Federal Reserve Bulletin, 1953-12

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

FEDERAL RESERVE BULLETIN VOLUME 39 December 1953 NUMBER 12 INDUSTRIAL PRODUCTION INDEX REVISED This issue of the BULLETIN presents the Total industrial production is now about results of a basic revision of the Board's index twice as great as it was in 1940. of industrial production, widely used meas- Highlights of the revision and the signifiure of monthly changes in this country's cance of the results for economic analysis physical output at factories and mines since are summarized briefly in this article. A subits introduction in the 1920's. For those in- sequent article provides a detailed descripterested in general business developments or tion of methods and data used in compiling developments in specific industries or com- the revised index. The new index and its modity markets, the revised index supplies component industry measures are shown in a much improved tool for analysis, and a the tables following the technical article. more representative summary of industry's INDUSTRIAL PRODUCTION output. Seasonally Adjusted, 1947-49000 160 The new index reflects the addition of many new industry and product series, adoption of an up-to-date index base and 140 an up-to-date standard for combining indus- - NEw trial activities, introduction of comprehensive 120 annual output indexes for adjusting the levels of the monthly indexes, improvements in ad- - D justments for seasonal variation, and incor- \ —/ / 100 poration of various other advances in index number making. The revision applies mainly to the period 80 from 1947 to date. For this period the new index takes maximum account of the com- 60 prehensive and detailed information col- 1947 1949 1951 1953 NOTE.—The old index is converted from a 1935-39 to a lected in the Census of Manufactures for 1947 1947-49 base to facilitate comparison with the new index. and of numerous new data made available In a general way, changes in industrial currently during the postwar period. The activity since 1947 are shown to be similar revision also takes account of important by both the new and the old total indexes, changes in the structure of production since as the accompanying chart shows. In the the last general revision of the index in 1940 first half of this year, both indexes indicate and the wartime revisions in 1941 and 1943. that activity was at a record level for the DECEMBER 1953 1239 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION INDEX REVISED postwar period, about one-eighth above a total industrial output reflects larger gains year ago. Both show that since midyear for all three major divisions—durable and output has been reduced fairly generally. nondurable manufactures and minerals— For October, the new index was about 4 per than had previously been apparent. Morecent below the highs which it established over, the new index shows that industrial in May and July; the old index was down production exceeded the World War II peak about 5 per cent from its peak reached in by the latter part of 1952, as indicated in the March. Both indexes show that industrial chart on the next page, whereas the postwar production in October was at about the same peak of the old index, reached in early 1953, level as a year earlier. was still below the peak of late 1943. Differences in production developments Another important difference shown by brought out by the new and improved the new index is the somewhat greater stameasures are nevertheless important. Chief bility in output over the short-run than was among these is the greater growth shown in indicated in the old index. This greater stapostwar production, as indicated in the ac- bility largely reflects the addition of many companying table. From early 1947 to early new industry series and the improvements in 1953 the new total index rises 35 per cent as seasonal adjustments, which eliminate the compared with a rise of 27 per cent for the recurring summer dips that had characterold index. This more rapid expansion in ized the old seasonally adjusted index. INDUSTRIAL PRODUCTION NATURE OF REVISIONS Changes Shown by Revised and Old Indexes The most readily apparent—but not the Percentage increase most important—difference in the revised from first quarter 1947 to first quarter 1953 Industry group index is that it provides a more up-to-date Old comparison base, being calculated with the index average for the years 1947-49 as 100. The Total 27 old index was calculated with the years Manufactures—total.. . 29 1935-39 as 100. A more recent comparison Durable manufactures 44 Primary metals and fabricated metal base makes the index more convenient to products 45 Machinery 44 use since the total and the component in- Transportation equipment 74 Instruments and allied products 0) dexes are closer to the 100 level. As a result Stone, clay, and glass products 6 Lumber and furniture 19 chiefly of this shift to a postwar base, the Miscellaneous manufactures Nondurable manufactures.... 13 level of the new index has recently been in Textiles and apparel i Rubber products 11 the 130's instead of the 230's, the level of the Leather and products -1 Paper and allied products 31 old index. The lower level merely reflects Printing and publishing 28 Chemicals and allied products 24 the fact that production, compared with Petroleum and coal products 59 Food and beverage manufactures -1 1947-49, has grown about 30 per cent, Tobacco manufactures 17 Minerals—total 11 whereas compared with 1935-39, production Mineral fuels 12 has grown about 130 per cent, as shown in Metal mining 3 Stone and earth minerals. the old index. A change of 1 point in the new total index is the same percentagewise 1 Not available; group not directly represented in the old index. NOTE.—Calculations based on seasonally adjusted indexes. as a change of nearly 2 points in the old Some of the revised major group indexes have been combined to facilitate comparisons. Ordnance is included in the machinery index. group. 1240 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION INDEX REVISED The selection of 1947-49 for the base does economic statistics similarly classified both not imply that activity in that period is re- in this country and abroad. garded as ideal or normal. The adoption To reflect the important changes since of that period as a base, however, facilitates prewar in price relationships and in comcomparisons with other economic series, such position of industrial output, the weight as indexes of prices and department store period used in the calculation of the relative sales and stocks, which are published on the importance of the component series has been same base. It also has the advantage of shifted from 1937 to 1947. facilitating the compilation of many new New adjustments for seasonal variation series utilizing new data, including those for have been determined for all major group recently developed products such as tele- indexes, after considerable study of the navision. ture of such changes during the postwar Much more significant than the base pe- years. riod change is the increase in the number of While these and other improvements have monthly series from about 100 to 175, about been incorporated in the new index, basic 40 of which measure output in areas that had concepts remain substantially unchanged. In been represented only indirectly in the old major respects continuity of measurement index. Moreover, about half of the monthly over the period back to 1919 has been preseries included in the old index have been substantially revised. The proportion of INDUSTRIAL PRODUCTION Ratio series whose monthly changes are based on Seasonally Adjusted, 1947-49=100 Scale man-hour data is still almost half of the total 140 index, but these series are now subject to adjustment to much more complete and ac- '' ' _f\J / ! rV 100 curate annual data based for the most part on / V physical volume or other more definitive production information. 60 Adjustment to annual levels—an impor- tant feature of the revision—was made possible by the development of an independent 40 set of annual indexes based on a very large number of detailed series. The annual indexes provide much more extensive industry and product information for checking and 20 adjusting the levels of all the monthly series 1920 '30 '40 '50 '55 based on man-hours as well as many of those NOTE.—Index numbers prior to January 1947 are based on the old index linked to the new in that month, with adjustment to reflect changes shown by benchmark measures for 1939 and based on product data. 1947. The intervening period is shown by a dashed line, pending a more extended review of war production developments. Also, industry classifications have been modernized in order to facilitate analysis. served. The index is shown for the entire Adoption of the relatively new Standard In- period in the accompanying chart. The new dustrial Classification will permit more ac- index, like the old, measures changes in the curate comparisons of the revised production physical volume of output in manufacturing indexes with employment data and other and mining. DECEMBER 1953 1241 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION INDEX REVISED EFFECTS OF NEW SEASONAL ADJUSTMENTS the new index has been about 10 per cent The most noticeable result of the substan- from the July low to the October high. tial improvements made in the adjustments Output of nondurable manufactures and of minerals is usually highest in the autumn, used for seasonal variation is the elimination whereas durable manufactures reach their from the seasonally adjusted total index of seasonal peak in the spring. the summer drop caused by the increase since the war in industry-wide vacations, particu- EFFECTS OF REVISION ON OTHER SHORT-RUN larly in July. In the accompanying chart, CHANGES the amounts of seasonal adjustment for 1952 are shown for the new total index and major The revisions in measurement of short-run divisions. Seasonal factors derived for the changes, through introduction of new series and determination of new seasonal factors, SEASONALS provide a better distinction between seasonal and other types of fluctuation in the postwar period. This improvement is especially im- •^-^V^r loo portant in a period of significant economic change, as in the 1948-49 downturn and the subsequent sharp recovery, as shown in the chart on the first page of this article. no The revised index shows that more of that MINERALS NONDURABLE MANUFACTURES downturn in industrial activity was seasonal than had been apparent previously and that, r- 100 for this and other reasons, the decline then was more moderate than had been indicated by the old index. The old index shows that 90 industrial production in October 1948 was at 1952 1952 NOTE.—Figures plotted are derived by dividing monthly in- a new postwar high. The new index indexes without seasonal adjustment by seasonally adjusted indexes. dicates that the high point for 1948 was old total index are also shown. As can be reached at midyear and that subsequently seen, more seasonal variation now is allowed there was a leveling off, followed by a defor to keep these vacations from affecting the cline beginning in November. By the secseasonally adjusted indexes. Thus, the sea- ond quarter of 1949 that decline had slacksonal adjustment factor for the new total ened, according to the new index, and in index for July is 94, which means that as far the recovery period which followed proas seasonal influences are concerned the July duction exceeded its 1948 high by April 1950. unadjusted index is expected to be 6 per cent According to the old index, production did below the average for the year. The chart not exceed its 1948 high until two months also shows that allowance now is made for a later, in June 1950. higher seasonal level of activity in the first Of interest in connection with the expanquarter of the year and in October and sion of output after June 1950, stimulated November. by outbreak of hostilities in Korea, is the In recent years, the over-all seasonal fluc- showing by the new index that industrial tuation in industrial production shown in activity expanded sharply during the sum- 1242 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION INDEX REVISED mer of 1950 but approached a peak in early move with output of the major materials that autumn. The old index indicated a slower were consumed in their manufacture. For rate of expansion in the summer and a con- example, output of apparel was assumed to siderable further rise during the autumn move with output of textile yarns and fabrics. and winter. Since adequate data for apparel were not Considering further the 1948-49 period, APPAREL AND TEXTILES another fact revealed by the new index is that Seasonally Adjusted, 1947-49=100 140 the decline in total industrial production amounted to only about 10 per cent. The old index showed a drop of about 15 per APPAREL and cent. For both durable and nondurable *IIICI\ BonmirTC 120 I A manufacturing industries, output decreases shown by the revised indexes are smaller than the declines shown in the old index, V. 100 \ / as is indicated in the chart below and the V chart on the following page. Production of t • l / TEXTILE minerals declined about the same percentage \f MILL PRODUCTS 80 in both measures. - The less pronounced decline in the revised nondurable manufactures index in 1948-49 60 1947 1949 1951 1953 NONDURABLE MANUFACTURES Seasonally Adjusted, 1947-49*100 available at the time of the earlier revisions, 140 this was about the only way of representing this group of industries. As the second chart on this page indicates, textiles and apparel ,— 120 in many periods do tend to move together. Thus, in the third quarter of this year, both apparel and textiles showed similar marked 100 declines from advanced levels. Under certain circumstances, however, important differences appear. For example, during the period of price weakness and inventory liquidation in 1948-49, apparel production showed little change while textile mill output decreased about one-fourth. Short-run differences of this sort are even 1947 1949 1951 1953 more pronounced in periods when there is a reflects mainly revisions in numerous series major strike in a raw material producing inand the development of new production dustry. Thus, in 1949 this problem was espeindexes for apparel, and job printing and cially acute for fabricated metal products. periodicals. Output of some of these prod- Before October 1949 steel ingot producucts was only indirectly represented in the tion was used in the old index to represent old index, and their output was assumed to output of most fabricated metal products DECEMBER 1953 1243 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION INDEX REVISED exclusive of machinery and transportation EFFECTS OF REVISION ON LONG-RUN CHANGES equipment. Consequently, output of such The considerably greater expansion in inproducts was overstated from the autumn of dustrial output in the postwar period shown 1948 to the spring of 1949 when steel proby the new total index is largely concentrated duction and inventories were rising rapidly, in the years of unusually high and rising and subsequently such output was underactivity, particularly 1950 and 1952. The restated when steel production was cut back vised indexes for durable manufactures, sharply by inventory liquidation and the nondurable manufactures, and minerals all October 1949 strike. show larger rises for the postwar period as The problem of measuring output of fabria whole than were shown in the old indexes. cated metal products was serious enough The greater expansion for minerals shown that an interim revision was made in the old by the revised index reflects partly availindex for the iron and steel group in order ability of better data that permitted the into give direct representation to fabricated troduction of new series for natural gas and metal products starting with October 1949. natural gas liquids. Output of these prod- In the current revision this change in repreucts has grown much more rapidly than sentation has been carried back to January crude oil output, which was formerly used to represent such production. DURABLE MANUFACTURES The major groups of industries that have Seasonally Adjusted 1947-49=100 contributed most to the upward revision in 160 manufacturing output are the electrical and nonelectrical machinery groups — shown II combined in the chart on the next page— It 140 It transportation equipment, and chemicals. II NEW - The new annual indexes for these three If OLD i V V I / 120 groups are compared in the chart with annual averages of the old monthly indexes. U \1l1 > The old indexes were based largely on 100 man-hour data, and the adjustments used - for increases in output per man-hour are now revealed to have been too small. In- 80 creases in output per man-hour in these lines have been rapid at times and difficult to 1947 1949 1951 1953 gauge. In the new monthly index an im- 1947, which explains in part why the new portant, though smaller, portion of these durable manufactures index shows a speedier groups is still represented by man-hour data, decline than the old at the close of 1948 and but these man-hour series are adjusted to the in early 1949, and a smaller over-all decrease levels of the comprehensive annual indexes. to mid-1949. The larger increases in the new The groups mentioned above account for durable goods index in 1950 and 1952 reflect more than one-fourth of the new total index improved representation for the machinery and have shown much larger-than-average and transportation equipment groups and output increases, partly because many of the adjustment to the new annual indexes. newer products have been developed in these 1244 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION INDEX REVISED industries and partly because of the rapid dicating that the 1947 levels of the old expansion in defense production. monthly indexes for these aggregates were The revisions have not all been upward. fairly accurate. For the petroleum products group—also shown in the chart—and for primary metals, NEW INDUSTRIAL GROUPINGS the new indexes are lower than the old in- New group indexes are provided in the dexes, for various reasons. These reasons revised index for the period from 1947 to include the use in the new index of direct date along the lines of the Standard Indusmeasures for certain products which have trial Classification, which is widely used for not grown so rapidly as others whose output industrial statistics of many sorts. Combichanges were formerly used to represent nations of these major group indexes into a these products. smaller number of broader groups are also provided to facilitate analysis. SELECTED INDUSTRIES The detailed industry and product series 1947-100 MACHINERY TRANSPORTATION/ 160 which have been compiled in the revision EQUIPMENT A will permit greater flexibility in the develop- 140 ment of new groupings of considerable value in analyzing production and market devel- 120 New / opments, supplementing the indexes now // Old V 100 provided by the Standard Industrial Classification. One of the main interests expressed i i i i i i _^ 80 by many who use the production index is — 1 1 1 1 1 1—- CHEMICALS PETROLEUM 140 for a grouping of series, particularly for / metal fabricating industries but also for the 120 total index, which would facilitate analysis of production changes in relation to develop- && ' 100 ments in inventories, sales, and prices for broad categories of goods. 1947 it '49 I I II ' 51 —I •53 1947 t i '49 f * '51 i i '53 — 80 In both the annual and monthly indexes, NOTE.—Indexes are for major groups except for machinery, wherever significant and practicable, inwhich is a combination of electrical and nonelectrical groups. Petroleum refers to petroleum and coal products. dividual series have been developed in such Indexes are shown with 1947 as 100 in order to highlight differences between the old and the new indexes. a way as to permit their being grouped as In addition to these revisions within the finished goods or as materials and parts. period from 1947 to date, the old index levels Also, efforts have been made to break down for total industrial production, total manu- finished goods as between consumer-type factures, durable manufactures, nondurable items, on the one hand, and business equipmanufactures, and minerals have been ad- ment and ordnance, on the other. The many justed back to 1919 to take account of new improvements in the monthly indexes for levels established for 1947 relative to 1939 by industries producing consumer goods—espethe Census-Federal Reserve study of manu- cially apparel and consumer metal goods— factures published in 1952 and of corre- have facilitated this work. In this connecsponding new levels calculated for minerals. tion the development of several separate These adjustments were relatively small, in- series for autos, trucks, and parts, in place DECEMBER 1953 1245 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION INDEX REVISED of the single series formerly used for the o£ the experimental grouping shown in the motor vehicle industry, has been particu- accompanying chart. larly important. These improvements in The usefulness of this type of grouping for turn have been achieved in part by drawing some analytical purposes is suggested by the on the work done in connection with the divergent movements shown by consumer compilation of the Board's index of output metal goods and equipment and ordnance in of major consumer durable goods, a revised some periods. Thus, the rise shown in outversion of which is to be published early in put of autos and other consumer metal goods 1954. beginning in mid-1949, at a time when pro- Substantial difficulties are encountered, duction of business equipment was declining nevertheless, particularly in the metal fab- further, was an important factor in explainricating industries, in making satisfactory ing the limited extent of the downturn at new breakdowns of the type desired because that time and the prompt recovery which of the nature of the basic data available. The followed. There was marked divergence additional detail developed for the metal again during 1951, but in opposite directions. fabricating industries, however, has per- At that time consumer demands fell off conmitted the compilation on a tentative basis siderably and various controls became more effective while output of business equipment METAL FABRICATING -SPECIAL GROUPS and ordnance was further stimulated by the Seasonally Adjusted, 1947-49=100 growing defense program. Such divergent EQUIPMENT and movements are not apparent in the standard OpnWAMfF / 180 groupings of metal fabricating industries / i because each of these groups reflects changes K in output of consumer goods and other types - - CONSUMES/ f V1L\ / 4- 140 of finished products and materials. GOODS _ / V WORK IN PROSPECT Ai / / /N i Further research on these and other pos- 100 V * sible combinations of production informa- - V tion is part of a longer range program which Vn 1 also includes the development of new annual 180 and monthly physical volume production indexes for additional important sectors of the economy. Together with additional work to improve the present industrial production 140 index, such as developing revised seasonal factors for selected individual series and making a more detailed review of component in- 100 dexes for the World War II period, this program is designed to provide a broader and firmer basis for understanding industrial 1947 1949 1951 1953 changes and for interpreting current eco- NOTE.—Special groupings of machinery, transportation equipment, fabricated metal products, ordnance, and instruments nomic developments. 1246 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL PRODUCTION1 CONTENTS Page Summary 1248 Comparison base period 1264 Adjustments to Census benchmark indexes. . 1249 Classification of series 1265 Adjustments to annual indexes 1251 Standard Industrial Classification 1265 Series 1252 Additional subtotals 1266 Sources of series data 1252 Supplementary groupings 1267 Types of data used 1253 Industry-product problems 1268 Improvements in monthly series 1254 Problems of measuring defense production... 1269 Relationship of monthly and annual indexes 1256 Weights 1271 Other monthly procedures 1257 Relationship to major consumer durable goods Use of man-hour data 1258 index 1275 Working-day and seasonal adjustments 1260 Working-day adjustment 1260 Technical Note on Weights 1276 Adjustment for seasonal variation 1262 This article presents the details of the com- mediate as well as final products. It does not prehensive revision of the index of industrial cover production on farms, in the construcproduction for the period beginning in 1947, tion industry, in the utilities, in transportareviewed in the preceding article. As in- tion, or in various trade and service indusdicated in that article, the major purpose of tries. the revision is to provide a more representa- The index is based mainly on regularly tive measure of industrial output and an published data compiled by other Governindex which is more useful in other ways ment agencies and private organizations. for analyzing current business developments. The reported data are initially collected by Since the last general revision in 1940 and these organizations for a variety of purposes the special revisions in 1941 and 1943, there 1This article was prepared by Arthur L. Broida. Work have been marked changes in the economy on the revision was organized and conducted by Clayton which have required careful reexamination Gehman, Chief of the Business Conditions Section of the of the methods and data used to measure out- Division of Research and Statistics, assisted closely by Arthur L. Broida and Lorman C. Trueblood, under the general put changes. direction of Ralph A. Young, Director; Frank R. Garfield, The revised industrial production index, Adviser on Economic Research; and Kenneth B. Williams, Assistant Director of the Division of Research and Statistics. like the old index, measures the physical vol- Other members of the Section who contributed greatly to ume of output in manufacturing and mining the revision were: Peter M. Cody, Bernard N. Freedman, Milton Moss, M. H. Schwartz, and Winfield S. Smith. industries. These sectors have accounted for Mrs. Ethel L. Evans supervised the clerical work of the inabout one-third of national income in recent dex revision. The Board wishes to express its appreciation to the staff of years and are of particular importance in the the Census Bureau's Industry Division, under the direction analysis of business fluctuations. The index of Maxwell R. Conklin, Chief, and to many other individuals reflects output changes at all stages within in Government, business, labor, and academic organizations, too numerous to list, for their cooperation at all stages of the manufacturing and mining, including inter- work, and for their many useful comments and suggestions. DECEMBER 1953 1247 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL PRODUCTION and are processed in various ways by the revision of weights to bring them up to Board's staff to adapt them for use in the in- date; (4) the revision of seasonal adjustment dex. Partly because the nature of the figures factors and working-day allowances; (5) the available for the different industries varies, adoption of a more recent comparison base some of the series are less representative period, or 100 level; and (6) the use of an than others, and undue economic significance improved industrial classification structure. should not be attached to very small changes The more important differences in index in the total index or its components. An im- movements resulting from the revisions are portant limitation, particularly for compar- summarized in the leading article in this isons over longer periods, arises from the fact issue of the BULLETIN. that no satisfactory method has been de- Annual indexes developed in connection veloped for taking fully into account changes with the revision have been used mainly in the quality of products. for adjusting the levels of the individual Detailed revisions have been confined for monthly series from 1947 to date, and the present to the period beginning January will be maintained in the future mainly 1947, and the indexes shown in the tables for the purpose of periodic review and adat the end of this article (beginning on page justment of the monthly series. Because 1294), except for the total index and its major the annual indexes are calculated in much divisions, are limited to that period. Series more detail than the monthly series, they for the past 13 months are shown in the also make possible more refined analysis of regular BULLETIN table on pages 1294-97. annual output changes than can be made Pending completion of revisions for earlier from annual averages of the monthly measyears (1939-46) the old total index and the ures. These detailed annual indexes, not old indexes for manufactures, durable and published with this article, will be made nondurable manufactures, and minerals from available at a later date. January 1919 to December 1946 have been The number of basic monthly series in converted to the new 1947-49 comparison the index of industrial production has been base and adjusted to benchmark levels based increased from about 100 to 175, and about mainly on Census of Manufactures data for half of the old index series have been re- 1939 and 1947. These indexes for the earlier vised substantially. The changes in series period have been linked to the new measures reflect improvements in recent years in the in order to show continuous long-term in- amount and types of data available, and also dexes and are included in the table begin- various economic developments, including ning on page 1324. the emergence of new products and the expansion of the defense program starting in SUMMARY 1950. The index and its components have been The weights, or measures of relative imimproved in this revision by (1) the develop- portance, used for combining the individual ment of an independent set of annual indexes series into subtotals and totals for the period from the more comprehensive and detailed beginning in 1947 are based on data for the data available at yearly intervals; (2) the in- year 1947 in place of the 1937 relationships corporation of a large number of new or re- used in the old index. In the new index the vised series in the monthly index; (3) the weights are based on value-added data for 1248 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL PRODUCTION both manufactures and minerals. Formerly, received and various suggestions were invalue-added data were used for manufactures corporated in the final indexes. and gross-value data for "minerals. Studies exploring a broad grouping of The comparison base period, in which production series supplementing that prothe index numbers average 100, has been vided by the Standard Industrial Classifichanged from 1935-39 to 1947-49. The com- cation (SIC) are under way. These studies ponent series have been classified in terms of look toward the separation of industrial 26 major industry groups as defined in the activities at the materials stages from those Standard Industrial Classification Manuals at finished goods stages, and the separation and, where feasible, this classification also of finished consumer-type goods from prohas been followed for the more detailed ducers' equipment and ordnance. This type categories.2 Both the base period and classi- of grouping would provide an additional fication changes are in accordance with gen- useful basis for analyzing business developeral recommendations of the Office of Sta- ments. The indexes have been transcribed tistical Standards of the Bureau of the to automatic business machine punchcards Budget. As a matter of convenience to those in order to facilitate calculations of this sort who find the number of major industry and to permit other special analyses heretogroups too great to be handled readily, 12 fore too burdensome to handle. Also being combinations of these groups have been made studied is the feasibility of broadening the and will be shown in the regular monthly scope of the index at a later time to include index tables in the BULLETIN. The divi- the construction industry and electric and sion of manufacturing industry groups into gas utilities, in addition to manufacturing durable and nondurable manufactures has and mining industries. been continued. The general concepts and methods used ADJUSTMENTS TO CENSUS BENCHMARK in calculating the index are the same as be- INDEXES fore except for changes already mentioned In general, the Census of Manufactures and certain changes in the treatment of seaprovides the most comprehensive and resonal adjustments and working day allowliable data on physical output of manufacances.3 The methods used accord in major turing industries. Indexes based on these respects with the general standards endata can therefore be used as benchmarks, dorsed by the Statistical Office of the United for periodically checking and adjusting the Nations.4 levels of output indexes based on other data. The annual indexes, as tentatively developed in the summer of 1952, were sent for 2 Bureau of the Budget, Standard Industrial Classification Manual, Vol. I, Manufacturing Industries, Pt. 1, November comment and suggestion to interested per- 1945, and Vol. II, Nonmanufacturing Industries, May 1949, sons, together with statements of the tenta- U. S. Government Printing Office, Washington 25, D. C. 3 Earlier articles on the index' and revisions were published tive plans for monthly series. The mailing in the BULLETINS for October 1943, September 1941, Septemlist included all organizations whose data ber 1940, August 1940, and February and March 1927. 4 Statistical Office of the United Nations, Index Numbers were used in the calculations and persons of Industrial Production, Studies in Methods No. 1, Newwho requested the tentative indexes, in re- York, 1950. The standards were developed by the Statistical sponse to notices of their availability pub- Office, in consultation with specialists in member countries, for the purpose of assisting in securing international comlished in the BULLETIN. Many replies were parability between national index numbers. DECEMBER 1953 1249 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL PRODUCTION Census indexes developed at the National level in 1947 relative to 1939 for durable Bureau of Economic Research were used in goods industries and a 5 per cent lower level this way in the 1940 revision of the Board's for nondurables. index of industrial production, in which the The downward direction of the adjustlevels of most major group indexes showing ment for manufactures is due to the use of important differences were brought into line benchmark indexes calculated with weights with those of the benchmark measures. based on average 1939 and 1947 valuations. New benchmark indexes for 1947, relative This Census measure showed a 1947 level of to 1939—the years covered by the two most 174 relative to 1939, as compared with a recent censuses—were calculated in a joint level of 178 relative to 1939 in the Board's study by the Bureau of the Census and the old monthly index for manufactures. Alter- Federal Reserve and were published in detail native sets of Census indexes were calculated in October 1952, together with summarized with 1939 valuations alone, which yielded results of the National Bureau calculations an increase of 84 per cent, and also with 1947 for earlier years.5 The new Census indexes valuations alone, which yielded an increase were used to develop benchmark adjustments of 69 per cent. The 1939-weighted measure to the Board's old monthly indexes for du- is reasonably comparable to the Board's old rable, nondurable, and total manufactures, index, in which 1937 valuations were used. from January 1939 through December 1946, The reasons for the differences in the reand will be used to adjust the levels of major sults obtained with different weight periods industry group indexes when the final re- are discussed in the Census index volume and visions for this period are made. in the technical note at the end of this article. No census for the mineral industries has The 1939- and 1947-weighted indexes corbeen taken since 1939, so that a correspond- respond, respectively, to the "Laspeyres" and ing census index could not be calculated "Paaschc" formulas, and there is no inherent for this sector. For consistency with the basis for preferring one or the other in comtreatment of manufactures, the old pre-1947 paring output changes for the two years. index for minerals has been adjusted to a The indexes with average 1939 and 1947 benchmark measure calculated by the Board valuations, calculated by what is known as from Bureau of Mines data for 1939 and the "Marshall-Edgeworth" formula, have 1947. The benchmark index for minerals been used for adjustment purposes. The covers a broader list of products than is in- Marshall-Edgeworth formula yields results cluded in the Board's monthly minerals intermediate to those obtained by use of the index for this period and has weights based two other formulas, and was used in the on estimated value-added data. Census indexes to which adjustments were The benchmark adjustment made to the made in the 1940 revision of the Board's total index is not very great. The new level index. for 1947 is 1 per cent lower, relative to 1939, 5 Census of Manufactures: 1947, Indexes of Production, than in the old index, with a reduction of U. S. Government Printing Office, Washington 25, D. C, 1952. This volume contains tabulations of the detailed in- 2 per cent in the level for manufactures partly dexes for 1947 relative to 1939 and of the data on which offset by an increase of 5 per cent in the level they are based, together with a technical discussion of the methods used and the results obtained under certain alterfor minerals. Within manufactures, the adnative methods. The indexes for major groups were also justments introduced a 1 per cent higher published in the BULLETIN for December 1951. 1250 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL PRODUCTION The fact that the required adjustment to reported for many industries on a yearly the total index for the change from 1939 to basis. In some cases the annual data rep- 1947 was very small indicates—insofar as the resent more nearly complete canvasses, cover benchmark measures can be taken as a stand- additional products, or are compiled in ard—that the 1947 level of the Board's old greater detail than the monthly figures. In index was about right, relative to prewar. other cases the difference is in the type of This confirmation, however, does not apply data, with physical product figures or other to the intervening years. The problems of preferred measures available annually, and measurement for the war period are un- with less adequate types of figures (such as usually difficult because of the drastic changes man-hour data) compiled on a monthly that occurred in the economy, and even basis. after more detailed revisions are completed A second, and minor, reason for the superthe index for that period undoubtedly will be iority of the annual measures is that conless reliable than for other periods. Also, as siderations of timeliness and cost make it suggested by the comparative results of the undesirable to engage each month in some 1947 benchmark measures and the Board's calculations which are practicable once a old indexes for durable and nondurable man- year. In some cases available monthly detail, ufactures and minerals, the high degree of usually for different types or sizes of a prodagreement found for the total index reflects uct, are consolidated into simple totals or offsetting differences among the component subtotals to expedite the monthly calculaindexes. Some of the differences found for tions. On an annual basis the full detail major groups and individual industries are is utilized, giving effect to any changes that substantial. may occur in the composition of totals— for example, in the proportions of the various ADJUSTMENTS TO ANNUAL INDEXES kinds of shoes that are made. An important departure in method intro- Similar independent annual data were duced in this revision has been the develop- utilized in earlier versions of the index, ment of a set of annual indexes based on mainly as an aid in determining adjustment about 1,400 separate product and industry factors for certain monthly man-hour series, series. These indexes, while less compre- but also in some instances for adjusting hensive than indexes based on Census of monthly quantity data for inadequate cover- Manufactures data, are generally much more age. Except for these cases, however, the detailed and more reliable as measures of annual measures published each spring for year-to-year output changes than the annual the old index were based on yearly totals of averages of the monthly series prior to adjust- the data used monthly. The departure in ment. The annual measures therefore can method in the new index consists in the be used for periodic review and adjustment more nearly complete exploitation of annual of the monthly index levels between Census figures, wherever they are superior to those years, and for special analyses that require available on a monthly basis. About twofiner breakdowns than the monthly index thirds of the monthly series are subject to provides. annual level adjustment. The annual indexes are more reliable than The annual indexes corresponding to each the monthly mainly because better data are of the monthly series are included in the DECEMBER 1953 1251 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL PRODUCTION tables of monthly indexes beginning on page are shown in the chart for the new annual 1294. The sources and types of data on which and monthly indexes, in terms of the weight they are based are briefly described in the —that is, proportion in 1947-49—associated table beginning on page 1280. As indicated with series from each source. Government earlier, the more detailed annual measures agencies are the predominant source of series will be made available at a later date. data, accounting for 83 per cent of the annual index in terms of the assigned weights, SERIES and 76 per cent of the monthly index.6 For The index series, or relatives, for individual individual series the sources are given in industries and products reflect the percentage the table beginning on page 1280. relationships between output levels in suc- The development of the index from data cessive periods and the levels of the compari- which are already available, rather than from son base period, 1947-49. In this section figures specifically collected for the purpose, the sources and types of data on which the creates certain problems. The purposes for new annual and monthly series are based, which the data are initially compiled vary the improvements that have been made in widely, and some of the figures differ more monthly series, and certain related subjects or less in definition, coverage, type of detail, are discussed. The weights with which the frequency of reporting, and in other respects series are combined in calculating indexes from what would be most appropriate for for subtotals and totals are discussed in a use in the index. For some products and later section and in a technical note at the industries, moreover, data are fragmentary end of this article. or wholly lacking. To an important extent Sources of series data. All of the series the gaps reflect the relative difficulty among used in the new index, as in the old, are industries of data collection, which in turn based on figures compiled by other organiza- depends on the kinds of products made, the tions, either agencies of the Federal Govern- length of the production period, the number ment or private trade associations and pub- of producers, the types of records kept, and lications. The various sources of series data similar factors. In some cases, however, the gaps simply reflect the fact that no or- SOURCES OF SERIES DATA ganization has both the interest and the PROPORTION IN 1947 - 49 resources to undertake the regular collection Annual Index Monthly Index of data. 20 40 0 20 40 The construction of series for individual CENSUS industries and products involves an evaluation of the available data, selection of the B LS method of representation which appears most INTERIOR nearly adequate, and, wherever necessary and possible, the development of adjustments of AGRICULTURE the data which will increase their adequacy OTHER GOV'T as measures of output for the industrial areas TRADE ASSOC to be represented. The reliability of the re- & JOURNALS NOTE.—Sources, except trade associations and journals, are 6 Certain of the Government figures are based in part on U. S. Government agencies. data initially compiled by private organizations. 1252 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL PRODUCTION suiting measures for the different industries sources. Products and industries for which and products varies, depending on the nature there are no reliable data are generally repof the particular industry and the kinds of resented indirectly by series for other proddata available for it. ucts, or industries, whose output movements Types of data used. The standards used are likely to be similar. Such indirect repfor developing series for the new index are resentation is used for roughly 7 per cent of the same as those employed in earlier ver- the total index annually and an additional 3 sions. In general the preferred type of data, per cent of the monthly index.7 other things being equal, relate to quantity The various types of series used for the produced expressed in physical terms—units, new annual and monthly indexes are shown tons, yards, board feet, and the like. Re- in the chart, in terms of the weight—that ported physical volume data are checked is, the proportion in 1947-49—associated against independent sources, where possible, with each type. Indirect representations are and adjustments are made for variations in not shown separately. About 62 per cent coverage or other apparent deficiencies if of the annual index and 45 per cent of the a basis for such adjustment exists. monthly index are based on figures relating Where adequate physical output data are to quantities produced or shipped. Figures lacking, the indexes are based on related on quantities of materials consumed by, detypes of figures which tend to fluctuate more livered to, or produced mainly for certain or less closely with output. These figures industries account for about 12 per cent of include physical quantities shipped by pro- the annual measure and 8 per cent of the ducers, with adjustments where feasible for TYPES OF SERIES changes in producers' stocks of these goods; PROPORTION IN 1947 - 49 quantities of major materials consumed in Annual Index Monthly Index production operations; quantities of mate- 20 40 0 20 40 rials delivered to or produced mainly for certain industries, again with inventory ad- PRODUCTION V//////////////M justments in some cases; values of goods SHIPMENTS shipped, with adjustments for price changes; MATERIALS and "production worker" man-hours, ad- CONSUMED justed for estimated changes in output per DEFLATED VALUE reported man-hour. (The use of man-hour ADJUSTED data is discussed in greater detail in a later MAN-HOURS section.) OTHER In some industries, particularly a number NOTE.—Materials consumed also includes materials received of those fabricating metal products, the an- or produced; adjusted man-hours includes adjusted employment; other includes series based on several types of data. nual indexes are based on a consideration of the movements in several types of data, monthly. The remaining 26 per cent of the usually figures from the Census Bureau's An- annual index is represented by estimates nual Survey of Manufactures relating to based on several types of data, deflated value value of shipments—deflated by price These percentages are somewhat arbitrary, because disindexes—consumption of metals, and man- tinctions between indirect representation and, for example, direct representation by a series for materials production hours, and any relevant figures from other are partly matters of interpretation. DECEMBER 1953 1253 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL PRODUCTION figures, and man-hour figures with adjust- tant activities, accounting in total for about ments for estimated changes in output per 2 per cent of the weight, have been consoliman-hour. Man-hour figures account for dated into 6 of the new series or are now only 4 per cent of the annual index. Such indirectly represented monthly. figures are used for about 45 per cent of the The new monthly series are listed in the monthly index, but as already noted man- table beginning on page 1280, together with hour and various other monthly figures are the weights assigned to them and brief deregularly adjusted to levels established by scriptions of the sources and types of data the annual indexes. used. Certain of the new series (shown in Improvements in monthly series. The light-face italics in the table) are not innew monthly series differ substantially from cluded in the index number tables beginning those in the old index in other ways than adon page 1294 because they are not considered justment to levels of annual measures. The sufficiently important or reliable for separate improvements include the introduction of publication or, as discussed below, they are series for activities formerly not directly repdesigned primarily to facilitate regroupings resented, the development of more detailed of index components.8 series, and the use in many instances of im- The extent of change in composition of proved types of data. the new monthly index from that of the old Except for some cases in which changes is indicated in the table on the next page in had been made at later times, the monthly which the series in the revised index are series in the old index were established in classified according to their relationship to the limited revisions of 1941 and 1943 or in series in the old index. In the new index the 1940 general revision. The modifications 39 series, accounting for about 19 per cent in the current revision reflect developments of the total index in 1947-49, are for activities since 1943 in the statistics regularly reported, which were not directly represented in the and changes which have taken place in the old index. Most of these are based on data economy, including the emergence of imwhich have become available or have been portant new products and changes wrought substantially improved since earlier index reby World War II and the hostilities in visions. They include series for such im- Korea. Some modifications, mainly in the amount and kind of detail in which certain portant activities as apparel production, activities are represented, have been made which was formerly represented by textile to facilitate regroupings of series. Finally, series; natural gas and natural gas liquids some changes have been made because ex- (natural gasoline and liquefied petroleum perience has indicated that former methods gas), which in the old index were assumed of representation could be improved. to move with crude oil output; oil and gas The new monthly index includes 175 well drilling, which was not covered in the separate series, of which 130 are to be pub- old index; and millwork and plywood, and lished regularly, as compared with about 8 The count of 130 "published" series includes a number 100 calculated and 64 published in the old of series for home appliances which are shown in light-face index. The difference is greater than the italics in the table on pp. 1280-91. These are omitted from simple counts of series indicate, because some the industrial production index tables because identical series will be published in the revision of the Board's index of 22 old index series for relatively unimpor- output of major consumer durable goods. 1254 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL PRODUCTION wood containers, which were formerly repre- Greater detail, or improvements in the sented by lumber production. type of data used, or both, have been intro- Direct representation has also been intro- duced in most industry groups in connection duced—by means of adjusted man-hour with 95 new index series, accounting for series—for the major groups of instruments about 54 per cent of the weight. For exand related products, miscellaneous manu- ample, the old series for machinery, which factures, and stone and earth minerals. Most was based on adjusted man-hour data, has of the activities in these groups were for- been replaced largely by 7 adjusted manmerly indirectly represented by the index for hour and 12 quantity series. The latter, total manufactures (in the case of the first mostly for consumer appliances, have been two) or by the index for minerals. largely adapted from the index of output SERIES INCLUDED IN REVISED MONTHLY INDUSTRIAL PRODUCTION INDEX 1947-^9 1947-49 1947-49 Series for products not directly pro- Series based on new or more pro- Series based on substantially the prorepresented in old index por- detailed data por- same data as in old index1 portion tion tion Copper refining .06 Steel (2) 3.05 Pig iron .37 Secondary nonferrous metals .13 Ferrous castings and forgings (2). . 1.52 Copper smelting. .09 Motorcycles, bicycles, and farm Zinc ^ .10 Lead .04 wagons .10 Copper mill shapes .63 Aluminum , .09 Instruments and related products (5) 1.29 Aluminum mill shapes .20 Glass containers., .26 Logging .15 Nonferrous castings2 .33 Cement 32 Millwork and plywood (2) ! .60 Fabricated metal products (9) 5.73 Concrete and plaster products .48 Wood containers .29 Nonelectrical machinery (11) 9.04 Miscellaneous stone and earth Miscellaneous manufactures (3) . .., 2.40 Electrical machinery (10) 4.<64 manufactures .58 Fabric finishing .45 Transportation equipment (except Lumber 2.05 Knit goods <3). . 1.15 motorcycles, bicyles, and farm Cotton consumption 2.30 wagons) (14) 7.44 Tufted and hard-surface floor cov- Synthetic fabrics. . . .97 erings .17 Ordnance and accessories (3) .28 Cattlehide leathers.. .29 Apparel and allied products (8).... 5.55 Flat glass and vitreous products (2) .-60 Skin leathers2 .15 Miscellaneous leather products .39 Home glassware and pottery (2).., .23 Shoes and slippers. . .90 Building paper and board .10 Structural clay products (2) .35 Wood pulp2 .51 Converted paper products (2) 1.70 Furniture and fixtures (2) 1.64 Printing paper .22 Atomic energy manufacturing | Wool apparel yarns2 .16 Fine paper .14 activities .19 Wool fabrics .75 Coarse paper .20 Asphalt roofing and siding .15 Woven carpets .31 Newsprint consumption. 1.85 Miscellaneous food preparations. . . . 1.41 Rubber products (3) 1.47 Paints .66 Natural gas .34 Miscellaneous paper2 .18 Natural gas liquids .36 Fertilizers .23 Paperboard .41 Drugs and medicines .94 Oil and gas well drilling .85 Job printing and periodicals 3.62 Gasoline (2) 1.04 Stone and earth minerals .81 Basic inorganic chemicals .57 Kerosene .10 Plastics materials .24 Lubricating oil .17 Above series. (39) 18.64 Synthetic rubber .11 Coke2 .26 Synthetic fibers .59 Butter .14 Miscellaneous organic chemicals.. . 1.03 Natural cheese .07 Vegetable and animal oils (2) .64 Concentrated milk .19 Soap and allied products .71 Canned and frozen foods. 1.13 Toiletries and miscellaneous chemicals .93 Wheat-flour .46 .56 Confectionery .71 Fuel oil (2) Beer and ale 1.02 Meat products (2) 1.43 Liquor distilling2 .17 Ice cream .28 Coal (2) 2.68 Cereals and feeds .70 Bakery products 1.64 Crude oil 4.12 Iron ore .33 Sugar (2) .27 Lead mining .09 Bottled soft drinks .54 Zinc mining , .06 Liquor bottling ,37 Tobacco manufactures (2) .78 Above series (41). 26.38 Copper mining .24 Above series (95) 54.36 *Many of the series listed in this column show somewhat different movements from the corresponding old index series over comparable periods, as discussed on p. 1256. 2This series corresponds to two or more old index series. NOTE.—Where more than one basic series is involved, the number is shown in parentheses following the title. Pro portions of total index in 1947-49 do not add to 100 per cent because a few products indirectly represented monthly are omitted. DECEMBER 1953 1255 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL PRODUCTION of major consumer durable goods. They based on substantially the same data as in include new products, such as television sets the old index, but in many cases show someand home freezers, as well as old products what different movements over comparable such as laundry equipment and refrigerators. periods. The differences are due to the in- Other important areas for which more de- corporation of certain revisions in basic data tail is now shown include the motor vehicle made by the compiling agencies as well as industry, where a single adjusted man-hour to changes in the treatment of reported figseries has been replaced by five individual ures, including the use of revised workingphysical quantity series for autos, trucks day allowances, and in some cases adjustin three size categories, and truck trailers, ments of the monthly series to levels of the and an adjusted man-hour series for auto new annual indexes. and truck parts; chemicals, where separate Relationship of monthly and annual inquantity series replace adjusted man-hour dexes. The greater detail provided by the data for basic inorganic chemicals, plastics 1,400 separate series of the annual index is materials, synthetic rubber, and vegetable not evenly distributed. At one extreme, a and animal oils; and rubber products and total of 52 series are used both monthly and major portions of the groups of primary annually to represent a number of important metals, fabricated metal products, stone, clay, activities, such as production of autos, crude and glass products, and food and beverage oil, and cigarettes. In these cases the annual manufactures. measures are based on yearly totals of the Improvements in the monthly data, with- data used for the monthly series. At the out increase in the amount of detail, have other extreme, certain chemicals and mabeen made in many cases. These include, chinery industries are represented annually for example, the use of figures for beef and by 370 separate series, and monthly by 4 pork relating to total commercial slaughter, series. in place of data for Federally inspected The relationship between the monthly and slaughter only; the use of data for total pro- annual measures may be stated in two duction of cigars and cigarettes, in place of ways, which differ only in emphasis: (1) figures relating to only the taxed portion of The annual index for a particular industry output; and the substitution of woven carpet or combination of industries, as the more production figures for the data formerly complete and reliable measure, provides the used on consumption of carpet wool. The basis for periodic review and, where necesseries for synthetic fibers in the chemicals sary, adjustment of the levels of the monthly group includes, in addition to rayon and series for the corresponding area of activity; acetate, monthly estimates for the newer or (2) the monthly series for a particular man-made fibers based on data reported area provides the means for indicating quarterly. The monthly series for soap and monthly movements around the annual allied products, based on consumption of fats indexes and for extrapolating these movein manufacture of soap only, is adjusted to ments until annual data become available. an annual index which includes estimates The general procedure used for the period of sales of the new synthetic detergents. beginning in 1947 was to compare annual The remaining 41 monthly series, account- averages of each individual monthly series ing for about 26 per cent of the weight, are with the corresponding annual index. Where 1256 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL PRODUCTION these differed significantly, adjustment fac- in monthly changes in cotton consumed, tors were developed to bring the monthly apart from production index calculations. measures in line with the annual.9 This pro- Other monthly procedures. In the table cedure was unnecessary, of course, for the 52 beginning on page 1280, some 23 items, monthly series which are based on the same shown in parentheses, are noted as repredata as the corresponding annual measures. sented by certain specified series for other The level adjustment factors were de- products. These items, which are not conveloped graphically, by means of smooth sidered to be series, relate to products which curves drawn through ratios of the annual are directly represented annually, but whose indexes to the annual averages of the un- monthly output is assumed to move with the adjusted monthly series. The curves were other series specified. This procedure is used drawn smoothly to avoid introducing abrupt where only annual data are available, or changes in the month-to-month movements where the activities involved do not appear of the unadjusted data, and were extended important enough at present to warrant combeyond the last calculated annual ratio on pilation of separate monthly series. Adjustthe basis of historical tendencies in the ratios ments to levels based on annual data, similar which from the available evidence appeared to those described earlier for monthly series, likely to continue. In most instances final are made for these cases also. Altogether, or preliminary annual figures were available the areas so represented account for slightly through 1952, but in some instances only less than 3 per cent of the monthly index, 1951 annual indexes had been calculated with certain converted paper products acwhen the extrapolations were made. counting for almost one-third of this proportion. Because the monthly series for the most Some of the monthly series, including recent year or two are based partly on extramillwork, basic inorganic chemicals, furpolations of the level adjustment factors, naces, and driers and ironers, are indithey ordinarily will be less reliable than cated in the table to be weighted combinathose for earlier years, and will be subject tions of several product types. These series to periodic revision as new annual data are represent compromises between the desirreceived. ability of representing different types of The index numbers shown in the tables products separately and the necessity for at the end of this article reflect adjustments to annual levels, where made, with the single 9A "significant" difference has been defined arbitrarily as a difference of more than 2 per cent relative to the 1947-49 exception of the series for cotton consumpbase or relative to the preceding year. Adjustments generally tion. This series is used in the monthly were not made for smaller differences, so that the annual indexes shown do not always agree exactly with annual index to represent cotton yarn and fabric averages of the monthly index numbers. These may also output and, after adjustment to the annual differ where the monthly series are developed from the same data as the annual, because the monthly measures are based indexes for these activities, is used in calcuon daily average figures, as discussed later, whereas the lating the combined indexes for cotton and annual measures arc calculated from yearly totals. For example, the output rate in February counts equally with synthetic fabrics, textile mill products, and rates in January and March when monthly index numbers higher groupings. However, the series is arc averaged, but counts as less in annual indexes because February is a shorter month. Rounding in the published shown in the tables without level adjustfigures may also lead to small differences between annual ments because of the long-standing interest indexes and averages of the monthly indexes. DECEMBER 1953 1257 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL PRODUCTION keeping the scale of monthly computations with estimated adjustments for changes in to a manageable level. The 11 types of output per employee, are used annually for inorganic chemicals included monthly, for Army arsenals and privately operated manuinstance, are combined into a single total by facturing establishments working on conthe use of weights roughly proportional to tract for the Atomic Energy Commission. their detailed weights in the annual index, In the leather, apparel, and chemical which also includes 57 additional chemicals. groups the adjustment factors for the annual This total is processed as an individual series, man-hour series used are based largely on including adjustments to the levels of the changes in output per reported man-hour more detailed and comprehensive annual calculated for the other industries in the index. group. For the other areas listed—public A few series are calculated from quarterly and private ordnance, Navy shipyards, and data, with the monthly indexes interpolated atomic energy manufacturing activities—the and extrapolated. The more important of adjustments are rough approximations. these are the series for women's dresses and On a monthly basis, about 45 per cent the series in the metal fabricating groups of the weight is associated with series based which are used to represent the output of on adjusted man-hour data. This is a slight certain types of combat materiel and are dis- reduction from the old index, in which mancussed in a later section. hour series accounted for about 47 per Use of man-hour data. Because of many cent of the total in 1947-49.11 As discussed questions about the propriety of using man- earlier, new monthly quantity series are hour data in a production index, some special used in place of old man-hour series for comments may be worthwhile on this sub- many important areas, including a number ject. As noted earlier, in the annual indexes of consumer durable goods, trucks, rubber man-hour figures (with estimated adjust- products, fats and oils, fertilizers, plastics, ments for changes in output per reported and others. On the other hand, new manman-hour) are used to only a small extent—4 hour series have been introduced for areas per cent of the annual weight.10 Where such which formerly were not directly reprefigures are used, it is because the measures sented. Also, in one important case—job derived from them are believed to be preferprinting and periodicals—quantity data forable to available alternatives. In most inmerly used, relating to production of printing stances the only alternative is to assume that paper, have been replaced on a monthly basis output changes in the industries concerned by man-hour figures. Because of inventory are similar to changes in some other inchanges at both paper mills and paper condustries. suming plants, the former series was con- Man-hour figures are used in the annual sidered less adequate than a man-hour series indexes mainly for industries making misfor reflecting month-to-month changes in cellaneous minor products in the leather, apparel, and chemical groups, and for pri- ** Some man-hour data are also used, in conjunction with other types of figures, in developing the annual indexes for vate ordnance establishments, Navy shipcertain additional industries accounting for 13 per cent of the yards and ordnance installations, repair work annual weight. in private shipyards, boat building, and air- 11 The percentage given for man-hour data in the old index includes the series added for certain fabricated metal craft parts. In addition, employment data, products in a special revision made in October 1949. 1258 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL PRODUCTION printing activity. The use of data for print- samples for manufacturing industries are ing paper production has been continued in large and representative, but the size and the annual index to which the monthly man- nature of the sample vary from industry hour series is adjusted, with estimated adjust- to industry. The current monthly manments for annual changes in inventories. On hour series for individual industries are, an annual basis, inventory changes are usually therefore, subject in varying degree to upless important and can be estimated more ward or downward biases. However, these accurately. biases are potentially important only for the As in the annual indexes, man-hour series recent period because the monthly man-hour are used monthly wherever the alternatives series in the index are adjusted to levels of available are considered to yield less ade- the annual indexes. quate results. In all cases the man-hour In some instances, the correspondence in series are adjusted to levels of the corre- coverage between monthly man-hour data sponding annual measures, which generally and the annual indexes to which they are are based on preferred types of data. As adjusted is approximate, with either the outwith* the other types of series adjusted to an- put indexes or the man-hour data, or both, nual levels, the adjustment factors must be including certain activities not included in extrapolated for the current period and the the other. Substantially better correspondmost recent indexes are subject to revision ence is possible for 1951 and later years than at a later time. for 1947-50, because of an increased amount There are a number of problems in the use of industry detail in the Bureau of Labor of monthly man-hour data, some of which are Statistics tabulations of man-hour data. important mainly for the series without ad- The factors for output per reported manjustment for seasonal variation. The man- hour, like the adjustment factors used for hour data relate to production-worker time quantity series, are drawn smoothly; that paid for, rather than to time actually worked, is, the calculated annual changes in output and the data relate to the pay period ending per reported man-hour are assumed to occur nearest the 15th of each month, rather than to gradually over the months of the year. A monthly totals. The paid nonworking time number of tests made for industries for included in the reported man-hour figures which both monthly output and man-hour is of particular importance in July, because data are available suggest that the results of the growing practice of paid vacations. could be improved for some series if the The fact that the figures relate to midmonth adjustment factors were made to decline in periods affects the results whenever activity July, to allow for the fact that the man-hour in the reporting period is not typical of the data include some paid nonworking time, whole month. This is usually the case in and perhaps also in December because the December and sometimes in other months reporting week usually is not typical of activalso, as when there are work stoppages for ity in the whole month. This problem is part of the month. largely taken care of in the seasonally ad- Like many other monthly statistics, man- justed indexes. hour data of the Bureau of Labor Statistics The relationship between movements of are based on reports from a sample of estab- output and of man-hours worked represents lishments in each industry. In general, the productivity change, according to one defi- DECEMBER 1953 1259 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL PRODUCTION nition of this term. This is a statistic of in any averaging of changes in productivity considerable economic importance and in- in individual lines. terest, and the question frequently has been raised about the legitimacy of productivity WORKING-DAY AND SEASONAL ADJUSTMENTS calculations based on the index. In addition to the adjustment of monthly Ratios of the annual output indexes and series to the levels of annual indexes discussed corresponding man-hour indexes are legitiearlier, two other types of monthly adjustmate measures of productivity, assuming that ments are made. These are for differences both the output and the man-hour indexes in the number of working days from month are in themselves accurate. However, care to month, and for seasonal variations. The must be exercised in interpreting the results, new index, like the old, is compiled and pubparticularly for year-to-year comparisons; lished in two forms, each with working day changes in the ratios are often small and adjustments, but one with and one without even small errors in either production or seasonal adjustments. These adjustments man-hour data may be important in such and the several changes in procedure which ratios. Calculations of productivity change have been introduced in connection with based on the monthly index are of limited them are discussed below. significance for a variety of reasons. These Working-day adjustment. In the workinclude the fact that a considerable portion ing-day adjustment, reported quantity figures of the monthly index is derived from the used for the monthly index are put on a dailyman-hour data, with adjustment factors average basis. The purpose of this adjustextrapolated for the current period and emment is to remove from the series fluctuations bodying in all periods the assumption of which are due to differences in the length of smooth month-to-month changes in output reporting periods. Such fluctuations are not per reported man-hour. relevant for most analytical purposes and It may be noted that calculations based often are large enough to obscure more sigon the industrial production index give nificant month-to-month movements. productivity measures which are affected The quantity series as reported represent both by changes in output per man-hour calendar-month totals, except for about 12 in individual lines of activity and by shifts series which relate to 4- and 5-week reporting in the composition of output. For experiods. The importance of putting data ample, if a larger proportion of a given on a comparable basis is obvious in the case amount of labor is shifted to lines where of 4- and 5-week reporting periods. The output per man-hour (i.e., value added per need for adjustment is also evident for calenman-hour in the weight period) is high, the dar-month data; for industries which operate output index, and consequently productivity continuously, for example, the length of the as calculated from it, will rise even though working month varies by about 10 per cent, there may be no change in output per man- from 28 to 31 days. For industries which do hour in any individual line of activity. Thus, not operate continuously, adjustments are account is taken of an important element in also needed for the varying number of Sunthe over-all growth in output per man-hour days, or Saturdays and Sundays, among in the economy which would not be covered months. The variation in monthly working 1260 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL PRODUCTION days for an industry on a five-day week, for holidays fall in the same month each year, example, is 20 to 23, or about 15 per cent. their effects are taken account of in the sea- To remove the fluctuations caused by cal- sonal adjustment together with the effects of endar variations, reported output is divided other seasonal influences. by the number of calendar days in the report- This change has been made, despite the ing period, less, where appropriate, the num- problem it raises of comparability with the ber of Sundays, or Saturdays and Sundays. past (for the indexes unadjusted for seasonal (The base used for calculating index num- variation) and with certain other statistical bers from the resulting daily average figures series, for several reasons. It is not always is the daily average output in the 1947-49 clear that holidays have an impact on output period.) This adjustment is not required for proportional to their number in the month, the monthly series based on Bureau of Labor as was assumed under the old procedure. In Statistics man-hour data because they relate some cases output "lost" on account of holito a payroll period in the middle of the days may be made up on contiguous days, month and therefore are not affected by cal- particularly where the rate of purchase or endar variations. consumption of the product is not influenced The purpose of the working-day adjust- by the holiday. In other cases, as in connecment, it should be noted, is to allow only for tion with Christmas Day and July 4, output calendar variations and not to remove from losses may be more than proportional to the the indexes the effect of other changes in the one day of holiday time. actual number of days worked each month The seasonal adjustment, being derived in individual industries. These may be due from the data themselves, presumably allows to economic conditions, weather, materials for the full impact of the holiday, although, shortages, work stoppages, and the like, and of course, not separately from the effects of the indexes should reflect any influences that other seasonal forces. Also, the new procesuch conditions may have on output. dure is simpler, in that it does not require A change in the adjustment procedure has extensive investigation and analysis of holibeen made in connection with the treatment day practices, including variations in such of holidays. In the old index, holidays ob- practices over time and among regions, and served in individual industries were treated it is in accordance with the recommendations as nonworking days, together with weekend of the United Nations Statistical Office. closings, and the total number of days in- The information on weekend closings volved in both was subtracted from the num- necessary for the working-day adjustment in ber of calendar days in the month. The individual industries was largely obtained treatment of holidays as nonworking days through a survey of trade associations, conaffected about half the months, and adjust- ducted by the Federal Reserve in the second ment for them usually amounted to about half of 1952. In a few instances information 4 per cent for the month. In the new was obtained directly from individual comindex the adjustment is confined to weekend panies and in some cases was approximated days. Any effects that holiday shut-downs by analysis of the monthly data themselves. have on monthly output, therefore, are re- Data analysis also was used occasionally to flected in the set of indexes unadjusted for check reported information which was indiseasonal variations. Since most important cated to be of uncertain reliability. Estimated DECEMBER 1953 1261 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL PRODUCTION average allowances were made for industries ticular dates and seasons. Because such seawhere practices differed among plants, by re- sonal variations are of limited significance for gions, or on other bases. For a few industries analyzing current economic developments, it which appeared to have changed their prac- is often desirable for purposes of analysis to tices since 1947, different allowances were have them removed from the series, in order used for different segments of the period. to observe' more readily the fluctuations that The 1953 allowances used for individual reflect the operation of more significant ecoseries are shown in the table beginning on nomic forces. For this reason the new index, page 1280. A 5-day week is used for about like the old, is shown both with and without half of the non-man-hour series, including adjustment for seasonal variation. most of the textile, apparel, and leather series Seasonal patterns tend to change over time, and those in the metal fabricating groups resometimes abruptly, as with the onset or lating to consumer goods. Continuous plant termination of a war, but more often gradoperations on a 7-day week basis are indiually as a result of changes in social customs, cated for the second largest number of series, business inventory policies, methods of proincluding crude oil and natural gas, refined duction, the importance of different markets, petroleum products, a number of chemicals, and so forth. The technical method used for primary metals, stone, clay, and glass proddetermining seasonal factors in the index ucts, and selected series in other groups. gives effect to any changes in patterns that Allowances intermediate to these are used have occurred in the past.12 For current calfor the remaining series. Many of the allowculations, however, it is customary except in ances are approximate, either because of the special circumstances to assume a continuaunavailability of reliable information or betion of the patterns indicated for the most cause of differing practices within the indusrecent full year. Periodic reviews of the seatry. A more refined procedure would take sonal factors are therefore necessary, especognizance of the varying importance of indicially in times of rapid change, such as since vidual weekdays in some industries, but with the war. In any case, the recent factors are one exception this has not been attempted. generally the least certain, for usually it is The exception is the newsprint consumption not until later that it is possible to see whether series, for which Sundays, with their characany particular departure from the previous teristically heavier newspapers, are counted as pattern is a short-term aberration or is sufthe equivalent of V/ other days of the week. 2 ficiently repetitive to be considered a new Adjustment for seasonal variation. In pattern. most monthly production series, as in many other types of monthly or weekly data, there Even for historical periods seasonal deterare more or less marked patterns of fluctua- minations must be based in part on judgment tion during the course of the year which rather than on validated facts or rigid fortend to be repeated in successive years, al- mulas. At times the uncertainties attaching though in the postwar period these patterns to calculation of seasonal factors for particuhave been particularly difficult to isolate. lar series may be too great to make the results Seasonal variations are usually related, di- 12 This method is described in the BULLETIN for June 1941, rectly or indirectly, to patterns of weather pp. 518-528. It is used for determining seasonal factors for and to social customs associated with par- most series seasonally adjusted in the Federal Reserve System. 1262 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL PRODUCTION useful. As at many other points, the question a work stoppage in the steel industry. Inof alternatives is always in the foreground. dexes for other months—including March, Unusual difficulties have been encountered which has tended to be too high, and Decemwith postwar seasonal adjustments for the ber, which has been too low—have also inproduction index. At the beginning of dicated inadequate adjustment. World War II seasonal adjustments were New seasonal adjustment factors have been discontinued for many output series, as re- developed for the industrial production index petitive peacetime variations disappeared as part of the revision. The implied 1952 under the pressure for continuous high levels factors for the new and old total index are of production. It was planned to return to compared in the table and in the chart on varying factors when more normal patterns page 1242. These implied factors are derived again became apparent. But the early postwar period was marked by another set of SEASONAL VARIATION IN TOTAL INDEX, 1952 abnormal circumstances associated with re- New Old Month index index conversion problems, shortages, and longdeferred demands. Other developments, January 98.9 98.0 Febru iry 101.0 98.2 such as the rapid spread of summer vacations March 101.8 99.0 April 100.1 99.5 in many industries, made it clear that when May 99 1 100.2 June 100.4 101.0 postwar seasonal patterns did emerge, they July. 94 2 100 1 August 100.0 102.1 September 101.7 101.7 would in many cases be substantially dif- October 103.0 101.9 November 101.0 100.0 ferent from earlier ones. December. . . . 98.5 98.9 By the spring of 1950 sufficient historical data had been accumulated to permit new by dividing the monthly indexes without seaseasonal calculations, and the factors were sonal adjustment by the corresponding seareviewed for all index series and revised sonally adjusted indexes, with a special allowwhere necessary. Before the results could be ance in the seasonal factors for the old index incorporated in the published index, how- for the change in treatment of holidays. ever, hostilities broke out in Korea. It was The differences between the new and old then decided not to publish the results be- implied seasonal factors reflect not only recause it seemed probable—as has been partly vised estimates of the amount of fluctuation confirmed by experience—that the new fac- that is attributable to seasonal forces but also tors would again be inappropriate in many the many revisions that have been made in cases. the unadjusted monthly series. The amount As a consequence of the continued lack of of seasonal variation evidenced by different seasonal adjustment in some lines and the types of data varies, and the new index series use of old factors in others, the published taken together show somewhat different seaseasonally adjusted production index has sonal fluctuations from the old. shown a large amount of seasonal variation A change in seasonal adjustment procesince World War II. The indexes for July dures has been introduced to facilitate a have repeatedly been significantly lower than more flexible review program in the future. those for adjacent months. The July decline In the old index all individual monthly series in 1950 was limited by the Korean develop- were separately adjusted for seasonal variament, while that of 1952 was accentuated by tion and were combined to obtain the ad- DECEMBER 1953 1263 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL PRODUCTION justed subtotals and totals, including those The comparison base was also brought up for major industry groups. In the new index to date in the 1940 revision of the index. seasonal adjustments are determined directly Although it is desirable to avoid very short for each of the 26 major group indexes, and periods as well as longer periods of uniformly the adjusted indexes for the major divisions prosperous or depressed conditions, the use and the total are obtained by aggregating of any period as 100 does not imply that the adjusted group indexes. The new sea- the period is regarded as normal, ideal, or sonal factors for the 26 major groups are even average. A recent period is preferable shown in the table beginning on page 1292. to one in the more distant past as a basis for comparing current output levels, and a Selected individual series are also being change in base period is called for periodiseasonally adjusted for other purposes. These cally. For one reason, it is more convenient adjusted series for individual products and to work with numbers fairly near 100. Also, industries will not be used currently in oba recent base period narrows the range of taining the adjusted group indexes or larger variation among series that results from difaggregates. ferent rates of growth, and it is desirable for The old procedure required simultaneous purposes of analysis to have component inreview and revision of a very large number of dexes of roughly the same order of magnicomponent adjustments to insure reliable tude. Many of the figures used, moreover, revisions in the totals. The size of this operaincluding those for newly developed prodtion militated against frequent revision and ucts, are available only for recent periods. would have done so to a much greater ex- The change to a 1947-49 base will facilitate tent for the new index, which has almost comparisons of the production index with twice as many series as the old. It is beother data because most other Federal stalieved that the advantages of flexibility in the tistical agencies are also using this base, in new procedure outweigh any technical suaccordance with a general recommendation periority which may be inherent in the procof the Office of Statistical Standards of the ess of obtaining adjusted subtotals and totals Bureau of the Budget. as combinations of adjusted individual series. In the years 1947-49 industrial production Seasonally adjusted group indexes, as comas measured by the old index was approxiputed directly, will be compared from time mately 185 per cent of the 1935-39 level. The to time with group indexes computed from change to a postwar base, making 1947-49 seasonally adjusted component series, as part equal 100, therefore, has the rather striking of continuing experimentation relating to effect of cutting the current index numbers this problem. for total industrial production almost in half. This change, however, unlike the revisions COMPARISON BASE PERIOD in basic series or the change in weight period, The total index and its components are has no effect in itself on the percentage relaexpressed in terms of relatives to a com- tionships between any two months or years in parison base period, or 100 level. This base the index. An increase from 125 to 130 in period has been changed from the average the new index would be the equivalent of an of the five prewar years, 1935-39, to the increase from 231 to 240 in the old index. average for the three postwar years, 1947-49. Users can readily recalculate the index to 1264 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL PRODUCTION another base period, if desired, by dividing Standard Industrial Classification. The the published indexes on a 1947-49 base by industry classification used in the new index the index number (on the same base) for is the latest Standard Industrial Classification. the year, or average of years, which they pre- This classification was developed by techfer as the base period. nical committees working under the auspices of the Bureau of the Budget and is now used generally by Federal agencies compiling in- CLASSIFICATION OF SERIES dustrial statistics as well as by many pri- The usefulness of the component parts of vate business concerns and trade associations. production indexes and other economic sta- Several principles of classification are foltistics, and their suitability for the various lowed, including consideration of the types purposes to which they might be put, are of materials used, the stage of fabrication, greatly influenced by the classification folthe processes employed, and the end-use of lowed. The principle of organization may the products. be along the lines of major materials used, The standard classification was adopted in markets for products (defined in various the new index mainly for the purpose of ways), types of processes or equipment emachieving comparability with other indusployed, stages of fabrication from raw matetrial statistics, both for the convenience of rial to finished goods, some combination of users and for the ready incorporation of unthese, or other principles. derlying data, which are arranged in terms Whatever the classification, the general of the SIC. Such data include the valueusefulness of data is greatly enhanced if other added statistics of the Census, used for data which may be used in conjunction with weights, the industry figures in the Census them are similarly organized so that compo- Bureau's Annual Survey of Manufactures, nents are directly comparable. A basic and and the Bureau of Labor Statistics man-hour often determining consideration is that the figures. classification be realistic in conforming to the The present SIC differs in a number of structure of industry and to the nature of respects from the classification followed in business records so that data can be reported the old index, which for the manufacturing with reasonable accuracy on the basis estabsector was a somewhat modified version of lished. Not all potentially useful classificathe classification used in the 1937 Census of tions are equally feasible. Manufactures. In the SIC, manufacturing For measures such as the industrial proindustries are divided into 21 major groups, duction index, which are based on data com- as compared with 16 in the old index. piled by others, the question of feasibility Mining industries are organized in 5 groups concerns the forms in which these data are in contrast to 2 in the old index. The apmade available. They are sufficiently varied, proximate correspondence of the new major and in general our modern economic system groups with those of the old index is shown is sufficiently complex, to make a purist posi- in the table on page 1274. tion untenable; questions of classification, The major industry groups of the SIC are like many other questions, must be resolved assigned two-digit code numbers, running in terms of whether the approximations pos- from 10 to 14 for mining and from 19 to sible are close enough to be useful. 39 for manufactures. These are divided into DECEMBER 1953 1265 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL PRODUCTION subgroups, with three-digit code numbers, manufactures and tobacco manufactures. the first two digits of which correspond to The major groups in mining are organized those for the major group. The subgroups under mineral fuels and metal, stone, and are divided further into four-digit industries. earth minerals. These added levels of sum- For index components below the major mary should prove useful for many analytical group, or two-digit level, the SIC is fol- purposes. lowed to the extent feasible, which was The order of the SIC groups for manugreater for the annual indexes, with their facturing industries has been rearranged to more elaborate detail, than for the monthly facilitate use of the durable-nondurable measures. grouping. The basis for this grouping, as The main departures in the index repre- the words imply, is the period for which a sent consolidations of SIC industries, made product will survive in normal use. This necessary by the unavailability of sufficiently division of manufacturing output has proved detailed data for estimating output changes valuable since it was first introduced in the of the component industries. In a few cases, index in 1939, because variations in produchowever, a number of which are in the tex- tion are often markedly different for the two tile mill products group, deviations from types of goods. the SIC which were found necessary or de- Consumer purchases of durable goods, sirable in the 1947 Census of Manufactures such as autos, appliances, and furniture, and have been followed in the index. Where business purchases of equipment can be applicable, the SIC numbers corresponding postponed much more readily than can to each of the monthly series are shown in purchases of other goods, because existing the table beginning on page 1280. stocks of these goods in the hands of final Additional subtotals. Indexes for certain users are ordinarily large and requirements groupings supplementary to the SIC are pro- for their replacement are flexible. As a vided in the tables, including combinations result, durable goods production tends to of related SIC groups and subtotals for dur- fall more than production of nondurables able and nondurable goods manufacturing in periods of recession and to rise more industries. Certain of the combinations, such during recovery. Strictly speaking, all maas of textile mill products and apparel and terials bought by business for processing are allied products, and of electrical and non- nondurable but, because their rate of output electrical machinery, will facilitate compar- depends largely on the output rate of the isons with components of the old index for finished goods into which they are made, earlier years although the comparisons will it is useful to group them according to the be approximate. In manufactures, subtotals durability of the latter. are shown also for the six metal fabricating As in the past, entire major groups are groups; stone, clay, and glass products and classified as either durable or nondurable, lumber and products; furniture and fixtures and the particular classifications used in the and miscellaneous industries; rubber prod- new index correspond to those of the old, ucts and leather and products; paper and except that the miscellaneous manufactures allied products and printing and publishing; and instruments groups, which were not chemicals and allied products and petroleum separately represented in the old index, have and coal products; and food and beverage been classified under durables. 