frb_051953

F E D E R A L E S E R V E

BULLETINMAY 1953

BOARD OF GOVERNORS

OF THE FEDERAL RESERVE SYSTEM

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETINVOLUME 39 May 1953 NUMBER 5

UNITED STATES POSTWAR INVESTMENTIN LATIN AMERICA

United States long-term investment in theLatin American Republics has been increas-ing since World War II at a rate of about8 per cent a year, and the aggregate amountoutstanding was about 6.5 billion dollars atthe end of 1952. Direct investment—that is,private equity capital in enterprises that areowned or substantially controlled by UnitedStates investors—accounted for about 85 percent of this total, while 9 per cent representedloans by the United States Government, prin-cipally through the Export-Import Bank.The remaining 6 per cent included holdingsof Latin American dollar bonds, other long-term loans, and shares in enterprises whosecontrolling interest is retained abroad.United States investment in the capital andobligations of the International Bank forReconstruction and Development also con-tributed indirectly to additional dollar in-vestment in the area.

Latin America's share of this country'stotal outstanding foreign long-term invest-ment declined from about 25 per cent to 17per cent in the two years 1946-47, whenUnited States Government lending to Europewas extraordinarily large. This ratio hadincreased to about 19 per cent of the totalby the end of 1952.

More than half of the postwar additionsto investment in Latin America by UnitedStates entities and by the International Bank

appears to have been concentrated in Vene-zuela, Brazil, and Mexico. In the area as awhole, most of the increase was used inexpanding the petroleum and manufactur-ing industries. Investment in power andtransportation facilities, largely financed byExport-Import Bank and International Bankloans, accounted for about 10 per cent of thepostwar increase.

UNITED STATES INVESTMENT IN LATIN AMERICABill

1946 1948 1950 1952NOTE.—End of year figures, based on data from U. S. De-

partment of Commerce and IBRD. Annual estimates of privatedirect investment adjusted to the 1950 Census of Direct In-vestment. Figures for 1952 are preliminary.

MAY 1953 445


UNITED STATES POSTWAR INVESTMENT IN LATIN AMERICA

PRIVATE INVESTMENT

In contrast to the decade following WorldWar I, when a large part of United Statesprivate capital movements to Latin Americatook the form of investment in dollar bonds,no new Latin American issues have beenpublicly offered in the United States sinceWorld War II. Moreover, United Statesholdings of outstanding issues declined, prin-cipally through amortization and repatria-tion, from an estimated 470 million dollars(face value) at the end of 1945 to 320 mil-lion at the end of 1951. Since other port-folio holdings also declined, the entire post-war increase in private capital outstandingreflected a growth in direct investment.

Postwar additions to United States directinvestment in Latin America, includingreinvested earnings, ranged from 148 mil-lion dollars in 1946 to 576 million in1949. The largest additions — averaging550 million a year—occurred in the period1947-49 when investment in Venezuela'spetroleum industry was heavy. Increasesin direct investment averaged 350 milliondollars a year in 1950 and 1951 and it appearsthat this rate was at least equaled in 1952.

Earnings retained in Latin America bysubsidiaries of United States companies havefinanced approximately two-fifths of directinvestment undertaken since the war. Anadditional part has been financed from earn-ings of branches of United States companies;however, available data do not distinguishbetween the amount of such investment andthe amount financed by new United Statesprivate capital. Reinvested earnings of sub-sidiaries represented less than a third of ad-ditional investment in the period prior to1950, as compared with over half (pre-liminary data) in 1950 and 1951.

Distribution of direct investment. Anindication of postwar changes in the dis-tribution of United States direct investment

446

in Latin America is provided by the twomost recent censuses of United States for-eign direct investment, for 1943 and 1950.Available data indicate that over 90 per centof additional investment between these twoyears occurred after the war.

Additional funds were invested in allmajor industries in Latin America between1943 and 1950. As the chart shows, thepetroleum and manufacturing industries re-ceived the major share and moved to firstand third place, respectively, in rank basedon total capital outstanding. Transportationand public utilities dropped from first place,with 32 per cent of United States direct in-vestment in 1943, to second place with 22per cent of the total in 1950. Investmentin agriculture and in mining and smelt-ing also declined relatively over the period.

UNITED STATES DIRECT INVESTMENTIN LATIN AMERICA, 1943 AND 1950

BY INDUSTRY 0

PETROLEUM

TRANSPORTATION& PUBLIC UTILITIES

Millions of Dollars

400 800 1200 1600

OTHIR COUNT*IIS

1600400 800 1200Millions of Dollars

NOTE.—Based on census da».a trom U. S. Departments ofCommerce and Treasury. Other countries include the remain-ing 14 Latin American republics.

FEDERAL RESERVE BULLETIN



The geographic distribution of direct in-vestment in Latin America also changedsubstantially from 1943 to 1950. Direct in-vestment more than doubled in Brazil, CostaRica, Panama, Uruguay, and Venezuela, andalmost doubled in Peru. It declined, how-ever, in Argentina, Bolivia, Haiti, and Para-guay. Increases occurred in the remainingten republics but they were less than thearea average of 72 per cent.

Factors affecting private investment. Ingeneral, changes in conditions of world de-mand and supply during the postwar periodincreased incentives for additional UnitedStates and other foreign private investmentin Latin America, particularly in the de-velopment of raw materials. Because con-ditions that affect the security and profitabil-ity of foreign investment varied widely,however, countries that seemed to have therequisite natural resources did not neces-sarily experience the largest increases in di-rect foreign investment.

Restraining influences on private invest-ment in Latin America have taken a varietyof forms, ranging from the absence of ade-quate facilities for power, transportation, andcommunications, to strong nationalistic tend-encies that have adversely affected foreign-owned enterprises. Of special significance ina number of countries have been the adverseeffects of inflation, discriminatory exchangerates, and exchange controls. These effectshave been greatest in export industries andin such industries as public utilities whichare subject to price and rate controls.

Exchange controls and discriminatory ex-change practices have affected incentives tonew foreign private investment also by re-stricting earnings transfers and by limitingcertain capital transactions to unfavorableexchange rates. A part of the postwar in-vestment in manufacturing, however, prob-ably resulted from certain types of trade con-

MAY 1953

trols and exchange restrictions that wereintroduced primarily for limiting imports.Such practices apparently induced someUnited States companies to construct facili-ties in Latin America for the local produc-tion of commodities whose importation wasprohibited or held under strict control. Ina few cases, exchange controls have alsotended to increase temporarily the apparentlevel of direct investment in Latin Americaby preventing the remittance of earningsto parent companies in the United States.

Venezuela was noteworthy among theLatin American countries that attracted for-eign private capital and it received over 30per cent of additional United States directinvestment in Latin America between 1943and 1950. Most of this increase went intothe petroleum industry, where the participa-tion of foreign private capital has been offi-cially encouraged since the discovery ofVenezuelan oil in 1918. However, Vene-zuela's official policy toward foreign privatecapital, coupled with monetary and exchangestability and the absence of restrictions oncurrency convertibility, was also reflected inthe growth of United States direct invest-ment in other industries. This growthamounted to more than 100 million dollars,or over 300 per cent, between 1943 and 1950.

Although the combination of profitableinvestment opportunities and a favorableclimate for foreign capital has not existedin other Latin American countries to thesame extent that it has in Venezuela, markedimprovements in investment conditions havetaken place in a number of countries duringrecent years. Colombia and Peru have re-cently enacted petroleum laws that are simi-lar in a number of respects to the Venezuelanlegislation. They also have provided addi-tional inducements to foreign investors pri-marily through the removal of almost allrestrictions on the movements of foreign-

447



owned capital. Other countries have pro-vided special inducements to certain typesof investment by offering tax and tariff con-cessions, by granting certain exchange privi-leges, and by relaxing restrictions on thekinds of investment that foreigners canmake. Several countries have also indicatedan interest in promoting wider dissemi-nation in the United States of informationconcerning investment opportunities.

Loans by the International Bank and theExport-Import Bank for the development oftransportation, communications, and powerfacilities may serve to enhance future oppor-tunities for private investors.

UNITED STATES GOVERNMENT INVESTMENT

The flow of capital from the United StatesGovernment to Latin America since thewar has been almost entirely in the formof Export-Import Bank loans. Other credits,related principally to surplus property salesand the sale of merchant ships, have beenrelatively small. In addition, various formsof technical aid have been provided underUnited States Government grants.

The Export-Import Bank has engaged inbroad lending activities in Latin Americaserving such widely different purposes asgeneral economic development, balance ofpayments assistance, and the expansion ofstrategic materials supplies for mutual de-fense. Most of the Bank's lending in thisarea has been undertaken on a project basisand for general developmental purposes.The Bank's loans, which are intended tosupplement private capital, have been madeboth to foreign governments and to privateborrowers, including foreign subsidiaries ofUnited States corporations. Loans to privateborrowers have been made both with andwithout the guarantee of the government ofthe country where the investment is made.

In the seven years ending last December,

448

the Bank authorized loans for Latin Americatotaling 863 million dollars, disbursed 593million under these and earlier authoriza-tions, and received repayments totaling 240million. Although net disbursements variedfrom year to year, they represented a sus-tained capital contribution and showed atendency to attain higher levels toward theend of the period. Since the period of heavyoutlays for European reconstruction prior to1948, Latin America has received nearly halfof the Bank's net disbursements to all areas.As the table shows, undisbursed credits stillavailable to Latin America at the end of1952 totaled 379 million dollars.

Most of the Bank's disbursements in LatinAmerica have been made to Argentina,Brazil, Chile, and Mexico. In Latin Amer-ica as a whole, disbursements have beenutilized primarily for expanding and im-proving transportation and manufacturingfacilities. Most of the funds provided fortransportation were invested in Mexico andBrazil, largely for railway improvements.

LOANS TO LATIN AMERICA BY EXPORT-IMPORT BANK AND

INTERNATIONAL BANK FOR RECONSTRUCTION

AND DEVELOPMENT, 1946-52

[In millions of dollars]

Country

Argentina...BrazilChileColombia. . .CubaMexicoVenezuela...Other Latin

America. .

Total

Export-Import Bank

Au-thor-iza-

tions

130258

765112

22115

100

863

Disburse-ments 1

Gross

9790

1114412

15910

70

593

Net

97366922

— 180

6

44

353

Undis-bursed

balance,Dec. 31,

1952 2

5190

922

697

4

46

379

International Bankfor Reconstructionand Development

Au-thor-iza-

tions

1431755

90

60

365

Grossdis-

burse-ments

961323

48

18

U 9 8

Undis-bursed

balance,Dec. 31,

1952 3

475

32

33

41

157

1 Includes disbursements under loans authorized prior to 1946.2Excludes cancellations and expirations. Includes undisbursed

balance of 5.4 million dollars from loans authorized prior to 1946.3Excludes cancellations of 9.5 million dollars from credits to

Mexico and of 0.1 million from credits to Colombia.4Net disbursements totaled 197 million dollars; repayments of

0.5 million each were made by Chile and Colombia.NOTE.—Derived from Export-Import Bank and IBRD data.

Details may not add to totals because of rounding.




The largest disbursements in the field ofmanufacturing were for equipment for theChilean steel industry, while other disburse-ments in this field were made for variousprojects primarily in Mexico and Brazil.Outlays for electric power development weredevoted largely to projects in Mexico.

A number of the Bank's more recentLatin American loans have been made inconnection with the development of sourcesof strategic materials for mutual defense.At the end of 1952, 110 million dollars ofthese credits remained to be utilized. Mostof this amount is destined for developmentof manganese ore deposits in Brazil.

Three of the Bank's postwar loans to LatinAmerica were not of the project type. Onewas a balance of payments credit of 25 mil-lion dollars extended to Chile in 1949 fol-lowing a sharp decline in the price of copper,the country's principal export. The purposeof the loan was to finance general importsof equipment, materials, and services, onorder in the United States, which weredeemed essential for continuation of theChilean economic development program.

In 1950 a loan of 125 million dollars wasgranted to Argentina to liquidate past-duedollar obligations to United States com-mercial creditors. This loan was occasionedprimarily by large postwar Argentine tradedeficits with the United States which wereaccompanied by a severe decline in Argen-tine gold and dollar reserves. Actual dis-bursements totaled 96.5 million dollars. Re-payment is scheduled to begin next year andto be completed in 1963.

In February of this year the Bank ap-proved a 300 million dollar credit to Brazil(not included in the table on page 448)which, like the loan to Argentina, is to beused for liquidating past-due obligations toUnited States exporters. The loan is to berepaid over a period of three years.MAY 1953

INVESTMENT THROUGH THE INTERNATIONAL

BANK FOR RECONSTRUCTION AND

DEVELOPMENT

During the postwar period United Statescapital has also been invested abroad indi-rectly through loans made by the Inter-national Bank for Reconstruction and De-velopment. As a member of the Bank, theUnited States Government has paid in 635million dollars on its subscription to theBank's capital. In addition, private in-vestors in the United States have suppliedmost of the 633 million dollars in loanablefunds which the Bank has obtained throughthe sale of its own and borrowers' obliga-tions on private capital markets.

With the exception of four European re-construction loans, the Bank's lending op-erations have been devoted to basic develop-mental projects in less developed areas.These operations have been noteworthy forthe emphasis placed on evaluating loanprojects in relation to the borrowing coun-try's over-all development requirements. Ac-cording to the Bank's statutes, all loans areguaranteed by the member government inwhose territory the investment is made.

By the end of 1952, the Bank's Latin Amer-ican loan authorizations totaled 365 mil-lion dollars, while disbursements totaled 198million. More than three-fourths of bothauthorizations and disbursements repre-sented loans to Brazil, Mexico, and Colombia.

By far the largest share of the Bank'sLatin American loans has been devoted toelectric power development, as is shown inthe chart on the next page. In this field,which has declined in importance as anattraction for private investors, the Bank'scommitments to the area at the end of 1952totaled 277 million dollars. Over half ofthese commitments have been disbursed,principally to Brazil and Mexico.

The Bank's remaining Latin American449



LOAN DISBURSEMENTS OF EXPORT-IMPORT BANKAND IBRD TO LATIN AMERICATOTAL 1946-52, BY INDUSTRY

Millions of Dollars

0 50 100 150 200 250

TRANSPORTATION

MANUFACTURINGA TRADI

AGRICULTURI

MINING ASMILTINO

FURLIC UTILITIES

MTROLEUM

Expert-Import Rank

PQOOQQQQOOOOOOOOOOOOC

50 100 150 200Millions of Dollars

2 5 0

NOTE.—Derived from Export-Import Bank and IBRD data.Excludes disbursements of 120 million dollars under balanceof payments loans to Argentina and Chile, and disbursementsof 29 million for miscellaneous purposes.

loans were made principally for the improve-ment of transportation facilities in Brazil,Colombia, Nicaragua, and Peru. At the endof last year, 47 million dollars remained un-disbursed on such loans. Loans for farmmechanization, irrigation, and other agricul-tural improvements totaled 17 million dol-lars, with 10 million disbursed.

CONCLUSION

The level of United States investment inLatin America has been increasing since1945 at a rate which would double the totalamount in a ten-year period. The nature aswell as the volume of this investment hasbeen such as to contribute materially towardsaccelerating the area's economic develop-ment. Loans by the Export-Import Bankand the International Bank are financing theexpansion of basic facilities that tend to in-crease investment opportunities for bothdomestic and foreign private capital. Thepostwar flow of private United States capital,

moreover, has been almost exclusively in theform of direct investment which is generallyaccompanied by technical and managerialskills.

Opportunities for the profitable invest-ment of private capital in Latin Americahave been affected favorably during the post-war years by developments that tended toincrease world demand for commodities pro-duced in Latin America and to reduce theiravailability from alternative sources. Otherfactors, however, tended to restrain effectivedemand for Latin America's products andto create impediments to foreign private in-vestment. These included currency incon-vertibility and a wide variety of exchangeand trade controls in Latin America and inmost of the nondollar area.

Future prospects for private investmentin Latin America will depend to a consider-able extent on world political developmentsand on the ability of major industrial areasto sustain high levels of employment andoutput. Continued growth in world produc-tion and the relaxation of exchange and traderestrictions would contribute to further in-creases in the demand for Latin America'sproducts. In these circumstances, addi-tional incentives would be offered for invest-ment in industries supplying both the foreignand domestic markets of Latin America.

The extent to which foreign private capi-tal will participate in the area's economicdevelopment will be influenced in large part,however, by Latin American economic andpolitical policies that have a bearing on for-eign investment. Official policies contribut-ing to monetary stability and assuring a wel-come to foreign capital on mutually advan-tageous terms, and the emergence of publicattitudes that support such policies, are gen-erally regarded as effective inducements toforeign private investment.

450 FEDERAL RESERVE BULLETIN


FEDERAL RESERVE BANK RESPONSIBILITIES

It is most fortunate that the Secretary ofthe Treasury could be here on this occasion.The magnitude of the public debt and itsimportance in the economy today make moreimperative than ever a close working rela-tionship between the Treasury and the Fed-eral Reserve System. We are allied in acommon purpose to serve the public interest.I am sure you all know that in performingour respective tasks we work together aspartners in a spirit of mutual understandingand respect.

All who heard or read Secretary Hum-phrey's address at the Associated Press meet-ing in New York will agree, however, that itwould have been far better had your programtonight scheduled him for the address andme for the greetings.

I could perhaps have taken my cue from alate New Englander who carried into theWhite House those sturdy virtues, includingfrugality even in words, for which this partof the country deservedly is noted. I amreliably informed that a group of Amherstmen, attending a conference in Madrid, de-cided one evening, in a spirit of fiesta, toform the Amherst Club of Madrid. It struckthem as a good idea to send a cable to Presi-dent Coolidge informing him of this notableachievement and suggesting that he, as aloyal alumnus, might wish to send greetings.He did. They received in due course a one-word message in reply. It said, "Greetings."

The responsibility for the assignments onthe program is yours. I shall not take ad-vantage of it, however, to detain you with

1 Address of Wm. McC. Martin, Jr., Chairman, Board ofGovernors of the Federal Reserve System, on the occasionof the opening of the new building of the Federal ReserveBank of Boston, Boston, Mass., May 6, 1953.

anything so formidable as the word "ad-dress" suggests. I do want to touch on a fewmatters of concern to the Federal ReserveSystem, particularly the role of the individualFederal Reserve Bank today. This newbuilding which you have opened is a symbol,not simply of growth, but more especially ofthe function and responsibility of the FederalReserve Banks in the nation and in the com-munities they serve directly.

Central banking—or, more accurately, re-serve banking—in the United States hasbeen adapted to the requirements of a freepeople with a minimum of Government in-terference. The genius of the framers of theFederal Reserve Act—as I have emphasizedbefore—lies in the creation of regional banks,knit together by a national governing bodyin Washington rather than in the establish-ment of a central institution with authori-tarian powers. Each Federal Reserve Bankand each branch office is a regional and localinstitution as well as part of a nation-widesystem. Through their boards of directors,the banks are in a position to represent theviews and interests of the particular regionto which they belong and, at the same time,they are the administrators of nation-widebanking and credit policies.

Instead of functioning from the centeroutward, we function through an interde-pendence of all our parts. The vitality ofthe Federal Reserve System is in its members.The health of each member affects the whole,and it is only through the work, and theconviction, and the determination of themembers that the whole has life. Withinthe framework carefully outlined by law,the Federal Reserve Board is charged with

MAY 1953 451



the responsibility for formulating nationalcredit policies and supervising their execu-tion. The Federal Reserve System is notperfect, but it is unquestionably the mainbulwark of our private banking system.Without a strong and independent reservebanking system, private banking must in-evitably lose the initiative it now possesses.

It is well always to bear in mind that theFederal Reserve System is a service institu-tion, and that the more than 250 directors ofthe 12 banks and 24 branches, the 20,000officers and others who work in them, as wellas the Board and staff in Washington, areall serving as trustees of the money of allof the people of this vast country, not any onegroup, or faction, or section.

Although the Federal Reserve Banks some-times are referred to as bankers' banks, thatdescribes only a part of their function. Thevarious services which the Federal ReserveBanks perform for the banking community,such as supplying currency, transferringfunds, and collecting checks, are an essentialelement in keeping the mechanics of moderncommercial banking in step with the finan-cial needs of a growing and changing privateenterprise economy. But the overriding pur-pose of this Reserve System is to serve theinterests of the general public in business,industry, labor, agriculture, and all walks oflife.

This institution is the fountainhead ofcredit—of the great bulk of our moneysupply. It is the medium for distributing thepocket money in daily use, but that is ofsubordinate importance. The ebb and flowof pocket money is determined by day-to-day needs of the merchant, the shopper, andall who use cash. Of far greater importanceis the System's responsibility for creating orextinguishing credit. For credit—bankcredit—is the life blood of our economy.

The trusteeship to which I refer is carriedout in the exercise of the System's responsi-bility for influencing the volume, availability,and cost of credit. The purpose is to seethat, so far as Federal Reserve policies are acontrolling factor, the supply and flow ofcredit are neither so large as to induce destruc-tive inflationary forces nor so small as tostifle our great and growing economy. Nowthat is a very great responsibility. By itsvery nature it must be carried out in theinterests of all of the people. And if it isnot so executed then the country would de-mand and deserve a new and faithful trustee-ship over the creation of credit.

Some critics have charged the System withfailing in one of its fundamental purposes—protecting the value of the dollar—because,in the four decades since the System wasfounded, the value of the dollar has been cutmore than in half. The truth of the matteris, of course, that in these years we have hadtwo world wars. We are still in the coldwar. The resultant economic upheavalscould not have been prevented by monetarypolicy alone. And this is not to say thatmonetary policy has always been as timelyor effective as it might have been. Thefact remains that without an appropriateand effective monetary policy there is noadequate safeguard against the distortionsand distress that can be brought about eitherby much too little or much too much money.The ideal would be enough to meet thegrowth needs of the economy, without eitherinflation or deflation.

For most of the postwar period, the aimof monetary policy and action has been toprevent inflation. The war ended with amoney supply which was so excessive in rela-tion to the available supplies of goods andservices as to result in a strong upward pres-sure on prices, and a rising cost of living.




We had more than a taste of that when theharness of price, wage, and other controls,which temporarily held back the war-createdflood of money, was removed and the tide ofunchecked funds inundated the marketplaces. Following Korea, there was a sharpresurgence of these upward pressures. Thesequite recent experiences should have taughtus, if the long history of monetary excessesin other parts of the world did not, thatthere are no sound substitutes for intelligentfiscal and monetary policies and measures.And it illustrates once more that when aneconomy is running at peak levels of pro-duction and employment, creating moremoney will not create more things to buy.It can only bid up the prices of availablesupplies.

Inflation is a sneak thief. It seems to beputting money into our pockets when in factit is robbing the saver, the pensioner, theretired workman, the aged—those least ableto defend themselves. And when deflationsets in, businessman, banker, worker, sufferalike, as most of us here know from the earlythirties.

All of that is an old story, to most of us,yet there are voices being heard even todaythat seem to say that just a little more infla-tion won't do any harm—or that the priceof even a few ounces of prevention is toohigh. What we are seeking to prevent in theend, of course, is deflation. In these pasttwo years we have had the almost ideal eco-nomic situation—we have had a remarkabledegree of economic stability at record levelsof employment and production. We havenot had another round of inflation. We havenot had anything resembling a deflation.This desirable state of affairs cannot beascribed to monetary policy alone, of course.But I do not believe it would have beenachieved without the monetary policy and

actions of the past two years. I do not thinkit would have been possible had the FederalReserve System let the creation of credit goon unchecked in this period. The transitionto free markets, as I have called it, made pos-sible the adjustment of the money supplyduring this period in the orderly growth ofthe economy, without further inflation orspeculative excesses. And this has been ac-complished despite the diversion of economicresources to the defense program.

All of us here tonight have been affectedin one way or another in this transition.Member banks have not had unrestrainedaccess to Federal Reserve credit by the saleof Government securities at known prices.In many cases they have had to come to theReserve Bank discount windows to borrowreserves—and pay the cost of the borrowing.The officers and directors of the ReserveBanks have had to shoulder again the veryimportant responsibility for these discountoperations. The use of discount facilities hasbeen termed a privilege. It is one of theprivileges of membership in the Federal Re-serve System. It is not an automatic privi-lege, however. The Reserve Banks are au-thorized to extend credit to each memberbank with due regard for the claims anddemands of other member banks, the main-tenance of sound credit conditions, and theaccommodation of commerce, industry, andagriculture.

When a member bank experiences unex-pected drains on its reserves, it may appro-priately apply to a Reserve Bank for credit.As it adjusts its operations to these new con-ditions, the member bank is expected to re-pay these temporary borrowings promptly.Member banks are expected to anticipatenormal seasonal requirements and be ina position to meet them by adjustmentsin liquid assets with a minimum reliance

MAY 1953 453



upon borrowing at the Federal Reserve. TheReserve Banks, of course, stand ready tomeet exceptional, or extraordinary needs forfunds by member banks. All of the Re-serve Banks are now authorized in a periodof general stress to lend on any acceptablepaper, not merely on so-called eligible paper.

These, I think, are the appropriate usesof the discount privilege. Clearly they donot contemplate misuse of that privilege forthe purpose of enlarging a bank's capitalbase, or earning a rate differential, or facili-tating speculation of any kind.

The initiative in the determination of dis-count rates is placed by the Federal ReserveAct in the boards of directors of the respec-tive Reserve Banks—and this is a very im-portant responsibility even though final de-termination of discount rates rests with theFederal Reserve Board. Similarly, the re-sponsibility for granting or withholdingloans to individual member banks is alsovested in the directors and officers of theFederal Reserve Banks. They must be thejudges. They are on the ground and are pre-sumed to be familiar with local conditions,as well as the state of the economy nationally.

The Reserve Act, as I have said before,is an ingenious blending of public and privateparticipation in a public institution createdby the Congress to regulate the money sup-ply. The ingenuity is exemplified, I think, inthe composition of the boards of directors ofthe Reserve Banks. They represent a broadcross-section of industrial, business, banking,agricultural, and professional activities, bothlarge and small—and they in turn are calledupon to act in the national interest and notfor the special advantage of any group orfaction or section of the country.

They have a duty, also, to foster a widerunderstanding of the role that monetary

policy should play—what it can and what itcannot accomplish.

The universal desire for orderly, steadyeconomic progress, and a constantly improv-ing standard of living, certainly cannot beachieved without flexibly administered mone-tary policy and action—with restraint oncreation of excessive credit in a boom and apolicy of liberal monetary ease when infla-tionary dangers no longer threaten stability.

Criticism of Federal Reserve policy andperformance has mainly sprung from ascrib-ing to monetary action an omnipotence thatdoes not and would not exist—even if therewere men omniscient enough to devise andexecute monetary policy perfectly. I amnot objecting to criticism—we should and Ithink we do sincerely welcome critical ap-praisal of our performance. But criticalanalysis and comment that can be useful inguiding future action, though it cannot rec-tify past mistakes, has to be well informedand understood.

The Federal Reserve Banks recognize, Iknow, the special responsibility they bear intheir respective areas for gathering economicinformation and making it available. Theyhave a duty to explain what they do, andwhy, in carrying out their part in the trustee-ship over credit. The report on "Steps toMaintain Economic Stability" which was is-sued by the Committee on Economic Stabili-zation of the Board of Directors of this Bankis-a commendable example of informed dis-cussion of economic affairs.

Your task is more than ever an exactingone—but it is an inspiring one. The trustee-ship which this System and its memberbanks share is vital to the preservation ofour system of private enterprise.

The System, I am certain, has made a no-table contribution to the attainment of thesustained economic progress of the past two




years. It can, I am confident, continue tomake an important contribution in the yearsahead.

That confidence, I deeply feel. I wasasked the other day in Detroit what wouldhappen to us after a few years of a genuinepeace—and I can do no better, in concludingthese remarks tonight, than to give you thereply as I made it then:

"I can only give you my philosophy onthis. To me the most heinous statementthat is made by some people is that warleads to prosperity, or that war is pros-perity. I can't conceive of an economybased on war that can ultimately be

prosperous. We have to go through cer-tain readjustments to have an intelli-gent peacetime economy. We've got tohave our business based on initiative andcompetence and salesmanship—on rawmaterials and products—and not on de-pendence upon spending for war pur-poses. I believe that this country has theflexibility—and the capacity—and thecharacter—because it requires char-acter—to unravel this ball of twine thatwe've wound up, and to do it in a waythat will lead us to a higher, a moreexpansive, and a better standard of livingfor all of the people. I have that faith."

MAY 1953 455


FEDERAL FINANCIAL MEASURES FOR ECONOMIC STABILITY1

Government financial measures are espe-cially appropriate for promoting stable de-velopments in private enterprise economies.For the most part they are impersonal andoperate indirectly through markets by theireffects on incentives to spend. To the extentthat sources of instability are financial, more-over, they deal with basic causes.

The preceding article in this series ex-plored in some detail the relation of creditand monetary action to economic stability.Before considering the functioning of theseveral instruments by which such action iseffected, it is desirable to discuss, briefly andbroadly, credit and monetary measures inrelation to fiscal measures and debt manage-ment, the other financial methods availableto the Federal Government for influencingthe flow of the economy's expenditures.Each of these methods has a special and com-plementary role to play in sustaining orderlyand stable progress.

CREDIT AND MONETARY MEASURES

Credit and monetary actions affect expen-ditures particularly of the private sector ofthe economy. As explained in earlier arti-cles, they exert an influence on the avail-ability and amount of credit, on the cost of

1This is the third of a series of articles considering theoperation of credit and monetary policy in the United States.These articles are based on selected replies submitted earlyin 1952 by the Board of Governors of the Federal ReserveSystem to a questionnaire from the Subcommittee on Gen-eral Credit Control and Debt Management of the Congres-sional Joint Committee on the Economic Report. Thematerial selected has been modified and expanded in orderto bring it up to date and to fill gaps in content resultingfrom the fact that the original material was organized inreply to definite questions.

Preparation of the articles is under the direction of RalphA. Young, Director of the Division of Research and Statistics.

lending and borrowing (both public andprivate), on the volume of saving, on capitalvalues, on the volume of money, and on thevalue of the dollar at home and abroad.

There are three main methods of execut-ing credit and monetary action—discountoperations, open market operations, andchanges in reserve requirements. Thoughthey operate somewhat differently, each in-fluences bank reserve positions and henceaffects the ability and willingness of com-mercial banks to lend. Since the banks area major factor in the credit market, changesin their ability and willingness to lend affectthe whole credit market, that is, the generalavailability, cost, and volume of credit.

Bringing about credit restraint or easethrough these measures has widespread ef-fects on the economy. Their most directimpact is on the amount of spending donewith borrowed funds. There is almost al-ways a fringe of borrowers or potential bor-rowers whose decisions about investmentswith marginal profitability or about con-sumption of marginal usefulness are influ-enced by changes in the availability or costof credit. As lenders become less ableand less willing to lend, they both increasethe rates of interest at which they lend, thuscutting back some of the demand for funds,and raise their standards of creditworthinessapplicable to new borrowing. As lenders be-come more able to lend, they will lend atlower rates of interest and accept higher-riskborrowers. These credit developments havesecondary effects that are reflected in spend-ing and savings activities of all sectors of theeconomy.

A supplementary method of exerting an



FEDERAL FINANCIAL MEASURES FOR ECONOMIC STABILITY

influence over credit conditions is the use ofselective instruments which directly affectthe equity or maturity terms of specific typesof loans extended by banks and other lenders.At present only stock market credit may beregulated in this way.

In some periods of expansion, certain creditsectors may not be readily responsive to gen-eral measures of credit and monetary re-straint. Examples of such developments arethe growth of stock market credit in thelate 1920's and expansion of consumer instal-ment credit and mortgage credit after theoutbreak of fighting in Korea. Regulationof stock market credit was authorized in themid-1930's to enable the reserve banking au-thorities to prevent a recurrence of excessivestock speculation financed through credit.Regulation of consumer credit and real es-tate construction credit was authorized on atemporary basis after Korea in order to effectrestraint in these credit areas during an ab-normal period. Regulation of consumercredit had earlier been used to curb personalspending financed by credit during the warperiod and in immediate postwar years.

Credit and monetary measures are indis-pensable to stable progress, but alone theycannot assure that progress. Their effective-ness will be conditioned by Federal fiscalaction and debt management and by variousspecific Government programs. Their ef-fectiveness may also be conditioned by un-predictable and sudden developments andchanges in moods and impulses that affectactivity in the economy.

Credit and monetary action, while power-ful in combating an inflationary upswing, issometimes viewed as being less effective incounteracting a deflationary downswing.This view is largely based on experience ina few depressions which followed majorbooms in which economic activity was seri-

ously distorted. In these instances, shakenconfidence of both lenders and borrowersmilitated against active response to an in-creased availability and supply of credit andmoney and a reduced interest cost of borrow-ing. While expansionary credit and mone-tary policy was essential to economic recov-ery under such circumstances, it was not suf-ficient by itself to achieve it.

The administration of credit and monetarymeasures is a task involving discretion, pa-tience, and judgment. Action must beguided not by a single indicator or simplecombination of indicators but by a balancedassessment of the entire credit and economicsituation in the light of the fullest informa-tion available. Action, moreover, must beadapted promptly to changing conditions,because its full effectiveness on the economywill not be felt until after some time-lag. Tothe extent that promptness is not achieved,credit and monetary policy falls short of itspotential and may even itself be a source ofinstability.

FISCAL MEASURES

Fiscal measures work mainly through themoney collecting and money spending activi-ties of the Federal Government. Theamount, type, and timing of tax collectionsand of Government outlays affect expendi-tures directly and indirectly throughout theeconomy, and these effects will vary withthe size of the Federal budget. Throughthe level of taxes, Government revenues in-fluence directly the amount of private incomeavailable for spending, and because the Gov-ernment buys large amounts of goods andemploys large numbers of workers, its out-lays affect directly demand and supply inspecific markets. Federal fiscal activitiesalso have indirect effects in stimulatingprivate expenditures and in influencing the

MAY 1953 457



general economic outlook in a fashion simi-lar to the action of credit and monetarypolicy. In addition, fiscal action may shiftthe distribution of income, alter the usesmade of the nation's resources, and have re-pressive or incentive effects on economicproductivity and output.

The influence of fiscal action on economicstability arises chiefly out of a difference be-tween the Government's cash receipts andcash expenditures. The difference causes acash flow of payments between the privatesectors of the economy and the Government.In general, a cash flow from the Governmenthas expansive effects on the economy's over-all expenditures, while a cash inflow has con-tractive effects. These effects induce furtherspending or restriction of spending in theprivate sector.

Various combinations of taxation and Gov-ernment expenditure programs will have dif-ferent effects on total expenditures in theeconomy. For example, increased taxationcombined with reduced Government spend-ing will have contractive effects on the na-tion's spending activities, and hence be ap-propriate to a period of inflationary pressures.On the other hand, reduced taxation com-bined with increased Government expendi-tures will expand the total volume of ex-penditures during a period of recession.This assumes, of course, that specific Gov-ernment expenditure programs are not of thekind that displace or compete with privateeconomic activity, thereby discouragingrather than stimulating business confidence,private investment, and private consump-tion.

To some extent, changes in tax and Gov-ernment expenditure programs come aboutautomatically over the course of businessfluctuations. This built-in flexibility of thebudget tends to counteract swings in private

spending without deliberate action on thepart of the public authorities. For instance,with graduated income taxes the Govern-ment takes a larger part of national incomeat higher than at lower levels, and a changein national income will be quickly reflectedin the tax take under existing pay-as-you-gotax arrangements. At the same time, Gov-ernment expenditures as a result of the socialsecurity and agricultural support programswill tend to be greater in depressed periodsthan in prosperity.

Reliance upon built-in budget flexibility toadapt fiscal policy to severe economic fluctu-ations is unfeasible so that some discretion-ary action through legislative processes mustbe counted on for this purpose. By their verynature, however, the fiscal tools of tax andexpenditure programs are complex, and theyinvolve controversial aspects such as theireffects on the distribution of income, on in-centives to produce and to save, and on indus-trial and regional development. Speedy ac-tion, consequently, is difficult. Much timeis necessarily absorbed in the legislative proc-ess—in the initial formulation of programsand in their consideration and final enact-ment. Execution of both tax and expendi-ture programs requires additional time, al-though to the extent that taxes are paid ona current basis the effect of tax changes isfairly immediate. In a downturn, expendi-ture programs may be hard to get into opera-tion as promptly as needed; in a boom, itmay prove to be impractical or wasteful tobring long-range programs to a halt.

Even if it were possible to get sufficientvariation in fiscal action, it might be imprac-ticable and possibly inadvisable to vary thewhole program of Government expendituresand taxation primarily in accordance withthe evident needs of economic stability. Insome situations, other policies are so impor-




tant as to outweigh considerations of eco-nomic stability in governmental decisions:the conduct of war or the undertaking of amajor defense program are striking examplesof such situations. Many large items in thebudget are directed toward noneconomicobjectives and do not lend themselves tothe flexible treatment required in counter-cyclical fiscal policy. Furthermore, anti-cyclical actions may be in conflict withmeasures based on other important criteria.The tax structure needs to take account long-term investment growth and taxpayer equity.Remedial action based on these criteria is adesirable goal at all times but may not alwaysbe consistent with immediate programsaimed at stability.

Because discretionary fiscal action involvesmany special problems and cannot always betaken speedily, decisions as to its timingusually involve the difficult art of long-termforecasting. On the one hand, any actionwill affect economic activity only after sometime lag, and anticipatory action runs therisk of accentuating rather than amelioratingcyclical fluctuations. On the other hand, thecountercyclical potential of fiscal action isseverely diminished if steps are delayed untilthe economy finds itself in recession or boom.

Different combinations of taxation andGovernment expenditures result in deficitsor surpluses and accordingly involve Treas-ury borrowing or permit repayment of bor-rowing. The amount of the borrowing orrepayment is determined by fiscal action;the manner and kind of borrowing or repay-ment are in the realm of debt management.The extent of the expansive or restrictive im-pact of fiscal measures depends not only onthe relation between taxation and expendi-tures but in part on debt management opera-tions. The effects of fiscal action in attain-ing economic stability are thus related also

to debt management, and the effectivenessof this relationship in turn depends on thefinancial climate created by credit and mone-tary measures.

DEBT MANAGEMENT

As a complementary tool of countercyclicalfinancial policy, debt management now hajgreat importance because of the present sizeof the Federal debt and because of the specialrole such debt plays in the asset structure offinancial institutions. The Federal debt nowamounts to about two-fifths of the economy'stotal debt. It is the only debt that is en-tirely free from credit risk. Short-term Fed-eral debt serves as a principal liquid or operat-ing reserve asset of banks, other financialinstitutions, and business corporations.Longer-term Federal debt functions as amajor investment asset of individuals andsavings institutions and competes with otherinvestment media in absorbing the economy'smoney savings. The types of Governmentsecurities issued thus have a significant effecton the liquidity of the entire economy andon the market for other securities.

Debt management has two major aspects.It involves refunding operations affectingthe maturity arrangement of outstandingdebt. It also involves the expansion or re-tirement of debt in response to the currentcash deficit or surplus of the Government.The maturity composition of the debt hasits most direct tie with credit and monetarypolicy while the changes in the amount ofdebt are most immediately related to fiscalpolicy. Both aspects combine to determinethe composition of the total Governmentdebt at any given time and in this processexert an influence on the attainment of eco-nomic balance.

Management of the Federal debt makes aprimary contribution to economic stability

MAY 1953 459



by arranging a maturity composition of thatdebt that will support and not impede devel-opment of appropriate credit and monetarypolicy. In general, such a debt distributionwould be one with maturities well spacedover a period of years. This kind of maturitydistribution is also important for adminis-trative reasons in debt management.

There is, of course, constant need for alarge volume of short-term issues to meet thebasic liquidity requirements of banks, finan-cial institutions, business corporations, andothers. In a period of economic slack ordepression this liquidity may be expanded byissuing additional short-term obligations. Inthe subsequent period of expansion the vol-ume of these issues may be reduced some-what by refunding operations or by retire-ments out of surplus.

To change the existing debt structure,however, takes time. Financing decisions ofthe past necessarily impinge heavily on thepresent and the future, and debt manage-ment actions must continually be a com-promise between what may be most appro-priate for the current economic situation andwhat may be appropriate in terms of alonger-run view of economic stability. Thisbalance in judgment relates primarily to thevolume of very short-term securities whichmay be outstanding at any time. Becausethe liquidity of such securities is not readilyinfluenced by credit and monetary measures,the greater the proportion of the debt in theseissues the less responsive the economy willtend to be to restrictive credit and monetaryaction when such measures may be appro-priate.

From the point of view of economic sta-bility, the maturity distribution of outstand-ing debt should always be such that moderatechanges in the level of interest rates will havean important effect on the liquidity positions

of holders, thereby influencing spending andlending decisions. To attain this, a sizableportion of the debt should be spread out overintermediate and long-term maturities sothat when interest rates decline, and themarket prices of these securities thereforerise, liquidity positions of holders will cometo be regarded as more adequate than for-merly. Conversely, when interest rates riseand security prices decline, holders will tendto view these positions as less adequate. Sucha spread maturity distribution would limitthe dependency of debt management on cur-rent interest rates and security market condi-tions and, on the other hand, would increasethe sensitivity of the entire economy to inter-est rate changes.

Within the standards set for debt balance,current debt management can operate toreinforce or offset in part the impact of aFederal deficit or surplus. For example, adeficit in a recession period may be madesomewhat more effective if in its financingthe emphasis is placed on the use of shorter-term obligations. The expansive effects willtend to be greater and will support an ex-pansionary credit and monetary policy to theextent that such issues are absorbed by thebanking system and foster expansion in themoney supply. Conversely, a surplus in aboom period will be more effective as a re-straint on expenditures if it is used to retireshort-term debt rather than to purchase long-term securities in the market. The restrain-ing effects will tend to be increased and willreinforce restrictive credit and monetarypolicy if the repayment of debt reaches theholdings of short-term issues by the bankingsystem, thus affecting bank liquidity posi-tions.

Debt management actions to promote eco-nomic stability through shifts in terms andmaturities of security offerings are limited by




the necessity of meeting existing market con-ditions. Public debt must be handled so thatthe investing community will be receptiveto new issues from refunding operations andwill take additional debt into its portfolio.While public debt differs from private debtinstruments in quality, public debt instru-ments compete with similar securities of pri-vate origin in the market. In short, the debtmust be in such form that it is readily as-similated in the market.

There are other practical problems of debtmanagement to be resolved. Recently, ac-celeration of corporate tax payments hasresulted in a concentration of Treasury re-ceipts in the first half of the year while Gov-ernment outlays are more evenly distributed.This necessitates a seasonal pattern of short-term borrowing and repayment of borrowingeven if the cash budget is in balance.

Debt management must develop its policiesand feel its way not only in response to im-mediate Treasury needs, to security marketdevelopments, and to investor preferences,but also with regard to the cost of servicingthe debt. From both the standpoint ofinterest cost and economic stability thereare many alternative arrangements of agiven debt. Problems of current interestcost must be weighed against the costs tothe Federal budget and the economy ingeneral if debt management decisions areexcessively inflationary or deflationary. Theymust also be weighed against possible futureinterest costs under different economic cir-cumstances. Debt management decisionsthus must consider both the present andfuture, as well as the implications of actionon the effectiveness of other instrumentsfor achieving economic stability.

INTERACTION OF FINANCIAL MEASURES

The combination of credit and monetarymeasures, fiscal measures, and debt manage-

ment that will be most appropriate at anyparticular time will depend on the circum-stances prevailing and on the feasibility ofaction in one field or the other. How theyare interrelated in Government policy can beshown by a brief description of their use inperiods of contraction and inflation.

Periods of contraction. In combating re-cession and deflation, fiscal measures canmake a broad, direct attack by loweringtaxes, increasing Government expenditures,or both, in an effort to cushion or offset thedecline in the total volume of private incomeand expenditures. These fiscal actions willmake for an excess of expenditures over re-ceipts and an expansion of public debt.

Debt management as well as credit andmonetary measures will condition the im-pact of fiscal action. The expansionarypotential will be affected by the manner inwhich the deficits are financed. The effectwill be greatest if the deficit is financed withfunds that would otherwise have been idle orwith new deposits generated by bank invest-ment. The effects of a Federal deficit maybe partly neutralized if it is financed withfunds that might otherwise have found out-let in private consumption or investment. Insummary, fiscal measures by themselves canproduce an increase in total expenditure byan excess of expenditures over tax receipts,and perhaps to some extent by changes in taxand expenditure patterns which take advan-tage of differential tendencies of various sec-tors of the economy to spend for investmentand consumption. The rise in expenditurespromoted by fiscal measures will be fargreater, however, if debt management andcredit and monetary actions are also operat-ing in a way that stimulates total demand.

In depressed periods, credit and monetarymeasures should ease bank reserve positions,making bank credit and other credit cheaper

MAY 1953 461



and more readily available. Such action willencourage the use of credit and prompt a risein Government security and other capitalvalues, thus increasing the economy's liquid-ity. This kind of policy will also facilitatefinancing of any Federal deficit. If somesubstantial portion of the new securities of-fered are shorter-term obligations, debt man-agement will be functioning at the same timeto increase the liquidity of the economy. Tothe extent that such securities are purchasedby banks there will be an offset to contrac-tion of private bank credit and a consequentstabilizing effect on the volume of money.Along with an expansionary credit and mon-etary policy, this will help to develop a con-dition of banking liquidity favorable to pri-vate bank credit expansion and resumedgrowth in the money supply. Increased li-quidity of lenders generally will also helpto swell the flow of credit.

Expansion periods when inflationarypressures are strong. When inflationarypressures are strong, it is of paramount im-portance that fiscal, credit and monetary, anddebt management policies supplement oneanother in limiting expansion of both publicand private demand. At such times, fiscalpolicy should avoid deficits and aim for sur-pluses in order to restrain expansion of ex-penditures. Credit and monetary policyshould restrict bank reserve positions, mak-ing bank and other credit less readily avail-able and more costly. This will dampen theexpansion of bank credit and the money sup-ply and lower capital values, thus reducinggenerally the liquidity of the economy. Thiskind of action will put a brake on expansionof spending financed by credit and at thesame time operate to increase saving. Debtmanagement policy should be directed at re-ducing the liquidity of the existing debt byrefunding some maturing issues into longer-term obligations and by applying surpluses,

462

when available, to reduce the volume ofshort-term debt. Reduction in liquidity soeffected will exert a retarding influence onthe momentum of spending. Thus thesethree methods of Federal financial policy canwork consistently in an inflationary periodtoward the primary goal of economic sta-bility.

To the extent that any of these instrumentsdoes not work toward combating inflation-ary trends, the burden is made heavier on theothers. Total spending will not decline as aresult of fiscal action if the dollars taxedaway are replaced by dollars created by bankcredit expansion; nor will restrictive creditand monetary policy be fully effective iffiscal or debt management policies are expan-sive. At times in expansion periods it maybe difficult to avoid stimulative fiscal policies,and credit and monetary policy together withdebt management must then carry an extraload.

# # #The combination of credit and monetary

measures, fiscal measures, and debt manage-ment that will be desirable at any particulartime will depend in some degree on thespecial circumstances prevailing and on thefeasibility of action in one field or another.These instruments of Federal financial policyare complementary, but to an extent use ofone may be substituted for use of another.Inappropriate action in one area of policy,however, may overburden the task of theothers and reduce their effectiveness. Thegreatest contribution to economic stabilityfrom Federal financial measures may thusbe achieved when these are used as mutuallyreinforcing instruments of public policy.

Reprints of this article are available uponrequest from the Division of AdministrativeServices, Board of Governors of the FederalReserve System, Washington 25, D. C.



MEMBER BANK EARNINGS, 19521

Both net current earnings before incometaxes and net profits after taxes of all mem-ber banks reached new dollar highs in 1952.2

Larger net current earnings were accom-panied by somewhat smaller net losses,charge-offs, and additions to valuation re-serves, and by a substantial increase in pro-vision for income taxes (including excessprofits taxes). Net profits after taxes aggre-

1 This article was prepared by Raymond C. Kolb of theBoard's Division of Bank Operations.

2 Net current earnings are gross current operating earningsless gross current operating expenses, before adjustments forlosses, recoveries, and transfers to and from valuationreserves, and before taxes on net income.

gated 829 million dollars, 10 per cent morethan in 1951. This represented a return onaverage total capital accounts of 7.9 percent, as compared with 7.6 per cent in 1951and 8.3 per cent in 1950.

Net current earnings before income taxeswrere 1,619 million dollars, an increase of13 per cent from 1951. Accompanying bothlarger average holdings and higher averagerates of return, earnings on loans, UnitedStates Government securities, and other secu-rities were all larger in 1952 than in 1951.Earnings increased 303 million dollars or15 per cent on loans, 97 million dollars or

MEMBER BANK EARNINGS, SELECTED YEARS, 1929-52

[Dollar amounts in millions]

I ten 1932 1939 1941 1942 1945 1947

EarningsOn U. S. Government securi-

ties iOn other securities1

On loans2

Service charges on deposit ac-counts

Other earnings2

Expenses2

Salaries and wagesInterest on time deposits3. . . .Interest on interbank and de-

mand depositsTaxes other than on net in-

come2

Other expenses 2

Net current earnings beforeincome taxes 2

Recoveries and profits4

Losses and charge-offs2 6

Net increase in valuation re-serves6

Profits before income taxes. . .Taxes on net income

Net profitsCash dividends declared8

Number of banks at end of year..

$2,399

i 4731 ,563

) 363

1,684464445

112348

715

137295

557387

$1,554

458851

245

1,143357302

67285

410

113778

-255245

$1,296

444560

f 54\ 237

895388159

85262

401

327380

347207

$1,417

239206665

65242

988426140

129293

429

278318

390211

$1,487

336204649

68230

1,002461128

81331

485

188223

45168

383203

$2,102

997139588

87291

1,268580183

83422

835

454230

1,058270

788246

$2,579

921149

1,044

119346

1,650797236

529

929

232251

910257

653281

$2,828

855158

1,308

141367

1,795876250

90579

1,033

190195

173

854234

621294

$2,986

859169

1,427

158373

1,889926261

96605

1,097

155166

125

961275686313

$3,265

865190

1,634

172403

2,0201,000

271

109640

1,245

175149

121

1,150369

781346

$3,669

832211

2,003

187436

2,2321,125

306

115686

1,437

139202

128

1,247491

756371

$4,120

929235

2,306

198452

2,5011,244

365

118775

1,619

113226

1,437608829390

8,522 6,816 6,362 6,619 6,679 6,884 6,923 6,918 6,892 6,873 6,840 6,798

1Not reported separately prior to 1945; data for 1941 and 1942 are estimated.2The following changes in reporting are reflected beginning with 1942: (a) earnings on loans include service charges and fees on loans,

previously included in other earnings; (b) taxes on net income, previously included with other taxes in expenses, are a separate item;(c) recurring depreciation on real estate, previously included in losses and charge-offs, is included in other expenses.

3Beginning with 1938, interest on time deposits includes interest on interbank time deposits; interest (if any) on demand depositsis included in other expenses.

4Includes recoveries credited either to undivided profits or to valuation reserves.5Includes losses charged either to undivided profits or to valuation reserves.6This is the net of transfers from undivided profits to valuation reserves and vice versa, and of losses charged and recoveries credited

to valuation reserves.7Not reported separately; transfers to these reserves were included with losses, and transfers from these reserves were included with

recoveries. Such amounts are estimated to have been relatively small, especially prior to 1947.8Includes interest on capital notes and debentures.

MAY 1953 463



12 per cent on United States Governmentsecurities, and 24 million dollars or 11 percent on other securities. These increasessomewhat more than offset increases of 269million dollars in total expenses and 117million in provision for income taxes. Aslightly smaller proportion of net profits wasdistributed as cash dividends than in 1951,although the 390 million dollars so distrib-uted was 19 million larger.

Largely through retention of profits, mem-ber bank capital accounts during 1952 in-creased in approximately the same propor-tion as total assets, leaving the ratio of averagetotal capital accounts to average total assetsunchanged at 6.9 per cent. The increasingproportion of assets held in the form ofloans and investments other than UnitedStates Government securities, however, re-sulted in a continuation of the downwardtrend of the ratio of total capital accountsto total assets less cash assets and UnitedStates Government securities. This ratiodeclined to 16.2 per cent as compared with16.7 per cent in 1951 and 18.9 per cent in1950.

Earnings figures for selected years be-ginning with 1929 appear in the table onthe preceding page.

Earnings and earning assets. Total cur-rent earnings of all member banks aggre-gated 4,120 million dollars in 1952, 12 percent more than in the previous year. Allreported categories of earnings were largerthan in 1951.

The largest quantitative and relative in-crease was in earnings on loans. An ex-pansion during 1952 of 11 per cent in theamount of member bank loans outstandingand an increase in the average rate of returnfrom 4.26 per cent to 4.51 per cent servedto enlarge earnings from this source to 2,306million dollars, 15 per cent more than in

1951. Earnings on loans were 56 per centof total earnings in 1952 as compared with55 per cent in 1951 and 50 per cent in 1950.As shown in the accompanying table, allmajor categories of loans shared in the totalexpansion of about 5.5 billion dollars, whichwas somewhat in excess of the growth in1951 but considerably below the 8.5 billionexpansion in 1950.

MEMBER BANK LOANS AND INVESTMENTS, DECEMBER 31, 1952


Item

Total loans and investments...

Loans1

Commercial and industrialAgriculturalFor purchasing and carrying se-

curitiesReal estateOther loans to individualsAll other

U. S. Government securities. .Treasury bills, notes, and certifi-

catesBonds2

Other securitiesState and local governmentOther

Dec. 31,1952

$119,547

55,03426,2332,416

2,99712,21410,3961,577

52,763

20,65632,107

11,7518,4093,342

Change fromDec. 31, 1951

Amount

$+7,300+5,473+ 1,886+ 276

+ 596+ 880+ 1,872+ 42

+1,142

-1,349+2,491

+ 686+ 881- 195

Per-centage

+ 6.5+11.0+ 7.7+ 12.9

+24.8+ 7.8+22.0+ 2.7

+ 2.2- 6.1+ 8.4

+ 6.2+ 11.7- 5.5

1Totals are net (after deduction of valuation reserves); indi-vidual loan items are gross and do not add to totals.2Includes small holdings of guaranteed obligations.

About one-third of the total dollar in-crease in loans was in commercial and in-dustrial loans and another third in "otherloans to individuals," which are largely con-sumer loans. This was an expansion of 8per cent in commercial and industrial loansand 22 per cent in "other loans to individu-als"; comparable increases during 1951 were19 and 3 per cent, respectively.

According to sample data by industrygroups, more than half the commercial andindustrial loan expansion for the year 1952as a whole was to manufacturers of metalsand metal products (including machineryand transportation equipment). Net de-




creases in loans were reported for only threegroups—manufacturers of food, liquor, andtobacco; manufacturers of textiles, apparel,and leather; and the public utility industry(including transportation).

Member bank total holdings of UnitedStates Government securities expanded alittle more than one billion dollars during1952. Holdings of short-term, lower yield-ing bills, certificates, and notes declined by1.3 billion dollars, while holdings of bondswith higher yields increased 2.5 billion.Larger holdings, the shift to higher yieldingbonds, and the generally higher level ofyields all served to advance earnings onUnited States Government securities to 929million dollars, 12 per cent more than in1951. The average rate of return on theseholdings was 1.79 per cent in 1952 as com-pared with 1.66 per cent in 1951. Earningson United States Government securitieswere 23 per cent of all member bank earn-ings in 1952, the same as in 1951.

Earnings on securities other than thoseof the United States Government aggre-gated 235 million dollars in 1952, 24 mil-lion more than in 1951; and the average rateof return increased to 2.03 per cent from1.99 per cent. This modest increase in rateof return reflected the changing compositionof portfolios as well as generally higherlevels of yields in 1952. Holdings of Stateand local government securities, which aretax-exempt and therefore have relatively lowyields, increased 881 million dollars, whileholdings of other securities in this groupdeclined 195 million; these changes wereabout the same as corresponding changesduring 1951.

Expenses. Total current expenses of allmember banks increased to 2,501 milliondollars in 1952, 12 per cent above the pre-vious year. There was no significant change

in the relative importance of the various ex-pense items, all of which were larger in 1952than in 1951. Salaries and wages were thelargest component and accounted for about50 per cent of total expenses. Officers' sal-aries amounted to 408 million dollars, anincrease of 33 million from 1951, and sal-aries and wages of other employees aggre-gated 835 million dollars, an increase of85 million. These increases reflected bothlarger numbers of officers and employeesand increases of about 5 per cent in averagesalaries and wages. Interest paid on timedeposits increased 59 million dollars to 365million, and the average rate of interest paidincreased from 1.02 to 1.13 per cent.

Losses, charge-offs, recoveries, and

profits.3 Losses and charge-offs on loansaggregated 71 million dollars in 1952 andrecoveries on loans aggregated 45 million,about the same amounts as reported for 1951.The resulting net loss of 26 million dollarsfor 1952 was 1.1 per cent of total earningson loans, somewhat less than the 1.3 per centin both 1951 and 1950.

Reflecting lower prices, losses on securitiesincreased to 108 million dollars from the88 million reported for 1951. Recoveries onsecurities were about 15 million dollars ineach year. Profits on securities sold orredeemed aggregated 29 million dollars ascompared with 52 million in 1951 and 82million in 1950.

Valuation reserves. Since the December1947 ruling of the Bureau of Internal Reve-nue pertaining to tax-free additions to re-serves for bad debt losses on loans, trans-fers to and from these reserves and othervaluation reserves on loans and securities

3 In this analysis, losses and charge-offs comprise thosedebited to either undivided profits or valuation reserves, andrecoveries comprise those credited to either of these accounts;transfers between undivided profits and valuation reservesare not included.

MAY 1953 465



have been important factors affecting bankprofits.

Net transfers from undivided profits tovaluation reserves on loans aggregated 108million dollars in 1952, considerably belowthe 154 million reported in 1951. Thesenet amounts were partly offset by losses andrecoveries carried directly to the reserves andso the increases in loan valuation reservebalances were 81 million dollars in 1952 and124 million in 1951. The smaller increaseduring 1952 resulted primarily from thefact that many banks had already reached,or were rapidly reaching, their permittedceilings on the amounts that may be accumu-lated in the reserve for bad debt losses onloans under the provisions of the InternalRevenue ruling. At the end of 1952, valu-ation reserves on loans were about 1.5 percent of the outstanding volume of loans.

Net transfers from undivided profits tovaluation reserves on securities were 7 mil-lion dollars in 1952, about 10 million dol-lars less than in 1951. After adjustmentsfor losses and recoveries carried directly tothese reserves, there was a net decrease in thesecurity reserve accounts of 13 million dol-lars; in contrast, there was a net increase of4 million in 1951. At the end of 1952, valua-tion reserves on securities were about 1.8 percent of the book value of outstanding securi-ties other than those of the United StatesGovernment and 0.32 per cent of total out-standing securities; comparable percentagesat the end of 1951 were 2.0 and 0.35 re-spectively.

Income taxes. Provision for income taxes(including excess profits taxes) in 1952 ag-gregated 608 million dollars, 24 per centmore than in 1951. From preliminary tabu-lations of data collected by the Federal Re-serve System from a selected sample of in-sured commercial banks, it is estimated that

somewhat fewer banks were subject to ex-cess profits taxes in 1952 than in 1951, butthat the amount of such taxes was aboutthe same in both years. For member banks,the amount of excess profits taxes in 1951was estimated to be about 20 million dollars.Detailed data on excess profit taxes of com-mercial banks in 1950 and 1951 are givenin an article in the June 1952 issue of theFederal Reserve BULLETIN.

A summary of the factors that contributedto the 1952 increase in member bank netprofits appears in the accompanying table.

FACTORS IN HIGHER N E T PROFITS


Item

Increase in net profits

Factors increasing net profits, totalIncrease in earnings on loansIncrease in earnings on U. S. Government securities.Increase in other earningsSmaller net increase in valuation reserves

Factors decreasing net profits, totalIncrease in expensesIncrease in provision for taxes on incomeDecrease in profits on securities soldIncrease in net losses on securitiesl

Increase in other net losses

Items showing no change from 1951.Net losses on loans1

Changefrom 1951

+ 73

+511303

975160

-43726911723226

includes recoveries credited and losses charged either to un-divided profits or to valuation reserves.

Gash dividends and capital. The dollaramount distributed in the form of cash divi-dends continued its gradual upward trendand amounted to 390 million dollars in 1952,an increase of 19 million from 1951. Becauseof increased profits, however, this distribu-tion was a smaller proportion of net profits—47 per cent as compared with 49 per centin 1951. The yield on average total capitalaccounts was 3.7 per cent, the same as inthe previous two years.

About 53 per cent of net profits, or 439million dollars, was retained by memberbanks to strengthen their capital positions.This amount was supplemented by about




128 million dollars provided through salesof common stock, and offset to the extentof about 25 million dollars net by otherchanges in capital accounts. These otherchanges included the retirement of preferredstock and the effects of mergers and changesin Federal Reserve membership.

Earnings and profits by class of bank.Total earnings, total expenses, net currentearnings before taxes, and net profits aftertaxes were larger in 1952 than in 1951 atall classes of member banks.

As noted above, net profits after taxes ofall member banks in 1952 were 10 per centabove the 1951 level and the return on aver-age capital accounts was 7.9 per cent. Thisrate of return is computed from aggregatedollar amounts for all member banks and istherefore weighted heavily by the experience

of the large banks. The 1952 ratios were7.1 per cent for New York City banks, 8.6per cent for Chicago city banks, and 8.1 percent for both reserve city and country banks.

The largest relative increase in net profitsafter taxes—23 per cent—occurred at centralreserve city banks in New York, and thesmallest—4 per cent—at country banks; theincrease at central reserve city banks in Chi-cago was 18 per cent and at reserve citybanks 8 per cent. While the ratio of netprofits to average total capital accounts wasconsiderably higher than in 1951 at thelargest (central reserve city) banks, therewas no change at reserve city banks and asmall decline at country banks.

Expansion in gross earnings varied from14 per cent at central reserve city banks inNew York to 11 per cent at country banks;

MEMBER BANK EARNINGS, BY CLASS OF BANK, 1952 AND 1951


ItemTotal

1952 1951

Central reserve city banks

New York

1952 1951

Chicago

1952 1951

Reservecity banks

1952 1951

Countrybanks

1952 1951

EarningsOnU. S. Government securities

On other securitiesOn loansAll other

ExpensesSalaries and wagesInterest on depositsAll other

Net current earnings before income taxe

Recoveries and profits1

Losses and charge-offs 2

Net increase in valuation reserves3

Profits before income taxesTaxes on net income

Net profitsCash dividends declared4

Ratios (per cent):Net current earnings before income taxes t

Average total capital accountsAverage total assets

Net profits to—Average total capital accountsAverage total assets

$4,120929235

2,306650

2,5011,244

365893

1,619

113226

681,437

608

829390

IS.41.06

7.90.55

$3,669832211

2,003623

2,2321,125

306801

1,437

139202128

1,247491

756371

14.41.00

7.60.53

$69113443

378137

371213

18140

321

2525

8313139

17595

13.11.08

7.10.59

$60812737

308136

334196

12126

274

331733

256114

14293

11.50.97

5.90.50

$16949128326

93441434

76

1194

7429

4518

14.50.97

8.60.58

$15145126925

83411230

68

711105517

3816

13.70.91

7.70.51

$1,594344

87915248

974478160337

620

389229

537241

295156

17.11.06

8.10.51

$1,413298

77804235

861429134298

552

599248

471196

275147

16.21.01

8.10.50

$1,66540393

930240

1,063509173381

602

3910127

513199

314122

15.61.07

8.10.56

$1,497362

84822228

954460147347

543

408137

464163

301115

14.91.03

8.20.57

includes recoveries credited either to undivided profits or to valuation reserves.2Includes losses charged either to undivided profits or to valuation reserves.3This is the net of transfers from undivided profits to valuation reserves and vice versa, and of losses charged and recoveries credited

to valuation reserves.4Includes interest on capital notes and debentures.

MAY 1953 467



it was 12 per cent at central reserve citybanks in Chicago and 13 per cent at reservecity banks. The expansion in earnings onloans varied from more than 20 per cent atcentral reserve city banks to 13 per cent atcountry banks. The central reserve citybanks, however, reported smaller relative in-creases in earnings on United States Gov-ernment securities than either reserve citybanks or country banks.

Total expenses increased within a rangeof 11-13 per cent at the various classes ofbanks. Net current earnings before incometaxes increased 17 per cent at central reservecity banks in New York and about 12 percent at the other classes of banks.

The ratio of average total capital accounts

to average total assets was lower for 1952than for 1951 at central reserve city banksin New York, higher at such banks in Chi-cago, and unchanged at reserve city andcountry banks. The ratio of total capitalaccounts to total assets less cash assets andUnited States Government securities, how-ever, declined at all classes of banks. As in1950 and 1951, this ratio was lowest at re-serve city banks (14.4 per cent) and highestat central reserve city banks in New York(17.5 per cent).

Summary data by class of bank are shownin the table on page 467, and detailed fig-ures of earnings and related items, togetherwith selected ratios, will be found on pages536-547 of this BULLETIN.



OWNERSHIP OF DEMAND DEPOSITS1

In the year ending January 31, 1953, thegrowth in privately held demand depositswas the smallest for any year since 1949. Itamounted to 2.5 billion dollars or about 2.5per cent, compared with 7 per cent in eachof the two preceding years. The slackenedgrowth of demand deposits reflected amongother things the general stability of the econ-omy in 1952 and the effects of higher interestrates on the relative attractiveness of demanddeposits as compared with income produc-ing assets. These developments in turn re-flected the credit and monetary policies pur-

1 This article was prepared by Caroline H. Cagle of theBoard's Division of Research and Statistics.

sued by the Federal Reserve System in 1952.The Federal Reserve System's annual sur-

vey of demand deposit ownership revealsthat the percentage increase in demand de-posits was small for each of the two maincategories of holders—businesses and individ-uals—approximately 3 and 1 per cent, re-spectively. Growth was larger among themiscellaneous demand deposit holders,amounting to about 6 per cent in the caseof nonprofit associations. Farmers' demandbalances changed little.

Business deposits. Additions to demanddeposits of nonfinancial businesses in the yearending January 31, 1953 amounted to 1.5

OWNERSHIP OF DEMAND DEPOSITS BY INDIVIDUALS AND BUSINESSES

BILLIONS OF DOLLARS120

BILLIONS OF DOLLARS28

1942 1950 1946 1950

* Includes deposits of trust funds and foreigners.NOTE.—Estimates based on Federal Reserve surveys of deposit ownership. Latest figures are for Jan. 31, 1953.

MAY 1953 469


OWNERSHIP OF DEMAND DEPOSITS

billion dollars, about 3 per cent as comparedwith 8 per cent in 1951 and 7 per cent in1950. The difference in growth was asso-ciated principally with smaller increases formanufacturing and mining and for tradeconcerns.

TABLE 1

OWNERSHIP OF DEMAND DEPOSITS OF INDIVIDUALS,

PARTNERSHIPS, AND CORPORATIONS

[Estimates, dollar amounts in billions]

Type of holder

Domestic businesses—total. .

N on financial businesses—total.

Manufacturing and mining.Public utilitiesTradeOther nonfinancial

Financial businesses—total

Insurance companies.Other financial

Individuals—totals. . .

FarmersOther individuals.

Other holders—total.

Trust fundsNonprofit associations. .Foreigners3

Total. .

AmountoutstandingJan. 31, 1953

57.4

48.1

21.94.5

15.16.6

9.2

3.16.1

33.4

7.226.2

5.7

1.53.60.7

96.5

Change fromJan. 31, 1952

Dollaramount

+1.8+1.5+0.6+0.1+0.3+0.5+0.3

+0.2+0.1+0.4

0)+0.4

+0.2

(0+0.2

(0+2.5

Per-centage

+3.3+3.3

+2.8+3.0+ 1.9+8.6+3.5+6.8+ 1.9

+ 1.3

()+ 1.6

+3.6

~0.2+5.5+2.2+2.6

1Less than 50 million dollars.2Less than 0.05 per cent.3 Excludes foreign banks and governments.NOTE.—Detailed figures may not add to totals because of round-

ing.

Expansion in demand deposits in the re-cent 12-month period amounted to about 3per cent for manufacturing and mining andfor public utility concerns, while the growthfor trade concerns was less than 2 per cent, asshown in Table 1. The largest increase forany major industrial group, nearly 9 per cent,was in demand deposits held by the "othernonfinancial" group, which includes variousservice and construction lines. The relativelylarge expansion for this group may be ex-plained in part by an advanced level of sales

and expenses in late 1952 and early 1953,which called for larger cash balances.

Sharply reduced growth in business de-mand deposits in the recent 12-month period,as compared with the two previous years, isprobably the result of a number of factors.For the year as a whole the increase in busi-ness activity was moderate in contrast withthe pronounced rises during the previoustwo years. This meant that business require-ments for increased working balances wereless pressing, particularly in view of the largeincreases that had occurred in the previousyears. Contributing to this development wasthe substantial decline in farm prices in 1952,which reduced the working capital needs ofthe food processing, packaging, and distribut-ing industries, an important business sector.

Other factors tending to restrain the ex-pansion of business deposits among cor-porations in 1952 as compared with 1950 and1951 may have been the lower level of cor-porate profits and the larger expendituresfor new plant and equipment. These de-velopments may have caused some businessesto draw on available cash balances.

Still another factor in the decisions of busi-ness managements concerning their holdingsof cash balances was the increase in interestrates last year. The rise in yields on short-term investments undoubtedly influencedbusinesses with liquid resources temporarilyin excess of operating needs to keep themfully invested, and the fact that businesseshad to pay somewhat more for borrowedfunds may have caused more careful scrutinyof credit needs and more concern with keep-ing available funds in use.

Growth of 300 million dollars, or about3.5 per cent, in the demand deposits offinancial businesses in the 12 months end-ing January 31, 1953 accompanied a verylarge increase in individual savings. Savings




and loan associations and credit unions in-creased their demand deposits in line withtheir other assets. For these institutions, aswell as for life insurance companies, thegrowth in total assets was the largest in theirhistory. Last year's increase in demand de-posits for all financial businesses taken asa group, however, was less than half that ineach of the two preceding years, reflecting inpart at least the attraction of higher yieldson investments and the heavy volume ofborrowing from savings institutions.

TABLE 2

OWNERSHIP OF DEMAND DEPOSITS OF CORPORATE AND

NONCORPORATE BUSINESSES

[Estimates, dollar amounts in billions]

Type of holder

Domestic busi-nesses—total..

Nonfinancial—total

Manufacturingand mining. . .

Public utilities. .TradeOther nonfinan-

cial

Financial—total. . .

InsuranceOther financial..

Jan. 31,1953

Cor-porate

43.3

36.2

19.94.38.5

3.6

7.1

2.94.2

Non-cor-

porate

14.0

11.9

2.00.36.6

3.0

2.1

0.21.9

Change fromJan. 31, 1952

Dollaramount

Cor-porate

+ 1.3

+ 1.0

+0.6+0.1+0.1

+0.3

+0.3

+0.2+0.1

Non-cor-

porate

+0.5

+0.5

0)0)

+0.2

+0.2

C1)

0)0)

Percentage

Cor-porate

+3.2

+2,9

+2.9+2.8+0.8

+8.9

+4.4

+6.1+3.2

Non-cor-

porate

+3.7

+4.3

+ 1.8+5.6+3.3

+8.3

+0.6

+ 17.0-0.9

1Less than 50 million dollars.NOTE.—Detailed figures may not add to totals because of round-

ing.

There was little difference in the patternof change in demand deposit holdings as be-tween corporations and unincorporated busi-nesses. Corporate business demand depositsincreased moderately in all groups, as shownby Table 2, and holdings of noncorporatebusinesses also registered increases in all sec-tors except the "other financial" category,which showed a small decline.

Individual deposits. Individuals increasedtheir demand deposits about 400 million dol-lars, or 1 per cent, as compared with 6 percent in each of the two previous years. Therewas also an increase of approximately onebillion dollars in currency, presumablylargely held by individuals. Growth in thetotal of demand deposits and currency heldby individuals was probably between 3 and4 per cent, or approximately proportionateto the increase in consumer spending.

Personal savings were larger in 1952 thanin either of the two previous years, and in-dividuals added considerably to their liquidassets. The major part of the growth was informs of savings on which some income couldbe expected. Time deposits of individualsincreased by about 4 billion dollars, share bal-ances in savings and loan associations by 3billion, and equity in life insurance com-panies by 4 billion. Except for time deposits,which had increased somewhat more in theperiod 1944-46, these were the largest annualincreases on record for these types of savings.Net security purchases by individuals werelikewise substantial in volume, about 4 bil-lion dollars, primarily in the form of cor-porate bonds and stocks.

The small increase in demand deposits ofindividuals in the recent period thus reflectsto a significant extent the attractiveness toindividuals of the increased earnings offeredon savings deposits, savings and loan shares,and other available investments. It may alsoreflect a slackening in the demand for check-ing account funds by individuals for day-to-day operating purposes.

For the country as a whole there was littlechange in farmers' demand balances in the12-month period under review. This develop-ment followed two years of sharp increases,and probably reflected to some extent thefact that farmers about held their own from

MAY 1953 471



TABLE 3

PERCENTAGE CHANGES IN DEMAND DEPOSITS OF FARMERSAND OTHER INDIVIDUALS, BY FEDERAL RESERVE DISTRICT

JANUARY 31, 1952 TO JANUARY 31, 1953

Federal Reserve district

BostonNew YorkPhiladelphia

ClevelandRichmondAtlanta

ChicagoSt. LouisMinneapolis

Kansas CityDallasSan Francisco

All districts

Farmers

+2.0+ 1.9+ 1.6+6.4+2.6-3.2

-0.7-1.4-2.2

+6.3-5.7-1 .3

0)

Other individuals

-3.1-4.2+ 1.6+3.4+5.0+6.4- 1 . 1+7.2+ 1.4+4.3+6.8+2.3+ 1.6

1Less than 0.05 per cent.

the standpoint of net income in 1952, whereasin the two preceding years total net farmincome expanded sharply. Farmers' balancesactually declined last year in half of the Fed-

eral Reserve districts, for the most part in theDeep South, the Mississippi Valley, and theFar West, as shown in Table 3.

Miscellaneous deposits. Miscellaneous de-posit holders account for a very small partof the aggregate amount of demand depositsof individuals, partnerships, and corpora-tions. The growth in their holdings in theyear ending January 31, 1953 amounted to200 million dollars, or about 4 per cent.Nonprofit associations accounted for nearlyall of the expansion, with a percentage in-crease from last year of about 6 per cent.This was a lower rate than in 1950 or 1951,perhaps in part because of an expansion inbuilding programs by these organizationsfollowing the lifting of controls over suchconstruction last year. In part the smaller in-crease may also reflect the greater attractive-ness than in former years of the yields onother forms of liquid assets.

TABLE 4

OWNERSHIP OF DEMAND DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS, SELECTED DATES, 1941-53

[Estimates, in billions of dollars]

Type of holder

Domestic businesses—total

CorporateNoncorporate

Nonfinancial businesses—total

Manufacturing and miningPublic utilitiesTradeOther nonfinancial

Financial businesses—total

Insurance companiesOther financial

Individuals—total

FarmersOther individuals

Other holders—total

Trust fundsNonprofit associationsForeigners—businesses and individ-

uals

Total

Dec. 31,1941

24.8*

20.4

10.03.14 62.7

4 4

1.92.59.6**

3 2

*

*

37.6

Feb. 29,1944

35.9*

31.5

16.33.78 23.4

4 3

1.72.6

17.7

4 213.5

3.6

1 31.5

0.8

57.2

Jan. 31,1945

40.4

30.69.9

35.3

17.53.7

10 33.7

5.2

1.93.3

21.5

5.016.5

4.0

1.41.9

0.7

65.9

Jan. 31,1946

42.9

31.111.9

37.0

16.14.0

12.64.2

5.9

1.84.1

26.4

6 320.1

4.81 62.4

0.8

74.1

Feb. 26,1947

43.8

32.111.7

37.2

16.04.2

12.54.5

6.5

2.1

4.5

28.9

7.221.7

5.2

1.72.7

0.8

77.8

Jan. 30,1948

47.1

35.012.1

39.8

17.34.1

13.44.9

7.4

2.74.7

30.1

7.522.6

5.2

1.62.8

0.7

82.4

Jan. 31,1949

46.6

34.911.7

39.4

17.13.9

13.45.0

7.2

2.54.7

29.1

7.122.0

5.1

1 62.9

0.7

80.8

Jan. 31,1950

47.9

36.111.8

40.2

17.64.0

13 35.3

7.7

2.75.0

29.1

6.822.3

5.0

1 52.9

0.6

82.0

Jan. 31,1951

51.6

39.212.4

43.2

19.54.4

13 95.4

8 4

2.85.6

30.8

7 023.8

5.3

1 63.0

0.6

87.7

Jan. 31,1952 r

55.5

42.013.5

46.6

21.34.4

14 86.1

8 9

3.06.0

33.0

7 225.8

5 5

1 53.4

0.6

94.0

Jan. 31,1953

57.4

43.314.0

48.1

21.94.5

15 16.6

9 2

3.16.1

33.4

7 226.2

5 7

1 53.6

0.7

96.5

r Revised. * Not available.NOTE.—Detailed figures may not add tals because of rounding.




Size of accounts. Changes in the volumeof business deposits held in various sizes ofaccounts were small in the year ending Janu-ary 31, 1953, as in other recent years. Thepercentage increase was roughly the samein each size of account and thus there waslittle change in the proportion of the totalheld in each account size.

Among individuals, on the other hand, theamount of demand deposits held in thelargest accounts (more than $25,000) de-

clined in 1952, while there was an increase

in the amount held in the smaller accounts

(less than $10,000). There was little change

in accounts of intermediate size ($10,000-

$25,000). The decline in the large accounts

may have been due to a greater sensitivity of

these accounts to the higher interest return

available on investments and to a shift of

funds from these demand accounts to securi-

ties or other forms of investment.

CURRENT EVENTS AND ANNOUNCEMENTS

Publication of the Annual Report of theBoard of Governors

The Thirty-ninth Annual Report of the Boardof Governors of the Federal Reserve System, cover-ing operations for the calendar year 1952, is avail-able for distribution. Copies may be obtained uponrequest from the Division of Administrative Serv-ices, Board of Governors, Washington 25, D. C.

Federal Reserve Meetings

The Conference of Chairmen of the Federal Re-serve Banks met with the Board of Governors inWashington on April 28, 1953.

The Federal Advisory Council held a meeting inWashington on May 17-19, 1953, and met with theBoard of Governors of the Federal Reserve Systemon May 19.

Changes in Board's Staff and OrganizationMr. David B. Hexter, formerly Associate Chief

Counsel in the Office of the Comptroller of theCurrency, was appointed Assistant General Counselin the Board's Legal Division and assumed hisduties on April 27, 1953. Mr. Hexter is a graduateof West Virginia University and the Harvard Uni-versity Law School and had been with the Officeof the Comptroller of the Currency since 1939.

Effective April 29, 1953, the Board of Governorsauthorized the discontinuance of the Office of theSolicitor and the personnel of that Office wastransferred to the Legal Division. Mr. G. How-land Chase, who had been serving as AssistantSolicitor, was appointed to the position of As-sistant General Counsel.

Resignation of Mr. Gidney as President of the FederalReserve Bank of Cleveland and the Appoint-

ment of Mr. Fulton as His Successor

Effective as of the opening of business on April16, 1953, Mr. Ray M. Gidney, who had been servingas President of the Federal Reserve Bank of Cleve-land since November 1, 1944, resigned to acceptappointment as Comptroller of the Currency. In1917, after having been on the staff of the FederalReserve Board for two and one-half years, Mr. Gid-ney joined the staff of the Federal Reserve Bank ofNew York, where he served in various official ca-pacities, including Manager of the Buffalo Branch,Controller of Loans, Deputy Governor, and As-sistant Federal Reserve Agent. He was serving asa Vice President of the Federal Reserve Bank otNew York when he was appointed President of theFederal Reserve Bank of Cleveland.

Mr. W. D. Fulton, who had been serving asFirst Vice President of the Federal Reserve Bankof Cleveland since January 1, 1953, was appointedPresident to succeed Mr. Gidney. Following aboutten years' experience in the commercial banking andaccounting fields and with the Reconstruction Fi-nance Corporation, Mr. Fulton joined the staff ofthe Federal Reserve Bank of Cleveland as an Ex-aminer on May 1, 1933. He subsequently servedas Chief Examiner and Assistant Vice President,and was serving as Vice President in charge ofthe Cincinnati Branch at the time of his appoint-ment as First Vice President.

MAY 1953 473


CURRENT EVENTS AND ANNOUNCEMENTS

Election of Class B Director

The Federal Reserve Bank of Boston on April30, 1953, announced the election of Mr. Harry E.Umphrey, President, Aroostook Potato Growers,Inc., Presque Isle, Maine, as a Class B director ofthe Bank for the unexpired portion of the termending December 31, 1955, to succeed Mr. Roy L.Patrick, deceased. Mr. Patrick was President of theRock of Ages Corporation, Burlington, Vermont.

New BULLETIN TableA new table, ''Deposits and Other Dollar Assets

Held at Federal Reserve Banks for Foreign Cor-respondents," is included (page 563) Table 9 ofthe statistical section "International Capital Trans-actions of the United States." This table bringstogether data that provide a more current pictureof changes in the dollar reserves of foreign coun-tries as a group, as reflected by the operationsof the Federal Reserve Banks for foreign corre-spondents. These data also are useful for analyzingthe effect of these operations on commercial bankreserves and the money market of the United States.

The new table shows deposits, securities, andmiscellaneous assets of foreign central banks andgovernments (including the Bank for Interna-tional Settlements) which are held at Federal Re-serve Banks. It excludes assets belonging to theInternational Bank for Reconstruction and De-velopment and the International Monetary Fund.It also excludes holdings of earmarked gold; theseare shown as part of the table "Analysis ofChanges in Gold Stock of United States," whichappears under the general heading "InternationalFinancial Statistics" (page 565 of this issue).

One item in the table is the amount of UnitedStates Government securities held in custody by theFederal Reserve Banks for foreign correspondents,which the Federal Reserve System recently beganto include as a memorandum item in the weeklypress release on the Condition of the FederalReserve Banks.

The statistics in the new table are supplemen-tary to, but not directly comparable with, thoseappearing in other tables of the section "Inter-national Capital Transactions of the UnitedStates." The chief differences arise from the factthat the new table reflects only changes in Fed-eral Reserve accounts, which are maintained forforeign central banks and governments but not forother foreign banks or individuals. Other tables

of this section reflect changes in all foreign dol-lar accounts, whether official or private andwhether maintained at Federal Reserve Banks orat commercial banks. In addition, the new tableincludes any holdings of United States Govern-ment bonds and notes maturing in more than oneyear from their dates of issue, and, in the "miscel-laneous" column, foreign and international bondsheld by Federal Reserve Banks for foreign corre-spondents; these categories are excluded by defi-nition from the reported "short-term" liabilities toforeigners appearing in Table 2 of the section.

The following table shows back figures for year-end dates comparable to the current data appearingin the tabular section:

DEPOSITS AND OTHER DOLLAR ASSETS HELD AT

FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS,

1945-52[In millions of dollars]

End of year

19451946194719481949195019511952...

