Federal Reserve Bulletin, 1951-01

F E D E R AL E S E R VE BULLETIN JANUARY 1951 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EDITORIAL COMMITTEE ELLIOTT THURSTON WOODLIEF THOMAS WINFIELD W. RIEFLER RALPH A. YOUNG SUSAN S. BURR The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for interpretations and opinions expressed, except in official statements and signed articles. CONTENTS PAGE The Supply and Price Situation. . 1-12 Changes in Federal Reserve Credit Regulations. . 13-15 Law Department . 16-33 Current Events and Announcements. . 34-38 National Summary of Business Conditions. . , 39-40 Financial, Industrial, Commercial Statistics, U. S. (See p. 41 for list of tables) . . 41-99 International Financial Statistics (See p. 101 for list of tables) . . 101-119 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council . ... . . 120 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. . 121 Federal Reserve Publications. . 122-123 Map of Federal Reserve Districts. . 124 Subscription Price of Bulletin A copy of the Federal Reserve BULLETIN is sent to each member bank without charge. The subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Newfoundland (including Labrador), Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $2.00 per annum or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 15 cents per copy per month, or $1.50 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL BULLETIN VOLUME 37 January 1951 NUMBER 1 THE SUPPLY AND PRICE SITUATION The economic situation at the beginning of pects of shortages have stimulated domestic 1951 was dominated by prospects of a large and foreign demands. further expansion in rearmament expendi- The general level of wholesale commodity tures and of world-wide shifts in uses of prices in this country has risen since last resources. These prospects maintained de- March by 17 per cent and average prices of mands in excess of supplies, although over-all consumer goods and services by about 8 per cent. Wage rates have been raised from production was at a new record. As in some 5 to 10 per cent in numerous industries. other major sectors of the economy, output Increases in charges for business services in manufacturing and mining—industrial have been spreading. Urban property values production shown in the chart—has leveled have been rising, despite the more restricoff in recent months and so has total nonagricultural employment. Current capacity SELECTED BUSINESS INDEXES levels were reached in basic industries, and 1947-49= 100 PER CENT 120 shifts in resources to facilitate expanded defense production in the future were beginning to curtail activity in some other industries. An important feature of the shift taking place was the rapid increase in output of capital equipment. This accelerated expansion of productive capacity together with other factors will permit activity in industry, as well as in other major sectors of the economy, to increase further this year. Business inventories expanded steadily during 1950 except in midsummer when consumer buying reached a peak, as is also CONSUMERS PRICES WHOLESALE PRICES shown in the chart. Since the early part of December consumer buying has increased 1948 1948 (950 again and demand for producers equipment NOTE.—Seasonally adjusted series except for prices and commercial loans. Inventory and loan data for end of month pehas been sustained at high levels. Increas- riods. Loans include commercial, industrial, and agricultural loans, open-market paper, and acceptances reported by member ingly in recent months the expansion in banks in leading cities. Department of Commerce inventory, income, and sales series and Bureau of Labor Statistics price inventory values has reflected a widening and employment series converted to 1947-49 base by Federal Reserve; employment series seasonally adjusted by Federal advance in prices as rising incomes and pros- Reserve. December 1950 data estimated for all series except loans. JANUARY 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE SUPPLY AND PRICE SITUATION tive terms on credit available for home mort- vent a heightening of inflationary pressures gages. Farm land values rose 4 per cent throughout the economy. during the period July-October, when land markets are usually not so active as during GENERAL CHANGES IN SUPPLIES other seasons. In mid-January, when the The strength of demands at the outset of Federal Reserve raised margin requirements 1951 was indicated by the continuing rise for purchasing or carrying securities, prices in prices, even though the physical volume of common stocks were 33 per cent above of output in major nonagricultural sectors the 1947-49 average. of the economy was 15 to 20 per cent larger In an effort to combat continuing inflation- than a year earlier. The physical volume of ary pressures, the Federal Government re- imports showed a somewhat larger expancently announced additional measures. A sion, as about half of the 50 per cent increase national emergency was declared, a price in value of imports reflected a rise in prices. ceiling was placed on new passenger auto- Export demands increased, but the quantity mobiles, business generally was requested of shipments was about the same as a year to hold prices to December 1 levels, large earlier. On the other hand, new supplies of further increases in taxation were proposed, some materials available for current domestic and bank reserve requirements were raised. use did not increase as much as output and The increase in reserve requirements was imports because of an expansion in strategic one of a series of restrictive monetary meas- stockpiling. Over-all, however, rearmament ures adopted by the Federal Reserve begin- efforts at the outset of 1951 were still absorbning in the early part of 1950 to curb exces- ing only a small portion of total output. sive credit expansion. These measures were Thus, the vast outpouring of goods during taken during a period when bank credit was 1950 had permitted consumers to stock up expanding rapidly—at the beginning of 1951 as never before on durable and nondurable total bank loans and investments, exclusive of goods and to buy a record number of new United States Government securities, were houses. Total business stocks of goods were nearly 12 billion dollars larger than a year also at record levels at the beginning of 1951 earlier. Bank credit has been used to finance and productive capacity had been expanded the heavy buying of materials by dealers and further. processors and of durable goods and houses The sharp rise in manufacturing in 1950, by consumers. shown in the chart, occurred after output With the experience of the last war and its had recovered from the moderate recession aftermath so recent, prospects of another re- of 1949 to the average level of the postwar armament program created large demands period—a level nearly double the 1935-39 for goods of all sorts. Moreover, businesses average. Further increases in manufacturand consumers were in a favorable financial ing, where virtually all defense equipment position to buy these goods. Sharp price is produced, will depend on the extent of rises so far have been confined to materials, changes possible in the following factors: but as incomes generated by defense activities expansion of industrial capacity mainly for expand further and current large output of the production of such materials as steel, goods for civilian purchase is reduced, fur- aluminum, and many industrial chemicals; ther restrictive actions will be needed to pre- provision for additional transportation and FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE SUPPLY AND PRICE SITUATION utility services; further drawing on stocks dustries they constitute a major labor reserve of materials and further expansion in imports for essential defense efforts. of materials; more efficient use of these and Output of mineral fuels and metallic ores other resources, including greater exploita- showed a substantial expansion during 1950 tion of waste and scrap supplies; diversion of from the reduced levels at the end of 1949, materials from other, less essential industries, but additional increases are limited by equipsuch as residential construction; and man- ment supplies—mining, refining, and transpower shifts to manufacturing—and within portation—and accessible mineral resources. manufacturing to munitions industries—for The volume of freight traffic, which is closely output of the more intricate military products related to manufacturing and mining output, which require less materials per unit of labor. also showed a substantial rise during 1950, As a result of such changes during World and output of electricity and gas increased War II, manufacturing production at the 15 per cent. Construction activity, which intime of peak munitions output in late 1943 creased considerably in the second half of was at a level about one-fifth greater than at 1949, expanded further in 1950. During the present and present productive resources are latter part of the year residential construction considerably greater. Activity in the trade, was declining from the record summer levels, finance, and service industries is now at rec- while industrial and most other types of nonord levels, and since about one-fourth of the residential construction activity continued to nation's labor force is employed in these inrise. OUTPUT IN MAJOR SECTORS In agriculture the volume of livestock production showed some further expansion, but crop production decreased, reflecting mainly a 40 per cent smaller cotton crop than in 1949. Stocks of cotton and most other crops, following increases during the preceding two seasons, are being drawn down during the current season. Increased pressure on manpower resources was evident at the outset of 1951. About 2 million more persons were employed than a year earlier and unemployment was at a low level. Close to 2.5 million persons were in the armed forces. The civilian labor force was continuing to rise and was larger by 9 million persons, or 16 per cent, than in De- NOTE.—Monthly and quarterly series seasonally adjusted and cember 1943. Even if the armed forces are December 1950 figures estimated by Federal Reserve. Construction, based on joint estimates by Departments of Com- expanded by another million in 1951, emmerce and Labor of value of work put in place, in 1939 prices. Utilities, special Federal Reserve index based on monthly data ployment in most nonagricultural estabfor utility sales of electric power and manufactured, mixed, and natural gas, reported by Federal Power Commission and lishments is likely to remain close to record American Gas Association. Freight traffic, based on quarterly figures for freight transported by Class I motor carriers, re- levels. Employment in manufacturing is ported by Interstate Commerce Commission and American Trucking Associations, combined with the Federal Reserve index still about one-tenth below the December of rail freight carloadings. Crops and livestock, based on annual indexes of gross farm production, compiled by Department of Agriculture. 1943 level, with hours of work for factory JANUARY 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE SUPPLY AND PRICE SITUATION employees at 41.6 per week in December metals and building materials increased 1950, compared with about 40 a year earlier substantially in early 1950 to near capacity and 45 in December 1943. levels, and stocks of some of these materials began to accumulate in consuming industries. EXPANSION IN DURABLE GOODS Subsequently these stocks were reduced and production of materials showed limited fur- Output of manufactured durable goods inther increases, reflecting some expansion in creased about one-sixth after the second quarcapacity as well as fuller utilization of old ter of 1950 and by early January was onecapacity. third greater than a year earlier. Output Output of basic metals rose only about 3 of producers equipment and munitions has per cent on the average during the second continued to expand, but production of mahalf of 1950. The increase for steel reflected terials has leveled off since October and outto a large extent expansion of capacity, which put of consumer durable goods has declined at the beginning of 1951 was rated at 104.2 moderately. Production of materials has million tons as compared with 99.4 a year expanded considerably less since the second earlier. In mid-January output of steel inquarter of 1950 than output of finished goods, gots was at a rate 7 per cent higher than in as shown in the table by percentage increases 1950 and 16 per cent above the earlier record to December. output in 1944. Capacity is continuing to in- Metals and building materials. Output of crease at a rate of about 5 per cent in 1951, CHANGES IN OUTPUT OF DURABLE GOODS and iron ore mining and transportation facili- Percentage increase to ties are being expanded correspondingly. December 1950 from: Primary aluminum production has also Product or industry qu 2 a n r d ter December 1947-49 been at capacity levels since the second quar- 1950 1949 ter of last year. Over the next two years re- Total durable manufacturi 17 32 activation of facilities idled in 1945 and con- Materials struction of new plants are expected to ex- Pig iron 13 19 pand present operating capacity by at least Open hearth steel 7 19 Electric furnace steel.... 46 58 two-thirds. Output of refined copper, lead, Copper 14 13 Zinc 14 11 and zinc has increased since the second quar- Aluminum 57 27 ter, reflecting mainly expansion in domestic Cement 4 14 Lumber 1 20 mine production. Domestic output of non- Clay products 16 6 ferrous metals has been supplemented over Finished products this period by increased imports. Moreover, Trucks 13 100 30 Shipbuilding 16 11 -34 Metal fabricating 24 39 19 the use of scrap has probably expanded. Railroad equipment 20 12 -18 Large strategic stockpiling requirements con- Producers machinery. . . . 24 44 27 Aircraft 50 47 61 tinued to limit commercial supplies of cop- Passenger automobiles. . . -7 81 54 per and zinc during the second half of 1950. Household furniture 14 19 28 Appliances, radios, and television 15 39 81 Industrial consumption of metals, which was at a peacetime high in the second quar- NOTE.—Based on Federal Reserve indexes, December 1950 estimated. Indexes for clay products and for all finished products, ter of 1950, increased considerably further in except trucks, passenger automobiles, and appliances and radios, are based on industry man-hour data adjusted for estimated the second half of the year. With defense changes in output per man-hour. All indexes are without adjustment for seasonal variation except those for cement, clay prod- requirements growing during this period and ucts, and lumber. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE SUPPLY AND PRICE SITUATION prospects of a large expansion in these re- actions have been taken to encourage and quirements in 1951, a series of Federal orders expedite many phases of capital expansion have been issued which curtail civilian use of owing to their importance to the defense metals beginning in the first quarter of 1951. effort. Nondefense use of nickel has been ordered Output of all types of producers equipto be cut 35 per cent below average consump- ment has increased considerably since the tion in the first half of 1950; aluminum, 20 to second quarter of 1950. Output of machine 35 per cent; zinc and tin, 20 per cent; and tools, orders for which showed an especially copper, 15 to 20 per cent. In addition an marked rise immediately after the outbreak increasing portion of steel output is being of hostilities, and of most other types of scheduled for defense purposes. machinery and electrical equipment has ad- Production of building materials generally vanced rapidly. Deliveries of freight cars, which averaged about 2,300 cars per month expanded further during the third quarter in the second quarter, rose to 5,700 cars at of 1950, in response to exceptionally strong the year-end and are scheduled to reach demands from the construction industry. 10,000 per month during the first half of Output of lumber and clay products showed 1951. Production of trucks was considerably greater than seasonal increases. Demand curtailed last autumn by labor disputes and for building materials slackened during model changeovers, but at the year-end was the autumn, owing in part to inconclusive at a record rate. views regarding the early impact of Federal restrictions placed on residential mortgage Rising output of munitions has contributed credit. Lumber prices, which had risen somewhat to the increase in total durable considerably beginning in the second quar- goods output. Activity in the aircraft and ter, decreased for a time but recently have shipbuilding industries has shown substantial advanced again. Production of most build- increases since June 1950, mainly because of ing materials, including such equipment as expanded production for military use. Outheating apparatus and plumbing supplies, put of communication and electronic equiphas been maintained at high levels since the ment in the machinery industry has also increased considerably. In general, however, third quarter. these gains have represented a very small part Producers equipment and munitions. The of the total increase in munitions required to acute shortages which developed in the achieve presently scheduled defense goals. last half of 1950 for such key materials as steel and nonferrous metals high-lighted the CONSUMER DURABLE GOODS need for accelerating expansion of productive facilities and, as indicated above, important Considering the strategic importance of expansion programs have been initiated. Full the materials, plant, and manpower used in utilization of this new materials-producing the production of passenger cars and housecapacity, moreover, as well as expanded out- hold durable goods, the greatly enlarged deput in other manufacturing areas, will re- fense program is expected to require marked quire substantial additions to mining, trans- curtailment in output of these goods for civilportation, and electric power facilities, and ians. Partly in anticipation of this developlarge capital expansion programs are be- ment, production of consumer durable goods ing undertaken in these industries. Federal reached levels in the second half of 1950 that JANUARY 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE SUPPLY AND PRICE SITUATION were considerably higher than those of any NEW PASSENGER CARS other period and were limited only by the DAILY AVERAGES AT ANNUAL RATES OUTPUT REGISTRATIONS supply of materials. Producers greatly increased their demands for component parts 1950 and materials and distributors' orders were at 1950 /^^^ \ advanced levels, contributing to further rises in prices of materials and in manufacturers' / \ prices of finished goods. Wt 1949 \ ///v-V \ At the retail level, however, there was some moderation in demand in the autumn of 1950. Consumer buying receded from sum- / J V 1949 \^_ / mer peaks and was also limited by Federal / 1948/ / / Reserve regulation of terms for instalment purchases and by the increase in personal income taxes. Beginning in December, following the turn of events in Korea, civilian demand has increased again, especially for automobiles and other durable goods. , , 1 , , , . 1 , . , , 1 ,, 1, , 1 ,, Passenger cars. Assembly of passenger cars J F M A M J J A S O ND J F M A M J J A S O ND NOTE.—Figures derived by Federal Reserve from following was reduced considerably in mid-November, sources: Output—factory sales for domestic market reported by Automobile Manufacturers Association; registrations—R. L. owing to model changeovers, but recovered Polk and Company. Registrations provide only a rough indication of dealers' sales owing to the lag in reported regisin December to about the average rate in trations which was especially pronounced in the third quarter of 1950. November 1950 data for registrations based on re- 1950, which was 30 per cent greater than the ports for 41 States. December 1950 figures for both series partly estimated by Federal Reserve. previous record volume in 1949. Purchases model used cars, however, had declined less of cars in 1950, as indicated in the chart from June to the end of November than showing registrations, were also substantially during corresponding periods of other reabove year-ago levels, except for a time durcent years and since that time have turned ing the autumn when credit terms were upward. Most of the smaller producers, who tightened and seasonal influences dampened had introduced their new models during the buying. While dealers' stocks of cars rose autumn, priced them above their 1950 modsharply in October, the increase was from els. In mid-December the three major provery low levels. During November and ducers advanced prices about 6 per cent on December, stocks showed little change and new models, and shortly thereafter Governat the year-end were probably at about the ment controls were imposed to restore the same level as a year earlier, when stocks were factory price levels prevailing on December 1. low by prewar standards. While dealers' inventories of new cars The marked increase in purchases of cars in remained low during 1950, consumers' hold- December reflected in part revived concern ings showed a further marked expansion. over prospects of forced curtailment of out- At the year-end, the number of passenger put. Previously, the decline in demand for cars in use totaled about 40 million, comcars from the extraordinary peaks reached in pared with 36 million a year earlier and the summer had resulted in the restoration approximately 26 million at the end of World of more normal markets. Prices of late- War II and in 1939. By the end of 1950 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE SUPPLY AND PRICE SITUATION the postwar output for the domestic market HOUSEHOLD DURABLE GOODS totaled 20.4 million cars. Thus about half 2 PE 0 R 0 CENT AT DEPARTMENT STORES, I947-49-I00 of the cars in use were five or less years old and half were nine or more years old. Major household durables. While output of radios, television, major appliances, carpets, and furniture was maintained at record levels during the fourth quarter of 1950, a marked further decrease in retail sales during October and November from earlier peaks resulted in a substantial rebuilding of inventories. These increased supplies will continue for a time to moderate advances in prices. Production of these household durables was already exceeding earlier record levels 1947 1948 1949 1950 NOTE.—Federal Reserve seasonally adjusted indexes for the during the first half of 1950—the base period following departments: furniture and bedding, domestic floor coverings, major appliances, and radios, phonographs, and for current cuts in metals use. After June television sets. December 1950 figures are estimated. there were further increases in output until tion of other relatively new types of ap- October. For the fourth quarter as a whole, pliances, such as freezers, driers, and food output of major items was one-fifth above waste disposers, not included in the table, the first half of 1950 and two-fifths above the also increased much more rapidly than the fourth quarter of 1949, as shown in the table. average. Refrigerator output declined in the Television set production, which was high last quarter as compared with the first half even before the Korean outbreak, was nearly of 1950, largely as a result of model changedouble the volume of a year ago. Producovers and steel shortages. The value of manufacturers' shipments of OUTPUT OF MAJOR HOUSEHOLD DURABLE GOODS household durable goods showed more 4th Percentage increase to marked increases than physical output in the quarter 4th quarter 1950 from: 1950 Product (Annual second half of 1950, reflecting advances in rates in First 4th 1947mill, of half quarter 1949 prices—generally much less than the oneunits) 1950 1949 average fourth reported for carpets. At department Radios . . . 17.3 24 25 5 stores, value of sales of household durables Television sets 9.8 58 85 600 C E o le o c k t i r n ic g r s e t f o r v ig e e s rators 5 6 . . 2 2 -6 4 4 3 7 0 4 1 4 6 fell to year-ago levels in November, as shown Washing machines 4.8 20 37 30 Vacuum cleaners 3.4 0 6 0 in the chart. Sales showed a much more than Ironers .5 67 25 0 Furniture 16 23 28 seasonal rise in December, evidently influ- Carpets and rugs (sq.yds.) 93.2 7 24 20 enced by the unfavorable turn of interna- Average: Including television 20 39 61 tional events. Stocks of these goods, however, Excluding television. 10 28 25 probably continued to increase to new rec- NOTE.—Data are based largely on trade association reports, adjusted to national totals by Federal Reserve. Figures for wash- ord levels, and only part of the increase in ing machines, vacuum cleaners, and ironers are based on manufacturers' shipments rather than output. Unit output data not stocks during 1950 reflected higher prices. available for furniture; changes shown are estimated from Bureau of Labor Statistics reports on employment and hours in the house- These figures for department stores should hold furniture industry with allowance for changes in output per man-hour. Average percentage changes are based on the total be regarded as only approximate indicators retail_,value of the indicated items in 1949 prices. JANUARY 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE SUPPLY AND PRICE SITUATION of changes in the distribution of all house- OUTPUT OF NONDURABLE GOODS hold durable goods including those sold through specialty stores and to building contractors for immediate or prospective installation. SHIFTS IN NONDURABLE GOODS Buying and output of nondurable goods have generally been maintained at advanced levels in recent months. Although consumer demands for these goods at the beginning of 1951 were not quite so large as they were for a time in mid-1950, business demands— partly speculative—have continued at high levels, and an increasing portion of the output of nondurable goods is going for defense purposes. 1947 1948 1949 1950 NOTE.—Federal Reserve indexes calculated with preliminary Even before the midsummer increase in revised seasonal adjustment factors and converted to a 1947-49 base. December 1950 figures estimated. production of nondurable goods, output had exceeded somewhat the previous record level ber products advanced far above earlier highs reached in 1948, as shown in the chart. This during this period. At the year-end, howadvanced level reflected some further exever, output of civilian rubber products was pansion in consumption of nondurables genbeing curtailed as a result of Federal limitaerally and the earlier marked reversal in tions. business demands for stocks of textile, paper, While civilian and defense takings of texand rubber products, which had been retile, paper, and rubber products have induced by the sharp declines in production creased further since mid-1950, they have beginning late in 1948. probably not increased as much as output. Since August average output of these three Consequently, fairly substantial stocks have groups of nondurable goods has been 11 per apparently been accumulated. These busicent larger than during the first half of 1950. ness holdings, as well as increased stocks held The level of textile output has been almost by households and institutions, will help to one-fifth greater than during the 1947-49 cushion the impact of further diversion to period and about the same amount above the growing defense requirements. The accumulevel during World War II. Cotton and lation of these products, however, considerwool usage is not far below the wartime level, ably augmented the general advance in prices while rayon consumption is nearly double during the second half of 1950. that level. Domestic supplies of rayon have Output of other nondurable goods has been supplemented by a sharp increase in im- shown more diverse changes. Forward buyports, accounting for almost 10 per cent of ing of some goods such as sugar and tobacco total deliveries to domestic mills in the sec- products was very short-lived and, following ond half of 1950. Output of paper and rub- increases last July and August, their output FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE SUPPLY AND PRICE SITUATION declined to more normal levels. Production PRICES OF INDUSTRIAL MATERIALS of most manufactured foods has remained Prices of nonfood materials purchased by close to first-half 1950 levels. Output of industry have shown the most pronounced rayon and other chemical products, used in rises, and the advances have been worldpart by the textile, paper, and rubber inwide in scope. By early January prices of dustries, has increased further as capacity has some materials were 100 per cent or more been expanded. Government-owned synabove March 1950, as shown in the table, thetic rubber facilities are being reactivated and increases of 50 per cent or more were and output in 1951 is expected to approxifairly general. In numerous cases prices mate the 1945 peak of 820,000 tons. During actually advanced more than the published 1950 output was at an annual rate of about quotations indicate; concessions were with- 400,000 tons in the first half and 500,000 in drawn and substantial premiums have been the second half. Petroleum refining activity reported. is currently considerably above the level in The major factor accounting for the sharp the first half of 1950 reflecting substantial rise in material prices has been the anticifurther increases in both private and military pated effect of the rearmament program on gasoline use and larger industrial consumpavailable supplies. The initial economic imtion of fuel oil. pact of this program has come from the prospect that large amounts of metals, textiles, GENERAL PRICE ADVANCES The Underlying instability of the economic CHANGES IN PRICES OF MAJOR COMMODITIES situation since last summer has been manifested by a continuing, widespread rise in Percentage increase to January 12, 1951 from: prices. Only during the period from mid- commodity June 23, September to the latter part of October was 1950 there a slowing down of the rise, reflect- industrial materials ing an abatement in demand at that time Rubbert natural 152 following the initial upsurge in July and Swpaper•.::::::::::::::::::::: 170 258 August, the temporarily favorable turn of T%pet:typewo°l;::::::::::::::::: 1 9 2 1 9 developments in Korea, and some seasonal siik 98 98 , v . . -, , . Burlap 70 declines in agricultural prices. Aicohoi 57 ° , , r r i 1 • Apparel-type wool 2 1 4 6 The price advance began from levels in |^ lscrap 63 c March 1950 which were not much below the Hides 51 31 peaks reached in the earlier postwar infla- ^rottonO^h'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'. 9 4 tionary period. By early January of this year Lumber.''.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'. 14 —nine months later—average prices of sensiif/A Foodstuffs 14 15 tive commodities had advanced 50 per cent, 6 . r . y Cocoa 19 an increase about as great as during a similar g°™ 14 19 length of time following elimination of price Steers controls in 1946. The general level of whole- gsfSv.v.:::::::::::::::::::::::: sale commodity prices had advanced 17 per wheatr.aw;'.'.'.'.'.'/.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'. cent, and average prices of consumer goods aJAnNd 1U ASeRrYV lC . 1 9e5S1 aD « O Ut o O per Cent. by N B O u T re E a . u — o Fe f d L e a ra b l o r R S e t s a e t r i v s e ti c c s a a lc n u d la t t r i a o d n e s s b o a u s r e c d e s. on data reported Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE SUPPLY AND PRICE SITUATION and various other nonfood materials will be the United Kingdom and other consuming required for processing into military prod- countries within the sterling area. Expressed ucts or for strategic stockpiling. Output of in sterling currency, average prices of these materials generally was already close to capac- materials by early January were indicated to ity levels in mid-1950, and further increases be nearly triple the predevaluation level. were limited in the short run by natural Prices in those countries were also influenced resources or by such general factors as power by the recent marked advances in prices of and transportation facilities. Civilian de- United States commodities, and these admands were already very active, and vari- vances have been superimposed on the earlier ous shortages that developed during the last increases influenced by the devaluation. In war were still apparent in foreign countries. most other foreign countries prices of ma- As a consequence, the announcements since terials have also risen substantially in recent midyear of the enlarged rearmament pro- months, reflecting in part large increases gram have augmented private demands for in United States demand for their exports. materials for current use and for inventory. For example, prices of Swedish wood pulp The higher levels of material prices for fourth quarter export to the United States have increased production costs for both were estimated to have been raised by 25 civilian goods and defense items. Wage rates to 45 per cent. have also been rising. Another upward in- Farm products. The impact of inventory fluence on costs in recent months apparently demands since mid-1950 on prices of farm has been the decision of individual producers products has been reflected in a more rapid to advance their prices in anticipation that rise generally in nonfood materials—cotton, prevailing levels would be fixed as Federal wool, tobacco, and inedible fats and oils— maximums. than in foodstuffs. Textile products consti- Owing to hostilities and political unrest tute the most important group of items next in the Far East, prices of industrial materials to foods in consumers' budgets, and they also produced in that region have generally shown bulk large in the nation's defense budget. the sharpest advances. Average prices of six Thus, the sharp advances in prices of cotton major imports from sterling area countries and wool during the past year have conin that region—apparel-type wool, burlap, siderable significance. jute, goat skins, rubber, and tin—had already Cotton prices in early January were 50 risen one-fourth by mid-1950 from the post- per cent above the Federal support level. devaluation low in October 1949 and were at The advance has reflected the small domestic the previous peak reached in mid-1948. After crop this year and the strong demands in June the rise accelerated, and by the begin- this country and abroad. Federal export ning of 1951 these prices were more than quotas, imposed in October but relaxed on double the postdevaluation low and two- November 9, permit a current volume of thirds above the 1948 peak. shipments nearly equal to that of last season, While rapid price advances in these and when exports of cotton were at the highest related commodities have had a considerable level since before World War II. Since mideffect on domestic markets, the repercussions 1950 the substantial Federal stocks acquired have been far more pronounced abroad, both earlier under support operations have been in regions producing these materials and in sold, acreage restrictions have been removed 10 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE SUPPLY AND PRICE SITUATION for 1951, and a crop goal of 16 million bales continued to rise in recent months—the De- —about the same as the large harvest in 1949 cember figure was 8 per cent higher than a —has been set. year earlier. World stocks of wool have continued to PRICES OF FINISHED GOODS decline during the past year. With approximately four-fifths of domestic wool re- While prices of finished industrial goods quirements imported, the expanded demands usually fluctuate less than prices of materials, in this country for current consumption and the differences were especially marked from stockpiling have contributed to a rapid rise mid-1950 to the beginning of 1951, as shown in prices of foreign wool. in the chart. The chart also shows that Prices of agricultural foodstuffs have gen- average prices of fuel and lighting materials erally been rising again since October, fol- rose only moderately during that period, thus lowing a few months of relative stability limiting the over-all rise in prices. at the advanced July levels. This leveling off In view of the national interest in mainreflected mainly seasonal declines in prices taining relatively stable prices and in order for hogs and vegetables, which offset a widen- to delay Federal price controls, a number of ing area of increases for other foodstuffs. the larger producers of finished goods held At the beginning of 1951 average prices re- their prices below levels which many buyers ceived by farmers for meat animals were were willing to pay, and some of the advances one-third higher than a year earlier and prices made in December were withdrawn at Fedof feedstuffs, reflecting strong demand and eral request. Also, most producers had been moderately reduced supplies, were up onefourth. Average prices of milk and other WHOLESALE PRICES OF INDUSTRIAL COMMODITIES dairy products were about 5 per cent above MONTHLY, 1935-39=100 a year ago, but advances have been curbed by sales of Federal holdings of butter and L cheese, and these are now largely liquidated. J Average prices of all farm products by 1 1 early January were one-fourth above the low 1 MATERIALS I reached a year ago and only about 5 per cent / 1 J below the peaks reached briefly in 1948, •—~y when world food output and stocks were considerably smaller than at the present time. J FINISHED / PRODUCTS / Also, this level was above "parity" used in 1 calculating Federal support levels or possible ceilings. Existing legislation provides that individual ceilings on farm products may y FUEL ANDLIGHTING not be lower than parity, or the highest price reached in the month prior to June 25, 1950. Controls at these levels would allow a further rise in the average level of prices of NOTE.—Federal Reserve regrouping of Bureau of Labor farm products, which was 108 per cent of Statistics all-commodity index. All foodstuffs excluded. Materials and finished products series do not include fuel and lightparity in mid-December. Also, parity has ing items. December 1950 figures estimated by Federal Reserve. 11 JANUARY 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE SUPPLY AND PRICE SITUATION in a very favorable earnings position during ditions probably show greater increases since the first half of 1950, and as a result of higher the first half of 1950 than prices of similar operating rates and large forward purchases goods produced for sale in civilian markets. of materials at lower price levels prevailing In retail markets average prices of goods earlier, they were able to limit advances in were probably about 10 per cent higher by prices of their products during the autumn. the beginning of 1951 than 9 months earlier. The effects, however, of more widespread Prices of food, rubber, and textile products use of current and prospective replacement were up by more than that amount and were costs for materials, pressure of higher wage continuing to rise. Retail food prices, after costs, steadily rising consumer and business rising 7 per cent from last March to July, incomes, and various other factors have re- were relatively stable until the latter part cently become more apparent in the move- of November when meats, eggs, and various ment of prices of finished goods. other foods began to show marked advances. Prices of agricultural and industrial ma- Prices of most consumer metal products, chinery, motor trucks, and various other fuels, and miscellaneous products have not types of producers equipment have been increased as much as food and textile prodraised substantially since mid-1950, and on ucts. Rental rates have continued to rise December 1 list prices for finished steel steadily, limited largely by Federal controls products were increased by 6 per cent. in major urban centers. Other costs of con- These and other advances in prices of dur- sumer services have only recently begun to able and nondurable goods will also add to rise generally, and the average rate of adthe cost of rearmament. Defense officials vance has been less rapid than for prices of have reported to the Congress that appropria- goods. tions made earlier in the year will no longer As output and expenditures under the depurchase the quantities of equipment author- fense program increase and as civilian inized. Evidently some goods were being sup- comes expand and supplies of civilian goods plied earlier to military agencies at discounts are curtailed, upward pressures on prices of from commercial levels in order to permit finished products will be intensified. Thus, fuller employment of capacity. As a result, additional measures will be necessary in 1951 prices quoted on military contracts for these in order to hold the line generally against goods under present supply and demand con- inflationary forces. 12 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN FEDERAL RESERVE CREDIT REGULATIONS Increase in Reserve Requirements 1 and in part accumulation of inventories at rising prices. This is an unprecedented rate of expansion The Board of Governors has increased the and has contributed to an excessive rise in the amount of reserves required to be maintained with money supply. Moreover, with the end of usual the Federal Reserve Banks by banks which are seasonal demands for credit and currency, banks members of the Federal Reserve System. The will have additional funds available for lending. increase will become effective according to the The purpose of the announced increase in researve following schedule: requirements is to absorb such funds and generally Effective to reduce the ability of banks further to expand On Net Demand Deposits date, 1951 credit that would add to inflationary pressures. The Change (in per cent) increase is timed so as to absorb reserves coming into the banks from the post-holiday return flow Central reserve city banks: of currency. from 22 to 23 January 11 The effect of this increase will be to raise the from 23 to 24 January 25 required reserves of member banks by a total of Reserve city banks: approximately 2 billion dollars which, under our from 18 to 19 January 11 fractional reserve banking system, could otherfrom 19 to 20 January 25 wise be the basis for about a sixfold increase in Country banks: bank credit in the banking system as a whole. from 12 to 13 January 16 After the increase, reserve requirements at banks from 13 to 14 February 1 other than central reserve city banks will be at On Time Deposits the maximum legal limits which prevailed during Central reserve and the war period. Requirements on net demand reserve city banks: deposits at central reserve city banks will be two from 5 to 6 January 11 percentage points less than the maximum under Country banks: existing authority but above requirements that prefrom 5 to 6 January 16 vailed for these banks during most of the war period. This action was taken as a further step toward restraining inflationary expansion of bank credit, Increase in Margin Requirements 2 in accordance with the statement issued by the The Board of Governors of the Federal Reserve Board on August 18, 1950, that the Board and the System today amended Regulations T and U, relat- Federal Open Market Committee "are prepared to ing respectively to margin requirements of brokers use all the means at their command to restrain and banks, by increasing requirements from 50 per further expansion of bank credit consistent with cent to 75 per cent, effective January 17, 1951. The the policy of maintaining orderly conditions in the increased requirements apply to both purchases and Government securities market." short sales. No other change is made in the regu- The volume of bank credit and the money lations. supply have continued to increase despite previous Revised Restrictions on Real Estate Credit3 actions by the Federal Reserve and other super- Restrictions on real estate credit were revised visory agencies, and efforts of individual banks to today to make the following major additions to and be restrictive in granting credit. Loans of member banks have increased by about 7 billion dollars 2 Statement by the Board of Governors of the Federal since June, reflecting in part seasonal influences Reserve System, issued to the press on Jan. 15, 1951 for release on the following day. See also p. 22. 3 Joint statement by the Board of Governors of the Fed- 1 Statement by the Board of Governors of the Federal eral Reserve System and the Housing and Home Finance Reserve System, issued to the press on Dec. 28, 1950 for Agency, Office of the Administrator, issued to the press on release on the following day. See also p. 19. Jan. 11, 1951 for release on the following day. See also p. 22. JANUARY 1951 13 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN FEDERAL RESERVE CREDIT REGULATIONS changes in the credit regulations issued on Octo- The table of maximum borrowings on multi-unit ber 12, 1950: residences, as shown in the amended Regulation X, is as follows: 1. Multi-unit residences are brought under credit controls. They had not previously been included If value per family Maximum loan value in the controls. unit is: per family unit is: 2. Three- and four-family residences are brought under similar credit controls as applied only to Not more than $7,000 83 per cent of value one- and two-family residences in the October 12 More than $7,000 but $5,810 plus 53 per cent restrictions. Three- and four-family residences not more than $15,000 of excess of value over were not under the October 12 controls. $7,000 3. The value or transaction price used in deter- More than $15,000 but $10,050 plus 20 per cent mining the maximum amount of loan or mortgage not more than $23,500 of excess of value over permitted under the restrictions has been shifted $15,000 from a structure to a unit basis. Maximum loan values will be determined on the basis of the value Over $23,500 50 per cent of value per family unit (instead of the value of the entire FHA requirements affecting credit terms on structure, as provided under the October 12 re- Government-insured housing have been revised to striction) computed by dividing the value of the bring them in general conformity with Regulaproperty by the number of family units in the tion X as amended. Three- and four-family houses property. In general, the value of a multi-unit are subject to restrictions similar to those appliresidence would be the actual recent cost or the cable to one- and two-family houses under the appraised value. Appraised value would be de- October 12 regulations. In the case of rental houstermined in good faith by the lender in the case ing insured under Section 207 of the National of a non-Government aided loan and by the Gov- Housing Act, the FHA credit restrictions are in ernment agency in the case of a Government-aided basic conformity with Regulation X as amended. loan. That is, the maximum mortgage provided is 83 per The amended regulations are effective on Janucent of the estimated value of the property or ary 12, 1951. project which does not exceed $7,000 per family These changes are included in an amended Reguunit and 53 per cent of the estimated value in lation X issued today by the Board of Governors excess of $7,000 per family unit, provided that the of the Federal Reserve System with the concurmaximum mortgage amount cannot exceed $8,100 rence of the Administrator of the Housing and per family unit. Home Finance Agency, and companion restrictions The maximum mortgage available for FHAissued by the Federal Housing Administration, and insured cooperative projects in general ranges from the Veterans Administration. Regulation X applies 83 to 88 per cent depending upon the percentage only to non-Government aided loans; the comof members who are veterans, with the maximum panion restrictions to Government-aided loans. coverage becoming available when membership in The amendments to the regulations are designed the cooperative is 65 per cent or more. further to restrain inflationary pressures by limit- Veterans Administration's housing credit reguing the credit available for the financing of resilations have also been amended to bring them in dential construction, and to bring about a decrease general conformity with amended Regulation X, in building to assure that materials and labor remaking allowance for the statutory credit preferquired for the defense program will be available ences for veterans. Accordingly, Veterans Adminiswhen needed. tration's down-payment and amortization require- A multi-unit residence is defined in the amended Regulation X as a structure such as an apartment ments have now been extended to three- and fourhouse or apartment hotel which includes more family houses and to VA-aided cooperatives having than four family units. Hotels, motels, rooming four or more family units. houses, and club houses, generally speaking, are For all types of credit subject to these controls, not included in the present regulation. whether conventional or Government assisted, the 14 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN FEDERAL RESERVE CREDIT REGULATIONS lender, in determining the amount that can be currently permitted in the case of comparable loans loaned, must take into account all credit previously insured or guaranteed under the Servicemen's Reextended in connection with the property and still adjustment Act of 1944. outstanding, as well as the amount of additional In addition to provisions relating to multi-unit credit being extended. This provision brings supple- residences, a number of other amendments have mentary borrowing, as well as first mortgage loans, been introduced in the regulation for purposes within the scope of the regulation. In other words, of clarification. minimum down payments must be made from the Although the regulation provides that a person borrower's own funds in connection with exten- must be registered to engage in the business of exsions of credit on new residential construction and tending real estate construction credit, all persons not from the proceeds of supplemental mortgages, engaged in the business will automatically be personal loans, or other secondary financing in deemed to be registered for present purposes and excess of the permissible loan value. no action on their part to secure registration is Credit extended pursuant to firm commitments now required. However, the regulation provides made prior to the effective date of this amendment that the Board may later, by public announcement, is exempt from the regulation. Also, construction require registration statements to be filed by perloans made to subcontractors and other persons sons affected. except the owners of multi-family units are exempt During the formulation of the new amendments when they have maturities not exceeding 18 months. to Regulation X and concurrent companion re- Construction loans to owners of multi-family units strictions on Government-aided housing credit, conare subject to the controls even though of short sultations and meetings were held with representaterm. tives of the various business and consumer groups In addition to new multi-unit residences, the affected. Such groups included manufacturers of regulation also applies to major additions or im- and dealers in building supplies and materials, provements to rental-type properties. The regu- labor and veterans' and other consumer organizalation defines a major addition to a multi-unit resi- tions, banks and trust companies, savings banks, dence as one the cost of which exceeds $2,500 and savings and loan associations, building associations, also exceeds an amount equal to $1,500 for each mortgage banks, insurance companies, builders, real family unit multiplied by the number of family estate dealers, and others interested in construction units. In determining such cost there is considered and mortgage finance. only the amount of costs incurred within any twelve Inquiries in regard to Regulation X should be consecutive months. Repairs made within that directed to one of the twelve Federal Reserve Banks period must be included in computing the costs of and their twenty-four branches through which the major additions. regulation is administered. Under the terms of the regulation, States may Instructions to field officers for processing Govaccord rights and preferences to eligible veterans ernment-aided housing loans under the new reguby extending, guaranteeing, or insuring real estate lations have been issued by the Federal Housing construction credit provided the terms of such ex- Administration and the Veterans Administration in tensions of credit are not more liberal than are their respective fields. JANUARY 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Administrative interpretations of banking laws, new regulations issued by the Board of Governors, and other similar material Defense Mobilization and Production including but not limited to production, procurement, manpower, stabilization, and transport activ- Executive Orders Nos. 10193 and 10200 ities. The President of the United States on December 3. All functions delegated or assigned by or pur- 16, 1950, issued Executive Order No. 10193, estab- suant to the provisions of Executive Orders Nos. lishing the Office of Defense Mobilization, and on 10161 of September 9, 1950 and 10172 of October January 3, 1951, issued Executive Order No. 10200, 12, 1950 shall be performed by the respective establishing the Defense Production Administra- officers concerned, subject to the direction and tion. Executive Order No. 10193 provided, among control of the Director. other things, that all functions delegated or assigned 4. In carrying out the functions conferred upon by or pursuant to Executive Order No. 10161 of him by this order, the Director shall from time September 9, 1950, shall be performed by the respec- to time report to the President concerning his tive officers concerned subject to the direction and operations under this order and issue such direccontrol of the Director of Defense Mobilization. tives, consonant with law, on policy and operations Executive Order No. 10200 provided, among other to the Federal agencies and departments as may things, for the establishment of the Defense Mobili- be necessary to carry out the programs developed, zation Board, of which the Chairman of the Board the policies established, and the decisions made by of Governors of the Federal Reserve System shall the Director. It shall be the duty of all such be a member, to advise the Director of Defense agencies and departments to execute these direc- Mobilization. The text of Executive Order No. tives and to make to the Director such progress 10161 was printed in the October 1950 Federal Re- and other reports as may be required. serve BULLETIN at page 1301, and the texts of Execu- 5. The Director may perform the functions contive Orders Nos.-10193 and 10200 read as follows: ferred upon him by the provisions of this order through such officers and such agencies and in EXECUTIVE ORDER NO. 10193 such manner as he shall, consonant with law and PROVIDING FOR THE CONDUCT OF THE MOBILIZATION the provisions of this order, determine. EFFORT OF THE GOVERNMENT 6. Within the limitations of funds which may By virtue of the authority vested in me by the be made available, the Director may employ neces- Constitution and statutes, including the Defense sary personnel and make provision for supplies, Production Act of 1950, and as President of the facilities, and services necessary to discharge his United States and as Commander-in-Chief of the responsibilities. armed forces, it is hereby ordered as follows: 7. To the extent that any provision of any prior Executive order or directive is inconsistent with 1. There is hereby established in the Executive the provisions of this order, the latter shall control. Office of the President the Office of Defense Mobilization. There shall be at the head of such Office HARRY S. TRUMAN The White House, a Director of Defense Mobilization, hereinafter December 16, 1950. called the Director, who shall be appointed by the President by and with the advice and consent of EXECUTIVE ORDER NO. 10200 the Senate and who shall receive compensation at ESTABLISHING THE DEFENSE PRODUCTION the rate of $22,500 per annum. ADMINISTRATION 2. The Director shall on behalf of the President By virtue of the authority vested in me by the direct, control, and coordinate all mobilization activ- Constitution and statutes, including the Defense ities of the Executive Branch of the Government, Production Act of 1950, and as President of the 16 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT United States and Commander-in-Chief of the of the Secretary of Agriculture in respect of food armed forces, it is hereby ordered as follows: and of the Defense Production Administrator in respect of other materials and facilities, as to the PART I. DEFENSE PRODUCTION ADMINISTRATION necessity for loans, purchases, commitments, or Section 1. (a) There is hereby created an agency exploration, as the case may be:5' which shall be known as the Defense Production (c) In carrying out the functions delegated or Administration. otherwise assigned to him by the foregoing pro- (b) There shall be at the head of the Defense visions of this Executive order, the Administrator Production Administration a Defense Production shall: Administrator, hereinafter referred to as the Ad- (1) Pending the further order of the President ministrator, who shall be appointed by the Presi- or the Director of Defense Mobilization, and dent by and with the advice and consent of the excluding the duties set forth in paragraphs Senate. The Administrator shall perform his (2) to (5), inclusive, immediately below, duties subject to the direction, control, and coordina- provide by redelegation or otherwise for the tion of the Director of Defense Mobilization. performance of the said functions by the Section 2. (a) There are hereby delegated to the respective officers and agencies to whom the Administrator the functions conferred upon the said functions were delegated by the said President by Titles I and II and section 708 of the Executive Order No. 10161 and their dele- Defense Production Act of 1950 (relating respec- gates. tively to priorities and allocations, requisitioning, (2) Perform the central programming functions and voluntary agreements) which were by the pro- incident to the determination of the producvisions of Part I, section 201 (a) of Part II, and tion programs required to meet defense Part VII of Executive Order No. 10161 of Septem- needs. ber 9, 1950 delegated to the Secretary of Commerce, (3) Make determinations as to the provision of the Secretary of the Interior, and the commissioner adequate facilities for defense production of the Interstate Commerce Commission, respecand as to the procedures and methods foltively, and those which were by the provisions of lowed by Executive agencies with respect to section 101 of the said Executive Order No. 10161 the accomplishment of defense production delegated to the Secretary of Agriculture to the programs, including those with respect to extent that they relate to food which has been depurchasing, contracting, and specifications. termined to be available for industrial needs pursuant to section 3 of this order; and the said dele- (4) Assemble estimated labor supply requiregations made by the said Executive Order No. ments for the fulfillment of projected de- 10161 are hereby terminated accordingly. fense production programs and furnish them to the Secretary of Labor for use in connec- (b) The Administrator shall direct the administion with the functions assigned to him by tration of the functions provided for in sections 302 Part VI of the said Executive Order No. and 303 of the Defense Production Act of 1950 10161. (relating to expansion of production, capacity, and supply) except as to food; and accordingly, (1) the (5) Perform, without the power of redelegation, functions delegated to the Administrator of General those functions of the Administrator under Services by the provisions of section 304 of the said section 2(a) of this Executive order (relat- Executive Order No. 10161 shall be performed by ing to certain voluntary agreements), which him only pursuant to certificates of or subject to were heretofore delegated to the Secretary the approval of the Defense Production Adminis- of Commerce by the provisions of section trator, and (2) that part of section 303 of the said 701(b)(l) of the said Executive Order No. Executive Order No. 10161 which precedes para- 10161, and perform such other functions regraph (a) thereof is hereby amended to read as garding voluntary agreements as he may follows: determine. "Section 303. Within such amounts of funds (d) The provisions of sections 902 and 903 of as may be made available, and upon the certificate Executive Order No. 10161 (including those with JANUARY 1951 17 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT respect to subpoena) are hereby made applicable are inconsistent with the provisions of this order to the Administrator with respect to his functions, the latter shall control, and the said Executive (e) The Administrator is hereby designated as Order No. 10161 is amended accordingly. the certifying authority for the purposes of and Except as modified or made inapplicable by the within the meaning of subsection (e) of section provisions of this Executive order, provisions of the 124A of the Internal Revenue Code, as added by said Executive Order No. 10161 relating to funcsection 216 of the Revenue Act of 1950, approved tions vested in the Administrator hereby shall con- September 23, 1950. tinue to be applicable to such functions. Executive Order No. 10172 of October 12, 1950 is hereby Section 3. (a) Whenever the available supply revoked. Nothing in this Executive order shall of any food is insufficient to meet all needs therefor affect the validity or force of anything heretofore the Administrator and the Secretary of Agriculture done under the said Executive Orders Nos. 10161 shall jointly determine the division to be made of or 10172. the available supply of such food as between food for industrial needs and food for human and (b) Any officer or agency having by delegation animal consumption. or otherwise any function under this order shall have all the authority conferred by sections 902 and (b) In the event of any difference of view be- 903 of Executive Order No. 10161, including the tween the Administrator and the Secretary of Agriauthority with respect to subpoena. culture relating to the execution of section 3(a) above, or in the event of any difference in view (c) All orders, regulations, rulings, certificates, arising between the Secretary of Agriculture and directives, and other actions relating to any funcany other officer or agency of the Government in tion affected by this Executive order shall remain the administration of functions under the Defense in effect except as they are inconsistent herewith Production Act of 1950 with respect to food or or are hereafter amended or revoked under proper facilities therefor, such difference of view shall be authority. submitted to the Director of Defense Mobilization (d) Nothing in this Executive order shall be for decision. deemed to supersede any provision of Executive order No. 10193 of December 16, 1950. Section 4. Section 902(d)(l) of Executive Order No. 10161 of September 9, 1950 is hereby Section 7. The provisions of sections 2 to 6 amended to read as follows: inclusive, of this Executive order shall not be effective until the Administrator first appointed here- "(1) Each officer or agency having functions under takes office as Administrator. under the said act delegated or assigned to such officer or agency by or pursuant to this Executive PART II. DEFENSE MOBILIZATION BOARD order shall submit to the Chairman of the United Section 8. There is hereby established in the States Civil Service Commission such requests Office of Defense Mobilization (established by Exfor classification of positions in grades 16, 17, and ecutive Order No. 10193 of December 16, 1950) 18 of the General Schedule as may be necessary, the Defense Mobilization Board, which shall consist and shall accompany any such request with a of the Director of Defense Mobilization as Chaircertificate stating that the duties of the position man, the Secretaries of Defense, the Treasury, the are essential and appropriate for the adminis- Interior, Commerce, Agriculture, and Labor, the tration of the said Act." Chairman of the Reconstruction Finance Corpora- Section 5. Section 802 of Executive Order No. tion, the Chairman of the Board of Governors of 10161 of September 9, 1950, is hereby revoked, the Federal Reserve System, the Chairman of the and the authority of the Chairman of the National National Security Resources Board, and such other Security Resources Board under section 103(b) of officials as said Director may from time to time the said Executive Order No. 10161 to approve the designate. The said Board shall be advisory to the designation of officers and agencies as claimants is Director of Defense Mobilization. hereby terminated. HARRY S. TRUMAN Section 6. (a) To the extent that provisions of The White House; Executive Order No. 10161 of September 9, 1950 January 3, 1951. 