frb_071952

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

BULLETINJULY 1952

i-»^* ,-vra / ? * / ^ n _

BOARD OF GOVERNORS

OF THE FEDERAL RESERVE SYSTEM

WASHINGTON

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

EDITORIAL COMMITTEEELLIOTT THURSTON WOODLIEF THOMAS WINFIELD W. RIEFLER

SUSAN S. BURRRALPH A. YOUNG

The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorialcommittee. This committee is responsible for interpretations and opinions expressed, exceptin official statements and signed articles.

CONTENTSPAGE

The Monetary and Credit Situation. 731-737

Letter on Savings Bonds Program. 738

1952 Survey of Consumer Finances:Part I. Consumer Expectations as to Economic Trends

and Consumer Investment Preferences. 739-755

Estimated Liquid Asset Holdings of Individuals and Businesses 756-757

The Balance Sheet of Agriculture, 1952. . 758-771

Law Department 772-774

Current Events and Announcements. 775-776

National Summary of Business Conditions. 777-778

Financial, Industrial, Commercial Statistics, U. S. (See p. 779 for list of tables) . 779-828

International Financial Statistics (See p. 829 for list of tables) . 829-847

Board of Governors and Staff; Open Market Committee and Staff; Federal

Advisory Council . 848

Senior Officers of Federal Reserve Banks; Managing Officers of Branches. 849

Federal Reserve Board Publications . 850-851

Map of Federal Reserve Districts. . 852

Subscription Price of Bulletin


FEDERAL RESERVE BULLETINVOLUME 38 July 1952 NUMBER 7

THE MONETARY AND CREDIT SITUATION

Credit and monetary developments re-flected as well as influenced the over-all eco-nomic stability that prevailed in the first halfof the year. Altogether, expansion of bankcredit to private borrowers was smaller inthis period than in the same period of 1951.Nevertheless, the privately held money sup-ply declined less this year than it did lastyear, partly because of a gold inflow ratherthan an outflow and a smaller decline inbank holdings of Government securities.The active money supply—demand depositsand currency—contracted moderately, whilethe less active time deposits increased sub-stantially. Seasonal factors, which usuallyoperate to hold down bank credit and mone-tary expansion in the first half of the year,included a drain on the private money sup-ply from Federal income tax paymentsduring the first quarter and some run-off ofbusiness loans at banks, especially in thesecond quarter.

With less strong private demands for bankcredit and a somewhat better balance be-tween output and final takings of products,both Regulation W—governing consumer in-stalment credit—and the Voluntary CreditRestraint Program were suspended. Withthe concurrence of the Housing and HomeFinance Administrator, Regulation X wasalso amended, primarily in order to applyto houses in all price ranges relaxation interms comparable to those prescribed by the

Congress a year ago for houses in lower pricebrackets.

The Defense Production Act Amendmentsof 1952, which became effective July 1, 1952,discontinued authority for the regulationof consumer instalment credit and for theVoluntary Credit Restraint Program. Au-thority to control real estate constructioncredit was continued, but for residentialcredit was made contingent upon the rate atwhich new houses are started. The effect ofthese amendments is to withdraw two sup-plementary instruments of selective creditrestraint and to limit greatly the flexibilitywith which a third can be administered inthe event of a resurgence of inflationary pres-sures. The Federal Reserve still has avail-able, of course, its traditional instruments ofgeneral credit policy, which influence pri-marily the availability of bank reserves andthereby the supply of credit and money.

Recently, developments have pointedtoward some additional expansion in bankcredit and a resumption of growth in themoney supply. The decline in business loanshas stopped and the usual seasonal in-crease may soon begin. Consumer instal-ment credit has been rising again, reflect-ing a pickup in consumer durable goodssales and a moderate increase in the pro-portion of such sales financed by instalmentcredit. These changes may be attributedin part to suspension of Regulation W. De-

JULY 1952 731



mand for mortgage money has also beenstrong, and offerings of corporate and Stateand local government securities large.

The Federal Government, which retireddebt on balance during the first half of theyear, has in recent weeks borrowed sub-stantial amounts through sales of Treasurybills and bonds, including 4*4 billion dollarsof intermediate-term bonds for which pay-ment was received on July 1. This financingentailed a substantial increase in commercialbank credit—both in holdings of Govern-ment securities and in loans on such securi-ties. Federal Reserve holdings of Govern-ment securities and advances to memberbanks also increased in connection with thisfinancing as well as to meet special seasonaldemands around the midyear period.

During the remainder of the year theFederal Government will need to borrowadditional funds. At the same time, creditdemands on the part of businesses, con-sumers, and State and local governments arelikely to increase, in part seasonally. Theextent to which these credit demands can bemet outside the banking system will dependlargely upon a continuing supply of savingsand the availability of these savings for suchinvestment.

MONEY MARKET CONDITIONS AND BANK

RESERVE POSITIONS

Money market conditions have continuedtight and bank reserve positions have re-mained under pressure thus far in 1952,particularly during the second quarter. Therewas some tendency toward ease in the firstquarter as a result of seasonal and otherforces. Money market developments havemirrored mainly the interplay of supply anddemand forces in the market. On occasion,the Federal Reserve System has tempered ex-cess ease or stringency of funds that devel-

oped in consequence of seasonal or othertemporary pressures.

During the first quarter of this year thelegally required reserves of banks declinedsomewhat as a result of deposit contraction.During the same period banks obtained asubstantial volume of new reserves from acontinuation of the gold inflow and a returnflow of currency from circulation, as thechart shows. A large part of the reservesthus made available was absorbed by a re-duction in Federal Reserve holdings ofGovernment securities. When the FederalReserve sells Government securities, a cor-responding amount of commercial bank re-serve balances with the Reserve Banks isextinguished.

MEMBER BANK RESERVES AND RELATED ITEMS

Billionsof Dollar* MONTHLY AVERAGES OF DAILY FIGURES

Billion*of DolTon

NOTE.—Latest data are for June.

In the second quarter of the year, thegold inflow ceased and currency in circu-lation again increased. These and otherfactors exerted a drain on bank reserves.Some banks replenished their reserves byborrowing the excess reserves of other banks

732 FEDERAL RESERVE BULLETIN



through the so-called Federal funds markets.Additions to the over-all supply of reserveswere obtained through borrowing from Fed-eral Reserve Banks.

In the past year and a half memberbanks resorted to Federal Reserve discountfacilities to a greater extent than they hadfor many years. During the first five monthsof this year, the daily average of outstandingFederal Reserve discounts and advances tomember banks was 362 million dollars, V/ztimes the average amount in the same periodlast year and almost four times that in thesame period of 1950. Such borrowing, as canbe seen from the preceding chart, fluctuatedwidely and at times exceeded a billion dol-lars. Another indication of the increasedimportance of resort to borrowing at theReserve Banks is the number of individualbanks that have borrowed. In the first halfof both 1952 and 1951, over 900 differentbanks utilized Federal Reserve discountfacilities as compared with about 600 in thefirst half of 1950.

The necessity for member banks to bor-SELECTED INTEREST RATES

MONTHLY

. CORPORATE Aaa

F.R DISCOUNT RATE -| N.YC

_ . * TREASURY BILLS

NOTE.—Data are from Treasury Department, Moody's In-vestors Service, and the Federal Reserve. Latest data are forJune.

row from Federal Reserve Banks to adjusttheir reserve positions has functioned as arestrictive force on credit and monetary ex-pansion. Banks, as a matter of prudent man-agement, are reluctant to rely on borrowedfunds for any extended period of time. Dur-ing periods of indebtedness, consequently,banks are under pressure to adjust theirlending and investing activities to repaysuch debt and to bring these operations inline with reserve funds otherwise available.

Early this year some easing in money mar-ket conditions and bank reserve positions asa result of seasonal and other factors resultedin a general downward drift in interestrates, as can be seen from the chart. Duringthe second quarter short-term interest ratesfirmed again as bank reserve positions tight-ened and credit and deposit expansion re-sumed. These rates are directly affected bymoney market conditions. Tightening inlong-term rates was moderated, in part bythe continuing large volume of savings seek-ing investment.

CREDIT EXPANSION

Total outstanding debt increased furtherin the first half of 1952 despite some sea-sonal contraction in United States Govern-ment debt and business debt at banks. Theexpansion was due mainly to continuinglarge demands for long-term funds to financeprivate and State and local government con-struction and business equipment expendi-tures.

Growth in private debt thus far this yearhas been largely in long-term form. Partlybecause of this, short-term credit demand hasbeen less strong than in either of the preced-ing two years. Also, some long-term credithas been used, as it was earlier, to fund out-standing short-term debt and so has resultedin a pay-off of bank loans.

JULY 1952 733



Business capital and credit. Business cor-porations issued a record volume of securi-ties to obtain new capital in the first halfof the year. Bond issues continued to ex-ceed stock issues by a substantial amount,but the relative importance of stock financ-ing continued the steady increase of thepast two years. Business also continuedto obtain a large volume of long-term debtfunds by private placement of security is-sues with institutional investors, particularlylife insurance companies. The greater busi-ness demand for long-term funds has beendue in part to the continuation of large ex-penditures for relatively fixed purposes, forexample, new plant and equipment. A moredetailed analysis of recent business financialdevelopments appeared in the May issue ofthe BULLETIN.

Although business demands for long-termfinancing have continued large thus far in1952, their needs for short-term funds have

BUSINESS LOANSCUMULATIVE CHANGES SINCE JULY 3, 1951

MILLIONS OF DOLLARS WEEKLY MILLIONS OF DOLLARS2000 2000

NOTE.—Data reported by over 200 of the largest weekly report-ing member banks. Metals includes metal products, machinery,and transportation equipment. Foods, etc., includes liquor andtobacco. Petroleum, etc., includes coal, chemicals, and rubber.Latest data are for June 25.

dropped of? somewhat. This has been duein part to the leveling off of working capitalrequirements for the carrying of inventories,accounts receivable, and the like.

The decline in the business loans of banksin the first half of 1952 occurred mainly inthe second quarter and was due in largepart to repayments by commodity dealersand by food, liquor, and tobacco processors,as is shown on the accompanying chart. Suchconcerns customarily pay off in the springof the year the bank debt incurred the previ-ous fall to finance the movement and proc-essing of harvests. In addition, the bankindebtedness of metal manufacturers andpetroleum and chemical concerns, whichhad risen steadily and rapidly since early1951, leveled off in the second quarter.About mid-June, however, there was a sharpincrease in borrowing by businesses in mostlines to meet quarterly income tax payments.

Mortgage credit. The demand for mort-gage credit has continued very large so farthis year compared with most prior years.The volume of new lending has continuedto exceed the record repayments of old debt,and outstanding debt has risen further,though somewhat less rapidly than in 1951.

An important element in the strong de-mand for mortgage money has been continu-ation of active markets for residential prop-erties. New housing starts, which have risensharply since last winter, are now exceed-ing last year's high level, and sales andrefinancing of old houses are close to the re-cent peak.

The total volume of new mortgage lend-ing this year has been much more in linewith the volume of funds available from newsavings and from repayments on existingloans than was the case early last year and in1950. Consequently there has been a smallervolume of sales of Government securities by




financial institutions in order to obtain fundsfor additional private lending.

Savings and loan associations and life in-surance companies continue to be the largestholders of mortgage debt. Mortgage lend-ing by savings and loan associations has beenrising sharply in recent months, while lend-ing by commercial banks has been relativelystable for over a year. In recent years com-mercial banks have provided a decliningproportion of the new mortgage funds madeavailable by financial institutions.

Consumer credit. Total consumer creditoutstanding declined seasonally in the firstquarter of the year. Since then, the out-standing volume of consumer credit hasrisen quite rapidly. Consumer instalmentcredit has been mainly responsible for therecent increase, due in part to increased dur-able goods sales based to some extent onthe easing of instalment credit terms thatfollowed the suspension of Regulation Won May 7. In May, consumer instalmentcredit rose almost 450 million dollars, as com-pared with little change in the same monthlast year. Commercial banks were directlyresponsible for almost one-half of this in-crease, and they financed indirectly a sub-stantial part of the remainder through loansto finance companies and retailers. To someextent, this replaced bank financing of in-ventories by distributors and manufacturers.

State and local government credit. Stateand local government financing has been inparticularly large volume in recent monthsdue mainly to the continuation of capitalexpansion programs. Sizable expenditureson schools and public utilities have continuedand, in addition, outlays for new highwaysand veterans' bonuses have picked up notice-ably since construction curbs were eased be-ginning in March and the Voluntary CreditRestraint Program ceased to apply to State

and local financing in early April. Commer-cial banks have continued to absorb State andlocal government security issues in substan-tial volume, a trend resulting in part fromthe attractiveness of the tax exemption fea-ture of their income.

Other types of credit. Among the othertypes of credit outstanding, security loansincreased significantly in recent months.This increase occurred mainly in the secondquarter and was due in part to an increasedvolume of transactions in Government se-curities and in part to a large volume of newcorporate and municipal security financing.

Agricultural borrowing—both productionand mortgage credit—has increased some-what further this year but at a slower ratethan last year. The rise has been somewhatless both at commercial banks and at Federalcredit agencies.

TREASURY FINANCE

During the first quarter of 1952 the FederalGovernment was able, as a result of largeseasonal income tax receipts, to reduce itsoutstanding debt somewhat and also tostrengthen its cash position. In March andJune about 1.2 billion dollars of tax antici-pation bills were redeemed either in cash orin payment of taxes by business corporationsand others. In addition, some of the Treas-ury securities that matured during the periodwere redeemed for cash. Most of the ma-turing issues, however, were refunded withnew short-term securities.

In the second quarter the Treasury ob-tained 1.6 billion dollars of new funds byincreasing a number of its weeky bill offer-ings by 200 million each. In addition, theTreasury obtained a little over 300 milliondollars from a new issue of 2% per cent non-marketable bonds. On July 1 it received pay-ment for 4!/4 billion dollars of 2% per cent

JULY 1952 735



6-year marketable bonds. More than 80per cent of the allotments on subscriptionsfor the latter bonds were to nonbank inves-tors. A considerable portion, however, wasfinanced through bank loans or the bondswere sold to banks by the subscribers.

Over the half year redemptions of sav-ings notes exceeded sales plus interest ac-cruals. The volume of savings bonds showedlittle change over this period. Following theMay announcement of a revision in savingsbond terms enhancing their attractiveness toinvestors, sales of these bonds increased some-what. A joint statement made by the threeFederal bank supervisory agencies, the Super-visors of State banks, and the AmericanBankers Association urging banks to use theirfacilities for informing the public about theinvestment opportunities of the new bondsappears on page 738 of this BULLETIN.

The Federal Reserve System reduced itsholdings of Government securities signifi-cantly during most of the first half of theyear in order to absorb reserves which other-wise would have become available to com-mercial banks through gold and currencyinflows and the reduction in required re-serves resulting from deposit contractions.Commercial bank holdings of Governmentsecurities were little changed over the halfyear. In late June and early July, banks in-creased their holdings substantially by pur-chases of Treasury bills and other securitiesin the market, and by subscription to thenew issue of intermediate-term Treasurybonds. Federal Reserve holdings also in-creased during this period.

CHANGES IN THE SUPPLY AND USE OF MONEY

As a result of restraints on the availabilityof bank reserves and some seasonal slacken-ing in credit demand, both total bank creditand total bank deposits rose only moderately

over the first half of 1952. The privately heldmoney supply declined somewhat, as thetable shows. It dropped considerably earlyin the year, largely for seasonal reasons, andsubsequently rose slowly but steadily.

Two factors that have tended to increasethe privately held money supply thus far thisyear have been the rise in bank credit andsome inflow of gold. Such factors, however,have been more than offset by others thattended to decrease it. These included a de-crease in Federal Reserve Bank holdings ofGovernment securities and an increase incommercial bank capital. In addition, therewas the usual seasonal shift in the owner-

CHANGES IN THE MONEY SUPPLY, WITH RELEVANT FACTORS

[In billions of dollars]

Item

Changes in the Money Supply

Privately held, total

Demand deposits adjustedTime deposits adjustedCurrency outside banks

U. S. Government deposits...

Total *...

Factors Affecting Money Supply

Bank loans and investments other thanU. S. Government securities

Bank holdings of Government securities,total

Federal Reserve BanksCommercial banksMutual savings banks and postal

savings system

Gold stock and foreign accountsOther factors 2

1952

1sthalf

-0.7

-2.4+1.9-0.2

+2.1

+ 1.5

(Sign inmo

+2.7

- 1 .4

- 1 . 2(3)

- 0 . 2

+0.6-0.4

1951

2ndhalf

+ 11.3

+9.3+ 1.5+0.5

-2.7

+8.5

dicates eney supp

+4.5

+3.4

+0.8+3.0

-0.5

+ 1.3-0.7

1sthalf

-2.2

-3 .3+0.7+0.4

+3.0

+0.8

ffect only)

+3.9

- 2 . 1

+2.2- 3 . 5

- 0 . 8

— 1.0(3)

1 Excludes interbank deposits, items in process of collection, andbank vault cash.

2 Includes bank capital, miscellaneous bank assets and liabilities,and differences between deposits due to and from banks.

3 Less than 50 million dollars.NOTE.—Based on changes in assets and liabilities of all commer-

cial and savings banks, Federal Reserve Banks, the Postal SavingsSystem, and Treasury currency funds. Details may not add tototals because of rounding. Data for the first half of 1952 arepreliminary estimates.

ship of deposits, with those of the FederalGovernment rising and those of privateholders declining. This shift was due in




part to the concentration of personal andcorporate Federal income tax payments inthe early months of the year, and in partto the sale of new Government securities.

As the Government spends its depositsduring the coming months, these funds willbecome available for private spending orsaving, and their inflationary effects will de-pend, to a considerable extent, upon whetherthey are extinguished in repayment of bankdebt or whether they continue as part of theprivate money supply. If the deposits areextinguished and the bank reserves therebyfreed are absorbed, the effect will be restric-tive. If the funds remain in the money sup-ply, their inflationary effect will depend to amajor degree on the form in which they areheld, whether as inactive time deposits oractive demand deposits, and, if the latter, onthe rate of their use. In case they remainin the form of demand deposits, banks willcontinue to need a considerable volume ofreserves in order to meet the requirementsagainst such deposits, and such reserves willnot be available as the basis for further creditexpansion.

This year's decline in the private moneysupply has been concentrated in demanddeposits at commercial banks. Currency incirculation has shown little change. Timedeposits, mainly savings deposits at commer-cial and mutual savings banks, have risensharply as they had during the last threequarters of last year.

Currency in circulation declined aboutthe usual seasonal percentage early in 1952,but in recent months has had a more thanseasonal rise. This rise probably reflectsgrowth in individual saving as well as largercurrency needs resulting from shifts in man-power associated with the development ofthe country's defense efforts.

The sharp rise in time deposits at bankswas indicative of continuing large individualsaving, particularly in liquid forms. Share-holdings in savings and loan associationshave also increased sharply this year.

DEPOSIT TURNOVEROUTSIDE NEW YORK CITY

MONTHLYAnnual Rateof Turnover

26

-v/Y,

NOTE.—Seasonally adjusted rates, compiled by the FederalReserve Bank of New York. Deposits used are averages ofdemand deposits, except U. S. Government and interbankdeposits, as reported weekly by member banks in leading cities.Latest data are for June and are partly estimated by theFederal Reserve.

The rate of use, or turnover, of demand de-posits—the principal component of themoney supply—has tended to rise some-what over the first half of the year, as shownin the chart. This rise probably reflects con-tinuing moderate growth in spending ac-companied by little change in the moneysupply. In 1951 the turnover of demanddeposits had declined fairly steadily afterreaching a peak in the first quarter. Thecurrent level of turnover is higher than inthe forties, comparable to that in the mid-thirties, but still much lower than in thetwenties.

JULY 1952 737


LETTER ON SAVINGS BONDS PROGRAM

Following is the text of a letter sent to all commercial ban\s in the United States.

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

COMPTROLLER OF THE CURRENCY

FEDERAL DEPOSIT INSURANCE CORPORATION

NATIONAL ASSOCIATION OF SUPERVISORS OF STATE BANKS

AMERICAN BANKERS ASSOCIATION

Washington, D. C.

June 18, 1952.

To THE CHIEF EXECUTIVE OFFICER:

Your business, and ours, is to help people face financial problems squarely and solvethem realistically. This has led to a pay-as-you-go and save as-much-as-you-can policyduring the defense emergency. This policy has paid dividends—more than 15 months ofrelatively stable prices in the face of rising defense expenditures.

As essential spending for our defense continues to rise, maintaining a pay-as-you-goprogram becomes increasingly difficult. We must therefore continue to encourage theupward trend in savings. This is the people s method of minimizing the effects of inflation.

United States Savings Bonds play an important part in the public's savings program.Savings Bonds can be sold and are being sold. Bankers have played an indispensable rolein this great thrift program. More than 57 billion dollars are now outstanding—substan-tially more than at the end of 1945. About 2 million more payroll savers were signed up in1951 by concerted efforts in business and industry. Sales of small denomination E bondswere up almost 25 per cent in the first four months of 1952.

In order to show needed improvement in sales of the larger denominations, we solicitthe same effective support by bankers to inform their customers as to the features of theimproved Savings Bonds Series E, H , J, and K. The public should be informed that theseseries now carry improved investment yields which make them more attractive to largeras well as smaller denomination buyers.

We endorse the Treasury's new Savings Bonds Program and we urge every banker toenlist personally in an intensified effort to promote the sale of these new and improved bonds.

/ S / W M . MCCHESNEY MARTIN, JR. / S / MAPLE T. HARL

Chairman, Board of Governors of the Chairman, Federal Deposit InsuranceFederal Reserve System Corporation

/ S / PRESTON DELANO / S / ALEX. CHMIELEWSKI

Comptroller of the Currency President, National Association ofSupervisors of State Banks

/ S / C. FRANCIS COCKE

President, American Bankers Association



1952 SURVEY OF CONSUMER FINANCESPART I. Consumer Expectations as to Economic Trends and Consumer Investment Preferences x

The substantial increase in aggregate consumerincome in 1951 was widely although unevenly dis-tributed, according to the 1952 Survey of ConsumerFinances. The findings suggest that nearly halfof the approximately 53 million spending units inthe population were making more money at the endof 1951 than at the beginning. Fewer than one-fifthwere making less than a year earlier, which wasas low a proportion as has been reported in anysurvey. Consumers, however, were considerablyaffected by increases in retail prices, income taxes,and the contractual payments involved in expandedindebtedness. Together, these absorbed much ofthe increase in money income before taxes. Aboutas many people in early 1952 thought they wereworse off financially than a year earlier as felt theywere better off. Substantial maintenance, on bal-ance, of consumer financial positions in 1951 wasnoteworthy in view of the marked expansion of thedefense program.

Consumer spending, although at a very high level

1 This is the first in a series of articles presenting the re-sults of the Board of Governors' Survey of Consumer Fi-nances in 1952. Other articles will appear in succeedingissues of the BULLETIN.

The present article was prepared by Irving Schweiger ofthe Consumer Credit and Finances Section of the Board'sDivision of Research and Statistics.

From the Board of Governors, general supervision of thesurvey has been under the direction of Ralph A. Young, Di-rector of the Division of Research and Statistics, and ofHomer Jones, Chief of the Consumer Credit and FinancesSection of the Division. The Division of Research andStatistics has responsibility for planning the over-all content ofthe survey, analyzing survey results, and preparing thespecial articles reporting survey findings that appear in theBULLETIN.

From the University of Michigan, Rensis Likert, Directorof the Institute for Social Research, and Angus Campbell,Director of the Survey Research Center, were in generalcharge of the survey. The Survey Research Center is a divi-sion of the Institute for Social Research of the University ofMichigan. Responsibility for detailed planning and super-vision of the survey, including interviewing, editing, tabula-tion of survey results, and preparation of Survey ResearchCenter studies was carried by George Katona in collaborationwith John B. Lansing of the Survey Research Center staff.Charles F. Cannell served as head of the field staff andLeslie Kish as acting head of the sampling section of theCenter. A close working relationship is maintained with thestaff of the Survey Research Center at all stages of the work,and this analysis of the survey tabulations has had the benefitof suggestions from the Center's staff.

during 1951, was somewhat lower in relation to in-come than in other postwar years. Contributing tothe moderation of spending in 1951 were the recordstocks of durable goods in the hands of consumersand the feeling of a major part of the populationthat conditions were not favorable for purchases oflarge durable goods, primarily because prices weretoo high to provide good values.

Consumers expected, on balance, little improve-ment in their financial positions or in market condi-tions in 1952. Increases in income were anticipatedmore frequently than decreases, but the proportionof consumers expecting prices to rise further waslarger than the proportion expecting increases inincome.

Prospects for 1952 indicated by survey findingswere that consumer spending would continue at amoderate level in relation to income as long as theattitude prevails that prices are too high. Since thesurvey was conducted, declines in prices of manyconsumer durable goods have taken place, partly asa reaction to the curtailment of consumer demand.It is possible that these declines may change or mayhave changed people's views concerning the wisdomof purchases in 1952. If this occurs or if incomesrise more than was anticipated, purchases of majordurable goods in the remainder of 1952 may begreater than was indicated by consumers earlier inthe year. At the same time other prices and costshave risen and the volume of individual indebted-ness has increased, exerting greater demands uponincomes.

Of particular interest during the current periodof latent danger of inflation are the survey findingson consumer preferences in choosing investmentoutlets for their saving. Most consumers continuedin 1952 to prefer to put their funds into savingsaccounts and savings bonds; that Is,, in types of as-sets whose value is relatively fixed. This preferencewas based mainly on considerations of safety andliquidity. At the same time, the proportion ofconsumers who favor the type of investment thatinvolves risk of fluctuating value of principal, suchas common stock and real estate, increased some-what, especially among people with large financial

JULY 1952 739


1952 SURVEY OF CONSUMER FINANCES

resources. The growing preference for such assetswas mainly because they were believed to yield ahigher return, while the extent to which they werepreferred as a hedge against inflation continued tobe limited.

This article, the first in a BULLETIN series, pre-sents part of the findings of the seventh annualSurvey of Consumer Finances sponsored by theBoard of Governors of the Federal Reserve Systemand conducted for the Board by the Survey Re-search Center of the University of Michigan. Apreliminary report was published in the April 1952BULLETIN. The current article is devoted to thegeneral economic outlook of consumers, to changesin consumer attitudes on economic matters duringthe past year, and to preferences for various formsof investment. Subsequent issues of the BULLETINwill contain articles analyzing consumer expendi-tures during 1951 and plans for 1952 and 1953 pur-chases of major durable goods and houses, changesin the distribution of income since the 1951 Survey,and ownership of liquid and nonliquid assetsand consumer debt.2

GENERAL COMMENT ON SURVEY METHODS

The general methods employed in this seventhSurvey of Consumer Finances were similar in everymajor respect to those applied in previous surveys.Field work was carried out largely in the first twomonths of the year. Accordingly, the survey find-ings must be interpreted with special reference tothat period. This year approximately 2,800 inter-views were taken in 60 sampling areas distributedthroughout the country, compared with about 3,400interviews in 66 areas last year. The effect of thisdecrease in sample size on the sampling errorsof the survey is indicated in tables in the technicalnote at the end of this article.

As in previous surveys, the interview unit was the

2 Previous surveys were conducted for the Board of Gov-ernors early in each of the years 1947-51 by the SurveyResearch Center and the results of those surveys were re-ported beginning with the June issue of the BULLETIN forthose years. A preliminary report on certain key points ineach of the last three surveys, 1950-52, was published inthe April BULLETIN. The first survey was made for theBoard of Governors early in 1946 by the Division of ProgramSurveys, Bureau of Agricultural Economics, United StatesDepartment of Agriculture. The Survey Research Centerstaff currently in charge of the survey work was associatedwith the Division of Program Surveys at the time of thefirst survey. Results of that survey were reported in theJune, July, and August 1946 issues of the BULLETIN underthe general title "National Survey of Liquid Assets."

consumer spending unit, defined as all persons liv-ing in the same dwelling and related by blood,marriage, or adoption, who pooled their incomesfor their major items of expense.3 Survey meth-ods also permit tabulation of many survey resultson a family basis, and some of the results will bepresented on this basis.4

This series of annual surveys has provided manynew insights into consumer financial patterns, butit continues to be desirable to emphasize that thesurvey method of obtaining consumer informationis still experimental. The techniques employedare believed to give results that fall within a marginof sampling variation determinable in advance.Considerable further experience, however, derivedfrom surveys repeated under varying economic con-ditions, together with further careful statistical andanalytical testing of results, will be needed to estab-lish fully the utility of the sample survey approach.

Survey findings represent only one body of dataindicative of current tendencies in the economy andshould always be viewed along with the wealthof other statistics reported currently through variousgovernmental and private organizations.

For a discussion of the sampling limitations ofthe survey, see the technical note at the end of thisarticle.

CONSUMER EXPECTATIONS AS TO ECONOMIC TRENDS

Financial position of consumers. Increases inmoney income before taxes during 1951 were aboutas numerous as in any postwar year, while decreaseswere at a postwar low. Nearly half of all nonfarmspending units reported making more money inearly 1952 than a year earlier. The proportion mak-ing less money was only one-third as large (seeTable 1).

The rising level of consumer income was reflectedin the increase from $3,000 in 1950 to $3,200 in1951 of the median (middlemost) income beforetaxes, a gain of about 7 per cent (see Table 2).The arithmetic average of income rose about 9 percent, from $3,520 to $3,840. These compare with

8 If people contributed more than one-half of their incometo the family, it was considered that they pooled theirincome. In addition, the wife of the head of the family,or a family member under 18 years of age or earningless than $10 a week, was always considered a memberof the main spending unit.

* Families are defined as all persons living in the samedwelling unit who are related by blood, marriage, or adop-tion.




TABLE 1

CHANGE IN FINANCIAL SITUATION OF CONSUMERS

Change from yearearlier

Current income: 1

More than a yearago

About the same.. . .Less than a year

agoNot ascertained

All cases

Opinion of own finan-cial situation:2

Better offSameWorse offUncertainNot ascertained....

All cases

Percentage distribution of spending units

Early1952

4633

174

100

332935

12

100

Early1951

4733

182

100

322937

11

100

Early1950

3041

272

100

323234

11

100

July1949

2439

361

100

243639(3)

100

Early1949

4235

212

100

333530

11

100

July1948

4134

223

100

253042

12

100

Early1948

4333

213

100

292839

22

100

1 Data refer to nonfarm spending units only, except for early1951 and July 1949 when all units are included. The questionwas: "Are you making as much money now as you were a yearago, more or less?"

2 The question was: "Would you say that you people are betteroff or worse off financially than you were a year ago?"

3 No cases reported or less than one-half of 1 per cent.

an increase in the annual average of consumerprices of about 9 per cent from 1950 to 1951, asmeasured by the Department of Labor. Since per-sonal income taxes also rose substantially during1951, it is apparent that prices rose somewhat morethan the average disposable income. Most of therise in prices occurred in the latter part of 1950 andearly in 1951, while incomes continued to increasethroughout 1951. These developments accountedfor the feeling, expressed by many consumers, that

T A B L E 2

INCOME GROUPING OF SPENDING U N I T S 1

[Percentage distribution]

Money incomebefore taxes

Under $1 000$l,000-$l,999$2,000-$2,999$3,000-$3,999$4,000-$4,999. . .$5,000-$7,499$7,500 and over

All cases

Median income

1951

131518181514

7

100

$3,200

1950

1317191912146

100

$3,000

1949

1419211911115

100

$2,700

1948

121823201210

5

100

$2,840

1947

142223171095

100

$2,530

1946

17232517864

100

$2,300

1 Income data for each year are based on interviews duringJanuary, February, and early March of the following year.

they were no better off financially while othersindicated improvement.

About as many people reported that their fi-nancial situation was worse in early 1952 com-pared with a year before as said it was better (seeTable 1). Many people believed that they wereno better off with higher money incomes, pri-marily because prices and taxes had also :-;s;:n.Only half of the people who had income ::v rcas^sduring 1951 felt that their financial situation wasimproved (see Table 3). The proportion of farm-ers feeling that they were better off increased con-siderably as compared with the previous two years.(For additional details, see Tables 14 and 15 atthe end of this article.)

Expectations of income and price changes. Manymore people expected increases in income during1952 than expected decreases (nearly 4 in 10 com-

T A B L E 3

R E L A T I O N B E T W E E N C H A N G E IN I N C O M E AND C H A N G E IN F I N A N C I A L SITUATION *

[Percentage distribution of spending units having specified change in income]

Opinion of change in own situationfrom year earlier

Better offSame . . . .Worse offUncertainNot ascertained

All cases

Number of cases

]

Makingmorenow

522520

12

100

1,244

Early 1952

Aboutthe

same

154735(2)

100

851

Makinglessnow

91573

12

100

428

Early 195

Makingmorenow

532521(2)

1

100

1,607

Aboutthe

same

154241(2)

100

1,138

Makinglessnow

101771

11

100

602

]

Makingmorenow

701810

11

100

973

Early 1950

Aboutthe

same

225621

1(2)

100

1,269

Makinglessnow

101574

1(2)

100

789

1 Comparison of change from a year earlier in a spending unit 's current level of income and in its opinion of its own financial situation.Excludes spending units tha t did not indicate whether their rate of income was higher or lower than a year earlier, and in 1950 also excludesall farmers. For questions asked, see footnotes 1 and 2, Table 1.


JULY 1952 741



pared with less than 1 in 10), as is shown in Table4. This was true at all income levels although theproportion expecting improvement in incometended to increase as the level of income increased(see Table 16 at the end of this article).

TABLE 4

EXPECTED CHANGE IN I N C O M E 1

[Percentage distribution of spending units]

Expected change

Increase . . .NoneDecrease . . .UncertainNot ascertained

All cases

Early1952

3630

820

6

100

Early1951

39351312

1

100

Early1950

28321027

3

100

1 Data for 1952 and 1950 are based on the question: "How abouta year from now, do you think you people will be making moremoney or less money than you are now, or what do you expect?"Data for 1951 are based on the question: "Now for the currentyear, 1951, do you think your income will be larger, the same, orsmaller than in 1950?"

About half of all consumer spending units ex-pected prices of the things they buy to continuerising during the coming year, but substantiallyfewer held this view than did a year ago (seeTable 5). There was little change in the verysmall number of consumers that believed priceswould fall but rather a substantial increase in thenumber expecting price stability (from less than2 in 10 in early 1951 to 3 in 10 in early 1952).

The fact that more people expected prices to risethan expected an increase in income indicated thatconsumers, on balance, were not expecting any im-provement in financial position during 1952.

TABLE 5

EXPECTED CHANGE IN CONSUMER PRICES


Expected change

IncreaseIncrease or no change 1

No change 2

Decrease or no change 3

DecreaseUncertainNot ascertained

All cases

1952

494

302573

100

1951

679

161331

100

1950

123

366

3562

100

1949

} •20

} »152100

1 Includes "some prices will stay the same, others will rise."2 Includes "some prices will rise, others will fall."3 Includes "some prices will fall, others will stay the same."

Attitude regarding major purchases. The attitudethat the current year would be a bad time to makepurchases of major durable goods such as auto-

mobiles and washing machines continued to bewidely held by consumers. The 6 in 10 whoexpressed this view were a slightly larger propor-tion of the total group than they had been at thebeginning of 1951. The chief reason for this viewcontinued to be the feeling that prices were "toohigh"; that good values would not be obtained.Reports of poor personal finances or expectationsof bad times were given more frequently in early1952 than a year earlier as a reason for not buying.Less than 3 in 10 consumers stated that this wasa good time to buy, a decline of one-fourth sinceearly 1951. The most frequent explanations forthis belief were the expectation of rising prices orof shortages, but the number with these expectationswas substantially less than in early 1951.

Relation between consumer views and buying plans.Survey data for the current and previous yearstend to support the belief that consumer spendingbehavior is influenced by factors other than currentincome. Important among them are attitudes whichappear to be related consistently to plans to purchasemajor consumer durable goods. These include:First, a consumer's appraisal of recent changesin his personal finances; second, and perhapsmost important, what a consumer expects tohappen to his income in the immediate future;and finally, his own idea of whether a particularperiod is a good time to buy. Price expectations,on the other hand, appeared to have only a smallinfluence on consumer spending plans, as comparedwith the important effects of past price changes.

Anticipations of income change in 1952 were

TABLE 6

CONSUMERS PLANNING PURCHASES OF MAJOR DURABLE GOODS

AS A PERCENTAGE OF A L L SPENDING UNITS HAVING

SPECIFIED PRICE AND INCOME EXPECTATIONS 1

Expected income change 2

IncreaseNo changeDecrease

All cases

Allcases

432524

32

Expected price change 3

Rise

422726

32

No rise

452323

31

1 Plans to purchase an automobile (new or used) and/or one ormore major household durable goods. Data refer to nonfarmspending units.

2 The question was "How about a year from now, do you thinkyou people will be making more money or less money than you arenow, or what do you expect?"

3 The question was "What do you think will happen to theprices of the things you buy during the year—do you think theywill go up, or down, or stay about where they are now?"




closely related to plans for buying but there waslittle evidence of any relationship between expectedprice changes and buying plans. As shown inTable 6, more than 4 in every 10 consumers expect-ing an increase in income planned to make at leastone major purchase, regardless of whether theyexpected prices to go up or not. People who didnot expect their incomes to rise (no change or adecrease) planned to buy with considerably lesserfrequency (less than 3 in 10). For these people,also, it appeared to make little difference whetherprices were expected to rise or not. It is also sig-nificant that, in answering the question as to thewisdom of buying at this time, less than 1 in 5 ofthe consumers who expected prices to rise during1952 was influenced by this to consider the presenta good time to buy. These general relationshipsalso appear to have prevailed in preceding postwaryears.

INVESTMENT PREFERENCES

The survey this year explored in some detail thenature of consumer preferences for selected im-portant types of assets in which saving may be in-vested. This extended the scope of survey findings

in an area in which limited inquiries were madein both 1949 and 1951. As in the earlier surveysthe queries in 1952 were made only of consumerspending units with income before taxes in thepreceding year of $3,000 and over. This, however,focuses the exploration on that part of the popu-lation which accounts for the greater proportionof both the current and the accumulated saving.The queries related to the consumer's opinion ofthe wisest use of funds among four representativeoutlets: savings accounts, savings bonds, real estate,and common stock.5

Extension of the survey findings on investmentpreferences sheds additional light on an importantaspect of consumer financial behavior during a

5 In the 1952 Survey, the following questions were asked:"Suppose a man has money over and above what he needs forhis expenses. What do you think would be the wisest thingfor him to do with it nowadays: put it in a savings account,buy Government savings bonds with it, invest it in real estate,or buy common stock? Why do you make that choice?"Answers referring to "savings account" were interpreted tomean savings accounts in banks, savings and loan shares,postal savings, and credit union shares. Investment in "realestate" refers primarily to real estate for other than owner-occupancy.

TABLE 7

INVESTMENT PREFERENCES WITHIN INCOME GROUPS


Preferred investment*

Assets of fixed money value

Savings accountsSavings bondsAccounts or bonds

Assets of fluctuating money value

Common stockReal estate . . . . . .Common stock or real estate

Other4

Not ascertained

All cases . . . .

Number of cases

Money income before taxes 2

$3,000 and over

1952

65

1643

6

26

817

1

63

100

5 1,729

19513

69

1349

7

23

6161

53

100

1,000

1949

79

1854

7

11

29

82

100

1,751

$3,000-$3,999

1952

73

1850

5

17

413

46

100

5 482

19513

80

165410

14

212

33

100

300

1949

86

2059

7

8

17

42

100

671

$4,000-$4

1952

69

1646

7

23

716

53

100

5 424

19513

70

1448

8

23

617

24

100

220

999

1949

80

1756

7

12

39

71

100

414

$5,OO0-$7

1952

61

1638

7

30

820

2

81

100

5 490

19513

65

951

5

26

619

1

72

100

270

499

1949

74

1749

8

14

310

1

102

100

407

$7,500 and

1952

44

14264

45

1920

6

92

100

5 3 3 3

19513

46

637

3

45

1623

6

81

100

150

over

1949

64

1643

5

22

714

1

104

100

259

1 In 1952 the question asked of spending units with incomes of $3,000 or more was: "Suppose a man has some money over and abovewhat he needs for his expenses. What do you think would be the wisest thing for him to do with it nowadays: Put it in a savings account,buy Government savings bonds with it, invest it in real estate or buy common stock?" In 1949 and 1951 the question was: "Now Ihave one last question about how people save. Suppose a man has some money over and above what he needs for his expenses. Whatdo you think would be the wisest thing for him to do with it nowadays: Put it in the bank, buy Government savings bonds with it, investit in real estate, or buy common stock?"2 Income groups relate to income in year prior to year specified.3 Because in 1951 this information was requested on all farm schedules and on only one-half of the nonfarm schedules, the farmerswere entered at one-half their normal weight.4 Includes combinations of assets of fixed and fluctuating value and assets other than those listed above.s Approximate number of cases.

JULY 1952 743



period when inflationary dangers, actual or poten-tial, may exert an important influence on the pro-portion of current income that is saved or the formthat saving takes. Changes in consumer invest-ment preferences may affect not only the form inwhich the current income is saved but also theshifting of consumer assets from one form to an-other.

Many consumers maintain savings in severalforms, such as savings bonds, insurance, bankaccounts, and securities. Changes in attituderegarding investments occur, and over a periodof time these changes may be reflected in thepattern of investment, with greater investment inthe more favored forms of saving and less invest-ment, or even disinvestment, in assets that have de-clined in favor.

Changes in investment preferences, 1949-52. Sinceearly 1949 there has been a marked shift in invest-ment preferences of consumers from assets whosevalue is fixed toward assets whose value fluctuates.This shift has not been consistent among variousconsumer groups in the population, and there haveeven been reversals of attitude toward specific formsof assets. The general drift, however, has contin-ued (see Table 7). By early 1952 approximately1 in every 4 consumers with incomes of $3,000 andover preferred to invest in a type of asset whosevalue fluctuated, such as real estate or commonstock; in early 1949, the proportion had been1 in 9.

Change in 1949-50. During the two years fromearly 1949 to early 1951 there was a substantialincrease among nearly all groups queried in theirpreference for each of the two types of fluctuatingvalue assets covered by the survey—real estate andcommon stock. This change in attitude possiblyoccurred largely in 1950, reflecting the internationalsituation starting .with the Korean outbreak in mid-1950 and the change in the economic climate thatstemmed from it.

Savings accounts experienced the largest decreasein investment preference and this also possibly oc-curred after mid-1950. There was also some de-cline, but not as great, in the frequency with whichall people with incomes of $3,000 and over ratedsavings bonds as their first investment choice.Savings bonds did fall out of favor, however, withthe small number of people who held large amounts($2,000 and over) of such bonds. In early 1949about 6 in 10 of such large holders with incomes

of $3,000 and over gave bonds as their first invest-ment preference. By early 1951 the proportionhad declined to 4 in 10 (see Table 8). This shiftin preference is significant since holders of $2,000or more of "A-F" savings bonds, although few innumber (6 per cent of all spending units), ownedroughly two-thirds of the total in early 1951.

TABLE 8

INVESTMENT PREFERENCES OF SPENDING UNITS WITH INCOMES

OF $3,000 AND OVER AND A-F SAVINGS BOND

HOLDINGS OF $2,000 AND O V E R 1


Preferred investment2

Assets of fixed money value. .Savings accountsSavings bondsAccounts or bonds

Assets of fluctuating money valueCommon stockReal estateCommon stock or real estate

Other *Preference not ascertained.

All cases.

Number of casesProportion of all spending units (per cent).

1952

5611396

2913106

141

100

2074

1951

579426

298192

113

100

«2266

1949

726

597

1477

113

100

217

« Estimated.1 Money income in year prior to year indicated; A-F savings

bond holdings early in year indicated.2 For questions asked, see footnote 1, Table 7.3 No cases reported or less than one-half of 1 per cent.4 Includes combinations of assets of fixed and fluctuating money

value and assets other than those listed above.

Change in 1951. From early 1951 to early 1952the selected assets whose value may fluctuate con-tinued to gain in favor with consumers but the gainwas much smaller than in the previous two-yearperiod.

In 1951, however, there were substantial differ-ences in the change of attitudes with regard to spe-cific assets (see Table 7). Common stock continuedto gain adherents among consumer investors in1951, while little further change in attitude towardreal estate was noted. Savings accounts regainedmuch of the popularity that had been lost in thepreceding two-year period, but this was more thanoffset by a lessened preference for savings bondsduring 1951. The increase in interest rates at somesavings institutions during 1951 and the promo-tional campaigns accompanying these changes mayexplain, in part, the reversal in attitude toward sav-ings accounts. The decline in the proportion ofpeople favoring savings bonds was somewhat greater




TABLE 9

INVESTMENT PREFERENCES WITHIN INCOME AND OCCUPATIONAL GROUPS


Preferred investment l



Assets of fluctuating money value.

Common stockReal estateCommon stock or real estate.

Other 5

Preference not ascertained

All cases

Number of cases

Income $3,000-$4,999 2

Professional, managerial,nonfarm self-employed,and clerical and sales

1952

62

1439

9

27

918(4)

65

100

311

1951

73

1748

8

22

417

1

23

100

356

1949

82

1759

6

9

36

(4)

72

100

406

All other occup.

1952

75

1852

5

16

412(4)

45

100

595

1951

76

1453

9

17

413(4)

34

100

686

ations 3

1949

83

2056

7

10

19

(4)

61

100

638

Income $5,000 and over 2

Professional, managerial,nonfarm self-employed,and clerical and sales

1952

47

1625

6

42

1621

5

92

100

483

1951

57

945

3

37

1122

4

51

100

515

1949

69

1744

8

18

611

1

103

100

441

All other occupations»

1952

63

1443

6

29

8192

71

100

340

1951

62

848

6

25

618

1

112

100

318

1949

73

1651

6

15

213(4)

93

100

175

1 For questions asked, see footnote 1, Table 7.* Income groups relate to income in year prior to year specified.s Includes skilled, semiskilled, and unskilled workers, farm operators and laborers, unemployed and retired persons, students, house-

wives, persons engaged in police, fire, and other protective services, and spending units for which occupation of head was not ascertained.< No cases reported or less than one-half of 1 per cent.& Includes combinations of assets of fixed and fluctuating money value and assets other than those listed above.

during 1951 than in the preceding two-year period,and again the decline appeared to be greatest amongpeople with substantial financial resources. Asshown in Tables 7 and 9, consumer spending unitswith incomes of $5,000 and over showed the mostmarked decline in preference for this asset, espe-cially those in certain occupational groups (pro-fessional, managerial, nonfarm self-employed, andclerical and sales). It should be pointed out thatthe survey in early 1952 preceded the recent up-ward revision in the yield of savings bonds. Theeffect of this change on consumer investment pref-erences is not known.

Reasons for investment preferences. The reasonsgiven in early 1952 for preferring specific assetswere broadly similar to those expressed in thetwo earlier years, even though there had been sub-stantial changes since 1949 in the proportion ofpeople preferring each kind of asset. Savings bondswere preferred chiefly for their safety, the rate ofreturn, and for patriotic reasons. Savings accountswere chosen for their liquidity and convenience andalso for their safety and interest yield. Both realestate and common stock were selected becauseof their rate of return and, to a lesser extent, because

of the protection they offered against inflation.Frequently mentioned in the case of real estatewas the related point that it is tangible property.(For details, see Table 10.)

It is noteworthy that the predominant reasongiven in early 1952 for preferring assets of fluctuat-ing value was their higher rate of return. Somefurther gain in popularity of such assets took placein the belief that they would furnish protectionagainst inflationary price rises but the gain was notlarge. The greater emphasis on rate of return indi-cates either that more attention was being paid tothis factor than heretofore or that people believedthe differences in return of various types of invest-ment had been increasing. It is possible that adesire to maintain purchasing power of investmentincome in the face of rising prices may have causedsome investors to revise their previous scale of in-vestment objectives.

A further attempt was made to gain insight intothe reasons for people's investment preferences byasking consumers to choose between two assets offixed value and also between an asset of fixedvalue and one of fluctuating value. Specifically,consumers with incomes of $3,000 and over were

JULY 1952 745



TABLE 10

REASONS FOR INVESTMENT PREFERENCE WITHIN INCOME

GROUPS *

[Percentage distribution of spending units] 2

Preferred investment and reasonfor preference

Savings bonds:SafetyHigh yieldLiquidityLack of liquidityPatriotismSaving by payroll deductionOther

Savings account:SafetyHigh yieldLiquidityOther

Common stock:High yieldHedge against inflation, capital

gainOther

Real estate:SafetyHigh yieldHedge against inflation, capital

gainTangible investmentOther

Preference or reasons for preferencenot ascertained

Number of cases

1951 money incomebefore taxes

$3,000and over

281422914

10

1,729

$3,000-$4,999

301631

1014

12

906

$5,000and over

251222813

823

1 In the 1952 Survey, the following questions were asked of allspending units having incomes of $3,000 or more: "Suppose aman has money over and above what he needs for his expenses.What do you think would be the wisest thing for him to do withit nowadays: put it in a savings account, buy Government savingsbonds with it, invest it in real estate, or buy common stock?""Why do you make that choice?" These data are not preciselycomparable with somewhat similar data obtained from the 1951and 1949 Surveys because in those years respondents were askedto evaluate each type of investment.

2 Because some spending units gave more than one reason fortheir preferences, the sum of entries relating to various preferenceswill exceed 100 per cent.

asked to make a choice between savings bonds andsavings accounts and also between savings bondsand common stock, and to give reasons for theirchoices. Responses to these arbitrary sets of choicesappear to shed further light on investment objec-tives.

Consumers whose first choice among the fourinvestment outlets had been a fluctuating valueasset generally preferred savings bonds to savingsaccounts, largely because of the rate of return.Thus, people who had preferred fluctuating valueassets, primarily for their higher return, gaveweight to this factor even when the alternativeswere two fixed value assets. Those who chosesavings accounts in the paired comparison withsavings bonds did so mainly because they felt

savings accounts to be more liquid.Consumers were also asked how their choice

between bonds and savings accounts would be af-fected if the money might be needed within twoor three years. Approximately 4 in every 10 spend-ing units said that this would affect their decision,and almost all of this group indicated preferencefor a savings account in these circumstances. Themost frequent reasons were that savings accountswere more liquid and would pay more interest thanbonds in a two-to-three-year period. The recentrevision of savings bonds terms which increasedsubstantially the interest return for short-term hold-ings might well change the attitude of some con-sumers (1 in 10) whose view was that savingsaccounts pay higher interest rates than bonds forshort-term holdings. The importance to con-sumers of the liquidity of their savings is alsoindicated by the response of the 6 in 10 spendingunits who said that their choice would not be af-fected if they knew they might need the fundswithin two or three years. Their chief reason wasthe belief that savings bonds and savings accountswere equally liquid. (For additional details, in-cluding those on the choice between savings bondsand common stock, see Tables 17 and 18 at the endof this article.)

Investment in 1951. It should be noted that thesurvey findings related to the consumer's prefer-ence, not his plans for investment. For some indi-viduals, a shift in portfolio may not occur becauseof a change in investment preferences. To theextent that change does occur, it probably takesplace over a period of time. New investment fromcurrent saving probably reflects changes in pref-erences relatively quickly while shifts in previousinvestment come more slowly, if at all.

Survey data indicate that the income groups quer-ied generally followed an investment policy thatwas related to their investment preferences. Net in-vestment in common stock was both more fre-quent and in considerably larger amounts, on theaverage, among people in high income groups($5,000 and over) than among people in mediumincome groups. The bulk of direct investmentin common stock in 1951 appears to have beenmade by the $5,000 and over group. A small netinvestment was also made by people with incomesof $3,000 to $4,999. Investment in real estate, byacquiring or making additions to properties otherthan owner-occupied dwellings, also tended to




be more frequent and in larger amounts among thehigher income groups.

The large increase during 1951 in liquid assetholdings of consumers—savings bonds, savings andchecking accounts, postal savings, and shares in sav-ings and loan associations and credit unions—indicated by other financial data, was reflected inan appreciably greater number of increases thandecreases in holdings at all income levels exceptthose under f 1,000 (see Table 19 at the end ofthis article). Thus, the general conclusion to bedrawn from survey results is that the over-all in-crease in such holdings was widely distributed.

The greater loss in popularity of fixed valueassets in 1951 among high income ($5,000 andover) than among medium income spending unitsappeared to be reflected in the divergent changes

in large liquid asset holdings of these groups.During 1951, the frequency with which largeamounts of liquid assets ($2,000 and over) wereheld declined among the groups with incomes of$5,000 and over, and appeared to increase amonglower income groups (see Table II).6

Maturing savings bonds. To throw further lighton consumer attitudes toward savings bonds, thesurvey obtained some information from consumersat all income levels concerning their plans for sav-ings bonds maturing in 1952 and 1953.

Although the survey obtained reports represent-ing approximately 70 per cent of all savings bondsestimated to be owned by consumers, maturing

6 A more complete discussion of the survey findings onownership of liquid assets will be presented in the thirdarticle of this series.

TABLE 11

T Y P E AND SIZE OF LIQUID ASSET HOLDINGS WITHIN INCOME GROUPS *


Type and size ofholding

All types:2

Zero$l-$499$500-$l 999$2,000-$4,999$5,000 and over

All cases

U. S. savings bonds(Series A-F):«

Zero$l-$499$500-$l,999$2,000 and over

All cases

Savings accounts:4

Zero .$l-$499$500-$l,999 . . . .$2,000 and over.. . .

All cases

Checking accounts:Zero$l-$499$500-$l,999$2,000 and over.. . .

All cases . . .

Number of cases . .

All spend-ing units

1952

313019128

100

6223105

100

57211210

100

6023125

100

2,820

1951

283023118

100

5924116

100

55201411

100

5927104

100

3,415

1949

292822129

100

5625136

100

56191411

100

6123115

100

3,510

Money income before taxes

Under $1,000

1952

60171166

100

791344

100

80956

100

771193

100

278

1951

53241364

100

811342

100

731566

100

751681

100

418

1949

56241253

100

801163

100

751294

100

811171

100

416

$1,(

1952

44281684

100

731872

100

6816106

100

741682

100

814

300-$2,999

1951

39311974

100

6922

72

100

6716116

100

6823

72

100

1,081

1949

382921

84

100

6325

93

100

621912

7

100

7219

72

100

1,294

$3,000-$4,999

1952

213822145

100

5629114

100

49281310

100

5827114

100

906

1951

193727125

100

5329144

100

48261610

100

6129

73

100

1,042

1949

193525147

100

4929166

100

49241512

100

5928103

100

1,101

$5,000 and

1952

826262020

100

44251813

100

39241621

100

31342114

100

822

1951

422292223

100

343000

00

100

3620

to t

oto

to

100

28362313

100

832

Dver

1949

517232530

100

34252120

100

39142225

100

22362517

100

670

1 Liquid asset data are based on interviews in January, February, and early March oi year indicated. In 1952 respondents wereasked for their balances on Jan. 1, 1952; in earlier surveys for balances at the date of interview. Income groups are based on annualmoney income before taxes in year prior to year indicated.

2 Includes all types of U. S. Government bonds, checking accounts, savings accounts in banks, postal savings, and shares in savingsand loan associations and credit unions. Excludes currency.

3 Amounts for 1952, 1951, and 1949 are shown at 86 per cent, 83 per cent, and 80 per cent, respectively, of maturity value, exceptfor recent purchases, which are shown at purchase price.

* Includes savings accounts in banks, postal savings, and shares in savings and loan associations and credit unions.

JULY 1952 747



bonds were reported amounting to somewhat lessthan 50 per cent of the amount estimated to maturein 1952-53 according to Treasury figures. Thismay indicate that many people are not familiarwith the maturity dates of their savings bonds.Some of the difference is no doubt due, however,to the omission from the survey of estates and trustsas well as of some individuals such as transients andservicemen who own maturing bonds.

The large discrepancy between survey andTreasury data indicates the need for caution indrawing conclusions from survey data on matur-ing bonds. The validity of the following interpre-tation of the data depends largely on whether peo-ple's plans for bonds identified as maturing bondsapply also to bonds not identified.

Consumers' plans in early 1952 for their maturingsavings bonds appeared to be similar to those ex-pressed a year earlier. There were indications ofsome decline in the proportion of the funds plannedto be retained in savings bonds but the change wasvery slight, as is shown in Table 12. Holders ofmore than one-third of the maturing bonds haddefinite plans not to cash their bonds while plansto cash their bonds at maturity were expressedwith regard to one-fourth of the total. Owners ofthe balance (more than one-third) had no definiteplans. Holders of less than $500 of maturingbonds showed less tendency to cash them than ayear ago, while the opposite was true for peoplewith larger amounts maturing.

Of the maturing bonds involved in definite plans

TABLE 12

PLANNED U S E OF MONEY RECEIVED FROM MATURING

SAVING BONDS1

[Distribution of total amount of maturing savings bonds]

Planned use

Retain savings bonds or reinvest inGovernment bonds

Save or repay debtsOther outlays 2

Combination of above plansNo plansPlans not ascertained

All cases

Number of cases

Bonds maturing:

1952-53 1951-52

377

164

324

100

636

415

167

292

100

623

1 Data for 1952-53 based on following questions asked in early1952: "Do you have any war or savings bonds whose 10 yearswill be up in 1952 or 1953?" "How much will these bonds amountto?" "Have you made any plans about what you'll do when theymature?" "What are they?" Data for 1951-52 based on similarquestions asked in early 1951.

3 Includes plans to purchase homes, farms, other real estate,businesses securities, automobiles, and other durable goods, andplans for general expenditures.

to redeem, approximately one-third of the fundswas slated to be put in the bank or to pay off debt.Last year, the proportion was about one-fourth.Plans indicate that the balance would be used to buyhomes, cars, and other durable goods, for generalliving expenses, for investment in business, realestate, or securities, and for other expenditures.(For additional details on maturing savings bonds,see Table 20 at the end of this article.)

Patterns of investment preference. The 1952 Sur-vey permits more detailed analysis than has beenpossible heretofore of the relation of investmentpreferences to such factors as income, wealth (asmeasured by major assets held), occupation, andsize of community.

In general, the larger the income or the accumu-lated savings, the greater the preference for assetsof fluctuating value (see Tables 7 and 13 and alsoTables 21 and 22 at the end of the article). In early1952, for example, the proportions of spending unitspreferring common stock or real estate in the $7,500and over income group was nearly three timesthat of the $3,000 to $3,999 income group (45 to 17per cent).

Attitudes toward specific types of fluctuatingvalue assets did not vary in the same manner.Preference for common stock was very infrequentin the income groups close to $3,000 and increasedfairly sharply and continuously at successivelyhigher income and wealth groups in the rangeshown by survey data. On the other hand, prefer-ence for real estate was relatively great in thelower income and wealth groups and, after increas-ing moderately, leveled of! at higher groupings.Although the proportion of consumers favoringsavings bonds as an investment tended to be smalleras earnings or wealth increased, this investment out-let, rather than real estate or common stock, waspreferred more frequently in every income groupcovered and in all but the largest wealth group($25,000 and over). Many consumers with verysmall asset holdings do not believe that they canconveniently purchase common stock or real estateother than their dwelling. In general, these findingson investment preferences by income and wealthgroups confirms the usual view that consumers,through their investment programs, first try gen-erally to meet the need for security and after thatneed has been met try to increase their return byinvesting in assets of normally higher yield bearinga risk of fluctuating money value as to principal.

People's attitudes toward investment outlets alsoappeared to be influenced by the size of community




TABLE 13

INVESTMENT PREFERENCES IN RELATION TO INCOME AND MAJOR ASSETS


1951 income before taxesand major assets in early 1952 l

Number ofcases

Allcases

Preferred investment

Assets offluctuating

money value5

Assets offixed money

value 3Other * Not

ascertained

$3,000 and over:All asset groups..Under $1,000... .$l,000-$9,999....$10,000 and over.

$3,000-$4,999:All asset groups..Under $1,000. . . .$l,000-$9,999$10,000 and over,

$5,000-$7,499:All asset groups..Under $1,000. . . .$l,000-$9,999....$10,000 and over

$7,500 and over:All asset groups..Under $1,000. . . .$1,000-9,999$10,000 and over

6 1729802518254

5 906543258e 50

54902111696 62

3336 48

91142

100100100100

100100100100

100100100100

100100100100

26202647

20162048

31282844

45304749

65716541

71757145

61626349

44654534

955

16

1 Major assets include liquid assets, stock in publicly held corporations, and real estate other than owner-occupied homes and farms.2 Includes common stock and real estate.* Includes savings accounts and savings bonds.4 Includes combinations of fixed and fluctuating value assets and assets other than those mentioned in notes 2 and 3.6 Total includes units for which value of assets was not ascertained and thus exceeds sum of asset groups.6 Because of small number of cases, these distributions should be used with care.7 No cases reported or less than one-half of 1 per cent.

in which they lived. The smaller the community,the greater, in general, was the popularity of invest-ment in real estate and the lesser the preference forcommon stock. This pattern doubtless reflects thegreater familiarity, and possible opportunity, thatpeople in smaller cities and the open country haveto invest in real estate. Working in favor of stockinvestment in the larger cities, on the other hand,is the greater familiarity of people in these centerswith such investment and the greater ease of in-vesting in the larger cities (see Table 23 at the endof this article).

Variation in investment attitudes among peoplein different occupations at the same income levelwas more marked than the differences shown bysize of community. Savings accounts were pre-ferred most frequently by skilled and unskilledworkers while the lowest rating given this formof investment was that among farm operators.

Savings bonds, on the other hand, were ratedhighly by both farm operators and employed per-sons at both medium- and high-income levels. Thepreference of farm operators for savings bondsand their low rating of savings accounts is prob-ably explained in part by the low return obtainedfrom savings accounts in country areas and in partby historical factors. The lowest preference forsavings bonds at all income levels was found amongprofessional and self-employed persons.

Although popularity of common stock and realestate rose sharply in the past three years, andprobably for similar reasons, each type of invest-ment appealed to quite different groups. The occu-pational groups most in favor of common stock atall income levels were the retired, professional, andclerical and sales groups. The chief proponents ofreal estate investment were farm operators.

TECHNICAL NOTE ON THE SAMPLING LIMITATIONS OF THE SURVEY

Changes from year to year in survey findingsmay result from many factors. Among the mostimportant of these are (1) actual changes in thebasic situation which it is the main objective of thesurvey to measure; and (2) random shifts due prin-cipally to the particular samples of persons inter-

viewed (sampling variation). Other factors whichaffect findings, though important, would be asprevalent in a complete census of the entire popula-tion as in a carefully selected sample. These in-clude such factors as reporting errors made by thosebeing interviewed, differences in the questionnaire

JULY 1952 749



from year to year, differences in interpretation giveneither by the respondent to the question asked orby the interviewer to the answer given, and differ-ences in processing the data.

In appraising changes in survey findings, itmust be kept in mind that the value of changedetermined from the survey represents the bestavailable (i.e., most probable) estimate of the truevalue. If differences are greater than may beattributed to chance variation in the selection ofthe particular samples (see the accompanying tableof sampling errors of differences), one often as-sumes that a real change has taken place.

SAMPLING ERRORS OF DIFFERENCES1

Differences required for significance (95 per cent proba-bility) in comparisons of percentages derived from successiveSurveys of Consumer Finances and from two different sub-groups of the same survey.

Size of sampleor group

200300500700. . . .1,000. .2,800 3.3,500. .

2003005007001,000. .2,800 3.3.500. .

2003005007001,000. .2,800 3.3,500. .

2003005007001,000. .2,800 3.3,500. .

Size of sample or group

200 300 500 700 1,000 3,5002

For percentages from about 30 per centto 70 per cent

111110109

3.02.9

For percentages around 20 per cent and80 per cent

2.42.2


A problem of interpretation arises when the dif-ference between data from any two surveys issmaller than might be due to sampling variationalone. In some cases in the 1952 Survey the pro-portion early this year of those intending to buy acertain commodity was slightly smaller than theproportion having similar intentions early in 1951.The difference was not statistically significant (lessthan might result from sampling variation), but itdoes not follow that there was no difference betweenthe two proportions. Nor does it follow necessarilythat the proportion was smaller in 1952 than in1951. What can be said is that the order of mag-nitude of the two proportions remained the same,but the chances of a decrease from 1951 to 1952are somewhat greater than of an increase.

Sample surveys yield information which approxi-mates the true order of magnitude of data but donot produce exact values. Expressing the resultsin terms of an estimated number of spending unitsor of aggregate dollar amounts may imply an un-warranted degree of certainty and is justified onlybecause in this form the results are more easilyinterpreted and understood and, therefore, moreuseful. It must be remembered, however, thatsuch magnitudes fall within a relatively large mar-gin of error, and that the width of the marginmay have a bearing on the interpretation of thedata.

APPROXIMATE SAMPLING ERRORS OF SURVEY FINDINGS

[Expressed in percentages]

(The chances are 95 in 100 that the central value lies within arange equal to the reported percentage plus or minus the numberof percentage points shown below.)

Reportedpercentage

1.81.6

5035 or 6520 or 8010 or 905 or 95

Number of interviews

Entiresample

of 3,500 J

2.62.42.11.61.1

Entiresample

of 2,800 2

2.92.72.31.71.2

1,000 700 500 300 200


1.31.2

1 The sampling error does not measure the actual error that isinvolved in specific survey measurements. It shows that—excep tfor nonsampling errors, errors in reporting, in interpretation, etc.—differences larger than those found in the table will arise by chancein only 5 cases in 100.

2 Approximate size of entire sample of surveys prior to 1952.3 Approximate size of entire sample of the 1952 Survey.

1 Approximate size of entire sample of surveys prior to 1952.2 Approximate size of entire sample of the 1952 Survey.

These qualifications, both as to the significanceof the changes from one survey to the next andas to the aggregate estimates presented, are im-portant to keep in mind in using the data shownin the various tables and in appraising the resultspresented throughout the series of articles.

For a fuller discussion of the methods of thesurvey and of the sampling and other limitationsof the data, see "Methods of the Survey of Con-sumer Finances" in the July 1950 BULLETIN.

750 FEDERAL RESERVE BULLETIN.



TABLE 14

CHANGE IN FINANCIAL SITUATION WITHIN INCOME GROUPS


Opinion of change in ownsituation from year earlier *

Better offSameWorse offUncertainNot ascertained

All cases

Allspending

units

1952

332935

13

100

1951

322937

11

100

Under$1,000

1952

232747

12

100

1951

173150

11

100

$1,000-$1,999

1952

292740

4

100

1951

313038

1

100

Money

$2,000-$2,999

1952

312938

11

100

1951

322838

2

100

ncome before taxes

$3,000-$3,999

1952

323530

12

100

1951

312938

2

100

2

$4,000-$4,999

1952

352734

4

100

1951

382930

12

100

$5,000-$7,499

1952

402928

12

100

1951

382930

12

100

$7,500and over

1952

433223

2

100

1951

492228

1

100

1 Change reported in interviews during January, February, and early March of year indicated.2 Income groups relate to income in year prior to year specified.* No cases reported or less than one-half of 1 per cent.

TABLE 15

CHANGE IN FINANCIAL SITUATION WITHIN OCCUPATIONAL GROUPS[Percentage distribution of spending units]

Opinion of changein own situation

from year earlier l

Better offSameWorse offUncertainNot ascertained

All cases

Number of cases

Professional andsemiprofessional

1952

402530

14

100

261

1951

462329

11

100

269

1950

472922

11

100

287

Managerial andself-employed

1952

373427

2

100

378

1951

373032

1

100

485

1950

353132

2

100

466

Clerical andsales

1952

422430

13

100

430

1951

412632

1

100

477

1950

472922

11

100

486

Skilled andsemiskilled

1952

353229

13

100

776

1951

342934

12

100

902

1950

383327

11

100

895

Uns

1952

273040

12

100

281

killed andservice

1951

322739

2

100

289

1950

273338

11

100

344

Farm operator

1952

432233

( 2

100

216

1951

343529

11

100

388

1950

203050

(2)

100

409

1 Change reported in interviews during January, February, and early March of year indicated.2 No cases reported or less than one-half of 1 per cent.

TABLE 16

EXPECTED CHANGE IN INCOME WITHIN INCOME AND OCCUPATIONAL GROUPS[Percentage distribution of spending units]

Group characteristic1

All nonfarm spending units

Money income before taxes:3

Under $1 000$l,000-$l,999$2,000-$2,999$3,000-$3 999$4,000-$4,999$5,000-$7,499 .$7,500 and over.