Deposits

861508392642767895526550

Assets in custody

U.S.Government

securities

1,654969187594669

1,5711,3832,156

Miscellaneous

2130255070608086

Tables Published Annually and Semiannually, withLatest BULLETIN Reference

Semiannually Issue PageBanking offices:

Analysis of changes in number of. . . Feb. 1953 181On. and not on, Federal Reserve Par

List, number of Feb. 1953 184Annually

Bank suspensions Feb. 1952 135Earnings and expenses:

Federal Reserve Banks Feb. 1953 182-183Member banks:

Calendar year May 1953 536-546First half of year Oct. 1952 1159

Insured commercial banks May 1953 547Banks and branches, number of, by

class and State May 1953 548-549Operating ratios, member banks Aug. 1952 937-939

Admissions of State Banks to Membership in theFederal Reserve System

The following State banks were admitted tomembership in the Federal Reserve System duringthe period March 16, 1953 to April 15, 1953:

ArkansasBatesville—The Citizens Bank.

IowaMarshalltown—Security Savings Bank.



NATIONAL SUMMARY OF BUSINESS CONDITIONS[Compiled April 24 and released for publication April 28]

Manufacturing and construction activity rosefurther in March and in April continued at ad-vanced levels. Retail sales remained well above ayear ago, with auto sales up sharply from last yearand most other lines showing substantial gains.The average levels of wholesale and consumer priceschanged little. Demand for bank credit continuedstrong.

INDUSTRIAL PRODUCTION

The Board's index of output at factories andmines increased two points further in March to242 per cent of the 1935-39 average—a level one-tenth higher than a year ago and one-fifth abovemid-1950. In April output has apparently beenmaintained close to this advanced level.

The rise in March reflected largely continuedmarked gains in output of metals and metal prod-ucts. Steel rose to a new record annual rate of119.5 million tons. Owing mainly to recent sharpexpansion in aluminum, nonferrous metals outputwas about 20 per cent above a year ago. Activityin the automobile, aircraft, and machinery indus-tries expanded further, and output of buildingmaterials was maintained in very large volume.While production of most household durable goodsrose in March, television production was cut asbusiness stocks began to accumulate and, in April,output has been curtailed considerably further. Steelproduction also has declined somewhat in Aprilowing to temporary factors.

Output of nondurable goods rose further in

INDUSTRIAL PRODUCTIONPer C e n t , F h y s i c o l V o l u m e , S e a s o n a l l y A d j u s t e d , 1 9 3 5 - 3 9 = 1 0 0

March to about the peak rate of early 1951 as ac-tivity in the chemical, rubber products, and foodindustries continued to expand. Output of mostother nondurable goods was maintained. In thefirst three weeks of April, beef production increasedfurther and, despite a decline in pork production,total meat output was estimated at 12 per cent abovea year ago.

Output of crude petroleum and its productshas been curtailed moderately beginning in March,and coal output has been maintained at relativelylow levels.

CONSTRUCTION

Value of construction contract awards increasedseasonally in March for most major categories.Housing units started increased less than seasonallyto 97,000 from 77,000 in February; a year earlier104,000 were started. Value of new constructionwork for private residential and nonresidential pur-poses increased further in March.

EMPLOYMENT

Seasonally adjusted employment in nonagri-cultural establishments in March continued at therecord level of 49.1 million (revised series) and wasabout 1.5 million above a year ago. Averageweekly earnings at factories advanced to $72.10in March—8 per cent larger than a year ago.Unemployment declined seasonally to 1.7 million,the lowest March level in the postwar period.

PRICES AND TRADE

WHOLESALE PRICES

1949 1950 1951 1952 1953 1949 1950 1951 1952 1953

Federal Reserve indexes. Monthly figures, latest shown arefor April.

Seasonally adjusted series except for prices. Price indexescompiled by Bureau of Labor Statistics. Total retail sales anddisposable personal income, Federal Reserve indexes based onDepartment of Commerce data. Department store trade, Fed-eral Reserve indexes. Monthly figures, latest shown are forMarch.

MAY 1953 475


NATIONAL SUMMARY OF BUSINESS CONDITIONS

DISTRIBUTIONDepartment store sales in March and the first

three weeks of April remained above year-agolevels and close to the level of the two precedingmonths, after allowances for Easter and other sea-sonal influences. In March, seasonally adjustedsales at other retail outlets continued substantiallyhigher than a year ago. Sales of new and usedcars were up sharply from March last year. Stocksat department stores rose less than seasonally inMarch, according to preliminary estimates, andwere only moderately larger than a year ago.

COMMODITY PRICESThe average level of wholesale prices declined

slightly from the latter part of March to the latterpart of April. At the end of March, future pricesfor grains, cotton, wool tops, hides, and rubberdeclined sharply for a day or two in response tointernational developments. Decreases in spotprices were more moderate. While prices of mostof these commodities subsequently firmed, sharpdecreases developed in the markets for nonferrousmetals and steel scrap. Cattle prices changed littlefrom earlier lows despite a resumption of heavymarketings, and hog prices continued to show alarger than seasonal advance.

Consumer prices advanced .2 per cent in Marchwith most groups of goods and services increasingsomewhat, reflecting in part adjustments to theelimination of remaining price controls.

BANK CREDITDemand for bank credit continued strong in

late March and the first half of April although totalloans and investments at banks in leading cities

COMMERCIAL LOANSMIMIER 1ANKS IN HADING CITIESBillions of Dollars

TOTAL OUTSTANDING

SELECTED INDUSTRIESCUMULATIVE CHANGEFROM JUNE 1951

/METALS . FOODS and,-. / ,4 COMMODITY-| V / \ DEALERS

SALES FINANCE

Data reported by over 200 of the largest member banks.Metals include machinery and transportation equipment. Foodsinclude liquor and tobacco. Petroleum includes coal, chemicals,end rubber. Wednesday figures, latest shown are for April 29.

476

declined further as a result of continued large de-clines in holdings of Government securities. Satesfinance companies and trade concerns increasedtheir outstanding bank loans. "Other loans," re-flecting in large part consumer spending, con-tinued to expand substantially at weekly reportingbanks. Bank loans on real estate and investmentsin municipal and corporate securities also rosefurther. Commodity dealers and food processorscontinued to repay seasonal borrowings.

Interest rates charged by commercial banks onshort-term business loans averaged 3.54 per centin the first half of March, as compared with 3.51per cent in the first half of December. Averagerates rose somewhat at banks in the south andwest but showed little change elsewhere.

Member bank reserve positions remained gen-erally tight during the first three weeks of April.Member bank borrowing from the Federal Reserveaveraged around 1J4 billion dollars, and excessreserves around 600 million.

SECURITY MARKETS

Yields on Treasury and other high-grade se-curities advanced further during the first threeweeks of April. Common stock prices declined tolevels prevailing in the first half of November 1952.

On April 8 the Treasury announced a cash offer-ing of 1 billion dollars of 3 J4 per cent bonds of June1978-83 and also offered the bond in exchange forSeries F and G savings bonds maturing in 1953.The Treasury announced that the total of theregular weekly bill issues would be increased about1 billion dollars before the end of June.STOCK MARKET

~ I1950

_ YIELDS

, _

1951

• ^ ^

1952

\

1953

6

4

Prices, SEC index for 265 common stocks on 1935-39 base,converted to 1947-49 base by Federal Reserve. Volume, NewYork Stock Exchange average; daily volume of trading. Yields,Moody's data for 200 common stocks. Prices and volume areweekly, latest shown are for week ending Apr. 25. Yields aremonthly; latest shown are for April.



FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICSUNITED STATES

PAGE

Member bank reserves, Reserve Bank credit, and related items 479-480

Federal Reserve Bank rates; margin requirements; reserve requirements 480-481

Reserves and deposits of member banks 482

Federal Reserve Bank statistics 483-485

Regulation V: guaranteed loans, fees, and rates 485-486

Bank debits and deposit turnover; Postal Savings System 486

Money in circulation 487

Consolidated statement of the monetary system; deposits and currency. . 488

All banks in the United States, by classes 489-491

All commercial banks in the United States, by classes 492-493

Weekly reporting member banks 494-495

Commercial paper and bankers' acceptances 496

Life insurance companies; savings and loan associations 497

Government corporations and credit agencies 498-499

Security prices and brokers' balances 500

Money rates; bank rates on business loans; bond and stock yields 501

Treasury finance 502-507

New security issues 508

Business finance 509-510

Real estate credit statistics 511-513

Statistics on short- and intermediate-term consumer credit 514-516

Business indexes 517-526

Merchandise exports and imports 526

Department store statistics 527-531

Consumers' and wholesale prices 532-533

Gross national product, national income, and personal income 534-535

Member bank earnings, 1952 536-547

Number of banks and branches in operation on December 31, 1952 . . . 548-549

Weekly reporting member banks-revised series, total for all leading cities 550-555

List of tables published in BULLETIN annually orsemiannually, with references for latest data 474

Tables on the following pages include the principal statistics of current significance relating tofinancial and business developments in the United States. The data relating to Federal ReserveBanks, member banks of the Federal Reserve System, and department store trade, and the consumercredit estimates are derived from regular reports made to the Board; index numbers of productionarc compiled by the Board on the basis of material collected by other agencies; figures for goldstock, money in circulation, Treasury finance, and operations of Government credit agencies areobtained from statements of the Treasury; the remaining financial data and other series on businessactivity are obtained largely from other sources. Back figures through 1941 for banking andmonetary 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 earlierBULLETINS.

MAY 1953 477


MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMSBillions of Dollars Wednesday Figures Billions of Dollars35

/ ' Jf ^\/r \ ^A<fS-^\ L o o l D * T O C K ^ \

TREASURY CASH AND DEPOSITS!

15

10

1944 1945 1946 1947 1948 1949 1950 1951 1952

30

10

I FEDERAL RESERVE FLOAT TT . 4 . . H ~ [ Jl '.

15

10

I I IFEDERAL RESERVE CREDIT

HOLDINGS OF U S GOVERNMENT SECURITIES • TOTAL

o sDISCOUNTS AND ADVANCES

1944 1945 1946 1947 1948 1949 1950 1951 1952 1953

Wednesday figures, latest shown are for April 29. See page 479.



MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS

D ate

Wednesday1952

Mar.Mar.Mar.Mar.

Apr.Apr.Apr.Apr.Apr.

MayMayMayMayJuneJuneJuneJane

JulyJulyJulyJulyJuly

Aug.Aug.Aug.Aug.

Sept.Sept.Sept.Sept.

Oct.Oct.Oct.Oct.Oct.

Nov.Nov.Nov.Nov.

Dec.Dec.Dec.Dec.Dec.

5121926

29162 3 . . . .307. . . .14. . . .21284. . . .111825....29. . . .16. . . .2330613202731017. . . .241. . . .815. . . .2 2 . . . .29. . . .

5121926

310. . . .1.7....2431

195JJan. 7Jan.Jan.Jan.

Feb.Feb.Feb.Feb.

Mar.Mar.Mar.Mar.


1421....28

4111825. ...

4. ...111825

1. ...8152229....

End ofmonth1952

Apr. .MayJuneJuly.Aug.Sept.Oct.Nov.Dec.

1Jan..Feb..Mar.Apr..

953

Reserve Bank credit outstanding

U.S. Govt. securities

Total

22,51422,53022,82522,528

22,51422,49422,46722,37222,363

22,32922,31522,28322,273

22,37822,49222,99722,564

22,86922,86022,72322,72622,844

22,97723,05123,03223,092

23,18223,22923,74023,715

23,69423,66323,66323,66323,624

23,52023,56723,56323,761

23,96824,23924,46924,61324,697

24,39124,20524,03423,970

23,98923,92923,89023,853

23,85323,85323,96323,869

23,80623,80623,82123,80623,806

22,36322,27322,90622,85323,14623,69423 57523,82124,697

23,94423,87523,80623,880

Boughtout-right

22,51422,51922,82522,528

22 51422,49422,46722,37222,363

22,32922,31522,28322,273

22,27322,27322,91322,564

22,76422,64522,60522,57622,602

22,89123,03223,03223,055

23,11623,11623,74023,715

23,69423,66323,66323,66323,624

23,49523,49223,50223,612

23,712^^ 78723,91423,99724,034

24,03424,03424,03423,970

23,88823,88823,88823,853

23,85323,85323,96323,869

23,80623,80623,80623,80623,806

23 36322,27322,76422,60223,09223,69423,49523 61224,034

23,88823,85323,80623,806

Heldunder

repur-

agree-ment

......

10521984

1052151181502428619

" " 3 7

66113

257561149256452555616663

357171

101412

"15

"14225154

80209663

5623

' '74

Dis-countsandad-

vances

1

11

1

1111111111

11

111

11

11

11

11

1,

384357126170130167622830676,043671499816926834541307480683974,073,403

843770979897968880313400544,019772,130,171

,663,583,486,615

,591752,022,728156

,336,076862,307

,385329732806

824315009705465908868842837

67695259270318477591895156

735309485014

Float

1

1

1

1

1

1

1

1

11

1

1

1

1

1

981886,260710761726,015766588690774,008648770798,284877801918969871655616727795610661759,191738721698887070'706

528542,140921,188866,543,515967

965881005728770649023743062770202810748709856743581

588922581694747572685020967

796006632649

Allother1

55555555555555555555454544554444444443434444

44444'4|4!4444444443

555545444

4433

[In

Total

2323242323232423232423232324242423242424242424242424242425242425252525252526262626272725

26262526

26252525

25252625

2525252525

232423242524252625

26262425

,883,778,216,413

409!393,109,973,632

,067,764,794,742

,079,128,828,753

,155,465,671,674,907

,440,553,810,603

,816,872,249,857

,963,384,325867[505

,714,696,193,301

,751860,'O39,860,825

,695,166,904,009

,148,912,648,406

,742,941,178,387

023,427549395227

632152551821216747855740825

478194927546

millions of dollars]

Goldstock

2323232323232323232323232323232323232323232323232323232323232323232323232323232323232323

23232323

22222222

22222222

2222222222

232323232323232323,

22,22,22

,290,291,292,291

291,'293,293,295,297

,297,297,298,296

,296,297,297,346

,346,347,348,350,350

,350,344,344,344

,344,344,344,343

,342,341,341340[340

,339,338,337338337337'277186187

137137088036935832722662662611612562563562562562562

298296346350344342339338187

986662563

P22.562

i rens-urycur-rencyout-

stand-ing

44444444444444444444444444444444444444444444

44444444444444444

4444,4,4,4f4J4,

4,4,4,

j>4,

,726,726,729,731

736\i36,737,738,739

,739,739,739,741

,747,750,751,752

,755,754,756,756,761

,763,764,766,768

,774,776780781787,787787790790794794797797803804806809812

814814814815

820820821821

824824826826

827828833834836

739748754762776786795802812

820824829839

Moneyincir-cula-tion

28282828

2828282828

28282828

28282828

2929282828

29292929

29292929

2929292929

29292930

3030303030

30292929

29292929

29292929

2929292929

2828'29,28,29,29,29,30,'30,

29,29,29,

,464,452,361,329

445[526,436,333,460

,523,497,483,710

,842,830,787,814

,180,148988884952041051068129391364292247417545617511540748905842152274370487732433

153884687592

657776654735772780708600754780753722787

464767026978293419644236433

691793754

P29,836

Treas-urycashhold-ings

1111]111111111111111111111111111111111111111

11111111111111111

111111111

111

PI

,296,296,285,282

281!273,288,287,284

,286,293,279,286

,282,284,286,290

,277,264,271,275,286

,279,277,281,276

,285,279,281,274

,287,280,276281,'289

,278,282,292,267

,278280^269,266,270

,280,280,291,298

,331,312,288,291

,295,299,305,306

,304,300,278,279,278

281',274,283,281,269,278,268261^270

,308,284,293,274

Deposits with F. R.Banks other thanmember bank

reserve balances

Treas-uryde-

posits

67063967

2953815208774507495163845585275079

13490383074826052704225267077153476

264523596212618588789505703317719645371665389

62245534374567243139538948833187

286329341509367

450541333638488508770378389

809336222393

For-eign j yjr

posiis

600566547545565562576538518497539572597

608623600595576638700766785727864839849815789821728722723675684655

643639691711

734720729729550

570699622612562558458454512581496511550568574585518

518599548724812707642758550

586511536506

ersits

295275195191211201277271266265257241216216211168218184268288250257255193218235251159177161162249179245236250244258270147316208201455

343364348337326340244211240345381351344343200356401

266495298267345174245298455

508412342416

OtherFed-eralRe-serveac-

counts

787785803804827827825824749747745745745742742794793798799797797724722718721721717715729726882880881878877805805803801800802860863777

776776774775770770835834830829852852869868865864784

749743783723718723805801777

770833850783

Member breserve

19192120191920191920192019

19192120

2020202020

20202019

19202120

2020202020

20202020

2020212119

20202020

20202019

20202020

1919191919

191919202020202119]

20201919

,787,781,038,276

,812,652,218,875,940

,034,953,127,667

,906,978,232,006

,153,413,422,326,409

,260,136,267,797

760,340067,581

,098,239613779449334447738917939868198400950

902660741502

584376318975090212865148305629932476489

940778381323411066616149950

611511322740

bala

Re-quired2

1919191919191919191919191919191919202019191919191919

19191919

1919202019

19192020

2020202020

20202020

19191919

191920,19,

,166,182,627,500

166076225087143071092181217207226736621104008973875829675692652643511549957901762567089128975884906073409371288582531520

309274255095956894979791840821002854

19,51819,47219,560

P19,488P19.457

19,19,19,19,19,19,9,20'20 i

19,19,19,

143187573828576747996354520

997796607

P19,431

nces

Ex-cess 2

621599

1,411776646576993788797963861946450699752

1,49638549405449451580585444615154249791

1,110680336672524651474450541665508568580616869

-570

593386486407628482339184250391863294

-213157372

p-12P32

797591

-192495835319620795

-570

614715

-285P309

P Preliminary.For footnotes see following page.

MAY 1953 479


MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued[In millions of dollars]

Dateor

period

End ofm o n t h :

1929—June.1933—June.1939—Dec.1941—Dec.1945—Dec..1947—Dec.1948—Dec.1949—Dec..1950—June.

Dec .1951—June.

Dec.1952—June.

Dec ,Averagesof dailyfiguresMonthly:1952—Apr. .

May.June.July..Aug..Sept .Oct. .Nov.Dec

1953—Jan. .Feb..Mar.Apr. ,

Week ending:Feb. 4 . .Feb. 11.

Reserve Bank credit outstanding

U.S. Govt. securities

Total

2161,9982,4842,254

24,26222,55923,33318,88518,33120,77822,98223,80122,90624,697

1481,9982,4842,254

19,41022,55923,33318,88518,33120,72522,93223,60522,76424,034

22,44822,30822,61722,79823,02723,47123,65723,63824,40024,20223,91823,89223,861

23,23,946

Feb. 18. . . .23,944Feb. 25 J23,852

Mar. 4 ^3,871Mar. 11 123,852Mar. 18. . . . 23,923Mar. 25. . . . 23,985

Apr. 1. . . .123,813Apr. 8 |23,878Apr. 15 123,879Apr. 22. . . .23,852Apr. 29 i23,841

Boughtout-right

22,44822,30822,50522,61722,98323,43323,64423,52723,87624,01123,87523,87823,806

959 23 ,88823,88823,88823,852

23,85223,85223,86823,985

Heldunderrepur-chaseagree-ment

23,81323,80623,80623,80623,806

68

4,852

5350

196142663

112181443813

111524191431455

Dis-countsandad-

vances

1,037164

73

24985

223784367531959

156

365573585

1,0921,059

7231,0931,5771,6331,3721,3361,2201,184

1,5821,5011,2861,106

1,1901,4291,318939

1,1581,3661,2541,0571,186

Float

5249194578535541534326

1,3681,0021,184581967

908818936890734856927954

1,2621,008822909843

708684844981

929865

1,085892

747936792

1,006681

Allother1

3

Total

,400,220,593,361

25,09123,18124,09719,49918,70322,21624,04325,00923,55125,825

23,72623,70424,14424,786

4 24,8245 25,0554 25,681' 26,17227,29926,58626,080

4 26,0254 25,892

26,25326,13526,07825,942

4 25,99426,15026,329

4 25,819

25,72126,18425,929

4 25,91925,711

Goldstock

Treas-urycur-

rencyout-

stand-ing

4,0374,031

17,64422,73720,06522,75424,24424,42724,23122,70621,75622,69523,34623,187

23,29323,29723,30823,34823,34623,34323,34023,33823,27623,10122,79722,60622,562

22,97122,86922,77322,713

22,66222,61222,61222,598

22,56222,56222,562|22,56222,562

Moneyin

cir-cula-tion

2,0192,2862,9633,2474,4,5624,4,5984,6074,636 274,6554,709 294,7544,812

,339 28

,589 28

4,737 284,740 28444,765 294,778

,751,756

4,7884,7964,8064,8144,8214,8254,832

4.819 294.820 294,8214,821

4,8234,8244,8254,826 29

4,826 294,8284,8304,8344,835

4,4595,4347,59811,160

,51528,868

,22427,60027,156

,74127,809

,20629,02630,433

,459,557

28,84329,028

,08829,34329,55529,90430,49429,92029,718•29,752

29,782

,680,716

29,73629,690

29,78829,80529,797

,674

,71229,82629,78729,76629,744

Treas-urycashhold-ings

204264

2,4092,2152,2871,3361,325312298293281270

1,2831,270

1,2781,2811,2821,2701,2761,2751,2761,2771,2711,2801,2991,2961,281

1,3141,3141,2971,281

1,2891,2941,2971,300

1,2961,2971,2801,2731,274

Deposits with F. R.Banks other than

member bankreserve balances

Treas-u r yde-

posits

3635

634867977870

1,123821950668317247333389

549553328306501326550591569552500244395

767569401443

394424286

19

156410358396432

For-eignde-

posits

615

397774862392642767

1,158895870526548550

551538601681785766688689745611526530563

580551527483

509551563495

520568551583559

Otherde-

posits

21151256586446569547750273565392363298455

324300242279259231253297290405336378397

383350321334

302368403406

371532357295410

OtherFed-eralRe-

serveac-

counts

374346251291495563590 20,479706771714765746 20,056783777

818745767791

721876803832775800841

868867865854

Member bankreserve balances

Total

2,3562,29211,65312,45015,91517,899

16,56815,93417,68119,020

19,38119,950

19,77719,76720,14020,535

720 20,30620,51420,61120,74421,18020,95820,52020,41620,007

770 20,548770 20,556

I 20,592836 20,409

832 20,365830 20,314839 20,581

! 20,498

854 20,20120,07220,12120,13619,837

Re-quired2

2,3331,8176,4449,365

14,45716,40019,27715,55015,49816,50918,60419,66719,57320,520

19,12719,13919,43119,92619,65719,73619,96320,08720,45720,25119,88219,828

19,98819,90519,90219,828

19,79819,75819,94819,893

19,68819,50519,50019,530

Ex-cess2

23475

5,2093,0851,4581,4991,2021,018

4361,172

416389

-192-570

650628709609649778648657723707638588

560651690581

567556633605

513567621606

r Revised. m1 Includes industrial loans and acceptances purchased, which are shown separately in subsequent tables.2 These 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[Per cent per annum]

Nov. 1, 1933-Jan. 31, 1935

Savings depositsPostal Savings depositsOther deposits payable:

In 6 months or moreIn 90 days to 6 months. . .In less than 90 days

Feb. 1, 1935-Dec. 31, 1935 Jan. 1, 1936

Effective

NOTE.—Maximum rates that may be paid by member banks asestablished by the Board of Governors under provisions of Regula-tion Q. Under this Regulation the rate payable by a member bankmay not in any event exceed the maximum rate payable by Statebanks or trust companies on like deposits under the laws of the Statein which the member bank is located. Maximum rates that may bepaid by insured nonmember banks as established by the F.D.I.C,effective Feb. 1, 1936, are the same as those in effect for member banks.

MARGIN REQUIREMENTS3

[Per cent of market value]

Prescribed in accordance withSecurities Exchange Act of 1934

Regulation T:For extensions of credit by brokers

and dealers on listed securitiesFor short sales

Regulation U:For loans by banks on stocks

Mar. 30,1949-

Jan. 16,1951

5050

50

Jan. 17,1951-

Feb. 19,1953

7575

75

Effec-tive

Feb. 20,1953

5050

50

1 Regulations T and U limit the amount of credit that may be ex-tended on a security by prescribing a maximum loan value, which is aspecified percentage of its market value at the time of the extension; the"margin requirements" shown in this table are the difference betweenthe market value (100%) and the maximum loan value.

Back figures.—See Banking and Monetary Statistics, Table 145, p. 504,and BULLETIN for March 1946, p. 295, February 1947, p. 162, andFebruary 1953, p. 130.



FEDERAL RESERVE BANK DISCOUNT RATES[Per cent per annum]

Federal Reserve Bank

Discounts for and advances to member banks

Advances secured by Governmentobligations and discounts of and

advances secured by eligible paper(Sees. 13 and 13a)1

Rate onApr. 30

In effectbeginning—

Previousrate

Other secured advances[Sec. 10(b)]

Rate onApr. 30


Previousrate

Advances to individuals,partnerships, or corpora-tions other than memberbanks secured by directobligations of the U. S.

(last par. Sec. 13)

Rate onApr. 30


Previousrate

BostonNew York. . .Philadelphia.Cleveland. . .Richmond. . .AtlantaChicagoSt. LouisMinneapolis. .Kansas City.DallasSan Francisco

Jan. 20,Jan. 16,Jan. 16,Jan. 16,Jan. 23,Jan. 16,Jan. 16,Jan. 16,Jan. 16,Jan. 16,Jan. 23,Jan. 20,

195319531953195319531953195319531953195319531953

Jan. 20,Jan. 16,Jan. 16,Jan. 16,Jan. 23,Jan. 16,Jan. 16,Jan. 16,Jan. 16,Jan. 16,Jan. 23,Jan. 20,

195319531953195319531953195319531953195319531953

33

3 4

3

3 2

I*3

Jan. 20,Jan. 16,Jan. 16,Aug. 25,Jan. 23,Jan. 16,Aug. 13,Jan. 12,Jan. 26,Jan. 16,Jan. 23,Jan. 20,

195319531953195019531953194819481953195319531953

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 exceeding6 months and 9 months, respectively, and advances secured by obligations of Federal intermediate credit banks maturing within 6 months arelimited to maximum maturities of 15 days; 4 months for advances under Section 10(b). Advances to individuals, partnerships, or corporationsunder 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 ONACCEPTANCES

[Per cent per annum]

Maturity

1- 90 days91-120 days

121-180 days

Rate onApr. 30

2H2M2%

In effect be-ginning—

Jan. 16, 1953Jan. 16, 1953Jan. 16, 1953

Previousrate

IK

2V8

NOTE.—Effective minimum buying rates on prime bankers' accept-ances payable in dollars. Back figures.—See Banking and MonetaryStatistics, Table 117, pp. 443-445.

FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANSAND COMMITMENTS UNDER SECTION 13B

OF THE FEDERAL RESERVE ACT

Maturities not exceeding five years[In effect April 30. Per cent per annum]

FederalReserve

Bank

BostonNew YorkPhiladelphia. . . .ClevelandRichmondAtlantaChicagoSt. LouisMinneapolis. . . .Kansas City. . . .DallasSan Francisco...

To industrial orcommercialbusinesses

Onloans 1

3 - 5 ^3-53423^-52^-5234-52H-52K-53-53-5342M-53-5343-534

Oncommit-

ments

To financing institutions

On discounts orpurchases

Portionfor whichinstitu-tion is

obligated

()23^-52-234

(2)

Re-mainingportion

00(8)(3)(3)00()

Oncommit-ments

1 Including loans made in participation with financing institutions.2 Rate charged borrower less commitment rate.3 Rate charged borrower. 4 Rate charged borrower but

not to exceed 1 per cent above the discount rate.5 Charge of ^ per cent per annum is made on undisbursed portion

of loan.8 Charge of ^ per cent per annum is made on undisbursed portion

of loan.Back figures.—See Banking and Monetary Statistics, Table 118, pp.

446-447.

MEMBER BANK RESERVE REQUIREMENTS

[Per cent of deposits]

Effective dateof change

1917—June 2 1 . .

1936—Aug. 16 . .1937—Mar. 1. .

May 1. .

1938—Apr. 16. .

1941—Nov. 1. .1942—Aug. 20. .

Sept. 14. .Oct. 3 . .

1948—Feb. 27. .June 1 1 . .Sept. 16. .Sept. 24. .

1949—May 1. .May 5. .June 3 0 . .July 1. .Aug. 1. .Aug. 11. .Aug. 16. .Aug. 18. .Aug. 25. .Sept. 1. .

1951—Jan. 1 1 . .Jan. 16 . .Jan. 25. .Feb. 1. .

In effect May 1, 1953 «

Net demand deposits *

Centralreserve

citybanks

13

22 K

26242220

2224

24

232222

23

24

Reservecity

banks

10

15

20

22

2120

191818

19

20

20

Countrybanks

14

12

14

14

14

Timedeposits

(allmemberbanks)

16

15

1413

12

13

2 7343 734

2 73 73 62 6

2 5

362 6

1 Demand deposits subject to reserve requirements, which beginningAug. 23, 1935, have been total demand deposits minus cash itemsin process of collection and demand balances due from domestic banks(also minus war loan and series E bond accounts during the periodApr. 13, 1943-June 30, 1947).

2 Requirement became effective at country banks.8 Requirement became effective at central reserve and reserve city

banks.* Present legal minimum and maximum requirements on net demand

deposits—central reserve cities, 13 and 26 per cent; reserve cities,10 and 20 per cent; country, 7 and 14 per cent, respectively; on timedeposits at all member banks, 3 and 6 per cent, respectively.

MAY 1953 481


MEMBER BANK RESERVES AND BORROWINGS

[Averages of daily figures. In millions of dollars]

Month, orweek ending Wednesday

Allmem-

berbanks1

20,46919,99520,20720,95820,52020,416

20,58120,49820,20120,07220,12120,135

19,53619,30019,32320,25119,88219,828

19,94919,89319,68818,50519,500

^19,530

Central reservecity banks

NewYork

5,3355,2095,3585,1845,0505,089

5,1485,1185,0694,9704,9594,955

5,2455,2055,2665,1805,0365,073

5,1185,1095,0394,9824,9344,949

Chi-cago

1,3471,3051,3211,3791,3561,366

1,3821,3721,3061,2871,3131,306

1,3481,3081,3111,3851,3591,362

1,3781,3741,3151,2821,3131,306

Re-servecity

banks

7,9677,7577,8178,2778,0828,014

8,0498,0637,9797,9017,9087,907

7,7677,6217,6088,1577,9867,926

7,9797,9517,8937,8127,8217,835

Coun-t r y

banks1

5,8195,7235,7116,1186,0315,947

6,0015,9465,8485,9145,9415,967

5,1765,1665,1375,5295,5005,466

5,4735,4595,4415,4295,432

P 5 , 4 4 0

Month, orweek ending Wednesday

Allmem-

berbanks J

933695885707638588

633605514567621

P604

210365307

1,3471,3101,202

1,299924

1,1411,3481,2351,044


N e wYork

905

925

1416

308

30- 1 2

266

29

19320255211

281157217419412183

Chi-cago

- 1- 310

- 6- 3

3

4- 2- 9

5- 1- 1

348282

335277277

299235299223

8596

Re-servecity

banks

200136209119

9587

71112

86898772

130220149529624559

573401462566558678

Coun-try

banks1

Total reserves held:

1952—JanuaryFebruaryMarch


Mar. 18Mar. 25Apr. 1Apr. 8Apr. 15Apr. 22

Required reserves:


1953—JanuaryFebruary.. . .March


Excess reserves:




Borrowings at FederalReserve Banks:




643557574589531482

528487407485509

P527

455357163155154

146131163140180

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 etcBack figures.—See Banking and Monetary Statistics, pp. 396-399.

DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS

[Averages of daily figures.1 In millions of dollars]

ItemAll

mem-ber

banks


NewYork

Chi-cago

Re-servecity

banks

Coun-try

banks

Allmem-ber

banks


NewYork

Chi-cago

Re-servecity

banks

Coun-try

banks

March 1953 March 1952

Gross demand deposits:Total

InterbankOther

Net demand deposits2

Time deposits3

Demand balances due from domestic banks. . .

Reserves with Federal Reserve Banks:Total

RequiredExcess

Borrowings at Federal Reserve Banks

106,71611,99894,71993,34133,857

5,923

20,41619,828

588

1,202

22,6013,83018,77120,5542,339

51

5,0895,073

16

211

5,9961,1584,8385,3851,167

103

1,3661,362

3

277

41,2215,916

35,30535,57913,512

1,862

8,0147,926

87

559

36,8991,094

35,80531,82416,839

3,907

5,9475,466

482

154

103,66012,07791,58490,82731,488

6,056

20,20719,323

885

307

23,3373,94319,39521,4342,034

57

5,3585,266

92

19

5,7391,1764,5625,1791,140

102

1,3211,311

10

82

39,6055,851

33,75434,27312,552

1,927

7,8177,608209

149

34,9791,107

33,87229,94115,762

3,970

5,7115,137

574

57

1 Averages of daily closing figures for reserves and borrowings and of daily opening figures for other items, inasmuch as reserves required arebased on deposits at opening of business.

2 Demand deposits subject to reserve requirements, i. e., gross demand deposits minus cash items reported as in process of collection anddemand balances due from domestic banks.

3Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report.



STATEMENT OF CONDITION OF FEDERAL RESERVE BANKS[In thousands of dollars]

Item

Wednesday figures

1953

Apr. 29 Apr. 22 Apr. 15 Apr. 8 Apr. 1

End of month

1953

Apr. Mar.

1952

Apr.

AssetsGold certificatesRedemption fund for F. R. notes. .

Total gold certificate reserves.

Other cashDiscounts and advances:

For member banksFor nonmember banks, etc..

Industrial loansU. S. Government securities:

Bought outright:BillsCertificates:

SpecialOther

NotesBonds

20,633,099 20752,619

,628,104 20755,339

,628,102758,166

20,614,103747,167

20,619,101748,135

20,633,103750,029

20,619,103748,134

21,412,253693,428

21,385,718

350,094

818,35018,5003,476

514,754

21,383,443

353,330

823,67918,5003,481

514,754

21,386,268

354,121

849,86118,5003,553

514,754

21,361,270 21,367,236 21,383,132

354,872351,456

890,43817,5003,623

514,754

361,138

447,05418,0003,579

514,754

995,10018,5003,460

514,754

21,367,237

370,502

467,23918,0003,653

514,754

22,105,681

363,292

653,26023,000

5,158

4,995,71613,773,6714,521,975

4,995,71613,773,6714,521,975

4,995,71613,773,6714,521,975

4,995,71613,773,6714,521,975

4,995,71613,773,6714,521,975

4,995,71613,773,6714,521,975

4,995,71613,773,6714,521,975

11,659,3065,568,0735,135,823

Total bought outrightHeld under repurchase agreement

23,806,116 23,806,116 23,806,116 23,15,000

806,116 23,806,116 23,806,11674,000

23,806,116 22,363,202

Total U. S. Government securities.

Total loans and securities

23,806,116 23,8 5,116 23,821,116 23,806,116 23,806,116 23,880,116 23,806,116 22,363,202

Due from foreign banksF. R. notes of other Banks.. . .Uncollected cash itemsBank premisesOther assets

24,646,442

23153,769

3,607,19049,561

202,624

24,651,776

23155,017

3,908,99649,667

193,803

24,693,030 24,717,677 24,274,749 24,897,176 24,295,008 23,044,620

23157,787

4,567,18349,647

184,568

23156,921

3,593,34049,546

174,918

23165,933

3,991,22749,351

166,472

23151,350

3,518,03249,533

203,939

23167,011

,766,93649,362

185,864

28155,067

3,326,46644,649

173,052

Total assets. 50,395,421 50,696,055 51,392,627 50,405,151 50,376,129 50,558,057 50,201,943 49,212,855

LiabilitiesFederal Reserve notesDeposits:

Member bank—reserve accounts..U. S. Treasurer—general account.ForeignOther

25,556,131 25,496,728 25,534,398 25,559,767

19,489,367,518401

19,475,694509,139584,652356,368

19,932341574200

076125447039

19,629,310329,018567,943342,565

25,563,004

19,305,354286,484549,963344,124

25,598,279

19,739,784392,741505,675416,499

25,560,203 24,332,276

19,322,123221,631535,610342,009

19 940,266450,418518,184266,349

Total deposits. . 20,776,306 20,925,853 21,047,687 20,868,836 20,485,925

Deferred availability cash itemsOther liabilities and accrued dividends

3,02620

,166,05119,260

3,71118

2,884,52416,775

3,242,86016,350

21,054,699

2,869,18219,391

20,421,373 21,175,217

3,135,16817,734

,738,72717,330

Total liabilities. 49,379,695 49,607,892

Capital AccountsCapital paid inSurplus (Section 7)Surplus (Section 13b)Other capital accounts

257,239584,676

27,543146,268

257,166584,676

27,543218,778

50,311,262

257,072584,67627,543

212,074

49,329,902

257,007584,676

27,543206,023

49,308,139 49,541,551 49,134,478 48,263,550

256,901584,67627,543

198,870

257,254584,676

27,543147,033

256,891584,676

27,543198,355

242,928538,342

27,543140,492

Total liabilities and capital accounts. 50,395,421 50,696,055 51,392,627 50,405,151 50,376,129 50,558,057 50,201,943 49,212,855

Ratio of gold certificate reserves to deposit andF. R. note liabilities combined (per cent). . . .

Contingent liability on acceptances purchasedfor foreign correspondents

Industrial loan commitments

46.2

31,8582,971

46.1

30,4522,940

45.9

30,8952,834

30,3492,818

46.4

29,5892,823

45.8

31,8872,867

46.5

29,4062,756

48.6

8,1186,536

Maturity Distribution of Loans and U. S. Government Securities 1

Discounts and advances—totalWithin 15 days16 days to 90 days91 days to 1 year

Industrial loans—totalWithin 15 days16 days to 90 days91 days to 1 yearOver 1 year to 5 years

U. S. Government securities—totalWithin 15 days16 days to 90 days91 days to 1 yearOver 1 year to 5 yearsOver 5 years to 10 yearsOver 10 years

23

836,850769,78767,025

383,476

7061,1031,507

160806,116 23237,250415,2701

12,450,1756,914,16411,374,400,414,857

842,179805,55136,587

413,481

7121,2851,324160

,806,116 23232,554,419,966

12,450,1756,914,164,374,400,414,857

868,361825,21643,125

203,553684

1,3991,308162

821,116 23285,504382,016

12,450,1756,914,164,374,400,414,857

907,938867,67540,241

223,623412

1,6941,355162

,806,116 23315,504,337,016

13,314,5756,410,550,070,224,358,247

465,054 1427,14537,882

273,579

369904

2,153153

,806,116 23229,200,423,320

13,314,5756,410,550,070,224,358,247

013,600946,73266,830

383,460421

1,1641,722153

880,116 23300,750415,270

12,460,6756,914,164,374,400,414,857

485,239442,45040,8481,9413,653

648556

2,289160

806,116 2275,500

577,02013,314,575

,410,550,070,224,358,247

676,260608,87467,386

5,158865786

2,2771,230

363,202

441,856837,675941,352013,614128,705

1 Beginning Apr. 15, 1953, U. S. Government securities classified according to maturity date. During the period Jan. 3, 1951-Apr. 8, 1953,callable issues classified according to nearest call date. Securities held under repurchase agreement are classified as maturing within 15 days in ac-cordance with maximum maturity of the agreements.

MAY 1953 483


STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON APRIL 30, 1953

[In thousands of dollars]

Item Total Boston NewYork

Phila-delphia

Cleve-land

Rich-mond Atlanta Chicago St.

LouisMinne-apolis

KansasCity Dallas

SanFran-cisco

Assets

Gold certificates.Redemption fund

for F. R. notes.

Total gold certifi-cate reserves..

Other cashDiscounts and

advances:Secured by

U. S. Govt.securities. . .

OtherIndustrial loans. . JU. S. Government

securities:Bought out-

rightHeld under

repurchaseagreement...

Total loans andsecurities

Due from foreignbanks

F. R. notes ofother Banks...

Uncollected cashitems

Bank premises...Other assets

Total assets

20,633,103

750,029

684,391

62,843

6,877,536

72,761

1,180,460

58,430

1,448,253

82,966

735,725

78,742

627,789 4,280,

62,448

i.lll

126,822

513,812

51,099

307,962

26,195

854,893

40,617

558,919

29,704

2,563,252

57,402

21,383,132354,872

993,37420,226

3,460

23,806,116

74,000

747,23424,967

38,1701,168

6,950,29759,823

139,1555,458

1,238,89023,325

53,1501,3872,939

1,531,21929,192

110,6001,702

24,897,176

50,558,057

Liabilities

F. R. notesDeposits:

Member bk.—reserve accts.

U. S. Treas —gen. acct.. . .

ForeignOther

Total deposits.. .Deferred avail-

ability cashitems

Other liabilitiesand accrueddividends

Total liabilities. .

CapitalAccounts

Capital paid in. .Surplus (Sec. 7). .Surplus (Sec. 13b)Other capital

accounts

Total liabilitiesand capitalaccounts

Reserve ratioContingent lia-

bility on ac-ceptances pur-chased for for-eign corre-spondents

Industrial loancommitments.,

1,658,437 5,228,656

74,000

1,491,192 2,312,359

814,46722,092

82,80092522

1,701,804

690,23731,554

35,2902,396374

4,406,93369,941

192,6152,534

564,91119,549

77,780703

1,515,210 3,478,5241,277,667

334,1577,312

71,950463125

722,224

895,51012,524

103,914789

588,62315,714

28,200833

2,620,65438,879

59,7501,868

945,341 1,149,383 2,325,319

1,697,775 5,447,269 1,548,668 2,424,661 1,785,551

23

151,350

3,518,03249,533

203,939

1

4,017

277,7464,781

14,726

20,264

636,9877,183

43,045

9,812

239,4053,943

12,616

2,771,247 13,164,875 3,076,661 4,330,542

25,598,279 1,572,839 5,647,085 1,819,643

19,739,784

392,741505,675416,4991

808,391

32,46831,409

6,761

6,144,832

89,7362 142,654

348,775

910,806

33,49138,618

2,402

21,054,699

2,869,182

19,391

879,029

254,424

1,099

6,725,997

499,259

5,057

985,317

194,338

1,191

49,541,551

257,254584,676

27,543

147,033

2,707,391

13,79336,462

3,011

10,590

12,877,398

81,291167,503

7,319

31,364

17,47843,578

4,489

10,627

50,558,057 2,771,247 13,164,875 3,076,661

45.8%

31,887

2,867

30.5%

1,944

56.2%

3 9,423

44.2?

2,390

1,295

2

8,160

312,7184,60519,985

1

24,806

270,6004,910

14,635

1,553,270

1

23,675

260,9443,69113,882

3,673,673

3

14,280

575,2816,79629,307

1,356,150

1

7,317

156,3252,94210,653

794,762

1

4,775

94,0731,0426,114

1,050,044

1

6,838

190,5112,2258,763

1,178,416 2,386,937

1

7,529

2

19,877

161,008615

10,210

342,4346,800

20,003

2,937,062 2,577,254 8,776,214 2,117,848 1,242,236 2,166,416 ,962,116 5,435,586

2,359,611 1,776,855

1,516,952

44,76747,371

4,370

1,613,460

261,482

2,456

822,385

31,51425,7452,548

882,192

223,090

1,059

1,379,503

889,437

13,43122,141

1,817

4,914,253

3,175,775

28,18770,5415,095

1,189,790

710,241

34,05919,5667,837

639,732

458,451

23,09312,872

1,913

1,008,006

926,340

25,25419,5665,981

730,884 2,560,078

999,282

15,68023,170

1,234

2,376,892

21,06152,02227,766

926,826

223,669

891

3,279,598

440,021

3,175

771,703

114,400

799

496,329

78,057

601

977,141

140,818

677

1,039,366

144,543

757

2,477,741

295,081

1,629

3,000,489 4,237,009

24,62554,064

1,006

13,838

2,883,196

11,18429,2483,349

10,085

2,530,889 8,637,047

10,89325,803

762

8,907

32,91984,628

1,429

20,191

2,076,692

8,89623,628

521

8,111

1,214,719

5,78515,131

1,073

5,528

2,126,642

9,78621,925

1,137

6,926

1,915,550

12,65925,381

1,307

7,219

5,334,529

27,94557,325

2,140

13,647

4,330,542 2,937,062 2,577,254 8,776,214 2,117,848 1,242,236 2,166,416 1,962,116 5,435,586

38.5%

2,931

749

30.6%

1,593

53

29.9?

1,370

53.8%

4,365

26

28.8% 29.4%

797

45.1%

1,211

744

33.3%

1,434

52.0%

3,218

1 After deducting $16,000 participations of other Federal Reserve Banks.8 After deducting $363,004,000 participations of other Federal Reserve Banks.3 After deducting $22,464,000 participations of other Federal Reserve Banks.



FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTSFEDERAL RESERVE BANKS COMBINED

[In thousands of dollarsl

Item

Wednesday figures

1953

Apr. 29 Apr. 22 Apr. 15 Apr. 8 Apr. 1

End of month

1953

Apr. Mar.

1952

Apr.

F. R. notes outstanding (issued to Bank)Collateral held against notes outstanding:

Gold certificatesEligible paperU. S. Government securities

Total collateral

26,533,431 26,514,568 26,555,569 26,561,257 26,543,387 26,532 ,864 26,547,494 25,259,528

12,574,000452,028

14,760,000 14

12,624,000416,531,760,000 14

12,624,000499,904,760,000 14

12,624,000524,356,760,000

12,624,000 12225,628

14,760,000 14

,574,000610,478,760,000

12,524,000257,553

14,760,000

12,749,000505,472

13,625,000

27,786,028 27,800,531 27,883,904 27,908,356 27,609,628 27,944,478 27,541,553 26,879,472

EACH FEDERAL RESERVE BANK ON APRIL 30, 1953[In thousands of dollars]

Item Total Boston NewYork

Phila-delphia

Cleve-land

Rich-mond Atlanta Chicago St.

LouisMinne-apolis

KansasCity Dallas

SanFran-cisco

F. R. notes out-standing (issuedto Bank)

Collateral held:Gold certificatesEligible paper..U. S. Govt. se-curities

Total collateral..

26,532,864

12,574,000610,478

14,760,000

1,638,240

400,00038,210

1,300,000

5,844,543

4,520,000127,855

1,500,000

1,878,699 2,443,069

745,00053,150

1,200,000

820,000

1,700,000

1,868,936

450,00082,800

1,450,000

1,435,776 5,013

310,000 2.

,703

700,000

1,230,423 653,825

280,00077,780

155,00071,950

1,200,000 2,400,000 1,025,000 505,000

1,037,762 764,763

280,000 214,000103,983

800,000 580,000

2,723,125

1,700,00054,750

1,100,000

27,944,478 1,738,210 6,147,855 1,998,150 2,520,000 1,982,800 1,510,000 5,100,000 1,382,780 731,950 1,183,983 794,000 2,854,750

INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS

[Amounts in thousands of dollars]

Date (lastWednesdayor last dayof period)

19451946 . . . .19471948194919501951

1952

Mar. 3 1 . . .Apr. 30. . .May 3 1 . . .June 30. . .July 31. . .Aug. 31. . .Sept. 30. . .Oct. 3 1 . . .Nov. 30 . . .Dec. 3 1 . . .

1953

Jan. 3 1 . . .Feb. 28. . .Mar. 3 1 . . .

Applicationsapproved

to

Num-ber

3,5113,5423,5743,6073,6493.6983,736

3,7413,7433,7433,7453,7463,7503,7503,7513,7523,753

3,7543,7553,756

Amount

544,961565,913586,726615,653629,326651,389710,931

725,787730,482734,049738,721743,629748,451752,042757,277762,620766,492

770,541773,013776,461

AP-provedbut not

com-pleted1

(amount)

3204,577

945335539

4.8193,513

108571235

1,0831,589M 4 21,3701,6011,3511,638

2,5131,1851,188

Loansout-

standing2

(amount)

1,995554

1,387995

2,1782,6324,687

5,2965,2075,2115,1014,6244,6904,4964,3113,8683,921

3,8954,0543,678

Commit-

mentsout-

standing(amount)

1,6448,3097,4341,6432,2883.7546,036

6,4676,5366,0835,9476,1846,1526,3273,7204,0443,210

3,1762,8162,756

Partici-pations

of financ-ing insti-tutions

out-standing3

(amount)

1,0862,6704,8691,9902,9473,745

11,985

10,47410,33910,26210,1059,814

10,1289,9787,1747,0103,289

3,2363,2343,193

1 Includes applications approved conditionally by the Federal Re-serve Banks and under consideration by applicant.

2 Includes industrial loans past due 3 months or more, which are notincluded in industrial loans outstanding in weekly statement of con-dition of Federal Reserve Banks.

8 Not covered by Federal Reserve Bank commitment to purchase ordiscount.

NOTE.—The difference between amount of applications approved andthe sum of the following four columns represents repayments of ad-vances, and applications for loans and commitments withdrawn orexpired.

LOANS GUARANTEED THROUGH FEDERAL RESERVEBANKS UNDER REGULATION V, PURSUANT TO

DEFENSE PRODUCTION ACT OF 1950 ANDEXECUTIVE ORDER NO. 10161


UclLC

1950

Dec. 3 1 . . .

1951

Mar.JuneSept.Dec.

3 1 . . .30. . .30 . . .3 1 . . .

1952

Mar.Apr.M a yJuneJulyAug.Sept.Oct.Nov.Dec.

3 1 . . .30 . . .3 1 . . .30 . . .31 . . .3 1 . . .30 . . .31. . .30 . . .3 1 . . .

1953

Jan.Feb.Mar.

3 1 . . .28 . . .3 1 . . .

Guaranteed loansauthorized

to date

Num-ber

62

254484729854

971998

1,0231,0501,0661,0921.1131,1301,1431,159

1,1731,1881,204

Amount

31,326

300,955654,893

1,154,9421,395,444

1,677,7861,727,7291,787,7551,867,6431,922,3882,023,4032,052,3272,069,6972,081,8882,124,123

2,147,9532,170,4432,190,643

Guaranteedloans

outstanding

Totalamount

8,017

68,833252,100492,167675,459

836,739838,073870,174883,262909,688907,899922,129993,856989,678979,428

984,295999,794

1,023,666

Portionguaran-

teed

6

56209400546

672672695703726725736811811803

808822838

,265

,973,465,652,597

,974,678,814,774,452,943,833,132,117,132

,986,257,704

Additionalamount

available toborrowers

under guar-antee agree-

mentsoutstanding

8,299

47,822276,702450,013472,827

467,392595,098601,752615,139648.065692,067656,995591,762600,304586,303

578,061548,916520,5'7

NOTE.—The difference between guaranteed loans authorized andsum of loans outstanding and additional amounts available to bor-rowers under guarantee agreements outstanding represents amountsrepaid, guarantees authorized but not completed, and authorizationsexpired or withdrawn.

MAY 1953 485


FEES AND RATES ESTABLISHED UNDER REGULATION VON LOANS GUARANTEED PURSUANT TO DEFENSE

PRODUCTION ACT OF 1950 AND EXECUTIVEORDER NO. 10161[In effect April 30]

Fees Payable to Guaranteeing Agency by Financing Institution onGuaranteed Portion of Loan

Percentage ofloan guaranteed

70 or less7580859095Over 95

Guarantee fee(percentage of

interest payableby borrower)

101520253035

40-50

Percentage ofany commitment

fee chargedborrower

101520253035

40-50

Maximum Rates Financing Institutions May Charge Borrowers[Per cent per annuml

Interest rateCommitment rate.

POSTAL SAVINGS SYSTEM[In millions of dollars]

End of month

1945—December1946—December1947—December1948—December1949—December1950—December1951—December1952—March

AprilMayJuneJulyAugustSeptember. . .OctoberNovemberDecember....

1953—JanuaryFebruary.. . .March

Depos-itors'bal-

ances 1

2,9333,2843.4173,3303,1882,9242,7052,6692,6512,6332.6172,6012,5862,5722,5612,5552,547

P2.535P2.524P2.510

Assets

Total

3,0223,3873,5253,4493,3123,0452,8352,7942,7782,7612,7462,7512,7582,7662,7602,7492,736

Cashin

deposi-tory

banks

66677

112832323333333433333333

U. S.Govern-

mentsecuri-

ties

2,8373,1823,3083,2443,1182,8682,6442,5992,5982,5742,5572,5542,5542,5542,5532,5532.551

Cashreservefunds,etc.*

179200212198187166162163147153156164170179174162151

P Preliminary.1 Outstanding principal, represented by certificates of deposit.2 Includes reserve and miscellaneous working funds with Treasurer

of United States, working cash with postmasters, accrued interest onbond investments, and miscellaneous receivables.

Back figures.—See Banking and Monetary Statistics, p. 519; fordescription, see p. 508 in the same publication.

BANK DEBITS AND DEPOSIT TURNOVER[Debits in millions of dollars]

Year or month

Debits to total demand and time depositaccounts, except interbank accounts

(old series)

Total, allreportingcenters

NewYorkCity1

140other

centers1

Otherreportingcenters

Annual rate of turnover of totaldeposits except interbank deposits

(old series)

NewYorkCity

Otherreportingcenters

1947...1948...1949...1950...1951...1952...

,125,074,249.630,231,053,403,752,577,857,692,136

405,929449,002452,897513,970551,889615,670

599,639667,934648,976742,458854,050895,906

119,506132,695129,179147,324171,917180,560

21.023.624.126.626.928.7

11.912.912.413.414.514.4

Debits to demand deposit accounts,except interbank and U. S. Government accounts'

(new series)

Annual rate of turnover of demanddeposits except interbank and U. S.Government deposits (new series)

Total, allreportingcenters

NewYorkCity

6other

centers 2

Otherreportingcenters 3

NewYorkCity

6other

centers 2

Otherreportingcenters 3

1952

1952—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember


1,643,130

135,813125,190136,298134,145133,032139,759137,334122,200136,067150,486127,665165,140

145,986129,320153,503

597,815

47,65044,41849,21349,74548,83053,38550,47242,77849,13154,89344,20963,091

52,04845,74953,898

349,904

28,93726,71330,00728,76127,97429,30529,48325,55028,61132,32227,06435,179

31,66028,12635,339

695,411

59,22654,06057,07855,63956,22957,06857,37953,87358,32563,27156,39266,871

62,27855,44564,266

34.4

31.232.333.634.032.837.434.429.635.436.434.141.8

34.335.137.1

24.1

23.023.425.724.622.824.924.020.824.325.024.126.9

23.924.428.3

18.4

18.618.518.217.717.818.718.116.918.918.619.219.8

18.418.819.3

1National series, now discontinued, for which debit figures are available 1919-52.2Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los Angeles.3In the new series there are 338 "other" reporting centers. (Old series included 193 centers, 1942-November 1947; 192, December 1947-

1950; and 201 beginning January 1951.)NOTE.—As described in the article on pp. 355-357 of the BULLETIN for April 1953 the monthly series of bank debits was revised beginning

with figures for March 1953. Data for 1943-51 on the revised basis are being compiled and will be published later.



UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS

[Outside Treasury and Federal Reserve Banks. In millions of dollars]

End of year ormonth

Totalin cir-cula-tion1

Coin and small denomination currency 2

Total Coin 3$i $2 $5 $10 $20

Large denomination currency2

Total $50 $100 $500 $1,000 $5,000 $10,000

Unas-sorted

1939194019411942194319441945194619471948194919501951

1952—MarchAprilMayJuneJulyAugustSeptember.. .OctoberNovember.. .December. . .


7,5988,732

11,16015,41020,44925,30728,51528,95228,86828,22427,60027,74129,206

28,47328,46428,76729,02628,97829,29329,41929,64430,23630,433

29,69129,79329,754

5,5536,2478,120

11,57614,87117,58020,68320,43720,02019,52919,02519,30520.530

19,93719,93620,23120,44920,39820,65920,73920,89721,39221,450

20,79920,91820,896

590648751880

1,0191,1561,2741,3611,4041,4641,4841,5541,654

1,6371,6511,6651,6781,6861,6951,7051,7221,739

,750

,721.725,737

559610695801909987,039,029,048,049,066,113,182

,113.114,132,140,129

1,1401,1641,1751,1991,228

1,1571,1581,165

36394455708173676564626467

65666768676768686971

696867

1,0191,1291,3551,6931,9732,1502,3132,1732,1102,0472,0042,0492,120

016004040054034062070074123

2,143

2.0512,0522,048

1,7722,0212,7314,0515,1945,9836,7826,4976,2756,0605,8975,9986,329

6,1656,1416,2616,3236,2916,3766,3686,4056,6006,561

6,3596,4326,418

1,5761,8002,5454,0965,7057,2249,2019,3109,1198,8468,5128,5299,177

8,9408,9609,0669,1879,1909,3199,3659,4539,6619,696

9,4429,4839,462

2,0482,4893,0443,837

5807,7307,8348,5188,8508,6988,5788,4388,678

8,5378,5298,5378,5788,5828,6358,6828,7498,8468,985

8,8948,8778,859

460538724

1,0191.4811,9962,3272,4922,5482,4942,4352,4222,544

2,4962,498

9191,1121,4331,9102,9124,1534,220

5^0705,0745,0565,0435,207

,508,531,531

2,551559

2,5772,6122,669

2,6342,6292,621

,140,137,142,166

5,1725,2115,2525,3045,3675,447

5,3995,3905,383

191227261287407555454438428400382368355

349347346344344342342342342343

341340339

425523556586749990801783782707689588556

540535530525522519517514513512

508507505

20302499107855444

4444444444

443

32604625222424261717111212

89888888810

1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks.2 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury

as destroyed.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]

GoldGold certificates. . .Federal Reserve notesTreasury currency—total

Standard silver dollarsSilver bullionSilver certificates and Treasury notes of 1890..Subsidiary silver coinMinor coinUnited States notesFederal Reserve Bank notesNational Bank notes

Total—Mar. 31, 1953Feb. 28, 1953Mar. 31, 1952

Total out-standing,Mar. 31,

1953

22,56321,40426 547

4,829

4922,118

*2,3631,174

416347208

75

(4)(4)(4)

Money held in the Treasury

As securityagainst

gold andsilver

certificates

21,404

*2,363

2452,118

23,76723,88624,484

Treasurycash

21,159

7263

44

13231

(5)

1,2931,2841,277

ForFederalReserve

Banks andagents

18,552

18,55218,66519,300

Moneyheld byFederalReserve

Banks andagents

2,8161,154

371

4

29731

630

21

4,3404,4234,259

Money in circulation *

Mar. 31,1953

3725,3214,396

199

2,0661,130

407314205

74

29,754

Feb. 28,1953

3725,4104,346

199

2,0281,120

406312207

75

29,793

Mar. 31,1952

3824,1474,288

188

2,0311,062

387315226

78

28,473

1 Outside Treasury and Federal Reserve Banks. Includes any paper currency held outside the continental limits of the United States. Totalsfor other end-of-month dates are shown in table above, totals by weeks in table on p. 479.

2Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890.3To 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. 5 Less than $500,000.NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold

bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired onreceipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the faceamount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amountof such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal ReserveBank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificatesand such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States.Federal Reserve Banks must maintain a reserve in gold certificates of at least 25 per cent, including the redemption fund with the Treasurer of theUnited States, against Federal Reserve notes in actual circulation; gold certificates pledged as collateral may be counted as reserves. "Gold certifi-cates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes andnational bank notes are in process of retirement.

MAY 1953 487


CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEMALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS, POSTAL SAVINGS SYSTEM,

AND TREASURY CURRENCY FUNDS *[Figures partly estimated except on call dates. In millions of dollars]

Date

1929—June1933—June1939—Dec.1941—Dec.1945—Dec.1947—Dec.1948—Dec.1949—Dec.1950—Tune

Dec.1951—June

Dec.

1052—Mar.Apr.M a yTuneJulyAug.Sept.Oct.Nov.Dec.

1953—Tan.Feb.Mar.

2930303131313131303030 . . . .31

26302830302724292631

2 ,s v9 ^ /»

Date

1929—June1933—June1939—Dec.1941—Dec.1945—Dec.1947—Dec.1948—Dec.1949—Dec.1950—Tune

Dec.1951 —Tune

Dec.

1952—Mar.Apr.M a yTuneJulyAug.SeptOct.Nov.Dec.

1953—Tan.Feb.M a r

293030 . . .313131313130303031

26302830302724292631

2 8 P25 P25 P

44

17222022242424222122

23232323232323232323

23221 1

037031644737065754244427231706756695

300300300346400300300300300187

000700600

Total

55426882

180175176177178184185193

192192192194197197197199202204

202201200

776029359811806348

,121,313,568385

,038,404

,300,200,900,960,200,000,900,900,700,220

,100, 000, 600

Treas-

urycur-

rency

2,0192,2862,9633,2474,3394,5624,5894,5984,6074,6364,6554,706

4,7004,7004,7004,7544,8004,8004,8004,8004,8004,812

4,8004,8004 ,800

Foreignbank

deposits,net

36550

1,2171 .4982,1411,6822,1032,1502.5552,5182,4242,279

2,2002,2002,3002,3192,6002 ,6002,5002,5002,5002,501

2 ,5002 ,3002 ,400

Total

58,64242,14854,56464,653

167,381160,832160,457162,681164,348171,667173,447181,323

180,100179,900180,600182,980185,300185,300186,500188,900191,500192,866

101,200100,300100,200

U. S. Go

Treas-urycash

204264

2,4002,2152,2871,3361 ,3251,3121 ,2081 ,2031 ,2811 ,279

1 ,3001 ,3001 ,3001 ,2831 ,3001 ,3001 ,3001 ,3001 ,3001 ,270

1 ,3001 ,3001 .300

Loans,net

412122263043484951606367

67686869707071727475

747576

082057157605387023341604999366821597

700100500712000500600900300484

0000 0 01 0 0

vernment

At com-mercial

andsavingsbanks

124

1233263

544676657^

4

381852846805608452451

,240801989332

,615

,800,500,400,121,000,200,500,300,000,250

,200,400, 800

Assets

Bank credit

U. S.

Total

5102320

12810710010098969497

96959596089797989 0

1 0 0

OS0 70 6

741328105049417086604456709560450808

1002003002 6 61 0 03 0 06 0 06 0 00 0 00 0 8

SOO. 800,400

Government obligations

Com-mercial

andsavingsbanks

5,4908,199

10,41725,511

101,28881,10074,09778,43377,32072,89468,72671,343

70,90070,20070,50070,78372,70071,70071,30072,40073,60072,740

72,30071 ,4 0070,000

FederalReserveBanks

1 ,2 ,2 ,

24 ,2 2 .2 3 ,18,18,2 0 .22 ,2 3 ,

22222222222323232324

242323

216998484254262559333885331778982801

500400300906800100700600800607

0000 0 00 0 0

Other

1123333222

2222222222

29

Deposits and Currency

balances

HtFederalReserveBanks

1

3635

634867977870

,123821950668317247

( 5 )

5006003336 0 0700300600300380

700400<••)

Total

54,79040,82863,25376,336

150,793170.008169 ,119169,781169,964176,917174,684185,984

182,900183,800184,400184,904185.800186,200187,400190,200191,600104,801

193,3000] ,600

101,000

26131204284867328264138058888742664

6006006005776006006006006005 7 1

6 0 05 0 05 0 0

I

Othersecu-rities

11 ,8199,8639,3028,9098,577

10,72311,42212,62113,64014,74115,17615,918

16,40016,60016,80017,00217,20017,50017,40017,30017,30017,374

17,500 !17,50017,800

Totalassets,

net—Total iliabil- !

it es :and Icapital,

net

64487590,

101.188189101193199199208

208207208211213213214217219220

210217217

608 i465171637785148290706186009858724

9 0 0

9007000804004006000 0 06 0 08 6 5

0 0 08 0 06 D 0

Deposits adjusted and currenc

Demanddeposits2

221429387587858585028898

940595940 595969890

101

1000 807

540411703992851121

,520,750.040.272,960,234

,800,100,300,754,700,800,400,600,400,508

.500,300, 400

Total

282127274856575850505061

62626363636464646465

666 6U(

,611,656,050,720,452,411,520,616,730,247,048,447

,400.700,000,676,800,100,500,000,800,700

, 100,400,800

Time d

Com-mercialbanks

19,55710,84015,25815,88430,13535,24935,80436,14636,71036,31436.78137,850

38,50038,60038,90039,30230,40030,60039,80040,10040,00040,666

40,70041,00041 ,200

eposits:j

Mutualsavingsbanks*

j8Q

10101517181910202020

21212121212222222222

22222.5

,905,621523532

,385,746,387,273,923000

,382,887

,300,400,600,755,900,000,200,200,300,586

, 800,000. 100

Liabilitiesand Capital

Totaldepositsandcurrency

55426882

180175176177178184185193

102192192194197197197199202204

202201i 2 0 0

776029350811806348121313568385038404

300200900960200000900900700220

1 000006 0 0

PostalSavingsSystem

111

• 2

: 333322

i ~2; 222222

• 2

i 22

9

\ 2

1401862783139324 1 63 2 01070 0 70 2 37 8 57 0 1

7 0 0,700,600,610,600, 600\ 600,600,600.54 7

,500,500, 500

Capitaland

misc.ac-counts,

net

8667

1012131414141415

15151516161616171616

161617

922436812826979800168392618624820320

900700800120100400700100900647

000800000

rencyoutsidebanks

346

2626262525252526

25252626262626262727

262626

639761401615

,490,476070415

,185,308,776,303

,700,900.000,474,200,300,600,700,400,404

,800,000, 000

p Preliminary.xTreasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund.2Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.3Excludes interbank time deposits; United States Treasurer's time deposits, open account; and deposits of Postal Savings System in banks.4 Prior to June 30, 1947, includes a relatively small amount of demand deposits. 5Less than 50 million dollars.

The composition of a few items differsiks is included in "Other securities"ge 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 shownin the monthly Chart Book excludes "Foreign bank deposits, net" and "Treasury cash." Except on call dates, figures are rounded to nearest 100million 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.



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]

Class of bankand date

All banks:1939—Dec. 301941—Dec. 311945—Dec. 311947—Dec. 31 -1948—Dec. 311949—Dec. 311950— Dec. 301951—Dec. 311952—Mar. 26

June 30Sept. 24Oct. 29Nov. 26Dec. 31

1953—Tan. 28?Feb. 25vMar. 25*

All commercial banks:1939—Dec. 301941—Dec. 311945—Dec. 311947—Dec. 31 -1948—Dec. 311949—Dec. 311950—Dec. 301951—Dec. 311952—Mar. 26


1953—Tan. 2S?Feb. 25PMar. 25v

All member banks:1939—Dec. 301941—Dec. 311945—Dec. 311947—Dec. 31. ,1948—Dec. 311949—Dec. 311950—Dec. 301951— Dec. 311952—Mar. 26


1953—Tan. 28?Feb. 25P. . . .Mar. 25P

All mutual savingsbanks:

1939—£)ec 30.1941—Dec. 311945—Dec. 311947—Dec. 31 2

1948—Dec. 311949—Dec 3i1950—Dec. 30 . . . .1951—Dec. 311952—Mar. 26


1953—Tan. 28?Feb. 25PMar. 25v

Total

50,88461,126

140,227134,924133,693140,598148,021154,869155,280157,528160.750163.200165,490165,626165,030164.580164,610

40,66850,746

124,019116,284114,298120,197126,675132,610132,530134.437137,090139,440141,660141,624140,780140,100140,000

33,94143,521

107,18397,84695,616

101,528107,424112,247112,030113.502115,533117,604119,564119,547118,625117,975117,894

10 21610,37916,20818,64119,39520,40021,34622,25922,75023.09123,66023,76023,83024,00324,25024,48024,610

Loans

Loans

22,16526,61530,36243,00248,17449,54460,38667,60867,99069.74272,09073,47074,60075,51275,33075,63076,870

17,23821,71426,08338,05742,48842,96552,24957,74657,84059,23361 ,20062,41063,40064,16363,86064.07065,220

13,96218,02122,77532,62836,06036,23044,70549,56149,52450.52652,19253,31754,28355,03454,69854 .86855,864

4,9274,9014,2794,9445,6866,5788,1379,862

10,15010,50910,89011.06011,20011,34911,47011,56011,650

and investments

Investments

Total

28,71934,511

109,86591,92385,51991,05487,63587,26187,29087,78688,66089,73090,89090,11489,70088.95087,740

23,43029,03297,93678,22671,81177,23274,42674,86374,69075,20475,89077,03078,26077,46176,92076,03074,780

19,97925,50084,40865,21859,55665,29762,71962,68762,50662,97663,34164,28765,28164,51463,92763,10762,030

5,2895,478

11,92813,69613,70913,82213,20912,39812,60012,582t2.77O12,70012,63012,65412,78012,92012,960

U. S.Govern-

mentobliga-tions

19,41725,511

101,28881,19974,09778,43372,89471,34370,92070,78371,28072,40073,56072,74072,25071 .41069,990

16,31621,80890,60669,22162,62267,00562,02761 ,52461,12061.17861,61062,86064,09063,31862,76061,90060,470

14,32819,53978,33857,91452,15456,88352,36551,62151,22751,26151,40652,48453,48652,76352,13751,34850,117

3,1013,704

10,68211,97811,47611,42810,8689.8199,8009.6069,6709,5409,4709,4229,4909,5109,520

Othersecu-rities

9,3028,9998,577

10,72311,42212,62114.74115,91816,37017,00217,38017.33017,33017,37417,45017,54017,750

7,1147,2257,3319,0069,189

10,22712,39913.33913,57014.02614.28014,17014,17014,14314,16014,13014,310

5,6515,9616,0707,3047,4028,414

10,35511.06511,27911,71511,93511,80311,79511 ,75111,79011 ,75911,913

2,1881,7741,2461,7182,2332,3942,3422,5792,8002,9763.1003,1603,1603,2313,2903,4103,440

Cashassets 1

23,29227,34435,41538,38839,47436,52241,08645,53140,23041,66740,98041,22042,62045,58440,80041 ,35040,300

22,47426,55134,80637,50238,59635,65040,28944,64539,38040,70240,13040,40041 ,82044,66639,92040,50039,420

19,78223,12329-84532,84534,20331,31735,52439,25234,63136,04635,36335,53536,89639,25535,05335,61434,704

818793609886878873797886850966850820800918880850880

Deposits

Total i

68,24281,816

165,612161,865161,248164,467175,296185,756180,140184,130185,440187,260190,620195,552188,590188,760187,660

57,71871,283

150,227144,103142,843145,174155,265164,840158,810162,348163,260164,990168,340172,931165,780165,830164,530

49,34061,717

129.670122,528121,362123,885133,089141,015135,587138,769139,052140.431143,478147,527140,913140,949139,911

10,52410,53315,38517,76318,40519,29320,03120,91521,33021.78222,18022,27022,28022,62122,81022,93023,130

Inter-bank i

9,87410,98214,06513,03312,26912,71014,03915,08713,20013,51313,87013,81013,88015,32113,52013,26012,900

9,87410,98214,06513,03212,26912,70914,03915.08613,20013,51213,87013,81013,88015,31913,52013,26012,900

9,41010,52513,64012,40311,64112,09713,44714,42512,62312,81213,16113.07413,12014,61712,87612,64512,308

11

2222222222

Other

De-mand

32,51644,355

105,93595,72794,67196,156

104,744111,644106,890109,247109,350110,800114,190116,633111 ,210111 ,280110,110

32,51344,349

105,92195,71194,65496,136

104.723111.618106,860109,222109,320110,770114,160116,600111 ,180111,250110,080

28,23138,84691.82081,78580,88182,62890,30695,96891,85294,16993,77394,95998,006

100,02095,11695,18694,320

36

141717202226302630303033303030

Time

25,85226,47945.61353,10554,30855,60156,51359,02560,05061,36962,22062,65062,55063,59863,86064,22064,650

"15,33115,95230,24135,36035,92136,32836,50338,13738,75039,61440,07040,41040,30041,01241,08041,32041,550

11,69912,34724,21028,34028,84029,16029,33630,62331,11231.78832,11832,39832,35232,89032,92133,11833,283

10,52110,52715,37117,74518,38719,27320,00920,88821,30021,75522,15022,24022,25022,58622,78022,90023,100

Totalcapital

accounts

8,1948,414

10.54211,94812,47913,08813,83714,62314,77015,03915,17015,26015,28015,36715,37015,44015,490

6,8857,1738,950

10,05910,48010,96711,59012.21612,34012,60112,72012,80012,82012,88812,89012,95012,980

5,5225,8867,5898,4648,8019,1749,695

10,21810,31910,52610,60610,68010,70010,76110,76310,81210,839

1,3091,2411,5921,8891,9992,1222,2472.4072,4302,4382,4502,4602,4602,4792,4802,4902,510

NumberOf

banks

15,03514,82614.55314,71414,70314,68714,65014,61814,60614,59914,59914,59114,58614,57514,57114,56314,556

14,48414,27814,01114,18114,17114,15614,12114,08914,07714,07014,07014,06214,05714,04614,04214,03514,028

6,3626,6196.8846,9236,9186,8926,8736,8406,8296,8156,8076,8046,8016,7986,7916,7856,776

551548542533532531529529529529529529529529529528528

P Preliminary.• "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember com-

mercial banks" and "all member banks" with exception of three mutual savings banks that became members in 1941. Stock savings banks andnondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and lia-bility 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 525million at all insured commercial banks.

For other footnotes see following two pages.

MAY 1953 489


ALL BANKS IN THE UNITED STATES, BY CLASSES •—ContinuedPRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued

[Figures partly estimated except on call dates. Amounts in millions of dollars]


Central reserve citymember banks:

New York City:1939—D e c 301941—Dec. 311945—D e c 311947—Dec. 31194g—Dec 311949—Dec. 311950—Dec 301951—Dec. 311952—Mar. 26

June 30 . . . .Sept 24Oct. 29Nov. 26Dec. 31

1953—Jan. 28?Feb. 25 ?Mar. 2 5 P

Chicago:1939—Dec 301941—Dec. 311945—Dec. 311947—Dec. 31194g—Dec. 311949—Dec. 311950—Dec 301951—Dec- 311952—Mar. 26

June 30Sept. 24Oct 29Nov. 26Dec. 3 1 .

1953—Jan. 28?Feb. 25?Mar. 25P

Reserve city memberbanks:

1939—Dec. 301941—Dec. 311945—Dec. 31 . . .1947—Dec 311948—Dec. 311949—Dec. 311950—Dec. 301951—Dec. 311952—Mar. 26.

June 30Sept 24.Oct. 29Nov 26Dec. 31

1953—Jan. 28 PFeb. 25?Mar. 25?

Country memberbanks:

1939—Dec. 301941—Dec. 31 .1945—Dec 311947—Dec. 311948—Dec. 31 . ,1949—Dec. 311950—Dec. 301951—Dec. 311952—Mar. 26

June 30Sept 24Oct. 29Nov. 26Dec. 31

1953—Jan. 28?Feb. 2 5 PMar. 25?

Total

9,33912,89626,14320,39318,75919,58320,61221,37921,13421.71021,24621,28321 69622,13021,23321,04921,185

2,1052,7605,9315,0884,7995,4245,5695,7315,7475,6645,6795,8396,1126,2406,0375,9106,033

12,27215,34740,10836,04035,33238,30140,68542,69442,43543.09144,16345.38146,10445,58345,53345,27145,085

10,22412,51835,00236,32436,72638.21940,55842,44442,71443.03744,44545,10145,65245,59445,82245,74545,591

Loans

Loans

3,2964,0727,3347,1798,0487,5509,729

11,14611,06811,26811,36311,68011,97312,37612,12712.11212,335

569954

1,3331,8011,7831,6182,0832,4682,4092.3802,3992,4442,5922,7482,5942,5692,604

5,3297,1058,514

13,44914,28514,37017,90619.65119,51119.74520,73021,27621,62721,69721,68021,80122,274

4,7685,8905,596

10,19911,94512,69214,98816,29616,53617,13317,70017,91718,09118,21318,29718,38618,651

and investments

Investments

Total

6,0438,823

18,80913,21410,71212,03310,88310,23310,06610,4429,8839,6039,7239,7549,1068,9378,850

1,5361,8064,5983,2873,0163,8063,4873.2643,3383,2843,2803.3953,5203,4933,4433,3413,429

6,9448,243

31,59422,59121,04723,93122,77923,04322,92423.34623,43324,10524,47723,88623,85323,47022,811

5,4566,628

29,40726,12524,78225,52725,57026.14826,17825.90426,74527,18427,56127,38127,52527,35926,940

U.S.Govern-

mentobliga-tions

4,7727,265

17,57411,9729,649

10,7468,9938,1297,9058,2127,6127,5187,6957,6787,0126,8406,717

1,2031,4304.2132,8902,6333,3242,9112,7112,7982,7212,7092,8272,9332,9122,8622,7792,864

5,1946,467

29 55220,19618,59420,95119,08419,19418,93419.12319,11319,76120,12719,62419,54319,16118,439

3,1594,377

26,99922,85721,27821,86221,37721.58721,59021.20621,97222,37822,73122,54922,72022,56822,097

Othersecu-rities

J .2721,5591,2351,2421,0631,287.8902,1042,1612,2312,2712,0852,0282,0762,0942,0972,133

333376385397383482576552540563571568587581581562565

1,7491,7762,0422,3962,4532,9803,6953.8493,9904,2234,3204,3444,3504,2624,3104,3094,372

2,2972,2502,4083,2683,5043,6654,1934.5614,5884.6984,7734,8064,8304,8324,8054,7914,843

Cashassets1

6,7036,6376,4397,2617,7586,9857,9228,5647,6018,1357,2977.2677,8188,4196,9947,2247,227

1 .4461,5661,4891,7391,9321,8502,0342,1961,884I .8992,0842,1192,1202,0102,0832,0981,922

6,7858,518

11,28613,06613,31712,16813,99815,19913,61113.92514,08614,00414,58515,54413,89814,15213,848

4,8486,402

10,63210,77811,19610,31411,57113,29211,53512.08711,89612,14512,37313,28112,07812,14011,707

Deposits

Total 1

14,50917,93230,12125,21624,02423,98325,64626,85925,59026,74525,28825,11126,10827,30924,81724,76924,942

3,3304,0577,0466,4026,2936,8107,1097,4027,0587,0277,1967,2157,3687,6867,1867,2227,122

17,74122,31349,08546,46745,94347,55951,43754,46652,32853,42554,01354,76655,92357,35754,89354,91254,527

13,76217,41543,41844,44345,10245,53448,89752,28850,61151.57152,55553,33954,07955,17554,01754,04653,320

Inter-bank 1

4,2384,2074,6574,4644,2134,1924,6384,8324,3794,6394,5964,3884,4404,9654,4374,3674,292

RRR

1

,035,312,217,064,191,228,307,275,182,239,240,221,350,171,182,133

L6864,4606,4485,6495,4005,7136,4486,9765,8755.9086,2266,2896.278

(r.ooi3,104>,9915,831

598822

1.2231,073

9641,0011,1331,3091,0941.0831,1001,1571,1811,3011,1641 ,1051,052

Other

De-mand

9,53312,91724,22719,30718,13118,13919,28720,34819,46520,31118,97119,01119,88420,50418,60118,58918,773

1,9472,5465,0154,2734,2274,5354,7784,9524,6514.6814,8084 .8124,9815,1324,8434,8724,835

9,43913,04732,87729,39529,15330,18233,34235.21833,99834,76434,86135.42236,60437,09535,49935,55135,298

7,31210,33529,70028.81029,37029,77132,89935.44933,73834.41435,13335,71436,53737,28936,17336,17435,414

Time

736807

1

1,2361,4451,6801,651,722

1,6791,746L.7951,721.712

1,7841,8401,7791,8131,877

495476719913

1,0011,0831,1031,1431,1321,1641,1491,1631,1661,2051,1721,1681,154

4.6164,8069,760

11,42311,39111,66411,64712,27212,45512,75412,92613,05513,04113,26113,29013,37013,398

5.8526,258

12,49414,56014,76814,76214,86515,53015,77916,07516,32216,46816,36116 58516,68016,76716,854

Tota lcapital

accounts

1,5921,6482,1202,2592,3062,3122,3512,4252,4382.4602,4622,4772,4762,5052,5082,5252,520

250288377426444470490513513530531534537541537537539

1,8281,9672,5662,8442,9283,0873,3223,5213,5653,6633,6753,7113,7203,7453,7423,7623,780

1.8511,9822,5252,9343,1233,3053,5323,7603,8033,8733,9383,9583,9673 9703,9763,9884,000

Numberof

banks

3636373735252322222222222222222222

1413121413131313131313131313131313

346351359353335341336321320319319319319319320322322

5,9666,2196,4766,5196,5356,5136,5016,4846,4746,4616,4536,4506,4476 4446,4366,4286,419

2 Beginning with December 31, 1947, the all bank series was revised as announced in November 1947 by the Federal bank supervisory agencies.At that time a net of 115 noninsured nonmember commercial banks with total loans and investments of approximately 110 million dollars wasadded, and 8 banks with total loans and investments of 34 million were transferred from noninsured mutual savings to nonmember commercialbanks.

For other footnotes see preceding and opposite pages



ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued

PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued

[Amounts in millions of dollars]


All insured commercialbanks:

1941—Dec. 311945—Dec 311947—Dec. 311950—Dec. 301951—Dec. 311952—June 30

Dec. 31

National memberbanks:

1941—Dec. 31 . . .1945—Dec. 311947—Dec 311950—Dec. 301951—Dec 31 . . .1952—June 30

Dec. 31

State member banks:1941—Dec. 31194S—Dec. 31 . . . .1947—Dec. 311950—Dec. 301951—Dec. 311952—June 30

Dec. 31

Insured nonmembercommercial banks:

1941—Dec. 311945—Dec. 311947—Dec. 311950—Dec. 301951—Dec. 311952—Tune 30

Dec. 31

Noninsured nonmem-ber commercialbanks:

1941—Dec. 311945—Dec. 311947—Dec. 3V1950—Dec. 30 . . . .1951—Dec. 311952—Tune 30

Dec 31

All nonmember com-mercial banks:

1941—Dec. 311945—Dec. 311947—Dec. 31 2

1950—Dec. 301951—Dec. 311952—Tune 30 . . . .