1266 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL PRODUCTION A more refined procedure would be to make both finished goods and materials, the classify individual series rather than whole latter either for their own use or for sale, groups as durable and nondurable. This and many make finished goods for sale in would involve transfers of such series as floor both consumer and business markets. While coverings from the predominantly nondur- the stage of fabrication and the type of marable textile mill products group to durables ket were given important consideration in (floor coverings are included in the Board's establishing the industry definitions of the separate index of output of major consumer SIC, the extent of separation possible was durable goods); tin cans and glass containers, limited in many cases by this mixed nature which are primarily materials for packaging of plant output. nondurable goods, from their predominately The classifications of the industrial produrable groups to nondurables; and so forth. duction index, in conforming generally to Difficulties soon would be encountered in the SIC, follow the industry lines established. pursuing refinement on this basis, partly For many industries, however, available debecause many materials are used in making tail by product permits in some cases a better a broad variety of final products. separation by stage and market. In con- The separation at the major group level, structing the new annual and monthly index while approximate, has proved exceedingly series, efforts were made to develop separate useful in analysis. It has been continued series on these bases where possible. partly to maintain historical continuity with Separation of products within industries is, the indexes for the period before 1947, and to of course, not feasible where product data are maintain comparability with similar group- not available and the indexes are based on ings now being used for other economic industry data, such as man-hours, but apstatistics. proximate groupings can be obtained by Supplementary groupings. Despite its classifying detailed individual industries acmany advantages, the Standard Industrial cording to the predominant nature of their Classification does not readily provide certain products. This was done for a number of types of useful groupings, including a segre- the industries which are represented monthly gation of activities concerned with the final by man-hour data, mainly industries in the processing of goods from activities connected metal fabricating groups and predominantly with semifabricated products and materials, making finished producers' equipment or and a segregation of finished goods process- parts and materials. Within the limits set by ing between consumer-type products on the the detail in which the data were available, one hand and producers' equipment and separate man-hour totals were compiled for goods purchased by the Government for those affected industries of each of the groups military purposes on the other. Such group- mainly making finished equipment, and ings, and others, would greatly facilitate those mainly making unfinished goods. Betanalysis. ter assignments were possible starting in 1951 The SIC does not readily yield groupings because the Bureau of Labor Statistics has on this basis because it is an industry, rather made available man-hour data in four-digit than a product, classification; that is, the industry detail, rather than on the predomibasic unit is the establishment or plant, rather nantly three-digit basis used for earlier years. than the product. Many individual plants These man-hour series were in turn adjusted DECEMBER 1953 1267 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL PRODUCTION to similar combinations of annual indexes, to the industry. The industry data include which have more accurate assignments made secondary products as well as primary; and possible by the availability of additional de- they do not include the part of primary tail. product output which occurs as secondary Further experimentation with special production of other industries. groupings along these lines is now being The lack of identity between industry and conducted. product data is a source of difficulty because Industry-product problems. A perennial figures classified on the two bases can show problem in making and using production quite different changes over time. A rise indexes, as well as other types of economic in output figures for an industry may be due statistics, arises because of differences be- to an increase in output of secondary prodtween data organized on "industry" and ucts, with no change in primary product out- "product" bases. In the SIC, industries are put; a decline in figures for primary prodgenerally defined as groups of establish- ucts may reflect contraction of secondary outments, or plants, manufacturing specified put in other industries, with no change in products, and to the extent possible these the activity rate in the industry mainly condefinitions conform to the structure of in- cerned with the specific products. Because dustry; that is, the lists of products set forth the overlap of products is often with closely for the various industries generally reflect related industries, such differences ordinarily actual patterns of plant output. However, are not important for large aggregates such there is great variety in the particular sets as major industry groups, but the differences of products made by individual establish- may become of increasing importance as ments, with many plants making products smaller categories are considered. Even for belonging to several industries. For example, the bigger aggregates the differences can be seamless and full-fashioned hosiery mills are important at times—especially in the metal classified in separate industries, but some fabricating area. During the war for inmills make both types of hosiery. These stance, and to a lesser extent more recently mills must be classified in one industry or in connection with the defense program, imanother according to the products which portant amounts of military goods have been account for the largest part of the value of made as secondary products in plants pritheir output. Such products are known as marily engaged in fabricating peacetime the "primary" products of the plants and of metal products. the industries to which they are assigned. While some types of figures, such as value The products made in these plants which of sales, are often available on both industry belong to other industries—for example, and product bases, other figures usually are seamless hosiery made in mills mainly pro- available on only one of the two bases. Thus, ducing the full-fashioned type—are known monthly data on employment or materials as "secondary" products. consumed usually are reported only on a Because of the overlap of products among plant-wide basis and can therefore be tabuindustries, data organized on an industry lated only in terms of industries. On the basis—that is, relating to all plants classified other hand, data on prices and quantities of in the industry—usually cannot be identified particular goods produced almost invariably exactly with data for the products primary are compiled without regard for industry of 1268 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL PRODUCTION origin. When data tabulated on different PROBLEMS OF MEASURING DEFENSE bases are used together, there frequently is a PRODUCTION serious problem of distinguishing between Since Korea a large proportion of induseffects of the tabulation bases and more sigtrial resources has been devoted to producnificant factors. tion of military goods. The problems of As a measure using an industry, rather measuring changes in output of these prodthan a product, classification, the industrial ucts are substantial. They range from data production index might be built up altoproblems to basic questions about relative gether from data which are compiled on valuations for military and civilian goods, an industry basis. The Census value-added taking into account fundamental differences data used for weighting are, indeed, of this between their markets and end-uses.14 sort. For output series, however, the pref- In general, representation of output of imerence for industry data runs counter to the portant military products must be highly fact that the types of data usually available approximate. In part this reflects the fact on such a basis—e.g., industry value figures, that data are not available in sufficient dematerials consumed, and man-hours—are intail to permit anything but rough solutions herently less reliable for production measureto the most significant measurement probment, even after adjustments for price lems. In the new as in the old index, outchanges and so forth, than well compiled put of those military goods which are similar data on physical output, which ordinarily are to goods made for civilian use—such as not tabulated by industry of origin. foods, automotive gasoline, and building In developing the production index, quansupplies—is in general not differentiated tity of output figures were usually selected from output of the corresponding civilian in preference to the other types of data degoods. One exception to this is the special spite the fact that they did not usually treatment accorded certain items of military correspond exactly to the industry concept apparel. These particular items are not covdesired, unless they also suffered from other ered by regular Census reports on apparel deficiencies, such as inadequate coverage. production, but they have been included Because adequate quantity figures are not in the index on the basis of procurement available in all cases, however, both product data. and industry series are used in the index. In the index of major consumer durable goods, There is a gradation of military goods which is designed as a product measure, the from items identical to the civilian goods, use of some industry data was also found through more or less modified counterparts, necessary, in the case of furniture. ^Census of Manufactures: 1947, Indexes of Production, In the 1939-1947 benchmark index study, U. S. Government Printing Office, Washington, D. C, 1952, Appendix D. measures were developed on both product 14 Extensive discussion of technical and conceptual proband industry bases. The latter were used in lems involved in measuring output of military products was the benchmark adjustments made to the precipitated during World War II when decisions on treatment of such output had important effects on over-all output manufactures component of the industrial measures. For a discussion of the treatment of munitions production index. A full discussion on this production in the old index during the war, and various questions raised at that time, see Frank R. Garfield, "Meassubject is included in the volume describing urement of Production Since 1939," Journal of the American these measures.13 Statistical Association, December 1944. DECEMBER 1953 1269 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL PRODUCTION to the predominant category of special or industry group. After mid-1950 output exuniquely military items. Some products in panded sharply and, despite expansion of the category of modified counterparts, such specialized ordnance facilities, defense reas military radar and other electronics equip- quirements have been met in large part ment, are also measured in combination with through contracts with producers in other civilian goods—in the case of electronics metal fabricating industries, where military apparatus by deflated value data which also items have been made as secondary products. include commercial equipment of this gen- Methods of representing this secondary eral type. The uniquely military items, or production of ordnance and other combat combat materiel, such as tanks, artillery and materiel in the metal fabricating area differ shells, combat aircraft, and guided missiles, in the various industries, depending on are nearly all fabricated metal goods, as are whether the annual indexes are based on many of the other types of military goods. aggregate industry data, such as deflated In the revision work considerable attention value of shipments or metals consumed, or has been focused on the metal fabricating on physical quantity of output data for priindustries and, within the limits imposed by mary products. The relation of industry and the nature of the available data, a number of product data is discussed on pages 1268-69. changes have been made which are designed Where the basis is aggregate industry to improve the representation for various data, all secondary production is included military products. in the underlying data and output of mili- As discussed elsewhere, new annual and tary equipment is not treated separately. monthly indexes have been developed from Where the annual indexes are based mainly adjusted man-hour and employment data for on industry value figures, the price indexes the ordnance and accessories industry group used to adjust them ordinarily refer to the of the Standard Industrial Classification. civilian goods made in the industry. When This group covers establishments primarily the military goods are first made in the inmaking products such as artillery, ammuni- dustry, their prices would presumably be tion, tanks, and small arms. Separate meas- high relative to prices for goods typically ures are calculated for private manufacturing made in the industry; subsequently, with establishments and for facilities owned and expansion in military output, prices of such operated by the Federal Government. New items would presumably decline. The net indexes are also included in the chemicals effect would seem to be an overstatement group for atomic energy manufacturing ac- of output of the military items at the early tivities, and in the transportation equipment stages, when it would have represented a group for private and Navy shipyards and very small part of the industry's output, and for aircraft and aircraft parts, where much of later to be an understatement. Where metals recent activity has been in connection with consumption data form the main basis of the military goods. Except for private shipyards annual indexes, production of military equipand aircraft, these indexes are also based on ment may well be understated because the adjusted man-hour or employment data. military products often are more highly fabri- From 1947 to mid-1950 production of cated than their civilian goods counterparts. ordnance was in small volume and was About 25 metal fabricating industries are confined almost entirely to the ordnance represented annually by primary product 1270 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL PRODUCTION data, in most cases relating to physical quan- uct data. The adjustment factors are monthly tities of output. These include, among interpolations of the ratios between the anothers, motor vehicles, farm machinery, ma- nual production indexes and annual manchine tools, and refrigeration machinery. hour indexes, and hence would reflect not For these industries separate quarterly esti- only changes in output per reported manmates of the secondary production of com- hour but also differences due to the exclusion bat materiel have been derived, beginning of secondary military equipment from the with the fourth quarter of 1950, by com- annual indexes and other possible classificaparing quarterly data on the value of second- tion differences. ary production of combat materiel in the Because of the ways in which secondary industry with value figures for primary prod- production of combat materiel is repreuct output. These quarterly estimates have sented, the component indexes for the metal been combined for the affected industries in fabricating groups are not wholly comparaeach of 5 major groups of metal fabricat- ble with each other. For instance, the index ing industries. shown for the motor vehicle industry— Monthly approximations are obtained from autos, trucks and parts—does not include the quarterly estimates by interpolation and secondary output of combat materiel, nor do extrapolation and are included in each of the those for farm machinery; machine tools and 5 major group indexes. The series are in- presses; furnaces, gas ranges and heaters; dicated in the table beginning on page 1280 railroad cars; and tin cans. On the other under the title, "Military items n.e.r. (not hand, such output is included in the indexes elsewhere represented) in group," which ap- for stampings and miscellaneous metal prodpears as the last item in the list for each of the ucts; other industrial and commercial mametal fabricating groups, and the industries chinery; and electrical apparatus and parts, to which the estimates apply are shown in which are based mainly on industry data, the column describing the monthly series. both annually and monthly. The procedure involves the same general assumption—and thus has similar biases—as WEIGHTS that used where total industry value of ship- The component series of the index are ments formed the basis of measurement; that combined with weights, or measures of relais, that price changes are similar for military tive importance, based on the value added to and civilian goods made in each industry. purchased materials in the process of fabri- Some of the industries for which annual cating them into finished or more nearly indexes are based on primary product data, finished goods. The weights of the new inincluding farm machinery and machine tools dex, for the period starting in 1947, are deand presses, are represented monthly by in- veloped from value-added data for the year dustry man-hour data, which include man- 1947, in place of the 1937 figures formerly hours for secondary as well as primary pro- used. duction. Duplicate representation of sec- As indicated earlier, the total index and ondary production of combat materiel in the the indexes for major divisions for the period monthly group indexes is avoided, however, from 1939 through 1946 are adjusted to because these man-hour series are adjusted benchmark measures with average valuato annual indexes based on primary prod- tions from 1939 and 1947. For the in- DECEMBER 1953 1271 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED FEDERAL RESERVE MONTHLY INDEX . OF INDUSTRIAL PRODUCTION dexes before 1939 the old weight periods are fabrication, value-added data are used for unchanged, with 1937 valuations used from weighting in preference to gross-value figures 1930 through 1938, 1923 valuations from because they reflect each industry's (largely) 1923 through 1929, and average 1919 and unduplicated contribution to total output. 1923 valuations from 1919 through 1922. Gross value of output, which includes mate- The value-added data for manufacturing rials costs, reflects also the contributions made industries used in the new index are taken by producers at all earlier stages of fabricamainly from the 1947 Census of Manufac- tion, which are represented elsewhere in the tures. Corresponding data for mining in- index insofar as they represent other manudustries are based largely on estimates for facturing or mining activities. Gross-value 1947 prepared in the Division of Interindus- weights would often be preferred for meastry Economics of the Bureau of Labor Sta- ures confined to a single stage, such as fintistics, in the course of their input-output ished commodities. The Board's index of studies. output of major consumer durable goods is In a general sense the weight data reflect a measure of finished goods, with weights the relative valuations placed on the various based on gross-value data. industrial activities in the market place dur- The Census of Manufactures shows valueing the period from which they are drawn. added data only for entire industries, and not The weight period has been advanced 10 for individual products of each industry, for years to the latest date for which comprehen- which only gross-value figures are shown. sive Census information is available, so that Value-added data are difficult to compile for the relative valuations embodied in the index individual products mainly because of the will more nearly reflect current economic difficulty of allocating the costs of common conditions. The many economic, techno- inputs to the various products made from logical, and social factors which determine them; often this can be done only by arbiprices and costs are different today from trary means. those prevailing before the war, and the Value added in the manufacture of indidata available for 1947 appear to reflect rea- vidual products has been estimated in most sonably well the relative valuations prevail- instances under the general assumption that ing in the period since then. As with the value added is proportional to gross value, comparison base period, an "up-dating" of and the reported value added for each inthe weights was also made in the last compre- dustry has been distributed among the comhensive revision of the index, in 1940, and it ponent product series on this basis. The is expected that further changes will be gross-value data for such estimates also have required in future revisions. been drawn largely from the 1947 Census. The value-added figures from which the More refined estimates of value added, made weights for manufactures are developed are by various means, have been employed in calculated in the Census by subtracting from a few industries. These include meat packeach industry's gross value of products the ing, certain paper converting industries, cost of materials, supplies, containers, fuels, copper rolling and drawing, and nonferrous purchased electric energy, and contract work. castings. For radio and related products and In the industrial production index, as in the drugs and medicines industries, some of most indexes covering successive stages of the gross-value data used for estimating value 1272 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL PRODUCTION added were taken from a year subsequent to the major groups of the new index—shown 1947 because the high prices associated with on the left side of the table—are combined the relatively small volume of output of tele- in some cases into groupings that may be vision and certain drugs in 1947 were not identified approximately with those of the considered representative for later years. old index structure—shown on the right side The 1947 Census did not cover Army of the table. In the second figure column, manufacturing arsenals, Navy ordnance the relative importance of old index groups plants and shipyards, and atomic energy in the 1947-49 period is shown under the manufacturing activities, and it was neces- heading, "old index, 1947-49 proportion." sary to estimate 1947 value added in these The third figure column of the table shows cases. The estimates were based on 1947 the 1935-39 base period proportions for the man-hour or employment data for the af- old index. The marked shift in relative imfected establishments, and information on portance of the various components in the value added per man-hour or per employee old index from 1935-39 to 1947-49 reflects in related industries covered by the Census. the very great differences in rates of output In the old index, gross-value rather than growth over that period. value-added data were used for weighting The differences shown between the 1947-49 the minerals industries, both for internal proportions for the old and the new index combinations of series within mining and reflect to a large extent the effects of the for combining minerals with manufactures. shift from 1937 to 1947 valuations in weight- This was done on the assumption that gross ing individual series. In addition to the value and value added would not be very shift in the weight period, however, the comdifferent in extractive industries. The esti- parisons are affected by (1) the substitution mates of value added for minerals used in the of value-added for gross-value data in minnew index indicate that the difference, while erals; (2) direct representation in the new less than in most manufacturing industries, index of stone and earth minerals which were is greater than had been assumed.15 indirectly represented by the old minerals The weights for individual series in the index; (3) inclusion in the new index—and new index are shown under the heading classification with durable manufactures—of "1947-49 proportion" in the table beginning direct measures for two major manufacturon page 1280. In the table on the next page, ing groups, instruments and miscellaneous the weights are summarized for major divi- manufactures, which in the main were indisions and for major groups or selected com- rectly represented in the old index by the total binations of them. These are shown in the for manufactures; (4) some differences in first figure column, under the heading, "new coverage between matching groups shown in index, 1947-49 proportion." the table, as, for example, the classification of The table has been designed to permit aircraft engines under transportation equipcomparison of the relative importance of ment in the new index, and under machinery similar groupings, and also of the group in the old index, and the inclusion of some of structure, in the new and old indexes. Thus, the industries in the new instruments and miscellaneous manufactures group in the old 15 The main deductions from gross value in deriving value nonferrous metals and machinery groups; added for minerals industries were the costs of supplies, fuels, and purchased electric energy. and (5) differences in the old index levels in DECEMBER 1953 1273 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL PRODUCTION 1947-49, relative to 1937, as compared with leum and natural gas, and also to the marked the levels of the new indexes. reduction in the relative importance of metal mining. The change from gross-value to value- The 1947-49 relationship of durable to nonadded data for weighting minerals is the durable manufactures in the new index difmain factor in reducing the relative imporfers little from that in the old index. Howtance of minerals in the new index, from ever, continuation in the new index of the 12 to 10 per cent of the total in 1947-49, and same relative position of durable manufacincreasing the relative importance of manutures in total industrial output results in part factures. This change in type of weight and from the inclusion under durables of instrualso the addition of a direct measure for ments and miscellaneous manufactures, prestone and earth minerals make it difficult viously split, in effect, between durables and to assess directly the effects on the weights nondurables. of shifts from 1937 to 1947 valuations. How- Despite problems of comparability between ever, the shift in weight period has apparthe new and the old classifications, the table ently contributed to the small increase in reveals a general tendency for the 1947 the weight for coal relative to crude petro- weight-period unit valuations to be relatively RELATIVE IMPORTANCE OF MAJOR GROUPS IN NEW AND OLD INDEXES New index Old index 1947-49 1947-49 1935-39 Major group pro- pro- pro- Major group portion portion1 portion Industrial Production—Total 100.00 100.00 100.00 Industrial Production—Total Manufactures—Total 90.02 87.96 84.80 Manufactures—Total Durable Manufactures 45.17 44.22 37.93 Durable Manufactures Primary metals 12.43 14.47 13.81 /Iron and steel Fabricated metal products \Nonferrous metals and products Nonelectrical machinery Electrical machinery 13.96 15.45 10.81 Machinery (incl. Government arsenals) Ordnance and accessories Transportation equipment 7.54 7.73 5.92 Transportation equipment Instruments and related products 1.29 (2) Stone, clay, and glass products 2.82 3.25 3.00 Stone, clay, and glass products L Fu um rn b it e u r r e a n a d n d p r f o ix d t u u c r t e s s 4.73 3.32 4.39 Lumber and products Miscellaneous manufactures 2.40 (2) Nondurable Manufactures 44.85 43.74 46.87 Nondurable Manufactures Textile mill products 11.87 9.72 11.22 Textiles and products Apparel and allied products Rubber products 1.47 1.54 1.39 Rubber products Leather and products 1.73 1.37 2.28 Leather and products Paper and allied products 3.46 2.70 3.13 Paper and paper products Printing and publishing 5.47 5.27 6.44 Printing and publishing Chemicals and allied products 6.84 8.42 6.27 Chemical products Petroleum and coal products 2.50 2.39 2.14 Petroleum and coal products Food and beverage manufactures 10.73 11.24 12.76 \ ( A M lc a o n h u o fa li c c t u b r e e v d e r f a o g o e d s products Tobacco manufactures .78 1.09 1.24 Tobacco products Minerals—Total 9.98 12.04 15.20 Minerals—Total Mineral fuels: Fuels: Coal 2.68 3.01 4.31 Coal Crude oil and natural gas. . 5.67 7.66 8.70 Crude petroleum Metal mining .82 1.37 2.19 Metals Stone and earth minerals .81 1 Obtained by dividing the "points" contributed by each major group to the total index in 1947-49 by the average of the total index for those years. 2 Not directly represented in old index. 1274 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL PRODUCTION lower than the 1937 unit valuations for prod- of output of major consumer durable goods, ucts of the industries which grew most be- as revised, will be identical to a correspondtween 1937 and 1947, and to be relatively ing series in the new industrial production higher for those that grew least between these index. In the major consumer durable goods two years. Thus, among durable groups the index, however, as noted earlier, individual relative importance in 1947-49 of lumber series are combined with gross-value weights and products is much greater under the new rather than value-added weights of the type weighting, and there is a significant reduc- used in the industrial production index. tion in the importance of certain metal These two weighting systems are designed groups. With expansion of lumber output to serve different purposes. An index in limited by supply factors in the postwar pe- which series for final products are combined riod, in the face of exceptionally strong dewith gross-value weights is best suited for mand, lumber showed much greater-thanmeasuring the supply of finished goods enaverage increases in price (and value added) tering the market, and for comparing per unit. On the other hand, for steel and changes in such supplies with various other some other metals and metal products, market developments. Measures covering marked expansion in capacity and output, successive stages with value-added weights, with accompanying technological improveon the other hand, summarize the contribuments, acted to limit price increases from tions being made at any one time by pro- 1937 to 1947. ducers at the different stages of fabrication, The generally inverse relationship between including the final stage. relative movements in value added per unit The proportion of the total production and in quantities from 1937 to 1947 is also process for any product which occurs in the exhibited by the reduced importance of final stage depends on the processes perchemicals in the 1947 valuations and the formed in each industry and the degree of increased importance of textiles, leather prodstage-separation considered desirable and ucts, and some other nondurable goods. feasible in defining industries. Gross-value This phenomenon is also apparent within weights and value-added weights for such groups as, for example, in the reduced imfinished products as consumer durable goods portance of synthetic relative to cotton would be roughly proportional in some cases, fabrics in the new measure for textile mill but quite different in others. products. The greatest difference in the relative The subject of weights is discussed further weights assigned to individual series in the in a technical note beginning on page 1276. industrial production and major consumer RELATIONSHIP TO MAJOR CONSUMER DURABLE durable goods indexes occurs in the case of GOODS INDEX autos, which constitute a much larger pro- In October 1951 the Board began regular portion of the total major consumer durable publication of a separate output index for goods index than they do of the same conmajor consumer durable goods. A revised sumer durable goods in the new industrial version of this measure, with somewhat ex- production index. This is mainly because panded coverage, is planned for early pub- separate industry categories are provided in lication. Each individual series in the index the SIC for plants making motor vehicles DECEMBER 1953 1275 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL PRODUCTION and those making motor vehicle parts and In the 1947 Census, the motor vehicle and accessories. Hence, the motor vehicle in- the motor vehicle parts and accessories indusdustry, as defined, performs a smaller pro- tries were combined, and a single valueportion of work done in the whole produc- added figure was shown for these industries. tion process for autos than do the final in- Separate estimates of value-added for finished dustries for most other major consumer vehicles and for parts were made by the Feddurable goods. eral Reserve. TECHNICAL NOTE ON WEIGHTS The subject of weights is one about which for each month are expressed in terms of there frequently is misunderstanding. This relatives to the comparison base period, or is partly because in much of the index num- 100 level. The relatives, or series, are averber literature the word is used in two differ- aged, with each series given the degree of iment senses, corresponding to the two expres- portance corresponding to its proportion of sions of the formula used in the industrial the total in the comparison base period. The production (and many other) indexes—the proportions are based on dollar figures in- "weighted relative" and "aggregative" ex- volving value added per unit in the weight pressions. period and quantities of output in the com- Under the aggregative expression, all parison base period. These proportions also monthly physical volume figures are con- are often—as in this article—referred to as verted into dollar figures by multiplying "weights," but obviously are quite different them by unchanging unit-valuations equal to from unit-valuations. Symbolically, the value added to purchased materials per unit weighted relative expression is: of product. The unit-valuations are drawn ( CJx q47-49P47 \ from a selected weight period—1947, in the q47-40 2 q47-49p47 / case of the new index—and are often re- where the first term within the parentheses is ferred to as "weights." The index would the relative and the second term the weight. be calculated by adding these dollar figures The two symbolic statements are different for each month, and dividing the aggregate expressions of the same formula and yield by the average of similar dollar figures in identical results; the choice of the weighted 1947-49, the comparison base period. Sym- relative expression for the index calculation is bolically, the aggregative expression is: purely a matter of convenience.1 The multiplication of each series by the corresponding weight gives a figure which is the number where q and q -49 represent quantities of of "points" contributed each month by the x 47 output in a given period and in the compari- particular series to the total index, and the son base period, respectively; and p4? rep- sum of all these figures is the total index for resents, the unit-valuations (value added per that month. Indexes for any desired combiunit) in the weight period. nation of series are obtained by adding the Under the weighted relative expression of 1In the weighted relative expression '^47-49" appears in both the denominator of the relative and numerator of the the formula, which is the one used in the weight. When these are canceled, the expression reduces production index, the physical volume data to the aggregative. 1276 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL PRODUCTION appropriate points and dividing their sum ingly reduced; the same higher quantities by the total of the corresponding weights. of the new base are used in the denominator The dollar figures on which the weights of the relative. The series will therefore (in the weighted relative expression) are contribute the same proportion to the total based can be calculated either by multiply- index each month as before the comparison ing 1947 unit valuations by 1947-49 quanti- base change, although a different number of ties, or by adjusting 1947 dollar figures by "points" because the whole level of the inthe differences in quantities between the dex is changed. In the table on page 1274, for single year 1947 and the three-year average example, the old index proportions in 1935-39 1947-49. The latter method is the more con- are shown in the right-hand figure column, venient, and has been used in the index cal- and the old index proportions in 1947-49 in the middle figure column. Both embody culations, partly because some of the series 1937 valuations. If the old index series are are estimated directly in relative form, from converted to a 1947-49 base, and the old index data other than actual output quantities. proportions in 1947-49 are used for com- Each 1947 value added figure (q4 p ) is di- 7 47 bining them, the total index so obtained, on vided by the corresponding relative(j*—\ a 1947-49 base, will have movements identical q 47-4 9 / yielding the dollar figures (q+i-^pn) from to those of the old published index on a which the weights are calculated. 1935-39 base. If either is then converted to Since these weights embody output quan- the same comparison base period as the other, tities of the comparison base period, a shift identical numerical results will be obtained from one comparison base period to another (except for rounding differences). will change the relative importance assigned It is apparent that the significant elements to the various series. Such a comparison in the weights are the unit-valuations. As is base period shift will, of course, affect the clear from the aggregative expression, the level of the index; if output is generally index can be interpreted as a measure of the higher in the new base period—as is the change in value added (in the sectors covcase with 1947-49 compared with 1935-39— ered) at the "constant prices" (of products the index numbers, which express levels rela- and materials) of the weight period.2 tive to the base period, will be proportion- Prices, and consequently value added per ately reduced. unit, change from one time to another, and The shift in the comparison base period, the choice of the weight period to be used however, and the change in the weights in the calculation determines the valuation due to the use in them of quantities from to be assigned to units of each product in the new base period, will have no effect all periods for which the given weight period on the relationship between the index num- is used. Because this choice affects the relabers for any two periods; the month-to- tive importance of products in the index, month percentage changes will remain the 2 The index should not be interpreted as reflecting the same as before. This is because in every changes in value added that would have occurred had prices case where a weight is increased, due to of products and materials actually remained constant at the levels of the weight period. The actual quantities produced the use of relatively higher quantity terms in each period were determined in intimate association with from the new comparison base period, the the actual prices of the period, and had the latter remained unchanged at weight period levels, the production record level of the matching series is correspond- would have been different. DECEMBER 1953 1277 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL PRODUCTION it will affect the movements of the index. sorts of weights may sometimes be wanted. The direction and magnitude of the effect For example, a measure of the change in differs for different comparisons. For the tonnage of output may be desired in conchange between any two periods, the use of nection with certain transportation problems. one weight period will result in a larger rise For this purpose values would be irrelevant, (or smaller decline) in the total index than and the proper weights would reflect the relathe use of another weight period if the prod- tive tonnages of the different types of goods. ucts with relatively higher unit-valuations Such a measure could be shown symbolically, in the weight period used tend to be those in the aggregative and weighted relative exshowing the largest output rises. The mag- pressions, as follows: nitude of the difference will depend partly on how widely the price relationships differ = 2 \q 2 q t / in alternative weight periods and how quan- o o w tity changes for the various components dif- where the subscripts o and w represent the fer—that is, how the component series di- comparison base and weight periods, respecverge. For example, in the Census-Federal tively, and t represents the tonnage per unit Reserve benchmark index study referred to of product. Changes in the output of prodearlier, the output increase found from 1939 ucts which are relatively heavy but inexpento 1947 was 84 per cent, using 1939 valuations, sive would influence the tonnage measure 69 per cent using 1947 valuations, and 74 per more than they would influence a measure cent using average 1939 and 1947 valuations. with dollar weights, so that the movements For some comparisons—over the long of the two indexes might often be different. run as well as the short run—the effect of Another sort of measure is obtained when using different weight periods may be neg- figures on labor requirements are used for ligible. This would be true when the price weighting, as in the following expressions: relationships for the various products are 2 ql similar in the two weight periods or when xw 2 qU the series do not diverge appreciably. It is o important to realize, however, that all move- where 1 represents the labor requirements ments shown may be affected by the choice per unit of product and the other symbols of the weight period. Consequently, valu- are as before. As is apparent from the forations should be reasonably representative of mula, this index measures the changes in the period to which they are applied, and total labor requirements when actual output therefore should be brought up to date quantities in different periods are combined periodically. How often they should be with the unit-labor requirements of the brought up to date depends on the nature weight period. of actual changes in price relationships and This type of index is sometimes used in the extent of divergence in production move- conjunction with indexes of man-hours, for ments. the purpose of deriving one type of produc- The use of dollar figures for determining tivity measure. The man-hours of any period the relative importance of component series can be expressed in terms of the unit-labor reresults in an index of wide general applica- quirements for each product, multiplied by bility. For special purposes, however, other the quantities of the product made; man- 1278 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL PRODUCTION hours in period x — 2 q l . The ratio of a from which it is clear that the measure can x x man-hours index to the index given above be interpreted as an average of changes in for periods x and o is therefore: labor requirements in individual lines, with weights based on proportions of total man- 2 qxk- . 2 qlw x 2 qlo 2 qlw hours. The reciprocal of this measure is a o o different type of productivity measure from If the weight period w is the same as the that derived by relating the industrial produccurrent period x, the ratio reduces to: tion index, which has value-added weights, 2 qlx o to an index of man-hours, as discussed on 2 qlo o page 1260. A productivity measure based on This ratio reflects the change in total labor a production index with value-added weights requirements when actual unit-labor requiretakes into account the changes in output per ments in different periods are combined with man-hour due to shifts in the composition of output quantities of the base period—that is, industrial activity—for example, the substituwhen the composition of output is held contion of oil for coal—whereas such shifts do stant. The equivalent weighted relative exnot affect changes shown by an index which pression is: reflects average changes in unit-labor require- / lx qolo \ ments, or the reciprocal, productivity, in \ lo ' 2 ql/ individual lines. oo DECEMBER 1953 1279 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DESCRIPTION OF SERIES IN INDUSTRIAL PRODUCTION INDEX 1947-49 w W o e r e k k in ly g SIC Source of data and description Description of annual indexes used for tion days No. of monthly series adjusting monthly series levels INDUSTRIAL PRODUCTION- TOTAL 100.00 MANUFACTURES—TOTAL 90.02 Durable Manufactures—Total . . 45.17 Primary metals 6.70 33 Ferrous metals 5.03 Pig iron and steel 3.51 Pig iron .37 7 3311 American Iron and Steel Institute, blast 2 series, for blast furnace production furnace production of pig iron, ferro- of pig iron and ferroalloys. manganese and spiegel, in tons. Steel 3 05 3312,93, 99.92pt Carbon steel 2.62 7 American Iron and Steel Institute, pro- 33 series, based on Census data for net duction of carbon steel ingots (total mill shipments of carbon steel shapes minus alloy) and steel for castings, and forms. in tons. Alloy steel ... .43 7 American Iron and Steel Institute, pro- 23 series, based on Census data for net duction of alloy (other than stainless) mill shipments of alloy and stainless and stainless steel ingots and steel steel shapes and forms. for castings, in tons. (Electric furnace ferroalloys) .09 0) 3313 Represented by "pig iron and steel." Based on American Iron and Steel Institute data for ferroalloy production in electric furnaces. Ferrous castings and forgings 1.52 Iron and steel castings. 1.29 5 332 Census, shipments (for sale and own 5 series, for products included monthly. use) of gray and malleable iron cast- by type. ings and steel castings, in tons. Steel forgings .23 5 3391 Census, shipments for sale, in tons. 4 series, for products included monthly. by type. Nonferrous metals 1.67 Primary nonferrous metals. .38 333 Copper smelting .09 7 3331pt Copper Institute, U. S. mine or smelter 00 production and custom intake, in tons. Copper refining .06 7 333lpt Copper Institute, U. S. refined copper (2) production, in tons. Lead .04 7 3332 American Bureau of Metal Statistics, (2) production by primary refineries of primary and secondary lead, in tons. Zinc .10 7 3333 American Zinc Institute, total smelter (2) production of slab zinc, in tons, minus Bureau of Mines data on secondary production at secondary smelters. Aluminum .09 7 3334 Bureau of Mines, production of primary CO aluminum, in tons. (Magnesium) (3) 0) 3335 Represented by "aluminum." Based on Bur. of Mines production data. Secondary nonferrous metals .13 6 334 Bureau of Mines, total secondary (2) smelter production of secondary aluminum, copper, lead, tin, zinc. and their alloys, in tons. Nonferrous shapes and castings 1.16 Copper mill shapes. . . .63 3351, Copper Institute, total refined copper 3 series, based on Bureau of Mines data 92 pt consumption by U. S. fabricators, in for wire mill consumption of refined tons. copper and on Copper and Brass Research Assn. data for mill shipments of copper tube and other products. Aluminum mill shapes. .20 6 3352 Census, producers' net shipments of 3 series, for products included monthly, aluminum wrought products, in lbs. by type. Nonferrous castings... .33 5 336 Census, shipments for sale and own use, 4 series, for products included monthly, in lbs. by type. !No working day adjustment required. 2Annual index based on same data as monthly index. 3 Less than 0.005. NOTE TO COLUMN HEADINGS.—Series: Products shown in parentheses are represented monthly by series for other products, as indicated in the next to last column. Series in light-face italics are included in published combined indexes but are not published separately. For major appliances and radio and television sets, however, more detailed series are published in the Board's index of output of major consumer durable goods. 1947-49 proportion: Weights assigned to series in calculating combined indexes on the 1947-49 comparison base. Weights shown (proportions of total index in 1947-49) are rounded. Weekly working days: Data used currently for calculating output per working day from reported figures for calendar months or 4- and 5-week periods. In most instances the data shown apply to all years from 1947 to date. SIC No.: Industry code numbers, as listed in the Bureau of the Budget Standard Industrial Classification Manuals, for the activities represented by individual series. Three-digit numbers are shown where there is only one component four-digit industry or where all component four-digit industries are included. Industry numbers are omitted for components below the level of individual industries; for certain combinations where the composition is clear from the detail shown; and for certain series not readily classifiable in terms of the SIC. The following types of abbreviations are used: "3312,93,99," indicating industries numbered 3312, 3393, and 3399; "3421-5," indicating industries 3421 to 3425, inclusive; and "pt" following a number, indicating that a part of the industry's output is represented by the indicated series and the remainder represented elsewhere. Source of data and description of monthly series: Descriptions are given of data reported by compiling agency and any FR modifications of reported data. The data described are reported by the compiling agencies for calendar-month periods except for man-hour figures, which relate to the pay period ending nearest the 15th of the month, and for certain quantity series which, as noted, are reported for twelve 4- and 5-week periods per year. Description of annual indexes used for adjusting monthly series levels: Unless otherwise noted, sources and types of data are the same as indicated for monthly series. SPECIAL ABBREVIATIONS USED: BLS—U. S. Bureau of Labor Statistics; Census—U. S. Bureau of the Census; FR—Federal Reserve; n.e.c.—not elsewhere classified; and n.e.r.—not elsewhere represented. 1280 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DESCRIPTION OF SERIES IN INDUSTRIAL PRODUCTION INDEX—Continued 1947-49 Weekly Series pr t o io p n or- wo d r a k y i s ng S N I o C . Source o o f f m da o t n a t h a l n y d s e d r e ie sc s ription Desc a r d i j p u t s io ti n n g o f m a o n n n t u h a ly l i s n e d r e ie x s e s l e u v s e e ls d for Metal Fabricating 28.52 Fabricated metal products 5.73 34 Structural metal parts 2.68 0) 344,7,8; BLS, man-hours, for fabricated struc- 4 series based on Census production 3429,31 tural metal products; hardware n.e.c; data for metal plumbing fixtures; and sanitary ware and plumbers' supplies; 7 series based on Census value, meta] lighting fixtures; and fabricated wire consumption, and man-hour data and products. Before 1951, total of first BLS price and man-hour data for re- 3 only. maining industries. Stampings and miscellaneous metal products 2.12 (l) 346,9; BLS, man-hours, for metal stamping, 4 series based on Dept. of Commerce 3421-5 coating, and engraving; cutlery and factory shipments data for collapsible edge tools; hand tools; misc. fabri- tubes and Census production data for cated metal products; and, before metal barrels; and 11 series based on 1951, lighting fixtures and fabricated Census value, metal consumption, and wire products; combined by FR into man-hour data and BLS price and 3 series. man-hour data for other industries. Tin cans .30 5 341 Census, factor* shipments, in terms of 00 tons of steel consumed in the manufacture of cans. Furnaces, gas ranges, and heaters .63 3432,9 Furnaces .34 5 Census, production, derived by FR 25 series, for products included monthly, from reported factory shipments and and for heating boilers, floor and wall inventories of warm air furnaces, oil furnaces, range boilers, unit heaters, burners, and domestic heating stoves, and parts. weighted combination. Gas ranges .21 5 Census, production, derived by FR 10 series, for products included monthly, from reported factory shipments and by type, and for other household types inventories of domestic standard- of nonelectric cooking equipment. and apartment-size gas ranges, in units. Gas water heaters .08 5 Gas Appliance Manufacturers Assn. 10 series, for products included monthly, (before June 1953, Census), produc- by type, and for other types of nontion, derived by FR from reported electric water heaters. factory shipments and inventories of under-fired gas storage water heaters, in units. Military items n.e.r. in group , . , 0) FR estimates, beginning January 1951, See preceding column. based on confidential Dept. of Commerce quarterly data for combat materiel made as "secondary" products in SIC industries 341, 343, 3491, and 3496. Output of these products is not included in the annual indexes for these industries, which are based on quantity data for "primary" products. Machinery 13.68 Nonelectrical machinery 9.04 35 Farm and industrial machinery. 8.13 Farm machinery 1.02 0) 352 BLS, man-hours. 199 series, based on Census production data for farm machinery and factory shipments data for tractors, both by type; and on Census value data for parts and attachments, deflated. Industrial and commercial machinery 7.11 Machine tools and presses .68 0) 3541,2 BLS, man-hours, for machine tools and 71 series based on Census factory shipmetalworking machinery (except ments data for machine tools, by type; machine tools). and a series for other metalworking machinery, based on Census quantity, value, metal consumption, and manhour data, and BLS price and manhour data. Other industrial and commercial machinery 6.43 0) 351,3,5, BLS, man-hours, for engines and tur- 62 series based on Census production 7,9; bines; construction and mining ma- data for commercial refrigeration 3561-7, chinery; special-industry machinery; equipment components; and 32 series 69, general industrial machinery; office based on Census value, metal con- 68pt; and store machines and devices; sumption, and man-hour data, and 3543, misc. machinery parts; machine tool BLS price and man-hour data for 82,86, accessories; and commercial laundry, remaining industries. 85pt, dry-cleaning, and pressing machines; 89pt combined by FR into 3 series. Before 1951, approximations to these manhour combinations derived from less detailed data. For footnotes see p. 1280. DECEMBER 1953 1281 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DESCRIPTION OF SERIES IN INDUSTRIAL PRODUCTION INDEX—Continued Series 1 p 9 r t o 4 io p 7 n o -4 r 9 - w W o d e r a e k y k i s n ly g S N I o C . Source o o f f m da o t n a t h a l n y d se d r e i s e c s ription Desc a r d i j p u t s io ti n n g o f m a o n n n t u h a ly l i s n e d r e ie x s e s l e u v s e e ls d for Nonelectrical machinery—Cont. Laundry and refrigeration appliances .69 Laundry appliances .19 3581 Washing machines.... .17 5 American Home Laundry Manufac- 2 series, for products included monthly, turers' Assn., production, derived with FR estimates, based partly on by FR from reported factory ship- Electrical Merchandising data, for outments and inventories of automatic put not reported monthly. and nonautomatic washing machines, in units. Before 1951, monthly inventory changes estimated by FR. Driers and ironers.... .02 5 American Home Laundry Manufac- ditto turers' Assn., production, derived by FR from reported factory shipments and inventories of household driers and ironing machines, weighted combination. Before 1951, monthly inventory changes estimated by FR. Refrigeration appliances. . . .50 3585pt Refrigerators .42 5 Natl. Electrical Manufacturers Assn. 3 series, for products included monthly, and other trade sources, production, by size, with FR estimates, based derived by FR from reported factory partly on Electrical Merchandising shipments and inventories of house- data, for output not reported monthly. hold refrigerators, in units. Freezers .07 5 Natl. Electrical Manufacturers Assn., Based on data for products included production, derived by FR from re- monthly, with FR estimates, based ported factory shipments and inven- partly on Electrical Merchandising tories of home and farm freezers, in data, for output not reported monthly. units. (Room air conditioners and dehumidifiers). . .01 0) Represented by "refrigeration appli- Based on Census and Electrical Merances." chandising factory shipments data for room air conditioners and, beginning in 1950, dehumidifiers. Vacuum cleaners .10 5 3584 Vacuum Cleaner Manufacturers' Assn., (2) factory shipments of standard type vacuum cleaners, in units. (Misc. nonelectrical appliances).. .12 0) 3568pt, Represented by total for "laundry and 4 series, based on Census factory ship- 83,89pt refrigeration appliances" and "vacu- ments data for residential mechanical um cleaners." stokers; Census value data, deflated, for sewing machines; and Electrical Merchandising factory shipments data for dishwashing machines and food waste disposers. Military items n.e.r. in group 0) FR estimates, beginning January 1951, See preceding column. based on confidential Dept. of Commerce quarterly data for combat materiel made as "secondary" products in SIC industries 352, 3541, 3542, 3568, 3581, 3584, and 3585. Output of these products is not included in annual indexes for these industries, which are based mainly on quantity data for "primary" products. Electrical machinery 4.64 36 Electrical apparatus and parts. 3.23 0) 361, BLS, man-hours, for electrical gener- 8 series based on Census production. 3-5; ating, transmission, distribution, and data for lamps; and 15 series based on 3661pt, industrial apparatus; insulated wire Census value, metal consumption, and 4,9; and cable; electrical equipment for man-hour data, and BLS price and 3692,3 vehicles; electric lamps; telephone, man-hour data for remaining industelegraph, and related equipment; tries. primary batteries (dry and wet); and x-ray and therapeutic apparatus; combined by FR into 2 series. Before 1951, approximations to these manhour combinations derived from less detailed data. Radio and television sets .74 3661pt Radio sets .49 Auto radios .11 5 Radio-Electronics-Television Manufac- (2) turers Assn., production, in units. Original data are 4- and 5-week totals. Before 1950 partly estimated by FR. Household radios .38 5 ditto 2 series, for products included monthly, by type. Television sets .25 Table model TV .12 5 ditto (2) Console model TV .13 5 ditto 2 series, for products included monthly, by type. For footnotes see p. 1280. 1282 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DESCRIPTION OF SERIES IN INDUSTRIAL PRODUCTION INDEX—Continued Series 1 p 9 r t o 4 io p 7 n o -4 r 9 - w W o d e r a e k y k i s n ly g S N I o C . Source o o f f m d o at n a t h a ly n d s e d r e ie sc s ription Desc a r d i j p u t s io ti n n g o f m a o n n n t u h a ly l i s n e d r e ie x s e s l e u v s e e ls d for Electrical machinery—Cont. Electric ranges .09 5 362pt Natl. Electrical Manufacturers Assn., 2 series, for products included monthly, production, derived by FR from re- with FR estimates, based partly on ported factory shipments and inven- Electrical Merchandising data, for outtories of standard- and apartment- put not reported mothly. size electric ranges, in units. Electric water heaters .03 5 362pt Natl. Electrical Manufacturers Assn., (2) production, derived by FR from reported factory shipments and inventories of electric storage water heaters, in units. Storage batteries .13 5 3691 Bureau of Mines, consumption of anti- 2 series, for automotive replacement batmonial lead and oxides in storage teries and for original equipment batbattery manufacture, in tons. teries. Replacement battery series based on factory shipments data of Assn. of American Battery Manufacturers, Inc. Original equipment battery series based on Automobile Manufacturers Assn. data for factory sales of autos and light trucks. {Electronic tubes) .15 0) 3662 Represented by "radio and television 12 series (before 1951, 7 series), based on sets." Radio-Electronics-Television Manufacturers Assn. factory shipments data. {Misc. electrical appliances) .27 0) 362pt; Represented by total for "radio and 17 series based on Electrical Merchan- 3663,99 television sets," "electric ranges," dising factory shipments data for "electric water heaters," and small electrical appliances; and 2 "storage batteries." series based on Census value, metal consumption, and man-hour data, and BLS price data, for other industries. Military items n.e.r. in group.. . 0) FR estimates, beginning January 1951, See preceding column. based on confidential Dept. of Commerce quarterly data for combat materiel made as "secondary" products in SIC industries 362, 365, 3661, 3662, and 3691. Output of these products is not included in the annual indexes for these industries, which are based mainly on quantity data for "primary" products. Transportation equipment 7.54 37 Autos, trucks, and parts 4.80 371 Autos 1.50 5 Ward's Automotive Reports, production (2) of passenger cars, in units. Trucks .66 Light trucks .22 5 Automobile Manufacturers Assn., fac- 2 series, for products included monthly, tory sales, trucks of 10,000 lbs. or by weight class. less gross vehicle weight, in units. Medium trucks .19 5 Automobile Manufacturers Assn., fac- 2 series, for products included monthly, tory sales, trucks of 10,001-16,000 by weight class. lbs., gross vehicle weight, in units. Heavy trucks .14 5 Automobile Manufacturers Assn., fac- 3 series, for products included monthly, tory sales, trucks over 16,000 lbs. by weight class. gross vehicle weight, in units. Truck trailers .07 5 3715 Census, production, in units. 14 series, for products included monthly, by type. {Motor coaches) .04 0) Represented by "trucks." Based on Automobile Manufacturers Assn. factory sales data. Auto and truck parts 2.58 0) Automotive Parts Manufacturers Assn., 2 series, for replacement parts and for man-hours. original equipment parts. Replacement parts series based mainly on Internal Revenue Service excise tax data. Original equipment series based on auto and truck output. {Auto trailers) .06 0) 3716 Represented by "autos, trucks, and Based on Trailer Coach Manufacturers parts." Assn. factory shipments data. Before 1949, FR estimates. Aircraft and parts 1.30 372 Aircraft .83 0) 3721 BLS, man-hours. Based mainly on Aircraft Industries Assn. of America, Inc. production data in terms of airframe weight. Aircraft parts .47 0) 3722-9 ditto Based on man-hour data adjusted for changes in output per reported manhour. Adjustments estimated by FR. Ship building and repair .81 Private shipyards .52 0) 3731 BLS, man-hours. FR estimates of "work done" based on dates of keel laying and completion and tonnage data for individual large merchant vessels and naval vessels built in private yards; data on number of small vessels completed; and employment in repair work. Original data obtained from Marine Engineering, Bulletin of the American Bureau of Shipping, Annual Report of the Shipbuilders Council of America, and Dept. of the Navy. Navy shipyards .22 0) Dept. of the Navy, end-of-month civil- Based on man-hour data adjusted for ian employment and quarterly total changes in output per reported mancivilian production worker man-hours hour. Adjustments estimated by FR. in continental U. S. Naval Shipyards. Boat building and repair. . . .07 0) 3732 BLS, man-hours. ditto For footnotes see p. 1280. DECEMBER 1953 1283 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DESCRIPTION OF SERIES IN INDUSTRIAL PRODUCTION INDEX—Continued 1947-49 Weekly SIC Source of data and description Description of annual indexes used for Series propor- working No. of monthly series adjusting monthly series levels tion days Transportation equipment __-Cont. Railroad equipment .53 374 Locomotives .18 0) 3741 BLS, man-hours. Based on Dept. of Commerce unpublished factory shipments data. Railroad cars .35 5 3742 American Railway Car Institute, de- 15 series, for products included monthly. liveries of freight and passenger by type, and for transit equipment train cars, in units. and rebuilt freight train cars. Motorcycles, bicycles, and farm wagons .10 0) 375,9 BLS, man-hours. 7 series, based on Bicycle Manufacturers Assn. of America factory shipments data for bicycles; Tariff Comm. production data (after 1951, FR estimates) for motorcycles; and Census production data for farm wagons. Military items n.e.r. in group. . . 0) FR estimates, beginning January 1951, See preceding column. based on confidential Dept. of Commerce quarterly data for combat materiel made as "secondary" products in SIC industries 371, 374, and 375, and for certain types of combat materiel made as "primary" products in industry 371. Output of these products is not included in the annual indexes for these industries, which are based mainly on quantity data for "primary" products. Instruments and related products 1.29 38 Mechanical and miscellaneous instruments and supplies .95 0) 381-4; BLS, man-hours, for laboratory, scien- 7 series, based on Census value, metal 386 tific, and engineering instruments; consumption, and man-hour data and mechanical measuring and control- BLS price and man-hour data. ling instruments; optical instruments and lenses; surgical, medical, and dental instruments; and photographic apparatus; combined by FR into 2 series. Before 1951, approximations to these man-hour combinations derived from less detailed data. Ophthalmic goods .10 0) 385 BLS, man-hours. Based on Census value and man-hour data, and BLS man-hour data. Watches and clocks .24 C1) 387 ditto Based on Tariff Comm. production data for 1947-50, and Census value data. deflated, for later years. Military items n.e.r. in group.. . 0) FR estimates, beginning January 1950, See preceding column. based on confidential Natl. Security Resources Board data for selected periods, for combat materiel made as "secondary" products in SIC industry 387. Output of these products is not included in the annual index for this industry, which is based mainly on data for "primary" products. Ordnance and accessories .28 Privately operated ordnance plants .12 0) 19 BLS, man-hours. Based on man-hour data adjusted for changes in output per reported manhour. Adjustments estimated by FR. Army and Navy ordnance plants. .16 Army manufacturing arsenals .10 0) FR estimates, based on Dept. of the Based on employment data adjusted for Army data for end-of-quarter civilian changes in output per employee. employment in manufacturing ar- Adjustments estimated by FR. senals operated by the Dept. Navy ordnance plants .06 0) Dept. of the Navy, end-of-month civil- Based on man-hour data adjusted for ian employment in selected Naval changes in output, per reported manordnance plants, and quarterly hour. Adjustments estimated by FR. civilian production worker man-hour totals for all Naval ordnance manufacturing plants. Clay, Glass, and Lumber Products 5.91 Stone, clay, and glass products. . 2.82 32 Glass and pottery products.... 1.09 321-3; 326 Flat glass and vitreous products .60 Flat and other glass. . .47 0) 321,3; BLS, man-hours, for flat glass, products 7 series, based on Census data for fac- 3229pt made of purchased glass, and pressed tory shipments, or value of shipments, and blown glassware, n.e.c. Before deflated, for flat glass, products made 1951, total for glass subgroups minus of purchased glass, and certain types glass containers industry. of pressed and blown glassware. Vitreous and porcelain fixtures .13 0) 3261,4 BLS, man-hours. Before 1953, FR es- 8 series based on Census production timates based on special BLS tabu- data for vitreous plumbing fixtures. lations. and a series for porcelain electrical supplies based on Census value and man-hour data. For footnotes see p. 1280. 1284 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DESCRIPTION OF SERIES IN INDUSTRIAL PRODUCTION INDEX—Continued 1947-49 Weekly SIC Source of data and description Description of annual indexes used for Series propor- working No. of monthly series adjusting monthly series levels tion days Stone, clay, and glass products —Cont. Glass and pottery products Glass containers .26 7 3221 Census, production, all types, in units. 15 series, for products included monthly, by type. Home glassware and pottery .23 Household glassware.. . .08 7 3229pt American Glassware Assn., production 10 series, based on Census factory shipof tumblers, in units. ments data for tumblers, tableware, kitchenware, etc. Household pottery .15 P) 3262.3,9 BLS, man-hours. Before 1953, FR 3 series based on Tariff Comm. producestimates based on special BLS tion data for vitreous china and earthtabulations. enware food utensils for 1947-51 and Census value and man-hour data for later years; and 2 series based on Bureau of Mines data for clay supplied to producers of stoneware and art pottery and flower pots. Cement .32 7 324 Bureau of Mines, production of finished (2) Portland cement, in bbls. Structural clay products .35 325 Brick .12 7 3251pt Census, production of common and face (2) unglazed brick, in units. (Hollow tile) .03 P) 3251pt Represented by "brick." 2 series, based on Census production data for structural tile and hollow facing tile. Clay firebrick, pipe, and tile .20 P) 3253-9 BLS, man-hours, for structural clay 15 series, based on Census production products subgroup minus brick and data for floor and wall tile, sewer pipe, hollow tile industry. drain tile, and clay refractories. Concrete and plaster products. . .48 P) 327 BLS, man-hours. 18 series, based on Bureau of Mines factory shipments data for gypsum products and lime, and on Census value data for concrete products, deflated by BLS price index. Miscellaneous stone and earth manufactures .58 P) 328,9 BLS, man-hours. 18 series, based on production, factory shipments, apparent consumption, or value data from various sources, for abrasive products, asbestos products, gaskets, sand-lime products, graphite, nonclay refractories, exfoliated vermiculite, and sheet mica products. Lumber and products 3.09 24 Logging 15 P) 241 BLS, man-hours. 2 series, based on Census data for lumber cut and for domestic pulpwood receipts at pulp mills. Lumber 2.05 5 242 Natl. Lumber Manufacturers' Assn., (2) lumber cut, board ft. Monthly data for back years adjusted by Assn. to levels of annual Census data. Millwork and plywood .60 243 Millwork .39 5 2431 Fir Door Institute, production of Doug- 3 series, for products included monthly. las fir doors, and Natl. Woodwork Manufacturers Assn., production of Ponderosa pine and hardwood doors and open sash and exterior frames; weighted combination. Softwood plywood .12 6 2432pt Census, production, in sq. ft. 2 series, for exterior and interior grades. (Hardwood plywood) .09 P) 2432pt Represented by "softwood plywood." Based on Census factory shipments data. Wood containers .29 P) 244 BLS, man-hours. 5 series, based on Dept. of Commerce production, shipments, and materials consumption data, respectively, for wooden boxes, cooperage, and baskets. Furniture and Miscellaneous Manufactures 4.04 Furniture and fixtures 1.64 25 Household furniture 1.10 P) 251 BLS, man-hours. 16 series, based on Census value data, deflated by BLS price indexes. Fixtures and office furniture. . . .54 P) 252-9 BLS, man-hours. 8 series, based on Census value data, deflated by BLS price indexes. Miscellaneous manufactures... . 2.40 P) 39 BLS, man-hours, for jewelry, musical 11 series, based mainly on Census value instruments, toys and sporting goods, and man-hour data, and BLS price office supplies, notions, fabricated and man-hour data. plastic products, n.e.c, and such misc. items as brooms, mortician's goods, and advertising signs; combined by FR into 3 series. Before 1951, approximations to these manhour combinations derived from less detailed data. For footnotes see p. 1280. DECEMBER 1953 1285 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DESCRIPTION OF SERIES IN INDUSTRIAL PRODUCTION INDEX—Continued Series 1 p 9 r t o 4 io p 7 n - o 4 r 9 - w W o d e r a e k y k i s n ly g S N I o C . Source o o f f m d o a n ta t h a l n y d s e d r e ie s s cription Desc a r d i j p u t s io ti n n g o f m a o n n n t u h a ly l i s n e d r e ie x s e s l e u v s e e ls d for Nondurable Manufactures— Total 44.85 Textiles and Apparel 11.87 Textile mill products 6.32 22 Cotton and synthetic fabrics.. . 3.72 Cotton consumption 2.30 5 2221pt, Census, consumption of cotton and lin- 9 series, based on Census data for cot- 2,3: ters, in running bales. Original data ton consumption and Textile Eco- 2231 pt; are 4- and 5-week totals. (Monthly nomics Bureau, Inc. data for raw silk 224pt series used in calculating combined deliveries (representing cotton and indexes is adjusted to annual levels, silk yarn production, respectively); but series as published is before ad- Census production data for cotton justment.) broad-woven fabrics; and Thread Institute sales data for cotton thread. Synthetic fabrics .97 5 2221pt, Textile Economics Bureau, Inc., do- 3 series, based on Textile Economics 31pt; mestic rayon and acetate shipments, Bureau, Inc. data for rayon and ace- 224pt including staple and tow, plus staple tate staple and tow consumed in yarn fiber imports, in lbs.; 2-month mov- production; and Census data for proing average placed at second month. duction of tire cord and fabric and Indexes for Dec. 1950 through June for yarns consumed in production of 1951 adjusted by FR to allow for rayon and related broad-woven unusual inventory developments. fabrics. Fabric finishing .45 5 2261 Natl. Assn. of Finishers of Textile Based on Census data for woven fabrics Fabrics, woven fabrics finished (ex- finished (except wool). cept wool), in linear yds., reported by sample of companies. Original data are 4- and 5-week totals. Wool textiles .97 {Wool tops and noils) .06 0) 2211 Represented by "wool textiles." Based on Census data for production of tops and noils. Wool apparel yarns .16 5 2221pt Census, fibers consumed in wool (ex- 2 series, for yarns spun on woolen and cept carpet) yarn manufacture, in lbs. worsted systems (except carpet yarns). Original data are 4- and 5-week totals. Wool fabrics .75 5 2232,62 Natl. Assn. of Wool Manufacturers, 9 series, based on Census production woven cloths finished, in linear yds., data for woolen and worsted fabrics reported by sample of companies, and felts, by type. adjusted to quarterly Census data. Original data are 4- and 5-week totals. Knit goods 1.15 225 Hosiery .65 Full-fashioned hosiery. .45 5 2251 Natl. Assn. of Hosiery Manufacturers, (2) production, in pairs. Seamless hosiery .20 5 2252 ditto 7 series, for products included monthly, by type. Knit garments .50 0) 2253-9 BLS, man-hours, for knitting mills sub- 42 series, based on Census production group minus hosiery industries. data for knit outerwear, underwear, and cloth produced for sale, by type. Floor coverings .48 227 Woven carpets .31 5 2271 Carpet Institute, Inc., production of (2) Axminster, Wilton, Velvet, and Chenille type fabrics, in sq. yds. Tufted and hard-surface floor coverings .17 0) 2273,4 BLS, man-hours, for carpets, rugs, and 3 series, for cotton-tufted carpets, linoother floor coverings subgroup minus leum, and asphalt-base hard-surface wool carpets industry. floor coverings, based partly on information from trade sources. Apparel and allied products 5.55 23 Men's outerwear 1.78 Men's suits and coats .73 231 Men's suits .50 5 Census, number of garments cut. Orig- 2 series, for winter weight and summer inal data are 4- and 5-week totals. weight men's suits. Men's outercoats .13 5 Census, number of garments cut. Orig- (2) inal data are 4- and 5-week totals. {Separate coats and boys' wear) .10 0) Represented by "men's suits and 4 series, based on Census data for men's coats." separate coats and for students', cadets', and junior boys' suits, coats, and overcoats cut. Shirts and work clothing. . .99 5 232 Census, men's shirts, separate trousers, 22 series, for products included monthly work pants, and overalls cut, and for underwear, pajamas, and weighted combination. Original boys' furnishings. Indexes for cerdata are 4- and 5-week totals. tain base period years adjusted by FR on basis of related information. Military garments n.e.r .06 0) FR estimates, based on Defense Dept. See preceding column. annual data (confidential after 1950) in units, for receipts of military garments n.e.r. in group. For footnotes see p. 1280. 1286 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DESCRIPTION OF SERIES IN INDUSTRIAL PRODUCTION INDEX— Continued 1947-49 Weekly Series propor- working SIC Source of data and description Description of annual indexes used for tion days No. of monthly series adjusting monthly series levels Apparel and allied products —Cont. Women's outerwear 1.85 233 Women's suits and coats. . .76 5 2331,7 Natl. Coat and Suit Industry Recovery 11 series, based on Census data for Board, number of "consumer protec- women's and misses' suits, coats, tion labels" sold to manufacturers of blouses, and skirts cut, by type of women's suits and coats, adjusted to fabric. Indexes for certain base quarterly Census data. Original period years adjusted by FR on basis data are 4- and 5-week totals. of related information. Dresses 1.09 C1) 2333,4 FR estimates, based on quarterly Cen- 6 series, based on Census data for unitsus data for unit- and dozen-price and dozen-price dresses cut, by type dresses cut. of fabric. Indexes for certain base period years adjusted by FR on basis of related information. Miscellaneous apparel and allied manufactures 1.92 234-9 Misc. cut and sewn garments. 1.26 0) 234-8 BLS, man-hours. 24 series based on Census data for women's and children's undergarments and children's outerwear cut and sewn, with indexes for certain base period years adjusted by FR on basis of related information; and a series based on man-hour data for total of millinery, fur goods, and misc. apparel, adjusted for changes in output per reported man-hour. Adjustments estimated by FR from changes in output per reported manhour found for other industries in apparel and allied products group. Miscellaneous fabricated textile products .66 0) 239 BLS, man-hours. Based on man-hour data for total of housefurnishings, canvas bags, trimmings, embroideries, etc., adjusted for changes in output per reported manhour. Adjustments estimated by FR from changes in output per reported man-hour found for other industries in apparel and allied products group. Rubber and Leather Products... 3.20 Rubber products 1.47 30 Tires and tubes .70 301 Annual index for total tires and tubes (auto, truck, and bus) based on Dept. of Commerce data for rubber consumption, "transportation segment." Auto tires .40 The Rubber Manufacturers Assn., Inc., See "tires and tubes." production, in units. Truck and bus tires .30 ditto ditto Miscellaneous rubber products. .77 5 302-9 FR estimates, based on Dept. of Com- 10 series, based on The Rubber Manumerce quarterly data for rubber con- facturers Assn., Inc. production data sumption, "non-transportation seg- for rubber footwear; Dept. of Comment." in tons. Before July 1953 merce production data for reclaimed based on similar monthly data. rubber; and consumption of rubber in manufacture of other products, derived by subtracting FR estimates of • consumption for rubber footwear from rubber consumption, "non-transportation segment." Leather and products 1.73 31 Leather .44 311 Cattlehide leathers .29 5 Tanners' Council of America, produc- (2) tion, in number of equivalent hides. Skin leathers .15 5 Tanners' Council of America, produc- 3 series, for products included monthly. tion of all calf and whole kip, goat and kid, and all sheep and lamb skins, in units. Shoes and slippers .90 5 314 Census, production, in pairs. 21 series, for products included monthly, by type. Miscellaneous leather products. .39 C1) 312,3, BLS, man-hours. Based on man-hour data for total of 5-9 industrial leather belting, footwear cut stock, leather gloves, luggage, handbags, etc., adjusted for changes in output per reported man-hour. Adjustments estimated by FR from changes in output per reported manhour found for other industries in leather and products group. For footnotes see p. 1280. DECEMBER 1287 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DESCRIPTION OF SERIES IN INDUSTRIAL PRODUCTION INDEX— Continued Series 1 p 9 r t o 4 io p 7 n o -4 r 9 - w W o d e r a e k y k i s n ly g S N I o C . Source o o f f m d o a n ta t h a l n y d s e d r e ie s s cription Desc a r d i j p u t s io ti n n g o f m a o n n n t u h a ly l i s n e d r e ie x s e s l e u v s e e ls d for Paper and Printing... 8.93 Paper and allied products 3.46 26 Pulp and paper 1.76 261 Wood pulp .51 7 2611 Census, production, in tons. 7 series, for products included monthly, by type. Paper and board 1.25 2612,3 Printing paper .22 Census, production of groundwood, (2) book, and machine-coated paper, in tons. Fine paper .14 6 Census, production, in tons. (2) Coarse paper .20 ditto Miscellaneous paper. . .18 Census, production of paper n.e.r. in 2 series, for newsprint and other paper. Paperboard .41 6J4 Ce g n r s o u u s p , . production of paperboard and (2) wet machine board, in tons. Building paper and board .10 7 Census, production, in tons. (2) Converted paper products 1.70 264-9 Shipping containers .51 6 2671pt Fibre Box Assn., factory shipments of 2 series, based on production data for corrugated and solid fiber shipping corrugated and solid fiber board. containers, in sq. ft. Weekly data prorated to calendar months. {Boxes, etc.) .81 0) 2641,61, Represented by "shipping containers." 8 series, based on Census data for pro- 74,71pt duction of stock for folding and setup boxes; fiber cans, tubes, and drums; bags and sacks; and coated, waxed, and gummed paper. Sanitary paper products... .11 6^ 2699pt Census, production of sanitary tissue 7 series, based on data for production of stock, in tons. stock for paper towels; facial and toilet tissues; and table napkins. {Food containers, etc.) .27 0) 2651,93, Represented by "sanitary paper prod- 4 series, based on Census data for pro- 99pt ucts." duction of stock for food containers, envelopes, wallpaper, and laminated wallboard. Printing and publishing 5.47 27 Newsprint consumption 1.85 *7^*j 271 American Newspaper Publishers Assn., (2) consumption of newsprint by 525 daily newspapers, in tons. Job printing and periodicals. . . 3.62 C) 272-9 BLS, man-hours. Based on Census data for production of printing paper, with FR adjustments for estimated changes in inventories at paper mills and consuming plants. Chemical and Petroleum Prod' ucts 9.34 Chemicals and allied products.. 6.84 28 Industrial chemicals 2.54 281,2 Basic inorganic chemicals . .57 7 281 Census, production of sulfuric acid, 68 series, for products included monthly soda ash, synthetic anhydrous am- and for other inorganic chemicals. monia, and 8 other inorganic chemicals, weighted combination. Industrial organic chemicals 1.97 282 Plastics materials .24 7 2823 Tariff Comm., production of synthetic 27 series, based on Tariff Comm. data resins and cellulose plastics, in lbs. for products included monthly, by Before January 1949, shipments and type. consumption by producers for more restricted list of products (series not published for this period). Data compiled by Census before July 1948. Synthetic rubber .11 7 2824 Dept. of Commerce, production of S- 4 series, for products included monthly. and N-types, butyl, and neoprene rubber by Government and private plants, in tons. Synthetic fibers .59 7 2825 Textile Economics Bureau, Inc., cal- 17 series, for products included monthly, culated total production of rayon by type. and acetate filament yarn, staple and tow, plus production of other manmade fibers estimated by FR from reported quarterly (before 1951, annual) production, in lbs. Misc. organic chemicals 1.03 0) 2821,2, BLS, man-hours, for industrial organic 31 series, based on Tariff Comm. pro- 6.9 chemicals subgroup minus plastics duction data for coal-tar crudes and materials, synthetic rubber, and syn- synthetic organic chemicals; Bureau thetic fibers industries. of Mines data for apparent consumption of industrial explosives; and Internal Revenue Service production data for undenatured ethyl alcohol. •Sundays counted as equivalent to weekdays. For other footnotes see p. 1280. 1288 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DESCRIPTION OF SERIES IN INDUSTRIAL PRODUCTION INDEX—Continued Series 1 p 9 r t o 4 io p 7 n o -4 r 9 - w W o d e r a e k y k i s n ly g S N I o C . Source o o f f m d o a n ta t h a ly n d s e d r e ie s s cription Desc a r d i j p u t s i t o i n n g o f m a o n n n t u h a ly l i s n e d r e ie x s e s l e u v s e e ls d for •Chemicals and allied products Cont. Vegetable and animal oils .64 288 Vegetable oils .48 7 2881-4 Census, factory production of crude 12 series, for products included monthly, cottonseed, soybean, and linseed oils, and for other oils and other mill in lbs. products. Grease and tallow .16 6 2886 Census, production of inedible tallow (2) and grease other than wool grease, in lbs. Soap and allied products .71 5 284 Census, factory consumption of fats 3 series, for fats consumption in soap in soap manufacture, in lbs. Before manufacture; Dept. of Agr. est. of July 1949, FR estimates based on sales of synthetic detergents; and similar quarterly data. Census production data for glycerin. Paints .66 n\ 285 BLS, man-hours. Based on Census value data for paint, varnish, and lacquer, deflated by BLS price index; and 14 series based on Census production data and Bureau of Mines factory shipments data for inorganic pigments. Fertilizers .23 P) 287 BLS, man-hours. 3 series based on Dept. of Agriculture domestic consumption data and Census exports data, for mixed fertilizer and superphosphate. Drugs and medicines .94 0) 283 BLS, man-hours. 14 series based on Tariff Comm. production data for medicinal chemicals; and a series for Pharmaceuticals based mainly on Census shipments data for glass containers for medical and health supplies. Toiletries and misc. chemicals.. . .93 p) 286,9 BLS, man-hours, for gum and wood 14 series based on production data chemicals and misc. chemicals sub- from various sources for softwood disgroups. Before 1951, man-hours for tillation products, glue and gelatin, these subgroups and for the soap and carbon black, compressed and liquecleaning and polishing preparations fied gases, and evaporated salt; and subgroup minus soap and glycerin in- a series based on Census man-hour dustry. data for total of toilet preparations, insecticides and other chemical products, adjusted for changes in output per reported man-hour. Adjustments estimated by FR from changes in output per reported man-hour found for other industries in chemicals and allied products group. Atomic energy manufacturing activities .19 p) Atomic Energy Comm., production Based on production contractor emcontractor employment. ployment data, adjusted for changes in output per employee. Adjustments estimated by FR. Petroleum and coal products. .. 2.50 29 Petroleum refining 1.97 291 Gasoline 1.04 Automotive gasoline. . .98 7 Bureau of Mines, production, in bbls. (2) Aviation gasoline .06 7 Bureau of Mines, production, minus 2 series, for 100-octane and above, and "transfers out," in bbls. other aviation gasoline. Fuel oil .56 Distillate fuel oil , .30 7 Bureau of Mines, production, in bbls. (2) . Residual fuel oil .26 7 ditto Kerosene .10 7 ditto (2) Lubricating oil .17 7 ditto (2) {Asphalt, waxes, etc.) .10 P) Represented by "petroleum refining." 5 series, based on Bureau of Mines production data for asphalt, waxes, liquefied refinery gases, road oil, and petroleum coke. Coke .26 7 293pt Bureau of Mines, production of slot- (2) type oven and beehive oven coke, in tons. {Coke by-products) .08 P) 293pt Represented by "coke." 7 series, based on Bureau of Mines production and factory shipments data for screenings and breeze, coke-oven gas, tar, ammonia, and other products. Asphalt roofing and siding .15 5 2952 Census, factory shipments of asphalt 10 series, for products included monthly, roofings and sidings and insulated by type, and for saturated felts and brick sidings, in sales squares. asphalt board products. {Paving mixtures, etc.) .04 P) 2951,91 Represented by "petroleum and coal 4 series, based on Bureau of Mines facproducts." tory shipments data for paving mixtures and production data for fuel briquets and packaged fuel. For footnotes see p. 1280. DECEMBER 1953 1289 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DESCRIPTION OF SERIES IN INDUSTRIAL PRODUCTION INDEX—Continued Series 1 p 9 ro 4 p 7 o -4 r 9 - w W o e r e k k in ly g S N I o C . Source o o f f m d o a n ta t h a ly n d s e d r e ie s s cription Desc a r d i j p u t s i t o i n n g o f m a o n n n t u h a ly l i s n e d r e ie x s e s l e u v s e e ls d for tion days Foods, Beverages, and Tobacco . 11.51 Food and beverage manufactures 10.73 20 Food manufactures 8.49 Meat products 1.48 201 Beef .46 5J4 Dept. of Agriculture, total commercial (2) production, dressed weight, in lbs. Pork .83 5^j} ditto (2) (Veal, lamb, lard, and wholesale poultry). . . .19 0) Represented by "meat products." 3 series based on Dept. of Agriculture data for total commercial production of veal, lamb and mutton, and lard; and a series for factory production of dressed poultry, derived by subtracting FR estimates of nonfactory production from Dept. of Agriculture data for total production. Dairy products .69 202 Butter .14 2021 Dept. of Agriculture, production of (2) creamery butter, in lbs. ( N Co a t t t u a r g a e l c c h h e e e e s s e e ) . . 0 0 7 1 0 7 ) 2 2 O 02 2 2 2 p p t t D Re e p p r t. e s o e f n A te g d r i b cu y lt " u n r a e, t u p r r a o l d c u h c e ti e o s n e , . " in lbs Based on Dept. of( 2)Agriculture production data. Concentrated milk.... .19 7 2023 Dept. of Agriculture, production of Based on data for products included liquid case goods and dry goods, in monthly, and liquid bulk goods. lbs. Before 1953, also includes liquid bulk goods. Ice cream .28 5^ 2024 Dept. of Agriculture, production of ice (2) cream at wholesale establishments plus wholesale (estimated by FR from total) production of milk sherbet, in gals. For current year, wholesale ice cream production also estimated from total. Canned and frozen foods. . 1.13 0) 203 BLS, man-hours. 17 series, based on production data of Depts. of Agriculture, Commerce, and Interior, and Western Canner and Packer, for canned, preserved, and frozen fruits, vegetables, fish, salad dressings, sauces, etc. Grain-mill products 1.16 204 Wheat flour .46 5 2041,5 Census, production, in sacks. (2) Cereals and feeds .70 0) 2042-4 BLS, man-hours, for grain-mill sub- 3 series for cereal preparations based group minus wheat flour industry. on Dept. of Agriculture crop-year estimates of grains utilized; a series for prepared livestock and poultry feeds based on American Feed Manufacturers Assn. production data; and a series for rice milling based on Dept. of Agr. data for rough rice milled. Bakery products 1.64 0) 205 BLS, man-hours. Based on Dept. of Agriculture data for U. S. civilian supply of wheat flour. Sugar .27 206 (Raw cane sugar) .03 0) 2061 Represented by "sugar." Based on Dept. of Agriculture production data. Cane sugar .11 5 2062 Dept. of Agriculture, production, raw value, in tons. Beet sugar .13 7 2063 ditto (2) Confectionery .71 5 207 Census, factory sales of confectionery Based on Dept. of Commerce estimates and chocolate products by selected of total manufacturers' sales. establishments, in lbs. Misc. food preparations. . . 1.41 0) 209 BLS, man-hours. 14 series, based on production, sales, and supply data from various sources, for liquid eggs, oleomargarine, shortening, corn products, manufactured ice, macaroni, coffee roasting, and peanut butter. Other misc. foods represented by food and beverage group total. Beverages 2.24 208 Bottled soft drinks .54 2081 American Bottlers of Carbonated Bev- Based on annual sales data. erages, factory sales, in cases, based on annual figures and estimated percentage distribution by months. Current year, FR estimates not published separately. For footnotes see p. 1280. 1290 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DESCRIPTION OF SERIES IN INDUSTRIAL PRODUCTION INDEX—Continued Series 1 p 9 r t o 4 io p 7 n - o 4 r 9 - w W d o e a r e k y k i s n ly g S N I o C . Source o o f f m d o a n ta t h a ly n d s e d r e ie s s cription Desc a r d i j p u t s io ti n n g o f m a o n n n t u h a ly l i s n e d ri e e x s e s le u v s e e ls d for Food and beverage manufactures—Cont. Beverages—Cont. Alcoholic beverages 1.70 Beer and ale 1.02 5^ 2082 Internal Revenue Service, production 2 series, for withdrawals in bottles and of fermented malt beverages, in bbls. cans, and in bbls. and kegs. Liquor distilling .17 5 2085pt Internal Revenue Service, production 2 series, for whiskey and other distilled of distilled spirits, excl. brandy and spirits, except brandy and vodka. vodka, in tax gals. Liquor bottling .37 5 2085pt Internal Revenue Service, distilled (2) spirits bottled, in wine gals. (Wines) .14 0) 2084, Represented by "alcoholic beverages." Based on Internal Revenue Service data 85pt for wine withdrawals. Tobacco manufactures .78 21 Cigarettes .46 5 211 Internal Revenue Service, number of (2) cigarettes produced. Cigars . . . .17 5 212 Internal Revenue Service, number of (2) cigars produced. (Misc. tobacco manufactures).... .15 0) 213,4 Represented by "tobacco manufac- Based on Internal Revenue Service protures." duction data for chewing and smoking tobacco and snuff; and 2 series for tobacco stemming and redrying based on cigarette production and Dept. of Agriculture data for farm sales of flue-cured and burley tobacco. MINERALS—TOTAL 9.98 Mineral Fuels 8.35 Coal 2 68 Anthracite . .36 5 11 Bureau of Mines, production of Penn- (2) sylvania anthracite, in tons. Bituminous coal 2.32 5 12 Bureau of Mines, production of bitu- (2) minous coal and lignite, in tons. Crude oil and natural gas 5.67 13 Oil and gas extraction 4.82 131 Crude oil 4.12 7 1312 Bureau of Mines, production, in bbls. (2) Natural gas .34 7 1313 Bureau of Mines, marketed production, Based on marketed production. unpublished monthly estimates, in cu. ft. Before 1951, FR estimates (series not published for this period). Natural gas liquids .36 7 1314,5 Bureau of Mines, production of natural 3 series, for products included monthly. gasoline, liquefied petroleum gas, and allied products, in gals. Oil and gas well drilling .85 7 133 Oil and Gas Journal, footage of wells (2) completed. 2-month moving average placed at first month. Metal, Stone, and Earth Minerals 1.63 IVIetal mining 82 10 Iron ore .33 6V2 101 Bureau of Mines, production of useable (2) iron ore, in tons. Nonferrous metal mining .49 102-9 Copper mining .24 6 Bureau of Mines, production, recover- (2) able copper basis, in tons. Lead mining .09 6 Bureau of Mines, production, recover- (2) able lead basis, in tons. Zinc mining .06 6 Bureau of Mines, production, recover- (2) able zinc basis, in tons. (Misc. nonferrous metals). . . .10 0) Represented by "nonferrous metal 11 series, based on Bureau of Mines promining." duction or shipments data for gold, silver, bauxite, manganese, molybdenum, tungsten, titanium, mercury, and antimony ores. Stone and earth minerals .81 0) 14 BLS, man-hours. 44 series, based on Bur. of Mines production or shipments data for stone. sand, gravel, clay, sulphur, gypsum, and misc. nonmetallic minerals. For footnotes see p. 1280. DECEMBER 1953 1291 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEASONAL FACTORS IN MONTHLY INDUSTRIAL PRODUCTION INDEX Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Durable Manufactures Primary metals 1947 102 103 104 103 100 100 89 96 100 103 101 99 1948 102 103 104 103 100 100 89 96 100 103 101 99 1949 102 103 104 103 100 100 89 96 100 103 101 99, 1950 102 103 104 103 100 100 89 96 100 103 101 99 1951 102 103 105 104 101 101 90 95 99 102 101 97 1952 102 104 105 104 102 101 91 95 98 101 100 97 Fabricated metal products 1947 99 99 99 98 97 98 95 102 104 105 102 102 1948 99 99 99 98 97 98 95 102 104 105 102 102 1949 99 99 99 98 97 98 95 102 104 105 102 102 1950 99 99 99 100 98 100 95 102 102 103 101 102 1951 99 100 101 101 100 100 95 100 102 102 100 10a 1952 99 100 101 101 100 100 95 100 102 102 100 100 Nonelectrical machinery 1947 100 102 102 99 99 100 96 97 100 101 101 103 1948 100 102 102 99 99 100 96 97 100 101 101 103 1949 102 103 104 102 100 100 95 95 97 100 99 103 1950 102 103 104 102 100 100 95 95 97 100 99 103 1951 102 103 105 102 101 101 95 94 97 98 99 103: 1952 102 103 105 102 101 101 95 94 97 98 99 103 Electrical machinery 1947 99 103 104 100 97 97 90 97 101 105 105 102 1948 99 103 104 100 97 97 90 97 101 105 105 102 1949 99 103 104 102 100 95 88 97 101 106 104 101 1950 100 104 106 102 100 95 85 97 100 106 104 101 1951 101 105 106 102 99 95 84 97 100 106 104 101 1952 102 105 106 102 99 95 84 97 100 106 104 100 Transportation equipment 1947 100 102 103 102 96 101 100 99 98 100 98 101 1948 100 102 103 102 96 101 100 99 98 100 98 101 1949 100 102 103 103 96 102 100 99 99 100 98 98 1950 102 102 104 103 96 102 100 99 99 100 95 98 1951 97 102 105 104 101 103 97 99 99 100 97 96 1952 97 102 105 104 101 103 97 99 99 100 97 96 Instruments and related products. 1947 100 101 102 102 100 100 95 97 100 101 101 101 1948 100 101 102 102 100 100 95 97 100 101 101 101 1949 100 101 101 102 100 100 96 97 100 101 101 101 1950 100 100 101 101 100 100 97 98 100 101 101 101 1951 100 100 101 101 100 100 97 98 100 101 101 101 1952 100 100 101 101 100 100 97 98 100 101 101 101 Ordnance and accessories1 . . Stone, clay, and glass products. . . 1947 97 96 98 100 100 101 96 102 102 105 102 101 1948 97 96 98 100 100 101 96 102 102 105 102 101 1949 97 97 98 100 100 101 96 102 102 105 102 100 1950 97 97 98 100 100 101 97 102 102 105 102 99 1951 97 97 98 100 100 101 98 102 102 105 101 99 1952 97 97 98 100 100 101 98 102 102 105 101 99 Lumber and products 1947 90 98 101 102 102 104 94 105 106 105 100 93 1948 90 98 101 102 102 104 94 105 106 105 100 93 1949 90 98 101 102 102 104 94 105 106 105 100 93 1950 90 96 101 105 102 104 94 105 106 105 99 93 1951 90 96 101 105 102 107 94 105 106 105 99 90 1952 90 96 101 105 102 107 94 105 106 105 99 90 Furniture and fixtures 1947 102 103 102 98 96 96 93 98 101 104 103 104 1948 102 103 102 98 96 96 93 98 101 104 103 104 1949 101 103 102 98 96 96 93 98 101 104 103 105 1950 101 103 102 98 96 96 93 98 101 103 104 105 1951 101 103 102 98 96 96 93 98 101 103 104 105 1952 101 103 102 98 96 96 93 98 101 103 104 105 Miscellaneous manufactures 1947 98 101 102 99 96 95 91 98 104 107 106 103 1948 98 101 102 99 96 95 91 98 104 107 106 103 1949 98 101 102 99 96 95 91 98 104 107 106 103 1950 98 101 101 99 97 97 93 98 103 106 105 102 1951 98 101 101 99 97 97 93 98 103 106 105 102 1952 98 101 101 99 97 97 93 98 103 106 105 102 Nondurable Manufactures Textile mill products 1947 101 105 103 101 100 100 86 101 101 104 101 97 1948 101 105 103 101 100 100 86 101 101 104 101 97 1949 101 105 103 101 100 100 86 101 101 104 101 97 1950 101 105 103 100 99 100 86 103 101 104 101 97 1951 101 105 104 100 99 100 86 103 101 103 101 97 1952 101 105 104 100 99 100 86 103 102 102 101 97 Apparel and allied products 1947 103 111 107 97 94 96 91 106 102 102 96 95 1948 103 111 107 97 94 96 91 106 102 102 96 95 1949 103 111 107 97 94 96 91 106 102 102 96 95 1950 103 111 107 97 94 96 91 106 102 102 96 95 1951 102 111 107 92 94 101 91 106 102 100 98 96 1952 101 111 107 92 94 102 90 105 102 100 99 97 1 Constant factor of 100 used for this series. 1292 FEDERAL RESERVE BULLETIN; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEASONAL FACTORS IN MONTHLY INDUSTRIAL PRODUCTION INDEX— Continued Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Rubber products 1947 102 104 101 101 97 101 88 99 101 109 100 97 1948 102 104 101 101 97 101 88 99 101 109 100 97 1949 102 104 101 101 97 101 88 99 101 109 100 97 1950 102 104 101 101 97 101 88 99 101 109 100 97 1951 101 104 104 102 99 101 88 96 101 106 102 96 1952 101 104 104 102 99 101 88 96 101 106 102 96 Leather and products 1947 100 108 107 100 93 98 87 105 105 106 97 94 1948 100 108 107 100 93 98 87 105 105 106 97 94 1949 100 108 107 100 93 98 87 105 105 106 97 94 1950 100 108 107 100 93 98 87 106 105 104 98 94 1951 100 108 107 100 93 98 87 106 105 104 98 94 1952 100 108 107 100 95 98 87 106 103 104 98 94 Paper and allied products 1947 100 103 103 102 99 100 88 101 100 106 103 95 1948 100 103 103 102 99 100 88 101 100 106 103 95 1949 100 103 103 102 99 100 88 101 100 106 103 95 1950 100 103 103 102 99 100 89 101 100 106 102 95 1951 100 103 103 102 98 100 90 101 100 106 102 95 1952 100 103 103 102 98 100 90 101 100 106 102 95 Printing and publishing 1947 98 99 101 102 101 100 94 96 100 103 104 102 1948 98 99 101 102 101 100 94 96 100 103 104 102 1949 98 99 101 102 101 100 94 96 100 103 104 102 1950 97 99 101 102 101 100 94 96 101 103 104 102 1951 97 99 102 102 101 99 94 96 101 103 104 102 1952 97 99 102 102 101 99 94 96 101 103 104 102 Chemicals and allied products. .. . 1947 102 103 102 99 97 97 93 97 101 104 103 102 1948 102 103 102 99 97 97 93 97 101 104 103 102 1949 102 103 102 99 97 97 93 97 101 104 103 102 1950 102 103 103 101 98 97 93 97 99 103 103 101 1951 102 103 103 101 98 97 93 97 99 103 103 101 1952 102 103 103 101 98 97 93 97 99 103 103 101 Petroleum and coal products 1947 101 100 99 97 99 100 99 101 101 101 101 101 1948 101 100 99 97 99 100 99 101 101 101 101 101 1949 101 100 99 97 99 100 99 101 101 101 101 101 1950 101 100 99 97 99 100 99 101 101 101 101 101 1951 101 100 99 97 98 100 100 102 101 101 101 100 1952 101 100 99 97 98 100 100 102 101 101 101 100 Food and beverage manufactures. 1947 92 90 90 92 95 102 104 2110 2114 111 104 96 1948 92 90 90 92 95 102 104 2110 2114 111 104 96 1949 92 90 91 92 95 102 104 2110 2114 111 103 96 1950 92 90 92 92 94 102 104 2110 2114 111 103 96 1951 92 90 92 92 94 102 104 2110 2114 111 103 96 1952 92 91 92 92 94 102 104 2109 2114 111 103 96 Tobacco manufactures 1947 98 98 98 96 100 106 91 112 107 109 103 82 1948 98 98 98 96 100 106 91 112 107 109 103 82 1949 98 98 98 96 100 106 91 112 107 109 103 82 1950 98 98 98 96 100 106 91 112 107 109 103 82 1951 98 98 98 96 100 106 91 112 107 109 103 82 1952 98 98 98 96 100 106 91 112 107 109 103 82 Minerals Anthracite 1947 100 100 100 92 102 94 91 106 105 109 104 97 1948 100 100 100 92 102 94 91 106 105 109 104 97 1949 100 100 100 96 102 94 91 96 105 119 104 93 1950 100 100 100 96 102 106 79 96 105 119 104 93 1951 100 100 92 96 102 106 79 96 105 121 110 93 1952 100 100 92 96 102 106 79 96 105 121 110 93 Bituminous coal . . 1947 105 105 100 100 107 298 275 100 100 106 106 98 1948 105 105 100 100 107 298 275 100 100 106 106 98 1949 105 105 100 100 107 298 275 100 100 106 106 98 1950 105 100 100 100 95 298 275 100 104 109 109 105 1951 105 100 100 100 95 298 275 100 104 109 109 105 1952 105 100 100 100 95 298 275 100 104 109 109 105 Metal mining . . 1947 72 78 76 102 119 125 119 120 117 108 93 71 1948 72 78 76 102 119 125 119 120 117 108 93 71 1949 72 75 76 102 119 121 119 120 119 110 93 74 1950 72 75 76 101 118 121 119 120 119 113 92 74 1951 72 75 76 101 118 121 119 120 119 113 92 74 1952 72 75 76 101 118 121 119 120 119 113 92 74 Stone and earth minerals 1947 90 88 92 99 103 104 104 108 106 106 101 99 1948 90 88 92 99 103 104 104 108 106 106 101 99 1949 90 89 92 99 103 104 104 108 106 106 101 98 1950 91 91 92 99 103 104 104 107 106 106 101 96 1951 91 91 92 99 103 104 104 107 106 106 101 96 1952 91 91 92 99 103 104 104 107 106 106 101 96 Constant factor of 100 used for this series. 2The seasonal factors for these months are used in preliminary calculations only. To allow for year-to-year variations in the timing of summer vacations in the bituminous coal industry and of seasonal peaks in certain food industries, particularly canning, the two months are treated as one in calculating the final seasonally adjusted indexes. The sum of the unadjusted indexes for the two months is divided by the sum of the two seasonal factors shown here, and the result is used as the seasonally adjusted index for both months. DECEMBER 1953 1293 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION [Federal Reserve indexes, 1947-49 average =100] 1947-49 Annual 1952 1953 pro- Industry portion 1951 1952 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. SEASONALLY ADJUSTED Industrial Production—Total 100.00 120 124 130 133 133 134 134 135 136 137 136 137 136 133 P132 Manufactures—Total 90.02 121 125 132 135 135 136 136 137 138 139 138 139 138 135 P134 Durable Manufactures—Total. . . 45.17 128 136 147 15/ 152 154 155 155 155 156 154 157 156 152 vl51 Primary metals 6.70 126 116 134 136 135 135 137 136 136 139 137 136 137 130 P128 Metal fabricating 28.52 131 146 159 164 166 168 168 168 169 169 168 171 171 P165 Fabricated metal products 5.73 122 121 130 132 134 135 136 137 138 139 139 142 141 136 P134 Machinery 13.68 130 147 156 161 161 164 163 163 164 162 161 164 165 161 P159 Nonelectrical machinery 9.04 126 136 139 142 143 144 145 147 147 146 144 145 145 141 P141 Electrical machinery 4.64 138 167 187 198 197 203 200 195 195 194 194 200 203 200 Transportation equipment 7.54 135 154 177 185 190 191 191 190 190 192 188 196 191 185 Instruments and related products. . 1.29 128 142 147 150 154 153 153 155 153 156 157 156 156 156 P155 Clay, glass, and lumber products 5.91 121 118 121 124 122 126 128 127 127 127 124 127 125 P!21 Stone, clay, and glass products. . . . 2.82 131 125 128 129 129 129 133 135 134 135 134 135 135 134 P133 Lumber and products 3.09 113 111 115 119 115 122 124 121 120 119 114 119 116 112 Furniture and misc. manufactures 4.04 116 118 125 127 129 129 128 131 134 135 135 134 134 Furniture and fixtures 1.64 111 113 117 118 120 120 119 121 124 123 122 121 119 115 P114 Miscellaneous manufactures 2.40 120 122 130 134 135 135 135 138 141 143 145 143 144 138 P138 Nondurable Manufactures—Total 44.85 114 114 117 118 118 118 119 123 121 121 119 P117 Textiles and apparel 11.87 106 105 109 111 111 107 108 110 113 115 113 111 106 102 P103 Textile mill products 6.32 107 103 108 111 108 103 106 108 109 113 111 108 104 100 P100 Apparel and allied products 5.55 105 108 110 112 114 112 110 112 116 117 115 114 109 104 Rubber and leather products 3.20 105 107 112 116 115 117 118 119 120 122 113 116 111 Rubber products 1.47 119 116 123 127 128 131 134 138 137 139 130 130 127 P121 Leather and products 1.73 94 99 102 106 104 104 104 103 104 108 99 104 97 91 Paper and printing 8.93 118 118 123 122 122 121 123 125 125 126 126 126 126 126 Paper and allied products 3.46 125 120 126 128 127 125 130 133 134 134 134 134 133 135 P131 Printing and publishing 5.47 113 116 120 119 119 119 119 120 120 121 121 121 121 120 Chemical and petroleum products 9.34 132 133 138 137 138 138 139 140 144 146 145 146 145 144 Chemicals and allied products 6.84 136 137 141 140 141 142 143 145 148 151 150 152 149 149 P147 Petroleum and coal products 2.50 122 123 128 130 128 128 128 128 131 131 131 132 132 Foods, beverages, and tobacco 11.51 105 106 106 107 106 106 108 108 108 109 106 107 108 P108 Food and beverage manufactures. . 