Occupation:Professional and semiprofessional.Self-employedManagerial .Clerical and salesSkilled and semiskilledUnskilled and service . . .Retired

Numberof cases

1952

22,611

225314424446407474321

261224154430776281176

1950

23,102

333513608584379412240

287

486895344180

Allcases

1952

100

100100100100100100100

100100100100100100100

1950

100

100100100100100100100

100100100100100100100

Increase

1952

36

23293539444143

513149553731

5

1950

28

19292927313329

42

2620

4

Expected change

None

1952

30

34323429272628

25243224292759

1950

32

32273234353235

31

31372955

Decrease

1952

8

98886

1111

1113467

1010

1950

10

107

1012101218

79

1111

in income

Uncertain

1952

20

25212019181815

12231211232619

1950

27

35332526232217

19

20263723

Not ascertained

1952

6

91035543

1934467

1950

3

4441111

\ i3

»to

to

7

1 Determined only for nonfarm spending units. The question asked was: "How about a year from now—do you think that you willbe making more money or less money than you are now, or what do you expect?"

2 Total number of cases exceeds sum of cases for each income group because it includes spending units for which incomes were notascertained. Total number of cases exceeds sum of occupational grouping because of inclusion of spending units headed by unemployed,housewives, students, and persons for whom occupation was not ascertained.

8 Income groups relate to income in year prior to year specified.

JULY 1952 751



TABLE 17

ATTITUDE TOWARD ALTERNATIVE INVESTMENTS WITHIN INCOME GROUPS


Alternative investmentand preference1

Preference between savingsbonds or savings accounts:

Savings bondsSavings accountsNoneConditionalUncertain or not ascer-

tained .

All cases

1951 money income before taxes

$3,000andover

6324

62

5

100

$3,000-$4,999

6224

61

6

100

$5,000-$7,499

6126

74

2

100

$7,500andover

6722

71

3

100

Alternative investmentand preference *

Preference between savingsbonds or common stock:

Savings bondsCommon stockNone . .ConditionalUncertain or not ascer-

tained

All cases

Number of cases


$3,000andover

7214

13

10

100

1,729

$3,000-$4,999

7610

3

11

100

906

$5,000-$7,499

681724

9

100

490

$7,500andover

5830

34

5

100

333

hadsay that?" "What it ape:"Why is that?"


your opu

TABLE 18

REASONS FOR PREFERENCE BETWEEN ALTERNATIVE INVESTMENTS WITHIN INCOME GROUPS

[Percentage distribution of of spending units]1

Alternative investment andreason for preference2

Savings bonds or savingsaccounts

Reasons for preferring savingsbonds:

SafetyHigh yieldLiquidityLack of liquidityPatriotismSaving by payroll deduc-

tionOther

Reasons for not preferringsavings bonds:

Low yieldLack of liquidityDisapproval of use of funds

by GovernmentOther

Reasons for preferring savingsaccounts:

SafetyHigh yieldLiquidityOther

Reasons for not preferring sav-ings accounts:

Lack of safetyLow yieldExcessive liquidity ,Other

Reasons for preferring both. . .Reasons for preferring neither.Not ascertained


$3,000andover

2229

45

16

13

34

153

$3,000-$4,999

2327

54

16

13

24

163

2

2

3

11

$5,000-$7,499

2028

47

16

45

163

$7,500andover

2437

35

16

14

34

123

Alternative investment andreason for preference2

Savings bonds or commonstock

Reasons for preferring savingsbonds:

SafetyHigh yieldLiquidityLack of liquidityPatrotismOther

Some reasons for not preferringsavings bonds:

Reasons for preferring commonstock:

High yieldHedge against inflationMakes more (not ascer-

tained if yields or capitalgains involved)

SafetyOther

Reasons for not preferring com-mon stock:

Lack of safetyUnfamiliarity with stock .Requirement of large re-

sourcesOther

Preference or reason not ascer-tained

Number of cases.. . .


$3,000andover

3422

(3)

4

1924

13

1,729

$3,000-$4,999

3532

(3)44

2125

15

906

$5,000-$7,499

3521

(3)34

112

1924

12

409

$7,500andover

3213

(3)

3

177

1317

11

333

1 Because some respondents advanced several reasons for their choices, the sum of the entries relating to their reasons will exceed100 per cent.

2 For questions asked, see footnote 1, Table 17.8 No cases reported or less than one-half of 1 per cent.




TABLE 19

CHANGE IN LIQUID ASSET HOLDINGS OF SPENDING UNITS WITHIN INCOME GROUPS


Change in holdings J

IncreaseDecreaseNone **

Some liquid assetsNo liquid assets 4

Not ascertained

All cases

Number of cases '

Allspending

units

1951

34253810283

100

2,820

1950

2931391524

1

100

3,415

Under$1,000

1951

142064

658

2

100

278

1950

1228591148

1

100

418

$1,000-$1,999

1951

2521528

442

100

359

1950

2124541440

1

100

514

Money

$2,000-$2,999

1951

2919501238

2

100

455

1950

2432431528

1

100

567

ncome before taxes

$3,000-$3,999

1951

3925341222

3

100

482

1950

32333314192

100

601

2

$4,000-$4,999

1951

40332410143

100

424

1950

35333019112

100

441

$5,000-$7,499

1951

4233201195

100

490

1950

4335201642

100

538

$7,and

1951

5821151326

100

332

500over

1950

54281616

2

100

294

1 Change during 1951 is based on holdings of liquid assets in early 1952 and a year earlier as reported by spending units during January-March 1952; change for other years is similarly computed.

2 Income groups relate to income in year prior to year specified.3 Includes change in assets due to accrual of interest on U. S. savings bonds (Series A-F).4 No liquid assets at beginning or end of period.6 No cases reported or less than one-half of 1 per cent.6 Total includes units for which income was not ascertained and thus exceeds sum of income groups.

TABLE 20

MATURING SAVINGS BONDS HELD WITHIN INCOME GROUPS 1

[Percentage distribution of spending unitsj

Amount of savings bonds maturing

NoneSome

$l-$99$100-$199$200-$499$500-$999$1 000 and over . . .Undetermined amount

Not ascertained

All cases

Number of cases

Money income before taxes

All spendingunits

1951

8117

435221

2

100

2,820

1950

8316

443221

1

100

33,415

Under$2,000

1951

8514

43421

(2)

1

100

637

1950

8910

331111

1

100

932

$2,000-$4,999

1951

8217

544211

1

100

1,360

1950

8514

433211

1

100

1,609

$5,000and over

1951

7226

537452

2

100

823

1950

6830

559443

2

100

832

1 Savings bonds maturing within the two years following the year for which income is given.2 No cases reported or less than one-half of 1 per cent.3 Total includes units for which income was not ascertained and thus exceeds sum of income groups.

JULY 1952 753



TABLE 21

INVESTMENT PREFERENCES WITHIN M A J O R ASSET GROUPS


Preferred investment1




Common stockReal estateCommon stock or real estate

Other 4

Preference not ascertained

All cases

Number of cases

All units with incomes$3,000 and over

65

1643

6

26

817

1

63

100

1,729

Value of major assets owned 2

None

79

1953

7

13

211

(3)

26

100

184

Under$1,000

69

1846

5

22

615

1

54

100

618

$1,000-$4,999

68

1644

8

24

914

1

62

100

403

$5,000-$9,999

55

1235

8

32

1318

1

76

100

115

$10,000-$24,999

48

1132

5

45

1227

6

61

100

114

$25,000and over

34

923

2

49

1823

8

134

100

140

1 For questions asked of consumers with incomes of $3,000 or more in 1951, see footenote 1, Table 7.2 Includes value of liquid assets, stock in publicly held corporations, and real estate other than owner-occupied housing and farms,a No cases reported or less than one-half of 1 per cent.4 Includes combinations of assets of fixed and fluctuating money value and assets other than those listed above.

TABLE 22

INVESTMENT PREFERENCES WITHIN SPECIFIC ASSET GROUPS

[Percentage distribution of spending units within specified asset group]

Value of major assetsand of specific assets owned 1

Num-ber of All

Preferred investment 2

Assets of fixec

Total

71

576672

47425145

7146

544615

7067

515238

Sav-ings ac-counts

18

191517

141014

5

1810

1113

6

1719

61712

money value

Sav-ings

bonds

47

314546

29272937

4727

3726

5

4648

372923

Ac-counts

orbonds

6

769

4583

69

674

7

863


Total

20

382718

42473839

2133

363965

2129

383847

Com-monstock

5

1679

9211312

523

62142

69

227

11

Reales-

tate

14

2119

8

31242115

159

281011

1420

132828

Stockor realestate

1

111

224

12

11

28

12

1

W

338

Other 3

5

566

389

13

516

51418

51

84

12

Notascer-tained

Major assets under $1,000:Liquid assets, under $1,000.

Major assets $l,000-$4,999:Liquid assets:

Under $1,000$l,000-$l,999$2,000-$4,999

Major assets $5,000 and over:Liquid assets:

Under $1,000$l,000-$4,999$5,000-$9,999$10,000 and over

Major assets under $5,000:Common stock:

NoneUnder $5,000

Major assets $5,000 and over:Common stock:

NoneUnder $5,000$5,000 and over

Major assets under $5,000:Real estate: 5

NoneUnder $5,000

Major assets $5,000 and over:Real estate:«

NoneUnder $10,000$10,000 and over

802

50159194

6097

11894

1,15055

2605555

1,14065

14590

135

100

100100100

100100100100

100100

100100100

100100

100100100

* Major assets include liquid assets, stock in publicly held corporations, and real estate other than owner-occupied homes and farms.2 For questions asked of spending units with incomes of $3,000 or more in 1951, see footnote 1, Table 7.3 Includes combinations of assets of fixed and fluctuating money value and assets other than those listed above.4 No cases reported or less than one-half of 1 per cent.5 Includes commercial property, nonfarm homes and farms not occupied by owners, apartment houses, etc.




TABLE 23

INVESTMENT PREFERENCES IN RELATION TO INCOME WITHIN OCCUPATIONAL AND PLACE OF RESIDENCE GROUPS

[Percentage distribution of spending units within specified groups]

Preferred investment l

Group characteristicNum-ber ofcases

1,729

215151136292598918543

906

64

I 8116637875

823

151102104126220

729303314247136

33515916615195

39414414896

Allcases

100

100100100100100100100100

100

100| 100100100100

100

100100100100100

100100100100100

100100100100100

100100100100

Assets of fixec

Total

65

4649546377686147

71

5563657968

55

4044446073

6368666859

6973747467

57595553

Sav-ings ac-counts

16

16131216191867

17

16

} 141 142020

15

1712122117

1715142310

1717142411

17121322

money

Sav-ingsbonds

43

2531353553455133

48

34

} 44S 38

5542

34

1927253050

4045444246

4647514853

34403428

value

Ac-countsor bonds

6

557125547

6

5

} 51 1346

6

45796

68833

69923

6783


Total

26

4239333016192943

19

33) 20j 29

1420

35

4749403222

2625252530

2018171924

33343739

Com-monstock

8

188101353221

5

9

} 6J io53

12

23714195

109574

77252

14131011

Reales-tate

17

2128161711162715

14

23

} u19917

20

2037161316

1415171726

1311141422

16192125

Stockor realestate

1

337(4)(4)(4)(4)7

(4)

1

} w(4)(4)(4)3

4510(4)1

2131(4)

(4)(4)

(4)(4)

3263

Other 2

6

1121164369

5

11

} 3541

9

1231485

74746

54633

9577

Notascer-tained

Occupation

Income $3,000 and over:All occupations 3

Professional and semipro-f essional

Self-employedManagerialClerical and salesSkilled and semiskilled... .Unskilled and serviceFarm operatorRetired

Income $3,000-$4,999:All occupations 3


Self-employedManagerialClerical and salesSkilled and semiskilledUnskilled and service

Income $5,000 and over:All occupations 3


Self-employedManagerialClerical and salesSkilled and semiskilled... .

Place of Residence

Income $3,000 and over:Metropolitan area 5

City, 50,000-600,000Town, 2,500-50,000Town, under 2,500Open country

Income $3,000-$4,999:Metropolitan area 5

City, 50,000-600,000Town, 2,500-50,000Town, under 2,500Open country

Income $5,000 and over: 6

Metropolitan area 5

City, 50,000-600,000Town, 2,500-50,000Town, under 2,500

110213

1041

11413

11

1 For questions asked of consumers with incomes of $3,000 or more in 1951, see footnote 1, Table 7.2 Includes combinations of assets of fixed and fluctuating money value and assets other than those listed above.3 Total for all occupations includes units in occupations not shown separately and therefore exceeds sum of cases for occupations shown.4 No cases reported or less than one-half of 1 per cent.5 The 12 largest cities in the U. S. and their surrounding suburban and rural areas.6 Distribution not shown for open country because of limited number of cases.

JULY 1952 755


ESTIMATED LIQUID ASSET HOLDINGS OF

Total liquid assets—defined to include currency,bank deposits, savings and loan shares, and UnitedStates Government securities—held by individualsand businesses increased 10.3 billion dollars in 1951following the previous postwar record increase of7.2 billion in 1950. In percentage terms, the 1951increase was larger for businesses, especially forcorporations, than for individuals. Unincorporatedbusinesses reversed a five-year trend by adding totheir liquid assets in 1951 for the first time since1945. Changes by type of asset and type of holderare shown in the following table.

ESTIMATED CHANGES IN LIQUID ASSET HOLDINGS

OF INDIVIDUALS AND BUSINESSES

Type of asset or holder

TotalType of asset

CurrencyDemand depositsTime depositsSavings and loan sharesU. S. Gov't. securities

Type of holder

Financial corporations, totalCurrency and deposits x

U. S. Gov't. securities

Nonfinancial corporations, total. . .Currency and deposits l


Unincorporated business, totalCurrency and deposits l


Personal trust funds, total.Currency and deposits *U. S. Gov't. securities..

Other personal, totalCurrency and deposits x


Increase,in billionsof dollars

1951 1950

10.3

0.94.92.12.00.4

0.30.10.2

2.62.20.4

1.11.4

-0 .3

2.70.42.3

3.65.8

-2 .2

7.2

2.00.51.63.1

0.20.2

4.20.43.8

-0.6

- 0 . 6

2.50.42.1

0.93.1

-2 .2

Percentageincrease

1951 1950

- 5

101510

25

- 6

31

134

112

27

101710

13

- 6

1 Includes savings and loan shares.2 Less than one-half of 1 per cent.

Larger additions to liquid asset holdings of indi-viduals and businesses in 1951 than in 1950 re-flected both increased saving and additional liquid-ity needs and desires. The latter factors were par-ticularly responsible for the greater increase incash holdings and the smaller additions to holdingsof Government securities. The principal source ofincreased liquid assets in 1951, as in 1950, wasexpansion of bank credit to private borrowers.

Expansion of liquid asset holdings by corpora-

tions in 1951 was large despite heavy investmentin plant, equipment, and inventories, and reflectedmainly greater working capital needs. The bulkof the added holdings was in the form of demanddeposits. Incomplete data indicate that the in-crease in liquid assets of unincorporated businessesstemmed in part from larger income accompaniedby decreased investment.

Total personal saving during 1951 as measuredby the Department of Commerce rose to a postwarhigh. An increased rate of accumulation of liquidassets by individuals—6.3 billion dollars in 1951compared with 3.4 billion in 1950, including trustfunds—accompanied this expansion in saving. Theadditions in 1951 were mainly in the form of timedeposits, savings and loan shares, and demand de-posits. Personal holdings of Government securities,other than in trust accounts, declined in 1951 asthey did in 1950.

Estimates of liquid asset holdings of individualsand businesses as of December 31, 1951, and forend-of-year and selected midyear dates beginningDecember 1939, are presented in the accompany-ing table. These estimates cover the principal assetswhich are most readily available for use in currenttransactions. Currency and demand deposits arebasic forms of cash, and time deposits, shares insavings and loan associations, and Governmentsecurities are generally more readily convertibleinto cash than are other types of assets, althoughtheir conversion involves foregoing an interestreturn and, in the case of securities, may sometimesinvolve a capital loss.

The estimates include liquid assets held by indi-viduals (including farmers), unincorporated busi-nesses, and corporations other than insurance com-panies (see footnote 1 of table for groups excluded).The figures, which are derived primarily frombank and Treasury reports, are approximations ofamounts shown or implied in accounting recordsof the holders rather than amounts reported frombank and Treasury records. The deposit estimatestherefore differ somewhat from figures reported bybanks and published among banking statistics.

The basic classifications used and method of esti-mating are the same as those employed previously.Some revisions have been made in the estimates ofGovernment security holdings from 1947 to 1950.1

1 See Federal Reserve BULLETINS for June 1945, February1946, November 1946, September 1947, June 1948, July1949, August 1950, and July 1951 for previously publishedestimates.



ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES


Type of holder1939

Dec.

1940

Dec.

1941

Dec.

1942

Dec.

1943

Dec. June Dec,

1945

June Dec

1946

June Dec,

1947

Dec. Dec.

1949

Dec.

1950

Dec.

1951

Dec.p

Total i

CurrencyDemand deposits 2

Time depositsSavings & loan shares 3

U. S. Govt. securities 4

Business holdings—total...

CurrencyDemand depositsTime depositsSavings & loan sharesU. S. Govt. securities

Corporations—total

CurrencyDemand depositsTime depositsSavings & loan shares..U. S. Govt. securities. .

Financial corporations—total5

Demand depositsTime depositsU. S. Govt. securities. .

Nonfinancial corporations—total

CurrencyDemand depositsTime depositsSavings & loan shares.. .U. S. Govt. securities. . .

Unincorporated business—total

CurrencyDemand depositsTime depositsSavings & loan shares..U. S. Govt. securities. .

Personal holdings—total.

CurrencyDemand depositsTime depositsSavings & loan shares.. . .U. S. Govt. securities....

Trust funds—total <*

Demand depositsTime depositsSavings & loan shares.U. S. Govt. securities.

Other Personal—total 7. . .

69.0 74.7

5.20.926.34.0

12.0

19.4

6.624.626.94.2

12.4

22.3

85.48.9

27.926.94.5

17.2

25.9

116.2 156.4 175.5 195.9 212.9 227.5 228.5 231.5 237.2 238.8 243.0 250.2 260.5

13.136.827.74.8

33.8

39.4

18.047.132.0

5.453.9

55.9

20.047.935.0

5.866.8

62.9

22.653.139.0

6.275.0

67.5

24.256.043.5

6.782.5

72.3

25.560.247.7

7.286.9

73.0

25.562.550.9

7.81.

69.6

25.764.653.0

8.479.8

66.3

25.466.255.2

9.6'80.

'64.6

25.064.556.110.8

'82.4

'64.5

24.363.857.012.2

'85.7

'66.7

24.365.857.513.8

'70.5

1.612.52.00.13.2

13.0

1.715.52.00.13.0

15.0

2.116.62.00.15.1

17 A

2.821.7

2.10.1

12.7

27.1

3.628.9

2.30.2

20.9

38.6

3.929.4

2.50.2

26.9

43.1

4.331.3

2.70.2

29.0

44.7

4.533.7

2.90.2

31.0

47.2

4.733.7

3.10.2

31.3

45.1

4.834.73.20.3

26.6

41.9

4.933.5

3.40.3

24.2

38.9

433.93.50.3

'22.1

'38.1

4.733.73.50.3

'22.3

'39.3

4.634.23.5

'0.3'24.1

'41.9

4.634.6

3.60.4

'27.3

'46.3

0.79.50.7

0.711.70.7

0.12.40.7

0.816.00.7

2 . 1

1.7

1.9

1.8

3 .5 9 . 6

2 . 5

0.920.9

0.70.1

16.0

3 . 1

0.921.4

0.70.1

20.0

0.922.10.70.1

20.9

3.1

0.924.0

0.70.1

21.5

4 . 1

0.922.1

0.70.1

21.3

4.8

1.022.9

0.70.1

17.2

4.7

1.021.8

0.70.1

15.3

1.022.2

0.70.1

'14.1

4.3

1.022.7

0.70.1

'14.8

4 . 5

1.023.1

0.70.1

'17.0

1.023.7

0.70.1

'20.8

'5.4

1.10.10.5

1.20.10.5

13.2

1.30.10.8

15.2

1.20.11.2

24.6

0.78.40.6

0.710.50.6

0.811.10.6

0.814.80.6

1.6

6.4

1.4

7.3

2.7 8.4

12.3

1.30.11.7

35.5

0.919.60.60.1

14.3

17.3

1.30.12.0

39.7

1.50.12.2

40.9

1.60.12.4

43.1

2.00.12.7

40.3

2.10.12.5

37.2

2.10.12.2

34.5

2.20.12.0

'33.1

2.20.12.2

'34.8

2.30.12.8

'36.7

2.50.1

'2.8

'40.9

0.920.1

0.60.1

18.0

19.8

0.920.60.60.1

18.7

22.8

0.922.4

0.60.1

19.1

25.1

0.920.1

0.60.1

18.6

27.9

1.020.8

0.60.1

14.7

27.7

1.019.70.60.1

13.1

27.4

1.020.0

0.60.1

'12.1

26.5

1.020.5

0.60.1

'12.6

25.2

1.020.8

0.60.1

'14.2

24.8

1.0'21.2

0.60.1

'18.0

24.2

0.93.01.30.11.1

49.6

1.03.8

0.11.1

52.4

1.34.21.30.11.6

59.5

2.05.71.40.13.1

76.8

2.78.01.60.14.9

100.5

3.08.01 .80.16.9

112.6

3.49.22.00.18.1

128.4

3.69.72.20.19.5

140.6

3.811.62.40.1

10.0

154.5

3.811.82.0.29.4

158.9

3.911.72.70.28.9

165.2

311.72.80.28.0

'172.6

3.711.02.0.27.5

174.3

3.611.12.80.27.1

176.3

3.610.92.90.36.5

179.7

4.28.4

24.33.98.8

4.5

49.1

24.94.19.4

4.7

6.811.324.94.4

12.1

5.6

10.315.125.64.7

21.1

6.9

14.418.229.75.2

33.0

10.0

16.118.532.5

5.639.9

11.7

18.321.836.6.0

46.0

13.4

19.722.340.6

6.551.5

14,7

20.826.544.6

7.055.6

15.9

20.727.847.7

7.555.2

17.8

20.831.149.6

8.155.6

19.'

1.20.2

1.30.3

1.40.3

3.1

45.1

3 . 1

CurrencyDemand depositsTime depositsSavings & loan shares.U. S. Govt. securities.

4.27.

24.13.5.

47.8

244.1

3.9

53.9

6.89.9

24.64.4

1.20.20.15.4

69.9

1013.925.44.6

15.

1.30.20.18.4

90.5

14.416.929.55.1

24.6

1.30.20.1

10.1

100.9

1.40.20.1

11.7

115.0

1.50.20.1

12.9

125.9 138.6

1.80.30.1

15.6

141.1

1.70.30.2

17.2

145.8

20.632.351.79.3

'58.7

21.6

1.60.30.2

19.5

'151.0

'20.330.52.610.5

'60.1

22.9

19.729.653.511.9

'61.6

24.0

19.731.253.913.4

'61.5

26.5

1.60.50.2

20.6

'151.4

1.50.50.

21.7

'152..

1.60.80.3

23.8

'153.,

16.117.232.3

5.529.8

18.320.436.1

5.934.3

1920.840.4

6.438.6

20.726.047.4

7.439.6

20.829.449.3

7.938.4

20.630.751.49.1

'39

'20.329.252.110

'39.5

19.728.153.011.6

'39.9

19.729.653.113.1

'37.7

25.270.759.615.889.2

74.5

4.838.0

3.70.4

27.6

49.2

1.026.0

0.70.1

21.4

5.7

2.60.13.0

43.5

1.023.40.60.1

18.4

25.3

3.812.03.00.36.2

186.0

20.432.755.915.461.6

29.2

1.61.00.5

26.1

156.8

20.431.154.914.935.5

' Revised. P Preliminary.1 Figures for banks, insurance companies, savings and loan associations, nonprofit associations, foreigners, and governmental bodies and

agencies are not included in the totals shown.2 These figures are estimates of demand deposit balances as they would appear on the records of depositors. They differ from figures based

on bank records such as given in regular banking statistics. Depositor-record estimates are lower than bank-record estimates; for example, totaldemand deposits as of Dec. 31, 1951 on a holder-record basis (see table) amounted to 70.7 billion dollars while on a bank-record basis these depositsamount to 90.9 billion. This is because checks are constantly in the mail, i. e., deducted on a payor's records and not yet added on payee's records,and because checks are constantly in the process of collection, i. e., added to payee's deposits as per bank records and not yet deducted frompayor's deposits as per bank records.

3 Private share capital in all operating savings and loan associations including private repurchasable shares, deposits, and investment cer-tificates.* * Includes outstanding amounts of excess profits tax refund bonds beginning December 1945, and armed forces leave bonds beginning Decem-ber 1947.

5 Includes real estate companies, finance and credit companies, insurance agencies (not carriers), investment trusts, security brokers anddealers, holding companies not otherwise classified, etc.

6 Includes only amounts administered by corporate trustees.7 Includes holdings of farmers and professional persons.

JULY 1952 757


THE BALANCE SHEET OF AGRICULTURE, 1952 *

The major factual portion of the eighth in aseries of annual reports on the financial conditionof agriculture, issued by the United States Depart-ment of Agriculture, is given below.2 The fullreport will be published as an Agriculture Informa-tion Bulletin of the Department of Agriculture.

The study was prepared under the direction ofNorman J. Wall, Head of Division of AgriculturalFinance, Bureau of Agricultural Economics, byF. L. Garloc\, A. S. Tostlebe, L. A. Jones, andR. W. Bierman.

Data relating to the inventories of real estate,livestock, crops, machinery, and household equip-ment were prepared under the direction of thefollowing persons: Real estate—W. H. Scofield;livestock—A. V. Nordquist; crops—C. E. Bur\-head, T. J. Kuzel\a, J. J. Morgan, John A. Hic\s;machinery—E. W. Grove, Margaret F. Cannon;household equipment—Barbara B. Reagan.

Data relating to farm income and expenditureswere compiled under the direction of E. W. Grove.

THE BALANCE SHEET IN GENERAL

During 1951, agricultural assets valued at currentprices rose to a new record. This was mainlybecause of higher prices. The value of the physicalassets of agriculture increased about 10 per centduring the year. Omitting price increases, thevalue of the physical assets increased only slightly—perhaps 2 or 3 per cent—during 1951.

Bank deposits, currency, and United States sav-ings bonds owned by farmers increased about 4per cent during 1951. Since the prices of commodi-ties that farmers buy increased relatively more dur-ing the year, the amount of these assets owned byfarmers on January 1, 1952 had slightly less pur-chasing power—about 1 per cent—than the smalleramount owned a year earlier.

1 The balance sheet views agriculture as though it wereone large enterprise. It is an aggregate of individual seriesconcerning farm assets and the claims to those assets. Ineffect it is comparable to a consolidated balance sheet offarm firms. It is not, however, a balance sheet of farmoperators, nor of people living on farms, nor of landlords.Rather it covers all the interests of all groups in farming,as well as financial assets of people living on farms.

In a country so vast and diversified, financial changes arenever entirely uniform, either for geographic areas or forindividuals, so that even when the balance sheet accuratelyreflects the aggregate, it does not reveal the differences incircumstances that are found in different States and regionsor among individual farmers.

Revisions have been made in the data in this year's reporton the basis of the 1950 Census of Agriculture. Net effectof the revisions is to increase substantially the total physicalvaluation of agriculture, particularly for recent years.

2 For earlier reports in this series, see the Federal ReserveBULLETIN for September 1946, pp. 974-94; November 1947,pp. 1357-72; September 1948, pp. 1067-82; September 1949,pp. 1053-63; September 1950, pp. 1118-31; and September1951, pp. 1090-1103.

Farm debts (excluding price-support loans by theCommodity Credit Corporation) increased 13 percent during 1951—more than in any other recentyear. The dollar increase of farm assets exceededthe increase in farm debts, however, and equitiesof farmers and other owners of farm property alsorose to a new high. Farm debts have increasedabout 80 per cent since January 1, 1946. Theserelationships do not necessarily reflect the situa-tion of individual farmers.

Gross income from farm marketings and Gov-ernment payments made a new record in 1951, butfarm costs also were higher than ever before. Asa result, net agricultural income, including thevalue of inventory gains, was a half billion dollars,or 2 per cent, below the record level of 1948.

THE BALANCE SHEETOF AGRICULTURE

ASSETS CLAIMS~$BIL.^ F i n a n c i a l

Eg] Other physicaljfifl Farm real estate

Total

wners' equitiesEg]Other debt• |Real estate debt ,

1940



THE BALANCE SHEET OF AGRICULTURE, 1952

ASSETS

Total assets of American agriculture, includingfinancial assets owned by farmers, reached a newhigh of 169 billion dollars on January 1, 1952.This was about 9 per cent above the valuation forJanuary 1, 1951.3 Each of the main types of physi-cal farm assets increased in value (Table 1). Higherprices were the main cause of the increases in farmreal estate, livestock, machinery and motor vehicles,and the sole cause of the increase in crops. Pricesof farm real estate and of machinery increasedthroughout the year. Prices of crops and livestockdeclined from February to late summer, but in-creased during the fall months sufficiently to restore

3 As a result of the 1950 Census of Agriculture, substantialchanges have been made in the Balance Sheet valuations offarm real estate, livestock, and machinery and motor vehicles.For farm real estate and for machinery and motor vehicles,the revisions cover the years 1941-51; for livestock theycover the years 1945-51.

them to a higher level than had prevailed at thebeginning of 1951.

In part, however, the increased value of farmassets resulted from larger physical inventories. Asreflected by valuations based on 1940 prices, theinventory of livestock was 4 per cent higher onJanuary 1, 1952 than a year earlier, and the inven-tory of machinery and motor vehicles was 6 percent higher (Table 2). Improvements and addi-tions were made to farm real estate and to house-hold furnishings and equipment. The crop in-ventory, however, appears to have declined about2 per cent. As a result of changes in prices and/orquantities, each of the types of physical farm assetson January 1, 1952 reached the highest value everrecorded.

The amount of financial assets owned by farmersincreased about 992 million dollars, or 4.5 per cent,during 1951. Farmers' holdings of deposits andcurrency increased about 800 million dollars and

TABLE 1

COMPARATIVE BALANCE SHEET OF AGRICULTURE, UNITED STATES, JANUARY 1, SELECTED YEARS, 1940-52 x

[Dollar amounts in millions]

Item

ASSETSPhysical assets:

Real estateNon-real-estate:

LivestockMachinery and motor vehiclesCrops stored on and off farms 3

Household furnishings and equipment4 . .Financial assets:

Deposits and currencyUnited States savings bondsInvestments in cooperatives

Total

CLAIMSLiabilities:

Real estate debt . . . .Non-real-estate debt:

To principal institutions:Excluding loans held or guaranteed

by Commodity Credit Corporation.Loans held or guaranteed by Com-

modity Credit CorporationTo others 6

Total liabilities

Proprietors' equities

Total

1940

$33,642

5,1333,1182,6454,275

3,900249826

$53,788

$6,586

1,504

4451,500

$10,035

$43,753

$53,788

1945

2$54,9392 9 Oil26,288

6,3964,232

10,8003,71421,188

2$96,568

$4,933

1,622

6831,100

$8,338

2$88,230

2$96,568

1946

2$61,8422 9 71726,295

6,0304,415

13,5004 498

2 1,3332$107,630

$4,682

1,671

2771,200

$7,830

2$99,8002$107,630

1950

2$75,830

212 892213,016

7,8376,500

14,3005,250

2 2,037

2$137,662

$5,407

2,838

1,7192,400

$12,364

2$125,298

2$137,662

1951

2$86,528217 127213,72827,857

7,175

14,4002 5 30022,226

2$154,341

$5,828

3,372

8062,800

$12,806

2$141,535

2$154,341

1952

$94,586

19 60015,3088,8847,668

615,2005,300

« 2,4185$168,964

$6,300

4,071

5783,200

$14,149

5$154,815

5$168,964

Net change(per cent)

1940-52

+ 181

+282+391+236+79

+290+2,029

+ 193

+214

- 4

+ 171

+30+ 113

+41

+254

+214

1951-52

+9

+ 14+ 12+ 13+7

+60

+9

+9

+8

+21- 2 8+ 14+10

+9

+9

1 The margin of error of the estimates varies with the items.2 Revised. See footnote 3 above.3 Includes all crops held on farms for whatever purpose and crops held in bonded warehouses as security for Commodity Credit Corpora-

tion loans. The latter on Jan. 1, 1952, totaled 365 million dollars. Estimates for 1950 and earlier years of crops stored on farms havenot been revised in line with the adjusted crop-production estimates that were based on the 1950 Census of Agriculture.

4 Estimated valuation for 1940 plus purchases minus depreciation since then.5 Preliminary.6 Tentative. Includes individuals, merchants, dealers, and other miscellaneous lenders.

JULY 1952 759



TABLE 2

BALANCE SHEET OF AGRICULTURE WITH PHYSICAL ASSETS VALUED AT 1940 PRICES, JANUARY 1, SELECTED YEARS, 1940-52

Item

ASSETS

Physical assets (1940 prices):Real estateNon-real-estate:

LivestockMachinery and motor vehiclesCrops stored on and off farms 4

Household furnishings and equipment 5 . .Financial assets (actual value):

Deposits and currencyUnited States savings bondsInvestments in cooperatives

Total

CLAIMS

Liabilities (outstanding amount):Real estate debtNon-real-estate debt:

To principal institutions:Excluding loans held or guaranteed

by Commodity Credit Corporation.Loans held or guaranteed by Com-

modity Credit CorporationTo others

Equities (residual balance)

Total

[Dollar amount

1940

$33,642

5,1333,1182,6454,275

3,900249826

$53,788

$6,586

1,504

4451,500

43,753

$53,788

1945

i$33,642

5,6062 4,140

3,1444,232

10,8003,714

21,188

2$66,466

$4,933

1,622

6831,100

258,128

2$66,466

s in millions

1946

J$33,642

25,3922 4,263

2,9104,415

13,5004,498

2 1,3332$69,953

$4,682

1,671

2771 ,200

2 62,1232$69,953

1950

1 $33,642

2 4,7862 6,086

3,3406,500

14,3005,250

2 2,037

2$75,941

$5,407

2,838

1,7192,400

263,577

2$75,941

1951

i $33,642

24,9182 6,5022 3,004

7,175

14,4002 5,30022,226

2$77,167

$5,828

3,372

8062,800

264,361

2$77,167

1952

1 $33,642

5,1206,8912,9367,668

e 15,2005,300

62,4186$79,175

$6,300

4,071

5783,200

6 65,0266$79,175

Net change(per cent)

1940-52

0

(3)+ 121+ 11+79

+290+2,029

+ 193

+47

- 4

+ 171

+30+ 113

+49

+47

1951-52

0

+4+6- 2+ 7

+60

+9

+3

H

+21

- 2 8+ 14+ 1+3

1 1940 valuation of farm land and buildings. This figure does not reflect net physical improvements in farm buildings, or net depletionof productivity of agricultural lands.

2 Revised. See footnote 3, p. 759.1 Decrease of less than one-half of 1 per cent.4 Estimates for 1950 and earlier years of crops stored on farms have not been revised in line with the adjusted crop-production esti-

mates that were based on the 1950 Census of Agriculture.s Not deflated. Estimated valuation for 1940 plus purchases minus depreciation.6 Preliminary.

the value of their equities in cooperative associa-tions rose about 200 million dollars. The redemp-tion value of United States savings bonds owned byfarmers was about the same on January 1, 1952 asa year earlier.

CLAIMS

A further increase in agricultural debt occurredduring 1951. Farm-mortgage debt rose from about5.8 billion dollars on January 1, 1951 to about 6.3billion on January 1, 1952; non-real-estate farmdebt (excluding CCC loans) rose from about 6.2billion to about 7.3 billion. Since January 1, 1946,farm-mortgage debt has increased about 35 per centand non-real-estate farm debt (excluding CCCloans) about 153 per cent. During 1951, price-support loans of the Commodity Credit Corpora-tion to farmers dropped from 806 to 578 milliondollars, because of the smaller quantity of cropsplaced under loan. The expansion of farm debtin 1951, as in other postwar years, resulted mainly

from the rising costs of farming and from largeexpenditures by farmers and others for the purchaseand improvement of farms and for livestock andequipment.

Notwithstanding the increase in farm debts, thecombined equities of farm operators and non-operating owners of farms have increased each yearof the postwar period except 1949, when decliningprices caused values of assets to fall. On January1, 1952, these equities amounted to 155 billiondollars, or 91.6 per cent of the value of all farmassets.

AGRICULTURAL INCOME

Net agricultural income, including Governmentpayments to owners and operators of farms, in-creased from 17.8 billion dollars in 1950 to about21.2 billion in 1951 according to preliminary esti-mates (Table 3). Higher net income from agri-culture in 1951 resulted both from greater pro-duction and from higher prices, but mainly fromthe latter. Total production of agricultural prod-




TABLE 3

COMPARATIVE INCOME STATEMENT FOR AGRICULTURE, UNITED STATES, 1940-51 1

[Amounts in millions of dollars]

Item 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949

HOW NET INCOME WAS OBTAINED

Gross income from agriculture:Cash receipts from farm marketingsValue of products retained on farms for

home consumptionRental value of farm homes

Total

8,332

1,239625

11,075

1,442646

15,486

1,772684

19,358

2,140727

20,377

2,169791

Minus nonlabor production costs:Feed boughtLivestock bought, except horses and mulesFertilizer and lime boughtVehicle operationDepreciation and maintenanceTaxes on real estate and tangible per-

sonaltySeed boughtMiscellaneous

TotalPlus increases or minus decreases in inventory 3.

Total net income from agriculture... .Plus Government payments

Total net income from agricultureand Government payments

HOW NET INCOME WTAS DISTRIBUTED

Wages to hired labor (cash and perquisites) . . .Net rent and Government payments to land-

lords not living on farms 4

Interest to holders of farm mortgagesReturns to operators

Total net income from agricultureand Government payments

RELATION OF TOTAL RETURNS TOREALIZED NET INCOME OF

OPERATORS

10,196

998530261584

1,085

446197766

13,163

1,089650292645

1,246

457203858

17,942

1,625900352812

1,460

461301975

2 2 , 2 2 5

2,135948423932

1,640

472406

1,041

23,33:

2,42 7839476

1 ,0681,828

495440

1,070

4,867270

5,440452

6,8861,159

7,997-176

8,643-445

21,420

2,256865

2,7041,057

5101,1151,928

554467

1,093

9,428-391

24,554

2,620975

29,754

3,0961,179

30,223

2,9311,277

28,012

2,5101,294

28,773

2,3441,332

32,792

2,7381,588

28,149

3,0221,217

6201,3102,106

617466

1,258

34,029

3,6921,416

6851,5722,607

705550

1,537

34,431

3,8651 ,646

7171,7993,201

765612

1.680

31,816

3,0801,607

7821,8843,691

823564

1,783

32,449

3,2262,088

8212,0734,229

865585

1,839

37,118

3,7742,864

9241.9644,514

900683

2,186

10,616-239

12,764-2,185

14,2851,318

14,214-654

15,726 17,8091,645

5,599724

8,175544

12,215650

14,052 14,249776

14,722 17,294772

19,080314

21,464257

16.948185

17,473283

20,954

6,323

1,031

431293

4,568

8,719

1,254

677284

6,504

12,865 15,025 15,464 18,066 19,394 17,133 17,756 21,240

1,642

943272

10,008

2,039

1,048246

11,364

2,213

1,05230

11,525

2,31

1,073220

11,854

2,563

1,394216

13,893

2,846

1,438222

14, J

3,082

1,354229

17,056

2,949

1,094242

12,848

2,858

1,178262

13,458

3,095

1,286285

16,574

6,323 12,865. 14,697 15,464

Total returns to operatorsMinus increases or plus decreases in inventory. .

Realized net income of farm operators

4,568270

6,504452

10,0081,159

11,364-176

11,525-445

11,854-391

18.066

13,893-239

19,394 21,721 17,133 17,756 21,240

14,888-2,185

17,0561,318

12,848-654

13,458750

16,5741,645

1,298 6,052 8,849 11,540 11,970 12,245 14,132 17,073 15,738 13,502 12,708 14,929

1 Revised series.2 Preliminary estimates.''• Market value, in terms of prices at end of year, of increase or decrease in physical quantities of crops and livestock.4 After deduction of estimates for taxes, mortgage interest, and other expenses paid by such landlords.

ucts for sale and for consumption in farm homesincreased about 4 per cent, whereas the prices re-ceived for farm products increased nearly 18 percent. Production of crops increased 3 per centcompared with 4 per cent for livestock and livestockproducts. Prices for crops increased 14 per centcompared with 20 per cent for livestock and live-stock products.

INFLUENCE OF THE GENERAL ECONOMIC SITUATION

Higher prices were the dominant influence thatincreased farm income in 1951 and raised the valua-tions of farm assets and equities to record levels onJanuary 1, 1952. Prices had been raised sharply

in 1950 and early 1951 by forces set in motion ormagnified by the invasion of South Korea and bythe subsequent acceleration and expansion of de-fense activities. Despite some softening in thesecond and third quarters, prices in December aswell as the annual average for 1951 remained above1950. Thus the changes that occurred in theBalance Sheet of Agriculture during 1951 were inmost instances similar in type and in origin to thosethat had occurred in the previous year. The parityratio for 1951 was 107 compared with 100 the yearbefore.

The higher prices received by farmers in 1951resulted from changes in demand to which both

JULY 1952 761



domestic and foreign buyers contributed. Theaggregate supply of farm products in 1951 did notdiffer greatly from that of the year before. Theindex of the volume of farm marketings actuallyrose a little—from 145 (1935-39=100) in 1950 to147 in 1951. But this modest increase in supplywas more than offset by the increase in demand.

Domestic consumers apparently bought about thesame volume of farm products, raw and processed,in 1951 as in 1950, though at higher prices. Theybought somewhat more food and tobacco. An in-crease in population estimated at about 1 per centwas accompanied by a per capita increase in foodconsumption, also estimated at 1 per cent. Percapita consumption of tobacco was about 2 per centhigher in 1951. Goods made from other farmproducts may have been purchased in slightlysmaller quantities.

This strength in consumer demand for farm

products and for products manufactured from farm-produced raw materials was based on the record-breaking amount of personal income available toconsumers after payment of personal taxes. In1951, disposable personal income amounted to225.0 billion dollars, about 10 per cent more thanin 1950.

Export demand for farm products also was sub-stantially higher in 1951 than the year before. Themonthly average of the index which measures thequantity of agricultural products exported (1924-29=100) rose from 90 in 1950 to 107 in 1951, or19 per cent. This increase in the physical volumeof agricultural exports, despite higher prices, re-flected the desire of foreign governments and busi-nessmen to expand stocks of food and raw materialsin view of growing international tensions. Itprobably also reflected the increase in dollar earn-ings by foreign countries.

THE BALANCE SHEET IN DETAIL

The foregoing has provided a summary analysisof the balance sheet in general terms, an accountof the income position of agriculture, and ananalysis of the influence of the general economicsituation on the financial status of farmers. Inwhat follows, each item of the balance sheet istreated in detail.

ASSETS

The assets fall into two general classes: (1)Physical assets, both real estate and tangible per-sonalty, and (2) financial assets, which includecash, bank deposits, United States savings bonds,and farmers' investments in cooperative associa-tions.

Farm real estate. The total value of farm realestate in the United States at the beginning of 1952was estimated at 95 billion dollars.4 This is thelargest value on record and accounts for 56 percent of all the assets included in the balance sheetof agriculture. The increase in value during 1951was about 8 billion dollars, or approximately 9.3per cent.

Changes in the value of farm real estate are

4 As a result of data obtained from the 1950 Census ofAgriculture, substantial revisions have been made in previousestimates for the years 1941-51. These revisions have raisedthe estimates of farm real estate values for recent years con-siderably above the earlier estimates.

commonly measured by the change in the averagevalue per acre. The United States index of averagevalue on March 1, 1952 was 211 (1912-14=100)compared with 193 a year earlier. The Texas-Oklahoma region showed the largest increase—13 per cent—between March 1951 and March

CHANGES IN DOLLAR VALUEOF FARM LAND*

1952. In the Lake, Mountain, and Pacific regionsthe increase for each was only 7 per cent. ByStates, the largest increases during the year endedMarch 1952—14 per cent or more—occurred inMaryland, North Dakota, Texas, and Delaware,as shown in the map.




For the country as a whole, the sharp increase inland values stemmed in large part from higherprices for farm products. Other important factorswere the demand for small farms for homes, thedevelopment of new oil fields in some areas, andthe pressure of funds seeking investment. In someinstances, these latter factors have tended to in-crease the prices of farms beyond those justifiedby farm income alone. The increase in land valuesduring the year ended March 1952 was due pri-marily to a rise in prices, but improvement of thephysical condition of farm real estate has also beena factor. Buildings have been painted and re-modeled, many new buildings have been built,fences have been repaired, and land has been limedand fertilized.

In the Great Plains, where the rise in land valuesbetween March 1951 and March 1952 was relativelylarge, incomes from wheat and livestock have beenfavorable. The increase in land values in westernNorth Dakota, where oil was recently discovered,was especially large. The strength of land pricesin the Southern Plains, including parts of Okla-homa and Texas, is based on prospects for the 1952crops and favorable prices. Throughout most ofthe Southern States the interest in livestock produc-tion has resulted in a very strong demand forpasture land. In some sections, such as near thenew atomic energy plant in South Carolina, in-dustrial expansion has created booming demandfor homesites. The smaller than average increasesin farm real estate values in the Pacific region reflectthe weakening of prices for commodities produced

in that area, such as poultry and some classes offruits.

Notwithstanding the rise in land values duringthe year ended March 1952, the number of farmsthat changed hands by voluntary sale was nearly5 per cent less than during the previous year.Activity increased, however, in the Northeast andPacific regions, where many farms, or parts offarms, were sold for residential purposes. In someareas in which transfer activity was reduced, thechief factor was a lack of farms for sale. In otherareas, the high prices of land and the uncertaintiesas to future incomes produced a "wait and see"attitude.

Land values in March 1952, as compared withthose of the prewar period (1935-39 average), weremore than 200 per cent higher in nine States—Ohio, Indiana, Illinois, Kentucky, Tennessee, NorthCarolina, Arkansas, Mississippi, and Wyoming. In-creases of less than 100 per cent occurred in all ofthe New England States, California, Nevada, andUtah. In North Dakota, notwithstanding recentsharp increases, values on March 1, 1952 were only120 per cent above those of the prewar years.

Livestock on farms.5 A substantial increase in thenumber of beef cattle and higher values per headfor all cattle were the chief factors in raising thevalue of all livestock and poultry on farms to 19.6billion dollars on January 1, 1952 (Table 4). Thisrepresented an increase of 14 per cent in total valueduring 1951.

5 As a result of data obtained in the 1950 Census of Agri-culture, substantial revisions were made in the previousestimates for 1945-51.

TABLE 4

LIVESTOCK ON FARMS: N U M B E R AND VALUE BY CLASSES, U N I T E D STATES, JANUARY 1, SELECTED YEARS, 1940-52

[Number in thousands and value in millions of dollars]

Class

CattleMilk cows

HogsHorsesMulesAll sheep 2

Stock sheepChickensTurkeys

Total

1940

Number

68,30924,94061,16510,4444,034

52,10746,266

438,2888,569

Value

2,7701,428

476808467329294265

18

5,133

1945 i

Number

85,57327,77059,3738,7153,235

46,52039,609

516,4977,082

Value

5,7222,7611,224

56543439933562641

9,011

1946 i

Number

82,23526,52161,306

8,0813,027

42,36235,525

523,2277,862

Value

6,2632,9771,468

46440341134066345

9,717

1950 1

Number

77,96323,85358.8525,5482,233

29,82626,182

456,5495,124

Value

9,6304,2191,598

25522153246662333

12,892

1951 i

Number'

82,02523,72262,8524,9932,074

30,63527,253

442,6575,091

Value

13,1615,1832,094

217169808721645

33

17,127

1952

Number

88,06223,40763,9034,3701,923

31,72527,841

453,4985,835

Value

15,7335,8551,910

200139883779694

41

19,600

1 Revised series. See footnote 5 above.2 Includes sheep and lambs on feed for market.

JULY 1952 763



Numbers of each class of livestock, except horsesand mules, were larger at the beginning of 1952than a year earlier. Values per head were higherfor cattle, horses, sheep, chickens, and turkeys, butlower for hogs and mules. During 1951 the valueof each class of livestock, except hogs, horses, andmules, increased.

Cattle on farms numbered 88 million head onJanuary 1, 1952—6 million more than a year earlierand a new high for cattle numbers. The averagevalue of cattle at the beginning of 1952 was $179,a gain of $19 during 1951. Dairy cattle numbered35.9 million head on January 1, 1952, or .3 millionmore than a year before. Milk cows decreased innumber in 1951 for the seventh consecutive year,but numbers of young dairy stock on farms in-creased. About 52.2 million head of beef cattle wereon farms on January 1, 1952. The increase of 5.8million head during 1951 was one of the largestever made in one year. Substantially larger num-bers of cattle on feed during the 1951-52 seasonwere responsible for part of the increase, but beefcows totaled 20.6 million head—an increase of 12per cent in the last year. Numbers of beef cattlehave increased regularly since 1948, when 41 mil-lion were on farms.

On January 1, 1952 the total number of hogs onfarms was 63.9 million. Despite four consecutiveyears of increase this was still about 20 million be-low the record high reached on January 1, 1944.The number of sheep at the beginning of 1952—31.7million head—was slightly above the numbers ineach of the previous three years but well below the

TABLE 5

FARM MACHINERY AND MOTOR VEHICLES: VALUE BY CLASSES,

UNITED STATES, JANUARY 1, 1940-52

[In millions of dollars]

Year

1940194119421943194419451946194719481949

195019511952

Total » 2

3,1183,5754,3865,2905,7636,2886,2956,6118,397

10,908

13,01613,72815,308

Tractors

501557720880871

1,0141,0691,2331,7292,346

2,9293,1643,670

Auto-mobiles 1

900970

1,1171,1391,1611,061

935771798935

1,0311,0791,176

Motor-trucks i

301340426581672701650698950

1,212

1,4071,4011,475

Other farmmachinery

1,3581,6502,0622,6212,9843,4323,5623,8314,8386,334

7,5778,0168,922

peak of 56.2 million in 1942. At the beginning of1952, the value of chickens on farms was 694 milliondollars—8 per cent more than a year before.

Machinery and motor vehicles on farms.6 Prelimi-nary estimates of the value of machinery and motorvehicles on farms totaled 15.3 billion dollars onJanuary 1, 1952—an increase of 12 per cent overthat of 1951 (Table 5).

The 1951 purchases of machinery and motorvehicles by farmers are tentatively estimated at arecord high of 3.6 billion dollars, exceeding thosein 1950 by about 10 per cent. A large part of theincrease in 1951 reflected higher prices, but thephysical volume of purchases was probably up about3 per cent. The 3.6 billion dollars spent by farmersfor machinery and motor vehicles last year includedapproximately 1,163 million spent for tractors, 304million for automobiles, 313 million for motor-trucks, and 1,851 million for other farm machinery.These expenditures accounted for about 11 percent of farmers' gross cash income from marketingsand Government payments in 1951.

At the beginning of 1952, farmers owned 4,250,-000 tractors, or about 300,000 more than a yearbefore; 2,350,000 trucks, or an increase of 70,000;and 4,370,000 automobiles, a gain of 80,000. Thequantity of other machinery on farms increasedabout 6 per cent during 1951.

The 15.3 billion dollars farmers had invested inmachinery and motor vehicles at the beginning of1952 was nearly five times the 3.1 billion dollars soinvested in 1940. Since 1940 average prices offarm machinery and motor vehicles have almostdoubled, but the figures indicate that farmers in1952 have about two and a fifth times as much ofthis equipment as in 1940. This increase of 121per cent in the quantity of machinery and motorvehicles on farms reflects the continuing trendtoward increased farm mechanization.

Crops stored on farms. Production of crops in1951 was exceeded only in 1948 and 1949. Not-withstanding severe crop losses in some areas, yieldper acre for the country as a whole was secondhighest in history. Records or near records weremade in production of such crops as rice, hay, soy-beans, and tobacco. Above-average crops of cotton,cottonseed, sorghum grain, and oats were produced.

1 Revised. See footnote 6. Data for automobiles and motor-trucks include preliminary adjustments to the 1950 Census ofAgriculture.

2 Also includes harness and saddlery.

6 Preliminary adjustments to the 1950 Census of Agricul-ture have been made in expenditures and value of auto-mobiles and motortrucks. The revisions for automobileswere substantial for some years.




Although the 1951 production of corn and wheatwas below that of 1950, it was only slightly belowthe 1940-49 average. Crops for which productionin 1951 was well below average included barley,rye, peanuts, and potatoes.

Much of the 1951 production moved ofl farmsrelatively fast and the physical quantity remainingon farms at the beginning of 1952 was 2 per centless than a year earlier. Because of higher prices,however, the value of farm inventories, includingcrops sealed under Commodity Credit Corporationloans, totaled 8/4 billion dollars. This was about abillion dollars more than the value of crops onfarms a year earlier.

The value of food grains—wheat, rye, buckwheat,rice—stored on farms on January 1, 1952 was 767million dollars compared with 694 million at thebeginning of 1951. The number of bushels ofthese grains in 1952 was 350 million and in 1951,346 million. The prices at which these crops werevalued were higher on January 1, 1952 than a yearearlier except for rice.

Total stocks of the food grains—stored both onand off farms—were smaller at the beginning of1952 than at the beginning of 1951. Stocks ofwheat in all storage positions were about 14 percent smaller than a year earlier. Total disappear-ance of wheat during the 1951-52 year is expectedto be the largest since 1948. As a result, the carry-over on July 1, 1952 will be about 250 millionbushels compared with 396 million on July 1, 1951and 334 million bushels for the 1941-50 average.Domestic stocks of rye and buckwheat also aresmaller than those of last year. Total stocks ofrice, however, were at record levels at the beginningof 1952.

Of the crops remaining on farms at the begin-ning of the year, most important were the variousgrains and roughages used for feeding livestock.On January 1, 1952 they accounted for 75 per centof the value of all crops stored on farms.

The total value of feed grains held on farms atthe beginning of 1952 was 4,268 million dollarscompared with 4,037 million a year earlier. Thisincrease, however, was the result of price alone.Farm stocks of each of the major feed grains—corn, oats, barley, and grain sorghums—were belowlast year's level. As farmers have more livestockand poultry in the first half of 1952 than they hadin any of the last three years, stocks of feed grainsper grain-consuming animal unit are 10 per cent

smaller than in 1951 and 15 per cent smaller thanin 1949 and 1950. The reduction in stocks of corn,the principal feed grain, was mainly the result ofthe smaller 1951 crop in the West North Centralregion. Farm stocks of corn on January 1, 1952in that region were 19 per cent smaller than a yearearlier. Heavy feeding, due partly to the low feedvalue of soft corn, also contributed to reduced stocksin that area.

Stocks of hay remaining on farms on January 1were valued at 1,738 million dollars, about 16 percent more than at the beginning of 1951. Pricesof hay were up 10 per cent and physical stocksabout 5 per cent. Stocks on January 1, 1952 wereonly slightly below the record for that date in1943.

Farm stocks of the various oil crops were valuedat 436 million dollars at the beginning of 1952, orabout 7 per cent higher than a year earlier. Abouttwo-thirds of the value of these crops consisted ofsoybeans. Stocks of soybeans on farms (103 mil-lion bushels) were of record size.

The value of potatoes stored on farms increasedfrom 115 million dollars on January 1, 1951 to 171million on January 1, 1952. This increase in valueoccurred despite a drop from 161 million to 97 mil-lion in the number of bushels stored on farms.At the beginning of 1952 the price of potatoes wras$1.76 a bushel compared with $0.71 a year earlier.In 1950 potatoes were in surplus production, butin 1951 the supply was relatively short.

An important change during 1951 was the in-crease in value of cotton on farms, from 176 to 478million dollars, or 172 per cent. Physical quantitieson farms increased by about the same percentage.The 1951 cotton crop was estimated at more than15 million bales, compared with the 1950 crop of10 million bales. The price of cotton was aboutthe same on January 1, 1952 as on January 1, 1951.

Crops owned by farmers stored off farms underCCC loans. Farmers own a considerable volume ofcrops in off-farm storage but estimates are availableonly for what was pledged to the Commodity CreditCorporation as security for loans under the price-support program. On January 1, 1952 the valueof crops stored oft farms under CCC loans was 365million dollars. This was about 60 million morethan the amount on January 1, 1951 but not muchmore than a third of the value of crops under CCCloan on January 1, 1950.

JULY 1952 765



Household furnishings and equipment. During1951 the value of household furnishings and equip-ment on farms is estimated to have increased 7 percent to about 7.7 billion dollars. Since 1945, withcontinuing large incomes and increased supplies,the value of these goods has been increasing bymore than half a billion dollars a year.

In areas studied by the Bureau of Human Nu-trition and Home Economics, more than half ofthe expenditures by farm families for householdgoods in recent years has been for equipment, in-cluding such major items as stoves, refrigerators,and washing machines. The spread of electrifica-tion in agricultural areas has been a vital factor inthis development.

Bank deposits, currency, and United States savingsbonds. The liquid financial reserves of farmers areestimated to have increased about 800 milliondollars, or 4 per cent, during 1951 (Table 6).Farmers increased their holdings of both demanddeposits and time deposits, as well as of currency,but the redemption value of the United Statessavings bonds owned by farmers was about thesame on January 1, 1952 as a year earlier.

TABLE 6

LIQUID FINANCIAL ASSETS OWNED BY FARMERS,

UNITED STATES, JANUARY 1, 1940-52

Year

1940194119421943194419451946194719481949

195019511952

Total

4 . 14 . 75 . 88 .1

11.014.518.019.420.119.8

19.519.7

320.5

In billions

Cur-rency

1.01.11.52 . 02 . 73 . 34 . 04 . 03 . 93 . 8

3 . 73 . 63 . 7

of dollars]

Deposits

Demand1

1.51.72 . 23 .24 . 05 . 06.27 .37 .67.2

6 . 87 . 07 .6

Time

1.41.51.61.82 . 02 . 53.33 . 63 . 83 . 8

3 . 83 . 8

33.9

UnitedStatessavingsbonds 2

0 .2.4.5

1.12 . 33 . 74 . 54 . 54 . 85 . 0

5 .25 35 . 3

1 Federal Reserve estimates, adjusted to a January 1 basis, areused for 1944-52.

2 Redemption value.3 Preliminary.

Deposits and currency. Farmer-owned demanddeposits increased about 7 per cent during the yearended January 31, 1952 according to data compiledby the Federal Reserve Banks (Table 7). Thiscompares with increases of about 6 per cent in thedemand deposits of other individuals and 8 per

TABLE 7

PERCENTAGE INCREASE IN DEMAND DEPOSITS OF INDIVIDUALS

AND NONFINANCIAL BUSINESSES, BY FEDERAL RESERVE

DISTRICTS, YEAR ENDED JANUARY 31, 1952 *

[Per cent]

District

BostonNew YorkPhiladelphia . .ClevelandRichmondAtlantaChicagoSt. LouisMinneapolisKansas CitvDallasSan Francisco.

All districts.

Indiv

Farmers

18.011.2

8.68 .9

22.77.22 . 66 . 96 . 32 . 34 . 1

17.6

7 .3

duals

Others

3 .78.42 . 48 .37 .87 . 05 .63 . 85 . 06 . 94 . 14 . 4

6 . 0

Nonfmancialbusinesses

7.18.25.2

12.410.410.74 . 67 .33 . 77 .9

11.79 . 9

8 .1

1 Estimates based on Federal Reserve surveys of deposit owner-ship.

cent in the demand deposits of nonflnancial busi-nesses. The largest percentage increases in farmer-owned demand deposits occurred in the Richmond,Boston, and San Francisco Federal Reserve Dis-tricts; the smallest increases were in the Chicagoand Kansas City Districts.

The currency and time deposits owned byfarmers are estimated to have increased 3 per centand 2 per cent, respectively, during 1951.

Farmer-owned deposits and currency rose ineach year of the war period and in early postwaryears to a record high of 15.3 billion dollars onJanuary 1, 1948. From this point the amount ofthese assets declined to 14.3 billion on January 1,1950. The next two years again brought increases,largely because of the higher prices which accom-panied the Korean outbreak and the accelerationof the defense program, so that the amount reached15.2 billion on January 1, 1952.

Savings bonds. Farmers bought and cashedsmaller amounts of savings bonds in 1951 than inany other recent year. The amount purchased wasthe smallest since 1941, and the amount cashed thesmallest since 1944. For the series A through E,redemptions exceeded purchases in every region ofthe country. Despite the excess of redemptions,bonds held by farmers on January 1, 1952 hadabout the same redemption value as those held ayear earlier because of interest accruals.

Farmers' purchases of savings bonds droppedsharply during both 1950 and 1951. This doubt-




less may be explained by the increase in theiroperating expenses and in their expenditures forfarm real estate, livestock, machinery, and motorvehicles. Increased income taxes were probably acontributing factor with many farmers. Thegreater cash outlays required to acquire and operatefarms since the Korean outbreak have not onlycaused farmers to reduce their purchases of savingsbonds but have also led them to increase theirborrowings and to carry larger working balancesat banks.

Net worth of farmers' cooperatives. Included withthe financial assets in the Balance Sheet of Agri-culture are the equities that farmers and others ownin cooperative associations. These equities are notliquid financial assets, but they represent an im-portant investment in businesses which directlyfacilitate the production and marketing of agri-cultural products and the maintenance of the farmplant. As of January 1, 1952, the net worth ofthese associations has been estimated at 2.4 billiondollars, or 9 per cent greater than a year earlier(Table 8).

More than half the net worth of all farm co-operatives is in marketing and purchasing associa-tions. The increase in the net worth of these asso-ciations, 10 per cent during 1951 and 309 per centbetween 1940 and 1952, is related to increasedfarm output and higher prices for both products

sold and inventories held. The combined networth of the production credit and Federal landbank systems totaled nearly half a billion dollarson January 1, 1952. Increased loan volume andfavorable loan experience have improved the networth of these systems throughout the last decade.The continued expansion of surplus and reservesof farmers' mutual fire insurance companies resultsmainly from increased insurance carried on higherbuilding valuations and from relatively low firelosses. The comparatively young rural electrifica-tion cooperatives have increased their net worthslargely through reduction of debt.

CLAIMS

Claims on agricultural assets are of two generalclasses: (1) Liabilities, which are divided into realestate and non-real-estate debt; and (2) equities,which represent the value of the residual rights inagricultural assets belonging to the proprietors—owner-operators, tenants, and landlords. Includedamong these proprietors are individuals; financialinstitutions and other corporations; and Federal,State, and local government agencies.

Farm real estate debt. Farm-mortgage debttotaled an estimated 6.3 billion dollars on January1, 1952. Although this was still 4 per cent belowthe 1940 figure and 42 per cent below the all-timehigh of 1923, it was the largest amount outstanding

TABLE 8

FARMERS' FINANCIAL INTEREST IN SELECTED TYPES OF COOPERATIVES, UNITED STATES, SELECTED YEARS, JANUARY 1, 1940-52


Type

Marketing associations 1

Purchasing associations *Farmers' mutual telephone companies 3

Farmers' mutual irrigation companies 4

Farmers' mutual fire insurance companies 6

Rural electric cooperatives 7

Production credit system 9 . .Federal land bank system 10

Total . . . . . .

1940

2567423

19742

(8)31

203

826

1945

39319423

s 23063

(8)61

224

s 1,188

1946

464229

235 237

71(8)

68241

s 1,333

1950

744372

23s 264

12292

122s 298

s 2,037

1951

2 8202 412

235 271

139110135

5 316

5 2,226

1952

2 9002 450

23277147

2 131155335

22,418

1 Net worth excluding intercooperative investments. Based on data collected by the Farm Credit Administration. Estimates for1950 were made by Farm Credit Administration; estimates for other years by Bureau of Agricultural Economics.

2 Preliminary.3 Investment in plant and equipment less borrowed money. Figure used for each date is that for Jan. 1, 1938. United States Bureau

of the Census, Census of Electrical Industries, 1937.4 Net worth. Figure for 1940, from United States Bureau of the Census, Census of Irrigation of Agricultural Lands, 1940; estimate

for 1950 based on preliminary data from the 1950 Census of Irrigation; estimates for other years made by Bureau of Agricultural Economics.5 Revised.6 Surplus and reserves. Data for 1940 from Farm Credit Administration; data for later years from Bureau of Agricultural Economics.7 Data supplied by Rural Electrification Administration.8 Not available.9 Net worth excluding capital owned by production credit corporations. Data from Farm Credit Administration.10 Net worth excluding capital and surplus paid into the Federal land banks by the Federal Government. There has been no Govern-

ment capital or paid-in surplus in the Federal land banks since July 1, 1947. Data are taken from, or based on, reports of Farm CreditAdministration.

JULY 1952 767



TABLE 9

FARM-MORTGAGE DEBT: AMOUNT OUTSTANDING, JANUARY 1, 1940-52, AND PERCENTAGE CHANGE, 1940-52AND 1951-52, BY LENDERS, UNITED STATES

Year

1940..1941.. .1942 . . .1943...1944...1945...1946...1947... .1948... ,1949...1950...1951...1952..

1940-52.1951-52.^

Total debt

6,586,3996,491,4356,372,2775,950,9755,389,0804,932,9424.681 ,7204,777,3554,881,7445,108,1835,407,3105,827,5866,299,576

- 4 . 48.1

Federalland

banks*

2,009,8201,957,1841,880,7841,718,2401,452,8861,209,6761,078,952

976,748888,933868,156906,077947,431994,128

— 50 5, < : ,

Federal FarmMortgage

Corporation 12

FarmersHome Ad-

ministration 3

Lifeinsurance

companies 1

Amount Outstandingfin thousands of dollars]

713,290685,149634,885543,895429,751347,307239,365146,621107,06677,92058,65044,00832,778

31,92765,294

114,533157,463171,763193,377181,861189,300195,069188,893188,855214,047233,374

984,2901,016,4791,063,1661,042,939

986,661933,723884,312890,161936,730

1,035,7191,172,1571,340,7051 ,525,411

Percentage Change

- 9 5 . 4- 2 5 . 5

631.09 . 0

55.013.8

Insuredcommercial

banks

534,170543,408535,212476,676448,433449,582507,298683,229793,476847,841879,416943,387980,436

83.53 . 9

Individualsand

miscellaneous

2,312,9022,223,9212,143,6972,011,7621,899,5861,799,2771,789,9321,891,2961 ,960,4702,089,6542,202,1552,338,0082,533,449

9 . 58 .4

1 Includes purchase-money mortgages and sales contracts.2 Loans were made for the Corporation by Land Bank Commissioner. Authority to make new loans expired July 1, 1947.3 For 1940-41, tenant-purchase loans only. Beginning 1942, also includes farm-development (special real estate) loans; beginning

1944, farm-enlargement loans; beginning 1945, project-liquidation loans; and beginning 1951, farm-housing loans. Also includes similarloans from State Corporation trust funds.

since 1942 (Table 9). During 1951 the increaseamounted to 470 million dollars, or 8 per cent.This sixth consecutive annual increase was thelargest, percentagewise, since 1920.

Higher sale values for farm real estate are appar-ently associated with the increase in mortgage debt.In March 1952 average value per acre was 9 percent above that of a year before. Farmers' expendi-tures for buildings, motor vehicles, and farm ma-chinery continued at record levels in 1951, andpart of these may have been financed by increasesin farm-mortgage debt.

In the last half of 1951 there were some indica-tions that the sharp rise in farm-mortgage debt wasslowing down. Both the number and dollaramount of new mortgages recorded were less inthe third and fourth quarters of 1951 than in thesame quarters of 1950.

A substantial increase in the average size of newborrowings was the chief factor responsible for therise in farm-mortgage debt. The dollar amount offarm mortgages recorded during 1951 was up 7per cent from 1950, although the number recordedwas down 6 per cent. The average size of recordingincreased 14 per cent from $4,700 in 1950 to $5,350in 1951.

The average size of mortgages recorded in 1951varied considerably among lenders. The largestaverage recording—$11,260—was made by insur-ance companies; for other lenders, the averagevaried from $4,100 to $5,350. All lenders showedan increase in average size. The larger averagesize reflected in part a substantial increase in aver-age value per acre of farm real estate. The declinein number of mortgages recorded was associatedwith a 5 per cent decline in the number of volun-tary sales of farm real estate in 1951.