Dec. 31

Insured mutual savingsbanks:

1941 Dec 311945—Dec. 31.1947—Deci 311950—Dec. 301951—Dec. 311952—Tune 30

Dec. 31

Noninsured mutualsavings banks:

1941 Dec 311945—Dec. 311947—Dec. 31 21950—Dec. 301951—Dec. 311952—Tune 30

Dec. 31

Loans and investments

Total

49,290121.809114,274124,822130,820132,557139,770

27,57169.31265,28072,09075,25576.03680,180

15,95037.87132,56635,33436,99237.46639,367

5,77614,63916,44417,41418,59119.07320,242

1,4572,2112,0091,8531,7891 .8801,854

7,23316,84918,45419.26720,38020.95422,096

1 69310,84612,68315,10116,19016,85717,621

8 6875.3615,9576,2456,0696.2346,382

Loans

21,25925,76537,58351,72357,25658.73063,632

11,72513,92521,42829,18432.31733.05436,004

6 2958 850

11,20015,52117,24317.47219,030

3,2412.9924,9587,0237,7018.2108,605

455318474527490503531

3,6963.3105,4327,5508,1928.7149,136

6423,0813,5606,0867,5238.0438,691

4,2591,1981,3842,0502,3392,4662,658

Investments

Total

28,03196,04376,69173,09973,56473,82776,138

15,84555,38743,85242,90642,93842,98244,176

9 65429.02121,36519,81319,74819.99420,337

2,53511.64711,48610,39110,89010,86311,638

1,0021,8931,5351,3271,2991.3771,322

3,53613,53913,02111,71812,18912.24012,960

1,0507.7659,1239,0158,6688.8148,930

4,4284,1634,5734,1943,7303.7683,724

U. S.Govern-

mentobliga-tions

21,04688,91267,94160,98660,53360,11762,308

12,03951,25038,67435,58735,06334.60435,835

7,50027.08919,24016,77816,55816.65716,928

1,50910.58410,0398,6328,9238.8679,556

7611.6931,2801,040

9911 .0611,010

2,27012,27711,3189,6729,9149.928

10,567

6297.1608,1657,4876,9216.7306,593

3,0753,5223,8133,3802,8972,8762,829

Othersecu-rities

6,9847,1318,750

12,11313,03113.71013,831

3,8064.1375,1787,3207,8758.3788,341

2,1551,9332,1253,0353,1913.3373,409

1,0551.0C31,4481,7591,9671.9962,081

241200255286308317312

1,2661.2621,7032,0402.2752.3122,393

421606958

1,5281,7462.0842,337

1,353641760814833892895

Cashassets »

25,78834,29236,92639,82144,17640,25844,222

14,97720,11422,02423,76325,95123.92826,333

8,1459,731

10,82211,76213,30112.11912,922

2,6684,4484,0834,2994,9264.2154,970

763514576468469443444

3,4314.9624,6594,7675,3954.6585,414

151429675617695756732

642180211180191209187

Deposits

Total *

69,411147.775141,851153,288162,908160,355170,971

39,45884,93982,02389,28194,17392,72098,974

22,25944,73040,50543,80846,84346,04948,553

7,70218,11919,34020,21621,91221.60623,464

1,8722.4522,2511,9761,9321 .9931,960

9,57420,57121,59122,19323,84323,59825,424

1,78910,36312,20714,32015,36816.08116,785

8,7445,0225,5565,7115,5475,7025,836

Inter-bank^

10,65413,88312,67013,74414,77713,10014,990

6,7869,2298,4109,1339,7888,5849,918

3,7394,4113,9934,3154.6374.2274,699

129244266297353289373

329181363294308412329

457425629591661700702

1

222

Other

De-mand

43,059104,01594,300

103,499110.382108.036115,371

24,35059,48654,33560,25163,47762,25566,362

14,49532,33427,44930 05532.49131.91433,658

4,21312,19612,51513,19414,41513,86715,351

1,2911.9051,4111,2241,2351 .1861,229

5,50414,10113,92614,41715,65015.05216,580

121419232330

6233333

- Time

15,69929,87634,88236,04537,74939,21940,610

8,32216,22419,27819,89720 90821,88022,694

4,0257.9869,0629,4389,7159.908

10,196

3,3605.6806,5586,7267,1447.4507,740

253365478458388396402

3,6136,0457,0367,1847,5337.8468,142

1,78910,35112,19214,30115,34316,05616,753

8,7385,0205,5535,7085,5445,6995,833

Totalcapital

accounts

6,8448,6719,734

11,26311,90212,28212,563

3,6404,6445,4096,3136,6536.8797,042

2,2462,9453,0553,3813,5653,6473,719

9591,0831,2711,5701,6861,7571,804

329279325327314320326

L.2881.3621,5961,897L.999?.O772,129

1*4.1,0341,2521,5131,678.700

1,730

.077558637734729738749

Numberof

banks

13,42613 29713,39813,43213,43913,43413,422

5 1175,0175 0054,9584 9394.9254,909

\ . 502

((t

,867,918915

1,901890

,889

S.810S.416S.4786,5626,6026,62?6,627

852714783689650636624

7,6627,1307,2617.2517,2527.2587,251

52192194194202205206

496350339335327324323

For footnotes see preceding two pages.Back figures.—See Banking and Monetary Statistics, Tables 1-7. pp. 16-23; for description, sec pp. 5-15 in the same publication. For revision*

in series prior to June 30, 1947, see BULLETIN for July 1947. pp. 870-871.

MAY 1953 491


ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *LOANS AND INVESTMENTS


Class of bankand

call date

All commercialbanks:3

1947—Dec. 3 1 . . .1950—Dec. 30. . .1951—Dec. 3 1 . . .1952—June 30. . .

Dec. 3 1 . . .

All insured com-mercial banks:

1941—Dec. 3 1 . . .1945—Dec. 31. . .1947—Dec. 3 1 . . .1950—Dec. 30. . .1951—Dec. 3 1 . . .1952—Tune 30. . .

Dec. 3 1 . . .

Member banks,total:

1941—Dec. 3 1 . . .1945—Dec. 31. . .1947—Dec. 3 1 . . .1950—Dec. 30. . .1951—Dec. 3 1 . . .1952—June 3 0 . . .

Dec. 31. . .

New York City:*1941—Dec. 31. . .1945—Dec. 3 1 . . .1947—Dec. 31. . .1950—Dec. 3 0 . . .1951—Dec. 31. . .1952—June 3 0 . . .

Dec. 31. . .

Chicago:*1941—Dec. 31. . .1945—Dec. 3 1 . . .1947—Dec. 31. . .1950—Dec. 3 0 . . .1951—Dec. 31. . .1952—June 30. . .

Dec. 3 1 . . .

Reserve city banks:1941—Dec. 3 1 . . .1945—Dec. 31. . .1947—Dec. 3 1 . . .1950—Dec. 30. . .1951—Dec. 31. . .1952—June 3 0 . . .

Dec. 3 1 . . .

Country banks:1941—Dec. 3 1 . . .1945—Dec. 3 1 . . .1947—Dec. 3 1 . . .1950—Dec. 30. . .1951—Dec. 3 1 . . .1952—June 3 0 . . .

Dec. 31. . .

All nonmemberbanks:3

1947—Dec. 3 1 . . .1950—Dec. 30. . .1951—Dec. 3 1 . . .1952—June 3 0 . . .

Dec. 31. . .

Totalloansand

invest-ments

116,284126,675132,610134,437141,624

49,290121,809114,274124,822130,820132,557139,770

43,521107,18397,846

107,424112,247113,502119,547

12,89626,14320,39320,61221,37921,71022,130

2,7605,9315,0885,5695,7315,6646,240

15,34740,10836,04040,68542,69443,09145,583

12,51835,00236,32440,55842,44443,03745,594

18,45419,26720,38020,95422,096

Loans1

Total1

38,05752,24957,74659,23364,163

21,25925,76537,58351,72357,25658,73063,632

18,02122,77532,62844,70549,56150,52655,034

4,0727,3347,1799,729

11,14611,26812,376

9541,3331,8012,0832,4682,3802,748

7,1058,514

13,44917,90619,65119,74521,697

5,8905,596

10,19914,98816,29617,13318,213

5,4327,5508,1928,7149,136

Com-mer-cial,in-

elud-ing

open-mar-ketpa-per

18,16721,92725,87925,31227,871

9,2149,461

18,01221,77625,74425,17627,739

8,6718,949

16,96220,52124,34723,73226,232

2,8073,0445,3616,3287,8527,6598,680

732760

1,4181,5671,9771,8562,080

3,4563,6617,0888,646

10,1409,756

10,842

1,6761,4843,0963,9804,3774,4624,630

1,2051,4051,5331,5801,639

Agri-cul-tur-al

1,6602,9053,4083,6523,919

1,4501,3141,6102,8233,3213,5623,805

972855

1,0461,8082,1402,2642,416

8

6239

161114

300205225392513519501

659648818

1,4071,6101,7331,901

6141,0961,2681,3881,503

Loans forpurchasingor carryingsecurities

Tobrok-ersanddeal-ers

8301,8021,5812,1132,060

6143,164

8231,7891,5712,1062,050

5943,133

8111,7701,5512,0842,032

4122,453

5451,4211,2191,6191,531

48211

7311094

166239

114427170207203258218

20422333354143

2031302929

Tooth-ers

1,2201,057

980965

1,103

6623,6061,1901,036

960942

1,082

5983,3781,065

927851829966

1691,172

267285262234286

52233

8769636166

1941,503

484386347354422

183471227187178179191

156130130136137

Reales-tate

loans

9,39313,54114,58015,01915,712

4,7734,6779,266

13,38914,45014,88415,572

3,4943,4557,130

10,52211,33411,62812,214

12380

111442514426386

22364665706767

1,5271,4593,1474,4234,6514,7995,099

1,8231,8813,8275,5916,0996,3376,662

2,2663,0243,2523,3973,505

Otherloans

toin-di-

vid-uals2

5,72310,12010,45111,41712,684

Otherloans2

1,0631,5731,6811,6081,718

4,5452,3615,654

10,04910,37811,34012,603

3,61,9004,6628,3148,5249,268

10,396

5i287564930920981

1,136

551

149207180183211

1,5855

1,9693,4983,5183,8054,347

1,5707

1,9793,6793,9064,2994,702

1,0611,8071,9272,1492,288

1,1811,0281,5341,6451,5701,683

921,104

9521,4381,5351,4731,577

4298330460551524539

6402687

10983

120

12404366603572559595

30363229288303308322

111134146135141

Investments

Total

78,22674,42674,86375,20477,461

28,03196,04376,69173,09973,56473,82776,138

25,50084,40865,21862,71962,68762,97664,514

8,82318,80913,21410,88310,23310,4429,754

1,8064,5983,2873,4873,2643,2843,493

8,24331,59422,59122,77923,04323,34623,886

6,62829,40726,12525,57026,14825,90427,381

13,02111,71812,18912,24012,960

U. S. Government obligations

Total

69,22162,02761,52461,17863,318

21,04688,91267,94160,98660,53360,11762,308

19,53978,33857,91452,36551,62151,26152,763

7,26517,57411,9728,9938,1298,2127,678

1,4304,2132,8902,9112,7112,7212,912

6,46729,55220,19619,08419,19419,12319,624

4,37726,99922,85721,37721,58721,20622,549

11,3189,6729,9149,928

10,567

Bills

2,1934,2367,337:6,2417,761

9882,4552,1244,1187,2196,0907,622

9712,2751,9873,6656,3995,4236,565

311477

1,002824

1,1221,0621,079

256133132232334366407

2951,034

3731,2182,5242,0802,387

110630480

1,3902,4181,9142,692

206571939819

1,196

Direct

Certifi-catesof in-debt-ed-ness

7,7891,9697,6577,7985,580

19,0717^5521,9327,5267,6535,494

16[9855,8161,4686,0106,1344,255

3,433640250616692233

1,467235131332371224

6,9822,358

4992,4932,5201,774

5,1022,583

5882,5682,5512,024

1,973501

1,6471,6641,325

Notes

6,03417,03311,40811,24611,878

3,15916,0455,918

16,75611,25611,09911,714

3,00714,2714,815

14,0549,5969,4689,835

1,6233,325

5581,7111,4281,4001,170

153749248700520494607

7515,6531,9015,5363,6403,6563,854

4814,5442,1086,1074,0083,9184,204

1,2192,9791,8121,7782,043

Bonds

53,19138,77835,10135,86738,077

12,79751,32152,33438,16834,51135,25137,456

11,72944,79245,28633,17029,60130,21532,087

3,65210,3379,7716,2064,9605,0585,195

9031,8642,2741,8471,5261,4901,674

4,24815,87815,56011,83010,52810,85111,594

2,92616,71317,68113,28712,58712,81713,625

7,9165,6185,5105,6626,000

Guar-an-teed

1411212522

4,102221411212522

3,8321610

8152119

1,6791

22

1

119

1,1735318

1614

861965554

43643

Obli-ga-tionsof

Statesandpolit-icalsub-

divi-sions

5,2768,1189,1989,84410,188

3,6513,8735,1297,9338,9899,6279,977

3,0903,2544,1996,6407,5288,1258,409

729606638

1,1231,3851,4361,453

182181213335351363384

9561,1261,3422,1842,4582,8322,934

1,2221,3422,0062,9983,3343,4943,639

1,0781,4781,6711,7201,781

Othersecu-rities

3,7294,2814,1414,1823,955

3,3333,2583,6214,1794,0424,0833,854

2,8712,8153,1053,7143,5383,5903,342

830629604767719794623

193204185242201201197

820916

1,0531,5111,3901,3911,328

1,0281,0671,2621,1941,2271,2041,194

625567604592613

* These figures do not include data for banks in possessions of the United States. During 1941 three mutual savings banks became membersof the Federal Reserve System; these banks are included in "member banks" but are not included in "all insured commercial banks" or "all commer-cial banks." Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, andthe 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 thetotal and are not entirely comparable with prior figures. Total loans continue to be shown net.

For other footnotes, see opposite page.



ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—ContinuedRESERVES AND LIABILITIES


Class of bankand

call date

All commercialbanks:3

1947—Dec. 31. .1950—Dec. 30. .1951—Dec. 31. .1952—June 30. .

Dec. 31. .

All insured com-mercial banks:

1941—Dec. 3 1 . .1945—Dec. 3 1 . .1947—Dec. 31. .1950—Dec. 30. .1951—Dec. 31. .1952—Tune 30. .

Dec. 31 . .

Member banks,total :

1941—Dec. 3 1 . .1945—Dec. 31. .1947—Dec. 3 1 . .1950—Dec. 30. .1951—Dec. 31. .1952—June 30. .

Dec. 31. .

New York City:4-1941—Dec. 31. .1945—Dec. 31. .1947—Dec. 31. .1950—Dec. 30. .1951—Dec. 31. .1952—June 30. .

Dec. 31. .

Chicago:4

1941—Dec. 31. .1945—Dec. 31. .1947—Dec. 31. .1950—Dec. 30. .1951—Dec. 31. .1952—June 30. .

Dec. 31. .

Reserve city banks:1941—Dec. 3 1 . .1945—Dec. 3 1 . .1947—Dec. 3 1 . .1950—Dec. 30. .1951—Dec. 31. .1952—June 30. .

Dec. 31. .

Country banks:1941—Dec. 31. .1945—Dec. 31. .1947—Dec. 31. .1950—Dec. 30. .1951—Dec. 31. .1952—June 30. .

Dec. 31. .

AH nonmemberbanks:3

1947—Dec. 31. .1950—Dec 301951—Dec. 31. .1952—June 30

Dec. 31

Re-serveswith

FederalRe-

serveBanks

17,79617,45819,91119,33119,809

12,39615,81017,79617,45819,91119,33119,809

12,39615,81117,79717,45919,91219,33319,810

5,1054,0154,6394,6935,2465,2665,059

1,021942

1,0701,2161,4071,2591,144

4,0606,3267,0956,8067,5827,3127,788

2,2104,5274,9934,7455,6765,4955,820

Cashin

vault

2,2162,1742,6972,3962,753

1,3581,8292,1452,1452,6652,3652,720

1,0871,4381,6721,6432,0621,8212,081

93111151118159168148

43363030323032

425494562519639551651

526796929976

1,2311,0721,250

544532635575672

Bal-anceswithdo-

mesticbanks5

10,21610,86311,96910,31211,875

8,57011,0759,736

10,46311,5619,935

11,489

6,2467,1176,2706,8687,4636,4707,378

141787078799284

298200175133165135169

2,5902,1742,1252,2062,3562,0832,419

3,2164,6653,9004,4504,8624,1594,706

3,9473,9964,5073,8434,498

De-mand

de-posits

ad-justed6

87,12392,28298,24394,766

101,506

37,84574,72285,75191,09997,04893,652

100,329

33,75464,18473,52878,37083,10080,34785,543

10,76115,06516,65315,89816,43916,07016,288

2,2153,1533,7373,9544,1213,9034,126

11,11722,37225,71427,93829,48928,70330,609

9,66123,59527,42430,58133,05131,67134,519

13,59513,91215,14414,42015,964

Demand deposits

Interbankdeposits

Do-mestic5

11,36212,10213,12311,52113,109

9,82312,56611,23611,95512,96911,28612,948

9,71412,33310,97811,66912,63411,01312,594

3,5953,5353,2363,2073,3853,1933,346

1,0271,2921,1961,1771,2691,1361,308

4,3026,3075,4976,1746,6955,6246,662

7901,1991,0491,1111,2851,0601,278

385432489508516

For-eign

1,4301,4761,4131,3761,465

6731,2481,3791,4421,3811,3391,437

6711,2431,3751,4371,3691,3291,431

6071,1051,2171,1621,1281,0961,154

8202148383937

54110131217192182230

287

10111211

5538444734

U. S.Gov-ern-ment

1,3432,8063,3595,8374,941

1,76123,740

1,3252,7883,3445,7974,912

-1,70922,179

1,1762,5233,1015,4394,567

8666,940

267451858

1,6511,143

1271,552

72174242306343

4918,221

405976

1,1242,0971,814

2255,465

432922876

1,3841,267

167283258397374

Statesand

politicalsubdi-visions

6,7998,0128,4268,8228,910

3,6775,0986,6927,8928,2888,6828,776

3,0664,2405,5046,4006,6666,9897,029

319237290258321305322

233237285284240287242

1,1441,7632,2822,5752,5502,6892,693

1,3702,0042,6473,2823,5543,7083,772

1,2951,6121,7611,8331,881

Certi-fiedandoffi-cers'

checks,etc.

2,5812,9183,1662,7422,956

1,0772,5852,5592,8983,1472,7212,938

1,0092,4502,4012.7242,9612,5552,744

4501,3381,1051,0871,2891,0791,120

34666370665256

286611705852822719791

239435528715783705777

180195205187212

Indi-viduals,partner-

ships,and cor-

pora-tions

84,98790,98696,66691,82299,793

36,54472,59383,72389,92295,60490,83698,746

33,06162,95072,70478,65983,24079,18685,680

11,28215,71217,64617,49017,88017,27517,919

2,1523,1603,8534,2504,4044,0374,491

11,12722,28126,00328,93830,72229,25831,798

8,50021,79725,20327,98030,23428,61631,473

12,28412,32613,42612,63514,113

Time deposits

Inter-bank

240462550614744

1587054

347427475605

1406450

341422469592

61712

268318350465

3165

10430225790

101109

30171712131213

190120128145152

U. S.Gov-ern-mentand

PostalSav-ings

111189278312346

59103111189278312346

5099

105183257288321

'"" io1237435359

23544

203845608590

105

31524582

125141152

67

222425

Statesand

polit-ical

subdi-visions

8661,3841,5361,6241,620

492496826

1,3311,4851,5741,564

418399693

1,1211,2381,3031,303

29201437222129

910111111

243160332631714751739

146219337443491521525

172263298320317

Indi-viduals,partner-

ships,and cor-

pora-tions

34,38334,93036,32337,67939,046

15,14629,27733,94634,52535,98637,33338,700

11,87823,71227,54228,03229,12830,19631,266

7781,2061,4181,6471.6141.7211,752

476719902

1,0891,1281,1501,190

4,5429,563

11,04510,95611,47311,91312,417

6,08212,22414,17714,33914,91415,41315,908

6,8586,9157,2137,5027,800

Bor-row-ings

65903494

188

10215

61823085

181

4208

54792669

165

1953070

520

132

'" 21

425

8

41123

9162425

1211

82623

Capi-talac-

counts

10,05911,59012,21612,60112,888

6,8448,6719,734

11,26311,90212,28212,563

5,8867,5898,4649,695

10,21810,52610,761

1,6482,1202,2592,3512,4252,4602,505

288377426490513530541

1,9672,5662,8443,3223,5213,6633,745

1,9822,5252,9343,5323,7603,8733,970

1,5961,8971,9992,0772,129

2"Other loans to individuals" include, and "Other loans" exclude, single-payment loans of $3,000 and over, which were included with "Otherloans" in BULLETINS for May 1951 through January 1953.

3 Breakdown of loan, investment, and deposit classifications are not available prior to 1947; summary figures for earlier dates appear in thepreceding table.

4Central reserve city banks.5 Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and

525 million at all insured commercial banks.6Demand 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.

MAY 1953 493


WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDELOANS AND INVESTMENTS

[Monthly data are averages of Wednesday figures. In millions of dollars]

Date or month

Totalloansand

invest-ments

Total-Leading Cities

1952—April

1953—February..MarchApril

1953—Feb. 4. .Feb. 11. .Feb. 1 8 . .Feb. 25. .

Mar. 4 . .Mar. 11. .Mar. 18. .Mar. 25. .

Apr. 1. .Apr. 8. .Apr. 15. .Apr. 22. .Apr. 29. .

New York City

1952—April

1953—February..March . . . .April

1953—Feb. 4 . .Feb. 11. .Feb. 18. .Feb. 25. .

Mar. 4. .Mar. 1 1 . .Mar. 18. .Mar. 25. .


OutsideNew York City

1952—April

1953—February..March . . . .April

1953- -Feb. 4. .Feb. 1 1 . .Feb. 18. .Feb. 25. .

Mar. 4. .Mar. 11. .Mar. 18. .Mar. 25. .


74,033

77,89077,79976,669

77,95877,87878,01477,711

77,53477,84478,01077,808

76,82776,88276,92576,41276,301

20,842

20,99621,08320,824

20,96820,90;21,08521,025

20,92021,03921,21321,160

21,10520,89720,86220,64720,613

53,191

56,89456,71655,845

56,99056,97356,92956,686

56,61456,80556,79756,648

55,72255,98556,06355,76555,688

Loans1

Total i

35,116

38,73839,19339,512

38,60038,68538,89238,775

38,77038,97339,44139,588

39,64739,50839,59439,37739,43

11,114

12,06.12,19712,380

12,00411,96112,15812,136

12,06612,05312,30512,364

12,49012,32212,41812,33812,332

24,002

26,67326,99627,132

26,59626,72426,73426,639

26,70426,92027,13627,224

27,15727,18627,17627,03927,105

Com-mer-cial,

indus-trial,andagri-cul-tural

21,159

22,92323,20423,229

22,95222,98922,88122,869

22,92223,13923,41823,337

23,26923,29723,28723,15623,133

7,763

8,5528,6538,653

8,5578,5748,5358,543

8,5658,6338,7428,673

8,6478,6988,6798,6258,617

13,396

14,37114,55114,576

14,39514,41514,3^614,326

14,35714,50614,67614,664

14,62214,59914,60814,53114,516

For purchasingor carrying securities

To brokersand dealers

U. S.Govt.

ob-liga-tions

Otherse-

curi-ties

U.S.Govt.

ob-liga-tions

1,478

,551,522,634

,586,605,555,459

,482,589,505,513

,561,703,756,612,540

291

195146154

215218174174

141150133159

162172189131115

894

912967

1,090

929894911913

937955984992

1,0461,0621,1361,1171,086

293

444409390

442493470372

404484388362

353469431364339

To others Realestateloans

Other

cun-ties

677

801793799

810801799795

796791792792

808797807796789

218

236235227

244237233228

231234235238

235231227222221

434

525524535

526523526527

524523526524

543533535532533

5,748

6,1316,1646,197

6,1216,1226,1356,147

6,1566,1676,1596,173

6,1766,1806,2106,2066,214

465

378384384

375374380382

383387386381

379381388389385

5,283

5,7535,7805,813

5,7465,7485,7555,765

5,7735,7805,7735,792

5,7975,7995,8225,8175,829

Loansto

banks

470

550587554

365395731708

569389615776

777459432493611

296

336327348

218208473443

346207334420

519245251330393

174

214260206

147187258265

223182281356

258214181163218

Otherloans

6,141 38,917

7,387 39,15238,606

7,708 37,157

7,369 39,3587,377 39,1937,395 39,1227 ,405 38,936

7,455 38,7647,507 38,871

38,5697,607 38,220

7,665 37,18037,37437,331

723 37,035760 36,864

7,6817,711

1,338

1,6021,6371,672

1,6121,6011,5981,599

,608,639,646,657

,657,685,688,667

1,665

6,0566,095

Investments

Total

9,728

8,9318,8868,444

8,9648,9448,9278,889

8.8548,9868,9088,796

8,6158,5758,4448,3098,281

4,803 29,189

5,785 30,2215,895 29,7206,036 28,713

5,757 30,3945,776 30,2495,797 30,1955,806 30,047

5,847 29,9105,868 29,8855,915 29,6615,950 29,424

6,008 28,5655,996 28,7996,023 28,887

1 28,72628,583


Total

31,668

31,65631,06729,508

31,88531,72931,53531,478

31,27631,32831,01430,650

29,54729,73629,62229,38429,249

7,570

6,8346,7616,282

6,8806,8716,7936,791

6,7436,8536,7866,661

6,4376,3916,2446,1646,174

24,098

24,82224,30623,226

25,00524,85824,74224,687

24,53324,47524,22823,989

23,11023,34523,37823,22023,075

Bills

3,514

3,2812,9011,726

3,4643,2813,2243,156

3,0103,1442,8552,595

1,7011,8521,8321,6591,583

877

544548247

553513556555

483630578500

298284230189235

2,637

2,7372,3531,479

2,9112,7682,6682,601

2,5272,5142,2772,095

1,4031,5681,6021,4701,348

Cer-tifi-

catesof in-debt-ed-ness

3,689

2,4082,2152,098

2,4962,5672,2992,271

2,2342,2182,2392,169

2,1152,1582,1152,0622,038

651

253192199

277343196197

186185211188

208208215194168

3,038

2,1552,0231,899

2,2192,2242,1032,074

2,0482,0332,0281,981

1,9071,9501,9001,8681,870

Notes

5,955 18,510 7,249

5,929 205,913 20,038 75,808

5,9535,9205,916 205,928 20

5,9345,9255,8955,897

20,098 720,04120,02519,989 7

19,881849 19,877

19,88219,88519,857

5,85055,7935,7785,771

1,380

,077,073,050

,092,070,069,076

,076,072,070,073

,071,068,039,034

1,040

4,575

4,8524,8404,758

4,8614,8504,8474,852

4,8584,8534,8254,824

Bonds2

Othersecu-rities

,038,038

19,876

19,97219,961

,096,123

,4887,5437,555

,570

4,662

7,6337,6387,7097,6517,615

2,158

4,9724,963

4,9984,9664,9274,900

4,860,8314

444,731

13,848

15,07815,09015,090

15,01415,01615,12415,

15,100 515,07515,098 515,089 5

4,7794,7814,7544,744 15,138 54,731

15,02115,04615,122

7,496,539

7,649

7,4737,4647,5877,458

4,960 2,0974,948 2,1254,786 2,162

4,958 2,0844,945 2,073

2,1342,098

2,1112,1332,1222,135

2,1782,184

760 2,200747 2,145

2,107

5,091

5,3995,4145,487

5,3895,3915,453

160 5,360

,3775,410

,433,435

5,4555,4545,509

,50615,126 5,508

1 Figures for various loan items are shown gross (i. e.f 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.



WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—ContinuedRESERVES AND LIABILITIES

Monthly data are averages of Wednesday figures. In millions of dollars]

Date or month

Re-serveswithFed-eralRe-

serveBanks

14,802

14,91114,96114,289

15,14614,91714,87914,701

14,71114,85015,45214,832

14,03814,32014,57414,26614,247

5,256

4,9815,1124,801

5,1054,9335,0174,870

4,9775,0525,4015,016

4,6994,7994,9014,7784,826

9,546

9,9309,8499,488

10,0419,9849,8629,831

9,7349,798

10,0519,816

9,3399,5219,6739,4889,421

Cashin

vault

876

945931925

902956929992

904953935931

883924916931973

134

147140139

138160137154

139150135136

132139136140150

742

798791786

764796792838

765803800795

751785780791823

Bal-anceswithdo-

mesticbanks

2,449

2,3812,3932,426

2,3072,3212,4872,410

2,3512,3862,5162,318

2,6352,2912,5082,3722,324

68

373880

35344139

37384236

24236434037

2,381

2,3442,3552,346

2,2722,2872,4462,371

2,3142,3482,4742,282

2,3932,2552,4652,3322,287

De-mand

de-positsad-

justed3

52,430

54,13054,11753,228

54,58954,34953,77153,811

53,87654,84154,47953,275

51,80252,72353,54253,89754,176

16,058

15,80715,84115,697

15,91815,80615,82315,681

15,89116,19615,79715,481

15,62415,48215,69515,83415,853

36,372

38,32338,27637,531

38,67138,54337,94838,130

37,98538,64538,68237,794

36,17837,24137,84738,06338,323

Demand deposits,except interbank

Indi-vid-uals,part-ner-

ships,andcor-

pora-tions

53,184

55,26955,36154,325

54,98055,45555,29855,342

54,81956,31756,14354,165

52,78553,75155,71754,76554,608

16,892

16,77716,82716,656

16,68516,73216,86916,822

16,77417,18916,94716,399

16,61216,44816,80316,66616,749

36,292

38,49238,53437,669

38,29538,72338,42938,520

38,04539,12839,19637,766

36,17337,30338,91438,09937,859

Statesand

polit-

sub-divi-sions

3,813

3,8613,6853,946

3,9453,9423,7663,790

3,7903,6283,6653,659

3,8283,7033,9484,0104,241

325

298239328

297301303290

247254235219

248249410355379

3,488

3,5633,4463,618

3,6483,6413,4633,500

3,5433,3743,4303,440

3,5803,4543,5383,6553,862

Certi-fiedandOffi-cers'

checks,etc.

1,616

1,5201,6361,762

1,4581,5891,5501,484

1,5611,4621,7821,740

1,8782,1891,7201,4611,559

802

710758875

653790691705

701652805876

9301,388

800563696

814

810878887

805799859779

860810977864

948801920898863

U. S.Gov-ern-ment

3,282

3,0883,0102,505

2,6842,8463,5143,309

2,7622,0893,0204,170

3,9343,0562,4371,6721,426

1,026

792909637

708744887831

690509

1,1001,338

1,117796576371323

2,256

2,2962,1011,868

1,9762,1022,6272,478

2,0721,5801,9202,832

2,8172,2601,8611,3011,103

Time deposits,except interbank


ships,andcor-

pora-tions

15,670

16,59416,74016,774

16,55616,57916,60116,641

16,72016,74416,74716,749

16,72616,78516,76616,79416,799

1,566

1,6541,7341,716

1,6451,6421,6531,675

1,7141,7371,7431,743

1,7181,7311,7021,7101,717

14,104

14,94015,00615,058

14,91114,93714,94814,966

15,00615,00715,00415,006

15,00815,05415,06415,08415,082

Statesand

polit-icalsub-divi-sions

770

779773790

775779777783

776773770771

777793786793803

26

313133

30313131

31313132

3231313638

744

748742757

745748746752

745742739739

745762755757765


PostalSav-ings

171

199196192

200198199198

195196195198

195193191191190

49

575855

58575758

57585858

5758535353

122

142138137

142141142140

138138137140

138135138138137

Do-

tic

9,879

10,21410,0909,847

10,25510,16510,42610,011

10,22110,08710,4099,643

10,0929,878

10,1949,6369,436

2,887

2,8892,8762,800

2,8982,8562,9172,883

2,9352,8082,9872,774

2,7952,7722,8762,7822,776

6,992

7,3257,2147,047

7,3577,3097,5097,128

7,2867,2797,4226,869

7,2977,1067,3186,8546,660

11

1

)

:1

1111

11l1

1111l

For-eign

1,265

1,2811,3311,319

1,306L.2661,2711,280

L ,293,365,359,306

,310,328,335,310,315

,048

,037,065,061

,059,031,023,033

,045,095,083,039

,043,069,073,057,063

217

244266258

247235248247

248270276267

267259262253252

Time

430

571589611

571571570572

579586595598

581608616617631

326

444459474

445445443445

450458461465

447471478481493

104

127130137

126126127127

129128134133

134137138136138

Bor-row-ings

763

1,3511,3021,065

1,5041,4151,2231,260

1,1401,4111,4161,241

1,0091,0771,0621,0741,107

316

381341306

438354370362

193329478364

274400394202260

447

970961759

1,0661,061

853898

9471,082

938877

735677668872847

Cap-italac-

counts

Total-Leading Cities

1952—April

1953—FebruaryMarchApril

1953—Feb. 4Feb. 11Feb. 18Feb. 25

Mar. 4Mar. 11Mar. 18Mar. 25

Apr. 1Apr. 8Apr. 15Apr. 22

Apr. 29

New York City

1952—April


1953—Feb. 4Feb. 11Feb. 18Feb. 25Mar. 4Mar. 11Mar. 18Mar. 25

Apr. 1Apr. 8Apr. 15Apr. 22

Apr. 29

Outside New York City

1952—April


1953—Feb. 4Feb. 11Feb. 18Feb. 25Mar. 4Mar. 11Mar. 18Mar. 25

Apr. 1Apr. 8Apr. 15Apr. 22Apr. 29

7,021

7,2877,3167,349

7,2767,2837,2857,305

7,3117,313

,314,324

,345,348

7,3417,3497,360

2,420

2,4892,4922,500

2,4882,4882,4892,493

2,4952,4912,4912,490

2,5032,5002,5002,5012,497

4,601

4,7984,8244,849

4,7884,7954,7964,812

4,8164,8224,8234,834

4,8424,8484,8414,8484,863

3 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.NOTE.—All figures in this table are on the revised basis. Revised weekly figures beginning Jan. 2, 1952 appear on pp. 550-555 of this BUL-

LETIN.Bank 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 pp. 550-555 of this BULLETIN. 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.

MAY 1953 495


CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF A SAMPLE OF WEEKLY REPORTING MEMBER BANKSBY INDUSTRY 1

[Net declines, ( —). In millions of dollars]

Period»

1951—April-June. .July-Dec

1952—Jan.-June...July-Dec

Monthly:1952—Dec. . . .

1953—JanF e bM a rApr.

Week ending:1953—Feb. 4

Feb 11Feb! 1 8 . ! ! !Feb. 2 5 . . . .


Apr. 1Apr. 8 . . . .Apr. 15Apr. 22Apr. 29

Business of borrower

Food,liquor,

andtobacco

- 2 4 3932

- 8 6 8754

68

- 3 2— 142

—62- 2 1 6

- 3 2—39- 3 5—36

- 2 9- 2 6

13- 2 0

- 2 6- 3 9- 3 3- 7 2- 4 6

Manufacturing and

Textiles,apparel,

andleather

116-361

- 7 3- 4 0

- 3 3

66979

- 2 5

13$017

9

123925

2

- 69

- 1 7- 3- 8

Metalsand

metalproducts

(incl.machin-ery andtrans.

equip.)

275873

1,1111

31

9032

19919

1522

- 94

4632

11010

- 1 2- 419

88

mining

Petro-leum,coal,

chemical,and

rubber

48125

176250

46

- 2- 14013

- 3- 1 0

101

107

26- 3

- 615

9- 9

4

Other

60141

7636

- 3 4

- 1 0- 743

_ - 6

- 1

22217

3

- 6- 4

614

Trade(whole-

saleand

retail)

6216

- 1 0 5141

- 8 6

- 5 125

14365

89

— 18

27505313

121618

612

Com-moditydealers

- 4 2 1722

- 6 3 4662

2

- 8 9- 8 2

- 1 2 9- 1 1 7

- 1 6—28- 2 9- 1 0

- 2 8- 2 8- 2 2- 5 1

- 2 3- 2 7- 2 8- 2 3- 1 5

Salesfinancecom-

panies

6330

-217544

406

-106- 1 5

15105

- 2 0— 11

115

3519

4- 4 3

2957

- 111

9

Publicutilities

(incl.trans-porta-tion)

175351

- 2- 5 7

12

25- 5 7

6766

- 1 0— 12- 4 5

10

- 2 9344616

- 25

161532

Con-struc-tion

44- 9 8

1813

- 1 0

- 4

21- 1 2

5- 6

- 677

13

- 1 0- 2- 2- 1

3

Allothertypes

ofbusiness

837

- 2 8191

63

- 4 626

7- 1 8

- 120

8— 1

1010

— 7- 6

- 811

6- 1 5- 1 3

Netchangesclassi-

fied

1862,769

- 5 4 62,494

465

- 2 1 9— 153

421- 1 1 9

- 5 2— 12- 8 1

- 8

50166272

- 6 6

- 5 837

- 8- 8 1

- 9

Comm'l,ind'l,andagr'l

change—total

182,372

-6372,435

332

-379— 142

468- 2 0 4

- 5 937

- 1 0 8- 1 2

53217279

- 8 1

- 6 828

- 1 0- 1 3 1

- 2 3

S a m p l e includes about 215 weekly reporting member banks reporting changes in their larger loans; these banks hold over 90 per cent oftotal commercial and industrial loans of all weekly reporting member banks and nearly 70 per cent of those of all commercial banks.

2 Figures for other than weekly periods are based on 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 O U T S T A N D I N G


End of year or month

1947—December1948—December1949—December1950—December1951—December

1952—MarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember


Commer-cial

paperout-

standing1

287269257333434

534544510495539550565591575539

504511507

Dollar acceptances outstanding

Totalout-

standing

261259272394490

458422430416450454454449478492

487490468

Held by

Accepting banks

Total

197146128192197

177| 150

155148171169166155172183

159158149

Ownbills

887158

114119

120110121108122113106103114126

111110105

Billsbought

10976707879

57403440495661525857

484844

Others

64112144202293

282272275268279285288294306309

328331319

Based on

Importsinto

UnitedStates

159164184245235

228211197195200212232237233232

225234237

Exportsfrom

UnitedStates

63574987

133

138135136126126119108114123125

120114110

Dollarex-

change

31

223

66

3745737460302939

435739

Goods stored in orshipped between

points in

UnitedStates

2525302855

36221715172024406264

655349

Foreigncountries

11129

3244

51484336343031283132

343232

1 As reported by dealers; includes some finance company paper sold in open market.Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427.



PRINCIPAL ASSETS OF SAVINGS INSTITUTIONSUNITED STATES LIFE INSURANCE COMPANIES


Date

End of year:4

1939194019411942 . .194319441945194619471948194919501951

End of month:5

1950—December1951—December

1952—FebruarvMarchAprilMay1 uneTulyAugustSeptemberOctoberNovemberDecember

1953—JanuaryFebruary

Totalassets

29,24330,80232,73134 93137,76641,05444,79748,19151,74355,51259,63064,02068,292

63,68767,983

68,90769,25069,60469,95970,33470,77471,12371,57872,03472,41573,034

73,62173,943

Government securities

Total

7,6978,3599,478

11,85114,99418,75222,54523,57522,00319,08517,81316,06613,670

15,93313,579

13,46913,35213,30613,02012,85312,89412,89812,92912,73112,78012,683

12,86212,844

UnitedStates

5,3735,8576,7969,295

12,53716,53120,58321,62920,02116,74615,29013,45911,011

13,36110,958

10,84110,76510,73710,46310,30910,32410,34710,39910,24410,29710,195

10,32910,287

State andlocal i

2,2532,3872,2862,0451,7731,4291,047

936945

1,1991,3931,5471,737

1,5201,702

1,7161,6951,6941,6971,7061,7481,7521,7361,7281,7281,733

1 ,7741,800

Foreign2

71115396511684792915

1,0101,0371,1401,1301,060

922

1,052919

912892875860838822799794759755755

759757

Business securities

Total

8,4659,178

10,17410,31510,49410,71511,05913,02416,14420,32223,17925,40328,214

25,20928,042

28,55328,90329,18629,59429,89530,19130,31430,47530,97331,14331,404

31,69031,878

Bonds »

7,9298,6249,5739,7079,8429,959

10,06011,77514,75418,89421,46123,30025,988

23,23125,975

26,45626,78527,05927,45627,74528,03928,16528,31528,81928,98629,226

29,47129,644

Stocks

536554601608652756999

1,2491,3901,4281,7182,1032,226

1,9782,067

2,0972,1182,1272,1382,1502,1522,1492,1602,1542,1572 178

2,2192,234

Mort-gages

5,6695,9586,4426,7266,7146,6866,6367,1558,675

10,83312,90616,10219,314

16,10119,291

19,71219,87020,00820,17520,33520,50520,64320,80120,96121,08721 245

21,39621.547

Realestate

2,1342,0601,8781,6631,3521,063

857735860

1,0551,2471,4451,633

1,4281,617

1,6391,6561,6621,6741,6931 7061,7221,7361,7511 7661 868

1,8801,887

Policyloans

3,2483,0912,9192,6832,3732,1341,9621,8941,9372,0572 2402,4132,587

2,3972,575

2,5982,6122,6212,6332,6462 6562,6672,6832,6922 6982 699

2,7182,727

Otherassets

2,0302,1561,8401,6931,8391,7041,7381,8082,1242,1602,2452,5912,874

2,6192,879

2,9362,8572,8212,8632,9122,8222,8792,9542,9262,9413,135

3,0753,060

1 Includes United States and foreign.2 Central government only. •3 Includes International Bank for Reconstruction and Development.4 These represent annual statement asset values, with bonds carried on an amortized basis and stocks at end-of-year market value.6 These 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]

End ofyear

19391940194119421943194419451946194719481949195019511952P.

Assets

Total1

i

5,5975,7336,0496,1506,6047,4588,747

10,20211,68713,02814,62216,84619,16422,700

Mort-gages 2

3,8064,1254,5784,5834,5844,8005,3767,1418,856

10,30511,61613,62215,52018,444

U. S.Govern-

mentobli-

gations

7371

107318853

1,6712,4202,0091,7401,4551,4621,4891,6061,791

Cash

274307344410465413450536560663880951

1,0821,293

Other »

1,124940775612493391356381416501566692866

1,083

Savingscapital

4,1184,3224,6824,9415,4946,3057,3658,5489,753

10,96412,47113,97816,07319,211

End ofquarter

1950—1. . . .23. . . .4

1951—12. .. .34

1952—1. . . .?

3.' '. '. '.4

Assets

Total i

15,09015,88016,29116,846

17,23217,97718,42919,164

19,84820,85321,65622,700

Mort-gages 2

12,01412,69513,29413,622

13,99914,53915,05815,520

16,07316,89117,74018,444

U. S.Govern-

mentobli-

gations

1,4971,5061,4891,489

1,5471,558,577

L,606

1,718,702

1,7821,791

Cash

885913727951

844940852

1,082

1,1001,2121,0461,293

Other 3

597671688692

751849852866

867959999

1,083

Savingscapital

12,92513,42213,41813,978

14,28614,91015,31716,073

16,80117,66118,21019,211

P Preliminary.1 Includes gross mortgages with no deduction for mortgage pledged shares.2 Net of mortgage pledged shares.8 Includes other loans, Federal Home Loan bank stock and other investments, real estate owned and sold on contract, and office building and

fixtures.Source.—Federal Savings and Loan Insurance Corporation.

MAY 1953 497


GOVERNMENT CORPORATIONS AND CREDIT AGENCIES[Based on compilation by United States Treasury Department. In millions of dollars]

SELECTED ASSETS AND LIABILITIES, BY CORPORATION OR AGENCY *

Asset or liability, and agency

Loans, by purpose and agency:

Banks for cooperativesFederal intermediate credit banks . . . .Federal land banks *Federal Farm Mortgage CorporationFarmers Home Administration *

Commodity Credit CorporationOther agencies

To aid home owners, totalFederal National Mortgage Assn.RFC Mortgage Corporation*Home Owners' Loan Corporation 'Reconstruction Finance CorporationOther agencies

To railroads, totalReconstruction Finance CorporationOther agencies

To other industry, totalReconstruction Finance Corporation6

Other agencies

To financing institutions, totalReconstruction Finance CorporationFederal home loan banksOther agencies

Foreign, totalExport-Import BankReconstrucUon Finance Corporation 6

Other agencies'

All other purposes, total .Reconstruction Finance Corporation6

Public Housing Administration *'Other agencies

Less: Reserve for losses

Total loans receivable (net)

Investments:U'. S. Government securities, total . . .

Banks for cooperativesFederal intermediate credit banksProduction credit corporationsFederal land banks *Federal home loan banksFederal Savings and Loan Insurance CorpHome Owners' Loan Corporation ̂Federal Housing Administration. . . .Public Housing Administration *"Reconstruction Finance Corporation 'Federal Deposit Insurance CorporationOther agencies

Investment in international institutions

Other securities, totalReconstruction Finance CorporationProduction credit corporationsOther agencies

Commodities, supplies, and materials, totalCommodity Credit CorporationReconstruction Finance Corporation *Other agencies .

Land, structures, and equipment, totalPublic Housing Administration ^Reconstruction Finance Corporation 6

Tennessee Valley Authority .U S Maritime Commission 2

Other agencies ^

Bonds, notes, and debentures payable (notguaranteed), totalBanks for cooperatives . . . . .Federal intermediate credit banksFederal land banks 8

Commodity Credit CorporationFederal home loan banks

1944

3

1

1

1

((

18

8

6

1

211

16

6

35

1

381189?S7

351641361353

10

?375281

0911?

1

343321

21

191118

73

?1666

13120

2?1225

8)

?3787710 S106

448

387

630433960

144151

IS87

77S

76028

424289

6371

,942,450053438

,237?005767101114?7262

,39524

774818

67

1945

2

1

5

1

211

21

6

371

1

878197

088242604407

999

8967

248S?

1?1

20518

14983

26760

19512

1?6252774

707309786112

438

,290

683434367

145118161

15106

849

89730

321244

5526

,288,034

131122

,01777?91972119S811

,948

,1138

?4S79?

69

1946

2,884232273986149590528120

6

65966

636101

171153

18

19215141

31414

2937

2,2841,249

235800

623232278113

478

6,649

1,873434770

145172

17122

848

1,04520

318

2301594624

1,265463667134

16,924227

2,861727

3,3017,7642,044

1,25233

293756

169

End of year

1947

2,299276336

109558734280

7

5564

486t \

65

147145

3

27224131

4477

4364

5,6731,978

2463,450

714«340

27896

395

9,714

1,685484872

139184

12132

8

1,02021

3,385

1541083511

822448235138

12,600204

35754

3,3056,50i1,793

68969

358

262

1948

1

62

3

11

1

1

3

31

632305476

80575999293

5

768199

16917722

140138

3

31027238

1216

S1S4

102145706

,750

184190794100

368

,692

814434466

774199

12144

8

,0641

,385

1339829

6

62743715732

,060448630793

189

96570

480

415

1949

4

11

1

62

3

12

?

1

3

11

21

36?30?437

60573301

,7299

?11828

?1116824

114112

3

46?473

38

4418

4334

,090,187154

,750

48488

79799

476

,733

047437439

775214

8188

,2051

,385

1078322

2

,549,37614?30

,96235?611830

168

77278

490

204

1950

?

1

11

62

3

13

?

1

3

11

21

1

884345510

45535543898

7

128347

1011735

110108

2

45*400

58

8?48

816

078,226101

,750

13159

366105

185

,228

071434642

199193

244

,3071

,385

8871161

,774,63810828

,945748605886

206

,190110570

560

1951

4

1

?1

62

3

14

1

3

11

31

1

1

1614? 5611

34S1974?78?

6

14?,850

123169

10199

2

488415

74

8148

806

110,296

64,750

77961

609109

173

,422

415143

?49200

285

1,353

1

,385

7866111

,461,174

159

, 358

S94,048

465

,369170674

525

4

1

22

62

3

14

1

3

11

31

1

1

End of quarter

1

239371719

32S9S7*4710

6

363,053

121189

9896

2

473400

73

1978

S89

096,329

61,706

73161

SS7110

173

,422

,422414843

184204

289

1,409

1

,385

665510

,322,012147164

,406,24259?

,105

467

,21414074S

329

1952

2

4,058343866

29594

1,831390

6

2,3872,068

119201

£583

2

464393

72

653( 7 )

653

7,6172,389

5895,170

80161

624116

153

15,913

2,364434943

311209

286

11,421

1

3,385

5343

9

1,3501,023

186142

3,1861 232

2021,170

581

1,228112857

258

3

4 563370822

27606

1,873859

5

2,4372,097

117223

8482

2

480412

67

716( 7 )

715

7 8262,546

585.222

93361

750123

150

16,890

2 371436143

298203

299

1,4231

3,385

5142

8

1,3771,034

194149

3,2121 216

2021,209

586

1,301120864

317

11

7

2

72

5

17

9

1

3

1

1

4

070424673

25S969^0476

6

603,242

115246

8280

2

516457

58

864

736,496

58,182

09550

919126

140

,8?6

421436043

311208

316

,4371

,385

4436

8(7)

,280978172131

173199

,251

590

,330181704

445

For footnotes see following page.



GOVERNMENT CORPORATIONS AND CREDIT AGENCIES—Continued[Based on compilation by United States Treasury Department. In millions of dollars]

PRINCIPAL ASSETS AND LIABILITIES

Date, and corporation or agency

All agencies:1944—Dec. 311945—Dec. 311946—Dec. 311947—Dec 31 2

1948—Dec. 31 2

1949—Dec. 311950—Dec 31 . . .1951—Dec. 31 2

1952—Mar. 31June 30 2

Sept. 30Dec. 31

Classification by agency,Dec. 31, 1952

Department of Agriculture:Farm Credit Administration:

Banks for cooperatives .Federal intermediate credit banksProduction credit corporationsAgricultural Marketing ActFederal Farm Mortgage Corp. .

Rural Electrification AdministrationCommodity Credit CorporationFarmers Home Administration 3 . .Federal Crop Insurance Corp

Housing and Home Finance Agency:Home Loan Bank Board:

Federal home loan banksFederal Savings and Loan Insurance Corp..

Public Housing AdministrationFederal Housing AdministrationOffice of the Administrator:

Federal National Mortgage Association.. .Other

Reconstruction Finance Corporation:Assets held for U. S. Treasury 13 . . . .Other"

Export-Import Bank . . .Federal Deposit Insurance CorpTennessee Valley AuthorityAll other . .

Assets, other than interagency items 1

Total

31,48833,84430,40930,96621,71823,73324,63526,744

26,85827,93328,92229,945

49977653

127

2,0232,829

60232

1,222214

2,217505

2,254118

372836

2,5431,4441,6009,778

Cash

756925

1,3981,481

630441642931

844808932944

3033

1

130116929

431

8662

45

594

(7)320165

Loansre-

ceiv-able

6,3875,2906,6499,714

11,69212,73313,22814,422

14,42215,91316,89017,826

421673

125

1,9181,423

507

864

92134

2,24241

1723

2,496

5,535

Com-modi-ties,sup-plies,and

mate-rials

2,9422,2881,265

822627

1,5491,7741,461

1,3221,3501,3771,280

978

( 7 )

13438

(7)20

110

Invest-ments

U. S.Govt.secu-rities

L ,632,683,873,685.854

2,0472,0752,226

2.422

<•

,364,371,421

436043

1

311208

316

1 ,437

Othersecu-rities

424325547

3,5393,5183,4923,4733,463

3,4513,4383,4363,429

8

w2

34

:i;385

Land,struc-tures,and

equip-ment

16,23721,01716,92412,6003,0602,9622,9453,358

3,4063,1863 2123,213

1100

( 7 )

1,1131

29

1981

(7)1,251

460

Otheras-sets

3,1112,3171,7531,125

337509499882

991874704832

510

174

31725

3

44

3892

124

333143

69

122

Liabilities, other thaninteragency items

Bonds, notes,and deben-

tures payable

Fullyguar-anteed

byU. S.

1,537555261

8238282343

38443953

(7)

1

52

Other

1,3951,1131,252

689965772

1,1901,369

1,2141,2281,3011,330

181704

445

Otherliabil-ities

4,1964,2123,5882.0371,6631,7201,1931,161

1,247L.200L.434.728

281

1740

22

4277

24226

3(7)

4656804063

U. S.Gov-ern-mentinter-

est

23,85727,49224,81028,01518,88621,03021,99523,842

24,01025,10425,78026,456

2886452

126

2,0222,089

60030

(12)

2072,193

227

2,251118

372790

2,4871,3641,5609,715

Pri-vatelyownedinter-

est

504472498143166183234329

349357367378

28

3 5 0

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 for2 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 afterJune 1951; exclusion of the United States Maritime Commission (including War Shipping activities) after 1947, when this agency ceased to reportto the U. S. Treasury; and inclusion of the Mutual Security Agency beginning June 1952.

3 This agency, successor to the Farm Security Administration, took over the continuing functions of the latter agency in 1946. Earlier figureshave been adjusted to include the FSA. Figures for 1944 and 1945 also include Emergency Crop and Feed Loans of the Farm Credit Administra-tion, transferred to the FSA in 1946. Figures through 1948 include the Regional Agricultural Credit Corporation, the assets and liabilities ofwhich have been administered by the Farmers Home Administration since dissolution of the RACC in 1949. These activities are reported cur-rently on the Treasury Statement as "Disaster Loans, etc., Revolving Fund."

4 Assets and liabilities transferred to the Reconstruction Finance Corporation on June 30, 1947.5 Reconstruction Finance Corporation loans to aid home owners, which increased steadily through the first three quarters of 1947 and during

1948, appear to have been included with "other" loans in the statement for Dec. 31, 1947.6 Figures have been adjusted to include certain affiliates of the Reconstruction Finance Corporation. Several of these—including the Defense

Plant Corporation, Defense Supplies Corporation, Metals Reserve Company, and Rubber Reserve Company—were merged with the parenteffective July 1, 1945. Most of their activities were reflected under "Commodities, supplies, and materials" and "Land, structures, and equip-ment."

7 Less than $500,000.8 Foreign loans, except for the Export-Import Bank, are included with "other agencies" until 1945.9 Treasury loan to the United Kingdom (total authorized amount of which was 3,750 million dollars) and, beginning with the balance sheet

for June 30, 1952, outstanding loans of the Mutual Security Agency (totaling about 1,500 million on that date).10 Reflects activities of the Federal Public Housing Authority under the U. S. Housing Act, as amended, until July 27, 1947, when these activi-

ties were transferred to the newly established Public Housing Administration. War housing and other operations of the Authority—shown onthe 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 inearlier Treasury Statements) and the business activities of the Panama Canal (not reported prior to that time). See also footnote 10.

12 Debit balance of less than $500,000.13 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.14 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) theadoption of a new reporting form beginning Sept. 30, 1944, and (2) changes in activities and agencies included (see footnote 2). For back figuressee Banking and Monetary Statistics, Table 152, p. 517.

MAY 1953 499


SECURITY MARKETS1

Year, month,or week

Number of issues

1950 average1951 average1952 average

1952—AprMayJuneJulyAug.Sept. . .OctNov. . . .Dec

1953—jan

Feb. .MarApr

Week ending:Apr. 4 . .Apr. 11 . .Apr. 18..Apr. 25..May 2 . .

Bond prices

U. S.Gov-ern-

ment2

1-8

102.5398.8597.27

97 9598.9198.3298.4097 0996 8696.4496 9696.32

95.6895 2894.3193 25

93.8393.9493.3292.9792.28

Mu-nicipal(high-

grade)3

15

133.4133.0129.3

132.7131.9130.9130.4128 6126.6125.0125.4125.3

124.0122.7121.6121 3

121.2121.6121.6121.4120.7

Cor-po-rate(high-

grade)'

17

122.0117.7115.8

116.2116.3116.2116.0115.8115.7114.7115.2115.3

114.5114.0113.4111 7

112.6112.5111.7111.4110.4

Pre-ferred*

15

181.8170.4169.7

172.2173.4173.3171.1169.9170.2168.3169.8170.3

168.4166.3165.7161.7

162.7162.8161.5161.1160.3

Stock prices

Common

Standard and Poor's series(index, 1935-39=100)

Total

480

146177188

184184188192191188183190197

198196198190

193191191187188

In-dus-trial

420

156192204

199199204210208204198206214

214212215206

209206206202204

Rail-road

20

117149169

165167174175175171167172185

185181185173

178174175169171

Pub-lic

utility

40

107112118

117117116117119119117121123

124124125122

123122122121120

Total

265

154185195

191190196199199194191197204

205202204194

198194193190193

Securities and Exchange Commission series(index, 1939=100)

Manufacturing

Total

170

166207220

215214222225225219215223231

232229232220

225221219215220

Dura-ble

98

150178189

181182187192194191188196205

208204207194

198194193190195

Non-dura-

ble

72

180233249

245243253256254246239247255

255252256245

251245244238243

Trans-porta-tion

21

160199221

217216225226228221218225238

239235238223

229224222218223

Pub-lic

util-ity

28

107113118

116117117117120118118121123

124124124120

122121120119120

Tradefin-

ance,and

serv-ice

32

184208206

203201204208210206202205212

212210212207

210208206204207

Min-ing

14

144205275

298283291289278275265260267

261256263252

260254252242247

Vol-ume

oftrad-ing5

(inthou-sands

ofshares)

2,0121,6841,313

1,2821,0441,2151,096

9951,1491,1811,7791,842

1,6231,6781,9311,637

2,4562,0561,4191,5731,275

1 Monthly and weekly data are averages of daily figures, except for municipal and corporate bonds, preferred stocks, and common stocks(Standard and Poor's series), which are based on figures for Wednesday.

2Beginning Apr. 1, 1952, series includes all fully taxable, marketable bonds due or first callable after 12 years. Prior to that date, only bondsdue or first callable after 15 years were included.

3 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond.4 Standard and Poor's Corporation. Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual

dividend. 6 Average daily volume of trading in stocks on the New York Stock Exchange.Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETIN

for May 1945, pp. 483-490, and October 1947, pp. 1251-1253.

CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGEFIRMS CARRYING MARGIN ACCOUNTS

[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]

End of month

1950—JuneDecember...

1951—TuneDecember...

1952—AprilMayJuneJulyAugustSeptember.«OctoberNovember. .December. . .

1953—January... .FebruaryMarch

Debit balances

Customers'debit

balances(net)i

1,2561.3561.2751,292

31 .31531 3121,327

3| ,38731,33831,33331,31631,3471,362

31,34531,35031,513

Debitbalances inpartners'

investmentand trading

accounts

129

1012

9

8

Debitbalances in

firminvestmentand trading

accounts

386399375392

427

406

Cash onhand

and inbanks

314397364378

365

343

Credit balances

Moneyborrowed 2

827745680695

38183847

9123 1,126

3 926389138603878920

390838713 966

Customers'credit balances1

Free

673890834816

37563725

70836923675369236923 7063724

37323 7303 744

Other(net)

166230225259

219

200

Other credit balances

In partners'investmentand trading

accounts

25362642

23

35

In firminvestmentand trading

accounts

111213l i

16

9

In capitalaccounts

(net)

312317319314

324

315

1 Excludes balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2)•f 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): January, 31; February, 30; March, 28.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 lastcolumn 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.



OPEN-MARKET MONEY RATES IN NEW YORK CITY[Per cent per annum]

Year,month, or

week

1950 average1951 average1952 average1952—April

MayJuneJuly. . .August . . . .September.October. . .November.December..

1953—January. . .February..MarchApril

Week ending:Apr. 4 . . .Apr. 11 . . .Apr. 18. . .Apr. 25 . . .Mav 2 . . .

Primecom-

mercialpaper,4- to 6-months1

1.452.172.332.352.312.312 312.312.312.312.312.312.312.312.362.44

2.382.382.382.502.55

Primebank-

ers'accept-ances,

90days1

L 1 5L.60L.75L.75

75L.75L 75L.751.75L.75L.75

.751.821.881.881.88

1.881.881.881.881.88

1J. S. Governmentsecurities

3-month bills

Marketyield

1.201.521.721.571 671.701.811.831.711.741.852.09

1.961.972.012.19

2.022.102.242.252.22

Rateon newissues

1.218L.552L .7661.623!710!700

824I'876L.786L.783.862

2.126

2.0422.0182.0822.177

2.0292.0732.2192.3202.243

(taxable)

9-to 12-monthissues 2

1.261.731.811.601.661^741.891.941.951.841.892.03

1.971.972.042.27

2.132.182.292.322.38

3- to 5-year

issues3

1.501.932.13

1.931J952.042.142.292.282.262.252.30

2.392.422.462.61

2.522.532.592.652.75

1 Monthly figures are averages of weekly prevailing rates.2Series includes certificates of indebtedness and selected note and

bond issues.3Series includes selected note and bond issues.Back figures.—See Banking and Monetary Statistics, Tables 120-121,

pp. 448-459, and BULLETIN for May 1945, pp. 483-490, and October1947, pp. 1251-1253.

BANK RATES ON BUSINESS LOANS

AVERAGE OF RATES CHARGED ON SHORT-TERM LOANSTO BUSINESS BY BANKS IN SELECTED CITIES


Area and period

Annual averages:19 cities:

194419451946 .194719481949195019511952

Quarterly:19 cities:

1952—JuneSeptDec

1953—MarNew York City:

1952—JuneSeptDec

1953—Mar#

7 Northern and East-ern cities:

1952—JuneSept.Dec

1953—Mar11 Southern and

Western cities:1952—June

Sept. . .Dec

1953—Mar.

Allloans

2.42.22 12.12 52 . 72.73.13 . 5

3.513.493.513.54

3.273.293.333.31

3.463 443.493.50

3.903.843.843.90

Size of loan

$1,000-$10,000

4.34.34 24.24 44 . 64.54.74 . 9

4.904.914.884.89

4.534.664.514.55

4.904.854.854.95

5.055.045.065.02

$10,000-$100,000

3.33.23 . 13.13.53 . 73.64.04 . 2

4.214.224.214.25

4.034.064.064.13

4.174.204.214.24

4.334.314.304.31

$100,000-$200,000

2.62.32 . 22.52 83 . 03.03.43 . 7

3.723.743.773.75

3.553.603.633.55

3.713.723.743.74

3.863.823.913.91

$200,000and over

2.22.01.71.82.22 . 42.42.93.3

3.293.273.293.32

3.143.153.193.17

3.273.243.293.30

3.633.563.513.62

NOTE.—For description of series see BULLETIN for March 1949,pp. 228-237.

BOND AND STOCK YIELDS *[Per cent per annum]

Year, month,or week

Number of issues.. .

1950 average1951 average1952 average

1952—AprilMayJuneJulyAugustSeptember...OctoberNovember.. .December. . .

1953—JanuaryFebruary. . . .MarchApril

Week ending:Apr. 4Apr. 11Apr. 18Apr. 25Mav 2. .

Bonds

U.S.Govern-

ment(long-term) 2

1-8

2.322.572.68

2.642.572.612.612.702.712.742.712.75

2.802.832.892.97

2.922.912.962.993.04

Munic-ipal

(high-grade) 3

15

1.982.002.19

2.012.052.102.122.222.332.422.402.40

2.472.542.612.63

2.632.612.612.62

Corpo-rate

(high-grade) 4

9

2.602.862.96

2.922.932.952.962.972.983.042.982.99

3.063.113.16(8)

Corporate (Moody's)5

Total

120

2.863.083.19

3.163.163.173.173.183.193.223.203.19

3.223.263.313.40

3.353.373.403.433.46

By ratings

Aaa

30

2.622.862.96

2.932.932.942.952.942.953.012.982.97

3.023.073.123.23

3.183.193.223.253.28

Aa

30

2.692.913.04

3.013.003.033.043.063.073.083.063.05

3.093.143.183.29

3.243.253.293.333.36

A

30

2.893.133.23

3.203.203.203.193.213.223.243.243.22

3.253.303.363.44

3.393.413.443.463.50

Baa

30

3.243.413.52

3.503.493.503.503.513.523.543.533.51

3.513.533.573.65

3.603.613.643.673.72

By groups

Indus-trial

40

2.672.893.00

2.972.972.982.993.003.023.053.053.04

3.073.113.163.27

3.213.233.263.283.33

Rail-road

40

3.103.263.36

3.323.313.323.333.343.363.393.373.34

3.363.393.433.51

3.463.473.503.543.57

Publicutility

40

2.823.093.20

3.193.193.203.203.203.203.223.193.19

3.233.293.333.44

3.383.393.433.473.50

Industrial stocks

Dividends/price ratio

Pre-ferred6

15

3.854.114.13

4.074.044.044.094.124.124.164.124.11

4.164.214.234.33

4.304.304.334.354.37

Com-mon7

125

6.516.295.55

5.875.735.485.415.515.635.625 315.14

5.185.265.365.52

5.355.475.475.615.52

Earn-ings/priceratio

Com-mon7

125

14.6110.429.49

"s'.5S

''9.06

10.56

1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for preferred stocks, which are based on figures forWednesday. Figures for common stocks, except for annual averages, are as of the end of the period (quarterly in the case of earnings/price ratio).

2Beginning Apr. 1, 1952, series includes all fully taxable, marketable bonds due or first callable after 12 years. Prior to that date, only bondsdue or first callable after 15 years were included.

3Standard and Poor's Corporation, 4U. S. Treasury Department.5 Moody's Investors Service, week ending Friday. Because of a limited number of suitable issues, the industrial Aaa and Aa groups have

been reduced from 10 to 6 issues, and the railroad Aaa and Aa groups from 10 to 5 and 4 issues, respectively.^Standard and Poor's Corporation. Ratio is based on 9 median yields in a sample of noncallable issues, including 12 industrial and 3 public

utility. 7Moody's Investors Service. 8Series discontinued beginning Apr. 1, 1953.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.

MAY 1953 501


TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS

Period

Calendar year:1949195019511952

Fiscal year:19491950 . . . .19511952

Semiannual totals:1949—July-Dec.1950—Jan.-June.

July-Dec..1951—Jan.-June.

July-Dec..1952—Jan.-June.

July-Dec..Monthly:

1952—AprMayJune . . .JulyAug.SeptOct. . . . .NovDec

1953—janFeb. . .MarApr

[On basis of daily statements of United States Treasury unless otherwise noted. In millions of dollarsl

Summary

Budget receipts andexpenditures

Netreceipts

38,12237,83453,48865,52338,24637,04548,14362,129

17,67519,37018,46429,67923,80938,32027,204

4,3233,8099,7963,3164,0506,5853,0994,1516,0035,0615,479

10.5022,849

Ex-pendi-tures

41,714'38,25556,84671,36640,05740,167144,63366,145

20,97419,192

U9.06325,57031,27634,86936,497

6,0165,6596,9306,7425,0186,0706,3835,1617,1245,7375,5956,1876,362

Surplusor

deficit( - )

-3,5921 -422-3,358-5,842-1,811-3,122^.sio

-4 ,017-3 ,300

178» -5994,109

-7 ,4673,451

-9 ,293

-1 ,693-1 ,850

2,865-3 ,426

-968515

-3 ,283-1 ,009-1 ,121

-676-1164,315

-3 ,513

Excess of receiptsor expenditures ( —)

Trustand

otherac-

counts

- 3 6 21 - 3 8

75949

—420121

»295219

- 1 4135

1 - 1 7 3468291

- 7 2121

- 2 2 9343

- 2 9 3- 4 3

6456

- 2 0 7127

- 2 1 8- 1 4 0

404- 2 0 9- 1 5 7

Sales andredemptionsin marketof Govt .agency

obligations

- 1 4 0349

56- 9 0

— 74- 2 2384

- 7 2

21- 4 3392- 864

- 1 3 646

- 6 314

1012671

- 3 4- 4 5

74- 4 6

29- 1 3 3

12- 5 0

Clear-ingac-

count

23487

-106-319

366483

-214—401

142341

-25440

-146-255- 6 4

329- 9 1

-326432

-195-229

316-243-145

401- 2

-135289

Increase ordecrease ( —)during period

Grossdirectpublicdebt

4,331-4232,7117,973

4784,587

-2 ,1353,883

4,360227

-650-1 ,486

4,197-3138,286

2091,613-8003,968

113-5042,2382,513

—4111

182-3 .099

105

Generalfund

balance

471-447

621,770

— 1,4622,0471,839—388

1,209838

-1 ,2853,124

-3 ,0622,674-904

-1 ,44728

1,548957

-973204

-9811,461

-1 ,572-376

335884

-3 ,326

General fund of the Treasury(end of period)

Bal-ance

ingen-eralfund

4,6794,2324,2956,064

3,4705,5177,3576,969

4,6795,5174,2327,3574,2956,9696,064

5,3935,4216,9697,9256,9527.1566,1757,6366.0645,6896,0246.9083,582

Deposits in

F. R.

Avail-able

funds

841690321389

438950338333

841950690338321333389

450569333638496508770396389811351222393

Banks

In proc-ess ofcollec-

tion

94129146176

103143250355

94143129250146355176

195125355184106161174103176350174448180

Specialdepos-itaries

2,5572,3442,6934,368

1,7713,2685,6805,106

2,5573,2682,3445,6802,6935,1064,368

3,7793,6905,1066,0275,1905,2174,1455,9844,3683,3184,3764.9831,859

Othernetas-sets

,187,069,134,132

,159,156.089,175

,187,156,069,089,134,175,132

9691,037

17S1,0761,161

,7701,087

15?,132

1,209,123.255,151

Period


Fiscal year:1949195019511952

Semiannual totals:1949—July-Dec.1950—Jan.-June..

July-Dec. .1951—Jan.-June..

July-Dec. .1952—Jan.-June..

Ju ly -Dec .Monthly:

1952—AprMayJuneJulyAugSeptOct.NovDec

1953—Jan.FebM a rApr.

Budget expenditures

Total

41,71438,25556,84671,366

40,05740,16744,63366,145

20,97419,19219,06325,57031,27634,86936,497

6,0165,6596,9306,7425,0186,0706,3835,1617,1245,7375,5956.1876,362

Major national security programs

Total2

19.45218,50937,15451,121

19.08417,95025,89146,319

9,2918,6599,850

16,04121,11325,20625,915

4,4994,5414,3574,6953,8144,5184,3733,8764,6404,2164,1684,670

P4,590

Na-tional

de-fense

12,84913,47630,27543,176

12.15812,34619,95539,033

6,3765,9707,505

12,45017,82521,20821,968

3,7713.7883,6833,8842,9714,0083,7233,3024,0813,6323,5013.789

*>3,891

Mili-tary

assist-ance

abroad

2911.5592,975

44884

2,228

" ' 4 4 '247637921

1,3061,669

239228231293352184298266275277316523366

Inter-na-

tionaleco-

nomicaid3

6,0054,0123,5602,652

6.2794,9413,8632.904

2.6212.3201.6922,1701,3891,5141,137

281319352351266133142128117138171181

P129

AtomicEnergyCom-mis-sion

560611

1,2781,813

647524908

1,648

255270341567711937876

162154192140144155160150127158151157167

Inter-eston

debt

5,4825,5805,9836,065

5,3395,7505,6135,859

2,5603,1902,3903,2232,7613,0992,966

350172

1,518320183559572185

1,146235311563372

Vet-erans

Admin-istra-tion «

6,3645.7145,0884,433

6,7896.0435,2884,748

3.0063,0362,6782,6102,4792,2692,164

375355343391354343354345378348339358350

Agri-cul-tureDe-

part-ment5

3,1041,4991,0101,564

2,6562,986

6351,219

1,6521,335

164470540679885

5285

18711712649

192112289357285281

P292

Socialse-

curitypro-

grams4

1,2261,3511,4631,508

1,1101.3751,4151,424

695681670745718706802

14976

148158109116191124104180109

10P261

Hous-ingand

homefi-

nance

-123- 1 7694646

- 5 6-270

460614

- 9 5-175

158302392222424

10037

- 4 241217179

101112

- 8 019

- 3- 3 5

Publicworks

M .575.551,438,573

,519,575,458.515

903673878580858657916

9094

162157148158174140138

897088

*>184

Postofficedef-icit

536643684775

524593624740

209383260364320420355

180

175

180

160

—30125

Trans-fersto

trustac-

counts

1,425961

1,0161,193

9161,383

9721,305

1,226157804168848457737

509980

397946423936720

10158

P\3

Other

2,6732,4642,3152,487

2,1772.781

'2,2762,402

1,5281,2541,2101 ,0661 ,2491,1531,333

170200178292169191245184252213192193

P211

p Preliminary. r Revised.1 Beginning November 1950, investments of wholly owned Government corporations in public debt securities are excluded from budget ex-penditures, and included with other such investments under "Trust and other accounts." Adjustm ents for July-October 1950 investments weremade by the Treasury in the November 1950 and January 1951 figures. 2 Includes the following not shown separately:Maritime activities, special defense production expansion programs, Economic Stabilization Agency, and Federal Civil Defense Administration.3 Consists of foreign economic and technical assistance under the Mutual Security Act, net transactions of the Export-Import Bank, and othernonmilitary foreign aid programs, as well as State Department expenditures. 4 Excludes transfers to trust accounts, which are shown separately.6 Excludes expenditures for forest development of roads and trails, which are included with public works.



TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS—Continued[On basis of daily statements of United States Treasury, unless otherwise noted. In millions of dollars]

Period

Treasury receipts

Budget receipts, by principal sources

Incomeand old-age

insurance taxes

With-heldbyem-

ployers

Other

Mis-cella-neous

in-ternalrev-enue

Taxeson

carriersand on

em-ployersof 8 ormore

Otherre-

ceipts

Totalbudget

re-ceipts

Deduct

Appro-pria-tions

to old-age

trustfund

Re-funds

ofre-

ceipts

Netbudget

re-ceipts

Internal revenue collections(on basis of collectors' reports)

Individual in-come and old-age insurance

taxes

With-held Other

Corpo-ration

in-comeand

profitstaxes

Es-tateandgift

taxes

Exciseand

miscel-lane-ous

taxes


Fiscal year:1949195019511952

Semiannual totals:1949—July-Dec. . .1950—Jan.-June...

July-Dec. . .1951—Jan.-June...

July-Dec. . .1952—Jan.-June...

July-Dec. . .Monthly:

1952—AprMayJuneJulyAugSeptOctNovDec

1953—JanFebMarApr

11,42813,77519,39223,658

11,53212,18016,65421,889

5,6136,5667,2099,4459,94711,94211,716

9783,0091,9831,0072,9951,751997

3,0851,882989

3,5442,102Pi,168

19,89417,36126,87634,174

19,64118,18924,21833,026

7,67010,5206,84117,3769,49923,52610,647

3,191549

7,1061,435445

4,0291,214436

3,0883,1111,4798.5511,837

8,3268,7719,39210,416

8,3488,3039,4239,726

4,3113,9924,7794,6444,7484,9785,438

849828845949862877923888939842856903880

794770944902

787776811994

323453317494449545357

1710559221065417

104543027166

2,1231,9802,3372,639

2,4661,8622,2632,364

921941

1,0391,2231,1141,2511,388

152197228236177164204219387260150158144

42,56542,65758,94171,788

42,77441,31153,36967,999

18,83822,47220,18533,18425,75742,24229,546

5,1874,688

10,2203,6494,5856,8753,3554,7316,3505,2326,30011,8704,044

1,6662,6673,3553,814

1,6902,1063,1203,569

850,256,411,709,646,922,891

252476142182434235204533303117486425232

2,7772,1562,0982,451

2,8382,1602,1072,302

3141,846311

1,796302

2,000451

6124032831511025551474554

336944963

38,12237,83453,48865,523

38,24637,04548,14362,129

17,67519,37018,46429,67923,80938,32027,204

4,3233,8099,7963,3164,0506,5853,0994,1516,0035,0615,479

10.5022,849

11,59112,96318,84023,090

11,74311,76215,90121,313

5,6576,1056,8589,0439,79811,51511,574

1,3303,955

7071,5394,012232

1,6343,968

1901,1444,990

328

7,8287,38410,36211,980

7,9967,2649,90811,545

1,7615,5031,8818,0272,3359,2102,770

1,583221

1,47839393

1,653164109358

2,855839

2,698

12,0069,93716,56522,140

11,55410,85414,38821,467

5,8894,9654,9719,4167,14914,3187,821

1,278351

5,659958357

2,442927352

2,785501404

6,171

754658801849

797706730833

351356303427374459390

8880488470595751707765154

7,5298,1508,6829,558

7,5857,5998,7048,971

3,9113,6884,4624,2414,4404,5315,027

742750804863780808911795870760782825

Period

Treasury receipts—Continued

Internal revenue collections—cont.(on basis of collectors' reports)

Excise and miscellaneous taxes

Total Liquor TobaccoManufacturers'and retailers'

exciseOther

Trust and other accounts

Total1

Social security,retirement, and

insurance accounts

Re-ceipts

Invest-ments

Expendi-tures

Other accounts 2

Invest-ments 3 Other »


Fiscal year:1949195019511952

Semiannual totals:1949—July-Dec...1950—Jan.-June. .

July-Dec.. .1951—Jan.-June. .

July-Dec.. .1952—Jan.-June. .

July-Dec . .Monthly:


1953—JanFebMarApr

7,5298,1508,6829,558

7,5857,5998,7048,971

3,9113,6884,4624,2414,4404,5315,027

742750804863780808911795870760782825

2,2042,4192,4602,727

2,2112,2192,5472,549

1,1911,0281,3911,1561,3041,2451,482

210204220246205258285269220188186229

,320,348,446,662

,322,328,380,565

663665683697748817845

135134148140149147157127125136133144

2,2212,5192,7903,054

2,2212,2452,8412,824

1,1211,1251,3941,4461,3431,4811,573

239243273268253223248268313283308276

1,7841,8641,9872,115

1,8321,8061,9362,032

936870994942

1,045988

1,127

157169163210173180221131212154155176

-362-3875949

-420121295219

-14135

-173468291-72121

-229343

-293-43

6456

-207127

-218-140404

-209-157

5,5126,5437,9068,315

5,1856,2667,2518,210

3,0353,2313,3123,9393,9674,2424,073

433999997707930399361958718248869596405

1,96556

3,1553,504

2,311-4023,3603,361

1,099-1,501

1,5571,8031,3522,0091,495

2564867023073615322

388363

-10322361128

3,5846,2144,5074,94:2

2,8846,4843,7524,885

1,9144,5701,6442,1082,3982,4862,456

407420412410403399399383462447449488478

-22271329

196275

-22219

52223106

1424

-521

36—9- 193

-14233

-5438

-17

- 3 2 5- 3 3 3

786508

-410-62353530

-36-26

-307660126404105

15273

-228-32

-124500

-14834

-125188154

-21727

P Preliminary. r Revised xExcess of receipts, or expenditures (—).2 Consists of miscellaneous trust funds and accounts and deposit fund accounts. The latter reflect principally net transactions of par-

tially owned Government corporations, European Payments Union deposit fund, and suspense accounts of Defense and other Government depart-ments. Investments of wholly owned Government corporations are included as specified in footnote 3, but their operating transactions are in-cluded in budget expenditures.

3 Consists of net investments in public debt securities of partially owned Government corporations and agencies and other trust funds begin-ning with July 1950, which prior to that date are not separable from the next column; and, in addition, of net investments of wholly owned Govern-ment corporations and agencies beginning with November 1950, which prior to that date are included with Budget expenditures (for exceptions seefootnote 1 on previous page).

MAY 1953 503


TREASURY CASH INCOME, OUTGO, AND BORROWINGDERIVATION OF CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC

Period

Cal. yr.—1949195019511952

Fiscal yr.—194919501 9 5 1 . . . .1952

Semiannual totals:1949—July-Dec...1950—Jan.-June..

July-Dec...1951—Jan.-June..

July-Dec...1952—Jan.-June..

July-Dec. .Monthly:


1953—JanFebMar..Apr

[On basis of daily statements of United States Treasury and Treasury Bulletin.

Cash operating income, other than debt

Net Budgetreceipts

Totalnet

receipts

38,12237,83453,48865,52338,24637,04548,14362,129

17,67519,37018,46429,67923,80938,32027,204

4,3233,8099,7963,3164,0506,5853,0994,1516,0035,0615,479

10,5022,849

Less:Non-cash1

99171222184100120256138

408091

1645877

107

22

3224

2343

7143

32

Plus: Trustacct. receipts

Total

5,9567,0018,5828,7075,7146,6697,7968,807

3,2313,4383,5624,2344,3494,4584,248

4761,0501,026

738959427401975747286920649443

Less:Non-cash2

2,6032,2112,5082,6492,2322,6232,2442,705

1,4461,1781,0331,2101,2981,4061,243

108134801438128111

79127360

65128106

Equals:Cash

operat-ing

income

41,37442,45159,33871,39641,62840,97053,43968,093

19,42021,55120,90032,53726,79941,29330,104

4,6894,7229,9883,5934,8786,8983,4184,9976,3205,2396,267

11,042

In millions of dollars]

Cash operating outgo, other than debt

Budget expenditures

Total

41,71438,25556,84671,36640,05740,16744,63366,145

20,97419,19219,06325,57031,27634,86936,497

6,0165,6596,9306,7425,0186,0706,3835,1617,1245,7375,5956,1876,362

Less: Noncash

Accru-als topublic3

403503567734389436477710

215222281196371338396

395993744246568395823821

Intra-Govt.trans.4

2,5882,3072,6252,8072,1522,7542,3602,837

1,5411,2131,0751,2791,3461,4881,319

11113484445712711286

128409100129107

Plus: Tr. acct.expenditures

Total

4,2106,9234,3974,8253,5116,8813,9454,952

2,1594,7222,2011,7442,6532,2982,527

434197669473556

-73587367617296346758488

Less:Non-cash5

164659028

18313

1384

2105582

8- 432

- 22

- 1 1521

- 23

23821

Plus:

Exch.Stabi-liza-tion

Fund0

102-262

- 2 63898

-207- 1 3

9

55-262

- 1 3- 1 3

2216

- 2 1- 1 4

25

5

- 1 919

Clear-ing ac-count

-234- 8 7106319

-366-483

214401

-142-341

254- 4 0146255

64

-32991

326-432

195229

-316243145

-4012

135-289

Equals:Cash

operat-ing

outgo

42,64241,96958,03472,98040,57643,15545,80467,956

21,29021,86520,10525,70032,33435,62237,357

5,9725,7516,9786,2335,6226,0666,5145,5587,3645,4425,7546,970

Netcash

operat-ing in-come

oroutgo(-)

-1,267482

1,304-1 ,583

1,051-2 ,185

7,635137

-1 ,871-315

7966,839

-5 ,5345,671

-7 ,254

-1 ,283-1 ,029

3,010-2 ,640

-744832

-3 ,097-561

-1 ,044-203

5134,072

1 Represents principally interest paid to Treasury by Government agencies and repayment of capital stock and paid-in surplus by partiallyowned Government corporations.

2Represents principally interest on investments in U. S. Government securities, payroll deductions for Government employees' retirementaccounts, and transfers shown as Budget expenditures.

3 Represents principally excess of interest accruals over payments on savings bonds and Budgetary expenditures involving issuance of Federalsecurities; the latter include mostly armed forces leave bonds and notes issued to the International Bank and Monetary Fund, which are treatedas noncash expenditures at the time of issuance and cash expenditures at the time of redemption.

4 Represents principally noncash items shown under trust account receipts (described in footnote 2); also includes small adjustments fornoncash interest reflected in noncash Budget receipts (see footnote 1) and in noncash trust account expenditures (see footnote 5).

5Represents principally repayments of capital stock and paid-in surplus by partially owned Government corporations, as well as interestreceipts by such corporations on their investments in the public debt (negative entry).

6 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

Period

Cal. yr.—1949195019511952

Fiscal yr.—1949195019511952

Semiannual totals:1949—July-Dec1950—Jan.-June. . .

July-Dec.. . .1951—Jan.-June. . .

July-Dec.. . .1952—Jan.-June. . .

July-Dec.. . .Monthly:


1953—TanFebMarApr

In-crease,or de-crease( - ) , ingross

dir. pub.debt

4,331-4232,7117,973

4784,587

-2,1353,883

4,360227

-650-1,486

4,197-3138,286

2091,613-8003,968

113-5042,2382,513

-4111

182-3,099

105

Plus: Cashissuance ofsecurities of

Federal agencies

Guar-anteed

- 2 5- 61812

- 4 6o

1016

2- 1 0

45

1338

41

- 1 151563

- 6211

Non-guar-

anteed

-115355

37-102

- 2 8- 1 4374

- 8 8

19- 3 3388

- 1 351

-13937

- 6 613

1013766

- 3 4- 5 0

68- 5 0

35-134

11- 5 1

Less: Noncash debt transactions

Net inv.in Fed.sec. by

Govt. agen.& tr. funds

2,15694

3,4183,8332,630-3083,5573,636

1,141- 1 , 4 5 0

1,5442,0141,4042,2321,601

2705106503083974421

481' 349

130170100112

Accruals to public1

Int. on sav.bonds and

Treas. bills

585602718770580574638779

307265337301417361409

416396774449588497844023

Payts. inform of

Fed. sec.