10.73 105 105 106 107 106 106 107 107 108 109 106 108 108 108 P108 Tobacco manufactures .78 107 110 110 109 114 106 120 116 108 107 103 103 104 Minerals—Total 9.98 115 114 111 118 117 116 116 115 115 117 119 120 119 118 P115 Mineral fuels 8.35 114 113 109 116 117 116 115 113 114 116 119 120 119 118 P115 Coal 2.68 94 83 63 87 82 77 77 74 75 85 86 87 86 81 76 Anthracite .36 82 78 75 77 74 60 59 56 47 65 62 68 59 57 54 Bituminous coal 2.32 96 84 61 88 83 80 80 77 79 89 89 90 84 80 Crude oil and natural gas 5.67 123 128 130 130 134 134 134 132 133 134 135 135 P133 Metal, stone, and earth minerals 1.63 121 115 122 124 115 116 118 121 121 120 121 121 120 120 P117 Metal mining .82 116 108 122 126 106 111 113 116 118 118 117 116 117 117 Pill Stone and earth minerals .81 127 123 123 122 123 121 123 126 124 122 125 125 123 122 P124 WITHOUT SEASONAL ADJUSTMENT INDUSTRIAL PRODUCTION- TOTAL 100.00 120 124 134 134 131 132 136 138 136 136 136 129 136 135 136 MANUFACTURES—TOTAL 90.02 121 125 136 136 133 135 139 149 139 138 138 130 137 136 138 Durable Manufactures—Total 45.17 128 136 150 152 151 154 158 160 159 157 155 147 153 151 153 Primary metals 6.70 126 116 135 136 131 137 142 143 141 142 138 124 130 127 P129 Ferrous metals 5.03 129 115 138 137 134 139 142 145 142 143 138 127 131 127 129 Pig iron and steel 3.51 131 115 144 143 142 145 145 149 144 147 142 136 138 134 136 Pig iron .37 123 107 132 130 132 133 132 135 130 133 133 132 131 130 132 Steel 131 117 145 144 143 146 146 150 146 148 143 137 138 134 136 Carbon steel 128 112 138 138 137 139 139 143 139 140 137 131 133 131 138 Alloy steel 153 144 191 182 178 189 192 194 191 196 183 170 169 152 126 Ferrous castings and forgings 127 114 123 123 117 125 136 136 136 133 127 106 116 113 Iron and steel castings 124 109 118 117 110 118 128 128 129 125 120 101 112 109 Steel forgings 140 143 153 153 154 164 181 179 176 179 166 133 141 137 p Preliminary. NOTE.—A number of groups and subgroups include individual series not published separately, and metal fabricating contains the ordnance group in addition to the groups shown. Certain types of combat materiel are included in major group totals but not in individual indexes for autos, farm machinery, and some other products, as discussed on pp. 1269-71. For full description of series and groups see table on pp. 1280-91. 1294 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average = 100] 1947-49 Annual 1952 Industry proportion 1951 1952 Oct. Nov. Dec.Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct, WITHOUT SEASONAL ADJUSTMENT —Continued Primary metals—Continued Nonferrous metals 1.67 116 122 132 142 139 138 139 139 115 126 P128 Primary nonferrous metals .38 114 123 124 124 129 131 143 146 147 143 144 143 141 147 P147 Copper smelting .09 107 106 105 103 105 101 114 126 122 115 108 109 105 111 114 Copper refining .06 102 99 100 103 109 106 110 110 115 116 129 120 107 116 124 Lead .04 92 100 114 114 108 105 111 106 107 96 84 89 84 97 99 Zinc .10 109 112 110 111 112 112 116 115 114 113 116 111 115 116 116 Aluminum .09 140 156 152 152 164 177 202 205 207 207 212 215 217 222 213 Secondary nonferrous metals .13 120 114 126 119 105 115 126 122 133 118 121 101 114 105 Nonferrous shapes and castings. . . 1.16 116 119 128 136 122 135 143 138 136 139 139 107 125 121 Copper mill shapes .63 108 113 120 136 110 128 131 119 113 125 128 85 112 108 110 Aluminum mill shapes .20 128 140 157 152 152 160 178 190 195 186 183 174 169 163 Nonferrous castings .33 124 115 128 128 126 132 145 144 146 138 135 109 124 122 Metal Fabricating 28.52 131 146 160 164 166 169 172 175 173 170 168 161 166 164 P!67 Fabricated metal products 5.73 122 121 133 132 134 134 136 138 139 139 139 135 141 139 P136 Structural metal parts 2.68 122 121 128 131 137 136 137 139 139 139 140 135 138 135 Stampings and misc. metal products 2.12 128 121 130 133 141 141 142 145 145 144 143 137 136 134 P135 Tin cans .30 120 122 128 101 92 101 104 105 114 120 134 160 199 182 Furnaces, gas ranges, and heaters. . . .63 98 89 127 110 85 86 91 92 99 102 86 83 108 117 Machinery 13.68 130 147 158 163 164 167 170 172 167 163 159 148 157 158 P161 Nonelectrical machinery 9.04 126 136 136 141 147 147 149 154 150 148 146 138 136 137 P138 Farm and industrial machinery 8.13 126 135 133 137 144 143 143 146 144 142 142 137 135 135 '135 Farm machinery 1.02 114 103 82 90 107 107 110 112 109 105 102 98 92 85 PS2 Industrial and commercial machinery 7.11 128 140 141 143 149 148 148 151 149 148 148 143 141 142 P142 Machine tools and presses .68 144 179 186 186 193 192 190 193 192 191 189 184 183 185 Laundry and refrigeration appliances .69 124 108 118 134 142 163 186 163 148 137 101 96 107 115 Electrical machinery 4.64 138 167 199 206 196 207 210 206 199 192 184 168 197 200 P208 Electrical apparatus and parts 3.23 127 162 172 173 179 178 179 183 184 182 182 176 178 179 P181 Radio and television sets .74 178 184 277 301 244 288 294 266 237 208 180 136 242 249 276 Transportation equipment 7.54 135 154 177 180 182 189 195 199 198 194 193 190 189 181 P186 Autos, trucks, and parts 80 120 102 121 119 115 126 134 142 143 137 136 131 126 114 P119 Autos 1.50 127 103 130 126 114 132 151 161 170 162 166 161 153 134 151 Trucks .66 125 111 126 126 113 119 121 144 142 124 106 118 127 115 P104 Light trucks .22 120 105 144 144 129 126 118 144 138 107 76 113 118 114 Medium trucks .19 93 69 76 71 60 61 55 87 80 53 37 57 62 54 Heavy trucks .14 180 194 187 192 171 195 214 233 218 201 198 175 186 151 Truck trailers .07 161 137 145 150 143 163 184 187 246 285 270 247 282 275 Auto and truck parts 2.58 114 98 113 113 116 124 127 131 127 125 126 116 110 102 Aircraft and parts 1.30 211 368 416 429 452 455 461 461 452 452 452 461 470 474 P473 Shipbuilding and repair .81 121 136 136 135 144 142 138 138 139 136 135 133 129 126 P126 Railroad equipment .53 89 74 66 69 77 79 83 76 78 76 74 62 67 64 P85 .35 62 58 Railroad cars 77 49 62 71 76 82 64 65 66 62 56 55 83 1.29 142 151 Instruments and related products. 128 149 152 156 153 153 157 155 156 157 153 156 P157 5.91 118 122 Clay, Glass, and Lumber Products 121 127 123 1/5 117 124 127 130 128 129 129 127 P128 Stone, clay, and glass products.... 2.82 131 125 135 130 128 125 129 132 134 135 136 132 137 Glass and pottery products 1.09 120 114 123 119 118 120 125 128 126 125 123 113 123 137 P140 Flat glass and vitreous products. . .60 130 122 132 133 136 134 136 139 138 137 135 128 134 P129 Flat and other glass .47 131 124 135 138 142 139 141 143 142 139 137 128 135 141 P144 Glass containers .26 113 112 122 105 95 107 114 123 122 126 129 122 132 121 127' Home glassware and pottery .23 103 94 103 101 96 100 110 107 99 93 86 65 85 82 Cement .32 123 124 142 134 123 111 113 119 132 137 138 142 143 144 Structural clay products .35 122 112 119 111 107 100 103 106 111 110 117 114 115 P116 Brick .12 121 108 120 107 96 84 90 97 108 108 119 113 114 Clay firebrick, pipe, and tile .20 123 116 119 115 116 113 113 114 114 114 118 117 118 116 Concrete and plaster products .48 151 155 165 159 159 149 153 155 162 164 168 172 176 172 P172 Misc. stone and earth manufactures. .58 143 131 136 136 138 137 139 142 142 143 142 141 143 144 P145 Lumber and products 3.09 113 111 121 117 103 110 119 122 126 122 122 112 122 119 P117 Lumber 2.05 107 105 113 111 92 101 110 112 120 114 117 109 123 118 Millwork and plywood .60 136 138 161 145 142 153 170 172 164 159 152 128 135 138 Millwork .39 116 118 142 134 125 136 142 143 125 124 109 98 115 117 Softwood plywood .12 159 167 188 157 165 177 211 218 226 215 222 174 164 Wood containers .29 105 99 97 102 105 101 102 103 103 103 104 101 98 94 P96 Furniture and Misc. Manufactures 4.04 116 118 131 133 133 128 131 133 132 130 131 125 131 132 P135 Furniture and fixtures 1.64 111 113 121 123 125 121 122 123 121 118 117 113 117 116 P118 Household furniture 1.10 109 113 124 125 128 123 126 127 123 119 117 112 117 115 P117 Fixtures and office furniture .54 114 112 115 117 120 117 116 116 118 115 117 114 116 119 P120 Miscellaneous manufactures 2.40 120 122 138 140 137 132 136 140 140 139 140 133 141 142 P147 P Preliminary. For other footnote see p. 1294. DECEMBER 1953 1295 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION—Continued fFederal Reserve indexes, 1947-49 average = 100] 947-49 Annual 1952 1953 pro- Industry portion 1951 1952 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Tune July Aug. Sept. Oct. WITHOUT SEASONAL ADJUSTMENT —Continued 44.85 114 114 123 120 115 115 119 121 118 119 121 113 122 122 P123 Nondurable Manufactures—Total.. 11.87 106 105 110 111 107 108 117 116 108 HI 114 97 111 104 P104 Textiles and Apparel Textile mill products 6.32 107 103 110 112 104 104 112 113 109 112 111 93 107 102 P102 Cotton and synthetic fabrics 3.72 112 105 109 113 107 106 114 117 111 115 114 95 110 105 P103 Cotton consumption 2.30 114 104 108 112 103 106 113 114 107 110 110 87 107 104 103 Synthetic fabrics . . .. 97 122 112 115 116 115 111 116 120 125 129 130 124 119 109 103 Fabric finishing .45 100 102 109 113 113 100 119 124 106 112 108 74 100 100 Wool textiles 97 97 85 93 89 82 79 83 82 83 91 98 83 90 78 P82 Wool apparel yarns 16 99 96 105 100 93 90 98 99 93 103 110 90 101 93 Wool fabrics .75 97 83 91 88 81 78 80 79 81 89 96 84 86 73 P78 Knit goods 1 15 110 115 127 129 114 119 125 123 123 123 117 102 118 116 P116 Hosiery 65 113 116 125 127 104 120 128 122 123 121 111 88 114 115 P114 Full-fashioned hosiery .45 119 121 129 131 107 124 134 128 130 128 116 89 117 119 118 Seamless hosiery .20 98 105 115 119 99 110 116 108 105 103 100 87 105 104 104 Knit garments 50 106 113 129 130 125 117 120 124 124 125 125 121 124 117 Floor coverings .48 90 95 115 110 108 109 118 117 114 100 98 67 92 97 P100 Woven carpets .31 78 80 106 99 94 100 110 no 106 87 82 45 80 83 Apparel and allied products 5.55 105 108 110 110 111 113 123 120 107 110 117 102 115 106 P107 Men's outerwear 1 78 103 105 108 113 113 110 128 134 123 128 124 83 117 113 Men's suits and coats .73 88 87 93 97 98 92 107 109 100 110 109 63 107 94 Men's suits 50 84 83 86 92 96 94 109 112 98 102 98 57 94 83 Men's outercoats .13 86 83 100 92 83 65 69 71 85 114 125 74 133 115 Shirts and work clothing .99 104 114 116 123 122 121 142 151 138 141 133 94 122 125 Women's outerwear 1 85 106 108 100 96 102 115 123 106 86 94 119 116 116 98 P100 Women's suits and coats .76 120 123 125 117 126 147 160 109 53 67 142 150 156 115 123 Misc. apparel and allied mfrs 1.92 108 111 121 121 117 114 118 119 112 110 110 107 112 108 P113 Rubber and Leather Products 3.20 105 107 117 116 110 117 125 125 121 118 113 101 112 107 P110 Rubber products 1.47 119 116 131 129 123 132 140 143 140 137 131 114 122 122 P128 Tires and tubes .70 115 115 125 120 117 122 135 138 135 132 123 109 106 103 Auto tires .40 94 106 118 110 107 114 128 136 134 134 125 117 112 104 Truck and bus tires .... 30 144 128 135 134 130 132 145 142 137 130 121 97 99 102 Miscellaneous rubber products .... .77 123 117 136 138 129 142 144 148 145 142 138 119 137 Leather and products 1.73 94 99 106 104 98 104 112 110 104 102 97 91 103 94 P94 Leather 44 84 87 98 98 91 94 100 94 96 101 93 80 93 85 Cattlehide leathers .29 87 87 97 98 91 97 100 92 97 101 91 79 94 86 Skin leathers 15 77 86 99 97 89 89 98 96 94 100 97 81 90 82 Shoes and slippers .90 97 104 107 104 98 110 120 118 109 106 99 93 109 97 P98 Miscellaneous leather products .39 99 101 112 112 109 103 108 109 104 95 98 98 102 97 P97 Paper and Printing 8.93 118 118 128 126 121 119 124 128 128 126 125 116 123 127 P131 Paper and allied products 3.46 125 120 134 130 121 125 133 136 136 132 134 120 135 135 P138 Pulp and paper 1.76 126 120 129 126 116 127 131 132 134 131 133 117 133 130 Wood pulp 51 132 132 141 137 129 141 142 144 146 144 146 130 146 140 Paper and board 1.25 123 116 124 121 111 121 127 127 129 126 128 112 127 126 Printing paper 22 115 111 113 113 110 118 121 120 122 119 119 108 121 118 Fine paper 14 123 117 117 111 100 109 118 118 122 122 118 96 118 118 Coarse paper .20 125 112 111 115 105 117 120 120 120 120 117 104 118 118 Adiscellaneous paper 18 130 123 130 123 121 129 131 130 132 126 129 118 127 127 Paperboard 41 126 117 135 132 118 130 136 138 138 135 140 118 141 138 P141 Building paper and board .10 115 112 131 116 101 105 117 119 128 126 132 116 121 122 Converted paper products 1.70 125 120 139 135 125 123 136 141 139 132 136 124 137 140 Shipping containers .51 124 120 142 130 128 120 136 143 138 133 137 122 138 141 Sanitarv DaDer Droducts .11 131 126 142 131 124 137 141 141 146 131 132 131 134 137 Printing and publishing 5.47 113 116 124 124 121 116 118 123 123 122 120 114 116 122 P126 Newsprint consumption 1 85 115 115 128 127 116 106 115 125 127 127 118 102 106 119 129 Job printing and periodicals 3.62 113 117 121 122 123 121 120 122 120 120 121 119 121 123 P124 Chemical and Petroleum Products. 9.34 132 133 141 141 139 140 142 143 144 143 142 139 142 144 P146 Chemicals and allied products . . . 6.84 136 137 146 144 143 144 147 149 150 148 146 141 145 148 P151 Industrial chemicals 2 54 146 140 147 148 148 149 150 154 159 159 161 157 157 155 P153 Basic inorganic chemicals .57 135 137 144 147 146 149 153 152 154 152 149 146 147 149 Industrial organic chemicals 1.97 149 141 148 148 149 149 149 155 161 161 164 160 160 156 P154 Plastics materials 24 163 157 186 182 180 178 190 200 199 191 194 163 175 181 Synthetic rubber 11 184 175 161 161 169 179 191 210 221 220 214 205 176 162 Synthetic fibers 59 148 141 156 155 156 156 149 157 170 168 174 171 167 152 Miscellaneous organic chemicals. 1.03 143 133 133 135 136 135 135 138 140 143 146 148 151 153 Vegetable and animal oils .64 112 112 144 142 130 134 131 119 112 104 95 84 94 no Vegetable oils 48 112 110 149 145 132 134 127 115 105 93 83 70 83 107 Grease and tallow .16 111 119 130 134 124 137 143 130 135 136 131 124 125 120 Soap and allied products .71 107 110 130 110 101 112 126 121 112 112 100 76 97 116 Paints 66 108 112 114 114 116 116 116 118 119 122 121 122 119 117 P118 Fertilizers .23 112 122 115 110 112 119 139 168 177 139 112 101 104 113 P110 P Preliminary. For other footnote, see p. 1294. 1296 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average = 100] 1947-49 Annual 1952 1953 pro- Industry portion 1951 1952 Oct. Nov. Dec Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. WITHOUT SEASONAL ADJUSTMENT —Continued Petroleum and coal products 2.50 122 123 129 131 128 129 128 127 127 129 131 132 135 133 Petroleum refining 1.97 125 128 132 137 136 136 134 132 131 132 136 137 138 136 P134 Gasoline 1.04 126 132 137 142 140 140 141 137 137 140 145 149 150 147 P144 Automotive gasoline .98 123 128 133 138 136 136 136 133 132 135 140 144 144 141 Aviation gasoline .06 174 194 208 208 210 204 223 216 227 235 241 234 243 247 Fuel oil .56 123 128 128 135 135 136 134 132 127 125 130 128 128 128 Distillate fuel oil .30 138 151 155 160 160 162 160 158 151 148 155 153 152 153 Residual fuel oil .26 105 102 99 106 107 107 104 103 100 98 101 100 100 98 Kerosene .10 122 119 115 129 138 142 132 118 118 107 107 105 105 108 Lubricating oil .17 124 112 118 111 105 100 95 103 105 109 106 103 110 112 Coke .26 112 97 107 109 112 113 113 114 113 114 114 113 112 110 Asphalt roofing and siding .15 103 102 135 101 60 66 72 80 108 118 109 111 139 123 Foods, Beverages, and Tobacco. .. 11.51 105 106 118 110 101 98 98 100 100 103 108 111 118 122 P120 Food and beverage manufactures. 10.73 105 105 118 110 102 98 97 99 99 102 108 112 118 123 P120 Food manufactures 8.49 105 106 121 112 105 102 99 99 98 101 105 110 118 126 P123 Meat products 1.48 110 114 119 128 141 134 118 117 111 103 105 98 102 111 123 Beef .46 92 100 115 105 105 117 119 120 127 126 128 127 132 139 144 Pork .83 117 119 118 138 156 139 114 112 98 87 89 79 82 92 107 Dairy products .69 96 98 82 74 75 81 89 100 112 136 146 132 118 99 85 Butter .14 91 92 78 74 84 94 102 111 122 145 143 120 111 88 82 Natural cheese .07 100 103 90 82 86 88 96 107 124 151 159 130 116 102 89 Concentrated milk .19 91 91 73 64 69 73 78 91 111 137 140 110 94 72 67 Ice cream .28 98 102 86 77 71 74 86 95 100 121 144 149 135 118 94 Canned and frozen foods 1.13 121 117 164 100 87 82 79 75 80 90 103 162 209 223 P169 Grain-mill products 1.16 104 108 111 107 106 108 102 102 99 104 110 108 109 111 P109 Wheat flour .46 84 84 88 89 79 86 81 81 75 81 78 78 83 84 Cereals and feeds .70 117 124 127 120 124 122 116 116 114 120 131 128 127 128 Bakery products 1.64 101 101 104 104 102 98 99 100 98 100 103 102 101 102 P104 Sugar .27 100 104 244 250 142 68 55 67 67 57 80 73 75 106 Cane sugar .11 102 109 107 92 86 106 105 128 105 116 123 129 124 121 Beet sugar .13 101 94 353 377 184 30 8 8 30 1 39 20 27 89 Confectionery .71 102 102 134 128 95 110 110 101 98 89 74 64 92 135 Miscellaneous food preparations. 1.41 97 100 107 104 100 95 98 99 97 101 107 109 108 114 P112 Beverages 2.24 105 102 104 101 87 84 91 99 105 110 119 121 118 113 Bottled soft drinks .54 107 116 105 95 95 Alcoholic beverages 1.70 104 98 104 103 85 82 88 100 102 102 107 107 108 108 Beer and ale 1.02 100 102 88 83 86 87 90 103 109 106 117 127 129 111 Liquor distilling .17 120 54 82 54 42 45 46 54 53 55 51 41 33 67 Liquor bottling .37 107 99 135 156 95 80 97 110 105 110 104 90 92 115 Tobacco manufactures .78 107 110 120 112 93 104 117 113 104 107 110 94 117 111 Cigarettes .46 110 114 124 115 99 109 119 119 107 109 114 99 123 115 Cigars .17 101 105 118 114 101 122 109 106 112 108 110 110 87 88 MINERALS—TOTAL 9.98 115 114 115 119 113 113 115 118 120 122 122 P119 115 117 Mineral Fuels 8.35 114 113 111 119 117 115 113 114 115 117 119 119 PIIT 118 114 Coal 2.68 94 83 70 95 81 77 74 74 81 81 85 84 84 Anthracite .36 82 78 91 85 85 60 59 52 45 66 65 69 56 60 66 Bituminous coal 2.32 96 84 67 96 69 84 80 77 79 84 83 54 90 88 87 87 71 Cr O O u i i d l l N C N e a a r a a u n n t t o u u d d d i e r r l g a a g a o l l a a n i s s g g l d w e a a x s s e n t l r l l a i a q t d c u u r ti i i r l o d l a n s in l g gas 4 4 5 . . . . . . 1 8 6 8 3 3 2 2 7 5 6 4 1 1 1 1 1 1 2 2 3 1 3 4 3 1 3 8 6 8 1 1 1 1 1 1 2 2 5 2 4 4 5 8 9 0 5 4 1 1 1 1 1 1 5 3 2 2 5 3 1 0 5 9 8 7 1 1 1 1 1 1 3 3 6 2 5 3 0 3 9 4 4 0 1 1 1 1 1 1 3 2 3 5 3 7 3 7 4 9 8 4 1 1 1 1 1 1 3 2 3 5 4 8 2 6 4 8 7 0 1 1 1 1 1 1 2 3 3 8 5 4 6 4 2 7 6 0 1 1 1 1 1 1 3 2 5 7 3 4 1 5 5 2 2 0 1 1 1 1 1 1 5 3 2 5 2 6 5 3 4 7 9 4 1 1 1 1 1 1 3 5 2 5 2 5 1 1 2 2 7 4 1 1 1 1 1 1 2 5 5 3 3 5 6 2 7 4 0 4 1 1 1 1 1 1 2 3 6 5 5 3 7 5 3 4 4 0 1 1 1 1 1 1 2 5 3 3 5 6 6 6 1 5 8 0 1 1 1 1 1 3 3 6 2 6 0 6 1 6 7 ' P P P 1 1 1 2 3 6 3 7 7 Metal, Stone, and Earth Minerals 1.6 121 115 134 120 98 95 98 102 121 132 136 134 136 134 P128 Metal mining .82 116 108 138 116 79 85 88 119 139 142 138 140 140 P126 Iron ore .33 124 104 181 126 41 43 45 53 131 184 201 199 199 198 Nonferrous metal mining .49 111 110 108 109 104 105 111 112 111 109 102 98 100 100 Copper mining .24 114 114 113 117 111 111 116 120 118 120 109 109 112 112 Lead mining .09 99 97 99 93 87 90 97 94 95 89 87 78 80 80 Zinc mining .06 109 107 100 99 93 101 104 101 100 93 90 79 80 79 Stone and earth minerals .81 127 123 130 124 118 110 112 116 123 125 130 130 132 129 p Preliminary. For other footnote see p. 1294. DECEMBER 1953 1297 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, MAJOR DIVISIONS, AND GROUPS, 1947-1953 Seasonally Adjusted Indexes, 1947-49 Average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Industrial Production—Total 1947 99 99 100 99 99 99 98 99 100 101 103 103 100 1948 104 103 102 102 104 104 105 104 103 105 104 102 104 1949 101 99 97 96 95 95 94 96 97 94 96 98 97 1950 100 99 102 106 110 112 115 120 120 121 120 122 112 1951 122 122 122 122 122 121 119 118 118 118 119 119 120 1952 121 121 121 120 119 118 115 123 129 130 133 133 124 1953 134 134 135 136 137 136 Manufactures—Total 1947 99 99 100 100 99 99 98 98 99 101 103 103 100 1948 104 103 102 102 103 104 104 104 103 104 103 102 103 1949 100 99 98 96 95 95 95 97 99 95 95 98 97 1950 101 101 102 107 110 113 116 122 121 122 121 123 113 1951 123 123 123 123 123 122 119 118 118 118 119 120 121 1952 121 121 122 120 121 119 116 125 130 132 135 135 125 1953 136 136 137 138 139 138 Durable Manufactures— Total 1947 98 99 100 102 102 101 98 99 100 102 104 104 101 1948 105 104 103 102 103 104 106 106 104 107 105 103 104 1949 101 99 97 95 93 93 93 95 97 89 89 94 95 1950 98 98 100 107 112 117 120 127 127 129 128 128 116 1951 128 128 130 130 129 129 126 125 126 126 128 129 128 1952 130 131 131 130 132 125 119 135 144 147 151 152 136 1953 154 155 155 155 156 154 Primary metals 1947 103 103 103 103 105 103 100 101 100 105 106 104 103 1948 105 106 105 96 106 107 109 110 109 112 110 108 107 1949 110 108 104 98 93 88 84 90 92 46 69 96 90 1950 100 99 98 112 115 118 122 124 123 124 120 124 115 1951 124 123 125 128 128 129 128 128 126 125 124 125 126 1952 125 125 125 116 116 63 56 126 132 134 136 135 116 1953 135 137 136 136 139 137 Metal fabricating 1947 97 98 100 102 102 101 98 97 101 102 104 104 101 1948 104 103 103 103 102 103 104 104 103 106 105 103 104 1949 101 99 97 95 94 94 95 96 99 96 90 90 96 1950 97 97 99 104 111 117 119 129 128 132 130 129 116 1951 129 131 132 132 132 131 128 127 130 132 134 136 131 1952 137 138 139 139 142 143 134 142 154 159 164 166 146 1953 168 168 168 169 169 168 Fabricated metal products. 1947 100 101 103 104 103 103 103 101 103 103 105 105 103 1948 106 104 104 104 105 103 104 105 104 106 104 102 104 1949 97 96 93 90 90 91 93 95 97 92 90 91 93 1950 95 98 100 104 109 116 122 126 128 128 126 126 115 1951 126 126 126 125 124 123 121 121 120 118 118 118 122 1952 118 118 117 115 116 113 110 119 125 130 132 134 121 1953 135 136 137 138 139 139 ^Machinery 1947 99 99 101 104 104 103 102 101 103 104 105 106 103 1948 106 105 105 105 103 105 105 105 104 104 104 102 104 1949 100 98 96 93 91 89 90 90 94 93 90 91 93 1950 95 98 101 107 108 110 115 126 124 128 128 129 114 1951 129 131 131 132 130 129 127 123 128 131 133 136 130 1952 138 138 138 139 141 144 141 146 154 156 161 161 147 1953 164 163 163 164 162 161 Nonelectrical machinery 1947 100 101 102 106 106 104 102 102 104 104 105 106 104 1948 107 106 107 107 107 108 108 106 105 106 104 103 106 1949 101 99 96 92 90 88 88 88 89 85 83 84 90 1950 88 91 94 99 102 105 110 114 113 115 117 117 105 1951 120 122 122 126 125 127 126 127 128 129 129 130 126 1952 131 132 132 134 135 136 132 136 138 139 142 143 136 1953 144 145 147 147 146 144 Electrical machinery. 1947 96 96 97 98 100 102 101 100 102 104 105 105 101 1948 104 102 100 100 97 101 101 102 101 100 104 100 101 1949 98 95 96 94 94 91 94 95 102 107 103 105 98 1950 110 112 114 121 122 122 124 151 144 155 150 152 131 1951 148 147 149 142 139 133 129 116 129 135 141 147 138 1952 150 150 151 148 152 160 160 163 184 187 198 197 167 1953 203 200 195 195 194 194 1298 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, MAJOR DIVISIONS, AND GROUPS, 1947-1953—Continued Seasonally Adjusted Indexes, 1947-49 Average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Metal Fabricating—Cont. Transportation equipment 1947 93 96 99 99 99 96 88 88 95 96 101 101 96 1948 100 99 98 97 98 100 102 102 99 109 107 106 102 1949 105 104 102 103 102 105 106 109 110 104 89 87 102 1950 100 93 93 100 117 130 127 138 137 140 135 131 120 1951 131 133 135 136 137 137 130 132 135 135 140 139 135 1952 140 143 145 146 152 152 126 140 166 177 185 190 154 1953 191 191 190 190 192 188 Instruments and related products . 1947 100 100 101 100 100 101 98 99 99 99 100 103 100 1948 104 104 104 103 103 104 106 108 107 106 105 104 105 1949 102 98 96 93 94 93 93 93 93 95 96 97 95 1950 98 100 101 103 107 111 113 119 125 127 127 127 114 1951 124 127 126 127 127 127 127 129 129 130 133 135 128 1952 136 137 137 137 138 138 137 143 146 147 150 154 142 1953 153 153 155 153 156 157 Ordnance and accessories1. Clay, glass, and lumber products.. 1947 98 99 99 99 101 100 99 102 100 99 102 99 100 1948 104 101 104 103 105 104 111 109 107 108 102 100 105 1949 96 92 93 93 93 93 93 94 96 97 100 102 95 1950 97 100 104 111 114 117 121 123 123 125 125 124 115 1951 126 124 125 126 127 125 120 119 119 116 114 114 121 1952 113 116 115 114 112 117 118 122 121 121 124 122 118 1953 126 128 127 127 127 124 Stone, clay, and glass products 1947 98 96 97 98 97 98 99 97 98 98 99 100 98 1948 98 99 103 104 106 106 107 107 107 107 106 104 105 1949 101 101 98 95 96 95 96 96 97 96 98 100 97 1950 101 103 104 110 116 119 123 125 125 129 131 129 118 1951 131 130 134 135 135 134 133 131 130 126 125 124 131 1952 122 124 123 123 124 124 122 125 127 128 129 129 125 1953 129 133 135 134 135 134 Lumber and products 1947 97 101 100 100 105 102 100 106 102 100 104 99 101 1948 110 103 104 103 105 103 115 111 106 109 100 96 106 1949 91 84 88 91 91 92 90 93 95 98 101 105 93 1950 93 98 103 113 113 116 119 121 121 120 119 120 113 1951 121 119 117 118 120 117 108 109 109 107 105 104 113 1952 105 109 108 106 102 110 114 119 116 115 119 115 111 1953 122 124 121 120 119 114 Furniture and miscellaneous manufactures 1947 101 100 99 100 99 99 98 98 99 101 104 107 100 1948 107 106 105 104 105 105 106 105 103 104 103 100 104 1949 97 94 92 90 89 91 91 94 98 101 102 101 95 1950 101 104 106 109 112 115 118 128 129 129 128 125 117 1951 126 126 127 125 119 116 114 110 107 106 107 110 116 1952 112 111 112 111 113 115 117 120 123 125 127 129 118 1953 129 128 131 134 135 135 Furniture and fixtures 1947 96 98 98 99 101 101 100 99 100 102 104 107 100 1948 108 106 106 105 104 104 104 103 102 103 102 100 104 1949 95 93 92 92 91 92 93 96 99 100 100 103 96 1950 105 107 110 114 116 118 120 125 124 122 120 118 117 1951 118 118 120 118 112 108 108 105 104 104 104 107 111 1952 109 107 108 109 111 112 113 114 116 117 118 120 113 1953 120 119 121 124 123 122 Miscellaneous manufactures .... 1947 104 101 100 100 98 97 97 97 98 101 104 107 100 1948 106 106 104 104 105 107 107 107 104 104 103 100 105 1949 98 95 92 88 88 91 90 92 98 102 103 100 95 1950 99 101 103 106 109 112 116 130 132 134 134 130 117 1951 131 132 131 129 124 121 118 114 109 107 109 112 120 1952 114 113 114 113 115 118 119 124 127 130 134 135 122 1953 135 135 138 141 143 145 published separately. DECEMBER 1953 1299 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, MAJOR DIVISIONS, AND GROUPS, 1947-1953—Continued Seasonally Adjusted Indexes, 1947-49 Average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Nondurable Manufactures— Total 1947 99 99 99 98 97 96 97 98 98 100 103 102 99 1948 103 103 101 102 103 103 102 102 102 101 101 101 102 1949 100 99 98 97 97 97 97 98 101 102 102 102 99 1950 104 104 105 107 108 109 112 115 115 115 115 118 111 1951 118 118 116 117 116 115 113 111 111 109 110 110 114 1952 111 112 112 111 110 113 113 114 116 117 118 118 114 1953 117 118 119 121 123 121 Textiles and apparel 1947 101 101 101 97 96 96 97 97 97 100 105 104 99 1948 109 105 104 107 107 106 103 102 101 99 99 98 103 1949 99 97 96 92 91 92 94 96 101 103 102 104 97 1950 106 104 103 107 108 107 110 116 113 116 113 116 110 1951 116 116 113 113 111 109 104 99 98 96 100 101 106 1952 102 102 102 100 103 105 105 107 108 109 111 111 105 1953 107 108 110 113 115 113 Textile mill products . 1947 106 104 105 104 98 96 97 97 97 101 108 104 101 1948 108 108 109 110 111 109 104 102 102 100 98 98 105 1949 98 95 90 83 82 85 86 90 98 104 106 108 94 1950 107 106 106 108 107 106 109 114 116 117 118 119 111 1951 118 117 116 116 115 112 104 99 98 96 98 100 107 1952 100 100 99 96 99 101 102 106 107 108 111 108 103 1953 103 106 108 109 113 111 Apparel and allied products 1947 96 96 95 89 93 97 98 98 98 100 102 104 97 1948 109 103 99 103 103 102 102 102 101 99 100 98 102 1949 100 100 102 101 102 99 103 103 104 103 98 100 101 1950 106 102 100 105 108 109 110 118 110 114 107 113 108 1951 114 115 110 110 107 106 104 100 97 96 103 103 105 1952 104 105 105 104 108 109 109 108 109 110 112 114 108 1953 112 110 112 116 117 115 Rubber and leather products 1947 106 109 110 107 105 100 100 102 103 107 114 110 106 1948 108 105 101 99 102 102 99 101 101 98 98 96 101 1949 96 95 94 94 93 93 93 92 91 93 91 94 93 1950 99 102 102 106 107 109 117 115 115 116 112 116 110 1951 112 112 111 110 108 109 105 102 103 97 98 99 105 1952 102 104 104 103 105 105 102 108 107 112 116 115 107 1953 117 118 119 120 122 113 Rubber products 1947 110 114 115 108 102 100 95 100 102 102 111 109 106 1948 108 105 102 97 103 105 101 104 104 99 100 95 102 1949 96 95 94 93 91 92 90 89 87 93 92 95 92 1950 103 108 106 114 119 122 133 125 126 128 122 129 119 1951 121 120 121 124 125 126 121 117 121 111 111 110 119 1952 115 115 115 112 112 114 104 114 117 123 127 128 116 1953 131 134 138 137 139 130 Leather and products.... 1947 103 104 105 107 108 101 104 103 104 110 116 110 106 1948 107 106 100 100 102 100 98 99 99 98 96 96 100 1949 96 94 94 94 94 94 96 94 94 92 90 94 94 1950 95 98 99 100 97 98 104 106 106 106 104 104 101 1951 104 105 103 98 94 94 91 89 88 85 87 89 94 1952 92 94 95 96 99 98 99 102 98 102 106 104 99 1953 104 104 103 104 108 99 Paper and printing... . 1947 92 93 94 94 95 94 97 95 97 98 100 101 96 1948 101 102 102 102 103 103 103 104 104 104 104 104 103 1949 102 100 100 98 99 99 99 101 105 105 105 105 101 1950 106 109 109 110 111 113 115 118 117 119 119 121 114 1951 121 119 121 123 123 120 118 116 116 115 114 113 118 1952 115 115 115 115 116 116 116 117 120 123 122 122 118 1953 121 123 125 125 126 126 Paper and allied products. 1947 99 100 100 101 101 98 100 96 97 98 100 102 99 1949 100 101 102 102 104 103 104 103 104 103 103 100 102 1949 98 96 94 91 90 92 92 100 105 108 107 104 98 1950 107 109 110 111 114 116 121 125 125 126 128 132 118 1951 131 130 134 138 138 130 125 120 119 118 115 114 125 1952 118 118 118 117 117 116 115 119 124 126 128 127 120 1953 125 130 133 134 134 134 1300 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, MAJOR DIVISIONS, AND GROUPS, 1947-1953—Continued Seasonally Adjusted Indexes, 1947-49 Average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Paper and printing—Cont. Printing and publishing. . . 1947 88 89 89 90 91 92 95 95 97 98 99 100 93 1948 101 102 102 102 102 103 103 104 105 105 104 106 103 1949 104 103 103 103 105 103 103 102 104 104 103 105 103 1950 106 108 109 109 110 110 112 113 113 114 114 115 111 1951 114 113 113 114 113 114 114 114 114 113 113 113 113 1952 114 113 113 114 115 117 116 116 118 120 119 119 116 1953 119 119 120 120 121 121 Chemical and petroleum products. 1947 94 94 94 95 96 95 96 96 97 99 101 102 97 1948 103 102 102 102 103 103 103 103 103 104 105 104 103 1949 102 101 100 99 98 96 96 99 102 101 103 105 100 1950 106 107 108 112 115 116 119 124 126 127 127 131 118 1951 131 132 133 132 134 134 133 133 132 131 131 131 132 1952 133 133 131 132 124 130 131 135 137 138 137 138 133 1953 138 139 140 144 146 145 Chemicals and allied products 1947 95 95 94 96 96 94 95 95 96 99 101 102 97 1948 103 101 102 101 102 103 103 103 104 104 104 104 103 1949 102 101 100 98 97 96 96 99 102 104 105 106 101 1950 108 110 111 114 117 119 122 127 130 130 131 135 121 1951 134 136 136 137 138 138 137 137 135 134 134 134 136 1952 136 135 134 135 134 135 136 137 139 141 140 141 137 1953 142 143 145 148 151 150 Petroleum and coal products 1947 90 93 95 94 95 96 97 99 99 101 100 101 97 1948 102 104 101 102 105 105 104 105 101 106 106 107 104 1949 104 102 100 102 99 97 96 97 100 95 97 102 99 1950 101 99 100 104 107 109 112 115 115 118 117 119 110 1951 123 122 123 120 123 122 121 120 123 124 123 124 122 1952 123 125 124 123 97 116 118 128 131 128 130 128 123 1953 128 128 128 131 131 131 Foods, beverages, and tobacco. . . . 1947 106 102 102 100 98 97 99 100 100 102 102 101 101 1948 97 101 98 100 100 101 100 99 98 100 99 99 100 1949 98 99 100 99 100 101 100 100 100 101 101 100 100 1950 99 99 100 101 102 102 105 107 106 102 103 108 103 1951 110 109 105 104 104 103 103 105 105 105 103 103 105 1952 104 105 105 104 104 106 106 105 106 106 107 106 106 1953 106 108 108 108 109 106 Food and beverage manufactures 1947 106 102 102 100 98 97 98 101 101 102 102 101 101 1948 97 101 98 100 100 101 100 98 98 99 99 99 99 1949 98 99 99 99 100 101 100 100 100 101 101 100 100 1950 99 99 100 102 102 102 105 106 106 102 104 108 103 1951 111 109 105 104 104 103 103 105 105 104 102 103 105 1952 103 105 105 104 103 106 105 105 105 106 107 106 105 1953 106 107 107 108 109 106 Tobacco manufactures.... 1947 101 102 101 97 93 95 103 93 95 103 102 104 99 1948 98 98 97 107 101 99 102 101 101 104 101 101 101 1949 102 98 103 100 102 102 96 100 101 98 99 98 100 1950 99 101 101 98 100 101 101 107 102 97 101 105 101 1951 107 111 106 110 104 106 103 102 105 109 112 104 107 1952 110 107 109 109 109 108 111 109 110 110 109 114 110 1953 106 120 116 108 107 103 Minerals—Total 1947 97 98 101 93 99 101 101 102 103 103 103 105 100 1948 104 105 95 98 107 111 110 109 107 108 107 108 106 1949 102 102 94 102 99 94 91 91 83 77 97 94 94 1950 91 84 103 102 103 107 108 111 112 113 110 112 105 1951 113 112 112 113 114 115 116 116 116 119 118 118 115 1952 119 119 118 116 104 106 105 111 119 111 118 117 114 1953 116 116 115 115 117 119 Mineral fuels 1947 98 99 102 93 100 101 101 103 103 104 104 106 101 1948 105 105 94 96 108 112 112 110 108 109 107 108 106 1949 103 103 91 101 98 92 90 90 81 78 99 93 93 1950 89 80 103 103 103 107 107 110 111 112 108 110 103 1951 112 110 110 112 113 113 114 115 115 118 117 117 114 1952 118 119 117 116 101 109 107 109 118 109 116 117 113 1953 116 115 113 114 116 119 DECEMBER 1953 1301 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, MAJOR DIVISIONS, AND GROUPS, 1947-1953—Continued Seasonally Adjusted Indexes, 1947-49 Average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Mineral fuels—Cont. Coal 1947 117 116 123 92 112 112 109 114 114 113 115 117 113 1948 114 114 76 81 117 124 124 116 113 111 102 105 108 1949 102 100 67 105 96 80 82 78 43 33 92 78 79 1950 64 34 110 107 98 101 100 103 100 99 88 100 92 1951 99 93 90 90 91 96 96 94 94 95 95 94 94 1952 96 95 90 83 81 71 71 75 94 63 87 82 83 1953 77 77 74 75 85 86 Anthracite 1947 112 106 118 106 101 117 98 112 111 110 111 109 109 1948 112 117 107 109 113 111 109 110 108 108 102 101 109 1949 88 73 51 92 98 82 102 84 46 99 101 67 82 1950 66 64 105 86 90 89 86 99 87 82 73 85 84 1951 94 90 55 66 79 86 82 82 78 84 85 95 82 1952 92 80 81 80 76 74 69 67 81 75 77 74 78 1953 60 59 56 47 65 62 Bituminous coal 1947 118 117 124 90 113 111 111 114 115 114 116 118 113 1948 115 114 72 76 117 127 127 117 113 112 102 106 108 1949 104 104 69 106 96 79 79 77 43 22 91 79 79 1950 64 29 110 110 99 103 103 103 102 101 90 102 93 1951 100 94 95 94 93 98 98 96 97 97 . 96 94 96 1952 97 98 92 83 82 71 71 76 96 61 88 83 84 1953 80 80 77 79 88 89 Crude oil and natural gasl. 1947 89 90 91 93 94 95 97 97 98 100 99 100 95 1948 100 101 102 104 104 106 106 107 106 108 110 110 105 1949 103 104 102 99 99 98 93 96 98 99 103 100 99 1950 100 102 100 101 105 109 110 114 116 118 118 115 109 1951 117 118 120 122 123 121 123 125 125 128 128 128 123 1952 128 130 130 131 110 126 125 125 129 130 130 134 128 1953 134 134 132 133 131 134 Metal, stone, and earth minerals.. 1947 94 96 98 95 97 99 101 101 100 99 99 102 98 1948 102 102 104 106 104 105 102 104 104 105 106 104 104 1949 99 102 111 108 102 101 98 96 93 75 87 100 97 1950 104 105 104 96 105 112 114 117 118 119 120 119 111 1951 123 119 121 121 122 122 122 120 121 124 119 122 121 1952 121 122 121 120 120 91 91 119 123 122 124 115 115 1953 116 118 121 121 120 121 Metal mining 1947 101 101 104 96 99 102 105 105 102 100 98 104 101 1948 104 103 104 109 106 105 101 104 104 106 107 102 105 1949 91 100 118 115 103 104 97 93 88 51 74 100 94 1950 106 105 102 82 99 107 109 115 116 118 117 118 108 1951 120 117 115 117 118 117 117 113 116 120 112 117 116 1952 117 117 116 117 118 62 64 117 124 122 126 106 108 1953 111 113 116 118 118 117 Stone and earth minerals.. 1947 88 92 92 93 95 96 97 96 98 99 100 100 95 1948 101 101 104 103 102 105 104 105 105 105 106 107 104 1949 106 104 103 101 100 99 100 99 99 99 100 100 101 1950 102 104 106 109 111 116 118 119 119 120 123 121 114 1951 126 121 127 126 127 128 127 128 127 129 126 127 127 1952 126 128 126 123 122 121 119 121 123 123 122 123 123 1953 121 123 126 124 122 125 1 Same as series without seasonal adjustment. 1302 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION BY GROUPS AND SERIES, 1947-1953 Indexes, Without Seasonal Adjustment, 1947-49 Average— 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year INDUSTRIAL PRODUC- TION—TOTAL 1947 98 100 100 98 98 98 93 100 102 106 105 102 100 1948 103 104 102 101 102 104 99 105 106 109 105 102 104 1949 100 100 98 96 94 94 89 97 100 98 97 96 97 1950 99 100 104 106 108 112 109 122 122 126 121 120 112 1951 121 123 124 123 121 122 112 118 121 122 120 118 120 1952 119 123 123 120 118 118 108 123 131 134 134 131 124 1953 132 136 138 136 136 136 MANUFACTURES—TOTAL 1947 98 100 101 99 97 98 92 99 102 105 105 102 100 1948 103 104 103 101 101 103 98 104 106 109 105 101 103 1949 100 100 99 95 93 94 89 98 101 100 97 97 97 1950 100 102 104 107 108 113 109 122 123 127 122 122 113 1951 122 125 126 124 121 122 112 118 121 122 120 118 121 1952 120 123 124 121 120 119 109 124 132 136 136 133 125 1953 135 139 140 139 138 138 Durable Manufactures— Total 1947 98 100 102 102 100 101 93 97 102 105 105 105 101 1948 104 105 105 102 102 104 100 105 105 110 107 104 104 1949 101 101 99 96 92 92 87 94 98 92 90 94 95 1950 98 100 103 109 111 117 113 126 127 133 128 128 116 1951 127 131 134 133 130 129 118 122 126 129 128 128 128 1952 129 133 136 133 132 126 111 132 143 150 152 151 136 1953 154 158 160 159 157 155 Primary metals 1947 105 106 107 106 105 103 89 97 100 108 107 103 103 1948 107 109 109 99 106 107 97 105 109 115 111 107 107 1949 112 111 108 101 93 88 75 87 92 47 70 95 90 1950 102 102 102 116 115 118 108 119 123 127 121 123 115 1951 126 127 131 133 129 131 115 122 125 127 126 121 126 1952 127 130 132 121 118 64 51 119 129 135 136 131 116 1953 137 142 143 141 142 138 Ferrous metals 1947 102 103 106 104 105 103 90 98 99 107 107 103 102 1948 106 107 109 95 106 107 97 105 109 116 113 110 107 1949 116 116 114 108 99 92 77 89 90 31 63 99 91 1950 104 101 101 115 115 117 110 117 122 126 119 123 114 1951 127 127 135 136 133 133 121 125 129 132 130 126 129 1952 130 133 135 122 119 47 37 119 131 138 137 134 115 1953 139 142 145 142 143 138 Pig iron and steel 1947 102 101 103 103 104 101 92 98 99 106 105 104 101 1948 105 105 107 90 106 105 99 105 108 113 113 110 106 1949 116 117 118 113 105 93 80 93 94 14 61 108 92 1950 112 105 105 120 121 120 116 118 122 126 119 121 117 1951 128 124 132 133 133 131 127 129 132 134 133 130 131 1952 134 136 137 121 120 25 24 124 138 144 143 142 115 1953 145 145 149 144 147 142 Pig iron 1947 103 102 104 101 103 101 93 100 100 106 105 105 102 1948 105 105 102 80 103 104 99 106 109 112 113 113 105 1949 116 117 118 116 112 101 85 91 91 12 57 106 93 1950 107 94 93 117 119 118 119 117 119 120 113 115 113 1951 119 116 122 123 125 125 123 123 123 126 124 121 123 1952 122 125 128 109 111 22 20 118 129 132 130 132 107 1953 133 132 135 130 133 133 Steel 1947 103 101 103 103 104 102 93 99 99 107 105 104 101 1948 105 105 107 91 106 105 99 105 108 113 113 110 106 1949 116 117 118 112 105 93 80 94 95 14 61 109 92 1950 113 107 106 121 122 120 115 118 122 127 120 121 118 1951 129 125 133 134 134 132 128 129 132 135 134 131 131 1952 135 137 138 122 121 25 24 125 139 145 144 143 117 1953 146 146 150 146 148 143 Carbon steel 1947 101 100 103 102 103 101 93 98 99 106 105 104 101 1948 105 104 106 89 105 105 98 103 107 111 112 108 105 1949 114 116 118 115 110 98 84 96 98 12 62 109 94 1950 112 107 106 121 121 120 115 117 120 124 118 118 117 1951 126 123 129 130 130 128 125 125 128 131 130 127 128 1952 130 132 135 118 117 24 23 121 132 138 138 137 112 1953 139 139 143 139 140 137 Alloy steel 1947 114 105 108 112 114 103 89 99 97 108 106 103 105 1948 110 109 116 104 111 110 105 114 113 123 119 119 113 1949 127 127 116 98 70 61 51 78 74 24 55 105 82 1950 114 110 107 119 125 122 115 123 134 143 134 140 124 1951 146 141 154 161 159 151 144 156 157 158 158 155 153 1952 168 163 162 147 146 36 33 146 181 191 182 178 144 1953 189 192 194 191 196 183 DECEMBER 1953 1303 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION BY GROUPS AND SERIES, 1947-1953—Continued Indexes, Without Seasonal Adjustment, 1947-49 Average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Primary metals—Cont Ferrous metals—Cont. Ferrous castings and forgings 1947 101 109 Ill 108 107 107 85 97 101 109 110 102 104 1948 106 114 113 107 106 110 92 106 111 122 112 110 109 1949 115 112 105 97 85 89 69 79 81 71 67 78 87 1950 85 90 92 104 102 112 98 114 122 127 119 128 107 1951 125 132 141 141 132 137 105 118 124 128 123 115 127 1952 121 128 129 126 116 96 66 107 115 123 123 117 114 1953 125 136 136 136 133 127 Iron and steel castings 1947 102 109 112 108 108 108 86 97 101 109 111 102 104 1948 106 113 113 107 106 110 93 107 111 123 112 109 109 1949 114 112 104 97 85 88 69 78 81 70 67 79 87 1950 84 89 90 103 101 112 98 114 122 127 119 128 107 1951 125 131 139 139 130 135 101 116 122 124 119 109 124 1952 115 122 123 121 112 91 63 105 112 118 117 110 109 1953 118 128 128 129 125 120 Steel forgings . 1947 96 106 106 108 104 105 81 94 100 108 104 102 101 1948 108 118 115 105 105 110 90 102 111 119 114 116 109 1949 120 113 106 101 85 93 68 85 82 79 68 73 89 1950 88 97 99 104 104 112 95 113 122 130 123 126 110 1951 126 135 153 153 142 149 122 126 136 153 147 145 140 1952 151 162 165 150 139 127 83 113 134 153 153 154 143 1953 164 181 179 176 179 166 Nonferrous metals . . 1947 113 116 111 112 105 102 86 95 103 110 108 104 106 1948 111 116 112 111 107 110 96 105 111 115 104 98 108 1949 102 98 91 80 74 77 68 80 96 95 92 84 86 1950 98 105 106 117 115 121 103 125 126 130 127 124 116 1951 123 127 121 125 117 123 98 110 112 113 112 108 116 1952 119 120 121 116 115 116 95 121 124 127 132 122 119 1953 132 142 139 138 139 139 Primary nonferrous metals 1947 98 102 105 110 108 102 98 97 99 98 97 100 101 1948 101 101 103 107 107 104 99 98 101 100 95 97 101 1949 97 103 109 109 106 101 92 90 90 88 93 95 98 1950 101 108 111 110 111 115 106 111 111 114 116 115 111 1951 116 117 119 118 118 116 112 103 104 115 117 115 114 1952 119 122 122 125 125 120 118 123 122 124 124 129 123 1953 131 143 146 147 143 144 Copper smelting 1947 97 102 104 114 113 105 98 103 107 95 93 100 102 1948 102 109 104 113 113 112 101 110 112 101 74 80 103 1949 86 105 120 117 100 92 77 77 83 85 103 99 95 1950 106 110 112 107 103 123 105 115 111 112 115 113 111 1951 107 111 113 116 119 111 102 90 95 108 105 107 107 1952 103 107 107 114 115 103 101 98 105 105 103 105 106 1953 101 114 126 122 115 108 Copper refining 1947 99 106 107 117 114 115 109 99 102 109 103 108 107 1948 106 101 106 107 104 111 105 100 103 100 103 94 104 1949 83 93 93 98 99 96 80 80 78 82 93 96 89 1950 98 107 112 108 110 111 92 108 110 109 107 111 107 1951 114 117 116 111 110 111 91 77 80 103 101 96 102 1952 99 99 94 102 97 95 96 96 97 100 103 109 99 1953 106 110 110 115 116 129 Lead 1947 94 101 104 112 111 95 94 97 100 104 110 101 102 1948 105 96 103 107 105 103 85 62 78 97 102 110 96 1949 108 104 114 112 114 104 85 84 80 103 111 108 102 1950 105 102 109 110 109 102 92 105 114 120 116 107 108 1951 108 107 112 102 100 92 99 70 70 76 83 82 92 1952 97 105 109 90 101 89 83 93 98 114 114 108 100 1953 105 111 106 107 96 84 Zinc 1947 101 100 104 106 103 102 96 93 97 100 100 99 100 1948 100 99 102 101 102 97 96 94 92 97 100 105 99 1949 104 104 106 108 107 105 103 102 99 87 92 97 101 1950 96 106 107 107 109 107 106 100 99 108 111 108 105 1951 110 106 110 110 111 110 109 101 100 110 113 113 109 1952 115 114 116 116 113 109 106 108 108 110 111 112 112 1953 112 116 115 114 113 116 Aluminum. . . 1947 98 102 104 104 100 94 94 92 88 86 88 94 95 1948 96 96 102 108 109 99 104 108 108 107 103 105 104 1949 105 108 108 110 112 110 110 102 101 90 73 81 101 1950 102 110 115 118 122 123 125 124 121 124 126 130 120 1951 134 137 138 138 133 137 143 145 141 143 147 142 140 1952 151 152 151 156 159 157 154 167 156 152 152 164 156 1953 177 202 205 207 207 212 1304 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION BY GROUPS AND SERIES, 1947-1953—Continued Indexes, Without Seasonal Adjustment, 1947-49 Average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Primary metals—Cont. Nonferrous metals—Cont. Secondary nonferrous metals 1947 123 130 128 125 112 109 91 99 107 120 113 110 113 1948 107 115 113 110 104 106 86 107 107 111 112 107 108 1949 105 94 78 61 59 69 60 77 88 91 90 81 79 1950 94 94 90 95 103 114 98 125 118 142 132 128 110 1951 136 129 130 133 124 125 130 102 97 104 118 108 120 1952 122 125 127 113 108 108 93 111 117 126 119 105 114 1953 115 126 122 133 118 121 Nonferrous shapes and castings 1947 117 119 112 112 104 102 81 94 104 113 111 104 106 1948 115 121 114 112 108 112 95 107 114 120 106 97 110 1949 103 97 86 73 65 70 61 77 98 98 92 81 84 1950 98 105 106 121 118 124 103 129 133 134 131 126 119 1951 124 130 120 126 116 125 90 114 116 114 110 106 116 1952 119 119 120 113 113 116 88 121 125 128 136 122 119 1953 135 143 138 136 139 139 Copper mill shapes.. . 1947 123 121 111 114 107 106 82 97 106 114 110 102 108 1948 119 119 108 110 107 112 94 107 118 121 101 91 109 1949 105 96 81 63 58 67 59 79 107 102 101 77 83 1950 102 105 96 124 120 124 95 125 122 122 120 110 114 1951 114 120 103 114 107 121 77 108 113 109 106 102 108 1952 120 115 115 103 106 111 78 121 122 120 136 110 113 1953 128 131 119 113 125 128 Aluminum mill shapes 1947 103 113 98 93 86 80 74 86 101 120 117 113 99 1948 114 125 131 118 114 120 107 115 112 119 116 105 116 1949 104 105 106 93 79 71 63 68 85 94 72 79 85 1950 91 110 132 121 111 124 119 146 149 147 135 138 127 1951 144 141 138 139 122 129 116 129 118 122 123 118 128 1952 126 132 134 140 134 142 125 140 146 157 152 152 140 1953 160 178 190 195 186 183 Nonferrous castings. . 1947 113 119 121 118 108 105 84 94 101 109 110 104 107 1948 107 121 116 112 107 107 91 104 109 118 108 103 109 1949 100 95 84 81 72 76 65 80 89 93 85 89 84 1950 94 102 110 116 117 123 108 127 144 151 148 151 124 1951 130 142 143 142 131 133 100 116 120 117 112 105 124 1952 111 117 122 117 113 111 84 109 119 128 128 126 115 1953 132 145 144 146 138 135 Metal Fabricating 1947 97 100 102 102 100 100 94 96 101 104 105 106 101 1948 104 105 105 102 100 103 100 103 103 108 106 105 104 1949 101 101 100 97 93 93 91 95 99 98 90 91 96 1950 98 99 102 106 109 116 113 127 127 134 129 131 116 1951 129 134 137 135 132 132 120 123 129 133 134 136 131 1952 137 142 145 142 143 143 125 138 153 160 164 166 146 1953 169 172 175 173 170 168 Fabricated metal products... 1947 99 100 102 101 100 101 98 103 107 108 107 108 103 1948 105 103 102 102 101 101 99 107 108 111 106 104 104 1949 96 95 92 88 87 90 88 97 101 97 91 93 93 1950 94 97 99 104 107 116 116 129 130 132 127 128 115 1951 124 126 127 126 124 123 115 121 122 121 118 118 122 1952 117 118 118 116 116 113 105 119 128 133 132 134 121 1953 134 136 138 139 139 139 Structural metal parts . 1947 90 92 95 95 96 97 94 95 99 102 102 107 97 1948 105 105 105 104 102 99 99 104 103 109 110 112 105 1949 106 104 102 98 97 96 95 96 99 93 92 99 98 1950 99 101 104 107 108 114 113 120 122 126 125 126 114 1951 124 124 124 125 123 122 118 120 121 120 119 123 122 1952 121 122 121 118 120 112 104 115 124 128 131 137 121 1953 136 137 139 139 139 140 Stampings and miscellaneous metal products 1947 109 109 110 109 106 105 99 99 105 106 108 111 106 1948 109 106 106 105 103 102 100 102 101 104 105 104 104 1949 99 97 92 87 83 85 84 87 92 91 86 94 90 1950 97 98 99 103 108 116 114 123 127 131 131 134 115 1951 133 134 136 135 132 132 121 121 121 122 121 124 128 1952 123 124 122 119 119 114 102 110 121 130 133 141 121 1953 141 142 145 145 144 143 Tin cans 1947 63 65 71 77 78 92 111 153 133 100 88 91 94 1948 81 84 75 78 86 107 116 148 152 116 88 96 103 1949 73 79 75 80 86 114 124 176 157 112 85 82 104 1950 79 82 85 93 102 134 156 198 170 131 113 139 123 1951 98 99 101 109 111 122 134 174 172 134 99 92 120 1952 84 93 105 108 104 131 152 183 173 128 101 92 122 1953 101 104 105 114 120 134 1305 DECEMBER 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION BY GROUPS AND SERIES, 1947-1953—Continued Indexes, Without Seasonal Adjustment, 1947-49 Average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Fabricated metal products— Cont. Furnaces, gas ranges, and heaters .... 1947 116 120 120 112 106 113 101 125 133 146 131 108 119 1948 101 97 91 98 99 101 83 120 133 140 104 72 103 1949 57 55 59 58 59 67 60 95 113 127 106 72 78 1950 70 82 89 101 103 117 110 156 156 156 131 113 115 1951 108 121 124 111 101 95 65 87 95 96 95 75 98 1952 73 72 76 77 75 85 69 105 112 127 110 85 89 1953 86 91 92 99 102 86 Machinery 1947 98 101 103 103 102 102 96 98 104 106 107 108 103 1948 106 107 108 104 102 104 99 101 104 106 107 104 104 1949 101 101 100 94 91 87 83 86 92 95 91 93 93 1950 96 101 105 109 108 108 105 121 121 132 129 132 114 1951 131 136 138 134 130 128 116 117 126 132 134 139 130 1952 140 144 146 141 141 142 128 138 151 158 163 164 147 1953 167 170 172 167 163 159 Nonelectrical machinery 1947 100 103 105 105 104 104 98 99 104 105 106 109 104 1948 107 108 109 106 106 108 103 103 105 107 105 106 106 1949 103 102 100 94 90 88 83 83 87 85 82 86 90 1950 89 94 98 101 102 105 104 108 110 115 116 121 105 1951 122 126 128 129 126 128 120 119 124 127 128 134 126 1952 134 136 139 136 136 137 125 128 134 136 141 147 136 1953 147 149 154 150 148 146 Farm and industrial machinery 1947 104 106 107 107 106 105 100 101 104 105 105 109 105 1948 108 108 108 105 105 106 103 104 103 104 104 106 105 1949 103 101 98 94 90 87 84 83 85 83 81 85 90 1950 86 89 92 95 98 100 100 105 105 111 114 119 101 1951 121 123 125 126 126 127 124 123 125 129 131 135 126 1952 136 137 138 137 137 137 128 128 131 133 137 144 135 1953 143 143 146 144 142 142 Farm machinery 1947 77 80 83 87 88 91 92 90 93 94 95 100 89 1948 102 106 108 93 98 109 109 105 106 110 111 115 106 1949 115 115 114 110 109 108 105 104 103 95 88 96 105 1950 99 104 105 107 108 108 107 108 79 94 97 108 102 1951 116 117 119 119 118 119 117 96 99 113 113 117 114 1952 118 117 117 120 118 115 93 81 76 82 90 107 103 1953 107 110 112 109 105 102 Industrial and commercial machinery 1947 108 109 110 110 109 107 101 103 105 106 107 110 107 1948 109 108 108 107 106 106 102 103 103 104 103 104 105 1949 101 99 96 91 88 85 81 80 82 82 80 83 88 1950 84 87 90 93 96 98 99 105 108 114 116 121 101 1951 122 124 125 127 127 128 125 126 129 131 133 138 128 1952 139 140 141 140 140 140 133 134 139 141 143 149 140 1953 148 148 151 149 148 148 Machine tools and presses.. . 1947 116 118 118 118 115 115 110 113 114 114 113 117 115 1948 112 112 111 106 105 105 100 101 100 99 98 99 104 1949 92 90 88 84 82 78 74 76 76 76 75 79 81 1950 80 85 87 90 93 96 97 108 112 121 123 129 102 1951 134 138 139 142 140 143 142 135 141 148 158 167 144 1952 171 174 177 175 176 179 169 179 185 186 186 193 179 1953 192 190 193 192 191 189 Laundry and refrigeration appliances 1947 65 71 83 86 88 99 80 75 105 105 109 106 89 1948 97 111 116 114 114 126 113 95 126 134 119 104 114 1949 105 112 112 94 85 92 82 84 109 98 90 98 97 1950 126 145 156 164 145 158 146 136 162 156 139 145 148 1951 140 160 168 155 131 140 82 84 111 105 96 111 124 1952 101 114 122 102 97 101 65 93 113 118 132 134 108 1953 142 163 186 163 148 137 Electrical machinery 1947 95 99 101 98 97 99 91 97 104 109 110 108 101 1948 103 105 105 100 94 98 91 99 102 105 109 102 101 1949 97 98 100 96 94 86 82 93 103 114 108 106 98 1950 110 116 121 124 122 116 106 147 144 164 156 154 131 1951 149 155 158 145 138 126 108 112 129 143 147 148 138 1952 153 158 160 151 151 152 134 158 184 199 206 196 167 1953 207 210 206 199 192 184 Electrical apparatus and parts 1947 101 101 102 98 97 102 101 101 104 105 106 109 102 1948 108 107 106 103 101 102 100 100 102 103 105 105 104 1949 102 103 101 98 94 91 89 90 92 91 88 92 94 1950 91 91 91 93 96 96 97 103 105 113 115 117 101 1951 114 115 118 121 124 127 124 128 133 136 142 149 127 1952 153 156 158 158 159 161 153 157 167 172 173 179 162 1953 178 179 183 184 182 182 1306 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION BY GROUPS AND SERIES, 1947-1953—Continued Indexes, Without Seasonal Adjustment, 1947-49 Average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Electrical machinery—Cont. Radio and television sets. 1947 82 92 93 96 91 83 64 86 97 110 Ill 96 92 1948 82 92 94 89 71 80 66 88 92 101 118 94 89 1949 82 87 107 105 108 80 65 105 145 194 186 167 119 1950 187 209 231 235 216 189 140 307 281 345 304 286 243 1951 273 289 293 221 190 129 70 72 124 169 167 151 178 1952 160 171 173 143 134 128 85 157 232 277 301 244 184 1953 288 294 266 237 208 180 Transportation equipment. . 1947 93 98 102 101 95 97 88 87 93 96 99 102 96 1948 100 101 101 99 94 101 102 101 97 109 105 107 102 1949 105 106 105 106 98 107 106 108 109 104 87 85 102 1950 102 95 97 103 112 132 127 137 136 140 128 128 120 1951 127 135 142 141 138 141 126 130 133 135 136 134 135 1952 136 146 152 152 153 156 122 139 165 177 180 182 154 1953 189 195 199 198 194 193 Autos, trucks, and parts.... 1947 90 99 105 101 94 95 88 85 94 96 99 99 95 1948 97 100 99 95 90 100 105 101 93 112 105 107 101 1949 104 105 103 107 96 110 111 117 116 112 85 84 104 1950 113 100 104 114 126 155 146 155 151 156 135 130 132 1951 127 135 141 137 130 130 107 111 111 111 103 94 120 1952 94 105 111 110 105 106 52 74 111 121 119 115 102 1953 126 134 142 143 137 136 Autos 1947 68 82 90 89 80 91 75 77 87 86 95 97 85 1948 90 86 94 86 67 89 102 98 85 112 103 102 93 1949 98 102 109 128 112 141 143 151 151 146 106 82 122 1950 141 119 127 142 158 203 178 185 181 187 143 148 159 1951 134 158 172 150 137 143 108 117 112 111 102 83 127 1952 77 98 112 117 111 117 43 71 125 130 126 114 103 1953 132 151 161 170 162 166 Trucks 1947 109 125 132 116 103 104 95 95 109 114 98 97 108 1948 101 118 132 126 113 115 109 101 105 106 100 99 111 1949 99 96 93 93 75 83 81 79 76 76 65 63 81 1950 81 89 98 106 107 125 114 126 109 106 102 125 107 1951 125 131 139 147 139 143 112 122 126 121 100 105 125 1952 114 122 133 127 118 121 55 68 117 126 126 113 111 1953 119 121 144 142 124 106 Light trucks 1947 69 84 90 80 77 67 68 64 94 98 82 83 79 1948 85 105 120 119 107 108 109 113 111 109 101 97 108 1949 111 121 122 130 100 124 125 122 120 117 93 78 113 1950 108 113 119 131 131 152 132 143 129 130 108 138 126 1951 129 127 147 144 136 148 113 118 118 99 90 83 120 1952 86 94 105 113 107 120 40 57 125 144 144 129 105 1953 126 118 144 138 107 76 Medium trucks 1947 126 155 165 133 114 126 123 121 126 125 107 106 128 1948 104 116 138 122 116 112 117 102 96 104 95 97 110 1949 98 94 89 82 61 58 59 52 43 39 33 39 62 1950 66 69 74 75 79 96 75 86 71 64 67 84 76 1951 87 89 102 113 109 107 87 88 99 84 78 73 93 1952 80 91 94 82 74 79 25 30 65 76 71 60 69 1953 61 55 87 80 53 37 Heavy trucks 1947 93 98 114 120 105 117 94 95 106 116 101 108 105 1948 123 146 149 148 123 137 111 86 116 113 110 121 123 1949 101 84 74 68 65 64 61 61 63 66 70 72 71 1950 72 88 106 119 121 137 137 160 110 107 128 159 120 1951 173 192 165 197 179 193 149 186 182 211 145 186 180 1952 217 225 253 227 208 209 110 126 194 187 192 171 194 1953 195 214 233 218 201 198 Truck trailers 1947 185 186 160 136 119 97 75 86 84 101 96 85 118 1948 92 105 110 115 108 113 96 101 100 109 106 91 104 1949 82 71 71 82 78 79 65 71 75 95 82 85 78 1950 86 107 116 133 128 152 167 175 197 188 178 184 151 1951 174 188 202 189 187 167 132 130 144 152 133 137 161 1952 135 137 151 149 145 118 98 130 136 145 150 143 137 1953 163 184 187 246 285 270 Auto and truck parts.... 1947 97 101 106 105 100 95 93 88 93 97 100 100 98 1948 100 103 92 92 97 102 104 102 95 113 108 111 102 1949 110 110 103 99 92 100 101 109 108 102 79 91 100 1950 105 93 92 100 113 135 137 146 145 152 139 122 123 1951 124 124 124 127 124 120 104 105 107 109 106 98 114 1952 99 104 105 101 98 95 57 78 101 113 113 116 98 1953 124 127 131 127 125 126 DECEMBER 1953 1307 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION BY GROUPS AND SERIES, 1947-1953—Continued Indexes, Without Seasonal Adjustment, 1947-49 Average —100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Transportation equipment— Cont. Aircraft and parts 1947 97 94 92 92 86 83 81 82 81 86 87 91 88 1948 92 96 99 102 97 99 100 104 108 111 114 114 103 1949 112 113 113 108 108 107 108 105 110 108 109 108 109 1950 108 109 110 111 113 115 117 127 133 139 149 158 124 1951 166 177 185 190 195 203 212 219 226 228 259 281 211 1952 296 313 325 329 349 364 376 389 394 416 429 452 368 1953 455 461 461 452 452 452 Shipbuilding and repair 1947 124 119 125 130 131 131 95 91 95 99 99 113 113 1948 117 108 110 107 104 100 96 93 91 95 90 98 101 1949 96 96 96 93 93 90 89 83 79 71 70 73 86 1950 70 70 71 70 71 73 74 86 84 86 88 93 77 1951 100 114 120 121 122 125 126 124 125 127 130 132 121 1952 134 136 139 139 143 143 140 138 139 136 135 144 136 1953 142 138 138 139 136 135 Railroad equipment 1947 66 63 65 76 74 93 91 97 113 115 130 123 93 1948 115 113 108 107 109 113 98 100 107 103 103 107 107 1949 105 121 124 124 112 110 91 76 88 78 76 68 99 1950 56 57 51 47 58 73 71 83 88 89 90 90 72 1951 83 74 86 95 96 98 69 78 94 96 99 93 89 1952 89 86 90 81 78 78 56 64 57 66 69 77 74 1953 79 83 76 78 76 74 Railroad cars 1947 50 44 52 70 65 95 91 100 121 123 147 135 93 1948 122 120 111 109 113 120 100 117 110 106 104 108 112 1949 106 129 130 130 111 108 81 83 77 61 58 46 95 1950 34 32 24 16 31 56 52 70 74 74 75 74 52 1951 66 70 71 84 87 92 47 61 84 87 89 81 77 1952 77 72 80 70 65 64 49 45 36 49 62 71 62 1953 76 82 64 65 66 62 Instruments and related products 1947 100 101 103 102 100 101 93 96 99 100 101 104 100 1948 104 105 106 105 103 104 101 105 107 107 106 105 105 1949 102 99 97 95 94 93 89 90 93 96 97 98 95 1950 98 100 102 104 107 111 109 116 125 128 129 129 114 1951 124 127 127 128 127 127 124 126 129 131 134 136 128 1952 136 137 138 138 138 138 133 140 145 149 152 156 142 1953 153 153 157 155 156 157 Ordnance and accessories1 Clay, Glass, and Lumber Products 1947 91 96 98 100 102 102 94 105 105 104 103 96 100 1948 97 98 103 104 106 107 105 113 111 113 103 97 105 1949 90 89 92 94 94 96 88 97 100 102 101 98 95 1950 90 97 103 114 116 120 115 127 128 131 125 119 115 1951 117 120 124 129 128 130 116 123 124 122 114 108 121 1952 106 112 115 117 113 121 113 126 126 127 123 115 118 1953 117 124 127 130 128 129 Stone, clay, & glass products 1947 95 92 95 98 97 99 95 99 100 103 101 101 98 1948 95 95 101 104 106 107 103 109 109 112 108 105 105 1949 98 98 96 95 96 96 92 98 99 101 100 100 97 1950 98 100 102 110 116 120 119 128 127 136 133 128 118 1951 127 126 131 135 135 135 131 133 132 133 126 123 131 1952 119 121 121 123 124 125 119 128 129 135 130 128 125 1953 125 129 132 134 135 136 Glass and pottery products. . 1947 108 100 106 108 107 104 94 100 100 104 101 101 103 1948 97 97 105 107 104 102 94 105 106 110 104 102 103 1949 100 99 95 91 92 91 83 93 92 99 98 98 94 1950 102 106 109 112 116 115 109 119 115 131 129 123 115 1951 126 126 130 132 126 123 114 119 115 116 109 108 120 1952 109 113 113 112 112 112 104 113 114 123 119 118 114 1953 120 125 128 126 125 123 Flat glass & vitreous prod 1947 92 92 97 98 97 97 90 94 96 100 101 103 97 1948 99 101 107 106 106 106 97 107 109 112 110 112 106 1949 107 105 100 93 93 91 83 91 95 100 103 109 97 1950 110 115 119 122 126 129 122 135 127 144 145 140 128 1951 136 135 138 138 132 130 120 126 128 128 125 126 130 1952 120 122 122 119 118 117 107 116 123 132 133 136 122 1953 134 136 139 138 137 135 Flat and other glass.. 1947 95 91 97 99 98 97 87 93 96 100 102 104 97 1948 98 100 107 108 106 105 95 106 109 112 109 112 106 1949 106 104 97 91 93 90 81 92 96 102 106 112 98 1950 113 119 124 127 132 134 126 139 129 148 149 142 132 1951 138 136 139 139 132 129 118 125 129 130 126 128 131 1952 120 123 122 120 119 118 106 117 126 135 138 142 124 1953 139 141 143 142 139 137 xNot published separately. 1308 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION BY GROUPS AND SERIES, 1947-1953—Continued Indexes, Without Seasonal Adjustment, 1947-49 Average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Stone, clay, & glass products Gont. Glass and pottery products— Cont. Glass containers 1947 129 119 123 124 123 115 103 110 112 112 101 93 114 1948 93 91 104 107 102 97 90 104 105 105 86 78 97 1949 84 83 84 84 88 96 93 100 90 96 88 80 89 1950 91 93 95 100 108 108 102 105 103 121 111 106 104 1951 117 116 125 130 123 123 117 120 107 106 91 86 113 1952 101 107 107 112 116 119 115 122 119 122 105 95 112 1953 107 114 123 122 126 129 Home glassware & pottery 1947 118 100 110 114 113 108 95 105 98 107 102 102 106 1948 94 96 104 107 104 97 90 101 100 111 109 103 101 1949 97 102 98 96 96 86 70 88 88 100 96 92 93 1950 93 99 98 100 98 85 81 97 98 108 106 100 97 1951 109 112 116 118 112 104 94 99 93 95 89 87 103 1952 90 98 97 93 91 92 84 96 85 103 101 96 94 1953 100 110 107 99 93 86 Cement 1947 79 82 83 88 79 97 96 103 105 108 102 95 93 1948 85 84 85 97 104 108 110 111 113 114 112 102 102 1949 90 89 91 107 109 111 111 110 116 112 110 100 105 1950 89 85 84 110 117 121 122 129 127 132 123 112 113 1951 102 99 110 123 129 133 132 132 135 134 126 117 123 1952 100 104 106 120 128 126 125 138 140 142 134 123 124 1953 111 113 119 132 137 138 Structural clay products. . . . 1947 91 88 87 92 94 97 98 102 103 108 104 102 97 1948 95 90 96 100 104 110 107 112 113 116 111 107 105 1949 96 97 96 97 98 100 94 99 100 98 97 95 97 1950 87 88 91 96 108 114 113 122 122 126 123 111 108 1951 113 110 118 122 127 130 124 128 125 129 124 112 122 1952 108 108 108 113 110 114 113 116 116 119 111 107 112 1953 100 103 106 111 110 117 Brick 1947 81 80 73 84 89 92 95 101 102 110 103 94 92 1948 80 73 85 99 107 121 117 123 125 129 116 104 107 1949 86 84 88 96 101 111 99 112 112 113 112 100 101 1950 81 82 86 101 123 132 125 139 135 142 135 108 116 1951 106 103 118 126 134 137 126 133 123 131 122 96 121 1952 89 92 96 110 108 116 118 117 121 120 107 96 108 1953 84 90 97 108 108 119 Clay firebrick, pipe, and tile 1947 98 95 96 98 98 100 100 102 104 105 105 108 101 1948 106 101 105 103 104 105 102 106 106 108 108 109 105 1949 103 105 101 98 95 92 89 89 91 87 86 91 94 1950 91 93 94 92 97 102 105 110 113 114 115 115 104 1951 118 116 118 120 123 125 124 125 126 128 126 124 123 1952 122 119 117 116 113 114 110 116 114 119 115 116 116 1953 113 113 114 114 114 118 Concrete and plaster prod- 1947 74 74 77 81 83 87 90 92 94 97 96 96 87 1948 92 89 95 105 109 113 110 116 115 116 112 109 107 1949 97 96 97 99 102 105 107 113 117 116 115 115 106 1950 107 109 114 124 133 143 146 153 153 154 151 146 136 1951 137 136 144 149 152 157 158 161 158 159 152 147 151 1952 140 142 142 147 154 162 160 164 165 165 159 159 155 1953 149 153 155 162 164 168 Misc. stone and earth mfrs... 1947 100 99 102 101 100 100 97 100 101 103 103 108 101 1948 100 105 108 106 107 109 106 109 107 109 107 108 107 1949 103 102 98 93 91 88 84 87 88 88 90 93 92 1950 92 94 97 101 108 116 118 127 133 138 139 141 117 1951 142 142 143 145 145 144 142 142 145 144 138 139 143 1952 136 133 135 131 128 125 116 126 131 136 136 138 131 1953 137 139 142 142 143 142 Lumber and products 1947 88 99 101 102 107 106 94 111 108 105 104 92 101 1948 99 101 105 105 107 107 108 117 113 115 100 89 106 1949 82 82 89 93 92 95 85 97 100 103 101 97 93 1950 84 94 104 118 115 120 112 127 128 126 118 111 113 1951 109 114 118 124 122 125 102 114 116 112 104 94 113 1952 94 105 109 112 104 118 107 125 122 121 117 103 111 1953 110 119 122 126 122 122 Lumber 1947 82 99 102 102 108 106 97 116 113 105 103 88 102 1948 96 98 104 104 110 110 115 120 113 116 98 85 106 1949 78 77 86 95 95 97 89 98 100 102 98 94 92 1950 77 88 97 117 113 118 115 124 128 121 110 103 109 1951 95 101 109 117 117 123 101 109 115 106 101 89 107 1952 88 98 104 106 101 111 102 119 116 113 111 92 105 1953 101 110 112 120 114 117 DECEMBER 1953 1309 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION BY GROUPS AND SERIES, 1947-1953—Continued Indexes, Without Seasonal Adjustment, 1947-49 Average —100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Lumber and products—Cont. Millwork and plywood 1947 97 96 100 101 99 102 74 97 96 109 108 96 98 1948 109 118 116 114 107 100 86 111 116 115 101 97 108 1949 87 95 96 86 83 88 65 96 105 111 114 108 94 1950 106 119 133 138 129 133 100 140 136 149 146 139 130 1951 156 162 162 159 151 141 101 134 127 134 109 101 136 1952 117 129 132 138 121 150 120 154 157 161 145 142 138 1953 153 170 172 164 159 152 Millwork 1947 96 94 100 99 101 103 75 98 92 106 110 94 97 1948 111 118 113 115 110 98 90 108 115 112 95 99 107 1949 95 96 95 84 78 87 67 96 107 114 119 109 95 1950 106 121 132 140 125 128 99 132 128 137 134 125 126 1951 143 147 147 139 127 109 80 102 98 107 96 90 116 1952 92 100 103 108 105 128 106 135 135 142 134 125 118 1953 136 142 143 125 124 109 Softwood plywood 1947 87 90 90 94 88 94 67 89 95 106 97 93 92 1948 98 109 115 106 97 96 76 111 115 118 111 96 105 1949 78 102 111 103 105 103 70 113 117 121 122 119 104 1950 117 129 148 143 144 146 104 153 150 165 161 156 141 1951 168 176 175 178 176 181 125 176 162 166 120 113 159 1952 151 169 173 182 143 180 139 181 188 188 157 165 167 1953 177 211 218 226 215 222 Wood containers 1947 109 107 107 109 111 110 105 104 103 103 101 104 106 1948 101 96 99 99 99 100 99 101 98 99 98 99 99 1949 93 91 91 91 94 94 92 92 94 97 97 100 94 1950 96 97 98 101 103 108 108 112 112 115 113 110 106 1951 110 109 109 108 109 110 103 101 100 101 100 104 105 1952 99 99 98 97 99 99 96 97 97 97 102 105 99 1953 101 102 103 103 103 104 Furniture and Misc. Manufactures 1947 100 101 101 98 95 94 90 96 102 107 109 110 100 1948 106 108 107 103 100 101 97 103 106 110 108 104 104 1949 96 96 94 88 86 87 84 92 101 107 107 105 95 1950 100 106 107 108 108 111 109 125 131 136 134 129 117 1951 125 129 128 123 115 112 106 108 109 111 112 113 116 1952 111 113 113 110 109 111 109 118 126 131 133 133 118 1953 128 131 133 132 130 131 Furniture and fixtures 1947 98 101 100 97 97 97 93 97 101 106 108 111 100 1948 110 110 108 103 100 99 97 101 103 107 105 104 104 1949 96 96 94 90 87 88 86 94 100 105 103 108 96 1950 106 110 112 112 112 114 111 123 125 126 125 123 117 1951 120 121 123 116 108 104 100 103 105 107 108 112 111 1952 111 111 110 107 106 108 105 112 117 121 123 125 113 1953 121 122 123 121 118 117 Household furniture 1947 99 102 100 97 96 97 94 99 101 107 109 112 101 1948 112 111 109 102 98 96 95 100 102 107 104 103 103 1949 93 93 92 89 85 86 84 93 102 108 108 113 96 1950 111 117 119 118 118 120 116 129 132 132 132 128 123 1951 124 125 125 115 105 98 95 97 100 103 107 110 109 1952 108 109 108 106 105 106 106 114 119 124 125 128 113 1953 123 126 127 123 119 117 Fixtures and office furniture. 1947 97 99 100 98 98 97 91 93 100 104 105 108 99 1948 107 106 106 105 104 105 101 101 105 108 106 107 105 1949 102 100 97 93 93 92 90 94 96 98 95 98 96 1950 96 97 99 100 98 102 102 110 111 112 110 113 104 1951 111 114 117 116 115 114 111 115 115 113 111 117 114 1952 115 114 113 108 107 110 102 108 113 115 117 120 112 1953 117 116 116 118 115 117 Miscellaneous manufactures. 1947 102 102 102 99 94 92 88 95 102 108 111 110 100 1948 104 107 106 103 101 101 97 105 108 111 110 103 105 1949 96 96 93 87 85 86 82 91 102 109 110 103 95 1950 97 102 104 105 106 109 108 127 136 142 140 133 117 1951 128 134 132 128 121 117 109 111 112 114 114 114 120 1952 111 115 115 112 112 114 111 122 131 138 140 137 122 1953 132 136 140 140 139 140 Nondurable Manufactures— Total 1947 98 99 99 96 94 96 92 101 103 106 105 100 99 1948 102 103 101 100 100 103 96 104 106 107 103 98 102 1949 98 100 98 94 94 96 91 102 105 108 103 100 99 1950 103 105 105 105 105 108 105 119 119 121 116 115 111 1951 117 119 118 114 113 115 106 114 115 115 112 108 114 1952 110 113 113 108 107 113 106 117 120 123 120 115 114 1953 115 119 121 118 119 121 1310 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION BY GROUPS AND SERIES, 1947-1953—Continued Indexes, Without Seasonal Adjustment, 1947-49 Average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Textiles and Apparel 1947 103 108 106 96 93 94 86 100 99 104 104 100 99 1948 111 114 109 106 104 104 91 105 103 102 98 94 103 1949 101 105 100 91 88 90 83 99 102 106 101 100 97 1950 108 112 108 105 104 105 97 121 115 119 111 111 110 1951 118 125 119 109 107 110 92 104 99 97 100 98 106 1952 103 110 107 96 99 106 92 111 110 110 111 107 105 1953 108 117 116 108 111 114 Textile mill products 1947 107 110 108 105 97 96 83 97 98 105 109 100 101 1948 109 113 112 111 111 109 89 103 103 104 99 95 105 1949 99 100 93 84 82 85 74 91 99 108 107 104 94 1950 108 111 109 108 106 106 94 117 117 122 11-9 115 111 1951 119 123 121 116 113 112 89 102 99 99 99 97 107 1952 101 105 103 96 98 101 87 109 110 110 112 104 103 1953 104 112 113 109 112 111 Cotton & synthetic fabrics. . 1947 109 111 111 109 102 98 85 98 97 104 110 98 103 1948 111 114 112 111 112 108 90 101 101 102 98 94 104 1949 99 99 94 83 79 81 70 88 98 107 109 105 93 1950 111 113 111 110 110 104 97 121 118 124 122 118 113 1951 122 129 129 118 121 117 95 107 101 101 101 97 112 1952 103 108 105 98 100 103 89 113 113 109 113 107 105 1953 106 114 117 111 115 114 Cotton consumption 1947 122 124 123 118 108 103 87 100 98 106 112 97 108 1948 116 116 113 111 110 107 84 98 99 98 92 87 103 1949 95 95 93 84 78 81 64 85 95 102 104 99 89 1950 108 109 106 105 106 99 90 118 115 124 120 116 109 1951 124 133 133 116 123 121 91 111 106 107 108 99 114 1952 109 114 109 100 101 103 82 110 109 108 112 103 104 1953 106 113 114 107 110 110 Synthetic fabrics 1947 88 94 96 96 94 90 90 95 99 97 101 99 90 1948 100 106 104 104 108 109 109 110 109 111 110 109 108 1949 110 106 90 72 70 76 86 95 107 118 119 119 102 1950 120 120 120 120 118 119 126 128 128 131 131 132 130 1951 134 134 134 135 134 132 131 122 111 102 96 99 122 1952 102 103 101 96 97 110 118 126 128 115 116 115 112 1953 111 116 120 125 129 130 Fabric finishing 1947 112 109 104 110 105 103 75 98 95 108 117 101 103 1948 105 117 117 119 119 106 74 96 87 96 95 91 102 1949 95 104 104 101 103 88 62 85 91 102 107 105 96 1950 102 116 113 113 107 90 72 117 113 116 122 111 108 1951 108 124 126 115 111 96 67 81 80 93 98 101 100 1952 93 108 106 98 102 95 71 106 109 109 113 113 102 1953 100 119 124 106 112 108 Wool textiles . ... 1947 119 123 117 103 91 102 83 104 106 114 114 111 107 1948 112 113 115 113 113 107 88 110 101 100 96 92 105 1949 91 93 72 63 76 86 81 93 93 102 97 100 87 1950 100 99 93 91 98 108 86 107 104 110 102 102 100 1951 109 94 88 103 99 108 85 98 93 92 92 97 97 1952 90 89 81 70 78 93 77 88 85 93 89 82 85 1953 79 83 82 83 91 98 Wool apparel yarns 1947 125 126 117 101 92 95 80 103 105 107 105 101 105 1948 121 119 116 117 112 106 87 106 98 100 94 85 105 1949 86 81 73 72 84 87 87 105 105 115 99 91 90 1950 97 104 101 100 108 105 97 125 114 120 101 101 106 1951 112 103 100 108 108 110 81 97 91 91 95 89 99 1952 87 95 92 86 95 100 87 103 104 105 100 93 96 1953 90 98 99 93 103 110 Wool fabrics 1947 118 121 116 103 90 103 83 104 105 114 116 113 107 1948 108 111 113 111 112 107 88 111 102 101 97 95 105 1949 94 97 73 62 75 87 81 92 91 101 98 104 88 1950 102 97 90 88 94 108 83 101 101 107 102 103 98 1951 109 93 85 102 97 109 88 100 95 94 93 102 97 1952 92 89 80 68 75 94 76 86 82 91 88 81 83 1953 78 80 79 81 89 96 Knit goods 1947 101 104 101 95 91 86 79 92 96 101 105 97 96 1948 104 110 108 108 105 105 89 102 104 108 102 95 103 1949 98 101 97 95 91 97 88 100 109 118 114 105 101 1950 107 115 113 111 104 107 96 120 124 125 123 115 113 1951 120 129 124 121 112 110 88 103 105 104 105 101 110 1952 106 112 114 110 110 113 99 121 121 127 129 114 115 1953 119 125 123 123 123 117 DECEMBER 1953 1311 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION BY GROUPS AND SERIES, 1947-19S3—Continued Indexes, Without Seasonal Adjustment, 1947-49 Average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Textile mill products—Cont. Knit goods—Cont. Hosiery 1947 106 Ill 105 98 91 84 73 92 95 101 105 90 96 1948 102 111 106 107 104 104 80 100 106 111 102 93 102 1949 103 106 98 99 94 100 83 100 109 119 115 102 102 1950 109 120 116 118 107 110 89 121 125 125 126 114 115 1951 125 137 129 125 114 113 80 106 111 108 107 99 113 1952 112 121 122 119 114 114 91 121 118 125 127 104 116 1953 120 128 122 123 121 111 Full-fashioned hosiery. 1947 101 106 102 93 88 80 66 86 91 96 99 85 91 1948 97 105 103 106 105 106 80 105 113 119 110 98 104 1949 109 110 102 103 98 104 83 104 113 124 118 102 105 1950 109 123 123 126 115 118 92 126 131 131 132 120 120 1951 131 144 138 136 125 121 83 113 117 112 110 101 119 1952 116 128 130 127 120 118 92 125 122 129 131 107 121 1953 124 134 128 130 128 116 Seamless hosiery 1947 119 123 114 108 98 95 88 105 105 114 121 103 108 1948 114 125 113 108 102 98 81 89 88 91 83 82 98 1949 88 96 89 90 85 92 84 91 100 110 109 101 95 1950 108 114 101 99 87 91 83 109 113 113 114 102 103 1951 112 120 110 99 88 94 72 90 99 101 100 93 98 1952 102 105 103 99 100 106 89 112 108 115 119 99 105 1953 110 116 108 105 103 100 Knit garments 1947 94 95 95 92 90 90 88 93 97 101 104 107 96 1948 106 107 111 109 106 106 101 105 102 103 103 99 105 1949 92 95 95 89 88 93 93 101 110 115 114 109 100 1950 105 108 109 103 101 103 104 119 123 125 119 116 111 1951 113 119 118 115 109 106 99 99 96 99 102 104 106 1952 99 101 103 100 105 111 110 120 126 129 130 125 113 1953 117 120 124 124 125 125 Floor coverings 1947 79 83 87 93 89 89 72 92 92 105 103 103 91 1948 104 114 119 111 114 121 83 106 118 118 108 113 111 1949 115 116 117 105 91 89 63 85 97 101 99 105 98 1950 104 114 116 116 103 118 79 108 120 120 121 115 111 1951 112 121 114 111 91 88 55 70 77 81 78 81 90 1952 89 92 100 102 94 75 65 90 103 115 110 108 95 1953 109 118 117 114 100 98 Woven carpets 1947 75 80 85 98 88 100 74 93 90 109 105 101 91 1948 104 120 127 117 119 132 74 111 127 124 108 113 115 1949 115 115 120 103 85 83 44 78 92 97 92 102 93 1950 101 114 118 119 102 124 65 104 123 121 122 114 110 1951 110 122 111 109 79 78 28 53 61 65 61 63 78 1952 77 79 87 89 77 49 37 73 88 106 99 94 80 1953 100 110 110 106 87 82 Apparel and allied products.. 1947 99 107 102 87 88 93 89 104 100 102 98 99 97 1948 113 114 106 100 97 98 93 108 103 101 96 93 102 1949 103 111 109 98 96 95 93 109 106 105 94 95 101 1950 109 114 107 102 102 104 100 125 113 116 102 107 108 1951 117 127 117 101 100 107 94 106 99 96 101 99 105 1952 105 117 113 96 101 111 98 114 111 110 110 111 108 1953 113 123 120 107 110 117 !Men's outerwear 1947 107 113 114 101 105 103 79 108 107 108 110 91 104 1948 120 117 112 119 109 93 70 103 93 96 88 74 100 1949 98 107 103 103 99 86 69 105 95 104 102 87 96 1950 111 111 106 107 113 94 77 125 101 125 106 104 107 1951 111 128 133 108 109 103 66 106 99 87 94 88 103 1952 99 114 106 93 108 103 77 113 112 108 113 113 105 1953 110 128 134 123 128 124 Men's suits and coats 1947 113 118 121 108 111 111 85 118 112 116 116 98 111 1948 122 116 112 115 107 98 69 110 99 92 89 84 101 1949 102 104 99 89 79 78 58 103 90 89 85 85 88 1950 107 109 105 101 115 101 69 125 102 124 108 108 106 1951 111 118 117 95 91 91 49 95 83 64 71 74 88 1952 85 97 80 66 85 87 59 103 98 93 97 98 87 1953 92 107 109 100 110 109 Men's suits 1947 113 121 129 118 117 113 84 116 110 117 120 102 113 1948 129 125 122 126 111 96 68 103 91 85 87 86 102 1949 105 107 104 96 76 69 50 88 78 78 78 83 84 1950 109 113 111 103 106 91 62 111 93 116 106 107 102 1951 113 118 116 92 81 81 44 84 74 57 68 72 84 1952 84 99 81 65 79 78 52 93 88 86 92 96 83 1953 94 109 112 98 102 98 1312 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION BY GROUPS AND SERIES, 1947-1953—Continued Indexes, Without Seasonal Adjustment, 1947-49 Average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Apparel & allied prod.—Gont. Men's outerwear—Cont. Men's suits & coats—Cont. Men's outercoats 1947 115 Ill 103 85 105 119 103 141 138 130 114 94 114 1948 105 92 83 82 96 110 74 140 132 115 92 68 98 1949 76 76 68 48 73 97 75 141 121 116 95 73 88 1950 77 73 67 78 129 121 83 161 123 132 98 89 102 1951 80 94 93 85 109 109 57 116 100 75 69 61 86 1952 65 66 58 54 88 102 71 117 112 100 92 83 83 1953 65 69 71 85 114 125 Shirts and work clothing. 1947 99 108 106 93 97 96 72 100 102 103 105 85 97 1948 120 120 114 125 113 92 73 102 92 103 90 68 101 1949 97 107 103 109 110 88 75 106 98 118 117 92 102 1950 119 118 113 117 119 94 86 131 106 132 109 104 113 1951 113 131 138 107 110 99 63 102 99 92 101 89 104 1952 104 122 121 108 122 111 85 117 121 116 123 122 114 1953 121 142 151 138 141 133 Women's outerwear 1947 98 114 100 71 71 87 98 108 94 90 79 97 92 1948 114 120 100 83 85 102 111 116 110 101 94 102 103 1949 113 126 122 99 94 103 114 117 110 95 72 91 105 1950 113 121 108 99 92 116 119 130 116 98 85 108 109 1951 128 136 103 86 93 115 117 105 93 92 99 98 106 1952 109 125 120 93 92 126 111 114 102 100 96 102 108 1953 115 123 106 86 94 119 Women's suits and coats. 1947 115 150 112 37 33 77 108 137 109 106 83 118 99 1948 137 145 88 40 42 87 115 133 126 117 118 118 105 1949 129 145 117 53 22 62 114 132 126 101 60 96 96 1950 138 151 109 72 49 126 147 184 159 124 95 143 124 1951 165 174 92 51 71 134 157 135 107 109 125 118 120 1952 127 155 135 61 55 152 137 152 127 125 117 126 123 1953 147 160 109 53 67 142 Misc. apparel & allied mfrs.. 1947 92 94 94 88 88 89 89 96 99 107 105 108 96 1948 104 105 106 99 97 99 96 104 105 105 106 102 102 1949 97 101 102 93 95 97 96 105 112 115 109 105 102 1950 103 108 108 101 101 103 105 120 119 125 116 110 110 1951 111 118 117 108 99 102 99 106 106 107 109 111 108 1952 107 111 111 101 104 105 104 114 119 121 121 117 111 1953 114 118 119 112 110 110 Rubber and Leather Products 1947 107 115 114 108 100 100 87 104 106 115 112 105 106 1948 109 112 105 99 97 102 87 103 104 106 96 91 101 1949 97 100 98 94 88 93 82 94 94 99 90 90 93 1950 99 109 106 107 102 109 103 118 118 124 111 111 110 1951 113 119 117 111 104 108 92 103 106 102 98 94 105 1952 103 110 110 104 102 104 89 109 109 117 116 110 107 1953 117 125 125 121 118 113 Rubber products 1947 112 118 116 109 99 101 83 99 103 112 111 106 106 1948 111 109 103 98 99 106 89 103 105 108 100 92 102 1949 98 99 95 94 89 93 79 88 88 101 92 92 92 1950 105 112 107 115 115 123 117 124 127 140 122 125 119 1951 122 125 125 126 123 127 106 112 122 117 113 106 119 1952 116 119 120 114 111 115 92 109 118 131 129 123 116 1953 132 140 143 140 137 131 Tires and tubes 1947 113 119 120 115 109 109 90 101 109 116 114 109 110 1948 110 105 98 97 103 110 96 102 101 102 91 84 100 1949 92 97 95 97 95 99 85 78 74 90 85 89 90 1950 99 106 101 114 117 118 119 112 116 127 111 106 112 1951 104 103 107 113 112 121 111 116 129 124 125 114 115 1952 122 124 124 112 113 117 100 101 110 125 120 117 115 1953 122 135 138 135 132 123 Auto tires 1947 113 120 122 115 109 109 90 102 111 121 117 109 111 1948 108 95 93 92 100 108 92 99 98 97 85 76 95 1949 83 89 88 100 102 111 96 91 85 98 88 88 93 1950 98 104 101 118 121 125 125 115 116 125 108 99 112 1951 89 88 89 91 92 99 90 99 107 100 97 85 94 1952 103 107 111 100 102 108 98 104 106 118 110 107 106 1953 114 128 136 134 134 125 Truck and bus tires 1947 114 117 117 115 109 109 90 100 105 110 110 110 109 1948 114 117 104 104 108 113 100 106 104 108 100 95 106 1949 103 108 105 93 85 83 69 59 58 80 82 90 85 1950 101 108 100 109 111 108 111 107 116 128 114 116 111 1951 123 125 131 144 141 152 139 140 158 157 161 154 144 1952 147 147 141 130 128 130 103 98 114 135 134 130 128 1953 132 145 142 137 130 121 DECEMBER 1953 1313 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION BY GROUPS AND SERIES, 1947-1953—Continued Indexes, Without Seasonal Adjustment, 1947^9 Average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Rubber products—Cont. Misc. rubber products 1947 Ill 118 113 103 89 93 77 97 98 107 109 104 102 1948 110 112 107 98 96 102 83 103 109 114 107 100 103 1949 104 101 95 91 83 88 73 98 101 111 98 95 95 1950 110 117 112 116 114 128 115 134 138 151 133 143 126 1951 140 144 143 138 133 132 102 109 117 111 103 98 123 1952 111 115 116 115 110 113 84 117 126 136 138 129 117 1953 142 144 148 145 142 138 Leather and products 1947 103 113 112 107 100 99 91 108 109 117 113 104 106 1948 107 114 107 100 95 98 85 103 104 103 93 90 100 1949 96 102 101 94 87 92 84 99 99 98 88 88 94 1950 95 106 106 100 90 97 91 112 111 110 102 98 101 1951 104 114 110 98 87 92 79 94 92 88 86 83 94 1952 91 101 102 96 94 96 86 108 101 106 104 98 99 1953 104 112 110 104 102 97 Leather 1947 103 122 116 113 108 107 94 110 110 117 116 104 110 1948 108 115 99 100 101 101 84 100 98 102 95 97 100 1949 99 105 95 90 87 91 74 87 91 93 88 88 90 1950 87 100 94 96 88 96 81 103 100 100 101 97 95 1951 100 110 100 90 81 83 65 77 76 76 75 73 84 1952 80 88 83 81 84 87 71 92 86 98 98 91 87 1953 94 100 94 96 101 93 Cattlehide leathers 1947 106 123 120 116 113 107 93 108 105 115 119 105 111 1948 109 117 98 99 101 99 83 99 98 102 93 97 100 1949 98 105 93 90 88 90 75 86 89 89 85 90 89 1950 85 98 92 93 85 94 81 100 99 100 102 98 94 1951 100 110 101 91 85 90 70 82 82 81 80 74 87 1952 82 89 84 81 86 87 70 91 86 97 98 91 87 1953 97 100 92 97 101 91 Skin leathers 1947 98 118 108 105 100 107 96 113 119 122 112 102 109 1948 104 112 101 100 101 103 85 100 97 103 98 97 100 1949 100 103 97 89 85 93 73 87 93 100 92 86 92 1950 90 105 98 101 94 101 80 107 102 102 100 94 98 1951 100 108 98 88 73 70 57 67 63 66 66 70 77 1952 75 87 82 80 80 87 75 93 88 99 97 89 86 1953 89 98 96 94 100 97 Shoes and slippers 1947 102 111 112 105 97 95 86 108 108 117 109 99 104 1948 106 115 110 101 91 98 81 105 107 104 88 86 99 1949 98 103 107 99 88 96 87 107 103 100 84 85 97 1950 100 112 115 105 92 98 93 118 117 112 97 95 105 1951 107 117 116 102 90 97 80 101 97 91 85 82 97 1952 96 108 112 104 100 101 89 118 107 107 104 98 104 1953 110 120 118 109 106 99 Misc. leather products 1947 105 107 108 104 98 97 98 106 110 116 117 114 107 1948 108 111 108 99 95 95 95 104 104 104 103 93 101 1949 88 95 94 88 85 85 87 94 96 99 97 93 92 1950 91 97 99 92 88 93 96 111 109 116 112 106 101 1951 103 111 109 99 88 93 94 97 97 96 99 97 99 1952 94 100 101 94 93 93 97 103 105 112 112 109 101 1953 103 108 109 104 95 98 Paper and Printing 1947 91 93 95 96 95 94 88 93 97 102 103 100 96 1948 99 102 103 104 103 103 95 102 104 108 108 103 103 1949 100 101 101 100 100 99 91 99 105 110 108 104 101 1950 104 109 111 112 112 113 106 116 118 124 123 120 114 1951 119 120 124 126 122 119 109 114 117 119 117 113 118 1952 113 116 118 117 116 116 107 115 121 128 126 121 118 1953 119 124 128 128 126 125 Paper and allied products 1947 99 103 103 103 100 98 88 97 97 103 103 97 99 1948 100 104 105 104 103 103 91 104 104 109 106 95 102 1949 98 98 97 93 90 92 81 101 105 114 111 99 98 1950 107 112 113 113 112 116 108 126 125 134 130 126 118 1951 131 134 138 140 135 130 112 121 119 125 117 108 125 1952 118 122 122 119 114 116 103 120 124 134 130 121 120 1953 125 133 136 136 132 134 Pulp and paper 1947 98 100 101 100 101 101 90 99 98 105 103 96 99 1948 103 102 105 108 107 105 94 106 104 108 107 97 104 1949 101 101 98 92 89 90 77 96 102 109 110 100 97 1950 107 112 113 112 114 117 104 121 120 126 126 118 116 1951 125 129 132 135 134 133 116 126 123 129 126 113 126 1952 125 127 125 123 119 119 102 120 119 129 126 116 120 1953 127 131 132 134 131 133 1314 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION BY GROUPS AND SERIES, 1947-1953—Continued Indexes, Without Seasonal Adjustment, 1947-49 Average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Paper & allied prod.—Cont. Pulp and paper—Cont. Wood pulp 1947 95 97 97 98 99 98 90 98 96 102 101 94 97 1948 101 98 104 106 107 107 98 109 104 109 110 98 104 1949 106 103 101 93 90 90 77 96 102 109 112 102 99 1950 112 116 116 115 118 121 111 125 124 131 131 122 119 1951 129 132 136 140 142 140 127 135 131 140 140 122 132 1952 136 140 138 137 134 131 114 132 130 141 137 129 132 1953 141 142 144 146 144 146 Paper and board 1947 99 101 102 101 102 102 90 100 99 106 104 97 100 1948 104 103 106 108 107 105 93 104 103 108 105 97 104 1949 99 100 96 91 88 90 77 96 102 108 108 100 96 1950 106 111 113 111 113 116 102 120 118 124 124 117 114 1951 124 128 130 133 131 130 112 123 120 125 121 109 123 1952 120 122 120 118 113 114 97 115 115 124 121 111 116 1953 121 127 127 129 126 128 Printing paper 1947 97 98 100 101 101 101 91 98 98 106 105 99 99 1948 104 106 103 106 105 107 92 100 102 106 104 98 103 1949 100 102 102 96 93 90 79 96 100 105 106 102 97 1950 104 105 111 105 106 109 92 110 112 116 116 113 108 1951 115 120 120 120 118 114 100 117 117 121 119 114 115 1952 122 120 118 118 111 113 92 105 103 113 113 110 111 1953 118 121 120 122 119 119 Fine paper 1947 108 111 111 106 106 108 89 106 104 110 109 103 106 1948 108 111 108 111 109 108 90 103 101 100 92* 89 103 1949 94 95 90 89 91 91 72 91 94 99 99 94 91 1950 99 106 107 106 109 110 89 115 114 120 117 112 108 1951 117 117 121 129 124 129 105 123 126 130 134 129 123 1952 133 138 135 126 121 113 88 109 109 117 111 100 117 1953 109 118 118 122 122 118 Coarse paper 1947 99 102 101 97 101 104 91 102 98 104 106 99 100 1948 106 105 105 107 106 103 94 108 103 109 108 99 104 1949 109 105 100 89 81 84 75 89 97 107 110 100 95 1950 110 116 118 112 114 121 104 113 112 118 119 112 114 1951 116 123 124 123 125 130 116 125 129 133 136 126 125 1952 129 127 126 116 109 107 88 105 103 111 115 105 112 1953 117 120 120 120 120 117 Miscellaneous paper.. 1947 94 96 95' 99 98 96 82 93 96 98 97 94 96 1948 99 100 101 109 106 105 95 104 104 109 107 100 103 1949 102 106 106 102 99 100 92 100 102 107 106 102 101 1950 108 114 116 121 115 121 111 120 121 128 122 122 118 1951 129 135 134 137 135 135 121 129 125 137 125 117 130 1952 128 130 129 126 118 122 110 122 123 130 123 121 123 1953 129 131 130 132 126 129 Paperboard . ... 1947 98 102 104 103 103 102 91 100 99 106 103 94 100 1948 102 99 107 109 105 102 87 102 101 107 108 96 102 1949 97 98 92 90 87 91 74 103 107 114 114 102 98 1950 110 114 113 112 116 116 103 127 124 131 132 121 119 1951 135 138 140 145 142 137 116 125 116 118 112 95 126 1952 112 116 113 113 110 114 99 121 123 135 132 118 117 1953 130 136 138 138 135 140 Building paper and board 1947 97 99 99 100 102 100 97 102 105 111 109 103 102 1948 106 109 113 113 116 114 111 116 115 119 110 99 112 1949 87 84 84 71 72 76 68 85 102 111 107 86 86 1950 89 100 103 102 112 120 115 130 126 128 129 119 114 1951 112 118 125 137 135 127 107 111 106 118 104 77 115 1952 94 104 100 109 112 118 108 125 127 131 116 101 112 1953 105 117 119 128 126 132 Converted paper products... 1947 100 105 106 106 99 96 85 94 96 102 104 98 99 1948 97 107 104 100 99 101 88 103 104 110 106 93 101 1949 94 96 96 94 90 95 85 105 109 120 112 98 100 1950 107 111 113 115 110 115 111 132 130 141 135 133 121 1951 138 139 144 146 135 127 108 116 115 120 108 102 125 1952 111 116 118 115 110 113 105 121 129 139 135 125 120 1953 123 136 141 139 132 136 Shipping containers 1947 100 106 107 106 97 94 85 93 95 101 104 98 99 1948 95 107 105 98 98 102 87 105 107 113 109 94 102 1949 93 94 94 92 90 95 85 108 111 122 112 98 100 1950 105 111 116 117 115 119 116 141 139 148 141 141 126 1951 144 143 150 150 138 125 103 111 112 113 105 100 124 1952 106 114 117 114 112 115 105 124 133 142 139 128 120 1953 120 136 143 138 133 137 DECEMBER 1953 1315 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION BY GROUPS AND SERIES, 1947-1953—Continued Indexes, Without Seasonal Adjustment, 1947-49 Average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Paper & allied prod.—Cont. Converted paper products— Cont. Sanitary paper products. 1947 90 92 92 95 96 92 78 90 92 96 96 94 92 1948 100 102 99 108 103 100 93 98 99 104 104 96 101 1949 105 110 111 107 99 100 94 105 110 122 120 107 107 1950 124 125 120 128 114 121 116 124 122 139 130 122 124 1951 128 134 130 139 132 139 128 133 129 146 120 116 131 1952 134 133 129 130 112 114 115 121 126 142 131 124 126 1953 137 141 141 146 131 132 Printing and publishing 1947 87 88 90 92 92 92 89 91 97 101 103 102 93 1948 99 101 103 104 103 103 97 100 105 108 109 108 103 1949 102 102 104 105 106 103 97 98 104 107 107 107 103 1950 103 107 110 111 111 110 105 109 114 118 119 117 111 1951 111 112 115 117 115 113 107 109 115 116 117 116 113 1952 110 112 116 116 116 115 109 111 119 124 124 121 116 1953 116 118 123 123 122 120 Newsprint consumption 1947 80 85 90 92 91 89 79 83 93 102 103 97 90 1948 88 97 102 106 103 101 88 93 105 113 113 109 102 1949 99 102 110 114 116 109 93 96 111 118 117 112 108 1950 102 116 119 123 121 117 100 104 116 125 126 118 116 1951 104 111 119 125 121 113 99 104 116 122 125 115 115 1952 104 112 118 122 122 116 99 101 118 128 127 116 115 1953 106 115 125 127 127 118 Job printing and periodicals. 1947 90 89 91 91 92 93 94 95 99 100 103 105 95 1948 104 103 103 102 102 103 102 104 104 105 106 107 104 1949 104 102 101 100 101 100 98 99 101 101 101 105 101 1950 103 103 105 105 106 107 108 111 113 114 114 116 109 1951 114 112 113 112 111 112 111 112 114 113 114 116 113 1952 113 112 114 113 114 115 115 117 120 121 122 123 117 1953 121 120 122 120 120 121 Chemical and Petroleum Products 1947 95 96 95 94 93 93 91 94 98 103 103 103 97 1948 105 104 103 100 100 101 98 101 104 108 107 106 103 1949 104 104 101 98 95 94 91 97 103 105 106 107 100 1950 108 109 111 112 113 114 113 122 126 130 131 132 118 1951 133 135 135 132 131 131 126 130 131 134 134 132 132 1952 135 136 134 132 122 127 124 132 136 141 141 139 133 1953 140 142 143 144 143 142 Chemicals & allied products. 1947 97 98 96 95 93 91 89 92 97 103 104 104 97 1948 105 104 104 100 98 100 96 100 105 108 107 106 103 1949 104 104 102 97 94 93 89 96 103 108 108 108 101 1950 110 113 115 116 115 115 113 124 129 134 135 136 121 1951 137 140 140 138 135 134 128 133 134 138 138 135 136 1952 139 139 138 136 132 131 127 133 138 146 144 143 137 1953 144 147 149 150 148 146 Industrial chemicals 1947 95 95 94 94 94 91 91 92 95 98 97 98 95 1948 102 101 103 103 101 104 104 106 108 108 110 107 105 1949 106 108 102 97 93 93 91 96 101 104 109 110 101 1950 112 115 118 119 123 124 123 130 133 138 141 143 126 1951 144 145 148 149 148 149 146 147 144 144 144 140 146 1952 141 141 138 136 132 134 131 137 142 147 148 148 140 1953 149 150 154 159 159 161 Basic inorganic chemicals 1947 93 96 97 95 97 97 94 94 95 97 98 100 96 1948 101 103 104 100 97 95 95 99 100 105 106 107 101 1949 106 107 104 103 100 99 94 99 102 102 111 113 103 1950 113 118 117 123 123 117 112 110 114 126 133 134 120 1951 135 134 137 136 135 132 132 133 134 137 141 139 135 1952 138 141 142 141 132 127 120 131 136 144 147 146 137 1953 149 153 152 154 152 149 Industrial organic chemicals 1947 96 95 93 94 93 90 91 91 94 98 97 98 94 1948 102 100 103 104 103 106 106 108 110 109 111 107 106 1949 106 108 102 95 90 91 90 95 101 105 108 109 100 1950 112 115 118 117 123 126 127 135 138 142 144 145 128 1951 147 148 151 153 152 154 151 151 147 146 144 140 149 1952 142 141 137 135 132 136 135 139 144 148 148 149 141 1953 149 149 155 161 161 164 Plastics materials. . . 1947 100 1948 98 1949 96 100 95 95 86 89 79 99 119 125 130 118 103 1950 124 136 143 136 141 145 135 160 161 165 159 157 147 1951 167 162 174 177 169 169 153 157 158 166 159 146 163 1952 156 157 150 149 141 145 129 138 163 186 182 180 157 1953 178 190 200 199 191 194 1316 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION BY GROUPS AND SERIES, 1947-1953—Continued Indexes, Without Seasonal Adjustment, 1947-49 Average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Chemicals and allied products—Cont. Industrial chemicals—Cont. Industrial organic chemicals—Cont. Synthetic rubber 1947 156 164 143 129 97 92 80 82 79 85 98 96 108 1948 99 105 111 107 108 108 105 101 99 105 107 107 105 1949 100 103 93 94 83 85 88 87 82 72 77 71 86 1950 72 84 85 93 97 103 114 115 120 117 130 135 105 1951 157 161 167 175 180 195 194 191 187 203 194 198 184 1952 196 206 205 206 158 171 152 153 155 161 161 169 175 1953 179 191 210 221 220 214 Synthetic fibers 1947 90 87 85 90 88 84 91 87 94 98 94 92 90 1948 104 99 103 105 105 111 109 111 110 110 115 112 108 1949 111 115 103 87 83 86 87 97 104 112 119 122 102 1950 126 126 130 124 130 132 130 138 136 140 142 143 133 1951 146 147 148 150 153 155 156 157 145 141 139 133 148 1952 140 132 121 120 121 135 143 153 160 156 155 156 141 1953 156 149 157 170 168 174 Miscellaneous organic chemicals 1947 89 90 90 91 95 93 94 95 95 97 98 99 94 1948 99 100 100 103 104 108 111 111 111 110 111 111 107 1949 106 107 104 99 96 95 94 93 97 99 101 103 99 1950 105 106 109 112 117 121 124 130 136 139 142 145 123 1951 142 144 146 146 145 146 142 143 141 138 139 138 143 1952 135 135 136 133 133 130 130 130 129 133 135 136 133 1953 135 135 138 140 143 146 Vegetable and animal oils. . . 1947 102 98 84 83 74 72 69 63 84 115 121 113 90 1948 117 109 93 86 79 79 77 75 105 122 129 126 100 1949 122 125 113 97 91 93 86 88 111 133 138 127 110 1950 125 122 115 106 95 90 91 90 102 127 137 128 111 1951 127 122 112 102 96 89 81 93 109 140 145 130 112 1952 135 131 113 103 92 90 78 84 103 144 142 130 112 1953 134 131 119 112 104 95 Vegetable oils 1947 103 96 82 78 66 62 61 55 84 121 127 118 88 1948 121 111 93 82 73 74 73 72 110 131 139 133 101 1949 125 126 114 94 85 88 81 82 115 143 147 131 111 1950 128 124 116 104 90 84 89 85 102 133 141 130 111 1951 129 123 113 99 91 84 75 88 109 150 152 134 112 1952 139 131 113 100 86 81 69 74 101 149 145 132 110 1953 134 127 115 105 93 83 Grease and tallow 1947 99 102 91 98 99 103 92 89 84 97 104 99 96 1948 104 104 92 98 94 97 88 84 87 94 101 106 96 1949 116 123 110 104 108 107 99 104 99 103 111 112 108 1950 115 117 111 112 109 110 97 106 104 110 122 121 111 1951 121 119 108 110 112 104 99 109 107 107 123 118 111 1952 123 131 113 115 110 116 105 115 110 130 134 124 119 1953 137 143 130 135 136 131 Soap and allied products.. . . 1947 97 103 102 95 89 89 74 104 117 122 121 121 103 1948 116 116 112 96 93 96 71 89 107 115 100 100 101 1949 95 95 95 92 91 89 65 106 115 118 100 96 96 1950 103 107 110 104 94 87 71 124 137 142 131 137 112 1951 132 149 140 118 101 96 59 94 98 102 95 92 107 1952 112 113 117 114 103 96 85 117 116 130 110 101 110 1953 112 126 121 112 112 100 Paints 1947 102 104 106 106 107 106 104 105 104 104 106 106 105 1948 106 107 105 103 106 107 107 106 104 104 100 98 104 1949 95 93 91 91 89 88 84 86 89 94 94 95 91 1950 98 103 106 109 112 118 119 123 122 119 114 113 113 1951 108 112 110 110 109 108 109 108 104 104 107 109 108 1952 109 109 110 110 112 113 113 111 111 114 114 116 112 1953 116 116 118 119 122 121 Fertilizers 1947 100 108 113 109 103 87 82 87 96 94 92 100 98 1948 111 111 124 119 105 91 87 90 94 93 90 94 101 1949 101 114 133 130 111 90 87 87 94 93 87 90 101 1950 96 118 129 136 114 93 85 89 102 102 99 104 106 1951 124 128 143 133 119 97 92 93 103 102 99 105 112 1952 116 132 148 159 131 110 101 105 118 115 110 112 122 1953 119 139 168 177 139 112 Petroleum & coal products 1947 91 93 94 91 94 96 96 100 100 102 101 102 97 1948 103 104 100 99 104 105 103 106 102 107 107 108 104 1949 105 102 99 99 98 97 95 98 101 96 98 103 99 1950 102 99 99 101 106 109 111 116 116 119 118 120 110 1951 124 122 121 116 120 122 121 123 124 125 125 124 122 1952 124 125 123 119 95 116 118 131 132 129 131 128 123 1953 129 128 127 127 129 131 DECEMBER 1953 1317 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION BY GROUPS AND SERIES, 1947-1953—Continued Indexes, Without Seasonal Adjustment, 1947^f9 Average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Petroleum & coal products— Cont. Petroleum refininc 1947 88 90 90 87 91 95 96 98 98 99 99 101 95 1948 102 102 101 103 105 105 103 105 100 106 108 110 104 1949 107 103 100 97 98 97 97 99 103 105 104 107 101 1950 106 104 102 100 105 108 111 116 116 119 118 122 111 1951 127 125 124 118 123 125 124 125 126 126 129 131 125 1952 130 130 127 124 93 129 132 136 136 132 137 136 128 1953 136 134 132 131 132 136 Gasoline 1947 85 86 85 84 88 93 95 99 98 98 96 97 92 1948 96 94 93 99 103 105 103 105 100 103 106 109 102 1949 105 103 102 103 107 108 108 107 108 109 107 109 106 1950 106 105 105 104 109 114 117 121 118 119 119 120 113 1951 123 121 121 117 126 129 128 129 130 129 130 131 126 1952 129 129 128 124 95 132 137 140 142 137 142 140 132 1953 140 141 137 137 140 145 Automotive gasoline.. 1947 89 88 88 86 89 94 96 99 98 98 96 97 93 1948 96 94 93 98 102 104 103 104 100 103 104 108 101 1949 104 102 102 102 107 107 108 107 108 109 107 109 106 1950 107 107 106 104 110 114 117 121 116 117 117 117 113 1951 121 118 118 115 123 127 126 127 127 126 127 128 123 1952 125 126 124 121 93 129 134 137 139 133 138 136 128 1953 136 136 133 132 135 140 Aviation gasoline.... 1947 29 45 44 55 66 70 83 96 103 97 95 96 73 1948 98 91 95 115 116 114 115 126 98 107 133 130 112 1949 126 122 115 120 116 122 103 116 109 109 114 112 116 1950 86 81 87 88 103 109 117 136 151 161 155 170 121 1951 163 159 176 161 174 164 158 176 176 182 190 188 174 1952 183 188 202 180 140 180 188 205 201 208 208 210 194 1953 204 223 216 227 235 241 Fuel oil 1947 89 91 93 87 91 93 95 97 99 101 101 105 95 1948 110 113 109 105 106 105 104 106 98 109 110 112 108 1949 112 106 101 92 90 84 87 93 99 100 99 104 97 1950 105 103 97 95 97 100 102 105 112 117 116 126 106 1951 133 133 127 113 117 120 118 117 119 120 127 132 123 1952 133 137 128 122 93 129 131 134 132 128 135 135 128 1953 136 134 132 127 125 130 Distillate fuel oil 1947 83 82 87 81 85 86 90 92 97 99 100 105 91 1948 115 120 111 104 105 106 105 110 102 113 115 117 110 1949 113 107 99 90 87 82 89 97 106 106 102 109 99 1950 111 109 99 104 106 110 110 115 125 129 129 142 116 1951 151 150 141 124 128 133 130 131 136 137 144 153 138 1952 154 162 148 139 104 154 156 161 159 155 160 160 151 1953 162 160 158 151 148 155 Residual fuel oil 1947 96 101 100 94 99 101 102 102 101 103 102 105 100 1948 105 106 107 107 108 105 103 102 94 104 105 107 104 1949 111 105 103 94 94 85 85 88 91 93 97 98 95 1950 99 96 94 86 87 87 93 94 96 102 102 107 95 1951 112 113 110 101 104 105 104 100 101 100 107 107 105 1952 110 108 104 103 80 100 101 103 101 99 106 107 102 1953 107 104 103 100 98 101 Kerosene 1947 100 108 100 97 98 95 96 95 93 98 102 107 99 1948 113 125 119 112 105 102 100 97 101 102 118 115 109 1949 111 103 95 89 78 73 74 76 88 99 101 114 92 1950 118 111 107 97 103 93 96 104 109 108 112 119 106 1951 134 134 131 126 113 107 108 111 119 119 132 129 122 1952 138 121 126 120 75 104 117 123 115 115 129 138 119 1953 142 132 118 118 107 107 Lubricating oil 1947 100 103 107 105 110 109 101 105 100 104 105 109 105 1948 102 105 105 106 107 100 98 103 101 109 103 104 104 1949 100 96 88 85 86 94 85 84 92 98 98 98 92 1950 94 95 97 90 96 98 99 112 114 119 121 121 104 1951 120 114 122 127 130 125 125 128 121 129 126 123 124 1952 118 113 117 119 83 119 111 116 115 118 111 105 112 1953 100 95 103 105 109 106 Coke 1947 104 105 105 101 103 100 97 104 104 108 108 109 103 1948 108 108 100 82 106 106 103 109 110 111 112 113 106 1949 113 113 107 HI 106 95 83 87 86 29 61 94 91 1950 92 74 89 107 107 108 107 108 109 112 109 111 103 1951 114 111 111 112 113 114 111 113 112 113 112 113 112 1952 113 113 113 100 99 43 40 101 106 107 109 112 97 1953 113 113 114 113 114 114 1318 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION BY GROUPS AND SERIES, 1947-1953—Continued Indexes, Without Seasonal Adjustment, 1947-49 Average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Petroleum & coal products— Cont Asphalt roofing and siding. . 1947 104 Ill 116 117 114 116 102 114 113 123 119 105 113 1948 106 108 96 96 95 102 93 104 113 120 95 61 99 1949 55 58 64 96 84 92 89 104 119 129 104 62 88 1950 73 74 75 100 115 127 127 137 133 137 127 110 111 1951 102 99 110 103 98 102 100 116 125 131 88 55 103 1952 70 78 85 99 108 113 109 130 136 135 101 60 102 1953 66 72 80 108 118 109 Foods, Beverages, and Tobacco 1947 98 93 92 92 93 99 102 111 113 113 106 96 101 1948 90 91 89 93 96 103 103 106 114 110 103 94 100 1949 91 90 91 91 96 103 103 112 112 112 104 95 100 1950 91 89 92 94 96 104 108 119 119 113 107 103 103 1951 102 99 97 96 98 105 106 114 120 116 106 98 105 1952 96 96 97 96 98 109 109 115 120 118 110 101 106 1953 98 98 100 100 103 108 Food and beverage mfrs 1947 98 92 92 92 93 99 102 112 114 113 106 97 101 1948 89 91 88 92 95 103 104 105 115 110 103 95 99 1949 90 89 90 91 95 103 104 112 113 112 104 96 100 1950 91 89 92 94 96 104 109 119 119 114 107 104 103 1951 102 98 96 96 97 105 107 114 121 116 105 99 105 1952 95 95 96 96 97 108 110 114 120 118 110 102 105 1953 98 97 99 99 102 108 Food manufactures 1947 98 92 91 92 94 99 103 112 116 111 108 102 101 1948 92 91 87 89 93 101 101 104 117 111 103 96 99 1949 92 89 89 90 92 99 101 112 116 115 107 98 100 1950 94 90 92 92 94 100 106 115 121 115 109 105 103 1951 100 95 94 95 96 102 106 115 124 118 108 102 105 1952 98 97 96 95 96 105 107 115 125 121 112 105 106 1953 102 99 99 98 101 105 Meat products 1947 130 107 93 96 96 100 93 84 89 100 127 127 103 1948 119 99 89 88 90 102 81 74 81 98 114 121 96 1949 119 102 97 92 89 93 87 88 94 104 118 121 100 1950 121 100 102 99 94 97 90 90 98 108 122 134 105 1951 130 103 105 108 101 101 93 99 103 112 128 133 110 1952 134 124 118 109 99 103 92 97 104 119 128 141 114 1953 134 118 117 111 103 105 Beef 1947 115 109 109 107 106 108 103 100 114 114 111 104 108 1948 107 93 89 90 85 94 86 90 99 98 95 96 94 1949 102 97 98 94 96 98 97 103 105 101 96 90 98 1950 100 95 95 95 95 97 99 102 109 104 102 101 99 1951 104 91 87 88 88 77 87 94 95 97 98 91 92 1952 100 96 90 90 93 93 97 104 108 115 105 105 100 1953 117 119 120 127 126 128 Pork 1947 140 107 85 90 92 96 87 75 76 93 137 141 101 1948 125 102 89 87 92 107 78 64 71 97 123 134 98 1949 128 104 96 90 85 89 81 79 87 106 130 138 101 1950 131 103 105 101 93 98 86 83 93 110 133 151 107 1951 144 108 113 117 106 112 95 100 105 117 141 152 117 1952 150 136 130 116 99 105 87 90 99 118 138 156 119 1953 139 114 112 98 87 89 Dairy products 1947 77 87 98 114 137 151 139 127 105 85 66 62 104 1948 65 73 86 105 130 140 132 122 102 79 68 65 98 1949 70 78 89 106 133 140 131 119 96 81 70 68 98 1950 73 83 91 107 127 142 131 117 96 83 69 66 99 1951 70 77 88 101 126 138 130 117 97 79 64 64 96 1952 69 77 85 102 127 139 127 117 99 82 74 75 98 1953 81 89 100 112 136 146 Butter 1947 86 94 104 106 132 148 129 108 91 80 67 67 101 1948 71 77 79 92 123 122 111 105 87 85 73 74 92 1949 86 93 97 116 147 141 125 113 104 96 84 86 107 1950 92 97 106 125 137 150 135 109 93 81 69 72 105 1951 75 80 82 97 116 131 119 104 91 76 62 65 91 1952 68 75 86 95 120 123 106 100 86 78 74 84 92 1953 94 102 111 122 145 143 Natural cheese 1947 75 88 102 120 143 155 135 106 92 82 64 61 102 1948 65 71 82 99 132 138 116 110 94 83 71 73 95 1949 78 86 97 116 148 147 121 111 101 84 76 75 103 1950 79 87 101 117 138 152 130 112 95 82 71 69 103 1951 74 81 94 106 136 150 127 113 99 85 68 68 100 1952 71 77 88 108 141 147 124 114 104 90 82 86 103 1953 88 96 107 124 151 159 DECEMBER 1953 1319 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION BY GROUPS AND SERIES, 1947-1953—Continued Indexes, Without Seasonal Adjustment, 1947-49 Average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Food & beverage mf rs.—Cont. Food manufactures—Cont. Dairy products—Cont. Concentrated milk. . . 1947 79 90 105 129 157 164 136 101 89 76 59 60 104 1948 66 76 96 120 155 160 133 119 97 77 60 61 102 1949 66 75 90 112 142 140 119 107 88 70 60 64 94 1950 70 82 95 109 133 140 118 105 88 74 62 62 95 1951 68 77 92 107 140 143 117 99 78 64 51 56 91 1952 62 70 82 102 137 137 107 102 88 73 64 69 91 1953 73 78 91 111 137 140 Ice cream 1947 73 81 92 108 125 144 149 162 126 94 70 61 107 1948 60 68 84 102 116 136 146 136 114 77 70 61 98 1949 61 70 81 95 116 137 145 132 96 81 69 58 95 1950 64 74 77 93 112 133 137 128 102 88 73 62 95 1951 65 72 84 95 117 132 143 134 109 88 70 66 98 1952 73 82 85 101 115 144 149 133 110 86 77 71 102 1953 74 86 95 100 121 144 Canned and frozen foods. 