At the beginning of 1952, life insurance com-panies held about 1,525 million dollars of farmmortgages. The rise in their holdings during 1951was 14 per cent, and this was the largest percentageincrease for any lender in this field. For otherlenders, the increases were: Farmers Home Ad-ministration, 9 per cent; individuals and miscel-laneous lenders, 8 per cent; Federal land banks,5 per cent; and insured commercial banks, 4 percent. The increase for the Farmers Home Admin-istration was caused by an expansion of its farm-housing loans as the total of its farm-owTnershiploans showed a small decline. All lenders exceptFederal land banks and individuals and miscel-laneous lenders increased their farm-mortgage hold-




ings by a smaller percentage in 1951 than in 1950.Changes in 1951 in the distribution of farm-

mortgage debt among the principal lenders con-tinued a trend which has been in evidence formore than a decade. The share of the debt heldby Federal land banks has declined, whereas theproportions held by the Farmers Home Adminis-tration and life insurance companies have graduallyincreased. The proportions of the total held byinsured commercial banks and by individuals andmiscellaneous lenders have been fairly constant forfive years but are higher than they were in 1940.

The rate of increase in farm-mortgage debt in1951 varied considerably by regions. The South-eastern, Mountain, and Pacific States showed thehighest rate—12 per cent. In the NortheasternStates the increase was only 3 per cent, and in theLake States 5 per cent. New Hampshire had a1 per cent increase, the smallest of any State, andthe 24 per cent increase in Florida was the largest.Increases of 10 per cent or more occurred in 12States.

Of the total increase of 470 million dollars infarm-mortgage debt in 1951, about 18 per cent wasin the Corn Belt, 27 per cent was in the Mountainand Pacific States, and only 3 per cent was in theNortheastern States.

Non-real-estate debt. On January 1, 1952 the non-real-estate debt of farmers, excluding loans madeor guaranteed by the Commodity Credit Corpo-ration, totaled about 7.3 billion dollars (Table 10).

This was about 18 per cent higher than on January1, 1951, and is believed to be a record high for thistime of year. This debt was 2 2 times that at thebeginning of 1946, the first postwar year.

Expansion in non-real-estate credit during 1951resulted from further increases in prices, continuedhigh level of production, and heavy purchases ofgoods, especially farm and home equipment. Insome areas the high level of debt on January 1,1952 may have resulted partly from a larger-than-usual carry-over of 1951 loans caused by unfavor-able production or price conditions. Data fromProduction Credit Associations indicate that therise in non-real-estate farm debt in 1951 resultedmainly from an increase in the average size ofloan made. New loans made by PCA's averaged

NON-REAL-ESTATE FARM LOANSHeld by Banks and Federally Sponsored Agencies *

Prod, credit ass'ns t

All operating banks

1910 1920 1930 1940 1950

TABLE 10

FARMERS' NON-REAL-ESTATE DEBT, UNITED STATES, JANUARY 1, 1940-52


194019411942194319441945194619471948 . . . .1949

195019511952

Total

IncludingCommodity-

CreditCorporation

loans

3 . 43.94.14 . 03 53.43.23.64 . 26.1

6.97 07 .9

ExcludingCommodity

CreditCorporation

loans

3 . 03.33 53 .22 92.72.93.54 . 14.9

5.26.27 .3

Price-supportloans made orguaranteed by

CommodityCredit

Corporation

0 . 40.60.60 . 80 60.70.30.10 . 11.2

1.70.80 . 6

Other loansby

banks andFederallysponsoredagencies

1.51.61 81.71 71.61.72 02 . 32.7

2.83 44 . 1

Loans andbook credits-

bymiscellaneous

lenders x

1.51.71 71.51 21.11.21 51.82.2

2.42 83 .2

1 Tentative estimates based on fragmentary data.

JULY 1952 769



NON-REAL-ESTATE FARM LOANS(HELD BY INSURED BANKS AND FEDERALLY SPONSORED AGENCIES)

Percentage Change, 1 9 5 1 - 5 2 *

24 per cent larger in 1951 than in 1950. The num-ber of loans closed by PCA's decreased about 1 percent.

That part of farmers' non-real-estate debt (ex-cluding CCC loans) owed to banks and the Fed-erally sponsored lenders was 4.1 billion dollars.Changes in this debt since 1910 are shown in thechart. For the United States during 1951, theincrease in the non-real-estate debt held by theseprincipal institutions was about 21 per cent. AllStates except Maine, New Jersey, and South Caro-lina experienced increases as shown on the map.The principal cause of the large decrease (19 percent) in Maine was the sharp reduction in acreageof potatoes which resulted from the elimination ofprice supports for this commodity. In South Caro-lina the lower level of debt at the beginning of1952 probably reflects the liquidation of much debtthat was still unpaid on January 1, 1951 because ofthe poor cotton crop of 1950. In New Jersey thenon-real-estate debt at the beginning of 1952 wasonly 15*4 Per c e n t less than that of a year earlier.

States showing the largest increases in non-real-estate debt between January 1, 1951 and January1, 1952, were California, Arizona, and Nevada—43.1, 46.1, and 51.6 per cent, respectively. BothCalifornia and Arizona showed substantial increasesbetween 1950 and 1951 in acreage of cotton grownunder irrigation. These States also are importantproducers of livestock, as are Nevada, Utah, andColorado, which experienced more than averageincreases in non-real-estate debt. In Iowa, Illinois,and Nebraska, where cattle feeding expanded dur-ing the last several years, increases of 29.0, 31.1,and 33.4 per cent occurred in non-real-estate debtduring 1951.

More than three-fourths of the non-real-estatedebt of farmers to the principal institutional lenderswas owed to banks. About 14 per cent was owedto Production Credit Associations, 2 per cent to theother financing institutions discounting with theFederal intermediate credit banks, and 8 per centto the Farmers Home Administration. During 1951the outstanding loans of banks and of PCA's andother institutions discounting with the Federal in-termediate credit banks each expanded by aboutone-fourth. Debt owed to the Farmers Home Ad-ministration, however, decreased about 7 per cent.Part of this decrease resulted from a decline in out-standing balances of emergency crop and feedloans, rural rehabilitation loans, and loans of theRegional Agricultural Credit Corporation whichhave been under liquidation by the FHA for thelast several years. But even the outstanding pro-duction and subsistence loans—the type now beingmade by FHA—showed a small decline during1951. Repayments on these production and sub-sistence loans continue heavy. In many areas theyhave ofTset the new loans authorized by Congress.

For the postwar period as a whole, January 1946to January 1952, the non-real-estate debt owed toinsured commercial banks and the Federally spon-sored lenders increased 143 per cent. All States

NON-REAL-ESTATE FARM LOANSHELD BY BANKS A N D FEDERALLY SPONSORED AGENCIES, BY REGIONS*

MIDWE

t —

m

••

STERN

= 1

—

NOTE.—All major regions have shown increases during re-cent years in non-real-estate farm loans held by banks andFederally sponsored lenders. Between Jan. 1, 1951 and Jan.1, 1952, the loans of these lenders increased 5.5 per cent in theNortheast, 15.3 per cent in the South, 21.4 per cent in the Mid-west, and 32.2 per cent in the West.




showed increases in debt during this period butthe range was wide. In six States—Pennsylvania,Illinois, Iowa, Kansas, Colorado, and Arizona—the postwar rise in non-real-estate debt was morethan 200 per cent. In North Dakota the increasein this debt was only 3.7 per cent. However, thissmall increase was the result of a sharp drop in oldoutstanding loans of the Farmers Home Adminis-tration (some of which were canceled without fullpayment); loans of banks and PCA's showed sub-stantial increases here as elsewhere. The relativelysmall increase in non-real-estate debt (56 per cent)in South Dakota can also be attributed to heavyliquidation of old FHA loans. In several SouthernStates—South Carolina, Georgia, Alabama, andMississippi—non-real-estate farm debt rose lessthan 60 per cent between the beginning of 1946and the beginning of 1952. Some changes in typesof farming in those States may involve relativelymore long-term real estate credit than short-termnon-real-estate credit. The comparatively smallpostwar increases in several New England Statesprobably reflect the more stable nature of agricul-ture in that region. Longer trend changes in non-

real-estate debt to the institutional lenders areshown in the preceding chart.

Notwithstanding the record level of non-real-estate debt, no widespread repayment difficultiesby farmers have been reported. In some individualinstances, however, heavy debts have presented aproblem. During early March 1952, a survey offarm lenders was made in two areas: The westernCorn Belt, which suffered from a soft corn cropand lower livestock prices, and the Southwest,which has had a prolonged drought. In these twoareas, many lenders reported that farmers were notin so good a financial condition as a year earlierand that a large number of operating loans werenot being paid so rapidly as originally had beenexpected. There was no indication, however, thatany unusual action was necessary to protect theirinvestments, and most lenders planned to carrythe loans another season at least. Nevertheless, amore cautious attitude toward extension of creditapparently prevailed in these areas and manylenders expected to grant less credit in 1952 thanin 1951. Curtailment of credit for such purposesas purchases of unessential farm machinery wasmentioned by many lenders as important.

JULY 1952 771


LAW DEPARTMENTAdministrative interpretations of banking laws, new regulations issued by the

Board of Governors, and other similar material

Purchase of Government Obligations byFederal Reserve BanksAmendment to Section 14 (b)

By Act of Congress approved June 23, 1952, theauthority of the Federal Reserve Banks undersection 14(b) of the Federal Reserve Act to pur-chase and sell direct or fully guaranteed obligationsof the United States directly from or to the UnitedStates, which would otherwise have expired onJune 30, 1952, was extended until June 30, 1954.The text of the Act is as follows:

PUBLIC LAW 405—82D CONGRESS

[CHAPTER 454—2D SESSION]

[H. R. 6909]

AN ACT

To amend section 14 (b) of the Federal Reserve Act, asamended.

Be it enacted by the Senate and House of Repre-sentatives of the United States of America in Con-gress assembled, That section 14(b) of the FederalReserve Act, as amended (U.S.C., 1946 edition,Supp. IV, title 12, sec. 355), is amended by strikingout "July 1> 1952" and inserting in lieu thereof"July 1, 1954" and by striking out "June 30, 1952"and inserting in lieu thereof "June 30, 1954."

Approved June 23, 1952.

Defense Production Act Amendments of1952

Credit Controls

The Defense Production Act of 1950, whichwould have expired June 30, 1952, was amendedand extended by Act of Congress approved June30, 1952 (Public Law 429—82nd Congress).

With respect to credit controls, section 601 of theDefense Production Act, which contained authorityfor the control of consumer credit, was repealed,and it was also provided that no voluntary pro-gram or agreement for the control of credit shallbe approved or carried out under section 708 ofthe Defense Production Act. While the new law

provides for the continuance of real estate creditregulations until June 30, 1953, such regulationswere made subject to certain limitations which arecontained in a new section 607 added to the DefenseProduction Act. The provisions of the new lawwith respect to credit controls are as follows:

SEC. 116. (a) Section 601 of the Defense Pro-duction Act of 1950, as amended, is hereby re-pealed. The heading of title VI of the DefenseProduction Act of 1950, as amended, is amended toread as follows: "TITLE VI—CONTROL OFREAL ESTATE CREDIT", and the subheading ofsuch title is amended to read as follows: "Thistitle authorizes the regulation of real estate con-struction credit only". The table of contents in thefirst section of the Defense Production Act of 1950,as amended, is amended by striking out "con-sumer and".

(b) Title VI of the Defense Production Act of1950, as amended, is amended by adding at the endthereof the following new section:

"SEC. 607. Notwithstanding the provisions ofsections 602 and 605 of this title, the authority ofthe President which is derived from said sectionsto impose credit regulations relative to residentialproperty shall not be exercised with respect to ex-tensions of credit made during any 'period ofresidential credit control relaxation', as that term isherein defined, in such manner as to impose anydown payment requirement in excess of 5 percentum of the transaction price. The Presidentshall cause to be made estimates of the number ofpermanent, nonfarm, family dwelling units, theconstruction of which has been started during eachcalendar month and, on the basis of such estimates,he shall cause to be made estimates of the annualrate of construction starts during each such month,after making reasonable allowance for seasonal vari-ations in the rate of construction. If for any threeconsecutive months the annual rate of constructionstarts so found for each of the three months falls toa level below an annual rate of 1,200,000 starts peryear, the President shall cause to be published inthe Federal Register an announcement of the be-



LAW DEPARTMENT

ginning of a 'period of residential credit controlrelaxation,' which period shall begin not later thanthe first day of the second calendar month follow-ing such three consecutive months. Each suchrelaxation period may be terminated by the Presi-dent at any time after the annual rate of construc-tion starts thereafter estimated for each of anythree consecutive months exceeds the level referredto in the preceding sentence."

(c) Section 708 of the Defense Production Act of1950, as amended, is amended by adding at the endthereof the following new subsection:

"(f) After the date of enactment of the DefenseProduction Act Amendments of 1952, no voluntaryprogram or agreement for the control of credit shallbe approved or carried out under this section."

The Board of Governors of the Federal ReserveSystem and the Housing and Home FinanceAgency on June 30, 1952, issued the followingjoint press release with respect to real estate creditregulations:

The Board of Governors of the Federal ReserveSystem and the Administrator of the Housing andHome Finance Agency announced today that thereis no present change in Regulation X and com-panion real estate credit regulations resulting frompassage of the Defense Production Act Amend-ments of 1952.

The Board and the Administrator pointed out thestatement of the conference managers on the billthat the amendments affecting Regulation X areprospective and that procedures looking to thepossible subsequent relaxation of the regulationsdo not begin to operate until the effective date ofthe Act, July 1, 1952.

Capital Requirements of Member BanksAmendments to Section 9 and Section 5155

On July 15, 1952, the President approved an Actof Congress amending section 9 of the Federal Re-serve Act and section 5155 of the Revised Statutesof the United States relating to requirements foradmission of State banks to membership in theFederal Reserve System and to the requirementsfor the establishment of branches by national andState member banks. The new law would permita State bank to become a member of the FederalReserve System when it has capital stock and sur-plus adequate in the judgment of the Board of

Governors in relation to its assets and to its depositliabilities, except that if the bank does not havecapital stock and surplus equal to that required forthe establishment of a national bank it must beapproved for deposit insurance under the FederalDeposit Insurance Act. The new law also elimi-nates the requirement that in order for a nationalor State member bank to have an out-of-townbranch it must have a capital stock of at least 500,-000. Such a bank, however, must still have capitalequal to the total amount which would be requiredfor the establishment of a national bank in eachof the various places where its offices are locatedand must have the capital stock and surplus re-quired by State law in like circumstances. In addi-tion, under the new law a State member bank maynot reduce its capital stock or establish any newbranch in the head office city without the consentof the Board of Governors. The text of the Actis as follows:



[S. 2938]

AN ACT

To amend section 9 of the Federal Reserve Act, as amended,and section 5155 of the Revised Statutes, as amended,and for other purposes.

Be it enacted by the Senate and House of Repre-sentatives of the United States of America in Con-gress assembled, That the eleventh paragraph ofsection 9 of the Federal Reserve Act, as amended(U.S.C., title 12, sec. 329), is amended to read asfollows:

"No applying bank shall be admitted to member-ship unless it possesses capital stock and surpluswhich, in the judgment of the Board of Governorsof the Federal Reserve System, are adequate inrelation to the character and condition of its assetsand to its existing and prospective deposit liabili-ties and other corporate responsibilities: Provided,That no bank engaged in the business of receivingdeposits other than trust funds, which does notpossess capital stock and surplus in an amount equalto that which would be required for the establish-ment of a national banking association in the placein which it is located, shall be admitted to member-ship unless it is, or has been, approved for depositinsurance under the Federal Deposit Insurance Act.The capital stock of a State member bank shall not

JULY 1952 773


LAW DEPARTMENT

be reduced except with the prior consent of theBoard."

SEC. 2. (a) The third paragraph of section 9 ofthe Federal Reserve Act, as amended (U. S. C, title12, sec. 321, third paragraph), is further amendedby adding at the end thereof a new sentence readingas follows: "The approval of the Board shall like-wise be obtained before any State member bankmay establish any new branch within the limits ofany such city, town, or village (except within theDistrict of Columbia)."

(b) Subsection (c) of section 5155 of the RevisedStatutes, as amended (U.S.C., title 12, sec. 36(c)), is further amended by changing the lastsentence of such subsection to read as follows:"Except as provided in the immediately precedingsentence, no such association shall establish a branchoutside of the city, town, or village in which it issituated unless it has a combined capital stock andsurplus equal to the combined amount of capitalstock and surplus, if any, required by the law ofthe State in which such association is situated forthe establishment of such branches by State banks,or, if the law of such State requires only a mini-mum capital stock for the establishment of suchbranches by State banks, unless such associationhas not less than an equal amount of capital stock."

Approved July 15, 1952.

Banks Dealing in Obligations of CentralBank for Cooperatives

Amendment to Section 5136By Act of Congress approved April 9, 1952, the

last sentence of paragraph Seventh of section 5136of the Revised Statutes of the United States wasamended so as to permit national banks to deal inand underwrite obligations issued by the CentralBank for Cooperatives. Such transactions remainsubject to the limitation of 10 per cent of the na-tional bank's capital and surplus. Subject, ofcourse, to any applicable provision of State law, thepermission also extends to all State member banks

of the Federal Reserve System, as section 9 of theFederal Reserve Act makes section 5136 applicableto State member banks. The text of the Act is asfollows:



[S. 2085]

AN ACT

To further amend section 5136 of the Revised Statutes, asamended, with respect to underwriting and dealing insecurities issued by the Central Bank for Cooperatives.

Be it enacted by the Senate and House of Repre-sentatives of the United States of America in Con-gress assembled, That the last sentence of para-graph seventh of section 5136 of the RevisedStatutes, as amended (12 U.S.C., 24), is herebyamended by inserting "or the Central Bank forCooperatives" after the word "Development"; byinserting "either of said banks" in lieu of the words"said bank"; by inserting "at any one time" afterthe words "no association shall"; by deleting "atany one time" after the word "exceeding"; and byinserting ", with respect to each issuer," after theword "amount"; so that said sentence shall read asfollows: "The limitations and restrictions hereincontained as to dealing in and underwriting in-vestment securities shall not apply to obligationsissued by the International Bank for Reconstruc-tion and Development or the Central Bank forCooperatives which are at the time eligible forpurchase by a national bank for its own account:Provided, That no association shall at any one timehold obligations issued by either of said banks asa result of underwriting, dealing, or purchasing forits own account (and for this purpose obligationsas to which it is under commitment shall be deemedto be held by it) in a total amount, with respect toeach issuer, exceeding 10 per centum of its capitalstock actually paid in and unimpaired and 10 percentum of its unimpaired surplus fund."

Approved April 9, 1952.



CURRENT EVENTS AND ANNOUNCEMENTS

Federal Reserve Meetings

A meeting of the Presidents of the Federal Re-serve Banks was held in Washington on June 18,1952, and on June 19 the Presidents met with theBoard of Governors.

On June 19 a meeting of the Federal OpenMarket Committee was held.

Resignation of Mr. Powell as a Member of the Boardof Governors and Retirement of Mr. Peyton

as President of the Federal ReserveBank of Minneapolis

Mr. Oliver S. Powell, who had been a memberof the Board of Governors since September 1,1950, resigned effective June 30, 1952, to becomePresident of the Federal Reserve Bank of Minne-apolis. Prior to Mr. Powell's appointment as amember of the Board of Governors, he had beenserving as First Vice President of the Federal Re-serve Bank of Minneapolis since November 1936.He became associated with the Reserve Bank'sBusiness Research Division in August 1920 andin June 1927 he became head of the Research De-partment and Editor of its Monthly Business Re-view. In July 1936 he was appointed Vice Presi-dent. For many years Mr. Powell has been activein banking and civic affairs and has headed variousReserve System committees on operating and re-lated problems. He was the first educationaldirector of the Minneapolis Chapter of the Ameri-can Institute of Banking and subsequently itsPresident. He also has been a lecturer at theGraduate School of Banking, Rutgers University,the Central States School of Banking, Universityof Wisconsin, and at the University of Minnesota.

Mr. Powell's letter of resignation and the Presi-dent's letter of acceptance follow:

June 26, 1952.The President,

The White House.

Mr. President:

This letter is to tender my resignation as aMember of the Board of Governors of the FederalReserve System effective at midnight June 30, 1952.You will recall that you appointed me to serve theremainder of the unexpired term of the late Law-

rence Clayton, which term expired February 1,1952. Thereafter, I have continued to serve in mypresent capacity in accordance with the terms ofthe Federal Reserve Act. The Federal ReserveBank of Minneapolis has honored me with elec-tion as its President. The Board of Directors ofthat institution is anxious that I assume the officeon July 1, 1952. Having served for thirty years asan employee and officer of that Bank, I have anatural strong desire to serve as its President.

Throughout my service as a Member of the Boardof Governors of the Federal Reserve System I havebeen mindful of the one admonition which yougave me in appointing me to this position; namely,that you wished the Federal Reserve System tocontinue to operate in the manner contemplated bythe late Senator Carter Glass. In my work as aBoard Member and in the special assignment asChairman of the Voluntary Credit Restraint Com-mittee I have attempted to use my efforts and voicein favor of a sound and stable dollar and a vigorousand effective system of private banking and finance.It has been a memorable experience to participate inthe public service of the nation during the crucialmonths just past, and I wish, Mr. President, toexpress my appreciation of this opportunity whichyou afforded me.

Respectfully,(Signed) OLIVER S. POWELL.

June 30, 1952.

The White HouseWashington

Dear Mr. Powell:

In accordance with the wishes expressed in yourletter of June twenty-sixth, I am accepting yourresignation as a member of the Board of Governorsof the Federal Reserve System, effective June 30,1952. I am very glad to know that you will stillplay an important role in the operations of theFederal Reserve System as President of the FederalReserve Bank of Minneapolis.

You have served as a member of the Federal Re-serve Board with distinction and may take greatpersonal pride in the contribution of the VoluntaryCredit Restraint Program under your leadership asan effective measure against inflation.

JULY 1952 775


CURRENT EVENTS AND ANNOUNCEMENTS

With every good wish for you in your new under-taking,

Very sincerely yours,

(Signed) HARRY S. TRUMAN

Honorable Oliver S. Powell,Board of Governors of the

Federal Reserve System,Washington, D. C.

As President of the Federal Reserve Bank ofMinneapolis, Mr. Powell succeeded Mr. John N.Peyton who retired effective June 30, 1952. Mr.Peyton was appointed Chairman of the Board andFederal Reserve Agent at the Federal ReserveBank of Minneapolis effective May 15, 1933, andhad served as President of the Bank since March1, 1936. Prior to Mr. Peyton's association with theReserve Bank he had been engaged in commercialbanking for a number of years and had served fortwo years as Commissioner of Banks for the Stateof Minnesota.

Changes in Board's StaffMr. Guy E. Noyes was appointed an Assistant

Director of the Division of Research and Statistics,effective July 9, 1952. He joined the Board's staffon November 1, 1948, as Assistant to the Directorof the Division of Research and Statistics and sub-sequently served as an Assistant Director of thatDivision. He was serving as Assistant Adminis-trator of the Office of Real Estate Credit on Decem-ber 20, 1950, when the Division of Selective CreditRegulation was created at which time he was ap-

pointed Assistant Director. Mr. Noyes was ap-pointed Director of the Division of Selective CreditRegulation, effective March 1, 1951, and will con-tinue to serve also in that capacity.

Mr. C. Richard Youngdahl also was appointed anAssistant Director of the Division of Research andStatistics, effective July 9, 1952. He became asso-ciated with that Division as an Associate Economiston April 1, 1943, and on October 20, 1948, he wasappointed Chief of the Banking Section. Prior tohis present appointment, he had been serving as.Chief of the Government Finance Section sinceNovember 22, 1949. Mr. Youngdahl recently com-pleted a temporary assignment of several monthswith the Federal Reserve Bank of New York wherehe served as Acting Manager of the Securities De-partment.

Mr. Eliot J. Swan, Assistant Vice President ofthe Federal Reserve Bank of San Francisco, who,had been serving on a temporary assignment asActing Assistant Director of the Division of Selec-tive Credit Regulation, has reassumed his dutiesat the Reserve Bank.

Admission of State Bank to Membership in theFederal Reserve System

The following State bank was admitted to mem-bership in the Federal Reserve System during theperiod May 16, 1952 to June 15, 1952:

Louisiana

Metairie—Metairie Savings Bank & Trust Comv~pany.

776 FEDERAL RESERVE BULLETIN:


NATIONAL SUMMARY OF BUSINESS CONDITIONS[Compiled June 25 and released for publication June 27]

Industrial production continued to decline inMay and June as labor disputes cut output sharplyin steel and some other lines. Construction volumewas maintained close to record levels in May, andretail sales, mainly of durable goods, expanded.Consumer prices rose further and were close to theJanuary high. Wholesale commodity prices changedlittle in May and declined somewhat in June.

INDUSTRIAL PRODUCTION

The Board's preliminary seasonally adjusted in-dex of industrial production in May was 214 percent of the 1935-39 average, down 2 points fromApril and 8 points from last February and May1951. Reflecting mainly the work stoppage at steelmills, a sharp further decline is indicated for June.

May output of durable goods was slightly lowerthan in April owing largely to a labor dispute inthe lumber industry and to small further curtail-ments in activity in most industrial equipmentlines. Production of trucks and passenger auto-mobiles held steady, while output of major house-hold durable goods declined somewhat further.As a result of the strike, steel production is esti-mated at about 20 per cent of rated capacity inJune, as compared with 90 per cent in April andMay—also affected by work stoppages—and with102 per cent in March. Reflecting expanded sup-

INDUSTRIAL PRODUCTIONPER CENT PHYSICAL VOLUME, SEASONALLY ADJUSTED, 1 9 3 5 - 3 9 • 100

plies of aluminum and copper, the NPA in mid-June substantially increased the amounts of thesemetals that small users may obtain beginning inthe third quarter, without requiring direct allo-cations.

A decrease of about 2 per cent in nondurablegoods production in May resulted mainly fromwork stoppages at oil refineries, which were ter-minated by early June. Over-all activity at textilemills showed an important gain, while output ofmost other nondurable goods continued at earlierlevels.

Minerals production declined in May and Juneas coal and crude petroleum output was reducedowing partly to the steel and oil refining disputes.Work stoppages resulted in a sharp curtailment ofiron ore mining in June.

CONSTRUCTION

Value of construction contract awards in Maycontinued at the very high April level as awards forprivate construction increased further, offsettingthe first decline this year in total public awards.The number of housing units started totaled107,000 as compared with 108,000 in April, and101,000 in May 1951. Value of new constructionwork put in place during May was a record for themonth, as was each preceding month this year.

CONSTRUCTION CONTRACTS AWARDED

1948 1949 1950 1951 1952 1948 1949 '1950 1951 1952

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

1948 1949 1950 1951 1952 1948 1949 1950 1951 1952

F. W. Dodge Corporation data for 37 Eastern States.Monthly figures, latest shown are for May.

JULY 1952 7 7 7


NATIONAL SUMMARY OF BUSINESS CONDITIONS

EMPLOYMENT

Seasonally adjusted employment in nonagricul-tural establishments in May continued at 46.5million, the same level as a year ago. The averagefactory work week at 40 hours was slightly abovethe reduced April level; average hourly earningsshowed little change. At 1.6 million in May, thenumber unemployed was unchanged from a monthearlier and a year ago.

DISTRIBUTION

Seasonally adjusted sales at department stores,which had increased moderately in May, continuedto rise during the first two weeks in June. Therise reflected a less than seasonal decline in apparelsales and a marked upward shift in sales of ap-pliances and television which had reached a lowpoint in April. Sales by automotive dealers rosesubstantially further in May. Pickup in automo-tive and household durable goods sales reflects inpart the May 7 suspension of credit controls underRegulation W.

COMMODITY PRICES

The general level of wholesale commodity pricesdeclined somewhat in June. Wheat prices declinedas reports indicated a near record crop this year,one-third above last year, and there were decreasesin prices of livestock. Prices of zinc were reduced23 per cent and the previously announced reduc-tion in the RFC resale price for rubber became

PRICES AND TRADE1947-49" iOO

80 80

1948 1949 1950 1951 1952 1948 1949 1950 1951 1952Seasonally adjusted series except for prices. Wholesale

prices, Bureau of Labor Statistics indexes. Consumer prices,total retail sales, and disposable personal income. FederalReserve indexes based on Bureau of Labor Statistics andDepartment of Commerce data. Department store trade, Fed-eral Reserve indexes. Monthly figures, latest shown are forMay.

effective. Meanwhile price ceilings on importedcopper were suspended, lead prices were raised,following reductions in April and May, and pricesof raw cotton and textile products advanced.

The consumers' price index advanced .2 per centin May, to about the peak level of January 1952.Rents and prices of foods and miscellaneous serv-ices increased while apparel and housefurnishingswere reduced further.

MONEY AND CREDIT

Bank credit outstanding increased somewhatduring the latter part of May and early June, re-flecting mainly bank purchases of U. S. Govern-ment, corporate, and municipal securities. Sea-sonal repayments of loans by commodity dealersand food, liquor, and tobacco manufacturers con-tinued, but in smaller volume. In mid-June therewas a sharp expansion in business borrowing frombanks associated with quarterly income tax pay-ments.

The total money supply increased in late Mayand early June owing largely to the bank creditexpansion. Demand, time, and currency holdingsof businesses and individuals expanded. Theturnover of demand deposits outside New YorkCity rose in May.

Bank reserve positions were tight up to mid-June when they eased temporarily, principally asa result of seasonal Treasury operations and someincrease in Federal Reserve credit outstanding.

SECURITY MARKETS

In the third week of June common stock pricesregained the high level attained in the last weekof January. Yields on Treasury bills increasedsteadily in late May and early June, and followinga sharp decline in the midmonth, rose again tonear the discount rate. Yields on certificates andnotes increased while bond yields moved irregu-larly. On June 10 the Secretary of the Treasuryannounced the offering for cash of an intermediatebond in the amount of $3.5 billion, or there-abouts, and the offering in exchange for the certifi-cates maturing July 1, 1952 of an 11-month 1%per cent certificate maturing June 1, 1953. Thenew bond, which was a 2% per cent issue tomature in 1958, was heavily oversubscribed, andallotments of $4.2 billion were made by theTreasury.



FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICSUNITED STATES

Member bank reserves, Reserve Bank credit, and related items. 781-782Federal Reserve Bank rates, reserve requirements; margin require-

ments; fees and rates under Regulation V; terms under Regula-tion X 782-784

Federal Reserve Bank statistics . 785-787

Guaranteed Regulation V loans . . . . 787

Deposits and reserves of member banks . . . . . . . . 787-788

Bank debits and deposit turnover; Postal Savings System 788

Money in circulation . . . . . . . 789

Consolidated statement of the monetary system, deposits and currency 790

All banks in the United States, by classes . . 791-793

All insured commercial banks in the United States, by classes. 794-795

Weekly reporting member banks 796-798

Life insurance company commitments . 798

Commercial paper, bankers' acceptances, and brokers' balances 799

Money rates; bank rates on business loans; bond yields 800

Security prices and new issues . . . 801-802

Corporate sales, profits, and dividends 802-804

Treasury finance . . . 805-807

Government corporations and credit agencies 808

Business indexes . . . . 809-818

Department store statistics 819-822

Consumers' prices 822

Wholesale prices . . . . . . 823

Gross national product, national income, and personal income 824-825

Consumer credit statistics 826-828

Tables on the following pages include the principal available statistics of current significance relatingto financial and business developments in the United States. The data relating to the Federal ReserveBanks and the member banks of the Federal Reserve System are derived from regular reports made tothe Board; index numbers of production are compiled by the Board on the basis of material collectedby other agencies; figures for gold stock, money in circulation, Treasury finance, and operations ofGovernment credit agencies are obtained principally from statements of the Treasury, or of the agenciesconcerned; data on money and security markets and commodity prices and other series on businessactivity are obtained largely from other sources. Back figures for banking and monetary tables, togetherwith descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics;back figures for most other tables may be obtained from earlier BULLETINS.

JULY 1952


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

20

15

10

I

_j I L I I

30

25

20

15

10

1943 1944 1945 1946 1947 1948 1949 1950 1951 1952

30FEDERAL RESERVE CREDIT

HOLDINGS OF U- S GOVERNMENT SECURITIES • TOTAL

10 10

2

0

2

0

780

1 » » >

FEDERAL RESERVE FLOAT £ _ j T|

-- [ 1 1 1

DISCOUNTS AND ADVANCES

1943 1944 1945 1946 1947 1948 1949 1950 1951 1952Wednesday figures, latest shown are for June 25. See page 781.

FEDERAL RESERVE BULLETIN


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

Date or period

Wednesdayfigures

1951—MayMayMayMayMay

JuneJuneJuneJune

JulyJulyJulyJuly

Aug.Aug.Aug.Aug.Aug.

Sept.Sept.Sept.Sept.

Oct.Oct.Oct.Oct.Oct.

Nov.Nov.Nov.Nov.

Dec.Dec.Dec.Dec.

1952—Jan.Jan.Jan.Jan.Jan.

Feb.Feb.Feb.Feb.

Mar.Mar.Mar.M a r

Apr.Apr.Apr.Apr.Apr.

M a yM a yM a yM a y

JuneJuneJuneJune

2 . .9 . .

16..2 3 . .30 . .

6 . .13. .20 . .27 . .

3 . .1 1 . .18. .25 . .

1 . .8 . .

15. .22 . .29 . .

5 . .12..19. .26 . .

3 . .10..17. .24. .3 1 . .

7. .14. .21 . .28. .

5. .12. .19. .26. .

2 .9 .

16.2 3 .30 .

6. .13 . .20 . .27. .

5. .12. .19 . .26 . .

2. .9. .

16. .23. .30. .

7.14.21. .28..

4 .11 . .18. .25 . .

Reserve Bank credit outstanding

Dis-counts

andad-

vances

264422542226540

128179165220

181236300

78

408200242214278

243325359216

697969

152186

243274227483

959710449797

105198135112210

283619454422

384357126170

130167622830676

1,043671499816

926834541307

U. S. Governmentsecurities

Total

22,71622,54422,39722,41322,293

22,65322,75822,80622,843

22,97723,09223,08123,057

23,08123,11823,15123,08423,066

23,07923,10823,13523,474

24,03924.07223,84823,66623,552

23,50723,39723,27523,239

23,23923,23923,23923,503

23,65823,45223,11922,99322,785

22,61422,49922,40022,555

22,51422,53022,82522,528

22,51422,49422,46722,37222,363

22,32922,31522,28322,273

22,37822,49222,99722,564

Bonds

6,5706,6186,6446,7136,719

6,8696,9366,7366,809

6,8225,8225,8225,822

5,8225,8225,8225,8225,822

5,8225,8225,8225,822

5,8255,8255,3255,3255,325

5,3255,3255,3345,334

5,3575,3765,3345,342

5,3445,3445,3445,3445,344

5,3445,3445,4715,636

5,6365,6365,6365,636

5,6365,6365,1365,1365,136

5,1365,1365,1365,136

5,1365,1365,1365,136

Bills,certifi-cates,

notes

16,14615,92615,75315,70015,574

15,78415,82216,07016,034

16,15517,27017,25917,235

17,25917,29617,32917,26217,244

17,25717,28617,31317,652

18,21418,24718,52318,34118,227

18,18218,07217.94117,905

17,88217,86317,90518,161

18,31418,10817,77517,64917,441

17,27017,15516,92916,919

16,87816,89417,18916,892

16,87816,85817,33117,23617,227

17,19317,17917,14717,137

17,24217,35617,86117,428

Allother1

744740974772564

765846

1,178852

812938

1,223928

794727967877657

684951

1,289988

922875

1,2001,024

690

845930

1,243957

8831,0312,0571,276

1,062904

1,1181,010

711

759634

1,033773

986891

1,265715

766731

1,020771593

695779

1 01 S653

775803

1,289882

Total

23,72423,70623,91323,41123,396

23,54623,78324,15023,916

23,97024,26724,60524,063

24,28224,04624,36024,17524,001

24,00624,38424,78324,677

25,03025,02525,11724,84124,427

24,59524,60224,74524,679

25,08124,98025,74525,576

24,82524,55424,37224,11623,707

23,65623,75323,88723,750

23,88323,77824,21623,413

23,40923,39324,10923,97323,632

24,06723,76423,79423,742

24,07924,12824,82823,753

Goldstock

21,75521,75521,75521,75521,755

21,75621,75621,75521,755

21,75621,75721,75821,759

21,75921,75921,80021,80021,800

21,85421,85321,93422,013

22,01522,05522,10522,14422,234

22,28422,28322,33322,332

22,38122,38222,49122,621

22,69722,77222,82222,87222,931

22,99023,01123,07123,110

23,29023,29123,29223,291

23,29123,29323,29323,29523,297

23,29723,297">-*> 2 9 823,296

23,29623,29723,29723,346

Treas-urycur-

rencyout-

stand-ing

44444

4444

4444

44444

4444

44444

4444

4444

44

,643,643,643,642,642

,644,647,648,650

,654,656,656,658

,663,665,666,667,668

,672,673,674,676

,680,680,681,683,686

,686,688,689,693

,699,700,703,704

,706,707

4,71044

4444

4444

44444

4444

4444

,711,716

,717,717,721,722

,726,726,729,731

,736,736,737,738,739

,739,739,739,741

,747,750,751,752

Moneyin cir-cula-tion

2727272727

27272727

27272727

2727272728

28282828

2828282828

28282828

28292929

2928282828

28282828

28282828

2828282828

28282828

28282828

,255,315,287,251,461

,520,499,479,601

,948,893,781,706

,842,904,925,932,034

,262,216,140,137

,320,448,385,301,410

,534,601,701,742

,891,037,263,403

,143,800,526,342,347

,378,425,387,390

,464,452,361,329

,445,526,436,333,460

,523,497,483,710

,842,830,787,814

Treas-urycashhold-ings

1111

1J11

1111\

1

,294,298,297,290,294

,303,289,285,286

,287,296,296,305

,308,298

[,288,292,291

1,2991,294,285

1,288

1,2841,286L,296L ,2911,288

1,2911,2841,285L,288

1,2921,2841,2691,289

1,2751,2801,2911,2801,302

1,3171,2761,308L,308

1,2961,2961,2851,282

1,2811,2731,2881,2871,284

1,2861,2931,2791,286

1,2821,2841,2861,290

Treas-ury de-positswith

FederalRe-

serveBanks

707767745765620

139129433418

179253612424

557203495434557

408474477816

397335326509493

452245364548

501266

6289

869

13811

221

52261491712

670639

67

295381520877450

749516384558

527507

9134

Non-mem-ber de-posits

11111

1111

1111

1111

11

1

1

,226,195,214,201,217

,102,095,099,139

,014,107,183,191

,175,016,113,096999

,022,047923

,024

966,002975886818

843815800750

787740776880

694771719663729

728685749730

895841742736

776763853809784

762796813813

824834768813

OtherFed-eralRe-

serveac-

counts

697696695696693

684686774775

764768766767

722720719718717

714713730731

753750851850780

778776774774

770770827832

745743744743742

741741738735

787785803804

827827825824749

747745745745

742742794793

Member bankreserve balances

Total

18,94218,83319,07218,60618,508

19,19819,48719,48219,102

19,18919,36419,38019,088

19,09919,32819,28519,17218,871

18,82519,16719,83519,369

20,00419,93920,06819,83319,557

19,66719,85019,84319,603

19,91919,96420,79820,208

20,36420,36920,48820,66020,013

20,14820,09420,00719,710

19,78719,78121,03820,276

19,81219,65220,21819,87519,940

20,03419,95320,12719,667

19,90619,97821,23220,006

Re-quired2

18,48618,27018,30618,31518,202

18,33518,41718,64218,564

18,55618,45918,46518,440

18,43018,44118,46818,51718,485

18,40618,55518,86418,837

18,84318,86818,95019,14419,060

18,98818,97619,21119,229

19,19619,31719,76719,637

19,68519,55119,59019,57319,455

19,41519,30419,29319,224

19,16619,18219,62719,500

19,16619,07619,22519,08719,143

19,07119,09219,18119,217

19,20719,226

^19,668P19.578

ct

1

111

1

1

1

p\

: x -iSS2

456563766291306

863,070840538

633905915648

669887817655386

419612971532

,161,071,118689497

679874632374

'723647

,031571

679818898

,087558

733790714486

621599

,411776

646576993788797

963861946450

699752

,564M28

P Preliminary. r Revised.1 Includes industrial loans and acceptances purchased, which are shown separately in subsequent tables.5Wednesday figures and end-of-month figures (shown on next page) are estimates.Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication.

JULY 1952 781


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

Date or period

E n d of p e r i o d :1929—June 2 9 . . .1933—June 3 0 . . .1939—Dec. 30 . . .1941—Dec. 3 1 . . .1945—Dec. 3 1 . . .1946—Dec. 3 1 . . .1947—Dec. 3 1 . . .1948—Dec. 3 1 . . .1949—June 30. . .

Dec. 3 1 . . .1950—June 3 0 . . .

Dec. 3 0 . . .

1951 - J u n eJulyAusSeptOctNovDec

1952-—JanFebMarAprMayt •*June

Averages ofdatly figures:

1951—AprM a yJune

1952—Apr.Mayt . • * • " • '

June

Reserve Bank credit outstanding

Dis-counts

andad-

vances

1,037164

73

249163

85223103

784367

53277552190186624

19328598133676952

59

162438170365573585

U. S. Governmentsecurities

Total

2161.9982,4842,254

24,26223.35022,55923,33319,34318,88518,33120,778

22.98Z23,07823,12723,73423,55223,23923,80122,72922,52822,51422,36322,27322,906

22,97522,43822,79722,44822,30822,617

Bonds

71441

1,3511,467

947753

2,85310,9777,7807,2185,6184,620

6,8225,8225,8225,8225,3255,3345,3445,3445,6365,6365,1365,1365,136

6,4886,6546,8265,3545,1365,136

Bills,certifi-cates,

notes

1451,5571,133

78723,31522.59719,7O£12,35611,56311,66712,71316,158

16,16017,25617,30517,91218,22717,90518,45717,38516,89216,87817,22717,13717,770

16,48715,78415,97117,09417,17217,481

Allother1

14758

102104580581536542250536329

1,371

1,007679630

1,134690871

1,189726778623593927586

847811946913823941

Total

1,4002,2202,5932,361

25,09124.09323,18124,09719,69e19,49918,70322,216

24,04324,03324,30925,05824,42724,73425,00923,78323,90423,27023,63224,15223,551

23,98323,68623,91323,72623,70424,144

Goldstock

4,0374,031

17,64422,73720,06520,52922,75424,24424,46624,42724,23122,706

21,75621,75921,85422,01322,23322,38222,69522,95123,19123,29123,29823,296

^23,346

21,80621,75721,75523,29323,29723,308

Treas-urycur-

rencyout-

stand-ing

2,0192,2862,9633,2474,3394,5624,5624,5894,5974,5984,6074,636

4,6554,6664,6734,6814,6884,7004,7094,7174,7274,7364,7394,748

P4.755

4,6404,6434,6474,7374,7404,751

Moneyin cir-cula-tion

4,4595,4347,598

11,16028,51528,95228,86828,22427,49327,60027,15627,741

27,80927,85128,15528,28828,41728,80929,20628,38628,46528,47328,46428,767

P29.018

27,17927,32427,54828,45928,55728,843

Treas-urycashhold-ings

204264

2,4092,2152,2872,272

p

1,3361,3251,3071,3121,2981,293

1,2811,3021,2871,285L,2831,2881,2701,3191,2871,277L ,281L ,2741,291

1,2921,2911,286

?7K1,2811,282

Treas-ury de-positswith

FederalRe-

serveBanks

3635

634867977393870

1,123438821950668

317584459936493481247162558169450541333

632640280549553328

Non-mem-

ber de-posits

28166653

1,3601,308

822961

1,189941

1,5171,4311,460

1,2621,1591,0381,127

818794889766796845784

1,094846

1,2521,2431,162

875838843

OtherFed-eralRe-

serveac-

counts

37434625129149560756359C713706771714

765700716727780772746741733801749743783

750696731818745767

Member bankreserve balances

Total

2,3562,292

11,65312,45015,91516,13917,89920,47917,86716,56815,93417,681

19,02018,86319,18119,39119,55719,67020,05620,07719,98219,73319,94019,77819,381

19,32418,89219,30919,77719,76720,140

Re-quired2

2,3331,8176,4449,365

14,45715.57716,40019,27716,91915,55015,49816,509

18,60418,39618,46418,82219,06019,18019,66719,44319,25419,24119,14319,187

^19,541

18,49118,30218,47519,127r19,139

Ex-cess2

23475

5,2093,0851,458

5621,4991,202

9481,018

4361,172

416467717569497490389634728492797591

P - 1 6 0

833590834650628

For footnotes see preceding page.

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

EffectiveJan. 1, 1936

V*1

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 REQUIREMENTS *[Per cent of market

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

value]

Feb. 1,1947-

Mar. 29,1949

7575

75

Mar. 30,1949-

Jan. 16,1951

5050

50

Effec-tive

Jan. 17,1951

7575

75

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, and February 1947, p. 162.

782

MEMBER BANK RESERVE REQUIREMENTS[Per cent of deposits]

Effective dateof change

1938—Apr. 161941—Nov. 11942—Aug. 20

Sept. 14Oct. 3

1948—Feb. 27June 11Sept. 16Sept. 24

1949—May 1May 5June 30July 1Aug. 1Aug. 11Aug. 16Aug. 18Aug. 25Sept. 1

1951—Jan. 11Jan. 16Jan. 25Feb. 1

In effect July 1, 1952 *. ...

Net demand deposits 1

Centralreserve

citybanks

2 2 ^262422202224

26

24

2 3 ^

232 2 ^2223

24

24

Reservecity

banks

20 2

22

2120

193^

19

18 2

19

20

20

Countrybanks

1214

16

15

13

12

"ii1414

Timedeposits

(allmemberbanks)

56

2 71/3 7X

373 6' 63 52 5

3 626

6

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. 3 Requirementbecame effective at central reserve and reserve city banks.

4 Present legal minimum and maximum requirements on net demanddeposits—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.

Back figures.—See Banking and Monetary Statistics, Table 107, p. 400.



FEDERAL RESERVK 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 onJune 30

In effectbeginning—

Previousrate

Other secured advances[Sec. 10(b)]

Rate onJune 30


Previousrate

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

(last par. Sec. 13)

Rate onJune 30


Previousrate

BostonNew York... .Philadelphia. .ClevelandRichmond....AtlantaChicagoSt. LouisMinneapolis. .Kansas City..D a l l a s . . . . . . .San Francisco

H

Aug. 21,Aug. 21,Aug. 25,Aug. 25,Aug. 25,Aug. 24,Aug. 25,Aug. 23,Aug. 22,Aug. 25,Aug. 25,Aug. 24,

195019501950195019501950195019501950195019501950

IKIKIKIKIKIKIKIKIKIKIK

2)4

2M

2U2M2M2M2M

Aug. 21,Aug. 21,Aug. 25,Aug. 25,Aug. 25,Aug. 24,Aug. 25,Aug. 23,Aug. 22,Aug. 25,Aug. 25,Aug. 24,

195019501950195019501950195019501950195019501950

Jan.Oct.Aug.Aug.

2 Oct.Aug.Aug.Jan.Aug.Jan.Feb.

2 Oct.

14, 194830, 194223, 194825, 195028, 194224, 195013, 194812, 194823, 194819, 194814, 194828, 1942

K22K

22K224

1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months.2 Certain special rates to nonmember banks were in effect during the wartime period.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 onJune 30

22H

In effect be-ginning— *

Dec. 18, 1951Dec. 18, 1951Dec. 18, 1951

Previousrate

1 Dates effective at Federal Reserve Bank of New York.NOTE.—Effective minimum buying rates on prime bankers' accept-

ances payable in dollars.Back figures.—See Banking and Monetary Statistics, Table 117, pp.

443-445.

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

PRODUCTION ACT OF 1950 AND EXECUTIVEORDER NO. 10161[In effect June 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 annum]

Interest rateCommitment rate.

FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS

AND COMMITMENTS UNDER SECTION 13B

OF THE FEDERAL RESERVE ACT

Maturities not exceeding five years

[In effect June 30. Per cent per annum]

FederalReserve

Bank

BostonNew YorkPhiladelphiaClevelandRichmondAtlantaChicagoSt. Louis. . . . . . .M i n n e a p o l i s . . . .Kansas CityDallasSan Francisco . . .

To industrial orcommercialbusinesses

Onloans 1

4-5

Oncommit-

ments

K-iKK-iMV2-U4V2-1HMiX

X-iX

To financing institutions

On discounts orpurchases

Portionfor whichinstitu-tion is

obligated

()

8(2)()

2K-51H-2X

(2)

Re-mainingportion

()2K-5

(3)

Oncommit-ments

K-iK

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 dis-

count rate.5 Charge of }4 P e r cent per annum is made on undisbursed portion

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

pp. 446-447.

JULY 1952 783


REAL ESTATE CREDIT TERMS UNDER REGULATION X AND ASSOCIATED REGULATIONSOF FHA AND VA

Regulation X terms as prescribed by the Board of Governors of the Federal Reserve System with the concurrence of the Housing and HomeFinance Administrator and terms on loans insured or guaranteed by the Federal Housing Administration and the Veterans Administration asissued under the authority of the Housing and Home Finance Administrator under the provisions of the Defense Production Act of 1950, asamended, and Executive Order 10161, as amended.

Value or sales priceper family unit

Not more than $7,000

$7,001-$10,000. . .

$10,001-$12,000...

$12,001-$15,000....

$15,001-$16,000... .

$16,001-$20,000...

$20,001-$21,000...

$21,OO1-$25,OOO. . .

Over $25,000. .

Not more than $12,000Over $12,000

A l l v a l u e s . . . . . . . .

Effective d a t e . . . . . . . .

1- to 4-family units

Regulation X and FHA

and farm residences

VA

Multi-unitresidences

(Reg. X and FHA)

Maximum loan per family uni t 2

(in per cent of value unless otherwise specified)

95

$6,300 plus 75 per centof excess over $7,000

(95-86)


(86-75)


(75-67)


(67-60)

60

100 per cent of sales price(closing coststo be paid in cash)

$6,720 plus 90 per centof sales price over $7,000,plus total amountof closing costs(96-94 per centof sales price3)

$9,420 plus 84 per centof sales price over $10,000,plus total amountof closing costs(94-93 per centof sales price3)

$11,100 plus 45 per centof (1) sales price over$12,000 and (2) closing costs(93-81 per cent of sales priceplus closing costs)

$12,900 plus 43 per centof (1) sales price over

[$16,000 and (2) closing costs(81-72 percent of salesprice plus closing costs)

$15,050 plus 30 per centof (1) sales price over$21,000 and (2) closing costs(72-65 per cent of salesprice plus closing costs)

65

90


(90-80)


(80-71)


(71-66)


(66-60)

60

Nonresidentialproperties l

(Regulation X)

Maximum loanper property

50 per cent of value

Maximum maturity (years)

2520

4 254 20 > None specified }

Amortization requirements

Minimum annual reduction of 5 per cent of original loanuntil amount outstanding is 50 per cent or less of prop-erty value at time the loan was made or liquidation ofloan by maturity through substantially equal periodicpayments or payments of principal

June 11, 1952 * June 11, 1952 «

None specified under Reg-ulation X; periodic pay-ments satisfactory to Com-missioner on FHA loans

June 11, 1952 «

Liquidation of loan bymaturity through sub-stantially equal periodicpayments or paymentsof principal

February 15, 1951

1 Properties generally described as commercial and recreational.2 Maximum amount of loan insured by FHA may not exceed $14,000 on 1-family, $16,000 on 2-family, $20,500 on 3-family, $25,000 on 4-family

residences, or $8,100 per unit on multi-unit projects. On existing 1- to 4-family units the loan amount may not exceed 80 per cent of value.3 These percentages should be increased by the percentage that closing costs are of sales price.4 Under special circumstances and with the approval of the Veterans Administrator, the maximum maturity may be 30 years.6 For terms effective before June 11, 1952, see BULLETIN for October 1950, p. 1321, January 1951, pp. 31-32, and May 1952, p. 510.

NOTE.—These regulations limit the amount of credit that may be extended in connection with certain types of real estate. Real estatecredit terms on dwelling units programmed by the Housing and Home Finance Administrator in critical defense housing areas have been suspendedor relaxed as provided by the Defense Housing and Community Facilities and Services Act of 1951 and as prescribed by the Administrator.For full explanation of the scope and provisions of Regulation X, see the Regulation, copies of which may be obtained from Federal ReserveBanks or branches. For similar information on regulations of the FHA and VA, consult the FHA or VA offices.



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

Item

Wednesday figures

June 25 June 18 June 11 June 4 May 28

End of month

1952

June M a y

1951

June

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:

BillsCertificates:

Special.Other

NotesBonds

21,454,250690,815

21,416681,

,419,252679,795

1,426,254675,577

21,426,254677,135

21,452,251691,036

21,426,252677,137

19,859,402654,874

22,145,065

318,276

298,5578,0004,920

82,000

22,097,592

317,071

53384

407000730

11 ,778,2165,568,0735,135,823

135,000

413,C11,745,^5,568,C5,135,£

,099,047

313,098

833,611

'5^037

247,700

2,101,831

308,904

925,836

"A ',648

174,500

22,103,389

314,165

815,3061,0005,069

82,000

22,143,287

317,079

44,0415,0005,068

381,100

22,103,389

324,123

951,1161,0005,176

82,000

20,514,276

309,201

53,018

5,697

527,050

,540,306,568,073,135,823

11,499,8065,568,0735,135,823

11,486,8065,568,0735,135,823

11,8205,5685,135

716073

11,486,8065,568,0735,135,823

,193,792,439,248,822,102

Total U. S. Government securities. .

Total loans and securities. . .

Due from foreign banksF. R. notes of other Batiks. .Uncollected_ cash item-*.Bank premisesOther assets

Total assets

LiabilitiesFederal Reserve notesDeposits:

Member bank—reserve accountsU. S. Treasurer—general accountForeign ,Other .

22,564,112

22,875,589

28157,374

4,0cH,39644,959183,932

22,997,

23,543

1525,047

45174

22,378,202 22,905,712 22,272,702 22,982,192

349

28533

000637

28142,604,543,03944,936220,240

23,308,686

28137,118

3,517,19944,825211,856

23,094,077

28138,929

3,292,58244,740203,681

22,969,827

28,716.886,931,567

1573,117

44188

23,229,994

28142,456

3,497,18644,745207,011

23,040,907

38127,541,446,46541,634154,395

49,816,619

24,627,302

20,005,825134,103595,480218,09'

24,592,371

21,231,6179,179

599,781168,476

49,693,542

24,621,803

19,978,264506,803623,114210,755

49,630,447

24,628,044

19,906,111527,129607,582215,718

49,191,59

24,515,75

19,667,155558,130597,032215,857

48,939,321

24,826,402

19,380,649332,951548,153297,394

Total deposits.

Deferred availability cash items . . . .Other liabilities and accrued dividends

Total liabilitiesCapital Accounts

Capital paid inSurplus fS'M-ti n '<"•>Surplus (St-ciMin i '» )Other capital d'.'.oi.-;*s

20,953,505

3,214,10521 ,229

48,816,141

244,990538,342

22,009,053

3,763,22719,113

21,318,936

2,745,22419,854

21,256,540

2 , 746.80617,991

21,038,174

2,644,22618,969

20,559,147

2,536,74712,034

50,383,764 48,705,817

244,681538,342

Total liabilities -A-A capital accounts

Ratio of gold certificate reserves to deposit andF. R. note lMl.>!:t<>? combined (per cent). . . .

Contingent 'i^r:-'t\ -in Pfc^ptances purchasedfor foreign Torre?;,on'lents?

Industrial Ivan coJ;rr.u;.'(-nt? . . . . . . . . . .

189,603

49,816,61

48.6

8,0986,450

183.646

51,377,976

47.4

8,13.=6,425

244,129538,3422 7,543

177,711

48,649,381

243,857538,342

27,543171,324

49,630,447

48,217,153

243,541538,342

27,543165,012

49,191,591

48.1

8,1346,143

48.2

8.05C6,59C

48.5

8,0456,150

24,567,302

19,777,679540,536598,771494,738

47,634,457

23,630,168

19,019,531317,009870,021391,421

21,411,724

2,574,92917,699

20,597,982

2,444,87612,911

47,934,330

245,187538,342

2 7,543193,919

48,571,654 46,685,937

243,54'538,342

27,543167,844

231,308510,022

27,543179,647

48,939,321 49,548,932

48.8

8,06'5,946

48.1

8,0856,082

46.4

28,2733,340

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

-totaiDiscounts and advance;Within 15 days ,16 days to 90 days ,91 days to 1 year

Industrial loans—totalWithin 15 days.16 days to 90 days91 days to 1 yearOver 1 year to 5 vears

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

306279

27

41

21

22,564991

6312,4255,9411,0702,072

.557,037,501

19,920, 345343

,100,132,112,666,000,775,352,224',095

54151228

41

11

,997,309

92,511,941,070,072

,407,859,529

19,730, 404320

,911,095,212,566,200775

,352,224:

,095

833,611804,84528,747

195,037

856796

2 ,1631 ,222

491,902219,200553,556

12,635,475

22

941,352013,614128,705

925,836876,02549,811

4,648886811

2,015936

,378,202105,500553,556

,635,475,941,352,013,614,128,705

816,306763,05853,248

221

,272

5 ,069847649

2.3012 72702

498,856,690,175,941,352,013,614,128,705

59,04737,19115,4086.4485 ,068

789345

2,962972

,905,712,273,266123,000

,425,77512, _„5,941,35212

,070,224,072,095

952,116897,61854,498

5,176882666

2 ,3581,270

,272,702

498,85612,690,1755,941,3521,013,6142,128,705

53,01839,51213,410

965,697

759470

3,675793

,982,192125,213

,002,620,833,709,878,166,031,904,110,580

Federal Reserve Notes—Federal Reserve Agents' Accounts

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

Gold certificatesEligible paperU. S. Government securities

Total collateral. . .

25,703,644 25,565,475

13 .,099,000190,874

13,375,000

13,249,000439,693

13,275,000

26,664,874 26,963,693

25,534,198

13,149,000604,587

13,275,000

27,028,587

25,441,329 25,383,960

13,129,000666,7521

13,275,000

27,070,752

13,099,000596,322

13,175,000

26,870,322

25,753,569 25,411,508 24,574,934

13,149,00020,684

13,375,000 13

26,544,684

13,099,000736,257,175,000

27,010,257

12,039,00029,482

13,175,000

25,243,482

1 Callable U. S. Government securities classified according to nearest call date.

JULY 1952 785


STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JUNE 30, 1952

[In thousands of dollars]

Item

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.U. S. Govt.

securities

Total loans andsecurities. . .

Due from foreignbanks

F. R. notes ofother Banks.

Uncollected cashitems

Bank premises...Other assets

Total assets

Liabilities

F. R. notesDeposits:

Member bk.—reserve accts.

U. S. Treas.—gen. acct.. . .

ForeignOther

Total deposits.. .Deferred avail.

cash i t e m s . . . .Other liab. and

accrued div.. . .

Total liabilities. .

Capital Accts.

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

Total liabilitiesand cap. accts.

Reserve ra t io . . . .Cont. liab. on ac-

foreign corresp.Industrial loan

commitments..

Total

21,452,251

691,036

22,143,287317,079

38,59820,449

5,068

22,905,712

22,969,827

28

157,716

3,117,88644,931

188,567

48,939,321

24,826,402

19,380,649

332,951548,153297,394

20,559,147

2,536,747

12,034

47,934,330

245,187538,342

27,543193,919

48,939,321

48.8%

8,069

5,946

Boston

823,863

62,024

885,88721,234

2,0701,014

1,615,122

1,618,2062

4,494

297,512990

15,187

2,843,512

1,541,583

847,878

65,94334,44728,525

976,793

260,197

920

2,779,493

13,17734,192

3,01113,639

2,843,512

35.2%

502

NewYork

6,797,861

72,208

6,870,06961,498

5,7854,530

5,398,329

5,408,644i g

15,978

627,0257,695

42,828

13,033,745

5,526,305

6,321,699

30,7322160,328202,626

6,715,385

502,546

3,269

12,747,505

76,887159,743

7,31942,291

13,033,745

56.1%

32,417

Phila-delphia

1,209,611

55,077

1,264,68818,060

3,2201,1704,121

1,430,757

1,439,268

2

8,763

203,2622,821

11,683

2,948,547

1,751,085

862,935

27,15543,337

2,178

935,605

184,897

582

2,872,169

17,09141,493

4,48913,305

2,948,547

47.1%

632

1,396

Cleve-land

1,454,317

78,028

1,532,34528,555

16,1501,610

2,272,385

2,290,145

3

8,310

297,4144,746

18,911

4,180,429

2,258,037

1,441,483

32,08251,1155,115

1,529,795

297,068

1,623

4,086,523

23,60950,648

1,00618,643

4,180,429

40.5%

745

915

Rich-mond

900,963

72,703

973,66617,385

1,385765109

1,538,567

1,540,826

1

35,567

263,8064,577

12,868

2,848,696

1,721,936

800,581

13,83128,3362,918

845,666

226,252

582

2,794,436

10,73127,025

3,34913,155

2,848,696

37.9%

413

61

Atlanta

826,763

47,367

874,13030,571

370645739

1,317,553

1,319,307

1

21,233

194,0243,512

11,143

2,453,921

1,352,279

868,116

11,64923,891

2,412

906,068

148,844

564

2,407,755

10,10023,871

76211,433

2,453,921

38.7%

348

Chicago

4,413,310

103,785

4,517,09558,487

652,085

3,255,490

3,257,640

4

14,213

492,6186,563

26,192

8,372,812

4,710,141

3,067,257

55,58777,2287,534

3,207,606

313,494

1,740

8,232,981

31,87379,601

1,42926,928

8,372,812

57.1%,

1,125

2,367

St.Louis

544,401

48,221

592,62217,187

5,200770

1,233,781

1,239,751

1

8,964

106,0353,1499,966

1,977,675

1,136,867

670,235

15,32621,113

5,176

711,850

86,759

566

1,936,042

8,57821,788

52110,746

1,977,675

32.1%

308

Minne-apolis

342,933

24,575

367,5085,976

550390

99

724,598

725,637

1

7,556

77,8581,0675,865

1,191,468

625,876

435,694

26,54414,4462,775

479,459

58,143

438

1,163,916

5,46614,063

1,0736,950

1,191,468

33.2%

210

KansasCity

819,688

38,269

857,95710,886

2,8035,505

996,513

1,004,821

1

6,489

155,5772,3788,468

2,046,577

978,573

866,882

20,10321,113

1,676

909,774

117,480

449

2,006,276

9,24320,367

1,1379,554

2,046,577

45.4%

308

805

Dallas

678,610

27,339

705,94911,495

1,000570

1,043,407

1,044,977

1

6,511

129,122640

8,620

1,907,315

711,479

989,154

22,27621,113

953

1,033,496

121,110

414

1,866,499

11,88618,210

1,3079,413

1,907,315

40.5%

308

SanFran-cisco

2,639,931

61,440

2,701,37135,745

1,395

2,079,210

2,080,605

3

19,638

273,6336,793

16,836

5,134,624

2,512,241

2,208,735

11,72351,68635,506

2,307,650

219,957

887

5,040,735

26,54647,341

2,14017,862

5,134,624

56.0%

753

402

Federal Reserve Notes—Federal Reserve Agents' Accounts

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

Collateral held:Gold certificatesEligible paper..U. S. Govt. sec.

Total collateral..

25,753,569

13,149,00020,684

13,375,000

26,544,684

1,583,894

400,0002,154

1,300,000

1,702,154

5,789,557

4,470,0004,935

1,400,000

5,874,935

1,809,604

750,0003,220

1,100,000 1

1,853,220

2,330,653

810,000

,'575,660

2,385,000

1,804,317

43O,OOoi1,385

1,400,000

1,831,385

1,407,638 4

485,000

' "950,600

1,435,000 4,850,000

,793,133

2,950,000

1,906,660

1,173,668

270,0005,300

950,000

1,225,300

640,330

165,000550

505,000

670,550

1,008,308

280,0003,140

750,000

1,033,140

744,683

239,000

545,000

784,000

2,667,784

1,900,000

1,000,000

2,900,000

1 After deducting $20,000 participations of other Federal Reserve Banks.2 After deducting $387,809,000 participations of other Federal Reserve Banks.8 After deducting $5,652,000 participations of other Federal Reserve Banks.



INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS

[Amounts in thousands of dollars]

Date (lastWednesdayor laof p

1944194519461947194819491950

st daysriod)

1951

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

31. . .30. . .31 . . .31 . . .3 0 . . .31 . . .30. . .31. . .

1952

Jan.Feb.Mar.Apr.M a y

31. . .2931. . .30. . .31 . . .

Applicationsapproved

to

Num-ber

3,4893,5113,5423,5743,6073,6493,698

3,7213,7243,7273,7313,7323,7343,7363,736

3,7383,7413,7413,7433,743

Amount

525544565586615629651

667671678691695700706710

716721725730734

,532,961,913,726,653,326,389

,988,432,477,536,178,040,215,931

,210,144,787,482,049

Ap-provedbut not

com-pleted 1

(amount)

1,295320

4,577945335539

4,819

3,5783,2216,730

12,1974,3942,9433,0733,513

832772108571235

Loansout-

standing2

(amount)

3,8941,995

5541,387

9952,1782,632

5,2555,7625.8015,7505,0624,4474,5054,687

4,6214,9575,2965,2075,211

Commit-

mentsout-

standing(amount)

4,1651,6448,3097,4341,6432 ,2883,754

3,6433,7403,7676,0506,4787,1516,3616,036

7,1256,8456,4676,5366,083

Partici-pations

of financ-ing insti-tutions

out-standing3

(amount)

2,7051,0862,6704,8691,9902 9473 ] 745

5,9996,1996,1157,860

11,42011,99012,06411,985

12,01810,30710,47410,33910,262

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.

3 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

[Amounts in thousands of dollars]

•J-vJJaLC

1950

Oct.Nov.Dec.

31. . .30. . .31. . .

1951

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

3 1 . . .28. . .31. . .30. . .3 1 . . .30. . .3 1 . . .3 1 . . .30. . .31. . .30. . .3 1 . . .

1952

Jan.Feb.Mar.Apr.M a y

31. . .29. . .31. . .3 0 . . .3 1 . . .

Guaranteed loansauthorized

to

Num-ber

32362

119161254328402484568658729776815854

901934971998

1,023

date

Amount

11111

11111

1,00013,58531,326

109,433122,541300,955421,267514,626654,893828,584052,337

,154,942,218,988302,342

,395,444

,463,443530,388

,677,786,727,729787,755

Guaranteedloans

outstanding

Totalamount

2,3408,017

23,77844,25068,833

126,080183,610252,100325,299405,043492,167556,839615,812675,459

715,928763,838836,739838,073870,174

Portionguaran-

teed

2,2326,265

19,83736,53756,973

106,053151,858209,465267,715332,618400,652454,789502,524546,597

580,381617,674672,974672,678695,814

Additionalamount

available toborrowers

under guar-antee agree-

mentsoutstanding

3,3358,299

13,74833,84047,822

185,001205,629276,702349,905384,852450,013495,512476,699472,827

525,129511,786467,392595,098601,752

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.

DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS

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

Allmem-

berbanks

Central reservecity banks

NewYork

Chi-cago

Re-servecity

banks

Coun-try

banks

Allmem-

berbanks


NewYork

Chi-cago

Re-servecity

banks

Coun-try

banks

First half of May 1952 Second half of May 1952

Gross demand deposits:Total

InterbankOther.. . . . . . . .

Net demand deposits 2 . .Time deposits 3

102,30911,61690,69489,71631,704

Demand balances due from domestic banks. . .

Reserves with Federal Reserve Banks:Total

RequiredExcess

Borrowings at Federal Reserve Banks.

5,858

19,75219,092

660

585

223

187.0

2

55

,783,836,947,865,024

36

,129,129

136

5,6431,1244,5185,0741,146

118

1,2791,287

- 8

51

39,0605,604

33,45733,93212,633

1,803

7,6577,544

113

293

34,8241,051

33,77229,84615,902

3,900

5,6865,132554

106

102,81911,40491,41590,10231,831

5,721

19,78219,184

598

23,1613,81519,34621,1362,070

40

5,1945,197

-j

5,6731,1064,5675,0691,147

118

1,2831,285

-2

39,2725,46933,80333,98912,675

1,820

7,6907,558

132

348

34,7121,013

33,69929,90915,938

3,743

5,6155,144471

115

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.