-285163

-125- 7 4

-29368

-149- 7 9

-147219

- 5 6- 9 2- 3 3- 4 5- 2 9

- 2- 41811

- 2 7- 3- 2- 1- 7- 217

- 2 1

Equals:Net cashborrow-ing, orrepayt.( - ) o f

borrow-ing

1,739-929

-1,2423,353

-2,5134,231

-5,795-525

3,0791,152

-2,081-3,714

2,472-2,998

6,351

-1631,057

-1,4633,597-229-6282,1162,022-527-173-178

-3,188

Details of net cash borrowing from orrepayment ( —) of borrowing to the public 2

Directmktable.& conv.issues 3

-2,275-2,649

1,9995,778

-5,351211

-3,9431,639

99112

-2,761-1,184

3,183-1,544

7,322

-162754

-6633,830-192-2592,2001,915-172-199-82

-2,50447

Savingsbonds(issueprice)

1,125751

- 1 , 1 9 1-4062,420

728-467-717

268462292

-758—432-285-121

- 8 1- 9 1- 2 8- 5 4

- 4 6- 7- 8- 51129358

1

Savingsnotes

3,0201,021

-1 ,099-1 ,784

4633,601-657

-1 ,209

2,767834187

-845-255-955- 8 2 9

142412

-859- 1 7 3-111-292- 1 3

62-302

- 9 9- 3 8

-768- 8 3

PostalSav. Sys.

specialissues

15-250-997-113

40-150

-1 ,093-155

- 7 0- 8 0

-170-923

- 7 4- 8 1- 3 2

- 2 4- 1 7- 3 0

- 2

- 1 3- 4

Other*

-14619846

-122- 8 5

-158365

- 8 2

15-176

371- 551

-13411

- 6 26

1042474

- 3 1- 6 4

53- 4 6

21-138

30

1 Differs from "accruals to the public" shown in preceding table, principally because adjustments to Exchange Stabilization Fund are included.2Includes redemptions of tax anticipation bills and savings notes used in payment of taxes.3Most changes in convertible Series B investment bonds, 1975-80, reflect exchanges of, or conversions into, marketable issues and thus cancel

out in this column. An exception was the sale for cash of about 300 million dollars in June 1952.* Includes cash issuance in the market of obligations of Government corporations and agencies and some miscellaneous debt items.



TREASURY CASH INCOME, OUTGO, AND BORROWING—ContinuedDETAILS OF TREASURY CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC

[Classifications derived by Federal Reserve from Treasury data. In millions of dollars]

Period

Cai yr.—194919501951 . . .1952

Fiscal yr.—1949195019511952 . .

Semiannual totals:1949—July-Dec1950—Jan.-June

July-Dec . , .1951—Jan.-June

July-Dec1952—Jan.-June

July-DecMonthly:

1952—Apr.MayJune.JulyAugSeptOctNov..Dec

1953—JanFebMarApr

Cash operating income

Total

41,37442,45159,33871,39641,62840,97053,43968,093

19,42021,55120,90032,53726,79941,29330,104

4,6894,7229,9883,5934,8786,8983 4184,9976,3205,2396,267

11,042

Directtaxes onindivid-

uals1

18,40319,19127,14932,72818,72518,11524,09530,713

6,89411,2207,971

16,12411,02519,68713,041

2,7272,8113,3351,3862,7193,1621,1352,6861,9523,5584,1984,211

Directtaxes oncorpor-ations

12,0069,937

16,56522,14011,55410,85414,38821,467

5,8894,9654,9719,4167,149

14,3187,821

1,278351

5,659958357

2,442927352

2,785501404

6,171

Exciseand

misc.taxes

7,5728,1138,5919,5677,5517,5978,6938,893

3,9603,6374,4764,2174,3744,5195,048

762748797865792818866838868765791840

Socialins. re-ceipts2

3,8645,1216,3626,5893,8994,4385,8396,521

1,9272,5102,6113,2283,1353,3863,202

342970257302908344298934415214

1,013557

Othercashin-

come3

2,3062,2452,7692,8232,7372,1262,5312,801

1,0641,0651,1821,3481,4181,3831,443

192245223233204187243234345255197207

P345

Deduct:Refundsof re-ceipts

2,7772,1562,0982,4512,8382,1602,1072,302

3141,846

3111,796

3022,000

451

612403283151102

5551474554

336944963

Cash operating outgo

Total

42,64241,96958,03472,98040,57643,15545,80467,956

21,29021,86520,10525,70032,33435,62237,357

5,9725,7516,9786,2335,6226,0666,5145,5587,3645,4425,7546,970

Majornatl. sec.

pro-grams 4

19,73818,34737,27951,19519,37017,87926,03846,396

9,4388,4419,905

16,13321,14625,25025,944

4,5004,5444,3394,6843,8414,5204,3753,8774,6464,2184,1514,691

P 4 , 5 9 2

Inter-est ondebt5

4,1864,0724,1374,2303,8894,2644,0524,059

2,1942,0751,9972,0582,0791,9842,246

284106724243139497485100781149269526

Vet-eranspro-

grams6

6,8198,8646,1215,2097,2019,1465,9805,826

3,2595,8872,9773,0033,1172,7092,500

437442424464408398409391431397390418408

Socialsecurity

pro-grams 7

4,3334,4004,915

C5,6173,5614,7404,4585,206

2,3482,3922,0072,4502,4652,741

'2,876

492407477492456459532459478576506436

P679

Other

7,5666,2865,582

C6,7296,5557,1265,2766,469

4,0513,0703,2192,0563,5272,938

«3,791

259252

1,014350778192713731

1,028102438899

P Preliminary. c Corrected.1 Includes current and back income taxes, estate and gift taxes, and adjustment to Treasury daily statement.2Includes taxes for old-age and unemployment insurance, carriers taxes, and veterans life insurance premiums.3 Represents mostly nontax receipts. 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.GRepresents 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]

Year ormonth

19411942194319441945 . . . .194619471 9 4 8 . . . .194919501951 . . .1952

1952—Mar . . .A p r . . .May. .June . .July.. .Aug. . .Sept...Oct.. . .Nov.. .Dec . . .

1953—Jan...Feb. . .Mar.. .

Savings bonds

Sales

3,0369,157

13,72916,04412,9377,4276,6947,2955,8336,0743,9614,161

331313292364367356330348303375504414440

All series

Redemp-tions andmaturities

162343

1,5763,3215,5036,2784,9154,8584,7515,3435,0934,530

381391380390418355374353310379390

'319380

Outstand-ing (end of

period)

6,14015,05027,36340,36148,18349,77652,05355,05156,70758,01957,58757,940

57,68057,64457,61457,68557,70957,75357,75857,79457,85057,94058,13458,26858,371

Series A-E and H

Sales

1,6435,989

10,34412,3809,8224,4664,0854,2244,2083,6683,1903,575

284267250293316309290310271334441362397


160307

1,4523,0635,1355,6674,2074,0293,9484,4554,0223,622

304313303313334279299284239299

P320P251P308


period)

4,75010,52619,57329,15334,20433,41033,73934,43835,20634,93034,72835,324

34,84934,83934,84334,90534,95035,01935,05535,11635,20635,32435,51135,65735,784

Series F, G, J

Sales

1,3933,1683,3853,6643,1152,9622,6093,0711,6262,406

770586

47474271524739383242645243


236

124258368611708829803888

1,071908

77787676857575697080

P 7 0^68

72

and K


period)

1,3904,5237,790

11,20813,97916,36618,31420,61321,50123,08922,85922,616

22,83122,80422,77222,78022,75922,73422,70422,67822,64522,61622,62322,61122,587

Tas

Sales

2,4796 4798,0558,5335,5042,7892,9253,0325,9713,6135,8233,726

185409636198279176114176173168107

8063

and saving


g2 5655,8537,2767,1115,3003,2663,8432,9342,5836,9295,491

1,317262223

1,056451286405189110488200114S26

3 notes


period)

2,4716,3848,5869,8438,2355,7255,3844,5727,6108,6407,5345,770

6,9117,0577,4706,6126,4406,3306,0396,0266,0895,7705,6765,6424,879

P Preliminary. r Revised.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.

MAY 1953 505


UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES[On basis of daily statements of United States Treasury. In millions of dollars]

End ofmonth

1940—Dec1941—Dec1942—Dec.1943—Dec1944—Dec1945—Dec1946—June

Dec. . .1947—ju n e

Dec.194g—ju n e

Dec1949—ju n e

Dec1950—ju n e

Dec1951—ju n e

Dec

1952—AprilMayJune . . .JulyAugSeptOctNovD e c

1953—JanFebMarApr

Totalgrossdebt1

SO64

112170232278?69259?58256

252252?S7257256255?59

?S8259259?63263

264?67267267267264264

,942

,471,108,144,68?898

,487,376,981,366,854,798,160,377,731,251,461

337,951,151107

,225,7??964

,483,445,450,634,536,642

Totalgrossdirectdebt2

4557

108165230?78?69259?58256

252

?57?57256?55?59

?58259?59?63263

264?67267267267264264

0?5938

,170877

,630,1154??

,149?86

,900

,800,770130

,357,708

419

,905,105073

,18668?

,9194 3 ?

,391,402,584,485,590

Total

3 9 ,5 0 ,98,

151,212,255,245,233,227,225,219,218,217,221,222,220,218,221,

219220219222222222224226226226226223223

08946927680S565693779064747?5085?865986

853575198168

3S6540

963753

430557143

187025077

Total

354176

115161198189176168165160157155155155152137142

141142140144144143146148148148148145146

64556?

,488?30

,64877860661370?758346

,482147

310,450917685

8?0,625407340

,148895

,77577?

,581,574,445,988,133

Bills

1

6131617171715151312111?13131318

17181717171719

21

211919

31000?62707?

,42803703903377S

,136757

,224536319533

,627,61410?

46?,267

213,206?07

,71?715

,713,709,710,211,312

Public issues 3

Marketable

Certifi-cates ofindebt-edness

10

303834?9?S

2226?9?91859

? 9

?828?8?828?716161616151515

534843401155804987?96

5885254? 7636418373509078

4? 3,4234? 3170

,0197639 0 ?90?

,712,712,958,959,959

Notes

659

1123

1810

81111738

?0393518

18181818181830303030303030

178997863175039967

09014?375375

,131596?49404

,258806409

9 5 ?,956963971

,97498?

,?46?53

,266,275,282,327,375

Bonds

Bankeligi-ble *

?83344556668666969686?61605553444?41

404348S?525?5?5?5858595963

15656351959193140304386685?391990966951

3195579?8049

943061343579

,579579578578

,874,864,483,482,238

Bankre-

stricted

41?245?534949494949494949493636

3633?7?727?7? 7?721

212117

,945,550,850

459,636,636,636,636,636,636636

,636,636,061,048

040,918,460407

,369365338

,3?4,016,013,012,009,249

Con-vert-ible

bonds

131?

1111131313131?1?1212121212

573060

516512095145

,18618?

4 0 0,500,491,484,438,391

Nonmarketable

Total5

821365056565659SO59616?6667686666

66666565656565656565656464

444,907,788,574,917,915173451

,045492

,506,383,839000

,544,125708

,423

,019,403622

,478,419,139164

,285,062,161,258,599,553

Sav-ings

bonds

615?740484949515?5355565657585757

57575757575757575758585858

,195,140,050,363,361,183035776

,367053

,?74,051,260,707536

,019572

,587

,644,614685

,709,753,758794850

,940,134,268,371,413

Taxandsav-ingsnotes

268986s5544478877

7766666655544

,471,384,586,843,235711

,725560384

,394,572,860610472

,640818

,534

,057,470612

,440,330,039026

,089,770,676,642,879,798

Specialissues

5 3706,9829,032

12,70316,32620,00022,33224,58527,36628 95530,21131,71432,77633,89632 35633,70734 65335,902

36,74637,19837,73937,94538,30738,36038 39038,78839,15039,09739,30239,35439,474

2Includes noninterest-bearing debt, not shown separately.

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED[Par value in millions of dollars]

End of month

1940— Dec1941—Dec1942—Dec..1943—Dec1944—Dec. ,1945—Dec1946—June

Dec1947—June

Dec1948—June

Dec1949—June

Dec1950—June

Dec1951—June

D e c . ..

1952—FebMarAprMayJuneJulyAugSeptOctNovDec,

1953— TanFeb

Totalgrossdebt

(includ-ing guar-anteedsecuri-

ties)

50,94264,262

112,471170,108232,144278,682269,898259,487258,376256,981252,366252,854252,798257,160257,377256,731255,251259,461

260,399258,124258,337259,951259,151263,107263,225262,722264,964267,483267,445267,450267,634

Held by

U. S. GoVcriimcHLagencies andtrust fundsx

Specialissues

5,3706,9829,032

12,70316,32620,00022,33224,58527,36628,95530,21131,71432,77633,89632,35633,70734,65335,902

36,36036,49336,74637,19837,73937,94538,30738,36038,39038,78839,15039,09739,302

Publicissues

2,2602,5583,2184,2425,3487,0486,7986,3385,4455,4045,5495,6145,5125,4645,4745,4906,3056,379

6,5006,5036,5006,5246,5966,6896,7126,6926,6816,7576,7436,8956,869

Held by the public

Total

43,31254,722

100,221153,163210,470251,634240,768228,564225,565222,622216,606215,526214,510247,800219,547217,533214,293217,180

217,538215,128215,091216,229214,816218,473218,206217,670219,893221,938221,552221,458221,463

FederalReserveBanks

2,1842,2546,189

11,54318,84624,26223,78323,35021,87222,55921,36623,33319,34318,88518,33120,77822,98223,801

22,52822,51422,36322,27322,90622,85323,14623,69423,57523,82124,69723,94423,875

Com-mercialbanks2

17,30021,40041,10059,90077,70090,80084,40074,50070,00068,70064,60062,50063,00066,80065,60061,80058,40061,600

61,20060,10060,50061,00061,10062,70061,80061,50063,00064,10063,30062,60061,700

Mutualsavingsbanks

3,2003,7004,5006,1008,300

10,70011,50011,80012,10012,00012,00011,50011,60011,40011,60010,90010,2009,800

9,8009,8009,8009,8009,6009,8009,7009,7009,6009,5009,5009,5009,600

Insur-

ancecom-panies

6,9008,200

11,30015,10019,60024,00024,90024,90024,60023,90022,80021,20020,50020,10019,80018,70017,10016,400

16,30016,30016,20016,00015,70016,00016,10016,10016,00016,10016,00016,20016,100

Othercorpo-rations

2,0004,000

10,10016,40021,40022,00017,70015,30013,90014,10013,60014,80015,70017,00019,00020,80021,10021,600

22,60021,20020,70021,60020,00020,80021,30020,80021,00021,40021,30021,80022,400

Stateandlocal

govern-ments

500700

1,0002,1004,3006,5006,5006,3007,1007,3007,8007,9008,0008,1008,7008,8009,4009,600

10,00010,10010,20010,20010,40010,70010,80010,90010,90010,90011,00011,10011,100

Individuals

Savingsbonds

2,8005,400

13,40024,70036,20042,90043,50044,20045,50046,20047,10047,80048,80049,30049,90049,60049,10049,100

49,10049,10049,00049,00049,00049,00049,00049,00049,00049,10049,20049,30049,400

Othersecurities

7,8008,200

10,30012,90017,10021,40020,00020,10020,90019,40018,60017,60017,90016,80017,00015,60015,30014,700

15,20015,40015,10014,90014,60015,10014,80014,70014,80014,80014,90014,90014,900

Miscel-laneousinves-tors3

700900

2,3004,4007,0009,1008,6008,1009,6008,4008,7008,9009,6009,4009,700

10,50010,70010,600

10,80010,60011,30011,50011,60011,50011,50011,30012,00012,20011,70012,10012,200

1 Includes the Postal Savings System.2Includes holdings by banks in territories and insular possessions, which amounted to 300 million dollars on Dec. 31, 1952.3 Includes savings and loan associations, dealers and brokers, foreign accounts, corporate pension funds, and nonprofit institutions.NOTE.—Holdings of Federal Reserve Banks and U. S. Government agencies and trust funds are reported figures; holdings of other investor

groups are estimated by the Treasury Department.



UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIESDirect Public Issues Outstanding April 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 j Issue and coupon rate Amount

2,8283,7573,8334,7232,9641,8952,7163,834

7450

12,391

Treasury bills1

May 7, 1953..May 14, 1953..May 21, 1953..May 28, 1953..

June 4, 1953..June 11, 1953..June 18, 1953..June 19, 1953 2.June 25, 1953 . .

Tuly 2, 1953. .July 9, 1953 . .Tuly 16, 1953. .July 23, 1953 . .July 30, 1953. .

1 ,3001,5001,3011,301

1,301

CertificatesJune 1, 1953.Aug. 15, 1953.Feb. 15, 1954.

,202,201, 003

1,201

1 ,2011,4011,4011 ,5011,500

• 2%

Treasury notesDec. 1, 1953. .Mar. 15, 1954. .Mar. 15, 1955. .Dec. 15, 1955. .Apr. 1, 1956. .Oct. 1, 1956. .Apr. 1, 1957. .Oct. 1, 1957. .Apr. 1,1958...

4,9632,8828,114

10,5424,6755,3656,8541,007

55053182426

TreasuryJune 15,Sept. 15,Dec. 15,Dec. 15,Dec. 15,Dec. 15,June 15,Mar. 15,Mar. 15,Sept. 15,Sept. 15,Mar. 15,June 15,Tune 15,Dec. 15,June 15,Dec. 15,Dec. 15,June 15,

bonds1953 a19531953-55 ..1953-544 .

1953-55 5 .1953-54 . .1954-563.1955-603.1956-58..1956-593.1956-59..1957-59..19581958-63 3.19581959-62..1959-62. .1960-653.1962-67. .

. . .2

.. .2

. . .2

. ..22K

. . .22%

• 2V2

2%

2%

7257,986510

5,8251,5018,662681

2,6111,449982

3,822927

4,245919620

5,2803,4671,4852,117

Treasury bonds—Cont.Dec . 15, 1963-68 . . . 2 ^J u n e 15, 1964-69 . . 2 y2Dec . 15, 1964-69 6 . . 2 HM a r . 15, 1 9 6 5 - 7 0 6 . . 2 Y2M a r . 15, 1 9 6 6 - 7 1 6 . . 2 MJ u n e 15, 1967-72 6 . . 2 3^Sept . 15, 1967-72. . . 2 ^Dec . 15, 1967-72 6 . . 2 ^

Postal Savingsbonds 2Y2

Panama Canal Loan.. 3

Convertible bondsInvestment Series BApr. 1, 1975-80. . .2

1Sold on discount basis.3 Partially tax exempt.

See table on Open-Market Money Rates, p. 501.4 Maturity June 15, 1954. Matur i ty June 15, 1955.

2Tax anticipation series.0 Restricted.

SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES *Marketable and Convertible Direct Public Securities

[Par values in millions of dollars]

End of month

Type of security:Total marketable

and convertible:1950—Dec1951—June

Dec.....'.1952—June

Dec. . . .

1953—JanFeb

Treasury bills:1950—Dec1951—June

Dec1952—June

Dec

1953—JanFeb

Certificates:1950—Dec1951—June

Dec1952—June

Dec

1953—JanFeb

Treasury notes:1950—Dec1951—June

Dec1952—June

Dec

1953—JanFeb

M arketable bonds:8

1950—Dec1951—June

Dec1952—June

Dec

1953—JanFeb

Totalout-

stand-ing

152,450151 490154,745153,502161,081

161,065160,929

13,62713,61418,10217,21921,713

21,70921,710

5,3739,509

29,07828,42316,712

16,71215,958

39,25835,80618,40918,96330,266

30,27530,282

94,19378,98977,09775,80279,890

79,87780,495

U.S.Govt.agen-ciesand

trustfunds

5,3646,1776,2516,4476,613

6,7656,740

3526504186

206167

(2)17496027

2723

101432

16

18IS

5,3193,2153,2432,9083,046

3,0773,093

Fed-eralRe-

serveBanks

20,77822,98223,80122,90624,697

23,94423,875

1,296527596381

1,341

652584

2,3343,194

12,79311,8215,061

4,9964,996

12,52712,4395,0685,568

13,774

13,77413,774

4,6204,1084,1304,4224,522

4,5224,522

Com-mer-cial

banks1

54,88451 67154,30254,03855,828

55,08854,254

3,8883,7506,7735,8287,047

6,5385,831

1,5442,7536,7736,8774,791

4,7994,414

15,83313,70410,46510,43110,955

10,94510,866

33,62031,29830,11930,71032,849

32,62132,959

Mu-tualsav-

banks

10,1439 5049,1238,8438,740

8,8188,843

3312271

103137

156168

73741

12037

68101

136120674249

5153

9,9677,9747,6977,2217,165

7,1977,181

Insurancecompanies

Life

12,73711,13810,2899,6139,514

9,5929,567

391756428504464

483472

1113217

7656

6263

165208

158

65

12,1807,1396,7205,8555,807

5,8615,848

Other

4,1164,1614,3014,2464,711

4,7504,740

8372

10492

119

128117

52174445378317

317314

542478315327486

498497

3,4383,1253,1203,0873,429

3,4483,453

Other

44,42845 85546,67947,41150,979

52,10852,909

7,9018,360

10,08010,26812,518

13,54614,371

1,4343,2218,7619,0926,424

6,4456,049

10,0448,8412,4892,5874,978

4,9845,069

25,04922,12922,06821,60023,072

23,15123,439

End of month

Type of security:Convertible bonds

(InvestmentSeries B):1950—Dec1951—June

Dec1952—June

Dec

1953—JanFeb

Marketable secu-rities, due orcallable:

Within 1 year:1950—Dec1951—June

Dec1952—June

Dec

1953—JanFeb

1-5 years:1950—Dec1951—June

Dec1952—June

Dec

1953—JanFeb

5-10 years:1950—Dec1951—June

Dec1952—June

Dec

1953—JanFeb

After 10 years:1950— Dec1951—June

Dec1952—June

Dec

1953—JanFeb

Totalout-

stand-ing

^ 5 7 312,06013,09512,500

12,49112,484

58,01360,86072,79070,94474,261

74,24773,494

33,37831,02228,67829,43430,196

30,20530,212

17,41116,01211,20613,32117,564

17,56418,184

43,64830,02330,01226,70726,560

26,55726,556

U.S.Govt.agen-ciesandtrustfunds

2^9052,9053,4373,438

3,4383,439

81129155146163

283242

189139155130123

12581

412376309524629

637664

4,6822,6292,7262,2112,259

2,2822,314

Fed-eralRe-

serveBanks

" 2 J 1 41,214

714

16,00313,96215,05713,82215,613

14,86014,792

1,2853,8785,1025,9416,655

6,6556,655

9821,0321,0141,0701,070

1,0701,070

2,5081,3971,4151,3581,358

1,3581,358

Com-mer-cial

banks1

" l66172191185

185184

20,08821,59630,34829,54028,853

28,08426,898

24,53420,85318,60018,35217,822

17,83917,807

7,3296,2752,4423,2746,426

6,4516,845

2,9342,7812,7402,6812,543

2,5292,520

Mu-tualsav-ingsbanks

1,2521,2461,3561,352

1,3461,340

270626532550490

583641

568227142138133

135129

2,1252,0101,9252,0922,052

2,0352,021

7,1805,3895,2764,7074,713

4,7184,713

Insuran cecompani ef

Life

2,9212,9233,1723,179

3,1803,180

6551,206

778638577

615604

398113119123120

121121

906842712

1,0901,127

1,1281,127

10,7786,0565,7584,5894,510

4,5494,536

Other

312318362360

360360

799954

1,2031,1061,204

1,2201,208

744643566567653

669664

1,0421,017

9451,0891,342

1,3481,355

,5311,236,269

1,1221,152

1,154L,151

Other

3,3043,2813,8643,987

3,9833,981

20,11722,38924,71825,14327,361

28,60229,109

5,6615,1683,9934,1834,690

4,6614,753

4,6154,4603,8594,1834,918

4,8955,102

14,03510,53410,82810,03810,024

9,9689,964

* Commercial banks, mutual savings banks, and insurance companies included in the survey account for over 90 per cent of total holdingsby these institutions. Data are complete for Federal agencies and trust funds and Federal Reserve Banks. Figures in column headed "other"are residuals. 1 Includes stock savings banks. 2Less than $500,000.

3 Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds.

MAY 1953 507


NEW SECURITY ISSUES1

[Estimates. In millions of dollars]

Year ormonth Total

Gross proceeds, all issuers2

Noncorporate

U.S.Govern-ment3

Fed-eral

agency4

Stateandmu-nici-pal

Other

Corporate

Total

Bonds

TotalPub-licly

offered

Pri-vatelyplaced

Pre-ferredstock

Com-monstock

Proposed uses of net proceeds,all corporate issuers6

New capital

Total Newmoney7

Mis-cel-

lane-ouspur-poses

Re-tire-ment

ofbankdebt,e t c 8

Re-tire-ment

ofsecur-ities

193819391940

19411942194319441945

19461947194819491950

19511952

1952—Mar..Apr.. .May.June.July..Aug..Sept..Oct..Nov..Dec.

1953—Jan..Feb..Mar..

5,9265,6876,564

15,15735,43844,51856,31054,712

18,68519,94120,25021,11019,893

21,265'26,961

'1,664'2,275'2,527'2,436'6,436'1,168'1,331'2,047'1,108'2,079

'1,783'1,5921,604

2,4802,3322,517

11,46633,84642,81552,42447,353

10,21710,58910,32711,8049,687

9,778r12,577

515722928978

4,898544444531480547

611494503

11513

109

38121

506

357

21630

110459

228

30

1,1081,1281,238

956524435661795

1,1572,3242,6902,9073,532

3,1894,105

145397396624226201428294219389

'392'390405

695024

305

972247

56451156132282

446'237

'19'2154'3824

66254

'86'2

2,1552,1642,677

2,6671,0621,1703,2026,011

6,9006,5777,0786,0526,361

7,741'9,582

'985'907

'1,149'831

'1,304'421'455

'1,157'384'908

'664'706696

2,0441,9792,386

2,389917990

2,6704,855

4,8815,0355,9734,8904,920

5,691'7.649

'764'712'898'635

'1,113'342'372'980'314'731

'497'53651

1,3531,2761,628

1,578506621

1,8923,851

3,0192,8882,9632,4352,360

2,364'3,645

419398544211'786125'159'400126'140

186307153

691703758

811411369778

1,004

1,8622,1473,0102,4552,560

3,326'4,005

'344'314'354'425'327'217'213'581'188'591

'310'229364

8698183

167112124369758

,126761492424631

838'564

'60'59'8584332937'6

'20'58

'51'4762

2587108

1103456163397

891778614736811

1,2121,369

161'137'166112'158'49'46'170'49'119

116123116

903420762

1,040647408753

1,347

3,8895,1156,6515,5584,990

7,120'8,769

'951'870'990'769

'1,237'291'390

'1,052'340'851

'634'66667:

681325569

868474308657

1,080

3,2794,5915,9294,6064,006

6,531'8,223

'922'786'947'735

'1,218'276'367'893'293'780

'603'635630

72619

28352747133

231168234315364

226'174

'21'15'3'4

'10'9'1211'34'43

'6'817

21569174

1441387349134

379356488637620

363'371

'7'68'40'30'10

5'11

'148'13'28

'25'2324

1,2061,6951,854

1,583396789

2,3894,555

2,8681,352

307401

1.271

486'660

'17'21

'139'49'48

'123'57'89'38'46

'21'2812

Year ormonth

Proposed uses of net proceeds, by major groups of corporate issuers

Manufacturing

Totalnet

pro-ceeds

Newcap-ital9

Retire-ments w

Commercial andmiscellaneous

Totalnet

pro-ceeds

New

ital»Retire-ments10

Transportation

Totalnetpro-

ceeds

Newcap-ital"

Retire-ments 10

Public utility

Total

pro-ceeds

Newcap-ital*

Retire-ments 10

Communication

Totalnet

pro-ceeds

New

itsf»Retire-ments 10

Real estateand financial

Totalnet

pro-ceeds

Newcap-ital '

Retire-ments i°

19481949195019511952'

1952—MarchAprilMayJuneJulyAugust... .September.October...November.December.

1953—January...February..March. . . .

2,1801,3911,1753,0664,022

'387'283'631'271'354'127'183'645'164'327

'283148203

2,1261,3471,0262,8463,765

'381'268'581'264'336'93

'136'630'147

'276144194

5444149221257

'5'16'50'7

'18'34'47'15'18'18

'7'39

403338538518536

'54'74'234451'35'16'30'21149

'24'9231

310474462512

'45'71'2244'49'33'14'29'21

'148

'24'8930

748795806490

'99167'16758'82112'39'3045

'115

51'5181

691784609437758

'99167'9923'8227

32

5611

19653

225

35

"851212'23

1418

2,1502,2762,6082.4122 ,'626

'403'259'238'345'233'107'165'347'43

'216

'245'257212

2,0052,0431,9272.3262,539

'401'259'228'343'231'106'165'280'43

'213

'245'254210

144

68285

67

891567395605753

'5'492629

493'21'16'27'48'34

' '47

15

890517314600747

'5'4726

'28493'21'162647

'33

'47

15

587593739515508

20'59'45'72'72'12'27'61'56'56

'47'140142

557558639449448

'19'5835

'68'47'11'20'58'50'55

'47'140141

3035

1006660

'1'10

'4'25

'1'7'3'71

' Revised.1 Estimates of new issues sold for cash in the United States.2Gross proceeds are derived by multiplying p rincipal amounts or number of units by offering price.3 Includes issues guaranteed. * Issues not guaranteed.5Includes foreign government; International Bank; and domestic eleemosynary and other nonprofit.6Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i. e., compensation to underwriters, agents, etc., and

expenses.7 Includes proceeds for plant andrequipment and working capital.8 Includes proceeds for the retirement of mortgages and bank debt with original maturities of more than one year. Proceeds for retirement

of short-term bank debt are included under the uses for which the bank debt was incurred.9 Includes all issues other than those for retirement of securities.

10Retirement of securities only.Source.—Securities and Exchange Commission.



SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS[In millions of dollars]

Industry

Manufactur ing

Total (200 corps.):SalesProfits before taxes . .Profits after taxesDividends

Nondurable goods industries (94 corps.):2

SalesProfits before taxesProfits after taxesDividends

Durable goods industries (106 corps.):3

SalesProfits before taxesProfits after taxes . . . .Dividends

Selected industries:Foods and kindred products (28 corps.):

SalesProfits before taxes .Profits after taxesDividends

Chemicals and allied products (26 corps.):SalesProfits before taxesProfits after taxesDividends

Petroleum refining (14 corps.):SalesProfits before taxes . . .Profits after taxesDividends . . . . .

Primary metals and products (39 corps.):SalesProfits before taxes . .Profits after taxesDividends . . . . .

Machinery (27 corps.):SalesProfits before taxesProfits after taxesDividends . .

Automobiles and equipment (15 corps.):SalesProfits before taxesProfits after taxes . . .Dividends

Public Utility

Railroad:Operating revenueProfits before taxes .Profits after taxesDividends

Electric power:Operating revenueProfits before taxesProfits after taxes . . .Dividends

Telephone:Operating revenue . . . . .Profits before taxes .Profits after taxesDividends .

Annual

1947

30,8694,1042,5241,170

11,3131,7871,167

551

19,5022.3121,355

615

3 231421259128

3,108547337215

2,906456350127

7,545891545247

3,634443270113

6,692809445195

8,685777479236

4,291954643494

2,283215138131

1948

37,0085,3173,3121,404

13,4072,2101,475

657

23,5663,1051,835

746

3,503411258136

3,549656409254

3,945721548172

9,0661,174

720270

4,529567333125

8,0931,131

639282

9,6721,148

699289

4,830983657493

2,694292186178

1949

36,7385,0383,1011,660

12,8531,8471,213

710

23,8853,1911,887

950

3,323379235135

3,557675404312

3,865525406172

8,187993578285

4,353519320138

9,5771,473

861451

8,580700438252

5,0551,129

757553

2,967333207213

1950

44,1187,8934,0552,240

14,7772,7021,513

889

29,3415,1922,5421,351

3,492469257143

4,4471,110

560438

4,234650442205

10,4461,700

854377

5,058847424208

11,8052,3051,087

671

9,4731,384

783312

5,4311,303

824619

3,342580331276

1951

51,0678,5573,4111,986

17,3713,1841,411

845

33,6965,3742,0001,141

3,873407199140

5,4331,384

484355

4,999861516231

12,5012,092

775380

6,167998367191

12,4381,915

704479

10,3911,260

693328

5,8671,480

818661

3,729691341318

1952

52,5367,0413,0441,980

17,5462,6061,256

863

34,9914,4351,7891,118

3,911377175135

5,5531,184

449373

5,320690488253

11,5571 ,161

565367

7,078972379199

12,8271 ,950

695461

10,5801,436

816336

6,2241,718

922709

4,136787384355

Quarterly

1951 i

2

13,0472,210

839475

4,288814342202

8,7591,405

497273

901864035

1,37736512085

1,20420311855

3,198557193

85

1,563237

8247

3,331508183119

2,59627514663

1,419344195161

9181749279

3

12,2971,964

762475

4,294773334203

8,0031,191

428273

942934632

1,35134211187

1,24621812755

3,034492176

86

1,434210

7348

2,899405142119

2,58325012453

1,423320168162

931160

7281

4

13,0132,137

932567

4,441741368242

8,5721,396

565325

1,004104

5242

1,367312125100

1,34522214864

3,226519217120

1,690301123

54

2,939488185119

2,772505320111

1,521403226181

976182

8681

1952

12,7601 940

815482

4 335705314210

8,4251,234

501273

959864032

1,37331810887

1 31820412964

3 073425220

88

1,5902328149

3,035503170116

2,58729514180

1,603498257172

9931949385

2

12,6061 618

624476

4 216599287206

8,3901,019

338270

942934233

1,33728110587

1 27*514711160

2 385982987

1,726238

8048

3,427596191114

2,53226114974

1 491400214173

1,023205

9887

3

12,2131 493

678475

4 363642308205

7 851852

«37O270

9841044832

1 367285108

88

1 325165115

60

2 605208

990 6

1 697213

9049

2,681347143114

2,633368208

6o

1 513382207177

1 037182

8891

4

14,9571 990

927547

4 632660347242

10 3251,330

580305

1,026944S38

1 476300128111

1 40217413369

3 494430217106

2 06 S289128

53

3,684504191117

2,828512318116

1 618439244186

1 084206104

93

c Corrected.1 For manufacturing, certain tax accruals for the first six months of 1951, required by subsequent increases in Federal income tax rates and

charged by many companies against third quarter profits, have been redistributed to the first and second quarters. For public utility corpora-tions, 1951 quarterly profits after taxes are as reported.

2 Includes 26 companies in groups not shown separately, as follows: textile mill products (10); paper and allied products (15); miscellaneous (1).3 Includes 25 companies in groups not shown separately, as follows: building materials (12); transportation equipment other than automobile

(6); and miscellaneous (7).NOTE.—Manufacturing corporations. Data are from published company reports, except sales which are from reports of the Securities and

Exchange Commission.Railroads. Figures are for Class I line-haul railroads (which account for 95 per cent of all railroad operations) and are obtained from reports

of the Interstate Commerce Commission.Electric power. Figures are for Class A and B electric utilities (which account for about 95 per cent of all electric power operations) and are

obtained from reports of the Federal Power Commission, except that quarterly figures on operating revenue and profits before taxes are partlyestimated 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 andthe Long Lines and General departments of American Telephone and Telegraph Company) and for two affiliated telephone companies, whichtogether represent about 85 per cent of all telephone operations. Dividends are for the 20 operating subsidiaries and the two affiliates. Dataare 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 seriesand 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).

MAY 1953 509


PROFITS, TAXES, AND DIVIDENDS OFUNITED STATES CORPORATIONS

[Quarterly estimates at seasonally adjustedrates. In billions of dollars]

Year orquarter

1939

19411942194319441945

19461947194819491950

19511952

1951—34

1952—1234

1953—1 i . . .

Profitsbeforetaxes

6.5

17.221.125.124.319.7

23.530.533.827.139.6

42.939.7

38.639.5

42.738.237.240.3

42.8

In-cometaxes

1.5

7.811.714.413.511.2

9.611.913.010.818.4

24.2'21.8

21.822.2

'23.4'21.0'20.4'22.1

24.4

Profitsaftertaxes

5.0

9.49.4

10.610.88.5

13.918.520.716.321.2

18.7'17.9

16.917.3

'19.3'17.2'16.8'18.2

18.4

Cashdivi-dends

3.8

4.54.34.54.74.7

5.86.67.37.59.0

9.09.1

9.29.3

8.99.69.39.0

'9.1

annual

Undis-tributedprofits

1.2

4.95.16.26.13.8

8.112.013.58.8

12.3

9.6'8.8

7.78.0

'10.4'7.6'7.5'9.2

'9.3

' Revised.i Preliminary estimates by the Office of the Economic

Adviser to the President.Source.—Department of Commerce.

NET CHANGE IN OUTSTANDING CORPORATE SECURITIES »[Estimates, in millions of dollars]

Year orquarter

1939

19411942194319441945

19461947194819491950

1951'1952

1951—3'...4 ' . . .

1952—1....2 . . . .3 . . . .4 . . . .

All types

Newissues

2,182

2,7931,1511,3333,4246,457

7,1806,8827,5706,7327,224

9,04810,974

1,7532,486

2,4383,0872,4592,990

Retire-ments

2,721

2,8171,4642,1293,8996,846

4,7982,5231,6841,8753,500

2,7722,646

642533

558602716770

Netchange

-539

-24-313-796-475-389

2,3824,3595,8864,8563,724

6,2778,328

1,1101,951

1,8802,4851,7432,220

Bonds and notes

New-issues

1,939

2,391929996

2,6934,924

4,7215,0155,9384,8674,806

5,6837,598

1,0661,449

1,6402,1831,8221,953

Retire-ments

2,550

2,5161,3271,8003,3915,995

3,6252,0111,2841,5832,802

2,1072,293

478405

489513611680

Netchange

-611

-125—398-804-698

-1,071

1,0963,0044,6543,2842,004

3,577'5,304

5871,045

1,1511,6701,2111,272

Stocks

Newissues

243

402222337731

1,533

2,4591,8671,6321,8652,418

3,3653,377

6871,037

798904637

1,038

Retire-ments

171

301137329508851

1,173512400292698

665353

164128

6989

10590

Netchange

72

10185

8223682

L.2861,355L.2321,572L.72O

2,7013,024

522908

729815532948

' Revised.1 Reflects cash transactions only. As compared with data shown on p. 508, new

issues exclude foreign and include investment company offerings, sales of securitiesheld by affiliated companies or RFC, special offerings to employees, and also newstock issues and cash proceeds connected with conversions of bonds into stocks. Re-tirements include the same types of issues, and also securities retired with internalfunds or with proceeds of issues for that purpose shown on p. 508.

Source.—Securities and Exchange Commission.

CURRENT ASSETS AND LIABILITIES OF UNITED STATES CORPORATIONS *[Estimates, in billions of dollars]

End of yearor quarter

1939

19411942194319441945

19461947194819491950.

1951—3.. .4

1952—1234

Networkingcapital

24 5

32.336 342 145 651 6

56.262 168 672.478 4

82 882.5

83.284.585.386.5

Current assets

Total

54 5

72.983 693 897 297 4

108.1123 6133 0133.1156 1

170 3174.4

173.9171.9177.7183.4

Cash

10 8

13.917 621.621 621.7

22.825.025 326 527 4

28 229.6

28.229.529.931.0

U. S. Gov-ernmentsecurities

2 2

4.010 116.420 921.1

15.314.114 816.820 5

21 021.3

20.719.720.221.0

Notes andaccounts

receivableJ

22.1

28.027.326.926.525.9

30.738.342.443.053 9

57.758.8

59.359.163.466.4

Inven-tories

18.0

25.627.327.626.826.3

37.644.648.945.352.6

61.362.6

63.561.561.962.7

Other

1.4

1.41.31.31.42 . 4

1.71.61.61.41.7

2 . 12.1

2.22.12.32.3

Current liabilities

Total

30.0

40.747.351.651.745.8

51.961.564.460.777.787.591.990.787.492.596.9

Notes andaccountspayable *

21.9

26.426 026.326 825.7

31.637.639.437.547.2

52.555.455.353.957.461.4

Federalincome taxliabilities

1.2

7.112.616.615.510.48.5

10.711.59.3

14.8

18.119.717.915.816.216.8

Other

6 . 9

7.28.78 .79 . 49 . 7

11.813.213.514.015.7

16.816.7

17.417.818.918.7

1 Excludes banks and insurance companies.2 Includes amounts due to the U. S. Government.

2 Includes amounts due from the U. S. Government.Source.—Securities and Exchange Commission.

BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT *[Estimates, in millions of dollars]

Year

19391945194619471948 .. .1949195019511952

1953 4

Total

5,5128,692

14,84820 61222,05919,28520,60525,64426 455

26,991

Manu-factur-

ing

1,9433,9836,7908 7039,1347,1497,491

10,85211 994

12,039

Min-ing

326383427691882792707929880

910

Rail-roads

280548583889

1,3191,3521,1111,4741 391

1,294

Trans-pora-tion

otherthanrail

365574923

1 2981 285

8871,2121,4901 363

1,380

Publicutili-ties

520505792

1 5392,5433,1253,3093,6643 838

4,368

Com-muni-

cations

302321817

1,3991,7421,3201,1041,3191,598

Other 2

1,7762,3784,5166,0935,1544,6605,6715,9165,391

7,000

Quarter

1951—34 .

1952—1234

1953—I4

2*

Total

6,5057,173

6,1416,8086,2447,265

6,5416,968

Manu-factur-

ingandmin-ing

2,9793,466

2,8673,3843,0263,596

3,2363,376

Trans-porta-tionincl.rail-

roads

729778

716758591692

639711

Publicutili-ties

9831,055

821928947

1,142

1,0301,199

Allother?

1,8141,874

1,7371,7381,6801,835

1,6361,682

1 Corporate and noncorporate business, excluding agriculture. 2 Includes trade, service, finance, and construction.3 Includes communications, trade, and other. * Anticipated by business.Source.—Department of Commerce and Securities and Exchange Commission.



REAL ESTATE CREDIT STATISTICSMORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER

[In billions of dollars]


193919401941 . . .19421943194419451946194719481949195019511952P1951—March

JuneSeptember. . . .December. . . .

1952—March PTunep

September?. . .DecemberP. . .

All properties

Allhold-ers

35 536.537 636.735 334.735 541.648 756.062 572 581.990 675.077.879.981.983 785 988.390.6

Finan-cial

insti-tutions

18 619.520 720.720 220.221 026.031 837.842 951 659.566 953.756.057.859.561 063.065.166.9

Otherholders

SelectedFederalagen-cies

2 . 22 . 12 01.81 41.1

9.65

.61 l1.42 . 02 41.61.71.82.02 22 . 22.32.4

Indi-viduals

andothers

14.714.814.914.213.613.313.615.016.417.618 619.520.421 .219.820.220.320.420.520.820.921.2

Nonfarm

Allhold-ers

28.930.031.230.829.929.730.836.943.950.957 166.775.683.869.171.673.675.677.379.381.683.8

1- to 4-family houses

Total

16.317.318.418.217.817.918.523.128.233.337.545.151.958.246.848.650.351.953.254.856.558.2

Finan-cial

insti-tutions

9 . 310.211.211.511.511.712.216.020.525.028.435.341.246.836.838.439.941.242.343.845.446.8

Otherhold-ers

7 .07.17.2

.6.76 . 36.26.47.07.68 .39 .19 . 8

10.711.310.110.310.510.710 911.011.111.3

Multi-family andcommercial properties 1

Total

12.512.612.912.512.111.812.213.815.717.619 621.623.725.622.223.023.323.724 124.625.125.6

Finan-cial

insti-tutions

7 .87 .88 . 07 .87 . 47.27.58.49 6

10.912 414.015.717.314.515.115.415.716 016.416.917.3

Otherhold-

ers

4 84 . 84 84 . 74 64.64 75.46 16 .77 27 .68 .08 37.77.97.98.08 18 18.28.3

Farm

Allhold-ers

6 66 . 56 46.05 44.94 74.84 95 15 45 86 . 36 86.06.26.36.36 46 66.76.8

Finan-cial

insti-tutions

1 5ss4

i.3

L.579

2 12 32 . 62 82.42.52.62.62 62 72.82.8

Otherholders1

5 15 04 94 54 13.63 43.33 13 23 33 53 . 74 03.53 73.73.73 83 93.94.0

P Preliminary.1 Derived figures, which include negligible amount of farm loans held by savings and loan associations.2 Derived 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 com-mercial banks (including nondeposit trust companies but not trust departments), mutual savings banks, life insurance companies, and savings andloan associations. Federal agencies include IIOLC, 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 andCommerce, Federal National Mortgage Association, Veterans Administration, Comptroller of the Currency, and Federal Reserve.

MORTGAGE LOANS HELD BY BANKS *[In millions of dollars]

193919401941.19421943.1944.19451946.194719481949.19501951.1952


1951—MarchTiinf

SfntPTnhprDecember

1952—March .JunevSeptemberDecember

Total

4,2664,5784,9064,7464,5214,4304,7727,2349,446

10,89711,64413,66414,73215 867

13,94514 28614,54014,732

14,86015,17615,59015,867

Total

3,6974,0034,3404,2564,0583,9674,2516,5338,623

10,02310,73612,69513,72814,809

12,94513 25513,50013,728

13,83014,11314,53014,809

Commercial bank holdings2

Total

2,6712,9633,2923,3323,2563,2183,3955,1466,9338,0668,676

10,43111,27012,188

10,62510 90411,10011,270

11,35011,60211,97012,188

Nonfarm

Residential3

FHA-in-

sured

3,4213,675

3,421

3,4323,4413,5803,675

VA-guar-

anteed

2,9213,012

2,921

2,9282,9523,0003,012

Con-ven-

tional

45

4

4555

,979501

,929

,990,209,390,501

Other

111

1112727

2222

2222

076040

,0489748077498S6

,387,690957

,060764

,458671

,320

400,458

,480,512,560,621

Farm

11

1111

1111

569S7S566491463463

702873874909968

,0040S8

,0000S1040

,004

,030,063060

,058

Total

4444444445689

11

8999

10101011

8S6859

,812677

,470,305908

,441856806

,705761

,916379

,650VW51S

,916

,203,554, 940,379

Total

4,8074,8294,7844,6014,3954,2814,1844,4154,8285,7736,6688,2189,869

11,306

8,6059,0919,4689,869

10,15610,50610,88011,306

Mutual savings bank holdings

Nonfarm

Residential3

Total

3,8753,9143,8843,7253,5583,4763,3873,5883,9374,7585,5697,0548,5959,875

7,4007,8338,2008,595

8,8439,1459,4859,875

FHA-in-

sured

2,5673,168

2,567

2,7202,8983,0253,168

VA-guar-

anteed

1,7262,237

1,726

1,8151,9172,0692,237

Con-ven-

tional

4,3034,470

4,303

4,3084,3304,3924,470

4

Other

\1111

1\11

1111

932915900876837805797827891015

,099,164774

,431

,205258268

,274

,313,361,394,431

Farm

2930282625242426283437444773

45464747

47486073

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, and also December 1952, are Federal Reserve estimates based on data from Member Bank Call Report and from weekly reporting memberbanks. For 1940, figures except for the grand total are Federal Reserve estimates based on data for insured commercial banks.

3 Data not available for all classifications prior to December 1951.4 Through 1946, figures except for the grand total are estimates based on Federal Reserve preliminary tabulation of a revised series of banking

statistics. March and September figures, and also December 1952, are Federal Reserve estimates based in part on data from National Associationof Mutual Savings Banks.

Sources.—All bank series prepared by Federal Deposit Insurance Corporation from data supplied by Federal and State bank supervisoryagencies; Comptroller of the Currency; and Federal Reserve.

MAY 1953 511


REAL ESTATE CREDIT STATISTICS—ContinuedMORTGAGE ACTIVITY OF ALL UNITED STATES LIFE INSURANCE COMPANIES


Year or month

193919401941194219431944194519461947 . . . .19481949195019511952P . . . . . .


1953—January . . . .FebruaryMarch?

Loans acquired

Total

898855935976

1,6612,7863,4073,4304,9805,1113,975

328326301344353307303364288390

347327403

Nonfarm

Total

1,4832,5203,1143,1234,6214,7043,600

286292270316325285280337260352

309289353

FHA-insured

4511,2021,3501,5721,051

850

75666380696679796586

787584

VA-guar-anteed

600366131930

1,268450

40453432342912302231

282427

Other

1,4691,5461,6422,1192,3852,300

171181173204222190189228173235

203190242

Farm

178266293307359407375

42343128282223272838

383850

Loans outstanding (end of period)

Total

5,6695 9586,4426 7266,714'6,6866 6367,1558,675

10,83312,90616,10219,31421,275

19,87020,00820,17520,33520,50520,64320,80120,96121,08721,245

21,39621,54721,725

Nonfarm

Total

4,7825 0615,5295 8305,8735,8865,8606,3607,7809,843

11,76814,77517,78719,600

18,30618,42518,57418,71618,87018,99819,14719,29819,41119,560

19,70119,83419.992

FHA-insured

668815

1 0961,2861,4081 3941,2281,3982,3813,4544,5735,2575,700

5,3775,4025,4295,4765,5175,5425,5925,6265,6485,690

5,7255,7515,729

VA-guar-anteed

256844

1,1061,2242,0263,1313,350

3,2453,2723,2903,3043,3213,3343,3263,3333,3403,349

3,3583,3673,445

Other

4,8765,5386,3567,0908,1769,399

10,550

9,6849,7519,8559,936

10,03210,12210,22910,33910,42310,521

10,61810.71610,818

Farm

887897913896841800776795895990

1,1381,3271,5271,675

1,5641,5831,6011,6191,6351,6451,6541,6631,6761,685

1,6951,7131 ,733

p Preliminary.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 assetvalues, and because year-end adjustments are based on more nearly complete data. Prior to 1947, complete data are not available for all classi-fications shown.

Sources.—Institute of Life Insurance—end-of-year figures, Life Insurance Fact Book; end-of-month figures, the Tally of Life Insurance Statisticsand Life Insurance News Data.

MORTGAGE ACTIVITY OF ALL SAVINGS AND LOANASSOCIATIONS[In millions of dollars]

NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS

[Number in thousands; amounts (except averages) in millions of dollars]

Year ormonth

19391940194119421943194419451946194719481949195019511952

1952-Mar..Apr...May..June.,July..Aug...Sept..Oct...Nov..D e c .

1953-Jan...Feb...Mar..

Loans made, by purpose

Total

9861,2001,3791,0511,1841,4541,9133,5843,8113,6073,6365,2375,2506,617

514549586587596617616659523541

497523639

Newcon-

struc-tion

30139943719010695181616894

1,0461,0831,7671,6572,105

172183198192190200193208163161

147164206

Homepur-chase

340426581574802

1,0641,3582,3572,1281,7101,5592,2462,3572,955

214239252257265279285303243248

222222266

Otherpur-

poses l

345375361287276295374611789851994

1,2241,2361,557

128127136138141138138148117132

128137167

Loans outstanding (end of period)2

Total i

3,8064,1254,5784,5834,5844,8005,3767,1418,856

10,30511,61613,62215,52018,444

16,073

16,891

17̂ 740

18,444

19,105

FHA-in-

sured

563717841864906

874

887

906

924

VA-guar-

anteed

2,3972,5862,9693,1253,398

3,162

3,228

3,341

3,398

3,492

Con-ven-

tional3

Yearor

month

7,3458,3139,812

11,530-14,140

12,037

12^776

13^501

'14,140

19401941194219431944194519461947

14,689

19481949195019511952

1952-Mar..Apr...May..June..July..Aug. .Sept..Oct...Nov..Dec..

1953-Jan...Feb...Mar..

Num-ber

1,2881,4561,6281,3511,2741,4461,6392,4972,5672,5352,4883,0322,8783,028

238250256256268270267285245252

228229264

Amount, by type of lender

Total

3,5074,0314,7323,9433,8614,6065,65010,58911,72911,88211,82816,17916,40518,018

1,3931,4821,5111,5131,5901,5981,5881,7271,4921,553

1,4011,3911,627

Sav-ings &loan

assns.

1,0581,2831,4901,1701,2371,5602,0173,4833,6503,6293,6465,0605,2956,452

494540557564586592593627526540

477503605

Insur-ancecom-

panies

287334404362280257250503847

1,0161,0461,6181,6151,420

118114114108113119118135116126

111110126

Com-mer-cial

banks

8911,0061,166886753878

1,0972,7123,0042,6642,4463,3653,3703,600

293303305317313316342298305

278269316

Mutual

ingsbanks

143170218166152165217548597745750

1,0641,0131,137

71819096105108103117104112

938492

Other

1,1281,2381,4541,3591,4391,7462,0693,3433,6313,8283,9405,0725,1125,409

427454447440469466458506448470

442425488

Aver-age

amountre-

corded(dol-lars)

2,7222,7692,9062,9183,0313,1863,4484,2414,5704,6884,7555,3355,7015,950

5,8605,9215,9075,9095,9375,9165,9436,0516,0856,171

6,1366,0686,153

' Revised.1 Includes loans for repair, additions and alterations, refinancing, etc.2 Prior to 1948, data are not available for classifications shown.8 Excludes shares pledged against mortgage loans.Source.—Home Loan Bank Board.

Source.—Home Loan Bank Board.



REAL ESTATE CREDIT STATISTICS—ContinuedGOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS

Yearor

month

1939194019411942 . . .1943194419451946194719481949 .195019511952

1952—Mar. . .Apr . . . .May. . .June.. .July. ..Aug.. . .Sept. . .Oct . . . .Nov. . .D e c . . .

1953—JanFeb., . .Mar. . .

Total

925991

1,1521,121

934877857

3,0585,0745,2225,2507,4166,834S 830

443487452469458463484526503519

539539504

Total

925991

1,1521,121

934877665756

1,7883,3413,8264,3433,2203,113

207242249273269260267306259293

296265276

[In

FHA-

millions of dollars]

insured

Homemortgages

Newprop-erties

486588728766553484257120477

1,4341,3191,6371,216

969

61616568808194

10897

108

108103103

Ex-istingprop-erties

208175183208210224217302418684892856713974

66697476858291

1038798

1038689

loans

Pro-ject-typemort-gages1

5213142185562013

360609

1,0211,157

584322

19493927313213261723

181520

Prop-ertyim-

prove-mentloans2

179216228126

86114171321534614594694707848

616471

102736669695963

676164

MADE

VA-guaranteed loans3

Total

1922,3023,2861,8811,4243,0733,6142,721

236244203196189203217220243227

243274228

Homemortgages

Newprop-erties

7931,8652,6671,824

164159128124126134142141157155

161184152

1 Monthly figures do not reflect mortgage amendments included in annual

Ex-istingprop-erties

6291,202

942890

72857470636875788571

829075

totals.

Alter-ationand

repair2

3566

.7

.5

.4

.5

.4

.5

.4

.7

.6

.5

.6

.56

2FHA-insured property improvement loans are not ordinarily secured by mortgages; VA-guaranteed alteration and repair loans of $1,000 or lev:or more than that amount must be.

3S need not be secured,3Prior to 1949, data are not available for classifications shown.NOTE.—FHA-insured loans repres snt gross amount of

whereas those

insurance written: VA-guar-anteed loans, gross amount of loans closed. Figures do not take account of principal repay-ments on previously insured or guaranteed loans. For VA-guaranteed loans, amounts bytype are derived from data on number and average amount of loans closed.

Sources.—Federal Housing Administration and Veterans Administration.

MORTGAGE DEBT OUTSTANDINGNONFARM

End ofyear orquarter

193919401941194219431944 . .19451946194719481949 . . .195019511952?

1951—Mar. . .June.. .Sep t . . .Dec

1952—Mar. P. .June*. .Sept.P. .Dec.P. .

cCorrected

1- TOON

4-FAMILY PROPERTIES[In billions of dollars]

Total

16 317.318.418.217.817.918.523 A28.233^337.545.151 958.2

46.948.750.451.9

53.254.856.558.2

Government-underwritten

Total

1.82 . 33.03.14.1

C4.3C6.1C9.312 5̂is!o18.922^925.4

20.021.022.022.9

23.524.024.725.4

P PreliminaryNOTE.—For total

FHA-in-

sured

1.82^33 . 03^74.14^24.1

3 85^36^98 .69.1

10.8

8 .99 .29 . 59 . 7

9 . 910.110.410.8

VA-guar-anteed

c 2C2 AC5 57.2

10^313 214^6

11.111.812.513.2

13.613.914.314.6

Con-ven-

tional

14.515 ]o15.414.513 713^7

C14.2C17 .0cjg 920.822.526.229 032^8

26.927.728.429.0

29.730.831.732.8

debt outstanding, figures forfirst three quarters are Federal Reserve estimates.For conventional, figures are derivec

Sources.—Home Loan Bank Board.ing Administration,Federal Reserve.

Veteran.

1.Federa I Hous-

3 Administration, and

FEDERAL NATIONAL MORTGAGE ASSOCIATION[In millions of dollars]

End of yearor month

19481949195019511952

1952—AprilMayJuneJulyAugustSeptember.. .OctoberNovember. . .December

1953—JanuaryFeb rua ry . . . .MarchApril

Author-ized

fundsun-

com-mitted

528848918661

1,085

1412*4111416

21,3111,2831,2381,1701,1291,085

1,0431,008

934876

Com-mit-

mentsun-dis-

bursed

227824485239323

255264266275299315326322323

321313322326

Mortgage holdings

Total

199828

1,3471,8502,242

2,0832,0752,0682,0642,0682,0972,1542,1992,242

2,2862,3292,3942,448

FHA-in-

sured

188403169204320

239236236237245257272297320

338358395429

VA-guar-

anteed

11425

1,1781,6461,922

1,8441,8391,8321,8271,8231,8401,8821,9021,922

1,9481,9711,9992,019

ACTIVITY

Mort-gagepur-

chases(duringperiod)

198672

1,044677538

39476

1340725665

61538168

Mort-gagesales

(duringperiod)

2046911156

24533463

14

10373

1 During the period from late March through early July, the bulk of these fundswas available only for the purchase of mortgages on defense, disaster, and militarylousing.

2Public Law 531, enacted July 14, 1952, authorized an additional 900 milliondollars for advance commitments to purchase mortgages on defense, disaster, andmilitary housing. Funds remaining from those set aside earlier for this purposethen became available for over-the-counter purchases of other mortgages.

Source.—Federal National Mortgage Association.

FEDERAL

Year or month

19411942194319441945 .194619471948..1949195019511952 .

1952—AprilMayJuneJulyAugustSeptember..OctoberNovember..December. .

1953—JanuaryFebruary. . .MarchApril

HOME LOAN BANK LENDING[In millions of dollars]

Ad-vances

15899

157239278329351360256675423586

2934835856566359

106

16143047

Repay-ments

140190176219213231209280337292433528

362421542528262033

197714632

Advances outstanding(end of period)

Total

219129110131195293436515433816806864

581591653656687715752791864

683627610626

Short-term1

1055469

106176184218257231547508565

353359409416436460491520565

439401391406

Long-term2

11576412519

109217258202269298299

229232244240251255261271300

245226219220

1 Secured or unsecured loans maturing in one year or less.2Secured loans, amortized quarterly, having maturities of

more than one year but not more than ten years.Source.—Home Loan Bank Board.

MAY 1953 513


STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDITCONSUMER CREDIT, BY MAJOR PARTS

[Estimated amounts outstanding, in millions of dollars]

End of yearor month

1939194019411942

19451946194719481949195019511952

1952—FebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

1953—JanuaryFebruary PMarch?

Total

7,2228,3389,1725,983

5,6658,384

11,57014,41117,10420,81321,46825,705

20,64920,60920,94021,70522,44622,75123,03023,41424,05024,52525,705

25,50725,24625,675

Instalment credit

Total

4,5035,5146,0853,166

2,4624,1726,6958,968

11,51614,49014,83718,639

14,55514,55014,73115,30816,03216,46516,72817,04717,57217,92718,639

18,78518,86319,285

Automobilepaper1

1,4972,0712,458

742

455981

1 ,9243,0544,6996,3426,2428,110

6,1146,0906,1866,5396,9747,2007,2727,3887,6397,8668,110

8,2738,4708,783

Otherconsumer

goodspaper1

1,6201,8271,9291,195

8161,2902,1432,8423,4864,3374,2705,301

4,0804,0444,0534,1694,3244,4334,5394,6694,8714,9435,301

5,2565,1335,162

Repairand mod-ernization

loans2

298371376255

182405718843887

1,0061,0901.386

1,0781,0791,0981,1381,1781,2211,2581,3001,3471,3761,386

1,3781,3781,384

Personalloans

1,0881,2451,322

974

1,0091,4961,9102,2292,4442,8053,2353,842

3,2833,3373,3943,4623,5563,6113,6593,6903,7153,7423,842

3,8783,8823,956

Noninstalment credit

Total

2,7192,8243,0872,817

3,2034,2124,8755,4435,5886,3236,6317,066

6,0946,0596,2096,3976,4146,2866,3026,3676,4786,5987,066

6,7226,3836,390

Single-payment

loans

787800845713

7461,122L.356L.445t ,5321,8211,9342,108

L.9791,997',007>,O552,0542,0232,026',033',033',109>,108

2,1292,079>,142

Chargeaccounts

1,4141,4711,6451,444

1,6122,0762,3532,7132,6803,0063,0963,313

2,4902,4102,5352,6592,6612,5732,5792,6422,7762,8263,313

2,9562,6452,575

Servicecredit

518553597660

8451,0141,1661,2851,3761,4961,6011,645

1,6251,6521,6671,6831,6991,6901,6971,6921,6691,6631,645

1,6371,6591,673

P Preliminary.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 otherconsumer 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 consumergoods paper."

NOTE.—Monthly figures for the period December 1939 through 1952 and a general description of the series are shown on pp. 336-54 of theBULLETIN for April 1953; a detailed description of the methods used to derive the estimates may be obtained from Division of Research and Sta-tistics.

INSTALMENT CREDIT, BY HOLDER[Estimated amounts outstanding, in millions of dollars]

End of yearor month

Totalinstal-mentcredit

Financial institutions

TotalCom-

mercialbanks

Salesfinancecom-panies

Creditunions Other

Retail outlets

TotalDepart-

mentstores l

Furni-ture

stores

House-hold

appli-ance

stores

183196206111

173879

127168239207239

192185183186198206210218223225239

232231231

Auto-mobile

dealers2

123167188

53

2847

101159239284255336

247244247262282292295301313324336

343352364

Other

1939194019411942

19451946194719481949195019511952

1952—February.March....AprilMayJuneJulyAugust. . .SeptemberOctober. .NovemberDecember.

1953—January..FebruaryPMarchP . .

4,5035,5146,0853,166

2,4624,1726,6958,96811,51614,49014,83718,639

14,55514,55014,73115,30816,03216,46516,72817,04717,57217,92718,639

18,78518,86319,285

3,0653,9184,4802,176

1,7763,2355,2557,0929,24711,82012,07715,423

11,97612,00212,17712,67913,32413,72513,95014,20314,61414,95515,423

15,66515,87716,337

1,0791,4521,726862

7451,5672,6253,529

,4395,7985,7717,576

5,7695,8085,8996,1446,4586,6546,8076,9677,1897,3527,576

7,6967,8088,062

1,1971,5751,797588

300677

1,3551,9902,9503,7853,7694,833

3,6613,6233,6623,8534,1114,2634,2944,3624,5234,6704,833

4,9305,0315,174

132171198128

102151235334438590635815

637647661688717738759773789798815

818828860

657720759598

629840,040,239,420,647,902,199

,909,924,955,994

2,0382,0702,0902,1012,1132,1352,199

2,2212,2102,241

1,4381,5961,605990

686937

1,4401,8762,2692,6702,7603,216

2,5792,5482,5542,6292,7082,7402,7782,8442,9582,9723,216

3,1202,9862,948

354394320181

131209379470595743920

1,101

864870875902927932951990

1,0421,0191,101

1,068960933

439474496331

240319474604724791760900

711699700726750766782796821839900

865855844

339365395314

270324407516543613618640

565550549553551544540539559565640

612588576

P Preliminary.1 Includes mail-order houses.2Includes only automobile paper; other instalment credit held by automobile dealers is included with "other" retail outlets.



STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT—Continued

NONINSTALMENT CREDIT, BY HOLDER


End of yearor month

1939194019411942

19451946194719481949195019511952. . .

1952-February...MarchAprilMayTuneJulyAugustSeptember..October . . . .November..December. .

1953-January... .February P. .M a r c h ? . . . .

Totalnon-

instal-mentcredit

2,7192,8243,0872,817

3,2034,2124,8755,4435,5886,3236,6317,066

6,0946,0596,2096,3976,4146,2866,3026,3676,4786,5987,066

6,7226,3836,390

Financialinstitutions(single-pay-ment loans)

Com-mer-cial

banks

625636693593

6741,0081,2031,2611,3341,5761,6841,852

1,7421,7581,7691,7771,7981,7921,7921,7931,8011,8211,852

1,8581,8391,882

Other

162164152120

72114153184198245250256

237239238278256231234240232288256

271240260

Retailoutlets(charge

accounts)

De-part-ment

stores l

236251275217

290452532575584641685709

480457471475467418422459499536709

570490479

Other

1,1781,2201,3701,227

1,3221,6241,8212,1382,0962,3652,4112,604

2,0101,9532,0642,1842,1942,1552,1572,1832,2772,2902,604

2,3862,1552,096

Servicecredit

518553597660

845

]

1

1j

1

1,0141,1661,2851,376[,4961,6011,645

1,625,652

L ,667,683,699

1,690,697,692

L.669,663,645

,637,659,673

P Preliminary.includes mail-order houses.

INSTALMENT CREDIT HELD BY SALES FINANCECOMPANIES, BY TYPE OF CREDIT


End of yearor month

1939194019411942

19451946 x194719481949195019511952

1952—February. . . .MarchAprilMayJuneJulyAugustSeptember. . .OctoberNovemberDecember.. . .

1953—JanuaryFebruary?March?


1,1971,5751,797

588

300677

1,3551,9902,9503,7853,7694,833

3,6613,6233,6623,8534,1114,2634,2944,3624,5234,6704,833

4,9305,0315,174

Auto-mobilepaper

8781,1871,363

341

164377802

1,3782,4253,2573,1834,072

3,0743,0333,0633,2373,4663,5893,6083,6603,8043,9404,072

4,1594,2604,402

Othercon-

sumergoodspaper

11513616778

2467

185232303313241332

235233232240260281289301312317332

337339342

Repairand

modern-izationloans

148190201117

58141242216

83577082

6665656768707174787982

818079

Per-sonalloans

56626652

5492

126164139158275347

286292302309317323326327329334347

353352351

Preliminary.

INSTALMENT CREDIT HELD BY COMMERCIAL BANKS.BY TYPE OF CREDIT


End of yearor month

19391940. .19411942.

19451946194719481949195019511952. .

1952-February,MarchAprilMayJuneJulyAugustSeptember..OctoberNovember..December. .

1953-JanuaryFebruary?..March?. . . .


1,0791,4521,726

862

7451,5672,6253,5294,4395,7985,7717,576

5 7695,8085,8996,1446,4586,6546,8076,9677,1897,3527,576

7,6967,8088,062

Automobilepaper

Pur-chased

237339447149

66169352575R4Q

1,1771,1351,596

1,116,114,136,218,313,364,392,430,485,534,596

,631,662,724

Direct

178276338134

143311539753946

1,2941,3111 653

1,3181,3361,3681,4321,5081,540L.554,567,599,625,653

,684, 736,816

Othercon-

sumergoodspaper

166232309153

114299550794

1 01rt1,4561,3151,813

1,3011,2911,289,331

1,3941,452L ,512L,564,647,709,813

,861,877,949

Repairand

mod-erniza-

tionloans

135165161124

110242437568715834888

1,138

881881899931967

1,0041,0361,0701,1101,1311,138

1,1321,1331,139

Per-sonalloans

363440471302

312546747839913

1,0371,1221 376

1

1,153,186

1,2071,2321,2761,294

,3131.336,348,353,376

,388.400,454

Preliminary.

INSTALMENT CREDIT HELD BY FINANCIAL INSTITU-TIONS OTHER THAN COMMERCIAL BANKS AND SALES

FINANCE COMPANIES, BY TYPE OF CREDIT


End of yearor month

1939194019411942

19451946194719481949195019511952

1952—February. . . .MarchAprilMayJuneJulyAugustSeptember. . .OctoberNovemberDecember... .

1953—JanuaryFebruary?March?

Totalinstal-

credit

789891957726

731991

1,2751,5731,8582,2372,5373,014

2,5462,5712,6162,6822,7552,8082,8492,8742,9022,9333,014

3,0393,0383,101

Auto-mobilepaper

81102122

65

5477

130189240330358453

359363372390405415423430438443453

456460477

Othercon-

sumergoodspaper

24303627

20346999

137182209276

212216225231244252255261267269276

281283287

Repairand

modern-izationloans

15161414

1422395989

115132166

131133134140143147151156159166166

165165166

Per-sonalloans

669743785620

643858,037,226,392,610,838,119

,844,859

1,8851,9211,9631,9942,0202,0272,0382,0552,119

2,1372,1302,171

P Preliminary.NOTE.—Institutions included are consumer finance companies (oper-

ating primarily under State small-loan laws), credit unions, industrialloan companies, mutual savings banks, savings and loan associations,and other lending institutions holding consumer instalment loans.

MAY 1953 515


STATISTICS ON SHORT- A N D INTERMEDIATE-TERM CONSUMER CREDIT—Continued

FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE *

Item

Net Sales:TotalCash salesCredit sales:

InstalmentCharge account

Accounts receivable, endof month:

TotalInstalment . .

Collections duringmonth:

TotalInstalment

Inventories, end ofmonth, at retail value.

Percentage changefrom preceding

month

Mar.1953?

+9+8

+ 14+3

- 1- 1

+4+9

+6

Feb.1953

- 3-10

- 3+ 1

- 1- 1

- 9- 9

+4

Jan.1953

-45-46

-49-31

- 4- 4

+5+2

+ 1

Percentage changefrom correspondingmonth of preceding

year

Mar.1953P

+7+3

+ 11+4

+25+20

+5+6

0

Feb.1953

+3- 3

+ 7+ 1

+24+21

+4+4

- 1

Jan.1953

+6- 3

+ 15- 4

+23+20

+5+6

- 3

Preliminary.

Year or month

1952FebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

1953JanuaryFebruaryMarch?

Instalment accounts

Depart-mentstores

1820181918171718181717

171517

Furni-ture

stores

1011101110101111111010

10910

House-hold ap-pliancestores

1313131312121112111111

111010

Chargeaccounts

Depart-mentstores

4548464846464647504848

474449

P Preliminary.1 Collections during month as percentage of accounts outstanding at

beginning of month.

DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS

Year or month

Index numbers, without seasonal adjustment, 1947-49 average = 100

Sales during month

Total Cash Instal-ment

Chargeaccount

Accounts receivableat end of month

Instal-ment

Chargeaccount

Collections duringmonth

Instal-ment

Chargeaccount

Percentage of total sales

Cashsales

Instal-mentsales

Chargeaccount

sales

Averages of monthlydata:194119421943194419451946194719481949195019511952

1952—February. . . .MarchAprilMayJuneJulyAugustSeptember. . .OctoberNovember. . .December

1953—JanuaryFebruary....March? ,

4653606775939910398101104103

799199100937889101116120190

847899

445772829210510310394939593

7283909084718189102108176

766988

55453936375685105110136133142

106122118137126113136149178174233

121119143

48484953598495104101106111109

8396107106998090108124127200

8781106

76603529283867108125177181189

182178175176178177180190201211231

226224227

53484244507392105103111124127

124117121122120107108118128138183

147126123

58604741405378106117146165158

162170153153148144145151159160167

179162177

47515052597892103104111118120

129118108115114111100103119123134

172132125

485661646459555251484847

4848484747484846464749

474746

96544467810910

10109101011111111119

111111

433834323237394141424343

4242434343414143434242

424243

P Preliminary.NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 527.



BUSINESS INDEXES[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]

Year or month

1919192019211922 . . . .19231924 . . . .1925

19261927192819291930

19311932193319341935

19361937193819391940

194119421943 . . . . .19441945 . . . .

19461947194819491950

19511952

1951October

December

1952JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

1953JanuaryFebruaryMarch

Industrial production(physical volume)*l

1935-39 = 100

Total

Ad-justed

218219218

221222221216211204193215228230234235

236240

P242"242

Unad-justed

72755873888290

969599

11091

7558697587

103113

89109125

162199239235203

170187192176200

220219

222220217

217218217215211205194218232233235233

232236

P239•'241

Manu-factures

Du-rable

Ad-justed

84935381

10395

107

11410711713298

6741546583

10812278

109139

201279360353274

192220225202237

273280

274277282

282284285277277247230267290300304313

'315322

P327'329

Non-du-

rable

Ad-justed

62605767726976

7983859384

7970798190

10010695

109115

142158176171166

165172177168187

194189

188188185

189190188183181186179191194195197194

195198

*200*198

Min-erals

Ad-justed

71836671988992

10010099

10793

8067768086

99112

97106117

125129132140137

134149155135148

164160

174170163

167167164166140147142156175164171168

164163

P160"160

Constructioncontracts

awarded (value) 2

1947-49=100

Total

Ad-justed

34343043455166

6969736349

3415141720

3032353944

6689372236

8284

102113159

171183

140156166

161156164171168172177207207210196205

190173177

Resi-den-tial

Ad-justed

26182741495775

7371765230

22877

13

2225273743

5449241016

878698

116185

170183

160146145

142163174189186193196193191185178183

173182176

Allother

Ad-justed

39453243424659

6768707062

4120182425

3536404044

74116453050

7983

105111142

172183

127162180

173152157158156158165217218227207219

201167178

Employment and payrolls3

1947-49 -100

Non-agri-cul-turalem-

ploy-ment

Ad-justed

61.662.255.458.764.663.865.5

67.968.268.371.367.0

60 653.753.959.061.6

66.270.666.469.673.6

83.191.296.695 392.1

95.1'99.4

'101.5'99.1

'102.3

'108.0'109.8

'108.4'108.4'108.6

'108.7'109.2'109.1'109.0'109 1'108.6'108.3'109 9'110.8'111.3'111 8'112.0

'112.1'112.4P112 4

Manufacturingproduction workers

Employ-ment

Ad-justed

'104.4'104.4'104.7

'104.7'104.9'104.9'105.2'104 6'102.0'100.6'104 7'106.8'107.8'109 2'110.0

'110.5'111.2Pi l l .8

Unad-justed

68.769.052.858.466.962.164.2

65.564.164.268.359.5

50 242.647.255.158.8

63.970.159.666.271.2

87.9103.9121.4118 1104.0

97.9103.4102.893.8

'99.6

'106.2'105.5

'106.2'105.4'105.4

'104.2'104.7'104.7'104.1'102 9'100.9'98.9

'105 7'109.0'109.6'110 2'110.8

'110.0'111.0Pill .6

Pay-rolls

Unad-justed

31.137.124.025.732.630.432.1

33.032 432 835 028.3

21 514 815 920.423.5

27.232.625.329.934.0

49.372.299 0

102 887 8

81 297.7

105.197.2

'111.7

'129.6'135.3

'130.8'130.3'133.7

'130.9'132.0'132.5'129.1'128 9'127.3'122.2'134 2'143.3'145.7'146 3'150.9

'147.4'149.2e152.0

Freightcarload-

ings*1935-39

= 100

Ad-justed

120129110121142139146

152147148152131

10578828992

107111

89101109

130138137140135

132143138116128

134126

135137133

141136133126122108102125134128134131

134130132129

Depart-ment

sales*(retailvalue)4

1947-49- 1 0 0

Ad-justed

27323030343436

3737373835

3224242729

3335323537

4450566270

9098

10498

105

109110

109113109

109106105103108111105114106115113115

111111

P113'107

Con-sumers'prices3

1947-49-100

Unad-justed

74.085 776.471 672 973 175 0

75 674 273 373 371 4

65 058 455 357 258.7

59 361 460 359 459 9

62 969 774.075 276.9

83 495 5

102 8101.8102.8

111 0113 5

112 1112 8113.1

113.1112.4112.4112.9113 0113.4114.1114 3114.1114.2114 3114.1

113.9113.4113 6

Whole-sale

com-moditvprices3

1947-49= 100

Unad-justed

65 062 062 961 956 1

47 442 142 848 75 2 . 0

52 S56 151 150 151 1

56 864 26 7 . 067 66 8 . 8

78 796 4

104 499.2

103.1

114 8111 6

113 7113 6113.5

113.0112.5112.3111.8111 6111.2111.8112 2111.8111.1110 7109.6

109.9109.6110 1

' Estimated; all estimates are those of the Federal Reserve. P Preliminary. ' Revised.* Average per working day.'For indexes by groups or industries, see pp. 518-521.2Three-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. 525.3 The unadjusted indexes of employment and payrolls, wholesale commodity prices, and consumers' 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 figureson employment and payrolls incorporate revisions to first-quarter 1951 benchmark levels. The consumers' prices index is the revised series, re-flecting beginning January 1953 the inclusion of some new series and revised weights. Prior to January 1953 indexes are based on the "interimadjusted" and "old" indexes converted to the base 1947-49=100.

*For indexes by Federal Reserve districts and for other department store data, see pp. 527-531.Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943 DO 958-984;

for department store sales, December 1951, pp. 1490-1515.

MAY 1953 517


INDUSTRIAL PRODUCTION, BY INDUSTRIES(Adjusted for Seasonal Variation)

[Federal Reserve index numoers. 1935-39 average =100]

Industry

Industrial Production—Total

Manufactures— Total

Durable Manufactures

Iron and Steel1

Pig ironSteel

Open hearthElectric

Machinery

Transportation Equipment

Automobiles (including parts) . . .(Aircraft; Railroad Equipment; Shipbuilding— Private

and Government)2

Nonferrous Metals and Products

Smelting and refining(Copper smelting; Lead refining; Zinc smelting;

Aluminum; Magnesium; Tin) a ,Fabricating

(Copper products; Lead shipments; Zinc shipments;Aluminum products; Magnesium products; Tinconsumption) 2

Lumber and Products

LumberFurniture

Stone, Clay, and Glass Products

Glass productsGlass containers

CementClay productsOther stone and clay products 2

Nondurable Manufactures

Textiles and Products

Textile fabricsCotton consumptionRayon deliveriesNylon and silk consumption 2

Wool textilesCarpet wool consumptionApparel wool consumptionWool and worsted yarn

Woolen varnWorsted varn

Leather and Products

Leather tanningCattle hide leathersCalf and kip leathersGoat and kid leathersSheep and lamb leathers

Shoes

Wheat flourCane sugar meltings 2

Manufactured dairy productsButterCheese

1952

Mar.

221

231

285

263

239309225911

359

327

222

218

252

204

158

149175

222

224239244175

188

152

139141288

112123110108103114113

108

8698686972

122

166

103

14271

169133

Apr.

216

225

277

245-

205278196855

354

329

227

218

257

203

152

143170

220

225242238173

183

144

131130280

108117110103

96112109

102

8495726469

114

163

108

14673

181149

M a y

211

224

277

246

208278195867

353

338

231

216

259

199

142

128168

217

227243230168

181

151

137135287

117113123112108116123

105

90105676772

115

160

103

14873

183163

June

204

214

247

140

426639

256

352

339

229

210

247

195

146

134169

222

247269222170

186

154

138133312

11?75

113106124124

103

92106696779

111

166

113

14769

180164

July

193

202

230

139

388336

418

331

287

162

201

242

184

141

128165

214

243266215158

179

147

129111343

10371

120103

97112113

91

819160716698

162

109

14570

176152

Aug.

215

225

267

244

721283202860

336

300

175

213

251

197

149

135175

221

243261231163

191

170

143369

123120139120112131123

116

97110796789

129

164

109

14869

178168

Sept.

228

237

290

270

242319222

1013

354

353

247

225

248

216

155

140183

222

245261227161

194

177

158145377

137148149130121144136

112

97107906588

123

168

108

14871

178166

Oct.

230

242

300

281

247332233

1040

363

371

265

237

251

231

155

138189

224

2412 54231163

195

172

154142361

134140142126117140138

112

103115877793

118

165

109

14673

176155

Nov.

234

245

304

283

244334231

1064

371

376

272

240

251

236

161

146191

221

232242233162

197

176

158149356

137153137127120138141

113

103117848386

120

161

113

14773

191152

Dec.

235

247

313

286

247335238

1022

385

r392

'282

246

258

241

165

149196

••221225254

'160

194

169

152141337

138164130124115136146

107

100112888076

112

108

15285

209155

1953

Jan.

236

249

'315

287

249333235

1029r391r392r282

249

266

242

171

162189

r222

225232257

r168

195

169

151140350

130149129118108

r132r136

116

r116877980

126r164

114

15189

209142

Feb.

240

254

322

290

247337234

1071

396

405

301

259

293

245

175

166192

233

242255279168

198

173

157149

'338

142173140130116148142

119

101114828180

131

165

108

15190

205138

Mar.

P242

P257

P 3 2 7

P297

253348241

1113

P404

P413

P308

P259

P29S

P243

vl73

161P196

v?Vi

P255272273

P200

•P173

148349

P168

P109

15494

209149

P Preliminary. r Revised.1 Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methodsmay be obtained from the Division of Research and Statistics.2 Series 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 longeravailable separately. Individual indexes through June 1951 are shown in preceding BULLETINS.



INDUSTRIAL PRODUCTION, BY INDUSTRIES—Confine(Adjusted for Seasonal Variation)

[Federal Reserve index numbers, 1935-39 average

Industry

Manufactured Food Products—Continued

Meat packing .Pork and lardBeefVeal

Other manufactured foodsProcessed fruits and vegetables . .ConfectioneryOther food products

Alcoholic Beverages

Malt liquorWhiskeyOther distilled spiritsRectified liquors

Tobacco Products . .

CigarsCigarettesOther tobacco products

PaPer and Paper Products

Paper and pulp . . . . . .Pulp

Groundwood pulpSoda pulpSulphate and sulphite pulp8

PaperPaperboardFine paper 2

Printing paperTissue and absorbent paper

NewsprintPanerboard containers (same as Paperboard)

Printing and Publishing

Newsprint consumptionPrinting paper (same as shown under Paper)

= 100]

1952

Mar.

179230141

8185

172150135184

170

V\68

292208

174

109243

59

192

188241117

9 9284180205

189190178131

177

164

iPetroleum and Coal Products 1 ?7tt

Petroleum refining'GasolineFuel oilLubricating oilKeroseneOther petroleum products 2

CokeBv-product cokeBeehive coke

Chemical Products

Pa in t sR a y o nIndus t r ia l chemicalsO t h e r chemical p roduc t s 2 . . . . . .

Rubber Products.. .

Minerals—Total

Fuels

CoalBituminous coalAnthracite

Crude petroleum

Metals

Metals other than gold and silver

(Copper; Lead; Zinc)a

GoldSilver

210227183223

204197420

155269563

242

164

170

111122

68199

125

176

4878

Apr.

165207135

7979

169146128183

157

15462

298205

184

110259

62

185

181228110

95269174202

186186161122

175

164

261

205218177211

166161326

292

152267559

215

166

171

110119

74201

141

205

4777

M a y

146167140

8476

169147130181

150

14951

231214

178

114245

64

182

175221108

92260168207

175162149130

170

166

209

157167124133

165161311

292

151270558

242

140

140

100107

73159

143

207

5175

June

148170137

9978

175161121188

112

16138

185207

189

116264

65

181

176227121

89266168201

182168153134

176

169

211

216228185199

727184

298

307563

246

147

161

96102

74193

65

71

5271

July

147163144109

68

171138117189

162

17619

108224

172

113240

54

160

154195124

68226148182

150174P 4126

157

f 64

219

27 5731174226

676752

299

15737 5565

142

111

849157

190

65

71

5463

Aug.