18 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Reserves of Member Banks from January 11 to January 24, 1951, inclusive, Revision of Regulation D Supplement and 20 per cent of its net demand deposits The Board of Governors of the Federal Reserve thereafter. System on December 28, 1950, issued a revised 3. If in a central reserve city (except as to any Supplement to Regulation D increasing the per- bank located in an outlying district of a central centages of reserves required to be maintained by reserve city or in territory added to such city by member banks with the Federal Reserve Banks on the extension of the city's corporate limits, which, both time and demand deposits. A statement for by the affirmative vote of five members of the the press, released by the Board in connection with Board of Governors of the Federal Reserve Systhis action, appears on page 13 of this issue of tem, is permitted to maintain the reserves specithe BULLETIN. There is set forth below the text fied in paragraph 1 or 2 above)— of the revised Supplement: (a) 5 per cent of its time deposits until the opening of business on January 11, 1951, and SUPPLEMENT TO REGULATION D 6 per cent of its time deposits thereafter, plus Issued by the Board of Governors of the Federal (b) 22 per cent of its net demand deposits Reserve System on December 28, 1950 until the opening of business on January 11, RESERVES REQUIRED TO BE 1951, 23 per cent of its net demand deposits MAINTAINED BY MEMBER BANKS from January 11 to January 24, 1951, inclusive, WITH FEDERAL RESERVE BANKS and 24 per cent of its net demand deposits Pursuant to the provisions of section 19 of the thereafter. Federal Reserve Act and section 2(a) of its Regu- Deposits in Member Banks lation D, the Board of Governors of the Federal Reserve System hereby prescribes the following re- Transfers of Time Deposits serve balances which each member bank of the It is the practice of certain member banks to Federal Reserve System is required to maintain on amend agreements as to time deposit accounts, now deposit with the Federal Reserve Bank of its district: subject to withdrawal upon 30 days' notice and 1. If not in a reserve or central reserve city— bearing interest at 1 per cent, so as to provide for (a) 5 per cent of its time deposits until the 90 days' notice of withdrawal and interest at l*/4 opening of business on January 16, 1951, and per cent. Since such an amendment makes the 6 per cent of its time deposits thereafter, plus deposits subject to more severe restriction as to (b) 12 per cent of its net demand deposits withdrawal and does not result in payment to the until the opening of business on January 16, depositor, the Board feels that this practice does 1951, 13 per cent of net demand deposits from not constitute payment before maturity in violation January 16, 1951, to January 31, 1951, inclusive, of Regulation Q and interest may properly be and 14 per cent of its net demand deposits paid from the date of amendment at a rate perthereafter. mitted by the Supplement to Regulation Q for deposits payable upon written notice of less than 2. If in a reserve city (except as to any bank 6 months and not less than 90 days. located in an outlying district of a reserve city or in territory added to such city by the extension Presentation of Savings Accounts Passbooks of the city's corporate limits, which, by the The Board has been requested to pass upon the affirmative vote of five members of the Board of propriety of a practice proposed to be followed by Governors of the Federal Reserve System, is per- a member bank under which the bank would acmitted to maintain the reserves specified in para- cept, in the case of savings accounts, deposits by graph 1 above)— mail without presentation of the passbook. (a) 5 per cent of its time deposits until the It is understood that the member bank proposes opening of business on January 11, 1951, and to include in its passbooks relating to savings de- 6 per cent of its time deposits thereafter, plus posits provisions to the effect that deposits may be (b) 18 per cent of its net demand deposits made by mail and that the depositor at any subseuntil the opening of business on January 11, quent time may present his passbook so as to per- 1951, 19 per cent of its net demand deposits mit the existing balance, as affected by such de- JANUARY 1951 19 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT posits, to be reflected by entries therein and that In this connection, some banks have raised the every six months following the last such presenta- question whether, in the event of such recovery tion (in the event a period of such length should by the Government from an assignee bank, the occur), the bank will mail a statement to the de- amounts recovered would be regarded as constitutpositor showing the existing status of his account. ing a "loss on the loan" within the meaning of the It is also understood that the bank has advised standard form of guarantee agreement so that the that all provisions of Regulations D and Q concern- guaranteeing agency would be obligated to share ing withdrawals from savings deposits will be the resulting loss to the bank according to the speciobserved. fied percentage of guarantee in the particular case. While the definitions of the term "savings de- It is believed that under the present form of posit" contained in the Board's Regulations D and guarantee agreement this question clearly should Q require presentation of the passbook upon with- be answered in the affirmative. However, the fact drawals by any person other than the depositor that many banks appear to be concerned by the himself, it is not required that the passbook be question has suggested the desirability of a clarifypresented when deposits are made in a savings ing amendment to the form of guarantee agreement. account. Also, while the regulation requires that Accordingly, after consultation with the guaranwithdrawals made upon presentation of the pass- teeing agencies, the Board has prescribed the folbook shall be entered at the time of the withdrawal lowing amendment to the standard form of guarand that any other withdrawal shall be entered as antee agreement of September 27, 1950: soon as practicable thereafter, there is no compar- "Within the meaning of section 2(a) and 2(c) able provision with respect to entries of deposits of this agreement a loss on the loan shall include in the passbook. any amounts which may have been received by The regulations provide that a savings deposit the Financing Institution and applied by it to shall be "evidenced" by a passbook and contem- reduction of the loan but which are subsequently plate that deposits, as well as withdrawals, will be recovered from the Financing Institution, either entered in the passbook in due course. However, before or after the date of settlement, by the on the basis of the facts stated and with the under- United States or by any person lawfully entitled standing that the requirements of the regulations to such recovery." with respect to withdrawals of savings deposits The standard form of guarantee agreement, inwill be observed, it is the Board's view that deposits cluding the amendment here authorized, should with respect to which the proposed practice is fol- be used in all cases and other amendments to the lowed by a member bank may properly be regarded guarantee agreement in individual cases will not be as savings deposits under Regulation D and Regu- permitted. It is possible, of course, that, after conlation Q. sultation with the guaranteeing agencies, further amendments might be prescribed for general use Loan Guarantees for Defense Production in all cases. Amendment to Form of Guarantee Agreement A number of financing institutions have indi- Consumer Credit cated their reluctance to participate in the current Rental Transactions V-loan program for financing defense production Since the amendment to Regulation W adopted because of their fear that, after full payment of a effective October 16, 1950, the Federal Reserve guaranteed loan secured by an assignment of the Banks and the Board of Governors of the Federal contractor's claims under his contract, the Govern- Reserve System have received a number of inquiries ment might recover from the assignee financing concerning the applicability of the regulation to institution amounts claimed by the Government various proposed arrangements for leasing autoagainst the contractor. Apparently, this fear has mobiles or other listed articles. been prompted largely by certain recent rulings of Many of these inquiries seem to reflect a failure the Comptroller General with respect to the Gov-* to appreciate the fact that Regulation W and the ernment's right of recovery from an assignee bank legislation under which it is issued extend to a on account of price revision, renegotiation, or tax great many transactions besides the ordinary conclaims against the contractor. ditional or instalment sale. 20 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Leasing arrangements, other than those limited had been ajiy offsetting increase in the price of the to a single payment, in general are subject to the article being sold. regulation and the legislation in the same manner as instalment sales. They are not exempt, and they Disaster Credit Exemptions are not a privileged class of transactions. Section 7(/) of Regulation W applies with respect In the past when Regulation W was not in effect, to certain disaster areas where there is a specified there have been certain highly specialized opera- finding by the Federal Reserve Bank of the district. tions which have been found somewhat more suited The section exempts only "credit extended to fito leasing or rental arrangements than to other nance the repair or replacement of property dammethods of financing. That fact does not exclude aged or lost as a result of" the disaster. them from the operation of the regulation and the In addition to the applicable limits as to the time legislation. Of course, a lessor could comply with within which the credit must be extended, the Regulation W by obtaining the required down payexemption is limited solely to the area designated ment and monthly payments (or deposits in equal by the Federal Reserve Bank, even though such amounts), and later could return to the customer area may not encompass the entire Federal Reserve any portion of such payments or deposits when district. the article is returned and the lease terminated. The exemption is also limited to remedying the The lease might even provide in advance for such actual injury sustained. As used in the provision, refunds. "repair" is confined to the restoring of the property However, the Board is examining further into involved to approximately the condition it was in the characteristics of the various proposed arrangebefore the disaster, and "replacement" is confined ments for leasing automobiles or other listed articles to the replacing of lost property by similar property and will consider whether or not any of them are having a value substantially equal to or less than of such a special character as to make it desirable or that of the property involved before the disaster. feasible to relax any of the provisions of Regulation In most instances, the exemption extends only to W to any extent for their benefit. repairs. It covers a replacement only in those cases in which the property was lost in the sense of "Over-allowances" on Trade-ins having no salvage value to the owner, or the cost Section 6(c) (3) of Regulation W requires that of a replacement as described above would be less a trade-in be described in the Registrant's records, than the cost of repairs as so described. and that the Registrant set out "the monetary value Sections 7(;) and S(a) require Registrants to assigned thereto in good faith." This requirement have records which establish the extent of the damdoes not prohibit all over-allowances on trade-ins age or loss and the conformity of the credit with as such. If the Registrant can show that the price the terms of the exemption. of an automobile being sold has not been increased to offset any part of the over-allowance on the car Exclusion of Self-Labor accepted in trade, section 6(c) allows the Registrant A question has been presented as to whether to show the trade-in at the value at which he there may be included in the cash price of "mateaccepts it in trade and to treat it as being a down payment to that extent, even though that may be rials, articles, and services" comprising a listed more than the amount for which he expects to be article under Group D of the Supplement to Reguable to sell it. In such a case the amount of the lation W, any amount for services or labor perdown payment requirement on the car being sold formed by the instalment obligor himself or with would, of course, be calculated on the basis of the gratuitous assistance of his family and friends. price against which the trade-in was allowed. For example, a home owner finds it necessary to Obviously, however, if any over-allowance on a enlarge his house to provide additional living trade-in were added to the cash price of the article quarters. In order to hold the cost to him of the being sold, the over-allowance on the trade-in then project to a minimum, he plans to undertake the could not properly be said to be "assigned thereto necessary labor or services himself. Must the maxiin good faith" and the trade-in could not be mum loan value of an instalment credit to finance counted as a down payment to the extent that there the project be calculated on the basis of a cash price JANUARY 1951 21 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT limited to the cost of the necessary materials, or SUPPLEMENT TO REGULATION U may such loan value be calculated on the basis of Issued by the Board of Governors of the Federal a cash price which, in addition, includes an amount Reserve System reflecting the value of the necessary labor and Effective January 17, 1951 services ? The Board is of the view that in such cases where For the purpose of section 1 of Regulation U, materials or articles and services are required, the the maximum loan value of any stock, whether or regulation would permit including in the cash price not registered on a national securities exchange, of the Group D project only the amount to be shall be 25 per cent of its current market value, as paid for the necessary materials or articles. Conse- determined by any reasonable method. quently, there could not be included in the cash price of such project any amount usable to compen- Residential Real Estate Credit sate the instalment obligor for the service or labor Amended Regulation X performed by himself or with gratuitous assistance The Board of Governors of the Federal Reserve of others in connection with the project. System, with the concurrence of the Housing and Margin Requirements for Purchasing Home Finance Administrator, effective January 12, Securities 1951, amended Regulation X, relating to residential real estate construction credit, so as to broaden the Supplements to Regulations T and U scope of the regulation by making it applicable to The Board of Governors of the Federal Reserve credit in connection with three- and four-unit resi- System, effective January 17, 1951, amended the dences and multi-unit residential property. The Supplement to Regulation T entitled "Extension provisions of the regulation relating to one- and and Maintenance of Credit by Brokers, Dealers, and two-unit residences also were amended in various Members of National Securities Exchanges," and respects. The statement for the press appears on amended the Supplement to Regulation U entitled page 13 of this issue of the BULLETIN and the text "Loans by Banks for the Purpose of Purchasing or of the amended regulation is as follows: Carrying Stocks Registered on a National Securities Exchange" so as to increase the margin require- REGULATION X ments from 50 per cent to 75 per cent for credit extended by brokers and banks to finance purchases As amended effective January 12, 1951 of stock exchange securities. The increased margins RESIDENTIAL REAL ESTATE CREDIT also apply to short sales. The texts of the Supplements as thus amended are as follows: SECTION 1. SCOPE AND APPLICATION OF REGULATION This regulation is issued by the Board of Gov- SUPPLEMENT TO REGULATION T ernors of the Federal Reserve System (hereinafter Issued by the Board of Governors of the Federal called the "Board"), with the concurrence of the Reserve System Housing and Home Finance Administrator, under authority of the "Defense Production Act of 1950," Effective January 17, 1951" approved September 8, 1950 (hereinafter called the Maximum loan value for general accounts.—The "Act"), and Executive Order No. 10161, dated Sepmaximum loan value of a registered security (other tember 9, 1950. than an exempted security) in a general account, This regulation applies to any person who is ensubject to section 3 of Regulation T, shall be 25 per gaged in the business of extending real estate credit cent of its current market value. with respect to residences, residential property, or Margin required for short sales in general accounts. multi-unit residential property, including any per- —The amount to be included in the adjusted debit son who acts as agent in arranging for such credit. balance of a general account, pursuant to section For the purposes of this regulation, a person shall 3(d)(3) of Regulation T, as margin required for be deemed to be engaged in the business of extendshort sales of securities (other than exempted secu- ing such real estate credit if, in his own right or as rities) shall be 75 per cent of the current market agent or fiduciary, he either (1) extends or has value of each such security. extended such real estate credit more than three 22 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT different times during the current calendar year or "extends credit" shall include extending or mainduring the preceding calendar year, or (2) extends taining any credit, or renewing, revising, consolior has extended such real estate credit in an amount dating, refinancing, purchasing, selling, discountor amounts aggregating more than $50,000 during ing, or lending or borrowing on, any obligation the current calendar year or during the preceding arising out of any credit, or arranging as agent for calendar year. For the purposes of this section, real any of the foregoing, and also shall include a sale of, estate credit with respect to residences, residential or other transfer of title to, real property if the property, or multi-unit residential property shall be vendee or transferee assumes, or takes such property deemed to include credit with respect to any resi- subject to, indebtedness secured by a mortgage or dence, residential property, or multi-unit residential other lien upon such property. property, whether or not there is any new construc- (e) "Real estate construction credit" means any tion thereon, and whether or not such credit is excredit, hereafter extended, which tended, insured, or guaranteed by the Federal (1) is wholly or partly secured by, or Housing Administration, the Veterans' Administration, or any other department, independent estab- (2) is for the purpose of purchasing or carrylishment or agency of the United States, and ing, or whether or not such credit is exempt from this (3) is for the purpose of financing, or regulation. (4) involves a right to acquire or use, SECTION 2. DEFINITIONS new construction on real property or real property For the purposes of this regulation, unless the on which there is new construction, if such new context otherwise requires: construction is a residence or multi-unit residence or a major addition or major improvement to a (a) "Person" has the meaning given it in section residence or multi-unit residence, whether such 702(a) of the Act.1 credit is extended before or after such new construc- (b) "Registrant" means a person who is regis- tion is begun; but the term "real estate constructered pursuant to section 3 of this regulation. tion credit" shall not include any loan or loans (c) "Credit" has the meaning given it in section made, insured, or guaranteed, in whole or in part, 602(d)(2) of the Act.2 by the Federal Housing Administration, the Vet- (d) "Extending credit" "extension of credit" and erans' Administration, or any other department, independent establishment or agency in the execu- 1 Section 702(a) of the Act provides: "The word 'person' tive branch of the United States, or by any wholly includes an individual, corporation, partnership, association, owned Government corporation, or by any mixedor any other organized group of persons, or legal successor ownership Government corporation as defined in or representative of the foregoing, and includes the United States or any agency thereof, or any other government, or the Government Corporation Control Act, as any of its political subdivisions, or any agency of any of the amended (including any loan evidenced by obliforegoing: Provided, That no punishment provided by this gations of any local public agency or public housing Act shall apply to the United States, or to any such government, political subdivision, or government agency." agency which national banks may purchase pur- 2 Section 602 (d) (2) of the Act provides: "'Credit' means suant to the provisions of section 602(a) of the any loan, mortgage, deed of trust, advance, or discount; any conditional sale contract; any contract to sell or sale or Housing Act of 1949). contract of sale, of property or services, either for present or (/) "New construction" means any structure, or future delivery, under which part or all of the price is payable subsequent to the making of such sale or contract; any major addition or major improvement to a any rental-purchase contract, or any contract for the bail- structure, which is or has been begun after 12 ment, leasing, or other use of property under which the bailee, lessee, or user has the option of becoming the owner o'clock meridian, August 3, 1950. Construction thereof, obligates himself to pay as compensation a sum will be deemed to have been "begun" when any substantially equivalent to or in excess of the value thereof, essential materials which are to be an integral part or has the right to have all or part of the payments required by such contract applied to the purchase price of such prop- of the structure have been affixed to or incorporated erty or similar property; any option, demand, lien, pledge, or on the site in a permanent form. similar claim against, or for the delivery of property or money; any purchase, discount, or other acquisition of, or (g) "Major addition" or "major improvement" any credit under the security of, any obligation or claim means any enlargement, reconstruction, alteration, arising out of any of the foregoing; and any transaction or series of transactions having a similar purpose or effect." or repair of an existing residence 3 or multi-unit JANUARY 1951 23 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT residence,3 or any other addition or improvement ftde cost of the property to the borrower, inwhich becomes or is to become physically attached cluding a bona fide estimate of the cost of to and a part of the residence or multi-unit resi- completing new construction on such propdence, if the cost or estimated cost of such addition erty when the extension of credit is for the or improvement exceeds $2,500 and also exceeds an purpose of financing such new construction; amount determined by multiplying $1,500 by the (ii) If any part of the cost of the property number of family units in such residence or multi- to the borrower has been incurred by him unit residence prior to such addition or improve- more than 12 months prior to the extension ment. In determining whether the cost of an addi- of credit, or if any part of such property has tion or improvement project exceeds the amounts been acquired by gift, exchange, or inheritspecified in the preceding sentence, there shall be ance, "value" shall be the appraised value considered only the amount of such cost which is as determined in good faith by the Regisincurred within any twelve consecutive months. trant who extends the credit; (h) "Real property' includes leaseholds and (3) For an extension of credit which is for the other interest in such property. purpose of financing the construction of a resi- (/) The "maximum loan value" of any property 4 dence on farm property, "value" shall be the shall be the amount which is computed in the man- total of (A) the cost or estimated cost of such ner prescribed in the Supplement to this regulation. new construction, and (B) 5 per cent of such In making such computations: cost or estimated cost.5 (1) For a major addition or major improve- (4) For multi-unit residential property, other ment to a residence or multi-unit residence, than major additions or major improvements: "value" shall be the cost or estimated cost of (A) In the case of an extension of credit in such major addition or major improvement; connection with a bona fide sale of multi-unit (2) For residential property, other than major residential property, "value" shall be the bona additions or major improvements: fide sale price; (A) In the case of an extension of credit in (B) In the case of any other extension of connection with a bona fide sale of residential credit with respect to multi-unit residential property, "value" shall be the bona fide sale property, "value" shall be the appraised value as determined in good faith by the Registrant price; who extends the credit. Appraisals pursuant (B) In the case of any other extension of to this provision and other provisions of this credit with respect to residential property: regulation will be subject to inspection by the (i) If the entire cost of the property to the Board and the Federal Reserve Banks in acborrower has been incurred by him not more cordance with section 6(d) of this regulation, than 12 months prior to the extension of and appraisals found to be in excess of those credit or is to be incurred by him after such dictated by sound and established practice in extension of credit, "value" shall be the bona the community shall be deemed sufficient 3 Notwithstanding this definition or any other provision ground for the suspension of the Registrant of this regulation, an addition or improvement to an existing pursuant to section 3(c) of this regulation. structure which will become a "residence" or "multi-unit residence" by reason of such addition or improvement shall (/) "Bona fide sale price" means the amount paid be treated as an addition or improvement to an existing or to be paid by the vendee in money or its equiv- "residence" or "multi-unit residence" respectively; and, in alent. It includes, in addition to cash, (1) the value determining whether the cost or estimated cost of an addition or improvement of the kind mentioned in this footnote of any property accepted in part payment, (2) the is such that it would be a major addition or major improve- unpaid principal amount of any indebtedness inment within the meaning of section 2(g)> and in detercurred or assumed by the vendee or to which the mining what the maximum loan value is, the determination shall be according to the number of family units which will property remains subject, (3) the amount of any be in the structure after the addition or improvement has been completed. 5 The 5 per cent is added when the extension of credit 4 As used here, "property" means residential property, is for the purpose of financing the construction of a resimulti-unit residential property, a residence on farm prop- dence on farm property in order to take account of the erty, or a major addition or major improvement to a resi- value of the land upon which the residence is to be condence or a multi-unit residence, as the case may be. structed. 24 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT liens for taxes or special assessments which are in in the business of extending real estate credit with default or currently due and payable, (4) the respect to residences, residential property, or multiamount of any mechanics' liens or other liens which unit residential property shall extend real estate conthe vendee is required to discharge, (5) the amount struction credit unless (1) he is registered pursuant which the vendee agrees to pay for any alteration or to this section, and (2) he has no knowledge of, and other modification made or to be made to the has no reason to know, any fact by reason of which property as an incident to the sale thereof, and (6) such credit fails to comply with any applicable proany amounts paid by the vendee for closing costs. vision of this regulation. It does not include any prepaid charges, or any (b) Registration. Every person engaged in the accrued rents which will be paid to the vendee. business of extending real estate credit with respect (^) "Residence" 6 means any structure which is to residences, residential property, or multi-unit used or designed for permanent or transient dwell- residential property shall be deemed to be registered ing purposes, and which includes at least one but pursuant to this regulation from the effective date not more than four family units, if the floor space hereof until such time as the Board, by public ancontained in such family units comprises at least nouncement, may require registration statements to one-half of the floor space of such structure. Houses be filed by all, or any specified classes of, such perconnected by common walls and commonly known sons. Should the Board require such registration as "row houses" or "semidetached houses" shall be statements, a person shall continue to be registered considered separate structures. after the time such statements are required only if (/) "Multi-unit residence' 6 means any structure he shall have complied with the requirements of such as an apartment house or apartment hotel the Board's announcement. Every person who is (whether owned cooperatively or otherwise) which registered in accordance with the provisions of this is used or designed for permanent or transient subsection is referred to in this regulation as a dwelling purposes, and which includes more than "Registrant." four family units, if the floor space contained in (^c) Suspension of Registration. Any Registrant such family units comprises at least one-half of the may, after reasonable notice and opportunity for a floor space of such structure. hearing, be suspended by the Board, as to all or as (m) "Family unit" means space which is used to particular activities or particular offices and for or designed for dwelling purposes and which inspecified or indefinite periods, because of any willcludes one or more rooms together with kitchen ful or negligent failure to comply with any profacilities or space designed for kitchen facilities. vision of this regulation. (n) "Residential property" means any real prop- A suspension for a specified period will terminate erty, other than farm property, on which there is or upon the expiration of such period. A suspension is to be a residence or residences. for an indefinite period may be terminated by the (o) "Farm property" means any real property, Board, in its discretion, if the Board is satisfied that other than multi-unit residential property, located its action would not lead to further violations of this outside of urban areas, which is principally used regulation by the suspended Registrant and would for the production of crops, livestock or other agrinot be otherwise incompatible with the public cultural commodities. interest. (p) "Multi-unit residential property" means any real property on which there is or is to be a multi- SECTION 4. EXTENSION OF CREDIT unit residence or multi-unit residences. (a) Amount; Maturity; Amortization. Except as SECTION 3. GENERAL REQUIREMENTS AND REGISTRATION otherwise permitted by this regulation, no Registrant shall, either in connection with a sale or other- (a) General Requirements. No person engaged wise: 6 Structures commonly known as hotels, motels, rooming (1) Extend real estate construction credit with houses, club houses, fraternity or sorority houses, dormitories, hospitals, rest homes, and the like, in which more respect to residential property or multi-unit resithan one-half of the floor space consists of units which do dential property (other than major additions or not include kitchen facilities or space designed for kitchen major improvements) if the amount of credit facilities shall not be deemed to be residences or multi-unit residences. outstanding with respect to the property (in- JANUARY 1951 25 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT eluding any credit exempt from, or not subject dence) and with respect to which the vendee or to the prohibitions of, this regulation) exceeds, transferee assumes, or takes such property subor as a result of such extension of credit would ject to, indebtedness secured by a mortgage or exceed, the applicable maximum loan value of other lien upon such property, if the amount of such property; outstanding credit (including any credit exempt (2) Extend real estate construction credit for from, or not subject to the prohibitions of, this the purpose of financing a major addition or ma- regulation) which was extended after October jor improvement to a residence or multi-unit resi- 12, 1950, (or after January 12, 1951, if it is a sale dence if the amount of credit outstanding for the or transfer of multi-unit residential property) purpose of financing the major addition or ma- with respect to the property exceeds, or as a result jor improvement (including any credit exempt of such sale or transfer would exceed, the applifrom, or not subject to the prohibitions of, this cable maximum loan value of such property, or if regulation) exceeds, or as a result of such ex- any outstanding real estate construction credit tension of credit would exceed, the applicable (subject to and not exempt from this regulation) maximum loan value of such major addition or with respect to such property does not conform major improvement; with the provisions of this regulation and the (3) Extend real estate construction credit for Supplement thereto.7 the purpose of financing the construction of a (£) Secondary Borrowing. Except as otherwise residence on farm property if the amount of permitted by this regulation, no Registrant shall credit outstanding for the purpose of financing extend real estate construction credit if he knows the construction of the residence (including any or has reason to know that there is, or that there is credit exempt from, or not subject to the pro- to be, any other credit extended with respect to the hibitions of, this regulation) exceeds, or as a property 8 (1) which, when added to the credit result of such extension of credit would exceed, proposed to be extended by the Registrant, would the applicable maximum loan value of such cause the total amount of credit outstanding with residence; respect to the property8 (including any credit (4) Extend real estate construction credit if exempt from, or not subject to the prohibitions of, such credit would have a maturity which exceeds this regulation) to exceed the applicable maximum the applicable maximum maturity provisions, or loan value of such property, or (2) which, if it is would be repaid in any manner which does not real estate construction credit subject to and not conform with the applicable amortization pro- exempt from this regulation, does not or would visions, set forth in the Supplement to this regu- not comply with the applicable maximum maturity lation; and amortization provisions set forth in the Sup- (5) Purchase, discount or lend on any credit plement to this regulation. instrument evidencing real estate construction (c) Ascertaining Nature of Credit. No Registrant credit which is subject to and not exempt from shall extend any credit unless he is satisfied, and this regulation, unless the terms of such credit maintains records which reasonably demonstrate on conformed with the provisions of the Supplement their face, whether such credit is or is not real estate to this regulation when such credit was origi- construction credit; provided, however, unless the nally extended or conform with the provisions Registrant has actual knowledge that the credit is of the Supplement at the time of such purchase, real estate construction credit, the requirements of discount or loan; but for the purposes of this this sentence shall not apply (1) to any extension paragraph credit shall be considered to be subject of credit which is made by a bank, savings and loan to the regulation even though extended by a association, or similar institution and which is to person other than a Registrant; be repaid within six months and is fully secured by (6) If the Registrant is acting as principal— withdrawable shares issued by or savings accounts sell, or transfer title to, residential property or 7 For application to three- and four-unit residences, see multi-unit residential property on which there section 6(o). is new construction (which is a residence or 8 As used here, "property" means residential property, multi-unit residential property, a residence on farm property, multi-unit residence or a major addition or major or a major addition or major improvement to a residence or improvement to a residence or multi-unit resi- a multi-unit residence, as the case may be. 26 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT held with the lender, or (2) to any extension of credit to be extended, with respect to the residential credit in the ordinary course of business for a com- property, the residence on farm property, the major mercial, agricultural, or business purpose where the addition or major improvement to a residence, the Registrant, because of a previous course of dealings multi-unit residential property, or the major addior correspondence between himself and the bor- tion or major improvement to a multi-unit resirower, has no reason to believe that the credit is or dence, (4) stating, if the Registrant in computing will be real estate construction credit. The pre- "value" relies upon cost or estimated cost to the ceding sentence does not require that a Registrant borrower (where such cost or estimated cost may obtain a signed statement from each borrower, and be used for this purpose), the bona fide amount of if the Registrant is satisfied that credit is not real such cost or estimated cost to the borrower, and estate construction credit, other kinds of records (5) stating, if the extension of credit is in conmay be used to demonstrate this fact. Such records nection with a sale, the sale price, that the sale price may include, among others, (1) any correspond- was bona fide, and the value and a brief descripence, memoranda, loan applications or other docu- tion of any property accepted in part payment. If ments of any kind, whether or not originating in the extension of credit is in connection with a sale, connection with the credit in question, which on such Statement shall state that the vendor of the the basis of a reasonable interpretation show that property has or will have no financial interest in the credit is not real estate construction credit; or such property or in the proceeds of any subsequent (2) a written endorsement or rubber stamp legend, disposition thereof, except such interest as may be placed upon the credit instrument or upon other fully disclosed to the Registrant. The amount of papers in connection with the credit and signed by any such financial interest of the vendor retained the Registrant-or a responsible officer of the Regis- in the property or any proceeds of the disposition trant, stating that he is satisfied that the credit in thereof shall be deemed to be real estate construcquestion is not real estate construction credit. If, tion credit extended with respect to such property. however, a Registrant desires to obtain, and accepts The Statement of the Borrower may be made, if in good faith, a signed Statement of the Borrower desired, on a form a sample of which is obtainable stating that the credit is not wholly or partly secured at any Federal Reserve Bank or branch. by, or for the purpose of purchasing or carrying, or for the purpose of financing, or one which involves SECTION 5. EXEMPTIONS AND EXCEPTIONS the right to acquire or use, new construction on real (a) Minimum Amount. The prohibitions of subproperty or real property on which there is new sections (a) and (b) of section 4 of this regulation construction (or that such new construction, if any, shall not apply to any extension of credit if the is not a residence or multi-unit residence or a major total amount thereof, including all outstanding addition or major improvement to a residence or credit which was granted after October 12, 1950, multi-unit residence), such Statement shall be with respect to the same property,9 is not in excess deemed to be compliance with the requirements of of $2,500. this subsection. (b) Short-Term Residential Construction Credits. (d) Statement of the Borrower. No Registrant The prohibitions of subsections (a) and (b) of shall extend real estate construction credit unless he section 4 of this regulation shall not apply to any has accepted in good faith a signed Statement of credit which is for the purpose of financing the conthe Borrower (1) stating whether the credit is with struction of a residence or residences or a major respect to (A) residential property, (B) a residence addition or major improvement to a residence, if on farm property, (C) a major addition or a major the maturity of such credit is not more than 18 improvement to a residence, (D) multi-unit resi- months; provided that this exemption shall not be dential property, or (E) a major addition or a major construed to permit any renewal, revision, conimprovement to a multi-unit residence; and (2) solidation, or refinancing of such credit except on stating, if the Registrant claims that such credit terms which conform with the provisions of this is exempt from this regulation, the reason for such exemption; and, if the credit is not exempt, (3) 0 As used here, "property" means residential property, multi-unit residential property, a residence on farm property, stating the amount of credit previously extended or a major addition or major improvement to a residence and outstanding, and the amount of any other or a multi-unit residence, as the case may be. JANUARY 1951 27 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT regulation and the Supplement thereto. If (1) the be used for bona fide medical, hospital, dental, or initial purpose of an extension of credit having funeral expenses, or to pay debts incurred for such a maturity exceeding 18 months is the financing of expenses, and that the proceeds of the extension the construction of a residence or residences or a are to be paid over in amounts specified in such major addition or major improvement to a resi- Statement to persons whose names, addresses and dence and (2) an agreement with respect to the occupations are stated therein. credit requires that (A) within 32 days after com- (<f)- Casualties. The prohibitions of subsections pletion of such construction or the date the Regis- (a) and (b) of section 4 of this regulation shall not trant estimates in good faith the construction will apply to any extension of real estate construction be completed or (B) upon the expiration of a credit as to which the Registrant accepts in good period of not more than 18 months after the ex- faith a signed Statement of the Borrower certifying tension of the credit, whichever shall first occur, that the proceeds thereof are to be used solely for such action must be taken by the parties as may be the replacement, reconstruction or repair of a resinecessary to make the terms of the credit conform dence or multi-unit residence destroyed or subthereafter with the applicable maximum loan value stantially damaged by flood, fire or other similar and the applicable maturity and amortization pro- casualty. visions set forth in the Supplement to this regu- (/) Contracts to Sell. None of the provisions of lation, then in such event the prohibitions of sub- this regulation shall apply to a contract to sell real sections (a) and (b) of section 4 of this regulation property (1) which does not provide for the payshall not apply to such credit until the occurrence ment of any part of the purchase price, or of any of one of the events specified in (A) or (B) above; amount to be subsequently applied to such price, but if at any time after the date of the extension of except a deposit of earnest money, before the transsuch credit, a Registrant sells or transfers title to fer of title to such property, (2) which is to be the property with respect to which the credit is performed by a transfer of title to such property extended, such sale or transfer of title must con- within six months after the date on which the form to the provisions of this regulation and the contract was entered into, and (3) which provides Supplement thereto.10 for the subsequent transfer of title to such prop- (c) Short-Term Multi-Unit Residential Construc- erty on terms which conform to the provisions of tion Credits. The prohibitions of subsections (a) this regulation and the Supplement thereto in and (b) of section 4 of this regulation shall not effect on the date the contract was entered into. apply to any credit which is for the purpose of (g-) Contemplated Construction. Any builder or financing the construction of a multi-unit resi- other person who had made substantial commitdence or a major addition or major improvement ments or undertakings before August 3, 1950, with a to a multi-unit residence and which is extended to view to the building of new construction which is a any person other than the owner of the property residence or a major addition or major improvement and has a maturity of not more than 18 months; to a residence and who asserts that his inability to provided, that this exception shall not be construed obtain credit to finance such new construction on to permit any renewal, revision, consolidation, or the basis contemplated by him and by the Regisrefinancing of such credit except on terms which trant prior to August 3, 1950, would cause him conform with the provisions of this regulation and substantial hardship, may apply to the Federal Rethe Supplement thereto. serve Bank of the district in which the new con- (J) Medical Expenses, Etc. The prohibitions of struction is contemplated for an exemption from subsections (a) and (b) of section 4 of this regula- this regulation for such new construction, showing tion shall not apply to any extension of real estate all the facts and submitting all necessary supportconstruction credit as to which the Registrant ac- ing documents with respect to his commitments or cepts in good faith a signed Statement of the Bor- undertakings and why compliance with the regularower certifying that the proceeds thereof are to tion would cause him substantial hardship. If such Federal Reserve Bank after consideration of the 10 It should be noted that this exemption does not apply to any credit which is for the purpose of financing the con- application and supporting documents determines struction of a multi-unit residence or a major addition or that substantial commitments were made prior to major improvement to a multi-unit residence. However, August 3, 1950, and that substantial hardship would see section 5(c). 28 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT result from the application of this regulation in such residence or a major addition or major improvement case, it may issue to such builder or other person to a multi-unit residence.12 a certificate approving such application and there- (7) Materials, Articles and Services Used in New upon any extension of credit to such builder or Construction. None of the provisions of this reguother person by the Registrant named in such lation shall apply to an extension of credit which certificate with respect to the new construction that is for the purpose of purchasing, or is in connection may be specified in such certificate shall be exempt with a sale of, materials, articles and services for from the prohibitions of subsections (a) and (b) of new construction if the credit is extended on terms section 4 of this regulation. Applications under which provide for a minimum down payment of this subsection must be sent to the Federal Reserve 10 per cent, or a maximum loan value of 90 per Bank prior to March 15, 1951. cent, and for repayment within 30 months by (1) (h) Labor and Material. No person shall be re- substantially equal monthly or weekly payments quired to register pursuant to section 3 of this regu- covering principal and interest or (2) substantially lation because of the fact that he performs labor equal monthly or weekly payments of principal.13 or furnishes material for new construction on an open account, unless he shall be otherwise engaged SECTION 6. MISCELLANEOUS PROVISIONS in the business of extending real estate credit. (0) Evasions. No extension of real estate con- (f\ Credits Secured by Life Insurance Policies. struction credit complies with the requirements of None of the provisions of this regulation shall apply this regulation if at the time it is made there is to an extension of real estate construction credit any agreement, arrangement, or understanding, of which is fully secured by the loan value or cash which the Registrant knows or has reason to know, surrender value of a life insurance policy; and, not- by which credit is or is to be extended in violation withstanding any other provisions of this regula- of this regulation, even though such extension of tion, a Registrant in determining the amount of credit is or is to be made indirectly, or which would credit which he may extend under the provisions otherwise evade or circumvent, or conceal any of section 4 of the regulation need not take into evasion or circumvention of, any provision of this account any credit which is secured in the manner regulation or the Supplement thereto. No Regisspecified in this paragraph. trant extending credit subject to this regulation (;) Farm Property. The prohibitions of sub- shall divide such credit into two or more parts, or sections (a) and (b) of section 4 of this regula- enter into any agreement or understanding with tion shall not apply to any extension of real estate any other person as a result of which two or more construction credit with respect to farm property credits are extended, when the purpose or efTect of unless the extension of credit is for the purpose of such action is to circumvent or avoid the amortizafinancing the construction of a residence on farm tion or maturity provisions of this regulation or property or a major addition or major improvement the Supplement thereto. to a residence on farm property.11 (b) Outstanding Contracts and Obligations. The prohibitions of subsections (a) and (b) of section (^) Exemption for Certain New Construction. The 4 of this regulation shall not apply to or affect (i) prohibitions of subsections (a) and (b) of section any credit with respect to residential property or 4 of this regulation shall not apply to any real a major addition or major improvement to a resiestate construction credit extended prior to May 1, dence if extended prior to October 12, 1950, or 1951, with respect to new construction (1) begun pursuant to any firm commitment to extend credit prior to October 12, 1950, if such new construction made prior to such date, or (ii) any credit with is a residence or a major addition or major improverespect to multi-unit residential property or a ment to a residence, or (2) begun prior to January major addition or major improvement to a multi- 12, 1951, if such new construction is a multi-unit unit residence if extended prior to January 12, 1951, 11 It is to be noted that the term "farm property" as de- or pursuant to any firm commitment to extend fined in section 2(o) does not include multi-unit residential property; accordingly, the location o£ multi-unit residential 12 For application to three- and four-unit residences, see property does not affect the question whether extensions of section 6(0). credit with respect to such property are subject to the 13 It should be noted that in certain circumstances more regulation. restrictive terms would be required by Regulation W. JANUARY 1951 29 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT credit made prior to such date. For this purpose, extending such real estate credit; whether each a firm commitment means either (1) a written credit extended is or is not real estate construction agreement under which the Registrant is required credit with respect to residential property, a farm without option or discretion on his part to extend residence, a major addition or major improvement credit upon demand by the borrower or upon to a residence, multi-unit residential property, or a compliance by the borrower with one or more con- major addition or major improvement to a multiditions referred to in such agreement; or (2) any unit residence; and whether each extension of real other agreement to extend credit with respect to estate construction credit conformed with the proresidential property, a residence, or a major addition visions of this regulation and the Supplement or major improvement to a residence which has thereto. Every such person shall preserve such been entered into in good faith by the parties and records for three years after the extension of such in reliance upon which the prospective borrower or credit, or until the repayment of the credit, whichbuilder has taken specific action prior to October ever period is shorter, provided, however, that if 12, 1950, if the Registrant prior to January 1, 1951, such person sells or transfers an obligation evidencshall have sent to the Federal Reserve Bank of the ing a credit (or releases collateral held as security district in which he does business a letter or other for such credit) and delivers his records relevant to statement reciting the facts with respect to such such credit to the purchaser or transferee, such agreement and the specific action taken by the person need not thereafter maintain such records prospective borrower or builder prior to October 12, with respect to the credit but shall keep a record of 1950; or (3) any other agreement to extend credit the identity of the purchaser or transferee and the with respect to multi-unit residential property or date of such sale or transfer (or such release). a major addition or major improvement to a multi- Every such person shall permit the Board or a unit residence which has been entered into in good Federal Reserve Bank, by its duly authorized reprefaith by the parties and in reliance upon which the sentatives, to inspect such records and business prospective borrower or builder has taken specific operations as the Board or a Federal Reserve Bank action prior to January 12, 1951, if the Registrant may deem necessary or appropriate; and when prior to March 15, 1951, shall have sent to the ordered to do so, shall furnish, under oath or other- Federal Reserve Bank of the district in which he wise, such reports, information, or records relevant does business a letter or other statement reciting the to extensions of credit as the Board or a Federal facts with respect to such agreement and the spe- Reserve Bank may deem necessary or appropriate cific action taken by the prospective borrower or for the enforcement and administration of this builder prior to January 12, 1951.14 regulation.15 (c) Real Property Outside the United States. (^) Default and Foreclosure; Serviceman's Prein- None of the prohibitions of this regulation shall duction Debt. Nothing in this regulation shall be apply to any extension of real estate construction construed to prevent any Registrant from taking credit with respect to real property in Alaska, the such action as he shall deem necessary in good Panama Canal Zone, or any territory or possession faith (1) with respect to any extension of credit to outside the continental United States. any member or former member of the armed forces (d\ Preservation of Records; Inspections; Admin- of the United States which was made to him prior istrative Reports. For the purpose of determining to his induction into such service and assignment whether or not there has been compliance with the to active duty, or (2) for the Registrant's own proprovisions of this regulation, every person extend- tection in connection with any credit which is in ing real estate credit with respect to residences, default and is the subject of a bona fide collection residential property, or multi-unit residential prop- effort by the Registrant. The prohibitions of suberty shall preserve for the period hereinafter spec- sections (a) and (b) of section 4 of this regulation ified such accounts, correspondence, memoranda, shall not apply to an extension of credit by a Regispapers, books, and other records, or photostats or trant in connection with a sale of property acquired other copies thereof, as are relevant to establishing by him through foreclosure proceedings if such whether such person is engaged in the business of 15 The reporting and record-keeping requirements of this 14 For application to three- and four-unit residences, see regulation have been approved by the Bureau of the Budget section 6(o). in accordance with the Federal Reports Act of 1942. 30 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT credit does not exceed the unpaid principal amount State or municipality or the State or municipality of the foreclosed credit, the costs of acquisition has made commitments to furnish funds to assure through foreclosure, and the costs incurred in the repayment. rehabilitation and repair of the property prior to (m) Extension of Credit for Mixed Purposes. In the sale. the case of an extension of credit which is partly (A Right of Registrant to Impose Stricter Require- subject to this regulation and partly not subject ments. Any Registrant, if he desires, may refuse to (or exempt from) the regulation, the amount to extend credit, extend less credit than the amount and terms of the extension of credit will comply permitted by this regulation, or require that repay- with this regulation if they satisfy the requirements ment be made within a shorter period or in larger of this regulation applicable to the subject portion. instalments than prescribed in the Supplement to (#) Calculation of Maximum Maturity. In calcuthis regulation. lating the maximum maturity of credit subject to (g-) Reliance upon Statement of the Borrower. The this regulation, a Registrant may use, at his option, facts set forth in any signed Statement of the Bor- as "the date such credit is extended," any date not rower which a Registrant accepts and relies upon more than 32 days subsequent to the actual date in good faith shall be deemed to be correct for the such credit is extended. purposes of the Registrant. (0) Three- and Four-Unit Residences. Notwith- (A) False Statements. The making or submission standing any other provision of this regulation, the by any person of any false, fictitious or fraudulent provisions of sections 4(<z)(6), 5(^), and 6(b) statement or representation pursuant to, or which of this regulation which are applicable to multiis intended to conform to, or show compliance unit residences shall be applicable to residences conwith, any requirement or provision of this regula- taining three or four family units. tion, shall be a violation of this regulation. SUPPLEMENT TO REGULATION X (/) Statutory Penalties. The Act provides that As amended effective January 12, 1951 "Any person who willfully violates any provision of section # * # 602 (relating to real estate con- SCHEDULE I. ONE- TO FOUR-UNIT RESIDENTIAL struction credit) or any regulation or order issued PROPERTY AND FARM RESIDENCES thereunder, upon conviction thereof, shall be fined Maximum Loan Value. For the purposes of Regnot more than $5,000 or imprisoned not more than ulation X, maximum loan values for all residential one year, or both." property, farm residences, and major additions and (j) Enforceability of Contracts. Nothing in this major improvements to residences are prescribed as regulation shall affect the enforceability of any set forth in the following table. In the table, (1) contract. the term "value" means the value of the residential (y^) Veterans Programs under State Law. Nothing property, farm residence, or major addition or in this regulation shall be construed as prohibiting major improvement, as the case may be, determined a State (as distinguished from any other person in accordance with section 2(/) of the regulation, affected by this regulation) from according rights and (2) the term "value per family unit" means an and preferences to eligible veterans by extending, amount computed by dividing "value" by the guaranteeing or insuring, in whole or in part, real number of family units in the structure or proestate construction credit pursuant to State legis- posed structure to which the credit relates. Where lation similar in purpose or effect to Title III of a major addition or major improvement will change the Servicemen's Readjustment Act of 1944, as the number of family units, the value per family amended, provided that the terms of the credit units shall be computed on the basis of the number are no more liberal than are currently permitted of family units which the residence will contain in the case of comparable loans insured or guar- after the addition or improvement has been comanteed under that Act. pleted. In the case of credit extended with respect (/) State Housing Programs. Nothing in this reg- to residential property or farm residences involving ulation shall prohibit extensions of credit to public more than one structure, the maximum loan value corporations created pursuant to a public housing may be applied separately with respect to each such program of a State or municipality where such structure or with respect to the entire property or credit is extended, insured, or guaranteed by the all such residences, at the election of the Registrant. JANUARY 1951 31 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT If the value per family The maximum loan substantially equal monthly, quarterly, semiannual, unit is value is or annual payments of principal. The value referred to in the preceding sentence shall be deter- Not more than $5,000 of value mined as of the date the credit was extended in More than $5,000 but $4,500 plus 65% of the manner provided in section 2(/) of the regunot more than $9,000 excess of value over lation. If the amount of the credit when extended $5,000 is not more than 50 per cent of such value, such More than $9,000 but $7,100 plus 60% of credit shall not be subject to the amortization pronot more than $15,000 excess of value over visions of this paragraph. $9,000 More than $15,000 but $10,700 plus 20% of not more than $20,000 excess of value over SCHEDULE II. MULTI-UNIT RESIDENTIAL PROPERTY $15,000 More than $20,000 but $11,700 plus 10% of Maximum Loan Value. For the purposes of Regnot more than $24,250 excess of value over ulation X, maximum loan values for all multi-unit $20,000 residential property and major additions and major Over $24,250 50°/ of value improvements to multi-unit residences are prescribed as set forth in the following table. In the table, (1) the term "value" means the value of the Maturity. For the purposes of Regulation X, the following maturity requirements are prescribed for multi-unit residential property, or major addition credit with respect to residential property, farm or major improvement, as the case may be, deterresidences, and major additions and major im- mined in accordance with section 2(7) of the reguprovements to residences: No such credit subject lation, and (2) the term "value per family unit" to the regulation shall have a maturity of more than means an amount computed by dividing "value" 20 years from the date such credit is extended by the number of family units in the structure or except that a credit extended with respect to prop- proposed structure to which the credit relates. erty having a value (determined as provided in Where a major addition or major improvement section 2(i) of the regulation) of $7,000 or less will change the number of family units, the value may have a maturity of not more than 25 years per family unit shall be computed on the basis of if it is to be fully repaid at or before the date of the number of family units which the multi-unit maturity through amortization on the basis pre- residence will contain after the addition or imscribed in clause (2) of the following paragraph provement has been completed. In the case of relating to amortization: credit extended with respect to multi-unit resi- Amortization. For the purposes of Regulation X, dential property involving more than one such the following amortization requirements are pre- multi-unit residence, the maximum loan value scribed for credit with respect to residential propshall be applied separately with respect to each such erty, farm residences, and major additions and multi-unit residence or with respect to the entire major improvements to residences: With respect property, at the election of the Registrant. to every such credit subject to the regulation, amortization payments shall be required which either (1) will annually reduce the original prin- If the value per family The maximum loan cipal amount of such credit by not less than 5 per unit is value is cent until the outstanding balance of such credit has been reduced to an amount equal to or less than Not more than $7,000 83% of value 50 per cent of the value of the property with More than $7,000 but $5,810 plus 53% of respect to which such credit was extended or (2) not more than $15,000 excess of value over will fully liquidate the original principal amount $7,000 of such credit not later than the date of the More than $15,000 but $10,050 plus 20% of maturity of the credit through substantially equal not more than $23,500 excess of value over monthly, quarterly, semiannual, or annual pay- $15,000 ments covering principal and interest or through Over $23,500 32 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Loan Values Computed on Family Unit Basis Commodity Credit Corporation Loans An inquiry has been received concerning the The maximum loan values set out in the right application of Regulation X to loans which are hand column in each of the two tables in the Supmade by banks and other lending agencies pursuant plement to Regulation X, as amended January 12, to commodity loan programs of the Commodity 1951, are maximum loan values per family unit and Credit Corporation and which the Commodity should be computed on the basis of value per family Credit Corporation is committed to purchase. It unit. In the case of a property containing more is the Board's view that such loans should be regarded for this purpose as loans guaranteed by than one family unit the maximum loan value for a wholly owned Government corporation and that, the entire property should be computed by multitherefore, they do not constitute real estate construcplying the maximum loan value per family unit tion credit as defined in section 2(e) of Regulation by the number of family units. X and are not subject to Regulation X. JANUARY 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS Changes in Board's Organization December 31, 1950. Mr. Morrill became associated The Board of Governors on December 20, 1950, with the Board on October 7, 1931, as Secretary of announced that it had created a new Division of the Board and served as such until July 1, 1945, Selective Credit Regulation for the purpose of con- when he was appointed Special Adviser to the solidating staff work on consumer credit (Regu- Board. He was Secretary of the Federal Open lation W), real estate credit (Regulation X), and Market Committee from March 1, 1936 until his defense production loans (Regulation V). The retirement. new Division assumed the functions previously per- Dwight L. Allen, who has been serving as Performed by the Division of Bank Operations in the sonnel Assistant since November 10, 1948, was field of consumer credit, by the Office of Real Estate appointed Assistant Director of the Division of Credit which has been discontinued, and by staff Personnel Administration effective January 8, 1951. members in connection with defense production Mr. Allen became associated with the Board of loans. Governors as a Personnel Technician in the Divi- Mr. Arthur Phelan, Vice President of the Federal sion of Personnel Administration on January 4, Reserve Bank of New York, was appointed Acting 1944. Director of the Division of Selective Credit Regula- Joseph E. Kelleher, who became associated with tion. Mr. Phelan, who has been an officer of the the Board of Governors on July 19, 1937, was Federal Reserve Bank of New York for many years, appointed Assistant Director of the Division of has had the responsibility in that Bank for the Administrative Services effective January 9, 1951. administration of Regulations V, W, and X. Mr. Kelleher has been serving as Assistant to the Mr. Guy E. Noyes, who has been serving as Director of the Division since August 9, 1946. Assistant Administrator of the Office of Real Estate Kenneth B. Williams, who became associated Credit, was appointed an Assistant Director of the with the Board of Governors on December 24, 1941, new Division. Mr. Gardner L. Boothe, II, formerly as an Associate Economist in the Division of Re- Assistant Director of the Division of Administrasearch and Statistics, was appointed an Assistant tive Services, was appointed also as an Assistant Director of that Division effective January 11, 1951. Director of the new Division. Mr. Williams' entire service with the Board has Last summer, in anticipation of the passage of the been with the Division of Research and Statistics Defense Production Act, the Board of Governors wrhere he has been serving as Acting Assistant obtained on a temporary basis the services of Mr. Director since October 6, 1950. Charles T. Fisher, Jr., President of the National Susan S. Burr, who has been Assistant to the Bank of Detroit. As Administrator of the Office Director of the Division of Research and Statistics of Real Estate Credit and Administrator of the V since October 17, 1948, was appointed Assistant loan program he directed the staff and liaison work Director effective January 11, 1951. Miss Burr in the development and administration of these joined the Board's Division of Research and Statisactivities. Mr. Fisher continues as a Special Contics on January 14, 1935. sultant with respect to financial and credit matters including all three of the activities consolidated in Appointment of Mr. Attebery as First Vice President the new Division. Mr. W. A. Clarke, President of of the Federal Reserve Bank of St. Louis W. A. Clarke Mortgage Company, Philadelphia, Mr. O. M. Attebery, who has been serving as a and Dr. Raymond J. Saulnier of Columbia Univer- Vice President, was appointed First Vice President sity, who have been serving as consultants on real of the Federal Reserve Bank of St. Louis to succeed estate credit, continue to serve in that capacity. Mr. F. Guy Hitt who resigned effective January 3, Changes in Board's Staff 1951. Mr. Attebery has been a member of the Chester Morrill, Special Adviser to the Board, Bank's staff since November 13, 1914, and has retired from active service with the Board effective served as an officer since January 3, 1917. 34 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS Appointments of Branch Directors Milburn succeeds Mr. W. A. Denecke, a livestock Mr. William M. Day, Vice President and Gen- rancher of Bozeman, Montana, who resigned, eral Manager, Michigan Bell Telephone Company, Resignations of Branch Directors Detroit, Michigan, was appointed a director of the -r-rr • T^ I ^ mr^ i ™ 1 r r> ^ . ' , r i i i i ^ T. i r Effective December 31, 1950, the Board of Gov- Detroit Branch or the Federal Reserve Bank or J u • • £ A/T u r> ernors accepted the resignation or Mr. Ben R. Chicago effective January 1, 1951, for the unexpired Michigan Bell Tele- Marsh? chairman of the Boardj portion of the term ending December 31, 1951. Company, Detroit, Michigan, as a director phone Mr. Day succeeds Mr. Ben R. Marsh of Detroit, f Detroit Branch of the Federal Reserve Bank o tne Michigan, who resigned. of Chicago. Mr. Marsh had served as a director of Mr. Pierre B. McBride, President, Porcelain the Detroit Branch since January 1, 1948. Metals Corporation, Louisville, Kentucky, was ap- Effective December 31, 1950, the Board of Govpointed a director of the Louisville Branch of the ernors accepted the resignation of Mr. W. A. Federal Reserve Bank of St. Louis effective Janu- Denecke, a livestock rancher of Bozeman, Montana, ary 1, 1951, for the unexpired portion of the term as a director o£ the Helena Branch of the Federal ending December 31, 1951. Mr. McBride succeeds Reserve Bank of MinneaPolls- Mr. Denecke had Mr. John W. Taylor, President, University of Louis- frved as, a *™*°T °£ the Hdena Bnmch SinCC •n T • -it V i i • i January 1, 1950. ville, Louisville, Kentucky, who resigned. ^^ Dcccmbcr 31> 1950? the Federal Reservc On January 12, 1951, the Board of Governors Bank o£ Kansas city accepted the resignation of announced the appointment of Mr. G. R. Milburn, ident, The First National Mr> T> D> Alleri) Pres Manager, N-Bar Ranch, Grass Range, Montana, k f Eagle County, Eagle, Colorado, as a di- Ban o as a director of the Helena Branch of the Federal tor of the Denver Branch. Mr. Allen had served rec Reserve Bank of Minneapolis for the unexpired por- as a director of the Denver Branch since January tion of the term ending December 31, 1951. Mr. 1, 1947. Appointments of Chairmen, Deputy Chairmen, and Directors The following designations and appointments at the Federal Reserve Banks and branches have been made by the Board of Governors of the Federal Reserve System. CHAIRMEN AND FEDERAL RESERVE AGENTS FOR YEAR 1951 Federal Reserve Ban\ Name of Appointee Boston . . * Harold D. Hodgkinson of Boston, Massachusetts New York . . . . Robert T. Stevens of South Plainfield, New Jersey Philadelphia .. . Warren F. Whittier of Chester Springs, Pennsylvania Cleveland . . .George C. Brainard of Cleveland, Ohio Richmond . . Charles P. McCormick of Baltimore, Maryland Atlanta .... ... Frank H. Neely of Atlanta, Georgia Chicago . . .F. J. Lunding of Highland Park, Illinois St. Louis ... ... Russell L. Dearmont of St. Louis, Missouri Minneapolis . . .Roger B. Shepard of St. Paul, Minnesota Kansas City . .... Robert B. Caldwell of Kansas City, Missouri Dallas . . . . J. R. Parten of Houston, Texas San Francisco . Brayton Wilbur of Burlingame, California DEPUTY CHAIRMEN FOR YEAR 1951 Boston * Ames Stevens of North Andover, Massachusetts New York William I. Myers of Ithaca, New York * Indicates position filled by a new incumbent. JANUARY 1951 35 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS DEPUTY CHAIRMEN FOR YEAR 1951—Continued Federal Reserve Ban\ Name of Appointee Philadelphia . . . . C. Canby Balderston of Media, Pennsylvania Cleveland . . * John C. Virden of Shaker Heights, Ohio Richmond John B. Woodward, Jr., of Newport News, Virginia Atlanta . Rufus C. Harris of New Orleans, Louisiana Chicago . ... John S. Coleman of Detroit, Michigan St. Louis Wm. H. Bryce of Memphis, Tennessee Minneapolis W. D. Cpchran of Iron Mountain, Michigan Kansas City Robert L. Mehornay of Kansas City, Missouri Dallas R. B. Anderson of Vernon, Texas San Francisco Harry R. Wellman of Berkeley, California CLASS C DIRECTORS (Appointed for three-year terms beginning January 1, 1951) New York . .Robert T. Stevens of South Plainfield, New Jersey Philadelphia C. Canby Balderston of Media, Pennsylvania Cleveland * John C. Virden of Shaker Heights, Ohio Richmond Charles P. McCormick of Baltimore, Maryland Atlanta . .Frank H. Neely of Atlanta, Georgia Chicago Allan B. Kline of Vinton, Iowa St. Louis Wm. H. Bryce of Memphis, Tennessee Minneapolis Roger B. Shepard of St. Paul, Minnesota Kansas City . . Robert L. Mehornay of Kansas City, Missouri Dallas G. A. Frierson of Shreveport, Louisiana San Francisco Wm. R. Wallace, Jr., of San Francisco, California BRANCH DIRECTORS Federal Reserve Ban\ and Branch Name of Appointee New Yor\ Buffalo . . . * Robert C. Tait of Pittsford, New York Cleveland Cincinnati ... ... * Granville R. Lohnes of Dayton, Ohio Pittsburgh .... . * H. A. Roemer, Jr., of Sharon, Pa. Richmond Baltimore . James M. Shriver of Union Mills, Maryland Charlotte R. E. Ebert of Greenville, South Carolina Atlanta Birmingham . . John M. Gallalee of University, Alabama Jacksonville Marshall F. Howell of Jacksonville, Florida Nashville C. E. Brehm of Knoxville, Tennessee New Orleans H. G. Chalkley, Jr., of Lake Charles, Louisiana * Indicates position filled by a new incumbent. 