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

JULY 1952 787


MEMBER BANK RESERVES AND BORROWINGS

[Averages of daily figures. In millions of dollars]

Month, orweek ending Wednesday

Total reserves held:1951—May1952—April

May

May 21May 28j une 4June 11June 18June 25

Excess reserves:1951—May1952—April

May

May 21May 28June 4June 11Tune 18June 25

Borrowings a t FederalReserve Banks:1951—May1952—April

May

May 21May 28June 4June 11June 18June 25

Allmem-

berbanks *

18,89219,77719,767

19,86519,67419,77919,85520,25520,355

590650628

690508594656

P785P704

438367563

357516926846293189


NewYork

4,9645,1465,163

5,2045,1745,2355,1535,3245,383

- 1 02

- 1

20-15

23- 2 0

3513

19360

105

2044

30726548

5

Chi-cago

1,2771,2591,281

1 ,2771 ,2831,2961,2921,3331,352

- 7- 8— 5

2- 2- 3- 9

5- 1

181226

21

2548134

Re-servecity

banks

7,2827,7027,674

7,6817,6707,6357,6837,8067,867

120122123

122113106126131119

157219321

25034345839211992

Coun-try

banksi

5,3695,6705,649

5,7035,5475,6125,7275,7925,753

487535511

550412468559

P614P573

7076

111

8512813614111388

P Preliminary.1 Weekly figures of excess reserves of all member banks and of

country banks are estimates. Weekly figures of borrowings of all mem-ber banks and of country banks may include small amounts of FederalReserve Bank discounts and advances for nonmember banks, etc.

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

POSTAL SAVINGS SYSTEM


End of month

1943—December1944—December....1945—December1946—December... .1947—December1948—DecemberlQ4q_December1950—December

1951—FebruaryMarchAprilMayJuneJulyAugustSeptember....OctoberNovember....December. . . .

1952—JanuaryFebruaryMarchApril . . .M a v

Depos-itors'bal-

ances l

1,7882,3422,9333,2843,4173,3303.1882,924

2,8772,8522,8312.8082,7882,7722,7542,7382,7242,714

P2.7O1

P 2 , 6 9 8P2,685v2 670P 2 , 6 5 6P2 637

Assets

Total

1,8432,4113,0223,3873,5253,4493.3123,045

2,9982,9742,9542,9332,9092,8932,8772,8612,8512,842

Cashin

deposi-tory

banks

10866677

11

11111721232223232525

U. S.Govern-

mentsecuri-

ties

1,7162,2522,8373,1823,3083,2443.1182,868

2,8352,7932,7652,7482,7222,7042,6802,6802,6702,649

Cashreservefunds,etc.2

118152179200212198187166

152169172164165166173158156168

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

1946—old series «1946—new series3

19471948194919S01951

1951—MayJuneJulyAugustSeptemberOctoberNovemberDecember

1952—JanuaryFebruaryMarchAprilMay

Debits to total deposit accounts, exceptinterbank accounts

Total, allreportingcenters

}l,050,0211,125,0741,249,6301,231,0531,403,7521,577,857

130,704135,031124,425125.291121,205139,308132,158144,800

138,520128,022139,977139,141135,955

NewYorkCity i

417,475405,929449,002452,897513,970551,889

45,37548,58843,22441,36341,14547,97144,80253,500

48,10645,37550,18052,05749,535

140other

centers x

527,336599,639667,934648,976742,458854,050

71,19772,11067,53269,82766,35975,79972,42876,049

74,95368,73875,08972,60771,898

Otherreportingcenters

105,210119,506132,695129,179147,324171,917

14,13214,33213,66914,10113,70015,53914,92815,251

15,46213,90814,70814,47614,522

Annual rate ofturnover of totaldeposits, except

interbank

NewYorkCity

18.921.023.624.126.626.9

26.227.926.023.826.026.427.830.7

26.427.827.928.827.4

Otherreportingcenters

10.0 {11.912.912.413.414.5

14.314.514.113.514.414.415.415.1

14.414.514.614.113.9

Debits to demanddeposit accounts,except interbankand Government

NewYorkCity 2

374,365407,946400,468445,221447,150508,166540,990

42,27249,39841,67339,00741,68845,33442,50355,184

45,42544,41950,21349,74549,830

Otherleadingcities 2

449,414522,944598,445660,155639,772731,511837,491

68,37872,17964,82667,44166,94172,51569,68576,007

71,98667,46674,54570,18971,485

Annual rate ofturnover of demand

deposits, except inter-bank and Government

NewYorkCity*

25.525.224.127.228.231.432.2

30.034.431.127.031.730.431.437.9

30.132.534.034.434.3

Otherleadingcities 2

16,. 916.518.019.218.720.321.7

21.322.220.920.021.820.922.022.6

20.621.422.021.121.3

1 National series for which bank debit figures are available beginning with 1919.2 Weekly reporting member bank series.3 Statistics for banks in leading cities revised beginning July 3, 1946; for description of revision and for back figures see BULLETIN for June

1947, pp. 692-693, and July 1947, pp. 878-883, respectively; deposits and debits of the new series for first six months of 1946 are estimated.NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported for 334 centers from 1942 through November 1947,

333 centers from December 1947 through December 1950, and for 342 centers beginning January 1951; the deposits from which rates of turnoverhave been computed have likewise been reported by most banks and have been estimated for others. Debits to demand deposit accounts, exceptinterbank and U. S. Government, and the deposits from which rates of turnover have been computed have been reported by member banks inleading cities since 1935.



UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS

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

End of year ormonth

1933 . . .193419351936193719381939 , .1940194119421943194419451946. . . .1947194819491950

1951—AprilM a yJuneJulv . .AugustSeptember...October . . . .November.. .December. . .

1952—JanuaryFebruary. . . .MarchApril . . .May

Totalin cir-cula-tion i

5,5195,5365,8826,5436,5506,8567,5988,732

11,16015 41020,44925 30728,51528 95228,86828,22427,60027,741

27,27827,51927,80927,85128,15528,28828,41728,80929,206

28,38628,46528,47328,46428,767

Coin and small denomination currency

Total

4,1674,2924,5185,0215,0155,1475,5536,2478,120

11,57614,87117 58020,68320 43720,02019,52919,02519,305

19,02319,26019,52119,56019,81319,89619,95520,28320,530

19,80719,90419,93719 93620,231

Coin

442452478517537550590648751880

1,0191,1561,2741,3611,4041,4641,4841,554

1,5511,5681,5781,5901,6021,6161,6311,6421,654

1,6311,6301,6371,6511,665

3$1

402423460499505524559610695801909987

1,0391,0291,0481,0491,0661,113

1 ,0731,0871,0921,0921,1031,1241,1321,1441,182

1,1151,1101,1131,1141,132

$2

333233353334363944557081736765646264

626364646464656567

6566656667

$5

719771815906905946

1,0191,1291,3551,6931,9732,1502,3132,1732,1102,0472,0042,049

1,9731,9952,0112,0082,0312,0382,0412,0752,120

2,0092,0132,0162,0042,040

$10

1,2291,2881,3731,5631,5601,6111,7722,0212,7314,0515,1945,9836,7826,4976,2756,0605,8975,998

5,9436,0246,1136,0886,1766,1816,1606,2916,329

6,0886,1526,1656,1416,261

$20

1,3421,3261,3591,5011,4751,4811,5761,8002,5454,0965,7057,2249,2019,3109,1198,8468,5128,529

8.4228,5238,6638,7188,8378,8748,9279,0679,177

8,8988,9348,9408,9609,066

Large denomination currency*

Total

1,3601,2541,3691,5301,5421,7142,0482,4893,0443,8375,5807,7307,8348,5188,8508,6988.5788,438

8,2578,2598,2898,2928,3448,3938,4638,5288,678

8,5828,5638,5378,5298,537

$50

364337358399387409460538724

1,0191,4811,9962,3272,4922,5482,4942,4352,422

2,3712,3822,4052,4092,4282,4372,4522,4822,544

2,5082,5032,4962,4982,508

$100

618577627707710770919

1,1121,4331,9102,9124,1534,2204,7715,0705,0745,0565,043

4,9414,9384,9474,9524,9895,0345,0925,1335,207

5,1615,1525,1405,1375,142

$500

125112122135139160191227261287407555454438428400382368

360357356354353353353352355

352351349347346

$1,000

237216239265288327425523556586749990801783782707689588

573570570565562557554549556

550545540535530

$5,000

85776

17203024

99

10785544

444444444

44444

$10,000

107

16181232326046252224242617171112

88888888

12

88898

Unas-Borted

8105875244323233332

112222222

22111

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

as destroyed. 3 Paper currency only; $1 silver coins reported under coin.Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416

UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS

[On basis of circulation statement of United States money. In millions of dollars]

GoldGold certificatesFederal 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—May 31, 1952Apr. 30, 1952May 31 1951

Total out-standing,May 31,

1952

23,29622 14125,412

4,748

4922,090

3 2 , 3 5 41,113

403347225

78

(4)(4)(4)

Money held in the Treasury

As securityagainst

gold andsilver

certificates

22,141

' ' *2', 354

2642,090

24,49624,48422,880

Treasurycash

21,155

6951

35

9521

(5)

1,2741,2811,293

ForFederalReserve

Banks andagents

19,288

19,28819,29017,692

Moneyheld byFederalReserve

Banks andagents

2,816987324

3

2 6 3 "21

72731

4,1264,2614,123

Money in circulation 1

Mav 31,1952

3824,356

4,373

190

2^091'"1,083

392318222

78

28,767

Apr. 30,1952

3824,116

4,310

189

' " 2 ', 0431,073

389315223

78

28,464'

May 31,1951

3923,1734,306

179

2 ', 096 "1,013

376316245

82

27 519 *

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 and totals by weeks in the table on p. 657.

2 Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890.8 To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding

is not included in total Treasury currency outstanding.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 cer-tificates" 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.

JULY 1952 789


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

AND TREASURY CURRENCY FUNDS 1

Date

1929—JUne 291933—Tune 301939— Dec 30 . . .1941—Dec. 3i1945—Dec 3i #1946—Dec. 311947—Dec< 311948—Dec 31104.0 Tune 30 ,

Dec 311950—June 30

Dec. 30. . . .

1951—May 30June 30July 25Aug. 29Sept 26Oct. 31Nov. 28Dec. 31

1952—Jan. 30PFeb. 27PMar. 26PApr. 3 0 P . .May 2 8 P .

Date

1929—June 291933—ju n e 301939_Dec. 301941—Dec. 311945—Dec 311946—Dec. 311947—Dec 31194g Dec 311049 June 30

Dec 311950—June 30

Dec. 30

1951—May 30June 30.July 2 5 . .Aug. 29Sept. 26Oct. 31Nov. 28Dec. 31

1952—Jan 30PFeb. 27P .Mar. 26PApr 30PMay 2SP . . . .

[Figures partly estimated except on call dates. In millions of dollars

Assets

Gold

4,0374,031

17,64422,73720,06520,52922,75424,24424,46624,42724,23122,706

21,80021,75621,80021,80022,00022,20022,30022,695

22,90023,10023,30023,30023,300

Treas-

cur-rency

2,0192,2862,9633,2474,3394,5624,5624,5894,5974,5984,6074,636

4,6004,6554,7004,7004,7004,7004,7004,706

4,7004,7004,7004,7004,700

Bank credit

T»tal

584?5464

167158160160156162164171

171\1*17^174176178179181179179180179180

,642,148,564,653,381,366,832,457,491,681,348,667

,300,447,300,300400

,300,400,323

,900,300,100,900,600

Loam,net

41,08221,95722,15726,60530,38735,76543,02348,34147,14849,60451,99960,366

62,90063,82163,40064,00065 00065,80066,50067,597

66,70067,00067,70068,10068,500

U.S.

Total

5,74110,32823,10529,049

128,417113,110107,086100,69497,428

100,45698,70996,560

93,50094,45094,60095,00095,90097,00097,40097,808

97,30096,20096,10095,20095,300

Government obligations

Com-mercial

andsavingsbanks

5,4998,199

19,41725,511

101,28886,55881,19974,09774,87778,43377,32072,894

68,40068,72668,90069,20069,70070,80071,50071,343

71,80071,10070,90070,20070,500

FederalReserveBanks

2161,9982,4842,254

24,26223,35022,55923,33319,34318,88518,33120,778

22,30022,98223,10023,10023,50023,60023,20023,801

22,80022,60022,50022,40022,300

Other

26131

1,2041,2842,8673,2023,3283,2643,2083,1383.0582,888

2,8002,7422,7002,7002,7002,7002,7002 664

2,7002,6002,6002,6002,600

Othersecu-rities

11,8199,8639,3028,9998,5779,491

10,72311,42211,91512,62113,64014,741

14,90015,17615,30015,30015,40015,50015,50015,918

15,90016,10016,40016,60016,800

Totalassets,

Totalliabil-

ii- .

andcapital,

net

64,69848,46575,17190,637

191,785183,457188,148189,290185,554191,706193,186199,009

197,700199,858199,700200,700203,000205,200206,400208,724

207,600207,200208,200207,900208,700

Liabilitiesand Capital

Totaldeposits

andcurrency

55,77642,02968,35982,811

180,806171,657175,348176,121171,602177,313178,568184,385

182,900185,038184,500185,200187,300189,200190,500193,404

191,600191,500192,300192,200192,900

Capitaland

misc.ac-

counts,net

8,9226,4366,8127,826

10,97911,80012,80013,16813,95214,39214,61814,624

14,80014,82015,20015,50015,70016,00015,90015,320

15,90015,70015,90015,70015,800

Deposits and Currency

Total

55 77642 02968,35982,811

180 806171,657175 348176 121171,602177 313178 568184,385

182,900185,038184,500185,200187,300189,200190,500193 404

191 600191,500192,300192 200192,900

Foreignbank

deposits,net

36550

1,2171,4982,1411,8851,6822,1031,9272,1502,5552,518

2,5002,4242,4002,3002,2002,1002,1002,279

2,1002,2002,2002,2002,300

U S. Government balances

Treas-urycash

r

204264

!,4095,215J.287J.272,336,325,307

L.312,298,293

1,3001,2811,3001,3001,3001,3001,3001,279

L.3001,3001,3001,3001,300

At com-mercial

andsavingsbanks

381852846

1,89524,6083,1031,4522,4512,3043,2493,8012,989

4,8006,3324,6004,1005,1003,7003,8003,615

2,8003,9005,8004,5004,400

AtFederalReserveBanks

3635

634867977393870

1,123438821950668

600317400600800500500247

200700(6)500600

Deposits adjusted and currency

Total

54,79040,82863,25376,336

150,793164,004170,008169,119165,626169,781169,964176,917

173,700174,684175,800177,000177,900181,600182,700185,984

185,200183,400182,900183,800184,400

Demanddeposits2

22,54014,41129,79338,99275,85183,31487,12185,52081,87785,75085,04092,272

89,50088,96090,70091,40092,00095,00096,30098,234

97,90095,7009'4,80095,10095,300

Time deposits8

Total

28,61121,65627,05927,72948.45253,96056,41157,52058,48358,61659,73959,247

59,30059,94860,00060,30060,50060,90060,60061,447

61,70062,00062,40062,70063,000

Com-mercialbanks

19,55710,84915,25815,88430,13533,80835,24935,80436,29236,14636,71936,314

36,30036,78136,80037,10037,20037,50037,30037,859

38,00038,20038,50038,60038,900

Mutualsavingsbanks *

8,9059,621

10,52310,53215,38516,86917,74618,38718,93219,27319,92320,009

20,20020,38220,40020,50020,60020,70020,60020,887

21,00021,10021,30021,40021,600

PostalSavingsSystem

1491,1861,2781,3132,9323,2833,4163,3293,2593,1973,0972,923

2,8002,7852,8002,8002,7002,7002,7002,701

2,7002,7002,7002,7002,600

Cur-rency

outsidebanks

3,6394,7616,4019,615

26,49026,73026,47626,07925,26625,41525,18525,398

24,90025,77625,10025,30025,40025,70025,80026,303

25,60025,60025,70025,90026,000

P Preliminary.1 Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund.2 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.3 Excludes 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. 6 Less than 50 million dollars.NOTE.—For description of statement and back figures, see BULLETIN for January 1948, pp. 24-32. The composition of a few items differs

slightly from the description in the BULLETIN article; stock of Federal Reserve Banks held by member banks is included in "Other securities"and in "Capital and miscellaneous accounts, net," and balances of the Postal Savings System and the Exchange Stabilization Fund with the U. S.Treasury are netted against the same item instead of against U. S. Government deposits and Treasury cash. Total deposits and currency 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

Loans and investments

Total Loans

Investments

Total

U. S.Govern

mentobliga-tions

Othersecu-rities

Cashassets 1

Deposits

Total iInter-bank1

Other

De-mand Time

Totalcapital

account:

Numberof

banks

All banks:1939—Dec. 301941—Dec. 31. . . .1945—Dec. 311946—Dec. 311947—Dec. 312. . .1948—Dec. 311949—Dec. 31. . . .1950—Dec. 301951—May 30. . . .

June 3 0 . . . .Dec. 31. . . .

1952—Feb. 27P. . .Mar. 2 6 P . . .Apr. 3 0 P . . .May 2 8 ? . . .

All commercial banks1939—Dec. 301941—Dec. 311945—Dec. 311946—Dec. 31. . . .1947—Dec. 31 2. . .1948—Dec. 311949—Dec. 311950—Dec. 30. . . .1951—May 30. . . .

June 3 0 . . . .Dec. 31. . . .

1952—Feb. 27*\ . .Mar. 2 6 P . . .Apr. 3 0 P . . .May 2 8 P . . .

All member banks:1939—Dec. 3 0 . . . .1941—Dec. 3 1 . . . .1945—Dec. 311946—Dec. 311947—Dec. 3 1 . . . .1948—Dec. 311949—Dec. 3 1 . . . .1950—Dec. 3 0 . . . .1951—May 3 0 . . . .

J u n e 3 0 . . . .Dec . 3 1 . . . .

1952—Feb. 27*>. . .Mar. 26P. . .Apr. 30P. . . ,May 28?

All mutual savingsbanks:

1939—Dec. 301941—Dec. 311945—Dec. 311946—Dec. 311947—Dec. 31 2. . . ,1948—Dec. 311949—Dec. 311950—Dec. 301951—May 30

June 30Dec. 31

1952—Feb. 27*>Mar. 26PApr. 3QP. . . .May 2SP

50,88461,126

140,227131,698134,924133,693140,598148,021146,680147,742154,869154,790155,280155,250156,150

40,66850,746

124,019113,993116,284114,298120,197126,675125,060126,045132,610132,240132,530132,340133,060

33,94143,521

107,18396,36297,84695,616

101,528107,424105,650106,563112,247111,771112,030111,753112,379

10,21610,37916,20817,70418,64119,39520,40021,34621,62021,69722,25922,55022,75022,91023,090

22,16526,61530,36235,64843,00248,17449,54460,38663,34063,84067,60867,63067,99068,49068,920

17,23821,71426,08331,12238,05742,48842,96552,24954,46054,82157,74657,59057,84058,22058,520

13,96218,02122,77526,69632,62836,06036,23044,70546,55446,86649,56149,36449,52449,80650,026

4,9274,9014,2794,5264,9445,6866,5788,1378,8809,0209,862

10,04010,15010,27010,400

28,71934,511

109,86596,05091,92385,51991,05487,63583,34083,90187,26187,16087,29086,76087,230

23,43029,03297,93682,87178,22671,81177,23274,42670,60071,22474,86374,65074,69074,12074,540

19,97925,50084,40869,66665,21859,55665,29762,71959,09659,69862,68762,40762,50661,94762,353

5,2895,478

11,92813,17913,69613,70913,82213,20912,74012,67712,39812,51012,60012,64012,690

19,41725,511

101,28886,55881,19974,09778,43372,89468,41068,72671,34371,06070,92070,21070,450

16,31621,80890,60674,78069,22162,62267,00562,02758,11058,52161,52461,26061,12060,45060,700

14,32819,53978,33863,04257,91452,15456,88352,36548,69349,10851,62151,29451,22750,59050,826

3,1013,704

10,68211,77811,97811,47611,42810,86810,30010,2059,8199,8009,8009,7609,750

9,3028,9998,5779,491

10,72311,42212,62114,74114,93015,17615,91816,10016,37016,55016,780

7.1147,2257,3318,0919,0069,189

10,22712,39912,49012,70313,33913,39013,57013,67013,840

5,6515,9616,0706,6257,3047,4028,414

10,35510,40310,59011,06511,11311,27911,35711,527

2,1881,7741,246

,4001,7182,2332,3942,3422,4402,4722,5792,7102,8002,8802,940

23,29227,34435,41535,04138,38839,47436,52241,08637,02038,23545,53139,82040,23040,05039,350

22,47426,55134,80634,22337,50238,59635,65040,28936,22037,38444,64538,97039,38039,22038,530

19,78223,12329,84529,58732,84534,20331,31735,52431,99033,24439,25234,21634,63134,52833,982

818793609818886878873797800851886850850830820

68,24281,816

165,612155,902161,865161,248164.467175,296168.810171,860185,756178,770180,140179,360179,310

57,71871,283

150,227139,033144,103142,843145,174155,265148,570151,457164,840157,620158,810157,910157,720

49,34061,717

129,670118,170122,528121,362123.885133,089126,953129,737141,015134,370135.587134,650134,519

10,52410,53315,38516,86917,76318,40519.29320,03120,24020,40420,91521 ,15021,33021,4^021,590

9,87410,98214,06512,65613,03312,26912,71014,03911,35011,94715,08712,90013,20012,34012,200

9,87410,98214,06512,65613,03212,26912,70914,03911,35011,94615,08612,90013,20012,34012,200

9,41010,52513,64012,06012,40311,64112,09713,44710,86611,34714,42512,32512,62311,79611,665

32,51644,355

105,93592,46295,72794,67196,156

104,744100,740102,527111,644106,240106,890106,670106,400

32,51344,349

105,92192,44695,71194,65496,136

104,723100.720102,507111,618106.210106,860106,640106,370

28,23138.84691,82078,92081,78580,88182,62890,30686.77288,67895,96891,14191 ,85291,60791,418

36

14161717202220202630303030

25,85226,47945,61350,78453,10554,30855,60156,51356,72057,38659,02559,63060,05060,35060,710

15,33115,95230,24133,93035,36035,92136,32836,50336,50037.00438,13738,51038,75038,93039,150

11,69912,34724,21027,19028,34028.84029.16029,33629,31529,71230,62330,90431.11231,24731,436

10,52110.52715,37116,85317,74518.38719,27320.00920,22020,38220,88821,12021,30021,42021,560

8,1948,414

10,54211,36011,94812,47913,08813,83714,05014,23614,62314,69014,77014,89014,940

6,8857,1738,9509,577

10,05910,48010,96711,59011,77011,95112,21612,28012,34012,46012,500

5,5225,8867,5898,0958,4648,8019,1749,6959,8469,987

10,21810,27110,31910,41910,453

1,3091,2411,5921,7841,8891,999

122247280285407410

2,4302,440

15,03514,82614,55314,58514,71414,70314,68714,65014,64414,63614,61814,61514,60614,60214,608

14,48414,27814,01114,04414,18114,17114,15614,12114,11414,10714,08914,08614,07714,07314,079

6,3626,6196,8846,9006,9236,9186,8926,8736,8656,8596,8406,8346,8296,8246,821

551548542541533532531529530529529529529529529

million at all insured commercial banks.For other footnotes see following two pages.

JULY 1952 791


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

PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued

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


Central reserve citymember banks :

New York City:1939—Dec. 301941—Dec. 311945—Dec. 31 . . .1946—Dec. 31. . . <1947—Dec. 311948—Dec. 311949—Dec. 311950— Dec. 30.1951—Mav 30

June 30Dec. 31

1952—Feb. 27PMar. 26PApr. 30PMay 28P

Chicago:1939—Dec. 301941- Dec. 31 . . . .1945—Dec. 31 . . . . . .1946—Dec. 31.1947—Dec. 3 1 . , , .1948—Dec. 31 ,1949—Dec. 31 .1950—Dec. 301951—Mav 30

J u n e 3 0 . . . . .Deo. 31 . .

1952—Feb. 27PMar. 26PApr. 30PMay 28P

Reserve city memberbanks :

1939— Dec. 30 , ,1941—Dec. 31 . . .1945— Dec. 311946—Dec. 311947—Dec. 31194g—Dec. 31. . ....1949—Dec. 311950 —Dec. 301951—May 30

June 30. , . . . ,Dec. 31

1952— Feb. 27PMar. 26vAnr. 30PMay 28P

Count ry memberbanks :

1939—Dec. 301941—Dec. 311945—Dec. 311946—£)ec- 3i1947—Dec. 31 . . . . . .1948—Dec. 311949—£)ec. 3i1950—Dec. 301951—May 30

Tune 30Dec. 3 1 . . . : . .

1952—Feb. 27?Mar. 26PApr. 30PMay 28P


Total

9,33912,89626,14320,83420,39318,75919,58320,61219,93020,60421,37921,11521,13420,99021,346

2,1052,7605,9314,7655,0884,7995,4245.5695,3685,5205,7315,6265,7475,4565,458

12,27215,34740,10835,35136,04035,33238,30140,68539,70939,99142,69442,35542,43542,46342 ,559

10,22412,51835,00235,41236,32436,72638,21940,55840,64340,44842,44442,67542,71442,84443,016

Loans

3,2964,0727,3346,3687,1798,0487,5509,7299,939

10,23411,14611,21611.06811,11311,168

569954

1,3331,4991,8011,7831,6182,0832,2062,2152,4682,3662,4092,3702,402

5,3297,1058,514

10,82513,44914,28514,37017.90618,59918,55819.65119,40219,51119.57719,563

4,7685,8905,5968,004

10,19911,94512,69214,98815,81015,85816,29616,38016,53616,74616,893

Investment

Total

6,0438,823

18,80914,46513,21410,71212,03310,8839,991

10,37010,2339,899

10,0669.877

10,178

1,5361,8064,5983,2663,2873,0163,8063,4873,1623,3053,2643,2603,3383,0863,056

6.9448,243

31,59424,52722,59121,04723,93122,77921,11021.43223,04322,95322,92422,88622,996

5,4566,628

29,40727,40826,12524,78225,52725,57024,83324,59026,14826,29526,17826,09826,123

U. S.Govern-

mentobliga-tions

4,7727,265

17,57413,30811,9729,649

tO,7468 9938,1448,4608,1297,8087,9057.7758,008

1,2031,4304,2132,9122,8902,6333,3242,9112,6172.7422,7112,7332,7982.5452,511

5,1946,467

29,55222,25020,19618,59420,95119,08417,38517.65919,19419,01518,93418,80718,829

3,1594,377

26,99924,57222,85721,27821,86221,37720,54720,24721,58721,73821,59021,46321,478

s

Othersecu-rities

1,2721,5591,2351,1581,2421,0631,2871 ,8901,8471.9102,1042,0912,1612,1022,170

333376385355397383482576545564552527540541545

1,7491,7762,0422,2762,3962,4532,9803.6953,7253,7743,8493,9383,9904.0794,167

2,2972,2502,4082,8363,2683,5043,6654,1934,2864,3434,5614,5574,5884,6354,645

Cashassets l

6,7036,6376,4396,2387,2617,7586,9857,9226,8757,3938,5647.2117,6017,6827,684

i,4461,5661,4891.5451,7391,9321,8502,0341.9131,8982,1962,0291,8841 .9941,992

6,7858,518

11,28611,65413,06613,31712,16813 .99812,61813.17515,19913,43713,61113,45413,147

4,8486,402

10,63210,15110,77811,19610,31411,57110,58410,77913,29211,53911,53511,39811,159

Deposits

Total i

14,50917,93230,12124,72325,21624,02423,98325,64623,71125,06426,85924,93525,59025.26625,548

3 3304,0577.0465,9056,4026,2936,8107.1096,7066,9217,4026.9447,0586.8776,913

17,74122,31349,08544,47746,4674S.94347,55951,43748,73249,87454,46651,81852,32851.90051,593

13,76217,41543,41843,06644,44345,10245,53448,89747,80447,87752,28850,67350,61150,60750,465

Inter-bank i

4,2384,2074,6574,2464,4644,2134,1924,6384,0114,1074,8324,1904,3794,1754,171

8881,035L ,3121,1531,2171,0641,1911,2281,0381,0401,3071,1621,275

.0911,085

3,6864,4606,4485,5705,6495,4005,7136.4484,9235,2646,9765.8665,8755,5025,421

598822

1,2231,0911 073

9641,0011 133

894936

1,3091,1071,0941,028

988

Other

De-mand

9,53312,91724,22719,02819,30718,13118.13919,28718,10419,29120,34819,11019,46519.37419,605

1,9472.5465^0153,9224,2734,2274,5354,7784,5734,7564,9524,6444,6514.6454,689

9,43913,04732,87728,04929,39529,15330,18233,34232,15832,79135,21833,51933,99833.87933,586

7,31210,33529,70027,92128,81029,37029,77132,89931,93731.84035.44933,86833,73833,70933,538

Time

736807

,236,449,445,680,651.722,596.666,679,635,746,717

1 ,772

495476719829913

1,0011,083

,103L,095.126

L ,143,138

1,132.141

1,139

4,6164,8069,760

10,85811,42311,39111,66411,64711,65111.81912,27212,43312.45512.51912,586

5,8526,258

12,49414,05314,56014,76814,76214.86514,97315,10115,53015,69815,77915,87015,939

Totalcapital

accounts

1,5921,6482,1202,2052,2592,3062,3122,3512,3572,3982,4252,4382,4382,4582,454

250288377404426444470490495501513510513520524

1,8281,9672.5662,7282,8442,9283,0873,3223,3793,4313,5213,5463,5653,6063,625

1,8511,9822,5252,7572,9343,1233,3053,5323,6153,6583,7603,7773,8033.8353,850

Numberof

banks

363637373735252322222222222222

141312141413131313131313131313

346351359355353335341336325324321320320320320

5,9666,2196,4766,4946,5196,5356,5136,5016,5056,5006,4846,4796,4746,4696,466

3 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 page.



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

[Amounts in millions of dollars]


AH insured commercialbanks:

1941—Dec. 31.1945—Dec. 311948—Dec. 31. . . . . .1949—Dec. 311950—Dec. 301951—June 30.

Dec. 31

National memberbanks:

1941—Dec. 311945—Dec. 31 .1948—Dec. 31.1949—Dec. 3 1 . .1950—Dec. 30. .1951—June 30. .

Dec. 31. .

State member banks:1941—Dec. 311945—Dec. 311948—Dec. 311949—Dec. 311950—Dec. 301951—June 30

Dec. 31

Insured nonmembercommercial banks:

1941—Dec. 311945—Dec. 311948—Dec. 311949—Dec. 311950—Dec. 30. . . . .1951—June 30

Dec. 31

Noninsured nonmem-ber commercialbanks:

1941—Dec. 311945—Dec. 311948—Dec. 31 21949—Dec. 311950—Dec. 301951—June 30

Dec. 31

AU'nonmember com-mercial banks:


Dec. 31

Insured mutual savingsbanks:

1941—Dec. 311945—Dec. 311948—Dec. 311949—Dec. 311950—Dec. 301951—June 30

Dec. 31

Noninsured mutualsavings banks:


Dec. 31


Total

49,290121,809112,286118,278124,822124,132130,820

27,57169,31263,84567,94372,09071,01475,255

15,95037,87131,77133,58535,33435,55036,992

5,77614,63916,68516,76617,41417,58518,591

1,4572,2112,0131,9191,8531,9131,789

7,23316,84918,69818,68619,26719,49920,380

1,69310,84613,31214,20915,10115,66816,190

8,6875,3616,0836,1926,2456,0296,069

Loans

21,25925,76541,96842,48551,72354,30657,256

11,72513,92523,75223,85329,18430,47932,317

6,2958,85012,30812,37815,52116,38617,243

3,2412,9925,9116,2587,0237,4467,701

455318520481527514490

3,6963,3106,4316,7397,5507,9608,192

6423,0814,1094,8146,0866,8297,523

4,2591,1981,5771,7642,0502,1912,339

Investments

Total

28,03196,04370,3IS75,79373,09969,82573,564

15,84555,38740,09344,09042,90640,53442,938

9,65429,02119,46321,20719,81319,16319,748

2,53511,64710,77410,50810,39110,13910,890

1,0021,8931,4931,4381,3271,3991,299

3,53613,53912,26711,94711,71811,53812,189

1,0507,7659,2029,3949,0158,8398,668

4,4284,1634,5064,4284,1943,8383,730

U. S.Govern-

mentobliga-

21,04688,91261,38865,82060,98657,42760,533

12,03951,25034,85238,16135,58732,96535,063

7,50027,08917,30118,72216,77816,14316,558

1,50910,5849,2468,9478,6328,3308,923

7611,6931,2341,1851,0401,094991

2,27012,27710,47910,1329,6729,4239,914

6297,1607,7957,8327,4877,1696,921

3,0753,5223,6803,5963,3803,0362,897

Other

6,9847,1318,9299,974

12,11312,39813,031

3,8064,1375,2415,9307,3207,5697,875

2,1551,9332,1612,4843,0353,0203,191

1,0251,0631,5281,5611,7591,8101,967

241200259253286305308

1,2661,2621,7881,8142,0462,1152,275

421606

1,4071,5621,5281,6701,746

1,353641826832814802833

Cashassets l

25,78834,29238,08735,20739,82136,96044,176

14,97720,11422,97420,99523,76322,19825,951

8,1459,731

11,22810,32211,76211,04613,301

2,6684,4483,8873,8924,2993,7184,926

763514509442468423469

3,4314,9624,3964,3344,7674,1415,395

151429684682617688695

642180194191180163191

Deposits

Total 1

69,411147,775140,642143,138153,288149,461162,908

39,45884,93981,40783,11389,28186,58994,173

22,25944,73039,95540,77243,80843,14946,843

7,70218,11919,29619,26920,21619,74121,912

1,8722,4522,2012,0361,9761,9961,932

9,57420,57121,49721,30522,19321,73723,843

1,78910,36312,77213,59214,32014,92415,368

8,7445,0225,6335,7025,7115,4795,547

Inter-bank^

10,65413,88311,90012,36813,74411,58214,777

6,7869,2297,8428,2789,1337,6259,788

3,7394,4113,7993,8194,3153,7224,637

129244259272297235353

329181368341294364308

457425628613591599661

Other

De-mand

43,059104,01593,30094,914103,499101,328110,382

24,35059,48654,02055,03460,25158,71563,477

14,49532,33426,86227,59430,05529,96332,491

4,21312,19612,41912,28513,19412,65014,415

1,2911,9051,3531,2231,2241,1781,235

5,50414,10113,77213,50814,41713,82815,650

Time

15,69929,87635,44135,85636,04536,55137,749

8,32216,22419,54519,80119,89720,24820,908

4,0257,9869,2959,3599,4389,4649,715

3,3605,6806,6186,7126,7266,8577,144

253365479472458453388

3,6136,0457,0977,1847,1847,3107,533

1,78910,35112,75713,57514,30114,90515,343

8,7385,0205,6315,6995,7085,4775,544

Totalcapital

accounts

6,8448,67110,15810,64511,26311,62211,902

3,6404,6445,6575,9206,3136,5046,653

2,2462,9453,1443,2543,3813,4833,565

9591,0831,3581,4731,5701,6371,686

329279322321327329314

1,2881,3621,6801,7941,8971,9661,999

1641,0341,3341,4201,5131,5821,678

1,077558665702734702729

Numberof

banks

13,42613,29713,41313,42913,43213,43713,439

5,1175,0174,9914,9754,9584,9464,939

1,5021,8671,9271,9171,9151,9131,901

6,8106,4166,4986,5406,5626,5816,602

852714758727689670650

7,662,130

7,2567,2677,2517,2517,252

52192193192194201202

496350339339335328327

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

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

JULY 1952 793


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


Class of bankand

call date

All insuredcommercialbanks:

1941—Dec. 31.1945—Dec. 311948—Dec. 311949—Dec. 31.1950—Dec. 30.1951—Dec. 31.

Member banks,total :

1941—Dec. 311945—Dec. 31'1948—Dec. 31.1949—Dec. 31.1950—Dec. 30.1951— Dec. 31.1952—Mar. 31.

New York City:*1941—£>ec< 3i m

1945—Dec. 31.1948—Dec. 31.1949—£)ec# 31.1950—Dec. 30.1951 —Dec. 31 .1952—Mar. 31.

Chicago:2

1941—Dec# 3i t1945—Dec, 31.1948—Dec. 31.1949—Dec. 31.1950—Dec. 30.1951—Dec. 31 .1952—Mar. 31.

Reserve citybanks:

1941—Dec. 31.1945—Dec. 31.1948—Dec. 311949—Dec. 31.1950 —Dec. 30.1951—Dec. 31 .1952—Mar. 31.

Country banks:1941—Dec. 31.1945—Dec. 31.1948—Dec. 31.1949—Dec. 31.1050—Dec. 30.1951—Dec. 31.1952—Mar. 31.

Insured non-member com-mercial banks:

1941—Dec. 31.1945—Dec. 31.1948—Dec. 31.1949—Dec. 31.1950—Dec. 30.1951—Dec. 31.

Totalloansand

invest-ments

49121112118124130

4310795

101107112110

12261819202120

2545555

15403538404242

12353638404242

51416161718

,290,809,286,278,822,820

,521,183,616,528,424.247,997

,896,143,759583

,612.379,892

,760,931,799,424,569,731,224

,347.108,332,301,685,694,242

,518,002,726,219,558,444,638

,776,639,685,766,414,591

TotaP

212541425157

18223636444949

47879

1110

111222

78

1414171919

55

1112141616

325677

,259,765,968,485,723,256

021,775,060,230,705,561,429

,072,334,048,550,729,146,940

954,333,783,618,083,468,403

,105,514,285,370,906,651,555

,890,596,945,692,988,296,531

,241,992,911,258.023,701

Com-mer-cial,in-

elud-ing

open-mar-ketpa-per

9 ,9 ,

18,16,212 5 ,

88

1715202424

2354677

11111

33768

1010

1133344

1111

214461761935776744

671949631857521347276

8070446427923288S?914

732760412211567977927

456661282704

,646140

,021

,676,484,296,150,980,377,414

543512

,131,078,255,397

Agri-cul-tur-al

1,4501,3142,7752,9632,8233,321

972855

1,8001,9451,8082,1402,155

8

*3

62479

1612

300205437457392513487

659648

1,3561,4801,4071,6101,655

478459975

1,0181,0151,181

Loans

Loans forpurchasingor carryingsecurities

To>rok-ersanddeal-ers

6143,1641,3361.7491,7891,571

5943,1331,3241,7371,7701,5511,202

4122,4531,1021,4101,4211 219

954

48211

71109110

9473

114427130183207203149

20422136333525

203112121820

Tooth-ers

3

3

1

1

662,606939855

,036960

598,378834758927851837

169,172225219285262243

52233

6356696380

194,503360309386347333

183471187173187178181

64228105

97100109

Reales-

tateloans

4 ,4 ,

10,1 1 ,1314,

3 ,388

101111

1133444

1144566

112223

773677666405389450

494455244834522334405

12380

224256442514472

22365151657070

527459503742423651679

,823,881,467,784,591,099,184

,282,224,426,575,872,121

Con-sumeroans

[

>77

I34666

11222

12233

111

4 , i351907002628742

3 , (027933776167195236

576

313377540520518

926

115115147117109

Otherloans

452 ,2 ,3 ,

191992124

3,9554 ,

921,2 ,2 ,3 ,3 ,4 ,

54

1,

6

1,512433

,609,965,567,512,507

1,«492

,895,320,913,046,102

8323975

,225,461,546

11111

282

977658809585863060

509636621850950013

658891

147172177

826118212534578680

30

111

54

578817884054163190

214334315370419

Total

28 ,9670,7 5 ,7373

2 5 ,845965626261

81810121010

9

1433332

8312123222322

6292425252626

21110101010

031043318793099564

500408556297719687568

823809712033883233953

806598016806487264821

243594047931

,779,043687

628,407,781,527,570,148,108

,535,647,774,508,391,890

L

Total

2 1 ,886 1 ,6 5 ,6060

19785256525150

7179

10887

1423222

6291820191918

4262121212121

1109888

046912388820986533

539338154883365621174

265574649746993129741

430213633324911711276

467,552594951084194692

,377,999,278,862,377.587,465

,509,584,246,947.632,923

Investments

S. Government

Bills

22347

223365

1

11112\2

1122

988,455,821,692,118,219

971,275,588,389,665,399,115

311477589720824

,122927

256133183331232334

87

295,034,056,189,218,524,023

110630760

,148,390,418,078

17180234303453820

Direct

Certifi-catesof in-debt-ed-ness

191012

17

167

10166

311

1

634

22

533

22

222

1

071065479932526

985999409468010125

433183785250616671

,467275690131332207

,982,201,180499

,493.550

,102,340,753588

.568,697

,087,066,071465

,516

obligations

Notes

3 ,16,

3 ,5 ,

16,1 1 ,

3 ,14

2 ,5 ,

1499

13

111

512533

411643

1

21

159045394810756256

007271800085054596499

623325365835711428411

153749217358700520497

751653090124536640594

481,544128768107008997

152,774594725

,702,660

Bonds

12,5 1 ,4 5 ,4 3 .3 8 ,3 4 ,

1 1 ,4 4 ,3 8 ,3 7 ,3 3 ,2 9 ,29 ,

3 ,10,

7 ,7 .6 ,4 ,4 ,

11

11

4 ,15 ,13 ,13 ,11 ,1010

2 ,1616,15131212

166554

797321100833168511

729792761996170601421

652337512405206960733

903864958945847526485

248878247457830528515

926713046189287587688

069538349846008921

Guar-an-teed

4,10222

86

1121

3,83216

548

1514

1,6791

22

119

1,173c

1. . . . .

810

861c,44cc

4

2716

6

Obli-ga-tionsof

Statesandpolit-icalsub-divi-sions

335678

3345677

111

111222

122233

1111

651873509400933989

090254480274640528960

729606563752123385S17

182181210290335351356

956,126,421,727,184,458,670

222,342,286,505,998,334,417

563619

,030,127,294,462

Othersecu-rities

3,3333,2583,4203,5744,1794,042

2,8712,8152,9223,1403,7143,5383,434

830629500535767719695

193204174192242201189

820916

1,0321,2541,5111 ,3901.325

1 0281,0671,2171,1601,1941,2271,226

462443498434465505

* These figures do not include data for banks in possessions of the United States. During 1941 three mutual savings banks became mem-bers of the Federal Reserve System; these banks are included in "member banks" but are not included in "all insured commercial banks." Com-parability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classi-fications 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 tothe total and are not entirely comparable with prior figures. Total Ioan3 continue to be shown net.

For other footnotes see opposite page.



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


Class of bankand

call date

411 insured com-mercial banks :

1941—Dec. 3 1 . .1945—Dec. 3 1 . .1948—Dec. 31. .1949—Dec. 3 1 . .1950—Dec. 30 . .1951—Dec. 3 1 . .

Member banks,total:

1941—Dec. 3 1 . .1945—Dec. 3 1 . .1948—Dec. 3 1 . .1949—Dec. 3 1 . .1950—Dec. 30. .1951—Dec. 31. .1952—Mar. 31. .

New York City: 2

1941—Dec. 31. .1945—Dec. 3 1 . .1948—Dec. 3 1 . .1949—Dec. 3 1 . .1950—Dec. 30. .1951—Dec. 3 1 . .1952—Mar. 31. .

Chicago:1

1941—Dec. 31 .1945—Dec. 31.1948—Dec. 31. .1949—Dec. 3 1 . .1950—Dec. 30.1951—Dec. 3 1 . .1952—Mar. 31. .

Reserve city banks:1941—Dec. 3 1 . .1945—Dec. 3 1 . .1948—Dec. 3 1 . .1949—Dec. 3 1 . .1950—Dec. 30 . .1951—Dec. 3 1 . .1952—Mar. 31. .

Country banks:1941—Dec. 31. .1945—Dec. 31.1948—Dec. 31. .1949—Dec. 3 1 . .1950—Dec. 30. .1951—Dec. 3 1 . .1952—Mar. 31. .

Insured non-member com-mercial banks :

1941—Dec. 31. .1945—Dec. 3 1 . .1948—Dec. 311949—Dec 311950—Dec. 301951—Dec 31

Re-serveswith

FederalRe-

serveBanks

12,39615,81020,40416,42817,45819,911

12,39615,81120,40616,42917,45919,91219,586

5,1054,0155,6434,4624,6935.2465,349

1,021942

1,3251,1831,2161,4071,153

4,0606,3267,7016,4136,8067,5827,664

2,2104,5275,7364,3714,7455,6765,420

Cashin

vault

1,3581,8291,9391,9842,1452,665

1.0871,4381,4861,5211,6432,0621,772

93111117112118159137

43362827303227

425494483482519639553

526796858901976

1,2311,054

271391453463503603

Bal-anceswithdo-

mesticbanks 3

8,57011,0758,9479,466

10,46311,561

6,2467,1175,6746,1946,8687,4636,372

1417867687879

264

298200143159133165

22

2,5902,1741,8451,9652,2062,3562,078

3,2164,6653,6194,0024,4504,8624,007

2,3253,9593,2733,2733,5964,099

De-mand

de-posits

ad-justed *

37,84574,72284,21184,57691,09997,048

33,75464,18472,15272,65878,37083,10078,753

10,76115,06515,77315,18215,89816,43915,931

2,2153,1533,6043,7973,9544,1212,757

11,11722,37225,07225,74427,93829,48928,651

9,66123,59527,70327,93530,58133,05131,413

4,09210,53712,05911,91812,72913,948

Demand deposits

Interdepc

Do-mestic8

9,82312,56610,34410,88511,95512,969

9,71412,33310,09810,62311,66912,63410,841

3.5953,5352,9042,9963,2073,3852,943

L,0271,2921,0381,1511,1771,269L, 454

4,3026,3075,2135,4986,1746,6955,396

7901,199

943979

1.1111,2851,048

108233246261286335

bank>sits

For-eign

6731,2481,4881,3151,4421,381

6711,2431,4801,3101,4371,3691,308

6071,1051,2781,0841,1621.1281,072

8202640483835

54110168176217192188

2889

101113

25865

12

U. S.Gov-ern-ment

1,76123,7402,3233,0502,7883,344

1,70922,1792,1222,8382,5233,1015,409

8666,940

445640451858

1,583

1271,552

188258174242455

4918.221

8011,142

9761,1242,074

2255,465

688797922876

1,297

531,560

201213265243

Statesand

politicalsubdi-visions

3,6775,0987,1827,4197,8928,288

3,0664,2405,8506,0176,4006,6666,816

319237241196258321312

233237284286284240252

1,1441,7632,4012,4782,5752,5502,586

1,3702,0042,9253,0583,2823.5543,666

611858

1,3321,4021,4921,622

Certi-fiedandoffi-cers'

checks,etc.

1,0772,5852,1132,3382,8983,147

1,0092,4501,9622,1852,7242,9612,219

4501,338

750895

1,0871,289

835

34665360706689

286611649650852822646

239435510579715783650

68135151153174186

Indi-viduals,partner-

ships,and cor

pora-tions

36,54472,59381,68282,10689,92295,604

33,06162,95070,94771,58978,65983,24077,007

11,28215,71216,69516,40817,49017,88017,033

2,1523,1603,7023,9324,2504,4042,779

11,12722,28125,30225.91228.93830,72228,834

8,50021,79725,24825,33727,98030,23428,360

3,4839,643

10,73610,51711,26212,364

Inter-bank

1587069

169347427

1406463

164341422446

61731

113268318334

315

104301938579094

30171313121313

1866565

Time deposits

U. S.Gov-ern-mentand

PostalSav-ings

59103117182189278

5099

111175183257272

101438374348

i4354

20384660608586

3152497382

125134

84666

22

Statesand

polit-ical

subdi-visions

492496

1,0801,2321,3311,485

418399927

1,0511.1211,2381,291

29202024372226

1110101111

243160547617631714752

146219350400443491503

7497

153182210247

Indi-viduals,partner-

ships,and cor-

pora-tions

15,14629,27734,24434,44234,52535,986

11.87823,71227,80127,93428,03229,12829,556

7781,2061,6461,5901,6471,6141,666

476719989

1,0691,0891,1281,099

4,5429,563

10,79810,98710,95611,47311,634

6,08212,22414,36914,28914,33914,91415,157

3,2765,5796,4596,5246,5106,876

Bor-row-ings

10215

54148230

4208

45117926

299

19525

7051

' "*79

28

4158

41112119

1661

678334

Capi-talac-

counts

6,8448,671

10,15810,64511,26311,902

5,8867,5898,8019,1749,695

10,21810,385

1,6482,1202,3062,3122,3512,4252,443

288377444470490513516

1,9672,5662,9283,0873,3223,5213,590

1,9822,5253,1233,3053,5323,7603,836

9591,0831,3581,4731,5701,686

2 Central reserve city banks.3 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.4 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.For other footnotes see preceding page.Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113.

JULY 1952 795


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

Loans1

Total

Com-mer-cial,

indus-trial,andagri-cul-tural

For purchasingor carrying securities

To brokersand dealers

U. S.Govt.

ob-liga-tions

Other

curi-ties

To others

U.S.Sovt.ob-liga-tions

Other

ties

Realestateloans

Loansto

banks

Otherloans

Investments

Total

U. S. Government obligations

Total Bills

Cer-tifi-

catesof in-debt-ed-ness

Notes Bonds8

Othersecu-rities

Total-Leading Cities

1951—May

1952—March. . .AprilMay

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. .

New York City

1951—May

1952—March. . .

AprilMayApr. 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. .

OutsideNew York City

1951—May

1952—March. . .AprilMay

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.

69,589

73,67873,10973,402

73,11172,91773,10873,07673,333

73,16873,23073,36573,846

73,72573,95675,00075,413

19,865

20,98620,64420,765

20,80520,63520,49920,52220,761

20,62320,64220,67821,119

20,94920,96021,32221,591

49,724

52,69252,46552,637

52,30652,28252,60952,55452,572

52,54552,58852,68752,727

52,77652,99653,67853,822

32,584

34,80734,74334,741

34,79534,72434,67934,74634,770

34,65934,74534,69634,863

34,63434,67935,25735,565

9,944

11,13711,02811,020

11,12710,99610,93311,03911,046

10,98111,01710,97711,106

10,96910,96111,19811,376

22,640

23,67023.71523,721

23,66823,72823,74623,70723,724

23,67823,72823,71923,757

23,66523,71824,05924,189

19,152

21,30520,98820,649

21,17221,04921,05120,87220,796

20,72320,70720,63620,530

20,42420,51820,77620,784

6,727

7,9327,7097,554

7,8157,7447,7457,6317,612

7,508

7,4747,5107,6627,670

12,425

13,37313,27913,095

13,35713,30513,30613,24113,184

13,13013,13613,09213,022

12,95013,00813,11413,114

245

207

206264312474537

597559455654

533559723

185

174289428

181204249370443

429404351529

439404438536

60

3369138

25606310494

16815510412

132129121187

1,097

940,111

1,161

1,0721,062104,160,158

110128

1,1761,231

1,272,176

1,2181,298

837

739888930

861856888924912

890910939979

1,011950983

1,043

260

201223231

211206216236246

220218237252

261226235255

123

10210493

11610310310293

91939493

9392102103

607

559565567

561560567568567

568568568566

562559552

215215212

214215216215213

213214213209

209208199205

344350355

347345351353354

35535435535

353351353349

5,452

5,6465,6695,682

5,6575,6585,6775,6795,674

5,6755,6845,6785,690

5,6865,6965,7035,722

466

470464445

469470465462453

450449441440

431432428425

4,986

5,1765,2055,237

5,1885,1885,2125,2175.221

5,2255,2355,2375,250

5,2555,2645,2755,297

582466457

540550399404438

380480504463

382420618

428294272

419343197267243

238301300250

225276295303

154172185

121207202137195

142179204213

157144323324

5,934

6,0136,0316,115

6,0216,0276,0156,0366,056

6,0646,0756,1356,187

6,1956,2366,2816,305

1,333

,329.319,335

,317,312,322320,325

1,3251,3231,3441,348

1,3381,3391,3471,348

4,601

4,6844,7124,780

4,704

37,005

38,87138.36638,661

38,31638,19338,42938,33038,563

38,50938,48538,66938,983

39,09139,27739.74339, J

9,921

9,8499.6169,745

9,6789,6399,5669,4839,715

9,6429,6259,701

10,013

9,9809,999

10,12410,215

27,084

29,02228,75028,916

28,63828,554

693 28,8634,716 28,847

28,848

4,7154,

4,731

4,7394,7524,7914,839 28

28,86728,86028,968

,970

4,8574,897

4,957

29,11129.278

,61929,633

30,485

31.87331 ,21731,520

31,16331,00631,24431,21631,456

31,38931,39731,57731,719

31,90332,06032,40732,488

8,083

7,7527,4687,665

7,4937,4547,3807,3897,626

7.5717,5767,6607,856

7,8927,8917,9418,033

22,402

24,12123,74923,85=

23,67023,55223,86423,82723,830

23,81823,82123,91723,;

24,01124,16924,46624,455

1,764

3,9883,4573,454

3,4153,2893,5233,4353,624

3,4163,3853,4733,544

3,6813,8564,0204,057

493

1,077867945

884842803796

1,010

862887950

1,083

1,0541,0381,0751,140

1,271

2,9112,5902 ,509

2,5312,4472,7202,6392,614

2,5542,4982,5232,461

2,6272,81?2,94.'2,917

3,6963,6233,724

3,6113,5673,6113,6403,684

3,7333,7113,7253,728

3,6953,6923,7063,664

646630656

633634632620631

688660648629

621638632632

3,0502,9933,068

2,9782,9332,9793,0203,053

3,04 =3,0513,0773,099

3,0743,0543,0743,032

8,124

5,939.,899.,900

5,9175,9105,8965,9005,874

5,9045,9125,9275,923

5,9435,9485,9375,941

1,682

1,3641,3651,366

1,3561,3681,3671,3741,363

1,368,371,370,374

,377,371,352,355

6,442

4,5754,5344,534

4,5614,5424,5294,5264,511

4,5364,5414,5574,549

4,5664,5774,5854,586

20,597 6,520

18,250 618,238 '18,442

,9987,1497,141

18,220 718,240 718,21418,24118,274

153187185

7,1147,107

18,336 718,38918,45218,,524 7

,1207,0887,092,264

18,58418,564 718,74418,826

7,188,217

7,3367,360

5,908

4,6654,6064, 698 2

1,838

2,0972,148

,080

4,6204,610 24,5784,5994,622

2,185,185

2,1862,0942,089

4,6534,6584,6924,770

2,0712,0492,0412,157

840 2,0882,1082,1832,182

4,8444,8824,906

14,689

13,58513,63213,744

13,60013,63013,63613,64213,652

13,68313,73113,76013,754

13,74413,72013,86213,920

4,682

4,9015,0015,061

4,9685,0024,9995,0205,018

5,0495,0395,0515,107

5,1005,1095,1535,178

1 Figures for various loan items are shown gross (i. c , before deduction of valuation reserves); they do not add to the total, which is shown net.8 Includes guaranteed obligations.



WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE— Continued

RESERVES AND LIABILITIES

[Monthly data are averages of Wednesday figures. In millions of dollars]

Date or mont

Re-serveswithFed-eralRe-

serveBanks

Cashin

vault

Bal-anceswithdo-

mesticbanks

De-mand

de-posits

ad-justed*

Demand deposits,except interbank

Indi-vid-uals,part-ner-

ships,andcor-

pora-tions

Statesand

polit-icalsub-divi-sions

Certi-fiedandOffi-cers'

checks,etc.

U. S.Gov-ern-ment

Time deposits,except interbank

Indi-vid-uals,part-ner-

ships,andcor-

pora-tions

Statesand

polit-icalsub-divi-sions

U. S.Gov-ern-mentand

PostalSav-ings

Interbankdeposits

Demand

Do-mes-

ticFor-eign

Time

Bor-row-ings

Cap-italac-

counts

Bankdeb-i ts 4

Total—Leading Cities

1951—May

1952-March. . .AprilMay. . . .

Apr. 2 . . .Apr. 9 . . .Apr. 16. . .Apr. 2 3 . . .Apr. 30 . . .

May 7 . . .May 14.. .May 2 1 . . .May 28 . . .

June 4 . . .June 1 1 . . .June 18. . .June 25 . . .

New York City

1951—May

1952—MarchAprilMayApr. 2 . . .Apr. 9 . . .Apr. 16. . .Apr. 2 3 . . .Apr. 30 . . .

May 7 . . .May 14. . .May 2 1 . . .May 28 . . .

June 4 . . .Tune 1 1 . . .June 18. . .June 25 . . .

OutsideNew York City

1951—May

1952—MarchAprilMay

Apr. 2 . . .Apr. 9 . . .Apr. 16. . .Apr. 2 3 . . .Apr. 30 . . .

May 7 . . .May 14. . .May 2 1 . . .May 28 . . .

June 4 . . .Tune 1 1 . . .Tune 18. . .June 25 . . .

13,864

14,89914,64614,767

14,47514,40114,91814,70114,735

14,78414,70914,95214,624

14,69114,69115,80914,806

4,949

5,3895,2095,358

5,0324,9995,3805,3335,300

5,3185,3145,4535,347

5,4255,2185,9235,330

8,915

9,5109,439,409

9,4439,4029,5389,3689,435

9,4669,3959,4999,277

9,2669,4739,8869,476

832

873855891

819875866873845

850910864940

937990942977

127

133131142

127137131132127

132139129166

193212184197

740724749

692738735741718

71877173 <774

744778758780

2,223

2,5572.4092,317

2,6522,3562,5012,2542,281

2,2452,4372,2912,296

2,3042,3632,5322,350

31

486433

19727343132

263538

2,192

49,797

52,73351,72312,218

51,16251,17651,82352,15352,303

51,88751,95552,17052,863

52,51653,20253,92452,870

16,28615,87516,060

15,90315,60515,74316,03216,090

15,91015,87416,04816,411

16,24016,40916,99616,370

34,362

509 36,44735,84836,158

2,2,3452,284

2,4552,3292,4672,223

35,35,57136,08036,121

2,249 36,213

2,2192,4022,2532,264

2,2712,3342,4972,314

35,97736,08136,12236,452

36,27636,79336,92836,500

50,304

!3,695S2.49452,737

51,7291,602

53,5612,664

52,913

51,79853,22252,77553,152

53,22754,36855,33453,285

17,11916,70216,764

16,68616,26616,79716,77916,982

16,42216,74916,80917,077

16,97417,26817,93717,071

34,088

36,57635,79235,973

,04335,33636,76435,88535,931

35,37636,47335,96636,075

36,25337,10C37,39736,214

3,801

3,4523,7613,954

3,7103,5893,6713,7674,070

4,0143,9103,8714,021

3,8093,6003,5703,812

238323352

302317299312385

373330303403

289265234250

3,508

3,2143,4383,602

3,4083,2723,3723,4553,685

3,6413,5803,5683,618

3.52C3,3353,3363 ,562

1,300

1,5061.5961,571

1,5331,4181,5141,8601,656

1,4321,3651,7551,735

1,5161,3722,0441 ,984

581

704796825

675663712

1,075853

689606

1.027979

733615

1,1311,127

802800746

858755802785803

743759728756

783757913857

2,9213,2452,998

3,6663,3453,1372,8933,184

2,7052,9283,4412,917

2,6912,2583,2024,429

1,0801,0181,065

1,2351,042943871

1,001

9041,1261,2291,000

938743808

1,507

2,367

1,8412,2271,933

2,4312,3032,1942,0222,183

1,8011,8022,2121,917

1,7531,5152,3942,922

14,483

15,38515,41415,501

15,38515,40515,41315,42115,444

15,47215,47015,50815,554

15,58315,60815,63415,681

1,476

1,5561,5561,579

1,5711,5531,5481,5451,565

,556,560,579,619

,604,615,630,639

13,007

13,82913,85813,922

13,81413,85213,86513,87613,879

13,91613,91013,92913,935

13,97913,99314,00414,042

757765775

764766765763767

763779777780

774770770762

730739750

737739737739743

738754752755

74974874874C

130

170170174

169170172171172

173171175175

174176175178

122121125

121121123122123

124122126126

124123125

8,931

10,2749.8389,552

10,38010,00510,1369,3379,334

9,7089,9019,4219,179

9,6249,770

10,2629,641

2,704

2,776

2,9972,9402,9252,7342,803

2,7952,8192,7472,741

2,7532,7603,0372,871

6,227

7,2786,9586,776

7,3837,0657,2116,6036,531

6,9137,0826,6746,438

6,8717,0107,2256,770

1,344

,229,246,242

,232,263,241,249,243

1,2211,2031,2651,281

1,2771,2451,2431,265

1,111

1,0231,0301,033

1,0111,0501,0231,0331,031

1,005995

1,0551,076

1,0621,0281,0211,046

233

206216209

221213218216212

216208210205

215217222219

415423426

430425420417421

423425

454457454

261

315319320

326321317314316

317317319329

334342344341

640

681762991

464568848

1,059869

1,210949792

1,014

1,0841,0511,056711

317

203315372

69241483434350

536337214400

600464535285

100104106

104104103103105

104106106106

108112113113

323

478447619

395327365625519

674612578614

484587521426

6,623

6,9086,9486,996

6,9356,9426,9396,9476,975

6,9976,9916,9907,005

7,0177,0157,0137,021

2,330

2,3942,4032,411

2,4002,4012,4022,4022,411

2,4122,4122,4132,407

2,411

2,404

4,293

4,5144,5454,585

4,5354,5414,5374,5454,564

4,5854,5794,5774,598

4,6064,6064,6084,617

110,650

124,758119,934121,315

30,68225,74727,36428,32528,271

28,22426,12129,68827,444

24,59525,69333,11429,379

42,272

50.21349,74549,830

12,63710,74511,31311,80411,671

11,81310,42511,91311,476

10,50710,38914,31412,282

68,378

74,54570,18971,485

18,04515,00216,05116,52116,600

16,41115,69617,77515,968

14,08815,30418,80017,097

basis

3 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.4 Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts.Back figures.—For description of revision beginning July 3, 1946, see BULLETIN for June 1947, p. 692, and for back figures on the revised

s, see BULLETIN for July 1947, pp. 878-883; for old series, see Banking and Monetary Statistics, pp. 127-227.

JULY 1952 797


CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF A SAMPLE OF WEEKLY REPORTING MEMBER BANKSBY INDUSTRY AND PURPOSE'

[Net declines, (—). In millions of dollars]

Period *

1951—April-June..Ju ly -Dec . . .

1952—Jan.-June...

Monthly:1952—March

AprilJvlayJune

Week ending:Apr. 2 . . . .Apr. 9 . . . .Apr. 1 6 . . . .Apr. 2 3 . . . .Apr. 3 0 . . . .

May 7 . . . .May 14May 2 1 . . . .May 2 8 . . . .

June 4 . . . .June 11June 18'.'.'.!June 2 5 . . . .

Business of borrower

Food,liquor,

andtobacco

- 2 4 3932

- 8 6 8

- 1 9 1- 2 9 5—116- 3 5

- 9 6- 2 3- 6 0- 5 3- 6 4

- 3 1—28- 4 4- 1 3

- 3 7— 724

- 1 4

Manufacturing and mining

Textiles,apparel

andleather

116- 3 6 1

- 7 3

8- 3 5— 57

2

13A

- 1 8- 1 7

- 3— 7

- 2 4- 2 3

4—3

5o

Metalsand

metalproducts

(incl.machin-ery andtrans.

equip.)

275873

1,111

288412993

5- 1 3

57- 4- 4

101013

- 4

- 3 2625310

Petro-leum,coal,

chemicaland

rubber

48125

176

49- 2 6—34

44

- 2 77

15- 3 2

12

- 4116

- 4 6

- 81643

—7

Other

60141

76

335

" " i 6 "

6- 1 0

19- 4- 7

22

- 1- 3

- 1 61717

- 1

Trade(whole-

saleand

retail)

6216

- 1 0 5

3620

—75

- 6- 221

- 18

7

- 4- 1 7

- 1 1129

- 5

Com-moditydealers

- 4 2 1722

- 6 3 4

- 1 1 9- 1 3 1— 118- 5 3

- 2 3- 2 9- 4 4- 1 0- 2 5

- 4 2- 2 3- 2 8- 2 6

- 2 7— 12- 1 2

2

Salesfinance

com-panies

6330

- 2 1 7

543

3570

7- 3 7

2156

11— 12

1521

15— 19

5717

Publicutilities

(incl.trans-porta-tion)

175351

- 2

55- 7 0

1959

- 4 3- 1 5

- 4- 1 5

8

- 2 3151017

- 1 3154313

Con-struc-tionand

other

52- 6 1

- 1 0

- 7- 1 2

2649

2- 7- 5

- 1 312

454

14

1810139

Netchangesclassi-

fied

1862,769

- 5 4 6

205- 4 9 9—223

249

- 1 7 3- 1 2 6

15- 1 4 4

- 7 1

- 6 9—20- 5 3- 8 1

- 1 0 890

25117

Purpose of loan 3

Defenseand de-fense-sup-

porting

3991,131

21418

- 1 8- 1 3

41- 2 9

38

Non-defense

- 5 61,641

- 9-517

-154-113

- 2 6-116-109

Netchangesclassi-fied

3432,773

205-499

-173-126

15-144

- 7 1

Comm'l,ind'l,andagr'l

change-total <

182,372

808

207-568—266

254

-192-123

2-179- 7 6

- 7 3- 1 6- 7 1

-106

-10694

2588

1 Sample includes about 220 weekly reporting member banks reporting changes in their larger loans as to industry and purpose; these bankshold nearly 95 per cent of total commercial and industrial loans of all weekly reporting member banks and about 70 per cent of those of all com-mercial banks. During April and May 1951 the coverage was smaller, and some banks were classifying only the new loans, and not repayments, asto purpose.

2 Monthly, quarterly, and semiannual figures are based on weekly changes during period.3 Purpose classification of loans discontinued after April 30, 1952.4 Net change at all banks in weekly reporting series.

O U T S T A N D I N G C O M M I T M E N T S OF LIFE INSURANCE COMPANIES TO A C Q U I R E LOANS AND I N V E S T M E N T SFOR DEFENSE AND N O N D E F E N S E PURPOSES *


End of month Total

4,5044,3314,1974,0553,7493,9284,0374,3944,175

4,1444,1014,0904,158

Defense and defense-supporting

Total

1,6871,6771,7601,7571,6421,7061,8672,1122,019

1,9832,1112,2112,181

Publicutility

383450446450409407395353310

302419508512

Rail-road

300298309297286236204192170

137158144158

Otherbusiness

andin-

dustry

1,005928

1,0051,011

9471,0631,2681,5671,539

1 ,5441,5341,5591,511

Nondefense

Total

2,7092,5642,3622,2212,0532,1632,1192,2382,111

2,1141,9371,8421,946

Tobusiness

andin-

dustry

963937831752744918945955

1,007

1,053969901980

To others, or

Farm

9988838080839698

107

99102

8885

I real estate mortgages

Nonfarm residential

Total

1,6481,5391,4471,3901,2291,1621,0781,186

997

962866852881

VAguaran-

teed

650577531484402365316276270

257222205200

FHAin-

sured

649619594566509490452437417

409346332352

Con-ven-

tional

349343322340317307310473311

295298315329

State,county,and mu-nicipal

1089176775459514444

46543731

1951—April 2May 2June 2 . . . .July 2August2 . .SeptemberOctober...NovemberDecember.

1952—January. .February.March. . .April

1 With suspension of the Voluntary Credit Restraint Program, coverage and classification of these data are being revised. Pending suchrevision, publication of the series is temporarily discontinued.

2 Excludes business mortgage loans ot less than $100,000 each and foreign investments, which were not reported until September.NOTE.—Data for 45 companies, which account for 85 per cent of the assets of all United States life insurance companies; they were initiated

by the Life Insurance Association of America in accordance with the Program for Voluntary Credit Restraint.



COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING


End of month

1951—AprilMayJuneJulyAugustSeptemberOctoberNovemberDecember


Commer-cial

paperout-

standing1

387364331336368377410435434

480517534544510

Dollar acceptances outstanding

Totalout-

standing

456417425380384375398437490

492493458422430

Held by

Accepting banks

Total

170143162135122118131154197

193188177150155

Ownbills

11910812010394858796

119

127121120110121

Billsbought

523542332833445879

6667574034

Others 2

285274263245262256267283293

300305282272275

Based on

Importsinto

UnitedStates

288259267225218210226227235

235234228211197

Exportsfrom

UnitedStates

111102104104109104106116133

135135138135136

Dollarex-

change

21

(3)(3)6345

23

2327

66

37

Goods stored in orshipped between

points in

UnitedStates

242222242527274655

5246362217

Foreigncountries

313331272631354344

4851514843

1 As reported by dealers; includes some finance company paper sold in open market.'None held by Federal Reserve Banks except on Mar. 31, 1951, and on Apr. 30, 1951, when their holdings were $1,996,000 and $178,000,

respectively. 8 Less than $500,000.Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427.