158180149121

77

171123134190

151

16521

234175

186

111261

68

188

180229132

82267172722

168180148130

165

162

280

231735181230

169168184

302

154354568

242

156

161

931026\

194

131

188

5063

Sept.

170200151125

87

175143136190

155

16026

148263

187

123257

65

192

181220125

83256175233

165187146126

165

166

282

234232179708

177174299

302

155370567

212

175

180

133144

203

149

219

4863

Oct.

169194153131

96

172147131185

162

15428

182325

190

134258

66

203

192233125

89274186246

178206150123

176

173

279

225226182207

179178243

304

158358578

260

164

167

9393OS

203

145

212

4769

Nov.

170196155131

89

167124134184

180

17731

133369

181

124249

57

205

194236108

92280188240

182193161121

175

169

290

233239171225

182179268

308

1*9350595

264

171

177

125135

87202

138

200

4867

Dec.

176202163124

97

'169128150

••183

166

18244

127228

172

98243

59

196

185220112

91258180235

179195151116

168

157

291

729730164241

18<S182312

309

159351598

'272

16S

176

115125

71207

117

166

4666

1953

Jan.

169181175113100

170'140145182

158

17553

160180

179

110249

64

200

191233112

92275185236

185201162119

173

162

r293

230241160250

188183353

^309

160348

'•594

268

164

172

105116

60204

120

170

4667

Feb.

174181188109

97

170141138183

159

16958

130221

194

111276

61

207

107"237118

95'279191245

193201167118

180

167

293

2312361487 2 6

1 «8T83

r3<i4

310

159336597

268

163

170

99109

60205

123

175

4767

Mar .

179187193\\\100

J>172»147

Pi 85

173

17963

191245

194

112277

60

211

201245113

94291194249

193207170121

183

173

t*288

P22SP234

1 8 918.33 9 5

P.?/5

p \ ZRP 3 ^ 4r>604

P276

vl60

P167

96107

51P2O2

nzsP178

For other footnote! see preceding page.NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, p j . 878-881 and 933-937, and August

1940, pp. 753-771 and 825-882.

MAY 1953 519


INDUSTRIAL PRODUCTION, BY INDUSTRIES(Without Seasonal Adjustment)

[Federal Reserve index numbers. 1935-39 average=100]

Industry

Industrial Production—Total

Manufactures— Total

Durable Manufactures

I r o n a n d S t e e l 1 . . .

Pig ironSteel

Open hearthElectric

Machinery

Transportation Equipment

Automobiles (including parts)(Aircraft; Railroad equipment; Shipbuilding—Private

and Government)2

Nonferrous Metals and Products

Smelting and refining(Copper smelting; Lead refining; Zinc smelting;

Aluminum; Magnesium; Tin)2 .Fabricating . .

(Copper products; Lead shipments; Zinc shipments;Aluminum products; Magnesium products; Tinconsumption)2

Lumber and Products

LumberFurniture

Stone Clay, and Glass Products

Glass productsGlass containers

Cement . . .Clay productsOther stone and clay products2

Nondurable Manufac tures

Textiles and Products

Textile fabricsCotton consumptionRayon deliveriesNylon and silk consumption2

Wool textilesCarpet wool consumptionApparel wool consumptionWoolen and worsted yarn

Woolen yarnWorsted yarn

Woolen and worsted cloth

Leather and Products

Leather tanning. .Cattle hide leathersCalf and kip leathersGoat and kid leathersSheep and lamb leathers

Shoes

Manufactured Food Products

Wheat flourCane sugar meltings2

Manufactured dairy productsButterCheeseCanned and dried milkIce cream 2

1952

Mar.

217

228

283

263

239309225911

359

327

222

218

252

204

149

135175

212

224239200167

184

152

139141288

112123110108103114113

108

8698676870

122

148

101

11664

152131

Apr.

215

224

277

245

205278196855

354

329

227

218

257

203

152

143170

216

225242226168

180

144

131130280

10811711010396

112109

102

8495696668

114

149

104

15275

188168

M a y

211

224

278

246

208278195867

353

338

231

216

260

199

145

133168

224

240260241167

180

151

137135287

117113123112108116123

105

90105

646677

115

154

99

19794

245227

June

205

215

249

140

426639

256

352

339

229

210

246

195

155

148169

225

245266237169

187

154

138133312

11275

125113106124124

102

90102

706878

111

165

109

21795

256227

July

194

203

232

139

388336

418

331

287

162

201

241

184

150

143165

216

235255236160

181

147

129111343

10371

12010397

112113

90

778660706298

174

108

21586

217176

Aug.

218

228

269

244

221283202860

336

300

175

213

251

197

160

152175

231

251272261169

195

170

152143369

123120139120112131123

116

95107

836592

129

185

108

21476

199173

Sept.

232

242

292

270

242319222

1013

354

353

247

225

248

216

167

159183

232

248267263167

201

177

158145377

137148149130121144136

111

95105

886686

123

192

118

17369

182153

Oct.

233

245

301

281

247332233

1040

363

371

265

237

251

231

164

151189

235

247262267173

200

172

154142361

134140142126117140138

112

104116

897793

118

178

115

13363

158126

Nov.

235

246

305

283

244334231

1064

371

376

272

241

251

236

160

143191

226

234245252167

199

176

158149356

137153137127120138141

114

107121

858091

120

165

114

10655

143110

Dec.

233

246r310

286

247335238

1022

385

'392r282

246

259

241

151

128196

'214

210210231

r165

193

169

152141337

138164130124115136146

107

99112

878072

112

'161

107

10767

151120

1953

Jan.

232

'245

287

249333235

1029

'391

'392

••282

249

266

242

151

132189

'209

222227209

191

169

151140350

130149129118108

r132136

'117

103r119

857975

126

153

114

9874

155115

Feb.

236

250

319

290

247337234

1071

396

405

301

259

293

245

159

142192

216

236248212159

194

173

157149338

142173140130116148142

122

108123

868588

131

148

109

10980

168124

Mar.

P239

P254

P325

P297

253348241

1113

P404

P413

P308

P259

P299

P243

P!63

146P196

P227

272224

P162

P196

P173

148349

P150

P107

12886

188146

P Preliminary. ' Revised.1 Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods

may be obtained from the Division of Research and Statistics.2Series included in total and group indexes but not available for publication separately.3 Because of a reclassification of the basic data used to measure changes in production, the sulphate pulp and sulphite pulp series are no longer

available separately. Individual indexes through June 1951 are shown in preceding BULLETINS.



INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued(Without Seasonal Adjustment)

[Federal Reserve index numbers, 1935-39 average=100]

Industry

Manufactured Food Products—Continued

Meat packing .Pork and lardBeef .VealLamb and mutton

Other manufactured foodsProcessed fruits and vegetablesConfectioneryOther food products

A l c o h o l i c B e v e r a g e s . . . . . .

M a l t l i q u o r . . . . . . . .W h i s k e yO t h e r d i s t i l l e d s p i r i t s . . .R e c t i f i e d l i q u o r s

Tobacco Products

CigarsCigarettesOther tobacco products

Paper and Paper Products

Paper and pulpPulp

Groundwood pulpSoda pulp . . . .Sulphate and sulphite pulp 3

Paper. . .PaperboardFine paper2

Printing paperTissue and absorbent paperWrapping paperNewsprint

Paperboard containers (same as Paperboard)

Printing and Publishing

Newsprint consumptionPrinting paper (same as shown under Paper)

Petroleum and Coal Products

Petroleum refining 2

GasolineFuel oilLubricating oilKerosene . .Other petroleum products 2

CokeBy-product cokeBeehive coke

Chemical Products

P a i n t s .R a y o nI n d u s t r i a l c h e m i c a l s . . . . .O t h e r c h e m i c a l p r o d u c t s 2

R u b b e r P r o d u c t s . . . . . . . .

Minerals—Total

Fuels

C o a l . . . .B i t u m i n o u s c o a lA n t h r a c i t e

C r u d e p e t r o l e u m . . . . . . . . .

Metals . . .

Metals other than gold and silver . . . . . . .Iron ore(Copper* Lead* Zinc)2

GoldSilver

1952

M a r

165214128

7683

15382

125176

155

15968

190208

164

109226

59

192

18824212599

284180205

189190178131

180

171

278

210227181227

204197420

298

155269563

242

158

170

11112268

199

90

11894

4380

Apr.

152188127

7877

15189

107175

155

16262

179205

174

11024162

186

18123012195

269174202

186188161124

180

174

261

205218184215

166161326

295

153267559

235

165

171

11011974

201

130

189238

4277

M a y

1471671408878

15496

100

178

158

17051139214

178

114245

64

182

17522211792

260168207

175162149131

174

173

209

157167129134

165161311

291

155270558

242

143

140

10010773

159

159

238348

4474

June

1471701349973

16612489

189

176

20338

115207

197

11627866

182

17722712289

266169201

182171153135

175

168

251

216228185187

727184

296

156307563

246

149

161

9610274

193

74

9041

4868

July

13714414610965

17917996

193

186

22019

115224

179

11325254

159

15319311068

226147182

150167124124

145

141

259

225231172210

676752

295

155325565

225

144

155

849157

190

81

10171

5261

Aug.

13813915011875

195234144194

159

18821

126175

193

11127466

188

18022711682

267172222

168180148129

157

146

280

231235179221

169168184

299

152354568

242

161

161

9310261

194

164

244381

5461

Sept

15415816313893

207279175194

159

16126

202263

198

12327569

191

18121711283

256175233

165187146126

166

168

282

234232179206

177174299

305

153370567

252

180

180

13314488

203

178

265418

5564

Oct.

169183167149100

191190171195

173

14328

472325

197

134268

71

203

19223211689

274186246

178208150123

180

182

279

225226182207

179178243

309

158358578

260

166

167

939395

203

164

241363

5669

N o v

19023016114189

174114158193

163

13631

280369

184

12425459

205

19423711492

280188249

182193161123

183

184

290

233239171231

182179268

313

157350595

264

no177

12513587

202

131

185248

5468

Dec.

20826616311695

r167100151

'187

142

14544140228

159

98224

51

195

18522011391

258179235

179189151114

172

165

291

229239163248

186182312

314

159351598

163

176

11512571

207

84

10883

4865

1953

Jan.

199237178105106

157' 91149174

134

14453

104180

178

110249

63

200

19123311792

275185236

185199162119

168

150

'293

230241155255

188183353

311

157348

r594

268

159

172

10511660

204

10986

4468

Feb.

1661781739698

15589

140174

144

1525883

221

184

111260

59

r207

198238

'12295

'279'192245

193209167118

178

164

293

231236147238

188183

'364

314

157336597

268

158

170

9910960

205

86

11591

4268

Mar.

16617417510498

P154P 8 1

P177

161

16763

124245

183

11225860

211

20124612194

291194249

193207170121

187

180

P288

P225P234

189183395

P319

P158P3 54P604

P276

P155

P167

9610751

P202

90

P120105

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.

MAY 1953 521


OUTPUT OF MAJOR CONSUMER DURABLE GOODS(Adjusted for Seasonal Variation)

[Federal Reserve index numbers, 1947-49 average =1001

Product group1952

Mar.

104

103

1068010298141

Apr.

103

109

978310682118

May

105

110

998110985115

June

108

114

1014411089136

July

71

47

986111374135

Aug.

84

63

1087611394141

Sept.

121

122

1198111589

205

Oct.

125

125

1249911891

214

Nov.

134

131

13798120114237

Dec.

134

129

13994125115236

1953

Jan.

rl41

134

'149103

r120'123279

Feb.

148

146

150104122126273

Mar.

Total

Passenger automobiles.

Household goods, total .CarpetsFurnitureMajor appliances....Radios and television

148

151

144

125'131226

r Revised.NOTE.—Figures for March are preliminary. For description see BULLETIN for October 1951, pp. 1235-1240. Tables of back data, includ-

ing unadjusted indexes for these series, and indexes for certain component series may be obtained from the Division of Administrative Services,Board of Governors of the Federal Reserve System, Washington 25, D. C.

PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES[Unadjusted, estimates of Bureau of Labor Statistics; adjusted. Federal Reserve. In thousands of persons]

Industry group or industry

ADJUSTED FOR SEASONALVARIATION

TotalDurable goods

Primary metal industriesFabricated metal productsMachinery except electricalElectrical machineryTransportation equipment.Lumber and wood products.Furniture and fixturesStone, clav, and glass products. .Instruments and related prod-

uctsMisc. manufacturing industries..Ordnance and accessories

Nondurable goodsTextile-mill productsApparel and other finished tex-

tilesLeather and leather products. . .Food and kindred productsTobacco manufacturesPaper and allied productsPrinting, publishing and allied

industriesChemicals and allied products...Products of petroleum and coal.Rubber products

WITHOUT SEASONAL ADJUSTMENT

TotalDurable goods

Primary Metal IndustriesBlast furnaces, steel works

and rolling millsFabricated Metal ProductsMachinery except Electrical

Metalworking machinery...Electrical Machinery

Electrical apparatus (gen-erating, etc.)

Communication equipment.Transportation Equipment

Motor vehicles and equip-ment

Aircraft and partsLumber and Wood Products

Sawmills and planing mills..Furniture and Fixtures

Household furnitureStone, Clay, and Glass Products. .Instruments and Related ProductsMisc. Manufacturing Industries.Ordnance and Accessories

1952

Mar. Apr. May j June July Aug. Sept. Oct. Nov. Dec

12,9807,4521 ,116

8401,282

7831,276

706302443

224361119

5,5281 ,089

1,055333

1,13695

414

492521185208

12,9517,4841,122

562848

1,295227791

269331

1,276

636439695406305220443225366119

13,014

7,5001,109

8431 ,292

7811 ,300

714302446

225365123

5,5141,079

1,048336

1,13794

413

491521188207

12,8727,4971,109

552847

1,298227781

3271,300

655444703414300218446226363123

M

1271

1

1

51

1

1

1271

1

1

1ay

,942,463116843280784,322653304442

223370126,479,075

,043341,13395

416

492518158208

,726,426,105

549839,286225776

262324,322

660454653396296215442223359126

June

127

1

1

51

1

1

127

1

1

,622,096684818,271783,340718307447

223378127

,526,068

,055344,14598

421

492518176209

,476,065681

153810,277226775

261327,340

663466725435298215447223363127

12,4426,871

653792

1,230|782

1,190744308441

226379126

5,5711,100

1,083343

1,13898

419

495519175201

12,2296,748

643

132768

1,218219755

249324

1,190

515476744439296217434219354126

12,9537,3721,073

8341 ,205

7981,221

740312449

228383129

5,5811,122

1,072346

1 ,11599

427

495513187205

13,0697,33:1,068

530

8211,193

22:78,

253346

1,22

524490759450307225451226375129

13,2167,6161,109862

1,214824

1,355736314453

230387132

5,6001 ,138

1,074347

1 ,11697

427

497509187208

13,4777,6341,109

556 j862

1,208224824

262367

1,355

674474751448316231455230393132

13,3387,7261,110884

1,233843

1,411717316457

233390132

5,6121 ,135

1,066349

1,12598

432

499508189211

13,5607,7741,116

557888

1,227223851

268381

1,411

70150172844032,23745923440813.

13,513j 13,6077,9441 ,126908

|

7,8621,120

8991 .2**

8=;Q1.450

723321459

134

1953

Jan. Feb. j Mar.

8751 ,484

708324453

5,651 5,6631 .135 1,129

1 ,093357

1 ,124102431

500508188213

1,098361

1,127105434

498508188215

13,6347,9161,126

557|903

1,260223872

271398

1,450

735510730433329242461237415134

13,6998,0101,137

561922

1,301226893

275410

1,484

750524704420330243458240404137

13,667

8,0041,134923

1,309!890

1 ,5101687325456

238 240396! 394137 136

5,6631 ,121

1,108358

1 ,128100433

13,7531 13,8308,092 8,160

1.1361935

1.311907

1,555693326454

1,139942

1,315912

1 ,569703333459

239i 242399! 407137| 139

5,661! 5,6701 ,118

1,102355

1,14198

433

499 497511 511188 188217 218

13,6058,0141,140

13,7298,117/, 142

563932

1,309226899

278411

1,510

770531673402330243451241394136

563944

1,318226916

281419

1,555

808538676403333247452240405137

1,122

1,104356

1,12797

435

501520187221

13,8078,1961,145

9511,328

921

1,569

692

' "336

' "459243413139




PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES—Continued

[Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons]

Industry group or industry

Nondurable goodsTextile-mill Products

Broad-woven fabric mills...Knitting mills

Apparel and Other Finished Tex-tiles

Men's and boys' furnishingsWomen's and misses' outer-

wearLeather and Leather Products.. .

Footwear (except rubber)..Food and Kindred Products....

Meat productsCanning and preserving. . .Bakery products

Tobacco ManufacturesPaper and Allied Products

Pulp, paper and paperboardmills

Printing. Publishing and AlliedIndustries

NewspapersCommercial printing

Chemicals and Allied Products...Industrial organic chemicals

Products of Petroleum and Coal..Petroleum refining

Rubber Products

1952

Mar.

5,467/ , 100

497216

1,087258

356341223

1,02624611918087

•116

219

490143157529\188183140208

Apr.

5,3751,079

487215

1,032259

323333218

1,03324013117884\

413

216

489142157521181186143206

M a y

5,3001,070

483215

996258

298327214

1,04823913917384

414

218

490145157508179157114206

June

5,4111,068

486219

1,008261

295337223

1,11623817718085

419

221

492146158502181177141207

July

5,4811,067

489215

1,018260

311338221

1,19924423418885

411

215

490145156501184177144195

Aug.

5,7371,105

498228

1,088271

339355233

1,269242309186109425

222

490144156503185191146203

Sept.

5,8431,127501232

1,106276

340352229

1,309247348186117425

217

497146158512185190145208

Oct.

5,786

1,135503236

1,103279

330352225

1,223244253187117432

219

504146160518187189144213

Nov.

5,7181,146506239

1,104280

331355226

1,142254172187109435

219

505147161518188188144217

Dec.

5,6891,146508236

1,114280

347359232

1,093256143184108441

224

505147162518189187144219

1953

Jan.

5,5911,132502231

1,108279

351358235

1,040248129178100435

223

499144161516189186144219

Feb.

5,6121,135

502233

1,135284

359362237

1,030240127179

l435

222

497144159519l\189J186\144|219\

Mar.

5,6111,133

1,137

365

1,019

89437

498

528

185

by data from government social insurance programs, and seasonal factors for major groups were reviewed by Federal Reserve. Back data anddata for industries not shown, without seasonal adjustment, may be obtained from the Bureau of Labor Statistics. Seasonally adjusted databeginning 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]

Industry group

Total

Durable goods.

Primary metal industries. . .Fabricated metal products. .Machinery except electrical.Electrical machineryTransportation equipment. .

Lumber and wood productsFurniture and fixturesStone, clay, and glass productsInstruments and related productsMiscellaneous manufacturing industries.Ordnance and accessories

Nondurable goods

Textile-mill productsApparel and other finished products.. . .Leather and leather productsFood and kindred productsTobacco manufactures

Paper and allied productsPrinting, publishing and allied products.Chemicals and allied productsProducts of petroleum and coalRubber products

Average weekly earnings(dollars per week)

1952

Mar.

66.99

72.38

76.5971.1479.8668.5680.32

60.0560. 1564.9470.8960.3878.85

59.98

51.4447.9550.3161 .9143.55

67.3180.3268.6481.8172.54

Jan.

70.93

76.91

84.8677.1782.8071.7284.64

63.0962.2168.2173.5764.5875.89

63.04

54.9448.9453.4665.6746.71

71.7183.2172.3488.2978.09

1953

Feb.

71.17

77.15

83.2276.8082.8472.0485.27

63.9662.6769.2973.8164.4377.61

62.88

54.9449.9853.4664.7145.51

71.8183.3373.1087.0278.31

Mar.

72.10

77.70

83.4377.7884.0572.8086.51

65.0363.2770.2175. 1265.3177.83

63.76

54.8050.1453.7365.6048.38

72.1485.0274.2388.94n.a.

Average hours worked(per week)

1952

Mar.

40.6

41.6

41.441.643.441.341.4

40.341.241.141.740.844.3

39.2

38.136.638.741.036.6

42.638.841.140.740.3

1953

Jan.

41.0

41.8

41.642.442.941.741.9

40.741.240.641.841.440.8

39.9

40.136.839.641.338.6

43.238.741.140.541.1

Feb.

40.9

41.7

41.242.242.741.441.8

41.041.541.041.741.341.5

39.8

40.137.339.640.737.0

43.038.441.340.141.0

Mar.

41.2

42.0

41.342.543.141.642.2

40.941.941.342.241.641.4

40.1

40.037.739.841.038.4

43.239.041.740.8n.a.

Average hourly earnings(dollars per hour)

1952

Mar.

1.65

1.74

1.851.711.841.661.94

1.491.461.581.701.481.78

1.53

1.351.311.30

.51

.19

1.582.071.672.011.80

1953

Jan.

1.73

1.84

2.041.821.931.722.02

1.551.511.681.761.561.86

1.58

1.371.331.351.591.21

1.662.151.762.181.90

Feb.

1.74

1.85

2.021.821.941.742.04

1.561.511.691.771.561.87

1.58

1.371.341.35

,59.23

11

1.672.171.772.171.91

Mar.

1.75

1.85

2.021.831.951.752.05

1.591.511.701.781.571.88

1.59

1.371.331.351.601.26

1.672.181.782.18n.a.

n.a. Not available.NOTE.—Data are for production and related workers. Figures for March 1953 are preliminary,

in note to table above. Back data are available from the Bureau of Labor Statistics.Data for recent years revised as indicated

MAY 1953 523


EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS BY INDUSTRY DIVISION

[Unadjusted, estimates of Bureau of Labor Statistics adjusted, Federal Reserve. In thousands of persons]

Year or month Total Manufac-turing ing

826852943982918889913872

907893890812777883880867870871

875870864

898890887816784893886871871870

868859855

Contractconstruction

1,1321,6611,9822,1692,1652,3332,5882,572

2,5422,5362,5182,5872,5952,6042,6112,5742,5712,548

2,5222,5572,521

2,3132,4352,5432,6902,7512,8122,7942,7282,6482,497

2,2952,2762,294

Transporta-tion and

publicutilities

3,8724,0234,1224,1413,9493,9774,1664,220

4,2104,1704,1874,1934,1544,2094,2594,3034,2934,281

4,2524,2624,267

4,1744,1494,1844,2254,1984,2584,2814,2964,2864,293

4,2164,2114,230

Trade

7,5228,6029,1969,5199,5139,645

10,01310,251

10,14610,11510,18410,24610,27310,26110,33310,39010,36610,397

10,44610,44110,420

9,94610,12510,06810,14410,10810,11010,29510,44210,65011,218

10,29210,21010,314

Finance

L,394L,586L ,641L ,7111,736L,7961,8611,957

•

1,9211,931L.9401,9521,9671,9801,9861,993L.9931,988

L,993L,9931,997

L ,9211,9411,9501,9721,9972,0001,9761,9731,9731,978

1,9731,9831,997

Service

4,0554,6214,8074,9255,0005,0985,2075,280

5,2575,2665,2705,2815,3025,2995,2855,3035,2925,290

5,2995,3025,304

5,1785,2665,3235,3605,3825,3785,3645,3035,2665,237

5,1935,1965,224

Federal,State, and

localgovernment

5,9675,6075,4565,6145,8375,9926,3736,633

6,6006,5706,5996,6296,6596,6526,6406,6886,7176,712

6,6926,6576,622

6,6276,6306,6296,5876,4566,4276,6166,7046,7427,095

6,6756,6306,650

19451946194719481949195019511952

SEASONALLY ADJUSTED



UNADJUSTED



40,06941,41243,43844,38243,29544,69647,20247,993

47,68047,62447,67047,47147,33648,03948,40648,66448,85748,957

49,00949,10949,113

47,11847,43047,43947,41847,07848,15848,89249,09549,31050,140

48,37948,36748,651

15,30214,46115,29015,32114,17814,96716,08216,209

16,09716,14316,08215,77115,60916,15116,41216,54616,75516,870

16,93017,02717,118

16,06115,99415,85515,62415,40216,28016,68016,77816,87416,952

16,86717,00217,087

NOTE.—Data include all full- and part-time employees who worked during, or received pay for, the pay period ending nearest the 15th of themonth. Proprietors, self-employed persons, domestic servants, unpaid family workers, and members of the armed forces are excluded. March1953 figures are preliminary. The series without seasonal adjustment for recent years were revised by the Bureau of Labor Statistics in April1953 to first-quarter 1951 benchmark levels indicated by data from government social insurance programs, and seasonal factors were reviewedby Federal Reserve. Back unadjusted data are available from the Bureau of Labor Statistics, seasonally adjusted figures beginning January1939 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

Year or month

19451946 . .194719481949195019511952

1952—April .MayJuneJuly. .AugustSeptemberOctoberNovemberDecember

1953—JanuaryFebruaryMarchApril

Total non-institutionalpopulation

105,370106 370107,458108,482109 623110,780111,924

(2)

112 844112,946113 050113,158113,265113,374113,494

(2)(2)

(2)(2)

Totallaborforce

65,14060,82061,60862,74863,57164,59965,832

(2)

65,26066,29867 88467,64267,41967,16666,566

(2)

(2)(2)

14 years of age and over]

Civilian labor force

Total

53,86057,52060,16861,44262,10563,09962,88462,966

61,74462,77864,39064,17663,95863,69863,14663,64662,921

62,41662,71263,13462,810

Employed 1

Total

52,82055,25058,02759,37858,71059,95761,00561,293

60,13261,17662,57262,23462,35462,26061,86262,22861,509

60,52460,92461,46061,228

In nonagricul-tural industries

44,24046,93049,76151,40550,68452,45053,95154,488

53,72054,21654,40254,63655,39054,71254,58855,45455,812

55,07255,55855,74055,158

Inagriculture

8,5808.3208,2667,9738,0267,5077,0546,805

6,4126,9608,1707,5986,9647,5487,2746,7745,697

5,4525,3665,7206,070

Unem-ployed

1,0402,2702,1422,0643,3953.142

]

,879,673

,612,602,818,942,604,438,284,418

1,412

1,892L ,788,674

1,582

Not in thelabor force

• 40,23045,55045,85045,73346,05146,18146,09246,710

47,58446,64845,16645,51645,84646,20846,92846,55247,394

48,23248,22448,07647,490

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 inter-

views of households on a sample basis. Data relate to the calendar week that contains the eighth day of the month. Back data are availablefrom the Bureau of the Census.



VALUE OF NEW CONSTRUCTION ACTIVITY

[Adjusted for seasonal variation. In millions of dollars]

Year or month

19391940 . .194119421943194419451946194719481949195019511952

1952—AprilMay . .JuneJulyAugustSeptemberOctoberNovemberDecember

1953—JanuaryFebruaryM archApril P . . . . . . .

Total

8,1988,682

11,95714,0758,3015,2595,633

12,00016,68921,67822,78928,74931,02532,329

2,7792,7012,6832,6402,6342,6542,6602,6992,738

2,7682,9142 9792,926

Private

Total

4,3895,0546,2063,4151,9792,1863,2359,638

13,25616,85316,38421,61021,68421,785

1,8571,7981,7731,7841,7891,7941,8121,8461,864

1,8681,9652,0392,006

Resi-dential

2,6802,9853,5101,715

885815

1,1004,0156,3108,5808,267

12,60010,97311,101

953902885896902911942973992

9501,0151 ,0631,002

Business

Total

1,2291,5612,0821,287

759989

1,6724,1954,8965,6935,3225,6807,1837,343

620613612611611608597596602

646672693696

Indus-trial

254442801346156208642

1,6891,7021,397

9721,0622,1172,298

211199189187186182176175172

186195208210

Com-mercial

2923484091553356

2031,132

8561,2531,0271,2881,3711,095

80848484889399

105109

1251341301 2 4 •

Publicutility

683771872786570725827

1,3742,3383,0433,3233,3303,6953,950

329330339340337333322316321

335343355362

Othernon-resi-den-tial

480508614413335382463

1,4282,0502,5802,7953,3303,5283,341

284283276277276275273277270

2722 78283288

Public

Total

3,8093,6285,751

10,6606,3223,0732,3982,3623,4334,8256,4057,1399,341

10,544

922903910856845860848853874

900949940920

Mili-tary

125385

1,6205,0162,550

837690188204158137177

1,0191,346

12012412310910710098

103116

130127132121

High-way

1,3811 3021,066

734446362398895

1,4511,7742,1312,3812,4002,700

246225231222220235228207207

214264255239

Conser-vation

570528500357285163130240394629793881860838

767471676465646365

68687072

Allother

1,7331,4132,5654,5533,0411,7111,1801,0391,3842,2643,3443,7005,0625,660

480480485458454460458480486

488490483488

Preliminary. 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]

Year or month

1945 .194619471948...19491950 ..19511952 . . . . .

1952—MarchAprilM a yJuneJulyAugustSeptemberOctober . .NovemberDecember

1953—January .February . . . . .March

Total

3,2997,4907,7609,430

10,35914,50115,75116,775

1,3211,5981,5641,4891,5111,4392,0291,3211,2491,467

1,0761,0211,348

By type ofownership

Public

1,3111,7542,2963,1073,7184,4096,1226,711

554636558559619501

1,269410491478

450351

Private

1,9885,7355,4646,3236,641

10,0929,629

10,064

767961

1,006930893937760911758990

626671

By type of construction

Resi-dentialbuilding

5633,1423,1543,6084,2396,7416,2056,668

593682754582608628519602528439

460419605

Nonresidential building

Fac-tories

1,0271,317

941840559

1,1422,8832,562

120205

79166140142995113117313

7689

105

Com-mercial

346773785975885

1,208915979

71758074929487

10385

100

87100101

Educa-tional

100221392725824

1,1801,3351,472

11913414612712214587

126117146

106102124

Other

377404597

1,1271,3761,6511,6891,686

15414815818420813993

138143154

13883

120

Publicworksand

publicutilities

8851,6311,8902,1552,4762,5782,7233,408

265354347356341291248238259316

209228293

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]

Month



Total(11 dis-tricts)

902,091885,206

1,321,254

1,075,8681,021,3101,347,518


Boston

38,40240,64961,959

100,86451,38671,433

NewYork

133,898c169,440220,869

154,306181,532246,228

Phila-delphia

54,38839,81962,868

90,57660,79173,368

Cleve-land

69,22077,168

121,483

96,756100,690158,951

Rich-mond

82,23498,910

132,814

110,437106,229110,018

Atlanta

180,381116,133181,819

117,354159,856127,304

Chicago

114,783126,042190,559

153,509137,100271,977

St.Louis

64,17946,255

102,236

53,31456,65480,265

Minne-apolis

28,94423,50445,015

20,55018.57347,355

KansasCity

59,47257,34260,802

78,87742,62872,775

Dallas

76,19089,944

140,830

99,325105,87187,844

s Corrected.

MAY 1953 525


PERMANENT NONFARM DWELLING UNITS STARTED[In thousands of units]

Year or month

19391941L94519461947 .19481949 .19501951 .1952. .

1952—AprilM a yJune . . . .JulyAugustSeptemberOctoberNovember. .December

1953—TanuaryFebruary . . .MarchApril

Total

515706209671849932

1.0251,3961 .0911.127

10611010410399

1011018672

72P77P97

P110

Urban

359434134404480525589828595610

596156525153544641

38n.a.n.a.n.a.

Ruralnon-farm

156272

75267369407436568496517

474947504848474031

34n.a.n.a.n.a.

Private

Total

458620208663846914989

1,3521.0201.069

9610197

1019799998268

68P72P88n.a.

1-family

373533185590740763792

1,151892939

859087908587877258

58n.a.n.a

P107

2-family

20289

24344635424046

444445433

3n.a.n.a.n.a.

Multi-family

6658154872

1041621598884

777788876

7n.a.n an.a.

Public

5787

183

1836447158

997222244

4P5P9? 4

Government-underwritten

Total

158220

47152440393466686413420

383839423842433429

272732

n.a.

FHA

158220

4169

229291361486264279

262626292528272119

181722

n.a.

VA

683

211102105200149141

121213131314161310

91010

n.a.

* Preliminary. n.a. Not available.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, estimatesbased 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]

Class

Total

CoalCokeGrainLivestock . . .Forest productsOreMiscellaneousMerchandise, 1. c. 1

Annual

1951

134

12120814369

15020514748

1952

126

10916814269

14418114046

Monthly—seasonally adjusted

1952

Mar.

133

11119613966

14125714947

Oct.'

128

9318815776

13923314546

Nov.

134

12319514776

15223314446

Dec.

131

11119113169

15224814445

1953

Jan.

134

10818412862

15427815144

Feb.

130

9718111457

14627514945

Mar.

132

9218413060

14227315445

Monthly—unadjusted

1952

Mar.

124

11119812853

14175

14248

Oct.

138

9318515711714631415848

Nov.

138

12319514495

14925815047

Dec.

120

11120012366

13577

13543

Jan.

121

10819312859

13970

13842

1953

Feb.

119

9719111246

14069

14043

Mar.

122

9218611947

14279

14645

NOTE.—For description and back data, see BULLETIN for June 1941, pp. 529-533. Based on daily average loadings. Basic data compiled byAssociation of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Inter-state Commerce Commission.

MERCHANDISE EXPORTS AND IMPORTS[In millions of dollars]

Month

FebruaryMarchAprilMay

July

OctoberNovember

January-February

Merchandise exports1

1951

974,076,295,369

L.3541,2971,1861,270L ,232L.1521,3881.438

2,050

1952

1.254

rr

,344,447,352

L.473L ,1671,0271,0871,225

,214L 187

.392

2,598

1953

1 ,276Pl,194

P2.470

Merchandise imports2

1951

1,025910

1,1021,0341,018

930895881721834819800

1,935

1952

922893964932

••834861839817877918804

1 051

1,815

1953

927P855

Pl.782

Excess of exports

1951

—51166193336337366292390510319569638

115

1952

332'452483420

••640306188

r269r349r296r383r332

784

1953

349P339

P688

* Preliminary. r Revised.Exports of domestic and foreign merchandise. Includes exports under foreign aid programs, including Department of Defense shipments

under the Mutual Security Program as follows (in millions of dollars): 1951, 1,065; 1952, 1,981; January-February 1953, 540.2 General imports including imports for immediate consumption plus entries into bonded warehouses.Source.—Department of Commerce.



DEPARTMENT STORE STATISTICS[Based on retail value figures]

SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS[Index numbers, 1947-49 average = 100]

Year or month

SALESi19471948194919501951 . .1952

SEASONALLY ADJUSTED

1952—MarchAprilMavJuneJulvAugustSeptemberOctoberNovemberDecember

1953—TanuaryFebruaryMarch

UNADJUSTED



STOCKS i194719481949195019511952

SEASONALLY ADJUSTED

1952—MarchAprilMayJuneJulyAugustSeptemberOctoberNovember . . .December


UNADJUSTED

1952—MarchApril . . .MavJuneJulvAugustSeptemberOctoberNovemberDecember

1953—JanuaryFebruary ....March

UnitedStates

9810498105109110

105103108111105114106115113115

111111

P113

921031081058498112119133195

8587

*>103

93107100109129118

114116118118120118120120120119

123122

P121

120122120112110114124134136108

111119

P127


Boston

9910299103105104

10499101103106109101109105108

104106

P106

871031021037383111111127193

8480P95

95105100110124110

109111109110110109109109111110

113114

P114

11211411210299103112123131104

103108

P118

NewYork

991039810110599

r97969698951029510598101

9796100

'859495956976

100110123175

787991

9810597104124111

108111112113116111110110111111

114110110

'112116115105102107116124128102

101107115

Phil-adel-phia

96104100106109109

109102107107106115105114109111

111115112

971031081027686110120143195

8285106

9310799108127113

'112112114113114112113114113114

116115113

119121116105100107117131131100

101112120

Cleve-land

9710598105111110

106104103112105in105116113117

116115116

951041051058299110119139194

8789107

93107100106128111

noin109107113109112111113112

114114113

11611711110010210411612412898

104113119

Rich-mond

97103100105113116

'117108116122106127112120115121

'118117P122

'9811011511487100121128142214

'8389

P109

94105101114133132

'125126131139140136132130132132

144'135134

'134136135127128134137146148116

127'131143

At-lanta

96103101109115124

114116127138120131121126128130

127121P128

11011812211796115126132145221

97102P124

90108102120140130

126125126125129129130133136142

140141P138

132132127120121127135145153124

126139

P145

Chi-cago

9810497104108106

10310010410597111103113108116

107109114

89991041038297110116129186

8284101

89111100110128115

113114114113118115118118118114

117118117

118118116107107110119131136106

109115122

StLouis

9710498104105106

999810211199110104114106113

108106107

891011061038198110121126179

798599

93106100112131122

111114124125120129132130130128

130125128

118122124118112125140147143112

113122135

Minneapolis

9810499105104104

949810410010411598110107110

99109106

801011059684103108124120175

74'8093

91110100104117107

103104106105108109113113111107

111112

P112

10710910810010510411312012399

105109

*>117

KansaCity

9810399108111113

105104112114114119108113117120

114113

j>114

9310411210693110115120132196

8691

P103

93108100113132124

120121124122128127129124124123

127128

P127

126127126119120120129135140109

118127P134

Dallas

94105102113117124

115114128132123127119128129130

129125125

1051141251161041141?8134145215

101101117

89110101112132126

124122124123130127131129130130

135133P134

131129125114120125134141146120

122132

*>142

SanFran-cisco

9910498105109114

'103105118114110116114118128119

116117112

9010311310896112115117136207

9194102

93107100110131125

119123128128125123126134127126

13213t131

122

PQ132126120118129147141112

119125134

P Preliminary. r Revised.1 Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average.NOTE.—For description and monthly indexes for back years, see BULLETIN for December 1951, pp. 1463-1515.

MAY 1953 527


DEPARTMENT STORE STATISTICS—Continued

[Based on retail value figures]

DEPARTMENT STORE MERCHANDISING DATA

Year or month

Amounts (In millions of dollars)

Sales2(totalfor

month)

Stocks2

(endof

month)

Out-stand-ing

orders2(end ofmonth)

596775964588494373495460433

••362293273410520539592573454358

452455400

Re-ceipts3(totalfor

month)

244277373366386358391390395

'421'384347268269386478547507479

334374453

Neworders3

(totalfor

month)

Ratios to sales1

Stocks

Out-stand-

ingorders

Stocksplusout-

stand-ing

orders

Re-ceipts

1944 average1945 average1946 average1947 average1948 average1949 average1950 average1951 average1952 average


1953—JanuaryFebruaryMarch?

246276345365381361376391395

'350373382353289343387448462736

325301381

574604767887979925

1,0121,2021,093

"1,1261,1371,1021,017997

1,0401,1311,2301,2751,018

1,0271,1001,172

256291354364363358401379398

'365'315327405379405531528388383

428377398

2.42.32.32.52.72.72.83.22.9

3.23.02.92.93.43.02.92.72.81.4

3.23.73.1

2.53.03.01.71.41.11.41.31.2

1.00.80.71.21.81.61.51.31.00.4

1.41.51.0

5.05.35.34.34.13.84.24.44.1

4.33.83.64.05.24.64.44.03.71.9

4.65.24.1

.0

.0

.1

.0

.0

.0

.1

.0

.0

1.21.00.90.80.9

.1

.2

.2

.1

.7

.0

.2

.2

v Preliminary. ' Revised.1 The first three ratios are of stocks and/or orders at the end of the month to sales during the month. The final ratio is based on totals of

sales and receipts for the month.2 These figures are not estimates for all department stores in the United States. They are the actual dollar amounts reported by a group of

department stores located in various cities throughout the country. In 1952, sales by these stores accounted for about 50 per cent of estimatedtotal department store sales.

3 Receipts of goods are derived from the reported figures on sales and stocks. New orders are derived from receipts and reported figures onoutstanding 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

June

July

Aug.

Sept.

Oct.

Nov.

1949

4. . . .111825

2. . .916 .23... .30

6132027

3. . .

10...17. . . .24

18. . .1522. ..29

5121926 . .

89999885

8269737172

78758686

10193108100

104102100101102

108109118113

June

July

Aug.

Sept.

Oct.

Nov.

1950

3. . .10. . .17. . .24. ..

18. . .1522. . . .29. . . .

5. . .12. ..19. ..26. . .

2. . .9...

16. . .23. ..30. . .

7. . . .14. . .21. ..28. ..

411. ..1825. .

9010410486

917591104102

102949799

107102127111110

112111105108

109118127110

June

July

Aug.

Sept.

Oct.

Nov.

1951

29. ...162330....

714....2128

4

18*. '. '. '.25

1

8....152229

6132027

3101724 . .

951081069289

75838180

88879397

105100114111114

110117116113

1?1127130123

June

July

Aug.

Sept.

Oct.

Nov.

1952

7. ...14....21 ....28

512. ...1926

2Q16.'.'.'.23306132027

4111825

1 . .81522. ...29....

Ill1169891

79838279

879095100110100114113112

116126124122

115118130134138

Dec.

Jan.

Feb.

Mar.

Apr.

May

1949

310....1724....31

1950

7. ...14....2128

4111825

4111825

18152229....

613. ...2027

15418620118668

70807976

78828076

84879196

104110889698

1041069597

Dec.

Jan.

Feb.

Mar.

Apr.

May

1950

2. . . .9. . . .16. . . .23. . . .30

1951

6. . . .13. . . .2027

3. . . .101724. . . .

3101724....31

71421. . . .28

5. . . .12. . . .19....26. . . .

15319122022182

9810510496

81949495

9910510110589

10110097101

11311099100

Dec.

Jan.

Feb.

Mar.

Apr.

May

1951

1. . .8. . .

15. . .22. ..29. ..

1952

5. . . .12....1926. . . .

2. . . .9

16. . .23.

1 ...8152229

51219. ..26

3. . .10. . .17. . .24 .31. ..

16119121322892

78929083

84878983

85889094101

10911197105

1111179910597

Dec.

Jan.

Feb.

Mar.

Apr.

May

1952

6. ...132027. ...

1953

3101724....31

714....2128

7. ...14....2128

4111825

29162330

195223237146

8189928687

88928593

96100109112

11897105104

114

NOTE.—For description and weekly indexes for back years, see BULLETIN for April 1952, pp. 359-362.



DEPARTMENT STORE STATISTICS—Continued[Based on retail value figures]

SALES BY FEDERAL RESERVE DISTRICTS, METROPOLITAN AREAS, AND CITIES

[Percentage change from corresponding period of preceding year]

Federal Reserve district,area, or city

United States

Boston DistrictMetropolitan AreasNew Haven, ConnPortland, MaineLowell-Lawrence, Mass.. .New Bedford, MassWorcester, Mass.1

CitiesDowntown Boston, Mass.1Springfield, MassProvidence, R. I.1

New York DistrictMetropolitan Areas2

New York-NortheasternNew Jersey, N.Y. & N J .New York City, N. Y.1.Newark, N. J.1

Buffalo, N. YBuffalo City, N. Y.1Niagara Falls, N. Y

Binghamton, N. YRochester, N. Y.iSyracuse, N. Y.1

CitiesBridgeport, Conn.1Albany, N .YElmira, N. YPoughkeepsie, N. YSchenectady, N. YUtica, N. Y

Philadelphia DistrictMetropolitan AreasTrenton, N. JLancaster, PaPhiladelphia, PaReading, PaWilkes-Barre-Hazleton,

PaWilmington, Del

CityYork, Pa

Cleveland DistrictMetropolitan AreasAkron, Ohio1

Canton, Ohio1

Cincinnati, Ohio1

Columbus, Ohio1

Springfield, Ohio1

Toledo, Ohio l

Youngstown, Ohiox

Erie, Pa.1Wheeling, W. Va.1

CitiesCleveland, Ohio *Portsmouth, Ohio1

Pittsburgh, Pa.1

Richmond DistrictMetropolitan Areas2

Washington, D. C.1Downtown Wash., D. C

Baltimore, Md.1

Asheville, N. C.iRaleigh, N. C.1Winston-Salem, N. C.1. . .Charleston, S. C.1Columbia, S. C.1Greenville, S. C.1

Mar.1953

p+11

+8

+5+ 13+ 15+ 11+7

+9+7+6

+6

+5+3+ 7+8+8+2+8

+ 14+ 14

+ 12+3

+ 14+ 18+6

+ 11+ 10

+ 14+ 14+7

+23

+5+6

+24

+ 12

+ 18+ 16+9

+ 16+7

+ 13+26+ 10+20

+ 13+34+6

P + 9

++2

+ 11+4+7

+ 18+ 16+ 12+ 11

Feb.1953

+ 1

+ 1

- 1 2+ 14+4+6

+ 1

+ 1

- 7

- 9- 1 2

- 20

- 1+6- 2

+2

+ 1+ 1+2+ 1- 3

+ 1

+90

+ 1

+ 1+2

+2- 9+6+7—9+5

+ 19+3

3mos.1953

+5

+5

+12+ 13+8+4

+5+3+2

- 1

+4+ 1

+ 12

+5

+6+2+7

+ 11+8

+ 14+3

+ 10

0+28

- 1

+ 1

- 3- 5- 3

+7- 6+5

+ 18

+ 13

+ 3+33+ 1+5

+ 1- 3+5+4

0+ 11+ 13

+ 6+ 11


Richmond Dist. (Cont.)Metropolitan Areas2-Cont.

Norfolk-Portsmouth, Va..Richmond, Va.1Roanoke, Va.1Charleston, W. Va.1

CitiesSpartanburg, S. CLynchburg, Va.1Newport News, VaHuntington, W. Va.1

Atlanta District

Metropolitan Areas2

Birmingham, Ala.1Mobile, AlaMontgomery, AlaJacksonville, Fla.1

Miami, Fla.1

Orlando, FlaSt. Ptrsbg.-Tampa, Fla.. .St. Petersburg, FlaTampa, Fla.1

Atlanta, Ga.1Augusta, GaColumbus, GaMacon, Ga.1Savannah, GaBaton Rouge, La.1New Orleans, La.1Jackson, Miss.1Chattanooga, Tenn.1

Knoxville, Tenn.1

Nashville, Tenn.1

CitiesRome, GaMeridian, MissBristol, Tenn

2

—5+2+4+4+5+2+7+ 10

+50

+7+8+21+5

+4

+9+7+2+8 Chicago District. . .

Metropolitan AreasChicago, 111.1Peoria, 111.1Fort Wayne, Ind.1

Indianapolis, Ind.1

Terre Haute, Ind-1

Des Moines, IowaDetroit, Mich.1Flint, Mich.1Grand Rapids, Mich.1.. . .Lansing, Mich.1Milwaukee, Wis.1Green Bay, Wis.1Madison, Wis

St. Louis DistrictMetropolitan AreasLittle Rock, Ark.1Evansville, IndLouisville, Ky.1St. Louis, MoSpringfield, MoMemphis, Tenn.1

CitiesFort Smith, ArkQuincy, 111

Minneapolis DistrictMetropolitan Areas2

Mpls-St. Paul, Minn.1Minneapolis City, Minn.1St. Paul City, Minn.1.. .

Sioux Falls, S. D

Mar.1953

+ 15+7+2

P + 1 4

+ 16+ 10+ 10+5

P + 1 3

+ 15+37+ 15+7

P + 1 2+ 15+ 12+ 11+ 14+9- 1+5+5

+ 10+28+ 18+5

+25+24+21

+22+23+8

+ 13

+5+ 12+ 19+ 17+7

+ 11+ 17+43+ 17

P + 2 7+7

+30+ 10

P + 10

+5P + 3 2

+ 10P + 1 3

+ 12+ 12

+9++ 15

+ 19+ 17+22+ 18

Feb.1953

+ 1+4

+22+ 12

+5- 2- 5- 1

+4

+ 7+ 16+9

r+2' +5+8+ 1+ 1+ 1

+3- 6—6

+ 14+ 7+4

+9+6

+ 18

+5+ 13

- 6+ 1

- 5- 3

+ 10+4- 9

^+8

+24+7

+1l+4-13

+2

+3+ 17+6+3- 1+5

- 1

+ 1- 7

- 7-10- 1

-16

mos.1953

+9+4

+ 12+ l

+ 7+4+3

+8

+8+26+ 11+4+9

+ 10+7+6+7+5+3+ 1+2

+ 13+ 19!

Minneapolis Dist. (Cont.)CitiesMankato, MinnGreat Falls, MontGrand Forks, N. DDuluth-Superior,

Minn.-Wise.1La Crosse, Wise

Kansas City District

Metropolitan AreasDenver, ColoPueblo, ColoTopeka, KansWichita, KansSt. Joseph, MoOmaha, NebrOklahoma City, OklaTulsa, Okla

- 1+ 14+14;+ 1.5

+ 14+ 16!+2

+6

0+5

+ 10+9+2

+ 12+33+ 10+ 18+3

+ 17+2

+4

+3+24+6+6+2+4

+2+3+3

+4+2+8+2


CitiesKansas City, MoJoplin, MoHutchinson, Kans

Dallas District

Metropolitan AreasShreveport, LaCorpus Christi, Tex.. .Dallas, Tex.1.El Paso, TexFort Worth, TexHouston, Tex.1San Antonio, Tex.. . .Waco, Tex

San Francisco District. . .

Metropolitan Areas2

Phoenix, Ariz.1Fresno, Calif.1Los Angeles, Calif.1

Downtown L. A., Calif.1WestsideL.A., Calif.i..

Long Beach, Calif.1Pasadena, CalifSanta Monica, Calif

Riverside and San Ber-nardino, Calif

Sacramento, Calif.1San Diego, Calif.1San Fran.-Oakland, Calif.1San Francisco, Calif.1Oakland-Berkeley, Calif.iDowntown Oakland,Calif.1

Vallejo, CalifSan Jose, Calif.1Stockton, Calif.1Portland, Ore.1Salt Lake City, Utah i. . .Seattle, Wash.1Spokane, Wash.1Tacoma, Wash.1

CitiesTucson, ArizBakersfield, Calif.1Boise and Nampa, Idaho.Twin Falls, IdahoIdaho Falls, IdahoBellingham, WashEverett, Wash.1Walla Walla, Wash.1Yakima, Wash.1

Mar.1953

+25+8

+ 14+ 12

+ 8

+ 10

+ 11+ 15+20+ 10+ 7

+ 10+5+4

+ 11+ 10+ 18+ 12

+ 13+25

+9+ 15

+6+ 16+ 10+ 11

P + 1 1

P + 8

+ 10P+11

+8p + 11

+ 12+ 12+8

+23+7+6

+ 10+6

+ 12+ 14

0+ 16

P+17P + 11P + 1 7

+9+9+9

P + 1 0- 1+3

+ 15+ 17(3)+ 12+9+ 1

Feb.1953

- 1 2- 4

- 1 0

c

r _ 4

+3

+20

- 3r+5

—6r+2+3+8

+5+2+2

+4

+8+ 7+3

+ 100

+ 7+6- 3

+4

+ 7- 6+3- 2+3+3+5+5

+ 13- 8- 4+3+3+2+ 1

- 1 0r+7+5+8+5+ 1+7

0

+ 13—5- 6+3+8

+ 16+ 1- 2- 8

1953

+ 7+5+5

+3+ 1

+5

+4+ 11+4+5- 3+4+4+6

+5+5

+ 10

+8

+ 11+ 18+5

+ 13+3

+ 12+5+6

+8

+80

+ 7+2+6+8+8+9

+ 18+2+2+6+5+6.

+1O+s

+11+111+6

+ 111+

+ 14+ 1

+ 10+ 11

J+22+9+3

0

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 Re-

serve Bank in the district in which the area or city is located.2 Breakdowns shown under various metropolitan areas do not necessarily include all portions of such areas.3 Data not available.4Two months.

MAY 1953 529-


DEPARTMENT STORE STATISTICS—ContinuedSALES AND STOCKS BY MAJOR DEPARTMENTS


Department

GRAND TOTAL—entire store3

MAIN STORE—total

Piece goods and household textiles

Piece goodsSilks, velvets, and syntheticsWoolen yard goodsCotton yard goods

Household textilesLinens and towelsDomestics—muslins, sheetingsBlankets, comforters, and spreads

Small wares

Laces, trimmings, embroideries, and ribbons... .NotionsToilet articles, drug sundries

Silverware and jewelrySilverware and clocks4

Costume jewelry4

Fine jewelry and watches4

Art needlework

Books and stationeryBooks and magazinesStationery

Women's and misses1 apparel and accessories.

Women's and misses' ready-to-wear accessories. .Neckwear and scarfsHandkerchiefsMillineryWomen's and children's glovesCorsets and brassieresWomen's and children's hosiery

Underwear, slips, and negligeesKnit underwearSilk and muslin underwear, and slipsNegligees, robes, and lounging apparel

Infants' wearHandbags, and small leather goods

Women's and children's shoesChildren's shoes4

Women's shoes4

Women's and misses' ready-to-wear apparel. . . .Women's and misses' coats and suits

Coats4

Suits4

Juniors' and girls' wearJuniors' coats, suits, and dressesGirls' wear

Women's and misses' dressesInexpensive dresses4

Better dresses4

Blouses, skirts, and sportswearAprons, housedresses, and uniformsFurs

Men's and boy's wear

Men's clothingMen's furnishings and hatsBoy's wearMen's and boy's shoes and slippers

Num-ber ofstoresreport-

ing

362

362

325

300207178196

315286262251

348

201245331

32522228991

238

284134247

359

358318283167332347349

352251300272

339341

251223231

357348238229

328287326

351275284

349300269

341

275323315208

Percentagechange from a

year ago

Salesduringperiod

Feb.1953

0

0

-3

s

-11+5-1

-2-2-4

-6-5+2

-2-9+5-6

-3

+5+3+7

+2+ 7-1-2—4+6-2

+2+4

+2+4+4+ 1+4

+ 1+ 10

+3

+4+2+ 7

-3-2-3

+4+3-15

+3

+2+3+7+5

Twomonths1953

-7-12+4-4

20

-5

+ 1-5-4+2

0-5+5+ 1

-3

++5+8

+ 1+2+9-3-1-3+6

0+2-1+20

+3+4+4+4

+ 10

+2+4+2+5

-2-2-2

+5+3-10

+2

-1+2+5+4

Stocks(end ofmonth)

Feb.1953

+3

+3

+2

-1-3-7+6

+4-3+38+9

+4

+7+6+4

03+3+

+ 13+8+ 13

+8

+9+ 10

3+ 13+ 14+9+7+ 12+3+6

+ 13+9

+ 10+ 13+9

+7+7+8+3

+ 11+6+ 15+2+5

+9+8+4

+3

-4+4+ 14+ 10

Ratio ofstocks tosales1

February

1953

3.9

4.1

4.7

3.83.84.03.7

5.35.66.15.4

4.3

4.74.83.8

5.88.53.210.7

4.4

3.42.63.8

3.4

4.02.74.01.75.33.62.8

3.73.84.02.7

3.93.4

6.67.66.4

2.82.42.22.7

3.12.43.9

2.31.92.7

3.12.45.2

5.9

6.45.26.17.4

3.8

4.0

4.4

3.73.54.63.4

5.05.74.35.0

4.1

4.14.33.8

5.78.03.310.0

4.2

3.12.43.5

3.2

2.64.01.45.23.42.5

3.53.43.92.6

3.63.2

6.26.86.1

2.62.32.02.7

2.92.33.6

2.21.72.7

3.02.34.3

5.9

6.75.25.87.0

Index numberswithout seasonal adjustment,

1941 average monthly sales = 100 2

Sales duringperiod

1953

Feb. Jan.

166

147

188158187215

127121138123

156

161172143

147

186173180

169

163243109144104238123

155198135152

218138

176

176204

195195205

163

20916978

131

137126134136

183

276

182150196218

323294473239

167

158201158

138

188

189182185

178

16221491114105276118

158221140155

222120

195245

177195167

220201124

154

200128127157

1952

Feb.

166

152

198176178218

129124144122

156

172181139

147

151

177168169

167

160226110146109224126

152190134151

214133

170

175202

187191192

168

20116492

127

135122125130

Stocks at endof month

1953

Feb. Jan

684

687

723603755797

667681844662

671

754822549

837

643

627448680

574

653644429244556863344

574746536410

858464

1,161

492495

605464806

380

653411409

771

871652817

1,004

650

692

702578813768

672740662711

661

670792560

808

626

639487694

522

588530413175483810317

537706521428

768401

1,043

450442

514415658

344

601392428

710

800620683910

1952

Feb.

667

684

744616810754

649709613607

644

712777528

846

632

557414602

534

599591440220559760316

538655522383

766426

1,065

463467

543435698

376

600380398

750

908627713915


530 FEDERAL RESERVE BULLETIN'


DEPARTMENT STORE STATISTICS—ContinuedSALES AND STOCKS BY MAJOR DEPARTMENTS—Continued


Department

IIomefurnishin£sFurniture and bedding

Mattresses, springs, and studio beds4

Upholstered and other furniture4

Domestic floor coveringsRugs and carpets4

Linoleum 4

Draperies, curtains, and upholsteryLamps and shadesChina and glasswareMajor household applicancesHousewares (including small appliances)Gift shop4 '

Radios, phonographs, television, records, etc.4

Radios, phonographs, television4

Records, sheet music, and instruments4 . . . .

Miscellaneous merchandise departments. .

Toys, games, sporting goods, camerasTONS and gamesSporting goods and cameras

Luggage

Candy4

BASEMENT STORE total

Domestics and blankets1

Women's and misses' ready-to-wear

Intimate apparel4

Hosiery 4

Underwear, corsets and brassieres4

Coats and suits4

Dresses4

Blouses, skirts, and sportswear4

Girls' wear4

Infants' wear4

Aprons, housedresses, uniforms4

Men's and boy's wear

Men's wear4

Men's clothing4

Men's furnishings4

Boy's wear4

Homef urnishings

Shoes

NONMERCHANDISE— total4

Barber and beauty shop4

Num-ber ofstores

report-ing

326

253184190

28216387

307257259237269189

230173120

330

309252153

280189

200

139

192

165125123178

,| 177. 156.1 1.27. ! 126

.; in

. i 165

.1 152

. ! 105

. ! 122j

. ; 123

.1 107!

J 114

. 187

.! 83

Percentagechange from a

year ago

Salesduringperiod

Feb.1953

Twomonths

1953

Stocks(end of I Februarymonth)!

Feb. ! 1953 1952

++5 :

- 1

- i-24

- 3 !A •

- 1 !— 2 i

- 6 i- 1 0 !+4 |

- 4 i

+6+4

_2- 2

- 3

- 2

- 3

- 1- 3+ 1

+2+8+ 1

- 1 0

- 1- 2- 1

+ 7

- 1 0

- 3

- 1

- 6

- 1

+2

+

- 3 I- 2 !

"17 I

u!- 5 '

it!- 6— 7— 7

2

- 2 i 4.4

+ 1+6+2— 5- 3- 7

3.6 !2.04.1

5.25.25.2

+4+6+3

- 2 1- 1+8

5 .34 . 48 .03 . 64 . 76 .4

4.5

3.62.04.0

5.35.2

Index numberswithout seasonal adjustment,

1941 average monthly sales = 100 2

Sales duringperiod

Feb.

- 9 1 3.2-14 2.8

0 4.8

+4 3.9

+ 10 !+6 I

+ 11 i

+6+ 13+ 1

8.79 .28 .1

- 4 I

- 3 !I

- 4 '!

- 3 i

il- 1 0+ 2

- 1 1

- 1

- 2- 1- 2

+4

- 9

- 1

- 1

- 5

-MI+ 18 |

5.81.3

196

232

174

Jan.

203 198

230

179 ! 176

Stocks at endof month

1953

Feb.

880

894

+ 5 | 3 . 2

+ 9 I 3 . 7

+ 9 I 2.4+ 2+5+6+ 7+ 2 !

+ 14 !+24 i+ 16 |+ 11+6+4+2+5

+ 12

- 5

+5

2.82.33.02.1 i1.6 |2.43.3 !3.42.4

4.0

3.83.73.8

4.4

3.7

5.6

4.2

5.04.07.44.74.75.9

3.32.95.0 j

3.6

8.78.48.6

5.41.1 |

2 . 9 ji

3 . 3 |

2.2

2.82.22.81.91.42.22.93.02.0

3.8

3.63.63.6

4.3

3.4

5.2

161165149174215

147

886892

143

149

152

151

149

112

' " j '160 i169 '151 i198 i218 i

148

683482

161

165

158

166172158

153

836586

146

153

860728

1,199618

1,020

Jan.

856

807707

1 ,160606960

579

770619745

641

730543629

828 850

1952

Feb.

902

843

472

157 381

160

143

129

150

165

115

600

550

621

425

836698

1,177797

1,024

563

712545717

787

452

334 353

521

530

552

572

582

596

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 numberof months' supply on hand at the end of the month in terms of sales for that month.

2The 1941 average of monthly sales for each department is used as a base in computing the sales index for that department. The stocksindex is derived by applying to the sales index for each month the corresponding stocks-sales ratio. For description and monthly indexes ofsales and stocks by department groups for back years, see BULLETIN for August 1946, pp. 856-858. The titles of the tables on pp. 857 and 858were reversed.

3For movements of total department store sales and stocks, see the indexes for the United States on p. 530.4 Index numbers of sales and stocks for this department are not available for publication separately; the department, however, is included

in group and total indexes.5Data 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 thedepartments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total.

MAY 1953 531


PRICES

CONSUMERS' PRICES[Bureau of Labor Statistics index for city wage-earner and clerical-worker families. 1947-49 =100]

Year ormonth

1929 .

1933.. . .

19411942194319441945.. .19461947.19481949195019511952

1952—Mar. . .April...May. . .June.. .July . . .Aug.. . .Sept . . .Oct . . . .Nov. . .D e c . . .

1953—Jan....Feb . . . .Mar....

Allitems

73.3

55.3

62.969.774.075.276.983.495.5

102.8101.8102.8111.0113.5

112.4112.9113.0113.4114.1114.3114.1114.2114.3114.1

113.9113.4113.6

Foods

65.6

41.6

52.261.368.367.468.979.095.9

104.1100.0101.2112.6114.6

112.7113.9114.3114.6116.3116.6115.4115.0115.0113.8

113.1111.5111.7

Housing

Total

95.0101.7103.3106.1112.4114.6

114.0114.0114.0114.0114.4114.6114.8115.2115.7116.4

116.4116.6116.8

Rent

117 4

83 6

88 490 490 390 690 991 494.4

100.7105.0108.8113.1117.9

116.7116.9117.4117.6117.9118.2118.3118.8119.5120.7

121.1121.5121.7

Othershelter*

Gasandelec-

tricity

97.6100.0102.5102.7103.1104.5

103.8103.9104.1104.3104.2105.0105.0105.0105.4105.6

105.9106.1106.5

Solidfuelsand

fuel oil

88.8104.4106.8110.5116.4118.7

117.7117.3115.6115.8115.6119.0119.6121.1121.6123.2

123.3123.3124.4

House-furn-ish-ings

97.2103.299.6

100.3111.2108.5

109.4108.7108.3107.7107.6107.6108.1107.9108.0108.2

107.7108.0108.0

House-hold

opera-tion

97.2102.6100.1101.2109.0111.8

111.0111.0111.2111.2111.8111.9112.1112.8113.3113.4

113.4113.5114.0

Ap-parel

60 3

45 9

55 664.967 872.676 383.797.1

103.599.498.1

106.9105.8

106.4106.0105.8105.6105.3105.1105.8105.6105.2105.1

104.6104.6104.7

Trans-porta-tion

90.6100.9108.5111.3118.4126.2

124.4124.8125.1126.3126.8127.0127.7128.4128.9128.9

129.3129.1129.3

Med-icalcare

94.9100.9104.1106.0111.1117.3

115.7115.9116.1117.8118.0118.1118.8118.9118.9119.3

119.4119.3119.5

Per-sonalcare

97.6101.3101.1101.1110.5111.8

111.0111.3111.6111.7111.9112.1112.1112.3112.4112.5

112.4112.5112.4

Read-ingand

recrea-tion

95.5100.4104.1103.4106.5107.0

106.3106.2106.2106.8107.0107.0107.3107.6107.4108.0

107.8107.5107.7

Othergoodsand

serv-ices

96.1100.5103.4105.2109.7115.4

114.8115.2115.8115.7116.0115.9115.9115.8115.8115.9

115.9115.8117.5

1 Indexes for January 1953 and subsequent months will be published later.NOTE.—Revised indexes, reflecting beginning January 1953 the inclusion of new series (i. e. home purchases and used autombiles) and revised

weights. Prior to January 1953 indexes are based on the "interim adjusted" and "old" indexes, converted to the base 1947-49 =100.Source.—Bureau of Labor Statistics, Department of Labor.

WHOLESALE PRICES, BY GROUPS OF COMMODITIES[Index numbers of the Bureau of Labor Statistics, 1947-49 =100]

Year ormonth

194719481949195010.511952

1952MarchAprilMayJuneJulyAu cms tSeptemberOctoberNovember . . . .

1953JanuaryFebruaryM!arch

Allcom-modi-

ties

96 4104.499.2

103.1114.8111.6

112.3111.8111.6111.2111.8112.2111.8111.1110 7109.6

109 9109.6110.1

Farmprod-ucts

100 0107.392.897.5

113.4107.0

108.2108.7107.9107.2110.2109.9106.6104.9103 699.2

99 697.9

100.0

Proc-essedfoods

98 2106.195 799.8

111 .4108.8

109.2108.0108.6108 5110.0110.5110.3108.5107 7104.3

105 5105.2105.0

Total

95 3103.4101.3105.0115.9113.2

113.8113.3113.0112.6112.5113.0113.2113.0112.8112.9

113 1113.1113.4

Tex-tile

prod-uctsandap-

parel

100.1104.495.599.2

110.699.8

100.699.999.399.098.999.199.599.298.698.2

98.898.597.6

Hides,skins,and

leatherprod-ucts

101.0102.196.9

104.6120.397.2

98.094.194.795.996.296.596.596.797.699.0

97.398.098.1

Other

Fuel,power,

andlight-

ingma-

terials

90.9107.1101.9103.0106.7106.6

107.4106.3106.0105.9106.0105.8106.2106.6106.7107.2

107.8108.1108.5

commodities

Chem-icalsand

alliedprod-ucts

101.4103.894.896.3

110.0104.5

105.4104.8104.3104.3104.2104.0104.0103.9103.5103.3

103.6103.6104.2

Rub-berand

prod-ucts

99.0102.198.9

120.5148.0134.0

142.0140.6140.4133.4130.0127.8126.3126.0126.4127.7

127.3126.2125.7

Lum-berand

woodprod-ucts

93.7107.299.2

113.9123.9120.3

120.5120.9120.7119.9120.2120.5120.4120.2119.7119.7

120.5121.1121.7

Pulp,paper,

andalliedprod-ucts

98.6102.998.5

100.9119.6116.5

117.7117.4116.9116.7115.3115.6115.6115.5115.5115.9

115.8'115.3115.2

Metalsand

metalprod-ucts

91.3103.9104.8110.3122.8123.0

122.6122.5121.8121.1121.9124.1124.6124.1123.9124.0

124.0••124.6125.5

Ma-chin-eryandmo-tive

prod-ucts

92.5100.9106.6108.6119.0121.5

121.8121.6121.6121.3121.4121.4121.5121.3121.4121.4

121.5121.6121.7

Furni-tureand

otherhouse-hold

dura-bles

95.6101.4103.1105.3114.1112.0

111.9112.1111.7111.6111.6111.5112.0112.0112.1112.3

112.7'112.9113.1

Non-me-

tallicmin-

er als—struc-tural

93.9101.7104.4106.9113.6113.6

112.9112.8112.9113.8113.8113.8113.8114.4114.5114.6

114 6114.6114.9

To-baccomanu-fac-turesand

bottledbev-erages

98 0100.4101.6102.4108.1110.6

110.8110.8110.8110.8110.8110.8110.8110.8110 8110.8

112 2rlH 9114.8

Mis-cella-neous

100.8103.196.196.6

104.9108.3

109.2109.5108.4108.1105.5108.9108.3108.4105.7105.1

103 0101.2101.7

r Revised.Source.—Bureau of Labor Statistics, Department of Labor.Back figures.—See BULLETIN for March 1952, pp. 311-313.



PRICES—Con tinnedWHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued

[Index numbers of the Bureau of Labor Statistics 1947-49 =100]

Subgroup

Farm Products:

Fresh and dried produceGrainsLivestock and poultryPlant and animal fibersFluid milkEggsHay and seedsOther farm products

Processed Foods:

Cereal and bakery productsMeats, poultry, and fishDairy products and ice creamCanned, frozen fruits, and vegeta-

blesSugar and confectioneryPackaged beverage materialsOther processed foods

Textile Products and Apparel:

Cotton productsWool productsSynthetic textilesSilk productsApparelOther textile products

Hides, Skins, and Leather Products:

Hides and skinsLeatherFootwearOther leather products

Fuel, Power, and Lighting Materials:

CoalCokeGasElectricityPetroleum and products

Chemicals and Allied Products:

Industrial chemicalsPaint and paint materialsDrugs, Pharmaceuticals, cosmetics.Fats and oils, inedibleMixed fertilizersFertilizer materialsOther chemicals and products

Rubber and Products:

Crude rubberTires and tubesOther rubber products

Lumber and Wood Products:

LumberMillworkPlywood

Pulp, Paper, and Allied Products:

WoodpulpWastepaperPaperPaperboard

Annual

1951 1952

97.299.3

116.9143.9104.8108.0102.7138.5

106.9116.7107.7

105.5106.4161.3123.0

111.5144.697.0

128.8103.8141.6

119.0124.7121.6112.3

108.4124.0100.798.1

110.5

120.7108.995.688.8

107.3106.3108.4

215.1133.9130.9

123.6130.1115.1

114.4188.3119.1131.8

120.398.2

102.4115.1109.695.998.3

136.7

106.9108.3113.6

105.0109.2162.2119.0

98.5113.088.9

133.7100.0101.7

63.089.4

112.4100.8

108.7124.7103.798.9

109.3

115.2107.392.550.0

109.3110.6103.3

157.8129.8126.7

120.5127.0105.0

111.570.1

124.0127.4

1953

Feb. Mar.

-•102.293.191.2

102.7'103.0

89.194.9

134.5

107.698.2

110.9

a 05.5p108.0161.9114.4

'96.1111.588.3

141.499.983.5

66.591.9

112.1'99.0

115.9131.8109.5100.7107.9

113.1105.991.452.7

110.8112.7102.9

129.4126.3124.3

120.3131.9110.9

108.883.8

124.9123.5

105.994.791.7

104.6101.8100.697.5

142.5

108.994.4

109.7

105.1109.6168.9120.9

93.1112.087.9

141.499.982.2

65.293.5

112.199.1

114.8131.8109.5100.7109.0

113.9106.091.659.0

110.7112.8102.9

126.6126.3124.3

120.9131.9112.0

108.883.8

124.9123.4

Subgroup

Pulp, Paper and Allied Products-Continued

Converted paper and paperboard. .Building paper and board

Metals and Metal Products:

Iron and steelNonferrous metalsMetal containersHardwarePlumbing equipmentHeating equipmentFabricated structural metal prod-

uctsFabricated nonstructural metal

products

Machinery and Motive Products:

Agricultural machinery and equip-ment

Construction machinery and equip-ment

Metal working machineryGeneral purpose machinery and

equipmentMiscellaneous machineryElectrical machinery and equip-

mentMotor vehicles

Furniture and Other Household Dura-bles:

Household furnitureCommercial furnitureFloor coveringHousehold appliancesRadioTelevisionOther household durable goods . . . .

Nonmetallic Minerals—Structural:

Flat glassConcrete ingredientsConcrete productsStructural clay productsGypsum productsPrepared asphalt roofingOther nonmetallic minerals

Tobacco Manufactures and BottledBeverages:

CigarettesCigarsOther tobacco productsAlcoholic beveragesNonalcoholic beverages

Miscellaneous:

Toys, sporting goods, small arms. .Manufactured animal feedsNotions and accessoriesJewelry, watches, photo equipmentOther miscellaneous

Annual

1951

117.0113.4

123.2124.2121.1125.8122.5114.6

117.5

125.4

120.1

123.6125.8

123.5119.4

121.9112.9

116.4124.5137.8107.993.779.6

117.3

114.0113.0112.3121.4117.4104.8111.0

105.8100.6108.4106.5119.7

116.2100.5101.3101.1120.6

1952

113.8115.5

124.7123.5122.0125.4117 A113.8

115.1

124.9

121.6

125.4128.5

122.6119.4

120.3119.6

113.0123.0122.8107.394.075.5

118.8

114.3113.0112.5122.0117.7102.9112.3

106.5100.1116.6110.7119.7

113.5108.093.8

101.0120.8

19

Feb.

'•111.5118.2

'127.5124.4125.3125.9

'114.3113.9

113.9

126.7

121.8

'126.2'129.0

122.0120.1

119.7119.9

'113.4123.2124.1107.4'95.5'75.6

'121.7

114.4113.1112.8124.0117.7106.0115.3

112.0102.9120.3

'110.1'119.8

112.894.492.9

101.0121.2

Mar.

111.3118.2

127.7131.5125.3126.2114.3113.9

113.6

122.0

126.9129.1

122.1120.3

119.7120.0

113.7123.2124.1107.895.575.6

121.8

114.4113.8112.8124.1118.3106.0115.3

124.0102.9122.4110.0119.8

112.995.094.3

101.7121.0

'Revised.Source.—Bureau of Labor Statistics, Department of Labor.Back figures.—See BULLETIN for March 1952, pp. 311-313.

MAY 1953 533


GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME[Kstimates of the Department of Commerce. In billions ot dollarsi

RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING

Gross national product . . .

Less: Capital consumption allowances. .Indirect business tax and related

liabilitiesBusiness transfer paymentsStatistical discrepancy

Plus: Subsidies less current surplus ofgovernment enterprises

Equals: National income . .

Less: Corporate profits and inventoryvaluation adjustment

Contributions for social insurance. .Excess of wage accruals over

disbursementsPlus: Government transfer payments. . .

Net interest paid by government. .DividendsBusiness transfer payments

Equals: Personal Income . .

Less: Personal tax and related payments. .FederalState and local

Equals: Disposable personal income.

Less: Personal consumption expenditures

Equals: Personal saving

Annual totals

1929

103.8

8.8

7 06

— l

- . 1

87.4

10.3.2

0.9

1.05.8

6

85 1

2.61.31 4

82.5

78.8

3 7

1933

55.8

7.2

7.17

1.2

0)39.6

- 2 . 0.3

.01.51.22.1

7

46 6

1.5.5

1 0

45.2

46.3

— 1 2

1941

126.4

9.3

11.35

1.6

.1

103.8

14.62.8

02.61.34.5

5

95 3

3.32 01.3

92.0

32.3

9 8

1947

233.3

14.8

18.77

.3

- . 1

198.7

24.75.7

.011.14.46.6

7

191.0

21.519.61 9

169.5

165.6

3 9

1948

259.0

17.6

20.47

- 3 . 2

.0

223.5

31.75.2

.010.54.57.2

.7

209.5

21.119.02.1

188.4

177.9

10 5

1949

258.2

19.4

21.6g2

.0

216.3

29.25.7

011.64.67.5

8

205 9

18.616.22 5

187.2

180.6

6 7

1950

284.2

21.5

23 88

— .7

.4

239.2

34.86.9

014.34.79.0

8

226 3

20.818.12 7

205.5

194.3

11 2

1951

329.2

24.6

25 39

1.4

.5

277.6

41.68.2

011.54.99.0

9

254 1

29.126 13 0

225 0

208.0

17 0

1952

'346.1

28.1

27.29

r —.2

.1

290.4

40.58.5

— .111.95.09.1

.9

268.3

34.030.7

3.3

234.3

216.3

18 0

Seasonally adjusted annualby quarters

1952

1

339.7

2 6 . 7

26.39

-1 .6

.5

288.0

42.78.5

111.75.08.9

9

263 0

33.530.4

3 2

229.5

213.2

16 3

2

342.6

27.7

26.8. 9

1.8

.2

285.6

39.98.4

.011.65.09.6

. 9

264.4

33.630.43.2

230.8

214.9

15 9

3

343.0

28.3

27.3.9

— 1.3

- . 2

287.7

37.8S.6

— 412 05.09.3

.9

268 9

34.130.8

3 3

234.8

215 0

19 8

4

••359.0

29.C

28.2.9

r . l

.0

300.2

41.58.8

.012.25.09.0

.9

277.0

34.631.33.3

242.5

222.0

20. ?

rates

1953

1

361.0

30.4

28.4. 9

n.a.

.1

n.a .

n.a.9.0

.012.85.09.1

.9

281.3

35.732.3

3 4

245.6

226.2

19.5

NATIONAL INCOME, BY DISTRIBUTIVE SHARES

National income

Compensation of employeesWages and salaries2

PrivateMilitaryGovernment civilian

Supplements to wages and salaries...

Proprietors* and rental income 3 . . .Business and professionalFarmRental income of persons

Corporate profits and inventoryvaluation adjustment

Corporate profits before taxCorporate profits tax l iabi l i ty . . . .Corporate profits after tax

Inventory valuation adjustment

Net interest

Annual totals

1929

87.4

50.850.245.2

.34.6

.6

19.78.35.75.8

10.39.81.48.4

.5

6.5

1933

39.6

29.328.823.7

.34.9

.5

7.22.92.32.0

- 2 . 0.2.5

- . 4- 2 . 1

5.0

103.8

64.361.751.51.98.32.6

20.89.66.94.3

14.617 .279.4

- 2 . 6

4.1

198.7

128.0122.1104.8

4.113.25.9

42.419.815.67.1

24.730.511.918

- 5

3.5

1948

223.5

140.2134.4115.7

4.014.75.8

47.322.117.77.5

31.733.813.020.7

- 2 . 1

4.3

1949

216.3

139.9133.4113.0

4.216.16.6

42 .121.612.87.7

29.227.110.816.32.1

5.0

1950

239.2

153.4145.6123.4

5.017.27.8

45.223.713.38.2

34.839.618.421.2

- 4 . 8

5.8

1951

277.6

178.9169.9141.2

8.620.19.0

50.626.215.68.9

41.642.924.218.7

- 1 . 3

6.4

1952

290.4

190.4181.1148.7n.a.n.a.

9.2

52.527.615.29.6

40.539.7

'21.81 7 . 9

7.0

Seasonally adjusted annual ratesby quarters

1952

288.0

186.5177.4145.810.021.79.0

52 .127.315.49.4

42.742.7

'23 A'19.3- . 1

6.7

285.6

186.9177.8145.610.221.99.2

51.927.614.89.5

39.938.2

'21.017.2

1.7

6.9

287.7

190.3181.0148.3

10.422.49.3

52.527.515.29.8

37.837.2

'20.416.8

.6

7.1

300 2

197.*)188.2155.?n.a.n.a.

9.0

53.628.215.510.C

41.54o.:i

r 2 2 . 11 8 2

1.2

7.2

1953

n.a .

201.6191 .8-158.7

n.a..n.a.9.8

53.628.614.9-10.1

n .a .n.a.

n.a.- . 57.4

n.a. Not available. r Revised.1Less than 50 million dollars.2 Includes employee contributions to social insurance funds.8Includes noncorporate inventory valuation adjustment.NOTE.—Details may not add to totals because of rounding.Source.—Department of Commerce.



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

1929 1933 1941 1947 1948 1950 1951 1952

Seasonally adjusted annual ratesby quarters

1952

1

339

213.25

11870.

50 .23.11 .12.2 5 .

- •

2 .

74 .51.4 6 .

5 .

2 3 .

7

2200

0707761

2

4242

42

2

342.6

214.926.4

117.870.8

49.323.611.012.625.7

.1- . 8

.4

78.054.950.3

5 .1

.423.0

3

343.0

215.024.2

118.971.9

51.723.010.912.225.0

3 . 73 . 0

- 1 . 6

77.954.849.6

5 .6

.423.1

1953

Gross national product

Personal consumptionexpenditures

Durable goodsNondurable goodsServices

Gross private domesticinvestment

New construction l

Residential, nonfarmOther

Producers' durable equipmentChange in business inventories. . . .

Nonfarm only

Net foreign investment

Government purchases ofgoods and services

FederalNational securityOtherLess: Government sales 2

State and local

103.8

78.89.4

37.731.7

15.87.3.64.26.41.61.8

.8

8.51.3

1.3

(s)7.2

55.8

46.33.5

22.320.6

1.31.1

.5

.71.8

-1.6-1.3

.2

8.02.0

2.0

5.9

126.4

82.39.8

44.028.5

18.36.83.53.37.73.93.4

1.1

24.716.913.83.2

(3)7.8

233.3

165.621.495.149.1

30.213.96.37.6

17.1- . 81.4

8.9

28.615.813.33.81.3

12.8

259.0

177.922.9

100.954.1

42.717.78.69

19.95.03.7

1.9

36.621.016.15.6

.615.6

258.2

180.623.899.257.5

3317.28.39.0

18-2-1.6

.5

43.625.419.36.6

.418.2

284.2

194.329.2

102.862.4

50.322.912.610.322.0

5.54.6

- 2 .3

41.922.2183.9

329.2

208.027.1

113.567.3

58.523.311.012 324.910.39.4

.2

62.640.937.1

4.2.4

21.7

'346.1

216.325.8

119.071.5

52.123.511.112.425.53.12.4

77.854.449.2

5.6.4

23.4

'359.

222.027.3

121.473.3

57.323 V11 612 025.6

8.17.5

' - . 9

80.656.650.4

6.5.3

24.0

361.0

226.229.8

121.774.6

54.425.212.213.027.5

1.71.1

-2 .0

82.457.551.26.5

.325.0-

PERSONAL INCOME[Seasonally adjusted monthly totals at annual rates]

Year or month

192919331941194719481949195019511952 .

1952 -MarchAprilM a yJuneJuly.AugustSeptember... .OctoberNovember. . . .December

1953—JanuaryFebruaryMarch?

Per-sonal

income

85 146.695.3

191.0209.5205.9226.3254.1268.4

261 9262.5264.5266.7263.9269.6273.8276.1275.8280.0

280.6280.9282.5

Wages and salaries

Totalreceipts4

50 028.760.9

119.9132.1131.2142.7166.5177.9

173 9173.4174.6175.8173.9179.0181.9184.0184.4186.4

186.5188.2189.6

Wage and s<

Totaldis-

burse-ments

50 228.861.7

122.0134.3133.4145.6169.9181.4

177 3176.7177 9179.3177.4182 5185.3187.5187.9189.9

190.3191.8193.2

Com-modityproduc-ing in-

dustries

21 59 . 8

27.554.360.256.963.574.979.1

77 776.976.777.274.078.781.682.983.585.2

85.286.287.1

ilary disbursements

Distrib-utiveindus-tries

15 58 .8

16.335.138.838.941.345.948.5

47 047.047.748.549.349.449.349.949.650.0

50.150.350.4

Serviceindus-tries

8 .25 . 17.8

15.316.617.218.620.321.3

20.821.021.321.321.521.521.621.821.921.9

22.122.222.5

Gov-ern-ment

5 05.2

10.217.218.720.422.228.732.4

31 831.832.232.332.632.932.832.932.932.8

32.933.133.2

Otherlabor

income5

.5

.4

.62.42 . 83 . 13 . 84 . 24 . 5

4 . 34 . 44 . 44 . 54 . 54 . 54.54.64.64.7

4.74.74.7

Pro-prietors'

andrental

income6

19 77.2

20.842.447.342.145.250.652.5

50.751.251.752.852.251.853.453.552.954.6

54.653.353.0

Divi-dendsandper-

sonalinterestincome

13.38.29.9

14.516.017.119.520.421.1

21.021.521.521.421.321.421.421.321.321.2

21.421.521.7

Trans-fer

pay-ments7

1.52 . 13.1

11.811.312.415.112.412.7

12.412.312.612.512.413.112.913.012.813.4

13.613.413.8

Lesspersonalcontri-butions

forsocialinsur-ance8

.1

.2

.82.12 . 22 . 22 . 93 . 43.8

3 . 83 . 63 . 63 . 83 . 93 .73.73.83.73.8

4.03 83.9

Non-agricul-

turalincome9

76.843.086.1

170.8187.1188.7208.5233.6248.0

242.7242.9244.9245.9243.4249.4253.0255.4255.7258.8

259.5261. 1262.8

p Preliminary. r Revised.1 Includes construction expenditures for crude petroleum and natural gas drilling.