36 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS BRANCH DIRECTORS—Continued Federal Reserve Ban\ and Branch Name of Appointee Chicago Detroit . . ... *f John A. Hannah of East Lansing, Michigan St. Louis Little Rock * Samuel B. Strauss of Little Rock, Arkansas Louisville Alvin A. Voit of Louisville, Kentucky Memphis M. P. Moore of Senatobia, Mississippi Minneapolis Helena . . . . f John E. Corette, Jr., of Butte, Montana Kansas City Denver *}• G. Norman Winder of Craig, Colorado Oklahoma City.... f Ruf us J. Green of Duncan, Oklahoma Omaha t Fred S. Wallace of Gibbon, Nebraska Dallas El Paso Hal Bogle of Dexter, New Mexico Houston Herbert G. Sutton of Colmesneil, Texas San Antonio Edward E. Hale of Austin, Texas San Francisco Los Angeles. . f Fred G. Sherrill of San Marino, California Portland f R. B. Taylor of Adams, Oregon Salt Lake City. . t Merle G. Hyer of Lewiston, Utah Seattle *f Ralph R. Sundquist of Yakima, Washington * Indicates position filled by a new incumbent. t Indicates appointment for two-year term beginning Jan. 1, 1951. All other appointments are for three-year terms. The new appointees are as follows: Federal Reserve Bank of Boston Mr. Harold D. Hodgkinson of Boston, Massachusetts, who has been a Class C director of the Federal Reserve Bank of Boston since January 1, 1947, and Deputy Chairman since January 1, 1948, was designated Chairman and Federal Reserve Agent for the year 1951. Mr. Hodgkinson is Vice President, General Manager and Chairman of Management Board, Wm. Filene's Sons Company, Boston, Massachusetts. Mr. Ames Stevens of North Andover, Massachusetts, who has been a Class C director of the Federal Reserve Bank of Boston since July 26, 1948, was appointed Deputy Chairman for the year 1951. Mr. Stevens is Treasurer and Director, Ames Worsted Company, Lowell, Massachusetts. Federal Reserve Bank of Cleveland Mr. John C. Virden of Shaker Heights, Ohio, was appointed a Class C director of the Federal Reserve Bank of Cleveland for a three-year term beginning January 1, 1951, and Deputy Chairman for the year 1951. Mr. Virden is Chairman of the Board, John C. Virden Company, Cleveland, Ohio. JANUARY 1951 37 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS The new appointees are as follows: Continued Branches Federal Reserve Bank of New York Mr. Robert C. Tait of Pittsford, New York, was appointed a director of the Buffalo Branch of the Federal Reserve Bank of New York for a three-year term beginning January 1, 1951. Mr. Tait is President of the Stromberg-Carlson Company, Rochester, New York. Federal Reserve Bank of Cleveland Mr. Granville R. Lohnes of Dayton, Ohio, was appointed a director of the Cincinnati Branch of the Federal Reserve Bank of Cleveland for a three-year term beginning January 1, 1951. Mr. Lohnes is Treasurer of the National Cash Register Company, Dayton, Ohio. Mr. H. A. Roemer, Jr., of Sharon, Pennsylvania, was appointed a director of the Pittsburgh Branch of the Federal Reserve Bank of Cleveland for a three-year term beginning January 1, 1951. Mr. Roemer is President of the Sharon Steel Corporation, Sharon, Pennsylvania. Federal Reserve Bank of Chicago Mr. John A. Hannah of East Lansing, Michigan, was appointed a director of the Detroit Branch of the Federal Reserve Bank of Chicago for a two-year term beginning January 1, 1951. Mr. Hannah is President of Michigan State College, East Lansing, Michigan. Federal Reserve Bank of St. Louis Mr. Samuel B. Strauss of Little Rock, Arkansas, was appointed a director of the Little Rock Branch of the Federal Reserve Bank of St. Louis for a three-year term beginning January 1, 1951. Mr. Strauss is President of Pfeifers of Little Rock, Little Rock, Arkansas. Federal Reserve Bank of San Francisco Mr. Ralph R. Sundquist of Yakima, Washington, was appointed a director of the Seattle Branch of the Federal Reserve Bank of San Francisco for a two-year term beginning January 1, 1951. Mr. Sundquist is an orchardist at Yakima, Washington. Admission of State Bank to Membership in the Federal Reserve System The following State bank was admitted to membership in the Federal Reserve System during the period November 16, 1950 to December 15, 1950: Louisiana Kenner—Merchants Trust & Savings Bank. 38 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled December 28 and released for publication December 30] Most measures of business activity were main- leveled off after advancing sharply in earlier months. tained at record levels during November and De- Activity in the aircraft, shipbuilding, and railroad cember. Further marked increases occurred in equipment industries was also far above the levels prices, wages, and bank credit. Additional Fed- prevailing earlier in the year. eral measures, including the declaration of a na- Output in most nondurable goods industries tional emergency, were undertaken to stabilize continued at the exceptionally high level of the the economy and expedite the defense production preceding three months. Production of chemicals program. continued to rise. As a result of Federal orders to curtail consumption of rubber for civilian pur- INDUSTRIAL PRODUCTION poses, activity in the rubber products industry was reduced from the record October rate. The Board's index of industrial production was 215 per cent of the 1935-39 average in November EMPLOYMENT as compared with the revised October figure of 217. This small decline reflected mainly the tem- Employment in nonagricultural establishments, porary effects of severe weather on coal and steel allowing for seasonal changes, was maintained in output at the end of the month, and some curtail- November at the record October level of 45.4 milment of activity in the automobile industry ac- lion persons. Manufacturing employment leveled companying model changeovers. In December, off after expanding by about 1.6 million persons the index is expected to remain at the November in the preceding nine months. Federal Governlevel. ment defense employment continued to increase substantially. Steel production declined 5 per cent in November, while output in most other durable goods Wage rates have continued to advance. In midindustries increased further. Activity in machinery November average hourly earnings of factory workindustries reached a rate of 307 per cent of the ers were $1.51. This was 7 per cent above the level 1935-39 average as compared with 265 at mid- at the beginning of the year. year and 229 at the beginning of the year. The CONSTRUCTION November rise in machinery reflected further gains in output of producers equipment; output Value of contracts awarded in November for of radios, television sets, and household appliances EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS INDUSTRIAL PRODUCTION 46 f P 2 ER 6 C 0 ENT PER 44 TOT / MANUFACTURING / / 240 42 I 220 220 40 200 / \ / 200 38 - TRADE \ V 0 180 J V l\ i/ 180 • NANCE A ;E 6 GOVERNKENT-— 160 V 160 4 •— TRA } UTILITI:IOsN 140 140 2 CONS TRUCTION 120 120 0 1948 1950 1950 100 ^J 100 Bureau of Labor Statistics' data adjusted for seasonal varia- 1942 1943 1944 1945 1946 1947 1948 1949 1950 tion by Federal Reserve. Proprietors and domestic servants Federal Reserve index. Monthly figures, latest shown are for are not included. Midmonth figures, latest shown are for November. November. JANUARY 1951 39 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS most types of private construction showed only the Economic Stabilization Agency announced a small seasonal declines. Awards for manufactur- system of pricing standards and requested that in ing buildings rose contraseasonally and their total general prices not be advanced beyond the levels value this year will probably be almost double the prevailing on December 1. 1949 volume. The number of housing units The consumers price index advanced .5 per cent started continued to decline from earlier very high in November as prices of apparel and houselevels and in November amounted to 85,000 as furnishings rose further. compared with 103,000 in October. Starts in November of this year were 11,000 less than in No- BANK CREDIT vember 1949. Loans at commercial banks increased substan- DISTRIBUTION tially further during November and the first three weeks of December. Business loans continued to Department store sales showed somewhat more show increases greater than might be expected than their usual sharp expansion in the first three seasonally. The rate of growth, however, for real weeks of December, reflecting in part a marked estate and consumer loans continued to slacken pickup in sales of household durable goods, which somewhat. Since June, total loans and corporate had been declining in October and November from and municipal security investments of banks in earlier record levels. Total department store sales leading cities have increased by over 6 billion in the first half of December were about 5 per cent dollars. This is the largest expansion in these loans larger than in the corresponding period last year. and investments on record. Value of department store inventories at the end A strong seasonal outflow of currency into circuof November was about one-fifth greater than lation, which totaled about three-quarters of a bilin the same month a year ago. lion dollars, reduced bank reserves during Novem- COMMODITY PRICES ber and the first three weeks of December. Continued reductions in monetary gold stock also ab- Wholesale prices rose further in December, sorbed reserves. These changes were offset by with agricultural commodities showing the largest increases over the same period in Federal Reserve gains. Grain prices reached new highs for the System holdings of Government securities of about year and prices of livestock and products, which one billion dollars. had declined seasonally in September and October, were advancing again. SECURITY MARKETS Early in December steel prices were raised an average 6 per cent and increases were announced Yields on Government securities showed little for a variety of goods, including automobiles, ma- change during the first three weeks of December. chinery, petroleum products, and wool carpets. Prices of common stocks rose, following a marked In some cases these increases were canceled when decline in the last week of November. DEPARTMENT STORE SALES AND STOCKS WHOLESALE COMMODITY PRICES { PER PER CENT I92G = IOO PER CENT P3ER5 C0ENT 1 ft J 200 FARM PRODUCTS f^ iv. l * »/' f 300 i Al • \ " j\A V J\ 180 . i V l J 1 P * 1 J COMM A O L D L I TIES V 1 J \ 1STOCKS 160 250 f/f 1 I H J i •> ! 140 • OTHER ^HAN FARM ANDFOOD 200 A i r i i 120 150 ^—« 100 100 80 «^ SAMPLE. I942 I943 I944 I945 I946 1947 1948 1949 1950 Federal Reserve indexes. Monthly figures, latest shown are Bureau of Labor Statistics' indexes. Weekly figures, latest for December. shown are for week ending Dec. 27. 40 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGE Member bank reserves, Reserve Bank credit, and related items 43-44 Federal Reserve Bank discount rates; rates on industrial loans; rates on time deposits; reserve requirements; margin requirements. 44-45 Federal Reserve Bank statistics 46-50 Deposits and reserves of member banks; bank suspensions. . 50-51 Money in circulation... 52-53 Bank debits and deposit turnover; Postal Savings System 53 All banks and the money supply 54 All banks in the United States, by classes 55-57 All insured commercial banks in the United States, by classes 58-59 Weekly reporting member banks 60-63 Number of banking offices on Federal Reserve par list and not on par list 64 Commercial paper, bankers' acceptances, and brokers' balances. 65 Money rates; bank rates on business loans; bond yields. . 66 Security prices and new issues 67-68 Corporate sales, profits, and dividends. . 69-70 Treasury finance 71-73 Government corporations and credit agencies. . 74 Business indexes 75-84 Department store statistics. . 85-88 Cost of living. . 88 Wholesale prices . . 89 Gross national product, national income, and personal income 90-91 Consumer credit statistics 92-94 Current statistics for Federal Reserve chart books. . 95-99 December crop report, by Federal Reserve districts. 99 Tables on the following pages include the principal available statistics of current significance relating to financial and business developments in the United States. The data relating to the Federal Reserve Banks and the member banks of the Federal Reserve System are derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained principally from statements of the Treasury, or of the agencies concerned; data on money and security markets and commodity prices and other series on business activity are obtained largely from other sources. Back figures for banking and monetary tables, together with 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. 41 JANUARY 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS BILL10jjS_0_F DOLLARS WEDNESDAY FIGURES MONEY IN CIRCULATION RESERVE BANK I CREDIT MEMBER BANK RESERVE BALANCES TREASURY CASH AND DEPOSITS. NONMEMBER DEPOSITS 1942 1943 1944 1945 1946 1947 (949 1950 TOTAL RESERVE BANK HOLDINGS OF U. S. GOVERNMENT SECURITIES 15 10 NOTES AND CERTIFICATES I 0 _ - .^ 1943 1944 1945 1946 1947 1948 1949 1950 Wednesday figures, latest shown are for December 27. See page 43. 42 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Member bank reserve balances Date or period c v o D a a a u n n i d s c n d - - e ts s To U t . a l S. s e G B c o u o n r v i d e ti s r e n s m c c B e e a r i n t t l e i l t f s s i , , - ot A h l e l r1 Total s G to o c ld k T s r t o c e u r i a u e u n n r n a r y g c t d - - s y - - M i c n t u o io l c n a n i e - r y - T h c i r u o n a e r l g s a y d h s s - - F u T B p e s r w r o R e d y a e r i s e n e t a v i d - r h k t s e a e s s - l - b p m N e o r e o s m d n it e - s - - c O s F o e R e a t e r u r c e h a d v - n - l e - e t r s Total qu R ir e e - d* c E e x ss - * and notes Wednesday figures: 1949—Nov. 2 61117,533 7,536 9,997 272 18,416 24,583 4,591 27,382 1,318 545 ,219 69016,437 15,319 1,118 Nov. 9 31917,706 7,535 10,171 160 18,18524,532 4,592 27,528 1,312 415 ,220 69016,145 15,262 883 Nov. 16 17,789 7,532 10,257 438 18,351 24,530 4,592 27,397 ,323 408 ,224 69016,432 15,346 1,086 Nov. 23 133 17,669 7,513 10,156 289 18,09124,530 4,596 27,508 ,315 410 ,306 69115,987 15,361 626 Nov. 30 17,682 7,513 10,169 18,26724,479 4,596 27,543 ,317 517 .238 68916,038 15,367 671 Dec. 7 40717,931 7,512 10,419 289 18,628 24,477 4,596 27,699 ,309 441 ,271 69016,291 15,395 896 Dec. 14 10718,169 7.512 10,657 455 18,73124,476 4,596 27,701 ,314 393 ,273 69016,433 15,561 872 Dec. 21 12818,538 7,237 11,301 842 19,50824,427 4,595 27,833 ,309 1,027 ,267 75616,337 15,523 814 Dec. 28 14218,789 7,231 11,558 448 19,379 24,427 4,598 27,765 ,314 987 ,281 75816.299 15,462 837 1950—Jan. 4. 9518,829 7,212 11,617 547 19,47124,427 4,597 27,551 ,319 547 ,304 71917,055 15,597 1,458 Jan. 11 9918,230 7,165 11,065 315 18,64424,426 4,596 27,311 ,313 255 ,382 71916,686 15,593 1,093 Jan. 18. 17,872 7,134 10,738 414 18,38324,426 4,596 27,121 ,315 381 ,380 71916,487 15,630 857 Jan. 25 17,764 7,130 10,634 416 18,300 24,425 4,596 26,913 ,321 539 ,408 72116,419 15,617 802 Feb. 1 456 17,855 7,103 10,752 309 18,620 24,395 4,599 26.928 ,318 637 ,478 72116,532 15,534 998 Feb. 8 223 17,656 6,969 10,687 267 18,14624,345 4,598 26,985 ,313 366 ,432 72716.265 15,456 809 Feb. 15 267 17,781 6,920 10,861 533 18,58124,343 4,598 26,993 ,313 671 .419 72816,400 15,383 1,017 Feb. 21 9417,625 6,887 10,738 373 18,09224,345 4,598 27,019 ,311 380 ,419 73116,176 15,428 748 Mar. 1 314 17,757 6,840 10,917 383 18,45424,345 4,600 27,060 ,316 555 ,444 73616,288 15,347 941 Mar. 8 87 17,846 6,804 11,042 431 18,36324,345 4,601 27.105 ,322 433 .454 73916,258 15,261 997 Mar. 15 17,791 6,615 11,176 402 18,26424,320 4,601 27.023 ,307 9 ,315 75916,771 15,405 1,366 Mar. 22 17,573 6,529 11,044 277 18,03624,271 4,600 26,972 ,308 759 ,139 76115,969 15,324 645 Mar. 29. 36517,516 6,415 11,101 263 18,14424,246 4,599 26,969 ,321 997 ,155 76615,782 15,268 514 Apr. 5. 16817,572 6,357 11,215 392 18,13224.246 4,601 27,133 ,317 622 ,167 76915,971 15,209 762 Apr. 12. 17.597 6,327 11,270 311 18,06824,247 4,600 27.072 ,313 587 ,177 76915,996 15,248 748 Apr. 19 13717,410 6.220 11,190 381 17,92824,247 4,600 26,992 ,319 647 ,261 77115,786 15,265 521 Apr. 26 21817,640 6,204 11,436 18,14124,247 4,600 26,962 ,316 833 ,208 77215,898 15,243 655 May 3 17,711 6,098 11,613 359 18,19224,247 4,602 27,051 ,326 678 ,287 71315,986 15,224 762 May 10 17,591 5,976 11,615 297 17,97824,249 4,602 27,041 ,318 533 ,314 71715,907 15,147 760 May 17 7917,401 5,911 11,490 521 18,00124.230 4,601 26.980 ,294 426 ,293 71616,123 15,275 848 May 24. 10617,290 5,854 11,436 288 17,683 24,230 4,601 26,908 ,292 428 ,246 71815,922 15,305 617 May 31 30617,389 5,802 11,587 239 17,93524,231 4,606 27,090 ,309 588 ,254 71815,814 15,288 526 June 7. 9417,672 5,726 11,946 377 18,14324,232 4,605 27,079 ,309 472 ,321 73316,067 15,350 717 June 14 7917 693 5,681 12,012 498 18,270 24,232 4,604 26,993 ,304 319 ,447 73516,309 15,433 876 June 21 7417,679 5,650 12,029 508 18,26124,231 4,604 26,926 ,294 529 ,395 78416,169 15,522 647 June 28 6918,217 5,644 12,573 281 18,56724,230 4,608 27,026 ,306 866 ,441 77815,988 15,462 526 July 5 83 18,586 5,555 13.031 281 18,950 24,231 4.607 27,315 .302 645 ,470 80216,254 15,463 791 July 12 6518,294 5,411 12,883 399 24,207 4.606 27,169 ,309 383 ,457 80416,448 15,544 904 July 19. 19917,869 5,286 12,583 407 18,475 24,207 4,606 27,029 ,310 525 ,462 80416,157 15,527 630 July 26. 350 17,964 4,997 12,967 322 18,636 24,157 4,605 26,915 ,315 504 ,439 80916,415 15,585 830 Aug. 2 30118,143 4,860 13,283 318 18,762 24,136 4,609 27,000 ,304 564 .487 75716,395 15,553 842 Aug. 9 26318,349 4,791 13,558 292 18,904 24,035 4.608 27,015 ,309 667 ,431 75916,366 15,535 831 Aug. 16 18,334 4,691 13.643 18,889 23,954 4.608 26,976 ,309 717 ,392 75916,298 15,613 685 Aug. 23 18,577 5,440 13,137 18,883 23,803 4 609 26,963 ,308 562 .272 74816,442 15,686 756 Aug. 30 107 18,584 6,551 12,033 288 18,979 23,752 4.611 27.042 ,308 676 ,304 72816,285 15,767 518 Sept. 6 18,942 7,284 11,658 396 19,438 23,577 4,613 27,259 ,311 511 ,220 71616,611 15,747 864 Sept. 13 19,064 8,233 10,831 19,665 23,576 4,613 27,151 ,305 648 ,182 70316,865 15,934 931 Sept. 20 18,526 3,731 14,795 591 19,169 23,525 4,613 27,081 ,301 654 ,204 76816,299 15,946 353 Sept. 27. 12019,353 3,773 15,580 601 20,075 23,474 4,614 27,060 ,307 1,144 ,190 76216,699 15,837 862 Oct. 4. 4519,375 3,824 15,551 55: 19,972 23,482 4,617 27,188 ,308 848 ,288 81316,626 15,848 778 Oct. 11 6819,507 3,923 15,584 47( 23.432 4,618 27,339 ,316 508 ,332 81016,789 15,829 960 Oct. 18. 3919,506 3,979 15,527 88120,426 23,291 4,617 27,228 ,313 449 ,292 80717,245 15,995 1,250 Oct. 25. 5019,229 4,058 15,171 19,753 23,290 4,618 27,121 ,300 420 ,367 80516,649 15,962 687 Nov. 1. 11119,291 4,198 15,093 458 19,860 23,249 4,622 27,219 1,304 452 ,335 74816,674 15,947 727 Nov. 8. 19,311 4,271 15,040 251 19,853 23,198 4,622 27,388 1,292 298 ,324 74816,625 15,906 719 Nov. 15. 19,425 4,281 15,144 675 23,148 4,621 27,296 1,304 341 ,199 74517,054 16,044 1.010 Nov. 22. 247 19,296 4,268 15,028 619 20,162 23,097 4,622 27,450 1,281 541 1,242 74516,622 '16,084 ••538 Nov. 29. 240 19,569 4,346 15,223 69220,501 23,037 4,626 27,543 1,298 564 1,218 74216,799 '16,120 '679 Dec. 6. 110 20,239 4,571 15,668 573 20,922 22,976 4,628 27,698 1,294 540 1,220 72517,049 16,100 949 Dec. 13. 69 20,529 4,820 15,709 74621,344 22,926 4,628 27,759 1,294 451 1,213 716 17,46i 16,365 1,100 Dec. 20. 54 20,227 4,533 15,694 ,583 864 22,796 4,630 27,929 1,291 685 1,208 76017,416 P16.487 P929 Dec. 27. 299 20,337 4,589 15,748 ,081 720 22,795 4,631 27,916 1,295 786 1,215 76017,174 ?16,384 P790 v Preliminary. r Revised. 1 Includes industrial loans and acceptances purchased shown separately in subsequent tables. 1 Wednesday 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. JANUARY 1951 43 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [in millions of dollars] Reserve Bank credit outstanding Member bank reserve balances Date or period v co a D a a n u n d i c s n d - - e ts s T U ot . a S l s . e G B cu o o r n v i d e ti s r e n s m c c B e a e r i t n t l e i l t f s s i , , - ot A h l e l r1 Total s G to o c ld k T s r o c e t u i r a u n n u e r n y g r c t a - - d y s - - M in c t u o io c l n a n i e r - y - T h c i u r o n a e r l g s a y d h s s - - F u T B p e s w r R r e o d y a e r i s e n e t v a i d - r h k t e s a e s s - l - b m p N e o r e o s m d n it e - s - - c O s F e o R e a t e r u r h c e a d v n - - e l - e t r s Total qu R ir e e - d1 Exand notes End of period: 1929—June 29.. 1,037 216 71 145 147 1,400 4,037 2,019 4,459 204 36 28 374 2,356 2,333 23 1933—June 30.. 164 1,998 441 1,557 58 2,220 4,031 2,286 5,434 264 35 166 346 2,292 1,817 475 1939—Dec. 30.. 7 2.484 1,351 1,133 102 2,593 17,644 2,963 7,598 2,409 634 653 251 11,653 6,4445,209 1941—Dec. 31.. 3 2,254 1,467 787 104 2.361 22.737 3,247 11,160 2,215 867 1,360 29112,450 9,365 3,085 1945—Dec. 31.. 249 24,262 94723,315 580 25,091 20.065 4,339 28,515 2,287 977 1,308 49515,915 14,457 1,458 1946—Dec. 31.. 163 23,350 753 22,597 581 24,093 20.529 4,562 28,952 2,272 393 822 60716,139 15,577 562 1947—June 30.. 70 21,872 72721,145 228 22,170 21,266 4,552 28,297 ,314 756 881 629 16,112 15.374 738 Dec. 31.. 22,559 2,853 19,706 536 23,181 22,754 4,562 28,868 ,336 870 961 56317,899 16,4001,499 1948—June 30.. 265 21,366 6.20615,160 268 21,900 23.532 4,565 27,903 ,327 1,928 859 592 17,389 16.647 742 Dec. 31.. 22323,333 10,977 12,356 542 24,097 24,244 4,589 28.224 ,325 1,123 1,189 590 20,479 19,277 1,202 1949—June 30. . 10319,343 7,780 11,563 250 19,696 24,466 4,597 27,493 ,307 438 941 71317,867 16,919 948 1949—Nov 321 17,682 7,51310,169 263 18,267 24,479 4,596 27,543 ,317 517 1,238 689 16,038 15,367 671 Dec 18,885 7,21811.667 536 19,499 24,427 4,598 27,600 ,312 821 1,517 70616,568 15,5501,018 1950—Jan 17,827 7,11210,715 354 18,326 24,395 4,599 26,941 ,311 677 1,460 720 16,211 15,513 698 Feb 13117.746 6.85710,889 349 18,226 24,345 4,602 27.068 ,310 666 1,426 73015,973 15,390 583 Mar 22517,592 6,39711,195 253 18,070 24.246 4,602 27,042 ,315 1,006 1,132 76615,657 15,150 507 Apr 11317,796 6,15511,641 392 18,301 24,247 4,603 27,048 ,308 858 1,347 71215,878 15,202 676 May 306 17,389 5,80211.587 239 17,935 24,231 4,606 27,090 ,309 588 1,254 71815,814 15,288 526 June 43 18,331 5,61812,713 329 18,703 24,231 4,607 27,156 ,298 950 1,431 77115,934 15,498 436 July 220 17,969 4,88813,081 277 18,466 24,136 4,609 27,010 ,304 566 1,443 75916,129 15,534 595 Aug 83 18.356 6,76811,588 381 18,820 23.627 4,613 27,120 ,304 733 1,190 72415.989 15,770 210 Sept 7219.572 3,79315,779 695 20,340 23,483 4,618 27,161 ,322 1,114 1,374 75916,709 15,821 888 Oct 116 19,252 4,18015.072 431 19,798 23,249 4.623 27,228 ,295 569 1,315 74916,514 15,925 589 Nov 16219.693 4.36415,329 783 20.638 23.037 4.627 27,595 ,287 714 1.206 73816,763 •16.118 '645 Dec 67 20,778 4,62016,158 1,37122,216 '22,706P4.633 '27,737 n,295 668 1,460 71417,681 '16,507P1,174 Averages of daily figures: 1949—Oct 13617,643 7,53810,105 361 18,139 24.596 4,592 27,456 ,305 555 1,171 72716,113 15,251 862 Nov 21517,664 '7,52810,136 347 18,226 24.533 4.593 27,477 ,311 457 1,296 69116,119 15,308 811 Dec 18918,287 7,36010,927 536 19,012 24,451 4,596 27,734 ,307 687 1,315 72416,291 15,488 803 1950—Oct 6719.365 3,96815,397 613 20,044 23.366 4,618 27,233 ,305 590 1,367 803 16,731 15.889 842 Nov 14519.381 4.27315.108 633 20,159 23.157 4,622 27.380 .290 450 1.331 74616,742 16,009 733 Dec 14220,345 4,59015,755 1,11921,606 22,879 4,629 27,806 ,290 615 1,273 739]17,391 For footnotes see preceding page. MAXIMUM RATES ON TIME DEPOSITS MEMBER BANK RESERVE REQUIREMENTS [Per cent per annum] [Per cent of deposits] Nov. 1, 1933-Feb. 1, 1935- Effective Net demand deposits * Jan. 31, 1935Dec. 31, 1935 Jan. 1. 1936 Time Effective date deposits S P a o v s i t n al g s S a d v e i p n o g s s i ts deposits of change C re e c s n i e t t r y r v a e l R b e c a s i n e ty k rv s e C b o a u n n k t s ry m b e a ( m n a k l b l s e ) r Other deposits payable: banks In 6 months or more In 90 days to 6 months. . . In less than 90 days 1 1938—Apr. 16 22% 12 1941—Nov. 1 26 20 14 e ti s o t N n a b O Q li T s . E h e .— d U n M b d y a e x r t im h th e u i s m B R o r a e a r g t d e u s l o at t f i h o G a n t o t v m h e e r a n y r o a r b t s e e u p p n a a d y i e d a r b l b p e y ro b v m y i s e a i m o n m b s e e r m of b b e a R r n k e b g s a u n a la k s - 1942— S O A e c u p t g . t . . 2 1 3 0 4 2 2 2 0 4 2 may not in any event exceed the maximum rate payable by State 1948—Feb. 27 22 banks or trust companies on like deposits under the laws of the State June 11 24 in which the member bank is located. Maximum rates that may be Sept. 16 16 e p f a f i e d c ti b v y e F in e s b u . re 1 d , 19 n 3 o 6 n , m a e r m e t b h e e r sa b m an e k a s s a th s o e se s ta in b l e i f s f h e e c d t fo b r y m t e h m e b F er .D b . a I n .C k . s , . 1949— S M e a p y t. 24 1 26 22 is' 27 May 5 '24* 21 «7 June 30 20 «6 MARGIN REQUIREMENTS^ July 1 14 Aug. 1 13 [Per cent of market value] Aug. 11 «5 Aug. 16 12 Feb. 1, Mar. 30, Effec- Aug. 18 23 19 Prescribed in accordance with 1947- 1949- tive Aug. 25 Securities Exchange Act of 1934 Mar. 29, Jan. 16, Jan. 17, Sept. 1 22 18 1949 1951 1951 1951—Jan. 11 23 19 36 Jan. 16 26 Jan. 25 24 20 Regulation T: Feb. 1 14 For extensions of credit by brokers To be in effect Feb. 1, 19514 24 20 14 and dealers on listed securities 75 50 75 Re F g o u r l a s t h io o n rt U sa : les 75 50 75 1 Demand deposits subject to reserve requirements, which beginning For loans by banks on stocks 75 50 75 A in u p g r . oc 2 e 3 s , s 1 o 9 f 3 c 5 o , l l h e a c v ti e o n b a ee n n d d to e t m al a n d d e m ba a l n a d n ce d s e p d o u s e i t f s r o m m i n d u o s m c e a st s i h c b it a e n m k s s (also minus war loan and series E bond accounts during the period 1 Regulations T and U limit the amount of credit that may be ex- Apr. 13. 1943-June 30, 1947). tended on a security by prescribing a maximum loan value, which is a * Requirement became effective at country banks. « Requirement specified percentage of its market value at the time of the extension; the became effective at central reserve and reserve city banks. "margin requirements" shown in this table are the difference between • Present legal minimum and maximum requirements on net demand the market value (100%) and the maximum loan value. deposits—central reserve cities, 13 and 26 per cent; reserve cities, Back figures.—See Banking and Monetary Statistics Table 145 p. 504, 10 and 20 per cent; country, 7 and 14 per cent, respectively; on time and BULLETIN for March 1946, p. 295, and BULLETIN for February deposits at all member banks. 3 and 6 per cent, respectively. 1947, p. 162. Back figures.—See Banking and Monetary Statistics, Table 107, p. 400. 44 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- Advances secured by Government tions other than member obligations and discounts of and Other secured advances banks secured by direct Federal Reserve Bank advances ( s S e e c e u s r . e 1 d 3 b a y n d el i 1 g 3 ib a l ) e 1 paper [Sec. 10(b)] obl ( i l g a a s t t i o p n a s r . o S f e t c h . e 1 3 U ) . S. Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Dec. 31 beginning— rate Dec. 31 beginning— rate Dec. 31 beginning— rate Boston Aug. 21,1950 Aug. 21,1950 Jan. 14,1948 2 New York.... Aug. 21,1950 Aug. 21,1950 2 Oct. 30,1942 3* Philadelphia.. Aug. 25,1950 Aug. 25,1950 Aug. 23,1948 Cleveland Aug. 25,1950 Aug. 25,1950 Aug. 25,1950 Richmond Aug. 25,1950 Aug. 25,1950 2 Oct. 28,1942 2H Atlanta Aug. 24,1950 Aug. 24,1950 Aug. 24,1950 Chicago Aug. 25,1950 Aug. 25,1950 Aug. 13,1948 St. Louis Aug. 23,1950 Aug. 23,1950 Jan. 12,1948 M Ka i n n s n a e s a p C o i li t s y . . . . A A u u g g . . 2 2 2 5 , , 1 1 9 9 5 5 0 0 A A u u g g . . 2 25 2 , , 1 1 9 9 5 5 0 0 A Ja u n g . . 1 2 9 3 , ,1 1 9 9 4 4 8 8 2 Dallas Aug. 25,1950 Aug. 25,1950 Feb. 14,1948 I" San Francisco Aug. 24,1950 Aug. 24,1950 'Oct. 28,1942 2 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. 4 2 Certain special rates to nonmember banks were in effect during the wartime period. NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligations of Federal intermediate credit banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a of the Federal Reserve Act (except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months, respectively); and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals, partnerships, or corporations made under the last paragraph of Section 13 is 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443. FEDERAL RESERVE BANK BUYING RATES ON FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS ACCEPTANCES [Per cent per annum] AND COMMITMENTS UNDER SECTION 13B OF THE FEDERAL RESERVE ACT Rate on In effect be- Previous Maturity Dec. 31 ginning— rate Maturities not exceeding five years 1- 90 days Aug. 21, 1950 [In effect December 31. Per cent per annum] 91-120 days Aug. 21, 1950 121-180 days Aug. 21, 1950 To industrial or NOTE.—Minimum buying rates at the Federal Reserve Bank of commercial To financing institutions New York on prime bankers' acceptances payable in dollars. The businesses same rates generally apply to any purchases made by the other Federal Reserve Banks. Back figures.—See Banking and Monetary Statistics, Table 117, pp. On discounts or 443-445. Federal purchases Reserve Bank On On On commit- Portion commit- FEES AND RATES ESTABLISHED UNDER REGULATION V loans a ments for which Re- ments ON LOANS GUARANTEED PURSUANT TO DEFENSE institu- maining PRODUCTION ACT OF 1950 AND EXECUTIVE tion is portion ORDER NO. 10161 obligated [In effect December 31] Fees Payable to Gu G ar u a a n r t a e n ei t n ee g d A P g o e r n ti c o y n b o y f L F o in an ancing Institution on N Bo ew sto Y n ork 2 2 H ^- - 5 5 ( 0 ) 0 Philadelphia.... 23^-5 (3) Cleveland 2H-5 Guarantee fee Percentage of Richmond 2^-5 lo P a e n r c g e u n a ta ra g n e t e o e f d in ( t p b e e y r r e c b s e o t n r t r p a o a g w y e a e o b r) f le any fe b c e o o r c m r h o m a w rg i e t e m r d ent A S C t h t . l i a c L n a o g t u a o is 2 3 2 ^ l/C -5 — - K 5 23 M ( ^ ) -5 (3) Minneapolis () Kansas City 70 or less 10 10 Dallas 2}J-5 75 15 15 San Francisco.. . 80 20 20 85 25 25 90 . . .. 30 30 1 Including loans made in participation with financing institutions. 95 35 35 2 Rate charged borrower less commitment rate. Over 95 40-50 40-50 * Rate charged borrower. 4 Rate charged borrower but not to exceed 1 per cent above the discount rate. Maximum Rates Financing Institutions May Charge Borrowers 6 Charge of M per cent is made on undisbursed portion of loan. [Per cent per annum] Back figures.—See Banking and Monetary Statistics, Table 118, pp. 446-447. Interest rate Commitment rate. JANUARY 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month Item 1950 1950 1949 Dec. 27 Dec. 20 Dec. 13 Dec. 6 Nov. 29 Nov. 22 Nov. 15 Dec. Nov. Dec. Assets Gold certificates 20,972 ,406 20,982 ,403 21,122 ,405 21,183,400 21,261,434 21,,333333,430 21,387,429 20,880,403 21,258,43122,622,430 Redemption fund for F. R. notes 575,528 568,898 558,897 550,771 536,094 534,094 532,097 577,229 539,094 553,793 Total gold certificate reserves 21,547,934 21,551,30121,681,302 21,734,17121,797,528 21,867,524 21,919,526 21,457,632 21,797,525 23,176,223 Other cash 226,600 220,771 228,836 231,798 237,679 242,446 241,118 266,716 248,822 257,845 Discounts and advances: For member banks.. . 300,837 54,032 69,037 109,896 239,693 247,050 71,029 67,395 161,421 8,345 For nonmember banks, etc 69,500 Total discounts and advances 300,837 54,032 69,037 109,896 239,693 247,050 71,029 67,395 161,421 77,845 Industrial loans 2,397 2,399 2,315 2,336 2,209 2,226 2,239 2,556 2,336 2,070 U. S. Govt. securities: Bills 869,886 745,571 851,471 1,097,646 1,130,146 974,646 974,646 1,296,071 1,111,646 4,829,247 Certificates: Special Other 2,334,195 2,334,195 2,334,195 1,610,150 368,450 71,950 71,950 2,334,195 718,350 6,275,450 Notes 12,544,076 12,613,996 12,523,518 12,960,018 13,724.61813,980,71814,096,91812,527,226 13,498,618 562,200 Bonds 4,589,275 4,532,875 4,819,653 4,570,875 4,345,875 4,268,375 4,281,275 4,620,075 4,364,375 7,217,700 Total U. S. Govt. securities 20,337,432 20,226,637 20,528,837 20,238,689 19,569,089 19,295,689 19,424,789 20,777,56719,692,98918,884,597 Other Reserve Bank credit outstanding. . . 1,079,084 1,580,543 744,058 571,152 690,090 616,733 672,519 1,368,433 780,797 534,199 Total Reserve Bank credit outstanding21,719,750 21,863,61121,344,24720,922,073 20,501,08120,161,698 20,170,57622,215,95120,637,54319,498,711 Liabilities Federal Reserve notes. . 23,707,149 23,706,590 23,542 ,56423,487,99723,346,459 23,255 ,859 23 ,143,48823,587,018 23,396,54323,482,646 Deposits: Member bank — reserve account 17,173,80517,415,92417,464,67717,048,70116,798,69616,621,89817,053,79317,680,74416,762,55016,568,088 U. S. Treasurer—general account 786,073 685,435 451,215 540,263 564,205 540,738 341,275 668,454 713,603 821,354 Foreign 920,546 900,201 919,366 927,505 921,023 934,109 964.970 895,442 905,811 766,521 Other 294,665 307,626 294,078 292,238 296,675 307,493 233,650 564.913 299,905 750,269 Total deposits 19,175,08919,309,18619,129,33618,808,70718,580,59918,404,23818,593,68819,809,55318,681,86918,906,232 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) . . 50.2 50.1 50.8 51.4 52.0 52.5 52.5 49.4 51.8 54.7 MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total 1 W 5 i d th a i y n s 16 d a to y s 30 31 d a to y s 60 61 d a to y s 90 9 6 1 m da o y n s t h t s o 6 to m 1 o y n e th ar s 1 2 y y e e a a r r t s o 2 5 y e y a e r a s r s to 5 O y v e e a r rs Discounts and advances: Nov. 29 239,693 235,124 2,912 1,285 372 Dec. 6 109,896 105,147 3,737 740 272 Dec. 13 69,037 65,495 2,120 650 772 Dec. 20.... 54,032 51,845 1,265 750 172 Dec. 27 300,837 297,951 1,726 909 131 99 21 Industrial loans: Nov. 29 2,209 36 8 138 20 214 638 485 670 Dec. 6.... 2,336 40 130 20 167 90 746 487 656 Dec. 13 2,315 33 123 19 161 89 708 544 638 Dec. 20 2,399 77 56 19 160 102 788 560 637 Dec. 27 2,397 120 8 18 125 104 798 558 666 U. S. Government securities: Nov. 29 19,569,089 200,475 168,044 712,470 480,807 13,474,368 1,397,7253,135,200 Dec. 6 20,238,689 386,960 1,714,916 393.460 440,160 12.709,768 1,373,7253,219,700 Dec. 13 20,528,837 522,422 2,380.715 368.574 313,533 12,273,268 1.373,7253,296,600 Dec. 20 20,226,637 2,419,146 91,713 358,699 210,208 11,958,168 1,786,5033,402,200 Dec. 27. .. 20,337,432 2,459,474 123,900 508.807 118,900 11,881,248 1,786,5033,458,600 46 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total Boston Y N o e r w k d P e h l i p l h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo St u . is M a i p n ol n i e s - Ka C n it s y as Dallas F S ra an ncisco Assets Gold certificates: Nov. 29 21,261,434 791,506 6,669,6021,209,6231,454,5111,011,990 897,0694,233,785 621,223 393,156 737,020 643,0282,598,921 Dec. 6 21,183,400 768,178 6,712,0781,173,8701,515,871 988,572 897,2224,197,628 612,455 395,104 755,711 625,5122,541,199 Dec. 13 21,122,405 730,697 7,037,311 1,130,7811,444,032 979,618 872,8274,075,445 588,015 374,440 745,379 588,5092,555,351 Dec. 20 20,982,403 788,757 6,725,1201,136,4801,490,896 958,157 899,5524,021,891 605,027 385,254 758,432 615,4662,597,371 Dec. 27 20,972,406 801,633 6.421,9621,156,7571,559,090 948,869 911,4074.268,675 600,492 378,716 765,645 592,7912,566,369 Redemption fund for F. R. notes: Nov. 29 536,094 52,486 32,598 49,483 66,920 51,773 34,973 85,962 40,925 21,552 35,189 25,628 38,605 Dec. 6 550,771 52,303 37.022 49,182 67,697 52,523 39,828 90,704 40,856 21,517 35,122 25,560 38,457 Dec. 13 558,897 54,149 36,559 50,893 67,513 53,315 39,698 95,519 40,784 21,496 35,084 25,521 38,366 Dec. 20 568,898 54,150 41,559 50,893 67,513 53,315 39,698 100,519 40,784 21,496 35,084 25,521 38,366 Dec. 27 575,528 53,980 50,911 50,563 67,288 51,788 39,541 100,519 40,725 21,467 35,034 25,521 38,191 Total gold certificate reserves: Nov. 29. 21,797,528 843,992 6,702,2001,259,1061,521,4311,063,763 932,0424,319,747 662,148 414,708 772,209 668,6562,637,526 Dec. 6 21,734,171 820,481 6,749,1001,223,0521,583,5681,041,095 937,0504,288,332 653,311 416,621 790,833 651,0722,579,656 Dec. 13 21,681,302 784,846 7,073,8701,181,6741,511,5451,032,933 912,5254,170,964 628,799 395,936 780,463 614,0302,593.717 Dec. 20. 21,551,301 842,907 6,766,6791,187,3731,558,4091,011,472 939,2504,122,410 645,811 406,750 793,516 640,9872,635,737 Dec. 27 21,547,934 855,613 6,472,8731,207,3201,626,3781,000,657 950,9484,369,194 641,217 400,183 800,679 618,3122,604.560 Other cash: Nov. 29 237,679 25,164 44,516 9,693 14,583 14,775 19,544 30,326 14,718 6,472 10,077 10,717 37,094 Dec. 6 231,798 25,413 44,895 11,674 20,528 14,552 16,093 30,139 12,698 5,087 8,875 10,875 30,969 Dec. 13. 228,836 25,854 42,549 12,995 15,388 13,881 17,158 31,172 12,567 5,880 9,115 10,955 31,322 Dec. 20 220,771 23,445 38,967 15,005 20,696 14,273 13,629 27,329 11,974 5,006 9,616 11,175 29,656 Dec. 27 . . 226,600 22,598 41,629 17,890 17,691 16,271 16,405 31,127 11,774 4,789 9,293 9,681 27,452 vances: Secured by U. S. Govt. securities: Nov. 29. . 238,343 6,080 92,175 4,915 14,122 18,040 15,609 12,985 25,675 15,072 30,170 100 3,400 Dec. 6. . 108,246 1,530 22,704 6,678 17,622 4,625 9,977 14,935 12,630 3,950 11,095 2,500 Dec. 13. . 68,537 2,685 24,970 5,895 3,472 2 840 5 525 8,035 10,800 600 3,715 Dec. 20.. 53,032 2,825 9,785 6,995 11,522 l]200 '475 5,600 8,415 4,450 1,565 200 Dec. 27.. 300,682 3,425 153,530 8,790 21,247 14,375 12,375 17,500 25,000 1,150 5,590 37,700 Other: Nov. 29. . 1,350 100 1 250 Dec. 6 1,650 1,650 Dec. 13.. 500 500 Dec. 20. . 1,000 1,000 Dec. 27. . 155 49 106 Industrial loans: Nov. 29 2,209 27 1,864 114 7 196 Dec. 6 2,336 27 1,997 110 7 194 Dec. 13 2,315 27 1J984 110 7 186 Dec 20 2,399 27 2 056 122 7 186 Dec. 27 2,397 27 2^053 123 7 186 U. S. Govt. securities: Bills: Nov. 29. ... 1,130,146 75,672 288,352 72,995 101,747 70,915 58,794 166,456 60,547 33,960 50,934 49,828 99,946 Dec. 6.... 1,097,646 75,672 255,852 72,995 101,747 70,915 58,794 166,456 60,547 33,960 50,934 49,828 99,946 Dec. 13 851,471 58,700 200,343 56,624 78,928 55,010 45,608 129,124 45,096 26,344 39,511 38,652 77,531 Dec. 20. ... 745,571 51,398 173,787 49,581 69,111 48,168 39,937 113,064 41,128 23,067 34,596 33,845 67,889 Dec. 27 869,886 58,109 223,470 56,053 78,132 54,456 45,148 127,822 46,494 26,078 39,112 38,263 76,749 V^-CI N Ll o ll v C . d L eo 2 . 9 368,450 25,056 89,717 24,169 33,691 23,481 19,469 55,116 20,048 11,245 16,865 16,499 33.094 Dec. 6 1,610,150 111,003 375,313 107,076 149,255 104,025 86,247 244,176 88,817 49,817 74,716 73,092 146,613 Dec. 13 2,334,195 160,919 544,082 155,228 216,370 150,804 125,028 353,976 128,757 72,218 108,313 105,961 212,539 Dec. 20.... 2,334,195 160,919 544,082 155,228 216,370 150,804 125,028 353,976 128,757 72,218 108,313 105,961 212,539 Dec. 27.... 2,334,195 160,919 544,082 155,228 216,370 150,804 125,028 353,976 128,757 72,218 108,313 105,961 212,539 Notes: Nov. 29.... 13,724,618 946,175 3,199,099 912,7011,272,217 886,693 735,1452,081,311 757,064 424,626 636,863 623,0291,249,695 Dec. 6. ...12,960,018 893,464 3,020,876 861,8541,201,342 837,295 694,1901,965,361 714,888 400,970 601,384 588,3201,180,074 Dec. 13... 12,523,518 863,371 2,919,132 832,8271,160,880 809,094 670,8101,899,166 690,810 387,465 581,129 568.5051,140,329 Dec. 20.... 12,613,996 869,609 2,940,222 838,8431,169,267 814,940 675,6561,912,887 695,801 390,265 585,327 572,6121,148,567 Dec. 27.... 12,544,076 864,306 2,929,292 833,7281,162,137 809,970 671,5361,901,222 691,558 387,885 581,758 569,1211,141,563 Nov. 29.... 4,345,875 299,605 1,012,989 289,005 402,845 280,769 232,782 659,043 239,723 134,457 201,662 197,281 395,714 Dec. 6 4,570,875 315,116 1,065,435 303,968 423,702 295,306 244,834 693,164 252 134 141 418 212,102 207,495 416,201 Dec. 13 4,819,653 332,268 1,123,423 320,509 446,763 311,378 258,161 730,891 265,856 149,115 223,647 218,788 438,854 Dec. 20 4,532,875 312,497 1,056,576 301,439 420,180 292,850 242,800 687,402 250,037 140 242 210,340 205,770 412,742 Dec. 27 4,589,275 316,385 1,069,724 305,189 425,408 296,493 245,821 695,955 253,149 141,987 212,957 208,329 417.878 T1n Oftpclll T\TJ . SO . CVnJTvOtVL» securities: Nov. 29 19,569,089 1,346,508 4,590,1571,298,8701,810,5001,261,8581,046,1902,961,9261,077,382 604,288 906,324 886,6371,778.449 Dec. 6 20,238,689 1,395,255 4,717,4761,345,8931,876,0461,307,5411,084,0653,069,1571,116,386 626,165 939,136 918,7351,842,834 Dec. 13 20,528,837 1,415,258 4,786,9801,365,1881,902,9411,326,2861,099,6073,113,1571,130,519 635,142 952,600 931,9061,869,253 Dec. 20 20,226,637 1,394,423 4,714,6671,345,0911,874,9281,306,7621,083,4213,067,3291,115,723 62S,792 938,576 918,1881,841,737 Dec. 27 20,337,432 1,399,719 4,766,5681,350,1981,882,0471,311,7231,087,5333,078,9751,119,958 628,168 942,140 921,6741,848,729 JANUARY 1951 47 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F S r a a n ncisco Assets (cont.) Total loans and securities: Nov. 29 19,810,991 1,352,588 4,682,359 1,305,6491,824,6231,280,1121,061,8062,974,911 1,104,307 619,556 936,494 886,737 1,781,849 Dec. 6 20,350,921 1,396,785 4,740,207 1,354,5681,893,6691,312,2761,094,0493,084,0921,130,666 630,309 950,231 918,735 1,845,334 Dec. 13 20,600,189 1,417,943 4,811,977 1,373,0671,906,4141,329,2361,105,1393,121,1921,141,819 635,928 956,315 931,906 1,869,253 Dec. 20 20,283,068 1,397,248 4,724,479 1,354,1421,886,4511,308,0841,083,9033,072,9291,125,138 630,428 940,141 918,1881,841,937 Dec. 27. 20,640,666 1,403,144 4,920,125 1,361,0411,903,3441,326,2211,099,9153,096,5811,144,958 629,504 947,730 921,674 1,886,429 Due from foreign banks: Nov. 29 24 2 17 2 2 1 1 3 1 1 1 1 2 Dec. 6 24 2 i 7 2 2 1 1 3 1 1 1 1 2 Dec. 13. 24 2 17 2 2 1 1 3 1 1 1 1 2 Dec. 20. 2 i 7 2 2 1 1 3 1 1 1 1 2 Dec. 27. *24 2 17 2 2 1 1 3 1 1 1 1 2 Federal Reserve notes of other Banks: Nov. 29 132,923 4,129 20,134 4,638 6,594 27,770 15,197 14,434 6,654 6,190 6,079 5,518 15,586 Dec. 6 134,216 4,356 22,421 4,874 5,413 28,100 14,625 14,283 6,037 4,990 6,869 6,317 15,931 Dec. 13 133,051 5,300 20,473 5,595 7,409 23,373 14,446 15,652 7,844 3,505 6,270 7,230 15,954 Dec. 20 139,914 5,061 21,032 6,735 8,085 22,541 12,460 18,839 7,760 3,565 7,953 7,197 18,686 Dec. 27 147,836 4,947 24,443 8,224 9,214 25,756 15,026 17,820 8,091 3,855 6,236 6,817 17,407 Uncollected items: Nov. 29. 3,181,358 249,539 600,269 206,398 319,788 242,187 200,233 538,558 136,652 91,760 181,259 136,869 277,846 Dec. 6 3,019,299 224,186 526,977 190,359 297,280 271,292 191,322 524,258 135,877 91,356 188,358 133,156 244,878 Dec. 13. 3,535,883 297,926 617,375 210,422 346,712 307,486 235,821 599,457 166,153 112,818 189,859 159,996 291,858 Dec. 20 4,503,601 373,675 862,481 277,966 460,598 374,010 270,019 791,230 189,010 119,912 245,348 210,942 328,410 Dec. 27 3,730,222 302,373 735,362 213,680 367,046 313,346 230,824 626.363 171,284 107,346 197,700 166,442 298,456 Bank premises: Nov. 29 37,673 1,078 7,696 2,926 4,796 2,790 1,723 4,439 2,003 1,117 2,655 680 5,770 Dec. 6 37,662 1,078 7,675 2,926 4,794 2,791 1,723 4,438 2,003 1,117 2,639 680 5,798 Dec. 13 37,751 1,078 7,675 2,926 4,791 2,883 1,723 4,438 2,003 1,117 2,639 680 5,798 Dec. 20 38,019 1,078 7,675 2,926 4,783 2,871 1,723 4,642 2,003 1,117 2,639 687 5,875 Dec. 27 39,922 1,073 7,675 2,920 4,794 2,871 1,720 5,063 3,493 1,117 2,639 688 5,869 Other assets: Nov. 29 122,885 8,408 27,761 7,804 11,560 7,910 6,437 18,748 8,112 3,712 5,879 5,414 11,140 Dec. 6 141,052 9,486 31,933 9,092 13,434 8,898 7,371 21,703 9,082 4,288 6,730 6,260 12,775 Dec. 13 154,901 10,441 35,494 10,015 14,380 9,842 8,119 23,921 9,772 4,669 7,409 6,865 13,974 Dec. 20 115,058 7,707 25,960 7,371 10,911 7,236 5,911 17,970 7,579 3,385 5,582 5,082 10,364 Dec. 27 118,012 8,192 27,198 7,659 11,390 7,769 6,163 17,926 6,318 3,580 5,683 5,320 10,814 Total assets: Nov. 29 45,321,061 2,484,900 12,084,9422,796,2163,703,3772,639,3082,236,9837,901,1661,934,5951,143,5161,914,6531,714,5924,766,813 Dec. 6 45 649,143 2,481,787 12,123,2152,796,5473,818,6882,679,0052,262,2347,967,2481,949,6751,153,7691,954,5361,727,0964,735,343 Dec. 13 46,371,937 2,543 39012,609,4202,796,6963,806,6412,719,6352,294 9327,966,7991,968,9581,159,8541,952,0711,731,6634,821,878 Dec. 20.'. . ... 46,851,756 2,651,123 12,447,2802,851,5203,949,9352,740,4882,326,8968,055,3521,989,2761,170,1642,004,796 1,794,2594,870,667 Dec. 27 46,451,216 2,597,942 12,229,3122,818,7363,939,8592,692,8922,321,0028,164,0771,987,1361,150,3751,969,9611,728,9354,850,989 Liabilities Federal Reserve notes: Nov. 29 23,346,459 1,418,537 5,250,7741,648,9962,093,118 1,612,9621,261,1544,496,3181,079,481 601,236 909,822 643,3762,330,685 Dec. 6 23,487,997 1,424,413 5,272,4451,665,0542,114,304 1,623,5581,270,8944,519,077 1,090,149 607,775 915,766 643,9872,340,575 Dec. 13 23,542,564 1,432,600 5,295,1481,669,4842,119,271 1,627,7641,270,0414,527,0431,093,280 607,655 916,080 641,8052,342,393 Dec. 20 23,706,590 1,442,382 5,343,5951,683,0922,131,880 1,639,7131,286,9384,557,534 1,103,620 611,806 920,995 644,9592,340,076 Dec. 27 23,707,149 1,445,741 5,340,4361,683,2942,129,334 1,635,8121,284,7474,563,243 1,101,620 612,302 922,435 648,4022,339,783 Deposits: Member bank —reserve account: Nov. 29. . 16,798,696 696,265 5,475,303 787,8451,199,150 677,483 688,6922,718,356 604,494 393,458 745,568 839,2831,972,799 Dec. 6.. 17,048,701 701,190 5,548,004 778,5481,241,511 701,079 715,6292,729,801 612,751 389,537 793,061 864,7931,972,797 Dec. 13.. 17,464,677 704,766 5,956,322 789,8411,238,214 695,168 714,7152,703,542 632,346 385,327 776,244 842,9562,025,236 Dec. 20. . 17,415,924 792,339 5,614,607 805,679 1,297,141 704,472 717,9472,678,799 640,826 386,938 809,027 894,3932,073,756 Dec. 27.. 17,173,805 715,216 5.522,723 786,7111,271,299 694,967 704,6462,802,879 633,534 382,140 785,499 832,9732,041,218 U. S. Treasurer—genera] account: Nov. 29. . 564,205 32,044 105,376 54,259 57,521 38,764 33,554 63,660 53,778 24,318 26,686 30,446 43,799 Dec. 6.. 540,263 37,368 60,149 54,337 74,301 32,423 29,467 72,122 52,603 34,019 34,298 31,543 27,633 Dec. 13.. 451,215 35,553 70,130 34,638 45,726 36,044 29,657 51,103 28,265 30,318 28,309 28,552 32,920 Dec. 20. . 685,435 49,713 151,154 53,683 54,400 32,993 41,318 119,090 42,434 37,534 28,018 36,694 38,404 Dec. 27.. 786,073 88,930 101,493 38,795 137,433 40,043 48,033 149,827 39,896 30,391 37,911 28,410 44,911 Foreign: Nov. 29.. 921,023 57.588 2293,937 73,128 83.183 45,705 38,392 126,146 32,908 22,853 33,822 31,994 81,367 Dec. 6. . 927,505 56,423 2313,111 71,648 81,500 44,780 37,615 123,593 32,242 22,390 33,137 31,346 79,720 Dec. 13. . 919,366 57,362 2294,748 72,840 82,856 45,525 38,241 125,649 32,778 22,763 33,689 31,868 81,047 Dec. 20.. 900,201 56,039 2289,990 71,160 80,944 44,475 37,359 122,751 32,022 22,238 32,912 31,133 79,178 Dec. 27.. 920,546 57,733 2291,883 73,312 83,393 45,820 38,489 126,463 32,990 22,910 33,907 32,074 81,572 Other: Nov. 29.. 296,675 4,607 226,992 5,779 5,937 1,696 2,674 4,149 4,908 1,147 1,302 2,793 34,691 Dec. 6.. 292,238 5,203 229,503 1,739 7,213 3,262 327 2,232 5,965 1,302 1,503 817 33,172 Dec. 13.. 294,078 5,476 232,639 1,295 5,386 3,746 934 1,783 6,661 1,122 1,120 624 33,292 Dec. 20.. 307,626 6,577 241,684 2,460 5,914 2,713 745 3,084 5,693 1,232 339 580 36,605 Dec. 27.. 294,665 5,985 227,262 2,220 8,620 1,347 447 2,066 5,974 1,157 268 479 38,840 lAfter deducting $17,000 participations of other Federal Reserve Banks on Nov. 29; Dec. 6; Dec. 13; Dec. 20; and Dec. 27. 2 After deducting $627,073,000 participations of other Federal Reserve Banks on Nov. 29; $614,382,000 on Dec. 6; $624,603,090 on Dec. 13; $610,197,000 on Dec. 20; and $628,650,000 on Dec. 27. 48 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total Boston Y N o ew rk - d P e h lp i h a- ia C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F S ra an ncisco Liabilities (cont.) Total deposits: Nov. 29 18,580,599 790,504 6,101,608 921,0111,345,791 763,648 763,3122,912,311 696,088 441,776 807,378 904,5162,132,656 Dec. 6.... 18,808,707 800,184 6,150,767 906,2721 404 525 781,544 783 0382 927 748 703 561 447,248 861,999 928,4992,113,322 Dec. 13.... 19,129,336 803.157 6,553,839 898,6141372482 780^483 783,5472i882[077 700i050 439,530 839,362 904,0002,172,495 Dec. 20 19,309,186 904,668 6,297,435 932,9821,438,399 784.653 797,3692,923,724 720,975 447,942 870,296 962,8002,227,943 Dec. 27 19.175,089 867,864 6,143,361 901,0381,500,745 782,177 791,6153,081,235 712,394 436,598 857,585 893,9362,206,541 Deferred availability items: Nov. 29 2,491,292 218,350 466,848 156,139 181,559 214,962 172,454 367,568 123,028 75,993 161,987 132,208 220,196 Dec. 6. ... 2,448,171 199,419 434,045 155 067 216,642 226,094 168,140 395 220 119,944 74,204 141,286 119,984 198 126 Dec. 13.... 2,791,849 249,866 493,021 158457 232,009 263363 201,026 431J27 139^352 88,033 160,947 151,069 223J279 Dec. 20.... 2,923,082 246,160 538,456 164,829 294,531 267,963 202,069 447,511 128,255 85,703 177,670 151,480 218,455 Dec. 27. ... 2,651,162 225,914 476,491 163,476 224,167 226,399 203,830 392,584 136,475 76,594 153,846 151,323 220,063 Other liabilities including accrued dividends: Nov. 29 12,240 815 3,747 641 1,342 592 488 1,809 433 337 484 392 1,160 Dec. 6.... 11,632 1,003 3.454 600 1,398 516 488 1,685 389 310 373 410 1,006 Dec. 13.... 12,205 682 4,282 674 1,065 541 467 1,825 444 304 428 444 1,049 Dec. 20 11,469 715 3,715 613 1,196 439 446 1,887 381 288 349 483 957 Dec. 27 12,703 937 4,168 689 1,343 519 508 1,755 471 338 411 539 1,025 Total liabilities: Nov. 29. ... 44,430,590 2,428,20611,822,9772,726,7873,621,8102,592,1642,197,4087,778,0061,899,0301,119,3421,879,6711,680,4924,684,697 Dec. 6.... 44,756,507 2,425,01911,860,7112,726,9933,736,8692,631,7122,222,5607,843,7301,914,0431,129,5371,919,4241,692,8804,653,029 Dec. 13 45,475,954 2,486,30512,346,2902,726,9293,724,5272,672,1512,255,0817,842,672 1,933,1261,135,5221,916,8171,697,3184,739,216 Dec. 20 45,950,327 2,593,92512,183,2012,781,5163,866,0062,692,7682,286,8227,930,6561,953,2311,145,7391,969,3101,759,7224,787,431 Dec. 27 45,546,103 2,540,45611,964,4562 748,4973,855,5892,644,9072,280,7008,038,8171,950,9601,125,8321,934,2771,694,2004,767,412 Capital Accts. Capital paid in: Nov. 29 221,944 12,217 73,094 15,623 20,448 9,776 8,831 28,389 7,326 4,964 8,148 9,516 23,612 Dec. 6 222,035 12,217 73,117 15,635 20,471 9,776 8,831 28,400 7,327 4,970 8,156 9,516 23,619 Dec. 13 222,308 12,218 73,142 15,654 20,482 9.781 8,855 28,573 7,332 4,972 8,161 9,518 23,620 Dec. 20 224,799 12,224 73,444 15,675 21,995 9,809 8,913 28,656 7,376 4,973 8,263 9,566 23,905 Dec. 27 224,987 12,223 73,390 15,675 22,001 9,838 8,954 28,697 7,397 4,984 8,291 9,601 23,936 Surplus: (section 7): Nov. 29.... 488,173 30,778 148,149 38,205 45,957 23,779 21,194 72,029 19,118 12,494 18,045 15,873 42,552 Dec. 6.... 488,173 30,778 148,149 38,205 45,957 23,779 21,194 72,029 19,118 12,494 18,045 15,873 42,552 Dec. 13 488,173 30,778 148,149 38,205 45.957 23,779 21,194 72,029 19,118 12,494 18,045 15,873 42,552 Dec. 20 488,173 30,778 148,149 38,205 45,957 23,779 21,194 72,029 19,118 12,494 18,045 15,873 42,552 Dec. 27. ... 488,173 30,778 148,149 38,205 45,957 23,779 21,194 72,029 19,118 12,494 18,045 15,873 42,552 (section 13b): Nov. 29. ... 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Dec. 6.... 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Dec. 13.... 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Dec. 20. . . . 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Dec. 27... . 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Other cap. accts. Nov. 29 152,811 10,688 33,403 11,112 14,156 10,240 8,788 21,313 8,600 5,643 7,652 7,404 13,812 Dec. 6 154,885 10,762 33,919 11,225 14,385 10,389 8,887 21,660 8,666 5,695 7,774 7,520 14,003 Dec. 13.... 157,959 11,078 34,520 11,419 14,669 10,575 9,040 22,096 8,861 5,793 7,911 7,647 14,350 Dec. 20 160,914 11,185 35,167 11,635 14,971 10,783 9,205 22,582 9,030 5,885 8,041 7,791 14,639 Dec. 27 164,410 11,474 35,998 11,870 15,306 11,019 9,392 23,105 9,140 5,992 8,211 7,954 14,949 Total liabilities and cap. accts. Nov. 29 45,321,061 2,484,90012,084,9422,796,2163,703,3772,639,3082,236,9837,901,1661,934,5951,143,5161,914,6531,714,5924,766,813 Dec. 6 45,649,143 2,481,78712,123,2152,796,5473,818,6882,679,0052,262,2347,967,2481,949,6751,153,7691,954,5361,727,0964,735,343 Dec. 13 46,371,937 2,543,39012,609,4202,796,6963,806,6412,719,6352,294,9327,966,7991,968,9581,159,8541,952,0711,731,6634,821,878 Dec. 20.... 46,851,756 2,651,12312,447,2802,851,5203.949,9352,740,4882,326,8968,055,352 1,989,2761,170,1642,004,7961,794,2594,870,667 Dec. 27. . . .46,451,216 2,597,94212,229,3122,818,7363,939,8592,692,8922,321,0028,164,0771,987,1361,150,3751,969,9611,728,9354,850,989 Contingent liability on acceptances purchased for foreign correspondents Nov. 29 24,110 1,513 17,633 1,921 2,186 1,201 1,009 3,314 865 600 889 841 2,138 Dec. 6.... 22,469 1,416 !7,O55 1,797 2,045 1,123 944 3,101 809 562 831 786 2,000 Dec. 13 22,378 1,410 17,026 1,790 2,037 1,119 940 3,088 806 559 828 783 1,992 Dec. 20. .. . 22,035 1,388 16,919 1,763 2,005 1,102 926 3,041 793 551 815 771 1,961 Dec. 27.... 21,647 1,364 16,797 1,732 1,970 1,082 909 2,987 779 541 801 758 1,927 Commitments to make industria loans: Nov. 29. . . . 3,401 236 458 54 244 500 1,909 Dec. 6. . . . 3,460 297 458 54 242 500 1,909 Dec 13 4 269 609 458 54 242 500 500 1,906 Dec 20 4,190 530 458 54 242 500 500 1,906 Dec' n'.'.W 3,690 529 458 54 242 500 500 1,407 i After deducting $16,477,000 participations of other Federal Reserve Banks on Nov. 29; $15,414,000 on Dec. 6; $15,352,000 on Dec. 13; $15,116,000 on Dec. 20; and $14,850,000 on Dec. 27. JANUARY 1951 49 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS I In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - la A n t t - a Chicago L S ou t. is M ap in ol n i e s - K C an it s y as Dallas F c S r is a a c n n o - F. R. notes outstanding (issued to Bank): Nov. 29 24,121,632 1,459,376 5,391,0331,702,9272,160,4591,662,0101,337,235 4,587,057 122',,!879 611,518 938,250 678,3792,470,509 Dec. 6 24,244,393 ,465,072 5,424,5211,714,757 2,184,7711,671,8191,344,210 4,599,095 130,077' 617,065 940,993 675,6712,476,341 Dec. 13 24,402,602 1,479,496 5,482,2631,726,5812,199,3761,686,9041,346,550 4,618,963 137,738\ 618,900 945,113 680,8482,479,870 Dec. 20 24,540,757 1,493,5325,512,2321,736,0512,206,0031,696,7721,360,755 4,652,315 146,773! 621,901 951.,419 684,108 2,478,896 Dec. 27 24,562,518 1,499,5735,500,2721,729,7482,210,1241,699,4761,368,845 4,666,375 143,100 623,873 950,754 685,5712,484,807 Collateral held against notes outstanding: Gold certificates: Nov. 29 13,964,000 440,000 4,770,000 750,000 825,000 685,000 650,000 2,900,000 350,000 210,000 280,000 204,000[,900,000 Dec. 6 13,949,000 440,000 4,770,000 750,000 855,000 700,000 650,000 2,830,000 350,000 210,000 280,000214,000 1,900,000 Dec. 13 13,824,000 440,000 4,770,000 750,000 855,000 700,000 625,000 2,730,000 350,000 210,000 228800,,000000 221144,,000000 I ,900,000 Dec. 20 13,804,000 440,000 4,770,000 750,000 865,000 700,000 625,000 2,700,000 350,000 210,000 280,000214,000 ,900,000 Dec. 27 13,604,000 440,000 4,570,000 750,000 865,000 700,000 625,000 2,700,000 350,000210,000 280,000 214,000 L,900,000 Eligible paper: Nov. 29 188,477 6,080 85,175 4,915 17,140 26,925 15,072 30,170 3,000 Dec. 6 63,643 1,530 19,285 6,678 4,325 14,280 3,950 11,095 2,500 Dec. 13 50,565 2,685 23,830 5,895 2,540 11,300 600 3,715 Dec. 20 34,585 2,825 8,135 6,995 1,000 9,415 4,450 1,565 200 Dec. 27 241,160 3,425 145,630 8,790 13,875 25,000 1,150 5,590 37,700 U. S. Govt. sec: Nov. 29 10,900,000 ,100,000 700,0001,000,0001,350,000 1,000,000 700,0001,700,000 900,000450,000 700,000500,000 800,000 Dec. 6 11,150,000 ,100,000 800,0001,000,0001,350,0001,000,000 750,0001,800,000 900,000450,000 700,000500,000 800,000 Dec. 13 11,250,000 ,100,000 800,0001,000,0001,350,000 1,000,000 750,0001,900,000 900,000450,000 700,000 500,000 800,000 Dec. 20 11,365,000 ,100,000 800,0001,000,0001,350,0001,015,000 750,000 2,000,000 900,000450,000 700,000 500,000 800,000 Dec. 27 11,565,000 ,100,0001,000,0001,000,0001,350,0001,015,000 750,000 2,000,000 900,000450,000 700,000 500,000 800,000 Total collateral: Nov. 29 25,052,477 ,546,080 5,555,1751,754,915 2.175,000 ,702,1401,350,000 4,600,0001,276,925675,0721,010,170 704,000 2,703,000 Dec. 6 25,162,643 ,541,530 5,589,2851,756,678 2205,000 ,704,3251,400,000 4,630,0001,264,280 663,950 991,095 714,000 2,702,500 Dec. 13 25,124,565 ,542,6855,593,8301,755,895 2205,0001,702,5401,375,000 4,630,0001,261,300 660,600 983,715 714,000 2,700,000 Dec. 20 25,203,585 ,542,825 5,578,,1351,756,995 22.15,000 1,716,0001,375,000 4,700,0001,259,415664,450 981,565 714,000 2,700,200 Dec. 27 25,410,160 1,543,4255,715,6301,758,790 2,215,0001,728,8751,375,000 4,,700,0001,275,000 661,150 985,590 714,000 2,737,700 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS MEMBER BANK RESERVES AND BORROWINGS [Amounts in thousands of dollars] [Averages of daily figures. In millions of dollars] Partici- Central reserve W o D o r f e a l d t a p e n s e t e r ( i s l d o d a a d s a y ) t y A a p p t p o p l i r c d o a a v t t i e e o d ns b p p u l c r A e o o t t m v p e n - d e - o d * t s ( t a L a m o n o u o d a t u i n - n n s g t) 2 ( C s a t m o m a o m n e u o n d m t u - t i n s n i t t g ) - o in p f t g u a o f t t i u i i i n o o n t a - n n s n s t s c i- - week en M di o n n g t h W , o e r dnesday b m a b A e n e m l k r l s - l Y N c o e i r w t k y ban c C k a h s g i o - b s c R a e i r n e t v y - k e s b C a t o n r u y k n s - Num- (amount) standing ber Amount (amount) Total reserves held: 1949—November 16,119 4,419 1,116 6,177 4,407 1939... 2,781 188,222 2,659 13,683 9,220 10,981 1950—October 16,731 4,521 1,148 6,450 4,612 1940. . . 2,908 212,510 13,954 9,152 5,226 6,386 November 16,742 4,450 1,165 6,478 4,650 1941. . . 3,202 279,860 8,294 10,337 14,597 19,600 1942. . . 3,423 408,737 4,248 14,126 10,661 17,305 Nov. 22 16,797 4,435 1,164 6,507 4,690 1 1 1 1 1 1 9 9 9 9 9 9 4 4 4 4 4 4 6 3 7 4 5 8 . . . . . . . . . . . . . . . . . . 3 3 3 3 3 3 , , , , , . 6 5 4 5 5 4 1 0 7 4 7 8 1 1 7 2 4 9 6 5 5 5 5 4 1 2 4 8 6 9 5 5 4 6 5 1 , , , , , , 5 6 9 3 7 9 3 5 6 4 2 1 2 3 1 2 6 3 4 1 , , 3 3 5 9 9 2 3 7 4 2 2 9 5 5 6 0 7 5 1 3 0 1 1 , , , , 9 5 8 5 9 3 9 9 5 3 9 8 5 4 2 5 4 7 9 8 4 7 1 1 , , . , , , 3 1 2 6 4 6 6 0 4 3 4 7 5 9 3 4 4 0 1 2 2 4 1 1 7 , , . , , , 7 8 6 0 9 9 0 6 8 7 3 9 5 9 6 0 0 0 D D D N D e e e e o c c c c v . . . . . 2 2 2 1 0 9 7 6 3 1 1 1 1 1 6 6 7 7 7 , , , , , 6 7 3 6 5 5 9 1 2 5 2 2 4 3 1 4 4 4 4 4 , , , , , 5 6 4 9 7 4 2 9 5 4 9 5 7 3 4 1 1 1 1 1 , , , , , 2 1 1 1 2 2 5 8 7 0 1 2 7 6 0 6 6 6 6 6 , , , , , 4 4 6 6 7 6 8 8 9 6 2 9 3 6 0 4 4 4 4 4 , , , , , 6 5 8 5 8 9 8 0 6 8 7 5 7 7 4 Excess reserves: 1949 June 30 3.615 621,297 205 614 2,278 2,619 1949—November 811 46 1 163 601 July 30 3.617 621,601 220 660 2,263 2,563 1950—October 842 79 —3 177 590 Aug. 31 3,623 622,327 545 662 2,072 1,926 November 731 13 141 576 S O N D e e c o p c t v . t . . . 3 3 3 3 1 1 0 0 3 3 3 3 , , . , 6 6 6 6 4 3 4 3 4 7 9 0 6 6 6 62 2 2 2 9 5 6 8 , . , 3 2 5 3 0 7 2 2 1 3 3 6 1 1 , , 9 5 5 2 1 3 7 1 2 9 7 4 2 1 1 1 , , , , 0 1 0 9 7 1 7 5 5 6 8 4 2 1 1 1 , , , . 9 8 8 2 5 2 1 8 8 0 8 8 2 2 2 1 , , , ,9 9 8 0 6 4 4 2 5 7 8 3 D D N N e e o o c c v v . . . 2 2 1 9 6 2 4 . 1,2 6 6 7 5 8 0 2 4 9 8 3 32 3 9 3 4 7 — - 3 7 1 7 6 0 2 1 1 1 8 4 4 0 0 8 1 0 5 5 5 6 9 0 0 0 6 7 8 9 1950 Dec. 20 Pl.152 122 1 268 P761 Jan. 31 3,652 629,764 544 2,223 1,941 2,649 Dec. 27 P857 -3 -16 174 P7O2 Feb. 28 3.655 630,209 223 2,505 1,197 628 Mar. 31 3,663 632,049 1,225 2,673 1,272 651 Borrowings at Federal Apr. 29 3,667 632,573 1.172 2,665 1,288 652 Reserve Banks: May 31 3.670 633,124 1,306 2,675 1,286 641 1949—November 134 55 16 45 19 June 30 3,677 638,015 4,416 2,779 1.352 731 1950—October. .. 67 6 1 41 19 July 31 3,680 639,158 4,362 2,479 1,729 753 November 145 35 12 70 28 Aug. 31 3,684 644,464 6.985 2,333 2,481 3,273 Sept. 30 3,690 646,276 8,030 2,293 2.509 3,224 Nov. 22 93 15 9 51 18 Oct 31 3.692 647.432 •5,108 2.307 3.035 3.707 Nov 29 252 73 29 100 50 Nov. 30 3,695 649,748 5,519 2,413 3,466 4,050 Dec. 6 . 111 1 1 74 35 Dec. 13 76 1 38 37 Dec. 20 58 1 31 26 1 Includes applications approved conditionally by the Federal Re- Dec. 27 283 170 10 68 35 serve Banks and under consideration by applicant. 5 Includes industrial loans past due 3 months or more, which are not included in industrial loans outstanding in weekly statement of con- P Preliminary. dition of Federal Reserve Banks. 1 Weekly figures of excess reserves of all member banks and of NOTE.—The difference between amount of applications approved and country banks are estimates. Weekly figures of borrowings of all memthe sum of the tollowing four columns represents repayments of ad- ber banks and of country banks may include small amounts of Federal vances, and applications for loans and commitments withdrawn or Reserve Bank discounts and advances for nonmember banks, etc. expired. Back figures.—See Banking and Monetary Statistics, pp. 396-399. 50 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS [Averages of daily figures.1 In millions of dollars] Central reserve Central reserve b m a b A e n e m l r k l s - Ne c w ity ban C ks hi- b s c a R e i n r e t v y k - e s C ba t o r n u y k n s - b m a b A e n e m l r k l s - Ne c w ity ban C ks hi- b s c R a e i r n t e v y k e s C ba t o r n u y k n s - York cago York cago First half of November 1950 Second half of November 1950 Gross demand deposits: Total 96,809 21,535 5,588 37,012 32,674 97,676 21,721 5,657 37,531 32,767 Interbank , 11,763 3,890 1,120 5,740 1,013 11,766 3,855 1,108 5,763 1,040 Other 85,047 17,646 4,469 31,272 31,660 85,910 17,866 4,549 31,768 31,727 Net demand deposits *. ..., 84,185 19,697 5,036 31,824 27,628 84,845 19,812 5,059 32,121 27,853 Demand deposits adjusted J 75,800 76,350 Time deposits4 29,475 1,790 1,085 11,655 14,945 29,358 1,827 1,088 11,595 14,848 Demand balances due from domestic banks... 5,900 34 114 1,790 3,962 5,853 36 116 1,857 3,843 Reserves with Federal Reserve Banks: Total 16,758 4,450 1,171 6,469 4,668 16,727 4,449 1,160 6,486 4,632 Required 15,959 4,423 1,162 6,311 4,063 16,064 4,450 1,167 6,362 4,085 Excess 799 27 9 158 605 663 -8 125 547 Borrowings at Federal Reserve Banks. 118 29 6 56 27 172 41 18 84 29 1 Averages of daily closing figures for reserves and borrowings and of daily opening figures for other items, inasmuch as reserves required are based on deposits at opening of business. • Demand deposits subject to reserve requirements, i. e., gross demand deposits minus cash items reported as in process of collection and demand balances due from domestic banks. 1 Demand deposits adjusted (demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection) are estimated for all member banks, but not by class of bank. 4 Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report. DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND BANK SUSPENSIONSl SMALL CENTERS1 [Averages of daily figures. In millions of dollars] Member Nonmember Total, banks banks all In places of 15,000 In places of under banks and over population 15,000 population ti N on a- al State su I r n e - d in N s o u n re - d Demand Demand d e e i x n p c t o e e s r p i - t ts de T p i o m s e its d e e i x n p c t o e e s r p i - t ts de T p i o m s e its Num 1 b 9 e 3 r 4 o - f 4 2 banks suspended: 330 20 6 216 88 bank bank 1943 4 2 2 1944 1 1 1945 0 1949 1946 0 September 16,651 8,809 11,932 6,072 1947 1 1 October 16,850 8,810 12,061 6,072 1948 o November 17,056 8,782 12,209 6,046 1949 4 4 1950 1 1 1950 September 18,231 8,847 12,540 6,095 Deposits of suspended banks October 18,397 8,849 12,758 6,097 (in thousands of dollars) :2 November 18,663 8,815 13,012 6,080 1934-42 137,362 18,01626,54851,567 41,231 By district, 1943 6.223 4,982 1 ,241 November 1950 1944 405 405 1945 .. .. 0 Boston 2,283 822 377 229 1946 0 New York 3,514 2,202 1,213 1,150 1947 167 167 Philadelphia 1,414 822 1,034 899 1948 0 Cleveland 1,502 910 1,076 804 1949 2 ,443 2,443 1950 42 42 Richmond 1,207 412 929 484 A Ch tl i a c n ag ta o 2 1 , , 5 69 5 1 9 1,6 4 2 5 8 8 1,8 7 0 2 9 2 9 2 6 2 8 5 1 Represents banks which, during the periods shown, closed tem- St. Louis 725 347 1,024 289 i p n o c r l a u r d il e y b o a r n k p s e r w m h a o n s e e n t d ly ep o o s n i t ac li c a o b u il n it t i e o s f w f e in re a n a c s ia s l u m di e f d fi c b u y lt ie o s t ; h e d r o e b s a n n k o s t Minneapolis 649 295 811 438 at the time of closing (in some instances with the aid of Federal Deposit S D K a a a n l n l s a F a s r s a n C c i i t s y co 1 1 , , 3 1 6 3 5 2 9 4 6 6 1 1 4 0 6 3 8 8 1 1, , 8 6 5 1 4 6 9 9 8 2 3 1 0 8 2 1 3 p m In e e s 2 n m u d D r e b a e d e n p r c o a e r s b e i a t C s n a o k s r o s p o f o f a r r m d e a a t e i b t m o e a n s b s e e o l d r o f a s o b n u n a s s ) n p . t k h e s e n s l a i a o n t n d e s s , t i a n d n s a d u t r a e d d e a p v o n a s o i i l n t a s m b l o e e f m a n b t o e n r t h in e b s a u t n i r m e k d s e n s t u h o s e n - suspensions were reported. 'Includes any banks in outlying sections of reserve cities that have Back figures.—See Banking and Monetary Statistics, pp. 283-292; been given permission to carry the same reserve as country banks. for description, see pp. 281-282 in the same publication. 51 JANUARY 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS [Outside Treasury and Federal Reserve Banks. In millions of dollars] Total Coin and small denomination currency i» Large denomination currency * End of year or in cir- Unasmonth cula- sorted tion^ Total Coin *$1 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000$10,000 J933 5,519 4,167 442 402 33 719 1,229 1,342 1,360 364 618 125 237 8 10 8 1934 5,536 4,292 452 423 32 771 1,288 1.326 1,254 337 577 112 216 5 7 10 1935 5,882 4,518 478 460 33 815 1,373 1,359 1,369 358 627 122 239 7 16 5 1936 6,543 5,021 517 499 35 906 1,563 1,501 1,530 399 707 135 265 7 18 8 1937 6 550 5,015 537 505 33 905 1,560 1.475 1,542 387 710 139 288 6 12 7 1938 6,856 5,147 550 524 34 946 1,611 1.481 1.714 409 770 160 327 17 32 5 1939 7 598 5 553 590 559 36 1,019 1.772 1 .576 2.048 460 919 191 425 20 32 2 1940. 8.732 6,247 648 610 39 1,129 2,021 1,800 2.489 538 1.112 227 523 30 60 4 1941 11.160 8,120 751 695 44 1.355 2,731 2,545 3,044 724 1.433 261 556 24 46 4 1942 15.410 11,576 880 801 55 1.693 4.051 4,096 3.837 1,019 1,910 287 586 9 25 3 1943 20.449 14,871 1,019 909 70 1.973 5.194 5.705 5,580 1,481 2,912 407 749 9 22 2 1944 25,307 17,580 1,156 987 81 2,150 5.983 7.224 7,730 1.996 4,153 555 990 10 24 3 1945. 28 515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2.327 4.220 454 801 7 24 2 1946 28,952 20.437 1,361 1,029 67 2.173 6,497 9.310 8,518 2.492 4,771 438 783 8 26 3 1947 28 868 20,020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 3 1948 28,224 19,529 1,464 1,049 64 2,047 6,060 8,846 8,698 2.494 5.074 400 707 5 17 3 1949—August 27,393 18,901 1,462 1,003 61 1,958 5,900 8.517 8,494 2,406 4.980 383 712 4 9 2 September... 27,412 18,917 1,468 1,018 60 1,970 5.905 8,496 8,498 2,401 4.996 382 705 4 9 2 October 27,407 18,915 1,474 1,031 60 1.973 5,891 8,486 8,494 2,392 5.007 381 701 4 9 2 November... 27,543 19,040 1,484 1,046 61 1.994 5,935 8.520 8,506 2,398 5.021 382 692 4 8 2 December. . . 27,600 19,025 1.484 1.066 62 2,004 5.897 8.512 8,578 2.435 5.056 382 689 4 11 3 1950—January 26,941 18,475 1,457 1,008 60 1,926 5,715 8.309 8.469 2,401 5,010 380 666 4 8 3 February 27,068 18,645 1,459 1,011 60 1,949 5,817 8,348 8,426 2,385 4,988 378 661 5 9 3 March 27,042 18,651 1,468 1,013 59 1,949 5,834 8.327 8,393 2,375 4,968 384 654 5 8 1 April . 27,048 18,661 1,478 1,016 60 1,945 5,830 8,333 8.389 2.380 4,961 382 650 4 11 1 May 27,090 18,730 1,490 1,033 60 1,963 5,851 8.333 8,361 2,380 4,949 380 639 4 9 1 June 27,156 18,813 1,496 1,037 61 1.966 5,891 8,363 8,344 2,386 4,940 378 628 4 9 2 July 27,010 18,696 1,498 1,029 60 1,946 5,836 8.328 8,316 2,374 4,934 375 620 4 9 2 August 27,120 18,795 1,506 1,037 61 1,955 5,881 8,355 8,328 2,374 4,950 372 617 4 9 2 September... 27.161 18,834 1,515 1,054 61 1 ,964 5,884 8.357 8,329 2,369 4.964 370 613 4 9 2 October 27.228 18.901 1.527 1,072 61 1,978 5.874 8.388 8.329 2,368 4,987 367 595 4 9 2 November... 27,595 19,252 1,547 1,089 62 2,021 6,021 8,511 8,345 2,384 4,994 365 589 4 9 2 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. * Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. » Paper currency only; $1 silver coins reported under coin. Back Mures.—See Banking and Monetary Statistics, Table 112, pp. 415-416 UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money in circulation * Money Total out- held by standing, As security For Federal No 1 v 9 . 5 0 30, g a o s g l i d a lv in e a r s n t d Tre ca a s s h ury B R F an e e d k se e s r r a v a n e l d B R a a n e g k s e e s n r t a v s n e d No 1 v 9 . 5 0 30, Oc 1 t 9 . 5 3 0 1, No 1 v 9 . 4 9 30, certificates agents Gold 23,037 21,838 1,199 Gold certificates 21,838 18,982 2,816 40 40 42 Federal Reserve notes 24,144 52 879 23,212 22,885 23,202 Treasury currency—total 4,627 *2,324 36 249 4,342 4,303 4,300 Standard silver dollars 493 285 29 3 176 174 167 Silver bullion 2,039 2,039 Silver certificates and Treasury notes of 1890 3 2 324 191 2,133 2,112 2,115 Subsidiary silver coin 1,018 2 18 998 984 956 Minor coin 383 2 8 373 369 361 United States notes 347 3 26 318 317 317 Federal Reserve Bank notes 263 (5) 3 260 263 293 National Bank notes 85 (5) 1 84 85 90 Total—Nov. 30, 1950 (4) 24,162 1,287 18,982 3,944 27 595 Oct. 31, 1950 V) 24,366 1,295 19,229 3,998 27,228 Nov. 30, 1949 (4) 25,560 1,317 20,416 3,896 27,543 1 Outside Treasury and Federal Reserve Banks. Includes any paper currency held outside the continental limits of the United States. Totals for other end-of-month dates are shown in table above, totals by weeks in table on p. 43, and seasonally adjusted figures in table on p. 53. »Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890. 1 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. 6 Less than $500,000. NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. Federal Reserve Banks must maintain a reserve in gold certificates of at least 25 per cent, including the redemption fund, which must be deposited with the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificates pledged as collateral may be counted as reserves. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement. 52 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY IN CIRCULATION WITH ADJUSTMENT FOR POSTAL SAVINGS SYSTEM SEASONAL VARIATION I In millions of dollars] [Outside Treasury and Federal Reserve Banks. In millions of dollars] Assets Amount— Amount— Change in Date f u o v n r a a r s d i e j a a u t s s i o o te n n d al ad v s j a e u r a s i s t a e o t d n i o a n l for s a e s a d e s j r o u i n e st s a e l l d ly End of month D i b t e o p a r l o s - s ' - C i a n sh G u ov . e s rn . - re C s a e s rv h e ances * Total deposi- ment funds, tory securi- etc.* End of period: banks ties 1940 8,732 +1,134 1941 11,160 +2,428 1942 15,410 +4,250 1943—December... 1,788 1,843 10 1,716 118 1943 20.449 +5.039 1944—December... 2,342 2,411 8 2.252 152 1944 25,307 +4,858 1945—December... 2,933 3,022 6 2,837 179 1945 28,515 +3,208 1946—December... 3,284 3,387 6 3.182 200 1946 28,952 +437 1947—December... 3,417 3,525 6 3,308 212 1947 28,868 -84 1948—December... 3,330 3,449 7 3,244 198 1948 28,224 -644 1949 27.600 -624 1949—June 3,277 3,403 7 3,188 209 1950 ^27,737 +137 July 3,266 3,393 6 3,187 199 August 3,248 3,375 6 •3,172 196 Averages of daily figures: September.. 3,230 3,350 6 3.152 191 October 3,215 3,336 7 3,127 202 1949—November 27,477 27,395 -61 November.. 3,199 3,322 7 3,118 197 December 27,734 27,459 +64 December... 3.188 3,312 7 3,118 187 1950—January 27,220 27,139 -320 1950—January... . 3.183 3,307 7 3,117 182 February 27,008 27,008 -131 February... 3.177 3,301 7 3,107 186 March 27,043 27,124 +116 March 3,168 3,293 8 3,107 178 April 27.062 27,280 +156 April 3,151 3,276 8 3.092 176 May 27,022 27,212 -68 May 3,125 3,250 8 3.068 175 June 27,026 27,162 -50 June 3.097 3,218 10 3,038 171 July 27,117 27.171 +9 July 3,061 3,181 9 3,027 145 August 27,009 27,145 -26 August 3.021 3,141 10 2.962 169 September 27,154 27,208 +63 September.. . 2,991 3,111 10 2,923 177 October 27,233 27,233 +25 October P2.960 November 27,380 27.298 +65 November.... 2>2,941 December 27,806 27,531 +233 P Preliminary. P Preliminary. 1 Outstanding principal, represented by certificates of deposit. 1 For end-of-year figures, represents change computed on absolute * Includes working cash with postmasters, 5 per cent reserve fund amounts in first column. and miscellaneous working funds with Treasurer of United States, ac- NOTE.—For discussion of seasonal adjustment factors and for back crued interest on bond investments, and accounts due from late postfigures on comparable basis see BULLETIN for September 1943, pp. masters. 822-826. Because of an apparent change in the seasonal pattern Back figures.—See Banking and Monetary Statistics, p. 519; for around the year-end, adjustment factors have been revised somewhat description, see p. 508 in the same publication. for dates affected, beginning with December 1942. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Annual rate of Debits to demand Annual rate of Debits to total deposit accounts, except turnover of total deposit accounts, turnover of demand interbank accounts deposits, except except interbank deposits, except interinterbank and Government bank and Government Year or month Total, all New 140 Other New Other New Other New Other reporting York other reporting York reporting York leading York leading centers Cityi centersl centers 2 City centers City* cities » City* cities » 1944. . 891.910 345.585 462,354 83.970 17.1 10.8 298,902 403,400 22.4 17.3 1945 974,102 404,543 479,760 89,799 18.2 9.7 351,602 412,800 24 2 16 1 1 1 9 9 4 4 6 6 — — o n l e d w s e s r e i r e i s e s * 4 jl,050.021 417.475 527,336 105,210 18.9 10.0 ( 3 4 7 0 4 7 , , 3 9 6 4 5 6 4 5 4 2 9 2 , , 4 9 1 4 4 4 2 25 5 . . 2 5 1 1 6 6 . . 5 9 1947 1,125,074 405,929 599,639 119,506 21.0 11.9 400,468 598,445 24 1 18.0 1948 1,249,630 449,002 667,934 132,695 23.6 12.9 445.221 660,155 27.2 19.2 1949 1,231,053 452,897 648,976 129.179 24.1 12.4 447,150 639,772 28.2 18.7 1949—November 99,502 35,249 53,350 10,903 23.4 12.7 34,105 52,336 27.2 19.1 December 118,207 45,781 * 60,503 11,923 27.7 13.1 45,434 60,428 32.5 20.0 1950—January 106,665 38,962 56,397 11,306 24.5 12.6 38,133 55,090 28 6 18.9 February 96,254 35,727 50,565 9,962 24.9 12.3 35,205 49,855 29.3 18.9 March 115,746 43,112 60,923 11,712 25.7 12.8 41,164 59,113 29 4 19.3 April . . 102,547 37,025 54,657 10,865 24.1 12.5 38,480 54,929 29.7 19.4 May 112,095 41,463 58,838 11,793 25.9 12.7 40,037 57,382 29.7 19.2 June 119,399 43,781 63,332 12,286 27.0 13.4 42,294 61,607 30.7 20.2 July 110,573 38,757 59,752 12,064 24.6 13.2 40,657 59,703 31.0 20.3 August 128,383 50,067 «=65,423 *12,893 29.2 13.2 48,320 64,015 33.8 19.9 September 123.222 44,910 65,197 13,116 27.9 14.2 46,400 65,330 34.2 21.5 October 125,784 43,837 68,137 13,811 26.4 14.2 43,159 66,547 30.7 20.9 November 123,541 43,740 66,392 13,409 28.1 14.9 41,167 64,687 31.4 21.7 c Corrected. 