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

1943—June . . . .December...

1944—JuneDecember...







1951—JuneJulyAugust .SeptemberOctoberNovemberDecember...

1952—JanuaryFebruaryMârchAprilMay

Debit balances

Customers'debit

balances(net)i

761789887

1,0411,2231,138

809540552578619550681881

1,2561,356

1,27531 26681,26031,2908 1 2913 1 279

1,292

31 2893 1 2803 1 29331,31531,312

Debitbalances in

partners'investmentand trading

accounts

911

57

1112

75677

1055

129

10

12

Debitbalances in

firminvestmentand trading

accounts

190188253260333413399312333315326312419400386399

375

392

Cash onhand

and inbanks

167181196209220313370456395393332349280306314397

364

378

Credit balances

Moneyborrowed2

529557619726853795498218223240283257493523827745

6801 6728 6248 6408 6538 649

695

3 6333 6523 73438183 847

Customers'credit balances 1

Free

334354424472549654651694650612576586528633673890

8348 8258816»8438 8538 805

816

3 8098 7903 7563 7563 725

Other(net)

66659596

121112120120162176145112129159166230

225

259

Other credit balances

In partners'investmentand trading

accounts

15141518142924302423202820262536

26

42

In firminvestmentand trading

accounts

75

118

131317109

1511

59

151112

13

11

In capitalaccounts

(net)

212198216227264299314290271273291278260271312317

319

314

1 Excludes balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2)of firms' own partners.

2 Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).8 As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances

secured by U. S. Government securities was (in millions of dollars): March, 39; April, 38; May, 33.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, Table 143, pp. 501-502, for monthly figures prior to 1942, and Table 144, p. 503, for datain detail at semiannual dates prior to 1942.

JULY 1952 799


OPEN-MARKET MONEY RATES IN NEW YORK CITY[Per cent per annum]

Year,month, or

week

1949 average1950 average1951 average

1951—JuneJulyAugus t . . . .September.October. . .November.December..

1952—January...February. .MarchAprilMayJune

Week ending:May 3 1 . . . .June 7 . . . .Tune 14 . . . .June 2 1 . . . .June 28

Primecom-

mercialpaper,4- to 6-months1

1.481.452.17

2.312.312.262.192.212.252.31

2.382.382.382.352.312.31

2.312.312.312.312.31

Primebank-

ers'accept-ances,

90days l

1.121.151.60

1.631.631.631.631.631.631.69

1.751.751.751.751.751.75

1.751 .751.751 .751.75

U. S. Governmentsecurities (taxable)

3-month bills

Marketyield

1 .08.20.52

.45

.561.62L .63L .54L .56L.73

1.57L .54L .59

.571.671.70

.701.73

.71L .58L .74

Rateon newissues

1.1021.2181.552

1.4991.5931.6441.6461.6081.6081.731

1.6881.5741.6581.6231.7101 .700

1.7281 .7371.7531.6261.682

9-to 12-monthissues 2

1

1

.14

.26

.73

.79L .74L .70.71

L.74L .68L.77

.75L .70L .69.60.66.74

.67L . 69

.72

.74

.81

3- to 5-year

issues 3

.43L.50L.93

1.00L .94L .89L.932.002.01>.O9

1.082.071.02L.93.95

2.04

L.97.99

>.021.052.09

1 Monthly figures are averages of weekly prevailing rates.2 Series includes certificates of indebtedness and selected note and

bond issues.3 Series 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:

1942194319441945194619471948194919501951

Ouarterlv:19 cities:

19=51—.septDec

1952—Mar..June

New York City:1951—Sept

Dec

1952—MarJune

7 Northern and East-ern cities:

1951—SeptDec

1952—Mar..June

11 Soutliern andWestern cities:

1951—SeptDec

1952—MarJune. .

Allloans

2 .22 . 62 . 42 .22 . 12 .12 . 52 . 72 . 73 .1

3 063.273.453.51

2.793.013.233.27

3 .063 ?33.473.46

3.473.673.793.90

Size of loan

$1,000-$10,000

4 . 44 . 44 . 34 . 34 . 24 . 24 . 44 . 64 . 54 . 7

4.744.784.854.90

4.354.374.434.53

4.814.814.914.90

4.894.955.015 .05

$10,000-$100,000

3 .23 . 43 . 33 .23 . 13 . 13 . 53 . 73 . 64 . 0

3 .994.054.164.21

3.723.913.974.03

3.974.044.164.17

4.174.154.284.33

$100,000-$200,000

2 .22 . 52 . 62 . 32 .22 . 52 . 83 . 03 . 03 . 4

3.363.493.663.72

3.183.343.483.55

3.243 .463.673.71

3.553.623 .793 .86

$200,000and over

2 . 02 . 42 22 . 01 .71.82 .22 . 42 . 42 . 9

2 783.033.243.29

2.642.873.113.14

2.823 033 293.27

3.043.353.463 .63

NOTE.—For description of series see BULLETIN for March 1949,pp. 228-237.

BOND YIELDS 1


Year, month, or week

Number of issues

1949 average1950 average1951 average . .

1951—j u n e

July . . . .AugustSeptemberOctoberNovemberDecember . . . .

1952—January . .FebruaryMarchAprilMayJune

Week ending:May 31June 7Tune 14June 21June 28

U. S.Govern-

ment(long-term)2

1-8

2 312.322.57

2.652 632.572 562.612.662 70

2 742.712 702 642.572.61

2.602.622 612.612.62

Munic-ipal

(high-grade)3

15

2 211.982.00

2.222 182 042 052.082.072 10

2 102.042 072 012.052.10

2.072.082 102.112.12

Corpo-rate

(high-grade)4

9

2 652 602 86

2.952 932 862 852 922.983 03

2 962 892 962.922.932.95

2.952.952 952.952 .96

Total

120

2 962 863.08

3 163 173.123 083.133.203 25

3 243 183 193 163.163.17

3.163.163 163.173.17

Corporate ^Moody's)

By ratings

Aaa

30

2 662.622 86

2 942 94Z. OO

2 842.892 963 01

2 982 932 962 932.932.94

2.932.932 932.942 .93

Aa

30

2 752.692.91

2 992 992 922 882 933 023 06

3 053 013 033 013.003.03

3.013.023 023 .033 .03

A

30

3.002.893 13

3 213 233.183 153 183.263 31

3 323 253 243.203.203.20

3.203.203 203.203.20

Baa

30

3.423 243 41

3.493 533.513.463.503.563 61

3 593 533 513.503.493.50

3.493.503 503.513.50

i

Indus-trial

40

2 742.672.89

2 962 972 922 892.932.973 00

3 002 972 992 972.972.98

2 .982.982 982.992.98

3y groups

Rail-road

40

3 243 103.26

3 333 363.313 273 313 423 50

3 483 383 363 323.312.32

3.313.313 323 .333.33

Publicutility

40

2 902.823.09

3.183 193.133 093.143.213 24

3 233.193 213 193.193.20

3.193.193 193.193.19

1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on figures for Wednesday.2 Beginning Apr. 1, 1952, series includes all fully taxable, marketable bonds due or first callable after 12 years. Prior to that date, only bonds

due or first callable after 15 years were included.3 Standard and Poor's Corporation. 4 U. 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.Back figures.—See Bankinz and Monetary Statistics, Tables 128-129, pp. 468-474, and BULLETIN for May 1945. pp. 483-490, and October

1947, pp. 1251-1253.



Year, month,or week

Number of issues

1949 average. . .1950 average. . .1951 average.. .

1951—June. . . .JulyAugSeptOctNovDec

1952—JanFebMarAprMay. . . .June

Week ending:May 31. .June 7 . .Tune 14. .Tune 21. .June 28. .

Bond prices

U. S.Gov-ern-

ment2

1-8

102.73102.5398.85

97.6297.9398.9099.1098.2297.5296.85

96.2796.7796.8797.9598.9198.32

98.5598.2998.3398.3998.29

Mun-icipal(high-

grade)1

15

128.9133.4133.0

128.6129.4132.1132.0131.3131.6130.9

130.8132.1131.5132.7131.9130.9

131 .5131.3130.9130.7130.5

Cor-po-rate(high-

grade)1

17

121.0122.0117.7

116.6116.2117.1118.0116.9115.3114.8

115.5116.5115.9116.2116.3116.2

116.1116.1116.1116.2116.2

SECURITY MARKETS

Stock prices

Pre-ferred*

15

176.4181.8170.4

167.9166.7169.4168.5167.0165.4163.7

164.1165.9168.3172.2173.4173.3

173.5173.4173.4173.8172.4

Common

Standard and Poor's series(index, 1935-39=100)

Total

416

121146177

172173182187185178183

187183185184184188

184185187188190

In-dus-trial

365

128156192

187188198205202193199

204199201199199204

200200204205207

Rail-road

20

97117149

142139147153155144151

155155161165167174

169173174174175

Pub-lic

utility

31

98107112

110112114116115115116

117118118117117116

117117116116116

Securities and Exchange Commission series(index, 1939=100)

Total

265

128154185

179182190195191185190

195193193191190196

191194195196198

Manufacturing

Total

170

132166207

200204215220216208215

222218216215214222

215219221222224

Dur-able

98

116150178

169170179185185178182

185183182181182187

182186185188190

Non-dur-able

72

147180233

229236249253244235245

255251248245243253

246250253254256

Trans-porta-tion

21

139160199

188188196204203194204

211209214217216225

218224224224227

Pub-lic

util-ity

28

98107113

110111114115114114115

116117117116117117

117118116117117

Trade,fin-

ance,and

serv-ice

32

161184208

201202206215214208209

209206203203201204

201202203203206

Min-ing

14

129144205

186195219231244239238

246258295298283291

283286294290292

Vol-ume

oftrad-ing5

(inthou-sands

ofshares)

1

:

1

11

,037»,012,684

1,3051,3331,463L9161,8021,2461,367

1,5741,3201,283L ,282,044,215

L ,0251,2531,2351,1341,205

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.

2 Beginning 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.

8 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. 5 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.

NEW SECURITY ISSUES[In millions of dollars]

Year or month

194319441945194619471948194919501951

1951—MayJ u n e . . . .July.AugSeptOctJ OYD e c

19 52—JanFebMarApr

Total(newandre-

fund-ing)

2,1694,2168,0068,645

3 9,69110,2209,753

•U0,900a 12,267

1,1711,391

946677

31,0751,2921,0061,053

1,232852

1 ,0901,551

For new capita

Total(do-

mesticandfor-

eign)

642913

1,7724,645

3 7,5669,0858,1608,214

310,014

9511,162

820485

3 881970866842

930694

1 ,0031,249

Total

640896

1,7614,6357,2559,0768,1318,1039,617

8711,142

812451731945866838

926667994

1,237

Stateandmii-nici-pal

176235471952

2,2282 ,6042 ,8033,3703,084

407280319151265368297276

349285144452

Domestic

Fed-eral

agen-cies i

901526

127239294233394469

6089

8

40107

39<363880

Corporate

Total

374646

1,2643,5564,787

4 6,1775 ,0954,3396,064

404774485300427470569562

538346812704

Bondsand

notes

282422607

2,0843,567

4 5,2694,1253,1384,459

314627334199370272371361

437200619535

Stocks

92224657

1,4721,219

908971

1,2001,605

89146151101

56198197201

101146192170

For-eign2

2171210681029

111246

8020

8345026

4

427

912

Total(do-

mesticandfor-

eign)

1,5273,3036,2344,0002,1251,1351,59332,6862,253

220229126192194322140211

302158

87303

Total

1,4423,2886,1733,8951 ,9481,1351 ,4922 ,4632,216

220229126192194322140205

302158

81299

For

Stateandmu-nici-pal

259404324208

4482

104112

92

43214

184

19

221842

refund ng

Domestic

Fed-eral

agen-cies 1

497418912734422768943992

1,597

198137

93172170288

89102

717663

257

Corporate

Total

6852,4664,9372,9531,482

284445

1 ,360527

1889312020164783

10741340

Bondsand

notes

6032,1784,2812,3521,199

257393

1,301394

1282312014142383

7731336

Stocks

82288656601283

285258

133

67

62

24

31

4'

For-eign2

861561

105177

ioi12337

6

" 64

c Corrected.1 Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury.2 Includes issues of noncontiguous U. S. Territories and Possessions.3 These figures for 1947, 1950, 1951, and September 1951 include 244 million dollars, 100 million, 150 million, and 100 million, respectively,

of issues of the International Bank for Reconstruction and Development.4 Includes the Shell Caribbean Petroleum Company issue of 250 million dollars, classified as "foreign" by the Chronicle.Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures

subject to revision. Back figures.—See Banking and Monetary Statistics, Table 137, p. 487.

JULY 1952 801


NEW CORPORATE SECURITY ISSUES *

PROPOSED USES OF PROCEEDS, ALL ISSUERS


Year or month

19381939194019411942194319441945194619471948194919501951

1951—MayJ u n e . . . . . . .J u lyAugust.SeptemberOctoberNovemberDecember

1952—JanuaryFebruary . .March.April . .May

Estimatedgross

proceeds 2

2,1552,1642,6772,6671,0621,1703,2026,0116,9006,5777,0786,0526,3617,741

670861531508390655673871

605478972805947

Estimatednet

proceeds 3

2,1102,1152,6152,6231,0431,1473,1425,9026,7576,4666,9595,9596,2617,607

661847521500381639660856

595469954789929

Proposed uses of net proceeds

New money

Total

681325569868474308657

1,0803,2794,5915,9294,6064,0066,531

587714469436343548570771

559413875688755

Plant andequipment

504170424661287141252638

2,1153,4094,2213,7242,9665,110

433471350342286404488682

487278655490617

Workingcapital

177155145207187167405442

1,1641,1821,708

8821,0411,421

153242119

9458

1448390

72134221197139

Retirement of securities

Total

1,2061,6951,8541,583

396739

2,3894,5552,8681,352

307401

1,271486

3763302418124345

8361516

136

Bonds andnotes

1,1191,6371,7261,483

366667

2,0384,1172,3921,155

240360

1,149391

2854262118104242

8351513

136

Preferredstock

8759

1281003072

351438476196

6741

12296

9933

212

1

3

Repaymentof

other debt

21569

1741441387349

134379356488637620363

1458182715532911

1513456435

Otherpurposes

7261928352747

133231168234315364226

2412

5145

261829

137

1922

3

PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS *


Year ormonth

19381939194019411942194319441945194619471948194919501951



Manufacturing 5

Totalnetpro-

ceeds9

831584961828527497

1,0331,9693,6012,6862,1801,3911,1753,066

339384154230156306214480

349285366244503

Newmoney

469188167244293228454811

2,2011,9741,726

851688

2,617

307336124198142263180428

331238336226448

Retire-ments 10

226353738463

89199504

1,010981353

5444

149221

619171713102126

•••• —

45

45

Commercial andmiscellaneous 8

Totalnetpro-

ceeds9

"403"338538518

5652362228404639

2913614713

Newmoney

"364"229262337

4237211619262228

219

463011

Retire-ments 10

2i286356

145

1233

2

1251

Railroad

Totalnetpro-

ceeds9

54182319361

47160602

1,436704283617456548332

1426189

30187622

17291234

123

Newmoney

2485

1152533246

102115129240546441301297

1426189

30166122

1729123431

Retire-ments 10

3097

186108

15114500

1,320571

355611

19334

115

81

Public utility 7

Totalnetpro-

ceeds9

1,2081,2461,1801,340

464469

1,4002,2912,1293,2122,2812 6152,8662,570

200259188209145197273266

184125490376243

Newmoney

18043

245317145224069

7852,1881,9982,1401,9712,317

194242186198133179260251

177122461313221

Retire-ments 10

9431,157

922993292423

1,3432,1591,252

939145234685104

23142

614

63688

Communication 8

Totalnetpro-

ceeds9

891567395605

33

5138

153725

236

4322

Newmoney

870505304594

32

5138

153724

236

4022

Retire-ments 10

249815

Real estateand financial

Totalnetpro-

ceeds9

16102155944

21107206323286587593739515

48124742714621423

1413204625

Newmoney

89

42554

136185

164189485440480368

2772701211481118

1112154421

Retire-ments 10

788

918

4426564243035

10066

1536

2

1

3

1 Estimates of new issues sold for cash in the United States.2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price.3 Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i. e., compensation to underwriters, agents, etc., and

expenses. 4 Classifications for years 1938-47 are not precisely comparable with those beginning 1948, but they are believed to be sufficientlysimilar for broad comparisons. See also footnotes 5 through 8.

5 Prior to 1948 this group corresponds to that designated "industrial" in the old classification. 6 Included in "Manufacturing" prior to 1948.7 Includes "Other transportation" for which separate figures are available beginning in 1948. 8 Included in "Public utility" prior to 1948.9 Includes issues for repayment of other debt and for other purposes not shown separately. 10 Retirement of securities only.Source.—Securities and Exchange Commission; for compilation of back figures, see Banking and Monetary Statistics, Table 138, p. 491, a

publication of the Board of Governors.



Year or quarter

Annual1939194019411942194319441945194619471948194919501951

1950—1234

1951—1234

1952—1.

Quarterly

SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS

MANUFACTURING CORPORATIONS


Assets of 10 million dollars and over(200 corporations)

Sales

10,62113,04118,34221,84128,31230,42126,60021,37230,86937,00836,73844,11851,067

9,26310,69511,84712,313

12,71113,04712,29713,013

12,797

Profitsbeforetaxes

1,2121,8483,1653,4083,6933,5382,4292,0384,1045,3175,0387,8938,557

1,4001,8212,1902,482

2,2382,2191 ,9642,137

1 ,942

Profitsaftertaxes

9991,2771,5231,2241,2631,2581,1321,2052,5243,3123,1014,0553,411

7911,0381,240

987

878839762932

756

Divi-dends

725859951763779851864946

1,1701,4041,6602,2401,986

387395583875

469475475567

482

Assets of 50 million dollars and over(81 corporations)

Sales

9,00811,13815,69118,54424,16025,85122,27817,41525,68631,23831,57837,83143,389

7,9359,21310,15610,527

10,81111,07910,44311,055

10,847

Profitsbeforetaxes

1,0711,6382,7782,8763,1112,9821,9761,5733,4234,5934,5066,9927,492

1,2531,6291,9282,182

1,9511,9281,7161,897

1,717

Profitsaftertaxes

8831,1271,3291,0561,0971,091

964932

2,1052,8602,7683,5662,975

705926

1,090846

765724658827

668

Divi-dends

656772854672688755764804

1,0001,2101,4742,0131,754

347347534785

420421422490

430

Assets of 10-50 million dollars(119 corporations)

Sales

1,6131,9032,6513,2974,1524,5504,3223,9565,1835,7705,1606,2877,678

1,3281,4821,6911,786

1,8991 ,9681,8541,957

1 ,951

Profitsbeforetaxes

141211387532582557453465681723531902

1,066

147192262300

287291248240

225

Profitsaftertaxes

116149194168167167168274420452332489436

86112150141

113115103105

Divi-dends

698696919196

100142170194186228232

41485089

48545377

PUBLIC UTILITY CORPORATIONS

fin millions of dollars]

Year or quarter

Annual1939.19401941 . . .19421943 ,1944194519461947 .194819491QSO . .1951 . . . . . .

Quarterly1950—i

234

1Q51—i234

1952—1

Railroad

Operat-ing

revenue

3,9954,2975,3477,4669,0559,4378 9027,6288 6859,6728 5809,473

10,391

1,9852,2382,5342,715

2,4402,5962,5832,772

2,587

Profitsbeforetaxes

126249674

1,6582,2111,972

756271777

1.148700

1,3841,260

114243454574

229275250505

'295

Profitsaftertaxes

93189500902873667450287479699438783693

2 562 1522 2582 318

2 1042 1462 1242 320

1 4 1

Divi-dends

126159186202217246246235236?8Q252312328

615355

142

1016353

111

' •SO

Operat-ing

revenue

2,6472,7973,0293,2163,4643,6153.6813,8154/2914,8305.0555 4315,867

1.3781,3221.3171,415

1,504.419

1,4231,521

1,603

Electric

Profitsbeforetaxes

629692774847913902905964954983

1,1291,3031 ,480

351321293339

413344320403

498

power

Profitsaftertaxes

53554852749050250?534638643657757824818

2 230221221712 211

2 2292 1952 1682 226

257

Divi-dends

444447437408410398407458494493553619661

146153152168

157161162181

172

Operat-ing

revenue

1,1371,2061,3341,5081,6911,8151,9792,1482,2832,6942,9673,3423,729

787821853881

904918931976

993

Telephone

Profitsbeforetaxea

2312572973644204514333132152«2333580691

116137158169

175174160182

194

Profitsaftertaxes

189193187168176168174209138186207331341

2 7 |2 842 842 Q2

2 902 922 722 86

93

Divi-dends

16416716215115C-1551621681311782132 76318

62677076

7?798181

85

r R e v i s e d .1 Certain tax accruals for the first six months of 1950 and 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. Available information does not permita similar redistribution of accruals charged against fourth quarter 1950 profits to cover 1950 liability for excess profits taxes.

2 As reported.NOTE.—Manufacturing corporations. Data are from published company reports, except sales for period beginning 1946, which are from

reports of the Securities and Exchange Commission. For certain items, data for years 1939-44 are partly estimated. Assets are total assetsas of the end of 1946.

Railroads. Figures are for Class I line-haul railroads (which account for 95 per cent of all railroad operations) and are obtained from reportsof 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 areobtained 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).

JULY 1952 '803


SALES, PROFITS, AND DIVIDENDS OF LARGE MANUFACTURING CORPORATIONS, BY INDUSTRY


Industry

Annual

1949 1950 1951

Quarterly

1951 i 1952

Nondurable goods industries

Total (94 corps.):*SalesProfits before taxesProfits after taxesDividends

Selected industries:Foods and kindred products (28 corps.):

SalesProfits before taxesProfits after taxesDividends

Chemical and allied products (26 corps.):SalesProfits before taxesProfits after taxesDividends

Petroleum refining (14 corps.):SalesProfits before taxesProfits after taxesDividends

Durable goods industries

Total (106 corps.):'SalesProfits before taxesProfits after taxesDividends

Selected industries:Primary metals and products (39 corps.):

SalesProfits before taxesProfits after taxesDividends

Machinery (27 corps.):SalesProfits before taxesProfits after taxesDividends

Automobiles and equipment (15 corps.):SalesProfits before taxesProfits after taxesDividends

12,8531,8471,213

710

3,323379235135

3,557675404312

3,865525406172

23,8853,1911,887950

8,187993578285

4,353519320138

9,5771,473861451

14,7772,7021,513889

3,492469257143

4,4471,110560438

4,234650442205

29,3415,1922,5421,351

10,4461,700854377

5,058847424208

11,8052,3051,087671

17,3713,1841,411845

3,873407199140

5,4331,384484355

4,999861516231

33,6965,3742,0001,141

12,5012,092

775380

4,604998367191

12,4381,915704479

3,265505301167

771834831

95020611373

9601218642

5,998895489221

2,20029816566

1,1001447949

2,28339821390

3,469582350175

8281015834

1,04824713879

9891339642

7,2261,239688210

2,56240022373

1,1961689337

2,97559532891

3,958785467213

9801598934

1,188313179113

1,11318713044

7,8891,405773370

2,71845525380

1,26919410738

3,355656357232

4,085830395334

9131266245

1,260345131174

1,17220913078

8,2281,653592541

2,965547214157

1,49334114584

3,192655189258

4,349855368199

1,0251246131

1,33836512884

1,20421712357

8,3621,382510270

3,044525188

1,4802509043

3,268513194122

4,288814342202

901864035

1,37736512085

1,20420311855

8,7591,405497273

3,19855719385

1,5632378247

3,331508183119

4,294773334203

942934632

1,35134211187

1,24621812755

8,0031,191428273

3,03449217686

1,4342107348

2,899405142119

4,441741368242

10041045242

1,367312125100

1,34522214864

8,5721,396565325

3,226519217120

1,69030112354

2,939488185119

4,355709312210

962884132

1,37331810887

1,31820412664

8,4431,234445273

3,090425162

1,5902328149

3,035503170116

1 Certain tax accruals for the first six months of 1950 and 1951, required by subsequent increases in Federal income tax rates and chargedby many companies against third quarter profits, have been redistributed to the first and second quarters. Available information does not permita similar redistribution of accruals charged against fourth quarter 1950 profits to cover 1950 liability for excess profits taxes.

a Total includes 26 companies in nondurable goods groups not shown separately, as follows: textile mill products (10); paper and allied products(15); and miscellaneous (1).

8 Total includes 25 companies in durable goods groups not shown separately, as follows: building materials (12); transportation equipmentether than automobile (6); and miscellaneous (7).

CORPORATE PROFITS, TAXES, AND DIVIDENDS(Estimates of the Department of Commerce. Quarterly data at seasonally adjusted annual rates)


Year

194019411942 . . .194319441945194619471948194919501951

Profitsbeforetaxes

9.317.221.125.124.319.723.530.533.8

••27.1»-39.6'42.9

Incometaxes

2.97.8

11.714.413.511.29.6

11.913.0

'10.81 8 . 4'24.2

Profitsaftertaxes

6.49.49.4

10.610.88.5

13.918.520.7

1 6 . 3'21.218 .7

Cashdivi-

dends

4.04.54.34.54.74.75.86.67.3

»7.5'9.0'9.0

Undis-tributedprofits

2.44.95.16.26.13.88.1

12.013.6'8.8

12 .2'9.7

Quarter

1950—234

1951—1234

1952—1 i2i

Profitsbeforetaxes

'35.5'44.3'48.4

'50.1'43.3'38.6'39.5

'42.040.5

Incometaxes

16.5'20.6'22.5

'28.4'24.5'21.8'22.2

'24.223.3

Profitsaftertaxes

19.0'23.7'26.0

'21.718.816.917.3

17.817.2

Cashdivi-dends

'8.1'9.3

10.7

'8.6'9.0'9.2'9.3

'8.99.6

Undis-tributedprofits

1 0 . 91 4 . 41 5 . 3

1 3 . 19.8

'7.7'8.0

'8.97.6

r Revised.1 Figures, except for cash dividends, are estimates of Council of Economic Advisers, based on preliminary data.



UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES[On basis of daily statements of United States Treasury. In millions of dollars]

End ofmonth

1943—Dec1944—Dec1945—Dec1946—rjec1947—Dec1948—Dec1949—June

Dec1950—June

Dec1951—June

1951—JulyAug.SeptOctNov. . . .D e c

1952—JanFebMarApr. •MayJune

Totalgrossdebt i

1707M2789 S 92562S22522572572S6255

255256?S7258259259

?S9260?S8258?S9259

1081446 8 ?487

,981854

,798,160,377731

,251

,685,677386

,336,647461

813,399174

,3379S1

,151

Totalgrossdirectdeb t 2

1652302782592562522522572572S6255

255256257258259259

259260258258259259

8776301 1 S149900800770130357708222

6576443 S3298604410

77536?084? 9 ?905

,105

Total

151,212,255,233,225,218,217,221,222,220218,

218,219,219,220,221,221,

221221219219220219

805SfSS69306425086S9S6123853S7S198

618174371325391168

?497763013S6540124

Total

1151611981761651571 SS155155152137

13913914014114?14?

14?14?14114114?140

,230648778613

,758,482147

,123,3104S0

,917

,279741169

,75374168S

,6907013768?06? 5

,407

Bills

1316171715171112131313

141S15161818

181816171817

,07247,8037033

,136??4S36

,319,533,627,614

,41301?617

,84910010?

,104104

,86346?

,767,219

Marketable

Certifi-cates ofindebt-edness

223038792176? 92918

59

914152878?9

797979?87828

,843,4011 SS

,987,220s?s477

,636,418^l^

,509

,524740

,317,016017078

,079079

,0794? 3

,473,423

Public issues

Notes

1173? 71011

738

203935

363131181818

181818181818

,175039967090

,375,131

S96,249,404,258,806

,360010013

,669406409

,4714344509 S 7956

,963

3

Bonds

Bankeligi-ble*

5566686968616055534442

424?47424741

414140404348

591931403866

,391,9669S1

,283,319,557,928

,9239?3168

,167167049

,04004094?943

,061,343

Bankre-

stricted

12745?4 949494949494936

363636363636

363636363327

,550850716636

,636,636636

,636,636,636,061

,0580S6054

.053050048

,046044047040918

,460

Con-vert-ible

13,

12,1?1712,1717

17,1?171111 ,13 ,

573

571S70567065067060

04703401851651?095

Nonmarketable

Total 5

36,57450,91756,91556,45159,49261,38362,83966,00067,54468 12566,708

66,76866,86466,58566,50666,58866,423

66,51367,04165,90766,01966,40365,622

Sav-ings

bonds

27,36340,36148,18349,77652,05355 05156,26056,70757,53658 01957,572

57,53857,50957,48857,50157,55257,587

57,66457,68257,68057,64457,61457,685

Taxandsav-ings

notes

8,5869,8438,2355,7255,3844 5724,8607,6108,4728 6407,818

7,9268,0417,7757,7057,7377,534

7,5398,0446,9117,0577,4706,612

Specialissues

12,70316,32620,00024,58528,95531 71432,77633,89632,35633 70734,653

34,70735,14635,63735,61535,86235,902

36,23336,36036,49336,74637,19837,739

1 Includes fully guaranteed securities, not shown separately. 2 Includes noninterest-bearing debt, not shown separately.3 Includes amounts held by Government agencies and trust funds, which aggregated 6,524 million dollars on May 31, 1952.* Includes Treasury bonds and minor amounts of prewar and Postal Savings bonds.5 Includes Series A investment bonds, depositary bonds, and Armed Forces Leave bonds, not shown separately.Back figures.—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512.

UNITED STATES GOVERNMENT MARKETABLE PUBLICSECURITIES OUTSTANDING JUNE 30, 1952

[On basis of daily statements of United States Treasury. In millionsof dollars]

Issue and coupon rate

Treasury bills»July 3,1952July 10, 1952July 17, 1952July 24, 1952July 31, 1952Aug. 7, 1952Aug. 14, 1952Aug. 21, 1952Aug. 28, 1952Sept. 4, 1952Sept. 11, 1952Sept. 18, 1952Sept. 25, 1952

CertificatesJuly 1, 1952 1Aug. 15, 1952Sept. 1, 1952 1Oct. 1, 1952 \Dec. 1,1952 \Feb. 15, 1953 1

Treasury notesMar. 15, 1954Mar. 15, 1955Dec. 15, 1955Apr. 1, 1956Oct. 1, 1956Apr. 1,1957

Treasury bondsDec. 15, 1952-54 2 . . . . 2

Amount

,202,402,401,401,503,303,501,303,300,300,201,202,200

5,216583

1,83210,8611,0638,868

4,6755,3656,8541,007

550512

5,825

Issue and coupon rate

Treasury bonds—Cont.Dec. 15, 1952-54 2Dec. 15, 1952-55 3..2KDec. 15, 1952-55 2Mar. 15, 1953 * 2June 15, 1953-556. . . 2June 15, 1954-566. .2HMar. 15, 1955-60". .2%Mar. 15, 1956-58... 2 ^Sept. 15, 1956-596. .2%Sept. 15, 1956-59... 2 MMar. 15, 195 7-59. . . 2 %June 15, 1958-636. .2%June 15, 1959-62... 2MDec. 15, 1959-626. . 2 ^Dec. 15, 1960-656. .2^1June 15, 1962-67 . . 2 ^Dec. 15, 1963-686. . 2 ^June 15, 1964-696. .2}4Dec. 15, 1964-696. . 2 ^Mar. 15, 1965-706. .2)4,Mar. 15, 1966-716. 2}4June 15, 1967-726. 2 ^Sept. 15, 1967-72.Dec. 15, 1967-726. .2

Postal Savingsbonds 2Y2

Panama Canal Loan. 3

Total direct issues

Guaranteed securitiesFederal Housing Admin.Various

Amount

8,6621,501

5107,986

725681

2,6111,449

9823,822

927919

5,2823,4681,4852,1182,8303,7593,8354,7763,0001,9142,7163,878

92

50

140,407

44

1 Sold on discount basis. See table on Open-Market Money Rates,p. 800.

2 Maturity June 15, 1954. 5 Partially tax exempt.3 Maturity June 15, 1955. « Restricted.4 Maturity Sept. 15, 1953.

UNITED STATES SAVINGS BONDS[In millions of dollars]

Year ormonth

1945 . . . .1946194719481949195019511951—June...

Ju ly . . .AugSept....OctNov....Dec.. . .

1952—JanFeb.. . .Mar....Apr.. . .May.. .June.. .

Amountout-

standingat end ofperiod

48,18349,77652,05355,05156,70758,01957,58757,57257,53857,50957,48857,50157,55257,58757,66457,68257,68057,64457.61457,685

Funds received from sales duringperiod

Allseries

12,9377,4276,6947,2955,8336,0743,961

290311314273334316297441339331313292364

SeriesEandH

9,8224,4664,0854,2244,2083,6683,190

244258267230274268254364288284267253293

SeriesF and J

595325342498233417124

8887

1099

16109

108

15

SeriesGandK

2,5202,6372,2672,5731,3921,990

64638453836503934614238373056

Redemp-

maturities

Allseries

5,5586,4275,1265,1445,1015,8405,651

476482437390410364401493411428438423431

Maturities and amounts

Year ofmaturity

1952195319541955 . . .195619571958195919601961196219631964Unclassified

Total

Allseries

3,4206,2807,9606,7944,9894,7704,8514,6435,110

14,4913,418

741314-95

57,685

outstanding June 30, 1952

SeriesE and H

3,4205,1335,6744,4392,2312,3172,5202,5732,398

i 3,0301,265

"_195

34,905

SeriesFand J

19147349457846223925543819836512065

3,877

SeriesGand K

9561,8141 8602,1811 9912,0921,8142 2741,2631,787

621249

18,902

1 Includes bonds with extended maturities totaling 696 milliondollars.

JULY 1952 805


OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED

End of month

1940—Dec1941—Dec1942—Dec1943—Dec1944—Dec1945—Dec1946—Dec1947—Dec1948—Dec1949—Dec1950—June, ..

Dec1951—June , ,

Dec

1952—JanFebMarApr

Totalgrossdebt

(includ-ing guar-

anteedsecuri-

ties)

50,94264,262

112,471170,108232,144278,682259,487256,981252.854257,160257,377256,731255,251259,461

259,813260,399258,124258,337

Held byU. S. Government

agencies andtrust funds l

Specialissues

5,3706,9829,032

12,70316,32620,00024,58528,95531,71433,89632,35633,70734,65335,902

36.23336,36036,49336,746

Publicissues

2,2602,5583,2184,2425,3487,0486,3385,4045,6145,4645,4745,4906,3056,379

6,4546,5006,5036,500

[Par value in millions of dollars]

Held by the public

Total

43,31254,722

100,221153,163210,470251,634228,564222,622215,526217,800219,547217,533214,293217,180

217,126217,538215,128215,091

FederalReserveBanks

2,1842,2546,189

11,54318,84624,26223,35022,55923,33318,88518,33120,77822,98223,801

22,72922,52822,51422,363

Com-mercialbanks *

17,30021,40041,10059,90077,70090,80074,50068,70062,50066,80065,60061,80058,40061,600

62,10061,30060,20060,500

Mutualsavingsbanks

3,2003,7004,5006,1008,300

10,70011,80012,00011,50011,40011,60010,90010,2009,800

9,8009,8009,8009,800

Insur-ancecom-

panies

6,9008,200

11,30015,10019,60024,00024,90023,90021,20020,10019,80018,70017,10016,400

16,40016,30016,20016,200

Othercorpo-rations

2,0004,000

10,10016,40021,40022,00015,30014,10014,80017,00019,00020,80021,10021,400

22,10023,20022,20021,300

Stateandlocal

govern-ments

500700

1,0002,1004,3006,5006,3007,3007,9008,1008,7008,8009,4009,500

9,7009,7009,8009,900

Individuals

Savingsbonds

2,8005,400

13,40024,70036,20042,90044,20046,20047,80049,30049,90049,60049,10049,000

49,10049,10049,10049,100

Othersecurities

7,8008,200

10,30012,90016,70021,00019,90019,30017,30016,40016,60015,40014,90014,500

14,60014,80014,80014,600

Miscel-laneousinves-tors s

700900

2,3004,4007,4009,5008,3008,6009.3009,800

10,10010,80011,10011,100

10,60010,80010,50011,500

1 Includes the Postal Savings System.2 Includes holdings by banks in territories and insular possessions, which amounted to 250 million dollars on Dec. 31, 1951.3 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.

SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEEDBY THE UNITED STATES *

[Interest-bearing public marketable securities. In millions of dollars]

End of month

Type ofsecurity:

Total:2

1949—Dec1950—June....

Dec1951—June....

Dec1952—Mar.. . .

AprTreasury bills:

1949—Dec1950—June

Dec1951—June....

Dec1952—Mar

AprCertificates:

1949—Dec1950—June....

Dec1951—June....

Dec1952—Mar

AprTreasury notes:

1949—Dec . . .1950—June....

Dec1951—June....

Dec1952—Mar.. . .

AprTreasury bonds:

1949—Dec1950—June....

Dec1951—June....

Dec1952—Mar

Apr

Totalout-

stand-ing

155,138155,325152,471137.944142,724

141,413141,862

12,31913,53313,62713,614.18,10216,86317,462

29,63618,4185,3739.509

29,07829,07928,423

8,24920,40439,25835,80618,40918,45018,952

104,758102,79594,03578,83276,94576,84276,841

U. S.Govt.agen-ciesandtrustfunds

5,3275,3505,3653,2723,345

3,4693,467

113

352650

5960

487

(8)17498872

152910143

32

5,2175,2735,2833,1783,2093,2893,302

Fed-eralRe-

serveBanks

18,88518,33120,77820.26822,588

21,30021,649

4,8293,8561,296

527596

6,2755,3572,3343,194

12,79311,81011,659

5623,500

12,52712.4395,0685,0685,568

7,2185,6184,6204.1084,1304,4224,422

Com-mer-cial

banks1

59,85658,97254,89351,51554,148

52,77953,119

3,5143,7033,8883,7506,7735,4875,846

11,5205,3541,5442.7536,773

6,9016,863

5,56911,20415,83313,70410,46510,46410,414

39,23538,69133,60731,28630,10429,90029,968

Mu-tualsav-ings

banks

10,77210,87710,1448,2547,880

7,8527,813

153533

12271

115107

16964

73741

114107

107154136120

67

6865

10,48010,6249,9677,9737,6977,5517,530

Insur-ancecom-panies

18,53518,13216,86212.07711,364

11,22111,172

7090

474829532

677840

633382

53287662627523

244403707687316

329332

17,57917,24915,61710,2649,8399,5739,460

Other

41,76343,66344,42942,55843,399

44,79244,642

3,8805,8467,9018,360

10,08010,52510,609

10,9917,2541,4353,2218,760

9,5399,199

1,7525,114

10,0458,8422,4902,5182,571

25,02925,34024,94122,02321,96622,10722,159

End of month

Treasury bondsand notes, dueor callable:

Within 1 year:1949—Dec1950—June....

Dec1951—June....

Dec

1952—Mar.. . .Apr

1-5 years:1949—Dec1950—June....

Dec1951—June....

Dec

1952—MarApr

5-10 years:1949—Dec1950—June....

Dec1951—June...

Dec

1952—MarApr

After 10 years:1949—Dec1950—June....

Dec1951—June....

Dec

1952—MarApr

Totalout-

stand-ing

14,31910,38738,90537,63125,508

24,48524,485

35,06751,80233.37831.02228,678

29,64530,148

18,53715,92617,41115,96211,156

11,15511,155

45,08445,08443,59930,02330,012

30,00730,005

u. s.Govt.agen-ciesand

trustfunds

36709

4921

913

186327189139155

148141

568423412376309

321322

4,4414,4824,6822,6292,726

2,8132,826

Fed-eralRe-

serveBanks

878505

12,37310,2411,668

1,6201,620

1,9225,1161,2853.8785.102

5,4415,941

1,3881,148

9821,0321,014

1,0141,014

3,5932,3492.5081.3971,415

1,4151,415

Com-mer-cial

banks1

9,0147,001

14,64515,08316,793

16,17716,184

24,90733,12724,53420.85318,600

19,02919,001

6,9955,6757,3296,2732,436

2,4432,448

3,8874,0922,9322,7812,740

2,7142,750

Mu-tualsav-ings

banks

238151230467420

369367

1,1211,058

568227142

172171

2.6402,4392,1252,0091,925

1,8651,848

6,5887,1307,1805,3895,276

5,2135,208


1

1

468360926

,044787

769754

,641L.7311,142

756685

714712

2,2302.0551,9481,8581,656

L,664L,668

13,48513,50712.308

7.2937,027

5,7575,658

Other

3,6852,300

10,72210,7475,819

5,5415,547

5,29010,4435,6605,1693,994

4,1414,182

4,7164,1864,6154.4143,816

3,8483,855

13,09013,52413,98910,53410,828

11,09511,148

* Figures include only holdings by institutions or agencies from which reports are received. Data for commercial banks, mutual savingsbanks, insurance companies, and the residual "other" are not entirely comparable from month to month. Figures in column headed "other"include holdings by nonreporting banks and insurance companies as well as by other investors. Estimates of total holdings (including relativelysmall amounts of nonmarketable issues) by all banks and all insurance companies for certain dates are shown in the table above.

1 Includes stock savings banks.2 Includes Postal Savings and prewar bonds and a small amount of guaranteed securities, not shown separately below.3 Less than $500,000.



SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS[In millions of dollars]

Fiscalyear ormonth

Fiscal year:195019511952

1951—JuneJulyAugSeptOct.Nov.,Dec .

1952—Jan. .Feb. . .Mar . .Apr.. .May. .June. .

Netre-

ceipts

M48

72362.15459439

045,143129

,089,571,594,209,635,521,279,953,553,886,323,809,796

Budgetex-

pendi-tures

404466

5455555555656

167

14S,969,739,087,16.1,483,178,627,455,105,704,016,659,930

Budgetsurplus(+) ordeficit

—3,122+3,510—4,017+ 1,119-2,168-1,493+ 1,046-2.847-1,658

-347-501+448

+4,182-1 ,693-1 ,850+2,865

On basis of daily statements of United States Treasury

Trustac-

counts,etc.1

+99+679+ 147+284+ 11-\-83+37- 5 5+82

+196-374+ 186+106-291+357-192

Clear-ingac-

count1

+483—214—401

+43- 1 4

-103+30- 8 6+20+7

+ 103- 2 5

-245+329

- 9 1-326

Increase (+)orduring period

Grossdebt

+4 587—2,135+3 883

+ 129+435+988+709+945

+1,306-186+357+587

-2,278+209

+ 1,613-800

Generalfund

balance

+2 047+ 1,839

-388+1.574-1,737

-525+1,822-2,042

-250-329-415

+ 1,196+1,765-1,447

+28+ 1,548

General fund of the Treasury (end of period)

Bal-ance

ingen-eralfund

s7

7556444356556

S17SS7069

357620095916874624295879075840393421969

Total

s

77

7657554457667

927871481

,871,032,431,356,311,147,816,306,700,445,108,046,481

Assets

Depos

Fed-eralRe-

serveBanks2

950338333

338584459947493481321162558169450569333

its in

Spe-cial

depos-itaries

s5334322235335

?68680106680694244547021

,901693

,048,216,228,779,690,106

Otherassets

11

1111111212112

,709

,041,853,754.727.861.798,765,801,096,926,049,879,787,041

Totallia-bili-ties

410514512514412336439437523521427625605715624512

Cash operatingincome and outgo 3

Cashin-

come

40 97053,439

7,3672,8544,6006,5552,8554,2935,6425,1836,275

10,4364,6894,722

Cashoutgo

43 15545 804

'5,2234.8435.5654.8625,8015,6425,6215,4735,3286,1205,9725,751

Excessincome(+)oroutgo

—2 185+7,635

+2,144-1,989

-965+1,693-2 ,946-1 ,348

+21-290+947

+4,316-1 ,283-1 ,029

DETAILS OF TREASURY RECEIPTS

Fiscal yearor month


1951—June.. .July. .Aug.Sept . . . .Oct. . .N o v —D e c . . .

1952—JanFeb . . . .Mar. . .Apr. . . .May. . .J u n e . . .

On basis of daily statements of United

Income taxes

With-held

by em-ployers*

10,07313,535

P21.8871,123

7262.1301,128

7802,1771,361

4 8973,0572,019

9783,009

Pl.981

Other

18,18924,21833,026

5,065983404

4,115828254

2,91663,021

1,9437,7173,191

5497,106

Mis-cella-neous

internalrevenue

8,3039.4239,726

719722806707885805823826805825849828845

Em-ploy-menttaxes

2,8833,931

*>4,565423177596449

46505322174703539268582

P203

Otherre-

ceipts

1,8622,2632,364

273225228126169211155383131160152197228

Totalre-

ceipts

41,31153,36967,999

7,6032,8334.1656,5242,7083,9515,5765,1536.194

10,8005,1874,688

10,220

States Treasury

Deduct

Refundsof

receipts

2,1602.1072,302

23488555741303152

195455612403283

SocialSecurityemploy-

menttaxes B

2,1063.1203,569

280175516258

32400266147446460252476142

Netre-

ceipts

37.04548 14362,129

7,0892,5713,5946,2092,6353,5215,2794,9535,5539,8864,3233,8099,796

On basis of reports by collectors of internal revenue

Individual incomeand old-age

insurance taxes

Withheld

11,76215.901

2561 1583,600

1101,2273,428

275814

4,172537

1,3303,955

Other

7,2649.908

i.195321116

1,276215

98310

62,3301,4642,1331,583

221

Corpora-tion in-

come andprofitstaxes

10,85414.388

J,908596290

2,942512160

2,649807311

5,9131,278

351

Es-tateandgift

taxes

706730

475666525270776566

1138880

Exciseand

othermiscel-laneous

taxes

7,5998.704

660709771641831776712763754718742750

Fiscal yearor month


1951—JuneJulyAugSeptOctNovDec

1952—JanFebMarAprMayJune

DETAILS OF BUDGET EXPENDITURES AND TRUST ACCOUNTS

On basis of daily statements of United States Treasury

Budget expenditures

Total

40,16744,63366,145

5,9694,7395,0875,1635,4835,1785,6275,4555,1055,7046,0165,6596,930

Na-tional

de-fense

12,34619,964

^39,0892,4962,9303,0402,6283,1663,0153,0703,4143,1553,4253,7753,791

P 3 , 6 8 1

Othermilitarysecurity

pro-grams 7

6631,9014,110

290210304262289380323350363406435413375

Inter-national

eco-nomicaid 8

4,9413,854

642232252188247188261120214201277315

P337

Inter-eston

debt

5,7505,6135,8591,557

232222580497173

1,057228142689350172

1,518

Vet-eransAd-min-istra-tion

6,0435,2044,697

383433419365406436386428378385371352339

Aidto

agri-cul-ture

'2,986635

P 1 , 2 2 0

9240

10436

20610549

19478835285

SocialSecur-

itypro-grams

1,3751,415

Pl.42410511415058

18712188

15810865

14976

Trans-fersto

trustac-

counts

1,383972

^1,304(10)

6741

496879264787178509980

Other

r4,6805,075

?>5,610403480556550398669330486595371556355

P265

Trust and other accounts

Social Securityaccounts

Re-ceipts

4,2935,6316,424

570293919421179732550246711558371924521

In-vest-ments

1,0282,6852,982

34612852619359

28581

221175157267532356

Ex-pendi-tures

3,1142.7903,506

261264291243253282278326319320318305306

Other

Re-ceipts

2,3762,1652,382

433117160475190171142146120126104126505

In-vest

ments9

-1,430872654317-22-66323

-58- 3 8

- 818946143

-22293

Ex-pendi-tures

3,857771

1,517-205

28245

9916929114529

10587

178-122

2621 Excess of receipts (+) or expenditures (—).

3 For description, see Treasury Bulletin for2 Excludes items in process of collection, September 1947 and subsequent issues,i Prior to January 1952 represents income ta

JULY 1952 807


GOVERNMENT CORPORATIONS AND CREDIT AGENCIES[Based on compilation by United States Treasury Department. In millions of dollars]

PRINCIPAL ASSETS AND LIABILITIES

Corporation or agency

All "agencies:June 30, 1951Sept. 30, 1951Dec. 31, 1951Mar. 31, 1952

Classification by agency,Mar. 31, 1952

Department of Agriculture:Farm Credit Administration:

Banks for cooperativesFederal intermediate credit banksProduction credit corporationsAgricultural Marketing ActFederal Farm Mortgage Corp

Rural Electrification AdministrationCommodity Credit CorporationFarmers' Home Administration 4

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 5

OthersExport-Import BankFederal Deposit Insurance CorpTennessee Valley Authority.AH other t

Total

25,18825,66826.74426,858

449811

551

341,8842,212

58331

1,003211

1,903447

2,06889

805801

2,3381,4251,3598,350

Assets, other than interagency items *

Cash

649659931844

)20

27

(3)

229229

Loansre-

ceiv-able

13,50413,90614.42214,422

371739

132

1,782708491

589

55730

2,05335

1705

2,322

4,008

Com-modi-ties,sup-plies,and

mate-rials

1,7191,5151,4611,322

1,012

147

()16

148

Invest-ments

U. S.Govt.secu-rities

2,1852,2362.2262,422

384204

289

1,409

Othersecu-rities !

3,4743,4723.4633,451

10

3,385

Land,struc-tures,and

equip-ment

2,9993,0253.3583,406

()106

1,2421

5911

()1,105329

Otheras-sets

65985488?991

()

60374

252

613516148

251

Liabilities, other thaninteragency items

Bonds, notes,and deben-

tures payable

Fullyguar-anteed

byU. S.

37

Other

1,3781,3991.3691,214

140745

329

Otherliabil-ities

932949

1.1611,247

(sj1

30523

3506

12212

31

7043

1224363

U. S.Gov-ern-mentinter-

est

22,53322,96223.84224,010

28358551

331,8841,90658028

()205

1,891198

2,065

805732

2,2941,3031,3168,286

Pri-vatelyownedinter-

est

315322320349

25

324

CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY

Purpose of loan

To aid home ownersTo aid industry:

OtherTo aid financial institutions:

BanksOther

Other . . . .T PW Reserve for losses

Total loans receivable (net) . . .

Mar. 31, 1952

Fed.FarmMort.Corp.

32

32

Fed.inter-medi-

atecreditbanks

739

739

Banksfor co-opera-tives

373

2

371

Com-modityCreditCorp.

710

3

708

RuralElec-

trifica-tion

Adm.

1,784

2

1,782

Farm-ers'

HomeAdm.

595

104

491

Fed.Nation-

alMort-gageAssn.

2,053

2,053

PublicHous-

ingAdm.

(3)

C3)

5571

557

Fed.homeloan

banks

589

589

Recon-struc-tionFi-

nanceCorp.

121

96402

(3)8

616346

706

Ex-port-Im-portBank

"l ,329

7

2,322

Allother

6189

270

'3,706110

9

4,074

Allagen-cies

4,2392,363

98473

5976,096

731173

14,422

Dec. 31,1951,

allagencies

4,1612,142

101488

8146,110

779173

14,422

1 Assets are shown on a net basis, i. e., after reserve for losses.2 Totals for each quarter include the United States' investment of 635 million dollars in stock of the International Bank for Reconstruction

and Development and its subscription of 2,750 million to the International Monetary Fund.3 Less than $500,000. * Includes Disaster Loans, etc., Revolving Fund.6 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.6 Includes figures for Smaller War Plants Corp., which is being liquidated by the Reconstruction Finance Corp.7 Figures for one small agency are for date other than Mar. 31.NOTE.—Statement includes figures for certain business-type activities of the U. S. Government. Comparability of the figures in recent

years has been affected by (1) the adoption of a new reporting form and the substitution of quarterly for monthly reports beginning Sept. 301944, and (2) the exclusion of figures for the U. S. Maritime Commission beginning June 30, 1948. For back figures see earlier issues of theBULLETIN and Banking and Monetary Statistics, Table 152, p. 517.



BUSINESS INDEXES

Year or month

191919201921192219231924 . .1925

19261927 . . .192819291930

19311932 . .193319341935

193619371938. . . . . . .19391940

1 9 4 1 . . .1942194319441945

194619471948194919501951

1950SeptemberOctoberNovemberDecember

1951JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember . . .OctoberNovember . . . .December

1952JanuaryFebruaryMarchAprilMayJune

[The terms "adjusted ' and "unadjusted" refer to adjustment of monthly figures for seasonal variation]

Industrial production(physical volume)* *

1935-39=100

Total

Ad-justed

211216215218

221221222223222221212217218218219218

221222

216

•202

Unad-justed

72755873888290

969599

11091

7558697587

103113

89109125

162199239235203

170187192176200220

216220215216

216217219222223223214220223222220217

217218217215

P214«204

Manu-factures

Du-rable

Ad-justed

84935381

10395

107

114107117132

98

6741546583

108122

78109139

201279360353274

192220225202237273

251261260268

268271277279276274265267271274277282

282'284'284277276

e246

Non-du-

rable

Ad-justed

62605767726976

7983859384

7970798190

100106

95109115

142158176171166

165172177168187194

194196195197

201201199198198197187193192188188185

189190188183180

•184

Min-erals

Ad-justed

71836671988992

100100

99107

93

8067768086

99112

97106117

125129132140137

134149155135148164

163166160157

164158158164165165156165167174170163

167167

'164166

P161e145

Constructicontract

awarded (va1947-49=1

Total

Ad-justed

34343043455166

6969736349

3415141720

3032353944

6689372236

8284

102113159171

172160163177

178173163199193200162156147140156166

161156164

'171

Resi-den-tial

Ad-justed

26182741495775

7371765230

22877

13

2225273743

5449241016

878698

116185170

200177171179

188187176170166174179176168160146145

142163174

'189P190

on

ue)2

30

Allother

Ad-justed

39453243424659

6768707062

4120182425

3536404044

74116453050

7983

105111142172

153149159176

171164154219211217150143133127162180

173152157

'158P155

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

95.199.6

101.698.8

101.4106.6

103.8104.3104.5104.8

105.2105.9106.3106.6106.8107.1107.1107.0106.8106.6106.8107.1

106.8107.0106.9106.8

P106.8

Manufacturingproduction workers

Employ-ment

Ad-justed

103.3104.5104.4104.7

105.8106 8106.9107.1106.8106.8106.0104.8103.9103.4103.3103.5

103.6'103.8'103.7103.8

P103.2

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

97.9103.4102.893.899.2

105.4

105.2106.2105.5105.6

105.2106.6106.6106.0105.0105.6104.2105.7105.8105.1104.3104.4

103.2'103.6'103.5102.8

P101.5

Pay-rolls

Unad-justed

31.137 124.025.732.630.432.1

33.032 A32.835.028.3

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

111.2129.2

120.5124.3124.0127.4

126.8128.5130.0129.5128.1129.8126.4128.4130.9129.8129.8132.9

130.4'131.0'131.4127.8

e127.2

Freightcarload-

ings*1935-39

= 100

Ad-justed

120129110121142139146

152147148152131

10578828992

107111

89101109

130138137140135

132143138116128134

134137136140

146129139136133131125133133135137133

141136133126122108

Depart-ment

sales(val-

ue)*4

1947-49= 100

Ad-justed

27323030343436

3737373835

3224242729

3335323537

4450566270

9098

10498

105109

108103103

'109

125115105104104105105109107

'109

109

108106105103

P108«108

Con-sumers'prices 3

1935-39= 100

Unad-justed

123 8143 3127 7119 7121 9122 2125 4

126.4124 0122 6122 5119 4

108 797 692 495 798 1

99 1102 7100 899 4

100 2

105 2116 6123 7125 7128 6

139 5159 6171 9170 2171 9185 6

174 6175.6176 4178.8

181.5183 8184 5184.6185 4185 2185.5185 5186.6187 4188 6189.1

189.1187.9188.0188.7189.0

Whole-salecom-

modityprices •1947-49

= 100

Unad-justed

65.062 062.961 956.1

47 442 142 848 752 0

52.556 151 150.151 1

56 864.267 067.668 8

78 796.4

104 499 2

103.1114 8

107 1107.7109.3112.1

115.0116 5116 5116.3115 9115 1114.2113 7113.4113.7113 6113.5

113.0112.5112.3

'111.8111.6

e Estimated; all estimates are those of the Federal Reserve. P Preliminary. ' Revised.* Average per working day.1 For indexes by groups or industries, see pp. 810-813.2 Three-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. 817.3 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 con-sumers' price index is the adjusted series, reflecting: (1) beginning 1940, allowances for rents of new housing units and (2) beginning January1950, interim revision of series and weights.

4 For indexes by Federal Reserve districts and for other department store data, see pp. 820-822.Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp 958-984;

for department store sales, December 1951, pp. 1490-1515.

JULY 1952 809


INDUSTRIAL PRODUCTION, BY INDUSTRIES(Adjusted for Seasonal Variation)

[Federal Reserve index number

Industry

I n d u s t r i a l P r o d u c t i o n — T o t a l . . . . .

Manufactures—Total

Durable Manufactures

Iron and Steell

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

CementClay productsOther stone and clay products -

Nondurable Manufac tures

Textiles and Products....

Textile fabricsCotton consumptionRayon deliveriesNvlon and silk consumption 2 . . . .Wool textiles

Carpet wool consumptionApparel wool consumption . . . .Wool and worsted yarn

Woolen yarnWorsted yarn

Woolen and worsted cloth

Leather and Products

Leather tanningCattle hide leathersCalf and kip leathersGoat and kid leathersSheep and lamb leathers

Shoes

Manufactured Food Products

Wheat flourCane sugar meltings 2

Manufactured dairy productsButterCheeseCanned and dried milkIce cream 2

s, 1935-39 average = 100]

1951

M a y

222

233

276

263

234301217897

336

310

248

206

227

197

163

158173

236

242257231184

198

190

169164377

144101163141120171163

97

88104

568055

103

167

109

14872

174164

June

221

231

274

261

235296213884

338

307

238

205

226

197

153

147164

239

250269235184

197

185

164157378

13787

153135119157159

99

89109

517350

106

165

103

15075

183168

July

212

222

265

253

230293215850

328

293

216

199

226

188

141

131160

237

260285226177

187

160

138123379

10027

117105

92123124

85

759142585492

164

107

15077

180169

Aug.

217

226

267

254

230291208881

328

305

223

197

213

191

146

137165

228

234249222176

193

170

150145360

11558

132117108130135

99

8199446556

110

166

108

14877

173160

Sept.

218

228

271

258

231298213902

336

311

226

196

214

190

146

135167

228

232246219173

192

163

145142334

11463

132117108129132

100

84104

515664

111

167

107

14372

165138

Oct.

218

226

274

261

235304217921

340

311

223

201

230

190

149

138171

219

214222217172

188

154

139140293

11486

119114108123126

91

809651536798

163

109

14071

163126

Nov.

219

228

277

261

232307216954

347

313

216

209

235

198

157

149172

212

199204219173

188

157

142144289

12094

122120116126133

89

789451536997

160

115

13764

158118

Dec.

218

228

282

263

227304219911

358

320

221

207

235

196

154

141178

219

208216242172

185

152

137136283

11899

121115112119131

88

799159607194

160

109

13662

161119

1952

Jan.

221

231

282

261

229304218913

359

318

218

216

243

206

159

150175

217

210223233182

189

157

142144296

116120110109108109126

100

8698647071

110

162

122

13765

165118

Feb.

222

232

'284

'261

235304221892

'360

'322r219

217

249

204

162

154176

224r223239257177

190

160

146150

r295

122133116117114120126

107

90101

737274

118

165

113

13866

163120

Mar.

'221

'231

'284

'263

239309225911

'359

'325

'221

218

252

204

158

149175

222

224239244176

188

152

139141288

112123110108103114113

108

8698686972

122

'166

103

14271

169133

Apr.

216

225

277

245

205278196855

352

329

229

219

257

204

152

143170

220

226242238172

183

144

131130

'280

108117113103

98112109

102

8495726469

114

163

108

14673

181149

M a y

P214

P223

P245

279196870

P348

P334

P233

P217

P257

P201

P141

128P167

P218

P227243230

P168

Pi 80

P149

135289

P157

14873

185163



INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued(Adjusted for Seasonal Variation)

[Federal Reserve index rmmben

Industry

Manufactured Food Products—Continued

Meat packing . . .Pork and lardBeefVealL a m b and mutton

Other manufactured foodsProcessed fruits and vegetablesConfectioneryOther food products

Alcoholic Beverages . .

Malt liquor ..WhiskeyOther distilled spiritsRectified liquors

Tobacco Products

Cigars .. . .CigarettesOther tobacco products

Paper and Paper Products

Paper and pulpPulp

Groundwood pulpSoda pulp . . . . .Sulphate and sulphite pulp 3

PaperPaperboard

Printing paper

Wrapping paperNewsprint

Printing and Publishing

Newsprint consumption

Petroleum and Coal Products

GasolineFuel oilLubricating oilKerosene . ...

CokeBy-product cokeBeehive coke

Chemical Products

PaintsRayonIndustrial chemicals...

Rubber Products

Minerals—Total

Fuels

CoalBituminous coalAnthracite

Crude petroleum

Metals

Metals other than gold and silver . . .Iron ore(Copper; Lead; Zinc) 2, ...

GoldSilver

, 1935-39 average =100]

1951

May

1491811347952

176166132186

179

157117560174

172

10523964

212

20023311599274195256

186207170121

176

166

263

207210193201

186178456

298

160378538

247

165

168

11812683192

151

216

5676

June

1451881109566

175160130186

178

155104604174

171

11523366

208

19823512388275193247

180204177128

171

163

263

212215194205

187179476

302

161385548

251

165

169

12313386191

145

209

5273

July

15218712610770

173147127188

175

16378474197

161

9822557

190

18323013778269176217

167204165129

166

166

262

211213195209

183178388

305

167392554

243

156

160

9710566192

132

187

5267

Aug.

16220712811065

174139140188

178

16551492223

183

11425273

196

18922813293265183224

185196168130

174

164

265

213209200208

187179457

306

165393557

243

165

171

12313477194

134

194

4958

Sept.

1682211269964

176152136189

184

16470335332

177

12323970

197

19223413799271185216

192200180129

179

167

266

214213187216

185178411

301

158358560

245

167

172

12513779195

137

200

4958

Oct.

15719812410974

173163127183

178

15476265358

185

12725944

196

19123513097273185213

190210180127

177

165

269

212214200214

185178452

298

156346556

239

174

179

138147104199

144

212

4762

Nov.

16820514310675

166121136183

188

18086262292

194

12926284

191

18723511295278180205

188179184125

175

163

276

214226196230

185177467

299

158331563

245

170

178

14115299196

122

175

4565

Dec.

1632001418469

168123149183

176

17885253225

147

8720460

184

18222311694261176191

191181181128

174

158

281

215234192224

185178456

298

158317563

250

163

170

12513586193

122

174

4470

1952

Jan.

1621931458780

169128145184

174

18573336150

176

10824467

187

18522911195271178197

192195177123

175

159

281

211238188243

188179464

300

159r323562

248

167

175

13614791194

125

177

4772

Feb.

1822281538485

171••133143185

171

17373327193

175

10524468

193

18923711499279181209

191184176129

177

163

281

212242177208

188179459r297

r157299

r562

243

167

174

12313577199

128

182

4776

Mar.

1792301418185

••172150135183

170

17168292208

174

10924359

192

18824111799284180205

189190178131

177

164

r278

210227183223

204197420

294

155»-269563

*244

164

170

11112268199

125

176

4878

Apr.

1652071357979

169144128182

157

15462298205

184

11025962

185

18122811095269174202

186186161122

175

164

266

205218177211

179175329

293

153267561

237

166

171

11011974201

141

P205

77

May

1461671408476

P164P131

P179

150

14951231214

178

11424564

182

17522110892260168207

175162149130

170

166

P203

329

P294

p\52269

P560

P234

P161

P163

10010773

P147

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.

JULY 1952 811


INDUSTRIAL PRODUCTION, BY INDUSTRIES(Without Seasonal Adjustment)

[Federal Reserve index numbers, 1935-39 average =100]

Industry1951

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

1952

Jan. Feb. Mar. Apr. May

Industrial Production—Total

Manufactures — Total

Durable Manufactures

Iron and Steel1

Pig ironSteel

Open hearth.Electric

Machinery

Transportation Equipment.

Automobiles (including parts)(Aircraft; Railroad equipment; Shipbuilding—Private and

Government)2

223

233

277

263

234301217897

336

310

248

223

232

276

261

235296213884

338

307

238

214

223

266

253

230293215850

328

293

216

220

229

269

254

230291208881

328

305

223

223

232

273

258

231298213902

336

311

226

222

230

276

261

235304217921

340

311

223

220

229

277

261

232307216954

347

313

216

217

227

280

263

227304219911

358

320

221

217

227

-•280

261

229304218913

359

318

218

218

r229

'281

r261

235304221892

'360

217

r228

'283

r263

239309225911

r359r325

'221

215

224

277

245

205278196855

352

329

229

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

206

227

205

225

199

225

197

213

197

214

201

230

209

236

207

235

216

243

217

249

218

252 257

197 188 191 19Q 190 198 196 206 204 204 204

Lumber and Products.

Lumber.. .Furniture.

Stone, Clay, and Glass Products.

Glass productsGlass containers

CementClay productsOther stone and clay products 2.

168

165173

242

255275242184

164

163164

241

248266251184

151

146160

239

251273248179

158

154165

238

241259251182

158

153167

237

236251254180

158

151171

230

219228252182

155

146172

217

200206237179

122178

212

197201220177

142

125175

205

207219188169

148

133r176

•208

218232196168

149

135175

'211

224239200'168

152

170

216

226242226167

Nondurable Manufactures.

Textiles and Products

Textile fabricsCotton consumptionRayon deliveriesNylon and silk consumption 2 . . .Wool textiles

Carpet wool consumption. .Apparel wool consumption.Woolen and worsted yarn. .

Woolen yarnWorsted yarn

Woolen and worsted cloth..

197

190

169164377

197

185

164157378

188

160

138123379

197

170

150145360

199

163

145142334

193

154

139140293

191

157

142144289

185

152

137136283

184

157

142144296

186

160

146150

'295

184

152

139141288

181

131130280

Leather and Products.

Leather tanningCattle hide leathersCalf and kip leathersGoat and kid leathersSheep and lamb leathers.

Shoes

Manufactured Food Products.

Wheat flourCane sugar meltings 2

Manufactured dairy products.ButterCheeseCanned and dried milk.. .Ice cream

144101163141120171163

97

88104547859

103

159

104

13787153135119157159

98

86105527450

106

165

99

1002711710592123124

83

718642575092

176

106

11558132117108130135

98

8096476358110

189

107

11463132117108129132

100

83102505762

111

192

117

11486119114108123126

91

809752536798

177

115

12094122120116126133

91

819852527397

164

116

11899121115112119131

88

799158616794

158

108

116120110109108109126

100

86100627066

110

151

122

122133116117114120126

109

96109777481118

149

114

112123110108103114113

108

8698676870122

148

101

10811711310398112109

102

8495696668114

149

104

19693

233228

221104259232

22194

221196

21585194164

16969169127

12861146102

984911985

954911692

865412295

9758134108

11664152131

15275

'188168

P214

v223

P245

279196870

P348

P334

P233

P217

P257

P201

P145

133P167

P224

260241*>168

P179

P!49

135289

P151

P100

19794

248227

1949. A description of the new methods

5 but not available tor publication separately.ata used to measure changes in production, the sulphate pulp and sulphite pulp sergh June 1951 are shown in preceding BULLETINS.avail



INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued(Without Seasonal Adjustment)

[Federal Reserve index numbers, 1935-39 average

Industry

Manufactured Food Products—Continued

^leat packingPork and lard. . . . .BeefVealLamb and mutton

Other manufactured foodsProcessed fruits and vegetablesConfectionery . . . . . . . . .Other food products

Alcoholic Beverages

Malt liquor .Whiskey . . .Other distilled spirits . . . .Rectified liquors

Tobacco Products

CigarsCigarettesOther tobacco products

Paper and Paper Products

Paper and pulpPulp

Groundwood pulpSoda pulpSulphate and sulphite pulp 3

Paper . . . .Paperboard . . . .Fine paper 2

Printing paperTissue and absorbent paperWrapping paperNewsprint

Printing and Publishing

Newsprint consumption . . .

