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
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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
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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-
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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
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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.
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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
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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
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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
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THE MONETARY AND CREDIT SITUATION
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.
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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
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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
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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.
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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.
2 No cases reported or less than one-half of 1 per cent.
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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
[Percentage distribution of spending units]
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?"
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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
[Percentage distribution of spending units]
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.
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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
[Percentage distribution of spending units]
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
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TABLE 9
INVESTMENT PREFERENCES WITHIN INCOME AND OCCUPATIONAL GROUPS
[Percentage distribution of spending units]
Preferred investment l
Assets of fixed money value
Savings accountsSavings bondsAccounts or bonds
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
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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
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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$5,000 and over, and appeared to increase amonglower income groups (see Table II).6
Maturing savings bonds. To throw further lighton consumer attitudes toward savings bonds, thesurvey obtained some information from consumersat all income levels concerning their plans for sav-ings bonds maturing in 1952 and 1953.
Although the survey obtained reports represent-ing approximately 70 per cent of all savings bondsestimated to be owned by consumers, maturing
6 A more complete discussion of the survey findings onownership of liquid assets will be presented in the thirdarticle of this series.
TABLE 11
T Y P E AND SIZE OF LIQUID ASSET HOLDINGS WITHIN INCOME GROUPS *
[Percentage distribution of spending units]
Type and size ofholding
All types:2
Zero$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
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1952 SURVEY OF CONSUMER FINANCES
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
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1952 SURVEY OF CONSUMER FINANCES
TABLE 13
INVESTMENT PREFERENCES IN RELATION TO INCOME AND MAJOR ASSETS
[Percentage distribution of spending units]
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
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1952 SURVEY OF CONSUMER FINANCES
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
For percentages around 10 per cent and90 per cent
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
For percentages around 5 per cent and95 per cent
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.
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1952 SURVEY OF CONSUMER FINANCES
TABLE 14
CHANGE IN FINANCIAL SITUATION WITHIN INCOME GROUPS
[Percentage distribution of spending units]
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
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1952 SURVEY OF CONSUMER FINANCES
TABLE 17
ATTITUDE TOWARD ALTERNATIVE INVESTMENTS WITHIN INCOME GROUPS
[Percentage distribution of spending units]
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
1951 money income before taxes
$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?"
2 No cases reported or less than one-half of 1 per cent.
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
1951 money income before taxes
$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.. . .
1951 money income before taxes
$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.
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1952 SURVEY OF CONSUMER FINANCES
TABLE 19
CHANGE IN LIQUID ASSET HOLDINGS OF SPENDING UNITS WITHIN INCOME GROUPS
[Percentage distribution of spending units]
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
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1952 SURVEY OF CONSUMER FINANCES
TABLE 21
INVESTMENT PREFERENCES WITHIN M A J O R ASSET GROUPS
[Percentage distribution of spending units]
Preferred investment1
Assets of fixed money value
Savings accountsSavings bondsAccounts or bonds
Assets of fluctuating money value
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
Assets of fluctuating money value
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.
754 FEDERAL RESERVE BULLETIN
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1952 SURVEY OF CONSUMER FINANCES
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
Assets of fluctuating money value
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
Professional and semipro-f essional
Self-employedManagerialClerical and salesSkilled and semiskilledUnskilled and service
Income $5,000 and over:All occupations 3
Professional and semipro-f essional
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
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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
U. S. Gov't. securities
Unincorporated business, totalCurrency and deposits l
U. S. Gov't. securities
Personal trust funds, total.Currency and deposits *U. S. Gov't. securities..
Other personal, totalCurrency and deposits x
U. S. Gov't. securities
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.
756 FEDERAL RESERVE BULLETIN
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ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES
[In billions of dollars]
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
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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
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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.
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THE BALANCE SHEET OF AGRICULTURE, 1952
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-
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THE BALANCE SHEET OF AGRICULTURE, 1952
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
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THE BALANCE SHEET OF AGRICULTURE, 1952
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.
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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.
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THE BALANCE SHEET OF AGRICULTURE, 1952
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.
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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.
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THE BALANCE SHEET OF AGRICULTURE, 1952
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-
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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
[In millions of dollars]
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.
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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-
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THE BALANCE SHEET OF AGRICULTURE, 1952
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
[In billions of dollars]
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.
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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.
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THE BALANCE SHEET OF AGRICULTURE, 1952
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.
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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-
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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:
PUBLIC LAW 543—82D CONGRESS
[CHAPTER 753—2D SESSION]
[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
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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:
PUBLIC LAW 305—82D CONGRESS
[CHAPTER 169—2D SESSION]
[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.
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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.
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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.
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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.
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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.
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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
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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
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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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued[In millions of dollars]
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 RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
In effectbeginning—
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
In effectbeginning—
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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)
$8,550 plus 55 per centof excess over $10,000
(86-75)
$11,300 plus 45 per centof excess over $15,000
(75-67)
$14,000 plus 25 per centof excess over $21,000
(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
$6,300 plus 55 per centof excess over $7,000
(90-80)
$7,950 plus 54 per centof excess over $10,000
(80-71)
$10,650 plus 50 per centof excess over $15,000
(71-66)
$13,150 plus 37 per centof excess over $20,000
(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.
784 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STATEMENT OF CONDITION OF FEDERAL RESERVE BANKS[In thousands of dollars]
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
786 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Central reservecity banks
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MEMBER BANK RESERVES AND BORROWINGS
[Averages of daily figures. In millions of dollars]
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
Central reservecity banks
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
[In millions of dollars]
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.
788 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
790 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ALL BANKS IN THE UNITED STATES, BY CLASSES *PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS
[Figures partly estimated except on call dates. Amounts in millions of dollars]
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued
[Figures partly estimated except on call dates. Amounts in millions of dollars]
Class of bankand date
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
Loans and investments
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.
792 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ALL BANKS IN THE UNITED STATES, BY CLASSES *—ContinuedPRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued
[Amounts in millions of dollars]
Class of bankand date
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:
1941—Dec. 311945—Dec. 311948—Dec. 31 21949—Dec. 311950—Dec. 301951—June 30
Dec. 31
Insured mutual savingsbanks:
1941—Dec. 311945—Dec. 311948—Dec. 311949—Dec. 311950—Dec. 301951—June 30
Dec. 31
Noninsured mutualsavings banks:
1941—Dec. 311945—Dec. 311948—Dec. 31 21949—Dec. 311950—Dec. 301951—June 30
Dec. 31
Loans and investments
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *LOANS AND INVESTMENTS
[In millions of dollars]
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.
794 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—ContinuedRESERVES AND LIABILITIES
[In millions of dollars]
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
796 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE— Continued
RESERVES AND LIABILITIES
[Monthly data are averages of Wednesday figures. In millions of dollars]
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF A SAMPLE OF WEEKLY REPORTING MEMBER 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 *
[In millions of dollars]
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.
798 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
End of month
1951—AprilMayJuneJulyAugustSeptemberOctoberNovemberDecember
1952—JanuaryFebruaryMarchAprilMay
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...
1945—JuneDecember...
1946—JuneDecember...
1947—JuneDecember...
1948—JuneDecember...
1949—JuneDecember...
1950—JuneDecember...
1951—JuneJulyAugust .SeptemberOctoberNovemberDecember...
1952—JanuaryFebruaryM^archAprilMay
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
[Per cent per annum]
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
[Per cent per annum]
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.
800 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NEW CORPORATE SECURITY ISSUES *
PROPOSED USES OF PROCEEDS, ALL ISSUERS
[In millions of dollars]
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 *
[In millions of dollars]
Year ormonth
19381939194019411942194319441945194619471948194919501951
1951—MayJuneJulyAugustSeptemberOctoberNovemberDecember
1952—JanuaryFebruaryMarchAprilMay
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.
802 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Year or quarter
Annual1939194019411942194319441945194619471948194919501951
1950—1234
1951—1234
1952—1.
Quarterly
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
MANUFACTURING CORPORATIONS
[In millions of dollars]
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SALES, PROFITS, AND DIVIDENDS OF LARGE MANUFACTURING CORPORATIONS, BY INDUSTRY
[In millions of dollars]
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)
[In billions of dollars]
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.
804 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES[On basis of daily statements of United States Treasury. In millions of dollars]
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Insur-ancecom-panies
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.
806 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Fiscal year:195019511952
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
Fiscal year:195019511952
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
808 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
810 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued(Adjusted for Seasonal Variation)
[Federal Reserve index 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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDUSTRIAL PRODUCTION, BY INDUSTRIES(Without Seasonal Adjustment)
[Federal Reserve index numbers, 1935-39 average =100]
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
812 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued(Without Seasonal Adjustment)
[Federal Reserve index numbers, 1935-39 average
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OUTPUT OF MAJOR CONSUMER DURABLE GOODS(Adjusted for Seasonal Variation)
[Federal Reserve index numbers, 1947-49 average =100]
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.
814 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES—Continued
[Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons]
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION[Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons]
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.
816 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
[In millions of dollars]
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
[In millions of dollars]
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
Insur-ancecom-panies
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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]
v^iass
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:
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DEPARTMENT STORE STATISTICS[Based on retail value figures]
SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS[Index numbers, 1947-49 average = 100]
Year or month
SALES»194619471948194919501951
SEASONALLY ADJUSTED
1951—MavJuneJuly
SeptemberOctoberNovemberDecember
1952—JanuaryFebruaryMarchAprilIVIay
UNADJUSTED
1951—MayJuneJulyAugustSeptemberOctoberNovemberDecember
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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 »
[In millions of dollars]
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
822 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME[Estimates of the Department of Commerce. In billions of dollars]
RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME. PERSONAL INCOME, AND SAVING
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.
824 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued[Estimates of the Department of Commerce. In billions of dollars]
GROSS NATIONAL PRODUCT OR EXPENDITURE
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CONSUMER CREDIT STATISTICSTOTAL CONSUMER CREDIT, BY MAJOR PARTS[Estimated amounts outstanding. In millions of dollars]
End of yearor month
193919401941 . .1942194319441945194619471948194919501951. . .
1951—AprilMayJuneJulyAugustSeptemberOctoberNovemberDecember
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.
826 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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..
1951—AprilMayJuneJulyAugustSeptemberOctoberNovemberDecember
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.
828 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTERNATIONAL FINANCIAL STATISTICS
PAGE
International capital transactions of the United States 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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
830 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—ContinuedTABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES—Continued
[Amounts outstanding, in millions of dollars]
Table 2a.—Other Europe
Date
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
[Amounts outstanding, in millions of dollars]
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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)
[In millions of dollars]
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
834 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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)
[In millions of dollars]
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
[In millions of dollars]
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS[In millions of dollars]
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.
836 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES
[Negative figures indicate net sales by the United States]
(In millions of dollars at $35 per fine troy ounce)
Year or quarter
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
[In millions of dollars]
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CENTRAL BANKS—Continued
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
Central Bank(Figures as of last report
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
OtherOther liabilities and capital
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
OtherOther liabilities and capital
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.
840 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CENTRAL BANKS—Continued
Central Bank(Figures as of last report
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
OtherOther liabilities and capital
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
Central Bank(Figures as of last report
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
OtherOther liabilities and capital
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CENTRAL BANKS—Continued
Central Bank(Figures as of last report
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
Central Bank(Figures as of last report
date of month)
Bank of Spain—Cont.Note circulationDeposits—Government
OtherOther liabilities and capital
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..
OtherOther liabilities and capital
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
OtherOther liabilities and capital
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
OtherOther liabilities and capital
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
842 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MONEY RATES IN FOREIGN COUNTRIESDISCOUNT RATES OF CENTRAL BANKS
[Per cent per annum]
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
[Per cent per annum]
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
844 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FOREIGN EXCHANGE RATES[Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency]
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
Year or 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
1952—JanuaryFebruaryMarchAprilMay
[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.
846 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
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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
848 FEDERAL RESERVE BULLETIN
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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. ^Also Cashier. * Counsel.849
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FEDERAL RESERVE BOARD PUBLICATIONS1
The material listed below may be obtained fromthe Division of Administrative Services, Board ofGovernors of the Federal Reserve System, Wash-ington 25, D. C. Remittance should be madepayable to the order of the Board of Governorsof the Federal Reserve System.
FEDERAL RESERVE BULLETIN. Issued monthly. Sub-scription price in the United States and its pos-sessions, Bolivia, Canada, Chile, Colombia, CostaRica, Cuba, Dominican Republic, Ecuador,Guatemala, Haiti, Republic of Honduras, Mexico,Nicaragua, Panama, Paraguay, Peru, El Salvador,Uruguay, and Venezuela is $2.00 per annum or20 cents per copy; elsewhere $2.60 per annum or25 cents per copy. Group subscriptions in theUnited States for 10 or more copies to one ad-dress, 15 cents per copy per month, or $1.50 for12 months.
FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY
RATES, AND BUSINESS. Issued monthly. $6.00per annum including historical supplementlisted below, or 60 cents per copy. In quantitiesof 10 or more copies of a particular issue forsingle shipment, 50 cents each. (Domestic rates)
HISTORICAL SUPPLEMENT TO FEDERAL RESERVE
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-
ber 1, 1946, with an Appendix containing pro-visions of certain other statutes affecting theFederal Reserve System. 372 pages. 50 cents perpaper-bound copy; $1.00 per cloth-bound copy.
T H E FEDERAL RESERVE SYSTEM—ITS PURPOSES AND
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-
ING TO BRANCH BANKING IN THE UNITED STATES.
(July 1, 1951.) December 1951. 33 pages.
T H E DEVELOPMENT OF BANK DEBITS AND CLEARINGS
AND THEIR USE IN ECONOMIC ANALYSIS. Janu-
ary 1952. 175 pages. 25 cents per copy; inquantities of 10 or more copies for single ship-ment, 15 cents each.
REGULATIONS OF THE BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM. Individual regulations
with amendments.
850 FEDERAL RESERVE BULLETIN
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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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oo
FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTSAND THEIR BRANCH TERRITORIES
IIr15wW
; T = = BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
^ BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
<S> FEDERAL RESERVE BANK CITIES
• FEDERAL RESERVE BRANCH CITIES OCTOBER I, 1945
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Recommended