1947 71 61 58 62 63 73 121 187 206 121 78 72 97 1948 62 60 58 63 68 85 130 145 229 138 85 75 100 1949 61 59 59 66 71 94 128 204 191 139 89 75 103 1950 68 63 62 68 74 92 146 196 214 149 108 88 110 1951 83 80 78 83 87 102 154 208 239 171 94 80 121 1952 70 71 70 75 81 108 150 196 235 164 100 87 117 1953 82 79 75 80 90 103 Grain-mill products 1947 104 103 106 99 96 102 104 108 106 106 104 100 103 1948 101 97 92 94 98 100 103 105 101 103 98 95 99 1949 98 96 93 90 92 99 102 99 103 108 99 97 98 1950 96 94 95 93 92 98 102 105 103 100 95 100 98 1951 105 101 99 98 96 105 107 107 110 108 106 104 104 1952 108 103 103 101 106 112 111 115 112 111 107 106 108 1953 108 102 102 99 104 110 Wheat flour 1947 120 119 122 110 105 112 107 116 111 113 110 101 112 1948 104 101 93 98 101 102 104 111 104 108 102 96 102 1949 102 95 84 78 75 87 86 82 88 95 83 81 86 1950 83 84 83 80 76 77 86 87 86 81 80 89 82 1951 92 90 86 78 77 78 78 82 90 88 86 84 84 1952 88 84 82 78 76 82 79 87 86 88 89 79 84 1953 86 81 81 75 81 78 Cereals and feeds.... 1947 94 92 95 92 90 96 102 103 104 101 100 100 97 1948 99 94 91 92 96 100 103 101 98 100 96 94 97 1949 96 97 98 98 104 107 112 110 113 117 109 108 106 1950 105 101 103 102 103 112 113 117 114 112 105 107 108 1951 113 109 108 111 109 123 127 124 123 122 119 118 117 1952 121 116 117 116 125 132 132 133 130 127 120 124 124 1953 122 116 116 114 120 131 Bakery products 1947 102 99 98 97 98 99 100 98 99 102 101 100 99 1948 96 101 98 97 99 102 102 101 103 104 100 99 100 1949 95 98 96 98 100 102 102 102 105 105 102 99 100 1950 97 99 100 100 102 102 103 102 102 104 103 103 102 1951 99 100 99 99 101 102 103 103 103 103 101 101 101 1952 99 99 99 98 97 102 105 104 104 104 104 102 101 1953 98 99 100 98 100 103 Sugar 1947 66 48 46 51 52 67 70 95 102 243 256 167 105 1948 69 61 46 43 55 67 69 77 92 224 235 84 93 1949 64 56 51 53 56 66 60 76 95 243 268 136 102 1950 62 50 53 52 65 78 79 103 116 247 281 194 115 1951 80 68 53 54 67 80 61 59 81 214 220 172 100 1952 69 54 59 62 62 81 69 65 93 244 250 142 104 1953 68 55 67 67 57 80 Cane sugar 1947 71 76 95 108 100 117 121 137 111 112 116 75 103 1948 67 85 94 87 94 100 115 125 104 88 80 85 94 1949 103 97 103 109 108 115 113 120 99 95 81 92 103 1950 93 93 106 103 111 124 143 142 135 96 87 98 111 1951 100 102 99 93 128 132 104 103 92 92 88 86 102 1952 99 103 119 114 112 126 113 123 113 107 92 86 109 1953 106 105 128 105 116 123 Beet sugar 1947 64 25 4 2 12 26 28 63 100 373 393 253 112 1948 71 39 3 2 18 35 25 31 77 339 367 80 91 1949 27 17 1 6 18 9 32 88 366 426 170 97 1950 32 9 3 3 21 34 19 66 98 382 456 281 117 1951 64 39 13 19 13 36 23 20 74 328 339 246 101 1952 40 8 2 11 13 35 25 7 69 353 377 184 94 1953 30 8 8 30 1 39 * Less than 0.5. 1320 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION BY GROUPS AND SERIES, 1947-1953—Continued Indexes, Without Seasonal Adjustment, 1947-49 Average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Food & beverage mf rs.—Cont. Food manufactures—Cont. Confectionery 1947 95 95 100 92 90 84 64 81 108 133 130 120 99 1948 98 113 107 98 85 84 63 91 114 135 123 108 102 1949 99 99 100 87 73 79 55 84 141 146 123 106 99 1950 101 102 100 91 79 79 75 112 152 141 114 109 104 1951 108 113 95 90 78 79 72 92 143 125 129 97 102 1952 105 113 104 93 77 78 62 90 136 134 128 95 102 1953 110 110 101 98 89 74 Misc. food preparations.. 1947 94 94 95 95 98 104 108 110 110 106 103 98 101 1948 93 93 92 95 101 105 108 107 105 102 98 94 99 1949 90 92 95 96 101 104 106 106 105 104 99 96 99 1950 92 93 96 94 97 102 104 105 104 100 98 95 98 1951 95 95 96 92 93 98 99 99 101 103 98 96 97 1952 92 93 93 92 95 103 106 104 108 107 104 100 100 1953 95 98 99 97 101 107 Beverages 1947 95 93 94 95 93 100 101 112 109 120 101 79 99 1948 77 92 92 102 102 111 113 112 108 106 103 91 101 1949 84 88 97 96 107 116 117 111 101 101 93 86 100 1950 80 82 93 100 103 119 124 134 113 108 99 101 105 1951 108 106 104 98 102 115 112 110 111 108 94 88 105 1952 83 89 97 98 103 121 121 111 102 104 101 87 102 1953 84 91 99 105 110 119 Bottled soft drinks 1947 56 60 67 83 94 107 120 148 123 98 78 74 92 1948 69 81 87 108 111 133 143 136 118 91 82 80 104 1949 77 83 87 98 118 138 146 136 103 95 83 83 104 1950 79 83 87 100 113 132 128 130 110 103 84 87 103 1951 80 84 90 100 117 136 142 138 119 103 86 89 107 1952 87 91 95 108 124 161 159 146 125 105 95 95 116 1953 Alcoholic beverages 1947 108 103 103 99 92 98 95 101 104 127 109 81 101 1948 79 95 94 100 99 104 104 104 105 111 110 95 101 1949 86 90 100 96 103 108 108 104 100 103 96 87 98 1950 80 82 95 100 100 116 122 136 114 109 104 105 106 1951 117 114 108 97 97 108 103 102 109 110 96 88 104 1952 81 88 98 95 96 109 108 100 95 104 103 85 98 1953 82 88 100 102 102 107 Beer and ale 1947 89 84 93 99 105 116 116 121 117 116 95 78 101 1948 84 91 90 99 99 114 118 116 106 91 83 87 99 1949 83 83 100 100 111 124 128 118 99 84 77 83 99 1950 82 85 97 105 107 125 126 116 93 85 82 81 99 1951 90 89 98 104 108 122 121 115 100 88 82 86 100 1952 89 92 100 99 104 125 130 118 95 88 83 86 102 1953 87 90 103 109 106 117 Liquor distilling 1947 172 176 157 127 102 80 61 66 83 141 22 13 100 1948 43 116 152 140 133 113 92 77 96 136 160 129 116 1949 110 104 92 85 81 66 44 53 78 120 89 88 84 1950 78 73 72 90 92 100 106 147 184 214 172 168 125 1951 156 143 161 136 120 122 85 69 104 140 117 86 120 1952 71 71 69 63 51 40 27 30 42 82 54 42 54 1953 45 46 54 53 55 51 Liquor bottling 1947 126 118 108 94 67 72 70 78 93 152 186 121 107 1948 88 98 78 85 82 78 77 89 104 138 140 92 96 1949 76 93 97 87 89 89 89 90 106 131 132 92 97 1950 74 76 99 94 87 101 121 174 128 113 121 132 110 1951 163 158 108 66 66 73 74 88 131 145 116 91 107 1952 65 81 98 91 89 94 90 83 108 135 156 95 99 1953 80 97 110 105 110 104 Tobacco manufactures 1947 99 100 99 93 93 100 94 104 101 112 105 85 99 1948 96 96 96 103 101 105 93 114 108 114 104 83 101 1949 100 96 101 96 102 109 87 112 108 107 102 81 100 1950 97 99 99 94 100 107 92 119 110 106 104 86 101 1951 105 109 104 106 104 112 94 114 112 119 115 85 107 1952 108 104 107 105 109 114 101 122 117 120 112 93 110 1953 104 117 113 104 107 110 Cigarettes 1947 95 97 99 94 90 101 95 103 100 109 102 83 97 1948 95 93 96 107 102 108 95 118 106 114 100 82 102 1949 100 95 104 100 106 113 91 115 107 104 100 83 101 1950 98 95 102 96 104 111 98 129 110 102 102 89 103 1951 108 109 105 108 109 117 100 119 115 122 119 88 110 1952 112 105 108 108 113 120 109 131 124 124 115 99 114 1953 109 119 119 107 109 114 DECEMBER 1953 1321 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION BY GROUPS AND SERIES, 1947-1953—Continued Indexes, Without Seasonal Adjustment, 1947-49 Average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Tobacco mfrs.—Cont. Cigars 1947 102 103 94 88 99 95 88 102 101 118 114 89 99 1948 97 107 95 95 98 101 90 106 114 117 116 88 102 1949 104 102 97 88 93 101 80 108 113 115 109 77 99 1950 94 111 95 89 90 99 78 96 109 118 110 81 97 1951 99 111 105 102 94 102 79 103 108 115 110 82 101 1952 102 107 110 103 107 106 88 107 110 118 114 87 105 1953 101 122 109 106 112 108 MINERALS—TOTAL 1947 96 97 98 93 103 102 96 105 105 106 105 102 100 1948 102 103 93 98 111 110 106 112 110 112 108 105 106 1949 100 101 91 102 102 95 88 93 85 79 99 91 94 1950 89 81 101 102 104 109 104 114 116 117 111 110 105 1951 111 108 109 113 115 117 111 118 119 123 119 116 115 1952 116 116 114 116 105 107 101 113 122 115 119 115 114 1953 113 113 111 115 118 120 Mineral Fuels . 1947 100 100 102 93 102 100 93 103 104 107 106 105 101 1948 106 107 94 96 110 108 105 110 108 111 109 108 106 1949 104 104 91 100 100 91 84 90 81 79 101 92 93 1950 89 80 103 103 101 106 100 110 112 115 110 112 103 1951 113 110 110 111 111 113 106 115 116 121 120 118 114 1952 119 119 117 115 100 109 102 109 119 111 119 118 113 1953 117 115 113 114 115 117 Coal 1947 123 121 123 91 119 109 85 115 115 120 122 114 113 1948 119 119 76 80 124 114 103 117 113 118 108 103 108 1949 107 104 67 104 102 76 65 78 43 36 97 76 79 1950 67 34 110 107 94 98 78 102 104 109 95 103 92 1951 104 93 89 90 87 96 71 94 98 105 103 97 94 1952 100 95 89 82 78 71 53 75 98 70 95 85 83 1953 81 77 74 74 81 81 Anthracite 1947 112 106 118 97 103 110 89 119 117 120 115 106 109 1948 112 117 107 101 116 104 99 116 114 118 106 98 109 1949 88 73 51 88 100 77 93 80 48 118 106 62 82 1950 66 64 105 83 92 94 68 95 91 97 76 79 84 1951 94 90 51 64 81 91 65 78 81 101 94 88 82 1952 92 80 75 77 77 78 55 64 85 91 85 69 78 1953 60 59 52 45 66 65 Bituminous coal . 1947 124 123 124 90 121 109 84 114 115 121 123 115 113 1948 121 119 72 76 126 116 103 117 113 119 108 104 108 1949 110 109 69 106 103 76 61 77 43 24 96 78 79 1950 67 29 110 110 94 99 79 103 107 111 98 107 93 1951 105 94 95 94 88 97 73 96 101 105 105 98 96 1952 102 98 92 83 78 70 53 76 100 67 96 87 84 1953 84 80 77 79 84 83 Crude oil and natural gas 1947 89 90 91 93 94 95 97 97 98 100 99 100 95 1948 100 101 102 104 104 106 106 107 106 108 110 110 105 1949 103 104 102 99 99 98 93 96 98 99 103 100 99 1950 100 102 100 101 105 109 110 114 116 118 118 115 109 1951 117 118 120 122 123 121 123 125 125 128 128 128 123 1952 128 130 130 131 110 126 125 125 129 130 130 134 128 1953 134 134 132 133 131 134 Oil and gas extraction 1947 90 93 94 95 95 96 97 98 99 100 101 102 97 1948 101 103 104 105 104 105 104 106 103 107 109 110 105 1949 104 105 101 98 96 95 91 93 97 98 102 99 98 1950 99 100 98 99 101 105 107 111 114 115 115 114 106 1951 118 118 120 121 121 120 120 122 123 125 125 124 121 1952 125 128 127 127 103 122 120 123 128 129 130 133 125 1953 132 132 131 129 127 130 Crude oil 1947 90 92 94 95 96 98 99 99 101 102 101 102 97 1948 101 103 104 105 106 106 106 107 104 108 109 110 106 1949 103 103 100 96 95 94 90 92 95 96 100 96 97 1950 95 95 94 95 99 103 105 109 113 113 113 110 104 1951 113 114 116 117 118 118 118 120 120 122 120 119 118 1952 119 122 122 123 98 119 117 119 125 125 124 127 120 1953 126 126 125 124 122 126 Natural gas 1947 91 1948 102 1949 107 1950 124 1951 150 157 149 146 141 139 134 139 141 145 159 167 148 1952 171 172 170 156 141 145 143 146 150 158 169 174 159 1953 180 187 172 164 152 152 1322 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION BY GROUPS AND SERIES, 1947-1953—Continued Indexes, Without Seasonal Adjustment, 1947^f9 Average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Crude oil & natural gas— Cont. Oil & gas extraction—Cont. Natural gas liquids.. . 1947 88 90 90 90 84 88 89 91 93 95 100 100 92 1948 99 100 101 99 99 98 97 99 97 105 109 110 101 1949 106 108 104 103 101 100 101 106 111 113 119 119 107 1950 122 121 117 116 113 117 118 122 126 130 132 136 123 1951 136 135 139 135 130 128 128 132 137 141 145 147 136 1952 148 150 145 143 130 138 136 141 145 151 154 159 145 1953 158 156 155 155 151 154 Oil and gas well drilling 1947 83 79 76 83 88 91 99 95 92 97 90 92 88 1948 92 86 92 97 101 111 114 116 119 112 115 111 106 1949 97 98 106 105 114 114 103 111 109 104 108 106 106 1950 107 114 114 112 126 132 131 132 126 133 132 124 123 1951 116 116 121 127 134 130 142 144 135 145 147 148 133 1952 149 141 144 153 151 149 150 138 134 137 133 138 144 1953 145 149 132 148 165 144 Metal, Stone, and Earth Minerals .... 1947 76 80 82 95 108 114 113 115 112 106 96 86 98 1948 83 84 87 106 116 120 114 119 117 113 103 89 104 1949 80 84 92 109 113 114 110 109 105 80 85 86 97 1950 84 87 88 96 116 125 126 133 132 131 116 102 111 1951 100 99 102 121 135 137 136 136 136 136 115 104 121 1952 99 102 102 120 132 100 100 135 139 134 120 98 115 1953 95 98 102 121 132 136 Metal mining 1947 73 79 79 98 118 127 125 126 119 108 91 74 101 1948 75 80 79 111 126 131 120 125 122 114 99 72 105 1949 66 75 90 117 123 125 116 111 105 56 69 74 94 1950 76 79 78 83 117 130 130 138 138 134 108 87 108 1951 86 88 87 118 139 142 139 135 138 136 103 87 116 1952 84 87 88 118 139 75 76 141 148 138 116 79 108 1953 80 85 88 119 139 142 Jron ore 1947 34 36 36 85 137 154 164 163 147 127 80 37 100 1948 35 37 38 113 151 163 160 162 155 127 111 46 108 1949 37 40 54 128 151 168 163 150 132 9 27 35 91 1950 35 35 31 39 133 158 169 178 177 162 94 42 104 1951 47 45 43 113 176 189 188 193 190 170 90 46 124 1952 46 49 48 120 176 21 36 195 211 181 126 41 104 1953 43 45 53 131 184 201 Nonferrous metal mining.... 1947 99 107 108 107 105 110 98 102 100 96 98 99 102 1948 101 110 106 110 109 110 93 100 100 105 91 90 102 1949 85 98 113 110 104 97 84 85 87 88 97 99 96 1950 104 109 109 113 107 111 104 112 112 114 117 118 110 1951 113 116 116 121 114 110 107 96 102 112 111 114 111 1952 109 113 115 117 114 112 102 104 105 108 109 104 110 1953 105 111 112 111 109 102 Copper mining 1947 100 110 111 107 107 108 105 107 105 95 98 102 104 1948 105 112 107 111 112 113 103 110 104 103 78 76 103 1949 74 91 111 108 100 91 84 80 86 90 98 100 93 1950 106 108 109 114 107 112 108 115 114 116 121 120 112 1951 115 118 119 127 120 113 112 97 107 116 115 118 114 1952 111 112 118 120 118 114 109 110 111 113 117 111 114 1953 111 116 120 118 120 109 "Cead mining 1947 93 100 100 102 98 104 88 95 95 99 100 96 97 1948 98 108 106 107 102 105 69 72 83 109 113 113 99 1949 101 108 117 114 113 111 91 100 93 91 101 106 104 1950 109 115 115 116 111 114 98 103 107 109 108 111 109 1951 103 109 108 105 99 99 92 87 88 97 99 102 99 1952 101 109 102 105 99 98 88 92 93 99 93 87 97 1953 90 97 94 95 89 87 j^inc mining 1947 103 109 109 114 111 126 89 95 92 96 99 95 103 1948 91 103 104 104 101 101 89 97 104 106 111 106 102 1949 101 112 117 116 109 106 78 85 82 76 82 86 96 1950 85 97 97 100 98 99 95 106 107 109 108 112 101 1951 112 115 113 114 110 110 103 102 101 113 111 111 109 1952 111 119 118 119 117 115 95 96 95 100 99 93 107 1953 101 104 101 100 93 90 Stone and earth minerals.... 1947 79 81 85 92 98 100 101 104 104 105 101 99 96 1948 91 88 96 101 105 109 108 113 111 112 108 106 104 1949 95 93 95 100 103 103 104 107 105 105 101 98 101 1950 93 94 97 108 115 121 123 127 127 128 125 116 114 1951 114 110 117 125 131 133 132 137 135 136 127 122 127 1952 115 116 116 122 126 126 124 130 130 130 124 118 123 1953 110 112 116 123 125 130 PECEMBER 1953 1323 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION AND MAJOR DIVISIONS, 1919-1953 [Indexes, 1947-49 average =100] INDUSTRIAL PRODUCTION—TOTAL Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year SEASONALLY ADJUSTED 1919 38 31 35 36 36 39 41 42 41 40 40 40 1920 44 44 43 41 42 42 41 41 40 39 35 33 1921 31 31 30 30 31 30 30 31 31 33 33 33 1922 34 35 37 36 38 40 40 39 41 43 45 46 1923 46 46 48 49 49 49 48 48 47 46 46 45 1924 46 47 46 45 43 41 40 42 44 44 45 47 1925 48 48 48 48 48 48 49 48 48 49 51 51 1926 50 50 51 51 50 51 51 52 53 53 52 52 1927 52 52 53 52 52 52 51 51 50 50 49 50 1928 51 51 52 51 52 53 53 54 55 56 57 58 1929 58 58 58 59 60 61 61 61 60 59 56 54 1930 54 54 53 53 51 50 48 46 46 45 44 43 1931 42 42 43 43 43 42 41 40 38 37 36 36 1932 35 34 33 31 30 29 28 29 31 32 32 31 1933. .. 31 31 29 31 37 42 46 44 42 39 37 37 1934 39 40 42 43 43 42 39 39 37 38 39 41 1935 45 46 45 44 44 45 45 47 48 50 51 51 1936 51 50 50 53 54 55 56 57 58 59 61 63 1937 62 63 65 65 65 64 65 64 62 57 52 47 1938 46 45 45 44 43 44 46 49 50 51 54 54 1939 55 54 54 53 53 56 57 57 62 65 67 67 1940 66 63 61 61 63 66 66 67 69 71 73 75 1941 77 79 81 80 86 88 89 89 90 92 93 94 1942 97 98 99 101 102 103 105 109 111 115 117 119 1943 121 124 125 127 127 126 128 129 130 131 132 128 1944 130 130 128 127 126 125 122 124 122 123 123 124 1945 124 125 125 122 119 117 111 99 89 86 89 87 1946 85 81 89 87 84 90 91 94 95 96 97 96 1947 99 99 100 99 99 99 98 99 100 101 103 103 1948 104 103 102 102 104 104 105 104 103 105 104 102 1949 101 99 97 96 95 95 94 96 97 94 96 98 1950 100 99 102 106 110 112 115 120 120 121 120 122 1951 122 122 122 122 122 121 119 118 118 118 119 119 19S2 121 121 121 120 119 118 115 123 129 130 133 133 1953 134 134 135 136 137 136 WITHOUT SEASONAL ADJUSTMENT 1919 37 36 35 36 37 39 40 41 42 41 40 38 39 1920 43 43 43 41 43 43 41 42 41 40 36 32 41 1921 31 30 30 30 31 31 30 31 32 34 33 31 31 1922 33 35 38 36 38 40 39 39 41 44 46 44 39 1923 44 46 48 49 50 49 48 48 48 48 46 43 47 1924 45 47 47 45 43 41 40 42 45 46 45 44 44 1925 47 48 48 49 49 48 48 49 49 51 51 48 49. 1926 49 50 51 51 51 51 50 53 55 55 53 49 51 1927 50 52 54 52 53 52 50 52 52 52 49 47 51 1928 49 51 52 52 53 53 52 55 57 58 56 53 53 1929. . 56 58 59 61 62 62 60 61 63 62 56 50 59^ 1930 51 54 53 54 53 51 47 47 48 46 43 40 49 1931 40 42 43 44 44 42 41 40 39 38 36 34 40 1932 33 34 33 32 31 30 28 29 32 33 32 30 31 1933 30 31 29 32 37 42 45 44 43 40 37 36 37 1934 37 40 43 44 44 43 39 39 39 39 38 40 40 1935 43 46 46 45 45 45 45 47 49 51 51 50 47 1936 49 49 50 53 55 55 55 57 59 61 61 61 56 1937 . . . 60 62 65 65 66 64 63 64 64 60 52 46 61 1938 44 44 45 44 44 44 45 49 52 54 55 53 48 1939 53 54 54 53 53 55 55 57 64 68 68 66 58 1940 64 62 61 61 63 66 65 68 72 74 74 74 67 1941 . . 75 77 80 80 86 88 88 91 93 94 94 93 87 1942 94 96 98 100 102 104 106 110 114 116 118 118 106 1943 119 122 124 126 127 127 129 131 132 133 132 127 127 1944 128 128 127 126 126 125 123 125 124 124 123 122 125 1945 122 123 123 121 119 117 112 100 91 87 89 85 107 1946 . 83 79 87 86 84 90 92 95 98 98 97 95 90 1947 98 100 100 98 98 98 93 100 102 106 105 102 100 1948 103 104 102 101 102 104 99 105 106 109 105 102 104 1949 100 100 98 96 94 94 89 97 100 98 97 96 97 1950 .. 99 100 104 106 108 112 109 122 122 126 121 120 112 1951 121 123 124 123 121 122 112 118 121 122 120 118 120 1952 119 123 123 120 118 118 108 123 131 134 134 131 124 1953 . . 132 136 138 136 136 136 1324 FEDERAL RESERVE BULLETIN: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION AND MAJOR DIVISIONS, 1919-1953—Continued [Indexes, 1947-49 average =100] MANUFACTURES—TOTAL Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year SEASONALLY ADJUSTED 1919 37 36 35 35 35 38 40 41 39 39 40 39 1920 43 43 42 40 41 41 40 40 39 37 33 30 1921 29 29 28 28 29 29 29 30 30 32 32 32 1922 33 33 35 36 38 40 41 39 40 42 44 45 1923 44 44 46 47 48 47 46 45 45 44 44 44 1924 44 45 45 44 41 39 39 40 42 43 44 45 1925 46 47 47 47 47 46 47 46 47 49 50 51 1926 50 50 49 49 49 50 50 50 51 51 50 50 1927 50 50 51 50 51 51 50 50 49 48 48 49 1928 50 50 50 50 51 52 52 53 54 55 56 57 1929 57 57 58 58 59 60 61 60 59 58 55 52 1930 53 52 52 52 50 49 46 45 44 43 42 41 1931 41 42 42 42 42 40 40 38 37 35 34 34 1932 33 33 31 30 29 28 27 28 30 31 30 30 1933 30 29 27 30 35 41 45 43 40 38 36 36 1934 37 39 41 42 42 41 38 38 36 37 37 40 1935 44 45 44 44 43 44 45 46 48 49 50 50 1936 50 48 49 52 53 55 56 57 57 59 60 62 1937 62 63 63 64 65 63 64 63 61 56 49 44 1938 43 43 43 42 42 42 44 47 49 50 52 53 1939 53 53 53 52 52 54 55 57 60 64 66 66 1940 64 61 59 59 62 65 65 67 69 71 73 75 1941 77 79 82 83 87 89 90 91 91 93 94 96 1942 98 100 102 104 105 107 109 113 115 119 122 125 1943 127 130 131 133 133 133 134 135 136 137 138 134 1944 135 135 134 132 130 129 127 128 126 127 127 128 1945 129 130 129 126 123 119 114 99 88 86 88 86 1946 83 79 88 90 85 90 90 94 95 96 97 97 1947 99 99 100 100 99 99 98 98 99 101 103 103 1948 104 103 102 102 103 104 104 104 103 104 103 102 1949 100 99 98 96 95 95 95 97 99 95 95 98 1950 101 101 102 107 110 113 116 122 121 122 121 123 1951 123 123 123 123 123 122 119 118 118 118 119 120 1952 121 121 122 120 121 119 116 125 130 132 135 135 1953 136 136 137 138 139 138 WITHOUT SEASONAL ADJUSTMENT 1919 37 36 35 36 36 38 39 40 40 39 41 37 38 1920 42 43 43 40 42 41 39 39 39 37 33 29 39 1921 29 29 28 28 30 29 28 30 31 32 32 30 30 1922 32 34 36 37 39 40 39 38 40 43 44 43 39 1923 43 45 47 48 48 47 45 45 46 45 44 42 45 1924 43 45 46 45 42 39 37 40 43 44 44 43 43 1925 45 47 48 48 47 46 46 46 48 50 50 48 48 1926 48 50 51 51 50 49 48 51 53 52 50 47 50 1927 48 51 52 52 52 51 49 50 51 50 48 46 50 1928 48 51 52 52 52 52 51 54 55 56 54 52 52 1929 54 57 59 61 61 61 59 60 61 60 54 48 58 1930 50 53 53 54 52 50 46 45 46 44 41 38 48 1931 39 42 43 44 43 41 39 38 38 36 34 32 39 1932 32 33 32 30 30 29 26 28 31 31 30 28 30 1933 29 29 27 31 36 42 44 42 41 38 35 34 36 1934 35 39 41 43 43 42 38 38 37 37 37 38 39 1935 42 45 45 45 44 44 44 46 48 50 50 49 46 1936 48 47 49 53 54 55 55 56 58 60 61 61 55 1937 59 62 64 65 66 63 62 63 62 58 50 43 60 1938 41 42 43 42 42 42 44 47 51 52 53 52 46 1939 ... 51 52 53 52 52 54 54 57 63 67 67 65 57 1940 62 60 60 59 62 65 63 67 71 73 74 75 66 1941 75 78 81 83 87 89 89 92 94 95 95 95 88 1942 97 99 101 103 105 107 109 114 117 121 122 124 110 1943 125 128 130 132 133 134 134 136 138 139 138 133 133 1944 134 133 132 131 130 130 127 129 128 128 127 127 130 1945 127 128 128 125 123 120 114 100 90 87 89 86 110 1946 82 77 87 89 85 90 91 95 97 97 98 96 90 1947 98 100 101 99 97 98 92 99 102 105 105 102 100 1948 103 104 103 101 101 103 98 104 106 109 105 101 103 1949 100 100 99 95 93 94 89 98 101 100 97 97 97 1950 100 102 104 107 108 113 109 122 123 127 122 122 113 1951 122 125 126 124 121 122 112 118 121 122 120 118 121 1952 120 123 124 121 120 119 109 124 132 136 136 133 125 1953 135 139 140 139 138 138 DECEMBER 1953 1325 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION AND MAJOR DIVISIONS, 1919-1953—Continued [Indexes, 1947-49 average=100] DURABLE MANUFACTURES Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year SEASONALLY ADJUSTED 1919 40 40 37 36 33 37 40 43 38 36 38 38 1920 44 45 44 40 42 44 43 45 44 42 38 35 1921.. 29 27 24 23 23 22 20 23 23 25 26 25 1922 26 28 31 35 37 40 40 36 37 41 42 44 1923 45 45 47 48 49 49 49 47 47 47 46 46 1924 46 48 47 45 41 39 38 40 41 42 43 45 1925 48 48 48 47 47 47 48 46 48 51 53 54 1926 . 52 51 51 51 51 52 52 52 53 52 51 50 1927 50 51 51 50 50 49 48 48 47 46 46 47 1928 49 50 50 51 51 52 53 54 55 56 57 59 1929 59 59 60 61 62 63 64 64 61 60 55 50 1930 51 51 51 50 49 46 43 41 40 38 36 35 1931 35 35 36 35 34 32 30 28 26 25 25 24 1932 23 22 20 19 19 18 16 16 17 17 18 18 1933 17 17 15 18 22 28 34 33 31 29 25 26 1934 27 30 32 33 35 34 28 27 26 26 26 29 1935 35 36 36 35 35 34 36 39 40 42 43 43 1936 42 41 42 46 48 50 51 51 52 54 55 57 1937 57 58 59 60 60 59 61 61 59 52 43 36 1938 .. 34 33 33 32 31 30 32 35 38 40 43 44 1939 44 44 43 42 42 45 47 49 54 59 61 62 1940 60 56 54 53 57 61 62 66 69 71 72 75 1941... 78 81 83 84 89 92 94 95 96 99 99 102 1942 106 109 113 116 119 122 126 131 135 140 144 148 1943 . 152 155 158 160 162 161 162 164 166 168 169 164 1944 166 165 164 162 160 159 156 156 153 155 153 154 1945 155 155 155 151 145 138 131 107 87 83 86 83 1946... . . 74 62 82 85 78 86 90 93 95 96 96 94 1947 98 99 100 102 102 101 98 99 100 102 104 104 1948 .. 105 104 103 102 103 104 106 106 104 107 105 103 1949 ... 101 99 97 95 94 93 93 95 97 89 89 94 1950 98 98 100 107 112 117 120 127 127 129 128 128 1951 128 128 130 130 129 129 126 125 126 126 128 129 1952 130 131 131 130 132 125 119 135 144 147 151 152 1953 154 155 155 155 156 154 WITHOUT SEASONAL ADJUSTMENT1 1919.. 38 1920 42 1921 . 24 1922 37 1923 42 44 48 50 51 50 48 47 47 47 45 43 47 1924 44 48 49 48 43 39 37 40 42 43 42 42 43 1925 45 48 50 50 49 48 47 46 48 52 51 49 49 1926 49 52 54 54 54 52 51 53 53 53 49 45 52 1927 . 46 51 53 53 53 50 47 49 47 47 44 43 49 1928 45 50 53 54 54 53 52 55 56 57 54 52 53 1929 .. 55 59 63 66 67 66 63 64 62 60 52 45 60 1930 48 52 53 54 53 48 43 41 41 38 34 32 45 1931 32 35 37 38 37 33 30 28 26 25 23 22 31 1932 22 22 21 21 21 19 16 16 17 17 17 16 19 1933 16 17 15 19 24 29 34 32 30 27 24 24 24 1934 25 30 34 36 37 36 28 27 26 25 25 27 30 1935 33 37 37 38 37 35 35 38 38 42 43 43 38 1936 40 40 43 49 51 51 50 50 51 54 55 56 49 1937 ... 54 57 60 62 63 60 59 60 57 53 44 36 55 1938 32 32 33 33 32 3\ 31 35 38 42 45 43 35 1939 42 43 44 44 43 45 44 48 54 60 62 61 49 1940 58 55 55 55 57 61 59 64 69 72 74 75 63 1941 77 80 83 85 90 92 92 94 97 100 99 101 91 1942 105 108 112 116 119 123 126 131 135 141 144 147 126 1943 151 154 158 160 162 162 162 165 166 169 169 164 162 1944 165 164 163 162 160 159 156 157 154 155 153 154 159 1945 154 155 154 150 145 138 131 108 88 84 86 82 123 1946 73 61 81 85 78 87 91 94 96 96 96 93 86 1947 98 100 102 102 100 101 93 97 102 105 105 105 101 1948 .. 104 105 105 102 102 104 100 105 105 110 107 104 104 1949 101 101 99 96 92 92 87 94 98 92 90 94 95 1950 98 100 103 109 111 117 113 126 127 133 128 128 116 1951 127 131 134 133 130 129 118 122 126 129 128 128 128 1952... 129 133 136 133 132 126 111 132 143 150 152 151 136 1953 154 158 160 159 157 155 1 Monthly indexes without seasonal adjustment have not been computed for the years 1919-1922. 1326 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION AND MAJOR DIVISIONS, 1919-1953—Continued [Indexes, 1947-49 average=100] NONDURABLE MANUFACTURES Year Jan. Feb. Mar. SEASONALLY ADJUSTED 1919 ... 34 32 32 1920 . 42 41 40 1921 28 30 31 1922 38 37 38 1923 43 44 45 1924 42 42 42 1925 . 45 46 46 1926 48 48 47 1927 50 50 50 1928 50 50 50 1929 55 55 55 1930 54 53 53 1931 48 49 49 1932 44 44 43 1933 . 43 42 40 1934 48 49 50 1935 53 54 53 1936 ... 57 56 57 1937 67 68 68 1938 53 54 54 1939 63 63 63 1940 69 67 65 1941 76 78 80 1942 90 90 90 1943 101 103 102 1944 103 103 102 1945 101 102 102 1946 93 96 95 1947 99 99 99 1948 103 103 101 1949 100 99 98 1950 104 104 105 1951 . . . .. 118 118 116 1952 111 112 112 1953 117 118 119 WITHOUT SEASONAL ADJUSTMENT1 1919 1920 1921 1922 1923 43 44 45 1924 . ... 42 43 42 1925 45 46 46 1926 47 48 48 1927 49 50 51 1928 49 51 51 1929 54 55 55 1930 . 53 53 52 1931 46 48 49 1932 43 44 43 1933 42 43 40 1934 47 49 50 1935 52 53 53 1936 56 55 56 1937 . 65 67 68 1938 51 53 54 1939 61 63 63 1940 67 66 64 1941 73 76 1942 88 88 1943 99 100 1944 101 101 1945 99 100 1946 90 93 1947 98 99 1948 102 103 1949 98 100 1950 103 105 1951 117 119 1952 110 113 1953 115 119 I- 00 O 00 00 0 Apr. May June July Aug. Sept. Oct. Nov. Dec. Year 35 37 38 39 39 40 40 41 40 40 40 38 36 35 34 32 28 26 33 34 35 36 36 37 37 37 37 37 39 40 40 42 42 42 44 45 45 46 45 44 43 43 42 42 41 42 41 40 39 40 42 43 44 45 46 46 45 46 46 46 46 47 48 47 47 47 47 48 49 49 49 50 50 51 52 52 51 50 50 50 50 50 51 51 51 52 52 53 54 55 56 57 57 57 57 57 57 55 54 53 52 51 50 49 49 49 48 48 50 50 50 50 49 48 46 45 44 40 40 39 38 41 44 45 44 43 43 49 55 57 53 51 48 47 47 50 50 49 48 49 46 49 50 52 53 53 53 54 54 56 57 57 58 58 59 60 61 62 63 64 66 67 69 69 68 67 65 63 60 56 53 53 53 54 57 59 60 61 62 63 63 63 64 65 65 68 70 71 71 66 67 69 69 68 69 71 73 75 81 84 85 86 87 87 87 89 89 91 91 90 91 93 95 97 99 100 103 104 104 104 104 105 105 105 102 100 99 98 96 98 98 98 100 101 101 100 100 96 91 90 89 91 90 94 93 93 90 94 94 96 99 99 98 97 96 97 98 98 100 103 102 102 103 103 102 102 102 101 101 101 97 97 97 97 98 101 102 102 102 107 108 109 112 115 115 115 115 118 117 116 115 113 111 111 109 110 110 111 110 113 113 114 116 117 118 118 121 123 121 37 36 34 40 45 45 44 42 42 44 44 43 40 44 42 40 39 38 40 43 45 45 44 42 46 45 44 44 46 48 48 48 46 46 47 46 46 45 48 52 51 50 48 48 50 50 51 50 51 53 52 51 48 50 50 50 50 49 52 55 55 54 52 51 56 56 57 55 57 60 59 56 51 56 54 52 51 49 49 52 51 49 45 51 50 50 49 48 49 51 48 45 42 48 41 40 39 37 40 46 47 44 41 42 43 49 55 55 52 53 50 47 45 48 51 50 49 47 50 49 51 50 50 49 52 52 53 53 55 59 59 58 56 55 58 58 59 60 63 67 66 66 66 61 68 68 67 66 66 67 62 56 51 64 52 53 54 57 61 65 63 63 61 57 62 62 63 64 67 72 73 72 69 66 64 66 68 68 70 73 74 74 74 69 80 84 86 86 89 91 90 90 87 84 90 90 90 92 95 98 99 99 99 93 102 103 104 104 106 107 107 106 101 103 99 98 98 98 97 100 101 100 100 100 99 100 99 99 100 97 92 93 91 91 89 96 93 93 92 93 91 96 99 99 99 98 95 99 96 94 96 92 101 103 106 105 100 99 101 100 100 103 96 104 106 107 103 98 102 98 94 94 96 91 102 105 108 103 100 99 105 105 105 108 105 119 119 121 116 115 111 118 114 113 115 106 114 115 115 112 108 114 113 108 107 113 106 117 120 123 120 115 114 121 118 119 121 1 Monthly indexes without seasonal adjustment have not been computed for the years 1919-1922. DECEMBER 1953 1327 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION AND MAJOR DIVISIONS, 1919-1953—Continued [Indexes, 1947-49 average=100] MINERALS—TOTAL Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year SEASONALLY ADJUSTED 1919 47 41 39 42 44 45 48 47 50 52 37 46 1920 51 50 52 48 50 53 52 54 50 54 56 56 1921 48 46 43 43 44 42 40 41 40 42 41 41 1922 46 50 54 32 32 35 34 37 48 53 56 59 1923 59 59 62 66 64 64 65 65 59 62 62 58 1924 60 63 59 55 55 55 55 54 58 57 57 58 1925 60 58 57 60 61 61 62 63 55 54 55 55 1926 54 57 62 63 61 63 64 64 65 67 69 69 1927 68 68 72 63 64 63 60 63 62 61 61 60 1928. .. 60 60 63 61 63 61 61 63 64 65 67 65 1929 69 70 66 69 68 68 70 69 70 68 66 67 1930 66 64 60 61 61 61 60 58 57 56 56 54 1931 52 51 53 53 52 53 52 49 48 50 50 49 1932 45 44 47 44 40 38 39 40 43 44 44 42 1933 42 44 45 41 48 51 53 55 52 49 49 49 1934 50 51 54 51 52 51 51 50 50 49 50 51 1935 54 54 56 51 53 58 52 53 54 57 58 59 1936 60 62 58 62 61 62 63 63 64 65 68 68 1937 67 69 76 70 71 73 72 73 74 72 70 68 1938 66 62 62 60 57 59 60 62 62 63 65 65 1939 66 65 66 58 62 67 69 59 73 76 77 73 1940. 77 74 76 77 76 76 76 73 75 74 77 77 1941 78 77 82 62 79 83 82 83 86 87 87 87 1942 87 87 83 82 82 83 82 85 86 85 86 84 1943 82 86 87 86 85 77 89 89 91 90 88 91 1944 92 95 92 93 95 95 93 95 95 95 96 92 1945.. 94 95 95 94 93 97 96 94 90 83 93 89 1946 95 95 92 70 78 94 99 97 99 98 93 93 1947. 97 98 101 93 99 101 101 102 103 103 103 105 1948 104 105 95 98 107 111 110 109 107 108 107 108 1949 102 102 94 102 99 94 91 91 83 77 97 94 1950 91 84 103 102 103 107 108 111 112 113 110 112 1951.. 113 112 112 113 114 115 116 116 116 119 118 118 1952 119 119 118 116 104 106 105 111 119 111 118 117 1953 116 116 115 115 117 119 WITHOUT SEASONAL ADJUSTMENT 1919 44 38 36 39 45 49 52 49 56 57 38 42 45 1920 49 46 48 44 51 56 56 58 56 60 57 52 53 1921 46 43 40 39 43 43 41 42 43 46 42 38 42 1922 43 48 52 28 31 37 36 40 53 58 58 56 45 1923 57 55 57 58 64 67 68 69 64 68 64 55 62 1924 59 59 54 49 55 56 56 57 61 61 58 56 57 1925 59 55 52 54 62 62 63 66 59 59 59 53 59 1926. 54 54 57 56 60 64 66 68 70 73 73 67 63 1927 66 67 66 57 64 64 61 66 66 67 62 58 64 1928.. 59 58 58 55 61 62 62 66 68 73 69 62 63 1929 67 68 59 62 69 68 70 72 76 75 67 64 68 1930. 63 61 54 55 62 63 61 61 61 62 56 52 59 1931 51 49 49 50 51 53 53 50 51 54 51 48 51 1932... 44 44 45 43 39 38 38 40 44 47 45 42 42 1933 42 45 44 39 47 50 53 57 56 52 49 48 48 1934 . ... 50 51 52 48 51 52 51 50 52 52 50 50 51 1935 54 55 54 48 53 57 52 53 57 61 58 58 55 1936.. 60 63 55 58 61 62 63 64 68 70 69 67 63 1937 65 68 71 67 73 73 73 76 78 76 69 67 71 1938. 64 61 60 58 56 57 59 62 64 66 66 65 62 1939... . 65 65 64 56 62 66 68 60 77 82 79 72 68 1940 75 72 71 71 76 77 77 77 80 79 78 74 76 1941 74 75 76 63 83 86 85 88 90 91 88 82 81 1942.. 81 81 77 82 86 87 86 89 90 88 86 78 84 1943 78 82 84 84 87 80 92 93 95 93 87 88 87 1944 88 91 88 92 97 97 95 98 98 96 93 87 93 1945 90 90 91 94 95 99 97 96 92 84 90 85 92 1946 90 90 88 67 78 96 101 100 101 100 91 89 91 1947 96 97 98 93 103 102 96 105 105 106 105 102 100 1948 102 103 93 98 111 110 106 112 110 112 108 105 106 1949 100 101 91 102 102 95 88 93 85 79 99 91 94 1950 89 81 101 102 104 109 104 114 116 117 111 110 105 1951 111 108 109 113 115 117 111 118 119 123 119 116 115 1952 116 116 114 116 105 107 101 113 122 115 119 115 114 1953 113 113 111 115 118 120 1328 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Administrative interpretations of banking laws, new regulations issued by the Board of Governors, and other similar material Clayton Act Proceeding lation F that a committee of directors shall "at least once during each period of twelve months" make Transamerica Corporation or have made an audit of the trust department of On November 30, 1953, the Supreme Court of each national bank. the United States denied the petition for certiorari The specific question is whether this provision to review the decision of the Court of Appeals for means that such audits must be made at intervals the Third Circuit which set aside the order enof not more than twelve months or may be made tered by the Board of Governors in its proceeding at least once during each calendar year. against Transamerica Corporation under the Clay- The language "at least once during each period ton Antitrust Act. In the circumstances, the Board of twelve months" also appears in section 6(c) of of Governors has decided that no further action Regulation F, relating to the review of trust assets will be taken in this proceeding. by trust investment committees, and in section 17(c)(3) of Regulation F, relating to audits of com- Trust Powers of National Banks mon trust funds. It is the Board's opinion that the Internal Audits and Reviews of Trust Department correct interpretation of this language in each in- The Board has been requested for an interpreta- stance is that not more than twelve months shall tion of the language contained in section 8 of Regu- elapse without the required action being taken. CURRENT EVENTS AND ANNOUNCEMENTS Federal Reserve Meetings Admission of State Bank to Membership in the A meeting of the Chairmen and Deputy Chair- Federal Reserve System men of the Federal Reserve Banks with the mem- The following State bank was admitted to members of the Board of Governors was held in Wash- bership in the Federal Reserve System during the ington on December 7-8, 1953. period October 16, 1953 to November 15, 1953. A meeting of the Presidents of the Federal Re- New Yort{ serve Banks was held in Washington on December Cicero—Cicero State Bank. 14, 1953, and on December 15 the Presidents met with the Board of Governors of the Federal Reserve System. On December 15 a meeting of the Federal Open Tables Published Annually and Semiannually, with Market Committee was held. Latest BULLETIN Reference Semiannually Issue Page Election of Class A Director Banking offices: The Federal Reserve Bank of Boston on Novem- Analysis of changes in number of... Aug. 1953 907 On, and not on, Federal Reserve Par ber 25, 1953, announced the election of Mr. Oliver List, number of Aug. 1953 908 B. Ellsworth, President and Trust Officer, Riverside Annually Trust Company, Hartford, Connecticut, as a Class Bank suspensions Feb. 1952 135 Earnings and expenses: A director of the Bank for the unexpired portion Federal Reserve Banks Feb. 1953 182-183 of the term ending December 31, 1955, to succeed Member banks: Calendar year May 1953 536-546 Mr. Earle W. Stamm, President, The National Bank First half of year Oct. 1953 1114 Insured commercial banks May 1953 547 of Commerce of New London, New London, Con- Banks and branches, number of, by class and State May 1953 548-549 necticut, who resigned. Operating ratios, member banks Aug. 1953 904-906 DECEMBER 1953 1329 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled November 30 and released for publication December 1] Industrial production, construction activity, and was little change in farm machinery output followretail sales in October and November continued ing several months of sharp declines. Television moderately below the highs reached earlier this production declined moderately in the latter part year. Wholesale prices remained at about the level of October from very high levels. prevailing since late 1952. Consumer prices rose Output of nondurable goods in October showed slightly further in October. Bank loans and invest- a small further decrease to a level about 3 per cent ments increased sharply in the first three weeks of below the peak rates of spring. There were moder- November, reflecting primarily purchases of new ate further curtailments in textile and fuel indus- Treasury securities as bank loans showed little tries. Moreover, production of industrial chemicals change. Yields on Government and corporate declined reflecting lower output rates in various securities rose slightly. consuming lines. Paper and paperboard output, however, reached a record level in October and INDUSTRIAL PRODUCTION early November, and meat production continued The Board's preliminary index of industrial pro- sharply above a year ago. duction in October was 231 per cent of the 1935-39 average as compared with 232 in September and CONSTRUCTION 230 in October a year ago. A decline of 3 index Expenditures for new construction in October, points—or about 1 per cent—is now indicated for seasonally adjusted, continued at the third quarter November reflecting mainly further curtailment in level, 6 per cent below the spring peak, but 4 per durable goods output from the very advanced rate cent higher than in October 1952. Value of conreached earlier this year to somewhat below year tracts awarded in October reached a peak for the ago levels. year as appreciable gains in awards for most cate- Auto output, after rising somewhat in October gories of private construction offset declines in from the moderately reduced rates of September, public awards. The 88,000 housing units started was reduced about 30 per cent in November, priin October were nearly all privately financed, commarily because of model changeovers. Steel mills pared with 89,000 private starts in September, and operated at about 90 per cent of rated capacity in 99,000 in October 1952. November after rising moderately to 95 per cent in October. Activity in producers equipment industries generally held steady in October, and there EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS Seoit INDUSTRIAL PRODUCTION P«r C«nl, Phyticol Volume, S Bureau of Labor Statistics data adjusted for seasonal variation 1949 J950 1951 J952 by Federal Reserve. Proprietors, self-employed persons and Federal Reserve indexes. Monthly figures, latest shown are domestic servants are not included. Midmonth figures, latest estimates for November. shown are for October. 1330 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS EMPLOYMENT little from mid-October through November. Livestock showed further decreases, largely seasonal, Employment in nonagricultural establishments, through early November, but subsequently adseasonally adjusted, was little changed in October vanced sharply. Prices of pork and some other at 49.1 million, following slight reductions in the foods declined, but grains advanced, reflecting in preceding two months, and was moderately larger part the influence of Federal support programs. than a year ago. Some further reduction in manu- Average prices of industrial commodities continued facturing employment in October was offset by to change little. There were reductions in cotton increases in other lines of activity. The average textiles, alcohol, petroleum products, carpets, and factory workweek increased to 40.3 hours in Oclist prices for some makes of television sets. Acetate tober but was one hour less than a year ago. Averyarn was raised, however, and metal scrap increased age hourly earnings continued at $1.78, 5 per cent slightly further. above the October 1952 level, and weekly earnings Consumer prices again advanced in October, reat $71.73 were about 2 per cent above a year ago. flecting further increases in most groups of goods Unemployment in early October remained excepand services other than foods. tionally low at 1.2 million. New claims for unemployment compensation have increased further since BANK CREDIT AND RESERVES then and in early November were substantially above a year ago. Total loans and investments at banks in leading cities increased substantially during the first three DISTRIBUTION weeks of November, reflecting largely bank pur- Seasonally adjusted sales at department stores rose chases of the new Treasury bonds issued on Novemslightly further in the first three weeks of Novem- ber 9. An increase in bank loans reflected mainly ber, following some recovery in October from the expansion in loans for purchasing and carrying reduced September level. Total retail sales changed securities. Real estate and consumer loans showed little in October and were near their high year-ago little further change. Business loans increased only level, reflecting mainly continued high sales of new slightly compared with a substantial rise in the same and used cars by automotive dealers. Seasonally period last year. adjusted stocks at department stores which had Bank reserve positions continued generally easy declined in September are estimated to have shown during most of November, although at times banks little change in October. in major cities were under some reserve pressure. During the four weeks ended November 25, excess COMMODITY PRICES reserves of member banks, on the average, exceeded The average level of wholesale prices changed borrowings at the Federal Reserve by about 300 million dollars. System open market purchases of PRICES AND TRADE United States Government securities, and an in- '100 crease in float supplied additional reserves but these were absorbed through currency outflows and increases in required reserves. Early in November the Treasury used part of its free gold to retire securities held by the Federal Reserve Banks, a transaction which had no effect on member bank reserves. SECURITY MARKETS Yields on United States Government and corporate securities rose slightly over the first three weeks of November, following substantial declines in October. The Treasury offered 2l/i per cent bonds 1949 1950 1951 1952 1953 1949 1950 1951 1952 1953 Seasonally adjusted series except for prices. Price indexes of December 1958 or 1% per cent notes of Decemc d o is m po p s il a e b d l e b y p e B rs u o r n e a a l u in o c f o m La e b , o F r e S d t e a r t a i l s ti R cs e . s er T v o e ta i l n d r e e x ta e i s l s b a a l s e e s d a o n n d ber 15, 1954 in exchange for the 2l/$ per cent notes Department of Commerce data. Department store trade, Federal Reserve indexes. Monthly figures, latest shown are for October. maturing December 1, 1953. DECEMBER 1953 1331 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 1335-1336 Federal Reserve Bank rates; margin requirements; reserve requirements 1336-1337 Reserves and deposits of member banks 1338 Federal Reserve Bank statistics 1339-1341 Regulation V: guaranteed loans, fees, and rates 1341-1342 Bank debits and deposit turnover; Postal Savings System 1342 Money in circulation 1343 Consolidated statement of the monetary system; deposits and currency. . 1344 All banks in the United States, by classes 1345-1347 All commercial banks in the United States, by classes 1348-1349 Weekly reporting member banks 1350-1351 Commercial paper and bankers' acceptances 1352 Life insurance companies; savings and loan associations 1353 Government corporations and credit agencies 1354-1355 Security prices and brokers' balances 1356 Money rates; bank rates on business loans; bond and stock yields 1357 Treasury finance 1358-1363 New security issues 1364 Business finance 1365-1366 Real estate credit statistics 1367-1369 Statistics on short- and intermediate-term consumer credit. 1370-1372 Business indexes 1373-1382 Merchandise exports and imports 1382 Department store statistics 1383-1387 Consumer and wholesale prices 1388-1389 Gross national product, national income, and personal income 1390-1391 List of tables published in BULLETIN annually or semiannually, with references for latest data 1329 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. DECEMBER 1953 1333 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS Wednesday Figures, 1946-1950, Weekly Averages of Daily Figures, 1951- Billions of Dollars 25 vM JAU»L>^J It • 1*1 ,Hf"*V**<-M JVt TREASURY CA FEDERAL RESERVE CREDIT HELD UNDER REPURCHASE AGREEMENTS . * * « ^^ 1946 1947 1948 1949 1950 1951 1952 1953 1954 Latest averages shown are for week ending Nov. 25. See page 1336. 1334 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank Date T U. o S t . a l Go B v r o o i t g u u . h g t 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 n u l e e s e d e e s t r 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 to o c ld k s T r t o e c a u i r n u n u n e r g r c y t a d - - y s - - M c t c u i o i o i n l n r a n - e - y T h c i u r n o a e r g l s y d a h s s - - T p w u o d r r e e r s e i y - i a t s t h e s s - r F ve . p F e o d R i b o e s g . a - i r n t - l s B an a c n O p e d k i o e s t t e s s r s , h - - - c O s F o e R e a t e u r c r h e a d v - n - e l - e t r s Tot r a e l ser q v u e R ir b e e - a d l 2 anc c e E e s s x s - s Wednesday 1952 Oct. 1 23,694 23,694 544 721 24,963 23,342 4,787 29,417 1,287 523 722 162 88220,098 19,762 336 Oct. 8.... 23,663 23,663 1,019 698 25,384 23,341 4,787 29,545 1,280 596 723 249 880 20,239 19,567 672 Oct. 15 23,663 23,663 772 887 25,325 23,341 4,787 29,617 1,276 212 675 179 88120,613 20,089 524 Oct. 22 23,663 23,663 1,130 1,070 25,867 23,340 4,790 29,511 1,281 618 684 245 87820,779 20,128 651 Oct. 29 23,624 23,624 1,171 706 25,505 23,340 4,790 29,540 1,289 588 655 236 87720,449 19,975 474 Nov. 5 23,520 23,495 25 1,663 528 25,714 23,339 4,794 29,748 1,278 789 643 250 80520,334 19,884 450 Nov. 12 23,567 23,492 75 1,583 542 25,696 23,338 4,794 29,905 1,282 505 639 244 80520,447 19,906 541 Nov. 19 23,563 23,502 61 1,486 1,140 26,193 23,337 4,797 29,842 1,292 703 691 258 80320,738 20,073 665 Nov. 26 23,761 23,612 149 1,615 921 26,301 23,338 4,797 30,152 1,267 317 711 270 80120,917 20,409 508 Dec. 3 23,968 23,712 256 1,591 1,188 26,751 23,337 30,274 1,278 719 734 147 800 20,939 20,371 568 Dec. 10 24,239 23,787 452 1,752 866 26,860 23,337 30,370 1,280 645 720 316 80220,868 20,288 580 Dec. 17 24,469 23,914 555 1,022 1,543 27,039 23,277 30,487 1,269 371 729 208 860 21,198 20,582 616 Dec. 24 24,613 23,997 616 1,728 1,515 27,860 23,186 30,732 1,266 665 729 201 863 21,400 20,531 869 Dec. 31 24,697 4,034 663 156 967 25,825 23,187 4,812 30,433 1,270 389 550 455 77719,950 20,520 -570 1953 Jan. 7 24,391 24,034 357 1,336 965 26,695 23,137 4,814 30,153 1,280 622 570 343 77620,902 20,309 593 Jan. 14 24,205 24,034 1,076 881 26,166 23,137 4,814 29,884 1,280 455 699 364 660 20,274 386 Jan. 21 24,034 24,034 862 1,005 25,904 23,088 4,814 29,687 1,291 343 622 348 77420,741 20,255 486 Jan. 28 23,970 23,970 1,307 728 26,009 23,036 4,815 29,592 1,298 745 612 337 77520,502 20,095 407 Feb. 4.... 23,989 23, 1,385 770 26,148 22,935 4,820 29,657 1,331 672 562 326 770 20,584 19,956 628 Feb. 11 23,929 "3,888 41 1,329 649 25,912 22,832 4,820 29,77f 1,312 431 558 340 77020,376 19,894 482 Feb. 18 23,890 23, 732 1,023 25,648 22,722 4,821 29,654 1,288 395 458 244 883355 20,318 19,979 339 Feb. 25. . .. 23,853 23,853 806 743 25,406 22,662 4,821 29,735 1,291 389 454 211 83419,975 19,791 184 Mar. 4 23,853 23,853 824 1,062 25,742 22,662 4,824 29,772 1,295 488 512 240 83020,090 19,840 250 Mar. 11 23,853 23,853 1,315 770 25,941 22,611 4,824 20,780 1,299 331 581 345 82920,212 19,821 391 Mar. 18. . . . 23,963 23,963 1,009 1,202 26,178 22,612 4,826 29,708 1,305 496 381 852 20,865 20,002 863 Mar. 25 23,869 23,869 705 810 25,387 22,562 4,826 29,600 1,306 511 351 85220,148 19,854 294 Apr. 1. . . .23,806 23,806 465 748 25,023 22,563 4,827 29,754 1,304 286 550 344 86919,305 19,518 -213 Apr. 8. . . . 23,806 23,806 908 709 25,427 22,562 4,828 29,780 1,300 329 568 343 86819,629 19,472 157 Apr. 15 23,821 23,806 15 868 856 25,549 22,562 4,833 29,753 1,278 341 574 200 86519,932 19,560 372 Apr. 22 23,806 23,806 842 743 25,395 22,562 4,834 29,722 1,279 509 585 356 86419,476 19,481 -5 Apr. 29 23,806 23,806 837 581 25,227 22,562 4,836 29,787 1,278 367 518 401 78419,489 19,395 94 May 6 23,860 23,806 54 933 647 25,443 22,561 4,840 29,863 1,285 214 517 374 78019,811 19,386 425 May 13 23,879 23,851 28 1,264 684 25,831 22,561 4,841 29,845 1,285 428 618 366 78019,912 19,282 630 M M a a y y 2 2 7 0. . . . 2 2 3 4 , , 9 0 2 8 2 8 2 23 3 , , 9 8 6 9 3 1 - 1 3 2 1 5 5 57 3 1 0 8 6 3 4 2 5 2 2 5 5 , , 2 3 8 0 8 8 2 2 2 2 , , 5 5 6 3 2 6 4 4, , 8 8 4 4 5 4 2 2 9 9 , , 7 8 9 2 5 5 1 1 , , 2 2 8 8 2 4 3 1 5 4 5 5 5 5 8 0 4 4 2 2 8 3 6 8 7 7 7 7 7 7 1 1 9 9, , 7 8 0 2 6 4 1 1 9 9 , , 3 2 1 9 2 8 4 5 0 1 8 2 June 3. . . . 24,121 24,071 50 507 785 25,418 22,536 4,849 29,980 1,282 137 520 253 902 19,729 19,209 520 June 10.... 24,637 24,632 454 646 25,741 22,537 4,850 30,003 1 ,289 6 587 173 90220,168 19,449 719 June 17 25,154 25,154 286 1,213 26,656 22,513 4,851 29,970 1,276 598 252 95820,958 19,778 1,180 June 24 24,837 24,837 317 619 25,776 22,487 4,851 29,929 1,272 615 158 960 20,173 19,594 579 July 1. . . . 24,766 24,766 245 737 25,752 22,463 4,854 30,152 1,269 176 521 174 949 19,828 19,113 715 J Ju u l l y y 1 8 5 . . . . 2 2 4 4 , , 9 9 6 6 4 4 2 2 4 4 , , 9 9 6 6 4 4 3 2 4 0 1 0 6 7 7 5 7 6 2 2 5 5, , 9 9 2 8 3 4 2 2 2 2 , , 3 4 7 3 4 8 4 4, , 8 8 5 5 3 4 3 3 0 0 , , 2 1 7 6 9 3 1 1 , , 2 2 6 6 6 4 4 6 3 4 1 0 4 56 8 1 8 1 1 7 7 6 9 9481 1 9 9 , ,3 6 9 9 7 0 1 1 9 8 , ,2 0 5 0 3 2 1,1 6 4 8 4 8 July 22 24,964 24,964 521 777 26,265 22,276 4,853 30,051 1,267 539 525 323 94719,742 19,098 644 July 29 24,964 24,964 747 588 26,301 22,277 4,853 30,044 1,264 841 547 343 19,529 19,014 515 Aug. 5.... 24,96. 24,964 561 625 26,153 22,227 4,858 30,139 1,276 460 557 332 86019,614 18,959 655 Aug. 12. . . .24,964 24,964 776 609 26,352 22,228 4,859 30,158 1,275 675 551 329 19,593 18,942 651 Aug. 19 25,008 24,989 19 815 751 26,577 22,228 4,861 30,145 1,280 738 610 390 19,641 18.865 776 Aug. 26 25,017 24,989 28 524 587 26,131 22,228 4,862 30,105 1,273 669 518 354 86219,440 18,860 580 Sept. 2 . . .2 5.,067 !5,014 53 391 610 26,071 22,178 4,865 30,240 1,278 541 538 333 19,325 18,884 441 Sept. 9. . . 2.5,126 15,034 92 491 559 26,179 22,178 4,865 30,479 1,274 574 569 363 85919,104 18,731 373 Sept. 16. . . 2.5,207 15,084 123 311 943 26,464 22,178 4,868 30,335 1,278 356 507 381 19,771 18,885 886 Sept. 23. . . 2.5,18.' 15,185 228 813 26,228 22,179 4,869 30,210 1,277 619 543 259 19,486 18,868 618 Sept. 30 25,235 15,235 329 685 26,252 22,128 4,872 30,275 1 ,283 642 512 352 88019,309 18,816 493 Oct. 7 25,348 :5,348 281 606 26,238 22,128 4,872 30,374 1,284 524 484 370 19,303 18,757 546 Oct. 14. . . .25,363 :5,348 15 271 685 26,322 22,128 4,873 30,412 1,271 348 461 375 89919,557 18,728 829 Oct. 21 25,348 5,348 260 826 26,437 22,077 4,874 30,305 1,270 530 461 358 89719,567 18,817 750 Oct. 28. . . .25,348 5,348 359 599 26,309 22,077 4,874 30,268 1,282 644 471 366 89519,334 18,796 538 Nov. 4.... 25,447 5,398 49 822 559 22,076 4,877 30,428 1,283 664 453 376 801 19,779 18,845 934 Nov. * 1 .... 25,123 4,958 165 365 622 26,111 22,077 4,878 30,540 784 322 449 534 808 19,630 19,026 604 Nov. 18 24,958 4,958 594 933 26,487 22,076 4,878 30,487 786 503 419 398 80520,044 P19,047 P997 Nov. 25. . . .25,022 4,993 768 636 26,428 22,027 4,879 30,691 777 522 429 335 19,775 *>19,032 P743 End of month 1952 Nov 23,821 23,612 209 1,895 1,020 26,740 23,338 4,802 30,236 1,261 378 758 298 80121,149 20,354 795 Dec 24,697 24,034 663 156 967 25,825 23,187 4,812 30,433 1,270 389 550 455 77719,950 20,520 -570 1953 Jan 23,944 23,888 1,735 796 26,478 22,986 4,820 29,691 1,308 809 586 508 770 20,611 19,997 614 Feb 23,875 23,853 1,309 1,006 26,194 22,662 4,824 29,793 336 511 412 83320,511 19,796 715 Mar 23,806 23,806 485 632 24,927 22,563 4,829 29,754 222 536 342 85019,322 19,607 -285 Apr 23,880 23,806 1,014 649 25,546 22,562 4,841 29,842 393 506 416 78319,740 19,389 351 May 24,246 24,031 215 731 607 25,589 22,537 4,849 29,951 221 515 171 77520,069 19,263 806 June 24,746 24,718 28 64 601 25,414 22,463 4,854 30,125 1,259 132 527 176 951 19,561 19,459 102 July 24,964 24,964 644 565 26,176 22,277 4,859 30,120 ,263 548 566 346 86219,607 19,017 590 Aug 25,063 24,989 74 343 549 25,958 22,178 4,867 30,248 ,269 496 524 325 862 19,278 18,802 476 Sept 25,235 25,235 329 685 26,252 22,128 4,872 30,275 1,283 642 512 352 880 19,309 18,816 493 Oct 25,348 25,348 413 787 26,550 22,077 4,879 30,398 1,275 654 448 468 80219,460 18,826 634 Nov 5,09524,993 102 369 667 26,133 '22,027 P3O,795 P775 451 417 367 80419,434 M9.015 P419 * Preliminary. For footnotes see following page. DECEMBER 1953 1335 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Con tinned [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank U. S. Govt. securities T u re ry as- Money Treas- w re i s th e rv F e . R ba . la B n a c n e k s, s O F t e h d e - r reserve balances Date cur- in ury eral pe o ri r od Total B r o o ig u u h t g - t ht u r c m a H e n h g p e e d a r n l u e s e d e t e r r - - v c D a o a a n n u d is c d n - - e ts s Float o A th ll - Total s G t o o l c d k r s o e t i a n n u n g c t- d y - c t c u i i o l r a n - - h c i o n a l g s d h s - T p u o d re r s e y - i 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 s h s - - - c s o R e a u r c e v n - - e ts Total qu R ir e e - d2 Ex- End of month: 1929—June. 216 148 68 1,037 52 ,400 4,037 2,019 4,459 204 36 6 21 374 2,356 2,333 23 1933—June. 1,998 1,998 164 4 ,220 4,031 2,286 5,434 264 35 15 151 346 2,292 1,817 475 1939—Dec. 2,484 2,484 7 91 ,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 ,36122,737 3,247 11,160 2,215 867 774 586 291 12,450 9,365 3,085 1945—Dec.. 24,262 19,410 4,852 249 578 ,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 ,18122,754 4,562 28,868 1,336 870 392 569 563 17,899 16,400 1,499 1948—Dec. 23,333 23,333 223 541 ,09724,244 4,589 28,224 1,325 1.123 642 547 590 20,479 19,277 1,202 1949—Dec. 18,885 18,885 78 534 499 24,427 4,598 27,600 1,312 821 767 750 706 16,568 15,550 1,018 1950—Dec. 20,778 20,725 53 67 1,368 22 216 22,706 4,636 27,741 1,293 668 895 565 71417,681 16,509 1,172 1951—June. 22,982 22,932 50 53 1,002 24,04321,756 4,65527,809 1,281 317 870 392 76519,020 18,604 416 Dec. 23,801 23,605 196 19 1,184 25,009 22,695 4,709 29,206 1,270 247 526 363 746 20,056 19,667 389 1952—June. 22,906 22,764 142 59 581 23,55123,346 4,75429,026 1,283 333 548 298 783 19,381 19,573 -192 Dec. 24,697 24,034 663 156 967 25,82523,187 4,812 30,433 1,270 389 550 455 777 19,950 20,520 -570 1953—June. 24,746 24,718 28 64 601 25,414 22,463 4,85430,125 1,259 132 527 176 961 19,561 19,459 102 Averages of daily figures Monthly: 1952—Nov. 23,63823,527 111 ,577 954 26,17223,338 4,796 29,904 1,277 591 689 297 803 20,744 20,087 657 Dec. 24,40023,876 524 ,633 1,262 27 299 23,276 4,806 30,494 1,271 569 745 290 83221,180 20,457 723 1953—Jan.. 24,20224,011 191 ,372 1,008 26,586 23,101 4,814 29,920 1,280 552 611 405 775 20,958 20,251 707 Feb.. 23,91823,875 43 ,336 822 26,080 22,797 4,821 29,718 1,299 500 526 336 800 20,520 19,882 638 Mar. 23,89223,878 14 ,220 909 26,025 22,606 4,82529,752 1,296 244 530 378 84120,416 19,828 588 Apr.. 23,861 23,806 55 ,184 843 25,89222,562 4,832 29,782 1,281 395 563 397 86120,007 19,472 535 May. 23,97323,881 92 955 750 25,68222,557 4,843 29,869 1,279 356 552 350 77919,897 19,306 591 June. 24,74824,729 19 433 776 25,960 22,514 4,851 30,011 1,273 52 566 203 93320,287 19,499 788 July. 24,955 24,943 12 428 737 26,12322,366 4,853 30,165 1,264 545 537 239 939 19,653 18,869 784 Aug.. 25,00024,974 26 658 660 26,32222,226 4,860 30,167 1,273 656 548 376 861 19,526 18,882 644 Sept. 25,16825,097 71 468 771 26,410 22,176 4 30,328 1,273 537 538 354 871 19,552 18,834 718 Oct.. 25,34425,341 3 367 800 26,51422,102 4,873 30,366 1,274 557 463 406 889 19,536 18,784 752 Nov. 25,17225,078 94 494 744 26,41322,057 4,878 30,555 915 497 434 805 19,718 Weekending: Sept. 2 25,07324,992 81 506 624 26,207 22,185 4,863 30,219 1,272 592 518 350 862 19,442 18,840 602 Sept. 9 25,13725,017 120 802 631 26,573 22,178 4,866 30,376 ,270 710 568 382 86019,450 18,751 699 Sept. 16 25,19525,045 150 541 758 26,496 22,178 4,866 30,430 ,270 422 558 395 866 19,600 18,844 756 Sept. 23 25,14225,125 17 227 1,023 26,395 22,178 4,868 30,294 ,272 409 520 247 882 19,818 18,900 918 Sept. 30 25,22925,229 318 726 26,276 22,171 4,870 30,238 ,280 615 510 400 882 19,393 18,831 562 Oct. 7 25,32025,317 415 714 26,45222,128 4.872 30,345 ,277 590 494 900 19,466 18,791 675 Oct. 14 25,36025,349 499 671 26,53322,128 4.873 30,437 ,277 525 470 459 899 19,466 18,710 756 Oct. 21 25,34825,348 250 1,109 26,710 22,085 4,87330,373 ,266 550 439 398 898 19,744 18,823 921 Oct. 28 25,34825,348 299 741 26,391 22,077 4.874 30,300 ,273 518 451 390 896 19,515 18,779 736 Nov. 4.... 25,36225,355 7 467 694 26,526 22,077 4,87730,404 ,281 651 452 440 802 19,450 18,853 597 Nov. 11 25,396 25,215 181 403 621 26,42222,077 4,878 30,499 ,067 467 444 439 805 19,655 18,886 769 Nov. 18 25,08724,957 130 407 844 26,34122,077 4.878 30,546 782 430 433 445 806 19,854 Nov. 25 25,005 24,963 42 500 847 26,354 22,027 4.879 30,558 783 511 414 806 19,803 1 Includes industrial loans and acceptances purchased, which are shown separately in subsequent tables. aThese figures are estimated. Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication. MAXIMUM RATES ON TIME DEPOSITS MARGIN REQUIREMENTS * [Per cent per annum] [Per cent of market value] .. Nov. 1, 1933- Feb. 1, 1935- Effective Mar. 30, Jan. 17, Effec- Jan. 31, 1935 Dec. 31, 1935 Jan. 1, 1936 Prescribed in accordance with 1949- 1951- tive Securities Exchange Act of 1934 Jan. 16, Feb. 19, Feb. 20, 1951 1953 1953 Savings deposits Postal Savings deposits Other deposits payable: Regulation T: In 6 months or more For extensions of credit by brokers In 90 days to 6 months. . . and dealers on listed securities 50 75 50 In less than 90 days For short sales 50 75 50 Regulation U: NOTE.—Maximum rates that may be paid by member banks as For loans by banks on stocks 50 75 50 established by the Board of Governors under provisions of Regulation Q. Under this Regulation the rate payable by a member bank 1 Regulations T and U limit the amount of credit that may be exmay not in any event exceed the maximum rate payable by State tended on a security by prescribing a maximum loan value, which is a banks or trust companies on like deposits under the laws of the State specified percentage of its market value at the time of the extension; the in which the member bank is located. Maximum rates that may be "margin requirements" shown in this table are the difference between paid by insured nonmember banks as established by the F.D.I.C., the market value (100%) and the maximum loan value. effective Feb. 1, 1936, are the same as those in effect for member banks. Back figures.—See Banking and Monetary Statistics, Table 145, p. 504, and BULLETIN for March 1946, p. 295, February 1947, p. 162, and February 1953, p. 130. 1336 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- Advances secured by Government tions other than member obligations and discounts of and Other secured advances banks secured by direct Federal Reserve Bank advances secured by eligible paper [Sec. 10(b)] obligations of the U. S. (Sees. 13 and 13a)* (last par. Sec. 13) Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Nov. 30 beginning— rate Nov. 30 beginning— rate Nov. 30 beginning— rate Boston Jan. 20, 1953 3 Jan. 20,1953 New York.... Jan. 16, 1953 3 Jan. 16,1953 Philadelphia. . Jan. 16, 1953 2H Jan. 16,1953 Cleveland Jan. 16, 1953 Aug. 17,1953 Richmond Jan. 23, 1953 3 Jan. 23 ,1953 Atlanta Jan. 16, 1953 July 20,1953 Chicago Jan. 16, 1953 Aug. 13,1948 St. Louis..... Jan. 16, 1953 3 May 18,1953 Minneapolis. . Jan. 16, 1953 Jan. 26,1953 Kansas City. . Jan. 16, 1953 2% Jan. 16,1953 Dallas Jan. 23, 1953 Jan. 23,1953 San Francisco Jan. 20, 1953 3 Jan. 20,1953 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. NOTE.—Maximum maturities. Discounts for and advances to member banks: 90 days for discounts and advances under Sections 13 and 13a of the Federal Reserve Act except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months, respectively, and advances secured by obligations of Federal intermediate credit banks maturing within 6 months are limited to maximum maturities of 15 days; 4 months for advances under Section 10(b). Advances to individuals, partnerships, or corporations under the last paragraph of Section 13: 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443. FEDERAL RESERVE BANK BUYING RATES ON MEMBER BANK RESERVE REQUIREMENTS ACCEPTANCES [Per cent per annum] [Per cent of deposits] Rate on In effect be- Previous Net demand deposits * Maturity Nov. 30 ginning— rate Time Effective date deposits 1- 90 days 2H Jan. 16, 1953 IVB 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 2H Jan. 16, 1953 2H banks NOTE.—Effective minimum buying rates on prime bankers' accept- 1917—June 21. 13 10 ances payable in dollars. Back figures.—See Banking and Monetary 1936—Aug. 16. 15 Statistics, Table 117, pp. 443-445. 1937—Mar. 1. May 1. 26 20 FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS AND COMMITMENTS UNDER SECTION 13B 1938—Apr. 16. 22M 17}* 12 OF THE FEDERAL RESERVE ACT 1941—Nov. 1. 26 20 14 Maturities not exceeding five years 1942—Aug. 20. 24 [In effect November 30. Per cent per annum] Sept. 14. 22 Oct. 3. 20 To industrial or 1948—Feb. 27. 22 commercial To financing institutions June 11. 24 businesses Sept. 16. 16 27} Sept. 24. 37} R Fe e d se e r r v a e l On p d u i r s c c h o a u s n e t s s or 1949— J M M u a n a y y e 3 5 0 1 . . . 24 2 2 1 0 15 3 2 7 7 Bank lo O an n s 1 co m m O e m n n t i s t- fo P r o r w ti 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 . . . 23H 1 1 4 3 2 3 6 5 institu- maining Aug. 16. 12 25 tion is portion Aug. 18. 23 19 obligated A Se u p g t . . 25 1 . . 2 2 2 2^ 1 1 8 8 > N P B h o e i w s l t a o d Y n e o l r p k hia.. .. 3 2 - % 5 - y S y 2 2 K-1X ( C (4 ) 2 ) ) 1951— J J J a a a n n n . . . 2 1 1 5 6 1 . . . 2 2 3 4' 2 19 6 13 3 2 6 6 Cleveland Feb. 1. 14 Richmond Atlanta 2%5 1953—July 1. 13 Chicago 2K-5 K5 July 9. 22 19 St. Louis 3-5 M Ka i n n s n a e s ap C o i l t i y s . .. . . . . . 3 2 - H 5 - V 52 2-2 (2 ^ ) In effect Dec. 1, 19533. 22 19 13 Dallas 1 Demand deposits subject to reserve requirements, which beginning San Francisco... 3-53^ Aug. 23, 1935, have been total demand deposits minus cash items in process of collection and demand balances due from domestic banks (also minus war loan and series E bond accounts during the period 1 Including loans made in participation with financing institutions. Apr. 13, 1943-June 30, 1947). 2 Rate charged borrower less commitment rate. 2 Requirement became effective at country banks. »Rate charged borrower. *Rate charged borrower but 3 Requirement became effective at central reserve and reserve city not 6 C to h a e r x g c e e e o d f 1 % p e p r e r c e c n e t n a t b p o e v r e a t n h n e u d m is c is o u m nt a d r e a t o e. n undisbursed portion ban 4P k r s e . sent legal minimum and maximum requirements on net demand of loan. deposits—central reserve cities, 13 and 26 per cent; reserve cities, •Charge of ]4 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. DECEMBER 1953 1337 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES AND BORROWINGS [Averages of daily figures. In millions of dollars] Central reserve Central reserve All city banks Re- All city banks Re- Month, or mem- serve Coun- Month, or mem- serve Counweek ending Wednesday ber city try week ending Wednesday ber city try banks1 New Chi- banks banksi banks1 New Chi- banks banks1 York cago York cago Total reserves held: Excess reserves: 1952—August 20,306 5,223 1,360 7,933 5,790 1952—August 649 5 1 129 513 September... 20,514 5,256 1,369 8,009 5,880 September 778 63 6 155 554 October 20,611 5,215 1,369 8,081 5,946 October 648 1 -4 99 553 1953—August 19,526 4,713 1,293 7,805 5,714 1953—August 643 6 1 99 537 September.. 19,552 4,717 1,283 7,779 5,773 September 718 31 -2 116 573 October 19,536 4,718 1,270 7,780 5,768 October 752 37 1 148 566 Oct. 21 19,744 4,741 1,282 7,824 5,897 Oct. 21 921 76 3 168 674 Oct. 28 19,515 4,729 1,266 7,807 5,712 Oct. 28 736 59 2 169 506 Nov. 4 19,450 4,711 1,262 7,756 5,720 Nov. 4 596 7 -12 95 506 Nov. 11.... 19,655 4,692 1,282 7,775 5,906 Nov. 11 768 16 10 87 655 Nov. 18. ... 19,854 4,740 1,291 7,892 5,931 Nov. 18 P755 10 -7 77 P675 Nov. 25 19,803 4,765 1,308 7,905 5,825 Nov. 25 P693 19 8 86 P580 Borrowings at Federal Required reserves:2 Reserve Banks: 1952—August 19,657 5,218 1,359 7,804 5,277 1952—August 1,032 227 41 581 183 September.. 19,736 5,193 1,364 7,854 5,326 September 683 117 30 384 151 October.. . . 19,963 5,214 1,373 7,982 5,393 October 1,048 116 100 667 164 1953—August 18,882 4,706 1,292 7,706 5,177 1953—August 650 53 79 365 154 September.. 18,834 4,686 1,285 7,663 5,200 September 468 32 51 275 110 October. . . . 18,784 4,681 1,269 7,633 5,202 October 363 2 18 241 102 Oct. 21... . 18,823 4,665 1,279 7,656 5,223 Oct. 21 243 5 158 80 Oct. 28 18,779 4,670 1,264 7,639 5,206 Oct. 28 292 1 5 177 109 Nov. 4.... 18,854 4,704 1,275 7,661 5,214 Nov. 4 460 30 42 283 105 Nov. 11 18,888 4,676 1,272 7,689 5,251 Nov. 11 396 29 13 233 121 Nov. 18 Pi 9,099 4,730 1,298 7,815 P5.256 Nov. 18 397 62 11 219 105 Nov. 25 "19,110 4,746 1,300 7,819 *>5,245 Nov. 25 491 117 13 256 105 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 I Averages of daily figures.1 In millions of dollars] Central reserve Central reserve All city banks Re- All city banks Re- Item m b e e m r - s c e i r t v y e C t o r u y n- m b e e m r - s c e i r t v y e C t o r u y nbanks New Chi- banks banks banks New Chi- banks banks York cago York cago October 1953 October 1952 Gross demand deposits: Total 107,849 22,727 6,098 41,644 37,380 108,064 23,289 6,078 41,710 36,987 Interbank 12,676 3,932 1,301 6,305 1,139 12,821 4,058 1,274 6,316 1,173 Other 95.173 18,795 4,797 35,340 36,241 95,243 19,231 4,804 35,394 35,814 Net demand deposits2 . . 93,604 20,558 5,437 35,730 31,880 94,077 21,196 5,428 35,974 31,479 Time deposits 35,536 2,637 1,211 14,064 17,624 32,853 2,123 1,167 13,127 16,436 Demand balances due from domestic banks... 6,459 41 125 2,012 4,282 6,396 48 120 1,897 4,330 Reserves with Federal Reserve Banks: Total 19,536 4,718 1,270 7,780 5,768 20,611 5,215 1,369 8,081 5,946 Required3 18,784 4,681 1,269 7,633 5,202 19,963 5,214 1,373 7,982 5,393 Excess 752 37 1 148 566 648 1 -4 99 553 Borrowings at Federal Reserve Banks. 363 18 241 102 1,048 116 667 164 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. 3Reserve requirements were reduced in July 1953; see table on preceding page. 1338 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 Nov. 25 Nov. 18 Nov. 11 Nov. 4 Oct. 28 Nov. Oct. Nov. Assets Gold certificates 20,493,10320,543,10120,543,10320,043,10320,043,102 ,501,100 20,043,10321,418,101 Redemption fund for F. R. notes. . 845,246 850,100 850,100 853,690 853,889 847,247 853,890 726,948 Total gold certificate reserves. 21,338,349 21 393,20121,393,20320,896,79320,896,99121348,34720,896,99322,145,049 Other cash 323,535 333,174 314,537 330,494 336,553 309,614 336,770 291,853 Discounts and advances: For member banks 755,595 587,262 357,620 814,979 352,090 361,716 405,520 1,849,986 Ind F u o s r tr n i o a n l m lo e a m ns ber banks, etc 1 2 2 , , 4 0 2 0 2 0 2 7 , , 4 0 0 0 1 0 2 7 , , 3 0 2 0 0 0 2 7 , , 7 0 6 0 1 0 2 7 , , 6 0 6 0 1 0 2 7 , , 5 0 2 0 4 0 2 7 , , 6 0 6 0 2 0 45,000 U. S. Government securities: 3,838 Bought outright: Bills 2,201,312 2,166,312 2,166,312 2,106,312 2,056,312 2,221,312 2,056,312 320,450 Certificates: Special Other 5,851,541 851,541 5,851,541 5 ,851*, 541'5',851',541 ,841,541 5,851,541 4,995,716 Notes 13,273,671 273,671 13,273,671 13,773,671 13,773,67113,273,67113,773,671 13,773,671 Bonds 3,666,150 666,150 3,666,150 3,666,150 3,666,150 ,656,150 3,666,150 4,521,975 Total bought outright 24,992,67424,957,67424957,674 '5,397,67425,347,67424,992,67425,347,67423,611,812 Held under repurchase agreement. 29,000 165,000 49,000 102,500 209,500 Total U. S. Government securities 25,021,674 24,957,67425,122,67425,446,674 25,347,674 25,095,17425,347,674 23,821,312 Total loans and securities 25,791,69125,554,33725,489,61426,271,41425,709,42525,466,41425,762,85625,720,136 Due from foreign banks.... 22 22 22 22 22 22 22 23 F. R. notes of other Banks. 155,083 165,587 160,703 165,075 175,132 136,218 182,301 154,911 Uncollected cash items. . . . 3,725,397 ,703,012 ,635,683 3,580,623 3,717,285 ,589,924 ,525,147 3,948,890 Bank premises 50,216 50,155 50,043 50,039 50,036 50,364 50,056 45,695 Other assets 243,606 235,033 223,807 220,000 211,152 248,754 214,722 185,034 Total assets. 51,627,89952,434,52151,267,61251,514,46051,096,59651,149,65750,968,86^ 52,491,591 Liabilities Federal Reserve notes 26,379,00626,210,95226,237,64126,149,89426,007,59926,454,70326,133,62225,948,710 Deposits: Member bank—reserve accounts.. 19,775,28720,043,587 ,629,54819,778,51219,334,392 19,433,69319,459,89221 148,638 U. S. Treasurer—general account. 521,629 502,817 321,677 664,069 643,566 450,555 653,969 377,758 Foreign 429,330 419,376 448,897 452,576 470,970 417,137 448,446 757,947 Other 334,770 397,661 534,297 375,947 365,672 367,187 467,556 298,521 Total deposits. 21,061,01621,363,44120,934,419 21,271,104 20,814,600 20,668,572 21,029,86322,582,864 Deferred availability cash items 3,089,339 3,770,245 3,013,828 3,022,050 3,117,885 2,922,916 2,738,362 ,928.667 Other liabilities and accrued dividends. 22,147 21,181 21,741 20,017 22,149 21,362 19,952 19,068 Total liabilities. 50,551,50851,365,819 50,207,629 50,463,06549,962,23350,067,553 49,921,799 51,479,309 Capital Accounts Capital paid in 263,225 263,149 262,987 262,736 262,702 263,289 262,707 248,620 Surplus (Section 7) 584,676 584,676 584,676 584,676 584,676 584,676 584,676 538,342 Surplus (Section 13b) 27,543 27,543 27,543 27,543 27,543 27,543 27,543 27,543 Other capital accounts 200,947 193,334 184,777 176,440 259,442 206,596 172,142 197,777 Total liabilities and capital accounts 51,627,899 52,434,52151,267,61251,514,460 51,096,59651,149,657 52,491,591 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) .... 45.0 44.6 45.6 Contingent liability on acceptances purchased for foreign correspondents 19,902 19,826 20,969 21,858 22,739 19,817 22,752 17,408 Industrial loan commitments 3,228 3,227 3,101 3,305 3,443 3,096 3,381 4,045 Maturity Distribution of Loans and U. S. Government Securities x Discounts and advances—total 767,595 594 262 364,620 821,979 359,090 368,716 412,520 ,894,986 Within 15 days 734,355 558 955 327,991 780,629 320,397 336,883 375,971 ,700,327 16 days to 90 days 33,157 35 199 36,521 41,240 38,583 31,650 36,439 194,588 91 days to 1 year 83 108 108 110 110 183 110 71 Industrial loans—total 2,422 401 2,320 2,761 2,661 2,524 2,662 3,838 Within 15 days 546 519 472 575 583 536 533 321 16 days to 90 days 486 540 697 1,124 1,067 605 1,098 1,258 91 days to 1 year 1,325 1 267 1,076 986 934 1,319 895 2,084 Over 1 year to 5 years 65 75 75 76 77 64 136 175 U. S. Government securities—total ,021,674 24,957 67425,122,674 25,446,674 25,347,674 25,095,174 25,347,674 ,821,312 Within 15 days ,486,250 7,482 350 426,000 446,750 360,250 366,550 283,750 209,500 16 days to 90 days ,423,362 5,363 262 ,897,062 9,200,312 ,187,812 636,562 ,264,312 ,008,000 91 days to 1 year ,870,541 2,870 541 ,558,091 6,558,091 ,558,091 860,541 ,558,091 ,028,391 Over 1 year to 5 years ,452,264 6,452 264 ,452,264 6,452,264 ,452,264 442,264 ,452,264 ,146,950 Over 5 years to 10 years ,374,400 1,374 400 ,374,400 1,374,400 ,374,400 374,400 ,374,400 ,070,224 Over 10 years 414,857 1,414 857 ,414,857 1,414,857 ,414,857 414,857 ,414,857 ,358,247 1Beginning Apr. 15, 1953, U. S. Government securities classified according to maturity date. During the period Jan. 3, 1951-Apr. 8, 1953, callable issues classified according to nearest call date. Securities held under repurchase agreement are classified as maturing within 15 days in accordance with maximum maturity of the agreements. DECEMBER 1953 1339 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON NOVEMBER 30, 1953 [In thousands of dollars] San Item Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c r is a c n o - Assets Gold certificates. 20,501,100 1,039,676 5,379,8251,254,6011,809,3091,068,930 886,2333,812,360 829,837 478,043 758,202 754,366 2,429,718 Redemption fund for F. R. notes. 847,247 53,476 145,546 62,172 82,918 71,304 59,278 142,150 49,621 25,639 39,596 30,583 84,964 Total gold certificate reserves. . 21,348,347 1,093,152 5,525,3711,316,7731,892,2271,140,234 945,5113,954,510 879,458 503,682 797,798 784,949 2,514,682 Other cash 309,614 24,094 65,787 22,988 20,878 16,601 27,467 46,795 19,006 6,381 11,343 12,566 35,708 Discounts and advances: Secured by U. S. Govt. securities. . . 348,370 5,135 28,770 8,040 15,435 24,748 34,400 44,375 32,670 12,813 86,084 43,700 12,200 Other 20,346 427 2,090 525 644 350 12,401 959 266 175 1,176 626 707 Industrial loans.. 2,524 1,880 70 480 94 U. S. Government securities: Bought outright 24,992,674 1,376,197 6,433,8141,505,909 2,121,603 1,482,0651,278,350 4,319,5341,051,467 616,8441,089,256 992,7842,724,851 Held under repurchase agreement... 102,500 102,500 Total loans and securities 25,466,414 1,381,759 6,567,174 [,516,3542,137,682 1,507,2331,325,6314,364,868 1,084,403 629,926 1,176,5161,037,110 2,737,758 Due from foreign banks 22 1 2 2 1 1 3 1 1 1 1 2 F. R. notes of other Banks.. . 136,218 4,214 18,477 7,565 7,230 20,110 18,610 15,451 7,808 9,447 4,824 6,524 15,958 Uncollected cash items 3,589,924 307,658 722,957 258,163 332,107 268,210 226,019 603,897 129,600 97,513 195,171 147,539 301,090 O Ba th n e k r p a r s e s m ets ises... 24 5 8 0 , , 7 3 5 6 4 4 1 5 4 , , 0 6 6 15 4 62 7 , , 6 0 1 5 6 4 1 4 4 , , 6 7 8 3 5 6 4,541 1 4 4 , , 7 6 3 5 8 3 1 3 3 , , 6 4 3 9 4 0 6,732 2,902 6 1 , ,0 0 2 7 6 4 2,259 10,3 5 1 9 5 0 26 7 , , 9 13 9 9 0 21,638 42,077 10,226 11,324 Total assets 51,149,657 2,830,55712,969,4423,141,266 4,416,305 2,971,780 2,560,363 9,034,3332,133,404 1,254,0502,199,236 1,999,5945,639,327 Liabilities F. R. notes 26,454,703 1,624,941 5,863,1951,886,660 2,439,3591,853,3261,408,0435,083,2441,212,428 643,711 1,022,188 753,0612,664,547 Deposits: Member bk.— reserve accts. 19,433,693 777,631 5,770,938 868,5551,443,854 792,527 897,7313,284,077 707,242 472,397 942,650 1,000,0212,476,070 U. S. Treas.— gen. acct 450,555 30,592 52,858 30,140 43,042 29,422 28,742 75,548 44,862 23,486 28,650 38,953 24,260 Foreign 417,137 25,571 2121,582 31,440 38,566 20,960 18,026 57,430 15,930 10,480 15,930 18,864 42,358 Other 367,187 3,856 300,706 3,429 3,033 1,952 3,729 1,735 6,993 1,915 1,323 3,337 35,179 Total deposits.. . 20,668,572 837,650 6,246,084 933,5641,528,495 844,861 948,228 3,418,790 775,027 508,278 988,5531,061,175 2,577,867 Deferred availability cash items 2,922,916 299,900 549,212 239,916 347,639 215,188 153,933 376,976 101,739 72,640 144,786 135,166 285,821 Other liabilities and accrued dividends 21,362 1,089 6,335 1,186 2,287 1,000 919 3,329 849 617 858 810 2,083 Total liabilities. . 50,067,553 2,763,580 12,664,826 3,061,326 4,317,780 2,914,3752,511,123 8,882,339 2,090,0431,225,2462,156,385 1,950,2125,530,318 Capital Accounts Capital paid in. . 263,289 14,349 81,707 18,008 24,900 11,459 11,074 34,597 9,013 5,873 10,056 13,236 29,017 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 206,596 13,155 48,087 13,865 18,555 13,349 11,601 31,340 10,199 6,727 9,733 9,458 20,527 Total liabilities and capital accounts 51,149,657 2,830,557 12,969,442 3,141,266 4,416,3052,971,780 2,560,363 9,034,333 2,133,4041,254,050 2,199,2361,999,594 5,639,327 Reserve ratio.... 45.3% 44.4% 45.6% 46.7% 47.7% 42.3% 40.1% 46.5% 44.3% 43.7% 39.7% 43.3% 48.0% Contingent liability on acceptances purchased for foreign correspondents 19,817 1,214 35,787 1,493 1,831 995 856 2,726 756 497 756 896 2,010 Industrial loan commitments.. 3,096 1,288 748 51 133 29 847 1 After deducting $16,000 participations of other Federal Reserve Banks. 2After deducting $295,536,000 participations of other Federal Reserve Banks. 3After deducting $14,030,000 participations of other Federal Reserve Banks. 1340 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS FEDERAL RESERVE BANKS COMBINED [In thousands of dollars] Wednesday figures End of month Item 1953 1953 1952 Nov. 25 Nov. 18 Nov. 11 Nov. 4 Oct. 28 Nov. Oct Nov F. R. notes outstanding (issued to Bank) 27,281,952 27 248,229 27,123,372 27,061,454 27 077,13327,388,037 27,106 65626,837, 269 Collateral held against notes outstanding: Gold certificates 11,493,000 11 493,000 11,493,000 11,463,000 11 463,000 11,493,000 11,463 00013,264, 000 Eligible paper . . 494,415 368,742 138,627 503,713 164,578 203,620 226 70S 1 166 -IS? U. S. Government securities 16,620,000 16 620,000 16,620,000 16,620,000 16 620 ,00016,620,000 16,620 000 14,115, 000 Total collateral 28,607,415 28 481,742 28,251,627 28,586,713 28,247,57828,316,620 28,309 703 28 ,545, 452 EACH FEDERAL RESERVE BANK ON NOVEMBER 30, 1953 [In thousands oi 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 ol n i e s - K C an it s y as Dallas F c S r is a a c n n o - F. R. notes outstanding (issued to Bank) 27,388,037 1,685,583 6,057,0601,968,576 2,524,8031,928,6691,471,1125,184,0031,264,517653,852 1,046,230 786,4222,817,210 Collateral held: Gold certificates11,493,000 640,000 3,220,000 775,0001,000,000 600,000 385,000 2400,000 355,000 175,000 280,000283,000 1,380,000 Eligible paper.. 203,620 5,135 21,020 8,040 24,748 32,670 12,813 86,994 12,200 U. S. Govt. securities 16,620,000 ,200,000 2,900,000 1,200,0001,550,0001,350,000 ',900,000 975,000500,000 800,000 525,0001,620,000 Total collateral.. 28,316,620 1,845,135 6,141,0201,983,040 2,550,0001,974,748 485,000 5,300,0001,362,670 687,8131,166,994 808,000 3,012,200 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] y E m e n o a d r n t o o h f r N b u A e m r a p t p - p o p l i r c d o A a a v t t m i e e o d o n u s nt ( b p a p m u l c r A e t o o o t p m v e n u - e d o - n d 1 t t) s ( t a a L m n o o d u o a i u t n n - n s g t 2 ) s ( C a t m a o m o n m e u o d n m t u i - t n n s i g t t ) - s o i ( n p t a t f a u g m a o n f t t i u i o i d i n o o n t u i a - n n n s n n s s t g t c i ) 3 - - 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 te ed loans o G u u t a s lo r ta a a n n n d t s e i e n d g u a A b v n a o a d d m i r d e l r r a i o o t b i w u g o l n e e u n t r a a s t r l o - 1945 3,511 544,961 320 1,995 1,644 1,086 N b u e m r - Amount a T m o o t u a n l t g P u o t a e r e r ti a d o n n - a o n u t t m e s e t e a n n a t g d s r i e n e g - 1946 3,542 565,913 4,577 554 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 4,819 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 October... . 3,751 757,277 1,601 4,311 3,720 7,174 June 484 654,893 252,100 209,465 276,702 November. 3,752 762,620 1,351 3,868 4,044 7,010 September. 729 1.154,942 492,167 400.652 450,013 December.. 3.753 766,492 1,638 3,921 3,210 3,289 December. 854 1,395,444 675,459 546,597 472,827 1953 1952 January. . . 3,754 770,541 2,513 3,895 3,176 3,236 March.... 971 1,677,786 836,739 672,974 467,392 February. . 3,755 773,013 1,185 4,054 2,816 3,234 June 1,050 1,867,643 883,262 7'03,774 615.139 March 3,756 776,461 1,188 3,678 2,756 3,193 September 1,113 2,052,327 922,129 736,833 656,995 April 3,757 780,468 1,751 3,485 2,866 3,131 May 3,758 784,246 1,698 3,706 2.671 3,141 October. . . 1,130 2,069,697 993,856 811,132 591,762 June 3,758 788,058 1,646 3,223 3,142 3,141 November. 1,143 2,081,888 989,678 811,117 600,304 July 3,759 790,798 1,162 3,292 3,304 3,129 December. 1,159 2,124,123 979,428 803,132 586,303 August.... 3,760 793,196 1,492 2,801 3,355 2,955 September. 3,760 795,496 997 2,993 3,341 3,134 1953 October. . . 3,762 797,656 1,242 2,685 3,381 2,970 January. . . 1,173 2,147,953 984,295 808,986 578,061 February.. 1,188 2,170,443 999,794 822,257 548,916 1 Includes applications approved conditionally by the Federal Re- March.... 1,204 2,190,643 1,023,666 838,704 520,517 serve Banks and under consideration by applicant. April 1,212 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 i d d n i i c s t 8 i l c N o u o n d u o e t n o d t f c . o i F n v e e d i r n e e d d ra u l b s t y R r i e F a s l e e d r l v e o r e a a n l B s R a o n e u k s t e s s r . t v a e n d B in a g n k in c o w m e m ek it l m y e s n ta t t t e o m p e u n r t c h o a f s c e o o n r - J J A S O u u e c u l n p y t g e o te u b m s e t r b . . . e . r . . . 1 1 1 1 1 , , , , , 2 2 2 2 2 7 6 5 4 3 9 9 9 4 7 2 2 2 2 2 , , , , , 3 3 3 2 2 2 1 0 9 8 0 0 1 2 3 , , , , , 1 1 7 9 7 8 8 7 8 5 7 2 7 7 5 8 8 8 9 8 4 6 6 9 0 2 8 0 1 6 , , , , , 5 8 2 8 5 2 6 7 7 8 9 5 4 4 4 6 7 7 7 7 9 0 4 1 3 5 9 8 6 6 , , , , , 5 6 4 6 7 5 9 8 1 2 0 1 8 8 3 4 4 4 4 4 1 3 4 8 8 6 8 4 2 7 , , , , , 6 0 2 3 9 9 9 6 9 2 0 1 5 4 8 NOTE.—The difference between amount of applications approved and the sum of the following four columns represents repayments of advances, and applications for loans and commitments withdrawn or NOTE.—The difference between guaranteed loans authorized and expired. sum of loans outstanding and additional amounts available to borrowers under guarantee agreement outstanding represents amount* repaid, guarantees authorized but not completed, and authorizations expired or withdrawn. DECEMBER 1953 1341 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 November 30] Assets Fees Payable to Guaranteeing Agency by Financing Institution on Depos- Percentage o G f uaranteed Po G ( r p t u e io a rc n ra e n o n f t t a e g L e e o f a e o n e f an P y e r c c o e m nt m ag it e m o e f nt End of month a i n b to c al e r - s s ' l Total d b C e t a o p i a n n o r s y k s h s i- G s U m o e t c v . i e e u e n S s r r t i n . - - r f e C u e s n t a e c d s r .* v h s, e loan guaranteed interest payable fee charged by borrower) borrower 1945—December 2,933 3,022 6 2,837 179 1946—December 3,284 3,387 6 3,182 200 70 or less 10 10 1947—December 3,417 3,525 6 3,308 212 75 15 15 1948—December 3,330 3,449 7 3,244 198 80 20 20 1949—December 3,188 3,312 7 3,118 187 85 25 25 1950—December 2,924 3,045 11 2,868 166 90 30 30 1951—December.... 2,705 2,835 28 2.644 162 95 35 35 Over 95 40-50 40-50 1952—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 March 2,510 2,708 33 2,520 155 April 2,495 2,697 33 2,520 144 Commitment rate. May 2,477 2,665 33 2,488 144 June 2,457 2,653 33 2,477 143 July 2,438 2,648 33 2,469 146 August *>2,419 September. . . P2,4O2 October P2,387 J» Preliminary. Outstanding principal, represented by certificates of deposit. 2 Includes reserve and miscellaneous working funds with Treasurer of United States, working cash with postmasters, accrued interest on bond investments, and miscellaneous receivables. Back figures.—See Banking and Monetary Statistics, p. 519; for description, see p. 508 in the same publication. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Debits to demand deposit accounts, Annual rate of turnover of except interbank and demand deposits except interbank U. S. Government accounts and U. S. Government deposits Year or month Total, all New * 6 338 other New 6 338 other reporting York other reporting York other reporting centers City centers1 centers City centersl centers 1943 757,356 281,080 175,499 300,777 20.4 18.0 15.3 1944 848,561 327,490 194,751 326,320 22.3 18.3 14.6 1945 924,464 382,760 200,202 341,502 24.1 17.5 13.5 1946 1,017,084 406,790 218,477 391,817 25.1 18.3 14.1 1947 1,103,720 398,464 246,739 458,517 23.8 19.7 15 5 1948 1,227,476 443,216 270,912 513,348 26.9 21.6 16.6 1949 1,206,293 446,224 260,897 499,172 27.9 20.9 15.9 1950 . . 1,380,112 509,340 298,564 572,208 31.1 22.6 17.2 1951 1,542,554 544,367 336,885 661,302 31.9 24.0 18.4 1952 • • rl ,642,853 597,815 349,904 ••695,133 34.4 24.1 18.4 1952—January '135,801 47,650 28,937 '59,215 31.2 23.0 '18.3 February ••125,159 44,418 26,713 '54,029 32.3 23.4 18.5 March . ••136,275 49,213 30,007 '57,055 33.6 25.7 18.2 April r134,110 49,745 28,761 '55,604 34.0 24.6 '17 8 May '133,000 48,830 27,974 '56,197 32.8 22.8 '17.9 June '139,740 53,385 29,305 '57,050 37 4 24 9 '18 8 July '137,313 50,472 29,483 '57,358 34.4 24.0 18.1 August ••122,175 42,778 25,550 '53,847 29.6 20.8 '17.0 ' SeDtember r136,048 49,131 28,611 '58,306 35.4 24.3 18 9 October •"150,470 54,893 32,322 '63,255 36.4 25.0 '18.7 November ••127,647 44,209 27,064 '56,374 34 1 24 1 '19 3 December . . .. ••165,115 63,091 35,179 '66,845 41.8 26.9 19.8 19S3 Tanuarv •"145,971 52,048 31,660 '62,263 34.3 23.9 18 4 February . ••129,289 45,749 28,126 '55,414 35.1 24.4 18.9 March ••153,459 53,898 35,339 '64,222 37.1 28.3 19.4 April ••145,697 52,038 32,742 '60,918 35.4 26.0 '18.5 May . ••142,113 50,255 32,283 '59,575 35.6 25.5 18.8 r154,056 56,623 33,807 '63,625 38.9 25.9 19 3 July r148,090 51,799 32,683 '63,608 36.0 25.0 19.2 August . '134,527 45,516 29,958 '59,053 32.2 23.0 '17.9 September '147,830 54,888 31,422 '61,520 40.2 25.2 '19.4 October . 149,738 54,152 31,778 63,808 35.8 23.3 18.5 r Revised. Most of these revisions result from the exclusion of debits to demand deposit accounts of the State of North Dakota and of otter political subdivisions held by a State-owned bank in Bismarck, North Dakota, which acts as fiscal agent for the State and several other political subdivisions. Activity in the accounts frequently resulted in large variations in debits that had little relation to changes in local business activity. Current debits are being reported on the new basis. i Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los Angeles. NOTE.—For description of earlier series, see Banking and Monetary Statistics, pp. 230-233; for description of revision in 1942 see BULLETIN for August 1943, p. 717; and for description of revision in 1953 covering the period beginning 1943 (figures for which are published above), see BULLETIN for April 1953, pp. 355-357. 1342 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS [Outside Treasury and Federal Reserve Banks. In millions of dollars] Total Coin and small denomination currency2 Large denomination currency2 End of year or in cir- Unasmonth cula- sorted tion1 Total Coin 3$1 $2 $5 $10 $20 Total $50 $100 $500 $1,000$5,000$10,000 1939. . 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 2 1940 8,732 6,247 648 610 39 1,129 2,021 1,800 2,489 538 1,112 227 523 30 60 4 1941 11 160 8 120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 4 1942 15,410 11,576 880 801 55 1,693 4,051 4,096 3,837 1,019 1,910 287 586 9 25 3 1943 20,449 14,871 1,019 909 70 1,973 5,194 5,705 5,580 1,481 2,912 407 749 9 22 2 1944 25 307 17,580 1,156 987 81 2,150 5,983 7,224 7,730 1,996 4,153 555 990 10 24 3 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 2 1946 28 952 20 437 1,361 1,029 67 2,173 6,497 9,310 8,518 2,492 4,771 438 783 8 26 3 1947 28,868 20,020 1,404 1,048 65 2,110 6,275 9,lt9 8,850 2,548 5,070 428 782 5 17 3 1948 28 224 19 529 1 464 1,049 64 2 047 6,060 8,846 8,698 2,494 5,074 400 707 5 17 3 1949 27,600 19,025 1,484 1,066 62 2,004 5,897 8,512 8,578 2,435 5,056 382 689 4 11 3 1950 27,741 19,305 1,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 2 1951 29,206 20.530 1,654 1,182 67 2,120 6,329 9,177 8,678 2,544 5,207 355 556 4 12 2 1952—October 29,644 20,897 1,722 1,175 68 2,074 6,405 9,453 8,749 2,577 5,304 342 514 4 8 2 November.. . 30,236 21,392 1,739 1,199 69 2,123 6,600 9,661 8,846 2,612 5,367 342 513 4 8 2 December. . . 30,433 21,450 1,750 1,228 71 2,143 6,561 9,696 8,985 2,669 5,447 343 512 4 10 2 1953—January.... 29,691 20,799 1,721 1,157 69 2,051 6,359 9,442 8,894 2,634 5,399 341 508 4 8 2 February.... 29,793 20,918 1,725 1,158 68 2,052 6,432 9,483 8,877 2,629 5,390 340 507 4 8 2 March . . 29,754 20,896 1,737 1,165 67 2,048 6,418 9,462 8,859 2,621 5,383 339 505 3 8 1 April 29,843 20,979 1,747 1,163 68 2,056 6,448 9,497 8,865 2,623 5.388 339 503 4 8 1 MTay 29,951 21,085 1,755 1,172 69 2,065 6,482 9,542 8,867 2,627 5,388 338 502 4 8 1 June. . . . 30,125 21,243 1,766 1 176 69 2,071 6,527 9,635 8 883 2,645 5,391 337 499 4 8 1 July 30,120 21,237 1,769 1,171 70 2,055 6,511 9,660 8,885 2,646 5,396 335 496 4 8 1 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 2 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 2 October 30,398 21,414 1,802 1,214 70 2,071 6,524 9,734 8,986 2,665 5,488 333 489 4 8 2 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 2Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. 3Paper currency only; $1 silver coins reported under coin. Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money in circulation 1 Money Total out- held by standing, As security For Federal Oc 1 t 9 . 5 3 3 1, g a o s g l i d a lv in e a s r n t d Tr c e a a s s h ury B R F a e n e d k se e s r r a v a n e l d B R a a n e g s k e e s n r t v a s n e d Oc 1 t 9 . 5 3 3 1, Se 1 p 9 t. 5 3 30, Oc 1 t 9 . 5 2 31, certificates agents Gold 22 077 20 933 21 144 Gold certificates 20,933 18,081 2,816 36 36 37 Federal Reserve notes 27 107 72 1 155 25,879 25,762 25 184 Treasury currency—total 4,879 si,370 60 337 4,482 4,476 4,423 Standard silver dollars 492 235 46 3 207 207 197 Silver bullion 2,135 2,135 Silver certificates and Treasury notes of 1890 32 370 271 2,099 2,ioi 2,094 Subsidiary silver coin 1,211 9 28 1,174 1,166 1,121 Minor coin 425 1 4 420 419 404 United States notes 347 3 28 316 316 317 Federal Reserve Bank notes 196 1 2 193 195 214 National Bank notes . . .. 73 (5) 1 72 72 76 Total—Oct. 31, 1953 W~ 23,303 1,275 18,081 4,308 30,398 O Se c p t. t . 3 3 0 1 , , 1 1 9 95 5 3 2, ( C4O ) 2 2 3 4 , , 3 5 4 3 8 8 1 1 , , 2 2 8 6 3 8 1 1 8 9 ,3 1 2 1 4 8 4 4 , , 4 2 3 4 3 5 39,275 29,644 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. 1335. 2Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890. 8To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding is not included in total Treasury currency outstanding. 4 Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special significance and is not shown. See note for explanation of these duplications. 6 Less than $500,000. NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (Hi) 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 agamst 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. DECEMBER 1953 1343 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM ALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS, POSTAL SAVINGS SYSTEM, AND TREASURY CURRENCY FUNDS 1 [Figures partly estimated except on call dates. In millions of dollars Assets Liabilities and Capital Total Bank credit assets, Date Treas- u. s. Government obligations l T ia o b t i a l l - Total Ca a p n i d tal Gold ury ities deposits misc. r c e u n r c - y Total Lo n a e n t s, m C e o r m cia - l Federal O se t c h u e - r ca a p n it d al, cur a r n e d ncy co a u c n - ts, Total and Reserve Other rities net net savings Banks banks 1929—June 29 4 037 2,019 58,642 41 087 5,741 5,499 216 26 11,819 64 698 55,776 8,922 1933—June 30 4 031 2,286 42,148 21 957 10328 8,199 1,998 131 9,863 48 465 42,029 6,436 1939—Dec. 30 17 644 2,963 S4,564 7? 157 73 105 19,417 7 484 1 ,204 9,302 75 171 68,359 6,812 1941—Dec. 31 77 737 3,247 64,653 76 605 79 049 25,511 754 1 284 8,999 90 637 82,811 7,826 1945—Dec. 31 70 065 4,339 167,381 30 387 178 417 101,288 74 262 867 8,577 191 785 180,806 10,979 1947—Dec. 31 99 754 4,562 160,832 43 073 107 086 81,199 7? 559 3 328 10,723 188, 148 175,348 12,800 194g—Dec. 31 244 4,589 160,457 48 341 100,694 74,097 73 333 3, 264 11,422 189 290 176,121 13,168 1949—Dec. 31 74 427 4,598 16?,681 49 604 100 456 78,433 18 885 3 138 12,621 191 706 177,313 14,392 1950—Dec. 30 ... 99 706 4,636 171,667 60 366 96 560 72,894 70 778 888 14,741 199 009 184,385 14,624 1951—June 30 756 4,655 173,447 63 871 94 450 68,726 77 982 2 742 15,176 199 858 185,038 14,820 Dec. 31 99 695 4,706 181,323 67 597 97,808 71,343 73 801 9, 664 15,918 724 193,404 15.320 1952—June 30 23 346 4,754 182,980 69, 712 96,266 70,783 22, 906 2,577 17,002 211 080 194,960 16,120 Oct. 29 300 4,800 188,900 7? 900 98,600 72,400 73 600 600 17,300 917 000 199,900 17,100 Nov. 26 23 300 4,800 191,500 74 300 99,900 73,600 73 800 2 600 17,300 919 600 202,700 16,900 Dec. 31 23 187 4,812 192,866 75 484 100,008 72,740 24 697 2,571 17,374 220 865 204,220 16,647 1953—jan# 28 000 4,800 191,200 74 900 98,800 72,300 74 000 600 17,500 91Q 000 202,100 16,900 Feb. 25 99 700 4,800 190,300 75 000 97,800 71,400 73 900 2 500 17,500 917 800 201,000 16,800 Mar. 25 22 600 4,800 190,200 76 000 96,400 70,000 23 900 2 500 17,800 217 600 200,600 17,000 Apr. 29 99 600 4,800 189,000 76 SOO 94,700 68,400 73 800 9 500 17,800 400 199,100 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 Oct. 28P 22 100 4,900 196,600 79 100 99,500 71,700 25 300 2 400 18,100 223 600 205,400 18,200 Deposits and Currency U. S. Governmentbalances Deposits adjusted and currency Date Total d F e b o p n r a o e e n i s t k g it n s, T c u r a e r s a y h s- A m s b a t a e a v c n r n i c o n d k i m g a ? s l - R F B e e A a d se n 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 e ia - s l dep M b s o a a s v u n i i t t k n u s s 3 g a * s l S S P a y o v s s i t n t e a m g l s o b r u C e a t n u n s c i r k d - y s e 1929—June 29 ss 776 365 204 381 36 54,790 27. 540 28 611 19,557 8 905 149 3,639 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 7,409 846 634 63,253 29 793 27 059 15,258 10 523 1,278 6,401 1941—Dec. 31 8? 811 1,498 ,215 1 895 867 76,336 38 992 27 729 15,884 10 532 1,313 9,615 1945—Dec. 31 180 806 2,141 7,287 74 608 977 150,793 75 851 48 452 30,135 15 385 2,932 26,490 1947—Dec 31 17S 348 1,682 ,336 1 457 870 170,008 87 121 56 411 35,249 17 746 3,416 26,476 194g—Dec 31 176 121 2,103 ,325 451 1,123 169,119 85 570 57 520 35,804 18 387 3,329 26,079 1949—Dec. 31 177 313 2.150 ,312 3 749 821 169,781 85 750 58 616 36,146 19 273 3,197 25,415 1950—Dec 30 . . 385 2,518 ,293 989 668 176,917 97 777 59 247 36,314 20 009 2,923 25,398 1951—June 30 185 038 2,424 ,281 6 337 317 174,684 88 960 59 948 36,781 20,382 2,785 25,776 Dec 31 193 404 2,279 ,279 3 615 247 185,984 98,234 61 447 37,859 20,887 2,701 26,303 1952—June 30 194 960 2,319 ,283 6 121 333 184,904 94,754 63 676 39,302 21,755 2,619 26,474 Oct. 29 199 900 2,500 L.300 5 300 600 190,200 98,600 64,900 40,100 22,200 2,600 26,700 Nov. 26 909 700 2,500 ,300 7 000 300 191,600 99,400 64,800 40,000 22,300 2,600 27,400 Dec 31 904 220 2,501 1,270 5 759 389 194,801 101,508 65,799 40,666 22,586 2,547 27,494 1953—Jan. 28 ,100 2,500 1,300 4 700 700 193,300 100,500 66,100 40,700 22,800 2,500 26,800 Feb. 25 701,000 2,300 1,300 5,400 400 191,600 98,300 66,400 41,000 22,900 2,500 26,900 Mar. 25 700,600 2,400 1,300 5,800 (B) 191,000 97,400 66,800 41,200 23,100 2,500 26,900 Apr. 29 199,100 2,400 1,300 7,900 400 192,200 98,000 67,200 41,500 23,300 2,500 27,000 May 27 199,100 2,400 1,300 7,900 400 192,100 97,500 67,600 41,700 23,400 2,500 27,000 June 30 900 360 2,467 1,259 3,942 132 192,560 96,898 68,293 42,245 23,589 2,459 27,369 July 29P 90S,100 2.500 1,300 7,500 800 193,000 97,400 68,400 42,300 23,700 2,400 27,200 Aug. 26P 704,800 2,400 1,300 7,000 700 193,400 97,500 68,700 42,500 23,800 2,400 27,300 Sept 30P 904 900 2,500 1,300 6 700 600 194,300 97,700 69,100 42,800 24,000 2,400 27,600 Oct. 28P 205,400 2,400 1,300 3,800 600 197,300 100,300 69,600 43,200 24,100 2,400 27,400 p Preliminary. 1 Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund. 2 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 'Excludes interbank time deposits; United States Treasurer's time deposits, open account; and deposits of Postal Savings System in banks. * Prior to June 30, 1947, includes a relatively small amount of demand deposits. 5Less than 50 million dollars. NOTE.—For description of statement and back figures, see BULLETIN for January 1948, pp. 24-32. The composition of a few items differs slightly from the description in the BULLETIN article; stock of Federal Reserve Banks held by member banks is included in "Other securities'' and in "Capital and miscellaneous accounts, net" and balances of the Postal Savings System and the Exchange Stabilization Fund with the U. S. Treasury are netted against the same item instead of against U. S. Government deposits and Treasury cash. Total deposits and currency shown in the monthly Chart Book excludes "Foreign bank deposits, net" and "Treasury cash." Except on call dates, figures are rounded to nearest 100 million dollars and may not add to the totals. See Banking and Monetary Statistics, Table 9, pp. 34-35, for back figures for deposits and currency. 1344 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 .S er . n- Other a C ss a e s t h s1 Total i b In a t n e k r 1 - De- a c c T a c o p o i t u t a a n l l ts N b u a m o n f k b s er Total ment secu- Time obliga- rities mand tions All banks: 1939—Dec. 30 50,884 22,165 28,719 19,417 9,302 23,292 68,242 9,874 32,516 25,852 8,194 15,035 1941—Dec. 31 61,126 26,615 34,511 25,511 8,999 27,344 81,816 10,982 44,355 26,479 8,414 14,826 1945—Dec. 31 140,227 30,362 109,865 101,288 8,577 35,415 165,612 14,065 105,935 45,613 10,542 14,553 1947—Dec. 312 134,924 43,002 91,923 81,199 10,723 38,388 161,865 13,033 95,727 53,105 11,948 14,714 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 Oct. 29 163,200 73,470 89,730 72,400 17,330 41,220 187,260 13,810 110,800 62,650 15,260 14,591 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—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. 3QP 168,610 78,780 89,830 71,660 18,170 41,270 192,960 13,940 111,980 67,040 15,980 14,526 Oct. 28P 169,520 79,720 89,800 71,660 18,140 41,040 193,140 14,300 111,260 67,580 16,120 14,518 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 Oct. 29 139,440 62,410 77,030 62,860 14,170 40,400 164,990 13,810 110,770 40,410 12,800 14,062 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—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 3QP 143 040 66,310 76,730 62,240 14,490 40 430 168,970 13 940 111,940 43,090 13,430 13 998 Oct. 28P 143,910 67,120 76,790 62,340 14,450 40,160 169,050 14,300 111,220 43,530 13,570 13,990 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 Oct. 29 117,604 53,317 64,287 52,484 11,803 35,535 140,431 13,074 94,959 32,398 10,680 6,804 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—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 Oct. 28P 121,050 57,415 63,635 51,663 11,972 35,168 143,453 13,610 95,022 34,821 11,299 6,752 All mutual savings 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 11,978 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 1 9 9 5 4 0 9 — — D D eecc . 3 3 1 0 2 2 1 0 , , 3 4 4 0 6 0 6 8 ,1 5 3 7 7 8 1 13 3 , 2 8 0 2 9 2 1 10 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 5 2 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 Oct. 29 23,760 11,060 12,700 9,540 3,160 820 22,270 2 30 22,240 2,460 529 Dec. 31 24,003 11,349 12,654 9,422 3,231 918 22,621 2 33 22,586 2,479 529 1953—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 29P 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 Oct. 28P 25,610 12,600 13,010 9,320 3,690 880 24,090 3 40 24,050 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. DECEMBER 1953 1345 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of bank Cash Total Number and date Total Loans G U ov . e S r . n- Other assets1 Total1 b In a t n e k r 1 - De- a c c a c p o i u ta n l ts ba o n f ks Total o m bl e ig n a t - s ri e t c ie u s - mand Time tions Central reserve city member banks: New York City: 1939—Dec. 30 9,339 3,296 6,043 4,772 L ,272 6,703 14,509 4,238 9,533 736 1,592 36 1941—Dec. 31 12,896 4,072 8,823 7,265 1,559 6,637 17,932 4,207 12,917 807 1,648 36 1945—Dec. 31 26,143 7,334 18 809 17,574 L 235 6,439 30,121 4 657 74,227 1,236 2 120 37 1947—Dec 31 20,393 7,179 13,214 11,972 L.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 L 063 7,758 24,024 4 213 18,131 1 680 2 306 35 1949—Dec. 31 19,583 7,550 12,033 10,746 .287 6,985 23,983 4,192 18,139 1,651 2,312 25 1950—Dec 30 20,612 9,729 10,883 8,993 1,890 7,922 25,646 4,638 19,287 1,722 2,351 23 1951—Dec. 31 21,379 11,146 10 233 8,129 2,104 8,564 26,859 4,832 348 1,679 2 425 22 1952—June 30 21,710 11,268 10,442 8,212 2,231. 8,135 26,745 4,639 20,311 1,795 2,460 22 Oct. 29 . . 21,283 11,680 9,603 7,518 2,085 7,267 25,111 4,388 19 011 1 .712 2,477 22 Dec 31 22,130 12,376 9,754 7,678 2,076 8,419 27,309 4,965 20,504 1,840 2,505 22 1953—May 27 20,542 12 377 8 165 6 164 2 001 6 920 24 093 4 356 17,887 I 850 2 537 22 June 30 20,452 11,883 8,569 6,639 1,930 7,879 25,244 4,578 18,736 1,930 2,544 22 July 29P 21,742 11,914 9,828 7,838 1,990 6,751 25,205 4,336 18,994 1,875 2,546 22 Aug. 26P 21,407 12,003 9 404 7 380 2 024 6 655 24,706 4,267 18,605 1,834 2 550 22 Sept. 30P 21,569 12,114 9,455 7,437 2,018 7,599 25,994 4,643 19,425 1,926 2,570 22 Oct 28P 21,901 12,487 9 414 7 482 1 932 6,932 25,505 4,719 18 780 1.006 2,566 22 Chicago: 1939—Dec. 30 2,105 569 1,536 1,203 333 1.446 3,330 888 1,947 495 250 14 1941—Dec. 31 2,760 954 1 806 1 430 376 I 566 4,057 035 546 476 288 13 1945—Dec. 31. 5,931 1,333 4,598 4,213 385 1,489 7,046 ,312 S,'015 719 377 12 1947—Dec. 31 5,088 1,801 3,287 2,890 397 L.739 6,402 ,217 4,273 913 426 14 1948—Dec. 31. 4,799 1,783 3,016 2,633 383 1,932 6,293 ,064 4,227 1,001 444 13 1949—Dec 31 5,424 1,618 3,806 3,324 482 850 6,810 ,191 4,535 1,083 470 13 1950—Dec. 30 5 569 2,083 3 487 2 911 576 2 034 7,109 228 4,778 1,103 490 13 1951—Dec. 31 5,731 2,468 I 3,264 2,711 552 2,196 7,402 ,307 4,952 1,143 513 13 1952—June 30 5 664 2 380 3 284 2 721 563 1 899 7,027 182 4 681 1,164 530 13 Oct. 29 5,839 2,444 3,395 2,827 568 2,119 7,215 ,240 4 812 1,163 534 13 Dec. 31 6,240 2,748 3,493 2,912 581 2,010 7,686 ,350 5,132 1,205 541 13 1953—May 27 5,560 2,595 2,965 2,426 539 2,014 6,947 ,137 4,625 1,185 545 13 June 30 5,627 2,552 3,075 2,529 546 2,058 7,119 ,216 4,696 1,207 551 13 July 29P 6 116 2,712 3,404 2 816 588 1,992 7,397 ,201 000 1,196 547 13 Aug. 26P 5,984 2,670 3,314 2,758 556 2,006 7,357 L,224 4,943 1,190 552 13 Sept. 30P 5,974 2,609 3,365 2,805 560 2,083 7,337 L ,278 4,855 1,204 557 13 Oct. 28P 5,984 2,597 3,387 2,824 563 1,972 7,323 .315 4 804 1,204 558 13 Reserve city member banks: 1939—Dec. 30 12,272 5,329 6,944 5,194 1,749 6,785 17,741 3,686 9,439 4,616 1,828 346 1941—Dec. 31 15,347 7,105 8,243 6,467 1,776 8,518 22,313 4,460 13 047 4,806 1,967 351 1945—Dec. 31 40,108 8,514 31,594 29,552 2,042 11,286 49,085 6,448 37 877 9,760 2,566 359 1947—Dec. 31 36,040 13,449 22,591 20,196 2,396 13,066 46,467 5,649 79,395 11,423 2,844 353 1948—Dec. 31 35,332 14,285 21,047 18,594 2,453 13,317 45,943 5,400 79 153 11,391 2,928 335 1949—Dec 31 38,301 14,370 23,931 20,951 2,980 12,168 47,559 5,713 30 182 11,664 3,087 341 1950—Dec. 30 40,685 17,906 22,779 19,084 3,695 13,998 51,437 6,448 33, 347 11,647 3,322 336 1951—Dec. 31 42,694 19,651 23,043 19,194 3,849 15,199 54,466 6,976 35,218 12,272 3,521 321 1952—June 30 43,091 19,745 23,346 19,123 4,223 13,925 53,425 5,908 34 764 12,754 3,663 319 Oct. 29 45,381 21,276 24,105 19,761 4,344 14,004 54,766 6,289 35,477 13,055 3,711 319 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—May 27 44 304 22,138 22 166 17 657 4 509 13,525 53,279 5,593 34, 113 13,573 3,844 321 June 30 . ... 44,352 22,150 22,201 17,756 4,446 14,447 54,861 6,066 35 052 13,743 3,874 321 July 29P 46,252 22,339 23,913 19,481 4,432 13,575 55,299 5,756 35 819 13,724 3,871 321 Aug. 26P 46,397 22,552 23,845 19,339 4,506 13,546 55,338 5,760 35 798 13,780 3,881 319 Sept. 30P 45,921 22,500 23,421 18,962 4,459 14,191 55,722 6,246 35,615 13,861 3,909 319 Oct. 28P . 46,221 22,712 23,509 19,049 4,460 14,179 55,710 6,443 35 320 13,947 3,953 319 Country member banks: 1939—Dec. 30. 