Petroleum and Coal Products

Petroleum refining'GasolineFiiel oil . . . .Lubricating o i l . . . .Kerosene . .Other petroleum products 2

CokeBy-product cokeBeehive coke

Chemical Products

Paints . .Rayon . .Industrial chemicalsOther chemical products 2 . .

Rubber Products

Minerals—Total

Fuels

CoalBituminous coalAnthracite

Crude petroleum

Metals

Metals other than gold and silverIron ore(Copper: Lead; Zinc) 2

Gold

= 100]

1951

M a y

149181134

8253

159108102182

180

179117336174

172

105239

65

212

201234124

99274195256

186207170122

179

172

263

207210201203

186178456

298

165378538

247

168

168

118126

83192

166

248365

4976

June

144188107

9562

165123

96188

191

195104374174

178

115245

67

209

199235124

88275193247

180208177129

170

161

263

212215194193

187179476

300

165385548

251

169

169

123133

86191

171

256392

4870

July

141165127107

67

181191104191

190

20478

275197

167

98236

57

189

182228122

78269175217

167196165126

155

143

262

211213193194

183178388

301

165392554

243

161

160

97105

66192

166

247384

5066

Aug.

13915913010864

200263151192

179

18851

266223

190

114265

71

196

189226116

93265183224

185196168128

166

147

265

213209198199

187179457

303

163393557

243

170

171

123134

77194

167

250403

5457

Sept.

149174136109

69

209297175193

103

16670

459332

188

123256

75

196

191232122

99271185216

192200180129

180

168

266

214213187214

185178411

303

157358560

245

171

172

125137

79195

166

246388

5659

Oct.

15618613512477

192210167192

197

14376

686358

191

127269

47

196

191233121

97273185213

190212180127

181

173

269

212214200214

185178452

303

156346556

239

176

179

138147104199

163

240354

5562

Nov.

188240148114

75

174111161192

178

13986

549292

198

129267

86

191

187236119

95278180205

188179184126

183

178

276

214226196237

185177467

304

157331563

245

169

178

141152

99196

115

160185

5065

Dec.

195264141

7968

16696

150187

154

U285

278225

137

87188

53

183

181223117

94261175191

191175181125

178

166

281

215234190231

185178456

302

158317563

250

159

170

125135

86193

89

11794

4670

1952

Jan.

193253148

8185

15783

149177

145

15173

219150

176

108244

66

187

185230116

95271178197

192193177123

170

148

281

211238183248

188179464

302

156••323562

248

162

175

136147

91194

88

11694

4573

Feb.

175223140

7486

15584

144176

152

15573

196193

167

105229

66

194

190238119

99279182209

191191176129

175

159

281

212242175218

188179459

'300

155299

••562

243

162

174

123135

77199

91

12198

4377

Mar.

165214128

7683

15383

125176

155

15968

190208

164

109226

59

192

188242125

99284180205

189190178131

180

171

r278

210227181227

204197420

298

155r269563

r244

158

170

111122

68199

r90

11894

4380

Apr.

152188127

7877

15188

107175

155

16262

179205

174

110241

62

186

18123012195

269174202

186188161124

180

174

266

205218184215

179175329

296

154267561

237

165

171

110119

74201

131

189238

77

M a y

147167140

8878

P 1 5 0P 8 5

P 1 7 5

158

17051

139214

178

114245

64

182

175222117

92260168207

175162149131

174

173

P203

329

P294

P157269

P560

P234

P163

P163

100107

73

P161

For other footnotes see preceding page.N O T E . — F o r 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.

JULY 1952 813


OUTPUT OF MAJOR CONSUMER DURABLE GOODS(Adjusted for Seasonal Variation)

[Federal Reserve index numbers, 1947-49 average =100]

Product group

Total1

Passenger automobiles *

Household goods, totalCarpetsFurnitureMajor appliances . .Radios and television

1951

M a y

129

140

11782

109115153

June

125

140

10870

102111133

July

100

111

8847

1027898

Aug.

101

112

8955978695

Sept.

107

115

98569796

123

Oct.

103

108

98609888

135

Nov.

104

104

10360

10193

149

Dec.

98

93

10463

105100130

1952

Jan.

noo'91

11079

10497

164

Feb.

'102

-96

10875

10395

158

Mar.

'104

'103

10680

'10298

141

Apr.

103

109

9883

10583

119

M a y

103

109

97

10581

118

' Revised.1 Seasonal adjustment factors for passenger automobiles revised beginning January 1952.NOTE.—Figures for May are preliminary. For description see BULLETIN for October 1951, pp. 1235-1240. Tables of back data, including

unadjusted indexes for these series, and indexes for certain component series may be obtained from the Division of Administrative Services, Boardof Governors of the Federal Reserve System, Washington, 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 industry1951

May June July Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. May

ADJUSTED FOR SEASONALVARIATION

TotalDurable goods

Primary metal industriesFabricated metal productsMachinery except electricalElectrical machineryTransportation equipmentLumber and wood productsFurniture and fixturesStone, clay, 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 Products.Misc. Manufacturing Industries..Ordnance and Accessories

13,2117,4491,174859

1,236714

1,233764309484

22242232

5,7621,212

1,045345

1,18480

426

513539195223

12,9937,4061,162

565850

1,242228707

270247

1,233

75231876444930121148422240932

13,2047,4401,178852

1,246708

1,237765295485

22341734

5,7641,205

1,047351

1,17780

428

512544197223

13,0647,4091,172

572843

1,252233704

275241

1,237

73833377345628619748522340034

13,1067,3521,173834

1,247705

1,187748296485

22941038

5,7541,203

,053341,17080

427

512548196224

12,8857,2261,155

572813

1,235232684

271230

1,187

68434774844328419647822138338

12,9677,3031,171

8291,221

7141,198

736289482

226396

415,6641,170

1,032336

1,15481

421

514542194220

13,0697,2611,165

575817

1,209225696

272239

1,198

67535775444928519548422438841

12,8557,2651,162810

1,225711

1,211730284480

226382

445,5901,147

1,007321

1,14882

418

515540194218

13,0877,2791,162

573810

1,219231707

273247

1,211

67936074544328519648222638844

12,7897,2481,154

8051,248

7001,205

729283477

22737347

5,5411,133

985317

1,15882

411

512533197213

12,9977,2961,160

570809

1,242232707

265258

1,205

66736274043928920147922839047

12,7767,2641,143

8011,261

7071,234

712287470

229370

505,5121,121

998319

1,13279

407

514531196215

12,9047,3141,149

558805

1,255241718

266268

1,234

65539571942829420647223038850

12,803

7,2611,152

7941,263

7121,235699290460

23037452

5,5421,124

1,020325

1,13383

406

512527197215

12,9117,3221,164

573806

1,269245726

271272

1,235

64540769641229620846523238152

12,8167,2561,156

7961,276

7181,235667292457

231374

545,5601,120

1,029330

1,14482

403

510531195216

12,7667,2641,162

570804

1,276247725

273271

1,235

63341565439129620845223237454

12,835'7,2851,154

r7991,275

'720••1,251

'685290

'449

'232'375

555,550'1,106

1,021335

'1,15981

'402

'507'530195214

12,820'7,3061,160

570r807

1,281'249'727

275273

'1,251

'634424r668396296'207'447'233'38155

12,823'7,275'1,148

'7991,264'716

'1,263'680293'449

'232375

565,548'1,101

'1,018335

'1,15981

'401

511'530197215

12,807'7,310'1,154

'567'807

1,277'249'723

272273

'1,263

'639427'670398296'208'449'23438156

12,8407,3161,146803

1,268714

1,283686292451

234382

575,5241,091

1,008338

1,15483

399

509530199213

12,7127,3141,146

12,7597,2911,154802

1,251712

1,306648292452

23138558

5,4681,083

995339

1,13282

398

509526187217

12,5597,2511,142

8071,274

248714

270268

1,283

662429676406291205

7941,257

705

1,306

648

285

45123538057

452231

37358

For footnotes see following page.



PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES—Continued

[Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons]

Industry group or industry1951

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

1952

Jan. Feb. Mar. Apr. May

Nondurable goodsTextile-mill Products

Broad-woven fabric mills...Knitting mills

Apparel and Other Finished Tex-tiles

Men's and boys' furnishings.Women'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 A Hied Products...Industrial organic chemicals

Products'of Petroleum and Coal..Petroleum refining

Rubber Products

5,5871,206

574222

998253

249331210

1,09922913719074

424

213

510152168531170194151220

5,6551,205

588216

1,000245

255344222

1,14623315419276

426

215

512152169528172198154220

5,6591,167

574210

990233

271336215

1,22523622619275

418

214

507151167526172198154217

5,8081,152

561212

1,047238

295343221

1,30723330519284

419

215

509151166531174198154218

5,8081,136

551205

1,037239

284327208

1,33023533019389

416

214

515153167543175197154218

5,7011,133

546209

1,019238

270320201

1,25423623819589

413

212

517153169544172197154215

5,5901,132

544209

1,008233

279317198

1,16024614519285

411

212

519154170542173197154219

5,5891,141

548211

1,035235

296323205

1,122252120190£5

410

212

520155171538171196155219

5,5021,131

540209

1,029228

300330213

1,06824610618782

405

211

510151170536170193153218

5,514'1,123

'527210

1,052••233

••309342221

r1,060244

••105187

80'404

210

'507152

'166

'5381 6 8193153215

'5,497r1,112

'518210

r1,049238

'306

343222

'1,056240104

'18778

210

508152167

'538168194152216

5,3981,091

507209

993239

274335217

1,05723511318477

399

206

506152166530163197155213

5,3081,078

950

325

1,059

76396

506

518

186

214

' Revised.NOTE.—Covers production and related workers only; data shown include all full- and part-time production and related workers who worked

during, or received pay for, the pay period ending nearest the 15th of the month. Figures for May 1952 are preliminary. 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

Average weekly earnings(dollars per week)

M a y

1952

Mar. Apr. M a y

Average hours worked(per week)

1951

M a y

1952

Mar. Apr. M a y

Average hourly earning(dollars per hour)

1951

M a y

1952

Mar. Apr. M a y

TotalDurable 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

64.55

69.60

75.0269.1876.3066.5774.97

59.7256.2865.1168.7857.3972.45

57.93

51.3743.5645.3860.4042.49

65.9275.6668.1481.3168.56

67.19

72.55

•75.91'71.5280.08

'69.96'80.00

'59.70'60.71'65.64-71.04"60.34"79.08

60.09

51.32"47.36"50.39"63.42"43.85

"67.35"79.19"69.01-81.7773.40

65.83

71.03

70.6469.7378.5868.8278.74

61.2859.6765.0470.2059.0077.17

58.91

49.8943.6148.3263.2341.23

65.2178.3269.2581.9371.68

66.32

71.11

70.2970.4878.5768.6578.11

60.6560.1965.7671.1560.7477.96

59.60

50.6545.0548.4165.1842.18

65.8679.8570.1172.4269.74

40.7

41.8

41.741.843.641.540.9

41.540.441.942.340.743.2

39.3

38.835.335.441.636.6

43.438.741.740.941.3

40.6

41.6

'41.141.843.541.3'41.3

'40.541.341.0"41.4'40.844.4

39.3

38.1r36.838.7'41.136.6

42.6'38.8'41.240.6'40.6

39.8

40.8

38.640.842.840.640.8

40.840.740.641.140.043.4

38.5

37.235.037.040.934.5

41.338.341.140.439.8

40.0

40.8

38.241.042.740.540.6

41.441.041.041.240.643.6

38.8

37.6

35.3

41.538.841.035.839.2

1.586

1.665

1.7991.6551.7501.6041.833

1.4391.3931.5541.6261.4101.677

1.474

1.3241.2341.2821.4521.161

1.5191.9551.6341.9881.660

1.655

1.744

'1.847'1.7111.841

'1.694'1.937

'1.474'1.470'1.601'1.716'1.479'1.781

1.529

1.347'1.287'1.302'1.543'1.198

'1.581'2.041'1.675'2.014'1.808

1.654

1.741

1.8301.7091.8361.6951.930

1.5021.4661.6021.7081.4751.778

1.530

1.3411.2461.3061.5461.195

1.5792.0451.6852.0281.801

1.658

1.743

1.8401.719

.840

.695

.924

.465

.4681.6041.7271.4961.788

1.536

1.3471.2411.3191.5631.195

1.5872.0581.7102.0231.779

r Revised.NOTE.—Data are for production and related workers.

of Labor Statistics.Figures for May 1952 are preliminary. Back data are available from the Bureau

JULY 1952 815


EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION[Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons]

Year or month

19441945194619471948194919501951 .

SEASONALLY ADJUSTED

1951—MayJuneJuly. . . . .AugustSeptemberOctoberNovemberDecember

1952—TanuaryFebruaryMarchAprilMay

UNADJUSTED

1951—May .June . . . „July .AugustSeptemberOctoberNovemberDecember

1952—JanuaryFebruaryMarchAprilM a y

Total

41,48040,06941,41243,37144,20143,00644,12446,401

46,50746,62646,60246,55546,46546,41546,48246,608

46,471'•46,594'46,53446,50746,498

46,22646,56746,43246,72446,95646,90246,85247,663

45,913'45,899'45,98346,24946,234

Manufac-turing

17,11115,30214,46115,24715,28614,14614,88415,931

16,08116,09716,02615,89315,80115,74815,76115,811

15,83015,87715,88315,90515,819

15,85315,95615,81316,00816,03915,96515,89015,913

15,77615,85915,85815,76915,609

Mining

883826852943981932904920

916923899914912914916916

916912906901892

915927906922917917917916

909'902899897891

Contractconstruction

1,0941,1321,6611,9822,1652,1562,3182,569

2,5722,5582,5742,6012,5872,6302,5812,569

2,545'2,593'2,5272,5172,473

2,5982,6862,7542,8092,7682,7612,6332,518

2,316'2,308'2,3002,4162,498

Transporta-tion and

publicutilities

3,7983,8724,0234,1224,1513,9774,0104,144

4,1404,1324,1344,1434,1574,1734,1694,161

4 139'4,147'4,1554,1264,139

4,1374,1614,1764,1904,1784,1664,1654,161

4,103'4,111'4,1194,1064,136

Trade

7,2607,5228,6029,1969,4919,4389,5249,804

9,8219,8579,8379,8229,7919,7709,8279,893

9,852'9,860'9,8549,8159,893

9,6839,7329,6679,6419,7819,893

10,10910,660

9,720'9,643'9,6609,8119,754

Finance

1,3741,3941,5861,6411,7161,7631,8121,883

1,8651,8741,8801,8951,9081,9171,9261,931

1,9191,9291,9361,9411,947

1,8741,8931,9081,9141,8981,8981 ,9071,912

1,9091,9191,9361,9511,957

Service

3,9344,0554,6214,7864,7994,7824,7614,759

4,7654,7874,7804,7914,7834,7464,7584,749

4,742'4,738'4,7304,7484,763

4,7894,8354,8524,8394,8314,7704,7344,702

4,671'4,667'4,6834,7484,787

FederalState, and

localgovernment

6,0265,9675,6075,4545,6135,8115,9106,390

6,3476,3986,4726,4966,5266,5176,5446,578

6,5286,5386,5436,5546,572

6,3776,3776,3566,4016,5446,5326,4976,881

6,5096,4906,5286,5516,602

r Revised.NoffE.—Data include all full- and part-time employees who worked during, or received pay for, the pay period ending nearest the 15th"of

the month. Proprietors, self-employed persons, domestic servants, unpaid family workers, and members of the armed forces are excluded. May1952 figures are preliminary. Back unadjusted data are available from the Bureau of Labor Statistics; seasonally adjusted figures beginningJanuary 1939 may be obtained from the Division of Research and Statistics.

LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT[Bureau of the Census estimates without seasonal adjustment. Thousands of persons 14 years of age and over]

Year or month

19441945194619471948..194919501951

1951—MayJune. . . . .JulyAugustSeptemberOctoberNovember . .December

1952—JanuaryFebruaryMarch . . .

M a y

Totalcivilian non-institutionalpopulation *

93,22094,090

103,070106,018107,175108,156109,284108,976

108,832108,836108,856108,896108,956109,064109,122109,200

109,260109,274109,274109,328109,426

Civilian labor force

Total

54,63053,86057,52060,16861,44262,10563,09962,884

62,80363,78364,38264,20863,18663,45263,16462,688

61,78061,83861,51861,74462,778

Employed *

Total

53,96052,82055,25058,02759,37858,71059,95761,005

61,19361,80362,52662,63061,58061,83661,33661,014

59,72659,75259,71460,13261,176

In nonagricul-tural industries

45.01044,24046,93049,76151,40550,68452,45053,951

53,75353,76854,61854,94254,05454,16854,31454,636

53,54053,68853,70253,72054,216

Inagriculture

8,9508,5808,3208,2667,9738,0267,5077,054

7,4408,0357,9087,6887,5267,6687,0226,378

6,1866,0646 0126,4126,960

Unem-ployed

6701,0402,2702,1422,0643,3953,1421 879

1,6091,9801 8561,5781,6061,6161,8281,674

2,0542,0861 8041 6121,602

Not in thelabor force

38,59040,23045,55045 85045,73346,05146,18146 092

46,02945,05344 47444,68845,77045,61245,95846,512

47,48047 43647 75647 58446,648

1 The number of persons in the armed forces, previously included in the total noninstitutional population and total labor force items, is nolonger available for reasons of security.

1 Includes self-employed, unpaid family, and domestic service workers.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.



CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION

[Figures for 37 States east of the

Month

January . .FebruaryMarchApril . .MayJuneJulyAugustSeptember . , . . . .OctoberNovember . .December

Year

Total

1951

1,045.21,140.51,271.01,375 02,573.01,439 41,422.71,265.81,096.01,072.0

951.11,099.5

15,751.1

111

Rocky ]

1952

902.1885.2321.3597.5563.7

6

Mountains, as reported by the

Residentialbuilding

1951

420.9531 1574.6590 8661 1545 2548.1567 6479.7496.2443 9346.1

,205.4

1952

337396592681753

74768

Factories

1951

130.4116 2126.2174 3

1,274.9242 0206.9161.8122 5116.496 5

115.1

2,883.3

1952

11061

120204

78

K.

.102

9

W. Dodge Corporation. Value cf contracts in millions of dollars]

Nonresidential building

Commercial

1951

12110178

1066065756580684843

915

188

6

450841

3

1952

5562707579

796

9

1

Educational

1951

84.681 0

128.4103 5123.2128 1150.1127.998 594.579 0

136.0

,334.6

1952

98.1104.2118.7134 4145.7

Other

1951

126.8132 2139.4133 9175 3148 3146 9123.8116 6159.1123 1163.9

1,689.2

1952

9374

153147158

90874

2

Public worksand public

utilities

1951

161.3178 2223.6266 1278 0310 5295 2219.3198 7137.0160 2295.2

,723.2

1952

206.7187 4265.3353 6347 0

CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP

[Figures for 37 States east of the Rocky Mountains, as reported by theF. W. Dodge Corporation. Value of contracts in millions of dollars]

Month

JanFeb.. . .Mar.. . .Apr.. . .May. . .J u n e . . .Ju ly . . . .Aug.. . .SeptOctNov . . . .Dec.. . .

Year.

Total

1950

731780

1,3001,3501,348L,3451,4201,5491,2871,1361,087L.168

14,501

1951

1,0451,1411,2711,3752,5731,4391,4231,2661,0961,072

9511,100

15,751

1952

902885

1,3211,598

Public ownership

1950

201285481354389428460438364308320381

4,409

1951

306332418456

1,474583636486318310326476

6,122

1952

297339554636

Private ownership

1950

530495819996959917960

1,111922828767787

10,092

1951

739808852919

1,099856787779778762625624

9,629

1952

605547767961

LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION


Year ormonth

1947194819491950 . .1951

1951—May.June..July...Aug. . .Sept...Oct. . .Nov.. .D e c . . .

1952—Tan. . .Feb. . . .Mar...Apr. . .May. .

Total

1,7873,3383,8214,3423,221

271255274270239300248227

5 274« 211«2O7«242

249

Title 1

Prop-ertyim-

prove-ment1

534614594694708

5254766653746865

8864616471

loans

Smallhomecon-

struc-tion

(3)7

13* 729

22234443

42222

1- to 4-familyhouses(Title

ID

446880

1,8552,4661,894

165146146154131145141125

159125124126128

Mortgs

Rentaland

grouphousing(Title

II)

721

109

166

1715

720

49

1887

2615

iges

War andVet-

erans'housing(TitleVI)2

8081,8361,3391,031

278

3631191816152410

3(3)

547

Mili-taryhous-ing

(TitleVIII)

12123203

" l 613142841

715

210

81818

Net proceeds to borrowers.'Includes mortgages insured in connection with sale of Government

owned war housing and insured loans to finance the manufacture ofhousing. 3 Less than $500,000.

* Includes 6 million dollars of Class 3 loans (program terminatedFeb. 28, 1950) and 1 million of Sec. 8 loans.

* Includes defense housing as follows (in millions of dollars): Jan-uary, 1; February, 0.3; March, 0.5; April, 2; May, 7.

NOTE.—Figures represent gross insurance written during the periodand do not take account of principal repayments on previously insuredloans. Figures include some* reinsured mortgages, which are shown inthe month in which they were reported by FHA. Reinsured mortgageson rental and group housing (Title II) are not necessarily shown in themonth in which reinsurance took place

CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS[Figures for 37 States east of the Rocky Mountains, as reported by theF. W. Dodge Corporation. Value of contracts in thousands of dollars]

Federal Reserve district

BostonNew YorkPhiladelphiaClevelandRichmondAtlantaChicagoSt. LouisMinneapolisKansas CityDallas

Total (11 districts)

1952

M a y

106,005244,053

95,602157,630134,944156,230248,46098,32946,63498,698

177,075

1,563,660

Apr.

84,710293,921101,983139,772145,786176,809207,782180,41551,17474,846140,319

1,597,517

1951

M a y

105,330287,641105,236206,337743,910163,735210,405471,601

55,75162,630

160,385

2,572,961

INSURED FHA HOMB MORTGAGES (TITLE II) HELD INPORTFOLIO, BY CLASS OF INSTITUTION


End of month

1936—Dec1937—Dec1938—Dec1939—Dec1940—Dec1941—Dec1942—Dec1943—Dec1944—Dec1945—Dec

1946—JuneDec

1947—JuneDec

1948—JuneDec

1949—JuneDec

1950—Dec

1951—JuneDec

Total

365771

1,1991,7932,4093,1073,6203,6263,3993,156

3,1022,946

2,8602,871

2,9883,237

3,8944,751

6,695

7,5568,212

Com-mer-cial

banks

228430634902

1,1621,4651,6691,7051,5901,506

1,4881,429

1,3861,379

1,4021,429

1,5871,771

2,205

2,4122,554

Mu-tualsav-ings

banks

8273871

130186236256260263

260252

245244

251265

305378

693

9031,072

Sav-ingsandloan

associ-ations

56110149192224254276292269253

247233

229232

245269

323416

603

658689


41118212342542789

1,0321,1341,0721,000

974917

889899

9731,113

1,4311S828

2,712

3,1153,453

Fed-eral

agen-cies 1

53277

153201234245

796813

119

87

79

2152

60

4471

Other2

275390

133150179163159140122

122106

102110

110152

227305

421

423373

1 The RFC Mortgage Company, the Federal National MortgageAssociation, the Federal Deposit Insurance Corporation, and theUnited States Housing Corporation.

2 Includes mortgage companies, finance companies, industrial banks,endowed institutions, private and State benefit funds, etc.

NOTE.—Figures represent gross amount of mortgages held, exclud-ing terminated mortgages and cases in transit to or being audited at theFederal Housing Administration.

JULY 1952 817


PERMANENT NONFARM DWELLING UNITS STARTED[In thousands of units]

Year or month

1939194119451946194719481949 . .19501951

1951—JulyAugustSeptemberOctoberNovemberDecember

1952—TanuaryFebruaryMarchAprilMayJune

Total

515706209671849932

1,0251,3961,091

918996907561

6578

104P108P107

Urban

359434134404480525589828595

464649443931

364359

n.a.n.a.n.a.

Ruralnon-farm

156272

75267369407436568496

454347463629

293545

n.a.n.a.n.a.

Private

Total

458620208663846914989

1,3521,020

878895897260

627491

PggP99Pgg

1-family

373533185590740763792

1,151892

767881806451

546579

n.a.n.a.n.a.

2-family

2028

9243446354240

334332

334

n.a.n.a.n.a.

Multi-family

6658154872

10416215988

88

10666

568

n.a.n.a.n.a.

Public

5787

183

18364471

411121

33

1310

P7

Government-underwritten

Total

158220

47152440393466686413

343230322723

2326283838

n.a.

FHA

158220

4169

229291361486264

222120201814

1617192626

n.a.

VA

683

211102105200149

1211101299

799

1212

n.a.

UclSCU UiL lVdlliS L1U5CU l i i l Ul l i lclLlUll. WLilCI l l g l U C S U.X C CBLUHclLCU Uy JJUlCoL

reported starts of public units, and a sample of places not issuing permits.

FREIGHT CARLOADINGS, BY CLASSES[Index numbers, 1935-39 average =100]

vîass

Total

CoalCokeGrainLivestockForest productsOreMiscellaneousMerchandise, 1 c. 1. . .

Annual

1950

128

11718013568

14117214053

1951

134

12120814369

15020514748

1951

M a y

133

11121014164

15421214848

Monthly—seasonally adjustec

1952

Jan.

141

13320314667

15525615146

Feb.

136

120192140

7214627714949

Mar.

133

11119613966

14125714947

Apr.

126

10316613073

14221214146

M a y

122

10117913266

12621213745

Monthly—unadj usted

1951

M a y

135

11120812457

16029614948

1952

Jan.

128

13321414664

13964

13844

Feb.

126

12020313757

14069

14047

Mar.

124

11119812853

14175

14248

Apr.

123

10316311565

14219513947

M a y

124

10117811659

13129213845

NOTE.—For description and back data, see BULLETIN for June 1941, pp. 529-33. 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

fanuaryFebruaryMarchAprilM ayJuneJulyAugustSeptemberOctoberNovember . .December

January-April

Merchandise exports *

1950

741764860804830877779762911906977

1,065

3,169

1951

9741,0761,2951,370

P 1 , 3 5 4Pl.297Pi,186Pi,269Pi,232Pl,152Pi,386Pl,438

4,715

1952

Pl,251P 1 , 3 3 1Pl.418PI,331

P 5 , 3 3 0

Merchandise imports 2

1950

623600665585659687709820859923855867

2,474

1951

1,024910

1,1021,033

P 1 , 0 1 8P930P894P881P721P 8 3 4P 8 1 8P800

4,068

1952

P922P892P963P932

P3.709

Excess of exports

1950

11816419521917019070

—5952

— 16122198

695

1951

- 5 0166194337

P 3 3 7P 3 6 7P 2 9 2P 3 89P 5 1 1P 3 1 8P 5 6 8P 6 3 7

647

1952

P 3 2 9P438P 4 5 4P399

P 1 , 6 2 0

P Preliminary.1 Exports of domestic and foreign merchandise. Includes exports under foreign aid programs, including Department of Defense shipments;

under the Mutual Security Program as follows (in millions of dollars): 1950, 282; 1951, 1,065; January-April 1952, 392.2 General imports including imports for immediate consumption plus entries into bonded warehouses.Source.—Department of Commerce.

818 FEDERAL RESERVE BULLETIN:


DEPARTMENT STORE STATISTICS[Based on retail value figures]

SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS[Index numbers, 1947-49 average = 100]

Year or month

SALES»194619471948194919501951

SEASONALLY ADJUSTED

1951—MavJuneJuly

SeptemberOctoberNovemberDecember

1952—JanuaryFebruaryMarchAprilIVIay

UNADJUSTED


1952—JanuaryFebruaryM[archAprilMay

STOCKSi194619471948 . . .194919501951

SEASONALLY ADJUSTED

1951—MayJuneTulv

SeptemberOctober

December

1952—Tanuary . . . . .FebruaryMarchAprilMay

UNADJUSTED

1951—MayJune . .July

SeptemberOctober

December

1952—January . . ... .FebruaryMarchAprilMay

UnitedStates

909810498105109

104105105109107109113109

108106105103

P108

103998493

113112134184

838392103

P107

7793107100110129

136136138134128121117119

118116115116

P118

139129127129132135133107

106113120122

P120

Federal Reserve district

Boston

929910299103105

10098106108100103106106

10210010499

P102

101987382110105129188

817587103no3

8595105100110124

129131130127120115112115

115112109111109

132122117120124130132108

105107112114112

NewYork

919910398101105

100108103106101103104103

10010098'9696

981057480106108131179

808286'9495

859810597104124

128131133129122115115115

114107108111112

••132122117125129130132106

101104113116115

Phil-adel-phia

8796104100106109

104103105111107108109105

110110109102107

105997683112114144185

818297103108

819310799108127

'133132134130126117115120

115113113112114

136123116123131135133105

100111119121116

Cleve-land

889710598105111

104106107108108112114109

115108106104103

1061008494114115140181

878395104105

7893107100111134

145146144136132122114116

114110110111109

148137129131137137128102

104109116117111

Rich-mond

9297103100105112

'111110105121109114118109

114109114108

P116

1091038695118121145192

808396110

P115

8094105101114134

137145146140135127125130

133127127126131

142133134138139143139114

117123136136135

At-lanta

9096103101109'115

'108'115'113'113'112'112'122'120

'119'112'114'115*>128

'104'98'90'100'117'117'140'204

'90'94'110'118P123

7590108102120140

146141140144132130130133

133129126125126

148135132141137142145116

119128132132127

Chi-cago

899810497104108

'106101101107106109110109

106105103100104

'106998694114111132175

81818999104

7389111100110128

134133139131124121115117

114113113114114

136125125124127134133109

106111118118116

St.Louis

909710498104105

9898104106105105109107

1111009998102

102908595111111130168

818089101106

7793106100112131

140143139139127119114119

106112111114124

140136129135135134125105

92109118122124

Minne-apolis

889810499105104

10098101109101104107tO4

971139498104

101948197112118120166

728380

'100105

7491110100104117

123122124123116113107106

106102103104106

12611712011711712011997

10099107109108

KansasCity

909810399108111

104104104111112110116113

115106105104pin

1049785102119117131185

868593104P112

7493108100113132

141141141143133123117121

122122120121P124

144137133134133134133108

114121126127

P126

Dallas

8594105102113117

111113114115115114129122

122115115114128

10910096104124119144203

9593105114125

6989110101112132

140138141140135125120125

124122124122124

141128129137138136135115

112120131129125

SanFran-cisco

919910498105108

'102103'107'105'107'109'118'1C8

'106108102'105118

989793101108107125189

838690103113

7393107100110131

137136139138132124119119

121123119123128

142133134132135136132106

109117122129132

v Preliminary. ' Revised.1 Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average.NOTE.—For description and monthly indexes for back years, see BULLETIN for December 1951, pp. 1463-1515.

JULY 1952 819


D E P A R T M E N T STORE STATISTICS—ContinuedSALES AND STOCKS BY MAJOR DEPARTMENTS

Department

GRAND TOTAL—entire store 3

MAIN STORE—total

Piece goods and household textiles . .Piece goods

Silks velvets and syntheticsWoolen yard goodsCotton yard goods

Household textilesLinens and towelsDomestics—muslins sheetingsBlankets, comforters, and spreads

Small waresLaces, trimmings, embroideries, and ribbons... .NotionsToilet articles drug sundriesSilverware and jewelry

Silverware and clocks 4

Costume jewelry 4

Fine jewelry and watches4

Art needlework . . .Books and stationery

Books and magazinesStationery

Women's and misses' apparel and accessories.Women's and misses' ready-to-wear accessories..

Neckwear and scarfs . . .HandkerchiefsMillineryWomen's and children's glovesCorsets and brassieresWomen's and children's hosieryUnderwear, slips, and negligees

Knit underwearSilk and muslin underwear, and slipsNegligees, robes, and lounging apparel

Infants' wearHandbags and small leather goodsWomen's and children's shoes

Children's shoes 4

Women's shoes *Women's and misses' ready-to-wear apparel.. . .

Women's and misses' coats and suitsCoats 4

Suits 4

Juniors' and girls' wearJuniors' coats, suits, and dresses. . . .Girls' wear . .

Women's and misses' dressesInexpensive dresses4

Better dresses 4

Blouses, skirts, and sportswearAprons housedresses and uniforms

M e n ' s a n d b o y s ' w e a r . . . .Men's clothingMen's furnishings and hatsBoys' wearMen's and boys' shoes and slippers

Homef urnishingsFurniture and bedding . . .

Mattresses, springs, and studio beds 4 . . .Upholstered and other furniture 4

Domestic floor coveringsRugs and carpets4

Linoleum 4 . .Draperies, curtains, and upholstery. . . . .Lamps and shadesChina and glasswareMajor household appliancesHousewares (including small appliances)Gift shop 4

Radios, phonographs, television, records, etc.4. .Radios, phonographs television 4

Records, sheet music, and instruments 4

Miscellaneous merchandise departmentsToys, games, sporting goods, cameras

Toys and gamesSporting goods and cameras

LuggageCandy 4

Num-ber ofstoresreport-

358

358

321299200179193312279254244

349205241330319216286

77237277132245

355355314287162330341348346257294261332338248214225355343229222321263320345261272344296258

336263319307196

325250176184279163100302255258240266185229164128

321298244152271189

Percentagechange from a

year ago (value)

Salesduringperiod

Apr.1952

+7

+6

- 9- 4

- 6-i

— 13- 1 1- 1 7

- 9

+8+9+5

+ 12+7

— 13+24+1

- 1 0+ 12+2

+ 17

+ 19+23+32+23+43+54+ 13+7+7+7+8+5

+29+38+28+74+20

+5+6

+33+ 18+55+ 10+ 12+8

+ 16+9+9

+18+3

+15+56+21

- 1 5- 1 6— 12- 1 8— 26—29— 14— 10- 1 4

—9— 17

- 5c

- 3 0- 2 8

- 6

+14+20+34+9

0+96

Fourmonths

1952

- 6

- 6

- 1 4- 5- 3

- 1 70

- 2 0- 1 7- 2 6- 1 0

+ 10

+ 1+ 1- 3

— 16+9

+4+4+4

+ 10

+6- 5+3

0i

- 7- 2- 6- 1+6+9+3- 3+3—4+2- 3+2

- 1 3+5+ 1+9+4+4+3+6+5- 9

- 5- 1 0- 5+7- 9

- 1 8- 1 1

- 8- 1 3- 2 9—31— 10

- 8

—6- 3 7- 1 2

-33- 3 4

- 8

- 2+ 1+5

0+4

Stocks(end ofmonth)

Apr .1952

- 1 7

- 1 7

- 2 3- 1 4- 1 0- 2 2- 1 5—27- 2 0- 3 1- 3 4

- 9- 3- 7- 7

- 1 3— 17- 1 0

- 8- 1 5

- 3+9

- 1 0- 1 2

- 2- 1 9

- 4- 1 0- 1 2- 1 9- 1 7- 1 5- 2 0- 1 0- 1 3- 1 0

- 6- 9- 6- 8

- 1 2—8

—20- 1 0- 1 0

- 9- 4

- 1 0+ 1

- 1 0- 1 4+4

- 1 3- 8

- 1 7- 1 6- 1 3

- 2 3- 1 6- 3 1- 1 4- 2 8- 3 2- 1 7- 1 2- 1 4+ 1

- 4 4-24

— 7-54-60-11

- 2 2-28-36-19- 1 3

- 9

Ratstoc

sa

io ofks toes 1

April

1952

3.3

3.5

4.63.83.57.43.05.26.04.84.7

4.33.23.43.85.88.83.29.86.44.23 . 74.4

2.42.91.94.20.72.82.92.43.43.63.42.92.72 . 24 . 13.44.31.91.31.21.41.71.42.11.61.32.02.62.16.8

4 . 75 .64.73.05.4

5.05.02.65.75.85 .94 . 34 . 34 . 78 .54 . 74.16.24.43.95.7

3.25.44.96.05 . 30 . 8

1951

4.2

4.5

5.44.23.89.03.46.36.65.86.4

5.13.63.94.67.09 34.4

10.86.84.93 . 45.6

3.24.02.66.41.14.83.83.14.44.54.73.34.03 . 35 . 66.65.42.41.61.41.92.51.83.51.91.62.13.32.67.1

6 . 36 . 36.55.77.6

5.45.03.35.45.96 . 14 . 44 . 44 . 77.77 .05.16.46.67.16.1

4.79.0

10.28.16 .11.6

Index numberswithout seasonal adjustment,

1941 average monthly sales = 100 2

Sa es duringperiod

1952

Apr.

203

15519517297

280135124142131

166278259146160

113153123146

234228321110263204287150189233178172302222270

240261

297293321248

268222

52

180177154251189

195186

165

203172147167280

201158130153169

Mar.

194

165231257205268133123153127

159234210144149

142164178149

220205278

94243150265143170218156161287184238

235293

321312345210

23618184

160171131220167

201191

171

201171151207259

17111596

110152

1951

Apr.

190

171203176103289155139171145

154254246131150

125137121125

197185243

90183133253141176219164164234161210

210243

223247207225

23120347

152172134161156

230222

224

225199161201296

17613297

140169

Stocks at endof month

1952

Apr.

722

717737603727843706740689615

708885884562919

720647457651

559652626467189574843355647834622493808479

1,113

459347

508404662402

695462351

835992721765

1,022

968930

950

874811

1,248789

1,140

644853629919891

Mar.

714

697736752768819682721694626

687856872551902

689612489644

571656669476272602810339609794597446822498

1,119

483437

558442713399

656430422

819972698798

1,020

956950

943

896758

1,215826

1,123

623787616790835

1951

Apr.

861

930854667956988975916996932

775918951607

1,053

837665419702

623736633587196639948437773982768540930534

1,187

502392

561450734419

767535347

9721,083

883913

1,173

1,2641,112

1 318

998940

1 2401,3941,502

8211,188

9921,1471,020

For footnotes see following page.

820 FEDERAL RESERVE B U L L E T I N


DEPARTMENT STORE STATISTICS—ContinuedSALES AND STOCKS BY MAJOR DEPARTMENTS—Continued

Department

BASEMENT STORE—total

Domestics and blankets 4

Women's and misses' ready-to-wearIntimate apparel * .Coats and suits4

Dresses «Blouses, skirts, and sportswear 4

Girls' wear 4

Infants' wear4 . . .

Men's and boys' wearM e n ' s w e a r *

i M e n ' s c l o t h i n g 4

M e n ' s f u r n i s h i n g s 4 . . . . . .B o y s ' w e a r *

Homefurnishings. .

Shoes

NONMERCHANDISE—total *.. .

Barber and beauty shop 4

Num-ber ofstores

report-ing

201

135

188166174172156124123

160145100118121

105

119

180

75

Percentagechange from a

year ago (value)

Salesduringperiod

Apr.1952

+13

- 9

+20+6

+21+ 15+ 16+61+32

+15+4+7+ 1

+60

-15

+24

+5

+ 11

Fourmonths

1952

- 1

-10

+3- 4+2+5+5+8+9

0- 2+2- 6+6- 9

- 4

- 1

+8

Stocks(end ofmonth)

Apr.1952

- 1 7

- 2 9

- 1 3- 1 5

- 7y

- 1 7- 1 6- 1 9

- 2 2- 2 2- 2 0- 2 4- 1 9

- 2 1

- 8

(B)

(5)

Ratio ofstocks to

sales »

April

1952

2.2

3.3

1.52.30.91.11.91.42.0

2.72.92.83.01.9

3.4

3.3

(B)

(5)

1951

3.04.32.02.91.21.42.62.73.2

3.93.93.74.03.7

3.6

4.4

(5)

(5)

Index numberswithout seasonal adjustment,

1941 average monthly sales =100 l

Sales duringperiod

1952

Apr.

221

240

229

177

196

Mar.

202

216

206

183

162

1951

Apr.

196

200

199

208

158

Stocks at endof month

1952

Apr.

479

369

610

596

650

Mar.

481

381

602

594

656

1951

Apr.

580

426

779

742

692

1 The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the numberof months' supply on hand at the end of the month in terms of sales for that month.

2 The 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.

8 For movements of total department store sales and stocks see the indexes for the United States on p. 819.4 Index numbers of sales and stocks for this department are not available for publication separately; the department, however, is included

n group and total indexes. 6 Data not available.NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1951, 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.

SALES, STOCKS, ORDERS, AND RECEIPTSAT 296 DEPARTMENT STORES »


Year or month

1943 average. . .1944 average. . .1945 average. . .1946 average. .1947 average. . .1948 average. . .1949 average. . .1950 average. . .1951 average. . .

1951—MayJuneJulyA u g . . . . .SeptOctNovDec

1952—JanFebMarAprMay

Reported data

Sales(total

formonth)

204227255318337352333347358

339326257309343388442608

291271317340

P345

Stocks(end ofmonth)

509535563715826912862942

1,114'1,1921,1121,0691,1061,1171,1521,147

929

910956

1,0271,036

Pi,007

Out-standing

orders(end ofmonth)

530560729909552465350466425

'293386434395404408373292379386332274

P251

Derived data 1

Receipts(total

formonth)

203226256344338356331361355

••292'246214346354423437390

272317388349

P316

Neworders(total

formonth)

223236269327336335331370345

'248'339262307363427402309

359324334291

P293

P Preliminary. r Revised.1 These figures are not estimates for all department stores in the

United States. Figures for sales, stocks, and outstanding orders arebased on actual reports from the 296 stores. Receipts of goods arederived from the reported figures on sales and stocks. New ordersare derived from estimates of receipts and reported figures on out-standing orders.

Back figures.—Division of Research and Statistics.

WEEKLY INDEX OF SALES

[Weeks ending on dates shown. 1947-49 average = 100]

Without seasonal adjustment

Aug.

Sept

Oct.

Nov.

Dec.

Jan.

1950

5121926

29

162330

7142128

411182 5 . . . .

2 . . . .9

1623. . . .3 0 .

1951

6132027

.102

. 94

. 97

. 99

.107

.102

.127

.111

.110112

.111

.105

.108

.109

.118127

.110

.153

.191

.220

.22182

. 98

.105

.104

. 96

Aug.

Sept

Oct

Nov.

Dec.

Jan.

1951

4 . . .11. . .1 8 . . .2 5 . . .

1. . .8 . . .

1 5 . . .22. . .2 9 . . .

613. . .20. . .2 7 . . .

3 . . .1 0 . . .17. . .2 4 . . .

18 . . .

1 5 . . .22. . .29. . .

1952

5. . .1 2 . . .1 9 . . .2 6 . . .

. . 88

. . 87

. . 93

. . 97

. .105

. .100

. .114

. .111

. .114110

. .117

. .116

. .113

..121

..127

. 130

..123

. .161

. .191

..213

. .22892

. . 78

. . 92

. . 90

. . 83

Feb.

Mar.

Apr

M a y

June

July

1951

3. . .10. . .1 7 . . .2 4 . . .

3 . . .10. . .17. . .24. . .3 1 . . .

714. . .2 1 . . .28. . .

5 . . .1 2 . . .19 . .2 6 . . .

2 . . .9. . .

1 6 . . .23. . .3 0 . . .7. . .

14. . .21 . . .2 8 . . .

. . 81

. . 94

. . 94

. . 95

. . 99

. .105

. .101

. .105

. . 89101

. .100

. . 97

. .101

..113

. .110

. . 99

. .10095

. .108

..106

. . 92

. 89

. . 75

. . 83

. . 81

. . 80

Feb.

Mar.

Apr.

M a y

June

July

1952

29

1623

18

152229

512.'.'.'.1926

310172431

7 . . . .1 4 . . . .21285

121926

. 84

. 87

. 89

. 83

. 85

. 88

. 90

. 94

.101109

! 11197

.105

.111

.11799

.10597

'111.116

989179

r Revised.NOTE.—Revised series; for description and weekly indexes for back

years, see BULLETIN for April 1952, pp. 359-362.

JULY 1952 821


DEPARTMENT STORE STATISTICS—ContinuedSALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES

[Percentage change from corresponding period of preceding year]

M a y1952

»+s+3+4+5+3+2

+ 1- 1+2

0+4—4+7

c

+2+ 4+2+2+6- 6+6- 9- 1+2- 2

+3+ 1+ 6— 1+7+8+9

P-1

+6- 3

0- 4+8+3- 2+8- 2+5

Apr.1952

+9

+ 18C

/l

+ 10

+9

+8+5

+26+9

+ 14+3

+21+9

r

+8+9

+23+20

- 2+18+12+23+4+9+9+6

+16+8+2+5

+ 15+5+6

0+4+4+9

+8+4

+ 13+3

+ 12

5

1952

- 3

+5c

—4

—4

—3—9+2- 1- 4

-7+ 1- 7— 7- 2

00

+3- 1 0

- 2- 7+4—5+ 1- 3- 4- 4—4- 4- 5- 2

- 5— 1- 7- 4- 5+2- 3- 6+ 3- 8- 2

May1952

Apr.1952 1952

May1952

Apr.1952

M a y1952

+23+9

+ 10+ 10+ 19+20+39

P+18

P + 8+ 15P +5

P + 2 7

P + 2 4

P + 5

P + 2 1

+3

+ 16+ 12

P + 2 7+ 12+ 12(2)

+ 1P + 4P + 4

+ 1+7

P - 1

+4+5+8

P+9

Apr.1952

+35+ 11+ 1/+ 15+ 17+4

+35

+13

+25+21+ 12+ 10

+ 12

+ 12

+ 13

+6

+22+9

+ 13+ 17+22+ 13

+ 4

+9

+9+5- 2+7

+ 14+ 1

+ 10

1952

United States.BostonNew Haven . . . .Portland..Boston Area. . . .Downtown

BostonLowell-

LawrenceNew Bedford...SpringfieldWorcesterProvidence

New YorkBridgeport*Newark *AlbanyBinghamton....Buffalo iElmiraNiagara Falls.. .New York City 1

Poughkeepsie.. .Rochester 1

Schenectady....Syracuse *Utica

Philadelphia . .Trenton l

Lancaster 1

Philadelphia »...Reading iWilkes-Barre x . .Yorki

ClevelandAkron *Canton iCincinnati*. . . .Cleveland J

Columbus x

Springfield *. . . .Toledo iYoungstown l...Erie l

Pittsburgh l. . . .Wheeling i

Richmond . . . .Washington 1.. .BaltimoreHagerstown... .Asheville, N. C.RaleighWinston-Salem.Anderson, S. C..CharlestonColumbiaGreenville, S. C,LynchburgNorfolkRichmondRoanokeCh'ls'ton.W.Va,Huntington. . . .

AtlantaBirmingham l.MobileMontgomery.Jacksonville l.MiamiJ

OrlandoSt. PetersburgTampa iAtlanta l

AugustaColumbus....Macon *RomeSavannah.. . .Baton Rouge l

New Orleans 1

Jackson 1 . . . .Meridian. . . .BristolChattanooga l

Knoxville *.. .Nashville *

ChicagoChicago J . . . .Peoria1

Fort Wayne 1.Indianapolis l.,Terre Haute i.

+8+4

+ 1+ 12+ 14+ 17+1

+36+8+4+8

+ 17+ 10

+ 16+9

p+18+9

+23+ 14+ 15+ 11+17+ 12+ 15+29+57+27+25+ 15

'+33+ 12+ 18+6+6+3

+ 10+4+5

P - 1

-2P + 4

+7P + 5

+15

+ 19+26+9

+ 17+20+ 15+25+20+ 10+20+24+ 18

+30+26

+20+20+36+20+26+5

+20+ 15+22+ 19+62+37+31+43+46+20+ 10+21+28+7

+17+ 19+27

+50

+4+20+ 12+ 13

+1+ 1+4

++5

+ 15+4—4

+ 11+2—2+9

+6+4

+ 12+6+4- 1+2+7

+26+5+3-1

+ 16+ 1+7+3

0- 5+ 1+6- 5- 5- 3- 7- 1

0

Chicago- cont.Des MoinesDetroitiFlint iGrand Rapids x

Lansing *Milwaukee 1...Green Bay x . . .Madison

St. LouisFort SmithLittle Rock 1. .EvansvilleLouisville l

QuincySt. Louis !St. Louis Area.SpringfieldMemphis l

Minneapolis..MankatoMinneapolis l..St. Paul iGreat FallsGrand Forks. .Sioux FallsDuluth-Superior »

La Crosse

Kansas City. . .DenverPuebloHutchinson. . . .TopekaWichitaKansas CityJoplinSt. JosephOmahaOklahoma City.Tulsa

+ 1+ 12

+6+9— 1

0

Dallas-cont.Corpus Christi.Dallas iEl Ps

DallasS h r e v e p o r t . . . .

P + 9-1

+ 1

P+1+ 11

P+20+9

P + 1P + 5P 5+ 17+7

+4+3+ 1+4+9+3+5

+4+8

+9+3+1+9

+ 15+12+ 12+ 11

- 1+7

+ 10+ 17

+14+26

++ 1+4+6

+9+2:+ 17+4

+14+•

+ 10+9

+ 16+ 12

r+4+18+8+3

+23+23+3

+7+9

+9+6+4

+ 110

+9+ 13+22+2+2+5

'+17

+13+ 18

Fort Worth. . .Houston l

San Antonio...Waco

+2+ 1+2+1- 9- 1

+7+ 1- 3+ 1- 2- 5+1+2

- 3

2- 7

- 1 1- 5

0- 2

00

- 90

- 2+6

+4+ 12

San Francisco .Phoenix *TucsonBakersfield iFresno l

Long Beach x . . .Los AngelesArea *

Downtown LosAngeles x

Westside LosAngeles x

Oakland andBerkeley i

Riverside andSan Bernardino

Sacramento l. . .San Diego l. . . .San Francisco *.San Jose 1

Stockton *Vallejo andNapa

Boise andNampa

Portland iSalt Lake City *.BellinghamEverett l

Seattle iSpokane x

Tacoma x

Yakima J

+ 19- 1+3+ 1+8+5

+21

+1- 1+6+2-5+ 1

+ 1-6

+3+2+3+2+ 1

- 4- 6- 4- 4- 9- 4- 2- 7+1

P Preliminary. r Revised.1 Indexes for these cities may be obtained on request from the Federal Reserve Bank in the district in which the city is located.2 Data not available. 3 January 1952. 4 Four months 1952.

CONSUMERS' PRICES1

[Bureau of Labor Statistics index for moderate income families in large cities. 1935-39 average =100]

Year or month

19291933194119421943194419451946194719481949195019511951—May

JuneJulyAugustSeptemberOctoberNovember .December

1952—JanuaryFebruaryIMarchAprilMay

All items

122.592.4

105.2116.6123.7125.7128.6139.5159.6171.9170.2171.9185.6185.4185.2185.5185.5186.6187.4188.6189.1189.1187.9188.0188.7189.0

Food

132.584.1

105.5123.9138 0136.1139.1159.6193.8210 2201.9204 5227.4227.4226 9227.7227.0227.3229.2231 4232.2232.4227.5227.6230.0230.8

Apparel

115.387.9

106.3124.2129.7138.8145.9160.2185.8198 0190.1187 7204.5204.0204 0203.3203.6209.0208.9207.6206.8204.6204.3203.5202.7202.3

Rent

141.4100.7106.4108.8108.7109.1109.5110.1113.6121.2126.4131 0136.2135.4135.7136.2136.8137.5138.2138.9139.2139.7140.2140.5140.8141.3

Fuel, electricity,and refrigeration

112.5100.0102.2105.4107.7109.8110.3112.4121.2133.9137.5140.6144.1143.6143.6144.0144.2144.4144.6144.8144.9145.0145.3145.3145.3144.6

Housefurnishings

111.784.2

107.3122.2125 6136.4145.8159.2184.4195.8189.0190 2210.9212.6212 5212.4210.8211.1210.4210 8210.2209.1208.6207.6206.2205.4

Miscellaneous

104.698.4

104.0110.9115 8121.3124.1128.8139.9149 9154.7156 5165.4165.0164 8165.0165.4166 0166.6168 4169.1169.6170.2170.7171.1171.4

1 Series is the adjusted one reflecting: (1) beginning 1940, allowances for rents of new housing units and (2) beginning January 1950, interimrevision of series and weights. Back figures.—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

Allcom-modi-ties

96.4104.499.2

103.1114.8

116.3115.9115.1114.2113.7113.4113.7113.6113.5

113.0112.5112.3

'111.8111.6

Farmprod-ucts

100.0107.392.897.5

113.4

117.5115.7113.9111.1110.4109.9111.5112.0111.3

110.0107.8108.2108.7108.1

Proc-essedfoods

98.2106.195.799.8

111.4

111.8112.3111.3110.7111.2110.9111.6111.0110.7

110.1109.5109.2108.0108.6

Total

95.3103.4101.3105.0115.9

117.1116.8116.2115.7114.9114.8114.6114.5114.6

114.3114.2113.8

113.3113.0

Tex-tile

prod-uctsandap-

parel

100.1104.495.599.2

110.6

115.5114.8112.9111.6108.5105.9103.9103.9104.0

103.3102.1100.699.999.4

Hides,skins,and

leatherprod-ucts

101.0102.196.9

104.6120.3

126.5126.2124.7122.3118.0118.0113.6107.0105.1

102.299.598.0'94.194.5

Other

Fuel,power,and

light-ingma-

terials

90.9107.1101.9103.0106.7

106.5106.2106.3106.5106.3106.7106.8106.9107.4

107.4107.2107.4106.3106.5

commodities

Chem-icalsand

alliedprod-ucts

101.4103.894.896.3

110.0

111.5111.3110.2108.8108.5108.7108.8108.6108.4

106.7105.9105.4104.8104.0

Rub-berand

prod-ucts

99.0102.198.9

120.5148.0

151.5151.3148.3144.3144.3144.7144.7144.6144.3

144.1143.1142.0

140.6140.4

Lum-berand

woodprod-ucts

93.7107.299.2

113.9123.9

126.6126.1124.6123.5122.3121.6121.7121.1120.3

120.1120.3120.5

'120.9120.6

Pulp,paper,and

alliedprod-ucts

98.6102.998.5

100.9119.6

119.7119.8120.2120.2119.5119.4118.8118.4118.4

118.2118.3117.7117.4117.1

Metalsand

metalprod-ucts

91.3103.9104.8110.3122.8

123.3123.2122.7122.3122.2122.1122.4122.5122.5

122.4122.6122.6122.5121.8

Ma-chin-eryandmo-tive

prod-ucts

92.5100.9106.6108.6119.0

118.6118.6118.6118.8118.9119.4120.2120.5120.7

120.8122.0121.8

121.6121.6

Furni-tureand

otherhouse-holddur-ables

95.6101.4103.1105.3114.1

115.4115.3115.0114.4113.5113.1112.8112.7112.7

112.3112.4111.9

'112.1111.4

Non-me-tallicmin-

erals—struc-tural

93.9101.7104.4106.9113.6

113.7113.6113.6113.6113.6113.6113.6113.6112.8

112.9112.9112.9112.8112.8

To-baccomanu-fac-turesand

bottledbev-erages

98.0100.4101.6102.4108.1

108.4108.4108.4107.9107.8107.8107.5107.5108.1

108.1110.8110.8110.8110.8

Mis-cella-neous

19471948194919501951

1951AprilMayJuneJulyAugust. . . .September.October... .November.December.,

1952Janua ry . . .February. .MarchAprilMay

100.8103.196.196.6

104.9

105.7103.0102.8103.7102.6105.1106.9108.9109.8

111.1111.4109.2109.5108.5

SubgroupM a y

1952

Mar. Apr. M a y

Subgroup1951

M a y

1952

Mar. Apr. M a y

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 cream. . . .Canned, frozen, fruits & vegetable!Sugar and confectioneryPackaged beverage mater ia l s . . . .Other 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, cosmeticsFats and oils, inedibleMixed fertilizersFertilizer materialsOther chemicals and products

Rubber and Products:Crude rubberTires and tubesOther rubber products

Lumber and Wood Products:LumberMillworkPlywood

103.898.3

119.8159.9100.7100.5108.5139.8

106.8118.1106.5105.8108.2161.1123.4

117.8161.898.7

124.9104.1147.3

130.3137.4122.9115.8

107.8124.398.298.0

110.2

121.2109.595.6

103.6106.2105.3109.9

232.5133.9131.0

126.0131.1117.7

123.9102.0105.2118.9110.376.697.1

138.6

107.5111.0113.3104.9107.2163.1116.0

99.6111.887.3

129.1101.6107.0

59.687.6

115.9101.9

108.7124.3105.799.1

110.6

117.0107.993.147.3

108.6109.6104.1

187.9133.4128.8

120.7126.8105.6

127.3100.9106.6119.6108.181.795.5

136.7

107.4109.4112.2104.6109.4161.9107.8

98.6109.2'86.7128.4101.2110.0

49.784.4

'112.9100.2

'104.9124.3

'106.699.1

'109.5

116.8108.092.742.6

108.6109.8103.0

182.7'133.0128.2

121.3126.4105.6

128.998.8

108.9114.2105.674.396.0

136.9

107.0112.1110.6104.5109.2161.9112.9

97.2112.186.7

128.8100.898.6

58.283.4

111.2100.4

104.8124.3106.699.1

109.9

114.6107.392.546.0

108.6111.5103.0

182.7133.0127.6

121.0126.4105.6

Pulp, Paper, and Allied Products:WoodpulpWastepaperPaperPaperboardConverted paper and paperboard.Building paper and board

Metals and Metal Products:Iron and steelNonferrous metalsMetal containersHardwarePlumbing equipmentHeating equipmentFabricated struc. metal products.Fabricated nonstructural metal

productsMachinery and Motive Products:

Agri. mach. and equipmentCons. mach. and equipmentMetal working machineryGeneral purpose mach., etcMiscellaneous machineryElec. mach. and equipmentMotor vehicles

Furniture; Other Household Durables:Household furnitureCommercial furnitureFloor coveringHousehold appliancesRadio, TV, and phonographs. . . .Other household durable goods...

Nonmetallic Minerals—Structural:Flat glassConcrete ingredientsConcrete products ,Structural clay productsGypsum products ,Prepared asphalt roofing ,Other nonmetallic minerals ,

Tobacco Mfrs. and Bottled Beverages:CigarettesCigarsOther tobacco productsAlcoholic beveragesNonalcoholic beverages

Miscellaneous:Toys, sporting goods, small arms. .Manufactured animal feedsNotions and accessoriesJewelry, watches, photo equipmentOther miscellaneous

115.5197.7117.1132.0117.7113.4

122.9125.4121.1125.8123.2114.8118.7

126.0

120.3123.6125.2123.4119.2121.8112.1

117.4124.9149.3107.992.6

117.2

114.0112.9112.4121.4117 A105.4110.9

105.7101.5107.6107.0119.7

116.896.7

101.4100.9120.7

114.570.0

123.8130.3115.0113.4

123.2124.9120.5126.8116.7114.0115.5

124.4

121.8124.9127.9123.0119.4121.5120.0

113.4123.0126.1107.490.7

117.6

114.0113.2112 A121 A117.798.6

111.2

107.398.0

114.8111.2119.7

113.7109.598.5

100.9120.9

113.370.0

123.5130.3115.0113.8

123.0'124.8120.5

'126.9116.3113.9115.4

124.4

121.6124.9127.9

123.1119.3120.9119.7

113.4123.0

126.8107.890.7

117.7

114.4112.9112 A121.3117.798.6

111.9

107.398.0

114.8111.2119.7

113.5110.296.1

101.0121.0

113.355.1

123.5130.0115.0114.7

122.8122.0120.5126.9116.0113.8115.4

124.4

121.5124.9127.9123.1119.3120.9119.7

113.1123.2120.8107.190.7

118.4

114.4112.9112.4121.4117.798.6

111.9

107.398.0

114.8111.2119.7

113.5108.394.4

101.0121.0

p Revised.Source.—Bureau of Labor Statistics.Back figures.—See BULLETIN for March 1952, pp. 311-313.

JULY 1952 823


GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME[Estimates of the Department of Commerce. In billions of dollars]

RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME. PERSONAL INCOME, AND SAVING

Annual totals

1933 1947 1948 1949' 1950' 1951'

Seasonally adjusted annual ratesby quarters

1951'

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 i ncome . .

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 i n c o m e .

Less: Personal tax and related payments. .Federal

State and local

Equals: Disposable personal i ncome .

Less: Personal consumption expenditures

Equals: Personal saving

103.8

8.8

7.0.6

— .1

87.4

10.3.2

.0

.91.05.8

.6

85.1

2.61.31.4

82.5

78.8

3.7

55.8

7.2

7.1.7

1.2

0)

39.6

- 2 . 0.3

.01.51.22.1

46.6

1.5.5

1.0

45.2

46.3

- 1 . 2

91.3

8.1

9.4.5

1.4

.5

72.5

5.82.1

.02.51.23.8

.5

72.6

2.41.21.2

70.2

67.5

2.7

126.4

9.3

11.3.5

1 .6

.1

103.8

14.62.8

.02.61.34.5

.5

95.3

3.32.01.3

92.0

82.3

9.8

233.3

14.8

18.7.7.3

- . 1

198.7

24.75.7

.011.14.46.6

.7

191.0

21.519.6

1.9

169.5

165.6

3.9

259.0

17.6

20.4.7

-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

258.2

19.4

21.6.8

.2

.0

216.3

29.25/7

.011.64.67.5

.8

205.9

18.616.22.5

187.2

180.6

6.7

284.2

21.5

23.8.8

- . 7

.4

239.2

34.86.9

.014.34.79.0

226.3

20.818.12.7

205.5

194.3

11.2

329.2

24.6

25.3.9

1.4

.5

277.6

41.68.2

.011.54.99.0

.9

254.1

29.126.1

3.0

225.0

208.0

17.0

319.6

23.4

25.7.9.7

.7

69.6

40.78.1

.111.34.88.6

.9

246.2

28.225.3

2.9

218.0

210.5

7.5

329.3

24.3

24.7.9

5.7

1.1

274.8

41.28.2

_ 211 64.99.0

.9

251.9

28.725.8

3.0

223.2

204.5

18.7

330.9

25.0

25.0.9.0

.1

280.2

41.98.1

11.64.99.2

.9

256.1

29.026.0

3.0

227.1

206.4

20.7

337.1

25.8

25.8.9

.2

285.6

262.0

231.5

210.5

21.1

339.4

26.7

26.3.9

n. a.

8.5

.111.75.08.9

.9

263.0

32.529.33.2

230.5

213.2

17.3

NATIONAL INCOME, BY DISTRIBUTIVE SHARES

National income. .

Compensation of employeesWages and salaries 2

PrivateMilitaryGovernment civilian

Supplements to wages and salar ies . . . .

Proprietors' and rental income 3 . . . .Business and professionalFarmRental income of persons

Corporate profits and inventoryvaluation adjustment

Corporate profits before taxCorporate profits tax liabilityCorporate 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

6.5

1933

39.6

29.328 823.7

.34.9

.5

7.22.92 32.0

- 2 . 0.25

- A- 2 . 1

5.0

1939

72.5

47.845 .737.5

.47.82.1

14.76.84 53.5

5.86.51.55.0

—. 7

4.2

1941

103.8

64.361.751.5

1.98.32.6

20.89.66 94.3

14.617 .2

7.89.4

- 2 . 6

4.1

1947

198.7

128.0122.1104.8

4.113.25.9

42.419.815 67.1

24.730.511.918.5

- 5 . 8

3.5

1948

223.5

140.2134.4115.7

4.014.75.8

47.322.117 7

7.5

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 r

277.6

178.9169.9141 .2

8.620.19.0

50.626.215 68.9

41.642.924.218.7

- 1 . 3

6.4

Seasonally adjusted annual ratesby quarters

1951 *

1

269.6

172.9163.9137.6

7.418.98.9

49.726.215 18.5

40.750.128.421.7

- 9 . 4

6.3

2

274.8

178.2169.3141.2

8.519.69.0

49.026.014.48.5

41.243.324.518.8

- 2 . 1

6.4

3

280.2

181.0172.1142.0

9.121.08.9

50.826. C15.89.1

41.938.621.816.93.2

6.5

4

285.6

183.4174.3143.8

9.620.9

9.1

53.126.617.09.4

42.539.522.217.33.0

6.6

1952 r

1

n.a.

186.5177.4145.8n.a.n.a.

9.0

52.127.315.49.4

n.a.n.a.n.a.n.a.

- . 1

6.7

n.a. Not available. r Revised.1 Less than 50 million dollars.2 Includes employee contributions to social insurance funds.3 Includes 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

Gross national product

Personal consumptionexpenditures

Durable goodsNondurable goods , .

Cross private domesticinvestment

New construction l

Residential, nonfarmOther . . .

Producers' durable equipment . . . .Change in business inventories. . . .

Nonfarm only

Net foreign investment

Government purchases ofgoods and services

FederalNational securityOtherLess: Government sales2 . . .

State and local

Annual totals

1929

103.8

78.89 . 4

37.731.7

15 87.83.64.26.41.61.8

.8

8.51 3

\ 1 i1.3(3)7.2

1933

55.8

46.33 . 5

22.320.6

1 31.1

.5

.71.8

- 1 . 6- 1 . 3

.2

8.02 0

2.0(8)5.9

1939

91.3

67.56 .7

35.325.5

9 . 94.92.72.24.6

.4

.3

.9

13.15 21.33.9(3)7.9

1941

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

1947

233.3

165.621 A95.149.1

30.213.96.37.6

17.1- . 81.4

8.9

28.615 813.33.81.3

12.8

1948

259.0

177.922.9

100.954.1

42.717.78.69.1

19.95,03.7

1.9

36.621.016.15.6

.615.6

1949 r

258.2

180.623.899.257.5

33.517.28.39.0

18.7- 2 . 5- 1 . 6

.5

43.625.419.36.6

.418.2

1950 r

284.2

194.329.2

102.862.4

50.322.912.610.322.0

5.54.6

- 2 . 3

41.922.218.53.9

.219.7

1951 r

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

Seasonally adjusted annualby quarters

1951 r

1

319.6

210.531.3

113 365.9

59 824.712.811.924.810.39.0

- 2 . 7

51.930 827.63.5

.321.1

2

329.3

204 526.3

111 366.9

65 223.510.912 625.416.315.2

- . 2

59.838 334.93.7

.321.6

3

330.9

206 425.5

113 267.6

56 222 49.9

12 524.9

8.98.2

1.1

67.345 541.64.5

.521.7

4

337.1

210 525.3

116 269.0

52 922 410.312.124.7

5.85.2

2.6

71.248 944.3

5.1.5

22.3

rates

1952 r

1

339.4

213 225.2

118 070.0

50 023 711.012.725.7

.6- . 1

1.9

74.451.246.4

5.2.4

23.2

PERSONAL INCOME[Seasonally adjusted monthly totals at annual rates]

Year or month

1929193319391941.194719481949 r1950'1951 r

1951—April'-May rTune r

J u l yAugust r

Septemberr. . .Octoberr

Novemberr. . .Decemberr.., .

1952—JanuaryFebruaryr. . . .Marchr

April

Per-sonal

income

85.146.672 695.3

191.0209.5205 9226.3254.1

250.0251.4254.3254.5256.7257.3261 .7260 9263.4

263.4263.5261 .9262 .5

Totalreceipts4

50.028 745 160 9

119 9132.1131 2142.7166.5

164.4165.3168.2167.3167.9168.8170.5171 .3172.6

173.1174.5173 .91 73.4

Wages anc1 salaries

Wage and salary disbursements

Totaldis-

burse-ments

50.228.845.761.7

122.0134 3133 4145.6169.9

167.7168.9171.6170.7171.2172.1174.0174.8176.0

176.7178.0177.3176.7

Com-modityproduc-ing in-dustries

21.59 8

17.427 554.360 256.963.574.9

74.975.175.475.074.87 5 . 775.975.877.5

77.378.277.776.9

Distrib-utiveindus-tries

15.58 . 8

13.316 335.138.838 941.345.9

45.345.547.046.346.546.346.546.546.7

47.147.147.047.0

Serviceindus-tries

8.25 .16 , 97 S

15.316 617.218.620.3

20.120.320.420.420.420.420.720.820.8

20.820.920.821.0

Gov-ern-ment

5 . 05.28,2

10 217 218 720.422 228.7

27.428.028.829.029.529.730 931.731.0

31 .53 1 . 831.831.8

Otherlabor

income5

.5A56

2 42 83 . 13 . 84 . 2

4 . 24 . 24 . 24 . 24 . 24 . 24 . 34 . 24 . 3

4 . 34 . 34 . 34 . 4

Pro-prietors'

andrental

income6

19.77.2

14.720 842.447.342 145.250.6

49.149.048.850.151.550.953.452.553.3

53.452.150.751.2

Divi-dendsandper-

sonalinterestincome

13.3» I9 29 9

14 516 017 119.520.4

20.320.320.420.420.521.020.820.521.1

20.120.521.021.5

Trans-fer

pay-ments7

1.52 . 13 03 1

11.8It .312 415.112.4

12.012.612.712.512.612.412.712.412.1

12.812.412.412.3

Lesspersonal

contri-butions

forsocialinsur-ance 8

.126

s2 . 12 22 22 . 93 . 4

3 . 33 . 63 . 43 . 43 . 33.33.53 . 53 . 4

3 . 93 . 83 . 83 . 6

Non-agricul-

turalincome9

76.843.066.386 1

170.8187.1188 7208.5233.6

230.5232.5235.4234.0235.5236.4239.1239.5240.7

241.7243 .4242.7242.9

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 Less than 50 million dollars.4 Total wage and salary receipts, as included in "Personal income" is equal to total disbursements less employee contributions to social insur-

ance. Such contributions are not available by industries.6 Include,5? 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.

NOTE.—Details may not add to totals because of rounding.Source.—Department of Commerce.

JULY 1952 825


CONSUMER CREDIT STATISTICSTOTAL CONSUMER CREDIT, BY MAJOR PARTS[Estimated amounts outstanding. In millions of dollars]

End of yearor month

193919401941 . .1942194319441945194619471948194919501951. . .


1952—JanuaryFebruaryMarchApril?May?

Totalconsumer

credit

7,0318,1638,8265,6924,6004,9765,6278,677

11,86214,36616,80920,09720,644

19,12619,20719,25619,13219,26219,36219,58519,98920,644

20,12619,71719,56019,78420,258

Instalment credit

Totalinstal-mentcredit

4,4245,4175,8873,0482,0012,0612,3644,0006,4348 600

10,89013,45913,510

12,90412,92012,95512,90313,04513,16713,19613,27113,510

13,31413,18513,15613,32013,767

Sale credit

Total

2,7923,4503,7441,617

882891942

1,6483,0864,5286,2407,9047,546

7,2707,2487,2347,1737,2477,3277,3557,4007,546

7,3227,1587,0477,1097,393

Automobile

1,2671,7291,942

482175200227544

1,1511,9613,1444,1264,039

3,9343,9804,0414,0614,1384,1754,1344,1004,039

3,9623,9273,8913,9544,147

Other

1,5251,7211,8021,135

707691715

1,1041,9352,5673,0963,7783,507

3,3363,2683,1933,1123,1093,1523,2213,3003,507

3,3603,2313,1563,1553,246

Loans *

1,6321,9672,1431,4311,1191,1701,4222,3523,3484,0724,6505,5555,964

5,6345,6725,7215,7305,7985,8405,8415,8715,964

5,9926,0276,1096,2116,374

Noninstalment credit

Totalnoninstal-

mentcredit

2,6072,7462,9392,6442 5992,9153,2634,6775,4285,7665,9196,6387.134

6 2226,2876,3016,2296,2176,1956,3896,7187,134

6,8126,5326,4046,4646,491

Single-payment

loans 2

530536565483414428510749896949

1

1,018L.332L.436

1,3921,398L.3991,3931.3981,4011,4131,4221,436

1,4451,4481,4431,4381,441

Chargeaccounts

J .5441,650L,7641,5131,4981,758

9R13,0543,6123,8543,9094,2394,587

3,7443,7933,8043,7433,7243,6963,8684,1904,587

4,2533,9673,8553,9133,925

Servicecredit

533560610648687729772874920963992

1,067L ,111

1,086L.0961,0981,0931,0951,0981,1081,1061,111

1,114L .1171,1061,1131,125

p Preliminary.1 Includes repair and modernization loans insured by Federal Housing Administration.2 Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers).NOTE.—Back figures by months beginning January 1929 may be obtained from Division of Research and Statistics.

CONSUMER INSTALMENT LOANS

[Estimates. In millions of dollars]

Year or month

193919401941 . . .19421943194419451946194719481949. . . .19501951

1951—AprilM a yJuneJulyAugustSeptember. .OctoberNovember . .December...

1952—January. . . .February. . .MarchApril?May?

Total

1,6321,9672,1431,4311,1191,1701,4222,3523.3484,0724,6505,5555,964

5,6345,6725,7215,7305,7985,8405,8415,8715.964

5,9926,0276,1096,2116,374

Amounts outstanding(end of

Com-mercialbanks l

523692784426316357477956

1,4351,7091.9512,4312,510

2,4972,5062,5152,4922,5212,5242,5222.5092,510

2,5212,5422,5932,6422,722

Smallloancom-panies

448498531417364384439597701817929

1,084L.268

L,1191,1311,151L,1671,1811,2031,1911,2111,268

1,2731,2751,2851,3021,327

Indus-trial

banks2

131132134

89676876

117166204250291301

286288288288293296299299301

300301303307319

period)

Indus-trialloancom-

panies2

99104107

7259607098

134160175203229

205207209211217221222225229

230232235239245

Creditunions

135174200130104100103153225312402525542

514518522524531533535535542

541545553568589

Miscel-laneouslenders

9699

10291868893

109119131142157176

161162164166167169168170176

176176177179182

Insuredrepairand

modern-izationloans 3

200268285206123113164322568739801864938

852860872882888894904922938

951956963974990

Loans made by principal lending institutions

Com-mercialbanks l

6801,0171.198

792639749942

1,7932,6363,0693,2823,8754,198

340359356339389351373347354

393373429429473

(during period)

Smallloancom-

panies

827912975784800869956

1,2311,4321.5341,7371.9462,437

184198204206210183205228292

184181216211235

Indus-trial

banks 2

261255255182151155166231310375418481528

414444444942524550

4646525052

Indus-trialloancom-

panies 2

194198203146128139151210282318334358417

313335354035403842

3837413944

Creditunions

237297344236201198199286428577712894947

728286769078868384

859195

103117

p Preliminary.1 Figures include only personal instalment cash loans and retail automobile direct loans shown on the following page, and a small amount

of "other retail direct loans not shown separately. Other retail direct loans outstanding at the end of May amounted to 117 million dollars, andother loans made during May were 16 million.

2 Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalmentloans are obtained by deducting an estimate of paper purchased from total retail instalment paper.

3 Includes only loans insured by Federal Housing Administration adjusted by Federal Reserve to exclude nonconsumer loans.



CONSUMER CREDIT STATISTICS—Continued

CONSUMER INSTALMENT SALE CREDIT, EXCLUDINGAUTOMOBILE CREDIT

[Estimated amounts outstanding. In millions of dollars]

E n d o fy e a r o r

m o n t h

1 9 3 91 9 4 01 9 4 11 9 4 21 9 4 3 . .1 9 4 41 9 4 51 9 4 61 9 4 71 9 4 81 9 4 9 .1 9 5 01 9 5 1

1 9 5 1A p r i lM a yJune.JulyAugust... .September.October. . .NTovember.December .

1 9 5 2J a n u a r y . . .F e b r u a r y . .

M a r c h . . . .A p r i l sM a y p

T o t a l ,e x c l u d -

i n g a u t o -m o b i l e

1 , 5 2 51 , 7 2 11 , 8 0 21 , 1 3 5

707691715

1 , 1 0 41 , 9 3 52 , 5 6 73 , 0 9 63 , 7 7 83 , 5 0 7

3 , 3 3 63 , 2 6 83 , 1 9 33 , 1 1 23 , 1 0 93 , 1 5 23 , 2 2 13 , 3 0 03 , 5 0 7

3 , 3 6 03 , 2 3 13 , 1 5 63 , 1 5 53 , 2 4 6

D e p a r t -m e n t

s t o r e sa n d

m a i l -o r d e r

h o u s e s

377439466252172183198337650874

L . 0 1 01 , 2 4 51 , 1 8 6

1 , 1 0 31 , 0 8 41 , 0 5 51 , 0 2 21 , 0 1 51 , 0 2 81 , 0 5 61 , 0 9 91 , 1 8 6

L , 1 2 91 , 0 8 21 , 0 6 01 , 0 6 4

, 0 9 4

F u r n i -t u r e

s t o r e s

536599619440289293296386587750935

1 , 0 2 9971

905890874854859870890908971

933909893894924

H o u s e -h o l d

a p p l i -a n c e

s t o r e s

273302313188

785051

118249387500710613

636616602590590600607608613

592567548542554

J e w e l r ys t o r e s

93110120

7657565789

144152163

A l lo t h e rr e t a i l

s t o r e s

246271284179111109113174305404488

794737

692678662646645654668685737

706673655655674

CONSUMER INSTALMENT CREDITS OF INDUSTRIALBANKS, BY TYPE OF CREDIT[Estimates. In millions of dollars]

Y e a r o r m o n t h

O u t s t a n d i n g a t e n do f p e r i o d :1 9 4 91 9 5 01 9 5 1

1 9 5 1 — A p r i lM a yJ u n eJ u l yA u g u s t . . .S e p t e m b e rO c t o b e r . . .N o v e m b e rD e c e m b e r .

1 9 5 2 — J a n u a r y . .F e b r u a r y . .M a r c hA p r i l ? . . . .M a y P . . . .

V o l u m e e x t e n d e dd u r i n g m o n t h :1 9 5 1 — A p r i l

M a yJ u n eJ u l yA u g u s t . . . .S e p t e m b e r ,O c t o b e r . . . .N o v e m b e r .D e c e m b e r . ,

1 9 5 2 — J a n u a r y . . .F e b r u a r y . . .M a r c hA p r i l ?M

Total

3 4 3 . 23 9 1 . 04 0 4 . 1

382 7384 4385 0385 1391 7396 3401 8402 4404 1

4 0 2 . 64 0 3 . 94 0 5 . 84 1 0 . 74 2 6 . 2

4 4 94 9 34 8 84 8 . 55 8 45 1 26 0 05 2 35 3 . 6

5 2 . 55 1 . 85 7 . 55 8 . 86 9 . 2

R e t a i l i n s t a l -m e n t p a p e r 2

A u t o -m o b i l e

93.6118 5118 9

116 5118 0119.6120 2123 1123.9123 9121 9118 9

116 5116.3116.6119.21 2 8 . 2

1 3 . 11 5 21 5 61 4 . 91 9 41 6 21 7 . 31 4 61 3 1

1 4 . 31 5 . 21 6 . 81 8 . 12 5 . 8

O t h e r

6 3 . 17 9 . 78 1 . 2

7 5 . 37 4 27 2 . 97 0 77 1 67 3 67 5 87 7 . 78 1 . 2

8 1 . 48 1 . 48 1 . 28 1 . 18 2 . 5

7 . 88 37 87 6

1 0 . 41 0 41 2 21 1 81 2 8

1 1 . 81 0 . 11 0 . 61 0 . 31 1 . 2

R e p a i rand

modern-izationloans 1 2

55.454 956.5

51 852.35 2 . 65 2 95 3 . 75 4 85 6 . 15 6 55 6 5

5 6 . 15 6 . 35 5 . 45 5 . 85 7 . 2

3 . 33 . 83 . 93 84 54 15 24 . 13 4

3 . 53 . 74 . 15.46.3

Personalinstal-mentcashloans

131.1137.9147.5

139.1139.91 3 9 . 91 4 1 . 31 4 3 . 31 4 4 . 01 4 6 . 01 4 6 . 31 4 7 . 5

1 4 8 . 61 4 9 . 91 5 2 . 61 5 4 . 61 5 8 . 3

2 0 . 72 2 . 02 1 . 52 2 22 4 12 0 . 52 5 . 32 1 . 82 4 . 3

2 2 . 92 2 . 82 6 . 02 5 . 02 5 . 9

CONSUMER INSTALMENT CREDITS OF COMMERCIALBANKS, BY TYPE OF CREDIT[Estimates. In millions of dollars]

Year or month

Outstanding at end ofperiod:194919501951

1951—AprilMayJuneJulyAugustSeptember...OctoberNovember...December. . .

1952—JanuaryFebruaryMarchApril?Mayp

Volume extended dur-ing month:1951—April

MayJuneJulyAugustSeptember...OctoberNovember...December...

1952—JanuaryFebruary....MarchApril PMayp

T o t a l

4 , 4 1 65 , 6 4 55 , 4 3 4

5 , 4 9 05 , 4 8 95 , 4 8 15 , 4 3 05 . 4 7 25 , 4 4 05 , 4 4 25 , 4 3 65 , 4 3 4

5 , 4 1 85 , 4 1 25 , 4 4 65 , 5 2 85 , 7 3 0

625683666642738682744689686

71467975880792 7

A u t o m o b i l er e t a i l

P u r -c h a s e d

8 5 41 , 1 4 31 , 0 6 1

, 0 7 2, 0 8 3, 0 9 0, 0 8 6, 0 9 7, 1 0 5, 0 9 0, 0 7 9, 0 6 1

, 0 4 2, 0 3 8, 0 3 5, 0 5 5, 1 2 2

118140143137162150150136117

131135144162218

D i r e c tl o a n s

9 1 5, 2 2 3, 1 9 2

, 2 4 2, 2 4 8, 2 4 6, 2 3 0, 2 4 0, 2 3 9, 2 2 6, 2 0 9, 1 9 2

, 1 8 4, 1 8 6, 1 9 7, 2 1 9

153166160150187166168152149

170167185191230

O t h e rr e t a i l ,

p u r -c h a s e d

a n dd i r e c t

9 2 2, 2 6 7, 0 3 1

, 1 5 3, 1 2 3, 0 9 8

1 , 0 6 81 , 0 5 91 , 0 0 41 , 0 1 01 , 0 1 71 , 0 3 1

1 , 0 3 41 , 0 1 61 , 0 0 81 , 0 0 51 , 0 3 4

125132115115131126153147157

146130138153155

Repairand

mod-erniza-

tionloans12

781905937

875882883886899911925937937

928924922940969

566564627067827270

5 75 56 27 99 2

P e r -s o n a l

i n s t a l -m e n t

c a s hl o a n s

9 4 41 , 1 0 71 , 2 1 3

1 , 1 4 81 , 1 5 51 , 1 6 41 , 1 6 01 , 1 7 71 , 1 8 11 , 1 9 11 , 1 9 41 , 2 1 3

1 , 2 3 01 , 2 4 81 , 2 8 41 , 3 0 91 , 3 3 9

173180184178188173191182193

210192229222227

CONSUMER INSTALMENT CREDITS OF INDUSTRIALLOAN COMPANIES, BY TYPE OF CREDIT

[Estimates. In millions of dollars]

Y e a r o r m o n t h

O u t s t a n d i n g a t e n do f p e r i o d :1 9 4 91 9 5 01 9 5 1

1 9 5 1 — A p r i lM a y . . . .J u n eJ u l yA u g u s t . . .S e p t e m b e rO c t o b e r . . .N o v e m b e rD e c e m b e r .

1 9 5 2 — J a n u a r y . .F e b r u a r y . .M a r c h . . . .A p r i l p . . . .M a y p .

V o l u m e e x t e n d e dd u r i n g m o n t h :1 9 5 1 — A p r i l

M a yJ u n e . . . .J u l yA u g u s tS e p t e m b e rO c t o b e r . . .N o v e m b e r ,D e c e m b e r . .

1 9 5 2 — J a n u a r y . . .F e b r u a r y . . ,M a r c hA p r i l ?M a y p

Total

194.7226.9255.3

228 1230.62 3 2 . 62 3 5 . 42 4 1 . 32 4 5 . 52 4 7 . 42 5 0 . 32 5 5 . 3

2 5 6 . 22 5 7 . 72 6 0 . 92 6 5 . 52 7 2 . 8

3 2 . 43 4 . 83 6 . 13 5 . 94 2 . 63 7 . 84 1 . 33 9 . 54 3 . 6

3 9 . 43 8 . 34 2 . 24 1 . 64 7 . 7

R e t a i l i n s t a l -m e n t p a p e r 2

A u t o -m o b i l e

4 3 55 7 96 3 . 2

5 7 85 9 25 9 86 0 . 56 3 26 3 . 56 3 76 3 . 46 3 . 2

6 2 . 56 2 . 46 2 . 66 4 . 067.7

7 . 48 . 89 . 08 9

1 1 59 49 69 . 09 . 3

9 . 28 . 99 . 1

1 0 . 11 3 . 0

O t h e r

3 1 . 44 1 . 14 7 . 3

4 0 . 03 9 . 63 9 . 84 0 . 84 2 . 44 4 . 54 5 . 64 6 . 14 7 . 3

4 7 . 04 7 . 44 8 . 85 0 . 05 2 . 1

4 44.24.95.27.06.97 76.26.6

5.75.77.16.87.7

R e p a i ra n d

m o d e r n -i z a t i o n

l o a n s * 2

6 . 57 . 37 . 2

6 . 97 . 07 . 17 . 17.27.37.47 67.2

7.27.17.07.07.0

0.40 50 50.50.60 60.70.0.50.50.50.60.70.8

Personalinstal-mentcashloans

113.3120.6137.6

123.4124.8125.9127.0128.5130.2130.7133.2137.6

139.5140.8142.5144.5146.0

20.221.321.721.323.520.923.323.627.2

24.023.225.424.026.2

P Preliminary. l Includes not only loans insured by Federal Housing Administration but also noninsured loans.2 Includes both direct loans and paper purchased.

JULY 1952 827


CONSUMER CREDIT STATISTICS—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

May1952P

+23+ 17

+27+ 11

+4+3

+5+8

- 3

Apr.1952

+3- 3

+2+6

00

- 6- 7

+2

Mar.1952

+5+3

+9+ 1

_ 2

+4+7

+4

Percentage changefrom correspondingmonth of preceding

year

May1952?

+ 14- 5

+26

+4+5

- 3+ 1

- 1 6

Apr.1952

+ 1- 8

+9- 9

- 20

- 8- 7

- 1 6

Mar.1952

- 6- 8

+2-22

- 4- 2

- 8- 5

- 1 6

Preliminary.

Year or month

AprilMayJuneJulyAugustSeptemberOctober ,NovemberDecember

1952JanuaryFebruaryMarchAprilMay P

Instalment accounts

Depart-mentstores

181819181919212119

1918201819

Furni-ture

stores

111111111211121111

1010111011

House-hold ap-pliancestores

111112121212121212

1313131313

Chargeaccounts

Depart-mentstores

474949464847505045

4745484647

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

Averages of monthlydata:

19411942 . . .1943194419451946194719481949 .19501951..


1952—JanuaryFebruaryMarchAprilMay?

Index numbers, without seasonal adjustment, 1947-49 average =100

Sales during month

Total

46536067759399

10398

101104

91100957590

101113129177

84799199

100

Cash

4457728292

105103103949395

839191718390

101115167

7772839091

Instal-ment

55453936375685

105110136133

109

nn10390

127138164171205110106

12211813 7

Chargeaccount

48484953598495

104101106111

981091007693

107121138185

898396

107106

Accounts receivableat end of month

Instal-ment

76603529283867

108125177181

186178171163162166172182197

190182178175176

Chargeaccount

53484244507392

105103111124

116118115103103113122136177

142124117121122

Collections duringmonth

Instal-ment

58604741405378

106117146165

167163161148151151163169168

180162170153153

Chargeaccount

47515052597892

103104111118

1131141141069997

114121122

165129118108115

Percentage of total sales

Cashsales

4856616464595552514848

484850504847464749

4848484847

Instal-mentsales

965444678

109

9889

111011109

1010109

10

Chargeaccount

sales

4338343232373941414243

434442414143434342

4242424343

P Preliminar y. r Revised.NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 819.



INTERNATIONAL FINANCIAL STATISTICS

PAGE

International capital transactions of the United States 830-835

Gold production 835

Reported gold reserves of central banks and governments 836

Gold movements; gold stock of the United States 837

International Monetary Fund and Bank 838

Central Banks 838-842

Money rates in foreign countries 843

Commercial banks 844

Foreign exchange rates 845

Price movements:

Wholesale prices 846

Retail food prices and cost of living 847

Security prices 847

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.

JULY 1952 829


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—

1946— Dec. 311947—Dec 311948—Dec. 311949—Dec. 311950—Dec 31

t951—May 31June 30July 31Aug 31Sept. 30Oct 31Nov. 30Dec. 31

1952—Jan. 31Feb. 29Mar. 31PApr. 30P

Total

8,009.58,343.78,569.18,763.5

10,521.1

10,271 610,235.610,100.910,119 410,171.310 115 110,130 610,122.9

10,043.610,209.410,264.010,288.8

Increase in banking funds in U

Total

5,726.16,362.36,963.96,863.97,890.7

7,604 37,901.17,797.08,017.48,038.18,422 38,448.28,529.7

8,464.48,638.28,711.48,827.8

Foreignofficial2

2,333.61,121.82,126.02,197.82,715.6

2,589.52,746.42,598.12,734.82,723.62,769 82,734.72,751.9

2,644.92,811.52,910.13,025.1

Foreignother

2,938.72,998.52,993.63,028.23,472.8

3,453 43,526.33,541.63,639 73,697.43,909 13,972.54,089.6

4,138.74,200.24,144.24,164.0

.S. i

Interna-tional

453.82.242 01,844.31,637.81,702.3

1,561 41,628.31,657.31,642 91,617.2L,743 41,741.0.688.3

1,680.91,626.51,657.11,638.7

Decreasein U. S.bankingfunds

abroad *

427.2186.5116.8307.6231.4

215 4190.3189.4181.9231.9211 3186.3160.9

133.4164.9145.6101.7

Domesticsecurities:Inflow offoreignfunds 3

464.5375.5183.3258.5

1,202.9

1,401.21,115.91,070.8

877.4856.8612 9617.0618.6

631.3616.8617.2624.4

Foreignsecurities:

Returnof U. S.funds 3

1,237.91,276.91,182.11,209.91,064.5

929.2895.6911.2912.1912.7744.3755.0688.1

689.2658.9658.0606.9

Inflow inbrokeragebalances

153.7142.4123.1123.7131.7

121.6132.7132.6130.6131.8124.3124.1125.6

125.4130.7131.8128.0

TABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,BY COUNTRIES *

[Amounts outstanding, in millions of dollars]

Date

1946—Dec. 3 1 . . .1947—Dec. 3 1 . . .1948—Dec. 31 . . .1949—Dec. 31 . . .1950—Dec. 31 . . .

1951—May 3 1 . . .June 30.. .July 31 . . .Aug. 3 1 . . .Sept. 30 . .Oct. 31 . .Nov. 30. .Dec. 3 1 . .

1952—Jan. 31 . . .Feb. 29...Mar. 31*..Apr. 30P. .

In-terna-tionalinsti-

tutions

473.72,262.0

:

1,864.31,657.81,722.2

L.581.41,648.31,677.31,662.8,637.1,763.3

1,760.91,708.2

1,700.91,646.41,677.01,658.6

Total foreigncountries

Officialand

private

6,006.54,854.45,853.75,960.2

66,922.6

6,777.07,006.96,873.97,108.77.155.17,413.17,441.47,575.6

7,517.77,745.87,788.57,923.3

Official 2

3,043.91,832.12,836.32,908.13,425.9

3,299.83,456.73,308.43,445.13,433.93,480.13,445.03,462.2

3,355.23,521.83,620.43,735.4

UnitedKing-dom

458.9326.2546.3574.4

6656.6

622.5620.1545.6522.6513.0543.2591.2642.6

644.6796.9785.3744.3

France

245.9167.7192.8171.6260.7

191.9246.3218.3221.2222.7270.1254.4289.4

252.8253.4251.3256.2

Neth-er-

lands

224.9143.3122.8170.5193.6

133.4134.8132.0131.7135.4132.4154.5148.8

153.7155.9149.8122.7

Switz-er-

land*

372.6446.4538.9576.9553.0

498.2509.3499.9506.8511.5493.3506.8521.3

521.6542.9543.9583.4

Italy

267.9153.1333.5303.6314.7

289.8276.0289.4283.4287.8288.2293.1300.5

290.2293.9292.1286.5

OtherEurope

850.5739.8738.1717.0799.2

863.4930.7972.6

1,097.41,131.31,116.51,086.11,021.2

997.8959.2956.1969.6

TotalEurope

2,420.71,976.72,472.42,513.9

62,777.7

2,599.32,717.32,657.92,763.12,801.92,843.72,886.12,923.7

2,860.73,002.22,978.52,962.7

Can-ada

931.8409.6775.2869.1899.0

818.1964.4931.8

1,011.11,022.81,257.81,250.11,307.1

1,316.51,336.31,335.71,397.8

LatinAmerica

1,104.81,216.61,287.01,436.71,612.9

L,714.01,672.9L.614.31,578.31,532.01,502.2L.461.61,437.8

1,400.71,416.31,459.61,489.6

Asia

1,316.41,057.91,151.8

961.01,378.5

1,387.21,399.11,410.31,495.11,540.81,535.01,555.81,609.6

1,635.71,661.91,688.81,756.5

Allother

232.8193.7167.4179.5254.5

258.5253.3259.4261.0257.6274.3287.8297.4

304.1329.1325.9316.6

P Preliminary.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.

3 Beginning with 1947, these figures include transactions of international institutions, which are shown separately in Tables 6 and 7. Securitiesof such institutions are included in foreign securities.

4 "Short-term liabilities" reported in these statistics represent principally demand deposits and U. S. Government obligations maturing 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 individualsdomiciled 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.)

5 Beginning January 1950, excludes Bank for International Settlements, included in "International institutions" as of that date.6 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 page 1202 of that issue.Far 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


Table 2a.—Other Europe

Date

1946—Dec.1947—Dec.1948—Dec.1949—Dec.1950—Dec.

1951—MayJuneJulyAug.Sept.Oct.Nov.Dec.

1952—Jan.Feb.Mar.Apr.

31 . .31. .31 . .31 . .31 . .

3130 .31 .31 . .30 . .31 . .30 . .3 1 . .

3 1 . .29. .3 1 P .30?.

II111

OtherEurope

850739738717799

863930

58102

47

972.6,097,131,116.086,021

997959956969

43512

8216

Aus-tria

'H'.9

41.243 944.954.657.461.162 957.1

57.055.454.054.9

Bel-gium

159.5124.9128.7119.9128.2

121 6124.2129.6138.4132.9143.6145.1134.7

132.8136.6129.9134.1

Czech-oslo-vakia

' '5

23322111

6

9\410553

7877

Den-mark

66.552.844.738.045 .5

48.044.741.539.944.647.246.745.3

44.038.738.937.6

Fin-land

2230192518

2222262723242727

30302623

.2

.5

.1

.1

.3

.25

.3

.5

.1

.0

.9

.0

.0

.7

.9

.8

Ger-many

7.189.5

178.9149.4221.6

303.6357.5403.6481.4502.5488.3455.9405.6

395.1353.0361.8380.2

Greece

49.334.721.129.632.3

38.038.638.240.441 139.141.545.8

38.938.441.041.9

Nor-way

123.556.277.769.443.6

62.260.565.599.9

103.0106.398.699.7

97.796.7

104.4100.7

Po-land

' 'i'.i'3 . 83 . 33 . 62 .12 . 32 . 42 . 62 . 8

2 . 45 . 82 . 52 . 1

Por-tugal

39.047.137.738.145.7

44.045.642 941.547.936.435.440.7

40.742.841.840.0

Ru-mania

8 .98.77 .06 .76 .1

6 15.96 . 05 .76 06 . 06 . 06 .1

6 . 06 .16.26 .1

Spain

1612131521

1618151414161817

48673

33804841

16.6171717

49

.7

Swe-den

172.658.649.090.1

115.3

92.899.494.588 889 383.780.370.7

64.364.462.565.5

USSR

60.573.721.310.24 . 0

2 95 .04 73 54 12 . 52 . 32 . 5

4 .24 . 92 . 72 . 4

Yugo-slavia

12.412.119.9

7.613.2

9 26 . 54 . 24 ,25 .34 . 08.27 .1

7 .78.77 .17 .6

Allother1

112.5138.2119.3117.452.£

48.851.848.053.455.653.652.757.6

59.558.857.954.2

Date

1946—Dec.1947—Dec.1948—Dec.1949—Dec.1950—Dec.

1951—MayJuneJulyAug.Sept.Oct.Nov.Dec.

1952—JanFeb.Mar.Apr.

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

3 1 .3 0 .3 1 .3 1 .3 0 .3 1 .3 0 .3 1 .

3129 .3 1 P

LatinAmer-

ica

1,104.81,216.61,287.01,436.71,612.9

1,714.01,672.91,614.31,578.31,532.01,502 ?1,461 61,437.8

1,400 71,416.31,459.61,489.6

Argen-tina

112.6236.2215.8201.1301.8

353.2343.7330.9320.3312.1299 5277.1249.7

225 9212.9188.5177.4

Bo-livia

1417171320

1924222126242527

23

08154

77262108

623.62121

47

Brazil

174.0104.7123.7192.8226.0

241.7212.4171.5151.4140.4132.8110.1100.3

98.5118.298.598.5

Chile

5046556079

766957

73695

698

56.255524754

56595758

5560

^526

Table 2b.—Latin

Co-lom-bia

57.846.154.085.953.4

66.258.150.952.146.261 079.7

106.4

97.696.395.991.1

Cuba

153.5234.7219.4164.2259.1

327.9327.9354.3336.7312.3305.2284.7251.7

253.1265.5287.3307.0

Do-min-icanRe-pub-

lic

' 42". 7

48.751.353.253.050.744.243.645.8

46.148.950.553.4

America

Guate-mala

2 5 . 4 '

29.229.528.526.023.421.922.824.4

32.135.939.540.0

Mex-ico

152.2139.2146.7214.6207.1

109.9123.8111.2128.2143.9150 4159.3158.2

147 0134.0170.4150.4

Neth-er-

landsWestIndiesandSuri-nam

16.114.924.325.930.2

25.625.028.227.730.430.231 234.9

31 531.328.828.2

Peru

40.941.852.652.860.2

57.954.352.854.552.951 248.647.2

49 548.856.357.0

Re-pub-lic ofPan-ama

77.270.371.874.359.2

53.958.162.066.358.764.665.667.7

63.165.767.965.6

ElSal-

vador

16

4650464137322827

36394342

1

86177958

5075

Uru-guay

75

7474838079798384

75768393

. 1

.4

.6

.2

.6

.71

.0

.7

.2

.8

.4

.0

Vene-zuela

7478

121143

85

8775747476686871

676466

101

.0

.0

.7

.2

.2

.2

.6

.6

.7

.3

.01

.9

.4

.5

.5

.3

OtherLatinAmer-ica 2

181186184207

71

9593868785858685

9795

103104

85143

229.55461

1471

Date

1946—Dec. 31 .!947—Y)ec 311948—Dec. 31 .I949—i)ec# 31 .1950—Dec. 31.

1951—May 31 .June 30.July 31.Aug. 31.Sept. 30.Oct. 31.Nov. 30.Dec. 31.

1952—Jan. 31.Feb. 29.Mar. 31 vApr. 30P

Asia

1,316.41 057 91,151.8

961 .01,378.5

1,387.21,399.11,410.31,495.11,540.81,535.01,555.81,609.6

1,635.71,661.91,688.81,756.5

For-mosaand

ChinaMain-land

431.9229 9216.2110.681.7

78.679.284.389.793.790.088.487.4

81.981.678.680.1

HongKong

44.939.851.183.986.1

61.161.961.462.360.060.162.062.4

64.264.467.865.6

India

43.562.451.863.355.7

73.080.275.164.368.959.857.762.1

58.659.447.452.1

Indo-nesia

127.169 341.515.7

114.7

124.2135.8152.9157.4172.7128.0129 1140.6

131.8127.4141.0170.4

TabU 2c—Asia

Iran

20.3

25.826.626.525.825.321.021.825.5

26.826.925.723.8

Israel

12.6

22.719.716.216.712.013.514.426.6

20.719.319.829.9

Japan

16.631 381.4

214.6458.5

348.8342.8356.9440.6492.4538.7568.7596.0

636.2655.7682.4696.8

and All Other

Phil-ippineRe-

public

446.6488 6488.3297 3374.4

414.5403.7396.1382.2369.4355.6342.2329.7

328.2331.1332.2335.0

Thai-land

48.2

63.865.967.873.180.084.990.996.7

108.8115.0121.0125.8

Tur-key

54.737 617.59 8

14.3

18.212.314.312.912.012.211.414.1

13.614.910.610.8

OtherAsia 8

151.099.0

2C4.0165 7111.9

156.6171.2158.6170.1154.5171.3169.1168.4

164.8166.1162 .4166.2

Allother

232 .8193.7167.4179 5254.5

258.5253.3259.4261.0257.6274.3287.8297.4

304.1329.1325.9316.6

Aus-tra-lia

45.530 622.232 419.1

19.926.223.622.322.432.436.838.5

32.336.538.436.7

Bel-gian

Congo

" 's8*!i

51.655.055.453.150.352.252.654.5

54.358.857.862.0

Egyptand

Anglo-Egyp-tian

Sudan

20.825 .0n'.i61 675.6

105 189 498 998.7

104.8101.7101.2110.7

121.0126.4127.3123.4

Unionof

SouthAfrica

47.246 415^86 0

44.0

16.216.817.321.811.616.013.6

7 . 0

9 . 111.8

9 . 013.9

Other4

119.391 8>

101^679 5si'.i;65.665.9-64.265.268.572.083.786.8

87.395.793.380.6

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.4 Beginning January 1950, excludes Belgian Congo, reported separately as of that date.

JULY 1952 831


INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—ContinuedTABLE 3.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,

BY C O U N T R I E S 1


Date

1946—Dec. 3 1 . . .1947—Dec. 3 1 . . . . . . .1948—Dec. 3 1 . . . . . . . .1949—Dec. 3 1 . . . . . . .1950—Dec. 31 .

1951—May 31 . .J u n e 30...July 3 1 . . . .Aug. 31. . . .Sept. 30 . . .Oct. 3 1 . . .Nov. 30. ..Dec. 31

1952—Tan. 31 . .Feb. 29 . . . .Mar. 31P . . .Apr. 3 0 P . . .

Total

708.3948.9

1,018.782 7.9898.0

913.9939.0939.9947.5897.4918.1943 .1968.4

996.0964.4983.8

1,027.7

UnitedKing-dom

47.729.224.537.2

105.7

98.8110.2103.787.052.033.034.735.0

28.532.835.435.9

France

5.723.4

119.051 .831.4

7 .07 .48.2

13.311.011.311.010.1

14.114.113.213.8

Neth-er-

lands

151.049.151.4

5.23 . 4

3 . 93 .53 . 43 . 82 . 92 . 93 .95 . 0

5 .85 .65.73 .4

Switz-er-

land

9 . 87 .06 . 93 . 88.7

11.010.510.78 .39 .29 . 68 .8

11 .2

11.210.311.0

8 .6

Italy

16.021.115.822.620.7

55 .152.929.318.013.211.2

7.510.3

12.614.421 .523.5

OtherEurope

82.8118.9106.398.567.1

82.787.989.888.886.392 .197.7

111.2

114.6103.089.681.2

TotalEurope

312.9248.6323.8219 .2237 !o

258.52 72.4245.2219.2174.7160.1163.6182.8

186.8180.2176.3166.3

Can-ada

52.227.539.837.6

125.8

116.7117.3119.3101 .9101.0102.5118.392.0

89.372.472.182.0

LatinAmer-

ica

226.8514.3516.6411 .1378.8

371.5386.6401.3429.5437.2463 .8465 .5489.3

520.3520.6550.2601 .1

Asia

99.2127.0118.8139.796.3

104.5102.9117.6141.0128.7146.9153.0162.4

161.9154.6149.5144.8

Allother

17.231.519.720.460.0

62.759.956.655.955.944.742.641.9

37.636.735.733.5

Table 3a.—Other Europe

Date

1946—Dec. 31 . .1947—Dec. 3 1 . .1948—Dec. 31 . .1949—Dec. 31 . .1950—Dec. 31 . .

1951—May 3 1 . .June 30. .Julv 31. .Aug. 31. .Sept. 30. .Oct. 31 . .Nov. 30. .Dec. 31 . .

1952 —Tan. 31. .Feb. 29. .Mar. 31 P .Apr. 3 0 P .

OtherEurope

82.8118.9106.398.567.1

82.787.989.888.886.392.197.7

111.2

114.6103.089.681.2

Aus-tria

"".2

(3)(3)(3)

2'.2

(3).1

(3)

(3)(3)

.2(3)

Bel-gium

7.515.021.419.321.5

19.718.818.715 221.523.627.139.6

42.933.728.721.4

Czech-oslo-vakia

" ( 3 ) "

(3).2

(3)(3)(3)(3)(3)(3)

(3)(3)(3)(3)

Den-mark

52.2

.6' .4

3 .2

7 .36.24 . 14 . 15 .25 .75 .94 . 8

4 . 04 . 64 . 64 . 3

Fin-land

6.28 .03 . 48.22 .2

6 . 36.25 .15 . 02 . 52 . 73 .23 . 1

3 . 64 . 12 . 71.8

Ger-many

30.430.530.530.025.4

25.925.425.926 A28.830.928.628.3

30.127.927.727.2

Greece

12.410.6

1.2.7.2

.1

.1

.12

.2

.1

.52

.2

.1

.1

.1

Nor-way

3 . 39 .28 .47 .41 .4

2 . 32 . 32 . 12 . 01 .81.71.12 . 5

2 . 01 .61.51.8

Po-land

" ( 3 ) "

(3)(3)

.1(3)

.1(3)(3)(3)

(3)(3)(3)(3)

Por-tugal

1 .01.1

.7

.5

.5

1.31.31.01.0

.8

.6

.7

.8

1.0.9

1.21.0

Ru-mania

.1(3)(8)7 .0(3)

(3)(3)(3)(3)(3)(3)(3)

( 3 )

( 3 )

( 3 )

( 3 )

( 3 )

Spain

7.2.9

2 . 97 .01.6

7 .013.620.223.514.217.116.818.8

19.019.813.512.6

Swe-den

4 . 95 .41 .42 . 36 . 9

8.27 .46.24 . 94 . 14 . 36.25 . 4

5.24 . 34 . 23 . 6

USSR

(3).1

(3)(3)(3)

' " (3) " '

C3)(3)

' ('»)

" o o "

" ( * ) "

Yugo-slavia

(3)(3)6 . 0(3)

.21.71.71 .51 .91.13 . 53 . 9

2 . 41.3

.72 . 4

Allother2

9 . 535.929.815.63 . 9

4 . 34 . 74 . 74 . 95 . )4 . 34 . 14 . 0

4 . 14 . 54 . 44 . 9

Table 3b.-—Latin America

te

1946—Dec. 3 1 . .1947—Dec. 31 . .1948—Dec. 31 . .1949—Dec. 311950—Dec. 31 . '.

1951—May 31. .June 30 . .July 31 . .Aug. 31 . .Sept. 30. .Oct. 31 . .Nov. 30. .Dec. 31 . .

1952—Jan. 3 1 . .Feb. 29. .Mar. 31 P .Apr. 30P.

LatinAmer-

ica

226.8514.3516.6411 .1378.8

371.5386.6401.3429.5437.2463.8465 .5489.3

520.3520.6550.2601.1

Argen-tina

41.865.272.453.645.9

9 . 99 . 5

10.08 .98 .39 . 37 97 .6

7 .97 .88 .67 .8

Bo-livia

2 . 32 . 02 72^38.7

6 . 78 .17 .18.27 .87.27.27 .5

7 .19 . 98 .18 .6

Brazil

49.8165.8165.4136.978.0

85.395.2

104.5112.4135.0155.6164.3185.0

207.3217.0234.9272.2

Chile

14.627.815.215 56 .8

10.012.912.315.519.520.622.724.8

26.223.629.329.1

Co-lom-bia

26.432.632.621 142.5

55.048.045.942.742.143.039.743.7

39.336.133.831.5

Cuba

25.7108.683.127 527.6

40.338.850.642.034.030.129.432.3

29.631.036.654.7

Do-min-icanRe-pub-

lic

1.9

2 . 12 . 02 . 01.81.51.71 .71 .8

2.22 . 12 . 12 . 9

Guate-mala

2 . 6

2 . 82 . 62 . 73 . 02 . 83 . 43 .23 . 8

4 . 04 . 24 . 24 . 1

Mex-ico

25.552.273.873 070.6

56.458.660.468.669.174.187.490.6

109.1103.0101.194 .4

Neth-er-

landsWest

IndiesandSuri-nam

.81 .11.51 31.3

1.61.41.41 .21.41 .11.41 .2

1.21.21.21.3

Peru

3 . 74 . 34 . 45 8

11.0

13.512.611 .112.212.713.912.711 .8

12.011 .811.510.3

Re-pub-lic ofPan-a m a

1 .34 . 74 . 65 33 .1

2 . 72 . 52 . 62 . 63 .23 .13 . 33 . 0

4 . 24 . 13 . 96 .8

ElSal-

vador

6^8

3.33 . 03 . 84 . 15 .57.58 .49 . 5

9 . 98 .47 .56 .5

Uru-guay

s'.o'11.010.49 .9

11.312.913.49 . 3

10.5

11.87.9

19.124.9

Vene-zuela

8.715.326.025 649! 4

56 967.162.680.567.766.954.641.7

34.938.733.132.2

OtherLatinAmerica 4

26.234.534.743 114.6

14.113.914.414.713.713.112.314.5

13.713.815.113.7

P Preliminary.1 See footnote 1, p. 830.2 Beginning January 1950, excludes Austria, Czechoslovakia, and Poland, reported separately as of that3 Less than $50,000.4 Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, repor

t date,

ported separately as of that date.

:832 FEDERAL RESERVE BULLETIN


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

1946—pec

1947—Dec.1948—Dec.1049—i)ec1950— Dec.1951—May

IjvneJulyAug.Sept.Oct.Nov.Dec.

1952—Tan.Feb.Mar.Apr.

3 1 .313 1 . .3 1 . .3 1 . .31. .3 0 .3 1 . .3 1 . .30. .3 1 . .30 . .3 1 . .3 1 . .29. .3 1 P .3 0 P .

Asia

99127118139.96'.

104.102117.141.128.146.153.162.161.154.149.144.

20g73

59607904

9658

For-mosaand

ChinaMain-land

534024 .16.18 .

8 .88 .

10.10.

982624• ^

322

10.310.10.

10.9 .9 .7.

11

1619

HongKong

5 .92 63 . 43 . 73 . 0

4 . 43 14 . 33 . 03 .23 . 63.33 . 1

1.41.62 . 85 . 0

India

12.2 9 .2 0 .17 .16 .

17.1513 .14.12.9 .

13 .1 3 .

14.16.2 0 .14.

06

42

57361734

8845

Indo-nesia

1 .05

1.9.2.2

.32

.3

.2

.4

.4

.4

.3

.4

.5

.7

.9

Iran

' 6

77767889

89

1010

!6

.94

.1

.6

.5

.1

.6

.3

.9

.0

.1

.8

Israel

3022212425

0

607

27.02730

353230

80

943

29.3

Japan

?

.915.914.112.18.29 9

11.17 .98.58 .5

10.712.28 .68 .89 .1

11.0

Phil-ippineRe-

public

20 227.437 323 2

4 . 9

6 .79 5

14.022.719.023.022.629.329.127.222.623.7

Thai-land

i!s*3 . 83 13 . 74 . 43 . 92 . 82 . 42 . 5

2 .12 . 93 . 72 . 8

Tur-key

1.417.71.4

14.3.9

.86

.8

.8

.810.6

.8

.6

.5

.613.823.6

OtherAsia1

4 67 .5

14 350 313.916.622 833.146.337.342.952 951.650.045.126.915.3

Allother

173 1 .19206 0 .

6 2 .5956 .5 5 .5 5 .4 4 .4 2 .4 1 .

3 7 .36 .3 5 .33.

25740

79699769

67iV5

Aus-tralia

3 . 49 . 04 .77 .9

40.841.836 432.430.927.925.323.422.821.117.517.713.5

Bel-gian

Congo

4 . 4

5 . 87 07 .37.77.76 . 96 .75 .7

5 .36 .07.27 .6

Egyptand

Anglo-Egyp-tian

Sudan

.4

.1,4.2.3

.34

.8

.53 . 9

.3

.2

.2

.1

.1

.1

.2

Unionof

SouthAfrica

10.114.4

7 .94 57 .3

8 .69 49 .49 . 38 .57 .66 . 86 . 7

6 . 36 . 05 .77 .0

Other'

38677

6667

.3

.0

.8[7.2

.26

.8

.47 . 9456

4755

.7

.6

.5

.7

. 0

.0

.1

TABLE 4.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM DOMESTIC SECURITIES, BY TYPES •(Inflow of Foreign Funds)


Year or month

1946194719481949195019511951—May

TuneJulyAugustSeptember .OctoberNovemberDecember

1952—TanuaryFebruary . . . . .Mi arch p

April P .

U. S. Government bonds and notes4

Purchases

414.5344.8282.4430 0

1,236.4673.646 7

210 230 025.711 120 720.727 220.215.519 213.9

Sales

684.2283.3330.3333 6294.3

1,356.642 3

492 479 3

226.756 1

282 517.436 012.718.716 313.7

Netpurchases

-269.761 5

- 4 7 . 996 4

942.16 - 6 8 3 . 0

4 4—282 2

—49 4-201.1—45 0

—261 83.4

— 8 87.6

- 3 . 22 9

.1

Corporate bonds anc

Purchases

367.6226.1369.7354.1774.7859.882.255 451.668.076 794.062.664.176.668.365 775.2

Sales

432.1376.7514.1375.3772.3761.071 958 547.360.352.476.161.853.771.579.668 168.1

stocks *

Netpurchases

-64.5-150.6-144.3-21.2

2 . 498.710 4

—3 14 . 27.7

24.317.9

.810.45.1

-11.3—2 5

7.1

Totalpurchases

782.1570.9652.2784.1

2,011.11,533.3

128.9265.681.593.787.8

114.683.491.396.983.884 989.1

Totalsales

1,116.3659.9844.4708.9

1.066.62,117.6

114.1550 9126 7287.0108.5358.5

79.289.784.298.384 481.9

Netpurchases

ofdomesticsecurities

-334 .2—89 1

-192 .275 2

944.4-584 .3

14 8—285 2

—45 1-193 .3

—20 7-243 .9

4.21 6

12.7- 1 4 . 5

47.2

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]

194619471948194910.501951

Year or month

1951 — \favJune . .JulyAugustSeptemberOctoberNovember"Dprpmber

1952—TsmnnrvFebruaryMarch?Aprils

Foreign stocks

Purchases

65.257.181 788.8

173.8272.324 617.716.419 626.625.224 224.434 429.418.828.9

Sales

65.642.696 770.8

198.2348.7

17 716.418.119 626.621.447 682.629 928.130.344.9

Netpurchases

— .414 6

— 15 018.0

—24.4- 7 6 . 4

6 91 2

— 1 . 7— 1

( 7 )

3.8-23 5-58 2

4 61 4

-11.4-16.0

Foreign bonds

Purchases

755.9658.7211 6321.2589.2500.424 539.145.421 173.653.973.738.133 119.029.443.7

Sales

490.4634.3291,4311.5710.2800.475 373.928.220 173.0

226.139.646.836.550.718.978.8

Netpurchases

265.524.5

—79.89 . 8

-121.0-300.0-50 9-34.8

17 31.0

.6-172.2

34.2-8 .7-3 .5

-31.710.5

-35.0

Totalpurchases

821.2715.9293.3410.1763.0772.749.156.861.840.7

100.279.197.962.567.548.448.372.6

Totalsales

556.1676.8388.2382.3908.4

1,149.193.090.446,239.799.6

247.587.2

129.466.478.749.2

123.7

Netpurchases

offoreign

securities

265 139 0

—94 827 8

— 145 4-376 4

—44 0—33 6

15 696

-168 .410 7

— 66.91 1

—30 3- . 9

- 5 1 . 1

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.» Includes transactions of international institutions. 4 Through 1949 includes transactions in corporate bonds6 Through 1949 represents transactions in corporate stocks only.• Includes net sales of 554 million dollars by Canada. 7 Less than $50,000.

JULY 1952 833


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)

Year ormonth

194619471948194919501951

1951—May.. .June.. .Ju ly . . .Aug... .Sept . . .Oct.. . .Nov....Dec.. . .

1952—Jan.. . .Feb.. . .Mar. P..Apr.P. .

Inter-national

insti-tutions

74.57 6

87.0121 2

-15 .9

2.3-61 .9-11.2-18 .6

.3-14 .5

1.0.8

.3-3.3

.8

.8

Total

-334 2-163.6— 199 8-11 .8823 2

-568.4

12.5-223.4-34 .0

-174.8-20 .9

-229.43.1

.7

12.4-11.2

- . 46.4

UnitedKing-dom

-36 .9- 8 . 9

9.120.964.021.4

- 2 . 9-13 .0

1.68.6

- 2 . 5- 3 . 6

3.15.6

5.4- . 72.3

.6

{Net sales,

France

- 6 . 8-50.2-82 .8- 6 . 8197 8

6 . 0

1.3-35 .8-13 .9

.4-20 .0

.4

.6

.7

1.5.7.4

- . 6

Nether-lands

-26 .5-98.2-79 3-25 .5—6 3

-22.2

- . 1- 5 . 3- 6 . 0- 2 . 7- 1 . 4- 2 . 2- 4 . 6- 1 . 0

- 1 . 7- 2 . 7- 2 . 3- 2 . 6

( - ) . In

Switzer-land

-17 513.0

-40 044.219 045.9

4.62.75.85.4

11.011.22.6

- 4 . 3

10.4- 4 . 8

2.42.7

millions of dollars]

Italy

j

- 1 7 . 1(i)

1.5- . 71.9

.3

.1

.6- . 2

.5- . 1

.2

.3

- . 1.2

- . 2.1

OtherEurope

-10 .8-14 .1

2.62.2

73.8-43 .8

- 4 . 6- 5 . 4

.6-42 .6

1.01.9

.83.8

- 1 . 3.3

- 1 . 2- 1 . 1

TotalEurope

-98 .6-175.5-190.4

36.5347.5

9 .2

- 1 . 4-56.7-11 .3-31 .0-11 .6

7.52.65.0

14.1- 7 . 0

1.4— .9

Canada

-16 .43.27.5

-49 .0458.2

-595.5

- 3 . 6-156.4-25 .3

-142.2- 3 . 1

-235.9- 1 . 7- 7 . 6

- 3 . 1- 9

- 2 . 93.4

LatinAmer-

ica

6 . 3- 3 . 510.22.5

30 113.9

3.1-10 .7

1.7- 1 . 3

3.83.91.23.1

2.3- 2 . 3

2.94.1

Asia

—224 510.0

—23 3- 2 . 1

— 15 34 . 8

14.7.5.9

-10^1- 5 . 0

.90)

- 1 . 3- 1 . 1- 2 . 10)

Allother

- 1 02.2

—3 9.2

2 7- . 7

- . 4i

.1- . 1

.1

.1

.1

.3

.4

.1

.3- . 2

TABLE 6a.—DOMESTIC SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIESOther Europe; Latin America; and Asia

Year ormonth

1946194719481949 ..19501951

1951—May...June.. .J u l y . . .Aug . . .Sept . . .Oct.. . .Nov. . .Dec. . .

1952—JanFeb.. ..Mar. P..Apr.P. .

OtherEurope

— 10 8— 14 1

2 . 62 2

73.8- 4 3 . 8

- 4 . 6- 5 . 4

.6-42 .6

1.01.9

.83 . 8

- 1 . 3.3

- 1 . 2- 1 . 1

Aus-tria 2

18.4-11 .9

- 1 . 9- 7 . 3

.1- 4 . 70)

.40)0)

.2(x)0)(0

Bel-gium

6__ .92 . 61 6

12.65.7

- . 5.9.2

- 3 . 61.22 . 0

.73 . 4

- . 6.5

- . 1.8

Nor-way

2.2- 4 . 1

-2

-.936.7

- 3 8 . 1

- 2 . 71.8

C1)- 2 9 . 2

C1)0)— 20)'0)- . 1

.1- . 1

Swe-den

—3.4- 2 . 5

.2

.4- 1 . 10)

.1— . 1

.10)- . 30)0)C1)(00)

.1

.1

Allother

-10.2- 6 . 6

.11.17.1

.5

.5- . 6

.1- 5 . 0

.1- . 5

.3

.4

Q

- A- 1 . 4- 1 . 9

LatinAmer-

ica

6 . 3- 3 . 510.2

2 . 530.113.9

3 . 1- 1 0 . 7

1.7- 1 . 3

3 . 83 . 91.23 . 1

2 . 3- 2 . 3

2 . 94 . 1

Brazil

— .4- 1 . 4

.62

- . 11.6

1.00)0)

.1C1)

.5

.10)

.10)0)

.1

Cuba

1.7Q

- . ' 8- 1 . 024.6

6 .1

- . 9

0).3

- . 32

'.4.2.1

.1

.3

.5

.8

Mex-ico

6 . 82 . 52 . 9

.3

.52 . 5

- . 3.8.2

- . 3.6

0).1

1.6

1.0- . 20)- . 8

Re-public

ofPan-ama

4 . 5- 6 . 9- 4 . 7

4 .2.1.8

.4- . 2

- 1 . 6.6

3 . 1- . 3

- 1 . 5.2

1.1- 3 . 2

2 . 01.4

ElSalva-dor 2

10.9- 1 0 . 9

0)- 1 0 . 9

0)C1)0)0)0)0)0)0)0)0)

OtherLatin

Amer-ica

—6 23 .2

12.2- 7

- 5 . 913.9

2 . 9- . 42 . 7

- 1 . 3.2

3 . 42 .21.2

0).9.4

2 . 6

Asia

—224.510.0

- 2 3 . 3—2.1

- 1 5 . 34 . 8

14.7.5.9

- . 1- 1 0 . 1

- 5 . 0.9

0)- 1 . 3- 1 . 1- 2 . 10)

For-mosaand

ChinaMain-land

—200.5—3 2

- 2 2 . 7— 7 2- 3 . 0

- . 2

.3— . 1

2-.2

.1

.10)0)C1)

.1- . 2

2

Japan

( i )

8.5.1

5 0- 1 3 . 7

.1

.10)0)0)0)0)C1)0)0)- . 10)

.1

OtherAsia

—24.04 . 7

- . 7.1

1.34 . 8

14.4.6.7.1

- 1 0 . 1-5.0

.9- . 1

-1.4-1.1-2.0

- . 2

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

1946194719481949 . .19501951

1951—May...June.. .JulyAugSep t . . .O c t . . . .Nov. . . .Dec

1Q.S2—Jan....Feb.. . .Mar. P..Apr. P . .

Inter-national

insti-tutions

-249 .30)

— 16 0- 3 . 6

-152 .7

- . 1

.1- 1 . 0

- 9 9 . 4

- 1 . 4.1.1

0)

Total

265 1288.3

-94 .943.8

-141.8-223.7

-43 .9-33 .6

15 6.8

1.6-69 .0

10.7-66 .9

2.5-30 .4- 1 . 0

-51 .1

UnitedKing-dom

-20.9- 2 . 0- 9 . 9

-13 .5- 6 . 1- 2 . 0

- 2 . 1- . 2

.1

.3- . 6

.2

.3- . 1

.2- 3 . 0- . 5

.1

France

- 1 . 0- 3 . 1- 4 . 3

.4- 1 . 3- 4 . 1

.2

.2- . 4

.2

.8

.80)

.8

1.0.4.2.5

Nether-lands

- 7 . 0-29 .9- 5 . 3

- . 1- 4 . 7

2.8

.2- . 6

.2- . 7

.1

.7

.4

.2

.7

.3

.5

.6

Switzer-land

-13 .9-14.9-35 .4

19.117.214.2

1.81.8

.31.01.2

.21.4

.9

2.3.7.4

1.7

Italy

- . 8- . 3

.1

.4

.51.2

.10)0)0)0)0)

.1

.10 )

C1)'

OtherEurope

10.915.611.424.6

7 .816.4

1.27.51.4

.7- 1 . 1

1.4.3

2.9

.6

.87.60)

TotalEurope

-32 .6-34 .4-43 .4

30.813.428.5

1.58.81.71.5

.43.42.54.6

4.9- . 87.92.9

Canada

187.6205.2

-102.2-10 .6

-190.0-258.0

-40 .4-37 .6

16.4- 1 . 0- 2 . 2

-76 .59.2

-68 .0

2.8-30 .6- 5 . 5

-59 .8

LatinAmer-

ica

131.389.240.720.229.833.8

3.93.94 2

0)3.85.42.62.3

- 1 . 12.31.51.0

Asia

3.5

1.6.8

1.0-36 .0

- 8 . 9- 9 . 1—6 90)

- 1 . 7- 2 . 0- 3 . 9- 6 . 8

- 4 . 4- 1 . 8- 5 . 0- 4 . 1

Allother

—21 427 8

8 42 63 97.9

.1

.42

.41.3

.63

.9

.3

.6

.18.8

P Preliminary.» Less than $50,000.

2 Not available until 1950.



INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—ContinuedTABLE 8.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES

(The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreasesin Balances Held by Brokers and Dealers in U. S. with Brokers and Dealers Abroad)


Year or month

194619471948194919501951

1951—MayJuneJulyAugust <SeptemberOctoberNovemberDecember

1952—JanuaryFebruaryMarchPApril?

Total

9.7-11 3-19.3

68.0

—6.1

-4 .511.1- . 1

-2 .01.2

-7 .5- . 21 5

- . 25.31 2

2 - 3 . 8

UnitedKingdom

- . 6— 1.0- 1 . 2

.1- . 1

.9

- 1 . 52.5

- . 5.1

- . 2- . 71.2

.7

- . 81.1

.2- 1 . 3

France

- 2 . 9— 1.4- 2 . 5

- . 5— .1

4

- . 5.2.5

- . 8- . 3

.2

.6— .3

- 1 . 1.8.3

Q

Nether-lands

-8 .5- 4 . 8- 3 . 4

.22.5

.3

- . 63.2

.8-2 .7

.6- 1 . 9

.3

.7

- 1 . 71.01.9

- 1 . 9

Switzer-land

9.3— 1.5

-10 .7.9.7

- 4 . 8

1.22.5

— .7- . 3

.3- 1 . 0

.1(i)

- . 54.8

- 2 . 71.7

Italy

«

.1

.2

.4

.2

- . 4.1.1

- . 2.2

K0)

.2

.12

OtherEurope

1.1- . 5

-3 .2.1

- . 2- . 3

— .6.7

— .1- 1 . 0

.4

.2

.2- . 2

.4

.2

.2- . 3

TotalEurope

- 1 . 6- 9 . 3

-20.81.03.0

-3.3

- 2 . 49.2

.2-4 .9

1.0- 3 . 4

2.3.3

-3 .78.1(i)

-2.9

Canada

2.0—2 0

.1

.9- 3 . 0

2 8

- . 22.8

- 1 . 0- . 2

.1

.4

.1

.3

1.1- 2 . 1

1 82 . 4

LatinAmerica

7.5— 61.2

— 1.34.4

- 5 . 0

- 2 . 5- . 5

.32.1

.2- 4 . 5- 3 . 1

1 3

2.2- 1 . 5

1- 2 . 6

Asia

1.01.8

.4— .23.0

- . 5

.2- . 4- . 2

.7- . 1

.5- . 1

(i)

.2

.5— 2- . 8

AllOther

.7— 1 4

— .12

.6— .1

.4

0).6.3

.5— 4

0).4

— 60)

P Preliminary.1 Less than $50,000.2 Amounts outstanding (in millions of dollars): foreign brokerage balances in U. S., 87.1; U. S. brokerage balances abroad, 36.0.

GOLD PRODUCTIONOUTSIDE USSR


Year ormonth

19411942194319441945194619471948194919501951

1951—AprilMayJuneJuly . .AugustSeptember..OctoberNovemberDecember .

1952—January .FebruaryMarchApril

Estimatedworld

productionoutsideUSSR*

1,265 61,125.7

871 5777.0738 5756.0766 5798 0833 0861.0

Production reported monthly

Totalreportedmonthly

1,110.4982.1774 1701.5683 0697.0705 5728.1753 2776.2

'62 7r63.7r62.1

Africa

SouthAfrica

$1504.3494.4448.2429.8427 9417.6392 0405.5409 7408.2403 1

33 234.633.934.434.633.334 133 833.2

34 232.234.433 8

Rho-desia

= 15/21 g27.826.623 020.719 919.118 318.018 517.917 0

1 41.41.41.41.41.41.51 41.5

1 41.4

WestAfrica2

rains of32 A29.219.718.418.920.519.323.423.123.223.7

2 . 01.91.91.91.92.02 . 02 02 . 1

2 . 01.91.92 . 0

BelgianCongo3

gold 9/1019.618.015.812.712.111.610.811.112.912.012.7

1.01.11.11.21.31.11.1

91.0

r l . l1.21.21.3

North and South America

UnitedStates4

Can-ada

fine: i. e., an oun209.2 187.1131.048.835.832.551.275.870.967.380.1

'•66.3

'5.2r5.2'5.6

'6.4

'6.3'5 4

5 . 04.84.65 . 0

169.4127.8102.394.499.1

107.5123.5144.2155.4152.7

12.712.912.712.112.112.613.213.013.2

12.412.312.812.7

Mex-ico

ce of fine28.028.022.117.817.514.716 312.914.214.3

1.01.01.0

Colom-bia

gold =$.23 020.919 819.417 715.313 411.712 613.315 1

1 51.41 31.31.51.31.21 2

.9

1 61 41.2

Chile

9 36 . 46 17 .16 38 .15 95 .76 36 . 76 1

.6

.55

.5

.5

.4

.55

.4

Nica-ragua5

7 58 .67 77 .97 06 . 47 47 . 87 78 . 08 8

8.76

.9

.8

.8

.77

.8

7.7.77

Other

Austra-lia

52.440.426 323.023 028.932 831.231 330.430 5

2 62 . 52 . 32 02.62.82 72 72 . 6

2 42 . 6

India3

10 09 . 18 86 . 65 94 . 66 16 . 55 76 77 6

7.667

.7

.777

.7

.7

.7

.7

r Revised.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 Beginning 1942, figures reported by American Bureau of Metal Statistics. Beginning 1944, they are for Gold Coast only.3 Reported by American Bureau of Metal Statistics.4 Includes Philippine production received in United States through 1945. Yearly figures reported by United States Mint. Monthly figures

reported by American Bureau of Metal Statistics, those for 1951 having been adjusted by subtracting from each monthly figure $297,000 so thatthe aggregate for the year is equal to the yearly estimate compiled by the United States Mint.

5 Gold exports reported by the National Bank of Nicaragua, which states that they represent approximately 90 per cent of total production.NOTE.—For explanation of table and sources, see BULLETIN for June 1948, p. 731, and Banking and Monetary Statistics, p. 524. For annual

estimates compiled by the United States Mint for these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp.542-543.

JULY 1952 835


REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS[In millions of dollars]

End ofmonth

1945—Dec1946—Dec1947—Dec.. . .1948—Dec1949—Dec.. . .1950—Dec

1951—June. . .JulyAug.. . .SeptOctN o vDec.. . .

1952—TanF e bMarAprM a y

End ofmonth

1945—Dec1946—Dec1947—Dec1948—Dec1949—Dec1950—Dec

1951—JuneJ u l y . . . .AugSept.. . .OctNov.. . .Dec

1952—JanFebM a r . . . .Apr.. ..Alay

End ofmonth

1945—£)ec1946—Dec1947—Dec1948—Dec1949—Dec1950—Dec

1951—JuneJ u l y . . . .AugSept.. . .OctNovDec

1952—JanFebM a r . . . .AprMay. . . .

Estimatedotal world

(excl.USSR)*

33,77034,12034,55034,93035,41035,820

35,930

35,990

35,950

P36.000

Egypt

525353535397

143174174174174174174

174174174174

Portu-gal

433310236178192

217217224234250255265

265270274274274

United States

Treasury

20,06520,52922,75424,24424,42722,706

21,75621,75921,85422,01322,23322,38222,695

22,95123,19023,29023,29723,296

France 3

1,090796548548523523

548548548548548548548

548548548548548

El Sal-vador

131215151723

26262626262626

2626262630

Total«

20,08320,70622,86824,39924,56322,820

21,87221,85221,98622.16422,39422,57922,873

23,05523,37323,42823,45023,502

Guate-mala

282827272727

27272727272727

2727272721

SouthAfrica

914939762183128197

210210210210209208190

190193169164

Argen-tina

1,1971,072

322143216216

288288288276273268268

268268268268

India

274274274256247247

247247247247247247247

247247247247247

Spain

1101111111118561

60616150505051

5151515151

Bel-gium

716735597624698587

586595608638621619621

631610624638650

Iran

131127142140140140

138138138138138138138

138138138138138

Sweden

482381105817090

129129129128134136152

179211214214210

Bolivia

222223232323

23232323232323

2323

Italy

24285896

256256

256256256281292323333

339346

Switz-er-

land

1,3421,4301,3561,3871,5041,470

1,4511,4541,4471,4461,4481,4541,452

1,4381,4261,4321,4131 410

Brazil

354354354317317317

317317317317317317317

317317317317317

Java

*201<180

178208

229229229229279279279

279279279280280

Thai-land

43343434

118118

115113113113113113113

113113113113

Canada

361543294408496590

652671681691736805850

860868874

Mexico

2941811004252

208

228195193191190191208

207206

Turkey

241237170162154150

150150150150150150151

150150150150153

Chile

826545434040

45454545454545

4545454542

Nether-lands

270265231166195311

311311311311312312316

316317340342344

UnitedKing-dom

52,47662,6965 2,079« 1,8565 1,6885 3,300

5 3,867

5 3,269

5 2,3355 2,0365 1,7705 1,700

Co-lombia

12714583515274

NewZealand

232323232729

31313131313132

3232323233

Uru-guay

195200175164178236

279269257252242232221

221211211211

Cuba

191226279289299271

281281291311311311311

311311321

Nor-way

809172525150

50505050505050

50505050

Vene-zuela

202215215323373373

373373373373373373373

373373373373373

Den-mark

383832323231

31313131313131

3131313131

Pakis-tan

142727

27272727272727

27

Inter-nationalMone-taryFund

151,3561,4361,4511,495

1,5181,5191,5291,5291,5291,5301,530

1,5311,5321,5321,532

Ecua-dor

212120212119

22222222222222

2222222222

Peru

282420202831

46464646464646

46464646

Bank forInter-

nationalSettle-ments

3932303668

167

151155143144132127115

116126143151154

P Preliminary.1 Includes reported gold holdings of central banks and governments and international institutions, unpublished holdings of various central

banks and governments, estimated holdings of British Exchange Equalization Account based on figures shown below under United Kingdom,and estimated official holdings of countries from which no reports are received.

2 Includes gold in Exchange 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 Figures are for following dates: 1946—Mar. 31, and 1947—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 April 1951, p. 464; February 1950, p. 252; and November 1947, p. 1433. For revised back figures for Argentinaand 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 fine troy ounce)

Year or quarter

19451946 . .19471948194919501951 .

1949

Jan -MarAnr -TuneJuly-SeptOct.-Dec

1950

}an.-Mar.Apr . -June . . . . . . . . .July-SeptOct.-Dec

1951

Jan.-Mar..Apr - JuneTuly-SeptOct -Dec

1952

Jan -Mar

Total

-452.9721.3

2,864.41,510 0

193.3— 1,725 2

75.2

68.8173 9101.5

-151.0

-201.3- 3 0 . 4

— 731 0-762.4

—876.3—55 6291 4715 7

557.3

UnitedKingdom

—; 2406.9734.3446.3

-1 ,020 .0469.9

162 4283.9

- 8 0 . 0

-580.0-360.0

-400 .0—80 0320 0629 9

520.0

Bel-gium

31.114.2

222.869.8

- 4 1 . 0- 5 5 . 0- 1 0 . 3

- 1 2 . 5—31 0

2.5

- 3 5 . 0-20 .0

- 1 2 . 32 0

20.2

France

278.5

264.615.8

- 8 4 . 8- 2 0 . 0

—28 5- 5 6 . 3

—91.7

71 7

Neth-er-

lands

130.840.7

- 2 3 . 5-79 8—4.5

10.4

- 3 3 9

-79 8

—4.5

Portu-gal

—47 9- 1 0 . 0116.063.014.0

— 15,0—34.9

10.5

3 . 5

- 1 5 . 0

- 1 0 . 0— 15 0- 5 0—5 0

Swe-den

80.2238.0

3 . 0

-22.9-32.0

-3.0-16.0-4.0

-15.0

-17.0

Switz-er-

land

- 8 6 . 8- 2 9 . 9

10.0- 5 . 6

- 4 0 . 0- 38.0- 1 5 . 0

—5.0— 10 0- 2 0 . 0- 5 . 0

— 13.0

- 2 5 . 0

- 1 5 . 0

22.5

OtherEurope l

- 7 . 427.386.6

5 . 82-159.9

—68 0—60.1

- 1 3 . 7— 11 2

2-119.1

- 1 5 . 9

— 12.4— 11.9

3 4- 4 7 . 1

—44.3— 11 2

- 3 5— 1 1

- 1 0 . 1

Canada

36.8337.9311.2

3 . 4— 100 0- 1 0 . 0

3 4

-100.0

— 10 0

Argen-tina

-224.9153 2727.5114 1

- 4 9 . 9

- 4 9 . 9

- 4 9 . 9

- 4 9 . 9

Cuba

-85.0—30 0- 6 5 . 0— 10 0-10 .0

28 2—20 0

- 1 0 . 0

8 220.0

- 2 0 0

Mexico

- 2 3 . 836 945.461 6

— 16.1— 118 2—60 2

2 37 9

- 1 1 . 3- 1 5 . 0

— 15.8

—40 5- 6 1 . 9

— 124.464 1

11.3

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

1945194619471948194919501951

1949

Jan -MarApr.-JuneJuly-SeptOct.-Dec.