2 Consists of sales abroad and domestic sales of surplus consumption goods and materials.3 (.ess than 50 million dollars.4 Total wage and salary receipts, as included in "Personal income," is equal to total disbursements less employee contributions to social insur-

ance. Such contributions are not available by industries.5 Include? compensation for injuries, employer contributions to private pension and welfare funds, and other payments.6 Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory

valuation adjustment.7 Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as

well as consumer bad debts and other business transfers.8 Prior to 1952 includes employee contributions only; beginning January 1952, includes also contributions to the old-age and survivors' insurance

program of the self-employed to whom coverage was extended under the Social Security Act Amendments of 1950. Personal contributions arenot included in personal income.

9 Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents, agricultural netinterest, and net dividends paid by agricultural corporations.

NOTB.—Details may not add to totals because of rounding.Source.—Department of Commerce.

MAY 1953 535.


MEMBER BANK EARNINGS, 1952ALL MEMBER BANKS, BY CLASSES


Item

All member banks l

1949 1950 1951 1952

Allnationalmemberbanks

AllState

memberbanks

Central reservecity member banks

New York Chicago

Reservecity

memberbanks

Countrymemberbanks

Year 1952

EarningsInterest and dividends on

securities:U. S. Government. . . .Other

Interest and discount onloans

Other charges on loans...Service charges on depositsOther charges, fees, etc.. .Trust departmentOther current earnings...

ExpensesSalaries—officersSalaries and wages-othersDirectors' fees, etc . . .Interest on time deposits.Interest on borrowed

moneyTaxes other than income.Recurring depreciation. .Other current expenses. .

Net current earnings be-fore income taxes. . .

Recoveries, transfers fromreserves, and profits.

On securities:RecoveriesTransfers from reservesProfits on securities. . .

On loans:« ^ r Recoveries

Transfers from reservesAll other

Losses, charge-offs, andtransfers to reserves.

On securities:Losses and charge-offs.Transfers to reserves. .

On loans:-^—Losses and charge-offs.

Transfers to reserves. .All other

Profits before incometaxes

Taxes on net i n c o m e . . . .FederalState

Net profits

Cash dividends declared.On preferred stock2

On common stock

Memoranda items:Recoveries credited to re-

serves (not included inrecoveries above):

On securitiessap. On loansLosses charged to reserves

(not included in lossesabove):

On securities^ M ^ O n loans

LoansU. S. Government securitiesOther securitiesCash assetsOther assets

Total assets

Time depositsTotal depositsTotal capital accounts

Number of officersNumber of employees

Number of banks

2,985,639

859,218168,502

1,405,63621,434157,95764,497151,384157,012

1,888,915318,189607,92716,064

261,102

3,33696,28543,901542,111

1,096,724

182,476

13,44722,28963,943

18,12524,91839,753

317,875

30,85728,004

19,152191,25448,607

961,325

275,066257,06917,997

686,259

312,6663,488

309,178

2,39917,512

5,14461,857

3,264,686

865,063190,173

1,607,96726,068172,48970,754170,519161,655

2,019,746344,777655,15117,449

271,016

3,895108,85448,016570,588

1,244,941

218,570

12,78936,79982,149

22,54826,96037,327

313,661

32,62350,933

14,269166,27249,565

1,149,850

369,060346,90922,151

780,790

345,5222,835

342,687

3,03617,016

5,80846,329

3,668,715

831,920210,766

1,974,32528,670186,87279,003182,421174,737

2,231,946375,298750,03919,150

305,536

9,077114,95853,067604,822

1,436,769

148,624

13,53110,93651,881

17,57725,62229,076

338,857

72,10328,418

13,555180,03444,747

1,246,536

490,919465,48025,439

755,617

370,5042,587

367,917

2,08525,054

15,91955,581

4,119,649

929,307234,528

2,269,94435,936197,73482,871194,430174,901

2,501,091408,330835,30021,514

364,503

19,825117,65960,064673,896

1,618,558

125,008

9,95419,64629,047

16,96624,73424,660

306,381

83,85127,040

15,652132,89646,942

1,437,185

607,850578,68229,168

829,335

390,4302,310

388,121

4,30828,088

24,64254,938

2,741,239

631,986163,933

1,531,40424,013135,75952,59680,604120,944

1,655,395270,729533,36814,511

259,655

12,71178,42441,998

443,999

1,085,844

81,000

6,88414,84420,162

11,60014,94912,561

202,608

61,08816,738

11,27583,59729,910

964,236

404,011386,89117,120

560,225

258,507397

258,110

2,37421,302

15,29140,765

35,249,00054,063,0007,847,000

30,098,0001,554,000

128,810,000

29,145,000118,264,0008,999,000

39,098,00054,916,0009,398,000

29,854,0001,622,000

134,889,000

29,506,000123,559,0009,455,000

47,016,00050,075,00010,583,00033,727,0001,811,000

143,212,000

30,074,000130,760,0009,947,000

51,169,00051,811,00011,557,00035,564,0001,977,000

152,079,000

32,120,000138,398,00010,480,000

47,454250,367

48,967263,643

50,553282,266

52,652300,868

36,663196,517

6,892 6,873 6,840 6,798 4,909

1,378,410

297,32170,595

738,54011,92361,97530,275113,82653,957

845,696137,601301,9327,003

104,848

7,11439,23518,066

229,897

532,714

44,008

3,0704,8028,885

5,3669,78512,099

103,773

22,76310,302

4,37649,30017,032

472,949

203,839191,79112,048

269,110

131,9231,913

130,011

1,9346,786

9,35114,173

()

815,989

104,351

1,889

691,334

133,81342,915

369,7128,10918,22812,26966,62639,663

370,52851,615161,1991,671

17,878

5,20312,9904,099

115,872

320,807

31,224

7965,2796,372

3,4299,4565,893

38,814

10,5211,943

15422,2203,976

313,216

138,606125,90212,704

174,611

94,71962

94,657

1,7576,935

2,1107,841

11,369,000 27,886,000 22,157,0007,662,000 2528,000

2,085,00025,753,000 72,458,000

3,58447,489

22

169,241

48,90711,776

81,5491,3531,9461,05015,8296,832

93,31012,98731,142

23614,260

1,8733,616

70828,488

75,931

13,604

2,3523,1773,749

1,5751,5721,179

15,285

8972,583

3528,6142,839

74,250

28,98928,989

45,260

18,14968

18,081

2,044

2,7651,786

445,000 20749,000557,000027,00048,000

1,156,000,151,000 53525,000

90610,051

13

1,593,955

343,74787,124

897,68117,78776,38630,98972,94767,294

974,246132,799345,0073,733

159,520

9,76349,13621,057253,231

619,709

40,668

3,0508,79011,550

3,5275,8227,929

123,753

32,38718,032

1,49853,85817,979

536,623

241,186231,5899,597

295,437

155,773431

155,342

2,2799,942

16,71823,324

,200,00019,314,000 214,158,00013,911,000

797,000

29,603,000 7,826,000 58,380,000 56,270,000

12,813,000,518,000 51

3,631,000

319

1,665,119

402,84192,713

921,0028,687

101,17438,56439,02861,112

1,063,007210,929297,95215,874172,845

2,98551,91734,199276,305

602,112

39,512

3,7562,4017,377

8,4367,8839,660

128,528

40,0454,483

13,64748,20522,149

513,096

199,069192,2026,867

314,027

121,7901,749

120,041

2729,167

3,05021,987

17,154,000,862,000

4,684,00011,964,000

605,000

16,066,000,976,000

3,866,000

33,943122,873

6,444

See footnotes on pp. 537-539.



MEMBER BANK EARNINGS, 1952—ContinuedALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS


Item


securities:U. S. GovernmentOther

Interest and discount onloans

Other charges on loans. . . .Service charges on deposits.Other charges, fees, etc.. . .Trust departmentOther current earnings. . . .

ExpensesSalaries—officersSalaries and wages—othersDirectors' fees, etcInterest on time deposits. .Interest on borrowed

moneyTaxes other than income. .Recurring depreciation. . . .Other current expenses....

Net current earnings be-fore income taxes

Recoveries, transfers fromreserves, and profits. .

On securities:RecoveriesTransfers from reserves. .Profits on securit ies. . . .

On loans:RecoveriesTransfers from reserves.

All other

Losses, charge-offs, andtransfers to reserves. .

On securities:Losses and charge-offs. .Transfers to reserves. . .

On loans:Losses and charge-offs. .Transfers to reserves....

All other

Profits before income taxes

Taxes on net incomeFederalState

Net profits

Cash dividends declared . .On preferred stock2

On common stock

Memoranda items:Recoveries credited to re-

serves (not included inrecoveries above):

On securitiesOn loans

Losses charged to reserves(not included in lossesabove):


LoansU. S. Government securities.Other securitiesCash assetsOther assets

Total assets



Number of banks


Boston

212,343

46,4479,726

111,606862

11,6414,661

16,33411,065

134 40122^88144,832

1,43314,998

4596,4443,842

39,513

77,942

8,570

9771,5411,315

1,2601,7371,739

19,730

3,6391,113

4239,5844,972

66,781

29,31325,4643,849

37,468

21,31716

21,302

9823

3733,985

2,502,0002,531,000

526 0001,564,000

125,000

7,249,000

1,322,0006 539 000

596,000

2 90817,795

322

NewYork

1,024,124

209,73463,123

553,89010,55740,62218,49975,88551,813

599,72186^905

232,1314,450

60,015

6,07422,36311,143

176,640

424,402

46,773

1,2816,9749,852

5,22315,6207,824

74,259

16,8535,088

1,65243,198

7,468

396,916

168,481153,73214,749

228,435

118,1731,643

116,531

1,9749,312

4,66912,167

15,088,00011,944,0003,169,0009,638,000

681,000

40,519,000

5,870,00035,763,0003,233,000

8,43274,770

720

Phila-delphia

228,622

52,43017,550

121,038915

8,2042,756

17,4588,271

138,68323,18045,222

2,53319,316

8006,4603,912

37,261

89,939

4,852

513884

1,419

751159

1,126

22,309

6,451838

3679,9104,743

72,482

27,66727,667

44,814

25,24074

25,166

37698

1,0381,826

2,596,0002,748,000

802,0001,694,000

99,000

7,941,000

2,001,0007,143,000

711,000

3,41417,412

621

Cleve-land

329,875

84,79822,789

172,2221,971

12,7315,115

15,75314,495

197,66130,02061,415

1,92830,607

1,25217,4545,444

49,541

132,214

6,707

749265

2,044

9291,2741,446

23,771

5,6375,927

7908,8022,616

115,150

44,50444,504

70,647

28,5765

28,571

1471,248

8,8692,962

3,945,0004,743,0001,022,0002,652,000

139,000

12,501,000

3,404,00011,428,000

923,000

4,03422,463

673

Rich-mond

189,468

46,9958,432

104,036898

10,2815,4897,2806,056

112,50221,44235,225

1,46214,955

9835,3353,536

29,563

76,966

3,372

196377673

522358

1,246

10,492

3,919305

4882,9962,783

69,845

30,89030,507

383

38,956

16,25123

16,228

4668

2001,787

2,125,0002,601,000

421,0001,723,000

87,000

6,957,000

1,440,0006,384,000

463,000

3,14514,475

477

Atlanta

200,604

47,31711,750

106,2911,162

12,1137,3265,1049,541

124,4572L89338,629

1,15513,136

5937,3364,123

37,592

76,147

3,782

182600

1,308

541293858

13,033

4,48284

1,0804,7992,587

66,896

28,71428,182

532

38,182

13,9562

13,954

3783

42,089

2,074,0002,630,000

537,0001,894,000

95,000

7,230,000

1,198,0006,709,000

435,000

2,97615,699

360

Chicago

578,744

173,47334,219

286,5865,151

26,1489,674

23,44220,052

359,28357,211

114,8772,775

61,743

3,42416,3007,288

95,664

219,461

21,882

3,0633,4676,863

2,3792,4403,670

45,740

14,0995,006

1,34218,6666,62 7

195,603

77,53177,469

62

118,072

43,668237

43,432

184,404

4,2925,749

6,634,0009,778,0001,833,0005,490,000

189,000

23,925,000

6,237,00022,231,000

1,381,000

6,81341,937

1,008

St. Louis

153,440

35,4768,930

89,580774

5,5493,9574,2514,922

90,09918,22427,146

1,2169,840

9194,6322,265

25,859

63,341

3,720

241402

1,014

449403

1,211

13,596

4,6761,713

1,1343,2682,807

53,464

22,71022,162

548

30,754

12,97843

12,935

23966

1,4072,063

1,952,0001,972,000

393,0001,449,000

52,000

5,818,000

1,023,0005,358,000

376,000

2,82011,547

493

Minne-apolis

115,461

26,5425,719

63,336827

7,0265,0532,7714,189

72 15115^20821,146

67710,958

2992,4381,789

19,636

43,310

2,348

232349286

894143444

7,424

3,234375

1,2241,644

947

38,234

15,82314,390

1,433

22,411

9,09826

9,072

5696

171,395

1,260,0001,461,000

297,000941,000

36,000

3,996,000

953,0003,707,000

242,000

2,3868,595

476

KansasCity

189,947

45,6409,771

107,026896

10,8083,3973,8518,560

110,87324,70031,871

1,31811,232

1,6694,1403,189

32,752

79,074

4,581

819448

1,054

1,214366681

13,528

3,721864

2,4994,0342,410

70,127

30,36429,211

1,154

39,763

13,8411

13,841

481,108

4273,534

2,144,0002,562,000

526,0002,033,000

62,000

7,327,000

830,0006,770,000

441,000

3,89913,136

753

Dallas

219,811

42,3839,415

136,0641,8589,2644,8013,630

12,397

130,64628^01137,195

1,3348,031

47412,1744,210

39,218

89,165

5,955

332254850

1,889385

2,245

20,881

4,747704

3,7847,6134,034

74,238

33,18033,135

46

41,058

20,00618

19,988

2741,838

405,611

2,684,0002,355,000

407,0002,453,000

123,000

8,021,000

751,0007,445,000

506,000

4,12114,882

634

SanFrancisco

677,211

118,07233,104

418,26910,06443,34712,14318,67223,540

430,61458,656

145,6111,232

109,672

2,87912,5829,323

90,659

246,598

12,467

1,3694,0852,370

9161,5582,170

41,617

12,3915,025

87118,3834,948

217,448

98,67292,259

6,412

118,776

67,326223

67,103

1,7665,543

3,30711,771

8,164,0006,486,0001,623,0004,033,000

290,000

20,595,000

7,092,00018,920,0001,172,000

7,70448,157

261

1 Includes figures for all banks that were members of the Federal Reserve System at the end of the year (including those becoming members duringthe year whose returns may cover operations for only part of the year); and in addition includes appropriate adjustments for member banks in operationduring part of the year but not at the end of the year. Data may not add to totals because of rounding.

includes interest on capital notes and debentures.3 Not available on the 13-month basis used for all member banks. See note on pp. 538-539.For other footnotes see pp. 538-539.

MAY 1953 537


MEMBER BANK EARNINGS, 1952—Continued

RESERVE CITY MEMBER BANKS,* BY FEDERAL RESERVE DISTRICTS


Item


Boston

Earnings I 73,801Interest and dividends on

securities:U. S. Government 14,606Other 3,040

Interest and discount on loans. 38,341Other charges on loans 423Service charges on deposits. . . 2,170Other charges, fees, etc 2,531Trust department 7,999Other current earnings 4,693

Expenses 42,220Salaries—officers 7,038Salaries and wages—others. . . 16,164Directors' fees, etc 153Interest on time deposits 1,633Interest on borrowed money.. 219Taxes other than income 2,021Recurring depreciation 1,062Other current expenses 13,929

Net current earnings beforeincome taxes ; 31,582

Recoveries, transfers from |reserves, and profits j 4,804On securities: j

Recoveries \ 815Transfers from reserves. . . .! 861Profits on securities ! 685

On loans:Recoveries 739Transfers from reserves. . . . i 1,125

All other 580

Losses, charge-offs, andtransfers to reserves 8,494

On securities:Losses and charge-offs 516Transfers to reserves 820

On loans:Losses and charge-offs 34Transfers to reserves 5,939

All other 1,184

Profits before income taxes. 27,892

Taxes on net income | 13,120Federal 10,988State I 2,132

Net profits

Cash dividends declaredOn preferred stock 2

On common stockMemoranda items:

Recoveries credited to re-serves (not included inrecoveries above):


Losses charged to reserves(not included in lossesabove):


LoansU. S. Government securities. . . .Other securitiesCash assetsOther assets

Total assets



Number of banks

14,772

9,659

' 9,659

130

1,957

1,024,000809,000152,000624,000

64,000

2,673,000

186,0002,360,000

243,000

6865,985

NewYork

41,681

7,5842,513

23,795465

2,771738

1,1102,705

29,7903,541

10,28?177

5,660127940580

8,483

11,891

3,620

8711,144

861,283

238

6,523

2001,538

124,318

456

8,988

3,4733,117

356

5,515

3,540147

3,393

23309

1,011371

536,000417,000112,000326,000

20,000

1,412,000

332,0001,297,000

95,000

3663,737

Phila-delphia

88,859

15,2606,783

47,925469

2,391829

11,6883,513

52,7697,755

22,381325

1,925523

2,338786

16,736

36,090

2,021

98863781

85

194

10,695

1,936681

125,5282,538

27,416

11,4961 1,496

15,920

11,702

11,702

36342

899913

1,170,000824,000296,000815,000

42,000

3,146,000

238,0002,823,000

264,000

6787,611

Cleve-land

186,440

46,14813,70495,350

1,4835,6922,649

12,9368,477

108,65013,35738,911

37314,027

1,1109,8822,737

28,251

77,790

3,899

40823

1,285

396987800

15,092

1,9805,468

2925,9141,438

66,597

26,87726,877

39,720

17,680

17,680

140705

8,6811,822

2,452,0002,660,000

567,0001,693,000

93,000

7,464,000

1,610,0006,786,000

550,000

1,16013,059

25

Rich-mond

79,266

20,8503,444

39,443424

4,4212,9624,8662,857

46,1258,0?4

17,150373

3,555650

2,4981,106

12,768

33,142

1,664

31377420

194209434

4,775

1,514185

311,5821,463

30,031

14,05013,860

190

15,981

7,418

7,418

4169

200673

937,0001,193,000

171,000833,000

43,000

3,176,000

461,0002,914,000

195,000

8106,68:

31

Atlanta

84,497

19,7665,015

44,636857

3,7053,2272,9304,361

52,5537,475

17,292276

5,156494

3,8391,399

16,622

31,944

2,052

35514890

222128263

5,040

1,62325

72,473

912

28,956

12,88512,722

164

16,071

6,283

6,283

833

979,0001,103,000

206,000894,000

45,000

3,227,000

454,0002,988,000

181,000

7966,698

21

Chicago

172,594

58,1429,383

80,9942,39c;

10,7373,4403,25?4,251

114,05313,80842,493

50719,1161,0245,5092,302

29,296

58,541

4,103

78116

2,080

228211

1,389

13,355

5,7691,875

674,4311,213

49,288

20,51720,503

14

28,771

10,99570

10,925

1,413

1,2241,935

1,857,0003,360,000

553,0001,780,000

64,000

7,614,000

2,180,0007,158,000

361,000

1,30815,216

74

St. Louis

75,195

15,0394,276

45,735451

1,8451,8703,5752,406

42,2586,648

14,969217

3,565794

2,036759

13,270

32,937

2,294

87298764

89133924

8,277

3.0961,518

3361,4441,883

26,954

13,58213,151

431

13,372

7,289

7,289

603

1,266942

1,140,000851,000166,000806,000

27,000

2,991,000

351,0002,730,000

191,000

6866,099

20

Minne-apolis

38,067

7,3082,019

22,105303

1,487939

2,2731,632

23,3723,4559,443

792,466

239480436

6,775

14,695

1,034

120250106

3697

182

1,841

1,02035

251394141

13,887

5,8345,165

669

8,053

3,41521

3,394

160

381

510,000418,000111,000406,000

13,000

1,457,000

173,0001,339,000

89,000

333,355

KansasCity

96,532

24,9435,393

52,173435

3,8461,1323,1615,451

55,7548,343

18,375308

5,6151,4982,0791,616

17,920

40,779

2,498

337423899

249266323

6,654

1,922725

3102,704

993

36,622

17,52816,886

642

19,094

6,73!

' 6,732

48358

4101,876

1,221,0001,419,000

295,0001,202,000

44,000

4,180,000

427,0003,843,000

236,000

9457,237

50

Dallas

99,917

18,7153,127

61,6861,3991,8842,0642,9498,093

57,5128,933

17,053216

4,517320

7,0431,603

17,825

42,405

2,059

164120464

337

974

8,392

2,737465

393,3461,805

36,072

18,19718,197

17,875

11,395

Yl',395

267685

1,73

1,474,0001,021,000

133,0001,188,000

80,000

3,897,000

408,0003,586,000

255,000

8086,504

30

SanFrancisco

557,107

95,38928,425

345,4998,683

35,4378,608

16,20918,856

349,19144,423

120,492728

92,2852,766

10,4706,671

71,357

207,916

10,622

8784,0742,033

5351,4741,629

34,617

10,0744,698

10615,7853,954

183,921

83,62778,6284,999

100,294

59,666193

59,473

1,7574,847

3,0239,885

6,901,0005,240,0001,397,0003,345,000

261,000

17,143,000

5,994,00015,693,000

971,000

5,63938,272

27

* Not including central reserve city banks.NOTE.—The figures of assets, deposits, and capital accounts are averages of the amounts reported for the call dates at the beginning, middle, and

end of each year, plus the last-Wednesday-of-the-month figures for the 10 intervening months. The number of officers, employees, and banks are as ofthe end of the year. Cash assets are comprised of cash, balances with other banks (including reserves balances), aiii casli (continued on following page)

For other footnotes see pp. 537-539.



MEMBER BANK EARNINGS, 1952—ContinuedCOUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS


Item


securities:U. S. GovernmentOther

Interest and discount on loansOther charges on loans.Service charges on deposits. . . ,Other charges, fees, etcTrust departmentOther current earnings

ExpensesSalaries—officersSalaries and wages—othersDirectors' fees, etcInterest on time depositsInterest on borrowed money. . .Taxes other than incomeRecurring depreciationOther current expenses

Net current earnings beforeincome taxes

Recoveries, transfers from re-serves, and profits

On securities:RecoveriesTransfers from reservesProfits on securities

On loans:RecoveriesTransfer? from reserves

All other

Losses, char&e-offs, and trans-fers to reserves

On securities:Losses and charge-offsTransfers to reserves

On loans:Losses and charge-offsTransfers to reserves

All other

Profits before income taxes. . .


Net profits

Cash dividends declared.On preferred stock -On common stock


Boston

Memoranda i tems :Recoveries credited to reserves

("not included in recoveriesabove):


Losses charged to reserves (notincluded in losses above):



Total assets


Number of officers. . . .Number of employees.

Number of banks

138,541

31,8416,686

73,266440

9,4712,1308,3356,372

92,18115,84328,668

1,28013,365

2404,4222,780

25,584

46,360

3,766

162680631

522612

1,159

11,236

3,123293

3893,6453,787

38,890

16,19314,476

1,717

22,696

11,65816

11,643

9693

3732,028

2,22211,810

312

NewYork

291,109

68,33817,695

160,3831,983

19,6235,4928,1499,445

199,40431,74960,650

2,60236,477

7458,4336,463

52,285

91,705

11,929

485824

2,337

1,7094,8811,694

28,922

6,1321,607

1,48516,6613,037

74,712

26,40324,714

1,689

48,310

19,9141,434

18,480

1952,068

1,5483,956

1,136,000 3,453,0004.179,000 8

353,000

4,48223,544

687

Phila-delphia

139,763

37,17010,76773,113

4465,8131,9275,7704,758

85,91415,42522,841

2,20817,391

2764,1223,126

20,525

53,849

2,831

41621

638

666159932

11,614

4,515157

3554,3822,205

45,065

16,17216,172

28,894

13,53974

13,464

355

138913

1,478,000 3,182,000 1,427,000 1,494,0001,723,000 3,641,000 1,924,000 2,083,000

374,000 899,000 507,000 455,000940,000 1,649,000 880,000 959,000

61,000 132,000 58,000 46,000

4,576,000 9,504,000 4,794,000 5,037,000 3

1,763,000,320,000447,000

2,7369,801

610

Cleve-land

143,435

38,6519,085

76,872488

7,0392,4662,8176,018

89,01116,66322,503

1,55516,579

1427,5722,707

21,289

54,424

2,808

341242758

533287646

8,679

3,657459

2,8881,178

48,553

17,62617,626

30,927

10,8975

10,891

7544

1891,140

Rich-mond

110,202

26,1454,987

64,593475

5,8602,5272,4153,200

66,37813,41918,0751,089

11,399333

2,8382,430

16,795

43,824

1,708

166

" "253

328149811

5,718

2,405121

4571,4141,321

39,814

16,84016,647

193

22,974

8,83323

8,810

1,794,000642,000373,000

713,000 4,320,000 4,642,000 3,470,000680,000

2,8749,404

648

1,113

1,187,0001,408,000

250,000891,00044,000

2,3357,793

Atlanta

116,107

27,5516,735

61,655305

8,4084,1002,1745,180

71,90414,41821,337

8787,980

993,4972,724

20,970

44,203

1,730

14686

418

320164595

7,993

2,86059

1,0732,3261,676

37,941

15,82915,460

369

22,112

7,6732

7,671

3559

11,256

Chicago

49,000

3,721,000254,000

2,1809,001

339

236,909

66,42513,059

124,0441,403

13,4655,1834,3618,969

151,91930,416,41,242

2,03228,368

5287,1754,278

37,880

84,990

4,176

632174

1,035

576656

1,102

17,101

7,433549

9235,6212,575

72,065

28,02427,977

47

44,041

14,52499

14,426

18948

3032,027

1,095,000 2,332,0001,527,000 3,669,000

332,0001,000,000

723,0001,684,000

78,000

1,781,000 4,003,000 8,485,000 2,827,000 2

979,000 744,000 2,901,000,470,000269,000

7,921,000495,000

4,59916,670

St. Louis

78,245

20,4374,655

43,845324

3,7042,087677

2,517

47,84211,57612,176

9996,275125

2,5961,506

12,588

30,404

1,426

154104250

360270288

5,319

1,580195

7971,823924

26,510

9,1289,011117

17,382

5,68943

5,646

22364

1411,121

812,0001,121,000227,000642,00025,000

672,000,628,000185,000

2,1345,448

473

Minne-apolis

77,395

19,2343,699

41,231524

5,5394,114497

2,557

48,77911,75311,703

5988,492

601,9581,353

12,861

28,616

1,314

11299180

525136262

5,582

2,214340

9731,250805

24,347

9,9909,226764

14,358

5,6835

5,678

2536

171,014

750,0001,043,000 1186,000536,00023,000

2,628,000 2,368,000

,539,000

780,000,368,000153,000

2,0495,240

467

KansasCity

93,415

20,6984,378

54,853461

6,9622,265690

3,108

55,11916,35713,4961,0105,617172

2,0611,57314,833

38,296

2,083

48225155

96499

358

6,874

1,799139

2,1891,3301,418

33,505

12,83612,324

512

20,669

7,1101

7,109

751

161,659

,144,000 1232,000831,00017,000

3,147,000 4

403,000927,000205,000

2,9545,899

703

Dallas

119,894

23,6686,28874,378

4597,3802,737681

4,305

73,13419,07820,1421,1173,514154

5,1302,607

21,392

46,760

SanFrancisco

120,105

22,6844,67972,7701,3817,9103,5352.46S4,684

81,42314,23325,119

50417,387

1132,1122,65119,303

38,682

3,896i 1,846

168134386

1,552385|

1.27OJ

49111

337

38184541

12,490 i 7,001

2,010|239

3,744!4,2672,229

38,167

14,98414,938

46

23,183

8,61118

8,593

1,154

403,874

924,000 1,209,0001,334,000274,000

1,264,00043,000

,125,000

343,000,859,000251,000

2,927,000 3,859,000 3,227,000

3,3138,378

604

2,317327

7642,598994

33,527

15,04513,6311,414

18,482

7,66030

7,630

9696

2841,886

1,263,0001,246,000226,000688,00029,000

3,452,000

1,098,000227,000201,000

2,0659,885

234

NOTF.—-(cont.)—items in process of collection. Total capital accounts are comprised of the aggregate book value of capital stock, capital notes anddebentures, surplus, undivided profits, reserves for contingencies, and other capital reserves.

- For other footnotes see pp. 537-538.

MAY 1953 539


MEMBER BANK EARNINGS BY SIZE OF BANK, 1952ALL MEMBER BANKS


Item Total1

Size group—total deposits (in thousands of dollars)

1,000 andunder

1,000-2,000

2,000-5,000

5,000-10,000

10,000-25,000

25,000-50,000

50,000-100,000

Over100,000

EarningsInterest and dividends on se-

curities:U. S. GovernmentOther

Interest and discount on loans.Other charges on loansService charges on deposits. . . .Other charges, fees, etcTrust departmentOther current earnings

ExpensesSalaries—officersSalaries and wages—others. . . .Directors' fees, etcInterest on time depositsInterest on borrowed money.. .Taxes other than incomeRecurring depreciationOther current expenses




On loans:RecoveriesTransfers from reserves

All other

Losses, charge-offs, and trans-fers to reserves



All other



Net profits


On common stock

Memoranda items:Recoveries credited to reserves

(not included in recoveriesabove):





Total assets



Number of banks

4,107,397

927,150234,121

2,265,63335,848197,04282,658190,336174,611

2,492,201406,577832,55921,409

363,63719,821

117,35659,898670,945

1,615,196

124,346

9,85919,54729,000

16,91724,71624,306

305,374

83,35427,040

15,515132,63246,833

1,434,168

606,363577,28629,077

827,805

389,6302,246

387,384

4,29828,067

24,64254,847

55,023,83952,739,86611,749,20139,243,2982,022,755

160,778,959

33,477,771147,497,69310,743,835

52,511300,332

10,105

2,027426

6,56232514330

1213

6,5582,5328701888386

312184

1,628

3,547

326

20

23

247828

677

701

4966943

3,197

81878334

2,379

8413

838

19

51

55,799

12,9782,480

34,155132

2,9901,828

361,200

35,06111,9835,7431,0375,377

601,6931,0318,136

20,738

1,205

78691

77148211

3,298

41881

1,484801514

18,646

4,9864,746241

13,659

4,5938

4,585

3212

4570

239,245

58,54313,133

140,322777

13,7886,389671

5,622

150,51441,12731,0624,08326,227

1847,2974,927

35,608

88,731

4,444

279179530

1,940392

1,124

15,439

3,859291

3,9164,4472,927

77,735

23,51022,639

871

54,226

18,51389

18,424

101,198

722,954

283,641

69,68017,534159,0571,59318,3617, 1*782,4257,812

180,16639,90944,6183,63532,011

2408,8635,977

44,915

103,474

5,878

1,170344

1,014

1,564421

1,365

21,270

6,963568

2,9347,0133,791

88,082

31,56630,5131,053

56,517

20,078105

19,974

631,790

1384,316

415,009

101,72024,430

224,7642,669

29,0348,9598,64914,784

269,48249,58577,1483,672

46,266560

12,8279,05770,367

145,527

8,226

950441

1 ,681

1,821881

2,453

30,145

10,1921,150

2,51511,0095,279

123,608

49,45447,8441,610

74,154

28,454238

28,216

482,367

5446,027

314,314

75,44818,847

166,6552,119

20,6546,53710,09313,961

203,69034,70564,3301,873

29,930817

9,8056,073

56,158

110,624

6,578

364631

1,450

9631,2511,919

23,618

9,033691

1,0098,6294,257

93,583

39,04738,106

941

54,536

21,99665

21,932

731,560

5233,591

322,113

75,79515,550175,7442,44917,9156,34013,26015,059

207,02032,99968,1501,552

28,2451,0539,6656,04759,310

115,093

9,252

1,0971,1801,867

8982,3161,894

26,618

8,1282,080

90611,2034,301

97,727

43,51342,0191,494

54,214

22,048508

21,540

181,569

1,7815,289

2,467,173

530,958141,721

1,358,37326,07893,78745,098155,200115,958

1,439,710193,739540,6405,368

194,74416,90266,89426,602

394,822

1,027,463

88,436

5,90116,76622,344

8,71419,39915,313

184,310

44,69122,180

2,25589,46125,723

931,590

413,470390,63622,834

518,120

273,1081,232

271,876

4,08319,352

21,58032,049

104,679106,65117,87684,8602,217

316.283

71,444282,43933,199

589,472688,318107,322457,53112,245

1,854,888

483,0701,684,514164,630

2,560,6163,183,256637,592

1,974,05567,188

8,422,707

2,394,6827,750,628648,337

2,976,3183,858,162914,475

2,269,53291,427

10,109,914

3,076,8529,360,742

705,397

4,407,2065,713,4001,296,3503,355,735

168,345

14,941,036

4,540,48713,872,459

970,450

3,537,9474,291,4721,003,5332,757,369

137,895

11,728,216

3,018,13710,917,469

718,452

3,843,9174,458,772846,325

3,042,156,607

37,003,68430,439,8356,925,728

709 25,301,5071,386,831

12,348,330

2,647,26011,529,146

706,010

101,057,585

17,245,83992,100,2966,797,360

860656

3,1023,238

8,54114,788

6,75719,018

6,94831,622

4,18625,679

3,81126,563

18,306178,768

6,777 370 1,111 2,359 1,337 913 319 165 203

t o t a l s are for all banks that submitted reports covering the entire year, except three trust companies having no deposits.2Includes interest on capital notes and debentures.NOTE.—The figures for assets, deposits, capital accounts, number of officers and employees, and number of banks are as of the end of the year.

See note on preceding page regarding the composition of cash assets and totad capital accounts.



MEMBER BANK EARNINGS BY SIZE OF BANK, 1952—ContinuedNATIONAL BANKS


Item Total1


1,000 andunder

1,000-2,000

2,000-5,000

5,000-10,000

10,000-25,000

25,000-50,000

50,000-100,000

Over100,000



Interest and discount on loans. .Other charges on loansService charges on depositsOther charges, fees, etcTrust departmentOther current earnings

ExpensesSalaries—officersSalaries and wages—othersDirectors' fees, etcInterest on time depositsInterest on borrowed money.. . .Taxes other than incomeRecurring depreciationOther current expenses





All other

Losses, charge-offs, and trans-fers to reserves



All other

Profits before I n c o m e t a x e s . . . .

T a x e s o n n e t i n c o m eFederalState

Net profits

Cash dividends declaredOn preferred stockOn common stock







Total assets


Number of officersNumber of employeesNumber of banks

2,735,758

630,863163,657

1,528,18423,935135,29052,42480,584120,821

1,651,704270,050532,28414,441

259,14412,70778,29541,889442,894

1,084,054

80,547

6,88014,74520,131

11,56014,93112,300

201,776

60,67216,738

11,21383,33529,818

962,825

403,192386,09717,095

559,633

258,238397

257,841

2,36421,281

15,29140,674

35,996,19835,825,2198,340,509

26,323,1731,316,057

107,801,156

22,994,67298,948,2807,038,275

36,629196,419

7,390

1,524328

4,75322

383217

163

4,7571,8376441436004

214128

1,187

2,633

234

16

16

177520

428

59

3033630

2,439

61458628

1,825

6441

643

16

38,041

8,9641,740

23,06695

2,0291,280

18849

23,9298,0533,990

7263,669

471,077718

5,649

14,112

886

481

74

57440149

2,318

30960

1,080478391

12,680

3,3903,208

182

9,290

3,3204

3,316

146

38 401

176,863

44,37310,310102,099

57710,1174,601480

4,306

111,23830,19123,0263,08619,393

1305,3533,744

26,315

65,625

3,425

230125456

1,549199866

11,490

3,049198

2,8693,1702,204

57,560

17,27516,574

701

40,285

14,36266

14,296

2916

202,246

209,193

52,76313,191115,7441,156

13,5755,3901,4515,923

131,95029,14232,8712,712

22,916194

6,4994,42833,188

77,243

4,553

1,085303834

1,173187971

15,689

5,609406

2,3114,6092,754

66,107

23,24022,446

794

42,867

15,27670

15,206

531,465

743,192

302,655

77,11618,218162,5781,376

20,9426,1655,72510,535

194,91236,21355,4382,671

32,929385

9,3746,68051,222

107,743

5,867

720388

1,088

1,303586

1,782

8,005745

2,0767,0133,791

91,980

36,66235,4221,240

55,318

21,03190

20,941

391,779

2664,342

74,68979,39613,69961,2421,607

230,633

50,603204,95525,316

395,720469,97772,337

309,7008,626

1,256,360

319,0671,135,382116,759

1,852,7802,386,826491,320

1,461,88950,848

6,243,663

1,750,3835,731,546495,482

2,159,6682,910,365674,946

1,700,76966,814

7,512,562

2,209,4666,951,014531,342

3,163,7324,318,263979,259

2,524,506121,074

11,106,834

3,246,19310,325,769

713,103

628498

2,0962,239

6,31810,994

4,97914,017

5,14922,818

4,894 268 745 1,733 999 682

209,577

54,07312,746107,5921,22413,9434,2245,51310,262

134,90623,06642,1921,22019,718

5506,4994,08237,579

74,671

4,328

304189

1,054

722724

1,335

21,630 15,959

6,548298

8615,2413,011

63,040

25,71325,153

560

37,327

14,78911

14,778

451,152

2262,300

200,551

50,12510,131

107,3451,40911,4003,9646,4499,728

127,30420,78741,333

95816,306

7066,1753,74937,290

73,247

4,594

564683

1,322

643341

1,041

14,425

5,277650

7275,2422,529

63,416

28,39227,631

761

35,024

14,15057

14,093

1,078

5473,131

1,591,488

341,92596,993

905,00718,07662,90126,58360,94879,055

922,708120,761332,7902,925

143,61310,69143,10418,360

250,464

668,780

56,660

3,91313,05615,287

5,41912,8496,136

119,837

31,81614,381

98657,54615,108

605,603

267,906255,07712,829

337,697

174,66698

174,568

2,22514,729

14,15825,024

2,295,9303,079,412691,953

1,964,96593,773

8,126,033

1,995,1737,585,749483,951

2,379,5822,952,659556,717

2,120,73795,631

23,674,09719,628,3214,860,27816,179,365

877,684

8,105,326 65,219,745

1,591,6537,575,431460,083

11,832,13459,438,4344,212,239

2,79216,969

2,39916,127

12,268112,757

221 109 137

See footnotes on preceding page.

MAY 1953 541


MEMBER BANK EARNINGS BY SIZE OF BANK, 1952—ContinuedSTATE MEMBER BANKS


Item Total i


1,000 andunder

1,000-2,000

2,000-5,000

5,000-10,000

10,000-25,000

25,000-50,000

50,000-100,000

Over100,000



Interest and discount on loans.Other charges on loansService charges on depositsOther charges, fees, etcTrust departmentOther current earnings

ExpensesSalaries—officersSalaries and wages—others... .Directors' fees, etcInterest on time depositsInterest on borrowed money.. .Taxes other than incomeRecurring depreciationOther current expenses





Ml other

>sses, charge-offs, and trans-fers to reserves


On loans:Losses and charge-offsTransfer to reserves

All other


Taxes on net income.FederalState

Net profits

Cash dividends declaredOn preferred stock2

On common stock






LoansU. S. Government securities.Other securitiesCash assetsOther assets

Total assets.


Number of officersNumber of employees...Number of banks

1,371,639

296,28770,464

737,44911,91361,75230,234109,75253,790

840,497136,527300,2756,968

104,4937,114

39,06118,009

228,051

531,142

43,799

2,9794,8028,869

5,3579,78512,006

103,598

22,68210,302

4,30249,29717,015

471,343

203,171191,18911,982

268,172

131,3921,849

129,543

1,9346,786

9,35114,173

19,027,64116,914,6473,408,69212,920,125

706,698

52,977,803

10,483,09948,549,4133,705,560

15,882103,913

2,715

50398

1,80910

131113

50

1,80169522645

2382

9856

441

914

92

4

7

249

11

1933313

758

2041976

554

1972

195

13

17,758

4,014740

11,08937

96154818

351

11,1323,9301,753311

1,70813

616313

2,487

6,626

319

30517

1978

62

980

10921

404323123

5,966

1,5961,538

59

4,369

1,2734

1,269

4169

62,382

14,1702,823

38,223200

3,6711,788

1911,316

39,27610,9368,036

9976,834

541 ,9441,1839,293

23,106

1,019

495474

391193258

3,949

81093

1,0471,277

723

20,175

6,2356,065

170

13,941

4,15123

4,128

282

52708

74,448

16,9174,343

43,313437

4,7861,788974

1,889

48,21610,76711,747

9239,095

462,3641 ,549

11,727

26,231

1,325

8541180

391234394

5,581

1,354162

6232,4041,037

21,975

8,3268,067259

13,650

4,80235

4,768

10325

641,124

112,354

24,6046,21262,1861,2938,0922,7942,9244,249

74,57013,37221,7101,001

13,337175

3,4532,37719,145

37,784

2,359

23053

593

518295671

8,515

2,187405

4393,9961,488

31,628

12,79212,422

370

18,836

7,423148

7,275

9588

2781,685

104,737

21,3756,10159,063

8956,7112,3134,5803,699

68,78411,63922,138

65310,212

2673,3061,991

18,579

35,953

2,250

60442396

241527584

7,659

2,485393

1483,3881,246

30,543

13,33412,953

381

17,209

7,20754

7,154

28408

2971,291

121,562

25,6705,419

68,3991,0406,5152,3766,8115,331

79,71612,21226,817

59411,939

3473,4902,298

22,020

41,846

4,658

533497545

2551,975853

12,193

2,8511,430

1795,9611,772

34,311

15,12114,388

733

19,190

7,898451

7,447

18491

1,2342,158

29,99027,2554,17723,618

610

85,650

20,84177,4847,883

193,752218,34134,985147,8313,619

598,528

164,003549,13947,871

707,836796,430146,272512,16616,340

2,179,044

644,2992,019,082

152,855

816,650947,797239,529568,76324,613

2,597,352

867,3862,409,728

174,055

1,243,4741,395,137317,091831,22947,271

3,834,202

1,294,2943,546,690

257,347

1,242,0171,212,060311,580792,40444,122

3,602,183

1,022,9643,331,720

234,501

1,464,3351,506,113289,608921,97260,976

4,243,004

1,055,6073,953,715 32

245,927

232158

1,006999

2,2233,794

1,7785,001

1,7998,804

1,3948,710

1,41210,436

1,883 366 338 98 56

875,685

189,03344,728453,3668,002

30,88618,51594,25236,903

517,00272,978

207,8502,443

51,1316,211

23,7908,242

144,358

358,683

31,776

1,9883,71O>7,057

3,2956,550'9,177

64,473

12,8757 ,799-

1,269*31,91510,615

325,987

145,564135,55910,005

180,423

98,4421,134

97,308

1 ,858-4,623

7,422'7,025

13,329,58710,811,5142,065,4509,122,142

509,147

35,837,84O;

5,413,705,661,862

2,585,121

6,03866,011

66

See footnotes on p. 540.



MEMBER BANK EARNINGS, 1952—Continued

RATIOS OF ALL MEMBER BANKS, BY CLASSES

[Computed from aggregate dollar amounts; ratios expressed as percentages]

Item

All member banks

1949 1950 1951 1952

Central reservecity member

banks

NewYork Chicago

Reservecity

memberbanks

Countrymemberbanks

Year 1952

Summary ratios:Percentage of total capital accounts:

Net current earnings before income taxes.Profits before income taxesNet profitsCash dividends declared

Percentage of total assets:Total earningsNet current earnings before income taxes.Net profits

Sources and disposition of earnings:Percentage of total earnings:

Interest and dividends on:U. S. Government securitiesOther securities

Earnings on loansService charges on deposit accounts. .Of her current earnings

3 . 5

.31

.85

.53

2.42.92.57

14.412.57.63.7

2.561.00

.53

15.413.77.93.7

2.711.06

.55

Total earnings

Salaries and wagesInterest on time depositsOther current expenses

Total expenses

Net current earnings before income taxes.

Net losses including transfersTaxes on net incomeNet profits

Rates of return on securities and loans:R'turn on securities:

Interest on U. S. Government securities. .Interest and dividends on other securities.Net losses for recoveries and profits +)1 . .

Return on loans:Earnings on loansNet losses (or recoveries + ) '

Distribution of assets:Percentage of total assets:

IT. S. Government securities..Other securitiesLoansCash assetsOther assets

Other ratios:Total capita] accounts to:

Total assetsTotal assets less Government securities and cash

assetsTotal deposits ,

Time to total depositsInterest on time deposits to time deposits

28.85.6

47.85.3

12.5

100.0

31.08.8

23.5

63.3

36.7

4.59.2

23.0

26.55.8

50.15.3

12.3

100.0

30.68.3

23.0

61.9

38.12.9

11.323.9

22.75 .7

54.65.1

11.9

100.0

30.78.3

21.8

60.8

39.25.2

13.420.6

22.55.7

56.04.8

11.0

100.0

30.28.8

21.7

60.7

39.34.4

14.820.1

1.582.15

+ .07

4.04.12

42.06.1

27.423.3

1.2

1.572.02

+ .09

4.17.05

7.0

20.27.6

24.6.89

40.77.0

29.022.1

1.2

7.0

18.97.7

23.9.91

Number of banks I 6,892 6,873

1.661.99

.03

4.26.06

1.792.03

.10

4.51.05

35.07.4

32.823.6

1.2

6 . 9

16.77.6

23.01.02

34.17.6

33.623.4

1.3

6 . 9

16.27.6

23.21.13

19.46.2

54.72.6

17.1

100.0

30.82.6

20.2

53.6

1.120.025.3

1.701.99

.04

3.32+ .02

6,840 I 6,798

26.67.3

38.425.9

1.8

8 .3

17.59.5

8.1.86

22

14.514.18.63.5

2.16.97.58

28.97.0

49.01.1

14.0

100.0

26.18.4

20.6

55.1

44.91.0

17.226.7

1.782 .11

+ .07

3.39+ .06

35.17.1

31.225.9

.7

6.7

17.27.3

16.21.23

13

17.114.88.14.3

2.731.06

.51

21.65.5

57.44.8

10.7

100.0

30.010.021.1

61.1

38.9

5.215.218.5

.53

.06

33.17.1

34.623.8

1.4

6 .2

14.46.8

23.91.24

319

15.613.38.13.2

2.961.07

.56

24.25.6

55.86.18.3

100.0

,84,98,12

5.42.11

38.98.3

30.521.3

1.0

17.27.4

30.91.08

6,444

!"Net losses" is the excess of (a) actual losses charged against net profits plus losses charged against valuation reserves over (b) actual recov-eries and profits credited to net profits plus recoveries credited to valuation reserves; "net recoveries and profits" is the reverse. Transfers toand from valuation reserves are excluded.

NOTE.—The ratios in this and the following three tables were computed from the dollar aggregates shown in preceding tables. Many ofthese ratios vary substantially from the average of individual bank ratios, which will be published in a subsequent issue, in which each bank'sfigures—regardless of size or amount—are weighted equally and in general have an equally important influence on the result. In the ratios basedon aggregates presented here, the experience of those banks in each group whose figures are largest have a much greater influence than that ofthe many banks with smaller figures. (For example, the 150 largest member banks have total earnings which, combined, are larger than thoseof all the other member banks, numbering about 6,650.) Ratios based on aggregates show combined results for the banking system as a whole,and. broadly speaking, are the more significant for purposes of general analyses of credit and monetary problems, while averages of individualratios are useful primarily to those interested in studying the financial results of operations of individual banks.

MAY 1953 543


MEMBER BANK EARNINGS, 1952—ContinuedRATIOS OF ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS


Item


Boston NewYork

Phila-del-phia

Cleve-land

Rich-mond

At-lanta

Chi-cago

St.Louis

Min-neap-olis

Kan-sas

CityDallas

SanFran-cisco


Net current earnings before incometaxes

Profits before income taxesNet profitsCash dividends declared

Percentage of total assets:Total earningsNet current earnings before income

taxesNet profits



Earnings on loansService charges on deposit accountsOther current earnings

Total earnings


Total expenses

Net current earnings before in-come taxes


Rates of returns on securities andloans:

Return on securities:Interest on U. S. Government

securitiesInterest and dividends on other

securitiesNet losses1

Return on loans:Earnings on loansNet losses12


U. S. Government securitiesOther securitiesLoansCash assetsOther assets

Other ratios:Total capital accounts to:

Total assetsTotal assets less Government securi-

ities and cash assetsTotal deposits

Time to total depositsInterest on time deposits to time

deposits

Number of banks

13.111.26.33.6

2.93

1.08.52

13.112.37.13.7

2.53

1.05.56

12.610.26.33.5

2 .8

1.13.56

14.312.57.73.1

2.64

1.06.57

16.615.18.43.5

2.72

1.11.56

17.515.48.83.2

2.77

1.05.53

15.914.28.53.2

2.42

.92

.49

16.814.28.23.5

2.64

1.09.53

17.915.89.33.8

2.89

1.08.56

17.915.99.03.1

2.59

1.08.54

17.614.78.14.0

2.74

1.11.51

21.018.610.15.7

3.29

1.20.58

21.94.6

53.05.5

15.0

100.0

31.97.1

24.3

63.3

36.7

5.313.817.6

20.56.2

55.14.0

14.2

100.0

31.25.9

21.5

58.6

41.4

2.716.4

22.97.7

53.33.6

12.5

100.0

29.98.5

22.3

60.7

39.3

7.612.119.6

25.76.9

52.83.9

10.7

100.0

27.79.3

22.9

59.9

40.1

5.213.521.4

24.84.5

55.45.49.9

100.0

29.97.9

21.6

59.4

40.6

3.716.320.6

23.65.9

53.66.0

10.9

100.0

30.26.6

25.3

62.1

37.9

4.614.319.0

30.05.9

50.44.59.2

100.0

29.710.721.7

62.1

37.9

4.113.420.4

23.15.8

58.93.68.6

100.0

29.66.4

22.7

58.7

41.3

6.514.820.0

23.04.9

55.66.1

10.4

100.0

31.59.5

21.5

62.5

37.5

4.413.719.4

24.05.2

56.85.78.3

100.0

29.85.9

22.7

58.4

41.6

4.716.020.9

19.34.3

62.74.29.5

100.0

29.73.6

26.1

59.4

40.6

6.815.118.7

17.44.9

63.36.48.0

100.0

30.216.217.2

63.6

36.4

4.314.617.5

1.84

1.85.06

4.50.09

1.76

1.99.06

3.74.0

1.91

2.19.16

4.70.03

1.79

2.23.20

4.42.04

1.81

2.00.11

4.94.05

1.80

2.19.09

5.18.09

1.77

1.87.07

4.40.0

1.80

2.27.20

4.63.09

1.82

1.93.16

5.09.08

1.78

1.86.07

5.03.17

1.80

2.31.12

5.14.21

1.82

2.04.13

5.25.08

34.97.3

34.521.6

1.7

29.57.8

37.223.8

1.7

34.610.132.721.3

1.3

37.98.2

31.621.2

1.1

37.46.1

30.524.8

1.2

36.47.4

28.726.2

1.3

40.97.7

27.722.9

33.96.8

33.624.9

.8

36.67.4

31.523.6

.9

35.07.2

29.327.7

29.35.1

33.530.6

1.5

31.57.9

39.619.61.4

8.2

18.99.1

20.2

1.13

8.0

17.19.0

16.4

1.02

9 . 0

20.310.0

28.0

.97

7.4

18.18.1

29.8

.90

6.7

17.67.3

22.6

1.04

6.0

16.16.5

17.9

1.10

5.8

16.06.2

28.1

.99

6 . 5

15.77.0

19.1

.96

6 . 1

15.26.5

25.7

1.15

6.0

16.16.5

12.3

1.35

6.3

15.76.8

10.1

1.07

5.7

11.66.2

37.5

1.55

322 720 621 673 477 360 1,008 493 476 753 634 261

1"Net losses" is the excess of (a) actual losses charged against net profits plus losses charged against valuation reserves over (b) actual re-coveries and profits credited to net profits plus recoveries credited to valuation reserves. Transfers to and from valuation reserves are excluded.

2Ratios of less than .005 are shown as .0.



MEMBER BANK EARNINGS, 1952—ContinuedRATIOS OF RESERVE CITY MEMBER BANKS,* BY FEDERAL RESERVE DISTRICTS


Item


Boston NewYork

Phila-del-phia

Cleve-land

Rich-mond

At-lanta

Chi-cago

St.Louis

Min-neap-olis

Kan-sas

CityDallas

SaaFran-cisco





taxesNet profits



Earnings on loansService charges on deposit accountsOther current earnings

Total earnings...


Total expenses



Rates of return on securities andloans:



securitiesNet losses (or recoveries and

profits +) i

Return on loans:Earnings on loansNet losses12


U. S. Government securitiesOther securitiesLoansCash assetsOther assets

Other ratios:Total capital account to:


ties and cash assetsTotal deposits


deposits

Number of banks

13.011.56.14.0

2.76

1.18.55

12.59.55.83.7

2.95

.84

.39

13.710.46.04.4

2.82

1.15.51

14.112.17.23.2

2.50

1.04.53

17.015.48.23.8

2.50

1.04.50

17.616.08.93.5

2.62

.99

.50

16.213.78.03.0

2.2

.7

.38

17.214.17.03.8

2.51

1.10.45

16.515.69.03.8

2.61

1.01.55

17.315.58.12.9

2.31

.98

.46

16.614.17.04.5

2.56

1.09.46

19.84.1

52.53.0

20.6

100.0

31.42.2

23.6

57.2

42.8

5.017.820.0

18.26.0

58.26.7

10.9

100.0

33.213.624.7

71.5

28.5

7.08.3

13.2

17.27.6

54.52.7

18.0

100.0

33.92.2

23.3

59.4

40.6

9.812.917.9

24.87.4

51.93.0

12.9

100.0

28.07.5

22.8

58.3

41.7

6.014.421.3

26.34.3

50.35.6

13.5

100.0

31.84.5

21.9

58.2

41.8

3.917.720.2

23.45.9

53.84.4

12.5

100.0

29.36.1

26.8

37.8

3.515.319.0

33.75.5

48.36.26.3

100.0

32.611.122.4

66.1

33.9

5.411.816.7

20.05.7

61.42.5

10.4

100.0

28.74.8

22.7

56.2

43.8

8.018.017.8

19.25.3

58.93.9

12.7

100.0

33.96.5

21.0

61.4

38.6

2.115.321.2

25.85.6

54.54.0

10.1

100.0

27.75.8

24.3

42.2

4.318.119.8

18.73.1

63.11.9

13.2

100.0

26.04.5

27.1

57.6

42.4

6.318.217.9

1.81

2.00

+ .10

3.79.11

1.82

2.24

.01

4.53.0

1.85

2.29

.17

4.14.04

1.73

2.42

.27

3.95.04

1.75

2.01

.09

4.25.04

1.79

2.43

.05

4.65.04

1.73

1.70

.12

4.49.02

1.77

2.58

.35

4.05.05

1.75

1.82

.15

4.39.02

1.76

1.83

.06

4.31.13

1.83

2.35

.16

4.28.05

30.35.7

38.323.32.4

29.58.0

38.023.1

1.4

26.29.4

37.225.9

1.3

35.67.6

32.922.7

1.2

37.65.4

29.526.2

1.3

34.26.4

30.327.7

1.4

44.17.3

24.423.4

28.55.6

38.126.9

.9

28.77.6

35.027.9

33.97.1

29.228.8

1.0

26.23.4

37.830.5

2.1

9 . 1

19.610.3

7 .9

6 .7

14.27.3

25.6

1.701

8.4

17.59.4

8.4

.81

17.78.1

23.7

.87

17.06.7

15.8

.77

5 .6

14.76.1

15.2

1.14

4.7

14.65.0

30.5

6 . 4

14.37.0

12.9

1.02

14.16.6

12.9

1.43

5 . 6

15.16.1

11.1

1.31

6 . 5

15.17.1

11.4

1.11

10 11 11 25 31 21 74 20 50 30

21.418.910.36.1

3.25

1.21.59

17.15.1

63.66.47.8

100.0

29.616.616.5

62.7

37.3

4.315.018.0

1.82

2.03

.13

5.13.07

30.68.1

40.319.51.5

5 .7

11.36.2

38.2

1.54

27

* Not including central reserve city banks.1"Net losses" is the exce:cess of (a) actual losses charged against net profits plus losses charged against valuation reserves over (b) actual re-

coveries and profits credited to net profits plus recoveries credited to valuation reserves; "net recoveries and profits" is the reverse. Transfersto and from valuation reserves are excluded.

2 Ratios of less than .005 are shown as .0.

MAY 1953 545


MEMBER BANK EARNINGS, 1952—ContinuedRATIOS OF COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS


Item


Boston NewYork

Phila-del-phia

Cleve-land

Rich-mond

At-lanta

Chi-cago

St.Louis

Min-neap-olis

Kan-sas

CityDallas

SanFran-





taxesNet profits



Earnings on loansService charge on deposit accounts .Other current earnings

Total earnings


Total expenses



Rates of return on securities andloans:



securitiesNet lossesl

Return on loans:Earnings on loansNet lossesl


IT. S. Government securitiesOther securitiesLoansCash assetsOther assets

Other ratios:Total capital account to:


ties and cash assetsTotal deposits


deposits

Number of banks

13.111.06.43.3

3.03

1.01.50

23.04.8

53.26.8

12.2

100.0

32.19.6

24.8

66.5

33.5

5.411.716.4

1.85

1.79.13

4.99.08

37.78.2

32.320.5

1.3

7.7

18.58.4

27.2

1.18

312

13.511.07.12.9

3.06

.96

.51

23.56.1

55.86.77.9

100.0

31.812.524.2

68.5

31.5

5.89.1

16.6

1.88

1.97.10

5.10.05

38.39.5

33.517.41.3

7.2

16.17.8

39.6

1.06

687

12.010.16.53.0

2.92

1.12.60

26.67.7

52.64.28.9

100.0

27.412.421.7

61.5

38.5

6.311.520.7

1.93

2.12.15

5.15.02

40.110.629.818.31.2

9.3

22.510.3

40.8

.99

610

14.613.08.32.9

2.85

1.08.61

27.06.3

53.94.97.9

100.0

27.311.623.2

62.1

37.9

4.112.221 .6

1.86

2.00.11

5.18.04

41.49.0

29.719.0

.9

7.4

18.78.0

38.6

.92

648

16.314.88.53.3

2.91

1.16.61

23.74.5

59.15.37.4

100.0

28.610.321.3

60.2

39.8

3.715.320.8

1.86

1.99.12

5.48.06

37.26.6

31.423.6

1.2

7.1

18.27.8

28.2

1.16

446

17.414.98.73.0

2.90

1.10.55

23.75.8

53.47.29.9

100.0

30.86.9

24.2

61.9

38.1

5.413.719.0

2.03.12

5.66.13

38.18.3

27.425.0

1.2

17.214.68.92.9

2.79

1.00.52

16.414.39.43.1

1.08.61

28.05.5

53.05.77.8

100.0

30.212.021.9

64.1

35.9

5.511.818.6

1.81

1.81.14

5.38.06

6.3

17.26.8

20.0

1.07

43.28.5

27.519.9

.9

5.8

15.86.2

36.6

.98

26.16.0

56.44.76.8

100.0

30.38.0

22.8

61.1

5.011.722.2

1.82

2.05.10

5.44.15

39.78.0

28.722.7

.9

6 . 5

17.47.0

25.6

.93

18.715.99.43.7

3.05

1.13.57

24.94.8

53.97.29.2

100.0

30.311.021.7

63.0

37.0

5.512.918.6

18.716.310.13.5

1.22.66

22.14.7

59.27.56.5

18.615.29.23.4

2.91

1 .13.56;

19.75.3

62.46.26.4

19.216.79.23.8

1.12.54

18.93.9

61 .76.68.9

100.0 100.0 100.0

339 921 473

1.84

1.99.16

5.57.23

41.17.3

29.621.1

.9

6.0

15.96.5

32.9

1.09

32.0 i6.0 !

21.0 !

59.0 !

5.113.822.1

1.89.09

5.99.13

36.37.4

29.426.4

.5

6.5

3 2 . 72 .9

2 5 . 4

32 . cS14.520.5

39.0 . 32.2

1.2 i 4 .312.5 12.519.3 ; 15.4

2 29i.09'

1.82

2.07.12

6.19; 5.87.41; .12

467

17.57.0

13.8

1.39

703

I

32.36.6

29.330.7

1.1

16.46.5

8.9 I

1.02

604

36.16.5

36.619.9

.9

13.26.2

34.0

1.58

234

1"Net losses" is the excess of (a) actual losses charged against net profits plus losses charged against valuation reserves over (b) actual re-coveries and profits credited to net profits plus recoveries credited to valuation reserves. Transfers to and from valuation reserves are excluded



BANK EARNINGS, 1952INSURED COMMERCIAL BANKS IN THE UNITED STATES AND POSSESSIONS, 1949-1952


All insured commercial banks1

1951

Banks not members ofFederal Reserve System

1950 1951

EarningsInterest and dividends on securities:

U. S. GovernmentOther

Interest and discount on loansOther charges on loansService charges on depositsOther charges, fees, etcTrust departmentOther current earnings

ExpensesSalaries—officersSalaries and wages—othersDirectors' fees, etcInterest on time depositsInterest on borrowed moneyTaxes other than incomeRecurring depreciationOther current expenses


Recoveries, transfers from reserves,and profits



All other

Losses, charge-offs, and transfers toreserves



All other

Profits before income taxes


Net profits


On common stock

Memoranda itemsRecoveries credited to reserves (not in-

cluded in recoveries above):On securitiesOn loans

Losses charged to reserves (not includedin losses above):



Total assets

3,606,879

1,013,515201,691

1 733,690' 26,090194,01395,420160,430182,030

2 283,727'410,685700,06522,608

328,0103,582

113,56953,988

651,219

1,323,153

213,187

16,41226,67273,196

23,14228,22045,546

379,824

38,67133,044

29,064221,16757,878

1,156,514

325,148304,57220,576

831,364

354,1445,093

349,052

2,60019,645

6,10472,978

3,930,696

1,015,456225,425

1,976,10031,724212,272104,602180,674184,445

2,444,534446,043755,68124,745

343,0404,296

128,10159,469

683,159

1,486,164

245,461

14,71838,63990,469

28,50629,97143,157

366,932

38,72154,518

23,030191,24859,414

1,364,690

427,776402,58225,194

936,915

391,2494,333

386,916

3,56520,385

6,32456,250

Time depositsTotal depositsTotal capital accounts.

Number of officersNumber of employees.

Number of banks

41 670,87963,080,7399 387,984

35 683,8291,742,647

151,566,078

35,902,235139,764,39410,421,106

46,250,27263,846,83011,043,34236,006,4231,840,027

158,986,894

36,446,656146,269,29411,007,396

69,439296,308

71,566312,324

13,436 13,446

4,395,411

983,662249,495

2,390,10634,595230,507116,140192,313198,593

2,701 313486,300864,51927,343

385,3449,667

135,59065,845726,707

1,694,100

169,233

15,29212,28556,563

22,59528,45334,046

395,687

83,75631,680

21,215204,20254,836

1,467,645

559,475530,81028,664

908,175

418,8603,876

414,984

2 ,36328,477

17,72564,735

54,533,22159,711,92212,554,63240,373,2732,034,346

169,207,394

37,271,294155,460,46511,615,767

73,806334,961

4,931,688

1 ,099,059276,993

2 742,10042,295244,696121,868204,967199,713

3,028,575530,035965,19730,871458,05920,921139,29074,953

809,252

1,903,112

144,146

11,191?0,49233,806

2?,00427,33029,324

362,444

97,51?29,531

23,637154 51057,253

,684,813

604,883667,27732,606

989,931

441,9713.67S

438,298

4.35^13),508J

25,59864,607

59 999,74361'065,05913 567,46947 O5?,K082,223,391

179,803,463

39,817,653165 031.49512.270,913

76 7=^!358,325\

621,695

154,55233,220

328,2074,65836,05730,9299,04925,024

395,16992,55392,1736,54667,100

24617,29610,091109,165

226,527

30,726

2,9684,3839,263

5,0173,3025,794

61,966

7,8225,041

9,91229,9199,272

195,285

50,08247,5032,579

145,201

41,4781,605

39,874

2012,133

96011,123

666,514

150,66235,283

368,3205,65839,78333,85510,15722,797

425,210101,325100,568

7,29872,266

40119,25911,456

112,636

727,242

152,00538,759

416,015'5,927;

43,635,37,145;9,895j

23,862;

469,835;lll,065J114,526*

8,197180,076!

590|20,645iI2,78li

121 ,956;

26,89l! 20,621;

6,092,2039,035,3411,541,4863,705,187

182,596

6.708,04519,038,2571,423,677

21,99645,959

13,4551 13,439; 6,547

1 ,9301,840!8,32l|

5,9583,0115,830

53,301

6,0983,585

8,76224,9809,875

214,894

58,71655,67313,043

156,179

45,7271 ,498

44,229

529,3,369

5169,921

1 ,761;1,350:4,683;

5,O18;

2,841>4,970'

11.655.:3,262.

7,660;24,16810,097

68,55665,330:

3,225'

6,723,4198,855,3151,678,7763,934,637!

201,885

6,853,26219,725,7891,545,040

22,61048,696

6,576

48,356;l,289i

47,067!

2 78'3,423i

1 ,8069,154;

812,634

170,02342,498

472,4296,36146,96239,00310,53924,820

528,002121,770129,9489,36293,8661,096

21,64514,892

135,426

241,306] 257,409 284,631

19,139

1,237846

4,759

5,0382 ,5964,665

56,840 56,065

13,6622,491

7,98521,61410,312

221,189 247,704

87,03383,5953,438

152,638 160,672

51,5411,365

50,177

473,420

9569,669

7,494,950 8,299,1778,691,2591,885,8304,368,648

215,804

9,194,6382,053,3204,771,055

237,903

20,556,813 21 ,394,032 22,656,491 24,556,093

7,023,832 7,575,491•0,864,285 22,613,7281,650,644 1,770,932

23,263!52,7131

24,11357,475

6,618 6,644

1 Excludes three mutual savings banks, State bank members of the Federal Reserve System, which are included in member bank figures oneding pages.preceding pages.

2Includes interest on capital notes and debentures.T fi f

2Includes interest on capital notes and debentures.NOTE.—The figures of assets, deposits, and capital accounts are averages of the amounts reported for call dates at the beginning, middle, and

end of each year. The number of officers, employees, and banks are as of the end of each year.

MAY 1953 547


NUMBER OF BANKS AND BRANCHES IN OPERATION ON DECEMBER 31, 1952

State

United States

AlabamaArizona.ArkansasCaliforniaColorado

ConnecticutDelawareDist. of ColFloridaGeorgia. . . .

IdahoIllinoisIndianaIowaKansas. .

Kentucky .LouisianaMaineMaryland .Massachusetts

MichiganMinnesotaMississippiMissouriMontana. .

NebraskaNevada..New Hampshire .New TerseyNew Mexico

New YorkNorth CarolinaNorth DakotaOhioOklahoma

OregonPennsylvaniaRhode IslandSouth Carolina . .South Dakota

TennesseeTexasUtahVermontVirginia . .

Washington. . .West VirginiaWisconsinWyoming. . . . . .

All banks by class of bank

Total

14,575

22914

230199160

1843719

213403

40894485665609

38016796

165368

429680202598109

4178

109335

51

734226153654385

69947

21149170

297919

5574

315

121182557

52

Commercial banks

Total

214 046

22914

230199160

1123519

213403

40894

2481665609

38016764

156180

429679202598109

417g

75312

51

604226153651385

68940

13149170

297919

67315

117182

255352

Memberbanks

Na-tional

4,909

713

539277

48119

6452

1238612497

174

91373259

114

77178247738

1245

51200

26

3634640

238198

19607

62535

74444

1037

133

35749524

Statemem-ber

21,889

242

162717

1536

1114

9125

2H36441

20126

1425

15028

710045

1611

678

16292

17925

1099

28

28

10137

211

71

1635

27215

Nonmemberbanks

In-sured

6,627

1348

1557054

32204

134275

18372235448259

251117

178134

185458168399

26

22926

4117

70170104227153

37217

2101107

206296

2428

111

6369

38013

Non-in-

sured

624

1

1012

171

462

1111056

135

181927

17153

22

48

174

91779

2173

15

742

1

348

Mutual sav-ings banks

In-sured

2206

41

23

86

1

23

130

3

175

7

4

23

Non-in-

sured

323

681

1

243

188

34

3

1

All

Total

1,483

48

1952

1

299

151

17

9

65121

2743273590

702

38

243

6613

186731566

1386102027

33

89

59

18

90

banks maintaining branches or additional offices(except banking facilities), by class of bank1

Commercial banks

Total

1,359

48

1952

1

238

151

17

9

65121

2743263053

702

38

242

6013

127731566

1382

82027

33

88

59

17

90

Memberbanks

Na-tional

385

321

19

11

8

7

5

20

41274

22

1422

221

294

5215

24

346

284

11

13

2110

4

Statemem-

ber

237

11

12

634

5

2

5

5646

18

17

1

i21

516

19

21621

2

4. . . . . .

2

3

Nonmemberbanks

In-sured

708

41819

1

64314

2

39118

1825101912

36

35

1

109

22511523

8172

1123

20

35

27

5

82

Non-in-

sured

29

1

2

1

1

13

511

3

i

21

32

1

Mutual sav-ings banks

In-sured

78

1

5

6

59

41

1

1

Non-in-

sured

46

51

1

37

1

1

• 1 Some State laws make a distinction between "branches" and certain other types of "additional offices." The table, however, covers allbranches of additional offices within the meaning of Section 5155 U. S. R. S., which defines the term "branch" as "any branch bank, branch office,branch agency, additional office, or any branch place of business . . . at which deposits are received, or checks paid, or money lent." In addi-tion the last column on the second page of the table shows the number of "banking facilities" at military and other Government establishmentsprovided through arrangements made by the Treasury Department with banks designated as depositaries and financial agents of the Government.

These tables are similar to those appearing in previous years (see May 1952 BULLETIN, pp. 567-568), except that the number of banks thathave no additional offices, other than "banking facilities" at military and other Government establishments provided through arrangements madeby the Treasury Department, are excluded from the number of banks maintaining branches or additional offices; these "banking facilities" areshown in the last column of the table on p. 549, but are not included elsewhere. Branches that have been designated by the Treasury Depart-ment as "banking facilities" are included in the number of branches, but are not included in the number of "banking facilities."

Back figures.—See Banking and Monetary Statistics, Table 1, pp. 16-17, and Tables 73-79, pp. 297-311, for data through 1941 (descriptivetext, pp. 14 and 294-295) and BULLETINS for subsequent data, the latest of which appeared in May 1952, pp. 567-568.

2The figures for member (commercial) banks and those for mutual savings (noncommercial) banks both include one mutual savings bankin Indiana and two in Wisconsin. The total for "All banks," however, includes such banks only once; and they are not included in the total for"Commercial banks."

3These facilities are operated by 133 banks, 72 of which have no other type of branch or additional office.4 Each bank is reported once only—according to the widest area in which it operates branches or additional offices.NOTE.—All of the branches and additional offices are located in the same States as their parent banks except that one national bank in New

Jersey has a branch in Pennsylvania, one national bank in California has two branches in Washington and one in Oregon, and one noninsured(unincorporated) bank in New York has one branch in Massachusetts and one in Pennsylvania. In the table these branches are shown accordingto their own location, rather than that of the parent bank.



NUMBER OF BANKS AND BRANCHES IN OPERATION ON

State

United States

Alabama . . . . . .ArizonaArkansasCaliforniaColorado

ConnecticutDelawareDistrict of ColumbiaFloridaGeorgia

IdahoIllinoisIndianaIowaKansas

KentuckyLouisianaMaineMarylandMassachusetts

MichiganMinnesotaMississippiMissouriMontana

NebraskaNevadaNew HampshireNew JerseyNew Mexico

New YorkNorth CarolinaNorth DakotaOhioOklahoma

OregonPennsylvaniaRhode Island .South CarolinaSouth Dakota

TennesseeTexasUtahVermontVirginia

WashingtonWest VirginiaWisconsinWyoming

DECEMBER 31, 1952—Continued

All branches and additional offices (except banking facilities),by class of bank1

Total

5,520

266821

1,0011

793243

145

61

124163

528680

149252

2826

71

220

3196

20

961255

22268

111272605951

106

2920

112

160

150

Commercial banks

Total

5,274

266821

1,0011

683143

145

61

124163

528679

131199

2826

71

220

2186

20

850255

22268

111250545951

106

2911

112

157

150

Memberbanks

Na-tional

2,403

2546

1783

29

22

28

52

46

2344131798

10765

214

188

5

23929

92

90151

104222

58

164

40

140

15

Statemember

1,530

15

164

281411

10

4

21

910295879

119

2

4

' " 75

54633

143

116633

1

14

10• • • • —

6

5

Nonmemberbanks

In-sured

1,300

162052

1

111510

16

5

56160

2032295520

49

64

2

2315

62191

2233

10299

1629

34

37

53

11

129

Non-insured

41

1

2

2

1

13

812

7

1

32

42

1

Mutualsavingsbanks

In-sured

177

18

10

111

223

9

3

Non-insured

69

101

i' " " 53'

1

3

All branches and additional offices(except banking facilities),

by location1

headofficecity

2,496

716

2511

3?1043

30

4

63

37451177

151

1826

10

23

1069

76557

175

211632016

61

6

58

40

18

Outside

In headoffice

county

1,426

71816

119

3114

1

5

61120

1332373394

67

39

3

907

134511188

137521

822

30

31121

24

107

» head office city

In con-tiguous

counties

722

4244

143

1 s>8

17

1 1

43

26

3232

6

23

16

43

3

S38211

5

1233

89

18

7

79

24

32

25

In non-contig-uous

counties

876

g101

488

1

7

41

3

71

10

6

10

1

965

651

112611

8

13

9*

64

Bank-ing

facili-ties atGov-ern-

estab-lish-

ments3

191

431

354

597

132

2

5 131

112

3

21

2

33

122

32

6

51

714

5

16

5

1

Distribution by location of branches withrespect to head office Total

Member banks

National State

Nonmembercommercial banks

Insured Non-insured

Mutualsavings banks

Insured Non-insured

Banks with branches or additional offices (except banking facil-ities)*

In head office city onlyOutside head office city but not beyond head office county. . .Outside head office county but not beyond contiguous counties.In counties not contiguous to head office county

Branches and additional offices (except banking facilities). .In head office cityOutside head office city:

In head office countyIn contiguous countiesIn noncontiguous counties

Banking facilities at military and other Government estab-l ishments3

1,483471686252

74

5,5202,496

1,426722876

191

3851811343832

2,4031,047

385252719

153

237114782718

1,5301,009

29215376

20

70876

43917221

1,300224

704295

77

18

295

13

41131594

787332

4622195

177162

694122

6

For footnotes see opposite page.

MAY 1953 549


WEEKLY REPORTING MEMBER BANKS—REVISED SERIES, TOTAL FOR ALL LEADING CITIES *LOANS AND INVESTMENTS


Date

Totalloansand

invest-ments

Loans1

Total i

Com-mer-cial,




U. S.Govt.

ob-liga-tions

Otherse-

curi-ties

To others

U.S.Govt.

ob-liga-tions

Otherse-

curi-ties

Realestateloans

Loansto

banksOtherloans

Investments

Total


Total Bills

Cer-tifi-


Notes Bonds2

Othersecu-rities

1952—Jan. 2.Jan. 9.Jan. 16.Jan. 23.Jan. 30.

Feb. 6.Feb. 13.Feb. 20.Feb. 27.

Mar. 5.Mar. 12.Mar. 19.Mar. 26.

75,13174,64575,14174,51674,946

74,68274,59874,41874,449

74,33974,56174,84474,659

Apr. 2.Apr. 9.Apr. 16..Apr. 23.Apr. 30.

May 7.May 14.May 21.May 28.

June 4.June 11.June 18.June 25.

July 2.July 9.July 16.July 23.July 30.

Aug. 6.Aug. 13.Aug. 20.Aug. 27.

Sept. 3.Sept. 10.Sept. 17.Sept. 24.

Oct. 1.Oct. 8.Oct. 15.Oct. 22.Oct. 29.

Nov. 5.Nov. 12.Nov. 19.Nov. 26.

Dec. 3.Dec. 10.Dec. 17.Dec. 24.Dec. 31.

1953—Jan. 7.Tan. 14.Jan. 21.Jan. 28.

Feb. 4.Feb. 11.Feb. 18.Feb. 25.

74,02473,84474,02974,00474,265

74,09574,15774,29074,774

74,65774,882175,928(76,344

78,44877,67677,59677,14977,078

76,60576,53476,28876,440

76,13076,25076,96076,488

76,72378,34978,60677,90977,954

77,99577,97178,08179,447

79,24879,33879,97779,80379,486

79,09578,95578,72878,313

77,95877,87878,01477,711

35,51635,17535,48734,91735,103

34,85634,91034,98635,049

35,10535,18235,33035,066

35,16535,10035,05335,12035,142

35,03035,11635,06535,235

35,00935,05935,64135,949

36,86536,25236,14735,83335,716

35,93635,91935,82535,976

36,08736,32336,90736,697

37,08137,21337,69337,41637,639

37,79438,12138,31638,465

38,45238,69339,16839,30339,104

38,89538,76538,79038,687

38,60038,68538,89238,775

21,58821,43321,60521,44921,320

21,27121,30721,31121,322

21,32421,40421,64221,537

21,34521,22121,22121,04420,966

20,89220,87420,80020,697

20,59120,68720,94620,955

20,73820,75020,80820,79920,756

20,83420,90020,97821,108

21,20021,41921,69221,782

21,85421,99022,23622,33322,457

22,67022,91123,04323,058

23,13023,32123,42323,49423,390

23,15923,18823,08723,011

22,95222,98922,88122,869

31317812986109

108140258179

185241238166

207 1266 131511476 1539 1

597561457656

571536560724

1,3861,039813730626

383317260282

246266234164

184274294259271

379395368508

431422480552709

468283257331

408426351287

!

,034949,031883867

984915897905

904940972971

,078,069,110,166,165

,118,136,185,238

,283,185,227,306

,421,343,316,316,373

,525,456,243,221

,225,207,230,145

,238,281,300,206,173

,153,187,194,200

,181,197,226,232,293

271179195212

178179204172

121114113108108

106107103104

105105105104

11910710710697

95979896

9695105106

226217215200157

149140135137

139133136135

132130129118116

116112110112

110113116126153

137132136134

132135134134

573571568565565

563565567563

562565564565

567566572573572

572572572571

567564557559

574570571571571

578574654655

662656646649

646645650649635

632631632629

624626644653654

657659663665

678666665661

5,7335,7375,7445,7505,745

5,7355,7475,7365,729

5,7195,7205,7235,730

.,735

.,7365,7565,7585,753

5,7565,7655,7605,771

5,7685,7785,7875,806

5,8125,8225,8255,8395,850

5,8605,8825,8905,897

5,9115,9465,9535,963

5,9775,9866,0066,0206,032

6,0356,0616,0786,078

6,0816,0856,0736,0966,095

6,0946,1066,1046,120

6,1216,1226,1356,147

565636731521823

538579556691

770645518398

542555404409441

382482505465

383422623632

762584672425396

598635642622

589869

827678802550621

430446

433423633518151

450538625480

365395731708

6,132 39,6156,103 39,4706,111 39,6546,103 39,5996,114 39,843

6,101 39,8266,100 39,6886,109 39,4326,106 39,400

6,090 39,2346,11639,379

39,51439,593

6,1236,153

6,130 38,8596,137 38,7446,125 38,9766,144 38,8846,166 39,123

6,175 39,0656,186 39,0416,246 39,2256,299 39,539

6,308 39,6486,350 39,8236,395 40,2876,420 40,395

6,5076,488 416,4916,5176,552

41,583,424

41,44941,31641,362

6,574 406,580 40

,669,615

6,589 40,4636,621 40,464

6,656 40,0436,675 39,9276,715 40,0536,733 39,791

6,789 39,6426,798 41,136847 40,913852 40,493

40,3156,904

6,951 40,2016,950 39,850

39,76540,982

6,9656,993

7,039 40,7967,082 40,645

40,80940,500

7,253 40,382

7,260 40,2007,281 40,1907,324 39,938

39,626

7,1517,201

7,335

7,369 39,3587,377 39,1937,395 39,1227,405 38,936

32,68232,54132,75632,64932,900

32.83332,65132,43132,357

32,17332,31232,41632,420

31,60431,45431,690,31,67131,917

31,84531,85432,03532,174

32,35932,50432,85032,934

34,04433,82033,86233,71933,726

33,04032,95132,80832,683

32,36832,22332,36032,127

32,01833,53433,31532,89332,819

32,74532,48032,32133,517

33,42033,29033,39633,09132,967

32,84132,74032,45332,143

31,88531,72931,53531,478

4,1934,1484,2964,1694,393

4,3024,1083,9053,920

3,8224,0184,1954,152

3,4653,3413,5783,4943,688

3,4773,4453,5323,601

3,7383,9074,0724,111

3,7893,4723,5403,4193,366

2,8922,8402,8102,753

2,6252,5302,8302,632

2,5684,1584,0493,7143,681

3,6223,4283,3904,574

4,5454,4954,5684,3364,163

4,1524,0823,9253,710

3,4643,2813,2243,156

3,6513,6133,6633,7143,760

3,8123,8573,9023,868

3,7623,7443,7733,783

3,6753,6363,6753,7093,752

3,8013,7793,7933,796

3,7633,7563,7663,723

3,9543,9043,8553,7993,763

3,5483,5123,4243,403

3,2683,2083,1263,121

2,6662,5842,5432,4742,482

2,4632,4682,4902,467

2,4882,4702,4742,4532,467

2,4522,4822,4742,458

2,4962,5672,2992,271

6,0236,0226,0206,0166,003

6,0036,0066,0036,008

6,0096,0105,9805,977

5,9725,9655,9515,9545,930

5,9605,9675,9835,978

5,9986,0035,9925,998

6,0026,0136,0176,0176,022

18,815 6,93318,758 6,92918,777 6,89818,750 6,95018,744 6,943

,716 618,18,680 718,62118,561

,993,037

7,0017,043

18,580 7,06118,540 7,06718,468 7,09818,508 7,173

18,49218,51218,486 718,514 718,547

7,2557,290

,286,213

7,206

18,60718,66318,72718,799 7

7,2207,1877,190,365

18,860 718,19,02019,102

,289,319

7,4377,461

20,299 720,43120,450 720,48420,575

,5397,604,587

7,5977,636

6,0226,026 206,0316,042

578 720,,571

20,54320,485

,6297,6647,6557,781

6,040 206,0436,0155,991

,43520,44220,389 720,383

7,6757,704,693

7,664

6,380 206,4056,386 206,369 20,336 76,313 20,343

,40420,387

,337

7,6247,6027,598,600

7,496

6,349 206,264 20,320 76,159 206,176 20,300 7

7,456,370

7,444,465

,128 20,259,089 20,236,058 20,296

6,6,6,6,072 20,230 76,044 20,293

7,3767,3557,413

,4097,415

6,0256,014 205,999 205,975

20,212,162,055

20,000 7

7,3597,4507,485,483

5,9535,9205,916 20,096 75,928 20,123

19,97219,961

7,4737,464,587

7,458

*For description of the revision see BULLETIN for April 1953, p. 357.1 Figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total, which is shown net.2 Includes guaranteed obligations.



WEEKLY REPORTING MEMBER BANKS—REVISED SERIES, TOTAL FOR ALL LEADING CITIES *—Cont.RESERVES AND LIABILITIES


Date


serveBanks

Cashin

vault

Bal-anceswithdo-

mesticbanks

De-mand

de-posits

ad-justed



ships,andcor-

pora-tions

Statesand



checksetc.

u. s.Gov-ern-ment



ships,andcor-

pora-tions

Statesand



Posta'Sav-ings

Interbankdeposits

Demand

Do-mes-tic

For-eign

Time

Bor-row-ings

Cap-italac-

counts

1952—Jan. 2Jan. 9Jan. 16Jan. 23Jan. 30

Feb. 6Feb. 13Feb. 20Feb. 27



May 7May 14May 21May 28

June 4June 11June 18June 25

July 2July 9July 16July 23July 30

Aug. 6Aug. 13Aug. 20Aug. 27

Sept. 3Sept. 10Sept. 17. . . .Sept. 24

Oct. 1Oct. 8Oct. 1 5 . . . .Oct. 22Oct. 29

Nov. 5Nov. 12Nov. 19Nov. 26

Dec. 3Dec. 10Dec. 17Dec. 24Dec. 31

1953—Jan. 7Jan. 14Jan. 21Jan. 28


15,04315,07815,16615,42814,935

14,93514,96214,90914,655

14,66014,68715,72215,147

14,64414,55215,06"14,84814,901

14,93614,85915,10614,770

14,84814,83815,95914,959

15,0415,14015,21515,15715,309

15,01.14,89.15,09;14,68;

14,57815,02215,61015,312

14,85014,91715,19515,40715,171

14,99815,06715,29315,595

15,55315,49115,6765,792

14,549

5,3535,1115,2255,110

5,1464,9174,8794,701

1,002991925920926

86896'90994-

852920896905

83989688689586.

870931884960

951,01296399

9209939495978

909964924979

938995926953

896930956948

1,001

9281,044969986

9871,0841,084966

1,013

1,0181,017953978

902956929992

2,9632,6742,8012,6982,415

2,3292,5192,4022,392

2,3762,4992,7872,726

2,6922,3982,5412,29;2,320

2,2862,4752,3332,334

2,3402,3992,57:2,388

2,5652,4362,5182,3482,280

2,3812,4832,3712,286

2,3462,3982,7552,685

2,4242,4102,7262,4352,369

2,4412,5792,5532,392

2,4142,3952,6182,5243,079

2,4452,6062,5442,344

2,3072,3212,4872,410

54,09854,42955,27755,32755,041

54,22053,81153,26953,387

53,32954,11453,70:52,615

51,85651,88352,52352,86353,026

56,27155,07957,02055,95955,504

54,37.55,9954,16.54,33.

53,93155,61054,83253,17

52,40952,28;

54,26253,35453,608

599 52,48953,92653,47053,840

52,52,66252,88153,565

53,21653,90554,6353,575

52,40952,45152,70753,16653,479

52,57152,54452,46853,116

52,98253,63453,93252,990

53,02452,88053,36853,94854,314

53,76054,04253,95654,688

55,12555,86656,56655,44855,373

55,21155,60255,73855,546

54,58954,34953,77153,811

53,91355,06956,03953,975

53,50953,14354,62053,87453,87

52,86754,05653,39653,838

53,94154,92356,09854,042

54,52653,91057,20355,60555,508

55,63357,10055,81056,306

56,17157,22218,57657,44658,264

!6,035!7,471J7.10816,112

14,98015,45515,29815,342

3,6323,4993,5443,5903,747

3,7773,7093,5833,651

3,5383,45'3,42;3,581

3,7633,6403,7193,8204,123

4,0653,9573,9194,06

3,8543,6433,6153,85

3,7493,6973,4893,5383,750

3,7723,5103,4973,512

3,6093,4973,4073,386

3,5683,4273,3393,4863,614

3,7363,5813,5293,604

3,6103,5073,5123,5793,798

3,6893,6253,7353,894

3,9453,9423,7663,790

2,121,3881,5251,3901,371

1,3681,5721,5901,386

1,4611,5851,5241,536

1,5491,431,5321,8781,686

1,4511,38:1,7731,754

1,5381,3892,0672,004

2,0831,6231,4961,5641,689

1,3161,3481,4111,280

1,4641,3351,7841,422

2,0021,6141,7531,4681,401

1,6131,7421,7001,706

1,7391,7031,7861,6742,123

,578,747,568,431

,458,589550

,484

2,2571,6311,2691,3681,671

2,1332,3342,8812,585

15,40415,45115,41215,4215,429

15,46615,48615,48615,528

1,977 15,5781,708 15,6563,616 15,6594,491 15,664

3,7153,3813,1692,92"3,221

2,7352,9573,4742,945

2,7312,2833,23.4,465

6,9956,1875,6915,2554,860

4,7124,5224,6344,130

3,1862,8393,6754,533

3,6014,7374,4733,7393,487

3,1002,9663,3794,751

3,8363,0073,1093,5443,567

2,7442,2142,2272,362

2,6842,8463,5143,309

15,64115,66015,66915,67715,700

15,72815,72615,76615,813

15,84215,86715,89215,939

15,94715,93415,92815,95115,947

15,97315,97315,96515,984

16,01216,04616,06616,108

16,14416,21216,22016,24916,266

16,34216,32716,27216,295

16,28916,32416,38516,44016,569

16,53216,49716,51716,528

16,55616,57916,60116,641

I

716725725727733

745746762766

76:763761764

769771770768772

768784782785

779775775767

768770781783784

778777772771

770772764764

761752744742743

747748754751

756756764764763

756766767770

775779777783

162164156

166

166169169

171170170170

169170172171172

17317117517

174176175178

179179182182186

183189189190

190188193192

190191191191189

194195195

195196201

202197201

11,83111,21211,39310,97910,220

10,32'10,28810,029,899

10,16010,21510,70410,182

10,42210,04610,1769,3779,373

9,7499,9439,4599,219

9,6669,811

10,3029,680

10,32210,31010,2489,7329,541

10,09910,3509,9639,693

10,19710,58711,21410,565

10,47810,80511,53810,76810,338

10,79211,04310,99910,352

10,64310,65511,19411,03811,693

11,19711,35311,02210,158

200 10,255198199198

10,16510,42610,011

1,3481,2931,2921,2741,261

1,2401,2191,2411,229

1,2461,2401,24^1,253

1,2511,2831,26:1,2691,26.

1,2421,2221,2821,301

1,2931,2611,2601,282

1,2651,2751,2461,2451,321

1,3411,3591,3131,289

1,3471,3251,2921,318

1,3401,3441,3521,3591,366

1,3371,3571,3281,335

1,3411,3451,3631,3701,410

1,3571,3281,3271,314

1,3061,2661,2711,280

41341415411417

416414416415

418420421424

43843.427424428

428430432441

448460463460

472474477478475

461468473482

487496494499

510515525526537

542560581581

580584581577586

583582580579

571571570572

500658706450825

6541,088911959

1,035902485355

465571851

1,059872

1,210954799

1,021

1,0951,0621,059717

1,0251,1041,4361,2161,499

1,2021,1061,2811,139

1,2541,166892709

1,0711,3761,2291,3451,405

1,7181,6181,6341,632

1,6261,7561,2961,824145

1,5391,3081,2401,426

1,5041,4151,2231,260

6,9236,9316,9216,9266,944

6,9586,9666,9506,969

6,9766,9776,9806,992

7,0097,0167,0137,0187,050

7,0727,0657,0637,079

7,0907,0897,0877,094

7,1087,0997,0837,0977,104

7,1257,1237,1207,127

152147142148

7,177188181185

7,203

7,2247,2257,2077,217

7,2387,2207,2227,2347,258

7,2587,2317,2317,259

7,2767,2837,2857,305

*}For description of the revision see BULLETIN for April 1953, p. 357.1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.

MAY 1953 551


WEEKLY REPORTING MEMBER BANKS—REVISED SERIES, NEW YORK CITY *LOANS AND INVESTMENTS


Date

1952—Jan. 2 . . . .Jan. 9 . . . .Jan . 16Jan . 2 3 . . . .Jan . 30

Feb. 6 . . . .Feb. 1 3 . . . .Feb. 2 0 . . . .Feb. 2 7 . . . .

Mar. 5 . . . .Mar. 1 2 . . . .Mar. 1 9 . . . .Mar. 26

Apr. 2 . . . .Apr. 9 . . . .Apr. 1 6 . . . .Apr. 2 3 . . . .Apr. 3 0 . . . .

May 7 . . . .May 14May 21May 2 8 . . . .

June 4June 11June 1 8 . . . .June 25

July 2 . . . .July 9 . . . .July 1 6 . . . .July 2 3 . . . .July 3 0 . . . .

Aug. 6Aug. 1 3 . . . .Aug. 2 0 . . . .Aug. 2 7 . . . .

Sept. 3 . . . .Sept. 1 0 . . . .Sept. 1 7 . . . .Sept. 2 4 . . . .

Oct. 1Oct. 8 . . . .Oct. 1 5 . . . .Oct. 22Oct. 2 9 . . . .

Nov. 5 . . . .Nov. 12Nov. 19 . . . .Nov. 2 6 . . . .

Dec. 3 . . . .Dec. 10 . . . .Dec. 1 7 . . . .Dec. 2 4 . . . .Dec. 3 1 . . . .

1953—Jan. 7 . . . .Jan. 14 . . . .Jan. 21Jan. 2 8 . . . .

Feb. 4 . . . .Feb. 1 1 . . . .Feb. 18Feb. 2 5 . . . .

Totalloansand

ments

21,43420,92321,21920,77321,177

20,93120,86920,98321,075

21,14421,16321,29321,107

20,99720,83020,69420,72420,965

20,82520,84320,88021,321

21,15021,15521,52121,788

23,14522,33822,10221,80121,764.

21,48021,33821,11821,297

20,95020,95921,39621,221

21,30721,72121,56021,20221,242

21,10621,09121,09121,667

21,70121,79322,08722,16322,118

21,47721,29121,23921,214

20,96820,90521,08521,025

Loansx

Total i

11,38011,19511,36611,01111,235

10,99411,01011,15511,227

11,26411,22611,29111,096

11,21211,08411,01911,12611,130

11,06211,10011,05811,187

11,05211,04711,28611,463

12,32111,74411,52611,21311,102

11,29311,20011,10811,167

11,02911,11211,52011,394

11,57611,60911,79611,65411,703

11,72611,90811,96011,991

12,04212,17412,40012,50712,409

12,18612,08812,18212,153

12,00411,96112,15812,136

Com-mer-cial,

indus-trial,andagri-cul-

tural

7,9097,8367,9317,8997,839

7,8497,8907,9137,939

7,9807,9578,0227,983

7,8697,7997,7987,6857,664

7,6457,6227,5937,559

7,5247,5627,7137,722

7,5617,5497,5227,5227,465

7,5307,5777,6137,683

7,6797,7927,9077,931

7,9918,0468,1938,2388,288

8,3908,4768,5328,536

8,6278,7358,7508,7838,735

8,6178,6508,6208,596

8,5578,5748,5358,543



U. S.Govt.

ob-liga-tions

285154107

6689

86108225150

152200210138

182206252372445

429406353531

439407439537

1,149857601486409

244189149147

134154145102

97144158163174

248267252327

331290337386498

305194162229

215218174174

Otherse-

ties

808738807688670

771696697704

706742774761

867862894930918

897917947985

1,021958991

1,050

1,0731,0401,0551 ,0481,093

1,2781,207

985962

963943978902

9691,0211,048

949925

913963973970

950968977982

1,031

980918923950

929894911913

To others

U.S.Govt.

ob-liga-tions

3030312727

26262525

25252525

2627262520

18202018

18182222

7066635530

28262529

29262625

2524242222

22212124

2228324657

48464241

40414040

Otherse-

curi-ties

223221219219218

217218219220

218218217218

218219219218217

216217216212

212211203209

212209207209209

213210245244

249243238238

237237243235225

224225226221

213212230233228

235237238238

244237233228

Realestateloans

507514513514508

502505498482

470470470471

470471466462453

450450442440

431432428425

419413407405403

411406403394

398408400399

396397398397395

391400403395

397395378383380

381378372376

375374380382

Loansto

banks

447534582422698

368390403531

536442406330

421345199271245

239303301252

226278300308

618412460282282

365354437458

325302570536

602470461384396

269294295244

219228345325104

244275430318

218208473443

Otherloans

1,3451,3441,3521,3521,362

1,351,353

1,3511,352

1,3531,347

,3421,346

1,3351,3311,3411,3381,344

1,3441,341,362

1,366

1,358,358

1,3671,368

1,3971,3761,3811,3861,391

1,4041,4111,4311,432

1,4341,4261,4381,443

1,4411,4521,4531,4481,461

1,4521,4451,4421,459

1,4681,5031,5361,5471,560

1,5611,5751,5801,591

1,6121,6011,5981,599

Total

10,0549,7289,8539,7629,942

9,9379,8599,8289,848

9,8809,937

10,00210,011

9,7859,7469,6759,5989,835

9,7639,7439,822

10,134

10,09810,10810,23510,325

10,82410,59410,57610,58810,662

10,18710,13810,01010,130

9,9219,8479,8769,827

9,73110,1129,7649,5489,539

9,3809,1839,1319,676

9,6599,6199,6879,6569,709

9,2919,2039,0579,061

8,9648,9448,9278,889

Investments


Total

7,9867,6707,8057,6957,882

7,8557,7767,7697,762

7,7927,8567,8997,854

7,5897,5497,4787,4957,737

7,6837,6867,7737,968

8,0017,9908,0448,134

8,5828,2908,2928,2968,344

7,8807,8197,7087,782

7,6297,5517,5987,551

7,4987,8927,5647,3737,452

7,3497,1957,1127,646

7,6557,6167,6217,5777,631

7,2257,1276,9636,963

6,8806,8716,7936,791

Bills

1,065833931856

1,068

1,041924840914

9901,0731,1591,116

890847811809

1,027

881903967

1,099

1,0661,0471,0861,148

1,050741791745758

507512562661

596570681655

6091,103

846691751

674591630

1,180

1,1771,1471,0961,0811,086

799754675695

553513556555

Cer-tifi-

catesof in-debt-

ed-ness

599587641617619

657678752715

673663657671

653654652643654

711683671652

644657650651

832794757761779

633593518545

468409398369

290257260232261

256250229229

258246241222234

239242238245

277343196197

Notes

1,3971,3931,3841,3951,390

1,3931,3981,3931,389

L ,387L,3841,3721,370

1,3701,3821,3811,3871,377

1,3821,3851,3841,388

1,3911,3841,3661,369

1,3731,3751,3781,3891,378

1,3761,3741,3761,377

1,3821,3881,3611,359

1,4221,3881,3701,3581,346

1,3351,2581,1721,150

1,1351,1271,1421,1351,144

1,1171,1071,0891,076

1,0921,0701,0691,076

Bonds2

4,9254,8574,8494,8274,805

4,7644,7764,7844,744

4,7424,7364,7114,697

4,6764,6664,6344,6564,679

4,7094,7154,7514,829

4,9004,9024,9424,966

5,3275,3805,3665,4015,429

5,3645,3405,2525,199

5,1835,1845,1585,168

5,1775,1445,0885,0925,094

5,0845,0965,0815,087

5,0855,0965,1425,1395,167

5,0705,0244,9614,947

4,9584,9454,9724,963

Othersecu-rities

2,0682,0582,0482,0672,060

2,0822,0832,0592,086

2,0882,0812,1032,157

2,1962,1972,1972,1032,098

2,0802,0572,0492,166

2,0972,1182,1912,191

2,2422,3042,2842,2922,318

2,3072,3192,3022,348

2,2922,2962,2782,2762,2332,2202,2002,1752,087

2,0311,9882,0192,030

2,0042,0032,0662,0792,078

2,0662,0762,0942,098

2,0842,0732,1342,098

* For description of the revision see BULLETIN for April 1953, p. 357.1 Figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total, which is shown net.2 Includes guaranteed obligations.



WEEKLY REPORTING MEMBER BANKS—REVISED SERIES, NEW YORK CITY*—ContinuedRESERVES AND LIABILITIES

[In millions of dollars!

Date


serveBanks

Cashin

vault

Bal-anceswithdo-

mesticbanks

De-mand

de-posits

ad-justed



ships,andcor-

pora-tions

Statesand



checksetc.

u. s.Gov-ern-ment



ships,andcor-

pora-tions

Statesand



PostalSav-ings

Interbankdeposits

Demand

Do-mes-tic

For-eign

Time

Bor-row-ings

Cap-ital

1952—Jan. 2.Jan. 9.Jan. 16.Jan. 23.Jan. 30.

Feb. 6.Feb. 13.Feb. 20.Feb. 27.

Mar. 5.Mar. 12.Mar. 19.Mar. 26.



June 4June 11June 18June 25

July 2July 9July 16July 23July 30

Aug. 6Aug. 13Aug. 20Aug. 27

Sept. 3Sept. 10Sept. 17Sept. 24

Oct. 1Oct. 8Oct. 15Oct. 22Oct. 29

5,29

Nov.Nov.Nov.


1953—Jan.Jan.Jan.Jan.

Feb.Feb.Feb.Feb.

12 .1926

31017 . . . .2431 .

7142128 . .

4111825

5,3055,1195,6035,357

5,2895,2895,3535,275

5,2055,1755,7275,631

5,0785,0465,4265,3815,350

5,365,3625,5015,394

5,4715,2645,9705,376

5,1385,455,4465,4705,56

5,2765,165,2705,051

5,0855,2105,4195,45

5,1015,1635,2195,3525,179

5,2665,1605,2425,363

5,4645,2995,4335,2805,060

5,1355,0515,0965,079

5,1054,9335,0174,870

15715:139136142

13 =15514.145

13114:132139

130141134135129

135142131169

19621518200

18819178179184

16817/16.117/

169184147148

139150148145154

154173153175

163192195168150

155158140148

138160137154

48504.4938

31343835

36415178

2003138353

30384235

35333941

335363533

3134036

3.3.5448

4349514344

35404345

4037444558

36474539

35344139

16,4516,53216,72416,98216,946

16,59616,30316,26916,516

16,61616,69416,45416,089

16,07915,78515,92216,22116,284

16,10316,06316,23616,597

16,42116,58917,18516,555

15,90115,80915,80916,08216,162

15,59515,50115,60616,047

15,77415,95016,30515,866

15,76415,70515,64715,99916,014

15,71615,77315,83616,074

16,31416,54716,99516,33216,353

16,15416,19716,23416,347

15,91815,80615,82315,681

17,80117,21417,78617,7217,753

17,19017,57417,12617,359

17,30517,71817,36016,831

16,86716,45016,99116,97317,178

16,61216,94417,00017,266

17,15917,45918,13117,260

16,92216,55816,82016,78616,963

16,23116,41016,41116,692

16,57516,75717,34816,634

16,88016,38317,24616,92716,848

16,70217,09316,76917,117

17,19217,49618,04917,38818,002

17,00617,16017,18717,094

16,68516,73216,86916,822

326252279292318

29534'270287

253238210261

304319300314389

3733530:40'

291266235251

230294264294318

29626.250293

273257281258

314336337396398

449387360345

305279306314321

268274280325

297301303290

1,146611687581624

608797806592

685795646716

680669719

1,082862

698613

1,034986

741621

1,1401,134

1,174811701783912

557598614544

622536874589

1,075740869676628

795885800826

842870857807

1,109

681817678623

653790691705

837580378405557

752857

1,046907

668542

1,4261,707

1,2431,050950878

1,008

9101,1321,2371,007

944749816

1,516

3,1272,7862,4942,2412,023

1,9031,7771,6991,490

1,121956

1,0741,544

1,2151,7171,5271,2641,181

1,049989

1,0261,659

1,3181,002869

1,1581,142

840635606631

708744887831

1,5201,5121,4741,4771,478

1,4861,4921,4861,494

1,4891,5771,5951,600

,580,562,558,555,574

,565,568,588,628

,613,624,639,648

,625,601,581,592,584

,573, 560,553

1,551

1,5601,5691,5671,582

1,5681,5881,5701,5751,574

1,6211,6121,5971,642

1,6281,6411,6771,6811,699

1,6461,6281,6341,645

1,6451,6421,6531,675

2221232326

27272727

27282828

227282424

25252525

25222222

2122232223

24242424

25282727

2729292929

30303030

3131313131

29292729

30313131

3,3883,1463,2273,1523,014

2,9362,9462,9102,856

2,9272,9253,1373,022

3,0042,9472,9322,7422,811

2,8022,8272,7552,750

2,7622,7683,0452,879

3,1252,9732,9332,8042,777

2,8612,9072,7912,697

2,8402,9033,2243,152

3,0913,0143,1562,9912,850

2,9773,0533,0212,908

2,9572,9243,0483,0283,341

3,0743,0953,0592,909

2,8562,9172,883

1,1201,0721,0571,0541,042

1,0221,0131,0321,025

1,0431,0361,0401,042

1,0291,0691,0421,0511,050

1,0241,0131,0721,095

1,0781,0441,0371,062

1,0481,0441,0141,0171,076

1,0951,1041,0581,032

1,0901,0761,0391,056

1,0901 ,0911,1021,1081,119

1,0811,1021,0681,070

1,0891,0981,1191,1181,143

1,0911,0721,0671,064

1,0591,0311,0231,033

316317318314315

315314315315

318320319324

334329324321323

324324326335

340348350347

360358360361358

347353358367

373379380383

391396402404414

420436453455

456460457454462

461458456456

445445443445

20619526769245

150275320274

30231813964

69243485434350

536338216402

608471535285

221381495299518

504456454319

448504315170

340444425266351

587403440344

504564461751130

410321333302

438354370362

2,3972,3992,4012,4022,398

2,4132,4092,4102,409

2,4122,4102,4112,409

2,4172,4182,4182,4192,428

2,4292,4292,4292,424

2,4272,4262,4222,420

2,4342,4362,4342,4352,433

2,4462,4422,4432,442

2,4452,4422,4382,432

2,4472,4482,4482,4452,446

2,4582,4582.4482,446

2,4592,4452,4432,4602,477

2,4762,4762,4762,477

2,488,488,489

2,493

* For description of the revised series see BULLETIN for April 1953, p. 357.demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.

MAY 1953 553


WEEKLY REPORTING MEMBER BANKS—REVISED SERIES, OUTSIDE NEW YORK CITY*LOANS AND INVESTMENTS


Date

1952—Jan.Jan.Jan.Jan.Jan.

Feb.Feb.Feb.Feb.

Mar.Mar.Mar.Mar.


MayMayMayMay

JuneJuneJuneJune

JulyJulyJulyJulyJuly

Aug.Aug.Aug.Aug.

2 . . . .9

1 6 . . . .2 3 . . . .3 0 . . . .

6 . . . .1 3 . . . .2 0 . . . .2 7 . . . .

5 . . . .121 9 . . . .2 6 . . . .

2 . . . .9 . . . .

1 6 . . . .2 3 . . . .3 0 . . . .

71 4 . . . .2 1 . . . .2 8 . . . .

4 . . . .1 1 . . . .1 8 . . . .2 5 . . . .

29 . . . .

1623....3 0 . . . .

6 . . . .132 0 . . . .27

Sept. 3 . . . .Sept. 10Sept. 1 7 . . . .Sept. 24

Oct.Oct.Oct.Oct.Oct.

Nov.Nov.Nov.Nov.


1953—Jan.Jan.Jan.Jan.

Feb.Feb.Feb.Feb.

1 . . . .8

1 5 . . . .222 9 . . . .

5 . . . .1 2 . . . .1 9 . . . .2 6 . . . .

3 . . . .1 0 . . .1 7 . . . .2 4 . . . .3 1 . . . .

1....142 1 . . . .2 8 . . . .

4 . . . .111 8 . . . .2 5 . . . .

TV1 Ota.iloansand

invest-ments

53,53535353

53535353

53535353

5353535353

53535353

53535454

5555555555

55555555

55555555

5556575656

56565657

5757575757

57575757

56565656

697722922743769

751729435374

195398551552

027014335280300

270314410453

507727407556

303338494348314

125196170143

180291

,564,267

,416,628,046,707,712

,889,880,990,780

,547,545,890,640,368

,618,664,489,099

,990,973,929,686

TotaP

24,23,24,23,23,

23,23,23,23,

232324,23,

2324242324

23242424

23242424

2424242424

24242424

25252525

2525252525

26262626

2626262626

26262626

26262626

136980121906868

862900831822

841956039970

953016034994012

968016007048

957012355486

544508621620614

643719717809

058211387303

505604

,897,762,936

,068,213356

,474

,410,519768

,796695

,709,677,608,534

,596,724,734,639

Com-mer-cial,


13,1313,1313

13131313

13131313

1313131313

13131313

13131313

1313131313

13131313

13131313

1313141414

14141414

1414141414

14141414

14141414

679597674550481

422417398383

344447620554

476422423359302

247252207138

067125233233

177201276277291

304323365425

521627785851

,863,944,043,095,169

,280,435,511,522

,503,586,673,711,655

,542,538,467,415

,395,415,346,326

Loans*



U. S.Govt.

ob-liga-tions

2824222020

22323329

33412828

256063

10494

168155104125

132129121187

237182212244217

139128111135

1121128962

871301369697

131128116181

100132143166211

1638995

102

193208177113

Otherse-

curi-ties

226211224195197

213219200201

198198198210

211207216236247

221219238253

262227236256

348303261268280

247249258259

262264252243

269260252257248

240224221230

231229249250262

291261272262

249285293259

To others

U.S.Govt.

ob-liga-tions

9184828181

80817879

80808079

9380818177

77777878

78778384

156151152145127

121114110108

110107110110

1071061059694

94918988

8885848096

89869493

92949494

Otherse-

curi-ties

350350349346347

346347348343

344347347347

349347353355355

356355356359

355353354350

362361364362362

365364409411

413413408411

409408407414410

408406406408

411414414420426

422422425427

434429432433

Realestateloans

55555

5555

5555

55555

5555

5555

55555

5555

5555

55555

5555

55555

5555

5555

,226,223,231,236,237

,233,242,238,247

,249,250,253,259

,265,265,290,296,300

,306,315,318,331

,337,346,359,381

,393,409,418,434,447

,449,476,487,503

,513,538,553,564

,581,589,608,623,637

,644,661,675,683

,684,690,695,713,715

,713,728,732,744

,746,748,755,765

Loansto

banks

11810214999

125

170189153160

23420311268

121210205138196

143179204213

157144323324

144172212143114

233281205164

290287299157

225208341166225

161152204217

21419528819347

206263195162

147187258265

Otherloans

4,7874,7594,7594,7514,752

4,7504,7474,7584,754

4,7374,7694,7814,807

4,7954,8064,7844,8064,822

4,8314,8454,8844,933

4,9504,9925,0285,052

5,1105,1125.1105,1315,161

5,1705,1695 1585,189

5,2225,2495,2775,290

5,3485,3465,3945,4045,443

5,4995,5055,5235,534

5,5715,5795,6155,6545,693

5,6995,7065,7445,744

5,7575,7765,7975,806

Total

29,29,29,29,29,

29,29,29,29,

29,29,29,29,

2928,292929

29292929

29293030

3030303030

30303030

30303029

2931313030

30303031

3131313030

30303030

30303030

561742801837901

889i829604|552

354442512582

074|998j301286|288:

302298!403405

550715052070

759830873728700

482477453334

122080177964

911024149945776

821667634306

137026

,122,844,673

909,987,881,565

,394,249,195,047

Investments


Total

24,24,24,24,25,

24,24,24,24,

24,24,24,24

24,23242424

24242424

24242424

2525252525

25252524

24242424

2425252525

25252525

2525252525

25252525

25242424

696871951954018

978875662595

381456!517566

015905212176180

162168262206

358514806800

462530570423382

160132100901

739672762576

520642751520367

396285209871

765674775514

,336

616,613,490,180

,005,858,742,687

Bills

33333

3333

2233

22222

2222

2222

22222

2222

2121

13332

2223

33333

3333

2222

,128,315,365,313,325

,261,184,065,006

,832,945,036,036

,575,494,767,685,661

,596,542,565,502

,672,860,986,963

,739,731,749,674,608

,385,328,248,092

,029,960,149,977

,959,055,203,023,930

,948,837,760,394

,368,348,472,255,077

,353,328,250,015

,911,768,668,601

Cer-tifi-


33333

3333

3333

32333

3333

3333

33332

2222

2222

22222

2222

22222

2222

2222

,052,026,022,097,141

,155,179,150,153

,089,081,116,112

,022,982,023,066,098

,090,096,122,144

,119,099,116,072

,122,110,098,038,984

,915,919,906,858

,800,799,728,752

,376,327,283,242,221

,207,218,261,238

,230,224,233,231,233

,213,240,236,213

,219,224,103,074

Notes

4,6264,6294,6364,6214,613

4,6104,6084,6104,619

4,6224,6264,6084,607

4,6024,5834,5704,5674,553

4,5784,5824,5994,590

4,6074,6194,6264,629

4,6294,6384,6394,6284,644

4,6464,6524,6554,665

4,6584,6554,6544,632

4,9585.0175,0165,0114,967

5,0145,0064,9875,026

4,9934,9624,9164,9374,900

4,9084,9074,9104,899

4,8614,8504,8474,852

Bonds2

13,89013,90113,92813,92313,939

13,95213,90413,83713,817

13,83813,80413,75713,811

13,81613,84613,85213,85813,868

13,89813,94813,97613,970

13,96013,93614,07814,136

14,97215,05115,08415,08315,146

15,21415,23315,29115,286

15,25215,25815,23115,215

15,22715,24315,24915,24415,249

15,22715,22415,20115,213

15,17415,14015,15415,09115,126

15,14215,13815,09415,053

15,01415,01615,12415,160

Othersecu-rities

4,8654,8714,8504,8834,883

4,9114,9544,9424,957

4,9734,9864,9955,016

5,0595,0935,0895,1105,108

5,1405,1305,1415,199

5,1925,2015,2465,270

5,2975,3005,3035,3055,318

5,3225,3455,3535,4335,3835,4085,4155,388

5,3915,3825,3985,4255,409

5,4255,3825,4255,435

5,3725,3525,3475,3305,337

5,2935,3745,3915,385

5,3895,3915,4535,360

* For description of the revised series see BULLETIN for April 1953, p. 357. .1 Figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total, which is shown net.2 Includes guaranteed obligations.



WEEKLY REPORTING MEMBER BANKS—REVISED SERIES, OUTSIDE NEW YORK CITY *—ContinuedRESERVES AND LIABILITIES


Date


serveBanks

Cashin

vault

Bal-anceswithdo-

mesticbanks

De-mand

de-posits

ad-justed1



ships,andcor-

pora-tions

Statesand



checksetc.

u. s.Gov-ern-ment



ships,andcor-

pora-tions

Statesand



PostalSav-ings

Interbankdeposits

Demand

Do-mes-tic

For-eign

Time

Bor-row-ings

Cap-italac-

counts

1952—Jan. 2Jan. 9Jan. 16Jan. 2 3 . . . .Jan. 30

Feb. 6Feb. 13Feb. 20Feb. 2 7 . . . .

Mar. 5 . . . .Mar. 12Mar. 19Mar. 26



June 4. . . .June 11June 1 8 . . . .June 2 5 . . . .

July 2 . . . .July 9July 16July 23July 30

Aug. 6 . . . .Aug. 13Aug. 20Aug. 27

Sept. 3Sept. 10Sept. 17Sept. 24

Oct. 1Oct. 8Oct. 15Oct. 22Oct. 29

Nov. 5Nov. 12Nov. 19Nov. 26

Dec. 3Dec. 10Dec. 17Dec. 24Dec. 31

1953—Jan. 7Jan. 14Jan. 21Jan. 28


9,7529,773

10,049,8259,578

9,6469,67.9,5569,384

9,4559,5129,999,516

9,5669,5069,6419,469,551

9,5699,4979,6059,376

9,3779,5749,9899,583

9,9099,6889,7699,6879,742

9,7379,7339,8239,632

9,4939,81210,1919,855

9,7499,7549,976

10,0559,992

9,7329,90710,05110,232

10,08910,19210,24310,5129,489

10,21810,06010,12910,031

10,0419,9849,8629,831

845839786784784

733809764799

721778764766

709755752760736

735789753791

761797776797

732796764776794

741787761802

769811779805

757780808803847

774871816811

824892889798863

863859813830

764796792838

2,912,6242,7582,6492,377

2,2982,4852,3642,35^

2,3402,4582,7362,648

2,49:2,362,5032,25^2,283

2,2562,432,2912,299

2,30.2,3662,5332,347

2,5282,4012,4822,3132,247

2,3502,4462,3312,250

2,3132,3632,7012,637

2,3812,3612,6752,3922,325

2,4062,5392,5102,347

2,3742,3582,5742,4793,021

2,4092,5592,4992,305

2,2722,2872,4462,371

37,64137,8938,55338,34538,095

37,62437,50837,00036,871

36,71337,42037,24836,526

35,77736,09836,60136,64236,742

36,49636,59936,64536,968

36,79537,31637,45237,020

36,50836,64236,89837,08437,317

36,97637,04336,86237,069

38,47037,86539,23438,23:37,751

37,18338,42337,03736,976

36,62637,89:37,47236,346

35,54235,8337,27136,38136,430

35,8736,98236,47036,574

36,75437,61037,90836,715

36,58736,58537,80037,08836,916

36,63637,64636,98537,146

37,208 3737,68437,62737,124

,36638,16638,75037,408

37,37,17537,72137,94938,300 38

,64637,52739,95738,678

,660

38,931269 40,007

39,04139,189

38,04438,38,12038,614

38,97939,72640,527

116 40,058020 40,262

38,81139,31939,57139,39,

39,05739,40539,50439,199

38,67138,54337,94838,130

39,02940,31139,92139,018

8,2958,72318,4298,520

3,3063,2473,2653,2983,429

3,4823,36:3,3133,364

3,28.3,2213,2123,320

3,4593,3213,4193,5063,734

3,6883,6223,6123,660

3,5633,3773,3803,606

3,5193,4033,2253,2443,432

3,4763,2473,2473,219

3,3363,2403,1263,128

3,2543,0913,0023,0903,216

3,2873,1943,1693,259

3,3053,2283,2063,2653,477

3,4213,3513,4553,569

3,6483,6413,4633,500

97877783880974

760775784794

776790878820

869768813796824

753769739768

797768927870

909812795781777

759750797736

842799910833

927874884792773

818857900880

897833929867

1,014

897930890808

805799859779

1,4201,051891963

1,114

1,3811,4771,8351,678

1,3091,1662,1902,784

2,4722,3312,2192,0442,213

1,8251,8252,2371,938

1,7871,5342,4172,949

3,8683,4013,1973,0142,837

2,8092,7452,9352,640

2,0651,8832,6012,989

2,3863,0202,9462,4752,306

2,0511,9772,3533,092

2,5182,0052,2402,3862,425

1,9041,5791,6211,731

1,9762,1022,6272,478

13,88413,93913,93813,95013,951

13,98013,99414,00014,034

14,08914,07914,06414,064

14,06114,09814,11114,12214,126

14,16314,15814,17814,185

14,22914,24314,25314,291

14,32214,33314,34714,35914,363

14,40014,41314,41214,433

14,45214,47714,49914,526

14,57614,62414,65014,67414,692

14,72114,71514,67514,653

14,66114,68314,70814,75914,870

14,88614,86914,88314,883

14,91114,93714,94814,966

694704702704707

718719735739

735735733736

74:74474:744748

74375975760

754753753745

747748758761761

754753748747

745744737737

734723715713714

717718724721

725725733733732

727737740741

745748746752

11911911111811

118119121121

12312:12:122

12112112312:123

12412126126

12512412312J

126126128127131

129134134

135133137136

135136137137136

137139139139

140139139140142

142143140143

142141142140

8,4438,0668,1667,8277,206

7,3917,34:7,117,043

7,2337,2907,567,160

7,4187,0997,2446,6356,56:

6,947,1166,7046,469

6,9047,0437,2576,801

7,1977,3377,3156,9286,764

7,2387,4437,1726,996

7,3577,6847,9907,413

7,3877,7918,3827,7777,488

7,8157,9907,9787,444

7,6867,7318,1468,0108,352

8,1238,2587,9637,249

7,3577,3097,5097,128

228221235220219

218206209204

20320420'211

22:214220218213

218209210206

215217223220

217231232228245

246255255257

257249253262

250253250251247

256255260265

252247244252267

266256260250

247235248247

97959797102

101100101100

100100102100

104104103103105

104106106106

108112113113

112116117117117

114115115115

114117114116

119119123122123

122124128126

124124124123124

124124123

126126127127

294463439381580

504813591685

733584346291

39632836662522

674616583619

487591524432

804723941917981

698650827820

806662577539

731932804,079,054

,131,215,194,288

,122,192835

1,07315

1,129987907

1,124

1,0661,061853898

4,5264,5324,5204,5244,546

4,5454,5574,5404,560

4,5644,5674,5694,583

592598

4,5954,5994,622

4,6434,6364,6344,655

4,6634,6634,6654,674

4,6744,6634,6494,6624,671

4,6794,6814,6774,685

4,7074,7054,7044,716

4,7304,7404,7334,7404,757

4,7664,7674,7594,771

4,7794,7754,7794,7744,781

782755

4,7554,782

,788,795796

4,812

* For description of the revised series see BULLETIN for April 1953, page 357.1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.

MAY 1953 555


PAGE

International capital transactions of the United States 558-563

Gold production 563

Reported gold reserves of central banks and governments 564

Gold movements; gold stock of the United States 565

International Monetary Fund and Bank 566

Central Banks 566-570

Money rates in foreign countries 571

Commercial banks 572

Foreign exchange rates 573

Price movements in principal countries:

Wholesale prices 574

Consumers' price indexes 575

Security prices 575

Tables on the following pages include the principal available statistics of current significance relatingto 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 com-mercial 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 ReserveBanks from banks, bankers, brokers, and dealers in the United States in accordance with the TreasuryRegulation of November 12, 1934. Back figures for all except price tables, together with descriptivetext, may be obtained from the Board's publication, Banking and Monetary Statistics.

MAY 1953 557


INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATESTABLE 1.—NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935, BY TYPES

[Net movement from United States, (-). In millions of dollars]

From Jan. 2, 1935,through—

1947—Dec. 311948—Dec. 311949—Dec. 311950—Dec. 311951—Dec. 31

1952—Mar. 31Apr. 30May 31June 30July 31Aug. 31Sept. 30Oct. 31Nov. 30Dec. 31

1953—Jan. 31*Feb. 28P

Total

8,343.78,569.18,763.5

10,521.110,140.7

10,231.010,263.610,466.610,580.5

'•10,937.1'11,127.0'•11,355.6»-ll,438.2'11,567.311,383.1

11,360.011,209.2

Increase in banking funds in U. S.l

Total

6,362.36,963.96,863.97,890 78,548.1

8,719.28,829.19,199.19,287.0

'9,602.1'•9,772.3'9,952.7'9,833.5'9,924.09,779.6

9,725.09,616.8

Foreignofficials

1.121.82,126.02,197.82.715.62.770.2

2,912.33,025.53,219.93,309.43,615.33,791 .33,909.13,831.93,959.73,763.3

3,687.73,625.6

Foreignother

2,998.52,993.63,028.23.472 84,089.6

4,149.64,164.94.285.84,294.1

'4,220.3'4,207.0'4,262.6'4,191.8'4,218.64,277.8

4,290.14,266.0

Interna-tional3

2,242.01,844.31,637.8L.702.31,688.3

1,657.31,638.71,693.31.683.51,766.51,773.91.781.01,809.8L,745.61,738.5

1,747.11,725.2

Decreasein U. S.banking

fundsabroad1

186.5116.8307.6231.4160.9

125.0109.790.799.8

103.263.0

106.0110.7108.280.6

93.496.0

Domesticsecurities:Inflow offoreignfunds 4

375.5183.3258 5

1.202 9618 6

617.4622.4621.1624.1647.0679.9673.8859.6901.4933.5

966.4973.8

Foreignsecurities:

Returnof U. S.funds *

1,276.91,182.11,209.91 064.5

687.5

637.5575.4424.6436.3455.2486.3495.6506.6513.6465.6

448.0400.1

Inflow inbrokeragebalances

142.4123.1123.7131.7125.6

131.8127.0131.1133.4129.7125.5127.6127.9120.1123.8

127.3122.4

TABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,BY COUNTRIES 5

[Amounts outstanding, in millions of dollars]

Date

1947—Dec. 3 1 . . .1948—Dec. 3 1 . . .1949—Dec. 3 1 . . .1950—Dec. 3 1 . . .1951—Dec. 3 1 . . .

1952—Mar. 3 1 . . .Apr. 30 . . .May 31 . .June 3 0 . . .July 3 1 . . .Aug. 3 1 . . .Sept. 3 0 . . .Oct. 3 1 . . .N o v . 3 0 . . .Dec. 3 1 . . .

1953—Jan. 31 P . .F e b . 2 8 P . .

In-terna-tionalinsti-

tutions3

2,262.0,864.3,657.8,722.2,708.2

,677.2,658.6,713.3

U703.4L.786.5L.793.8L,800.91,829.7,765.6

L,758 4

,767.1L,745.2

Tota breigncountries

Officialand

private

455

767

7788

' 8' 8' 8' 8' 88

88

,854.,853.,960.,922.,594.

,796.,924.,239,337,569,732,905,757,912,775

,712,625

47260

1597759953

07

Official2

1,8322,8362,9083,4253.480

3,6223,7353,9304,0194,3254,5014,6194,5424,6704,473

4,398

.1

.3

.1

.9

.5

.6

.8

.2

.7

.6

.6

.4

.2

.0

.6

.04,335.9

UnitedKing-dom

326546574

7656642

783745756793

'849'834'866'890'976815

884751

23466

6084285136

4.3

France

167192171260289

251256267

.7

.8

.67

.4

.4

.3

.2299.2344395404348337342

249253

.3

.6

.0

.4

.3

.6

.5

.4

Neth-er-

lands

143.122.

38

170.5193148.

149122155203

68

7090

241.2299345384343203

209220

413

1

40

Switz-er-

land6

446.4538.9576.9553 0521.3

544.8584.3599.6600.8617.5612.0614.3624.0627.7641.8

610.3605.9

Italy

153.333.303.314.300.

292.286.278.

15675

155

266.8291.294291305326308

310276

799729

55

OtherEurope

739738717799

8102

1,022.2

958970

1,0041,0281,0581,0831,1411,2071,2431,259

1 ,2291,273

0879354913

0.6

TotalEurope

1,976.72,472.42,513.9

72,777.72,924.7

2,979.72,964.93,062.73,192.2

'3,402.1'3,520.3'3,663.1'3,760.5'3,853 .83,571.2

3,493.13,380.6

1

1111111111

11

Can-ada

409.6775.2869.1899.0

,307.1

,339.7,397.8,496.0,503.0,540.3,528.1,530.1,373.3,356.5,415.9

,432.1,375.2

LatinAmerica

1,2161,2871,4361.612,455

1,463

60792

11,490.21,529L ,5171,538

320

1,570.0L.5801,5201,5611,607

1,5811,611

772

.6

7.3

Asia

11,057.91,151.8

961.0,378.5

1,609.6

1,687.8L,755.01,826.0L,792.01,757.7L,743.51,795.1L.781.91,812.91,845.0

1,851.41,900.5

Allother

193.7167.4179.5254.5297.4

325.9316.6325.9333.2331.6370.7336.8321.5328.1335.6

353.7358.1

P Preliminary. ' Revised.1 Certain of the movement figures in Table 1 have been adjusted to take account of changes in the reporting practice of banks (see BULLETIN

for August 1951, p. 1030). Reported figures from banks, however, did not permit similar adjustments in Tables 2 and 3, representing outstandingAmounts. Therefore changes in outstanding amounts as may be derived from Tables 2 and 3 will not always be identical with the movementof funds shown in Table 1.

2 Represents funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and theiragencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.), and also funds held inaccounts with the U. S. Treasury.

3Includes Bank for International Settlements, International Bank for Reconstruction and Development, International Monetary Fund, andUnited Nations and other international organizations.

4Figures include transactions of international institutions, which are shown separately in Tables 6 and 7. Securities of such institutions areincluded in foreign securities.

6UShort-term liabilities" reported in these statistics represent principally demand deposits and U. S. Government obligations maturing innot more than one year from their date of issue, held by banking institutions in the United States. The term "foreigner" is used to designateforeign governments, central banks, and other official institutions (see footnote 2 above) as well as other banks, organizations, and individual!domiciled outside the United States, including U. S. citizens domiciled abroad and the foreign subsidiaries and offices of U. S. banks and commer-cial firms. (Footnote 1 above also applies to this table.)

6 Beginning January 1950, excludes Bank for International Settlements, included in "International institutions" as of that date.7 Data for August 1950 include, for the first time, certain deposit balances and other items which have been held in specific trust accounts,

but which have been excluded in the past from reported liabilities.NOTE.—These statistics are based on reports by banks, bankers, brokers, and dealers. Beginning with the BULLETIN for September 1951,

certain changes were made in the order and selection of the material published. An explanation of the changes appears on p. 1202 of that issue.For further explanation and information on back figures see BULLETIN for August 1951, p. 1030,



INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—ContinuedTABLE 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

1947—Dec. 3 1 . .194g—Dec> 3i1949—Dec. 3 1 . .1950— Dec. 3 1 . .1951—Dec. 3 1 . .

1952—Mar. 3 1 . .Apr. 30. .May 3 1 . .June 30..July 3 1 . .Aug. 3 1 . .Sept. 30. .Oct. 3 1 . .Nov. 30 . .Dec. 31. .

1953—Jan. 31 P.Feb. 28?.

OtherEurope

739.8738.1717.0799.2

1,022.2

958.0970.8

1,004.71,028.91,058.31,083.51,141.41,207.91,243 11,259.3

1,229.01,273.6

Aus-tria

41.957.1

54.054.953.149.551.960.774.377.784 991.1

94.996.3

Bel-gium

124.9128.7119.9128.2134.7

132.1134.1155.0137.5143.5142.1136.7131.8140 2123.9

125.0131.0

Czech-oslo-vakia

5.61.3

.7

.7

.6

.6

.6

.6

.9

.55

.6

.6

.5

Den-mark

52.844.738.045.545.3

38.937.637.034.237.543.851.059.669 970.4

63.760.7

Fin-land

30.519.125.118.327.0

26.923.823.921.322.724.425.926.726.728.5

32.928.6

Ger-many

89.5178.9149.4221 6405.6

361.8380.2390.5453.1464.3457.5486.2534.3544 7551.1

531.5552.2

Greece

34.721.129.632.345.8

41.041.941.141.738.739.439.841.242.847.3

50.753.8

Nor-way

56.277.769.443.699.7

104.4100.5100.994.696.1

101.0104.1109.6109 4110.3

106.8116.9

Po-land

"4.2"2 . 8

2 . 52 . 12 . 42 . 64 . 73 . 12 .23 . 61.83 . 4

2 . 34 . 5

Por-tugal

47.137.738.145.740.7

41.841.643.140.645.949.351.046.749 957.4

47.852.4

Ru-mania

8 .77 . 06 . 76 .16 . 1

6 .26 .16 . 16 . 05 .75 .75 .76 . 06 16 . 1

6 . 16 .1

Spain

12.813.615.721.317.1

17.917.720.218.518.017.620.424.421 A19.2

20.219.0

Swe-den

58.649.090.1

115.371.7

62.465.365.868.470.677.077.682.884 591.0

86.893.3

USSR

73.721 310.24 . 02 . 5

2 . 52 . 42 .22 . 02 . 02 . 15 .14 . 82 11.7

3 . 53 . 4

Yugo-slavia

12.119.9

7 .613.2

7 .1

7 .17 . *7 .8

10.711.412.714.113.011 412.0

12.19 .7

AHother1

138.2119 3117.452.457.6

57.954.255.147.644.646.546.445.345.045.2

44.245.3

Date

1947—Dec.1948—Dec.1949—Dec.1950—Dec.1951—Dec.

1952—Mar.Apr.M a yJuneJulyAug.Sept.Oct.Nov.Dec.

1953—Jan.Feb.

3 1 .3 1 .3 1 .3 1 .3 1 .

3 1 .3 0 .3 1 .303 1 .3 1 .3 0 .3 1 .3 0 .3 1 .

31?2 8 P

LatinAmer-

ica

1,216.61,287.01,436.71,612.91,455.2

1,463.11,490.21,529.31,517.21,538.01,570.01,580.71,520.71,561 .21,607.6

1,581.71,611.3

Argen-tina

236 .2215.8201301249

189177167146130128129131146138

131145

.1

.8

.7

.4

.4

.8

.8

.7

.3

.8

.9

.2

.8

.7

.5

Bo-livia

1717132027

21212424232221181624

1820

.8

.1

.5

.4

.8

.4

.7

.4

.1

.2

.5

.2

.7

.6

.5

.9

.2

Brazil

104123192226

7780

100.3

99.6988980938788727872

7182

589299325

98

Chile

4655607954

57585254586158626979

7582

.3

.6

.9

.5

.0

.3

.6

.0

.3

.4

.2

.1

.4

.2

.3

.7

.4

Table 2b.—Latin

Co-lom-bia

46548553

106

959180737785888796

118

113126

10944

0176643942

45

Cuba

234219

74

164.2259263

288307318316321341321285284301

275279

16

3416244722

96

Do-min-icanRe-pub-lic

42.7'45.8

50.553.451.550.451.249.946.643.343.544.2

43.542.8

4meric«

Guate-mala

2527

39403938363432323334

3841

.4

.3

.5

.0

.7

.3

.4

.4

.4

.2

.2

.3

.5

.2

1

Mex-ico

139.2146.7214.6207.1158.2

171.9150.4177.3195.7205.1238.0233.5232 A251.0231.2

239.3213.2

Neth-er-

landsWestIndiesandSuri-n a m

14.924.325.930.234.9

28.828.228.432.229.135.538.039.541.944.3

44.545.4

Peru

4152526047

565755

.8

.6

.8

.2

.2

.3

.0

.956.5575856626760

5761

.1

.5

.2

.0

.0

.9

.0

.9

Re-pub-lic ofPan-ama

7071745967

6765

38327

96

70.574737479818280

8890

2355148

24

ElSal-

vador

1627

43423736323025211925

4044

1.8

.7

.5

.2

.8

.6

.5

.4

.6

.9

.6

.1

.2

Uru-guay

75! 184.7

83.593.090.497.6

101.597.391.594.892.894.1

94.297.1

Vene-zuela

78.0121.7143.285.271.9

66.5101.4140.4129.8131.0108.3154.3141.6126.2145.5

124.3103.9

OtherLatin

Amer-ica 2

186.5184.1207.4

71.387.8

103.6104.1105.1109.2116.2116.2115.6113.4112.5112.2

124.5134.4

Date

1947—Dec.1948—Dec.1949—Dec.1950— Dec.1951—Dec.

1952—Mar.Apr.M a yJuneJulyAug.Sept.Oct.Nov.Dec.

1953—Jan.Feb.

3 1 .3 1 .3 1 .3 1 .3 1 .

3 1 .3 0 .3 1 .3 0 .3 1 .3 1 .3 0 .313 0 .3 1 .

3 1 *

28*

Asia

1,057.91,151.8

961.01,378.51,609.6

1,687.81,755.01,826.0,792.0

L,757.7,743.5

1,795.1,781.9,812.9,845.0

1,851.41,900.5

For-mosaand

ChinaMain-land

229.9216.2110.681.787.4

78.680.180.276.576.380.484.783.380.376.4

73.572.8

HongKong

39.851.183.986.162.4

67.865.662.765.968.169.671.470.270.770.9

72.071.4

India

62.451.863.355.762.1

46.352.167.358.761.654.855.254.155.064.6

70.275.1

Indo-nesia

694115

114140

141171

.3

.5

.7

.7

.6

.0

.1190.217615411487646061

5860

.5

.0

.5

.3

.9

.0

.0

.0

.6

fable :

Iran

2025

25232321242218201819

1616

'.3.5

.7

.8

.5

.1

.7

.6

.3

.1

.9

.2

.5

.4

Isra

1226

1927373026

2c.—Asia and All Other

el

*66

86858

26.522 127.91918

2621

38

26

Japan

3181

214458596

682696724730725743

.3

.4

.6

.5

.0

.4

.8

.8

.7

.6

.9772.6767789808

821863

.5

.1

.0

.6

.1

Phil-ippineRe-

public

488.6488.3297.3374.4329.7

332.2335.0337.2333.0321.8324.6319.7321.8315.1315.1

305.7313.7

Thai-land

4896

27

121.0125126126134143157166176181

186190

858989650

74

Tur-key

37179

1414

10101420

9989

118

108

.6

.5

.8

.3

.1

.6

.8

.2

.6

.4

.8

.8

.7

.0

.4

.2

.6

OtherAsia3

9 9 .204.165.111.168.

162.166.161.151.154.153.197.195.217.221.

210.206.

00794

4357402815

77

Allother

193.7167.4179.5254.5297.4

325.9316.6325.9333.2331.6370.7336.8321.5328.1335.6

353.7358.1

Aus-tralia

30.622.232.419.138.5

38.436.744.749.547.481.254.150.148.447.2

51.152.3

Bel-gian

Congo

"58.154.5

57.862.067.572.674.884.590.496.6

105.2118.6

117.8119.5

Egyptand

Anglo-Egyp-tian

Sudan

25.027.761.675.6

110.7

127.3123.3118.3117.7116.8104.291.772.162.059.7

58.455.1

Unionof

SouthAfrica

46156

447

9

48000

013.91210111411132323

3638

49228306

31

Other4

91.8101.679.557.786.8

93.380.783.182.581.586.588.789.489.586.5

90.193.2

P Preliminary.1 Beginning January 1950, excludes Austria, Czechoslovakia, and Poland, reported separately as of that date.2 Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date.3 Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. Beginning January 1950, excludes Iran,

Israel, and Thailand, reported separately as of that date.* Beginning January 1950, excludes Belgian Congo, reported separately as of that date.

MAY 1953 559


INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—ContinuedTABLE 3.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,

BY COUNTRIES»[Amounts outstanding, in millions of dollars]

Date Total

948.91,018.7

827.9898.0968.4

1,004.41,019.71,038.71,029.61,026.21,066.31,023.41,018.71,021.11,048.7

1,036.01,033.3

UnitedKing-dom

29.224.537.2

105.735.0

35.433.542.036.230.932.226.835.833.830.3

32.535.3

France

23.4119.051.831.410.1

13.213.811.611.711.6

9 . 29 . 39 . 47 . 6

31.9

28.68 . 8

Neth-er-

lands

49.151.4

5 . 23 . 45 . 0

5 . 73 . 43 . 33 . 13 . 83 . 32 . 62 . 74 . 44 . 4

6 . 46 .2

Switz-er-

land

7 . 06 . 93 . 88 .7

11.2

11.68 . 67 . 39 . 88 . 09 . 88 . 48 . 09 . 27 .1

13.513.1

Italy

21.115.822.620.710.3

21.523.524.930.428.624.619.616.417.217.8

22.920.2

OtherEurope

118.9106.398.567.1

111.2

89.681.179.168.867.266.575.179.082.781.9

78.472.9

TotalEurope

248.6323.8219.2237.0182.8

176.9163.9168.2160.2150.0145.7141.8151.4154.8173.4

182.4156.6

Can-ada

27.539.837.6

125.892.0

72.176.469.551.445.153.358.373.773.862.3

56.357.5

LatinAmer-

ica

514.3516.6411.1378.8489.3

570.2601.1652.2669.6700.1715.2658.3638.6641.8662.0

647.5676.6

Asia

127.0118.8139.796.3

162.4

149.5144.8117.4118.0105.2128.4141.6132.8127.9128.6

125.9124.0

Allother

31.519.720.460.041.9

35.733.531.530.425.823.723.422.222.822.4

24.118.7

1947—Dec. 31...1948—Dec. 31...1949—Dec. 31...1950—Dec. 31...1951—Dec. 31...

1952—Mar. 3 1 . . .Apr. 3 0 . . .M a y 3 1 . . .June 3 0 . . .July 3 1 . . .Aug. 3 1 . . .Sept. 3 0 . . .Oct. 3 1 . . .N o v . 3 0 . . .Dec . 3 1 . . .

1953—Jan . 31 P . .Feb. 2 8 P . .

Table 3a.—Other Europe

Date

1947—Dec# 31 . . . .1948—DeCt 311949—Dec 311950—Dec. 311951—Dec. 31

1952—Mar 31Apr. 30May 31June 30July 31Aug 31Sept. 30Oct 31Nov. 30Dec. 31

1953—Tan 31 PFeb 28P

OtherEurope

118 9106.398 567.1

111.2

89.681.179.168.867.266.575.179.082.781.9

78.472.9

Aus-tria

.2(»)

.1(8)

(«)(8)

A1.01.0

.8

.3

.2

Bel-gium

15.021.419.321.539.6

28.721.317.613.912.911.511.813.217.716.2

16.215.9

Den-mark

2.2.6.4

3.24 . 8

4.64.33.93.53.62.23.52.83.32 . 1

3.54.3

Fin-land

8.03.48.22.23 . 1

2.71.83.42.92.82.22.83.84 05 . 6

5.14.4

Ger-many

30.530.530.025 428.3

27.727.226.923.223.725.727.528.025 426.8

24.127.3

Greece

10.61.2

.7

.2

.2

.1

.1

.1

.1

.2

.2

.2

.2

.2

.2

.2

.1

Nor-way

9.28.47.41 42 5

1.51.82.01.61.81.82.01.71.81.9

1.71.7

Por-tugal

1 1.7.558

1.21.0

.8

.8

.7

.6

.6

.5

.6

.5

.5

.6

Spain

.92.97.01.6

18.8

13.512.614.614.314.312.513.512.611.811.2

9.45.7

Swe-den

5.41.42.36 95 4

4.23.63.22.73.11.92.23.33.02 . 5

2.62.2

Yugo-slavia

(«)6.0(«)

3.9

.72.42.72.3

.53.47.38.07.98 . 6

7.83.9

Allother 2

35.929.822.64 04 0

4.44.93 83.63 64.43 73.85 85 4

7.06.6

Table 3b.—Latin America

Date

1947—Dec.1948—Dec.1949—Dec.1950—Dec.1951—Dec.

1952—Mar.Apr.MayJuneJulyAug.Sept.Oct.Nov.Dec.

1953—Jan.Feb.

3131. .31. .3 1 . .3 1 . .

31 . .30. .31 . .30. .31 . .3 1 . .30. .31 . .30. .31 . .

31P.2 8 P .

LatinAmer-

ica

514516411378

3.6.1.8

489.3

570601652669700715658638641662

647676

.2

.1

.2

.6

.1

.2

.3

.6

.8

.0

.5

.6

Argen-tina

65.272.453.645.9

7 . 6

8 . 67 .87 .48 .27 .27 .68 . 68 .19 . 38 .2

7 . 47 .2

Bo-livia

2 . 02 .72 . 38.77 .5

8 .18 . 69 . 78 . 48 .76 . 86 .26 .26 . 05 . 8

6 . 510.7

Brazil

165.8165.4136.978.0

185.0

234.9272.2320.7358.3392.6403.9374.7356.2354.5356.4

353.2383.1

Chile

27.815.215.56 . 8

24.8

29.329.127.526.127.023.021.618.320.526.423.419.3

Co-lom-bia

323221

661

42.543

33313435343432343641

3636

7

8530521907

48

Cuba

10883272732

56545551525133363032

2330

.6

.1

.5

.6

.3

.6

.7

.9

.8

.5

.6

.6

.1

.6

.5

.5

.7

Do-min-icanRe-

pub-lic

"i!91.8

2 . 12 . 92 . 42 . 21.91.81.81.61.71.6

1.82 . 3

Guate-mala

"23

4434332334

44

.6

.8

.2

.1

.7

.1

.7

.2

.8

.2

.5

.2

.4

.9

Mex-ico

5273737090

1019490

.2

.8

.0

.6

.6

.1

.4

.878.0719192889088

9494

.2

.7

.0

.4

.3

.6

.2

.6

Neth-er-

landsWest

IndiesandSuri-nam

1 l.5.3.3.2

.2

.3

.1L.2

.2L.IL.2

.2L.3L.3

L.41.9

Peru

445

1111

11101110101010111314

1517

.3

.4

.80

.8

.5

.3

.6

.9

.9

.7

.3

.7

.2

.8

.7

.2

Re-pub-lic ofPan-ama

44533

36

76310

98

6 . 05633446

85

93

.37425

.7

.0

ElSal-

vador

*69

76555

85

55343

5 . 35799

86

1101

57

Uru-guay

" 810

19242730322520

.5

.1

.9

.9

.5

.1

.7

.614.31214

149

.9

.3

.0

.2

Venezuela

1526254941

3332343232323133

.3

. 0

.6

.4

.7

.1

.2

.2

.1

.4

.4

.7

.135.636

3433

.7

.2

. 0

OtherLatinAmer-ica 4

34 534^ 743.114.614.5

15.113.713.811.512.513.012.413.913.213.7

14.314.1

p Preliminary.1 See footnote 1, p 558.2 Beginning January 1950, excludes Austria, reported separately as of that date.3 Less than $50,000.4 Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date.



INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—ContinuedTABLE 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

Date

1947—Dec. 3 1 . .1948—Dec. 3 1 . .1949—i)ec< 3i1950—Dec. 3 1 . .1951—Dec. 3 1 . .1952—Mar. 3 1 . .

Apr. 30..May 3 1 . .June 30..July 3 1 . .Aug. 31. .Sept. 30..Oct. 3 1 . .Nov. 30.. .Dec 31

1953—Jan. 31 P.Feb. 28P.

Asia

127.0118.8139 796.3

162.4149.5144.8117.4118.0105.2128.4141.6132.8127.9128 6125.9124.0

For-mosaand

ChinaMain-land

40.824.216 618.210.19 .18 .68.17 .38.18 .3

10.110.110.110 110.49 . 8

HongKong

2 . 63 . 43 73 . 03 . 1

2 . 84 . 21.82 . 4

.81.31.0

.91.31 21.92 .4

India

29.620.417.416.213.420.414.59 . 46 .55 .54 . 23 .73 . 53 . 74 33 . 63 3

Indo-nesia

.51.9

.2

.2

.3

.7

.9

.61.4

.5

.6

.7

.9

.7

.9

.8

.6

Iran

6 .69 . 3

10.110.810.610.710.39 .69 . 3

10.110.210 210.210.2

Israel

18.930.030.329.330.127.727.422.922.818,717.415 125.925.1

Japan

.915.914 112.112.29 . 1

11.012.514.310.413.310.112.612.212 511.515.6

Phil-ippineRe-

public

27.437.323 2

4 . 929.322.623.727.420.5

6 . 910.3

5 .36 .43 . 07 6

10.711.6

Thai-land

1.52 . 5

3 .72 . 83 .22 . 72 . 33 .53 . 83 . 44 . 03 32 . 63 . 0

Tur-key

17.71.4

14.3.9.6

13.823.6

1.615.416.737.055.751.047.438 826.721.2

OtherAsia1

7.514.350.313.951.626.915.312.19 . 0

16.317.419.215.317.724 621.621 ?

Allother

31.519.720 460.041.935.733.531.530.425.823.723.422.222.822 424.118.7

Aus-tralia

9 . 04 . 77 9

40.822.817.713.512.712.09 . 68 .08.28.7

10.010 19.26 .4

Bel-gian

Congo

4 . 45 .7

7.27 .67 .88.78.27 .96 .96 .76 .56 07 .06 6

Egyptand

Anglo-Egyp-tian

Sudan

.1

.42

.3

.2

.1

.2

.2

.2

.2

.5

.6

.5

.1

.5

1.0.8

Unionof

SouthAfrica

14.47 .94 . 57 .36 .7

5 .77 . 04 . 84 . 73 .73 . 53 . 12 . 32 . 62 . 0

2 . 52 . 1

Other 2

8 .06 . 87 .77 .26 . 5

5 . 05 .16 .14 . 94 . 13 . 84 . 74 . 03 . 63 . 8

4 . 42 . 8

TABLE 4.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM DOMESTIC SECURITIES, BY TYPES«(Inflow of Foreign Funds)


Year or month

1947194819491950 .1951195219«;2—March

AprilMay ,JuneJulyAugustSeptemberOctober .NovemberDecember

1953—January*February?

U. S. Government bonds and notes4

Purchases

344.8282.4430.0

1,236.4673.6533.7

19.413.931.239.639.137 534.0

188.849.445.042.628.1

Sales

283.3330.3333.6294.3

1,356.6231.4

16.315.822.232.029.213 314.218.821.117.015.930.7

Netpurchases

61.5-47 .9

96.4942.1

-683 0302.3

3.1- 2 . 0

9 . 07 .79 . 9

24.219.8

170.128.327.926.6- 2 . 6

Corporate bonds and

Purchases

226.1369.7354.1774.7859 8850.365.776.261.663.676.867.653.377.269.893.781.874.7

Sales

376.7514.1375.3772.3761 .0837.768.169.271.968 363.758 979.261.556.389.475.664.7

stocks 5

Netpurchases

— 150 6-144.3-21 .2

2 . 498 712 6

- 2 . 57 0

-10 .3—4 713.18 7

-25 .915.713.54.36.2

10.0

Totalpurchases

570 9652.2784.1

2,011.11,533 .31,384.0

85.190 192.8

103 2115.9105 187.3

266.1119.2138.6124.4102.8

Totalsales

659 9844.4708.9

1,066.62,117.61,069.0

84.485.094.1

100 393.072 293.480 377.5

106.591.595.4

Netpurchases

ofdomesticsecurities

—89 1— 192 2

75.2944 4

-584.3314 9

.65 0

— 1 33 0

22 932 9

—6 1185.841 832.2

32.97.4

TABLE 5.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM FOREIGN SECURITIES OWNEDIN THE UNITED STATES, BY TYPES *

(Return of U. S. Funds)[In millions of dollars]

Year or month

Foreign stocks

Purchases Sales Netpurchases

Foreign bonds

Purchases Sales Netpurchases

Totalpurchases

Totalsales

Netpurchases

offoreign

securities

1947194819491950195119521952—March

AprilMayJuneJulyAugust. . .SeptemberOctober...NovemberDecember

1953—January P.FebruaryP.

57.181.788.8

173.8272.3289.822.028.919.019.223.924.124.622.119.522.8

25.424.7

42.696.770.8

198.2348.7329.635.844.920.429.833.022.726.820.816.520.926.123.4

14.6-15 .0

18.0-24.4-76.4-39 .8-13 .8-16 .0- 1 . 4

-10 .6- 9 . 1

1.4- 2 . 1

1.33.01.8

- . 71.4

658.7211.6321.2589.2500.4495.321.547.740.352.552.857.938.987.618.225.7

33.018.6

634.3291.4311.5710.2801 .0677.4

28.493.8

189.630.224.828.227.577.814.175.749.967.8

24.5-79 .8

9.8-121.0-300.6-182.1

- 6 . 9-46 .1

-149.422.428.029.711.49.74.1

-49 .9-16 .8-49.2

715.9293.3410.1763.0772.7785.143.576.659.371.776.782.063.6

109.637.748.558.443.3

676.8388.2382.3908.4149.7

1,007.064.3

138.7210.160.057.850.954.398.630.796.676.091.2

39.0-94 .8

27.8-145.4-377.0-221.9-20 .8-62 .1

-150.811.718.931.19.3

11.07.1

-48 .1-17 .6-47 .8

P Preliminary.1 Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. 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. 4 Through 1949 includes transactions in corporate bonds.5Through 1949 represents transactions in corporate stocks only.

MAY 1953 561


INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—ContinuedTABLE 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]

Year ormonth

194719481949195019511952

1952—Mar....Apr. . . .M a y . . .June. . .July. . .AugSept. . . .O c t . . . .Nov . . . .Dec. . . .

1953—Jan.p. .Feb.P. .

Inter-national

insti-tutions

74.57 6

87.0121.2

— 15.914.7

.8

.8

.3

.6

.4

.9

.911.3

.9

.9

25.510.5

Total

—163.6—199.8

— 11.8823 2

-568 .4300.2

- . 24 . 2

— 1.62 . 4

22.532.0

- 7 . 0174.540.931.3

7 .4- 3 . 1

UnitedKing-dom

—8.99 1

20.964 021.470.4

2 . 3.4

1.32 . 47 .27 . 0

- 6 . 938.9

1.811.4

4 . 88 . 8

France

-50 .2—82.8—6.8197.8

6!o5.5

.4- . 60)

1.6.6.7

- 1 . 2.1.5

1.2

1.3- . 4

Nether-lands

—98.2—79.3—25.5

—6.3—22.2—21.9

- 2 . 3- 2 . 6- 2 . 1- 3 . 0- 1 . 4

- . 5- . 3

- 2 . 7- . 6

- 2 . 2

- 2 . 1- 1 . 3

Switzer-land

13.0—40.0

44.219.045.950.7

2 . 41

- l ! 9.7

13.76 . 98 . 35 . 45 . 34 . 5

13.46 .7

Italy

—17.1( i )

1.5— . 71.9

.5

- . 2.1.1

- . 2.3.4.1.2

- . 1- . 3

0).1

OtherEurope

—14.12 . 62 . 2

73.8—43.8

6 .2

- 1 . 2- . 6

.71.2

.9

.6— .43 . 93 . 3

- 1 . 2

2 . 0- 7 . 7

TotalEurope

-175.5—190.4

36.5347.5

9i2111 .4

1.4- 3 . 3— 1.9

2 . 621.315.1

545.910.213.4

19.46 .2

Canada

3 . 27.5

—49 !o458.2

—595.5191.6

- 2 . 73 . 6

.74 . 46 . 8

15.7- 2 . 3126.127.216.3

- 1 0 . 3- 1 0 . 3

LatinAmer-

ica

—3.510.2

2 . 530.113.94 . 7

2 . 94 . 1

- . 4- 4 . 8

1.5.9

- 4 . 11.13 . 4

.1

- 1 . 1.3

Asia

10.0—23.3

—2.1—15.3

4 . 8- 9 . 5

- 2 . 10)

.2- . 2

- 7 . 30)

.21.2

- . 11 .0

. 3

.1

Allother

2 . 2—3.9

.22 7

— .71.9

. 3- . 2- . 2

. 5

.2

.3- . 3

.1

.2

.5

— .9.7

TABLE 6a.—DOMESTIC SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIESOther Europe; Latin America; and Asia

Year ormonth

194719481949195019511952

1952—Mar. . .AprMay . .June .July. . .Aug... .Sept.. .Oct. . . .Nov. . .Dec. . .

1953—Jan. P . .Feb. P . .

OtherEurope

- 1 4 . 12.62.2

73.8- 4 3 . 8

6.2

- 1 . 2- . 6

.71.2

.9

.6- . 43.93.3

- 1 . 2

2.0- 7 . 7

Aus-tria *

18.4- 1 1 . 9

.4

0)0)0)

0)0)0)0)

80)- . 2

Bel-gium

- . 92.61.6

12.65.7

- . 5

- . 1.8.2.4

- . 8.4

- . 1— .2

.6- 1 . 5

.9- . 1

Nor-way

- 4 . 1- . 3— .936.7

- 3 8 . 16.0

.1- . 10)

0)0)3^23.1

— .1

.9- 6 . 8

Allother

—9.2.3

1.46.0

.5

.3

- 1 . 3- 1 . 3

.5

.61.8

.2- . 2

.9- . 3

.5

.2- . 6

LatinAmer-

ica

- 3 . 510.22.5

30.113.94.7

2.94.1

- . 4- 4 . 8

1.5.9

- 4 . 11.13.4

.1

- 1 . 1.3

Co-lom-bia

.3

.21.2

- 1 . 2.5

- . 8

.6

.4- 1 . 1

1.1.3

- . 1- 1 . 3- . 2

.4- . 1

- 1 . 3- . 3

Cuba

- . 9- . 8

- 1 . 024.66.1

.2

.5

.8- . 1— .4- . 21.3

- . 1- . 30)

- 1 . 6

0).8

Mex-ico

2 . 52.9

.3

.52.52.6

l!- . 4.8

.7

.8

.1

.31.1

.4— .2

Re-public

ofPan-ama

- 6 . 9- 4 . 7

4.2.1.8

- 6 . 5

2.01.4

.4- 5 . 9

- . 3- 2 . 3- 3 . 1

.82.3

.4

- . 6.3

Uru-guay*

- 5 . 02.62.7

- . 1.5

- . 2.3.5

1.2- . 8- . 30)0)

.4

OtherLatin

Amer-ica

1.512.6

- 2 . 111.1

1.56.6

— .11.71.3

.4

i . i.6.4

0).1

Asia

10.0- 2 3 . 3- 2 . 1

- 1 5 . 34.8

- 9 . 5

- 2 . 10)

.2— .2

- 7 . 30)

l.*2— .11.0

.3

.1

For-mosaand

ChinaMain-land

- 3 . 2- 2 2 . 7- 7 . 2- 3 . 0

- . 2- . 3

- . 2.2

K- ! i— .i

.20)

Indo-nesia

- 1 . 3- . 1

.2- . 3

.3- . 1

80)0)0)0)0)0)0)

C1)

Philip-pineRe-

pub-lic

7.0.4.5.9

- 2 . 1- 1 1 . 4

- 1 . 60)

- i ! o-7.5

0)

0)0)

OtherAsia

7.5- . 94.4

- 1 3 . 06.82.3

— 4- . 1

.1

.8

.6( 1 ) .2

1.1.1

1.1

. 1

.1

TABLE 7.—FOREIGN SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM FOREIGN SECURITIES OWNEDIN THE UNITED STATES, BY COUNTRIES

(Return of U. S. Funds)[Net sales, ( - ) . In millions of dollars]

Year ormonth

194719481949195019511952

1952—Mar....Apr. . . .M a y . . .June...July. . .Aug. . . .Sept. .OctNov . . . .Dec . . . .

1953—Jan.P. .Feb.P ..

Inter-national

insti-tutions

-249.3( i )

-16.0-3.6

-152.7-118 1

-4.40)

- 5 0 . 7- . 80)- . 6

- 5 8 . 8- . 8- . 7

0)- 1 . 3

Total

288.3- 9 4 . 9

43.8-141 .8-224 .3-103 .9

- 1 6 . 4- 6 2 . 2

-100.112.518.931.79.3

69.87.9

- 4 7 . 4

- 1 7 . 6- 4 6 . 6

UnitedKing-dom

- 2 . 0- 9 . 9

- 1 3 . 5- 6 . 1- 2 . 0- 4 . 4

- . 5.1

- 1 . 1- 1 . 6- 1 . 1- 1 . 0

1.34.0

- . 7- 1 . 1

- . 3.3

France

- 3 . 1- 4 . 3

.4- 1 . 3- 4 . 1

4 . 9

.2

.5

.5

.9- . 31.01.2

.1- . 1- . 4

.3

.3

Nether-lands

- 2 9 . 9- 5 . 3

- . 1- 4 . 7

2 . 8- 1 2 . 8

.5

.6- . 2

- 3 . 9- 6 . 7- 2 . 9

- . 7- . 2- . 1- . 2

- 1 . 51.4

Switzer*land

- 1 4 . 9- 3 5 . 4

19.117.214.28 .7

.41.71.0

- . 2- 1 . 6

2.1- . 51.8

.4

.7

2.11.1

Italy

- . 3.1.4.5

1.21.2

- . 20)— .2

.4- . 3

.11.0

0)

.4

.1

OtherEurope

15.611.424.6

7 .816.418.2

2.8.4

2.16.1

- . 4.2.6

3.9.7.3

.7

.5

TotalEurope

- 3 4 . 4- 4 3 . 4

30.813.428.515.9

3.13.32.31.2

- 9 . 6- 1 . 0

2.010.6

.3- . 5

1.73.8

Canada

205.2-102 .2—10.6

-190 .0—258.6-141 .0

- 1 0 . 5- 7 1 . 2

-101 .511.221.428.3

6.539.8

8.8- 4 6 . 0

- 1 6 . 7- 4 7 . 0

LatinAmer-

ica

89.240.720.229.833.825.3

1.51.01.92.5

0)1.1

.613.1

.22.3

1.11.9

Asia

.51.6

.81.0

—36.0—10.0

- 5 . 0- 4 . 1- 3 . 0- 2 . 7

6.72.7

.46.7

- 1 . 6- 3 . 9

- 4 . 1- 2 . 6

Allother

27.88 42 . 63 . 97 96 0

- 5 . 58.8

.1

.4

.2

.6_ 2- . 3

.2

.7

.4- 2 . 6

9 Preliminary.» Less than $50,000.

1 Not available until 1950.



INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued

TABLE 8.—INFLOW IN BROKERAGE BALANCES, BYCOUNTRIES

(The Net Effect of Increases in Foreign Brokerage Balances in U. S.and of Decreases in Balances Held by Brokers and Dealers inU. S. with Brokers and Dealers Abroad)


Year or month

194719481949195019511952

1952—MarchAprilMayJuneJulyAugustSeptember. . .OctoberNovember. . .December.. . .

1953—JanuaryPFebruary P . . .

Total

- 1 1 . 3- 1 9 . 3

.68 .0

- 6 . 1- 1 . 8

1.2- 4 . 8

4 . 12 . 3

- 3 . 7- 4 . 1

2 . 0.3

- 7 . 83 . 7

3 .52 - 4 . 8

Europe

- 9 . 3- 2 0 . 8

1.03 . 0

-3.3- 1 . 6

(l)- 2 . 9

2 . 62 .2

—2 1- 3 . 3- 1 . 8

.9- 3 . 2

1.5

.3- 4 . 7

Canada

- 2 . 0.1.9

- 3 . 02 . 8

- 1 . 0

1.81.4

- 1 . 5- . 3

.3

.6

.6- 1 . 8- 1 . 20)

2 . 01.1

LatinAmer-

ica

- . 61.2

- 1 . 34.4

- 5 . 01.0

.1-2.6

2.1.5

- 2 . 0.4

1.9.2

- 2 . 42.1

.7- 1 . 0

Asiaand allother

.5

.30)

3 . 5— 6- . 2

.8- . 10)

- 1 . 81.31.0

- 1 . 0.1

.42

P Preliminary.1 Less than $50,000.2 Amounts outstanding (in millions of dollars): foreign brokerage

balances in U. S., 83.0; U. S. brokerage balances abroad, 37.4.

TABLE 9.—DEPOSITS AND OTHER DOLLAR ASSETS HELDAT FEDERAL RESERVE BANKS FOR FOREIGN

CORRESPONDENTS *


Date

1950—Dec. 311951—Dec. 31

1952—Apr. 30May 31June 30July 31Aug. 31Sept. 30Oct. 31Nov. 30Dec. 31

1953—Jan. 31Feb. 28Mar. 31Apr. 30

May 6May 13

Deposits

895526

518599548724812707642758550

586511536506

517618

Assets in custody

U. S. Gov-ernment

securities 2

,571,383

,663,691,757,972

2,1162,2362,3012,2252,156

2,1822,1702,2462,425

2,4332,407

Miscel-laneous 3

6080

505051545565808486

85899097

9798

1 Represents dollar assets belonging to foreign monetary authoritiesand the Bank for International Settlements. Excludes assets held forthe International Bank for Reconstruction and Development andInternational Monetary Fund and earmarked gold. See footnote 5,p. 565, for total gold under earmark at Federal Reserve Banks forforeign and international accounts.

2U. S. Treasury bills, certificates of indebtedness, notes and/orbonds.

3Includes bankers' acceptances, commercial paper, foreign andinternational bonds.

NOTE.—For explanation of table and for back figures see p. 474 ofthis BULLETIN.

GOLD PRODUCTIONOUTSIDE USSR


Year ormonth

194719481949195019511952

1952—February..MarchApril . : . . . .May

JulyAugust . . .

OctoberNovember.

1953—January.. . .February

Estimatedworld

productionoutsideUSSR*

766 5798 0833 0857.5840 0

Production reported monthly

Totalreportedmonthly

705.5728.1753.2777.1758.3

61.063.363.366.263.267.365.866.4

Africa

SouthAfrica

$1392.0405.5409.7408.2403.1413.7

32.234.433.835.534.135.534.934.735 434.334.6

34.732 4

Rho-desia

18.318.018.517.917.017.4

L.4L.3

S.4

L.464•>

1.51.4

L.4

WestAfrica2

rains of i19.323.423.124.122 923.8

1.91.92.02.01.91.82.02 .12 . 12 . 12 . 1

2.12.1

BelgianCongo2

lold 9/1010 811 112.912.012.313.7

.2

?.2

L 2119

' ?

North and South America

UnitedStates3

fine: i. e75.870.967.380.166.367.8

4.84.65.05.15.56.46.56 .26 86 . 05 . 9

4.54.3

Can-ada

., an oun107.5123.5144.2155.4153.7156.5

12.312.812.712.812.613.113.013.414 113.613.7

13.012.3

Mex-ico

ce of fine

16.312.914.214.313.8

1.41.4

.92.1

.81.41.01.4

Colom-bia

gold =$313.411.712.613.315.114 8

1.4L.21 6L.5

9.3

01 1

31.8

1.4

Chile

5.5.95 76.36 76 1

45454

.66

.65

Nica-ragua 4

7 .47 .87 78.0R 88 9

7.778

.8

.77

.8788

.77

Other

Austra-lia

32.831.231.330.431.3

2.62.52.82.72.93.22 42 . 83 62 9

India2

6 . 16 . 55.76.77 . 98 .5

.7

.7

.7

.7

.7

.7

.7

.88

.7

.7

.6

.6

Gold production in USSR: No regular government statistics on gold production in USSR are available, but data of percentage changes irregu-larly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annualproduction 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.3Yearly figures through 1951 are estimates of United States Mint. Figures for 1952 and 1953 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.

MAY 1953 563


REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS[In millions of dollars]

End ofmonth

1947—Dec1948—Dec1949—Dec1950—Dec1951—Dec

1952—AprMay. . . .June....JulyAugSeptOctN o vDec

1953—JanFebMar.. ..

End ofmonth

1947—Dec1948—Dec1949—Dec1950—Dec1951— Dec

1952—AprM a y . . . .June... .July. . . .AugSeptOctNov.. . .Dec

1953 j a n

FebMar

End ofmonth

1947—Dec1948—Dec1949—Dec1950—Dec1951— Dec...-..

1952—AorM a y . . . .JuneJulyAugSeptOctNov.. . .Dec

1953—JanFebMar

Estimatedtotal world

(excl.USSR)*

34,55034,93035,41035,820

'35,960

36,120

r36,210

P36.280

Egypt

53535397

174

174174174174174174174174174

174174174

Portu-gal

310236178192265

274274274274274277282285286

297298305

United States

Treasury

22,75424,24424,42722,70622,695

23 29723,29623,34623,35023 34423,34223 33923 33723,186

22 98622,66222,563

France3

548548523523548

548548548548558558558568573

573573573

El Sal-vador

1515172326

263030303029292929

292929

Total2

22,86824,39924,56322.82022,873

23 45023,50223,53323 53623 52823,52523 52123 50423,252

23 07922 75122,649

Guate-mala

2727272727

272727272727272727

2727

SouthAfrica

762183128197190

164161148151159158159159170

165173

Argen-tina

322143216216268

268268268268268268268268

India

274256247247247

247247247247247247247247247

247247247

Spain

111111

856151

515151515151515151

515252

Bel-gium

597624698587621

638650669735735718713711706

709701702

Iran

142140140140138

138138138138138138138138138

138138

Sweden

105817090

152

214210213206202202190185184

195194194

Bolivia

2323232323

232323232522262321

Italy

5896

256256333

346346346346346346346346346

Switz-er-

land

1,356,387,504,470,452

1,4131,410,408,408,404,404,406

1,4071,411

1,417,417

1,418

Brazil

354317317317317

317317317317317317317317317

317317317

Java

M80

178209280

280280280280280280280255235

218208208

Thai-land

3434

118118113

113113113113113113113113113

113113

Canada

294408496590850

877886893887883892885887896

900904911

Mexico

1004252

208208

185117

70717287

104105144

Turkey

170162154150151

150153150150150146143143143

143144144

Chile

4543404045

454242414142424242

424242

Nether-lands

231166195311316

342344344350323326326394544

P567P597P605

UnitedKing-dom

2,0791,8561,688*,30CJ.335

1,6621,6781,6851,7161,6721,6851,7671,8951,846

1,9782.10352,166

Co-lombia

83515274

NewZealand

2323272932

323333333333333333

333333

Uru-guay

175164178236221

211211211211211211205205207

207207

Cuba

279289299271311

321321318304294280280254214

214

Nor-way

7252515050

505050505050505050

555555

Vene-zuela

215323373373373

373373373373373373373373373

373373373

Den-mark

3232323131

313131313131313131

313131

Pakis-tan

14272727

383838383838383838

383838

Inter-nationalMone-taryFund

1,3561,436L.451,495

1,530

L.5321,535L ,537,537,681,683,691

1,6921,692

1,692

Ecua-dor

2021211922

222222222323232323

232323

Peru

2020283146

464646464646464646

4646

Bank forInter-

nationalSettle-ments

303668

167115

151154154166181183187191196

215214233

p Preliminary. r Revised.1 Includes reported gold holdings of central banks and governments and international institutions, unpublished holdings of various central

banks and governments, estimated holdings of British Exchange Equalization Account based on figures shown below under United Kingdom,and estimated official holdings of countries from which no reports are received.

2 Includes gold in Exchange Stabilization Fund. Gold in active portion of this Fund is not included in regular statistics on gold stock (Treasurygold) used in the Federal Reserve statement "Member Bank Reserves, Reserve Bank Credit, and Related Items" or in the Treasury statement"United States Money, Outstanding and in Circulation, by Kinds."

3 Represents gold holdings of Bank of France (holdings of French Exchange Stabilization Fund are not included).4 Figure as of Mar. 31.5 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 Table 160, p. 526 and pp. 544-555, in the same publication and for those subse-quent to 1941 see BULLETIN for January 1953, p. 74; April 1951, p. 464; February 1950, p. 252; and November 1947, p. 1433. For revised backfigures for Argentina and Canada, see BULLETIN for January 1949, p. 86, and February 1949, p. 196, respectively.



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 fiae troy ounce)

Year or quarter

19451946194719481949195019511952

1949

Jan -MarApr.-June . .July-SeptOct.-Dec

1950

Jan -M!ar.

July-SeptOct.-Dec

1951

Jan.-Mar..Apr.-JuneJuly-SeptOct.-Dec

1952

Jan -MarApr.-JuneTuly-SeptOct.-Dec

Total

—452 9721.3

2,864.41,510.0

193 3-1 ,725 .2

75 2393.7

68 8173.9101.5

- 1 5 1 . 0

—201 3—30.4

—731.0—762 4

-876 .3- 5 5 . 6291 4715.7

557 3105.7- 1 . 3

-268 .0

UnitedKingdom

— .2406.9734.3446 3

-1 ,020 .0469.9440.0

162.4283.9

—80 0

—580.0—360.0

—400.0- 8 0 . 0320.0629.9

520 0

- 8 0 . 0

Bel-gium

31 114.2

222.869.8

—41 0- 5 5 . 0— 10.3—3.8

— 12 5- 3 1 . 0

2.5

—35 0- 2 0 . 0

— 12.32 . 0

20.2

- 2 4 . 0

France

278 5

264.615.8

-84.8-20 0

-28.5-56.3

-91.7

71.7

Neth-er-

lands

130.840.7

—23 5-79.8-4 .5

-100.0

10 4

-33.9

—79.8

—4.5

-100.0

Portu-gal

-47 9-10.0116.063.014 0

-15.0-34.9- 5 . 0

10 5

3 . 5

-15.0

-10.0-15.0- 5 . 0- 5 . 0

- 5 . 0

Swe-den

80.2238.0

3.0

-22.9-32.0

- 3 . 0-16.0- 4 . 0

-15.0

- 1 7 6

Switz-er-

land

—86 8-29 .9

10.0- 5 . 6

—40 0- 3 8 . 0- 1 5 . 0

22.5

—5 0—10 0- 2 0 . 0- 5 . 0

— 13 0

—25.0

- 1 5 . 0

22 5

OtherEurope1

—7 427.386.65.8

2_i59 9- 6 8 . 0—60.1—29.3

— 13 7— 11.2

2 -119 .1-15 .9

— 12 4— 11.9

3 . 4—47.1

—44.3—11.2

—3 5— 1.1

— 10 1

-19 .3

Canada

36 8337.9311.2

3 4-100.0

— 10.07.2

3 4

— 100 0

-10 .0

6 9. 3

Argen-tina

—224.9153.2727.5114.1

—49 9

-20 .0

-49 .9

—49 9

-20 .0

Cuba

—85.0-30 .0-65 .0-10 .0— 10 0

28.2-20 .0

-10 .0

8.220 0

—20 0

Mexico

—23.836.945.461.6

— 16 1-118.2-60 .2

87.7

2 37.9

—11.3- 1 5 . 0

- 1 5 . 8

- 4 0 . 5—61 9

— 124 464 1

11 3101.4

- 2 5 . 0

NET GOLD PURCHASES BY THE UNITED STATES,BY COUNTRIES—Continued

[Negative figures indicate net sales by the United States]

(In millions of dollars at $35 per fine troy ounce)

Year orquarter

19451946194719481949195019511952

1949

Jan -M!ar.Apr.-JuneJuly-Sept,Oct.-Dec

1950

Jan.-MarApr.-June .July-SeptOct.-Dec

1951

Jan.-MarApr.-JuneTulv-SeDtOct -Dec. . .

1952

Jan.-MarAnr -TuneTulv-SeDt.Oct -Dec

Uru-guay

- 3 7 . 9- 4 . 925.110 7

- 1 4 . 4—64 8

22 214.9

3.6- 1 6 . 5

— 1.0

- 1 2 . 0—2 0

- 2 3 . 9- 2 6 . 9

- 5 0 . 915.028.030 1

10.0

4 8

Vene-zuela

- 7 3 . 1—9.2- 3 . 7

-108.0- 5 0 . 0

— .9

-50.6

— .9

OtherLatinAmer-

ica

- 2 7 . 825.079.113.4

- 7 . 5— 17.2— 17.2- 2 5 . 1

3 63 .7

- 2 . 9- 1 1 . 9

— 10.4— .9— .1

- 5 . 9

-11.7- 5 . 0

3.5- 4 . 0

-17.6-7 .4—2.0

2 . 0

Asiaand

Oceania

3-188.313.7

1.0- 4 . 1

-52.1-35 4

5—50.1- 4 . 8

—2.3-6 .6-2 .2

—41.0

.21.0

-13.9-22.8

-18.8-2 .4- 3 . 9

-25.0

-3 .2-2 .4

.4

. 3

Unionof

SouthAfrica

94.3256.0498.6195.713.152.111.5

72 055.648.119.9

3 . 99 .2

12.720.319.2

4.37.2

Allother

3.722.911.9

6 . 9-1 .6

4 -47 .24-84.0

- 2 . 0

.1

.1- 2 . 0

.2

-26.9- 2 . 8

-14.7- 2 . 8

-28.0-25.0-31.0

— .1- 1 . 9

1 Includes Bank for International Settlements.2 Includes sale of 114.3 million dollars of gold to Italy.3 Includes sales of 185.3 million dollars of gold to China.4Includes sales of gold to Egypt as follows: 1950, 44.8 million

dollars; and 1951, 76.0 million.5 Includes sales of 45.0 million dollars of gold to Indonesia.

ANALYSIS OF CHANGES IN GOLD STOCK OF

UNITED STATES


Period

19421943194419451946194719481949195019511952

1952—Apr...May. .June..July...Aug.. .Sept...Oct....Nov...Dec...

1953—Tan. . .Feb. . .Mar.. .Apr.. .

Gold stock atend of period

Treas-ury

22,72621,93820,61920,06520,52922,75424,24424,42722,70622,69523,186

23,29723,29623,34623,35023,34423,34223,33923,33723,186

22,98622,66222,563

P22,562

Total 1

22,73921,98120,63120,08320,70622,86824,39924,56322,82022,87323,252

23,45023,50223,53323,53623,52823,52523,52123,50423,252

23,07922,75122,649

P22.639

Increasein total

goldstock

-23.0-757.9

-1,349.8-547.8

623.132,162.11,530.4

164.6-1,743.3

52.7378.9

22.051.930.53.8

- 8 . 0- 2 . 8-4 .4

-16.9-252.6

-172.8-327.5-102.5P - 1 0 . 1

Netgold im-port orexport

315.768.9

-845.4-106.3

311.51,866.31,680.4

686.5-371.3-549.0

684.3

96.627.236.624.53.1

33.383.5

.38.1

-2.2-2.0

r«)(4)

Ear-marked

gold: de-creaseor in-crease( - )

-458.4-803.6-459.8-356.7

465.4210.0

-159.2-495.7

-1,352.4617.6

-304.8

-75.427.119.3

-31.4—32.6-13.8-92.4-29.0

-263.2

-171.7-324.1-106.55 -16 .8

Domes-tic goldproduc-tion2

125.448.335.832.051.275.870.967.380.166.367.8

5.05.15.56.46.56.26.86.05.9

4.54.35.2

P Preliminary.xSee footnote 2 on opposite page.2Yearly figures through 1951 are estimates of United States Mint.

Figures for 1952 and 1953 are estimates of American Bureau of MetalStatistics.

3 Change includes transfer of 687.5 million dollars gold subscrip-tion to International Monetary Fund.

4 Not yet available.5 Gold held under earmark at the Federal Reserve Banks for foreign

account, including gold held for the account of international institu-tions, amounted to 5,932.2 million dollars on Apr. 30, 1953. Goldunder earmark is not included in the gold stock of the United States.

NOTE.—For back figures and description of statistics, see Bankingand Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523.

MAY 1953 565


INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANKFOR RECONSTRUCTION AND DEVELOPMENT

(End-of-month figures. In millions of dollars]

International Fund

GoldCurrencies (balances with depositories

and securities payable on demand):United StatesOther

Unpaid balance of member subscriptions,Other assetsMember subscriptionsAccumulated net income

Net currency purchased1

(Cumulative—millions of dollars)

Australian poundsBelgian francsBrazilian cruzeirosChilean pesosCzechoslovakian koruny.Danish kronerEgyptian poundsFinnish markkaaFrench francaIndian rupeesIranian rialsNetherlands guilders....Turkish lirasPounds sterlingYugoslav dinarsAllother

Total.

1953

Jan.

1,692

1,2884,3951,354

18,737

- 8

1952

Oct.

1,691

1,2934,3901,354

18,737

- 7

July

1,537

1,3194,420

8691

8,154- 7

1953

Mar.

50.011.437.5

6.010.2

- 5 . 5.5

125.0100.0

8.848.110.0

300.09.0

- 1 . 6

Feb.

50.011.418.8

6.010.2

- 5 . 54

125.0100.0

8.848.110.0

300.09.0

- 1 . 6

Jan.

50.011.437.5

1.86.0

10.2- 5 . 5

4125.0100.0

8.848.110.0

300.09.0

- 1 . 6

711.4 694.5 715.0 771.7

Jan.

1,531

1,3224,408

8831

8,152-7

1952

Mar.

20.011.4

103.05.46.010.2-5.5

125.0100.08.875.25.0

300.09.0

-1.7

International Bank

GoldCurrencies (balances with depositories

and securities payable on demand):United States ,Other

Investment securities (U. S. Govt. obli-gations)

Calls on subscriptions to capital stock a . .Loans (ind. undisbursed portions and

incl. obligations sold under Bank'sguarantee) ,

Other assetsBonds outstandingLiability on obligations sold under guar-

anteeLoans—undisbursedOther liabilitiesGeneral reserveSpecial reserveCapital2

1953

Mar.

31,033

4463

1,44517

556

66404

97135

1,807

1952

Dec. Sept. Mar.

101.040

4954

1,40913

568

66423

96632

1,807

131,035

4724

1,33015

496

59407

76330

1,807

5940

4904

1,18614

450

41372

55526

1,691

iAs of Mar. 31, 1953, the Fund had sold 870.2 million U. S. dollars;in addition, the Fund sold to the Netherlands 1.5 million poundssterling in May 1947 and 30.0 million Belgian francs in May 1948, soldto Norway 200 million Belgian francs in June and July 1948, and soldto Brazil 10 million pounds sterling in January 1951. Repurchasesamounted to 204.2 million dollars. Currencies the net transactions inwhich amount to less than one million are reported under "All other."

2 Excludes uncalled portions of capital subscriptions, amounting to7,229 million dollars as of Mar. 31, 1953, of which 2,540 million repre-sents the subscription of the United States.

CENTRAL BANKS

Bank of England

(Figures in millions ofpounds sterling)

1943—Dec. 291944—Dec. 271945—Dec 261946—Dec. 251947—Dec 31194g—Dec. 291949—Dec. 28 .1950—Dec 271951—Dec. 26

1952—Apr. 30May 28June 25July 30Aug. 27Sept. 24 . . .Oct. 29Nov 26Dec. 31

1953—Jan. 28Feb. 25Mar. 25

Assets of issuedepartment

Gold*

.2

.22

.2

.2

.2

.4

.4

.4

.4

.4

.4

.4

.4

.4

.4

.4

.4

.4

.4

.4

Otherassets2

1.100.01,250.01,400 01,450.0L,450.0L,325.01,350.01,375.01,450.0

1,450.01,450.0L,500.01,550.01,500.01,500.01,500.01,500.0L.575.0

41,500.01,500.0

41,550.0

Assets of bankingdepartment

Notesandcoin

12.513.520.723.4

100.836.133.719.214.1

41.939.759.836.843.057.857.740.551.3

52.937.363.3

Dis-counts

and ad-vances

2 . 55.18.4

13.615.216.714.829.218.2

27.411.921.221.6

7 .25 . 29 . 39 . 9

11.2

6 . 57 .16 .2

Securi-ties

307.9317.4327.0327.6331.3401.1489.6384.0389.2

306.1319.6309.6319.7324.4333.5324.8357.6371.2

343.2389.9359.0

Notecircula-tion3

1.088.71,238.6L.379.91,428.21,349.71,293.1L.321.91,357.71,437.9

1,410.01,412.21,442.1L.515.11,459.01,444.11,444.21,461.41,525.5

1,448.9L.464.71,488.8

Liabilities of banking department

Deposits

Bankers'

234.3260.7274.5278.9315.1314.5299.2313.5299.8

273.0270.0275.7262.0252.4275.7271.6275.4302.8

274.5292.6288.3

Public

10.35.25.3

10.318.611.711.615.413.4

10.710.110.610.416.011.113.515.410.0

11.59 . 8

14.6

ECA

17.497.9

. 4

.6

.5

.513.618.223.024.222.226.624.3

32.244.632.0

Other

60.452.358 557.395.592.1

111.285.089.8

73.472.672.569.264.867.066.772.678.5

66.168.875.0

Otherliabili-

ties andcapital

17.917.817.818.118.118.118.118.118.1

17.818.018.118.318.418.517.818.018.1

18.318.418.5

2On June 9, 1945, the official buying price of the Bank of England for gold was increased from 168 shillings to 172 shillings and threepenceper 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 forinternal gold transfers during 1939, see BULLETIN for March 1950, p. 388, footnotes 1 and 4.

2Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure.3Notes issued less amounts held in banking department.4Fiduciary issue decreased by 50 million pounds on Jan. 7 and 25 million on Jan. 14, and increased by 50 million on Mar. 25. 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.



CENTRAL BANKS—Continued

Bank of Canada

(Figures in millions ofCanadian dollars)

Assets

Gold

Sterlingand United

Statesdollars

Dominion and provin-cial government

securities

Short-term1 Other

Otherassets

Liabilities

Notecirculation2

Deposits

Charteredbanks

Dominiongovern-

mentOther

Otherliabilities

andcapital3

1940—Dec. 31.1941—Dec. 31.1942—Dec. 31.1943—Dec. 31.1944—Dec. 30.1945—Dec. 31.1946—Dec. 31.1947—Dec. 31.1948—Dec. 31.1949—Dec. 31.1950—Dec. 30.1951—Dec. 31.

1952- -Apr. 30.May 31.June 30.July 31.Aug. 29.Sept. 30.Oct. 31.Nov. 29.Dec. 31.

1953—Jan. 31.Feb. 28.Mar. 31.

38.4200.9

.5

.6172.3156.81.02.0.4

74.1111.4117.8

72.378.343.863.074.973.542.867.677.1

64.372.065.5

448.4391.8807.2787.6906.9

,157.3,197.4,022.0,233.7,781.4,229.3,141.8

,191.5,203.6,251.3,280.0,303.2,263.7

1,286.71,214.31,459.8

1,351.21,411.91,371.0

127.3216.7209.2472.8573.9688.3708.2858.5779.1227.8712.5

1,049.3

874.7824.6817.8843.9852.9870.9896.1957.3767.2

803.0817.5810.9

12.433.531.347.334.329.542.143.745.442.5

297.1135.2

84.073.876.171.269.770.8

103.472.377.3

82.388.879 A

359.9496.0693.6874.4

1,036.01,129.11,186.21,211.41,289.11,307.41,367.41,464.2

1,411.81,417.41,441.81,458.31,464.41,476.51,485.61,498.81,561.2

1,479.61,472.81,493.4

217.7232.0259.9340.2401.7521.2565.5536.2547.3541.7578.6619.0

645.7579.4578.0595.5614.7588.2668.8607.3626.6

603.1668.0601.1

10.973.851.620.512.9

153.360.568.898.130.724.794.9

14.321.926.851.652.030.718.815.016.2

40.588.660.6

9.56.0

19.117.827.729.893.867.581.0

126.9207.166.1

41.744.648.541.647.449.456.065.144.5

47.651.466.5

28.535.124.055.4

209.1198.542.742.443.1

119.2172.6200.0

109.0117.193.9

111.2122.1134.099.8

125.2132.9

130.1109.3105.1

Bank of France

(Figures inmillions of francs)

Assets

GoldsForeign

ex-change

Domestic bills

Openmarket6 Special Other

Advances toGovernment6

Current Other

Otherassets 6

Liabilities

Notecircula-

tion

Deposits7

Govern-ment

9841 517

770578748

12,048765733806

1,1687029

843936551383251027

565510

ECA

1510

6

9

810

3

,058,587

341,645730816

,039539

,392,887897

730,479498

Other

27,20225 27229,93533,13737,85557,75563,46882,479

171 783158,973161,720166,226

156,326171,350143,900121,411137,403129,755158,275139,480137,727

128,731146,509128,788

Otherliabil-itiesand

capital

1940—Dec. 26.1941—Dec. 31.1942—Dec. 31.1943—Dec. 30.1944—Dec. 28.1945—Dec. 27.1946—Dec. 26.1947—Dec. 31.1948—Dec. 30.1949—Dec. 29.1950—Dec. 28.1951—Dec. 27.

1952- -Apr. 30.May 29.June 26.July 31.Aug. 28.Sept. 25.Oct. 30.Nov. 27.Dec. 31.

1953—Jan. 29.Feb. 26.Mar. 26.

84,61684,59884,59884,59875,151

129,81794,81765,22565,22562,274

182,785191,447

191,447191,447191,447191,447194,943194,943194,943198,439200,187

200,187200,187200,187

42383737426871230

61,943162,01728,320

13,63415,80816,99120,07723,43527,61328,81530,41331,068

16,04016,50216,734

7,8026,8128,4209,51812,17017,98037,61867,39597,447137,689136,947234,923

273,149274,111254,301258,560257,589270,264283,717274,454274,003

262,363263,286252,386

66112

1692948

3033,135

648,57728,54834,08131,956

22,98426,12821,87111,77914,40431,78448,08952,22557,042

55,68148,65841,544

3,6464,5175,3687,54318,59225,54876,254117,826238,576335,727393,054741,267

799,004841,897831,044835,599854,081812,416872,793851,545937,459

915,903929,291911,458

63,90069,50068,25064,40015,850

67,900147,400150,900157,900158,900160,000

171,100169,000168,000167,800168,600166,300171,100172,000172,000

175,000185,300199,400

112,317182,507250,965366,973475,447445,447480,447558,039558,039560,990481,039481,039

500,982479,982479,982479,982479,982479,982479,982479,982479,982

501,982504,982504,982

18,57117,42416,99016,60120,89224,73433,13359,02457,622112,658212,822190,830 1

139,747118,726110,501184,957169,852171,274161,989154,146159,727

124,578121,445122,995

218,383270,144382,774500,386572,510570,006721,865920,831987,621,278,211,560,561,841,608

,925,615,900,526,885,929,984,549,969,553,962,270,024,943,006,873,123,514

,065,210,067,257

2,051,991

844,986868,474821,318815,5967,0784,0877,21310,94216,20619,37724,23441,332

29,67938,53943,54143,36946,87861,93049,79255,95449,305

57,00852,35068,399

Securities maturing in two years or less.2Includes notes held by the chartered banks, which constitute an important part of their reserves.3 Beginning November 1944, includes a certain amount of sterling and United States dollars.*On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for

July 1940, pp. 677-678).6For details on devaluations and other changes in the gold holdings of the Bank of France, see BULLETIN for September 1951, p. 1211; Sep-

tember 1950, pp. 1132 and 1261; June 1949, p. 747; May 1948, p. 601; May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853;and November 1936, pp. 878-880.

6For explanation of these items, see BULLETIN for January 1950, p. 117, footnote 6.7 Beginning January 1950, when the Bank of France modified the form of presentation of its statement, the figures under this heading are

not strictly comparable with those shown for earlier dates.8Includes the following amounts (in millions of francs) for account of the Central Administration of the Reichskreditkassen: 1940, 41,400;

1941, 64,580; 1942, 16,857; 1943, 10,724.NOTE.—For back figures on Bank of Canada and Bank of France, see Banking and Monetary Statistics, Tables 166 and 165, pp. 644-645

and pp. 641-643, respectively; for description of statistics, see pp. 562-564 in same publication. For last available report from the Reichsbank(February 1945), see BULLETIN for December 1946, p. 1424.

MAY 1953 567



Central Bank(Figures as of last report

date of month)

1953

Mar. Feb. Jan.

1952

Mar.


date of month)

1953

Mar. Feb. Jan.

1952

Mar.

Central Bank of the ArgentineRepublic (millions of pesos):

Gold reported separatelyOther gold and foreign exchange.Government securitiesRediscounts and loans to banki..Other assetsCurrency circulationDeposits—NationalizedOther sight obligationsOther liabilities and capital

Commonwealth Bank of Aus-tralia (thousands of pounds):

Gold and foreign exchangeChecks and bills of other banks..Securities (incl. Government and

Treasury bills)Other assetsNote circulationDeposits of Trading Banks:

SpecialOther

Other liabilities and capitalAustrian National Bank (millions

of schillings):GoldForeign exchangeLoans and discountsClaim against GovernmentOther assetsNote circulationDeposits—Banks

OtherBlocked

National Bank of Belgium(millions of francs):

Gold*Foreign claims and balances (net)Loans and discountsConsolidated Government debt..Government securitiesOther assets.Note circulationDeposits—Demand

ECAOther liabilities and capital

Central Bank of Bolivia—Mone-tary dept. (millions of bolivianos):

Gold at home and abroad2

Foreign exchange (net)Loans and discountsGovernment securitiesOther assetsNote circulationDepositsOther liabilities and capital

Central Bank of Ceylon (thousandsof rupees):

Foreign exchangeAdvances to GovernmentGovernment securities -Other assetsCurrency in circulationDeposits—Government

BanksOther liabilities and capital

Central Bank of Chile (millionsof pesos):

GoldForeign exchange (net)Net claim on Int'l. Fund4

Discounts for member banks. . . .Loans to GovernmentOther loans and discountsOther assetsNote circulationDeposits—Bank

OtherOther liabilities and capital

Bank of the Republic of Colombia(thousands of pesos):

Gold and foreign exchangeNet claim on Int'l. Fund4

Paid-in capital—Int'l. Bank

1,196262

2,32649,648

24721,25628,545

6963,184

1,117138

2,12348,913

20121,00927,547

7743,162

421,838 403,745 381,5766,893 5,322 6,275

377,285 377,810 411116,142322,918 318,918 321

,53061,637

,168

239,09554,439305,706 302,150 295

216,09556,107

187,59556,715

,541

1002,4896,3022,512

428,770

350342

1,984

35,07815,2385,606

34,6607,8373,99795,8432,799

2203,553

1002,4226,3422,403

418,818

316292

1,884

35,06916,1266,070

34,7237,6784,06496,6023,269

2093,650

1002,2396,3252,405

418,777

385259

1,689

35,44816,2726,823

34,7236,3863,80696,3012,1111,3193,729

(Dec.1952)=1,39632,7461,8402,196

5376,4811,419815

360,699 395,142 40591,100107,4862,508

394,5183,033

127,12037,122

,600,331,010

818500840500 147

,35289,00080,7453,349

185,5987,013,997

37,838

1,326356387

1,8494,0599,6223,00413,4473,457

4353,264

1,248161332

1,7084,0598,2802,69912,4882,635

4222,941

334,457 31824,3731,434

,49524,3746,582

1,24784

2772,1364,0597,4472,82712,2192,409

5422,906

299,18524,3737,164

814806

2,10843,441

32717,18426,564

8962,851

321,4756,513

598,898111,271297,471

434,17030,219276,297

98667

6,4243,335

418,222

314293

1,736

31,18724,7855,795

34,7638,0073,663

93,1381,5531,24112,267

1,370746

1,3501,843261

4,157748666

600,69222,9643,5263,809

402,51423,197161,64143,638

1,215270107

1,935670

6,7193,1408,8612,435

3202,440

243,88524,3717,132

Bank of the Republic of Colom-bia—Cont.

Loans and discountsGovernment loans and securities.Other assetsNote circulationDepositsOther liabilities and capital

Central Bank of Costa Rica(thousands of colones):

GoldForeign exchangeNet claim on Int'l. Fund*Loans and discountsSecuritiesOther assetsNote circulationDemand depositsOther liabilities and capital

National Bank of Cuba(thousands of pesos):

GoldForeign exchange (net)Foreign exchange (Stabilization

Fund)SilverNet claim on Int'l. Fund*Loans and discountsCredits to GovernmentOther assetsNote circulationDepositsOther liabilities and capital

National Bank of Czechoslovakia 5

National Bank of Denmark(millions of kroner):

GoldForeign exchangeContributions to Int'l. Bank . . . .Loans and discountsSecuritiesGovt. compensation account. . . .Other assetsNote circulationDeposits—Government


Central Bank of the DominicanRepublic (thousands of dollars):

Foreign exchange (net)Net claim on Int'l. Fund *Paid-in capital—Int'l. BankLoans and discountsGovernment securitiesOther assetsNote circulationDemand depositsOther liabilities and capital

Central Bank of Ecuador(thousands of sucres):

GoldsForeign exchange (net)6

Net claim on Int'l. Fund*Credits—Government

OtherOther assetsNote circulationDemand deposits—Private banks


National Bank of Egypt (thou-ands of pounds):

Gold/Foreign exchangeForeign and Egyptian

Government securitiesLoans and discountsAdvances to GovernmentOther assetsNote circulationDeposits—Government


36917582

53338272

11111

7.684

24,1416421

627566795702066484

511153031848819403683730352

,956 365384,176,54788,197

537,959392,280 34468,912

,286174,75982,176

538,879,151

69,914

511301031314125968865559826

69775

69736

11,51187,0097,031

84,0517,125

23,360132,54767,08620,454

213,74858,276

135,47133,38012,51150,48946,91843,248411,899170,86611,275

69780

338.220,18,

275,162,162,550,178225,224

118446,310185,889,443,401171

07660425043798689657587036494

102442

3,314355

1,8491,4811,514

175

12,07617,2181,250

431,0169,8482,198

33,5158,6501,485

98443

3,347178

1,8631,5221,344

186

12,07618,8741,250

431,2177,1542,23633,9557,4231,472

966 338560 233

18757635940

636 205387

880 338,818230,23118,757

235,939 224,333153,079155,425544,911189,847180,013

210,347 205,873

148,151536174

851757

466365589448875

310,10,

60,55319,513

2.191

76128

8

756 3231244499

349429889163 20

383940372175661177658440

60,55320,817

299,01219,0923,3615,803

200,57480,510107,56219,993

265,349155,495119,421457,435297,39260,827

11,51186,1887,031

61,9137,619

24,409115,84464,18618,641

320,56465,299

120,94840,35112,51116,37912,27727,294409,770198,0267,826

6941211

100328

3,872219

1,6881,8211,357

146

12,06620,2271,250

41220

6,895720

29,9129,7361,771

335,96553,75818,758

236,060181,719178,322472,219145,923139,047247,392

60,55318,456

311,80227,224

2,873190,04497,443112,47820,943

* Latest month available.*On Aug. 17, 1950, gold reserve revalued from .0202765 to .0177734 grams of fine gold per franc.2It is understood that, beginning June 1950, gold reserves have been revalued at a rate of 60 bolivianos per dollar.3 Represents chiefly bills secured by stocks of mined tin not yet sold in world markets.4This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time

as thr Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution,5For last available report (March 1950), see BULLETIN for September 1950, p. 1262.6 In December 1950/gold and foreign exchange holdings revalued from 13.50 to 15.00 sucres per dollar.7 Beginning April 1951, gold previously held in Issue Department revalued from 7.4375 grams of fine gold to 2.55187 grams of fine gold per Egyp-

tian pound.NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1953, p. 78; January 1952, p. 102; January

1951, p. 112; and January 1950, p. 118.





date of month)

Central Reserve Bank of El Salva-dor (thousands of colones):


Loans and discounts .• ;••-Government debt and securities..Other assetsNote circulationDepositsOther liabilities and capital

Bank of Finland (millions of mark-kaa):

GoldForeign assets (net)Clearings (net)Loans and discountsSecuritiesOther assetsNote circulationDepositsOther liabilities and capital

Bank of German States(millions of German marks):

GoldForeign exchangeLoans and discountsLoans to GovernmentOther assetsNote circulationDeposits—Government

BanksOther

Other liabilities and capitalBank of Greece (billions of drach-

mae):Gold and foreign exchange (net) .Loans and discountsAdvances—Government

OtherOther assetsNote circulationDeposits—Government

Reconstruction andrelief accts


Bank of Guatemala (thousands ofquetzales):

GoldForeign exchange (net)Gold contribution to Int'l. Fund .Rediscounts and advancesOther assetsCirculation—Notes

CoinDeposits—Government

BanksOther liabilities and capital

National Bank of Hungary 2

Reserve Bank of India (millions ofrupees):

Issue department:Gold at home and abroadForeign securitiesIndian Govt. securitiesRupee coinNote circulation

Banking department:Notes of issue depar tment . . . .Balances abroadBills discountedLoans to GovernmentOther assetsDepositsOther liabilities and capital . . .

Central Bank of Ireland (thousandsof pounds):

GoldSterling fundsNote circulation

1953

Mar.

73,24378,6721,5669,1215,2991,545

97,04764,6377,762

5,8628,9726,154

36,1081,6522,310

44,078535

16,445

Feb. Jan.

73,33070,116

1,56614,0435,6771,558|

99,522159.0261

7,743!

5,8629,2494,6661

38,075j1,1652,287

44,238i1,050

16,016I

7754,5832,6817,0691,118

10,6111,5262,106

2491,733

2,64661,78864,434

7754,4682 ,8536,887

99810,570

1,3682,071

2421,731

1,803141

8,9263,3771,4852,341

805

7,4311,9193,236

I

73,40456,5891,566

19,4346,4091.747

96,69154,6597,800

5,86311,3131,679

39,9651,1392,009

41,1044,14516,719

6954,2802,9207,026948

10,3421,5801,972249

1,726

1,739137

9,0253,4281,5072,366

819

7,4031,9573,292

27,22821,177

1,2507,764!

21,994144,4121

3.52 7J3,431j

12,072115,972!

4 0015,6821

27,22818,410

1,2508,415

21,89743,956

3,5053,056

11,63715,047

1952

82711,1981

2091,523

12033

1,2022,690

396

2,64660,79663,442

4005,5824,501

83811,064

2571,600

11634

1,2002,848

358

2 ,64660,23762,883

Mar.

, 075!, 658,566,474,111,350,380,757i, 096

,865;,375!,427,305, 0 1 .,2081,044,706|,446;


date of month)

116!,230,118,228!577

, 544, 436,082250|

1,957!

j

,325190

,978,453,900,901962

,217,209,557

228!7491250210280075393702469|078!

400,032,646691

,411

358, 199!

379

,936,181359

646458!104;

nk of Italy (billions of lire):GoldForeign exchange ,Advances to Treasury ,Loans and discounts ,Government securities ,Other assets ,Note circulationDeposits—Government

DemandOther ,

Other liabilities and capitalBank of J apan (millions of yen):

BullionAdvances to GovernmentLoans and discountsGovernment securitiesOther assetsNote circulationDeposits—Government

OtherOther liabilities

The Java Bank (millions of rupiah):Gold3Foreign exchange (net)Loans and discountsAdvances to GovernmentOther assetsNote circulationDeposits—ECA


Bank of Mexico (millions of pesos):Monetary reserve4

"Authorized" holdings of secu-rities, etc

Bills and discountsOther assetsNote circulationDemand liabilitiesOther liabilities and capital

Netherlands Bank (millions ofguilders):

Gold6 .Silver (including subsidiary coin)Foreign assets (net)Loans and discountsGovt. debt and securitiesOther assetsNote circulation—Old

NewDeposits—Government

ECAOther

Other liabilities and cap i t a l . . . .Reserve Bank of New Zealand

(thousands of pounds):GoldForeign exchange reserveLoans and discountsAdvances to State or State un-

dertakingsInvestmentsOther assetsNote circulationDemand depositsOther liabilities and capital

Bank of Norway (millions of kroner):GoldForeign assets (net)Clearing accounts (net)Loans and discountsSecuritiesOccupation account (net)Other assetsNote circulationDeposits—Government

BanksECA—MSA

Other liabilities and c a p i t a l . . . .

1953

Mar. Feb. Jan.

447

572313;267715

4i45!

573i323!249!724!

1,277 1,27512V 137

49358i

59 i359101

448!38,424i 37

387,695|376193,6351194132,6531108515,9771521129,894| 8654,478 6052,506| 48

98i

448,501

445

574299249738

1,2996557i

39098!

1952

Mar.

44837,931

.065 329,845,3691233,240,5OO|lO7,274,1371519,765.744! 80,475,4111 63,026,590 45,472

189!545|

5,618j269!

4,480496

1,862571

1,229

3,198602366!

3,3331,583

479

2,29116

1,54157

1.451536

353,0851,1491,174

248201

788'47 i

669!5,181

2984,352

4961l,52li

615|

82621

7395,193

3444,182

4961,4291,015

l ,203J 1,213

3,229;529320

3,3021,508

470

2,18715

1,531

1,451I508

362,983

994!1,163!

330;221|

6,01549,674

6,019

3,361462328

3,3321,521

511

437

590257200799

1,20418671

35274

'50139,670

324,86599,672

-•160,762457,576

97,19725,68345,015

1,0601,052

6772,2481,0313,165

4961 ,0341,372

1,110

2,783485527

3,1261,314

465

2,149!14

1,41633

1,451595

382,966

9301,155

341227

6,01539,239

6,019

58,350j 58,37758,132i 58,132

1,360! 1,44061,9081 63,626

109,444 97,7728,198 7,822

280261

3060144

5,54653

2,7752,174

552302472

279280

305344!

5,54643

2,7122,096j

672299496

279331

405044

,54648

,740,020784299496

1,28816

1,027109

2,850446

442,951

3691,804

343227

5,71422,266

6,019

56,32134,182

3,78962,20558,852

7,233

242433

164946

6,20261

2,5581,9461,028

949569

r Revised.1 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time

as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution.2For last available report (February 1950), see BULLETIN for September 1950, p. 1263.3Gold revalued on Jan. 18, 1950, from .334987 to .233861 grams of fine gold per rupiah.4 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.6Gold revalued on Sept. 19, 1949, from .334987 to .233861 grams of fine gold per guilder.NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1953, p. 79; January 1952, p. 103; and

January 1951, p. 113.

MAY 1953 569




date of month)

1953

Mar. Feb. Jan.

1952

Mar.


date of month)

1953

Mar. Feb. Jan.

1952

Mar.

State Bank of Pakistan (millions ofrupees):

Issue department:Gold at home and abroad...Sterling securitiesPakistan Goyt. securities. .Goyt. of India securities. . .India currencyRupee coinNotes in circulation

Banking department:Notes of issue department..Bills discountedLoans to GovernmentOther assetsDepositsOther liabilities and capital..

Central Bank of Paraguay(thousands of guaranies):


Paid-in capital—Int'l. BankLoans and discounts •.-.•••Government loans and securities.Other assetsNote and coin issueDeposits—Government


Central Reserve Bank of Peru(millions of soles):

Gold and foreign exchange 2 . . . .Net claim on Int'l. Fund *Contribution to Tnt'l. BankLoans and discounts to banks. . .Loans to GovernmentOther assetsNote circulationDepositsOther liabilities and capital . . . .

Central Bank of the Philippines(thousands of pesos):

GoldForeign exchangeNet claim on Int'l. Fund *LoansDomestic securitiesOther assetsNote circulationDemand depositsOther liabilities and capital

Bank of Portugal (millions ofescudos):

GoldForeign exchange (net)Loans and discountsAdvances to GovernmentOther assetsNote circulationDemand deposits—Government..

ECAOther

Other liabilities and capitalSouth African Reserve Bank

(thousands of pounds):Gold3

Foreign billsOther bills and loansOther assetsNote circulationDepositsOther liabilities and capital

Bank of Spain (millions of pesetas):GoldSilverGovernment loans and securities.Other loans and discounts

81418

1,144126300

662,087

486

43519501115

81416

,146126300

67,053

83

81416

1,146126300

662,038

98

23525522108

518505112

,138,580

11,032,176

1,13866,765

11-1 ,02090,176

643 316,535165,155

757 366,29658,997

123,12390,347

686294128

53267

2317941171

,370404257

563672

314912168,353421253

184532954235148571229139

552 18,552988 432,807

29,50454,140235,233148,279561,631

299 219,305137,579

504140142842417

451

1,

570359

15,80122,423

,157,896,186,626,468,178,219

570366,810,227

4,55311,583

928,425499

9,1061,690

96,1632,020

58,43762,88814,80437,99887,49866,63919,991

563369

15,57624,762

811,01771512630066

2,214

91103

76386592

647212

214788263

1,206383345

14,980471,86429,50441,473239,681148,306568,727243,327133,753

4,44811,748

6461,421579

8,9381,543

526,2072,103

59,77869,75118,15333,60282,67676,31722,292

55;378

15,76'20,20:

Bank of Spain—Cont.Other assetsNote circulationDeposits—Government


Bank of Sweden (millions of kronor):GoldForeign assets (net)Net claim on Int'l. Fund1

Paid-in capital—Int'l. BankSwedish Govt. securitiet and ad-

vances to National Debt Office4

Other domestic bills and advancesOther assetsNote circulationDemand deposits—Government..


Swiss National Bank (millions offrancs):

GoldForeign exchangeLoans and discountsOther assetsNote circulationOther sight liabilitiesOther liabilities and capital

Central Bank of the Republic ofTurkey (millions of pounds):

GoldForeign exchange and foreign

clearingsLoans and discountsSecuritiesOther assets..Note circulationDeposits—Gold


Bank of the Republic of Uruguay(thousands of pesos):

GoldSilverPaid-in capital—Int'l. BankAdvances to State and Govern-

ment bodiesOther loans and discountsOther assetsNote circulationDeposits—Government


Central Bank of Venezuela (mil-lions of bolivares):

GoldForeign exchange (net)Other assetsNote circulationDepositsOther liabilities and capital

Bank for International Settle-ments (thousands of Swiss goldfrancs):

Gold in barsCash on hand and with banks. . .Sight funds at interestRediscountable bills and accept-

ances (at cost)Time funds at interestSundry bills and investments. . . .Funds invested in GermanyOther assetsDemand deposits (gold)Short-term deposits:

Central banks—Own account..Other

Long-term deposits: SpecialOther liabilities and capital

29,89037,303

1,8144,128

25,798

4291,241

12913

2,404322734

4,311343

53563

5,911467225

764,8061,677

196

402

2061,691

26112

1,239153765280

29,53337,033

2,4404,604

25,429

4281,320

12912

2,665294717

4,365371286542

5,905464219

704,7871,672

199

402

212,709

26124

,272153791258

31,72937,140

2,2504,544

29,066

4291,313

12912

2,666301729

4,350525192514

,907469224

67,784,686197

1,1417198

955266

88

,14110294

971269

97

402

1511,760

26136

1,240172801262

(Nov.)*310,763

9,358314

130,018357,441500,928370,836

93,116315,113529,757

1,14113292

976274115

712,617 656,518 65750,748

7,57157,35510,699

,02962,167

7,480

216,548 213,287 26745,557

227,165297,201

1,316476,315 463,460 501

39,536232,297,201

1,425

,01578,467

606 290,229297,201

1,386,011

518,40160,783

228,909 228,909 228274,314 273,880 273

476,330 61266,047

,11245,506

,909,436

26,47535,599

2,4542,346

22,976

4721,328

8811

2,439279851

3,919866

84598

5,920246234

764,5911,692

193

419

1341,464

2793

1,136153657191

321,1199,650

313

157,620343,998426,435365,300

81,052303,566509,218

1,141- 2 2

90866264

79

438,45391,161

3,857

155,46117,864

233,434297,201

1,628305,025

359,26876,357

228,909269,500

* Latest month available.JThis figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time

as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution.2In November 1949, part of the gold and foreign exchange holdings of the bank were revalued.3On Dec. 31, 1949, gold revalued from 172 to 248 shillings per fine ounce.4 Includes small amount of non-Government bonds.NOTE.—For details relating to individual items in certain bank •tatements, see BULLETIN for January 1953, p. 80; and January 1950, p. 120.



MONEY RATES IN FOREIGN COUNTRIESDISCOUNT RATES OF CENTRAL BANKS


Dateeffective

In effect Dec. 31,1946

Jan. 10, 1947 .

Aug. 27Oct. 9June 28, 1948. .Sept. 6Oct. 1May 27, 1949July 14Oct. 6June 8, 1950. .Sept. 11Sept. 26Oct. 27Dec. 1Apr. 17, 1951..July 5Sept. 13Oct. 11Nov. 8Nov. 9Jan. 22, 1952..Mar. 12May 29 ,Aug. 1Aug. 21Dec. 18Jan. 8, 1953 . .In effect Mar. 31,

1953

Central bank of—

UnitedKing-dom

2

2K

4

4

France

if2K&3

3H&4

2K

3

4

4

Ger-many

3 *

15

*4HM

1 5

15

14

14

Bel-gium

3

3\i.

3

3

Neth-er-

lands

3

4

3

3

Swe-den

2H

3

3

Switz-er-

land

IK

IK

Centralbank of—

ArgentinaAustriaBelgiumBolivia

CanadaChileColombiaCosta Rica

DenmarkEcuadorEgyptEl Salvador...

FinlandFrance

GreeceIndia

RateMar.31

536

2

44

5103 3

41412

Dateeffective

Mar. 1, 1936Mar. 26, 1953Dec. 18, 1952Sept. 30, 1950

Oct. 17, 1950June 13, 1935July 18, 1933Feb. 1, 1950

Nov. 2, 1950May 13, 1948July 1, 1952Mar. 22, 1950

Dec. 16, 1951Nov. 9, 1951Jan. 8, 1953July 12, 1948Nov. 15, 1951Mar. 25, 1952

Centralbank of—

ItalyJapanJavaMexico

Netherlands..New Zealand.NorwayPakistan. . . .

PeruPortugal. . . .South Africa.Spain

SwedenSwitzerland..TurkeyUnited King-

domUSSR

xRate established for the Land Central banks.NOTE.—Changes since Mar. 31: Netherlands—Apr.

cent.

RateMar.31

45.843

3

3

6

I"4

\ H

44

Dateeffective

Apr. 6, 1950Oct. 1, 1951Apr. 1, 1946June 4, 1942

Aug. 1, 1952July 26, 1941Jan. 9, 1946July 1, 1948

Nov. 13, 1947Jan. 12, 1944Mar. 27, 1952Mar. 18, 1949

Dec. 1, 1950Nov. 26, 1936Feb. 26, 1951

Mar. 12, 1952July 1, 1936

7, from 3 to 2}£ per

OPEN-MARKET RATES


Month

Canada

Treasurybills

3 months

United Kingdom

Bankers'acceptances3 months

Treasurybills

3 months

Day-to-day

money

Bankers*allowance

on deposits

France

Day-to-day

money

Netherlands

Treasurybills

3 months

Day-to-day

money

Sweden

Loansup to

3 months

Switzer-land

Privatediscount

rate

1943—February. ,1944—February. .1945—February. ,1946—February. .1947—February. .1948—February. .1949—February. .1950—February. ,1951—February. .1952—February. .

1952—MarchAprilMayJuneJulyAugust. . . .September.October....November.December..

1953—January...February..

.51

.39

.37

.36

.40

.41

.42

.51

.73

.91

.94

.98

.02

.08

.11

.10

.14

.19

.211.35

1.351.47

1.031.031.03

.53

.53

.56

.56

.69

.691.50

2.483.003.003.003.003.003.003.003.003.00

3.003.00

1.001.001.00

.51

.51

.50

.52

.52

.51

.99

2.012.352.372.432.462.462.492.432.382.41

2.392.42

1.101.131.00

.63

.63

.63

.63

.63

.631.00

1.822.252.252.252.252.252.252.252.252.25

2.252.25

.50

.50

.50

.50

.50

.50

.50

.50

.50

.75

1.572.002.002.002.002.002.002.002.002.00

2.002.00

1.651.691.601.361.392.002.082.402.423.93

3.513.653.773.663.843.774.003.983.983.93

3.974.10

1.181.721.381.391.541.551.17

1.3840

1.251.201.05

.85

.85

.84

.87

.92

.83

.81

1.001.46

.78

.901.501.001.00

1.001.00

.90

.75

.75

.58

.62

.50

.54

.58

.54

.50

25,25.25.25.25.50.63.50.50.50

.50

.50

.50

.50

.50

.50

.50

.50

.50

.50

.50

.50

NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172.pp. 656-661, and for description of statistics see pp. 571-572 in same publication.

MAY 1953 571


COMMERCIAL BANKS

United Kingdom 1

(11 London clearingbanks. Figures inmillions of pounds

sterling)

Assets

Cashreserves

Money atcall and

shortnotice

Bills dis-counted

Treasurydeposit

receipts2 Securities Loans tocustomers

Otherassets

Liabilities

Deposits

Total Demand Time

Otherliabilities

andcapital

1947—December.1948—December.1949—December.t.050—December,1951—December

1952—AprilMayJuneJulyAugustSeptemberOctober...NovemberDecember.

1953—January...February.,March

502502532540531

501491504501510503498503549

498491497

480485571592598

512518537535516530500516529

515456472

793741

1,1091,408972

883936,064,139,239,295,122,142,248

,204,046,024

1,2881,397793456102

,483,478,512,528,965

,934,932,917

1,9171,9181,9212,1422,1382,148

2,1482,1302,122

,219,396,534,660,950

,967,901,875,834,765,758,759,755,764

,764,783

1,811

567621579735867

821713726696638662676655748

659649641

5,9356,2006,2026,3686,333

5,9945,9036,0646,0636,0486,1266,1676,1836,460

6,2596,0296,053

3,9624,1594,1614,2624,290

3,9523,8403,9093,9033,8783,9103,9483,9494,232

4,0253,8363,873

1,9722,0412,0412,1062,042

2,0422,0632,1552,1592,1702,2162,2192,2342,228

2.2342,1922,179

396420427550651

623587559558537543530526528

52S525515

Assets Liabilities

Canada

(10 chartered banks.End of month figures

in millions ofCanadian dollars)

Entirely in Canada

Cash

1947—December.1948-—December.1949—December.1950—December.1951—December.

1952—MarchAprilMayJuneJulyAugust. . .SeptemberOctober...NovemberDecember.

1953—January..February.

731749765824907

880897785813847828843879827916

835877

Securityloans

105101133134107

97140132138145147135130121155

135141

Otherloans anddiscounts

1,9992,1482,2712,7763,028

2,9492,9603,0123,0483,0533,0483,0933,2123,3503,289

3,2933,301

Securityloans

abroadand netdue fromforeignbanks

106144146171227

202236255328279260250278308326

308330

Securities

3,8744,2684,3454,2863,876

4,0954,0684,1004,0674,1344,1394,2024,1474,0063,955

3,9814,042

Otherassets Notes3

,159,169,058,304,464

,390,370,350,453,278,306,383,396,424,516

1,3211,342

181614

Deposits payable in Canadaexcluding interbank deposits

Total

6,4127,0277,2277.8287,896

7,9797,9877,9798,1208,0798,0758,1918,3198,2918,421

8,1888,310

Demand

2,6712,9702,7943,2703.284

3,2313,2303,2103,3283,2433,2053,2903,4183,3763,497

3.2443,301

Time

3,7404,0574,4334.5584.612

4,7484,7574,7694,7924.8364,8704,9014,9014,9164,924

4,9455,008

Otherliabilities

andcapital

,544,537,477,667,714

,634,685,655,727,658,652,716,722,746,736

.684,724

France

(4 large banks. Endof month figures inmillions of francs)

Assets

Cashreserves

Due frombanks

Bills dis-counted Loans Other

assets

Liabilities

Deposits

Total Demand Time

Ownaccept-ances

Otherliabilities

andcapital

1947—December..1948—December..1949—December..1950—December..1951—December.

1952—February..March. . . .AprilMayJuneJulyAugustSeptember.October. . .November.December?

1953—January.. .

22,59045,39740,93748,13160,215

50,66248,66945,64648,83250,43645,99946,38348,27945,37547,70951,147

47,150

19,37835,63342,31152,93372,559

73,86875,14872,94775,53372,81870,09069,71567,88667,84668,64668,269

69,200

219,386354,245426,690527.525627,648

538,245555,883556,151618,190554,963560,877624,623584,558595,383666,402636,427

642,991

86,875126,246129,501135,289165,696

183,504174,048180,550172,693193,942196,665177,289183,491185,930163,992169,508

174,912

27,40934,03029,84331.61438,114

38,31040,21941,47443,09344,46345,99043,31844,41547,72151,88261,909

33,586

341,547552,221627,266749.928906,911

827,946834,482831,729891,422848,354846,689890,582855,024863,250914,021896,076

907,691

338.090545,538619,204731.310879,767

796,396802,481800,944861,703819,030817,569860,668824.874831,713882,233864,033

873,232

3,4576,6838,06218,61827,145

31,55132,00230,78629,71929,32429,12029,91530,15031,53631,78932,043

34,459

25,17530,63826,355?8.24833,774

30,41428,95328,48227,02525,52923,81119,22117,81018,29220,22224,957

27,216

8,91612,69115,66217,31623,547

26,22730,53136,55639,89342,73849,12151,52555,79460,71364,38866,225

32,932

p Preliminary.iThis table represents aggregates of figures reported by individual banks. Data are compiled on the third Wednesday of each month, except

in June and December when the statements give end-of-month data.2 Represent six-month loans to the Treasury with a yield of % per cent after October 1945.3 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 com-

mercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and for description of statistics see pp. 566-571 in same pub-lication.



FOREIGN EXCHANGE RATES[Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency]

Year or month

19471948 . .1949195019511952

1952—MayJuneJuly .AugustSeptemberOctoberNo vem berDecember . . .

1953—January .FebruaryMarchApril

Year or month

19471948 .1949195019511952

1952—MayJuneJuly-AugustSeptemberOctoberNovemberDecember

1953—JanuaryFebruaryMarchApril

Year or month

1947 .19481949 . . . . .195019511952 . .

1952—MayJ u n e . . .JulyAugustSeptemberOctoberNovemberDecember

1953—January . . . .FebruaryMarchApril

Basic

29 77329 77329 77426.57120.00020.000

20.00020.00020 00020.00020 00020.00020.00020.000

20 00020.00020.00020.000

Ceylon(rupee)

27.83920 85020.84920.903

20.96120 83420 87120.87520 85420.90320 98421 024

21.06821 08821.06121.067

Norway(krone)

20 16020.15918 48114 01514.01514.015

14.01514 01514.01514.01514.01514.01514 01514.015

14.01514.01514.01514.015

Argentina(peso)

Prefer-ential

13.33313.33313.333

13.33313.33313.33313.33313 33313.33313.33313.333

13.33313.33313.33313.333

Den-mark(krone)

20 86420.85719.11714 49414.491

214.492

14.49214.49214 492

214.492

Philip-pine

Republic(peso)

49.72349 62149.63949.675

49.67749.67749.67749.67749.67749.67749.67749.677

49.67749.67749.67749.677

Free

8.2897.0677.163

7.1697.1837.1967.1947.1957.1967.1987.198

7.1987.1987.1987.198

Finland(markka)

.4354

.4354

.4354

.43544354

.4354

.4354

.4354

.43544354

. 4354

.4354

.4354

. 4354

Portu-gal

(escudo)

4.02734.01833.88003.47043.47393.4853

3.48983.48013.47933.48483.48783.48253.48183.4839

3.48723.48563.48423.4882

Aus-tralia

(pound)

321 00321.22293.80223.15223.07222.63

223.24221.88222.17222.19221.73222.55223.12223.58

224.13224.62224.35224.43

Belgium(franc)

2 28172.28162.2009L.9908L.9859L.9878

L.9838L.9838L.9842L.9879L.9920.9965.9979

L.9941

L9934L.99661.99761.9971

France(franc)

Official

84.4929.4671

SouthAfrica(pound)

400.74400.75366.62278.38278.33278.20

279.03277.42277.78277.81277.23278.25278.96279.54

280.23280.84280.51280.61

Free

07.3240.3017.2858.2856.2856

.2856

.28562856

.2856

.2856

.2856

.28562856

.2856

.2856

.2856

.2856

Swe-den

(krona)

27.82427.82425.48019.33219.32719.326

19.32719.32719.32719.32719.32719.32519.32319.323

19.32319.32319.32319.323

"Banknotes"

account

2 14071.97221.9622

Germany(deutsche

mark)

23.83823.838

323.838

323.838

Switz-erland(franc)

23 36323.36323.31423 13623.06023.148

23.07823 13823.24023.28823.32023.32923 33023.332

23 31123.31823.31723.329

Brazil(cruzeiro)

Official Free

5 44035.44065 44065.44065.44065.4406

5.44065.44065.44065.44065.44065.44065.44065.4406

5.44065.44065.44065.4406

India(rupee)

30 16430.16927.70620.87020.86920.922

20.98820 87020 89220.89320 86620.92120 97621 025

21.07421.08921.06121.069

UnitedKing-dom

(pound)

402 86403.13368 72280 07279.96279.26

280.07278 46278.82278 85278.27279.30280 01280.59

281 28281.90281.56281.66

!2.51732.30242.2113

Ireland(pound)

280.38279.68

280.07278 46278 82278.85278 26279.30280 01280 59

281.28281.90281.56281.66

British

sia(dollar)

42 97332.78832.84932.601

32.75232.50532 50932.44532 41832.49932.48932 523

32 56032.61232.58632.589

Mexico(peso)

20 57718 86012.62011 57011.56411.588

11.56611 56111 57411.62311 62311.61111 62211 623

11.62511.62011.61411.608

Canada(dollar)

Official

100 000100.00097 49190.909

Neth-erlands(guilder)

37 76037 66834.52826 25226 26426.315

26.33726 31726 32426.31726 29126.31226 28926 277

26.28126.26926.32126.335

Free

91 99991 69192 88191 47494.939

102 149

101 615102.086103 120103.984104 171103 681102.289103 002

103 014102.302101.666101.655

NewZealand(pound)

322 29350 48365 07277 28277 19276 49

277.29275 71276 06276.09275 51276.53277 24277 81

278.50279.11278.78278.87

Uruguay(peso)

65 83065.83065 83065 83365 83365.833

65 83365 83365.83365 83365.83365.83365 83365.833

465 833465.83365.83365.833

56 23956.18256 18056 18056.18056.180

56 18056 18056.18056 18056.18056.18056 18056.180

456 180456.18056.18056.180

42 55342 55342 55342.553

42 55342 55342.55342 55342.55342 55342 55342.553

442 553442.55342.55342.553

536.02535.54734.205

1 Based on quotations beginning Feb. 25, 1953.2Based on quotations through Aug. 14, 1952.3Based on quotations through May 8, 1952.4Quotations not available Jan. 28 through Feb. 9, 1953.5Based 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.

MAY 1953 573


PRICE MOVEMENTS IN PRINCIPAL COUNTRIES

WHOLESALE PRICES—ALL COMMODITIES

[Index numbers]

Year or month

19431944 . .19451946194719481949195019511952

1952—MarchAprilMayJuneTulvAugustSeptemberOctober

Decem ber


UnitedStates

(1947-49 =100)

6768697996

10499

103115112

112112112111112112112111111110

110110110

Canada(1935-39

= 100)

128131132139163193198211240226

231227225

r 226••225224222

'220222221

222221222

Mexico(1939 =

100)

146179199229242260285311386400

404407406405400400393397395393

387384386

UnitedKingdom

(1930 -100)

163166169175192219230262320328

333330328328327325323326324328

••328J>324P326

France(1949 =

100)

121420345289

100108138145

149147145143144144143141140141

••141P139P140

Italy(1938 -

100)

5,1595,4435,1694,8975,5815,270

5,3235,2555,1795,1335.2005,2345,2655,2725,2925,287

5,255P 5 , 2 4 3

Japan(1934-36average= 100)

224

1648

128209246343349

353349348348351348348347343342

348

Nether-lands

(1948 -100)

100104117143140

143142140139136137138138138139

137136

Sweden(1935 =

100)

196196194186199214216227299

*317

322321321322320319316314305

P306

P303P302

Switzer-land

(Aug. 1939= 100)

203207205200208217206203227220

222221220220220220220218218217

215214

P214

p Preliminary. r Revised.NOTE.—For sources and references concerning changes in tne structure of price indexes for various countries, see BULLETIN for December

1952, p. 1356.

WHOLESALE PRICES—GROUPS OF COMMODITIES

[Indexes for groups included in total index above]

Year or month

1943194419451946194719481949195019511952

1952—MarchAprilMayJuneJuly

SeptemberOctoberNovemberDecember

March

United States(1947-49=100)

Farmproducts

69697283

100107

9398

113107

108109108107110110107105104

99

10098

100

Processedfoods

n.a.n.a.n.a.n.a.

98106

96100111109

109108109109110111110109108104

106105105

Othercommod-

ities

6970717895

103101105116113

114113113113113113113113113113

113113113

Canada(1935-39=100)

Farmproducts

145155165177190230226237269247

257254253258

••254243232228229229

226223221

Raw andpartlymanu-

facturedgoods

131134136140164196197213238219

••225221220

'220••218216

'212210211210

209208210

Fully andchieflymanu-

facturedgoods

127129130138162192199211242231

235231228

'230230229228

••227'228228

229229229

United Kingdom(1930=100)

Foods

160158158158165181197221247284

276280280283289287284293293297

301302

P303

Indus-trial

products

164170175184207242249286

»364*352

»366»358»355J»352P348P345P343P343P340P344

J'341P337P337

Netherlands(1948=100)

Foods

100101112122129

130130128127122124129129131132

128127

Indus-trial rawproducts

100108128171166

169166165163162164163164163162

160159

Indus-trial

finishedproducts

100104116143135

139138136134133133133132132132

132132

n.a. Not available. » 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.



PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued

CONSUMERS' PRICE INDEXES

Year or month

1945 . . . . . .19461947 .19481949195019511952.

1952—MarchAprilM a yJuneTulvAugustSeptemberOctoberNovemberDecember

1953—JanuaryFebruaryMarch . . .

All items

UnitedStates

(1947-49= 100)1

778396

103102103111114

112113113113114114114114114114

114113114

Can-ada(1949= 100)

75788597

100103114116

117117116116116116116116116116

116116115

UnitedKing-dom(Jan.

15, 1952= 100)

7782848695

103

101102102104104103103104104105

104105

France(1949= 100)

22355790

100111130145

148147145143143145146145144145

146146

P145

Nether-lands(1949= 100)

100109119120

120120119119120119120120119120

120120120

Switz-er-

land(Aug.

1939 =100)

153152158163162159167171

171170171171171171172171171171

170170

P169

Food

UnitedStates

(1947-49= 100) i

697996

104100101113115

113114114115116117115115115114

113112112

Can-ada

(1949= 100)

100103117117

118117116116116116116115116114

114113112

UnitedKing-dom(Jan.

15, 1952= 100)

6772768291

105

101104104109108107106108108109

109110

France(1949= 100)

21365792

100111128141

144142139137136140142141140141

141142

P141

Nether-l a n d s

( 1 9 4 9= 1 0 0 )

1 0 01 1 11 2 11 2 3

1 2 41 2 51 2 41 2 41 2 31 2 01 2 31 2 31 2 21 2 2

1 2 3124

S w i t z -e r -

l a n d( A u g .

1939 =»100)

164160170176174176181184

182182183184185185186186

184183

P P r e l i m i n a r y .1 T h e s e s e r i e s a r e t h e r e v i s e d i n d e x e s , r e f l e c t i n g , b e g i n n i n g J a n u a r y 1 9 5 3 , t h e i n c l u s i o n o f s o m e n e w s e r i e s a n d r e v i s e d w e i g h t s . P r i o r t o J a n -

u a r y 1 9 5 3 i n d e x e s a r e b a s e d o n t h e " i n t e r i m a d j u s t e d " a n d " o l d " i n d e x e s , c o n v e r t e d t o t h e b a s e 1 9 4 7 - 4 9 = 1 0 0 .N O T E . — F o r s o u r c e s a n d r e f e r e n c e s c o n c e r n i n g c h a n g e s i n t h e s t r u c t u r e o f p r i c e i n d e x e s f o r v a r i o u s c o u n t r i e s ( e x c e p t t h e U n i t e d S t a t e s ) , s e e

B U L L E T I N f o r D e c e m b e r 1 9 5 2 , p . 1 3 5 7 .

S E C U R I T Y P R I C E S[ I n d e x n u m b e r s e x c e p t a s o t h e r w i s e s p e c i f i e d ]

Y e a r o r m o n t h

Number of issues . . .

1 9 4 61 9 4 71 9 4 8 .1 9 4 91 9 5 0 .1 9 5 1

1 9 5 2

1 9 5 2 — A p r i lM a y

J u n eJ u l yA u g u s tS e p t e m b e r . . .O c t o b e rN o v e m b e r . . .D e c e m b e r

1 9 5 3 — J a n u a r yF e b r u a r y . . . .

M a r c h

B o n d s

U n i t e dS t a t e s

( h i g hg r a d e )

17

1 2 3 . 41 2 2 . 11 1 8 . 31 2 1 . 01 2 2 . 01 1 7 . 71 1 5 . 8

1 1 6 . 21 1 6 . 31 1 6 . 21 1 6 . 01 1 5 . 81 1 5 . 71 1 4 . 71 1 5 . 21 1 5 . 3

1 1 4 . 51 1 4 . 01 1 3 . 4

C a n a d a( 1 9 3 5 - 3 9

= 1 0 0 )

1 1 7 . 21 1 8 . 51 0 5 . 01 0 7 . 61 0 9 . 6

9 5 . 78 6 . 1

8 6 . 78 8 . 88 7 . 78 5 . 38 4 . 08 3 . 68 4 . 38 4 . 98 4 . 7

8 4 . 58 4 . 28 4 . 1

U n i t e dK i n g d o m

( D e c e m b e r1 9 2 1 = 1 0 0 )

87

1 3 2 . 11 3 0 . 81 2 9 . 91 2 6 . 51 2 1 . 21 1 7 . 61 0 8 . 3

1 0 8 . 51 0 8 . 61 0 5 . 81 0 5 . 81 0 6 . 31 1 0 . 01 0 9 . 01 0 8 . 31 0 9 . 0

1 0 9 . 11 0 9 . 71 1 0 . 5

F r a n c e( 1 9 4 9 =

1 0 0 )

60

1 3 1 . 51 2 0 . 01 0 6 . 41 0 0 . 0

9 9 . 81 0 1 . 41 1 1 . 1

1 0 5 . 31 1 0 . 71 1 3 . 91 1 4 . 41 1 4 . 81 1 6 . 91 1 5 . 51 1 5 . 01 1 4 . 6

1 1 4 . 31 1 2 . 7

N e t h e r -l a n d s

14

109. G105.6107.11 0 6 . 81 0 6 . 7

8 7 . 08 5 . 6

8 3 . 98 4 . 58 5 . 28 5 . 48 7 . 68 7 . 18 7 . 68 9 . 99 1 . 6

9 3 . 69 6 . 39 5 . 8

C o m m o n s t o c k s

U n i t e dS t a t e s

( 1 9 3 5 - 3 9= 1 0 0 )

480

1 3 9 . 91 2 3 . 01 2 4 . 41 2 1 . 41 4 6 . 41 7 6 . 51 8 7 . 7

1 8 3 . 61 8 3 . 71 8 7 . 61 9 2 . 11 9 1 . 11 8 8 . 21 8 3 . 41 8 9 . 81 9 7 . 0

1 9 7 . 61 9 5 . 91 9 8 . 0

C a n a d a( 1 9 3 5 - 3 9

= 1 0 0 )

103

1 1 5 . 71 0 6 . 01 1 2 . 51 0 9 . 41 3 1 . 61 6 8 . 31 7 3 . 1

1 7 5 . 81 6 9 . 01 7 1 . 61 7 4 . 91 7 6 . 01 7 1 . 61 6 3 . 61 6 7 . 31 6 8 . 4

1 7 2 . 31 6 9 . 01 7 0 . 0

U n i t e dK i n g d o m

( 1 9 2 6 = 1 0 0 )

278

9 6 . 29 4 . 69 2 . 08 7 . 69 0 . 09 7 19 1 . 1

9 1 . 69 2 . 08 9 . 68 9 . 98 9 . 99 1 . 29 0 . 38 9 . 99 1 . 0

9 2 . 09 2 . 09 3 . 2

F r a n c e( 1 9 4 9 = 1 0 0 )

295

1 0 09 0

1 1 21 4 3

1 4 41 3 61 4 21 4 51 4 61 4 71 4 21 4 11 4 1

1 5 11 5 3

N e t h e r -l a n d s

27

1 9 52 3 32 4 02 1 92 1 72 1 51 9 2

1 8 51 8 51 8 41 9 01 9 01 9 21 9 11 9 41 9 6

2 0 12 0 72 0 6

N O T B . — F o r s o u r c e s a n d r e f e r e n c e s c o n c e r n i n g c h a n g e s i n t h e s t r u c t u r e o f p r i c e i n d e x e s f o r v a r i o u s c o u n t r i e s , s e e B U L L E T I N f o r D e c e m b e r1 9 5 2 , p . 1 3 5 7 .

MAY 1953 575


M . S. SZYMCZAKR. M. EVANS

BOARD OF GOVERNORSOF THE FEDERAL RESERVE SYSTEM

W M . M C C . MARTIN, JR., Chairman

JAMES K. VARDAMAN, JR.

A. L. MILLS, JR.

J. L. ROBERTSON

ELLIOTT THURSTON, Assistant to the Board WINFIELD W. RIEFLER, Assistant to the ChairmanWOODLIEF THOMAS, Economic Adviser to the Board

ALFRED K. CHERRY, Legislative Counsel

OFFICE OF THE SECRETARYS. R. CARPENTER, SecretaryMERRITT SHERMAN, Assistant SecretaryKENNETH A. KENYON, Assistant Secretary

LEGAL DIVISIONGEORGE B. VEST, General CounselFREDERIC SOLOMON, Assistant General CounselHOWARD H. HACKLEY, Assistant General CounselDAVID B. HEXTER, Assistant General CounselG. HOWLAND CHASE, Assistant General Counsel

DIVISION OF RESEARCH AND STATISTICSRALPH A. YOUNG, Director

FRANK R. GARFIELD, Adviser on Economic ResearchKENNETH B. WILLIAMS, Assistant DirectorSUSAN S. BURR, Assistant DirectorGUY E. NOYES, Assistant DirectorC. RICHARD YOUNGDAHL, Assistant Director

DIVISION OF INTERNATIONAL FINANCEARTHUR W. MARGET, Director

LEWIS N. DEMBITZ, Assistant Director

DIVISION OF EXAMINATIONSGEORGE S. SLOAN, Director

C. C. HOSTRUP, Assistant DirectorFRED A. NELSON, Assistant DirectorARTHUR H. LANG, Chief Federal Reserve ExaminerROBERT C. MASTERS, Assistant DirectorGLENN M. GOODMAN, Assistant DirectorHENRY BENNER, Assistant Director

DIVISION OF BANK OPERATIONSROBERT F. LEONARD, Director

J. E. HORBETT, Assistant DirectorLOWELL MYRICK, Assistant Director

DIVISION OF PERSONNEL ADMINISTRATIONDWIGHT L. ALLEN, Director

H. FRANKLIN SPRECHER, JR., Assistant Director

DIVISION OF ADMINISTRATIVE SERVICESLISTON P. BETHEA, Director

JOSEPH E. KELLEHER, Assistant DirectorEDWIN J. JOHNSON, Assistant Director

OFFICE OF DEFENSE LOANSGARDNER L. BOOTHE, II, Administrator

FEDERAL OPENMARKET COMMITTEE

WM. MCC. MARTIN, JR., ChairmanALLAN SPROUL, Vice Chairman

J. A. ERICKSON O. S. POWELLR. M. EVANS J. L. ROBERTSONDELOS C. JOHNS M. S. SZYMCZAKA. L. MILLS, JR. JAMES K. VARDAMAN, JR.

WINFIELD W. RIEFLER, Secretary

ELLIOTT THURSTON, Assistant SecretaryGEORGE B. VEST, General CounselFREDERIC SOLOMON, Assistant General CounselWOODLIEF THOMAS, Economist

W M , J. ABBOTT, JR., Associate EconomistJ. MARVIN PETERSON, Associate EconomistH. V. ROELSE, Associate EconomistDONALD S. THOMPSON, Associate EconomistRALPH A. YOUNG, Associate EconomistROBERT G. ROUSE, Manager of System Open

Market Account

576

FEDERALADVISORY COUNCIL

ERNEST CLAYTON, BOSTON DISTRICT

HENRY C. ALEXANDER, N E W YORK DISTRICT

GEOFFREY S. SMITH, PHILADELPHIA DISTRICT

GEORGE GUND,

ROBERT V. FLEMING,

Vice President

PAUL M. DAVIS,

EDWARD E. BROWN,

President

V. J. ALEXANDER,

JOSEPH F . RINGLAND,

CLEVELAND DISTRICT

RICHMOND DISTRICT

ATLANTA DISTRICT

CHICAGO DISTRICT

ST. LOUIS DISTRICT

MINNEAPOLIS DISTRICT

CHARLES J. CHANDLER, KANSAS CITY DISTRICT

D E W I T T T . RAY, DALLAS DISTRICT

JOHN M. WALLACE, SAN FRANCISCO DISTRICT

HERBERT V. PROCHNOW, Secretary



CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS

Federal ReserveBank of

Chairman 1

Deputy ChairmanPresident

First Vice PresidentVice Presidents

(Vice Presidents in charge of branches are listed inlower section of this page)

Boston....

New York.

Philadelphia...

Cleveland.

Richmond.

Atlanta.

Chicago.

St. Louis

Minneapolis. . .

Kansas City. . .

Dallas

San Francisco..

Harold D. HodgkinsonAmes Stevens

Jay E. CraneWilliam I. Myers

William J. MeinelC. Canby Balderston

John C. VirdenLeo L. Rummell

Charles P. McCormickJohn B. Woodward, Jr.

Frank H. NeelyRufus C. Harris

John S. ColemanBert R. Prall

Russell L. DearmontWm. H. Bryce

Roger B. ShepardPaul E. Miller

Raymond W. HallCecil Puckett

J. R. PartenRobert J. Smith

Brayton WilburWilliam R. Wallace, Jr.

J. A. EricksonAlfred C. Neal

Allan SproulWilliam F. Treiber

Alfred H. WilliamsW. J. Davis

W. D. FultonDonald S. Thompson

Hugh LeachEdw. A. Wayne

Malcolm BryanLewis M. Clark

C. S. YoungE. C. Harris

Delos C. JohnsFrederick L. Deming

O. S. PowellA. W. Mills

H. G. LeedyHenry O. Koppang

R. R. GilbertW. D. Gentry

C. E. EarhartH. N. Mangels

John J. Fog Carl B. PitmanJ ogg.obert B. Harvey 3 O. A. Schlaikjer

E. O. Latham R. F. Van Amringe

H. A. BilbyH. H. KimballL. W. KnokeWalter S. LoganA. Phelan

Karl R. BoppRobert N. HilkertE. C. HillWm. G. McCreedy

Roger R. ClouseA. H. Laning 3

Martin Morrison

N. L. ArmisteadAubrey N. HeflinUpton S. MartinR. W. Mercer 3

H. V. RoelseRobert G. RouseV. WillisR. B. WiltseJ. H. Wurts

P. M. PoormanJ. V. Vergari *Richard G. Wilgus 2

H. E. J. SmithPaul C. Stetzelberger

C. B. StrathyK. Brantley WatsonChas. W. Williams

V. K. Bowman E. C. Rainey 2

J. E. Denmark L. B. RaistyHarold T. Patterson Earle L. Rauber

S. P. Schuessler

Neil B. DawesW. R. DiercksW. A. HopkinsL. H. Jones *

Dale M. LewisWm. E. Peterson

H. C. CoreE. B. LarsonH. G. McConnell

John T. Boysen 2

M. W. E. Park

E. B. AustinR. B. ColemanJ. L. Cook 3

Watrous H. Irons

E. R. MillardH. F. Slade

L. G. MeyerGeorge W. MitchellA. L. OlsonAlfred T. SihlerW. W. Turner

H. H. WeigelJ. C. Wotawa

J. Marvin PetersonOtis R. PrestonM. H. Strothman, Jr.Sigurd Ueland

Clarence W. TowE. D. VanderhoofD. W. Woolley

L. G. PondromHarry A. ShufordMac C. Smyth

Ronald T. Symms2

O. P. Wheeler

VICE


New YorkCleveland

Richmond

Atlanta

ChicagoSt. Louis

PRESIDENTS IN

Branch

BuffaloCincinnatiPittsburghBaltimoreCharlotteBirminghamJacksonvilleNashvilleNew OrleansDetroitLittle RockLouisvilleMemphis

CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS

Vice Presidents

I. B. SmithWilbur T. BlairJ. W. KossinD. F. HagnerR. L. CherryJohn L. Liles, Jr.T. A. LanfordR. E. Moody, Jr.E. P. ParisR. A. SwaneyC. M. StewartC. A. SchachtPaul E. Schroeder


Minneapolis....

Kansas City. . . .

Dallas

San Francisco...

Branch

Helena

DenverOklahoma CityOmaha

El PasoHoustonSan Antonio

Los AngelesPortlandSalt Lake CitySeattle

Vice Presidents

C. W. Groth

G. A. GregoryR. L. MathesL. H. Earhart

C. M. RowlandW. H. HollowayW. E. Eagle

W. F. VolbergJ. A. RandallW. L. PartnerJ. M. Leisner

1 Also Federal Reserve Agent.

MAY 1953

1 Cashier. »Also Cashier. 4 Counsel.

577


FEDERAL RESERVE BOARD PUBLICATIONS :

The material listed below may be obtained fromthe Division of Administrative Services, Board ofGovernors of the Federal Reserve System, Wash-ington 25, D. C. Where a charge is indicated,remittance should be made payable to the orderof the Board of Governors of the Federal ReserveSystem.

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FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEYRATES, and BUSINESS. Issued monthly. $6.00per annum including edition of historical supple-ment (listed below) available when subscriptionis entered or renewed. 60 cents per copy; inquantities of 10 or more copies of a particularissue for single shipment, 50 cents each. (Do-mestic rates)

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1 A more complete list, including periodic releases and re-prints, appeared on pp. 1360-63 of the December 1952BULLETIN.

THE FEDERAL RESERVE SYSTEM—ITS PURPOSES ANDFUNCTIONS. November 1947; reprinted April1953. 125 pages.

BANKING STUDIES. Comprising 17 papers on bank-ing and monetary subjects by members of theBoard's staff. August 1941; reprinted October1952. 496 pages. Paper cover. $1.00 per copy;in quantities of 10 or more copies for single ship-ment, 75 cents each.

BANKING AND MONETARY STATISTICS. Statistics ofbanking, monetary, and other financial develop-ments. November 1943. 979 pages. $1.50 percopy. No charge for individual sections (un-bound).

A STATISTICAL STUDY OF REGULATION V LOANS.September 1950. 74 pages. 25 cents per copy;in quantities of 10 or more copies for single ship-ment, 15 cents each.

THE DEVELOPMENT OF BANK DEBITS AND CLEARINGSAND THEIR USE IN ECONOMIC ANALYSIS. Janu-ary 1952. 175 pages. 25 cents per copy; inquantities of 10 or more copies for single ship-ment, 15 cents each.

THE FEDERAL RESERVE ACT, as amended to Novem-ber 1, 1946, with an Appendix containing pro-visions of certain other statutes affecting theFederal Reserve System. 372 pages. 50 cents perpaper-bound copy; $1.00 per cloth-bound copy.

COMPILATION OF FEDERAL AND STATE LAWS RELAT-ING TO BRANCH BANKING WITHIN THE UNITEDSTATES. (July 1, 1951.) December 1951. 33 pages.

RULES OF ORGANIZATION AND RULES OF PROCEDURE—Board of Governors of the Federal ReserveSystem (with Amendments). September 1946.31 pages.

REGULATIONS OF THE BOARD OF GOVERNORS OF THEFEDERAL RESERVE SYSTEM. Individual regulationswith amendments.



FEDERAL RESERVE BOARD PUBLICATIONS

REPRINTS(From Federal Reserve Bulletin unless preceded by an asterisk)MEASUREMENT OF CONSUMER CREDIT. November

1950. 9 pages.* T H E TREASURY—CENTRAL BANK RELATIONSHIP IN

FOREIGN COUNTRIES—PROCEDURES AND TECH-

NIQUES. November 1950. April 1951. 19 pages.TRENDS IN INTERNATIONAL TRADE AND PAYMENTS.

April 1951. 14 pages.HOUSE PURCHASES IN THE FIVE MONTHS FOLLOWING

THE INTRODUCTION OF REAL ESTATE CREDIT REGU-

LATION. July 1951. 23 pages.SAVING IN THE DEFENSE ECONOMY. September

1951. 5 pages.N E W INDEX OF OUTPUT OF MAJOR CONSUMER

DURABLE GOODS. October 1951. 6 pages.

CREDIT AND SALES REPORTED BY REGULATION W

REGISTRANTS. October 1951. 12 pages.VOLUNTARY ACTION TO HELP CURB INFLATION.

November 1951. 9 pages.REVISED INDEXES OF DEPARTMENT STORE SALES AND

STOCKS. December 1951. 53 pages.ECONOMIC PROBLEMS FACING POST-TREATY JAPAN.

January 1952. 11 pages.T H E SECOND ARMAMENT BUDGET. February 1952.

9 pages.MONEY AND CREDIT IN 1951. February 1952. 9

pages.RECENT CHANGES IN GERMANY'S FOREIGN TRADE

BALANCE. March 1952. 7 pages.1952 SURVEY OF CONSUMER FINANCES—From April,

July, August, and September issues of BULLETIN.67 pages. (Also, similar surveys for earlier yearsfrom 1946, 1947, 1948, 1949, 1950, and 1951BULLETINS.)

BANKING IN THE SOVIET UNION. April 1952. 8

pages.REVISED WEEKLY INDEX OF DEPARTMENT STORE

SALES. April 1952. 4 pages.STATEMENT BY CHAIRMAN OF THE BOARD OF GOV-

ERNORS BEFORE SUBCOMMITTEE ON GENERAL

CREDIT CONTROL AND DEBT MANAGEMENT, MARCH

11, 1952. April 1952. 4 pages.CHANGES IN INSTALMENT CREDIT TERMS. May 1952.

6 pages.EXCESS PROFITS TAXES OF COMMERCIAL BANKS.

June 1952. 18 pages.

REAL ESTATE LOANS OF REGISTRANTS UNDER REGU-

LATION X. June 1952. 18 pages.

RETAIL CREDIT SURVEY—1951. From June 1952BULLETIN with supplementary information for9 separate trades. (Also, Retail Credit Surveys—1943, 1944, 1945, 1946, 1947, 1948, and 1949from the June 1944, May 1945, June 1946, July1947, July 1948, June 1949, and June 1950BULLETINS with supplementary information.)

ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS

AND BUSINESSES. July 1952. 2 pages.

PROBLEMS OF TRADE EQUILIBRIUM. October 1952.

9 pages.

REVISED SERIES ON DEPARTMENT STORE SALES,

STOCKS, AND ORDERS. October 1952. 5 pages.

RECENT CREDIT EXPANSION. December 1952. 7

pages.

RECENT CENTRAL BANKING DEVELOPMENTS IN

SOUTHEAST ASIA. December 1952. 9 pages.

CREDIT AND MONETARY REVIEW FOR 1952. February

1953. 7 pages.

T H E MONETARY SYSTEM OF THE UNITED STATES.

February 1953. 16 pages.

INFLUENCE OF CREDIT AND MONETARY MEASURES ON

ECONOMIC STABILITY. March 1953. 16 pages.

FEDERAL FINANCIAL MEASURES FOR ECONOMIC STA-

BILITY. May 1953. 7 pages.

INTERNATIONAL FLOW OF GOLD AND DOLLARS, 1952.

March 1953. 8 pages. (Also similar articlefrom March 1952 BULLETIN.)

SELECTED PRELIMINARY FINDINGS OF THE 1953

SURVEY OF CONSUMER FINANCES. March 1953.

2 pages.REVISION OF CONSUMER CREDIT STATISTICS. April

1953. 19 pages.^DETAILED DESCRIPTION OF SOURCES AND METHODS

USED IN REVISION OF SHORT- AND INTERMEDIATE-

TERM CONSUMER CREDIT STATISTICS (supplemen-

tary details for item listed above), April 1953.25 pages.

T H E TRANSITION TO FREE MARKETS. April 1953.

6 pages.FEDERAL RESERVE BANK RESPONSIBILITIES. May

1953. 5 pages.FEDERAL FINANCIAL MEASURES FOR ECONOMIC STA-

BILITY. May 1953. 7 pages.

MAY 1953 579


o

I3

FEDERAL RESERVE SYSTEM

BOUNDARIES OF FEDERAL RESERVE DISTRICTSAND THEIR BRANCH TERRITORIES

= BOUNDARIES OF FEDERAL RESERVE DISTRICTS

BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES

if BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

® FEDERAL RESERVE BANK CITIES

• FEDERAL RESERVE BRANCH CITIES


frb_051953

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