1 National series for which bank debit figures are available beginning with 1919. * Number of centers reduced from 193 to 192 beginning December 1947, when one reporting bank was absorbed by a reporting bank in another city. • Weekly reporting member bank series. * 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 and for 333 beginning December 1947; the deposits from which rates of turnover have been computed have likewise been reported by most banks and have been estimated for others. Debits to demand deposit accounts, except interbank and U. S. Government, and the deposits from which rates of turnover have been computed have been reported by member banks in leading cities since 1935. JANUARY 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM ALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS, POSTAL SAVINGS SYSTEM, AND TREASURY CURRENCY FUNDS * [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Total Bank credit assets. Total Date Tress LJ. S. Government obligations liabil- Total Ca a p n i d ta) Gold re c n u c r- y Total Lo n a e c t s, Total m C a e o n rc m d ia - l R Fe e d se e r r v a e l Other O s ri e t t c h ie u e s - r ca i a n p t n i e i e d t t s al, c d u e a r p r n o e d s n i c ts y c m o n a u i c e n s - t c t . s, savings Banks banks 1929—June 29 4,037 2,019 58,642 41 082 5 741 5,499 216 26 11,819 64,698 55,776 8,922 1 19 9 3 3 9 3 — — D juence . 3 3 0 0 . f 1 4 7 , , 0 6 3 4 1 4 2 2 , , 2 9 8 6 6 3 4 5 ? 4 , ,5 1 6 4 4 8 22 9 1 5 5 7 7 10 3 1 2 0 8 5 1 8 9 , , 1 4 9 1 9 7 2 1 , , 4 9 8 9 4 8 1 2 1 0 3 4 1 9 9 , ,3 8 0 6 2 3 4 7 8 5, , 1 46 7 5 1 6 4 8 2 , , 3 0 5 2 9 9 6 6 , , 8 4 1 3 2 6 1941—Dec. 31 737 3,247 64,653 ?6 605 ?9 049 25,511 2,254 1 284 8,999 90,637 82,811 7,826 1945—June 30 ?0,213 4,145 ,992 ?7 948 118 041 93,655 21,792 594 8,003 178,350 168,040 10,310 Dec. 31 ?0,065 4,339 167,381 387 417 101,288 24,262 2 867 8,577 191,785 180,806 10,979 1946—June 29 . 20,270 4,539 163,485 31 570 122 740 95,911 23,783 3 046 9,175 188,294 176,215 12,079 Dec. 31 ?0,529 4,562 158,366 35 765 113 110 86,558 23,350 202 9,491 183,457 171,657 11,800 1947—June 30 ,266 4,552 156,297 373 107 873 82,679 21,872 3 322 10,051 18?,115 169,234 12,882 Dec. 31 22,754 4,562 16(1,832 43 023 107 086 81,199 22,559 ^ 328 10,723 188,148 175,348 12,800 194g_june 30 23,532 4,565 157,958 45 299 101 451 76,774 21,366 311 11,208 186,055 172,857 13,200 Dec. 31 ?4,244 4.589 160,457 48 341 100 694 74.097 23,333 3 264 11.422 189,290 176.121 13,168 1949—June 30 ?4,466 4,597 156,491 47 148 97 428 74,877 19,343 3 208 11,915 185,554 171.602 13,952 Dec. 31 ?4,427 4,598 16?,681 49 604 100 456 78,433 18,885 138 12,621 191,706 177,313 14,392 1950—Jan. 25. 94 400 4.600 16?,500 49 400 100 400 79,500 17,800 ^ 100 12,700 101,600 177,100 14,400 Feb. 21 94,300 4,600 161,900 49 700 90 300 78,600 17,600 3 100 12,900 100,800 176,200 14,600 Mar 29 24,200 4,600 161,700 50 400 98 000 77,400 17,500 3 100 13,300 190,500 176,000 14,600 Apr. 26 'M,200 4,600 16?,000 50 600 97 900 77,100 17,600 100 13,500 100,800 176,100 14,600 May 31 ,200 4,600 16?,600 51 000 98 100 77,700 17,400 3 100 13,500 101,400 176,700 14,700 June 30 'M,231 4,607 164,348 51 999 08 709 77,320 18,331 058 13,640 103,186 178,568 14,618 July 26P ?4,200 4,600 164,300 100 07 500 76,400 18,000 000 13,800 ,100 178,200 14,900 Aug. 30P 23,800 4,600 165,800 54 500 97 200 75,600 18,600 3 000 14,200 194,200 179,200 15,000 Sept. 27P 23,500 4,600 166,900 56 400 96 000 73,800 19,400 2 900 14,500 195,000 180,000 14,900 Oct. 25P 93.300 4,600 167,700 57 500 95 800 73,600 19,200 900 14,400 105,600 180,300 15,300 Nov. 29P 23,000 4,600 168,900 59 300 95 200 72,700 19,600 2 900 14,400 196,500 181,300 15,200 Deposits and Currency U S. Government balances Deposits adjusted and currency Date Foreign Total de b p a o n s k its Treas- A m t e c rc o i m al - At Time deposits» Curnet c u a r s y h sa a v n in d gs R Fe e d se e r r v a e l Tctal d D e e p m os a i n ts d 2 Total m C e o r m cia - l M sav u i t n u g a s l S P a o v s in ta g l s o r u e t n s c id y e banks Banks banks banks 4 System banks 1929—June 29 55,776 365 204 381 36 54,790 22,540 ?8,611 19,557 8,905 149 3,639 1933_june 30 4?,029 50 264 852 35 40,828 14,411 ,656 10,849 9,621 1,186 4,761 I939—Dec. 30 68,359 ,217 2,409 846 634 63,253 29,793 ?7,059 15,258 10,523 1,278 6,401 1 1 9 9 4 4 1 5 — — T Ju jenc>e 3 3 0 1 1 8 6 ? 8 . , 8 0 1 4 1 0 L 1 . , 4 3 9 7 8 8 2 2 , , 2 2 1 7 5 9 24 1, ,3 8 8 9 1 5 8 5 6 9 7 9 1 7 3 6 8 , , 3 4 3 0 6 3 3 6 8 9 , , 9 0 9 5 2 3 4 ?7 4 , , 7 2 2 5 9 3 2 1 7 5 , , 1 8 7 8 0 4 1 1 0 4, , 4 5 2 3 6 2 2 1 , , 6 3 5 1 7 3 2 9 5 , ,0 6 9 1 7 5 Dec. 31 180,806 2,287 ?4,608 977 150,793 75,851 48,452 30,135 15,385 2,932 26,490 1946—June 29 176,215 1,894 2,251 13,416 833 157,821 79,476 51,829 32,429 16,281 3,119 26,516 Dec. 31 171.657 1,885 2.272 3,103 393 164,004 83,314 53,960 33,808 16,869 3,283 26,730 I947—June 30 169,234 1.657 1,314 1,367 756 164,140 82,186 55,655 34,835 17,428 3,392 26,299 Dec. 31 175,348 .682 1,336 1,452 870 170,008 87,121 56,411 35,249 17,746 3,416 26,476 1948—June 30 17?,857 1.727 1,327 .180 1,928 165,695 82,697 .57,360 35,788 18,194 3,378 25,638 Dec. 31 176,121 2.103 1,325 2.451 1,123 169,119 85,520 57,520 35,804 18,387 3 329 26 079 1949—June 30 171.602 1,927 1.307 2.304 438 165.626 81.877 58,483 36,292 18.932 3,259 25,266 Dec. 31 177,313 2,150 1,312 3,249 821 169,781 85,750 58,616 36,146 19,273 3,197 25,415 1950—Jan. 25 177,100 2,200 1,300 3,300 500 169,700 86,400 58,700 36,100 19,400 3,200 24,500 Feb 21 176,200 2,200 1,300 4.200 400 168,200 84,500 59,000 36,300 19,500 3,200 24,700 Mar. 29 176,000 2,300 1,300 4,300 1,000 167,100 83,200 50,300 36 500 19 700 3 200 24 600 Apr. 26 176,100 2,400 1,300 3,200 800 168,400 84,300 50,500 36,600 10,700 3,200 24,600 May 31 176.700 2,400 1,300 3,200 600 169,200 85,000 59,500 36,600 19.800 3,100 24.700 June 30 178,568 2,555 1,298 3,801 950 169,964 85,040 50,739 36,719 10 923 3 097 25 185 July 26P 178,200 2,500 1,300 3,600 500 170,200 86,500 59,400 36,400 19,900 3,100 24,400 Aug. 30P 179,200 2,400 1,300 3 800 700 171,000 87,400 50,100 36,200 10,800 3,000 24,500 Sept 27P . ... 180.000 2,300 1.300 3,600 1,100 171,700 88,100 50,000 36 200 10 900 3 000 24 500 Oct. 25P 180.300 2.500 L.300 3,100 400 173,000 89,400 50,000 36,200 10 900 3 000 24 600 Nov. 29? 18,1,300 2,300 1,300 3,000 600 174,200 90,700 58,700 35,900 19,800 2,900 24,800 P Preliminary. 1 Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund. J Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. * Excludes interbank time deposits; United States Treasurer's time deposits, open account; and deposits of Postal Savings System in banks. * Prior to June 3(>, 1947. includes a relatively small amount of demand deposits. 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 accounts," and balance? of the Postal Savings System and the Exchange Stabilization Fund with the U. S. Treasury are netted against miscellaneous accounts instead of against U. S. Government deposits and Treasury cash. Except on call dates, figures are rounded tc nearest 100 million dollars and may not add to the totals. See Banking and Monetary Statistics, Table 9, pp. 34-35, for back figures for deposits and currency. 54 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES * PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of bank Cash Total Number and date Total Loans G U ov . e S r . n- Other assets * Total * b I a n n te k r - i a c c a c p o i u ta n l ts ba o n f ks Total o m bl e ig n a t - s ri e t c ie u s - m D a e n - d Time tions All banks: 1939—Dec. 30 50,884 22,165 28,719 19,417 9,302 23,292 68,242 9,874 32,516 25,852 8,194 15,035 1941—Dec. 31 61,126 26,615 34,511 25,511 8,999 27,344 81,816 10,982 44,355 26,479 8,414 14,826 1942—Dec. 31 78,147 23,916 54,231 45,951 8,280 28,701 99,803 11,308 61,437 27,058 8,566 14,682 1943—Dec. 31 96,966 23,601 73,365 65,932 7,433 28,475 117,661 11,003 75,577 31,081 8,996 14,579 1944—Dec. 30 119,461 26,015 93,446 85,885 7,561 30,790 141,448 12,235 91,663 37.551 9,643 14,535 1945—Dec. 31 140,227 30,362 109,865 101,288 8,577 35,415 165,612 14,065 105,935 45,613 10,542 14,553 1946—Dec. 31 131,698 35,648 96,050 86,558 9,491 35,041 155,902 12,656 92,462 50,784 11,360 14,585 1947—Dec. 31» 134,924 43,002 91,923 81,199 10,723 38,388 161,865 13,033 95,727 53,105 11,948 14,714 1948—Dec. 31 133,693 48,174 85,519 74,097 11,422 39,474 161,248 12,269 94,671 54,308 12,479 14,703 1949—June 30 133,868 47,076 86,792 74,877 11,915 34,966 156,470 10,938 90,145 55,386 12,845 14,680 Dec. 31 140,598 49,544 91.054 78,433 12,621 36,522 164,467 12,710 96,156 55,601 13,088 14,687 1950—June 30 142,959 51,999 90,960 77.320 13,640 34,099 163,770 11,435 95,505 56,830 13,576 14.674 July 26P 143,570 53,320 90,250 76,440 13,810 34,210 163,840 11,310 96,060 56,470 13,610 14,665 Aug. 30P 144,560 54,760 89,800 75,610 14,190 34,060 164,810 11,370 97,200 56,240 13,670 14,656 Sept. 27P 144,880 56,670 88.210 73,750 14,460 35,070 165.830 11.540 98,060 56.230 13,720 14,658 Oct. 25P 145,770 57,730 88.040 73,620 14,420 35,620 167.410 12.350 98.810 56,250 13.800 14.658 Nov. 29P 146,790 59,660 87,130 72,700 14,430 36,100 168,400 12,340 100,150 55,910 13,870 14,659 All commercial banks: 1939—Dec. 30 40,668 17,238 23,430 16,316 7,114 22,474 57,718 9,874 32,513 15,331 6,885 14,484 1941—Dec. 31 50,746 21,714 29,032 21,808 7,225 26,551 71,283 10,982 44,349 15,952 7,173 14,278 1942—Dec. 31 67,393 19,221 48,172 41,379 6,793 28,039 89,135 11,308 61,431 16,395 7,330 14,136 1943—Dec. 31 85,095 19,117 65,978 59,842 6,136 27,677 105,923 11,003 75,569 19,350 7,719 14,034 1944—Dec. 30 105,530 21,644 83,886 77,557 6,329 30,206 128,072 12,235 91,653 24,184 8,265 13,992 1945—Dec. 31 124,019 26,083 97,936 90,606 7,331 34,806 150,227 14,065 105,921 30,241 8,950 14,011 1946—Dec. 31 113,993 31,122 82,871 74,780 8,091 34,223 139,033 12,656 92,446 33,930 9,577 14,044 1947—Dec. 31 » 116,284 38,057 78,226 69,221 9,006 37,502 144,103 13,032 95,711 35,360 10,059 14,181 1948—Dec. 31 114,298 42,488 71,811 62,622 9,189 38,596 142,843 12,269 94,654 35,921 10,480 14,171 1949—June 30 113,773 41,025 72,748 63,220 9,528 34,166 137,520 10,938 90,128 36,455 10,780 14,150 Dec. 31 120,197 42,965 77,232 67,005 10,227 35,650 145,174 12,709 96,136 36,328 10,967 14,156 1950—June 30 121,767 44,796 76,972 65,751 11,221 33,268 143,827 11,435 95,485 36,907 11,387 14,144 July 26P 122,320 45,980 76,340 64,950 11,390 33,460 143,940 11,310 96,040 36,590 11,420 14,135 Aug. 30P 123,300 47,270 76,030 64,230 11,800 33,330 144,950 11,370 97,180 36,400 11,470 14,127 Sept. 27P , 123,660 49,030 74,630 62,540 12,090 34,270 145,940 11,540 98,040 36,360 11,500 14,129 Oct. 25P 124.490 49,890 74.600 62,530 12,070 34.890 147,510 12,350 98,790 36,370 11,580 14,129 Nov. 29P 125,510 51,650 73,860 61,750 12,110 35,380 148,550 12,340 100,130 36,080 11,640 14,130 All member banks: 1939—Dec. 30 33,941 13,962 19,979 14,328 5,651 19,782 49,340 9,410 28,231 11,699 5,522 6,362 1941—Dec. 31 43,521 18,021 25,500 19,539 5,961 23,123 61,717 10,525 38,846 12,347 5,886 6,619 1942—Dec. 31 59,263 16,088 43,175 37,546 5,629 24,280 78,277 11,000 54,523 12,754 6,101 6,679 1943—Dec. 31 74,258 16,288 57,970 52,948 5,022 23,790 92,262 10,555 66,438 15,268 6,475 6,738 1944—Dec. 30 91,569 18,676 72,893 67,685 5,208 25,860 110,917 11,884 79,774 19,259 6,968 6,814 1945—Dec. 31 107,183 22,775 84,408 78,338 6,070 29,845 129,670 13,640 91,820 24,210 7,589 6.884 1946—Dec. 31 96,362 26,696 69,666 63,042 6,625 29,587 118,170 12,060 78,920 27,190 8,095 6,900 1947—Dec. 31 97,846 32,628 65,218 57,914 7,304 32,845 122,528 12,403 81,785 28,340 8,464 6,923 1948—Dec. 31 95,616 36,060 59,557 52,154 7,403 34,203 121,362 11,641 80,881 28,840 8,801 6,918 1949—June 30 95,315 34,456 60,859 53,132 7,727 30,423 116,980 10,374 77,342 29,264 9,022 6,903 Dec. 31 101,528 36,230 65,297 56,883 8,414 31,317 123,885 12,097 82,628 29.160 9,174 6.892 1950—June 30 102,745 37,658 65,087 55,759 9,328 29,380 122,707 10,850 82,232 29,625 9,523 6.885 July 26P 103,290 38,760 64,530 55,026 9,504 29,435 122,710 10,736 82,606 29,368 9,550 6,886 Aug. 30P 104,289 39,977 64,312 54,434 9,878 29,261 123,694 10,795 83,658 29.241 9,602 6,888 Sept. 27P 104,554 41,542 63,012 52.8K2 10.130 30.144 124.572 10,968 84.386 29,218 9,628 6,887 Oct. 25P 105,258 42,347 62.911 52.816 10.095 30,427 125,691 11.725 84.748 29,218 9.683 6,883 Nov. 29P 106,138 43,969 62,169 52,050 10,119 30,834 126,563 11,679 85,873 29,011 9,724 6,881 All mutual savings banks: 1 19 9 4 3 1 9 — — J £ 3 )e e c c 3 3 0 i 1 1 0 0 , , 2 3 1 7 6 9 4 4 , , 9 9 0 2 1 7 5 5 , , 2 4 8 7 9 8 3 3 , ,1 7 0 0 1 4 2 1, , 7 1 7 8 4 8 8 79 1 3 8 1 1 0 0 , , 5 52 3 4 3 6 3 1 10 0 , , 5 5 2 2 7 1 L L ,3 2 0 4 9 1 5 5 5 4 1 8 1942—Dec. 31 10,754 4,695 6,059 4,572 1,487 663 10,668 6 10,662 1,236 546 1943—Dec. 31 11,871 4,484 7,387 6,090 1,297 797 11,738 8 11,730 1,276 545 1944—Dec. 30 13,931 4,370 9,560 8,328 1,232 584 13.376 10 13,366 [,378 543 1945—Dec. 31 16,208 4,279 11,928 10,682 1,246 609 15,385 14 15,371 1,592 542 1946—Dec. 31 17,704 4,526 13,179 11,778 1,400 818 16.869 1 16 16,853 1,784 541 1947—Dec. 31 » 18,641 4,944 13,696 11,978 1,718 886 17,763 1 17 17,745 1,889 533 1948—Dec. 31 19,395 5,686 13,709 11,476 2,233 878 18,405 1 17 18,387 1,999 532 1949—June 30 20,094 6,050 14,044 11,657 2,387 800 18,949 1 17 18,932 2,065 530 Dec. 31 20,400 6,578 13,822 11,428 2,394 873 19,293 20 19,273 2,122 531 1950—June 30 21,192 7,203 13,989 11,569 2,420 831 19,943 20 19,923 2,189 530 July 26P 21,250 7,340 13,910 11,490 2,420 750 19,900 20 19,880 2,190 530 Aug. 30P". . . \\ 21,260 7,490 13,770 11,380 2,390 730 19,860 20 19,840 2,200 529 Sept. 27P 21,220 7,640 13,580 11,210 2,370 800 19.890 20 19,870 2,220 529 Oct. 25P 21,280 7,840 13,440 11,090 2,350 730 19,900 20 19,880 2.220 529 Nov. 29P 21,280 8,010 13,270 10,950 2,320 720 19,850 20 19,830 2,230 529 P Preliminary. * "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" with exception of three mutual savings banks that became members in 1941. Stock savings banks and nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability data are not available. Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc. 1 Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. For other footnotes see following two pages. 55 JANUARY 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Investments Other Cla a s n s d o d f a b te ank Total Loans Total G u m o . v e e n s r t n . - O se t c h u e - r as C s a e s ts h 1 Total 1 b I a n n te k r - 1 m D a e n - d Time a c c T a c o p o i t u t a a n l l ts N b u a o m n f k b s er obliga- rities tions Central reserve city member banks: New York City: 1939—Dec. 30 9,339 3,296 6,043 4,772 1,272 6,703 14,509 4,238 9,533 736 1,592 36 1941—Dec. 31 12,896 4,072 8,823 7,265 1,559 6,637 17,932 4,207 12,917 807 1,648 36 1942—Dec. 31 17,957 4,116 13,841 12,547 1,294 5,864 22,078 3,945 17,399 734 1,727 37 1943—Dec. 31 19,994 4,428 15,565 14,563 1,002 5,197 23,256 3,680 18,729 847 1,862 37 1944—Dec 30 24,003 5,760 18,243 17,179 1,066 4,921 26,773 4,041 21,730 1,002 1,966 37 1945—Dec. 31 26,143 7,334 18,809 17,574 1,235 6,439 30,121 4,657 24,227 1,236 2,120 37 1946—Dec. 31 20,834 6,368 14,465 13,308 1,158 6,238 24,723 4,246 19,028 ,449 2,205 37 1947—Dec. 31 20,393 7,179 13,214 11,972 1,242 7,261 25,216 4,464 19,307 1,445 2,259 37 194g—Dec. 31 18,759 8,048 10,712 9,649 1,063 7,758 24,024 4,213 18,131 L.680 2,306 35 1949—June 30 . . 19,103 7,689 11,413 10,278 1,135 7,109 23,619 3,920 18,004 1,695 2,340 35 Dec. 31 19,583 7,550 12,033 10,746 1,287 6,985 23,983 4,192 18,139 1,651 2,312 25 1950—June 30 19,548 7,723 11,825 10,281 1,544 6,329 23,213 3,894 17,668 1,650 2,341 25 July 26P 19,406 8,129 11,277 9,618 1,659 6,418 22,776 3,786 17,392 1,598 2,351 25 Aug. 30P 19,764 8,368 11,396 9,587 1,809 6,478 23,417 3,856 17,936 1,625 2,356 25 Sept. 27P 19.860 8,814 11,046 9.167 1,879 6.635 23,585 3,956 17,982 1,647 2,343 24 Oct. 25P 19,877 8,919 10,958 9.134 1.824 6.515 23.602 4,146 17,851 1,605 2,352 23 Nov. 29P 20,136 9,554 10,582 8,794 1,788 6,836 23,948 4,042 18,260 1,646 2,356 23 Chicago: 1939—Dec 30 2,105 569 1,536 1,203 333 1.446 3,330 888 1,947 495 250 14 1941—Dec. 31 2,760 954 1,806 1,430 376 1,566 4,057 1,035 2,546 476 288 13 1942—Dec. 31 3,973 832 3,141 2,789 352 1,352 5,040 1,117 3,468 455 304 13 1943—Dec. 31 4,554 1.004 3,550 3,238 312 1,283 5,523 985 4,029 508 326 13 1944—Dec. 30 5,443 L ,184 4,258 3,913 345 1,378 6,468 1,148 4,700 620 354 13 1945—Dec 31 5,931 1,333 4,598 4,213 385 1,489 7,046 1,312 5,015 719 377 12 1946—Dec. 31 4,765 1,499 3,266 2,912 355 1,545 5,905 1,153 3,922 829 404 14 1947—Dec. 31 5,088 ,801 3,287 2,890 397 1,739 6,402 1,217 4,273 913 426 14 194g—Dec. 31 4,799 ,783 3,016 2,633 383 1,932 6,293 1,064 4,227 1,001 444 13 1949—june 30 4,841 ,537 3,303 2,888 415 1,702 6,087 1,008 4,020 1,059 462 13 Dec. 31 5,424 ,618 3,806 3,324 482 1,850 6,810 1,191 4,535 L,083 470 13 1950— J j u u l n y e 2 3 6 0 P 5 5 , , 2 2 5 9 6 9 1 1 , , 5 6 5 5 7 4 3 3 , , 6 7 4 0 5 0 3 3 , , 0 1 8 38 2 5 56 6 2 3 L 1, . 7 6 4 4 3 0 6 6, . 4 5 1 0 9 9 1 L , . 0 0 1 6 4 7 4 4, , 3 3 5 0 4 5 L 1, , 0 0 8 9 8 9 4 4 8 7 1 8 1 1 3 3 Aug. 30P 5,447 ,726 3,721 3,146 575 1,755 6,703 1,099 4,527 1,077 483 13 Sept. 27P 5,302 L ,786 3,516 2,950 566 1,841 6,621 1,058 4,488 1,075 483 13 Oct. 25 P 5,394 L.854 3.540 2,987 553 L.777 6.668 1,109 4,486 1,073 484 13 Nov. 29P 5,456 1,972 3,484 2,928 556 L ,812 6,719 1,064 4,566 ,089 490 13 Reserve city member banks: 1939—Dec. 30 12,272 c>.329 6,944 5,194 1,749 t5.785 17,741 3.686 9,439 1.616 1,828 346 1941—Dec. 31 15,347 7,105 8,243 6,467 1,776 8,518 22,313 4,460 13,047 4,806 1,967 351 1942—Dec. 31 20,915 6,102 14,813 13,038 1,775 9,426 28,700 4,957 18,747 4,995 2,028 354 1943—Dec. 31 27,521 6,201 21,321 19,682 1,639 9,327 35,070 4,874 24,086 6,109 2,135 357 I944—Dec. 30 33,603 6,822 26,781 25,042 1,739 10,238 41,804 5,524 28,525 7,755 2,327 356 1945—Dec. 31 40,108 8,514 31,594 29,552 2,042 11,286 49,085 6,448 32.877 9,760 2,566 359 1946—Dec 31 35,351 10,825 24,527 22,250 2,276 11,654 44,477 5,570 28,049 10,858 2,728 355 I947—Dec. 31 36,040 13,449 22,591 20,196 2,396 13,066 46,467 5,649 29,395 11,423 2,844 353 1948—Dec. 31 35,332 14,285 21 047 18,594 2,453 13,317 45,943 5,400 29,153 11,391 2,928 335 I949—June 30 35,034 13,261 21,772 19,076 2,696 11,618 43,852 4,665 27,560 11,627 3,005 336 Dec. 31 38,301 14,370 23,931 20,951 2,980 12,168 47,559 5,713 30,182 11,664 3,087 341 1950— J j u u l n y e 3 2 0 6P 3 3 8 9 , , 6 1 9 6 7 7 1 1 4 5 , , 8 2 6 5 8 6 2 23 3 , , 9 8 1 2 1 9 2 2 0 0 , , 5 54 1 9 0 3 3 , , 3 3 1 6 9 2 1 1 1 1 , , 6 5 3 8 9 0 4 4 7 7 , , 1 4 8 9 7 5 5 5, , 0 0 3 6 4 9 3 3 0 0 , , 3 7 0 7 6 9 1 1 1 1 , , 8 6 1 8 2 2 3 3 , , 2 26 6 7 8 3 3 3 3 6 6 Aug. 30* 39,376 15,845 23,531 20,030 3,501 11,422 47,448 4,996 30,848 11,604 3,287 336 Sept. 27P 39.536 16.525 23,011 19.404 3,607 11,858 47,978 5,100 31,300 11,578 3,305 337 Oct. 25P 39.844 16,931 22,913 19.301 3.612 12,070 48.493 5.503 31,388 11.602 3,320 337 Nov. 29P 40,133 17,536 22,597 18,960 3,637 11,945 48,595 5,540 31,551 11,504 3,337 337 Country member banks: 1939—Dec 30 10,224 4,768 5,456 3,159 2,297 4,848 13,762 598 7,312 5,852 1,851 5,966 1941—Dec. 31 12,518 5,890 6,628 4,377 2,250 6,402 17,415 822 10,335 6,258 1,982 6,219 1942—Dec. 31 16,419 5,038 11,380 9,172 2,208 7,638 22,459 980 14,909 6,569 2,042 6,275 1943—Dec. 31. . 22,188 4,654 17,534 15,465 2,069 7,983 28,414 1,015 19,594 7,804 2,153 6,331 1944—Dec. 30 28,520 4,910 23,610 21,552 2,058 9,323 35,871 1,171 24,818 9,882 2 321 6 408 1945—Dec. 31 35,002 5,596 29,407 26,999 2,408 10,632 43,418 1,223 29,700 12,494 2,525 6,476 1946—Dec. 31.... 35,412 8,004 27,408 24,572 2,836 10,151 43,066 1,091 27,921 14,053 2,757 6,494 I947—Dec. 31 36,324 10,199 26,125 22,857 •3,268 10,778 44,443 1,073 28,810 14,560 2,934 6 519 1948—Dec 31. 36,726 11,945 24,782 21,278 3,504 11,196 45,102 964 29,370 14,768 3,123 6,535 1949—june 30.... 36,338 11.968 24,370 20,889 3,481 9,994 43,422 781 27,758 14,883 3,215 6,519 Dec. 31 38,219 12,692 25,527 21,862 3,665 10,314 45,534 1,001 29.771 14,762 3,305 6,513 1950—June 30. 39,245 13,510 25,734 21,830 3,904 9,773 45,888 871 29,953 15,064 3,433 6,511 July 26P 39,418 13,721 25,697 21,777 3,920 9,694 45,930 849 30,081 15,000 3,454 6,512 Aug. 30P 39,702 14,038 25,664 21,671 3,993 9,606 46,126 844 30,347 14,935 3,476 6,514 Sept. 27P 39,856 14,417 25,439 21,361 •1,078 9,810 46,388 854 30,616 14,918 3,497 6.513 Oct. 25P 40,143 14.643 25.500 21,394 1,106 10.065 46.928 967 31,023 14,938 3,527 6,510 Nov. 29P 40,413 14,907 25,506 21,368 1,138 10,241 47,301 1,033 31,496 14,772 3,541 6,508 • December 31, 1947 figures are consistent (except that they exclude possessions) with the revised all bank series announced in November 1947 by the Federal bank supervisory agencies, but are not entirely comparable with prior figures shown above; a net of 115 noninsured nonmember commercial banks with total loans and investments of approximately 110 million dollars was added, and 8 banks with total loans and investments of 34 million were transferred from noninsured mutual savings to nonmember commercial banks. For other footnotes see preceding and opposite page. 56 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of bank Cash Total Number and date Total Loans Total G o U m b ov l . e i e g n S r a t n . - - O s ri e t t c h ie u e s - r assets » Total b I a n n te k r - i m D a e n - d Time a c c a c p o i u ta n l ts ba o n f ks tions All insured commercial banks: 1941—Dec. 31 49,290 21,259 28.031 21.046 6,984 25,788 69,411 10,654 43.059 15,699 6.844 13,426 1945—Dec. 31 121,809 25.765 96.043 88,912 7,131 34,292 147,775 13,883 104,015 29.876 8,671 13,297 1946—Dec. 31 112,178 30,733 81.445 73,554 7,891 33,694 136,990 12,320 91,144 33.526 9,286 13,354 1947—Dec. 31 114,274 37.583 76.691 67.941 8,750 36.926 141,851 12,670 94,300 34,882 9,734 13,398 1948—Dec. 31 112,286 41,968 70,318 61,388 8.929 38.087 140,642 11,900 93,300 35,441 10,158 13,413 1949—Dec. 31 118,278 42,485 75.793 65.820 9,974 35,207 143,138 12,368 94,914 35,856 10,645 13,429 1950—June 30 119,808 44,304 75.504 64,546 10,957 32,865 141,798 11,066 94,298 36,433 11,061 13,435 National member banks: 1941—Dec. 31 27,571 11,725 15.845 12,039 3,806 14,977 39,458 6,786 24,350 8,322 3,640 5,117 1945—Dec. 31 69,312 13.925 55.387 51,250 4,137 20.114 84,939 9,229 59,486 16,224 4,644 5,017 1946—Dec. 31 63,723 17,272 46.451 41,658 4,793 20.012 78,775 8,169 52,194 18,412 5,138 5,007 1947—Dec. 31 65,280 21.428 43,852 38,674 5,178 22,024 82,023 8,410 54,335 19,278 5,409 5,005 1948—Dec. 31 63,845 23,752 40.093 34,852 5,241 22,974 81,407 7,842 54,020 19,545 5,657 4,991 1949—Dec. 31 67,943 23,853 44.090 38,161 5,930 20,995 83,113 8,278 55,034 19,801 5.920 4,975 1950—June 30 68,723 24,590 44,132 37,548 6,584 19,914 82,430 7.362 54.964 20,104 6,180 4,971 State member banks: 1941—Dec. 31 15,950 6,295 9,654 7,500 2,155 8.145 22,259 3,739 14,495 4.025 2,246 1,502 1945—Dec. 31 37,871 8.850 29.021 27,089 1,933 9,731 44,730 4,411 32,334 7,986 2,945 1,867 1946—Dec. 31 32,639 9,424 23,216 21,384 1,832 9,575 39,395 3,890 26,726 8.779 2,957 1.893 1947—Dec. 31 32,566 11,200 21,365 19,240 2,125 10,822 40,505 3,993 27,449 9,062 3,055 1,918 1948—Dec. 31 31,771 12,308 19,463 17,301 2,161 11,228 39,955 3,799 26,862 9,295 3,144 1,927 1949—Dec. 31 33,585 12,378 21,207 18,722 2,484 10,322 40,772 3,819 27,594 9,359 3,254 1,917 1950—June 30 34,023 13,068 20,955 18,211 2,744 9,466 40,277 3,488 27,268 9.522 3,343 1,914 Insured nonmember commercial banks: 1941—Dec. 31 5,776 3,241 2,535 1,509 1,025 2,668 7.702 129 4,213 3,360 959 6,810 1945—Dec. 31 14,639 2,992 11,647 10.584 1,063 4,448 18.119 244 12,196 5.680 1,083 6,416 1946—Dec. 31 15,831 4.040 11.791 10.524 1.268 4,109 18,836 260 12,225 6.351 1.193 6.457 1947—Dec. 31 16,444 4,958 11,486 10,039 1,448 4,083 19,340 266 12.515 6,558 1,271 6,478 1948—Dec. 31 16,685 5,911 10,774 9,246 1,528 3,887 19,296 259 12,419 6,618 1,358 6,498 1949—Dec. 31 16,766 6,258 10.508 8,947 1,561 3,892 19.269 272 12,285 6,712 1,473 6,540 1950—June 30 17,079 6,650 10,429 8,799 1,630 3,487 19,108 217 12,066 6,825 1,539 6,553 Noninsured nonmember commercial banks: 1941—Dec. 31 1,457 455 1,002 761 241 763 1,872 329 1,291 253 329 852 1945—Dec. 31 2,211 318 1,893 1,693 200 514 2,452 181 1,905 365 279 714 1946—Dec. 31 1,815 389 1,426 1,226 200 530 2,043 336 1,302 404 290 690 1947—Dec. 31 » 2,009 474 1,535 1,280 255 576 2,251 363 1,411 478 325 783 1948—Dec. 31 2,013 520 1,493 1,234 259 509 2.201 368 1,353 479 322 758 1949—Dec. 31 1,919 481 1,438 1,185 253 442 036 341 1,223 472 321 727 1950—June 30 1,959 491 1,468 1,204 263 403 2,029 369 1,186 474 326 709 All nonmember commercial banks: 1941—Dec. 31 7,233 3,696 3,536 2,270 1,266 3,431 9,574 457 5,504 3.613 ,288 7,662 1945—Dec. 31 16,849 3,310 13,539 12.277 1,262 4,962 20,571 425 14,101 6,045 ,362 7,130 1946—Dec. 31 17,646 4,429 13,217 11,749 1,468 4,639 20,879 597 13.526 6,756 ,483 7,147 1947—Dec. 31 * 18,454 5,432 13,021 11,318 1,703 4.659 21.591 629 13,926 7,036 ,596 7,261 1948—Dec. 31 18,698 6,431 12,267 10,479 1,788 4.396 21.497 628 13,772 7,097 ,680 7,256 1949—Dec. 31 18,686 6,739 11.947 10,132 1,814 4,334 21,305 613 13,508 7,184 ,794 7,267 1950—June 30 19,038 7,141 11,896 10,003 1,893 3,890 21,137 586 13,253 7,299 ,865 7,262 Insured mutual savings banks: 1941—Dec. 31 1,693 642 1,050 629 421 151 1,789 1,789 164 52 1945—Dec. 31 10,846 3,081 7,765 7.160 606 429 10,363 12 10.351 ,034 192 1946—Dec. 31 11,891 3,250 8,641 7,946 695 612 11,428 13 11,415 ,173 191 1947—Dec. 31 12,683 3,560 9,123 8,165 958 675 12,207 14 12,192 ,252 194 1948—Dec. 31 13,312 4,109 9,202 7.795 1.407 684 12,772 14 12,757 ,334 193 1949—Dec. 31 14,209 4,814 9,394 7,832 1,562 682 13,592 16 13,575 ,420 192 1950—June 30 14,827 5,288 9,539 7,945 1,594 659 14,128 18 14,109 ,467 192 Noninsured mutual savings banks: 1941—Dec. 31 8,687 4,259 4,428 3,075 1,353 642 8,744 8,738 1,077 496 1945—Dec. 31 5,361 1,198 4,163 3,522 641 180 5,022 5,020 558 350 1946—Dec. 31 5,813 1,275 4,538 3,833 705 206 5,442 5,439 611 350 1947—Dec. 31 * 5,957 1,384 4,573 3,813 760 211 5,556 5,553 637 339 1948—Dec. 31 6,083 1,577 4,506 3,680 826 194 5,633 5,631 665 339 1949—Dec. 31 6,192 1,764 4,4C8 3,596 832 191 5,702 5,699 702 339 1950—June 30 6,365 1,915 4,450 3,625 826 172 5,815 5,813 722 338 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. JANUARY 1951 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] Loans * Investments Loans for U.S. Government obligations Com- 1Durchasing Obli- Total mer- or carrying ga- Class of bank loans cial, securities Direct tions cal a l n d d ate i m n a v e n e n d s t t s - Total1 o c p i l i n u n e g d - n - - A t c g u a u r r l l i - - - t> T ro o k- l R t o e a a e s t n a - e l s s C l u o o m a n n e - s r O lo th an er s Total Total C c e a r t t e if s i- G a u n a - r- S p a t o o a n l t f d i e t s - O s ri e t t h c ie e u s r mar- ers To Bills of in- Notes Bonds teed ical ket and oth- debt- subpa- deal- ers ed- diviper ers ness sions All insured commercial banks: 1041—Dec 31 49,290 21,259 9,214 1,450 614 662 4,773 4 54* 28,031 21 046 988 3,159 12 797 4,102 3,651 3,333 X 1 . 9 7™ 4 X 6 — X D —* e V, c V- . a 3 \J 1 X. . * . •112,178 30,733 14,016 1,358 1,517 1,6097,1034,031 1 098 81,445 73,554 1,271 12,288 6,78053,200 154,298 3,592 1947—Dec. 31.. 114,274 37,583 18,012 1,610 823 1,1909,2665,654 1 028 76,691 67,941 2,124 7,552 5,91852,334 145,129 3,621 1948—Dec. 31. .112,286 41,968 18,7612,775 1,336 939 10,6666,804 1 095 70,318 61,388 2,821 10,065 3,39445,100 85,5093,420 1949—June 30. . 111,746 40,524 16,2922,734 1,972 901 10,8877,170 1 022 71,222 61.970 2,846 10,437 2,04546,636 65,7633,489 Dec. 31.. 118,278 42,485 16,9352,963 1,749 855 11,4058.005 1 121 75,793 65,820 3,692 12,479 5,81043,833 66,4003,574 1950—June 30.. 119,808 44,304 16,8142,819 1,856 912 12,2709,036 1 186 75,504 64,546 3,847 6,102 11,59143,000 87,2373,721 Member banks* total: 1941—Dec. 31.. 43,521 18,021 8,671 972 594 598 3,494 3, >92 25,500 19,539 971 3,007 11,7293,8323.0902,871 1946—Dec. 31.. 96,362 26,696 13,154 884 1,506 1,4675,3583,308 1 020 69,666 63,042 1,167 io,043 5,60246,219 113,5483,077 1947—Dec. 31.. 97,846 32,628 16,962 1,046 811 1,0657,1304,662 952 65,218 57,914 1,987 5,816 4,81545,286 104,199 3,105 1948—Dec. 31 95,616 36,060 17,631 1,800 1,324 834 8,2445,585 1 006 59,556 52,154 2,588 7,999 2,80038,761 54,480 2,922 1949—June 30.. 95,315 34.456 15,2131,704 1,958 803 8,3835,859 935 60,859 53,132 2,651 8,469 1,63940,369 44,710 3,016 Dec. 31.. 101,528 36,230 15,857 1.945 1,737 758 8.8346,551 1 034 65,297 56,883 3.389 10,409 5.08537,996 4 5,2743,140 1950—Tune 30.. 102.745 3,7.658 15.7081.770 ].840 807 9.547 7.401 1 105 65,087 55.759 3,539 4,821 9,99037.404 56.0403.289 Oct. 4. . 104,367 41,612 18,337 1,729 1.382 901 10,1178,176 1 498 62,755 52,618 3,588 1,868 12,63334,524 66,512 3,625 New York City:* 1941—Dec. 31. . 12,896 4,072 2,807 8 412 169 123 554 8,823 7,265 311 1.623 3,652 1,679 729 830 1946—DeC4 31 _ 20,834 6,368 4,078 1,096 389 99 455 250 14,465 13,308 387 1,725 992 10,202 1 557 601 1 19 9 4 4 8 7 — — D D eecc. . 3 3 1 1 . 2 1 0 8 , ,7 3 5 9 9 3 8 7, , 1 0 7 4 9 8 5 5 ,3 6 6 42 1 3 1,1 5 0 45 2 2 2 2 6 5 7 2 1 2 1 4 1 5 6 6 4 4 3 3 30 3 6 0 1 1 0 3 , , 7 2 1 1 2 5 1 9 1 , , 6 9 4 7 9 2 1,0 5 0 89 2 1,1 6 8 40 3 3 5 6 5 5 8 9 7, , 5 7 1 7 2 1 6 56 3 3 8 6 5 0 0 4 0 1949—June 30.. 19,103 7,689 4,710 11,701 248 209 650 268 11,413 10,278 777 1,472 132 7,897 611 525 Dec. 31 ». 19.583 7,550 4.792 1,410 219 256 689 309 12,033 10,746 720 1,785 835 7,405 752 535 1950—Tune 30.. 19.548 7.723 4.656 1.407 242 339 756 356 11,825 10.281 900 458 1,594 7.328 959 585 Oct. 4.. 19,821 8,821 5,672 1,105 276 414 862 616 11,001 9,132 781 159 1,643 6,549 1,144 725 Chicago:* 1941—Dec. 31 2,760 954 732 6 48 52 22 9> 1,806 1,430 256 153 903 119 182 193 1946—Dec. 31!! 4,765 ,499 1,094 3 117 101 51 105 29 3,266 2,912 60 498 146 2,207 167 187 1947—Dec. 31. . 5,088 ,801 ,418 3 73 87 46 149 26 3,287 2,890 132 235 248 2,274 213 185 1948—Dec. 31. . 4,799 ,783 ,412 4 71 63 51 176 27 3,016 2,633 183 275 217 1,958 210 174 1949—June 30.. 4,841 ,537 ,178 6 83 60 48 156 26 3,303 2,888 369 343 125 2,051 235 180 Dec. 31.. 5,424 ,618 ,211 7 109 56 51 172 34 3,806 3,324 331 690 358 1,945 290 192 1950—June 30.. 5.256 ,557 .116 24 109 64 54 180 36 3.609 3.138 352 276 555 1.954 340 221 Oct. 4.. 5,305 ,776 322 5 81 65 58 207 66 3,529 2,969 253 140 673 1,903 327 233 Reserve city banks: 1941—Dec. 31.. 15,347 7,105 3 456 300 114 194 1,527 1, 512 8,243 6,467 295 751 4,248 1,173 956 820 1946—Dec. 31.. 35,351 10.825 5 548 201 264 704 2,237 1,436 435 24,527 22,250 441 3]799 1,993 16,013 4 1,272 1,004 1947—Dec. 31.. 36,040 13,449 088 225 170 484 3,147 1,969 366 22,591 20,196 373 2,358 1,901 15,560 3 1,342 1,053 1948—Dec. 31. . 35,332 14,285 7,282 437 130 360 3,5032,315 412 21,047 18,594 1,056 3,201 1,090 13,247 11,421 1,032 1949—June 30. . 35,034 13,261 6 227 378 150 321 3,5592,408 385 21,772 19,076 875 3,367 603 14,230 1,559 1,137 Dec. 31 «. 38,301 14,370 6 704 457 183 309 3,7422,745 432 23,931 20,951 1,189 4,180 2.124 13,457 1,727 1,254 1950—June 30.. 38,607 14.868 6 596 367 201 324 4.0293.118 447 23.820 20.510 1.179 1,954 4.005 13.372 1 .9881 .331 Oct. 4.. 39,433 16,574 7 688 353 168 371 4,2393,453 521 22,859 19,268 1,211 699 5,053 12,303 2,119 1,472 Country banks: 1941—Dec. 31.. 12,518 5,890 1 676 659 20 183 ,823 1, >30 6,628 4,377 110 481 2,926 861 1,222 1,028 1946—Dec. 31. . 35,412 8,004 2 433 681 29 273 2,970 1,312 306 27,408 24.572 279 4,626 2,470 17,797 6 1,551 1,285 1947—Dec. 31.. 36,324 10,199 3 096 818 23 227 3,827 1,979 229 26,125 22,857 480 2,583 2,108 17,681 62,006 1,262 1948—Dec. 31.. 36,726 11,945 3 296 ,356 21 187 4,4672,451 261 24,781 21,278 760 3,340 1,128 16,046 42,286 1,217 1949—June 30.. 36,338 11,968 3 098 ,319 23 175 4,5672,644 256 24,370 20,889 630 3,286 778 16,192 42,306 1,174 Dec. 31.. 38,219 12,692 3 150 .480 36 173 4.7842,945 259 25,527 21,862 1,148 3,753 1,768 15,180 42,505 1,160 1950—Tune 30. . 3Q.245 13.510 3 330 .379 33 177 5.1253.346 266 25.734 21.830 1.107 2,133 3,835 14.750 52.753 1.151 Oct. 4.. 39,808 14,441 3 656 ,371 28 189 5,4063,653 295 25,367 21,250 1,344 869 5,263 13,769 52,923 1,195 Ensured nonmember commercial banks: 1941—Dec. 31.. 5,776 3,241 543 478 20 64 1,282 854 2,535 1,509 17 152 1,069 271 563 462 1946— Dec. 31.. 15,831 4,040 862 474 12 142 1,748 723 79 11,791 10,524 104 "lJ247 1,179 6,991 3 752 516 1947—Dec. 31.. 16,444 4,958 1 049 563 13 125 2,139 992 76 11,486 10,039 136 1,736 1,104 7,058 4 931 517 1948—Dec. 31.. 16,685 5,911 1 131 975 12 105 2,426 1,220 89 10,774 9,246 234 2,066 594 6,349 3 1,030 498 1949—June 30.. 16,447 6,071 1 079 1,030 14 97 2,508 1,311 87 10,376 8,849 196 1,968 406 6,277 2 1,054 473 Dec. 31.. 16,766 6,258 1 078 1,018 12 97 2,575 1,453 87 10,508 8,947 303 2,071 725 5,846 2 1,127 434 1950—June 30.. 17,079 6,650 1 106 1,049 16 105 2.727 1,635 82 10,429 8,799 308 1,281 1,601 5,606 2 1,198 432 * These figures do not include data for banks in possessions of the United States. Dufing 1941 three mutual savings banks became members of the Federal Reserve System; these banks are included in "member banks" but are not included in "all insured commercial banks." Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc. 1 Beginning June 30, 1948, figures for various loan items are shown gross (i. e.t before deduction of valuation reserves); they do not add to the total and are not entirely comparable with prior figures. Total loans continue to be shown net. 8 Central reserve city banks. For other footnotes see opposite page. 58 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 *—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Time deposits Re- Cla c s a s l a l o n d f d a b te ank F s B e s w e R e d a r i r e v n e t v r h e - k e a s s l v C a i a n u s l h t b m a w a B d n e n i o a c s k t l - e t h - s i s c * j p m u D o a d s a d s e t e n e i - - - t d d s 1 m D e I s n d o t e t i - c e p * r o b s a i F e t n s i o k g r n - U m G e . r o e n n v S - t - . p v S s o i u a l t s i a b n i t o t d i d e c n i a s - s l c C h c o a e f e e e i f t n e c f r r c i d t d k s . - i ' s - , p a v n a s p i t I h d d i r n o o t i u d r n p c n a a i e s o s - l - , r r s - - , I b n a t n e k r- P U m G S e a o r . a o n e s n v v d n S t - - a - t . l v S s p i a u i• s o t c n a i b l a o i d t d l1 t e n - i s s - p a v n s a p i t I h d d r i n o o t i u d r n p c n a a i e o s s - - l , r r s - - , r B i o n o w g r s - - c C o a t a u a c p l n - i t - s ings All insured commercial banks: 1941—Dec 31.. 12,396 1,358 8,570 37,845 9,823 673 1,761 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1946—Dec. 31.. 16,013 2,012 9,481 82,085 10,888 1,364 2,930 5,967 2,361 79,887 68 119 664 32,742 39 9,286 1947—Dec. 31.. 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1948—Dec. 31.. 20,404 1,939 8,947 84,211 10,344 1,488 2,323 7,182 2,113 81,682 69 117 1,080 34,244 54 10,158 1949—June 30.. 17,807 2,036 7,777 80,613 9.058 1,374 2,135 7,337 2,352 77,005 146 163 1,243 34,560 27 10,452 Dec. 31.. 16,428 1,984 9.466 84,576 10.885 1.315 3,050 7.419 2.338 82,106 169 182 1,232 34,442 14 10,645 1950—June 30.. 15,863 1,801 8,358 83,916 9,577 1,281 3,590 7,924 2,145 80,639 209 188 1,321 34,925 36 11,061 Member banks, total: 1941—Dec. 31. . 12,396 1,087 6.246 33,754 9,714 671 1,709 3,066 1,009 33.061 140 50 418 11,878 4 5,886 1946—Dec. 31. . 16,015 1,576 5,936 70,243 10,644 1,353 2,672 4,915 2,207 69.127 62 114 551 26,525 30 8,095 1947—Dec. 31.. 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1948—Dec. 31.. 20,406 1,486 5,674 72,152 10,098 1,480 2,122 5,850 1,962 70,947 63 111 927 27.801 45 8,801 1949—June 30. . 17.808 1,568 5,065 69,397 8,864 1,369 1,980 5.983 2,222 67,157 141 157 1.069 28,038 21 9,022 Dec. 31.. 16,429 1,521 6,194 72,658 10,623 1,310 2,838 6.017 2,185 71,589 164 175 1,051 27.934 11 9,174 1950—Tune 30. . 15,864 1 .358 5.478 72.263 9.368 1.278 3.340 6.428 2.001 70.463 204 182 1.115 28.328 30 9.523 Oct. 4.. 16,536 1,686 5,718 74,981 10,115 1,398 2,482 6,048 1,772 73,190 236 180 1,135 27,921 241 9,705 New York City:* 1941—Dec. 31.. 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1946_Dec. 31. . 4,046 131 87 16,429 3,031 1 _ 1Q5 651 218 942 17,216 20 15 39 1,395 2,205 1947—Dec. 31.. 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1948—Dec. 31. . 5,643 117 67 15,773 2,904 1,278 445 241 750 16,695 31 14 20 1,646 25 2,306 1949—June 30. . 4,726 130 56 15,254 2,680 1,150 562 254 1,201 15,986 90 25 33 1,637 2,340 Dec. 31« 4,462 112 68 15.182 2 ,996 [ ,084 640 196 895 16.408 113 38 24 1,590 2,312 1950—Tune 30. 4.235 92 38 15 053 2.692 684 279 809 15,896 151 37 19 L, 594 2.341 Oct. 4.. 4,418 125 41 15,313 2,900 J32 515 273 575 15,975 172 37 28 L.565 74 2,347 Chicago: * 1941—Dec. 31.. 1,021 43 298 2.215 1,027 g 127 233 34 2,152 476 288 1946—Dec. 31.. 928 29 172 3,356 1,130 24 152 228 47 3,495 2 4 823 404 1947—Dec. 31.. 1,070 30 175 3.737 1,196 21 72 285 63 3,853 2 9 902 426 1948—Dec. 31.. 1,325 28 143 3,604 1,038 26 188 284 53 3,702 1 11 989 444 1949—June 30.. 1,174 25 149 3,470 962 46 197 307 41 3,475 3 12 1,044 462 Dec. 31.. 1,183 27 159 3 797 1,151 40 258 286 60 3,932 4 10 1,069 470 1950—Tune 30.. 1.080 26 114 3.676 977 37 211 325 53 3.716 4 9 1 .086 482 Oct. 4.. 1,159 29 136 3,773 1,098 44 167 328 52 3,823 3 9 1,060 1 484 Reserve city banks: 1941—Dec. 31. . 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1946—Dec. 31.. 6,337 532 1,923 24,221 5,417 127 991 2,077 693 24,288 25 43 235 10,580 4 2,729 1947—Dec. 31.. 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 1948—Dec. 31.. 7,701 483 1,845 25,072 5,213 168 801 2,401 649 25,302 19 46 547 10,798 8 2,928 1949—June 30. . 6,781 500 1,744 24,271 4,460 166 701 2,413 518 23,928 39 62 642 10,923 1 3,005 Dec. 31 «. 6,413 482 1,965 25,744 5,498 176 1,142 2,478 650 25.912 38 60 617 10.987 3.087 1950—Tune 30. . 6,206 428 1 .747 25,655 4,848 181 1,408 2.579 590 25.729 40 65 653 11.003 14 3.268 Oct. 4.. 6,331 538 1,858 26,770 5,223 212 971 2,331 587 26,992 51 63 654 10,882 102 3,318 Country banks: 1941—Dec. 31. . 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 i,982 1946—Dec. 31.. 4,703 883 3,753 26,237 1,067 8 877 2,391 524 24,128 17 55 272 13.727 26 2,757 1947—Dec. 31. . 4,993 929 3.900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1948—Dec. 31.. 5,736 858 3,619 27,703 943 8 688 2,925 510 25,248 13 49 350 14,369 12 3,123 1949—June 30. . 5,127 913 3,117 26,402 762 8 520 3,009 462 23,767 12 67 383 14.433 21 3.215 Dec. 31. . 4,371 901 4,002 27,935 979 9 797 3,058 579 25,337 13 73 400 14,289 11 3.305 1950— Tune 30 . 4.343 813 3.579 27.879 850 9 1,036 3.246 549 25.122 12 75 434 14.555 15 3.433 Oct. 4.. 4,628 994 3,683 29,125 894 10 828 3,116 558 26,400 13 76 444 14,414 64 3,555 Ensured nonmember commercial banks: 1941—Dec. 31 271 2,325 4,092 108 2 53 611 68 3,483 18 g 74 3,276 6 959 1 1 9 9 4 4 7 6 — — D D e e C c# i 3 3 1 1 4 4 3 7 7 3 3 3 , , 5 4 4 6 7 6 1 12 1 ^ ,8 2 4 2 2 3 2 2 4 5 4 8 4 2 1 5 4 8 9 1 I , ! 0 l 5 8 2 8 1 1 5 5 4 8 1 1 0 1 , , 7 0 6 1 1 9 4 5 1 13 1 2 3 6 6 , . 2 4 3 2 2 0 9 7 1 1, , 2 1 7 9 1 3 1948—Dec. 31 453 3,273 12,059 246 g 201 1^332 151 10,736 6 153 6,459 g 1,358 1949—June 30 468 2,713 11,216 194 4 155 1,354 130 9,848 6 6 174 6,539 5 1,431 Dec. 31 463 3,273 11,918 261 5 213 1,402 153 10,517 5 182 6,524 3 1,473 1950—June 30 442 2,880 11,653 209 3 250 1^496 144 10,176 5 6 206 6.613 7 1,539 » Figures not entirely comparable with prior dates due to reclassification of 9 central reserve city banks in New York City as reserve city banks. « Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 mmillion at all insured commercial banks. » Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. For other footnotes see preceding page. Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113. JANUARY 1951 59 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans 1 Investments For purchasing U. S. Government obligations or carrying securities Com- Date or month i m T n lo a v o e n a e t n n d a s t s l t s - Total i t m c n a r i i d n e a a d u r l l , - s , - a T n o d b d r e o a k l e e r r s s To others e l R o st a e a n a t l s e L ba o t n o a k n s s O lo t a h n e s r Total c C t a i e f t i e r - - s O s r e i t t h c i e u e r s agri- U. S. Other U.S. Other Total Bills of in- Notes Bonds' cul- Govt. Govt. se- debttural ob- cun-,. ob- curi- edliga- ties liga- ties ness tions tions Total- Leading Cities 1949—November 66,678 24,447 13,760 805 744 175 429 4,276 242 4,329 42,23137,273 2,454 7,261 1,165 26,393 4,958 1950—September 68,897 28,006 15.376 977 187 533 5,000 367 5,53640.891 34,563 2,668 ,280 7.92922,686 6,328 October. . 68.840 28.854 '16,080 397 965 187 547 5.089 264 r5.71839.995 33.590 2,3*6 .034 7.78322.3876.405 November 69,523 29,894 16,822 454 989 184 566 5,169 295 5,810 39,62933,313 2,284 ,085 7,740 22,204 6,316 1950—Oct. 4.. 68,662 28,577 '15,865 371 986 189 543 5.050 299 '5.66840,085 33.694 2,397 ,046 7,82622.4256.391 Oct. 11.. 68,663 28,877 '16,090 387 971 188 547 5,086 291 '5.70939.786 33,358 2,159 .023 7.78222.394 6.428 Oct. 18.. 68,841 28,822 16,096 368 958 184 553 5,102 222 '5.73340,019 33.580 2 .437: .029 7,751 22,3636.439 Oct. 25. . 69,230 29,138 16,269 946 186 543 5,119 246 '5,76240,092 33,729 2,551 ,040 7,77222,366 6,363 Nov. 1. . 69,237 29,387 16,476 3391,016 182 546 5,126 312 •5,786 39,850 33,535 2,481 ,048 7,760 22,246 6.315 Nov. 8. .. 69,373 29,674 419 942 181 564 5,149 344 •5,800 39,699 33,392 2,353 ,066 7,74822,2256,307 Nov. 15 . .. 69,414 29,788 16,906 388 982 183 555 5,167 200 '5.803 39,626 33,349 2,280 ,085 7,74322,2416,277 Nov. 22 . . , 69.668 30,036 16,975 467 992 186 559 5,191 243 •5.81739,632 33.306 2.263 .104 7,745 22.194 .326 Nov. 29. . . 69,923 30,586 17,084 6571,014 187 605 5,213 377 5,84539,337 32,984 2,044 ,124 7,702 22,114 6,353 Dec. 6. . 69,807 30,580 17,261 481 983 185 558 5,212 502 5,799 39, 32,924 2,058 1,014 7,73122,1216,303 Dec. 13. . 70,301 30,560 17,461 452 992 185 601 5,240 204 5,827 39, 33,439 2,638 805 7,867 2222,,129 6,302 Dec. 20. . , 71,444 31,146 17,801 4481,017 180 559 5,254 410 5,880 40 33,854 2,894 779 8,57721,604 6,444 71,789 31,599 17,839 6901,052 175 561 5,270 5,895 40 33,674 2,778 787 8,549 21,560 6,516 Dec. 27. .. New York City 19,296 7,571 4,852 727 597 230 172 88011,725 10,531 571 1,947 271 7,7421,194 1949—November. 1950—September 19,786 8.637 5,471 372 231 404 294 1,188 11,149 9,316 878 200 ,695 6,543 1.833 October. . . 19.606 8,844 5,719 354 748 233 417 216 124310.762 8,902 746 152 ,597 6.407 1.860 November. 19,736 9,156 5,928 394 772 247 431 183 1 29010,580 8,825 779 225 ,573 6,248 1,755 1950—Oct. 4.. 19,704 8,827 5,685 335 761 233 407 266 1 10,877 9,015 759 159 .639 6.458 1,862 Oct. 11. . 19,447 8,834 5,751 333 752 232 417 194 1 10,613 8,734 582 147 ,597 6,408 1.879 Oct. 18. . 19,505 8,786 5,705 326 741 236 423 197 124610,719 8.838 744 146 .566 6,382 1.881 Oct. 25.. 19,769 8,927 5,737 420 738 231 421 206 1 10,842 9,024 900 156 ,588 6,380 1.818 Nov. 1. . 19,662 8,957 5,832 289 795 232 417 199 128010,705 8,945 895 190 ,579 6,281 1,760 Nov. 8. . , 19,605 9,015 5,880 360 725 249 424 182 1 10,590 8,843 795 207 ,574 6.267 1,747 Nov. IS . . , 19,609 9,063 5,945 339 765 231 435 152 1 10,546 8,813 756 221 ,586 6.250 1.733 Nov. 22 . .. 19,774 9,184 5,975 407 780 240 438 140 1 10,590 8,833 766 238 ,582 6.247 1.757 Nov. 29. .. 20,030 9,563 6,007 576 796 284 440 242 1 10,467 8,689 684 269 ,542 6,194 1,778 Dec. 6. . . 19,978 9,546 6,086 394 755 234 434 440 1,293 10,432 8,672 700 266 ,533 6,173 1,760 Dec. 13 . . , 20,194 9,426 6,180 403 753 274 441 168 1,29810,768 9,010 1,061 215 ,581 6,153 1,758 Dec. 20. ., 20,735 9,738 6,329 399 772 234 436 354 1,30510,997 9,188 1,154 231 ,758 6,045 1,809 Dec. 27. ., 20,885 9,931 6,305 602 815 232 439 315 1,31410,954 9,075 1,065 229 1,724 6,057 1,879 Outside New York City 1949—November. 47,382 16,876 8,908 147 4,046 70 3,44930,506 26,742 1,883 5,314 89418,651 3,764 1950—September 49,111 19,369 9.905 217 147 302 4,595 73 4.34829,742 25,247 1,790 1,080 6,234 16,143 4,495 October. . . 49,243 20,010 10,361 217 148 314 4.672 48 '4,475 29,233 24.688 1,640 882 6.186 15.980 4.545 November, 49,787 20,738 10,894 217 147 319 4,738 112 4,520 29,04924,488 1,505 860 6,167 15,956 4,561 1950—Oct. 4. ., 48,958 19,750 10,180 225 148 310 4,643 33 '4.444 29,208 24,679 1,638 887 6,187 15,9674,529 Oct. 11... 49,216 20,043 10,339 219 149 315 4,669 97 r4.468 29,173 24,624 1,577 876 6,185 15,9864,549 Oct. 18... 49,336 20,036 10,391 217 147 317 4,679 25 '4,487 29.300 24,742 1,693 883 6,185 15,9814,558 Oct. 25... 49,461 20,211 10,532 208 148 312 4,698 40 r4,501 29,25024,705 1,651 884 6,184 15,986 4,545 Nov. 1. .. 49,575 20,430 10,644 221 143 314 4,709 113 •4,506 29,145 24,590 1,586 858 6,181 15,9654,555 Nov. 8. . . 49,768 20,659 10,789 217 145 315 4,725 162 '4,51529,109 24,549 1,558 859 6.174 15.958 4,560 Nov. 15. .. 49,805 20,725 10,961 217 147 324 4,732 48 '4,51729,080 24,536 1,524 864 6,157 15.9914,544 Nov. 22 . . . 49,894 20,852 11,000 212 150 319 4,753 103 4,523 29,042 24,473 1.497 866 6,163 15,9474,569 Nov. 29. . . 49,893 21,023 11,077 218 149 321 4,773 135 4,538 28,87024,295 1,360 855 6,160 15,920 4,575 Dec. 6. . . 49,829 21,034 11,175 228 148 324 4,778 62 4,506 28,79524,252 1,358 748 6,198 15,948 4,543 Dec. 13. . . 50,107 21,134 11,281 239 149 327 4,799 36 4,529 28,97324,429 1,577 590 6,286 15,976 4,544 Dec. 20. .. 50,709 21,408 11,472 245 145 325 4,818 56 4,57529,301 24,666 1,740 548 6,819 15, ,635 Dec. 27. .. 50,904 21,668 11,534 237 140 329 4,831 4,58129,236 24,599 1,713 558 6,825 15,5034,637 r Revised. 1 Figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total, which is shown net. 2 Includes guaranteed obligations. 60 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserve? Bal- De- Indi- Indi- Date or month s B F w e e R a e r r i e a n t d v h - l k - e s v C a i u a n s lt h b m a w a n d e o n i c s t - e k h ti s s c j p m u o a d s a d s t e n e i - - t d d s ' s p p u n v c h a o a a o e n i i r r d p l r r d a s t - - - s - , - , S p s d s a i i o t u i c o n a v l a b n i d t i t l e - - s - s c C c O h a e f e e i e n t f e r r f c c d i t s d k . - i ' - s, U m G er . o e n v n S - - t . s p p u n v h c a o a a o e i n i d r r p l r r d a s t - - - s - , - , S p s d s a i i o t u c i o n a v l a b n i d t i l t e - - s - s P U m G S e i a o n r . a n o e S n s g v n v d . t - s - a t - l m D t D i e o c s e - - man F e d i o g r n - Time i r B n o o g w r s - - c C o i a t u a c a - n p l t - s B d it e a s n b « k tions tions Total— Leading Cities 1949—November . 12,109 785 2,185 47,02147,550 3,201 1,278 2,34614,484 600 124 9,156 1,348 153 376 6,235 86,441 1950—September 12,321 835 2.247 49,029 50,285 3,196 1,422 2,33914,521 656 131 9,121 1,305 226 327 6,487 111,730 October... 12.465 834 2.33449.26450.513 3.210 1,339 1,84614,535 653 12 9.530 1,388 228 213 6,506 109,706 November 12,436 847 2,30149,670 51,023 3,341 1,491 1,811 14,508 649 125 9,593 1,383 246 385 6,536 105,854 1950-Oct. 4... 12,294 792 2,31148,98549,615 3,351 ,296 1,80414,537 655 129 9,436 ,367 229 205 6,507 27,338 Oct. 11... 12,433 860 2,24748,839 50,299 3,163 ,314 2,01814,539 655 126 9,455 1,378 226 282 6,506 23,461 Oct. 18... 12,755 839 2,46149,339 51,261 3,136 ,373 1,851 14,543 653 126 9,911 ,392 227 170 6,497 24,829 Oct. 25... 12,379 844 2,315 49,89150,875 3,191 ,372 1,71214,520 652 126 9,319 1,415 229 194 6,512 25,154 Nov. 1... 12,404 793 2,222 49,471 5I0,445 3,362 ,525 1,80514,513 653 126 9,376 1,427 229 344 6,532 27,112 Nov. 8... 12,313 871 2,25149,230^50,517 3,331 ,383 1,76614,542 647 126 9,619 1,399 231 508 6,542 21,295 Nov. 15... 12,610 835 2,60649,250 51,,814 3,351 ,538 2,04414,524 664 12610,358 1,360 257 152 6,531 26,450 Nov. 22... 12,351 826 2,21449,850 51,,032 3.291 ,384 1,81514,484 640 125 9,385 1,359 256 401 6,532 26,834 Nov. 29... 12,504 912 2,213 50,546 51,305 3,371 ,625 1,62414,475 642 125 9,225 1,371 258 520 6,545 21,877 Dec. 6... 12,778 879 2,26850,45251,156 3,330 1,707 1,46214,466 637 126 9,7071,359 256 495 6,535 29,274 Dec. 13... 13,075 998 2,67451,67653,383 3,368 1,478 1,40814,510 640 12610,1271,364 310 126 6,520 27,207 Dec. 20... 12,823 972 2,696 51,770 53,181 3,385 1,562 1,46914,520 643 12610,5811,359 342 316 6,530 30,583 12,7381,00, 2,589 51,64253,518 3,393 1,910 1,57214,578 642 12610,3001,412 328 738 6,538 24,772 Dec. 27... New York City 4,513 136 14,94015,674 243 638 814 1,476 28 2,7071,130 109 245 2,296 34,105 1949—November 1950— September 4,465 129 15,41916,251 230 689 661 1,503 2,753 1,060 168 158 2,309 46,400 October... 4.509 133 15.34716,146 294 623 529 1,505 2,849 1,129 171 77 2,305 43,159 November 4,46: 138 15,41816,275 321 746 491 1,492 2,778 1,126 190 171 2,310 41,167 1950—Oct. 4... 4,38' 125 15,27515,957 268 557 513 1.510 2,891 1,111 172 73 2,311 11,394 Oct. 11... 4,440 150 15,090 15,945 290 626 581 1,511 2,787 1,116 170 145 2,308 9,259 Oct. 18... 4,701 128 15,40916,384 290 618 530 1,511 2.923 1,137 170 36 2,300 8,957 Oct. 25... 4,507 131 15,61616,297 329 691 492 1,489 2,796 1,152 173 52 2,302 9,984 Nov. 1... 4,450 124 15,34916,127 347 787 503 1,488 2,780 1,163 173 135 2,313 11,114 Nov. 8... 4,409 145 15,23316,057 341 686 480 1,484 2,777 1,139 174 209 2,313 7,895 Nov. 15... 4,455 129 15,16716,287 327 767 558 1,488 2,977 1,109 201 25 2,309 10,619 Nov. 22... 4,426 143 15.50616.281 285 622 483 1,487 2,658 1,106 200 219 2.307 9,908 Nov. 29... 4,568 151 15,83616,622 305 872 431 1,516 2,699 1,113 202 266 2,306 8,706 Dec. 6... 4,568 152 15,82916,616 243 929 388 1,524 2,839 1,103 202 123 2,306 13,123 Dec. 13... 4,948 181 16,32917,408 277 644 369 1,568 37 2,982 1,100 244 22 2,300 11,669 Dec. 20... 4,602 170 16,28217,263 211 673 371 1,566 3,119 1,108 276 90 2,308 12,430 Dec. 27... 4,56' 164 3716,11617,258 268 1,057 395 1,571 3,012 1,143 264 421 2,309 9,983 Outside New York City 1949—November 7,596 649 2,153 32,08131,876 2,958 640 1,53213,008 572 6,449 218 131 3,939 52,336 1950—September 7,856 706 2,21333,610 34.034 2,966 73: 1,67 13,018 627 6,368 245 169 4,178 65,330 October... 7.956 701 2.295 33,91734,367 2,916 716 1,31 13.030 625 6,681 259 136 4,201 66,547 November 7,974 709 2,26734,25234,748 3,020 74; 1,32013,016 613 6,815 25 214 4,226 64,687 1950—Oct. 4... 7,90 667 2,275 33,710 33,658 3,083 739 1,291 13,027 627 6,545 256 132 4,196 15,944 Oct. 11... 7,993 710 2,215 33,749 34,354 2,873 688 1,43 13,028 626 6,668 26: 137 4,198 14,202 Oct. 18... 8,054 711 2,411 33,930 34,877 2,846 755 1,321 13,032 624 6,988 255 134 4,197 15,872 Oct. 25... 7,872 713 2,27834,27534,578 2,862 681 1,220 13,031 625 6,523 263 142 4,210 15,170 Nov. 1... 7,954 669 2,186 34,12234,318 3,015 738 1,302 13,025 626 6,596 264 209 4,219 15,998 Nov. 8... 7,904 726 2,221 33,99734,460 2,990 69 1,286 13,058 620 6,842 260 299 4,229 13,400 Nov. 15... 8,15. 706 2,57034,083 35,527 3,024 771 1,486 13,036 62: 7,381 251 127 4,222 15,831 Nov. 22... 7.92. 68. 2.179 34,5 .751 3.006 762 1,332 12,997 599 6,727 253 182 4,225 16,926 Nov. 29... 7,936 761 2,17834,71034,683 3,066 753 1,193 12,959 601 6,526 258 254 4,239 13,171 Dec. 6... 8,210 72 2,23 34,62334,540 3,08 778 1,074 12,942 598 6,868 256 372 4,229 16,151 Dec. 13... 8,12 817 2,637 35,34735,975 3,091 834 1,039 12,942 60: 7,145 264 104 4,220 15,538 Dec. 20... 8,221 802 2,655 35,48835,918 3,174 889 1,098 12,954 606 7,46: 251 226 4,222 18,153 Dec. 27... 8,171 841 2,552 35,55636,260 3,125 853 1,177 13,007 605 7,288 269 317 4,229 14,789 8 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. * 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 basis, see BULLETIN for July 1947, pp. 878-883; for old series, see Banking and Monetary Statistics, pp. 127-227. JANUARY 1951 61 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS LOANS AND INVESTMENTS [In millions of dollars] Loans l Investments For purchasing U. S. Government obligations or carrying securities Com- Total merd F i e s d t e ri r c al t R an es d e r d ve ate m i l n o a e v n a n e d n t s s s t ' • Total1 i t a c t n c a u r g i u n d i r a r l a d u a l i - l , - l s , - G U a t T l i o i n o o o . g b d v n a - S - s t b . . d r e o O a k c t l s u t e i e e h e r r r - s i s e s - r G t l U T i o i o o g b o . v n a S - - s t . . ot O h c t s u e t i e h e r r - s s i e - r l e o R s a t e a n a t s l e b L a o t n o a k n s s O lo t a h n e s r Total Total Bills o d c C n f t e a e i e d e f t b s i i e r - - t n s - s - - Notes Bonds' s r O i e t t c i h e u e s - r Boston Nov 29 3,133 1,365 832 12 13 13 20 200 13 286 1,768 1,542 108 33 283 1,118 226 Dec. 6 3,121 1,361 828 12 12 13 21 200 9 290 1,760 1,530 95 29 284 1,122 230 Dec 13 3,142 1,364 835 7 12 13 21 201 2 297 1,778 1,551 106 29 292 1,124 227 Dec. 20 3,187 1,389 851 6 12 13 20 203 3 305 1,798 1,566 118 23 320 1,105 232 Dec. 27 3,249 1,449 872 10 13 12 20 206 42 297 1,800 1,573 127 24 323 1,099 227 New York* Nov 29 22,470 10,510 6 396 585 802 44 301 724 251 1,554 11,960 9,932 740 285 1,731 7,176 2,028 Dec. 6 22,389 10,479 6 477 401 762 42 251 719 441 1,533 11,910 9,906 753 283 1,722 7,148 2,004 Dec. 13 22,606 10,364 6,575 407 759 41 291 731 1691,538 12,242 10,241 1,114 225 1,769 7,133 2,001 Dec. 20 23,203 10,683 6 731 402 777 41 251 727 355 1,546 12,520 10,466 1,245 241 1,974 7,006 2,054 Dec. 27 23,366 10,891 6,710 606 823 41 249 730 321 1,557 12,475 10,353 1,156 239 1,940 7,018 2,122 Philadelphia Nov. 29 2,868 1,172 608 1 35 4 6 141 16 378 1,696 1,341 77 32 290 942 355 Dec. 6 2,852 1,162 612 1 34 4 6 143 4 376 1,690 1,337 76 18 303 940 353 Dec 13 2,873 1,180 624 1 34 4 6 143 6 380 1,693 1,339 80 12 309 938 354 Dec 20 ... 2,942 1,206 638 1 43 4 6 144 5 383 1,736 1,382 78 IS 352 937 354 Dec. 27 2,970 1,223 648 1 35 4 6 145 21 381 1,747 1,393 91 16 351 935 354 Cleveland Nov. 29 4,927 1,758 921 12 28 37 62 353 24 344 3,169 2,709 174 46 654 1,835 460 Dec. 6 4,893 1,744 930 13 27 37 63 354 17 330 3,149 2,700 160 46 657 1,837 449 Dec 13 4,916 1,744 943 13 27 37 64 356 2 329 3,172 2,715 172 46 657 1,840 457 Dec. 20 4,954 1,778 968 12 29 38 64 357 2 335 3,176 2,700 164 45 659 1,832 476 Dec. 27 4,907 1,794 973 14 32 37 65 357 4 340 3,113 2,634 131 45 646 1,812 479 Richmond Nov. 29 ... 2,802 1,119 532 2 6 10 30 245 2 304 1,683 1,511 100 33 330 1,048 172 Dec. 6 2,780 1,119 535 2 6 10 31 244 2 301 1,661 1,494 92 33 333 1,036 167 Dec. 13 2,819 1,129 542 2 6 10 31 244 4 302 1,690 1,516 111 34 339 1,032 174 Dec 20 2,833 1,137 545 2 8 10 30 246 3 305 1 696 1,522 113 34 369 1,006 174 Dec. 27 2,869 1,137 545 2 8 10 30 246 2 306 1,732 1,561 141 38 374 1,008 171 Atlanta Nov 29 2,548 1,119 673 15 12 24 92 7 310 1,429 1,205 64 38 444 659 224 Dec. 6 2,543 1,120 675 14 12 24 92 5 312 1,423 1,200 64 31 447 658 223 Dec 13 2,562 1,126 678 14 12 25 92 6 313 1,436 1,215 71 26 460 658 221 Dec. 20 2,577 1,140 688 14 12 25 94 5 316 1,437 1,218 72 25 482 639 219 Dec. 27 2,571 1,139 685 14 12 25 94 8 315 1,432 1,215 68 25 480 642 217 Chicago* Nov. 29 9,867 3,258 2 026 28 78 23 61 440 38 609 6,609 5,688 348 357 1,325 3,658 921 Dec. 6 9,896 3,253 2,048 17 92 23 61 439 12 606 6,643 5,718 360 338 1,339 3,681 925 Dec 13 9,934 3,295 2 083 15 102 23 61 439 4 614 6,639 5 723 433 256 1,355 3 679 916 Dec. 20 10,086 3,390 2 1 S1 17 94 18 62 443 21 630 6,696 5,749 459 211 1,504 3,575 947 Dec. 27 10,102 3,474 2,157 49 82 18 62 445 71 636 6,628 5,675 414 213 1,506 3,542 953 St. Louis Nov 29 2,391 1,259 726 1 5 12 14 235 12 266 1,132 951 52 30 256 613 181 D D e ec c . 1 6 3 2 2 , , 3 3 8 8 8 0 1 1, , 2 2 4 5 4 1 7 71 2 8 4 1 1 5 5 1 11 1 1 1 4 4 2 2 3 3 5 5 4 4 2 26 6 8 9 1 1, , 1 1 4 2 4 9 9 96 4 5 6 6 74 3 2 2 5 5 2 25 5 8 3 6 60 0 8 5 1 17 8 9 3 Dec. 20 2,418 1,248 722 1 5 11 14 237 2 268 1,170 986 88 29 274 595 184 Dec 2 7 2,433 1,269 724 2 5 12 14 237 17 270 1,164 978 73 29 276 600 186 Minneapolis Nov. 29 1,263 545 274 2 4 6 100 166 718 576 19 28 148 381 142 Dec 6 1,254 542 271 2 4 5 100 167 712 573 20 29 148 376 139 Dec. 13 1,260 545 272 2 4 6 101 167 715 575 20 21 158 376 140 Dec. 20 1,269 548 275 2 4 5 102 167 721 579 23 20 165 371 142 Dec. 27 1,273 555 274 3 3 5 102 8 167 718 576 20 20 165 371 142 Kansas City Nov. 29 2,717 1,150 731 7 5 12 166 4 232 1,567 1,287 163 50 390 684 280 Dec 6 2,693 1,161 746 6 5 13 166 3 229 1,532 1,257 150 34 395 678 275 Dec. 13 2,729 1,168 746 7 5 13 167 2 235 1,561 1,288 196 30 385 677 273 Dec. 20 2,771 1,186 759 8 4 13 168 2 239 1,585 1 312 218 35 426 633 273 Dec 27 2,798 1,192 761 8 4 13 168 5 240 1,606 1,329 233 35 428 633 277 Dallas Nov. 29 2,703 1,450 1,019 7 16 41 117 263 1,253 1,095 93 52 321 629 158 Dec 6 . . 2,694 1,448 1 018 7 16 41 117 262 1,246 1,088 93 42 322 631 158 Dec. 13 2,719 1,460 1 028 8 17 41 118 261 1,259 1,103 114 29 324 636 156 Dec. 20 2,719 1,454 1 02 s) 8 17 41 115 261 1,265 1 109 120 28 360 601 156 Dec. 27 2,780 1,464 1 029 9 14 44 117 264 1,316 1 162 168 28 366 600 154 San Francisco Nov. 29 12,234 5,881 2,346 16 16 7 282,400 101,133 6,353 5,147 106 140 1,530 3,371 1,206 Dec 6 12,312 5,940 2,397 34 16 8 282,403 51,124 6,372 5,175 132 106 1,528 3,409 1,197 Dec. 13 12,353 5,941 2,417 6 16 8 282,413 51,123 6,412 5,208 147 72 1,561 3,428 1,204 Dec. 20 12,485 5,987 2 448 7 17 8 282,418 121,125 6,498 5 265 196 73 1 692 3 3041 233 Dec 27 12,471 6,012 2,461 6 20 8 282,423 20 1,122 6,459 5,225 156 75 1,694 3,300 1,234 City of Chicago* Nov. 29 6,051 2,106 1,543 26 69 19 51 94 11 323 3,945 3,344 232 197 784 2,131 601 Dec 6 6,109 2,122 1,562 14 84 19 51 94 7 321 3,987 3,378 233 193 798 2,154 609 Dec. 13 6,106 2,161 1 594 12 94 19 51 94 2 325 3 945 3 345 272 127 805 2 141 600 Dec 20 6,242 2,243 1,653 15 87 13 52 97 21 335 3.999 3,378 303 134 851' 2,090 621 Dec 27 6,209 2,263 1,653 46 75 13 52 97 17 341 3,946 3,322 275 136 855 2,056 624 * Separate figures for New York City are shown in the immediately preceding table and for the City of Chicago in this table, The figures for the New York and Chicago Districts, as shown in this table, include New York City and Chicago, respectively. For other footnotes see preceding table. 62 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Demand d F i e s d tr e i r c a t l a R nd es e d r a v t e e B s F w e R a e e r n r i e a d v t k - h l - e s v C a a i u n s l h t m b a w a d n e n o s i c t t - e k h i s c s ju p m a o s d a t d s e e n i - - t d d s s p p u n c v h a o a a o e n i i r d r p l r r d a s t - - - s - , - , S p s d s t a i i o u a c i o n v l b t a n i d e i - l t s - s - c C h c o e a f e e e i f t n e f c c r r i d s t . k d - i ' s - , m U G er o . e n v n S - - t . p u s p n c v a h o a o e a n id l i r r r r d s p a - - - t , - s - S p s d s a i t i o u c i o a n v l b a t n i d i e - l t s - - s P m U G S i e o a n r a n s . e o g n v t n d v S a s - - t - l . m D t e i o c s - - F ei o g r n - Time r B i o n o w g r s - - c C o i a t a u c a p n - l - ts B d it e a s b n * - k tions tions Boston Nov. 29 464 63 9. 2,565 2,500 221 49 78 480 267 34 16 336 882 Dec. 6 488 63 101 2,586 2,518 215 50 68 480 269 35 19 336 1,032 Dec. 13 470 71 99 2,585 2,599 200 48 70 479 294 35 4 336 1,014 Dec. 20 516 71 108 2,649 2,63 185 55 71 478 31 33 15 336 1,261 Dec. 27 463 75 96 2,678 2,669 21 56 76 479 287 35 9 335 1,028 New York* Nov. 29 4,823 210 12617,50818,101 57: 928 488 2,341 48 2,771 1,116 203 288 2,511 9,221 Dec. 6 4,893 210 12117,49918,100 496 983 442 2,345 45 2,914 1,106 204 189 2,511 13,800 Dec. 13 5,246 246 13018,02218,963 52 700 421 2,389 44 3,061 1,103 245 50 2,505 12,321 Dec. 20 4,918 23. 13618,01318,826 460 73. 42' 2,391 43 3,2031,112 277 138 2,512 13,197 Dec. 27 4,839 22 13217,84618,837 51 1,125 453 2,399 43 3,0961,146 265 437 2,513 10,589 Philadelphia Nov. 29 47. 53 108 2,279 2,348 106 32 96 404 34 360 14 1 12 323 797 Dec. 6 473 53 106 2,250 2,329 108 2 84 404 34 380 15 1 12 323 1,009 Dec. 13 477 61 114 2,276 2,397 113 32 75 404 34 401 15 1 17 322 950 Dec. 20 491 58 124 2,351 2,488 91 49 76 403 24 424 14 1 18 321 1,071 Dec. 27 475 56 137 2,383 2,51 106 40 81 404 22 403 14 1 27 320 895 Cleveland Nov. 29 743 194 3,48. 3,581 202 65 124 1,321 38 488 8 1 10 498 1,029 Dec. 6 789 89 146 3,456 3,545 195 59 111 1,323 37 492 8 1 31 481 1,490 Dec. 13 770 101 165 3,510 3,648 182 76 106 1,323 37 493 8 1 18 480 1,512 Dec. 20 81 99 177 3,510 3,619 192 81 117 1,326 35 533 8 1 51 481 1,774 Dec. 27 790 99 3,524 3,704 175 67 125 1,334 34 526 8 1 23 481 1,490 Richmond Nov. 29 457 76 163 2,163 141 49 66 557 25 420 6 1 26 242 771 Dec. 6 47 71 168 2,148 141 51 60 552 25 444 6 1 17 242 914 Dec. 13 471 79 207 2,213 154 49 63 552 25 472 6 11 2 242 911 Dec. 20 467 78 194 2,19J 2,261 161 53 71 552 25 474 6 11 2 242 1,078 Dec. 27. . 458 82 203 2,232 2,283 163 56 71 552 25 45 6 11 21 242 819 Atlanta Nov. 29 413 45 179 1,862 1,797 275 29 46 518 6 531 10 2 16 209 720 Dec. 6 431 43 192 1,859 1,790 282 25 45 513 6 562 10 2 19 210 852 Dec. 13 428 47 220 1,901 1,868 282 30 44 512 6 583 11 2 5 208 826 Dec. 20 435 48 226 1,909 1,870 276 30 47 512 6 607 9 2 2 207 988 Dec. 27 432 49 210 1,887 1,857 273 28 48 513 5 588 10 2 15 206 804 Chicago* Nov. 29 1,896 117 318 6,984 6,990 601 104 327 2,588 25 1,400 47 1 64 772 3,024 Dec. 6 1,898 113 347 6,878 6,847 593 115 286 2,589 25 1,510 53 1 145 774 4,020 Dec. 13 1,873 122 433 7,066 7,256 572 139 267 2,591 25 1,590 48 4 9 771 3,636 Dec. 20 1,775 122 423 6,981 7,137 568 144 295 2,584 25 1,672 48 4 19 771 4,135 Dec. 27 1,960 130 351 7,032 7,323 568 123 313 2,589 25 1,622 50 4 123 773 3,200 St. Louis Nov. 29 384 34 108 1,504 1,638 90 22 50 468 14 647 5 35 193 665 Dec. 6 401 32 117 1,494 1,632 91 25 50 466 14 688 5 19 193 767 Dec. 13 415 36 140 1,526 1,716 89 20 46 466 14 713 5 14 192 727 Dec. 20 416 36 129 1,538 1,694 92 20 47 466 14 724 5 10 193 883 Dec. 27. 412 37 132 1,504 1,709 93 23 52 467 14 751 4 27 194 688 Minneapolis Nov. 29 203 14 84 841 880 97 15 39 239 313 3 18 107 385 Dec. 6 210 13 91 847 877 105 16 36 239 326 3 6 107 395 Dec. 13 196 15 120 861 928 91 15 44 239 331 4 1 107 464 Dec. 20 190 15 115 848 903 89 18 42 239 339 2 7 107 526 Dec. 27 192 15 101 859 922 18 43 240 325 3 1 107 418 Kansas City Nov. 29 461 36 254 1,930 1,954 227 38 71 381 4 834 1 30 226 901 Dec. 6 510 33 277 1,957 1,997 219 33 64 380 4 870 1 20 227 995 Dec. 13 495 39 324 2,030 2,118 227 31 62 380 5 883 2 6 227 900 Dec. 20 505 37 342 2,040 2,136 243 36 61 379 5 948 2 2 227 1,172 Dec. 27 491 38 330 2,061 2,144 251 34 63 381 5 922 2 5 228 890 Dallas Nov. 29 497 39 323 2,158 2,146 222 47 359 65 724 10 231 790 Dec. 6 528 40 328 2,151 2,119 228 45 46 359 64 756 10 232 825 Nov. 13 494 43 392 2,199 2,228 221 47 43 359 64 775 9 230 868 Dec. 20 518 40 440 2,213 2,240 240 51 46 360 63 826 10 231 1,050 Dec. 27 480 44 395 2,210 2,244 207 47 50 361 64 805 10 232 919 San Francisco Nov. 29 1,688 140 261 7,267 7,164 617 246 192 4,819 383 470 117 5 897 2,692 Dec. 6 1,680 119 274 7,327 7,194 657 278 170 4,816 383 496 107 13 899 3,175 Dec. 13 1,740 138 330 7,487 7,369 710 291 167 4,816 386 531 118 900 3,078 Dec. 20 ,780 135 282 7,523 7,370 788 290 169 4,830 403 514 110 "52 902 3,448 Dec. 27 ,746 153 270 7.426 7,314 735 293 197 4,859 404 520 124 50 907 3,032 City of Chicago* Nov. 29 ,301 40 144 4,350 4,457 295 52 1,367 21 1,024 41 59 519 1,921 Dec. 6 ,312 38 160 4,288 4,367 290 60 142 1,370 21 1,111 47 126 520 2,680 Dec. 13 ,254 41 236 4,378 4,581 283 75 135 1,373 21 1,167 42 6 518 2,330 Dec. 20 ,193 42 232 4,374 4,515 284 80 148 1,367 21 1,215 42 12 518 2,562 Dec. 27 ,366 49 165 4,369 4,626 284 68 160 1,369 21 1,174 43 119 519 2,002 For footnotes see opposite page and preceding table. JANUARY 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST, BY FEDERAL RESERVE DISTRICTS AND STATES Total banks on On par list which checks are Not on par list drawn, and their (nonmember) Federal Reserve branches and offices * Total Member Nonmember district or State Banks a B nd ra n o c ff h ic e e s s2 Banks a B nd ra n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s s United States total: Dec 31, 1946 . 14,043 3,981 11,957 3,654 6,894 2,913 5,063 741 2,086 327 Dec, 31, 1947 14,078 4,148 12,037 3,823 6,917 3,051 5,120 772 2,041 325 Dec. 31, 1948 14,072 4,333 12,061 4,015 6,912 3,197 5,149 818 2,011 318 Dec. 31, 1949 14,051 4,562 12,178 4,289 6,887 3,387 5,291 902 1,873 273 Nov. 30, 1950? 14,025 4,788 12,171 4,498 6,876 3,556 5,295 942 1,854 290 By districts and by States Nov. 30, 1950 P District Boston .... 477 334 477 334 327 263 150 71 New York 879 934 879 934 757 861 122 73 Philadelphia 835 161 835 161 639 123 196 38 Cleveland 1,117 307 1,117 307 693 264 424 43 1,007 542 804 401 477 256 327 145 203 iii Atlanta 1,197 220 595 180 352 154 243 26 602 40 Chicago .. 2,488 613 2,488 613 1,005 255 1,483 358 St. Louis 1,470 144 1,134 85 496 48 638 37 336 59 ^Minneapolis 1,275 111 677 70 477 27 200 43 598 41 Kansas City 1,757 14 1,748 14 756 8 992 6 9 Dallas 1,027 58 921 49 630 32 291 17 106 9 San Francisco 496 1,350 496 1,350 267 1,265 229 85 State Alabama .. 225 26 129 26 93 26 36 96 Arizona 10 53 10 53 5 39 5 14 Arkansas 232 19 109 5 68 2 41 3 123 14 California . 195 972 195 972 120 924 75 48 Colorado 148 4 148 4 93 3 55 1 Connecticut 105 48 105 48 62 41 43 7 Delaware 38 19 38 19 17 8 21 11 District of Columbia... 19 45 19 45 15 35 4 10 Florida 191 5 130 4 74 4 56 61 1 Georgia 398 43 113 39 66 35 47 4 285 4 Idaho 43 54 43 54 24 49 19 5 Illinois 888 2 886 2 508 2 378 2 Indiana 487 108 487 108 237 51 250 57 Iowa 662 164 662 164 161 501 164 Kansas 611 609 215 394 2 Kentucky 382 43 382 43 112 27 270 16 Louisiana ...... 164 77 60 54 46 47 14 7 104 23 Maine 63 69 63 69 38 37 25 32 Ktaryland 164 119 164 119 77 78 87 41 Massachusetts .... 177 173 177 173 141 156 36 17 J^fichican 437 237 437 237 231 182 206 55 Minnesota 678 6 265 6 206 6 59 413 Illississippi 201 67 40 14 31 7 9 7 161 53 l^Iissouri 595 1 530 1 180 1 350 65 110 110 84 26 Nebraska 411 2 411 2 141 2 270 Nevada . 8 19 8 19 6 18 2 1 New HaniD3hire 74 2 74 2 52 1 22 1 New Jersey . • 323 164 323 164 278 148 45 16 New Mexico 51 14 51 14 35 2 16 12 New York 630 779 630 779 551 722 79 57 North Carolina 208 216 95 81 54 46 41 35 113 135 North Dakota 150 22 63 6 43 20 6 87 16 Ohio 658 224 658 224 422 194 236 30 Oklahoma 384 1 376 1 224 1 152 8 Oregon 69 101 69 101 30 89 39 12 Pennsylvania 966 191 966 191 736 164 230 27 Rhode Island 15 49 15 49 9 37 6 12 South Carolina 148 49 64 43 32 35 32 8 84 6 South Dakota 169 49 71 24 62 21 9 3 98 25 Tennessee 295 96 204 83 82 62 122 21 91 13 Texas 904 12 849 12 578 12 271 55 Utah 55 24 55 24 31 22 24 2 69 11 69 11 40 2 29 9 Virginia . 313 113 308 113 203 62 105 51 5 'Washington 118 144 118 144 52 134 66 10 West Virginia 180 179 108 71 1 551 152 551 152 164 22 387 130 'v\Tyoniing . • • 53 53 39 14 P Preliminary. l Excludes mutual savings banks, on a few of which some checks are drawn. 2 Branches and other additional offices at which deposits are received, checks paid, or money lent, including "banking facilities" at military reservations and other Government establishments (see BULLETIN for February 1950, p. 244, footnotes 9 and 10). Back fisures.—See Banking and Monetary Statistics, Table 15, pp. 54-55, and Annual Reports. 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] Dollar acceptances outstanding Held by Based on Commercial End of month sta p o n a u d p t i e - n r g1 st T a o n o u d t t a i - n l g Total Accept O b in i w l g l n s banks bo B u il g ls ht Others I U m S i n t n p a i t o t t o e e r s d ts E U S x f n r t p a o i o t m t e e r s d ts c D h e o a x l n l - a g r e G U s o h n o i i d p t s e p p d o e s d i t n o t b r s e e F d i t n o w r i e e n e i g n o n r States countries 1949—October 278 215 104 57 47 110 140 39 1 23 12 November 278 251 118 60 58 133 173 44 25 9 December 257 272 128 58 70 144 184 49 30 9 1950—January 258 280 134 67 68 146 190 49 (2) 32 9 February 257 256 120 69 51 136 175 45 (2) 25 11 March 258 245 100 63 37 145 165 45 (2) 23 12 April 257 237 93 62 31 144 157 47 (2) 18 15 May 250 231 93 59 34 138 142 58 (2) 15 17 June 240 279 126 82 44 154 170 66 1 21 21 July 259 335 155 87 68 180 211 80 1 22 22 August 286 374 174 103 71 200 238 87 1 26 21 September 308 397 187 103 84 211 264 79 2 29 23 October 312 383 168 100 68 215 243 85 2 29 25 November 325 383 166 104 62 217 234 88 2 29 29 1 As reported by dealers; includes some finance company paper sold in open market. 2 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 EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Customers' Debit Debit credit balances x Other credit balances End of month Customers' balances in balances in Cash on debit partners' firm hand Money ba ( l n a c n t c )i es a in n a v d c e c s t o r t u a m n d e t i s n n g t a in n a v d c e c t s o r t u a m d n e i ts n n g t a b n a d n k i s n borrowed2 Free O (n th et e ) r a i I n n n a v d c p e c t s a o r t r u a m t d n n e i t e s n n r g t s' a in n a v d I c n e c t s o r f t u a i m r d n m e i ts n n g t I a n c ( c c n o a e u p t n ) it t a s l 1941—June 616 11 89 186 395 255 65 17 7 222 December... 600 8 86 211 368 289 63 17 5 213 1942—June 496 9 86 180 309 240 56 16 4 189 December... 543 7 154 160 378 270 54 15 4 182 1943—June 761 9 190 167 529 334 66 15 7 212 December... 789 11 188 181 557 354 65 14 5 198 1944—June 887 5 253 196 619 424 95 15 11 216 December... 1,041 7 260 209 726 472 96 18 8 227 1945—June 1,223 11 333 220 853 549 121 14 13 264 December... 1,138 12 413 313 795 654 112 29 13 299 1946—June 809 7 399 370 498 651 120 24 17 314 December... 540 5 312 456 218 694 120 30 10 290 1947—June 552 6 333 395 223 650 162 24 9 271 December... 578 7 315 393 240 612 176 23 15 273 1948—June 619 7 326 332 283 576 145 20 11 291 December... 550 10 312 349 257 586 112 28 5 278 1949—December... 881 5 400 306 523 633 159 26 15 271 1950—January.... 3 901 3 493 3 669 February. . . 3 953 3 522 3 669 March 31,018 3 579 3 666 April 31,084 3 619 3 678 May 31,175 3 750 3 657 June 1,256 12 386 314 827 673 166 25 11 312 July 3 1,208 3 755 3 712 August 3 1,231 3 752 3 780 September.. s1,284 3 751 3 738 October 3 1,351 3759 3 771 November. . 3 1,360 3 774 3 796 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): September, 122; October, 123; November, 127. NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. Back figures.—See Banking and Monetary Statistics, Table 143, pp. 501-502, for monthly figures prior to 1942, and Table 144, p. 503, for data in detail at semiannual dates prior to 1942. JANUARY 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN-MARKET MONEY RATES IN NEW YORK CITY BANK RATES ON BUSINESS LOANS [Per cent per annum] AVERAGE OF RATES CHARGED ON SHORT-TERM LOANS TO BUSINESSES BY BANKS IN SELECTED CITIES Stock U. S. Government [Per cent per annum] mo Y w n e e th a ek r , , or m 4 m p P - c o a r o e t n p i r o m m t c e h i - 6 r e a , s - l 1 a P b a d c n e a r a 9 c r i c n y s m 0 e e ' s k p s e - 1 , t- ch n l c e o r a e a e x a w n - - l n l g - e m bi o 3 l s l n - e s t c 3 h uri 9 t i m i s - e s t s o o u n e ( t s 1 t h a 2 4 - xa 3 b - y le t e o ) a r 5- Area and period lo A a l n l s $ $ 1 1 0 ,0 ,0 0 0 0 0 - $ $ 1 1 0 0 S 0 ,0 i , z 0 0 e 0 0 0 - o ! f $ $ 1 l 2 o 0 0 a 0 0 n ,0 ,0 0 0 0 0 - $ a 2 n 0 d 0 o ,0 v 0 e 0 r Annual averages: 1948 average.... 1.11 1.55 1.040 .14 1.62 19 cities: 1949 average 1.12 1.63 1.102 .14 1.43 1941 2.0 4.3 3 0 1.9 1.8 1950 average 1.15 1.63 1.218 .26 1.50 1942 2.2 4.4 3.2 2.2 2.0 1943 2.6 4.4 3.4 2.5 2.4 1949—December. 1.06 1.63 1.102 .10 1.37 1944 2.4 4.3 3.3 2.6 2.2 1945 2.2 4.3 3.2 2.3 2.0 1950—January. . 1.06 1.63 1.090 .12 1.39 1946 2.1 4.2 3.1 2.2 1.7 February. 1.06 1.63 1.125 .15 1.44 1947 2.1 4.2 3.1 2.5 1.8 March 1.06 1.63 1.138 .16 1.45 1948 2.5 4.4 3.5 2.8 2.2 April 1.06 1.63 1.159 .17 1.45 1949 2,7 4.6 3.7 3 0 2.4 May 1.06 1.63 1.166 .18 1.45 1950 2.7 4.5 3.6 3.0 2.4 June 1.06 1.63 1.174 .23 1.47 Quarterly: July...... 1.06 1.63 1.172 .23 1.45 19 cities: August... 1.16 1.63 1.211 .26 1.45 1950—Mar 2.60 4.45 3.54 2.94 2.31 September 1.31 1.63 1.315 .33 1.55 June 2.68 4.50 3.65 2.94 2.39 October. . 1.31 1.63 1.329 .40 1.65 Sept 2.63 4.51 3.63 2.95 2.34 November 1.31 1.63 1.364 .47 1.62 Dec 2.84 4.60 3.73 3.10 2.57 December. 1.31 1.63 1.367 1.46 1.64 New York City: Week ending: 1950—Mar 2.29 3.85 3.22 2.64 2.13 D D D e e e c c c . . . 1 2 9 6 . . . . . . . . . l 1 1 5 5 5 / / A X l6 6 « 1 1 1 . . . 3 3 3 8 6 5 3 6 1 1 1 1 . . . 4 4 4 6 6 6 1 1 1 . . . 6 6 6 3 4 3 J S D u e e n p c e t 2 2 2 . . . 3 3 5 4 2 1 3 4 4 . . . 9 1 0 4 7 6 3 3 3 . . . 3 4 3 5 4 3 2 2 2 . . .7 7 8 2 3 0 2 2 2 . . . 1 1 3 6 5 5 Dec. 23... 1.368 1.47 1.65 7 Northern and East Dec. 30... l5/l6 1.382 1.47 1.65 ern cities: 1950—Mar....... 2.55 4.64 3.60 2.91 2.28 June 2.67 4.58 3.62 2.82 2.45 1 Monthly figures are averages of weekly prevailing rates. Sept 2.63 4.56 3.59 2.87 2.39 2 The average rate on 90-day Stock Exchange time loans was 1.50 Dec , 2.87 4.64 3.70 3.18 2.65 per cent, Aug. 2, 1946-Aug. 16, 1948; and 1.63 per cent beginning 11 Southern and Aug. 17, 1948. Western cities: 3 Rate on new issues within period. 1950—Mar , 3.12 4.64 3.71 3.15 2.74 4 Series includes certificates of indebtedness and selected note issues. June 3.22 4.70 3.83 3.17 2.82 6 Series includes notes and selected bond issues. Sept 3.13 4.71 3.83 3.15 2.67 Back figures.—See Banking and Monetary Statistics, Tables 120-121, Dec 3.28 4.78 3.91 3.21 2.90 pp. 448-459, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. NOTE.