10,224 4,768 5,456 3,159 2,297 4,848 13,762 598 7,312 5,852 1,851 5,966 1941—Dec 31 12 518 5 890 6,628 4 377 2,250 6 402 17,415 822 10 335 6 258 1 982 6 219 1945—Dec 31 35 002 5,596 29,407 26,999 2,408 10,632 43,418 1,223 79,700 12,494 2 525 6,476 1947—Dec. 31 36,324 10,199 26,125 22,857 3,268 10,778 44,443 1,073 78 810 14,560 2,934 6,519 1948—Dec. 31 36,726 11,945 24,782 21,278 3,504 11,196 45,102 964 79 370 14,768 3,123 6,535 1949—Dec 31 38,219 12,692 25,527 21,862 3,665 10,314 45,534 1,001 79 771 14,762 3,305 6 513 1950—Dec. 30 40,558 14,988 25,570 21,377 4,193 11,571 48,897 1,133 37 899 14,865 3,532 6,501 1951—Dec 31 42 444 16,296 26,148 21,587 4,561 13,292 52,288 1,309 35 449 15,530 3 760 6 484 1952—June 30 43,037 17,133 25,904 21,206 4,698 12,087 51,571 1,083 34 414 16,075 3,873 6,461 Oct. 29 45,101 17,917 27,184 22,378 4,806 12,145 53,339 1,157 35,714 16,468 3,958 6,450 Dec 31 45,594 18,213 27,381 22,549 4,832 13,281 55,175 1,301 37,289 16,585 3,970 6 444 195,3—May 27 45,516 18,896 26,620 21,735 4,885 11,477 52,890 997 834 17,059 4,074 6,415 June 30 45,359 19,028 26,330 21,394 4,936 12,083 53,606 1,073 35,295 17,237 4,101 6,409 July 29P 46,436 19,163 27,273 22,365 4,908 11,565 54,013 1,025 35,661 17,327 4,113 6,406 Aug. 26P 46,610 19,266 27,344 22,382 4,962 11,523 54,106 1,027 35,649 17,430 4,133 6,405 Sept. 30P 46,759 19,445 27,314 22,330 4,984 11,885 54,653 1,096 36,065 17,492 4,155 6,400 Oct. 28P 46,944 19,619 27,325 22,308 5,017 12,085 54,915 1,133 36 118 17,664 4,222 6,398 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. 1346 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 Class of bank Cash Total Number and date Total Loans Total G o U m b ov l . e i e g n S r a t . n - - O s r e i t t c h i u e e s - r assets » Total 1 b In an te k r - 1 m D a e n - d Time a c c a c p o i u ta n l ts ba o n f ks tions All Insured commercial banks: 1941—Dec. 31 ... 49,290 21,259 28,031 21,046 6,984 25,788 69,411 10,654 43,059 15,699 6,844 13,426 1945—Dec. 31 121,809 25,765 96,043 88,912 7,131 34,292 147,775 13,883 104,015 29,876 8,671 13,297 1947—Dec. 31 114,274 37,583 76,691 67,941 8,750 36,926 141,851 12,670 94,300 34,882 9,734 13,398 1950—Dec. 30 124,822 51,723 73,099 60,986 12,113 39,821 153,288 13,744 103,499 36,045 11,263 13,432 1951—Dec. 31. 130,820 57,256 73,564 60,533 13,031 44,176 162,908 14,777 110,382 37,749 11,902 13,439 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. 3i 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 eecc>. 3 3 1 1 6 6 9 5 , , 3 2 1 8 2 0 2 1 1 3 , . 4 9 2 2 8 5 5 4 5 3 , , 3 8 8 5 7 2 3 5 8 1 , , 6 2 7 5 4 0 4 5 , , 1 1 3 7 7 8 2 2 0 2 , , 1 0 1 2 4 4 8 8 2 4 , ,9 0 3 2 9 3 9 8 , , 2 41 2 0 9 5 5 9 4 , , 4 3 8 3 6 5 1 1 6 9 , , 2 2 2 7 4 8 4 5 ,4 6 0 4 9 4 5 5 0 0 1 0 7 5 1950—Dec. 30 72,090 29,184 42,906 35,587 7,320 23,763 89,281 9,133 60,251 19,897 6 313 4 958 1951—Dec. 31 75,255 32,317 42,938 35,063 7,875 25,951 94,173 9,788 63,477 20,908 6,653 4 939 1952—Dec. 31 80,180 36,004 44,176 35,835 8,341 26,333 98,974 9,918 66,362 22,694 7,042 4,909 1953—June 30 77,848 36,420 41,428 32,958 8,471 24,279 94,475 8,594 62,364 23,516 7,221 4,874 State member banks: 1941—Dec. 31 15,950 6,295 9,654 7,500 2,155 8,145 22,259 3,739 14,495 4,025 2 246 1945—Dec. 31 37,871 8,850 29,021 27,089 1,933 9,731 44,730 4,411 32,334 7,986 2,945 I 867 1947—Dec. 31 32,566 11,200 21,365 19,240 2,125 10,822 40,505 3,993 27,449 9,062 3,055 L 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 L 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 RQ1 Insured nonmember commercial banks: 1941—Dec. 31 5,776 3,241 2,535 1,509 1,025 2,668 7,702 129 4,213 3,360 959 6 810 1945—Dec. 31 14,639 2,992 11.647 10.584 1,063 4,448 18,119 244 12,196 5.680 L.083 6 416 1947—Dec. 31 16,444 4,958 11,486 10,039 1,448 4,083 19,340 266 12,515 6,558 1,271 6 478 1950—Dec. 30 17,414 7,023 10,391 8,632 1,759 4,299 20,216 297 13,194 6,726 L,57O 6,562 1951—Dec. 31 18,591 7,701 10,890 8,923 1,967 4,926 21,912 353 14,415 7,144 ,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 ,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 L.882 6,655 Noninsured nonmember commercial banks: 1941—Dec 31 1,457 455 1.002 761 241 763 1,872 329 1,291 253 329 852 I945—Dec. 31 2,211 318 1,893 1,693 200 514 2.452 181 1.905 365 279 714 1947—Dec. 3R 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 6S9 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 L,310 977 332 400 1,880 356 1,130 395 325 592 All nonmember commercial banks: 1941—Dec 31 . . 7,233 3,696 1.536 2,270 1,266 3,431 9,574 457 5,504 3,613 J 988 7 662 1945—Dec 31 16,849 3.310 13,539 12,277 1,262 4.962 20,571 425 14,101 6,045 1,362 7 130 1947—Dec. 31 2 , 18,454 5,432 13,021 11,318 1,703 4,659 21,591 629 13,926 7,036 1,596 7,261 1950—Dec. 30 19,267 7,550 11,718 9,672 2,046 4,767 22,193 591 14,417 7,184 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 1rt4 52 1945 Dec 31 10 846 3 081 7 765 7,160 606 429 10,363 12 10 351 L 034 192 I947—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 I 513 194 1951—Dec 31 16,190 7,523 8,668 6,921 1,746 695 15,368 2 23 15,343 L.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 1,771 213 Noninsured mutual savings banks: 1941—Dec. 31 8,687 4,259 4,428 3,075 1,353 642 8,744 6 8,738 1,077 496 1945 Dec 31 5 361 1 198 4,163 3,522 641 180 5,022 2 5 020 558 350 1947—Dec. 31 » 5,957 1,384 4,573 3,813 760 211 5,556 3 5,553 637 339 1950—Dec 30 6,245 2,050 4,194 3,380 814 180 5,711 3 5,708 734 335 1951 Dec 31 6 069 2 339 3,730 2,897 833 191 5,547 3 5,544 729 327 1952 Dec 31 6 382 2 658 3,724 2,829 895 187 5,836 3 5,833 749 323 1953—June 30 6,515 2,766 3,749 2,822 927 175 5,933 2 5,931 745 315 For footnotes see preceding two pages. Back figures.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. For revision* in series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-871. DECEMBER 1953 1347 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES • LOANS AND INVESTMENTS [In millions of dollars] Loans1 Investments Com- p L u o rc a h ns a s f i o n r g 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 l a o v o e n a e n t d n a s t s t l s - Total i c o m c i l i p i n u n e a e g d - r l n , - - A c t g u a u r r l l i - - - b o s T r r o e o c c k a u - r r r i y t T i i e n o s g l R t o e a a e s t n a - e l s O l v o i d t t i n a 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 if D s i- irect G a u n a - r- S p t a t g i o o a n o a l t f d - n i e t s s - O s r e i t t h 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 11 8,118 4,281 1951—Dec. 31... 132,610 57,746 25,8793,408 1,581 980 14,580 10,451 1,681 74,863 61,524 7,337 7,657 11,40835,101 21 9,198 4,141 1952—Dec. 31... 141,624 64,163 27,8713,9192,060 1,103 15,712 12,684 1,718 77,461 63,318 7,761 5,580 11,87838,077 22 10,1883,955 1953—June 30... 137,957 65,025 27,4183,675 1,719 1,074 16,231 14,111 1,737 72,932 58,644 5,050 5,092 11,25937,212 32 10,5333,754 All insured commercial banks: 1941—Dec. 31... 49,290 21,259 5,214 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 ,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 27,2823,594 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: 1 1 19 9 4 4 5 1 — — D oeecc#. 3 3 1 1 . . . . . . 1 4 0 3 7 , , 5 1 2 8 1 3 2 1 2 8 , , 7 0 7 2 5 1 5 5 , , 6 9 7 4 1 9 9 8 7 5 2 5 3,1 5 3 9 3 4 3,3 5 7 9 8 8 3 3 , , 4 4 5 9 5 4 1,9 3 0 , 0 t 9 1 2 ,104 2 8 5 4 , , 5 4 0 0 0 8 7 1 8 9 , , 3 5 3 3 8 9 2,2 9 7 7 5 1 16,985 1 3 4 , , 0 2 0 7 7 14 1 4 1 , , 7 7 9 2 2 93 83 16 23 3, , 2 0 5 9 4 02 2 , , 8 8 7 1 1 5 1947—Dec. 31... 97,846 32,628 It>,9621,046 811 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 2C>,5211,808 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 24t,347 2,140 1,551 851 11,334 8,524 1,535 62,687 51,621 6,399 6,010 9,59629,601 15 7,5283,538 1952—Dec. 31... 119,547 55,034 2t>,2322,416 2,032 966 12,214 10,396 1,577 64,514 52,763 6,565 4,255 9,83532,087 198,4093,342 1953—June 30... 115,789 55,613 21,7632,234 1,687 933 12,628 11,612 1,585 60,176 48,318 4,064 3,807 9,242 31,176 29 8,6803,178 New York City:9 1941—Dec. 31... 12,896 4,072 ',807 8 412 169 123 554 8,823 7,265 311 1,623 3,652 1,679 729 830 1945—Dec. 31... 26,143 7,334 ,044 2,453 1,172 80 287 298 18,809 17,574 477 3,433 3,325 10,337 1 606 629 1947—Dec. 31... 20,393 7,179 >,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 t>,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 r,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 5,680 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 5,345 i1,274 237 406 1,285 517 8,569 6,639 789 203 1,035 4,611 2 1,318 612 Chicago:9 1 19 9 4 4 5 1 — — D D eecc>. 3 3 1 1 , . . . . . 2 5, , 9 7 3 6 1 0 1,3 9 3 5 3 4 7 7 3 6 2 0 6 2 21 4 1 8 23 5 3 2 2 3 2 6 51 c;6 40 4 1 , ,8 5 0 9 6 8 4 1 , ,4 2 3 1 0 3 2 1 5 3 6 3 1,467 7 1 4 5 9 3 1,8 9 6 0 4 3 119 1 1 8 8 1 2 2 1 0 9 4 3 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 ,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—r>ec# 31 .. 15,347 7 105 5,456 300 114 194 1,527 1 c 12 8,243 6,467 295 751 4,248 1,173 956 820 1945—Dec. 31... 40,108 8,514 5,661 205 427 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 *r,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 IJ.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 1(),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 1().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 ],676 659 20 183 1,823 1,530 6,628 4,377 110 481 2 926 861 1,222 1.02& 1945—Dec. 31... 35,002 5,596 :,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 5,096 818 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 5,9801,407 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 41,377 1,610 35 178 6,099 3,906 303 26,148 21.587 2,418 2,568 4,008 12,587 53,334 1,227 1952—Dec. 31... 45,594 18,213 41,630 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 4t,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 L.2O5 614 20 156 2,266 1,061 111 13,021 11,318 206 1,973 1,219 7,916 41,078 625 1950—Dec. 30... 19,267 7,550 L.4051,096 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. 1348 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Time deposits Cla c s a s l a l o n d f d a b te ank F s B e s w e R R e d a r r i e n v e e v t 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 d n e n a i o c s k t l - e t h - s i s c * ju m p D s a o d a t d s e e e n i - - - t d d s 8 m D e I s n o d ti - t e c e p * 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 d i e c n i s - a s l c C h c o f a e e e e i f n t e c f r r c i d d s t k - . i ' s - , p a v n s a p i t I h d i d r n o o t i u d r n p c n a a i e o s s - l - , r r s - - , I b n a t n e k r- P U m G S i e a o n a r n . o e g s n v d v n S t s - - a - t . l v s S p i a i u s o t c n i a b l a o 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 c n a a i o e s s - - l , r r s - - , r B i o n o w g r s - - c C o a t a u a c p n l - i t - s All commercial banks:2 1947—Dec. 31.. 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 65 10,059 1950—Dec. 30.. 17,458 2,174 10,863 92,282 12,102 L,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 1,24823,740 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 L.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 91,09911,955 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 97,04812,969 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 ,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 L,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 64,18412,333 1,24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31.. 17,797 1,672 6,270 73,52810,978 L.375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1950—Dec. 30.. 17,459 1,643 6,868 78,37011,669 L.437 2,523 6,400 2,724 78,659 341 183 1,121 28,032 79 9,695 1951—Dec. 31.. 19,912 2,062 7,463 83,10012,634 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 81,77410,947 1,300 3,378 7,403 2,256 80,741 686 310 1,395 32,412 75 11,070 New York City:* 1941—Dec. 31.. 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1945—Dec. 31. . 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 195 2,120 1947—Dec. 31.. 4,639 151 70 16,653 3,236 L ,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1950—Dec. 30. . 4,693 118 78 15,898 3,207 L ,162 451 258 1,087 17,490 268 37 37 1,647 70 2,351 1951—Dec. 31.. 5,246 159 79 16,439 3,385 :1,128 858 321 1,289 17,880 318 43 22 1,614 5 2,425 1952—Dec. 31. . 5.059 148 84 16,288 3,346 1,154 1,143 322 1,120 17,919 465 59 29 1,752 132 2,505 1953—June 30. . 5,204 127 49 15,384 2,979 L.059 887 333 899 16,617 540 50 39 1,841 8 2,544 Chicago:^ 1941—Dec. 31.. 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 1945—Dec. 31. . 942 36 200 3,153 1,292 20 1,552 237 66 3,160 719 377 1947—Dec. 31. . 1,070 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 1 9 9 5 4 0 7 — — D D eecc<. 3 3 0 i 5 53 44 2 3 3 , , 9 9 4 9 7 6 1 1 3 3, , 9 5 1 9 2 5 3 43 8 2 5 3 5 8 5 2 1 8 6 3 7 1 1, , 6 2 1 9 2 5 1 1 8 9 0 5 1 1 2 2 , , 2 3 8 2 4 6 1 1 9 2 0 0 6 7 2 1 6 7 3 2 6 6, , 9 8 1 5 5 8 1 1 2 1 1 1 , , 5 8 9 9 6 7 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 2Breakdown 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. 4Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. 5Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. For other footnotes see preceding page. Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113. DECEMBER 1953 1349 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loansl Investments For purchasing or carrying securities U. S. Government obligations Com- Total mer- Date or month i m n l a o v e n a e n n d s t s t s - Total1 i t n c a r i d i n a a u d l l , s , - a T n o d b d r e o a k l e e r r s s To others e l R o st a e a n a t l s e b L a o t n o a k n s s O lo t a h n e s r Total c C t a if e t i e r - - s O s ri e t t h c ie u e s r t a c u g u r r l a i - - l G U t l i o i o o g . b v n a - S - t s . . O c t s u t i e h e r - e s i- rG U l t o i i o g . b o S v a - n . - t s . O c t s u t i e h e r - e s i- r Total Bills o d n e f e e d b s i - n t s - - Notes Bonds2 Total- Leading Cities 1952—November 78,373 38,174 22,920 1,596 743 6,063 459 6,965 40,19932,765 3,753 2,472 6,237 20,303 7,434 1953—September. 79,164 40,014 23,071 1,809 731 6,382 7,980 39,15031,594 2,197 5,223 6,028 18,1467,556 October. . . 79,157 40,109 23,190 1,653 730 6,420 771 7,96639,04831,515 2,180 5,466 6,619 17,2507.533 November. 80,204 40,399 23,309 1,895 753 6,448 642 7,97339,80532,362 2,274 5,442 6,760 17,886 7,443 Sept. 2... 79,385 40,067 22,965 1,850 732 6,365 762 8,01639,31831,797 2,289 4,705 5,367 19,436 7,521 Sept. 9. 79,138 40,099 22,957 2,017 731 6,372 645 7,999 39,03931,512 2,106 4,691 5,279 19,436 7,527 Sept. 16... 79,482 40,261 23,295 1,802 737 6,383 677 7,98839,22131,604 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 6,526 17,2427,581 Sept. 30... 78,901 39,705 23,103 1,763 726 6,397 402 7,93539,19631,663 2,317 5,522 6,574 17,250 7,533 Oct. 7... 79,115 40,174 23,146 1,792 734 6,398 772 7,95338,94131,359 2,097 5,446 6,571 17,2457,582 Oct. 14. .. 78,902 40,037 23,201 1,696 732 6,418 656 7,95538,86531,319 2,013 5,438 6,625 17,2437,546 Oct. 21. .. 79,072 39,929 23,112 1,460 728 6,425 850 7,97539,14331,588 2,222 5,477 6,625 17,2647,555 Oct. 28... 79,538 40,294 23,301 1,663 724 6,438 806 7,983 39,24431,795 2,388 5,502 6,654 17,2517,449 Nov. 4. . .79,413 40,224 23,315 1,847 720 6,427 555 7,98239,18931,652 2,236 5,485 6,680 17,2517,537 Nov. 11. .. 80,494 40,650 23,340 2,003 773 6,445 735 7,97539,84432,448 2,152 5,424 6,723 18,1497,396 Nov. 18. .. 80,540 40,511 23,377 1,861 755 6,457 718 7,965 40,02932,605 2,308 5,460 6,750 18,0877,424 Nov. 25... 80,371 40,210 23,205 1,869 762 6,462 561 7,97140,16132,745 2,399 5,401 6,886 18,0597,416 New York City 1952—November. 21,238 11,896 8,484 274 955 224 397 275 1,449 9,342 7,325 769 241 1,228 5,087 2,017 1953—September. 21,548 12,309 8,460 3621,023 186 394 403 ,640 9,239 636 1,098 1,034 4,430 2,041 October. 21,663 12,398 8,543 277 996 190 393 522 ,633 9,265 734 1,139 1,123 4,2522,017 November. 21,884 12,466 8,554 420 1,039 200 391 375 ,633 9,418 719 1,144 1,177 4,4331,945 Sept. 2. 21,608 12,309 8,398 3541,044 189 393 448 ,644 9,299 7,272 647 1,010 937 4,678 2,027 Sept. 9. 21,46r 12,333 8,384 4371,053 187 395 385 ,654 9,134 7,086 513 1,010 843 4, ,048 Sept. 16. ..21,635 12,468 8,559 4001,019 184 395 422 ,642 9,167 7,099 567 1,189 1,123 4,220 2,068 Sept. 23. 21,471 12,272 8,422 2361,003 186 397 558 ,630 9,199 7,162 624 1,151 1,129 4,258 ,037 Sept. 30. ..21,559 12,164 8,535 996 184 392 201 ,630 9,395 7,371 829 1,131 1,138 4,2732,024 Oct. 7...21,72 12,438 8,541 3311,060 195 390 456 ,625 9,289 7.248 729 1,114 1,129 4,276 2,041 Oct. 14. . 21,376 12,303 8,555 307 994 183 393 389 ,632 9,073 7,033 571 1,112 1,112 4,,238 2 ,040 Oct. 21. ..21,666 12,324 8,512 163 934 189 395 646 ,641 9,342 7,294 789 ,148 1,121 4,,236 2 ,048 Oct. 28. ..21,883 12,526 8,564 305 995 192 396 598 ,635 9,357 7,418 846 ,184 1,129 4,259 1,939 Nov. 4 21,499 12,240 8,567 3711,006 189 388 249 ,628 9,259 7,291 712 ,164 1,139 4,276 1,968 Nov. 11 ...22,136 12,714 8,574 4751,078 213 390 490 ,636 9,422 7,489 640 ,147 1,169 4,533 1,933 Nov. 18. ..22,014 12,591 8,580 4401,042 196 394 442 ,640 9,423 7,480 710 ,125 1,172 4,473 1,943 Nov. 25...21, T 12,320 8,496 3921,030 204 394 318 ,628 9,569 7,632 816 ,138 1,229 4,449 1,937 Outside New York City 1952—November. 57,135 26,278 14,436 367 497 5,666 184 5,516 30,857 25,440 2,984 2,231 5,009 15,2165,417 1953—September 57,616 27,705 14,611 424 517 5,988 260 6,340 29,91124,396 ,561 4,125 4,994 13,7165,515 October. . . 57.494 27,711 14,647 380 510 6.027 249 6,333 29,78324,267 ,446 4,327 5,496 12,9985,516 November 58,320 27,933 14,755 436 512 6,057 267 6,340 30,38724,889 ,555 4,298 5,583 13,453 5,498 Sept. 2... 57,777 27,758 14,567 452 517 5,972 314 6,372 30,019 24,525 ,642 3,695 4,430 14,758 5,494 Sept. 9. . 57,671 27,766 14,573 527 519 5,977 260 6.345 29,905 24,426 ,593 3,681 4,436 14,716 5,479 Sept. 16. .. 57,847 27,793 14,736 383 519 5,988 255 6.346 30,054 24,505 ,670 4,418 5,273 13,144 5,549 Sept. 23 57,445 27,670 14,613 376 516 5,995 271 6,333 29,77 =24,231 1,410 4,440 5,397 12,9845,544 Sept. 30... 57,342 27,541 14,568 381 515 6,005 201 6,305 c29,80124,292 1,488 4,391 5,436 12,9775,509 Oct. 7...57,388 27,736 14,605 401 512 6,008 316 6,32829,65224,111 1,368 4,332 5,442 12,969 5,541 Oct. 14. ..57,526 27,734 14,646 395 513 6,025 267 323 29,79224,286 1,442 4,326 5,513 13,0055,506 Oct. 21...57,406 27,605 14,600 363 509 6,030 204 334 29,801 24,294 1,433 4,329 5,504 13,028 5,507 Oct. 28...57,655 27,768 14,737 363 504 6,042 208 348 29,88724,377 1,542 4,318 5,525 12,9925,510 Nov. 4. . .57,914 27,984 14,748 470 502 6,039 306 6,354 29,93024,361 1,524 4,321 5,541 12,9755,569 Nov. 11...58,358 27,936 14,766 450 515 6,055 245 6,339 30,42224,959 1,512 4,277 5,554 13,616 5,463 Nov. 18. ..58,526 27,920 14,797 379 515 6,063 276 6,325 30,60625,125 1,598 4,335 5,578 13,614 5,481 Nov. 25...58,482 27,890 14,709 447 513 6,068 243 6,343 30,59225,113 1,583 4,263 5,657 13,610 5,479 e Corrected. 1 Figures tor 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. 1350 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Date or month B s F w e R e a e r r i e n a d t v - h l k - e s v C a i a n u s l h t b m a w a n d e n o i c s t - e k h ti s s c j p m u o a d s a t d e s n e - i - t d d s 3 s p p u n h c v a o a a o e n i i r r l p d r r d s a t - - - s - , - , S p s d s a i t i o u i c a o n v b l a t n d i i - e l t - s - s c C h c o f a e e e e f i t n f e c r c r i d t d k . s - i ' s - , U m G er . o e n n v S - t - . s p p u n v c h a o a a o e i n i r r d p l r r d a s t - - - s - , - , S p s d s a i i o u t i c o n a v l b a n d i t i - l t e - s - s P U m G S e i a o n r . a n o e s g n v d n v t S s - a - t - . l m D t e i D o c s - - eman F 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—November.. . 15,238 982 2,49154,11156,212 3,613 1,690 3,54916,309 750 19410,796 1,339 1,651 7,218 1953—September 14,170 941 53,04754,584 3,664 1,712 17,169 811 18910,511 ,267 728 790 7,483 October 14,195 975 2,64753,73255,491 3,569 1,686 2,89917,339 839 18910,869 ,253 832 796 7,526 November 14,529 978 2,54953,91955,539 3,657 1,768 3,54017,354 860 19010,874 ,275 936 1,069 7,569 Sept. 2 14,139 899 2,44153,05953,699 3,834 1,560 4,639 17,083 823 18710,090 ,243 723 914 7,483 Sept. 9 13,929 954 2,51353,03454,216 3,681 1,539 3,817 17,142 817 18910,490 ,254 729 919 7,476 Sept. 16 14,383 950 2,75653,52756,203 3,606 1,835 3,884 17,165 806 19111,059 ,270 732 781 7,471 Sept. 23 14,186 965 2,63252,80154,164 3,489 1,767 4,197 17,198 804 18810,504 ,260 725 831 7,477 Sept. 30 14,212 936 2,60452,81454,639 3,711 1,855 4,434 17,259 804 19010,412 ,308 732 504 7,509 Oct. 7 14,094 925 2,516 52,96153,847 3,684 1,831 3,66217,289 795 18910,693 ,248 781 841 515 Oct. 14 14,254 1,018 2,805 53,30756,446 3,425 1,728 3,03917,324 839 18811,322 ,229 829 673 511 Oct. 21 14,272 954 2,650 53,96855,706 3,555 1,526 2 ,54917,371 856 18910,837 ,264 840 821 7,532 Oct. 28 14,160 1,004 2,617 54,69255,965 3,612 1,660 2,34617,374 865 18710,622 ,273 878 849 7,544 Nov. 4. . . 14,483 948 2,493 54,00555,408 3,725 1,851 2,369 17,400 864 18710,913 1,279 904 1,167 7,568 Nov. 11. .. 14,280 1,002 2,559 ,67555,132 3,670 1 ,805 3,859 17,405 857 19111,008 1,254 943 895 7,573 Nov. 18. .. 14,749 985 2,659 53,69755,771 3,540 1,892 4,165 17,305 855 19111,153 1,277 944 1,115 7,564 Nov. 25. .. 14,604 975 2,483 54,30255,845 3,696 1,525 3,768 17,307 865 18910,421 1,290 953 1,098 7,570 New York City 1952—November 5,258 15,84916,920 385 826 1,181 1,618 30 2,990 1,080 441 2,452 1953—September 4,721 140 15,27216,275 268 842 1,499 1,750 41 2,911 1,026 578 224 2,526 October 4 4 , , 6 8 7 7 8 4 1 16 5 4 4 1 1 5 5, , 5 4 4 9 3 0 1 1 6 6 , , 4 5 8 1 5 8 3 34 6 7 8 8 8 7 6 3 7 1 1, , 2 0 5 9 7 0 1 1 , , 7 7 8 9 6 8 1 8 1 8 6 2 2 , , 9 9 8 8 6 0 1 1, , 0 0 3 1 2 6 6 7 6 6 8 3 3 1 7 8 7 5 2 2 , , 5 5 3 4 6 6 November Sept. 2 133 15,20315,980 252 719 1,666 1,700 40 2,779 1,011 573 330 2,528 Sept. 9 142 15,25116,121 270 719 1,386 1,743 41 2,854 1,009 579 267 2,525 Sept. 16 142 15,44716,710 251 877 1,287 1,755 41 3,040 1,023 582 275 2,523 Sept. 23 4,662 145 15,17016,102 238 889 1,458 1,757 41 2,906 1,018 576 243 2,519 Sept. 30 4,886 137 15,28716,460 327 1,007 1,700 1,794 41 2,977 1,069 581 2 2,537 Oct. 7 4,715 147 15,43115,996 438 1,051 1,366 1,791 40 2,948 1,010 625 252 ,539 Oct. 14 4,671 165 15,21816,613 344 868 1,129 1,776 89 3,068 990 665 136 ,536 Oct. 21 4,654 146 15,60416,521 390 705 967 1,790 106 2,970 1,024 672 189 Oct. 28 4,672 159 15,92016,809 301 843 1,789 116 2,957 1,040 709 164 2,533 Nov. 4 4,984 161 15,57516,660 363 1,004 861 1,788 117 2,983 1,041 734 429 2,548 Nov. 11 4,696 166 15,46116,374 355 924 1,457 1,817 114 2,995 1,015 770 258 2,549 Nov. 18 4,990 156 15,43716,519 324 914 1,441 1,782 118 3,059 1,033 770 406 2,548 Nov. 25 4,826 171 15,48716,520 346 651 1,270 1,803 117 2,882 1,040 778 415 2,539 Outside New York City 1952—November 9,980 818 2,450 38,26239,292 3,228 864 2,36814,691 7,806 259 125 1,207 4,766 1953—September 9,449 801 2,550 37,775 38,309 3,396 870 2,696 15,419 770 140 7,600 241 150 566 4,957 October 9,517 821 2 38,189 39,006 3,201 819 1,809 15,553 751 140 7,883 237 164 611 4,990 November 9,655 814 2,508 38,429 39,021 3,310 895 2,283 15,556 744 139 7,894 243 173 692 5,023 Sept. 2 9,477 766 2,40737,856 37,719 3,582 841 2,97315,383 783 138 7,311 232 150 584 4,955 Sept. 9 9,307 812 2,479 37,783 38,095 3,411 820 2,43115,399 776 140 7,636 245 150 652 4,951 Sept. 16 9,611 808 2,71338, ,493 3,355 958 2,59715,410 765 142 8,019 247 150 506 4,948 Sept. 23 9,524 820 2,58537,63138,062 3,251 878 2,73915,441 763 139 7,598 242 149 588 4,958 Sept. 30 9,326 799 2,566 ,52738,179 3,384 848 2,73415,465 763 141 7,435 239 151 502 4,972 Oct. 7 9,379 778 2,477 37,530 37,851 3,246 780 2,29615,498 755 140 7,745 238 156 589 4,976 Oct. 14 9,583 853 2,762 38,089 39,833 3,081 860 1,91015,548 750 139 8,254 239 164 537 4,975 Oct. 21 9,618 808 2,605 38,364 39,185 3,165 821 1,58215,581 750 140 7,867 240 168 632 4,996 Oct. 28 845 2,57738,77239,156 3,311 817 1,44815,585 749 138 7,665 233 169 685 5,011 Nov. 4 9,499 787 2,456 38,430 38,748 3,362 847 1,50815,612 747 7,930 238 170 738 5,020 Nov. 11 9,584 836 2,52138,21438,758 3,315 881 2,40215,588 743 141 8,013 239 173 637 5,024 Nov. 18 9,759 829 2,61438,260 39,252 3,216 978 2,72415,523 737 139 8,094 244 174 709 5,016 Nov. 25 9,778 804 2,440 38,81539,325 3,350 874 2,49815,504 748 137 7,539 250 175 683 5,031 3 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. Back figures.—For description of revision beginning Mar. 4, 1953, see BULLETIN for April 1953, p. 357 and for figures on the revised basis beginning Jan. 2, 1952, see BULLETIN for May 1953, pp. 550-555. For description of revision beginning July 3, 1946, and for revised figures July 1946-June 1947, see BULLETINS for June and July 1947, pp. 692 and 878-883, respectively. For old series, see Banking and Monetary Statistics, pp. 127-227. DECEMBER 1953 1351 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF A SAMPLE OF WEEKLY REPORTING MEMBER BANKS BY INDUSTRY 1 [Net declines, (—). In millions of dollars] Business of borrower Manufacturing and mining Comm'l. Period1 t l o F iq b a o u n a o d c o d c r , , o T a l p e e a a p x n t a t h i d r l e e e r l s , , p m M r m ( a o a i e c n e n d t h t c d u a a i l l c n l . s t - s ch P l e c e a e m o u n t a m r d i l o c , , a - l, Other ( r T w e s a r t h a n a a o l d d i e l l e e ) - m d C e o a o d l m e it r - y s f p i S c n a o a a n m l n i e e c s - s e u P p t t ( t r i u o i i a l o n b r i n n t c t l i a s l i ) e . - c - s s C t t i r o o u n n c - - bu t o y s A t o i p h n l f e e l e s r ss c c h l N f a a i n e s e d g s t i e - s ch t i a a o n a g n t n d g r a d ' ' e l l l , 3 . — ery and rubber trans. equip.) 1951—April-June. . -243 116 275 48 60 62 -421 63 175 44 8 186 18 July-Dec 932 -361 873 125 141 16 722 30 351 -98 37 2,769 2,372 1952—Jan.-Junc... -868 -73 1,111 176 76 -105 -634 -217 -2 18 -28 -546 -637 July-Dec 754 -40 250 36 141 662 544 -57 13 191 2,494 2,435 1953—Jan.-June. . . -621 151 446 -10 95 208 -632 -90 84 18 -8 -360 -593 Monthly: 1953—July -119 34 -50 -21 11 -16 25 36 -17 -5 9 -113 -154 Aug 89 33 -13 18 7 -5 -11 -60 76 19 50 201 248 Sept 248 -14 -159 39 -4 55 68 -29 -13 -5 26 212 212 Oct 124 -63 -20 14 -9 84 165 -199 23 o 3 113 198 Nov. 73 —57 -25 7 —21 67 81 -56 -72 — 1 —22 -25 —96 Week ending: 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 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 —4 —2 54 43 Oct. 14. . . . 41 -17 5 14 -4 35 39 -23 -31 4 -3 59 55 Oct. 21 15 -28 -21 3 A 16 45 -74 15 -7 -12 -52 -89 Oct. 28. . . . 16 -18 -12 -4 -2 21 48 -36 21 -3 21 52 189 Nov. 4.... 5 -12 -11 -6 -6 17 36 19 -15 -9 18 14 Nov. 11 32 -10 2 11 -8 36 16 -25 -27 ' •_ i • ' 1 27 25 Nov. 18. . . . 36 -19 13 3 -3 15 11 -21 -17 5 15 38 37 Nov. 25. . . . -1 -17 -28 -3 i 19 -28 -13 -5 -30 -107 -172 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 period. 3 Net change at all banks in weekly reporting series, according to the old series in 1951 and the revised series thereafter. For description of revisions in the weekly reporting series see BULLETIN for April 1953, p. 357. COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Heldby Based on Commercial End of month sta p o n a u d p t i e - n r g1 st T a o n o u d t t a i - n l g Total Accept O b in i w l g ls n banks bo B u il g ls ht Others I U m S i t n n p a i t o t t o e e r s d ts E U S f x r t n p o a i o t m t e e r s d ts c D h e o a x l n l - g ar e G U s o h n o i i p t d e p p s d o e s d i t n o t D r s e F e d i t o n w r i e e n e i g o n n r States countries 1947—December 287 261 197 88 109 64 159 63 3 25 11 1948—December 269 259 146 71 76 112 164 57 1 25 12 1949—December 257 272 128 58 70 144 184 49 30 9 1950—December 333 394 192 114 78 202 245 87 2 28 32 1951—December 434 490 197 119 79 293 235 133 23 55 44 1952—October 591 449 155 103 52 294 237 114 30 40 28 November 575 478 172 114 58 306 233 123 29 62 31 December 539 492 183 126 57 309 232 125 39 64 32 1953—January 504 487 159 111 48 328 225 120 43 65 34 February 511 490 158 110 48 331 234 114 57 53 32 March 507 468 149 105 44 319 237 110 39 49 32 April 464 455 115 78 36 340 229 115 43 37 31 May 441 417 111 85 26 306 198 111 37 39 32 June 408 428 123 92 30 306 214 112 35 32 35 July 429 435 131 108 23 304 213 115 40 32 35 August 451 478 148 108 40 329 211 128 64 36 38 September 475 515 159 110 49 356 237 135 66 40 38 October 535 517 160 122 38 357 227 145 56 56 34 1 As reported by dealers; includes some finance company paper sold in open market. Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, sec p. 427. 1352 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 Date Total Total U St n a i t t e e s d St l a o t c e a a l1 nd Foreign Total Bonds3 Stocks M ga o g r e t s - e R st e a a t l e P lo o a li n c s y a O s t s h e e ts r End of year:4 1939 29,243 7,697 5,373 2,253 71 8,465 7,929 536 5,669 2,134 3,248 2,030 1940 30,802 8,359 5,857 2,387 115 9,178 8,624 554 5,958 2,060 3,091 2,156 1941 32,731 9,478 6,796 2,286 396 10,174 9,573 601 6,442 1,878 2,919 1,840 1942 34,931 11,851 9,295 2,045 511 10,315 9,707 608 6,726 1,663 2,683 1,693 1943 37,766 14,994 12,537 1,773 684 10,494 9,842 652 6,714 1,352 2,373 1,839 1944 41,054 18,752 16,531 1,429 792 10,715 9,959 756 6,686 1,063 2,134 1,704 1945 44,797 22,545 20,583 1,047 915 11,059 10,060 999 6,636 857 1,962 1,738 1946 48,191 23,575 21,629 936 1,010 13,024 11,775 1,249 7,155 735 1,894 1,808 1947 51,743 22,003 20,021 945 1,037 16,144 14,754 1,390 8,675 860 1,937 2,124 1948. 55,512 19,085 16,746 1,199 1,140 20,322 18,894 1,428 10,833 1,055 2,057 2,160 1949 59,630 17,813 15,290 393 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 2,413 591 1951 68,278 13,667 11,009 736 922 28,204 25,983 2,221 19,314 1,631 2,590 872 1952 73,375 12,774 10,252 1,767 755 31,646 29,200 2,446 21,251 1,903 2,713 3,088 End of month:5 1950—December. 63,687 15,933 13,361 1,520 1,052 25,209 23,231 1,978 16,101 1,428 2,397 2,619 1951—December. 67,983 13,579 10 958 1,702 919 28,042 25,975 2,067 19,291 1,617 2,575 2,879 1952—October. . 72,034 12,731 10,244 1,728 759 30,973 28,819 2,154 20,961 1,751 2,692 2,926 November 72,415 12,780 10,297 1,728 755 31,143 28,986 2,157 21,087 1,766 2,698 2,941 December 73,034 12,683 10,195 1,733 755 31,404 29,226 2,178 21,245 1,868 2,699 3,135 1953—January.. 73,621 12,862 10,329 1,774 759 31,690 29,471 2,219 21,396 1,880 2,718 3,075 February. 73,943 12,844 10,287 1,800 757 31,878 29,644 2,234 21,547 1,887 2,727 3,060 March. . . 74,295 12,630 10,063 1,820 747 32,243 30,005 2,238 21,725 1,897 2,742 3,058 April 74,686 12,666 10,089 1,837 740 32,472 30,218 2,254 21,897 1,918 2,756 2,977 May 75,063 12,543 10,082 ,835 626 32,732 30,462 2,270 22,055 1,924 2,770 3,039 June 75,403 12,456 10,030 ,840 586 33,021 30,752 2,269 22,221 1,935 2,789 2,981 July 75,855 12,429 9,991 ,857 581 33,247 30,977 2,270 22,429 1,943 2,808 2,999 August. . . 76,244 12,436 9,994 ,861 581 33,349 31,079 2,270 22,552 1,967 2,819 3,121 September 76.612 12,397 9,930 ,880 587 33,614 31,319 2,295 22,698 1,972 2,831 3,100 October. . 77,121 12,395 9,913 n.a. 33,887 31,585 2,302 22,842 1,990 2,851 3,156 n.a. Not available. 1 Includes United States and foreign. 2 Central government only. 3 Includes International Bank for Reconstruction and Development. 4These represent annual statement asset values, with bonds carried on an amortized basis and stocks at end-of-year market value. BThese represent book value of ledger assets. Adjustments for interest due and accrued and differences between market and book values are not made on each item separately, but are included in total in "Other assets." Source.—Institute of Life Insurance—end-of-year figures, Life Insurance Fact Book, 1952; end-of-month figures, The Tally of Life Insurance Statistics and Life Insurance News Data. ALL SAVINGS AND LOAN ASSOCIATIONS IN THE UNITED STATES [In millions of dollars] Assets Assets End of U. S. Savings End of U. S. Savings year Total i g M ag o e r s t - 2 G m o o v b e l e n i r - t n- Cash Others capital quarter Total1 g M ag o e rt s - 2 G m o o b v e l e n i r - t n- Cash Other3 capital gations gations 1939 5,597 3,806 73 274 1,124 4,118 1950—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 L.082 866 16,073 1945 8,747 5,376 2,420 450 356 7,365 1952—IP... 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 L ,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 1948 13,028 10,305 1,455 663 501 10,964 4»... 22,700 18,444 1,791 1,293 1,083 19,211 1949 14,622 11,616 1,462 880 566 12,471 1950 16,846 13,622 1,489 951 692 13,978 1953—1 P.. . 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. 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. DECEMBER 1953 1353 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES SELECTED ASSETS AND LIABILITIES, BY CORPORATION OR AGENCY 1 [Based on compilation by United States Treasury Department. In millions of dollars] End of year £nd of quarter Asset or liability, and agency 1952 1953 1944 1945 1946 1947 1948 1949 1950 1951 3 4 1 2 Loans, by purpose and agency: 3,385 2,878 2,884 2,299 3,632 4,362 3,884 4,161 4,563 5,070 5,671 4 997 Banks for cooperatives 189 197 232 276 305 302 345 425 370 424 367 324 Federal intermediate credit banks 257 231 273 336 426 437 510 633 822 673 728 824 Federal land banks' 1,220 1,088 986 Federal Farm Mortgage Corporation 351 242 149 109 80 60 45 34 27 25 23 22 Farmers Home Administration * 643 604 590 558 525 523 535 539 606 596 653 646 Rural Electrification Administration . .. 361 407 528 734 999 1,301 1,543 1,742 1,873 1,920 1,966 2 014 Commodity Credit Corporation 353 99 120 280 1,293 1,729 898 782 859 1,426 1,927 1,163 Other agencies 10 9 6 7 5 9 7 6 5 6 5 5 To aid home owners total . . . . 1,237 896 659 556 768 1,251 1,528 2,142 2,437 2 603 2,777 2 914 Federal National Mortgage Assn 52 7 6 4 199 828 1,347 1,850 2,097 2,242 2,394 2,498 RFC Mortgage Corporation* 81 24 6 Home Owners' Loan Corporation 2 1,091 852 636 486 369 231 10 Reconstruction Finance Corporation 12 12 10 « 1 177 168 137 123 117 115 113 111 Other agencies 1 1 1 65 22 24 35 169 223 246 270 305 To railroads, total 343 223 171 147 '40 114 110 101 84 82 79 79 Reconstruction Finance Corporation 321 205 153 145 138 112 108 99 82 80 77 77 Other agencies . . 21 18 18 3 3 3 2 2 2 2 2 2 To other industry, total.... 191 232 192 272 310 462 458 488 480 516 526 536 Reconstruction Finance Corporation8 118 149 151 241 272 423 400 415 412 457 468 478 Other agencies 73 83 41 31 38 38 58 74 67 58 59 58 216 267 314 447 525 445 824 814 716 864 611 718 Reconstruction Finance Corporation . . 66 60 14 7 6 8 8 8 Federal home loan banks 131 195 293 436 515 433 816 806 864 611 718 Other agencies 20 12 7 4 4 4 Foreign total 225 526 2,284 5,673 6,102 6,090 6,078 6,110 7 826 7 736 7 713 7 798 Export-Import Bank . .. 225 252 1,249 1,978 2,145 2,187 2,226 2,296 2 546 2,496 2,466 2 547 Reconstruction Finance Corporation 8 274 235 246 206 154 101 64 58 58 55 55 Other agencies' 800 3,450 3,750 3,750 3,750 3,750 5,222 5,182 5,191 5,196 All other purposes total . ... 1,237 707 623 714 584 484 531 779 933 1,095 872 821 Reconstruction Finance Corporation6 8 827 309 232 *340 190 88 59 61 61 50 51 54 Public Housing Administration m . .. 305 286 278 278 294 297 366 609 750 919 688 626 Other agencies 8 106 112 113 96 100 99 105 109 123 126 133 142 448 438 478 395 368 476 185 173 150 140 159 226 6,387 5,290 6,649 9,714 11,692 12,733 13,228 14,422 16,890 17,82618,089 17,637 Investments: U. S. Government securities, total 1,630 1,683 1,873 1,685 1,854 2,047 2,075 2,226 2,371 2,421 2,645 2 588 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 61 60 53 52 Production credit corporations 60 67 70 72 66 39 42 43 43 43 44 45 Federal land banks 2 220 145 136 Federal home loan banks 144 118 145 139 274 275 199 249 298 iii 460 378 Federal Savings and Loan Insurance Corp. 151 161 172 184 199 214 193 200 203 212 218 Home Owners' Loan Corporation * 15 15 17 12 12 8 208 Federal Housing Administration 87 106 122 132 144 188 244 285 299 316 330 344 Public Housing Administration *" 7 8 8 8 8 Reconstruction Finance Corporation ' 75 49 48 (7) 1 Federal Deposit Insurance Corporation . . . 760 897 1,045 1,020 1,064 1,205 1,307 1,353 1,423 1,437 1,500 1 508 Other agencies 28 30 20 21 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 51 44 42 45 Reconstruction Finance Corporation 289 244 159 108 98 83 71 66 42 36 35 39 63 55 46 35 29 22 16 11 8 8 6 6 Other agencies 71 26 24 11 6 2 1 1 1 Commodities, supplies, and materials, total 2,942 2,288 1,265 822 627 1,549 1,774 1,461 1,377 1,28« 1,259 2,201 Commodity Credit Corporation 1,450 1,034 463 448 437 1,376 1,638 1,174 1,034 978 1 013 1 876 Reconstruction Finance Corporation ' 1,053 1,131 667 235 157 142 108 129 194 172 119 114 Other agencies 438 122 134 138 32 30 28 159 149 131 128 211 Land, structures, and equipment, total . . . 16,23721,017 16,924 12,600 3,060 2,962 2,945 3,358 3,212 3,213 3,240 7,867 Public Housing Administration 10 200 222 227 204 1,448 1,352 1,248 1,251 1,216 1,173 1 149 1 029 Reconstruction Finance Corporation 6 6,526 6,919 2,861 35 630 611 605 594 202 199 197 185 710 721 727 754 793 830 886 1,048 1,209 1,251 1,299 1 360 U. S. Maritime Commission a 3,113 3,395 3,301 3,305 War Shipping Administration 2 5,427 7,813 7,764 6,507 Federal Ivlaritime Board and Maritime Adm ^ P4 ', 802 Other agencies u 262 1,948 2,044 1,793 189 168 206 465 586 590 595 491 Bonds, notes, and debentures payable (not guaranteed), total 1,395 1,113 1,252 689 965 772 1,190 1,369 1,301 1,330 1,107 1 131 Banks for cooperatives 24 8 33 69 70 78 110 170 120 181 145 112 274 245 293 358 480 490 520 674 864 704 710 788 Federal land banks * . . .. 818 792 756 Commodity Credit Corporation 212 Federal home loan banks 67 69 169 262 415 204 560 525 317 445 255 231 For footnotes see following page. 1354 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES—Continued PRINCIPAL ASSETS AND LIABILITIES [Based on compilation by United States Treasury Department. In millions of dollars] Assets, other than interagency items l Lia in b t i e li r t a i g es e , n c o y th e it r e m th s an Bonds, notes, Com- Invest- and deben- U. S. Pri- Date, and corporation or agency Total Cash L c a e r o b e i a l v - e n - s m m p s r t a i l i u o a n i e a p e t d d s l e - s s , i , - - G U s ri e o t . c i v e u S m t s - . . en O r t s i s e t t i c h e u e s - r 2 L s e t m u t a q a r r n e u n u e d n i d c s p t - , , - O s a t e h s t - e s r a t F g u n u u b r t a e y l e l r e s y - d pa O ya th b e le r l O i i a t t i b h e i e s l r - i m G n e e t o e s r e n v n t r t - - - o v in w a e t t s e n e t r e l - y d U. S. All agencies: 1944—Dec. 31. . . 31,488 756 6,387 2,942 1,632 42416,237 3,111 1,537 1,395 4,19623,857 504 1945—Dec. 31. . . 33,844 925 5,290 2,288 1,683 32521,017 2,317 555 1,113 4,21227,492 472 1946—Dec. 31. . . 30,409 1,398 6,649 1,265 1,873 54716,924 1,753 261 1,252 3,58824,810 498 1947—Dec. 31 2. . 30,966 1,481 9,714 822 1,685 3,539 12,600 1,125 82 689 2,03728,015 143 1948—Dec. 31 2. . 21,718 63011,692 627 1,854 3,518 3,060 337 38 965 1,66318,886 166 1949—Dec. 31. . . 23,733 44112,733 1,549 2,047 3,492 2,962 509 28 772 1,720 21,030 183 1950— Dec. 31. . . 24,635 64213,228 1,774 2,075 3,473 2,945 499 23 ,190 1,19321,995 234 1951—Dec. 312. . 26,744 93114,422 1,461 2,226 3,463 3,358 882 43 ,369 1,16123,842 329 1952—Sept. 30 2 28,922 93216,890 1,377 2,371 3,436 3,212 704 39 ,301 1,43425,780 367 Dec. 31 29,945 94417,826 1,280 2,421 3,429 3,213 832 53 ,330 1,72826,456 378 1953—Mar. 31 30,564 93618,089 1,259 2,645 3,427 3.240 968 48 ,107 2,069 26,938 401 June 302 36,153 1,06317,637 2,201 2,588 3,430 7,867 1,367 51 ,131 1,97932,576 415 Classification by agency, June 30, 1953 Department of Agriculture: Farm Credit Administration: Banks for cooperatives 390 322 112 252 25 Federal intermediate credit banks 903 824 788 105 Production credit corporations 51 51 Agricultural Marketing Act 1 () () 1 Federal Farm Mortgage Corp 24 22 23 Rural Electrification Administration 2,122 2,011 83 () 2,121 F C a o r m m m er o s d i H ty o m C e r e A di d t m C in o i r s p t o ra ra ti t o io n n 3 3,4 5 6 74 0 1,0 5 9 3 9 6 1,876 37 2 7 6 535 1 2,9 5 2 7 5 4 Federal Crop Insurance Corp 38 5 10 28 Housing and Home Finance Agency: Home Loan Bank Board: Federal home loan banks 1,132 718 378 3 511 ( 390 Federal Savings and Loan Insurance Corp. 223 218 4 7 216 Public Housing Administration 1,853 633 1,029 94 52 1,802 Federal Housing Administration 556 37 344 1 118 260 245 Office of the Administrator: Federal National Mortgage Association. . 2,508 2,498 10 2,499 Other 120 32 58 4 119 Reconstruction Finance Corporation: Assets held for U. S. Treasury 12 340 (7) 1 114 185 40 340 806 8 732 1 28 46 760 Other is 2,597 9 2,547 •(7)" 41 52 2,546 A F T E F l e e e x l d n d p e n e o o r r t e r a a h s t l l s - e I e r D M m e e p a V p r o o i a r t s l t i l i m e t B y e I a n A n B s k u u o t r a h a r o d n r c i a e t y n C d o M rp aritime Admp. 5 9 1 1 , , , , 7 8 5 3 3 2 1 9 2 2 2 0 2 3 1 4 1 4 1 7 5 1 5,600 ( 1 7) 2 5 3 2 1 8 3, ( 3 ) 85 4 1 , , ( 8 3 3 ) 6 0 6 0 6 2 3 1 9 0 6 9 8 7 2 1 4 5 1 7 7 0 5 3 5 9 1 1 , , , , 1 4 6 7 0 4 8 3 7 0 4 9 P Preliminary. 1 Loans by purpose and agency are shown on a gross basis; total loans and all other assets are shown on a net basis, i. e., after reserve for losses. 2 Several changes in coverage have been made over the period for which data are shown. The more important are: exclusion of the following agencies following repayment of the U. S. Government interest—Federal land banks after 1946 and the Home Owners' Loan Corporation after June 1951; exclusion of the United States Maritime Commission (including War Shipping activities) after 1947. when this agency ceased to report to the U. S. Treasury; and inclusion of the Mutual Security Agency beginning June 1952 and of the Federal Maritime Board and Maritime Administration beginning June 1953. 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. 8 Reconstruction Finance Corporation loans to aid home owners, which increased steadily through the first three quarters of 1947 and during 1948, appear to have been included with "other" loans in the statement for Dec. 31, 1947. 6 Figures have been adjusted to include certain affiliates of the Reconstruction Finance Corporation. Several of these—including the Defense Plant Corporation, Defense Supplies Corporation, Metals Reserve Company, and Rubber Reserve Company—were merged with the parent effective July 1, 1945. Most of their activities were reflected under "Commodities, supplies, and materials" and "Land, structures, and equipment." 7 Less than $500,000. 8 Foreign loans, except for the Export-Import Bank, are included with "all other purposes" until 1945. 9 Treasury loan to the United Kingdom (total authorized amount of which was 3,750 million dollars) and, beginning with the balance sheet for June 30, 1952, outstanding loans of the Mutual Security Agency (totaling about 1,500 million on that date). 10 Reflects activities of the Federal Public Housing Authority under the U. S. Housing Act, as amended, until July 27, 1947, when these activities were transferred to the newly established Public Housing Administration. War housing and other operations of the Authority—shown on the Treasury Statement with "other agencies" through 1947—were not transferred to the PHA until 1948. 11 Beginning 1951, includes figures for Panama Canal Company, a new corporation combining the Panama Railroad Company (included in 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 Bee Banking and Monetary Statistics, Table 152, p. 517. DECEMBER 1953 1355 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS i Bondprices Stock prices Common U. S. Govt. (long-term) Standard and Poor's series Securities and Exchange Commission series ume: Cor- (index, 1935-39—100) (index, 1939=100) tr o a f d- Year, month, Mu- po- ing ft 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 M anuf acturing Trade, th ( o in u-r O i s e e l s - d 2 N ri s e e e- s w 3 grade)4grade)* T ta o l - d t I u a r n i s l - - - R ro a a i d l- u P i l t u t i i y c b l- - T ta o l - T ta o l - D r b a l u e - - N d r b a o u le - - n- T p t r o i a o r n n ta s - - u P i l t t u i i y c b l- - a s a f e n i i n c r c n e v d e - - , M in i g n- s s h a a o n r f d es 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—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 93.40 101.00 116.9 110.9 162.8 179 193 156 120 181 205 175 232 199 119 198 219 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 Nov 94.98 103.67 121.4 113.6 168.8 188 202 159 124 191 219 190 245 204 123 207 232 1,482- Week ending: 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 Nov. 7 95.37 103.75 121.0 113.8 169.4 188 203 158 123 191 220 191 246 206 122 205 227 1,563 Nov. 14. ... 94.99 103.38 121.4 113.8 169.4 187 202 160 123 191 218 190 244 203 123 206 234 1,429 Nov. 21 94.93 103.78 121.6 113.5 168.5 187 201 158 124 190 217 189 243 202 123 208 231 1,344 Nov. 28 .... 94.68 103.67 121.7 133.3 167.9 188 203 158 125 193 220 192 246 204 124 208 234 1,507 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 23^ per cent bonds first callable after 12 years. Of these the 1967-72 bonds are the longest term issues. Prior to Apr. 1, 1952, only bonds due or first callable after 15 years were included. 3The 3*4 per cent bonds of 1978-83, issued May 1, 1953.. 4 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 5 Standard and Poor's Corporation. Prices derived from averages of median yields on noncaliable high-grade stocks on basis of a $7 annual dividend. • Average daily volume of trading in stocks on the New York Stock Exchange. Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETIN, for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of doHars] Debit balances Credit balances Customers' Customers' bal D an e c b e i s t in bal D an e c b e i s t in Cash on credit balances1 Other credit balances End of month ba ( d n l e a e b n t i c ) t i es a in n p a v d c a e c r t s t o r n t u a m e d n r e t i s s n n ' g t a in n a v d c e c fi s t 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 d 2 Free O (n th et e ) 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 d n n e i t e s n n r g t s' a in n a v d I c n e c t s o r f t u a i m r n d m e t i s n n g t I a n c ( c c n o a e u p t n ) it t a s l 1950—June 1,256 12 386 314 827 673 166 25 11 312 December... 1,356 9 399 397 745 890 230 36 12 317 1951—June 1,275 10 375 364 680 834 225 26 13 319 December... 1,292 12 392 378 695 816 259 42 11 314 1952—June 1,327 9 427 365 912 708 219 23 16 324 1952—November. . M.347 3878 3706 December.. . 1,362 8 406 343 920 724 200 35 9 315 1953—January. ... 31,345 3908 3732 February. .. 31,350 3871 3730 March 31,513 3966 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 October 31,640 3l,160 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). 3 As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances : secured by U. S. Government securities was (in millions of dollars): August, 27; September, 34; October, 31. 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. 1356 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] Prime securities (taxable) mo Y w n e e th a e r k , , or m 4 p P - c e a r o r t p i o c m m e i a r 6 - e , l - a a b c n e a c r c n s e e ' k p s - t , - 3-month bills 9- to 12- 3- to 5- Area and period lo A a l n l s $ $ 1 1 0 ,0 ,0 0 0 0 0 - $ $ 1 1 0 0 S 0 ,0 , i 0 z 0 e 0 0 0 - of $ $ 1 l 2 0 o 0 0 a 0 , n 0 ,0 0 0 0 0 - $ a 2 n 0 d 0 o ,0 v 0 e 0 r months1 days1 M y a i r e k ld et o i n R ss a n u t e e e w s i m ss o u n e t s h 2 is y s e u a e r s8 An 1 n 9 u a c l i ti a e v s e : rages: 1944 2.4 4 3 3 3 2 6 2 2 1945 .. 2.2 4.3 3.2 2.3 2.0 1950 average 1.45 1.15 1.20 1.218 1.26 1.50 1946 2.1 4.2 3.1 2.2 1.7 1951 average 2.17 1.60 1.52 1.552 1.73 1.93 1947 2.1 4.2 3.1 2.5 1.8 1952 average 2.33 1.75 1.72 1.766 1.81 2.13 1 1 9 9 4 4 8 9 2 2 . . 5 7 4 4. . 6 4 3 3. . 7 5 2 3 . . 8 0 2 2 . . 2 4 1952—November 2.31 1.75 1.85 1.862 1.89 2.25 1950 2.7 4.5 3.6 3.0 2.4 December. 2.31 1.75 2.09 2.126 2.03 2.30 1951 3.1 4.7 4.0 3.4 2.9 .1953—January. . 2.31 1.82 1.96 2.042 1.97 2.39 1952 3.5 4.9 4.2 3.7 3.3 February. 2.31 1.88 1.97 2.018 1.97 2.42 Quarterly: March 2.36 1.88 2.01 2.082 2.04 2.46 19 cities: April 2.44 1.88 2.19 2.177 2.27 2.61 1952—Dec 3.51 4.88 4.21 3.77 3.29 May 2.68 1.88 2.16 2.200 2.41 2.86 1953—Mar. 3.54 4.89 4.25 3.75 3.32 June 2.75 1.88 2.11 2.231 2.46 2.92 June 3.73 4 98 4.38 3 91 3.53 July 2.75 1.88 2.04 2.101 2.36 2.72 Sept 3.74 5.01 4.40 3.93 3.54 August. . . 2.75 1.88 2.04 2.088 2.33 2.77 New York City: September 2.74 1.88 1.79 1.876 2.17 2.69 1952—Dec 3.33 4.51 4.06 3.63 3.19 N O o ct v o e b m er b . e r . , 2 2. . 5 3 5 2 1 1 . .8 8 8 8 1 1. . 4 3 4 8 1 1 , . 4 4 0 2 2 7 1 1 . . 7 5 2 3 2 2 . . 3 3 6 6 1953—M Ju a n r e . 3 3 .5 3 2 1 4 4 6 5 3 5 4 4 .2 1 5 3 3 3 .7 5 9 5 3 3 .3 1 9 7 "Week ending: Sept.. 3.52 4.76 4.25 3.76 3.40 Oct. 31.. 2.50 1.88 1.27 1.220 1.59 2.32 7 Northern and East- Nov. 7. . 2.38 1.88 1.36 1.306 1.59 2.33 ern cities: Nov. 14. . 2.38 1.88 1.47 1.482 1.56 2.36 1952—Dec 3 49 4 85 4 21 3.74 3.29 Nov. 21. . 2.25 1.88 1.42 1.433 1 .49 2.36 1953—Mar 3 50 4.95 4.24 3.74 3.30 Nov. 28. . 2.25 1.88 1.50 1.488 1.50 2.37 June 3.71 5.07 4.38 3.87 3.54 Sept 3.71 5.08 4.45 3.91 3.52 1 Monthly figures are averages of weekly prevailing rates. 11 Southern and 2Series includes certificates of indebtedness and selected note and Western cities: bond issues. 19S2—Dec , 3 84 5.06 4.30 3.91 3.51 •Series 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 1949 pp. 228-237. BOND AND STOCK YIELDS 1 [Per cent per annum] Bonds Industrial stocks Earn- U. S. Govt. Corporate (Moody's)5 Dividends/ ings/ Year, month, (long-term) M i u p n al ic- By ratings By groups price ratio p ra r t ic io e or week (high- Old New grade)* Total Indus- Rail- Public Pre- Com- Comseries3 series3 Aaa Aa A Baa trial road utility ferred6 mon7 mon8 Number of issues... 3-7 1 15 120 30 30 30 30 40 40 40 15 125 125 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—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 "i6!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 Pll.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 November.. . 2.85 3.04 2.62 3.38 3.11 3.26 3.40 3.75 3.27 3.51 3.38 4.15 5.53 Week ending: 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 Nov. 7 2.82 3.04 2.64 3.38 3.09 3.25 3.40 3.78 3.26 3.50 3.38 4.13 5.54 Nov. 14 2.85 3.06 2.62 3.37 3.10 3.25 3.39 3.75 3.26 3.50 3.37 4.13 5.59 Wov. 21 2.86 3.03 2.61 3.39 3.13 3.27 3.40 3.75 3.28 3.51 3.38 4.15 5.63 Nov. 28 2.88 3.04 2.60 3.39 3.13 3.28 3.40 3.75 3.27 3.52 3.38 4.17 5.59 ^Preliminary. 1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for preferred stocks, which are based on figure* 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. 3 The 3% 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. 6Standard and Poor's Corporation. Ratio is based on 9 median yields in a sample of noncallable issues, 12 industrial and 3 public utility. 7Moody's Investors Service. 8Computed by Federal Reserve from data published by Moody's Investors Service. Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. DECEMBER 1953 1357 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 millionsof dollarsl Summary Increase or Budget receipts and Excess of receipts decrease (—) General fund of theTreasury expenditui-es or expenditures ( —) during period (end of period) Period rec N e e i t pts p t e u E n r x e d - 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 e i 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 r c 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 c u g a - n r t - p d G d u i r r e b o e b l c s i t s c t G ba f e u l n a n e n d r c a e l f a g B e u n 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- . D B e In c p a e o s n o p s l k s l r e i s o o t c s f c - - in 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 tion Calendar year: 1949 38,122 41,714 -3,592 -362 — 140 234 4,331 171 4,679 841 94 2,557 J .1X7 1950 37,834 1-38 349 87 -423 —447 4,232 690 129 2,344 ,069 1951 53,488 56^846 —3,358 759 56 — 106 2,711 62 4,295 321 146 2,693 ,134 1952 65,523 71,366 -5,842 49 —90 -319 7,973 1, 770 6,064 389 176 4,368 ,132 Fiscal year: 1950 37,045 40,167 -3,122 121 —22 483 4,587 2, 347 5,517 950 143 3,268 ,156 1951 48,143 144,633 13,510 1295 384 -214 —2,135 1, S39 7,357 338 250 5,680 ,0*9 1952 62,129 66,145 -4,017 219 —72 -401 3,883 -388 6,969 333 355 5,106 L, 175 1953 65,218 74,607 -9,389 462 -25 -312 6,966 -2, 299 4,670 132 210 3,071 L.256 Semiannual totals: 1950—Jan.-June. 19,370 19,192 178 135 -43 341 227 838 5,517 950 143 3,268 1,156 July-Dec. 18,464 119,063 l 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 ]uly-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—Nov 4,151 5,161 — 1,009 127 74 -243 2,513 1,461 7,636 396 103 5,984 1,152 Dec 6,003 7,124 — 1,121 -218 -46 -145 -41 -1, 572 6,064 389 176 4,368 1,132 1953—Jan 5,061 5,737 -676 -140 29 401 11 -376 5,689 811 350 3,318 1,209 Feb. .. 5,479 5,595 -116 404 -133 -2 182 335 6,024 351 174 4,376 1,123 Mar.. 10,502 6,187 4,315 -209 12 -135 -3,099 884 . 6,908 222 448 4,983 1,255 Apr 2,849 6,362 -3,513 — 157 —50 289 105 -3, 326 3,582 393 180 1,859 1,151 May 4,380 6,241 -1,862 377 38 -428 1,930 57 3,639 221 108 2,109 1,201 June 9,744 7,988 1,756 65 32 -373 -449 1,032 4,670 132 210 3,071 1,256 July . 3,308 6,068 -2,759 -260 26 466 6,598 4,071 8,741 548 181 6,690 1,322 Aug 4,568 6,042 -1,473 299 1 -430 536 -1, 067 7,674 496 96 5,825 1,257 Sept 6,041 6,119 -79 -40 75 117 -269 196 7,478 642 183 5,255 1,398 Oct 2,659 5,477 -2,818 -149 -70 235 449 -2, 352 5,126 662 185 2,892 1,387 Nov 4,695 5,423 -728 -37 116 -376 1,822 797 5,923 451 81 4,545 847 budget expenditures Major national security programs Period Total Totals 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 i a e t - d - n I t a i e n o n o c i t m a n o d e - - 3 a r ic - l A E C n m 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 e b t r t - A e i t V s d i r o t a m e r n n a t i - 4 s - n- 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 H n h a a i o o f n n n m i u g d - c s e e - P w u o b r l k i s c o P d f i f c e o ic f i s t - e t c T t o r f r a e u t a u c o r n n s - s t s ts - Other Calendar year: 1949 41,714 19,452 12,849 6 005 560 5,482 6,364 1,226 3,104 -123 1,575 536 1,425 2,673 1950 ... 38,255 18,509 13,476 291 4 012 611 5,580 5,714 1,351 1,499 -17 ,551 643 961 2,464 1951 56,846 37,154 30,275 1 559 3 560 1,278 5,983 5,088 1,463 1,010 694 1,438 684 1,016 2,315 1952 71,366 51,121 43,176 2 975 2 652 1,813 6,065 4,433 1,508 1,564 646 1,573 775 1,193 2,487 Fiscal year: 1950 40,167 17,950 12,346 44 4 941 524 5,750 6,043 1,375 2,986 —270 1,575 593 1,383 2,781 1951 44,633 25,891 19,955 884 3 863 908 5,613 5,288 1,415 635 460 1,458 624 972 2,276 1952 66,145 46,319 39,033 2 228 2 904 1,648 5,859 4,748 1,424 1,219 614 1,515 740 1,305 2,402 1953 74,607 52,847 44,584 3 760 2 272 1,802 6,508 4,250 1,593 3,063 382 1,655 660 1,079 2,570 Semiannual totals: 1950—Jan.-June. 19,192 8,659 5,970 44 2 320 270 3,190 3,036 681 1,335 -175 673 383 157 1.254 July-Dec. 19,063 9,850 7,505 247 1 692 341 2,390 2,678 670 164 158 878 260 804 1,210 1951—Jan.-June. 25,570 16,041 12.450 637 2 170 567 3,223 2,610 745 470 302 580 364 168 1,066 July-Dec. 31,276 21,113 17,825 921 1 389 711 2,761 2,479 718 540 392 858 320 848 1,249 1952—Jan.-June. 34,869 25,206 21,208 1 306 1 514 937 3,099 2,269 706 679 222 657 420 457 1,153 Tuly-Dec. 36.497 25,915 21,968 1 669 1 137 876 2,966 2,164 802 885 424 916 355 737 1,333 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—Nov. . . . 5,161 3,876 3,302 266 128 150 185 345 124 112 101 140 93 184 Dec. .. 7,124 4,640 4,081 275 117 127 1,146 378 104 289 112 138 67 252 1953—Jan. 5,737 4,216 3,632 277 138 158 235 348 180 357 -80 89 160 20 213 Feb 5,595 4,168 3,501 316 171 151 311 339 109 285 19 70 101 192 Mar..'...'. 6,187 4,670 3,789 523 181 157 563 358 10 281 -3 88 -30 58 193 Apr. 6,362 4,582 3,891 366 120 167 372 350 239 293 —35 193 125 13 232 May 6,241 4,481 3,746 285 278 153 179 348 125 581 66 155 92 213 June 7,988 4,815 4,056 325 246 140 1,882 343 128 382 -10 145 50 59 194 July 6,068 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 P4,263 3,647 155 P171 208 354 336 211 -12 -46 161 18 P192 Nov 5,423 P4.038 P3,540 198 i'166 95 164 343 P123 n.a. n.a. P156 "<56" P95 n.a. P Preliminary. n.a. Not available. 1 Beginning November 1950, investments of wholly owned Government corporations in public debt securities are excluded from Budget expenditures, and included with other such investments under "Trust and other accounts." Adjustments for July-October 1950 investments were made by the Treasury in the November 1950 and January 1951 figures. 2Includes the following not shown separately: Maritime activities, special defense production expansion programs, Economic Stabilization Agency, and Federal Civil Defense Administration. 'Consists of foreign economic and technical assistance under the Mutual Security Act, net transactions of the Export-Import Bank, and other nonmilitary foreign aid programs, as well as State Department expenditures. * Excludes transfers to trust accounts, which are shown separately. 5Excludes expenditures for forest development of roads and trails, which are included with public works. 1358 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS—Continued [On basis of daily statements of United States Treasury, unless otherwise noted. In millions of dollars] Treasury receipts Budget receipts, by principal sources Internal revenue collections (on basis of collectors' reports) Income Deduct Period With in - a su n r d a n o c l e d - O a ta g t x h e e e s r t c M e e i r n l n i l - s a a - - l a c T n a e d r a o m r x n i o e e - n r s s O ce 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 r n m i p - o e o n - t a E a n s t d - e held ployers ceipts to old- of ceiDts and gift e b m y - Indi- Corpo- enue o m f o 8 r e or t a ru ge st ce r i e p - ts With- Other p t r a o x f e it s s taxes ployers vidual ration fund held Calendar year: 1949 11,428 19,894 8,326 794 2,123 42,565 1,666 2,777 38,122 11 591 7 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 S3,488 18 840 10 362 16 565 801 1952 23,658 34,174 10,416 902 2,639 71,788 3,814 2,451 6S,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 6?,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 Julv-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 1952— J J u a l n y . - -J D u e n c e . . . . . . 1 9 1 , , 9 9 4 4 7 2 2 9 3 , , 4 52 9 6 9 4 4, , 9 7 7 4 8 8 4 54 4 5 9 1 lt , l 2 l 5 4 1 2 42 5 , , 2 7 4 5 2 7 1 1 , , 9 6 2 4 2 6 2,0 3 0 0 0 2 3 2 8 3, ,3 8 2 0 0 9 1 9 1 , , 7 5 9 15 8 9 2 . , 2 3 1 3 0 5 1 7 4 , , 1 3 4 1 9 8 3 4 7 5 4 9 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—Nov 3,085 436 888 104 219 4,731 533 47 4,151 3,968 109 352 51 Dec 1 882 3,088 939 54 387 6,350 303 45 6,003 190 358 2 785 70 1953—Jan 989 3,111 842 30 260 5,232 117 54 5,061 1,144 2,855 501 77 Feb 3,544 1,479 856 271 150 6,300 486 336 s,479 4 990 839 404 65 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 7 849 1 667 855 654 84 May 3,399 490 922 109 220 5,140 516 244 4,380 4,520 SI 359 62 June 2,138 6 98f 939 54 206 10,323 420 159 9,744 527 1,437 5,683 60 July 1,252 174 651 937 19 286 3,619 206 105 ,308 1,792 324 651 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 6,041 313 1,631 1,767 64 Oct Pl.137 159 385 1,019 P18 176 2,894 160 75 2,659 Nov P3,418 89 336 968 P105 229 5,144 388 60 4 695 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 ti ' o r n e s p — or c t o s) nt. r S e o t c ir i e a m l s e e n c t u , r a i n ty d , Other accounts2 Period Excise and miscellaneous taxes Total i insurance accounts Total Liquor Tobacco M 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 - Other1 Calendar year: 1949 7,529 2,204 1.320 2,221 1,784 -362 5.512 L.965 3,584 -325 1950 8,150 2,419 1,348 2,519 1,864 —38 6 543 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 —4.n? 6 484 — 62 1951 8,704 2,547 ,380 2,841 1,936 295 7,251 3 360 3 752 196 353 1952 8,971 2,549 ,565 2,824 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.O2J 665 1.125 870 135 3,231 1,501 4,570 -26 July-Dec.. . 4,462 1,39I 683 1,394 994 -173 3,312 1,557 1,644 -22 -307 1951—Jan.-June. . 4,241 5 697 1,446 942 468 3,939 1,803 2,108 219 660 July-Dec.. . 4,440 1,30'1 748 1,343 1 045 291 3,967 1,352 2,398 52 126 1952—Jan.-June. . 4,531 1,24 817 1,481 988 -72 4,242 >,009 2,486 223 404 Julv-Dec . . 5,027 1,48:> 845 1,573 1 ,127 121 4,073 1,495 2,456 106 105 1953—Jan.-June. . 4,919 L,29<} 810 1,786 1,025 341 4,458 1,564 2,802 136 385 Monthly: 1952—Nov 795 ?6<) 127 268 131 127 958 388 383 93 34 Dec. 870 22C 125 313 212 —218 718 363 462 — 14 — 125 1953— jan 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 4472 266 140 4 61 -40 449 16 506 55 87 Oct — 149 328 —80 537 4 — 16 Nov -37 817 199 502 40 -113 v Preliminary. l Excess 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. 8 Consists of net investments in public debt securities of partially owned Government corporations and agencies and other trust funds beginning with July 1950, which prior to that date are not separable from the next column; and, in addition, of net investments of wholly owned Government corporations and agencies beginning with November 1950, which prior to that date are included with Budget expenditures (for exceptions see footnote 1 on previous page). 4Reporting of some excises changed to quarterly basis. DECEMBER 1953 1359 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY CASH INCOME, OUTGO, AND BORROWING DERIVATION OF CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC [On basis of daily statements of United States Treasury and Treasury Bulletin. In millions of dollars] Cash operating income, other than debt Cash operating outgo, other than debt Net cash Period T N n o e e r t t t a e l c B ei u p d t N L s g e e o s t n s: - T a P o c l c t u a t s . l : re T c L N r e u i e o p s s n t t s s : - E o in C p q c i u e n a o r a s g m a h ls t e - : T B o u ta d l get A a e L l c x e s c p s r s t e u : o n - d N i o tu I G n n r c o e t a r s v s a t h - . P T e l x u o p s t : a e l n T d r i . t L N u a e r c o s e c n s s t : - . S E l t t i x i a z o c b a n h - i P - . lus i C : c n o g le u a a n r c t - - E o o C p q u i u e n a t a r s g g a h l o s t- : i o o n c p g o u o e m t r i g r n a e o - treceipts cash1 cash2 public3 trans.4 cash « Fund6 Cal. yr.—1949 38,122 99 5,956 J.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 1,508 59,338 56,846 567 2,625 4,397 90 -26 106 58,034 1,304 1952 65,523 184 8,707 J.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 1,623 40,970 40,167 436 2,754 6,881 13 -207 -483 43,155 -2,185 1951.... 48,143 256 7,796 J.244 53,439 44,633 477 2,360 3,945 138 -13 214 45,804 7,635 1952.... 62,129 138 8,807 1,705 68,093 66,145 710 2,837 4,952 5 9 401 67,956 137 1953.... 65,218 210 8,932 1,595 71,344 74,607 694 2,774 5,169 31 -28 312 76,561 -5,217 Semiannual totals: 1950—Jan.-June. . 19,370 80 3,438 1,178 21,551 19,192 222 1,213 4,722 10 -262 -341 21,865 -315 July-Dec.. . 18,464 91 3,562 1,033 20,900 19,063 281 1,075 2,201 55 254 20,105 796 1951—Jan.-June. . 29,679 164 4,234 1,210 32,537 25,570 196 1,279 1,744 82 -13 -40 25,700 6,839 July-Dec.. . 23,809 58 4,349 1,298 26,799 31,276 371 1,346 2,653 8 -13 146 32,334 -5,534 1952—Jan.-June. . 38,320 77 4,458 1,406 41,293 34,869 338 1,488 2,298 -4 22 255 35,622 5,671 July-Dec.. . 27,204 107 4,248 1,243 30,104 36,497 396 1,319 2,527 32 16 64 37,357 -7,254 1953—Jan.-June. . 38,014 104 4,683 1,351 41,241 38,110 298 1,456 2,642 -2 -44 248 39,203 2,038 Monthly: 1952—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 2 5,754 513 Mar 10,502 2 649 106 11,042 6,187 21 107 758 1 19 135 6,970 4,072 Apr 2,849 3 443 75 3,214 6,362 40 82 488 -3 -289 6,443 —3,229 May 4,380 4 1,047 129 5,294 6,241 47 131 217 1 -44 428 6,662 -1,368 June 9,744 49 1,338 848 10,185 7.988 70 907 537 -11 373 7,932 2,253 July 3,308 31 429 91 3,615 6,068 108 120 629 2 -466 6,001 -2,386 Aug 4,568 3 1,158 196 5,526 6,042 27 194 464 5 11 430 6,720 -1,193 Sept 6,041 43 482 107 6,373 6,119 21 108 451 41 11 -117 6,294 78 Oct 2,659 10 378 78 2,950 5,477 -1 91 604 -3 -235 5,759 -2,809 Nov 4,695 839 5,423 636 376 1 Represents principally interest paid to Treasury by Government agencies and repayment of capital stock and paid-in surplus by partially owned Government corporations. 2 Represents principally interest on investments in U. S. Government securities, payroll deductions for Government employees' retirement accounts, and transfers shown as Budget expenditures. 3 Represents principally excess of interest accruals over payments on savings bonds and Budgetary expenditures involving issuance of Federal •ecurities; the latter include mostly armed forces leave bonds and notes issued to the International Bank and Monetary Fund, which are treated as noncash expenditures at the time of issuance and cash expenditures at the time of redemption. •Represents principally noncash items shown under trust account receipts (described in footnote 2); also includes small adjustments for noncash interest reflected in noncash Budget receipts (see footnote 1) and in noncash trust account expenditures (see footnote 5). 'Represents principally repayments of capital stock and paid-in surplus by partially owned Government corporations, as well as interest receipts by such corporations on their investments in the public debt (negative entry). «Cash transactions between International Monetary Fund and Exchange Stabilization Fund. (See footnote 3.) DERIVATION OF CASH BORROWING FROM OR REPAYMENT OF BORROWING TO THE PUBLIC In Plus: Cash Less: Noncash debt transactions Equals: Details of net cash borrowing from or crease, issuance of Net cash repayment ( —) ofborrowing to the public2 Period c o r r e a d s e e - Fe s d e e c r u al r it a ie g s e o nc f ies N in e t F i e n d v . . Accruals to public1 b i o ng rr , o o w r - Direct Savings Postal d (— i g d r r . e o ) b p . s t u s in b. a G n u te a e r d - a g N n u o te a n r e - - d & G o s t e v r c t . . . f a b u g y n e d n s . T I b n r o t e . n a d o s. n s a b s i n a l d l v s . P F f a e o y d rm . t s . s o e i f c n . b ( o - i r ) n r o g o w f - m & is k s c t u a o e b n s l v 3 e . . b p (i o r s i n s c u d e e s ) S n a o v t in es gs S s a i p s v e s . u c S e ia y s l s.Other* Cal yr—1949 4,331 -25 -115 2,156 585 -285 1,739 —2,275 1,125 3,020 15 — 146 1950 -423 -6 355 94 602 163 -929 -2,649 751 1,021 -250 198 1951 2,711 18 37 3,418 718 -125 -1,242 1,999 — 1,191 -1,099 —997 46 1952 7,973 12 -102 3,833 770 -74 3,353 5,778 —406 — 1,784 — 113 — 122 Fiscal yr.—1950 4,587 -8 -14 -308 574 68 4,231 211 728 3,601 -150 -158 1951 -2,135 10 374 3,557 638 -149 -5,795 -3,943 -467 -657 -1,093 365 1952 3,883 16 -88 3,636 779 -79 -525 1,639 -717 -1,209 -155 -82 1953 6,966 7 -32 3,301 719 3 2,918 «5,295 fi-103 -2,164 — 100 -10 Semiannual totals: 1950—Jan.-June. . . 227 -10 -33 -1,450 265 219 1,152 112 462 834 -80 -176 July-Dec -650 4 388 1,544 337 -56 -2,081 -2,761 292 187 -170 371 1951—Jan.-June. .. -1,486 5 -13 2,014 301 -92 -3,714 -1,184 -758 -845 -923 -5 July-Dec.. . . 4,197 13 51 1,404 417 -33 2,472 3,183 -432 -255 —74 51 1952—Jan.-June. . . -313 3 -139 2,232 361 -45 -2,998 -1,544 -285 -955 -81 -134 July-Dec 8,286 8 37 1,601 409 -29 6,351 7,322 -121 -829 -32 11 1953—Jan.-June. . . -1,320 -2 -69 1,700 308 34 -3,433 * -2,027 618 -1,335 -68 -21 Monthly: 1952—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 «1,571 5_i47 -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 6-122 252 —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 — 1 457 —51 —36 618 _7 — 67 Nov 1,822 8 108 240 1,647 -22 -53 -36 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. aMost changes in convertible Series B investment bonds, 1975-80, reflect exchanges of, or conversions into, marketable issues and thus cancel out in this column. An exception was the sale for cash of about 300 million dollars in June 1952. * Includes cash issuance in the market of obligations of Government corporations and agencies and some miscellaneous debt items. 'Excludes exchanges of savings bonds into marketable bonds. 6See footnote 2 at bottom of following page. 1360 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY CASH INCOME, OUTGO, AND BORROWING—Continued DETAILS OF TREASURY CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC [Classifications derived by Federal Reserve from Treasury data. In millions of dollars] Cash operating income Cash operating outgo Period Total t i a n D u x d i a e i r l v s e s i c o i d t n - t c a 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 n S e s o i . c p i r t a e s l 2 - c O o c i t a m n h s - e h e r 3 D R c o e e e f d f i p u u r 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 4 c, e d I s n e t t b e o t r 6 n - g e r V p r a r a m e o n t - s - s 6 s g e S r p c a o r u m c o r i - i a s 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—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 May 5,294 3,076 359 860 1,000 243 244 6,662 4,438 127 406 529 1,162 June 10 185 3,081 5,683 879 528 173 159 7,932 4,817 1,045 401 543 1,126 July 3,615 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 3,292 1,636 917 399 192 63 6,294 4,404 525 378 509 478 Oct. 2,950 P\,193 385 P963 P268 P216 75 5,759 P4,264 322 456 P627 Nov P3,178 336 P908 P789 60 P4 039 393 P572 ^Preliminary. 1 Income taxes include current and back taxes; individual taxes also include estate and gift taxes and, prior to July 1953, adjustment to Treasury daily statement. Income taxes through June 1953 are from internal revenue collectors' reports, thereafter from Treasury daily statement. 3Includes taxes for old-age and unemployment insurance, carriers taxes, and veterans life insurance premiums. 8Represents mostly nontax receipts. 4 Represents Budget expenditures adjusted for net redemptions of armed forces leave bonds and special International Bank and Monetary Fund notes. 5Represents Budget expenditures less the excess of interest accruals over payments on savings bonds and Treasury bills and less interest paid by the Treasury to (1) trust funds and accounts and (2) Government corporations not wholly owned. 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 All series Series A-E and H Series F, G, J and K 1 asand savings notes Year or 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—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 57,920 340 300 35,939 31 1606 21,981 1,714 1,719 4,793 June.. 370 1485 57,886 340 308 36,048 30 U78 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 P146 21,587 479 208 4,977 Sept... 368 457 57,795 343 P326 36,311 25 P130 21,484 952 290 5,639 Oct.. . 384 419 57,775 357 P2S9 36,391 27 P129 21,385 687 68 6,258 P Preliminary. iFigures for May include 390 million dollars and those for June include 18 million of reported exchanges of F and G bonds maturing in 1953, for marketable bonds of June 1978-83. An additional 8 million dollars of exchanges represented accrued discount of F bonds and is not included above. 2 Due to a change in Treasury processing, a large amount of redemptions of E bonds in July was not broken down as to issue price and accrued discount. Hence, the redemptions figure shown includes some accrued discount. This situation 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. DECEMBER 1953 1361 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES [On basis of daily statements of United States Treasury. In millions of dollars] Public issuesl Marketable Nonmarketable E m n o d n t o h f d T g e r o b o t s t a * s l d d g e i r i b o e s t c s a t Total Total Bills c C e i a e n d t r e d n t s e i e f o b s i s - t f - Notes B e b l l a i e g n * i k B - on s d t B s r r i a e c n - t k ed b v C i o b e o n r l n e d t- - s Total5 b S i o n a n g v d - s s n s i T a n o a n a t g v d e x s - s S i p ss e u c e ia s l 1940—Dec 50, 94? 45, 0?S 39, 089 35, 64 S 1 110 6 178 ?«• 1S6 3,444 3,195 s 170 1941—Dec. 64 ?6^ 57 918 50 469 41 S6? ? 00? s997 11 S61 g 007 6,140 ?,471 (5,982 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 170,108 165,877 151,80S 115,?10 n 07? ?? 841 11 17S SSS91 1? SSO 16,S74 27,363 8 S86 1? 701 1 1 19 9 9 4 4 4 6 5 4 — — — D £ o ) e e e c c c< 2 2 2 3 5 7 2 9 8 , , ,6 4 1 8 8 4 2 7 4 2 2 2 7 5 3 8 9 0 , , 6 1 1 3 1 4 0 5 9 2 2 2 1 5 3 2 5 3 , . , 6 5 0 9 6 6 3 5 4 1 1 1 6 7 9 1 8 6 , 6 6 7 4 1 7 8 3 8 1 1 1 6 7 7 4 0 0 2 3 3 8 7 3 3 3 2 0 8 9 , , , 4 9 1 0 8 5 1 7 5 2 2 1 3 2 0 0 9 0 6 3 9 7 9 0 6 6 6 6 9 8, 9 4 8 3 0 6 1 3 6 2 5 4 4 2 9 2 8 6 1 3 5 6 6 0 5 5 5 0 6 6 , , , 9 9 4 1 1 5 5 7 1 4 4 4 9 0 8 , , , 7 3 1 7 6 8 6 1 3 9 8 5 , , , 2 7 8 3 2 4 5 5 3 2 2 1 0 4 6 , , , 0 3 5 0 2 8 0 6 5 1947—June 258 176 258 ?86 227,747 168 70? IS 77S ?s ?96 8 14? 69 *S? 49 616 S9,04 S 51,367 s S60 ?7 166 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 252 166 252 ?99 219 8S? 160 146 n 7S7 ?? S88 11 17S 6? 990 49 616 SQ, S06 53,274 4 194 10 ?11 Dec 252 854 252 800 218 865 157 482 12 224 26 525 7 131 61 966 49 636 61,383 55,051 4,572 31,714 1949—june 252 798 252 770 217 986 155 147 11 S16 ?9 4?7 1 S96 60 9S1 49 616 62,819 56,260 4 860 1? 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 18418 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 ?51 255 ??? 218 198 137 917 11 614 9 S09 IS 806 4? 9?8 16 061 11 S71 66,708 57,572 7,818 14 6S1 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—Nov 267 483 267 432 226 557 148 772 21,715 16902 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 15958 30,282 59 483 21,012 12 484 65 258 58,268 5,642 39,302 Mar 2 2 6 64 4 6 S 4 1 ? 6 2 2 6 64 4 4 S 8 9 S 0 2 2 2 23 3 0 0 0 77 S 1 1 4 46 5 9 m 88 1 19 9 ,1 ?1 1 1 ? 1 1S S 9 9 S S 9 9 1 10 0 1 17 ? S 7 6 S 1 94 ?1 8 8 ? ? 1 1 7 0 ? 0 49 9 1 1? ? 4 1 1 91 8 6 64 4 S SS 9 I 9 5 5 8 8 ,4 3 1 7 3 1 4 4,7 8 9 7 8 9 1 19 9 4 1 7 S 4 4 May .... 266 S7? 266 S?< 224 71S 148 1?4 19,911 is 9S9 10,411 64 79S 17 ?48 1? 1SS 64 0S6 57,920 4,791 19,710 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 273,001 272,937 229,78. 152,804 19,508 26,369 33,578 59,944 13,406 12,168 64 814 57,795 5,639 40,958 Oct. .. . 273 4S9 273 186 230 401 152 977 19 S09 ?6 18S ^ 716 S9 94? 11 404 V*o?s 6S 40? 57,775 6,258 40,888 Nov 275,282 275,209 232,115 154,726 19,509 26,386 33,249 62,181 13,402 12,012 65 377 57,806 6,204 41,013 1 Includes some debt not subject to statutory debt limitation (such debt amounted to 575 million dollars on Nov. 30, 1953) and fully guaranteed securities, not shown separately. 2 Includes noninterest-bearing debt, not shown separately. 3 Includes amounts held by Government agencies and trust funds, which aggregated 7,078 million dollars on Oct. 31, 1953. * Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds. 5Includes Series A investment bonds, depositary bonds, armed forces leave bonds, and adjusted service bonds, not shown separately. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in millions of dollars] Total Held by Held by the public gross U. S. Government debt agencies and End of month in ( a s i g n e n t i c c t e g e u l s u u e r ) d i a d - r - - S is p t s e r u c u e i s a s t l fun P is d u s s b u 1 l e i s c Total R F B e e a d s n e e r k r v a s e l m b C a e o n r m c k i s a - 2 l M s b a a v u n i t n u k g a s s l p I c a n a o n s n m c u ie e r - - s r c O a o t t r i h o p e o n r - s g m S o l a o v t e n c a e n d a t r t e l n s - S b a o v I n i n n d d g s i s vid se u O c a u t l h s ri e ti r es l M i a n t n i o v e s e r c o s s e u 3 - l s - 1940—Dec 50,942 5,370 2,260 43,312 2,184 17,300 3.200 6,900 2,000 500 2,800 7,800 700 1941—Dec 64,262 6,982 2,558 54,722 2,254 21,400 3,700 8,200 4,000 700 5,400 8,200 900 1942—Dec 112,471 9,032 3,218 100,221 6,189 41,100 4.500 11,300 10,100 1,000 13,400 10,300 2,300 1943—Dec 170,108 12,703 4,242 153,163 11,543 59,900 6,100 15,100 16,400 2,100 24,700 12,900 4,400 1944—Dec 232,144 16,326 5,348 210,470 18,846 77,700 8,300 19,600 21,400 4,300 36,200 17,100 7,000 1945—Dec 278.682 20,000 7,048 251.634 24,262 90,800 10,700 24,000 22,000 6,500 42,900 21,400 9,100 1946—Dec 259,487 24,585 6,338 228,564 23,350 74,500 11,800 24,900 15,300 6,300 44,200 20,100 8,100 1947—June 258,376 27,366 5,445 225,565 21,872 70,000 12,100 24,600 13,900 7,100 45,500 20,900 9,600 Dec 256,981 28,955 5,404 222,622 22,559 68,700 12,000 23,900 14,100 7,300 46,200 19,400 8,400 1948—June 252,366 30,211 5,549 216,606 21,366 64,600 12,000 22,800 13,600 7,800 47,100 18,600 8,700 Dec 252,854 31,714 5,614 215,526 23,333 62,500 11,500 21,200 14,800 7,900 47,800 17,600 8,900 1949—June 252,798 32,776 $,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—Sept 262,722 38,360 6,692 217,670 23,694 61,600 9,700 16,100 20,200 10,900 49,000 15,200 11,300 Oct 264,964 38,390 6,681 219,893 23,575 63,100 9,600 16,000 20,500 10,900 49,000 15,200 12,000 Nov 267,483 38,788 6,757 221,938 23,821 64,200 9,500 16,100 21,000 10,900 49,100 15,100 12,200 Dec 267,445 39,150 6,743 221,552 24,697 63,400 9,500 16,000 21,000 11,000 49,200 15,000 11,700 1953—Tan 267,450 39,097 6,895 221,458 23,944 62,800 9,500 16,200 21,400 11,100 49,300 15,000 12,300 Feb 267,634 39,302 6,869 221,463 23,875 61,900 9,600 16,100 21,800 11,100 49,400 15,200 12,500 Mar 264,536 39,354 6,908 218,274 23,806 59,500 9,600 16,000 20,700 11,300 49,500 '15,400 12,500 Apr 264,642 39,474 6,866 218,302 23,880 '59,100 9,500 16,000 20,500 11,300 49,600 '15,400 13,000 May 266,572 39,710 7,057 219,805 24,246 '58,600 9,600 16,000 21,400 11,700 49,300 '16,200 12,800 June 266,123 40,538 7,022 218,563 24,746 '58,800 9,500 15,900 19,200 11,800 49,300 '16,500 12,800 July 272,732 40,594 7,007 225,131 24,964 '63,500 9,500 15,900 20,300 12,000 49,300 '16,400 13,300 Aug 273,269 40.988 6,986 225,295 25,063 '62,700 9,500 15,900 20,800 12,000 49,300 '16,500 13,500 Sept 273,001 40,958 7,076 224,967 25,235 62,500 9,500 15,900 20,500 12,000 49,300 16,700 13,400 r Revised. 1 Includes the Postal Savings System. includes holdings by banks in territories and insular possessions, which amounted to 300 million dollars on June 30, 1953. •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. 1362 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 November 30, 1953 [On basis of daily statements of United States Treasury. In millions of dollars] Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills1 Certificates Treasury bonds Treasury bonds—Cont. Dec. 3, 1953. . 1,500 Feb. 15, 1954 2\i 8,114 June 15, 19543 .. .2 510 Dec. 15, 1963-68. . .2^ 2,827 Dec. 10, 1953. . 1,501 June 1, 1954 2% 4,858 June 15, 1954 , . .2 5,825 June 15, 1964-69. ..2^ 3,755 D D D e e e c c c . . . 3 2 1 1 4 7 , , , 1 1 1 9 9 9 5 5 5 3 3 3 . . . . . . 1 1 1 , , , 5 5 5 0 0 0 0 0 1 A S M e u a p g r t . . . 2 1 1 2 5 5 , , , 1 1 1 9 9 9 5 5 5 4 4 4 2 2 2 2 } % % 4 4 5 2 , , , 9 7 7 0 8 2 2 8 4 J J J M u u u n n n ar e e e . 1 1 1 1 5 5 5 5 , , , , 1 1 1 9 9 9 5 5 5 4 4 4 4 - - 5 5 6 5 6 .. . • . . r 2 . . M x 2 8 2 1 , , , 6 6 6 5 1 8 6 0 1 1 2 1 J D M M u e a a n c r e r . . . 1 1 1 1 5 5 5 5 . , , , 1 1 1 1 9 9 9 9 6 6 6 6 7 6 4 5 - - - - 7 7 6 7 2 1 9 0 • . 6 * . . . . . . . . 2 2 2 2 y 3 J H 2 ^ ^ 3 4 2 1 , , , , 8 8 9 7 3 9 6 2 2 2 2 0 J J J F F J F F a a a a e e e e n n n n b b b b . . . . . . . . 2 2 2 1 1 1 1 4 8 5 4 1 7 8 , , , , , , , , 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 5 5 5 5 5 5 5 5 4 4 4 4 4 4 4 4 . . . . . . . . . . . . . . . . 1 1 1 1 1 1 1 1 , , , , , , , , 5 5 5 5 5 5 5 5 0 0 0 0 0 0 0 0 2 1 1 1 0 1 1 0 T O A A O D M M D r M c c p p e e a a e a t t r r c c r a r r . . . . . . s . . . u 1 1 1 1 r 5 5 5 5 1 1 1 1 1 y , , , , , , , , , n 1 1 1 1 o 9 1 1 1 1 1 9 9 9 t 9 5 9 9 9 9 5 5 5 e 5 5 5 5 5 5 s 5 7 4 3 6 7 7 6 2 1 2 6 4 5 1 0 , , , , , , 9 8 0 3 6 0 8 5 5 0 5 9 6 7 1 2 3 5 7 4 6 5 5 4 1 2 0 S J J S J D D S D M M u u u e e e e e e n n n a a p p p c c c r e e e r t . . t . t . . . . . 1 1 1 1 1 1 1 1 1 1 1 5 5 5 5 5 5 5 5 5 5 5 , , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 5 5 5 5 5 5 5 6 5 5 5 8 8 6 5 8 9 9 0 7 6 6 - - - - - - - - - 5 6 6 6 6 6 5 5 5 9 0 3 2 2 5 9 8 9 . . 6 6 6 6 . . . . . . . . . . . . ' • • • • . . . 2 2 2 2 .2 % 2 2 2 H H H H H % H 3 3 4 5 2 1 1 , , , , , , , 9 9 6 4 9 2 8 2 2 4 4 2 1 6 8 2 4 3 2 8 7 4 7 9 2 0 6 5 9 2 8 5 9 C P P S J b D a o o u e o e s n n n p c n t a v e . a t d . m e l s r 1 1 1 a S t 5 5 5 i a , b , , C v 1 1 1 l a e i 9 9 9 n n 6 6 7 b g a 7 7 8 s o l - - - n 7 7 L 8 2 d 2 3 o . 8 s . a . . . . . n . 3 2 . 2 M 2 H . \ ^ 3 i 3 2 1 , , ,6 8 7 0 2 1 5 5 6 7 6 7 0 Apr. 1,1958 1 383 June 15, 1961 • 2M 2,116 Investment Series B Oct. 1, 1958 1 22 1962-67.. 2H Apr. 1, 1975-80. . .2 12,012 1Sold on discount basis. See table on Open Market Money Rates, p. 1357. 2Tax anticipation series. 3Maturity Dec. 15, 1955. ^Maturity Dec. 15, 1954. 5partiany tax exempt. ^Restricted. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES • Marketable and Convertible Direct Public Securities [Par values in millions of dollars] Total G a U g o . e S v n . t - . F e e ra d l - Com- M tua u l - c 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 tua u l - c I o n m su p r a a n n i c e e s End of month out- 6. Re- mer- sav- Other End of month out- cies Re- mer- sav- Other st i a n n g d- f t u a c ru n n ie d d s s t s B se a r n v k e s ba ci n a k l s b i t n in g k s s Life Other st i a n n g d- f t u a ru n n d d st s B se a r n v k e s ba c n ia k l s b i a n n g k s s Life Other Type of security: Type of security: Total marketable Convertible bonds and convertible: (Investment 1 1 1 9 9 9 5 5 5 1 2 3 — — — D D J J J u u u e e n n n c c e e e 1 1 1 1 1 5 5 5 5 6 1 4 3 9 1 , , , , , 4 5 7 6 0 9 0 4 7 8 0 2 5 5 1 6 6 6 6 6 , , , , , 1 2 6 4 8 7 5 1 9 6 7 1 3 9 7 2 2 2 2 2 2 3 2 4 4 9 8 9 6 7 8 0 0 9 4 2 1 6 7 6 5 5 5 5 5 4 1 4 5 1 , , , , , 3 6 0 3 8 0 7 3 6 2 2 1 8 5 8 9 9 8 8 8 , , , , , 5 1 7 8 8 0 2 4 1 4 4 3 0 6 3 1 1 9 9 9 1 02 3 6 1 5 8 4 3 1 1 9 7 8 3 4 4 4 4 4 4 , , , , , 8 1 3 7 2 0 6 0 4 1 8 1 1 6 1 4 4 4 5 5 6 5 7 0 3 , , , , , 6 9 6 8 3 7 7 9 5 9 9 9 4 5 1 S 1 1 1 9 e 9 9 r 5 5 5 i 1 3 e 2 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 3 2 3 2 2 , , , , , 5 0 0 5 3 7 6 0 4 9 3 0 0 0 5 2 2 3 3 3 9 9 4 4 4 0 0 3 3 3 5 5 7 9 8 2 1 , ,2 7 7 1 1 1 4 4 4 1 1 1 1 1 6 7 8 9 8 6 2 2 1 5 1 1 1 1 1 , , , , , 2 3 3 2 3 5 5 1 4 5 2 2 4 6 6 2 2 3 3 3 , , , , , 9 1 1 9 1 7 7 2 3 2 9 2 1 3 3 3 3 3 3 3 1 1 6 6 5 2 8 0 2 3 3 3 3 3 3 , , , , , 2 3 9 8 9 1 8 0 6 8 9 1 4 4 7 Aug 165,967 6,858 2506354,882 8,829 9336 4,864 56,135 Aug 12,273 3 439 182 t ,311 3,073 349 3,920 Sept 164,972 6,949 25 23554,730 8,766 9 276 4,863 55,153 Sept 12,168 3 439 178 1,282 3,035 332 3,901 Treasury bills: Marketable secu- 1951—June 13,614 26 527 3,750 122 756 72 8,360 rities, maturing:2 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 1341 7,047 137 464 119 12,518 Dec 48,204 112 13,43714,081 182 648 576 19 167 1953—June 19,707 106 1455 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 Aug 20,208 56 1772 4,556 133 384 130 13,178 1953—June 64,589 163 15,50519,580 476 390 1,082 27,393 Ce 1 rt 9 i 5 fi 1 c — ate S J s u e : n p e t 1 9 9 , , 5 5 0 0 9 8 1 8 7 4 3 19 1 4 9 3 4 2 4 , , 7 5 5 0 3 0 1 3 1 7 1 3 1 8 1 6 3 1 1 7 3 4 4 1 3 2 , , 2 3 2 5 1 0 A Se u p g t 7 66 0 , , 9 8 1 9 9 1 1 1 3 9 5 1 1 1 5 5 , , 8 9 2 9 2 3 2 20 3 , , 7 1 0 0 4 5 5 4 6 5 7 7 4 4 5 6 7 9 1 1 , , 1 0 3 0 4 1 2 28 9 , , 1 6 0 7 3 1 1 1 9 9 5 5 3 2 — — D D J J u u e e n n c c e e 2 2 1 1 8 9 5 6 , , , , 4 8 0 7 5 2 1 7 4 3 2 8 4 6 2 3 9 0 7 0 1 1 4 5 1 2 0 9 8 7 9 6 2 9 6 1 1 3 4 4 6 6, , , , 3 7 7 8 5 9 7 7 1 1 3 7 1 3 4 8 2 7 1 7 0 21 5 2 7 7 6 7 6 3 3 4 3 1 1 7 4 0 7 8 5 9 6 8 6 , , , , 0 7 0 4 6 5 2 9 1 2 4 2 1-5 1 1 9 9 y 5 5 e 1 2 a — — rs D D J : J u u e e n n c c e e 4 4 4 3 4 7 5 4 , , , , 7 9 0 4 1 4 3 0 3 5 3 1 4 4 3 7 5 6 1 7 5 6 7 7 , , , , 1 6 1 2 8 4 8 3 8 6 8 5 2 2 2 2 2 9 7 7 , , , , 2 3 8 9 7 8 5 9 2 1 8 1 4 2 3 6 1 5 7 1 9 9 0 3 2 1 1 4 6 3 8 8 3 2 1,0 9 9 9 3 9 1 9 5 2 0 6 8 8 8 6 , , , , 1 4 9 5 3 2 3 8 3 8 4 3 Aug 21,655 53 4 996 7,878 162 47 355 8,165 1953—June 32,330 152 6,45218,344 464 109 914 5,895 Sept 26,369 78 5 852 9,540 246 70 471 10,112 Aug 32,380 139 6,45218,179 448 132 947 6,083 Treasury notes: Sept 35,465 149 6,45220,317 554 117 1,088 6,788 1951—June 35,806 14 1243913,704 120 208 478 8,841 5-10 years: Dec 18,409 3 5 06810,465 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 1377410,955 49 8 486 4,978 1952—June 15,122 387 693 7,740 1,357 497 765 3,684 1953—June 30,425 23 1377410,355 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 1,395 745 1,104 4,865 Marketab A S le e u p b g t onds*1 3 3 3 0 , , 5 49 7 2 8 2 1 8 8 1 1 3 3 7 7 7 7 4 4 1 1 0 2, , 2 1 7 3 3 8 1 5 6 9 8 2 1 9 5 5 6 6 8 2 7 5 6 , , 9 6 1 3 3 3 A Se u p g t 1 1 8 8 , , 6 6 7 7 5 5 4 4 0 0 5 5 1 1 , , 3 37 7 4 4 8 8, , 9 8 7 9 8 5 1 , ,3 3 2 5 5 7 7 7 1 0 1 1 1 1 , , 0 0 9 9 9 1 4 4 , , 7 8 9 4 1 2 1T1 Cii 1 I 1 1VV 9 9 9Vti 5 5 5UI 2 3 1\J — — —UWl D D l J J JUO u u ut e e n n n c c e e e 7 7 7 8 7 1 5 9 7 8 , , , , , 3 8 8 9 0 4 0 9 8 9 9 2 0 9 7 3 3 2 3 3 , , , , , 2 3 0 9 2 1 0 4 2 4 5 0 6 8 3 4 4 4 4 4 4 5 5 1 1 2 2 2 3 0 2 2 2 0 8 3 3 3 3 S 2 2 1 0 O , , , , , 0 1 2 8 7 6 4 1 9 1 6 9 9 8 0 7 7 7 7 7 , , , , , 2 9 6 1 2 3 7 9 6 2 2 4 7 5 1 5 5 5 7 6 , , , , , 8 8 8 7 1 5 0 5 2 3 5 7 5 0 9 3 3 3 3 3 0 4 4 1 1 8 2 8 2 2 4 9 7 0 5 2 2 2 2 2 4 3 1 2 2 , , , , , 8 0 5 1 0 7 9 2 8 6 2 0 9 0 8 Af 1 1 1 te 9 9 9 r 5 5 5 3 1 2 1 — — — 0 D D J J J y u u u e e e n n n c c a e e e rs: 4 4 3 3 31 1 4 1 1 , , , , , 7 1 6 1 0 3 6 9 8 8 9 8 8 1 1 2 3 2 2 2 9 0 4 4 7 6 4 3 9 2 4 7 6 6 3 2 2 2 1 1 , , , , , 1 4 4 4 4 1 1 0 1 2 5 5 9 0 8 4 5 5 5 5 , , , , , 2 4 1 5 2 1 7 8 4 0 0 7 8 4 7 5 7 7 5 5 , , , , , 1 0 2 5 3 6 9 0 3 5 7 1 2 7 3 4 4 6 5 6 , , , , , 9 7 8 3 4 9 6 0 7 7 1 1 9 0 0 2 2 1 1 1 , , , , , 6 3 3 2 1 5 5 6 1 6 2 6 1 3 1 1 1 1 1 1 1 2 4 0 4 , , , , , 0 6 6 3 6 5 4 7 0 2 9 3 3 9 1 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 Sept 73,350 3,320 3 666,28,239 6,960 5,770 3 239 22,156 Sept 31,745 2 764 1,415 4,552 5,148 4,953 1,344 11,569 * 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. 1 Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds. 2Beginning 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. DECEMBER 1953 1363 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 Prop a o l s l e d c o u r s p e o s r a o t f e n i e s t s u p e r r o s c 6 eeds, Noncorporate Corporate New capital Re- Y m e o a n r t o h r Total G m U o e v . n S er t . n 8 - ag F e e r e n a d c l - y* S n m a p t i n a c a u d i t l - - e Other* Total Total o B P f l o f i u e c n r l b y d e - s 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 c e e k - d C s m t o o o m c n k - Total m N o e n w ey7 p l M p a c o o u e n u s i l r s s e e - - - - s d m b e t R e i a t o r e c b e n f e n - . t k - 8 t , r s m t i e i t o e r c i f e e n u s - t - 1938 5,926 2,480 115 1,108 69 2,155 2,044 1,353 691 86 25 903 681 7 215 1,206 1939 5,687 2,332 13 1,128 50 2,164 1,979 1,276 703 98 87 420 325 26 69 1,695 1940 6,564 2,517 109 1,238 24 2,677 2,386 1,628 758 183 108 762 569 19 174 1,854 1941 15,157 11,466 38 956 30 2,667 2,389 1,578 811 167 110 1,040 868 28 144 1,583 1942 . . . 35,438 33,846 1 524 5 1,062 917 506 411 112 34 647 474 35 138 396 1943 44,518 42,815 2 435 97 1,170 990 621 369 124 56 408 308 27 73 789 1944 56,310 52,424 1 661 22 3,202 2,670 1,892 778 369 163 753 657 47 49 2,389 1945 54,712 47,353 506 795 47 6,011 4,855 3,851 1,004 758 397 1,347 1,080 133 134 4,555 1946 18,685 10,217 357 1,157 56 6,900 4,881 3,019 1,862 1,126 891 3,889 3,279 231 379 2,868 1947 19,941 10,589 2,324 451 6,577 5,035 2,888 2,147 761 778 5,115 4,591 168 356 1,352 1948 20,250 10,327 2,690 156 7,078 5,973 2,963 3,010 492 614 6,651 5,929 234 488 307 1949 21,110 11,804 216 2,907 132 6,052 4,890 2,435 2,455 424 736 5,558 4,606 315 637 401 1950 19,893 9,687 30 3,532 282 6,361 4,920 2,360 2,560 631 811 4,990 4,006 364 620 1,271 1951 21,265 9,778 no 3,189 446 7,741 5,691 2,364 3,326 838 1,212 7,120 6,531 226 363 486 1952 . ... 26,961 12,577 459 4,105 237 9,582 7,649 3,645 4,005 564 1,369 8,769 8,223 174 371 660 1952—Oct 2,047 531 294 66 1,157 980 400 581 6 170 1,052 893 11 148 89 Nov 1,108 480 219 25 384 314 126 188 20 49 340 293 34 13 38 Dec. , , 2,079 547 231 389 4 908 731 140 591 58 119 851 780 43 28 46 1953—Jan. 1,783 611 30 392 86 664 497 186 310 51 116 634 603 6 25 21 Feb 1,592 494 390 2 706 536 307 229 47 123 666 635 8 23 28 Mar 1,604 503 405 696 517 153 364 62 116 672 630 17 24 12 Apr 1,667 491 349 9 818 659 375 284 35 124 789 757 18 13 17 May 4,630 3,244 650 5 731 484 287 197 82 165 696 612 35 49 19 June 3,053 1,454 416 3 1,179 988 575 413 33 159 1,134 1,046 24 64 27 July 1,928 884 522 1 521 407 '106 301 31 82 '501 479 9 13 9 Aug 1,430 853 260 2 315 243 133 7 65 ••307 278 9 19 2 Sept. 2,576 1,320 454 36 766 675 439 235 44 47 753 695 38 20 3 Oct 2,248 1,070 76 473 50 579 344 151 193 23 212 543 517 7 19 23 Proposed uses of net proceeds, by major groups of corporate issuers Manufacturing C m om is m ce e ll r a c n ia e l o a u n s d Transportation Public utility Communication a R nd ea f l i e n s a t n at c e ial Year or month T c p n e o r e e t o d a t - l s N it e a w P 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 e n o r e e t o d a t - s l N c it a e a p w l - " m R e e n ti t r s e 1 - 0 T c p e n o r e e t o d a t - s l N c it a e a p w l - * m R e e n ti t r s e 1 - 0 T c p e n o r e e t o d t a - s l N ca e p w - m R e e n ti t r s e - i° T c p e n o r e e t o d t a - s l N ita ew f» m R e et n ir ts e 1 - 8 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 2,276 2,043 233 567 517 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 2.412 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—October.... 645 630 15 30 29 1 30 29 2 347 280 67 27 26 1 61 58 3 D N e o c v e e m m b b e e r r . . . . 3 1 2 6 7 4 3 1 0 4 9 7 1 1 8 8 1 2 4 1 9 1 2 4 1 8 i' 1 4 1 5 5 3 9 2 3 2 1 3 2 2 4 1 3 6 21 4 3 3 3 4 3 8 4 4 3 7 3 1 1 5 5 6 6 5 5 0 5 7 1 1953—January 283 276 7 24 24 51 38 14 245 245 4 4 47 47 1 February... 148 144 3 92 89 "•'3' 51 33 18 257 254 3 7 7 140 140 March 203 194 9 31 30 1 81 81 212 210 2 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 <j July 145 141 4 55 51 4 46 46 210 210 15 15 39 38 1 S A e u p g t u em st ber.. 1 5 2 5 2 1 5 2 4 2 1 2 1 2 9 2 1 1 8 1 1 3 1 2 5 3 1 2 5 24 9 3 7 24 9 2 7 i' 2 8 9 9 2 8 9 9 25 9 1 1 25 9 0 1 1 October.... 35 35 87 85 2 46 46 350 329 21 10 10 38 38 1 Estimates of new issues sold for cash in the United States. 2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 3 Includes issues guaranteed. * Issues not guaranteed. 6 Includes foreign government; International Bank; and domestic eleemosynary and other nonprofit. 8 Estimated net proceeds are equal to estimated gross proceeds less cost of notation, i. e., compensation to underwriters, agents, etc., and expenses. 7 Includes proceeds for plant 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 ihort-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. 1364 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 1952 1953 1947 1948 1949 1950 1951 1952 Manufacturing Total (200 corps.):1 Sales 31,967 38,190 37,803 4520452,33153,81013,06612,914 12,54315,28715,70916,51915,424 Profits before taxes 4,178 5,390 5,122 7,993 8,668 7,125 1,957 1,643 1,525 2,000 2,241 2,471 2,083 Profits after taxes 2,569 3,356 3,151 4,106 3,456 3,096 839 643 688 926 848 920 879 Dividends 1,193 1,429 1,686 2,272 2,015 2,010 489 483 482 556 491 485 487 Nondurable goods industries (94 corps.):12 Sales 12,438 14,588 13,90615,84718.55718,813 4,638 4,525 4,692 4,958 4,964 5,068 5,035 Profits before taxes 1,860 2,282 1,930 2,798 3,290 2,693 724 62 669 672 748 769 768 Profits after taxes 1,210 1,520 1,263 1,563 1,451 1,291 326 300 318 347 338 346 368 Dividends 575 682 736 919 872 891 216 213 212 251 216 213 213 Durable goods industries (106 corps.):13 Sales 19,529 23,602 23,89729,35733,774 34,997 8,428 8,389 7,85110,32910,74511,450 10,390 Profits before taxes , 2,319 3,108 3,193 5,195 5,378 4,432 1,233 1,015 857 1,328 1,493 1,702 1,315 Profits after taxes 1,359 1,837 1,* 2,544 2,005 1,804 513 342 370 579 511 573 510 Dividends 618 748 950 1,352 1,142 1,119 273 270 270 305 275 272 274 Selected industries: Foods and kindred products (28 corps.):1 Sales 4,238 4,528 4,223 4,402 4,909 5,042 1,228 1,220 1,280 1,315 1,316 1,346 1,354 Profits before taxes 466 455 434 532 473 446 100 116 127 104 99 128 131 Profits after taxes 287 285 268 289 227 204 46 52 57 50 46 54 57 Dividends 142 148 149 161 158 154 36 38 37 43 35 37 37 Chemicals and allied products (26 corps.) :l Sales 3,193 3,674 3,680 4,577 5,573 5,695 1,406 1,369 1,401 1,520 1,545 1,568 1,506 Profits before taxes 563 674 693 1,133 1,421 1,200 322 286 289 304 357 346 327 Profits after taxes 346 420 415 572 496 458 112 108 109 128 123 125 124 Dividends 222 263 321 448 363 381 89 89 90 114 90 90 91 Petroleum refining (14 corps.): Sales 2,906 3,945 3,865 4,234 4,999 '5,319 1,318 1,274 1,325 1,402 1,381 1,396! 1,460 Profits before taxes 456 721 525 650 '863 '686 204 147 165 '171 '194 '189 225 Profits after taxes 350 548 406 442 '515 '485 '130 111 115 '129 '127 124 150 Dividends 127 172 172 205 231 '252 64 60 60 69 65 61 61 Primary metals and products (39 corps.): Sales 7,545 9,066 8,18710,44612,501 11,557 -3,074 2,385 2,605 3,494 3,428 •3,653 3,491 Profits before taxes 891 1,174 993 1,700 2,092 1,161 425 08 208 '431 457 '560 512 Profits after taxes 545 720 578 854 '776 '575 '228 '31 '100 '217 183 '212 203 Dividends 247 270 285 377 ••381 367 88 87 86 106 Machinery (27 corps.):1 Sales 3,658 4,563 4,363 5,071 6,183 7,082 1,594 1,725 1,697 2,066 1,967 2,045 1,957 Profits before taxes 449 570 520 850 1,003 974 233 232 218 290 276 298 245 Profits after taxes 274 334 321 425 '370 380 83 80 89 128 89 103 97 Dividends 116 127 138 208 192 200 49 49 49 53 50 49 49 Automobiles and equipment (15 corps.): Sales 6,692 8,093 9,57711,80512,496 -12,825'3.032 3,427 2,681 3,684 4,308 4,657 3,917 Profits before taxes 809 1,131 1,473 2,3051,923 r1,945 '•501 596 '345 '503 '648 '714 452 Profits after taxes 445 639 861 1,087 '705 '698 '171 '194 143 '190 '200 '211 168 Dividends 195 282 451 671 '462 '117 114 114 117 117 114 114 Public Utility Railroad: Operating revenue.. 8,685 9,672 8,c80 9,47310,391 10,580 2,587 2,532 2,633 2,828 2,596 2,732 2,755 Profits before taxes. 777 1,148 700 1,384 1,260 1,436 295 261 368 512 336 397 399 Profits after taxes. . 479 699 438 783 693 816 141 149 208 318 186 231 234 Dividends 236 289 252 312 328 336 80 74 66 116 97 73 79 Electric power: Operating revenue.. 4,291 4,830 5,055 5,431 5,867 6,224 1,603 1,491 1,513 1,618 1,710 1,625 1,643 Profits before taxes. 954 983 1,129 1,303 1,480 1,718 498 400 382 439 545 454 426 Profits after taxes. . 643 657 757 824 818 922 257 214 207 244 288 246 233 Dividends 494 493 553 619 661 709 172 173 177 186 182 189 194 Telephone: Operating revenue.. 2,283 2,694 2,967 3,342 3,729 4,136 993 1,023 1,037 1,084 1,092 1,126 1,129 Profits before taxes. 215 292 333 580 691 787 194 205 182 206 223 234 220 Profits after taxes. . 138 186 207 331 341 384 93 98 88 104 109 114 107 Dividends. 131 178 213 276 318 355 85 87 91 93 100 101 104 'Revised. 1 Figures revised to adjust for mergers of companies in the food, chemical, and machinery groups. 2Includes 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 obtained from the Securities and Exchange Commission. Railroads. Figures are for Class I line-haul railroads (which account for 95 per cent of all railroad operations) and are obtained from reports of the Interstate Commerce Commission. Electric power. Figures are for Class A and B electric utilities (which account for about 95 per cent of all electric power operations) and are obtained from reports of the Federal Power Commission, except that quarterly figures on operating revenue and profits before taxes are partly estimated by the Federal Reserve, to include affiliated nonelectric operations. Telephone. Revenues and profits are for telephone operations of the Bell System Consolidated (including the 20 operating subsidiaries and the Long Lines and General departments of American Telephone and Telegraph Company) and for two affiliated telephone companies, which together represent about 85 per cent of all telephone operations. Dividends are for the 20 operating subsidiaries and the two affiliates. Data are obtained from the Federal Communications Commission. All series. Profits before taxes refer to income after all charges and before Federal income taxes and dividends. For description of series and back figures, see pp. 662-666 of the BULLETIN for June 1949 (manufacturing); pp. 215-217 of the BULLETIN for March 1942 (public utilities); and p. 908 of the BULLETIN for September 1944 (electric power). DECEMBER 1953 1365 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROFITS, TAXES, AND DIVIDENDS OF NET CHANGE IN OUTSTANDING CORPORATE SECURITIES * UNITED STATES CORPORATIONS [Estimates, in millions of dollars] [Quarterly estimates at seasonally adjusted annual rates. In billions of dollars] All types Bonds and notes Stocks Year or q Y u e a a r r t o er r P b t e a ro f x o f e i r s t e s c ta o I x n m e - e s P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s tr U p i r b n o u d f t i i t e s s d - quarter i N ss e u w es R m e e ti n r t e s - ch N a e n t ge i N ss e u w es R m e e t n ir t e s - ch N a e n t ge i N ss e u w es R m e e ti n r t e s - ch N a e n t ge 1939 2,182 2,721 -539 1,939 2,550 -611 243 171 72 1939 6 5 15 5 0 3.8 1 2 1941 2,793 2,817 -24 2,391 2,516 -125 402 301 101 1941 17.2 7 8 9 4 4.5 4 9 1942 1,151 1,464 -313 929 1.327 -398 222 137 85 1942 21.1 11.7 9.4 4.3 5 1 1943 1,333 2.129 -796 996 1,800 -804 337 329 8 1943 25.1 14.4 10.6 4.5 6.2 1944 3,424 3,899 -475 2,693 3,391 -698 731 508 223 1944 24.3 13.5 10.8 4.7 6.1 1945 6,457 6,846 -389 4,924 5,995 -1.071 1,533 851 682 1945 19.7 11.2 8.5 4.7 3.8 1946. . . 7,180 4.798 2.382 4.721 3,625 1.096 2,459 1,173 1,286 1946 23.5 96 13.9 5.8 8.1 1947 6,882 2,523 4,359 5,015 2,011 3.004 1,867 512 1,355 1947 30.5 11.9 18.5 6.6 12.0 1948 7,570 1.684 5.886 5,938 1,284 4.654 1,632 400 1 232 1948 33.8 13.0 20.7 7.3 13 5 1949 6,732 1,875 4,856 4,867 1,583 3.284 1.865 292 1,572 1949 27.1 10.8 16.3 7.5 8.8 1950 . 7,224 3.500 3.724 4,806 2,802 2.004 2,418 698 1,720 1950 41.0 18.2 22.7 9.1 13.6 1951. . 9 048 2.772 6.277 5 683 2,107 3,577 3,365 665 2.701 1951 43.7 23.6 20.1 9.2 10.9 1952 10,727 2.653 8.074 7.392 2,300 5.092 3.335 353 2 982 1952 39.2 20.6 18.6 9.1 9.5 1952—2.... 3,035 603 2.432 2 127 514 1.613 908 89 819 1951—3 39.4 21.2 18.2 9.3 8.9 3.... 2,433 717 1 ,716 1,793 612 1 181 640 105 535 4 40.6 21.8 18.8 9.5 9.3 4.... 2,920 774 2,146 1.928 684 1.244 992 90 902 1952—1 41.5 21.8 19.7 9.1 10.6 1953—1.... 2.321 612 1,710 1,492 481 1.012 829 131 698 2 38.2 20.1 18.0 9.1 8 9 2 . . . 2.928 607 2,321 2,096 458 1,638 832 149 683 3.... 37.0 19.4 17.5 9.1 8.4 3. .. 1,867 529 1,338 1,327 417 910 540 112 428 4 40.3 21.2 19.1 9.1 10.0 1 Reflects cash transactions only. As compared with data shown on p. 1364, new 1953—1 44.6 24.4 20.3 9.2 11.1 issues exclude foreign and include investment company offerings, sales of securities 2. ... 45.9 25.0 20.8 9.4 11.4 h st e o l c d k b i y ss u a e f s fi l a ia n t d ed c a c sh o m p p r a o n c i e e e s d s o r c o R nn F e C c , t e s d p e w ci i a th l c o o f n fe v r e in rs g i s o n t s o o e f m b p o l n o d y s e e i s n , t o a n 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 Source.—Department of Commerce. funds or with proceeds of issues for that purpose shown on p. 1364. Source.—Securities and Exchange Commission. CURRENT ASSETS AND LIABILITIES OF UNITED STATES CORPORATIONS1 [Estimates, in billions of dollars] Current assets Current liabilities E o n r d q o u f a r y te e r ar 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 1 180 1 4 30 0 0 21 9 1 2 6.9 1941 32.3 72.9 13 9 4.0 .6 27 4 25 6 1 4 40 7 8 25 6 7.1 7.2 1942 36.3 83.6 17 6 10.1 4 0 23 3 27 3 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 I 3 51 6 2 2 24 1 16.6 8.7 1944 45.6 97.2 21 6 20.9 4 7 21 8 26 8 4 51 7 1 8 25 0 15 5 9.4 1945 ... 51.6 97.4 21 7 21 1 2 7 23 2 26 3 I 4 45 8 9 24 8 10 4 9.7 1946 . . 56 2 108 1 22 8 15 3 .7 30 0 37 6 7 51 9 1 31 5 8 5 11.8 1947 62.1 123.6 25.0 14 1 38 3 44 6 I 6 61 5 37 10 7 13.2 1948 68.6 133 0 25.3 14 8 42 4 48 9 L 6 64 4 39 3 11 5 13.5 1949 72.4 133 1 26 5 16.8 43 0 45 3 1 4 60 7 37 ^ 9 3 14.0 1950 78 4 156.1 27.4 20.5 1 1 52 8 52 6 7 77.7 4 46 8 14 8 15.7 1951 82.5 174.4 29.6 21.3 2 7 56 1 62 6 2 1 91 9 1 3 54 2 19 7 16.7 1952—2 84.5 172.0 29.5 19.7 2.4 56 7 61.6 21 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. 2Receivables from and payables to U. S. Government do not include amounts offset against each other on corporations' books. Source.—Securities and Exchange Commission. BUSINESS EXPENDITURES ON NEW PLANT AND 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» Quarter Total and incl. utili- other3 ing ing roads than ties cations min- rail- ties rail ing roads 1939 5,512 1,943 326 280 365 520 302 1,776 1952—2. 6 808 3 384 758 928 1 738 1945 . 8,692 3,983 383 548 574 505 321 2,378 3 6 244 3 026 591 947 1 680 1946 14,848 6,790 427 583 923 792 817 4,516 4 7 265 3 596 692 1 142 1 835 1947 20,612 8,703 691 889 1,298 1,539 1,399 6,093 1948 22,059 9,134 882 1,319 1,285 2,543 1,742 5,154 1953—1 6,147 2,946 621 904 1 675 1949 19,285 7,149 792 1,352 887 3,125 1,320 4,660 2 7,225 3,492 697 1,148 1,887 1950 20,605 7,491 707 1,111 1,212 3,309 1,104 5,671 3' 7,076 3,317 654 1,206 1,899 1951 25,644 10,852 929 1,474 1,490 3,664 1,319 5,916 7 379 3 557 713 1 225 1 884 1952 26,455 11,994 880 1,391 1,363 3,838 1,598 5,391 1954 I4 6,490 3,042 609 1,012 1,828 19534' 27,827 12,423 891 1,323 1,363 4,484 7,345 r Revised. x Corporate and noncorporate business, excluding agriculture. 2 Includes trade, service, finance, and construction. 3Includes communications and other. 4Anticipated by business. Sources.—Department of Commerce and Securities and Exchange Commission. 1366 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT STATISTICS MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER [In billions of dollars] All properties Nonfarm Farm E o n r d q o u f a r y te e r ar h A e o r l l s d l - t F u i i n c t n i s i o a a ti l n n - - s S F e a e c l g d e i e e e c n h s t r O e - a o d l l t d h e e v o r r I i t s a d n h n u d e d a i r - l s s h A e o r l l s d l - T 1 o - t a to l 4- t F f u i a i n c m t n i s ia o a t i i l l n n - y - s ho O h u e o s th r e l s d s e - r c T o o m t M a m l u e l r ti c t - F i u i f a i n a c t n l i i s m a o a p ti l n i n r - l o - s y p a e O h n rt o d e i t e h l r d s s e - 1 r h e A o r l l s d l - t F u i i n c t n i i s o a a t l i n n - s - ho O l t d h e e r r s1 1939 35.5 18.6 2.2 14.7 28.9 16.3 9.3 7.0 12.5 7.8 4.8 6.6 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 1.5 5.0 1941 37.6 20.7 2.0 14.9 31.2 18.4 11.2 7.2 12.9 8.0 4.8 6.4 L.5 4.9 1942 36.7 20.7 1.8 14 2 30.8 18.2 11.5 6.7 12.5 7.8 4.7 6.0 L.4 4.5 1943 35.3 20.2 1.4 13.6 29.9 17.8 11.5 6.3 12.1 7.4 4.6 5.4 1.3 4.1 1944 34.7 20.2 1.1 13.3 29.7 17.9 11.7 6.2 11.8 7.2 4.6 4.9 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 1.5 3 4 1947 48.9 31.8 .5 16.6 43.9 28.2 20.5 7.6 15.7 9.6 6.1 5.1 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 1952* 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?. . . 88.7 65.1 2.3 21.3 81 6 56.5 45.4 11.1 25.1 16.9 8.2 7.1 2.8 4,3 December?. . . 90.9 66.9 2.4 21.5 83.8 58.2 46.8 11.3 25.6 17.3 8.3 7.1 2.8 4.3 1953—March? 93.0 68.6 2.6 21.8 85.7 59.6 48.0 11.6 26.1 17.7 8 4 7.3 2.9 4.4 June? 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. 1 Derived figures, which include negligible amount of farm loans held by savings and loan associations. 2Derived figures, which include debt held by Federal land banks and Farmers Home Administration. NOTE.—Figures for first three quarters of each year, and all figures for December 1952 except those on 1- to 4-family houses and total farm (preliminary estimates from HLBB and Dept. of Agriculture, respectively), are Federal Reserve estimates. Financial institutions include commercial banks (including nondeposit trust companies but not trust departments), mutual savings banks, life insurance companies, and savings and loan associations. Federal agencies include HOLC, FNMA, and VA (the bulk of the amounts through 1948 held by HOLC, since then by FNMA). Other Federal agencies (amounts small and separate data not readily available currently) are included with "Individuals and others." Sources.—Federal Deposit Insurance Corporation, Home Loan Bank Board, Institute of Life Insurance, Departments of Agriculture and Commerce, Federal National Mortgage Association, Veterans Administration, Comptroller of the Currency, and Federal Reserve. MORTGAGE LOANS HELD BY BANKS * [In millions of dollars] Commercial bank holdings2 Mutual savingsbank holdings4 :Nonfarm Nonfarm End of year or quarter Residential» Residential3 Total Farm Total Farm Total FHA- VA- Con- Other Total FHA- VA- Con- Other Total in- guar- ven- Total in- guar- vensured anteed tional sured anteed tional 1939 4,266 3,697 2,671 1,026 569 4,836 4,807 3,875 932 29 1940 4,578 4 003 2,963 1,040 S75 4,859 4,829 3,914 915 30 1941 4,906 4 S40 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 0S8 3,256 802 463 4,420 4,395 3,558 837 25 1944 4,430 3 967 3,218 749 46S 4,305 4,281 3,476 805 24 1945 4 772 4 251 3,395 856 521 4,208 4,184 3 387 797 24 1946 7,234 6 5,146 1,387 70? 4,441 4,415 3,588 827 26 1947 9,446 8,623 6,933 1,690 4,856 4,828 3,937 891 28 1948. 10,897 10 0?,S 8,066 1,957 874 5,806 5,773 4,758 1,015 34 1949 11,644 10 7S6 8,676 2,060 909 6,705 6,668 5,569 1,099 37 1950. 13,664 12,695 10,431 2,264 968 8,261 8,218 7,054 1,164 44 1951 14,732 n 7?8 11,270 3 471 2,921 4 9?9 2,458 1 004 9,916 9,869 8,595 2,567 1,726 4 303 1,274 47 1952 . 15,867 14 809 12,188 3 67 S 3,012 5 S01 2,621 1 0S8 11,379 11,306 9,875 3,168 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—Marrh 14,860 8S0 11,350 3 A3? 2,928 4 990 2,480 1 OSO10,203 10,156 8,843 2,720 4 308 1,313 47 Tune 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—Marrh P 16,080 1S,000 12,320 3 719 3,010 S S91 2,680 1 08011,680 11,630 10,165 3,230 4 S40 1,465 50 JuneP 16,387 15,283 12,545 3 798 3,013 5 734 2,738 1,104 12,112 12,062 10,574 3,325 2,590 4 658 1,488 50 September P 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. 8 Data not available for all classifications prior to December 1951. * Through 1946, figures except for the grand total are estimates based on Federal Reserve preliminary tabulation of a revised series of banking statistics. March and September figures are Federal Reserve estimates based in part on data from National Association of Mutual Savings Banks. Sources.—All bank series prepared by Federal Deposit Insurance Corporation from data supplied by Federal and State bank supervisory agencies; Comptroller of the Currency; and Federal Reserve. 1367 DECEMBER 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT STATISTICS—Continued MORTGAGE ACTIVITY OF ALL UNITED STATES LIFE INSURANCE COMPANIES [In millions of dollars] Loans acquired Loans outstanding (end of period) Year or month Nonfarm Nonfarm Total Total in F s H ur A e - d a g V n u t A a e r e - - d Other Farm Total Total in F s H ur A e - d a g V n u t A a e r e - - d Other Farm 1939 '5,683 '4,794 '889 1940 ••5,972 '5,073 668 '899 1941 6,442 5,529 815 913 1942 898 6,726 5,830 1,096 896 1943 855 6,714 5,873 1,286 841 1944 935 6,686 5,886 1,408 800 1945 976 6 636 5 860 1 394 776 1946 1,661 1,483 178 7,155 6,360 1,228 256 4,876 795 1947 2,786 2,520 451 600 1,469 266 8,675 7,780 1,398 844 5,538 895 1948 3,407 3,114 1,202 366 1,546 293 10,833 9,843 2,381 1,106 6,356 990 1949 3,430 3,123 1,350 131 1,642 307 12,906 11,768 3,454 1,224 7,090 1,138 1950 4,980 4,621 1,572 930 2,119 359 16,102 14,775 4,573 2,026 8,176 1,327 1951 5,111 4,704 1,051 1,268 2,385 407 19,314 17,787 5,257 3,131 9,399 1,527 1952 3,978 3,606 864 429 2,313 372 21,251 19,546 5.681 3,347 10,518 1,705 1952—October . ... 364 337 79 30 228 27 20,961 19,298 5,626 3,333 10,339 1,663 November 288 260 65 22 173 28 21,087 19,411 5,648 3,340 10,423 1,676 December 390 352 86 31 235 38 21,245 19,560 5,690 3,349 10,521 1,685 1953—January 347 309 80 25 204 38 21,396 19,701 5,725 3,358 10,618 1,695 February 327 289 69 25 195 38 21,547 19,834 5,751 3,367 10,716 1,713 March 403 353 88 29 236 50 21,725 19,992 5,804 3,370 10,818 1,733 April 364 321 77 27 217 43 21,897 20,139 5,820 3,388 10,931 1,758 May 344 308 62 30 216 36 22,055 20,277 5,854 3,390 11,033 1,778 359 330 67 34 229 29 22,221 20,425 5,884 3,396 11,145 1,796 July 405 371 71 36 264 34 22 429 20 614 5,905 3 412 11,297 1,815 August 305 279 62 32 185 26 22,552 20,722 5,924 3,430 11,368 1,830 September . . .. 313 289 57 40 192 24 22,698 20,860 5,943 3,448 11,469 1,838 October 338 309 60 42 207 29 22,842 20,993 5,963 3,473 11,557 1,849 '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 JVCTIVITY OF ALL SAVINGS AND LOAN NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS ASSOCIATIONS [Number in thousands; amounts (except averages) in millions of dollars] [In millions of dollars] Loans made,by purpose Loans outstanding (end of period)2 Amount, by type of lender Average Y m e o ar n t o h r Total s N c t t i r o o e u n w n c - - H c p h o u a m r s - e e p O p o t u s h e r e - s r l Total3 F su H in r A e - d - a g n V u te A a e r - - d t C i v o o e n n n a - - l3 m Y o o e n r a t r h N b u e m r - Total i a n S l s o g a s a s n v n s & - . p I c n a a o n s n m c u i e e r - - s b C m c a o i n e a m r k l - s - M b s i u a n a t n g v u k s - a s l Other a c m o ( la d r r e o r d o s - u e l ) - d nt 1939 986 301 340 345 3,806 1939 1,288 3,507 1 058 287 891 143 1,128 2 722 1940 1 200 399 426 375 4 125 1940 1 456 4 031 1 283 334 1 006 170 1 238 2 769 1941 1,379 437 581 361 4,578 1941 1,628 4,732 1,490 404 1,166 218 1,454 2,906 1942 1 051 190 574 287 4 583 1942 1 351 3 943 1 170 362 886 166 1 359 2 918 1943 1 184 106 802 276 4 584 1943 1 274 3 861 1 237 280 753 152 1 439 3 031 1944 1 454 95 1 064 295 4,800 1944 1 446 4 606 1 560 257 878 165 1 746 3 186 1945 . .. 1,913 181 1,358 374 5,376 1945 1,639 5,650 2,017 250 1,097 217 2,069 3,448 1946 3 584 616 2 357 611 7 141 1946 2 497 10 589 3 483 503 2 712 548 3 343 4 241 1947 3,811 894 2,128 789 8,856 1947 . . . 2,567 11,729 3 650 847 3 004 597 3,631 4,570 1948 3,607 1,046 1,710 851 10,305 563 2,397 7,3451948 2,535 11,882 3,629 1,016 2,664 745 3,828 4,688 1949 3,636 1,083 1,559 994 11,616 717 2,586 8,313 1949 2,488 11,828 3,646 1,046 2,446 750 3,940 4,755 1950 5,237 1,767 2,246 1,224 13,622 841 2,969 9 8121950 3,032 16,179 5 060 1 618 3 365 1 064 5 072 5,335 1951 5,250 1,657 2,357 1,236 15,520 864 3,125 11,5301951 2,878 16,405 5,295 1,615 3,370 1,013 5,112 5,701 1952 6,617 2,105 2,955 1,557 18,444 906 3,398 14,1401952 3,028 18,018 6,452 1,420 3,600 1,137 5,409 5,950 1952-Oct.... 659 208 303 148 1952-Oct.... 285 1,727 627 135 342 117 506 6,051 Nov... 523 163 243 117 Nov... 245 1,492 526 116 298 104 448 6,085 Dec... 541 161 248 132 18^444 "906' '14,140 Dec... 252 1,553 540 126 305 112 470 6,171 1953-Jan.... 497 147 222 128 1953-Jan.... 228 1,401 477 111 278 93 442 6,136 Feb.... 523 164 222 137 Feb.... 229 1,391 503 110 269 84 425 6,068 Mar... 639 206 266 167 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 15,578 June .. 282 1,769 682 131 325 120 511 6,282 July.. 758 237 355 166 July.. 2S6 1,798 699 132 ono 127 517 6,282 Aug... 707 218 340 149 Aug... 273 1,709 671 122 310 111 495 6,270 Sept... 684 208 328 148 21,145 1,015 3,745 16,385 Sept.. . 275 1,729 654 125 315 123 512 6,276 Oct. 688 219 318 151 Oct.... 278 1,746 658 123 320 123 522 6,283 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. 8 Excludes shares pledged against mortgage loans. Source.—Home Loan Bank Board. 1368 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT STATISTICS—Con tinned 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 e p N r r t o e i w e p s - 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 p l m o i r m a o e n v n - s e t 2 - Total e p N r r t o e i w e p s - i e p 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 e r 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—Oct.... 526 306 108 103 26 69 220 141 78 .7 Nov. . . 503 259 97 87 17 59 243 157 85 .6 Dec... 519 293 108 98 23 63 227 155 71 .5 1951—Sept... 50.4 22.0 9.5 12.5 28.4 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 Mar. . . 504 276 103 89 20 64 228 152 75 .5 1952—Mar.*.. 53.2 23.5 9.9 13.6 29.7 Apr 577 342 109 92 22 119 235 157 78 .4 June'.. 54.8 24.0 10.1 13.9 30.8 May. . . 530 314 97 90 25 102 216 149 66 .5 Sept.'.. 56.5 24.7 10.4 14.3 31.7 June.. . 516 274 91 95 19 69 242 164 78 .4 Dec*. . 58.2 25.4 10.8 14.6 32.8 July... 602 363 109 94 40 120 239 160 79 .4 Aug 597 349 106 87 23 133 248 166 82 .3 Sept... . 629 320 106 80 12 122 309 197 112 .4 1953—Mar.P.. 59.6 26.1 11.1 15.0 33.5 Oct.... 661 368 113 80 23 151 293 193 99 .5 JuneP.. 61.5 26.7 11.4 15.3 34.8 Sept. P.. 63.3 27.5 11.7 15.8 35.8 P Preliminary. NOTE.—For total debt outstanding, figures for for more than that amount must be. first three quarters are Federal Reserve estimates. 8 Prior to 1949, data are not available for classifications shown For conventional, figures are derived. NOTE.—FHA-insured l'oans represent gross amount of insurance written; VA-guar- Sources.—Home Loan Bank Board, Federal Housaanntteeeedd llooaannss,, ggrroossss aammoouunt of loans closed. Figures do not take account of principal repay- ing Administration, Veterans Administration, and ments on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by Federal Reserve. type are derived from data on number and average amount of loans closed. Sources.—Federal Housing Administration and Veterans Administration. FEDERAL NATIONAI, MORTGAGE ASSOCIATION ACTIVITY FEDERAL HOME LOAN BANK LENDING [In millions of dollars] [In millions of dollars] Au i t z h e o d r- C m o i m t- - Mortgage holdings M g o ag rt e - Mort- Adv ( a e n n c d e s o f o D ut e s r t i a o n d d ) ing E o n r d m o o f n y th ear fu u n n- ds m u e n n - ts FHA- VA- ch p a u s r e - s s g a a l g e e s Year or month va A n d c - es R m e e p n a t y s m co it m te - d bu d r i s s e - d Total su in re - d a g n u te a e r- d ( p d e u ri r o in d g ) ( p d e u r r i i o n d g ) Total S te h r o m rt 1 - L te o r n m g 2 - 1948 528 227 199 188 11 198 1941 158 140 219 105 115 1949 848 824 828 403 425 672 20 1942 99 190 129 54 76 1950 918 485 1,347 169 1,178 1,044 469 1943 157 176 110 69 41 1951 661 239 1 850 204 1,646 677 111 1944 239 219 131 106 25 1952 1,085 323 2,242 320 1,922 538 56 1945 278 213 195 176 19 1946 329 231 293 184 109 1952—November. .. 1,129 322 2,199 297 1,902 56 3 1947 351 209 436 218 217 December.... 1,085 323 2,242 320 1,922 65 14 1948 360 280 515 257 258 1949... 2S6 337 433 231 202 1953—January 1,043 321 2,286 338 1,948 61 10 1950 675 292 816 547 269 February.... 1,008 313 2,329 358 1,971 53 3 1951 423 433 806 508 298 March 934 322 2,394 395 1,999 81 7 1952 586 528 864 565 299 April 876 326 2,448 429 2,019 68 3 May 816 357 2,477 457 2,020 40 3 1952—November.. 59 20 791 520 271 June. 610 542 2,498 477 2,020 31 1 December.. 106 33 864 565 300 July 597 526 2,527 508 2,019 39 (i) August •"586 512 2,541 536 2,005 33 11 1953—January 16 197 683 439 245 September.. . '566 517 2,540 556 1,984 26 19 February... 14 71 627 401 226 October r556 501 2,526 585 1,941 39 44 March 30 46 610 391 219 November P .. 552 491 2,490 594 1,896 30 59 April 47 32 626 406 220 May 44 26 645 416 229 P Preliminary. rRevised. J Ju u l n y e.. 6 9 1 7 2 7 3 9 7 7 1 0 8 0 4 4 7 6 1 9 2 23 4 1 8 iLess than $500,000. August 70 25 746 510 236 Source.—Federal National Mortgage Association. September.. 83 28 801 557 244 October.... 62 45 819 564 255 November.. 71 25 865 589 276 1 Secured or unsecured loans maturing in one year or less. 2 Secured loans, amortized quarterly, having maturities of more than one year but not more than ten years. Source.—Home Loan Bank Board. DECEMBER 1953 1369 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 t a o p m e 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 1 er e a r n R l n d o i e a z p n m a a s t o i i 2 r o d n - Pe lo rs a o n n s al Total p S a l i y o n m a g n l e 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 ,014 1947 11,570 6,695 1,924 2,143 718 1,910 4,875 1,356 2,353 ,166 1948 14,411 8,968 3,054 2,842 843 2,229 5,443 1,445 2,713 ,285 1949 17,104 11,516 4,699 3,486 887 2,444 5,588 1,532 2,680 ,376 1950 20,813 14,490 6,342 4,337 ,006 2,805 6,323 1,821 3,006 ,496 1951 21,468 14,837 6,242 4,270 ,090 3,235 6,631 1,934 3,096 ,601 1952 25,827 18,684 8,099 5,328 ,406 3,851 7,143 2,094 3,342 ,707 1952—September. 23,520 17,090 7,380 4,699 ,312 3,699 6,430 2,029 2,650 ,751 October. .. 24,147 17,611 7,630 4,895 ,362 3,724 6,536 2,025 2,789 ,722 November. 24,611 17,961 7,856 4,962 ,393 3,750 6,650 2,100 2,839 ,711 December. 25,827 18,684 8,099 5,328 ,406 3,851 7,143 2,094 3,342 ,707 1953—January.. 25,674 18,851 8,273 5,288 ,403 3,887 6,823 2,143 2,975 ,705 February. . 25,504 18,982 8,480 5,208 ,404 3,890 6,522 2,118 2,678 ,726 March.... 25,946 19,391 8,799 5,217 ,416 3,959 6,555 2,211 2,613 ,731 April 26,455 19,767 9,111 5,217 ,435 4,004 6,688 2,246 682 ,760 May 27,056 20,213 9,432 5,272 ,462 4,047 6,843 2,294 763 ,786 June 27,411 20,635 9,692 5,333 ,493 4,117 6,776 2,197 2,781 ,798 July 27,581 21,004 9,973 5,351 ,516 4,164 6,577 2,079 2,705 ,793 August. . . 27,810 21,218 10,136 5,362 ,534 4,186 6,592 2,131 2,668 ,793 September, '27,979 r21,347 10,232 5,352 1,562 4,201 6,632 2,130 2,716 ,786 October... 28,166 21,486 10,337 5,366 1,585 4,198 6,680 2,131 2,811 ,738 ' Revised. 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. Revised monthly figures for 1952 are shown on p. 1214 of the BULLETIN for November 1953. A detailed description of the methods used to derive the estimates may be obtained from Division of Research and Statistics. INSTALMENT CREDIT, BY HOLDER [Estimated amounts outstanding, in millions of dollars] Financial institutions Retail outlets Total E o n r d m of o n y t e h ar i c m n r s e e t d n a i l t t - Total m b C e a o r n m c k ia s - l f p i S c n a o a a n m l n 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 J - 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 - e s2 Other 19i39 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1940 5,514 3,918 1,452 1,575 171 720 1,596 394 474 196 167 365 1941 6,085 4,480 1,726 1,797 198 759 1,605 320 496 206 188 395 1942 3,166 2,176 862 588 128 598 990 181 331 111 53 314 1945 2,462 1,776 745 300 102 629 686 131 240 17 28 270 1946 4,172 3,235 1,567 677 151 840 937 209 319 38 47 324 1947 6,695 5,255 2,625 1,355 235 1,040 1,440 379 474 79 101 407 1948 8,968 7,092 3,529 1,990 334 1,239 1,876 470 604 127 159 516 1949 11,516 9,247 4,439 2,950 438 1,420 2,269 595 724 168 239 543 1950 14,490 11,820 5,798 3,785 590 1,647 2,670 743 791 239 284 613 1951 14,837 12,077 5,771 3,769 635 1,902 2,760 920 760 207 255 618 1952. 18,684 15,410 7,524 4,833 837 2,216 3,274 1,117 866 244 308 739 1952—September 17,090 14,210 6,945 4,362 791 2,112 2,880 1,000 774 222 282 602 October 17,611 14 615 7 158 4,523 808 2,126 2,996 1,053 795 226 291 631 November 17,961 14,948 7,310 4,670 818 2,150 3,013 1,033 809 229 299 643 December 18,684 15,410 7,524 4,833 837 2,216 3,274 1,117 866 244 308 739 1953—January 18,851 15,678 7,665 4,930 842 2,241 3,173 1,084 832 237 315 705 February. 18,982 15,910 7,797 5,031 851 2,231 3,072 1,023 822 236 324 667 March 19,391 16,380 8,059 5,174 880 2,267 3,011 974 812 236 336 653 April . 19 767 16 800 8 286 5 312 906 2,296 2,967 925 807 242 348 645 May 20,213 17 222 8,491 5,480 928 2,323 2,991 933 809 248 362 639 June 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 August 21,218 18,205 8,879 5,924 1,009 2,393 3,013 931 813 263 396 610 September '21,347 18,328 '8,893 6,005 1,029 2,401 3,019 943 811 265 399 601 October 21,486 18,439 8,908 6,093 1,041 2,397 3,047 957 812 266 406 606 'Revised. 1 Includes mail-order houses. 3Includes only automobile paper; other instalment credit held by automobile dealers is included with "other" retail outlets. 1370 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT—Continued NONINSTALMENT CREDIT, BY HOLDER INSTALMENT CREDIT HELD BY COMMERCIAL BANKS, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] [Estimated amounts outstanding, in millions of dollars Financial Retail E o n r d m of o n y t e h ar i c T m n n r o s o e e t t d n n a a i - l t l t - C m m i ( o n e s m e i r s n - n t - g i t t l u e lo t - i O p a o a n t n y h s s - ) er p D a a r e c t - ( o - c c u h o t a u le r n g O t t s e s t ) her S c e r r e v d i i c t e E o n r d m of o n y t e h ar i c T m n r s o e e t t d n a a i l t l t - ch P A a u s u r e - t p d o a m pe o D r b i i r l e e ct O g p c o a t o p o h n d e e - r s r e R l m r t o a e n i a n o p o iz n d d n a a s - ir - s P o o e a n r n a - s l cial ment banks stores l 1939. 1,079 237 178 166 135 363 1940. 1,452 339 276 232 165 440 1941. 1,726 447 338 309 161 471 1939 2,719 625 162 236 1,178 518 1942. 862 149 134 153 124 302 1940 2,824 636 164 251 1,220 553 1941 3,087 693 152 275 L.370 597 1945. 745 66 143 114 110 312 1942 2,817 593 120 217 1,227 660 1946. 1,567 169 311 299 242 546 1947. 2,625 352 539 550 437 747 1945 3,203 674 72 290 1,322 845 1948. 3,529 575 753 794 568 839 1946 4,212 1,008 114 452 1,624 1,014 1949. 4,439 849 946 1,016 715 913 1947 4,875 1,203 153 532 [.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 1952. 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—September. 6,945 1,470 1,534 1,537 1,069 1,335 1952 7,143 1,844 250 730 2,612 L,7O7 October. . . 7,158 1,524 1,569 1,609 1,109 1,347 November. 7,310 1,572 1,598 1,659 L ,130 1,351 1952—September. 6,430 1,789 240 469 2,181 1,751 December . 7,524 1,633 1,629 1,751 1,137 1,374 October. . . 6,536 1,796 229 511 2,278 1L ,722 November. 6,650 1,814 286 550 2,289 L ,711 1953—January... 7,665 1,685 1,652 ,809 1,133 1,386 December . 7,143 1,844 250 730 2,612 1,707 February.. 7,797 1,733 1,695 1,835 1,136 1,398 March.... 8,059 1,814 1,761 L,909 1,144 1,431 1953—January... 6,823 1,878 265 587 2,388 ,705 April 8,286 1,902 1,821 1,956 L ,160 1,447 February.. 6,522 1,887 231 504 2,174 L ,726 May 8,491 1,989 1,869 1,990 1,184 1,459 March.... 6,555 1,960 251 492 2,121 1,731 June 8,675 2,043 1,906 >,029 ,212 1,485 April 6,688 1,984 262 487 2,195 ],760 Tniv 8,818 9,095 1,941 >.O55 .234 1,493 May 6,843 1,985 309 498 2,265 ,786 August.... 8,879 2,123 1,957 2,056 1,251 1,492 June 6,776 1,922 275 492 2,289 1,798 September. '8,893 2,141 1,948 2,036 '1,273 1,495 July 6,577 1,830 249 457 2,248 1,793 October. . . 8,908 2,157 1,939 2,032 1,291 1,489 August.... 6,592 1,870 261 453 2,215 J,793 September. 6,632 1,857 273 500 2,216 J,786 October. . . 6,680 1,867 264 524 2,287 1,738 ' Revised. 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] Other Repair E o n r d m of o n y t e h ar i T m n o s e t t n a a t l l - m A pa o u p b t e o il r - e s O g c u o t o m o h n d e e - s r r m i R z o a e a n d p ti d e a o r i n r n- s l P o o e a n n r a - s l E o n r d m of o n y t e h ar i c T m n r o s e e t t d n a a i l t l t - m A pa o u p b t e o il r - e s g p c u o a o m o p n d e e - r s r m iz lo a o a n a d ti n d e o s r n n- s l P o o e a n r n a - s l credit paper loans 1939 789 81 24 15 669 1939 1,197 878 115 148 56 1940 891 102 30 16 743 1940 1,575 1,187 136 190 62 1941 957 122 36 14 785 1941 1,797 1,363 167 201 66 1942 726 65 27 14 620 1942 588 341 78 117 52 1945 731 54 20 14 643 1945 300 164 24 58 54 1946 991 77 34 22 858 1946 677 377 67 141 92 1947 1,275 130 69 39 1,037 1947 1,355 802 185 242 126 1948 1,573 189 99 59 1,226 1948 1,990 1,378 232 216 164 1949 1,858 240 137 89 1,392 1949 2,950 2,425 303 83 139 1950 2,237 330 182 115 1,610 1950 3,785 3,257 313 57 158 1951 , 2,537 358 209 132 1,838 1951 3,769 3,183 241 70 275 1952 3,053 457 279 187 2,130 1952 4,833 4,072 332 82 347 1952—September. 2,903 434 263 169 3,037 1952— N O S o e c p t v o t e e b m m er b b e e r r. . . 4 4 4 , , , 3 5 6 6 2 7 2 3 0 3 3 3 , , , 8 6 9 0 6 4 4 0 0 3 3 3 0 1 1 1 2 7 7 7 7 8 4 9 3 3 3 2 2 3 7 9 4 O N D c o e t c v o e e b m m e b r b . e e r . r . . . 3 2 2 , , , 9 9 0 3 6 5 4 8 3 4 4 4 4 4 5 2 7 7 2 2 27 6 7 2 9 9 1 1 1 7 8 8 5 4 7 2 2 2 , , , 0 0 1 6 4 3 5 8 0 December.... 4,833 4,072 332 82 347 1953—January... 3,083 462 284 189 2,148 1953— F J M A J S M A J u u e a e p u a a n l b n p r y g y r e u r i t c u l e u a h s m a r t y r b y er. . . 4 5 5 5 5 5 6 5 5 , , , , , , , , , 3 0 9 1 8 0 9 4 6 1 3 7 3 1 0 2 8 3 2 1 4 0 6 5 4 0 3 4 4 4 4 4 4 5 5 5 , , , , , , , , , 4 1 6 5 1 1 2 8 0 0 8 0 5 9 3 6 3 0 2 6 8 9 4 6 0 6 7 3 3 3 3 3 3 3 3 3 3 4 7 7 5 5 4 3 6 7 5 5 4 6 1 2 9 7 8 8 8 7 7 7 7 7 7 1 0 0 9 6 5 2 4 8 3 3 3 3 3 3 3 3 3 5 5 5 5 5 6 6 7 7 1 1 7 2 3 5 7 0 0 F A J J A O M M S u u e e p u c a l n a p b r y g t y e i r o t r u l e c u b s m h a e t. r . b r . y . . e . . . . . . r . , 3 3 3 3 3 3 3 3 3 , , , , , , , , , 1 0 4 2 3 2 3 4 4 4 8 1 0 0 5 6 3 3 7 3 2 1 2 2 6 0 8 4 4 5 5 5 5 5 5 5 8 6 5 0 3 4 1 5 6 6 8 2 4 4 4 8 8 3 2 2 2 3 3 3 3 3 3 0 9 0 8 9 1 1 2 2 2 7 7 6 1 1 5 1 1 2 2 2 2 2 2 1 1 1 0 0 1 0 1 1 8 9 9 7 5 1 0 5 8 8 5 3 2 2 2 2 2 2 2 2 2 , , , , , , , , , 1 1 3 2 2 3 2 3 3 7 4 3 0 0 6 3 3 2 7 0 6 4 6 7 6 1 4 October 6,093 5,272 372 76 373 DECEMBER 1953 1371 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CKEDYT—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 Item 1 O 9 c 5 t 3 . m S 1 o e 9 n p 5 t t 3 h . A 19 u 5 g 3 . 1 O 9 c 5 t 3 . S y 1 e 9 e p 5 ar t 3 . A 19 u 5 g 3 . Year or month D s m e to p e r a n e r t s t- F s t t u u o r r r n e e i s - h H p o s l t o l i o d a u r n s a e c e s p e - - D s m e to p e r a n e r t s t- Net sales: 1952 Total + 16 -8 +8 -7 -9 -3 September 18 11 12 47 C Ca re s d h it s a s l a e l s es: + 19 -11 +4 -3 -7 -2 O N c o t v o e b m er ber 1 1 8 7 1 1 1 0 1 1 1 1 4 5 8 0 Instalment + 18 -7 +8 -10 -10 -4 December 17 10 11 48 Charge account + 14 -6 +8 -4 -5 -5 1953 Accounts receivable, end January 16 10 11 47 of month: February 15 9 10 44 Total + 1 0 + 1 +7 +8 + 12 March , 17 10 11 49 Instalment 0 0 0 +2 +6 +8 April 15 10 10 46 May 15 10 10 46 Collections during June 15 11 10 47 month: July 15 10 10 46 Total +9 -3 2 +4 + 1 +5 August 15 10 10 45 Instalment +11 0 -1 +4 + 1 +5 September 15 10 10 46 October 16 10 10 48 Inventories, end of month, at retail value. +2 +4 -1 -2 +3 0 1 Collections during month as percentage of accounts outstanding at beginning of month. DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasonal adjustment, 1947-49 average = 100 Percentage of total sales Accounts receivable Collections during Year or month Sales during month at end of month month Cash I m ns e t n a t l- a C c h c a o r u g n e t Total Cash I m ns e t n a t l- a C c h c a o r u g n e t I m ns e t n a t l- a C c h co ar u g n e t I m ns e t n al t - a C c h c a o r u g n e t sales sales sales Averages of monthly data: 1941 . . 46 44 55 48 76 53 58 47 48 9 43 1942 53 57 45 48 60 48 60 51 56 6 38 1943 60 72 39 49 35 42 47 50 61 5 34 1944 . . . 67 82 36 53 29 44 41 52 64 4 32 1945 75 92 37 59 28 50 40 59 64 4 32 1946 93 105 56 84 38 73 53 78 59 4 37 1947 99 103 85 95 67 92 78 92 55 6 39 1948 103 103 105 104 108 105 106 103 52 7 41 1949 98 94 110 101 125 103 117 104 51 8 41 1950 101 93 136 106 177 111 146 111 48 10 42 1951 104 95 133 111 181 124 165 118 48 9 43 1952 103 93 142 109 189 127 158 120 47 10 43 1952—September 101 89 149 108 190 118 151 103 46 11 43 October 116 102 178 124 201 128 159 119 46 11 43 November 120 108 174 127 211 138 160 123 47 11 42 190 176 233 200 231 183 167 134 49 9 42 1953—January 84 76 121 87 226 147 179 172 47 11 42 February 78 69 119 81 224 126 162 132 47 11 42 March 99 88 144 106 222 123 178 126 46 11 43 April 97 87 131 103 220 122 165 118 47 10 43 May 101 90 138 109 220 124 158 116 47 10 43 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 October 113 98 170 121 229 132 170 120 46 43 11 NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 1383. 1372 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 Industrial production contracts Employment and payrolls3 (p ( h 1 y 9 s 4 ic 7 a - l 4 9 v o = lu 1 m 0 e 0 ) ) *1 aw 1 a 9 r 4 d 7 ed -4 9 (v = a 1 l 0 u 0 e)2 1947-49 = 100 Freight D m ep e a n r t t- Con- W s h a o le le- Manufactures N ag o r n i- - pro M d a u n c u ti f o a n c t w ur o in rk g ers c 1 a 9 i r n 4 l g o 7 s - a * 4 d 9 - v ( s a r a e l l u e ta s e i * ) l 5 1 p s 9 r u 4 i m c 7 e - e s 4 r 3 9 m p c r o o ic d m e i s t - y 3 Resi- All cul- = 10041947-49 = 100 1947-49 Total Total den- other tural = 100 = 100 or Y m e o a n r th Total r D ab u l - e N ra d o b u n l - e - M era in ls - tial m p e l m e o n y - t - Em m p e l n o t y- P ro a l y ls - Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 39 38 38 37 45 34 26 39 61.6 68.7 31.1 90 27 74.0 1920. 41 39 42 36 53 34 18 45 62.2 69.0 37.1 98 32 85 7 1921 31 30 24 34 42 30 27 32 55 4 52.8 24 0 83 30 76 4 1922 39 39 37 40 45 43 41 43 58.7 58.4 25.7 92 30 71 6 1923 47 45 47 44 62 45 49 42 64.6 66.9 32.6 107 34 72.9 1924 44 43 43 42 57 51 57 46 63 8 62.1 30 4 105 34 73 1 1925 49 48 49 46 59 66 75 59 65.5 64.2 32.1 110 36 75 0 1926 51 50 52 48 63 69 73 67 67.9 65.5 33.0 115 37 75.6 65.0 1927 51 50 49 50 64 69 71 68 68 2 64.1 32.4 111 37 74 2 62 0 1928 53 52 53 51 63 73 76 70 68.3 64.2 32.8 112 37 73.3 62.9 1929 59 58 60 56 68 63 52 70 71.3 68.3 35.0 115 38 73.3 61.9 1930.. 49 48 45 51 59 49 30 62 67.0 59.5 28.3 99 35 71 4 56 1 1931.. 40 39 31 48 51 34 22 41 60.6 50.2 21.5 79 32 65 0 47 4 1932 31 30 19 42 42 15 8 20 53.7 42.6 14.8 59 24 58.4 42.1 1933 37 36 24 48 48 14 7 18 53.9 47.2 15.9 62 24 55 3 42 8 1934 40 39 30 49 51 17 7 24 59.0 55.1 20.4 67 27 57.2 48.7 1935 47 46 38 55 55 20 13 25 61.6 58.8 23.5 69 29 58.7 52.0 1936 56 55 49 61 63 30 22 35 66 2 63.9 27 2 81 33 59 3 52 5 1937.. . . 61 60 55 64 71 32 25 36 70.6 70.1 32.6 84 35 61 4 56 1 1938 48 46 35 57 62 35 27 40 66.4 59.6 25.3 67 32 60.3 51.1 1939 . 58 57 49 66 68 39 37 40 69.6 66.2 29.9 76 35 59 4 50 1 1940 67 66 63 69 76 44 43 44 73.6 71.2 34.0 83 37 59.9 51.1 1941 87 88 91 84 81 66 54 74 83.1 87.9 49.3 98 44 62.9 56.8 1942 . 106 110 126 93 84 89 49 116 91.2 103.9 72.2 104 50 69 7 64 2 1943 127 133 162 103 87 37 24 45 96.6 121.4 99.0 104 56 74 0 67 0 1944 125 130 159 99 93 22 10 30 95.3 118.1 102.8 106 62 75.2 67 6 1945.. . 107 110 123 96 92 36 16 50 92.1 104.0 87.8 102 70 76 9 68 8 1966 90 90 86 95 91 82 87 79 95.1 97.9 81.2 100 90 83 4 78 7 1947 100 100 101 99 100 84 86 83 99 4 103 4 97.7 108 98 95 5 96 4 1948.... 104 103 104 102 106 102 98 105 101.5 102.8 105.1 104 104 102 8 104 4 1949 97 97 95 99 94 113 116 111 99 1 93 8 97 2 88 98 101 8 99 2 1950.. . 112 113 116 111 105 159 185 142 102.3 99.6 111.7 97 105 102.8 103.1 1951 120 121 128 114 115 171 170 172 108.0 106.2 129.6 101 109 111 0 114 8 1952 124 125 136 114 114 183 183 183 109.8 105.5 135.3 95 110 113.5 111.6 1952 May 119 118 121 132 110 104 168 186 156 109.1 104.6 102.9 128.9 92 110 113 0 111 6 June 118 118 119 125 113 106 172 193 158 108.6 102.0 100.9 127.3 82 112 113.4 111.2 July 115 108 116 119 113 105 177 196 165 108.3 100.6 98.9 122.2 77 107 114.1 111.8 August... 123 123 125 135 114 111 207 193 217 109.9 104 7 105.7 134.2 95 113 114 3 112 2 September.. 129 131 130 144 116 119 207 191 218 110.8 106.8 109.0 143.3 101 108 114.1 111.8 October.... 130 134 132 147 117 111 210 185 227 111.3 107.8 109.6 145.7 97 115 114.2 111.1 November.. 133 134 135 151 118 118 196 178 207 111.8 109.2 110.2 146.3 101 111 114.3 110.7 December. . 133 131 135 152 118 117 205 183 219 112.0 110.0 110.8 150.9 99 115 114.1 109.6 1953 January.... 134 132 136 154 117 116 190 173 201 112.1 110.6 110.1 148.4 101 111 113.9 109.9 February... 134 136 136 155 118 116 173 182 167 112.4 111.2 111.0 149.3 98 112 113.4 109.6 March. ... 135 138 137 155 119 115 177 176 178 112.5 112.0 111.8 151.9 99 115 113 6 110 0 April 136 136 138 155 121 115 179 179 179 112.5 112.4 111.2 150.0 97 110 113.7 109.4 May 137 136 139 156 123 117 161 164 159 112.8 112.6 110.8 149.9 98 117 114.0 109.8 June 136 136 138 154 121 119 169 174 166 113.2 112.7 111.5 150.8 97 115 114.5 109.5 July 137 129 139 157 121 120 172 175 170 '113.2 112.4 110.5 148.9 93 113 114.7 110.9 August 136 136 138 156 119 119 205 184 220 112.8 111.0 112.0 151.6 98 112 115.0 110.6 September.. 133 135 135 152 117 118 218 180 243 112.5 109.7 111.7 149.9 96 107 115.2 111.0 October.... P132 P136 P134 P151 P117 P115 P228 P185 P257 112.4 108.4 110.1 149.2 95 P110 115.4 110.2 Pill.5 P106.9 P107.9 •144.7 92 «113 109.8 « Estimated; all estimates are those of the Federal Reserve. P Preliminary. r Revised. •Average per working day. 1 Revised index; for index by groups or industries, see pp. 1298-1323. For old index (1935-39=100), see pp. 1374-1377. 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. 1381. 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 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. 4Total index converted to a 1947-49 base for comparative purposes. 6For indexes by Federal Reserve districts and for other department store data, see pp. 1383-1387. Back figures in BULLETIN.—For industrial production, pp. 1324-1328 of this issue; for department store sales, December 1951, pp. 1490- 1515. DECEMBER 1953 1373 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—UNREVISED* (Adjusted for Seasonal Variation) [Federal Reserve index numbers, 1935-39 average = 100] 1952 1953 Industry Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct Industrial Production—Total. 230 234 235 236 240 243 241 240 240 232 232 P231 Manufactures—Total 242 245 247 249 254 258 255 254 253 r245 248 243 P243 Durable Manufactures 300 304 313 316 322 328 326 321 320 310 309 301 Iron and Steel1 281 283 286 287 290 297 292 291 288 r278 277 264 v264 Pig iron 247 244 247 249 247 253 244 250 250 247 246 243 247 Steel Open hearth. 332 3 23 3 1 4 3 2 3 3 5 8 3 2 3 3 3 5 337 2 3 4 4 1 8 3 2 3 3 8 4 3 2 3 3 7 8 3 2 2 3 8 1 3 2 1 2 8 9 3 2 1 2 1 5 2 2 9 2 1 1 2 2 8 3 9 0 Electric 233 1064 1022 1029 234 1113 1081 1047 1022 958 923 784 714 Machinery 1040 371 385 393 1071 406 402 399 398 '385 '387 385 P386 Transportation Equipment. 363 376 392 391 398 412 417 408 405 *397 '394 373 P387 Automobiles (including parts) 371 272 282 283 403 308 314 306 301 '293 '284 P27S (Aircraft; Railroad Equipment; Shipbuilding — Private and Government)2 265 297 Nonferrous Metals and Products. 237 240 246 250 259 259 263 262 259 P247 '237 231 P232 Smelting and refining 251 251 258 266 293 300 299 290 285 283 282 290 P293 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)2 Fabricating 231 236 241 243 245 243 248 251 249 '233 ••219 P208 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)2 , Lumber and Products. 155 161 165 171 175 172 168 151 '149 153 155 P158 Lumber... 138 146 149 162 166 161 157 134 139 135 138 142 P145 Furniture. 189 191 196 189 191 193 189 184 182 175 '181 180 P183 Stone, Clay, and Glass Products. 224 221 221 223 233 238 232 231 233 230 231 224 P221 Glass products 241 232 221 224 242 255 248 255 260 258 261 249 P242 Glass containers 254 242 225 232 255 271 261 271 279 280 281 265 Cement 231 233 254 257 279 273 262 246 242 243 238 234 Clay products 163 162 160 168 166 169 165 160 164 ••154 154 150 Other stone and clay products2. Nondurable Manufactures... 195 197 194 195 198 201 198 199 199 191 198 196 P194 Textiles and Products. 172 176 169 169 173 173 169 173 174 157 166 160 P157 Textile fabrics 154 158 152 151 157 157 151 155 155 137 149 Cotton consumption 142 149 141 140 149 148 141 143 142 113 139 138 135 Rayon deliveries 361 356 337 350 338 352 355 367 367 359 345 324 309 Nylon and silk consumption2... Wool textiles 134 137 138 130 142 137 128 130 135 120 128 Carpet wool consumption. . 140 153 164 149 173 171 152 130 137 83 140 Apparel wool consumption. 142 137 130 129 139 138 134 144 143 118 135 Wool and worsted yarn 126 127 124 118 130 127 116 124 129 Woolen yarn 117 120 115 108 117 113 105 113 117 Worsted yarn 140 138 136 132 149 147 132 138 147 Woolen and worsted cloth.. 138 141 146 136 142 134 130 136 138 Leather and Products. 112 113 107 116 119 117 112 111 104 95 110 104 Leather tanning 103 103 100 103 101 98 102 104 97 85 97 94 Cattle hide leathers 115 117 112 116 115 108 117 118 111 99 114 108 Calf and kip leathers 87 84 88 87 82 83 81 81 71 58 69 78 Goat and kid leathers 77 83 80 79 81 86 80 84 83 74 68 62 Sheep and lamb leathers. 93 86 76 80 80 77 82 82 82 70 84 83 Shoes 120 112 119 116 102 118 126 131 129 108 119 111 Manufactured Food Products. 161 164 165 164 162 P163 165 165 165 168 164 162 164 Wheat flour 113 108 104 108 107 P107 Cane sugar meltings2 109 114 108 107 109 104 106 Manufactured dairy products. 146 147 152 151 151 154 156 152 152 150 148 143 143 Butter 73 73 85 89 90 94 95 84 82 79 76 73 73 Cheese.. 176 191 209 209 205 209 211 198 195 185 181 175 167 Canned and dried milk... 155 152 155 142 138 149 159 158 165 160 155 135 Ice cream2 P Preliminary, ' Revised. iMethods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods may be obtained from the Division of Research and Statistics. 2Series included in total and group indexes but not available for publication separately. 3 Because of a reclassification of the basic data used to measure changes in production, the sulphate pulp and sulphite pulp series are no longer available separately. Individual indexes through June 1951 are shown in preceding BULLETINS. *This index will be superseded in future issues of the BULLETIN by the Board's revised index of industrial production (1947-49 =100) shown on pp. 1298-1302 and described on pp. 1247-1279 of this issue. The old index for the remainder of 1953 will bz available upon request. 1374 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—UNREVISED *—Continued (Adjusted for Seasonal Variation) [Federal Reserve index numbers, 1935-39 average = 100] 1952 1953 Industry Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct, Manufactured Food Products—Continued Meat packing 169 170 176 169 174 179 171 154 157 157 168 180 177 Pork and lard. 194 196 202 181 181 187 169 141 142 145 162 182 178 Beef 153 155 163 175 188 193 197 189 193 186 189 194 190 Veal 131 131 124 113 109 111 117 124 148 158 172 169 170 Lamb and mutton. 96 97 100 97 100 91 81 81 81 87 94 104 Other manufactured foods 172 167 169 171 171 173 170 172 171 '168 167 169 P169 Processed fruits and vegetables. 147 124 128 143 143 155 148 155 151 139 '123 P146 O Co th n e f r e c f t o io od n e p ry roducts 1 1 3 8 1 5 1 1 8 3 4 4 1 18 5 3 0 1 1 4 8 5 2 1 1 3 8 8 3 1 1 3 8 6 4 1 18 3 2 8 1 1 3 8 2 3 1 1 1 8 5 6 1 18 1 5 8 1 1 8 3 4 4 128 nsi' 186 Alcoholic Beverages. 162 180 166 158 159 173 164 155 152 160 161 181 Malt liquor 154 177 182 175 169 179 169 151 151 172 180 Whiskey 28 31 44 53 58 63 62 56 59 43 31 187 Other distilled spirits. 182 133 127 160 139 191 198 228 179 195 183 58 Rectified liquors 325 369 228 180 221 245 227 239 237 204 184 181 274 Tobacco Products. 190 181 172 179 194 194 184 174 169 154 182 181 Cigars 134 124 98 110 111 112 116 117 114 107 112 129 Cigarettes 258 249 243 249 276 277 255 238 232 209 254 244 Other tobacco products. 66 57 59 64 61 60 65 62 59 54 64 62 Paper and Paper Products. 203 205 196 200 207 211 209 209 207 186 216 214 P216 Paper and pulp 192 194 185 191 197 201 199 199 197 179 204 202 Pulp 233 236 220 233 237 245 239 244 241 222 254 240 Groundwood pulp 125 108 112 112 118 113 111 114 115 126 131 124 Soda pulp 89 92 91 92 95 94 85 90 90 79 94 92 Sulphate and sulphite pulp3 274 280 258 275 279 291 284 290 285 260 300 282 Paper 186 188 180 185 191 194 193 192 190 172 196 196 Paperboard 246 249 235 236 245 249 249 249 250 215 261 260 262 Fine paper2 Printing paper 178 182 179 185 193 193 192 191 188 177 194 189 Tissue and absorbent paper 206 193 195 201 201 207 210 197 189 200 200 203 Wrapping paper 150 161 151 162 167 170 166 168 163 147 164 167 Newsprint 123 121 116 119 118 121 114 120 118 118 121 117 Paperboard containers (same as Paperboard). Printing and Publishing. 176 175 168 173 180 183 181 184 179 173 182 179 vl84 Newsprint consumption , 173 169 157 162 167 173 170 177 170 169 171 169 175 Printing paper (same as shown under Paper). Petroleum and Coal Products. 279 290 291 293 293 289 286 288 295 294 297 295 P290 Petroleum refining2 Gasoline 225 233 229 230 231 225 225 230 238 245 246 241 P235 Fuel oil 226 239 239 241 236 233 225 221 230 227 226 225 '223 Lubricating oil 182 171 164 160 148 161 156 162 163 161 172 174 O K t e h r e o r s e p n e e troleum products2. 207 225 241 250 226 207 208 190 204 203 197 196 Coke 179 182 186 188 188 189 187 189 189 188 187 i84 By-product coke 178 179 182 183 183 183 181 183 184 184 184 181 Beehive coke 243 268 312 353 364 391 382 393 367 299 302 279 270 Chemical Products. 304 308 309 310 310 314 319 321 325 •327 -326 321 v316 Paints 158 159 159 162 160 161 161 161 160 166 162 160 158 Rayon 358 350 351 •350 336 •353 •372 367 382 373 •357 323 328 O In t d h u e s r tr c i h a e l m c i h c e a m l i p ca ro ls ducts2. 578 595 598 595 598 605 614 621 631 •636 637 •622 Rubber Products... 260 264 272 268 270 275 272 267 271 262 258 252 '240 Minerals— Total. 164 111 168 164 163 162 164 164 168 164 167 169 161 Fuels 167 177 176 172 170 168 167 168 173 169 172 174 166 Coal 93 125 115 105 99 96 99 103 106 94 106 113 106 Bituminous coal. 93 135 125 116 109 107 113 113 116 103 119 126 116 Crud A e n p t e h t r r a o c l i e t u e m 95 87 71 60 2 6 0 0 5 2 5 0 2 4 20 4 1 7 1 6 9 6 9 66 2 5 0 7 6 54 2 ' 0 6 5 3 66 Metals. 203 202 207 204 123 125 145 144 206 134 205 141 196 Metals other than gold and silver. 145 138 117 120 175 177 211 209 144 193 133 207 132 I ( r C o o n p o p r e e r; Lead; Zinc)2 212 200 166 170 209 194 192 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. *This index will be superseded in future issues of the BULLETIN by the Board's revised index of industrial production (1947-49 =100) shown on pp. 1298-1302 and described on pp. 1247-1279 of this issue. The old index for the remainder of 1953 will be available upon request. DECEMBER 1953 1375 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—UNREVISED • (Without Seasonal Adjustment) Federal Reserve index numbers, 1935-39 average =100] 1952 1953 Industry Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Industrial Production—Total 233 235 233 232 236 240 240 240 241 234 r239 236 P23S Manufactures— Total 245 246 246 245 250 255 254 254 254 246 '251 248 v247 Durable Manufactures 301 305 310 312 319 326 326 322 321 311 311 303 *>306 Iron and Steel1 281 283 286 287 290 297 292 291 288 r278 277 264 P264 Pig iron 247 244 247 249 247 253 244 250 250 247 246 243 247 Steel . . 332 334 335 333 337 348 338 337 328 318 311 291 289 233 231 238 235 234 241 234 238 231 229 225 221 230 Electric . . . .. 1040 1064 1022 1029 1071 1113 1081 1047 1022 958 923 784 714 Machinery 363 371 385 393 398 406 402 399 398 r385 '387 385 P386 371 376 392 391 403 412 417 408 405 '397 '394 373 P387 265 272 282 283 297 308 314 306 301 ••293 '284 259 P27S (Aircraft; Railroad equipment; Shipbuilding—Private 237 241 246 250 259 259 263 262 259 r247 '237 231 P232 251 251 259 266 293 301 299 290 284 282 282 291 P293 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)2 Fabricating . . .. 231 236 241 243 245 243 248 251 249 r233 '219 208 P20S (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin 164 160 151 151 158 162 168 154 163 158 163 166 P167 151 143 128 132 142 146 157 139 153 149 153 159 P158 189 191 196 189 191 193 189 184 182 '175 '181 180 P183 Stone Clay and Glass Products . 235 226 214 209 216 227 230 238 236 233 241 234 P232 Glass products . . 247 234 210 221 237 255 248 269 258 r25O 269 253 P248 Glass containers 262 245 210 227 248 271 261 291 276 269 292 270 Cement 267 252 231 209 212 224 249 259 259 267 269 272 Clay products 173 167 165 155 157 161 161 159 163 156 159 156 P160 Other stone and clay products2 Nondurable Manufactures . . . . 200 199 193 191 194 197 196 198 200 193 202 203 P199 Textiles and Products . .. . . . 172 176 169 169 173 173 169 173 174 157 166 160 P157 Textile fabrics . .... . . 154 158 152 151 157 157 151 155 155 137 149 142 149 141 140 149 148 141 143 142 113 139 138' 135 Rayon deliveries 361 356 337 350 338 352 355 367 367 359 '345 '324 309 Nylon and silk consumption 2 Wool textiles 134 137 138 130 142 137 128 130 135 120 128 Carpet wool consumption 140 153 164 149 173 171 152 130 137 83 140 Apparel wool consumption 142 137 130 129 139 138 134 144 143 118 135 ^Toolen and worsted yarn . 126 127 124 118 130 127 116 124 129 Woolen yarn 117 120 115 108 117 113 105 113 117 Worsted yarn . . .. . . 140 138 136 132 149 147 132 138 147 ^Voolen and worsted cloth 138 141 146 136 142 134 130 136 13& Leather and Products 112 114 107 117 122 116 112 111 103 94 r109 104 Leather tanning 104 107 99 103 109 97 102 103 95 81 '95 92 Cattle hide leathers . . .. 116 121 112 119 124 108 117 118 107 93 111 106 Calf and kip leathers 89 85 87 85 86 81 78 77 72 57 72 76 Goat and kid leathers .. 77 80 80 79 84 85 82 82 84 73 66 63 Sheep and lamb leathers 93 91 72 75 88 75 80 88 81 65 '86 81 Shoes 118 120 112 126 131 129 119 116 108 102 119 111 178 165 161 153 149 151 151 157 165 173 183 187 P176 Wheat flour 115 114 107 114 109 105 100 103 104 106 103 116 P\\\ Cane sugar meltings2 . .. Manufactured dairy products 133 106 107 98 109 128 162 202 225 221 214 169 130 Butter 63 55 67 74 80 86 97 109 114 96 84 70 63 Cheese 158 143 151 155 168 188 220 266 277 228 203 179 150 126 110 120 115 124 146 179 220 228 186 160 124 Ice cream 2 * 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. aSeries 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. •This index will be superseded in future issues of the BULLETIN by the Board's revised index of industrial production (1947-49=100) shown on pp. 1303-1323 and described on pp. 1247-1279 of this issue. The old index for the remainder of 1953 will be available upon request. 1376 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—UNREVISED *—Continued (Without Seasonal Adjustment) [Federal Reserve index numbers, 1935-39 average =100] 1952 1953 Industry Oct. Nov. Dec. Jan, Feb. Mar. Apr. May June July Aug. Sept. Oct Manufactured Food Products—Continued Meat packing 169 190 208 199 166 166 159 154 156 149 150 168 179 Pork and lard , 183 230 266 237 178 174 154 141 142 128 125 144 167 Beef 167 161 163 178 173 175 185 189 189 188 191 210 207 Veal 149 141 116 105 96 104 114 129 148 158 169 186 194 Lamb and mutton. 100 89 95 106 98 98 89 82 75 78 85 101 108 Other manufactured foc*ls 191 174 167 157 155 154 152 156 162 176 191 198 P188 Processed fruits and vegetables. 190 114 100 93 90 85 90 101 116 181 233 249 P188 Confectionery 171 158 151 149 140 127 115 102 85 96 145 Other food products 195 193 187 175 174 177 174 179 188 188 188 190 Alcoholic Beverages. 173 163 142 134 144 161 165 164 174 184 172 186 Malt liquor 143 136 145 144 152 167 177 173 190 215 206 188 Whiskey 28 31 44 53 58 63 62 56 59 43 31 58 Other distilled spirits. 472 280 140 104 83 124 119 137 111 113 99 247 Rectified liquors 325 369 228 180 221 245 227 239 237 204 184 274 Tobacco Products. 197 184 159 178 184 183 174 174 176 159 188 191 Cigars 134 124 98 110 111 112 116 117 114 107 112 129 Cigarettes 268 254 224 249 260 258 237 238 244 219 266 261 Other tobacco products. 71 59 51 63 59 60 65 63 60 54 62 66 Paper and Paper Products. 203 205 195 200 207 211 210 210 208 185 215 213 P216 Paper and pulp 192 194 185 191 198 201 200 199 197 178 203 201 Pulp 232 237 220 233 238 246 241 245 241 220 252 238 Groundwood pulp 116 114 113 117 122 121 122 123 117 112 115 111 Soda pulp 89 92 91 92 95 94 85 90 90 79 94 92 Sulphate and sulphite pulp 8 274 280 258 275 279 291 284 290 285 260 300 282 Paper 186 188 179 185 192 194 193 192 190 171 196 196 Paperboard 246 249 235 236 245 249 249 249 250 215 261 260 262 Fine paper 2 Printing paper 178 182 179 185 193 193 192 191 188 177 194 189 Tissue and absorbent paper 208 193 189 199 209 207 212 197 192 192 200 203 Wrapping paper 150 161 151 162 167 170 166 168 163 147 164 167 Newsprint 123 123 114 119 118 121 116 121 119 116 119 117 Paperboard containers (same as Paperboard). Printing and Publishing. 180 183 172 168 178 187 187 187 178 161 174 180 "189 Newsprint consumption 182 184 165 150 164 180 181 184 168 145 153 170 184 Printing paper (same as shown under Paper). Petroleum and Coal Products. 279 290 291 293 293 289 286 288 295 297 295 v290 Petroleum refining2 Gasoline 225 233 229 230 231 225 225 230 238 245 246 241 P235 Fuel oil 226 239 239 241 236 233 225 221 230 227 226 225 P223 Lubricating oil 182 171 163 155 147 159 163 168 163 159 170 174 O K t e h ro er s e p n e e troleum products 2. 207 231 248 255 238 211 212 192 192 189 189 194 Coke 179 182 186 188 188 189 187 189 189 188 187 184 By-product coke 178 179 182 183 183 183 181 183 184 184 184 181 Beehive coke 243 268 312 353 364 391 382 393 367 299 302 279 Chemical Products. 309 313 '312 313 318 322 321 324 '324 -323 324 Paints 158 157 159 158 158 161 162 165 165 '165 '1*0 158 158 Rayon 358 350 351 '350 336 '353 r372 367 382 373 357 323 328 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. 578 595 598 595 598 605 614 621 631 -•635 636 637 P622 Rubber Products.... 260 264 272 268 270 275 272 267 '262 -258 252 P240 Minerals— Total. 166 170 163 159 158 157 163 166 172 169 172 174 vl64 Fuels 167 177 176 172 170 168 167 168 173 169 172 174 Coal 93 125 115 105 99 96 99 103 106 94 106 113 106 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. 20 9 9 3 3 5 2 1 0 8 3 2 7 5 2 1 0 2 7 7 5 1 2 1 6 0 1 0 4 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 2 1 ' 0 2 6 5 6 3 P1 1 9 6 1 6 6 6 Metals. 164 131 84 84 87 90 134 160 170 168 '167 170 P152 Metals other than gold and silver. 241 185 108 109 115 120 195 240 256 253 249 Iron ore 363 248 83 86 91 105 262 363 404 400 394 398 (Copper; Lead; Zinc)* Gold Silver For other footnotes see preceding page. NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937 and August 1940. pp. 753-771 and 825-882. This index will be superseded in future issues of the BULLETIN by the Board's revised index of industrial production (1947-49 =100) shown on pp. 1303-1323 and described on pp. 1247-1279 of this issue. The old index for the remainder of 1953 will be available upon request. 1377 DECEMBER 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OUTPUT OF MAJOR CONSUMER DURABLE GOODS (Adjusted for Seasonal Variation) [Federal Reserve index numbers, 1947-49 average =100] 1952 1953 Product group Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Total 125 134 134 141 148 146 148 144 142 144 138 131 P134 Passenger automobiles 125 131 129 134 146 151 159 155 158 159 149 139 P145 124 137 139 149 150 141 135 131 125 128 127 122 P122 Carpets 99 98 94 103 104 101 98 87 (i) 118 120 125 121 122 123 126 126 123 ri22 -118 112 Pll2 91 114 115 123 126 125 121 122 109 108 100 93 P92 Radios and television 214 237 236 279 273 226 201 182 182 204 217 221 217 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 persona] 1952 1953 Industry group or industry Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. ADJUSTED FOR SEASONAL VARIATION Total 13,338 13,513 13,607 13,682 13,757 13,857 13,906 13,930 13,943 13,904 13,746 13,579 13,403 Durable goods 7,726 7,862 7,944 8,009 8,089 8,175 8,218 8,220 8,228 -8,202 -8,111 7,991 7,881 Ordnance and accessories 132 134 137 139 142 147 150 156 158 -162 159 159 159 Lumber and wood products 717 723 708 690 694 698 712 713 724 -718 706 701 698 Furniture and fixtures 316 321 324 324 325 330 331 330 327 -328 -322 316 309 Stone, clay, and glass products.. 457 459 453 456 455 459 462 461 465 -463 -462 464 460 Primary metal industries 1,110 1,120 1,126 1,133 1,136 1,139 1,144 1,149 1,149 -1,151 -1,137 1,123 1,102 Fabricated metal products 884 899 908 922 933 943 947 957 966 -967 -964 943 928 Machinery except electrical 1,233 1,266 1,295 1,313 1,316 1,322 1,314 1,300 1,294 -1,277 -1,248 1,232 1,220 Electrical machinery 843 859 875 890 907 916 926 928 920 -924 -921 911 888 Transportation equipment 1,411 1,450 1,484 1,509 1,543 1,574 1,576 1,556 1,548 -1,533 -1,523 1,478 1,464 Instruments and related products 233 236 238 240 240 243 243 244 245 -248 -241 242 242 Misc. manufacturing industries.. 390 395 396 393 398 404 413 426 432 431 428 422 411 Nondurable goods 5,612 5,651 5,663 5,673 5,668 5,682 5,688 5,710 5,715 -5,702 -5,635 5,588 5,522 T T F A e o o p x o b p t d a a i l c r e a c e - n o l m d a m i l n k l a d i n n p u d o ro f r th e a d d c e u r t c u p t f r s r i e n o s i d s u h c ed ts tex- 1 1 , , 1 1 2 3 9 5 5 8 1 1 , ,1 1 1 3 2 0 5 4 2 1 1 , , 1 1 1 2 2 0 7 9 5 1 1, , 1 1 1 2 3 0 1 5 1 1 1 , , 1 11 4 9 7 4 7 1 1, , 1 1 2 3 9 3 8 5 1 1 , , 1 1 3 1 9 2 9 6 1 1, , 1 1 2 3 9 3 8 7 1 1 , ,1 1 2 2 9 2 4 8 - 1 1 , , 1 1 2 9 2 1 8 8 - 1 1 , , 0 1 - 9 2 9 7 0 8 1 1 , , 1 1 0 1 9 4 0 7 1 1 , , 1 0 0 7 9 6 9 7 tiles 1,066 1,093 1,098 1,109 1,104 1,106 ,103 1,111 1,123 -1,120 -1,098 1,064 1,050 Paper and allied products 432 431 434 434 435 437 440 442 448 -451 453 456 451 Printing, publishing and allied industries 499 500 498 498 497 502 501 502 502 -501 -503 506 508 Chemicals and allied products... 508 508 508 511 511 518 526 528 529 -526 -521 512 507 Products of petroleum and coal. 189 188 188 188 188 188 190 189 189 -188 186 185 186 Rubber products 211 213 215 217 218 221 222 222 222 -220 -217 215 207 Leather and leather products. .. 349 357 361 359 357 354 359 358 358 349 342 339 331 WITHOUT SEASONAL ADJUSTMENT Total 13,560 13,634 13,699 13,619 13,733 13,831 13,758 13,699 13,787 13,666 13,862 13,829 13,626 Durable goods 7,774 7,916 8,010 8,020 8,115 8,211 8,215 8,179 8,190 -8,056 -8,065 8,009 7,933 Ordnance and Accessories. ... 132 134 137 139 142 147 150 156 158 rl62 159 159 159 Lumber and Wood Products 728 730 704 676 677 688 701 713 731 '718 724 715 708 Sawmills and planing mills.. 440 433 420 406 404 408 416 422 432 -426 -434 429 Furniture and Fixtures 322 329 330 329 332 33, 329 322 317 -3/5 T317 318 315 Stone H , o C u l s a e y h , o a l n d d f G u l r a n s i s t u P r r e o . d .. u . cts,. 4 2 5 3 9 4 2 6 4 1 2 2 45 4 8 3 2 45 4 1 3 4 2 5 4 3 6 4 2 5 4 9 7 4 2 6 4 2 2 4 2 6 3 1 7 4 2 6 3 5 2 r - 4 2 5 2 6 8 * -2 4 3 6 0 4 4 2 6 3 6 0 462 Primary Metal Industries 1,116 1,126 1,13', 1,139 1,142 1,145 1,144 1,138 1,143 rl,134 -1,131 1,123 1,108 Blast furnaces, steel works 55 557 561 562 563 564 562 562 567 -571 -572 564 and rolling mills 888 903 922 931 942 952 952 952 956 r938 -P50 943 933 Fabricated Metal Products 1,227 1,260 1,301 1,313 1,323 1,335 1,321 1,307 1,300 rl, 2 r1,236 1,226 1,214 Machinery except Electrical 223 223 226 226 227 228 228 227 227 222 222 224 Metalworking machinery.. 851 87, 893 899 916 925 926 919 911 -P0. 911 897 Elect E ri l c e e a c r l a t r M t i i c n a a g c l , h e i a n t p e c p r .) y a ratus ^ (gen- 2 38 6 1 8 2 3 7 9 1 8 4 27 1 5 0 2 41 7 1 7 2 4 8 1 1 8 2 4 8 1 5 8 2 41 8 5 7 2 4 8 0 8 7 2 39 8 9 8 - 2 3 8 8 3 8 - 2 4 8 0 2 2 2 4 8 0 2 8 Communication equipment. 1,41 1,450 1,48< 1,509 1,543 1,574 1,576 1,556 1,548 -1,533 -1,523 1,478 1,464 Transportation Equipment 701 735 750 769 798 821 831 816 803 -796 -780 730 A M i o r m c t r e o a n r f t t v a eh n i d c l p es a r a ts nd equip- 2 5 3 01 5 23 1 7 0 5 2 2 4 4 0 5 2 3 4 1 1 5 24 3 1 8 5 24 4 4 2 5 2 3 4 3 4 2 5 4 3 4 2 2 5 4 3 5 5 * - 2 5 4 3 1 7 - * 5 2 4 3 2 9 5 2 4 4 9 2 243 Instruments and Related Products. 408 415 404 393 404 410 411 413 41. 403 419 428 429 Misc. Manufacturing Industries For footnotes see following page. 1378 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 Oct. Nov. Dec, Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct Nondurable goods 5,786 5,718 5,689 5,599 5,618 5,620 5,543 5,520 5,597 -5,610 -5,797 5,820 5,693 Food and Kindred Products 1,223 1,142 1,093 1,045 1,033 1,025 1,027 1,051 1,097 '1,184 '1,256 1,285 1,202 Meat products 244 254 256 249 241 238 233 233 237 240 239 240 Canning and preserving.. . . 253 172 143 132 129 123 134 146 165 244 r309 330 Bakery products 187 187 184 179 180 180 179 181 184 184 182 182 Tobacco Manufactures 117 109 108 101 94 87 85 85 85 85 nos 117 115 Textile-mill Products 1,135 1,146 1,146 1,132 1,134 1,134 1,119 1,117 1,122 '1,094 *1,103 1,099 1,079 K Br n o i a tt d i - n w g o m ve i n ll s fabric mills... 5 2 0 3 3 6 5 2 0 3 6 9 2 5 3 0 6 8 5 2 0 3 2 0 5 23 0 2 2 4 2 9 3 9 5 4 23 9 3 4 4 23 9 2 4 4 2 9 3 7 2 r - 4 2 g 2 o 6 - - 4 2 8 3 6 1 4 2 8 2 5 9 Apparel and Other Finished Textiles 1,103 1,104 1,114 1,109 1,137 1,139 1,086 1,061 1,072 rl, 053 r1,114 1,096 1,087 Men's and boys' furnishings. 279 280 280 279 284 289 289 288 288 mi -293 291 Women's and misses' outerwear 330 331 347 351 360 356 318 298 309 -314 -339 324 Pape P r u a l n p d , p A a l p li e e r d an P d r o p d a u p ct e s rboard 432 435 441 436 437 439 440 440 446 '442 451 454 451 mills 219 219 224 223 223 223 222 222 225 225 227 229 Printing, Publishing and Allied Industries 504 505 505 498 497 499 498 499 502 '496 '498 506 513 Newspapers 146 147 147 144 144 146 146 148 148 -146 147 148 Commercial printing 160 161 162 161 159 159 158 158 159 -157 -157 160 Chemicals and Allied Products... 518 518 518 516 519 526 526 517 513 '508 '511 515 517 Industrial organic chemicals. 187 188 189 190 189 190 191 192 195 -195 -197 194 Products of Petroleum and Coal.. 189 188 187 186 186 186 188 188 190 '190 190 188 186 Petroleum refining 144 144 144 144 144 144 144 143 145 145 -145 145 213 217 219 219 219 221 221 220 220 '213 '215 215 209 Rubber Products 352 355 359 359 364 363 355 344 351 344 351 344 334 Leather and Leather Products.... 225 226 232 236 238 238 232 226 231 224 229 223 Footwear (except rubber)... r Revised. NOTE.—Covers production and related workers only; data shown include all full- and part-time production and related workers who worked during, or received pay for, the pay period ending nearest the 15th of the month. Figures for October 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 Oct. Aug. Sept. Oct. Oct. Aug. Sept. Oct. Oct. Aug. Sept. Oct. Total 70.38 -71.51 71.02 71.73 41.4 40.4 39.9 40.3 1.70 1.77 1.78 1.78 Durable goods 76.38 -77.08 76.55 77.90 42.2 40.5 41.0 1.81 1.88 1.89 1.90 Ordnance and accessories 78.26 -78.53 79.13 n.a. 42.3 40.9 41.0 n.a. 1.85 -1.92 1.93 n.a. Lumber and wood products 66.62 -67.24 66.83 66.67 41.9 40.5 40.9 1.59 -1.64 1.65 1.63 Furniture and fixtures 63.33 -62.42 62.37 64.02 42.5 r40!8 40.5 41.3 1.49 1.53 1.54 1.55 Stone, clay, and glass products 69.47 71.51 71.10 72.34 42.1 41.1 40.4 41.1 1.65 1.74 1.76 1.76 Primary metal industries 81.77 -85.28 85.65 84.63 41.3 r41.0 40.4 40.3 1.98 2.08 2.12 2.10 Fabricated metal products 75.65 76.59 75.70 78.02 42.5 41.4 40.7 41.5 1.78 1.85 1.86 1.88 Machinery except electrical 80.70 -81.73 82.17 84.20 42 '41. 7 41.5 42.1 1.89 1.96 1.98 2.00 Electrical machinery 70.89 72.39 72.27 73.80 41.7 40.9 40.6 41.0 1.70 1.77 1.78 1.80 Transportation equipment 86.48 -84.04 81.97 83.21 42.6 '40.6 39.6 40.2 2.03 -2.07 2.07 2.07 Instruments and related products 74.20 -73.39 74.34 75.17 42.4 r41.0 41.3 41.3 1.75 1.79 1.80 1.82 Miscellaneous manufacturing industries 63.99 -63.11 62.73 64.87 42.1 -40.2 39.7 40.8 1.52 1.57 1.58 1.59 Nondurable goods 62.06 63.76 63.18 63.67 40.3 39.6 39.0 39.3 1.54 1.61 1.62 1.62 Food and kindred products 63.54 66.14 67.46 68.04 41.8 41.6 41.9 42.0 1.52 1.59 1.61 1.62 Tobacco manufactures 46.06 47.70 46.49 48.52 40.4 39.1 39.4 40.1 1.14 1.22 1.18 Textile-mill products 55.08 52.90 51.51 52.20 40.5 38.9 37.6 38.1 1.36 1.36 1.37 Apparel and other finished products... , 48.73 49.78 46.98 48.91 37.2 36.6 34.8 36.5 1.31 1.36 1.35 Paper and allied products 71.83 73.44 73.87 73.44 43.8 43.2 42.7 42.7 1.64 1.70 1.73 Printing, publishing and allied products 83.07 -85.97 87.30 87.53 39.0 -38.9 38.8 38.9 2.13 -2.21 2.25 2.25 Chemicals and allied products 71.38 -76.41 77.98 75.81 41.5 -41.3 41.7 41.2 1.72 -1.85 1.87 1.84 Products of petroleum and coal 87.94 91.43 94.35 91.17 40.9 41.0 41.2 40.7 2.15 2.23 2.29 2.24 Rubber products 75.53 -75.84 73.15 n.a. 41.5 -39.5 38.5 n.a. 1.82 1.92 1.90 n.a. Leather and leather products 51.19 51.92 49.48 49.21 38.2 37.9 35.6 35.4 1.34 1.37 1.39 1.39 r Revised. n.a. Not available. NOTE.—Data are for production and related workers. Figures for Octob r 1953 are preliminary. Back data are available from the Bureau of Labor Statistics. DECEMBER 1953 1379 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 bl 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 1,661 023 8,602 1,586 4,621 5,607 1947 43,438 15,290 943 1,982 122 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 9,645 1,796 5,098 5,992 1951 47,202 16,082 913 2,588 4,166 10,013 1,861 5,207 6,373 1952 47,993 16,209 872 2,572 4,220 10,251 1,957 5,280 6,633 SEASONALLY ADJUSTED 1952—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 '49,511 '17,303 '816 '2,511 '4,293 '10,524 '2,044 '5,333 6,687 August '49,308 '17,137 '820 '2,503 284 '10,495 '2,056 '5,332 6,681 September 49,164 16,961 820 2,523 ,301 10,497 2,065 5,312 6,685 October 49,147 16,781 808 2,552 4,317 10,550 2,073 5,334 6,732 UNADJUSTED 1952—October 49,095 16,778 871 2,728 4,296 10,442 1,973 5,303 6,704 November 49,310 16.874 871 2,648 4,286 10,650 1,973 5,266 6,742 December 50,140 16,952 870 2,497 4,293 11,218 1,978 5,237 7,095 1953—January 48,382 16,884 866 2,303 4,210 10,283 1,969 5,192 6,675 February 48,369 17,013 856 2,280 4,210 10,214 1,977 5,194 6,625 March 48,685 17,135 846 2,301 4,235 10,284 1,993 5,225 6,666 April 48,860 17,077 835 2,416 4,244 10,314 2,014 5,307 6,653 May 49,058 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 '49,215 '17,069 '823 '2,662 '4,340 '10,355 '2,075 '5,413 6,478 August '49,410 '17,265 830 '2,703 4,334 '10,340 '2,077 '5,412 6,449 September 49,632 17,215 826 2,700 4,323 10,458 2,055 5,392 6,663 October 49,580 17,011 811 2,705 4,310 10,603 2,052 5,334 6,754 '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. October 1953 figures are preliminary. Back unadjusted data are available from the Bureau of Labor Statistics; seasonally adjusted figures beginning January 1939 may be obtained from the Division of Research and Statistics. LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates without seasonal adjustment. Thousands of persons 14 years of age and over] Civilian labor force Year or month in T s o t t i a tu l ti n o o n n a - l T la o b t o a r l Employed l Not in the population force Total Unem- labor force 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—November 113.599 67,047 63,646 62,228 55,454 6,774 1,418 46,552 December 113,703 66,309 62,921 61,509 55,812 5,697 1,412 47,394 1953—January 114,191 65,959 62,416 60,524 55,072 5,452 1,892 48,232 February 114,479 66,255 62,712 60.924 55,558 5,366 1,788 48.224 March 114,755 66,679 63,134 61,460 55,740 5,720 1,674 48,076 April 114,828 66,338 62,810 61,228 55,158 6,070 1,582 48,490 May 114,931 66,497 62,964 61,658 55,268 6,390 1,306 48,434 J J u u l n y e § (*) (? 6 6 4 4 , , 7 6 3 6 4 8 6 6 3 3 , , 1 1 7 2 2 0 5 5 5 5, , 4 2 9 4 2 6 7 7 , , 9 6 2 2 6 8 1 1 , , 5 5 6 4 2 8 4 4 6 6 , , 7 8 4 7 2 4 August 64,648 63,408 56,134 7,274 1,240 46,994 September 63,552 62,306 55,044 7,262 1,246 48,215 October 63,404 62,242 55.083 7,159 1,162 48,495 November 63,353 61,925 55,274 6,651 1,428 48,671 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. 1380 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VALUE OF NEW CONSTRUCTION ACTIVITY [Adjusted for seasonal variation. In millions of dollars] Private Public Year or month Total Total d R en e t s i i a - l Ind B us u - sine C ss om- Public O n d re t o e h s n n i e - - - r Total M ta i r l y i- H w ig ay h- C v o a n ti s o e n r- o A th ll er Total trial mercial utility tial 1939 8,198 4,389 2,680 1,229 254 292 683 480 3,809 125 1,381 570 1,733 1940 . . . 8,682 5,054 2,985 1,561 442 348 771 508 3,628 385 1,302 528 1,413 1941 11,957 6,206 3,510 2,082 801 409 872 614 5,751 1,620 1,066 500 2,565 1942 . 14,075 3,415 1,715 1,287 346 155 786 413 10,660 5 016 734 357 4,553 1943 8,301 1,979 885 759 156 33 570 335 6,322 2,550 446 285 3,041 1944 . ... 5,259 2,186 815 989 208 56 725 382 3,073 837 362 163 1,711 1945 5,633 3,235 1,100 1,672 642 203 827 463 2,398 690 398 130 1,180 1946 12,000 9,638 4,015 4,195 1,689 1,132 1,374 1,428 2,362 188 895 240 1,039 1947 16.689 13,256 6,310 4,896 1,702 856 2,338 2,050 3,433 204 1,451 394 1,384 1948 21.678 16,853 8,580 5,693 1,397 1,253 3.043 2,580 4,825 158 1,774 629 2,264 1949 22.789 16,384 8,267 5,322 972 1,027 3,323 2,795 6,405 137 2,131 793 3,344 1950 28.454 ,21.454 12,600 5,680 1,062 1.288 3,330 3,174 7,000 177 2,272 881 3,670 1951 30,895 21.564 10,973 7,217 2,117 1.371 3.729 3,374 9,331 887 2,518 853 5,073 1952 32.638 21 81? 11,100 7,460 2,320 1,137 4,003 3,252 10,826 1,388 2,860 854 5,724 1952—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 .953 975 703 185 141 377 275 901 110 266 71 454 August 2 825 1,940 953 717 185 152 380 270 885 101 266 66 452 September? 2,828 ,921 937 716 175 160 381 268 907 92 270 64 481 October? 2,851 ,937 950 716 166 170 380 271 914 89 277 63 485 November? 2,916 ,965 962 726 165 184 377 277 951 94 272 62 523 Preliminary. r Revised. Source.—Joint estimates of the Departments of Commerce and Labor. CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions] By type of ownership By type of construction Year or month Total Nonresidential building Public Resi- works Public Private dential and building t F or a i c e - s m C e o rc m ia - l E ti d o u n c a a l - Other u p ti u l b it l i i e c s 1945 3,299 1,311 1,988 563 1,027 346 100 377 885 1946 7,490 1,754 5,735 3,142 1,317 773 221 404 1,631 1947 7,760 2,296 5,464 3,154 941 785 392 597 1,890 1948 9,430 3,107 6.323 3,608 840 975 725 1,127 2 155 1949 10,359 3,718 6.641 4,239 559 885 824 1,376 2,476 1950 14,501 4,409 10 092 6,741 1,142 1,208 1,180 1,651 2 578 1951 15,751 6,122 9,629 6,205 2,883 915 1,335 1,689 2,723 1952 16,775 6,711 10,064 6,668 2,562 979 1,472 1,686 3,408 1952—November 1.249 491 758 528 117 85 117 143 259 December L.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 . . . L.348 417 931 605 105 101 124 120 293 April 1,742 673 1,069 674 262 120 147 151 387 May 1,606 554 1 052 638 132 156 163 131 386 June 1,116 372 744 463 85 99 148 127 193 July 1,793 610 1,1 83 653 207 200 176 181 376 August .... . L ,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 1,203 635 235 171 153 200 500 November 1,394 483 911 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 la le 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—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 October 1,320,958 95.402 236,441 73,178 114,626 125,405 130,320 233,315 83,225 57,278 65,799 105,969 1953—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 "57,513 '69,293 147,005 October 1,892,388 101.012 282,317 124,789 338,569 144,973 286,593 237,388 139,427 73,022 51,937 112,361 e Corrected. DECEMBER 1953 1381 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PERMANENT NONFARM DWELLING UNITS STARTED [In thousands of units] Private Government-underwritten Rural Year or month Total Urban non- Public farm Total fam 1 i - ly fam 2- ily f M am ul i t l i y - Total FHA VA 1939 515 359 156 458 373 20 66 57 158 158 1941 706 434 272 620 533 28 58 87 220 220 1945 209 134 75 208 185 9 15 1 47 41 6 1946 . 671 404 267 663 590 24 48 8 152 69 83 1947 849 480 369 846 740 34 72 3 440 229 211 1948 932 525 407 914 763 46 104 18 393 291 102 1949 1,025 589 436 989 792 35 162 36 466 361 105 1950 1,396 828 568 1,352 1,151 42 159 44 686 486 200 1951 1,091 595 496 1,020 892 40 88 71 413 264 149 1952 1,127 610 517 1,069 939 46 84 58 420 279 141 1952—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 July 97 48 49 96 84 4 8 (l) 39 24 15 August 93 46 47 92 82 3 8 41 23 18 September P92 n.a. n.a. j>89 n.a. n.a. n»a. J»3 36 22 14 October P88 n.a. n.a. P88 n.a. n.a. n.a. P(I) 36 21 15 November P80 n.a. n.a. P78 n.a. n.a. n.a. P2 33 20 13 p Preliminary. n.a. Not available. 1Less than 500 units. NOTE.—Government underwritten units are those started under commitments of FHA or VA to insure or guarantee the mortgage. VA figures after June 1950 and all FHA figures are based on field office reports of first compliance inspections; VA figures prior to June 1950, estimates based on loans closed information. Other figures are estimated by Bureau of Labor Statistics on the basis of reports of building permits issued, reported starts of public units, and a sample of places not issuing permits. FREIGHT CARLOADINGS, BY CLASSES [Index numbers, 1935-39 average-100] Monthly—seasonally adjusted Monthly—unadjusted Annual Class 1952 1953 1952 1953 1951 1952 Oct. May June July Aug. Sept. Oct. Oct. May June July Aug. Sept. Oct. Total 134 126 128 130 128 123 130 126 126 138 132 133 128 134 137 135 Coal 121 109 93 106 105 94 112 114 110 93 106 105 94 112 114 110 Coke 208 168 188 183 179 167 169 164 163 185 182 176 162 162 162 160 Grain 143 142 157 141 155 138 131 131 157 157 124 158 166 142 147 157 Livestock 69 69 76 65 60 60 58 59 70 117 58 52 46 55 78 108 Forest products 150 144 139 137 145 146 145 137 136 146 143 151 147 153 148 144 Ore 205 181 233 237 212 213 221 216 172 314 315 328 341 331 324 263 147 140 145 146 142 139 145 139 137 158 148 146 141 146 150 149 Merchandise, 1. c. 1 48 46 46 45 43 42 44 43 44 48 45 43 42 44 45 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 exports1 Merchandise imports 2 Excess of export! Month 1951 1952 1953 1951 1952 1953 1951 1952 1953 January 974 ,254 1,292 1,025 922 922 -51 332 370 February 1,076 ,344 1,197 910 893 856 166 451 341 March 1,295 1,447 1,389 1,102 964 1,004 193 483 384 April 1,369 ,352 1,397 1,034 933 1,013 336 420 384 May 1,354 ,474 1,448 1,018 835 902 337 639 546 June 1,297 ,168 '1,378 930 861 934 366 306 444 July 1,186 ,027 ••1,349 895 839 908 292 188 '441 August 1,270 ,087 1,185 881 818 842 390 269 343 September 1,232 ,228 Pl.235 721 '877 P926 510 ••351 P309 October 1,152 ,216 834 918 319 297 November 1,388 ,191 819 805 569 386 December 1,438 1,391 800 ••1,053 638 338 January-September 11,053 11,381 P11.87O 8,516 7,942 P8,307 2,539 3,439 P3,562 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, 1,998; January-September 1953, 2,840. 2 General imports including imports for immediate consumption plus entries into bonded warehouses. Source.—Department of Commerce. 1382 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS [Based on retail value figures] SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS [Index numbers, 1947-49 average = 100] Federal Reserve district United Year or month States Boston Y N o e r w k a P p d h h e i i l l a - - C l l a e n ve d - m Ri o c n h d - l A a t n - ta c C a h g i o Lo S u t. is 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 10) 104 104 104 103 105 104 1949 98 99 98 100 98 100 101 97 9a 99 99 102 98 1950 105 103 101 106 105 105 109 «O4 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—October 115 >"110 '108 112 115 126 M30 112 115 108 128 118 November 111 105 100 109 113 116 128 107 113 104 115 128 117 December 115 107 103 111 117 123 129 114 115 110 118 128 117 1953—January 111 105 100 108 113 113 126 107 108 103 114 127 116 February 112 106 100 112 115 117 124 110 113 105 115 125 116 March 115 105 103 112 116 124 128 114 118 108 114 126 119 April . . 110 106 102 113 105 117 118 110 111 99 112 124 116 May 117 106 104 119 115 129 134 114 118 107 115 131 124 Tune .. 115 103 102 110 118 119 128 112 122 106 118 134 121 July 113 106 104 117 114 120 127 110 107 105 111 124 117 August ... 112 99 99 116 120 114 130 109 110 102 112 127 113 September 107 105 98 104 109 114 119 r106 102 100 103 112 110 October P110 106 104 106 110 P116 *>128 109 108 103 *>108 122 111 UNADJUSTED 1952—October 120 '110 113 120 '120 132 132 116 126 124 120 134 118 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 M^arch 103 95 93 106 107 110 124 101 104 92 103 117 102 April 104 101 95 103 103 111 117 104 105 97 106 117 105 May 115 106 101 118 115 128 131 114 118 107 115 127 117 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 112 112 102 108 114 121 122 >"113 109 110 109 119 111 October ni5 106 110 114 115 P121 P130 112 119 118 P113 128 111 STOCKS! 1947 . . 93 95 98 93 93 94 90 89 93 91 93 89 93 1948 107 105 105 107 107 105 108 111 102 no 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—October 121 110 113 114 112 134 138 118 121 112 '126 129 131 November 122 112 113 115 113 139 143 118 122 111 126 131 131 December 120 111 113 114 112 130 144 116 119 109 124 132 131 1953—January 123 115 113 116 114 140 144 119 125 111 129 135 132 February 123 114 111 115 115 137 146 119 119 113 129 134 133 March 122 116 112 112 113 138 145 118 122 111 129 133 133 April . . 125 119 116 117 114 140 145 123 128 114 131 138 132 May 127 120 118 121 117 142 145 123 131 115 136 139 13S Tune . 128 117 118 122 122 146 147 123 132 114 140 141 135 July 130 117 121 122 124 145 148 125 131 117 146 140 138 August 131 119 122 122 124 148 141 128 134 120 145 142 135 September . . . 128 117 117 122 121 139 148 127 129 122 141 141 132 October P128 117 116 121 124 142 P148 126 124 118 P137 P139 132 UNADJUSTED 1952—October 134 124 '•127 131 124 145 150 131 136 120 '136 r140 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—Tanuary 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 Tulv 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 132 120 123 127 127 143 152 129 138 123 144 147 137 October P141 132 130 138 137 153 P161 139 138 126 P148 Pi 51 148 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, see BULLETIN for December 1951, pp. 1463-1515, 1383 DECEMBER 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 Amount3 (In millions of dollars) Ratios to sales1 Out- Stocks Year or month Sales2 Stocks2 stand- Re- New Out- plus (total (end ing ceipts3 orders3 stand- out- Refor of orders2 (total (total Stocks ing stand- ceipts month) month) (end of for for orders ing month) month) month) orders 1944 average 246 574 596 244 256 2.4 2.5 5.0 1.0 1945 average 276 604 775 277 291 2.3 3.0 5.3 L.O 1946 average 345 767 964 373 354 2.3 3.0 5.3 L.I 1947 average 365 887 588 366 364 2.5 1.7 4.3 L.O 1948 average 381 979 494 386 363 2.7 1.4 4.1 L.O 1949 average 361 925 373 358 358 2.7 1.1. 3.8 L.O 1950 average 376 1,012 495 391 401 2.8 1.4 4.2 L.I 1951 average 391 L,2O2 460 390 379 3.2 1.3 4.4 L.O 1952 average... 395 1,093 433 395 398 2.9 1.2 4.1 L.O 1952—October... '452 r1,237 ••577 "552 ••533 2.7 1.3 4.0 L.2 November. 462 1,275 454 r500 '377 2.8 1.0 3.7 L.I December. 736 1,018 358 479 383 1.4 0.4 1.9 i).7 1953—January... 325 1,027 452 334 428 3.2 1.4 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 1.1 4.1 L.2 April 373 1,213 324 417 340 3.3 0.9 4.1 L.I May 387 1,184 321 358 355 3.1 0.8 3.9 ().9 June 375 1,103 461 294 434 2.9 1.2 4.2 i).8 July 305 1,081 525 283 347 3.5 1.7 5.3 ).9 August 343 1,135 491 397 363 3.3 1.4 4.7 L.2 September 388 1,206 492 459 460 3.1 1.3 4.4 L.2 October?.. 440 1,297 463 531 502 2.9 1.1 4.0 L.2 P Preliminary. * Revised. i 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. 3 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. a 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 1950 1951 1952 1953 1950 1951 1952 1953 Jan. 7 . .70Jan. 6 . .98Jan. 5. ... 78Jan. 3. ... 81 July 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 88 Aug. 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 96 Sept. 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. 4 118 Oct. 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. ... 114 Nov. 4 109Nov. 3 121Nov. 1 115Nov. 7.... .121 13 106 12 110 10 117 9 128 11 118 10 127 8 118 14. ... . 133 20 95 19 99 17 99 16 105 18 127 17 130 15 130 21. ....131 27 97 26 100 24 105 23 112 25 110 24 123 22 134 28.....133 31 97 30 97 29 138 June 3 90June 2 95June 7 111June 6 118 Dec. 2 153Dec. 1 161Dec. 6 195Dec. 5. . .. .190 10 104 9 108 14 116 13 112 9 191 8 191 13 223 12 17 104 16 106 21. ... 98 20 111 16.... 220 15 213 20. 237 19 24 86 23 92 28 91 27 94 23 221 22 . . 228 27.... 146 26 30 89 30 82 29 92 NOTE.—For description and weekly indexes for back years, see BULLETIN for April 1952, pp. 359-362. 1384 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued [Based on retail value figures] SALES BY FEDERAL RESERVE DISTRICTS, METROPOLITAN AREAS, AND CITIES [Percentage change from corresponding period of preceding year] Federa a l re R a e , s o er r v c e i t d y istrict, 1 O 9 c 5 t 3 . S 19 e 5 p 3 t. m 1 1 9 o 5 0 s 3 . Federa a l re R a e , s o er r v c e i t d y istrict, 1 O 9 c 5 t. 3 S 1 e 9 p 5 t 3 . 19 1 5 0 3 Federa a l re R a e , s o er r v c e i t d y istrict, 1 O 9 c 5 t 3 . S 19 e 5 p 3 t. m 19 1 o 5 0 s 3 . 1 ] United States P-4 +2Richmond Dist. (Cont.) Minneapolis Dist. (Cont.) Boston District -2 +2 +1 M N e o tr r o f p o o lk li - ta P n o rts A m r o ea u s th 2- , C V on a t . . . -3 0 +2 C M iti a es nkato, Minn 0 + 14 +2 Metropolitan Areas Richmond, Va.1 ? -2 0 Great Falls, Mont +3 Portland, Maine -1 +3 +5 Roanoke, Va.1 0 +3 +5 Grand Forks, N. D -15 -5 -6 Lowell-Lawrence, Mass... +4 +3 +7 Charleston, W. Va.1 -6 + 1 +3 Duluth-Superior, N W e o w rc e B s e te d r f , o r M d, a M ss. a 1 ss -6 0 + + 7 7 + + 3 2 C S it p ie a s rtanburg, S. C -2 -7 -2 La M C i r n o n s . s - e W , W ise i . s 1 e -1 -3 1 +3 0 + -4 1 C D S it p i o e r w i s n n g t f o ie w ld n , B M o a st s o s n, Mass.1 +4 c + 1 0 1 +3 0 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 - + 12 6 Q - - 9 3 0 + - - 4 3 5 K M a e n t s r a o s p o C li i ta ty n D A i r s e t a r s ict -5 Providence, R. I.1 0 +5 0 Atlanta District P-l -3 +3 D Pu e e n b v l e o r , , C C o o l l o o -2 0 - - 6 7 +3 0 New York District -3 Metropolitan Areas2 Topeka, Kans -5 -3 +2 M N e N e tr w e o w p o Y J l e i o t r a s r n k ey -N , A N o re r . a t Y h s e 2 . a & st e N rn J. -3 -1 -1 M M Bi o o rm b n i t i l g n e o , g m h A a e l m r a y , , A A l l a a .1 + + -9 4 5 - - - 1 6 4 1 + + 3 9 0 W S O t m . i c J a h o h i s t a e a , p , N h K , e a b M n r s o - - 3 3 c - - 3 2 0 + + 2 2 0 New York City, N. Y.1. -4 -4 ^ Jacksonville, Fla.1 _2 Q -3 Oklahoma City, Okla -6 -11 -2 Newark, N. J.1 -5 +6 + 1 Miami, Fla.1 +7 -1 +6 Tulsa, Okla -5 -5 +2 Buffalo, N. Y + 1 +2 +4 Orlando, Fla +5 +5 +5 Cities C S B R it N y B i o i e n r u i c s a a g f h c f g h e a u a a s l s o r t m e a e , r t C , o F N i n a N t . , l y l . Y , s N Y , N . . 1 N . . 1 Y . Y Y .1 + + - - 5 2 2 0 1 + + + + 2 2 7 9 + + + + -1 4 5 6 5 A S A C M S T t o u t . a l t a l g . c a P u m u o n m P t s n r t p e t a s b , a a t , b u e , , G g s r G F G s , . a - b a l . T a G a 1 . u 1 a . a r 1 m g, p F a, l a Fla.. . P - + + + - - 1 2 2 8 4 3 0 1 - - + - - - 2 1 1 1 2 1 0 3 0 + + + + + — -9 3 4 4 4 2 1 Da J K H E l o n l u a p a i n t l s d c i s , n h a D , i s O n i M s k s C t o l i o a r n t i y , c , t K M an o s - ( - - 1 3 4 5 ) 5 0 - - - - - 1 3 6 7 9 5 4+ + + - 3 6 2 1 0 Ph A S P U E i c l o l l t a m b h i u c d a e g i a n n r e h , a y e l k , p N , c e t h N e . N a p i d Y . a s . y Y Y i , e D , N i N s . t r Y .Y ict + + - - - - 7 3 2 2 5 1 + + + + - - 1 3 2 9 7 2 2 + + + + + 2 5 3 4 2 2 J S N C K N B a a h e a n a c v w t s a o k o a h t x s n n t v O o v a n i i n n l R r l a l , l o l e h e o e o , M , a , u g n T g T G i a s e s e , e , a s , n n . L T 1 n L n e a . . a 1 1 n . . 1 1 n.1 p P + - + - - — l 6 4 1 4 7 0 + - + - - - 1 1 2 8 6 2 3 0 2 + + + + + + - 3 8 4 7 9 4 1 M S C D F H E e h o l o a o t r r r l r u P e t o l p a s v a p u W t s s e o o s , o p l n o i , T C o t , r a r T e t h T n t h x , r e , e i . x 1 s A L x T t . r a i 1 e , e x a T s ex - - - - - - 4 8 9 3 1 4 - — - - - 1 6 6 5 2 7 y + + + + + -4 3 4 2 3 4 M T e r t e r n op to o n li , t a N n . A J reas -3 +2 C R iti o e m s e, Ga + 1 -3 +4 S W a a n c o A , n T to e n x io, Tex - - 1 7 3 - - 2 7 0 -5 L Ph an il c a a d s e t l e p r h , ia P , a Pa - - 1 6 - - 1 3 +2 M Br e is ri to d l i , a n T , e M nn iss - - 13 7 + -6 2 + -4 3 San Francisco District. .. P-4 -4 +2 Reading, Pa -7 -5 +4 Metropolitan Areas2 Wilkes-Barre-Hazleton, Chicago District P-3 +3 +4 Phoenix, Ariz.1 -12 -16 -3 C C M l P W C C C S Y A C e W T Y E i e t i v P p r o l o i a y k o o t t h e i i n r e a r t l n l r r e l u i e v s e u o c l m o k n , t n a e b d e i p m o , n g n l g i n P l u o o n i , f n a b P n s n , d r l i a , n g i e t O g u a g a . t O o d l t O 1 a t h s , D d o h w i , , n h , , , h n i W i n O o i O P , s O i o O A , x o t . h a h D 1 h r 1 r h O V i i . i e i 1 o o e i o c a h o a 1 1 l t x s i 1 . o 1 \ x + + + + - - - - - - - - - - 4 9 9 4 9 9 5 1 3 2 7 4 0 1 1 ( + + + + + + + + - - - 3 3 4 1 ) 4 2 7 4 4 5 3 1 0 4 2 ^ + + + + + + + + + + + + 1 1 5 3 2 5 5 2 6 4 1 1 3 1 S M M t. F T L F C P D D F L M G M I G e e n e o l o i e L a h t e t r e r i d i t a r r o e r n r r a s i n l t t o d o o i t t r c w l r r e n s t a e e p u p i i o a M n , i d S W a s n a n o g o i i o , H u R a t m M s g l o l o B , R n i a i p k , o i , 1 t t a i D , y i n a a a o e M a 1 t c u c M 1 h y n n e n e 1 l p k W i h t 1 i , , s s . , i e i e , s 1 1 . i c , t d , 1 , c , W A A i W A . h r A s 1 s h I I r r . i I I , o r 1 . n i e e r c i n n k 1 s w s k M a a t d d d . . . s s 1 a 1 . 1 . . i 1 1 1 ch.1 P p P + + + + - - - - - - - - - - 2 5 4 9 5 2 5 4 4 2 6 6 8 0 1 ^ r( + + - + + + + + + + + + + - - 1 1 1 1 6 1 4 7 4 6 2 8 9 4 5 1 C 2 0 + + + + + + + + + + + + - - 2 1 1 3 1 4 5 2 7 2 9 9 1 3 1 0 0 2 0 L S F S S S S R P V S O L S P a t a r a a o o i o e n D n v n n D c W a a s a o r a a c s t C n e a r n s n l k o A o n l k F a l J D r r a e t a g e a l w w o s F o d m a t r d s n a n j l i o i a s , i t r o i e n g e n d n B d e s f n n e a n M g , n e C d . e t t i , n , n , o e 1 . o o d o l a - C - t a a e , o c C O w B e w , , C O o a l s c i n a C i , s a , e C n n r n h a L C l f a i c i l e . r a c l , d C k f i C a 1 . a o i k . l a f L O f l 1 l i l A C , . a e a , . i f i a 1 . 1 f f S l a l l C a n . . i C i A e , k 1 f a l f d y a . i . a l n C . 1 f , 1 , a l , l . i i 1 a n f C f C C B l d . i 1 a a a , e f . l l l . . r i i i . 1 f - f f . . . . . . 1 1 1 P P P P p - + - - - - - - - - - - - - - - 1 5 5 4 4 6 4 4 8 3 3 5 6 2 8 1 7 0 0 + + + - - - - - - - - - - - 9 6 2 2 9 5 1 3 9 7 3 4 7 9 0 0 2 3 + + + + + + + + + + - - - - - 2 2 4 2 4 3 9 1 5 4 2 0 0 0 1 1 1 1 C P it o y rtsmouth, Ohio1 +7 + 14 +21 L E o v u a i n s s v v il i l l e le , , K In y d .1 - - 5 7 - + 10 8 +9 0 S S e al a t t t L le a , k W e a C s i h ty .1 , Utah 1. . . -2 0 - - 1 3 1 + +2 1 St. Louis, Mo -3 -3 +3 Spokane, Wash.1 +2 -1 +4 Richmond District p-6 -3 0 S M p e ri m ng p f h i i e s l , d , T e M n o n.1 p- - 6 7 - - 9 6 + 1 ^ Tacoma, Wash.1 0 -5 +2 M W e D t a r o s o w h p i n o n t l g i o t t a w o n n n , W A D r a . e s a C h s . 2 . , 1 D. C. p P - - 11 7 - - 6 2 - - 3 6 C Q ity uincy, 111 +2 -2 + 1 C T B it u i a e c k s s e o rs n f , i e A ld r , i z Calif.1 P + -7 3 '-18 2 - - 1 1 A B s a h lt e i v m il o le re , , N M . d C . . 1 1 -8 0 - - 7 5 0 2Minneapolis District -5 +2 0 T B w oi i s n e F an al d l s N , I a d m a p h a o , Idaho. P+ - 3 5 - -1 1 8 4 - - 3 1 Raleigh, N. C.1 -4 -8 -1 Metropolitan Areas2 Idaho Falls, Idaho -13 -16 -6 Winston-Salem, N. C.1. .. + 1 +4 +4 Mpls-St. Paul, Minn.1 -4 +3 + 1 Bellingham, Wash (3) (3) 5+18 Charleston, S. C.1 +2 -6 +2 Minneapolis City, Minn.1 -3 +3 + 1 Everett, Wash.1 -12 -9 + 1 Columbia, S. C.1 +3 -1 +5 St. Paul City, Minn.1.. . -6 +3 + 1 Walla Walla, Wash.1 P-8 -25 -8 Greenville, S. C.1 -2 -6 +4 Sioux Falls, S. D •< +6 -1 Yakima, Wash.1 -3 -8 -4 P Preliminary. r Revised. 1 Indexes showing longer term comparisons are also available for these areas and cities and may be obtained upon request from the Federal Reserve Bank in the district in which the area or city is located. 2 Breakdowns shown under various metropolitan areas do not necessarily include all portions of such areas. 8 Data not available. * Nine months 1953. 6 Six months 1953. 1385 DECEMBER 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS [Based on retail value figures] Percentage Ratio of Federal Reserve* uidex numbers change from a stocks to without seasonal adjuvitment, year ago sales1 1947-49 average = 1002 Number of Sales Stocks Sales during Stocks at end Department r s e t p o o r r e t s - d p u e r r i io n d g m (e o n n d t h o ) f September period of month ing 1953 1952 1953 1952 Nine S 1 e 9 p 5 t 3 . months S 1 e 9 p 5 t 3 . 1953 1952 1953 Sept. Aug. Sept. Sept. Aug. Sept. GRAND TOTAL—entire store3 365 o +2 +6 3.3 3.1 MAIN STORE—total 365 -1 +2 +6 3.5 3.3 100 86 100 126 117 118 Piece goods and household textiles 330 -3 +1 +5 4.0 3.7 85 95 88 110 104 105 Piece goods 306 -4 -3 0 3.9 3.7 72 58 75 99 97 99 Silks, velvets, and synthetics 217 -9 -7 -1 4.2 3.8 60 47 66 93 92 94 Woolen yard goods 181 +2 +4 +4 3.0 3.0 113 80 111 118 123 114 Cotton yard goods 202 0 + 1 + 1 4.3 4.2 63 66 63 102 97 101 Household textiles 321 -2 +2 +8 4.0 3.7 95 121 97 117 107 108 Linens and towels 295 -4 +2 +3 4.8 4.4 82 104 85 105 97 101 Domestics—muslins, sheetings 271 — 1 +2 + 13 4.0 3.5 91 150 92 138 122 122 Blankets, comforters, and spreads 257 -1 +3 +8 3.3 3.0 122 111 123 118 113 109 Small wares 351 -1 +2 +3 3.9 3.8 92 78 93 113 106 110 Laces, trimmings, embroideries, and ribbons. . 207 -5 -3 +4 4.1 3.7 80 65 84 105 103 102 Notions 251 -3 0 +4 3.6 3.4 98 76 102 125 122 121 Toilet articles, drug sundries 334 -3 + 1 + 1 3.6 3.4 94 86 97 100 96 99 Silverware and jewelry 329 +2 +4 +2 4.9 4.9 85 73 84 120 109 117 Silverware and clocks 229 +3 0 +3 6.4 6.6 80 72 77 133 129 130 Costume jewelry 296 0 +7 +7 3.2 3.0 89 75 89 115 104 108 Fine jewelry and watches 95 -3 0 -4 8.3 8.4 78 67 80 111 98 116 Art needlework 244 -6 0 + 1 4.6 4.3 90 78 96 114 104 113 Books and stationery 290 +4 +7 +7 3.4 3.3 101 79 97 121 112 113 Books and magazines 135 -1 +5 +6 2.9 2.7 94 76 95 105 99 99 Stationery 253 +5 +8 +7 3.6 3.4 105 80 100 129 116 120 Women's and misses' apparel and accessories 362 + 1 +3 +7 2.7 2.5 110 88 109 134 125 125 Women's and misses' ready-to-wear accessories. 361 + 1 +2 + 7 3.2 3.0 107 80 106 135 126 126 Neckwear and scarfs 321 +3 + 10 + 16 2.2 2.0 122 90 118 145 135 124 Handkerchiefs 289 -6 -2 -6 5.0 5.0 51 48 54 83 72 89 Millinery 167 -7 -3 -2 0.8 0.8 153 77 164 121 121 123 Women's and children's gloves 337 -6 -5 0 5.9 5.5 74 37 78 121 1©3 120 Corsets and brassieres 350 +5 +8 +8 3.1 3.0 119 101 114 136 130 126 Women's and children's hosiery 352 -1 -3 + 1 2.5 2.4 87 64 87 121 113 120 Underwear, slips, and negligees 356 + 1 +2 +4 3.9 3.8 74 69 73 127 108 122 Knit underwear 261 0 + 1 +8 3.8 3.5 93 89 93 162 136 150 Silk and muslin underwear, and slips 304 0 + 1 +2 4.1 4.0 64 60 63 112 99 110 Negligees, robes, and lounging apparel.... 277 +3 +4 + 1 3.3 3.4 74 68 71 113 93 112 Infants' wear 345 +3 +2 + 11 2.8 2.6 130 103 126 138 135 125 Handbags, and small leather goods 345 -4 0 +7 2.3 2.1 108 74 113 122 114 114 Women's and children's shoes 258 +4 +4 + 10 4.4 4.2 129 91 124 153 150 140 Children's shoes 229 + 10 +3 + 10 3.6 3.6 139 121 126 145 153 132 Women's shoes 240 +3 +4 + 10 4.7 4.4 127 84 123 156 150 142 Women's and misses' ready-to-wear apparel... 360 + 1 +3 +7 2.2 2.0 113 96 112 133 125 124 Women's and misses' coats and suits 352 -6 +3 2.4 2.2 104 80 110 149 137 146 Coats 245 -6 -2 +3 2.5 2.3 98 88 104 161 144 157 Suits 237 -6 -1 +3 2.0 1.8 112 70 119 113 126 110 Juniors' and girls' wear 333 +7 +5 + 11 2.0 1.9 129 122 121 142 137 129 Juniors' coats, suits, and dresses 290 +3 +5 +9 1.7 1.6 112 104 109 131 122 119 Girls' wear 332 + 11 +6 + 12 2.2 2.2 150 144 135 152 149 135 Women's and misses' dresses 354 0 +3 +2 1.6 1.6 103 77 102 110 96 108 Inexpensive dresses 280 +2 +4 1.2 1.3 96 76 94 96 87 98 Better dresses 290 -2 +2 +4 1.9 1.8 111 82 113 119 103 114 Blouses, skirts, and sportswear 355 +5 +6 +20 2.1 1.8 143 116 136 146 147 122 Aprons, housedresses, and uniforms 303 +3 +4 +4 2.2 2.2 79 79 77 91 86 88 Furs 269 -16 -9 6.1 5.3 79 107 94 129 121 134 Men's and boys' wear 346 +2 +3 +9 5.2 4.9 89 70 87 142 127 130 Men's clothing 281 -1 +3 +8 6.3 5.7 89 65 90 157 142 146 Men's furnishings and hats 329 0 +3 +9 5.3 4.9 73 59 73 133 116 123 Boys' wear 323 + 11 +5 + 14 3.7 3.6 128 105 115 137 127 120 Men's and boys' shoes and slippers 206 +2 +3 + 11 5.7 5.3 106 82 103 136 126 123 For footnote! lee following page. 1386 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 t s f - d p S u e a r r l i i e o n s d g m ( S e t n o o d n c t k o h s f ) September 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 Sept. Nine Sept. 1953 1952 1953 1952 1953 months 1953 1953 1952 1953 Sept. Aug. Sept. Sept. Aug. Sept, Homef urnishings 330 -4 +1 +5 4.1 3.7 100 97 105 117 110 112 Furniture and bedding 258 -5 +4 +9 4.1 3.6 112 136 117 122 113 112 Mattresses, springs, and studio beds 188 -2 +6 + 14 2.0 1.7 136 169 139 142 123 124 Upholstered and other furniture 194 -6 +3 +8 4.9 4.3 101 124 108 117 113 108 Domestic floor coverings 286 -6 -1 +6 4.7 4.2 93 83 98 118 106 111 Rugs and carpets 167 -8 -1 +8 5.0 4.2 86 86 93 113 110 105 Linoleum 86 -19 -11 -15 4.6 4.4 53 63 65 66 68 77 Draperies, curtains, and upholstery 313 -4 0 +4 4.4 4.1 101 82 105 120 111 115 C La h m in p a s a a n n d d g s l h as a s d w es are 2 26 6 7 4 + -7 4 + -2 1 +8 4.2 3 7 . . 7 4 1 8 0 7 3 9 7 1 3 9 9 9 4 1 1 1 3 8 0 1 1 0 3 8 0 1 13 1 2 0 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 7 4 8 3 - + 11 1 + -2 4 + - 4 4 3.6 3 2 . . 4 4 10 7 7 0 74 10 7 5 8 1 8 1 6 9 1 8 1 7 2 1 8 1 9 4 Gift shop 194 0 +3 + 10 5.8 5.3 97 97 138 131 126 Radios, phonographs, television, records, etc. 238 -13 7 +8 2.7 2.1 119 93 137 109 103 100 Radios, phonographs, television 180 -17 -11 +7 2.2 1.7 141 105 170 118 111 110 Records, sheet music, and instruments 126 +4 +5 + 11 5.3 4.9 61 79 59 76 97 69 Miscellaneous merchandise departments. 336 +1 +12 4.3 3.9 75 74 75 129 110 115 Toys, games, sporting goods, cameras 316 +5 +7 + 17 7.3 6.5 72 68 69 164 128 140 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 7 1 + + 6 3 + + 6 7 + + 2 6 2 8 5 . . 2 9 5 7 . . 7 1 6 8 5 3 55 6 8 2 1 1 1 9 2 5 1 1 1 4 1 1 0 1 1 6 1 0 4 Luggage 288 -4 -3 +9 5.0 4.4 73 92 76 117 109 107 Candy 196 + 1 +3 +5 1.2 72 64 71 80 66 76 BASEMENT STORE—total 201 +2 + 1 +4 2.4 2.3 104 86 102 121 112 116 Domestics and blankets 139 0 +3 +8 2.7 2.4 111 120 111 122 112 113 Women's and misses' ready-to-wear 191 +2 0 +3 1.9 1.8 103 84 101 117 110 114 167 +2 +1 2.4 2.4 84 94 119 110 116 Intimate apparel 124 0 -2 +2 2.0 2.0 95 Hosiery 122 +3 +2 2.6 2.5 () () () () () () D C B G o r l i o U e r a l u s t s n s s s ' d e e w s a e s, n r e w d a s k r e s a i u r r t , i s ts , c o a r n s d e t s s p a o n rt d s w b e ra a s r sieres 1 1 1 1 1 7 7 2 2 5 6 6 6 6 8 + + + - - 1 8 8 1 4 7 + + + -2 6 7 3 < + + + - 1 5 5 7 6 2 2 1 1 1 . . . . . 0 1 0 5 6 2 2 1 1 1 . . . . . 0 1 0 8 4 1 1 1 8 7 4 4 3 9 4 7 8 8 1 1 1 6 7 0 3 0 8 4 5 4 6 1 1 1 8 8 2 2 3 3 7 7 9 2 1 1 1 1 8 2 3 3 2 3 5 9 8 7 1 1 1 1 1 3 2 3 7 3 5 2 6 8 1 1 1 1 8 2 2 1 2 7 7 8 0 8 Infants' wear 119 -8 +9 2.6 2.5 Aprons, housedresses, uniforms Men's and boys' wear 170 +7 +4 +10 2.9 2.9 108 83 101 136 120 124 Men's wear 150 +4 +3 +8 3.2 3.1 95 71 92 134 115 124 Men's clothing 110 +3 +1 +5 3.4 3.3 102 74 99 137 128 131 Men's furnishings 126 +5 +4 +11 3.1 2.9 89 70 85 128 111 115 Boys' wear 124 + 15 +7 + 14 2.2 2.2 151 131 132 144 134 126 Homef urnishings 107 -7 -2 -1 3.1 2.9 94 81 101 114 105 115 Shoes 118 +3 +1 +3 3.4 3.4 113 88 110 125 120 122 NONMERCHANDISE—total 184 +4 +4 101 94 97 Barber and beauty shop 80 + 15 +4 100 103 87 xThe ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. 2The 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 BULLETIN for November 1953, pp. 1146-1149. 3For movements of total department store sales and stocks, see the indexes for the United States on p. 1383. 4Data 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. DECEMBER 1953 1387 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 r1 e G a l n e a c d s - S f a u o n e li d l d s H fu i o s r u h n - s - e- H o h p o o e u l r s d a e - - p A a p re - l T p t r o i a r o n t n a s - - M c ic a e a r d l e - s P c o a e n r r a e - l re t a i c i n n o r g e d n a- g s a i o e c n r o 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—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 Oct.. . . 115.4 113.6 118.7 126.8 107.0 125.7 108.1 116.6 105.5 130.7 122.8 113.2 108.6 119.7 1 Indexes for this subgroup are not yet available. NOTE.—Revised indexes, reflecting beginning January 1953 the inclusion of new series (i. e. home purchases and used autombiles) and revised weights. Prior to January 1953 indexes are based on the "interim adjusted" and "old" indexes, converted to the base 1947-49 =100. Source.—Bureau of Labor Statistics, Department of Labor. WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics, 1947-49 = 100] Y m e o a n r t o h r m c t o A i o m e l d s l - i- F p u r a c o r t d m s - f P e o s r o s o e d c d s - Total p T p u a t a r a i e c n p o l r x t e d - d e s - l - l H s p e u k a a r i n c i t d o n h t d d e s s e s - , r , p l t F i O o e m a i g u n r w n h t a i e g h d a e t l - r e - , ls , r C c a p i u o a c l h r l n m c a o i e e t d l d m s m s d - - od p R u i a b t r u c n i o e e b t d r d s s - - L w p u a b r u o n c o e m o t d r d s d - - p P a p u a a l r u l c n o p i l t e d d p e s d r - , ,M m p u a r e e c n o t t t d a d a s l - l s p c u M m t a e h r i c n r o v i o a t n y d d e - s - - - h F d o h t b a o t u u u o h n l u r r e r l e d s a n d s e r e - i - - e s N t r t m t m a u a r o i l r l u e n l n s a i - c — - - c l - b m b e t o b f a u r T a a t a e a n r c t o c n v l g e d c - - e - u e s o d s - n c M e e l o i l s u a - - s 1947 96.4 100.0 98.2 95.3 100.1 101.0 90.9 101.4 99.0 93.7 98.6 91.3 92.5 95.6 93.9 98.0 100.8 1948 104.4 107.3 106.1 103.4 104.4 102.1 107.1 103.8 102.1 107.2 102 9 103 9 100.9 101.4 101.7 100.4 103.1 1949 99.2 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 October 111.1 104.9 108.5 113.0 99.2 96.7 106.6 103.9 126.0 120.2 115.5 124.1 121.3 112.0 114.4 110.8 108.4 November 110 7 103.6 107.7 112.8 98.6 97 6 106.7 103.5 126 4 119.7 115.5 123.9 121 4 112.1 114.5 110.8 105.7 December . . 109.6 99.2 104 3 112.9 98.2 99.0 107.2 103.3 127.7 119.7 115.9 124.0 121.4 112 3 114.6 110 8 105 1 1953 January 109.9 99.6 105.5 113.1 98.8 97.3 107.8 103.6 127.3 120.5 115 8 124.0 121.5 112.7 114.6 112.2 103.0 109.6 97.9 105.2 113.1 98.5 98.0 108.1 103.6 126.2 121.1 115.3 124.6 121.6 112.9 114.6 111.9 101.2 March . . 110 0 99.8 104.1 113 4 97.5 98.1 108.4 104.2 125.7 121.7 115.1 125.5 121.8 113.1 115.1 114 8 101 7 April 109.4 97.3 103.2 113.2 97.4 97.9 107.4 105.5 124.8 122.2 115.3 125.0 122.0 113.9 116.9 114.8 98.5 May 109.8 97.8 104.3 113.6 97.6 100.4 107.1 105.5 125.4 121.8 115.4 125.7 122.4 114.1 117.2 114.8 99.7 June 109.5 95.4 103.3 113.9 97.4 101.0 108.3 105.6 125.0 121.5 115.8 126.9 122.9 114.3 118.1 114 9 95 8 July 110.9 97.9 105.5 114.8 97.5 100.0 111.1 106.2 124.6 121.1 115.8 129.3 123.4 114.7 119.4 115.6 95.3 August 110 6 96 4 104 8 114 9 97.5 99.9 111.0 106.3 123.5 120.4 116.2 129.4 123.7 114.8 119.6 115.6 96 4 September 111.0 '98.1 106.6 114.7 »-96.9 99.7 110.9 106.7 124.0 119.2 116.9 '128.5 124.0 114.9 120.7 116.2 *-94.7 October 110.2 95.2 104.7 114.5 96.5 97.0 111.0 106.7 124.2 118.4 117.5 127.8 124.1 114.8 120.7 118.1 94.4 r Revised. Source.—Bureau of Labor Statistics, Department of Labor. Back figures.—See BULLETIN for March 1952, pp. 311-313. 1388 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES—Con tinned WHOLESALE PRICES, BY GROUPS OF COMMODITIES— Continued [Index numbers of the Bureau of Labor Statistics, 1947-49 =100] 1952 1953 1952 1953 Subgroup Subgroup Oct Aug. Sept. Oct. Oct. Aug. Sept. Oct. Farm Products: Pulp, Paper and Allied Products— Continued Fresh and dried produce 1117 98.0 96.0 95.1 Grains 950 86.5 '88.3 87.9 Converted paper and paperboard.. 112.2 112.1 112.3 113.2 Livestock and poultry 948 88.1 90.6 82.0 Building paper and board 115.8 123.0 123.0 123.0 Plant and animal fibers 1096 103.9 103.6 103.2 Fluid milk 1148 97.6 99.0 99.6 Metals and Metal Products: Eggs 1248 113.8 122.5 126.3 Hay and seeds 967 85.1 81.1 84.3 Iron and steel 127.3 136.2 '134.6 133.4 Other farm products 1360 144.3 149.3 146.2 Nonferrous metals 122.9 124.5 122.8 122.1 Metal containers 125.1 128.6 128.6 128.6 Processed Foods: Hardware 125.3 135.6 136.9 136.9 Plumbing equipment 118.1 118.7 118.7 118.5 Cereal and bakery products 1064 108.4 110.8 112.0 Heating equipment 113.7 115.6 115.8 115.8 Meats, poultry, and fish 1041 93.6 rO7.4 89.0 Fabricated structural metal prod- Dairy products and ice cream 1159 110.7 111.3 112.7 ucts 114.0 117.8 117.9 117.7 Canned, frozen fruits, and vegeta- Fabricated nonstructural metal bles 105.9 104.7 104.7 105.0 products 125.8 126.3 127.0 127.1 Sugar and confectionery 1107 110.5 110.1 110.2 Packaged beverage materials.... 1619 169.8 169.8 169.8 Machinery and Motive Products: Other processed foods 1241 116.7 116.8 117.1 Agricultural machinery and equip- Textile Products and Apparel: ment 121.5 122.3 122.3 122.4 Construction machinery and equip- Cotton products 99.2 94.1 93.7 92.4 ment 125.8 130.5 130.9 131.0 Wool products 1132 111.8 111.2 111.6 Metal working machinery 129.1 131.9 132.8 132.7 Synthetic textiles 895 86.7 86.7 85.9 General purpose machinery and Silk products 1400 134.7 134.7 135.8 equipment 121.8 126.9 127.9 128.2 Apparel 984 99.3 ••98.5 985 Miscellaneous machinery 119.4 123.9 124.2 124.1 Other textile products 94.5 86.5 82.9 82.7 Electrical machinery and equipment 119.0 125.6 126.2 126.5 Hides, Skins, and Leather Products: Motor vehicles 119.7 118.6 118.6 118.6 Hides and skins 65.0 74.6 74.2 64.4 Furniture and Other Household Dura- Leather 89.9 95.0 94!5 90.4 bles: Footwear 110.6 111.8 111.8 111.7 Other leather products 99.2 99.5 r99.1 98.5 Household furniture 113.8 114.2 114.2 Commercial furniture 123.2 125.8 125.8 125.8 Fuel, Power, and Lighting Materials: Floor covering 122.4 125.3 125.2 125.2 Household appliances 107.2 108.9 109.1 109.0 Coal 113.3 111.7 112.3 112.5 Radio * 95.0 95.0 >94.8 94.8 Coke 124.3 131.8 131.8 132's Television '74.7 74.0 r74.2 74.2 Gas 100.4 105.7 106.0 106.0 Other household durable goods.... 119.5 126.9 126.9 126.8 Electricity 98.5 99.1 r98.0 98.0 Petroleum and products 108.5 116.5 116.5 116.6 Nonmetallic Minerals—Structural: Chemicals and Allied Products: Flat glass 114.4 124.7 124.7 124.7 Concrete ingredients 113.0 118.6 119.3 119.4 Industrial chemicals 113.9 120.2 120.0 119.5 Concrete products 112.7 116.1 117.4 117.4 Paint and paint materials 106.5 106.3 '107.3 107.8 Structural clay products 124.0 131.4 132.0 132.0 Drugs, Pharmaceuticals, cosmetics 92.0 93.5 93.5 93.5 Gypsum products 117.7 122.1 122.1 122.1 Fats and oils, inedible 51.0 46.9 51.1 53.4 Prepared asphalt roofing 106.0 105.8 109.8 109.9 Mixed fertilizers 110.7 111.2 fll2.0 111.7 Other nonmetallic minerals 112.7 117.8 117.8 118.0 Fertilizer materials 111.0 113.8 113.0 112.9 Other chemicals and products 103.0 102.9 103.3 103.4 Tobacco Manufactures and Bottled Beverages: Rubber and Products: Cigarettes 105.7 124.0 124.0 124.0 Crude rubber 126.6 120.0 120.1 111.3 Cigars 102.4 103.5 103.5 103.5 Tires and tubes 126.3 125.1 126.4 130 1 Other tobacco products 118.4 120.7 120.7 120.7 Other rubber products 125.2 123.2 '123.0 123.2 Alcoholic beverages 111.2 110.0 111.2 114.9 Nonalcoholic beverages 119.7 125.1 125.1 125.1 Lumber and Wood Products: Miscellaneous: Lumber 120.2 119.3 118.3 117 5 Millwork 127.7 131.7 131.4 131 2 Toys, sporting goods, small arms. . 113.2 114.0 114.0 114.1 Plywood 106.1 112.4 106.8 104 7 Manufactured animal feeds 108.4 85.0 r81.6 81.0 Notions and accessories 90.9 93.5 93.5 93.5 Pulp, Paper, and Allied Products: Jewelry, watches, photo equipment 101.0 101.8 102.0 102.0 Other miscellaneous 120.8 119.6 119.3 119.5 Woodpulp 109.3 108.8 108.8 109 7 W P P a a a p p s e e t r r e b p o a a p r e d r 1 1 2 2 7 4 4 1 . . . 6 2 9 1 1 9 2 2 8 3 5. . . 9 6 5 1 1 1 2 2 0 6 6 9 . . . 0 6 5 1 1 1 1 2 2 6 2 6 . . 2 5 9 rRevised. Source.—Bureau of Labor Statistics, Department of Labor. Back figures,—See BULLETIN for March 1952, pp. 311-313. DECEMBER 1953 1389 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME [Estimates of the Department of Commerce, in billions of dollars] RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING Seasonally adjusted annual rates Annual totals by quarters 1952 1953 1929 1933 1941 1947 1948 1949 1950 1951 1952 3 4 1 2 3 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 Leas: 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 Business transfer payments .6 .7 .5 .7 .7 .8 .8 .9 .9 .9 .9 .9 .9 .9 Statistical discrepancy — .1 1.2 1.6 .3 —3 2 2 4 1 l .5 — 1.4 1.6 -3.1 n.7 n.a. Plat: Subsidies less current surplus of government enterprises -.1 0) .1 — 1 .0 o 4 .4 .1 — .1 — .2 .0 .2 -.3 Equals: 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. 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 n.a. 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 8.8 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 8 9 9 .9 9 .9 .9 .9 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 2.0 19.6 19.0 16.2 18.1 26.2 31.1 31.2 31.6 32.3 32.8 33.1 State and local 1.4 1.0 1.3 1.9 2 1 2 5 2 8 3 2 3 6 3.6 3 7 3.8 3.9 3.9 Equals: Disposable personal income. 82.5 45.2 92.0 169.5 188.4 187 2 205 8 225 0 235 0 236.6 243 0 245.4 247.7 249.8 Less: Personal consumption expenditure! 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 Equals: Personal saving 3.7 -1.2 9.8 3.9 10.5 6.7 11.3 16.9 16.9 19.4 18.6 17.7 17.2 18.8 NATIONAL INCOME, BY DISTRIBUTIVE SHARES Seasonally adjusted annual rates Annual totals by quarters 1952 1953 1929 1933 1941 1947 1948 1949 1950 1951 1952 National income 87.4 39.6 103.8 198.7 223.5 216.3 240.6 278.4 291.6 290.4 301.4 306.7 310.7 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 61 122.1 134.4 133.4 145.6 169.8 183.6 184.4 191.3 194.5 198.0 200.6 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 10.4 10.6 10.5 Government civilian 4.6 4.9 8.3 13.2 14.7 16.1 17.1 20.0 22.2 22.4 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 Income3 19 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 .2 17 30.5 33.8 27.1 41.0 43.7 39.2 37.0 40.3 44.6 45.9 n.a. Corporate profits tax liability.... 1.4 .5 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 20.1 18.6 17.5 19.1 20 20.8 n.a. Inventory valuation adjustment.... -2.1 -2.6 -5.8 -2.1 2.1 -5.0 -1.3 1.0 .7 1.4 — .6 -2.6 Net interest 5.0 4.1 3.J 4.3 5.0 5.7 6.4 7.0 7.1 7.4 7.6 7.7 7.9 n.a. Not available. e Corrected. 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. 1390 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued [Estimates of the Department of Commerce, in billions of dollars] GROSS NATIONAL PRODUCT OR EXPENDITURE Annual totals Seasonally b a y d j q u u st a e r d t er a s nnual rates 1952 1953 1929 1933 1941 1947 1948 1949 1950 1951 1952 3 4 1 2 3 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 Personal consumption expenditures 78.8 46.3 82.3 16S6 177 9 180 6 194.6 208 1 218 1 7 4 227.7 ?30 4 231.0 Durable goods . . . 9 4 3 5 9 8 21 4 22 9 23 8 29.2 27 26 7 25 1 28 30.2 30 7 30.4 Nondurable goods 37.7 22.3 44.0 95 1 100 9 99 102.6 113 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 75. 1 76.3 77 79.2 Gross private domestic investment . 15 8 1 3 18 3 30 42 7 33 52 5 58 6 "S? s 57 9 54 0 61 (1 56 5 New construction * 7 8 1 l 6 8 13 0 17,7 17 22.7 23 1 4 23 23 0 25 .0 25 3 24 P Residential, nonfarm 3.6 .5 3.5 6 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 12 12. 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 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 14 3 7 -1. 6 6.6 9 6 3 1 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 6 -2.1 -2 5 -2.1 Government purchases of goods and services 8 5 8 0 24 7 ?8 6 36 6 43 6 42.0 62 9 77 77 8 80.4 82 4 83 83 6 Federal 1.3 2 0 16.9 8 21 0 25.4 22.1 41 f 56.4 57.4 Q 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. . 3 8 1 5 6 6 1 1 6 9 . .3 6 1 3 8 . . 9 5 37 4 ,1 A 48 5. . 8 9 4 6 9. . 2 0 5 6 0. .3 5 5 6 1 . . 5 6 5 6 3 0 5 5 6 2. . 1 8 Less: Government sales 2 («) (8) 1 -^ 6 4 2 4 S 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] Wages3 and salaries Divi- Less Year or month in s P c o e o n r m a - l e re T c o e t i a p l ts4 b m T u d o e i r s n t s - a e t l s - Wag d p m i e u C n r o o s g o a t d d m r n i u i i n t d e - c y - s - Sicl D a i u r n t i y r s t d i i t u e v r d s i s e b i - s - bu S r i s n e t e r r d i m v u e i s s e c - e nts m G er o e n n v - t - in O l c a o t b h m o e r e r * i p n r r e c P a i o n n e ro m t d t a o - e l r 8 s' i i n n d s p t a c o e e e n o n n r r d m a e d - l s s e t m T p r e f a a e n y n r t - s s - 7 p b c i e s a u n o o r n f t s n s o c i c u o t o i r e r a r n n i - 8 l - a s l i a n g N t c u r o o i r c m n a u - l e l- 9 1929 85.1 50.0 50.2 21.5 15.5 8.2 5.0 .5 19.7 13.3 1.5 .1 76.8 1933 46 6 28 7 28 8 9 8 8 8 5 1 5 2 4 7.2 8 2 2.1 2 43 0 1941, . , .... 95 3 60 9 61 7 27 5 16 3 7 8 10.2 .6 20.8 9.9 3.1 .8 86 1 1947 , 191 0 119 9 122 0 54 3 35 1 15 3 17 2 2 4 42.4 14 5 11.8 2 1 170 8 1948 209 5 132 1 134 3 60 2 38 8 16 6 18.7 2.8 47.3 16.0 11.3 2.2 187 1 1949 205.9 131.2 133.4 56.9 38.9 17.2 20.4 3.1 42.1 17.1 12.4 2.2 188.7 1950 226 7 142 6 145 5 63 5 41 3 18 6 22 1 3 9 45.4 19.6 15.1 2 9 209 0 1951 254 3 166 4 169 8 74 9 45 9 20 3 28 7 4 3 50 7 20 5 12 5 3 4 234 0 1952 269.7 180.1 183.7 80.6 48.7 21.8 32.5 4.7 51.2 21.0 12.9 3.8 249.9 1952—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 2 58 0 November.... 