1950

Jan.-Mar

July-SeptOct -Dec

1951

Jan.-MarApr.-JuneTuly-SeptOct -Dec

1952

Jan -Mar

Uru-guay

-37 .9—4 925.110.7

-14.4—64 8

22.2

3.0-16.5- 1 . 0

— 12 0- 2 . 0

-23 .9—26 9

-50 .915.028.030.1

10.0

Vene-zuela

—73.1—9.2- 3 . 7

-108.0-50 .0

- . 9

-50 0

- . 9

OtherLatinAmer-

ica

-27 .825.079.113.4

- 7 5-17 2-17.2

3 . 63.7

- 2 . 9-11 9

— 10.4- . 9- . 1

- 5 . 9

-11.7- 5 . 0

3.5- 4 . 0

-17 .6

Asiaand

Oceania

8 -188.313.7

1.0- 4 . 1

-52.1-35 .4

« -50 .1

- 2 . 3- 6 6- 2.2

- 41 0

1.0-13 .9-22 .8

-18 .8- 2 . 4- 3 . 9

-25 .0

- 3 . 2

Unionof

SouthAfrica

94.3256.0498.6195.713.152.1

72.055.648.119 9

3 .99 .2

12.720.319.2

4 . 3

Allother

3 .722 911.96 . 9

- 1 . 64—47 24-84.0

.1

.1- 2 . 0

.2

-26 .9- 2 . 8

-14.7- 2 . 8

-28 .0-25 .0-31 .0

1 Includes Bank for International Settlements.2 Includes sale of 114.3 million dollars of gold to Italy.8 Includes sales of 185.3 million dollars of gold to China.* Includes sales of gold to Egypt as follows: 1950, 44.8 million

dollars; and 1951, 76.0 million.8 Includes sales of 45.0 million dollars of gold to Indonesia.

ANALYSIS OF CHANGES IN GOLD STOCK OFUNITED STATES


P<

1942.19431944.1945.194619471948.1949.1950.1951.

:riod

1951—June..July...Aug. . .Sept...Oct....Nov...Dec.. .

1952—Jan. . .Feb.. .Mar.. .Apr. . .May. .June. .

Gold stockend of

Treas-ury

22,72621,93820,61920,06520,52922,75424,24424,42722,70622,69521,75621,75921,85422,01322,23322,38222,69522,95123,19023,29023,29723,29623,346

atperiod

Total i

22212020202224242222

21212122222222

232323232323

,739,981,631,083,706,868,399,563,820,873,872,852,986,164,394,579,873,055,373,428,450,502,533

Increasein total

goldstock

- 2 3 . 0—757.9

— 1,349.8-547.8

623.1t 2,162.1

1,530.4164.6

— 1,743.352.710.4

-19 .2133.1178.0229.9185.0294.1182.4317.5

55.622.051.930.5

Netgold im-port orexport

315.768.9

—845.4-106.3

311.51,866.31,680.4

686.5—371,3-549.0- 3 7 . 6-16 .2- 3 . 710.9

- 1 8 . 4- 2 . 1

6 . 5

63.6150.3157.196.627.2( 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

46.3- 8 . 8137.0176.7243.4188.4289.9137.5152.2

-103.1-75.4

27.15 19.3

Domes-tic goldproduc-tion 2

125.448.335*832.051.275*870^967.380 1

r66.3'5.6r5.2'6.4r6.\••6.3

r4!o

5 .04 . 84 . 65 . 05 .1( 4 )

r Revised.1 See footnote 2 on opposite page.2 Yearly figures are estimates of United States Mint. For explana-

tion of monthly figures see p. 835, footnote 4.8 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 4,850.6 million dollars on June 30, 1952. 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.

JULY 1952 837


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 purchased 1

(Cumulative—millions of dollars)

Australian poundsBelgian francsBrazilian cruzeirosChilean pesosCzechoslovakian koruny.Danish kronerEgyptian poundsFrench francsIndian rupeesIranian rialsMexican pesosNetherlands guildersNorwegian kronerTurkish lirasPounds sterlingYugoslav dinarsAll other

Total.

1952

Jan.

1,531

1,3224,408

8831

8,152- 7 1

1951

Oct. July Jan

1,529

1,3224,409

8691

8,137- 6

1,519

1,3164,327

8691

8,037- 6

1952

M a y

20.011.4

103.03.66.0

10.2- 5 . 5125.0100.0

75.2

300.09.0

- 1 . 7

Apr.

20.011.4

103.05.46.0

10.2- 5 . 5125.0100.0

75.2

5.0300.0

9.0- 1 . 7

771.7

Mar.

20.011.4

103.05.46.0

10.2-5.5125.0100.0

75.2

5.0300.0

9.0- 1 . 7

771.7

1,495

1,3044,2291,003

18,037

- 5

1951

M a y

20.011.465.5

8.86.0

10.2- 5 . 5125.0100.0

22^575.49.65.0

300.09.0

- . 9

762.0

International Bank

GoldCurrencies (balances with depositories

and securities payable on demand):United StatesOther

Investment securities (U. S. Govt. obli-gations)

Calls on subscriptions to capital stock 3. .Loans (incl. undisbursed portions and

incl. obligations sold under Bank'sguarantee)

Other assetsBonds outstandingLiability on obligations sold under guar-

anteeLoans—undisbursedOther liabilitiesGeneral reserveSpecial reserveCapital3 ,

1952

Mar.

5940

4904

1,18614

450

41372

55526

1,691

1951

Dec. Sept. Mar

8945

5104

1,11310

436

33350

105024

1,688

11944

4414

1,08513

336

33368

44622

1,688

6920

4664

93812

311

30279

33818

1,668

1 As of May 31, 1952, the Fund had sold 806.1 million U. S. dollars;in addition, the Fund sold to the Netherlands 1.5 million poundssterling in May 1947 and 300 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 86.7 million dollars. Currencies the net transactions inwhich amount to less than one million are reported under "All other."

2 Less than $500,000.3 Excludes uncalled portions of capital subscriptions, amounting to

6,763 million dollars as of Mar. 31, 1952, of which 2,540 million repre-sents the subscription of the United States.

CENTRAL BANKS

Bank of England

(Figures in millions ofpounds sterling)

1942—Dec 301943—Dec 291944—Dec 271945—Dec. 261946—Dec 251947—Dec. 311948—Dec. 291949—Dec 281950—Dec. 27

1951—June 27July 25Aug 29Sept. 26Oct. 31Nov 28Dec. 26

1952—Jan. 30Feb. 27Mar 26Apr. 30May 28

Assets of issuedepartment

Gold*

2.22

.2

.2

.2

.24

.4

.4

.4

.4

.4

.4

.4

.4

.4

.4

.4

.4

.4

Otherassets 2

950 01,100.0J.250.0

4

4

1,400.0L,450.01,450.01,325.01,350.0L,375.0

1,400 01,400.01,400 01,400.01,400.01,400.01,450.0

1,400.01,400.01,400 0.450.0

1,450.0

Assets of bankingdepartment

Notesandcoin

27 712.513.520.723.4

100.836.133.719.2

51.820.142.952.449.738.214.1

48.134.917.441.939.7

Dis-counts

and ad-vances

3 52 . 55 .18 .4

13.615.216.714.829.2

7 . 97 .7

29.719.020.816.818.2

7 . 917.723.627.411.9

Securi-ties

267.9307.9317.4327.0327.6331.3401.1489.6384.0

360 0390.8337.7345.7356.0364.0389.2

343.7344.2351.8306.1319.6

Notecircula-tion3

923.41,088.7L.238.6L379.91,428.21,349.7L,293.1L.321.91,357.7

1,349.31,380.91,358.01,348.91,351.81,363.71,437.9

1,353.81,367.0L.384.61,410.01,412.2

Liabilities oi banking department

Deposits

Bankers'

223.4234.3260.7274.5278.9315.1314.5299.2313.5

290.1294.4273.6289.9303.9294.7299.8

277.8283.0280.3273.0270.0

Public

9 . 010.35 .25 . 3

10.318.611.711.615.420.414.818.516.614.516.413.4

15.511.812.110.710.1

E C A

17.497.9

. 4

4 . 42 . 3

.91.17 .2

.6

.6

.5

.4

.5

.5

.5

Other

48.860.452.358.557.395.592.1

111.285.0

86.688.998.991.293.189.489.8

87.583.181 373.472.6

Otherliabili-

ties andcapital

17.917,917.817.818.118.118.118.118.1

18.118.318.518.517.818.018.1

18.318.518 517.818.0

1 On 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.

2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure.3 Notes issued less amounts held in banking department.4 Fiduciary issue decreased by 50 million pounds on Jan. 16 and increased by 50 million on Apr. 1. For details on previous changes, see

BULLETIN for February 1952, p. 212; February 1951, p. 238; February 1950, p. 254; April 1949, p. 450; and February 1948, p. 254.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)

1939—Dec 30 . .1940—Dec. 311941—Dec. 311942—Dec. 311943—Dec. 311944—Dec 30 . .I945—Dec. 311946—Dec 311947—Dec. 311948—Dec 311949—Dec. 311950—Dec. 30 .

1951—june 30July 31Aug 31Sept. 29Oct 31Nov 30Dec 31 . . . .

1952—Jan. 31Feb 29Mar 31Apr. 30May 31

Assets

Gold

225.7(4)

Sterlingand United

Statesdollars

64.338.4

200.9.5.6

172.3156.8

1.02.0

.474 1

111.4

116.8116.8100.087.096 5

128.8117.8

85.470.360 172.378.3

Dominion and provin-cial government

securities

Short-term 1

181.9448.4391.8807.2787.6906 9

1,157.31,197.4L,022.01,233.71,781.41,229.3

1,335.21,327.41,349.61,297.61,317.51,137.81,141.8

1,095.41,058.1I,179.91.191.51,203.6

Other

49.9127.3216.7209 2472.8573.9688.3708.2858.5779.1227.8712.5

846.3872.5888.1896.1956.4

1,043.11,049.3

1,042.61,027.7

882 2874.7824.6

Otherassets

5.512 A33.531 347.334.329.542.143 745.442.5

297.1

104.1118.6119 887.183 179.2

135.2

82 788.2

106 884.073.8

Liabilities

Notecirculation2

232.8359.9496.0693 6874.4

1,036.01,129.11,186.21,211 41,289.11,307 41,367.4

1,351.31.370.51,370.71,388.01,406 51,407.21,464.2

1,375.61,374.41,393 21,411.81,417.4

Deposits

Charteredbanks

217.0217.7232.0259.9340.2401.7521.2565.5536.2547.3541.7578.6

590.7558.2580.4579.4588.3633.8619.0

629.2616.7656 5645.7579.4

Dominiongovern-

ment

46.310.973.851.620.512.9

153.360.568.898.130.724.7

75.391.1

115 0105.6210 3

66.094.9

92.888.514 614.321.9

Other

17.99.56 . 0

19 117.827.729 893.867 581.0

126 9207.1

220 1212.6185 7140.083 392.566.1

54 952.166 141.744.6

Otherliabilities

andcapital3

13.328 535.124 055 4

209.1198 542.742 443.1

119 2172.6

165 0202.9205 8154.8165 0189.5200.0

153.4112.598 6

109.0117.1

Bank of France

(Figures inmillions of francs)

1939—Dec. 28. . .1940—Dec. 26. . .1941—Dec. 3 1 . . .1942—Dec. 3 1 . . .1943—Dec. 30. . .1944—Dec. 28. . .1945—Dec. 27. . .1946—Dec. 26.. .1947—Dec. 3 1 . . .1948—Dec. 30. . .1949—Dec. 29. . .1950—Dec. 28. . .

1951—June 28. . .July 26...Aug. 30.. .Sept. 27. . .Oct. 3 1 . . .Nov. 29. . .Dec. 27. . .

1952—Jan. 31 . . .Feb. 28 . . .Mar. 27. . .Apr. 30. . .May 29 . . .

Assets

Gold s

97,26784,61684,59884,59884,59875,151

129,81794,81765,22565,22562,274

182,785

191,447191,447191,447191,447191,447191,447191,447

191,447191,447191,447191,447191,447

Foreignex-

change

112423837374268

71230

61,943162,017

161,802154,610145,195131,28482,08731,88828,320

20,85715,60711,33613,63415,808

Domestic bills

Openmarket 6

5,8187,8026,8128,4209,518

12,17017,98037,61867,39597,447

137,689136,947

196,435232,873236,169225,418168,822153,650234,923

233,879245,014272,294273,149274,111

Special

2,345661

121692948

3033,135

648,577

28,54834,081

12,1645,9671,2569,231

23,85532,01531,956

31,45629,28029,23922,98426,128

Other

5,1493,6464,5175,3687,543

18,59225,54876,254

117,826238,576335,727393,054

458,572454,608472,894540,751670,689716,710741,267

757,085850,733841,006799,004841,897

Advances toGovernment 8

Current

14,20063,90069,50068,25064,40015,850

67,900147,400150,900157,900158,900

157,600145,800160,600160,400166,200160,300160,000

166,500174,400169,300171,100169,000

Other

30,473112,317182,507250,965366,973475,447445,447480,447558,039558,039560,990481,039

481,039481,039481,039481,039481,039481,039481,039

481,039481,039479,982500,982479,982

Otherassets 6

15,54918,57117,42416,99016,60120,89224,73433,13359,02457,622

112,658212,822

235,037250,441245,129235,289252,303199,545190,830

184,064126,412113,099139,747118,726

Liabilities

Notecircula-

tion

151,322218,383270,144382,774500,386572,510570,006721,865920,831987,621

1,278,2111,560,561

1,660,8421,699,1901,754,1511,779,3601,827,7811,779,5561,841,608

1,866,6931,880,8321,861,6811,925,6151,900,526

Deposits 7

Govern-ment

1,914984

1,517770578748

12,048765733806

1,16870

66749660621929

5796228439

E C A

15,058

16,43219,7036,980

13,36716,2401,869

10,587

7,1573,699

15,783341

6,645

Other

14,75127,20225,27229,93533,13737,85557,75563,46882,479

171,783158,973161,720

190,056166,020146,012154,895166,453157,228166,226

156,405198,702188,767156,326171,350

Otherliabil-itiesand

capital

2,925844,986868,474821,318815,596

7,0784,0877,213

10,94216,20619,37724,234

26,70131,79826,49027,17725,90527,92241,332

36,01530,60141,44829,67938,539

1 Securities maturing in two years or less.2 Includes notes held by the chartered banks, which constitute an important part of their reserves.3 Beginning November 1944, includes a certain amount of sterling and United States dollars.4 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).6 For 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.

6 For explanation of these items, see BULLETIN for January 1950, p. 117, footnote 6.7 Beginning January 1950, when the Bank of France modified the form of presentation of its statement, the figures under this heading are

not strictly comparable with those shown for earlier dates.8 Includes the following amounts (in millions of francs) for account of the Central Administration of the Reichskreditkassen: 1940, 41,400;

1941, 64,580; 1942, 16,857; 1943, 10,724.NOTE.—For back figures on Bank of Canada and Bank of France, see Banking and Monetary Statistics, Tables 166 and 165, pp. 644-645

and pp. 641-643, respectively; for description of statistics, see pp. 562-564 in same publication. For last available report from the Reichsbank(February 1945), see BULLETIN for December 1946, p. 1424.

JULY 1952 839



Central Bank(Figures as of last report

date of month)

Central Bank of the ArgentineRepublic (millions of pesos):

Gold reported separatelyOther gold and foreign exchange.Government securitiesRediscounts and loans to banks. .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 c a p i t a l . . . .Austrian National Bank (millions

of schillings) *GoldForeign exchangeLoans and discountsClaim against GovernmentOther assetsNote circulation . . . .Deposits—Banks

OtherBlocked

National Bank of Belgium(millions of francs):

Gold 1

Foreign claims and balances (net)Loans and discountsConsolidated Government debt.Government securitiesOther assetsNote circulationDeposi ts—Demand

ECAOther liabilities and c a p i t a l . . . .

Central Bank of Bolivia—Mone-tary dept. (millions of bolivianos):

Gold at home and abroad 2

Foreign exchange (net)Loans and discountsGovernment securitiesOther assetsNote circulationDepositsOther liabilities and capital

Central Bank of Ceylon (thousandsof rupees):

Foreign exchangeAdvances to Government3

Government securitiesOther assetsCurrency in circulationDeposits—Government

BanksOther liabilities and capital .

Central Bank of Chile (millionsof pesos):

GoldForeign exchange (net)Net claim on Int'l. Fund 4

Discounts for member b a n k s . . . .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. Fund 4

Paid-in capital—Int'l. Bank

M a y

9 8642

6,7453,491

428.348

2

3?24

634

93

9411

1 3

5712427

3402

6833 3

1

1

7392

2

3S24

1

233370

,067

,485,298,13176334 S

,639401

3 0 8667

383000513437925897?S0761

09621822196167039?069310212604

07 7371404

1952

A

3139

573140303

43230

7 6 9

63

8

1

3124

7341 03

9511

13

56628124

4096

514 4

1,

1,

7392 j

2

4624 ,

1,

pr.

3 6 4,492

,630,085,971

,17047S9 5 6

9 8665

,541,393

42?91235774

,937

886,316,7807631 5 ?3707735737 0 S67 7

0519648270861338280698 9 8

210265107830670044089056420790451

0 8 0371402

Mar .

243

1726

2

6

598111297

43430

? 7 6

63

8

1

3124

534

83

9311

12

81480f

,108,4413?7

,184,56489f851

47S,513

,898,271,471

,170?1Q7 9 7

9 8667

,424,335

4177?314?Q3

,736

187,785,795763007

,6631385 S3? 4 1? 6 7

(Feb.)*1,370

69311

4

60022

33

40223614 3

1

1

6382,

7

7 4 324,

7,

845255115606665

6929645268095141976416 3 8

2152701079356707191408614353?0440

8 8 S371132

1951

M a y

21

36

1424

2

70711

36198

270

58634

288

44

6

2

298

1134

33

862

2

1

1

3

679"•13

40062

187

1

1,

5 ,

874,467,974,893?73

,264,954766497

7 8 3,091

,301,992,270

,42003S4 4 ?

288,348,445

39406150551

,064

433,3181518606 0 386978100 S14.0307

370'4-5?941725148776266

r594

132972

8S?3080158?48 0 8

475349

10136804S7

2,43?7,3591 ,693

4101 ,

209,24,

1,

94 S

9 6 0369381


date of month)

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 4

Loans and discountsSecurities . .Other 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 4

Loans and discountsCredits to GovernmentOther assetsNote circulationDepositsOther liabilities and capital

National Bank of Czechoslovakia 5

National Bank of Denmark(millions of kroner):

GoldForeign exchange . . .Contributions to Int'l. Bank. . . .Loans and discountsSecuritiesGovt. compensation account. . . .Other assetsNote circulationDeposits—Government


Central Bank of the DominicanRepublic (thousands of dollars):

GoldForeign exchange (net)Net claim on Int'l. Fund 4

Paid-in capital—Int'l. BankLoans and discountsGovernment securitiesOther assetsNote circulationDemand depositsOther liabilities and capital

Central Bank of Ecuador(thousands of sucres):

Gold «Foreign exchange (net)6

Net claim on Int'l. Fund 4

Credits—GovernmentOther

Other assetsNote circulationDemand deposits—Private banks

Other. .Other liabilities and capital

National Bank of Egypt (thou-sands of pounds):

Gold 7

Foreign exchangeForeign and Egyptian

Government securitiesLoans and discountsOther assets . . . .Note circulationDeposits—Government


M a y

32315610847331065

1191

757

724

1176219

3

1

1

1720

1

6

2910

1

361018346 99 69 965 ,4 1 ,60,

,077,840,557,363705

,207

511,822,031025

,577,162,550,090,488

6 9439

1183

43187019S702791442163

066855250

42545895632794685807

?4S6587589404733 8 0243318686205

1952

Apr.

288156118454316

63

1192

7S7

724

1166419

3

111

1720

1

6

2910

1

33676,18,406 ?8 9

47048,38 ,64,

60,19,

08 ,75

87,00072 1 ,

,080,100,430,58877S

,100

511,464,031841

,577,276,765,931,004

6 9408

111104 3 18727006 9 38404 0 5163

066610250

41390895666992137790

1731597580S76 0 90 3 03 3 ?953455991

553365

8268751073987409 1 0129

Mar.

265155119457797

60

1186

761

724

1156418

3?06 5

4 012161227

409198

7

3

111

1220

1

6

2991

335 ,53 ,18,

?,368178,

47745 ,39,47 ,

6018,

311,27,

790,97,1720 ,

,349,495,421,43539?

,827

511,188,031913

,619,409,844,186,641

564299

9 4 83515113792772947700268?6

6 9412

111003788727196 8 8

357146

066

25041

770895720912736771

9657587580607193277 1 9923047392

553456

802274873044443478943

1951

M a y

227134

S3392232

56

1112

7891016

1033211

27096

964012

11130

374180

6

3

111

618

1

61

257

334143

18214123174480,140,128,259,

435 1 ,

328,12,

2173,112131

2 1 ,

,835,775,256,81546S

,296

5118 6 6

,029839

,621,6737779 0 9

,853

5 6 ?033

6849 8 8

,507,879,845,971674

,152643

6 9435

694

1489664615 9 37 6 9632184

0564 8 7250

407 8

2 1 7081290173747

511577757156530547678231305864

3719 2 6

7484260944645061 9 9347

of fine gold per franc.led at a rate of 60 bolivianos per dollar.

to the Fund. Until such time

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 1952, p. 102; January 1951, p. 112; andJanuary 1950, p. 118.





date of month)

Central Reserve Bank of El Salva-dor (thousands of colones):

GoldForeign exchange (net)Net claim on Int'l. Fund *Loans and discounts . ,Government debt and securities..Other assetsNote circulation

Other liabilities and capitalState Bank of Ethiopia J

Bank of Finland (millions of mark-kaa):

GoldForeign assets (net)Clearings (net)Loans and discountsSecuritiesOther assetsNote circulation

Other liabilities and capitalBank of German States

(millions of German marks):Gold . . . .Foreign 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 and


Sank of Guatemala (thousands ofquetzales):

GoldForeign exchange (net)Gold contribution to Int'l. Fund .Rediscounts and advancesOther assetsCirculation—Notes

CoinDeposits—Government

BanksOther liabilities and capi ta l . . . .

National Bank of Hungary 8

Reserve Bank of India (millions ofrupees):

Issue department:Gold at home and abroadForeign securitiesIndian Govt. securitiesRupee coin . . .Note circulation

Banking department:Notes of issue depar tment . . . .Balances abroadBills discountedLoans to GovernmentOther assetsDepositsOther liabilities and capital. . .

dentral Bank of Ireland (thousandsof pounds):

GoldSterling fundsNote circulation

M a y

73,94650,076

1 ,5669,2486,3751,334

82,15053,389

7,006

5,86519,0226,269

26,877960

1,89246,579

1,54712,759

2592,7133,1298,963

6109,7482,1201,739

2641,803

27,22817,495

1,2505,095

19,02041,1543,3593,6906,094

15,790

2,64655,55258,199

1952

Apr.

64,01363,087

1,56610,4886,3691,531

84,89555,050

7,109

5,86518,6286,930

23,296990

1 ,91944,338

1,12512,164

1902,4983,4409,361

6409,6442,1132,143

2801,949

1,372167

8,0693,3531,8772,021

907

6,3732,0983,439

27,22822,445

1,2504,815

18,67839,2123,3994,984

11,42515,398

4006,0324,646

75211,458

372969110

111,5062,607

362

2,64656,20558,851

Mar.

6462

11C

61

88SO7

520

671

12

441

11

249

922

1

1

7311

623

2722

15

1840

34

1214

64

11

1

13

25659

,075,658,566,474,111,350,3807S7

,096

8 6 S,375,427305

,017708

,044,706,446

116,230,118,228577

,544,436,082250

,957

,325190

,978,453,90(1,901962

,7.17,209,557

,228,749,250,210,280,075,393,702,469,078

400032646691411

35819937

9936181359

646458104

1951

M a y

5791

1

4I

7872

6

4

7 8 9,5659 1 8

,9067 8 3

761,496

47S890

-34740

639

112

149172113

5311

412

27r14

14

1936

32

10r] 4

65

12

1

12

249 ,5 1 ,

78S967SS1

,055,648,114

,678,370,324,421,867,430,813,315,368

492195903233479701974

1049 0 4620

7.292502509825259 1 2795179596254

400987166572863

257764

3677

161947343

6463S1997

I


date of month)

Bank of Italy (billions of lire):GoldForeign exchangeAdvances to TreasuryLoans and discountsGovernment securitiesOther assetsNote circulation

Deposits—GovernmentDemandOther

Other liabilities and capitalBank of Japan (millions of yen):

Cash and bullionAdvances to GovernmentLoans and discountsGovernment securitiesOther assetsNote circulationDeposits—Government

Other .Other liabilities

The Java Bank (millions of rupiah):Gold 4

Foreign exchange (net)Loans and discountsAdvances to GovernmentOther assets . . .Note circulationDeposits—ECA


Bank of Mexico (millions of pesos):Monetary reserve 5

"Authorized" holdings of secu-rities, etc. . . .

Bills and discountsOther assetsNote circulationDemand liabilitiesOther liabilities and capital

Netherlands Bank (millions ofguilders):

Gold 6

Silver (including subsidiary coin)Foreign assets (net) . .Loans and discountsGovt debt and securitiesOther assetsNote circulation—Old

NewDeposits—Government

E C AOther

Other liabilities and capitalReserve Bank of New Zealand

(thousands of pounds) *GoldForeign exchange reserveLoans and discountsAdvances to State or State un-

dertakingsInvestmentsOther assetsNote circulation

Other liabilities and capitalBank of Norway (millions of kroner):

GoldForeign assets (net)

Loans and discountsSecuritiesOccupation account (net)Other assetsNote circulationDeposits—Government

BanksFCA MSA

Other liabilities and capital

M a y

1

138

9 7 9153114444

614140

11

2

3

1

1

2

31

1

1

2

2

1

525

6

5437

26157

7

6

211

36590226211786

,204

15255

36873

,077, 390940

,6500 9 1

,003,405,202,540

, 063,209237

,177850

,462496

,223355

,042

,521634447

,034134475

30315

,18438

,100499

43,870624

,027367207

,873,464,019

,701187

, 6368760 7 0

,980

242473

33624 6

7 0 75 9

,573,999,0129 6 6568

1952

Apr.

1

13 8

9 8 71 5 097

467477441

11

1

3

1

1

7

31

1

1

7

2

1

523

6

5532

367

7

6

211

435

590761200797

,196

19393

33173

0 8 83 9 0S898 6 88924874 7 9676791

0631347169779 3 6377496166287

080

651

523,081,2384 6 9

^ 9 716

0 5 945

100467

44,93237907 7376

749,424,019

,9851 8 ?0 0 16 0 0

,974,786

747438

185746

9 0 ?56

,589,9130 ? 49 S 4578

Mar.

1

139

3749 9

1 6 0457

972545

11

213

11

1

• 2

3

1

1

2

2

1

522

6

5634

367S87

6

211

437

590257200799

,204

18671

35274

,139,670865

.677174

,576,197,683,015

,060,052677

,248,031,165496

,034,372

,110

,783485577

,126314465

78816

,027109

,850446

44,9513698 0 4343777

,714,266,019

,3211 8 ?

,789,7058 S 7

,233

242433

164946

70761

,558,9460 7 89 4 9569

1951

M a y

1

147

38412737

399155

2316

1

2

1

2

21

1

3

2

1

573

6

5610

45897

7

6

22

47 9

5907737.15513

,0662

17667

25260

,034,645730

, 7369 9 7

,332,774,389.148

871621426

,999529

,770

978696

,093

,935356490

,7326 3 9507.

17717

154170

,178591

50,709

,4706 S 6401

,071,971,832

,537974

, 653,413403

,222

243? 8 4

- 1 2584 6

7 0 ?142

,293,07397670691 5

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 suchas the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution.

2 For last available report (July 1950), see BULLETIN for December 1950, p. 1699.3 For last available report (February 1950), see BULLETIN for September 1950, p. 1263.* Gold revalued on Jan. 18, 1950, from .334987 to .233861 grams of fine gold per rupiah.8 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.8 Gold 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 1952, p. 103; January 1951, p. 113

JULY 1952 841




date of month)

State Bank of Pakis tan (millions ofrupees):

Issue department:Gold at home and abroad.. .Sterling securitiesPakistan Govt. securities. . .Govt. of India securitiesIndia currencyRupee coinNotes in circulation

Banking department:Notes of issue department. .Balances abroadBills discountedLoans to GovernmentOther assetsDepositsOther liabilities and capital..

Bank of Paraguay—Monetary dept.(thousands of guaranies):

Gold*Foreign exchange (net)Net claim on Int'l. Fund 2

Paid-in capital—Int'l. BankLoans and discountsGovernment loans and securities.Other assetsNote and coin issueDemand depositsOther liabilities and capital

Central Reserve Bank of Peru(millions of soles):

Gold and foreign exchange 3

Net claim on Int'l. Fund 2

Contribution to Int'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 2

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):Gold *Foreign billsOther bills and loansOther assetsNote circulationDepositsOther liabilities and capital

Bank of Spain (millions of pesetas):GoldSilverGovernment loans and securities.Other loans and discountsOther assets

1952

M a y

1,19595,642

5,261-1,042307,349

63,74823,777

311,103126,29358,534

64421

2212842210

1,267370294

11025

-1269632027712954

555377

15,94819,86827,730

Apr.

81,01666512630066

,182

72

70077992

1,18893,8545,261

-1,044546 236,874

63,73614,147

240,763117,42855,825

748525563864087

665212

215833258

1,230428335

15,811476,89229,50429,364234,730152,866556,115251,180 243131,871

4,42011,644

6431,418587

8,9821,563

526,0302,085

58,23665,80117,32430,01783,80666,31621,256

553377

15,73320,22626,024

Mar.

81,01771512630066

,214

91

1031

76386592

647212

214788,263

1,206383345

14,980471,86429,50441,473239,681148,306568,727

,327133,753

4,44811,748

6461,421579

8,9381,543

526,2072,103

59,77869,75118,15333,60282,67676,31722,292

553378

15,76720,20226,475

1951

M a y

4485265313830043

1,975

53641991

3261 ,025

95

1 ,16582,300-2,377-1,001139,87324,25620,259173,82358.16832,484

699202

207666126

1,159371190

9,787551,54029,50418,645

234,959174,400656,523203,478158,833

3,82310,654

5741,247560

8,256810264

5,2632,264

74,37193,2835,423

25,36677,561103,06217,821

664378

15,75015,12721,898


date of month)

Bank of Spain—Cont.Note circulationDeposits—Government


Bank of Sweden (millions of kronor):GoldForeign assets (net)Net claim on Int'l. Fund *Paid-in capital—Int'l. BankSwedish Govt. securities and ad-

vances to National Debt Office8

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 assetsNote 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 inves tments . . . .Funds irvested in GermanyOther assetsDemand deposits (gold)Short-term deposits:

Central banks—Own account..Other

Long-term deposits: SpecialOther liabilities and capital

M a y

,299,934,706,540

463,346

8811

,729276786

,962,018

96621

5,822

232

,574,649197

429

126,426

27105

,112153593256

,141211

72863238322

471,683 461100

17',082,987

188,25,

282,297,

1,334!

47179

228,909 2270

,371,535

Apr.

35,5332,3122,530

22,538

4721,246

8811

2,690256853

4,021866110618

5,836307236

794,5821,679

197

419

1091,437

2793

1,121153633178

1,1419383

871259186

,42779,19317,998

242,56821,256

224,713297,201

1,877632 336,023

435,75,17628,909

270,132

Mar.

35,5992,4542 ,346

22,976

4721,328

8811

2,439279851

3,919866

84598

5,920246234

764,5911,692

193

419

134-11,464)

27!93l

1,136153657191

(Jan.)*336,354

9,660313

131,632340,244391,143359,356

88,067309,127452,795

1,141-22

90866264

79

438,45391,1613,857

155,46117,864

233,434297,201

1,628305,025

59,26876,357

228,909269,500

1951

M a y

30,711864

3,77218,471

285279

3,778241514

3,407688422580

6,03123019478

4,3981,937

198

419

1491,173

1584

962153568158

444,33810,648

318

147,526276,223322,694364,304103,879317,395416,169

1,141-47117744170296

468,49236,4324,405

114,99135,254265,084297,2019,66698,123

619,98118,874

228,909265,639

* Latest month available.1 As of Mar. 5, 1951, gold revalued from .287595 to .148112 grams of fine gold per guarani.2 This figure represents the amount of the bank's subscription to the Fund less the bank's local cuirency liability to the Fund,

as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution.3 In November 1949, part of the gold and foreign exchange holdings of the bank were revalued.4 On Dec. 31, 1949, gold revalued from 172 to 248 shillings per fine ounce.5 Includes small amount of non-Government bonds.NOTE.—For details relating to individual items iu certain bank statements, see BULLETIN for January 1950. p 120,

Until such time



MONEY RATES IN FOREIGN COUNTRIESDISCOUNT RATES OF CENTRAL BANKS


Dateeffective

Central bank of—

UnitedKing-dom

France Ger- Bel- Neth-er-

landsSwe-den

Switz-er-

land

Centralbank of—

RateMay31

Dateeffective

Centralbank of—

RateMay31

Dateeffective

In effect Dec. 31,1945

Nov. 7, 1946. .Dec. 19Jan. 10, 1947.

Aug. 27Oct. 9June 28, 1948. .Sept. 6Oct. 1May 27, 1949. .July 14Oct. 6June 8, 1950. .Sept. 11Sept. 26Oct. 27Dec. 1Apr. 17, 1951. .July 5Sept. 13Oct. 11Nov. 8Nov. 9Jan. 22, 1952..Mar. 12May 29In effectMay 31

1952

2V2

2H

• 4 "

ArgentinaAustriaBelgiumBolivia

3M6

CanadaChileeColombia. .Costa Rica.

Denmark. . .Ecuador. . . .El Salvador.Finland

5103

FranceGermany. . .GreeceIndiaIrelandItaly

Mar. 1, 1936Dec. 6, 1951Sept. 13, 1951Sept. 30, 1950

Oct. 17, 1950June 13, 1935July 18, 1933Feb. 1, 1950

Nov. 2, 1950May 13, 1948Mar. 22, 1950Dec. 16, 1951

Nov. 9, 1951May 29, 1952July 12, 1948Nov. 15, 1951Mar. 25, 1952Apr. 6, 1950

JapanJavaMexicoNetherlands..

New Zealand.NorwayPakistanPeru

Por tuga l . . . .South Africa.SpainSweden

Switzerland..TurkeyUnited King-

domUSSR

Oct. 1, 1951Apr. 1, 1946June 4, 1942Jan. 22, 1952

July 26, 1941Jan. 9, 1946July 1, 1948Nov. 13, 1947

Jan. 12, 1944Mar. 27, 1952Mar. 18, 1949Dec. 1, 1950

Nov. 26, 1936Feb. 26, 1951

Mar. 12, 1952July 1, 1936

1 Rate established for the Land Central banks.NOTE.—Changes since May 31: Austria—'July 3, from 5 to 6 per cent.

OPEN-MARKET RATES


Month

1942—April1943—April1944—April1945—April1946—April1947—April1948—April1949—April1950—April1951—April

1951—MayJuneJulyAugustS e p t e m b e r . . . .OctoberN o v e m b e r . . . .December

1952—JanuaryFebruaryMarchApril

Canada

Treasurybills

3 months

.54

.50

.39

.37

.37

.41

.41

.49

.51

.76

.76

.75

.77

.79

.88

.93

.92

.89

.89

.91

.94

.98

United Kingdom

Bankers'acceptances3 months

1.031.031.031 03

1

.53

.53

.56

.58

.69

.69

.69

.69

.93L.00LOOLOOL38L50

L50L50'.485.00

Treasurybills

3 months

1.011.011.011.01

.51

.51

.51

.51

.51

.51

.51

.51

.51

.51

.51

.51

.84

.98

.97

.992.012.35

Day-to-day

money

1.001.031.131.00

.63

.63

.63

.63

.63

.63

.636363

.63

.63

.63

.921.00

1.001.001.822 . 2 5

Bankers'allowance

on deposits

.50

.50

.50

.50

.50

.50

.50

.50

.50

.50

.50

.50

.50

.50

.50

.50

.69

.75

.75

.751.572.00

France

Day-to-day

money

L74L66L73L47L251.411.001.121.64:1.60

! .61I 52>.57>.64> 56>.7S5.275.50

5.505.935.955.88

Netherlands

Treasurybills

3 months

.901.591.381.291.441.55

1.501.391.391.381 241 161 171.21

1.181.171.381.40

Day-to-day

money

.501.11

.931.24L25L24

L.071.00

.91LOOLOOLOOLOOLOO

LOOLOOLOOLOO

Sweden

Loansup to

3 months

3-5^3-sy23-5 y2

2y2s2y2~\y22y2-±y22y2-^y2iy2-4.y2

2^-4^3-53-53-53-53-53-53-53-53-5

3-53-53-53-5

Switzer-land

Privatediscount

rate

1.251 ?5

1111

1.251.25L251.25L501.63L50L50

150I 501.501 50L501.50L50L50

L50L .50L50L.50

NOTE.—For monthly figures on money rates in these and other foreign countries through 1941 see Banking and Monetary Statistics. Table 17?,pp. 656-661, and for description of statistics see pp. 571-572 in same publication.

JULY 1952 843


COMMERCIAL BANKS

United Kingdom *

(11 London clearingbanks. Figures inmillions of pounds

sterling)

1946—December.1947—December.1948—December.1949—December.1950—December.

1951 —JuneJulyAugust. . . .September ,OctoberNovember .December .

1952—January..February..March. . . .AprilMay

Assets

Cashreserves

499502502532540

501514515503514517531

521492492501491

Money atcall and

shortnotice

432480485571592

594583573582579562598

605526526512518

Bills dis-counted

610793741

1,1091,408

,172,250,185,276,330901972

965856854883936

Treasurydeposit

receipts 2

1,5601,2881,397793456

290290306216177108102

6615

Securities

1,4271,4831,4781,5121,528

1,5501,5521,5491,5531,5552,0331,965

1,9541 ,9441 ,9351,9341,932

Loans tocustomers

994,219,396,534,660

,895,861,863,888,910,935,950

,928,945,959,967,901

Otherassets

505567621579735

797756755741778787867

824804789821713

Liabilities

Deposits

Total

5,6855,9356,2006,2026,368

6.1676,1746,1336,1356,2046,1896,333

6,2045,8935,8875,9945,903

Demand

3,8233,9624,1594,1614,262

4,0994,0864,0614,0684,1404,1184,290

4,1733,9233,9143,9523,840

Time

1,8621,9722,0412,0412,106

2,0682,0882,0722,0672,0632,0712,042

2,0311,9711,9742,0422,063

Otherliabilities

andcapital

342396420427550

633631612624638654651

659689667623587

Assets Liabilities

Canada

(10 chartered banks.End of month figures

in millions ofCanadian dollars)

Entirely in Canada

Cashreserves

Securityloans

Otherloans anddiscounts

Securityloans

abroadand netdue fromforeignbanks

Securities Otherassets

Notecircula-

tion

Deposits payable in Canadaexcluding interbank deposits

Total Demand Time

Otherliabilities

andcapital

1946—December.1947—December.1948—December.1949—December.1950—December.

1951—MayJuneJulyAugust . . .SeptemberOctober...NovemberDecember .

1952—January . .February.March.. . .April

753731749765824

760781798784788835843907

869809880897

136105101133134

9282849010711196107

1079597140

1,5071,9992,1482,2712,776

066061043073

3,0453,0343,1233,028

2,9552,9182,9492,960

132106144146171

188206209260217182166227

183231202236

4,2323,8744,2684,3454,286

3,8863,8383,8403,8323,8763,8763,8943,876

3,9274,0034,0954,068

,039,159,169,058,304

,379,288,349,339,242,403,423,464

,303,353,390,370

21181614

(

6,2526,4127,0277,2277,828

7,6867,5917,6587,6677,6377,7527,8297,896

7,7057,7617,9797,987

2,7832,6712,9702,7943,270

3,0973,0323,0783,0843,0423,1773,2133,284

3,0663,0763,2313,230

3,4693,7404,0574,4334,558

4,5894,5594,5804,5834,5954,5754,6164,612

4,6394,6854,7484,757

,525,544,537477

,667

,684,664,665,710,639,688,715,714

,637,648,634,685

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

1946—December..1947—December..1948—December..1949—December..1950—December..

1951 —AprilM a y . . . . . .JuneJulyAugust... .September.October. . .November.December. .

1952—January..February.March. . .

18,00722,59045,39740,93748,131

47,53948,80947,85652,13149,45352,01548,99647,98060,215

53,13350,66248,669

18,94019,37835,63342,31152,933

65,44563,44062,30566,66065,57264,41479,33781,46072,559

75,40773,86875,148

195,223219,386354,245426,690527,525

490,676475,054522,657478,256485,824540,986520,457506,061627,648

534,792538,245555,883

65,17086,875126,246129,501135,289

160,293166,984159,958174,625171,380167,362173,530179,933165,696

189,098183,504174,048

17,44527,40934,03029,84331,614

41,23746,16947,81550,03049,58252,13859,09961,65838,114

36,54838,31040,219

291,945341,547552,221627,266749,928

748,810739,071777,219753,628753,627805,610799,918793,078906,911

831,691827,946834,482

290,055338,090545,538619,204731,310

728,559719,405756,997733,546732,964783,881777,973768,657879,767

801,854796,396802,482

1,8903,4576,6838,06218,618

20,25219,66620,22220,08220,66321,72921,94624,42227,145

29,83731,55132,002

15,69425,17530,63826,35528,248

30,67833,35432,54432,93330,61130,95235,38235,37233,774

30,43330,41428,953

7,1458,916

12,69115,66217,316

25,70228,03330,82835,14137,57340,35346,12048,64123,547

26,85426,22730,531

1 This table represents aggregates of figures reported by individual banks. Data are compiled on the third Wednesday of each month, ex ceptin 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 Less than $500,000.NOTE.—For details concerning data in earlier years, see BULLETIN for February 1952, p. 466; and for back figures and figures on German

commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and for description of statistics see pp. 566-571 in samepublication.



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

19461947...19481949 .19501951 . . . .

1951_JUlyAugustSeptemberOctoberNovemberDecember

1952—JanuaryFebruaryMarchAprilMayJune

Year or m o n t h

1946 . . .19471948194919S01951

1951—juiyAugustSeotemberOctoberNovember . .December

1952—JanuaryFebruaryMarchAprilM a yJune

Year or month

19461947 .19481949 .1950 ,1951

1951—juiyAugustSeptemberOctoberNovemberDecember

1952—TanuaryFebruaryMarch . . . .AprilM a yTune . . .

Argentina(peso)

Basic

29.77329.77329 77329.77426.57120 000

20.00020.00020.00020.00020 00020.000

20.00020 00020.00020 00020.00020.000

Ceylon(rupee)

27 83920 85020.849

20 85020 85020 85020 85020.85020.840

20 79920 81820 91621 00320 96120 834

NewZealand(pound)

322.63322 29350.48365 07277.28277.19

277.25277 11277.10277.17277.27276.72

275.39275.36276.91277.96277.29275.71

Prefer-ential

13.33313.333

13.33313.33313.33313.33313.33313.333

13.33313 33313.33313 33313.33313.333

Czecho-slovakia(koruna)

2.00602.00602.00602.00602 0060

8 2.0060

2 00602 00602 0060

*2 0060

Norway(krone)

20.17620 16020.15918 48114.01514.015

14.01514 01514.01514 01514.01514 015

14.01514.01514.01514.01514 01514.015

Free

8.2897.067

7.1597.1036.9526.9746 9376.986

6.9797 1157.1727 1647.1697.183

Den-mark(krone)

20.87620.86420 85719.11714 49414.491

14 48414 49214 49214 49214.49214.492

14 49214 49214.49214 49214 49214.492

Philip-pine

Republic(peso)

49 72349.62149.639

49 64349 64349.64349 64349.64349.643

49.65549.67749 67749.67749 67749.677

Aus-tralia

(pound)

321.34321.00321 22293.80223.15223.07

223.13223.01223.01223.06223.15222.61

221.92222 00223.03224 10223.24221.88

Finland(markka)

4.4354

* .4354.4354.4354

.4354

.4354

.4354

.43544354

.4354

Portu-gal

(escudo)

4.05014 02734.01833.88003.47043.4739

3.48273 47273.46443.45983.46053.4726

3.48743.48633 48883.49063 48983.4801

Belgium(franc)

2.28292,28172 28162.20091.99081.9859

1.98641.98901.98661.98381.98381.9838

1.98381 98381.98381 98381.98381.9838

"Banknotes"

account

2.14071.9722

51.9622

1.97881.9876

1 1.9876

France(franc)

Official

8

Free

4098407

.4929

.4671

SouthAfrica(pound)

400.50400 74400.75366.62278.38278.33

278.38278 38278 38278.38278.38277.79

276.95277.01278.55279.80279 03277.42

.3240

.30172858

.2856

2856.28562856

.2855

.2856

.2856

.2856

.2854

.2856

.285628562856

Swe-den

(krona)

25.85927 82427.82425 48019.33219.327

19.32719 32719.32719 32719.32719.327

19.32719.32719.32719.32719 32719.327

Brazil(cruzeiro)

Official

6.0602

Free

5.44035 44065.44065.44065.4406

5.44065.44065.44065.44065 44065.4406

5.44065 44065.44065 44065.44065.4406

Germany(deutsche

mark)

23 83823.838

23 83823 83823 83823 83823.83823.838

23 83823 83823.83823 838

6 23 838

Switz-erland(franc)

23.36323 36323.36323 31423.13623.060

23.03823 01522.96322 91622 88222.900

22.88022.88122 94723.01323 07823.138

India(rupee)

30.15530.16430 16927.70620 87020.869

20 87020 87020 87020.87020.87020.861

20 81920 83920.94921 03120 98820.870

UnitedKing-dom

(pound)

403.28402 86403.13368 72280.07279.96

280.02279 88279.88279.94280.05279.49

278.15278.12279.67280.79280 07278.46

BritishMalay-

sia i(dollar)

42,97332.78832.849

32.85032.85032.85032.85032 85032.830

32.69132 66232.78332 92132.75232.505

Ireland(pound)

4280.38

4280 38280.38280.38

280 38280 38280.38280 77280 07278.46

Canada(dollar)

Official

95.198100.000100 00097.49190.909

Mexico(peso)

20.58120 57718.86012 62011 57011.564

11 56111 56811 57111 56311.56911.567

11 56211 56111.56411 56911 56611.561

Free

93.28891.99991 69192.88191.47494.939

94.25294.70094.70695.11295.82097.410

99.49099 869

100.375101 891101.615102.086

Neth-erlands(guilder)

37.81337.76037.66834.52826 25226.264

26 28626 28026 27826.26726.27026.287

26.32026 32926.31926 340?6 33726.317

Uruguay(peso)

65.83065 83065.83065 83065.83365.833

65.83365 83365.83365.83365.83365.833

65.83365.83365.83365.83365 83365.833

56.28056.23956.18256 18056.18056.180

56.18056 18056.18056 18056.18056.180

56.18056.18056.18056.18056.18056.180

42 55342,55342.553

42.55342 55342.55342.55342.55342.553

42.55342.55342.55342.55342 55342.553

1 Beginning Aug. 27, 1951, quotations on Straits Settlements dollar were discontinued and quotations on Malayan dollar substituted. Thetwo rates had been identical for a considerable period.

2 Based on quotations through Sept. 19, 1951.8 Based on quotations through Oct. 26, 1951.4 Based on quotations beginning Oct. 29, 1951.• Based on quotations through May 8, 1952.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 1951, p. 1601; October 1950,p. 1419; January 1950, p. 123; October 1949, p. 1291; January 1949, p. 101; July 1947, p. 933; and February 1944, p. 209.

JULY 1952 845


PRICE MOVEMENTS IN PRINCIPAL COUNTRIES

WHOLESALE PRICES—ALL COMMODITIES

[Index numbers]

Year or monthUnitedStates

(1947-49 =100)

Canada(1935-39

= 100)

Mexico(1939 =

100)

UnitedKingdom

(1930 =100)

France(1949 =

100)

Italy(1938 =

100)

Japan(1934-36average

D

Nether-lands

(1948 =100)

Sweden(1935 =

100)

Switzer-land

(Aug. 1939= 100)

19411942194319441945194619471948194919501951.

1951—May. .JuneJulyAugustSeptember.October.. .November.December.

1952—JanuaryFebruaaryMarchAprilMay

57646768697996

10499

103115

116115114114113114114114

113113112112112

116123128131132139163193198211240

242243244242240240239238

237233231227225

110121146179199229242260285311386

394400396388393395403402

402400404407

153159163166169175192119230262320

320321320324325329329330

335329333

P330P328

910121420345289100«08138

141138135134138146151152

153152149147

136153

5,1595 4435.1704 9055,581

5.6775,5955.5575,5265,4385,4515,4625,454

5,4155,3805,320

22224

1648

128209246342

349344340348353359359356

358357P353

100104117143

146145142142142143144145

145145143142

172189196196194186199214216227299

302305305304304306317318

320320322P321P321

171195203207205200208217206203227

231228224222223227226228

227224222221220

P Preliminary.Sources.—See B U L L E T I N for January 1952, p. 108; August 1951, p. 1046; January 1950, p. 124; June 1949, p. 754; June 1948. p. 746; July

1947, p. 934; January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678.

WHOLESALE PRICES—GROUPS OF COMMODITIES

Year or month

19411942 ,1943t944.1945 . . .194619471948194919501951

1951—MayJuneJulyAugustSeptemberOctoberNovember


[Indexes for groups included in

United States(1947-49=100)

Farmproducts

4659696972831001079398113

116114111110110112112111

110108108109108

Processedfoods

n.a.n an.a.n.a.n an.a.9810696100111

112111111111111112111111

110110109108109

Othercommod-

ities

64686970717895103101105116

117116116115115115115115

114114114113113

total index above]

Canada(1935-39=100)

Farmproducts

107127145155165177190230226237265

265273277263261259265267

263251248245244

R a w andpartlymanu-facturedgoods

114123131134136140164196197213238

239244243237236236237236

233228226221220

Fully andchieflymanu-facturedgoods

119124127129130138162192199211242

244244246245244243242240

240236235231228

United Kingdom(1930=100)

Foods

146158160158158158165181197221247

242247252258261263263266

277271'276280P280

Indus-trial

products

156160164170175184207242249

P364

P368P367P361P363P363

P36S

P368

P366P358P355

Netherlands(1948=100)

Foods

100101112122

123123118119121122124129

130133130131

Indus-trial rawproducts

100108128171

176173170172171174177174

176172169166

Indus-trial

finishedproducts

100104116143

147145144143142142142141 '

141141139138

n.a. Not available. P Preliminary. r Revised.Sources.—See BULLETIN for January 1952, p. 108; August 1951, p. 1046; July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March

1931, p. 159.



PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued

Year ormonth

19431944194519461947 .1948194919501951

1951-MayJuneJulyAugustSeptember.October.. .November.December.

1952-January...February..M a r c h . . . .AprilM.ay

RETAIL FOOD PRI[Index numbers'

UnitedStates i

(1935-39= 100)

138136139160194210202205227

227227228227227229231232

232228228230231

Can-ada

(1935-39= 100)

131131133140160196203211241

235240250251251250250249

250248242240235

UnitedKing-dom 2

(Jan.15,1952= 100)

6772768291

9091939394959697

100100101104104

CES

France(1949= 100)

121521365792

100111128

129127127127129132137139

142145144142

P139

Nether-lands(1949= 100)

iooin121

124123127124124125123122

123124124

Switz-er-

land(Aug.

1939 =100)

161164164160170176174176181

179180181182183184184184

183182182182183

Year ormonth

194319441945194619471948194910501951 . . .

1951-MayJuneJulyAugust. . . .September.October. . .November.December.

1952-January...February..M a r c h . . . .April..May

COST OF[Index

UnitedStates i

(1935-39= 100)

124126129140160172170172186

185185186186187187189189

189188188189189

Can-ada

(1935-39= 100)

118119119124136155161167185

182184188189190190191191

192191189189187

LIVINnumbers

UnitedKing-dom 2

(Jan.15,1952= 100)

7782848695

9495959697989898

100100101102102

G

France(1949= 100)

12lt>22355790

100111130

129129130131133136140143

146149148147

Nether-lands(1949= 100)

100109119

122121122121121121120119

120120120120

Switz-er-

land(Aug.

1939 =100)

148151153152158163162159167

166166167168169170171171

171171171170171

P Preliminary. r Revised.1 Adjusted series reflecting allowances for rents of new housing units and, beginning January 1950, interim revision of series and weights.2 These new indexes, which have replaced the former "interim" indexes, are weighted indexes made up of 51 commodity categories, including

19 food groups. Figures from June 1947 through December 1951 are derived from the former "interim" series. A detailed description of thenew index is given in the Ministry of Labour Gazette, March 1952, pp. 113-114.

Sources—See BULLETIN for January 1952, p. 109; August 1951, p. 1047; October 1950, p. 1421; January 1950, p. 125; July 1947, p. 935;May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373.

SECURITY PRICES

[Index numbers except as otherwise specified]

Year or month

Number of issues. . .

1944194519461947194819491950 . .1951 . . .

1951—JuneJulyAugust . . . . . .September.October. . . .November.. .December. . .

1952—JanuaryFebrua ry . . . .MarchAprilMay

Bonds

UnitedStates(high

grade) 1

17

118.7121.6123.4122.1118.3121.0122.0117.7

116.6116.2117.1118.0116.9115.3114.8

115.5116.5115.9116.2116.3

Canada(1935-39

= 100)

103.0105.2117.2118.5105.0107 6109 695.7

95 095 595.395.294 692.889.3

88.287.886.986.788.8

UnitedKingdom(December1921=100)

87

127.5128.3132 1130.8129.9126.5121 2117.6

117 5116 9116 6116.5116.3115.0110.9

110.4110.5107.3108.5108.6

France(1949 =

100)

60

136.8138.3131.5120.0106.4100.099 8

101.4

100 6101 2102.0103 8103.5103.1103.7

103.7104.1104.5105.4

P112.2

Nether-lands

14

109 0105 6107.1106.8106 787.0

87.684.180 378.181 380.378.3

80.081.583.383.984.5

Common stocks

UnitedStates

(1935-39= 100)

416

99.8121.5139.9123.0124.4121.4146.4176.5

171.7172.8181.5187.3185 0177.7182.5

187.1183.2185.2183.6183.7

Canada(1935-39

= 100)

105

83.899.6

115.7106.0112.5109.4131 6168.3

160.7162 0169.7179,8183.3174.0177.3

181.7179.5177.6175.8169.0

UnitedKingdom(1926=100)

278

88.692.496.294.692.087.690.097.1

99.497.696.597 499.097.394.9

95.092.890.591.692.0

France(December1938=100)

295

875L ,1491,2621,1291,0301,259

1,1881,1851,3001,4131.4791,4061,465

,624L.6941,597L ,567

Nether-lands

27

265

195233240219217215

212208207212215207206

204198191185185

P Preliminary.1 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond.NOTE.—For sources and description of statistics, see BULLETIN for September 1951, p. 1219; March 1951, p. 357; June 1948, p. 747; March

1947, p. 349; November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121.

JULY 1952 847


BOARD OF GOVERNORSOF THE FEDERAL RESERVE SYSTEM

WM. MCC. MARTIN, JR., Chairman

M. S. SZYMCZAKR. M. EVANS

J. L. ROBERTSON

JAMES K. VARDAMAN, JR.A. L. MILLS, JR.

ELLIOTT THURSTON, Assistant to the Board WINFIELD W. RIEFLER, Assistant to the ChairmanWOODLIEF THOMAS, Economic Adviser to the Board

OFFICE OF THE SECRETARYS. R. CARPENTER, SecretaryMERRITT SHERMAN, Assistant SecretaryKENNETH A. KEN YON, Assistant Secretary

LEGAL DIVISIONGEORGE B. VEST, General CounselFREDERIC SOLOMON, Assistant General CounselHOWARD H. HACKLEY, Assistant General Counsel

OFFICE OF THE SOLICITORJ. LEONARD TOWNSEND, SolicitorG. HOWLAND CHASE, Assistant Solicitor

DIVISION OF RESEARCH AND STATISTICSRALPH A. YOUNG, DirectorFRANK 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, DirectorLEWIS N. DEMBITZ, Assistant Director

DIVISION OF EXAMINATIONSGEORGE S. SLOAN, DirectorC. C. HOSTRUP, Assistant DirectorFRED A. NELSON, Assistant DirectorARTHUR H. LANG, Chief Federal Reserve ExaminerROBERT C. MASTERS, Assistant Director

DIVISION OF BANK OPERATIONSROBERT F. LEONARD, DirectorJ. E. HORBETT, Assistant DirectorLOWELL MYRICK, Assistant Director

DIVISION OF PERSONNEL ADMINISTRATIONDWIGHT L. ALLEN, DirectorH. FRANKLIN SPRECHER, JR., Assistant Director

DIVISION OF ADMINISTRATIVE SERVICESLISTON P. BETHEA, DirectorJOSEPH E. KELLEHER, Assistant DirectorEDWIN J. JOHNSON, Assistant Director

DIVISION OF SELECTIVE CREDIT REGULATIONGUY E. NOYES, DirectorGARDNER L. BOOTHE, II, Assistant DirectorHENRY BENNER, Assistant Director

FEDERAL OPENMARKET COMMITTEE

WM. MCC. MARTIN, JR., ChairmanALLAN SPROUL, Vice Chairman

MALCOLM BRYAN A. L. MILLS, JR.

C. E. EARHART J. L. ROBERTSON

R. M. EVANS M. S. SZYMCZAK

H U G H LEACH JAMES K. VARDAMAN, JR.

C. S. YOUNG

WINFIELD W. RIEFLER, SecretaryELLIOTT THURSTON, Assistant SecretaryGEORGE B. VEST, General CounselWOODLIEF THOMAS, EconomistGEORGE W. MITCHELL, Associate EconomistEARLE L. RAUBER, Associate EconomistO. P. WHEELER, Associate EconomistCHAS. W. WILLIAMS, Associate EconomistJOHN H. WILLIAMS, Associate EconomistRALPH A. YOUNG, Associate EconomistROBERT G. ROUSE, Manager of System Open

Market Account

FEDERALADVISORY COUNCIL

WALTER S. BUCKLIN, BOSTON DISTRICT

N. BAXTER JACKSON,

GEOFFREY S. SMITH,

GEORGE GUND,

ROBERT V. FLEMING,

Vice President

PAUL M. DAVIS,

EDWARD E. BROWN,

President

V. J. ALEXANDER,

NEW YORK DISTRICT

PHILADELPHIA DISTRICT

CLEVELAND DISTRICT

RICHMOND DISTRICT

ATLANTA DISTRICT

CHICAGO DISTRICT

JOSEPH F. RINGLAND,

DAVID T. BEALS,

DEWITT T. RAY,

JAMES K. LOCHEAD,

ST. LOUIS DISTRICT

MINNEAPOLIS DISTRICT

KANSAS CITY DISTRICT

DALLAS DISTRICT

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 President

Vice Presidents(Vice Presidents in charge of branches are listed in

lower section of this page)

Boston.

New York.

Philadelphia...

Cleveland.

Richmond.

Atlanta.

Chicago.

St. Louis.

Minneapolis. . ,

Kansas City

Dallas.

San Francisco...

Harold D. HodgkinsonAmes Stevens

Robert T. StevensWilliam I. Myers

Warren F. WhittierC. Canby Balderston

George C. BrainardJohn C. Virden

Charles P. McCormickJohn B. Woodward, Jr.

Frank H. NeelyRufus C. Harris

Franklin J. LundingJohn S. Coleman

Russell L. DearmontWm. H. Bryce

Roger B. ShepardPaul E. Miller

Robert B. CaldwellCecil Puckett

J. R. Part enR. B. Anderson

Brayton WilburWilliam R. Wallace, Jr.

J. A. EricksonAlfred C. Neal

Allan SproulWilliam F. Treiber

Alfred H. WilliamsW. J. Davis

Ray M. GidneyWm. H. Fletcher

Hugh LeachJ. S. Walden, Jr.

Malcolm BryanL. M. Clark

C. S. YoungE. C. Harris

Delos C. JohnsO. M. Attebery

O. S. PowellA. W. Mills

H. G. LeedyHenry O. Koppang

R. R. GilbertW. D. Gentry

C. E. EarhartH. N. Mangels

John J. FoR b B

Carl B. PitmanJ J oggRobert B. Harvey 3 O. A. Schlaikjer

R F V A iE. O. Latham

H. A. BilbyH. H. KimballL. W. KnokeWalter S. LoganA. Phelan

Karl R. BoppRobert N. HilkertE. C. HillWm. G. McCreedy

Wilbur T. BlairRoger R. ClouseA. H. Laning 3

N. L. ArmisteadR. W. Mercer 3

C. B. Strathy

R. F. Van Amringe

H. V. RoelseRobert G. RouseV. WillisR. B. WiltseJ. H. Wurts

P. M. PoormanJ. V. Vergari4

Richard G. Wilgus 2

Martin MorrisonPaul C. StetzelbergerDonald S. Thompson

K. Brantley WatsonEdw. A. WayneChas. W. Williams

V. K. Bowman E. C. Rainey2

J. E. Denmark L. B. RaistyHarold T. Patterson Earle L. Rauber

S. P. Schuessler

Allan M. BlackNeil B. DawesW. R. DiercksW. A. HopkinsL. H. Jones 2

L. G. MeyerGeorge W. MitchellA. L. OlsonAlfred T. SihlerW. W. Turner

FrederickL.Deming H. H. WeigelDale M. Lewis J. C. WotawaWm. E. Peterson

H. C. CoreE. B. LarsonH. G. McConnell

P. A. Debus 2

M. W. E. Park

Otis R. PrestonM. H. Strothman, Jr.Sigurd Ueland

John Phillips. Jr.Clarence W. TowD. W. Woolley

E. B. Austin L. G. PondromR. B. Coleman Harry A. ShufordJ. L. Cook 3 Mac C. SmythWatrous H. Irons

E. R. MillardH. F. Slade

Ronald T. Symms ;

O. P. Wheeler

VICEFederal Reserve

Bank of

New YorkCleveland

Richmond

Atlanta

ChicagoSt. Louis

PRESIDENTS IN

Branch

BuffaloCincinnatiPittsburghBaltimoreCharlotteBirminghamJacksonvilleNashvilleNew OrleansDetroitLittle RockLouisvilleMemphis

CHARGE OF BRANCHES OF FEDERAL RESERVE

Vice Presidents

I. B. SmithW. D. FultonJ. W. KossinD. F. HagnerR. L. CherryJohn L. Liles, Jr.T. A. LanfordR. E. Moody, Jr.E. P. ParisH. J. ChalfontC M . StewartC A. SchachtPaul E. Schroeder

Federal ReserveBank of

Minneapolis....

Kansas City.. . .

Dallas

San Francisco...

Branch

Helena

DenverOklahoma CityOmaha

El PasoHoustonSan Antonio

Los AngelesPortlandSalt Lake CitySeattle

BANKS

Vice Presidents

C W. Groth

G. A. GregoryR. L. MathesL. H. Earhart

C M. RowlandW. H. HollowayW. E. Eagle

W. F. VolbergS. A. MacEachronW. L. PartnerJ. M. Leisner

1 Also Federal Reserve Agent.JULY 1952

2 Cashier. Âlso Cashier. * Counsel.849


FEDERAL RESERVE BOARD PUBLICATIONS1

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CHARTS ON BANK CREDIT, MONEY RATES, AND

BUSINESS. 113 charts. April 1952 edition. An-nual subscription to monthly chart book includessupplement; single copies, 60 cents each. Inquantities of 10 or more copies for single ship-ment, 50 cents each. (Domestic rates)

BANKING STUDIES. Comprising 17 papers on bank-ing and monetary subjects by members of theBoard's staff. August 1941; reprinted March1949. 496 pages. Paper cover. $1.00 per copy;in quantities of 10 or more copies for single ship-ment, 75 cents each.

1 A more complete list, including periodical releases andreprints, appeared on pp. 726-29 of the June 1952 BULLETIN.

BANKING AND MONETARY STATISTICS. Statistics of

banking, monetary, and other financial develop-ments. November 1943. 979 pages. $1.50 percopy. No charge for available individual sections(unbound).

RULES OF ORGANIZATION AND RULES OF PROCEDURE—

Board of Governors of the Federal Reserve Sys-tem (with amendments). September 1946. 31pages.

T H E FEDERAL RESERVE ACT, as amended to Novem-

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FUNCTIONS. November 1947; reprinted April1951. 125 pages. 75 cents per cloth-bound copy;in quantities of 10 or more copies for single ship-ment, 50 cents each. Paper-bound copies avail-able without charge.

DISTRIBUTION OF BANK DEPOSITS BY COUNTIES AND

STANDARD METROPOLITAN AREAS, as of Decem-

ber 30, 1950. July 1951. 125 pages.

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.

COMPILATION OF FEDERAL AND STATE LAWS RELAT-

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T H E DEVELOPMENT OF BANK DEBITS AND CLEARINGS

AND THEIR USE IN ECONOMIC ANALYSIS. Janu-

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REGULATIONS OF THE BOARD OF GOVERNORS OF THE

FEDERAL RESERVE SYSTEM. Individual regulations

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FEDERAL RESERVE BOARD PUBLICATIONS

REPRINTS(From Federal Reserve Bulletin unless preceded by an asterisk)

T H E INTERNATIONAL MOVEMENT OF GOLD AND DOL-

LARS IN 1950. March 1951. 10 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.

REVISED INDEXES OF DEPARTMENT STORE SALES AND

STOCKS BY DISTRICTS. 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.

INTERNATIONAL FLOW OF GOLD AND DOLLARS, 1951.

March 1952. 10 pages.

RECENT CHANGES IN GERMANY'S FOREIGN TRADE

BALANCE. March 1952. 7 pages.

BANKING IN THE SOVIET UNION. April 1952. 8

pages.

REVISED WEEKLY INDEX OF DEPARTMENT STORE

SALES. April 1952. 4 pages.

1952 SURVEY OF CONSUMER FINANCES—CONSUMER

PLANS FOR SPENDING AND SAVING. April 1952. 6

pages. PART I. CONSUMER EXPECTATIONS AS TO

ECONOMIC TRENDS AND CONSUMER INVESTMENT

PREFERENCES. July 1952. 17 pages. (Otherarticles on the 1952 Survey will appear in sub-sequent issues of the BULLETIN. Also, similarsurvey for 1946 from June-September 1946BULLETINS, 28 pages; for 1947 from June-Augustand October 1947 BULLETINS, 48 pages; for 1948from June-September and November 1948 BUL-LETINS, 70 pages; for 1949 from June-November1949 and January 1950 BULLETINS, 124 pages; for1950 from April and June-December 1950 BUL-LETINS, 106 pages, which includes T H E METHODSOF THE SURVEY OF CONSUMER FINANCES; for 1951

from June-September and December 1951 BUL-LETINS, 86 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.

FINANCING OF LARGE CORPORATIONS IN 1951. June

1952. 6 pages.

ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS

AND BUSINESSES. July 1952. 2 pages.

BALANCE SHEET OF AGRICULTURE, 1952. July 1952.

14 pages.

JULY 1952 851


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FEDERAL RESERVE SYSTEM

BOUNDARIES OF FEDERAL RESERVE DISTRICTSAND THEIR BRANCH TERRITORIES

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BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES

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<S> FEDERAL RESERVE BANK CITIES

• FEDERAL RESERVE BRANCH CITIES OCTOBER I, 1945

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