—For description of series see BULLETIN for March 1949, pp. 228-237. BOND YIELDS * [Per cent per annum] U. S. Government Corporate (Moody's (taxable) Munic- Corpo- Year, month, or week 15 (h ip ig a h l - (h ra ig te h- By ratings By groups 7 to 9 years grade)2 grade)3 Total years m o o r re Aaa Aa A Baa In tr d i u al s- R ro a a i d l- P ut u i b li l t i y c Number of issues 1-5 1-8 15 9 120 30 30 30 30 40 40 40 1948 average 2.00 2.44 2.40 2.81 3.08 2.82 2.90 3.12 3.47 2.87 3.34 3.03 1949 average 1.71 2 31 2.21 2 65 2.96 2 66 2.75 3 00 3.42 2.74 3.24 2.90 1950 average 1.84 2.32 1.98 2.60 2.86 2.62 2.69 2.89 3.24 2.67 3.10 2.82 1949—December 1.68 2.19 2.13 2.55 2.86 2.58 2.67 2.89 3.31 2.65 3.14 2.79 1950—January 1.70 2.20 2.08 2.54 2.83 2.57 2.65 2.85 3.24 2.63 3.07 2 79 February 1.75 2.24 2.06 2.54 2.83 2.58 2.65 2.86 3.24 2.63 3.08 2.78 March 1.78 2.27 2.07 2.55 2.84 2.58 2.66 2.86 3.24 2.64 3.08 2.78 April 1 80 2.30 2.08 2 57 2 84 2 60 2.66 2 86 3.23 2.64 3 08 2 79 May 1.80 2.31 2.07 2.57 2.86 2.61 2.69 2.88 3.25 2.65 3.12 2.81 June .. 1.83 2.33 2.09 2.59 2.87 2.62 2.69 2.90 3.28 2.66 3.15 2.81 July 1 83 2 34 2.09 2 61 2.90 2 65 2.72 2 92 3.32 2 69 3.19 2 83 August 1.82 2.33 1.90 2.58 2.85 2.61 2.67 2.87 3.23 2.66 3.08 2.80 September 1.89 2.36 1.88 2.62 2.86 2.64 2.71 2.88 3.21 2.68 3.07 2.84 October 1 94 2 38 1 82 2 65 2.88 2 67 2.72 2 91 3.22 2 70 3.09 2 85 November 1.95 2 38 1.79 2 66 2 88 2 67 2.72 2 92 3.22 2.70 3.08 2 86 December 1.97 2.39 1.77 2.66 L9 . oooo 2.67 2.72 2.91 3.20 2.70 3.07 2.87 Week ending: Dec. 2 1.96 2.38 1.80 2.66 2.88 2.67 2.72 2.91 3.21 2.70 3.08 2.87 Dec. 9 1.98 2.39 1.81 2.68 2.89 2.68 2.72 2.92 3.22 2.70 3.09 2.87 Dec. 16 1.97 2.39 1.81 2.66 2.88 2.67 2.73 2.92 3.21 2.70 3.08 2.87 Dec. 23 1.96 2.38 1.74 2.64 2.88 2.67 2.72 2.91 3.20 2.70 3.07 2.86 Dec. 30 1.98 2.39 1.72 2.64 2.87 2.66 2.71 2.90 3.19 2.70 3.05 2.86 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 2 Standard and Poor's Corporation. 8 U. S. Treasury Department. 4 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 5 and 6 issues, respectively, and the railroad Aaa and Aa groups from 10 to 5 issues. Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. 66 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS1 Bond prices Stock prices 6 Corporate 4 Common (index, 1935-39=100) Volume of trad- Year, month, or week U.S. Munic- ing7 (in Gov- ipal Medium-grade Pre- thoum e e r n n- t 2 g ( r h a i d g e h ) - 3 H gr i a g d h e - Indus- Rail- Public ferred6 Total In tr d i u al s- R ro a a i d l- P ut u i b li l t i y c s s a h n a d r s e s o ) f Total trial road utility Number of issues. 1-8 15 12 15 416 365 20 31 1948 average. 100.84 125.3 98.7 92.1 96.3 85.4 95,2 168.7 124 131 115 96 1,144 1949 average. 102 73128.9 101 9 92 6 98 6 82.3 97.0 176.4 121 128 97 98 1,037 1950 average. 102.53 133.4 181.8 146 156 117 107 2,012 1949—December. 104.36 130.3 103.7 94.5 101.0 82.2 100.1 180.6 133 140 101 104 1,739 1950—January 104.16 131.4 104.0 96.3 101.8 86.4 100.6 182.8 135 143 108 106 1,884 February 103.62 131.7 104.0 96.4 102.0 86.5 100.9 182.4 137 144 107 107 1,704 March 103.24 131.5 104.1 96.6 102.3 86.7 100.8 183.8 139 147 109 110 1,643 April 102.87 131.3 183.5 142 150 110 111 2,297 May 102.73 131.5 183.1 147 156 110 113 1,763 Tune 102.42 131.1 182.0 148 158 107 112 2,075 July 102.24 131.1 178.5 138 147 110 103 2,227 August 102.28 134.8 181.9 147 158 121 104 1,673 September 101.90 135.2 181.8 152 163 125 105 1,930 October 101.64 136.4 180.5 158 171 129 106 2,141 November 101.69 137.0 180.8 156 169 127 105 2,032 December 101.53 137.4 179.9 158 171 139 104 2,769 Week ending: Dec. 2 101.60 136.8 181.2 155 167 126 104 2,262 Dec. 9 101.53 136.6 180.5 155 168 131 104 2,188 Dec. 16 101.53 136.6 179.9 157 170 137 104 2,566 Dec. 23 101.56 138.0 179.5 160 173 145 104 3,474 Dec. 30 101.49 138.5 179.8 162 175 145 106 3,211 1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures. 2 Average of taxable bonds due or callable in 15 years or more. 3 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 4 Prices derived from average yields, as computed by Standard and Poor's Corporation. 6 Standard and Poor's Corporation. 6 Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. 7 Average daily volume of trading in stocks on the New York Stock Exchange. 8 Series discontinued beginning Apr. 1, 1950. 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] For new capital For refunding Total Domestic Domestic (new and Total Total For- Year or month fu i r n n e g - d ) - m e ( a f i e d o g n s o r n d t - - i ) c Total S n m a p t i n a c a u d t i l - e - a F c e g i e r e e a d s n l - 1 - Total Co B n r a o p o n n o t d e d r s s ate Stocks e F i o g r n - 2 m e ( a f e i d o g n s o r n d t - - i ) c Total S n m a p t i n a c a u d i t l - - e a F c e g i e r e e a d s n l - 1 - Total Co B n r a o p o n n o t d e d r s s ate Stocks eign2 1941 5,546 2,854 2,852 518 1,272 1,062 889 173 1 2,693 2,689 435 698 1,557 1,430 126 4 1942 2,114 1 075 1,075 342 108 624 506 118 1,039 1,039 181 440 418 407 11 1943 2,169 642 640 176 90 374 282 92 2 1,527 1,442 259 497 685 603 82 86 1944 4,216 913 896 235 15 646 422 224 17 3,303 3,288 404 418 2,466 2,178 288 1S 1945 8,006 1,772 1,761 471 26 1,264 607 657 12 6,234 6,173 324 912 4,937 4,281 656 61 1 19 9 4 4 7 6 3 8 9 , , 6 69 4 1 5 3 4 7 , 6 5 4 6 5 6 4 7 . . 6 2 3 5 5 5 2,2 9 2 5 8 2 2 1 3 2 9 7 3 4 , ,7 5 8 5 7 6 3 2 . . 5 08 6 4 7 1 1 , , 4 2 7 1 2 9 6 1 8 0 4 2 , , 0 1 0 2 0 5 3 1 , ,9 8 4 9 8 5 20 44 8 4 7 2 3 2 4 2 1 , ,4 9 8 5 2 3 2 1 , , 3 19 5 9 2 6 28 0 3 1 1 1 0 7 S 7 1948 10,214 9,079 9,070 2,604 294 <6.172 45,264 908 10 1,135 1,135 82 768 284 257 28 1949 9,475 7,909 7,880 2,803 233 4,844 3.890 954 29 1,566 1,466 104 943 418 366 52 101 1949—November 521 412 412 229 183 124 59 109 109 22 52 35 35 4* December. 731 513 513 198 315 169 146 218 218 57 56 105 101 1950— F J e a b n r u u a a r r y y . . . 31,1 8 8 0 5 9 8 7 1 1 7 1 8 7 1 0 7 8 5 2 5 3 0 3 3 1 0 3 5 1 5 4 3 6 4 8 6 0 3 9 6 0 6 .. .„ •36 9 9 8 26 8 9 3 6 1 5 5 7 9 1 2 0 0 8 9 1 6 9 1 1 2 ii March. . . 1,059 768 746 363 21 361 280 82 22 292 229 3 58 168 165 4 63 April 685 525 520 170 23 327 147 180 5 160 160 6 65 89 80 9 May 1,052 771 769 304 39 426 307 119 2 281 281 14 31 236 231 6 June 1,285 954 949 334 18 598 429 169 5 330 330 20 35 276 276 July 579 505 505 204 8 292 216 77 75 75 1 53 21 21 August 787 551 519 265 254 211 43 31 236 190 8 48 134 128 5 46 September 924 705 687 272 145 270 220 50 18 219 219 6 193 20 20 October. . 794 651 646 181 465 265 200 5 143 143 3 63 77 76 1 November 752 598 584 356 229 192 37 14 154 154 14 65 74 66 8 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 and for January 1950 include 244 million dollars and 100 million, respectively, of issues of the International Bank for Reconstruction and Development, which are not shown separately. 4 Includes the Shell Caribbean Petroleum Company issue of 250 million d ollars, 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. 67 JANUARY 1951 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] Proposed uses of net proceeds Year or month Est g i r m os a s ted Esti n m et ated New money Retirement of securities proceeds 2 proceeds 3 Repayment Other of Plant and Working Bonds and Preferred other debt purposes Total equipment capital Total notes stock 1936 4,572 4,431 858 380 478 3,368 3,143 226 154 49 1937 2,310 2.239 991 574 417 1.100 911 190 111 36 1938 2,155 2,110 681 504 177 1,206 1,119 87 215 7 1939 2 164 2 115 325 170 155 1 695 1 637 59 69 26 1940 2,677 2.615 569 424 145 1,854 1,726 128 174 19 1941 2,667 2.623 868 661 207 1,583 1,483 100 144 28 1942 1 062 1 043 474 287 187 396 366 30 US 35 1943 1,170 1,147 308 141 167 739 667 72 73 27 1944 3,202 3 142 657 252 405 2,389 2 038 351 49 47 1945. 6,011 5,902 1.080 638 442 4,555 4,117 438 134 133 1946 6.900 6,757 3.279 2,115 1,164 2,868 2.392 476 379 231 1947 6,577 6,466 4,591 3,409 1,182 1 352 1 155 196 356 168 1948. 7,078 6.959 5.929 4.221 1.708 307 240 67 488 234 1949 6.052 5.959 4.606 3,724 882 401 360 41 637 315 1949—No vem ber 332 327 270 159 111 17 17 24 16 December 574 565 331 223 108 113 111 2 37 83 1950—January 614 605 453 405 48 52 39 12 53 48 February 259 255 190 130 60 33 30 3 13 18 March . 547 538 371 242 129 139 138 1 11 17 April 490 480 344 295 49 50 36 14 76 9 May 669 658 306 212 94 204 164 40 137 11 June 1 ,069 1,055 625 451 174 317 311 5 65 49 July 315 311 211 140 71 20 19 20 60 August 407 402 225 189 36 138 132 6 17 23 September. 416 408 306 248 58 33 28 5 32 37 October 519 508 274 224 50 88 61 27 127 19 November 330 324 228 168 60 67 54 13 18 11 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS* [In millions of dollars] Manufacturing 5 C m o i m sc m el e l r a c n i e a o l u a s n 6 d Railroad Public utility 7 Communication 8 a R n e d a l f i e n s a ta n t c e ial Year or month Total Total Total Total Total Total net New Retire- net New Retire- net New Retire- net New Retire- net New Retire- net New Retirepro- money ments10 pro- ments10 pro- ments10 pro- ments10 pro- ments10 pro- ments10 ceeds9 ceeds9 ceeds9 ceeds9 ceeds9 1936 1,280 439 761 774 139 558 1,987 63 1,897 390 218 152 1937 1,079 616 373 338 228 110 751 89 611 71 57 7 1938 831 469 226 54 24 30 1,208 180 943 16 7 1939 584 188 353 182 85 97 1,246 43 1,157 102 1940 961 167 738 319 115 186 1,180 245 922 155 42 1941 828 244 463 361 253 108 1,340 317 993 94 55 18 1942 527 293 47 32 15 464 145 292 4 4 "4" 1 1 1 1 1 1 1 9 9 9 9 9 8 9 4 4 4 4 4 4 4 9 8 3 5 7 6 4 3 2 2 1 , , , , , , 9 6 6 1 0 3 4 3 6 0 8 8 9 9 3 9 7 1 0 6 1 2 1 1 , , , 9 2 7 4 2 8 8 7 2 0 5 5 2 1 4 6 1 4 1 8 1 1, 5 9 3 01 8 0 5 4 5 0 1 4 3 4 4 4 3 0 3 3 8 3 2 0 2 4 9 1, 4 4 6 6 2 7 1 3 5 1 0 8 0 6 6 6 7 2 3 4 0 4 2 5 1 1 1 4 4 4 4 2 1 0 6 1 6 0 9 5 2 1, 5 5 3 1 2 7 3 5 0 1 1 0 1 5 6 0 4 1 2 2 3 2 2 1 , , , , , , 1 4 2 6 2 2 4 9 2 8 6 1 1 0 1 9 1 9 5 2 0 2 2 1 , , , 1 1 9 7 8 9 4 2 4 8 6 8 8 0 2 0 5 9 2 1 1 , , , 1 3 2 4 9 2 1 4 5 5 2 3 3 4 3 2 9 3 9 4 5 5 8 6 9 7 1 5 8 0 7 5 0 5 3 5 2 2 1 9 8 2 8 0 2 0 3 7 3 6 6 1 7 4 4 1 1 4 8 6 8 6 8 1 0 5 1 9 4 5 3 3 3 4 6 2 6 5 0 2 4 4 5 1949—November 24 25 6 10 10 149 125 4 16 14 92 90 December 63 49 36 23 31 27 346 159 96 4 4 85 70 1950—January 31 27 31 25 93 27 225 165 14 205 202 20 February 63 47 25 21 13 13 130 98 29 23 March 49 38 16 15 107 85 22 217 141 58 18 18 132 50 April 34 24 33 21 31 27 273 228 40 23 22 86 2 May 1S6 80 29 19 69 39 331 129 165 13 13 31 June 169 109 45 20 74 15 40 575 385 161 64 3 127 July 68 50 72 22 13 13 104 81 11 24 21 30 August 42 20 40 19 42 38 233 121 107 6 6 39 14 September 70 43 62 15 17 17 223 205 11 7 5 28 3 October 177 63 35 11 19 19 213 150 32 22 14 43 November ... 59 24 11 19 19 167 120 45 7 4 21 I 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 1934-47 are not precisely comparable with those beginning 1948, but they are believed to be sufficiently similar for broad comparisons. See also footnotes 5 through 8. 5 Prior to 1948 this group corresponds to that designated "Industrial" in the old classification. 5 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. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS MANUFACTURING CORPORATIONS [In millions of dollars] Assets of 10 million dollars and over Assets of 50 million dollars and over Assets of 10-50 million dollars (200 corporations) (82 corporations) (118 corporations) Year or quarter Sales P b t r e a o f x o f e i r s t e s P t a r a f o x t f e e i r s ts d D e i n v d i- s Sales P b t r e a o f x o f e i r s t e s P t a r a f o x t f e e i r s ts d D e i n v d i- s Sales P b t r e a o f x o f e i r s t e s P t a r a f o x t f e e i r s ts d D e i n v d i- s Annual 1939 10,591 1,209 997 722 9,008 1.071 883 656 1.583 139 114 67 1940 13,006 1,844 1,273 856 11,138 1,638 1,127 772 1,869 206 146 83 1941 18,291 3,156 519 947 15,691 2,778 1,329 854 2,600 378 190 93 1942 21,771 3,395 220 760 18.544 2,876 1,056 672 3,227 519 164 88 1943 28,240 3,683 260 777 24,160 3,111 1,097 688 4,080 571 164 88 1944 30,348 3,531 255 848 25,851 2,982 1,091 755 4,497 549 164 93 1945 26,531 2,421 129 861 22,278 1,976 964 764 4,253 445 165 98 1946 21,327 2,033 202 943 17,416 1,573 932 804 3,912 460 271 139 1947 30,815 4,099 2,521 1 ,167 25,686 3,423 2,105 1 ,000 5. 129 676 416 167 1948 36,955 5,315 3 310 1,403 31,238 4,593 2,860 1 ,210 5.717 721 450 192 1949 36.702 5,035 3,099 ! ,657 31,578 4,506 2,768 1 ,474 5,124 529 330 183 Quarterly 1948—1 8,621 ,218 751 285 7,231 1,050 649 247 ,390 168 102 38 2 8,947 ,242 770 311 7,503 1,058 657 269 , 445 184 113 42 3 9,250 ,331 832 307 7,813 1 , 146 717 265 ,437 186 115 43 4 10,136 ,523 958 499 8,691 1 ,339 838 429 , 445 184 120 70 1949—1 9.363 ,326 808 343 8,056 1 ,187 723 303 ,307 139 84 40 2 9,369 , 196 726 354 8,115 1,077 653 312 ,254 119 73 42 3 9,420 ,312 799 331 8,148 1,183 717 292 .273 129 82 39 4 8,550 ,201 766 629 7,259 1,059 675 567 ,291 142 91 62 1950—1 i 9,256 .400 804 387 7,935 1,254 717 347 ,322 !46 87 40 10,655 ,821 1,048 393 9,179 1,631 936 347 ,476 190 112 46 11,753 2,176 1,242 546 10,095 1,916 1,089 497 ,658 260 152 49 PUBLIC UTILITY CORPORATIONS [In millions of dollars] Railroad Electric power Telephone Year or quarter O re p v i e n e r g n a u t- e P b t e r a o f x o f e i r s t e s P t a r a f o x te f e i r t s s d D e i n v d i- s O re p v i e n e r g n a u t e - P b t r e a o f x o f e i r s t e s P t a r a f o x t f e e i r s ts d D e i n v d i- s O re p v i e n e r g n a u t- e P b t r e a o f x o f e i r s t e s P t a r a f o x t f e e i r s ts d D e i n v d i- s Annual 1939 3. 9Q5 126 93 126 2.647 629 535 444 .067 227 191 175 1940 4 297 249 189 159 2 797 692 548 447 129 248 194 178 1941 5,347 674 500 186 3,029 774 527 437 .235 271 178 172 1942 7 466 1 658 902 202 3 216 847 490 408 362 302 163 163 1943 9.055 2 211 873 217 3,464 913 502 410 ,537 374 180 168 1944 9,437 1,972 667 246 3.615 902 507 398 .641 399 174 168 1945 8 902 756 450 246 3 681 905 534 407 803 396 177 174 1946 7,628 271 287 235 3.815 964 638 458 .902 277 200 171 1947 . 8 685 777 479 236 4 291 954 643 494 2,149 193 131 134 1948 9 672 1 148 699 289 4 830 983 657 493 2.541 269 183 181 1949 8.580 700 438 252 5.047 1 129 753 558 2,817 332 220 216 Quarterly 1948—i ? 243 146 73 57 ) 21.1 282 184 124 607 65 44 39 2 2 363 286 186 57 .152 231 154 115 627 71 48 44 3 2 555 393 244 53 .178 211 143 121 641 64 44 47 4 2 510 317 191 122 ,267 254 174 133 667 69 47 50 1949—i f 147 119 58 69 312 316 206 124 670 62 42 50 2 2 226 !83 115 55 .223 272 180 136 695 75 50 51 3 2 140 174 104 50 223 259 173 142 711 84 55 54 4 ... 2,066 224 161 78 2S9 281 195 157 741 111 72 61 1950—1 1 985 109 251 61 1,378 351 2 230 146 749 114 274 63 2 2.238 247 2 155 53 1 ,315 321 2 212 153 780 135 2 86 68 3 2,534 r453 2 253 55 1,310 293 2171 152 809 150 2 85 71 r Revised. 1 Certain Federal income tax accruals for the first six months of 1950, required by recent legislation and charged by many companies against third quarter profits, have been redistributed to the first and second quarters. 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 assets AS 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 reports of the Interstate Commerce Commission. Electric power. Figures are for Class A and B electric utilities (which account for about 95 per cent of all electric power operations) and are obtained from reports of the Federal Power Commission, except that quarterly figures on operating revenue and profits before taxes are partly estimated by the Federal Reserve, to include affiliated nonelectric operations. Telephone. Figures are for 30 large companies (which account for about 85 per cent of all telephone operations) and exclude American Telephone and Telegraph Company, the greater part of whose income consists of dividends received on stock holdings in the 30 companies. Data are obtained from the Federal Communications Commission, except for dividends, which are from published company reports. All series. Profits before taxes refer to income after all charges and before Federal income taxes and dividends. For description of series and back figures, see pp. 662-666 of the BULLETIN for June 1949 (manufacturing); pp. 215-217 of the BULLETIN for March 1942 (public utilities); p. 1126 of the BULLETIN for November 1942 (telephone); and p. 908 of the BULLETIN for September 1944 (electric power). JANUARY 1951 69 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] Annual Quarterly Industry- 1948 1949 1950 1947 1948 1949 Nondurable goods industries Total (94 corps.):2 Sales 11,313 13,364 12,790 3,324 3,532 3,243 3,051 3,163 3,333 3,251 3,458 3,908 Profits before taxes 1,787 2,208 1,843 543 565 496 397 446 503 504 581 774 Profits after taxes 1,167 1,474 1,211 362 394 321 256 292 342 308 353 464 Dividends 551 656 708 141 225 146 166 147 249 166 175 205 Selected industries: Foods and kindred products (28 corps.) : Sales 3,231 3,447 3,254 846 904 805 792 822 835 757 817 931 Profits before taxes 421 410 377 99 111 85 89 101 102 83 100 153 Profits after taxes 259 257 233 60 71 52 54 63 64 47 57 86 Dividends 128 135 134 32 42 30 31 29 44 31 33 32 Chemicals and allied products (26 corps.): Sales 3,108 3,563 3,562 904 936 896 860 896 910 952 1,051 1,192 Profits before taxes 547 655 673 166 183 170 140 174 189 205 247 309 Profits after taxes 337 408 403 104 119 100 83 105 115 117 141 174 Dividends 215 254 311 59 85 64 66 68 113 72 79 112 Petroleum refining (14 corps.): Sales 2,906 3,945 3,865 978 1,077 993 934 942 996 960 989 1,113 Profits before taxes 456 721 525 171 173 161 119 114 131 121 133 188 Profits after taxes 350 548 406 132 141 119 92 86 109 87 95 131 Dividends 127 172 172 29 66 31 47 31 63 42 42 44 Durable goods industries Total (106 corps.):3 Sales 19,502 23,591 23,914 5,927 6,605 6,120 6,320 6,257 5,217 6,005 7,197 7,846 Profits before taxes 2,312 3,107 3,192 788 958 830 799 866 697 896 1,240 1,402 Profits after taxes 1,355 1,836 1,888 470 564 487 470 508 424 496 695 778 Dividends 615 746 949 166 274 197 188 184 380 220 218 341 Selected industries: Primary metals and products (39 corps.): Sales 7,545 9,066 8,197 2,306 2,601 2,430 2,175 2,050 1,542 2,200 2,528 2,665 Profits before taxes 891 1,174 993 304 385 353 252 228 160 299 400 454 Profits after taxes 545 720 578 185 240 204 144 130 100 167 225 255 Dividends 247 270 285 60 90 71 64 61 89 66 73 79 Machinery (27 corps.): Sales 3,634 4,554 4,372 1,076 1,283 1,106 1,110 1,055 1,101 1,106 1,200 1,276 Profits before taxes 443 569 520 118 177 133 120 119 148 145 168 193 Profits after taxes 270 334 321 71 105 79 77 75 91 82 94 109 Dividends 113 126 136 28 42 33 32 31 41 49 37 38 Automobiles and equipment (15 corps.): Sales 6,692 8,093 9,577 2,056 2,221 2,151 2,601 2,707 2,118 2,283 2,975 3,355 Profits before taxes 809 1,131 1,473 305 327 298 376 462 337 398 596 655 Profits after taxes 445 639 861 175 176 177 218 267 200 215 330 357 Dividends 195 282 451 65 112 79 76 80 216 90 91 205 1 Certain Federal income tax accruals for the first six months of 1950, required by recent legislation and charged by many companies against third quarter profits, have been redistributed to the first and second quarters. 2 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). 3 Total includes 25 companies in durable goods groups not shown separately, as follows: building materials (12); transportation equipment other 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 P b t r e a o f x o f e i r t s e s In ta c x o e m s e P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s tr U p i r b n o u d fi t i t s e s - d Quarter P b t e r a o f x o f e i r t s e s In ta c x o e m s e P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s tr U p i r b n o u d fi t i t e s s - d 1939 6.5 1.5 5.0 3.8 1.2 1948—3 35.3 13 4 21.9 7 5 14.4 1940 9.3 2.9 6.4 4.0 2.4 4 33.1 12.9 20.3 7 9 12.4 1941 17.2 7.8 9.4 4.5 4.9 1942 21.1 11.7 9.4 4.3 5.1 1943 25.1 14 4 10.6 4.5 6.2 1949—1 28.3 10.9 17.4 7.9 9.5 1944 24.3 13 5 10.8 4.7 6.1 2 26.4 10.0 16 4 7 7 8.7 1945 19.7 11.2 8.5 4.7 3.8 3 28.2 10.8 17.3 7.4 9.9 1946 23.5 9 6 13.9 5.8 8.1 4 27.6 10.6 16.9 8.2 8.7 1947 30.5 11 9 18.5 6.6 11.9 1948 . . . 33.9 13.0 20.9 7.5 13.4 1950—1 29.2 '13.2 16.0 8.1 ••7.9 1949 27.6 10.6 17.0 7.8 9.2 2 37.4 16.5 ••20.9 8.1 12.8 1950 i 40.2 18.3 21.9 8.9 13.0 3 '46.4 '20.6 ••25.8 9.4 16.4 f Revised. 1 Estimates of Council of Economic Advisers, based on preliminary data. Source.—Same as for national income series. 70 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] Direct debt Total gross Marketable public issues * Nonmarketable public issues debt Fully End of month in ( a s i g n e n t i c c t e g e u l s u u e r ) d i a d - - r- Total Total8 Tre b a il s ls ury c i C e n a d e t d e n r e t s e i b f s o t i s - - f Tr n e o a t s e u s ry T b re o a n s d u s ry TotalJ s b a U o v . n i n d S g s . s T t s a r a n e x v o a i t s a n e u n g s r d s y S i p ss e u c e ia s l b in N e d t a e e o r r b n i e n t - s g t- s g ec u t u e a e r r i a d t n ie - s 1943—Dec. , 170,108 165,877 115,230 13,072 22,843 11,175 67,944 36,574 27,363 8,586 12,703 1,370 4,230 1944—June 202,626 201,003 140,401 14,734 28,822 17,405 79,244 44,855 34,606 9,557 14,287 1,460 1,623 Dec 232,144 230,630 161,648 16,428 30,401 23,039 91,585 50,917 40,361 9,843 16,326 1,739 1,514 1945—June 259,115 258,682 181,319 17,041 34,136 23,497 106,448 56,226 45,586 10,136 18,812 2,326 433 Dec 278,682 278,115 198,778 17,037 38,155 22,967 120,423 56,915 48,183 8,235 20,000 2,421 567 1946—June.... 269,898 269,422 189,606 17,039 34,804 18,261 119,323 56,173 49,035 6,711 22,332 1,311 476 Dec. , 259,487 259,149 176,613 17,033 29,987 10,090 119,323 56,451 49,776 5,725 24,585 1,500 339 1947—June 258,376 258,286 168,702 15,775 25,296 8,142 119,323 59,045 51,367 5,560 27,366 3,173 90 Dec 256,981 256,900 165,758 15,136 21,220 11,375 117,863 59,492 52,053 5,384 28,955 2,695 81 1948—June 252,366 252,292 160,346 13,757 22,588 11,375 112,462 59,506 53,274 4,394 30,211 2,229 73 Dec 252,854 252,800 157,482 12,224 26,525 7,131 111,440 61,383 55,051 4,572 31,714 2,220 55 1949—June 252,798 252,770 155,147 11,536 29,427 3,596 110,426 62,839 56,260 4,860 32,776 2,009 27 Dec. . . 257,160 257,130 155,123 12,319 29,636 8,249 104,758 66,000 56,707 7,610 33,896 2,111 30 1950—Jan. 256,892 256,865 154,833 12,331 29,314 8,271 104,758 66,533 56,958 7,906 33,502 1,997 27 Feb. 256,395 256,368 154,764 12,336 27,321 10,189 104,758 66,771 57,217 7,988 32,871 1,962 27 Mar 255,747 255,724 154,479 12,334 24,399 14,791 102,795 66,928 57,331 8,040 32,098 2,218 24 Apr 255,740 255,718 154,601 12,623 23,437 15,586 102,795 67,114 57,427 8,133 31,802 2,202 22 May.... 256,370 256,350 155,001 13,023 23,437 15,586 102,795 67,314 57,477 8,292 31,868 2,167 20 June... . 257,377 257,357 155,310 13,533 18,418 20,404 102,795 67,544 57,536 8,472 32,356 2,148 20 July 257,557 257,541 155,168 13,642 12,817 25,755 102,795 67,717 57,568 8,629 32,518 2,138 16 Aug 257,891 257,874 155,162 13,637 12,817 25,755 102,795 67,897 57,470 8,912 32,705 2,110 18 Sept 257,236 257,216 153,774 13,637 11,620 31,688 96,670 67,798 57,396 8,895 33,396 2,247 20 Oct 256,959 256,937 152,779 13,629 5,373 36,948 96,670 68,413 57,954 8,999 33,539 2,206 22 Nov 257,100 257,077 152,758 13,608 5,373 36,948 96,670 68,398 58,027 8,907 33,732 2,192 24 Dec 256,731 256,708 152,450 13,627 5,373 39,258 94,035 68,125 58,019 8,640 33,707 2,425 24 1 Includes amounts held by Government agencies and trust funds, which aggregated 5,307 million dollars on Nov. 30, 1950. 2 Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service depositary bonds, Armed Forces Leave bonds, and 2^ per cent Treasury investment bonds, series A-1965, not shown separately. Back figures.—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512. UNITED STATES GOVERNMENT MARKETABLE PUBLIC UNITED STATES SAVINGS BONDS SECURITIES OUTSTANDING DECEMBER 31, 1950 [In millions of dolars [On basis of daily statements o o f f d U o n ll i a te r d s] States Treasury. In millions Am ou o t u - nt Funds receive p d e r f i r o o d m sales during m t R io a e n t d u s e r m i a t n i p e d - s Month standing Issue and coupon rate Amount Issue and coupon rate Amount at end of month All Series Series Series All series E F G series Treaslury bills Treasury bonds—Cont. Jan. 4, 1951. 1,003 Sept. 15, 1951-552 3 755 Fiscal year Jan. 11, 1951. 1,002 Dec. 15, 1951-532. .2H 1,118 ending: Jan. 18, 1951. ,000 Dec. 15, 1951-55 2 510 June—1943.. 21,256 11,789 8,271 758 2,759 848 J F a e n b . . 25 1 , , 1 1 9 9 5 5 1 1 . . , , 0 1 0 0 1 0 J M u a n r e . 1 1 5 5 , , 1 19 9 5 5 2 2 - - 5 5 4 4 ... 2 Y 2 2 5 1 , , 8 0 2 24 5 1 19 9 4 4 5 4 . . . . 3 4 4 5 , , 6 58 0 6 6 1 14 5 , , 8 4 9 9 1 8 1 11 1 , , 5 8 5 2 3 0 8 6 0 7 2 9 2 2, , 6 8 5 7 8 6 2 4 , , 3 2 7 9 1 8 Feb. 8, 1951. ,102 June 15, 1952-55... 2 M 1.501 1946.. 49,035 9,612 6,739 407 2,465 6,717 Feb. 15, 1951. ,101 Dec. 15, 1952-54 2 8,662 1947.. 51,367 7,208 4,287 360 2,561 5,545 Feb. 23, 1951. June 15, 1953-552 2 725 1948.. 53,274 6,235 4,026 301 1,907 5,113 Mar. 1, 1951. ,'lO2 June 15, 1954-562. .2H 681 1949.. 56,260 7,141 4,278 473 2,390 5,067 Mar. 8, 1951. 1,103 Mar. 15, 1955-602. .2^ 2,611 1950.. 57,536 5,673 3,993 231 1,449 5,422 Mar. 15, 1951. 1,001 Mar. 15, 1956-58...2H 1,449 Mar.22, 1951. 1,001 Sept. 15, 1956-592. .2% 982 1949—Dec.... 56,707 495 377 16 103 466 Mar.29, 1951. 1,005 S Ju e n p e t. 1 1 5 5 , , 1 19 9 5 5 8 6 - - 6 5 3 9 2 . . .. . 2 2 % H 3, 9 8 1 2 9 3 1950—Jan.... 56,958 707 402 38 267 618 June 15, 1959-623. .2H 5,284 Feb.... 57,217 581 361 31 189 418 D D e e c c . . 1 1 5 5 , , 1 19 9 5 6 9 0 - - 6 6 2 5 3 2. . .t22H % 3 1 , ,4 4 8 7 5 0 A M p a r r. . .. . . . 5 57 7 , , 4 3 2 3 7 1 4 5 2 2 3 4 3 30 6 5 4 2 1 7 5 1 1 0 3 2 4 4 5 1 1 3 0 C J e a r n t . , of 1 , I n 19 d 5 e 1 b tednes 1 s J4 5,373 J J D u u e n n c e e . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 6 6 6 2 4 3 - - - 6 6 6 7 9 8 3 3 3 . . . %. . 2 2 2* ) ) 4 4 4 3 2 2 , , , 7 1 8 6 1 3 1 8 1 J J M u u a n ly y e . . . . . . . . . 5 5 5 7 7 7 , , , 5 5 4 3 7 6 6 7 8 3 4 4 1 9 1 7 8 6 3 3 2 0 1 9 7 8 7 1 1 1 6 4 3 9 8 8 2 6 7 4 4 5 5 5 0 6 4 5 Dec. 15, 1964-693. .2)4 3,838 Aug 57,470 350 270 11 70 537 Mar. 15, 1965-703. ,2)4 5,197 Sept... 57,396 310 244 8 58 475 Mar. 15, 1966-7P. .2)4 3,481 Oct.... 57,954 971 271 145 555 496 Treasury notes J S D u e e n p c e t . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 6 6 6 7 7 7 - - - 7 7 7 2 2 2 3 3 . . . . m. . 22 2 * ) ^ 4 4 1 2 7 1 , , , 7 9 6 1 6 8 6 9 7 N D o e v c.... 5 5 8 8 , , 0 0 2 1 7 9 4 5 3 4 6 1 2 2 4 8 6 4 3 6 7 1 1 19 5 7 3 4 5 4 0 8 9 July 1, 1951-B....1M 2,741 July 1, 1951-C... AH 886 Maturities and amounts outstanding December 31, 1950 July 1, 1951-D. . AH 4,818 Aug. 1,1951 \H 5,351 Postal Savings Year of All Series Series Series Series O O c c t t . . 15 1 , , 1 1 9 9 5 5 1 1 \ \ H H 5 1 , ,9 9 1 4 8 1 bonds 2)4 109 maturity series D E F G Nov. 1,1951 \)i 5,253 D M M e a a c r r . . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 5 5 5 5 4 5 \ \ \ % ) % 4 4 5 2 , , , 6 3 3 7 0 6 5 9 5 Panama Canal Loan. 3 50 1 1 1 9 9 9 5 5 5 2 1 3 3 6 1 , , ,5 5 8 4 8 7 0 3 3 437 3 5 1 , , ,1 3 8 0 6 7 3 2 3 196 1,025 Total direct issues 152,450 1954 8,357 5,924 492 1,942 1955 7,216 4,705 518 1,993 1956 5,332 2,417 599 2,316 1957 5,117 2,532 478 2,107 Treasury bonds Guaranteed securities 1958 5,299 2,808 257 2,234 1959 5,207 2,991 277 1,939 June 15, 1951-54 2.2% 1,627 Federal Housing Admin. 1960 5,662 2,830 456 2,376 Sept. 15, 1951-53... 2 7,986 Various 21 1961 1,574 220 1,354 1962 2,238 386 1..852 1 Sold on discount basis. See table on Open-Market Money Rates, Unclassified. . 19 p. 2 6 6 P . artially tax exempt, 3 Restricted. Total... . 58,019 437 34,546 3,878 19,139 JANUARY 1951 71 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par valuein millions of dollars] Total Held by Held by the public gross U. S. Government debt agencies and End of month in (i g n c g lu u d ar - - trust funds J Federal Com- Mutual Insur- Other S a t n a d te Individuals Miscelanteed Total Reserve mercial savings ance corpo- local laneou* securi- Special Public Banks banks » banks com- rations govern- Savings Other investies) issues issues panies ments bonds securities tors* 1940—June 48,496 4,775 2,305 41,416 2,466 16,100 3,100 6,500 2,100 400 2,600 7,500 700 1941—June 55,332 6,120 2,375 46,837 2,184 19,700 3,400 7,100 2,000 600 3,600 7,600 700 1942—June , 76,991 7,885 2,737 66,369 2,645 26,000 3,900 9,200 4,900 900 9,100 8,700 1,100 1943—June 140,796 10,871 3,451 126,474 7,202 52,200 5,300 13,100 12,900 1,500 19,200 11,700 3,400 1944—June. , , 202,626 14,287 4,810 183,529 14,901 68,400 7,300 17,300 20,000 3,200 31,200 14,800 6,400 1945—June 259,115 18,812 6,128 234,175 21,792 84,200 9,600 22,700 22,900 5,300 40,700 18,300 8,900 1946—June 269,898 22,332 6,798 240.768 23,783 84,400 11,500 25,100 17,700 6,500 43,500 19,500 8,800 1947—June 258.376 27,366 5,445 225,565 21,872 70,000 12,100 24,800 13,900 7,100 45,500 20,500 9,800 Dec 256,981 28,955 5,404 222,622 22,559 68,700 12,000 24,100 14,100 7,300 46,200 19,100 8,600 1948—June 252,366 30,211 5,549 216,606 21,366 64,600 12,000 23,100 13,500 7,800 47,100 18,100 9,100 Dec 252,854 31 ,714 5,614 215,526 23,333 62,500 11,500 21,500 14,300 7,900 47,800 17,500 9,300 1949—June , 252,798 32,776 5,512 214,510 19,343 63,000 11,600 20,800 15,100 8,000 48,800 17,800 10,000 Dec 257,160 33,896 5,464 217,800 18,885 66,800 11,400 20,500 16,300 8,000 49,300 16,900 9,800 1950—June. .... 257,377 32,356 5,474 219,547 18,331 '65,600 11,600 20,100 18,300 8,200 49,900 '17,300 10,200 1950—July 257,557 32,518 5,465 219,574 17,969 t>4,600 11,500 20,100 18,800 8,200 50,000 '17,500 10,900 Aug 257,891 32,705 5,430 219,755 18,356 '64,000 11,400 20,000 19,500 8,200 49,900 '17,600 10,800 Sept 257,236 33,396 5,490 218,350 19,572 '62,100 11,200 19,700 19,400 8,100 49,900 '17,600 10,700 Oct 256,959 33,539 5,475 217,945 19,252 62,100 11,100 19,500 19,800 8,100 49,800 17,600 10,800 r Revised. 1 Includes the Postal Savings System. 2 Includes holdings by banks in territories and insular possessions, which amounted to 300 million dollars on June 30, 1950. 8 Includes savings and loan associations, dealers and brokers, foreign accounts, corporate pension funds, and nonprofit institutions. NOTE.—Holdings of Federal Reserve Banks and U. S. Government agencies and trust funds are reported figures; holdings of other investor groups are estimated by the Treasury Department. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED BY THE UNITED STATES • [Interest-bearing public marketable securities. In millions of dollars] U. S. U. S. End of month s T t o a o u n t t a d - l - G a c g o i e e v n s t - . F e R e r e a d - l - C m c o i e a m r l - - M s tu av u al - - I c a n o n s m c u e - r- Other End of month s T t o a o u n t t a d l - G a c g o i e e v n s t - F e R e r e a d - l - C m c o i e a m r l - - s M tu av a u l - - I c a n o n s m c u e - r- Other ing and serve banks1 ings panies ing and serve banks1 ings panies trust Banks banks trust Banks banks funds funds Type of Treasury bonds security: and notes, due or callable: To 1 1 1 ta 9 9 9 l 5 4 4 : 0 5 9 8 — — — D D J J J u e u u e n c n n e c e e . . . . . . . . . . . 1 1 1 1 1 5 6 5 5 5 5 0 5 7 5 , . . . , 3 3 1 4 1 2 7 3 9 6 5 3 8 6 0 5 5 5 5 5 , , , , , 4 4 3 3 3 0 7 2 7 5 2 7 7 4 0 2 2 1 1 1 1 3 8 8 9 , , , , , 3 3 3 8 3 3 6 3 8 4 1 6 3 5 3 5 5 5 5 5 8 9 7 5 6 . , , , , 9 8 2 5 3 7 3 5 9 5 2 7 6 9 3 1 1 1 1 1 0 1 0 0 1 , , , , , 7 5 8 8 0 7 2 7 7 2 2 2 7 7 9 2 1 1 1 1 1 9 8 9 8 , , , , . 7 1 5 0 8 3 0 3 1 9 2 5 5 9 0 4 4 4 4 4 2 2 4 1 3 . , , , 6 0 7 6 7 3 8 6 6 7 7 7 3 3 9 Wi 1 1 1 t 9 9 h 9 4 5 i 4 n 8 0 9 — — — 1 D D J J J y u u u e e e n n n c a c e e e r . . . : . . . 1 1 1 1 1 3 0 0 4 1 . , , , . 4 2 3 2 3 1 1 8 2 1 6 7 6 9 l i , j 9 3 4 7 1 8 6 9 0 9 2,0 9 8 8 5 7 8 6 0 7 0 2 1 5 8 9 5 5 7 7 , , , . , 0 0 5 0 9 2 1 7 0 2 1 4 1 1 2 2 2 2 1 1 3 3 3 5 7 6 2 8 1 1 3 3 3 4 2 8 6 2 6 7 5 0 9 8 3 3 3 2 4 2 . , , , 9 1 3 6 5 5 2 5 0 8 6 5 3 0 5 Sept.. . . 153,792 5,365 19,57255,665 10,531 17,73444,925 Oct 152,798 5,349 19,252 55,346 10,389 17,38045,082 Sept.. . . 26,800 108 4,350 13,293 286 705 8.058 Treasury bills: Oct 34,659 115 9,676 14,457 281 756 9,374 1948—June 13,757 15 8,577 2,345 58 112 2 .650 Dec 12,224 69 5,487 2,794 50 84 3,740 1-5 years: 1949—June 11.536 63 4,346 2,817 13 60 4.237 1948—June.... 46,124 318 2,636 30,580 1,829 2,790 7.97i Dec 12.319 11 4.829 3,514 15 70 3,880 Dec 44,053j 226 3,25828,045 1,769 2,501 8.254 1950—June... . 13.533 3 3 .856 3,703 35 90 5,846 1949—June 39.175 212 2,121 26,304 1,279 2,124 7.135 O Se c p t t 1 1 3 3 , . 6 6 2 3 9 7 3 5 8 6 1.5 7 1 6 3 3 3 3 , , 9 7 3 7 9 4 5 7 0 2 2 2 4 8 8 3 8 7 , , 5 96 6 1 9 1950— D Ju e n c e 3 51 5 , , 8 0 0 6 2 7 3 1 2 8 7 6 5 1 , , 1 92 1 2 6 3 2 3 4 . , 1 9 2 0 7 7 1 1 , 1 ,0 2 5 1 8 1 1, 7 ,6 3 4 1 1 1 5 0 . , 2 4 9 4 0 3 Ce 1 rt 9 i 4 fi 8 c — at D e Ju s e : n c e 2 26 2 , , 5 5 2 8 5 8 2 1 4 4 4 6 , , 6 0 1 7 6 8 9 8 , . 0 5 7 5 2 2 3 2 1 5 7 6 6 4 7 7 2 9 1 8 0 , , 6 4 1 2 0 3 O Se c p t t.. . . 4 37 0 , , 9 5 5 4 0 9 j 2 2 3 5 0 0 6 5, , 7 0 2 9 1 9 2 2 4 5 , , 7 9 0 0 3 7 6 61 3 7 9 1 1 , ,1 2 8 4 2 6 6 5, , 4 4 9 0 7 8 1949—June 29.427 26 6.857 9,561 207 602 12,174 1950— D Ju e n c e 2 1 9 8 , , 6 4 3 1 6 8 48 6 5 . . 2 3 7 5 5 7 1 5 1 , , 3 5 5 2 4 0 1 6 6 4 9 3 6 8 3 2 31 7 0 . , 2 9 5 9 1 4 5 1 - 9 10 4 8 y — e D a J r e u s c : ne.... 1 1 0 0 , , 4 4 6 6 4 4 3 3 1 1 4 4 5 4 4 3 6 4 6 6. , 3 2 1 5 4 1 5 5 0 2 6 0 9 9 1 9 1 7 1 1 , , 9 8 3 8 6 5 Sept 11,620 1 4,975 2.438 33 179 3,994 1949—June.,.. 15,067 532 584 6,587 2.002 1,732 3,630 Oct..... 5,373 70 1 ,970 18 142 3,173 Dec 18.537 568 1,388 6,995 2,640 2,230 4,716 Treasury notes: 1950—June... 15,926 423 1,148 5,675 2,439 2,055 4,186 1948—June.... 11,375 1,968 4,531 98 223 4,555 Dec 7,131 7 791 3,099 84 166 2,984 Sept 15,926 404 976 6,062 2,230 1,916 4,338 1949—June 3,596 47 359 1.801 41 104 1,244 Oct 15,926 400 997 6,069 2,180 1,914 4,366 Dec 8,249 15 562 5.569 107 244 1,752 1950—June 20.404 29 3,500 11,204 154 403 5,114 After 10 years: O Se c p t t 3 3 6 1 , , 9 6 4 8 8 8 2 1 5 21 9 4 , , 2 2 9 3 1 9 1 1 3 4 , , 9 0 8 4 2 1 1 1 4 4 8 6 5 5 4 4 3 1 7 7 , , 6 9 9 6 9 9 1 19 9 4 4 9 8 — — D J J u e u n c n e e.... 4 5 5 8 3 3 , , , 5 8 8 3 5 3 8 4 8 4 4 4 , , , 6 4 7 8 5 1 5 5 0 4 2 7 , , , 4 9 2 5 2 1 2 1 5 3 3 3 , , , 5 9 9 4 2 3 1 2 3 8 8 7 , , , 6 0 2 3 4 9 9 8 3 1 1 1 4 7 5 , , , 1 1 2 7 2 3 9 9 0 1 1 1 4 6 5 . , , 5 2 0 4 4 9 2 2 4 Tre 1 a 9 s 4 u 8 r — y D J b u e o n c n e ds: 1 1 1 1 2 1 , , 4 4 6 4 2 0 5 5 , , 3 3 3 4 6 0 1 6 0 , , 2 9 0 77 64 4 2 0 , , 1 3 4 7 6 1 1 1 0 1 , , 4 04 8 7 6 2 1 0 8 , , 8 89 8 1 02 2 6 5 , , 8 3 4 7 7 5 1950— D Ju e n c e 4 4 5 5 , . 0 0 8 8 4 4 4 4 , , 4 44 8 1 2 3 2, , 3 5 4 9 9 3 3 4, , 0 8 9 8 2 7 6 7, , 1 5 3 8 0 8 1 1 3 3 , , 5 4 0 8 7 5 1 1 3 3 , , 5 0 2 9 4 0 1 1 9 9 5 4 0 9 — — D J J u u e n n e c e . . . , . .. 1 1 10 1 0 2 0 4 , , , 7 4 7 9 2 5 5 6 8 5 5 5. , , 2 2 2 1 0 7 7 1 3 5 7 7 , , , 6 2 7 1 1 8 8 8 04 3 3 2 8 9 , , , 0 6 2 4 9 3 2 1 5 1 1 1 0 0 0 , . , 6 7 4 2 6 8 4 8 0 1 1 1 8 7 7 , , , 3 5 2 1 4 7 5 9 9 2 2 2 6 5 5 , , , 3 0 3 4 2 2 0 9 0 O Se c p t t 4 4 5 5 , , 0 0 8 8 4 4 4 4, , 5 5 3 1 0 1 2 1 , , 0 66 2 0 5 4 4, , 1 1 8 7 7 3 7 7 , , 2 2 2 9 1 3 1 1 3 3 , , 1 3 2 9 9 6 1 1 3 4 , . 9 0 9 5 2 1 Sept 96,670 5,247 3,79335,454 10,299 16,72025,157 Oct 96,670 5,262 4,180 35,376 10,152 16,44025,260 * Figures include only holdings by institutions or agencies from which reports are received. Data for commercial banks, mutual savings banks, 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 relatively amall 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. *Less than $500,000, 72 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] On basis of daily statements of United States Treasury Cash operating Increase (+)or General fund of the Treasury (end of period) during period Assets y m ea o r n t o h r c N e r i e e p - t ts B p t e u u e n x r d e d - g s i e - t s B ( d u + u ( e r - f d ) p i ) g c l o u i e t s r t c T o e a r u t u c c n - . s t i t s, c C o i a l n u e c g - a n r t - 1 G de ro b s t s G ba f e u l n a n e n d r c a e l f a g B e u n i e r a n n a c n l d l e - - Total F D e R e r e e a d - p l - osi d t S s e c p p i i a e n o l - s- O as t s h e e t r s T b t l o i i i e a l t i s a - - l c C o i a n m s - h e o C u a t s g h o i ( E n o + ( x c u - c o ) t ) g e o m s o r s e b s a e n rv k e s2 itaries Fiscal year: 1948 .., 42,211 33,791 +8,419 -294 -507 -5,994 + 1,624 4,932 5,370 1,928 1,773 ,670 438 45,40036,496 +8,903 1949 38,246 40,057 -1,811 -495 +366 +478 -1,462 3,470 3,862 438 1.771 L ,653 392 41,62840,576 +1,051 1950 . . 37,045 40 167 —3 122 4-99 +483 +4 587 +2 047 5 517 5 927 950 3 268 I 709 410 40 97043 155 —2 185 1949—Dec... 4,191 3,722 -j-469 -272 -88 +148 +257 4.679 5,033 841 2,557 ,635 354 4,263 4,070 + 193 1950—Jan.. . 3.366 3,323 4-44 +2 +589 -265 +370 5,049 5,421 677 2,898 1,847 372 3,485 3,177 +308 Feb.. . 2,972 2,496 +476 + 170 -11 -497 + 137 5,186 5,489 666 3,146 ,677 303 3,595 3,537 +58 Mar-.. 4,820 3,269 +1,551 -93 +122 -645 +935 6,121 6,438 1,006 3,665 ,766 317 5,162 4,046 +1,116 Apr... 1,488 2,847 -1,358 -79 +25 -6 -1,419 4,702 5,074 875 2,543 ,657 373 1,683 3,344 -1,661 May.. 2,320 2,962 -642 + 147 -376 +632 -238 4,464 4,757 588 2,560 1,609 294 2,939 3,700 -762 June.. 4,404 4,296 +108 -53 -8 + 1,007 + 1,053 5,517 5,927 950 3,268 L, 709 410 4,687 4,061 +626 July.. 1,881 3,013 -1,132 -99 +31 + 183 -1,017 4,500 4,864 566 2,618 ,680 364 2,110 3,143 -1 ,032 Aug... 2,860 2,515 +344 + 147 -140 +333 +685 5,185 5,501 733 3,115 ,654 316 3,524 3,009 +514 Sept. . 4,605 3,520 + 1,084 -27 -80 -658 +319 5,505 5,932 1,116 3,065 1,751 428 4,865 3,199 + 1,666 Oct... 2,056 3,170 -1,114 -17 +49 -279 -1,359 4,145 4,537 569 2,317 ,651 392 2,426 3,335 -909 Nov.. 2,851 3,102 -252 + 169 -63 + 140 —6 4,139 4,586 714 2,232 1,640 446 3,487 3,415 +72 Dec... 4,211 3,742 +470 +45 -52 -369 +93 4,232 4,724 690 2,344 1,690 492 DETAILS OF TREASURY RECEIPTS On basis of daily statements of UnitedStates Treasury On basis of reports by collectors of internal revenue Income taxes Deduct Individual Corporation income F o i r s c m al o y n e th ar b p W y l h o e i e y t l m e d h r - s - Other i r n e n c M v t e e e e l o i r l n s u n a - u - s a e l S S t r a o e i x c t c y e i u a s - l c O ei r t p e h - t e s r 4 c T e r o i e p t - a ts l R t e a f o x u f e n s ds e S t m S m a e o x c p e c e u l n i o s r a t i y 6 l t - y c N e r i e e p - t ts W i h n e c it l o h d m - e O ta t x h e e s r N s a u o a n r r n d t m d ax p a r l ofits E p o t r a x a t o n h c x f d e e i e t s r s s s t t a a g E a x n i s t f d e e - t s m l E a o ta a i n x t s x n h c e c d e e i o e s s r u l e - s Fiscal year: 1948 11,436 19,735 8,301 2,396 4,231 46,099 2,272 1,616 42,211 11,534 9,464 9,852 323 899 7,412 1949 9,842 19,641 8,348 2,487 2,456 42,774 2,838 1,690 38,246 10,056 7,996 11,343 211 797 7,585 1950 10,073 18,189 8,303 2,892 1,853 41,311 2,160 2,106 37,045 9,889 7,264 10,760 95 706 7,599 1949—Dec... 695 2,520 720 141 180 4,255 59 5 4,191 36 292 2,256 7 59 606 1950—Jan 588 1.957 645 68 222 3,480 67 47 3,366 698 1,657 338 7 51 594 Feb.. . . 1,310 1,032 599 544 123 3,607 238 398 2,972 1,816 739 221 7 48 541 Mar.... 774 3,655 701 364 128 5,622 573 229 4,820 93 1,604 2,103 8 91 674 Apr.. . . 479 788 629 93 103 2,092 518 86 1,488 530 470 283 5 60 548 May... 1,342 379 704 295 176 2,895 301 274 2,320 1,763 116 201 12 52 660 June.. . 817 2,709 714 351 184 4,776 149 222 4,404 188 917 1,773 7 54 670 July 434 594 737 204 179 2,148 66 201 1,881 689 228 402 12 45 718 Aug.. .. 1,423 345 948 340 181 3,238 62 316 2,860 1,790 98 205 7 67 894 Sept.... 819 2,816 775 315 117 4,842 52 185 4,605 81 1,012 1,820 3 50 697 Oct 514 591 808 186 202 2,300 62 181 2,056 807 183 398 5 51 763 Nov.... 1,620 320 746 310 187 3,184 45 288 2,851 1,853 103 211 2 47 712 Dec.. . . 988 2,175 764 377 169 4,474 23 239 4,211 DETAILS OF BUDGET 1EXPENDITURES AND TRUST ACCOUNTS On basis of daily statements of United States Treasury Budget expenditures Trust accounts, etc. Social Security Other F o i r s c m al o y n e th ar Total N d a e t f i e o n n s a e l e I d n s e t t e b o r t n - f t I in i n a a n o a n t i a n e n d d - a r c - l e t e r m V A r a a i t e d n i n t o - i - s s n ' - a t c A u g t u o i r r l d i e - - T c t o f r r a e t a u u c o r n n s - s t s ts - Other c N e r i e e p - t ts ac m c v o I e e n u s n - t n - t t s s p tu E en r x e d - s i- ce R i e p - ts m v I e e n s n - t- ts p tu E e r n x e d s - * i- Fiscal year: 1948. . 33,791 11,500 5,211 4,143 6,317 782 1,178 4,661 3.918 2,210 1,640 5,598 850 2,109 1949 40,057 12.158 5,339 6,016 6,791 2,656 916 6,181 3,722 1,479 2,252 1,992 832 1,646 1950 40,167 12,378 5,750 4,657 6,044 2,984 1,383 6,970 4,293 1,028 3,114 2,376 -1,430 3,857 1949—Dec 3,722 1,095 1,008 347 515 311 -26 472 48 77 277 68 -25 60 1950—Jan 3,323 1,046 463 294 509 314 45 652 291 -29 295 121 -424 568 Feb 2,496 936 161 326 494 123 8 448 568 85 267 116 -746 909 Alar 3,269 1,051 636 404 578 98 11 491 262 47 311 158 -844 999 Apr 2,847 964 184 359 499 202 69 570 178 52 238 127 -327 421 May 2,962 1,007 136 420 498 446 16 439 556 169 243 117 ~73 186 June 4,296 998 1,611 405 459 150 8 665 493 309 225 451 279 184 July . . . 3,013 1,024 271 273 448 424 31 543 262 146 189 65 6 85 Aug 2,515 1 ,149 134 254 464 -113 28 598 630 277 186 96 4 112 Sept 3,520 1,037 646 299 400 -220 646 712 544 424 164 413 302 94 Oct 3,170 1,338 229 360 457 -45 84 747 300 157 214 192 11 127 Nov 3,102 Pl.456 142 P311 465 96 9 P624 549 207 219 132 -23 109 Dec 3,742 Pl,549 968 237 437 P23 6 P522 288 7 241 91 33 53 p Preliminary. 1 Excess of receipts (+) or expenditures (—). 2 Excludes items in process of collection beginning with July 1947. 3 For description, see Treasury Bulletin for September 1947 and subsequent issues. 4 Includes surplus property receipts amounting to 1,929 and 589 million dollars in 1948 and 1949, respectively, and receipts from renegotiation of war contracts amounting to 164 and 57 million in 1948 and 1949, respectively. 5 These are appropriated directly to the Federal old-age and survivors insurance trust fund. JANUARY 1951 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 Assets, other than interagency items l Liabilities, other than interagency items Corporation or agency Total Cash L c a e r o b e i a l v - e n - ; m m C p s r t a l i i u o a o n i a e p e m t d d l s e - s s , i , - - - G U s ri e o t . c i v e I u S m n s t - . . v e e n s O r t s i s t e t - t i c h e u e s - r 2 L s t e m u t a q a r r n e u u n e d n i c d s p t - , , - O s a t e h s t - e s r a t B F g u n a u u b o r t n a e l y e n d l r e s y d - d s d p , e a n O b y o e a t t h n b e e - l s e r , O li i a t t i b h e i e s l r - i U m G n e e r . t o e s e n v n t S r - - t - . o v in P w a e t r t s e n i e t - r e l - y d U. S. All agencies: Dec. 31, 1949 23,733 12,733 1.549 2,047 3,492 2,962 509 772 1,720 21,030 183 Mar. 31, 1950 24,360 13,350 1,567 2,221 3,488 2,932 414 708 2,07221,368 191 June 30, 1950 24,118 474 12,502 2,186 2,101 3,483 2,924 450 774 1,44621,679 201 Sept. 30, 1950 24,102 598 12,769 1,739 2,112 3,478 2,931 476 1,108 97021,791 214 Classification by agency, Sept. 30, 1950 Department of Agriculture: Farm Credit Administration: Banks for cooperatives 334 264 70 244 Federal intermediate credit banks 653 575 566 83 Production credit corporations 59 59 Agricultural Marketing Act Revolving Fund 1 1 1 1 Federal Farm Mortgage Corp 47 43 1 45 Rural Electrification Administration 1,533 1,461 32 () 1,533 Commodity Credit Corporation 2,636 694 1,607 96 158 335 2,301 Farmers' Home Administration 4 521 423 27i 5 516 Federal Crop Insurance Corp 40 2 38 Housing and Home Finance Agency: Home Loan Bank Board: Federal home loan banks 949 700 222 226 56 Federal Savings and Loan Insurance Corp. 197 191 6 191 Home Owners' Loan Corp 53 44 2 4 Public Housing Administration 5 1,681 339 1,259 19 1,662 Federal Housing Administration 336 21 1 163 156 Office of the Administrator: Federal National Mortgage Association. . 1,185 1,169 ) 7 1178 Other 86 10 57 1 85 Reconstruction Finance Corporation: Assets held for U. S. Treasury 6 753 1 105 604 753 Other 7 1,024 895 1 963 Export-Import Bank 2,239 () 2,224 2,171 Federal Deposit Insurance Corp 1,349 1,335 () 1,313 Tennessee Valley Authority 920 33 () 868 903 All other s 7,504 132 3,901 3,385 45 7,492 CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY Sept. 30, 1950 June 30, Purpose of loan M F C F a o e o r r d m r p . t . . b c m i F n r a a e e e t n t e d d e d k r i i . - s - t B f o t o a i p r v n e e k r c s a o s - - m C C C r o o o e d m r d p i i - t . t y t R A r E t i i f u l d o i e r m c n c a a - l . - F A H e a d o r r s m m m ' . e - H C O L e o o o w r m s r a n ' p n e - . P H A u i o d n b u m g l s i . c - b h F l a o o e n m a d k n . e s R s n C t t e a F i r o c n o u i r o - n c c p n e - . - B p p E I o a m o x r n r t - - t k - o A th l e l r a c g A i e e l n l s - ag 1 e 9 a n 5 l c l 0 i , es 50 575 267 765 1,462 556 (3) 10 3,684 3,773 To aid home owners 44 3 141 1,198 1,387 1,316 To aid industry: Railroads 111 2 113 113 Other (3) 485 54 539 515 To aid financial institutions: Banks (3) (3) 2 2 3 Other 700 8 708 451 Foreign loans 122 2,231 3,750 6,103 6,116 Other 337 60 101 498 485 Lass: Reserve for losses 6 (3) 3 71 1 133 (3) 1 33 7 11 266 270 Total loans receivable (net)... 43 575 264 694 1,461 423 44 339 700 895 2,224 5,105 12,769 12,502 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. • Less than $500,000. 4 Includes assets and liabilities of the Regional Agricultural Credit Corporation, which have been reported as "Disaster Loans, etc., Revolving Fund," since the dissolution of that Corporation pursuant to Public Law 38, 81st Congress. & Includes Farm Security Administration program, Homes Conversion program, Public War Housing program, Veterans' Re-use Housing program, and Public Housing Administration activities under the United States Housing Act, as amended. 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. 7 Includes figures for Smaller War Plants Corp. which is being liquidated by the Reconstruction Finance Corp. 8 Figures for one small agency are as of Aug. 31, 1950. 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. 30, 1944, and (2) the exclusion of figures for the U. S. Maritime Commission beginning Mar. 31, 1948. For back figures see earlier issues of the BULLETIN and Banking and Monetary Statistics, Table 152, p. 517. 74 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] Construction In (p d h u 1 y s 9 s t 3 r i 5 c ia - a 3 l l 9 p v = o ro lu d 1 m u 0 c e 0 t ) i * o 1 n a 1 w 9 a 2 c r 3 d o - e n 2 d t 5 r a ( = v c t a s l 1 u 0 e 0 )2 Em 1 p 9 l 3 oy 9= m e 1 n 0 t 0 3 Fac- D m ep e a n r t t- Whole- ^ear or month Total D f u M a - c a tu n r u N e d - s o u n - - M er i a n l - s Total R d t e i e a n s l i - - o A th l e l r N t a c u g u o r r l n a - i- l - Factory 1 r p t 9 o 1 o a l 3 0 l r y s 0 9 y - = 3 c 1 F a — 9 i r n r 3 e l g 1 o 5 i s 0 g a - * 3 0 d h 9 - t 1 u = 9 s s ( e 3 t v a 1 ) o 5 a l 0 e l r * - 0 e s 3 4 9 1 s p — 9 u C r 3 i m c o 1 5 e n e 0 - s - r 3 0 s 3 9 ' p m = c r 1 s i o 1 o 9 a c m 2 0 d l e e 6 0 s i - t 3 y rable rable Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 72 84 62 71 63 44 79 88.6 103.7 103.9 120 83 123.8 138.6 1920 75 93 60 83 63 30 90 89.4 104.1 124.2 129 99 143 3 154.4 1921 58 53 57 66 56 44 65 79.7 79.7 80.2 110 92 127.7 97.6 1922 73 81 67 71 79 68 88 84.4 88.2 86.0 121 93 119.7 96.7 1923 88 103 72 98 84 81 86 92.9 100.9 109.1 142 104 121 9 100 6 1924 82 95 69 89 94 95 94 91.7 93.7 101.8 139 104 122.2 98.1 1925 90 107 76 92 122 124 120 94.1 97.0 107.3 146 109 125.4 103.5 1926 96 114 79 100 129 121 135 97.5 98.9 110.5 152 112 126 4 100 0 1927 95 107 83 100 129 117 139 98.0 96.7 108.5 147 113 124 0 95.4 1928 99 117 85 99 135 126 142 98.1 96.9 109.8 148 114 122.6 96.7 1929 110 132 93 107 117 87 142 102.5 103.1 117.1 152 116 122.5 95.3 1930 91 98 84 93 92 50 125 96.2 89.8 94.8 131 108 119.4 86 4 1931 75 67 79 80 63 37 84 87.1 75.8 71.8 105 96 108 7 73 0 1932 58 41 70 67 28 13 40 77.2 64.4 49.5 78 75 97.6 64 8 1933 69 54 79 76 25 11 37 77.5 71.3 53.1 82 73 92.4 65.9 1934 75 65 81 80 32 12 48 84.9 83.2 68.3 89 82 95.7 74 9 1935 87 83 90 86 37 21 50 88.5 88.7 78.6 92 88 98.1 80.0 1936 103 108 100 99 55 37 70 95.1 96.4 91.1 107 100 99 1 80 8 1937 113 122 106 112 59 41 74 101.4 105.8 108.9 111 107 102.7 86 3 1938 89 78 95 97 64 45 80 95.4 90.0 84.7 89 99 100.8 78.6 1939 109 109 109 106 72 60 81 100.0 100.0 100.0 101 106 99 4 77 1 1940 125 139 115 117 81 72 89 105.8 107.5 113.6 109 114 100.2 78.6 1941 162 201 142 125 122 89 149 119.4 132.8 164.9 130 133 105.2 87 3 1942 199 279 158 129 166 82 235 131.1 156.9 241.5 138 150 116 5 98.8 1943 239 360 176 132 68 40 92 138.8 183.3 331.1 137 168 123.6 103.1 1944 235 353 171 140 41 16 61 137.0 178.3 343.7 140 187 125.5 104 0 1945 203 274 166 137 68 26 102 132.3 157.0 293.5 135 207 128.4 105 8 1946 170 192 165 134 153 143 161 136.7 147.8 271.1 132 264 139.3 121 1 1947 187 220 172 149 157 142 169 143.2 156.2 326.9 143 286 159 2 152 1 1948 192 225 177 155 190 162 214 145.9 155.2 351.4 138 302 171.2 165 1 1949 176 202 168 135 211 192 226 142.0 141.6 325.3 116 286 169.1 155 0 1948 December 192 190 231 173 156 180 145 209 146.4 152.4 153.5 360.7 137 302 171.4 162 4 1949 January 191 187 227 175 149 174 133 207 145.2 149.7 148.9 345.9 131 295 170.9 160.7 February 189 185 225 173 149 169 123 207 144.3 147.6 147.4 340.4 126 284 169.0 158.4 March 184 181 223 168 136 175 130 212 143.4 145.6 145.3 332.8 120 279 169.5 158 6 April 179 177 212 162 148 177 141 206 142.7 143.4 141.8 319.2 127 293 169.7 157.1 May 174 174 201 161 145 181 159 199 142.0 140.7 138.2 312.8 124 291 169.2 155.8 June 169 170 194 161 13. 195 176 210 141.7 140.0 138.4 315.7 114 285 169.6 154 5 July . . .. 161 163 185 154 123 209 200 217 141.1 139.1 136.9 312.8 110 281 168.5 153 6 August 170 174 193 165 129 229 228 230 141.3 139.4 141.1 323.0 117 284 168.8 152 9 September 174 178 199 172 119 246 254 240 142.0 141.1 143.7 335.1 105 289 169.6 153.5 October . . 166 169 175 177 112 263 269 259 139.1 136.3 138.8 320.9 92 277 168.5 152 2 November 173 174 181 177 141 265 256 273 140.1 136.3 137.8 313.9 117 '278 168.6 151.6 December 179 178 203 176 132 262 255 268 141.2 139.3 140.4 329.3 115 293 167.5 151.2 1950 January 183 179 209 179 130 242 245 239 140.7 140.5 139.8 329.2 117 282 166.9 151 5 February 180 177 207 180 118 263 260 266 139.6 140.2 139.9 330.0 104 280 166.5 152.7 March . . . 187 183 211 181 144 275 278 274 141.2 141.3 141.0 333.5 127 274 167.0 152 7 April 190 188 222 180 140 284 298 273 142.7 143.2 141.6 337.2 126 292 167.3 152 9 May 195 195 231 181 145 274 303 250 143.9 147.1 144.5 348.0 122 290 168.6 155.9 June. . .... 199 200 237 184 151 291 325 262 145.3 148.9 147.3 362.7 127 298 170.2 157 3 July 196 198 235 181 144 325 369 289 146.1 150.9 148.3 367.5 126 362 172.5 162.9 August 209 212 247 195 159 334 362 311 148.3 155.0 156.3 '394.4 135 335 173.0 166.4 September n\\ 216 '251 194 164 321 332 312 149.2 156.0 158.9 '403.4 \M 320 173.8 169 5 October 217 221 262 196 166 299 294 303 149.9 157.7 160.3 415.8 136 291 174.8 169.1 November P215 P216 ^260 *>196 P160 306 284 323 P149.8P157.3 P158.8 e412.4 136 P291 175.6 171.6 Decembere 217 216 268 195 158 140 324 * Average per working day. e Estimated. P Preliminary. r Revised. 1 For indexes by groups or industries, see pp. 76-79 For points in total index, by major groups, see p. 98. 2 Three-month moving average, based on F. W. Dodge Corporation data; for description of index, see BULLETIN for July 1931, p. 358. For monthly data (dollar value) by groups, see p. 83. » 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. i For indexes by Federal Reserve districts and other department store data, see pp. 85-88. 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, June 1944, pp. 549-561. JANUARY 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average = 100] 1949 1950 Industry Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Industrial Production—Total 173 179 183 180 187 190 195 199 196 209 mi 2/7 P215 Manufactures—Total ... 179 188 192 192 194 199 204 208 206 218 220 226 v225 Durable Manufactures . . 181 203 209 207 211 222 231 237 235 247 -251 262 P260 Iron and Steel *• 145 201 203 201 205 222 226 231 228 236 245 '253 247 Pig iron 107 198 201 175 175 219 222 221 223 219 223 225 211 Steel 137 239 244 238 243 270 273 271 264 265 275 286 272 Open hearth 105 194 192 181 180 204 206 202 201 198 203 209 198 Electric 359 557 612 639 691 739 755 763 710 744 792 835 803 Machinery 217 227 229 236 243 251 258 262 265 279 '285 303 P307 Transportation Equipment 206 211 242 210 214 226 262 277 272 '287 '284 292 P284 Automobiles (including parts) 175 181 224 182 189 204 249 268 262 '273 -264 273 P256 (Aircraft; Railroad Equipment; Shipbuilding — Private Nonferrous Metals and Products 163 166 180 190 200 198 197 207 202 212 216 223 P226- Smelting and refining 169 174 191 202 208 207 208 219 208 212 209 217 P22O (Copper smelting; Lead refining; Zinc smelting; Fabricating 161 163 176 184 197 194 192 202 199 212 219 225 P228 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin Lumber and Products.... 147 159 144 150 156 159 158 155 151 165 r166 171 P170 Lumber . . 139 153 132 138 145 150 149 144 140 151 150 157 156 Furniture .... 163 170 166 173 176 175 175 178 174 192 -195 198 P199 Stone, Clay, and Glass Products... 183 187 190 192 188 200 203 210 212 212 '215 230 P228 Glass products 184 182 194 195 191 209 211 220 225 206 212 246 P236 Glass containers 193 190 206 207 201 222 223 234 244 215 225 262 247 Cement 191 206 207 211 192 218 210 214 208 214 206 214 214 Clay products . . .... 147 150 158 157 158 158 160 161 161 ••167 -168 168 P173 Other stone and clay products ** Nondurable Manufactures 177 176 179 180 181 180 181 184 181 195 194 196 P196 Textiles and Products 175 173 178 179 173 174 175 173 165 189 191 197 P195 Textile fabrics . . 157 154 160 162 156 157 158 156 146 172 171 179 P176 Cotton consumption ... . 138 134 144 144 138 139 140 132 123 155 152 162 158 Rayon deliveries 340 350 355 357 350 348 347 348 361 366 380 -374 379 Wool textiles 158 151 154 159 152 154 157 161 134 172 -171 181 Carpet wool consumption... . . 186 193 215 215 210 222 216 205 135 210 -204 228 Apparel wool consumption 140 136 147 163 153 143 149 152 139 178 -170 180 Wool and worsted yarn 144 133 131 140 134 134 140 147 127 159 -158 165 Woolen yarn .... 135 119 119 122 116 119 127 134 117 144 137 145 ^^orsted yarn 158 153 148 165 161 156 158 165 140 179 -187 192 Woolen and worsted cloth. . .. 166 159 156 156 146 149 153 162 143 168 172 180 Leather and Products , . . 97 101 108 115 116 110 101 105 101 120 124 115 Leather tanning 92 99 95 102 98 101 95 102 91 108 111 106 Cattle hide leathers 100 111 103 112 108 112 104 115 106 121 125 119 Calf and kip leathers 77 88 86 85 77 83 75 79 56 83 91 84 Goat and kid leathers 80 78 85 89 91 83 88 89 80 86 84 88 Sheep and lamb leathers 86 76 80 91 82 97 81 86 76 101 -104 94 Shoes 101 103 116 124 128 115 106 107 107 128 -133 121 Manufactured Food Products 160 160 161 161 165 164 164 164 167 168 '167 164 P16S Wheat flour 110 105 114 112 111 105 107 106 113 116 103 100 P107 ^Manufactured dairy products 147 148 148 149 154 153 150 153 152 150 148 145 143 Butter 86 85 85 86 94 91 85 87 85 80 78 r75 72 Cheese 176 183 185 181 191 195 175 184 178 169 161 158 162 Canned and dried milk 135 142 135 144 158 155 155 165 167 169 158 150 142 Ice cream * P Preliminary. r Revised. 1 Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods may be obtained from the Division of Research and Statistics. 2 Series included in total and group indexes but not available for publication separately. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES— (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average = 100] 1949 1950 Industry Nov. Dec. Jan. Feb. Mar. Apr. May line July Aug. Sept. Oct. Nov. Manufactured Food Products—Continued Meat packing 154 157 154 151 160 157 144 147 151 155 168 158 165 Pork and lard 183 185 174 168 184 182 161 165 169 175 196 188 195 Beef 132 137 146 146 150 144 142 141 146 145 153 138 148 Veal 133 125 108 105 108 104 98 108 114 121 120 107 108 Lamb and mutton 81 86 85 77 76 74 71 79 78 78 78 77 76 Other manufactured foods 168 167 169 169 173 171 173 173 175 176 174 P173 P171 Processed fruits and vegetables . 134 132 142 136 152 148 150 158 147 134 142 153 P148 Confectionery , , 127 140 139 139 136 131 131 133 146 158 146 Other food products 183 181 181 183 184 184 186 184 187 ••190 r188 183 P181 Alcoholic Beverages 187 173 169 159 175 169 172 184 206 248 203 r182 205 Malt liquor . . 171 172 170 159 172 159 157 163 171 168 155 '150 181 Whiskey- 77 83 88 84 81 97 93 95 84 111 146 157 178 Other distilled spirits . ... 149 228 259 214 214 280 363 417 611 934 549 308 233 Rectified liquors . . ... 390 240 205 204 268 242 235 269 315 464 340 '304 341 Tobacco Products . 169 149 162 162 176 161 168 170 154 197 172 165 171 Cigars . 120 88 97 102 97 91 93 106 96 126 120 124 127 Cigarettes 226 205 224 222 248 224 237 233 212 269 229 215 227 Other tobacco products 67 66 69 67 72 67 63 68 59 80 71 72 65 Paper and Paper Products 177 167 179 178 179 181 180 185 17 3 191 194 202 201 Paper and pulp . 168 160 171 171 172 174 173 177 166 181 185 193 191 Pulp 191 180 198 201 198 204 199 205 202 211 213 228 220 Groundwood pulp . . . 91 98 93 98 94 97 99 109 119 124 133 127 109 Soda pulp 113 107 118 117 113 121 119 120 110 115 114 96 92 Sulphate oulp 336 312 354 360 350 365 363 373 372 381 382 427 414 Sulphite pulp 145 138 148 149 152 153 145 146 140 152 152 162 161 Paper 165 157 167 167 169 170 168 173 161 177 180 188 186 Paperboard 210 193 209 205 203 207 211 213 198 228 232 238 240 Printing paper 167 166 167 167 175 171 167 172 156 174 180 187 183 Tissue and absorbent paper 168 161 175 170 173 185 166 171 182 183 185 '207 196 Wrapping paper 150 145 155 162 163 160 158 167 151 155 156 164 163 Newsprint 94 94 98 98 102 111 112 115 117 116 116 117 112 Paperboard containers (same as Paperboard) Printing and Publishing 160 159 163 168 169 169 166 170 162 169 172 179 174 Newsprint consumption 153 152 159 169 163 168 165 168 167 165 163 171 165 Printing paper (same as shown under Paper) Petroleum and Coal Products . . 205 219 211 205 207 206 216 222 229 238 r243 249 v249 Gasoline 177 180 176 174 173 171 181 188 194 200 195 196 P195 Fuel oil 182 190 192 187 178 172 175 179 187 190 200 210 P212 Lubricating oil. 152 153 149 148 152 133 143 152 154 174 177 184 Kerosene 177 198 207 190 188 170 184 177 186 194 198 195 Coke 102 158 154 124 146 174 175 177 176 176 178 183 178 Bv-product coke 104 161 156 127 145 170 171 170 170 167 170 175 170 Beehive coke 23 58 76 21 181 320 328 428 368 470 443 r467 427 Chemical Products...... 243 245 248 247 247 252 256 261 263 r269 T271 277 P278 Pairts 143 141 144 147 147 147 147 154 161 168 168 164 P162 Rayon 316 335 349 355 352 349 350 350 359 363 376 371 P376 Industrial chemicals 417 422 419 424 428 434 443 451 453 ••458 P465 488 P496 Rubber Products . 187 193 194 195 197 203 213 221 222 '236 r245 252 Minerals—Total 141 132 130 118 144 140 143 151 144 159 164 166 P160 Fuels 152 136 133 118 148 147 148 155 148 162 167 170 P165 Coal 130 95 91 43 141 131 124 128 101 133 133 141 P127 Bituminous coal 133 103 96 38 149 143 131 136 109 142 144 151 138 Anthracite ..... . . .. 117 63 69 65 108 83 97 96 68 97 92 102 84 Crude petroleum 163 157 154 155 152 155 160 168 171 177 184 184 P184 Metals . 76 106 117 118 119 98 125 130 124 136 143 143 Pi 32 Metals other than gold and silver 91 141 160 161 159 121 166 177 167 188 198 P199 P179 Gold 54 55 57 58 62 62 66 63 62 60 64 Silver 63 64 60 63 72 81 76 77 73 85 73 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. JANUARY 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average=100] 1949 1950 Industry Nov Dec. Jan. Feb. Mar Apr. May June July Aug. Sept Oct. Nov. Industrial Production—Total 174 178 179 177 183 188 195 200 198 212 216 221 P216 Manufacturers—Total . 180 186 189 188 191 197 203 209 207 221 225 230 Durable IVlanufactures 181 201 206 204 210 221 232 238 237 249 254 264 Iron and Steelx 145 201 203 201 205 222 226 231 228 236 245 '253 247 Pig iron 107 198 201 175 175 219 222 221 223 219 223 225 211 Steel 137 239 244 238 243 270 273 271 264 265 275 286 272 Open hearth . 105 194 192 181 180 204 206 202 201 198 203 209 198 Electric 359 612 639 691 739 763 710 792 835 803 557 755 744 M achinery . . . .. 217 229 236 243 251 262 265 '285 303 227 258 279 Transportation Equipment 206 242 210 214 226 277 272 '284 292 P284 211 262 '287 Automobiles (including parts) 175 224 182 189 204 268 262 '264: 273 P256 (Aircraft; Railroad equipment; Shipbuilding—Private 181 249 '273 and Government)2 Nonferrous Metals and Products 164 167 180 190 201 198 197 206 202 212 216 223 P226 Smelting and refining . . .. . . 170 175 191 202 208 207 208 218 207 212 209 217 P221 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)2 Fabricating . . 161 163 176 184 197 194 192 202 199 212 219 225 P228 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)2 . . .. . . Lumber and Products 144 145 130 138 147 158 162 166 161 177 '179 181 P168 Lumber 134 132 111 119 133 150 155 160 155 170 170 173 153 Furniture . . 163 170 166 173 176 175 175 178 174 192 195 198 Stone, Clay, and Glass Products 188 181 179 179 180 197 209 212 214 221 224 240 Glass products 186 172 191 191 191 209 222 218 217 212 215 252 P237 Glass containers. . .... 195 177 202 201 201 222 238 232 234 223 229 269 249 Cement 206 187 168 160 157 207 221 229 229 242 239 249 231 Clay products 153 154 147 150 151 154 160 160 162 172 175 177 Other stone and clay products 2 Nondurable Manufactures 178 175 175 176 177 178 180 184 182 198 201 202 Textiles and Products 175 173 178 179 173 174 175 173 165 189 191 197 P195 Textile fabrics 157 154 160 162 156 157 158 156 146 172 171 179 P176 Cotton consumption 138 134 144 144 138 139 140 132 123 155 152 162 158 Rayon deliveries 340 350 355 357 350 348 347 348 361 366 380 r374 379 Nylon and silk consumption 2 Wool textiles 158 151 154 159 152 154 157 161 134 172 171 181 Carpet wool consumption 186 193 215 215 210 222 216 205 135 210 228 Apparel wool consumption 140 136 147 163 153 143 149 152 139 178 170 180 Woolen and worsted yarn 144 133 131 140 134 134 140 147 127 159 158 165 Woolen yarn 135 119 119 122 116 119 127 134 117 144 137 145 Worsted yarn 158 153 148 165 161 156 158 165 140 179 187 192 166 159 156 156 146 149 153 162 143 168 172 180 L'ather and Products 98 101 108 118 115 110 101 104 99 119 123 115 Leather tanning 95 99 96 109 97 101 94 100 87 106 109 107 Cattle hide leathers 105 111 105 120 108 112 104 111 100 117 122 120 Calf and kip leathers 78 86 84 89 75 80 72 80 56 88 89 86 Goat and kid leathers 77 79 85 92 90 86 86 90 79 84 85 88 Sheep and lamb leathers 91 72 74 100 79 95 88 86 71 104 102 94 Shoes 101 103 116 124 128 115 106 107 107 128 133 121 Manufactured Food Products 162 156 149 146 148 150 157 164 178 191 '192 177 P166 Wheat flour 111 104 114 113 109 101 103 102 112 114 112 107 P108 Cane sugar meltings 2 Manufactured dairy products 97 96 95 107 128 159 199 226 223 217 173 132 103 Butter 65 67 71 76 85 93 109 120 104 87 74 64 55 Cheese 132 132 137 149 172 203 235 261 219 189 164 142 122 C Ic a e n c n r e e d a m an 2 d dried milk 97 109 109 129 155 175 215 228 193 174 145 122 102 9 Preliminary. r Revised. 1 Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods may be obtained from the Division of Research and Statistics. 2 Series included in total and group indexes but not available for publication separately. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued (Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average = 100] 1949 1950 Industry Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Manufactured Food Products—Continued Meat packing 172 186 183 144 148 145 144 146 141 134 152 158 184 214 244 229 165 171 166 161 165 148 135 155 177 228 Beef 137 137 149 135 137 136 142 138 147 147 165 151 154 Veal 142 118 100 92 101 102 102 108 114 119 132 122 116 81 84 90 78 74 72 73 73 75 76 84 80 76 Other manufactured foods 175 165 155 154 154 153 157 163 182 202 206 P193 P178 Processed fruits and vegetables 123 103 92 86 83 90 98 122 191 ••254 '277 197 P136 (Confectionery . . 150 141 143 140 126 108 101 99 120 171 189 Other food products 193 184 173 174 177 177 182 185 190 194 191 193 P190 A Icoholic Beverages 171 151 143 143 162 168 177 202 219 237 217 205 194 132 138 139 144 160 167 179 205 214 191 156 139 139 Whiskey . 77 83 88 84 81 97 93 95 84 111 146 157 178 Other distilled spirits 312 250 168 128 139 168 218 258 354 504 753 798 488 Rectified liquors 390 240 205 204 268 242 235 269 315 464 340 304 341 Tobacco Products 172 138 162 154 167 152 168 176 160 204 181 170 174 Cigars 120 88 97 102 97 91 93 106 96 126 120 124 127 Cisarettes 231 188 224 209 230 209 237 245 223 283 245 224 231 Other tobacco products 69 58 68 65 72 67 64 69 59 78 76 77 67 Paper and Paper Products ... . 177 167 178 179 179 182 181 185 172 191 194 202 201 Paper and pulp 168 160 171 172 173 175 173 178 166 181 184 193 191 Pulp . . 191 180 198 201 199 205 201 205 200 209 211 227 221 Groundwood pulp 97 99 97 102 101 107 106 110 105 110 119 119 115 Soda pulp . . 113 107 118 117 113 121 119 120 110 115 114 96 92 Sulphate pulp . . 336 312 354 360 350 365 363 373 372 381 382 427 414 Sulphite pulp 145 138 148 149 152 153 145 146 140 152 152 162 161 Paper 165 157 166 168 169 170 168 173 160 177 180 188 186 Paper board 210 193 209 205 203 207 211 213 198 228 232 238 240 Printing paper . . 167 166 167 167 175 171 167 172 156 174 180 187 183 Tissue and absorbent paper 168 156 173 177 173 187 166 174 174 183 185 '209 196 Wrapping paper 150 145 155 162 163 160 158 167 151 155 156 ••164 163 Newsprint . 95 92 98 98 102 113 113 116 115 115 116 117 113 Printing and Publishing 167 162 157 166 172 174 169 169 150 161 172 183 182 Newsprint consumption . .. 167 159 147 166 170 178 172 166 144 148 165 180 180 Petroleum and Coal Products 205 219 211 205 207 206 216 222 229 238 r243 249 P249 Petroleum refining 2 Gasoline 177 180 176 174 173 171 181 188 194 200 195 196 P195 Fuel oil . .. 182 190 192 187 178 172 175 179 187 190 200 210 P212 Lubricating oil 152 151 145 146 150 139 149 152 153 173 177 184 Kerosene 182 204 212 199 192 174 186 166 173 187 196 195 Other petroleum products2 . . . .. Coke 102 158 154 124 146 174 175 177 176 176 178 183 178 By-product coke 104 161 156 127 145 170 171 170 170 167 170 175 170 Beehive coke 23 58 76 21 181 320 328 428 368 470 443 '467 427 Chemical Products . . 247 249 249 250 250 253 255 258 259 "265 272 282 P283, Paints 141 141 141 146 147 149 151 158 159 166 166 164 P161 Rayon . . 316 335 349 355 352 349 350 350 359 363 376 371 P376 Industrial chemicals 417 422 419 424 428 434 443 451 453 ••458 '465 488 P496 Other chemical products 2 .... Rubber Products 187 193 194 195 197 203 213 221 222 r236 r245 252 Mincfols—Totol 141 128 123 113 139 138 147 153 149 163 168 169 P159 Fuels 152 136 133 118 148 147 148 155 148 162 167 170 vl65 Coal 130 95 91 43 141 131 124 128 101 133 133 r141 127 Bituminous coal 133 103 96 38 149 143 131 136 109 142 144 151 138 Anthracite 117 63 69 65 108 83 97 96 68 97 92 r102 84 Crude petroleum 163 157 154 155 152 155 160 168 171 177 184 r184 P184 Metals 76 81 80 81 83 87 140 155 158 170 173 163 P126 Metals other than gold and silver 87 98 98 100 101 105 197 224 227 244 244 P228 P165 Iron ore 54 72 71 64 63 79 273 325 343 368 365 331 193 (Copper* Lead; Zinc)2 Gold 62 57 54 52 55 55 57 59 61 65 75 Silver 64 64 61 65 74 82 75 74 72 83 74 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. JANUARY 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT, BY INDUSTRIES [Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Board of Governors. In thousands of persons] 1949 1950 Industry group or industry Nov. Dec. Jan. Feb. Mar. Apr. Ms June July Aug. Sept. Oct. Nov. ADJUSTED FOR SEASONAL VARIATION Manufacturing—Total 11,167 11,413 11,506 11,484 11,574 11,731 12,048 12,200 12,358 '12,697 12,782 12,919 12,882 Durable goods 5,674 5,910 5,994 5,966 6,042 6,200 6,493 6,624 6,713 >-6,939 6,999 7,130 7,147 Primary metal industries 739 946 958 973 977 1,007 1,036 1,055 1,070 '•1,091 1,104 1,110 1,118 Fabricated metal products 663 678 686 691 702 718 749 777 793 '826 837 846 843 Machinery except electrical.... 913 924 937 955 971 998 1,017 1,028 1,042 1,071 1,061 1,117 1,136 Electrical machinery 538 548 555 567 574 595 612 618 639 672 680 701 710 Transportation equipment 898 896 978 872 879 899 1,045 1,078 1,070 rl,118 1,132 1,151 1,135 Lumber and wood products 685 685 655 669 687 703 723 734 750 '764 771 769 765 Furniture and fixtures 276 283 285 291 298 305 311 312 316 324 325 323 320 Stone, clay, and glass products. . 409 408 407 410 410 419 432 441 447 457 458 471 475 Instruments and related products 173 171 171 170 170 173 176 180 184 '189 198 203 205 Miscellaneous manufacturing industries 363 354 345 351 356 365 373 382 383 407 411 417 418 Ordnance and accessories 17 17 17 17 18 18 19 19 19 20 22 22 22 Nondurable goods 5,493 5,503 5,512 5,518 5,532 5,531 5,555 5,576 5,645 '5,758 5,783 5,789 5,735 Textile-mill products. . . 1,172 1,169 1,165 1,166 1,171 1,172 1,168 1,174 1,196 '1,243 1,268 1,263 1,250 Apparel and other finished textiles 1,018 1,025 1,032 1,034 1,027 1,018 1,022 1,022 1,044 '1,073 1,066 1,064 1,030 Leather and leather products. . . 334 345 348 350 348 344 349 350 356 363 364 363 352 Food and kindred products. . . . 1,158 1,155 1,160 1,157 1,167 1,166 1,172 1,171 1,176 1,179 1,171 1,170 1,183 Tobacco manufactures 83 85 85 82 81 82 82 79 80 79 81 80 78 Paper and allied products 389 386 383 384 387 391 394 401 404 '412 420 418 419 Printing, publishing and allied industries 495 494 493 495 498 499 501 500 504 509 509 509 507 Chemicals and allied products. . 475 475 475 478 480 490 492 497 499 501 503 514 510 Products of petroleum and coal. 187 186 186 185 185 178 178 180 180 189 186 191 189 Rubber products 182 183 185 187 188 191 197 202 206 '210 215 217 217 WITHOUT SEASONAL ADJUSTMENT Manufacturing—Total 11,289 11.504 n,449 11,460 11,549 11,597 11,841 12,066 12,151 '12,802 '13,016 13,133 13,011 Durable goods 5,719 5.961 6,000 5,982 6,070 6,195 4.% 6,596 6,597 '6,900 '7,016 7,181 7,202 Primary Metal Industries 743 955 963 078 982 I.007 1,026 ;, oso 1,054 rl, 086 '1,104 /,116 1,124 Blast furnaces, steel works and rolling mills 325 507 5! i 512 507 523 529 538 543 550 '552 552 Nonferrows smelting and refining, primary 38 4? 43 45 45 45 46 46 45 46 46 47 Nonferrous rolling, drawing and alloying 63 73 74 75 77 77 79 80 80 r83 '85 86 Fabricated Metal Products 666 688 693 698 709 722 742 769 773 '814 '837 850 847 Cutlery, hand tools and hardware 116 U9 121 124 12* 129 131 133 129 132 138 142 Heating apparatus and plumbers' supplies... 113 il! 108 112 114 118 119 122 120 132 '137 137 Fabricated structural metal products 134 142 141 14! 143 146 149 154 158 165 166 172 Machinery except Electrical 908 929 937 960 981 1 003 022 1,033 1,032 * 1,060 ^1,056 1All 1,130 Agricultural machinery and tractors 125 131 133 137 140 142 142 141 141 140 107 129 Metalworking machinery. 146 !46 147 149 15? 155 158 163 162 '171 '182 190 Special-industry machinery 117 117 117 118 119 121 123 125 124 '127 '132 136 Service-industry and household machines ,109 ng 124 133 138 143 149 148 146 145 '146 149 Electrical Machinery 546 559 561 573 580 595 606 615 620 655 -677 708 721 Electrical apparatus (gen erating, etc.) 202 208 208 211 213 217 222 222 227 237 '238 247 Communication equipment. 200 201 203 207 212 217 220 227 228 248 258 275 Transportation Equipment.... 898 896 978 872 870 899 / 045 1,078 1,070 '1,118 '1,132 I,151 1,135 Motor vehicles and equipment 582 585 675 507 576 595 736 765 757 '781 '787 795 Aircraft and parts 184 184 184 184 184 18C- 185 187 188 '199 '209 219 Ship and boat building and repairing. 71 69 66 6.« 67 67 67 68 68 79 76 74 Lumber and Wood Products. . . . 692 682 642 652 677 692 723 741 750 '783 -786 781 773 Sawmills and planing mills 413 404 381 386 399 410 430 437 444 '465 '466 460 Millwork, plywood, etc.. . . 101 102 102 101 102 104 106 109 109 114 114 114 Furniture and Fixtures 283 289 289 297 301 303 303 303 303 319 '327 329 328 Household furniture 207 21! 212 21F 221 222 223 222 222 234 '240 242 Stone, Clay, and Glass Products. 411 412 403 408 410 419 432 441 440 459 r460 473 477 Glass and glass products. . . 108 107 106 108 109 113 116 118 114 122 118 128 Structural clay products.. 70 71 69 68 60 69 73 76 77 79 '80 80 Instruments and Related Products. 174 173 77,? 171 172 174 176 180 178 '187 '198 204 206 Miscellaneous Manufacturing In dustries 381 361 345 356 36! 363 362 367 358 399 417 436 439 Ordnance and Accessories 17 17 17 17 18 18 19 19 19 20 '22 22 22 r Revised. NOTE.—Factory employment 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 November 1950 are preliminary. Back data and data for industries not shown, without seasonal adjustment, may be obtained from the Bureau of Labor Statistics. Seasonally adjusted data beginning January 1939, for groups and the total, may be obtained from the Division of Research and Statistics. 