277.2 187.8 191.4 85.6 50.0 22.5 33 3 5.1 50.0 21.4 13.1 3.8 259.1 December 280.6 188.7 192.5 87.0 50.1 22.6 32.8 5.1 51.8 21.5 13.6 3.9 261.6 1953—January. 280.5 188.8 192.8 86.8 50.2 22.7 33.1 5.1 51.6 21.6 13.5 4.1 261.1 February 281.0 190.9 194.6 88.0 50.6 22.8 33.2 5.1 50.2 21.7 13.3 3.9 263.3 March 283 6 192 4 196 2 88 8 50 9 23 2 33 3 5 1 50 7 21.9 13.7 4 0 265 4 April 282.7 192.8 196.6 88.8 51.0 23.4 33.4 5.1 49.4 22.0 13.6 4.0 265.5 May 284 7 194 2 198 0 89 3 51 7 23 5 33.5 5.1 50.0 22.1 13.5 4 0 267 2 June 286.3 195.6 199.5 89.8 52.2 23.9 33.6 5.1 50.1 22.3 13.5 4.2 268.8 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. . . . 286.3 196.0 199.9 89.3 52.7 24.1 33.8 5.1 49.0 22.7 13.6 4.0 270.0 October? 287.3 195.9 199.7 88.8 53.0 24.1 33.8 5.1 49.1 22.8 14.6 4.0 271.0 ^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 social insurance. Such contributions are not available by industries. ^Includes 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. DECEMBER 1953 1391 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PAGE International capital transactions of the United States 1394-1399 Gold production 1399 Reported gold reserves of central banks and governments 1400 Net gold purchases and gold stock of the United States 1401 International Monetary Fund and Bank 1402 Central Banks 1402-1406 Money rates in foreign countries 1407 Commercial banks 1408 Foreign exchange rates 1409 Price movements in principal countries: Wholesale prices 1410 Consumers' price indexes 1411 Security prices 1411 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. DECEMBER 1953 1393 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES TABLE 1.—NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935, BY TYPES [Net movement from United States, (—). In millions of dollars] Increase in banking funds in U. S. Decrease Domestic Foreign From th r J o a u n g . h 2 — , 1 • 935, Total Total F of o f r ic e i i a g l1 n F o o t r h e e ig r n I t n io te n r a n l a 2 - b i a n f a b u n r U n k o d i . a n s d S g . s I e n f f c o u f u l r n o e r d w i ig t s i n 3 e o s f : s o e R f c f u u e n U r t d u it . s r i 3 n e S s . : b I b n r 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—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 12,013.5 10,239.4 4,110.0 4,360.6 1,768.7 208.9 965.8 479.0 120.5 Aug. 31P 12,215.5 10,430.6 4,238.8 4,417.8 1,774.1 220.6 966.4 480.9 117.0 Sept. 30P 12,402.5 10,641.4 4,439.2 4,426.1 1,776.1 228.8 920.2 494.9 117.3 TABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES * [Amounts outstanding, in millions of dollars] Total :oreign In- countries Date t t i e i n o r s n n t a a i- - l Official U K d n o i i n m t g ed - France N la e e n r t d - h s - S la w e n r i d - tz 8 - Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m a e ti r n ica Asia ot A h l e l r tutions2 and Official i private 1948—Dec. 31... 1,864.3 5,853.7 2,836.3 546.3 192.8 122.8 538.9 333.5 738.1 2,472.4 775.2 1,287.0 1,151.8167.4 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 1,436.7 961.0 179.5 1950—Dec. 31... 1,722.2 66,922.6 3,425.9 6656.6 260.7 193.6 553.0 314.7 799.2 62,777.7 899.0 1,612.9 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 1,455.2 1,609.6297.4 1952—Sept. 30 1 800 9 8,905 9 4,619 4 866.5 404 0 345 1 614.3 291 91,141 4 3,663.1 1,530.1 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 1,373.3 1,520.7 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 4,480.7 817.9 342.6 203.1 641.8 308.9 1,259.3 3,573.5 1,420.7 1,612.9 1,845.0335.6 1953—Jan. 31.. 1,767.1 8,734.0 4,402.1 887.8 249.5 210.4 610.5 308.3 1,225.0 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 1,387.5 1,610.0 1,901.5358.4 Mar. 31. . 1,704.6 8,899.2 4,577.0 751.6 259.1 230.7 632.6 304.9 1,307.1 3,485.9 1,349.1 1,692.5 2,012.6 359.1 Apr. 30. . 1,761.0 9,118.9 4,754.1 837.3 233.3 231.5 657.8 312.1 1,370.8 3,642.7 1,365.0 1,744.0 2,005.6 361.5 May 31. . 1,783.5 9,154.3 4,811.8 900.0 255.0 245.0 624.1 314.4 1,411.0 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. . 1,788.7 9,204.8 4,820.3 887.6 334.0 227.5 659.9 336.0 1,537.8 3,982.9 1,142.1 1,777.5 1,948.2354.1 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 1,806.7 1,962.4343.9 Sept. 30P. 1,796.0 9,599.5 5,149.5 900.8 376.6 230.7 666.4 365.2 1,676.1 4,215.7 1,195.1 1,834.4 2,001.1 353.2 pPreliminary. ^Represents funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.), and also funds held in accounts with the U. S. Treasury. 2Includes Bank for International Settlements, International Bank for Reconstruction and Development, International Monetary Fund, and United Nations and other international organizations. 3Figures include transactions of international institutions, which are shown separately in Tables 6 and 7. Securities of such institutions are included in foreign securities. 4<<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. 6Beginning 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. 1394 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] Table 2a.—Other Europe Date E O u th ro e p r e A tr u ia s- g B iu e m l- C v o z a s e k lo c i h a - - m D a en rk - l F a i n n d - m G a e n r- y Greece N w o a r y - l P an o d - t P u o g r a - l m R a u n - ia Spain S d w en e- USSR s Y la u v g i o a - ot A h l e l r1 1948—Dec. 31. . 738.1 128 7 44.7 19.1 178 9 21.1 77.7 37.7 7.0 13.6 49.0 21 3 19 9 119.3 1949—Dec. 31. . 717.0 119 9 38.0 25.1 149 4 29.6 69.4 38.1 6.7 15.7 90.1 10.2 7.6 117.4 1950—Dec. 31. . 799.2 41.9 128 2 5.6 45.5 18.3 221 6 32.3 43.6 4.2 45.7 6.1 21.3 115.3 4.0 13.2 52 4 1951—Dec. 31.. 1,022.2 57.1 134 7 1^3 45.3 27.0 405 6 45.8 99.7 2.8 40.7 6.1 17.1 71.7 2.5 7.1 5/.6 1952—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 V 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 July 31. . 1,537.8 129.9 132 9 .7 72.6 35.7 739 5 69.5 108.4 2 4 62.9 5.8 19.9 87.9 6.5 10.5 52.6 Aug.31P.. 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 Sept. 30*>. 1 676.1 161.1 146 5 1.4 81.7 30.7 793 7 77.9 113.7 3 4 66 7 5.8 23.4 103.5 8.3 7.4 51.0 Table 2b.--Latin Americai Neth- Date A L i m a c t a e in r- A t r i g n e a n- l B iv o ia - Brazil Chile l C o b m i o a - - Cuba m 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- l I W S a a n e u n n d r e r d d - i s i e - s t s Peru l p P a i R c u m a e b n o a - - - f v S a E a d l l o - r g U u r a u y - V zu e e n l e a - A O L i m c a th t a e i e 2 r n r 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 1 19 9 5 4 0 9 — — D j)eeCci. 3 3 1 1 ." 1 1 , , 4 6 3 1 6 2 . 7 9 3 2 0 0 1 1 8 1 2 1 0 3 .4 5 2 1 2 9 6 2 .0 8 6 79 0 9 5 8 5 5 3 4 9 2 16 5 4 9 .1 2 42.7 25 4 2 2 1 0 4 7 . . 6 1 2 30 5 . . 2 9 5 6 2 0 .2 8 5 74 9 .2 3 16.1 75 1 1 8 4 5 3 . . 2 2 20 7 7 1 4 3 1951—Dec. 31. 1,455.2 149 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—Sept 30. 1,580.7 129 8 21.2 88.9 58. ! 88.3 321.4 46.6 32 4 233.5 38.0 56.2 79.5 25.4 91 5 154.3 115 6 Oct. 31. 1,520.7 131 9 18.7 72.3 62.4 87.9 285.7 43.3 32 2 232.1 39.5 62.0 81.1 21.6 94 8 141.6 113 4 Nov 30. 1,561.2 146 2 16.6 78.2 69.2 96.4 284.2 43.5 33 2 251.0 41.9 67.0 82.4 19.9 92 8 126.2 112 5 Dec. 31. 1,612.9 138 8 24.5 72.5 79.3 118.2 301.2 44.2 34 3 231.2 44.3 60.9 80.8 25.6 94 1 145.5 117 4 1953—Tan. 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 5142 5 20.1 75 7 86 2 123 9 331 ^ 47 0 45 6 213.9 45.3 67 5 91.1 54 8 91 7 117 3 138 6 4pr. 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 June 30. 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 31. 1,777.5 151 3 22.9 83.5 89.1 130.4 388.0 50.2 43 2 168.7 45.6 61.2 103.8 42.1 91.3 166.5 139 7 Aug.3\P. 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 Sept 30P 1,834.4 146 6 20.3 164.4 92. 1 115.6 389.0 45.0 36 4 170.3 43.6 59.2 99.4 33.7 89 0 197.8 131 7 Table 2c—Asia and All Other For- Egypt mosa Phil- and Union Date Asia C a h n i d na R K o o n n g g India I n n e d s o ia - Iran IsraelJapan ip R p e i - ne T la h n a d i- T k u ey r- O A t s h k e 3 r ot A h l e l r t A ra u l s i - a C gX o JiaC n In g - o A E n g g y l p o - - So o u f th Other4 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 6 207 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 r»5 7114 7 20 3 126 458.5 374 4 48 2 14.3 111 .9 254 5 19.1 58 i 75.6 44.0 57.7 1951—Dec. 31. 1,609.6 87 4 62 4 62 1140.6 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—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 \ 176.5 11.0 217.1 328 1 48.4 105 2 62.0 23.0 89.5 Dec. 31. 1,845.0 76.4 70 9 64 6 61.0 19 2 18.8808.0 315 1 181.0 8.4 221.5 335 6 47.2 118 6 59.7 23.6 86.5 1953—Jan. 31. 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 15.4897.1 324 8 193.0 8.8 268.4 359 1 54.8 125 9 53.4 33.2 91.9 Apr. 30. >,005.6 72.1 70 1 85.3 64.3 19 5 15.3892.6 327 9 194.8 8.4 255.3 361 5 57.9 124 9 54.1 36.0 88.7 May 31 . 1,966.7 72.1 67 3 92 3 58 9 17 1 16.4882.9 326 1 192.1 7.4 234.2 378 7 66.5 130 5 54.4 33.3 94.0 June 30. L,935.3 71.3 67 2 87 4 38.4 17 8 16.5891.7 307 4 197.5 8.0 232.2 384 1 67.3 126.3 55.2 37.4 97.8 July 31. L,948.2 71.6 68 2 89 1 39.6 20 3 14.2 910.2 303.0 191.9 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 18.6919.4 309.8 188.2 8.4 226.4 343 9 53.9 112 5 44.5 39.6 93.4 Sept. 30P 2,001.1 75.9 68 8 92 7 35.1 31 0 19.5932.2 308.8 191.3 14.2 231.6 354 1 54.6 119 4 43.2 37.4 99.6 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 as of that date. 'Beginning Tanuary 1950, excludes Iran, Israel, and Thailand, reported separately as of that date. *Beginning January 1950. excludes Belgian Congo, reported separately as of that date. DECEMBER 1953 1395 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATE&-C ontinued 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-Sept. 30 1,023.4 26 8 9.3 2 6 8 4 19.6 75.1 141.8 58.3 658.3 141.6 23.4 Oct. 31. 1,018.7 35 8 9.4 2 7 8 0 16.4 79.0 151.4 73.7 638.6 132.8 22.2 Nov. 30. 1,021.1 33 8 7.6 4 4 9 2 17.2 82.7 154 8 73.8 641.8 127.9 22.8 Dec. 31. 1,048.7 30 3 31.9 4 4 7 1 17.8 81.9 173.4 62.3 662.0 128.6 22.4 1953—Jan. 31 1,036.0 32 5 28.6 6 4 13 5 22.9 78.4 182.4 56.3 647.5 125.9 24.1 Feb. 28 1,034.1 35 4 8.8 6.2 13 2 20.2 72.9 156.7 57.8 676.9 124.0 18.7 Mar. 31 1,040.6 35 8 8.2 6 9 14 2 25.3 70.9 161.5 61.3 672.7 125.5 19.6 Apr. 30 1,029.9 23 4 8.8 5.9 13 9 25.6 74.8 152.4 60.6 663.0 132.0 21.9 May 31 976.8 27 3 9.5 5.6 12 8 25.5 71.3 151.9 57.4 636.1 110.3 21.1 June 30. 947.7 28 7 7.8 5.1 15 2 24.8 70.0 151.7 58.3 603.9 112.1 51.6 July 31. 920.5 28.5 10.5 5.2 14 0 22.1 75.4 155.7 49.6 591.2 103.6 20.4 Aug. 31 908.8 26 6 9.7 5.7 13 4 22.2 84.1 161.7 44.0 583.1 100.2 19.8 Sept. 30 900.6 33.9 9.9 7.2 12.4 21.7 90.7 175.8 56.7 541.5 106.3 20.3 Table 3*i.—Other Europe Date E O u t r h o e p r e A tr u ia s- g B iu el m - m D a e r n k - l F a i n n d - m G a e n r y - Greece N w o a r y - t P u o g r a - l Spain S d w e e n - Y sla u v g i o a - ot A he ll r1 1948 -Dec. 31 106.3 21.4 .6 2 9 1.4 6 0 29.8 1949 -Dec 31 98.5 19 3 4 8 2 30 0 7 7 4 5 7 0 2 3 (*) 22.6 1950 -Dec. 31 .. 67.1 .2 21.5 3 2 2.2 25.4 .2 1 4 5 1 .6 6 9 4.0 1951 —Dec. 31 111.2 (2) 39.6 4.8 3 1 28.3 .2 2 5 8 18 8 5.4 3 9 4.0 1952 —Sept. 30 75.1 .1 11 8 3 5 2 8 27 5 .2 2 0 6 13 5 2 2 7 3 3.7 Oct 31 .. 79.0 1.0 13.2 2.8 3.8 28.0 .2 L.7 5 12 6 3 3 8 0 3.8 Nov. 30 82.7 1 0 17 7 3 3 4 0 25 4 2 8 6 11 8 3 0 7 9 5.8 Dec 31 . .. 81.9 .8 16.2 2.1 5.6 26.8 .2 L.9 .5 11.2 2.5 8.6 5.4 1953—Jan. 31 78.4 .3 16.2 3.5 5.1 24.1 .2 L.7 .5 9.4 2.6 7.8 7.0 Feb. 28 72 9 .2 15 8 4 3 4 4 27 3 1 7 6 5 7 2 2 3 9 6 6 Mar 31 70.9 .2 14.8 5.1 5.1 27.2 .3 L.5 .5 5.9 2.4 1.5 6 5 Apr. 30 74.8 .1 14 1 3 6 4.1 30 2 1 1 .5 7 5 3 2 3.5 6.7 May 31 71.3 12.4 1.5 2.9 31.0 .2 1.3 .5 6.7 2.9 4.5 7.3 June 30 70.0 A 11 6 1 3 3 8 30 9 1 1 .5 6.9 2 4 4.7 6.5 July 31 . 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 .2 .8 .4 20.3 1.8 5.8 6.9 Sept. 30P 90.7 .3 11.1 4.3 2.3 33.6 .4 1.0 .5 24.1 2.2 4.2 6.7 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 p m i D R c l u i a i o e b c n n - - - - G m u a a l t a e- M ic e o i I l W n S a a e d u n n r e i r d - d e s i- s t s Peru l p P a i R c u m a e n b o a - - - f v S a E a d l l o - r Uru V zu e e n l e a - O A L i a c m 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 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 9 2 70 6 3 U 0 3.1 "6 8 8 0 49.4 14.6 1951—Dec, 31.. 489.3 7.6 7.5 185 0 24.8 43.7 32.3 1 8 3 8 90 6 2 11 8 3.0 9 5 10 5 41.7 14.5 1952—Sept.30.. 658.3 8.6 6.2 314.1 21.6 32.1 33 6 18 2 8 92 0 L 2 10 3 3 7 5 1 20 6 31.7 12.4 Oct. 31.. 638.6 8.1 6.2 356.2 18 3 34 9 36 L 6 3 2 88 4 L 2 11.7 4.4 7 1 14 3 33.1 13.9 Nov.30. 641.8 9.3 6.0 354.5 20 5 36.0 30.6 L.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 L.6 4.2 88 6 L.3 14.8 6.5 9. 1 14 3 36.7 13.7 1953—Jan. 31.. 647.5 7.4 6.5 353.2 23.4 36.4 26.5 1.8 4 4 94 2 1.4 15.7 5.7 8.5 14 0 34.2 14.3 Feb. 28. . 676.9 7.2 10.7 383.3 19.4 36.8 30.7 2.3 4.9 94 5 1.9 17.2 5.0 6.8 9 2 33.0 14.1 Mar.31. . 672.7 7.1 H.4 370.7 ]<;.0 37.8 37 8 2.9 4.4 96 1 21 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.. 591.2 8.0 14.3 317.2 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. 31P. 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 Sept.30P. 541.5 7.5 13.2 274.7 7.5 47.4 21.6 1.7 3.6 79.3 1.8 16.8 5.8 4.8 3.4 36.3 16.1 ^Preliminary. 1 Beginning January 1950, excludes Austria, reported separately as of that date. 3Less than $50,000. •Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date. 1396 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 3.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] Table 3c.—Asia and All Other For- Egypt mosa Phil- and Union Date Asia C a h n in d a H K o o n n g g India I n n e d s o ia - Iran IsraelJapan ippine T la h n a d i- T k u e r y - O A t s h ia e 1 r o A th l e l r t A ra u l s ia - g .B ia el n - A E n g g y l p o - - So o u f th Other 2 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 * 1949—Dec. 31.. 139.7 16.6 3.7 17.4 .2 14.1 23.2 14.3 50.3 20.4 7.9 .2 4.5 7.7 1950—Dec. 31.. 96.3 18.2 3.0 16.2 .2 6\6 i8!9 12.1 4.9 "i'.5' .9 13.9 60.0 40.8 "A'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—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. . 103.6 8.2 2.3 2.5 1.2 13.3 17.8 18.8 10.8 4.5 8.7 15.5 20.4 6.3 7.1 .2 2.9 3.9 Aug. 31P . 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 Sept. 30*>. 106.3 8.5 2.9 2.9 1.1 13.0 24.4 20.5 9.4 5.9 1.0 16.7 20.3 7.0 5.7 .1 2.3 5.1 TABLE 4.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM DOMESTIC SECURITIES, BY TYPES 3 (Inflow of Foreign Funds) [In millions of dollars] U. S. Government bonds and notes4 Corporate bonds and stocks* Net Year or month Purchases Sales pur N ch e a t ses Purchases Sales pur N ch e a t si pu T rc o h t a a s l es T sa o l t e a s l p s d e u o c r m u c o h r e f i a s ti t s i e e c s s 1948 282.4 330.3 -47.9 369.7 514.1 -144.3 652.2 844.4 -192.2 1949 430.0 333.6 96.4 354.1 375.3 -21.2 784.1 708.9 75.2 1950 1,236.4 294.3 942.1 774.7 772.3 2.4 2,011.1 1,066.6 944.4 4951 673.6 ,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—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 July 36.6 82.3 -45.7 56.2 48.3 7.9 92.8 130.5 -37.8 August^. . . 29.1 30.8 -1.7 49.7 47.3 2.4 78.7 78.1 .7 September? 43.1 115.4 -72.3 71.2 45.1 26.1 114.3 160.5 -46.2 TABLE 5.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM FOREIGN SECURITIES OWNED IN THE UNITED STATES, BY TYPES 3 (Return of U. S. Funds) [In millions of dollars] Foreign stocks Foreign bonds Net Total Total purchases Year or month Purchases Sales pur N ch e a t ses Purchases Sales pur N ch et ases 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—September. 24.6 26.8 -2.1 38.9 27.5 11.4 63.6 54.3 9.3 October 22.1 20.8 1.3 87.6 77.8 9.7 109.6 98.6 11.0 November.. 19.5 16.5 3.0 18.2 14.1 4.1 37.7 30.7 7.1 December . 26.8 20.9 5.9 25.7 75.7 -49.9 52.6 96.6 -44.0 1953—January.. . 25.4 26.1 -.7 33.0 51.5 -18.4 58.4 77.6 -19.2 February... 24.7 24.3 .4 29. 67.8 -38.4 54.1 92.1 -38.0 March 27.5 37.6 -10.1 29. 43.0 -13.3 57.2 80.6 -23.4 April 21.8 20.8 1.0 29. 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 July 23.1 21.2 2.0 46.2 50.3 -4.1 69.3 71.5 -2.2 August*... 18.6 18.5 .1 19.6 17.9 1.7 38.2 36.4 1.8 September? 23.9 16.3 7.7 23.2 16.9 6.3 47.1 33.1 14.0 p Preliminary. 1 Beginning January 1950, excludes Iran, Israel, and Thailand, reported separately as of that date. 2 Beginning January 1950, excludes Belgian Congo, reported separately as of that date. 3 Includes transactions of international institutions. 4Through 1949 includes transactions in corporate bonds. ^Through 1949 represents transactions in corporate stocks only. ^Less than $50,000. DECEMBER 1953 1397 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 6.—DOMESTIC SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES. BY COUNTRIES (Inflow of Foreign Funds) [Net sales, (—). In millions of dollars] Y m e o a n r t o h r n t I a u i n n t t i t s i o o e t n i r n - - a s l Total U K d n i o n i m t g e - d France N l e a t n h d e s r- Sw la it n z d er- Italy E O u t r h o e p r e E T u o r t o a p l e Canada A L m i a c t a e i r n - Asia o A th l e l r 1948 . 7 6 -199.8 9.1 —82.8 —79.3 —40.0 (i) 2.6 — 190.4 7.5 10.2 —23 3 —3.9 1949 87.0 -11.8 20.9 -6.8 -25.5 44.2 1.5 2.2 36.5 —49.0 2.5 —2.1 .2 1950 121 2 823.2 64.0 197.8 —6 3 19 0 — .7 73.8 347.5 458.2 30 1 —15 3 2.7 1951 — 15.9 —568.4 21.4 6.0 -22.2 45.9 1.9 —43.8 9.2 —595.5 13.9 4.8 — .7 1952 14.7 300.2 70.4 5.5 —21.9 50.7 .5 6.2 111.4 191.6 4.7 —9.5 1.9 1952—Sept.... .9 -7.0 -6.9 -1.2 -.3 8.3 .1 -.4 — .J> -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 -.5 -8.8 -.4 .1 .6 Mar.... 1.0 6.8 10.0 .6 -3.4 4.4 — .2 -1.4 10.0 -3.8 .8 -.5 .2 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 A .8 -.5 June... 1.3 18.7 5.4 2.0 -1.1 5.2 .1 -.2 11.4 6.0 .8 A .4 July. .. .5 -38.3 9.0 -49.0 -1.9 2.5 .4 2.6 -36.3 -3.1 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 Sept.p.. -14.1 -32.2 2.6 .7 .2 9.6 0) .5 13.7 -47.5 .3 .4 1.0 TABLE 6a.—DOMESTIC SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES Other Europe; Latin America; and Asia For- Y m e o a n r t o h r E O u t r h o e p r e A tr u ia s- 2 g B iu e m l- N w o a r y - ot A h l e l r A L m i a c t e a i r n - l C o b m i o a - - Cuba M ic e o x- p P R u o a b e f n - l - ic g U u r a u y - * A O L m i a t c h t e a i e r n r - Asia M C m a h a n o i i s d n n a a - H K o o n n g g P p p h R u i i n e l b i - e p - - O A t s h i e a r ama land lic 1948 2.6 2.6 — .3 .3 10.2 .2 — .8 2.9 -4.7 12.6 -23.3 -22.7 -1.2 .4 .2 1949 2.2 1.6 -.9 1.4 2.5 1.2 -1.0 .3 4.2 -2.1 -2.1 -7.2 -1.0 .5 5.5 1950 73.8 ISA 12.6 36.7 6.0 30.1 — 1.2 24.6 .5 .1 —5.6 11.1 —15.3 —3.0 2.3 .9 — 15.6 1951 -43.8 -11.9 5.7 -38.1 .5 13.9 .5 6.1 2 5 .8 2.6 1.5 4.8 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—Sept... -.4 -.1 -.1 -.2 -4.1 -1.3 -.1 .8 -3.1 -.8 .5 .2 0) .1 0) N O D o e c c v t . . . . . . . . . . -1 3 3 . . . 2 9 3 - - 1 . . 2 5 .6 - 3 3 .1 . . 2 1 -.3 .9 3 1 . . 4 1 - - . . 2 1 .4 - 0 1 ) . ' 6 1. .3 1 2. . . 3 8 4 8 -.3 1. . . 1 6 4 - 1 1 .1 . . 2 0 - -. ! 1 l 0 1 ) . . 1 2 1 . . 1 1 1 953—Jan.. .. 2.0 0) .9 .9 .2 -1.1 -1.3 0) .4 -.6 .4 0) .3 K .3 i -.1 M Fe a b r.... - - 7 1 . . 7 4 8 — .2 — . 2 .1 -6 -. . 1 8 - — 1.5 .6 .8 - -. . 1 3 0) .8 — -.3 .2 . . 3 7 -.3 .2 -.6 .3 -.5 .1 -.5 .1 . . 1 1 J M J A S u e u u ^ p n l g y t y e ' . . • P p . . ' . . . . ' . . . . . ' -1 2 o . . ) 5 . 6 5 "1 0 0 0 0 ) ) ) ) -2 2 . ' J . . 2 2 0) . ! . 2 i i 0 — I 1 ) . ' . - . 0 6 2 1 1 . . . . . - 4 5 8 8 0 0 - - - ) ) ! . . i i i ' . . . 3 . 6 1 5 ( - i): . 3 i . 3 i -2 -. . 1 6 . . 1 5 3 7 C 0 - 1 2 ) ) . ^ 3 .6 0 - 1 1 1 .2 . . . . . 2 0 0 2 6 0 — ) ! . . 5 . 4 i 2 K .6 0 - - - ) . . ! 2 2 i .2 0 8 0 0 ) ) ) (\ .1 TABLE 7.—FOREIGN SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM FOREIGN SECURITIES OWNED IN THE UNITED STATES, BY COUNTRIES (Return of U. S. Funds) [Net sales, (—). In millions of dollars] Inter- Y m e o a n r t o h r n t a u in t t i s i o o t n i n - a s l Total U K d n i o i n m t g e - d France N l e a t n h d e s r- Sw la it n z d er- Italy E O u t r h o e p r e E T u o r t o a p l e Canada A L m i a c t a e i r n - Asia ot A h l e l r 1948 0) —94.9 —9.9 —4.3 -5.3 —35.4 .1 11.4 —43.4 —102.2 40 7 1.6 8.4 1949 — 16.0 43.8 -13.5 .4 — .1 19.1 .4 24.6 30.8 —10.6 20.2 s 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—Sept 9.3 1.3 1.2 — .7 — .5 .1 .6 2.0 6 5 6 4 __ 2 Oct -58.8 69.8 4.0 .1 -.2 1.8 1.0 3.9 10.6 39.8 13.1 6.7 -.3 Nov.... -.8 7.9 -.7 -.1 -.1 .4 0) .7 .3 8.8 .2 -1.6 .2 Dec -.7 -43.3 -1.1 -.4 3.9 .7 .2 .3 3.5 -46.0 2.3 -3.9 .7 1953—Jan.... (*) -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 (l) 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 C1) .7 2.1 67.2 .9 -2.1 .2 June... 2.1 50.3 21.7 .9 -.4 2.3 .2 1.6 26.3 22.9 7.3 -2.2 -4.1 July... -2.2 .1 — .1 0) -2.8 2.1 .6 .8 .5 -18.0 2.1 -2.7 18.1 Aug. P.. -.7 2.5 -.2 — .1 -2.3 1.9 .1 .4 -.2 .3 1.4 -.4 1.4 Sept.p . 0) 14.0 -.2 1.9 -.7 5.2 -.9 1.2 6.5 5.1 2.4 -.7 .7 Preliminary. 'Lew than $50,000. 'Not available until 1950. 1398 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 1 (The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases in Balances Held by Brokers and Dealers in [In millions of dollars] U. S. with Brokers and Dealers Abroad) [In millions of dollars] Assets in custody Year or month Total Europe Canada A L m i a c t a e i r n - a o n A t d h s i e a a r ll Date Deposits s U e e . c r u S n r . m i G t e ie n o s v t 2 - la M n i e s o ce u l s - 8 1948 -19 3 -20.8 .1 1.2 .3 1951—Dec. 31 526 1,383 80 1949 .6 1.0 .9 — 1.3 0) 1950 8 0 3.0 —3.0 4.4 3.5 1952—Nov. 30 758 2,225 84 1951 —6.1 —3.3 2.8 —5.0 — .6 Dec. 31 550 2,156 86 1952 -1.8 -1.6 — 1.0 1.0 — .2 1953—Jan. 31 586 2,182 85 1952—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 -1.2 4.7 -4.4 —2.2 .6 Oct. 31 448 2,674 97 May -.2 -.5 .8 -.6 .1 Nov. 30 417 2,694 99 June - 6 -4.9 6.7 -1.7 -.8 July 1.8 2.6 -1.7 .2 .7 1953—Nov. 4 . 453 2,655 96 AugustP -3.5 -2.9 -.5 .6 -.6 Nov. 11 449 2,661 96 September?. . 2.2 -.8 -.1 1.0 .2 Nov 18 419 2,685 97 Nov. 25 429 2,681 99 * Preliminary. » Less than $50,000. 1 Represents dollar assets belonging to foreign monetary authorities 1 Amounts outstanding (in millions of dollars): foreign brokerage and the Bank for International Settlements. Excludes assets held for balances in U. S., 77.8; U. S. brokerage balances abroad, 37.4. the International Bank for Reconstruction and Development and International Monetary Fund and earmarked gold. See footnote 4, p. 1401, 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 reportedmonthly Year or world 1 Africa North and South America Other month pr U o o u S d t S u si R c d t * e ion r m e T o p o n o t r t a h te l ly d A So fr u i t c h a d R e h s o i - a A W fr e ic s a t * B C e o l n gi g a o n 2 U St n a i t t e ed s3 C ad an 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 * $1=15*/ngrains ofgold 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 ••805.0 728.1 405.5 18.0 23.4 11.1 70.9 123.5 12.9 11.7 5.7 7.8 31.2 6.5 1949 r840 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 '864.5 777.1 408.2 17.9 24.1 12.0 80.1 155.4 14.3 13.3 6.7 8.0 30.4 6.7 1951 840.0 758.3 403.1 170 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 1' 23.8 12.9 67.4 156.5 16.1 14.8 6.2 8.9 34.3 8.9 1952—September.. 66.4 34.7 4 2.1 1 ? 6.2 13.4 1.4 1.0 .6 .8 2.8 8 October 70 6 35.4 1 s 2. 1 6.8 14.1 2.9 1.1 .5 .7 3.6 8 November.. 64.9 34.3 ,s 2. 1 1 6.0 13.6 1.2 .3 .5 .8 2.9 .7 December 66.7 34.6 1 4 2. 9 5.9 13.7 1.1 1.8 .4 .8 3.3 .7 1953—January. 64.0 34.7 4 2. 1 4.5 13.0 1.1 1.4 .6 .7 2.9 .6 February... 60.9 32.4 4 2. 1 4.3 12.4 1.7 1.2 .3 .7 2.8 .6 65.2 34.7 4 2. 1 5.2 13.3 1.5 1.2 .4 .7 3.1 .6 April 64.2 34.3 4 2. 1 5.2 12.9 1.2 1.2 .4 .7 2.9 .7 May 34 9 4 2 0 6 1 12 9 1 1 3 .9 3 0 7 June 34.1 s 2. 1 6.0 12.7 1.0 .8 3.4 5 July 35 9 s 2 1 6 8 12 9 3 .9 2 8 7 August 35 6 1 s 2 ? 6.2 11.5 .8 3 7 6 35 0 2 L.2 6.2 7 .7 r Revised. Gold production in USSR: No regular government statistics on gold production in USSR are available, but data of percentage changes irreguarly 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. 3 Yearly figures are estimates of United States Mint. Monthly figures are estimates of American Bureau of Metal Statistics. 4Gold exports reported by the National Bank of Nicaragua, which states that they represent approximately 90 per cent of total production. NOTE.—For explanation of table and sources, see BULLETIN for June 1948, p. 731, and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543; for figures subsequent to 1941 see BULLETIN for April 1953, p. 427. DECEMBER 1953 1399 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Estimated United States E m n o d n t o h f ota ( l e x w cl o . rld A t r i g n e a n- g B iu e m l- Bolivia Brazil Canada Chile lo C m o b - ia Cuba m De a n r - k E d c o u r a- USSR)* Treasury Total * 1947—Dec 34,550 22,754 22,868 322 597 23 354 294 45 83 279 32 20 1948—Dec... 34,930 24,244 24,399 143 624 23 317 408 43 51 289 32 21 1949—Dec 35,410 24,427 24,563 216 698 23 317 496 40 52 299 32 21 1950—Dec 35,820 22,706 22.820 216 587 23 317 590 40 74 271 31 19 1951—Dec 35,960 22,695 22,873 268 621 23 317 850 45 311 31 22 1952—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... 36,390 22,463 22,521 696 21 317 944 41 196 31 23 July 22,277 22,353 701 317 951 41 196 31 23 AUC 22,178 22,275 715 317 960 41 196 31 23 Sept P36,480 22,128 22,220 721 317 970 42 196 31 23 Oct 22,077 22,146 754 976 186 31 23 Ger- E m n o d n t o h f Egypt France8 F m ed an er y a , l G m u a a l t a e- India I n n 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 M80 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 i78* 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—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 27 247 177 137 346 173 662 55 38 46 Aug 174 576 247 27 247 168 137 346 683 55 38 46 Sept.. . . 174 576 259 247 163 137 723 55 38 Oct 174 576 247 150 137 P733 55 38 Inter- Bank for E m n o d n t o h f Po g r a t l u- E v l a d S o a r l- A So fr u ic th a Spain Sweden S l w a er n i - t d z- T la h n a d i- Turkey U K d n i o i n m t g ed - g U u 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 o t 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 •1,856 164 323 1,436 36 1949—Dec 178 17 128 85 70 ,504 118 154 •1,688 178 373 1,451 68 1950—Dec 192 23 197 61 90 1,470 118 150 •3.30C 236 373 1,495 167 1951—Dec 265 26 190 51 152 ,452 113 151 •2,335 221 373 1,530 115 1952—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 1.692 196 1953—Jan 297 29 165 51 195 1,417 113 143 •1,978 207 373 1,692 215 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 1,693 233 311 29 173 53 194 1,418 113 144 •2,273 217 373 1,693 242 M^y'.'.'.'. 318 29 175 53 194 1,432 113 144 •2,321 222 373 1,693 211 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 1,699 195 Aug 331 29 176 54 204 1,452 113 143 •2,469 222 373 1,700 188 Sept.. . . 337 29 175 54 206 1,456 113 143 •2,486 222 373 1,700 198 Oct 348 29 175 54 219 143 •2,520 1,700 195 v 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. •Exchange Equalization Account holdings of gold, U. S. and Canadian dollars, as reported by British Government. (Gold reserves of Bank of England have remained unchanged at 1 million dollars since 1939, when Bank's holdings were transferred to Exchange Equalization Account.) NOTE.—For description of figures, including details regarding special internal gold transfers affecting the reported data, see Banking and Monetary Statistics, pp. 524-535; for back figures through 1941 see p. 526 and Table 160, pp. 544-555, in the same publication and for those subsequent to 1941 see BULLETIN for January 1953, p. 74; April 1951, p. 464; February 1950, p. 252; and November 1947, p. 1433. For revised back figures for Argentina and Canada, see BULLETIN for January 1949, p. 86, and February 1949, p. 196, respectively. 1400 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES [Negative figures indicate net sales by the United States] (In millions of dollars at $35 per fine troy ounce) Year or quarter Total K U in n g i d te o d m g B iu e m l- France N la e e n r t d - h s - Po g r a t l u- S d w en e- S l w a e n r i - t d z- E O ur th o e p r el Canada A t r i g n e a n- Cuba Mexico 1945. . . -452.9 31.1 278.5 -47.9 -86.8 -7.4 36.8 -224.9 -85.0 -23.8 1946. . . 721.3 -.2 14.2 -10.0 80.2 -29.9 27.3 337.9 153.2 -30.0 36.9 1947. . . 2,864.4 406.9 222.8 264.6 130.8 116.0 238.0 10.0 86.6 311.2 727.5 -65.0 45.4 1948... 1,510.0 734.3 69.8 15.8 40.7 63.0 3.0 -5.6 5.8 114.1 -10.0 61.6 1949. . . 193.3 446.3 -41.0 -23.5 14.0 -40.0 2-159.9 3.4 -49.9 -10.0 -16.1 1950... -1,725.2 -1,020.0 -55.0 -84.8 -79.8 -15.0 -22.9 -38.0 -68.0 -100.0 28.2 -118.2 1951... 75.2 469.9 -10.3 -20.0 -4.5 -34.9 -32.0 -15.0 -60.1 -10.0 '-49.'9 -20.0 -60.2 1952.... 393.7 440.0 -3.8 -100.0 -5.0 22.5 -29.3 7.2 -20.0 87.7 1950 Jan.-Mar -201.3 -80.0 -35.0 -13.0 -12.4 -15.8 Apr.-June -30.4 -20.0 -3.0 -11.9 July-Sept -731.0 -580.0 -28.5 -16.0 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 -10.0 -15.0 -15.0 -44.3 -49.9 -124.4 Apr.-June. -55.6 -80.0 2.0 -15.0 -11.2 -10.0 64.1 July-Sept.. 291.4 320.0 -5.0 -17!6 -3.5 -20.0 Oct.-Dec.., 715.7 629.9 71.7 -5.0 -1.1 1952 Jan.-Mar 557.3 520.0 20.2 22.5 -10.1 11.3 Apr.-June.... 105.7 6.9 101.4 July-Sept.... -1.3 .3 Oct.-Dec -268.0 -80.0 -24.0 -100.0 -5.0 -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.-Tune... . -128.2 -40.0 -3.4 -15.0 -25.0 -18.8 -20.0 July-Sept -306.6 -120.0 -12 A -10.0 -15.0 -82.8 -10.0 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 i m a t c h t a e i e n r r - Oc A a e n s a d i n a ia U A So f n o r u i i f o c th n a o A th l e l r Period T e u r n e r d a y s o - f p T e o ri t o a d l1 I i n n s g c to o r t e o l c d a t k a s l e g p e o o x N ld p r e t 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 s s d e e e - d e- p D ti r c t o o i m o d g n o u e l c s d - - 1945 -37.9 -73.1 -27.8 3-188.3 3.7 1946 -4.9 -9.2 25.0 13.7 94.3 22,9 1942 22,726 22,739 —23 0 315 7 —458.4 125.4 1 1 1 1 1 1 9 9 9 9 9 9 5 5 4 4 5 4 2 1 7 9 0 8 — -1 2 2 1 1 6 4 2 5 4 0 4 . . . . . 4 2 1 9 7 8 -1 -5 - 0 — 3 0 8 . . . 7 0 0 9 - - - 2 1 1 - 7 1 7 7 5 7 9 3 . . . 1 5 . . 2 2 1 4 •- - - 5 5 3 - - 4 4 0 2 5 1 . . . . . 8 1 . 1 4 1 0 2 4 1 5 1 9 5 1 9 2 1 8 3 6 5 . . . . . . 1 5 1 7 6 0 * * - - 8 - 4 - 1 2 1 4 7 6 1 . . . . . 0 6 2 0 . 9 9 1 1 1 1 1 1 9 9 9 9 9 9 4 4 4 4 4 4 7 8 5 6 4 3 . . . . . .. 2 2 2 2 2 2 4 2 0 0 0 1 , , , , , , 2 7 5 0 6 9 4 5 2 6 1 3 4 4 9 5 9 8 2 2 2 2 2 2 4 2 0 1 0 0 , , , , , , 3 8 7 9 0 6 9 6 0 8 8 3 9 8 6 1 3 1 — 2 1 2 — — 1 , , , 1 5 6 3 7 5 6 3 2 4 5 4 2 3 0 9 7 7 . . . . . 1 4 8 1 9 8 1 1 — — , , 8 6 3 8 6 1 8 6 1 4 6 0 0 8 l 5 6 ! . . . 5 4 9 . 4 3 3 — — — 4 2 8 3 4 6 i 5 0 5 o 5 6 3 9 ! ! * ' . . o 8 4 7 6 4 3 3 5 7 7 8 2 5 5 0 l! . . . 2 3 . 8 9 8 0 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 A Ja p n r . . - - M Ju a n r e - - 1 2 2 .0 0 -10 - 4 9 1. . 0 2 3 9. . 2 9 -2 -2 6 . . 8 9 1952 23,186 23,252 378.9 684.3 —304.8 67!4 J O u c l t y .- - D Se e p c t .... - - 2 2 3 6 9 9 -5 — 9 1 - - 2 1 2 3 . . 8 9 -1 -2 4 . . 8 7 1952—Nov... 23,337 23,504 -16.9 .3 -29.0 6.0 Dec... 23,186 23,252 -252.6 8.1 -263.2 5.9 1951 1953—Jan. . . 22,986 23,079 -172.8 -2.2 -171.7 4.5 Jan.-Mar -50 9 -11 7 — 18.8 -28.0 Feb... 22,662 22,751 —327.5 -2.0 -324.1 4.3 O J A u c p l t y r . . - - - D S Ju e e p n c t e 2 3 1 8 0 5 . . . 1 0 0 - - 5 4 3 . 0 0 5 -2 - - 2 3 5 . . . 4 9 0 2 i 1 l 0 9 l . . 3 2 - - 2 3 5 1 . . 0 0 A M M p a a r r y . . . . . , . . 2 2 2 2 2 2 , , , 5 5 5 6 3 6 2 7 3 2 2 2 2 2 2 , , , 6 6 5 4 3 9 9 9 0 -1 - - 1 4 0 0 8 2 . . . 0 7 5 3 7 . . . 5 0 1 -1 - - 1 4 0 6 8 6 . . . 8 9 5 5 5 6 . . . 2 2 1 June.. 22,463 22,521 -69.4 -2.0 -68.5 6.0 1952 July... 22,277 22,353 -168.0 -.5 -171.7 6.8 Aug.. . 22,178 22,275 -77.4 -.1 -78.8 6.2 Jan.-Mar 10 0 -17,6 -3.2 4.3 Sept... 22,128 22,220 -55.6 -.1 -55.0 6.2 A Ju p l r y . - - S Ju e n p e t - — 2 7 .0 4 —2 . . 4 4 7.2 -.1 O No ct v . . . . . . . P 2 2 2 2 , , 0 0 7 2 7 7 P 2 2 2 2 , . 1 11 4 2 6 P - - 7 3 3 4 . .3 3 ( (3 3 ) ) 4- - 3 7 5 2 . . 1 5 6 (3 . ) 8 Oct -Dec. 4 8 2.0 .3 -1.9 P Preliminary. 1953 1See footnote 2 on opposite page. Jan.-Mar -10.0 -3.6 -4.3 tio 2 n C t h o a n In g t e e r i n n a c t l i u o d n e a s l t M ra o n n s e fe ta r ry o f F u 68 n 7 d . . 5 million dollars gold subscrip- A Ju p l r y - - S T e u p n t e . —5 0 — l — — 1 1 2 4 4 3 N G o o t l d y h e e t ld av u a n il d a e b r l e e . armark at the Federal Reserve Banks for foreign account, including gold held for the account of international institu- 1 Includes Bank for International Settlements, u ti n o d n e s r , e a a m rm ou a n rk te d i s t n o o t 6 , i 4 n 6 c 2 lu .5 d e m d i i ll n io t n h e d g o o ll l a d r s s t o o n ck N o o f v t . h 3 e 0 U , n 1 i 9 te 5 d 3 . S t G at o e l s d . includes sale of 114.3 million dollars of gold to Italy. 8Includes sales of 185.3 million dollars of gold to China. NOTE.—For back figures and description of statistics, see Banking * Includes sales of gold to Egypt as follows: 1950, 44.8 million and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523. dollars; and 1951, 76.0 million. 'Includes sales of 45.0 million dollars of gold to Indonesia. DECEMBER 1953 1401 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 8t737 8,154 C:aallllss on subscriptions to capital stock8 . 3 4 3 4 Accumulated net income -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 purchased3 Bonds outstanding 567 556 556 496 (Cumulative—millions of dollars) Liability on obligations sold under guar- Oct. Sept. Aug. Oct. 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 Capital 1,808 1,807 1,807 1,807 Brazilian cruzeiros 65.5 37.5 37.5 *37." 5 C Cz h e il c e h a o n s l p o e v s a o k s ian koruny. 1 6 0 . . 0 7 1 6 0 . . 0 7 -1 6 . . 8 0 3 6 . . 6 0 1 Includes 5 million dollars receivable from a member country for D Eg a y n p is t h ia n k ro p n o e u r nds - 1 5 0 . . 5 2 - 1 5 0 . . 5 2 - 1 5 0 . . 5 2 - 1 5 0 . . 5 2 cur 2 r A e s n c o y f O ad c j t u . s 3 tm 1, e 1 n 9 t. 53, the Fund had sold 914.0 million U. S. dollars. Finnish markkaa 4.5 4.5 4.5 In addition, other sales have included the following: to the Nether- French francs 125.0 125.0 125.0 125.0 lands, 1.5 million pounds sterling (May 1947) and 300.0 million Belgian Indian rupees 100.0 100.0 100.0 100.0 francs (May 1948); to Norway, 200.0 million Belgian francs (June and Iranian rials 8.8 8.8 8.8 July 1948); to Brazil, 10.0 million pounds sterling (January 1951 and Japanese yen 14.0 14.0 October 1953); to Turkey, 2.0 million pounds sterling and 18.5 million Netherlands guilders.... 48.1 Deutsche marks (August 1953); to Japan, 5.0 million pounds sterling Turkish liras 30.0 30.0 30.0 10.0 (September 1953). Repurchases amounted to 271.0 million dollars. Pounds sterling 300.0 300.0 300.0 300.0 Currencies the net transactions in which amount to less than one Y Al u l g o o t s h la e v r dinars -1 9 . . 6 0 -1 9 . . 6 0 -1 9 . . 6 0 -1 9 . . 6 0 mi 3 l l E io x n c l a u r d e e s re p u o nc rt a e l d le d u n p d o e r r t i " o A n l s l o o f t h c e a r p ." ital subscriptions, amounting to 7,231 million dollars as of September 30, 1953, of which 2,540 million Total. 740.4 712.4 685.9 712.3 represents the subscription of the United States. CENTRAL BANKS Assets of issue Assets of banking Liabilities of banking department department department Bank of England Note (Fi p g o ur u e n s d s in s m te i r l l l i i n o g n ) s of Gold1 a O ss th et e s r 2 N c a o o n t i d n es a v c n o a D d n u i s c n - a e t d s s - Se t c ie u s ri- ci t r i c o u n l 3 a- Bankers' Pub D li e c posit E s CA Other t c i l O e i a a s p t b h i a i t e l n a i r - l d 1943—Dec. 29 2 J . 100 0 12 5 2 5 307 9 1,088.7 234.3 10.3 60.4 17.9 I I9 9 4 4 5 4 — — D rj e e c c > 2 2 7 6 .2 2 L 1, 4 2 0 5 0 0 0 0 2 1 0 3 .7 5 8 5 . 4 1 3 31 2 7 7 .0 4 1 1 , , 2 3 3 7 8 9 . . 6 9 2 27 6 4 0 . . 5 7 5 5 . . 3 2 5 5 8 2 . . 5 3 1 1 7 7 . . 8 8 1 19 9 4 4 7 6 — — D D e e c c# 2 3 5 1 2 2 I ,4 4 5 5 0 0 0 0 1 2 0 3 0 4 8 1 1 5 3 2 6 3 33 2 1 7 6 3 1 1 , , 3 4 4 2 9 8 . . 7 2 2 3 7 1 8 5. . 1 9 1 1 0 8 . . 3 6 9 5 5 7 . . 5 3 1 1 8 8 . . 1 1 1948—Dec# 29 .2 1,325 0 36.1 16.7 401 1 1,293.1 314.5 11.7 17.4 92.1 18.1 I 1 9 9 4 5 9 0— — D D e ec c # . 2 2 8 7 . .4 4 ,3 3 7 5 5 0 0 0 3 1 3 9 7 2 2 1 9 4 2 8 4 3 8 8 9 4 .0 6 1 1, , 3 3 5 2 7 1 . . 7 9 2 3 9 1 9 3 . . 2 5 1 1 1 5 . . 6 4 97. .4 9 1 8 1 5 1 . . 0 2 1 1 8 8 . . 1 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—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 4.],500 0 52 9 6 5 343 2 1,448.9 274.5 11.5 32.2 66.1 18.3 Feb. 25 .4 ,500 0 37 3 7 1 389 9 1,464.7 292.6 9.8 44.6 68.8 18.4 Mar. 25 .4 I]1,550 0 63.3 6.2 359.0 1,488.8 288.3 14.6 32.0 75.0 18.5 Apr. 29 .4 ,550 0 38 2 13 8 354 8 1,514.0 261.8 13.8 39.5 73.9 17.8 May 27 .4 ,550 0 19 8 6 0 384 9 1,532.4 260.3 15.7 45.7 71.0 18.0 June 24 .4 . 600 0 62.2 8.1 346.9 1,540.2 276.7 9.8 44.5 68.2 18.1 July 29 . .4 *1,625.0 29.0 10.7 369.1 1,598.8 274.8 9.8 38.4 67.5 18.3 Aug. 26 .4 M.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 Oct 28 .. .4 1,575.0 45.5 12.9 343.2 1,532.4 287.3 9.9 17.6 68.9 17.8 xOn June 9, 1945, the official buying price of the Bank of England for gold was increased from 168 shillings to 172 shillings and threepence per fine ounce, and on Sept. 19, 1949, it was raised to 248 shillings. For details regarding previous changes in the buying price of gold and for internal gold transfers during 1939, see BULLETIN for March 1950, p. 388, footnotes 1 and 4. Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. *Notes 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. 1402 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 Sterling securities Other (Figures in millions of and United Other Note liabilities Canadian dollars) Gold States assets circulation' and dollars S te h r o m rt 1 - Other Ch b a a r n te k r s ed D g o m o m v e e i n n r t n io - n Other capital8 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 ,211.4 536.2 68.8 67.5 42.4 1948—Dec.31 .4 ,233.7 779.1 45.4 ,289.1 547.3 98.1 81.0 43.1 1949—Dec.31 74.1 ,781.4 227.8 42.5 ,307.4 541.7 30.7 126.9 119.2 1950—Dec.30 111.4 ,229.3 712.5 297.1 ,367.4 578.6 24.7 207.1 172.6 1951—Dec.31 117.8 ,141.8 1,049.3 135.2 ,464.2 619.0 94.9 66.1 200.0 1952—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 June30 66.4 ,405.5 852.0 100.2 529.0 647.6 47.9 82.6 116.9 July31 74.9 ,451.6 838.5 87.5 547.2 646.6 43.8 68.7 146.3 Aug.31 67.4 ,414.0 830.9 83.0 549.7 617.8 66.4 35.2 126.4 Sept.30 69.0 ,385.7 824.9 81.0 552.5 616.9 15.4 37.8 138.0 Oct. 31 70.5 ,469.9 812.1 118.6 555.9 733.6 3.8 37.2 140.8 Assets Liabilities Bank of France Domestic bills G A o d v v e a r n n c m es e n to t6 Deposits7 Other milli ( o F n ig s u o r f e s f r i a n ncs) Gold8 F c o h e r a x e n - i g g e n m O a p rk e e n t6 Special Other Current Other 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- ECA Other c l a i i a a t p n i b e i d t i s l a - l 1940—Dec. 26. 84,616 42 7,802 661 3,646 63,900 112,317 18,571 218,383 984 27,202 844,986 1941—Dec. 31. 84,598 38 6,812 12 4,517 69,500 182,507 17,424 270,144 1,517 25,272 868,474 1942—Dec. 31. 84,598 37 8,420 169 5,368 68,250 250,965 16,990 382,774 770 29,935 821,318 1943—Dec. 30. 84,598 37 9,518 29 7,543 64,400 366,973 16,601 500,386 578 33,137 815,596 1944—Dec. 28. 75,151 42 12,170 48 18,592 15,850 475,447 20,892 572,510 748 37,855 7,078 1945—Dec. 27. 129,817 68 17,980 303 25,548 445,447 24,734 570,006 12,048 57,755 4,087 1946—Dec. 26. 94,817 7 37,618 3,135 76,254 67,900 480,447 33,133 721,865 765 63,468 7,213 1947—Dec. 31. 65,225 12 67,395 64 117,826 147,400 558,039 59,024 920,831 733 82,479 10,942 1948—Dec. 30. 65,225 30 97,447 8,577 238,576 150,900 558,039 57,622 987,621 806 171,783 16,206 1949—Dec. 29. 62,274 61,943 137,689 28,548 335,727 157,900 560,990 112,658 ,278,211 1,168 158,973 19,377 1950—Dec. 28. 182,785 162,017 136,947 34,081 393,054 158,900 481,039 212,822 ,560,561 70 15,058 161,720 24,234 1951—Dec. 27. 191,447 28,320 234,923 31,956 741,267 160,000 481,039 190,830 ,841,608 29 10,587 166,226 41,332 1952—Nov. 27. 198,439 30,413 274,454 52,225 851,545 172,000 479,982 154,146 2,006,873 10 10,887 139,480 55,954 Dec. 31. 200,187 31,068 274,003 57,042 937,459 172,000 479,982 159,727 2,123,514 27 897 137,727 49,305 1953—Jan. 29. 200,187 16,040 262,363 55,681 915,903 175,000 501,982 124,578 ,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 Oct. 29. 201,282 9,319 272,559 49,968 877,283 200,000 632,149 152,085 ,193,383 96 479 139,662 61,023 Securities maturing in two years or less. 2Includes notes held by the chartered banks, which constitute an important part of their reserves. 3 Beginning November 1944, includes a certain amount of sterling and United States dollars. 4On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940, pp. 677-678). 5For details on devaluations and other changes in the gold holdings of the Bank of France, see BULLETIN for September 1951, p. 1211; September 1950, pp. 1132 and 1261; June 1949, p. 747; May 1948, p. 601; May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880. 8For 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. 8 Includes the following amounts (in millions of francs) for account of the Central Administration of the Reichskreditkassen: 1940, 41,400; 1941, 64,580; 1942, 16,857; 1943, 10,724. 9Includes advance to Stabilization Fund, amounting to 13.5 billion francs on Oct. 29. 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. DECEMBER 1953 1403 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) Oct. Sept. Aug. Oct. date of month) Oct. Sept. Aug. Oct. Central Bank of the Argentine Bank of the Republic of Colom- Republic (millions of pesos): bia—Cont. Gold reported separately 1,623 1,623 1,623 814 Loans and discounts 334,671 344,318 342,459 379,883 Other gold and foreign exchange. 1,328 1,180 1,063 85 Government loans and securities. 229,485 219,990198,446 169,498 Government securities 3,208 3,190 3,201 2,125 Other assets 93,346 101,728 100,103 '98,738 Rediscounts and loans to banks. . 55,405 54,694 53,796 46,821 Note circulation 546,,234 534,429545,237 513,298 Other assets 263 222 316 210 Deposits 367,455 383,251 382,375 328,727 Currency circulation 23,626 23,152 22,756 18,254 Other liabilities and capital 92,366 92,060 86,922 '80,161 Deposits—Nationalized 33,900 33,573 33,063 27,693 Central Bank of Costa Rica Other sight obligations 410 407 465 834 (thousands of colones): Other liabilities and capital 3,892 3,777 3,715 3,274 Gold 11,511 11 511 11,511 11,511 Commonwealth Bank of Aus- Foreign exchange 90,807 99 960105,861 62,728 tralia (thousands of pounds): Net claim on Int'l. Fund3 7,031 7 031 7,031 7,031 Gold and foreign exchange 485,934 496,335 309,175 Loans and discounts 90,134 81!649 77,379 86,003 Checks and bills of other banks.. 8,763 5,275 6,151 Securities 1 376 1,376 7,349 Securities (incl. Government and Other assets 24,697 24,140 23,736 24,919 Treasury bills) 415,582 410,094 439,997 Note circulation 133,407 133.513133,722 117,999 Other assets.; 44,163 47,485 43,171 Demand deposits 62,547 65 453 67,060 60,639 Note circulation 332,613 331,863 313,168 Other liabilities and capital 28,226 26,701 26,113 20,903 Deposits of Trading Banks: National Bank of Cuba Special 251,730 178,230 157,595 (thousands of pesos): Other 43,951 37,272 39,419 Gold 185,748 195,748 195,748 279,998 Other liabilities and capital .... 326,147 311,824 288,314 Foreign exchange (net) 56,741 41,483 57,494 39,108 Austrian National Bank (millions Foreign exchange (Stabilization of schillings): Fund) 260,587 255, 247,561 153,239 Gold 101 101 101 98 Silver 8,896 10, 12,412 36,326 Foreign exchange 6,131 5,761 5,109 1,570 Net claim on Int'l. Fund3 12,512 12, 12,511 12,511 Loans and discounts 5,737 5,915 6,165 7,124 Loans and discounts 34,603 38, 42,251 43,294 Claim against Government 1,852 1,852 1,893 2,341 Credits to Government 26,377 26, 27,419 30,671 Other assets 31 29 31 51 Other assets 71,616 72 68,941 32,284 Note circulation 9,664 9,601 9,608 8,583 Note circulation 407,034 413,158 416,697 415,940 Deposits—Banks 1,502 1,471 1,139 298 Deposits 234,617 224,559 232,765 201,186 Other 673 583 468 498 Other liabilities and capital 15,428 14,837 14,873 10,307 National Bank B o lo f c B ke e d lgium 2,014 2,003 2,084 1,804National Bank of Czechoslovakia4 (millions of francs): National Bank of Denmark Cent O L O G F C N D G r o o o o a t t e o o h h r a l n l p v t e d e e e n s o e i r r s o g B s r c l n n i l a a i i a t i r m s d s a n n c c s — a b d l e u k e t a i n t e l l i D s d E a i d t m t i t o C i e s i s e s f o G m c A e s n a o c o a n B a u u v n d n n r o d e i d t l t b r s i i n a e v c m s l i a a a p e n — i n c t t a e M l s d o ( e n n b e e t t - . ) . . 3 3 9 1 7 4 8 4 4 6 3 7 1 , , , , , , , , , 7 6 6 6 1 8 8 1 8 1 0 0 6 7 9 8 4 9 0 8 2 2 0 9 3 7 7 0 6 8 3 3 9 1 8 4 6 6 4 5 9 4 1 , , , , , , , , , 5 6 0 7 9 2 4 0 4 1 0 6 5 6 3 1 5 0 8 8 1 2 0 0 5 9 7 4 4 8 3 3 9 1 5 9 4 4 5 8 7 5 1 , , , , , , , , , 7 2 6 1 3 9 1 3 4 1 6 0 8 6 4 4 9 0 9 9 7 7 7 0 5 3 2 0 3 4 3 3 9 1 4 5 4 5 4 9 7 7 1 1 , , , , , , , , , , 7 6 3 1 7 1 0 3 3 7 2 6 7 9 0 1 8 4 5 7 3 3 4 4 1 3 7 7 0 0 (m O F S O D L N G G il e o o t o e l t o o i c h h r a p l v o t e u d e e e n o n t i r r r . s g s s i c t i n l a c i a i t i o r s o e s a n c f e s s — m b d u x e i k t l p c l O G s d a r i h e t o t i t i o n a i s h e n o n v c s s e e n a o g e r r t a e r . u ) i n n : o n m n d ts e c a n a c t p c i o ta u l nt. . . . 3 1 1 1 , , , , 4 9 2 2 5 3 9 1 1 6 2 0 6 7 5 6 5 1 8 2 7 5 9 2 9 2 2 6 6 3 1 1 1 , , , , 4 9 2 2 3 8 5 1 1 5 0 1 8 5 2 6 4 1 4 6 0 8 9 5 4 9 8 7 4 3 1 1 1 , , , , 4 2 8 8 4 4 1 1 1 5 3 0 6 5 1 0 9 5 5 5 0 9 6 6 0 3 8 9 0 3 1 1 1 , , , , 4 4 5 2 4 4 7 1 4 4 6 9 6 8 9 7 4 9 1 5 7 9 1 1 5 3 5 0 tary dept. (millions of bolivianos): (June) Central Bank of the Dominican Ce o n f t O O F L G N D G r r o u o a t t o o e o h h r p a l p l v t e d e e e n e o e B i r r s e g s r a c a s n n i a l a i t t ) n i r m s s : a n c h e k s b d e u e x o i n t o l c m l d s a i t h f t i t e i a s i s C e o n c e a s n e o g c n y e u a u d l n n r o i ( t d a t n n s i b e e c r s ( t a o ) t p h a i o d t u a 1 l s 1 a n . d . s .. 29 4 * 2 8 8 2 1 , - , , , , , , 1 3 5 2 4 5 8 6 1 5 3 0 1 5 2 2 1 5 9 5 8 2 50 5 1 1 1 1 , , , , , 2 3 9 8 5 5 8 8 9 3 3 8 7 1 5 3 1 6 9 5 5 6 7 0 Re F N O O N D G L G p o o o t t e e o o u h h r a t l m t v e b d e e e n e i c r r a l s g r l i c n a n n c l a i a d i i r m s a m n c e s ( b d d e u e x t i h n t e l o c l s d a i o t p h n t t i u i o a i s s e o s I n s c e s n a n i g o c t n t a s e u u ' d l n r n . s i ( d t t n s F i o e c e u s f a t n ) p p d i e t 3 a s l os): 3 1 1 3 2 9 5 4 2 1 1 1 , , , , , , , , , 4 8 0 0 9 9 6 2 6 6 5 7 4 9 5 7 5 8 2 4 6 1 9 0 2 0 4 3 1 1 3 2 9 7 6 2 1 1 1 , , , , , , , , , 9 7 0 0 9 1 5 5 2 2 0 7 0 5 4 7 1 5 0 2 6 6 0 6 9 6 0 3 1 1 3 9 7 7 2 1 1 1 1 , , , , , , , , , 8 8 0 9 9 8 5 0 2 8 3 7 5 7 1 5 2 5 0 2 6 0 5 7 9 8 0 3 1 1 ' ' 1 9 8 9 1 2 1 1 , , , , , , , , 6 2 4 2 3 0 7 2 2 1 5 7 7 5 2 6 9 5 9 9 6 7 7 7 7 5 0 Foreign exchange 281,543 302,300 326,528 444,164 Central Bank of Ecuador Advances to Government 74,100 70,500 13,300 61,000 (thousands of sucres): Government securities 118,717 146,676 163,497 60,801 Gold 340,460 339 665339,373 338,322 O Cu th r e re r n a c s y s e i t n s circulation 37 1 5 2 , , 1 3 7 4 8 7 379 7 , , 5 4 0 2 8 2 376 7 , , 7 6 0 4 0 3 380 5 , , 9 8 2 9 6 7 F N o e r t e i c g la n i m ex o ch n a I n n g t e ' l. ( n F e u t n ) d3 12 1 8 8 , , 8 7 6 5 2 7 2 7 1 5 0 7 11 1 5 8 , , 7 7 7 5 9 7 22 1 9 8 , , 7 7 9 5 6 7 Deposits—Government 1,171 1,239 447 6,054 Credits—Government 313,579 090308,705 179,112 Ce o n f t O F G p r o a o t e h r l s l e d e o i r s g B ) n l : a i a n e b x k i c l B i h t o i a a e n f n s k g s a e C n h ( d n i l e c e t a ) p ( i m ta i l llions 4 6 4 5 , , 7 60 5 2 7 1 4 0 3 1 1 , , , 3 8 5 1 5 0 8 5 1 1 8 2 4 9 2 1 1 , , , 3 4 2 2 7 5 7 5 1 0 3 3 1 3 4 8 6 1 , , , 0 8 1 1 7 1 1 0 1 0 5 0 O N D O t t e o h h m t e e e r r a c n l a i d i r s a c s b d u e O i e t l l s a p t i h t t o i i e e o s r s i n ts a — nd O P c r t a i h v p e a i r t te a l banks 6 2 2 1 1 1 0 6 9 7 7 8 2 0 3 8 5 8 , , , , , , 4 5 5 5 9 1 1 9 6 4 1 8 3 5 2 9 0 0 3 3 5 2 8 1 6 4 1 4 6 0 3 5 3 0 3 46 2 2 1 1 1 0 5 4 8 9 7 2 6 9 2 2 7 , , , , , , 8 9 1 6 3 8 5 8 5 4 3 9 5 3 6 5 2 8 2 5 2 1 1 1 6 0 2 7 5 6 9 5 8 8 8 3 , , , , , , 0 8 7 9 5 4 0 7 2 5 8 1 5 2 3 6 6 0 Net claim on Int'l. Fund3 387 221 National Bank of Egypt (thou- Discounts for member banks.... 1,689 2,861 2,238 sands of pounds): Loans to Government 4,020 4,020 664 Gold 60,553 60,553 60,553 60,553 Other loans and discounts 11,141 10,921 9,863 Foreign exchange 18,905 19,102 19,831 12,013 Other assets. 2,868 1,997 2,619 Foreign and Egyptian Note circulation 15,550 15,073 11,008 Government securities 293,835 279,810 281,252 286,269 Deposits—Bank 2,787 3,298 2,757 Loans and discounts 20,965 17,006 15,143 20,899 Other 423 464 328 Advances to Government 1,142 2,555 Other liabilities and capital 2,697 2,878 2,726 Other assets 3 ',402 2,448 2,479 3,096 Bank of the Republic of Colombia Note circulation 192,850178,102 175,762 188,578 (thousands of pesos): Deposits—Government 87,494 63,941 60,689 67,779 Gold and foreign exchange 324,176 319,330 349,152 249,695 Other 106,160123,998133,829 105,889 Net claim on IInnt'l. Fund3. 24,376 24,374 24,374 24,371 Other liabilities and capital 11,155 12,878 10,120 23,139 •Latest month available. r Revised. iOn May 14, 1953 gold reserve revalued from 0.0148112 to O.OO467722 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. 1404 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) Oct. Sept. Aii Oct. date of month) Oct. Sept. Aug. Oct. Central Reserve Bank of El Salva- Bank Indonesia—Cont. dor (thousands of colones): Other assets 276 277 257 600 Gold 72,809 72,877 72,940 73,613 Note circulation 4,883 4,891 4,840 3,692 Foreign exchange (net) 39,566 49,159 58,665 20,312 Deposits—ECA 495 495 495 496 Net claim on Int'l. Fund1 1,566 1,566 1,566 1,566 Other 1,290 1,243 1,115 1,140 Loans and discounts 22,396 19,318 16,891 30,07 Other liabilities and capital 504 495 457 650 Government debt and securities. 5,026 4,381 4,078 6,595Central Bank of Ireland (thousands Other assets 2,648 2,686 2,362 1,379 of pounds): Note circulation 84,322 84,099 85,420 78,507 Gold 2,646 2,646 2,646 2,646 Deposits 51,259 57,394 62,888 47,595 Sterling funds 65,711 62,315 61,076 59,383 Other liabilities and capital.... 8,430 8,495 8,193 7,435 Note circulation 68,357 64,961 63,722 62,029 Bank of Finland (millions of mark- Bank of Italy (billions of lire): kaa) : Gold 4 4 4 4 Gold 5,862 5,862 5,862 5,865 Foreign exchange 60 58 56 37 Foreign assets (net) 11,652 11,374 10,690 9,218 Advances to Treasury 567 567 567 590 Clearings (net) 8,121 7,016 5,938 3,243 Loans and discounts 332 311 307 274 Loans and discounts 40,580 40,597 41,278 38,898 Government securities 246 256 256 227 Securities 2,308 1,709 1,661 1,17 Other assets 717 728 734 787 Other assets 1,936 1,898 2,386 1,966 Note circulation 1,300 1,307 1,289 1,278 Note circulation 42,759 43,184 45,075 42,440 Deposits—Government 35 21 65 66 Deposits 9,454 7,040 4,60: 2,703 Demand 63 58 66 50 Other liabilities and capital 18,246 18,231 18,136 15,218 Other 409 416 389 417 Bank of German States2 Other liabilities and capital 118 122 114 107 (millions of German marks): Bank of Japan (millions of yen) : Gold 1,185 1,087 1,035 518 Bullion 448 448 448 448 Foreign exchange 6,356 6,141 6,045 4,284 Advances to Government 11,513 37344 37,344 38,390 Loans and discounts 2,056 2,349 2,195 2,46 Loans and discounts 446,320 446 063458,828 331,754 Loans to Government 6,385 6,476 6,707 7,882 Government securities 176,234 772136,644 163,228 Other assets 833 838 998 802 Other assets 118,420 281134,559 132,029 Note circulation 11,372 11,277 11,124 10,257 Note circulation 533,568 5: 922526,992 476,244 Deposits—Government 1,085 1,221 1,335 1,671 Deposits—Government 96,892 660137,111 88,416 Banks 2,424 2,367 2,477 1,758 Other 68,171 413 55,687 55,778 Other 227 243 241 268 Other liabilities 54,303 914 48,033 45,412 Other liabilities and capital 1,706 1,782 1,801 1,998Bank of Mexico (millions of pesos): Bank of Greece (billions of drach- Monetary reserve7 1,151 1,157 1,155 1,079 mae) : "Authorized" holdings of secu- Gold and foreign exchange (net)3 4,669 4,540 4,500 1,622 rities, etc 2,796 2,737 2,775 2,922 Loans and discounts 298 252 164 138 Bills and discounts 683 731 723 432 Advances—Government 8,618 8,658 8,766 8,969 Other assets 472 497 456 379 Other 3,405 3,334 3,248 3,402 Note circulation 3,210 3,109 3,141 3,115 Other assets 2,261 2,254 2,172 1,603 Demand liabilities 1,393 1,518 1,479 1,202 Note circulation 3,141 2,971 2,769 2,216 Other liabilities and capital 499 497 488 495 Deposits—Government 1,225 1,220 1,2' 858 Netherlands Bank (millions of Reconstruction and guilders) : Ot r h e e li r ef accts 6 2 , , 9 5 4 9 9 6 2,372 2 7 , , 2 0 9 2 1 3 2 7 , , 0 3 9 3 2 6 S G i o lv ld er . . ( # including subsidiary coin). 2,77 1 5 6 2,72 1 5 6 ,5 1 8 6 8 1,23 1 5 4 Other liabilities and capital 5,340 5 5,469 3,233 Foreign assets (net) 1,454 1,419 ,510 2,098 Bank of Guatemala (thousands of Loans and discounts 35 36 32 37 quetzales): Govt. debt and securities 1,217 1,217 ,217 1,495 Gold 27,228 27,228 27,228 Other assets 428 455 461 629 Foreign exchange (net) 10,126 13,761 11,452 Note circulation—Old 31 31 32 41 Gold contribution to Int'l. Fund.. 1,250 1,250 1,250 New 3,120 3,152 ,176 2,946 Rediscounts and advances 11,605 9,927 8,073 Deposits—Government 596 798 691 800 Other assets 28,638 28,299 19,44' ECA 1,201 1,195 ,195 1,129 Circulation—Notes 43,785 43,816 40,486 Other 767 482 521 375 Coin 3,534 3,516 3,369 Other liabilities and capital 211 210 209 219 Deposits—Government 3,865 6,031 2,676 Reserve Bank of New Zealand Banks 10,360 11,062 7,729 (thousands of pounds): Other liabilities and capital 17,302 16,039 13,193 Gold 6,028 6,027 6,024 6,009 National Bank of Hungary4 Foreign exchange reserve 63,010 66,289 66,421 33,369 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 54,280 58,868 58,719 52,257 Gold at home and abroad 400 400 400 Investments 47,030 42,017 36,990 42,132 Foreign securities 5,582 5,582 5,382 Other assets 1,515 1,535 1,517 1,686 Indian Govt. securities 4,214 4,249 4,511 Note circulation 64,667 63,054 62,647 60,484 Rupee coin 965 943 844 Demand deposits 104,891 109,520 105,036 73,668 Note circulation 10,715 10,829 10,725 Other liabilities and capital 8,322 8,181 8,007 7,319 Banking department: Bank of Norway (millions of kroner): Notes of issue department 446 344 412 Gold 281 281 281 242 Balances abroad 1,408 1,412 ,551 Foreign assets (net) 84 110 69 493 Bills discounted 17 48 15 Clearing accounts (net) -2 26 39 64 Loans to Government 4 35 Loans and discounts 69 60 53 41 Other assets 1,043 1,049 ,142 Securities 38 43 43 45 Deposits 2,677 2,648 ,884 Occupation account (net) 5,546 ,546 5,546 5,546 Other liabilities and capital.... 238 210 270 Other assets 63 54 49 71 Bank Indonesia5(millions of rupiah): Note circulation 2,916 ,897 2,914 2,747 Golde 1,701 1,851 1,911 1,063 Deposits—Government 1,849 ,910 1,672 2,128 Foreign exchange (net) -308 -203 4 225 Banks 671 694 759 774 Loans and discounts 756 483 644 763 ECA—MSA 176 176 278 299 Advances to Government 4,746 4,716 4,092 3,327 Other liabilities and capital 467 444 456 553 !This 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. »The 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. aAs 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. TIncludes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. DECEMBER 1953 1405 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) Oct. Sept. Aug, Oct. date of month) Oct. Sept. Au: Oct. State Bank of Pakistan (millions of Bank of Spain—Cont. rupees): Other assets ,106 ,589 30,777 28,778 Issue department: Note circulation ,595 ,514 37,124 37,464 Gold at home and abroad.., 81 81 81 81 Deposits—Government ,501 1,490 3,721 1,190 Sterling securities , 425 425 424 437 Other ,448 ,195 2,983 3,219 Pakistan Goyt. securities. . . 1,147 1,117 1,118 945 Other liabilities and capital ,335 ,786 26,957 25,083 Govt. of India securities 126 126 126 126Bank of Sweden (millions of kronor): India currency , 300 300 300 300 Gold 483 455 450 418 Rupee coin , 68 69 68 70 Foreign assets (net) ,374 ,362 1,327 1,309 Notes in circulation 2,147 2,007 2,009 1,914 Net claim on Int'l. Fund2 129 129 129 129 Banking department: Swedish Govt. securities and ad- Notes of issue department. . 113 111 108 48 vances to National Debt Office3 ,352 ,389 2,376 2,552 Bills discounted 54 18 1 Other domestic bills and advances 325 353 365 309 Loans to Government 24 102 124 157 Other assets 883 864 856 '827 Other assets 455 473 492 494 Note circulation ,503 ,365 4,321 4,292 Deposits 557 618 640 594 Demand deposits—Government.. 192 406 228 287 Other liabilities and capital. 89 86 85 106 Other 113 51 233 225 Central Bank of Paraguay1 Other liabilities and capital 738 730 720 '740 (thousands of guaranies): (May)* Swiss National Bank (millions of Gold 1,138 1,146 francs): Foreign exchange (net) 60,151 ••61,772 Gold ,092 ,073 6,056 5,805 Net claim on Int'l. Fund2 11 11 Foreign exchange 509 532 536 443 Loans and discounts 198,666 '82,676 Loans and discounts 207 208 211 227 Government loans and securities. 349,909 •317,954 Other assets 73 74 56 87 Other assets 248,361 '223,637 Note circulation ,943 938 4,861 4,797 Note and coin issue 424,830 •351,297 Other sight liabilities ,731 ,742 1,787 1,560 Deposits—Government 75,386 '45,477 Other liabilities and capital 208 207 211 203 Other 134,950 135,371 Central Bank of the Republic of Other liabilities and capital 223,072 155,051 Turkey (millions of pounds): Central Reserve Bank of Peru Gold 402 402 402 402 (millions of soles): Foreign exchange and foreign Gold and foreign exchange 432 470 574 clearings 196 186 184 104 Net claim on Int'l. Fund2 67 67 67 Loans and discounts. ,993 ,924 1,831 1,794 Loans and discounts to banks. . . 493 461 327 Securities 26 26 26 27 Loans to Government 1,008 1,023 829 Other assets 141 124 108 106 Other assets 145 181 '210 Note circulation ,474 ,414 1,370 1,262 Note circulation 1,534 1,545 1,335 Deposits—Gold 153 153 153 153 Deposits 375 386 380 Other 805 757 711 814 Other liabilities and capital 237 272 292 Other liabilities and capital 325 337 316 203 Central Bank of the Philippines Bank of the Republic of Uruguay (thousands of pesos): (thousands of pesos): (July)* Gold 18,813 18,294 Gold 336,572 310,763 Foreign exchange 452,098 454,626 Silver , 9,238 9,346 Net claim on Int'l. Fund2 29,504 29,504 Advances to State and Govern- Loans 17,374 48,195 ment bodies 121,599 141,456 Domestic securities 224,061 231,882 Other loans and discounts 338,903 359,111 Other assets 155,835 150,353 Other assets 605,581 '487,818 Circulation—Notes 551,447 530,688 Note circulation 404,390 368,631 Coin 86,106 90,689 Deposits—Government 134,100 94,474 Demand deposits 204,202 266,976 Other 360,619 313,156 Other liabilities and capital 55,931 '44,499 Other liabilities and capital 512,784 '532,233 Bank of Portugal (millions of Central Bank of Venezuela (milescudos): lions of bolivares): Gold 4,887 4,846 4,768 4,450 Gold ,141 1,141 1,141 Foreign exchange (net) 12,272 12,273 12,146 11,527 Foreign exchange (net) 308 197 189 Loans and discounts 685 711 677 821 Other assets 88 83 76 Advances to Government 1,430 1,427 1,427 1,429 Note circulation 909 917 866 Other assets 748 702 668 556 Deposits 258 293 274 Note circulation 9,238 9,359 9,137 9,149 Other liabilities and capital 370 211 266 Demand deposits—Government.. 1,532 1,452 1,690 1,556Bank for International Settle- ECA 6 6 6 29 ments (thousands of Swiss gold Other 7,112 6,995 6,703 5,924 francs): Other liabilities and capital 2,135 2,147 2,150 2,126 Gold in bars 596 605,869 575,696 571,835 So ( u th th o u A sa f n r d ic s a o n f R p e o s u e n r d v s e ) : Bank S C i a g s h h t o fu n n h d a s n a d t a i n n d te r w es it t h banks. . . 77 1 , , 62 8 58 8 5 9 7 3 5 , , 3 4 2 3 2 9 5 1 1 1 , , 2 0 7 4 9 9 O O N O F D G o t t o t e o h h h r p l t e d e e e e o i r r r g s c i n l a b i t i r s s i a c l b s b l u e s i i l t l l l s a a i s t t n i i e d o s n l a o n a d n s capital 3 4 9 6 2 5 1 4 3 5 2 6 1 9 , , , , , , , 4 3 1 2 3 8 0 7 0 0 8 1 1 2 5 1 1 1 4 8 5 3 4 9 2 6 2 5 2 4 5 0 6 2 1 , , , , , , , 3 2 3 7 5 1 8 9 3 7 6 2 1 9 2 2 2 5 1 6 3 3 3 9 4 6 2 1 7 3 0 9 2 6 8 , , , , , , , 6 2 4 9 6 3 0 6 5 8 6 6 1 3 5 9 9 3 8 4 4 3 5 6 8 5 2 1 5 6 2 3 8 7 4 , , , , , , , 4 2 9 0 4 4 0 5 1 7 5 2 0 8 1 9 9 0 0 8 8 T S F O D R u u i e t e m a h n n d m n e d d e i c r s a r s e c y f n a s u o i d s n n u b s ( v d i n d a e l e s t t l e t s s a s p t c a b e o a o t l d n s e s i i d t n t ) i b s n t i i e l ( n r l G g s e v o e s a e l t r d n s m ) d tm a n a e y c n c t e s p . t . - .. 3 2 4 2 4 0 4 4 9 7 2 5 8 7 1 .8 2 5 8 7 0 5 7 1 0 1 2 1 9 3 3 4 2 2 3 9 1 4 1 4 7 5 8 9 1 , , 7 2 3 2 2 3 5 7 8 8 0 0 9 3 2 7 2 1 4 2 2 2 2 3 9 5 8 3 3 7 1 4 8 , , , , , , 3 7 0 2 1 1 9 1 0 0 4 3 9 2 6 1 3 3 2 2 2 4 8 8 1 9 6 9 0 4 7 1 0 , , , , , , 3 3 0 7 2 5 8 5 4 9 0 8 2 2 5 7 1 8 Bank of Spain (millions of pesetas): Short-term deposits: Gold 596 596 596 559 Central banks—Own account.. 555, ,407540,115 607,334 Silver 336 336 338 374 Other 57 710 ,895 42,848 40,247 Government loans and securities. 15,899 15,828 15,991 15,670 Long-term deposits: Special 228 909 228 909 228,909 228,909 Other loans and discounts 23,942 23,636 23,082 21,576 Other liabilities and capital 278 200 276 789 274,154 271,443 * Latest month available. 'Revised. !The new Central Bank of Paraguay began operations on July 1, 1952. Central banking functions previously performed by the Monetary Department of the Bank of Paraguay were transferred to the new institution. 2This figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund. 'Includes small amount of non-Government bonds. 1406 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— Oct. effective bank of— Oct. effective King- France Ger- Bel- er- Swe- er- 31 31 dom many gium lands den land O J S In u e c p n 1 t e 9 . t e f . f 4 e 7 2 c 6 1 8 t , D 1 e 9 c 4 . 8 31 . , . 2 2 3K ^& & 3 4 3M $X 2X 2X \X A A B B e o u r l g l s g i e t v i r n u i i a t a m ina 2 S 6 H X O S S M e e c a p p t r . t t . . . 2 3 24 0 9 1 , , , , 1 1 1 1 9 9 9 9 5 3 5 5 3 6 0 3 J I I r t a a e p l l a a y n n d . 5 » .84 J A O M u p c a n t r r . e . . 25 6 4 1 , , , , 1 1 1 1 9 9 9 9 5 5 5 4 2 1 0 2 May 27, 1949. . 14H July 14 14 O O J S S D u e e c c e p p n t t c . . t t e . . . 2 2 1 6 8 1 6 7 1 , 1950. . 2H 16 3 3% H 3 3 C C C C C h o o a e l s n i y o l t l a e a m o d n b a R i i a ca V 4 2 * J J J O F u u u e c b l n l t y y . . e 2 1 1 1 7 1 3 8 3 , , , , , 1 1 1 1 1 9 9 9 9 9 5 5 3 5 3 0 0 3 3 5 N N N Pa o e ew t r k h w i e Z s a r t y e l a a a n n la d . n . s . d . . . 3 J A J J u u a p n l l r y y . . 2 9 6 1 7 , , , , 1 1 1 1 9 9 9 9 4 5 4 4 6 3 1 8 Apr. 17, 1951. . 4 July 5 3 yti O N J N M S a e o c o a n p t v v r . . t . . . . 2 1 1 1 9 8 2 1 2 3 , 1952. . 2 4 X 3 4 3X F D E E E i l c g e n u n y l S a a m p a d n t a l o d v r r k ador... 1 3 4 5 0 X K H J S M D M u e e a a p l c y r y t . . . 2 2 1 1 2 6 3 3 1 , , , , , 1 1 1 1 1 9 9 9 9 9 5 5 4 5 5 1 3 8 0 2 S S S P P w p o e o r u a e r u i t d t n h e u n g A a fr l. ic .. a . . V 6 J N D M M a e o a a n c v r r . . . . . 2 1 1 1 7 3 8 1 2 , , , , , 1 1 1 1 1 9 9 9 9 9 4 5 4 4 5 7 2 4 9 0 May 29 15 3 Aug. 1 3 A J A J D S O u a e p u e c n n p c r g t e . . t . . . . 1 2 1 2 1 8 1 7 1 8 9 7 , 1953. . 3V2 3V2 J l 1 3 4 4 H H 2% 3 2X F G G I I n n r r e d d a e r o i n e m a n c c e a e e s n i y a 1 * i 3 2 3 » X X J S J N A u u e p o n l p r v y e t . . . 1 1 1 1 5 1 7 1 2 , , , , , 1 1 1 1 1 9 9 9 9 9 5 4 5 4 5 1 6 3 8 3 S T U U w u n S d r i i S o t t k e z R m e d e y . r K la i n n d g . - . l 3 » X S N J F u e e o b p ly v . t . . 2 2 1 6 6 1 7 , , , , 1 1 1 1 9 9 9 9 3 5 5 3 6 1 3 6 In effect Oct. 31, 1 Rates established for the Land Central banks, 1953 3K 3V2 *3X 2M 2V2 3 IX NOTE.—Changes'since Oct. 31: Sweden—Nov/20, from 3 to 1.% per cent. OPEN MARKET RATES [Per cent per annum] Canada United Kingdom France Netherlands Sweden Switzerland Month Treasury Bankers' Treasury Day-to- Bankers' Day-to- Treasury Day-to- Loam Private bills acceptances bills day allowance day bills day up to discount 3 months 3 months 3 months money on deposits money 3 months money 3 months rate 1943—September. . . . .46 1.03 1.00 1.07 .50 1.61 3-53^ 1.25 1944—September. . . . .38 1.03 1.01 1.13 .50 1.73 3-5 X 1.25 1945—September. . . . .36 1.03 1.00 1.13 .50 1.41 " i!72 " 1.08 2X-5 1.25 1946—September. . . . .40 .53 .51 .63 .50 1.32 1.30 1.00 2X-*X 1.25 1947—September. . . . .41 .53 .51 .63 .50 1.44 1.08 .75 2X-±X 1.25 1948—September. . . . .41 .56 .51 .63 .50 2.84 1.10 .84 2X-±X 1.63 1949—September. . . . .51 .69 .52 .63 .50 P2.03 1.15 1.01 2X-4X 1.50 1950—September. . . . .62 .69 .52 .63 .50 2.22 1.33 .91 2X-*X 1.50 1951—September .88 1.00 .51 .63 .50 2.56 1.24 1.00 1.50 1952—September. . . . 1.14 3.00 2.49 2.25 2.00 4.00 .85 .62 3-5 1.50 1952—October 1.19 3.00 2.43 2.25 2.00 3.98 .84 .50 3-5 1.50 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 1.50 1953—January 1.35 3.00 2.39 2.25 2.00 3.97 .83 .54 3-5 1.50 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 1.50 April 1.53 3.00 2.41 2.25 2.00 4.05 .93 .71 3-5 1.50 May 1.53 3.00 2.38 2.25 2.00 4.22 .64 .52 3-5 1.50 June 1.70 3.00 2.37 2.25 2.00 3.94 .57 .50 3-5 1.50 July 1.76 3.00 2.35 2.25 2.00 4.13 .50 .50 3-5 1.50 August 1.80 3.00 2.36 2.25 2.00 4.18 .50 .50 3-5 1.50 September.... 1.91 2.67 2.27 2.09 1.88 4.34 .43 .50 3-5 1.50 P Preliminary. NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172, pp. 656-661, and for description of statistics see pp. 571-572 in same publication. DECEMBER 1953 1407 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom 1 Assets Liabilities (11 London clearing b m a i n ll k io s s n . t e s r F l o i f n ig g p u ) o re u s n d in s re C se a r s v h es M c n a s o l o h l n t o e i a c r y n t e d at B co il u ls n t d e i d s- T re d r c e e e p a i o s p u s t i s r t y * Securities c L u o st a o n m s e t r o s O as t s h e e ts r Total D D e e p m o a s n it d s Time li c a O a b a p t i n h l i d i e t t a r ie l s 1947—December. 502 480 793 1,288 1,483 ,219 567 5,935 3,962 1,972 396 1948—December. 502 485 741 1,397 1,478 ,396 621 6,200 4,159 2,041 420 1949—December. 532 571 ,109 793 1,512 ,534 579 6,202 4,161 2,041 427 1950—December. 540 592 ,408 456 1,528 ,660 735 6,368 4,262 2,106 550 1951—December. 531 598 972 102 1.965 ,950 867 6,333 4,290 2.042 651 1952—November 503 516 1,142 2,138 ,755 655 6,183 3,949 2,234 526 December. 549 529 L.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 ,024 2,122 ,811 641 6,053 3,873 2,179 515 April 498 454 ,010 2,119 ,825 664 6,060 860 2,200 511 May 498 464 [,080 2,123 ,784 654 6,083 896 2,187 520 June 514 469 ,209 2,136 ,778 673 6,299 040 2,259 481 July 510 460 L,244 140 ,742 633 6,247 990 2,257 483 August. . . 511 456 ,331 140 ,688 595 6,240 3,971 2,269 480 September 515 476 ,376 137 1,675 623 6,320 4,004 2,316 482 October... 518 476 L.340 2,238 1,666 607 6,373 4,041 2,332 472 Assets Liabilities G anada (10 chartered banks. Entirely in Canada Se lo c a u n ri s ty e D x e c p lu o d s i i n ts g p i a n y te a r b b l a e n i k n d C e a p n o a s d it a s Other En C d a i n n o a f m d m i i a l o n li n o d t n h o s l f o l i a g f r u s) res Cash Security Other d a a u n b e d r o fr n a o d e m t Securities O as t s h e e ts r Notes' li c a a b a p i n l i i d t t a ie l s reserves loans loans and foreign Total Demand Time discounts banks 1947—December. 731 105 1,999 106 3,874 ,159 18 6,412 2,671 3,740 ,544 1948—December. 749 101 2,148 144 4,268 ,169 16 7,027 2,970 4,057 ,537 1949—December. 765 133 2,271 146 4,345 ,058 14 7,227 2,794 4,433 ,477 1950—December. 824 134 2,776 171 4,286 ,304 7,828 3,270 4,558 ,667 1951—December. 907 107 3,028 227 3,876 ,464 7,896 3,284 4,612 ,714 1952—October... 879 130 3,212 278 4,147 ,396 8,319 3,418 4,901 ,722 November 827 121 3,350 308 4,006 ,424 8,291 3,376 4,916 ,746 December. 916 155 3,289 326 3,955 ,516 8,421 3,497 4,924 ,736 1953—January.. 835 135 3,293 308 3,981 ,321 8,188 3,244 4,945 ,684 February. 877 141 3,301 330 4,042 ,342 8,310 3,301 5,008 ,724 March 851 140 3,394 322 4,082 ,394 8,458 3,391 5,067 ,724 April 897 152 3,508 345 4,135 ,380 8,642 3,535 5,107 ,774 May 822 138 3,526 331 4,024 ,402 8,486 3,386 5,100 ,755 June 903 123 3,576 331 3,956 ,509 8,634 3,508 5,126 ,764 July 877 125 3,649 328 3,872 ,359 8,496 3,344 5,152 ,713 August. . . 883 135 3,732 353 3,886 ,329 8,651 3,445 206 ,667 September 897 110 3,772 330 3,918 ,372 8,692 3,466 5,226 ,706 Assets Liabilities France (4 o m f l i a m l r li g o o e n n s t b h a o f n f i k g f s u r . a r e n s c E s i ) n n d re C se a r s v h es Du b e a n f k ro s m B c i o ll u s n t d e i d s- Loans O as t s h e e ts r Total D D e e p m o a s n it d s Time a a c O n c w c e e p n s t- li c a O a b a p t i n h l i i d t e t a i r e l s 1947—December. 22,590 19,378 219,386 86,875 27,409 341,547 338,090 3,457 25,175 8,916 1948—December. 45,397 35,633 354,245 126,246 34,030 552,221 545,538 6,683 30,638 12,691 1949—December. 40,937 42,311 426,690 129,501 29,843 627,266 619,204 8,062 26,355 15,662 1950—December. 48,131 52,933 527,525 135,289 31,614 749,928 731,310 18,618 28,248 17,316 1951—December. 60,215 72,559 627,648 165,696 38,114 906,911 879,767 27,145 33,774 23,547 1952—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. 51,155 68,243 636,624 170,298 29,734 902,547 870,504 32,043 24,957 28,551 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 August... 50,451 89,197 651,314 198,784 49,226 956,528 917,027 39,501 25,209 57,234 iThis table represents aggregates of figures reported by individual banks. Data are compiled on the third Wednesday of each month, except In June and December when the statements give end-of-month data. '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. 1408 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 Canada (peso) Aus- (franc) British (dollar) Year or month tralia BraziH Malay- Basic P e r n e t f i e a r l - Free (pound) a n " c o B co t a e u n s n k " t (cruzeiro) (do si ll a ar) Official Free 1947 29.773 321.00 2.2817 5 4403 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-—December . .. 20 000 13 333 7 198 223 58 1 9941 5 4406 32 523 103 002 1953—January 20 000 13 333 7.198 224 13 1.9934 5 4406 32 560 103 014 20.000 13.333 7.198 224.62 1.9966 5 4406 32 612 102 302 March 20.000 13.333 7.198 224.35 1.9976 5 4406 32 586 101 666 April .. . 20 000 13 333 7 198 224 43 1 9971 5 4406 32 589 101 655 May 20.000 13.333 7.198 224.25 2.0019 5 4406 32.585 100.559 June. .. 20 000 13 333 7 198 224 19 2 0007 5 4406 32 579 100 546 July 20.000 13.333 7.198 224.32 2.0011 5.4406 32.582 100.782 August 20.000 13.333 7.197 224.30 2.0006 5 4455 32 610 101 180 September. 20 000 13 333 7 198 223 33 2 0050 5 4466 32 569 101 580 October 20.000 13.333 7.198 223.57 2.0063 25 4466 32 596 101 762 November 20.000 13.333 7.198 223.97 2.0062 4.2808 3.5261 32,641 102.266 France Year or month Ceylon m D a en rk - Finland (franc) G (d e e r u m tsc a h n e y India Ireland Mexico e N rl e a t n h d - s Ze N a e la w nd (rupee) (krone) (markka) mark) (rupee) (pound) (peso) (guilder) (pound) Official Free 1947 20 864 .8^07 30.164 20.577 37.760 322.29 1948 20.857 .4929 .3240 30.169 18.860 37.668 350 48 1949 27.839 19.117 .4671 .3017 27.706 12.620 34.528 365.07 1950 20.850 14.494 .2858 23.838 20.870 11.570 26.252 277.28 1951 20.849 14.491 .4354 .2856 23.838 20.869 280.38 11.564 26.264 277.19 1952 20 903 314 492 4354 2856 423 838 20 922 279 68 11 588 26 315 276 49 1952—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 November 21.041 .4354 .2856 21.044 281.09 11.627 26.410 278.30 Year or month N (k o r r o w n a e y ) R P e ( p h p p i e i u n l s i b o e p ) l - ic ( P es o g c r u a t l d u o - ) ( A S p o o fr u u i n c th d a ) (k S d r w o en n e- a) e S (f r w r l a a i n t n 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 4947 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 4952 14.015 49.675 3.4853 278.20 19.326 23.148 279.26 65.833 56.180 42.553 1952—December 14 015 49 677 3.4839 279.54 19.323 23.332 280.59 65.833 56 180 42 553 14.015 49.677 3.4872 280.23 19.323 23.311 281.28 665.833 656.180 642 553 February 14.015 49.677 3.4856 280.84 19.323 23.318 281.90 665.833 656.180 642.553 736.025 March 14.015 49.677 3.4842 280.51 19.323 23.317 281.56 65.833 56.180 42 553 35 547 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 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 November 14.015 49.677 3.4899 280.04 19.323 23.255 281.09 65.833 56.180 42.553 33.567 *For figures on free rate for the period Feb. 25-Oct. 9, 1953, see BULLETIN for November 1953, p. 1231. The average for this period was 2 3274. 2Official rate, based on quotations through Oct. 9, 1953. Effective Oct. 12, 1953, the Brazilian authorities introduced new exchange ratios ifor Brazilian exports. Under the new system premiums of 5 and 10 cruzeiros, depending upon type of merchandise, have been added to the •former rate of 5.4466 cents, thus establishing two rates—4.2808 and 3.5261 cents, respectively. For the period Oct. 13-Oct. 30 the averages of .these two rates were 4.2808 and 3.5261, respectively. pBased on quotations through Aug. 14, 1952. 4Based on quotations through May 8, 1952. 5Rate applied (except free rate) depends upon type of merchandise. In addition to the rates shown, a fifth rate is being certified; the November ^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. DECEMBER 1953 1409 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 = n 9 t a 1 4 it 0 t 7 e e 0 - d 4 s ) 9 ( C 1 = 9 a 3 n 1 5 0 a - 0 d 3 ) a 9 M (1 1 9 e 0 3 x 0 9 i ) c = o K U ( i 1 n n 1 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 1 9 t 0 a 3 0 8 ly ) = ( a 1 J v 9 a = e 3 p r 4 1 a a - ) g n 3 e 6 N l = ( e a 1 t n 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 d 1 e 0 9 r ) 3 - 9 1943 67 128 146 163 12 2 196 203 1944 68 131 179 166 14 2 196 207 1945 69 132 199 169 20 4 194 205 1946 79 139 229 175 34 16 186 200 1947 96 163 242 192 52 5,159 48 199 208 1948 104 193 260 219 89 5,443 128 100 214 217 1949 99 198 285 230 100 5,169 209 104 216 206 1950 103 211 311 262 108 4,897 246 117 227 203 1951 115 240 386 320 138 5,581 343 143 299 227 1952 .... ... 112 226 400 328 145 5,270 349 140 317 220 1952—October 111 220 397 326 141 5,272 347 138 314 218 November 111 222 395 324 140 5,292 343 138 304 218 December 110 221 393 328 141 5,287 342 139 305 217 1953—January 110 222 387 328 141 5,264 349 137 303 215 February 110 221 384 324 139 5,243 351 136 302 214 March 110 222 386 328 140 5,264 351 136 301 214 April 109 220 387 333 139 5,234 350 134 300 212 May 110 220 393 331 139 5,250 ••350 135 299 214 June 110 222 391 330 139 ••5,250 352 134 299 213 July 111 221 397 329 137 5,258 353 133 298 213 August 111 222 395 327 137 5,273 133 296 212 September 111 222 398 P137 133 P295 212 October 110 221 401 P325 P136 P212 p Preliminary. r Revised. NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December 1952, p. 1356. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States Canada United Kingdom Netherlands (1947-49=100) (1935-39=100) (1930=100) (1948=100) Year or month Raw and Fully and pr F o a d r u m cts Pro fo c o e d ss s ed co O m it t i m h e e s o r d- pr F o a d r u m cts fa m p c a t a r u n t r u l e y - d fa c m h c a t i u e n f r u l e y - d Foods p I r n o tr d d i u a u l s c - ts Foods t p r I r i n o a d d l u u ra s c - w ts f I in n tr i d s i h u al e s- d goods goods products 1943 69 n.a. 69 145 131 127 160 164 1944 69 n.a. 70 155 134 129 158 170 1945 72 n.a. 71 165 136 130 158 175 1946 83 n.a. 78 177 140 138 158 184 1947 100 98 95 190 164 162 165 207 1948 107 106 103 230 196 192 181 242 100 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 »364 122 171 143 1952 107 109 113 '249 219 231 284 »352 129 166 135 1952—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 P344 132 162 132 1953 Tanuarv 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 95 103 114 223 207 230 316 124 155 131 July 98 106 115 223 207 230 315 118 155 131 August .. .. 96 105 115 214 210 230 309 119 155 131 September 98 107 115 209 207 230 P306 121 155 132 October 95 105 115 209 205 230 P303 n.a. Not available. P Preliminary. r Revised. NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December 1952, p. 1356. 1410 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued CONSUMERS' PRICE INDEXES All items Food United Switz- United Switz- Year or month ( U S = 19 t n 1 a 4 i 0 7 t t 0 e e - ) 4 d s 1 9 = C ( a 1 a d 1 9 n 0 4 a 0 9 - ) 1 K 5 d ( , J i o a n 1 m n 9 g . 5 - 2 F = ( r 1 a 1 9 n 0 4 0 9 c ) e N l = ( e a 1 t n 1 9 h 0 4 d e 0 9 s r ) - 1 ( l 9 A a e 3 r n 9 u - g d = . ( U 1 S = 9 t n 1 a 4 0 i 7 t t 0 e e - ) 4 d s i 9 = C ( a 1 1 a d 9 0 n 4 a 0 9 - ) 1 K 5 d (J , i o 1 a n m 9 n g 5 . - 2 F - ( r 1 1 a 9 0 n 4 0 c 9 ) e N l = ( a e 1 t 1 n 9 h 0 4 d e 0 9 s r ) - 1 ( l 9 A a e 3 r n u 9 - d g - . = 100) 100) -100) 100) 1945 77 75 22 153 69 21 164 1946 83 78 35 152 79 36 160 1947 96 85 77 57 158 96 67 57 170 1948 103 97 82 90 163 104 72 92 176 1949 102 100 84 100 100 162 100 100 76 100 100 174 1950 103 103 86 111 109 159 101 103 82 111 111 176 1951 111 114 95 130 119 167 113 117 91 128 121 181 1952 114 116 103 145 120 171 115 117 105 141 123 184 1952—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 115 116 106 141 121 170 114 114 111 132 126 186 October 115 117 121 J>170 114 116 P187 P Preliminary. 1 These series are the revised indexes, reflecting, beginning January 1953, the inclusion of some new series and revised weights. Prior to Jannary 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 atocks Year or month U S g ( r n t h a a i i d g t t e e h e ) d s C (1 = a 9 n 3 1 5 a 0 - 0 d 3 ) a 9 ( 1 K D 9 U i e 2 n c n 1 g e i = m t d 1 e o b 0 d m e 0 r ) F = ( r 1 a 1 9 n 0 4 0 c 9 ) e N l e a t n h d e s r- ( U 1 S = 9 n t 3 a 1 i 5 0 t t - e e 0 3 d s ) 9 C (1 = a 9 n 3 1 5 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—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 82.3 112.8 115.0 102.1 179.2 152.9 91.4 165 215 October 112.6 82.8 114.2 104.0 183.4 151.9 92.1 217 NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December 1952, p. 1357. DECEMBER 1953 1411 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WM. MCC. MARTIN, JR., Chairman M. S. SZYMCZAK JAMES K. VARDAMAN, JR. R. M. EVANS A. L. MILLS, JR. J. L. ROBERTSON ELLIOTT THURSTON, Assistant to the Board WINFIELD W. RIEFLER, Assistant to the Chairman WOODLIEF THOMAS, Economic Adviser to the Board ALFRED K. CHERRY, Legislative Counsel OFFICE OF THE SECRETARY DIVISION OF EXAMINATIONS S. R. CARPENTER, Secretary GEORGE S. SLOAN, Director MERRITT SHERMAN, Assistant Secretary C. C. HOSTRUP, Assistant Director KENNETH A. KENYON, Assistant Secretary FRED A. NELSON, Assistant Director ARTHUR H. LANG, Chief Federal Reserve Examiner ROBERT C. MASTERS, Assistant Director LEGAL DIVISION GLENN M. GOODMAN, Assistant Director GEORGE B. VEST, General Counsel HENRY BENNER, Assistant Director FREDERIC SOLOMON, Assistant General Counsel HOWARD H. HACKLEY, Assistant General Counsel DIVISION OF BANK OPERATIONS DAVID B. HEXTER, Assistant General Counsel ROBERT F. LEONARD, Director G. HOWLAND CHASE, Assistant General Counsel J. E. HORBETT, Assistant Director LOWELL MYRICK, Assistant Director DIVISION OF RESEARCH AND STATISTICS DIVISION OF PERSONNEL ADMINISTRATION RALPH A. YOUNG, Director DWIGHT L. ALLEN, Director FRANK R. GARFIELD, Adviser on Economic Research H. FRANKLIN SPRECHER, JR., Assistant Director KENNETH B. WILLIAMS, Assistant Director DIVISION OF ADMINISTRATIVE SERVICES SUSAN S. BURR, Assistant Director GUY E. NOYES, Assistant Director LISTON P. BETHEA, 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 Mar\et Account HERBERT V. PROCHNOW, Secretary 1412 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 1 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 8 O. A. Schlaikjer E. O. Latham RR. FF. VVa n AAmiringe New York. Jay E. Crane Allan Sproul H. A. Bilby Robert G. Rouse William I. Myers William F. Treiber H. H. Kimball T. G. Tiebout L. W. Knoke V. Willis A. Phelan R. B. Wiltse H. V. Roelse J. H. Wurts Philadelphia... William J. Meinel Alfred H. Williams Karl R. Bopp P. M. Poorman C. Canby Balderston W. J. Davis Robert N. Hilkert J. V. Vergari * E. C. Hill Richard G. Wilgus a Wm. G. McCreedy Cleveland. John C. Virden W. D. Fulton Roger R. Clouse H. E. J. Smith Leo L. Rummell Donald S. Thompson A. H. Laning 3 Paul C. Stetzelberger Martin Morrison Richmond. Charles P. McCormick Hugh Leach N. L. Armistead C. B. Strathy John B. Woodward, Jr. Edw. A. Wayne Aubrey N. Heflin K. Brantley Watson Upton S. Martin Chas. W. Williams R. W. Mercer3 Atlanta. Frank H. Neely Malcolm Bryan V. K. Bowman 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 » 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. * Cashier. * Also Cashier. 4 Counsel. DECEMBER 1953 1413 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS The material listed below may be obtained from Board's staff. August 1941; reprinted October the Division of Administrative Services, Board of 1952. 496 pages. Paper cover. $1.00 per copy; Governors of the Federal Reserve System, Wash- in quantities of 10 or more copies for single ington 25, D. C. Where a charge is indicated, shipments, 75 cents each. remittance should be made payable to the order of the Board of Governors of the Federal Reserve THE FEDERAL RESERVE SYSTEM—ITS PURPOSES AND System. FUNCTIONS. November 1947 edition out of print. Revised edition in process. ANNUAL REPORT of the Board of Governors of the Federal Reserve System. Issued each year. BANKING AND MONETARY STATISTICS. Statistics of Available without charge upon request. banking, monetary, and other financial developments. November 1943. 979 pages. $1.50 per FEDERAL RESERVE BULLETIN. Issued monthly. Sub- copy. No charge for individual sections (unscription price in the United States and its pos- bound). sessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, A STATISTICAL STUDY OF REGULATION V LOANS. Guatemala, Haiti, Republic of Honduras, Mexico, September 1950. 74 pages. 25 cents per copy; Nicaragua, Panama, Paraguay, Peru, El Salvador, in quantities of 10 or more copies for single Uruguay, and Venezuela is $2.00 per annum or shipment, 15 cents each. 20 cents per copy; elsewhere $2.60 per annum or 25 cents per copy. Group subscriptions in the THE DEVELOPMENT OF BANK DEBITS AND CLEAR- United States for 10 or more copies to one ad- INGS AND THEIR USE IN ECONOMIC ANALYSIS. dress, 15 cents per copy per month, or $1.50 January 1952. 175 pages. 25 cents per copy; in for 12 months. quantities of 10 or more copies for single shipment, 15 cents each. FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY RATES, AND BUSINESS. Issued monthly. $6.00 THE FEDERAL RESERVE ACT, as amended to Novemper annum including edition of historical supple- ber 1, 1946, with an Appendix containing proment (listed below) available when subscription visions of certain other statutes affecting the is entered or renewed. 60 cents per copy; in Federal Reserve System. 372 pages. 50 cents per quantities of 10 or more copies of a particular paper-bound copy; $1.00 per cloth-bound copy. issue for single shipment, 50 cents each. (Domestic rates) COMPILATION OF FEDERAL AND STATE LAWS RELAT- ING TO BRANCH BANKING WITHIN THE UNITED HISTORICAL SUPPLEMENT TO FEDERAL RESERVE STATES. (July 1, 1951.) December 1951. 33 CHARTS ON BANK CREDIT, MONEY RATES, AND pages. BUSINESS. Issued semiannually, usually April and September. Annual subscription to monthly RULES OF ORGANIZATION AND RULES OF PROCEDURE chart book includes one issue of supplement. —Board of Governors of the Federal Reserve Single copies, 60 cents each; in quantities of 10 System (with Amendments). September 1946. or more copies for single shipment, 50 cents 31 pages. each. (Domestic rates) REGULATIONS OF THE BOARD OF GOVERNORS OF THE BANKING STUDIES. Comprising 17 papers on bank- FEDERAL RESERVE SYSTEM. Individual regulations ing and monetary subjects by members of the with amendments. 1414 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS PERIODIC RELEASES DEPARTMENT STORE SALES AND STOCKS, BY MAJOR WEEKLY DEPARTMENTS DEPARTMENT STORE STOCKS CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS BY INDUSTRY FOREIGN EXCHANGE RATES CONDITION OF THE FEDERAL RESERVE BANKS INTERDISTRICT SETTLEMENT FUND CONDITION OF WEEKLY REPORTING MEMBER BANKS INDEX NUMBERS OF WHOLESALE PRICES IN LEADING CITIES T _ _ _ ~ LOANS OUTSTANDING AT CONSUMER FINANCE COM- CONDITION OF WEEKLY REPORTING MEMBER BANKS PANIES IN CENTRAL RESERVE CITIES XT C r> r> NATIONAL SUMMARY OF BUSINESS CONDITIONS DEPARTMENT STORE SALES IN SELECTED CITIES AND QPEN-MARKET MONEY RATES IN NEW YORK CITY AREAS RETAIL FURNITURE REPORT WEEKLY DEPARTMENT STORE SALES SALES FINANCE COMPANIES WEEKLY FOREIGN EXCHANGE RATES STATE MEMBER BANKS OF THE FEDERAL RESERVE WEEKLY REVIEW OF PERIODICALS SYSTEM AND NONMEMBER BANKS THAT MAINTAIN CLEARING ACCOUNTS WITH FEDERAL RESERVE BANKS (Also annual list) SEMIMONTHLY SEMIANNUAL—QUARTERLY DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS ALL BANKS IN THE UNITED STATES AND POSSESSIONS MONTHLY —PRINCIPAL ASSETS AND LIABILITIES ASSETS AND LIABILITIES OF ALL BANKS IN THE MEMBER BANK CALL REPORT UNITED STATES A, O _ MEMBER BANK EARNINGS ASSETS AND LIABILITIES OF ALL MEMBER BANKS, MEMBER BANK LOANS BY DISTRICTS SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORA- BANK DEBITS TO DEMAND DEPOSIT ACCOUNTS TIONS ANNUAL BUSINESS INDEXES BANK DEBITS TO DEMAND DEPOSIT ACCOUNTS CONSUMER CREDIT (Short- and Intermediate-Term) DEPARTMENT STORE SALES AND STOCKS, BY MAJOR CONSUMER INSTALMENT CREDIT AT COMMERCIAL DEPARTMENTS BANKS IRREGULAR DEPARTMENT STORE CREDIT DISTRIBUTION OF BANK DEPOSITS BY COUNTIES AND STANDARD METROPOLITAN AREAS DEPARTMENT STORE MERCHANDISING DATA SELECTED LIST OF ADDITIONS TO THE RESEARCH DEPARTMENT STORE SALES LIBRARY DECEMBER 1953 1415 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS REPRINTS THE PHILIPPINE CENTRAL BANK ACT and Text of the Act. In part a reprint from the August (From Federal Reserve Bulletin unless preceded by an asterisk) 1948 BULLETIN. 36 pages. THE HISTORY OF RESERVE REQUIREMENTS FOR BANKS AMERICA'S POSTWAR INFLATION AND BALANCE LATIN IN THE UNITED STATES. November 1938. 20 p PROBLEMS. November 1948. 11 OF AYMENTS Pages- pages. THE PAR COLLECTION SYSTEM OF THE FEDERAL RE- NEW STATISTICS OF INTEREST RATES ON BUSINESS SERVE BANKS. February 1940. 8 pages. LOANS. March 1949. 10 pages. HISTORICAL REVIEW OF OBJECTIVES OF FEDERAL RE- NOTES ON FOREIGN CURRENCY ADJUSTMENTS. NOvember 1949. 14 pages. SERVE POLICY. April 1940. 11 pages. A STUDY OF INSTALMENT CREDIT TERMS. Decem- GENERAL INDEXES OF BUSINESS ACTIVITY. June 1940. b 1949. 8 pages. er 7 pages. FRENCH EXCHANGE STABILIZATION FUND. January MEASUREMENT OF PRODUCTION. September 1940. 1950. 5 pages. 16 pages. REVISED ESTIMATES OF CONSUMER CREDIT. Novem- T- ^» ™ T T^ T^ ber 1950. 2 pages. FEDERAL RESERVE BANK LENDING POWER NOT DE- r ° PENDENT ON MEMBER BANK RESERVE BALANCES. CONSUMER CREDIT. November MEASUREMENT OF February 1941. 2 pages. 195(L 9 pages> ADJUSTMENT FOR SEASONAL VARIATION. Descrip- * THE TREASURY—CENTRAL BANK RELATIONSHIP IN tion of method used by Board in adjusting eco- FOREIGN COUNTRIES—PROCEDURES AND TECHnomic data for seasonal variation. June 1941. NIQUES. November 1950. April 1951. 19 pages. 11 pages. TRENDS IN INTERNATIONAL TRADE AND PAYMENTS. ESTIMATES OF GROSS NATIONAL PRODUCT, 1919-28. APr" 1951- H pages. September 1945. 2 pages. HOUSE PURCHASES IN THE FIVE MONTHS FOLLOWING THE INTRODUCTION OF REAL ESTATE CREDIT REGU- BUSINESS LOANS OF MEMBER BANKS. March, May, LATION. July 1951. 23 pages. June, July, and August 1947. 80 pages. SAVING IN THE DEFENSE ECONOMY. September VALUES AND LIMITATIONS OF CONSUMER FINANCIAL 1951. 5 pages. SURVEYS FOR ECONOMIC RESEARCH. March 1947. 9 pages. NEW INDEX OF OUTPUT OF MAJOR CONSUMER DURABLE GOODS. October 1951. 6 pages. REVISION OF NATIONAL INCOME AND PRODUCT STA- TISTICS. September 1947. 12 pages. CREDIT AND SALES REPORTED BY REGULATION W REGISTRANTS. October 1951. 12 pages. BANKING ASSETS AND THE MONEY SUPPLY SINCE . VoLUNTARy AcTION To HELP CURB INFLATION 1929. January 1948. 9 pages. November 1951. 9 pages. SALES FINANCE COMPANY OPERATIONS IN 1947. REVISED INDEXES OF DEPARTMENT STORE SALES AND July 1948. 6 pages. STOCKS. December 1951. 53 pages. 1416 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS ECONOMIC PROBLEMS FACING POST-TREATY JAPAN. ^DETAILED DESCRIPTION OF SOURCES AND METHODS January 1952. 11 pages. USED IN REVISION OF SHORT- AND INTERMEDIATE- TERM CONSUMER CREDIT STATISTICS (supplemen- THE SECOND ARMAMENT BUDGET. February 1952. tary details for item listed above), April 1953. 9 pages. 25 pages. RECENT CHANGES IN GERMANY'S FOREIGN TRADE THE TRANSITION TO FREE MARKETS. April 1953. BALANCE. March 1952. 7 pages. 6 pages. BANKING IN THE SOVIET UNION. April 1952. 8 FEDERAL RESERVE BANK RESPONSIBILITIES. May pages. 1953. 5 pages. UNITED STATES POSTWAR INVESTMENT IN LATIN REVISED WEEKLY INDEX OF DEPARTMENT STORE SALES. April 1952. 4 pages. AMERICA. May 1953. 6 pages. 1953 SURVEY OF CONSUMER FINANCES—PART I. THE STATEMENT BY CHAIRMAN OF THE BOARD OF GOV- GENERAL FINANCIAL POSITION AND ECONOMIC ERNORS BEFORE SUBCOMMITTEE ON GENERAL OUTLOOK OF CONSUMERS. June 1953. 16 pages. CREDIT CONTROL AND DEBT MANAGEMENT, MARCH 11, 1952. April 1952. 4 pages. PART II. PURCHASES OF DURABLE GOODS IN 1952 AND BUYING PLANS FOR 1953. July 1953. 12 pages. CHANGES IN INSTALMENT CREDIT TERMS. May 1952. PART III. HOUSING OF CONSUMERS. August 1953. 6 pages. 10 pages. PART IV. NET WORTH OF CONSUMERS, EARLY 1953. September 1953. 16 pages. SE- EXCESS PROFITS TAXES OF COMMERCIAL BANKS. LECTED PRELIMINARY FINDINGS OF THE 1953 June 1952. 18 pages. SURVEY OF CONSUMER FINANCES. March 1953. 2 pages. (Also, similar surveys for earlier years REAL ESTATE LOANS OF REGISTRANTS UNDER REGUfrom 1946, 1947, 1948, 1949, 1950, 1951, and LATION X. June 1952. 18 pages. 1952 BULLETINS.) PROBLEMS OF TRADE EQUILIBRIUM. October 1952. WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE 9 pages. CORPORATIONS. July 1953. 12 pages. REVISED SERIES ON DEPARTMENT STORE SALES, ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS STOCKS, AND ORDERS. October 1952. 5 pages. AND BUSINESSES. July 1953. 2 pages. (Also similar article from July 1952 BULLETIN.) RECENT CREDIT EXPANSION. December 1952. 7 pages. RECENT CREDIT AND MONETARY DEVELOPMENTS. July 1953. 8 pages. CREDIT AND MONETARY REVIEW FOR 1952. February 1953. 7 pages. THE BALANCE SHEET OF AGRICULTURE, 1953. August 1953. 13 pages. THE MONETARY SYSTEM OF THE UNITED STATES. February 1953. 16 pages. UNITED STATES BALANCE OF PAYMENTS IN 1952-53. October 1953. 9 pages. INFLUENCE OF CREDIT AND MONETARY MEASURES ON ECONOMIC STABILITY. March 1953. 16 pages. REVISED INDEXES OF DEPARTMENT STORES SALES AND STOCKS, BY MAJOR DEPARTMENTS. November FEDERAL FINANCIAL MEASURES FOR ECONOMIC STA- 1953. 65 pages. BILITY. May 1953. 7 pages. INTERNATIONAL FLOW OF GOLD AND DOLLARS, 1952. FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL March 1953. 8 pages. (Also similar article from PRODUCTION, 1953 Revision. December 1953. 96 March 1952 BULLETIN.) pages. (Also, similar index from August 1940, September 1941, and October 1943 issues of REVISION OF CONSUMER CREDIT STATISTICS. April BULLETIN with supplementary data. October 1953. 19 pages. 1943. 120 pages.) DECEMBER 1953 1417 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES I > = BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES i( BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM <§> FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES I Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 39 Pages Pages Acceptances, bankers': Assets and liabilities—Continued Buying rates 19, 131, 243, 365, 481, 607, Commercial banks in United Kingdom, Canada 729, 849, 959, 1059, 1159, 1337 and France 82, 200, 314, 436, 572, 678, Open market rates on 39, 151, 263, 385, 501, 627, 800, 924, 1030, 1130, 1230, 1408 749, 869, 979, 1079, 1179, 1357 Federal Reserve Banks: Outstanding 34, 146, 258, 380, 496, 622, All banks 21, 133, 245, 367, 483, 609, 744, 864, 974, 1074, 1174, 1352 731, 851, 961, 1061, 1161, 1339 Each bank 22, 134, 246, 368, 484, 610, Addresses: 732, 852, 962, 1062, 1162, 1340 Federal Reserve Bank responsibilities, by Foreign central banks 76, 194, 308, 430, 566, 672, Mr. Martin at opening of new building 794, 918, 1024, 1124, 1224, 1402 of Federal Reserve Bank of Boston 451 Government corporations and credit agencies 36, Transition to free markets, by Mr. Martin 148, 260, 382, 498, 624, 746, 866, 976, 1076, 1176, 1354 before Economic Club of Detroit, Mich 330 Audits: Admission of State banks to membership in Internal audits and reviews of trust depart- Federal Reserve System 8, 124, 236, 358, 474, ment, interpretation of Regulation F 1329 600, 722, 842, 952, 1051, 1329 Australia: Agricultural loans: Commonwealth Bank of: Commercial banks 376, 492, 618, 740, Condition 78, 196, 310, 432, 568, 674, 860, 970, 1070, 1170, 1348 796, 920, 1026, 1126, 1226, 1404 Insured commercial banks 30, 142, 254 Foreign exchange rates 83, 201, 315, 437, 573, 679, Agricultural products: 801, 925, 1031, 1131, 1231, 1409 Price changes 5 Gold production 73, 191, 305, 427, 563, 669, Agricultural supply and price developments 933 791, 915, 1021, 1121, 1221, 1399 Agriculture: Austria: Balance sheet, 1953 822 Austrian National Bank: National summary of business conditions 843, 953, 1052 Condition 78, 196, 310, 432, 568, 674, Anderson, Paul S., article on wartime and post- 796, 920, 1026, 1126, 1226, 1404 war credit demands of large corporations 704 Discount rate 81, 199, 313, 435, 571, 677, Anderson, R. B., resignation as Class C director 799, 923, 1029, 1129, 1229, 1407 and Deputy Chairman at Dallas 7 Automobiles: Annual reports: Consumer buying 2 Balance sheet of agriculture, 1953 822 Consumer purchases 698 Board of Governors, publication of 473 Baker, John C, appointed director at Cincinnati Argentina: Branch 8 Central Bank of: Balance of payments: Condition 78, 196, 310, 432, 568, 674, United States: 796, 920, 1026, 1126, 1226, 1404 1951 and 1952 compared 213 Discount rate 81, 199, 313, 435, 571, 677, 1952-53 1039 799, 923,1029, 1129, 1229, 1407 Balance sheet and income statement, large cor- Gold reserves 74, 192, 306, 428, 564, 670, porations in selected industries, 1939-1952 713 792, 916, 1022, 1122, 1222, 1400 Balance sheet of agriculture, 1953 822 Foreign exchange rates 83, 201, 315, 437, 573, 679, Bank credit: 801, 925, 1031, 1131, 1231, 1409 Developments 692 Gold movements 75, 193, 307, 429, 565, 671, Expansion of 92 793, 917, 1023, 1123, 1223, 1401 National summary of business conditions 13, Articles: (See Leading articles; Special articles) 126, 238, 360, 476 Asia: Bank credit and reserves: International capital transactions . 71, 189, 303, 425, National summary of business conditions ...602, 724, 561, 667, 789, 913, 1019, 1119, 1219, 1397 844, 954, 1053, 1154, 1331 Assessment on Federal Reserve Banks for Bank credit, money rates, and business: expenses of Board of Governors 182 Federal Reserve Chart Book, revision of 123 Assets: Historical supplement to monthly chart book: Life insurance companies in the United States. .. .35, Autumn edition 1051 147, 259, 381, 497, 623, 745, 865, 975, 1075, 1175, 1353 Spring edition 358 Savings and loan associations in the United States . . .35, Bank debits: 147, 259, 381, 497, 623, 745, 865, 975, 1075, 1175, 1353 Revision of series 355, 600 Savings institutions 35, 147, 259, 381, 497, 623, (See also Debits to deposit accounts) 745, 865, 975, 1075, 1175, 1353 Bank deposits: (See Deposits) Assets and debt liability, ownership within income Bank for International Settlements: groups 944 Condition 80, 198, 312, 434, 570, 676, Assets and liabilities: 798, 922, 1028, 1128, 1228, 1406 Agriculture, 1953 823 Gold reserves 74, 192, 306, 428, 564, 670, All banks in United States, by classes 27, 139, 251, 792, 916, 1022, 1122, 1222, 1400 373, 489, 615, 737, 857, 967, 1067, 1167, 1345 Bank loans: (See Loans; Loans and investments) DECEMBER 1953 1419 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 39 Pages Pages Bank premises: Bills discounted by Federal Reserve Banks—Continued Federal Reserve Banks 22, 134, 246, 368, 484, 610, Maturity distribution 21, 133, 245, 367, 483, 609, 732, 852, 962, 1062, 1162, 1340 731,851,961, 1061, 1161, 1339 Federal Reserve Branch buildings, amendment to Member and nonmember banks 21, 133, 245, 367, section 10 of Federal Reserve Act increasing 483, 609, 731, 851, 961, 1061, 1161, 1339 amount which may be expended for 599 Board of Governors: Bank suspensions: Annual report, publication of 473 Assessment on Federal Reserve Banks Changes in banking offices 181, 907 for expenses of 182 Bankers' acceptances: (See Acceptances, bankers') Members: Bankers' balances: Martin, William McChesney, Jr.: Commercial banks 377, 493, 619, 741, 861, Address on Federal Reserve Bank 971, 1071, 1171, 1349 responsibilities delivered at open- Insured commercial banks 31, 143, 255 ing of new building of Federal Weekly reporting member banks: Reserve Bank of Boston 451 New York City and outside 33, 145, 257, 379, Address on transition to free mar- 495, 621, 743, 863, 973, 1073, 1173, 1351 kets before Economic Club of Revised series 551 Detroit, Michigan 330 Banking: Reelected Chairman of Federal Funds, foreign, increase in United States 68, 186, Open Market Committee 235 300, 422, 558, 664, 786, 910,1016, 1116, 1216,1394 Members and officers, list 86, 204, 318, 440, 576, 682, Offices: 804, 928, 1034, 1134, 1234, 1412 Changes in number of 181, 907 Office of Controller, establishment of 842 Number of, by districts and by States 184, 908 Office of the Solicitor, discontinuance of 473 Banking quarters: Publications of 88, 206, 320, 442, 578, 684, Federal Reserve Bank of Boston, opening of 806, 930, 1036, 1136, 1236, 1414 new building, address of Mr. Martin on Staff: (See Staff of Board of Governors) Federal Reserve Bank responsibilities 451 Bolivia: Federal Reserve Branch buildings, amend- Central Bank of: ment to section 10 of Federal Reserve Act Condition 78, 196, 310, 432, 568, 674, increasing amount which may be expended for.... 599 796, 920, 1026, 1126, 1226, 1404 Banks: Discount rate 81, 199, 313, 435, 571, 677, Consolidations and absorptions 181, 907 799, 923, 1029, 1129, 1229, 1407 Government securities held by 42, 156, 268, 390, Gold reserves 74, 192, 306, 428, 564, 670, 506, 632, 754, 874, 984, 1084, 1184, 1362 792, 916, 1022, 1122, 1222, 1400 Number of: Bond yields: By classes of banks 27, 139, 251, 373, 489, 615, Government, municipal and corporate 39, 151, 263, 737, 857, 967, 1067, 1167, 1345 385, 501, 627, 749, 869, 979, 1079, 1179, 1357 By districts and by States 184, 908 Bonds: Changes 181, 907 Life insurance company holdings of business December 31, 1952 548 securities 35, 147, 259, 381, 497, 623, Banks and branches: 745, 975, 1075, 1175, 1353 Number in operation, by class and by New security issues 44, 158, 270, 392, 508, 634, 756, 876, 986, 1086, 1186, 1364 State, December 31, 1952 548 Prices in principal countries 85, 203, 317, 439, 575, Banks for cooperatives: 681, 803, 927, 1033, 1133, 1233, 1411 Loans by 36, 148, 260, 382, 498, 624, Prices in United States 38, 150, 262, 384, 500, 626, 746, 866, 976, 1076, 1176, 1354 748,868, 978, 1078, 1178, 1356 Banks, Henry, appointed director at Memphis Branch. .11 United States savings, sales, redemption, and Belgian Congo: amount outstanding 155, 267, 389, 505, 631, Gold production 73, 191, 305, 427, 563, 753, 873, 983, 1083, 1183, 1361 669, 791,915, 1021, 1121, 1221, 1399 (See also Government securities) Belgium: Borrowings: Foreign exchange rates 83, 201, 315, 437, 573, 679, Commercial banks 377, 493, 619, 741, 861, 801, 925, 1031, 1131, 1231, 1409 971, 1071, 1171, 1349 Gold movements 75, 193, 307, 429, 565, 671, Insured commercial banks 31, 143, 255 793, 917, 1023, 1123, 1223, 1401 Member banks at Federal Reserve Banks 20, 132, National Bank of: 244, 366, 482, 608, 730, 850, 960, 1060, 1160, 1338 Condition 78, 196, 310, 432, 568, 674, Treasury 154, 266, 388, 504, 630, 796, 920, 1026, 1126, 1226, 1404 752, 872, 982, 1082, 1182, 1360 Discount rate 81, 199, 313, 435, 571, 677, Weekly reporting member banks: 799,923, 1029, 1129, 1229, 1407 New York City and outside 33, 145, 257, 379, Gold reserves 74, 192, 306, 428, 564, 670, 495, 621, 743, 863, 973, 1073, 1173, 1351 792, 916, 1022, 1122, 1222, 1400 Revised series 551 Bierwirth, John E., elected Class B Branch banks, domestic: director at New York 358 Number of: Bills discounted by Federal Reserve Banks: By districts and by States 184, 908 All banks combined 17, 129, 241, 363, 479, 605, Changes in 181, 907 727, 847, 957, 1057, 1157, 1335 December 31, 1952 549 1420 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 39 Pages Pages Branch Banks, Federal Reserve System: Canada—Continued Buildings, amendment to section 10 of International capital transactions. . . .68, 186, 300, 422, Federal Reserve Act increasing amount 558, 664, 786, 910, 1016, 1116, 1216, 1394 which may be expended for 599 Retail food prices 85, 203, 317, 439, 575, 681, Directors: (See Directors, 803, 927, 1033, 1133, 1233, 1411 Federal Reserve Branch Banks) Security prices 85, 203, 317, 439, 575, 681, Managing officers 87, 205, 319, 441, 577, 683, 803, 927, 1033, 1133, 1233, 1411 805, 929, 1035, 1135, 1235, 1413 Wholesale prices in 84, 202, 316, 438, 574, 680, Brazil: 802, 926, 1032, 1132, 1232, 1410 Foreign exchange rates 83, 201, 315, 437, 573, 679, Capital: 801, 925, 1031, 1131, 1231, 1409 Demand for 690 Gold reserves 74, 192, 306, 428, 564, 670, Movement to United States. .68, 186, 300, 422, 558, 664, 792, 916, 1022, 1122, 1222, 1400 786, 910, 1016, 1116, 1216, 1394 British Malaysia: Capital accounts: Foreign exchange rates 83, 201, 315, 437, 573, 679, Commercial banks 377, 493, 619, 741, 861, 971, 801, 925, 1031,1131,1231, 1409 1071, 1171, 1349 Broida, Arthur L., article on revised Federal Reserve Federal Reserve Banks: monthly index of industrial production 1247 All banks combined. . . .21, 133, 245, 367, 483, 609, Brokers and dealers in securities, loans to: 731, 851, 961, 1061, 1161, 1339 Commercial banks 376, 492, 618, 740, Each bank 22, 134, 246, 368, 484, 610, 860, 970, 1070, 1170, 1348 732, 852, 962, 1062,1162, 1340 Insured commercial banks 30, 142, 254 Insured commercial banks 31, 143, 255 Weekly reporting member banks: Insured commercial banks in United States New York City and outside. . . .32, 144, 256, 378, and possessions, 1949-52 547 494, 620, 742, 862, 972, 1072, 1172, 1350 Weekly reporting member banks: Revised series 550 New York City and outside. . . .33, 145, 257, 379, Brokers' balances: 495, 621, 743, 863, 973, 1073, 1173, 1351 Movement to United States from abroad....68, 186, Revised series 551 300, 422, 558, 664, 786, 910, 1016, 1116, 1216, 1394 Capital market: Brown, Edward E., reelected President of Federal Corporate demands on 323 Advisory Council 235 Cash in vault: Buildings: Commercial banks 377, 493, 619, 741, 861, Business expenditures on new plant and 971, 1071, 1171, 1349 equipment 46, 160, 272, 394, 510, 636, Insured commercial banks 31, 143, 255 758, 878, 988, 1088, 1188, 1366 Weekly reporting member banks: Federal Reserve Bank Branch, amendment to New York City and outside. . . .33, 145, 257, 379, section 10 of Federal Reserve Act increas- 495, 621, 743, 863, 973, 1073, 1173, 1351 ing amount which may be expended for 599 Revised series 551 Business conditions, national summary of 12, 125, 237, Cash income, outgo, and borrowing of Treasury. . . . 154, 266, 359, 475, 601, 723, 843, 953, 1052, 1153, 1330 388, 504, 630, 752, 872, 982, 1082, 1182, 1360 Business expenditures: Central banks: New plant and equipment 46, 160, 272, 394, 510, 636, Assets and liabilities 76, 194, 308, 430, 566, 672, 758, 878, 988, 1088, 1188, 1366 794, 918, 1024, 1124, 1224, 1402 Business fixed investment 1140 Discount rates 81, 199, 313, 435, 571, 677, Business indexes, monthly and yearly figures. . . .47, 161, 279, 799, 923, 1029, 1129, 1229, 1407 401, 517, 643, 765, 885, 995, 1095, 1195, 1373 Gold reserves 74, 192, 306, 428, 564, 670, Business inventories, increase in 1141 792, 916, 1022, 1122, 1222, 1400 Butler, John P., appointed director at El Paso (See also Foreign banks) Branch 124 Central reserve city member banks: Cagle, Caroline H., article on ownership of demand Condition of 30, 142, 254, 376, 492, 618, deposits 469 740, 860, 970, 1070, 1170, 1348 Canada: Deposits 28, 140, 252, 374, 490, 616, Bank of: 738, 858, 968, 1068, 1168, 1346 Condition 77, 195, 309, 431, 567, 673, Deposits, reserves and borrowings. . . .20, 132, 244, 366, 795, 919, 1025, 1125, 1225, 1403 482, 608, 730, 850, 960, 1060, 1160, 1338 Discount rate 81, 199, 313, 435, 571, 677, Earnings and expenses: 799, 923, 1029, 1129, 1229, 1407 1951 and 1952 467 Gold reserves 74, 192, 306, 428, 564, 670, First half of 1953 1114 792, 916, 1022, 1122, 1222, 1400 Reserves and borrowings. . . .20, 132, 244, 366, 482, 608, Commercial banks, assets and liabilities. . . .82, 200, 314, 730, 850, 960, 1060, 1160, 1338 436, 572, 678, 800, 924, 1030, 1130, 1230, 1408 Ceylon: Consumers' price indexes. . . .85, 203, 317, 439, 575, 681, Condition of Central Bank... 78, 196, 310, 432, 568, 803, 927, 1033, 1133, 1233, 1411 674, 796, 920, 1026, 1126, 1226, 1404 Foreign exchange rates 83, 201, 315, 437, 573, 679, Foreign exchange rates 83, 201, 315, 437, 573, 679, 801, 925, 1031, 1131, 1231, 1409 801, 925, 1031, 1131, 1231, 1409 Gold movements 75, 193, 307, 429, 565, 671, Chairmen, Federal Reserve Banks: 793, 917, 1023, 1123, 1223, 1401 Appointments for 1953 9 Gold production 73, 191, 305, 427, 563, 669, Coleman, John S., designated at Chicago 11 791, 915, 1021, 1121, 1221, 1399 Crane, Jay E., designated at New York 7 DECEMBER 1953 1421 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 39 Pages Pages Chairmen, Federal Reserve Banks—Continued Charts—Continued Deputy Chairmen: {See Deputy Chairmen) Industrial production—Continued Hall, Raymond W., designated at Kansas City 11 Seasonals—Industrial production, durable List of 87, 205, 319, 441, 577, 683, manufactures, minerals, and nondurable 805, 929, 1035, 1135, 1235, 1413 manufactures 1242 Meetings: Selected industries—Machinery, transporta- April 28 473 tion equipment,chemicals,and petroleum. . . .1245 December 7-8 1329 Sources of series data 1252 Meinel, William J., designated at Philadelphia 10 Types of series 1253 Stevens, Robert T., resignation at New York 7 Inventories 1142 Virden, John C, designated at Cleveland 10 Livestock on farms 935 Changes in number of banking offices in United Loan disbursements of Export-Import Bank States 181, 907 and IBRD to Latin America, 1946-52 450 Loans and investments, member banks in Chart books: leading cities 724, 844 Bank credit, money rates, and business, revi- Long- and short-term interest rates 232 sion of 123 Meat production and prices 939 Historical supplement to monthly, on bank Median net worth, consumers 941 credit, money rates, and business: Member bank reserves, Reserve Bank credit, Autumn edition 1051 and related items 16, 95, 128, 240, 362, 478, Spring edition 358 604, 726, 846, 956, 1056, 1156, 1334 Charts: Money rates 694, 724, 1154 Automobile owners within income groups, early New construction activity 810 1953 700 Nonagricultural employment 584 Average weekly earnings in manufacturing 582 Non-real-estate farm loans held by banks and Balance sheet of agriculture 822 Federally-sponsored agencies 832, 833 Bank loans and investments 693 Output of consumer durables 3 Bank loans, selected industries 93 Owners' equities in homes, early 1953 819 Business loans at member banks in leading cities ... 13 Ownership of demand deposits by individuals Capital outlays and funds from operations 712 and businesses 469 Changes in dollar value of farm land 826 Percentage change in farm debt owed to insti- Commercial loans, member banks in leading tutional lenders 834 cities 476, 954 Personal consumption expenditures 1145 Comparison of old and new short- and inter- Personal income, consumption, and savings 1143 mediate-term consumer credit series 337 Plant and equipment expenditures 707 Composition of United States exports 1047 Price expectations, early 1949-53 593 Construction contracts awarded. . . .237, 359, 601, 1153 Price indexes compared, wholesale and retail 6 Corporate bank and stock yields 323 Prices and trade 13, 125, 238, 360, 475, 602, Corporate funds from operations 326 844, 954, 1053, 1331 Corporate security issues for new capital 327 Prices of farm products 5 Demand deposits and other economic indicators . 689 Prices received by farmers 936 Deposits and currency 94, 99 Private domestic investment 1141 Deposits and currency and bank loans and Private housing starts 811 investments 102 Process of deposit expansion 105 Dollar payments from the United States 1039 Production of manufactures 4 Employment in nonagricultural establishments. ... 126, Ratio of demand deposits and currency to gross 843, 1053, 1330 national product 107 Employment in selected activities 581 Relation of liquid assets to sales 709 Expenditures on household equipment in rela- Selected business indexes 1, 1139 tion to income, 1952 702 Selected price indexes 933 Financing of automobiles 699 Selected uses and sources of funds, large cor- Foreign gold reserves and dollar holdings ... .214, 1046 porations compared with all corporations, Foreign gold reserves and dollar movements 209 1939-52 705 Government-underwritten mortgage lending 813 Short-term interest rates 231 Gross national product 1140 Stock market 476 Growth in corporate securities and in selected Stocks of farm products 938 industrial holdings 329 Supply and use of credit market funds, large Growth in credit and capital 691 corporations 706 Growth in savings 692 Unemployment 586 Home mortgage lending 813 United States balance of payments 213, 1042 Home ownership within age groups, early 1953. . . .818 United States direct investment in Latin America, Income grouping of spending units 589 1943 and 1950 446 Industrial production 12, 125, 237, 359, 475, 601, United States exports to selected areas 1045 723, 953, 1052, 1153, 1239, 1241, 1330 United States imports from selected areas 1041 Apparel and textiles 1243 United States investment in Latin America 445 Durable manufactures 1244 Value of homes 819 Metal fabricating, special groups 1246 Chase, G. Howland, appointed Assistant General Nondurable manufactures 1243 Counsel in Legal Division 473 1422 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 39 Pages Pages Chile: Commercial loans: Central Bank of: By classes 376, 492, 618, 740, Condition 78, 196, 310, 432, 568, 674, 860, 970, 1070, 1170, 1348 796, 920, 1026, 1126, 1226, 1404 Insured, by classes 30, 142, 254 Discount rate 81, 199, 313, 435, 571, 677, Commercial paper: 799, 923, 1029, 1129, 1229, 1407 Open market rates on 39, 151, 263, 385, 501, 627, Gold reserves 74, 192, 306, 428, 564, 670, 749, 869, 979, 1079, 1179, 1357 792, 916, 1022, 1122, 1222, 1400 Outstanding 34, 146, 258, 380, 496, 622, Gold production 73, 191, 305, 427, 563, 669, 744, 864, 974, 1074, 1174, 1352 791, 915, 1021,1121, 1221, 1399 Commitment fees under Regulation V. . . .24, 136, 248, 370, Chinn, Clement B., director at Jacksonville Branch, 486, 612, 734, 854, 964, 1064, 1164, 1342 death of 952 Commitments: Clayton Act: Under Section 13b, rates on. . . .19, 131, 243, 365, 481, Transamerica Corporation proceeding: 607, 729, 849, 959, 1059, 1159, 1337 Opinion of United States Court of Appeals Commodity Credit Corporation: for Third Circuit 836 Assets and liabilities 36, 148, 260, 382, 498, 624, Petition for certiorari denied, proceeding 746, 866, 976, 1076, 1176, 1354 dropped 1329 Loans by 36, 148, 260, 382, 498, 624, Clearing and collection: 746, 866, 976,1076, 1176, 1354 Collection of checks by Federal Reserve Banks 597 Commodity prices: Number of banks on par list by districts and National summary of business conditions 13, 126, by States 184, 908 238, 360, 476, 602, 724, 844, 954, 1053, 1154, 1331 Coins, circulation of 25, 137, 249, 371, 487, 613, (See also Wholesale prices) 735, 855, 965, 1065, 1165, 1343 Common trust funds, limitation upon aggregate Coleman, John S., designated Chairman and Federal investments by single trust, interpretation of Reserve Agent at Chicago 11 Regulation F 1152 Collection of checks by Federal Reserve Banks 597 Condition statements: Colombia: Commercial banks, classes of banks 376, 492, 618, Bank of Republic of: 740, 860, 970, 1070, 1170, 1348 Condition 78, 196, 310, 432, 568, 674, Commercial banks in United Kingdom, Canada, 796, 920, 1026, 1126, 1226, 1404 and France 82, 200, 314, 436, 572, 678, Discount rate 81, 199, 313, 435, 571, 677, 800, 924, 1030, 1130, 1230, 1408 799, 923, 1029, 1129, 1229, 1407 Federal Reserve Banks: Gold reserves 74, 192, 306, 428, 564, 670, All banks combined .21, 133, 245, 367, 483, 609, 792, 916, 1022, 1122, 1222, 1400 731,851,961, 1061, 1161, 1339 Gold production 73, 191, 305, 427, 563, 669, Each bank 22, 134, 246, 368, 484, 610, 791, 915, 1021, 1121, 1221, 1399 732, 852, 962, 1062, 1162, 1340 Commercial banks: Foreign central banks 76, 194, 308, 430, 566, 672, Assets and liabilities in United Kingdom, Canada, 794, 918, 1024, 1124, 1224, 1402 and France 82, 200, 314, 436, 572, 678, Government corporations and credit agencies 36, 800, 924, 1030, 1130, 1230, 1408 148, 260, 382, 498, 624, 746, 866, 976, 1076, 1176, 1354 Branches, number of 549 Insured commercial banks, classes of banks 30, 142, 254 Condition of, by classes 376, 492, 618, 740, Weekly reporting member banks: 860, 970, 1070, 1170, 1348 New York City and outside. . . .32, 144, 256, 378, Condition of insured in United States, by 494, 620, 742, 862, 972, 1072, 1172, 1350 classes 30, 142, 254 Revised series 550 Consumer instalment loans 65, 179, 277 Revision of series 355 Effect of credit and monetary measures on 221 Conferences: (See Meetings) Instalment credit held, by type of credit.... 399, 515, Construction: 641, 763, 883, 993, 1093, 1193, 1371 Materials and labor 809 Revised estimates for 1952 1214 National summary of business conditions. ... 12, 125, Insured home mortgages held 55, 169 237, 359, 475, 601, 723, 843, 953, 1052, 1153, 1330 Insured, in United States and possessions, earn- Private business 810 ings, 1949-1952 547 Public 810 Loans and investments, growth in 1952 92 Residential 1142 Mortgage loans held by 273, 395, 511, 637, 759, Residential real estate developments 809 879, 989, 1089, 1189, 1367 Value of new activity 287, 409, 525, 651, 773, Mortgages, nonfarm, recordings of $20,000 or 893, 1003, 1103, 1203, 1381 less 274, 396, 512, 638, 760, 880, Construction contracts awarded: 990, 1090, 1190, 1368 By districts 55, 169, 287, 409, 525, 651, Noninstalment credit held 399, 515, 641, 763, 883, 773, 893, 1003, 1103, 1203, 1381 993, 1093, 1193, 1371 By type of construction. .55, 169, 287, 409, 525, 651, Number of: 773, 893, 1003, 1103, 1203, 1381 By class and by State 548 By type of ownership 55, 169, 281, 409, 525, 651, Commercial, industrial, and agricultural loans of 773, 893, 1003, 1103, 1203, 1381 weekly reporting member banks: Charts 237, 359, 601, 1153 New York City and outside. . . .32, 144, 256, 378, 494, Index of value of 47, 161, 279, 401, 517, 643, 620, 742, 862, 972, 1072, 1172, 1350 765, 885, 995, 1095, 1195, 1373 Revised series 550 Consumer buying, expansion in 2 DECEMBER 1953 1423 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 39 Pages Pages Consumer credit: Corporate stocks: By major parts 398, 514, 640, 762, Prices in United States 38, 150, 262, 384, 500, 626, 882, 992, 1092, 1192, 1370 748, 868, 978, 1078,1178,1356 By major parts, revised estimates for 1952 1214 Yields on 39, 151, 263, 385, 501, 627, Effect of credit and monetary measures on 225 749, 869, 979, 1079, 1179, 1357 Furniture store statistics. ...66, 180, 278, 400, 516, 642, Corporations, wartime and postwar credit demands 764, 884, 994, 1094, 1194, 1372 for large 704 Instalment credit, by holder 398, 514, 640, 762, Costa Rica: 882, 992, 1092, 1192, 1370 National Bank of: Instalment credit held, by type: Condition 78, 196, 310, 432, 568, 674, Commercial banks 65, 179, 277, 399, 515, 641, 796, 920, 1026, 1126, 1226, 1404 763, 883, 993, 1093, 1193, 1371 Discount rate 81, 199, 313, 435, 571, 677, Financial institutions other than commercial 799, 923, 1029, 1129, 1229, 1407 banks and sales finance companies. .399, 515, 641, Country member banks: 763, 883, 993, 1093, 1193, 1371 Assets and liabilities of all banks in United Revised estimates for 1952 1214 States 28, 140, 252, 374, 490, 616, Sales finance companies 399, 515, 641, 763, 738, 858, 968, 1068, 1168, 1346 883, 993, 1093, 1193, 1371 Condition 30, 142, 254, 376, 492, 618, Instalment loans made by principal lending insti- - 740, 860, 970, 1070, 1170, 1348 tutions 64, 178, 276 Deposits, reserves and borrowings. . . .20, 132, 244, 366, Instalment loans outstanding 64, 178, 276 482, 608, 730, 850, 960, 1060, 1160, 1338 Instalment sale credit, excluding automobile Earnings and expenses: credit 65, 179, 277 1952 539 Noninstalment credit, by holder 399, 515, 641, 763, First half of 1953 1114 883, 993, 1093, 1193, 1371 Reserves and borrowings. . . .20, 132, 244, 366, 482, 608, Noninstalment credit, by holder, revised estimates 730, 850, 960, 1060, 1160, 1338 for 1952 1214 Court cases: Ratio of collections to accounts receivable. ...66, 180, Transamerica Corporation: 278, 400, 516, 642, 764, 884, 994, 1094, 1194, 1372 Opinion of United States Court of Appeals Short- and intermediate-term: for the Third Circuit 836 Revised estimates for 1952 1214 Petition for certiorari denied, proceeding Statistics on 398, 514, 640, 762, dropped 1329 882, 992,1092, 1192, 1370 Crane, Jay E., appointed Class C director at New Statistics, revision of 336 York and designated Chairman and Federal Re- Total credit, by major parts 64, 178, 276 serve Agent 7 Consumer expenditures, in 1953 1144 Credit: Consumer finances, 1953 survey of: Bank: {See Bank credit) Part I, general financial position and economic Consumer: {See Consumer credit) outlook of consumers 588 Federal Reserve: Part II, purchases of durable goods in 1952 and Chart 16, 128, 240, 362, 478, 604, buying plans for 1953 697 726, 846, 956, 1056,1156,1334 Part III, housing of consumers ' 817 Outstanding, Wednesday figures. ... 17, 129, 241, Part IV, net worth of consumers, early 1953. .... .940 363, 479, 605, 727, 847, 957, 1057, 1157, 1335 Preliminary findings 217 Recent actions 695 Consumer goods and services, price changes 6 Self-limiting expansion of 96 Consumers' price indexes for principal countries. . .85, 203, Real estate: 317, 439, 575, 681, 803, 927, 1033, 1133, 1233, 1411 Statistics 273, 395, 511, 637, Consumers' prices, index for moderate income fam- 759, 879, 989, 1089, 1189, 1367 ilies 60, 174, 294, 416, 532, 658, {See also Real estate credit) 780, 900, 1010, 1110, 1210, 1388 Review for 1952 91 Cooperatives: Wartime and postwar demands of large corpora- Banks for, loans by 36, 148, 260, 382, 498, 624, tions 704 746, 866, 976, 1076, 1176, 1354 Credit and monetary developments 689 Cordts, John W., director at El Paso Branch, death of. . .124 Credit and monetary measures, influence on economic Corporate bonds: stability 219 Yields on 39, 151, 263, 385, 501, 627, Credit and monetary policy: 749, 869, 979, 1079, 1179, 1357 Federal financial measures for economic stability. . . .456 Corporate demands on the capital market 323 Monetary system of United States 98 Corporate funds: Credit and monetary review for 1952, article 91 Sources and uses of funds, large corporations in Credit unions, Federal, assistance to members, interselected industries, 1939-52 713 pretation of Regulations T and U 835 Corporate profits, taxes and dividends. . . .46, 160, 272, 394, Cuba: 510, 636, 758, 878, 988, 1088, 1188, 1366 Gold purchases by United States from 75, 193, 307, Corporate security issues: 429, 565, 671, 793, 917, 1023, 1123, 1223, 1401 Proposed use of proceeds: National Bank of: All issuers 44, 158, 270, 392, 508, 634, Condition 78, 196, 310, 432, 568, 674, 756, 876, 986, 1086, 1186, 1364 796, 920, 1026, 1126, 1226, 1404 Major groups of issuers. . .44, 158, 270, 392, 508, Gold reserves 74, 192, 306, 428, 564, 670, 634, 756, 876, 986, 1086, 1186, 1364 792, 916, 1022, 1122, 1222, 1400 1424 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 39 Pages Pages Currency: Department of Agriculture: Changes in 694 Balance sheet, 1953 822 Circulation, by denominations 25, 137, 249, 371, 487, Department stores: 613, 735, 855, 965, 1065, 1165, 1343 Merchandising data 59, 173, 290, 412, 528, 654, Growth in 94 776, 896, 1006, 1106, 1206, 1384 Kinds of money in circulation. . . .25, 137, 249, 371, 487, Sales: 613, 735, 855, 965, 1065, 1165, 1343 By Federal Reserve districts and by cities. . .60, 174 Outside banks 26, 138, 250, 372, 488, 614, By Federal Reserve districts, metropolitan 736, 856, 966, 1066, 1166, 1344 areas, and cities 291, 413, 529, 655, 677, Treasury, outstanding 17, 129, 241, 363, 479, 605, 897, 1007, 1107, 1207, 1385 727, 847, 957, 1057, 1157, 1335 Index of value of 47, 161, 279, 401, 517, Customers' debit balances 38 150, 262, 384, 500, 626, 643, 765, 885, 995, 1095, 1195, 1373 y 748, 868, 978, 1078, 1178, 1356 Weekly index of 59, 173, 290, 412, 528, 654, Czechoslovakia: 776, 896, 1006, 1106, 1206,1384 Foreign exchange rates 83, 201 Sales, accounts receivable, and collections.... 66, 180, Dealers with Federal Reserve Open Market Account, 278, 400, 516, 642, 764, 884, 994, 1094, 1194, 1372 discontinuance of special requirement, statement by Sales and stocks: Federal Open Market Committee 357 By Federal Reserve districts 57, 171, 289, 411, Deaths: 527, 653, 775, 895, 1005, 1105, 1205, 1383 Chinn, Clement B., director at Jacksonville My major departments. .. .58, 172, 292, 414, 530, Branch 952 656, 778, 898, 1008, 1108, 1208, 1386 Cordts, John W., director at El Paso Branch 124 Revised indexes 1146, 1152 Hutson, L. C, Class B director at Kansas City 1152 Sales, stocks, and outstanding orders. ...59, 173, 290, McCrary, J. A., Class B director at Atlanta 8 412, 528, 654, 776, 896, 1006, 1106, 1206, 1384 Miller, J. Hillis, director at Jacksonville Branch. . . .1152 Deposits: Patrick, Roy L., Class B director at Boston 8 Adjusted, of all banks and currency outside Debit and credit balances of stock exchange firms. ...38, banks 26, 138, 250, 372, 488, 150, 262, 384, 500, 626, 748, 868, 978, 1078, 1178, 1356 614, 736, 856, 966, 1066, 1166, 1344 Debits to deposit accounts: All banks in United States, by classes. . . .27, 139, 251, Reporting centers, year and month. . . .24, 136, 248, 370, 373, 489, 615, 737, 857, 967, 1067, 1167, 1345 486, 612, 734, 854, 964, 1064, 1164, 1342 Changes in 694 Revision of bank debits series 355, 600 Commercial banks 377, 493, 619, 741, Weekly reporting member banks: 861, 971, 1071, 1171, 1349 New York City and outside 33, 145, 257, 379 Distribution by counties and standard metropoli- Debt: tan areas, pamphlet 7 Consumer, growth of 590 Federal Reserve Banks: Government, volume and kind of securities. . . .42, 156, All banks combined. . . .21, 133, 245, 367, 483, 609, 268, 390, 506, 632, 754, 874, 984, 1084, 1184, 1362 731, 851, 961, 1061, 1161, 1339 Mortgage outstanding: Each bank 22, 134, 246, 368, 484, 610, By type of property and by type of holder. . . .273, 732, 852, 962, 1062, 1162, 1340 395, 511, 759, 879, 989, 1089, 1189, 1367 Foreign: Increase in 814 Commercial banks, by classes. . . .377, 493, 619, 741, Nonfarm 1- to 4-family properties. . . .275, 397, 513, 861, 971, 1071, 1171, 1349 639, 761, 814, 881, 991, 1091, 1191, 1369 Federal Reserve Banks 22, 134, 246, 368, 484, Debt management 459 610, 732, 852, 962, 1062, 1162, 1340 Defense Production Act: Held for foreign correspondents. .. .563, 669, Amendments of 1953 with respect to guarantee 791, 915, 1021, 1121, 1221, 1399 of defense loans 948 Insured commercial banks, by classes. . .31, 143, 255 Defense production loans: Government: Amendment to form of guarantee agreement 1050 Commercial banks 377, 493, 619, 741, Fees and rates on 24, 136, 248, 370, 486, 612, 861, 971, 1071, 1171, 1349 734, 854, 964, 1064, 1164, 1342 Federal Reserve Banks, each bank. . . .22, 134, 246, Guaranteed under Regulation V....23, 135, 247, 369, 368, 484, 610, 732, 852, 962, 1062, 1162, 1340 485, 611, 733, 853, 963, 1063, 1163, 1341 Insured commercial banks 31, 143, 255 Guarantees of: Weekly reporting member banks: Defense Production Act amendments of 1953. . . .948 New York City and outside 33, 145, 257, Executive Order No. 10480, superseding 379, 495, 621, 743, 863, 973, 1073, 1173, 1351 Executive Order No. 10161, sections with Revised series 551 respect to 949 Growth in 94 Denmark: Influence on bank reserves .103 Foreign exchange rates 83, 201, 315, 437, 573, 679, Insured commercial banks. .. .31, 143, 255, 377, 493, 801, 925, 1031, 1131, 1231, 1409 619, 741, 861, 971, 1071, 1171, 1349 National Bank of: Insured commercial banks in United States and Condition 78, 196, 310, 432, 568, 674, possessions 547 796, 920, 1026, 1126, 1226, 1404 Interest on time certificates with alternate Discount rate 81, 199, 313, 435, 571, 677, maturities 721 799, 923, 1029, 1129, 1229, 1407 Member banks: Gold reserves 74, 192, 306, 428, 564, 670, Classes of banks 20, 132, 244, 366, 482, 608, 792, 916, 1022, 1122, 1222, 1400 730, 850, 960, 1060, 1160, 1338 DECEMBER 1953 1425 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 39 Pages Pages Deposits—Continued Directors, Federal Reserve Banks—Continued Mutual savings banks 29, 141, 253, 375, 491, 617, Crane, Jay E., appointed Class C at New York 739, 859, 969, 1069, 1169, 1347 and designated Chairman and Federal Reserve National banks 29, 141, 253, 375, 491, 617, Agent 7 739, 859, 969, 1069, 1169, 1347 Deputy Chairmen appointed for 1953 9 Nonmember banks: (See also Deputy Chairmen, Federal Reserve Chart 16, 128, 240, 362, 478, 604, Banks) 726, 846, 956, 1056, 1156, 1334 Ellsworth, Oliver B., elected Class A at Boston . 1329 Commercial banks 29, 141, 253, 375, 491, 617, Folsom, Marion B., resignation as Class B at 739, 859, 969, 1069, 1169, 1347 New York 8 In Federal Reserve Banks 17, 129, 241, 363 Hall, Raymond W., appointed Class C at Kansas Insured commercial banks in United States City and designated Chairman and Federal Reand possessions 547 serve Agent 11 Ownership of demand 469 Hutson, L. C, Class B at Kansas City, death of ... 1152 Postal savings: Jackson, N. Baxter, elected Class A at New York. . . 358 Consolidated condition statement... .26, 138, 250, List of 110 372, 488, 614, 736, 856, 966, 1066, 1166, 1344 McCrary, J. A., Class B at Atlanta, death of 8 Depositors' balances and assets. . . 24, 136, 248, Meinel, William J., Class C at Philadelphia, des- 370, 486, 612, 734, 854, 964, 1064, 1164, 1342 ignated Chairman and Federal Reserve Agent 10 Rates on 18, 130, 242, 364, 480, 606, Patrick, Roy L., Class B at Boston, death of 8 728, 848, 958, 1058, 1158, 1336 Prall, Bert R., appointed Class C and Deputy Savings: Chairman at Chicago 235 Interest rate on 18, 130, 242, 364, 480, 606, Rummell, Leo L., Class C at Cleveland, appointed 728, 848, 958, 1058, 1158, 1336 Deputy Chairman 11 Savings and loan associations. . 35, 147, 259, 381, Schneider, Franz, appointed Class C at New 497, 623, 745, 865, 975, 1075, 1175, 1353 York 600 States and political subdivisions: Shield, Lansing P., elected Class B at New York . . .358 Commercial banks 377, 493, 619, 741, 861, Smith, Robert J., appointed Class C and Deputy 971, 1071, 1171, 1349 Chairman at Dallas 124 Insured commercial banks 31, 143, 255 Stamm, Earle W., resignation as Class A at Boston 952 Time: Stevens, Robert T., resignation as Class C at Certificates with alternate maturities, interest New York 7 on 721 Maximum rates on 18, 130, 242, 364, 480, 606, Supplee, Henderson, Jr., appointed Class C at 728, 848, 958, 1058, 1158, 1336 Philadelphia 10 Open account, with alternate maturities, Swensrud, Sidney A., appointed Class C at Cleveinterest on 1050 land 11 Rate of interest on loan secured by 950 Turman, Pollard, elected Class B at Atlanta 236 Treasury: Umphrey, Harry E., elected Class B at Boston. . . .474 Chart 16, 128, 240, 362, 478, 604, Virden, John C, Class C at Cleveland, desig- 726, 846, 956, 1056, 1156, 1334 nated Chairman and Federal Reserve Agent 10 With Federal Reserve Banks. .17, 129, 241, 363, Young, Philip, resignation as Class C at New York .358 479, 605, 727, 847, 957, 1057, 1157, 1335 Directors, Federal Reserve Branch Banks: Turnover 24, 136, 248, 370, 486, 612, Appointments for 1953 10 734, 854, 964, 1064, 1164, 1342 Baker, John C, appointed at Cincinnati 8 Weekly reporting member banks: Banks, Henry, appointed at Memphis 11 New York City and outside . . 33, 145, 257, 379, Butler, John P., appointed at El Paso 124 495, 621, 743, 863, 973, 1073, 1173, 1351 Chinn, Clement B., Jacksonville Branch, death Revised series 551 of 952 Deputy Chairmen, Federal Reserve Banks: Cordts, John W., El Paso, death of 124 Anderson, R. B., resignation at Dallas 7 Dodge, Joseph M., resignation at Detroit 124 Appointments for 1953 9 Essick, Bryant, appointed at Los Angeles 8 List of 87, 205, 319, 441, 577, 683, Goodwin, A. J., Jr., resignation at Birmingham. . . .236 805, 929, 1035, 1135, 1235, 1413 Hannah, John A., resignation at Detroit 358 Prall, Bert R., appointed at Chicago 235 Hardin, Clifford M., appointed at Detroit 358 Rummell, Leo L., appointed at Cleveland 11 Kendrick, Manville, appointed at Omaha 11 Smith, Robert J., appointed at Dallas 124 List of Ill Lowery, Phil H., appointed at Oklahoma City 11 Directors, Federal Reserve Banks: Miller, J. Hillis, Jacksonville, death of 1152 Anderson, R. B., resignation as Class C at Dallas .7 Moench, Ernest, appointed at Nashville 11 Bierwirth, John E., elected Class B at New York . . 358 Moorhead, Douglas M., appointed at Pittsburgh. . . 11 Chairmen and Federal Reserve Agents appointed Perring, Raymond T., appointed at Detroit 124 for 1953 9 Rosenblatt, Joseph, appointed at Salt Lake City 8 (See also Chairmen, Federal Reserve Banks) Smith, Harry, appointed at Jacksonville 11 Class C, appointments for 1953 9 Smith, Malcolm A., appointed at Birmingham ... 236 Classes of 110 Stahmann, Dean F., appointed at El Paso 124 Coleman, John S., Class C at Chicago, designated Steiwer, William H., Sr., appointed at Portland . . .124 Chairman and Federal Reserve Agent 11 Taylor, Howard M., Jr., appointed at Baltimore . . .11 1426 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 39 Pages Pages Directors, Federal Reserve Branch Banks—Continued Earnings and expenses—Continued Watkins, George W., appointed at Salt Lake City 8 All member banks—Continued Wilson, Thomas H., appointed at Charlotte 236 By size, 1952 540 Workman, Everly J., appointed at El Paso 124 Federal Reserve Banks: Directory: 1951 and 1952 7 Board of Governors 86, 204, 318, 440, 576, 682, 1952 182 804, 928, 1034, 1134, 1234, 1412 Insured commercial banks in United States and Federal Advisory Council 86, 204, 318, 440, 576, possessions, 1949-1952 547 682, 804, 928, 1034, 1134, 1234, 1412 Member banks: Federal Open Market Committee .86, 204, 318, 440, 1952 463, 536 576, 682, 804, 928, 1034, 1134, 1234, 1412 First half of 1953 1048, 1114 Federal Reserve Banks and Branches 87, 205, 319, National banks, 1952 541 441, 577, 683, 805, 929, 1035, 1135, 1235, 1413 State member banks, 1952 542 Discount rates: Economic activity, expansion in 1 Federal Reserve Banks... 19, 131, 243, 365, 481, 607, Economic Club of Detroit, Mich., address by Mr. 729, 849, 959, 1059, 1159, 1337 Martin on transition to free markets before 330 Foreign central banks....81, 199, 313, 435, 571, 677, Economic outlook of consumers 591 799, 923, 1029, 1129, 1229, 1407 Economic stability: Discounts and advances: (See Bills discounted by Federal financial measures for 456 Federal Reserve Banks) Influence of credit and monetary measures on 219 Dividends: Ecuador: All member banks by classes: Central bank of: 1952 536 Condition 78, 196, 310, 432, 568, 674, First half of 1953 1114 796, 920, 1026, 1126, 1226, 1404 Corporate 45, 159, 271, 393, 509, 635, Discount rate 81, 199, 313, 435, 571, 677, 757, 877, 987, 1087, 1187, 1365 799, 923, 1029, 1129,1229, 1407 Federal Reserve Banks: Gold reserves 74, 192, 306, 428, 564, 670, 1951 and 1952 7 792, 916, 1022, 1122, 1222, 1400 1952 ^ # 182 Egypt: Insured commercial banks in United States and National bank of: possessions, 1949-1952 547 Condition 78, 196, 310, 432, 568, 674, Manufacturing corporations. . .45, 159, 271, 393, 509, 796, 920, 1026, 1126, 1226, 1404 635, 757, 877, 987, 1087, 1187, 1365 Discount rate 81, 199, 313, 435, 571, 677, Member banks: 799, 923, 1029, 1129, 1229, 1407 1952 463, 536 Gold reserves 74, 192, 306, 428, 564, 670, First half of 1953 ^ 1048, 1114 792, 916, 1022, 1122, 1222, 1400 Dodge, Joseph M., resignation as director at Detroit El Salvador: Branch 124 Central reserve bank of: Dollar assets held at Federal Reserve Banks for Condition 79, 197, 311, 433, 569, 675, foreign correspondents 563, 669, 791, 915, 797, 921, 1027, 1127, 1227, 1405 1021, 1121, 1221, 1399 Discount rate 81, 199, 313, 435, 571, 677, Dominican Republic: 799, 923, 1029, 1129, 1229, 1407 Condition of central bank 78, 196, 310, 432, 568, 674, Gold reserves 74, 192, 306, 428, 564, 670, 796, 920, 1026, 1126, 1226, 1404 792, 916, 1022, 1122, 1222, 1400 Dwelling units started, permanent nonfarm 56, 170, Ellsworth, Oliver B., elected Class A director at 288, 410, 526, 652, 774, 894, 1004, 1104, 1204, 1382 Boston 1329 Earnings: Employees: Corporations 45, 159, 271, 393, 509, 635, Government, number of Federal, State and 757, 877, 987, 1087, 1187, 1365 local 54, 168, 286, 408, 524, 650, Insured commercial banks in United States and possessions 547 772, 892, 1002, 1102, 1202, 1380 Production workers in manufacturing indus- Manufacturing industries 585 tries 53, 167, 285, 407, 523, 649, Member banks: 771, 891, 1001, 1101, 1201, 1379 1952 536 Ratios of all member banks: First half of 1953 1114 By classes 543 Nonagricultural establishments 586 By Federal Reserve districts 544 Employment: Ratios of country member banks 546 Labor force 54, 168, 286, 408, 524, 650, Ratios of reserve city member banks 545 772, 892, 1002, 1102, 1202, 1380 (See also Earnings and expenses) Labor market developments 581 Earnings and dividends: National summary of business conditions 12, 126, Public utility corporations 45, 159, 271, 393, 509, 635, 237, 359, 475, 602, 723, 843, 953, 1052, 1154, 1331 757, 877, 987, 1087, 1187, 1365 Nonagricultural: Earnings and expenses: Business index 47, 161, 279, 401, 517, 643, All member banks: 765, 885, 995, 1095, 1195, 1373 By classes: Charts 126, 843, 1053, 1330 1952 536 Expansion in 583 First half of 1953 1114 Total in each classification 54, 168, 286, 408, By Federal Reserve districts, 1952 537 524, 650, 772, 892, 1002, 1102, 1202, 1380 DECEMBER 1953 1427 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 39 Pages Pages Employment—Continued. Federal Deposit Insurance Corporation: Production worker, in manufacturing Assets and liabilities 36, 148, 260, 382, 498, 624, industries: 746, 866, 976, 1076, 1176, 1354 Business index 47, 161, 279, 401, 517, 643, Federal Farm Mortgage Corporation: 765, 885, 995, 1095, 1195, 1373 Loans by 36, 148, 260, 382, 498, 624, By industries 52, 166, 284, 406, 522, 648, 746, 866, 976, 1076, 1176, 1354 770, 890, 1100, 1200, 1378 Federal financial measures for economic stability 456 England: (See United Kingdom) Federal Home Loan Banks: Essick, Bryant, appointed director at Los Angeles Advances and repayments 275, 397, 513, 639, 761, Branch 8 881, 991, 1091, 1191, 1369 Estimated liquid asset holdings of individuals and Loans by 37, 149, 261, 383, 499, 625, businesses 719 747, 867, 977, 1077, 1177, 1355 Europe: Federal Housing Administration: International capital transactions ...69, 187, 301, 423, Assets and liabilities 37, 149, 261, 383, 499, 625, 559, 665, 787, 911, 1017, 1117, 1217, 1395 747,867,977, 1077, 1177, 1355 Executive Orders: Insured home mortgages held by banks and No. 10480, superseding No. 10161: others 55, 169 Amendment to form of guarantee agree- Insured mortgage loans: ment to incorporate changes made neces- Acquired and outstanding, life insurance sary by 1050 companies 274, 396, 512, 638, 760, Sections with respect to guarantee of 880, 990, 1090, 1190, 1368 defense loans 949 Held by: Expansion in economic activity, article 1 Banks 273, 395, 511, 637, 759, Expenditures: 879, 989, 1089, 1189, 1367 1953 1139 Federal National Mortgage Association 275, 397, 513, 639, 761, Business, on new plant and equipment 46, 160, 272, 881, 991, 1091, 1191, 1369 394, 510, 636, 707, 758, 878,988,1088, 1188, 1366 Mortgage debt outstanding on nonfarm 1- Consumer, in 1953 1144 to 4-family properties 275, 397, 513, 639, Government, in 1953 1140 761, 881, 991, 1091, 1191, 1369 Treasury 40, 152, 264, 386, 502, 628, Outstanding, savings and loan associ- 750, 870, 980,1080, 1180, 1358 ations 274, 396, 512, 638, 760, (See also Earnings and expenses) 880, 990, 1090, 1190, 1368 Export-Import Bank: Loans insured by 55, 169 Loans by 36, 148, 260, 382, 498, 624, Residential loans underwritten by 275, 397, 513, 746, 866, 976, 1076, 1176, 1354 629, 761, 881, 991, 1091, 1191, 1369 Loans to Latin America, 1946-52 448 Exports, agricultural, decline in 934 Federal Intermediate Credit Banks: Farm Credit Administration: Loans by 36, 148, 260, 382, 498, 624, 746, 866, 976, 1076, 1176, 1354 Assets and liabilities 37, 149, 261, 383, 499, 625, Federal National Mortgage Association: 747, 867, 977, 1077, 1177, 1355 Assets and liabilities 36, 148, 260, 382, 498, 624, Farm price support, Federal outlays 937 746, 866, 976, 1076, 1176, 1354 Farm products: Mortgage activity of 275, 397, 513, 639, 761, Exports of 935 881, 991, 1091, 1191, 1369 Wholesale price indexes: Federal Open Market Committee: Principal countries 84, 202, 316, 438, 574, 680, Meetings: 802, 926, 1032, 1132, 1232, 1410 March 4-5 235 United States 61, 175, 294, 416, 532, 658, June 11 600 780, 900, 1010, 1110, 1210, 1388 September 24 1051 Farmers Home Administration: December 15 1329 Loans by : .36, 148, 260, 382, 498, 624, Members: 746, 866, 976, 1076, 1176, 1354 Elected 235 Federal Advisory Council: Martin, Wm. McC, Jr., reelected Chairman 235 Meetings: Sproul, Allan, reelected Vice Chairman 235 February 15-17 235 Members and officers, list 86, 204, 318, 440, 576, 682, May 17-19 473 804, 928, 1034, 1134, 1234, 1412 September 13-15 952 Statement on discontinuance of special require- November 15-17 1152 ment for dealers with Federal Reserve Open Members: Market Account 357 Brown, Edward E., reelected President 235 Federal Reserve Act: Fleming, Robert V., reelected Vice President .235 Section 10, amendment increasing amount List of 86, 204, 318, 440, 576, 682, which may be expended for Federal Reserve 804, 928, 1034, 1134, 1234, 1412 Branch buildings 599 Staff: Section 24, amendment relating to loans on Prochnow, Herbert V., reappointed forest tracts 948 secretary 235 Federal Reserve Bank notes: Federal credit unions, assistance to members, inter- Circulation and outstanding 25, 137, 249, 371, 487, pretation of Regulations T and U 835 613, 735, 855, 965, 1065, 1165, 1343 1428 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 39 Pages Pages Federal Reserve Bank of Boston: Federal Reserve notes—Continued Opening of new building, address of Mr. Mar- Federal Reserve Agents' accounts: tin on Federal Reserve Bank responsibilities 451 All Federal Reserve banks 23, 135, 247, 369, Staff: 485, 611, 733, 853, 963, 1063, 1163, 1341 Smith, Howard G., revision of indexes of Each bank 23, 135, 247, 369, 485, 611, department store sales and stocks, by 733, 853, 963, 1063, 1163, 1341 major departments 1146 Outstanding and in circulation 25, 137, 249, 371, Federal Reserve Bank of Cleveland: 487, 613, 735, 855, 965, 1065, 1165, 1343 Staff: Redemption fund: Fulton, W. D., appointed President 473 All banks combined 21, 133, 245, 367, 483, Gidney, Ray M., resignation as President 473 609, 731, 851, 961, 1061, 1161, 1339 Federal Reserve Bank of Dallas: Each bank 22, 134, 246, 368, 484, 610, Staff: 732, 852, 962, 1062,1162, 1340 Gilbert, R. R., President, retirement of 952 Federal Reserve Open Market Account: Federal Reserve Bank of New York: Dealers, discontinuance of special requirement, Staff: statement by Federal Open Market Committee . . 357 Sproul, Allan, reelected Vice Chairman of Federal Reserve System: Federal Open Market Committee 235 Admission of State banks to membership 8, 124, Federal Reserve Banks: 236, 358, 474, 600, 722, 842, 952, 1051, 1329 Assets and liabilities of 21, 133, 245, 367, 483, 609, Map 90, 208, 322, 444, 580, 688, 731,851, 961, 1061, 1161, 1339 808, 932, 1038, 1138, 1238, 1418 Branches: (See Branch banks, Federal Fees: Reserve System) Guarantee and commitment under Regula- Capital and surplus of each bank 22, 134, 246, 368, tion V 24, 136, 248, 370, 486, 612, 484, 610, 732, 852, 962, 1062, 1162, 1340 734, 854, 964, 1064, 1164, 1342 Chairmen: (See Chairmen, Federal Reserve Fiduciary powers: Banks) Common trust funds, limitation upon aggregate Collection of checks by 597 investments by single trust 1152 Condition statement, each bank 22, 134, 246, 368, Financial measures for economic stability 456 484, 610, 732, 852, 962, 1062, 1162, 1340 Financial position of: Deposits and other dollar assets held for Consumers 588 foreign correspondents 563, 669, 791, 915, Farmers 939 1021, 1121, 1221, 1399 Finland: Deputy Chairmen: (See Deputy Chairmen, Bank of: Federal Reserve Banks) Condition 79, 197,311,433, 569, 675, Directors: (See Directors) 797, 921, 1027, 1127, 1227, 1405 Dividends: Discount rate 81, 199, 313, 435, 571, 677, 1951 and 1952 7 799, 923, 1029, 1129, 1229, 1407 1952 182 Foreign exchange rates 83, 201, 315, 437, 573, 679, Earnings and expenses: 801,-925, 1031, 1131, 1231, 1409 1951 and 1952 7 First Vice Presidents of Federal Reserve Banks, 1952 182 list of 87, 205, 319, 441, 577, 683, Government securities held by .42, 156, 268, 390, 805, 929, 1035, 1135, 1235, 1413 506, 632, 754, 874, 984,1084,1184,1362 Fleming, Robert V., reelected Vice President of Officers 87, 205, 319, 441, 577, 683, Federal Advisory Council 235 805, 929, 1035, 1135, 1235, 1413 Folsom, Marion B., resignation as Class B director Responsibilities, address of Mr. Martin at at New York 8 opening of new building of Federal Reserve Food: Bank of Boston 451 Consumers' price index, principal countries 85, 203, Salaries, 1952 182 317, 43?, 575, 681, 803, 927, 1033, 1133, 1233, 1411 Surplus, 1952 182 Wholesale prices: Federal Reserve Chart Book: Principal countries 84, 202, 316, 438, 574, 680, Historical supplement: 802, 926, 1032, 1132, 1232, 1410 Autumn edition 1051 United States 61, 175, 294, 416, 532, 658, Spring edition 358 780, 900, 1010, 1110, 1210, 1388 Revision of 123 Foreign banks: Federal Reserve districts, map of 90, 208, 322, 444, 580, Commercial banks, condition of 82, 200, 314, 436, 688, 808, 932, 1038, 1138, 1238, 1418 572, 678, 800, 924, 1030, 1130, 1230, 1408 Federal Reserve notes: Condition of central banks 76, 194, 308, 430, 566, Circulation: 672, 794, 918, 1024, 1124, 1224, 1402 All banks combined 21, 133, 245, 367, 483, Deposits held by member banks by classes 31, 143, 609, 731, 851, 961, 1061, 1161, 1339 255, 377, 493, 619, 741, 861, 971, 1071, 1171, 1349 Each bank, condition statement 22, 134, 246, Deposits of weekly reporting 368, 484, 610, 732, 852, 962, 1062, 1162, 1340 member banks: Each bank, Federal Reserve Agents' New York City and outside 33, 145, 257, 379, accounts 23, 135, 247, 369, 485, 611, 495, 621, 743, 863, 973, 1073, 1173, 1351 733, 853, 963, 1063, 1163, 1341 Revised series 551 Collateral security for 23, 135, 247, 369, 485, 611, Discount rates of central banks 81, 199, 313, 435, 733, 853, 963, 1063, 1163, 1341 571, 677, 799, 923, 1029, 1129, 1229, 1407 DECEMBER 1953 1429 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 39 Pages Tages Foreign banks—Continued Gold—Continued Gold reserves of central banks 74, 192, 306, 428, International flow, 1952 209 564, 670, 792, 916, 1022, 1122, 1222, 1400 Movements, United States 75, 193, 307, 429, 565, Foreign deposits held by Federal Reserve 671, 793, 917, 1023, 1123, 1223, 1401 Banks: Production: All banks combined 21, 133, 245, 367, 483, 609, United States 75, 193, 307, 429, 565, 671, 731, 851, 961, 1061, 1161, 1339 793, 917, 1023, 1123, 1223, 1401 Each bank 22, 134, 246, 368, 484, 610, World 73, 191, 305, 427, 563, 669, 732, 852, 962, 1062, 1162, 1340 791, 915, 1021, 1121, 1221,1399 For foreign correspondents 563, 669, 791, 915, Purchases from United States, 1952 211 1021, 1121, 1221, 1399 Reserves: Foreign exchange rates 83, 201, 315, 437, 573, Central banks and governments. . .74, 192, 306, 428, 679, 801, 925, 1031, 1131, 1231, 1409 564, 670, 792, 916, 1022,1122, 1222, 1400 Forest tracts, loans on, amendment to Foreign and international 212 section 24 of Federal Reserve Act 948 Stock: France: Chart 16, 128, 240, 362, 478, 604, Bank of: 726, 846, 956, 1056, 1156, 1334 Condition 77, 195, 309, 431, 567, 673, United States, analysis of 795, 919, 1025, 1125, 1225, 1403 changes 75, 193, 307, 429, 565, 671, Discount rate 81, 199, 313, 435, 571, 793, 917, 1023, 1123, 1223, 1401 677, 799, 923, 1029, 1129, 1229 1407 Wednesday figures 17, 129, 241, 363, 479, 605, Gold reserves 74, 192, 306, 428, 564, 670, 727, 847, 957, 1057, 1157, 1335 792, 916, 1022, 1122, 1222, 1400 Gold and dollar movements 210 Commercial banks, assets and Gold certificates: liabilities 82, 200, 314, 436, 572, 678, 800, 924, 1030, 1L30, 1230, 1408 Federal Reserve Bank holdings: Consumers' price indexes. .. .85, 203, 317, 439, 575, 681, All banks combined 21, 133, 245, 367, 483, 609, 803,927, 1033, 1133, 1233, 1411 731, 851, 961, 1061, 1161, 1339 Foreign exchange rates 83, 201, 315, 437, 573, 679, Each bank 22, 134, 246, 368, 484, 610, 801, 925, 1031, 1131, 1231, 1409 732, 852, 962, 1062, 1162, 1340 Gold purchases by United States Outstanding and in circulation. ...25, 137, 249, 371, 487, from 75, 193, 307, 429, 565, 671, 613, 735, 855, 965, 1065, 1165, 1343 793, 917, 1023, 1123, 1223, 1401 Goodwin, A. J., Jr., resignation as director International capital transactions. . .68, 186, 300, 422, at Birmingham Branch 236 558, 664, 786, 910, 1016, 1116, 1216, 1394 Government corporations and credit agencies: Security prices, index numbers 85, 203, 317, 439, Assets and liabilities 36, 148, 260, 382, 498, 624, 575, 681, 803, 927, 1033, 1133, 1233, 1411 746, 866, 976, 1076, 1176, 1354 Wholesale prices 84, 202, 316, 438, 574, Loans by 36, 148, 260, 382, 498, 624, 680, 802, 926, 1032, 1132, 1232, 1410 746, 866, 976, 1076, 1176, 1354 Frechtling, John, article on survey of Government debt: consumer finances, 1953 697, 816 Volume and kind of securities ...42, 156, 268, 390, 506, Free markets, transition to, address by 632, 754, 874, 984, 1084, 1184, 1362 Mr. Martin before Economic Club of Detroit, Mich 330 Government employees, number of Federal, Freight carloadings: State, and local 54, 168, 286, 408, 524, 650, 772, Classes 56, 170, 288, 410, 526, 652, 774, 892, 1002, 1102, 1202, 1380 894, 1004, 1104, 1204, 1382 Government expenditures, 1953 1140 Index of 47, 161, 279, 401, 517, 643, 765,Government securities: 885, 995, 1095, 1195, 1373 Bond prices 38, 150, 262, 384, 500, 626, Fulton, W. D., appointment as President 748, 868, 978, 1078, 1178, 1356 of Federal Reserve Bank of Cleveland 473 Commercial bank holdings 376, 492, 618, 740, 860, Furniture and major household appliances: 970, 1070, 1170, 1348 Consumer purchases 701 Direct obligations, volume and Furniture store statistics 66, 180, 278, 400, 516, 642, kind 42, 156, 268, 390, 506, 632, 754, 764, 884, 994, 1094, 1194, 1372 874, 984, 1084, 1184, 1362 Germany: Federal Reserve Bank holdings: Condition of central banks . . .79, 197, 311, 433, 569, 675, All banks combined 21, 133, 245, 367, 483, 797, 921, 1027, 1127, 1227, 1405 609, 731, 851, 961, 1061, 1161, 1339 Discount rate 81, 199, 313, 435, 571, 677, Each bank 22, 134, 246, 368, 484, 610, 799, 923, 1029, 1129, 1229, 1407 732,852, 962, 1062, 1162, 1340 Foreign exchange rates 83, 201, 315, 437, 573, 679, 801, 925, 1031, 1131, 1231, 1409 For foreign correspondents. .. 563, 669, 791, 915, Gidney, Ray M., resignation as President 1021, 1121, 1221, 1399 of Federal Reserve Bank of Cleveland 473 Maturity distribution 21, 133, 245, 367, 483, Gilbert, R. R., retirement as President 609, 731, 851, 961, 1061, 1161, 1339 of Federal Reserve Bank of Dallas 952 Wednesday figures 17, 129, 241, 363, 479, Gold: 605, 727, 847, 957, 1057, 1157, 1335 Earmarked 75, 193, 307, 429, 565, 671, Insured commercial banks 30, 142, 254, 376, 492, 793, 917, 1023, 1123, 1223, 1401 618, 740, 860, 970, 1070, 1170, 1348 1430 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 39 Pages Pages Government securities—Continued Imports and exports: Investments by weekly reporting Merchandise 56, 170, 288, 410, 526, 652, member banks: 774, 894,1004, 1104, 1204, 1382 New York City and outside . . 32, 144, 256, 378, Income: 494, 620, 742, 862, 972, 1072, 1172, 1350 Agricultural 824 Revised series 550 Consumer: Life insurance company holdings . 35, 147, 259, 381, Growth of 588 497, 623, 745, 865, 975, 1075, 1175, 1353 Relation to net worth, Marketable and convertible out- early 1953 942 standing 157, 269, 391, 507, 633, 755, National 62, 176, 296, 418, 534, 660, 875, 985, 1085, 1185, 1363 782, 902, 1012, 1112, 1212, 1390 Marketable public securities out- Personal 63, 177, 297, 419, 535, 661, standing 43 783, 903, 1013, 1113, 1213, 1391 Ownership of direct and guaranteed 42, 156, 268, 390, Personal, during 1953 1143 506, 632, 754, 874, 984, 1084, 1184, 1362 Taxes, Internal Revenue collections. . .41, 153, 265, 387, Savings and loan association 503, 629, 751, 871, 981, 1081, 1181, 1359 holdings 35, 147, 259, 381, 497, Index numbers 623, 745, 865, 975, 1075,1175,1353 Bond prices 38, 150, 262, 384, 500, 626, Savings bonds and notes, sales, 748, 868, 978, 1078, 1178, 1356 redemptions, and amount out- Business indexes 47, 161, 279, 401, 517, 643, standing 155, 267, 389, 505, 631, 765, 885, 995, 1095, 1195, 1373 753, 873, 983, 1083, 1183, 1361 Construction contracts awarded . .47, 161, 279, 401, 517, Summary data from Treasury survey 643, 765, 885, 995, 1095, 1195, 1373 of ownership 43, 157, 269, 391, 507, 633, Consumers' price, moderate income 755, 875, 985, 1085, 1185, 1363 families 60, 174, 294, 416, 532, 658, Yields on 39, 151, 263, 385, 501, 627, 780, 900, 1010, 1110, 1210, 1388 749, 869, 979, 1079, 1179, 1357 Consumers' price, principal Grants, foreign aid 1044 countries 85, 203, 317, 439, 575, 681, Greece: 803, 927, 1033, 1133, 1233, 1411 Bank of: Department stores: Condition 79, 197,311,433, 569,675, Sales, adjusted 47, 161, 279, 401, 517, 643, 797, 921, 1027, 1127, 1227, 1405 765, 885, 995, 1095, 1195, 1373 Discount rate 81, 199, 313, 435, 571, 677, Sales, weekly 59, 173, 290, 412, 528, 654, 799, 923, 1029, 1129, 1229, 1407 776, 896, 1006, 1106, 1206, 1384 Sales and stocks, by Federal Gross national product: Reserve districts 57, 171, 289, 411, 527, 1953 and 1952 1140 653, 775, 895, 1005, 1105, 1205, 1383 Relation of national income, Sales and stocks, by major personal income, and saving . . 62, 176, 296, 418, 534, departments 58, 172, 292, 414, 530, 660, 782, 902, 1012, 1112, 1212, 1390 656, 778, 898, 1008, 1108, 1208, 1386 Guatemala: Sales and stocks, by major Condition of Bank of 79, 197, 311, 433, 569, departments, revised indexes 1146, 1152 675, 797, 921, 1027, 1127, 1227, 1405 Freight carloadings: Gold reserves 74, 192, 306, 428, 564, Adjusted 47, 161, 279, 401, 517, 670, 792, 916, 1022, 1122, 1222, 1400 643, 765, 885, 995, 1095, 1195, 1373 Hall, Raymond W., appointed Class C Classes 56, 170, 288, 410, 526, 652, director at Kansas City and 774, 894, 1004, 1104, 1204, 1382 designated Chairman and Federal Industrial production: Reserve Agent 11 Adjusted for seasonal variation. . . .48, 162, 280, 402, Hannah, John A., resignation as 518, 644, 766, 886, 996, 1096, 1196, 1374 director at Detroit Branch 358 Physical volume 47, 161, 279, 401, 517, Hardin, Clifford M., appointed director 643, 765, 885, 995, 1095, 1195, 1373 at Detroit Branch 358 Revision of 1239-1328 Hexter, David B., appointed Assistant Without seasonal adjustment . . 50, 164, 282, 404, General Counsel in Legal Division 473 520, 646, 768, 888, 998, 1098, 1198, 1378 Home Owners' Loan Corporation: Manufacturing production workers, business Loans by 36, 148, 260, 382, 498, 624, index 47, 161, 279, 401, 517, 643, 746, 866, 976, 1076, 1176, 1354 765, 885, 995, 1095, 1195, 1373 Home ownership 816 Retail food prices 85, 203, 317, 439, 575, Hours and earnings of production workers 681, 803, 927, 1033, 1133, 1233, 1411 in manufacturing industries 53, 167, 285, 407, 523, Security prices in principal 649, 771, 891, 1001, 1101, 1201, 1379 countries .85, 203, 317, 439, 575, 681, Huston, L. C, Class B director at Kansas City, 803, 927, 1033, 1133, 1233, 1411 death of 1152 Stock prices 38, 150, 262, 384, 500,626, Imports: 748, 868, 978, 1078, 1178, 1356 Gold movements to United States. . . 75, 193, 307, 429, Wholesale prices: 565, 671, 793, 917, 1023, 1123, 1223, 1401 Commodities. 47, 161, 279, 401, 517, 643, United States, July 1952-June 1953 1040 765, 885, 995, 1095, 1195, 1373 DECEMBER 1953 1431 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 39 Pages Pages Index members—Continued Insured commercial banks—Continued Wholesale prices—Continued Number of, by class and by State 548 Groups of commodities 61, 175, 294, 416, 532, Interest rates: 658, 780, 900, 1010, 1110, 1210, 1388 Business loans by banks in selected cities 39, 151, 263, Principal countries 84, 202, 316, 438, 574, 385, 501, 627, 749, 869, 979, 1079, 1179, 1357 680, 802, 926, 1032, 1132, 1232, 1410 Changes, influence on economic stability 230 India: Loan secured by time deposit 950 Foreign exchange rates 83, 201, 315, 437, 573, Open market rates in New York City. . . .39, 151, 263, 679, 801, 925, 1031, 1131, 1231, 1409 385, 501, 627, 749, 869, 979, 1079, 1179, 1357 Gold production 73, 191, 305, 427, 563, 669, Regulation V loans, guarantee fees and rates on . 24, 791, 915, 1021, 1121, 1221, 1399 136, 248, 370, 486, 612, 734, 854, 964, 1064, 1164, 1342 Reserve Bank of: Rise in 693 Condition 79, 197, 311, 433, 569, 675, Time certificates of deposit with alternate 797, 921, 1027, 1127, 1227, 1405 maturities 721 Discount rate 81, 199, 313, 435, 571, 677, Time deposits: } 799, 923, 1029, 1129, 1229, 1407 Maximum rates on 18, 130, 242, 364, 480, Gold reserves 74, 192, 306, 428, 564, 670, 606, 728, 848, 958, 1058, 1158, 1336 792, 916, 1022, 1122,1222, 1400 Rate on loan secured by 950 Indonesia, Bank of: Rate on open account with alternate Condition 1027, 1127, 1227, 1405 maturities 1050 Discount rate 1029, 1129, 1229, 1407 Internal Revenue collections 41, 153, 265, 387, 503, Gold reserves 1022, 1122, 1222, 1400 629, 751, 871, 981, 1081, 1181, 1359 Industrial activity, rise in 3 International Bank for Reconstruction and Industrial advances by Federal Reserve Development: Banks: Loans to Latin America, 1946-1952 448 All banks combined 21, 133, 245, 367, 483, 609, International capital transactions of the 731, 851, 961, 1061, 1161, 1339 United States 68, 186, 300, 422, 558, 664, 786, Commitments 22, 134, 246, 368, 484, 610, 910, 1016, 1116, 1216, 1394 732, 852, 962, 1062, 1162, 1340 International flow of gold and dollars, 1952 209 Each bank 22, 134, 246, 368, 484, 610, International Monetary Fund: 732, 852, 962,1062,1162, 1340 Gold reserves 74, 192, 306, 428, 564, 670, 792, Maturity distribution 21, 133, 245, 367, 483, 609, 916, 1022, 1122, 1222, 1400 731, 851, 961, 1061, 1161, 1339 Interpretations: Number and amount 23, 135, 247, 369, 485, 611, Regulation F: 733, 853, 963, 1063, 1163, 1341 Common trust funds, limitation upon Rates on loans and commitments ...19, 131, 243, 365, aggregate investments by single trust 1152 481, 607, 729, 849,959, 1059, 1159, 1337 Internal audits and reviews of trust Industrial commodities: departments 1329 Price changes 5 Regulation Q: Industrial production: Interest on time certificate of deposit with Business index 47, 161, 279, 401, 517, 643, alternate maturities 721 765, 885, 995, 1095, 1195, 1373 Interest on time deposit, open account, By industries: with alternate maturities 1050 Adjusted for seasonal variation . .48, 162, 280, 402, Interest rate on loan secured by time 518, 644, 766, 886, 996, 1096, 1196, 1374 deposit 950 Without seasonal adjustment. . .50, 164, 282, 404, Regulation T: 520, 646, 768, 888, 998, 1098, 1198, 1376 Arranging for extensions of credit to Charts 12, 125, 237, 359, 475, 601, be made by a bank 950 723, 953, 1052, 1153, 1239, 1241, 1303 Assistance by Federal credit union Index, revision of 1239-1328 to members 835 National summary of business con- Regulation U: ditions 12, 125, 237, 359, 475, 601, Arranging for extensions of credit 723, 843, 953, 1052, 1153, 1330 to be made by a bank 950 Wholesale price index 84, 202, 316, 438, 574, 680, Assistance by Federal credit union 802, 926, 1032, 1132, 1232, 1410 to members 835 Influence of credit and monetary measures Reliance in "good faith" on stateon economic stability, article 219 ment of purpose of loan 951 Instalment loans: (See Consumer credit) Inventories: Insurance companies: Business, increase in 1141 Government securities held by 42, 156, 268, 390, Investments: 506, 632, 754, 874, 984, 1084, 1184, 1362 All banks in the United States, Insured home loans held 55, 169 by classes 28, 140, 252, 374, 490, 616, 738, (See also Life insurance companies) 858, 968, 1068, 1168, 1346 Insured commercial banks: Business outlays for fixed, Branches, number of 549 in 1953 1140 Earnings, 1949-1952, in United States Insured commercial banks 29, 141, 253, 375, and possessions 547 491, 617, 739, 859, 969, 1069, 1169, 1347 Loans and investments 30, 142, 254, 376, 492, United States postwar, in Latin 618, 740, 860, 970,1070, 1170, 1348 America 445 1432 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 39 Pages Pages Investments—Continued Leading articles—Continued Weekly reporting member banks: Recent credit and monetary developments 689 New York City and outside. . . .32, 144, 256, 378, Residential real estate developments 809 494, 620, 742, 862, 972, 1072, 1172, 1350 United States balance of payments in Revised series 550 1952-53 ...1039 (See also Loans and investments) United States postwar investment in Iran: Latin America 445 Gold reserves 74, 192, 306, 428, 564, 670, 792, Legislation: 916, 1022, 1122, 1222, 1400 Defense Production Act, amendments of Ireland: 1953 with respect to the guarantee Central bank of: of defense loans 948 Condition 97, 197, 311, 433, 569, 675, 797, Federal Reserve Branch buildings, amend- 921, 1027, 1127, 1227, 1405 ment to section 10 of Federal Reserve Discount rate...81, 199, 313, 435, 571, 677, 799, Act increasing amount which may be 923, 1029, 1129, 1229, 1407 expended for 599 Foreign exchange rates. .. .83, 201, 315, 437, 573, 679, Loans on forest tracts, amendment to 801, 925, 1031, 1131, 1231, 1409 section 24 of Federal Reserve Act 948 Italy: Life insurance companies: Bank of: Mortgage activity of....274, 396, 512, 638, 760, 880, Condition 79, 197, 311, 433, 569, 675, 797, 990, 1090, 1190, 1368 921, 1027, 1127, 1227, 1405 (See also Insurance companies) Discount rate 81, 199, 313, 435, 571, 677, 799, Liquid asset holdings of individuals and 923, 1029, 1129, 1229, 1407 businesses 719 Gold reserves 74, 192, 306, 428, 564, 670, 792, List of directors of Federal Reserve Banks 916, 1022, 1122, 1222, 1400 and Branches 110 International capital transactions. . . .68, 186, 300, 422, 558, 664, 786, 910, 1016, 1116, 1216, 1394 Livestock marketings, expansion 935 Wholesale prices in 84, 202, 316, 438, 574, 680, 802, Loans: 926, 1032, 1132, 1232, 1410 Agricultural: Jackson, N. Baxter, elected Class A director Commercial banks 376, 492, 618, 740, at New York 358 860, 970, 1070, 1170, 1348 Japan: Insured commercial banks 30, 142, 254 Bank of: Bank loans to finance certain shares of Condition 79, 197, 311, 433, 569, 675, 797, open-end investment companies, amend- 921, 1027, 1127, 1232, 1405 ment to Regulation U 599 Discount rate 81, 199, 313, 435, 571, 677, 799, Brokers and dealers in securities by 923, 1029, 1129, 1229, 1407 weekly reporting member banks: Wholesale prices in. . . .84, 202, 316, 438, 574, 680, 802, New York City and outside 32, 144, 256, 378, 926, 1032, 1132, 1232, 1410 494, 620, 742, 862, 972, 1072, 1172, 1350 Java, Bank of: Revised series 550 Discount rate 81, 199, 313, 435, 571, 677, 799, 923 Business, bank rates on. . . .39, 151, 263, 385, 501, 627, Gold reserves 74, 192, 306, 428, 564, 670, 792, 916 749, 869, 979, 1079, 1179, 1357 Johnson, Edwin J., appointment as Commercial, industrial, and agricultural, Controller of Board of Governors 842 by weekly reporting member banks: Kendrick, Manville, appointed director at New York City and outside 32, 144, 256, 378, Omaha Branch 11 494, 620, 742, 862, 972, 1072, 1172, 1350 Kolb, Raymond C, article on member bank Revised series 550 earnings, 1952 463 Consumer instalment, made by Labor market developments 581 principal lending institutions 64, 178, 276 Latin American Republics: Defense production: Gold movements 75, 193, 307, 429, 565, 671, 793, Amendment to form of guarantee 917, 1023, 1123, 1223, 1401 agreement 1050 International capital transactions. . . .68, 186, 300, 422, Executive Order No. 10480, 558, 664, 786, 910, 1016, 1116, 1216, 1394 sections with respect to 949 Loans to, by Export-Import Bank and Guarantee fees and rates International Bank for Reconstruction under Regulation V 24, 136, 248, 370, 486, and Development, 1946-52 448 612, 734, 854, 964, 1064, 1164, 1342 United States postwar investment in 445 Guarantees of, Defense Production Leading articles: Act amendments of 1953 948 Agriculture supply and price Export-Import Bank, to Latin America, developments 933 1946-52 448 Corporate demands on the capital market 323 Federal Home Loan Banks, advances and Credit and monetary review for 1952 91 repayments 275, 397, 513, 639, 761, 881, 991, Expansion in economic activity 1 1091, 1191, 1369 Expenditures in 1953 1139 Federal Housing Administration, Industrial production index revised 1239 insured by 55, 169 International flow of gold and (See also Federal Housing dollars, 1952 209 Administration) Labor market developments 581 Foreign aid 1044 DECEMBER 1953 1433 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 39 Pages Pages Loans—Continued Margin accounts: Forest tracts, amendment to section 24 Statistics of stock exchange firms. ...38, 150, 262, 384, of Federal Reserve Act 948 500, 626, 748, 868, 978, 1078, 1178, 1356 Government corporations and credit Margin requirements: agencies 36, 148, 260, 382, 498, 624, 746, Amendment to Regulation U with 866, 976, 1076, 1176, 1354 respect to bank loans to finance Government-underwritten residential. .. .275, 397, 513, certain shares of open-end 639, 761, 881, 991, 1091, 1191, 1369 investment companies 599 Industrial: (See Industrial advances) Amendments to supplements to Instalment 64, 178, 276, 398, 514, 640, 762, Regulations T and U decreasing 882, 992, 1092, 1192, 1370 margin requirements 235 International Bank for Reconstruction Table 18, 130, 242, 364, 480, 606, and Development, to Latin America, 728, 848, 958,1058, 1158, 1336 1946-52 448 Martin, William McChesney, Jr.: Life insurance company policy loans .35, 147, 259, 381, Address on Federal Reserve Bank 497, 623, 745, 975, 1075, 1175, 1353 responsibilities at opening of Mortgage: new building of Federal Reserve Held by banks. . . .273, 395, 511, 637, 759, 879, 989, Bank of Boston 451 1089, 1189, 1367 Address on transition to free markets Small farm properties 812 before Economic Club of Detroit, Michigan 330 (See also Mortgage activity; Reelected Chairman of Federal Open Market Committee 235 Mortgages) Maturity distribution of loans and Real estate: Government securities 21, 133, 245, 367, 483, Weekly reporting member banks: 609, 731, 851, 961, 1061, 1161, 1339 New York City and outside 32, 144, 256, McCrary, J. A., Class B director at Atlanta, death of 8 378, 494, 620, 742, 862, 972, 1072, 1172, 1350 Revised series 550 Meetings: (See also Real estate) Chairmen of Federal Reserve Banks: Statement of purpose, reliance in April 28 473 "good faith" on, interpretation December 7-8 1329 of Regulation U 951 Federal Advisory Council: Veterans Administration, guaranteed by: February 15-17 235 (See Veterans Administration) May 17-19 473 September 13-15 952 Loans and investments: November 15-17 1152 All banks in United States, by classes 28, 140, 252, Federal Open Market Committee: 374, 490, 616, 738, 858, 968, 1068, 1168, 1346 March 4-5 235 Commercial banks 376, 492, 618, 740, 860, 970, June 11 600 1070, 1170, 1348 September 24 1051 Commercial banks, growth in 1952 92 December 15 1329 Insured commercial banks 30, 142, 254 Presidents of Federal Reserve Banks: Member banks: March 2, 3, and 5 235 By classes 28, 140, 252, 374, 490, 616, 738, June 8, 9, and 11 600 858, 968, 1068, 1168, 1346 September 22-24 1051 December 31, 1952 464 December 14, 15 1329 Mutual savings banks 29, 141, 253, 375, 491, 617, Meinel, William J., designated Chairman and Fed- 739, 859, 969, 1069, 1169, 1347 eral Reserve Agent at Philadelphia 10 National banks 29, 141, 253, 375, 491, 617, Member banks: 739, 859, 969, 1069, 1169, 1347 Branches: Nonmember banks 29, 141, 253, 375, 491, 617, Changes in number 181, 907 739, 859, 969, 1069, 1169, 1347 Number of 549 Weekly reporting member banks: Number of, by districts and by States 184, 908 New York City and outside . .32, 144, 256, 378, Changes in number of banking offices 181, 907 494, 620, 742, 862, 972, 1072, 1172, 1350 Deposits, reserves, and borrowings. .20, 132, 244, 366, Revised series 550 482, 608, 730, 850, 960, 1060, 1160, 1338 Revision of series 355 Earnings and expenses: Lowery, Phil H., appointed director at 1952 463, 536 Oklahoma City Branch 11 First half of 1953 1048, 1114 Manufactures: Employees, 1952 ; . 536 Industrial production, index of .47, 161, 279, 401, Loans and investments 28, 140, 252, 374, 490, 616, 517, 643, 765, 885, 995, 1095, 1195, 1373 738, 858, 968, 1068, 1168, 1346 Manufacturing industries: Number of: Hours and earnings of production By class and by State 548 workers 53, 167, 285, 407, 523, 649, By classes 28, 140, 252, 374, 490, 616, 771, 891, 1001, 1101, 1201, 1379 738, 858, 968, 1068, 1168, 1346 Maps: By districts and by States 184, 908 Federal Reserve System 90, 208, 322, 444, 580, End of 1952 463, 536 688, 808, 932, 1038, 1138, 1238, 1418 Operating ratios, 1952 904 1434 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 39 Pages Pages Member banks—Continued Money supply—Continued Par list 184, 908 Regulation of 107 Reserve position of 95 Moorhead, Douglas M., appointed director Reserve requirements 19, 131, 243, 365, 481, 607, at Pittsburgh Branch 11 729, 849, 959, 1059, 1159, 1337 Mortgage activity: Reserves and borrowings. . . . 20, 132, 244, 366, 482, 608, Federal National Mortgage Association 275, 397, 730, 850, 960, 1060, 1160, 1338 513, 639, 761, 881, 991, 1091, 1191,1369 Reserves and liabilities 377, 493, 619, 741, 861, Life insurance companies 274, 396, 512, 638, 760, 971, 1071, 1171, 1349 880, 990, 1090, 1190, 1368 Reserves, reserve bank credit, Savings and loan associations. . . .274, 396, 512, 638, 760, and related items 17, 129, 241, 363, 479, 880, 990, 1090, 1368 605, 727, 847, 957, 1057, 1157, 1335 Mortgage debt outstanding: Suspensions 907 By type of property and type of holder 273, 395, Weekly reporting member bank series, revision of. . .355 511, 637, 759, 879, 989, 1089, 1189, 1367 Membership in Federal Reserve System: Nonfarm 1- to 4-family properties 275, 397, 513, Admission of State banks 8, 124, 236, 358, 474, 600, 639, 761, 881, 991, 1091, 1191, 1369 722,842,952, 1051, 1329 Mortgages: Merchandise: FHA-insured: (See Federal Housing Administration) Exports and imports 56, 170, 288, 410, 526, 652, Government-underwritten residential . . . 275, 397, 513, 774, 894, 1004, 1104, 1204, 1382 639, 761, 881, 991, 1091, 1191, 1369 Mexico: Loans held by banks 273, 395, 511, 637, 759, Bank of: 879, 989, 1089,1189, 1367 Condition 79, 197, 311, 433, 569, 675, 797, 921, 1027, 1127, 1227, 1405 Nonfarm, recordings of $20,000 or less 274, 396, Discount rate 81, 199, 313, 435, 571, 677, 512, 638, 760, 880, 990, 1090, 1190, 1368 799, 923, 1029, 1129, 1229, 1407 Residential, holdings of selected types Gold reserves 74, 192, 306, 428, 564, 670, by financial institutions 815 792, 916, 1022, 1122, 1222, 1400 VA-guaranteed: (See Veterans Administration) Foreign exchange rates 83, 201, 315, 437, 573, 679, Mutual savings banks: 801, 925, 1031, 1131, 1231, 1409 Branches: Gold movements 75, 193, 307, 429, 565, 671, Number 549 793, 917, 1023, 1123, 1223, 1401 Number and changes 181, 907 Gold production 73, 191, 305, 427, 563, 669, 791, Changes in number of banking offices 181, 907 915, 1021, 1121, 1221, 1399 Deposits 29, 141, 253, 375, 491, 617, Miller, J. Hillis, director at Jacksonville 739, 859, 969, 1069, 1169, 1347 Branch, death of 1152 Government securities held by....42, 156, 268, 390, 506, Minerals: 632, 754, 874, 984, 1084, 1184, 1362 Industrial production, index of 47, 161, 279, 401, Insured home loans held 55, 169 517, 643, 765, 885, 995, 1095, 1195, 1373 Loans and investments 29, 141, 253, 375, 491, Moench, Ernest, appointed director at 617, 739, 859, 969, 1069, 1169, 1347 Nashville Branch 11 Mortgage loans held by 273, 395, 511, 637, 759, Monetary and credit developments 689 879, 989, 1089, 1189, 1367 Monetary and credit measures, influence Mortgages, nonfarm, recordings of on economic stability 219 $20,000 or less 274, 396, 512, 638, 760, Monetary reserves and payments policies 215 880, 990, 1090, 1190, 1368 Monetary system of the United States, article 98 Number of, by class and by State 548 Money and credit: National bank notes, outstanding. ...25, 137, 249, 371, 487, Review for 1952 91 613, 735, 855, 965, 1065, 1165, 1343 Money, definition of 98 National banks: Money in circulation: Branches: By denominations 25, 137, 249, 371,487, 613, Number 549 735, 855, 965, 1065, 1165,1343 Number and changes 181, 907 By kinds 25, 137, 249, 371, 487, 613, Changes in number of banking offices 181, 907 735, 855, 965, 1065, 1165, 1343 Common trust funds, limitation upon Chart 16, 128, 240, 362, 478, 604, aggregate investments by single trust, 726, 846, 956, 1056, 1156, 1334 interpretation of Regulation F 1152 Weekly figures 17, 129, 241, 363, 479, 605, Deposits 29, 141, 253, 375, 491, 617, 727,847, 957, 1057, 1157, 1335 739, 859, 969, 1069, 1169, 1347 Money rates: Earnings and expenses, 1952 541 Business loans by banks 39, 151, 263, 385, 501, 627, Loans on forest tracts, amendment 749,869, 979, 1079, 1179, 1357 to section 24 of Federal Reserve Act 948 Charts 694, 724, 1154 Number of 29, 141, 253, 375, 491, 617, Foreign countries 81, 199, 313, 435, 571, 677, 739, 859, 969, 1069, 1169, 1347 799, 923, 1029, 1129, 1229, 1407 Number of, by class and by State 548 Open market, New York City. . . 39, 151, 263, 385, 501, Trust departments, internal audits and 627, 749, 869, 979,1079,1179,1357 reviews, interpretation of Regulation F 1329 Money supply: National summary of business conditions 12, 125, 237, Factors affecting 101 359, 475, 601, 723, 843, 953, 1052, 1153, 1330 DECEMBER 1953 1435 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 39 Pages Pages Netherlands: Nonmember banks—Continued Bank of: Reserves and liabilities 377, 493, 619, Condition 79, 197, 311, 433, 569, 675, 741, 861, 971, 1071, 1171, 1349 797, 921, 1027, 1127, 1227, 1405 Suspensions 181, 907" Discount rate 81, 199, 313, 435, 571, 677, Norway: 799, 923, 1029, 1129, 1229, 1407 Bank of: Gold reserves 74, 192, 306, 428, 564, 670, Condition 79, 197, 311, 433, 569, 675 r 792, 916, 1022, 1122, 1222, 1400 797, 921, 1027, 1127, 1227, 1405 Consumers' price indexes 85, 203, 317, 439, 575, 681, Discount rate 81, 199, 313, 435, 571, 677, 803, 927, 1033, 1133, 1233, 1411 799, 923, 1029, 1129, 1229, 1407 Foreign exchange rates 83, 201, 315, 437, 573, 679, Gold reserves 74, 192, 306, 428, 564, 670, 801, 925, 1031, 1131, 1231, 1409 792, 916, 1022, 1122, 1222, 1400 Gold movements 75, 193, 307, 429, 565, 671, Foreign exchange rates 83, 201, 315, 437, 573, 679, 793, 917, 1023, 1123, 1223, 1401 801, 925, 1031, 1131, 1231, 1409" International capital transactions ...68, 186, 300, 422, Open-end investment companies, bank loans to 558, 664, 786, 910, 1016, 1116, 1216, 1394 finance certain shares of, amendment to Open market rates 81, 199, 313, 435, 571, 677, Regulation U 599 799, 923, 1029, 1129, 1229, 1407 Open Market Account: Retail food prices 85, 203, 317, 439, 575, 681, Dealers, discontinuance of special 803, 927, 1033, 1133, 1233, 1411 requirement, statement by Federal Security prices, index numbers. ...85, 203, 317, 439, 575, Open Market Committee 357" 681, 803,927, 1033, 1133, 1233, 1411 Open market paper: Wholesale prices 84, 202, 316, 438, 574, 680, Commercial banks 376, 492, 618,. 802, 926, 1032, 1132, 1232, 1410 740, 860, 970, 1070, 1170, 1348 Insured commercial banks 30, 142, 254 New York Stock Exchange: Open market rates: Customers' debit balances, money Foreign countries 81, 199, 313, 435, 571, 677, borrowed and related items 38, 150, 262, 384, 500, 799, 923, 1029, 1129, 1229, 1407" 626, 748, 868, 978, 1078, 1178, 1356 New York City 39, 151, 263, 385, 501, 627, Volume of trading on 38, 150, 262, 384, 500, 626, 749, 869, 979, 1079, 1179, 1357" 748, 868, 978, 1078, 1178, 1356 Operating ratios of member banks, 1952 904 New Zealand: Ownership of assets and debt liability Foreign exchange rates 83, 201, 315, 437, 573, 679, within income groups 944 801, 925, 1031, 1131, 1231, 1409 Ownership of demand deposits, article Reserve Bank of: by Caroline H. Cagle 469 Condition 79, 197, 311, 433, 569, 675, Ownership of Government securities 42, 156, 268, 390, 797, 921, 1027, 1127, 1227, 1405 506, 632, 754, 874, 984, Discount rate 81, 199, 313, 435, 571, 677, 1084, 1184, 1362" 799, 923, 1029, 1129, 1229, 1407 Pakistan, State Bank of: Gold reserves 74, 192, 306, 428, 564, 670, Condition 80, 198, 312, 434, 570, 676, 798,. 792, 916, 1022, 1122, 1222, 1400 922, 1028, 1128, 1228, 1406> Nicaragua: Discount rate 81, 199, 313, 435, 571, 677, 799 r Gold production 73, 191, 305, 427, 563, 669, 923, 1029, 1129, 1229, 1407 791, 915, 1021, 1121, 1221, 1399 Gold reserves 74, 192, 306, 428, 564, 670, Nonfarm dwelling units started. .56, 170, 288, 410, 526, 652, 792, 916, 1022, 1122, 1222, 1400* 774, 894, 1004, 1104, 1204, 1382 Pamphlets: (See Publications) Nonmember banks: Paper currency, circulation 25, 137, 249, 371, 487, 613, Branches: 735, 855, 965, 1065, 1165, 1343 Changes in number 181, 907 Par list, number of banking offices by Number of 549 districts and by States 184, 908' Number of, by districts and by States 184, 908 Paraguay: Changes in number of banking offices 181, 907 Condition of central bank 80, 198, 312, 434, 570, Deposits: 676, 798, 922, 1028, 1128, 1228, 1406- Chart 16, 128, 240, 362, 478, 604, Patrick, Roy L., Class B director at 726, 846, 956, 1056, 1156, 1334 Boston, death of 8* Classified and total 29, 141, 253, 375, 491, 617, Payrolls, manufacturing production workers: 739, 859, 969, 1069, 1169, 1347 Business index of 47, 161, 279, 401, 517, 643, Held by Federal Reserve Banks. . .17, 129, 241, 363 765, 885, 995, 1095, 1195, 1373 Earnings of insured commercial banks in Perring, Raymond T., appointed director at Detroit Branch 124' United States and possessions, 1949-1952 547 Personal income 63, 177, 297, 419, 535, 661, 783, Loans and investments 29, 141, 253, 375, 491, 617, 903, 1013, 1113, 1213, 1391 739, 859, 969, 1069, 1169, 1347 Personal income, during 1953 1143" Number of: Peru: By districts and by States 184, 908 Central Reserve Bank of: Commercial banks 29, 141, 253, 375, 491, 617, Condition 80, 198, 312, 434, 570, 676, 798,. 739, 859, 969, 1069, 1169, 1347 922, 1028, 1128, 1228, 1406- By class and by State 548 Discount rate 81, 199, 313, 435, 571, 677, 799, Par list 184, 908 923, 1029, 1129, 1229, 1407" 1436 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 39 Pages Pages Peru—Continued Prices—Continued Central Reserve Bank of—Continued Retail food 85, 203, 317, 439, 575, 681, Gold reserves 74, 192, 306, 428, 564, 670, 803, 927, 1033, 1133, 1233, 1411 792, 916, 1022, 1122, 1222, 1400 Retail food, increase in 938 Philippine Republic: Securities in principal countries 85, 203, 317, 439, Central Bank of the Philippines: 575, 681, 803, 927, 1033, Condition 80, 198, 312, 434, 570, 676, 1133, 1233, 1411 798, 922, 1028, 1128, 1228, 1406 Wholesale commodity: Foreign exchange rates 83, 201, 315, 437, 573, 679, Business index 47, 161, 279, 401, 517, 643, 801,925, 1031, 1131, 1231, 1409 765, 885, 995, 1095, 1195, 1373 Portugal: By groups of commodities 61, 175, 294, 416, Bank of: 532, 658, 780, 900, 1010, Condition 80, 198, 312, 434, 570, 676, 798, 1110, 1210, 1388 922, 1028, 1128, 1228, 1406 Index of 84, 202, 316, 438, 574, 680, Discount rate 81, 199, 313, 435, 571, 677, 802, 926, 1032, 1132, 1232, 1410 799, 923, 1029, 1129, 1229, 1407 Prochnow, Herbert V., reappointed secretary Gold reserves 74, 192, 306, 428, 564, 670, of Federal Advisory Council 235 792, 916, 1022, 1122, 1222, 1400 Production, industrial: (See Industrial production) Foreign exchange rates 83, 201, 315, 437, 573, 679, Profits: 801, 925, 1031, 1131, 1231, 1409 Large corporations 45, 159, 271, 393, 509, 635, Gold purchases by United States 757,877,987, 1087, 1187, 1365 from 75, 193, 307, 429, 565, 671, 793, Member banks, 1952 463 Public debt: 917, 1023, 1123, 1223, 1401 Volume and kind of securities. ...42, 156, 268, 390, 506, Postal savings deposits: 632, 754, 874, 984,1084, 1184, 1362 Commercial banks 377, 493, 619, 741, 861, 971, (See also Government securities) 1071, 1171, 1349 Public Housing Administration: Depositors' balances and assets 24, 136, 248, 370, Loans by 36, 148, 260, 382, 498, 624, 486, 612, 734, 854, 964, 1064, 1164, 1342 746, 866, 976,1076, 1176, 1354 Insured commercial banks 31, 143, 255 Public utility corporations: Interest rate on 18, 130, 242, 364, 480, 606, 728, Earnings and dividends of 45, 159, 271, 393, 509, 848, 958, 1058, 1158, 1336 635, 757, 877, 987, 1087, 1187, 1365 Weekly reporting member banks: Publications: New York City and outside 33, 145, 257, 379, Annual Report of Board of Governors 473 495, 621, 743, 863, 973, 1073, 1173, 1351 Board of Governors, list 88, 206, 320, 442, 578, Revised series 551 684, 806, 930, 1036, 1136, 1236, 1414 Postwar economic aid 1044 Distribution of bank deposits by counties Prall, Bert R., appointed Class C and standard metropolitan areas 7 director and Deputy Chairman at Federal Reserve chart book on bank credit, Chicago 235 money rates, and business: Presidents of Federal Reserve Banks: Historical supplement: Fulton, W. D., appointment at Autumn edition 1051 Cleveland 473 Spring edition 358 Gidney, Ray M., resignation at Revision of 123 Cleveland 473 Rates: List of 87, 205, 319, 441, 577, 683, 805, Acceptances, bankers' buying 19, 131, 243, 365, 481, 929, 1035, 1135, 1235, 1413 607, 729, 849, 959, 1059, 1159, 1337 Meetings: Business loans by banks 39, 151, 263, 385, 501, 627, March 2, 3, and 5 235 749,869,979, 1079, 1179, 1357 June 8, 9, and 11 600 Discount: September 22-24 1051 Central banks 81, 199, 313, 435, 571, 677, December 14-15 1329 799,923, 1029, 1129, 1229, 1407 Press statements: Federal Reserve Banks 19, 131, 243, 365, 481, Dealers with Federal Reserve Open Market 607, 729, 849, 959, 1059, 1159, 1337 Account, discontinuance of special re- Foreign exchange 83, 201, 315, 437, 573, 679, quirement, statement by Federal Open 801, 925, 1031, 1131, 1231, 1409 Market Committee 357 Industrial loans and commitments . . .19, 131, 243, 365, 481, 607, 729, 849, 959, 1059, 1159, 1337 Price developments and agricultural supply 933 Loan secured by time deposit, Prices: rate of interest on 950 Changes 4 Open market: Consumer, index for moderate income Foreign countries 81, 199, 313, 435, 571, 677, families 60, 174, 294, 416, 532, 658, 799, 923, 1029, 1129, 1229, 1407 780, 90p, 1010, 1110, 1210, 1388 New York City 39, 151, 263, 385, 501, 627, Consumers' price indexes, principal 749, 869, 979, 1079, 1179, 1357 countries 85, 203, 317, 439, 575, 681, Postal savings deposits 18, 130, 242, 364, 480, 606, 803, 927, 1033, 1133, 1233, 1411 728, 848, 958, 1058,1158,1336 Farm, Federal outlays for price Regulation V loans, guarantee fees and rates. ... 24, 136, support 93 7 248, 370, 486, 612, 734, 854, 964, 1064. 1164, 1342 DECEMBER 1953 1437 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 39 Pages Pages Rates—Continued Regulations, Board of Governors—Continued Time certificate of deposit with alternate U, Loans by banks for the purpose of purchasing or maturities, interest rate on 721 carrying stocks registered on a National Securities Time deposits, maximum interest on 18, 130, 242, Exchange—Continued Arranging for extensions of credit 364, 480, 606, 728, 848, 958, 1058, 1158, 1336 to be made by a bank 950 Ratios: Assistance by Federal credit union All member banks: to members 835 By classes 543 Reliance in "good faith" on statement By Federal Reserve districts 544 of purpose of loan 951 Country member banks 546 V, Loan guarantees for defense production: Reserve city member banks 545 Amendment to form of guarantee Real estate: agreement 1050 Credit: Guarantee fees and commitments Residential mortgage, effect of credit under 24, 136, 248, 370, 486, 612, and monetary measures on 227 734, 854, 964, 1064, 1164, 1342 Statistics 273, 395, 511, 637, 759, Loans guaranteed under. . . .23, 135, 247, 369, 485, 879, 989, 1089, 1189, 1367 611, 733, 853, 963, 1063, 1163, 1341 ' Loans: Reserve city member banks: Commercial banks 376, 492, 618, 740, 860, Condition 28, 140, 252, 374, 490, 616, 970, 1070, 1170, 1348 738, 858, 968, 1068, 1168, 1346 Insured commercial banks 30, 142, 254 Deposits, reserves, and borrowings 20, 132, 244, Weekly reporting member banks: 366, 482, 608, 730, New York City and outside. .32, 144, 256, 378, 850, 960, 1060, 1160, 1338 494, 620, 742, 862, 972, 1072, 1172, 1350 Earnings and expenses: Revised series 550 1952 538 Residential, developments in 809 First half of 1953 1114 Receipts: Reserves and borrowings. . . .20, 132, 244, 366, 482, 608, Treasury, summary of operations 40, 152, 264, 386, 730, 850, 960, 1060, 1160, 1338 502, 628, 750, 870, 980, 1080, 1180, 1358 Reserve position of: Recent credit and monetary developments, article 689 Foreign countries 211 Reconstruction Finance Corporation: Member banks 95 Assets and liabilities 36, 148, 260, 382, 498, 624, Reserve requirements: 746, 866, 976, 1076, 1176, 1353 Member banks: Loans by 36, 148, 260, 382, 498, 624, Amendment to supplement to 746, 866, 976, 1076, 1176, 1353 Regulation D decreasing 721 Regulations, Board of Governors: Per cent of deposits 19, 131, 243, 365, 481, 607, D, Reserves of member banks: 729, 849, 959, 1059, 1159, 1337 Amendment to supplement decreasing Reserves: reserve requirements 721 Bank, influence of deposits on 103 F, Trust powers of national banks: Federal Reserve Banks: Common trust funds, limitation upon All banks combined 21, 133, 245, 367, 483, 609, aggregate investments by single trust 1152 731, 851, 961, 1061, 1161, 1339 Internal audits and reviews of trust Each bank 22, 134, 246, 368, 484, 610, departments 1329 732, 852, 962, 1062, 1162, 1340 Q, Payment of interest on deposits: Gold: Interest on time certificates with Central banks and governments 74, 192, 306, alternate maturities 721 428, 564, 670, 792, Interest rate on loan secured by 916, 1022, 1122, time deposit 950 1222, 1400 Time deposit, open account, with Changes in foreign and interalternate maturities 1050 national 212 T, Extension and maintenance of credit Insured commercial banks with by brokers, dealers, and members of Federal Reserve Banks . . .31, 143, 255, 377, 493, 619, National Securities Exchanges: 741, 861, 971, 1071, 1171, 1349 Amendment to supplement decreasing Member banks: margin requirements 235 Accounts with Federal Reserve Arranging for extensions of credit to be Banks 22, 134, 246, 368, 484, 610, made by a bank 950 732, 852, 962, 1062, 1162, 1340 Assistance by Federal credit union Amendment to supplement to to members 835 Regulation D decreasing U, Loans by banks for the purpose of reserve requirements 721 purchasing or carrying stocks regis- By classes of banks 20, 132, 244, 366, 482, tered on a National Securities Exchange: 608, 730, 850, 960, 1060, 1160, 1338 Amendment to supplement decreasing Excess, Wednesday figures 17, 129, 241, 363, margin requirements 235 479, 605, 727, 847, 957, 1057, 1157, 1335 Amendment with respect to bank loans Total held, all banks 17, 129, 241, 363, 479, to finance certain shares of open- 605, 727, 847, 957, 1057, 1157, 1335 end investment companies 599 Monetary, and payments policies 215 1438 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 39 Pages Pages Reserves—Continued Savings and loan associations: Weekly reporting member banks: Assets 35, 147, 259, 381, 497, 623, New York City and outside . .33, 145, 257, 379, 745, 865, 975, 1075, 1175, 1353 495, 621, 743, 863, 973, 1073, Insured home mortgages held 55, 169 1173, 1351 Mortgage activity of 274, 396, 512, Revised series 551 638, 760, 880, 990, 1090, 1190, 1368 Revision of series 355 Savings bonds: Residential real estate developments 809 Sales, redemptions, and amount Resignations: outstanding 155, 267, 389, 505, 631, Anderson, R. B., as Class C director 753, 873, 983, 1083, 1183, 1361 and Deputy Chairman at Dallas 7 Savings deposits: Dodge, Joseph M., as director at Interest rates on 18, 130, 242, 364, 480, 606, Detroit Branch 124 728, 848, 958, 1058, 1158, 1336 Folsom, Marion B., as Class B director at New York 8 Schneider, Franz, appointed Class C Gidney, Ray M., as President of director at New York 600 Federal Reserve Bank of Cleveland 473 Schweiger, Irving, article on 1953 Goodwin, A. J., Jr., as director at survey of consumer finances 588, 940 f Birmingham Branch 236 Securities: Hannah, John A., as director at Detroit Domestic, inflow of foreign funds 68, 186, Branch 358 300, 422, 558, 664, 786, 910, Stamm, Earle W., as Class A director 1016, 1116, 1216, 1394 at Boston 952 Foreign, return of United States funds 68, 186, Stevens, Robert T., as Class C director 300, 422, 558, 664, 786, 910, and Chairman at New York 7 1016, 1116, 1216, 1394 Young, Philip, as Class C director at Life insurance company holdings 35, 147, New York 358 259, 381, 497, 623, 745, 865, Retail food prices 85, 203, 317, 439, 575, 681, 975, 1075, 1175, 1353 803, 927, 1033, 1133, 1233, 1411 Loans for purchasing or carrying: Retirements: Commercial banks 376, 492, 618, Gilbert, R. R., President of 740, 860, 970, 1070, 1170, 1348 Federal Reserve Bank of Dallas 952 Insured commercial banks 30, 142, 254 Revised Federal Reserve monthly index Weekly reporting member banks: of industrial production 1247 New Yo^c City and outside 32, 144, Revised indexes of department store 256, 378, 494, 620, 742, 862, sales and stocks, by major departments 1146, 1152 972, 1072, 1172, 1350 Revision of consumer credit statistics 336 Revised series 550 Revision of monthly bank debits and Open-end investment companies, weekly reporting member bank series 355 bank loans to finance certain shares of, Rhodesia: amendment to Regulation U 599 Gold production 73, 191, 305, 427, 563, 669, 791, Securities exchange administration: 915, 1021, 1121, 1221, 1399 Arranging for extensions of credit to be Rosenblatt, Joseph, appointed director made by a bank, interpretation of at Salt Lake City Branch 8 Regulations T and U 950 Rummell, Leo L., appointed Deputy Bank loans to finance certain shares Chairman at Cleveland 11 of open-end investment companies, Rural Electrification Administration: amendment to Regulation U 599 Assets and liabilities 36, 148, 260, 382, 498, 624, Federal credit union, assistance to members, 746, 866, 976, 1076, 1176, 1354 interpretation of Regulations T and U 835 Loans by 36, 148, 260, 382, 498, 624, Margin requirements for purchasing securities, 746, 866, 976, 1076, 1176, 1354 amendments to supplements to Regulations Russia : T and U decreasing 235 Discount rate 81, 199, 313, 435, 571, 677, 799, Margin requirements under Regulations 923, 1029, 1129, 1229, 1407 T and U 18, 130, 242, 364, 480, 606, Salaries: 728, 848, 958, 1058, 1158, 1336 Federal Reserve Banks, 1952 182 Reliance in "good faith" on statement of Insured commercial banks in purpose of loan, interpretation of Regulation U 951 United States and possessions, Security issues: officers and employees, 1949-1952 547 Corporate: Member banks: For new capital 326 1952 463, 536 Postwar financing 709 First half of 1953 1048, 1114 Proposed use of proceeds . 44, 158, 270, 392, 508, Sales finance companies: 634, 756, 876, 986, 1086, 1186, 1364 Instalment credit held, by type of credit 399, 515, 641, New. . .44, 158, 270, 392, 508, 634, 763, 883, 993, 1093, 1193, 1371 756, 876, 986, 1086, 1186, 1364 Savings: Security markets: Effect of credit and monetary measures on 226 Bond and stock prices . . . 38, 150, 262, 384, 500,626, Growth in 692 748, 868, 978, 1078, 1178, 1356 DECEMBER 1953 1439 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 39 Pages Pages Security markets—Continued Special articles—Continued National summary of business Revision of monthly bank debits and weekly conditions 13, 126, 238, 360, 476, 602, reporting member bank series 355 724, 844, 954, 1053, 1154, 1331 Survey of consumer finances, 1953: Principal countries 85, 203, 317, 439, 575, 681, Part I, general financial position and 803, 927, 1033, 1133, 1233, 1411 economic outlook of consumers 588 Selected preliminary findings of the Part II, purchases of durable goods in 1953 Survey of Consumer Finances 217 1952 and buying plans for 1953 697 Shield, Lansing P., elected Class B Part III, housing of consumers 817 director at New York 358 Part IV, net worth of consumers, early 1953 . . .940 Silver and silver certificates, outstanding Preliminary findings 217 and in circulation 25, 137, 249, 371, 487, 613, Transition to free markets, address by Mr. 735, 855, 965, 1065, 1165, 1343 Martin before Economic Club of Detroit, Mich.. .330 Smith, Harry, appointed director at Wartime and postwar credit demands of large Jacksonville Branch 11 corporations 704 Smith, Howard G., revision of indexes Sproul, Allan: of department store sales and stocks, Reelected Vice Chairman of Federal by major departments 1146 Open Market Committee 235 Smith, Malcolm A., appointed director Staff of Board of Governors: at Birmingham Branch 236 Anderson, Paul S., article on wartime and Smith, Robert J., appointed Class C director postwar credit demands of large corporations .704 and Deputy Chairman at Dallas 124 Broida, Arthur L., article on revised Federal Smith, Tynan, article on survey of consumer Reserve monthly index of industrial production. . 1247 finances, 1953 697, 816 Cagle, Caroline H., article on ownership of Sources and uses of funds statement, large demand deposits 469 corporations in selected industries, 1939-52 713 Chase, G. Howland, appointed Assistant South Africa: General Counsel in Legal Division 473 Foreign exchange rates 83, 201, 315, 437, 573, 679, Frechtling, John, article on survey of 801, 925, 1031, 1131, 1231, 1409 consumer finances, 1953 697, 816 Gold movements 75, 193, 307, 429, 565, 671, Hexter, David B., appointed Assistant 793, 917, 1023, 1123, 1223, 1401 General Counsel in Legal Division 473 Gold production 73, 191, 305, 427, 563, 669, Johnson, Edwin J., appointed Controller 842 791, 915, 1021, 1121, 1221, 1399 Kolb, Raymond C, article on member bank Reserve bank: * earnings, 1952 463 Condition 80, 198, 312, 434, 570, 676, Schweiger, Irving, article on survey of 798, 922, 1028, 1128, 1228, 1406 consumer finances, 1953 588, 940 Discount rate 81, 199, 313, 435, 571, 677, Smith, Tynan, article on survey of consumer 799, 923, 1029, 1129, 1229, 1407 finances, 1953 697, 816 Gold reserves 74, 192, 306, 428, 564, 670, Thompson, Orville K., revision of indexes of 792, 916, 1022, 1122, 1222, 1400 department store sales and stocks, by Spain: major departments 1146 Bank of: Stahmann, Dean F., appointed director at Condition 80, 198, 312, 434, 570, 676, El Paso Branch 124 798, 922, 1028, 1128, 1228, 1406 Stamm, Earle W., resignation as Class A Discount rate 81, 199, 313, 435, 571, 677, director at Boston 952 799, 923, 1029, 1129, 1229, 1407 State member banks: Gold reserves 74, 192, 306, 428, 564, 670, Admission to membership in Federal 792, 916, 1022, 1122, 1222, 1400 Reserve System 8, 124, 236, 358, 474, 600, Special articles: 722, 842, 952, 1051, 1329 Balance sheet of agriculture, 1953 822 Branches: Collection of checks by Federal Number 549 Reserve Banks 597 Number and changes 181, 907 Estimated liquid asset holdings of Changes in number of banking offices 181, 907 individuals and businesses 719 Deposits 29, 141, 253, 375, 491, 617, Federal financial measures for economic stability 456 739, 859, 969, 1069, 1169, 1347 Federal Reserve Bank responsibilities, address of Earnings and expenses, 1952 542 Mr. Martin at opening of new building of Fed- Number of. 29, 141, 253, 375, 491, 617, eral Reserve Bank of Boston 451 739, 859, 969, 1069, 1169, 1347 Influence of credit and monetary measures By class and by State 548 on economic stability 219 Suspensions 907 Member bank earnings, 1952 463 States and political subdivisions: Member bank earnings, first half of 1953 1048 Deposits: Monetary system of the United States 98 Commercial banks, by classes. .. .377, 493, 619, 741, Ownership of demand deposits 469 861, 971, 1071, 1171, 1349 Revised Federal Reserve monthly index of Insured commercial banks, by classes. . .31, 143, 255 industrial production 1247 Weekly reporting member banks: Revised indexes of department store sales and New York City and outside 33, 145, 257, stocks, by major departments 1146 379, 495, 621, 743, 863, 973, 1073, 1173, 1351 Revision of consumer credit statistics 336 Revised series 551 1440 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 39 Pages Pages State and political subdivisions—Continued Sweden—Continued Investments of commercial banks in Gold movements 75, 193, 307, 429, 565, 671, 793, obligations of .376, 492, 618, 740, 860, 917, 1023, 1123, 1223, 1401 970, 1070, 1170, 1348 Open market rates 81, 199, 313, 435, 571, 677, 799, Investments of insured commercial 923, 1029, 1129, 1229, 1407 banks in obligations of 30, 142, 254 Wholesale prices in 84, 202, 316, 438, 574, 680, 802, Steiwer, William H., Sr., appointed director 926, 1032, 1132, 1232, 1410 at Portland Branch 124 Swensrud, Sidney A., appointed Class C Stevens, Robert T., resignation as Class C director director at Cleveland 11 and Chairman at New York 7 Switzerland: Stock exchange: Consumers' price indexes. . . .85, 203, 317, 439, 575, 681, Call loan renewals, open market 803, 927, 1033, 1133, 1233, 1411 rates in New York City. ...39, 151, 263, 385, 501, 627, Foreign exchange rates 83, 201, 315, 437, 573, 679, 749, 869, 979,1079,1179,1357 801, 925, 1031, 1131, 1231, 1409 Customers' debit balances, money borrowed Gold purchases by United States and principal related items of firms from 75, 193, 307, 429, 565, 671, 793, carrying margin accounts 38, 150, 262, 384, 500, 917, 1023, 1123, 1223, 1401 626, 748, 868, 978, 1078, 1178, 1356 International capital transactions. . . .68, 186, 300, 422, Volume of trading on New York market 38, 150, 558, 664, 786, 910, 1016, 262, 384, 500, 626, 748, 868, 978, 1078, 1178, 1356 1116, 1216, 1394 Open market rates 81, 199, 313, 435, 571, Stocks: 677, 799, 923, 1029, 1129, 1229, 1407 Life insurance company holdings Retail food prices 85, 203, 317, 439, 575, 681, 803, of business securities 35, 147, 259, 381, 497, 623, 927, 1033, 1133, 1233, 1411 745, 975, 1075, 1175, 1353 Swiss National Bank: New security issues 38, 150, 262, 384, 500, 626, Condition 80, 198, 312, 434, 570, 676, 798, 748, 868, 978, 1078, 1178, 1356 922, 1028, 1128, 1228, 1406 Prices in principal countries 85, 203, 317, 439, 575, Discount rate 81, 199, 313, 435, 571, 677, 799, 681, 803, 927, 1033, 1133,1233, 1411 923, 1029, 1129, 1229, 1407 Prices in United States 38, 150, 262, 384, 500, 626, Gold reserves 74, 192, 306, 428, 564, 670, 792, 748, 868, 978, 1078, 1178, 1356 916, 1022, 1122, 1222, 1400 Yields on 39, 151, 263, 385, 501, 627, Wholesale prices in 84, 202, 316, 438, 574, 680, 802, 749, 869, 979, 1079, 1179, 1357 926, 1032, 1132, 1232, 1410 Supplee, Henderson, Jr., appointed Class C System Open Market Account: director at Philadelphia 10 Dealers, discontinuance of special Supreme Court of the United States: requirement, statement by Federal Transamerica Corporation proceeding, petition Open Market Committee 357 for certiorari to review decision of Third Tables: Circuit Court of Appeals denied 1329 Changes in Bulletin 7 Surplus: New Bulletin tables 123, 236, 474 Federal Reserve Banks: Published annually and semiannually, All banks combined 21, 133, 245, 367, 483, 609, with latest Bulletin reference . .7, 124, 236, 358, 474, 731, 851, 961, 1061, 1161, 1339 600, 722, 842, 952, 1051, 1152, 1329 Each bank 22, 134, 246, 368, 484, 610, Taxes: 732, 852, 962, 1062, 1162, 1340 Corporate 46, 160, 272, 394, 510, 636, 758, 1952 182 878, 988, 1088, 1188, 1366 Surveys: Internal revenue collections 41, 153, 265, 387, 503, Consumer finances, 1953: 629, 751, 871, 981, 1081, 1181, 1359 Part I, general financial Taylor, Howard M., Jr., appointed position and economic outdirector at Baltimore Branch 11 look of consumers 588 Television sets, consumer purchases 702 Part II, purchases of durable Thailand: goods in 1952 and buying plans Gold reserves of central bank. .. .74, 192, 306, 428, 564, for 1953 697 670, 792, 916, 1022, 1122, 1222, 1400 Part III, housing of consumers 817 Thompson, Orville K., revision of Part IV, net worth of consumers, indexes of department store sales early 1953 940 and stocks, by major departments 1146 Preliminary findings 217 Transamerica Corporation: Suspensions of banks 181, 907 Opinion of United States Court of Sweden : Appeals for the Third Circuit 836 Bank of: Petition for certiorari to review decision of Condition 80, 198, 312, 434, 570, 676, 798, Third Circuit Court of Appeals denied, 922, 1028, 1128, 1228, 1406 proceeding dropped by Board 1329 Discount rate 81, 199, 313, 435, 571, 677, 799, Transition to free markets, address 923, 1029, 1129, 1229, 1407 by Mr. Martin before Economic Club Gold reserves 74, 192, 306, 428, 564, 670, 792, of Detroit, Michigan 330 916, 1022, 1122, 1222, 1400 Treasury bills: Foreign exchange rates 83, 201, 315, 437, 573, 679, Commercial bank holdings 376, 492, 618, 740, 860, 801, 925, 1031, 1131, 1231, 1409 970, 1070, 1170, 1348 DECEMBER 1953 1441 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 39 Pages Pages Treasury bills—Continued United Kingdom—Continued Federal Reserve Bank holdings Retail food prices 85, 203, 317, 439, 575, 681, of bills, certificates, and notes 17, 129, 241, 363, 803, 927, 1033, 1133, 1233, 1411 479, 60S, 727, 847, 957, Security prices, index numbers 85, 203, 1057, 1157, 1335 317, 439, 575, 681, 803, 927, Insured commercial bank holdings 30, 142, 254 1033, 1133, 1233, 1411 Investments in, by weekly reporting Wholesale prices 84, 202, 316, 438, 574, 680, member banks: 802, 926, 1032, 1132, 1232, 1410 New York City and outside 34, 144, 256, 378, United States: 494, 620, 742, 862, 972, Balance of payments, 1952-53 1039 1072, 1172, 1350 Consumers' price indexes. . ..85, 203, 317, 439, 575, 681, Revised series 550 803, 927, 1033, 1133, 1233, 1411 Maturities of 43, 157, 269, 391, 507, 633, 755, Gold movements 75, 193, 307, 429, 565, 671, 875, 985, 1085, 1185, 1363 793, 917, 1023, 1123, 1223, 1401 Open market rate in New York City 39, 151, 263, Gold production 73, 191, 305, 427, 563, 669, 385, 501, 627, 749, 791, 915,1021, 1121, 1221, 1399 869, 979, 1079, 1179, 1357 Gold reserves 74, 192, 306, 428, 564, 670, Treasury cash income, outgo, and bor- 792, 916, 1022, 1122, 1222, 1400 rowing 154, 226, 388, 504, 630, 752, 872, Monetary system of, article . 9S 982, 1082, 1182, 1360 Postwar investment in Latin America, article 44^5 Treasury currency outstanding, Wednesday Retail food prices 85, 203, 317, 439, 575, 68 ll figures 17, 129, 241, 363, 479, 605, 727, 803, 927, 1033, 1133, 1233, 1411 847, 957, 1057, 1157, 1335 Security prices, index of. .85, 203, 317, 439, 575, 681, 803, 927, 1033, 1133, 1233,1411 Treasury receipts and expenditures: Wholesale prices in. 84, 202, 316, 438, 574,680, Summary of 40, 152, 264, 386, 502, 628, 750, 802, 926, 1032, 1132, 1232, 1410 870, 980, 1080, 1180, 1358 United States Court of Appeals for the Trust departments, internal audits and reviews 1329 Trust funds: Third Circuit: Common, limitation upon Transamerica Corporation proceeding: aggregate investments by single Opinion 836 trust . . .1152 Petition for certiorari to review Turkey: decision denied by Supreme Court 1329 Central Bank of the Republic of: United States notes: Condition 80, 198, 312, 434, 570, 676, 798, Outstanding and in circulation 25, 137, 922, 1028, 1128, 1228, 1406 249, 371, 487, 613, 735, 855, Discount rate 81, 199, 313, 435, 571, 677, 799, 965, 1065, 1165, 1343 923, 1029, 1129, 1229, 1407 Uruguay: Gold reserves 74, 192, 306, 428, 564, 670, 792, Bank of the Republic of: 916, 1022, 1122, 1222, 1400 Condition 80, 198, 312, 434, 570, 676, Turman, Pollard, elected Class B 798, 922, 1028, 1128, 1228, 1406 director at Atlanta 236 Foreign exchange rates 81, 199, 313, 435, 571, 677, Umphrey, Harry E., elected Class B 799, 923, 1029, 1129, 1229, 1407 director at Boston 474 Gold purchases by United States from 75, 193, Union of Soviet Socialist Republics: 307, 429, 565, 671, 793, 917, Discount rate 81, 199, 313, 435, 571, 677, 1023, 1123, 1223, 1401 799, 923, 1029, 1129, 1229, 1407 Gold reserves 74, 192, 306, 428, 564, 670, United Kingdom: 792, 916, 1022, 1122, 1222, 1400 Bank of England: Venezuela: Condition 76, 194, 308, 430, 566, 672, Central Bank of: 794, 918, 1024, 1124, 1224, 1402 Condition 80, 198, 312, 434, 570, 676, Discount rate 81, 199, 313, 435, 571, 677, 798, 922, 1028, 1128, 1228, 1406 799, 923, 1029, 1129, 1229, 1407 Gold reserves 74, 192, 306, 428, 564, 670, Gold reserves 74, 192, 306, 428, 564, 670, 792, 916, 1022, 1122, 1222, 1400 792, 916, 1022, 1122, 1222, 1400 Gold imports to United States 75, 193, Commercial banks, assets and 307, 429, 565, 671, 793, 917, liabilities 82, 200, 314, 436, 572, 678, 1023, 1123, 1223, 1401 800, 924, 1030, 1130, 1230, 1408 Veterans Administration: Consumers' price indexes. . . .85, 203, 317, 439, 575, 681, Guaranteed mortgage loans: 803, 927, 1033, 1133, 1233, 1411 Acquired and outstanding, life Foreign exchange rates 83, 201, 315, 437, 573, 679, insurance companies 274, 396, 512, 638, 801, 925, 1031, 1131, 1231, 1409 Gold movements 75, 193, 307, 429, 565, 671, 760, 880, 990, 1090, 1190, 1368 793, 917, 1023, 1123, 1223, 1401 Held by: International capital transactions 68, 186, Banks 273, 395, 511, 637, 759, 879, 300, 422, 558, 664, 786, 910, 989, 1089, 1189, 1367 1016, 1116, 1216, 1394 Federal National Mortgage Open market rates 81, 199, 313, 435, 571, 677, Association 275, 397, 513, 639, 799, 923, 1029, 1129, 1229, 1407 761, 881, 991, 1091, 1191, 1369 1442 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 39 Pages Pages Veterans Administration—Continued West Africa: Guaranteed mortgage loans—Continued Gold production 73, 191, 305, 427, 563, 669, Mortgage debt outstanding on nonfarm 791, 915, 1021, 1121, 1221, 1399 1- to 4-family properties 275, 397, 513, 639, Wholesale prices: 761, 881, 991, 1091, 1191, 1369 Commodity 47, 161, 279, 401, 517, 643, Outstanding, savings and loan 765, 885, 995, 1095, 1195, 1373 associations 274, 396, 512, 638, Groups of commodities 61, 175, 294, 416, 532, 658, 760, 880, 990, 1090, 1190, 1368 780, 900, 1010, 1110, 1210, 1388 Residential loans underwritten by 275, 397, 513, 629, Principal countries 84, 202, 316, 438, 574, 680, 761, 881, 991, 1091, 1191, 1369 802, 926, 1032, 1132, 1232, 1410 Virden, John C, designated Chairman and Wilson, Thomas H., appointed director Federal Reserve Agent at Cleveland 10 at Charlotte Branch 236 Wages, growth in . 582 Workman, Everly J., appointed director Wartime and postwar credit demands Y^ld^ F™° ^ ^^ ^ wO!Jarg^COrPOwiOnS- " V ; • V ^ ' • ; 7°4 ^ Bonds and stocks 39, 151, 263, 385, 501, 627, Watkins, George W., appointed director 749> 869? 91% lo79? m9? 1357 at Salt Lake City Branch ... 8 Government securities, average . 39, 151, 263, 385, 501, Weekly reporting member banks series: 627, 749, 869, 979, 1079, 1179, 1357 Revised series 550 Young, Philip, resignation as Class C Revision of 355 director at New York 358 DECEMBER 1953 1443 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis