 1,304 1952. . .. 65,523 184 8,707 2,649 71,396 71,366 734 2,807 4,825 28 38 319 72,980 -1,583 Fiscal yr.—1950 37,045 120 6,669 2,623 40,970 40,167 436 2,754 6,881 13 -207 -483 43,155 -2,185 1951 48,143 256 7,796 2,244 53,439 44,633 477 2,360 3,945 138 -13 214 45,804 7,635 1952.... 62,129 138 8,807 2,705 68,093 66,145 710 2,837 4,952 5 9 401 67,956 137 1953.... 65,218 210 8,932 2,595 71,344 74,607 694 2,774 5,169 31 -28 312 76,561 -5,217 Semiannual totals: 1950—Jan.-June. . 19,370 80 3,438 ,178 21,551 19,192 222 1,213 4,722 10 -262 -341 21,865 -315 July-Dec. . 18,464 91 3,562 ,033 20,900 19,063 281 1,075 2,201 55 254 20,105 796 1951—Jan.-June. . 29,679 164 4,234 L,210 32,537 25,570 196 1,279 1,744 82 -13 -40 25,700 6,839 July-Dec.. . 23,809 58 4,349 ,298 26,799 31,276 371 1,346 2,653 8 — 13 146 32,334 -5,534 1952—Jan.-June. . 38,320 77 4,458 1,406 41,293 34,869 338 1,488 2,298 -4 22 255 35,622 5,671 July-Dec.. . 27,204 107 4,248 ,243 30,104 36,497 396 1,319 2,527 32 16 64 37,357 -7,254 1953—Jan.-June. . 38,014 104 4,683 L.351 41,241 38,110 298 1,456 2,642 -2 -44 248 39,203 2,038 Monthly: 1952—Oct 3,099 4 401 79 3,418 6,383 56 86 587 -2 -316 6,514 -3,097 Nov. 4,151 3 975 127 4,997 5,161 83 128 367 3 243 5 558 —561 Dec 6,003 71 747 360 6,320 7,124 95 409 617 23 5 145 7,364 — 1,044 1953—Jan 5,061 43 286 65 5,239 5,737 82 100 296 8 —401 5 442 —203 Feb.. . . 5,479 3 920 128 6,267 5,595 38 129 346 2 — 19 2 5,754 513 Mar 10,502 2 649 106 11,042 6,187 21 107 758 1 19 135 6 970 4 072 Apr 2,849 3 443 75 3,214 6,362 40 82 488 —3 —289 6,443 —3,229 Mi ay 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 ii 430 6,720 -1,193 Sept 6,041 43 482 107 6,373 6,119 21 108 451 41 11 — 117 6 294 78 Oct 2,659 378 ....... 5,477 604 -235 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. 4 Represents principally noncash items shown under trust account receipts (described in footnote 2); also includes small adjustments for noncash interest reflected in noncash Budget receipts (see footnote 1) and in noncash trust account expenditures (see footnote 5). 6Represents 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 or de- securities of Net inv. Accruals to public1 borrow- Period d ( c i g - d r r r ) e . e o , a b p s s i t s u e n b. F a G n e u t d e a e e r r d - al ag a g N e n n u t o c e a n i e r e - - d s G & o i s n t e v r c t . F . . f e a b u g d y n e . d n s . T I b n r o t e . n a d o s s . n a b s i n a ll d v s . P F f a e o d y rm . t s s . o e i c f n . b ( i o n - i r g ) n r , o g o o w f r - m & i D s k s i c t u r a o e e b n c s l t v 3 e . . S b p ( a i r o v s i n s i c n u d e e g ) s s S n av o i t n es gs S s a P i p v s o e s . s u c S t i e a y a s l 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 65,295 5-103 -2,164 -100 -10 Semiannual totals: 1950—Jan.-June. . . 227 -10 -33 -1,450 265 219 1,152 112 462 834 -80 -176 July-Dec.. . . —650 4 388 1,544 337 -56 -2,081 -2,761 292 187 -170 371 1951—Jan.-June. . .-1,486 5 -13 2,014 301 -92 -3,714 -1,184 -758 -845 -923 -5 July-Dec.. . . 4,197 13 51 1,404 417 -33 2,472 3,183 -432 -255 -74 51 1952—Jan.-June. . . -313 3 -139 2,232 361 -45 -2,998 -1,544 -285 -955 -81 -134 July-Dec.. . . 8,286 8 37 1,601 409 -29 6,351 7,322 -121 -829 -32 11 1953—Jan.-June. . . -1,320 -2 -69 1,700 308 34 -3,433 5-2,027 618 -1,335 -68 -21 Monthly: 1952—Oct 2,238 5 -50 21 58 —2 2,116 2,200 — 7 — 13 —64 Nov 2,513 6 68 481 84 -1 2,022 1,915 -8 62 53 Dec -41 3 -50 349 97 —7 -527 — 172 —5 —302 _2 46 1953—Jan 11 -6 35 130 84 -2 -173 — 199 112 —99 —8 21 Feb 182 2 -134 170 40 17 — 178 —81 93 —38 — 13 139 Mar -3,099 1 11 100 23 -21 -3,188 —2,503 58 — 768 —4 29 Apr 105 1 -51 112 42 —2 -97 47 1 —83 —62 May 1,930 38 453 48 43 1,425 51,571 6-147 -6 -32 39 June —449 33 735 71 — 1 — 1 222 —862 —98 —341 11 90 July 6,598 11 15 61 «109 -1 6,456 6,333 e-122 252 — 7 Aug 536 1 395 628 — 12 127 — 72 6—51 271 17 4 Sept. -269 75 71 22 — 12 —274 —931 —90 662 — 16 101 Oct 449 2 -72 -76 -51 -36 618 -7 1 Differs from "accruals to the public" shown in preceding table, principally because adjustments to Exchange Stabilization Fund are included. 2Includes 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. 6Excludes exchanges of savings bonds into marketable bonds. 6See footnote 2 at bottom of following page. 1182 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 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 - * n E t m a a x x i n c s e d i c s s . e i c S n e s o i . c p i t r a s e l 2 - c O o c i t a m n h s - e h e r 3 D R c o e e e f f d i p u u r t n e c s - d t: s Total n g a M r t p a l a r . m o jo s - s e r * c. e d I s n e t t b e o t r s n - g e r V p r a a r m e o n t - s - s 6 s g e S r p a c o r m u c o r i s - a i t 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—Oct 3,418 1,135 927 866 298 243 51 6,514 4,375 485 409 532 713 Nov. 4,997 2,686 352 838 934 234 47 5,558 3,877 100 391 459 731 Dec 6,320 1,952 2,785 868 415 345 45 7,364 4,646 781 431 478 1,028 1953—Jan 5,239 3,558 501 765 214 255 54 5,442 4,218 149 397 576 102 Feb 6,267 4,198 404 791 1,013 197 336 5,754 4,151 269 390 506 438 Mar 11 042 4,211 6,171 840 557 207 944 6,970 4,691 526 418 436 899 Apr. .. 3,214 2,204 654 795 344 180 963 6,443 4,583 297 408 658 497 JVtay 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 1,603 651 854 333 278 105 6,001 4,647 128 428 586 212 Aug. 5,526 3,119 326 894 991 260 65 6,720 4,184 178 386 522 1,450 Sept... . 6,373 P3,290 1,636 P920 399 P191 63 6,294 4,404 525 378 509 478 Oct P1,193 385 *>963 P268 75 *4,268 456 *>627 ^Preliminary. 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 June 1953 are from internal revenue collectors' reports, thereafter from Treasury daily statement. 2Includes taxes for old-age and unemployment insurance, carriers taxes, and veterans life insurance premiums. 3 Represents mostly nontax receipts. * Represents Budget expenditures adjusted for net redemptions of armed forces leave bonds and special International Bank and Monetary Fund notes. Represents Budget expenditures less the excess of interest accruals over payments on savings bonds and Treasury bills and less interest paid by the Treasury to (1) trust funds and accounts and (2) Government corporations not wholly owned. 6Represents Budget outlays plus payments to the public from veterans life insurance funds and redemptions of adjusted service bonds. 7 Represents Budget outlays plus benefit payments and administrative expenses of trust funds for old-age and unemployment insurance, and Government employees and Railroad retirement funds. UNITED STATES SAVINGS BONDS AND NOTES—SALES, REDEMPTIONS, AND AMOUNT OUTSTANDING [In millions of dollars] Savings bonds Year or All series Series A-E and H Series F, G, J and K Tax anu savings notes month Redemp- Outstand- Redemp- Outstand- Redemp- Outstand- Redemp- Outstand- Sales tions and ing (end of Sales tions and ing (end of Sales tions and ing (end of Sales tions and ing (end of maturities period) maturities period) maturities period) maturities period) 1941 3,036 162 6,140 1,643 160 4,750 1,393 2 1,390 2,479 8 2,471 1942 9,157 343 15,050 5,989 307 10,526 3,168 36 4,523 6,479 2,565 6,384 1943 13,729 1,576 27,363 10,344 1,452 19,573 3,385 124 7,790 8,055 5,853 8,586 1944 16,044 3,321 40,361 12,380 3,063 29,153 3,664 258 11,208 8,533 7,276 9,843 1945 12,937 5,503 48,183 9,822 5,135 34,204 3,115 368 13,979 5,504 7,111 8,235 1946 7,427 6,278 49,776 4,466 5,667 33,410 2,962 611 16,366 2,789 5,300 5,725 1947 6,694 4,915 52,053 4,085 4,207 33,739 2,609 708 18,314 2,925 3,266 5,384 1948 7,295 4,858 55,051 4,224 4,029 34,438 3,071 829 20,613 3,032 3,843 4,572 1949 5,833 4,751 56,707 4,208 3,948 35,206 1,626 803 21,501 5,971 2,934 7,610 1950 6,074 5,343 58,019 3,668 4,455 34,930 2,406 888 23,089 3,613 2,583 8,640 1951 3,961 5,093 57,587 3,190 4,022 34,728 770 1,071 22,859 5,823 6,929 7,534 1952 4,161 4,530 57,940 3,575 3,622 35,324 586 908 22,616 3,726 5,491 5,770 1952—Sept... 330 74 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 ?294 35,939 31 pi612 21,981 1,714 1,719 4,793 June.. 370 1485 57,886 340 P307 36,048 30 pij73 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 Sept... 368 457 57,795 343 P332 36,311 25 P125 21,484 952 290 5,639 p Preliminary. 1 Figures for May include 390 million dollars and those for June include 18 million of reported exchanges of F and G bonds maturing in 1953, for marketable bonds of June 1978-83. An additional 8 million dollars of exchanges represented accrued discount of F bonds and is not included above. 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. NOVEMBER 1953 1183 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
UNITED STATES GOVERNMENT DEBT—VOLUME AND ]OND OF SECURITIES [On basis of daily statements of United States Treasury. In millions of dollars] Public issues > Marketable Nonmarketable E m n o d n t o h f d T g e r o b o t t s a * s l d d T g i e r o r o b e t s a t c s s l 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 B k - ond B s r a e n - k b v C i o e b o n r l n e d t - - s Total5 b S i o n a n g v d s - s s T i a n a n a g v d x s - S i p ss e u c e ia s l edness ble* stricted notes 1940—Dec 50,942 45,025 39,089 35,645 1,310 6,178 28,156 3,444 3,195 5,370 1941—Dec 64,262 57,938 50,469 41,562 2,002 5,997 33,563 8,907 6,140 2,471 6,982 1942—Dec 112,471 108,170 98,276 76,488 6,627 10,534 9,863 44,519 4,945 21,788 15,050 6,384 9,032 1943—Dec 170,108 165,877 151,805 115,230 13,072 22,843 11,175 55,591 12,550 36,574 27,363 8,586 12,703 1944—Dec 232,144 230,630 212,565 161,648 16,428 30,401 23,039 66,931 24,850 50,917 40,361 9,843 16,326 1945—Dec 278,682 278,115 255,693 198,778 17,037 38,155 22,967 68,403 52,216 56,915 48,183 8,235 20,000 1946—Dec 259,487 259,149 233,064 176,613 17,033 29,987 10,090 69,866 49,636 56,451 49,776 5,725 24,585 1947—June 258,376 258,286 227,747 168,702 15,775 25,296 8,142 69,852 49,636 59,045 51,367 5,560 27,366 Dec 256,981 256,900 225.250 165,758 15,136 21,220 11,375 68,391 49,636 59,492 52,053 5,384 28,955 1948—June 252,366 252,292 219,852 160,346 13,757 22,588 11,375 62,990 49,636 59,506 53,274 4,394 30,211 Dec 252,854 252,800 218,865 157,482 12,224 26,525 7,131 61,966 49,636 61,383 55,051 4,572 31.714 1949—June 252,798 252,770 217,986 155,147 11,536 29,427 3,596 60,951 49,636 62,839 56,260 4,860 32,776 Dec 257,160 257,130 221,123 155,123 12,319 29,636 8,249 55,283 49,636 66,000 56,707 7,610 33,896 1950—June 257,377 257,357 222,853 155,310 13,533 18,418 20,404 53,319 49,636 67,544 57,536 8,472 32,356 Dec 256,731 256,708 220,575 152,450 13,627 5,373 39,258 44,557 49,636 68,125 58,019 8,640 33,707 1951—June 255,251 255,222 218,198 137,917 13,614 9,509 35,806 42,928 36,061 13,573 66,708 57,572 7,818 34,653 Dec 259.461 259,419 221.168 142,685 18,102 29,078 18,409 41,049 36,048 12,060 66,423 57,587 7,534 35,902 1952—June 259,151 259,105 219,124 140,407 17,219 28,423 18,963 48,343 27,460 13,095 65,622 57,685 6,612 37,739 1952—Oct 264,964 264,919 224,430 146,775 19,712 16,902 30,246 52,578 27,338 12,491 65,164 57,794 6,026 38,390 Nov 267,483 267,432 226,557 148,772 21,715 16,902 30,253 52,578 27,324 12,499 65,285 57,850 6,089 38,788 Dec 267,445 267,391 226,143 148,581 21,713 16,712 30,266 58,874 21,016 12,500 65,062 57,940 5,770 39,150 1953—Jan 267,450 267,402 226,226 148,574 21,709 16,712 30,275 58,864 21,013 12,491 65,161 58,134 5,676 39,097 Feb 267,634 267,584 226,187 148,445 21,710 15,958 30,282 59,483 21,012 12,484 65,258 58,268 5,642 39,302 Mar 264,536 264,485 223,025 145,988 19,211 15,959 30,327 59,482 21,009 12,438 64,599 58,371 4,879 39,354 Apr 264,642 264,590 223,077 146,133 19,312 15,959 30,375 63,238 17,249 12,391 64,553 58,413 4,798 39,474 May 266,572 266,520 224,735 148,324 19,913 15,959 30,411 64,795 17,248 12,355 64,056 57,920 4,793 39,710 June 266,123 266,071 223,408 147,335 19,707 15,854 30,425 64,104 17,245 12,340 63,733 57,886 4,453 40,538 July 272,732 272,669 230,009 153,757 20,207 21,756 30,455 64,096 17,243 12,310 63,942 57,871 4,706 40,594 Aug 273,269 273,206 230,157 153,694 20,208 21,655 30,492 64,099 17,240 12,273 64,190 57,851 4,977 40,988 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 Oct 273,452 273,386 230,403 152,977 19,509 26,385 33,736 59,942 13,404 12,025 65,402 57,775 6,258 40,888 1 Includes fully guaranteed securities.not shown separately. Includes some debt not subject to statutory debt limitation; on Oct. 31, 1953 ' such debt amounted to 577 million dollars. 2Includes noninterest-bearing debt, not shown separately. 3Includes amounts held by Government agencies and trust funds, which aggregated 7,076 million dollars on Sept. 30, 1953. •Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds. 6Includes 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 HelcI by Held by the pttblic End of month in (i g g n d r c e g o l b u u sts a d r - - TU .T Oa t Q r g. t u e fV~ s nj* t rc # O~ i w f eVi u sci n Ial d lnI s ldC l HL Total R Fe e d se e r r v a e l m C e o r m cia - l s M av u i t n u g a s l I a n n s c u e r- c O o t r h p e o r - S l a o t n c a a d te l Individuals l M an is e c o e u l s anteed Special Public Banks banks3 banks com- rations govern- Savings Other invessecuri- issues issues panies ments bonds securities tors* ties) 1940—Dec 50,942 5,370 2,260 43,312 2,184 17,300 3,200 6,900 2,000 500 2,800 7,800 700 1941—Dec 64,262 6,982 2,558 54,722 2,254 21,400 3,700 8,200 4,000 700 5,400 8,200 900 1942—Dec 112,471 9,032 3,218 100,221 6,189 41,100 4,500 11,300 10,100 1,000 13,400 10,300 2,300 1943—Dec 170,108 12,703 4,242 153,163 11,543 59,900 6,100 15,100 16,400 2,100 24,700 12,900 4,400 1944—Dec 232,144 16,326 5,348 210,470 18,846 77,700 8,300 19,600 21,400 4,300 36,200 17,100 7,000 1945—Dec 278.682 20,000 7,048 251,634 24,262 90,800 10,700 24,000 22,000 6,500 42,900 21,400 9,100 1946—Dec Z59.487 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—Aug 263,225 38,307 6,712 218,206 23,146 61,800 9,700 16,100 20,700 10,800 49,000 15,400 11,500 Sept 262,722 38,360 6,692 217,670 23,694 61,600 9,700 16,100 20,200 10,900 49,000 15,200 11,300 Oct 264,964 38,390 6,681 219,893 23,575 63,100 9,600 16,000 20,500 10,900 49,000 15,200 12,000 Nov 267,483 38,788 6,757 221,938 23,821 64,200 9,500 16,100 21,000 10,900 49,100 15,100 12,200 Dec 267,445 39,150 6,743 221,552 24,697 63,400 9,500 16,000 21,000 11,000 49,200 15,000 11,700 1953—Jan 267,450 39,097 6,895 221,458 23,944 62,800 9,500 16,200 21,400 11,100 49,300 15,000 12,300 Feb 267,634 39,302 6,869 221,463 23,875 61,900 9,600 16,100 21,800 11,100 49,400 15,200 12,500 Mar 264,536 39,354 6,908 218,274 23,806 59,500 9,600 16,000 20,700 11,300 49,500 15,500 12,500 Apr 264,642 39,474 6,866 218,302 23,880 59,000 9,500 16,000 '20,500 11,300 49,600 '15,500 13,000 May 266,572 39,710 7,057 219,805 24,246 58,500 9,600 16,000 ••21,400 11,700 49,300 "16,300 12,800 June 266,123 40,538 7,022 218,563 24,746 58.700 9,500 15,900 19,200 11,800 49,300 16,600 12,800 July 272,732 40,594 7,007 225,131 24,964 63,300 9,500 15,900 '20,300 12,000 49,300 16,600 13,300 Aug 273,269 40,988 6,986 225,295 25,063 62.500 9,500 15,900 20,800 12,000 49,300 16,600 13,500 r Revised. 1 Includes the Postal Savings System. 2Includes holdings by banks in territories and insular possessions, which amounted to 300 million dollars on June 30, 1953. 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. 1184 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 October 31, 1953 [On basis of daily statements of United States Treasury. In millions of dollars] Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills1 Certificates Treasury Treasurybonds—Cont. Nov. 5, 1953. . 1,500 Feb. 15, 1954 2^ 8,114 June 15, 510 Dec. 15,1963-68. ..2H 2,827 Nov. 12, 1953.. 1,501 June 1, 1954 2% 4,858 June 15, 5,825 June 15, 1964-69. ..2)4 3,756 Nov. 19, 1953. . 1,501 Mar. 22, 1954 2 iy2 5,902 June 15, 1,501 Dec. 15,1964-69... 2 3^ 3,832 Nov. 27, 1953. . 1,502 Aug. 15, 1954 2% 2,788 June 15, 8,662 Mar. 15, 1965-70«..2 % 4,721 Sept. 15, 1954 2% 4,723 June 15, 681 Mar. 15,1966-71«.. 2y2 2,962 Dec. 3, 1953. . 1,500 Mar. 15, 2,611 June 15, 1967-72 6..2 y2 1,893 Dec. 10, 1953. . 1,501 Mar. 15, 1,449 Sept. 15, 1967-72. ..2^ 2,716 Dec. 17, 1953. . 1,500 Treasury notes Sept. 15, 982 Dec. 15,1967-72«.. 2y2 3,828 Dec. 24, 1953. . 1,500 Dec. 1, 1953 2 10,542 Sept. 15, 3,822 June 15, 1978-83. . .3H 1,606 Dec. 31, 1953. . 1,501 Mar. 15, 1954 \ 4,675 Mar. 15, 927 Mar. 15, 1955 \ 5,365 June 15, 4,245 Postal Savings Jan. 7, 1954. . 1,501 Dec. 15, 1 9 5 51 6,854 June 15, 919 bonds 2% 57 Jan. 14, 1954. . 1,501 Apr. 1,1956 \ 1,007 Dec. 15, 620 Panama Canal Loan. .3 50 J J a a n n . . 2 2 1 8 , , 1 1 9 9 5 5 4 4 . . . . 1 1, , 5 5 0 0 0 1 O M c a t r . . 15 1 , , 1 1 9 9 5 5 7 6 2 \ % y2 2,9 5 9 5 6 0 J D u e n c e . 1 1 5 5 , , 3 5 , , 4 2 6 7 6 8 Apr. 1, 1957 1H 531 Dec. 15, 1,485 Oct. 1, 1957 \y2 824 June 15, 2,116 Convertible bonds Apr. 1,1958 1H 382 Investment Series B Oct. 1, 1958 \y2 9 Apr. 1, 1975-80. . .2 12,025 1Sold on discount basis. See table on Open Market Money Rates, p. 1179. 2Tax anticipation series. 3Maturity Dec. 15, 1955. ^Maturity Dec. 15, 1954. 6Partially tax exempt. 6Restricted. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES * Marketable and Convertible Direct Public Securities [Par values in millions of dollars] Total G a U g o . e S v n t . - . F e e ra d l - Com- M tua u l - c In o s m u p ra a n n c ie e s Total G a U g o . e S v n t . - . F e e ra d l - Com- M bu u al - c I o n m su p r a a n n i c e e s End of month out- cies Re- mer- sav- Other End of month out- cies Re- mer- sav- Other stand- and serve cial ings stand- and serve cial ings ing f t u ru nd st s Banks banks*banks Life Other ing f t u ru nd st s Banks banks1 banks Life Other Type of security: Type of security: Convertible bonds Total marketable (Investment a 1 1 1 n 9 9 9 d 5 5 5 1 2 3 c — — — on D D J J J v u u u e e e n n n c c r e e e tible: 1 1 1 1 1 5 5 6 5 5 1 3 1 4 9 , , , , , 4 5 0 7 6 0 9 8 4 7 2 0 1 5 5 6 6 6 6 6 , , , , , 1 2 8 4 6 7 9 5 6 1 7 9 1 7 3 2 2 2 2 2 2 2 3 4 4 , , , , , 9 9 8 7 6 8 0 0 4 9 2 6 1 6 7 5 5 5 5 5 4 1 4 1 5 , , , , , 3 6 0 3 8 0 7 3 6 2 2 1 8 5 8 9 9 8 8 8 , , , , , 5 8 1 7 8 0 1 2 4 4 4 6 3 0 3 1 1 9 9 9 0 1 , , , , , 3 5 6 2 1 4 1 1 8 3 7 4 3 9 8 4 4 4 4 4 , , , , , 8 2 7 3 1 0 4 1 0 6 8 6 1 1 1 5 4 4 5 4 3 0 6 7 5 , , , , , 6 9 6 3 8 9 7 7 9 5 4 9 9 1 5 S 1 1 1 9 9 9 er 5 5 5 i 3 1 2 e — s — — B D D J J J ) u u u e e : n n n c c e e e 1 1 1 1 1 2 2 2 3 3 , , , , , 0 5 3 5 0 6 0 4 7 9 0 0 0 3 5 2 2 3 3 3 , , , , , 4 4 4 9 9 3 3 3 0 0 9 8 7 5 5 2 1 , ,2 7 7 1 1 1 4 4 4 1 1 1 1 1 7 8 6 8 9 2 2 6 5 1 L 1 L 1 1, , , , . 3 3 2 2 3 1 5 4 5 5 4 2 6 2 6 2 3 3 3 2 , , , , , 1 1 1 9 9 7 7 3 2 2 2 9 3 3 1 3 3 3 3 3 1 6 6 1 5 2 0 2 8 3 3 3 3 3 3 , , , , , 9 3 8 2 9 1 0 6 8 8 9 4 4 7 1 July 166,067 6,878 24,96455,680 8,824 9,333 4,837 55,551 July 12,310 3,439 179 1,309 3,126 352 3,904 165,967 6,858 25,06354,882 8,829 9,336 4,864 56,135 Aug 12,273 3,439 182 1,311 3,073 349 3,920 Treasury bills: Marketable secu- 1951—June 13,614 26 527 3,750 122 756 72 8,360 rities, maturing:3 Dec 18,102 50 596 6,773 71 428 104 10,080 Within 1 year: 1952—June 17,219 41 381 5,828 103 504 92 10,268 1951—June 42,789 55 12,59210,234 201 1,077 451 18,180 Dec. 21 713 86 1,341 7,047 137 464 119 12,518 Dec 48,204 112 13,43714,081 182 648 576 19 167 1953—June 19,707 106 1,455 4,411 120 327 132 13,155 1952—June 45,642 101 12,20212,705 223 581 470 19,360 Dec 56,953 133 14,74916,996 263 532 733 23,547 July 20,207 84 1,672 5,015 122 334 117 12,863 1953—June 64,589 163 15,50519,580 476 390 1,082 27,393 Aug 20,208 56 1,772 4,556 133 384 130 13,178 July 70,991 152 15,72223,841 537 398 1,114 29,227 Ce 1 1 1 r 9 9 t 9 i 5 5 5 fi 2 3 1 c — — — at D D e J J J s u u u e e : n n n c c e e e 2 2 1 1 9 8 9 5 6 , , , , , 5 4 8 0 7 0 5 2 7 1 9 4 3 8 2 2 3 4 6 1 7 0 9 0 7 1 1 5 4 3 2 1 , , , , , 0 1 9 7 8 9 6 9 9 2 4 1 6 3 1 2 4 4 6 6 , , , , , 7 7 8 7 3 7 7 5 9 5 3 7 3 1 1 1 3 4 3 8 2 7 1 7 7 0 2 1 1 5 2 7 1 7 6 7 3 6 4 3 3 3 1 1 1 4 7 7 0 7 5 8 4 3 9 6 8 6 , , , , , 0 0 4 2 7 5 2 9 2 6 2 4 2 1 1 1-5 1 1 9 9 y 5 5 e 2 1 a — — rs A D D J J : u u u e e n n g c c e e 4 4 4 3 7 5 7 4 4 0 , , , , , 0 7 4 9 8 3 1 0 4 9 3 3 1 5 1 1 4 4 3 7 3 5 6 1 5 7 1 5 7 6 7 5 , , , , , 2 1 6 1 8 8 3 8 4 2 8 5 8 6 22 2 2 2 2 9 7 3 7 2 , , , , , 2 8 1 9 3 7 5 0 9 8 2 8 5 1 1 4 5 3 2 6 1 5 6 7 1 7 9 9 0 3 4 2 1 5 1 4 6 3 7 8 8 3 2 1 1 , , 1 0 9 9 9 3 3 9 1 9 4 5 2 0 6 2 8 8 8 9 6 , , , , , 1 4 9 5 6 3 3 2 8 7 3 8 1 4 3 July 21,756 41 4,996 8 155 155 42 346 8 020 1953—June 32,330 152 6,45218,344 464 109 914 5,895 Aug 21,655 53 4,996 7,878 162 47 355 8,165 July 32,343 139 6,45218,295 461 98 939 5,958 Treasury notes: Aug 32,380 139 6,45218,179 448 132 947 6,083 1951—June 35,806 14 12,43913,704 120 208 478 8,841 5-10 years: Dec 18,409 3 5,068 10,465 67 1 315 2,489 1951—June 8,914 194 31 6,790 86 131 202 1,480 1952—June 18,963 2 5,56810,431 42 5 327 2,587 Dec 8,914 152 34 6,881 73 118 201 1,454 Dec 30,266 16 13,77410,955 49 8 486 4,978 1952—June 15,122 387 693 7,740 1,357 497 765 3,684 1953—June 30,425 23 13,77410,355 62 5 529 5,678 Dec 22,834 546 1,387 11,058 1,775 885 1,348 5,835 1953—June 18,677 422 1,374 8,772 ],395 745 1,104 4,865 Ma 1 1 1 r 9 9 9 k 5 5 5 e 1 2 3 t — — — ab J D D J J J l u e u u u e e l n n n b c c y e e e onds:2 3 3 8 7 7 7 7 1 0 0 5 8 7 9 , , , , , , , 3 8 4 9 0 4 8 4 0 8 9 9 9 5 9 2 9 2 7 0 5 3 3 3 2 3 , , , , , 3 0 2 9 2 0 4 4 2 1 1 1 0 6 3 8 5 8 8 1 1 4 4 4 4 4 3 3 , , , , , , , 1 4 1 5 5 7 7 3 2 0 2 2 7 7 0 2 8 2 2 4 4 3 3 3 3 3 1 1 0 1 0 2 2 0 0 , , , , , , , 1 2 8 7 0 2 1 1 4 9 1 6 0 3 9 9 8 0 6 0 8 7 7 7 7 7 , , , , , 9 2 6 2 1 7 3 9 2 6 6 5 4 2 7 1 5 1 9 5 5 7 6 5 , , , , , 8 8 1 7 8 5 3 2 0 5 2 5 9 0 7 5 5 9 3 3 3 3 3 , , , , , 4 4 1 0 1 5 5 2 8 2 8 2 6 5 9 4 0 7 5 2 3 2 2 2 2 2 5 5 2 1 3 4 2 , , , , , , , 8 9 1 5 0 8 0 4 1 2 7 8 9 6 4 3 9 2 0 0 8 Af 1 1 1 te 9 9 9 r 5 5 5 3 1 2 1 — — — 0 J A D D J J J y u u u u u e e e l n n n g y c c a e e e rs: 4 3 3 3 4 1 1 1 4 1 1 1 8 8 , , , , , , , 7 6 1 1 0 6 6 3 9 8 6 8 7 7 9 8 1 8 1 5 5 2 3 2 2 2 , , , , , 0 4 9 4 7 4 4 3 6 9 4 2 1 0 6 4 6 7 3 4 5 2 2 2 1 1 1 1 , , , , , , , 4 3 3 1 4 4 4 7 7 1 1 1 0 2 4 4 5 5 0 9 8 8 8 5 5 5 5 4 , , , , , , , 5 1 2 2 4 8 8 4 7 0 1 8 4 9 4 7 7 0 8 3 5 5 5 5 7 7 ] ] , , , , , , , 5 1 0 2 3 3 3 3 6 0 9 5 5 6 7 7 2 1 3 7 3 5 4 4 6 6 , , , , , 9 3 8 4 7 7 7 6 0 7 7 9 3 1 9 1 0 0 1 9 1 2 2 1 1 1 1 1 , , , , , , , 6 3 0 2 0 3 1 5 5 8 9 6 1 6 2 6 7 1 1 3 1 1 1 1 1 1 4 4 4 4 0 1 2 , , , , , , , 8 8 3 0 6 6 6 4 5 0 5 4 7 2 2 5 9 9 3 3 1 July 81,339 3,295 4,52232,130 7,176 5,826 3,469 24,921 July 31,748 2,733 1,415 4,522 5,154 4,971 1,345 11,607 Aug 81,339 3,292 4,52232,129 7,164 5,804 3,468 24,960 Aug 31,748 2,739 1,415 4,522 5,146 4,963 1,342 11,620 * Commercial banks, mutual savings banks, and insurance companies included in the survey account for over 90 per cent of total holdings by these institutions. Data are complete for Federal agencies and trust funds and Federal Reserve Banks. Figures in column headed "other" are residuals. l 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. 1185 NOVEMBER 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NEW SECURITY ISSUES1 [Estimates, in millions of dollars] Gross proceeds», all issuers2 Propo al s l ed c o u r s p e o s r a o t f e n i e s t s u p e r r o s c 6 eeds, Noncorporate Corporate New capital Re- Y m e o a n r t o h r Total State Bonds Mis- t R ir e e - - m ti e re n - t G m U o e v .S n e . r t8 n- ag F e e e r n a d c l - y* n m a p i n c a u d l i - - Other « Total Total o P f l f i u c e b l r y e - d p v P l a a r t c e i- e l d y f s e P t r o r r e c e - k d s C m t o o o m c n k - Total m N o e n w ey7 p l p a o o u n u s r s e e - - s d m b e e a t o e c b n f n . k t 8 t , se it c o ie u f s r- 1938 5,926 ? 480 115 1,108 69 2,155 2,044 1,353 691 86 25 Q03 681 7 215 1,206 1939 5,687 2 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 35,438 846 1 524 5 1,062 917 506 411 112 34 647 474 35 138 396 1943 44,518 4? 81 5 2 435 97 1,170 990 621 369 124 56 408 308 27 73 789 1944 . .. 56,310 5?, 1 661 22 3,202 2,670 1,892 778 369 163 753 657 47 49 2,389 1945 54,712 47, 353 506 795 47 6,011 4,855 3,851 1,004 758 397 1 ,347 1,080 133 134 4,555 1946 18,685 10, ?17 357 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 11 5 4,591 168 356 1,352 1948 . ... 20,250 10, 2,690 156 7,078 5,973 2,963 3,010 492 614 6, 651 5,929 234 488 307 1949 21,110 11 804 216 2,907 132 6,052 4,800 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—Sept. 1,331 •44 428 4 455 372 159 213 37 46 390 367 12 11 57 Oct 2,047 294 66 1,157 980 400 581 6 170 1 ,05? 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 1,783 511 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 50^ 405 696 517 153 364 62 116 67? 630 17 24 12 Apr 1 667 491 349 9 818 659 375 284 35 124 780 757 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 rl ,928 S84 r522 1 r521 r407 rlO6 r301 31 82 501 r9 r13 r9 Aug. . '1,430 853 '260 2 '315 rllO '133 7 65 r307 '278 rQ Sept 2,576 1, 320 454 36 766 675 439 235 44 47 753 695 38 20 3 Proposed uses of net proceeds, by major groups of corporate issuers Manufacturing C m om is m ce e l r la c n ia e l o a u n s d Transportation Public utility Communication a R nd e a f l i n e a s n ta c t i e al Year or month T c p n e o r e e o t d t a - s l N c it a e a p w l - * m R e e n ti t r s e 1 - 0 T c p e n o r e e o t d a t - s l N c i a t e a p w l - ' m R e e n ti t r s e 1 - 0 T c p e n o r e e o t d a t - s l N c it a e a p w l - " m R e e n ti t r s e 1 - 0 T c p e n o r e e t o d a t - s l N c it a e a p w l - * m R e e n ti t r s e 1 - 0 T c p n e o r e e o t d t a - s l N ita e l w » m R e e n ti t r s e 1 - ' T c p n e o r e e o t d t a - s l N c it a e a p w l - 9 m R e et n i t r s e 1 - 0 1948 2,180 2,126 54 403 382 21 748 691 56 2,150 2,005 144 891 890 2 587 557 30 1949 1,391 1,347 44 338 310 28 795 784 11 ,276 2,043 567 517 49 593 558 35 1950 1,175 1,026 149 538 474 63 806 609 196 2,608 1,927 682 395 314 81 739 639 100 1951 3,066 2,846 221 518 462 56 490 437 53 .412 2.326 85 605 600 5 515 449 66 1952 4,022 3,765 257 536 512 24 983 758 225 2,626 2,539 88 753 747 6 508 448 60 1952—September 183 136 47 16 14 2 39 38 1 165 165 16 16 27 20 7 October.... 645 630 15 30 29 1 30 29 2 347 280 67 27 26 1 61 58 3 November.. 164 147 18 21 21 45 32 12 43 43 48 47 1 56 50 7 December.. 327 309 18 149 148 i 115 93 23 216 213 3 34 33 1 56 55 1 1953—January 283 276 7 24 24 51 38 14 245 245 4 4 47 47 1 February... 148 144 3 92 89 ' "3 51 33 18 257 254 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 66 223 215 8 13 13 162 161 1 May 114 97 17 57 56 1 40 40 397 397 7 7 99 99 June 285 278 7 41 41 42 42 334 317 17 43 43 415 412 July 145 141 4 55 51 4 46 46 210 210 15 15 39 38 1 Augustr 55 54 1 22 21 1 15 15 97 97 29 29 91 91 September.. 122 122 19 18 1 32 32 243 242 "i" 89 89 251 250 i' r Revised. 1 Estimates of new issues sold for cash in the United States. 2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 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 flotation, i. e., compensation to underwriters, agents, etc., and expenses. 7 Includes proceeds for plant and equipment and working capital. 8 Includes proceeds for the retirement of mortgages and bank debt with original maturities of more than one year. Proceeds for retirement of short-term bank debt are included under the uses for which the bank debt was incurred. 9 Includes all issues other than those for retirement of securities. i° Retirement of securities only. Source.—Securities and Exchange Commission 1186 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 12,60612,213 14,956 15,382 16,140 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 Nond D u i r v a i b d l e e n d g s oods industries (94 corps.):1 1,171 1,405 1,660 2,240 1,986 1,980 567 482 476 475 549 485 477 Sales 11,425 13,441 12,853 14,777 17,37117,546 4,441 4,335 4 216 4 363 4 627 4 636 4 735 Profits before taxes 1,793 2,212 1,847 2,702 3,184 2,606 741 705 599 642 660 726 742 Profits after taxes 1,170 1,477 1,213 1,513 1,411 1,256 368 314 287 308 347 329 337 Dividends 553 658 710 889 845 863 242 210 206 205 244 210 206 Durable goods industries (106 corps.):2 Sales 19,510 23,587 23,885 29,34133,696 34,991 8,572 8,425 8,390 7 85110 32910 74511 405 Profits before taxes 2,316 3,107 3,191 5,192 5,374 4,435 1,396 1,234 1,019 852 1,328 1,498 1,693 Profits after taxes 1,357 1,837 1,887 2,542 2,000 1,789 565 501 338 370 581 508 566 Dividends 618 747 950 1,351 1,141 1,118 325 273 270 270 305 275 271 Selected industries: Foods and kindred products (28 corps.): Sales 3,339 3,538 3,323 3,492 3,873 3,911 1,004 959 942 984 1 027 1 01 5 1 033 Profits before taxes 428 413 379 469 407 377 104 86 93 104 94 83 101 Profits after taxes 263 259 235 257 199 175 52 40 42 48 4S 40 45 Dividends 131 137 135 143 140 135 42 32 33 32 38 30 32 Chemicals and allied products (26 corps.): Sales 3,111 3,549 3,557 4,447 5,433 5,553 1,367 1,373 1,337 1,367 1,476 1,518 1,548 Profits before taxes 546 656 675 1,110 1,388 1,184 323 318 281 285 299 3S1 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 12,50111,557 3,226 3,073 2,385 2,605 3 494 3 428 3 608 Profits before taxes 891 1,174 993 1,700 2,092 1,161 519 425 98 208 430 457 547 Profits after taxes 545 720 578 854 775 565 217 220 29 99 218 183 207 247 270 285 377 380 367 120 88 87 86 106 88 88 Machinery (27 corps.): 3,642 4,550 4,353 5,058 6,160 7,078 1,681 1,590 1,726 1 697 2 066 1 967 2 037 Profits before taxes 447 569 519 847 1,000 972 301 232 238 213 290 278 301 Profits after taxes 273 334 320 424 368 379 123 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 12,43812,827 2,939 3,035 3,427 2 681 3 684 4 308 4 662 Profits before taxes 809 1,131 1,473 2,305 1 ,915 1,950 488 503 596 347 504 652 718 Profits after taxes 445 639 861 1,087 704 695 185 170 191 143 191 197 208 Dividends 195 282 451 671 480 461 119 116 114 114 117 117 114 Public Utility Railroad: Operating revenue 8,685 9,672 8,580 9,473 10,39110,580 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: 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 88 104 109 114 131 178 213 276 318 355 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). 3Includes 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); mnd p. 908 of the BULLETIN for September 1944 (electric power). 1187 NOVEMBER 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 1 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 s t e s c ta o I x n m e - e s P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s tr U p i r b n o u d fi t i t s e s - d quarter i N ss e u w es R m e e t n ir t e s - ch N a e n t ge i N ss e u w es R m e e 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 i,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 7.3 135 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.... 2,433 717 1,716 1,793 612 1,181 640 105 535 4.... 2,920 774 2,146 1,928 684 1,244 992 90 902 1952—1 2 4 38 1 . . 2 5 2 20 1 . . 1 8 1 1 9 8 . . 7 0 9 9 . . 1 1 1 8 0 . . 9 6 1953—1.... 2,321 612 1,710 1,492 481 1,012 829 131 698 3 37.0 19.4 17.5 9.1 8.4 2 . . . 2,928 607 2,321 2,096 458 1,638 832 149 683 4 40.3 21.2 19.1 9.1 10.0 1 Reflects cash transactions only. As compared with data shown on p. 1186, new 1953—1 '44.6 20.3 9.2 11.1 issues exclude foreign and include investment company offerings, sales of securities 21. . . 45.9 25.0 20.8 9.4 11.4 h st e o ld ck b i y ss u a e f s fi l a ia n te d d c a c s o h m p p r a o n c i e e e s d s o r c o R nn F e C ct , e s d p e w ci i a th l c o o f n fe v r e in rs g i s o n t s o o e f m b p o l n o d y s e e i s n , to a n st d o c a k ls s o . n R ew etirements include the same types of issues, and also securities retired with internal r Revised. funds or with proceeds of issues for that purpose shown on p. 1186. Source.—Department of Commerce. Source.—Securities and Exchange Commission. CURRENT ASSETS AND LIABILITIES OF UNITED STATES CORPORATIONS1 [Estimates, in billions of dollars] Current assets Cunrent liabilities E o n r d q o u f a r y t e e a r r w c o a N r p k 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 1.3 51.6 2.2 24.1 16.6 8.7 1 1 9 9 4 4 4 5 4 5 5 1 . . 6 6 9 9 7 7 . . 2 4 2 2 1 1 . . 6 7 2 2 0 1 . . 9 1 4 2 . . 7 7 2 2 3 1 . . 2 8 2 26 6 . . 3 8 L >. 4 4 4 51 5 .8 7 1. . 8 9 2 25 4 .8 0 1 10 5 . 4 5 9 9 . . 7 4 1946 56.2 108.1 22.8 15.3 .7 30.0 3?.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 14.8 424 48 9 L 6 64 4 393 11 5 13.5 1949 72.4 133.1 26 5 16 8 43 o 45 3 4 60 7 37 5 9 3 14 0 1950 78.4 156.1 27.4 20.5 1.1 52.8 52.6 l!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 1953—1 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 1 Excludes banks and insurance companies. 2 Receivables from and payables to U. S. Government do not include amounts offset against each other on corporations' books. Source.—Securities and Exchange Commission. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT * [Estimates, in millions of dollars] Trans- Manu- Transporta- factur- porta- Manu- tion Public Com- ing tion Public All Year Total factur- Min- Rail- other utili- muni- Other 2 Quarter Total and incl. utili- other3 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 L.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 L ,352 887 3,125 L.320 4,660 1953—1 6,147 2,946 621 904 1,675 1950 20,605 7,491 707 L.lll 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 L.598 5.391 4* 7,042 3,475 644 1,146 1,778 1953* 27,821 12,690 892 L.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. Anticipated by business. Sources.—Department of Commerce and Securities and Exchange Commission. 1188 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 End of year h O ol t d h e e r r s 1- to 4-family houses com M m u e l r ti c - i f a a l m p i r l o y p a e n rt d ies» or quarter 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 ld s e - r Total t F u i i n c t n i i s o a a ti l n n - - s O ho e th r ld s e - r h A e o r l l s d l - t F u i i n c t n i i s o a a t l i n n - s - h O ol t d h e e r r s2 1939 35.5 18.6 2.2 14.7 28.9 16.3 9.3 7.0 12.5 7.8 4.8 6.6 L.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 L.5 5.0 1941 37.6 20.7 2.0 14.9 31.2 18.4 11.2 7.2 12.9 8.0 4.8 6.4 L.5 4.9 1942 36.7 20.7 1.8 14.2 30.8 18.2 11.5 6.7 12.5 7.8 4.7 6.0 1.4 4.5 1943 35.3 20.2 1.4 13.6 29.9 17.8 11.5 6.3 12.1 7.4 4.6 5.4 L.3 4.1 1944 34.7 20.2 1.1 13.3 29.7 17.9 11.7 6.2 11.8 7.2 4.6 4.9 L.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 L.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 L.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 L.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 0 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—December 82.1 59.5 2.0 20.7 75.6 51.9 41.2 10.7 23.7 15.7 8.0 6.6 2.6 4.0 1952—March P 84.0 61.0 2.2 20.8 77.3 53.2 42.3 10.9 24.1 16.0 8.1 6.7 2.6 4.1 JuneP 86.3 63.0 2.2 21.1 79.3 54.8 43.8 11.0 24.6 16.4 8.1 7.0 2.7 4.2 September P ... 88.7 65.1 2.3 21.3 81.6 56.5 45.4 11.1 25.1 16.9 8.2 7.1 2.8 4.3 DecemberP. . . 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 21.8 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 September?. . . 98.2 73.0 2.8 22.4 90.5 63.3 51.4 11.9 27.2 18.5 8.7 7.6 3.0 4.6 P Preliminary. i Derived figures, which include negligible amount of farm loans held by savings and loan associations. 2Derived figures, which include debt held by Federal land banks and Farmers Home Administration. NOTE.—Figures for first three quarters of each year, and all figures for December 1952 except those on 1- to 4-family houses and total farm (preliminary estimates from HLBB and Dept. of Agriculture, respectively), are Federal Reserve estimates. Financial institutions include commercial banks (including nondeposit trust companies but not trust departments), mutual savings banks, life insurance companies, and savings and loan associations. Federal agencies include HOLC, FNMA, and VA (the bulk of the amounts through 1948 held by HOLC, since then by FNMA). Other Federal agencies (amounts small and separate data not readily available currently) are included with "Individuals and others." Sources.—Federal Deposit Insurance Corporation, Home Loan Bank Board, Institute of Life Insurance, Departments of Agriculture and Commerce, Federal National Mortgage Association, Veterans Administration, Comptroller of the Currency, and Federal Reserve. MORTGAGE LOANS HELD BY BANKS * [In millions of dollars] Commercial bank holdingsJ Mutual savingsbank holdings4 Nonfarm Nonfarm End of year or quarter Residential8 Residentiall Total Farm Total Farm Total FHA- VA- Con- Other Total FHA- VA- Con- Other Total in- guar- ven- Total in- guar- vensured anteed tional sured anteed tional 1939 4,266 3,697 2,671 1,026 569 4,836 4,807 3,875 932 29 1940 4,578 4,003 2,963 1,040 575 4,859 4,829 3,914 915 30 1941 4 906 4,340 3,292 1,048 566 4,812 4,784 3,884 900 28 1942 4,746 4,256 3,332 924 491 4,627 4,601 3,725 876 26 1943 4,521 4,058 3,256 802 4,420 4,395 3,558 837 25 1944 4,430 3,967 3,218 749 463 4,305 4,281 3,476 805 24 1945 4,772 4,251 3,395 856 4,208 4,184 3,387 797 24 1946 7,234 6,533 5,146 1,387 702 4,441 4,415 3,588 827 26 1947 9 446 8 623 6 933 1,690 823 4,856 4,828 3,937 891 28 1948 10,897 10,023 8,066 1,957 874 5,806 5,773 4,758 1,015 34 1949 11,644 10,736 8,676 2,060 909 6,705 6,668 5,569 1,099 37 1950 13 66412 69510 431 2,264 968 8 261 8,218 7 054 1 164 44 1951 14,732 13,728 11,270 3,421 2,921 4,929 2,458 1,004 9,916 9,869 8,595 2,567 1,726 4,303 1,274 47 1952 15 86714,809 12,188 3,675 3,012 5,501 2,621 1,058 11,379 11,306 9,875 3,168 2,237 4,470 1,431 73 1951—December 14,732 13,728 11,270 3,421 2,921 4,929 2,458 1,004 9,916 9,869 8,595 2,567 1,726 4,303 1,274 47 1952—March 14,860 13,830 11,350 2,928 4,990 2,480 1,030 10,203 10,156 8,843 2,720 1,815 4,308 1,313 47 June 15,176 14,113 11,602 3,441 2,952 5,209 2,512 1,063 10,554 10,506 9,145 2,898 1,917 4,330 1,361 48 September 15,590 14,530 11,970 3,580 3,000 5,390 2,560 1,060 10,940 10,880 9,485 3,025 2,069 4,392 1,394 60 December 15,867 14,809 12,188 3,675 3,012 5,501 2,621 1,058 11,379 11,306 9,875 3,168 2,237 4,470 1,431 73 1953—March? 16,080 15,000 12,320 3,719 3,010 5,591 2,680 1,080 11,680 11,630 10,165 3,230 2,395 4,540 1,465 50 16,387 15,283 12,545 3,798 3,013 5,734 2,738 1,104 12,112 12,062 10,574 2,590 4,658 1,488 50 September?.. . .16,640 15,530 12,765 3,867 3,038 5,860 2,765 1,110 12,500 12,450 10,925 3,414 2,759 4,752 1,525 50 p Preliminary. 1 Includes all banks in the United States and possessions. 2 Includes loans held by nondeposit trust companies but excludes holdings of trust departments of commercial banks. March and September figures are Federal Reserve estimates based on data from Member Bank Call Report and from weekly reporting member banks. For 1940, figures except for the grand total are Federal Reserve estimates based on data for insured commercial banks. * 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.—AH 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. NOVEMBER 1953 1189 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REAL ESTATE CREDIT STATISTICS—Continued MORTGAGE ACTIVITY OF ALL UNITED STATES LIFE INSURANCE COMPANIES [In millions of dollars] Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Year or month Total Total in F s H ur A e - d a g n V u t A a e r e - - d Other Farm Total Total in F s H ur A e - d a g n V 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 990i 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 L ,527 1952 r 3,978 3,606 864 429 2,313 372 21,251 19,546 5,681 3,347 10,518 ,705: 1952—September 303 280 79 12 189 23 20,801 19,147 5,592 3,326 10,229 ,654 October 364 337 79 30 228 27 20,961 19,298 5,626 3,333 10,339 ,663 November 288 260 65 22 173 28 21,087 19,411 5,648 3,340 10,423 ,676 December 390 352 86 31 235 38 21,245 19,560 5,690 3,349 10,521 L.685 1953—January 347 309 80 25 204 38 21,396 19,701 5,725 3,358 10,618 L,695 February . 327 289 69 25 195 38 21,547 19,834 5,751 3,367 10,716 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 L ,75a May. 344 308 62 30 216 36 22,055 20,277 5,854 3,390 11,033 L ,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 ,815 August 305 279 62 32 185 26 22,552 20,722 5,924 3,430 11,368 . 830 September 313 289 57 40 192 24 22,698 20,860 5,943 3,448 11,469 1,838 ^Revised. NOTE.—For loans acquired, monthly figures may not add to annual totals, and for loans outstanding, end-of-December figures may differ from end-of-year figures, because monthly figures represent book value of ledger assets whereas year-end figures represent annual statement asset values, and because year-end adjustments are based on more nearly complete data. Prior to 1947, complete data are not available for all classifications shown. Sources.—Institute of Life Insurance—end-of-year figures, Life Insurance Fact Book; end-of-month figures, the Tally of Life Insurance Statistics* and Life Insurance News Data. MORTGAGE ACTIVITY OF ALL SAVINGS AND LOAN NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS ASSOCIATIONS [Number in thousands; amounts (except averages) in millions of dollars] [In millions of dollars] Loans made, by purpose Loans outstanding (end of period)2 Amount, by type of lender Average Year amount Y m e o ar n t o h r Total s N c t t i r o o e u n w n c - - H c p h o u a m r s - e e p O p o t u s h e r e s - r x Totals F su H in r A e - d - a g n V u te A a e r - - d t C i v o o e n n n a - - l3 mo o n r th N b u e m r - Total i a n S l s o g s a p s n v n s & - . p I c a n a o n s n m c u i e e r - - s b C m c a o i n e a m r k l - s - M b s i u a n a t n g v u k s - a s l Other c l o ( a 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 1,128 2,722 1940 1,200 399 426 375 4,125 1940 1,456 4,031 1,283 334 1,006 170 1,238 2,769 1941 1,379 437 581 361 4,578 1941 . . . 1,628 4,732 1,490 404 1,166 218 1,454 2,906 1942 1,051 190 574 287 4,583 1942 1,351 3,943 1,170 362 886 166 1,359 2,918 1943 1,184 106 802 276 4,584 1943 1,274 3,861 1,237 280 753 152 1,439 3,031 1944 1,454 95 1,064 295 4,800 1944 1,446 4,606 1,560 257 878 165 1,746 3,186, 1945 1,913 181 1,358 374 5,376 1945 . . . 1,639 5,650 2,017 250 1,097 217 2,069 3,448 1946 3,584 616 2,357 611 7,141 1946 2,497 10 5RQ 3,483 503 2,712 548 3,343 4,241 1947 3,811 894 2,128 789 8,856 1947 2,567 11,729 3,650 847 3,004 597 3,631 4,570 1948 3,607 1,046 1,710 851 10,305 '"'563' 2^397 " 7^3451948 2,535 11,882 3,629 1,016 2,664 745 3,828 4,688 1949 3,636 1,083 1,559 994 11,616 717 2,586 8,3131949 2,488 11,828 3,646 1,046 2,446 750 3,940 4,755, 1950 5,237 1,767 2,246 1,224 13,622 841 2,969 9,8121950 3,032 1(3,179 5,060 1,618 3,365 1,064 5,072 5,335 1951 5,250 1,657 2,357 1,236 15,520 864 3,125 11,5301951 2,878 1(5,405 5,295 1,615 3,370 1,013 5,112 5,701 1952 6,617 2,105 2,955 1,557 18,444 906 3,398 14,1401952 3,028 li3,018 6,452 1,420 3,600 1,137 5,409 5,950- 1952-Sept... 616 193 285 138 17,740 898 3,341 13,5011952-Sept... 267 1,588 593 118 316 103 458 5,943. Oct.... 659 208 303 148 Oct.... 285 1,727 627 135 342 117 506 6,051 Nov... 523 163 243 117 Nov... 245 ,492 526 116 298 104 448 6,085, Dec... 541 161 248 132 18,444 906 3,398 14,140 Dec... 252 1,553 540 126 305 112 470 6,171 1953-Jan.... 497 147 222 128 1953-Jan.. .. 228 1,401 477 111 278 93 442 6,136 Feb.... 523 164 222 137 Feb.... 229 1,391 503 110 269 84 425 6,068, Mar... 639 206 266 167 19,105 924 3,492 14,689 Mar... 264 1,627 605 126 316 92 488 6,153 Apr.... 678 226 288 164 Apr.... 275 1,709 642 127 325 102 513 6,206 May... 690 232 295 163 May... 273 1,699 641 133 317 111 497 6,221 June.. 733 241 327 165 20,133 "'962' *3,'593" i5i578 June .. 282 1,769 682 131 325 120 511 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 Sept.. . 684 208 328 148 21,145 1,015 3,745 16,385 Sept... 275 ,729 654 125 315 123 512 6,27ft 1 Includes loans for repair, additions and alterations, refinancing, etc. Source,—Home Loan Bank Board 2Prior to 1948, data are not available for classifications shown. 3 Excludes shares pledged against mortgage loans. Source.—Home Loan Bank Board. 1190 FEDERAL RESERVE BULLETIN? Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REAL ESTATE CREDIT STATISTICS—Continued GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- TO 4-FAMILY PROPERTIES [In millions of dollars] [In billions of dollars] FHA-insured loans VA-guaranteed loans3 Home Home Government- Year mortgages Pro- P e r r o ty p- mortgages Alter- End of underwritten Conmonth Total p e N r r t o e i w p es - i e p s E r r t t o i x i n e p - g s - g m j t a e y o g c p r e t e t - s - 1 l p m o r i a m o e n v n - s e t 2 - Total e p N r r t o e i w e p s - i p e s E r r t t o i x i n e p - g s - r a e a t p n io a d i n r2 q y u ea a r r t o er r Total Total FH in A - - g V u A ar - - ti v o e n n a - l sured anteed 1939 925 925 486 208 52 179 1940 991 991 588 175 13 216 1939 16.3 1.8 1 8 14 5 1941 1,152 1,152 728 183 14 228 1940 17.3 2.3 2.3 15.0 1942 1 121 1 121 766 208 21 126 1941 18.4 3 0 3 0 15 4 1943 934 934 553 210 85 86 1942 18.2 3.7 3.7 14.5 1944 877 877 484 224 56 114 1943 17.8 4 1 4.1 13 7 1945 857 665 257 217 20 171 192 1944 17.9 4.2 4.2 13.7 1946 3 058 756 120 302 13 321 2 302 1945 18.5 4 3 4.1 2 14 2 1947 5 074 1 788 477 418 360 534 3,286 1946 23.1 6.1 3.7 2.4 17.0 1948 5 222 3 341 1 434 684 609 614 1 881 1947 28.2 9 3 3 8 5 5 18 9 1949 5 250 3 826 1 319 892 1 021 594 1 424 793 629 3 1948 33.3 12.5 5.3 7.2 20.8 1950 7 416 4 343 1 637 856 1,157 694 3,073 1,865 1,202 5 1949 37.5 15.0 6.9 8.1 22.5 1951 6 834 3 220 1 216 713 584 707 3 614 2,667 942 6 1950 45.1 18.9 8.6 10.3 26.2 1952 5 830 3 113 969 974 322 848 2,721 1,824 890 6 1951 51.9 22.9 9.7 13.2 29.0 1952» 58.2 25.4 10.8 14.6 32.8 1952—Sept... 484 267 94 91 13 69 217 142 75 .4 Oct.... 526 306 108 103 26 69 220 141 78 .7 Nov... 503 259 97 87 17 59 243 157 85 .6 1951—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.».. 53.2 23.5 9.9 13.6 29.7 Mar. . . 504 276 103 89 20 64 228 152 75 .5 June*.. 54.8 24.0 10.1 13.9 30.8 Apr 577 342 109 92 22 119 235 157 78 ,4 Sept.*.. 56.5 24.7 10.4 14.3 31.7 May. . . 530 314 97 90 25 102 216 149 66 .5 Dec*. . 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 Sept.. . . 629 320 106 80 12 122 309 197 112 .4 June?.. 61.5 26.7 11.4 15.3 34.8 Sept.P.. 63.3 27.5 11.7 15.8 35.8 1 Monthly figures donot reflect mortgage amendments included in annual totals. 2FHA-insured property improvement loans are not ordinarily secured by mortgages; VA- 9 Preliminary. guaranteed alteration and repair loans of $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. 3Prior to 1949, data are not available for classifications shown. For conventional, figures are derivecI. NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guar- Sources.—Home Loan Bank: Board.Federal Honaanteed loans, gross amount of loans closed. Figures do not take account of principalrepay- ing Administration, Veterans Administration, and tnents on previously insured orguaranteed loans. For VA-guaranteed loans3, amounts by Federal Reserve. type are derived from data on number and average amount of loans closed. Sources.—Federal Housing Administration and Veterans Administration. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY FEDERAL HOME LOAN BANK LENDING [In millions of dollars] [In millions of dollars] E o n r d m o o f n y th ear A m f c u u i u i o z t n t n e h m t d e d - o s - d r- b m C u m d u e o r i n i s s n m t - - e - t d s - To M ta o l rtga F s g u H i e n r A e - h d - oldi a n g n V g u t s A e a e r - - d ( c p M d p h e g u a u r o a i r s r g r o i e - t n e d - s g ) ( p M d s g e u a a r o r l i g i e r o n e t s d - g ) Year or month va A n d c - es R m e e p n a t y s - T A o d t v a ( l a e n n 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 r i n n m g g - 2 1948 528 227 199 188 11 198 1941 158 140 219 105 115 1 1 1 19 9 9 9 5 5 4 5 2 1 9 0 1,0 8 9 6 8 4 6 1 5 8 1 8 8 4 2 3 8 2 3 2 5 4 9 3 2 1 1 , , , 3 8 2 8 4 5 4 2 7 0 2 8 4 2 3 1 0 0 2 6 3 4 0 9 1 1 1 , , , 9 1 6 4 2 7 4 2 2 8 6 5 1,0 6 6 5 4 7 7 3 4 2 7 8 4 1 6 2 5 1 9 0 6 1 ' 1 1 1 1 9 9 9 9 4 4 4 4 2 4 5 3 2 2 1 9 7 3 5 9 8 9 7 2 2 1 1 1 1 9 7 3 9 0 6 1 1 1 1 3 2 9 1 1 9 5 0 1 1 5 6 0 7 4 9 6 6 4 2 7 1 1 5 6 9 1946 329 231 293 184 109 1952—October 1,170 326 2,154 272 1,882 72 6 1947 351 209 436 218 217 November. .. 1,129 322 2,199 297 1,902 56 3 1948.. . 360 280 515 257 258 December.... 1,085 323 2,242 320 1,922 65 14 1949 256 337 433 231 202 1950 675 292 816 547 269 1953—January 1,043 321 2,286 338 1,948 61 10 1951 423 433 806 508 298 February.... 1,008 313 2,329 358 1,971 53 3 1952 586 528 864 565 299 March 934 322 2,394 395 1,999 81 7 April 876 326 2,448 429 2,019 68 3 1952—October.... 63 26 752 491 261 May 816 357 2,477 457 2,020 40 3 November.. 59 20 791 520 271 Tune 610 542 2,498 477 2,020 31 1 December. . 106 33 864 565 300 July 597 526 2,527 508 2,019 39 0) August 596 512 2,541 536 2,005 33 11 1953—January... . 16 197 683 439 245 September.. . 593 517 2,540 556 1,984 26 19 February... 14 71 627 401 226 October?.... 623 501 2,526 585 1,941 39 44 March 30 46 610 391 219 April 47 32 626 406 220 May 44 26 645 416 229 P Preliminary. June 97 23 718 471 248 iLess than $500,000. July 61 79 700 469 231 Source.—Federal National MortgageAssociation. A Se u p g t u e s m t ber.. 7 8 0 3 2 2 5 8 8 7 0 4 1 6 5 5 1 5 0 7 2 2 3 4 6 4 October. . . . 62 45 819 564 255 1 Secured or unsecured loans maturing in one year or less. 2Secured loans, amortized quarterly, having maturities oi more than one year but not more than ten years. Source.—Home Loan Bank Board. NOVEMBER 1953 1191 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding, in millions of dollars] Instalment credit Noninstalment credit End of year or month Total Total Au p to a m pe o r b 1 ile co p O g n a o s t p o h u e d e m r r s i er e a r n l R n d o i e a z p m n a a t s o i i 2 r o d n - Pe lo rs a o n n s al Total p S a l i y o n m a g n l e s e n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1939 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1940 8,338 5,514 2,071 1,827 371 1,245 2,824 800 1,471 553 1941 . . .. 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1942 5,983 3,166 742 1,195 255 974 2,817 713 1,444 660 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1946 8,384 4,172 981 1,290 405 1,496 4,212 1,122 2,076 1,014 1947 11,570 6,695 1,924 2,143 718 1,910 4,875 1,356 2,353 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 RR7 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 1952r 25,827 18,684 8,099 5,328 1,406 3,851 7,143 2,094 3,342 1,707 1952—Augustr 23,135 16,769 7,264 4,570 1,268 3,667 6,366 2,024 2,590 1,752 Septemberr. . . . 23,520 17,090 7,380 4,699 1,312 3,699 6,430 2,029 2,650 1,751 Octoberr 24,147 17,611 7,630 4,895 1,362 3,724 6,536 2,025 2,789 1,722 Novemberr. . . . 24,611 17,961 7,856 4,962 1,393 3,750 6,650 2,100 2,839 1,711 Decemberr 25,827 18,684 8,099 5,328 1,406 3,851 7,143 2,094 3,342 1,707 1953—January 25,674 18,851 8,273 5,288 1,403 3,887 6,823 2,143 2,975 1,705 Februaryr 25,504 18,982 8,480 5,208 1,404 3,890 6,522 2,118 2,678 1,726 Marchr 25,946 19,391 8,799 5,217 1,416 3,959 6,555 2,211 2,613 1,731 Aprilr 26,455 19,767 9,111 5,217 1,435 4,004 6,688 2,246 2,682 1,760 Mayr 27,056 20,213 9,432 5,272 1,462 4,047 6,843 2,294 2,763 1,786 Juner 27,411 20,635 9,692 5,333 1,493 4,117 6,776 2,197 2,781 1,798 July 27,581 21,004 9,973 5,351 1,516 4,164 6,577 2,079 2,705 1,793 Augustr 27,810 21,218 10,136 5,362 1,534 4,186 6,592 2,131 2,668 1,793 September 27,969 21,337 10,232 5,352 1,552 4,201 6,632 2,130 2,716 1,786 r Revised. Figures beginning with January 1952 have been revised. Figures for all of 1952 together with a descriptive note on the revision are shown on p. 1214. 1 Includes all consumer instalment credit extended for the purpose of purchasing automobiles and other consumer goods and secured by the items purchased, whether held by retail outlets or financial institutions. Includes credit on purchases by individuals of automobiles or other consumer goods that may be used in part for business. 2Includes only repair and modernization loans held by financial institutions; such loans held by retail outlets are included in "other consumer goods paper." NOTE.—Monthly figures for the period December 1939 through 1951 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 o o f n y t e h ar i c m n r s e e t d n a i l t t - Total m b C e a o r n c m k ia s - l f p i S c n a o a a n m l n i e e c s - s e u C n r i e o d n i s t Other Total D s m t e o p e re a n s r t t l - F s t t u u o r r r n e e i s - H s a a h t p o o n o p u r c l l s e d e i e s - - d m A ea o u l b t e o i r l - s e 2 Other 1939. 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1940 5,514 3,918 1,452 1,575 171 720 1,596 394 474 196 167 365 1941 6,085 4,480 1,726 1,797 198 759 1,605 320 496 206 188 395 1942 3,166 2,176 862 588 128 598 990 181 331 111 53 314 1945 2,462 1,776 745 300 102 629 686 131 240 17 28 270 1946 4,172 3,235 1,567 677 151 840 937 209 319 38 47 324 1947 6,695 5,255 2,625 1,355 235 L.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 r 18,684 15,410 7,524 4,833 837 2,216 3,274 1,117 866 244 308 739 1952—Aueusf 16,769 13,960 6,793 4,294 774 2,099 2,809 959 762 213 279 596 Septemberr 17,090 14,210 6,945 4,362 791 2,112 2,880 1,000 774 222 282 602 Octoberr 17,611 14,615 7,158 4,523 808 2,126 2,996 1,053 795 226 291 631 Novemberr 17,961 14,948 7,310 4,670 818 2,150 3,013 1,033 809 229 299 643 Decemberr 18,684 15,410 7,524 4,833 837 2,216 3,274 1,117 866 244 308 739 1953-—Januaryr 18,851 15,678 7,665 4,930 842 2,241 3,173 1,084 832 237 315 705 Februaryr 18,982 15,910 7,797 5,031 851 2,231 3,072 1,023 822 236 324 667 March r 19,391 16,380 8,059 5,174 880 2,267 3,011 974 812 236 336 653 Aprilr 19,767 16,800 8,286 5,312 906 2,296 2,967 925 807 242 348 645 May r 20,213 17,222 8,491 5,480 928 2,323 2,991 933 809 248 362 639 Juner 20,635 17,621 8,675 5,633 962 2,351 3,014 937 812 256 373 636 July 21,004 18,000 8,818 5,816 988 2,378 3,004 923 812 260 386 623 Augustr 21,218 18,205 8,879 5,924 1,009 2,393 3,013 931 813 263 396 610 September 21,337 18,318 8,883 6,005 1,029 2,401 3,019 943 811 265 399 601 rRevised. See footnote to table above. includes mail-order houses. 2 Includes only automobile paper; other instalment credit held by automobile dealers is included with "other" retail outlets. 1192 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT—Continued NONINSTALMENT CREDIT, BY HOLDER INSTALMENT CREDIT HELD BY COMMERCIAL BANKS, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] [Estimated amounts outstanding, in millions of dollars] Financial Retail E o n r d m o o f n y t e h ar i T m n n s o o e t t n n a a - l t l - C m i ( o n s m e i s n n t - g i t t l u e l - t o p i a o a n n y s s - ) D a e c ( - o c c u h o t a u le r n g t t s e s) S c e r r e v d i i c t e E o n r d m o o f n y t e h ar i c T m n r s o e e t d t n a a i l t t l - ch P A a u s u r e - t p d o a m pe o ]D r b i i r le ect s O g p u c 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 a n p o o i n z d d a n a s i - r - s l P o o a e n r n a - s l credit mer- Other part- Other cial ment banks stores i 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 ,227 660 1946 1,567 169 311 299 242 546 1947 2,625 352 539 550 437 747 1945 3,203 674 72 290 1,322 845 1948 3,529 575 753 794 568 839 1946 4,212 1,008 114 452 1,624 1,014 1949 4,439 849 946 1,016 715 913 1947 4,875 1,203 153 532 1 .821 1,166 1950 5,798 1,177 1,294 1,456 834 1,037 1948. . 5,443 1,261 184 575 2,' 138 1,285 1951 5,771 1,135 1,311 1,315 888 1,122 1949 5,588 1,334 198 584 2,096 1,376 1952r 7,524 1,633 1,629 1,751 1,137 1,374 1950 6,323 1,576 245 641 2,365 1,496 1951 6,631 1,684 250 685 2,411 1,601 1952— Augustr.. . 6,793 1,433 1,517 1,495 1,036 -1,312 1952 ' 7,143 1,844 250 730 2,612 L.7O7 Septemberr 6,945 1,470 1,534 1,537 1,069 1,335 1952—Augustr.. . 6,366 1,789 235 430 2,160 [,752 N O o ct v o e b m er b r e . r . r 7 7 , , 3 15 1 8 0 1 1, , 5 5 7 2 2 4 1 1 , , 5 5 6 9 9 8 1 1 , , 6 6 0 5 9 9 1 1 , , 1 1 0 3 9 0 1 1, , 3 3 5 4 1 7 Septemberr 6,430 1,789 240 469 2,181 1,751 December7" 7,524 1,633 1,629 1,751 1,137 1,374 October'*. . 6,536 1,796 229 511 2,278 1,722 Novemberr 6,650 1,814 286 550 2,289 1,711 1953—January. . 7,665 1,685 1,652 1,809 1,133 1,386 Decemberr 7,143 1,844 250 730 2,612 L,7O7 Februaryr. 7,797 1,733 1,695 1,835 1,136 1,398 March r. . . 8,059 1,814 1,761 1,909 1,144 1,431 1953—January. . 6,823 1,878 265 587 2,388 ,705 Aprilr 8,286 1,902 1,821 1,956 1,160 1,447 February. 6,522 1,887 231 504 2,174 1,726 May 8,491 1,989 1,869 1,990 1,184 1,459 Marchr. . . 6,555 1,960 251 492 2,121 1,731 June7" 8,675 2,043 1,906 2,029 1,212 1,485 April r 6,688 1,984 262 487 2,195 1,760 July 8,818 2,095 1,941 2,055 1,234 1,493 J M un a e y 7" 6 6, , 7 8 7 4 6 3 1 1 , , 9 9 2 8 2 5 3 2 0 7 9 5 4 49 9 2 8 2 2 , , 2 2 6 8 5 9 1, , 7 7 9 8 8 6 S A e u p g te u m st b r. e . r . . 8 8 , , 8 8 7 8 9 3 2 2, , 1 1 4 2 1 3 1 1 , , 9 9 5 4 7 8 2 2 , , 0 03 5 6 6 1 1 , , 2 2 5 6 1 3 1 1 , , 4 4 9 9 2 5 July 6,577 1,830 249 457 2,248 ,793 Augustr.. . 6,592 1,870 261 453 2,215 ,793 September. 6,632 1,857 273 500 2,216 ,786 " Revised. See footnote to table at the top of opposite page. r Revised. See footnote to table at the top of opposite page. 1 Includes mail-order houses. INSTALMENT CREDIT HELD BY FINANCIAL INSTITU- TIONS OTHER THAN COMMERCIAL BANKS AND SALES INSTALMENT CREDIT HELD BY SALES FINANCE FINANCE COMPANIES, BY TYPE OF CREDIT COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] [Estimated amounts outstanding, in millions of dollars] E o n r d m of o n y t e h ar i c T m n r s o e e t t d n a a i l t l t - m A pa o u p b t e o il r - e s O g p u c o a t o m o p h n d e e e - r r s r m i R z lo a o e a a n p d ti n d a e o r s i n r n- s l P o o a e n r n a - s l E o n r d m o o f n y t e h ar i c T m n r s o e e t t d n a a i l t l t - m A pa o u p b t e o il r - e s O g p u c o a t o m o p h n d e e e - r s r r m i R z lo o a a e a d n p ti n e d a o r s i n r n- l s P o o a e n n r a - s l 1939 789 81 24 15 669 1939 1,197 878 115 148 56 1940 891 102 30 16 743 1940 1,575 1,187 136 190 62 1941 957 122 36 14 785 1941 1,797 1,363 167 201 66 1942 726 65 27 14 620 1942 588 341 78 117 52 1945 731 54 20 14 643 1945 300 164 24 58 54 1946 991 77 34 22 858 1946 677 377 67 141 92 1947 1,275 130 69 39 1,037 1947 .. 1,355 802 185 242 126 1948 .. . .. 1,573 189 99 59 1,226 1948 1,990 1,378 232 216 164 1949 1,858 240 137 89 1,392 1949 2,950 2,425 303 83 139 1950 2,237 330 182 115 1,610 1950 3,785 3,257 313 57 158 1951 . . .. 2,537 358 209 132 1,838 1951 3,769 3,183 241 70 275 1952r 3,053 457 279 187 2,130 1952 4,833 4,072 332 82 347 1952—Augustr 2,873 427 256 161 2,029 1952—August 4,294 3,608 289 71 326 September7". . 2,903 434 263 169 3,037 September. . . 4,362 3,660 301 74 327 Octoberr 2,934 442 269 175 2,048 October 4,523 3,804 312 78 329 Novemberr.. . 2,968 447 272 184 2,065 November 4,670 3,940 317 79 334 Decemberr... 3,053 457 279 187 2,130 December.... 4,833 4,072 332 82 347 1953—January 3,083 462 284 189 2,148 1953—January 4,930 4,159 337 81 353 Februaryr... . 3,082 468 286 188 2,140 February 5,031 4,260 339 80 352 Marchr 3,147 486 291 193 2,177 March 5,174 4,402 342 79 351 Aprilr 3,202 504 297 195 2,206 A M p a r y il . 5 5 , , 3 4 1 8 2 0 4 4 , ,5 6 3 9 6 4 3 35 4 1 5 8 7 0 8 3 3 5 5 1 7 J M un a e y 7" 3 3 , , 2 3 5 1 1 3 5 5 1 3 8 4 3 3 0 0 2 7 2 20 0 5 0 2 2 , , 2 2 6 3 7 1 June 5,633 4,836 356 76 365 July 3,366 544 311 207 2,304 July 5,816 5,007 367 75 367 Augustr 3,402 552 315 211 2,324 August .... 5,924 5,108 374 72 370 September. . . 3,430 558 321 215 2,336 September. . . 6,005 5,186 375 74 370 r Revised. See footnote to table at the top of opposite page. 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 association*, and other lending institutions holding consumer instalment loans. NOVEMBER 1953 1193 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 Year or month Depart- Furni- h H o o ld u s a e p - - Depart- S 1 e 9 p 5 t 3 . A 19 u 5 g 3 . J 1 u 95 ly 3 S 1 e 9 p 5 t 3 . A 19 u 5 g 3 . J 1 u 95 ly 3 s m to e r n e t s st tu or r e e s p s l t i o a r n e c s e s m to e r n e t s Net sales: 1952 Total o +8 -9 -9 -3 -3 August 17 11 11 46 C C r a e s d h it s a s l a e l s es: -11 +4 -5 -7 -2 +3 S O e c p to te b m er ber 1 1 8 8 1 1 1 1 1 1 2 1 5 4 0 7 Instalment -7 +8 -9 -10 -4 -5 November 17 10 11 48 Charge account -6 +8 -8 -5 -5 -3 December 17 10 11 48 Accounts receivable, end 1953 of month: January 16 10 11 47 Total 0 + 1 -1 +8 + 12 + 15 February 15 9 10 44 Instalment 0 0 0 +6 +8 + 10 March 17 10 11 49 April 15 10 10 46 Collections during May 15 10 10 46 month: June 15 11 10 47 Total -3 -2 i + 1 +5 +8 July 15 10 10 46 Instalment. 0 c + 1 +5 +9 August 15 no 10 45 September 15 10 46 [nventories, end of 10 month, at retail value. +4 -1 -3 +3 0 + 1 r Revised. 1 Collections during month as percentage of accounts outstanding at beginning of month. DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasonal adjustment, 1947-49 average = 100 Percentage of total sales Year or month Sales during month Ac at c o e u n n d t s o f r e m ce o iv n a th ble Collec m tio o n n s t h during Instal- Charge Cash ment account Total Cash Instal- Charge Instal- Charge Instal- Charge sales sales sales ment account ment account ment account Averages of monthly data: 1941 46 44 55 48 76 53 58 47 48 9 43 1942 53 57 45 48 60 48 60 51 56 6 38 1943 60 72 39 49 35 42 47 50 61 5 34 1944 67 82 36 53 29 44 41 52 64 4 32 1945 75 92 37 59 28 50 40 59 64 4 32 1946 93 105 56 84 38 73 53 78 59 4 37 1947 99 103 85 95 67 92 78 92 55 6 39 1948 103 103 105 104 108 105 106 103 52 7 41 1949 98 94 110 101 125 103 117 104 51 8 41 1950 101 93 136 106 177 111 146 111 48 10 42 1951 104 95 133 111 181 124 165 118 48 9 43 1952 103 93 142 109 189 127 158 120 47 10 43 1952—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 45 November 120 108 174 127 211 138 160 123 47 11 42 December 190 176 233 200 231 183 167 134 49 9 42 1953—January 84 76 121 87 226 147 179 172 47 11 42 February....... 78 69 119 81 224 126 162 132 47 11 42 March 99 88 144 106 222 123 178 126 46 11 43 97 87 131 103 220 122 165 118 47 10 43 May . ... 101 90 138 109 220 124 158 116 47 10 43 June 97 88 132 104 219 123 164 121 47 10 43 July 81 74 118 84 214 114 155 117 47 11 42 August 88 79 137 92 218 113 154 102 47 11 42 September 100 87 143 109 222 125 160 105 46 10 44 NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 1205. 1194 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] Construction ( I p n h d y 1 u s 9 s i 3 t c r 5 a i l a - 3 l v 9 o p = l r u 1 o m 0 d 0 u e c )* ti 1 on aw 1 a 9 r c 4 d o 7 e n d - t 4 r 9 a (v c = t a 1 s l 0 u 0 e)2 Employ 1 m 94 en 7 t - 4 a 9 n = d 1 0 p 0 ayrolls3 Freight D m ep e a n r t t Con- W s h a o le le- Year or month Total r D ab f u M a l - e c a tu n r u r N e a d - s o b u n l - e - M era in ls - Total R d t e e ia n s l i - - o A th l e l r m N p t a c e u l g m u o e o r r l n n a y i - - - l t - - pr E o M m d m a u p e n c l n u t o t i f y o a - n c tu w r o in r P r k g o a e l y r ls s - c 1 a 9 i = r n 3 l g 1 o 5 s 0 - a * 3 0 d 9 - 1 v ( s 9 = a r a 4 e l l 1 7 e u ta 0 - s e i 4 * 0 ) l 9 4 1 p s 9 = r u 4 i m c 1 7 e 0 - e s 4 0 r 3 9 1 m p 9 c = r o 4 o i c 1 d 7 m e 0 i - t s - 4 0 y 3 9 Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justec justec justec justed justec jus tec justed justed justed justed justed justed justed justed 1919 72 84 62 71 34 26 39 61.6 68.7 31.1 120 27 74.0 1920 75 93 60 83 34 18 45 62 2 69 0 37 1 129 32 85 7 1921.. . 58 53 57 66 30 27 32 55.4 52.8 24.0 110 30 76 4 1922 73 81 67 71 43 41 43 58 7 58 4 25.7 121 30 71 6 1923 88 103 72 98 45 49 42 64 6 66.9 32.6 142 34 72 9 1924 82 95 69 89 51 57 46 63.8 62.1 30.4 139 34 73 1 1925 90 107 76 92 66 75 59 65 5 64.2 32 1 146 36 75 0 1926 96 114 79 100 69 73 67 67 9 65.5 33 0 152 37 75 6 65 0 1927 95 107 83 100 69 71 68 68.2 64.1 32.4 147 37 74 2 62 0 1928 99 117 85 99 73 76 70 68 3 64 2 32 8 148 37 73 3 62 9 1929 . 110 132 93 107 63 52 70 71.3 68.3 35.0 152 38 73 3 61 9 1930 91 98 84 93 49 30 62 67.0 59.5 28.3 131 35 71.4 56.1 1931 75 67 79 80 34 22 41 60 6 50 2 21 5 105 32 65 0 47 4 1932 58 41 70 67 15 8 20 53.7 42.6 14.8 78 24 58 4 42 1 1933 69 54 79 76 14 7 18 53 9 47 2 15 9 82 24 55 3 42 8 1934.. . 75 65 81 80 17 7 24 59.0 55.1 20.4 89 27 57 2 48 7 1935 87 83 90 86 20 13 25 61.6 58.8 23.5 92 29 58.7 52.0 1936 103 108 100 99 30 22 35 66 2 63 9 27 2 107 33 59 3 52 5 1937. 113 122 106 112 32 25 36 70.6 70.1 32.6 111 35 61 4 56 1 1938 89 78 95 97 35 27 40 66.4 59.6 25.3 89 32 60.3 51.1 1939 109 109 109 106 39 37 40 69.6 66.2 29.9 101 35 59 4 50 1 1940 125 139 115 117 44 43 44 73.6 71.2 34.0 109 37 59.9 51.1 1941 162 201 142 125 66 54 74 83.1 87.9 49.3 130 44 62.9 56.8 1942 199 279 158 129 89 49 116 91 2 103.9 72.2 138 50 69 7 64 2 1943 239 360 176 132 37 24 45 96.6 121.4 99.0 137 56 74.0 67.0 1944 235 353 171 140 22 10 30 95 3 118.1 102.8 140 62 75 2 67 6 1945 203 274 166 137 36 16 50 92.1 104.0 87.8 135 70 76 9 68 8 1946 170 192 165 134 82 87 79 95.1 97.9 81.2 132 90 83.4 78.7 1947 187 220 172 149 84 86 83 99 4 103.4 97 7 143 98 95 S 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. ( 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 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. <5122.2 102 107 114 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. f 143.3 134 108 114.1 111.8 October 230 233 300 195 164 210 185 227 111 3 107.8 109. f 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 240 241 320 r199 168 169 174 166 113 2 112 7 111.5 150 8 128 115 114 5 109 5 July ... . 232 234 r310 191 164 172 175 170 113.3 112.4 110.4 149.1 123 113 114.7 110.9 August 235 238 309 198 167 205 184 220 112.8 111.1 112.0 151.7 130 112 115.0 110.6 September P232 P236 P303 P195 P167 218 180 243P112.4 P109.6 Pill.6 148.6 126 P106 115.2 111.0 October e232 e235 *3O7 194 •162 126 110 « Estimated; all estimates are those of the Federal Reserve. Preliminary. r Revised. •Average per working day. *For indexes by groups or industries, see pp. 1196-1199. 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. 1203. 3The unadjusted indexes of employment and payrolls, wholesale commodity prices, and consumer prices are compiled by or based on data of the Bureau of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces. The consumer prices index is the revised series, reflecting beginning January 1953 the inclusion cf some new series and revised weights. Prior to January 1953 indexes are based on the "interim adjusted" and "old" indexes converted to the base 1947-49=100. 4For indexes by Federal Reserve districts and for other department store data, see pp. 1205-1209. Back figures in BULLETIN.—For industrial production. August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp. 958-984; or department store sales, December 1951, pp. 1490-1515. NOVEMBER 1953 1195 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDUSTRIAL PRODI CTION, BY INDUSTRIES (Adjusted for Seasonal Variation) [Federal Reserve index numbers, 1935-39 average = 100] 1952 1953 Industry Sept. Oct. Nov. Dec Jan. Feb. Mar. Apr. May June July Aug. Sept Industrial Production—Total. 228 230 234 235 236 240 243 241 240 240 232 235 232 Manufactures—Total 237 242 245 247 249 254 258 255 254 '253 244 247 243 Durable Manufactures 290 300 304 313 316 322 328 326 321 ••320 '310 309 •303 Iron and Steel* 270 281 283 286 287 290 297 292 291 288 279 277 >264 Pig iron 242 247 244 247 249 247 253 244 250 250 247 246 243 Steel 319 332 334 335 333 337 348 338 337 328 318 311 291 O El p e e c n tr h ic earth. 1 2 0 2 1 2 3 1 2 0 3 4 3 0 1 2 0 3 6 1 4 1 2 0 3 2 8 2 1 2 0 3 2 5 9 1 2 07 3 1 4 241 1 2 08 3 1 4 1 2 0 3 4 8 7 1 2 0 3 2 1 2 2 9 2 5 9 8 2 9 2 2 5 3 2 7 2 8 1 4 1113 Machinery 354 363 371 385 393 398 402 399 '398 •388 389 '385 Transportation Equipment. 353 371 376 392 391 403 406 417 408 r405 •388 385 P376 412 Automobiles (including parts) 247 265 272 282 283 297 314 306 ••301 "282 272 P261 (A a ir n c d r a G ft o ; v R er a n il m ro e a n d t )2 Equipment; Shipbuilding — Private 308 Nonferrous Metals and Products. 225 237 240 246 250 259 259 263 262 259 249 236 P237 Smelting and refining 248 251 251 258 266 293 300 299 290 285 283 282 P288 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)2 Fabricating 216 231 236 241 243 245 243 248 251 249 235 218 P217 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)2 Lumber and Products. 155 155 161 165 171 175 172 168 151 '154 150 153 Lumber... 140 138 146 149 162 166 161 157 134 139 135 138 142 Furniture. 183 189 191 196 189 191 193 189 184 182 177 182 Stone, Clay, and Glass Products. 222 224 221 221 223 233 238 232 231 233 •230 231 P225 Glass products 245 241 232 221 224 242 255 248 255 '260 258 261 '250 Glass containers 261 254 242 225 232 255 271 261 271 279 280 281 265 Cement 227 231 233 254 257 279 273 262 246 242 243 238 234 Clay products 161 163 162 160 168 166 169 165 160 164 '154 154 P150 Other stone and clay products2. Nondurable Manufactures... 194 195 197 194 195 198 201 198 199 199 191 198 P195 Textiles and Products 177 172 176 169 169 173 173 169 173 174 157 P161 Textile fabrics 158 154 158 152 151 157 157 151 155 155 137 149 Cotton consumption 145 142 149 141 140 149 148 141 143 142 113 139 138 Rayon deliveries 377 361 356 337 350 338 352 355 367 367 359 '346 327 Nylon and silk consumption2... Wool textiles 137 134 137 138 130 142 137 128 130 135 120 128 Carpet wool consumption. . 148 140 153 164 149 173 171 152 130 137 83 140 Apparel wool consumption. 149 142 137 130 129 139 138 134 144 143 118 135 Wool and worsted yarn 130 126 127 124 118 130 127 116 124 129 Woolen yarn 121 117 120 115 108 117 113 105 113 117 Worsted yarn 144 140 138 136 132 149 147 132 138 147 Woolen and worsted cloth.. 136 138 141 146 136 142 134 130 136 138 heather and Products. 112 112 113 107 116 119 117 112 111 104 95 110 Leather tanning 97 103 103 100 103 101 98 102 104 97 85 97 Cattle hide leathers 107 115 117 112 116 115 108 117 118 111 99 114 Calf and kip leathers 90 87 84 88 87 82 83 81 81 71 58 69 Goat and kid leathers 65 77 83 80 79 81 86 80 84 83 74 68 Sheep and lamb leathers. 88 93 86 76 80 80 77 82 82 82 70 84 Shoes 120 119 102 123 118 112 126 131 129 116 108 119 Manufactured Food Products. 161 165 162 P163 168 165 164 165 165 168 164 '164 162 Wheat flour 113 104 107 P110 Cane sugar meltings2 108 109 108 114 108 107 108 109 104 Manufactured dairy products. 148 146 147 152 151 151 154 156 152 152 150 148 143 Butter 71 73 73 85 89 90 94 95 84 82 79 76 73 Cheese 178 176 191 209 209 205 209 211 198 195 185 181 175 Canned and dried milk... 166 155 152 155 142 138 149 159 158 165 160 155 135 Ice cream2 » Preliminary. r Revised. 1 Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods may be obtained from the Division of Research and Statistics. 2Series included in total and group indexes but not available for publication separately. 'Because of a ^classification of the basic data used to measure changes in production, the sulphate pulp and sulphite pulp series are nc longer available separately. Individual indexes through June 1951 are shown in preceding BULLETINS. 1196 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 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept Manufactured Food Products—Continued Meat packing 170 169 170 176 169 174 179 171 154 157 157 168 Pork and lard 200 194 196 202 181 181 187 169 141 142 145 162 182 Beef 151 153 155 163 175 188 193 197 189 193 186 189 194 Veal 125 131 131 124 113 109 111 117 124 148 158 172 169 Lamb and mutton. 87 96 89 97 100 97 100 91 81 81 81 87 94 Other manufactured foods 175 172 167 169 171 171 173 170 172 '171 -169 167 Processed fruits and vegetables. 143 147 124 128 143 143 155 148 155 ••151 '139 122 Confectionery 136 131 134 150 145 138 136 138 132 115 118 134 Other food products 190 185 184 183 182 183 184 182 183 ••186 185 184 Alcoholic Beverages. . . . 155 162 180 166 158 159 173 164 155 152 160 161 181 Malt liquor 160 154 177 182 175 169 179 169 151 151 172 180 187 Whiskey 26 28 31 44 53 58 63 62 56 59 43 31 58 Other distilled spirits. 148 182 133 127 160 139 191 198 228 179 195 183 181 Rectified liquors 263 325 369 228 180 221 245 227 239 237 204 184 274 Tobacco Products. 187 190 181 172 179 194 194 184 174 169 154 182 Cigars 123 134 124 98 110 112 116 117 114 107 112 Cigarettes 257 258 249 243 249 276 277 255 238 232 209 254 Other tobacco products. 65 66 57 59 64 61 60 65 62 59 54 64 Paper and Paper Products. 192 203 205 196 200 207 211 209 209 207 186 216 P214 Paper and pulp , 181 192 194 185 191 197 201 199 199 197 179 204 Pulp 220 233 236 220 233 237 245 239 244 241 222 254 Groundwood pulp 125 125 108 112 112 118 113 111 114 115 126 131 Soda pulp 83 89 92 91 92 95 94 85 90 90 79 94 Sulphate and sulphite pulp3 256 274 280 258 275 279 291 284 290 285 260 300 Paper 175 186 188 180 185 191 194 193 192 190 172 196 Paperboard 233 246 249 235 236 245 249 249 249 250 215 261 Fine paper2 Printing paper 178 179 185 193 193 192 177 194 Tissue and absorbent paper 206 195 201 201 207 210 200 200 Wrapping paper 150 151 162 167 170 166 147 164 Newsprint 123 116 119 118 121 114 118 121 Paperboard containers (same as Paperboard). Printing and Publishing. 165 176 175 168 173 180 183 181 184 179 173 182 178 Newsprint consumption 166 173 169 157 162 167 173 170 177 170 169 171 Printing paper (same as shown under Paper). Petroleum and Coal Products. 282 279 290 291 293 293 289 286 288 295 294 297 292 Petroleum refining2 Gasoline 234 225 233 229 230 231 225 225 230 238 245 246 240 Fuel oil 232 226 239 239 241 236 233 225 221 230 227 226 223 Lubricating oil 179 182 171 164 160 148 161 156 162 163 161 172 Kerosene 208 207 225 241 250 226 207 208 190 204 203 197 Other petroleum products2. Coke 177 179 182 186 188 188 189 187 189 188 ••187 184 By-product coke 174 178 179 182 183 183 183 181 183 184 184 '184 181 Beehive coke 299 243 268 312 353 364 391 382 393 299 '302 279 Chemical Products. 302 304 308 309 310 310 314 319 321 325 '325 325 >322 Paints 155 158 159 159 162 160 161 161 161 160 165 160 P159 Rayon 370 358 350 351 349 336 351 373 367 382 373 359 P320 Industrial chemicals 567 578 595 598 595 598 605 614 621 '631 636 637 P635 Other chemical products2. Rubber Products... 252 260 264 272 268 270 275 272 267 '271 •264 259 Minerals— Total. 175 164 171 168 164 163 162 164 164 168 164 167 P167 Fuels. 180 167 177 176 172 170 168 167 168 173 169 172 vl73 Coal 133 93 125 115 105 99 96 99 103 106 94 106 113 Bituminous coal. 144 93 135 125 116 109 107 113 113 116 103 119 126 Crud A e n p t e h t r r a o c le it u e m 88 95 87 71 60 20 6 5 0 20 5 4 2 20 4 1 7 19 6 9 6 66 20 5 6 7 20 5 5 4 202 203 203 202 207 204 206 Metals. 123 125 145 144 134 134 149 145 138 117 120 144 Metals other than gold and silver. 175 177 211 209 193 194 193 I ( r C o o n p p or e e r; Lead; Zinc)2 219 212 200 166 170 209 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. NOVEMBER 1953 1197 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 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Industrial Production—Total 232 233 235 233 232 236 240 240 240 241 234 238 P236 Manufactures— Total 242 245 246 246 245 250 255 254 254 r254 246 250 P247 Durable Manufactures 292 301 305 310 312 319 326 326 322 '321 '311 311 P305 Iron and Steel1 270 281 283 286 287 290 297 292 291 288 279 277 P264 Pig iron 242 247 244 247 249 247 253 244 250 250 247 246 243 Steel 319 332 334 335 333 337 348 338 337 328 318 311 291 Open hearth 222 233 231 238 235 234 241 234 238 231 229 225 221 Electric 1013 1040 1064 1022 1029 1071 1113 1081 1047 1022 958 923 784 354 363 371 385 393 398 406 402 399 r398 '388 389 P385 Transportation Equipment 353 371 376 392 391 403 412 417 408 P388 385 P376 Automobiles (including parts) 247 265 272 282 283 297 308 314 306 -•301 272 P261 (Aircraft; Railroad equipment; Shipbuilding—Private and Government)2 Nonferrous Metals and Products 225 237 241 246 25 0 259 259 263 262 259 248 236 P238 Smelting and refining 248 251 251 259 266 293 301 299 290 284 282 282 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)2 Fabricating 216 231 236 241 243 245 243 248 251 249 235 218 pin (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)2 Lumber and Products 167 164 160 151 151 158 162 168 154 163 158 163 P165 Lumber 159 151 143 128 132 142 146 157 139 153 149 153 159 Furniture 183 189 191 196 189 191 193 189 184 182 177 182 P178 Stone, Clay, and Glass Products 232 235 226 214 209 216 227 230 238 236 233 241 P235 Glass products 248 247 234 210 221 237 255 248 269 '249 269 P254 Glass containers 267 262 245 210 227 248 271 261 291 276 269 292 270 Cement 263 267 252 231 209 212 224 249 2S9 259 267 269 272 Clay products 167 173 167 165 155 157 161 161 159 163 156 159 P157 Other stone and clay products2 Nondurable Manufactures 201 200 199 193 191 194 197 196 198 r?0() »193 202 P201 Textiles and Products 177 172 176 169 169 173 173 169 173 174 157 166 P161 Textile fabrics 158 154 158 152 151 157 157 151 155 155 137 149 Cotton consumption 145 142 149 141 140 149 148 141 143 142 113 139 138 Rayon deliveries 377 361 356 337 350 338 352 355 367 367 359 346 327 Nylon and silk consumption2 Wool textiles 137 134 137 138 130 142 137 128 130 135 120 128 Carpet wool consumption 148 140 153 164 149 173 171 152 130 137 83 140 Apparel wool consumption 149 142 137 130 129 139 138 134 144 143 118 135 Woolen and worsted yarn 130 126 127 124 118 130 127 116 124 129 Woolen yarn 121 117 120 115 108 117 113 105 113 117 Worsted yarn . 144 140 138 136 132 149 147 132 138 147 Woolen and worsted cloth 136 138 141 146 136 142 134 130 136 138 Leati er and Products 111 112 114 107 117 122 116 112 111 103 94 110 Leather tanning 95 104 107 99 103 109 97 102 103 95 81 96 Cattle hide leathers 105 116 121 112 119 124 108 117 118 107 93 111 Calf and kip leathers 88 89 85 87 85 86 81 78 77 72 57 72 Goat and kid leathers 66 77 80 80 79 84 85 82 82 84 73 66 Sheep and lamb leathers 86 93 91 72 75 88 75 80 88 81 65 87 Shoes 123 118 120 112 126 131 129 119 116 108 102 119 Manufactured Food Products 192 178 165 161 153 149 151 151 157 '165 r173 183 P185 Wheat flour 118 115 114 107 114 109 105 100 103 104 106 103 P119 Cane sugar meltings2 Manufactured dairy products 173 133 106 107 98 109 128 162 202 225 221 214 169 Butter 69 63 55 67 74 80 86 97 109 114 96 84 70 Cheese 182 158 143 151 155 168 188 220 266 277 228 203 179 Canned and dried milk 153 126 110 120 115 124 146 179 220 228 186 160 124 Ice cream2 * Preliminary. r Revised. ^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. 3Series included in total and group indexes but not available for publication separately. '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. 1198 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 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept Manufactured Food Products—Continued Meat packing , 154 169 190 208 199 166 159 154 156 149 150 168 Pork and lard 158 183 230 266 237 178 174 154 141 142 128 125 144 Beef 163 167 161 163 178 173 175 185 189 189 188 191 210 Veal 138 149 141 116 105 96 104 114 129 148 158 169 186 Lamb and mutton. 93 100 89 95 106 98 98 89 82 75 78 85 101 Other manufactured foods 207 191 174 167 157 155 154 152 156 162 -176 191 P195 Processed fruits and vegetables. 279 190 114 100 93 90 85 90 101 '•116 180 232 Confectionery 175 171 158 151 149 140 127 115 102 85 96 14S Other food products 194 195 193 187 175 174 177 174 179 ••188 189 188 P187 Alcoholic Beverages. 159 173 163 142 134 144 161 165 164 174 184 172 186 Malt liquor 161 143 136 145 144 152 167 177 173 190 215 206 188 Whiskey 26 28 31 44 53 58 63 62 56 59 43 31 58 Other distilled spirits. 202 472 280 140 104 83 124 119 137 111 113 99 247 Rectified liquors 263 325 369 228 180 221 245 227 239 237 204 184 274 Tobacco Products. 198 197 184 159 178 184 183 174 174 176 159 188 Cigars 123 134 124 98 110 111 112 116 117 114 107 112 Cigarettes 275 268 254 224 249 260 258 237 238 244 219 266 Other tobacco products. 69 71 59 51 63 59 60 65 63 60 54 62 Paper and Paper Products. 191 203 205 195 200 207 211 210 210 208 185 215 P214 Paper and pulp 181 192 194 185 191 198 201 200 199 197 178 203 Pulp 217 232 237 220 233 238 246 241 245 241 220 252 Groundwood pulp 112 116 114 113 117 122 121 122 123 117 112 115 Soda pulp 83 89 92 91 92 95 94 85 90 90 79 94 Sulphate and sulphite pulp 3 256 274 280 258 275 279 291 284 290 285 260 300 Paper 175 186 188 179 185 192 194 193 192 190 171 196 Paperboard 233 246 249 235 236 245 249 249 249 250 215 261 260 Fine paper2 Printing paper 165 178 182 179 185 193 193 192 191 188 177 194 Tissue and absorbent paper 187 208 193 189 199 209 207 212 197 192 192 200 Wrapping paper 146 150 161 151 162 167 170 166 168 163 147 164 Newsprint 126 123 123 114 119 118 121 116 121 119 116 119 Paperboard containers (same as Paperboard). Printing and Publishing. 166 180 183 172 168 178 187 187 187 178 161 174 P179 Newsprint consumption 168 182 184 165 150 164 180 181 184 168 145 153 170 Printing paper (same as shown under Paper). Petroleum and Coal Products. 282 279 290 293 293 289 286 288 295 294 297 v292 Petroleum refining 2 Gasoline 234 225 233 230 231 225 225 230 238 245 246 P240 Fuel oil 232 226 239 239 241 236 233 225 221 230 227 226 P223 Lubricating oil 179 182 171 163 155 147 159 163 168 163 159 170 Kerosene 206 207 231 248 255 238 211 212 192 192 189 189 Other petroleum products 2. Coke 177 179 182 186 188 188 189 187 189 189 188 187 184 By-product coke 174 178 179 182 183 183 183 181 183 184 184 184 181 Beehive coke 299 243 268 312 353 364 391 382 393 367 299 302 279 Chemical Products. 305 309 313 314 311 313 318 322 321 r324 '322 322 P324 Paints 153 158 157 159 158 158 162 165 165 163 158 P158 Rayon 370 358 350 351 349 336 351 373 367 382 373 359 P320 O In t d h u er s tr c i h a e l m c i h c e a m l i p c r a o l d s ucts 2. 567 578 595 595 598 605 614 621 '631 636 P637 P635 Rubber Products 252 260 264 272 268 270 275 272 267 '271 '264 259 Minerals—Total. 180 166 no 163 159 158 157 163 166 172 169 172 P172 Fuels. 180 167 177 176 172 170 168 167 168 173 169 172 P173 Coal 133 93 125 115 105 99 96 99 103 106 94 106 113 Crud A B e i n p t t u e h m t r r a o in c le i o t u u e m s coal. 2 1 0 8 4 3 8 4 20 9 9 3 3 5 2 1 0 8 3 2 7 5 2 1 0 2 7 7 5 1 2 1 0 6 1 4 0 6 2 1 6 0 0 0 5 9 2 1 0 5 0 4 2 7 2 1 0 4 1 1 7 3 1 1 6 1 9 6 3 9 2 1 0 6 1 6 6 6 2 1 0 0 5 6 3 7 2 1 0 1 5 5 9 4 1 6 2 0 6 Metals. 178 164 131 84 84 87 90 134 160 170 168 168 '202 Metals other than gold and silver. 265 241 185 108 109 115 120 195 240 256 253 249 P163 I ( r C o o n p p o e re r; Lead; Zinc)2 418 363 248 83 86 91 105 262 363 404 400 394 ^238 Gold Silver For other footnotes see preceding page. NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, no. 878-881 and 933-937 and August 1940, pp. 753-771 and 825-882. NOVEMBER 1953 1199 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 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Total 121 125 134 134 141 148 146 148 144 142 144 138 P130 Passenger automobiles 122 125 131 129 134 146 151 159 155 158 159 149 P135 Household goods, total 119 124 137 139 149 150 141 135 131 125 128 127 P123 Carpets 81 99 98 94 103 104 101 98 87 (i) Furniture 115 118 120 125 121 122 123 126 126 123 124 119 P113 89 91 114 115 123 126 125 121 122 109 108 100 P95 Radios and television 205 214 237 236 279 273 226 201 182 182 204 217 221 P Preliminary. r Revised. 1 Publication of this index has been discontinued pending a general revision of the major consumer durable goods index to be completed in a few months. 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 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept ADJUSTED FOR SEASONAL VARIATION Total 13,216 13,338 13,513 13,607 13,682 13,757 13,857 13,906 13,930 13,943 13,897 13,739 13,551 Durable goods 7,616 7,726 7,862 7,944 8,009 8,089 8,175 8,218 8,220 '8,228 '8,183 8,098 7,976 O Lu rd m n b a e n r c e a n a d n d w o ac o c d e s p s r o o r d ie u s cts 7 1 3 3 6 2 7 1 1 3 7 2 7 1 2 3 3 4 7 1 0 3 8 6 1 9 3 0 9 6 1 9 4 4 2 6 1 9 4 8 7 7 1 1 5 2 0 7 1 1 5 3 6 ' ' 1 7 5 2 8 4 7 16 1 1 7 7 1 0 5 6 9 6 1 9 6 3 1 Furniture and fixtures 314 316 321 324 324 325 330 331 330 327 '329 323 314 Stone, clay, and glass products.. 453 457 459 453 456 455 459 462 461 465 '462 461 465 Primary metal industries 1,109 1,110 1,120 1,126 1,133 1,136 1,139 1,144 1,149 1,149 1,150 1,138 1,111 Fabricated metal products 862 884 899 908 922 933 943 947 957 '966 '966 962 950 Machinery except electrical 1,214 1,233 1,266 1,295 1,313 1,316 1,322 1,314 1,300 1,294 1,281 1,254 1,230 Electrical machinery 824 843 859 875 890 907 916 926 928 920 '927 926 918 Transportation equipment 1,355 1,411 1,450 1,484 1,509 1,543 1,574 1,576 1,556 1,548 1,510 1,499 1,473 Instruments and related products 230 233 236 238 240 240 243 243 244 245 249 242 245 Misc. manufacturing industries.. 387 390 395 396 393 398 404 413 426 r432 '431 428 416 Nondurable goods 5,600 5,612 5,651 5,663 5,673 5,668 5,682 5,688 5,710 '5,715 '5,714 5,641 5,575 Food and kindred products 1,116 1,125 1,124 1,127 1,135 1,144 1,138 1,132 1,138 1,124 1,121 1,097 1,103 Tobacco manufactures 97 98 102 105 101 97 95 96 97 98 98 99 94 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- 1,138 1,135 1,135 1,129 1,121 1,117 1,123 1,119 1,123 1,122 1,136 1,127 1,115 tiles 1,074 1,066 1,093 1,098 1,109 1,104 1,106 1,103 1,111 1,123 1,114 1,091 1,048 Paper and allied products 427 432 431 434 434 435 437 440 442 452 453 455 Printing, publishing and allied industries 497 499 500 498 498 497 502 501 502 '502 '504 505 510 Chemicals and allied products... 509 508 508 508 511 511 518 526 528 '529 530 523 511 Products of petroleum and coal. 187 189 188 188 188 188 188 190 189 189 189 186 186 Rubber products 208 211 213 215 217 218 221 222 222 222 221 218 216 Leather and leather products. . . 347 349 357 361 359 357 354 359 358 '358 '349 342 337 WITHOUT SEASONAL ADJUSTMENT Total 13,477 13,560 13,634 13,699 13,619 13,733 13,831 13,758 13,699 13,787 13,656 13,852 13,802 Durable goods 7,634 7,774 7,916 8,010 8,020 8,115 8,211 8,215 8,179 '8,190 '8,038 8,050 7,993 Ordnance and Accessories 132 132 134 137 139 142 147 150 156 rl58 161 159 161 Lumber and Wood Products 751 728 730 704 676 677 688 701 713 '731 717 724 707 Sawmills and planing mills.. 448 440 433 420 406 404 408 416 422 '432 '424 432 Furniture and Fixtures 316 322 329 330 329 332 333 329 322 317 '316 318 316 Household furniture 231 237 242 243 243 246 247 242 237 '232 '230 231 S P t r o i n m e a , r C y la M y e , t a a n l d I n G d l u a s s t s r i P es roducts.. 1, 4 1 5 0 5 9 1, 4 1 5 1 9 6 1, 4 1 6 2 1 6 1, 4 1 5 3 8 7 1, 4 1 5 3 1 9 1, 4 1 5 4 3 2 1, 4 1 5 4 9 5 1, 4 1 6 4 2 4 1, 4 1 6 3 1 8 1, 4 1 6 4 5 3 1, ' 1 4 3 5 3 5 1, 4 1 6 3 3 2 1, 4 1 6 1 7 1 Blast furnaces, steel works 556 557 557 561 562 563 564 562 562 567 569 570 and rolling mills 862 888 903 92, 931 942 952 952 952 '956 r937 948 950 Fabricated Metal Products 1,208 1,227 1,260 1,301 1,313 1,323 1,335 1,321 1,307 '1,300 rl,268 1,241 1,224 Machinery except Electrical 224 223 223 226 226 227 228 228 227 227 222 222 Metalworking machinery... 824 851 872 893 899 916 925 926 919 911 '895 907 918 Electrical Machinery Electrical apparatus (gen- 262 268 271 275 277 281 285 287 288 '288 283 282 erating, etc.) 367 381 398 410 411 418 418 415 407 399 '390 405 Communication equipment. 1,355 1,411 1,450 1,484 1,509 1,543 1,574 1,576 1,556 *1,548 n,5io 1,499 1,473 Tran M sp o o t r o t r a t v io e n h ic E le q s u i a p n m d e n eq t uip- 674 701 735 750 769 798 821 831 816 '803 '773 757 ment 474 501 510 524 531 538 542 533 532 '535 '538 543 Aircraft and parts 230 234 237 240 241 241 244 244 244 245 242 240 245 Instruments and Related Products. 393 408 415 404 393 404 410 411 413 r415 r403 419 422 Misc. Manufacturing Industries.. For footnotes see following page. 1200 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 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept Nondurable goods 5,843 5,786 5,718 5,689 5,599 5,618 5,620 5,543 5,520 '5,597 '5,618 5,802 5,809 Food and Kindred Products 1,309 1,223 1,142 1,093 1,045 1,033 1,025 1,027 1,051 rl,097 rl . 183 1,255 / ,288 Meat products 247 244 254 256 249 241 238 233 233 237 240 239 Canning and preserving. . . . 348 253 172 143 132 129 123 134 146 '165 '244 310 Bakery products 186 187 187 184 179 180 180 179 181 184 184 182 Tobacco Manufactures 117 117 109 108 101 94 87 85 85 85 85 109 114 Textile-mill Products 1,127 1,135 1,146 1,146 1,132 1,134 1,134 1,119 1,117 1,122 1,102 1,110 1,104 Broad-woven fabric mills... 501 503 506 508 502 502 499 494 494 497 492 488 Knitting mills 232 236 239 236 230 232 235 233 232 232 228 233 Apparel and Other Finished Textiles 1,106 1,103 1,104 1,114 1,109 1,137 1,139 1,086 1,061 * 1,072 '1,047 1,107 1,079 Men's and boys' furnishings. 276 279 280 280 279 284 289 289 288 288 274 289 Women's and misses' outerwear 340 330 331 347 351 360 356 318 298 '309 313 338 Paper and Allied Products 425 432 435 441 436 437 439 440 440 r446 443 451 453 Pulp, paper and paperboard mills 217 219 219 224 223 223 223 222 222 225 225 227 Printing, Publishing and Allied Industries 497 504 505 505 498 497 499 498 499 r502 500 510 Newspapers 146 146 147 147 144 144 146 146 '148 148 147 147 Commercial printing 158 160 161 162 161 159 159 158 158 159 158 158 Chemicals and Allied Products... 512 518 518 518 516 519 526 526 517 r513 511 513 514 Industrial organic chemicals. 185 187 188 189 190 189 190 191 192 195 196 198 Products of Petroleum and Coal.. 190 189 188 187 186 186 186 188 188 190 191 190 189 Petroleum refining 145 144 144 144 144 144 144 144 143 145 146 146 208 213 217 219 219 219 221 221 220 220 214 216 216 R Le u a b t b h e e r r P a r n o d d u L c e t a s ther Products. . . . 3 2 5 2 2 9 3 22 5 5 2 3 2 5 2 5 6 3 23 5 2 9 3 23 5 6 9 3 23 6 8 4 3 23 6 8 3 3 23 5 2 5 3 22 4 6 4 ' r3 2 5 3 1 1 ' '2 3 2 4 4 4 3 22 5 9 1 342 Footwear (except rubber)... ' Revised. NOTE.—Covers production and related workers only; data shown include all full- and part-time production and related workers who worked during, or received pay for, the pay period ending nearest the 15th of the month. Figures for September 1953 are preliminary. Back data and data for industries not shown, without seasonal adjustment, may be obtained from the Bureau of Labor Statistics. Seasonally adjusted data beginning January 1939, for groups and the total, may be obtained from the Division of Research and Statistics. HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES [Compiled by Bureau of Labor Statistics] Average weekly earnings Average hours worked Average hourly earnings (dollars per week) (per week) (dollars per hour) Industry group 1952 1953 1952 1953 1952 1953 Sept. July Aug. Sept. Sept. July Aug. Sept. Sept. July Aug. Sept. Total 69.63 71.51 71.69 70.49 41.2 40.4 40.5 39.6 1.69 1.77 1.77 1.78 Durable goods 75.42 76.89 77.27 76.36 41.9 40.9 41.1 40.4 1.80 1.88 1.88 1.89 Ordnance and accessories 79.85 '78.66 78.94 79.59 42.7 '41.4 40.9 40.4 1.87 '1.90 1.93 1.97 Lumber and wood products 67.23 67.24 68.15 66.66 41.5 41.0 41.3 40.4 1.62 1.64 1.65 1.65 Furniture and fixtures 62.31 ••61.35 62.73 61.66 42.1 '40.1 41.0 40.3 1.48 '1.53 1.53 .53 Stone, clay, and glass products 67.48 70.76 71.51 71.46 41.4 40.9 41.1 40.6 1.63 1.73 1.74 .76 Primary metal industries 81.79 '85.70 85.70 85.03 41.1 41.2 41.2 40.3 1.99 '2.08 2.08 .11 Fabricated metal products 74.52 '76.41 76.59 75.52 42.1 '41.3 41.4 40.6 1.77 1.85 1.85 .86 Machinery except electrical 79.85 '81.51 81.93 82.37 42.7 '41.8 41.8 41.6 1.87 1.95 1.96 .98 Electrical machinery 69.89 '70.75 72.39 71.33 41.6 '40.2 40.9 40.3 1.68 1.76 1.77 .77 Transportation equipment 84.82 '84.45 83.43 81.56 42.2 40.6 40.5 39.4 2.01 '2.08 2.06 .07 Instruments and related products 73.43 72.04 73.57 73.89 42.2 40.7 41.1 40.6 1.74 1.77 1.79 .82 Miscellaneous manufacturing industries 62.82 62.80 63.59 62.25 41.6 40.0 40.5 39.4 1.51 1.57 1.57 .58 Nondurable goods 62.06 63.76 63.76 62.92 40.3 39.6 39.6 38.6 1.54 1.61 1.61 1.63 Food and kindred products 63.03 '66.72 66.14 66.74 42.3 '41.7 41.6 41.2 1.49 1.60 1.62 Tobacco manufactures 45.54 48.00 47.70 46.46 40.3 37.5 39.1 38 1.13 1.28 1.21 Textile-mill products 54.67 53.18 52.90 50.83 40.2 39.1 38.9 37.1 1.36 1.36 1.37 Apparel and other finished products.. . . 49.10 48.37 49.78 46.10 37.2 36.1 36.6 34.4 1.32 1.34 1.34 Paper and allied products 70.91 73.27 73.44 73.78 43.5 43.1 43.2 42.4 1.63 1.70 1.74 Printing, publishing and allied products. 83.71 '84.92 85.36 86.46 '38.6 38.8 38.6 2.13 '2.20 2.20 2.24 Chemicals and allied products 71.04 75.62 75.26 77.42 41.1 40.9 41.4 1.72 1.84 1.84 1.87 Products of petroleum and coal 88.99 '91.91 91.43 94.81 41.2 '41.4 41.0 41.4 2.16 2.22 2.23 2.29 Rubber products 75.21 '79.37 76.03 n.a. 41.1 '40.7 39.6 n.a. 1.83 '1.95 1.92 n.a. Leather and leather products 51.21 52.20 51.92 48.99 38.5 38.1 37.9 35.5 1.33 1.37 1.37 1.38 ' Revised. n.a. Not available. NOTE.—Data are for production and related workers. Figures for September 1953 are preliminary. Back data are available from the Bureau of Labor Statistics. 1201 NOVEMBER 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 fa g c- Mining co C n o st n r t u r c a t c i t on ti p o u n b l a i n c d Trade Finance Service Sta l t o e c , al and utilities government 1945 . . . 40,069 15,302 826 1,132 3,872 7,522 1,394 4,055 5,967 1946.. 41,412 14,461 852 1,661 4,023 8,602 1,586 4,621 5,607 1947 43,438 15,290 943 1,982 4,122 9,196 1,641 4,807 5,456 1948 44,382 15,321 982, 2,169 4,141 9,519 1,711 4,925 5,614 1949 43,295 14,178 918 2,165 3,949 9,513 1,736 5,000 5,837 1950 44,696 14,967 889 2,333 3,977 9,645 1,796 5,098 5,992 1951 47,202 16,082 913 2,588 4,166 10,013 1,861 5,207 6,373 1952 47,993 16,209 872 2,572 4,220 10,251 1,957 5,280 6,633 SEASONALLY ADJUSTED 195 2—September 48,406 16,412 880 2,611 4,259 10,333 1,986 5,285 6,640 October 48,664 16,546 867 2,574 4,303 10,390 1,993 5,303 6,688 November 48,857 16,755 870 2,571 4,293 10,366 1,993 5,292 6,717 December 48,957 16,870 871 2,548 4,281 10,397 1,988 5,290 6,712 1953—January 49,014 16,949 872 2,531 4,246 10,437 1,989 5,298 6,692 February 49,113 17,039 867 2,562 4,261 10,445 1,987 5,300 6,652 March 49,148 17,168 854 2,529 4,272 10,390 1,993 5,305 6,637 April 49,154 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 . .. '49,486 17,319 '831 '2,508 4,282 10,521 '2.026 '5,317 6,682 July '•49,516 17,290 '817 '2,512 '4,294 10,538 ',041 '5,337 6,687 August 49,313 17,127 821 2,504 4,284 10,507 ',053 5,336 6,681 September 49,136 16,930 818 2,495 4,315 10,509 1,064: 5,315 6,690 UNADJUSTED 1952—September 48,892 16,680 886 2,794 4,281 10,295 L.976 5,364 6,616 October 49,095 16,778 871 2,728 4,296 10,442 1,973 5,303 6,704 November 49,310 16,874 871 2,648 4,286 10,650 1,973 5,266 6,742 December 50,140 16,952 870 2,497 4,293 11,218 1,978 5,237 7,095 1953—January 48,382 16,884 866 2,303 4,210 10,283 1,969 5,192 6,675 February 48,369 17,013 856 2,280 4,210 10,214 1,977 5,194 6,625 March 48,685 17,135 846 2,301 4,235 10,284 L.993 5,225 6,666 April 48,860 17,077 835 2,416 4,244 10,314 2,014 5,307 6,653 M!ay 49,058 17,040 831 2,509 4,279 10,348 2,025 5,357 6,669 June '49,416 17,162 '835 '2,608 4,315 10,415 '2,046 '5,397 6,638 July '49,218 17,055 '824 '2,663 '4,341 10,368 '2,072 '5,417 6,478 August 49,412 17,253 830 2,704 4,334 10,352 2,074 5,416 6,449 September 49,608 17,189 825 2,670 4,337 10,470 2,054 5,395 6,668 '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. September 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 1 Unem- l N ab o o t r i n f o t r h c e e Total In nonagricul- In ployed tural industries agriculture 1945 . 105,370 65,140 53,860 52,820 44,240 8,580 1,040 40,230 1946 . . . 106,370 60,820 57,520 55,250 46,930 8,320 2,270 45,550 1947 107,458 61,608 60,168 58,027 49,761 8,266 2,142 45,850 1948 . . 108,482 62,748 61,442 59,378 51,405 7,973 2,064 45 733 1949 109,623 63,571 62,105 58,710 50,684 8,026 3,395 46,051 1950 110,780 64,599 63,099 59,957 52,450 7,507 3,142 46,181 1951 111,924 65,832 62,884 61,005 53,951 7,054 1,879 46 092 1952 113,136 66,426 62,966 61,293 54,488 6,805 1,673 46,710 1952—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 L.788 48,224 March 114,755 66,679 63,134 61,460 55,740 5,720 1,674 48 076 April 114,828 66,338 62,810 61,228 55,158 6,070 1,582 48,490 May (2) (2) 62,964 61,658 55,268 6,390 L.306 48 434 June (2) (2) 64,734 63,172 55,246 7,926 1,562 46,742 July (2) (2) 64,668 63,120 55,492 7,628 L,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 L.246 48,215 October (2) (2) 63,404 62,242 55,083 7,159 1,162 48,495 1 Includes self-employed, unpaid family, and domestic service workers. 2Current data available six months later than for other series when armed forces figures, withheld for reasons of security, are released. NOTE.—Details do not necessarily add to group totals. Information on the labor force status of the population is obtained through interviews of households on a sample basis. Data relate to the calendar week that contains the eighth day of the month. Back data are available from the Bureau of the Census. 1202 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
VALUE OF NEW CONSTRUCTION ACTIVITY [Adjusted for seasonal variation. In millions of dollars] Private Public Year or month Total Total d R en es ti 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- High- 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 ,132 1,374 ,428 2,362 188 895 240 1,039 1947 16,689 13,256 6,310 4,896 1,702 856 2,338 ,050 3,433 204 1,451 394 1,384 1948 21,678 16,853 8,580 5,693 1,397 ,253 3,043 ,580 4,825 158 1,774 629 2,264 1949 22,789 16.384 8,267 5,322 972 ,027 3,323 2,795 6,405 137 2,131 793 3,344 1950 28,454 21,454 12,600 5,680 1,062 ,288 3,330 3,174 7,000 177 2,272 881 3,670 1951 30,895 21,564 10,973 7,217 2,117 ,371 3,729 3,374 9,331 887 2,518 853 5,073 1952 32,638 21,812 11,100 7,460 2,320 ,137 4,003 3,252 10,826 1.388 2,860 854 5,724 1952—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 S A e u p g t u e s m t ber? ^ 2 2 , , 8 8 2 2 8 5 1 1 , , 9 9 4 2 0 1 ' 9 9 3 5 7 3 r 7 71 1 7 6 1 1 8 7 5 5 ' 1 1 6 5 0 2 3 38 8 1 0 2 26 7 8 0 ' 9 8 0 8 7 5 1 9 0 2 1 2 2 6 7 6 0 6 6 6 4 ' 4 4 8 5 1 2 October^ 2,856 1,933 941 722 171 171 380 270 923 92 280 63 488 Preliminary. r Revised. Source.—Joint estimates of the Departments of Commerce and Labor. CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions! By type of ownership By type of construction Year or month Total Nonresidential building Public Resi- works Public Private dential and building Fac- Com- Educa- Other public tories mercial tional utilities 1945 3,299 1,311 1,988 563 1,027 346 100 377 885 1946 7,490 1,754 5,735 3,142 1,317 773 221 404 1 631 1947 7,760 2,296 5,464 3,154 941 785 392 597 1,890 1948 9,430 3,107 6,323 3,608 840 975 725 1,127 2,155 1949 10,359 3,718 6,641 4,239 559 885 824 1,376 2,476 1950 . . . . .. 14,501 4,409 10,092 6,741 1,142 1,208 1,180 1,651 2 578 1951 15,751 6,122 9,629 6,205 2,883 915 1,335 1,689 2,723 1952 16,775 6,711 10,064 6,668 2,562 979 1,472 1,686 3,408 1952—October 1,321 410 911 602 113 103 126 138 238 November 1,249 491 758 528 117 85 117 143 259 December 1,467 478 990 439 313 100 146 154 316 1953—January 1,076 450 626 460 76 87 106 138 209 February 1,021 351 671 419 89 100 102 83 228 March 1,348 417 931 605 105 101 124 120 293 April 1,742 673 1,069 674 262 120 147 151 387 May 1,606 554 1,052 638 132 156 163 131 386 Tune 1,116 372 744 463 85 99 148 127 193 July 1,793 610 1,183 653 207 200 176 181 376 August 1,414 532 882 508 110 111 146 179 361 September 1,742 725 1,017 507 383 145 138 116 451 October 1,892 689 1,203 CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts, in thousands of dollars] Federal Reserve district Total Month (11 districts) Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an it s y as Dallas 1952—July 1,511,285 85,405 213,875 112,121 170,016 141,852 197,533 250,592 104,938 49,632 71,598 113,723 August 1,438,725 80,214 236,649 94,729 160,000 143,731 185,430 234,225 86,512 43,269 52,042 121,924 September 2,029,203 78,315 188,057 74,375 114,768 93,648 578,108 174,629 518,352 39,666 73,519 95,766 1953—July 1,793,342 94,331 299,010 117,445 220,831 148,586 198,776 333,672 120,543 97,791 62,898 99,459 August 1,414,408 89,623 241,834 77,361 220,711 151,978 123,193 217,429 90,273 48,361 59,400 94,245 September 1,741,673 58,991 263,712 81,327 495,865 112,562 155,570 219,201 80,634 57,413 69,283 147,005 NOVEMBER 1953 1203 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 family fam 2- ily f M am ul i t l i y - Total FHA VA 1939 515 359 156 458 373 20 66 57 158 158 1941. 706 434 272 620 533 28 58 87 220 220 1945 209 134 75 208 185 9 15 1 47 41 6 1946 671 404 267 663 590 24 48 8 152 69 83 1947 849 480 369 846 740 34 72 3 440 229 211 1948 932 525 407 914 763 46 104 18 393 291 102 1949.. . 1,025 589 436 989 792 35 162 36 466 361 105 1950 1,396 828 568 1,352 1,151 42 159 44 686 486 200 1951 . . . 1,091 595 496 1,020 892 40 88 71 413 264 149 1952 1,127 610 517 1,069 939 46 84 58 420 279 141 t952—October 101 54 47 99 87 4 8 2 43 27 16 November 86 46 40 82 72 3 7 4 34 21 13 December 72 41 31 68 58 3 6 4 29 19 10 1953—January 72 38 34 68 58 3 7 4 27 18 9 February 79 43 36 74 64 3 7 5 27 17 10 March 106 59 47 96 84 4 9 10 32 22 10 April 111 57 54 107 94 4 9 4 36 23 13 May . . . 108 55 53 106 93 4 8 3 34 22 12 June 105 53 51 102 90 3 9 3 38 24 14 Tulv 97 48 49 96 84 4 8 C1) 39 24 15 August n.a. n.a. P93 n.a. n.a. n.a. Pi 41 23 18 September P92 n.a. n.a. n.a. n.a. n.a. P3 36 22 14 October P88 n.a. n.a. P88 n.a. n.a. n.a. 36 21 15 p Preliminary. n.a. Not available. ^ess than 500 units. NOTE.—Government underwritten units are those started under commitments of FHA or VA to insure or guarantee the mortgage. VA figures after June 1950 and all FHA figures are based on field office reports of first compliance inspections; VA figures prior to June 1950, estimates based on loans closed information. Other figures are estimated by Bureau of Labor Statistics on the basis of reports of building permits issued, reported starts of public units, and a sample of places not issuing permits. FREIGHT CARLOADINGS, BY CLASSES [Index numbers, 1935-39 average «100] Monthly—seasonally adjusted Monthly—unad j usted Annual Class 1952 1953 1952 1953 1951 1952 Sept. Apr. May June July Aug. Sept. Sept. Apr. May June July Aug. Sept. Total 134 126 134 129 130 128 123 130 126 145 127 132 133 128 134 137 Coal 121 109 135 96 106 105 94 112 114 135 96 106 105 94 112 114 Coke 208 168 189 178 183 179 167 169 164 187 175 182 176 162 162 162 Grain 143 142 123 133 141 155 138 131 131 138 117 124 158 166 142 147 Livestock 69 69 70 66 65 60 60 58 59 93 58 58 52 46 55 78 Forest products 150 144 140 144 137 145 146 145 137 151 144 143 151 147 153 148 Ore 205 181 235 237 237 212 213 221 216 352 231 315 328 341 331 324 Miscellaneous 147 140 144 148 146 142 139 145 139 155 146 148 146 141 146 150 Merchandise, 1. c. 1 48 46 45 44 45 43 42 44 43 48 44 45 43 42 44 45 NOTE.—For description and back data, see BULLETIN for June 1941, pp. 529-533. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission. MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports * Merchandise imports 2 Excess of exports Month 1951 1952 1953 1951 1952 1953 1951 1952 1953 January 974 ,254 1,292 1,025 922 922 -51 332 '370 February ,076 ,344 1,197 910 893 856 166 451 341 March ,295 ,447 '1,389 1,102 964 1,004 193 483 ''384 April ,369 ,352 1,397 1,034 933 1,013 336 420 '384 May ,354 ,474 1,448 1,018 835 902 337 639 '546 June ,297 ,168 1,377 930 861 934 366 306 '444 July ,186 ,027 1,350 895 839 908 292 188 442 August ,270 ,087 Pl,182 881 818 P841 390 269 September ,232 ,228 721 876 510 352 October ,152 ,216 834 918 319 297 November ,388 ,191 819 805 569 386 December ,438 ,390 800 1,052 638 338 January-August. 9,821 10,153 P10.632 7,795 7,065 ?7,38O 2,029 3,088 J>3,252 P Preliminary. r Revised. 1 Exports of domestic and foreign merchandise. Includes exports under foreign aid programs, including Department of Defense shipments under the Mutual Security Program as follows (in millions of dollars): 1951, 1,065; 1952, 1,988; January-August 1953, 2,636. 2General imports including imports for immediate consumption plus entries into bonded warehouses. Source.—Department of Commerce. 1204 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DEPARTMENT STORE STATISTICS [Based on retail value figures] SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS [Index numbers, 1947-49 average = 100] Federal Reserve district Year or month U S n t i a t t e e d s Boston Y N o e r w k a P p d h h e i i l l a - - C l l a e n v d e- m Ri o c n h d - l A a t nt - a c C a hi g - o Lo S u t i . s M a i po n l n i e s - K C a i n t s y as Dallas F c S r i a a sc n n o - SALESi 1947 98 99 99 96 97 97 96 99 97 98 98 94 99 1948 104 102 103 104 105 103 103 104 104 104 103 105 104 1949 98 99 98 100 98 100 101 97 98 99 99 102 98 1950 105 103 101 106 105 105 109 104 104 105 108 113 105 1951 109 105 105 109 111 113 115 108 107 104 111 117 109 1952 110 104 101 109 110 118 124 106 110 104 113 124 114 SEASONALLY ADJUSTED 1952—September 108 104 98 105 106 117 r122 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 June 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 112 99 99 116 120 114 130 109 110 102 112 127 113 September P106 105 98 104 109 *>114 P119 102 102 100 P103 112 110 UNADJUSTED 1952—September 113 '110 102 110 110 124 125 110 '116 108 115 »"127 ••115 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 M^ay 115 106 101 118 115 128 131 114 118 107 115 127 117 June 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 98 79 75 92 104 97 114 98 100 97 104 116 109 September P110 112 102 108 114 P121 P122 104 109 110 P109 119 111 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—September 120 110 113 111 130 136 118 121 112 127 129 126 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 ]Vf arch 122 116 112 112 113 138 145 118 122 111 129 133 133 April 125 119 116 117 114 140 145 123 128 114 131 138 132 May 127 120 118 121 117 142 145 123 131 115 136 139 135 June 128 117 118 122 122 146 147 123 132 114 140 141 135 Tulv 130 117 121 122 124 145 148 125 131 117 146 140 138 August 131 119 122 122 124 148 141 128 134 120 145 142 135 September *>128 117 117 122 121 139 P148 127 129 122 P142 P141 132 UNADJUSTED 1952—September 124 113 '119 117 116 134 140 119 129 113 129 134 130 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 June 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 .... 126 114 118 116 119 147 141 121 130 115 137 140 128 September P132 120 123 127 127 143 P152 129 138 123 P144 P147 137 P Preliminary. rRevised. 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, aee BULLETIN for December 1951, pp. 1463-1515. 1205 NOVEMBER 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 millionsof dollars) Ratios to sales1 Out- Stocks Year or month Sales2 Stocks2 stand- Re- New Out- plus (total (end ing ceipts3 orders3 stand- out- Refor of orders2 (total (total Stocks ing stand- ceipts month) month) (end of for for orders ing month) month) month) orders 1944 average 246 574 596 244 256 2.4 2.5 5.0 1.0 1945 average 276 604 775 277 291 2.3 3.0 5.3 1.0 1946 average 345 767 964 373 354 2.3 3.0 5.3 1.1 1947 average 365 887 588 366 364 2.5 .7 4.3 L.O 1948 average 381 979 494 386 363 2.7 .4 4.1 L.O 1949 average 361 925 373 358 358 2.7 .1 3.8 L.O 1950 average 376 L.012 495 391 401 2.8 .4 4.2 l.l 1951 average 391 L.202 460 390 379 3.2 .3 4.4 1.0 1952 average 395 1,093 433 395 398 2.9 .2 4.1 L.O 1952—September.. '389 r1,136 '597 ••481 '537 2.9 L.5 4.4 L.2 O N c o t v o e b m er ber.. 4 46 4 2 8 L 1, , 2 2 7 3 5 0 4 5 5 7 4 3 • 5 •5 0 4 7 2 ' 3 5 8 18 8 2 2 . . 7 8 : L L . . 3 O 4 3 . . 0 7 L L. . I 2 December. . 736 1,018 358 479 383 1.4 ).4 1.9 ().7 1953—January.. . . 325 1,027 452 334 428 3.2 L.4 4.6 L.O 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 L.I May 387 1,184 321 358 355 3.1 i3.8 3.9 0.9 June 375 1,103 461 294 434 2.9 L.2 4.2 0.8 July 305 1,081 525 283 347 3.5 L.7 5.3 0.9 August 343 1,135 491 397 363 3.3 1.4 4.7 1.2 September?. 388 1,199 499 452 460 3.1 L.3 4.4 L.2 P Preliminary. r Revised. 1 The first three ratios are of stocks and/or orders at the end of the month to sales during the month. The final ratio is based on totals of sales and receipts for the month. 2 These figures are not estimates for all department stores in the United States. They are the actual dollar amounts reported by a group of department stores located in various cities throughout the country. In 1952, sales by these stores accounted for about 50 per cent of estimated total department store sales. 3 Receipts of goods are derived from the reported figures on sales and stocks. New orders are derived from receipts and reported figures on outstanding orders. NOTE.—For description and monthly figures for back years, see BULLETIN for October 1952, pp. 1098-1102. WEEKLY INDEX OF SALES [Weeks ending on dates shown, 1947-49 = 100] Without seasonal adjustment 1949 1950 1951 1952 1950 1951 1952 1953 Dec. 3 154Dec. 2 153Dec. 1 ....161Dec. 6. ...195June 3 90June 2. ... 95June 7 111June 6. . .. 118 10 186 9 191 8 191 13 223 10 104 9. ...108 14 116 13. ... 112 17 201 16 220 15 213 20 237 17 104 16 106 21 98 20. . .. Ill 24 186 23 221 22. ...228 27 146 24 86 23.... 92 28 91 27. . .. 94 31 68 30 82 29 92 30 89 1950 1951 1952 1953 Jan. 7 70Jan. 6. ... 98Jan. 5 78Jan. 3 81July 1 .... 91July 7 75July 5 79July 4. . .. . 79 14. . . .80 13 105 12. ... 92 10 89 8 75 14 83 12 83 11. ... . 92 21 79 20 104 19 90 17 92 15.... 91 21 81 19 82 18. . .. . 84 28 76 27. ... 96 26.... 83 24 86 22 . . 104 28 80 26 79 25. .... 83 31 87 29 102 Feb. 4. . . .78Feb. 3 81Feb. 2 84Feb. 7. . . .88Aug. 5. ...102Aug. 4 88Aug. 2 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.... 101 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. . .. .120 15 88 21 97 19 97 18 105 21 105 20 116 18 124 17. . .. .118 22.... 96 28 101 26 105 25 104 28 108 27 113 25 122 24. ....113 29 98 31 . . .. .113 May 6 104May 5. ...113May 3. ...111May 2. ...114Nov. 4 109Nov. 3 121Nov. 1 115Nov. 7. . 13 106 12 110 10 117 9 128 11 118 10 127 8 118 14. . . 20 95 19 99 17 99 16 105 18 127 17 130 15 130 21 . . . 27 97 26 100 24.... 105 23 112 25 110 24.... 123 22. ...134 28 31 97 30 97 29 138 r Revised. NOTE.—For description and weekly indexes for back years, i i BULLETIN for April 1952, pp. 359-362. 1206 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, Sept.Aug. 9 Federal Reserve district, Sept.Aug. 9 Federal Reserve district, Sept Aug. area, or city 1953 1953 1953 area, or city 1953 1953 1953 area, or city 1953 1953 1953 United States p-2 -1 +3 Richmond Dist. (Cont.) Minneapolis Dist. (Cont.) Boston District +2 -4 +2 M N e o tr r o f p o o lk li - t P an o rt A s r m ea o s u 2 t — h, C V on a t . . . PO -8 +2 C M iti a es nkato, Minn + 14 -12 + 1 Metropolitan Areas Richmond, Va.1 -2 -4 0 Great Falls, Mont -1 — 7 -2 Portland, Maine +3 + 1 +6 Roanoke, Va.1 +3 -6 +5 Grand Forks, N. D.. . . -5 -17 -5 L N W o e o w w rc e e l B l s - e t L e d a r f , o w r M r d e , n a s c M s e . , a 1 s M s ass.. . + + + 3 7 7 - - - 2 6 5 + + + 7 4 3 C C S it p h ie a a s r r t l a e n st b o u n r , g W , S . . V C a.1 + _ 1 7 + _ 4 7 + -2 5 D La u M l C u i t r n h o n - s . S s - e u W , p W i e s r c i i . s o 1 e r, +3 0 -4 15 +2 "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 + 1 0 1 - - 3 5 + +3 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 g N n , e , V w W s a , . . 1 V V a a.1 - — 3 9 0 - + - 1 2 3 2 + - - 3 2 4 K M a e n t s r a o s p o C li i t t a y n D A i r s e t a r s ict.... -5 -5 Providence, R. I.1 +5 -8 0 Atlanta District p-3 0 +3 D Pu e e n b v l e o r , , C C o o l l o o - -6 7 - - 1 6 0 +4 0 New York District 0 -4 +1 Metropolitan Areas2 Topeka, Kans -3 -1 +3 M N e N e t N N r w e o w e e p w w o Y J a l e i Y r o t r k a s r o , n k e r y k - 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 i . . + - - 1 4 6 - — - 4 3 5 + - - 1 2 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 i n e n , o , g v m F h A i a l l e l l a m r a e . y , 1 , , F A A la l l a . a 1 .1 P - - - - - 1 1 4 9 6 1 + + _ - 2 3 7 1 i + + + + -3 6 9 3 2 W O S 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... - - - - 1 2 3 1 5 0 - - - - - 2 2 2 8 5 + + + -2 3 3 2 0 Buffalo, N. Y +2 +2 +4 Orlando, Fla +5 +4 +5 Cities S B R N B y i o n r u i c a a g f h c f g h e a u a a l s s o r m t e a e , r t C , o F N i n a N t . , l y l . Y , s N Y , N .i . N . Y . i . Y Y .1 + + + + -2 9 2 2 7 + - - - - 4 3 1 7 3 + + + + 4 5 7 6 0 A A S S T t u t . l t a g . a P m u n P t s t r p e t a s a a t , b e , , g r G F G s .- b a l T a a . u 1 a . r 1 m g, p F a, l a Fla.. . P P - + - - 2 P 1 3 1 2 O - + + - 1 3 5 2 3 0 + + + + -8 5 4 2 4 J K H E o n u a p i n t l d c i s , n h a , i s O n M k s C o l i o a n ty , , K M an o s - - - - 1 6 3 9 5 + - - - 8 6 3 5 + + + -5 3 2 1 Cities C M o a l c u o m n b , u G s, a . G 1 a - - 1 1 0 - - 7 1 + _4 2 Dallas District -7 +1 +2 Ph A S U P E il c o l l t a m b h i u c d a e g i a n n e r h , a y l e k , p N c , e h t N e N a . i p Y d . a s . y Y Y i , e D , N i N s . t Y r .Y ict + + + + - 1 2 2 9 7 2 -7 - + + - - - 1 8 3 2 1 2 5 + + + + + -2 3 3 5 5 4 J S N C N K B a a h a e a n c v w t s a o k o a h t x s n t n v o v O a n i n i n l R r l a l , o l l e h e e o o , M , , a u g n T g T G i a s s e e , e , a s , n n . T L 1 n L n e a . . a 1 1 n . . 1 1 n.1 P + - + - - - 1 1 2 6 3 8 2 0 2 + + + + + - 1 5 2 3 4 2 0 1 + + + + + + - 1 2 9 2 5 8 4 0 M S D F C H E e h o l o a o t r r r l r u P o e t l p a s v a p u W t s s o e o s , o p l n o i , T C o t , r a T r e t h n T t h x e , r , e i . x 1 s A L x T t r . a i 1 e , e x a T s ex - — - - - - 1 5 6 6 2 7 7 + + + + -6 8 5 2 7 0 + + + + + -4 3 4 3 6 5 M T e r t e ro n p to o n li , t a N n . A J reas -3 -12 +3 C R iti o e m s e, Ga -3 -1 +5 S W a a n c o A , n T to e n x io, Tex - - 2 7 0 - - 5 5 - - 1 4 L Ph an il c a a d s e t l e p r h , ia P , a Pa - - 1 3 + + 4 6 + + 6 3 M Br e is ri to d l i , a n T , e M nn iss + -6 2 - + 14 4 +6 -^ San Francisco District. . . P-4 -3 +2 W Re i a lk d e in s- g B , a P r a re-Hazleton, -5 +9 +6 Chicago District p-5 + 1 +4 M P e h tr o o e p n o ix li , t a A n r iz A .1 reas2 P-16 -10 -2 C C M l C C S C A e W C Y i e t P v p l o i a k y o t e i n e a r r l n r r l i v o u l c m o k n t a e p i m o n , g n n l i o n , f a n b n P d l i . n g i e O u a a t d l t O a t s d D o h i , , n , , n h i i o O O , i s O O x A o t h h D h 1 r r h i i e i i o o e i o c a o 1 1 l t 1 s 1 P + + + + + + - - 3 1 3 4 4 2 5 7 2 0 + + + + + + + + - - 9 5 2 9 8 7 6 6 1 1 + + + + + + + + - - 1 2 3 2 1 5 6 2 6 7 2 M C F T D F P D G I G M M L e n l e o e h a e r t e r i d i a r o e r n r a i s n l t d o i c t r w e r r n s t a e i p a i o M n , i d W a n s a n g o i , o H u a M t g o o l B , R a n i p k , 1 , i t a y i , a n o a e M 1 a c u M 1 n y e n e 1 l p W h t 1 i , s . e , i i e s . 1 i 1 c , d , 1 , c , W A W i . h s s 1 h I I r . I I , o . 1 n i e i n n 1 s w s M a d d d . . s 1 a 1 . . . 1 i 1 1 ch.1.. . P + + + + + + + + + + + + 1 1 9 4 7 4 6 2 8 2 4 5 1 i 0 + + - + + + + + + + - - - 2 1 1 4 2 2 6 6 1 5 2 4 6 1 5 0 + + + + + + + + + + + 2 1 1 1 1 5 6 2 9 5 2 0 1 0 0 0 0 1 L F S S S R S O S L P a r a a o i e n D n v n D W c a s a a o a s n r a e s n n k A o o n F a D r a r e t g l w w F o s m d a r n d s a i i a , t r i e g n e n d n B e s n a n M g e n C d e t t i n n o e . o o d o l a - - t a e o a c , e w B w , , O o a l s c i n C i , s , C e n h n n L C f a i c . a c r , d C k C a 1 . a o k l a L O l i l l A C a , a e , i f i a . f f S l l a l C a . n i . i C A e , k 1 f a f l d a y . i . a n l C . 1 f 1 , l , a , l . i i a 1 n f C f C C B . l d 1 i a a a , e f l l l . r i i i 1 f f f - . . . . . 1 1 1 P P P P P - - + _ - - - - - - - - 2 1 9 3 3 6 2 3 1 9 2 7 0 + + + - - - — - - - 3 9 6 4 3 7 5 5 4 5 0 \ e + + + + + + + + - - - - 4 1 1 4 1 3 5 4 2 2 0 1 1 1 P W T Y E i o r o t h i t l e u e e s , n e b d l g P u o i s n , r a t g g . O o 1 h , w h , W i n P o , . a 1 O V .1 h a i . o 1 x ( + + - - « 4 4 ) 4 1 + ( + + + 1 3 8 6 ) 5 4 4 + + + + 1 + 6 2 5 5 4S M t. L F e o i L t t r r t o o t l e u p S o i R m s l i o t i D a t c h n k i , s , t A A r A r i r e r c k k a t s .1 p - - - 1 5 6 1 - - 2 7 2 + — 3 2 1 S S P V a t o o n r a c t C l l k J l a e a o t n j l o s o i d f n e , . , , , 1 C O C C a a r a li l e l f i i . f f 1 . . 1 1 p + + - __ 5 9 4 p 7 - - - - - 5 4 3 8 5 + + + + 4 2 2 1 C P it o y rtsmouth, Ohio1 + 14 + 13 +23 S L E t o v . u a L i n s o s v v u i i l i l l s e l , e , , M K I o n y d .1 - + - 1 3 0 8 + + -1 2 1 + + + 1 4 1 1 S S S p a e l a o t t k t L a le n a , e k W , e W a C s a i h t s y . h 1 , .1 Utah x. . . - - - 1 3 1 1 - - 4 2 0 + + + 4 2 1 R M i W c e D h t a r m o s o w h p o i n o n n l t g d i o t t a w o D n n n , i s W A D t r r a e . i s a c C h s t . 2 . , 1 D. C. P P P - - - 6 2 3 - - - 1 9 1 5 + - - 2 5 1 C Q S M it p y u e r i i m n n c g p y f h i , i e s l 1 , d 1 , 1 T M en o n.1 P P - - - 6 2 9 + + -7 2 2 + + — 2 1 1 C T T B it u a i a e c c k s o s e o m rs n f a , i , e A l W d r , i a z C sh a . l 1 if.1 - - 1 2 7 5 + - - 2 1 5 3 1 + -1 2 0 A B s a h lt e i v m il o le re , , N M . d C . . 1 1 - -5 7 + -7 2 -1 0 Minneapolis District +2 -6 0 T B w oi i s n e F an al d l s N , I a d m a p ho a, Idaho. P- - 1 1 4 8 - - 11 7 -1 C W R h a i l a n e r s i l t g e o h s n , t o -S N n a , . le S C m . . 1 C , . N 1 . C.1. . . + - - 8 6 4 - + 10 0 1 + + 5 2 0 M M et p M ro ls p i - n o S n l t i e . t a a P p n a o u li A l s , r C e M a i s t i y 2 n ,M n. i 1 n .. n .. .1 + + 3 3 - - 3 3 + + 2 2 I B E d v e a l e h l r i o n e g t F t h , a a l W m ls , , a s W I h d . a a 1 s h h o - - 1 9 6 - - 1 2 2 5 + + 1 3 _ 8 5 Columbia, S. C.i -1 +4 +5 St. Paul City, Minn.1.. . +3 4 +2 Walla Walla, Wash.1.. . -25 -17 -8 Greenville, S. C.1 -6 0 +5 Sioux Falls, S. D +6 -9 -1 Yakima, Wash.1 p_Q -2 _4 p Preliminary. 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. 4 Eight months 1953. 5 Six months 1953. NOVEMBER 1953 1207 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 Reserveindex number3 change from a stock.s to without seasonal ad justment, year ago sales1 1947-49 average =1002 Department r N b s e t e u p o r o m r r e - o t s f - d p S u e a r r l i i e o n s d g ( m S e t o n o n d c t k o h s f ) August Sale p s er d i u o r d ing Sto o c f k m s o a n t t e h nd ing 1953 1952 1953 1952 A 1 u 9 g 5 . 3 mo Ri n g t h h t s A 1 u 9 g 5 . 3 1953 1952 1953 Aug. July Aug. Aug. July Aug. GRAND TOTAL—entire store3 363 o +2 +9 3.6 3.3 MAIN STORE—total 363 0 +2 +9 3.8 3.4 86 76 87 117 111 107 Piece goods and household textiles 328 +5 + 1 +7 3.4 3.3 95 74 90 104 106 97 Piece goods 306 0 -3 +3 4.7 4.5 58 49 58 97 89 95 Silks, velvets, and synthetics 215 -5 7 +3 5.3 4.9 47 38 50 92 82 90 Woolen yard goods ; 180 +7 +5 +5 4.3 4.4 80 27 75 123 97 118 Cotton yard goods 200 +3 3.9 3.8 66 84 66 97 102 95 Household textiles 319 +7 +3 +9 2.9 2.8 121 92 113 107 115 98 Linens and towels 291 +6 +3 +4 3.4 3.5 104 85 98 97 105 94 Domestics—muslins, sheetings 267 +8 +2 + 17 2.1 1.9 150 109 139 122 143 104 Blankets, comforters, and spreads 254 +7 +4 + 10 3.4 3.3 111 84 104 113 114 103 Small wares 348 0 +3 +4 4.3 4.2 78 74 78 106 106 103 Laces, trimmings, embroideries, and ribbons . . . 206 -1 —2 +5 4.9 4.4 65 68 67 103 99 98 Notions 249 -2 -f 1 +6 4.6 4.3 76 84 77 122 119 115 Toilet articles, drug sundries 331 -1 +2 + 1 3.7 3.6 86 88 87 96 100 95 Silverware and jewelry 327 +4 +4 +2 5.3 5.4 73 64 70 109 106 107 Silverware and clocks 226 —2 0 +1 6.9 6.7 72 61 73 129 130 127 Costume jewelry 292 +3 +8 +7 3.4 3.3 75 72 72 104 91 97 Fine jewelry and watches 93 +5 + 1 -4 8.5 9.3 67 52 64 98 89 102 Art needlework 242 2 + 1 0 4.8 4.7 78 63 79 104 102 104 Books and stationery 289 +5 +8 + 10 4.0 3.8 79 66 76 112 108 102 Books and magazines 143 +8 4-6 +8 3.3 3.3 76 68 71 99 100 92 Stationery. 250 +4 +9 + 10 4.2 4.0 80 65 77 116 110 106 Women's and misses' apparel and accessories. 360 -1 +3 + 13 3.1 2.7 88 72 89 125 112 111 Women's and misses' ready-to-wear accessories. . 360 -2 +2 + 11 4.0 3.5 80 71 82 126 112 114 Neckwear and scarfs 319 +4 + 11 +23 2.9 2.4 90 80 86 135 111 110 Handkerchiefs 288 —6 — 1 -4 4.6 4.5 48 43 51 72 70 75 Millinery 185 -8 —2 +8 1.7 1.4 77 41 83 121 76 112 Women's and children's gloves 335 -7 —4 — 1 9.9 9.3 37 31 40 103 87 105 Corsets and brassieres 348 +4 +8 4-io 3.5 3.3 101 106 97 130 129 118 Women's and children's hosiery 350 -6 -3 +4 3.2 2.9 64 59 67 113 104 108 Underwear, slips, and negligees 354 -3 +2 +7 3.6 3.2 69 78 71 108 101 101 Knit underwear 259 -3 +2 + 10 3.5 3.1 89 92 92 136 128 123 Silk and muslin underwear, and slips 302 -3 +2 +6 3.8 3.5 60 72 62 99 95 94 Negligees, robes, and lounging apparel 275 +1 +4 +7 2.9 2.7 68 77 68 93 79 87 Infants' wear 341 -1 4-2 + 16 3.4 2.9 103 76 104 135 119 117 Handbags, and small leather goods 342 -5 + 1 + 11 3.2 2.7 74 63 78 114 99 103 Women's and children's shoes 254 -3 +4 + 13 6.2 5.3 91 75 94 150 130 132 Children's shoes 224 —5 +2 + 19 4.3 3.4 121 68 128 153 131 128 Women's shoes 237 -2 +4 + 13 6.8 5.9 84 76 85 150 129 133 Women's and misses' ready-to-wear apparel 358 0 4-3 + 17 2.4 2.1 96 73 96 125 111 107 Women's and misses' coats and suits 350 -5 -1 + 14 2.9 2.4 80 39 84 137 107 120 Coats 242 -6 -1 + 13 2.6 2.2 88 35 94 144 109 127 Suits 235 0 0 + 16 3.4 2.9 70 45 70 126 96 109 Juniors' and girls' wear 331 +3 +5 +24 2.0 1.7 122 70 119 137 123 110 Juniors' coats, suits, and dresses 289 +4 +5 +21 1.8 1 .5 104 69 99 122 107 100 Girls' wear 330 + 1 +5 +26 2.3 1.8 144 71 143 149 136 118 Women's and misses' dresses 352 +3 +4 +9 1.9 1.8 77 77 75 96 79 88 Inexpensive dresses 278 +4 +4 + 10 1.4 1.3 76 84 73 87 74 79 Better dresses 288 +2 +3 +8 2.3 2.2 82 72 80 103 83 95 Blouses, skirts, and sportswear 353 +3 +7 +28 2.6 2.1 116 104 112 147 137 115 Aprons, housedresses, and uniforms 302 0 +4 + 10 2.0 1.9 79 109 79 86 92 78 Furs 267 -17 -8 +3 4.3 3.4 107 41 129 121 128 117 Men's and boys' wear 344 -3 +3 + 11 5.9 5.2 70 70 72 127 114 114 Men's clothing 279 -4 +3 +9 7.6 6.6 65 74 68 142 121 130 Men's furnishings and hats 327 -2 +3 +9 5.8 5.2 59 71 60 116 108 106 Boys' wear 321 -1 +4 +21 4.2 3.4 105 57 106 127 111 106 Men's and boys' shoes and slippers 207 -4 +3 + 12 7.0 6.0 82 83 86 126 117 112 For footnotes tee following page. 1208 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 1947-49 average =1002 Num- Department r b s e t e p o r o re r o s t f - d p S u e a r r l i i e o n s d g m ( S e t n o o d n c t k o h s f ) August Sale p s e r d io u d ring Sto o c f k m s o at n t e h nd ing A 19 u 5 g 3 . m E o 1 i 9 n g 5 t h h 3 t s A 19 u 5 g 3 . 1953 1952 Aug 1 . 953 July A 19 u 5 g 2 . Aug 1 . 953 July A 19 u 5 g 2 . Homef urnishings 328 + 1 +2 +5 4 0 3.8 97 87 95 110 113 105 Furniture and bedding 257 +4 +5 + 10 3.2 3.0 136 112 131 113 119 103 Mattresses, springs, and studio beds 187 +6 +7 + 14 1.4 1.3 169 137 159 123 134 107 Upholstered and other furniture 192 +3 +4 + 10 3.9 3.6 124 105 121 113 119 103 Domestic floor coverings 284 +4 0 +6 4.8 4.7 83 61 80 106 106 100 Rugs and carpets 164 +2 0 +8 4.9 4.7 86 64 84 110 114 102 Linoleum 86 +3 -10 -12 4.1 4.8 63 58 61 68 71 78 Draperies, curtains, and upholstery 311 + 1 +1 +4 5.0 4.8 82 80 82 111 110 107 Lamps and shades 262 -3 -1 +4 4.6 4.3 73 63 76 108 107 104 China and glassware 271 + 1 0 + 1 8.0 8.1 91 75 90 130 130 129 M Ho a u jo s r e w h a o r u e s s e h (i o n l c d l u a d p i p n l g i a s n m ce a s ll appliances) 2 2 4 7 1 7 + -6 3 + -1 5 + -3 4 2 4 . . 4 1 2 4 . . 4 0 74 9 8 6 3 8 7 6 9 1 8 1 7 2 1 9 1 3 5 1 9 0 0 8 Gift shop 197 0 +3 + 10 5.7 5.1 83 92 131 129 119 Radios, phonographs, television, records, etc... . 236 -5 -6 + 14 3.2 2.6 93 73 98 103 108 90 Radios, phonographs, television 175 -11 -10 + 15 2.7 2.1 105 75 118 111 111 96 Records, sheet music, and instruments 127 + 19 +6 +5 4.8 5.4 79 73 66 97 106 93 Miscellaneous merchandise departments.... 333 -1 +1 + 13 3.7 3.3 74 79 75 110 103 98 Toys, games, sporting goods, cameras 313 +7 +7 + 18 6.0 5.4 68 78 63 128 115 109 T Sp o o y r s t i a n n g d g g o a o m ds e s and cameras 2 1 5 6 4 0 + + 4 9 + + 6 8 + + 2 7 6 5 6 . . 1 8 5 5. . 2 5 55 1 6 0 5 0 5 8 3 0 1 14 1 1 0 1 1 2 0 1 9 1 10 1 3 2 Luggage 284 -10 -3 +8 3.7 3.1 92 105 103 109 113 101 193 -1 +5 1.1 1.1 64 61 65 66 63 Candy +3 72 BASEMENT STORE—total 198 -2 +1 +8 2.6 2.4 86 79 88 112 104 103 Domestics and blankets 138 +5 +3 +10 2.3 2.2 120 100 114 112 118 102 190 -3 +10 2.2 1.9 84 77 87 110 100 Women's and misses' ready-to-wear 0 99 165 +6 2.6 2.4 84 92 87 110 Intimate apparel 122 -7 -2 +2 2.4 2.3 109 Hosiery4 125 -4 +2 +8 2.7 2.4 Underwear, corsets and brassieres4 175 -3 +8 2.4 2.2 65 29 69 118 95 109 Coats and suits 177 + 1 -1 +2 1.1 1.1 76 96 75 76 80 74 Dresses 157 +2 +5 +29 2.0 1.6 104 102 102 125 108 97 Blouses, skirts, and sportswear 125 +4 +5 +21 1.7 1.4 134 69 129 133 118 110 Girls' wear 125 -2 +2 + 14 2.6 2.3 108 77 110 132 118 116 Infants' wear 119 -14 -7 +2 2.5 2.1 Aprons, housedresses, uniforms4 Men's and boys' wear -4 +3 +14 3.4 2.8 83 82 86 120 108 105 Men's wear 155 -5 +3 + 12 3.8 3.2 71 86 75 115 106 103 Men's clothing 110 -8 + 1 + 10 4.3 3.7 74 88 81 128 112 117 Men's furnishings 124 -3 +4 + 15 3.4 70 87 73 111 102 96 2.8 Boys' wear 123 +5 +21 2.5 131 69 131 134 2.1 Homef urnishings 106 + 1 2 -1 3.3 3.4 81 70 80 105 111 107 Shoes 119 -6 + 1 +4 4.3 3.9 88 83 94 120 107 115 NONMERCHANDISE—total 179 +2 +3 94 97 92 Barber and beauty shop 79 +7 +3 103 137 96 1 The 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 1947-49 average of monthly sales and of end-of-month stocks for each department is used as a base in computing the sales and stocks indexes, respectively, for that department. For description of indexes, see pp. 1146-1151 of this BULLETIN. 3For movements of total department store sales and stocks, see the indexes for the United States on p. 1205. *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. NOVEMBER 1953 1209 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 ri e G a l n e a c d s - S f a u o n e l d l i s d H fu i o s r u h n s - - e- H o h p o o e u l r s d a e - - p A a p re - l T p t r o i a r o n t n a s - - M c ic a e a r d e l - s P c o a e n r r a e - l re t a i c i n n o re g d n a- g s a i o e c n o r e v d d s - s tricity fuel oil ings tion 1929 73.3 65.6 117.4 60.3 1933 55 3 41 6 83 6 45 9 1941 62.9 52.2 88.4 55.6 1942 69.7 61.3 90.4 64 9 1943 74.0 68.3 90.3 67.8 1944 .. 75.2 67 4 90.6 72 6 1945 76.9 68.9 90.9 76.3 1946 83 4 79 0 91.4 83 7 1947 95.5 95.9 95.0 94.4 97.6 88 8 97.2 97 2 97 1 90 6 94.9 97 6 95.5 96.1 1948 102.8 104.1 101.7 100.7 100.0 104.4 103.2 102.6 103.5 100.9 100.9 101.3 100.4 100.5 1949 101.8 100.0 103.3 105.0 102.5 106 8 99 6 100 1 99 4 108 5 104.1 101 1 104.1 103.4 1950 102.8 101.2 106.1 108.8 102.7 110.5 100.3 101.2 98.1 111.3 106.0 101.1 103.4 105.2 1951.. 111.0 112.6 112.4 113.1 103.1 116.4 111.2 109.0 106.9 118.4 111.1 110.5 106.5 109.7 1952 113.5 114.6 114.6 117.9 104.5 118.7 108.5 111.8 105.8 126.2 117.3 111.8 107.0 115.4 1952—Sept... 114.1 115.4 114.8 118.3 105.0 119.6 108.1 112.1 105.8 127.7 118.8 112.1 107.3 115.9 Oct 114.2 115.0 115.2 118.8 105.0 121.1 107.9 112.8 105.6 128.4 118.9 112.3 107.6 115.8 Nov... 114.3 115.0 115.7 119.5 105.4 121.6 108.0 113.3 105.2 128.9 118.9 112.4 107.4 115.8 Dec... 114.1 113 8 116.4 120.7 105.6 123.2 108.2 113.4 105.1 128.9 119.3 112.5 108.0 115.9 1953—Jan 113.9 113 1 116.4 121.1 105.9 123.3 107.7 113.4 104.6 129.3 119.4 112.4 107.8 115.9 Feb.... 113.4 111.5 116.6 121.5 106.1 123.3 108.0 113.5 104.6 129.1 119.3 112.5 107.5 115.8 Mar.... 113.6 111 7 116.8 121.7 106.5 124.4 108.0 114.0 104.7 129.3 119.5 112.4 107.7 117.5 Apr.... 113.7 111.5 117.0 122.1 106.5 123.6 107.8 114.3 104.6 129.4 120.2 112.5 107.9 117.9 ' May... 114.0 112 1 117.1 123.0 106.6 121.8 107.6 114.7 104.7 129.4 120.7 112.8 108.0 118.0 June... 114.5 113.7 117.4 123.3 106.4 121.8 108.0 115.4 104.6 129.4 121.1 112.6 107.8 118.2 July. . . 114.7 113 8 117 8 123.8 106.4 123.7 108.1 115.7 104.4 129.7 121.5 112.6 107.4 118.3 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 Sept... 115.2 113.8 118.4 126.0 106.9 124.6 108.1 116.0 105.3 130.7 122.6 112.9 107.8 118.5 i 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] Y m e o a n r t o h r m c t A o i o e m l d s l i - - F p u r a c o r t m d s - P f e o s r o s o e d c d s - Total p p T u a t a r a i e c n o p l r x t e d - d e s - l - H s e p u k a a r i c n i t o d n h t d d e s s e s - , r , p l t F i o e O m a i g u r n w n t h i a e g d h a e - t l e l - , r s , r C c a p i u o a l h c r l c n m o a e ie t d l d m s m s d - - od p R i u a b t r u i c n o e e b t d d r s s - - L w p u a b r u o c n o e m o t d d r s d - - p a P p u a l a r u l c n o p i l e t d d p e s d - r , , M m p u a r e e c n o t t t d d a a s l - l s p c M u m t a e r h i c n o r v o i a y t d n d e - s - - - h F d o h t b a o u u t u o l n h u r r e r l d e s n a d e s e r - i- -e s N t r t m t m a u a r o l l r i u e l s n a n i - c — c - l - - b m b e t o b f a u T r a a t a e a n c r t o c n v g l e d c - - e - u e s o d s - n c M e e o l i l s u a - - s 1947 96.4 100.0 98.2 95.3 100.1 101.0 90.9 101.4 99.0 93.7 98.6 91.3 92.5 95.6 93.9 98.0 100.8 1948 104.4 107.3 106.1 103.4 104.4 102.1 107.1 103.8 102.1 107.2 102.9 103.9 100.9 101.4 101.7 100.4 103.1 1949 99.2 92.8 95.7 101.3 95.5 96.9 101.9 94.8 98.9 99.2 98.5 104.8 106.6 103.1 104.4 101.6 96.1 1950 103.1 97.5 99.8 105.0 99.2 104.6 103.0 96.3 120.5 113.9 100.9 110.3 108.6 105.3 106.9 102.4 96.6 1951 114.8 113.4 111.4 115.9 110.6 120.3 106.7 110.0 148.0 123.9 119.6 122.8 119.0 114.1 113.6 108.1 104.9 1952 111.6 107.0 108.8 113.2 99.8 97.2 106.6 104.5 134.0 120.3 116.5 123.0 121.5 112.0 113.6 110.6 108.3 1952 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 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 r96.4 104 8 r114.9 97.5 99.9 ••HI .0 106.3 123.5 '120.4 116.2 129.4 123.7 114.8 119.6 115.6 '96.4 September 111.0 97.9 106.5 114.8 97.2 99.7 111.1 106.7 124.1 119.2 116.9 128.4 124.0 114.9 120.7 116.2 94.8 r Revised. Source.—Bureau of Labor Statistics, Department of Labor. Back figures.—See BULLETIN for March 1952, pp. 311-313. 1210 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 Sept. July Aug. Sept. Sept. July Aug. Sept. Farm Products: Pulp, Paper and Allied Products— Continued Fresh and dried produce 115.6 94.7 98.0 96.0 Grains 96.9 85.4 86.5 88.2 Converted paper and paperboard.. 112.6 112.1 112.1 112.3 Livestock and poultry 99.3 95.9 88.1 90.6 Building paper and board 115.8 123.0 123.0 123.0 Plant and animal fibers 113.3 105.0 103.9 103.6 Fluid milk 113.8 96.4 97.6 98.7 Metals and Metal Products: Eggs 112.5 106.2 113.8 122.5 Hay and seeds 96.4 85.5 85.1 81.5 Iron and steel 127.5 135.7 '136.2 134.5 Other farm products 136.6 140.7 '144.3 Nonferrous metals 124.7 126.4 -124.5 122.8 Metal containers 124.2 128.6 128.6 128.6 Processed Foods: Hardware 123.8 134.7 135.6 136.8 Plumbing equipment 118.1 116.4 118.7 118.7 Cereal and bakery products 106.5 108.5 '108.4 110.4 Heating equipment 113.7 115.1 115.6 115.8 Meats, poultry, and fish 109.4 97.0 93.6 97.2 Fabricated structural metal prod- Dairy products and ice cream 116.4 110.0 110.7 111.3 ucts 115.6 117.5 117.8 117.9 Canned, frozen fruits, and vegeta- Fabricated nonstructural metal bles 105.9 105.0 '104.7 104.7 products 125.6 125.4 126.3 Sugar and confectionery 110.5 109.8 110.5 110.1 Packaged beverage materials.... 161.9 169.8 169.8 169.8 Machinery and Motive Products: Other processed foods 117.3 116.7 116.8 Agricultural machinery and equip- Textile Products and Apparel- ment 121.5 122.7 122.3 Construction machinery and equip- Cotton products 98.9 94.1 '94.1 93.7 ment 125.8 130.8 130.5 130.9 Wool products 112.4 111.7 111.8 111.2 Metal working machinery 129.2 131.8 131.9 132.6 Synthetic textiles 89.9 87.5 86.7 86.7 General purpose machinery and Silk products 139.3 134.7 134.7 134.7 equipment 122.3 125.8 126.9 127.8 Apparel 99.3 99.3 99.3 99.3 Miscellaneous machinery 119.2 123.3 123.9 124.0 Other textile products 95.0 85.3 86.5 82.9 Electrical machinery and equipment 119.7 124.8 125.6 125.9 Hides, Skins, and Leather Products: Motor vehicles 119,7 118.6 118.6 118.6 Hides and skins 64.4 73.4 74.6 74.2 Furniture and Other Household Dura- Leather 89.3 96.1 95.0 94.5 bles: Footwear 110.6 111.7 111.8 111.8 Other leather products 99.9 99.7 '•99.5 99.3 Household furniture 112.6 113.8 113.8 114.2 Commercial furniture 122.5 125.8 125.8 125.8 Fuel, Power, and Lighting Materials: Floor covering 122.4 125.2 125.3 125.2 Household appliances 107.3 108.8 108.9 109.1 Coal 107.6 111.8 '111.7 112.3 Radio 95.0 95.0 95.0 95.0 Coke 124.3 131.8 131.8 131.8 Television 74.7 74.3 »74.0 74.0 Gas 100.3 106.1 -105.7 105.7 Other household durable goods 119.5 126.7 126.9 126.9 Electricity 101.3 98.5 >-99.1 99.1 Petroleum and products 108.5 116.8 116.5 116.5 Nonmetallic Minerals—Structural: Chemicals and Allied Products: Flat glass 114.4 124.7 124.7 124.7 Concrete ingredients 112.9 118.4 118.6 119.3 Industrial chemicals 114.3 120.2 120.2 120.0 Concrete products 112.7 115.6 116.1 117.4 Paint and paint materials 107.0 106.1 106.3 107.1 Structural clay products 121.3 131.1 131.4 131.7 Drugs, Pharmaceuticals, cosmetics 92.1 93.6 93.5 93.5 Gypsum products 117.7 122.1 122.1 122.1 Fats and oils, inedible 48.9 46.7 '46.9 51.1 Prepared asphalt roofing 106.0 105.8 105.8 110.6 Mixed fertilizers 110.3 110.6 '111.2 111.5 Other nonmetallic minerals 112.0 117.3 117.8 118.0 Fertilizer materials 111.0 113.8 113.8 113.0 Other chemicals and products 103.0 102.8 102.9 103.3 Tobacco Manufactures and Bottled Beverages: Rubber and Products: Cigarettes 105.7 124.0 124.0 124.0 Crude rubber 128.3 121.1 120.0 120.1 Cigars 102.4 103.5 103.5 103.5 Tires and tubes 126.3 126.4 125.1 126.4 Other tobacco products 118.4 120.7 120.7 120.7 Other rubber products 125.2 124.1 '123.2 123.2 Alcoholic beverages 111.2 110.0 110.0 111.2 Nonalcoholic beverages 119.7 125.1 125.1 125'. 1 Lumber and Wood Products: Miscellaneous: Lumber 120.6 120.2 -119.3 118.3 Millwork 127.2 131.6 131.7 131.5 Toys, sporting goods, small arms.. 113.1 114.1 114.0 114.0 Plywood 106.0 112.7 '112.4 107.4 Manufactured animal feeds 108.3 82.7 85.0 81.9 Notions and accessories 90.8 93.2 '93.5 93.5 Pulp, Paper, and Allied Products: Jewelry, watches, photo equipment 101.0 101.8 101.8 101.8 Other miscellaneous 120.8 119.8 '119.6 119.3 Woodpulp 109.3 108.8 108.8 108.8 Wastepaper 78.5 85.0 98.5 109.6 Paper 124.0 125.1 125.9 126.5 Paperboard 124.6 123.7 123.6 126.0 r Re vised. Source.—Bureau of Labor Statistics, Department of Labor. Back figures.—See BULLETIN for March 1952, pp. 311-313. NOVEMBER 1953 1211 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME [Estimates of the Department of Commerce, in billions of dollars] RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING Seasonally adjusted annual rates Annual totals by quarters 1952 1953 1929 1933 1941 1947 1948 1949 1950 1952 Gross national product 103.8 55.8 126.4 233.3 259.0 258.2 286.8 329.8 348.0 345.3 361.1 362.0 372.4 369.0 Less: Capital consumption allowances.. 8.8 7.2 9.3 14.8 17.6 19.4 21.6 24.2 27.0 27.0 28.2 28.2 29.2 29.6 Indirect business tax and related liabilities 7.0 7.1 11.3 18.7 20.4 21.6 23.7 25.7 28.1 28.3 28.9 29.3 30.1 30.0 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 a p n a c y y ments .6 1. . 2 7 .5 . . 3 7 .7 . . 8 2 . . 8 4 .9 . . 9 5 .9 .9 •-3.1 .9 .9 n.a. .9 Plus: g o S v u e b r s n i m di e e n s t le e s n s t e c r u p r r r is e e n s t surplus of -.1 0) 1.6 -.1 -3.2 .0 .4 1.1 .1 -1.4 1.6 .0 -1.7 -.3 Equals: National income -.1 39.6 .1 198.7 .0 216.3 240.6 .4 291.6 — .1 — .2 306.7 .2 n.a. 87.4 103.8 223.5 278.4 290.4 301.4 310.7 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 37.7 41.7 '43.8 45.2 Contributions for social insurance.. .2 .3 2.8 5.7 5.2 5.7 6.9 8.2 8.6 8.7 8.8 9.0 9.0 Excess of wage accruals over disbursements .0 .0 .0 .0 .0 .0 .0 .0 -.1 -.3 .0 .0 .0 .0 Plus: Government transfer payments... .9 1.5 2.6 11.1 10.5 11.6 14.3 11.6 12.0 12.2 12.4 12.6 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 5.0 5.1 Dividends 5.8 2.1 4.5 6.6 7.2 7.5 9.1 9.2 9.1 9.1 9.1 9.2 9.4 9.6 Business transfer payments .6 .7 .5 .7 .7 .8 .9 .9 .9 .9 .9 .9 .9 Equals: Personal Income 85.1 46.6 95.3 191.0 209.5 205.9 226.7 254.3 269.7 271.4 278.3 281.6 284.4 286.8 Less: Personal tax and related payments.. 2.6 1.5 3.3 21.5 21.1 18.6 20.9 29.3 34.6 34.8 35.3 36.2 36.7 37.0 Federal 1.3 .5 2.0 19.6 19.0 16.2 18.1 26.2 31.1 31.2 31.6 32.3 32.8 33.1 1.4 1.0 1.3 1.9 2.1 2.5 2.8 3.6 3.9 State and local 3.2 3.6 3.7 3.8 3.9 82.5 45.2 92.0 169.5 188.4 187.2 205.8 235.0 247.7 Equals: Disposable personal income. 225.0 236.6 243.0 245.4 249.8 78.8 46.3 82.3 165.6 177.9 180.6 194.6 218.1 230.4 Less: Personal consumption expenditures 208.1 217.2 224.4 227.7 231.0 3.7 -1.2 9.8 3.9 10.5 6.7 11.3 16.9 17.2 Equals: Personal saving 16.9 19.4 18.6 17.7 18.8 NATIONAL INCOME, BY DISTRIBUTIVE SHARES Annual totals Seasonally adjusted annual rates by quarters 1953 1929 1933 1941 1947 1948 1949 1950 1951 1952 National income 87.4 39.6 103.8 198.7 223.5 216.3 240.6 278.4 291.6 290.4 301.4 '306.7 310.7 n.a. Compensation of employees 50.8 29.3 64.3 128.0 140.2 139.9 153.4 178.9 193.2 194.1 201.3 204.5 208.0 210.4 Wages and salaries2 , 50.2 28.8 61.7 122.1 134.4 133.4 145.6 169 183.6 184.4 191.3 194.5 198.0 200.6 Private 45.2 23.7 51.5 104.8 115.7 113.0 123.4 141.2 151.1 151.5 158.3 161.3 164.5 166.9 Military .3 .3 1.9 4.1 4.0 4.2 5.0 8.6 10.4 10.6 10.4 10 10.6 10.5 Government civilian 4.6 4.9 8.3 13.2 14.7 16.1 17.1 20.0 22.2 22 22.6 22.8 22.9 23.1 Supplements to wages and salaries .6 .5 2.6 5.9 5.8 6.6 7.9 9.1 9.6 9.6 10.0 10.0 10.0 9.8 Proprietors' and rental income8 19.7 7.2 20.8 42.4 47.3 42.1 45.4 50.7 51.2 51.5 51.1 50.8 49.7 49.1 Business and professional 8.3 2.9 9.6 19.8 22.1 21.6 23.6 26.1 26.3 26.1 26.7 27.0 27.0 26.9 Farm 5.7 2.3 6.9 15.6 17.7 12.8 13.3 15.5 14.8 15.2 14.0 13.4 12.3 11.6 Rental income of persons 5.8 2.0 4.3 7.1 7.5 7.7 8.5 9.1 10.0 10.2 10.3 10.4 10.4 10.6 Corporate profits and inventory valuation adjustment 10.3 -2.0 14.6 24.7 31.7 29.2 36.0 42.4 40.2 37.7 41.7 '43.8 45.2 n.a. Corporate profits before tax 9.8 17.2 30.5 33.8 27.1 41.0 43.7 39.2 37.0 40.3 r44.6 45.9 n.a. Corporate profits tax liability.... 1.4 7.8 11.9 13.0 10.8 18.2 23.6 20.6 19.4 21.2 '24.4 25.0 n.a. Corporate profits after tax 8.4 -.4 9.4 18.5 20.7 16.3 22.7 20 18.6 17.5 19.1 20.3 20.8 n.a. Inventory valuation adjustment.... -2.1 -2.6 -5.8 -2.1 2.1 -5.0 -1 1.0 .7 1.4 — .6 -2.6 Net interest 6. 5.0 4.1 3.5 4.3 5.0 5.7 6.4 7.0 7.1 7.4 7.6 7.7 7.9 n.a. Not available. r Revised. 1Less than 50 million dollars. 2 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. 1212 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued [Estimates of the Department of Commerce, in billions of dollars] GROSS NATIONAL PRODUCT OR EXPENDITURE Seasonally adjusted annualrates Annual totals by quarters 1952 1953 1929 1933 1941 1947 1948 1949 1950 1951 1952 3 4 1 2 3 Gross national product 103.8 55.8 126 A 233.3 259.0 258.2 286.8 329.8 348.0 345.3 361.1 362.0 372.4 369.0 Personal consumption expenditures 78 8 46.3 82.3 165.6 177.9 180.6 194.6 208.1 218.1 217.2 224.4 227.7 230.4 231.0 Durable goods 9.4 3.5 9.8 21.4 22.9 23.8 29.2 27.3 26.7 25.1 28.2 30.2 30.7 30.4 Nondurable goods .... 37.7 22.3 44.0 95.1 100.9 99.2 102.6 113.4 118.8 118.7 121.1 121.2 122.1 121.3 Services 31.7 20.6 28.5 49.1 54.1 57.5 62.7 67.4 72.7 73.3 75.1 76.3 77.6 79.2 Gross private domestic investment . 15.8 1.3 18.3 30.2 42.7 33.5 52.5 58.6 52.5 52.3 57.9 54.0 61.0 56.5 New construction * 7.8 1.1 6.8 13.9 17.7 17.2 22.7 23.1 23.4 23.1 23.9 25.0 25.3 24.9 Residential nonfarm 3.6 .5 3.5 6.3 8.6 8.3 12.6 11.0 11.1 10.8 11.6 12.2 12.0 11.5 Other 4.2 .7 3.3 7.6 9.1 9.0 10.1 12.2 12.3 12.3 12.3 12.8 13.4 13.4 Producers' durable equipment 6.4 1.8 7.7 17.1 19.9 18.7 22.3 24.6 25.4 24.9 25.5 26.2 26.9 27.1 Change in business inventories ... 1.6 — 1.6 3.9 — .8 5.0 -2.5 7.5 10.9 3.7 4.2 8.5 2.9 8.8 4 5 Nonfarm only 1.8 -1.3 3.4 1.4 3.7 -1.6 6.6 9.6 3.1 3.6 8.1 2.6 8.7 4.. 4 Net foreign investment .8 .2 1.1 8.9 1.9 .5 -2.3 .3 -.2 -2.0 -1.6 -2.1 -2.5 -2.1 Government purchases of goods and services 8.5 8.0 24.7 28.6 36.6 43.6 42.0 62.9 77.5 77 8 80.4 82.4 83.5 83 6 Federal 1.3 2.0 16.9 15.8 21.0 25.4 22.1 41.1 54.2 54.6 56.4 57.4 58.9 58.4 O N t a h ti e o r nal security }l.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 6 9 . . 0 2 5 6 0 . . 3 5 5 6 1 . . 5 6 5 6 3 . . 0 5 5 6 2 . . 8 1 Less: Government sales 2 (») (8) (8) 1.3 .6 .4 .2 .4 .5 .6 .5 .7 .7 .5 State and local 7.2 5.9 7.8 12.8 15.6 18.2 19.9 21.8 23.4 23.2 24.0 24.9 24.6 25.2 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 r T ec o e t i a p l ts4 b m T u d o e r i n t s s a - e t l s - Wag d p m i e u n C r o o s g o a t d d m n r i u i n i d t e c - y - s - sal D a i r u n i t y s r t d t i i u r e v d i s s e i b - s - bu S r i e s n t r e r d v m i u e ic s e s e - nts m G er e o n n v - t - in O l c a t o b h m o e r r e8 i p n r r c P e a i o n n e r m t t o d a o - e r l 8 s' i i n n d s p t a o c e e o e n n n r r m d a d e - l s s e t m T p r f e a a e n y r n 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 a n 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—August 271.3 181.9 185.4 80.6 49.5 22.2 33.1 4.7 50.6 21.0 13.4 3.8 251.9 September.. . . 276.4 184.8 188.4 83.8 49.4 22.3 32.9 4.9 52.5 21.2 13.3 3.9 255.7 October.. 277 3 186 6 190 2 84 7 50.0 22.4 33.1 5 0 51.4 21.3 13.3 3.9 258.0 November. . . . 277.2 187.8 191.4 85.6 50.0 22.5 33.3 5. 50.0 21.4 13.1 3.8 259.1 December 280.6 188.7 192.5 87.0 50.1 22.6 32.8 5. 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. 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 287.0 197.1 201.0 90.2 52.9 24.1 33.8 5.1 48.9 22.5 13.6 4.1 270.7 September?. . . 285.8 195.7 199.5 88.7 52.9 24.2 33.7 5.1 48.9 22.7 13.6 4.0 269.6 ^Preliminary. 1 Includes construction expenditures for crude petroleum and natural gas drilling. 2 Consists of sales abroad and domestic sales of surplus consumption goods and materials. 3 Less than 50 million dollars. 4Total wage and salary receipts, as included in "Personal income," is equal to total disbursements less employee contributions to socfal insurance. Such contributions are not available by industries. 5Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments. 6Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory valuation adjustment. 7Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as well as consumer bad debts and other business transfers. 8Prior 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. 9Includes 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. NOVEMBER 1953 1213 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REVISED ESTIMATES OF SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT FOR 1952 [Estimated amounts outstanding, in millions of dollars] Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Consumer credit, by major parts: Total 20,945 20,690 20,661 21,00921,796 22,554 22,867 23,135 23,52024,14724,611 25,827 Instalment credit, total 14,660 14,566 14,56614,75315,341 16,073 16,509 16,769 17,09017,611 17,961 18,684 Automobile paper . . 6 146 6,111 6,08 S 6,180 6 531 6,965 7,193 7 264 7 380 7 630 7 8S6 8,099 Other consumer goods paper 4,175 4,092 4,062 4,075 4,201 4,360 4,469 4,570 4,699 4,895 4,962 5,328 Repair and modernization loans 1 079 1 078 1 079 1 100 1 14? 1 185 1 ??9 1 ?68 1 31? 1,362 1 393 1,406 Personal loans 3,260 3,285 3,340 3,398 3,467 3,563 3,618 3,667 3,699 3,724 3,750 3,851 Noninstalment credit, total 6,285 6,124 6 095 6,256 6,455 6,481 6,358 6,366 6,4 30 6,536 6,650 7,143 Single payment loans . . . . . 1 939 1,983 ? 004 ?,nn 9 069 9,060 9,09S ?,024 9,099 2,025 9,100 2,094 Charge accounts 2,749 2,494 2 414 2,541 2,666 2,671 2,585 2,590 2,650 2,789 2,839 3,342 Service credit 1 S97 1 647 1 677 ,709 1,797 1,7S0 1,748 1,752 1 7S1 1,722 1 711 1,707 Instalment credit, by holder: Total 14,660 14,566 14 566 14,753 15,341 16,073 16,509 16,769 17,090 17,61117,961 18,684 Financial institutions, total 1? 008 n 070 1? 001 1? 184 1? 600 n n 740 n 060 14 ?10 14,615 14 048 15,410 Commercial banks . s 769 s 769 s807 s898 6 143 6 458 6 648 6 793 6 945 7 158 7,310 7,524 Sales finance companies 3 703 3,661 3 69 3 3,669 3,8S3 4,111 4,263 4,294 4,369 4,523 4,670 4,833 Credit unions 634 640 651 667 696 729 752 774 791 808 818 837 Other 902 1 909 1 994 1,9S7 1 998 9,044 ?,077 9,099 9,112 2,126 ? 1S0 2,216 Retail outlets, total ? 61? ? $87 ? 161 ? 160 ? 611 ? 7?/ ? 760 ? 800 ? 880 2,996 ? on 3,274 Department stores. . 877 866 873 879 907 933 940 9S9 1 000 1,053 1 033 1,117 Furniture stores 726 707 692 691 714 736 749 762 774 795 809 866 Household appliance stores 201 192 186 184 188 900 909 913 999 226 9?9 244 Automobile dealers 248 243 239 240 253 270 278 279 282 291 299 308 Other 600 579 S71 S7S 589 S99 S93 596 609 631 643 739 Noninstalment credit, by holder: Total 6,285 6,124 6 095 6,256 6,455 6,481 6,358 6,366 6,430 6,536 6,650 7,143 Financial institutions (single-payment loans): Commercial banks 1 717 1 742 1 7S8 1 769 1 777 1 798 1 791 1 789 1 789 1 796 1,814 1,844 Other 222 241 946 244 985 969 9 34 235 940 229 ?86 250 Retail outlets (charge accounts): Department stores SS4 489 460 47S 480 474 49 S 430 469 511 5 SO 730 Other 9 195 9 012 1 9S4 9 066 9 186 9 197 9 160 9 160 9 181 2 278 9,289 2,612 Service credit 1 597 1,647 1 677 1,709 1,797 1,7S0 1,748 1,752 1 751 1,722 1,711 1,707 Instalment credit held by commercial banks, by type of credit: Total 5,769 5,769 5 807 5,898 6,143 6,458 6,648 6,793 6,945 7,158 7,310 7,524 Automobile paper: Purchased 1,123 1,128 1 132 1,161 1,251 1,356 1,407 1,433 1,470 1,524 1,572 1,633 Direct 1 303 1 306 1 317 1342 1 398 1,465 1,500 1 517 1 534 1,569 1,S98 1,629 Other consumer goods paper 1,3?3 1,301 1 991 1 ?89 1 331 1,394 1,444 1,49S 1, 537 1,609 1 659 1,751 Repair and modernization loans 88? 881 881 899 931 967 1 004 1 036 1 069 1,109 1 130 1,137 Personal loans 1,138 1,153 1 186 1 907 1,939 1,976 1,9QS 1,319 1,33S 1,347 1 3S1 1,374 Instalment credit held by financial institutions other than commercial banks and sales finance companies, by type of credit: Total 2,536 2,549 2,575 2,624 2,694 2,773 2,829 2,873 2,903 2,934 2,968 3,053 Automobile paper 356 360 364 374 399 408 419 49 7 434 442 447 457 Other consumer goods paper 210 212 216 225 232 245 253 256 263 269 272 279 Repair and modernization loans 129 131 133 136 144 150 155 161 169 175 184 187 Personal loans 1,841 1,846 1,862 1,889 1,926 1,970 2,002 2,029 2,037 2,048 2,065 2,130 NOTE.—Estimates of consumer credit outstanding for the period January 1952 to date have been revised to incorporate more compre hensive information that has become available since the preparation of the original estimates. The revision is based upon: data for commercial banks from the reports of condition for June and December 1952 and June 1953; data for the instalment receivables and charge accounts of retail outlets obtained by the Bureau of Census in its annual survey of retail trade for 1952; data for credit unions for the end of 1952 collected by the Bureau of Federal Credit Unions: and other data for the end of 1952 obtained from State supervisory authorities and other sources. The usual explanatory notes and the revised figures for 1953 are shown in the regular tables on pp. 1192-1194. No changes have been made in the sales finance company figures. 1214 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 1216-1221 Gold production 1221 Reported gold reserves of central banks and governments 1222 Net gold purchases and gold stock of the United States 1223 International Monetary Fund and Bank 1224 Central Banks 1224-1228 Money rates in foreign countries 1229 Commercial banks 1230 Foreign exchange rates 1231 Price movements in principal countries: Wholesale prices 1232 Consumers' price indexes 1233 Security prices 1233 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. NOVEMBER 1953 1215 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 J ro a u n g . h 2 — , 1935, Total Total F of o f r ic e i i a g l n 1 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 U r n k o d . i a n s S d 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 e o s f : s o e R f f c u u e n U t r d u it . s r i 3 n e S s . : b I b r n a o f l l k a o e n w 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—Aug. 31 11,127.0 9,772.3 3,791.3 4,207.0 1,773.9 63.0 679.9 486.3 125.5 Sept. 30 11,355.6 9,952.7 3,909.1 4,262.6 1,781.0 106.0 673.8 495.6 127.6 Oct. 31 11,438.2 9,833.5 3,831.9 4,191.8 1,809.8 110.7 859.6 506.6 127.9 Nov.,30 11,567.3 9,924.0 3,959.7 4,218.6 1,745.6 108.2 901.4 513.6 120.1 Dec. 31 11,399.5 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 1,725.2 95.3 968.9 412.5 122.4 Mar. 31 11,424.9 9,849.7 3,866.7 4,298.4 1,684.7 88.8 976.6 389.0 120.7 Apr. 30 11,683.2 10,125.8 4,043.8 4,340.9 1,741.1 99.4 977.3 361.1 119.5 May 31 11,867.8 10,183.7 4,101.5 4,318.6 1,763.5 152.5 983.5 428.9 119.3 June 30 11,938.6 10,153.5 4,145.6 4,250.7 1,757.2 181.7 1,003.5 481.2 118.7 July 31? 12,013.2 10,233.9 4,097.1 4,368.1 1,768.7 206.8 970.7 481.3 120.4 Aug. 31P 12,222.7 10,430.6 4,238.8 4,417.8 1,774.1 220.6 971.4 483.1 117.0 TABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 4 [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 i i n t m g ed - France N la e e n r t d - h s - S la w e n r i d - tz « - 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 private 1948—Dec. 31... 1,864.3 5,853.7 2,836.3 546.3 192.8 122.8 538.9 333.5 738.1 2,472.4 775.2 ,287.0 1,151.8167.4 1949—Dec. 31... 1,657.8 5,960.2 2,908.1 574.4 171.6 170.5 576.9 303.6 717.0 2,513.9 869.1 ,436.7 961.0 179.5 1950—Dec. 31... 1,722.2 66,922.6 3,425.9 6 656.6 260.7 193.6 553.0 314.7 799.2 62,777.7 899.0 ,612.9 1,378.5254.5 1951—Dec. 31... 1,708.2 7,594.0 3,480.5 642.6 289.4 148.8 521.3 300.5 1,022.2 2,924.7 1,307.1 ,455.2 1,609.6297.4 1952—Aug. 31... 1,793.8 8,732.5 4,501.6 834.8 395.6 299.4 612.0 294.91,083.5 3,520.3 1,528.1 I,570.0 1,743.5370.7 Sept. 30... 1,800.9 8,905.9 4,619.4 866.5 404.0 345.1 614.3 291.9 1,141.4 3,663.1 1,530,1 1,580.7 1,795.1336.8 Oct. 31... 1,829.7 8,757.9 4,542.2 890.1 348.4 384.3 624.0 305.7 1,207.9 3,760.5 L.373.3 ,520.7 1,781.9321.5 Nov. 30... 1,765.6 8,912.5 4,670.0 976.3 337.3 343.1 627.7 326.2 1,243.1 3,853.8 1,356.5 1,561.2 1,812.9328.1 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 1,845.0335.6 1953—Jan. 31... 1,767.1 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 4,351.7 754.4 253.5 221.1 608.6 286.6 1,273.7 3,397.8 L.387.5 L,610.0 1,901.5358.4 Mar. 31... 1,704.6 8,899.2 4,577.0 751.6 259.1 230.7 632.6 304.91,307.1 3,485.9 L,349.1 1,692.5 >,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 1,744.0 >,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 1,966.7378.7 June 30... 1,777.1 9,130.5 4,855.9 911.2 301.8 268.6 650.1 313.6 1,444.5 3,889.8 1,119.4 1,801.9 1,935.3384.1 July 31 P.. 1,788.7 9,199.4 4,807.4 891.6 335.0 227.5 661.3 336.0 1,532.7 3,984.1 1,138.8 L,771.0 1,947.2358.2 Aug. 31 P.. 1,794.0 9,390.7 4,949.1 890.0 362.6 243.1 661.5 353.9 1,621.0 4,132.2 1,145.5 L,806.7 1,962.4343.9 pPreliminary. 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. 2 Includes Bank for International Settlements, International Bank for Reconstruction and Development, International Monetary Fund, and United Nations and other international organizations. 3Figures 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, but which have been excluded in the past from reported liabilities. NOTE.—These statistics are based on reports by banks, bankers, brokers, and dealers. Beginning with the BULLETIN for September 1951, certain changes were made in the order and selection of the material published. An explanation of the changes appears on p. 1202 of that issue. For further explanation and information on back figures see BULLETIN for August 1951, p. 1030. 1216 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] Table 2a.—Other Europe Date E O u th ro e p r e A tr u i s a - g B iu e m l- C v o z a s e k lo c i h - a - m 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 - et A h l e l r» 194g—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 H.9 128.2 'S.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—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 30.. 1,444.5 118.7 128.4 .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 47.8 Tuly 31 P. 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 Aug. 31 P..1,621.0 144.4 140.2 .6 78.3 32.8 773.3 73.3 110.3 2.9 70.3 5.8 22.1 94.3 8.0 13.2 51.2 Table 2b.—Latin America Neth- Do- er- Date A L i m a c t a e in r- A t r i g n e a n- l B iv o i - a Bnizil Chile l C o b m i o a - - Cuba p m i R c u i a e b n n - - - G m u a a l t a e- M ic e o x- l I W a a n n n d e d d i s e s t s Peru l p P i R c u a e b n o - - - f v S a E a d l l o - r g U u r a u y - V zu e e n l e a - A O L i m c a th a t e i e r a n r lic Suri- ama nam 1948—Dec. 31 1,287.0 215.8 17.1 123.7 55 6 54 0 219.4 146 7 24 3 52 6 71 8 121 7 184 1 1949—Dec. 31. 1,436.7 201.1 13.5 192.8 60 9 85 9 164.2 214.6 25.9 52.8 74.3 143.2 207 4 1950—Dec. 31. 1,612.9 301.8 20.4 226.0 79 5 53 4 259.1 42.7 25.4 207.1 30.2 60.2 59.2 16.1 75.1 85.2 71 3 1951—Dec. 31. 1,455.2 249.7 27.8 100.3 54 0 106 4 263.6 45.8 27.3 158.2 34.9 47.2 67.7 27.8 84.7 71.9 87 8 1952—Aug. 31. 1,570.0 128.3 22.5 87.9 61.2 85 4 341.4 49.9 34.4 238.0 35.5 58.5 74.5 30.5 97.3 108.3 116.2 Sept.30. 1,580.7 129.8 21.2 88.9 58 1 88 3 321.4 46.6 32.4 233.5 38.0 56.2 79.5 25.4 91.5 154.3 115 6 Oct. 31. 1,520.7 131.9 18.7 72.3 62 4 87 9 285.7 43.3 32.2 232.1 39.5 62.0 81.1 21.6 94.8 141.6 113 4 Nov. 30. 1,561 ? 146 ? 16 6 78 ? 69 ? 96 4 284 ? 43.5 33 ? 251.0 41.9 67 0 82.4 19.9 92.8 1?6 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. 1,801.9 155 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 88.5 156.8 140 9 July 31P 1,771.0 151 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 Aug.31P. 1,806.7 145.9 20.6 133.4 84 1 129 9 400.1 48.9 40.3 160.5 45.1 62.0 108.1 39.2 89.6 165.2 133 7 Table 2c—Asia and All Other For- Egypt Date Asia C m a h o n i d s n a a H K o o n n g g India I n n e d s o ia - Iran IsraelJapan i P p R h p e i i l - n - e T la h n a d i- T k u ey r- O As t i h -a e 3 r o A th l e l r t A ra u l s i - a C g B o i e a n l n g - o A E a n g n g y d l p o - - S U o o n u f i t o h n Other * Main- public tian Africa land Sudan 1948—Dec. 31. 1,151.8 216.2 51 1 51.8 41 5 81.4 488 3 17.5 204.0 167.4 22.2 27.7 15.8 101.6 1949—Dec. 31. 961.0 110.6 83.9 63.3 15 7 214.6 297 3 9.8 165.7 179.5 32.4 61.6 6.0 79.5 1950—Dec. 31. 1,378.5 81.7 86 1 55.7 114 7 *20!3 12'.6458.5 374 4 "48 2 14.3 111.9 254.5 19.1 58.1 75.6 44.0 57.7 1951—Dec. 31. 1,609.6 87.4 62 4 62.1 140 6 25.5 26.6 596.0 329 7 96 7 14.1 168.4 297.4 38.5 54.5 110.7 7.0 86.8 1952—Aug. 31. 1,743.5 80.4 69 6 54.8 114.5 22.6 26.5 743.9 324 6 143 8 9.8 153.0 370.7 81.2 84.5 104.2 14.2 86.5 Sept. 30. 1,795.1 84.7 71 4 55.2 87 3 18.3 22.1 772.6 319 7 157 9 8.8 197.2 336.8 54.1 90.4 91.7 11.8 88.7 Oct. 31 1,781.9 83.3 70 2 54.1 64 9 20.1 27.9 767.5 321 8 166 6 9.7 195.8 321.5 50.1 96.6 72.1 13.3 89.4 Nov. 30. 1,812.9 80.3 70 7 55.0 60 0 18.9 19.3 789.1 315 1 176 5 11.0 217.1 328.1 48.4 105.2 62.0 23.0 89.5 Dec. 31. 1,845.0 76.4 70.9 64.6 61 0 19.2 18.8 808.0 315 1 181 0 8.4 221.5 335.6 47.2 118.6 59.7 23.6 86.5 1953—Jan. 31. 1,855.3 73.5 72 0 70.2 58 0 16.5 26.2 821.6 309 6 186 7 10.2 210.7 353.7 51.1 117.8 58.4 36.3 90.1 Feb. 28. 1,901.5 72.8 71 4 75.1 60 7 16.4 22.7 862.8 313 7 190.4 8.6 206.9 358.4 52.3 119.5 55.1 38.1 93.5 Mar. 31. 2,012.6 70.7 71 4 76.3 67 3 19.3 15.4 897.1 324 8 193 0 8.8 268.4 359.1 54.8 125.9 53.4 33.2 91.9 Apr. 30. 2,005.6 72.1 70 1 85.3 64 3 19.5 15.3 892.6 327 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 16.4 882.9 326 1 192 1 7.4 234.2 378.7 66.5 130.5 54.4 33.3 94.0 June 30. 1,935.3 71.3 67 2 87.4 38 4 17.8 16.5 891.7 307 4 197 5 8.0 232.2 384.1 67.3 126.3 55.2 37 A 97.8 July 31P 1,947.2 71.6 68 2 89.1 39 6 20.3 13.2 910.2 303.0 191 9 6.3 233.9 358.2 54.6 119.4 45.3 37.2 101.7 Aug.31P. 1,962.4 73.3 68 5 93.5 33 6 22.9 18.6 919.4 309.8 188 2 8.4 226.4 343.9 53.9 112.5 44.5 39.6 93.4 P Preliminary. 1 Beginning January 1950, excludes Austria, Czechoslovakia, and Poland, reported separately as of that date. 2Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately aa of that date. 'Beginning January 1950, excludes Iran, Israel, and Thailand, reported separately as of that date. 4Beginning January 1950, excludes Belgian Congo, reported separately as of that date. NOVEMBER 1953 1217 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 3.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES [Amounts outstanding, in millions of dollars] Date Total U K d n i o n i m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O ur th o e p r e E T u o ro ta p l e C a a d n a - A L i m a c t a e in r- Asia o A th l e l r 1948—Dec. 31. 1,018.7 24.5 119.0 51.4 6.9 15.8 106.3 323.8 39.8 516.6 118.8 19.7 1949—Dec. 31. 827.9 37.2 51.8 5.2 3.8 22.6 98.5 219.2 37.6 411.1 139.7 20.4 1950—Dec. 31. 898.0 105.7 31.4 3.4 8.7 20.7 67.1 237.0 125.8 378.8 96.3 60.0 1951—Dec. 31. 968.4 35.0 10.1 5.0 11.2 10.3 111.2 182.8 92.0 489.3 162.4 41.9 1952—Aug. 31. ,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. ,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. ,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. ,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. ,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. ,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. ,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 30. 947.7 28.7 7.8 5.1 15.2 24.8 70.0 151.7 58.3 603.9 112.1 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 Aug. 31 P. 908.8 26.6 9.7 5.7 13.4 22.2 84.1 161.7 44.0 583.1 100.2 19.8 Table 3t.—Other Europe Date E O u t r h o e p r e A tr u i s a - g B iu e m l- m De a n rk - l F a i n n d - m G a e n r- y Greece N w o a r y - t P u o g r a - l Spain S d w en e- Y sl u av go ia - ot A he ll r1 1948—Dec. 31 106.3 21.4 .6 3.4 30.5 1.2 8.4 .7 2.9 1.4 6.0 29.8 1949—Dec. 3i 98.5 19.3 .4 8.2 30.0 .7 7.4 ,5 7.0 2.3 (*) 22 6 1950—Dec. 31 67.1 .2 21.5 3.2 2.2 25.4 .2 1.4 .5 1.6 6.9 4.0 1951—Dec. 31 111.2 (2) 39.6 4.8 3.1 28.3 2 2.5 .8 18.8 5.4 * *3.9 4.0 1952—Aug. 31 66.5 .1 11.5 2.2 2.2 25.7 2 1.8 6 12.5 1.9 3.4 4.4 Sept. 30 75.1 .1 11.8 3.5 2.8 27.5 2 2 0 .6 13.5 2.2 7.3 3.7 Oct 31 79.0 1.0 13.2 2.8 3.8 28.0 .2 L.7 .5 12.6 3.3 8.0 3.8 N De o c v . . 3 3 1 0 8 8 1 2 . . 9 7 1. .8 0 1 1 6 7 . . 2 7 3 2. . 1 3 4 5 . . 0 6 2 2 5 6 . . 4 8 . . 2 2 L. 8 9 . . 6 5 1 11 1 . . 2 8 3 2. . 5 0 8 7 . . 6 9 5 5 .4 8 1953—Jan. 31 78.4 .3 16 2 3 5 5.1 24.1 .2 7 .5 9.4 2.6 7.8 7 0 Feb 28 72.9 .2 15.8 4.3 4.4 27.3 .1 1.7 .6 5.7 2.2 3.9 6.6 Mar. 31 70.9 .2 14.8 5.1 5.1 27.2 .3 s .5 5.9 2.4 1.5 6.5 Apr 30 74.8 .1 14.1 3.6 4.1 30.2 .1 L.I .5 7.5 3.2 3.5 6.7 May 31 71.3 .1 12 4 1.5 2.9 31.0 .2 .5 6.7 2.9 4.5 7.3 June 30 70.0 .1 11.6 1.3 3.8 30.9 .1 1 .5 6.9 2.4 4.7 6.5 July 31 P 75.4 .2 12 2 2 3 3 5 27 0 .1 8 5 14 4 2 6 5 3 6 4 Aug 31P 84.1 .4 10.3 3.5 3.4 30.3 .8 .4 20.3 1.8 5.8 6.9 Table 3b.—Latin America Neth- Date A L m i a c t e a i r n - A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba m p i D R c l u i i a e o c b n n - - - - G m u a a l t a e- M ic e o x- I l W n S a a e d u n n r e i r d d - e s i- s s t Peru l p P a i R c 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 - O A 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 1949—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 1950—Dec. 31.. 378.8 45.9 8.7 78.0 6.8 42.5 27.6 "i!9 "it 70.6 1.3 11.0 3.1 "6 8 h'.o 49.4 14.6 1951—Dec. 31.. 489.3 7.6 7.5 185.0 24.8 43.7 32.3 1.8 3.8 90.6 1.2 11.8 3.0 9 5 10.5 41.7 14.5 1952—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. . 603.9 9.0 14.7 325.1 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 31 P. 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 Aug. 31 P. 583.1 7.6 3.3 318.7 7.5 48.9 24.0 1.9 3.0 89.0 2.2 15.1 5.4 3.7 3.2 35.4 14.2 ^Preliminary. 1 Beginning January 1950, excludes Austria, reported separately as of that date. *Less than $50,000. ••Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date. 1218 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 3.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] Table 3c—Asia tnd All Other For- Egypt mosa Phil- and Union Date Asia C a h n in d a K H 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 e r y - A O s th ia e 1 r o A th l e l r t A ra u l s ia - g x i 5 a e n i- A E n g g y l p o - - So o u f th Other* Main- public Congo tian Africa land Sudan 1948—Dec. 31.. 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!5* .9 13.9 60.0 40.8 'i'A .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—Aug. 31. 128.4 8 3 1.3 4.2 .6 9.6 22.9 13.3 10.3 3.5 37.0 17.4 23.7 8.0 7 9 .5 3 5 3.8 Sept. 30.. 141.6 10.1 1.0 3.7 .7 9.3 22.8 10.1 5.3 3.8 55.7 19.2 23.4 8.2 6.9 .6 3.1 4.7 Oct. 31.. 132 8 10.1 .9 3.5 .9 10.1 18.7 12.6 6.4 3 4 51.0 15.3 22.2 8.7 6.7 .5 2 3 4.0 Nov. 30.. 127.9 10.1 1.3 3.7 .7 10.2 17.4 12.2 3.0 4.0 47.4 17.7 22.8 10.0 6.5 .1 2.6 3.6 Dec. 31 . 128.6 10.1 1.2 4.3 .9 10.2 15.1 12.5 7.6 3.3 38.8 24.6 22.4 10.1 6 0 .5 2.0 3.8 1953—Jan. 31.. 125.9 10.4 1.9 3.6 .8 10.2 25.9 11.5 10.7 2.6 26.7 21.6 24.1 9.2 7.0 1.0 2.5 4.4 Feb. 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 30. . 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 31 P. 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 Aug. 31 P . 100.2 7.9 2.9 2.7 1.6 13.9 18.8 17.1 10.1 5.2 4.5 15.5 19.8 6.3 5.9 .2 2.9 4.6 TABLE 4.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM DOMESTIC SECURITIES, BY TYPES • (Inflow of Foreign Funds) [In millions of dollars] U. S. Government bond3 and notes4 Corporate bonds anc stocks* Net Total Total purchases Year or month Purchases Sales pur N ch et ases Purchases Sales pur N ch e a t ses purchases sales s d e o c m u o r e f i s ti ti e c 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—August 37.5 13.3 24.2 67.6 58.9 8.7 105.1 72.2 32.9 September 34.0 14.2 19.8 53.3 79.2 -25.9 87.3 93.4 -6.1 October 188.8 18.8 170.1 77.2 61.5 15.7 266.1 80.3 185.8 November . 49.4 21.1 28.3 69.8 56.3 13.5 119.2 77 5 41 8 December 45.0 17.0 27.9 93.7 89.4 4.3 138.6 106.5 32.2 1953—January 42.6 14.9 27.7 81.8 75.6 6.2 124.4 90.5 33 9 February 27 6 37.5 -9.8 76.2 64.9 11 3 103 8 102 3 1 4 March 26.3 18.6 7.7 85.8 85.8 («) 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 June 28.8 22.7 6.1 65.0 51.1 14.0 93.8 73.8 20.0 Julyp 36.6 82.3 -45.7 62.1 49.3 12.8 98.7 131.5 —32 8 August P 29.1 30.8 -1.7 49.7 47.3 2.4 78.7 78.1 .7 TABLE 5.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM FOREIGN SECURITIES OWNED IN THE UNITED STATES, BY TYPES8 (Return of U. S. Funds) [In millions of dollars] Foreign stocks Foreign bonds Net Total Total purchases Year or month Purchases Sales pur N ch et ases 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 -217.9 1952—August 24.1 22.7 1.4 57.9 28.2 29.7 82.0 50.9 31.1 September 24.6 26.8 -2.1 38.9 27.5 11.4 63.6 54.3 9.3 October 22.1 20.8 1.3 87.6 77.8 9.7 109.6 98.6 11.0 November 19.5 16.5 3.0 18.2 14.1 4.1 37.7 30.7 7.1 26.8 20.9 5.9 25.7 75.7 -49.9 52.6 96.6 -44 0 1953— Tanuary 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 June . 44.9 21.9 23.0 62.1 32.8 29.3 107.1 54.7 52.3 Tulyp . . . 23.1 21.2 2.0 46.2 48.1 -1.9 69.3 69.2 .1 August^ 18.6 18.5 .1 19.6 17.9 1.7 38.2 36.4 1.8 p Preliminary. »Beginning January 1950, excludes Iran, Israel, and Thailand, reported separately as of that date. •Beginning January 1950, excludes Belgian Congo, reported separately as of that date. •Includes transactions of international institutions. ^Through 1949 includes transactions in corporate bonds. •Through 1949 represents transactions in corporate stocks only. 8Less than $50,000. NOVEMBER 1953 1219 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 ef Foreign Funds) (Net sales, (—). In millions of dollars] Inter- Y m e o a n r t o h r n t a u in t t i i s o o t n i n - a s l Total U K d n i o i n m t g e - d France N l e a t n h d e s r- Sw la i n tz d er- Italy E O u t r h o e p r e E T u o r t o a p l e Canada A L i m a c t a e in r- Asia o A th l e l r 1948 7.6 -199.8 9.1 —82.8 —79.3 -40.0 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 lt50 121.2 823.2 64.0 197.8 -6.3 19.0 — .7 73.8 347.5 458.2 30.1 — 15.3 2.7 1951 . . — 15.9 —568.4 21.4 6.0 —22.2 45.9 1.9 —43.8 9.2 —595.5 13.9 4.8 — .7 If52 14.7 300.2 70.4 5.5 —21.9 50.7 .5 6.2 111.4 191.6 4.7 —9.5 1.9 1952—Aug.... .9 32.0 7.0 .7 -.5 6.9 .4 .6 15.1 15.7 .9 0) .3 Sept.... .9 -7.0 -6.9 -1.2 -.3 8.3 .1 -.4 -.5 -2.3 -4.1 .2 -.3 Oct.... 11.3 174.5 38.9 .1 -2.7 5.4 .2 3.9 45.9 126.1 1.1 1.2 .1 Nov.... .9 40.9 1.8 .5 -.6 5.3 -.1 3.3 10.2 27.2 3.4 — .1 .2 Dec.... .9 31.3 11.4 1.2 -2.2 4.5 -.3 -1.2 13.4 16.3 .1 1.0 .5 1953—Jan 25.5 8.4 5.8 1.3 -2.1 13.4 0) 2 0 20.4 -10.3 -1.1 .3 -.9 Feb.... 10.5 -9.1 2.1 -.4 -1.3 6.7 .1 -7.7 c —8.8 A .1 .6 Mar.... 1.0 6.8 10.0 .6 -3.4 4.4 -.2 -1.4 10'.0 -3.8 '.s -.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 0) .8 -.4 .8 .2 -.5 June... 1.3 18.7 5.4 2.0 -1.1 5.2 .1 -.2 11.4 6.0 .8 .1 .4 Julyp. . .5 -33.3 9.0 -49.0 -1.9 1.4 .4 2.6 -37.4 2.9 1.5 — .2 — .1 Aug.P. , -4.2 4.9 5.8 1.0 -.5 5.5 .1 -1.5 10.4 -8.1 2.3 .5 -.3 TABLE 6a.—DOMESTIC SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES Other Europe; Latin America; and Asia Y m e o a n r t o h r E O u t r h o e p r e A tr u ia s- 2 g B iu el m - N w o a r y - o A th l e l r A L m i a c t e a i r n - l C o b m i o a - - Cuba M ic e o x- p P a R u m o a b e n f - a l - ic g U u r a u y - 2 A O L m i a t c h t e a i e r n r - Asia M C m F l a a h a o n o n i i d r s n d n - a a - H K o o n n g g P p p h R l u i i i n e c l b i - e - p- O A th si 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 0) 1952 6 2 4 — 5 6.0 3 4.7 — .8 .2 2.6 —6.5 2.7 6.6 —9.5 — .3 1.3 —11 4 .9 1952—Aug.... .6 .4 0) .2 .9 -.1 1.3 .7 -2.3 1.2 0) .1 8 K Sept... -.4 -.1 -.2 -4.1 -1.3 — .1 .8 -3.1 -.8 .2 .1 Oct.... 3.9 $ -.2 3*2 .9 1.1 -.2 .1 .8 -.3 1.1 1.2 .2 8 Nov. .. 3.3 .6 3.1 -.3 3.4 .4 .3 2.3 C1) .6 -.1 — ll 0) Dec. .. -1.2 -1.5 — .1 -.1 -1.6 1.1 .4 0) .4 1.0 -.1 1.1 C1) 1953—Jan.... 2.0 C1) .9 .9 .2 — 1.1 -1.3 0) .4 — .6 .4 0) .3 .2 .3 Feb 7 7 1 6 8 — 6 — 3 8 — 2 3 — 3 — 6 .1 0) .1 08) J A M A M Ju u p u a a l n r g y r y . e p P . . . . . . . . . . . . . . - - 1 - 2 0 1 . . 2 . 5 ) 6 .4 .1 "(I 0 C )" 1 ) ) -2 2 . . 8 . 2 2 2 c 0 - ) .1 . . 1 c 1 2 -1 1 .5 .3 2 1 1 . . . . . 3 4 8 8 8 5 C — — -. 1 1 . ) 1 . c J 1 ( - 0 .3 . . . 5 6 3 0 - ) .3 . . 3 1 -2* . . • e 1 c 7 7 ; 0 - — 2 ) .4 . . . 0 2 6 3 1 1 1 . . . . . 2 3 0 2 6 0 0 - - ) . . 5 2 . . 2 1 0 0 0 ) ) )' .1 0 — - - ) . . 2 1 .2 .5 0 0 0 ) ) ) 0) . . 2 5 TABLE 7.—FOREIGN SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM FOREIGN SECURITIES OWNED IN THE UNITED STATES, BY COUNTRIES (Return of U. S. Funds) [Net sales, (—). In millions of dollars] Y m e o a n r t o h r n t a I u i n n t t i i t s o o e t n i r n - - a s l Total U K d n i o i n m t g ed - France N l e a t n h d e s r- Sw la i n tz d er- Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L i m a c t a e in r- Asia o A th l e l r 1948 (i) —94.9 —9.9 —4.3 -5.3 —35.4 .1 11.4 —43.4 —102.2 40 7 1 6 8 4 1949 —16.0 43.8 -13.5 .4 — .1 19.1 .4 24.6 30.8 —10.6 20.2 8 2 6 1950 —3.6 —141.8 -6.1 -1.3 -4.7 17.2 .5 7.8 13.4 -190.0 29.8 1.0 3 9 1951 . . . -152.7 -224.3 -2.0 -4.1 2.8 14.2 1.2 16.4 28.5 —258.6 33.8 —36 0 7 9 1952 — 118 1 -99.8 —4.4 4.9 -8.7 8.7 1.2 18.2 19.9 — 141.0 25.3 — 10 0 6 0 1952—Aug.... — .6 31.7 -1.0 1.0 -2.9 2.1 -.3 .2 -1.0 28.3 1.1 2.7 .6 O Se c p t t -58.8 6 9 9 .8 3 4 1 . 0 3 1. . 2 1 — -.2 .7 - 1 .5 .8 1. .1 0 3. . 9 6 1 2 0 . . 0 6 3 6 9 . . 5 8 13.1 6 6.7 4 - — .3 2 Nov.... -.8 7.9 -.7 -.1 — .1 .4 C1) .7 .3 8.8 .2 -1.6 .2 Dec... -.7 -43.3 -1.1 — .4 3.9 .7 .2 .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 June... 2.1 50.3 21.7 .9 2.3 .2 1.6 26.3 22.9 7.3 -2.2 -4.1 Julyp. . .1 -.1 0) -2!8 2.1 .6 .8 .5 -18.0 2.1 -2.7 18.1 Aug. P.. ".7 2.5 -.2 -2.3 1.9 .1 .4 -.2 .3 1.4 -.4 1.4 p Preliminary. iLcss than $50,000. 'Not available until 1950. 1220 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 i m a c t a e in r- a o n A d th s i e a a r ll Date Deposits s U e e . c r S n u . r m i G t e ie n o s t v 2 - l M an 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—Oct 31 642 2,301 80 1951 -6.1 -3.3 2.8 -5.0 -.6 Nov. 30. 758 2,225 84 1952 — 1.8 — 1.6 — 1.0 1.0 -.2 Dec. 31 550 2,156 86 1952—August -4.1 -3.3 .6 .4 -1.8 1953—Jan. 3i 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 Oct. 31 448 2 674 97 May -.2 -.5 .8 -.6 .1 June. — .6 —4.9 6.7 -1.7 -.8 1953—Oct. 7 484 2,646 92 July? 1.7 2.6 -1.7 .2 .7 Oct. 14 461 2,657 97 August? 2 -3.4 -2.9 -.5 .6 -.6 Oct. 21 461 2,667 99 Oct. 28 . 471 2,677 97 p Preliminary. * Less than $50,000. 1 Represents dollar assets belonging to foreign monetary authorities 2 Amounts outstanding (in millions of dollars): foreign brokerage and the Bank for International Settlements. Excludes assets held for balances in U. S., 78.4; U. S. brokerage balances abroad, 38.3. the International Bank for Reconstruction and Development and International Monetary Fund and earmarked gold. See footnote 4, p. 1223, for total gold under earmark at Federal Reserve Banks for foreign and international accounts. 2U. S. Treasury bills, certificates of indebtedness, notes and/or bonds. 3Includes bankers' acceptances, commercial paper, foreign and international bonds. NOTE.—For explanation of table and for back figures see BULLETIN for May 1953, p. 474. GOLD PRODUCTION OUTSIDE USSR [In millions of dollars] Production reported monthly Estimated Year or world Africa North and South America Other production month U ou S t S si R de * r m e T o p o n o t t r a h te l l d y A So fr u ic th a d R e h s o i - a A W fr e ic st a8 B C e o lg n i g a o n 2 U St n a i t t e e s d 3 C a a d n a - M ic e o x- Co b l i o a m- Chile r N ag ic u a a - * Au l s ia tra- India 2 $1=i56/2i grains of gold 9/10 fine: i.e., an ounee of fine gold =$35. 1947 766 5 705.5 392.0 18.3 19.3 10.8 75.8 107.5 16.3 13.4 5.9 7.4 32.8 6 1 1948 798 0 728 1 405 5 18.0 23.4 11.1 70.9 123.5 12 9 11.7 5.7 7 8 31.2 6 5 1949 833.0 753.2 409.7 18.5 23.1 12.9 67.3 144.2 14.2 12.6 6.3 7.7 31.3 5.7 1950 857 5 777.1 408.2 17.9 24.1 12.0 80.1 155.4 14.3 13.3 6.7 8.0 30.4 6 7 1951 840 0 758 3 403 1 17.0 22.9 12.3 66.3 153.7 13 8 15.1 6.1 8 8 31.3 7 9 1952 864.5 780.9 413.7 17.4 23.8 12.9 67.4 156.5 16.1 14.8 6.2 8.9 34.3 8.9 1952—August 65.8 34.9 L.6 2.0 1.2 6.5 13.0 1.0 1.1 .6 .7 2.4 .7 September.. 66.4 34.7 L.4 2.1 1.2 6.2 13.4 1.4 1.0 .6 .8 2.8 .8 October 70.6 35.4 S 2.1 1.1 6.8 14.1 2.9 1.1 .5 .7 3.6 8 November 64.9 34.3 1.5 2.1 1.1 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 1.1 4.5 13.0 1.4 .6 .7 2.9 6 February 32 4 4 2.1 1.1 4.3 12 4 1.2 .3 7 2 8 6 "M. arch 34.7 4 2.1 1.1 5.2 13.3 1.2 .4 .7 3.1 6 April 34.3 4 2.1 1.1 5.2 12.9 1.2 .4 .7 2.9 .7 May 34 9 4 2.1 1.0 6.1 12.9 1.1 .3 9 3 0 7 June 34.1 1.5 2.1 1.1 6.0 12.7 1.0 .8 3.4 5 July- 35 9 2.1 1 1 6 8 12 9 .3 9 7 August 35 6 2.1 1.2 6.2 .8 .6 Gold production in USSR: No regular government statistics on gold production in USSR are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; and 1938, 180 million. 1 Estimates of United States Bureau of Mines. 2 Reported by American Bureau of Metal Statistics. 'Yearly figures are estimates of United States Mint. Monthly figures are estimates of American Bureau of Metal Statistics. <Gold exports reported by the National Bank of Nicaragua, which states that they represent approximately 90 per cent of total production. NOTE.—For explanation of table and sources, see BULLETIN for June 1948, p. 731, and Bankint 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 Bankint and Monetary Statistics, pp. 542-543; for figures subsequent to 1941 see BULLETIN for April 1953, p. 427. NOVEMBER 1953 1221 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)* Treasury Total2 1947—Dec 34,550 22,754 22,868 322 597 23 354 294 45 83 279 32 20 1948—Dec 34,930 24,244 24,399 143 624 23 317 408 43 51 289 32 21 1949—Dec 35,410 24,427 24,563 216 698 23 317 496 40 52 299 32 21 1950—Dec 35,820 22,706 22.820 216 587 23 317 590 40 T4 271 31 19 1951—Dec... 35,960 22,695 22,873 268 621 23 317 850 45 311 31 22 1952—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 21 317 924 41 196 31 23 May 22,537 22,590 695 21 317 934 41 196 31 23 June... P36.390 22,463 22,521 696 21 317 944 41 196 31 23 July... 22,277 22,353 701 317 951 41 196 31 23 Aug 22,178 22,275 715 317 960 41 196 31 23 Sept 22,128 22,220 721 317 970 31 23 Ger- E m n o d n t o h f Egypt France3 F m ed a e n r y a , l 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- N w o a r y - Pa ta k n is- Peru Republic 1947—Dec 53 548 27 274 *180 142 58 100 231 72 20 1948—Dec 53 548 27 256 140 96 42 166 52 14 20 1949—Dec 53 523 27 247 178 140 256 52 195 51 27 28 1950—Dec 97 523 27 247 209 140 256 208 311 50 27 31 1951—Dec 174 548 28 27 247 280 138 333 208 316 50 27 46 1952—Oct 174 558 123 27 247 280 138 346 104 326 50 38 46 Nov 174 568 136 27 247 255 138 346 105 394 50 38 46 Dec 174 573 140 27 247 235 138 346 144 544 50 38 46 1953—Jan 174 573 165 27 247 218 138 346 149 567 55 38 46 Feb, , . 174 573 184 27 247 208 138 346 178 597 55 38 46 Mar.... 174 573 184 27 247 208 137 346 179 605 55 38 46 Apr 174 573 185 27 247 208 137 346 180 605 55 38 46 May... 174 573 210 27 247 208 137 346 181 605 55 38 46 June... 174 573 210 27 247 208 137 346 172 615 55 38 46 July... 174 573 224 27 247 177 137 P662 55 38 Aug.. . . 174 576 247 247 168 137 P683 55 38 Sept.. . 174 576 247 163 P723 38 Inter- Bank for E m n o d n t o h f Po g r a t l u- E v l a d S o a r l- A So fr u i t c h a Spain Sweden S l w a er n 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 r a u y - V zu e e n l e a - n M a t t a o io r n y n e a - l n S I a e n t t i t t o e l n r e - a - l Fund ments 1947—Dec 310 15 762 111 105 ,356 34 170 «2,079 175 215 1,356 30 1948—Dec 236 15 183 111 81 ,387 34 162 51,856 164 323 1,436 36 1949—Dec 178 17 128 85 70 ,504 118 154 «1,688 178 373 ,451 68 1950—Dec 192 23 197 61 90 ,470 118 150 «3,30C 236 373 1,495 167 1951—Dec 265 26 190 51 152 ,452 113 151 «2,335 221 373 L.530 115 1952—Oct 282 29 159 51 190 11,406 113 143 «1,767 205 373 1L.691 187 Nov 285 29 159 51 185 1,407 113 143 *1,895 205 373 ]1,692 191 Dec 286 29 170 51 184 1,411 113 143 «1,846 207 373 L.692 196 1953—Jan. . , 297 29 165 51 195 1,417 113 143 81,978 207 373 • L.692 215 Feb 298 29 173 52 194 1,417 113 144 «2,103 207 373 1,692 214 Mar 305 29 174 52 194 1,418 113 144 «2,166 217 373 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 «2,321 222 373 L.693 211 June 324 29 175 54 193 1,441 113 144 «2,367 222 373 1,698 193 July.... 330 29 175 54 203 1,450 113 144 «2,456 222 373 L,699 195 Aug 331 29 176 54 204 1,452 113 143 «2,469 222 373 1,700 188 Sept.. . . 337 29 175 54 206 143 52,486 222 198 P Preliminary. 1 Includes reported gold holdings of central banks and governments and international institutions, unpublished holdings of various central banks and governments, estimated holdings of British Exchange Equalization Account based on figures shown below under United Kingdom, and estimated official holdings of countries from which no reports are received. 2 Includes gold in Exchange Stablization Fund. Gold in active portion of this Fund is not included in regular statistics on gold stock (Treasury gold) used in the Federal Reserve statement "Member Bank Reserves, Reserve Bank Credit, and Related Items" or in the Treasury statement "United States Money, Outstanding and in Circulation, by Kinds." 3Represents gold holdings of Bank of France (holdings of French Exchange Stabilization Fund are not included). ^Figure as of Mar. 31. 8Exchange Equalization Account holdings of gold, U. S. and Canadian dollars, as reported by British Government. (Gold reserves of Bank of England have remained unchanged at 1 million dollars since 1939, when Bank's holdings were transferred to Exchange Equalization Account.) NOTE.—For description of figures, including details regarding special internal gold transfers affecting the reported data, see Banking and Monetary Statistics, pp. 524-535; for back figures through 1941 see p. 526 and Table 160, pp. 544-555, in the same publication and for those subsequent to 1941 see BULLETIN for January 1953, p. 74; April 1951, p. 464; February 1950, p. 252; and November 1947, p. 1433. For revised back figures for Argentina and Canada, see BULLETIN for January 1949, p. 86, and February 1949, p. 196, respectively. 1222 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES [Negative figures indicate net sales by the United States] (In millions of dollars at $35 per fine troy ounce) Year or quarter Total K U in n g i d te o d m g B iu e m l- France N la e e n r t d - h s - Po g r a t l u- S d w en e- S l w a e n r i - t d z- E O ur th o e p r e1 Canada A t r i g n e a n- Cuba Mexico 1945 -452.9 31.1 278.5 -47.9 -86.8 -7.4 36.8 -224.9 -85.0 -23.8 1946 721.3 -.2 14.2 -10.0 80.2 -29.9 27.3 337.9 153.2 -30.0 36.9 1947 2,864.4 406.9 222.8 264.6 130.8 116.0 238.0 10.0 86.6 311.2 727.5 -65.0 45.4 1948 1,510.0 734.3 69.8 15.3 40.7 63.0 3.0 -5.6 5.8 114.1 -10.0 €1.6 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 -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 -54.9 -28.1 Apr.-June. 128.2 -40.0 -3.4 -15.0 -25.0 18.8 -20.0 NET GOLD PURCHASES BY THE UNITED STATES, ANALYSIS OF CHANGES IN GOLD STOCK OF BY COUNTRIES—Continued UNITED STATES [Negative figures indicate net sales by the United States] [In millions of dollars] (In millions of dollars at $35 per fine troy ounce) Gold stock at Ear- Y qu e a a r r te o r r g U u r a u y - V zu e e n l e a - A O L m i a t c h t a e i e n r r - Oc A a e n s a i d n a ia U A So f n o r u i i f o c th n a o A th l e l r Period T e u r n e r d a y s o - f p T e o ri t o al d i I i n n s g c to o r t e o l c d a t k a s l e g p e o o x N ( ld - r p t e ) o i t o m rt r -g m o c c o l r r a r d e e r : a a k i n d s s e e e - d e- D p ti 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 8-188.3 3.7 1 19 9 4 4 7 6 — 25 4 . . 1 9 - — 3 9 .7 2 2 7 5 9. . 1 0 1 1 3 . . 0 7 ' 2 9 5 4 6 ^ .0 3 2 1 2 1 . . 9 9 1 19 9 4 4 2 3 2 2 2 1 , , 7 9 2 3 6 8 2 2 1 2 , , 9 7 8 3 1 9 -7 -2 5 3 7 . . 0 9 3 6 1 8 5 . . 9 7 - -8 4 0 5 3 8 . . 6 4 1 4 2 8 5 . . 3 4 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 4-84.0 1947 22,754 22,868 22,162.1 1,866.3 210.0 75.8 1952 14.9 -25.1 -4.8 11.5 -2.0 1948 24,244 24,399 1,530.4 1,680.4 -159.2 70.9 1949 24,427 24,563 164.6 686.5 -495.7 67.3 1950 1950 22,706 22,820 -1,743.3 -371.3 -1,352.4 80.1 1951 22,695 22,873 52.7 -549.0 617.6 66.3 Jan -Mar. .. -12.0 —10.4 .2 3.9 —26.9 1952 23,186 23,252 378.9 684.3 -304.8 67.4 Apr -June —2 0 — .9 1.0 9.2 -2.8 O Ju c l t y .- - D Se e p c t - -2 2 6 3 . . 9 9 -5 -. . 1 9 - -2 1 2 3 . . 8 9 -1 -2 4 . . 8 7 1952— N O o c v t. . . . . . . 2 2 3 3 . , 3 3 3 3 7 9 2 2 3 3 . , 5 5 0 2 4 1 -1 - 6 4 .4 9 83. . 5 3 - - 2 9 9 2 . . 0 4 6 6 . .0 8 Dec... 23.186 23,252 -252 6 8 1 -263.2 5.9 1951 O J J A u a c n n l t r y . - - - _ D M S J e e u a p c r n t e -5 2 3 1 0 8 0 5 . . . . 9 0 1 0 -.9 — - - 5 4 1 3 1 . . . 0 0 . 5 7 — -2 - - 2 3 1 5 8 . . . 4 9 . 0 8 2 1 1 0 2 9 . . . 7 3 2 — - - 2 3 2 5 1 8 . . 0 0 .0 1953— F A M M Ja e p a a n b r r . . y . . . . . . . . . . . . 2 2 2 2 2 2 2 2 2 2 , , , , , 9 6 5 5 5 6 8 6 3 6 2 6 2 7 3 2 2 2 2 2 3 2 2 2 2 , , , , , 0 7 6 6 5 7 5 3 4 9 9 1 9 9 0 - - - 3 1 1 - - 1 4 2 7 0 0 8 7 2 2 . . . . . 7 0 5 8 5 - - 2 2 3 7 , . . 2 . 0 . 5 0 1 - - - 1 1 3 - - 1 4 7 0 2 6 8 1 6 4 . . . . . 9 7 8 5 1 4 5 4 5 6 . . . . . 2 3 2 5 1 1952 J J u u l n y e . . . . . 2 2 2 2 , , 4 2 6 7 3 7 2 2 2 2 , , 5 3 2 5 1 3 -1 -6 6 9 8 . . 4 0 -2 -. . 5 0 -1 -6 7 8 1 . . 5 7 6 6. . 8 0 J A T a o u n r l v - - - M T S u e a n o r e t. 10.0 — - - 7 2 17 . . 4 0 .6 — -2 3 .4 . . 4 2 4 7 . .2 3 -.1 A O Se u c p g t. t . . . . . . . . . P 2 2 2 2 2 2 . , . O 1 1 2 7 7 8 8 7 ^ 2 2 2 2 2 2 , , , 2 2 1 7 4 2 5 7 0 P- - - 7 7 5 3 7 5 .2 . . 6 4 - - ( . . 3 1 1 ) 4- - - 7 7 5 8 2 5 . . . 8 0 5 6 6 (3 . . 2 ) 2 Oct -Dec 4.8 2.0 .3 -1.9 P Preliminary. 1953 1 See footnote 2 on opposite page. Jan -M[ar -1 -5 0 . . 0 0 -3.6 - -1 4 . . 2 3 tio 3 2 n N C t o h o t a I n y n g e t e e t r a n in v a c a t l i i u l o a d n b e a l s l e . M tra o n n s e fe ta r ry o f F u 6 n 8 d 7 . .5 million dollars gold subscrip- 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 i o n u c n lu te d d in g t o g o 6 l , d 4 2 h 7 e .4 ld m fo il r l io th n e d a o c l c la o r u s n t o n o f O in c t t e . r 3 n 1 at , i o 1 n 9 a 5 l 3 . i ns G ti o t l u d - 8 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 t o to I t C a h ly in . a. under earmark is not included in the gold stock of the United States. 4Includes 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. 6Includes sales of 45.0 million dollars of gold to Indonesia. NOVEMBER 1953 1223 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT [End-of-month figures. In millions of dollars] 1953 1952 1953 1952 International Fund International Bank July Apr. Jan. July Sept. June Mar, Sept. 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 13 Other 14,885 4,640 4,395 4,420 Other 1,008 1,022 1,033 1,035 Unpaid balance of member subscriptions. 812 1,057 1,354 869 Investment securities (U. S. Govt. obli- Other assets 1 1 1 1 gations) 385 423 446 472 Member subscriptions 8,737 8,737 8,737 8,154 Calls on subscriptions to capital stock3. 3 4 3 4 Accumulated net income Q -8 -7 Loans (incl. undisbursed portions and incl. obligations sold under Bank's guarantee) 1,484 1,487 1,445 1,330 1953 1952 Other assets 18 14 17 15 Net currency purchased2 Bonds outstanding 567 556 556 496 (Cumulative—millions of dollars) Liability on obligations sold under guar- Sept. Aug. July Sept. antee 76 70 66 59 Loans—undisbursed 325 398 404 407 Other liabilities 8 9 9 7 Australian pounds 50.0 50.0 50.0 50.0 General reserve , 82 77 71 63 Belgian francs 11.4 11.4 11.4 11.4 Special reserve 40 37 35 30 Bolivian bolivianos 2.5 2.5 2.5 Capital3 1,808 1,807 1,807 1,807 Brazilian cruzeiros 37.5 *37.5 37.5 37^5 C C D z h a e i n l c i e h s a h o n s k l p o r e o v s n a o k e s i r an koruny. 1 1 6 0 0 . . . 0 2 7 - 1 1 6 0 . . . 8 0 2 - 1 1 6 0 . . . 8 0 2 1 3 6 0 . . . 6 0 2 1 c I C nc o l r u r d e e c s te d 5 . million dollars receivable from a member country for F E i g n y n p is ti h a n m p a o rk u k n a d a s -5 4 . . 5 5 -5 4 . . 5 5 -5 4 . . 5 5 -5.5 cur 2 r A e s n c o y f S ad ep ju t. s t 3 m 0 e , n 1 t 9 . 53, the Fund had sold 914.0 million U. S. dollars. French francs 125.0 125.0 125.0 125^6 In addition, other sales have included the following: to the Nether- Indian rupees 100.0 100.0 100.0 100.0 lands, 1.5 million pounds sterling (May 1947) and 300.0 million Belgian Iranian rials 8.8 francs (May 1948); to Norway, 200.0 million Belgian francs (June and Japanese yen 14.0 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 30.0 10.0 10.0 (August 1953); to Japan, 5.0 million pounds sterling (September 1953). Pounds sterling 300.0 300.0 300.0 300.0 Repurchases amounted to 271.0 million dollars. Currencies the net Yugoslav dinars 9.0 9.0 9.0 9.0 transactions in which amount to less than one million are reported All other -1.6 -1.6 -1.6 -1.6 under "All other." 3 Excludes uncalled portions of capital subscriptions, amounting to Total. 712.4 C685.9 665.9 712.3 7,231 million dollars as of September 30, 1953, of which 2,540 million represents the subscription of the United States. CENTRAL BANKS Assets of issue Assets of banking Liabilities ofbanking department department department Bank of England Note (Fi p g o u u re n s d s in s m ter il l l i i n o g n ) s of Goldi a O ss th et e s r 2 N c a o o n t i d n es a c v n o a D d n u i s c n - a e t d s s - Se t c ie u s ri- ci t r i c o u n l 3 a- Bankers' Pub D li e c posit E s CA Other t c l i O i e a a s p t b h i a i t e l n a i r - l d 1943—Dec 29 2 j mo n 12 5 2 5 307.9 1,088.7 234.3 10.3 60.4 17.9 1944—Dec 27 2 L 250 0 13 5 5 1 317 4 1,238 6 260.7 5.2 52.3 17.8 1945—Dec 26 2 1,400 0 20 7 8 4 327.0 1,379.9 274.5 5.3 58.5 17.8 1946—Dec 25 2 L 450 0 23 4 13 6 327.6 1,428.2 278.9 10.3 57.3 18.1 1947—Dec. 31 .2 1,450 0 100 8 15.2 331.3 1,349.7 315.1 18.6 95.5 18.1 1948—Dec 29 2 L 325 0 36 1 16 7 401.1 1,293.1 314.5 11.7 17.4 92.1 18.1 1949—Dec. 28 .4 L,350.0 33.7 14.8 489.6 1,321.9 299.2 11.6 97.9 111.2 18.1 1950—Dec. 27 .4 1,375 0 19 2 29 2 384.0 1,357.7 313.5 15.4 .4 85.0 18.1 1951—Dec. 26 .4 1,450.0 14.1 18.2 389.2 1,437.9 299.8 13.4 .6 89.8 18.1 1952—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 1,550.0 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 41 600 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 *1,575.0 32.2 3.6 367.8 1,545.7 277.5 8.8 31.6 67.3 18.4 Sept. 30 .4 1,575.0 45.2 5.2 356.6 1,532.7 287.3 10.7 19.9 70.6 18.6 *On June 9, 1945, the official buying price of the Bank of England for gold was increased from 168 shillings to 172 shillings and threepence per fine ounce, and on Sept. 19, 1949, it was raised to 248 shillings. For details regarding previous changes in the buying price of gold and for internal gold transfers during 1939, see BULLETIN for March 1950, p. 388, footnotes 1 and 4. Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 8Notes issued less amounts held in banking department. * 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. 1224 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 n i e n i s t g ed securities O as t s h e e ts r circ N u o la t t e ion2 lia O b a t i n h li d e ti r es dollars S te h r o m rt 1 - Other Ch b a a r n te k r s ed D g o o m ve in rn io - n Other capital3 ment 1940—Dec. 31. (*) 38.4 448.4 127.3 12.4 359.9 217.7 10.9 9.5 28.5 1941—Dec. 31. 200.9 391.8 216.7 33.5 496.0 232.0 73.8 6.0 35.1 1942—Dec. 31. .5 807.2 209.2 31.3 693.6 259.9 51.6 19.1 24.0 1943—Dec. 31. .6 787.6 472.8 47.3 874.4 340.2 20.5 17.8 55.4 1944—Dec. 30. 172.3 906.9 573.9 34.3 ,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 43.7 211 536.2 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—Oct. 31. 42.8 ,286.7 896.1 103.4 ,485.6 668.8 18.8 56.0 99.8 Nov. 29. 67.6 ,214.3 957.3 72.3 ,498.8 607.3 15.0 65.1 125.2 Dec. 31. 77.1 ,459.8 767.2 77.3 ,561.2 626.6 16.2 44.5 132.9 1953—Jan. 31. 64.3 ,351.2 803.0 82.3 ,479.6 603.1 40.5 47.6 130.1 Feb. 28. 72.0 ,411.9 817.5 88.8 ,472.8 668.0 88.6 51.4 109.3 Mar. 31. 65.5 ,371.0 810.9 79.4 ,493.4 601.1 60.6 66.5 105.1 Apr. 30. 68.0 ,436.6 796.0 86.5 ,504.8 646.7 48.3 76.8 110.6 May 30 . 59.3 ,364.8 821.4 99.9 ,517.9 594.9 45.6 72.1 114.8 Tune 30. 66.4 ,405.5 852.0 100.2 ,529.0 647.6 47.9 82.6 116.9 July 31. 74.9 ,451.6 838.5 87.5 1,547.2 646.6 43.8 68.7 146.3 Aug. 31. 67.4 ,414.0 830.9 83.0 1,549.7 617.8 66.4 35.2 126.4 Sept. 30. 69.0 ,385.7 824.9 81.0 1,552.5 616.9 15.4 37.8 138.0 Assets Liabilities m B il a li n ( o F k n i g s o u f o r e f F s r f r i a a n n n c c e s) Gold5 F c o h e r a x e n i - g g e n m O a p rk en et D 6 om S e p s e t c i i c a l bills Other Cu G A r o r d e v v n e a t r n n c m e O s e n t t h o t6 er a O ss t e h t e s r 6 ci N r ti c o o u t n l e a- G m ov e e n r t n- De E p C o A sits7 Other c l O a i i a a t p t i n b h e i d i t e s l a r - l 1940—Dec. 26. 84,616 42 7,802 661 3,646 63,900 112,317 18,571 218,383 984 27,202 844,986 1941—Dec. 31. 84,598 38 6,812 12 4,517 69,500 182,507 17,424 270,144 1,517 25,272 868,474 1942—Dec. 31. 84,598 37 8,420 169 5,368 68,250 250,965 16,990 382,774 770 29,935 «21,318 1943—Dec. 30. 84,598 37 9,518 29 7,543 64,400 366,973 16,601 500,386 578 33,137 815,596 1944—Dec. 28. 75,151 42 12,170 48 18,592 15,850 475,447 20,892 572,510 748 37,855 7,078 1945—Dec. 27. 129,817 68 17,980 303 25,548 445,447 24,734 570,006 12,048 57,755 4,087 1946—Dec. 26. 94,817 7 37,618 3,135 76,254 67,900 480,447 33,133 721,865 765 63,468 7,213 1947—Dec. 31. 65,225 12 67,395 64 117,826 147,400 558,039 59,024 920,831 733 82,479 10,942 1948—Dec. 30. 65,225 30 97,447 8,577 238,576 150,900 558,039 57,622 987,621 806 171,783 16,206 1949—Dec. 29. 62,274 61,943 137,689 28,548 335,727 157,900 560,990 112,658 ,278,211 1,168 158,973 19,377 1950—Dec. 28. 182,785 162,017 136,947 34,081 393,054 158,900 481,039 212,822 ,560,561 70 15,058 161,720 24,234 1951—Dec. 27. 191,447 28,320 234,923 31,956 741,267 160,000 481,039 190,830 ,841,608 29 10,587 166,226 41,332 1952—Oct. 30. 194,943 28,815 283,717 48,089 872,793 171,100 479,982 161,989 2,024,943 25 8,392 158,275 49,792 Nov. 27. 198,439 30,413 274,454 52,225 851,545 172,000 479,982 154,1462,006,873 10 10,887 139,480 55,954 Dec. 31. 200,187 31,068 274,003 57,042 937,459 172,000 479,982 159,7272,123,514 27 897 137,727 49,305 1953—Jan. 29. 200,187 16,040 262,363 55,681 915,903 175,000 501,982 124,578 2,065,210 56 730 128,731 57,008 Feb. 26. 200,187 16,502 263,286 48,658 929,291 185,300 504,982 121,445 ,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 ,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 ,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 ,163,216 70 18,883 193,516 55,788 Aug. 27. 201,282 2,870 276,048 4,877 953,856 200,000 668,349 144,154 ,176,277 41 397 188,594 86,126 Sept. 24. 201,282 4,803 260,777 23,441 905,862 200,000 617,049 133,385 ,141,807 73 394 139,313 65,011 1 Securities maturing in two years or less. 2Includes notes held by the chartered banks, which constitute an important part of their reserves. 3 Beginning November 1944, includes a certain amount of sterling and United States dollars. 4On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940, pp. 677-678). 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. 7Beginning January 1950, when the Bank of France modified the form of presentation of its statement, the figures under this heading are not strictly comparable with those shown for earlier dates. 8Includes the following amounts (in millions of francs) for account of the Central Administration of the Reichskreditkassen: 1940, 41,400; 1941, 64,580; 1942, 16,857; 1943, 10,724. NOTE.—For back figures on Bank of Canada and Bank of France, see Banking and Monetary Statistics, Tables 166 and 165, pp. 644-645 and pp. 641-643, respectively; for description of statistics, see pp. 562-564 in same publication. For last available report from the Reichsbank (February 1945), see BULLETIN for December 1946, p. 1424. NOVEMBER 1953 1225 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) Sept. Aug. July Sept. date of month) Sept. Aug. July Sept. Central Bank of the Argentine Bank of the Republic of Colom- Republic (millions of pesos): bia— Cont. Gold reported separately 1,623 1,623 814 Loans and discounts 344,318342,459 360,920 376,266 Other gold and foreign exchange. 1,063 921 -42 Government loans and securities. 219,990198,446199,842 161,914 Government securities 3,201 3,210 2,132 Other assets 101,728100,103 97,758 '100,503 Rediscounts and loans to banks. . 53,796 53,350 46,271 Note circulation 534,429 545,237542,964 507,131 Other assets 316 295 251 Deposits 383,251382,375404,467 324,054 Currency circulation 22,756 22,534 17,970 Other liabilities and capital 92,060 86,922 85,473 '80,416 Deposits—Nationalized 33,063 32,803 27,392 Central Bank of Costa Rica Other sight obligations 465 456 840 (thousands of colones): Other liabilities and capital 3,715 3,607 3,223 Gold 11,511 11511 11,511 11,511 Commonwealth Bank of Aus- Foreign exchange 99,960105 861112,638 72,918 tralia (thousands of pounds): Net claim on Int'l. Fund3 7,031 7 031 7,031 7,031 Gold and foreign exchange 485,934 496,335 490,880 298,643 Loans and discounts 81,649 77379 74,549 77,598 Checks and bills of other banks.. 8,763 5,275 4,704 5,374 Securities 1,376 1376 1,376 7,384 Securities (incl. Government and Other assets 24,140 23 736 24,389 24,765 Treasury bills) 415,582 410,094431,892 462,950 Note circulation 133,513133 722138,455 116,741 Other assets 44,163 47,485 53,633 48,685 Demand deposits 65,453 67 060 67,937 64,508 Note circulation 332,613331,863329,113 310,418 Other liabilities and capital 26,701 26 113 25,102 19,958 Deposits of Trading Banks: National Bank of Cuba Special 251,730278,230 292,930 184,445 (thousands of pesos): Aust O ri t O a h n e th r e N l r ia a b t i i l o it n ie a s l a B n a d n c k a p ( i m ta i l llions 3 4 2 3 6 , , 9 1 5 4 1 73 3 1 7 1 , , 2 8 7 2 2 432 3 2 6 , , 8 2 1 5 3 2 2 3 8 7 3, , 2 5 1 7 5 4 F F G o o o r r l e e d i i g g n n e e x x c c h h a a n n g g e e (n (S et t ) abilization 1 5 9 7 5 , , 4 7 9 4 4 81 6 9 1 5 , , 7 7 5 4 1 8 2 6 7 5 9 , , 1 9 4 9 9 8 of O F G L N D C s o o c l t o e o a h r h a p l t i e d e e n i m o i l r s g l s c i n i a n a a i t r s s g n g c e s — s d a u e x ) i t l c : n O B B s d a h s t i a l t a i t s o h o n n c c e G n k g o k r s e u o e n d v t e s rnment 5 9 2 5 1 1 , , , , , , 6 7 9 0 4 8 5 1 0 6 7 1 5 0 8 2 0 1 1 1 5 2 3 3 9 1 5 6 9 2 1 1 , , , , , , 1 1 4 0 8 1 6 1 6 9 0 8 3 3 6 0 0 5 3 9 4 1 9 8 1 8 4 6 9 2 1 , , , , , 4 0 3 8 3 2 6 1 7 7 5 2 8 8 5 2 0 1 5 3 8 8 3 3 3 0 2 8 7 1 1 , , , , , 5 8 1 4 3 2 5 9 0 2 6 8 9 3 2 2 1 3 9 3 5 8 8 7 8 Nati O O S C N D N L o i n o r t t e o e l F h h e v a a p t t d e e e u e n l o c r r i r n s s t l B c s a d i a l i a t i i a r ) s s a n m t c s n o b d u e k i l t o l G s a d i n o t t i o i i s f e o v I c s n n C e o r t a u z n ' n l n e m . d t c s F e h c n u o a t n s p l d i o t 3 a v l akia4 4 2 2 4 1 2 3 6 4 1 1 1 2 6 2 7 8 7 4 2 2 , , , , , , , , , 2 9 7 5 4 6 8 5 4 5 4 6 6 1 1 7 9 1 1 1 5 1 1 9 3 7 2 4 2 2 1 4 2 3 6 3 1 1 1 8 6 7 0 8 3 4 2 4 , , , , , , , , , 3 1 5 5 7 4 4 2 7 6 1 6 7 4 4 3 0 3 1 1 7 4 4 6 0 9 1 4 2 1 3 2 3 3 2 3 5 1 0 1 9 6 3 6 6 7 2 , , , , , , , , , 6 6 8 9 8 6 3 5 2 0 7 6 7 1 7 2 7 4 1 2 3 1 8 3 4 6 5 National Bank of Belgium National Bank of Denmark (millions of francs): (millions of kroner) : Cent O O G F C L G N D r o o o a o t t o e o h h r a n l l p v t e d e e n e s o e i r r o s g B r s c l n n i l a a i i a t i m r d s s a n n c c s — a b d l e u k e t a i n e t l l i D E s d a i d t m t t o i C i e i s s e s f o m G c A e s n a o c o a n B a u u n v d n r n o d e i d t t l r b s i i n e v a c m s l i a a a p e n — n i c t t e a M s l d 1 o ( e . n n b . e e t - t . ) . . 3 3 9 1 9 4 4 6 8 5 6 4 1 , , , , , , , , , 2 5 9 0 4 6 4 7 0 1 1 0 8 3 6 0 5 6 5 8 9 1 8 2 5 0 0 7 4 4 3 3 9 1 5 4 8 4 9 5 7 5 1 , , , , , , , , , 1 9 7 4 2 3 6 3 1 1 9 0 4 6 4 0 6 9 8 9 2 3 7 7 5 0 3 7 4 0 3 3 9 1 5 4 9 4 4 9 8 2 5 , , , , , , , , , 0 0 9 4 0 8 5 6 0 1 1 4 2 6 8 1 8 6 8 7 1 5 6 3 0 5 2 9 2 8 3 3 9 1 4 9 4 4 4 5 7 6 1 1 , , , , , , , , , , 1 0 4 2 7 8 4 3 6 8 3 1 1 3 5 5 6 9 2 7 1 3 1 3 3 8 7 2 3 6 O F S O L G N D G e o o t t o e o o c h h r a p l v t e u d e e e n o t i r r r . s g s i c t i n l c a a i i t i r e o s s a n c e s s — m b d u x e i l t p c l O G d a s i h e t t i i o t a n i s e h o n v c s s e n a g o e r t r a e u i n n o n m d n ts e c a n a c t p c i o t u al nt 3 1 1 1 , , , , 4 2 3 9 2 8 5 1 1 8 2 4 5 0 6 1 5 4 1 9 7 4 6 0 9 8 8 5 4 3 1 1 1 , , , , 4 8 4 2 8 4 1 1 1 0 1 5 5 5 6 3 9 0 5 3 9 5 0 9 0 6 8 6 0 3 1 1 1 , , , , 4 2 5 8 2 7 1 1 1 2 3 9 5 6 6 9 5 1 9 8 4 4 4 9 2 1 4 3 7 3 1 1 1 , , , , 5 4 6 6 2 4 6 1 1 8 4 9 0 1 6 8 4 6 3 1 1 7 3 0 9 5 2 6 tary dept. (millions of bolivianos): (June)* Central Bank of the Dominican Gold at home and abroad1 4,418 1,490 Republic (thousands of pesos): Foreign exchange (net) 29,162 1,523 Gold 12,076 12,076 12,076 12,071 L G o o a v n e s r n a m nd e n d t is s c e o cu u r n i t t s ies 2 2 , ,3 5 1 0 1 5 1 1 , , 8 83 3 4 0 F N o e r t e i c g la n i m ex c o h n a n In g t e ' l. ( n F e u t) nd3 16 1, , 2 7 5 0 0 2 17 1, , 2 8 5 3 0 2 17 1 , ,2 3 5 2 0 7 21 1 , , 5 2 7 5 3 0 Other assets 250 328 Loans and discounts 1,516 1,059 1,017 181 Note circulation 8,555 5,102 Government securities 9,950 9,950 9,950 8,395 Deposits 1,852 1,078 Other assets 1,579 1,517 1,521 '•1,032 Other liabilities and capital1 .... 8,239 826 Note circulation 33,920 33,880 32,873 32,425 Central Bank of Ceylon (thousands Demand deposits 7,146 7,828 8,325 10,327 of rupees): Other liabilities and capital 2,006 1,975 1,944 1,750 Foreign exchange 302,300326,528323,876 464,220 Central Bank of Ecuador Advances to Government 70,500 13,300 58,200 72,000 (thousands of sucres): Government securities 145,676163,497136,427 57,888 Gold 339,665 373339,205 338,067 O Cu th r e re r n a c s y s e i t n s circulation 379 7 , , 5 4 0 2 8 2 376 7 , , 7 64 00 3 384 7, , 0 6 8 3 7 8 39 4 2 , , 9 2 5 8 0 1 N Fo e r t e i c g la n i m ex c o h n a n In g t e ' l. ( n F e u t) nd3 13 1 1 8, , 7 2 5 1 7 0 7 75 7 7 912 1 4 8 , , 8 7 8 5 5 7 17 1 7 8 , , 0 7 3 5 9 7 Deposits—Government 1,239 447 890 5,713 Credits—Government 309,090 308 705323,423 183,842 Banks 101,851 91,450 99,280 163,358 Other 261,340 983231,813 236,587 Other liabilities and capital 43,301 42,371 40,781 37,706 Other assets 184,513 645175,774 155,190 Central Bank of Chile (millions Note circulation 605,104 855576,130 567,958 of pesos): Demand deposits—Private banks 186,363 898183,815 181,344 Gold 1,582 1,253 1,271 1,109 Other 198,245 332207,798 150,575 Foreign exchange (net) 158 273 156 90 Other liabilities and capital.... 254,863 156246,114 209,605 Net claim on Int'l. Fund3 387 387 221National Bank of Egypt (thou- Discounts for member banks. 1,689 2,861 2,149 2,464 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 11,141 10,921 11,394 9,318 Foreign exchange 19,102 19,831 23,238 13,786 Other assets 2,868 1,997 1,707 2,649 Foreign and Egyptian Note circulation 15,550 15,073 14,706 11,154 Government securities 279,810281,252285,525 278,513 Deposits—Bank 2,787 3,298 3,113 2,388 Loans and discounts 17,006 15,143 11,719 15,665 Other 423 464 611 306 Advances to Government 1,142 5,310 Other liabilities and capital 2,697 2,878 2,654 2,667 Other assets 2,448 2,479 2,453 2,840 Bank of the Republic of Colombia Note circulation 178,102175,762176,246 181,407 (thousands of pesos): Deposits—Government 63,941 60,689 64,127 54,177 Gold and foreign exchange . . 319,330 349,152350,010 248,547 Other 123,998133,829132,753 118,100 Net claim on Int'l. Fund3. . . 24,374 24,374 24,373 24,371 Other liabilities and capital... 12,878 10,120 10,361 22,982 •Latest month available. r Revised. iOn May 14, 1953 gold reserve revalued from 0.0148112 to 0.00467722 grams of fine gold per boliviano. 2 Represents chiefly bills secured by stocks of mined tin not yet sold in world markets. 3This figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund. * For last available report (March 1950), see BULLETIN for September 1950, p. 1262. 1226 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) Sept. Aug. July Sept. date of month) Sept. Aug. July Sept. Central Reserve Bank of El Salva- Bank Indonesia—Cont. dor (thousands of colones): Other assets 277 257 190 622 Gold 72,877 72,940 72,994 73,685 Note circulation 4,891 4,840 4,814 3,689 Foreign exchange (net). 49,159 58,665 65,625 26,999 Deposits—ECA 495 495 495 496 Net claaiinm on Int'l. Fund1 1,566 1,566 1,566 1,566 Other 1,243 1,115 1,042 1,202 Loans and discounts 19,318 16,891 16,285 25,388 Other liabilities and capital 495 457 539 715 Government debt and securities.. 4,381 4,078 4,522 6,336Central Bank of Ireland (thousands Other assets 2,686 2,362 1,701 1,427 of pounds): Note circulation 84,099 85,420 ,86,541 78,852 Gold 2,646 2,646 2,646 2,646 Deposits 57,394 62,888 68,051 49,048 Sterling funds 62,315 61,076 60,685 57,627 Other liabilities and capital 8,495 8,193 8,102 7,501 Note circulation 64,961 63,722 63,331 60,273 Bank of Finland (millions of mark- Bank of Italy (billions of lire): kaa): Gold 4 4 4 4 Gold 5,862 5,862 5,852 5,865 Foreign exchange 581 56 54 39 Foreign assets (net) 11,374 10,690 9,050 10,551 Advances to Treasury 567 567 568 590 Clearings (net) 7,016 5,938 5,651 1,672 Loans and discounts 311 307 277 259 Loans and discounts 40,597 41,278 40,830 39,271 Government securities 256 256 261 217 Securities 1,709 1,661 1,655 1,189 Other assets 728 734 713 808 Other assets 1,898 2,386 2,273 1,907 Note circulation 1,307 1,289 1,287 1,285 Note circulation 43,184 45,075 42,615 43,768 Deposits—Government 21 65 36 61 Deposits 7,040 4,605 4,429 '1,711 Demand 58 66 59 54 Other liabilities and capital 18,231 18,136 18,278 r14,975 Other 416 389 379 414 Bank of German States2 Other liabilities and capital 122 114 115 102 (millions of German marks): Bank of Japan (millions of yen): Gold 1,087 1,035 941 497 Bullion 448 448 448 Foreign exchange 6,141 6,045 5,775 3,985 Advances to Government 37,344 37,374 38,390 Loans and discounts 2,349 2,195 1,869 2,951 Loans and discounts 458,828 421,516 368,199 Loans to Government 6,476 6,707 7,278 7,824 Government securities 136,644 141,471 105,754 Other assets 838 9t8 938 833 Other assets 134,559 135,841 125,065 Note circulation 11,277 11,124 11,040 10,122 Note circulation 526,992512,806 463,009 Deposits—Government 1,221 1,335 1,407 1,820 Deposits—Government 137,111 117,815 83,543 Banks 2,367 2,477 2,331 1,983 Other 55,687 60,530 46,121 Other 243 241 251 250 Other liabilities 48,033 45,499 45,183 Other liabilities and capital 1,782 1,801 1,773 1,914Bank of Mexico (millions of pesos) : Bank of Greece (billions of drach- Monetary reserve7 1,157 1,455 1,156 1,099 mae): "Authorized" holdings of secu- Gold and foreign exchange (net)3 4,500 4,408 1,515 rities, etc 2,737 2,775 2,810 2,908 Loans and discounts 164 128 149 Bills and discounts 731 723 700 477 Advances—Government 8,766 8,316 8,900 Other assets 497 456 446 392 Other 3,418 3,319 Note circulation 3,109 3,141 3,153 3,053 Other assets 2,181 1,643 Demand liabilities 1,518 1,479 1,472 1,345 Note circulation 2,536 2,246 Other liabilities and capital 497 488 488 479 Deposits—Government 925 812 Netherlands Bank (millions of Reconstruction and guilders): relief accts 7,023 6,949 6,852 Gold. 2,725 2,588 2,500 1,235 Other 2,291 2,249 2,005 Silver (including subsidiary coin). 16 16 16 14 Other liabilities and capital 5,469 5,793 3,611 Foreign assets (net) 1,419 1,510 1,556 1,984 Bank of Guatemala (thousands of Loans and discounts 36 32 32 40 quetzales): Govt. debt and securities 1,217 1,217 1,217 1,538 Gold 27,228 27,228 Other assets 455 461 498 645 Foreign exchange (net) 17,485 10,747 Note circulation—-Old 31 32 32 41 Gold contribution to Int'l. Fund. . 1,250 1,250 New 3,152 3,176 3,116 2,988 Rediscounts and advances 7,796 8,491 Deposits—Government 691 765 753 Other assets 22,988 19,390 ECA 1 1,195 1,203 1,129 Circulation—Notes 43,283 39,634 Other 521 487 330 Coin 3,504 3,340 Other liabilities and capital 209 216 214 Deposits—Government 3,885 3,712Reserve Bank of New Zealand Banks 11,038 7,819 (thousands of pounds): Other liabilities and capital 15,038 12,601 Gold 6,027 6,024 6,023 6,008 National Bank of Hungary4 Foreign exchange reserve 66,289 66,421 66,504 20,163 Reserve Bank of India (millions of Loans and discounts 6,019 6,019 6,019 6,019 rupees): Advances to State or State un- Issue department: dertakings 58,868 58,719 58,895 55,454 Gold at home and abroad 400 400 400 Investments 42,017 36,990 37,007 40,182 Foreign securities 5,582 5,832 5,382 Other assets 1,535 1,517 1,909 1,518 Indian Govt. securities 4,249 4,249 4,611 Note circulation 63,054 62,647 62,142 59,331 Rupee coin. 943 924 830 Demand deposits 109,520 105,036 106,558 62,705 Note circulation 10,829 10,941 10,875 Other liabilities and capital 8,181 8,007 7,657 7,307 Banking department: Bank of Norway (millions of kroner) : Notes of issue department.... 344 463 347 Gold 281 281 242 Balances abroad 1,412 1,208 1,515 Foreign assets (net) 69 118 469 Bills discounted 48 81 15 Clearing accounts (net) 39 25 50 Loans to Government 4 25 33 Loans and discounts 53 56 43 Other assets 1 ,049 1,080 1,027 Securities 43 46 45 Deposits 2,648 2,552 2,690 Occupation account (net) 5,546 5,546 5,546 Other liabilities and capital.... 210 305 248 Other assets 49 54 69 Bank Indonesia5(millions of rupiah): Note circulation 2,914 2,923 2,751 Golds 1,851 1,911 2,017 1,063 Deposits—Government 1,672 1,684 2,123 Foreign exchange (net) -203 4 88 441 Banks 759 778 723 Loans and discounts 483 644 599 685 ECA—MSA 278 278 289 Advances to Government 4,716 4,092 3,995 3,291 Other liabilities and capital 456 464 579 r 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. 5 As 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. «Gold 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. NOVEMBER 1953 1227 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) Sept. Aug. July Sept. date of month) Sept. Aug. July Sept. State Bank of Pakistan (millions of Bank of Spain—Cont. rupees): Other assets 31,589 30,777 32,680 27,699 Issue department: Note circulation 37,514 37 174 37 019 36 646 Gold at home and abroad... 81 81 81 81 Deposits—Government 3,490 3,721 4,601 1,518 Sterling securities 47 S 474 424 482 Other 195 7,983 3,136 3,036 Pakistan Govt. securities. . . 1 117 1,118 1,088 900 Other liabilities and capital 27,786 26,957 29,009 23,941 Govt. of India securities.... 126 126 126 126 Bank of Sweden (millions of kronor): India currency 300 300 300 300 Gold . 455 450 448 444 Rupee coin 69 68 69 71 Foreign assets (net) 1 362 1 327 1,280 1 315 Notes in circulation 2 007 2,009 2,000 1,875 Net claim on Int'l. Fund2 129 129 129 88 Banking department: Swedish Govt. securities and ad- Notes of issue department. . 111 108 88 85 vances to National Debt Office3 2,389 2,376 2,376 2,477 Bills discounted 18 1 Other domestic bills and advances 353 365 355 306 Loans to Government 102 124 106 1 Other assets 864 856 864 '851 Other assets 473 497 518 455 Note circulation 4 365 4 321 4 267 4 Deposits . . 618 640 621 433 Demand deposits—Government.. 406 708 500 Other liabilities and capital.. 86 85 91 111 Other 51 233 257 96 Central Bank of Paraguay* Other liabilities and capital 730 720 721 (thousands of guaranies): (May)* Swiss National Bank (millions of Gold 1,138 1,146 francs): 60,151 56 677 Gold 6 073 6 056 6 049 5,799 Net claim on Int'l Fund2 11 11 Foreign exchange 532 536 534 418 Loans and discounts . . ... 198,666 '82,676 Loans and discounts. 208 714 731 Government loans and securities 349,909 r317,142 Other assets 74 56 63 77 Other assets 248,361 '201,315 Note circulation 4 938 4 861 4 837 4 747 Note and coin issue 424,830 345,906 Other sight liabilities 1 742 1 787 1 815 1 577 Deposits—Government 75,386 '49,446 Other liabilities and capital 207 708 700 Other 134,950 128,890 Central Bank of the Republic of Other liabilities and capital 223,072 '134,726 Turkey (millions of pounds): -Central Reserve Bank of Peru Gold 402 402 402 409 (millions of soles): Foreign exchange and foreign Gold and foreisrn exchance 470 503 580 clearings 186 184 186 100 Net claim on Int'l Fund2 67 67 67 Loans and discounts 1,924 1 831 1 711 1 756 Loans and discounts to banks 461 405 325 Securities 26 76 76 77 023 1,015 841 Other assets . . ... 124 108 125 102 Other assets 181 165 r183 Note circulation 1 414 1 370 j 787 1 738 Note circulation 1 545 1,568 1,331 Deposits—Gold 153 153 153 153 Deposits 386 331 403 Other 757 711 705 769 Other liabilities and capital 777 255 263 Other liabilities and capital 337 316 309 232 •Central Bank of the Philippines Bank of the Republic of Uruguay (thousands of pesos): (thousands of pesos): (May)* Gold 813 18,813 17,958 Gold 336r572 321 119 452 098 432,615 458 189 Silver 9 168 9 336 Net claim on Int'l. Fund2 79 504 29,504 29,504 Advances to State and Govern- 17 374 31,226 48 055 ment bodies . 130 848 149 768 Domestic securities 061 229,026 231,650 Other loans and discounts 335 462 361 888 j ^C R3^ 156 746 157 137 Other assets .... 577 897 '468 021 5SI 4.47540,570 527,147 Note circulation 400 598 362 898 Coin 86 ,106 86,434 91,073 Deposits—Government 118 845 86 567 704 202 215,823 274,797 Other 367 065 318 715 Other liabilities and capital 55 931 55,102 '49,474 Other liabilities and capital 508 439 '541 458 Bank of Portugal (millions of Central Bank of Venezuela (milescudos): lions of bolivares): Gold /\ 768 4,775 4,430 Gold 1 141 1 141 1 141 1 141 Foreign exchange (net) 17,146 12,101 11,522 Foreign exchange (net) 308 197 744 778 Loans and discounts 677 685 778 Other assets 88 83 88 85 j 427 1 426 1,422 Note circulation 909 917 919 855 Other assets 668 693 605 Deposits 258 793 753 790 Note circulation 9 137 8,961 9,035 Other liabilities and capital 370 211 300 310 Demand deposits—Government.. 1,690 1,717 1,441 Bank for International Settle- EC A 6 6 29 ments (thousands of Swiss gold Other 6 703 6,902 6,118 francs) : Other liabilities and eanital 9 150 2 094 2,134 Gold in bars 605,869 575 696 598 339 560 747 South African Reserve Bank Cash on hand and with banks. . . 62,889 75 439 53 733 47 168 (thousands of pounds): Sight funds at interest 2,585 3 322 4 014 10 334 Gold 67 116 67 ,259 62,168 55,880 Rediscountable bills and accept- Foreign bills 26 377 76 389 34,246 60,073 ances (at cost) 315,759788 133 717 379 260 537 Other bills and loans 35,765 30,914 23,640 24,326 Time funds at interest 18,387 23 706116 072 72 195 Other assets 47,397 39 634 42,586 36,611 Sundry bills and investments.. .. 734,7.87254 143194 670 197 053 Note circulation 93,468 93,349 86,746 Funds invested in Germany 797,201797 701 797 701 297 701 Deoosits ^j '893 47 665 50 818 66,510 Other assets 1,302 1 399 1 497 1 458 Other liabilities and capital 20,521 18,063 18,474 23,634 Demand deposits (gold) 449,273433 012419 473 401 662 Bank of Spain (millions of pesetas): Short-term deposits: Gold 596 596 596 558 Central banks—Own account.. 531,407 540 115501 710 503 421 Silver 336 338 338 374 Other 51 895 47 848 54 177 41 476 Government loans and securities. 15,828 15,991 16,362 15,988 Long-term deposits: Special 228,909228,909228,909 228 909 Other loans and discounts 23,636 23,082 23,790 20,522 Other liabilities and capital 276,789274,154273,681 270,769 * Latest month available. r Revised. !The new Central Bank of Paraguay began operations on July 1, 1952. Central banking functions previously performed by the Monetary Department of the Bank of Paraguay were transferred to the new institution. 2This figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund. 3 Includes small amount of non-Government bonds. 1228 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— Sept. effective bank of— Sept. effective King- France Ger- Bel- er- Swe- er- 30 30 dom many gium lands den land Ineffect Dec. 31, Argentina 3H Mar. 1, 1936 Ireland... 3H Mar.25, 1952 19417 2 3H IK Austria .. Sept.24, 1953 Italy 4 Apr. 6,1950 June 28, 1948 15 Belgium 3 Dec. 18, 1952 J apan 5.84 Oct. 1,1951 Sept. 6 Bolivia 6 Sept.30, 1950 Mexico June 4, 1942 Oct. 1 3 May 27, 1949. . 141/ July 14 .. 14 Oct. 6 Canada 2 Oct. 17, 1950 Netherlands . Apr. 7,1953 June 8, 1950. . 2% Ceylon 3 July 23, 1953 New Zealand. July ?6 1941 Sept. 11 3H Chile 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 T>r 1 3 Apr. 17, 1951 4 July 5 3\/ Sept.13 3H Denmark Sept.23, 1953 Peru 6 Nov.13, 1947 Oct. 11 "3" Ecuador 10 2 May 13, 1948 Portugal.... Jan. 12, 1944 N N o o v v . . 9 8 2Y 2 4 E El g y S p a t lvador. .. 3% J M ul a y r.22 1 , , 1 1 9 9 5 5 0 2 S S p o a u i t n h Africa. 4 4 M M a a r r . . 18, 1 19 9 5 4 2 9 Jan. 22, 1952. . 3 V Finland Dec. 16, 1951 Sweden 3 Dec. 1,1950 Mar.12 4 May 29 15 Aug. 1 3 Aug. 21 141/ Sept 17, 1953 Switzerland.. Nov.?6, 1936 Dec 18 3 Germanv 121/ June 11 1953 Turkey 3 Feb. 1951 Tan 8, 1953. . 14 Greece 12 July 12, 1948 United King- Apr. 7 India Nov. 15, 1951 dom Sept. 17,1953 June 11 Indonesia Apr. 1, 1946 USSR 4 2 July 1,1936 Sept. 17 3y In 1 ef 9 f 5 e 3 ct Sept. 30, 3y 2 2 3 3 m 1 Rates established for the Land Central banks. NOTE.—Changes since Sept. 30: Belgium—Oct. 29, from 3 to 2% 3\er cent. OPEN MARKET RATES [Per cent per annum] Canada United Kingdom France Netherlands Sweden S l w an it d zer- Month Treasury Bankers' Treasury Day-to- Bankers' Day-to- Treasury Day-to- 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—August .50 1.03 1.00 l.ll .50 1.62 3-5 M 1.25 1944—August .38 1.03 1.00 1.13 .50 1 .68 3-5^ 1 .25 1 1 1 9 9 9 4 4 4 7 6 5 — — — A A A u u u g g g u u u s s s t t t . . . 3 4 4 6 0 1 1. . . 0 5 5 3 3 3 1. . . 0 5 5 0 1 1 1. . . 1 6 6 3 3 3 . . . 5 5 5 0 0 0 1 1 1 . . . 3 4 5 2 6 0 1 1 . . 4 3 1 0 " ' 1 1 A .0 8 0 2 2Y X 2 X ~ - 5 4 i Y 2 1 1 1. . . 2 2 2 5 5 5 1948—August .41 .56 .51 .63 .50 1.88 1.35 1.06 21A-41A 1.63 1949—August .51 .67 .52 .63 .50 P2.06 1.25 .91 1.50 1950—August .55 .69 .51 .63 .50 2.35 1.44 .95 2}!-4>! 1.50 1951—August .79 1.00 .51 .63 .50 2.64 1.38 1.00 3-5 1.50 1952—August 1.10 3.00 2.46 2.25 2.00 3.77 .85 .58 3-5 L.50 1952—September. . . . 1.14 3.00 2.49 2.25 2.00 4.00 .85 .62 3-5 1.50 October 1.19 3.00 2.43 2.25 2.00 3.98 .84 .50 3-5 L.50 November. . . . 1.21 3.00 2.38 2.25 2.00 3.98 .87 .54 3-5 1.50 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 1.50 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 L.50 July 1.76 3.00 2.35 2.25 2.00 4.13 .50 .50 3-5 L.50 August 1.80 3.00 2.36 2.25 2.00 4.18 .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, p. 656-661, and for description of statistics see pp. 571-572 in same publication. NOVEMBER 1953 1229 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
COMMERCIAL BANKS United Kingdom » Assets Liabilities (11 London clearing b m a i n ll k io s s n . t e s r o F li f n i g g p u ) o r u e n s 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 d te 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 Other Deposits lia O b a t n i h l d i e t r ies 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—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 1,046 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 1,010 2,119 ,825 664 6,060 3,860 2,200 511 May 498 464 1,080 2,123 ,784 654 6,083 3,896 2,187 520 June 514 469 1,209 2,136 ,778 673 6,299 4,040 2,259 481 July 510 460 1,244 ,140 ,742 633 6,247 3,990 2,257 483 August 511 456 1,331 ,140 1,688 595 6,240 3,971 2,269 480 September. 515 476 1,376 2,137 1,675 623 6,320 4,004 2,316 482 Assets Liabilities Canada E (1 n C 0 d a i c n n o h a f a m d m r i t i a l e o l n r i n o e d t n d h o s b l f l o i a a g f r n u s k r ) s e . s re C se a r s v h E es ntir S el e l y c o u a in r n i s t C y ana d lo d i O a s a c n t o h s u e a n r n t d s d S a a f u n b e o l b e o c d a r r u a e n f o i r n r k n g a o i s s n t e d m y t Securities O as t s h e e t r s Notes « e D T x e o c p t lu a o d l s i i n ts g p i D n a e y te m a r b a b l n a e d n i k n d C e a T p n o i a m s d it e a s li c a O a b a p t n i h l i d i t e t a r i l es 1947—December. 731 105 1,999 106 3,874 ,159 18 6,412 2,671 3,740 ,544 1948—December. 749 101 2,148 144 4,268 ,169 16 7,027 2,970 4,057 ,537 1949—December. 765 133 2,271 146 4,345 ,058 14 7,227 2,794 4,433 ,477 1950—December. 824 134 2,776 171 4,286 ,304 7,828 3,270 4,558 ,667 1951—December. 907 107 3,028 227 3,876 ,464 7,896 3,284 4,612 ,714 1952—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 ,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 ,359 8,496 3,344 5,152 ,713 August. . . 883 135 3,732 353 3,886 ,329 8,651 3,445 5,206 ,667 Assets Liabilities France (4 o m f l a i m l r li g o o e n n t s b h a o f n f i g k f u r s a . r n es c E s i ) n nd re C se a r s v h es Du b e a n fr k o s m B c i o l u ls n t d e i d s- Loans O as t s h e e t r s Total D D e e p m o a s n it d s Time a a c O n c w e c p e n s t- li c a O a b a p t n i h l i d i t e t a r i l es 1947—December 22,590 19,378 219,386 86,875 27,409 341,547 338,090 3,457 25,175 8,916 1948—December 45,397 35,633 354,245 126,246 34,030 552,221 545,538 6,683 30,638 12,691 1949—December 40,937 42,311 426,690 129,501 29,843 627,266 619,204 8,062 26,355 15,662 1950—December 48,131 52,933 527,525 135,289 31,614 749,928 731,310 18,618 28,248 17,316 1951—December 60,215 72,559 627,648 165,696 38,114 906,911 879,767 27,145 33,774 23,547 1952—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 July 47,903 85,806 661,082 189,591 49,269 952,454 913,188 39,265 27,446 53,751 » Preliminary. lThis 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. ^Represent six-month loans to the Treasury with a yield of % 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. 1230 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) (franc) (cruzeiro) British (dollar) Aus- Malay- Year or month Basic P e r n e t f i e a r l - Free (p tr o a u l n ia d) a n " c B o c t o a e u n s n k " t Official Free (do si l a lar) Official Free 1947 29 773 321.00 2.2817 5.4.1403 100 000 91 999 1948 .. 29 773 321 22 2 2816 5 4406 100 000 91 691 1949 29.774 293.80 2.2009 2.1407 5.4406 42.973 97.491 92 881 1950 26.571 13.333 8.289 223.15 1.9908 1.9722 5.4406 32.788 90.909 91.474 1951 20.000 13.333 7.067 223.07 1.9859 1.9622 5.4406 32.849 94 939 1952 20 000 13 333 7 163 222.63 1 9878 5.4406 32 601 102 149 1952-—November 20 000 13 333 7 198 223 12 1 9979 5 4406 32 489 102 289 December 20.000 13.333 7.198 223.58 1.9941 5.4406 32.523 103.002 1953—January 20.000 13.333 7.198 224.13 1.9934 5.4406 32.560 103 014 February 20 000 13 333 7 198 224 62 1.9966 5.4406 l2 5173 32 612 102 302 March 20.000 13.333 7.198 224.35 1.9976 5.4406 2.3024 32.586 101.666 April 20 000 13.333 7.198 224.43 1.9971 5.4406 2.2113 32.589 101 655 May 20 000 13 333 7 198 224.25 2 0019 5.4406 2 2508 32 585 100 559 June 20 000 13.333 7 198 224.19 2.0007 5.4406 2.0794 32 579 100 546 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 October 20.000 13.333 7.198 223.57 2.0063 25.4466 32.5709 32.596 101.762 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) (pounds 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 . . 20 903 414.492 .4354 .2856 623.838 20.922 279.68 11 588 26 315 276 49 1952—November 20.984 .4354 .2856 20.976 280.01 11.622 26.289 277.24 December 21.024 .4354 .2856 21.025 280.59 11.623 26.277 277.81 1953—January 21.068 .4354 .2856 21.074 281.28 11.625 26.281 278.50 February 21.088 .4354 .2856 21.089 281.90 11.620 26.269 279.11 March 21.061 .4354 .2856 21.061 281.56 11.614 26.321 278.78 April 21.067 .4354 .2856 21.069 281.66 11.608 26.335 278.87 May 21.046 4354 .2856 21.049 281.43 11.564 26.340 278 65 June 21.041 .4354 .2856 21.044 281.35 11.561 26.334 278.57 July 21.047 .4354 .2855 21.051 281.53 11.589 26.321 278.74 August 21.067 .4354 .2855 21.073 281.50 11.620 26.322 278.71 September 20 990 4354 .2855 20 995 280 29 11 615 26 338 277 51 October 21.004 .4354 .2856 21.005 280.58 11.624 26.400 277.80 Year or month N (k o r r o w n a e) y R P e ( p h p p i i e u n l s i b o e p ) l - ic ( P e o s g c r a u tu d l o - ) ( A S p o o fr u u i n t c h d a ) (k S d r w o en n e- a) e S (f r w r l a a i n t n z c 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 ) y6 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—November 14.015 49.677 3.4818 278.96 19.323 23.330 280.01 65.833 56.180 42.553 December 14.015 49.677 3.4839 279.54 19.323 23.332 280.59 65.833 56.180 42.553 1953—January 14.015 49.677 3.4872 280.23 19.323 23.311 281.28 765.833 756.180 742.553 February 14.015 49.677 3.4856 280.84 19.323 23.318 281.90 765.833 756.180 742.553 836 025 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 October 14.015 49.677 3.4896 279.53 19.323 23.310 280.58 65.833 56.180 42.553 34.791 1 Based on quotations beginning Feb. 25, 1953. 2 Based on quotations through Oct. 9, 1953. Effective Oct. 12, 1953, the Brazilian authorities introduced new exchange ratios for Brazilian exports. Under the new system premiums of 5 and 10 cruzeiros, depending upon type of merchandise, have been added to the former official rate of 18.36 cruzeiros per dollar, thus establishing two rates—23.36 and 28.36 cruzeiros per dollar, respectively. For the period Oct. 13-Oct. 30 these two rates averaged 4.2808 and 3.5261, respectively. s Based on quotations through Oct. 9, 1953. 4Based on quotations through Aug. 14, 1952. sBased on quotations through May 8, 1952. eRate applied (except free rate) depends upon type of merchandise. In addition to the rates shown, a fifth rate is being certified; the October 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. 1231 NOVEMBER 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month ( U S 1 = 9 t n a 4 1 i 0 t 7 t e e 0 -4 d s ) 9 ( C 1 = 9 a 3 n 1 5 0 a - 0 d 3 ) 9 a M (1 1 9 e 0 3 x 0 9 i ) c = o K U ( i 1 n 1 n 9 g 0 3 i 0 t d 0 e ) o = d m F = ( 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 D 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 0 d 5 ) e = n (A Sw u = l g a i . 1 t n z 0 1 d 0 e 9 ) r 3 - 9 1943 67 128 146 163 12 2 196 203 1944 68 131 179 166 14 2 196 207 1945 69 132 199 169 20 4 194 205 1946 79 139 229 175 34 16 186 200 1947 96 163 242 192 52 5,159 48 199 208 1948 104 193 260 219 89 5,443 128 100 214 217 1949 99 198 285 230 100 5,169 209 104 216 206 1950 103 211 311 262 108 4,897 246 117 227 203 1951 115 240 386 320 138 5,581 343 143 299 227 1952 112 226 400 328 145 5,270 349 140 317 220 1952—September 112 222 393 323 143 5,265 348 138 316 220 October 111 220 397 326 141 5,272 347 138 314 218 November 111 222 395 324 140 5,292 343 138 304 218 December 110 221 393 328 141 5,287 342 139 305 217 1953—January 110 222 387 328 141 5,264 349 137 303 215 Febrilary....... 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 Tune 110 222 391 330 139 5,259 P352 134 299 213 July 111 221 397 P329 137 133 298 213 August 111 222 395 P327 P137 133 P296 212 September 111 222 398 P326 P137 P212 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. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States Canada United Kingdom Netherlands (1947-49=100) (1935-39=100) (1930=100) (1948=100) Year or month pr F o a d r u m cts 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 R fa m p a c w a a t r u n t r a l u e y n - d d F f u a c m l c h l a t i y e u n f a r u l e n y - d d Foods p I r n o tr d d i u u al s c - ts Foods t p r I r i n o a d l d u u ra s c - w ts p f I i r n n o tr i d d s ia u h u l e s 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 ioo ioo' 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—September 107 110 113 '236 212 228 284 P343 129 163 133 October 105 109 113 '231 210 227 293 P343 129 164 132 November 104 108 113 '233 211 228 293 P340 131 163 132 December 99 104 113 ••232 210 228 297 *>344 132 162 132 1953—January 100 106 113 '230 209 229 297 P341 128 160 132 February 98 105 113 '226 208 229 300 P337 127 159 132 March 100 104 113 '224 210 229 302 P337 124 159 132 April ... 97 103 113 '218 206 228 318 122 157 131 May 98 104 114 '221 206 228 317 124 157 131 Tune 95 103 114 '223 207 230 316 124 155 131 Tuly 98 106 115 '223 207 230 315 118 155 131 August 96 105 115 214 210 230 P309 119 155 131 September 98 107 115 209 207 230 P306 n.a. Not available. P Preliminary. ' Revised. NOTE.— For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December 1952, p. 1356 1232 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Con tinned CONSUMERS' PRICE INDEXES All items Food United Switz- United Switz- Year or month ( U S = 19 t n 1 a 4 i 0 t 7 t 0 e e - ) s 4 d 1 9 = C ( a 1 1 a d 9 0 n a 4 0 - 9 ) 1 K 5 d (J , i o 1 a n m 9 n g 5 . - 2 F = ( r 1 a 1 9 n 0 4 0 c 9 e ) N l = ( e a 1 t 1 n 9 h 0 4 d e 0 9 s r ) - 1 ( l 9 A a e 3 n r 9 u - d g = . ( U S = 19 t n 1 a 4 i 0 t 7 t 0 e e - ) s d 4 9 i = C ( a 1 1 a d 9 0 n a 4 0 - 9 ) 1 K 5 d ( , J i o a n 1 m n 9 g 5 . - 2 F = ( r 1 a 1 9 n 0 4 0 c 9 e ) N l = ( e a 1 t 1 n 9 h 0 4 d e 0 9 s r ) - 1 ( l 9 a e A 3 u n r 9 - g d . = = 100) 100) -100) 100) 1945 77 75 22 153 69 21 164 1946 83 78 35 152 79 36 160 1947 96 85 77 57 158 96 67 57 170 1948 103 97 82 90 163 104 72 92 176 1949 102 100 84 100 100 162 100 100 76 100 100 174 1950 103 103 86 111 109 159 101 103 82 111 111 176 1951 111 114 95 130 119 167 113 117 91 128 121 181 1952 114 116 103 145 120 171 115 117 105 141 123 184 1952—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 115 116 106 143 120 170 114 113 112 136 123 185 September 115 116 121 114 114 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 te e e h d s ) C (1 = a 9 n 3 1 5 a 0 - 0 d 3 ) a 9 ( 1 K D 9 U i e 2 n c n 1 g e i = m t d 1 e o b d 0 m e 0 r ) F = ( 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 te e - 0 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 1951 117.7 95.7 117.6 101.4 87.0 176.5 168.3 97.1 112 215 1952 115.8 86.1 108.3 111.1 85.6 187.7 173.1 91.1 143 192 1952—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 82.6 112.0 114.1 101.8 187.3 161.2 92.5 161 218 September. . . 110.9 82.3 112.8 102.1 179.2 152.9 91.4 215 NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December 1952, p. 1357. NOVEMBER 1953 1233 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. KEN YON, 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 HENRY 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 1234 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman * President Vice Presidents Bank of Deputy Chairman First Vice President (Vice Presidents in charge of branches are listed in lower section of this page) Boston. Harold D. Hodgkinson J. A. Erickson John J. Fogg Carl B. Pitman Ames Stevens Alfred C. Neal Robert B. Harvey 1 O. A. Schlaikjer E. O. Latham R. F. Van Amringe New York. Jay E. Crane Allan Sproul H. A. Bilby Robert G. Rouse William I. Myers William F. Treiber H. H. Kimball T. G. Tiebout L. W. Knoke V. Willis A. Phelan R. B. Wiltse H. V. Roelse J. H. Wurts Philadelphia... William J. Meinel Alfred H. Williams Karl R. Bopp P. M. Poor man C. Canby Balderston W. J. Davis Robert N. Hilkert J. V. Vergari < E. C. Hill Richard G. Wilgus * 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 Darryl R. Francis H. H. Weigel Wm. H. Bryce Frederick L. Deming Dale M. Lewis J. C. Wotawa Wm. E. Peterson Minneapolis Roger B. Shepard O. S. Powell H. C. Core J. Marvin Peterson Paul E. Miller A. W. Mills E. B. Larson Otis R. Preston H. G. McConnell M. H. Strothman, Jr. Sigurd Ueland Kansas City... Raymond W. Hall H. G. Leedy John T. Boysen * Clarence W. Tow Cecil Puckett Henry O. Koppang M. W. E. Park E. D. Vanderhoof D. W. Woolley Dallas J. R. Parten E. B. Austin L. G. Pondrom Robert J. Smith W. D. Gentry J. L. Cook 3 Harry A. Shuford Watrous H. Irons San Francisco... Brayton Wilbur C. E. Earhart E. R. Millard Ronald T. Symms William R. Wallace, Jr. H. N. Mangels H. F. Slade O. P. Wheeler VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Federal Reserve Branch Vice Presidents Branch Vice Presidents Bank of Bank of New York Buffalo I. B. Smith Minneapolis Helena C. W. Groth Cleveland Cincinnati R. G. Johnson Pittsburgh J. W. Kossin Kansas City.... Denver G. A. Gregory Richmond Baltimore D. F. Hagner Oklahoma City R. L. Mathes Charlotte R. L. Cherry Omaha L. H. Earhart 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. J Cashier. f Also Cashier. 4 Counsel. NOVEMBER 1953 1235 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 staff. August 1941; reprinted October Federal Reserve System. Issued each year. 1952. 496 pages. Paper cover. $1.00 per copy; Available without charge upon request. in quantities of 10 or more copies for single shipment, 75 cents each. FEDERAL RESERVE BULLETIN. Issued monthly. Subscription price in the United States and its pos- BANKING AND MONETARY STATISTICS. Statistics of sessions, Bolivia, Canada, Chile, Colombia, Costa banking, monetary, and other financial develop- Rica, Cuba, Dominican Republic, Ecuador, ments. November 1943. 979 pages. $1.50 per Guatemala, Haiti, Republic of Honduras, Mexico, copy. No charge for individual sections (un- Nicaragua, Panama, Paraguay, Peru, El Salvador, bound). Uruguay, and Venezuela is $2.00 per annum or A STATISTICAL STUDY OF REGULATION V LOANS. 20 cents per copy; elsewhere $2.60 per annum or September 1950. 74 pages. 25 cents per copy; 25 cents per copy. Group subscriptions in the in quantities of 10 or more copies for single United States for 10 or more copies to one adshipment, 15 cents each. dress, 15 cents per copy per month, or $1.50 for 12 months. THE DEVELOPMENT OF BANK DEBITS AND CLEAR- INGS AND THEIR USE IN ECONOMIC ANALYSIS. January 1952. 175 pages. 25 cents per copy; in FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY quantities of 10 or more copies for single ship- RATES, AND BUSINESS. Issued monthly. $6.00 ment, 15 cents each. per annum including edition of historical supplement (listed below) available when subscription THE FEDERAL RESERVE ACT, as amended to Novemis entered or renewed. 60 cents per copy; in ber 1, 1946, with an Appendix containing proquantities of 10 or more copies of a particular visions of certain other statutes affecting the issue for single shipment, 50 cents each. (Do- Federal Reserve System. 372 pages. 50 cents per mestic rates) paper-bound copy; $1.00 per cloth-bound copy. COMPILATION OF FEDERAL AND STATE LAWS RELAT- HISTORICAL SUPPLEMENT TO FEDERAL RESERVE ING TO BRANCH BANKING WITHIN THE UNITED CHARTS ON BANK CREDIT, MONEY RATES, AND STATES. (July 1, 1951.) December 1951. 33 BUSINESS. Issued semiannually, usually April pages. and September. Annual subscription to monthly chart book includes one issue of supplement. RULES OF ORGANIZATION AND RULES OF PROCEDURE Single copies, 60 cents each; in quantities of 10 —Board of Governors of the Federal Reserve or more copies for single shipment, 50 cents System (with Amendments). September 1946. each. (Domestic rates) 31 pages. *A 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. 1236 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BOARD PUBLICATIONS REPRINTS INTERNATIONAL FLOW OF GOLD AND DOLLARS, 1952. (From Federal Reserve Bulletin unless preceded by an asterisk) March 1953. 8 pages. (Also similar article from March 1952 BULLETIN.) RECENT CHANGES IN GERMANY'S FOREIGN TRADE BALANCE. March 1952. 7 pages. REVISION OF CONSUMER CREDIT STATISTICS. April 1953. 19 pages. BANKING IN THE SOVIET UNION. April 1952. 8 pages. ^DETAILED DESCRIPTION OF SOURCES AND METHODS USED IN REVISION OF SHORT- AND INTERMEDIATE- REVISED WEEKLY INDEX OF DEPARTMENT STORE TERM CONSUMER CREDIT STATISTICS (supplemen- SALES. April 1952. 4 pages. tary details for item listed above), April 1953. STATEMENT BY CHAIRMAN OF THE BOARD OF GOV- 25 pages. ERNORS BEFORE SUBCOMMITTEE ON GENERAL THE TRANSITION TO FREE MARKETS. April 1953. CREDIT CONTROL AND DEBT MANAGEMENT, MARCH 6 pages. 11, 1952. April 1952. 4 pages. CHANGES IN INSTALMENT CREDIT TERMS. May 1952. FEDERAL RESERVE BANK RESPONSIBILITIES. May 6 pages. 1953. 5 pages. EXCESS PROFITS TAXES OF COMMERCIAL BANKS. UNITED STATES POSTWAR INVESTMENT IN LATIN June 1952. 18 pages. AMERICA. May 1953. 6 pages. REAL ESTATE LOANS OF REGISTRANTS UNDER REGU- 1953 SURVEY OF CONSUMER FINANCES—PART I. THE LATION X. June 1952. 18 pages. GENERAL FINANCIAL POSITION AND ECONOMIC OUTLOOK OF CONSUMERS. June 1953. 16 pages. RETAIL CREDIT SURVEY—1951. From June 1952 PART II. PURCHASES OF DURABLE GOODS IN 1952 BULLETIN with supplementary information for AND BUYING PLANS FOR 1953. July 1953. 12 pages. 9 separate trades. (Also, Retail Credit Surveys— PART III. HOUSING OF CONSUMERS. August 1953. 1943, 1944, 1945, 1946, 1947, 1948, and 1949 10 pages. PART IV. NET WORTH OF CONSUMERS, from the June 1944, May 1945, June 1946, July EARLY 1953. September 1953. 16 pages. SE- 1947, July 1948, June 1949, and June 1950 LECTED PRELIMINARY FINDINGS OF THE 1953 BULLETINS with supplementary information.) SURVEY OF CONSUMER FINANCES. March 1953. 2 pages. (Also, similar surveys for earlier years PROBLEMS OF TRADE EQUILIBRIUM. October 1952. from 1946, 1947, 1948, 1949, 1950, 1951, and 9 pages. 1952 BULLETINS.) REVISED SERIES ON DEPARTMENT STORE SALES, STOCKS, AND ORDERS. October 1952. 5 pages. WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE CORPORATIONS. July 1953. 12 pages. RECENT CREDIT EXPANSION. December 1952. 7 pages. ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES. July 1953. 2 pages. (Also RECENT CENTRAL BANKING DEVELOPMENTS IN similar article from July 1952 BULLETIN.) SOUTHEAST ASIA. December 1952. 9 pages. RECENT CREDIT AND MONETARY DEVELOPMENTS. CREDIT AND MONETARY REVIEW FOR 1952. February July 1953. 8 pages. 1953. 7 pages. THE BALANCE SHEET OF AGRICULTURE, 1953. THE MONETARY SYSTEM OF THE UNITED STATES. August 1953. 13 pages. February 1953. 16 pages. UNITED STATES BALANCE OF PAYMENTS IN 1952-53. INFLUENCE OF CREDIT AND MONETARY MEASURES ON October 1953. 9 pages. ECONOMIC STABILITY. March 1953. 16 pages. REVISED INDEXES OF DEPARTMENT STORES SALES AND FEDERAL FINANCIAL MEASURES FOR ECONOMIC STA- STOCKS, BY MAJOR DEPARTMENTS. November BILITY. May 1953. 7 pages. 1953. 65 pages. NOVEMBER 1953 1237 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 S1 BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES e W n BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM I FEDERAL RESERVE BANK CITIES FEDERAL RESERVE BRANCH CITIES sd Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Cite this document
Federal Reserve (1953, October 31). Federal Reserve Bulletin, 1953-11. Bulletin, Federal Reserve. https://whenthefedspeaks.com/doc/bulletin_195311
@misc{wtfs_bulletin_195311,
author = {Federal Reserve},
title = {Federal Reserve Bulletin, 1953-11},
year = {1953},
month = {Oct},
howpublished = {Bulletin, Federal Reserve},
url = {https://whenthefedspeaks.com/doc/bulletin_195311},
note = {Retrieved via When the Fed Speaks corpus}
}