80 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT, BY INDUSTRIES—Continued [Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Board of Governors. In thousands of persons] 1949 1950 Industry group or industry Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Nondurable goods 5,570 5,543 5,449|5,478 5,479 5,402 5,385 5,470 5,554 '5,902 '6,000 5,952 5,809 Textile-mill Products 1,184 1,187 1J77\ 1,183 1,183\ 1,172 1,162 1,174 1,160 ' 1,224r1,255 1,263 1,263 Yarn and thread mills 147 149 149 149 149 145 143 146 147 '154 159 161 Broad-woven fabric mills 572 574 568 571 574 573 573 580 571 595 607 608 Knitting mills 230 227 223 223 221 218 213 212 209 227 '233! 236 Apparel and Other Finished Textiles 1,028 1.040 1,032 1,065 1,058 / , 003 976\ 97 6\ 981 rl ,089 rl,098 1,040 Men's and boys' suits, coats and overcoats 118 127 130! 135 136! 132 129 135 127 138 '137 139|. . . . Men's and boys' furnishings 251 247 241! 244 245] 241 239 238 232 252! 255 256 .... Women's and misses' outerwear 280 296 302! 315 3051 272 254 248 266 '3071 '305 297 Leather and Leather Products 332 343 348 357 357\ 341 335 343 351 370 371 367 Footwear (except rubber) 208 224 231 235 2351 222 218 224 230 237 '237 2311 Food and Kindred Products 1,185 1,139 1,07 8\1,055 / 060 / 065 1,090 /, 231 1,331 1,351 1,266 1,207 Meat products 242 251 244 232 228 223 227 232 235 236 '235 240 Dairy products 99 96 95 97 99 103, 108 114 116 114 107 101 Canning and preserving 160 136 117 110 100 120| 127 151 223 '302 '325 235 Bakery products 195 190 186 188 190 191 1931 19! 194 192 194 197 Beverage industries 146 141 135, 134 139 141 146 157 164 169 '160 150 Tobacco Manufactures 89 87 85 81 78 76 75 75 82 83 Paper and Allied Products 393 390 385 386 389 391 392 \ 399 396 r410 418 420 423 Pulp, paper and paperboard mills 201 200 199 200 200 201 202 205 204 '207 210 210 Printing, Publishing and Allied Industries. . . . 500 501 493 495 496 497 498 \ 500 499 504 509 514 Newspapers 145 145 142 145 146 148 149 150 150 '150 151 149 512 Commercial printing 165 168 167 165 165 165 164 166 164 165 166 171 Chemicals and Allied Products 485 484 480 485 487 490 48*' 482 479 491 506 524 Industrial inorganic chemicals 51 51 50 52 52 53 53 54 51 49 50 56 520 Industrial organic chemicals 143 144 144 144 145 146 148 15C 152 '155 '158 159 Drugs and medicines 62 62 62 59 58 61 61 62 63 '63 65 66 Products of Petroleum and Coal 188 185 184 183 182 176 777 181 182 193 189 191 Petroleum refining 148 146 145 144 143 136 136 138 139 147 145 147 Rubber Products 186 187 187 188 189 191 194 199 200 r208 r215 219 221 Tires and inner tubes 81 82 83 83 83 84 86 88 88 90 '92 92 For footnotes see preceding page. HOURS AND EARNINGS OF FACTORY EMPLOYEES [Compiled by Bureau of Labor Statistics] Average weekly earnings Average hours worked Average hourly earnings (dollars per week) (per week) (dollars per hour) Industry group 1949 1950 Nov. Sept. Oct. Nov. Nov. Sept. Oct. Nov. Nov. Sept. Oct. Nov. Manufacturing—Total. . 54.43 60.68 61.99 62.06 39.1 41.0 41.3 41.1 1.392 1.480 1.501 1.510 Durable goods 56.82 '65.18 66.39 66.29 39.0 41.7 42.1 41.8 1.457 '1.563 1.577 1.577 Primary metal industries 57.48 '68.89 69. 72 70.01 36.4 '41.2 41.8 41.7 1.579 r1.672 1.668 1.679 Fabricated metal products 56.88 '66.00 66.79 66.50 39.2 42.2 42.3 41.9 1.451 -•1.564 1.579 1.587 Machinery except electrical 59.21 '69.23 71.21 71.52 38.5 42.5 43.0 42.7 1.538 -•1.629 1.656 1.656 Electrical machinery 57.36 '61.63 63.92 64.13 40.0 41.5 42.0 41.7 1.434 '1.485 1.522 1.538 Transportation equipment 61.92 '72.39 73.29 72.58 37.3 '40.9 41 .2 40.8 1.660 '1.770 1.779 1.779 Lumber and wood products 52.48 57.56 58.41 56.76 41.0 '41.2 41.9 41.1 1.280 '1.397 1.394 1.381 Furniture and fixtures 50.72 '55.42 56.49 57.79 41.2 '42.5 42.7 43.0 1.231 '1.304 1.323 1.344 Stone, clay, and glass products 55.28 '60.94 62.96 63.13 40.0 41.6 42.4 42.2 1.382 '1.465 1.485 1.496 Instruments and related products 56.52 '63.90 65.55 64.93 40.0 '42.6 42.9 42.3 1.413 '1.500 1.528 1 .535 Miscellaneous manufacturing industries. 51 .70 '55.94 56.98 57.36 40.9 42.0 42.3 42.3 .264 '1.332 1.347 1.356 Ordnance and accessories 59.82 '68.30 69.75 72.44 40.2 r43.5 43.7 44.8 .488 '1.570 1.596 1.617 Nondurable goods. 52.07 55.52 56.66 56.80 39.3 40.2 40.3 40.2 .325 1.381 1.406 1.413 Textile-mill products 47.20 50.02 52.62 52.90 39.5 40.7 40.6 40.6 .195 1 229 1.296 1.303 Apparel and other finished products.... 40.38 43.25 45.85 44.37 35.7 35.8 37.4 37.1 .131 1.208 1.226 1.196 Leather and leather products 40.08 45.68 46.16 45.21 35.1 38.1 37.9 37.0 .142 1.199 1.218 1.222 Food and kindred products 54.16 '56.14 56.43 57.55 41.6 41.8 41.4 41.7 .302 '1.343 1.363 1.380 Tobacco manufactures 38.46 '42.19 41.22 40.96 38.0 '39.1 38.1 36.8 .012 1.079 1.082 1.113 Paper and allied products 58.31 63.37 63.62 64.49 43.0 44.1 44.0 43.9 .356 1.437 1.446 1.469 Printing, publishing and allied products. 70.91 '74.71 74.49 74.41 38.6 '39.3 39.1 39.1 .837 1.901 1.905 1.903 Chemicals and allied products 59.43 '64.16 64.58 64.90 41.5 41.8 42.1 41.9 .432 '1.535 1.534 1.549 Products of petroleum and coal 72.12 '77.28 77.71 78.58 40.0 '42.0 41.6 44.6 .803 '1.840 1.868 1.889 Rubber products 57.91 '66.74 67.38 n.a. 38.4 '42.0 42.3 n.a. .508 '1,589 1.593 n.a. r Revised. n.a. Not available. NOTE.—Data are for production and related workers. Figures for November 1950 are preliminary. Back data are available from the Bureau of Labor Statistics. JANUARY 1951 81 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, Board of Governors. In thousands of persons] Transporta- Federal, Year or month Total M t a u n r u in f g ac- Mining co C n o st n r t u r c a t c i t on ti p o u n b l a i n c d Trade Finance Service Sta l t o e c , a a l nd utilities government 1941 36,164 12,974 947 1,790 3,248 7,416 1,462 3,705 4,622 1942 39,697 15,051 983 2,170 3,433 7,333 1,440 3,857 5,431 1943 42,042 17,381 917 1,567 3,619 7,189 1,401 3,919 6,049 1944 41,480 17,111 883 1,094 3,798 7,260 1,374 3,934 6,026 1945 40,069 15,302 826 1,132 3,872 7,522 1,394 4,055 5,967 1946 41,412 14,461 852 1,661 4,023 8,602 1,586 4,621 5,607 1947 43,371 15,247 943 1,982 4,122 9,196 1,641 4,786 5,454 1948 44,201 15,286 981 2,165 4,151 9,491 1,716 4,799 5,613 1949 43,006 14,146 932 2,156 3,977 9,438 1,763 4,782 5,811 SEASONALLY ADJUSTED 1949—November 42,431 13,684 917 2,200 3,895 9,339 1,784 4,792 5,820 December 42,758 13,946 940 2,131 3,930 9,426 1,788 4,786 5,811 1950—January . 42,627 14,040 867 2,109 3,902 9,371 1,781 4,773 5,784 February 42,283 14,023 604 2,091 3,874 9,358 1,786 4,768 5,779 March 42,752 14,135 944 2,096 3,906 9,348 1,791 4,756 5,776 April 43,212 14,302 942 2,163 3,948 9,391 1,794 4,757 5,915 May 43,578 14,629 941 2,223 3,888 9,459 1,803 4,766 5,869 June 44,010 14,802 943 2,299 3,995 9,532 1,809 4,778 5,852 July 44,259 14,977 915 2,366 4,021 9,556 1,804 4,769 5,851 August '44,914 15,333 '942 '2,434 '4,073 '9,651 1,819 '4,779 5,883 September '45,201 15,441 '941 '2,444 '4,118 '9,669 1,836 '4,769 5.983 October.... 45,407 15,596 939 2,495 4,141 9,644 1,840 4,733 6,019 November 45,385 15,578 935 2,487 4,117 9,604 1,839 4,748 6,077 UNADJUSTED 1949—November 42,784 13,807 917 2,244 3,892 9,607 1,766 4,768 5,783 December 43,694 14,031 940 2,088 3,930 10,156 1,770 4,738 6,041 1950—January 42,125 13,980 861 1,919 3,869 9,246 1,772 4,701 5,777 February 41,661 13,997 595 1,861 3,841 9,152 1,777 4,696 5,742 March. 42,295 14,103 938 1,907 3,873 9,206 1,791 4,708 5,769 April 42,926 14,162 939 2,076 3,928 9,346 1,803 4,757 5,915 !May 43,311 14,413 940 2,245 3,885 9,326 1,812 4,790 5,900 June 43,945 14,666 946 2,414 4,023 9,411 1,827 4,826 5,832 July 44,096 14,777 922 2,532 4,062 9,390 1,831 4,841 5,741 August..' '45,080 15,450 '950 '2,629 '4,120 '9,474 1,837 '4,827 5,793 September '45,689 15,682 '946 '2,615 '4,138 '9,660 '1 827 '4 817 6,004 October... 45,899 15,819 941 2,620 4,135 9,766 1,822 4,757 6,039 November 45,756 15,707 936 2,537 4,114 9,880 1,821 4,724 6,037 NOTE.—Data include all full- and part-time employees w LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates without seasonal adjustment. Thousands of persons 14 years of age and over] Civilian labor force Year or month in T s o t t i a tu l ti n o o n n a - l T la o b t o a r l Employed * Not in the population force Total Unem- labor force Total In nonagricul- In ployed tural industries agriculture 1942 .. 102,460 60,230 56,410 53,750 44,500 9,250 2,660 42 230 1943 103,510 64,410 55,540 54,470 45,390 9,080 1,070 39,100 1944 . .. 104,480 65,890 54,630 53,960 45,010 8,950 670 38 590 1945 105,370 65,140 53,860 52,820 44,240 8,580 1,040 40,230 1946 106,370 60,820 57,520 55,250 46,930 8,320 2,270 45,550 1947 107,458 61,608 60,168 58,027 49,761 8,266 2,142 45 850 1948 108,482 62,748 61,442 59,378 51,405 7,973 2,064 45,733 1949 . 109,623 63,571 62,105 58,710 50,684 8,026 3,395 46,051 1949—November 110,063 64,363 62,927 59,518 51,640 7,878 3,409 45,701 December. 110,169 63,475 62,045 58,556 51,783 6,773 3,489 46,694 1950—January 110,256 62,835 61,427 56,947 50,749 6,198 4,480 47,420 February 110,344 63,003 61,637 56,953 50,730 6,223 4 684 47 342 March 110,442 63,021 61,675 57,551 50,877 6,675 4,123 47 422 April 110,536 63,513 62,183 58,668 51,473 7,195 3,515 47,024 May 110,608 64,108 62,788 59,731 51,669 8,062 3,057 46 500 June 110,703 66,177 64,866 61,482 52,436 9,046 3,384 44 526 Tuly . 110,806 65,742 64,427 61,214 52,774 8 440 3 213 45 064 August 110,924 66,204 64,867 62,367 54,207 8,160 2 500 44 718 September 111,030 65,020 63,567 61,226 53,415 7,811 2,341 46,010 October 111,141 65,438 63,704 61,764 53,273 8,491 1,940 45,704 November 111,234 65,453 63,512 61,271 53,721 7,551 2,240 45,782 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 interviews of households on a sample basis. Data relate to the calendar week that contains the eighth day of the month. Back data are available from the Bureau of the Census. 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 Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] Nonresidential building Total R b es u i i d ld e i n n t g ial P a u n b d li c p u w b o l r ic ks Month Factories Commercial Educational Other utilities 1949 1950 1949 1950 1949 1950 1949 1950 1949 1950 1949 1950 1949 1950 January 483 0 730.9 159.1 343.S 43.6 37. 7 62.6 60.6 38.1 63.5 77 6 73 5 102 0 152 1 February 568.5 779.5 193.1 361.5 37.8 27.9 58.8 58.3 44.7 58.0 80,6 121.4 153.5 152.5 March 747.6 1,300.2 251.8 574.7 66.2 161.5 88.4 88.6 60.4 96.3 112 4 154 3 168 4 224.Q April 845.9 1,350.5 307.2 674.8 43.8 119.2 92.0 106.8 68.4 97.0 112.2 125.6 222 4 227.0 May 885.4 1,347.6 351.3 674.6 51.5 83.7 68.5 96.4 76.0 100.2 124.6 128.3 213.5 264.5 June 949.9 1,345.5 375 0 628. t 45.4 69. 70.9 97.7 81 4 128.3 138 3 148.7 239 0 273.4 July 947.8 1,420.2 344.8 675.1 41.5 79.8 73.4 117.4 91.2 121.2 144 2 168.8 252 7 258.0 August 911.0 1,548.9 398.7 754. 1 41.1 128.8 64.4 137.9 72.9 113.1 99.6 "161.2 234.3 253.8 September 1,071 71,286 5 503 5 549 38.0 90. 8 103 9 137.2 78 6 119.4 124 5 151 4 223.1 238 October 1,061.8 1,135 8 500.7 529.Q 48.9 93. 6 82.8 104.5 83.6 86.3 141 8 142.5 204 0 179. 1 November 957.8 1,087.1 435.2 496.7 35.9 103.9 58.6 94.4 62.3 109.4 109.3 127.2 256.4 155.5 December 929.0 419.1 64.8 60 7 66 9 110.8 206.8 Year 10,359.3 4,239.4 558.6 885.0 824.4 1,375.9 2,476.0 c Corrected. CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP CONSTRUCTION CONTRACTS AWARDED, BY DISTRICT [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in thousands of dollars] Total Public ownership Private ownership Month 1948 1949 1950 1948 1949 1950 1948 1949 1950 1950 1949 Federal Reserve district January. . . 615 483 731 197 160 201 419 323 530 February. . 682 568 780 248 252 285 434 317 495 Nov. Oct. Nov. March 690 7481,300 181 282 481 509 466 819 April 874 8461,350 236 319 354 638 527 996 May 971 8851,348 298 369 389 673 517 959 Boston 52,288 63,842 53,156 June 935 9501,345 338 375 428 597 574 917 New York 197,462 210,415 239,618 July 963 9481,420 335 410 460 628 537 960 Philadelphia 73,736 64,855 40,376 August.... 854 9111,549 276 316 438 579 5951,111 Cleveland 111,336 121,840 81,573 September. 762 1,072 1,287 259 289 364 503 783 922 Richmond 120,464 105,523 110,289 October 779 1,062 1,136 262 332 308 517 730 828 Atlanta 110,816 109,635 124,550 November. 611 958 199 316 413 642 Chicago 182,402 192,582 133,223 December.. 694 929 278 299 416 630 St. Louis 54,801 76,506 46,302 Minneapolis 33,584 33,577 32,548 Year 9,430 10,359 3,107 3,718 6,3236,641 Kansas City 60,242 58,001 30,508 Dallas 89,931 99,039 65,618 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION Total (11 districts) 1,087,062 1,135,815 957,761 [In millions of dollars] Title Iloans Mortgages on Rental War and INSURED FHA HOME MORTGAGES (TITLE II) HELD IN Year or month Total m p P e r i r e o m r o n t v y p - t e - * - s S h c t t m o r i o o u m n a n c - l e - l 1 f h ( a - o T m I t u D i o s t i l l e e 4 y s - h g ( o a T r I u o n D i s t d u i l p n e g h e ( o V V T r u a I e i s n ) t t i 2 l - s n e ' g PORTFOLIO [ , In B Y m il C lio L n A s S o S f d O o F ll a I rs N ] STITUTION Sav- 1 1 1 1 1 9 9 9 9 9 4 4 4 4 4 2 3 1 5 4 1 1 , , 1 1 9 8 6 7 3 3 6 7 5 6 5 2 7 2 1 1 1 4 8 4 7 1 9 7 1 1 4 2 1 1 5 1 8 6 2 2 2 7 4 9 1 1 7 5 1 6 9 (8 1 ) 3 6 4 7 2 6 5 2 8 3 0 7 1 4 7 3 2 3 End of month Total b C m c a o i n e a m r k l - s - b s M i t a n u a n g v u a k s l - - s a a l i s a o t n s n i a o g o d n c s n i s - p I c a n a o n n s m c u i e e - r s - a c F e g i e r e e a d s n l - - 1 Other2 1946 755 321 (*) 347 3 85 1947 1,787 534 («) 446 808 1948 3,338 614 7 880 1,836 1936—Dec 365 228 8 56 41 5 27 1949 43,821 594 13 1,855 7 1,339 1937—Dec 771 430 27 110 118 32 53 1949—November.. 4 323 58 1 189 67 1938—Dec 1,199 634 38 149 212 77 90 December. . 4371 71 1 206 90 1 1 9 9 3 4 9 0 — — D D e e c c 2 1 , , 4 79 0 3 9 1,1 9 6 0 2 2 1 7 3 1 0 2 1 2 9 4 2 3 5 4 4 2 2 2 1 0 5 1 3 1 1 3 5 3 0 1950—January 4337 57 1 228 51 1941—Dec 3,107 1,465 186 254 789 234 179 February... 4 329 44 1 203 73 1942—Dec 3,620 1,669 236 276 1,032 245 163 March 4 353 44 1 209 (3) 88 1943—Dec 3,626 1,705 256 292 1,134 79 159 April 4 329 27 171 122 1944—Dec 3,399 1,590 260 269 1,072 68 140 May *351 48 176 1 110 June 4 376 78 181 1 113 1945—June 3,324 1,570 265 264 1,047 43 134 July 4 369 61 183 8 111 Dec 3,156 1,506 263 253 1,000 13 122 August 4414 69 217 122 September 4 373 55 216 88 1946—June 3,102 1,488 260 247 974 11 122 October.... 4 379 82 241 3 43 Dec 2,946 1,429 252 233 917 9 106 November. . 4 379 74 236 1 49 1947—June 2,860 1,386 245 229 889 8 102 1 Net proceeds to borrowers. 2 Mortgages insured under War Dec 2,871 1,379 244 232 899 7 110 Housing Title VI through April 1946; figures thereafter represent mainly mortgages insured under the Veterans' Housing Title VI 1948—June 2,988 1,402 251 245 973 7 110 (approved May 22, 1946) but include a few refinanced mortgages Dec 3,237 1,429 265 269 1,113 9 152 originally written under the War Housing Title VI. Beginning with December 1947, figures include mortgages insured in connection with 1949—June 3,894 1,587 305 323 1,431 21 227 sale of Government owned war housing, and beginning with February Dec. . 4,751 1,771 378 416 1,828 52 305 1948 include insured loans to finance the manufacture of housing. 3 4 I L n e c s l s u d th e a s n m $ o 5 r 0 tg 0 a ,0 g 0 e 0 s , i < nsured on new rental housing at or near mili- 1 The RFC Mortgage Company, the Federal National Mortgage tary installations under Title VIII, enacted Aug. 8, 1949. Association, the Federal Deposit Insurance Corporation, and the and N O do T E n . o — t F ta ig k u e re a s c c r o e u p n re t s o e f n t p r g i r n o c s i s p a in l s r u e r p a a n y c m e e w n r t i s t t o e n n p d r u e r v i i n o g u s t l h y e in p s e u r r io ed d Un 2 i I te n d c lu S d ta e t s e s m H or o tg u a si g n e g c C om or p p a o n r i a e t s i , o n fi . nance companies, industrial banks, loans. Figures include some reinsured mortgages, which are shown in endowed institutions, private and State benefit funds, etc. the month in which they were reported by FHA. Reinsured mortgages NOTE.—Figures represent gross amount of mortgages held, excludon rental and group housing (Title II) are not necessarily shown in the ing terminated mortgages and cases in transit to or being audited at the month in which reinsurance took place. Federal Housing Administration. JANUARY 1951 83 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MERCHANDISE EXPORTS AND IMPORTS (In millions of dollars] Merchandise exports x Merchandise imports 2 Excess of exports Month 1946 1947 1948 1949 1950 1946 1947 1948 1949 1950 1946 1947 1948 1949 1950 January.. .. 798 L.114 1,092 1,105 P741 394 531 547 590 P623 405 583 545 515 H1& February 670 1,146 1,085 1,043 P767 318 437 589 567 P601 352 709 496 477 P166 March 815 1,326 1,139 1,189 P861 385 445 675 633 P665 431 882 464 557 April 757 1,294 1,121 1,172 P803 406 512 532 535 P585 351 782 590 638 P218 May 851 L .414 1,103 1,095 P828 393 474 554 541 P659 457 940 549 554 P169 June 878 1,235 1,014 1,107 P876 382 463 625 526 P685 496 772 389 581 P191 Tuly 826 1,155 1,019 900 431 450 564 457 P7O7 395 705 456 444 August 883 1,145 992 884 422 400 606 491 P820 461 745 386 393 p-57 September.... 643 L ,112 926 910 P912 377 473 560 530 P857 266 639 365 379 P54 October. . . . 537 1,235 1,023 853 P904 394 492 600 557 P922 142 743 423 296 P— 1& November 986 ,141 823 841 P978 478 455 554 593 P852 508 687 269 248 P126 December 1.097 114. 1,318 P944 529 603 720 P605 567 511 598 P339 Jan.-Nov 8,643 13,316 11,336 11,098 P9,206 4,379 5,131 6,404 6,018 P7,976 4,263 8,186 4,932 5 ,080 Pl.230 ly, ana June. Source.—Department of Commerce. Back figures.—See BULLETIN for March 1947, p. 318; March 1943, p. 261; February 1940, p. 153; February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18. FREIGHT CARLOADINGS, BY CLASSES REVENUES, EXPENSES, AND INCOME OF CLASS I [Index numbers, 1935-39 average = 100] RAILROADS [In millions of dollars] For- Mis- Mer- Total Coal CokeGrain s L t i o v c e k - p u e r c s o t t d s - Ore l c o a e u n l s - e- c l d h .c i a s .l e n . - o r p a T e i o l r w t a a t a l i y ng e r x a T p il o e w t n a a s l e y s o r p a e N il r w e a t t a i y ng i > n c N o e m t e revenues income Annual 1939 101 98 102 107 96 100 110 101 97 1940 109 111 137 101 96 114 147 110 96 Annual 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 4 4 4 4 4 4 4 4 2 7 1 3 5 8 4 6 . 1 1 1 1 1 1 1 1 3 3 3 4 3 3 4 3 2 0 5 3 7 8 0 8 1 1 1 1 1 1 1 1 4 3 4 4 3 3 3 2 7 5 1 3 0 4 8 3 1 1 1 1 1 1 1 1 7 8 8 8 8 4 8 6 2 1 5 4 6 6 2 8 1 1 1 1 1 1 1 1 1 3 4 3 5 3 2 5 2 9 6 6 1 8 0 0 1 1 1 1 1 1 9 8 2 1 0 2 2 0 1 8 5 7 7 4 9 4 1 1 1 1 1 1 1 1 2 5 4 3 4 4 4 5 9 3 1 9 3 3 9 5 2 1 1 1 1 1 1 1 0 3 6 8 8 9 8 8 6 6 9 4 1 2 0 3 1 1 1 1 1 1 1 1 4 4 4 4 3 4 3 4 6 2 7 8 6 6 9 5 1 6 6 6 6 6 0 7 7 9 3 7 9 8 0 8 5 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 4 4 4 4 4 4 3 4 4 1 5 2 6 3 9 0 . ,. 3 9 9 4 5 8 7 7 , , , , , , , , 9 4 0 3 9 2 4 6 0 3 4 5 9 6 2 9 2 7 7 5 5 6 8 7 3 3 4 5 8 8 7 7 , , , , , , , , 9 0 6 4 3 3 6 0 8 4 3 1 0 9 0 4 2 7 1 4 6 5 9 8 1 1 1 , , , 4 3 1 6 6 9 8 5 8 0 6 5 8 2 9 8 5 6 0 2 2 0 8 9 9 4 2 5 8 6 1 8 0 6 7 5 0 9 8 7 2 7 3 0 0 3 9 1949 116 100 145 142 77 123 151 127 57 1947 8.685 7,904 781 479 SEASONALLY 1948 9,672 8,670 1,002 699 ADJUSTED 1949 P8,580 P7.893 87 1949—October 92 42 54 153 85 124 28 111 54 SEASONALLY November. . . 117 131 96 152 ••76 137 42 119 54 ADJUSTED December. . . 115 97 148 131 72 134 146 127 52 1950—January 117 97 151 119 70 118 169 133 52 1949— N O o c v to em be b r e .. r . . 6 7 2 0 3 8 6 59 3 2 6 3 7 1 2 39 0* February.... 104 46 122 113 65 119 156 130 52 December. 712 632 81 49, March 127 139 143 126 67 123 134 134 53 J A J A S M u u e u p a l n p y g r y e i t u l e s m t ber... 1 1 1 1 1 1 3 2 3 2 2 2 5 2 4 7 6 6 1 1 1 1 1 1 2 3 1 0 1 2 6 5 6 5 9 3 2 1 1 1 1 1 0 9 9 8 9 8 1 2 4 1 5 1 1 1 1 1 1 1 3 2 3 3 2 3 9 8 0 1 7 5 6 6 6 6 6 7 1 1 0 8 6 2 1 1 1 1 1 1 5 4 4 4 3 2 5 8 8 4 4 9 1 1 1 1 1 1 9 9 8 7 2 2 0 8 6 9 1 1 1 1 1 1 1 1 4 4 3 4 3 3 2 7 8 0 3 7 5 5 5 5 5 5 6 5 3 2 1 1 1950— J F M M A J u e a p a n a b n r y e r i r u l c u a h a r r y . y . . . . . . . . 6 6 7 7 7 7 8 3 9 1 2 3 9 8 1 5 3 0 6 6 6 6 6 6 6 9 0 5 2 6 1 1 6 5 9 7 1 6 6 5 3 6 0 0 3 2 7 4 0 2 3 3 7 2 0 6 2 0 9 1 < October 136 135 206 159 75 146 184 145 54 July 772 686 86 54- November.. . 136 126 198 166 72 157 184 146 53 August 833 744 88 5S UNADJUSTED September. 858 749 109 October... 885 776 108 1949—October 99 42 53 153 131 131 35 121 56 November... 120 131 96 149 ••96 135 51 124 55 UNADJUSTED December. . . 107 97 155 123 69 119 45 120 50 1950—January 107 97 158 119 68 106 42 122 49 1949— N O o c v to e b m e b r e .. r . . 6 7 4 0 9 5 " 6 •6 2 0 9 3 4 7 7 6 2 5 4 4 February.... 96 46 130 111 52 115 39 122 51 December.. 711 642 69 82 March 120 139 144 116 53 123 39 127 54 April 122 123 177 115 61 129 63 135 54 1950—January 657 624 33 11 May 125 119 179 112 59 139 217 135 51 February.. 585 570 15 -9 O J A S N T u e u c u o l p n t y g v o e t u e b e s m e m t r b b e e r r .. . .. . 1 1 1 1 1 1 4 3 4 4 3 3 7 9 5 0 0 1 1 1 1 1 1 1 2 3 2 3 0 1 6 5 6 5 5 6 2 1 1 1 1 1 0 9 8 9 8 9 1 8 8 8 6 0 1 1 1 1 1 1 6 4 6 5 5 3 2 3 2 9 0 3 1 9 9 5 4 5 1 5 0 1 8 7 6 1 1 1 1 1 1 5 5 6 5 6 4 4 0 3 4 0 9 2 2 2 2 2 1 6 8 9 7 9 8 2 5 8 7 8 8 1 1 1 1 1 1 4 5 5 5 4 4 2 2 4 8 1 9 5 5 5 5 5 5 6 7 6 2 1 4 J J A M A M u u u p a a l n y r g y r e i c u l h st 8 7 7 7 7 7 4 7 7 9 1 4 5 2 9 0 4 3 6 6 6 6 6 7 5 7 8 8 6 6 2 8 9 8 8 8 1 9 6 6 8 2 7 0 4 2 2 7 6 4 3 4 5 9 7 9 8 5 9 6 2 September. 872 749 123 99 NOTE.—For description and back data, see BULLETIN for June 1941, pp. October. . . 925 791 135 P108 529-533. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for P Preliminary. r Revised. classes with weights derived from revenue data of the Interstate Commerce Commission. NOTE.—Descriptive material and back figures may be obtained from the Division of Research and Statistics. Basic-: data compiled by the Interstate Commerce Commission. Annual figures include revisions not available monthly. 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, 1935-39 average =100] Federal Reserve district United Year or month States Boston Y N o e r w k a P p d h h e i i l l a - - C l l a e n ve d - m Ri o c n h d - la A n t t - a c Ch a i g - o Lo S u t. is M ap i o n l n is e- K C a i n t s y as Dallas F c S r is a a c n n o - SALESi 1945. 207 176 169 184 201 235 275 193 227 185 229 275 248 1946. 264 221 220 235 257 292 344 250 292 247 287 352 311 1947. 286 234 239 261 281 304 360 275 314 273 311 374 337 1948. 302 239 249 284 303 321 386 290 335 288 325 404 353 1949. 286 234 233 271 281 307 374 271 317 275 309 385 332 SEASONALLY ADJUSTED 1949—November. . . . 234 '231 267 266 '304 367 262 300 267 299 371 '320 December 293 239 237 276 283 311 382 281 330 293 322 403 1950—January.. . 282 244 229 267 290 300 376 274 282 246 300 396 316 February. . 280 229 220 276 271 299 383 262 300 284 301 409 323 March 274 216 217 262 270 288 374 265 297 249 298 389 321 April 292 244 235 281 299 323 397 269 319 277 307 401 333 May 290 231 226 270 299 321 390 277 330 268 309 403 336 June 298 240 242 285 299 333 392 278 326 283 322 410 342 July. 362 268 274 331 364 394 494 330 418 342 414 537 454 August 335 268 277 319 334 360 415 335 370 321 355 449 374 September. 320 255 262 310 333 332 409 305 360 289 346 420 368 October.... 291 216 238 279 299 312 370 282 305 292 303 375 343 November. P229 234 273 251 313 418 P288 P316 P289 P325 400 P345 UNADJUSTED 1949- -November. '340 292 r298 355 332 '377 426 324 378 310 347 442 3? 8 December.. 481 418 401 472 465 541 642 438 504 438 505 662 565 1950 -January 216 185 183 197 215 218 285 205 232 188 228 313 251 February 224 177 183 207 217 234 322 204 252 210 244 327 273 March 257 207 208 255 256 283 359 241 285 228 277 362 291 April. 285 241 225 276 290 313 389 269 316 278 304 393 32! May 286 228 221 275 296 316 378 280 323 273 306 391 319 Tune 281 230 230 271 281 307 345 278 293 272 296 353 321 July 283 185 192 239 284 285 386 271 326 276 340 429 387 August 2S1 198 202 239 290 288 373 278 318 287 326 399 35? September 331 263 267 313 337 356 426 320 363 321 363 454 374 October 309 239 259 299 317 333 388 296 326 328 328 405 '345 November. . . . P356 P287 302 363 313 387 485 P357 P398 P336 P377 472 P3 86 STOCKS' 1945. 166 153 160 150 156 188 159 166 165 158 183 1946. 213 182 195 191 205 248 258 205 225 21? 209 251 238 1947. 255 202 225 220 243 289 306 246 274 266 259 320 300 1948. 291 223 241 252 277 322 362 281 3U 301 389 346 1949. 270 210 221 233 256 301 339 260 296 299 276 362 323 SEASONALLY ADJUSTED 1949—November 273 219 ••222 231 253 295 352 261 308 305 284 365 329 December 271 228 227 232 262 295 352 253 309 292 276 351 321 1950—January 272 223 227 234 256 291 357 264 288 304 283 353 322 February 279 222 224 234 269 307 350 262 321 308 283 364 343 March 285 233 231 239 276 324 359 264 326 307 294 362 355 April 286 231 230 249 283 329 360 265 329 316 296 375 341 May 285 228 228 244 280 331 370 265 313 322 295 380 338 June 276 215 222 244 265 338 359 258 299 304 288 375 324 July 269 198 218 241 252 329 360 252 283 286 270 374 322 August 284 213 226 259 265 334 405 267 295 302 286 406 334 September 309 227 243 275 2Q6 345 438 288 325 323 306 431 389 October '329 '249 258 283 313 363 456 313 365 353 330 456 403 November P332 262 266 283 350 P357 448 309 374 P345 P335 446 395 UNADJUSTED J949—November 305 249 '256 266 279 327 395 298 329 331 313 405 365 December 244 205 207 204 219 267 306 237 259 270 246 323 293 .1950—January 244 198 200 204 224 267 321 238 248 279 257 328 294 February 267 209 217 230 251 299 354 254 289 296 278 357 323 March 290 226 237 251 273 334 377 274 317 319 300 384 348 April 294 227 237 259 287 344 378 273 329 321 305 393 347 May 289 226 231 249 283 337 366 268 313 323 301 380 350 June 267 206 209 229 261 305 345 248 299 294 288 353 326 July 258 192 194 217 251 308 339 232 295 292 265 351 332 August 285 223 226 254 280 337 401 259 322 299 281 402 333 September 322 245 256 286 324 362 451 297 361 328 312 444 389 October r362 r281 291 '326 355 403 497 341 409 '371 353 479 430 November. . P372 298 306 326 377 ^397 501 352 400 P375 P369 495 438 P 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 for sales see BULLETIN for June 1944, pp. 542-561, and for stocks see BULLETIN for June 1946, pp. 588-612. 85 JANUARY 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS Percentage change Ratio of Index numbers from a year ago stocks to without seasonal adjustment (value) sa es x 1941 average monthly sales =1002 Num- Department r b s e t e p o r o r r e t o s - f Sale p s e ri d o u d ring m S ( t o e o n n c d t k h o s ) f October Sale pe s r i d o u d ring Sto o c f k m s o a n t t h end ing 1 O 9 c 5 t 0 . m 1 o T 9 n e 5 t n 0 hs 1 O 9 c 5 t 0 1950 1949 Oct. 195 S 0 ept. 1 Oc 9 t 4 . 9 Oct. 195 S 0 ept. 1 O 9 c 4 t. 9 GRAND TOTAL—entire store 3 353 +4 +3 +23 3.4 2.9 MAIN STORE—total 353 +5 +4 +23 3.6 3.1 223 230 213 810 714 656 Piece goods and household textiles 313 +3 +1 +23 4.0 3.3 199 212 193 794 691 645 Piece goods 289 -11 -17 + 10 3.8 3.0 209 211 234 786 789 713 Silks, velvets, and synthetics 190 -10 -21 +8 3.7 3.1 191 186 213 715 716 667 Woolen yard goods 172 -17 -17 +9 3.0 2.3 359 389 430 1,065 1,096 980 Cotton yard goods 184 -6 -12 +23 4.9 3.8 147 144 156 718 688 570 Household textiles 306 +13 + 14 +31 4.1 3.5 196 217 174 797 647 608 Linens and towels 279 + 12 + 10 +30 4.8 4.2 172 171 153 836 700 640 Domestics—muslins, sheetings 252 +24 +21 +27 3.3 3.2 201 254 162 663 500 516 Blankets, comforters, and spreads 238 +4 +8 +36 3.9 3.0 214 238 204 827 693 607 Small wares 343 +3 0 +19 4.4 3.8 186 175 180 812 692 685 Laces, trimmings, embroideries, and ribbons.. 204 +4 i + 16 4.2 3.8 201 190 192 852 755 747 Notions 242 -3 -2 +21 4.2 3.4 227 236 232 947 835 785 Toilet articles, drug sundries 328 +4 +4 + 19 4.4 3.9 142 144 137 636 520 536 Silverware and jewelry 317 + 14 2 +23 4.6 4.2 224 189 196 1,024 900 836 Silverware and clocks 4 213 + 19 + 1 +24 5.4 5.2 Costume jewelry 4 280 0 —4 + 18 3.4 2.9 Fine jewelry and watches 4 76 +46 0 +28 6.2 7.1 Art needlework 237 -3 -5 +24 4.2 3.3 192 166 199 812 751 664 Books and stationery 272 -4 -1 + 13 4.3 3.7 199 178 207 857 673 761 Books and magazines 133 -5 r + 1 3.4 3.3 164 146 173 571 482 565 Stationery 239 -3 + 1 + 17 4.6 3.8 197 190 204 905 751 780 Women's and misses' apparel and accessories 350 -1 -2 +20 3.0 2.5 220 238 222 669 590 557 Women's and misses' ready-to-wear accessories. 350 + 1 +2 +25 3.8 3.1 208 225 206 794 683 627 Neckwear and scarfs 311 +3 +4 +29 2.5 2.0 297 288 289 758 602 566, Handkerchiefs 283 -4 -7 + 12 5.6 4.8 136 115 143 761 589 680 Millinery 167 0 0 +5 1.0 1.0 231 309 231 231 219 204 Women's and children's gloves 324 +5 + 1 + 12 4.7 4.4 170 148 162 799 686 719 Corsets and brassieres 336 +3 +2 +24 3.6 3.0 243 259 236 880 813 712 Women's and children's hosiery 343 c +9 +60 3.8 2.3 147 147 155 566 460 353 Underwear, slips, and negligees 342 +1 -4 +27 4.7 3.7 189 180 187 888 714 697 Knit underwear 256 +5 +4 +30 4.1 3.3 252 241 241 1,026 820 788. Silk and muslin underwear, and slips 288 -2 -8 +25 5.2 4.1 164 157 167 848 698 684 Negligees, robes, and lounging apparel 249 +2 7 +30 4.6 3.6 173 157 170 794 579 613 Infants' wear 326 +3 + 1 +25 3.4 2.8 300 333 292 1,013 890 818 Handbags and small leather goods 332 +2 0 + 18 3.0 2.6 193 211 190 578 452 486 Women's and children's shoes 242 + 1 +3 + 19 5.1 4.3 215 270 214 1,101 1,032 897 Children's shoes 4 202 -8 — 1 +25 5.3 3.9 Women's shoes 4 217 +3 +5 + 18 5.1 4.4 Women's and misses' ready-to-wear apparel.. . 350 -2 -6 + 12 2.3 2.0 "233' 251 239 537 488 482 Women's and misses' coats and suits 339 — 5 —6 +7 2.0 1.7 299 286 315 588 556 551 Coats 4 210 —6 —9 +7 2.0 1.8 Suits 4 204 — 1 0 + 10 1 8 Juniors' and girls' wear 314 -4 -6 + 12 2.4 2!l 266 318 278 655 582 589 Juniors' coats, suits, and dresses 290 -8 -10 +5 2.0 1.7 261 307 284 514 485 489 Girls' wear 312 + 1 -2 + 17 3.0 2.6 288 354 286 862 739 739* Women's and misses' dresses 341 -1 — 7 +7 1.8 1.7 201 212 203 370 322 347 Inexpensive dresses 4 260 —4 — 10 +6 1.5 1.4 Better dresses 4 265 +2 —3 +7 2 1 2 0 Blouses, skirts, and sportswear 340 -1 +22 2.4 1.9 274 328 276 656 574 544 Aprons, housedresses, and uniforms 287 +2 -9 +12 2.8 2.5 136 142 133 376 334 336 Furs 270 + 1 +5 + 10 3.9 3.6 148 144 146 584 602 522 Men's and boys' wear 329 +6 +3 +18 4.9 4.4 196 192 185 957 861 81& Men's clothing 255 +13 +6 +8 4.3 4.4 229 203 202 973 920 906 Men's furnishings and hats 313 +3 +1 +24 5.3 4.4 175 158 169 921 765 738- Boys' wear 300 +1 + 1 +21 4.9 4.1 207 256 206 1,014 925 845 Men's and boy's shoes and slippers 190 +6 +9 + 18 6.2 5.5 177 198 167 1,093 988 930* Housef urnishings 316 +14 +18 +32 3.5 3.1 283 289 248 1,002 903 754 Furniture and bedding 243 + 16 + 19 +26 3.3 3.0 246 246 213 812 744 640. Mattresses, springs, and studio beds4 164 +18 +21 +64 2.1 1.4 Upholstered and other furniture 4 173 + 14 + 17 +21 3 6 3.4 Domestic floor coverings 276 + 17 + 13 +43 3.8 3.1 287 261 246 1,088 1,010 756 Rugs and carpets 4 158 + 19 + 13 +47 3.8 3.1 Linoleum 4 99 —5 — 7 + 17 4.5 3.7 Draperies, curtains, and upholstery 296 +7 +5 +24 3.5 3.1 265 220 247 938 892 758= Lamps and shades 249 -1 . +4 +25 3.3 2.6 258 222 260 854 745 691 China and glassware 248 +8 +8 +5 6.0 6.1 191 180 177 1,140 1,087 1,093" Major household appliances 247 -5 +31 +56 3.1 1.9 273 428 289 850 697 '543 Housewares (including small appliances) 259 +6 +5 +35 4.3 3.4 288 310 272 1,230 1,121 91a Gift shop 4 168 + 12 + 10 + 17 5.0 4.8 Radios, phonographs, television, records, etc.4. 226 +63 +84 +91 2.1 1.8 Radios, phonographs, television 4 175 +78 + 111 +151 1.9 1.3 Records, sheet music, and instruments4 125 + 10 -1 + 18 5.2 4.8 Miscellaneous merchandise departments 315 +3 +3 +24 4.6 3.8 186 177 181 853 752 670 Toys, games, sporting goods, and cameras.... 295 +3 +4 +24 7.4 6.2 201 159 195 1,490 1,171 1,199- Toys and games 240 +3 +5 +24 7.4 6.2 204 128 198 1,513 1,077 1,225 Sporting goods and cameras 146 +5 +2 +25 7.1 5.9 200 173 191 1,413 1,017 1,099 Luggage 265 + 12 0 +32 6.2 5.3 167 180 148 1,037 846 794 Candy4 189 + 1 0 + 14 1.4 1.3 For footnotes see following page. 86 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS—Continued Percentage change Ratio of Index numbers from a year ago stocks to without seasonal adjustment (value) sales i 1941 average monthly sales=100 2 Num- Department r b s e t e p o r o r e o rt s f - Sale p s e r d io u d ring ( m S e t n o o d n c k t o h s f ) October Sale p s e r d io u d ring Sto o c f k m s o a n t e th nd ing Ten 1950 1949 1950 1949 1 O 9 c 5 t 0 . m 1 o 9 n 5 t 0 hs 1 O 9 c 5 t 0 . 1950 1949 Oct. Sept. Oct. Oct. Sept. Oct. BASEMENT STORE—total 199 +2 -2 +22 2.8 2.3 213 215 209 588 524 481 Domestics and hi a tike ts * 136 +13 +9 +37 3.0 2.4 Women's and misses' ready-to-wear 193 -1 -6 +20 2.3 1.9 210 215 212 490 436 409 Intimate RDDarel ^ 170 +3 0 +30 3.3 2.6 180 -12 + 10 1.7 1.4 Dresses ^ 1 1 1 7 2 5 7 3 9 - - 1 1 Q -1 -4 1 j + + + 2 1 6 3 6 2 2 1 . . . 2 4 6 2 1 1 . . . 1 8 5 122 +5 0 +27 2.7 2.2 +2 Men's and boys' wear 159 +4 +1 +23 3.4 2.9 225 228 216 779 668 634 Men's wear * 137 +3 0 +24 3.4 2.9 92 0 0 + 18 3.1 2.6 119 +5 0 +28 3.7 3.1 Bovs* wear * 119 +7 +3 + 17 3.2 3.0 Housef urnishings . . .. 103 +7 +4 +35 2.7 2.1 254 202 237 677 600 504 Shoes 123 +2 +1 +13 4.0 3.7 157 182 154 633 584 549 NONMERCHANDISE—total * 168 +4 +2 (6) (5) (6) Barber and beauty shop ^ 69 4 + 1 (5) (5) (5) 1 The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. 2 The 1941 average of monthly sales for each department is used as a base in computing the sales index for that department. The stocks index is derived by applying to the sales index for each month the corresponding stocks-sales ratio. For description and monthly indexes of sales 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 858 were reversed. 3 For movements of total department store sales and stocks see the indexes for the United States on p. 85. 4 Index numbers of sales and stocks for this department are not available for publication separately; the department, however, is included in group and total indexes. 6 Data not available. NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1949, sales and stocks at these stores accounted for almost 50 per cent of estimated total department store sales and stocks. Not all stores report data for all of the departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total. SALES, STOCKS, ORDERS, AND RECEIPTS WEEKLY INDEX OF SALES AT 296 DEPARTMENT STORES i [Weeks ending on dates shown. 1935-39 average -100] [In millions of dollars] Reported data Derived data l Without seasonal adjustment Year or month m ( S t o f a o o n l t r e t a h s l ) m ( S e t o n o n d c t k o h s ) f s m ( t o e a O r o n n d u n d d e t t i - r o h n s ) f g R m ( e o t c f o o n e t r t i a p h l ) ts m o ( N r o t f d o o e n e w t r t a r h l s ) Feb. 1 1 5 2 9 . . 4 . . . 9 . . .. . 2 2 3 2 8 9 Feb. 1 1 4 1 9 . . 5 . .. 0 . . . . . 2 22 3 6 8 Aug. 1 1 6 3 9 . 4 . . . 9 . . . . . . 2 2 2 1 8 8 Aug. 1 1 5 2 95 .. 0 .. . . 2 2 9 7 6 3 19... ..227 18... ..231 20... ..252 19 .281 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 4 4 4 4 4 4 4 4 5 2 6 8 7 4 9 3 a a a a a a a a v v v v v v v v e e e e e e e e r r r r r r r r a a a a a a a a g g g g g g g g e e e e e e e e . . . . . . . . . . . . . . . . . . . . . . . . 3 3 3 3 2 2 2 1 5 3 1 3 2 5 0 7 2 7 8 3 7 5 4 9 8 9 8 5 5 5 5 7 1 2 5 0 6 3 9 1 2 6 9 9 3 5 9 5 9 4 3 2 5 5 5 7 0 5 6 5 3 6 6 2 9 2 5 0 0 3 0 9 3 3 3 2 2 2 3 1 4 3 6 2 5 0 3 8 4 8 6 6 6 3 0 2 2 3 3 3 3 2 2 1 2 3 2 4 3 3 6 9 7 6 3 5 1 6 9 2 A M p a r r . . 2 2 2 1 1 1 9 5 2 6 6 3 9 2 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 . 2 2 2 2 3 3 2 3 3 6 7 6 1 2 5 4 0 2 1 7 6 4 0 6 4 1A M p a r r . . 2 2 2 1 1 1 8 4 2 5 1 5 1 5 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 3 2 3 2 2 2 2 5 4 2 7 5 2 0 7 6 4 4 1 9 3 0 1 9 4 S O e c p t. t. 2 2 2 1 1 1 3 7 8 4 7 1 2 0 5 . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . 2 2 . 2 2 2 2 2 3 3 9 5 9 7 9 9 9 0 1 2 2 7 3 5 6 0 2 5 O Se c p t. t. 3 2 2 1 2 1 0 7 1 9 2 4 6 3 6 . . . . . . . . . . . . . . . . . . . . . 3 3 2 3 2 3 3 3 3 2 9 1 6 8 2 2 2 0 2 5 0 8 8 2 0 5 4 1949—Nov 397 990 350 »-433 '338 30... . .286 29... ..285 29... ..298 28 .313 Dec 583 788 296 381 327 May 7... ..334 May 6... ..301 Nov. 5... . .315Nov. 4 .315 1950— A F M M Ja e p a n a b r r y.... 3 3 3 2 2 3 1 2 4 5 0 9 0 7 6 9 9 9 8 7 2 0 2 5 8 6 6 0 4 7 3 3 3 2 2 2 4 7 9 9 6 8 1 3 0 3 3 3 2 3 8 2 1 5 1 6 5 0 5 4 3 3 3 2 2 1 8 1 7 4 7 7 9 0 9 June 2 2 1 1 1 4 1 8 1 4 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 2 2 2 2 8 7 5 8 8 8 5 5 9 8 0 5 June 2 2 1 1 1 3 0 7 0 7 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 3 3 3 2 8 7 0 0 0 6 2 5 2 2 8 1 Dec. 2 1 1 1 1 3 6 9 2 0 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 5 4 5 3 3 1 4 4 8 3 4 8 2 9 4 0 2 Dec. 2 1 1 1 5 8 1 2 9 6 . . . . . . . . . . . . . . 4 5 3 3 3 6 4 4 5 6 1 3 2 4 4 8 9 8 S O J J A u u e u c p n l g t t y e .. . .. . . . . . , . . 3 3 3 3 29 3 1 6 7 2 1 7 1 0 '1 1 , , 1 0 8 9 7 6 2 3 1 8 9 3 8 9 9 C 3 6 7 7 5 9 6 0 5 9 3 9 2 5 3 c5 2 2 4 4 0 4 4 6 8 1 8 4 0 1 C 3 5 4 5 3 7 2 6 2 9 2 2 5 8 2 July 2 2 1 2 9 3 6 5 . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 2 2 2 3 4 0 1 0 8 7 7 3 1 July 2 2 1 8 4 1 2 5 . . . . . . . . . . . . . . . . . . . . . . . . . 3 2 2 2 2 6 0 6 5 1 5 3 3 0 8 3 1 2 9 1 4 5 . . 0 . . . . . . . . 5 1 4 9 1 7 1 2 3 9 3 0 5 . . 1 . . . . . . . .2 6 3 4 7 0 Nov P406 Pl.214 P444 P451 P3O2 30... ..209 29... ..295 Jan. 7... ..205 Jan. 6.... .285 Un 1 i t T P e h d re e l s S i e m t a i f t n i e g a s u r . r y e . s F i a g r u e r e n s r o R f t o e e r v s t i s s i a m e l d e a s . t , e s s to fo ck r s c , a C l a l o n d r d r e e p o c a t u e r t d t s m . ta e n n d t i n s g t o o re r s d e i r n s a th re e 2 2 1 1 8 4 . . . . . . . . . . . .. . . 2 2 2 2 3 3 2 0 3 2 2 1 7 3 0 based on actual reports from the 296 stores. Receipts of goods are derived from the reported figures on sales and stocks. New orders NOTE.—For description of series and for back figures, see BULLETIN are derived from estimates of receipts and reported figures on out- for September 1944, pp. 874-875. standing orders. Back figures.—Division of Research and Statistics. JANUARY 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES [Percentage change from corresponding period of preceding year] 1 N 9 o 5 v 0 . 1 O 9 c 5 t 0 . m 19 1 o 5 1 s 0 . 1 N 9 o 5 v 0 . 1 O 9 c 5 t 0 . m 19 1 o 5 1 s 0 . 1 N 9 o 5 v 0 . 1 O 9 c 5 t 0 . m 1 1 9 o 5 1 s 0 . 1 N 9 o 5 v 0 . 1 O 9 c 5 t 0 . m 19 1 o 5 1 s 0 . United States. P+3 +4 +5 Cleveland- cont. Chicago v+10 Kansas City— B N P o o e s r w t t o l n a H n a d ven v- + 2 4 0 + + + 1 5 3 + + + 1 2 3 W E Pi r t h i t e e s * e b l u in rg g h i i. ... - + 19 5 + + + 1 1 1 2 5 8 + + + 6 5 8 F C P o e h r o i t c r a i W g a1 o a y l ne K, O T c u k o l l n s a a h t. oma City. + -2 1 + + 9 7 Boston Area -4 +2 +3 Richmond +2 +3 +4 Indianapolis l., Dallas ±11 -1 +11 D B o o w s n to to n wn Cj +2 W Ba a l s ti h m in o g r t e on x... +3 + -1 2 + + 2 2 T D e e r s r e M H oi a n u e t s e . K . . S C h o r r e p v u e s p o C r h t risti.. -1 + 4 4 + + +151 Springfield +5 +5 # Hagerstown. ... + 1 + 1 +7 Detroit * Dallas i -HI +3 +12 Worcester +8 +8 +2 Asheville, N. C. -12 -3 -3 Flint i Fort Worth +11 0 + 11 Providence +4 +2 +3 Raleigh 0 -1 +4 Grand Rapids. Houston x +9 +8 +10 N A N E N N B B B e l u l i e e r i w m b n a i f w w d f a g g i a a n g r a Y h l Y a r o y e r a o k a o p m r i r l o k F k t r o a t C n 1 ll i s t . y . + + + + + + + + - 1 1 1 8 1 7 1 7 1 1 2 + + + + + + + + + 1 1 5 5 5 7 7 6 3 1 3 + + + + + + + + + 1 2 2 2 8 8 3 2 0 1 W L G N C C C H R y o h i h o r u i c e n l a r ' n n h l u e f c r s s t o m n m l h i t ' e l t n v o k b o o b s i g n u t n n l i o t - l a r d . o e S n g W , n a , S l S . e V . . m C C a . , , . + + + + + — - 2 1 4 8 9 2 1 0 5 7 + + + + + + - - - 2 1 5 4 8 9 5 9 9 6 5 + + + + + + + - - 1 1 1 2 7 2 8 9 4 0 4 S L F L L M G M E t. o a o i v r i a t n e u r a l t L d t w e l s i n e s i o n i s s a n v S u o v u R g i B m i l n i k s l o l e a e l i c e y t e x k h . . » . . . * l . . . . . . . . . , . . . . . S T S F L L O P B a a r h o u o a n a e n o s n c k k s s e g e l n A A o a n r o s n n F i n B n f x d g i * r e t e e a o a * l a l n d c n e n h c s i d K i o s l l . . . c . . . o . . . . . . . . P + + + + 1 4 6 2 8 | -1 - - - - 6 6 5 4 3 + + + + + + + - 1 1 3 4 9 6 8 3 1 3 Poughkeepsie.. -4 -1 0 Atlanta +14 -2 +8 Quincy , Berkeley i +6 +7 Rochester x +10 0 +4 Birmingham l. . + 12 + 17 +8 East St. Louis Riverside and Schenectady. . +12 +10 +2 Mobile +2 +5 +6 St. Louis i San Bernardino p +3! -6 + 10 Syracuse x +1 +7 +5 Montgomery l. . +4 +4 +6 St. Louis Area. Sacramento l. . . +51 + 1 +9 Utica +2 + 13 +6 Jacksonville l... +6 -22 + 1 Springfield San Diego l. , . . + -4 + 10 P T Y W L R P h h r a e o i i e n l i a r l a l n k k d c a d t e a i d o e n * s s e n l - g t p l B e p l h l r a h i J r a i r a . e . i » . . + + + 3 5 2 0 0 0 + + + + 4 4 7 6 + + + + + + + 6 8 5 3 8 5 1 O A T A M M C R a o r o u t a i l l m a m l g a a c u m u n o n p e m s n d t a i a t b o a l l * u l s + + + + + + + 1 1 1 1 9 8 6 9 9 8 1 + - - - + + 2 1 + 1 - 1 6 1 4 6 2 7 9 4 + + + + + + + 2 1 1 1 7 6 0 7 0 4 0 0 M K S M M D a S i t u n . n i e u n l n m s P p u n a e e t a p e s a h r a h u i p - p o P i o C s r o l i l i * * t s i y . s . . . . . l . . . . . , . +6 S S S V S B N N a a t a o a o n n n l i a a c l s t e m e p a k J F j o t o a r p a o s R a 1 a n e n a n o d n c l s i d a s c l. o . » . . +6 - + ± + 12 6 1 3 + + + - + 2 8 6 4 2 C A C le k a v n r e o t l o n a n n 1 l d - - - 7 6 4 + +1 | 7; + + + 7 6 9 S N B a e a v w to a n n O n R r a l h o ea u n g s e * l. . , . + 1 0 c 1 + -9 9 + + - 4 1 3 1 D P H u e u e n t b c v h l e o i r n . s . o • n. . , S P B a o e l r l t l t i l L n a g a n h k d e a m C i l. t y . » . . P + + + 1 9 1 7 1 + -2 4 0 + + + 2 5 7 3 Cincinnatil. . . +2 +7 Jackson l +9 +7 Topeka Everett * + 13 + 14 +6 Cleveland * -10 + 14 +6 Meridian +2 0 Wichita Seattle * + 16 + 11 + 10 S C p o r l i u n m gf b ie u l s d l l. . . - - 1 1 2 0 +2 I ' + + 1 2 C Br h i a st t o ta l nooga *. . + 13 + - 1 4 6 + 1 0 J K o a p n li s n as City.. S T p ac o o k m an a e * ' . ... + + 1 1 2 2 + + 1 8 2 + + 1 9 2 Toledo i + 13 + 15; +6 Knoxville * 0 +41 +4 St. Joseph. . . Yakima ». . . . P4-19 -3 -1 Youngstown ». +50| +8 Nashville1 + 1 +2 + 7 Omaha P Preliminary. 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. 3Ten months 1950. COST OF LIVING Consumers' Price Index for Moderate Income Families in Large Cities [Index numbers of the Bureau of Labor Statistics, 1935-39 average = 100] Fuel, elec- Year or month All items Food Apparel Rent r t e r f i r c i i g ty er , a a ti n o d n fur H ni o s u h s in e gs Miscellaneous 1929... 122.5 132.5 115 3 141 4 112.5 111.7 104.6 1933 92.4 84.1 87 9 100.7 100 0 84.2 98.4 1940 100 2 96 6 101.7 104.6 99.7 100.5 101 1 1941 105 2 105 5 106 3 106 2 102 2 107 3 104 0 1942 116.5 123 9 124.2 108.5 105.4 122 2 110 9 1943 123.6 138.0 129 7 108.0 107 .7 125.6 115.8 ] 944 125 5 136 1 138 8 108 2 109 8 136 4 121 3 1945 128 4 139.1 145 9 108 3 110.3 145 8 124 1 1946 139.3 159.6 160 2 108.6 112.4 159.2 128.8 1947 159.2 193 8 185.8 111.2 121.2 184.4 139.9 1948 171 2 210 2 198 0 117.4 133 9 195 8 149 9 1949 169.1 201.9 190.1 120.8 137.5 189 0 154 7 1949—October 168.5 200 6 186.8 121.5 138 4 185 2 1S5 2 November 168.6 200 8 186.3 122.0 139 1 185 4 154.9 December 167.5 197.3 185.8 122.2 139.7 185.4 155.5 1950—January 166.9 196 0 185.0 122.6 140.0 184.7 155.1 February. . . 166.5 194 8 184.8 122 8 140.3 185 3 155 1 March 167.0 196.0 185.0 122.9 140.9 185 4 155 0 April 167.3 196.6 185.1 123.1 141.4 185 6 154.8 May 168 6 200 3 185.1 123 5 138 8 185 4 155 3 June 170.2 204 6 185.0 123.9 138.9 185.2 155.3 July 172.5 210 0 184.7 124.4 139 5 186 4 156 2 August . .... 173.0 209 0 185.9 124.8 140.9 189 3 158 1 September 173.8 208.5 190.5 124.8 141.8 195.4 158.8 October 174.8 209.0 193.4 125.0 143.1 199.8 159.5 November 175.6 209.5 195.0 125.4 143.7 202.3 160.5 Back figures.—Bureau of Labor Statistics, Department of Labor. 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 1Bureau of Labor Statistics. 1926 =100] Other commodities All Manu- Year, month, or week m c t o o ie m d s i - - F p u r a c o r t d m s - Foods Total l H e p u a a r i n c o t d h t d d e s e - s r T p u e r x c o t t d s i - le li m g F r a h i a u n a t t e d l i e s n l - g M m p u a r e e c n o t t t d d a a s - l l s B m r i u i a n a i t g l l e d s - - c C a a p h u l l r s l e c o i m e t a d s d n - i d - H g n f o o i i u n u s o r g h s d - e - s - n c M e e o l i l s u a - - s m R ri a a a t w l e s - t p u u f r a c r o c e t d - s d - 1929 95 3 104.9 99.9 91 6 109 1 9f 4 83.0 100 5 95.4 94 0 94 3 82 6 97 5 94 5 1930 86.4 88.3 90.5 85.2 100.0 8C.3 78.5 92.1 89.9 88.7 92.7 77.7 84.3 88 0 1931 73 0 64 8 74 6 75 0 86 1 66. 3 67.5 84 5 79 2 79 3 84 9 69 8 65 6 77 0 1932 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.9 75.1 64.4 55.1 70.3 1933 65.9 51.4 60.5 71.2 80.9 64.8 66.3 79.8 77.0 72.1 75.8 62.5 56.5 70.5 1934 74 9 65 3 70.5 78 4 86 6 72 9 73.3 86 9 86 2 75 3 81 5 69 7 68 6 78 2 1935 80.0 78.8 83.7 77.9 89.6 70.9 73.5 86.4 85.3 79.0 80.6 68.3 77.1 82.2 1936 80 8 80 9 82 1 79 6 95 4 71 5 76 2 87 0 86 7 78 7 81 7 70 5 79 9 82 0 1937 86 3 86.4 85.5 85.3 104 6 1(\. 3 77.6 95.7 95 2 82.6 89.7 77.8 84 8 87 2 1938 78.6 68.5 73.6 81.7 92.8 66.7 76.5 95.7 90.3 77.0 86 8 73.3 72.0 82.2 1939.. 77 1 65 3 70.4 81.3 95 6 7 73.1 94 4 90 5 76 0 86 3 74 8 70 2 80 4 1940 78.6 67.7 71.3 83.0 100 8 73 ft 71.7 95.8 94.8 77.0 88.5 77.3 71.9 81.6 1941. 87 3 82 4 82 7 89 0 108 ^ 84 ft 76.2 99 4 103 2 84 4 94 3 82 0 83 5 89 1 1942 98 8 105.9 99.6 95.5 117 7 96.9 78.5 103.8 110.2 95.5 102 4 89.7 100 6 98.6 1943 103.1 122.6 106.6 96.9 117.5 97.4 80.8 103.8 111.4 94.9 102.7 92.2 112.1 100 1 1944. . . 104 0 123.3 104 9 98.5 116 7 98 4 83.0 103.8 115 5 95 2 104 3 93.6 113.2 100 8 1945 105.8 128.2 106.2 99.7 118.1 10C.1 84.0 104.7 117.8 95.2 104.5 94.7 116.8 101 8 1946.. 121 1 148 9 130 7 109 5 137 90.1 115 5 132 6 101 4 111 6 100 3 134 7 116 1 1947 152.1 181.2 168.7 135.2 182 4 141 7 108.7 145.0 179.7 127.3 131.1 115.5 165.6 146.0 1948.. 165 1 188 3 179 1 151 0 188 8 140 ft 134 2 163 6 199 1 135 7 144 5 120 5 178 4 159 4 1949 155.0 165.5 161.4 147.3 180.4 14C.4 131.7 170.2 193.4 118.6 145.3 112.3 163.9 151.2 1949—November.... 151.6 156.8 158.9 145.0 180.8 0 130.2 167.3 189.6 115 8 143.4 109.7 160.4 148 2 December 151.2 154.9 155.7 145.4 179.9 138.4 130.4 167.8 190.4 115.2 144.2 110.7 159.5 147.9 1950—January 151.5 154.7 154.8 145.8 179 3 138.5 131.4 168.4 191.6 115.7 144.7 110.0 159.8 148.2 February 152 7 159 1 156 7 145 9 179 0 131.3 168 6 192 8 115 2 145.2 110 0 162 4 149 1 March 152 7 159.4 155.5 146.1 179 6 137 131.5 168.5 194.2 116 3 145.5 110.7 162.8 148.9 April 152 9 159 3 155 3 146 4 179 4 4 131.2 168 7 194 8 117 1 145 8 112 6 162 5 149 4 May 155 9 164.7 159 9 147.6 181 0 H6 1 132.1 169.7 198 1 116 4 146.6 114 7 166.3 152 2 June. ... 157.3 165.9 162.1 148.8 182.6 136.8 132.7 171.9 202.1 114.5 146.9 114.7 167.7 153.5 July 162 9 176 0 171 4 151.5 187,2 14? 6 133.4 172 4 207 3 118 1 148.7 119 0 175.8 158 0 August 166 4 177 6 174 6 155.5 I 195 6 149 •> 134.4 174 3 213 9 122 5 153.9 124 3 179.1 161.2 September 169.5 180.4 177.2 159.2 ! 202 9 158.3 135.1 176.7 '•219.6 128.6 159.2 127.4 181.8 164.0 October 169.1 177.8 172.5 161.5 5 163.1 135.4 178.6 '218.9 132.2 163.8 131.3 180.2 163.5 November 171.6 183.7 175.2 163.5 1 211 6 166.0 135.6 180.3 217.2 135.5 166.8 137.6 184.4 164.9 Week ending:1 1950—Nov. 7 170.0 181.3 173.6 162.2 164.4 135.3 180.6 218.2 133.7 Nov. 14 171.0 183.1 176.5 162.6 165 4 135.4 180.1 217.8 135.2 Nov. 21 171.2 184.9 177.5 162.4 166.6 135.4 180.4 218.1 135.8 Nov. 28 171.7 185.7 178.2 162.8 166.2 135.4 180.6 219.1 136.6 Dec 5 172 7 187.5 180 0 163.4 166 7 134.8 183 3 220 8 136 7 Dec. 12 173.6 186.5 180.5 164 5 169.3 134.9 185.1 221.0 138.3 Dec. 19 174.7 188.5 180.8 165.2 170.2 136.0 184.3 221.8 138.6 Dec 26. 176.0 190.6 181.4 165.9 171.3 136.0 184.1 222.0 139.8 1949 1950 1949 1950 Subgroups Subgroups Nov. Aug. Sept. Oct. Nov. Nov. Aug. Sept. Oct. Nov. Farm Products: Metals and Metal Pio ducts: Grains 156.4 167.7 166.5 165.3 172.1 Agricultural mach. & equip.. 143.1 145.5 150.3 152.() 153.1 Livestock and poultry 169.6 217.3 211.3 198.7 197.3 Farm machinery. . 145.7 147.7 152.7 154.= 155.7 Other farm products 148.2 155.3 164.4 167.4 177.4 Iron and steel. 163.4 171.0 172.2 173.2 173 .9 Motor vehicles 176 7 176 1 176 176 £ 176 9 Dairy products.... 154.7 148.0 154.7 160.8 164.1 Nonferrous me1als 131.7 156.3 166.1 173.2 181.7 Cereal products 144.6 154 9 155.5 153.8 154.1 Plnmbine and 1leating 154 6 164.6 166 9 177.2 182.5 Fruits and vegetables 130.7 132.0 131.0 129.5 140.4 Building Materials: Meats 212.9 240.2 241.0 223.7 242.9 Brick and tile. 161.9 167.8 168 7178.1 178.5 Other foods 139 6 154 1 158 7 156.4 158.9 Cement 134.5 135.5 136 140.2 140.6 Hides and Leather Products: Lumber 283.5 357.6 371.5 '358.4[ 345.9 Shoes. ... 184.3 191.4 194.8 '200.3 203.8 Paint £_inrl naint materials 140.1 142.4 145 9 145./ 148.1 Hides and skins. . . 199.5 238.2 264.7 266.5 269.5 Plumbing and heating . 154.6 164.6 166.9 177.2 182.5 Leather 177.0 192.3 196.8 201.3 204.9 Structural steel 178.8 191.6 191 6 191.(> 191.6 Other leather products 141.1 151.3 151.3 164.9 164.9 Other building materials 168.6 178.7 182 .5 186.5 189.1 Textile Products: Chemicals and Allied Products: Clothing 144.2 145.2 146.7 147.7 151.4 Chemicals 115.0 122.1 4 131. t 134.3 Cotton goods 177.9 206.8 221.6 225.7 231.1 Drugs and Pharmaceuticals. . 123.0 135.0 153.4 161.1 163.8 Hosiery and underwear 98.4 101 2 105 3 109.2 109.4 Fertilizer materials 118.3 112.1 111 4 111.2 112.0 Silk 49.5 65.6 64.9 65.3 69.0 Mixedfertilizers 107.0 103.1 103 1 103.1 103.5 Rayon and nylon 39.6 41.3 41.7 42.5 42.6 Oils and fats 118.3 141.5 163.9 160.:* 171.5 Woolen and worsted goods.. 146.0 157.7 178.7 188.9 190.6 HousefurnLhing Goods: Other textile products 169.0 181.5 191.3 207.3 210.4 Furnislings.. . 149.9 162.8 168.1 173.) 176.6 Fuel and Lighting Materin-ls- Furnitiire 136 8 144.6 149 Q 153 = 156 5 Anthracite 139.3 142.1 142.8 143.9 144.7 Miscellaneous: Bituminous coal.. . 192.4 192.5 193.1 193.3 193.2 Auto tires and tubes 62.5 75.0 77.4 78.1 82.3 Coke 222 2 225 6 225 6 231.1 232 5 Cattle feed 184.9 205.6 90} 8 199. t> 211.4 Electricity 70 3 65 5 6S 6 Paper and pulp 156.5 163.9 167.1 173.AI 178.6 Gas 88.3 88.1 89.0 88.9 Rubber, crude 35.4 106.1 114.7 131. J= 150.5 Petroleum products 108.5 116.8 117.8 118.0 1181 Other miscellaneous 121.2 125.4 127.8 130.' 134.7 ! r Revised. 1 Weekly indexes are based on an abbreviated sample not comparable with monthly data. Back figures.—Bureau of Labor Statistics, Department of Labor. JANUARY 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME [Estimates of the Department of Commerce. In billions of dollars] RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING Seasonally adjusted annual rates Annual totals by quarters 1949 1950 1929 1933 1939 1941 1946 1947 1948 1949 Gross national product 103.8 55.8 91.3 126.4 211.1 233.3 259.1 255.6 254.4 253.8 263.4 270.3 284.3 Less: Capital consumption allowances 7.2 8.1 9.3 12.2 14.8 17.4 18.8 18.9 19.3 19.7 20.5 21.3 Indirect business tax and related liabilities. 7.0 7.1 9.4 11.3 17.3 18.7 20.4 21.3 21.7 21.5 22.0 23.2 25.0 Business transfer payments .6 .7 .5 .5 .6 .7 .7 .7 .7 .7 .7 .7 .7 Statistical discrepancy — .1 1.2 1.4 1.6 1.7 .3 -2.9 -1.9 -3.6 -1.9 4.2 -2.6 -6.4 Plus: Subsidies less current surplus of government enterprises -.1 .5 .1 .9 -.1 .0 .1 .0 .0 .2 .6 .4 Equals: National income 87.4 39.6 72.5 103.8 180.3 198.7 223.5 216.8 216.7 214.2 216.9 229.1 244.1 Less: Corporate profits and inventory valuation adjustment 10.3 -2.0 5.8 14.6 18.3 24.7 31.8 29.9 31.8 28.4 28.2 35 38.5 Contributions for social insurance .2 .3 2.1 2.8 6.0 5.7 5.2 5.7 5.6 5.7 6.7 6 6.9 Excess of wage accruals over disbursements .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 Plus: Goyernment transfer payments .9 1.5 2.5 2.6 10.9 11.1 10.6 11.6 11.9 11.8 20.9 14 11.2 Net interest paid by government 1.0 1.2 1.2 1.3 4.4 4.4 4.5 4.7 4.7 4.7 4.7 4 4.8 Dividends 5.8 2.1 3.8 4.5 5.8 6.6 7.5 7.8 7.4 8.2 8.1 8 9.4 Business transfer payments .6 .7 .5 .5 .6 .7 .7 .7 .7 .7 .7 .7 Equals: Personal income 85.1 46.6 72.6 95.3 177.7 191.0 209.5 206.1 203.8 205.4 216.4 215 224.8 Less: Personal tax and related payments 2.6 1.5 2.4 3.3 18.8 21.5 21.2 18.7 18.7 18.7 19.0 19 20.0 Federal 1.3 .5 1.2 2.0 17.2 19.6 19.0 16.2 16.2 16.1 16.3 16 17.3 State and local 1.4 1.0 1.2 1.3 1.6 1.9 2.2 2.5 2.5 2.5 2.7 2 2.8 Equals: Disposable personal income 82.5 45.2 70.2 92.0 158.9 169.5 188.4 187.4 185.1 186.8 197.5 195 204.7 Less: Personal consumption expenditures 78.8 46.3 67.5 82.3 146.9 165.6 177.4 178.8 179.0 180.6 182.4 185 198.4 Equals: Personal saving 3.7 -1.2 2.7 9.8 12.0 3.9 10.9 8.6 6.2 6.2 15.0 10 6.4 NATIONAL INCOME, BY DISTRIBUTIVE SHARES Annual totals Seasonally b a y d ju q s u t a e r d t er a s nnual rates 1949 1950 1929 1933 1939 1941 1946 1947 1948 1949 3 4 1 2 3 National income . . . . .. 87 4 39.6 72.5 103.8 180.3 198.7 223.5 216.8 216.7 214 2 216.9 229 1 244 1 Compensation of employees 50 8 29.3 47.8 64.3 117.1 128.0 140.2 140.6 140.0 140 2 142 3 147 9 155 2 Wages and salaries 2 50.2 28.8 45.7 61.7 111.2 122.1 134.4 134.2 133.6 133.6 135.2 140.6 147.7 Private 45 2 23 7 37.5 51.5 90.6 104.8 115.7 113.7 113.0 112.7 114.3 119.5 125.2 Military 3 3 .4 1.9 8.0 4.1 4.0 4.3 4.3 4 6 4 5 4 5 n a Government civilian 4.6 4.9 7.8 8.3 12.7 13.2 14.7 16.1 16.3 16.4 16.4 16.6 n.a. Supplements to wages and salaries .. .6 .5 2.1 2.6 5.9 5.9 5.8 6.4 6.4 6.6 7.1 7.3 7.5 Proprietors* and rental income ' 19.7 7.2 14.7 20.8 42.0 42.4 47.3 41.7 40.1 40.7 41.5 41.2 45.4 Business and professional 8 3 2.9 6.8 9.6 20.6 19.8 22.1 21.0 20.7 20.6 21.4 22 3 24 7 Farm 5 7 2 3 4 5 6 9 14.8 15.6 17.7 13.4 12.2 12 8 12 8 11 7 13 3 Rental income of persons 5.8 2.0 3.5 4.3 6.6 7.1 7.5 7.3 7.2 7.3 7.3 7 1 7 4 Corporate profits and inventory valuation adjustment 10.3 -2.0 5.8 14.6 18.3 24.7 31.8 29.9 31.8 28.4 28.2 35 0 38.5 Corporate profits before tax . . 9 8 .2 6.5 17.2 23.5 30.5 33.9 27.6 28.2 27.6 29 2 37 4 46 4 Corporate profits tax liability 1.4 .5 1.5 7.8 9.6 11.9 13.0 10.6 10.8 10.6 13.2 16.5 20.6 Inv C e o n r t p o o r r y a t v e a p lu ro at f i i o ts n a a f d te j r u s t t a m x ent . . 8..45 — — 2 . . 1 4 - 5 .7 .0 -2 9 . . 6 4 - 1 5 3 .2 .9 - 1 5 8 .8 .5 - 2 2 0 . . 0 9 1 2 7 . . 2 0 1 3 7 . . 7 3 16. . 9 8 1 -1 6 . . 0 0 r - 2 2 0 .3 9 - 2 7 5 . 9 8 Net interest 6.5 5.0 4.2 4.1 2.9 3.5 4.1 4.7 4.8 4.8 5.0 5.0 5.0 n.a. Not available. r Revised. 1 Less than 50 million dollars. 2 Includes employee contributions to social insurance funds. 8 Includes noncorporate inventory valuation adjustment. NOTE.—Details may not add to totals because of rounding. Source.—Figures in this table are the revised series. For an explanation of the revisions and a detailed breakdown of the series for the period 1929-38, see National Income Supplement to the Survey of Current Business, July 1947, Department of Commerce. For the detailed breakdown for the period 1939-49, see Survey of Current Business, July 1950. For a discussion of the revisions, together with annual data for the period 1929-38, see also pp. 1105-1114 of the BULLETIN for September 1947; data subsequent to 1938 shown in that issue of the BULLETIN have since been revised. 90 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued [Estimates of the Department of Commerce. In billions of dollars] GROSS NATIONAL PRODUCT OR EXPENDITURE Seasonally adjusted annual rates Annua totals by quarters 1949 1950 1929 1933 1939 1941 1946 1947 1948 1949 3 4 1 2 3 Gross national product 103.8 55.8 91.3 126.4 211.1 233.3 259.1 255.6 254.4 253.8 263.4 270.3 284.3 Personal consumption expenditures 78.8 46.3 67.5 82.3 146.9 165.6 177.4 178.8 179.0 180.6 182^4 185.2 198.4 Durable goods 9 4 3 5 6.7 9.8 16.6 21.4 22.9 23.8 24.7 25 3 26 9 26 7 33 5 Nondurable goods 37.7 22.3 35.3 44.0 85.8 95.1 100.9 98.5 97.6 97.9 97.4 99.3 104.9 Services 31.7 20.6 25.5 28.5 44.5 49.1 53.7 56.4 56.6 57.4 58.1 59.2 59.9 Gross private domestic investment 15.8 1.3 9.9 18.3 28.7 30.2 43.1 33.0 32.1 31.2 41.7 46.9 48.4 New construction * 7.8 1 i 4 9 6 8 10 3 13 9 17 7 17 3 16 9 18 2 19 9 21 3 22 8 Producers' durable equipment . . .. 6.4 1.8 4.6 7.7 12.3 17.1 19.9 19.5 19.4 18.7 19.9 22.3 27.1 Change in business inventories 1.6 — 1 6 .4 3.9 6.1 — .8 5.5 —3.7 —4.2 -5.7 2.0 3 4 — 1.5 Net foreign investment .8 .2 .9 1.1 4.6 8.9 1.9 .4 .1 -.7 -1.7 -2.0 -3.3 Government purchases of goods and services 8.5 8.0 13.1 24.7 30.9 28.6 36.6 43.3 43.2 42.8 41.0 40.2 40.8 Federal . . .. 1.3 2.0 5.2 16.9 20.9 15.8 21.0 25.3 25.1 24.3 22.2 21.4 21.2 W No a n r war } 1.3 2.0 3 1 .3 9 1 3 3 .8 2 2 2 1 .2 5}17.1 21.5 25.7 25.8 24.6 22.5 21.7 21.4 Less: Government sales 2 0) (8) (8) (8) 2.7 1.3 .5 .4 .7 .3 .3 .3 .2 State and local 7.2 5.9 7.9 7.8 10.0 12.8 15.6 18.0 18.2 18.5 18.7 18.8 19.6 PERSONAL INCOME [Seasonally adjusted monthly totals at annual rates] Wages and salaries Divi- Perige and salary disbursemeni.3 L p e l s o s y e em e - Other pr P ie ro to rs' d a e n n d ds Trans- Non- Year or month sonal contri- labor and per- fer agriculincome re T c o e t ip al ts4 b m T u d o e r is s n ta - e t l - s d p m in C r u o g o s o d t d m r u i i i n t c - e y - - s D i u n t i r s t d i i t u e v ri s s e b - - S in e tr d r i v u e i s s c - e m G er o e n v n - - t b s i u n a o f t n s o c i u c o i r a e r n - l s income5 in r c e o n m ta e l 6 i i n n s t c o e o n r m a e l s e t m p e a n y t - s7 in t c u o r m al e8 1929 85.1 50.0 50.2 21.5 15.5 8.2 5.0 .1 .5 19.7 13.3 1.5 76 8 1933 46.6 28.7 28.8 9.8 8.8 5.1 5.2 .2 .4 7.2 8.2 2.1 43 0 1937 74.0 45.4 45.9 18.4 13.1 6.9 7.5 .6 .5 15.4 10.3 2.4 66.5 1938 68.3 42.3 42.8 15.3 12.6 6.7 8.2 .6 .5 14.0 8.7 2.8 62.1 1939 72.6 45.1 45.7 17.4 13.3 6.9 8.2 .6 5 14.7 9 2 3 0 66 3 1940 78.3 48.9 49.6 19.7 14.2 7.3 8.5 .7 .6 16.3 9.4 3.1 71.5 1941 95 3 60.9 61.7 27.5 16.3 7.8 10.2 8 6 20 8 9 9 3 1 86 1 1942 122.7 80.7 81.9 39.1 18.0 8.6 16.1 1.2 .7 28.4 9.7 3.2 109.4 1943 150.3 103.6 105.4 49.0 20.1 9.5 26.8 1.8 .9 32.8 10.0 3.0 135.2 1944 165 9 114.9 117.1 50.4 22.7 10.5 33.5 2.2 1 3 35.5 10.6 3 6 150 5 1945 171.9 115.3 117.7 45.9 24.7 11.5 35.6 2.3 1.5 37.5 11.4 6.2 155.7 1946 177 7 109.2 111.3 46.1 30.9 13.7 20.6 2 0 1 9 42.0 13 2 11 4 158 8 1947 191.0 119.9 122.0 54.3 35.1 15.3 17.2 2.1 2.4 42.4 14.5 11.8 170.8 1948 209.5 132.2 134.3 60.2 38.8 16.6 18.7 2.2 2.8 47.3 16.1 11.2 187.0 1949 206.1 132.0 134.2 57.0 39.4 17.4 20.4 2.2 2.9 41.7 17.2 12.3 188.2 1949—October 202.4 130.3 132.5 54.8 39.0 17.8 20.9 2.2 3.0 39.8 17.2 12.1 186.0 November. . . . 205.7 131.3 133.4 55.5 39.0 17.8 21.1 2.1 3.1 41.7 17.2 12.4 187.6 December 208,4 132.9 135.1 57.0 39.3 17.8 21.0 2.2 3.1 40.6 18.9 12.9 191.1 1950—January 214.6 132.2 135.0 56.7 39.5 17.9 20.9 2.8 3.0 43.5 17.5 18.4 195.2 February 215.4 131.5 134.2 55.8 39.3 18.1 21.0 2.7 3.0 41.0 17.7 22.2 199.0 1^1 arch 219 3 133 6 136 4 57 7 39 6 18 1 21.0 2 8 3 3 40 2 18 0 24 2 203 7 April 213.8 135.3 138.1 59.1 39.7 18.2 21.1 2.8 3.3 39.8 18.2 17.2 198.7 May 214 5 137 7 140 5 60.9 40.1 18.5 21.0 2 8 3.4 41 5 17 8 14 1 198 4 June 217.1 140.2 143.2 62.7 40.7 18.6 21.2 3.0 3.4 42.3 17.8 13.4 200.7 Tuly 220 7 141.7 144.5 63.3 40.9 18.7 21.6 2.8 3.4 45 5 17 8 12 3 202 7 August 225.4 145.5 148.5 65.6 41.7 18.8 22.4 3.0 3.4 46.1 18.4 12.0 207.3 September .... 228.7 147.8 150.6 66.5 41.6 18.8 23.7 2.8 3.4 45.0 21.1 11.4 211.2 October 231.1 150.7 153.8 68.6 41.9 19.2 24.1 3.1 3.4 45.7 19.2 12.1 212.7 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 insurance. Such contributions are not available by industries. 5 Includes 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 Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents, agricultural net interest, and net dividends paid by agricultural corporations. NOTE.—Details may not add to totals because of rounding. Source.—Same as preceding page. JANUARY 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS TOTAL CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding. In millions of dollars] Instalment credit Noninstalment credit Total E o n r d m of o n y t e h ar co c n r s e u d m it er i c T m n r s o e e t t d a n a i l t l t - Total A Sa u l t e o m cr o e b d i i l t e Other Loans x no c T n m r i o e n e t d n s a i t t l t al- p S a lo i y n a m g n l s e e n 2 - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1929 6,252 3,158 2,515 1,318 1,197 643 3,094 749 1,749 596 1933 . . 3,439 1,588 1,122 459 663 466 1,851 303 1,081 467 1939 . . 7,031 4,424 2,792 1,267 1,525 1,632 2,607 530 1,544 533 1940 8,163 5,417 3,450 1,729 1,721 1,967 2,746 536 1,650 560 1941 8,826 5,887 3,744 1,942 1,802 2,143 2,939 565 1,764 610 1942 . 5,692 3,048 1,617 482 1,135 1,431 2,644 483 1,513 648 1943 4,600 2,001 882 175 707 1,119 2,599 414 1,498 687 1944 4,976 2,061 891 200 691 1,170 2,915 428 1,758 729 1945 5,627 2,364 942 227 715 1,422 3,263 510 1,981 772 1946 8,677 4,000 1,648 544 1,104 2,352 4,677 749 3,054 874 1947 11,862 6,434 3,086 1,151 1,935 3,348 5,428 896 3,612 920 1948 14,366 8,600 4,528 1,961 2,567 4,072 5,766 949 3,854 963 1949 16,809 10,890 6,240 3,144 3,096 4,650 5,919 1,018 3,909 992 1949—October. . 15,336 10,166 5,661 2,986 2,675 4,505 5,170 979 3,197 994 November 15,884 10,441 5,880 3,085 2,795 4,561 5,443 996 3,454 993 December 16,809 10,890 6,240 3,144 3,096 4,650 5,919 1,018 3,909 992 1950—January. 16,368 10,836 6,174 3,179 2,995 4,662 5,532 1 .027 3,506 999 February 16,159 10,884 6,213 3,256 2,957 4,671 5,275 1,034 3,233 1,008 March. 16,338 11,077 6,334 3,355 2,979 4,743 5,261 1,045 3,211 1,005 April 16,639 11,322 6,511 3,470 3,041 4,811 5,317 1,067 3,241 1,009 May 17,077 11,667 6,733 3,600 3,133 4,934 5,410 1,092 3,290 1,028 June . 17,651 12,105 6,995 3,790 3,205 5,110 5,546 L, 116 3,392 1,038 July 18,295 12,598 7,343 3,994 3,349 5,255 5,697 1,133 3,527 1,037 August .. . 18,842 13,009 7,613 4,107 3,506 5,396 5,833 .157 3,636 1,040 September. 19,329 13,344 7,858 4,213 3,645 5,486 5,985 1,197 3,741 1,047 October P 19,401 13,393 7,879 4,227 3,652 5,514 6,008 1,249 3,703 1,056 November?.... 19,412 13,319 7,808 4,179 3,629 5,511 6,093 1,294 3,739 1,060 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] Amounts outstanding Loans made by principal lending institutions (end of period) (during period) Year or month Total m b C a e n o r k c m i s a - l i p S c l a m o o n a m i a n e l - s l b In a tr n d ia k u l s s - 2 p I a c n t l n o r o d i a i m a u e n l s s - - 5 u C n r i e o d n i s t l M l a e n n is e d c o e e u r l s s - I m i l r n z o e a o a s a p n u d t n i a d e r o s i e r r n 8 d n- m b C a e n o r k c m i s a - 1 l p S c l a m o o n a m a i n e l - l s b I a n tr n d i k u a s l s - 2 p I a c n l t n o o r d i i a m u a e n l s s - - 2 u C n r i e o d n i s t 1929 643 43 263 21Q 23 95 463 413 38 1933 466 29 246 121 20 50 322 202 32 1939 1,632 523 448 131 99 135 96 200 680 827 261 194 237 1940 1,967 692 498 132 104 174 99 268 1,017 912 255 198 297 1941 2,143 784 531 134 107 200 102 285 1,198 975 255 203 344 1942 1,431 426 417 89 72 130 91 206 792 784 182 146 236 1943 1,119 316 364 67 59 104 86 123 639 800 151 128 201 1944 1,170 357 384 68 60 100 88 113 749 869 155 139 198 1945 1,422 477 439 76 70 103 93 164 942 956 166 151 199 1946 2,352 956 597 117 98 153 109 322 1,793 1,231 231 210 286 1947 3,348 1,435 701 166 134 225 119 568 2,636 1,432 310 282 428 1948 ... 4,072 1,709 817 204 160 312 131 739 3,069 1,534 375 318 577 1949 4,650 1,951 929 250 175 402 142 801 3,282 1,737 418 334 712 1949—October 4,505 1,936 858 239 172 385 135 780 272 134 34 26 59 November... 4,561 1,944 875 244 173 394 137 794 269 161 36 28 64 December... 4,650 1,951 929 250 175 402 142 801 280 232 41 31 69 1950—January. ... 4,662 1,957 931 251 175 404 142 802 269 131 37 27 59 February.... 4,671 1,973 928 254 174 408 142 792 268 126 34 25 61 March 4,743 2,026 936 258 176 421 143 783 336 163 43 31 78 April 4,811 2,066 945 262 178 431 144 785 307 154 37 28 70 May 4,934 2,134 959 267 182 450 145 797 348 168 43 32 83 Tune.. 5,110 2,233 978 275 187 474 147 816 379 175 46 34 93 July 5,255 2,316 995 282 192 495 149 826 381 166 45 32 84 August 5,396 2,401 1,009 290 197 514 150 835 387 166 46 33 88 September. . 5,486 2,462 1,010 295 201 524 150 844 356 149 40 32 76 October?. . . 5,514 2,460 1,026 294 201 524 152 857 298 149 39 28 66 November?. 5,511 2,435 1,038 292 200 521 153 872 257 165 34 27 64 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 November amounted to 101 million dollars, and other loans made during November were 11 million. 2 Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment loans are obtained by deducting an estimate of paper purchased from total retail instalment paper. 3 Includes only loans insured by Federal Housing Administration. 92 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued CONSUMER INSTALMENT SALE CREDIT, EXCLUDING CONSUMER INSTALMENT CREDITS OF COMMERCIAL AUTOMOBILE CREDIT BANKS, BY TYPE OF CREDIT [Estimated amounts outstanding. In millions of dollars] [Estimates. In millions of dollars] Depart- Automobile Other Repair Pery E m e n o a d r n t o o h f r in e m T g x o o c a l b t u a u i d l l t e , o - - s o m m t a r o n a e d r i d n e e l t - r s F s t t u u o r r r n e e i s - H s a a h t p o o n o p u r c l l s e d e i e s - - Je st w o e re lr s y s o r t e A t o t h r a l e e l i r l s Year or month 1'otal c reta ] i l l oanf c r h e p t a u a s r i e - l d , m an o d d- i s m n o s e n t n a a l t l houses Outstanding at end of 1929 1,197 160 583 265 56 133 1947..' 2,701 346 536 523 500 796 1933 663 119 299 119 29 97 1 1 9 9 4 4 9 8 3 4 , ,4 5 1 6 6 3 5 85 7 4 0 9 7 1 3 5 6 9 7 2 5 2 1 6 7 3 8 6 1 9 8 4 7 4 0 1939.. . 1,525 377 536 273 93 246 1949—October 4,247 811 915 839 755 927 1940 1,721 439 599 302 110 271 November 4,326 835 922 868 772 929 1941 . 1 802 466 619 313 120 284 December 4,416 854 915 922 781 944 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 4 4 4 4 4 4 4 4 2 5 8 9 4 6 7 3 . . 2 3 1 1 1 , , , , , 1 9 1 5 0 6 7 7 3 3 0 6 9 9 0 1 5 5 4 7 6 1 7 5 1,0 3 6 8 2 1 1 1 1 3 5 7 5 7 9 8 0 2 4 2 8 7 3 0 3 4 2 2 9 2 5 7 8 8 4 3 9 8 9 5 9 0 3 6 0 6 5 7 3 2 5 1 1 8 4 0 5 5 7 8 1 7 0 1 8 8 9 0 8 1 1 1 5 5 5 8 5 4 6 7 7 6 7 2 6 9 4 3 3 4 4 1 1 1 1 1 0 0 8 7 0 1 1 7 4 9 3 1 9 5 8 4 1950— J A F A J M M J u u e a u p a a l n b n y r g y r e i u r u c l u a h s a r t y ry 4 4 4 5 4 4 5 5, , , , , , , , 4 8 2 4 5 4 0 6 6 9 6 9 9 8 9 8 2 3 5 5 4 4 1 8 1 1 1 , , , 1 1 0 9 9 9 8 8 4 1 5 9 2 5 8 6 2 2 3 8 6 3 0 0 1 1 1 1 , , , , 2 0 1 0 9 9 9 9 1 9 5 3 9 6 2 3 2 4 2 5 7 6 8 5 1 1 1 1 , , , , 1 1 0 0 9 9 9 9 1 7 6 2 6 8 5 4 2 8 4 8 6 3 3 1 8 8 8 8 7 7 7 7 7 0 5 3 7 8 8 7 2 4 1 4 4 0 3 9 , , , , 0 0 0 0 9 9 9 9 8 6 0 4 8 4 6 4 3 0 3 0 0 7 9 5 1949 S O e c p to te b m er b ? er 5 5 , , 7 6 2 8 6 5 1 1, , 1 1 7 8 7 0 1 1, , 2 2 5 5 4 1 1 1 , , 2 28 5 2 8 9 8 0 9 5 1 , , 1 1 0 0 5 8 October... 2,675 855 822 454 123 421 NovemberP.. 5,660 1,159 1,234 1,260 907 1,100 N D o ec v e e m m b b e e r r . . 2 3, , 0 7 9 9 6 5 1,0 9 1 0 0 6 9 8 3 5 5 8 4 5 6 0 4 0 1 1 2 6 7 3 4 48 4 8 0 Vo i l n u g m m e o e n x t t h e : nded dur- 1950 1949—October 593 125 123 136 70 139 November 576 118 115 131 67 145 January... 2,995 975 902 491 6:7 December 593 113 105 154 57 164 O N J A F A J M M S u u e e c o u p a l a p b t n y r g v y o i t r r u e e l e b c u m s m . e h t a . r b r b . . P y e . . e . . r . . r . . ? . . . 3 3 3 3 3 2 2 3 3 3 , . , , , . , , , 6 0 6 9 1 6 5 9 2 3 5 4 5 3 2 4 0 7 0 4 1 2 3 7 9 5 9 6 5 9 1 1 1 1 1 1 1 , , , , , , , 1 0 1 1 0 0 1 9 9 9 7 3 5 2 1 8 7 5 7 6 2 2 9 3 1 1 0 8 9 0 1 1 1 , , , 0 0 0 9 9 9 9 9 8 8 1 2 0 4 7 3 9 1 9 9 9 8 3 7 6 5 8 3 9 1 4 5 5 6 5 5 5 7 7 7 9 0 1 3 9 6 5 0 0 0 2 2 8 7 7 1 8 2 1 5 6 6 6 6 6 6 7 7 7 7 6 9 1 3 5 1 2 5 5 5 5 5 6 0 8 7 8 6 3 1 1950— F A J J A M M S O J u u e e a p u c a a l n b p n y r t g y r e o i t u r u c l e u b a h s m a r e t y r r b y ? er 6 6 5 5 6 7 7 7 7 7 4 4 4 0 5 8 8 9 6 2 7 2 6 7 4 2 9 9 8 1 1 1 1 1 1 1 1 1 1 1 5 5 4 2 7 1 6 4 1 3 2 7 2 3 4 7 5 8 1 0 1 1 1 1 1 1 1 1 1 1 3 7 9 2 6 8 1 5 4 9 2 4 0 4 4 4 6 1 1 1 2 1 1 1 1 1 1 1 1 1 1 3 1 6 3 2 6 8 5 6 1 7 8 6 9 9 7 7 4 3 8 8 8 4 4 4 5 7 7 7 2 0 2 7 9 2 2 4 5 1 1 1 1 1 1 1 1 1 1 1 7 7 7 5 4 8 3 8 5 7 2 2 7 5 3 3 4 3 5 0 NovemberP.. 514 90 101 123 55 145 CONSUMER INSTALMENT CREDITS OF INDUSTRIAL BANKS, BY TYPE OF CREDIT CONSUMER INSTALMENT CREDITS OF INDUSTRIAL [Estimates. In millions of dollars] LOAN COMPANIES, BY TYPE OF CREDIT Retailinstal- Repair Personal [Estimates. [n millions of dollars] Year or month Total ment paper 2 m a o n d d ern- i m ns e ta n l t - Retail instal- Repair Persona! m A o u b to il - e Other l i o z a a n ti s o x n 2 l c o a a s n h s Year or month Total ment paper L m a o n d d ern- i m ns e t n al t - Auto- ization cash mobile Other loans i2 loans Outstanding at end of period: Outstanding at end 1947 233.5 50.0 30.2 43.3 110.0 of period: 1948 286.2 66.6 43.4 51.7 124.5 1949 343.2 93.6 63.1 55 4 131.1 1947 148.2 27.1 17.1 4.2 99.8 1948 177.1 38.3 23.7 5,0 110.1 1949—October... . 329.6 88.7 56.6 55,0 129.3 1949 194.7 43.5 31.4 6,5 113.3 November.. 336.3 91.7 59.2 55.5 129.9 1949—October.... 191.2 44.2 30.2 6 0 110.8 December.. 343.2 93.6 63.1 55.4 131.1 November.. 192.5 44.1 30.5 6 3 111.6 December.. 194.7 43.5 31.4 6.5 113.3 1950—January 344 6 96.1 63.9 54.7 129.9 February.. . 347.4 98.6 65.2 54.2 129.4 1950—January 194.8 44.3 31.1 6.6 112.8 March 350.5 100.4 66.9 53.0 130.2 February... 193.7 44.6 30.8 6.6 111.7 April 355,0 102.6 68.9 52.8 130.7 March 196.2 46.1 31.0 6.5 112.6 May 361.8 105.6 70.7 53.5 132.0 April 198.7 47.5 31.6 6.4 113.2 371.0 111.9 71.9 54.2 133.0 May 202.8 49.5 32.7 6.7 113.9 Tulv 380.4 115.8 73.4 54.9 136.3 June 208.7 52.3 34.3 6.9 115.2 Juiy 389.8 119.4 76.2 55.5 138.7 July 214.3 54.8 35.9 7.2 116.4 August.... 396.4 121.9 79.3 56.1 139.1 August 219.9 55.9 39.2 7.3 117.5 September . 395.6 121.5 80.3 56.1 137 7 September . 223.8 57.2 41.1 7.4 118.1 October? . . 392.9 120.6 79.9 55.7 136.7 October P . . 224.0 57.4 41.7 7.3 117.6 November? NovemberP 223.5 57.4 40.9 7.3 117.9 Volume extended during month: Volume extended during month: 1949—October 45.6 13.7 8.5 4.8 18.6 November.. 45,8 13.7 8.8 4.2 19.1 1949—October 28.3 7.1 3.9 0.5 16.8 December.. 47.0 11.9 10.3 3.3 21.5 N D o ec v e e m m b b e e r r . . . . 3 2 1 8. . 7 3 5 5 . . 7 4 4 4. . 4 0 0 0 . . 4 5 2 1 1 8 . . 1 5 1950—January 41.9 12.3 7.8 2.7 19.1 1950—January 27.7 6.5 3.3 0.3 17.6 February... 40.3 12.6 7.6 2.7 17.4 February... 25.4 5.6 3.5 0.3 16.0 March 47.3 13.5 9.7 2.5 21.6 March 31.2 7.3 4.0 0.3 19.6 April 43,1 12.7 8.8 3.0 18.6 April 29.2 6.9 3.9 0.4 18.0 May 48.9 13.9 9.6 4.2 21.2 !May 33.1 7.9 4.8 0.5 19.9 June... 51.1 15.7 8 9 4.3 22.2 June 35.4 8.9 5.3 0 5 20.7 July 50.5 16.2 8.9 3.9 21.5 July . .. 34.8 9.1 5.7 0 5 19 5 August.... 52.7 15.4 11.0 4.1 22.2 August.... 35.5 8.1 7.3 0.5 19.6 September . 47.2 13.7 10.5 3.9 19.1 September . 32.8 7.5 6.0 0.4 18.9 OctoberP . . 43.5 11.3 9.6 3.9 18.7 October?.. . 29.3 6.8 4.9 0.4 17.2 November? 37.2 8.7 7.6 3.0 17.9 November? 27.8 6.3 3.8 0.4 17.3 P Preliminary. l Includes not only loans insured by Federal Housing Administration but also noninsured loans. 2 Includes both direct loans and paper purchased. JANUARY 1951 93 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 RECEIVABLE1 Percentage change f P ro e m rc e c n o t r a r g e e s p c o h n a d n i g n e g Instalment accounts a C c h c a o r u ge n • ts from preceding month of preceding month year Item 1 N 9 o 5 v 0P . 1 O 9 c 5 t 0 . S 1 e 9 p 5 t 0 . 1 N 9 o 50 v P . 1 O 9 c 5 t 0 . S 1 e 9 p 5 t 0 . Year or month D s m e to p e r a n e r t s t- F s t t u u o r r r n e e i s - h p H s o l t o l i o d a u r n s e a c e s p e - - Je st w o e re lr s y D s m e to p e r a n e r t s t- Net sales: 1949 Total -5 -10 + 1 -3 +6 +29 October 20 11 12 14 53 Credit sales: -1 +9 -7 +11 +19 +21 N D o ec v e e m m b b e e r r 2 2 0 0 1 1 1 0 1 1 2 2 1 1 3 6 5 5 4 2 Instalment -8 -17 +7 -15 -2 +26 Charge account -2 +5 -11 + 18 +27 +38 January 1950 18 10 12 49 Accounts receivable, end February 17 10 11 47 of month: March 19 11 12 53 I C n o v T T I I l e n n l o o e n s s m t t c t t t a a a a t o o l i l l l o r n m m i n e th e s e s n n : , d t t e u n r d in o g f - - - 1 4 4 -i + + 6 4 0 0 + + + + 3 3 3 4 + + + + 1 2 2 1 7 0 0 3 + + + + 2 1 2 2 2 9 5 6 + + + + 3 2 2 2 2 2 8 9 J J A S O A N M u u e p u o c p a n l t v r g y y o t e i e u e l b m m s e t r b b e e r r ? 1 1 1 1 1 1 1 1 7 8 7 8 8 8 7 7 1 1 1 1 1 1 1 1 1 0 0 0 1 1 1 0 n 1 1 1 n 1 1 1 o 2 0 1 0 1 1 8 ( ( 2 ) ) 5 5 4 5 5 5 5 5 0 1 9 2 0 1 1 1 month, at retail value. +1 +12 +7 +29 +30 +24 P Preliminary. r Revised. 1 Collections during month as percentage of accounts outstanding at Preliminary. beginning of month. 8 Collection of these data for jewelry stores was discontinued after December 1949. DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasona adjustment, 1941 average=100 Percentage of total sales Year or month Total Sal C es a sh during I m n m s e t o n a n l t - th a C c h c a o r u g n e t A I a c m n t c s e o t e n a u n l t n d - t s o r f e a c C m c e h c i o v a o n r a u g t b n h e l t e C I m n o s l e t l n e a c l t m - tio o n n s t a h C c d h c u o a r r i u n g n g e t C sa a le sh s I m n sa s e l t e n a s l t - a C c s h c a o a le r u g s n e t Averages of monthly data: 1941 100 100 100 100 100 100 100 100 48 9 43 1942 114 131 82 102 78 91 103 110 56 6 38 1943 130 165 71 103 46 79 80 107 61 5 34 1944 145 188 66 112 38 84 70 112 64 4 32 1945 162 211 67 125 37 94 69 127 64 4 32 1946 202 242 101 176 50 138 91 168 59 4 37 1947 214 237 154 200 88 174 133 198 55 6 39 1948 225 236 192 219 142 198 181 222 52 7 41 1949 213 216 199 213 165 196 200 224 50 8 42 1949—October 220 215 246 220 175 191 202 214 48 10 42 November r253 247 »-265 260 189 213 211 232 48 9 43 December 372 380 325 373 214 285 227 245 50 8 42 1950—January 164 162 177 164 209 222 233 319 49 10 41 February 156 152 186 154 207 191 222 241 48 11 41 March 203 199 233 202 209 185 250 230 49 10 41 April 204 202 218 204 212 190 226 210 49 9 42 May 212 205 226 217 217 194 231 222 48 9 43 June 203 199 207 208 219 194 230 226 48 9 43 July 184 173 259 181 230 184 229 216 47 12 41 August 210 196 292 209 241 191 250 212 46 12 42 September 234 217 306 238 256 210 269 221 46 12 42 October 229 216 269 236 260 216 283 244 47 10 43 November? 257 249 249 268 259 233 278 252 48 9 43 P Preliminary. 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. 85. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS BANK CREDIT, MONEY RATES, AND BUSINESS * 1950 1950 Chart Chart book book page Nov. Dec. Dec. Dec. Dec. page Nov. Dec. Dec. Dec. Dec. 29 13 20 29 13 WEEKLY FIGURES1 In billions of dollars In unit indicated RESERVE BANK CREDIT, ETC. WEEKLY FIGURES 2—Cont. Reserve Bank credit, total.... 2 20.50 20.92 21.34 21.86 21.72 U. S. Govt. securities, total.. 3 19.57 20.24 20.53 20.23 20.34 BUSINESS CONDITIONS Bills 3 1.13 1.10 .85 .75 .87 Notes and certificates. . 3 14.09 14.57 14.86 14.95 14.88 Wholesale prices: G T M M r o e o e l m n a d s e B b u s y o e t r o r n y i c n d b k s c a c a n i s r k h c u r a l e n a s t d e i r o v d n e e s p , o t s o i t t a s. l . .2, 4 2 2 2 3 2 2 1 4 3 7 1 6 . . . . . 3 8 0 5 8 5 4 4 6 0 2 2 1 4 2 7 7 1 . . . . . 5 8 9 0 7 7 8 3 5 0 2 2 1 4 7 2 7 1 . . . . . 8 9 7 7 4 2 3 6 5 6 2 2 1 4 7 2 7 1 . . . . . 5 9 4 9 8 3 3 2 0 8 2 2 1 4 2 7 2 7 . . . . . 5 0 9 8 1 9 8 2 0 7 Ind T F O F e o a o t x h r o t e m a e d s l r s p ( c 1 r o o 9 m d 2 m u 6 c = o t d 1 s i 0 ti 0 e ) s : 6 6 6 6 5 5 5 5 1 1 1 1 7 7 8 6 8 1 5 2 . . . . 2 7 7 8 1 1 1 1 6 8 8 7 7 2 3 0 . . . . 5 7 4 0 1 1 1 1 8 6 8 7 6 4 0 3 . . . . 5 5 5 6 1 1 1 1 6 8 7 8 5 8 4 0 . . . . 2 5 7 8 1 1 1 1 9 6 8 7 0 5 1 6 . . . . 6 9 4 0 Re C N C R q o u h e e w i i s u c r e n e a r t d Y g v r o e y o r r e c b k s i a e ty C n rv k i b e t s y a s nks 5 5 4 5 5 1 6 4 4 6 1 . . . . . 4 4 5 1 1 6 5 8 2 5 1 6 4 4 6 1 . . . . . 4 5 5 1 1 8 8 5 0 8 1 4 4 6 6 1 . . . . . 6 7 9 3 2 9 0 4 7 2 P1 6 4 4 6 1 . . . . . 7 8 8 4 2 6 7 0 9 0 P1 6 4 4 1 6 . . . . . 1 6 7 8 3 9 2 1 0 8 Ba T F I s n o i o c d o ( t A u a d c l s s u o t t g m r u i . f a m f 1 l s o 9 m d 3 i a 9 t t i = e e 1 r s i : 0 a 0 ls ) : 6 6 6 7 7 7 3 3 3 6 3 4 1 7 5 . . . 4 4 8 3 3 3 3 6 4 7 7 8 . . . 2 8 9 3 3 3 6 4 5 9 6 4 . . . 1 6 9 3 3 3 5 7 6 4 7 3 . . . 5 9 9 3 3 3 8 6 5 4 6 5 . . . 3 6 3 Ex N C R ce h e e s w i s s c e a r r Y g v e o e s o e r c r k i v t e y C s i , b ty t a o n t k a s l •. . . 4 5 5 5 - ( . . . 3 0 ) 1 6 1 1 8 . . . . 0 9 0 1 1 5 3 4 1. . . . 1 0 2 3 0 4 8 3 P ( . . 3 . 9 ) 2 1 3 7 2 - P . . 0 . 7 2 1 9 7 Se W l C C e o o c h t r t e e n to d a n t ( f c a ( e ( c r c n m e e t n s n t t p p s s e r p p o r e e d b r r u u b p c s u t o h s s u : e h n l e ) d l . ) ) . 6 6 6 8 8 8 2 1 4 2 6 2 2 3. . . 1 8 7 2 1 4 2 6 7 2 8 . . . 8 0 8 2 1 4 3 6 2 9 3 . . . 2 2 0 2 1 4 3 7 3 8 2 . . . 2 2 4 2 1 4 3 7 3 7 3 . . . 3 7 5 Country banks • 5 .51 .51 .61 P. 76 v 70 Ste p e o r u s nd (d s) o llars per 100 68 31.38 32.96 32.86 33.24 34.08 MEMBER BANKS IN LEADING C1TIE: Cows (dollars per 100 All reporting banks: pounds) 68 20.33 20.45 20.58 21.00 21.50 Loans and investments.... 14 69.92 69.81 70.30 71.44 71.79 Hogs (dollars per 100 U. S. Govt. securities, total 14 32.98 32.92 33.44 33.85 33.67 . pounds) 68 18.11 18.24 18.29 19.66 20.76 Bonds 16 22.11 22.12 22.13 21.60 21.56 Butter (cents per pound) 68 65.0 65.3 65.9 66.3 70.0 Notes and certificates. . . 16 8.83 8.75 8.67 9.36 9.34 Eggs (cents per dozen). . 68 55.0 60.6 59.5 45.0 44.6 Bills 16 2.04 2.06 2.64 2.89 2.7 Production: Other securities 18 6.35 6.30 6.30 6.44 6.52 Steel (% of capacity) 71 81.7 100.5 101.3 100.8 100.1 Demand deposits adjusted. 14 50.55 50.45 51.68 51.77 51.64 Automobile (thous. cars) 71 145 152 165 154 130 U. S. Govt. deposits 14 1.75 1.59 1.53 1.59 1.70 Crude petroleum (thous. Loans, total 14 30.59 30.58 30.56 31.15 31.60 bbls.) 72 5,749 5,668 5,646 5,685 5,691 Commercial 18 17.08 17.26 17.46 17.80 17.84 Bituminous coal (mill, tons) 72 1.57 1.90 2.00 1.84 1.88 Real estate 18 5.21 5.21 5.24 5.25 5.27 Paperboard (thous. tons). 73 233 243 239 241 139 For purchasing securities: Meat (mill, pounds) 73 419 430 429 382 321 Total 18 2.46 2.21 2.23 2.20 2.48 Electric power (mill. kw. hrs.) 75 6,716 6,909 6,985 7,033 6,479 U. S. Govt. securities 18 .84 .67 .64 .63 .87 Freight carloadings (thous. cars): Other securities... 18 1.62 1.54 1.59 1.58 1 .61 Total 74 740 767 773 747 602 Other 5.85 5.80 5.83 5.88 5.90 Miscellaneous 74 368 380 386 375 305 New York City banks: Department store sales Loans and investments 15 20.03 19.98 20.19 20.74 20.89 (1935-39=100) 75 444 554 638 640 237 U. S. Govt. securities, total. 15 8.69 8.67 9.01 9.19 9.08 Bonds, total holdings.. 17 6.19 6.17 6.15 6.05 6.06 Due or callable—5 years 17 4.55 4.54 4.51 4.41 4.42 1950 Notes and certificates... 17 1.81 1.80 1.80 1.99 1.95 Bills 17 .68 .70 1.06 1.15 1.07 Demand deposits adjusted.. 15 15.84 15.83 16.33 16.28 16.12 Sept. Oct. Nov.i U. S. Govt. deposits 15 .47 .43 .41 .41 .43 Interbank deposits 15 4.01 4.14 4.33 4.50 4.42 MONTHLY FIGURES Time deposits 15 1.56 1.56 1.61 1.60 1.61 In billions of dollars Loans, total 15 9.56 9.55 9.43 9.74 9.93 DEPOSITS AND CURRENCY Commercial 19 6.01 6.09 6.18 6.33 6.31 For purchasing securities: Deposits and currency«: To brokers: Total deposits and currency. P176.50 P176.5O P177.7O Re T al o O O o e n n s t t h a o U e t t e r . h s e S a r n . d s G e o o c t u v h r t e s it r i e . s . .. 1 1 1 1 9 9 9 9 1. . . . 7 3 5 8 5 2 8 0 1. . . . 7 3 7 2 3 9 6 7 1. . . . 7 3 7 4 4 1 5 0 1. . . . 7 7 2 4 4 7 7 0 1. . . . 7 8 2 6 5 2 7 0 T T D o i e m c t m u a e l r a r n d e d d e n e p c p d o y o e s s p i i t t o s s s a i a t d s d j j u a u s d s t j t e u e d d s te a d n . d 6 6 6 P1 P P 7 8 5 1 8 9 . . . 7 1 1 O 0 0 P1 P P 7 8 5 3 9 9 . . . O 4 1 O 0 0 P P 1 P 5 7 9 8 4 0 . . . 6 2 7 O 0 0 Banks outside New York City: Currency outside banks. ... 6 P24.50 P24.60 P24.80 Loans and investments 15 49.89 49.83 50.11 50.71 50.90 U. S. Govt. deposits 6 P4.80 P3.50 P3.50 U. S. Govt. securities, total. 15 24.30 24.25 24.43 24.67 24.60 Money in circulation, total... 7 27.16 27.23 27.59 Bonds 17 15.92 15.95 15.98 15.56 15.50 Bills of $50 and over 7 8.33 8.33 8.35 Notes and certificates. .. 17 7.02 6.95 6.88 7.37 7.38 $10 and $20 bills 7 14.24 14.26 14.53 Bills 17 1.36 1.36 1.58 1.74 1.71 Coins, $1, $2, and $5 bills... 7 4.59 4.64 4.72 Demand deposits adjusted. 15 34.71 34.62 35.35 35.49 35.53 U In . t e S r . b G an o k v t d . e d p e o p s o i s ts it s 1 1 5 5 6 1 . . 8 2 4 8 7 1 . .1 1 6 8 7 1 . .1 4 3 8 7 1 . . 7 1 8 9 7 1 . .2 6 6 2 Annual rate T L i o m C R an e o e s a m , d l m e t e p o s e o t t r a s a c l i t i t e a s l 1 1 1 1 5 5 9 9 2 1 1 4 1 3 1 . . . . 7 0 5 0 2 7 6 8 2 1 1 4 1 1 3 . . . . 7 0 1 5 3 8 8 4 2 1 1 4 1 3 1 . . . . 1 8 5 2 3 0 5 8 2 1 1 1 4 1 3 . . . . 4 8 4 5 1 2 7 6 2 1 1 4 1 3 1 . . . . 8 6 6 5 3 7 1 3 Tu O N rn t e h o w e v r e Y r l o e o a r f k d i d n C e g i m ty c a i n ti d e s deposits:3 3 21 6 . . 9 0 3 2 2 1 . . 3 5 3 2 1 0 . . 7 9 For purchasing securities 19 .77 .79 .76 .76 .79 Other 19 4.54 4.51 4.53 4.58 4.58 COMMERCIAL BANKS Inbillions of dollars MONEY RATES, ETC. Per cent per annum U. 3 C 7 B 1 S - - 5 e i 5 9 . l r l y t s G i y y e f e ( e o a i n c a a r v e s a r r t s w s t . e o s s r i e s m c s u u o e r r i s e t ) i es: 30, 3 3 3 3 3 0 0 2 0 0 1 2 1 1 1 .3 . . . . 9 6 4 3 8 6 3 6 8 3 1 2 1 1 1 . . . . 3 . 3 4 6 6 9 9 6 4 6 8 1 2 1 1 1 . . . . . 3 3 6 9 4 5 9 3 7 6 1 1 2 1 1 1 . . . . . 3 3 6 9 4 6 8 5 6 7 8 1 2 1 . 1 1 3 . . . . 8 6 4 9 3 2 5 7 8 9 L C o a O L U a sh o n . t h s a S a e n . a s r s s n « G s e d e t o s c i v u n » t r . v i e t s i s e e t c s m u e r e i n ti t e s s , ' t otal«. 9 9 9 9 9 P P P P 1 P 2 6 1 2 4 3 2 2 7 9 . . . . . 7 5 1 0 8 O 0 0 0 0 P1 P P P P 2 4 2 6 1 4 9 8 2 2 . . . . . 5 9 4 5 1 0 0 0 0 0 P P 1 P P P 2 2 5 6 1 8 5 1 1 2 . . . . . 7 5 7 8 1 O O O 0 0 Corporate bonds: Holdings of U. S. Govt. se- Aaa 32 2.67 2.68 2.67 2.67 2.66 curities: Hi B gh a - a g rade municipal bonds 3 3 2 2 3 1 . . 2 8 1 0 3 1 . .8 2 1 2 3 1 . . 2 8 1 1 3 1 . . 2 7 0 4 3 1 . .7 1 2 9 Wi T B th o il i t l n s a l 1 year: 1 1 0 0 1 3 9 . . 7 5 7 2 2 3 0 . . 9 3 4 8 Stock prices (1935-39 =100): In unit indicated N Ce o r t t e i s f ic a a n t d e s b onds 1 1 0 0 1 2 3 . . 4 3 4 1 1 1 4 . . 9 4 7 8 T I R n o a d t i u a lr l s o t a r d ia l 3 3 3 4 4 4 1 1 1 5 6 2 5 7 6 1 1 1 3 5 6 1 5 8 1 1 1 5 3 7 7 7 0 1 1 1 4 7 6 5 3 0 1 1 1 6 7 4 2 5 5 Ov N T e o r o t t 1 a e l s y a e n a d r: bonds (1-5 yrs.) 1 1 0 0 3 2 6 5 . . 1 9 4 1 3 2 5 4 . . 9 7 6 0 Public utility 34 104 104 104 104 106 Bonds (5-10 yrs.) 10 6.06 6.07 Volume of trading (mill, shares) 34 2.26 2.19 2.57 3.47 3.21 Bonds (over 10 yrs.) 10 4.17 4.19 For footnote* se« p. 9S. JANUARY 1951 95 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued BANK CREDIT, MONEY RATES, AND BUSINESS—Continued Chart 1950 Chart 1950 book book page Sept. Oct. Nov.1 page Sept. Oct. Nov.1 In billions of dollars In billions of dollars MONTHLY FIGURES—Cont. MONTHLY FIGURES—Cont. MEMBER BANKS GOVERNMENT FINANCE—Cont. All member banks: Ownership of U. S. Govt. securities—Cont. Loans and investments, total 12 104.55 105.26 106.14 Marketable public issues—Cont. Loans 12 41 .54 42.35 43.97 By class of security—Cont. U. S. Govt. securities 12 52.88 52.82 52.05 Bonds—Total outstanding 24 96.83 96.83 96.83 Other securities 12 10.13 10.10 10.12 Nonbank (unrestricted issues Demand deposits adjusted « 12 74.86 75.79 76.82 only), commercial bank, Time deposits 12 29.46 29.46 29.28 and F. R. Bank 24 50.82 51.21 Balances due to banks 12 10.95 11.46 11.76 Commercial bank and F. R. Balances due from banks 12 5.45 5.72 5. Bank 24 39.26 39.57 Reserves 12 16.60 16.73 16.74 F. R. Bank 24 3.79 4.18 4*36 Central reserve city banks: By earliest callable or due date: Loans and investments, total 12 25.16 25.27 25.59 Within 1 year-Total outstanding 25 54.08 53.77 59.00 Loans 12 10.60 10.77 11.53 Commercial bank and F. R. U. S. Govt. securities 12 12.12 12.12 11.72 Bank 25 30.35 30.88 Other securities. 12 2.4.S 2.38 2.34 F. R. Bank 25 10.84 10.51 ' 'l5;<56 Demand deposits adjusted e 12 19.31 19.48 19.79 1-5 years—Total outstanding. 25 38.63 37.95 32.70 Time deposits 12 2.89 2.85 2.94 Commercial bank and F. R. Balances due to banks 12 4.88 5.03 4.99 Bank 25 32.01 30.42 Reserves 12 5.67 5.67 5.61 F. R. Bank 25 6.10 5.72 .90 Reserve city banks: 5-10 years—Total outstanding 25 15.93 15.93 15.93 Loans and investments, total 13 39.54 39.84 40.13 Nonbank (unrestricted issues Loans 13 16.53 16.93 17.54 only), commercial bank, U. S. Govt. securities 13 19.40 19.30 18.96 and F. R. Bank 25 8.45 8.47 Other securities 13 3.61 3.61 3.64 Commercial Bank and F. R. Demand deposits adjusted e 13 26.74 27.21 27.44 Bank 25 7.04 7.07 Time deposits 13 11.63 11.66 11.56 F. R. Bank 25 .98 1.00 "'" '98 Balances due to banks 13 5.19 5.49 5.75 Over 10 years—Total outstand- Balances due from banks 13 1.73 1.82 1.82 ing 25 45.13 45.13 45.13 Reserves 13 6.36 6.45 6.48 Nonbank (unrestricted issues Country banks: only), commercial bank, Loans and investments, total 13 39.86 40.14 40.41 and F. R. Bank 25 6.60 6.97 Loans 13 14.42 14.64 14.91 Commercial bank and F. R. U. S. Govt. securities 13 21.36 21.39 21.37 Bank 25 5.83 6.21 Other securities 13 4.08 4.11 4.14 F. R. Bank 25 1.66 2.03 Demand deposits adjusted e 13 28.81 29.11 29.60 Cash income and outgo: Time deposits 13 14.93 14.95 14.78 Cash income 26 4.87 2.43 3.49 Balances due from banks 13 3.57 3.75 3.90 Cash outgo 26 3.20 3.34 3.42 Reserves 13 4.57 4.61 4.65 Excess of cash income or outgo. ... 26 + 1.67 -.91 + .07 MONEY RATES, ETC. Per cent Treasury bills (new issues) 29 1.315 1.329 1.364 Corporate bonds: CONSUMER CREDIT « Aaa 29 2.64 2.67 2.67 Baa 29 3.21 3.22 3.22 Consumer credit, total 20 19.33 P19.40 P19.41 F. R. Bank discount rate 29 1.75 1.75 1.75 Single-payment loans 20 1.20 Pi.25 Pl.29 "ommercial paper 29 1.66 1.73 1.69 Charge accounts 20 3.74 P3.70 P3. 74Stock yields: Service credit 20 1.05 Pi.06 PI.06 Dividends/price ratio: Instalment credit, total 20, 21 13.34 P13.39 P13.32 Common stock 33 6.45 6.76 7.12 Instalment loans 21 5.49 P5.51 P5.51 Preferred stock 33 3.85 3. 3.88 Instalment sale credit, total 21 7.86 P7.88 P7.81 Automobile 21 4.21 P4.23 P4.18 In unit indicated Other 21 3.65 P3.65 »3.63 Margin requirements (per cent) 35 50 50 50 Stock prices (1935-39 =100), total... 35 152 158 156 Stock market credit (mill, dollars): Bank loans 35 533 546 566 GOVERNMENT FINANCE Customers' debit balances 35, 36 1,284 1,351 1,360 Money borrowed 36 751 759 774 Gross debt of the U. S. Government: Customers' free credit balances.... 36 738 771 796 Total (direct and guaranteed) 22 257.24 256.96 257.10 Volume of trading (mill, shares) 35 1.93 2.14 2.03 Bonds (marketable issues) 22 96.83 96.83 96.83 Notes, certificates, and bills 22 56.95 55.95 55.93 BUSINESS CONDITIONS Savings bonds, savings notes. ... 22 66.29 66.95 66.94 Special issues 22 33.40 33.54 33.73 Personal income (annual rates, bill, Guaranteed, noninterest-bearing dollars):«« debt, etc 22 3.77 3.68 3.68 Total 48 228.7 '231.1 231.9 Ownership of U. S. Govt. securities: Wage and salary receipts 48 147.8 '150.7 151.3 Total: Proprietors' income, dividends, and Commercial banks e 23 '62.10 62.10 interest 48 66.1 '64.9 65.4 Fed. agencies and trust funds... 23 38.89 39.01 Allother 48 14.8 '15.5 15.2 F. R. Banks 23 19.57 19.25 19.69 Labor force (mill, persons):« Individuals • 23 '67.50 67.40 Total 49 65.0 65.4 65.5 Corporations « 23 19.40 19.80 Civilian 49 63.6 63.7 63.5 Insurance companiese 23 19.70 19.50 Unemployment 49 2.3 1.9 2.2 Mutual savings bankse 23 11.20 11.10 Employment 49 61.2 61.8 61.3 State and local govts. * 23 8.10 8.10 Nonagricultural 49 53.4 53.3 53.7 Miscellaneous« 23 10.70 10.80 Employment in nonagricultural estab- Marketable public issues: lishments (mill, persons): «s By class of security: Total • 50 45.20 45.41 P45.39 Bills—Total outstanding 24 13.64 13.63 Manufacturing and mining 50 16.38 16.54 P16.51 Commercial bank and F. R. Construction 50 2.44 2.50 P2.49 Bank 24 5.29 4.70 Transportation and utilities 50 4.12 4.14 P4.12 F. R. Bank 24 1.51 .76 1.11 Trade 50 '9.67 9.64 P9.60 Notes and certificates—Total Government 50 5.98 6.02 P6. 08 outstanding 24 43.32 42.32 42.32 Hours and earnings at factories: Commercial bank and F. R. Weekly earnings (dollars) 51 60.68 61.99 P62.06 Bank 24 30.69 30.32 Hourly earnings (dollars) 51 1.480 1.501 Pl.510 F. R. Bank 24 14.27 14.31 14.22 Hours worked (per week) 51 41.0 41.3 P41.1 For footnotes see p. 98. 96 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued BANK CREDIT, MONEY RATES, AND BUSINESS— Continued Chart 1950 Chart 1950 book book page Sept. Oct. Nov.1 page Sept. Oct. Nov. In unit indicated In unit indicated MONTHLY FIGURES—Cont. MONTHLY FIGURES—Gont. BUSINESS CONDITIONS—Cont. BUSINESS CONDITIONS Cont. Industrial production:5 Department Stores—Cont. Total (1935-39 =100) 52 ••211 217 P215 296 stores: Groups (points in total index): Sales (mill, dollars) 63 370 361 406 Durable manufactures 52 '95.3 99.4 P9S.9 Stocks (mill, dollars) 63 ,029 '1,207 1 ,214 Nondurable manufactures 52 91.1 92.2 P91.5 Outstanding orders (mill, dollars) 63 702 662 444 Minerals 52 24.9 25.2 P24.6 Ratios to sales (months' supply): Manufacturing production Total commitments 63 4.7 5.2 4.1 (1935-39 =100). total 53 220 226 P225 Stocks 63 2.8 3.3 3.0 Durable 53 '251 262 P260 Consumers' prices (1935-39=100): Nondurable 53 194 196 All items 64 173.8 174.8 175.6 Selected durable manufactures Food 64 208.5 209.0 209.5 (1935-39=100): Apparel 64 190.5 193.4 195.0 Nonferrous metals 54 209 217 P22O Rent 64 124.8 125.0 125.4 Steel 54 275 286 272 Miscellaneous 64 158.8 159.5 160.5 Cement 54 206 214 214 Wholesale prices (1926=100): Lumber 54 150 157 156 Total 65 169.5 169.1 171.6 Transportation equipment 54 '284 292 P284 Farm products 65 180.4 177.8 183.7 Machinery 54 '285 303 P3O7 Food 65 177.2 172.5 175.2 Selected nondurable manufactures Other commodities 65 159.2 161.5 163.5 (1935-39=100): Textile products 66 158.3 '163.1 166.0 Apparel wool consumption 55 '170 180 Hides and leather products 66 202.9 '208.5 211.6 Cotton consumption 55 152 162 158 Chemicals and allied products... 66 '128.6 '132.2 135.5 Shoes 55 '133 121 Fuel and lighting materials 67 135.1 135.4 135.6 Paperboard 55 232 238 240 Building materials 67 '219.6 '218.9 217.2 Newsprint consumption 55 163 171 165 Metals and metal products 67 176.7 178.6 180.3 Manufactured food products.... 55 '167 164 P163 Miscellaneous 66 127.4 131.3 137.6 Fuel oil 55 200 210 P212 Prices paid and received by farmers Gasoline 55 195 196 P195 (1910-14=100): Industrial chemicals 55 '465 488 P496 Paid, etc 69 '260 261 263 Rayon 55 376 371 P376 Received 69 272 268 276 Sales, inventories, and orders: 6 Cash farm income (mill, dollars): Sales (bill, dollars):5 Total 70 2,913 3,584 P3,277 Manufacturing, total 56 21.2 21.2 P21.4 Livestock and products 70 1,454 1,534 Pi,480 Durable 56 9.4 9.7 P9.9 Crops 70 1,452 2,038 Pl,781 Nondurable 56 11.8 11.6 Pll.5 Govt. payments 70 12 PI 6 Wholesale, total 57 8.9 8.8 P8.9 Durable 57 2.6 2.5 P2.5 Nondurable 57 6.3 6.3 P6.5 INTERNATIONAL TRADE AND FINANCE Retail, total 57 12.1 11.8 Pll.4 Durable 57 4.4 4.2 P3.7 Plxports and imports (mill, dollars): Nondurable 57 7.7 7.6 Exports 76 P912 P904 P978 Inventories (bill, dollars):5 Imports 76 P857 P922 P852 Manufacturing, total 56 30.7 31.8 P32.9 Excess of exports or imports 76 P54 P-18 M26 Durable 56 14.1 14.4 PI 5.1Short-term liabilities to and claims on Nondurable 56 16.7 17.3 P17.9 foreigners reported by banks (bill, Trade: dollars): Total. 57 25.7 26.7 P2 7.1 Total liabilities 77 P7.31 P7.51 N D o u n ra d b u l r e a . b le . 5 5 7 7 1 8 6 . . 9 7 1 9 7. . 1 6 P1 P9 7 .1 9 Off I i n ci v a e l sted in U. S. Treasury bills 77 P3.73 P3.96 Wholesale 57 9.9 10.1 P10.4 and certificates 77 Pl.35 Pl.48 New R o e rd ta e i r l s (bill, dollars): 57 15.8 16.5 P16. Cla P i r m iv s a o te n foreigners 7 7 7 7 P3 p . . 5 7 8 6 P3 P . . 5 8 5 5 Manufacturing, total 56 23.8 24.7 P23.0Foreign exchange rates: Durable 56 11.5 12.2 See p. 117 of this BULLETIN 78, 79 Nondurable 56 12.3 12.5 Pll.9 Construction contracts (3 mo. moving avg., mill, dollars):5 Total 58 1,317 1,227 1,254 Apr.- July- Oct.- O R t e h s e id r ential 5 5 8 8 6 7 1 0 1 6 6 5 8 4 6 2 5 7 2 3 3 1 QUARTERLY FIGURES June Sept. Dec. Residential construction: Contracts awarded (mill, dollars): GOVERNMENT FINANCE In billionsof dollars Total 59 560 490 536 Budget receipts and expenditures of 1- and 2-family dwellings 59 427 401 444 U. S. Treasury: Other 59 133 89 92 Expenditures, total 27 10 10 9 05 to.01 Dwellings started (thous. units)... 59 P121 P103 P85 National^defense 27, 28 2.97 3 21 P4. 34 Value of construction activity (mill, Veterans' Administration 28 1.46 1.31 I. 36 dollars): International aid 28 1.18 .83 v.91 T N o o P P t n a u r r i l b e v 8 l s a i i c t d e e ntial: • 6 6 6 0 0 0 •2,214 " P P 2 6 6 ,1 7 3 7 4 0 7 2, 6 5 0 4 2 4 7 4 4 Re A N I c n l e e l t t i e p o r r t e t s e h s : c t e e r o i p n t s d ebt 2 2 2 7 8 8 8 2 1 . . . 4 2 9 7 1 3 9 1 1 . . . 9 3 0 4 4 5 P 9 1 l. . .3 9 1 4 7 2 Residential: * Individual income taxes 28 4.23 3.96 P3. 59 Public. 60 '40 '41 36 Corporate income, etc 28 2.28 2.45 r>2.62 Freig P h r t i v c a a t r e l oadings:5 60 '809 '832 837 A T M a ll i x s o c r e t e h ll f e a u r n n e d o s u s ( d i e n d te u r c n t) a l revenue. . 2 2 2 8 8 8 2. . . 0 6 9 5 2 7 2. . . 4 6 1 6 3 8 2.3 7 1 2 2 3 Total (1935-39 =100) 61 134 Groups (points in total index): Miscellaneous 61 78.0 79.2 79.9 MONEY RATES Per cent per annum Coal 61 28.7 28.6 26.7 Bank rates on loans to business: All other 61 27.3 28.6 29 A All loans: Department stores: 19 cities 31 2.68 2 63 2.84 Indexes (1935-39 =100) :5 New York City 31 2 34 2 32 2.51 Sales 62 320 '291 291 7 Northern and Eastern cities... 31 2.67 2 63 2.87 Stocks 62 309 328 332 11 Southern and Western cities. . 31 3.22 3 13 3.28 For footnotes see p 98. JANUARY 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued BANK CREDIT, MONEY RATES, AND BUSINESS—Continued 1950 1950 Chart Chart book book page Apr.- July- Oct.- page Apr.- July- Oct.- June Sept. Dec. June Sept. Dec. Per cent per annum In unit indicated QUARTERLY FIGURES—Cont. QUARTERLY FIGURES—Cont. MONEY RATES—Cont. BUSINESS FINANCE—Cont. Bank rates on loans to business—Cont. Corporate profits after taxes (quar- Loans of $l,000-$10,000: terly totals):—Cont. 19 cities 31 4.50 4.51 4.60 Manufacturing (mill, dollars): New York City 31 3.94 4.06 4.17 Durable 41 695 778 7 Northern and Eastern cities... 31 4.58 4.56 4.64 Nondurable 41 353 464 11 Southern and Western cities.. 31 4.70 4.71 4.78 Electric power and telephone Loans of $10,000-$ 100,000: (mill, dollars) 41 298 256 N 19 e w ci t Y ie o s rk City 3 3 1 1 3 3. . 6 3 5 5 3 3 . .6 3 3 3 3 3 . . 4 7 4 3 Plant R a a il n ro d a d e s q ( u m ip i m ll, e d n o t lla e rs x ) p enditures 41 155 253 7 Northern and Eastern cities... 31 3.62 3.59 3.70 (bill, dollars):*' 11 Southern and Western cities.. 31 3.83 3.83 3.91 All business 42 4.3 4.7 5.4 Loans of $100,000-$200,000: Manufacturing and mining; rail- N 7 1 9 e N w c o i t r Y i t e h o s e r r k n C a i n ty d Eastern cities... 3 3 3 1 1 1 2 2 2. . . 8 9 7 2 4 3 2 2 2 . . . 7 8 9 2 7 5 3 3 2 . . . 1 1 8 0 8 0 Ma ro n a u d f s a c a t n u d ri n u g t il a it n i d es mining 4 4 2 2 3 2 . . 1 0 3 2 . . 3 2 4 2 . . 0 7 11 Southern and Western cities.. 31 3.17 3.15 3.21 Loans of $200,000 and over: 19 cities 31 2.39 2.34 2.57 In billions of dollars New York City 31 2.16 2.15 2.35 Individual savings:« 7 Northern and Eastern cities... 31 2.45 2.39 2.65 Gross savings 43 +10.2 +12.4 11 Southern and Western cities.. 31 2.82 2.67 2.90 Liquid savings 43 +0.6 +0.1 Stock yields: Cash 43 '+0.7 +1.7 Ea s r t n o i c n k g s s /price ratio, common 33 15.30 P14.69 O U t . h S e . r G se o c v u t r . i t s i e e c s u rities 4 4 3 3 '+ + 0 0 . . 5 8 + -0 0 . . 5 2 Insurance 43 +1.3 +2.1 Debt liquidation 43 '-2.7 -3.5 BUSINESS FINANCE In unit indicated Annual rates in billions of dollars GROSS NATIONAL PRODUCT, ETC. » Corporate assets and liabilities (bill, Cu d r o re ll n a t r s a ) s : s e ets, total 37 134.2 142.5 r G os o s v n t. a t p i u o r n c a h l a p se ro s d o u f c t g o 5 ods and serv- 44 270.3 284.3 Cu U N C I R r n r a e . o v e s c t S e n h e e n . t s i v t G l o a a i r a n o b i b d l y e e i s t s l . a i t c s i c e e o c s, u u r n t i o t t s i t e a s p l ayable 3 3 3 3 3 3 7 7 7 7 7 7 2 3 4 4 6 1 6 5 0 3 5 8 . . . . . . 2 9 4 0 3 3 4 2 4 6 4 1 7 6 6 6 0 9 . . . . . . 3 9 9 6 6 5 P P e r i i N S D r c v s e e o u o a r s n r v n t e a d i a c b l u d e l r o e s c a m o b g n e l o e s s o u t d i g m c s o p o a t n d i d s o n f o e re x i p g e n n d in it v u e r s e t s - 4 4 4 4 4 4 6 6 6 4 1 4 9 2 5 8 9 6 0 9 5 . . . . . 2 2 2 1 1 4 3 5 9 0 9 3 0 8 4 . . . . . 9 5 8 4 9 | Ne F t e w de o r r a k l i n in g c c o a m p e it a ta l x liabilities.... 3 3 7 7 7 1 3 0 . . 8 3 7 1 5 2 . . 9 3 Gr m os e s n t private domestic invest- 44 44.9 45.11 Corporate security issues: ment: T N o e t w al m (b o i n ll e , y d , o to ll t a a r l s ) ( b • ill, dollars)«... 3 3 8 8 2 1 . .2 1 7 9 1. . 1 7 2 4 N Pr e o w d u c c o e n r s s t ' r d u u c r ti a o b n le equipment. 4 4 5 5 2 2 2 1 . . 3 3 2 27 2 . . 1 8 Type of security (bill, dollars): Change in business inventories. 45 3.4 -1.5 Bonds 38 .76 .61 Net foreign investment 45 -2.0 -3.3 Preferred stock 38 .20 .07 Personal income, consumption, and Common stock 38 .32 .07 saving: 6 Use of proceeds (mill, dollars): Personal income 47 215.1 224.8 Pla A P R n u l a t l b i l i a l r s i n o c s d u a u d e t r e i s q l i u ty ip ment: 3 3 3 9 9 9 9 7 5 7 8 8 4 1 5 4 7 3 67 7 2 Di N s C p o e o t n s s a p u b e m l r e s p o i t n n io a c l n o m s e a e x v p in e g n ditures 4 4 4 7 7 7 1 18 9 1 5 5 0 . . . 2 6 4 2 1 0 9 4 6 8 . . . 4 7 4 Industrial 39 103 75 Working capital: All issuers 39 317 165 1950 Public utility 39 6 6 Railroad 39 Industrial 39 171 94 June Dec. June Bonds (bill, dollars): e 30 31 30 Public 38 .98 .37 SEMIANNUAL FIGURES Private 38 .65 .56 INSURED COMMERCIAL BANKS In billions of dollars Corporate profits, taxes, and dividends (annual rates, bill, dollars):« 6 Loans: Profits before taxes 40 37.4 '46.4 Commercial 11 16.29 16.94 16.81 Profits after taxes (dividends and Agricultural 11 '2.73 2.96 2.82 undistributed profits) 40 '20.9 '25.8 Real estate 11 10.89 11.41 12.27 Undistributed profits 40 ••12.8 '16.4 Consumer 11 7.17 8.00 9.04 Corporate profits after taxes (quar- For purchasing securities: terly totals): To brokers and dealers 11 1.97 1.75 1.86 All corporations (bill, dollars)e. . . . 41 5.6 To others 11 0.90 0.86 0.91 Large corporations, total (bill, dol- State and local government securities. 11 5.76 6.40 7.24 lars) 41 1.5 1.8 Other securities 11 3.49 3.57 3.72 e Estimated. P Preliminary. ' Revised. 1 For charts on pp. 22, 29, and 35, figures for a more recent period are available in the regular BULLETIN tables that show those series. Because the Chart Book is usually released for publication some time after the BULLETIN has gone to press, most weekly charts and several monthly charts include figures for a more recent date than are shown in this table. 2 Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period. 3 Less than 5 million dollars. 4 Deficiency of less than 5 million dollars. s Adjusted for seasonal variation. 6 Includes additional series that have been incorporated in the January Chart Book. 7 Expenditures anticipated by business during the first quarter of 1951 are (in billion of dollars): All business, 4.8; manufacturing and mining, railroads and utilities, 3.4; manufacturing and mining 2.4. * Monthly issues of this edition of the Chart Book may be obtained at an annual subscription rate of $6.00; individual copies of monthly issues at 60 cents each. 98 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS— Continued CONSUMER CREDIT 1950 1950 Chart Chart book book page Sept. Oct.? NOV.P page Sept. Oct.? NOV.P In millions of dollars In millions of dollars Consumer credit outstanding, total. . . 3 19,329 19,401 19,412 Consumer instalment sale credit Instalment credit, total 3,5 13,344 13,393 13,319 granted, cumulative totals: * Instalment loans 5 5,486 5,514 5,511 By all other retailers 7 1,050 862 722 Instalment sale credit 5 7,858 7,879 7,808 By department stores and mail- Charge accounts 3 3,741 3,703 3,739 order houses 7 917 753 626 Single-payment loans 3 1,197 1,249 1,294 By furniture and household appli- Service credit 3 1,047 1,056 1,060 ance stores . . . 7 731 587 474 Consumer credit outstanding, cumu- By automobile dealers 7 481 405 321 lative totals:^ Consumer instalment loan credit out- Instalment credit 4 19,329 19,401 19,412 standing, cumulative totals:1 Charge accounts 4 5,985 6,008 6,093 Commercial and industrial banks. 8 5,486 5,514 5,511 Single-payment loans 4 2,244 2,305 2,354 Small loan companies 8 2,729 2,760 2,784 Service credit 4 1,047 1,056 1,060 Credit unions g 1,719 1,734 1,746 Consumer instalment sale credit out- Miscellaneous lenders 8 1,195 1,210 1,225 standing, cumulative totals:x Insured repair and modernization All other retailers 6 7,858 7,879 7,808 loans 8 844 857 872 Department stores and mail-order houses 6 7,102 7,121 7,055 Furniture and household appliance stores 6 5 943 5,951 5,883 Automobile dealers 6 4,213 4,227 4,179 P Preliminary. 1 The figures shown here are cumulative totals, not aggregates for the individual components. Aggregates for each component may be derived by subtracting from the figure shown, the total immediately following it. DECEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS BASED ON ESTIMATES OF THE DEPARTMENT OF AGRICULTURE BY STATES, AS OF DECEMBER 1, 1950 [In thousands of units] Cotton C<>rn Winter wheat Springwheat Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1949 Dec. 1, 1950 1949 Dec. 1, 1950 1949 Dec. 1, 1950 1949 Dec. 1, 1950 Bales Bales Bushels Bushels Bushels Bushels Bushels Bushels Boston.... 6,904 7,628 New York. . 33,917 35,371 13,Oil 13,594* 84 i 15 Philadelphia. 56,510 55,661 18,961 17,129 Cleveland... 251,347 219,158 65,578 51,416 Richmond 1 040 585 191,975 197,503 24,243 22,669 Atlanta 2,086 1,580 204,395 218,592 6,372 5,103 Chicago 1,350,713 1 ,115,665 89,015 69,175 1,649 1,332' St. Louis i 3', 765 -2,698 431,477 426,131 71,884 48,517 18 10 Minneapolis. . 378,764 340,126 29,316 30,703 203,423 234,616 Kansas Citv... 506 191 396,589 429,739 367,431 354,215 6,723 3,678 Dallas 6,974 3,504 69,650 77,657 102,261 23,032 125 105 San Francisco . 1,757 1 ,326 7,195 7,778 107,029 115,113 34,065 36,233 Total. . 16,128 9,884 3,379,436 3,131,009 895,101 750,666 246,087 276,089 Oats Tame hay- Tobacco White potatoes Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1949 Dec. 1. 1950 1949 Dec. 1, 1950 1949 Dec. 1, 1950 1949 Dec. 1, 1950 Bushels Bushels 7 OH:y Tons Pounds Pounds Bushels Bushels Boston. . . 5,831 6,742 3,601 3 ,664 40,037 40,459 78,762 70,733 New York. 23,959 35,369 5,222 6,471 916 975 35,167 40,947 Philadelphia. 15,601 18,957 2,471 2,653 58,709 61 ,415 19,861 21,901 Cleveland. . . 58,854 53,976 5,719 6,243 151,849 128,476 12,414 13,413 Richmond. 35,762 39,167 5,281 4,940 1,076,763 1.233,010 22,371 24,987 Atlanta 28,126 29,152 4,006 3,640 247,629 228,835 13,667 14,408 Chicago.... 594,110 630,672 16,939 20,281 32,460 33,411 30,392 32,505 St. Louis.. . 62,719 73,682 9,834 9,925 357,353 303,034 7,496 7,230 Minneapolis. . 328,449 389,199 9,227 10,905 2,431 2,439 47,204 50,112 Kansas City... 105,579 122,848 10,420 10,247 4.212 3,861 32,067 34,973 Dallas 37,499 29,537 1,768 1,750 4,123 3,255 San Francisco. 32,984 35,833 12,752 13,591 108,041 125,036 Total 1,329,473 1,465,134 87,240 94,310 1,972,359 2,035.915 411,565 439,500 1 Includes 15,000 bales grown in miscellaneous territory. 2 Includes 7,000 bales grown in miscellaneous territory. NOTE.—1949 figures for all crops except cotton are as revised in December 1950. JANUARY 1951 99 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE International capital transactions of the United States. 102-107 Gold production 107 Reported gold reserves of central banks and governments 108 Gold movements; gold stock of the United States. 109 International Monetary Fund and Bank. 110 Central Banks 111-115 Money rates in foreign countries 115 Commercial banks. 116 Foreign exchange rates 117 Price movements: Wholesale prices 118 Retail food prices and cost of living 119 Security prices 119 Tables on the following pages include the principal available statistics of current significance relating to gold, international capital transactions of the United States, and financial developments abroad. The data are compiled for the most part from regularly published sources such as central and commercial bank statements and official statistical bulletins, some data are reported to the Board directly. Figures on international capital transactions of the United States are collected by the Federal Reserve Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November 12, 1934. Back figures for all except price tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics. JANUARY 1951 101 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 [Net movement from United States, (—). In millions of dollars] TABLE 1.—TOTAL CAPITAL MOVEMENT, BY TYPES From th J ro a u n g . h 2 — , 1935, Total To I t n a c l rease fu n in O d s f f f o i i c n r i e a i U l g n i . S b . ank O in t g her f i t I n u e n b i n s r c n n a t d r i n a e s t U u k a t i o t s . i o i n e f o n S g i n a i . n n s l - D b i a n f a e b u n c U r n r k o e d . i a a n s S d s g e . se o F R f c f u o u e n r U t r e d u i i . t s g r i S n e * n s . : s D I e n f f c o o u f u l m r n o e r d w e i i s g t s i n t o e J i s c f : b I b r n a o f l l k a o e n w r c a e i g s n e 1935—Dec. (Jan. 1, 1936). 1,440.7 631.5 38.0 593.5 361.4 125.2 316.7 6.0 1936—Dec. 30 2,667.4 989.5 140.1 849.4 431.5 316.2 917.4 12.9 1937—Dec. 29 3,501.1 1,259.3 334.7 924.6 449.1 583.2 1,162.0 47.5 1938—Dec. (Jan. 4, 1939). 3,933.0 1,513.9 327.0 1,186.9 510.1 641.8 1,219.7 47.6 1939—Dec. (Jan. 3, 1940). 5,112.8 2.522.4 634.1 1,888.3 650.4 725.7 1,133.7 80.6 1940—Dec. (Jan. 1, 1941). 5,807.9 3,239.3 1,281.1 1,958.3 775.1 803.8 888.7 100.9 1941—Dec. 31 5,354.1 2,979.6 1,177.1 1,802.6 791.3 855.5 626.7 100.9 1942—Dec. 31 « 5,980.2 3,465.5 1,557.2 1,908.3 888.8 848.2 673.3 104.4 1943—Dec. 31 7,267.1 4,644.8 2,610.0 2,034.8 877.6 925.9 701.1 117.8 1944—Dec. 31 7,728.4 4,865.2 2,624.9 2,240.3 805.8 1,019.4 911.8 126.3 1945—Dec. 31 8,802.8 6,144.5 3,469.0 2,675.5 742.7 972.8 798.7 144.1 1946—Dec. 31. 8,009.5 5,272.3 2,333.6 2,938.7 453.8 427.2 1,237.9 464.5 153.7 1947—Dec. 31 8.343.7 4,120.3 1,121.8 2,998.5 2,242.0 186.5 1,276.9 375.5 142.4 1948—Dec. 31 8,569.1 5,119.5 2,126.0 2,993.6 1,844.3 116.8 1,182.1 183.3 123.1 1949—Nov. 30 8,658.9 5,140.2 2,111.1 3,029.1 1,655.1 288.8 1,196.4 257.1 121.3 Dec. 31 8,763.5 5,226.0 2,197.8 3,028.2 1,637.8 307.6 1,209.9 258.5 123.7 1950—Jan. 31 8,864.0 5,245.9 2,153.6 3,092.4 1,723.0 404.5 1,103.7 263.8 123.0 Feb. 28 9,092.5 5,283.8 2,189.7 3,094.1 1,707.1 458.7 1,210.0 310.1 122.8 Mar. 31 9,153.2 5,308.8 2,112.9 3,195.9 1,690.9 480.6 1,163.6 379.3 130.0 Apr. 30 ••9,371.6 5,504.2 2,168.3 3,336.0 1,663.4 494.6 '1,154.3 424.4 130.6 May 31 ••9,563.0 5,614.5 2,298.5 3,316.0 1,662.7 522.1 ••1,179.0 459.6 125.2 Tune 30 '9,782.2 5,784.7 2,530.3 3,254.5 1,636.4 472.1 ••1,227.4 538.4 123.2 July 31 '9,896.4 5,831.1 2,592.5 3,238.6 1,626.6 ••462.3 n, 226.0 629.7 120.7 Aug. 31 10,128.9 6,002.9 2,522.3 3,480.6 1,612.4 445.6 1,172.7 772.6 122.7 Sept. 30* 10,539.0 6,574.8 3,019.7 3,555.1 1,624.4 371.8 1,040.3 807.5 120.2 Oct. 31P 10,773.6 6,773.1 3,251.4 3,521.8 1,647.1 278.6 1,103.6 846.9 124.3 TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES From t h J r a o n u . g h 2 — , 1935, s ti t I o i n t n u te a t r l i o n i n n a s - - Total U K d n o i i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - Am La e t r i i n ca Asia ot A h l e l r 1944—Dec. 31. 7,728.4 1,090.0 585.7 506.2 664.3 63.1 1,172.5 4,081.8 976.4 1,193.7 1,273.6 203.0 1945—Dec. 31. 8,802.8 892.5 464.2 539.7 722.3 106.5 1,311.8 4,037.0 1,395.7 ,338.4 1,784.1 247.5 1946—Dec. 31. 453.8 7,555.7 563. 384.8 326.4 766.1 287.5 1,246.3 3,574.2 979.7 1,474.0 1,258.3 269.6 1947—Dec. 31. 2,067.3 6,276.4 437.0 234.3 213.8 839.3 150.1 1,100.6 2,975.1 688.6 ,383.4 984.3 244.9 1948—Dec. 31. 1,677.1 6,891.9 659.7 74.2 103.0 846.0 335.9 1,122.2 3,141.1 947.3 1,503.6 1,065.2 234.9 1949—Nov. 30 1,558.9 7,100.0 644.5 125.3 165.3 925.1 297.1 1,089.4 3,246.8 952.8 1,768.5 875.2 256.7 Dec. 31 1,541.7 7,221.8 682.4 113.2 171.6 951.2 301.4 1,135.8 3,355.5 984.7 1,780.2 852.0 249.4 1950—Jan. 31 1,526.8 7,337.2 728.9 93.8 175.3 890.1 295.1 1,186.3 3,369.6 1,022.2 ,792.3 882.9 270.2 Feb. 28... 1,611.3 7,481.2 764.4 115.1 162.0 890.0 298.2 1,217.8 3,447.5 1,024.2 ,833.5 933.2 242.8 Mar. 31 1,615.3 7,537.9 797.7 112.0 171.7 952.6 259.4 1,219.3 3,512.7 995.8 1,854.1 943.1 232.2 Apr. 30 1,616.0 '7,755.6 888.4 114.2 188.4 983.7 255.5 1,240.0 3,670.2 r990.5 1,875.9 997.2 221.7 May 31 1,627.9 r7,935.0 943.0 156.2 210.6 989.0 267.6 1,243.9 3,810.3 1,016.9 1,855.7 1,023.7 228.4 J J u u n ly e 3 3 0 1 1 1 , , 6 6 1 0 7 8 . . 2 3 • r8 "8 ,2 ,1 8 6 8 5 . . 1 0 1 1 , , 0 0 5 4 5 8 . . 5 0 1 16 8 3 8 . . 4 6 2 23 1 6 5 . . 9 6 1 1, , 0 0 0 0 6 0 . . 2 4 2 2 7 6 0 8 . . 6 3 • 1 1 , , 2 2 6 9 8 3 ' 3 4 , , 9 0 9 1 8 6 . . 9 8 1 1, , 0 0 9 6 3 4 . . 2 8 1 L , , 8 9 4 1 2 4. . 0 4 1 1 , , 0 0 3 19 0 . . 7 7 2 2 2 44 8 . . 5 3 Aug. 31 1,600.6 8,528.3 892.9 324.9 247.6 1,014.1 281.5 1,313 4,074.8 1,176.4 I, 943 .5 1,073.3 260.3 Sept. 30P 1,612.8 8,926.3 820.0 358.3 249.6 1,037.6 307.4 1,357.5 4,130.5 1,347.5 2,038.0 1,155.5 254.8 Oct. 31 P 1,635.6 9,138.1 878.2 411.4 267.6 1,008.0 314.7 1,356.6 4,236.3 1,309.8 2,055.8 1,284.1 252.1 P Preliminary. r Revised. 1 This category made up as follows: through Sept. 21, 1938, funds held by foreign central banks at the Federal Reserve Bank of New York and special deposit accounts held with the U. S. Treasury; beginning Sept. 28, 1938, also funds held at commercial banks in New York City by central banks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve Bank of New York which had been transferred from central bank to government names; beginning with the new series commencing with the month of July 1942, all funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.), and also special deposit accounts held with the U. S. Treasury. 2 Beginning with 1947, these figures include transactions of international institutions, which are shown separately in Tables 5 and 6. Securities of such institutions are included in foreign securities. 8 The weekly series of capital movement statistics reported through July 1, 1942, was replaced by a monthly series commencing with July 1942. Since the old series overlapped the new by one day, the cumulative figures were adjusted to represent the movement through June 30 only. This adjustment, however, is incomplete since it takes into account only certain significant movements known to have occurred on July 1. Subsequent figures are based upon new monthly series. For further explanation see BULLETIN for January 1943, p. 98. NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For full description of statistics see Banking and Monetary Statistics, pp. 558-560; for back figures through 1941 see Tables 161 and 162, pp. 574-637, in the same publication, and for those subsequent to 1941 see BULLETIN for February 1950, pp. 246-251. For revision of earlier figures to include movement in official Philippine accounts held with U. S. Treasury, see BULLETIN for July 1946, pp. 815-819. Certain of the figures in tables "Short-term Liabilities to and Claims on Foreigners Reported by Banks in the United States, by Countries" are not strictly comparable with the corresponding figures for preceding months owing to changes in reporting practice of various banks. The cumulative figures in Tables 1, 2, and 3 of "Net Capital Movement to United States" have been adjusted to exclude the unreal movements introduced by these changes. For further explanation see Banking and Monetary Statistics, pp. 578-591, and BULLETIN for March 1947, pp. 338-339, and September 1945, pp. 967-971. 102 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Con tinned NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935— Continued [Net movement from United States, (—). In millions of dollars] TABLE 3.—INCREASE IN FOREIGN BANKING FUNDS IN U. S., BY COUNTRIES From th J ro a u n g . h 2 — , 1935, n t I a u i n n t t i i t s o o e t n i r n - - a s l Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia o A th l e l r 1944—Dec. 31.. 4,865.2 804.4 356.6 193.1 221.4 7.0 611.2 2,193.7 818.6 794.7 888.6 169.7 1945—Dec. 31.. 6,144.5 646.4 229.9 265.0 286.3 50.1 745.8 2,223.4 1,414.2 924.9 1,369.1 212.9 1946—Dec. 31.. 453.8 5,272.3 397.6 165.8 208.2 359.0 247.6 687.2 2,065.5 823.9 983.3 1,135.7 263.9 1947—Dec. 31.. 2,242.0 4,120.3 264.9 87.6 126.7 432.8 132.8 576.6 1,621.4 301.6 1,095.0 877.3 224.9 1948—Dec. 31.. 1,844.3 5,119.5 485.0 112.6 106.1 525.3 313.2 574.8 2,117.1 667.2 1,165.4 971.2 198.6 1949—Nov. 30. . 1,655.1 5,140.2 495.3 103.0 146.3 554.0 275.4 512.0 2,086.0 717.0 1,317.5 803.9 215.8 Dec. 31.. 1,637.8 5,226.0 513.0 91.4 153.9 563.3 283.3 553.7 2,158.7 761.1 1,315.1 780.4 210.7 1950—Jan. 31. . 1,723.0 5,245.9 548.1 72.2 160.7 493.8 276.4 575.8 2,127.1 811.4 1,264.9 801.5 241.0 Feb. 28.. 1,707.1 5,283.8 571.9 79.3 152.5 497.0 282.3 603.9 2,186.8 765.2 1,267.2 846.7 217.8 Mar. 31.. 1,690.9 5,308.8 600.8 76.9 162.0 560.5 239.7 593.0 2,232.8 749.5 1,269.5 847.3 209.6 Apr. 30. . 1,663.4 5,504.2 690.5 80.0 178.4 584.1 236.5 609.0 2,378.6 737.0 1,283.5 910.1 195.1 May 31.. 1,662.7 5,614.5 740.0 106.1 202.9 583.0 253.2 606.2 2,491.4 739.6 1,254.5 926.3 202.7 June 30. . 1,636.4 5,784.7 852.5 138.9 209.0 581.3 260.1 625.8 2,667.5 722.0 1,254.7 921.2 219.4 July 31. . 1,626.6 5,831.1 852.4 113.0 231.8 580.3 255.5 638.6 2,671.6 688.4 1,333.5 912.8 224.7 Aug. 31. . 1,612.4 6,002.9 698.8 185.9 240.5 589.7 263.5 653.0 2,631.4 819.7 1,348.1 966.2 237.5 Sept. 30P. 1,624.4 6,574.8 644.4 175.4 238.9 590.1 284.7 703.9 2,637.4 1,225.7 1,422.2 1,046.4 243.1 Oct. 31P. 1,647.1 6,773.1 757.7 209.5 258.4 559.5 287.0 698.7 2,770. 1,119.7 1.446.1 1,182.6 253.8 TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES United Neth- Switz- From Jan. 2, 1935, through— Total K d i o n m g- France la e n r d - s la e n r- d Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia ot A h l e l r 1944—Dec. 31. 805.8 266.1 77.7 18.3 6.8 26.2 231.5 626.6 64.8 37.0 77.7 -.3 1945—Dec. 31. 742.7 266.6 78.0 -17.7 5.2 26.2 235.1 593.4 39.5 9.1 99.2 1.5 1946—Dec. 31. 427.2 244.3 73.4 -132.3 -1.7 10.6 226.9 421.3 40.7 -58.8 29.9 -5.8 1947—Dec. 31. 186.5 262.8 55.7 -30.5 1.1 5.5 190.9 485.5 65.4 -346.3 2.0 -20.1 1948—Dec. 31. 116.8 267.5 -39.9 -32.7 1.2 10.8 203.5 410.3 53.0 -348.6 10.3 -8.3 1949—Nov. 30. 288.8 237.2 26.9 12.3 3.5 7.7 211.6 499.2 59.9 -257.9 -6.1 -6.2 Dec. 31. 307.6 254.8 27.2 13.4 4.3 4.0 211.3 515.0 55.3 -243.1 -10.6 -9.0 1950— Jan. 31. 404.5 259.4 27.6 16.0 2.5 5.8 238.6 549.8 52.7 -179.3 .1 -18.7 Feb. 28. 458.7 267.7 43.1 14.2 2.6 3.2 239.2 570.0 50.4 -143.4 5.1 -23.4 Mar. 31. 480.6 268.3 43.7 14.3 .3 7.0 240.5 574.1 55.4 -135.5 13.3 -26.7 Apr. 30. 494.6 269.6 43.2 14.9 1.9 6.4 239.7 575.6 57.3 -127.8 17.5 -28.2 May 31. 522.1 264.8 58.1 14.2 .8 2.0 245.5 585.3 60.2 -122.5 28.4 -29.3 June 30. 472.1 263.9 58.4 14.4 -1.0 -2.1 245.3 578.8 57.8 -155.7 41.2 -50.0 July 31. r462.3 255.3 58.8 14.1 -1.6 .2 r248.8 '575.7 46.8 -162.4 42.9 -40.6 Aug. 31. 445.6 253.5 49.0 14.9 -.5 5.2 248.7 570.9 22.6 -151.5 41.8 -38.2 Sept. 30P 371.8 217.1 48.9 15.3 -2.6 9.5 241.3 529.5 -20.0 -129.7 41.2 -49.2 Oct. 31P 278.6 151.1 48.8 13.8 -2.6 14.3 238.8 464.2 -14.3 --139.3 31.2 -63.1 TABLE 5.—FOREIGN SECURITIES: RETURN OF U. S. FUNDS, BY COUNTRIES (Net Purchases by Foreigners of Foreign Securities Owned in U. S.) Inter- From t h J r a o n u . g h 2 — , 1935, n t a u in t t i i s o o t n i n - a s l Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C ad a a n- A L m a e t r i i n ca Asia o A th l e l r 1944—Dec. 31 1,019.4 126.5 51.0 33.6 44.5 27.6 246.9 530.1 104.9 302.0 61.3 21.0 1945—Dec 3i 972.8 117.7 51.2 33.0 45.2 27.5 249.2 523.8 49.1 317.1 60.8 22.0 1946—Dec. 31 I 237 9 96 8 50 2 26.0 31 2 26 7 260 2 491 2 236 6 448.4 61 1 7 1947—DeCi 31 -249.3 1,526.2 94.9 47.1 -3.9 16.3 26.5 275.8 456.7 441.8 537.6 61.6 28.4 1948—Dec. 31 -249.3 1,431.3 84.9 42.9 -9.1 -19.0 26.5 287.2 413.3 339.7 578.3 63.2 36.9 1949—NOV. 30 -265.3 1,461.7 71.4 43.0 -9.7 -6.6 26.9 308.1 433.2 330.0 595.4 64.0 39.2 Dec. 31. . -265.3 L 475 1 71.4 43.2 —9.3 .1 27 0 311.7 444.1 329.1 598.5 63.9 39.5 1950—Jan 31 -365.8 1,469.5 71.3 44.0 -15.1 2.4 27.0 313.4 443.0 320.9 601.9 64.0 39.8 Feb. 28 -269.1 ,479.0 70.9 43.9 -16.9 4.5 27.0 314.4 443.8 326.9 604.1 64.1 40.1 Mar 31. —267.7 L 431 3 70 4 45 1 — 16 9 8 2 27 1 314 9 448 9 271.5 606.5 64 1 40 3 Apr. 30 -266.6 L,421.0 69.3 45.0 -14.5 11.0 27.1 315.5 453.3 '251.3 606.9 64.1 45.4 May 31 -266.5 ' ,445.5 68.0 44.6 -15.0 14.2 27.4 316.1 455.3 '270.5 609.8 64.2 45.7 Tune 30... -267.1 rL 494 4 67.1 44.1 -14.2 16.8 27 4 316.1 457.2 '303.2 620.8 64.2 49.0 Tuly 31 -266.9 r ,492.9 66.4 43.8 -13.6 15.1 27.4 316.5 455.7 '300.3 623.5 64.2 49.4 Aug 31 —266 9 1439 6 66 2 43 6 — 13 6 14 8 27 4 317 0 455.4 245.1 625 3 64.2 49.6 Sept. 30P. ... —266 9 1 307 2 77 A 44.3 -12.9 34.0 28.6 319.5 490.8 76.1 624.5 65.6 50.3 Oct. 31P -268.9 1,372.4 76.3 43.7 -13.0 31.5 28.6 320.0 487.1 141.9 627.0 65.8 50.6 P Preliminary. r Revised. JANUARY 1951 103 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 193&—Continued [Net movement from United States, ( —). In millions of dollars] TABLE 6.—DOMESTIC SECURITIES: INFLOW OF FOREIGN FUNDS, BY COUNTRIES (Net Purchases by Foreigners of U. S. Securities) From th J ro a u n g . h 2 — , 1935, n t I a u i n n t t i t i s o e o t n i r n - - a s l Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia o A th l e l r i 1944—Dec. 3i 911.8 -125.4 77.3 239.0 368.5 1.9 72.4 633.7 —28 1 54 9 240.5 10.7 1945—Dec. 31 798.7 -157.9 81.7 233.5 355.4 2.2 68.0 582.9 -126.6 81.3 251.3 9.9 1946—Dec 31 464.5 -194.9 74.9 207.0 337.9 2.1 57.3 484.3 -143.0 87.6 26.8 8.8 1947—Dec. 31 74.5 300.9 -203.8 24.7 108.7 350.9 -15.0 43.1 308 7 -139 8 84 2 36.8 11.0 194g—Dec. 31 82.1 101.2 -194.7 -58.1 29.5 311.0 -15.0 45.7 118.4 -132.3 94.4 13.6 7.2 1949—Nov. 30 169.1 88.0 -176.6 -63.8 5.7 348.9 -13.5 46.3 147.2 -172.3 99.1 6.8 7.2 Dec 31 169.1 89.3 -173.9 -64.9 4.0 355.2 -13.4 47.9 154.9 -181.3 96.9 11.5 7.4 1950—Jan. 31 169.6 94.1 -166.2 -65.7 2.8 363.7 -14.7 47.4 167.2 — 184 6 93 6 10 6 7.3 Feb. 28 173.2 136.8 -163.1 -66.7 1.1 359.1 — 14.9 49.5 165.0 -136.1 90.0 10.4 7.5 Mar 31 192.1 187.2 -158.8 -69.1 .9 355.9 -14.8 60.4 174.5 -101.9 95.1 11.2 8.3 Apr. 30 219.2 205.2 -158.2 -69.4 — 1.4 357.8 -15.1 65 4 179 1 —76.6 96 9 -2 8 8 7 May 31 231.8 227.8 -146.5 -68.6 -3.0 364.0 -15.5 65.7 196.1 -74.8 101.6 -3.5 8.5 Tune 30 247.8 290.6 -144.8 -69.0 -4.5 376 7 -15.3 70 8 214 0 —38 0 110 9 —5 2 8 9 July 31 248.6 381.1 -143.6 -68.7 -6.0 383.9 -15.2 79.7 230 0 37 3 109 9 -5 5 9.4 Aug 31 . . 255.1 517.6 -142.5 30.6 -4.9 383.0 -15.1 85.0 336.0 69.3 108.3 -5.6 9.5 Sept. 30P 255.3 552.2 -135.8 73.1 -2.9 390.5 -15.8 82 7 391 7 47 1 108 3 —4 3 9 4 Oct. 31 P 257.3 589.6 -123.6 93.1 —2.7 392.2 -15.6 89.2 432.5 41.8 108.9 -3.1 9.5 TABLE 7.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES (The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases in Balances Held by Brokers and Dealers in U. S. with Brokers and Dealers Abroad) United Neth- Switz- From Jan. 2, 1935, through— Total K d i o n m g- France la e n r d - s la e n r- d Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia ot A h l e l r 1944—Dec. 31 126.3 18.5 23.1 22.3 23.0 .3 10.4 97.7 16.2 5.1 5.6 1.8 1945—Dec 31 144.1 19.8 23.4 26.0 30.3 .4 13.6 113.6 19.5 5.9 3.8 1.3 1946—Dec. 31 153.7 19.2 20.5 17.5 39.6 .4 14.7 112 0 21 5 13 4 4 8 2 0 I947—Dec. 31 142.4 18.2 19.1 12.7 38.2 .3 14.2 102.7 19.6 12.9 6 6 .7 1948—Dec. 31 123.1 17.0 16.7 9.3 27.5 .4 11.0 81.9 19.6 14.0 7.0 .6 1949—Nov 30 121.3 17.1 16.2 10.6 25.3 .6 11.4 81.2 18.3 14.5 6.6 .7 Dec. 31 123.7 17.1 16.2 9.6 28.4 .6 11.1 82.9 20 5 12 7 6 8 g 1950—Jan 31 123.0 16.3 15.8 11.0 27.8 .6 11.1 82.5 21.8 11.2 6.7 .8 Feb 28. . . 122.8 17.1 15.5 11.1 26.8 .6 10.7 81.8 17 7 15 7 6 9 g Mar. 31 130.0 17.0 15.3 11.3 27.8 .6 10.4 82.4 21 2 18.5 7 2 g Apr 30 130.6 17.3 15.5 11.1 29.0 .5 10.4 83.7 21.5 16.3 8.3 .7 May 31 125.2 16.7 16.1 11.6 27.0 .5 10.3 82 2 21 6 12 3 8 4 8 June 30 123.2 16.9 16.3 10.9 26.6 .5 10.1 81.2 19.9 11.7 9.3 1.0 July 31. . . 120.7 17.5 16.5 10.6 28.4 .5 10.3 83.8 20.3 9.5 5.4 1.7 Aug. 31 122.7 16.9 15.8 10.7 27.1 .5 10.1 81.1 19.7 13 3 6 7 1 8 L>ept 30P . . 120.2 17.0 16.6 11.2 25.4 .5 10.2 81.0 18.6 12.8 6.6 1.2 Oct 31 P M24.3 16.7 16.3 11.0 27.3 .5 9.9 81.7 20.7 13.1 7.5 1.3 SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES [Amounts outstanding, in millions of dollars] LIABILITIES TO FOREIGNERS Total ioreign In- countries 2 Date t t i e i n o r s n n t a a i- - l Official U K d n i o i n m t g ed - France N la e e n r t d - h s - S la w e n r i d - tz a - Italy E O u th ro e p r e E T u o ro ta p l e C a a d n a - Am La e t r i i n ca Asia o A th l e l r tutions and Official private 1944—Dec. 31 5,596.8 3,335.2 865.7 401.2 209.7 239.3 27.3 774.5 2,517.8 926.5 909.3 1 ftfiQ 7 174.0 1945—Dec 31 6,883.1 4,179.3 707.7 310.0 281.6 304.2 70.4 909.1 2,583 01,522.2 1 ru* d ,549.7 181.8 1946—Dec. 31... 473.7 6,006.5 3,043.9 458.9 245.9 224.9 372.6 267.9 850.5 2,420.7 931.8 1,104.8 ',316A 232! 8 1947—Dec. 31. 2,262.0 4,854.4 1,832.1 326.2 167.7 143.3 446.4 153.1 739.8 1,976.7 409.6 1,216.6 1,057.9 193.7 1948—Dec. 31. 1,864.3 5,853.7 2,836.3 546.3 192.8 122.8 538.9 333.5 738.1 2,472.4 775.2 1,287.0 1,151.8 167.4 1949—Nov. 30. 1,675.0 5,874.3 2,821.4 556.7 183.1 162.9 567.6 295.7 675.3 2,441.3 824.9 L,439.0 984.5 184.6 Dec. 31. L.657.8 5,960.2 2,908.1 574.4 171.6 170.5 576.9 303.6 717.0 2,513.9 869.1 1,436.7 961.0 179.5 1950—Jan. 31. L.742.9 5,980.1 2,863.8 609.5 152.3 177.3 507.4 296.7 739.0 2,482.3 919.4 1,386.4 982.2 209.8 Feb. 28. 1,727.0 6,017.9 2,900.0 633.2 159.4 169.1 510.6 302.6 767.2 2,542.1 873.2 1,388.7 1,027.3 186.6 Mar. 31. 1,710.8 6,042.9 2,823.2 662.1 157.0 178.7 574.1 260.0 756.3 2,588.1 857.4 1,391.1 1,027.9 178.4 Apr. 30. L.683.4 6,238.4 2,878.6 751.8 160.1 195.0 597.8 256.8 772.3 2,733.8 844.9 1,405.1 1,090.7 163.9 May 31. L,682.6 6,348.7 3,008.8 801.4 186.2 219.5 596.6 273.5 769.5 2,846.6 847.5 ,376.1 1,106.9 171.5 June 30. 1,656.4 6,518.9 3,240.6 913.8 219.0 225.6 594.9 280.4 789.1 3,022.8 829.9 1,376.2 1,101.8 188.2 July 31. 1,646.5 6,565.3 3,302.8 913.8 193.1 248.4 593.9 275.8 801.9 3,026.9 796.4 1,455.0 1,093.4 193.5 Aug. 31. 1,632.4 *6,737.0 3,232.6 4 760.1 266.0 257.2 603.4 283.8 816.2 42,986.7 927.6 1,469.6 1.146.8 206.4 Sept. 30P 1,644.3 7,308.9 3,730.0 705.7 255.6 255.5 603.8 305.0 867.2 2,992.7 1,333.6 1,543.7 1,227.6 211.9 Oct. 31P 1,667.1 7,507.3 3,961.7 819.1 289.6 275.0 573.1 307.3 862.0 3,126.1 1,227.7 1,567.6 1,363.3 222.6 P Preliminary. 1 Amounts outstanding (in millions of dollars): foreign brokerage balances in U. S., 78.7; U. S. brokerage balances abroad, 31.3. 22 CCoouunnttrryy bbrreeaakkddoowwnn iiss ffoorr ""OOffffiicciiaall aanndd pprriivvaattee.."" 1 Beginning January 1950, excludes Bank for International Settlements, included in "International institutions" aas of that date, 4 Data for August include, for the first time, certain deposit balances and other items which have been held inspecific trust accounts, but which have been excluded in the past from reported liabilities. 104 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] LIABILITIES TO FOREIGNERS—SUPPLEMENTARY DATA Other Europe Date E O u t r h o e p r e A tr u i s a - g B iu el m - C v o z a s e k l c o i h a - - m D a en rk - l F a i n n d - m G a e n r- y1Greece N w o a r y - l P an o- d t P u o g r a - l m R a u n - ia Spain S d w e e n - USSR Y sl u av g i o a - ot A h l e l r1 1944—Dec. 31. . 774.5 124.3 14.8 7.1 6.8 48.7 220.8 54.5 9.5 43.4 152.1 16.1 5.7 70.7 1945—Dec. 3i 909.1 185 0 25 9 5 5 7 0 70 8 216 1 47.9 9 3 31.7 210.1 28 0 5 7 66 0 1946—Dec. 31. . 850.5 159.5 66.5 22.2 7.1 49.3 123.5 39.0 8^9 16.4 172.6 60.5 12.4 112]5 1947—Dec. 31.. 739.8 124.9 52.8 30.5 89.5 34.7 56.2 47.1 8.7 12.8 58.6 73.7 12.1 138.2 1948—Dec. 31. . 738.1 128.7 44.7 19.1 178.9 21.1 77.7 37.7 7.0 13.6 49.0 21.3 19.9 119.3 1949—Nov. 30. . 675.3 117.7 35.4 24.0 141.6 23.7 66.4 33.9 6.7 10.7 78.6 8.2 10.4 118.0 Dec. 31.. 717.0 119.9 38.0 25.1 149.4 29.6 69.4 38.1 6.7 15.7 90.1 10.2 7.6 117.4 1950— F jaenb>. 2 3i 8.. 7 76 3 7 9 . . 2 0 4 44 4 ^ .0 3 1 1 2 3 3 3 .3 9 1 1 7 7 ! .3 7 3 3 5 3 . . 2 2 2 2 3 0 . . 8 6 1 1 4 6 9 4 . . 7 6 3 3 0 1 . . 3 6 8 7 2 6 . . 2 4 6 6 \ .7 0 4 3 0 9 .2 0 6 6. 4 5 1 1 4 1 .3 0 1 9 0 6 1 .9 1 1 9 1 .1 4 5 7 . 8 1 5 58 7 .9 5 Mar. 31.. 756.3 42.9 118.5 12.3 29.3 19.0 180.2 32.4 79.3 6.1 35.8 6.1 11.5 106.1 13.9 6.6 56.4 Apr. 30.. 772.3 39.3 120.8 13.3 33.0 20.4 184.9 35.1 82.4 6.3 35.0 6.1 10.5 107.6 15.7 7.0 54.9 May 31. . 769.5 38.7 108.2 13.4 32.0 18.2 199.7 36.9 76.7 4.9 36.9 6.2 10.1 109.2 15.1 6.2 57.0 June 30. . 789.1 34.6 105.5 12.9 35.9 16.0 227.7 38.6 66.8 5.4 31.6 6.2 9.2 112.7 19.0 6.1 60.9 July 31.. 801.9 35.5 106.1 11.3 31.9 15.8 245.0 40.6 69.5 4.7 32.6 6.2 10.4 116.5 15.2 5.0 55.7 Aug. 31. . 816.2 32.0 107.8 7.0 31.6 16.2 262.9 41.6 71.2 3.5 35.7 6.1 13.0 117.0 11.8 5.3 53.5 Sept. 30P . 867.2 36.3 111.6 6.1 36.4 15.7 286.4 41.8 80.1 12.4 39.1 6.1 13.4 109.8 9.8 5.2 56.9 Oct. 31P. 862.0 36.2 115.4 6.4 39.1 15.4 282.5 44.4 75.4 3.1 45.0 6.0 14.3 110.6 4.5 7.6 56.2 Latin America Neth- Do- er- Date A L i m a c t a e in r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba m p i R c u li i a e b c n - n - - G m u a a l t a e- M ic e o x- I l W S n a a u d n n e r i d d s i e - s t s Peru l P p a i R c u m a e b n o - a - - f v S a E a d l l o - r 1 g U u r a u y - V zu e e n l e a - A O L i m c a th a t e i e * r n r nam i 1 1944—Dec. 31. 909.3 93.9 17.7 140.8 55.0 83.6 139.3 83.1 36 0 27.7 69.1 31.5 131,6 1945—Dec. 31. 1,046.4 77.3 14.5 195.1 66.3 79.2 128.3 116.4 28 2 43.9 88.7 • • 49.7 158.8 1945—Dec. 31 1,104.8 112.6 14.0 174.0 50.7 57.8 153.5 152.2 16 1 40 9 77 2 74 0 181.8 1947—Dec. 31. 1,216.6 236.2 17.8 104.7 46.3 46.1 234.7 139.2 14 9 41.8 70.3 78.0 186.5 1948—Dec. 31. 1,287.0215.8 17.1 123.7 55.6 54.0 219.4 146.7 24 3 52.6 71.8 121.7 184.1 1949—Nov.30. 1,439.0 233.7 13.2 216.9 54.9 70.1 178.4 195.0 23 5 53.3 74.2 129.2 196.6 Dec. 31. 1,436.7 201.1 13.5 192.8 60.9 85.9 164.2 214.6 25 9 52.8 74.3 143.2 207.4 1950—Jan. 31. 1,386.4 210.2 13.9 164.4 57.5 97.3 169.7 35.8 *25.8 184.1 26 5 48.7 73.8 35 7 62 3 117.4 63.4 Feb. 28. 1,388.7 219.3 13.0 143.8 70.1 90.6 176.9 36.3 26.7 179.7 25 4 46.4 77.7 42 6 ! 57.4 115.2 67.8 Mar. 31. 1,391.1221.2 13.1 141.1 70.4 80.0 185.4 38.8 27.6 175.7 26 5 51.6 81.4 42 6 58 0 110.1 67.5 Apr. 30. 1,405.1227.0 12.7 121.6 73.2 70.1 209.7 39.6 27.8 168.8 26 7 47.1 81.3 40.1 ! 59 0 132.2 68.2 May 31. 1,376.1 233.5 13.9 99.4 68.6 53.1 227.2 40.9 26.6 160.2 28 4 46.3 80.8 36 9 67 0 124.4 68.9 Tune30. 1,376.2 237.6 13.8 124.9 62.3 53.5 237.1 42.6 25.0 152.6 29 7 50.3 73.9 27 4 66 4 116.7 62.4 July 31. 1,455.0239.0 13.3 150.3 69.0 70.7 245.8 45.6 23.5 174.9 30 1 49.8 69.5 28 6 73 8 104.9 66.3 Aug. 31. 1,469 6 249.8 18.4 155.0 70.3 76.1 259.5 44.8 22 3 163.0 29 4 50 9 63.4 26 4 75 7 97.2 67 4 Sept.30P 1,543.7 268.9 19.0 187.1 76.9 65.9 259.6 41.8 22.6 177.2 29 0 58.0 72.2 24 0 73 9 101.8 65.8 Oct. 1,567.6 273.0 17.0 215.7 82.5 61.6 274.4 41.3 22.0 185.6 28 6 55.7 62.5 21 5 71.9 88.8 65.3 Asia and All Other Date Asia C M c a r h h n i a i u a d n n - a - H K o o n n g g India I n n e d s o ia - Iran IsraelJapan p i P p u R p h b e i i l n - l i - c e T la h n a d i- T k u e r y - O A t s h ia e * r o A th l e l r t A ra u l s i - a C g B o i e a n l n g - o A E E a t n g i g n a g y y d n l p p o t - - A S U o f n o r u i i f o c th a n Other* Sudan 1944—Dec. 31. 1,069.2 427.3 22.9 22.1 110.5 4.0 365.8 23 7 92.9 174.0 52.9 7.3 8.3 105.4 1945—Dec. 31. 1,549.7 582.3 27.4 33.4 113.7 4.1 629.1 52 s 107.2 181.8 28.9 18.9 6.4 127.7 1945—Dec. 31. 1 316 4 431 9 44 9 43 5 127 1 16 6 446 6 54 7 151.0 232 8 45.5 20 8 47.2 119 3 1947—Dec. 31. 1,057.9 229.9 39.8 62.4 69.3 31.3 488.6 37 6 99.0 193.7 30.6 25.0 46.4 91.8 1948—Dec. 31. 1,151.8 216.2 51.1 51.8 41.5 81.4 488.3 17 5 204.0 167.4 22.2 27.7 15.8 101.6 1949—Nov. 30. 984.5 113.4 83.3 56.4 17.8 204.8 306.3 10 0 192.4 184.6 39.4 58.3 6.9 79.9 Dec. 31. 961.0 110.6 83.9 63.3 15.7 214.6 297.3 9 8 165.7 179.5 32.4 61.6 6.0 79.5 1950—Jan. 31. 982.2 110.1 89.9 69.5 12.2 16.8 21 6238.8 286.1 "24 .3 12 0 101.5 209.8 29.8 "27]2 72.8 22.9 57.1 Feb. 26. 1,027.3 112.3 90.6 69.5 29.2 16.4 27 3252.2 289.4 22.6 14 4 103.5 186.6 25.1 28.3 58.4 21.3 53.6 Mar. 31. 1,027.9 104.5 88.8 61.8 27.6 17.5 25 0275.2 289.4 23.5 10 4 104.2 178.4 20.5 30.0 57.3 15.8 54.7 Apr. 30. 1,090.7 98.5 96.4 61.7 31.4 16.5 21 8332.9 294.6 27.4 10.2 99.2 163.9 17.5 31.8 56.2 6.6 51.8 May 31. 1,106.9 99.1 102.0 59.5 35.9 14.8 19.7330.7 299.5 29.0 10.6 106.0 171.5 18.4 33. 6 57.0 9.6 53.0 Tune 30. 1,101.8 95.8107.4 50.7 41.8 15.4 15 1338.9 291.3 29.7 12 8 102.7 188.2 18.6 35.6 57.7 14.7 61.6 July 31. 1,093.4 91.3 93.6 42.1 47.7 17.5 15 7353.2 290.4 29.4 12 4 100.1 193.5 19.5 39.8 53.0 19.7 61.5 Aug. 31. 1,146.8 94.3 90.1 51.3 50.7 18.1 15 2372.5 299.8 30.5 12 1 112.4 206.4 16.0 36.3 63.4 29.5 61.2 Sept.30? 1,227.0 101.5 89.2 55.9 73.0 19.6 12 7398.6 318.0 34.6 11 6 112.3 211.9 15.6 37.6 63.6 33.7 61.4 Oct. 1,363.3 116.8 94.4 50.5 91.7 20.4 11 5434.0 378.6 39.5 12 3 113.5 222.6 18.7 41.6 64.4 37.5 60.4 " Preliminary. 1 Beginning March 1947, figures include balances in accounts opened by occupation authorities for foreign trade purposes. 2 Beginning January 1950, excludes Austria, Czechoslovakia, and Poland, reported separately as of that date. 3 Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date. • 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. 5 Beginning January 1950, excludes Belgian Congo, reported separately as of that date JANUARY 1951 105 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] CLAIMS ON FOREIGNERS Date Total U K d n i o i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u th ro e p r e E T u o r t o a p l e C a a d n a - A L m i a c t a e in r- Asia ot A h l e l r 1944—Dec. 31 329.7 25.9 1.4 .3 1.3 .3 78.3 107.5 28 i 131.0 51 4 11 7 1945—Dec. 31 392.8 25.4 1.1 36.3 2.9 .3 74.6 140.7 53.3 158.9 29 9 9.9 1946—Dec# 31 708.3 47.7 5.7 151.0 9.8 16.0 82.8 312.9 52.2 226.8 99.2 17.2 1947—Dec. 31 948.9 29.2 23.4 49 1 7.0 21.1 118.9 248.6 27 5 514 3 127 0 31 5 1948—Dec. 31 1,018.7 24.5 119.0 51.4 6.9 15.8 106.3 323.8 39.8 516 6 118 8 19 7 1949—Nov. 30 846.7 54.8 52.2 6.3 4.6 18.8 98.2 234.9 33.0 425.9 135.2 17.6 Dec. 31 827.9 37.2 51.8 5.2 3.8 22.6 98.5 219.2 37.6 411.1 139.7 20.4 1950—Jan. 31 1724.8 32.6 51.5 2.7 5.7 20.7 *65.0 47S.2 40.2 347 3 129.0 30 1 Feb. 28 670.6 24.3 36.0 4.4 5.5 23.3 64.4 158.0 42.4 311.4 124.0 34.8 Mar. 31 648.7 23.7 35.4 4.3 7.8 19.6 63.1 153.9 37.5 303.5 115.7 38.1 Apr. 30 634.8 22.4 35.9 3.7 6.2 20.2 64.0 152.4 35.5 295.7 111.6 39.6 May 31 ... 607.3 27.2 21.0 4.5 7.3 24.5 58.2 142.7 32.7 290.5 100.7 40.7 June 30 657.3 28.1 20.7 4.2 9 1 28.7 58.4 149.2 35 1 323 7 87 8 61 4 July 31 . r667.1 36.7 20.3 4.5 9.7 26.4 r54.9 152.3 46.1 330.4 86.2 52.0 Aug. 31 . .. 683.8 38.5 30.1 3.7 8.6 21.3 54.9 157.1 70.3 319.5 87.3 49.6 Sept. 30P 757.6 74.9 30.2 3.3 10.7 17.1 62.4 198.5 112.9 297.7 87.9 60.6 Oct 31P 850.7 140.9 30.3 4.8 10.7 12.3 64.9 263.8 107.2 307.3 97.9 74.5 CLAIMS ON FOREIGNERS—SUPPLEMENTARY DATA Other Europe Czech- Date E O u t r h o e p r e A tr u ia s- g B iu e m l- v o a s k lo ia - m D a en rk - l F a i n n d - m G a e n r- y Greece N w o a r y - l P an o d - t P u o g r a - l m R a u n - ia Spain S d w en e- USSR s Y la u v g i o a - ot A h l e l r1 1944—Dec. 31.. 78.3 .7 (i) (8) 33.9 .6 35.1 .8 (i) 1.8 .2 (i) 5.2 1945—Dec. 31.. 74.6 .6 C8) 33.9 .7 31.6 .5 .1 1.6 .9 /g\ 4.8 1946—Dec. 31.. 82.8 7.5 .5 6.2 30.4 12.4 3.3 1.0 .1 7.2 4.9 (•) (8) 9.5 1947—Dec. 31 118 9 15.0 2.2 8.0 30.5 10.6 9 2 1.1 9 5.4 .1 /j\ 35 9 1948—Dec. 31.. 106.3 21.4 .6 3.4 30.5 1.2 8.4 .7 (*) 2.9 1.4 6.0 29.8 1949— D N e o c v . . 3 3 1 0 .. .. 9 9 8 8 . . 5 2 1 1 9 7. . 6 3 ir . .4 7 9 8. . 2 2 3 3 0 0 . . 0 0 . . 7 7 7 7 . . 5 4 . .5 7 7 7 . . 0 0 6 7 . . 1 0 2 2 . . 1 3 ( ( 8 8 ) ) 1 1 6 5 . . 7 6 1950—Jan. 31.. 165 0 i'.i 15.6 .5 4.9 *25.5 .2 L.O '"'.5' .7 (8) 6.7 3.4 (8) 4.8 Feb. 28.. 64^4 .2 16.3 .5 3.5 25.6 .2 L.I .1 .6 (8) 7.9 3.1 () A 5.2 Mar. 31.. 63.1 .7 17.7 .5 2.4 25.3 .2 1.2 .1 .8 (8) 6.6 2.4 (8) .7 4.4 Apr. 30.. 64.0 .2 16.2 . i .6 2.1 25.5 .1 L.3 .1 .8 (8) 7.7 2.4 (8) 2.5 4.4 May 31.. 58.2 .1 11.7 .3 1.1 2.4 25.2 .3 L.2 .1 .9 (l) 4.4 2.8 (8) 3.2 4.6 June 30.. 58.4 .2 12.2 .1 1.5 3.4 25.1 .1 L.2 (8) .5 (8) 3.7 3.1 (*) 2.4 4.7 July 31.. '54.9 (*) 12.1 (8) 2.2 1.6 25.1 .1 L.3 .1 .5 (3) 3.3 3.8 (8) '.2 4.5 Aug. 31. . 54.9 (3) 14.6 (8) 1.8 1.9 25.1 .1 .9 .1 .4 (3) 2.2 3.1 (8) 4.4 Sept. 30P. 62.4 (3) 14.6 (3) 2.0 2.7 25.2 .1 .9 .1 .4 (3) 3.3 3.0 (3) 5 7 4.3 Oct. 31 P. 64.9 .1 17.6 .1 3.3 2.0 25.3 .3 1.4 (3) .3 (3) 1.3 6.6 (3) 2^5 3.9 Latin America Neth- Date A L i m a c t a e in r-A t r i g n e a n- l B iv o ia - Brazil Chile l C o b m i o a - - Cuba m p i D R c u a i o e b n n - - - - G m u a a l t a e- M ic e o x- l W I a a n e n n d r e d d - i s e s t s Peru l p P a i R c u m a e b n o - a - - f v S a E a d l l o - r g U u r a u y - V zu e e n l e a - O A L i m c a th a t e i e * n r r lic Surinam 1944—Dec. 31.. 131.0 3.1 1.8 25.3 9.0 15.5 47.4 8.6 .3 1.2 .8 5.1 12 9 1945—Dec. 31.. 158 9 21.0 1.3 24.7 6.6 16.8 33.3 11.0 .5 1.9 1.1 6.1 34.7 1945—Dec. 31.. 226 8 41.8 2 3 49.8 14.6 26.4 25.7 25.5 .8 3.7 1 3 8.7 26.2 1947—Dec. 31.. 514.3 65.2 2.0 165.8 27.8 32.6 108.6 52 2 1.1 4.3 4.7 15 3 34 5 1948—Dec. 31.. 516.6 72.4 2.7 165.4 15.2 32.6 83.1 73.8 1.5 4.4 4.6 26.0 34.7 1949—Nov. 30.. 425.9 54.1 1.9 161.9 11.7 22.3 26.4 72.0 1.2 5.8 5.3 23.6 39 6 Dec. 31.. 411.1 53.6 2.3 136.9 15.5 21.1 27.5 73.0 1.3 5.8 5.3 25.6 43.1 1950—Jan. 31.. 347.3 51.3 5.2 99.2 14.1 19.9 27.1 L.8 ' *2.4 50.3 1.1 6.5 4.3 "6.'5* 9.6' 25.3 23.3 Feb. 28.. 311.4 47.8 5.7 81.3 9.3 21.0 21.5 L.7 \1.7 46.3 1.1 6.6 4.6 5.3 8.1 26.0 22.3 Mar. 31.. 303.5 44.7 6.3 75.2 7.9 24.1 17.6 L.7 2.1 48.1 1.0 6.2 4.9 4.2 13.2 24.6 21.6 Apr. 30.. 295.7 46.5 6.5 67.4 5.6 26.8 17.1 1.7 2.2 46.4 1.1 6.8 4.8 3.8 10.5 26.5 22.0 May 31.. 290.5 43.1 7.7 58.8 5.2 31.8 21.4 L.6 1.2 44.9 1.1 8.5 5.0 3.S 8.0 26.3 21.0 June 30. . 323.7 42.8 7.6 67.0 4.7 53.5 29.7 L.2 L.8 45.8 1.0 9.9 4.7 3.3 6.9 25.8 18.1 July 31. . 330.4 37.9 7.7 74.0 3.5 58.4 27.7 L.4 1.9 50.5 1.2 9.5 4.5 2.6 6.7 25.4 17.4 Aug. 31.. 319.5 40.6 6.3 59.9 4.6 55.1 26.5 L.5 1.6 45.5 1.2 9.7 3.9 2.5 7.7 36.2 16.8 Sept. 30P. 297.7 40 5 6.1 63.9 3.3 46.2 26.4 1.5 1.6 44.9 1.1 10.5 4.0 2.7 6.0 24.4 14.6 Oct. 31 P. 307.3 40.5 8.4 63.3 3.4 40.9 33.9 1.5 L.7 44.2 1.1 8.6 4.1 3.9 6.2 31.5 14.3 P Preliminary. r Revised. 1 Figure not strictly comparable with the corresponding figures for preceding months due to write-off of claim on Germany amounting to $6,121,000. The cumulative figures in Tables 1, 2, and 4 of "Net Capital Movement to United States" have been adjusted to exclude the unreal movement introduced by this change. 2 Beginning January 1950, excludes Austria, Czechoslovakia, and Poland, reported separately as of that date. » Less than $50,000. < Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date. 106 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] CLAIMS ON FOREIGNERS—SUPPLEMENTARY DATA Asia and All Other China Egypt Date Asia M c a r h n a i u a d n - - H K o o n n g g India I n n e d s o ia - Iran IsraelJapan i p P p R u h p b e i i l - l n - i e c T la h n a d i- T k u e r y - O A t s h ia e 1 r o A th l e l r t A ra u l s i - a C g B o i e a n l n g - o A S E t a n u i g n a g d y d n l a p o n - - S A U o f o n u r f i i t o c h a n Other' 1944—Dec. 31.. 51.4 1.5 .9 22.3 1.5 5 13 8 1.8 8.9 11.7 .6 .2 9.7 1.2 1945—Dec. 31.. 29.9 1.0 .8 7.5 1.4 .5 13 8 2.0 2.8 9.9 1.7 .3 4.7 3.3 1946—Dec. 31.. 99.2 53.9 5.9 12.0 1.0 .2 20.2 1.4 4.6 17.2 3.4 .4 10.1 3.3 1947—Dec. 31.. 127.0 40.8 2.6 29.6 .5 .9 27.4 17.7 7.5 31.5 9.0 .1 14.4 8.0 1948—Dec. 31.. 118.8 24.2 3.4 20.4 1.9 15.9 37.3 1.4 14.3 19.7 4.7 .4 7.9 6.8 1949—Nov. 30.. 135 2 16 3 4 2 17 0 2 9.5 25.9 15.7 46.5 17.6 5.4 .6 3.6 8.0 Dec. 31.. 139.7 16.6 3.7 17.4 .2 14.1 23.2 14.3 50.3 20.4 7.9 .2 4.5 7.7 1950—Jan. 31.. 129.0 17.0 4.1 16.6 .2 "l3.6"n'.h 18.1 22.8 "2A 10.5 12.0 30.1 10.4 3.6 .2 11.3 4.6 Feb. 28.. 124.0 15.1 4.2 17.7 .1 13.8 12.5 17.9 22.4 1.9 9.9 8.5 34.8 15.5 3.5 .3 11.2 4.3 Mar. 31.. 115.7 19.4 4.3 18.9 .2 13.6 13.3 7.7 22.0 1.2 5.9 9.3 38.1 18.9 3.5 .4 11.3 4.0 Apr. 30.. 111.6 23.4 4.1 19.7 13.5 12.0 1.9 19.7 .9 4.8 11.7 39.6 20.1 3.7 .3 12.1 3.5 May 31.. 100.7 19.2 4.1 24.0 .1 12.5 13.3 .9 14.4 .7 .7 10.9 40.7 20.8 3.6 .1 12.3 3.9 June 30.. 87.8 17.6 3.3 20.5 .2 13.0 7.8 .9 12.5 .6 .7 10.7 61.4 40.7 3.8 .1 11.7 5.0 July 31 .. 86.2 20.1 4.1 18.7 .1 11.5 11.2 1.1 9.6 1.2 .9 7.7 52.0 35.2 3.9 .1 7.5 5.3 Aug. 31.. 87.3 22.4 5.1 15.6 .1 10 4 14 5 1 4 8 0 1 5 8 7 6 49 6 33 9 4 0 .1 6.8 4.8 Sept. ?30P . 87.9 21.6 3.7 14.7 .1 8.0 18.7 5.2 6.2 1.5 .8 7.5 60.6 44.5 3.9 .1 7.3 4.8 Oct. 31P. 97.9 23.7 4.0 15.2 .1 7.6 19.8 8.1 7.0 1.5 .9 10.0 74.5 56.5 4.4 .1 8.1 5.4 P Preliminary. 1 Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. Beginning January 1950, excludes Iran, Israel, and Thailand, reported separately as of that date. 2 Beginning January 1950, excludes Belgian Congo, reported separately as of that date. 3 Less than $50,000. GOLD PRODUCTION OUTSIDE U. S. S. R. [In millions of dollars] Production reported monthly Estimated Year or pro w d o u r c ld tion Total Africa North and South America Other month U o . u S t . s S i . d R e .1 m re o p n o t r h te l d y A So fr u ic th a R de h s o i - a A W fri e c s a t * C B o el n g g ia o n 3 U St n a i t t e e s d 4 C a a d n a - M ic e o x- Co b l i o a m- Chile r N ag ic u a a - 5 Au li s a tra- India' $1=15*1si grainsof gold »/io fine:i. e., an ounce of fine gold =$35. 1941. 1,265.6 1,110.4 504 3 27.8 32.4 19.6 209.2 187 1 28.0 23.0 9.3 7.5 52.4 10.0 1942 1,125.7 982.1 494 4 26 6 29.2 18.0 131.0 169.4 28.0 20.9 6 4 8 6 40.4 9 1 1943. 871.5 774.1 448 23.0 19.7 15.8 48.8 127.8 22 1 19.8 6 1 7 7 26.3 8 8 1944 784 0 701 5 429 8 20 7 18.4 12.7 35.8 102.3 17 8 19.4 7 1 7 9 23 0 6 6 1945. 738.5 683.0 427 9 19.9 18.9 12.1 32.5 94.4 17 5 17.7 6 7 0 23.0 s9 1946 752 5 697 0 417 6 19 1 20 5 11 6 51.2 99.1 14 7 15.3 8 1 6 4 28 9 4 6 1947 766 5 705.5 392 0 18.3 19.3 10.8 75.8 107.5 16.3 13.4 S 9 7 4 32.8 6 1 1948 791 0 728.1 405, S 18 0 23 4 11 1 70.9 123 5 12 9 11 7 s7 7 8 31 2 6 s 1949 753.2 409 7 18.5 23.1 12.9 67.3 144.2 14 2 12.6 6.3 7.7 31.3 5.7 1949-—Oct.. 65 3 34 7 1 5 1.9 1.0 7.1 12.8 9 1.0 s 6 2.7 Nov 65.9 34 0 1.5 2.0 1.1 7.2 12.7 19 1.1 .6 .7 2.9 .4 63.5 34 0 1.5 2.0 1.1 6.4 13.0 8 .6 .5 .6 2.6 .4 1950—Tan 64.0 34 J .5 2.0 1.1 5.9 12.4 1 5 1 4 6 6 2 3 s Feb 60 1 32 0 4 2 0 1.0 5 5 12.2 1 0 1.2 7 2 3 s Mar. . . 66.4 35 1 s 1.9 1.1 6.1 13.4 2 0 1.2 6 7 2.3 Apr 33 s 1.9 1.0 6.7 12.9 1.0 8 7 2 2 6 May 35 5 s 2.0 1.0 6.8 13.1 .9 9 6 2.4 June 34 6 s 1.9 1.0 6.6 12.9 1.0 6 7 3.4 6 Julv 34 6 1.9 1 .0 7.1 12.9 1.1 6 7 2.3 6 Aug. . 34 Q s 1.9 1.1 7.9 13.2 1.1 S 7 2.5 6 Sept 34.0 2.0 1.0 7.8 12.8 1 1 7 .6 Oct 33.9 1.9 1.0 '8.2 .6 ••Revised Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changea irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; and 1938, 180 million. 1 Estimates of United States Bureau of Mines, 2 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 are estimates of United States Mint. Monthly figures are estimates of American Bureau of Metal Statistics, those for 1949 having been revised by subtracting from each monthly figure $217,251 so that the aggregate for the year is equal to the yearly estimate compiled by the United States Mint. 5 Gold exports reported by the Banco Nacional de 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. 107 JANUARY 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS fin millions of dollars! United States End of month T u re r a y s- Total i t g i A e n r n a - - 2 g B iu el m - Brazil Canada 3 Chile lo C m o b - ia 4 Cuba C v z s a e l k c o- h ia o- m De a n rk - Egypt France 1945—Dec. 20,065 20,083 1,197 716 354 361 82 127 191 61 38 52 1,090 1946—Dec. 20,529 20,706 1.072 735 354 543 65 145 226 61 38 53 796 1947—Dec. 22,754 22,868 322 597 354 294 45 83 279 32 53 548 1948—Dec. 24,244 24.399 624 317 408 43 51 289 32 53 548 194o_Dec. 24,427 24,563 698 317 496 40 52 299 32 53 523 1950—Jan.. 24,395 24,507 679 317 507 40 53 299 32 53 523 Feb.. 24,345 24,456 679 317 509 40 64 299 32 53 523 Mar. 24,246 24,360 682 317 511 40 65 299 32 53 523 Apr.. 24,247 24,350 679 317 513 40 66 299 32 53 523 May. 24,231 24,340 678 317 515 40 67 299 31 53 523 June. 24,231 24,331 663 317 521 40 68 299 31 53 523 July. 24,136 24,239 651 317 531 40 69 299 31 53 523 Aug.. 23,627 23,745 643 317 545 40 70 291 31 53 523 Sept. 23,483 23,591 599 317 554 40 71 291 31 53 523 Oct.. 23,249 23,349 592 317 40 72 291 31 53 523 Nov., 23,037 23,153 581 317 40 73 523 End of month H ga u r n y - India Iran5 Italy Java Mexico N l e a t n h d e s r- Ze N a e l w and N w o ay r- Peru P g o a r l t * u- Ru n m ia a- A So fr u ic th a Spain 1945—Dec.. 274 131 24 294 270 23 80 28 269 914 110 1946—Dec. 24 274 127 28 7 201 181 265 23 91 24 245 939 111 1947—Dec.. 34 274 142 58 7 180 100 231 23 72 20 193 '^215 762 111 1948—Dec. 35 256 140 96 166 23 52 20 158 183 111 1949—Dec. 41 247 140 252 178 195 27 51 28 128 85 1950—Jan... 41 247 140 252 178 229 27 51 28 132 80 Feb.. 41 247 140 252 178 229 27 51 28 146 80 Mar.. 247 140 252 178 229 27 50 28 166 80 Apr.. 247 140 252 178 229 27 48 28 173 61 May. 247 140 252 178 229 28 50 28 178 61 June. 247 140 252 178 229 28 50 28 177 61 July. 247 140 252 178 229 28 50 28 179 61 Aug.. 247 140 252 178 229 28 50 28 180 61 Sept.. 247 140 252 188 230 29 50 28 179 61 Oct... 247 140 252 188 230 29 50 28 183 61 Nov.. 252 188 230 29 50 187 61 End of month S d w e e n - S l w e i a r t n - z d - T k u e r y - g U u ru a - y V zu e e n l e a - t c o r o t i 1 h e u 6 s e n r - 8 n M a I F t n t a u o i t o r n e n y n r d e - a - l f S t m t o B e i e r o r e a t n n t n n I l a a k t e n s - l - - En G d o o v f e r m nm on e t n h t g p o r l e U d K v n i i r o i n e t u g e s s - d e rv fi e g s u F r n e r o s a t n c i e nclud B ed elgium dom 1945—Dec . . . 482 1,342 241 195 202 192 39 1946—Dec 381 1,430 237 200 215 193 15 32 1945—Dec 2,476 2 157 2 17 1947—Dec . . . 105 1,356 170 175 215 195 1,356 30 1946—Dec ',696 1948—Dec 81 1,387 162 164 323 220 1,436 36 1947—Mar i;2,380 1949—Dec 70 1,504 154 178 373 330 1,451 68 June.... i;',410 1950—Tan 70 1,508 154 183 373 332 1,459 68 Sept »;',383 Feb 70 1,503 154 187 373 334 1 ,460 69 Dec.. . »:2,079 Mar 69 527 154 190 373 333 1,460 87 Apr 71 534 154 184 373 333 1,460 93 1948—Mar 2,241 May 71 552 154 184 373 337 1,460 100 June.... i 1,920 June 71 559 149 189 373 336 1,460 108 Sept... i 1,777 July 71 550 138 196 373 337 1,464 128 Dec i 1,856 Aug 71 537 146 208 373 336 1,494 125 Sept 87 1,529 146 217 373 336 1,494 145 1949—j^ar.. i 1,912 Oct 91 1,520 150 217 373 *337 1,494 149 June.... i L.651 Nov 90 1,508 150 P340 159 Sept L.425 Dec. i 688 p Preliminary. 1950—Mar »1,984 1 Includes gold in Exchange Stabilization Fund. Gold in active portion of this Fund is June 12,422 not included in regular statistics on gold stock (Treasury gold) used in the Federal Reserve Sept »2,756 statement "Member Bank Reserves, Reserve Bank Credit, and Related Items" and in the Dec 13,300 Treasury statement "United States Money, Outstanding and in Circulation, by Kinds." 2 Estimated dollar values derived by converting gold at home in amounts up to 1,224.4 million pesos at the rate of 3.0365 pesos per U. S. dollar and all other gold at the rate of 1 Exchange Equalization Account holdings of 3.5447 pesos per U. S. dollar. gold, U. S. and Canadian dollars, as reported by 3 Figures a,s reported by Foreign Exchange Control Board and Minister of Finance. British Government. (Gold reserves of Bank of 4 Beginning December 1948 figures taken from last weekly statement of month. England have remained unchanged at 1 million 5 Beginning December 1947 includes gold holdings of issue and banking departments of dollars since 1939, when Bank's holdings were Bank Melli Iran; prior to that represents holdings of issue department only. transferred to Exchange Equalization Account.) 6 Total gold holdings are not available. Beginning April 1946, the series is new and repre- 2 France—Exchange Stabilization Fund; Belsents gold held as reserve (25 per cent minimum) less gold in foreign currency liabilities. giu m—Treasury. 7 Figures are for following dates: 1946—Mar. 31, and 1947—Mar. 31. NOTE.—For details regarding special internal 8 For list of countries included, see BULLETIN for January 1950, p. 114, footnote 8 gold transfers affecting the British and French NOTE.—For description of figures, including details regarding special internal gold trans- institutions, see p. 110, footnote 1, and p. Ill, fers affecting the reported data, see Banking and Monetary Statistics, pp. 524-535; for back footnote 8. For available back figures, see figures through 1941, see Table 160, pp. 544-555, in the same publication and for those sub- Banking and Monetary Statistics, p. 526, and sequent to 1941, see BULLETIN for February 1950, p. 252. For revised back figures for Argen- BULLETIN for November 1947, p. 1433, and Febtina and Canada, see BULLETIN for January 1949, p. 86, and February 1949, p. 196, re- ruary 1945, p. 190. ipectively. 108 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NET GOLD IMPORTS TO UNITED STATES, BY COUNTRIES [Net gold exports from United States (—). In millions of dollars] Gold valued at approximately $35 a fine ounce m Y o o e n r a t r h Total U K d n i o i n m t g e - d g B iu e m l- France N la e e n r t d - h s - S d w e e n - U.S.S.R. Canada A t r i g n e a n- Co b l i o a m- Mexico r N a i g c u a a - V zu e e n l e a - 1942 315.7 2.0 11.3 208.9 10.6 40.0 8.7 4 0 1943 68.9 .1 66.9 -io!s -3.3 7.5 2 2 1944 —845 4 —695 5 46 2 —50 3 -109.7 7.7 —55.3 1945 -106.3 .2 53 1 15.1 7.4 —56.1 1946 311.5 .5 33.7 344.1 -134.0 3.6 7.3 .2 1947 1,866.3 488.4 162 9 28.0 27.9 445.4 335.5 2ro -7.1 7.6 -.8 1948 1,680.4 1,095.4 135 5 34.4 -4.5 -29 7 103.3 25 1 15.8 7.9 -136 1 1949 686.5 527.9 1 -.1 5.8 14.2 -4.4 6.9 -4.5 1949—Nov. 7.6 .5 5.1 .4 4 Dec. -1.4 .2 -.1 .3 .3 5 - 1 1950—Jan 39.0 .1 .7 .4 4 -.4 Feb .2 .5 .2 5 - 1 Mar — 1 6 — 1 5 .3 .5 -.1 Apr 53.3 31.7 .4 .2 .5 May 13 1 .1 .4 .3 .3 -.2 Tune 10 0 — i .5 .3 .3 July — 1 5 .6 .2 .3 -.i Aug. —42 2 -44.2 .3 .3 •> Sept —96.5 -.1 -95.3 .4 .3 - 2 Oct -93.4 — 76 6 .3 .3 j Nov.? — 143 6 -120.4 .4 .3 2 NET GOLD IMPORTS TO UNITED STATES, ANALYSIS OF CHANGES IN GOLD STOCK OF BY COUNTRIES— Continued UNITED STATES [In millions of dollars] [Net gold exports from United States (—). In millions of dollars Gold valued at approximately $35 a fine ounce Gold st.ock at Earend of period Increase Net marked Domes Y m e o a n r t o h r A Re m O L p e a u t r h t b i i e c l n r i a c n s t A ra u l s i - a China P p p h u R i i b n e l l i - e i p c - A So fr u ic th a c o t o r A th i u e l e n l s r - Period T u re ry as- Total i in s g to o to l c d t k al g p e o o x ( ld - p rt ) o i o m rt r -go c c o l r r ( r d e e - : a a ) i n s s d e e - e- p ti t r c i o o d g n u o 2 l c d - 1942 16.3 .5 3 4 1 8 9 1942 22,726 22,739 —23.0 315.7 —458.4 125.4 1943 14.6 .2 -9.5 3 8 1943 21,938 21,981 —757.9 68.9 —803.6 48.3 1944 -10 8 .2 -11.9 ... 3 6 30 2 1Q44 20,619 20,631 — 1,349^8— 845^4 —459 8 35'g 1945 7.0 . 1 -134 0 .4 5 1945 20,065 20,083 -547.8 -106.3 -356.7 32^0 1946 - 8.0 -55.8 - 2 118 6 13 1946 20,529 20,706 623.1 311.5 465.4 51.2 1947 -17 1 .1 -14 0 -3 5 410.7 -18 6 1947 22,754 22,868 3 2,162.1 1,866.3 210.0 75.8 1948 7 3 .6 -2 5 491 5 1-63.5 1948 24,244 24,399 1,530.4 1,680.4 -159.2 70.9 1949 6 4 -19 1 - 1 190.7 2-37.6 1949 24,427 24,563 164.6 686.4 —495.7 57*3 1949—Nov. 3 3.3 -2 4 1949—Dec. . . 24,427 24,563 -63 2 -1.4 -59.4 6 4 Dec. 4 "- 3 5.8 -8 5 1950—Jan.... 24,395 24,507 -56.3 39.0 -93.2 5.9 1950—Jan.. 4 2 3 37 1 Feb.. 24,345 24,456 -51.2 .2 -50.4 5.5 Feb. . .5 1 - 2 -1.3 Mar. 24,246 24,360 -96.2 -1.6 -95.4 6.1 Mar.. . .4 3 -3.5 Apr... . 24,247 24,350 -9.2 53.3 -59.2 6.7 Apr. . .5 1 -.5 16.8 3 7 May 24.231 24,340 -10.7 13.1 -29 9 6.8 May.. .3 -.5 1.8 10.5 June . 24.231 24,331 -9.0 10.0 -17.6 6.6 Tune. . .7 .2 3.5 4.7 July... 24,136 24,239 -91.1 -1.5 -90.0 7.1 July . . .6 .1 -.1 -3.1 Aug. . . 23,627 23,745 -494.4 -42.2 -431.4 7.9 Aug.. . .6 .1 .8 Sept. . . 23,483 23,591 -153.9 -96.5 -65.9 7.8 Sept.. . .6 -2.1 Oct.... 23,249 23,349 -242.5 -93.4 -146.2 '8.2 Oct... . .4 .1 Nov.. . 23,037 23,153 -195.5 p -143.6 -35.3 7.5 Nov. P. .5 .4 Dec... ^22,706 P22,819 P— 333.7 (4) 5-237.9 (4) v Preliminary. P Preliminary. r Revised. x See footnote 1 on opposite page. 1 Includes net exports of 39.2 million dollars to Switzerland, 10.7 2 Yearly figures are estimates of United States Mint. For explanamillion to Greece, 8.3 million to French Indo-China, and 5.3 million tion of monthly figures see p. 107, footnote 4. to other countries. 3 Change includes transfer of 687.5 million dollars gold subscrip- 2 Includes net exports of 18.3 million dollars to Poland, 8.6 million tion to International Monetary Fund. to French Indo-China, 6.6 million to Portuguese Asia, and 4.1 million 4 Not yet available. to other countries. 5 Gold held under earmark at the Federal Reserve Banks for foreign 3 Includes imports of 43.1 million dollars of Thailand gold from account, including gold held for the account of international institu- Japan and net exports of 3.0 million dollars to Poland and 3.0 million tions, amounted to 5,625.7 million dollars on Dec. 31, 1950. Gold to other countries. under earmark is not included in the gold stock of the United States. * Includes exports to Egypt as follows: October, 14.7 million dollars; NOTE.—For back figures and description of statistics, see Banking and November, 22.6 million. and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523. NOTE.—For back figures see Banking and Monetary Statistics, Table 158, pp. 539-541, and for description of statistics, see p. 524 in the same publication. JANUARY 1951 109 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT [End-of-month figures. In millions of dollars] 1950 1949 1950 1949 International Fund International Bank Oct. July Apr. Oct. Sept. June Mar, Sept. Gold .•••.••• 1.494 1,464 1,460 1,450 Gold Currencies (balances with depositories Currencies (balances with depositories and securities payable on demand): and securities payable on demand): United States 1,305 1,306 1,299 1,311 United States 10 5 18 44 Other 4,228 4,257 '4,266 4,265 Other 921 924 925 926 Unpaid balance of member subscriptions. 1,003 989 893 1,018 Investment securities (U. S. Govt. obli- Other assets 1 1 1 1 gations) 439 449 446 454 Member subscriptions 8,037 8,022 7,922 8,047 Calls on subscriptions to capital stock*. . 4 5 5 5 Accumulated net income -4 -4 -4 -3 Loans (incl. undisbursed portions and incl. obligations sold under Bank's guarantee) 762 738 723 676 1950 1949 Other assets 8 8 7 11 Net currency purchased 2 Bonds outstanding 261 261 261 254 (Cumulative—millions of dollars) Liability on obligations sold under guar- Nov. Oct. Sept. Nov. antee 26 26 26 27 Loans—undisbursed 140 126 130 136 Other liabilities 3 5 2 3 Australian pounds 20.0 20.0 20.0 20.0 General reserve i 31 27 23 17 Belgian francs 11.4 11.4 11.4 32.1 Special reserve 15 14 12 9 Brazilian cruzeiros 37.5 37.5 37.5 37.5 Capital» 1,668 1,670 1,670 1,670 Chilean pesos 8.8 8.8 8.8 8.8 C Cz o e s c ta h o R sl i o ca v n a k c ia o n lo k n o e r s u .. n . y . - 6 .9 .0 - 6 .9 .0 - 6 .9 .0 - 6 .9 .0 1 Includes amounts receivable for currency adjustments resulting Danish kroner 10.2 10.2 10.2 10.2 from the devaluations in September 1949 as follows: April 1950— Egyptian pounds -5.5 -5.5 -5.5 3.0 16 million dollars; October 1949—382 million. Ethiopian dollars .3 .3 .3 .6 2 As of Nov. 30, 1950, the Fund had sold 759.8 million U. S. dollars: French francs 125.0 125.0 125.0 125.0 in addition, the Fund sold to the Netherlands 1.5 million pounds Indian rupees 100.0 100.0 100.0 100.0 sterling in May 1947 and 300 million Belgian francs in May 1948, and Mexican pesos 22.5 22.5 22.5 22.5 sold to Norway 200 million Belgian francs in June and July 1948. N N o e r th w e e r g la ia n n d s k r g o u n i e ld r ers. . . 7 9 5 . . 6 4 7 9 5 . . 6 4 7 9 5 . . 6 4 7 9 5 . . 6 4 Re 3 p E u x rc c h lu a d se e s s a u m nc o a u ll n e t d e d p t o o r ti 3 o 3 n .0 s m of i ll c i a o p n i t d a o l ll s a u r b s s . criptions, amounting to South African pounds. . 10.0 10.0 10.0 10.0 6,671 million dollars as of Sept. 30, 1950, of which 2,540 million repre- Turkish liras 5.0 5.0 5.0 5.0 sents the subscription of the United States. Pounds sterling 300.0 300.0 300.0 300.0 < Formerly shown as "Accumulated net income" Yugoslav dinars 9.0 9.0 9.0 9.0 Total 744.3 744.3 744.3 773.7 CENTRAL BANKS Assets of issue Assets of banking department department Liabilities of banking department Bank of England Note circula- (Fig p u o r u e n s d i s n s m ter il l l i i n o g n ) s of Gold* a O ss t e h t e s r 2 N c a o o n t i d e n s a c n o D d u i s n - a t d s - Se t c ie u s ri- tion3 Deposits ti l O i e a s t b h i a e l n i r - d vances Bankers' Public ECA Other capital 1941—Dec. 31 .2 780.0 28.8 6.4 267.8 751.7 219.9 11.2 54.1 17.9 1942—Dec. 30 .2 950.0 27.7 3.5 267.9 923.4 223.4 9.0 48.8 17.9 1943—Dec. 29 2 1,100.0 12.5 2.5 307.9 1,088.7 234.3 10.3 60.4 17.9 1944—Dec. 27 .2 1,250.0 13.5 5.1 317.4 L,238.6 260.7 5.2 52.3 17.8 1945—Dec. 26 .2 1,400.0 20.7 8.4 327.0 1,379.9 274.5 5.3 58.5 17.& 1946—Dec. 25 .2 1,450.0 23.4 13.6 327.6 1,428.2 278.9 10.3 57.3 18.1 1947—Dec. 31 .2 1,450.0 100.8 15.2 331.3 1,349.7 315.1 18.6 95.5 18.1 1948—Dec. 29 .2 1.325.0 36.1 16.7 401.1 ,293.1 314.5 11.7 17.4 92.1 18.1 1949—Dec. 28 .4 1,350.0 33.7 14.8 489.6 1,321.9 299.2 11.6 97.9 111.2 18.1 1950—Jan. 25 .4 4 1,300.0 57.9 14.7 477.4 1,247.7 291.7 12.5 117.4 110.2 18.3 Feb. 22 .4 1,300.0 58.4 22.0 486.7 1,247.2 285.2 14.0 136.0 113.5 18.4 Mar. 29 A L,300.0 38.5 12.3 507.2 1,267.3 283.5 12.1 160.0 83.9 18.5 Apr. 26 .4 1,300.0 28.4 22.0 529.4 ,277.7 288.8 13.9 169.8 89.5 17.8 May 31 .4 1,300.0 19.9 19.1 554.9 ,286.6 281.3 12.0 188.4 94.2 18.0 June 28 .4 4 1,350.0 63.0 15.4 549.3 ,293.9 292.1 11.9 209.0 96.5 18.2 July 26 .4 1,350.0 37.4 18.0 599.2 ,319.7 286.8 14.5 237.1 97.9 18.3 Aug. 30 .4 ,350.0 53.8 23.4 575.0 ,302.0 278.8 12.8 246.5 95.7 18.5 Sept. 27 .4 I,350.0 70.2 21.0 583.0 1,283.3 291.8 14.8 254.8 94.3 18.5 Oct. 25 .4 1,350.0 80.3 40.3 581.8 ,272.6 316.0 13.0 266.4 89.3 17.8 Nov. 29 .4 [,350.0 66.1 37.8 585.9 ,286.0 305.0 18.4 266.4 82.2 18.0 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 three pence per fine ounce, and on Sept. 19, 1949, it was raised to 248 shillings. For details regarding previous changes in the buying price of gold and for internal gold transfers during 1939, see BULLETIN for March 1950, p. 388, footnotes 1 and 4. 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. * Fiduciary issue decreased by 50 million pounds on Jan. 11 and incr-eased by 50 million on June 28, 1950. For details on previous changes see BULLETIN for February 1950, p. 254; April 1949, p. 450; and February 1948, p. 254. NOTE.—For back figures see Banking and Monetary Stalistics, Table 164, pp. 638-640; for description of statistics, see pp. 560-561 in same publication. 110 FEDERAL RESERVE BULLETINS Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Dominion and provin- Bank of Canada cial government Deposits (F C ig a u n r a es d i i a n n m d i o ll l i l o ar n s s ) of Gold an S d S t e t U a rl t n i e n i s t g ed i securities O as t s h e e t r s circ N ul o a t t e ion2 lia O b a t i n h l d i e t r ies dollars S te h r o m r t- i Other Ch b a a r n te k r s ed D g o o m ve in rn io - n Other capitals ment 1938—Dec. 31. . 185.9 28.4 144.6 40.9 5.2 175.3 200.6 16.7 3.1 9.3 1939—Dec. 30. . 225.7 64.3 181.9 49.9 5.5 232.8 217.0 46.3 17.9 13.3 1940—Dec. 31.. 0) 38.4 448.4 127.3 12.4 359.9 217.7 10.9 9.5 28.5 1941—Dec. 31.. 200.9 391.8 216.7 33.5 496.0 232.0 73.8 6.0 35.1 1942—Dec. 31. . .5 807.2 209.2 31.3 693.6 259.9 51.6 19.1 24.0 1943—Dec. 31.. .6 787.6 472.8 47.3 874.4 340 20.5 17.8 55.4 1944—Dec. 30. . 172.3 906.9 573.9 34.3 ,036.0 401.7 12,9 27,7 209.1 1945—Dec. 31. . 156.8 ,157.3 688.3 29.5 ,129.1 521.2 153.3 29.8 198.5 1946—Dec. 31.. 1.0 ,197.4 708.2 42.1 ,186.2 565.5 60.5 93.8 42.7 1947—Dec. 31. . 2.0 ,022.0 858.5 43.7 ,211.4 536.2 68.8 67.5 42.4 1948—Dec. 31. . .4 ,233.7 779.1 45.4 ,289.1 547.3 98.1 81.0 43.1 1949—Dec. 31. . 74.1 ,781.4 227.8 42.5 ,307.4 541.7 30.7 126.9 119.2 1950—Jan. 31.. 73.1 ,769.1 235.4 73.1 ,259.2 530.7 94.3 145.8 120.7 Feb. 28. . 76.7 ,786.2 191.1 56.2 ,250,6 554.8 24.3 176.4 104.2 Mar. 31. 73.7 ,655.9 358.9 75.2 ,258.5 567.3 71.2 150.7 116.1 Apr. 29. 86.0 ,668.3 371.0 56.5 ,269.8 551.6 41.3 199 8 119.4 May 31. 73.3 ,685.7 372.6 60.1 ,275.9 534.3 68.9 202.7 109.9 June 30. 84.1 ,436.7 622.0 58.8 ,275.8 544.5 35.3 215.8 130.1 July 31 . 89.1 ,431.0 638.7 65.7 1,294.2 552.8 19.6 228.9 129.0 Aug. 31 . 161.4 ,420.4 569.2 113.9 1,303.8 568.2 16.7 233.1 143.1 Sept. 30. . 212.2 ,406.1 444.6 219.7 1,318.4 555.8 22.0 258.2 128.2 Oct. 31 .. 152.2 1.381.4 435.7 440.0 1,321.8 621.7 39.0 235.2 191.6 Nov. 30. . 127.2 1,170.0 662 .0 415.5 1,323.5 578.9 45.3 221.0 206.0 Assets Liabilities Bank of France mill ( io F n ig s u o r f e s f r i a n ncs) Gold Fo e re x- ign Domestic bills G A o d v v e a r n n c m e e s n t t o 5 Other ci N rc o u t l e a- Deposits O l i i t a t i b h e i e s l r change m O a p rk en et3 Special Other Current Other assets ' tion G m ov e e n r t n- ECA Other ca a p n i d tal 193g—Dec. 29 87,265 821 1 892 1,797 7,880 30,627 14,028 110,935 5 061 25,595 2,718 1939—Dec. 28... 97,267 112 5,818 2,345 5,149 14,200 30,473 15,549 151,322 1 914 14,751 2,925 1940—Dec. 26... 84,616 42 7,802 661 3,646 63,900 112,317 18,571 218,383 984 27,202 744,986 1941—Dec. 31... 84,598 38 6,812 12 4,517 69,500 182,507 17,424 270,144 1 517 25,272 7 68,474 1942—Dec. 31 84,598 37 8 420 169 5,368 68,250 250,965 16,990 382,774 770 29,935 721 ,318 1943—Dec.30!'.. 84,598 37 9',518 29 7,543 64^400 366^973 16,601 500,386 578 33,137 ? 15,596 1944—Dec. 28... 75,151 42 12,170 48 18,592 15,850 475,447 20,892 572,510 748 37,855 7,078 1 19 9 4 4 6 5 — — D D e e c c. . 2 27 6 . . .. . 1 9 2 4 9 , , 8 8 1 1 7 7 68 7 3 1 7 7 , , 6 9 1 8 8 0 3,1 3 3 0 5 3 2 7 5 6 , ,2 5 5 4 4 8 67,900 4 4 4 8 5 0 , , 4 4 4 4 7 7 3 2 3 4 , , 1 73 3 4 3 5 7 7 2 0 1 , , 0 8 0 6 6 5 12 0 7 4 6 8 5 5 6 7 3 , , 7 4 5 6 5 8 4 7 , , 0 2 8 1 7 3 1947—Dec.31... 65,225 12 67,395 64 117,826 147,400 558,039 59,024 920,831 733 82,479 10,942 1948—Dec.30... 65,225 30 97,447 8,577 238,576 150,900 558.039 57.622 987.621 806 171,783 16,206 1949—Dec. 29... 62,274 61,943 137,689 28,548 335,727 157,900 560,990 112,658 1,278,211 1 168 158,973 19,377 1950—Jan. 26... 62,274 59,719 132,447 31,410 335,845 159,900 560,990 94,504 1,256,758 42 22 910 133,526 23,853 Feb. 23... 62,274 58.658 123,912 31,467 333,358 165,200 560,990 91,046 1,271,387 79 14 155 120.858 20,426 Mar. 30... 62,274 63,987 123,013 29,279 359,671 166,000 560,990 112,552 1,321,855 24 22,432 115,627 17,828 Apr. 27... 62,274 83,526 117,039 29,297 367,740 167,100 560,990 113,338 1,332,148 21 34 284 114,103 20,747 May 25... 62,274 98,539 115,978 27,090 341,340 167.700 560,990 107,521 1,324,533 17 21,927 110,321 24,634 June 29... 62,274 116,652 128,939 18,507 368,694 166.600 560.990 116,833 1,382,479 62 8 496 126,978 21,475 July 27... 62,274 146,146 144.523 12.709 373,930 161,600 560,990 128,695 1,413,718 80 22,806 129,954 24,309 Aug.31 ... 8182,785 144,242 149,702 3,590 362,358 163,600 481,039 137,978 1,455,008 75 12,778 134,709 22,722 Sept. 28... 182,785 173,725 119,556 14,572 377,531 163,900 481,039 132,972 1,467,425 94 11,928 144,909 21,725 Oct. 26. .. 182,785 140, 735 115,122 25,035 371,010 162,600 481,039 197,555 1,466,623 73 8.739 171, 836 28,610 Nov. 30... 182,785 146,783 150,674 32,047 297,884 155,900 481,039 9222,277 1,502,770 83 7,613 137,038 21,885 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. * 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). 5 For explanation of these items, see BULLETIN for January 1950, p. 117, footnote 6. 6 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. 7 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. 8 On Aug. 16, 1950, gold reserve revalued on the basis of 393,396.50 francs per kilogram of fine gold compared with the former rate of 134,027.90 francs, which had been in effect since Dec. 26, 1945. For details on devaluations and other changes in the gold holdings of the Bank of France, see BULLETIN for September 1950, pp. 1132 and 1261; June 1949, p. 747; May 1948, p. 601; May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880. 9 Includes advance to Stabilization Fund, amounting to 121.0 billion francs on Nov. 30. 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. 111 JANUARY 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1950 1949 Central Bank (Figures as of last report (Figures as of last report date of month) Nov. Oct. Sept date of month) Nov. Oct. Sept. Nov. Central Bank of the Argentine Bank of the Republic of Colom- Republic (millions of pesos): bia—Cont. Gold reported separately 656 656 656 505 Paid-in capital—Int'l. Bank 1 ,372 1,372 1,370 Other gold and foreign exchange. 1,831 1,680 1,653 1,580 Loans and discounts 252 ,809235,837 239,255 Government securities 2,008 1,980 1,933 1,749 Government loans and securities. 132,510 ,451136,083 140,586 Rediscounts and loans to banks.. 32,135 32,054 31,253 27,168 Other assets 63,,233 ,262 60,816 58,003 Other assets 277 237 202 202 Note circulation 405,024 413,125 428,858 462,459 Currency circulation 11,873 11,592 11,271 9,161 Deposits 208,642205,640193,483 148,029 Deposits—Nationalized 22,207 22,326 21,834 19,720 Other liabilities and capital 53,238 ,493 51,963 47,572 Other sight obligations 551 465 482 633 Central Bank of Costa Rica 5 Other liabilities and capital 2,279 2,224 2,111 1,690 (thousands of colones): Commonwealth Bank of Aus- Gold 511 11 ,511 11,545 tralia (thousands of pounds): Foreign exchange 606 18,843 7,497 Gold and foreign exchange 565,065554,108533,435 399,195 Net claim on Int'l. Fund 4 038 7,019 Checks and bills of other banks.. 5,302 3,602 6,013 4,430 Loans and discounts 759 82,037 100,001 Securities (incl. Government and Securities 056 17,421 23,036 Treasury bills) 365,008 361,302350,647 382,172 Other assets 430 18,187 Other assets 66,630 49,864 64,612 30,150 Note circulation 520 98,006 101,842 Note circulation 242,770 238,770236,770 219,563 Demand deposits 752 46,756 74,000 Deposits of Trading Banks: Other liabilities and capital 128 10,256 Special 490,420 464,670 453,170 332,170National Bank of Cuba 8 Other 36,449 38,803 38,415 44,799 (thousands of pesos): Other liabilities and capital 232,,366 2!26,632226,352 219,414 Gold and foreign exchange (net) . 331,912345,189 355,611 Austrian National Bank (millions Silver 64,902 658 72,758 of schillings): Net claim on Int'l. Fund 4 12,507 507 12,507 Gold 50 50 50 50 Loans and discounts 2,807 902 1,145 Foreign exchange 405 379 356 148 Credits to Government 59,970 042 53,629 Loans and discounts 3,156 2,884 2,837 1,514 Other assets 14,,273 719 10,885 Claim against Government 5,280 5,305 5,435 6,454 Note circulation 332,400 333,639 340,093 Other assets 40 42 44 24 Deposits 140,088150, 152,106 Note circulation 6,174 5,923 5,863 5,465 Other liabilities 13,882 15 14,335 Deposits—Banks 299 331 316 401 National Bank of Czechoslovakia 7 Other 1,048 1,102 1,284 1,042 National Bank of Denmark Blocked 1,410 -1,303 1,259 1,282 (millions of kroner): National Bank of Belgium Gold 69 69 69 69 (millions of francs): Foreign exchange 403 400 328 366 Gold* 29,040 29,623 29,930 31,063 Contributions to Int'l. Fund and Foreign claims and balances (net). 7,150 7,3' 7,265 9,657 to Int'l. Bank 61 6 6 65 Loans and discounts 9,133 7,205 6,330 3,156 Loans and discounts 43 40 33 28 Consolidated Government debt.. 34,939 34,939 34,939 34,991 Securities 137 138 134 118 Government securities.. . •. 7,892 6,048 7,265 5,822 Govt. compensation account. . . . ,999 ,005 4,012 4,770 Other assets 5,202 3,815 4,305 6,136 Other assets 377 272 262 287 Note circulation 86,238 84,784 85,327 85,500 Note circulation ,589 ,571 1,534 1,521 Deposits—Demand 2,318 1,749 2,171 2,201 Deposits—Government ,245 ,221 1,207 1,820 ECA 42 12 35 541 Other ,985 ,928 1,945 2,180 Other liabilities and capital 4,758 2,463 2,501 2,582 Other liabilities and capital 215 210 159 179 Central Bank of Bolivia—Mone- Central Bank of the Dominican tary dept. (millions of bolivianos): Republic (thousands of dollars): Gold at home and abroad 2 1 ,370 956 Gold 045 045 4,045 4,030 Foreign exchange 370 41 Foreign exchange (net) 211 830 14,104 10,539 Loans and discounts 1,745 1,036 Net claim on Int'l. Fund 4 250 250 1,250 1 ,250 Government securities 736 745 Paid-in capital—Int'l. Bank 40 40 40 40 Other assets 236 100 Loans and discounts 505 405 252 665 Note circulation 3,061 2,380 Government securities 323 383 5,383 4,377 Deposits 409 240 Other assets 938 006 984 2,099 Other liabilities and capital 988 258 Note circulation 659 558 20,652 18,848 Central Bank of Ceylon3 (thousands Demand deposits 324 083 5,100 3,896 of rupees): Other liabilities and capital 330 317 307 257 Foreign exchange 573,491516 891518,141 Central Bank of Ecuador Paid-in capital—Intl. Bank 1,429 1 1,429 (thousands of sucres): Government securities 3,993 Gold 252 252,857 2 78,600 Other assets 415 191 Foreign exchange (net) 176 128,721 -79,087 Currency in circulation 343,813 327,960 331,152 Net claim on Int'l. Fund 4 16 16,881 16,881 Deposits—Government 65,671 518 Credits—Government 202 309 216,304 267,673 Banks 142,999 136,282 Other 144 157,046 131,063 Other liabilities and capital 26,844 51,808 Other assets.. . . 159 149,366 124,822 Central Bank of Chile (millions Note circulation 496 493,318 376,957 of pesos): Demand deposits—Private banks 162 146,650 100,925 Gold 1,231 1,235 1,233 1,199 Other 111 105,638 110,285 Foreign exchange (net) 295 266 292 122 Other liabilities and capital 182 175,568 151,786 Net claim on Int'l. Fund 4 1 1 1 1National Bank of Egypt (thou- Discounts for member banks. . . . 2,126 2,274 1,804 1,727 sands of pounds): Loans to Government 685 685 686 691 Gold 6 6,376 6,376 Other loans and discounts 3,138 3,002 3,105 2,055 Foreign exchange 6 6,899 12,593 Other assets 1,812 1,748 1,724 1,447 Loans and discounts 27 6,906 13,021 Note circulation 6,258 6,220 6,207 5,168 British, Egyptian, and other Deposits—Bank 1,212 1,348 1,240 1,273 Government securities 312 304,436 330,550 Other 390 299 257 256 Other assets 49 50,999 40,438 Other liabilities and capital 1,428 1 ,343 1,139 544 Note circulation 174 159,293 166,146 Bank of the Republic of Colombia Deposits—Government 105 85,418 121,994 (thousands of pesos): Other 111 118,424 103,317 Gold and foreign exchange 192,831203,996215,830 194,478 Other liabilities and capital 11 12,482 11,520 Net claim on Int'l. Fund 4 24,369 24,368 24,368 24,367 c Corrected. 1 On Aug. 17, 1950, gold reserve revalued from .0202765 to .0177734 grams of fine gold per franc. 2 It is understood that, beginning June 1950, gold reserves have been revalued at a rate of 60 bolivianos per dollar. 3 The Central Bank of Ceylon began operations on Aug. 28, 1950. 4 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 6 The Central Bank of Costa Rica began operations on Feb. 1, 1950. Figures shown prior to this date refer to the Issue Department of the National Bank. 6 The National Bank of Cuba began operations on Apr. 27, 1950. 7 For last available report (March 1950), see BULLETIN for September 1950. p. 1262. NOTE.— For details relating to individual items in certain bank statements, see BULLETIN for January 1950, p. 118. 112 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1949 Central Bank (Figures as of last report (Figures as of last report date of month) Nov. Oct. Sept. Nov. date of month) Nov. I Oct. Sept. Nov. Central Reserve Bank of El Salva- Bank of Italy (billions of lire): dor (thousands of colones): Gold 4 4 Gold 57,618 50,179 50,236 Foreign exchange 30 20 Foreign exchange (net) 37,562 51,343 57,300 Advances to Treasury 590 656 Net claim on Int'l Fund 1 1,565 1,565 1,565 Loans and discounts 216 210 Loans and discounts 8,140 6,179 3,812 Government securities 178 225 Government debt and securities. . 5,002 5,003 4,994 Other assets 599 456 Other assets 1,184 1,235 1,295 Bank of Italy notes 1,046 932 Note circulation 64,366 62,609 63,062 Allied military notes 3 19 Deposits 40,199 46,361 49,644 Deposits—Government 97 174 Other liabilities and capital 6,507 6,534 6,496 Demand 137 122 State Bank of Ethiopia2 Other 267 264 Bank of Finland (millions of mark- Other liabilities and capital 68 61 kaa): Bank of Japan (millions of yen): Gold 2,230 2,230 2,230 269 Cash and bullion 1,158 1,162 1,259 Foreign assets (net) -2,342 -1,483 519 399 Advances to Government 70,015 78,181 95,794 Clearings (net) -2,127 -1 ,638 62 970 Loans and discounts 195,199 166,202 98,415 Loans and discounts 44,074 43,024 42,493 310 Government securities 136,631 127,628 123,067 Securities 1,034 1,040 1,041 058 Reconversion Fin. Bk. bonds. . . . 22,073 Other assets 2,744 1,846 1,359 652 Other assets 31,055 33,954 14,541 Note circulation 33,916 32,484 34,004 613 Note circulation 344,690 328,781 303,382 Deposits . . 868 1,997 3,715 ,740 Deposits—Government 49,975 41,891 20,267 Other liabilities and capital 10,829 10,539 9,985 566 Other 18.538 18,250 20,089 Bank of German States ! Other liabilities 20,855 18,205 10,971 (millions of German marks): The Java Bank (millions of guilders): Foreign exchange 1,186 1 ,320 1 ,519 995 Golds * 715 715 715j 471 Loans and discounts. 4,630 4,621 3,845 ,439 Foreign exchange (net) 254 1811 91 74 Loans to Government 9,370 9,218 9,112 ,948 Loans and discounts 183 215 210 64 Other assets 1,392 1,320 1,254 ,535 Advances to Government ,527 2.206 2,125 1,105 N De o p te o s c i i t r s— cu G la o t v i e o r n n . m .. ent4 8 2, , 7 0 4 9 1 9 8 2 , , 1 5 2 6 3 4 8 2 , , 2 3 1 8 3 0 , ,2 3 4 0 7 7 O N t o h t e e r c a ir s c s u e l ts ation ,3 1 0 2 7 3 2,1 1 9 1 4 5 2,0 1 1 1 6 0 91 7 2 3 Banks 1,501 1 ,436 1,055 ,041 Deposits 866! 771 813 799 Other 670 614 637 401 Other liabilities and capital 7. . 628 466 422 76 Other liabilities and capital 3,567 3 , 743 3 ,445 ,922 Bank of Mexico (millions of pesos): Bank of Greece (billions of drach- Monetary reserve 8 1,000 951 909 727 mae) : "Authorized" holdings of secu- Gold and foreign exchange (net). 360 372 227 rities, etc 2,937 2.364 2,721 2,746 Loans and discounts 238 234 115 Bills and discounts 155 137 119 155 Advances—Government 4, 750 4,776 ,509 Other assets 382 332 374 165 Other 2,735 2,652 ,001 Note circulation 2 ,552 2,476 2,415 2,093 Other assets 969 983 844 Demand liabilities 1 ,446 1,327 1,223 814 N D o ep te o s c i i t r s c — ul G at o io v n ernment 1, 8 8 4 7 1 0 1 , 7 8 0 4 1 1 , 5 5 7 3 6 5 Neth O e t r h l e a r n l d i s a bil B iti a e n s k a nd ( m ca il p li i o ta n l s . . o . f 47 ^1 481 487 886 Reconstruction and guilders): relief accts 2,552 2,608 ,480 Gold 9 873! 873 873 740 Other 1 ,160 1,177 839 Silver (including subsidiary coin) 19 18 16 11 Other liabilities and capital.... 2 ,629 2,691 ,266 Foreign assets (net) 1,079 1,215 ,249 679 Bank of Guatemala (thousands of Loans and discounts 63 122 54 153 quetzales): Govt. debt and securities 2,850 2,850 ,850 3,300 Gold 27,229 27,229 27,229 229 Other assets 960 917i 881 702 Foreign exchange 6,903 6,255 6,098 846 Note circulation—Old 57 58, 59 71 Gold contribution to Int'l. Fund 1 ,250 1 ,250 1,250 250i New 2.796J 2 .809 ,758 2,981 Rediscounts and advances 5,628 4,085 4,230 761 Deposits—Government 287 258 664 Other assets 17,885 17,499 18,683 277 Blocked ....... 1 2 '2 Circulation—Notes 35,492 35,112 34,113 457 ECA 1,388 ,210 643 Coin 3,206 3,225 3,157 143 Other 745| 847 ,042 '854 Deposits—Government 1,407 1,202 1,374 879 Other liabilities and capital.... 613J 606 59 369 Banks 9,375 8,386 9,356 622 Reserve Bank of New Zealand Other liabilities and capital . . . 9,414 8 .395 9.491 262 (thousands of pounds): National Bank of Hungary 5 Gold 4,6661 4.569 4,426 3,776 Reserve Bank of India (millions of Foreign exchange reserve 49,985 50,041{ 52,562 39,616 rupees): Advances to State or State un- Issue department: dertakings 58,596 56,450 55,789 48,654 Gold at home and abroad 400 400 400! Investments 25,974 25,974 21,974 48,094 Sterling securities 5 ,832 5,832 6,003 Other assets 8,309 9,202 9,310 5,828 Indian Govt. securities 4,366 4,366 4,152 Note circulation 57,473 55,274 54,307 54,051 Rupee coin 608 607 538 Demand deposits 83,661 84,632 83,455 86,424 Note circulation 11,058 10,956 10,754 Other liabilities and capital.... 6,397 6,330 6,300 5,495 Banking department: Bank of Norway (millions of kroner): Notes of issue department 148 249 340 Gold 243, 244 244 253 Balances abroad 2 ,328 2,240 1,918 Foreign assets (net) 162! 130 ' 143 r 182 Ce o n f t S N G r p t a o o o e O D O L B l l t r u d e l o i t e t B n i l h h a p l n c d s e a e n o g i s r r n s r s d ) c k f i : a i l t t u u s i o s s a c l n o s a b o d e f G t i u s t i l I s o o i n r t n v t i e e e e l d s r a n n a m d n e d n ( c t t h a o p u it s a a l n . d . s . 5 52 0 2 , , , 7 0 6 1 6 4 3 7 6 4 5 3 8 1 2 , , , , 7 9 3 6 2 1 1 5 3 9 4 2 5 1 7 9 6 5 1 5 4 5 7 3 0 2 , , , , 2 9 9 5 6 2 1 2 3 2 7 4 1 2 3 2 6 8 6 9 7 4 5 7 0 3 2 1 , , , , , 9 5 0 6 2 0 7 3 2 8 4 1 4 3 5 7 3 6 4 1 5 O S O O C L D N e o l t c t e o e c h h a c p t a u e e e n u o r r r r s p i s i c n t a i a l a i i g t i t r e s s a n i c s s — o b a d u e n i c t l l G s d E B B a c i a t i t o C o l i a s i c o e u o n c v A c s c n n o k e o k t s u r a u s e n n n d n m t ( t d s n e ( e c n n t t a ) e p t) ital.... 7 2 2 1 , , , , - 1 2 9 5 6 0 1 5 1 6 3 3 4 9 8 1 8 5 7 2 5 7 2 3 0 2 8 | 7 0 ; J ! | 2 7 1 1 1 , . , , , - 1 2 1 9 5 0 6 4 1 3 2 7 6 4 1 4 7 7 1 2 3 5 2 7 7 7 6 7 8 i j 1 r 2 7 1 1 r , , , - , 1 2 2 8 5 9 3 7 1 6 6 3 4 8 2 7 6 1 7 2 8 4 2 7 2 8 5 0 3 7 2 2 1 - • , , , , 1 • 1 1 5 3 5 2 6 1 1 4 8 5 4 4 8 5 8 9 0 4 8 3 9 9 8 9 2 6 6 I < Corrected. r Revised. 1 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 2 For last available report (July 1950) see BULLETIN for December 1950, p. 1699. 8 This statement represents combined figures for the Bank of the German States and the eleven Land Central Banks. 4 Beginning June 30, 1950, includes counterpart funds formerly shown under "Other liabilities." 5 For last available report (February 1950), see BULLETIN for September 1950, p. 1263. 6 Gold revalued on Jan. 18, 1950, from .334987 to .233861 grams of fine gold per guilder. 7 Pending negotiations with the Netherlands and the ECA, counterpart funds are included in "Other liabilities and capital," beginning February, 1950. s Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. a Gold revalued on Sept. 19, 1949, from .334987 to .233861 grams of fine gold per guilder. JANUARY 1951 113 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1950 Central Bank 1950 (Figures as of last report (Figures as of last report date of month) Nov. Oct. Sept Nov. date of month) Nov. Oct. Sept Nov. State Bank of Pakistan (millions of Bank of Spain—Cont. rupees): Other assets ,156 19,016 4,121 Issue department: Note circulation |,517 29,491 26,456 Gold at home and abroad... 44 44 Deposits—Government.... 379 42 969 Sterling securities 622 544 Other ,311 3,430 2,879 Pakistan Govt. securities.... 519 265 Other liabilities and capital ,331 15,144 696 Govt. of India securities.... 141 332 Bank of Sweden (millions of kronor): India currency 300 432 Gold 199 199 191 155 Rupee coin 56 71 Foreign assets (net) 865 ,002 970 823 Notes in circulation 1,642 1,631 Swedish Govt. securities and ad- Banking department: vances to National Debt Office 5 3,046 ,957 2,745 3,054 Notes of issue department... 40 57 Other domestic bills and advances 211 188 184 110 Balances abroad 331 564 Other assets 39; 397 369 476 Bills discounted 102 113 Note circulation 3,285 ,250 3,197 3,109 Loans to Government 1 Demand deposits—Government.. 404 394 394 577 Other assets 448 286 Other 326 409 197 272 Deposits 821 952 Other liabilities and capital 698 691 670 660 Other liabilities and capital. . 100 68 Swiss National Bank (millions of Bank of Paraguay—Monetary dept. francs): (thousands of guaranies): Gold 6,061 .,071 6,110 6,202 Gold 600 600 600 600 Foreign exchange 329 359 251 Foreign exchange (net) 18,713 15,838 12,457 -3,351 Loans and discounts 145 139 139 110 Net claim on Int'l. Fund x 2,710 2,710 2,710 2,710 Other assets 88 79 74 76 Paid-in capital—Int'l. Bank -248 -228 -228 -92 Note circulation 4,396 ,367 4,351 4,345 Loans and discounts.... .... 131,565 131,391 129,550 104,111 Other sight liabilities 1,978 ,049 2,130 1,889 Government loans and securities. 4,425 4,425 4,425 9,903 Other liabilities and capital 202 202 200 404 Other assets 38,093 34,572 31,208 2,279Central Bank of the Republic of Note and coin issue 134,383 132,743 130,463 83,213 Turkey (millions of pounds): Demand deposits 46,026 43,480 41,112 27,807 Gold 419 419 408 431 Other liabilities and capital 15,449 13,084 9,148 5,140 Foreign exchange and foreign Central Reserve Bank of Peru clearings 215 190 124 102 (thousands of soles): Loans and discounts ,186 ,189 ,235 859 Gold and foreign exchange 2 337,162 509,267 Securities 27 27 28 59 Net claim on Int'l. Fund * 20,495 20,495 Other assets 88 90 112 91 Contribution to Int'l. Bank 2,238 2,238 Note circulation 959 977 965 886 Loans and discounts to banks. . . 201,999 151,492 Deposits—Gold 153 153 153 153 Loans to Government 703,845 629,041 Other 700 660 621 287 Other assets 301,302 98,054 Other liabilities and capital 124 125 166 216 Note circulation 970,054 853,815 Bank of the Republic of Uruguay Deposits 177,870 298,020 (thousands of pesos): Other liabilities and capital 419,117 258,751 Gold ,186329,186 270,793 Central Bank of the Philippines Silver ,344 11,518 11,785 (thousands of pesos): Paid-in capital—Int'l. Bank 313 313 313 Gold 6,161 5,829 2,721 Advances to State and govern- Foreign exchange 574, 485,347 466,416 ment bodies 138 723143,638 118,625 Net claim on Int'l. Fund1 29,502 7,502 7,501 Other loans and discounts 233264,081 254,322 Loans 41,647 66,253 109,178 Other assets 290 399267,861 238,285 Domestic securities 155,240 148,851 46,784 Note circulation 301 973296,130 274,382 Other assets 163,627 151,549 134,103 Deposits—Government 83 966 89,972 76,244 Note circulation 602,402 569,764 573,614 Other 295 751307,229 277,220 Demand deposits—U. S. dollars 3 286 Other liabilities and capital 353 507323,266 266,276 Pesos 245,149 180,141 96,591 Central Bank of Venezuela (mil- Other liabilities and capital 122,969 115,426 96,213 lions of bolivares): Bank of Portugal (millions of Gold ,041 1,041 1,041 escudos): Foreign exchange (net) -3 31 98 Gold 3,320 3,151 Other assets 67 60 61 Foreign exchange (net) 9,577 9,074 Note circulation—Central Bank. 696 715 713 Loans and discounts 538 479 National banks. . 1 Advances to Government 1,243 1,244 Deposits 256 258 257 Other assets 688 542 Other liabilities and capital 154 1591 228 Note circulation 8,019 8,165 Bank for International Settle- Demand deposits—Government.. 458 114 ments (thousands of Swiss gold ECA 481 107 francs): Other 3,836 3,661 Gold in bars 487,166 457,110 442,523 195,034 Other liabilities and capital 2,573 2,442 Cash on hand and with banks. . .34,213 19,766 18,244 South African Reserve Bank Sight funds at interest 3,161 2,888 7,044 (thousands of pounds): Rediscountable bills and accept- Gold* 64,929 63,544 29,555 ances (at cost) 137,619 135 120,239 26,077 Foreign bills 77,874 79,808 43,926 Time funds at interest 36,446 34. 47,574 22,946 Other bills and loans 7,457 6,043 37,386 Sundry bills and investments. . . . 289,655 311, 287,577 184,107 Other assets 28 925 28,800 26,240 Funds invested in Germany 297,201 297, 297,201 297,201 Note circulation 71,940 71,311 66,122 Other assets 1,534 1, 1,507 1,940 Deposits 92,762 90,869 62,258 Demand deposits (gold) 380,527362, 302,479! 24,510 Other liabilities and capital 14,482 16,015 8,727 Short-term deposits: Bank of Spain (millions of pesetas): Central banks—Own account.. 397 ,974 396, 408,213 238,897 Gold 668 668 934 Other 17,433 17, 19,328 4,076 Silver 412 412 497 Long-term deposits: Special 228,909 228, 228,909 228,909 Government loans and securities. 15,672 15,839 15,757 Other liabilities and capital 262,150 261, 260,346 256,202 Other loans and discounts | 13,630 12,170 9,690 1 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund, Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 2 In November 1949, part of the gold and foreign exchange holdings of the bank were revalued. 3 Account of National Treasury. * On Dec. 31, 1949, gold revalued from 172 to 248 shillings per fine ounce. 6 Includes small amount of non-Government bonds. NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1950, p. 120. 114 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— eff D e a ct t i e ve U K d n i o i n m t g ed - France m G a e n r- y g B i e u l m - N la e e n r t - d h s - S d w e e n - S l w a e n r i - d tz- ba C n e k n tr o a f— l N R 3 o a 0 t v e . eff D ec a t t i e ve ba C n e k n t o r f a — l N R 3 o a 0 t v e . eff D e a ct t i e ve In effect Dec. 31, Albania 5 \4> Mar. 21, 1940 Ireland 2K Nov. 23, 1943 1939 2 2 4 3 3 Argentina Mar. 1, 1936 Italy Apr. 6, 1950 Jan. 25 1940 2 2 ..!* Austria Aug. 3, 1945 Japan 5.11 July 5, 1948 Apr. 9 3M Belgium 3M Sept. 11, 1950 Java 3 Jan. 14, 1937 May 17 3K Bolivia. . 5 Feb. 4, 1948 Latvia . 5 Feb. 17, 1940 Mar. 17, 1941.. May 29 3 June 27 2H Jan. 16, 1945 1 ^ Canada Oct. 17, 1950 Lithuania. . s6 July 15, 1939 Jan. 20 Chile IK June 13, 1935 Mexico June 4, 1942 Feb. 9 . . 2K Colombia 4 July 18, 1933 Netherlands . Sept. 26, 1950 N D o ec v . . 19 7, 1946. 3 Costa Rica 4 Feb. 1, 1950 N N e o w r w Z a e y al . a . n .. d , J J u a l n y . 2 9 6 , , 1 1 9 9 4 4 6 1 Jan. 10, 1947.. &2J£ Aug. 27 3H Oct. 9 2J^ &3 Denmark 5 Nov. 2, 1950 Peru 6 Nov. 13, 1947 June 28, 1948. . U-5 Ecuador 10 May 13, 1948 Portugal. . . . 2K Jan. 12, 1944 Sept. 6 El Salvador... 3 Mar. 2, 1950 South Africa 3K Oct. 13, 1949 Oct. 1 Estonia Oct. 1. 1935 Spain Mar. 18, 1949 May 27, 1949. ll 4}A Finland 7M Nov. 3, 1950 Sweden 2H Feb. 9, 1945 July 14 11-4 Oct. 6... 3M June 8, 1950. . 2H Sept. 11 France 2K June 8, 1950 Switzerland.. Nov. 26, 1936 Sept. 26 3 Germany Oct. 27, 1950 Turkey 4 July 1, 1938 Oct. 27 1 1-6 Greece 12 July 12, 1948 United King- In effect Nov. 30, m India 3 Nov. 28, 1935 dom 2 Oct. 26, 1939 1950 2 U-6 3M 3 2H U.S.S.R.... 4 July 1, 1936 1 The lower rate applies to the Bank Deutscher Laender, and the higher rate applies to the Land Central banks. NOTE.—Changes since Nov. 30: Sweden—Dec. 1, from 2}^ to 3 per cent. OPEN-MARKET RATES [Per cent per annum] Canada United Kingdom France Netherlands Sweden Sw la it n z d er- Month Treasury Bankers' Treasury Day-to- Bankers' Day-to- Treasury Day-to- Loans Private bills acceptances bills day allowance day bills day up to discount 3 months 3 months 3 months money on deposits money 3 months money 3 months rate 1942—Oct.. .53 1.03 1.00 1.04 1.61 1.25 1943—Oct.. A3 1.03 1.00 1.00 1.73 1.25 1944—Oct.. .38 1.03 1.00 1.00 1.73 1.25 1945—Oct.. .36 .83 .75 .96 1.25 1.30 1.00 1.25 1946—Oct.. .40 .53 .51 .63 1.29 1.07 .90 1.25 1947—Oct.. .41 .53 .51 .63 1.64 .95 .95 1.38 1948—Oct.. .41 .56 .51 .63 2.09 1.03 .78 1.63 1949—Oct.. .51 .69 .52 .63 P2.25 1.07 .78 1.50 1949—Nov. .51 .69 .52 .63 P2.55 1.16 .93 1.50 Dec. .51 .69 .52 .63 P2.55 1.32 1.03 1.50 1950—Jan.. .51 .69 .52 .63 2.18 1.31 1.22 1.50 Feb.. .51 .69 .52 .63 2.40 1.54 1.50 1.50 Mar. .51 .69 .52 .63 2.70 1.45 1.13 1.50 Apr.. .51 .69 .51 .63 2.64 1.44 1.25 1.50 May .51 .69 .51 .63 2.68 1.45 1.03 1.50 June .51 .69 .51 .63 2.52 1.44 .81 1.50 July. .51 .69 .51 .63 2.59 1.57 1.10 1.50 Aug. .55 .69 .51 .63 2.35 1.44 .95 1.50 Sept. .62 .69 .52 .63 2.22 1.33 .91 1.50 Oct.. .62 .69 .51 .63 2.28 1.27 1.50 P Preliminary. NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172, pp. 656-661, and for description of statistics see pp. 571-572 in same publication. 115 JANUARY 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom » Assets Liabilities (1 b m 1 a i n ll k L io s o s . n t n e s d r o l F o i n f n ig g p u c ) o r le e u a s n r d i i n n s g re C se a r s v h es M c n a s o l o h l n t o i e a c r y n t e d at B co il u ls n t d e i d s- T re d r c e e e p a i o s p u s t i s r t y * Securities c L u o s a to n m s e to rs O as t s h e e ts r Total D D e e p m o a s n it d s Time li c a O a b a p t i n h l i i d e t t a i r e l s 1943—December. 422 151 133 ,307 1,154 761 349 4,032 2,712 1,319 245 1944—December. 500 199 147 ,667 1,165 772 347 4,545 3,045 1,500 250 1945—December. 536 252 369 ,523 ,234 827 374 4,850 3,262 1,588 265 1946—December. 499 432 610 ,560 ,427 994 505 5,685 3,823 1,862 342 1947—December. 502 480 793 ,288 ,483 1,219 567 5,935 3,962 1,972 396 1948—December. 502 485 741 ,397 ,478 1,396 621 6,200 4,159 2,041 420 1949—November 497 548 1,216 688 ,517 ,483 539 6,066 3,977 2.089 422 December. 532 571 1,109 793 ,512 ,534 579 6,202 4,161 2,041 427 1950—January.. 502 571 1,229 627 ,513 ,526 542 6.085 4,058 2,027 423 February. 476 539 1,169 471 ,503 ,574 541 5,841 3,844 1,997 432 March.... 485 534 1,106 444 ,503 ,602 553 5,783 3,812 1,971 443 April 493 530 1,177 402 ,502 ,630 552 5,843 3,876 1,968 444 May 482 538 1,197 364" ,503 ,648 554 5,847 3,870 1,976 439 June 482 544 1,338 297 ,498 ,665 611 6,000 3,965 2,035 434 July 501 557 1,400 321 ,496 ,591 529 5,956 3,935 2,021 440 August 504 544 1,336 368 ,499 ,610 554 5,968 3,941 2,027 447 September 492 543 1,358 435 ,501 ,610 557 6,028 3,969 2,059 468 October. . 509 557 1,414 496 ,505 ,608 616 6,204 4,105 2,099 501 Assets Liabilities Canada Security Deposits payable in Canada E (1 n C 0 d a i c n n o h a f a d m r m i t a i e l n o l r i n e o d d t n h o s l b f l o i a a g f r n s u k ) r s e . s Cash Entire S ly ec i u n r it C y anad O a ther d a a u n l b e o d r a o f n n r a o s e d m t Securities a O s t s h e e ts r ci N r ti c o o u t n l e a- excluding interbank deposits li c a O a b a p t i n h l i i d t e t a i r e l s reserves loans l d o i a sc n o s u a n n t d s f b o a re n i k g s n Total Demand Time 1943--December. 471 48 1,156 250 2,940 744 42 4,395 2,447 1,948 ,172 1944--December. 550 92 1,211 214 3,611 782 34 5,137 2,714 2,423 ,289 1945--December. 694 251 1,274 227 4,038 869 26 5,941 3,076 2,865 ,386 1946 -December. 753 136 1,507 132 4,232 ,039 21 6,252 2,783 3,469 ,525 1947--December. 731 105 1,999 106 3,874 ,159 18 6,412 2,671 3,740 ,544 1948--December. 749 101 2.148 144 4,268 ,169 16 7,027 2,970 4,057 ,537 -November 758 119 2.356 161 4,395 ,084 14 7,388 2,941 4,447 .471 December 765 133 2,271 146 4,345 ,058 14 7,227 2,794 4,433 ,477 -January.. 745 100 2,263 158 4.365 ,033 7,197 2,703 4,494 ,467 February. 749 84 2,299 149 4.391 ,046 <•) 7,277 2,741 4,537 ,439 March . . 731 83 2,344 146 4,453 ,081 (•) 7,400 2,828 4,573 ,438 April 730 103 2,349 175 4,398 ,015 () 7,301 2,741 4,561 ,468 May 759 105 2,352 198 4,408 ,091 7,417 2,860 4,557 ,495 June 712 145 2,408 227 4,276 ,182 7,447 2,909 4,538 ,503 July 767 94 2,385 222 4,240 ,089 7,288 2,759 4,529 1,508 August 802 99 2.393 218 4,478 ,113 7,573 3,030 4,543 1,529 September 748 101 2,473 225 4,437 .178 7 .597 3,015 4,582 1,565 October. . 847 115 2,565 189 4,349 1,258 7,740 3,180 4,559 1,583 Assets Liabilities France (4 large banks. End Deposits Own Other o m f il m lio o n n s th o f f i g f u r r a e n s c s in ) re C se a r s v h es Du b e a n f k ro s m B c i o ll u s n t d e i d s- Loans a O s t s h e e ts r Total Demand Time a a c n c c e e p s t- li c a a b a p i n l i i d t t a ie l s 1943—December 8,541 4,086 90,908 14,245 1,216 112,843 111,302 1,541 428 5,725 1944—December 10,365 4,948 99,782 18,651 1,521 128,734 126,555 2,179 557 5,977 1945—December 14,733 14,128 155,472 36,621 4,783 215,615 213,592 2,023 2,904 7,218 1946—December 18,007 18,940 195,223 65,170 17,445 291,945 290,055 1,890 15,694 7,145 1947—December 22,590 19,378 219,386 86,875 27,409 341,547 338,090 3,457 25,175 8,916 1948—December 45,397 35.633 354,245 126,246 34,030 552,221 545,538 6,683 30,638 12,691 1949—October 41,534 39,301 451,597 120,353 42,724 633,092 626,211 6,881 23,537 38,881 November 38,343 43,810 400,043 134,779 46,063 597,316 589,900 7,416 25,032 40,690 December 40,937 42,311 426,690 129,501 29,843 627,266 619,204 8,062 26,355 15,662 1950—January 39,317 43,107 423,329 138,276 33,866 630,113 622,110 8,003 958 19,824 February 36,419 45,579 424,838 137,143 36,056 632,035 623,031 9,005 747 18,252 March 38,741 42,539 415,585 134,771 39,298 619,146 609,776 9,371 629 21,158 April 44,808 43,843 452,864 126,752 40,506 652,570 639,878 12,692 449 24,752 May 43,584 44,346 433,079 134,195 44,993 640,351 626,925 13,427 992 26,853 Tune 41,283 43,618 442,411 133,848 48,126 648,191 633,952 14,240 030 29,065 July 47,231 43,599 433,118 141,239 46,610 647,507 636,010 11,497 492 32,798 August 41,572 51,670 440,122 135,192 46,982 650,559 638,875 11,684 971 35,008 September 42,893 48,797 484,136 131,192 48,609 687,444 674,592 12,853 682 37,502 ! 1 From September 1939 through November 1946, this table represents aggregates of figures reported by individual banks for days, varying from bank to bank, toward the end of the month. After November 1946, figures for all banks are compiled on the third Wednesday of each month, except in June and December, when the statements give end-of-month data. 2 Represent six-month loans to the Treasury at 1 H Per cent through Oct. 20, 1945, and at % per cent thereafter. » Less than $500,000. NOTE.—For back figures and figures on German commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and for description of statistics see pp. 566-571 in same publication. 116 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina x Belgium Brazil Canada (peso) (franc) (cruzeiro) (dollar) Aus- /ear or month tralia Ceylon Prefer- (pound) "Bank (rupee) Basic ential Free notes" Official Free Official Free account 1946... 29.773 321.34 2.2829 6.0602 95.198 93.288 1947.... 29.773 321.00 2.2817 5.4'103 100.000 91.999 1948 29.773 321.22 2.2816 5.4'106 100.000 91.691 1949 29.774 293.80 2.2009 2.1407 5.4'106 97.491 92.881 27.839 1950 26.571 *13.333 ' 's8."289' 223.15 1.9908 M.9722 5.4'106 590.909 91.474 20.850 1950—January. . 29.778 223.16 2.0003 5.4'106 90.909 89.205 20.850 February.. 29.778 223.16 1.9993 5.4'106 90.909 89.820 20.850 March. . 29.778 223.16 1.9966 5.4'106 90.909 90.254 20.850 April. . . 29.778 223.16 1.9912 5.4<106 90.909 90.205 20.850 May.. 29.778 223.16 1.9921 5.4'106 90.909 90.110 20.850 June... 29.778 223.16 1.9866 5.4'106 90.909 90.456 20.850 July.... 29.778 3ii!ioo 223.16 1.9835 5.4'106 90.909 90.766 20.851 August... 29.778 11.100 223.16 1.9837 5.4106 90.909 90.844 20.850 September. 20.000 13^333' 7.205 223.16 1.9838 5.4406 90.909 90.844 20.850 October 20.000 13.333 7.291 223.16 1.9876 U.97O2 5.4'406 94.854 20.850 November 20.000 13.333 7.147 223.16 1.9876 1.9737 5.4'406 96.044 20.850 December. 20.000 13.333 6.924 223.10 1.9983 1.9720 5.4406 94.913 20.850 France Year or month Co b l i o a m- C sl z o e v c a h k o ia - m De a n rk - (franc) G (d e e r u m tsc a h n e y India 6 Mexico e N rl e a t n h d - s Ze N a e la w nd Norway | (peso) (koruna) (krone) mark) (rupee) (peso) (guilder) (pound) (krone) Official Free i 1946.. 57.020 2.0060 20.876 .8409 30.155 20.581 37.813 322.63 20.176 1947 57.001 2.0060 20.864 .8407 30.164 20.577 37.760 322.29 20.160 1948 57.006 2.0060 20.857 .4929 .3240 30.169 18.860 37.668 350.48 20.159 1949 2.0060 19.117 .4671 .3017 27.706 12.620 34.528 365.07 18.481 1950 2.0060 14.494 .2858 723.838 20.870 11.570 26.252 277.28 14.015 1950—January.. 2.0060 14.494 .2863 20.870 11.572 26.278 277.29 14.015 February. 2.0060 14.494 .2863 20.870 11.572 26.257 277.29 14.015 March. 2.0060 14.494 .2863 20.870 11.571 26.267 277.29 14.015 April. . . 2.0060 14.494 .2860 20.870 11.564 26.262 277.29 14.015 May.. . 2.0060 14.494 .2859 20.870 11.564 26.264 277.29 14.015 June.. . 2.0060 14.494 .2856 7 23!838 20.870 11.563 26.265 277.29 14.015 July.... 2.0060 14.494 .2856 23.838 20.871 11.571 26.252 277.29 14.015 August.. . 2.0060 14.494 .2854 23.838 20.870 11.573 26.236 277.29 14.015 September. 2.0060 14.494 .2855 23.838 20.870 11.572 26.237 277.29 14.015 October. . 2.0060 14.494 .2856 23.838 20.870 11.571 26.235 277.29 14.015 November.. 2.0060 14.494 .2856 23.838 20.870 11.571 26.232 277.29 14.015 December. 2.0060 14.494 .2856 23.838 20.870 11.572 26.240 277.22 14.015 Year or month R P e ( p h p p i e i u n l s i o b e p ) l - ic ( P es o g c r a u t l d u o - ) ( A S p o o fr u u i n t c h d a ) ( S pe p s a e i t n a) S S ( m d e t o r e t l a t n l l a i e t t r s - ) s (k S d r w o en n e- a) e S (f r w r l a a i n t n c z d ) - ( U K p d n o i o u i n m t n g e d - d ) Ur (p u e g s u o) ay 1946 4.0501 400.50 9.132 25.859 23.363 403.28 65.830 56.280 1947 4,0273 400.74 9.132 27.824 23.363 402.86 65.830 56.239 1948 4.0183 400.75 9.132 27.824 23.363 403.13 65.830 56.182 1949 49'.723' 3.8800 366.62 42.973 25.480 23.314 368.72 65.830 56.180 42.553 1950 49.621 3.4704 278.38 32.788 19.332 23.136 280.07 65.833 56.180 42.553 1950—January.. 49.617 3.4856 278.38 32.717 19.333 23.281 280.07 65.833 56.180 42.553 February.. 49.615 3.4673 278.38 32.713 19.333 23.264 280.07 65.833 56.180 42.553 March. . 49.613 3.4587 278.38 32.722 19.333 23.269 280.07 65.833 56.180 42.553 April. ... 49.613 3.4595 278.38 32.734 19.333 23.286 280.07 65.833 56.180 42.553 May. 49.616 3.4577 278.38 32.761 19.333 23.291 280.07 65.833 56.180 42.553 Tune.... 49.625 3.4788 278.38 32.807 19.333 23.138 280.07 65.833 56.180 42.553 July 49.625 3.4539 278.38 32.818 19.333 23.047 280.07 65.833 56.180 42.553 August 49.625 3.4498 278.38 32.825 19.332 23.012 280.07 65.833 56.180 42.553 September 49.625 3.4842 278.38 32.825 19.331 22.959 280.07 65.833 56.180 42.553 October 49.625 3.4898 278.38 32.838 19.332 22.942 280.07 65.833 56.180 42.553 November.. . ... 49.625 3.4791 278.38 32.850 19.332 22.946 280.07 65.833 56.180 42.553 December 49.625 3:4838 278.38 32.850 19.327 23.201 279.99 65.833 56.180 42.553 1 In addition to the rates shown, three other rates were certified from Jan. 1 through Aug. 28, 1950. The 1950 averages for these rates are as follows (in cents per peso): Preferential "A"—20.695, Preferential "B"—17.456, and "Special"—13.896. 2 Based on quotations beginning Sept. 1, 1950. 3 Based on quotations beginning July 13, 1950. 4 Based on quotations beginning Oct. 11,1950. 5 Based on quotations through Sept. 30, 1950; official rate abolished after that date. 6 Excludes Pakistan, beginning April 1948. 7 Based on quotations beginning June 22, 1950. 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 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. 117 JANUARY 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month U ( S 1 1 t n 9 a 0 2 i 0 t t 6 e e ) d = s C (1 a 1 9 n 0 2 0 a 6 d ) - a M (1 1 9 e 0 3 x 0 9 i ) c = o K U ( i 1 n 1 n 9 g 0 3 i 0 t d 0 e ) o d = m F (1 r 1 9 a 0 3 n 0 8 c ) = e (1 I 1 9 t 0 a 3 0 8 ly ) - ( a 1 J v 9 a = e 3 p r 1 4 a a ) - g n 3 e 6 ( J J N u u l = n l e a y e t n 1 h 0 1 1 d e 0 9 9 s r 3 ) 3 - 8 9 - S (1 w 1 9 e 0 3 d 0 5 ) e = n (A Sw u = l g a i . 1 t n z 0 1 d 0 e 9 ) r 3 - 9 1926 100 100 U24 106 150 U26 * 135 1937 86 85 109 89 94 1 108 114 2 104 1938 79 79 101 100 100 1 102 111 * 100 1939 77 75 103 105 104 2 105 115 104 1940 79 83 103 137 139 121 2 131 146 133 1941 87 90 110 153 171 136 2 150 172 171 1942 99 96 121 159 201 153 2 157 189 195 1943 103 100 146 163 234 2 160 196 203 1944 104 103 179 166 265 2 164 196 207 1945 106 104 199 169 375 4 181 194 205 1946 121 109 229 175 648 16 251 186 200 1947 152 129 242 192 989 5,159 48 271 199 208 1948 165 153 260 219 1,712 5,443 128 281 214 217 1949 155 157 285 230 1,917 5,170 209 296 216 206 1949—November 152 157 294 240 2,005 4,826 219 306 218 200 December 151 157 293 241 2,002 4,747 219 306 219 199 1950—January 152 157 288 245 2,063 4,732 228 310 219 197 February 153 158 291 245 2,057 4,759 226 313 220 195 March 153 159 304 245 2,102 4,732 227 315 220 195 April 153 160 307 250 2,098 4,693 227 313 221 194 May 156 162 307 255 2,082 4,695 228 315 221 197 June 157 165 304 257 2,035 4,671 229 317 223 196 July 163 167 307 260 2,123 4,694 242 317 224 199 August 166 169 312 264 2,207 4,913 254 225 205 September 170 174 321 272 2,286 5,088 259 228 209 October 169 173 326 279 P2,266 P5.171 ?230 213 November 172 174 332 288 P2.304 216 ). p. 754; June 1948, p. 746; July 1947, p. 934; January 1941, p. 84; April 1937, WHOLESALE PRICES—GROUPS OF COMMODITIES (Indexes for groups included intotal indexabove] United States Canada United Kingdom (1926=100) (1926=100, (1930=100) Year or month Raw and Fully and pr F o a d r u m cts Foods co O m it t i m h e e s o r d- pr F o a d r u m cts fa m p c a t a r u n t r u l e y - d fa c m c h a t i u e n f r u l e y - d Foods p I r n t o r d d i u a u l s c - ts goods goods 1926 100 100 100 100 100 100 1937 86 86 85 87 84 81 102 112 1938 69 74 82 74 73 78 97 104 1939 65 70 81 64 67 75 97 106 1940 68 71 83 68 75 82 133 138 1941 ... . .. 82 83 89 73 82 89 146 156 1942 106 100 96 85 90 92 158 160 1943 123 107 97 98 99 93 160 164 1944 123 105 99 107 104 94 158 170 1945 128 106 100 115 106 94 158 175 1946 149 131 110 124 110 99 158 184 1947 181 169 135 133 131 117 165 207 1948 188 179 151 150 156 140 181 242 1949 166 161 147 147 161 142 197 249 1949—November 157 159 145 146 161 143 213 255 December 155 156 145 145 160 143 212 257 1950—January 155 155 146 144 160 143 214 261 February 159 157 146 145 162 143 215 262 March 159 156 146 147 164 144 215 262 April 159 155 146 148 165 144 220 266 May 165 160 148 150 168 144 224 271 June 166 162 149 152 172 145 223 275 July 176 171 152 154 175 146 222 August 178 175 156 142 175 150 217 September 180 177 159 143 178 156 220 October 178 173 162 141 174 156 ••226 November 184 175 164 143 176 158 229 Ot Ot MC Netherlands (July 1938-June 1939=100) Foods t p r I r i n o a d d l u u ra s c - w ts f I in n tr i d s ia u h l s e - d products 103 112 104 121 163 126 140 177 148 157 175 154 157 174 159 159 179 163 172 193 184 200 282 261 214 328 276 231 342 283 243 370 297 265 378 303 270 372 304 275 384 305 282 383 309 279 385 310 272 385 311 276 386 312 285 388 312 ••311 324 r Revised. Sources.—See BULLETIN for July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 118 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers [Index numbers] United Switz- United Switz- Y m e o a n r t o h r ( U 1 S = 9 n t 3 a 1 i 0 5 t t e 0 e -3 d ) s 9 (1 - C 9 a 1 a 3 d 0 n 5 a - 0 - ) 39 1 K 7 ( d , J i o u n 1 m n 9 g e 4 - 7 F = ( r 1 a 1 9 n 0 3 0 c 8 ) e ( N 1 = la 9 e 1 3 t n 0 h 8 d 0 e - ) s 3 r 9 - 1 ( l 9 A a e 3 r n u 9 - d g = . Y m e o a n r th or ( U S 1 = 9 n t 3 a 1 i 0 5 t t e 0 e -3 d ) s 9 (1 C = 9 a a 3 1 d n 5 0 a - - 0 3 ) 9 1 K 7 ( d , J i o u n 1 m n 9 g e 4 - 7 F = ( r 1 a 1 9 n 0 3 0 c 8 ) e ( N 1 = la e 9 1 t 3 n h 0 8 d 0 e - s 3 ) r 9 - 1 ( l 9 A a e 3 r n u 9 - g - d . = 100) 100) = 100) 100) 1941 106 116 168 149 134 1941 105 112 199 150 127 1942 124 127 161 174 153 1942 117 117 200 175 141 1943 138 131 166 224 161 1943 124 118 199 224 148 1944 136 131 16S 275 164 1944 126 119 201 285 151 1945 139 133 170 377 164 1945 128 119 203 393 153 1946 160 140 169 645 193 160 1946 . . 139 124 204 645 192 152 1947 194 160 1 101 1,043 211 170 1947 159 136 1 101 1,030 199 158 1948 210 196 108 1,662 228 176 1948 171 155 108 1,632 206 163 1949 202 203 114 1,814 249 174 1949 .. 169 161 111 1,818 219 162 1949-November. 201 203 119 1,930 251 174 1949-November. 169 162 112 1,912 221 161 December. 197 202 120 1,937 257 173 December. 168 162 113 1,920 226 161 1950-January. . . 196 199 120 1,921 262 171 1950-January... 167 161 113 1,910 230 159 February.. 195 201 121 1,929 270 170 February.. 167 162 113 1,920 234 159 March.... 196 204 121 1,920 274 172 March 167 164 113 1,906 237 158 April. 197 205 122 1,942 273 172 April 167 164 114 1,922 237 158 May 200 205 125 1,925 '274 174 May 169 164 114 1,906 237 158 June 205 209 123 1,858 284 175 June . 170 165 114 1,845 241 158 luly 210 214 122 1,839 278 175 Tuly 173 168 114 1,825 240 158 August.... 209 217 121 1,938 275 178 August.... 173 169 113 L.925 239 159 September. 209 219 122 2,009 276 179 September. 174 170 114 >,007 243 160 October. .. 209 220 125 2,043 286 180 October. . . 175 171 115 2,043 248 161 November. 210 219 P2.055 180 November. 176 171 P116 P>,055 P249 161 P Preliminary. r Revised. 1 This average is based on figures for the new index, beginning June. The averages for the old index, based on figures for January-June 17, are 166 for retail food prices and 203 for cost of living. Sources.—See BULLETIN for 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] Bonds Common stocks Year or month S U g t ( r n h a a i i t d g t e e e h s ) d i C (1 a = 9 n 3 1 a 5 0 d - 0 3 a ) 9 • ( 1 K D 9 U 2 i e 1 n c n g e i = m t d e 1 o b d 0 m e 0 r ) F (1 r 9 1 3 a 0 8 n 0 c ) e = N la e n th d e s r * - ( U 1 S = 9 t n 3 a 1 i 5 0 t t e e 0 -3 s d ) 9 C (1 a = 9 n 3 1 a 5 0 d 0 -3 a ) 9 4 ( K 1 U 9 in 2 n 6 g i = d te 1 o d 0 m 0) 1 (D F 93 r e a c 8 n e = m c 1 e 0 b 0 e • r ) (1 N 9 la 3 e n 8 th d = e s 1 * r 0 - 0) Number of issues. 12 87 50 14 416 106 278 « 295 27 1942. 118.3 100.7 127.3 146.4 69.4 64.2 75.3 1943. 120.3 102.6 127.8 146.6 91.9 83.5 84.5 1944. 120.9 103.0 127.5 150.5 99.8 83.8 88.6 1945. 122.1 105.2 128.3 152.1 121.5 99.6 92.4 1946. 123.3 117.2 132.1 144.6 109.0 139.9 115.7 96.2 875 1947. i 103.2 118.5 130.8 132.0 105.6 123.0 106.0 94.6 1,149 20/. *. 1948. 98.7 105.0 129.9 117.0 107.1 124.4 112.5 92.0 1,262 2112 1949. 101.9 107.6 126.5 109.4 106.8 121.4 109.4 87.6 1,129 195.3 1949—December.. 103.7 110.7 121.1 109.9 109.4 132.7 117.9 87.8 1,085 204.6 1950—January.. . 104.0 111.0 119,8 109.5 110.1 135.1 119.0 87.7 1,107 204.2 February. . 104.0 110.7 119.9 110.9 110.4 136.7 118.3 87.9 1,036 202.5 March.... 104.1 110.9 119.4 111.5 109.0 138.8 118.7 88.4 1,045 197.0 April 110.3 119.9 112.3 108.7 141.8 125.9 89.1 1,024 191.0 May 110.9 119.8 111.7 108.3 146.9 128.7 89.6 1,019 189.6 June 110.9 121.6 110.4 108.0 147.7 130.9 90.9 1,056 190.8 July 109.9 120.7 P108.8 106.3 138.2 124.3 88.7 961 170.0 August.... 110.5 120.8 P109.7 105.0 147.2 135.7 89.0 1,020 188.0 September. 111.4 122.7 P110.7 103.7 151.7 141.5 91.3 1,080 194.9 October. .. 108.7 124.2 P108.8 104.3 157.8 145.4 92.5 1,035 197.8 November. 106.5 124.1 P110.3 104.6 156.1 144.5 92.9 "1,029 198.0 p Preliminary. 1 New series beginning 1947, derived from average yields of 12 bonds on basis of a 2% per cent 30-year bond. Annual average for the old series for 1947 (121.5) and figures for years prior to 1947 are derived from average of 5 median yields in a list of 15 issues on basis of a 4 per cent 20-year bond. Source.—Standard and Poor's Corporation; for compilations of back figures on prices of both bonds and common stocks in the United States, see Banking and Monetary Statistics, Table 130, p. 475, and Table 133, p. 479. 2 This index is based on one 15-year 3 per cent theoretical bond. Yearly figures are averages of monthly quotations on the capitalized yield as calculated on the 15th of every month. 1 This index represents the reciprocals of average yields for 14 issues, including government, provincial, municipal, mortgage, and industrial bonds. The average yield in the base period (January-March 1937) was 3.39 per cent. 4 This index is based on 95 common stocks through 1944; on 100 stocks 1945-1948: and on 106 stocks beginning 1949. s In September 1946 this index was revised to include 185 metropolitan issues, 90 issues of colonial France, and 20 issues of French companies abroad. See "Bulletin de la Statistique Generate," September-November 1946, p. 424. 8 This index is based on 27 Netherlands industrial shares and represents an unweighted monthly average of daily quotations. The figures are not comparable with data for previous years shown in earlier BULLETINS. 7 Series discontinued beginning Apr. 1, 1950. Sources.—See BULLETIN for 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. JANUARY 1951 119 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM THOMAS B. MCCABE, Chairman MARRINER S. ECCLES JAMES K. VARDAMAN, JR. M. S. SZYMCZAK EDWARD L. NORTON R. M. EVANS OLIVER S. POWELL ELLIOTT THURSTON, Assistant to the Board WINFIELD W. RIEFLER, Assistant to the Chairman WOODLIEF THOMAS, Economic Adviser to the Board OFFICE OF THE SECRETARY DIVISION OF EXAMINATIONS S. R. CARPENTER, Secretary EDWARD A. WAYNE, Acting Director MERRITT SHERMAN, Assistant Secretary GEORGE S. SLOAN, Assistant Director KENNETH A. KENYON, Assistant Secretary C. C. HOSTRUP, Assistant Director FRED A. NELSON, Assistant Director LEGAL DIVISION GEORGE B. VEST, General Counsel DIVISION OF BANK OPERATIONS FREDERIC SOLOMON, Assistant General Counsel ROBERT F. LEONARD, Director JOHN C. BAUMANN, Assistant General Counsel J. E. HORBETT, Assistant Director LOWELL MYRICK, Assistant Director OFFICE OF THE SOLICITOR J. LEONARD TOWNSEND, Solicitor DIVISION OF PERSONNEL ADMINISTRATION G. HOWLAND CHASE, Assistant Solicitor ROBERT N. HILKERT, Acting Director DWIGHT L. ALLEN, Assistant Director DIVISION OF RESEARCH AND STATISTICS DIVISION OF ADMINISTRATIVE SERVICES RALPH A. YOUNG, Director FRANK R. GARFIELD, Adviser on Economic Research LISTON P. BETHEA, Director KENNETH B. WILLIAMS, Assistant Director JOSEPH E. KELLEHER, Assistant Director SUSAN S. BURR, Assistant Director DIVISION OF SELECTIVE CREDIT REGULATION DIVISION OF INTERNATIONAL FINANCE ARTHUR PHELAN, Acting Director ARTHUR W. MARGET, Director GUY E. NOYES, Assistant Director LEWIS N. DEMBITZ, Assistant Director GARDNER L. BOOTHE, II, Assistant Director FEDERAL FEDERAL OPEN MARKET COMMITTEE ADVISORY COUNCIL THOMAS B. MCCABE, Chairman (December 31, 1950) ALLAN SPROUL, Vice Chairman WALTER S. BUCKLIN, BOSTON DISTRICT CHESTER C. DAVIS MARRINER S. ECCLES N. BAXTER JACKSON, NEW YORK DISTRICT JOSEPH A. ERICKSON FREDERIC A. POTTS, PHILADELPHIA DISTRICT R. M. EVANS EDWARD L. NORTON SIDNEY B. CONGDON, CLEVELAND DISTRICT J. N. PEYTON ROBERT V. FLEMING, RICHMOND DISTRICT OLIVER S. POWELL Vice President M. S. SZYMCZAK J. T. BROWN, ATLANTA DISTRICT JAMES K. VARDAMAN, JR. C. S. YOUNG EDWARD E. BROWN, CHICAGO DISTRICT President S. R. CARPENTER, Secretary W. L. HEMINGWAY, ST. LOUIS DISTRICT GEORGE B. VEST, General Counsel WOODLIEF THOMAS, Economist JOSEPH F. RINGLAND, MINNEAPOLIS DISTRICT JOHN K. LANGUM, Associate Economist DAVID T. BEALS, KANSAS CITY DISTRICT ALFRED C. NEAL, Associate Economist J. MARVIN PETERSON, Associate Economist J. E. WOODS, DALLAS DISTRICT WILLIAM H. STEAD, Associate Economist JOHN H. WILLIAMS, Associate Economist JAMES K. LOCHEAD, SAN FRANCISCO DISTRICT ROBERT G. ROUSE, Manager of System Open Market Account HERBERT V. PROCHNOW, Secretary 120 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman l President Bank of Deputy Chairman First Vice President Vice Presidents Boston Harold D. Hodgkinson Joseph A. Erickson John J. Fogg Alfred C. Neal Ames Stevens William Willett Robert B. Harvey * Carl B. Pitman E. G. Hult 0. A. Schlaikjer E. 0. Latham R. F. Van Amringe New York Robert T. Stevens Allan Sproul H. A. Bilby H. V. Roelse William I. Myers L. R. Rounds H. H. Kimball Robert G. Rouse L. W. Knoke William F. Treiber Walter S. Logan V. Willis A. Phelan R. B. Wiltse Philadelphia. . . . Warren F. Whittier Alfred H. Williams Karl R. Bopp E. C. Hill C. Canby Balderston W. J. Davis L. E. Donaldson Wm. G. McCreedy Robert N. Hilkert P. M. Poor man 3 Cleveland George C. Brainard Ray M. Gidney Wilbur T. Blair A. H. Laning 3 John C. Virden Wm. H. Fletcher Roger R. Clouse Martin Morrison W. D. Fulton Paul C. Stetzelberger J. W. Kossin Donald S. Thompson Richmond. . Charles P. McCormick Hugh Leach N. L. Armistead C. B. Strathy John B. Woodward, Jr. J. S. Walden, Jr. R. L. Cherry K. Brantley Watson R. W. Mercer 3 Edw. A. Wayne W. R. Milford Chas. W. Williams Atlanta Frank H. Neely W. S. McLarin, Jr. P. L. T. Beavers Joel B. Fort, Jr. Rufus C. Harris L. M. Clark V. K. Bowman T. A. Lanford J. E. Denmark E. P. Paris S. P. Schuessler Chicago F. J. Lunding C. S. Young Allan M. Black J Tohn K. Langum John S. Coleman E. C. Harris H. J. Chalfont A. L. Olson Neil B. Dawes Alfred T. Sihler W. R. Diercks W. W. Turner St. Louis Russell L. Dearmont Chester C. Davis Wm. E. Peterson Paul E. Schroeder Wm. H. Bryce 0. M. Attebery C. A. Schacht William H. Stead C* TVT ^tpwa rt Minneapolis. . . . Roger B. Shepard J. N. Peyton H. C. Core H. G. McConnell W. D. Cochran A. W. Mills C. W. Groth Otis R. Preston E. B. Larson Sigurd Ueland Kansas City.... Robert B. Caldwell H. G. Leedy L. H. Earhart John Phillips, Jr. Robert L. Mehornay Henry 0. Koppang Delos C. Johns G. H. Pipkin R. L. Mathes C. E. Sandy 2 D. W. Woolley Dallas J. R. Parten R. R. Gilbert E. B. Austin W. H. Holloway R. B. Anderson W. D. Gentry R. B. Coleman Watrous H. Irons H. R. DeMoss L. G. Pondrom 3 W. E. Eagle C. M. Rowland Mac C. Smyth San Francisco.. . Brayton Wilbur C. E. Earhart J. M. Leisner H. F. Slade Harry R. Wellman H. N. Mangels S. A. MacEachron Ronald T. Symms 3 E. R. Millard W. F. Volberg W. L. Partner 0. P. Wheeler VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Federal Reserve Branch Chief Officer Branch Chief Officer Bank of Bank of New York Buffalo I. B. Smith 4 Minneapolis. . . Helena C. W. Groth Cleveland....... Cincinnati W. D. Fulton Pittsburgh J. W. Kossin Kansas City.... Denver G. H. Pipkin Oklahoma City R. L. Mathes Richmond Baltimore W. R. Milford Omaha L. H. Earhart Charlotte R. L. Cherry Atlanta Birmingham P. L. T. Beavers Dallas El Paso C. M. Rowland Jacksonville T. A. Lanford Houston W. H. Holloway Nashville Joel B. Fort, Jr. San Antonio W. E. Eagle New Orleans E. P. Paris Chicago Detroit H. J. Chalfont San Francisco.. . Los Angeles W. F. Volberg St. Louis Little Rock C. M. Stewart Portland S. A. MacEachron Louisville C. A. Schacht Salt Lake City W. L. Partner Memphis Paul E. Schroeder Seattle J. M. Leisner 1 Also Federal Reserve Agent. * Cashier. • Also Cashier. 4 General Manager. JANUARY 1951 121 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS The material listed below may be obtained from ports, and introduction reviewing the monetary the Division of Administrative Services, Board of history of Paraguay. July 1946. 170 pages. Governors of the Federal Reserve System, Wash- $1.00 per copy. ington 25, D. C. Remittance should be made RULES OF ORGANIZATION AND RULES OF PROCEDURE payable to the order of the Board of Governors (Board of Governors of the Federal Reserve Sysof the Federal Reserve System, tem). September 1946. 31 pages. FEDERAL RESERVE BULLETIN. Issued monthly. Subscription price in the United States and its pos- THE FEDERAL RESERVE ACT, as amended to Novemsessions, Bolivia, Canada, Chile, Colombia, Costa ber 1, 1946, with an Appendix containing pro- Rica, Cuba, Dominican Republic, Ecuador, visions of certain other statutes affecting the Guatemala, Haiti, Republic of Honduras, Mexico, Federal Reserve System. 372 pages. 50 cents per paper-bound copy; $1.00 per cloth-bound copy. Newfoundland (including Labrador), Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, POSTWAR ECONOMIC STUDIES. (8 pamphlets) and Venezuela is $2.00 per annum or 20 cents No. 1. Jobs, Production, and Living Standards. per copy; elsewhere $2.60 per annum or 25 cents No. 2. Agricultural Adjustment and Income. per copy. Group subscriptions in the United No. 3. Public Finance and Full Employment. States for 10 or more copies to one address, 15 No. 4. Prices, Wages, and Employment. cents per copy per month, or $1.50 for 12 months. No. 5. Private Capital Requirements. FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY No. 6. Housing, Social Security, and Public RATES, AND BUSINESS. Issued monthly. $6.00 Works. per annum including historical supplement No. 7. International Monetary Policies. listed below, or 60 cents per copy. In quantities No. 8. Federal Reserve Policy. of 10 or more copies of a particular issue for single shipment, 50 cents each. (Domestic rates) The price for the set of eight pamphlets is $1.25; 25 cents per pamphlet, or, in quantities of 10 or HISTORICAL SUPPLEMENT TO FEDERAL RESERVE more for single shipment, 15 cents per pamphlet. CHARTS ON BANK CREDIT, MONEY RATES, AND BUSINESS. 113 charts. March 1950 edition. THE FEDERAL RESERVE SYSTEM—ITS PURPOSES AND Annual subscription to monthly chart book in- FUNCTIONS. November 1947. 125 pages. 75 cludes supplement; single copies, 60 cents each. cents per cloth-bound copy; in quantities of 10 In quantities of 10 or more copies for single ship- or more copies for single shipment, 50 cents each. ment, 50 cents each. (Domestic rates) Paper-bound copies available without charge. BANKING STUDIES. Comprising 17 papers on bank- DEBITS AND CLEARINGS STATISTICS, THEIR BACKing and monetary subjects by members of the GROUND AND INTERPRETATION. October 1947. 50 Board's stafl. August 1941; reprinted March pages. 25 cents per copy; in quantities of 10 or 1949. 496 pages. Paper cover. $1.00 per copy; more copies for single shipment, 15 cents each. in quantities of 10 or more copies for single shipment, 75 cents each. DISTRIBUTION OF BANK DEPOSITS BY COUNTIES, as of December 31, 1947. July 1948. 122 pages. As BANKING AND MONETARY STATISTICS. Statistics of of June 30, 1949. December 1949. 122 pages. banking, monetary, and other financial developments. November 1943. 979 pages. $1.50 per A STATISTICAL STUDY OF REGULATION V LOANS. copy. No charge for individual sections (un- September 1950. 74 pages. 25 cents per copy; bound). in quantities of 10 or more copies for single ship- MONETARY AND BANKING REFORM IN PARAGUAY. ment, 15 cents each. Includes translation of laws, accompanying re- REGULATIONS OF THE BOARD OF GOVERNORS OF THE 1 A more complete list, including periodical releases and FEDERAL RESERVE SYSTEM. Individual regulations reprints, appeared on pp. 1708-11 of the December 1950 with amendments. BULLETIN. 122 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS REPRINTS RETAIL CREDIT SURVEY—1949. From June 1950 (From Federal Reserve Bulletin unless preceded by an asterisk) BULLETIN with supplementary information for NOTES ON FOREIGN CURRENCY ADJUSTMENTS. No- nine separate trades. 37 pages. vember 1949. 14 pages. STATEMENT ON PROPOSED SMALL BUSINESS LEGISLA- • STATEMENT OF THOMAS B. MCCABE, CHAIRMAN OF TION. Presented by Thomas B. McCabe, Chair- THE BOARD OF GOVERNORS OF THE FEDERAL RE- man, Board of Governors of the Federal Reserve SERVE SYSTEM, BEFORE THE SUBCOMMITTEE ON System, before the Senate Committee on Bank- MONETARY, CREDIT AND FISCAL POLICIES OF THE ing and Currency, June 27, 1950. July 1950. 8 JOINT COMMITTEE ON THE ECONOMIC REPORT. pages. Presented December 3, 1949. 10 pages. BRANCH BANKING IN THE UNITED STATES, 1939 and A STUDY OF INSTALMENT CREDIT TERMS, by Milton 1949. July 1950. 16 pages. Moss. December 1949. 8 pages. ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS FRENCH EXCHANGE STABILIZATION FUND, by Robert AND BUSINESSES. August 1950. 2 pages. Solomon. January 1950. 5 pages. STATEMENT ON THE DEFENSE PRODUCTION ACT OF INSURANCE OF COMMERCIAL BANK DEPOSITS. Feb- 1950. Presented by the Board of Governors of ruary 1950. 5 pages. the Federal Reserve System to the Committee STATEMENT BY THOMAS B. MCCABE, CHAIRMAN, on Banking and Currency of the Senate, and BOARD OF GOVERNORS OF THE FEDERAL RESERVE read by Governor R. M. Evans to the Committee SYSTEM ON S. 2822, A BILL "TO AMEND THE FED- on Banking and Currency of the House of Rep- ERAL DEPOSIT INSURANCE ACT." February 1950. resentatives, July 25, 1950. August 1950. 4 5 pages. pages. STAFF STUDY ON ASSESSMENTS AND COVERAGE FOR DEFENSE LOAN POLICY. An announcement adopted DEPOSIT INSURANCE. February 1950. 15 pages. jointly by National and State Supervisors of banks and other lending institutions. August 4, 1950. * THE CHALLENGE OF OPPORTUNITY VERSUS SECU- RITY. Address by Thomas B. McCabe, Chairman, August 1950. 1 page. Board of Governors of the Federal Reserve Sys- THE BALANCE SHEET OF AGRICULTURE, 1950. Septem before a seminar group of Life Insurance tember 1950. 14 pages. Executives. Presented April 13, 1950. 7 pages. OUR COMMON PROBLEM—MAINTENANCE OF A SOUND 1950 SURVEY OF CONSUMER FINANCES— BANKING SYSTEM. Address by Thomas B. Mc- Preliminary summary. April 1950. 2 pages. Cabe, Chairman, Board of Governors of the Fed- PART I. GENERAL FINANCIAL POSITION AND ECO- eral Reserve System, before the National Associa- NOMIC OUTLOOK OF CONSUMERS. June 1950. 12 tion of Supervisors of State Banks, Boston, Mass., pages. PART II. PURCHASES OF HOUSES AND September 21, 1950. October 1950. 4 pages. DURABLE GOODS IN 1949 and BUYING PLANS FOR REVISED ESTIMATES OF CONSUMER CREDIT. Novem- 1950. July 1950. 15 pages. PART III. DISTRIber 1950. 2 pages. BUTION OF CONSUMER INCOME IN 1949. August 1950. 18 pages. PART IV. THE DISTRIBUTION MEASUREMENT OF CONSUMER CREDIT. Address by OF CONSUMER SAVING IN 1949. November 1950. Ralph A. Young and Homer Jones before the 15 pages. PART V. THE DISTRIBUTION OF ASSETS, University of Illinois Consumer Credit Confer- LIABILITIES, AND NET WORTH OF CONSUMERS, ence, Chicago, Illinois, October 5, 1950. Novem- EARLY 1950. December 1950. 28 pages. METHODS ber 1950. 9 pages. OF THE SURVEY OF CONSUMER FINANCES. July STATEMENT ON REGULATION OF CONSUMER CREDIT. 1950. 15 pages. Statement by Chairman Thomas B. McCabe on INDUSTRIAL DIFFERENCES IN LARGE CORPORATION behalf of the Board of Governors of the Federal FINANCING IN 1949, by Eleanor J. Stockwell. Reserve System before the Joint Committee on June 1950. 6 pages. (Also, similar survey by Defense Production. December 8, 1950. Decem- Charles H. Schmidt. June 1949. 8 pages.) ber 1950. 5 pages. JANUARY 1951 123 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES 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 S3 OS p Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis