Federal Reserve Bulletin, 1951-02

F E D E R AL E S E RV TIN FEBRUARY 1951 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON 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 Federal Budget for Rearmament. 125-131 Regulation of Real Estate Credit on Nonresidential Construction. 132-133 Voluntary Restraint Program of American Bankers Association. 133 Directors of Federal Reserve Banks and Branches. 134-147 Law Department. . 148-162 Current Events and Announcements. 163 National Summary of Business Conditions. . 164-165 Financial, Industrial, Commercial Statistics, U. S. (See p. 167 for*list of tables) . 167-228 International Financial Statistics (See p. 229 for list of tables). . 229-247 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council. 248 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. 249 Federal Reserve Publications. 250-251 Map of Federal Reserve Districts. 252 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 RESERVE BULLETIN VOLUME 37 February 1951 NUMBER 2 THE FEDERAL BUDGET FOR REARMAMENT The Federal Budget for the fiscal year for the fiscal year ending June 30, 1952, is ending June 30, 1952, presented to Congress expected to rise to 16.5 billion. This is the in January, provides the first over-all esti- amount that must be raised by additional mate of the fiscal program that the nation's taxes in order to keep the defense program planned rearmament will require. Total on a pay-as-you-go basis, in accordance with expenditures in fiscal year 1952 are estimated the President's objectives. at 71.6 billion dollars. An increase of 7 bil- TREASURY RECEIPTS AND EXPENDITURES lion in the current fiscal year will be fol- BILLIONS OF DOLLARS FISCAL YEAR ENDING JUNE 30 BILLIONS OF DOLLARS lowed by a further rise of 24.4 billion in the coming fiscal year which begins on July 1, 1951. Nearly three-fourths of the expenditures in 1952 will be directly related I \ to national security. It is also evident that \ expenditures for this purpose are expected \ \ E)(PENCTUREJ> to continue at a high level in the fiscal year i 1953, since unexpended authorizations of //f \ about 75 billion dollars are expected to be ) outstanding on June 30, 1952. The level of / NET Federal expenditures under the current re- CEIPT5 armament program, however, will be con- 1 siderably below that reached during World / War II, as is shown in the chart, although J the price level is much higher than in the T earlier period. 1940 1942 1944 1946 1948 I95O 1952 Government revenues will expand sub- NOTE.—Budget receipts and expenditures from Budget for 1952 and earlier years. Expenditures for 1948 exclude 3 stantially as a result of higher incomes and billion dollar transfer to Foreign Economic Cooperation Trust Fund and expenditures for 1949 and later years include the legislation since August 1950 raising expenditures from this fund. individual and corporation income taxes. Uncertainty with respect to military and Without further considerable tax increases, diplomatic developments, the pace at which however, the rise in revenues will not keep production will be geared to meet rearmaup with mounting expenditures. For the ment requirements, and the course of prices fiscal year ending June 30, 1951, a Budget raises the possibility of substantial changes deficit of 2.7 billion dollars is anticipated. in Government plans for both expenditures Under the existing taxes the budgetary deficit and financing. The Budget, therefore, must FEBRUARY 1951 125 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FEDERAL BUDGET FOR REARMAMENT be regarded as an unusually tentative esti- preparedness will require an extension of the mate of Government expenditures and of the bulge in Federal outlays beyond 1952. needs for additional tax revenues or borrow- The growth in Budget expenditures reflects ing during the next fiscal year. the increased outlays for national security. The economic impact of Government fiscal The total cost of supporting the armed servactions is only partly determined by the ices, of extending military and economic aid direct effect of the expenditures, taxation, to the free nations, and of other security proand financing program. An additional part grams is estimated to rise to 52.3 billion of the economic impact is the way the fiscal dollars in the fiscal year 1952, as is shown in program affects the decisions of business the table. This compares with expenditures management, labor, farmers, and consumers, of 17.6 billion for these activities in the fiscal as well as Government leaders. In fiscal year 1950 and 26.8 billion in the current fiscal year. Expenditures for veterans' services and year 1951 both public and Congressional rebenefits and for interest on the debt, which action was considerably earlier and greater together represent primarily the continuing than would be expected on the basis of the cost of past wars, will total 10.8 billion dolactual fiscal activity of the Government. Public anticipation of the economic effects FEDERAL BUDGET EXPENDITURES of the enlarged military expenditures arising [In billions of dollars] from the United Nations' action in Korea Fiscal year ending Increase resulted in increases in consumer expendi- June 30— (+)or Function decrease (-),1950 tures, private investment, production activity, 19521 19511 1950 to 1952 and prices which were relatively greater Total 71.6 47.2 40.2 +31.4 than the expansion in Government expendi- National security, total 52.3 26.8 17.6 +34.7 tures or the deficit financing. This re- Military services 2 40.1 20.1 11.9 +28.2 International military and flects in part the recentness of the World At e o c m o i n c o m en ic e rg a y ssistance 7 1 . . 1 3 4 . . 8 5 4. . 6 6 + + 2 . . 5 7 Stockpiling of strategic and War II experience with shortages of civil- critical materials 1.3 .9 .4 + .9 Defense production and ecoian goods, and in part high personal in- nomic stabilization 1.4 .3 (3) + 1.4 Defense housing, civil defense, comes, abundant holdings of liquid assets, Pro an m d o t r i e o l n a te o d f m ac e t r i c v h i a ti n e t s 4 marine. . . 7 4 . . 1 2 !i" + + . . 3 7 and availability of credit. It also results from Past wars, total 10.8 11.5 12.4 -1.6 Veterans' services and benefits 4.9 5.7 6.6 -1.7 confidence in continuing high-level employ- Interest on debt 5.9 5.7 5.8 + .1 ment which has been generally engendered Other (chiefly civilian functions), total5 8.5 8.9 10.2 -1.7 by the expanding backlog of unused Gov- Transportation and communication 1.3 1.8 1.7 -.4 Agriculture and agricultural ernment expenditure authorizations. resources 1.4 1.0 2.8 -1.4 Housing and community development « .5 .4 .3 -.8 PATTERN OF EXPENDITURES IN 1952 S N o a c t i u a r l a l s e r c e u so ri u t r y c , e s welfare, and 1.2 1.3 1.0 + .2 health 2.6 2.5 2.2 + .4 General government 1.2 1.2 1.1 + .1 Federal Budget expenditures will expand Allother ^ 1.2 .7 1.1 + .1 rapidly during the fiscal year 1952. The 1 Estimated. estimated total of 71.6 billion dollars for the 2 3 E Le x s c s lu t d h e a s n o 5 u 0 tl a m y i s l li f o o n r d st o o l c la k r p s i . ling shown below. 4 Includes dispersal of Government facilities and education of year will be 31.4 billion above that of the 12- children on Federal property and in emergency areas. 6 Amounts for these classifications, as shown in Budget Message, month period preceding the outbreak of less amounts classified as national security. 6 Excess of receipts. hostilities in Korea. Indications are that the 7 Includes conduct of foreign affairs; finance, commerce and industry; labor; education and general research; and other. attainment of an adequate position of defense NOTE.—-Figures from Budget for 1952. Details may not add to totals because of rounding. 126 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FEDERAL BUDGET FOR REARMAMENT lars in the fiscal year 1952. These expendi- economic and military aid are estimated to tures are expected to decline in both the fiscal increase to 7.1 billion dollars in 1952 from a year 1951 and 1952. All other expenditures, 1951 total of 4.5 billion. More than half of which reflect principally the wide variety of the 1952 total will be for military equipment Government functions for civilians, are ex- to be shipped from the United States. Some pected also to decline in both years and to provision is also made for economic assisttotal 8.5 billion in the fiscal year 1952. ance to non-European areas, to build security through improvements in productivity. NATIONAL SECURITY A substantial increase in expenditures for Military expenditures in the remainder of atomic energy in the fiscal year 1951 will go the current fiscal year and in fiscal year 1952 largely to expand capacity to produce atomic are estimated on a basis to provide for a con- weapons and materials. According to the tinuing armed conflict not much greater in Budget Message, this program will continue scope than that in Korea, together with into 1952, and in addition all portions of the more adequate general preparedness. This atomic program will expand, including will involve an expansion of the armed stockpiling of raw materials and developing forces by about 1 million before July 1951, new designs of nuclear reactors. maintenance of the 3l/ 2 million level attained, Stockpiling of other strategic and critical expansion of military bases, and provision of materials is expected to continue into the a substantial reserve of modern military fiscal year 1952 at an even more rapid rate equipment as well as the expanded plant than is estimated for 1951. Expenditures capacity for military production. for the three-year period shown in the table Military services expenditures for fiscal total 2.6 billion dollars, which is about 2 bilyear 1952 are estimated at 40 billion dollars. lion less than the amount authorized for This amount is double the 1951 total and this purpose. This extensive stockpiling has nearly four times that of 1950. At this time been an important factor underlying the rise details of the military budget are not avail- in world prices for certain raw materials. able. Moreover, legislation proposed after Expenditures for defense production and the presentation of the Budget indicates addi- economic stabilization are expected to intional expenditures. It is reported, for ex- crease from 312 million dollars in the fiscal ample, that an additional 2 billion dollar year 1951 to 1.4 billion dollars in 1952. Most Navy supplement, largely for the construc- of the expenditures in 1951 are for expansion tion of submarine and mine sweepers, is al- of production. The enlarged 1952 program most a certainty, and that the adoption of includes 1,100 million dollars for expansion Universal Military Training would require of production and 304 million for price, wage, additional expenditures. rent, and export controls. Expenditures in In addition to expanded outlays for mili- fiscal year 1951 include loans to encourage tary services, aid to the free world in 1951 private production of scarce materials and and 1952 will shift from general economic outlays to purchase and install Governmentassistance to a rapid build-up of mutual de- owned equipment in existing defense plants. fense forces. To reach the goal of arming The additional 1.1 billion dollar 1952 promembers of the Atlantic Pact and other co- gram is scheduled to be spent for the same operating nations, expenditures for foreign purposes as well as for the construction of FEBRUARY 1951 127 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FEDERAL BUDGET FOR REARMAMENT Government-owned plants. The contem- veterans of wars and for interest on the debt plated economic stabilization expenditures are placed at 10.8 billion dollars in fiscal year are to employ specialists and to open offices 1952. This amount is 1.6 billion or about in strategic cities in order to administer price 13 per cent less than in 1950. The reducand wage controls. tion arises from decreasing expenditures for Estimates include 100 million dollars for readjustment benefits to veterans of World defense housing expenditures in fiscal 1952. War II as the number of veterans enrolled This sum, however, does not represent all for education and training declines. The Government activity in this area. Recom- education and training program is drawing mended Government insurance of private to a close and the numbers enrolled will loans for defense housing is relied on to pro- drop to a million in the fiscal year 1952 from vide nearly all of the needed stimulus. Civil the 1950 total of two million. By the end defense expenditures in fiscal year 1952 are of 1952 an estimtaed 7.5 million veterans expected to total 330 million dollars as com- will have come under the program at a cost pared with 15 million in the current fiscal of 13.9 billion dollars. The 1952 budgetary year. The realized level of expenditures, savings in veterans' programs will be parhowever, will be determined largely by the tially offset by higher dividend payments provision of matching grants by individual from the National Service Life Insurance States. Closely associated with defense hous- trust fund. These payments are expected to ing and civil defense is the request of the begin in April 1951. President for 6 million dollars in fiscal year Interest costs on the public debt in the 1951 and 164 million in fiscal year 1952 for fiscal year 1952 will continue a slight upward the dispersal of Government agencies from trend. Growth in the outstanding amount the District of Columbia. Also in this cateof higher yielding special issues to Governgory are the additional amounts recomment agencies and trust funds and the acmended for expenditure by the Federal crual of interest on savings bonds at higher Security Agency to educate children on Fedrates as maturity approaches account for eral property or in areas especially affected most of the expected increase. by Federal activities. Increased expenditures of 67 million dollars for this purpose in the NONDEFENSE FUNCTIONS fiscal year 1952 arise from needs created by The Budget expenditures which are not expanded military installations and security closely related to past, present, or future miliproduction. tary activity are expected to total 8.5 billion The 1952 Budget includes provision for the dollars in the fiscal year 1952. This is 1.7 construction of speedier cargo ships that will billion, or 17 per cent, less than the total be better able to avoid attack by modern sub- spent for such activities in the fiscal year marines. For additional assurance of an ade- 1950. It should be noted that in this classiquate merchant marine, provision is con- fication only the principal security-related tinued for construction and operating outlays have been separated from expendisubsidies to offset lower foreign costs. tures for major functions as shown in the Budget Message. OUTLAYS FOR PAST WARS The decline from 1950 to 1952 reflects Expenditures for services and benefits to smaller net outlays anticipated for the sup- 128 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FEDERAL BUDGET FOR REARMAMENT port of farm prices, for maintaining a sec- Social security, welfare, and health. The ondary market for home mortgages, and provision for social security, welfare, and for the postal deficit. Expenditures for some health in the Budget accounts consists princivilian programs in fiscal year 1952 are ex- cipally of the amounts spent for public aspected to be larger than those in 1950. The sistance to the aged, to disabled persons, and more important are social welfare and, pro- to dependent children, for public health and posed legislation for assistance to States in other assistance activities, and for crime providing elementary and secondary school control and correction. Such expenditures, education, additional facilities for the Ten- less the railroad retirement bookkeeping nessee Valley Authority, and other projects transfer, will total 2.0 billion dollars for fisrelated to use of water resources including cal year 1952 compared with 1.6 billion for the St. Lawrence seaway and power project. fiscal year 1950. An increase occurred in Despite higher prices, expenditures in 1952 1951 when grants to the States for old age for numerous categories of activities are ex- assistance payments were expanded. These pected to be about the same as in 1950. To payments are expected to decline in 1952 accomplish this has required abandonment because of enlarged old age and survivors inof some programs recommended a year ago surance payments, but the 1951 total will be in the Budget for 1951. maintained through increased payments for Prices of most farm products subject to aid to medical education and for the totally Federal support programs are now close to and permanently disabled. or above support levels, and net expenditures The greater part of Federal expenditures of the Commodity Credit Corporation in under programs for social security, welfare, 1952 are estimated at 253 million dollars, and health are made from trust funds. Most compared with 1.7 billion dollars in 1950. of these expenditures are excluded from Changes in law and administrative policy Budget accounts because they are financed together with curtailed mortgage lending from special taxes and other payments into have modified the program of the Federal trust accounts rather than from the general National Mortgage Association, which pur- revenue. Trust fund expenditures for these chases and sells Federally guaranteed and programs totaled 3.4 billion dollars in the insured mortgages in order to provide a sec- fiscal year 1950, will decline to 3.2 billion in ondary market for such mortgages. Dur- 1951, and are expected to increase to 3.6 biling the current fiscal year the Association lion in 1952. The two principal expenditures has been curtailing its purchases and in- are for old age and survivors insurance and creasing its sales of mortgages previously pur- unemployment insurance. Old age and surchased. Net income of 530 million dollars vivors insurance payments, including adminis expected from this program in 1952 in istration costs, will increase from 769 million contrast to net expenditures of 580 million dollars in fiscal year 1950 to 2,161 million in in 1950. A recommended increase in postal 1952, largely as a result of the higher benerates, together with economies realized fits and extended coverage provided in the through curtailing postal services, is ex- 1950 amendments to the Social Security Act. pected to result in a postal deficit of 160 Unemployment insurance benefit payments, million dollars in 1952 compared with a however, are expected to decline from 2,010 deficit of 593 million in 1950. million in fiscal year 1950 to 715 million in 129 FEBRUARY 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FEDERAL BUDGET FOR REARMAMENT 1952, reflecting the low level of unemploy- FEDERAL BUDGET RECEIPTS [In billions of dollars] ment anticipated during a year of expanding production for rearmament purposes. Fiscal year ending Increase June 30— (+)or Source decrease PRESENT REVENUE SOURCES INADEQUATE (-), 1950 19521 19511 1950 to 1952 Budget receipts under existing tax laws Net receipts, total 55.1 44.5 37.0 +18.1 are estimated to total 55.1 billion dollars in Direct taxes on individuals: the fiscal year ending June 30,1952, compared Income taxes 26.0 21.6 17.4 + 8.6 Estate and gift taxes .8 .7 .7 4- .1 with 37.0 billion in 1950 and 44.5 billion in Direct taxes on corporations.... 20.0 13.6 10.9 + 9.1 Excise taxes and customs 8.8 8.8 8.0 + .8 1951. The higher tax receipts in the fiscal Employment taxes 2 4.7 3.8 2.9 + 1.8 Other budget receipts 1.3 1.3 1.4 Deduct: year 1952 result largely from the applica- Refunds of taxes + .5 Appropriations to Federal 2.7 2.3 2.2 tion of the recent increases in taxes to the old age and survivors insurance trust fund + 1.7 tax base during all of 1952, and from con- 3.8 3.0 2.1 tinued expansion of incomes and profits. 1 Estimates based on legislation enacted before mid-January 1951. 2 Excludes deposits by States to account of the unemployment Receipts from direct taxes on corporations trust fund. NOTE.—Figures from Budget for 1952. will be 9.1 billion dollars larger in the fiscal year 1952 than in 1950, as shown in the budget. His proposals for increasing taxatable. The base for corporation income tax tion were presented to the Congress in a payments in fiscal year 1952 will be the high message on February 2 and in greater detail profits of 1950 and 1951. Taxes will also by the Secretary of the Treasury in a statereflect an increase in the income tax rate, ment on February 5. The President recomaccelerated payments of income tax, and the mended that immediate increases be made excess profits tax recently enacted. Indi- in rates of existing taxes to raise at least 10 vidual income tax receipts in the fiscal year billion dollars of additional receipts and that 1952 will be 8.6 billion dollars above those in later in the year further tax legislation be 1950, reflecting the higher taxes provided in adopted to provide the remaining 6.5 billion the Revenue Act of 1950 and withholdings needed to keep the Budget on a pay-as-youand payments of taxes on increasing personal go basis. Under this program revenues incomes during the year. would keep pace with mounting expendi- The expansion of tax revenues, although tures and yet there would be time to consubstantial, is expected to be 16.5 billion dol- sider some serious questions involved in enlars less than the amount needed to balance acting a complete tax program. The taxes the Budget receipts and expenditures. About recommended for immediate action by Con- 3.6 billion will be available from Govern- gress would raise about 4 billion dollars ment agencies and trust fund accounts for from individual income taxes, 3 billion from financing Budget expenditures. This would the corporation income taxes, and 3 billion leave 12.9 billion dollars to be raised by bor- from selected excise taxes. rowing from the public. An increase in rates applied to individuals and corporations taxable under present laws TAX RECOMMENDATIONS would provide the additional revenue from In the Budget Message the President stated individual and corporate income taxes. For that under existing conditions sound public individual income taxes an increase of 4 perfinance and fiscal policy require a balanced centage points on each income bracket is 130 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FEDERAL BUDGET FOR REARMAMENT recommended, together with an upward ad- ciations. Attention is also called to preferjustment of the tax on capital gains. An ential treatment of capital gains and to posincrease of 8 percentage points in the cor- sible structural changes in the excess profits poration normal tax is recommended. The tax in order to prevent profiteering. rate on the first $25,000 of income would Important considerations in connection increase from 25 per cent to 33 per cent and with the individual income tax are the splitthe rate on income in excess of $25,000 from ting of income by married people and the 47 per cent to 55 per cent. In order to main- failure to apply the withholding principle to tain the relationship established in the excess payments of dividends and interest. It is profits tax of 1950, the ceiling rate on income also indicated that the tax exemption of State and excess profits tax combined would be and local Government securities and the increased from 62 per cent to 70 per cent. methods of taxing estates and gifts should The additional revenue from excise taxes be re-examined. would be raised from a few major sources. # # # The recommendations include an increase Adequate taxation to balance the Budget in the tax on passenger automobiles from 7 should be the first aim of fiscal policy at the per cent to 20 per cent, and on a number present time. Under existing conditions a of other durable goods from 10 per cent to Budget deficit, however financed, will in- 25 per cent, of the manufacturers' price; in the tax on gasoline from ll/ cents to 3 crease inflationary pressures. Borrowing 2 from banks, which would result in further cents a gallon; and increases of one-third expansion in the money supply, would be to one-half in the tax rates on alcoholic the most inflationary form of deficit financbeverages, cigarettes, and cigars. ing. Borrowing from nonbank investors, In his message the President recommends while less inflationary during the rearmathat Congress continue with the program ment period, would enlarge the public's initiated last year of structural revisions to holdings of Government securities and thus strengthen the income tax laws. The areas increase the prospects of greater inflationary in corporation taxes which are pointed out pressures in the future. Additional taxation, for attention are depletion allowances in which will bring Government revenues in computing taxable income from oil and gas, sulphur, and other nonmetal extractive oper- balance with expenditures, is a first, and ations, and the favorable tax treatment of essential, step in moderating the inflationary insurance companies, cooperatives, mutual impact of the increased Federal spending savings banks, and building and loan asso- necessitated by the rearmament program. FEBRUARY 1951 131 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGULATION OF REAL ESTATE CREDIT ON NONRESIDENTAL CONSTRUCTION1 The Board of Governors has amended Regula- ever, an amendment to the regulation will be issued tion X covering real estate credit to include certain as soon as practicable under which different terms nonresidential properties. The new amendments, may be permitted with respect to projects or strucwhich make no substantial change in the regula- tures, in limited areas, which may be designated tions formerly issued covering residential credit, by the appropriate authorities as necessary in the become effective February 15, 1951. defense program. The amended regulation has been broadened to The extension of the regulation is for the purpose include in general new construction of office build- of adding further restraints to inflation by limiting ings, warehouses, stores (including sales display the credit available for the financing of nonresiand service facilities, whether wholesale or retail), dential construction, and to bring about a decrease banks, hotels, motels, motor courts, garages, auto- in building to provide materials and labor for the mobile service stations, restaurants, theaters, clubs, defense program. and other new structures used for nonresidential Most new nonresidential construction credit expurposes. tended after February 15, 1951, will be subject to The revised credit restrictions limit maximum the regulation. However, credits with respect to loans on such structures to 50 per cent of the value certain classes of construction are exempt from the of the property, "value" being defined as the bona credit restraints, including credits for schools, hosfide sale price in the case of a sale. In respect to pitals, churches, public utilities and property conany other extension of credit, "value" will be the structed for use by the Government or any political appraised value as determined in good faith by the subdivision. lender extending credit. Maturities are limited to In addition, new construction for use by manu- 25 years, and amortization is required. facturing or mining businesses, or for various farm Major additions and improvements to a nonresi- uses is exempt if more than 80 per cent of the floor dential property, including any enlargement, re- space of the new building is employed construction, alteration, or repair of an existing (1) in processing materials, goods, or articles structure, are also covered by the amended regulainto finished or partly finished manufactured tion, if the cost of the major addition or improveproducts, ment exceeds 15 per cent of the appraised value (2) in mining or otherwise extracting raw of the nonresidential structure. materials, or As in the case of new nonresidential buildings, (3) on farm property in the production, not more than 50 per cent of the cost of the major shelter, or storage incidental thereto, of crops, addition or improvement subject to the regulation livestock or other agricultural commodities. may be borrowed. Regulation X was first issued on October 12, For all types of credit subject to the regulation, 1950, when credit on one- and two-family homes the lender, in determining the amount that may was restricted. On January 12, 1951, an amend- be loaned, must take into account all credit previment was issued placing limitations on credit for ously extended in connection with the property the construction of three- and four-family houses, and still outstanding, as well as the amount of and for multi-unit residences. additional credit being extended. As in the previ- Special provision has not been made in the regu- ous regulation, supplementary borrowing, as well lation to facilitate new construction in areas affected as mortgage loans, continues to be within the scope by the development of the defense program. How- of the regulation. Construction loans made to subcontractors and 1 Statement by the Board of Governors of the Federal other persons except the owners of nonresidential Reserve System, issued to the press on Feb. 14, 1951, for property are exempt when they have maturities release on the following day. See also p. 149fT. 132 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGULATION OF REAL ESTATE CREDIT ON NONRESIDENTIAL CONSTRUCTION not exceeding 24 months. Construction loans to to Regulation X, consultations and meetings were owners of proposed nonresidential construction held with representatives of the various business must conform to the regulation except that amorti- groups affected. Such groups included manufaczation is not required for 24 months under certain turers of and dealers in building supplies and maconditions. terials, labor organizations, banks and trust com- Credit extended pursuant to firm written agree- panies, savings banks, savings and loan associations, ments made prior to the effective date of the new mortgage companies, insurance companies, buildamendments is exempt from the regulation. ers, real estate dealers, and others interested in con- In addition to provisions relating to nonresi- struction and mortgage finance. dential properties, a number of other amendments The extension of the regulation has been issued have been made for the purposes of clarification. after consultation with the National Production Although the regulation provides that a person Authority. Extensions of credit in connection with must be registered to engage in the business of ex- such construction as may be permitted by the tending real estate construction credit, all such Authority will have to conform to the terms of persons will automatically be deemed to be regis- Regulation X. Regulation X will thus aid in the tered and no action on their part to register is now effective administration of the regulations issued required. However, the regulation provides that by the National Production Authority in this field. the Board may later, by public announcement, Inquiries in regard to Regulation X should be require Registration Statements to be filed by per- directed to one of the twelve Federal Reserve Banks sons affected. and their twenty-four branches through which the During the formulation of the new amendments regulation is administered. VOLUNTARY RESTRAINT PROGRAM OF AMERICAN BANKERS ASSOCIATION1 The following is the text of a letter addressed to all commercial banks in the United States by Chairman McCabe of the Board of Governors: "The fight to protect the buying power of the of living. The greatest result of all will come if dollar is everybody's business and every individual everyone of us will take the leadership in the pracin the nation can do something about it. For that tice of thrift and economy in our personal lives, reason I unreservedly endorse the educational pro- in our businesses and in Government at all levels. gram recently mapped out by the Consumer Credit Committee of the American Bankers Association. "This is no time to splurge, to borrow thought- I hope that you will help to see that these very lessly, to be extravagant, to spend unnecessarily. practical suggestions get the widespread attention Let us not underestimate the force of voluntary selfwhich they deserve. restraint. We know that hoarding and extravagance can be contagious. So can restraint. "As a nation we must come to grips with the "Inflation is not inevitable—but the best efforts problem of preventing further increases in the cost of all of us are necessary to keep its destructive 1 Given to the press for release on Feb. 14, 1951. forces in check." FEBRUARY 1951 133 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES FOLLOWING is a list of the directorates of the Federal Reserve Banks and branches as at present constituted. The list shows, in addition to the name of each director, his principal business affiliation, the class of directorship, and the date when his term expires. Each Federal Reserve Bank has nine directors; three Class A and three Class B directors, who are elected by the stockholding member banks, and three Class C directors, who are appointed by the Board of Governors of the Federal Reserve System. Class A directors are representative of the stockholding member banks. Class B directors must be actively engaged in their district in commerce, agriculture, or some industrial pursuit, and may not be officers, directors, or employees of any bank. For the purpose of electing Class A and Class B directors, the member banks of each Federal Reserve district are classified by the Board of Governors of the Federal Reserve System into three groups, each of which consists of banks of similar capitalization, and each group elects one Class A and one Class B director. Class C directors may not be officers, directors, employees, or stockholders of any bank. One Class C director is designated by the Board of Governors as Chairman of the Board of Directors and Federal Reserve Agent and another as Deputy Chairman. Federal Reserve Bank branches have either five or seven directors, of whom a majority are appointed by the board of directors of the parent Federal Reserve Bank and the others are appointed by the Board of Governors of the Federal Reserve System. One of the directors appointed by the Board of Governors at each branch is designated annually as Chairman of the Board in such manner as the Federal Reserve Bank may prescribe. Term District No. 1—Boston Exfms Class A: Dec. 31 Russell H. Britton.. .Executive Vice President and Cashier, First National Bank of Rochester, Rochester, N. H 1951 Earle W. Stamm.. . President, The National Bank of Commerce of New London, New London, Conn 1952 Lloyd D. Brace.. .President, The First National Bank of Boston, Boston, Mass 1953 Class B.- Frederick S. Blackall, jr... .President and Treasurer, The Taft-Peirce Manufacturing Company, Woonsocket, R.I 1951 Roy L. Patrick.. . .President, Rock of Ages Corporation, Burlington, Vt.. .. 1952 Harvey P. Hood... .President, H. P. Hood & Sons, Inc., Boston, Mass 1953 Class C: Ames Stevens2 President, Ames Worsted Company, Lowell, Mass 1951 Harold D. Hodgkinson1.. . .Vice President, General Manager and Chairman of Management Board, Wm. Filene's Sons Company, Boston, Mass 1952 Karl T. Compton.. .Chairman of the Corporation, Massachusetts Institute of Technology, Cambridge, Mass 1953 District No. 2—New York Class A: Roger B. Prescott. . .President, The Keeseville National Bank, Keeseville, N. Y. 1951 John C. Traphagen. . Chairman of the Board, Bank of New York and Fifth Avenue Bank, New York, N. Y.. 1952 1 Chairman. 2Deputy Chairman. 134 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec. 31 Burr P. Cleveland. . . . President, First National Bank of Cortland, Cortland, N. Y. 1953 Class B: Jay E. Crane.. .Vice President, Standard Oil Company (New Jersey), New York, N. Y 1951 Lewis H. Brown. . .Chairman of the Board, Johns-Manville Corporation, New York, N. Y 1952 Marion B. Folsom . .Treasurer and Director, Eastman Kodak Company, Rochester, N. Y 1953 Class C.- William I. Myers2.. .Dean, New York State College of Agriculture, Cornell University, Ithaca, N. Y 1951 Robert P. Patterson... .Member of the firm of Patterson, Belknap & Webb, Attorneys at Law, New York, N. Y 1952 Robert T. Stevens1.. .Chairman of the Board, J. P. Stevens & Company, Inc., New York, N. Y 1953 Buffalo Branch Appointed by Federal Reserve Bank: George G. Kleindinst President, Liberty Bank of Buffalo, Buffalo, N. Y 1951 George F. Bates President, Power City Trust Company, Niagara Falls, N. Y. 1952 Bernard E. Finucane.. . President, Security Trust Company of Rochester, Rochester, N. Y 1952 C. Elmer Olson... .President, The First National Bank of Falconer, Falconer, N. Y 1953 Appointed by Board of Governors: Carl G. Wooster1.. , .President, Wooster Fruit Farms, Inc., Union Hill, N. Y.. 1951 Edgar F. Wendt. . .President, Buffalo Forge Company, Buffalo, N. Y 1952 Robert C. Tait. . .President, Stromberg-Carlson Company, Rochester, N. Y. 1953 District No. 3—Philadelphia Class A: George W. Reily. . . .President, Harrisburg National Bank, Harrisburg, Pa.. . . 1951 J. Nyce Patterson.. .President, Watsontown National Bank, Watsontown, Pa.. 1952 Archie D. Swift.. .Chairman of Board, Central-Penn National Bank, Philadelphia, Pa 1953 Class B: Albert G. Frost. . . .Chairman of Board, The Esterbrook Pen Company, Camden, N. J 1951 William J. Meinel.. . President & General Manager, Heintz Manufacturing Company, Philadelphia, Pa 1952 Warren C. Newton. .President, O. A. Newton and Son Company, Bridgeville, Del 1953 1 Chairman. 2 Deputy Chairman. FEBRUARY 1951 135 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Class C: Dec. 31 Vacancy 1951 Warren F. Whittier1 Agricultural Consultant, Chester Springs, Pa 1952 C. Canby Balderston2 Dean, Wharton School of Finance and Commerce, University of Pennsylvania, Philadelphia, Pa 1953 District No. 4—Cleveland Class A: Ben R. Conner President, The First National Bank of Ada, Ada, Ohio. .. . 1951 John D. Bainer President, The Merchants National Bank and Trust Company of Meadville, Meadville, Pa 1952 Lawrence N. Murray.. ..President, Mellon National Bank and Trust Company, Pittsburgh, Pa 1953 Class B.- Joel M. Bowlby. .. .. .Chairman of the Board, The Eagle-Picher Company, Cincinnati, Ohio 1951 Edward C. Doll President, Lovell Manufacturing Company, Erie, Pa 1952 Charles J. Stilwell President, The Warner and Swasey Company, Cleveland, Ohio 1953 Class C: Leo L. Rummell... . .Dean, College of Agriculture, The Ohio State University, Columbus, Ohio 1951 George C. Brainard1 President, Addressograph-Multigraph Corporation, Cleveland, Ohio 1952 John C. Virden2.. .. .Chairman of the Board, John C. Virden Company, Cleveland, Ohio 1953 Cincinnati Branch Anointed by Federal Tkeserve Bank: Joseph B. Hall President, Kroger Company, Cincinnati, Ohio 1951 Spears Turley Vice President and Trust Officer, State Bank and Trust Company of Richmond, Kentucky, Richmond, Ky 1951 Sterling B. Cramer First Vice President, The Fifth Third Union Trust Company, Cincinnati, Ohio 1952 L. M. Campbell President, Second National Bank, Ashland, Ky 1953 Appointed by Board of Governors: Ernest H. Hahne1 President, Miami University, Oxford, Ohio 1951 Henry C. Besuden Farmer, Winchester, Ky 1952 Granville R. Lohnes Treasurer, National Cash Register Company, Dayton, Ohio 1953 Pittsburgh Branch Anointed by Federal Reserve Bank: Laurence S. Bell Executive Vice President, The Union National Bank of Pittsburgh, Pittsburgh, Pa 1951 1Chairman. 2Deputy Chairman. 136 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec. 31 Montfort Jones . . Professor of Finance, The University of Pittsburgh, Pittsburgh, Pa 1951 John Barclay, Jr.. . . President, Barclay-Westmoreland Trust Company, Greensburg, Pa 1952 Hugo E. Laupp. . . .President, Wheeling Dollar Savings and Trust Company, Wheeling, W. Va.. . 1953 Appointed by Board of Governors: A. H. Burchfield1... . .President and General Manager, Joseph Home Company, Pittsburgh, Pa 1951 Sidney A. Swensrud President, Gulf Oil Corporation, Pittsburgh, Pa... . 1952 Henry A. Roemer, Jr President, Sharon Steel Corporation, Sharon, Pa... 1953 District No. 5—Richmond Class A: James D. Harrison.. , . .President, First National Bank of Baltimore, Baltimore, Md 1951 Warren S. Johnson... . .President, Peoples Savings Bank & Trust Company, Wilmington, N. C 1952 John A. Sydenstricker Executive Vice President and Cashier, First National Bank in Marlinton, Marlinton, W. Va 1953 Class B: Edwin Hyde.. ..Executive Vice President, Miller & Rhoads, Inc., Richmond, Va 1951 H. L. Rust, Jr President, H. L. Rust Company, Washington, D. C 1952 Cary L. Page President and Treasurer, Jackson Mills, Wellford, S. C 1953 Class C: W. G. Wysor. . .. .Management Counsel, Southern States Cooperative, Inc., Richmond, Va 1951 John B. Woodward, Jr.2... .President, Newport News Shipbuilding & Dry Dock Company, Newport News, Va 1952 Charles P. McCormick1. . . .President and Chairman of Board, McCormick & Company, Inc., Baltimore, Md 1953 Baltimore Branch Appointed by Federal Reserve Bank: Charles A. Piper President, The Liberty Trust Company, Cumberland, Md.. 1951 Eugene G. Grady President, The Western National Bank, Baltimore, Md... 1952 Lacy I. Rice President, The Old National Bank, Martinsburg, W. Va.. . 1952 Charles W. Hoff President, Union Trust Company of Maryland, Baltimore, Md 1953 Appointed by Board of Governors: James E. Hooper Vice President, William E. Hooper and Sons Company, Baltimore, Md 1951 1 Chairman. 2Deputy Chairman. FEBRUARY 1951 137 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec. 31 L. Vinton Hershey1 President and General Manager, Hagerstown Shoe Company, Hagerstown, Md 1952 James M. Shriver.. . .President, The B. F. Shriver Company, Westminster, Md.. . 1953 Charlotte Branch Appointed by Federal Reserve Bank: Thomas J. Robertson. . . .President, First National Bank of South Carolina, Columbia, S. C 1951 George S. Crouch. . .. .President, Union National Bank, Charlotte, N. C... 1952 Jonathan Woody President, First National Bank, Waynesville, N. C 1952 A. K. Davis .. .Senior Vice President, Wachovia Bank and Trust Company, Winston-Salem, N. C 1953 Appointed by Board of Governors: R. Flake Shaw1. . ..Executive Vice President, North Carolina Farm Bureau Federation, Greensboro, N. C 1951 W. A. L. Sibley.. . .Vice President and Treasurer, Monarch Mills, Union, S. C. 1952 R. E. Ebert . . .President, Dixie Home Stores, Inc., Greenville, S. C.. . 1953 District No. 6—Atlanta Class A: R. C. Williams.... ... President, The First National Bank of Atlanta, Atlanta, Ga. 1951 Leslie R. Driver. . ..President, The First National Bank in Bristol, Bristol, Tenn 1952 Roland L. Adams.. . . President, Bank of York, York, Ala.... 1953 Class B: J. A. McCrary.. .Vice President and Treasurer, J. B. McCrary Company, Inc., Atlanta, Ga 1951 Donald Comer. . . .Chairman of the Board, Avondale Mills, Birmingham, Ala. 1952 A. B. Freeman. . ..Chairman of the Board, Louisiana Coca-Cola Bottling Company, Ltd., New Orleans, La 1953 Class C: Paul E. Reinhold President, Foremost Dairies, Inc., Jacksonville, Fla 1951 Rufus C. Harris2 President, The Tulane University of Louisiana, New Orleans, La 1952 Frank H. Neely1. . . .Chairman of the Board, Rich's, Inc., Atlanta, Ga.. . 1953 Birmingham Branch Appointed by Federal Reserve Bank: D. C. Wadsworth. . ...President, The American National Bank of Gadsden, Gadsden, Ala 1951 J. B. Barnett. .. . .President, The First National Bank of Monroeville, Monroeville, Ala 1952 A. M. Shook President, Security Commercial Bank, Birmingham, Ala.. 1952 1 Chairman. 2Deputy Chairman. 138 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec. 31 T. J. Cottingham.. . . President, State National Bank of Decatur, Decatur, Ala.. . 1953 Appointed by Board of Governors: Wm. Howard Smith.. . . President, McQueen-Smith Farms, Prattville, Ala 1951 Thad Holt1. .. .President and Treasurer, Voice of Alabama, Inc., Birmingham, Ala 1952 John M. Gallalee... . . President, University of Alabama, Tuscaloosa, Ala 1953 Jacksonville Branch Appointed by Federal Reserve Bank: J. D. Camp. ... . .President, Broward National Bank of Fort Lauderdale, Fort Lauderdale, Fla 1951 J. E. Bryan . .President, Union Trust Company, St. Petersburg, Fla 1952 N. Ray Carroll.... . .President, The First National Bank of Kissimmee, Kissimmee, Fla 1952 Clement B. Chinn President, The First National Bank of Miami, Miami, Fla. 1953 Appointed by Board of Governors: J. Hillis Miller1. . .President, University of Florida, Gainesville, Fla 1951 Howard Phillips. . .Vice President and General Manager, Dr. P. Phillips Company, Orlando, Fla 1952 Marshall F. Howell Vice President, Bond-Howell Lumber Company, Jacksonville, Fla 1953 Nashville Branch Appointed by Federal Reserve Bank: Parkes Armistead.. ..President, First American National Bank of Nashville, Nashville, Tenn 1951 T. L. Cathey . .President, Peoples and Union Bank, Lewisburg, Tenn 1952 Thos. D. Brabson.. , .President, The First National Bank of Greeneville, Greeneville, Tenn 1952 G. C. Graves ..President, The First National Bank of Athens, Athens, Tenn 1953 Appointed by Board of Governors: H. C. Meacham1 Agriculture and livestock, Franklin, Tenn 1951 W. Bratten Evans.. ..President, Tennessee Enamel Manufacturing Company, Nashville, Tenn 1952 C. E. Brehm. .. .. .President, University of Tennessee, Knoxville, Tenn.. . 1953 New Orleans Branch Appointed by Federal Reserve Bank: James C. Bolton.. . . .President, Rapides Bank & Trust Company in Alexandria, Alexandria, La 1951 Percy H. Si tges... ..President, Louisiana Savings Bank & Trust Company, New Orleans, La 1952 Elbert E. Moore.. . . President, Louisiana National Bank of Baton Rouge, Baton Rouge, La 1952 1 Chairman. FEBRUARY 1951 139 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec. 31 William C. Carter President, Gulf National Bank of Gulfport, Gulfport, Miss. 1953 Appointed by Board of Governors: John J. Shaffer, Jr Agriculture and farm machinery, Ellendale, La 1951 E. O. Batson1 President, Batson-McGehee Company, Inc., New Orleans, La 1952 H. G. Chalkley, Jr President, Sweet Lake Land & Oil Company, Inc., Lake Charles, La 1953 District No. 7—Chicago Class A: Walter J. Curnmings.. . .Chairman, Continental Illinois National Bank and Trust Company of Chicago, Chicago, 111 1951 Horace S. French. .. .. .President, The Manufacturers National Bank of Chicago, Chicago, 111 1952 Vivian W. Johnson President, First National Bank, Cedar Falls, Iowa 1953 Class B.- William C. Heath President A. O. Smith Corporation, Milwaukee, Wis.. .. 1951 William J. Grede President, Grede Foundries, Inc., Milwaukee, Wis 1952 Nicholas H. Noyes Chairman, Finance Committee, Eli Lilly and Company, Indianapolis, Ind 1953 Class C: Franklin J. Lunding1 Chairman, Executive Committee, Jewel Tea Company, Inc., Chicago, 111 1951 John S. Coleman2... . .President, Burroughs Adding Machine Company, Detroit, 1952 Mich Allan B. Kline. ., ,. .President, American Farm Bureau Federation, Chicago, 111. 1953 Detroit Branch Appointed by Federal Reserve Bank: Chas. T. Fisher, Jr President, The National Bank of Detroit, Detroit, Mich. 1951 Howard P. Parshall President, Commonwealth Bank, Detroit, Mich 1952 John A. Stewart Vice President and Cashier, Second National Bank & Trust Company, Saginaw, Mich 1952 Appointed by Board of Governors: William M. Day. . . .Vice President and General Manager, Michigan Bell Telephone Company, Detroit, Mich 1951 John A. Hannah1.. . .President, Michigan State College, East Lansing, Mich.. . 1952 District No. 8—St. Louis Class A: Phil E. Chappell. . ,. . President, Planters Bank & Trust Company, Hopkinsville, Ky 1951 1 Chairman. 2 Deputy Chairman. 140 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec. 31 J. E. Etherton President, Carbondale National Bank, Carbondale, 111.. . 1952 William A. McDonnell President, First National Bank in St. Louis, St. Louis, Mo. 1953 Class B: M. Moss Alexander.. . .President, Missouri-Portland Cement Company, St. Louis, Mo 1951 Ralph E. Plunkett President, Plunkett-Jarrell Grocer Company, Little Rock, Ark 1952 Louis Ruthenburg Chairman of Board, Servel, Inc., Evansville, Ind.. .. 1953 Class C: Joseph H. Moore Farmer, Charleston, Mo 1951 Russell L. Dearmont1 Chief Counsel for Trustee, Missouri-Pacific Lines, St. Louis, Mo 1952 Wm. H. Bryce2... . .Vice President and Director, Dixie Wax Paper Company, Memphis, Tenn 1953 Little Rock Branch Appointed by Federal Reserve Bank: Thos. W. Stone. . . .Executive Vice President, The Arkansas National Bank, Hot Springs, Ark 1951 Lloyd Spencer President, First National Bank, Hope, Ark 1951 Harvey C. Couch, Jr President, Union National Bank, Little Rock, Ark.. .. 1952 Gaither C. Johnston President, First National Bank, Newport, Ark.. . 1953 Appointed by Board of Governors: Cecil C. Cox Farmer, Stuttgart, Ark 1951 Stonewall J. Beauchamp1.. .President, Terminal Warehouse Company, Little Rock, Ark 1952 Sam B. Strauss. . . President, Pfeifers of Little Rock, Little Rock, Ark.. .. 1953 Louisville Branch Appointed by Federal Reserve Bank: Ira F. Wilcox Cashier and Director, The Union National Bank, New Albany, Ind 1951 H. Lee Cooper President, Ohio Valley National Bank, Henderson, Ky.. 1951 A. C. Voris President, Citizens National Bank, Bedford, Ind 1952 Noel Rush President, Lincoln Bank and Trust Company, Louisville, * Ky 1953 Appointed by Board of Governors: Pierre B. McBride President, Porcelain Metals Corporation, Louisville, Ky. 1951 Smith Broadbent, Jr Farmer, Cadiz, Ky 1952 Alvin A. Voit1 President, Mengel Company, Louisville, Ky.. 1953 1 Chairman. 2Deputy Chairman. FEBRUARY 1951 141 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Memphis Branch T)ec 31 Appointed by Federal Reserve Bank: Norfleet Turner. . , .President, First National Bank, Memphis, Tenn 1951 H. W. Hicks , .President, First National Bank, Jackson, Tenn 1951 Ben L. Ross . .Chairman of Board, Phillips National Bank, Helena, Ark. 1952 C. H. Reeves , .President, Merchants and Farmers Bank, Columbus, Miss. 1953 Appointed by Board of Governors: Leslie M. Stratton, Jr.1 President, Stratton-Warren Hardware Company, Memphis, Tenn 1951 Hugh M. Brinkley. . .Farmer, Hughes, Ark 1952. M. P. Moore . .Owner, Circle M Ranch, Senatobia, Miss.. 1953 District No. 9—Minneapolis Class A: C. W. Burges. . ..Vice President and Cashier, Security National Bank, Edgeley, N. D 1951 A. H. Quay . .President, First National Bank, Minneapolis, Minn 1952 H. N. Thomson.. . .Vice President, Farmers and Merchants Bank, Presho, S. D. 1953 Class B.- Ray C. Lange.. , .President, Chippewa Canning Company, Chippewa Falls, Wis 1951 Homer P. Clark.. . .Honorary Chairman of the Board, West Publishing Company, St. Paul, Minn 1952 W. A. Denecke... . .Livestock rancher, Bozeman, Mont 1953 Class C: Paul E. Miller. . . . Director, Agricultural Extension Division, University of Minnesota, Minneapolis, Minn 1951 W. D. Cochran2.. .. .G.M.C. Truck Distributor, Iron Mountain, Mich.. 1952 Roger B. Shepard1. . , . St. Paul, Minn 1953 Helena Branch Appointed by Federal Reserve Bank: B. M. Harris President, The Yellowstone Bank, Columbus, Mont.. 1951 Theodore Jacobs \ .. .President, First National Bank, Missoula, Mont... 1952 E. D. MacHaffie Investments, Helena, Mont 1952 Appointed by Board of Governors: G. R. Milburn Livestock rancher, Grass Range, Mont 1951 John E. Corette, Jr.1 Vice President, Montana Power Company, Butte, Mont.. 1952 District No. 10—Kansas City Class A: T. A. Dines.. . .Chairman of the Board, The United States National Bank of Denver, Denver, Colo 1951 1 Chairman. 2Deputy Chairman. 142 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec. 31 M. A. Limbocker. . .Chairman of the Board and President, The Citizens National Bank of Emporia, Emporia, Kan 1952 W. L. Bunten.. . Executive Vice President, Goodland State Bank, Goodland, Kan 1953 Class B: Willard D. Hosford.. . Vice President, John Deere Plow Company, Omaha, Neb.. . 1951 E. M. Dodds .President, United States Cold Storage Corporation, Kansas City, Mo 1952 L. C. Hutson... .Director, Chickasha Cotton Oil Company, Chickasha, Okla 1953 Class C: Lyle L. Hague . Farmer and stockman, Cherokee, Okla 1951 Robert B. Caldwell1. . .Caldwell, Downing, Noble and Garrity, Kansas City, Mo. 1952 Robert L. Mehornay2. . ..Chairman of the Board, Mehornay Furniture Company, Kansas City, Mo 1953 Denver Branch Appointed by Federal Reserve Bank: P. K. Alexander.. , . .Vice President, The First National Bank of Denver, Denver, Colo 1951 Albert K. Mitchell Rancher, Albert, New Mexico 1952 Ramon B. Handy Executive Vice President, The First National Bank of Greeley, Greeley, Colo... 1952 Appointed by Board of Governors: Cecil Puckett1... .Dean, College of Business Administration, University of Denver, Denver, Colo 1951 G. Norman Winder.. .Rancher, Craig, Colo 1952 Oklahoma City Branch Appointed by Federal Reserve Bank: S. A. Bryant.... . . President, The Farmers National Bank of Cushing, Cushing, Okla 1951 Frank A. Sewell.. . .Chairman of the Board and President, The Liberty National Bank and Trust Company of Oklahoma City, Oklahoma City, Okla 1952 F. M. Overstreet. .President, First National Bank at Ponca City, Ponca City, Okla 1952 Appointed by Board of Governors: Cecil W. Cotton1 President, C. W. Cotton Supply Company, Tulsa, Okla.. 1951 Rufus J. Green Rancher and farmer, Duncan, Okla 1952 Omaha Branch Appointed by Federal Reserve Bank: I. R. Alter.. . . President, The First National Bank of Grand Island, Grand Island, Neb 1951 xChairman. 2Deputy Chairman. FEBRUARY 1951 143 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec. 31 Ellsworth Moser. . ... President, The United States National Bank of Omaha, Omaha, Neb 1951 Fred W. Marble. .. . . .President, The Stock Growers National Bank of Cheyenne, Cheyenne, Wyo 1952 Appointed by Board of Governors: Joseph W. Seacrest1 Co-Publisher and Co-Editor in Chief, The Journal Newspapers, Lincoln, Neb 1951 Fred S. Wallace. . . .Farmer, Gibbon, Neb 1952 District No. 11—Dallas Class A: P.P.Butler... ...President, First National Bank in Houston, Houston, Texas 1951 J. Edd McLaughlin Vice President, Security State Bank and Trust Company, Rails, Texas 1952 W. L. Peterson.. . .. .President, The State National Bank, Denison, Texas.. .. 1953 Class B: Vacancy 1951 George L. MacGregor Chairman of the Board, President and General Manager, Dallas Power & Light Company, Dallas, Texas 1952 W. F. Beall. .. . . .President and General Manager, 3 Beall Brothers 3, Department Stores, Jacksonville, Texas 1953 Class C: R. B. Anderson2 General Manager, W. T. Waggoner Estate, Vernon, Texas. 1951 J. R. Parten1 President, Woodley Petroleum Company, Houston, Texas. 1952 G. A. Frierson G. A. Frierson & Son, Merchants & Planters, Shreveport, La 1953 El Paso Branch Appointed by Federal Reserve Bank: W. S. Warnock Vice President, El Paso National Bank, El Paso, Texas. . 1951 W. Henry Wooldridge President, Lone Star Motor Company, El Paso, Texas.. 1951 George G. Matkin President, State National Bank, El Paso, Texas 1952 W. H. Holcombe Executive Vice President, Security State Bank, Pecos, Texas 1953 Appointed by Board of Governors: Dorrance D. Roderick1 President, Newspaper Printing Corporation (El Paso Times and Herald-Post), El Paso, Texas 1951 Hiram S. Corbett.. . ...President, J. Knox Corbett Lumber Company, Tucson, Ariz 1952 Hal Bogle Livestock feeding, farming and ranching, Dexter, N. M.. . 1953 1 Chairman. 2 Deputy Chairman. 144 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Houston Branch T)ec 31 Appointed by Federal Reserve Bank: P. R. Hamill... . .President, Bay City Bank & Trust Company, Bay City, Texas 1951 O. R. Weyrich. . ..President, Houston Bank & Trust Company, Houston, Texas 1951 Melvin Rouff President, Houston National Bank, Houston, Texas 1952 R. Lee Kempner Chairman of Executive Committee, United States National Bank, Galveston, Texas 1953 Appointed by Board of Governors: Ross Stewart1 President, C. Jim Stewart & Stevenson, Inc., Houston, Texas 1951 Charles N. Shepardson Dean of Agriculture, A. & M. College of Texas, College Station, Texas 1952 Herbert G. Sutton. . . .T. O. Sutton and Sons, Colmesneil, Texas. . 1953 San Antonio Branch Appointed by Federal Reserve Bank: E. A. Baetz President, Bexar County National Bank, San Antonio, Texas 1951 C. L. Skaggs.. . .President, The First National Bank of Weslaco, Weslaco, Texas 1951 Riley Peters President, First State Bank, Kerrville, Texas 1952 E. R. L. Wroe President, American National Bank, Austin, Texas. .. 1953 Appointed by Board of Governors: Henry P. Drought1 Attorney at Law, San Antonio, Texas 1951 D. Hayden Perry Livestock farming, Robstown, Texas 1952 Edward E. Hale Chairman of the Department and Professor of Economics, The University of Texas, Austin, Texas 1953 District No. 12—San Francisco Class A: Carroll F. Byrd. . . . President, The First National Bank of Willows, Willows, Calif 1951 William W. Crocker Chairman of the Board, Crocker First National Bank of San Francisco, San Francisco, Calif 1952 Chas. H. Stewart.. . .Chairman of the Board, Portland Trust and Savings Bank, Portland, Ore 1953 Class B: Reese H. Taylor.. . . .President, Union Oil Company of California, Los Angeles, Calif 1951 Walter S. Johnson.. . . President, American Box Corporation, San Francisco, Calif 1952 Alden G. Roach.., . .President, Columbia Steel Company, San Francisco, Calif. 1953 1 Chairman. FEBRUARY 1951 145 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Class C: Dec. 31 Harry R. Wellman2. . . .Director, Giannini Foundation of Agricultural Economics, University of California, Berkeley, Calif 1951 Brayton Wilbur1 President, Wilbur-Ellis Company, San Francisco, Calif.. . 1952 William R. Wallace Member of the firm of Wallace, Garrison, Norton & Ray, Attorneys at Law, San Francisco, Calif 1953 Los Angeles Branch Appointed by Federal Reserve Bank: W. R. Bimson President, The Valley National Bank of Phoenix, Phoenix, Ariz 1951 M. Vilas Hubbard.. ...President, Citizens Commercial Trust and Savings Bank of Pasadena, Pasadena, Calif 1952 Frank L. King President, California Bank, Los Angeles, Calif 1952 Appointed by Board of Governors: Paul H. Helms1 President, Helms Bakeries, Los Angeles, Calif 1951 Fred G. Sherrill Vice President, J. G. Boswell Company, Los Angeles, Calif 1952 Portland Branch Appointed by Federal Reserve Bank: E. B. MacNaughton Chairman of the Board, The First National Bank of Portland, Portland, Ore 1951 W. W. Flint. . .. .President, The First National Bank of Cottonwood, Cottonwood, Idaho 1952 Frank Wortman. .. ..President, The First National Bank of McMinnville, McMinnville, Ore 1952 Appointed by Board of Governors: Aaron M. Frank1.. . .President, Meier & Frank Company, Inc., Portland, Ore.. . 1951 R. B. Taylor. ... . .Livestock and farming, Adams, Ore 1952 Salt Lake City Branch Appointed by Federal Reserve Bank: D. F. Richards . .President, American National Bank of Idaho, Idaho Falls, Idaho Falls, Idaho 1951 John A. Schoonover. . . .President, The Idaho First National Bank, Boise, Idaho. . 1952 Chas. L. Smith Chairman of the Board, First Security Bank of Utah, National Association, Salt Lake City, Utah. . 1952 Appointed by Board of Governors: Frank M. Browning1. . . .President, Ogden Buick Sales Company, Ogden, Utah.. 1951 Merle G. Hyer Livestock and farming, Lewiston, Utah 1952 1 Chairman. 2Deputy Chairman. 146 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Seattle Branch Dec. 31 Appointed by Federal Reserve Bank: Lawrence M. Arnold Chairman of the Board, Seattle-First National Bank, Seattle, Wash 1951 Fred C. Forrest... . .Chairman of the Board and President, The First National Bank of Pullman, Pullman, Wash 1952 Ben j. N. Phillips.. ..Chairman of the Board, First National Bank in Port Angeles, Port Angeles, Wash 1952 Appointed by Board of Governors: Howard H. Preston1 Professor of Money and Banking, College of Business Administration, University of Washington, Seattle, Wash. 1951 Ralph Sundquist... . .Fruit Grower and Cold Storage Operator, Yakima, Wash. 1952 1 Chairman. FEBRUARY 1951 147 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 Consumer Credit Trust Powers of National Banks Investigation and Injunctions Amendments to Regulation F The Board of Governors, having received reports The Board of Governors of the Federal Reserve from the Federal Reserve Bank of Cleveland that System, effective February 5, 1951, amended the 5th Ave. Motors, Inc., Columbus, Ohio, appeared first paragraph of section 17(c)(5) of Regulation F to be selling used cars on terms which violated relating to trust powers of national banks, so as to Regulation W, Consumer Credit, ordered an inves- increase from $50,000 to $100,000 the amount which tigation to determine what further steps should be an individual trust may invest in a common trust taken. The investigation (which is specifically fund. The paragraph as thus amended reads as authorized by the Defense Production Act of 1950) follows: was conducted in Columbus, Ohio, on January 12 (5) Miscellaneous limitations—No funds of and 13, 1951. About 40 witnesses were subpoenaed any trust shall be invested in a participation in a by the Board of Governors and examined under Common Trust Fund if such investment would oath. In view of the information obtained in the result in such trust having invested in the aggreinvestigation and data furnished by the Federal gate in the Common Trust Fund an amount in Reserve Bank of Cleveland, the defendants conexcess of 10 per cent of the value of the assets of sented to the entry of a judgment in the United the Common Trust Fund at the time of invest- States District Court at Columbus, Ohio, enjoining ment, as determined by the trust investment comthem from further violations of Regulation W. mittee, or the sum of $100,000, whichever is less. The judgment was entered on January 18, 1951. If the bank administers more than one Common The Board of Governors obtained a similar judg- Trust Fund under this subsection, no investment ment in the United States District Court at Madi- shall be made which would cause any one trust son, Wisconsin, enjoining Roy's Appliance Com- to have invested in the aggregate in all such pany, a co-partnership with stores located at Beloit Common Trust Funds an amount in excess of and Janesville, Wisconsin, from further violations the sum of $100,000; and, if the bank administers of Regulation W. The judgment, to which the Funds under both subsections (c) and (d) of this defendants consented, was entered on February 2, section, no investment shall be made which would 1951. cause any one trust to have invested in the aggregrate in all such Funds an amount in excess Automobile Appraisal Guides of the sum of $100,000. In applying the limita- The Board of Governors, effective February 15, tions contained in this paragraph, if two or more 1951, amended its designation under Regulation W trusts are created by the same settlor or settlors of the Red Book National Used Car Market Report and as much as one-half of the income or prinand Blue Book-Executives Edition published by cipal or both of each trust is payable or applicable National Used Car Market Report, Inc., so as to to the use of the same person or persons, such trusts shall be considered as one. transfer from Region "A" to Region "B" the States of Alabama, Florida, Georgia, Mississippi, North At the same time, the Board amended footnotes 11 Carolina, South Carolina, and Tennessee. This and 14 to sections 10 (c) and 14, respectively, so amendment was made at the request of the pubas to eliminate the applicability of section 24 of the lisher of these books to the Board's designation of Federal Reserve Act to real estate loans in which automobile appraisal guides which appeared in the the funds of two or more trusts may be invested. October 1950 BULLETIN on pages 1311-1314. The footnotes as thus amended read as follows: 148 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT This does not prevent the bank from investing concerned with the national defense as the term the funds of several trusts in a single real estate 'national defense' is defined in section 702(d) loan if the bank owns no participation in the of the Defense Production Act of 1950, or (b) a loan and has no interest therein except in its contract made or order accepted by the Borrower capacity as fiduciary. to aid directly or indirectly in the performance of any such prime contract, and (2) is related Loan Guarantees for Defense Production to the procurement of materials or the performance of services for the national defense." Amendment to Form of Guarantee Agreement The standard form of V-loan guarantee agree- Real Estate Credit ment has been amended in order to make the defi- Amended Regulation X nition of the term "defense production contract" The Board of Governors of the Federal Reserve conform to the definition of the term "national de- System, with the concurrence of the Housing and fense" contained in section 702(d) of the Defense Home Finance Administrator with respect to pro- Production Act of 1950. As defined in the Act, the visions relating to real estate construction credit term "national defense" means "the operations and involving residential property and multi-unit resiactivities of the armed forces, the Atomic Energy dential property, amended Regulation X so as to Commission, or any other Government department broaden the scope of the regulation by making it or agency directly or indirectly and substantially applicable, with certain exceptions, to credit in concerned with the national defense, or operations connection with nonresidential property. Other or activities in connection with the Mutual Defense amendments of a clarifying nature were made to Assistance Act of 1949, as amended." those provisions of the regulation relating to resi- The term "defense production contract" as it dential property and multi-unit residential property. was defined in the standard form of guarantee The statement for the press appears on page 132 of agreement prescribed effective September 27, 1950, this issue of the BULLETIN and the text of the was limited to prime contracts with the guarantee- regulation as amended effective February 15, 1951, ing agencies or subcontracts thereunder which are is as follows: related to the procurement of materials or the per- REGULATION X formance of services for the national defense; and in that form it was not sufficiently broad to include As amended effective February 15, 1951 contracts with the Atomic Energy Commission or REAL ESTATE CREDIT with other Government departments and agencies SECTION 1. SCOPE AND APPLICATION OF REGULATION "directly or indirectly and substantially concerned This regulation is issued by the Board of Govwith the national defense." ernors of the Federal Reserve System (hereinafter Accordingly, after consultation with the guarcalled the "Board"), with the concurrence of the anteeing agencies, the Board has prescribed the Housing and Home Finance Administrator with following amendment to paragraph (K) of secrespect to provisions relating to real estate construction 1 of the standard form of guarantee agreetion credit involving residential property and multiment of September 27, 1950: unit residential property, under authority of the "(K) A 'defense production contract' shall "Defense Production Act of 1950," approved Sepmean any contract made or order accepted by tember 8, 1950 (hereinafter called the "Act"), and the Borrower for the sale or furnishing by the Executive Order No. 10161, dated September 9, Borrower of materials, equipment, supplies, facil- 1950. ities, or services or for the processing or treat- This regulation applies to any person who is ment by the Borrower of materials, which (1) engaged in the business of extending real estate constitutes (a) a prime contract with any guar- credit with respect to residences, residential propanteeing agency designated by the Defense Pro- erty, multi-unit residential property, or nonresiduction Act of 1950 or by Executive Order issued dential property, including any person who acts as thereunder or with the Atomic Energy Commis- agent in arranging for such credit. For the pursion or any other Government department or poses of this regulation, a person shall be deemed agency directly or indirectly and substantially to be engaged in the business of extending such 149 FEBRUARY 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT real estate credit if, in his own right or as agent (d) "Extending credit" "extension of credit" or fiduciary, he either (1) extends or has extended and "extends credit" shall include extending or such real estate credit more than three different maintaining any credit, or renewing, revising, contimes during the current calendar year or during solidating, refinancing, purchasing, selling, disthe preceding calendar year, or (2) extends or has counting, or lending or borrowing on, any obligaextended such real estate credit in an amount or tion arising out of any credit, or arranging as agent amounts aggregating more than $50,000 during for any of the foregoing, and also shall include the current calendar year or during the preceding a sale of, or other transfer of title to, real property calendar year. For the purposes of this section, if the vendee or transferee assumes, or takes such such real estate credit shall be deemed to include property subject to, indebtedness secured by a credit with respect to any residence, residential mortgage or other lien upon such property. property, multi-unit residential property, or non- (e) "Real estate construction credit" means any residential property, whether or not there is any credit3 which new construction thereon, and whether or not (1) is wholly or partly secured by, or such credit is extended, insured, or guaranteed by (2) is for the purpose of purchasing or carrythe Federal Housing Administration, the Veterans' ing, or Administration, or any other department, inde- (3) is for the purpose of financing, or pendent establishment or agency of the United (4) involves a right to acquire or use, States, and whether or not such credit is exempt from this regulation. new construction on real property or real property on which there is new construction, if such new SECTION 2. DEFINITIONS construction is a residence, multi-unit residence, For the purposes of this regulation, unless the or nonresidential structure, or a major addition or context otherwise requires: major improvement to a residence, multi-unit resi- (a) "Person" has the meaning given it in sec- dence, or nonresidential structure, whether such tion 702(a) of the Act.1 credit is extended before or after such new con- {b) "Registrant" means a person who is regis- struction is begun; but the term "real estate construction credit" shall not include any loan or loans tered pursuant to section 3 of this regulation. made, insured, or guaranteed, in whole or in part, (c) "Credit" has the meaning given it in section 602(d) (2) of the Act.2 by the Federal Housing Administration, the Veterans' Administration, or any other department, 1 Section 702(a) of the Act provides: "The word 'person' independent establishment or agency in the execuincludes an individual corporation, partnership, association, tive branch of the United States, or by any wholly or any other organized group of persons, or legal successor owned Government corporation, or by any mixedor representative of the foregoing, and includes the United States or any agency thereof, or any other government, or ownership Government corporation as defined in any of its political subdivisions, or any agency of any of the Government Corporation Control Act, as the foregoing: Provided, That no punishment provided by amended (including any loan evidenced by obligathis Act shall apply to the United States, or to any such government, political subdivision, or government agency." tions of any local public agency or public housing 2 Section 602(d) (2) of the Act provides: " 'Credit' means agency which national banks may purchase purany loan, mortgage, deed of trust, advance, or discount; any conditional sale contract; any contract to sell or sale suant to the provisions of section 602(a) of the or contract of sale, of property or services, either for present Housing Act of 1949). or future delivery, under which part or all of the price is (/) "New construction" means any structure, or payable subsequent to the making of such sale or contract; any rental-purchase contract, or any contract for the bail- any major addition or major improvement to a ment, leasing, or other use of property under which the structure, which is or has been begun after 12 bailee, lessee, or user has the option of becoming the owner thereof, obligates himself to pay as compensation a sum o'clock meridian, August 3, 1950. Construction substantially equivalent to or in excess of the value thereof, or has the right to have all or part of the payments required 3 Extended on or after October 12, 1950, with respect to by such contract applied to the purchase price of such prop- farm residences, residential property, and major additions erty or similar property; any option, demand, lien, pledge, and major improvements to residences; or on or after or similar claim against, or for the delivery of property or January 12, 1951, with respect to multi-unit residential propmoney; any purchase, discount, or other acquisition of, or erty and major additions and major improvements to multiany credit under the security of, any obligation or claim unit residences; or on or after February 15, 1951, with rearising out of any of the foregoing; and any transaction or spect to nonresidential property and major additions and series of transactions having a similar purpose or effect." major improvements to nonresidential structures. 150 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT will be deemed to have been "begun" when any or estimated cost8 of such major addition or essential materials which are to be an integral part major improvement; of the structure have been affixed to or incorporated (2) For residential property, other than major on the site in a permanent form. additions or major improvements: (g) "Major addition' or "major improvement" (A) In the case of an extension of credit means any enlargement, reconstruction, alteration, in connection with a bona fide sale of resior repair of an existing structure,4 or any other dential property, "value" shall be the bona fide addition or improvement which becomes or is to sale price; become physically attached to and a part of the (B) In the case of any other extension of structure,4 if the cost or estimated cost of such credit with respect to residential property: addition or improvement exceeds $2,500, and also (i) If the entire cost of the property to exceeds (1) if the structure is a residence or multi- the borrower has been incurred by him not unit residence, an amount determined by multi- more than 12 months prior to the extension plying $1,500 by the number of family units in of credit or is to be incurred by him after such residence or multi-unit residence prior to such such extension of credit, "value" shall be addition or improvement, or (2) if the structure the bona fide cost of the property to the is a nonresidential structure, an amount equal to borrower, including a bona fide estimate of 15 per cent of the appraised value of the nonresi- the cost of completing new construction on dential structure 5 as determined in good faith by such property when the extension of credit the Registrant who extends the credit.6 is for the purpose of financing such new (h) "Real property" includes leaseholds and construction; other interest in such property. (ii) If any part of the cost of the property (/) The "maximum loan value" of any property 7 to the borrower has been incurred by him shall be the amount which is computed in the man- more than 12 months prior to the extension ner prescribed in the Supplement to this regulation. of credit, or if any part of such property In making such computations: has been acquired by gift, exchange, or inher- (1) For a major addition or major improve- itance, "value" shall be the appraised value ment to a residence, multi-unit residence, or non- as determined in good faith by the Regisresidential structure, "value" shall be the cost trant who extends the credit; (3) For an extension of credit which is for 4 Notwithstanding this definition or any other provision of the purpose of financing the construction of a this regulation, an addition or improvement to any existing structure which will become a "residence," "multi-unit residence on farm property, "value" shall be residence," or "nonresidential structure" by reason of such the total of (A) the cost or estimated cost of addition or improvement shall be treated as an addition or improvement to an existing "residence," "multi-unit resi- such new construction, and (B) 5 per cent of dence," or "nonresidential structure," respectively; and, in such cost or estimated cost.9 determining whether the cost or estimated cost of an addition or improvement to an existing structure which will become a "residence" or "multi-unit residence" is such that tion credit." However, in determining whether property it would be a major addition or major improvement within has become "real property on which there is new constructhe meaning of section 2(g), and in determining what the tion" by reason of a major addition or major improvement maximum loan value is, the determination shall be according having been made to an existing structure, there shall be to the number of family units which will be in the struc- considered only such costs as are or have been incurred ture after the addition or improvement has been completed. during any period of 12 consecutive months (or during a 5 For this purpose, the value of the land upon which the period not exceeding 12 months beginning January 12, 1951, nonresidential structure is located is not taken into consid- if the structure is a residence or multi-unit residence, or eration; and the appraised value is the appraised value of beginning February 15, 1951, if the structure is a nonresithe structure before the major addition or major improve- dential structure). ment is made. 7 As used here, "property" means residential property, 6 It should be noted that section 2(/) defines "new con- multi-unit residential property, nonresidential property, a struction" as including "any major addition or major im- residence on farm property, or a major addition or major provement" and that section 2(e) defines "real estate improvement to a residence, a multi-unit residence, or nonconstruction credit" as including certain credit with respect residential structure, as the case may be. to "real property on which there is new construction." 8 Based on such evidence and supporting data as normally Accordingly, if a major addition or major improvement is would be required by a prudent lender. made to an existing structure, even though such structure 9 The 5 per cent is added when the extension of credit is was erected or begun prior to August 3, 1950, any subse- for the purpose of financing the construction of a residence quent extension of credit with respect to such structure or on farm property in order to take account of the value of the property on which it is located is "real estate construe - the land upon which the residence is to be constructed. FEBRUARY 1951 151 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT (4) For multi-unit residential property and (/) "Multi-unit residence"10 means any strucnonresidential property, other than major addi- ture such as an apartment house or apartment tions or major improvements: hotel (whether owned cooperatively or otherwise) (A) In the case of an extension of credit in which is used or designed for permanent or tranconnection with a bona fide sale of multi-unit sient dwelling purposes, and which includes more than four family units, if the floor space contained residential property or nonresidential property, in such family units comprises at least one-half "value" shall be the bona fide sale price; of the floor space of such structure. (B) In the case of any other extension of (m) "Family unit" means space which is used credit with respect to multi-unit residential or designed for dwelling purposes and which conproperty or nonresidential property, "value" tains one or more rooms with kitchen facilities (or shall be the appraised value as determined in space designed for kitchen facilities) in or appurgood faith by the Registrant who extends the tenant to such rooms. credit. Appraisals pursuant to this provision (n) "Residential property" means any real propand other provisions of this regulation will erty, other than farm property, on which there is be subject to inspection by the Board and the or is to be a residence or residences. Federal Reserve Banks in accordance with sec- (o) "Farm property" means any real property, tion 6(d) of this regulation, and appraisals other than multi-unit residential property or nonfound to be in excess of those dictated by residential property, located outside of urban areas, sound and established practice in the commu- which is principally used for the production of nity shall be deemed sufficient ground for the crops, livestock or other agricultural commodities. suspension of the Registrant pursuant to sec- (p) "Multi-unit residential property" means any tion 3 (c) of this regulation. real property on which there is or is to be a multiunit residence or multi-unit residences. (;') "Bona fide sale price" means the amount (q) "Nonresidential property" means any real paid or to be paid by the vendee in money or its property on which there is or is to be a nonresidenequivalent. It includes, in addition to cash, (1) the tial structure or structures. value of any property accepted in part payment, (r) "Nonresidential structure"lx means any (2) the unpaid principal amount of any indebted- structure other than ness incurred or assumed by the vendee or to which (1) a residence, the property remains subject, (3) the amount of (2) a multi-unit residence, any liens for taxes or special assessments which (3) a school, hospital, or church, are in default or currently due and payable, (4) (4) a structure exclusively used or designed the amount of any mechanics' liens or other liens for use which the vendee is required to discharge, (5) the (i) by a public utility, amount which the vendee agrees to pay for any (ii) by any Government or political subalteration or other modification made or to be division, or made to the property as an incident to the sale (5) a structure more than 80 per cent of floor thereof, and (6) any amounts paid by the vendee space of which is used or designed for use for closing costs. It does not include any prepaid (i) in processing materials, goods, or articles charges, or any accrued rents which will be paid into finished or partly finished manuto the vendee. factured products, (^) "Residents" 10 means any structure which is 10 Structures such as hotels, motels, rooming houses, club used or designed for permanent or transient dwell- houses, fraternity or sorority houses, rest homes, and the ing purposes, and which include at least one but not like, in which more than one-half of the floor space consists of units which do not contain kitchen facilities or space more than four family units, if the floor space con- designed for kitchen facilities shall not be deemed to be tained in such family units comprises at least one- residences or multi-unit residences. See section 2(r). 11 Nonresidential structures ordinarily subject to this reguhalf of the floor space of such structure. Houses lation include, among others, the following: Office buildings, connected by common walls and commonly known warehouses, stores (including sales display and service faas "row houses" or "semi-detached houses" shall be cilities, whether wholesale or retail), banks, hotels, motels, motor courts, garages, automobile service stations, restaurants, considered separate structures. and clubs. 152 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT (ii) in mining or otherwise extracting raw pension for an indefinite period may be termimaterials, or nated by the Board, in its discretion, if the Board (iii) on farm property in the production, is satisfied that its action would not lead to further shelter, or storage incidental thereto, of violations of this regulation by the suspended crops, livestock or other agricultural Registrant and would not be otherwise incompatcommodities. ible with the public interest. (s) "Public utility" means any transportation SECTION 4. EXTENSION OF CREDIT company, electric light or power company, gas com- (a) Amount; Maturity; Amortization. Except as pany, water company, pipe line company, teleotherwise permitted by this regulation, no Regisphone company, telegraph company, or other simtrant shall, either in connection with a sale or ilar business which is operated for the convenience, otherwise: service or accommodation of the public if (1) the (1) Extend real estate construction credit with operations of such company are supervised by a respect to residential property, multi-unit resi- Federal or State agency, or (2) the members of dential property, or nonresidential property the public as such are entitled as of right to demand (other than major additions or major improveand use its facilities or services. ments) if the amount of credit outstanding with SECTION 3. GENERAL REQUIREMENTS AND REGISTRATION respect to the property (including any credit (a) General Requirements. No person engaged exempt from, or not subject to the prohibitions in the business of extending real estate credit with of, this regulation) exceeds, or as a result of such respect to residences, residential property, multi- extension of credit would exceed, the applicable unit residential property or nonresidential property maximum loan value of such property; shall extend real estate construction credit unless (2) Extend real estate construction credit for (1) he is registered pursuant to this section, and the purpose of financing a major addition or (2) he has no knowledge of, and has no reason to major improvement to a residence, multi-unit know, any fact by reason of which such credit fails residence or nonresidential structure if the to comply with any applicable provision of this amount of credit outstanding for the purpose of regulation. financing the major addition or major improve- (b) Registration. Every person engaged in the ment (including any credit exempt from, or not business of extending real estate credit with respect subject to the prohibitions of, this regulation) exto residences, residential property, multi-unit resi- ceeds, or as a result of such extension of credit dential property or nonresidential property shall be would exceed, the applicable maximum loan deemed to be registered pursuant to this regula- value of such major addition or major improvetion until such time as the Board, by public an- ment; nouncement, may require registration statements (3) Extend real estate construction credit for to be filed by all, or any specified classes of, such the purpose of financing the construction of a persons. Should the Board require such registra- residence on farm property if the amount of tion statements, a person shall continue to be credit outstanding for the purpose of financing registered after the time such statements are the construction of the residence (including any required only if he shall have complied with the credit exempt from, or not subject to the prorequirements of the Board's announcement. Every hibitions of, this regulation) exceeds, or as a person who is registered in accordance with the result of such extension of credit would exceed, provisions of this subsection is referred to in this the applicable maximum loan value of such regulation as a "Registrant." residence; (c) Suspension of Registration. Any Registrant (4) Extend real estate construction credit if may, after reasonable notice and opportunity for a such credit would have a maturity which exhearing, be suspended by the Board, as to all or ceeds the applicable maximum maturity provias to particular activities or particular offices and sions, or would be repaid in any manner which for specified or indefinite periods, because of any does not conform with the applicable amorwillful or negligent failure to comply with any tization provisions, set forth in the Supplement provision of this regulation. to this regulation; A suspension for the specified period will term- (5) Purchase, discount or lend on any credit inate upon the expiration of such period. A sus- instrument evidencing real estate construction FEBRUARY 1951 153 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT credit which is subject to and not exempt from loan value of such property, or (2) which, if it is this regulation, unless the terms of such credit real estate construction credit subject to and not conformed with the provisions of the Supplement exempt from this regulation, does not or would not to this regulation when such credit was originally comply with the applicable maximum maturity extended or conform with the provisions of the and amortization provisions set forth in the Sup- Supplement at the time of such purchase, dis- plement to this regulation. count or loan; but for the purposes of this para- (tr) Ascertaining Nature of Credit. No Registrant graph credit shall be considered to be subject to shall extend any credit unless he is satisfied, and the regulation even though extended by a per- maintains records which reasonably demonstrate on son other than a Registrant; their face, whether such credit is or is not real (6) If the Registrant is acting as principal— estate construction credit; provided, however, unsell, or transfer title to, residential property, less the Registrant has actual knowledge that the multi-unit residential property or nonresidential credit is real estate construction credit, the requireproperty on which there is new construction ments of this sentence shall not apply (1) to any (which is a residence, multi-unit residence or extension of credit which is made by a bank, savnonresidential structure, or a major addition or ings and loan association, or similar institution and major improvement to a residence, multi-unit which is to be repaid within six months and is fully residence or nonresidential structure) and with secured by withdrawable shares issued by or savrespect to which the vendee or transferee as- ings accounts held with the lender, or (2) to any sumes or takes such property subject to, indebted- extension of credit in the ordinary course of business secured by a mortgage or other lien upon ness for a commercial, agricultural, or business such property, if the amount of outstanding credit purpose where the Registrant, because of a previous (including any credit exempt from, or not subject course of dealings or correspondence between himto the prohibitions of, this regulation) which was self and the borrower, has no reason to believe extended after October 12, 1950, (or after January that the credit is or will be real estate construction 12, 1951, if it is a sale or transfer of multi-unit credit. The preceding sentence does not require residential property or after February 15, 1951, if that a Registrant obtain a signed statement from it is a sale or transfer of nonresidential property) each borrower, and if the Registrant is satisfied that with respect to the property exceeds, or as a result credit is not real estate construction credit, other of such sale or transfer would exceed, the applikinds of records may be used to demonstrate this cable maximum loan value of such property, or fact. Such records may include, among others, (1) if any outstanding real estate construction credit any correspondence, memoranda, loan applica- (subject to and not exempt from this regulation) tions or other documents of any kind, whether or with respect to such property does not conform not originating in connection with the credit in with the provisions of this regulation and the question, which on the basis of a reasonable inter- Supplement thereto.12 pretation show that the credit is not real estate con- (b) Secondary Borrowing. Except as otherwise struction credit; or (2) a written endorsement or permitted by this regulation, no Registrant shall rubber stamp legend, placed upon the credit inextend real estate construction credit if he knows strument or upon other papers in connection with or has reason to know that there is, or that there the credit and signed by the Registrant or a reis to be, any other credit extended with respect to sponsible officer of the Registrant, stating that he is the property13 (1) which, when added to the satisfied that the credit in question is not real estate credit proposed to be extended by the Registrant, construction credit. If, however, a Registrant dewould cause the total amount of credit outstanding sires to obtain, and accepts in good faith, a signed with respect to the property 13 (including any credit Statement of the Borrower stating that the credit is exempt from, or not subject to the prohibitions of, not wholly or partly secured by, or for the purthis regulation) to exceed the applicable maximum pose of purchasing or carrying, or for the purpose 12 For application to three- and four-unit residences, see of financing, or one which involves the right to section 6(/). acquire or use, new construction on real property or 33 As used here, "property" means residential property, real property on which there is new construction multi-unit residential property, nonresidential property, a residence on farm property, or a major addition or major (or that such new construction, if any, is not a improvement to a residence, a multi-unit residence or non- residence, multi-unit residence or nonresidential residential structure, as the case may be. 154 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT structure, or a major addition or major improve- with respect to the same property,15 is not in excess ment to a residence, multi-unit residence or non- of $2,500. residential structure), such Statement shall be (£) Short-Term Residential Construction Credits. deemed to be compliance with the requirements The prohibitions of subsections (a) and (b) of secof this subsection. tion 4 of this regulation shall not apply to any (d) Statement of the Borrower. No Registrant credit which is for the purpose of financing the shall extend real estate construction credit unless he construction of a residence or residences or a major has accepted in good faith a signed Statement of addition or major improvement to a residence, if the Borrower (1) stating whether the credit is the maturity of such credit is not more than 18 with respect to property 14 subject to the regula- months; provided, that this exemption shall not be tion, and (2) stating, if the Registrant claims that construed to permit any renewal, revision, consolisuch credit is exempt from this regulation, the dation, or refinancing of such credit except on reason for such exemption; and, if the credit is not terms which conform with the provisions of this exempt, (3) stating the amount of credit previ- regulation and the Supplement thereto. If (1) the ously extended and outstanding, and the amount initial purpose of an extension of credit having a of any other credit to be extended, with respect to maturity exceeding 18 months is the financing of the property,14 (4) stating, if the Registrant in the construction of a residence or residences or a computing "value" relies upon cost or estimated major addition or major improvement to a resicost to the borrower (where such cost or estimated dence and (2) the credit instrument provides, or cost may be used for this purpose), the bona fide an agreement with respect to the credit requires, amount of such cost or estimated cost to the bor- that within 32 days after completion of such construction or upon a specified date when the Regisrower, and (5) stating, if the extension of credit is trant estimates in good faith the construction will in connection with a sale, the sale price, that the be completed, which in either case shall be not sale price was bona fide, and the value and a brief more than 18 months after the extension of the description of any property accepted in part paycredit, the terms of the credit shall conform therement. If the extension of credit is in connection after with the applicable maximum loan value and with a sale, such Statement shall state that the the applicable maturity and amortization provivendor of the property has or will have no finansions set forth in Schedule I of the Supplement to cial interest in such property or in the proceeds of this regulation, then in such event the prohibitions any subsequent disposition thereof, except such of subsections (a) and (b) of section 4 of this interest as may be fully disclosed to the Registrant. regulation shall not apply to such credit until after The amount of any such financial interest of the the lapse of the time so described or specified, but vendor retained in the property or any proceeds of if at any time after the date of the extension of such the disposition thereof shall be deemed to be real credit, a Registrant sells or transfers title to the estate construction credit extended with respect to property with respect to which the credit is exsuch property. The Statement of the Borrower tended, such sale or transfer of title must conform may be made, if desired, on a form a sample of to the provisions of this regulation and Schedule which is obtainable at any Federal Reserve Bank I of the Supplement thereto.16 or branch. (c) Other Short-Term Construction Credits. The SECTION 5. EXEMPTIONS AND EXCEPTIONS prohibitions of subsections (a) and (b) of section 4 of this regulation shall not apply to any credit (a) Minimum Amount. The prohibitions of subsections (a) and (b) of section 4 of this regulation 15 As used here, "property" means residential property, shall not apply to any extension of credit if the multi-unit residential property, nonresidential property, a total amount thereof, including all outstanding residence on farm property, or a major addition or major improvement to a residence, multi-unit residence, or noncredit which was granted after October 12, 1950, residential structure, as the case may be. 16 It should be noted that this exemption does not apply 14 As used here, "property" means residential property, to any credit which is for the purpose of financing the conmulti-unit residential property, nonresidential property, a struction of a multi-unit residence or nonresidential strucresidence on farm property, or a major addition or major ture or a major addition or major improvement to a multiimprovement to a residence, multi-unit residence, or non- unit residence or nonresidential structure. However, see residential structure, as the case may be. section 5(<r). FEBRUARY 1951 155 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT which is for the purpose of financing the construc- funeral expenses, or to pay debts incurred for such tion of a multi-unit residence or nonresidential expenses, and that the proceeds of the extension are structure or a major additon or major improvement to be paid over in amounts specified in such Stateto a multi-unit residence or nonresidential structure ment to persons whose names, addresses and ocand which is extended to any person other than cupations are stated therein. the owner of the property and has a maturity of (e) Casualties. The prohibitions of subsections not more than 24 months; provided, that this ex- (a) and (b) of section 4 of this regulation shall emption shall not be construed to permit any re- not apply to any extension of real estate construcnewal, revision, consolidation, or refinancing of tion credit as to which the Registrant accepts in such credit except on terms which conform with good faith a signed Statement of the Borrower the provisions of this regulation and the Supple- certifying that the proceeds thereof are to be used ment thereto. Extensions of credit for the purpose solely for the replacement, reconstruction or repair of financing the construction of a multi-unit resi- of a residence, multi-unit residence or nonresidendence or nonresidential structure or a major addi- tial structure destroyed or substantially damaged by tion or major improvement to a multi-unit resi- flood, fire or other similar casualty. dence or nonresidential structure may not be made (/) Contracts to Sell. None of the provisions of to the owner of the property in a total amount exthis regulation shall apply to a contract to sell real ceeding the maximum loan value of the property; property (1) which does not provide for the paybut any such credit extended to the owner of the ment of any part of the purchase price, or of any property shall be exempt from the amortization amount to be subsequently applied to such price, provision in Schedule III of the Supplement to this except a deposit of earnest money, before the transregulation if (1) such credit has a maturity of not fer of title to such property, (2) which is to be permore than 24 months, or (2) the initial purpose of formed by a transfer of title to such property credit having a maturity exceeding 24 months is within six months after the date on which the conthe financing of the construction of a nonresidentract was entered into, and (3) which provides tial structure or nonresidential structures or a for the subsequent transfer of title to such property major addition or major improvement to a nonon terms which conform to the provisions of this residential structure, and the credit instrument regulation and the Supplement thereto in effect on provides, or an agreement with respect to the credit the date the contract wras entered into. requires, that within 32 days after completion of (gr) Contemplated Construction. Any builder or such construction or upon a specified date when the other person who had made substantial commit- Registrant estimates in good faith the construction ments or undertakings before August 3, 1950, with will be completed, which in either case shall be not a view to the building of new construction which more than 24 months after the extension of the is a residence or a major addition or major imcredit, the terms of the credit shall conform provement to a residence and who asserts that his thereafter with the applicable maturity and amortiinability to obtain credit to finance such new conzation provisions set forth in Schedule III of the struction on the basis contemplated by him and by Supplement to this regulation; but if at any time the Registrant prior to August 3, 1950, would cause after the date of the extension of such credit, a him substantial hardship, may apply to the Federal Registrant sells or transfers title to the property Reserve Bank of the district in which the new with respect to which the credit is extended, such construction is contemplated for an exemption sale or transfer of title must conform to the profrom this regulation for such new construction, visions of this regulation and Schedule III of the showing all the facts and submitting all necessary Supplement thereto. supporting documents with respect to his commit- (d) Medical Expenses, Etc. The prohibitions of ments or undertakings and why compliance with subsections (a) and (b) of section 4 of this regula- the regulation would cause him substantial hardtion shall not apply to any extension of real estate ship. If such Federal Reserve Bank after conconstruction credit as to which the Registrant ac- sideration of the application and supporting docucepts in good faith a signed Statement of the Bor- ments determines that substantial commitments rower certifying that the proceeds thereof are to were made prior to August 3, 1950, and that subbe used for bona fide medical, hospital, dental or stantial hardship would result from the applica- 156 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT tion of this regulation in such case, it may issue to unit residence or a major addition or major imsuch builder or other person a certificate approving provement to a multi-unit residence,18 or (3) besuch application and thereupon any extension o£ gun prior to February 15, 1951, if such new concredit to such builder or other person by the Regis- struction is a nonresidential structure or a major trant named in such certificate with respect to the addition or major improvement to a nonresidential new construction that may be specified in such structure. certificate shall be exempt from the prohibitions of (7) Materials, Articles and Services Used in New subsections (a) and (b) of section 4 of this regula- Construction. None of the provisions of this regution. Applications under this subsection must be lation shall apply to an extension of credit which sent to the Federal Reserve Bank prior to March is for the purpose of purchasing, or is in connec- 15, 1951. tion with a sale of, materials, articles and services (h) Labor and Material. No person shall be re- for new construction if the credit is extended on quired to register pursuant to section 3 of this terms which provide for a minimum down payregulation because of the fact that he performs ment of 10 per cent, or a maximum loan value of labor or furnishes material for new construction on 90 per cent, and for repayment within 30 months an open account, unless he shall be otherwise en- by (1) substantially equal monthly or weekly paygaged in the business of extending real estate ments covering principal and interest or (2) subcredit. stantially equal monthly or weekly payments of (7) Credits Secured by Life Insurance Policies. principal.19 None of the provisions of this regulation shall SECTION 6. MISCELLANEOUS PROVISIONS apply to an extension of real estate construction (a) Evasions. No extension of real estate concredit which is fully secured by the loan value or struction credit complies with the requirements of cash surrender value of a life insurance policy; this regulation if at the time it is made there is any and, notwithstanding any other provisions of this agreement, arrangement, or understanding, of regulation, a Registrant in determining the amount which the Registrant knows or has reason to know, of credit which he may extend under the provisions by which credit is or is to be extended in violation or section 4 of the regulation need not take into of this regulation, even though such extension of account any credit which is secured in the manner credit is or is to be made indirectly, or which specified in this subsection. would otherwise evade or circumvent, or conceal (;) Farm Property. The prohibitions of subsecany evasion or circumvention of, any provision of tions (a) and (b) of section 4 of this regulation this regulation or the Supplement thereto. No shall not apply to any extension of real estate con- Registrant extending credit subject to this regulastruction credit with respect to farm property untion shall divide such credit into two or more less the extension of credit is for the purpose of parts, or enter into any agreement or understandfinancing the construction of a residence on farm ing with any other person as a result of which two property or a major addition or major improve- or more credits are extended, when the purpose or ment to a residence on farm property.17 eflect of such action is to circumvent or avoid the (&) Exemption for Certain New Construction. The amortization or maturity provisions of this regulaprohibitions of subsections (a) and (b) of section tion or the Supplement thereto. 4 of this regulation shall not apply to any real (£) Outstanding Contracts and Obligations. The estate construction credit extended prior to May 1, prohibitions of subsections (a) and (b) of section 4 1951, with respect to new construction (1) begun of this regulation shall not apply to or aflect (i) any prior to October 12, 1950, if such new construction credit with respect to residential property or a is a residence or a major addition or major immajor addition or major improvement to a resiprovement to a residence, (2) begun prior to Janudence if extended prior to October 12, 1950, or ary 12, 1951, if such new construction is a multipursuant to any firm commitment to extend credit 17 It is to be noted that the term "farm property" as de- made prior to such date, (ii) any credit with refined in section 2(o) does not include multi-unit residential property or nonresidential property; accordingly, the location 13 For application to three- and four-unit residences, see of multi-unit residential property or nonresidential property section 6(/). does not affect the question whether extensions of credit with 19 It should be noted that in certain circumstances more respect to such property are subject to the regulation. restrictive terms would be required by Regulation W. FEBRUARY 1951 157 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT spect to multi-unit residential property or a major (d) Preservation of Records; Inspections; Adminaddition or major improvement to a multi-unit istrative Reports. For the purpose of determining residence if extended prior to January 12, 1951, or whether or not there has been compliance with the pursuant to any firm commitment to extend credit provisions of this regulation, every person extendmade prior to such date, or (iii) any credit with ing real estate credit with respect to residences, respect to nonresidential property or a major addi- residential property, multi-unit residential property tion or major improvement to a nonresidential or nonresidential property shall preserve for the structure if extended prior to February 15, 1951, period hereinafter specified such accounts, correor pursuant to any firm commitment to extend spondence, memoranda, papers, books, and other credit made prior to such dates, if such firm com- records, or photostats or other copies thereof, as are mitment complies with Clause (1) of the next suc- relevant to establishing whether such person is ceeding sentence. For this purpose, a firm commit- engaged in the business of extending such real ment means either (1) a written agreement under estate credit; whether each credit extended is or is which the Registrant is required without option or not real estate construction credit with respect to a discretion on his part to extend credit upon de- farm residence, residential property, multi-unit resimand by the borrower or upon compliance by the dential property, nonresidential property, or a borrower with one or more conditions referred to major addition or major improvement to a resiin such agreement; or (2) any other agreement to dence, multi-unit residence, or nonresidential strucextend credit with respect to residential property, a ture; and whether each extension or real estate residence, or a major addition or major improve- construction credit conformed with the provisions ment to a residence which has been entered into in of this regulation and the Supplement thereto. good faith by the parties and in reliance upon Every such person shall preserve such records for which the prospective borrower or builder has three years after the extension of such credit, or taken specific action prior to October 12, 1950, if until the repayment of the credit, whichever period the Registrant prior to January 1, 1951, shall have is shorter, provided, however, that if such person sent to the Federal Reserve Bank of the district in sells or transfers an obligation evidencing a credit which he does business a letter or other statement (or releases collateral held as security for such reciting the facts with respect to such agreement credit) and delivers his records relevant to such and the specific action taken by the prospective credit to the purchaser or transferee, such person borrower or builder prior to October 12, 1950; or need not thereafter maintain such records with re- (3) any other agreement to extend credit with re- spect to the credit but shall keep a record of the spect to multi-unit residential property or a major identity of the purchaser or transferee and the date addition or major improvement to a multi-unit of such sale or transfer (or such release). Every residence which has been entered into in good such person shall permit the Board or a Federal faith by the parties and in reliance upon which the Reserve Bank, by its duly authorized representaprospective borrower or builder has taken specific tive to inspect such records and business operations action prior to January 12, 1951, if the Registrant as the Board or a Federal Reserve Bank may deem prior to March 15, 1951, shall have sent to the necessary or appropriate; and when ordered to do Federal Reserve Bank of the district in which he so, shall furnish, under oath or otherwise, such does business a letter or other statement reciting reports, information, or records relevant to extenthe facts with respect to such agreement and the tions of credit as the Board or a Federal Reserve specific action taken by the prospective borrower Bank may deem necessary or appropriate for the or builder prior to January 12, 1951.20 enforcement and administration of this regula- (<r) Real Property Outside the United States. None tion.21 of the prohibitions of this regulation shall apply (^) Default and Foreclosure; Serviceman's Preinto any extension of real estate construction credit duction Debt. Nothing in this regulation shall be with respect to real property in Alaska, the Panama construed to prevent any Registrant from taking Canal Zone, or any territory or possession outside such action as he shall deem necessary in good the continental United States. 21 The reporting and record-keeping requirements of this 20 For application to three- and four-unit residences, see regulation have been approved by the Bureau of the Budget section 6(;). in accordance with the Federal Reports Act of 1942. 158 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT faith (1) with respect to any extension of credit if they satisfy the requirements of this regulation to any member or former member of the armed applicable to the subject portion. forces of the United States which was made to (/) Calculation of Maximum Maturity. In calcuhim prior to his induction into such service and lating the maximum maturity of credits which assignment to active duty, or (2) for the Regis- are subject to maximum maturity provisions in trant's own protection in connection with any the Supplement to this regulation, a Registrant credit which is in default and is the subject of a may use, at his option, as "the date such credit is bona fide collection effort by the Registrant. The extended," any date not more than 32 days subprohibitions of subsections (a) and (£) of sec- sequent to the actual date such credit is extended. tion 4 of this regulation shall not apply to an ex- (y) Three- and Four-Unit Residences. Notwithtension of credit by a Registrant in connection standing any other provisions of this regulation, with a sale of property acquired by him through the provisions of sections 4(#) (6), 5(^), and 6(b) foreclosure proceedings if such credit does not of this regulation which are applicable to multiexceed the unpaid principal amount of the foreunit residences shall be applicable to residences closed credit, the costs of acquisition through containing three or four family units. foreclosure, and the costs incurred in the rehabili- (^) Right of Registrant to Impose Stricter Retation and repair of the property prior to the sale. quirements. Any Registrant, if he desires, may re- (^) Veterans Programs under State Law. Nothing fuse to extend credit, extend less credit than the in this regulation shall be construed as prohibitamount permitted by this regulation, or require ing a State (as distinguished from any other perthat repayment be made within a shorter period son affected by this regulation) from according or in larger instalments than prescribed in the rights and preferences to eligible veterans by ex- Supplement to this regulation. tending, guaranteeing or insuring, in whole or (/) Reliance upon Statement of the Borrower. The in part, real estate construction credit pursuant facts set forth in any signed Statement of the to State legislation similar in purpose or effect to Borrower which a Registrant accepts and relies Title III of the Servicemen's Readjustment Act of upon in good faith shall be deemed to be correct 1944, as amended, provided that the terms of the for the purposes of the Registrant. credit are no more liberal than are currently permitted in the case of comparable loans insured (m) False Statements. The making or submisor guaranteed under that Act. sion by any person of any false, fictitious or fraudulent statement or representation pursuant to, or (g-) State Housing Programs. Nothing in this which is intended to conform to, or show comregulation shall prohibit extensions of credit to pliance with, any requirement or provision of this public corporations created pursuant to a public regulation, shall be a violation of this regulation. housing program of a State or municipality where such credit is extended, insured, or guaranteed (n) Statutory Penalties. The Act provides that by the State or municipality or the State or mu- "Any person who willfully violates any provision nicipality has made commitments to furnish funds of section * # # 602 (relating to real estate conto assure repayment. struction credit) or any regulation or order issued thereunder, upon conviction thereof, shall be fined (h} Extension of Credit for Mixed Purposes. In not more than $5,000 or imprisoned not more the case of an extension of credit which is partly than one year, or both." subject to one provision of this regulation and (o) Enforceability of Contracts. Nothing in this partly subject to another provision, whether by regulation shall affect the enforceability of any reason of the types of property involved, or othercontract. wise, the amount and terms of such credit shall be such as would result if the credit were divided SUPPLEMENT TO REGULATION X into two or more parts and each part were treated As amended effective February 15, 1951 as if it stood alone. In the case of an extension of credit which is partly subject to this regula- SCHEDULE I. ONE- TO FOUR-UNIT RESIDENTIAL tion and partly not subject to (or exempt from) PROPERTY AND FARM RESIDENCES the regulation, the amount and terms of the ex- Maximum Loan Value. For the purposes of Regtension of credit will comply with this regulation ulation X, maximum loan values for all residential FEBRUARY 1951 159 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT property, farm residences, and major additions and Maturity. For the purposes of Regulation X, major improvements to residences shall be deter- the following maturity requirements are prescribed mined as follows:, (1) Determine the "value" of for credit with respect to residential property, farm the residential property, farm residence, or major residences, and major additions and major imaddition or major improvement to a residence, as provements to residences: No such credit subject the case may be, in accordance with section 2(/) to the regulation shall have a maturity of more of the regulation; (2) divide this "value" by the than 20 years from the date such credit is extended number of family units in order to determine the except that a credit extended with respect to prop- "value per family unit"; (3) determine the "maxi- erty having a value (determined as provided in mum loan value per family unit" from the table section 2(/) of the regulation) of $7,000 or less below; (4) multiply the "maximum loan value may have a maturity of not more than 25 years if per family unit" by the number of family units in it is to be fully repaid at or before the date of order to determine the maximum loan value of the maturity through amortization on the basis preresidential property, farm residence, or major scribed in clause (2) of the following paragraph addition or major improvement, as the case may relating to amortization. be. Where a major addition or major improve- Amortization. For the purposes of Regulation X, ment will change the number of family units, the following amortization requirements are prethe "value per family unit" shall be computed on scribed for credit with respect to residential propthe basis of the number of family units which the erty, farm residences, and major additions and residence will contain after the addition or im- major improvements to residences: With respect provement has been completed. In the case of to every such credit subject to the regulation, credit extended with respect to residential prop- amortization payments shall be required which erty or farm residences involving more than one either (1) will annually reduce the original prinstructure, the maximum loan value may be ap- cipal amount of such credit by not less than 5 per plied separately with respect to each such struc- cent until the outstanding balance of such credit ture or with respect to the entire property or all has been reduced to an amount equal to or less such residences, at the election of the Registrant. than 50 per cent of the value of the property with respect to which such credit was extended or (2) If the "value per family The "maximum loan will fully liquidate the original principal amount of unit" is value per family unit" is such credit not later than the date of the maturity of the credit through substantially equal monthly, Not more than $5,000 90% of "value per fam- quarterly, semiannual, or annual payments coverily unit" ing principal and interest or through substantially More than $5,000 but $4,500 plus 65% of ex- equal monthly, quarterly, semiannual, or annual not more than $9,000 cess of "value per payments of principal. The value referred to in family unit" over the preceding sentence shall be determined as of $5,000 the date the credit was extended in the manner More than $9,000 but $7,100 plus 60% of ex- provided in section 2(z") of the regulation. If not more than $15,000 cess of "value per the amount of the credit when extended is not family unit" over more than 50 per cent of such value, such credit $9,000 shall not be subject to the amortization provisions More than $15,000 but $10,700 plus 20% of ex- of this paragraph. not more than $20,000 cess of "value per SCHEDULE II. MULTI-UNIT RESIDENTIAL PROPERTY family unit" over Maximum Loan Value. For the purposes of $15,000 Regulation X, maximum loan values for all multi- More than $20,000 but $11,700 plus 10% of ex- unit residential property and major additions and not more than $24,250 cess of "value per major improvements to multi-unit residences shall family unit" over be determined as follows: (1) determine the $20,000 "value" of the multi-unit residential property, or Over $24,250 50% of "value per fam- major addition or major improvement to a multiily unit" unit residence, as the case may be, in accordance 160 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT with section 2(7) of the regulation; (2) divide entire property, at the election of the Registrant. this "value" by the number of family units in order Maturity. For the purposes of Regulation X, the to determine the "value per family unit"; (3) following maturity requirement is prescribed for determine the "maximum loan value per family credit with respect to nonresidential property and unit" from the table below; (4) multiply the "max- major additions and major improvements to nonimum loan value per family unit" by the number of residential structures: No such credit subject to family units in order to determine the maximum the regulation shall have a maturity of more than loan value of the multi-unit residential property, 25 years from the date such credit is extended. or the major addition or major improvement, as Amortization. For the purposes of Regulation X, the case may be. Where a major addition or the following amortization requirement is premajor improvement will change the number of scribed for credit with respect to nonresidential family units, the "value per family unit" shall be property and major additions and major improvecomputed on the basis of the number of family ments to nonresidential structures: With respect units which the multi-unit residence will con- to every such credit subject to the regulation, tain after the addition or improvement has been amortization payments shall be required which completed. In the case of credit extended with will fully liquidate the original principal amount respect to multi-unit residential property involv- of such credit not later than the date of the maing more than one such multi-unit residence, the turity of the credit through substantially equal maximum loan value shall be applied separately monthly, quarterly, semiannual, or annual paywith respect to each such multi-unit residence or ments covering principal and interest or through with respect to the entire property, at the election substantially equal monthly, quarterly, semianof the Registrant. nual, or annual payments of principal. If the "value per fam- The "maximum loan ily unit" is value per family unit" is Not more than $7,000 83% of "value per family unit" Maximum Maturity More than $7,000 but $5,810 plus 53% of ex- The maturity provision in the Supplement to not more than $15,- cess of "value per Regulation X provides for a maximum maturity of 000 family unit" over 20 years (or 25 years, in some cases) "from the date $7,000 such credit is extended." In trade practice, pro- More than $15,000 but $10,050 plus 20% of ex- vision often is made for the payment of the first not more than $23,- cess of "value per instalment of an amortized loan on the first day 500 family unit" over of the second calendar month after the month in $15,000 which the credit is extended. In order to permit Over $23,500 50% of "value per fam- this practice, the Board, in a ruling which appeared ily unit" on page 1621 of the BULLETIN for December, 1950, stated:. "# # # in calculating the maximum matur- SCHEDULE III. NONRESIDENTIAL PROPERTY ity of credit subject to the regulation, a Registrant Maximum Loan Value. For the purposes of Regu- may, at his option, use any date not more than 32 lation X, the maximum loan value of any non- days subsequent to the date such credit is residential property or major addition or major extended." improvement to a nonresidential structure shall Regulation X, as amended effective January 12, be 50 per cent of the "value" of the property, or 1951, provides in section 6(n) that "In calculating the major addition or major improvement, de- the maximum maturity of credit subject to this termined in accordance with section 2(7) of this regulation, a Registrant may use, at his option, as regulation. In the case of credit extended with 'the date such credit is extended', any date not more respect to nonresidential property involving more than 32 days subsequent to the actual date such than one nonresidential structure, the maximum credit is extended." loan value may be applied separately with respect Neither the interpretation of November 3, 1950, to each such structure, or with respect to the nor section 6(n) of the regulation means that the FEBRUARY 1951 161 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT first instalment of an amortized loan must be paid In a typical sale of real estate, where the real within 32 days after the date the credit is extended. estate broker acts as sales agent for the vendor, They do mean, in effect, that the maximum ma- the broker may also arrange the financing for the turity of credit subject to Regulation X may be 20 sale. In such cases, if the broker receives a fee years and 32 days (or, in some cases, 25 years and from a lender for his services in arranging the 32 days) from the actual date such credit is financing, whether the lender is the vendor or a extended. third party, the broker ordinarily would be con- For example, if a 20-year loan payable monthly sidered an agent for the lender. However, if the were closed on January 1, 1951, and the first pay- broker does not receive such a fee, but merely ment is made on March 1, 1951, the last payment contacts or otherwise negotiates with the lender would be made on February 1, 1971. Here the on behalf of the vendor or vendee, he ordinarily Registrant would be using February 1, 1951, which would not be considered an agent for the lender. is 31 days subsequent to the actual date such credit It is the opinion of the Board that a real estate is extended, as "the date such credit is extended," broker would be a Registrant under Regulation and the loan would mature 20 years from such X if, in his own right or as agent for a lender date. The loan, in effect, would have a maturity or as a fiduciary, he either (1) extends or has exof 20 years and 31 days from January 1, 1951, the tended such real estate credit more than three actual date such credit was extended. different times during the current calendar year or The principles of the interpretation of Novem- during the preceding calendar year, or (2) extends ber 3, 1950, and of section 6(n) of the regulation or has extended such real estate credit in an are not limited to monthly payment loans. The amount or amounts aggregating more than $50,amortization provision in the Supplement to Regu- 000 during the current calendar year or during lation X permits repayment through substantially the preceding calendar year. For this purpose, a equal monthly, quarterly, semi-annual, or annual transaction in which a real estate broker acts as payments. As a further illustration, in the case agent of the lender in arranging the financing as of a 20-year loan payable annually in 20 instal- described above is to be considered an extension ments, where the loan is closed on February 1, of credit by him. 1951, the first payment could be made on March 1, The mere fact, however, that a real estate broker 1952, because the last payment would be made and acting as sales agent in a sale of real property may the loan would mature on March 1, 1971. Here the be a Registrant does not affect a sale by a non- Registrant would be using March 1, 1951, which is Registrant, unless the real estate broker extends 28 days subsequent to the actual date such credit is or arranges as agent for an extension of real esextended, as "the date such credit is extended," and tate construction credit in connection with the sale. the loan would mature 20 years from such date. Under section 4(#)(6) of Regulation X, a sale in which the vendee assumes, or takes the property Real Estate Brokers subject to, a mortgage is not permissible if the An inquiry has been received by the Board of amount of outstanding credit (extended after Governors regarding the status under Regula- October 12, 1950, or January 12, 1951, as the case tion X of real estate brokers: When are they may be) exceeds the maximum loan value. How- Registrants and, in cases where they are, does this ever, this restriction is applicable only to a RegisafTect sales of real property by non-Registrants, trant who is acting as principal and, therefore, when the broker acts as the vendor's sales agent? does not apply to a real estate broker who is acting The second paragraph of section 1 of the regu- as agent in connection either with the sale or the lation provides that the regulation applies to any financing which may be involved. Of course, if person who is engaged in the business of extend- additional real estate construction credit over and ing certain real estate credit, "including any per- above the maximum loan value of the property son who acts as agent in arranging for such credit." were extended in connection with the sale, the The quoted phrase means that the regulation ap- other provisions of section 4 would apply to a plies to persons who are engaged in the business real estate broker who acted as agent in arranging of arranging for such credit as agents for lenders, for the extension of such additional credit in the not as agents for borrowers. manner described above. 162 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS Federal Reserve Meetings Dr. Compton succeeds Mr. Albert M. Creighton of Boston, Massachusetts, whose term expired. Meetings of the Federal Open Market Committee were held in Washington on January 31, and on Appointment of Branch Director February 6, 7, and 8, 1951. On January 18, 1951, the Federal Reserve Bank Changes in Board's Staff of Kansas City appointed Mr. Ramon B. Handy, Executive Vice President, The First National Bank Mr. John C. Baumann, who had been serving of Greeley, Greeley, Colorado, as a director of the as Assistant General Counsel since August 13, 1948, Denver Branch for the unexpired portion of the resigned effective January 31, 1951. Mr. Baumann term ending December 31, 1952, to succeed Mr. had been associated with the Board's Legal Division J. D. Allen, President, The First National Bank of since January 1, 1935. Eagle County, Eagle, Colorado, who resigned. Mr. Howard H. Hackley, Assistant Counsel, Death of Director was appointed Assistant General Counsel effective February 1, 1951, to succeed Mr. Baumann. Mr. Mr. J. R. Milam, President, The Cooper Com- Hackley has been serving in the Board's Legal pany, Inc., Waco, Texas, who had served as a Division since July 31, 1933. Class B director of the Federal Reserve Bank of Dallas since January 1, 1928, died on February 12, Appointment of Mr. Delos C. Johns as President 1951. of the Federal Reserve Bank of St. Louis to Succeed Mr. Chester C. Davis Federal Reserve Charts on Bank Credit, Money Rates, and Business Mr. Delos C. Johns, formerly Vice President, The Board of Governors has completed a revi- General Counsel and Secretary of the Federal Resion of the monthly Federal Reserve Chart Book serve Bank of Kansas City, was appointed President on Bank Credit, Money Rates, and Business. The of the Federal Reserve Bank of St. Louis effective first monthly issue of the revised charts, containing February 1, 1951, to succeed Mr. Chester C. Davis. all information available as of February 9 with Mr. Johns became associated with the Federal Respace for continuation through 1952, is now availserve System on July 16, 1945, as General Counsel able. The figures used in bringing the charts up and Secretary of the Federal Reserve Bank of to date will be published each month in the Federal Kansas City. Reserve BULLETIN (see pages 221-225 of this issue). Mr. Davis resigned as President of the Federal The annual subscription price for 12 issues of the Reserve Bank of St. Louis effective February 1, to Chart Book and a copy of the supplementary hisbecome Associate Director of the Ford Foundatorical Chart Book is $6.00. Single copies of tion. Immediately prior to becoming President of monthly issues or the historical supplement may the Federal Reserve Bank of St. Louis on April 15, be purchased for 60 cents each; in quantities of 10 1941, Mr. Davis had served as a member of the or more copies of a single issue for shipment to one Board of Governors of the Federal Reserve System address, there is a special price of 50 cents per copy. from June 25, 1936. Admission of State Bank to Membership in the Appointment of Class C Director Federal Reserve System On February 2, 1951, the Board of Governors The following State bank was admitted to announced the appointment of Dr. Karl T. Comp- membership in the Federal Reserve System during ton, Chairman of the Corporation, Massachusetts the period December 16, 1950 to January 15, 1951: Institute of Technology, Cambridge, Massachusetts, Kentucky as a Class C director of the Federal Reserve Bank of Boston for the unexpired portion of the term Flemingsburg—The People's Bank of Fleming; ending December 31, 1953. County, Kentucky. FEBRUARY 1951 163 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled January 29 and released for publication January 30] Industrial output was somewhat larger in Decem- put of producers equipment and munitions, mainly ber and January than during the autumn reflecting in the machinery and transportation equipment mainly further increases in output of producers industries, has shown substantial further gains since equipment and military supplies. Consumer de- last autumn. Passenger car assemblies are near the mand for most goods showed a sharp expansion average rate prevailing in 1950 when output was and business demands continued strong. Retail 30 per cent greater than in any other year. Proprices of consumer goods and wholesale commodity duction of most other consumer durable goods and prices showed more marked advances than in other building materials has been maintained close to recent months. The rate of expansion in bank the record levels reached in the second half of 1950. loans to business slackened in January. Production of nondurable goods in December On January 26, a Federal order established maxi- and early January has continued at peak rates, remum prices of most commodities at the highest flecting mainly a sustained volume of output of levels existing between December 19, 1950 and textile, paper, petroleum, and chemical products January 25, 1951. Wage and salary rates were 10 to 20 per cent above year-ago levels. fixed at the rates prevailing January 25 pending the Minerals output declined slightly in December, development of adjustment procedures. as activity at iron ore mines was reduced from the exceptionally high autumn rate and as crude petro- INDUSTRIAL PRODUCTION leum was curtailed somewhat. Petroleum output The Board's production index in December was increased again in mid-January to a new record rate. 216, and in January it is estimated that the index will be close to 220 per cent of the 1935-39 average. CONSTRUCTION The current level is about one-tenth higher than in Value of construction contract awards increased mid-1950 and one-fifth higher than a year ago. in December, reflecting a further contra-seasonal Output of durable manufactured goods has ex- expansion in awards for public work and gains in panded further following the temporary leveling private nonresidential awards. For the year, value off in November. Steel production, which had of awards was two-fifths larger than in 1949, with been reduced by severe weather conditions at the substantial increases in almost all categories. The end of November, has increased to a rate somewhat December rise in housing starts to 95,000 from above the earlier record reached in October. Out- 85,000 in November reflected a sharp increase in INDUSTRIAL PRODUCTION CONSTRUCTION CONTRACTS AWARDED fSICAL VOLUME. ! 1200 i ; •. _\ 800 \ • 400 1946 1948 1950 1946 1948 1950 1950 1946 Federal Reserve indexes. Monthly figures, latest shown are F. W. Dodge Corporation data for 37 Eastern States. for December. Monthly figures, latest shown are for December. 164 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS publicly-financed units. Total starts of almost COMMODITY PRICES 1,400,000 in 1950 were more than one-third greater Wholesale prices generally continued to advance than the previous record in 1949. during the first three weeks of January. Increases for basic commodities approached the rapid rate of EMPLOYMENT rise of the summer months. Marked advances Nonagricultural employment showed the usual also occurred in wholesale prices of numerous inlarge seasonal rise in December, reflecting mainly dustrial products and foods prior to the announcetemporary increases in trade and post office employ- ment of general price controls on January 26. ment. Average hours of factory workers rose to The consumers' price index rose 1.6 per cent 41.6 per week, the highest in Rve years, and average from mid-November to mid-December, the largest hourly earnings continued upward, reflecting in- monthly increase of the year, as retail food prices creases in wage rates and more overtime pay. advanced 3 per cent. Since that time retail prices have generally continued to rise; foods have ex- DISTRIBUTION ceeded the July 1948 high. Since the early part of December value of de- BANK CREDIT partment store sales has been considerably above Bank loans to business continued to expand corresponding periods of other recent years. Inrapidly in December but increases were less marked creases in sales of household durable goods have in the first three weeks of January. The expansion been large, as during the upsurge in buying last in real estate and consumer loans was smaller in summer and there have also been sharp increases the December-early January period than in previous in sales of apparel and various other goods. Despite months. record sales for this season, stocks have been main- Average interest rates charged by commercial tained at high levels as a result of the very large banks on short-term business loans rose from 2.6 volume of output. Purchases of new passenger per cent in the first half of September to 2.8 per automobiles have shown marked increases from cent in the first half of December. In early January, the reduced level reached in November which was leading city banks announced further increases in still about 10 per cent higher than in November rates to business borrowers. of any other year. Required reserves of member banks were raised CONSUMERS' PRICES by more than one billion dollars in mid-January 1935- 39= 100 as a result of the first step in the graduated increases in reserve requirement percentages announced in late December. Banks met this increase with funds obtained from a seasonal decline in currency in circulation and a reduction in Treasury deposits at Reserve Banks and by reducing excess reserves and selling Government securities. SECURITY MARKETS Yields on Government securities and high-grade corporate bonds continued to show little change during the first three weeks of January. Prices of common stocks rose further and, effective January 17, the Federal Reserve raised margin requirements 1942 1943 1944 1945 1946 Bureau of Labor Statistics' indexes. "All items" includes for purchasing or carrying securities from 50 per fuel and housefurnishings groups not shown separately. Mid- cent to 75 per cent. month figures, latest shown are for December. FEBRUARY 1951 165 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. 169-170 Federal Reserve Bank discount rates; rates on industrial loans; rates on time deposits; reserve requirements; margin requirements. 170-171 Federal Reserve Bank statistics. 172-176 Guaranteed Regulation V loans... 176 Deposits and reserves of member banks.. 177 Money in circulation. 178-179 Bank debits and deposit turnover; Postal Savings System. 179 All banks and the money supply 180 All banks in the United States, by classes. . . 181-183 All insured commercial banks in the United States, by classes 184-185 Weekly reporting member banks 186-189 Number of banking offices on Federal Reserve par list and not on par list 190 Commercial paper, bankers' acceptances, and brokers' balances. 191 Money rates; bank rates on business loans; bond yields. 192 Security prices and new issues. . . 193-194 Corporate sales, profits, and dividends. 195-196 Treasury finance. 197-199 Government corporations and credit agencies. . 200 Business indexes 201-210 Department store statistics. . 211-214 Cost of living. 214 Wholesale prices. .... ... 215 Gross national product, national income, and personal income 216-217 Consumer credit statistics ... 218-220 Current statistics for Federal Reserve chart books. 221-225 Earnings and expenses of Federal Reserve Banks during 1950 226-227 Changes in number of banking offices in the United States. 228 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. 167 FEBRUARY 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS WEDNESDAY FIGURES BILLIONS OF DOLLARS DEPOSITS jl 1942 1943 1944 1945 1946 1947 1948 1949 1950 TOTAL RESERVE BANK HOLDINGS OF U. S. GOVERNMENT SECURITIES I 15 10 0 1942 1943 1944 1945 1946 1947 1948 1949 1950 Wednesday figures, latest shown are for January 24. See page 169. 168 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 n c d - - e ts s To U ta . l S s . e B G cu o o n r v i d t e i s e rn s c m c B e a r e i t t l n e l i s f s t i , , - ot A he ll r1 Total s G to o c ld k T s r t o c e u r i a u n u n e r n r a g t c y - d - s y - - M in c t u o io c l n a n i e r - y - T h c i u r n o a e r l g s a d y h s s - - F u T B p e s w r R e r d o a y r e i s e n e t a v i r - d h k t s e a e s s - l - b p m N e o r e o s m n i d t - - e s - c O s F o e e R a t e r u r c h e d a v n - - e - l e t r s Total qu R ir e e - d3 c E e x ss - * and notes Wednesday figures: 1949—Dec. 7. 40717,931 7,512 10,419 289 18,62824,477 4,596 27,699 1,309 441 1,271 69016,291 15,395 896 Dec. 14. 10718,169 7,512 10,657 455 8,73124,476 4,596 27,701 1,314 393 1,273 69016,433 15,561 872 Dec. 21. 12818,538 7,237 11,301 842 9,50824,427 4,595 27,833 1,309 1,027 1,267 75616,337 15,523 814 Dec. 28. 14218,789 7,231 11,558 448 19,37924,427 4,598 27,765 1,314 987 1,281 75816,299 15,462 837 1950—Jan. 4. 9518,829 7,212 11,617 547 19,47124,427 4,597 27,551 1,319 547 1,304 71917,055 15,597 1,458 Jan. 11. 9918,230 11,065 315 18,64424,426 4,596 27,311 i,313 255 1,382 71916,686 15,593 1,093 Jan. 18. 9717,872 10,738 414 18,38324,426 4,596 27,121 1,315 381 1,380 71916,487 15,630 857 Jan. 25. 12117,764 10,634 416 18,30024,425 4,596 26,913 1,321 539 1,408 72116,419 15,617 802 Feb. 1. 45617,855 7,103 10,752 309 18,62024,395 4,599 26,928 1,318 637 1,478 72116,532 15,534 998 Feb. 8. 22317,656 6,969 10,687 267 18,14624,345 4,598 26,985 1,313 366 1,432 72716,265 15,456 809 Feb. 15. 26717,781 6,920 10,861 533 18,58124,343 4,598 26,993 1,313 671 1,419 72816,400 15,383 1,017 Feb. 21. 9417,625 6,887 10,738 373 18,09224,345 4,598 27,019 1,311 380 1,419 73116,176 15,428 748 Mar. 1. 31417,757 6,840 10,917 383 18,45424,345 4,600 27,060 1,316 555 1,444 73616,288 15,347 941 Mar. 8. 8717,846 6,804 11,042 431 18,36324,345 4,601 27,105 1,322 433 1,454 73916,258 15,261 997 Mar. 15. 7117,791 6,615 11,176 402 18,26424,320 4,601 27,023 1,307 9 1,315 75916,771 15,405 1,366 Mar. 22. 18617,573 6,529 11,044 277 18,03624,271 4,600 26,972 1,308 759 1,139 76115,969 15,324 645 Mar. 29. 36517,516 6,415 11,101 18,14424,246 4,599 26,969 1,321 997 1,155 76615,782 15,268 514 Apr. 5. 16817,572 6,357 11,215 392 18,13224,246 4,601 27,133 1,317 622 1,167 76915,971 15,209 762 Apr. 12. 16017,597 6,327 11,270 311 18,06824,247 4,600 27,072 1,313 587 1,177 76915,996 15,248 748 Apr. 19. 13717,410 6,220 11,190 381 17,92824,247 4,600 26,992 1,319 647 1,261 77115,786 15,265 521 Apr. 26. 17,640 6,204 11,436 282 18,14124,247 4,600 26,962 1,316 833 1,208 77215,898 15,243 655 May 3. 17,711 6,098 11,613 359 18,19224,247 4,602 27,051 1,326 678 1,287 71315,986 15,224 762 May 10. 9017,591 5,976 11,615 297 17,97824,249 4,602 27,041 1,318 533 1,314 71715,907 15,147 760 May 17. 7917,401 5,911 11,490 521 18,00124,230 4,601 26,980 1,294 426 1,293 71616,123 15,275 848 May 24. 10617,290 5,854 11,436 288 17,683 24,230 4,601 26,908 1,292 428 1,246 71815,922 15,305 617 May 31. 30617,389 5,802 11,587 239 17,93524,231 4,606 27,090 1,309 588 1,254 71815,814 15,288 526 June 7. 9417,672 5,726 11,946 377 18,14324,232 4,605 27,079 1,309 472 1,321 73316,067 15,350 717 June 14. 7917.693 5,681 12,012 498 18,27024,232 4,604 26,993 1,304 319 1,447 73516,309 15,433 876 June 21. 7417,679 5,650 12.029 508 18,26124,231 4,604 26,926 1,294 529 1,395 78416,169 15,522 647 June 28. 6918,217 5,644 12,573 281 18,56724,230 4,608 27,026 1,306 866 1,441 77815,988 15,462 526 July 5, 18,586 5,555 13,031 281 18,95024,231 4,607 27,315 1,302 645 1,470 80216,254 15,463 791 July 12. 18,294 5,411 12,883 399 18,75724,207 4,606 27,169 1,309 383 1,457 80416,448 15,544 904 July 19. 17,869 5,286 12,583 407 18,47524,207 4,606 27,029 1,310 525 1,462 80416,157 15,527 630 July 26. 35017,964 4,997 12,967 322 18,63624,157 4,605 26,915 1,315 504 1,439 80916,415 15,585 830 Aug. 2. 30118,143 4,860 13,283 318 18,76224,136 4,609 27,000 1,304 564 1,487 75716,395 15,553 842 Aug. 9. 26318,349 4,791 13,558 29; 18,90424,035 4,608 27,015 1,309 667 1,431 75916,366 15,535 831 Aug. 16. 10618,334 4,691 13,643 44< 18,88923,954 4,608 26,976 1,309 717 1,392 75916,298 15,613 685 Aug. 23. Hi 18,577 5,440 13,137 191 18,88323,803 4,609 26,963 1,308 562 1,272 74816,442 15,686 756 Aug. 30. 10' 18,584 6,551 12,033 288 18,97923,752 4,611 27,042 1,308 676 1,304 72816,285 15,767 518 Sept. 6. 9918,942 7,284 11,658 396 19,43823,577 4,613 27,259 1,311 511 1,220 71616,611 15,747 864 Sept. 13. 7119,064 8,233 10,831 529 19,66523,576 4,613 27,151 1,305 648 1,182 70316,865 15,934 931 Sept. 20. 5118,526 3,731 14,795 591 19,169 23,525 4,613 27,081 1,301 654 1,204 76816,299 15,946 353 Sept. 27. 19,353 3,773 15,580 601 20", 0"7"5 1 23,474 4,614 27,060 1,307 1,144 1,190 16,699 15,837 862 O O c c t t . . 11 4 . . 1 19 9 , , 5 3 0 7 ' 5 3 3, , 9 8 2 2 3 4 1 1 5 5 , , 5 5 5 8 1 4 4 5 7 5: 1 2 1 0 9 , , 0 97 4 2 4 2 2 3 3 , , 4 4 8 3 2 2 4 4 , , 6 6 1 1 7 8 2 27 7 , , 3 1 3 8 9 8 1 1 , , 3 3 0 1 8 6 8 5 4 0 8 8 1 1, V2 3 8 3 8 2 8 8 1 1 3 0 1 1 6 6 , , 6 7 2 8 6 9 1 1 5 5 , ,8 8 2 4 9 8 9 7 6 7 0 8 Oct. 18. 19,506 3,979 15,52 881 20,42623,291 4,617 27,228 1,313 449 1,292 so:17,245 15,995 1,250 Oct. 25. 19,229 4,058 15,171 19,75323,290 4,618 27,121 1,300 420 1,367 16,649 15,962 687 805 Nov. 1. 11119,291 4,198 15,093 19,86023,249 4,622 27,219 1,304 452 1,335 74816,674 15,947 727 Nov. 8. 29119,311 4,271 15,040 251 19,85323,198 4,622 27,388 1,292 298 1,324 748 16,625 15,906 719 Nov. 15. 7119,425 4,281 15,144 67520,17123,148 4,621 27,296 1,304 341 1,199 17,054 16,044 1,010 Nov. 22. 24719,296 4,268 15,028 619 20,16223,09 4,622 27,450 1,281 541 1,242 16,622 16,084 538 Nov. 29. 24019,569 4,346 15,223 69! 20,50123,03 4,626 27,543 1,298 564 1,218 74216,799 16,120 679 Dec. 6. 11020,239 4,571 15,668 573 20,92: 22,976 4,628 27,698 1,294 540 1,220 725 17,049 16,100 949 Dec. 13. 6920,529 4,820 15,709 74621,34422,926 4,628 27,759 1,294 451 1,213 71617,46. 16,365 ,100 Dec. 20. 5420,227 4,533 15,6941,58321,86422,796 4,630 27,929 1,291 685 1,208 76017,416 16,550 866 Dec. 27. ••30120,337 4,589 15,7481,08121,72022,795 4,631 27,916 1,295 786 1,215 76017,174 16,415 759 1951—Jan. 3. 2820,571 4,624 15,94 1,28121,879 22,706 4,634 2 7,685 1,299 546 1,250 74717,691 16,500 1,191 Jan. 10. 7320,461 4,674 15,787 70021,235 22,546 4,63 27,415 1,308 273 1,173 74.c 17,502 16,391 1,111 Jan. 17. 101 20,798 4,747 16,0511,02421,923 22,494 4,635 27,200 1,303 10. 1,11 74318,587 ?17,578noo Jan. 24. 273120,545 4,747 15,798 79021,608 22,443 4,635 27,028 1,303 256 1,095 743 18,260 P17,62 Jan. 31. 798J21.484 4,965 16,519 76923,051 22,392 4,638 27,045 1,301 80' 1,206 737 18,984 z>18,074 P Preliminary. r Revised. 1 Includes industrial loans and acceptances purchased shown separately in subsequent tables. 2 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. 169 FEBRUARY 1951 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 U. S s , e G cu o r v it e i r e n s ment T u re ry as- Money Treas- u T p r r o y e s a d it s e s - - Non- O F t e h d e - r Date or period co D a a u n d is n d - - ts c B er i t l i l f s i , - ot A he ll r1 Total s G to o c ld k s r o e ta n u n c t- d y - i c n t u i o c la n ir - - h c i o n a l g s d h s - Fe s w R e d r i e e t v r - h e al b p m e o r e s m d it e - s - s e R e a r r c e a v - - l e Total qu R ir e e - d1 c E es x s - 1 vances Total Bonds cates, ing Banks counts and 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 6,444 5,209 1941—Dec. 31... 3 2,254 1,467 787 104 2.361 22,737 3,247 11,160 2,215 867 1.360 291 12,450 9,3653,085 1945—Dec. 31... 249 24,262 947 23,315 580 25,091 20,065 4,339 28.515 2,287 977 1,308 495 15,915 14,457 1,458 1946—Dec. 31... 163 23,350 753 22,597 581 24,093 20,529 4,562 28,952 2,272 393 822 607 16,139 15,577 562 1947—June 30... 70 21,872 727 21,145 228 22,170 21,266 4,552 28,297 1,314 756 881 629 16,112 15,374 738 Dec. 31. .. 85 22,559 2,853 19,706 536 23,181 22,754 4,562 28,868 1,336 870 961 563 17,899 16,400 1,499 1948—June 30. .. 265 21,366 6,206 15,160 268 21,900 23,532 4,565 27,903 1,327 1,928 859 592 17,389 16,647 742 Dec. 31. .. 223 23,333 10,97712,356 542 24,097 24,244 4,589 28,224 1,325 1,123 1,189 590 20,479 19,277 1,202 1949—June 30... 103 19,343 7,780 11.563 250 19,696 24,466 4,597 27,493 L.307 438 941 713 17,867 16,919 948 Dec. 31... 78 18,885 7,218 11,667 536 19,499 24,427 4,598 27,600 1,312 821 1,517 706 16,568 15,550 1,018 1950—Jan. 145 17,827 7,112 10,715 354 18,326 24,395 4,599 26,941 1,311 677 1,460 720 16,211 15,513 698 Feb 131 17,746 6,857 10,889 349 18,226 24,345 4,602 27,068 1,310 666 1,426 730 15,973 15,390 583 Mar 225 17,592 6,397 11,195 253 18,070 24,246 4,602 27,042 1,315 1,006 L, 132 766 15,657 15,150 507 Apr. 113 17,796 6,155 11,641 392 18,301 24,247 4,603 27,048 1,308 858 1,347 712 15,878 15,202 676 May 306 17,389 5,802 11,587 239 17,935 24,231 4,606 27,090 1,309 588 1,254 718 15,814 15,288 526 June .. 43 18,331 5,618 12,713 329 18,703 24,231 4,607 27,156 1,298 950 1,431 771 15,934 15,498 436 July 220 17,969 4,888 13,081 277 18,466 24,136 4,609 27,010 1,304 566 1,443 759 16,129 15,534 595 Aug 83 18,356 6,768 11,588 381 18,820 23,627 4,613 27,120 1,304 733 L.190 724 15,989 15,770 219 Sept 72 19,572 3,793 15,779 695 20,340 23,483 4,618 27,161 1,322 1,114 1,374 759 16,709 15,821 888 Oct 116 19,252 4,180 15,072 431 19,798 23,249 4,623 27,228 L ,295 569 1.315 749 16,514 15,925 589 Nov 162 19,693 4,364 15,329 783 20,638 23,037 4,627 27,595 L.287 714 1J206 738 16,763 16,118 645 Dec 67 20,778 4,620 16,158 1,371 22,216 22,706 4,636 27,741 1^293 668 1,460 714 17,681 16,509 1,172 1951—Jan. 798 21,484 4,965 16,519 769 23,051P22.392?4,638^27,045 Pi,301 807 1,206 737 18,984 ^18,074 P910 Averages of daily figures: 1949—Nov. 215 17,664 7,528 10,136 347 18,226 24,533 4,593 27,477 1,311 457 1,296 691 16,119 15,308 811 Dec 189 18,287 7,36010,927 536 19,012 24,451 4,596 27,734 1,307 687 1,315 724 16,291 15,488 803 1950—Jan 101 18,082 7,15810,924 466 18,649 24,420 4,597 27,220 1,314 472 1,420 719 16,520 15,585 936 Nov 145 19,381 4,273 15,108 633 20,159 23,157 4.622 27.380 1 ,290 450 1,331 746 16,742 16,009 733 Dec. .. . 142 20,345 4,590 15,755 1,119 21,606 22,879 4,629 27,806 1,290 615 1,273 739 17,391 16,364 1,027 1951—Jan 213 20,699 4,736 15,963 927 21,839 22,523 4,635 27,304 1,297 368 1,199 742 18,088 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 1 Jan. 31, 1935Dec. 31, 1935 Jan. 1, 1936 Time Effective date deposits O S P a o t v h s i t e n a r g l d s S e a d p v e o i p s n o i g t s s s i t p s d a ep y o a s b i l t e s : of change C r b e e c a s n i e n t t r y k r v a s 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 ba e ( m n a k l b l s e ) r In 6 months or more In 90 days to 6 months. . . In less than 90 days 1938—Apr. 16 22M 12 5 1941—Nov. 1 26 20 A 14 6 e ti s o t N n ab O Q li T s . E h e .— d U n M b d y a e x r i t m h th e u i m s B R o r a e a r g t d e u s l o a t t f i h o a G n t o t v m h e e a r 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 o f b b e a R r n e k b g s a u n l a a k s - 1942— S O A e c u p t g . t . . 2 1 3 0 4 2 2 2 4 2 0 b m a a n y k s n o o r t t i r n u s a t n c y o m ev p e a n n t i e e s x o c n ee l d i ke th d e ep m o a s x it i s m u u n m d e r r a t t h e e p l a a y w a s b l o e f b th y e S S t t a a t t e e 1948— J F u e n b e . 2 1 7 1 2 2 4 2 in which the member bank is located. Maximum rates that may be Sept. 16 16 j y 1/ paid by insured nonmember banks as established by the F.D.I.C., Sept. 24 26 22 effective Feb. 1, 1936, are the same as those in effect for member banks. 1949—May 1 27 May 5 24 21 «7 June 30. . 20 *6 MARGIN REQUIREMENTS1 J A u u ly g . 1 1 1 1 4 3 [Per cent of market value] Aug. 11 2SH 193^ »5 Aug. 16 "u »5 Feb. 1, Mar. 30, Effec- Aug. 18 23 19 Prescribed in accordance with 1947- 1949- tive Aug. 25 22^ 1834 Securities Exchange Act of 1934 Mar. 29, Jan. 16, Jan. 17, Sept. 1 22 18 1949 1951 1951 1951— J J a a n n . . 1 11 6 23 19 13 2 3 6 6 Jan. 25 24 20 Regulation T: Feb. 1 14 For extensions of credit by brokers IneffectFeb.1,19514 24 20 14 6 and dealers on listed securities 75 50 75 For short sales 75 50 75 1 Demand deposits subject to reserve requirements, which beginning Regulation U: Aug. 23, 1935, have been total demand deposits minus cash items For loans by banks on stocks 75 50 75 in process of collection and demand balances due from domestic banks (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 8 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 thi3 table are the difference between 4 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 February 1947, p. 162. deposits at all member banks, 3 and 6 per cent, respectively. Back figures.—See Banking and Monetary Statistics, Table 107, p. 400. 170 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 d 1 3 b a y n d e li 1 g 3 ib a l ) e i 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 U 3) . S. Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Jan. 31 beginning— rate Jan. 31 beginning— rate Jan. 31 beginning— rate Boston Aug.21, 1950 Aug. 21,1950 Jan. 14, 1948 New York Aug.21, 1950 Aug. 21,1950 2 Oct. 30, 1942 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 4 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 I" Minneapolis. . Aug.22, 1950 Aug. 22,1950 Aug. 23, 1948 Kansas City. . Aug.25, 1950 Aug. 25,1950 Jan. 19, 1948 Dallas Aug.25, 1950 Aug. 25,1950 Feb. 14, 1948 San Francisco Aug.24, 1950 Aug. 24,1950 'Oct. 28, 1942 2 4 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. 2 Certain special rates to nonmember banks were in effect during the wartime period. NOTE.—Maximum maturities 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 Jan. 31 ginning— rate Maturities not exceeding five years 1- 90 days 1M Aug. 21, 1950 134 [In effect January 31. Per cent per annum] 91-120 days IK Aug. 21, 1950 121-180 days 2 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 com O m n it- Portion com On mit- FEES AND RATES ESTABLISHED UNDER REGULATION V loans * 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 January 31] Fees Payable to Guaranteeing Agency by Financing Institution on Boston () Guaranteed Portion of Loan New York 23^-5 Philadelphia 234-5 Cleveland 234~5 8 Guarantee fee Percentage of Richmond 2^-5 Percentage of (percentage of any commitment Atlanta 234-5 loan guaranteed interest payable fee charged Chicago 234-5 by borrower) borrower St. Louis 3 -5 Minneapolis.... 234-5 Kansas City.... 2^5 70 or less 10 10 Dallas 75 . 15 15 San Francisco.. . 234-5 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 1 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. 171 FEBRUARY 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 1951 1950 1951 1950 Jan. 31 Jan. 24 Jan. 17 Jan. 10 Jan. 3 Dec. 27 Dec. 20 Jan. Dec. Jan. Assets Gold certificates 20,564,902 20,621,90320,664,40220,704,404 20,870,40320,972,40620,982,40320,564,90220,880,40322,620,433 Redemption fund for F. R, notes 595,372 588,455 586,245 588,815 587,228 575,528 568,898 595,372 577,229 547,646 Total gold certificate reserves 21,160,274 21,210,358 21,250,647 21,293,219 21,457,631 21,547,934 21,551,301 21,160,274 21,457,632 23,168,079 Other cash 384,718 373,253 352,916 319,502 273,653 226,600 220,771 384,718 266,716 370,637 Discounts and advances: For member banks.. . 798,142 272,316 100,358 72,888 27,735 300,837 54,032 798,142 67,395 83,344 For nonmember banks, etc 61,889 Total discounts and advances 798,142 272,316 100,358 72,888 27,735 300,837 54,032 798,142 67,395 145,233 Industrial loans 3,445 3,246 3,301 3.287 2,572 2,397 2,399 3,445 2,556 2,115 U. S. Govt. securities: Bills 1,698,664 1,164,864 1,257,964 1,111,864 1,165,471 869,886 745,571 1,698,664 1,296,071 3,754,682 Certificates: Special Other 2,334,195 2,334,195 2,334,195 6,409,450 Notes 14,820,283 14,633,251 14,793,451 14,675,151 14,781,071 12,544,076 12,613,996 14,820,283 12,527,226 550,700 Bonds 4,965,425 4,746,625 4,746,925 4,674,375 4,623,975 4,589,275 4,532,875 4,965,425 4.620,075 7,112,100 Total U. S. Govt. securities 21,484,37220,544,740 20,798,340 20,461,390 20,570,51720,337,43220,226,63721,484,37220,777,567 17,826,932 Other Reserve Bank credit outstanding. . . 764,685 787,211 1,021,040 697,186 1,278,653 1,079,084 1,580,543 764,685 1,368,433 351,550 Total Reserve Bank credit outstanding 23,050,644 21,607,513 21,923 ,039 21,234.751 21,879,477 21,719,75021,863,611 23,050,64422,215,951 18,325,830 Liabilities Federal Reserve notes. . 23,026,321 23,008,53823,161.40123,341,139 23,544,04223,707,149 23,706,59023,026,32123,587,01822,926,479 Deposits: Member bank — reserve accounts 18,984,124 18,259,90318,587,01817,502,21217,690,94217,173,805 17,415,92418,984,12417,680,74416,211,201 U. S. Treasurer—general account 807,342 256,421 105,009 272,604 546,443 786,073 685,435 807,342 668,454 676,687 Foreign 866,455 850,321 904,410 857,590 942,032 920,546 900,201 866,455 895,442 907,996 Other 340,017 244,664 209,474 315,090 308,246 294,665 307,626 340,017 564,913 552,442 Total deposits 20,997,938 19,611,309 19,805,911 18,947,496 19,487,663 19,175,089 19,309,186 20,997,938 19,809,553 18,348,326 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent)... 48.1 I 49.8 49.5 50.4 49.9 50.2 50.1 48.1 49.4 56.1 I MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS (Callable Government securities classified according to nearest call date) [In thousands of dollars] Within 16 to 90 91 days to Over 1 year Over 5 years Over Total 15 days days 1 year to 5 years to 10 years 10 years Discounts and advances: Jan. 3 27 73S 25 616 ? 006 113 Jan. 10 72,888 70,960 1,817 111 Jan. 17 100 358 98 605 1 668 85 Jan. 24 272 316 267 417 4 812 87 Jan. 31 798 142 788 842 9 227 73 Industrial loans: Jan. 3 2,572 50 239 1,419 864 Jan. 10 3,287 169 233 1,336 1,549 Jan. 17 3 301 68 231 2 101 901 Jan. 24 3,246 62 219 2,066 899 Jan. 31 3 445 40 291 2 153 961 U. S. Government securities: Jan. 3 20,570,517 306,820 858,651 12,235,923 3,675,823 981,700 2,511,600 Tan. 10 20,461 390 294 313 817 551 12 084 303 3 763,523 981,700 2,520,000 Jan. 17 20,798,340 385,547 872,417 12,165,003 3,855,973 986,700 2,532,700 Jan. 24 20,544,740 355,174 809,690 12,007,303 3,853,473 986,700 2,532,400 Jan. 31 21,484,372 689,599 1,019,065 12,157,285 4,002,023 986,700 2,629,700 172 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 ve d - m Ri o c n h d - Atlanta Chicago Lo S u t. is M a i p n ol n i e s - Ka C n it s y as Dallas F c S r i a a sc n n o - Assets Gold certificates: 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 Jan. 3 20,870,403 769,242 6,701,3031,257,2711,418,612 936,126 854,1634,106,673 633,105 396,717 788,735 565,7222,442,734 Jan. 10 20,704,404 676,649 6,666,1341,194,1711,425,549 894,885 851,9314,211,028 615,233 378,916 786,495 555,6672,447,746 Jan. 17 20,664,402 735,918 6,727,1591,154,6351,390,393 854,858 865,4094,263,487 581,462 347,187 769,722 567,2152,406,957 Jan. 24 20,621,903 677,644 6,850,3221,192,7301,399,016 850,888 866,3444,160,975 583,220 362,461 743,500 549,5472,385,256 Redemption fund for F. R. notes: 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 Jan. 3 587,228 53,980 50,911 50,563 67,289 53,788 39,541 100,276 40,725 21,467 35,034 25,464 48,190 Jan. 10 588,815 53,782 50,129 50,137 67,037 57,843 39,361 100,034 40,651 21,432 34,963 25,410 48,036 Jan. 17 586,245 53,675 49,599 49,944 66,908 56,619 39,281 99,879 40,619 21,419 34,939 25,375 47,988 Jan. 24 588,455 53,546 49,240 49,708 71,240 55,726 39,168 99,712 40,571 21,399 34,905 25,336 47,904 Total gold certificate reserves: 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 Jan. 3 21,457,631 823,222 6,752,2141,307,8341 485,901 989,914 893,7044,206,949 673,830 418,184 823,769 591,1862,490,924 Tan. 10 21,293,219 730,431 6,716,2631,244,3081,492,586 952,728 891,2924,311,062 655,884 400,348 821,458 581,0772,495,782 Jan. 17 21,250,647 789,593 6,776,7581,204,5791,457,301 911,477 904,6904,363,366 622,081 368,606 804,661 592,5902,454,945 Jan. 24 21,210,358 731,190 6,899,5621,242,4381,470,256 906,614 905,5124,260,687 623,791 383,860 778,405 574,8832,433,160 Other cash: 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 Jan. 3 273,653 29,342 53,058 19,545 24,245 19,809 18,981 35,301 14,002 6,048 10,630 11,458 31,234 Tan. 10 319,502 33,243 63,201 23,394 25,644 23,298 21,805 44,730 14,983 7,322 12,366 14,065 35,451 Jan. 17 352,916 37,300 70,664 26,027 32,134 24,886 21,585 48,507 15,963 7,208 14,093 15,602 38,947 Jan. 24 373,253 39,213 70,388 25,829 30,803 27,416 26,240 52,965 16,996 8,466 14,305 16,425 44,207 Discounts & advances : Secured bv U. S. Govt. securities: 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 Tan. 3.. 27,290 525 7,780 3,570 2,500 75 4,125 200 2,700 5,000 815 Jan. 10.. 72,744 1,550 45,525 3,770 17,115 75 122 1,200 1,700 372 315 1,000 Jan. 17.. 100,224 170 37,805 4,175 7,075 2,675 4,772 36,550 2,800 222 3,980 Jan. 24.. 271,157 3,170 57,935 5,220 38,525 6,250 17,062 98,075 12,150 21,322 4,748 6,700 Other: Dec. 27. . 155 49 106 Jan. 3. . 445 49 300 96 Tan. 10.. 144 49 95 Jan. 17.. 134 39 95 Jan. 24. . 1,159 65 94 1.000 Industrial loans: Dec. 27 2,397 27 2,053 1 123 7 186 Jan. 3 2,572 27 2,218 1 130 7 189 Jan 10 3,287 26 2,191 1 130 7 188 744 Jan. 17 3,301 26 2,212 1 126 7 188 741 Jan. 24 3,246 26 2,156 1 129 7 186 741 U. S. Govt. securities: Bills: 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 Tan. 3.... 1,165,471 73,137 270,202 73,332 108,866 77,495 62,887 173,836 63,540 36,999 54,875 55,771 114,531 Jan. 10.... 1,111,864 61,709 265,839 69,959 103,858 73,931 59,994 165,840 60,617 35,297 52,351 53,206 109,263 Jan. 17.... 1,257,964 18,884 356,185 79,152 117,505 83,645 67,877 187,632 64,100 39,936 59,230 60,197 123,621 Jan. 24.... 1,164,864 4,582 342,367 73,294 108,808 77,454 62,854 173,746 59,718 36,980 54,847 55,742 114,472 Certificates: 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 Tan 3 Jan. 10 Tan 17 Jan. 24 Notes: 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 Jan. 3....14,781,071 1,049,145 3,305,239 930,0251,380,700 982,838 797,5722,204,671 805,849 469,240 695,952 707,3041,452,536 Tan. 10 14,675,151 1,041,628 3,281,555 923,3601,370,806 975,795 791,8562,188,872 800,075 465,877 690,965 702,2351,442,127 Jan. 17.... 14,793,451 1,050,024 3,308,008 930,8041,381,856 983,661 798,2402,206,517 806,524 469,633 696,535 707,8961,453,753 Jan. 24 14,633,251 1,038,653 3,272,185 920,7241,366,892 973,009 789,5962,182,623 797,790 464,547 688,992 700,2301,438,010 Bonds: 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 Jan. 3 4,623,975 328,206 1,033,981 290,940 431,925 307,462 249,505 689,689 252,095 146,793 217,715 221,266 454,398 Jan. 10.... 4,674,375 331,782 1,045,251 294,112 436,633 310,813 252,225 697,207 254,842 148,393 220,088 223,678 459,351 Jan. 17.... 4,746,925 336,932 1,061,474 298,676 443,411 315,637 256,139 708,028 258,798 150,696 223,504 227,150 466,480 Jan. 24.... 4,746,625 336,911 1,061,407 298,658 443,382 315,617 256,123 707,982 258,782 150,687 223,490 227,136 466,450 Total U. S. Govt. securities: 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 Jan. 3 20,570,517 1,450,488 4,609,4221,294,2971,921,4911,367,7951,109,9643,068,1961,121,484 653,032 968,542 984,3412,021,465 Jan. 10 20,461,390 1,435,119 4,592,6451,287,4311,911,2971,360,5391,104,0753,051,9191,115,534 649,567 963,404 979,1192,010,741 Jan. 17 20,798,340 1,405,840 4,725,6671,308,6321,942,7721,382,9431,122,2563,102,1771,129,422 660,265 979,269 995,2432,043,854 Jan. 24 20,544,740 1,380,146 4,675,9591,292,6761,919,0821,366,0801,108,5733,064,3511,116,290 652,214 967,329 983,1082,018,932 173 FEBRUARY 1951 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 ra an ncisco Assets (cont.) Total loans and securities: Dec. 27 20,640,666 1,403,144 4,920,125 1,361,0411,903,3441,326,2211,099,9153,096,5811,144,958 629,504 947,730 921,6741,886,429 Jan. 3 20,600,824 1,451,013 4,617,229 1,300,0851,924,0411,368,3001,114,0963,068,4921,124,184 658,221 969,357 984,3412,021,465 Jan. 10 20,537,565 1,436,669 4,638,196 1,293,3921,928,4621,360,7441,104,2043,053,2141,117,234 650,127 963,719 979,1192,012,485 Jan. 17 20,901,999 1,406,010 4,763,4981,315,0191,949,8871,385,7441,127,0353,138,822 1,132,222 660,675 983,249 995,2432,044,595 Jan. 24...... 20,820,302 1,383,316 4,733,920 1,300,0521,957,6731,372,4591,125,6423,162,5201,128,440 673,722 973,077 983,1082,026,373 Due from foreign banks: Dec. 27 24 2 I 7 2 2 1 1 3 1 1 1 2 Jan. 3 24 2 2 2 1 1 3 1 1 1 2 Jan. 10 24 2 2 2 1 1 3 1 1 1 2 Jan. 17 24 2 2 2 1 1 3 1 1 1 2 Jan. 24 .... 24 2 2 2 1 1 3 1 1 1 2 Federal Reserve notes of other Banks: 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 Jan. 3 167,615 5,364 22,960 10,558 10,632 34,621 18,512 19,101 8 878 5,663 8,421 8,746 14 159 Jan. 10 186,529 7,209 26,390 8,450 12,331 41,128 21,001 20,959 8,687 5,598 7,681 9,210 17,885 Jan 17 183,555 8,464 26,746 8,096 10,845 41,528 16,201 20,353 9,839 5,782 8,148 8,538 19,015 Jan. 24.. 171,692 5,860 20,330 6,223 9,001 44,576 16,662 18,765 8,118 6,354 7,366 8,248 20,189 Uncollected cash items: 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 Jan. 3. 4,301,643 394,740 924,151 261,078 399,858 366,575 289,996 692,653 192,983 105,844 219,627 184,799 269,339 Jan. 10 3,215,259 260,961 578,244 194,725 295,403 265,297 218,354 559,020 143,702 97,170 181,949 145,349 275,085 Jan. 17 4,033,542 333,343 751,723 253,870 425,647 321,568 271,971 669,800 173,109 103,906 206,416 180,991 341,198 Jan. 24. 3,606,409 318,474 626,305 210,609 338,228 279,775 268,733 574,844 178,333 102,934 201,123 186,512 320,539 Bank premises: 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 Jan. 3 39,957 1,073 7,657 2,920 4,794 2,871 1,720 5,062 3,509 1,114 2,623 677 5,937 Jan, 10 40,083 1,073 7,657 2,920 4,794 2,883 1,810 5,062 3,509 1,114 2,623 677 5,961 Jan. 17 40,242 1,073 7,657 2,920 4,790 2,887 1,810 5,169 3,526 1,114 2,623 677 5,996 Jan 24 40,265 1,073 7,657 2,915 4,790 2,916 1,809 5,169 3,526 1,114 2,623 677 5,996 Other assets: 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 Jan. 3 89,597 6,572 19,766 5,478 8,436 6,099 4,734 13,501 4,686 2,753 4,450 4,214 8,908 Jan. 10 96,126 6,904 21,586 5,820 8,963 6,650 5,016 14,488 4,997 2,936 4,786 4,445 9,535 Jan. 17 103,464 7,395 23,026 6,215 9,956 7,015 5,428 15,638 5,390 3,214 5,057 4,875 10,255 Jan. 24 108,520 7,718 24,227 6,599 10,438 7,151 5,749 16,089 5,751 3,421 5,305 5,223 10,849 Total assets: 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 Jan. 3 46,930,944 2,711,32812,397,0422,907,5003,857,9092,788,1902,341,7448,041,0622,022,073 1,197,8282,038,8781,785,4224,841,968 Jan. 10 45,688,307 2,476,492 12,051,5442,773,0113,768,1852,652,7292,263,4838,008,5381,948,9971,164,6161,994,5831,733,9434,852,186 Jan. 17 46,866,389 2,583,18012,420,0792,816,7283,890,5622,695,1062,348,7218,261,6581,962,1311,150,5062,024,2481,798,5174,914,953 Jan. 24 46,330,823 2,486,846 12,382,3962,794,6673,821,1912,640,9082,350,3488,091,0421,964,9561,179,8721,982,2051,775,0774,861,315 Liabilities Federal Reserve notes: Dec. 27 23,707,149 1,445,741 5,340,4361,683,2942,129,3341,635,8121,284,7474,563,2431,101,620 612,302 922,435 648,4022,339,783 Jan. 3 23,544,042 1,425,571 5,313,4471,665,1222,112,2081,617,5611,273,0304,546,112 1,095,460 610,156 918,536 641,3782,325,461 Jan. 10 23,341,139 1,411,564 5,251,1561,650,5862,098,619 1,596,6971,258,8084,519,254 1,085,758 608,857 914,760 630,7712,314,309 Jan. 17 23,161,401 1,400,213 5,213,9301,639,5012,083,1061,579,5961,250,5204,493,933 1,078,860 605,149 907,442 622,2172,286,934 Jan. 24 23,008,538 1,392,684 5,181 ^481,628,7092,072,8111 563 8801,237,6244,471,387 1,070,993 602,151 903,064 619,0212,264,866 Deposits: Member bank —reserve accounts: 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 Jan. 3. . 17,690,942 814,020 5,667,791 832,2061,279,611 728,985 719,3322,746,682 680,772 425,277 848,576 872,5672,075,123 Jan. 10.. 17,502,212 736,789 5,547,365 816,9231,258,591 727,460 727,1262,809,228 649,151 412,156 841,032 881,1572,095,234 Jan. 17.. 18,587,018 810,252 5,928,663 847,5201,358,500 762,377 793,9213,023,627 672,126 413,448 877,367 946,8642,152,353 Jan. 24.. 18,259,903 743,320 5,786,858 860,9941,333,438 757,462 796,1432,951,887 670,631 446,023 847,450 921,9532,143,744 U. S. Treasurer—general account: 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 Jan. 3. . 546,443 45,826 81,673 62,533 51,935 36,539 42,593 58,619 40,542 29,511 29,910 31,136 35,626 Jan. 10.. 272,604 14,259 52,202 14,874 26,349 15,754 15,192 31,288 17,519 19,713 19,987 18,350 27,117 Jan. 17.. 105,009 1,791 89,942 414 539 2,077 1,869 485 563 10 1,637 2,683 2,999 Jan. 24.. 256,421 554 248,699 283 577 580 2,095 500 589 225 508 568 1,243 Foreign: 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 Jan. 3.. 942,032 58,647 2303,421 74,472 84,712 46,545 39,098 128,464 33,512 23,273 34,443 32,582 82,863 Jan. 10.. 857,590 52,427 2271,578 66,802 78,641 42,280 35,515 116,693 31,287 21,140 31,287 31,287 78,653 Jan. 17.. 904,410 54,913 2290,608 69,970 82,370 44,285 37,199 122,227 32,771 22,143 32,771 32,771 82,382 Jan. 24.. 850,321 52,415 2264,445 66,787 78,622 42,270 35,507 116,665 31,280 21,135 31,280 31,280 78,635 Other: 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 Jan. 3.. 308,246 4,328 236,477 2,440 8,789 2,992 877 2,889 7,278 1,209 2,154 1,407 37,406 Jan. 10.. 315,090 6,637 242,650 2,215 7,997 4,227 648 2,200 7,540 1,012 1,447 594 37,923 Jan. 17.. 209,474 6,394 135,273 3,375 7,442 3,626 495 2,493 6,154 1,528 1,517 673 40,504 Jan. 24.. 244,664 5,343 175,863 1,686 6,914 2,445 540 2,163 7,411 2,520 470 517 38,792 1 After deducting $17,000 participations of other Federal Reserve Banks on Dec. 27; Jan. 3; Jan. 10; Jan. 17; and Jan. 24. * After deducting $628,650,000 participations of other Federal Reserve Banks on Dec. 27; $638,597,000 on Jan. 3; $586,001,000 on Jan. 10; $613,790,000 on Jan. 17; and $585,862,000 on Jan. 24. 174 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 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 ra an ncisco Liabilities (cont.) Total deposits: 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 Jan. 3.... 19,487,663 922,821 6,289,362 971,6511,425,047 815,061 801,9002,936,654 762,104 479,270 915,083 937,6922,231,018 Jan. 10.... 18,947,496 810,112 6,113,795 900,8141,371,578 789,721 778,4812,959,409 705,497 454,021 893,753 931,3882,238,927 Jan. 17.... 19,805,911 873,350 6,444,486 921,279 1,448,851 812,365 833,4843,148,832 711,614 437,129 913,292 982,9912,278,238 Jan. 24.... 19,611,309 801,632 6,475,865 929,7501,419,551 802,757 834,2853,071,215 709,911 469,903 879,708 954,3182,262,414 Deferred availability cash items: 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 Jan. 3.... 3,023,014 307,236 535,828 202,666 239,137 309,614 228,194 437,477 130,006 84,211 170,965 173,025 204,655 Jan. 10 2,518,097 198,730 426,777 153,160 215,971 219,956 187,149 408,367 122,943 77,788 151,466 138,194 217,596 Jan. 17 3,012,526 253,307 500,759 187,206 275,963 256,494 225,414 496,565 136,677 84,180 168,712 159,234 268,015 Jan. 24 2,819,222 235,974 463,015 167,123 246,136 227,241 238,792 425,250 148,761 83,545 164,367 167,343 251,675 Other liabilities and accrued dividends: Dec. 27. ... 12,703 937 4,168 689 1,343 519 508 1,755 471 338 411 539 1,025 Jan. 3 5,734 616 1,695 200 527 200 168 830 190 664 180 130 334 Jan. 10.... 6,445 652 2,175 265 607 267 231 870 261 227 228 179 483 Jan. 17.... 6,978 647 2,285 245 804 245 239 995 216 192 230 285 595 Jan. 24.... 8,195 542 2,535 311 957 326 328 1,159 307 282 278 364 806 Total liabilities: Dec. 27.... 45,546,103 2,540,456 11,964,4562,748,4973,855,5892,644,9072,280,7008,038,8171,950,9601,125,8321,934,2771,694,2004,767,412 Jan. 3.... 46,060,453 2,656,24412,140,3322,839,6393,776,9192,742,4362,303,292 7,921,0731,987,7601,174,3012,004,764 1,752,2254,761,468 Jan. 10.... 44,813,177 2,421,05811,793,9032,704,8253,686,7752,606,6412,224,6697,887,9001,914,4591,140,8931,960,2071,700,5324,771,315 Jan. 17 45,986,816 2,527,517 12,161,4602,748,2313,808,7242,648,7002,309,6578,140,3251,927,3671,126,6501,989,6761,764,7274,833,782 Jan. 24.... 45,447,264 2,430,832 12,122,7632,725,8933,739,4552,594,2042,311,0297,969,0111,929,9721,155,8811,947,4171,741,0464,779,761 Capital Accts. Capital paid in: 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 Jan. 3 225,664 12,225 73,422 15,687 22,105 9,863 8,998 28,946 7,407 5,087 8,318 9,616 23,990 Jan. 10.... 226,339 12,227 73,482 15,766 22,146 9,933 9,148 28,987 7,428 5,160 8,393 9,637 24,032 Jan. 17.... 226,785 12,233 73,523 15,811 22,171 9,970 9,178 29,031 7,434 5,165 8,419 9,814 24,036 Jan. 24 226,700 12,236 73,642 15,835 21,682 9,992 9,212 29,103 7,443 5,171 8,433 9,860 24,091 Surplus: (section 7): 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 Jan. 3 510,022 32,246 153,290 39,710 48,014 25,167 22,369 75,345 20,295 13,168 19,047 16,852 44,519 Jan. 10 510,022 32,246 153,290 39,710 48,014 25,167 22,369 75,345 20,295 13,168 19,047 16,852 44,519 Jan. 17.... 510,022 32,246 153,290 39,710 48,014 25,167 22,369 75,345 20,295 13,168 19,047 16,852 44,519 Jan. 24.... 510,022 32,246 153,290 39,710 48,014 25,167 22,369 75,345 20,295 13,168 19,047 16,852 44,519 (section 13b): 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 Jan. 3 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Jan. 10.... 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Jan. 17.... 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Jan. 24.... 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.: 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 Jan. 3.... 107,262 7,602 22,679 7,975 9,865 7,375 6,323 14,269 6,090 4,199 5,612 5,422 9,851 Jan. 10.... 111,226 7,950 23,550 8,221 10,244 7,639 6,535 14,877 6,294 4,322 5,799 5,615 10,180 Jan. 17 115,223 8,173 24,487 8,487 10,647 7,920 6,755 15,528 6,514 4,450 5,969 5,817 10,476 Jan. 24.... 119,294 8,521 25,382 8,740 11,034 8,196 6,976 16,154 6,725 4,579 6,171 6,012 10,804 Total liabilities and cap. accts.: 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 Jan. 3.... 46,930,944 2,711,32812,397,0422,907,5003.857,9092,788,1902,341,7448,041,0622,022,0731,197,8282,038,8781,785,4224,841,968 Jan. 10.... 45,688,307 2,476,492 12,051,5442,773,0113,768,1852,652,7292,263,4838,008,5381,948,9971,164,6161,994,5831,733,9434,852,186 Jan. 17 46,866,389 2,583,180 12,420,0792,816,7283,890,5622,695,1062,348,7218,261,6581,962,1311,150,5062,024,2481,798,5174,914,953 Jan. 24.... 46,330,823 2,486,84612,382,3962,794,6673,821,1912,640,9082,350,3488,091,0421,964,9561,179,8721,982,2051,775,0774,861,315 Contingent liability on acceptances purchased for foreign correspondents: Dec. 27.... 21,647 1,364 16,797 1,732 1,970 1,082 909 2,987 779 541 801 758 1,927 Jan. 3.... 22,078 1,391 !6,932 1,766 2,009 1,104 927 3,047 795 552 817 773 1,965 Jan. 10 25,042 1,553 17,686 1,978 2,329 1,252 1,052 3,456 927 626 927 927 2,329 Jan. 17.... 25,911 1,607 17,952 2,047 2,410 1,296 1,088 3,576 959 648 959 959 2,410 Jan. 24.... 25,444 1,578 17,809 2,010 2,366 1,272 1,069 3,512 942 636 942 942 2,366 Industrial loan commitments: Dec. 27. ... 3,690 529 458 54 242 500 500 1,407 Jan. 3.... 3,688 527 458 54 242 500 500 1,407 Jan. 10.... 2,445 551 473 54 228 500 500 139 Jan. 17... 2,417 522 473 54 226 500 500 142 Jan. 24...! 2,468 573 473 54 226 500 500 142 1 After deducting $14,850,000 participations of other Federal Reserve Banks on Dec. 27; $15,146,000 on Jan. 3; $17,356,000 on Jan. 10; $17,959,000 on Jan. 17; and $17,635,000 on Jan. 24. FEBRUARY 1951 175 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 [In thousand of dollars] Total Boston Y N o ew rk - 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 i o n l n i e s - K C an it s y as Dallas F c r S i a s a n c n o - F.R. notes outstanding (issued to Bank): Dec. 27 24,562,5181,499,5735,500,2721,729,7482,210,1241,699,4761,368,8454,666,3751,143,100 623,873 950,754 685,5712,484,807 Jan. 3 24,518,3311,495,2955,503,4111,724,027 2,204,0771,694,8851,360,546 4,664,8311,137,915623,207 955,567685,1572,469,413 Jan. 10 24,397,0581,493,965 5,477,2461,710,8562,195,1311,681,0751,348,7214,647,9091,130,242621,346 949,261679,1222,462,184 Jan. 17 24,267,2671,488,075 5,462,7941,702,3622,181,9411,654,2501,339,936 4,627,7801,122,238619,434 942,971674,655 2,450,831 Jan. 24 24,145,6191,488,825 5,420,0031,692,5882,175,6801,638,9911,333,1034,611,7061,119,744617,082 938,523 668,6062,440,768 Collateral held against notes outstanding: Gold certificates: Dec. 27 13,604,000 440,000 4,570,000 750,000 865,000 700,000 625,000 2,700,000 350,000210,000 280,000214,0001,900,000 Jan. 3 13,404,000 440,000 4,570,000 750,000 865,000 700,000 625,000 2',,7'00,000 350,000 210,000 280,000214,0001,700,000 Jan. 10 13,304,000 440,000 4,570,000 750,000 865,000 600,000 625,,00"0 0~ 2,700,000 350,000 210,000 280,000214,000 1,700,000 Jan. 17 13,304,000 440,000 4,570,000 750,000 865,000 600,000 625,000 Z2,,7\00,000 350,000210,000 280,000 214,0001,700,000 Jan. 24 13,244,000 440,000 4,570,000 750,000 765,000 600,000 625,,0000 2,750,000 350,000200,000 280,000 214,0001,700,000 Eligible paper: Dec. 27 241,160 3,425 145,630 8,790 13,875 25,000 1,150 5,590 37,700 Jan. 3 20,315 525 7,630 3,570 75 2,700 5,000 815 Jan. 10 54,307 1,550 45,525 3,770 75 1,700 372 315 Y,666 Jan. 17 51,627 170 37,605 4,175 2,675 2,800 222 3,980 Jan. 24 113,730 3,170 57,170 5,220 6,250 12,150 21,322 5,748 2,700 U. S. Govt. sec: Dec. 27 11,565,0001,100,000 1,000,0001,000,0001,350,0001,015,000 750,000 2,000,000 900,000 450,000 00,000 500,000 800,000 Jan. 3 11,865,0001,100,0001,100,0001,000,0001,350,0001,015,000 750,000 2,000,000 900,000 450,000 700,000500,0001,000,000 Jan. 10 11,965,0001,100,0001,100,0001,000,0001,350,0001,115,000 750,000 2,000,000 900,000 450,000 770000,,000000 550000,,0000001,000,000 Jan. 17 11,965,0001,100,0001,100,0001,000,0001,350,0001,115,000 750,000 2,000,000 900,000 450,000 770000,,000000 550000,,0000001,000,000 Jan. 24 11,940,0001,100,0001,100,0001,000,0001,425,0001,115,000 750,0001,900,000 900,000 450,000 700,000500,0001,000,000 Total collateral: Dec. 27 25,410,160 1,543,4255,715,6301,758,7902,215,0001,728,8751,375,000 4,700,0001,275,000 661,150 985,590 14,000 2,737,700 Jan. 3 25,289,315 1,540,5255,677,6301,753,5702,215,0001,715,0751,375,000 4,700,0001,252,700 665,000 980,815 14,000 2,,7:00,000 Jan. 10 25,323,307 1,541,5505,715,5251,753,7702,215,0001,715,0751,375,000 4,,700,0001,251,700 660,372 980,315714,000 i2,701,000 Jan. 17 25,320,627 1,540,170 5,707,6051,754,17 ,215,0001,717,6751,375,000 4,700,0001,252,800 660,222 983,980 714,000 2,700,000 Jan. 24 25,297,730 1,543,1705,727,1701,755,2;20 2,190,0001,721,2501,375,000 4,650,0001,262,150 671,322 985,748714,0002,702,700 LOANS GUARANTEED THROUGH FEDERAL RESERVE INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS BANKS UNDER REGULATION V, PURSUANT TO [Amounts in thousands of dollars] DEFENSE PRODUCTION ACT OF 1950 AND EX [A E m C o U u T nt I s V i E n th O o R u D sa E n R ds N of O d . o ll 1 a 0 rs 1 ] 61 W D e a d te n e ( s la d s a 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 u r A o t p v n - e o d t L o o u a t n - s C m om en m ts it-o in P p f g a a f t r i i i n t o n i a c n s n i t s - c i- or last day com- standing2 out- tutions of period) pleted 1 (amount) standing out- Gua a r u a t n h t o e r e i d z e l d oans Gua lo ra a n ns teed A a d m di o ti u o n n t al N b u e m r - Amount (amount) (amount) ( s a t m an o d u i n n t g ) to date outstanding available to Date u b n o d r e r r o w gu er a s r- 1944 3,489 525,532 1,295 3,894 4,165 2,705 N b u e m r - Amount a T m o o t u a n l t g P u o t a e r e r ti a d o n n - a o n u t t e m s e t e a n a n g t d s r i e n e g - 1 1 19 9 9 4 4 4 7 5 6 .... 3 3 3 , , , 5 5 5 4 1 7 2 1 4 5 5 58 6 4 6 5 4 , , , 7 9 9 2 1 6 6 3 1 4,5 3 9 7 2 4 7 0 5 1 1 , , 9 3 5 8 9 5 7 5 4 8 7 1 , , ,6 3 4 4 3 0 4 4 9 2 4 1 , , , 8 6 68 6 7 6 9 0 1948 3,607 615,653 335 995 1,643 1,990 1949 1950 Nov. 30. .. 3,644 628,523 1,277 1,954 1,818 2,848 Oct. 31. . . 3 1,000 Dec. 31. . . 3,649 629 326 539 2,178 2,288 2,947 Nov. 30. .. 23 13,585 2,340 2,232 3,335 1950 Dec. 31... 62 31,306 8,017 6,265 8,299 Jan. 31. .. 3,652 629,764 544 2,223 1,941 2,649 Feb. 28... 3,655 630,209 223 2,505 1,197 2,628 NOTE.—The difference between guaranteed loans authorized and Mar. 31. .. 3,663 632,049 1,225 2,673 1,272 2,651 sum of loans outstanding and additional amounts available to bor- Apr. 29... 3,667 632,573 1,172 2,665 1,288 2,652 rowers under guarantee agreements outstanding represents amounts May 31. .. 3,670 633,124 1,306 2,675 1,286 2,641 repaid, guarantees available but not completed, and authorizations June 30. .. 3,677 638,015 4,416 2,779 1,352 2,731 expired or withdrawn. July 31. . . 3,680 639,158 4,362 2,479 1,729 2,753 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 Oct. 31. .. 3,692 647,432 5,108 2,307 3,035 3,707 Nov. 30. .. 3,695 649,748 5 519 2 413 3,466 4,050 Dec. 30. .. 3,698 651,389 4,819 2,632 3,754 3,745 1 Includes applications approved conditionally by the Federal Reserve Banks and under consideration by applicant. 2 Includes industrial loans past due 3 months or more, which are not included in industrial loans outstanding in weekly statement of condition of Federal Reserve Banks. NOTE.—The difference between amount of applications approved and the sum of the following four columns represents repayments of advances, and applications for loans and commitments withdrawn or expired. 176 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 R a 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 a R e i n r 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 December 1950 Second half of December 1950 Gross demand deposits: Total 98,337 22,466 5,671 37,435 32,766 101,194 22,968 5,870 38,910 33,447 Interbank 11,771 3,920 1,116 5,688 1,047 12,541 4,144 1,206 6,113 1,078 Other 86,566 18,546 4,554 31,747 31,719 88,653 18,824 4,664 32,796 32,368 Net demand deposits 2 85,679 20,408 5,108 32,295 27,867 87,014 20,676 5,219 33,005 28,114 Demand deposits adjusted 3. 77,700 78,700 Time deposits 4 29,297 1,8 1,094 11,544 14,780 29,443 1,964 1,097 11,593 14,790 Demand balances due from domestic banks... 5,905 37 136 1,864 3,867 6,354 47 131 2,005 4,171 Reserves with Federal Reserve Banks: Total 17,252 4,775 1,200 6,611 4,666 17,522 4,711 1,197 6,763 4,851 Required 16,236 4,584 1,178 6,390 4,083 16,484 4,647 1,203 6,521 4,113 Excess 1,016 191 22 221 583 1,038 64 -6 242 738 Borrowings at Federal Reserve Banks 86 50 33 196 111 51 25 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. 2 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. 3 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. MEMBER BANK RESERVES AND BORROWINGS DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND [Averages of daily figures. In millions of dollars] SMALL CENTERS i [Averages of daily figures. In millions of dollars] Central reserve week en M di o n n g t h W , o e r dnesday m b A e e m l r l - city t)anks s R e ^i r e t v - y e b C a t o n r u y k n s - a I n n d p o l v ac e e r s p o o f p u 1 l 5 a ,0 ti 0 o 0 n I 1 n 5 , p 0 l 0 a 0 c e p s o o p f u l u a n ti d o e n r banks 1 New Chi- banks York cago Demand Demand Total reserves held: d e e i x n p c t o e e s r p i - t t s 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 1949—December 16,291 4 462 1,144 6,251 4,434 bank bank 1950—November. . . . 16,742 4 450 1,165 6,478 4,650 December..... 17,391 4 742 1,199 6,689 4,761 1949 Dec. 20..... .. 17,623 4 797 1,200 6,760 4,867 October 16,850 8,810 12,061 6,072 Dec. 27 17,314 4 625 1,187 6,696 4,807 November 17,056 8,782 12,209 6,046 1951—Jan. 3 17,683 4 726 1,217 6,851 4,890 December 17,266 8,675 12,249 6,004 Jan. 10....... 17,491 4 609 1,205 6,797 4,880 Jan. 17 18,170 4 757 1,268 7.182 4,962 1950 Jan. 24 18,312 4 760 1,264 7,131 5,157 October 18,397 8,849 12,758 6,097 November 18,663 8,815 13,031 '6,081 Excess reserves: December 18,929 8,737 13,125 6,048 1949—December... . . 803 19 1 180 603 1950—November 731 13 141 576 By district, December..... 1,027 125 "Y 232 663 December 1950 Dec. 20 1,148 122 268 757 Boston 2,317 816 377 223 Dec. 27 851 -3 -16 174 696 New York 3,551 2,185 1,212 1,144 1951—Tan. 3 1,175 82 8 314 771 Philadelphia 1,430 809 1,031 886 Jan. 10 1,067 48 -2 273 748 Cleveland 1,537 901 1,091 798 Tan. 17 P917 16 -2 183 Jan. 24 P722 2 -6 148 Richmond 1,217 405 930 482 Atlanta 1,736 458 737 225 Borrowings at Federal Chicago 2,600 1,613 1,810 966 Reserve Banks: St. Louis 731 345 1,036 289 1 1 9 9 4 5 9 0 — — D D N e e o c c v e e e m m m b b b e e e r r r 1 1 14 4 1 2 5 8 3 5 5 5 8 9 12 5 2 3 5 7 0 0 0 D M K a a i l n n l n s a a s e s a p C o i l t i y s 1,1 6 6 8 3 5 4 2 1 2 1 1 9 6 0 2 6 7 1 1, , 8 6 8 5 7 0 1 1 9 4 2 3 1 8 7 2 3 Dec. 20 58 1 31 San Francisco 1,342 642 569 303 Dec. 27 283 170 10 68 1951— J J J a a a n n n . . . 1 1 7 0 3....... 1 1 1 0 4 5 5 4 0 9 5 5 4 3 6 9 6 9 3 6 2 3 1 7 1 r I R n e c v lu is d e e d s . any banks in outlying sections of reserve cities that have Jan. 24 124 6 8 83 been given permission to carry the same reserve as country banks. P Preliminary. 1 Weekly figures of excess reserves of all member banks and of country banks are estimates. Weekly figures of borrowings of all member banks and of country banks may include small amounts of Federal Reserve Bank discounts and advances for nonmember banks, etc. Back figures.—See Banking and Monetary Statistics, pp. 396-399. 177 FEBRUARY 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 2 Large denomination currency 2 End of year or in cir- Unasmonth cula- sorted tion 1 Total Coin s$l $2 $5 $10 $20 Total $50 $100 $500 $1,000$5,000$10,000 1933 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 10 193 S 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—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 I: 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 Tune 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 December. . . 27,741 19,305 1,554 1,113 64 2 ,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 2 I as dest B UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money in circulation 1 Money Total out- held by standing, As security For Federal De 1 c 9 . 5 3 0 1, g a o g ld a in an st d Tre ca a s s h ury R Fe e d se e r r v a e l B R an e k se s r a v n e d De 1 c 9 . 5 3 0 1, No 1 v 9 . 5 3 0 0, De 1 c 9 . 4 3 9 1. silver Banks and agents certificates agents Gold 22,706 21,498 M.209 Gold certificates 21,498 '18,642' 2,816 40 40 42 Federal Reserve notes 24,548 "54" 1,131 23,363 23,212 23,262 Treasury currency—total 4,636 ' '*2,330 31 267 4,338 4,342 4,297 Standard silver dollars 493 290 23 2 177 176 168 Silver bullion 2,041 2,041 S S M U i u n l i b v n it s e o e i r r d d c i c a e S o r r t y i t a n i f t s i e c i s l a v t n e e r o s t c e a o s n in d Treasury notes of 1890.. 32 1 ,3 ,0 3 3 3 0 2 4 8 7 4 6 4 3 1 ' 2 3 2 0 1 1 8 i'' * 1 2 ,0 i 3 3 1 0 7 1 3 2 5 3 0* '2,1 3 9 3 3 7 9 1 3 8 8 3' ' 2^1 9 3 3 2 1 5 6 1 2 5 1 Federal Reserve Bank notes 261 (5) 4 257 260 291 National Bank notes 85 1 84 84 89 Total—Dec 31, 1950 (4) 23,828 1,293 18,642 4,213 27,741 Nov. 30, 1950 (4) 24,162 1,287 18,982 3,944 27,595' Dec. 31, 1949 (4) 25,522 1,312 20,361 4,111 27,600 1 Outside Treasury and Federal Reserve Banks. Includes any paper currency held outside the continental limits of the United States. Totals s not included in total Treasury currency outstanding. 4 Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special significance and is not shown. See note for explanation of these duplications. 5 Less than $500,000. \Trt™,^ T*1 ~ -~ „ - — A.~ - -J -— i.i T* /:\ - r^— TT.,.'J. 1 OA. „ i. ~~ ~.~J A T*—~ 1. _ r 4 onn &• A c ^ ntn A *J -« •_ u Reserve Bank notes and national bank notes are in process of retirement. 178 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 [In millions of dollars] [Outside Treasury and Federal Reserve Banks. In millions of dollars] Assets Amount— Amount— Change in End of peri D od a : te f u o v n r a a s r d e ia j a u t s i s o o t n e n a d l ad v s j a e u a r s i s t a o e t n d io a f n l or 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 a i n t b e o c p a r e l o s - s s ' l - Total d b C e t a o p i a n n r o s k y s h i s - G s U m e o t c v i . e u e e n S s r r t i n . - - r f e C u e s n t a e c d s r . h v s ' , e 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—July 3,266 3,393 6 3,187 199 1950 27,741 +141 A Se u p g t u e s m t ber... 3 3 , , 2 2 4 3 8 0 3 3 , , 3 3 7 5 5 0 6 6 3 3 , , 1 1 7 5 2 2 1 19 9 1 6 Averages of daily figures: October 3,215 3,336 7 3,127 202 November... 3,199 3,322 7 3,118 197 1949—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 2,967 3,088 10 2,903 175 November 27,380 27,298 +65 November.... P2.941 December 27,806 27,531 +233 December.... *>2,923 1951—January 27,304 27,222 -309 9 Preliminary. 1 Outstanding principal, represented by certificates of deposit. *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, accrued interest on bond investments, and accounts due from late post- NOTE.—For discussion of seasonal adjustment factors and for back masters. figures on comparable basis see BULLETIN for September 1943, pp. 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 City1 centersl centers a City centers City' cities » City« cities * 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 se r r ie ie s s « 4 }l,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 2 5 5. . 2 5 1 1 6 6 . . 9 5 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 1940 1,231,053 452,897 648,976 129,179, 24.1 12.4 447,150 639,772 28.2 18.7 1950 1,403,752 513,970 742,458 147,324 26.6 13.4 508.166 731,511 31.4 20.3 1949—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 December 139,542 52,590 72,845 14,106 31.2 15.3 53,150 73,253 37.2 23.0 1 National series for which bank debit figures are available beginning with 1919. 1 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. 4 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. 179 FEBRUARY 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 Bank credit Total assets, net— Date Treas- U. S. Government obligations l T ia o b t i a l l - Total Ca a p n i d tal Gold re c n u c r- y Total Lo n a e n 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 r s i e t t h c ie e u s r - ca a n p n e i d t t al, c d u ep a rr o n e s d n it c s y co m n a u i c e n s - t c ts . , savings Banks banks 1929—June 29 . . .. 4,037 ?,019 58,642 41,082 s,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—june 30 4,031 ?,286 42,148 ?1,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939_Dec. 30 17 644 7,963 54,564 77,157 73,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1 1 9 9 4 4 1 5 — — D ju e n c e # 3 3 0 1 ? 7 0 ? , , 2 73 1 7 3 4 3 , , 1 24 4 7 5 1 6 5 4 3 , , 6 99 5 2 3 ? 7 6 7, , 9 6 4 0 8 5 1 ? 1 9 8, , 0 0 4 4 1 9 9 2 3 5 , , 6 51 5 1 5 71 ? , , 7 2 9 5 2 4 7 1 , , 5 2 9 8 4 4 8 8 , , 0 9 0 9 3 9 1 9 7 0 8 , , 6 3 3 5 7 0 1 8 6 2 8 , , 8 0 1 4 1 0 1 7 0 , , 8 3 2 1 6 0 Dec. 31 ?0,065 4,339 167,381 30,387 1?8,417 101,288 74,262 ?,867 8,577 191,785 180,806 10,979 1946—june 29 ?0,270 4,539 163,485 31,570 1??,740 95,911 73,783 3,046 9,175 188,294 176,215 12,079 Dec. 31 70,529 4,562 158,366 35 765 113,110 86,558 73,350 3,202 9,491 183,457 171,657 11,800 1947—June 30 71,266 4,552 156,297 38,373 107,873 82,679 71,872 ,322 10,051 182,115 169,234 12,882 Dec. 31 7?,754 4,562 160,832 43,023 107,086 81,199 7?,559 3,328 10,723 188,148 175,348 12,800 1948—June 30 73,532 4,565 157,958 4S,299 101,451 76,774 71,366 ,311 11,208 186,055 172,857 13,200 Dec. 31 ?4.244 4.589 160.457 48.341 100.694 74.097 73,333 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 4,598 162,681 49,604 100,456 78,433 18,885 3,138 12,621 191,706 177,313 14,392 1950—Feb. 21 ?4,300 4,600 161,900 49 700 99,300 78,600 17,600 3,100 12,900 190,800 176,200 14,600 Mar. 59 ?4 ,200 4,600 161,700 SO,400 98,000 77,400 17,500 ,100 13,300 190,500 176,000 14,600 Apr. 26 ?4,200 4,600 162,000 SO,600 97,900 77,100 17,600 3,100 13,500 190,800 176,100 14,600 May 31 ?4,200 4,600 162,600 S1,000 98,100 77,700 17,400 ,100 13,500 191,400 176,700 14,700 June 30 ?4,231 4,607 164,348 SI,999 98,709 77,320 18,331 ,058 13,640 193,186 178,568 14,618 July 26* 24,200 4,600 164,300 53,100 97,500 76,400 18,000 3,000 13,800 193,100 178,200 14,900 Aug. 30P ?3,800 4,600 165,800 S4,500 97,200 75,600 18,600 ,000 14,200 194,200 179,200 15,000 Sept.27P ?3,500 4,600 166,900 S6,400 96 ,000 73,800 19,400 7,900 14,500 195,000 180,000 14,900 Oct. 25P ?3,300 4,600 167,700 S7,500 9S ,800 73,600 19,200 ?,900 14,400 195,600 180,300 15,300 Nov.29P 73,000 4,600 168,900 S9,300 9S ,200 72,700 19,600 ?,900 14,400 196,500 181,300 15,200 Dec. 27P 22,800 4,600 171,700 60,500 96,500 73,300 20,300 2,900 14,700 199,100 184,500 14,600 Deposits and Currency U. S. Government balances Deposits adjusted and currency r)ate Fo b r a e n i k gn At com- Time deposits » Total dep n o et sits, T c u r a e r s a y h s- s m b a a e a v n r n i c n d k i g a s s l R F B e e a A d s n e e t r k r v a s e l Total d D e e p m os a i n ts d 2 Total m b C e a o r n c m k ia s - l M s b a a v u n i t k n u s g a 4 s l S S P a y o v s s i t n e ta g m l s o b r u C e a t n u n s c i r k d - y s e 1929—June 29 55,776 365 204 381 36 54,790 ??,540 78,611 19,557 8,905 149 3,639 1933—June 30 42,029 50 264 852 35 40,828 14,411 21,656 10,849 9,621 1,186 4,761 1939—Dec. 30 68,359 ,217 2,409 846 634 63,253 29,793 27,059 15.258 10,523 1,278 6,401 1941—DeCs 31 8?,811 1,498 2,215 1,895 867 76,336 38,992 77,729 15,884 10,532 1,313 9,615 1945—jUne 30 168,040 5,378 2,279 ?4,381 599 138,403 69,053 44,253 27,170 14,426 2,657 25,097 Dec. 31 180,806 >,141 2,287 ?4,608 977 150,793 75,851 48,452 30,135 15,385 2,932 26,490 1946—June 29 176,215 L.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 S3,960 33,808 16,869 3,283 26,730 I947—June 30 169,234 1,657 1,314 1,367 756 164,140 8?,186 ss,655 34,835 17,428 3,392 26,299 Dec. 31 175,348 1,682 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 8?,697 57,360 35,788 18,194 3,378 25,638 Dec. 31 .... 176,121 2,103 1,325 ?,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 ?.304 438 165.626 81,877 S8,483 36,292 18,932 3,259 25,266 Dec. 31 177,313 -2,150 1,312 3,249 821 169,781 85,750 S8,616 36,146 19,273 3,197 25,415 1950—Feb. 21 176,200 2,200 1,300 4,200 400 168,200 84,500 S9,000 36,300 19 500 3 200 24,700 Mar 29 176,000 2,300 1,300 4,300 1,000 167,100 83,200 S9,300 36,500 19,700 3,200 24,600 Apr. 26 176,100 2,400 1,300 3,200 800 168,400 84,300 S9,500 36,600 19,700 3,200 24,600 May 31 176,700 >2,400 1,300 ,200 600 169,200 8S,000 S9 500 36 600 19 800 3 100 24 700 June 30 178,568 *2,555 1,298 3,801 950 169,964 8S,040 S9,739 36,719 19 923 3,097 25 185 July 26P 178,200 2,500 1,300 3,600 500 170,200 86,500 SQ,400 36,400 19,900 3,100 24,400 Aug.30P 179,200 2,400 1,300 3,800 700 171,000 87,400 S9,100 36,200 19,800 3,000 24,500 Sept 27P 180,000 2,300 1,300 3,600 1,100 171,700 88,100 S9,000 36,200 19 900 3 000 24 500 Oct. 25P 180,300 2,500 1,300 3,100 400 173,000 89.400 S9,000 36,200 19,900 3,000 24,600 Nov.29P 181,300 *2,300 1,300 3,000 600 174,200 90,700 S8,700 35,900 19,800 2,900 24,800 Dec. 27? 184,500 2,400 1,300 2,800 800 177,200 93,200 59,000 36,100 20,000 2,900 25,000 P Preliminary. 1 Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund. 2 Demand deposits* other than interbank and U. S. Government, less cash items reported as in process of collection. 8 Excludes interbank time deposits; United States Treasurer's time deposits, open account; and deposits of Postal Savings System in banks. 4 Prior to June 30, 1947, includes a relatively small amount of demand deposits. 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 balances 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 to nearest 100 million dollars and may not add to the totals. See Banking and Monetary Statistics, Table 9, pp. 34-35, for back figures for deposits and currency. 180 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 invesi.ments Deposits Investments Other Total Number and date Total Loans G U ov . e S rn . - Other assets 1 Total i 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 - mand 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—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 Aug. 30P ..... 144,56C 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 146.79C 59,660 87,130 72,700 14,430 36,100 168,400 12,340 100,150 55,910 13,870 14,659 Dec. 27* 148,930 60,980 87,950 73,290 14,660 39,630 173,910 13,540 104,110 56,260 13,880 14,653 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—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 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 124,49C 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 Dec. 27*. . . .. 127,550 52,830 74,720 62,390 12,330 38,840 153,870 13,540 104,090 36,240 11,620 14,124 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—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 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 52,882 10,130 30,144 124,572 10,968 84.386 29,218 9,628 6,887 Oct. 25* 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. 29* 106,138 43,969 62,169 52,050 10,119 30,834 126,563 11,679 85,873 29,011 9,724 6,881 Dec. 27*. . . .. 108,077 45,069 63,008 52,681 10,327 33,782 131,224 12,894 89,190 29,140 9,721 6,874 All mutual savings banks: 1939—Dec 30 10 216 4 927 5,289 3,101 2,188 818 10,524 3 10 521 309 551 1941—Dec 31 10 379 4 901 5 478 3 704 1 774 793 10 533 10 527 241 548 1942—Dec. 31 10,754 4,695 6,059 4,572 1,487 663 10,668 6 10 662 L 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 L 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 L,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—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 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. 29* 21,280 8 010 13,270 10,950 2,320 720 19,850 20 19 830 2 230 529 Dec. 27* 21,380 8,150 13,230 10,900 2,330 790 20,040 20 20,020 2,260 529 * 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. 181 FEBRUARY 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 t a e nk Total Loans G U ov . e S rn . - Other as C s a e s ts h 1 Total b I a n n te k r - i De- 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 Total ment secu- mand Time obliga- rities tions Central reserve city member banks: New York City: 1939—Dec. 30 9,339 3,296 6,043 4,772 ,272 6,703 14,509 4,238 9,533 736 1,592 36 1941—Dec. 31 12,896 4,072 8,823 7,265 ,559 6,637 17,932 4,207 12,917 807 1,648 36 1942—Dec. 31 17,957 4,116 13,841 12,547 ,294 5,864 22,078 3,945 17,399 734 1,727 37 1943—Dec. 31 19,994 4,428 15,565 14,563 ,002 5,197 23,256 3,680 18,729 847 1,862 37 1944—Dec. 30 24,003 5,760 18,243 17,179 ,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 ,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 ,158 6,238 24,723 4,246 19,028 1,449 2,205 37 1947—Dec. 31 20,393 7,179 13,214 11,972 ,242 7,261 25,216 4,464 19,307 1,445 2,259 37 1948—Dec. 31 18,759 8,048 10,712 9.649 .063 7.758 24,024 4,213 18,131 1,680 2,306 35 1949—Dec. 31 19,583 7,550 12,033 10,746 ,287 6,985 23,983 4,192 18,139 1,651 2,312 25 1950—June 30 19,548 7,723 11,825 10,281 ,544 6,329 23,213 3,894 17,668 1,650 2,341 25 Aug. 30*. .. 19,764 8,368 11,396 9,587 ,809 6,478 23,417 3,856 17,936 1,625 2,356 25 Sept. 27*. . . 19,860 8,814 11,046 9,167 ,879 6,635 23,585 3,956 17,982 1,647 2,343 24 Oct. 25*. .. 19,877 8,919 10,958 9,134 ,824 6,515 23,602 4,146 17,851 1,605 2,352 23 Nov. 29*. . . 20,136 9,554 10,582 8,794 ,788 6,836 23,948 4,042 18,260 1,646 2,356 23 Dec. 27*. .. 20,981 9,909 11,072 9,183 ,889 7,359 25,152 4,444 19,010 1,698 2,359 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 1,184 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 1,801 3,287 2,890 397 1,739 6,402 1,217 4,273 913 426 14 1948—Dec. 31 4,799 1,783 3,016 2,633 383 1,932 6,293 1,064 4,227 1,001 444 13 1949—Dec. 31 5,424 1,618 3,806 3,324 482 1,850 6,810 1,191 4,535 1,083 470 13 1950—June 30 5,256 1,557 3,700 3,138 562 1,640 6,419 1,014 4,305 1,099 481 13 Aug. 30* 5,447 1,726 3,721 3,146 575 1,755 6,703 1,099 4,527 1,077 483 13 Sept. 27P 5,302 1,786 3,516 2,950 566 1,841 6,621 1.058 4,488 1,075 483 13 Oct. 25* 5,394 1,854 ,540 2,987 553 1,777 6,668 1,109 4,486 1,073 484 13 Nov. 29P 5,456 1,972 ,484 2,928 556 1,812 6,719 1,064 4,566 1.089 490 13 Dec. 27* 5,605 2,122 3,483 2,905 578 2,046 7,030 1,219 4,722 1,089 490 13 Reserve city member banks: 1939—Dec. 30 12,272 5,329 6,944 5,194 1,749 6,785 17,741 3,686 9,439 4,616 1,828 346 1941—Dec. 31 15,347 7,105 8,243 6,467 1,776 8,518 22,313 4,460 13,047 4,806 1,967 351 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 1944—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 1947—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 1949—Dec. 31 38,301 14,370 23,931 20,951 2,980 12,168 47,559 5,713 30,182 11,664 3,087 341 1950—June 30 38,697 14,868 23,829 20,510 3,319 11,639 47,187 5,069 30,306 11,812 3,268 336 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. 25*. .. 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 Dec. 27*. .. 40,898 18,027 22,871 19,184 3,687 13,243 50,648 6,143 32,945 11,560 3,334 336 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 1947—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—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 Aug. 30* 39,702 14,038 25,664 21,671 3,993 9,606 46,126 844 30,347 14,935 3,476 6,514 Sept. 27* 39,856 14,417 25,439 21,361 4,078 9,810 46,388 854 30,616 14,918 3,497 6,513 Oct. 25* 40,143 14,643 25,500 21,394 4,106 10,065 46,928 967 31,023 14,938 3,527 6,510 Nov. 29* 40,413 14,907 25,506 21,368 4,138 10,241 47,301 1,033 31,496 14,772 3,541 6,508 Dec. 27* 40,593 15,011 25,582 21,409 4,173 11,134 48,394 1,088 32,513 14,793 3,538 6,502 f 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. 182 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—Con tinned [Amounts in millions of dollars] Loans and investments Deposits Investments Other Total Number Cla a s n s d o d f a b te ank Total Loans G u ov . e s rn . - Other as C s a e s ts h 1 Total > b I a n n te k r - » De- a c c a c p o i u ta n l ts ba o n f ks Total ment secu- mand Time obliga- rities 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 194g—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 194g—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 \ .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 ,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 ,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 ,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 .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 1L.893 1,693 200 514 2,452 181 11,905 365 279 714 1946—Dec. 31 1,815 389 1,426 1,226 200 530 2,043 336 11,302 404 290 690 1947—Dec. 31 » 2,009 474 1,535 1,280 255 576 2,251 363 1L ,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 2,036 341 1,223 472 321 727 1950—June 30 1,959 491 1.468 1,204 263 403 2,029 369 L.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 1.288 7.662 1945—Dec. 31 16 849 3,310 13,539 12,277 1,262 4,962 20,571 425 14,101 6,045 L.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 1,483 7,147 1947—Dec. 31 » 18,454 5,432 13,021 11,318 1,703 4,659 21,591 629 13,926 7,036 1,596 7,261 1948—Dec. 31 18 698 6,431 12,267 10,479 1,788 4,396 21,497 628 13,772 7,097 1,680 7,256 1949—Dec. 31 18,686 6,739 11,947 10,132 L.814 4,334 21,305 613 13,508 7,184 L,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 L.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 1,034 192 1946—Dec. 31. . 11 891 3,250 8,641 7,946 695 612 11,428 1 13 11,415 11,173 191 1947—Dec. 31 12,683 3,560 9,123 8,165 958 675 12,207 1 14 12,192 11,252 194 1948—Dec. 31 13 312 4,109 9,202 7,795 1.407 684 12,772 1 14 12,757 1,334 193 1949—Dec 31. 14 209 4,814 9,394 7,832 1 562 682 13 592 16 13,575 1L.420 192 1950—June 30 14,827 5,288 9,539 7,945 1,594 659 14,128 18 14,109 L.467 192 Noninsured mutual savings banks: 1941—Dec 31 8 687 4 259 4.. 498 3 075 1 353 642 8 744 6 8,738 1,077 496 1945—Dec. 31 5 361 1,198 1,163 3,522 641 180 5,022 2 5,020 558 350 1946—Dec 31 5 813 1 275 iI 538 3 833 705 206 5 442 3 5,439 611 350 1947—Dec. 31 * 5,957 1,384 1,573 3,813 760 211 5,556 3 5,553 637 339 1948—Dec. 31 6 083 1,577 i1,506 3,680 826 194 5,633 3 5,631 665 339 1949—Dec 31 6 192 1 764 L d?R 3 596 832 191 5 702 3 5,699 702 339 1950—June 30 6,365 1,915 4,450 3,625 826 172 5,815 2 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. FEBRUARY 1951 183 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 Com- p L u o rc a h ns a s f i o n r g 1.S. Government obligations 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 e i p l i n u n e g d - n - - A c t g u u a r r l l i - - - b T ro o k- l R o t e a a e s t n a - e s l s C l u o o m a n n e - s rO 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 I d i e t s - O s ri e t t h c ie e u s r mar- ers 1O 1Jills of in- Notes Bonds teed ical ket and oth- debt- subpa- deal- ers ed- diviper ers ness sions All insured commercial banks: 1941—Dec. 31.. 49,290 2 ,259 <),,214 1,450 614 662 4 773 4,545 28,031 21,046 988 3,159 12,7974,102 3,651 3.333 1946—Dec. 31.. 112,178 30,733 141,016 1,358 1,517 1,609 7 103 4,031 1,098 81,445 73,554 ,271 12,288 6,78053,200 15 4,2983,592 1947—Dec. 31. . 114,274 3'r,583 1?5,012 1,610 823 1,190 9 266 5,654 1,028 76,691 67,941 2,124 7,552 5,91852,334 145,129 3,621 1948—Dec. 31. . 112,286 41,968 U$.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 H>,2922,734 1,972 901 10,887y,170 1,022 71,222 61.970 2,846 10,437 2,04546,636 6 5,7633,489 Dec. 31.. 118,278 42.,485 1(>,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 44t,304 1(>,8142,819 1,856 912 12,2709,036 1,186 75,504 64,546 3,847 6,102 11,59143,000 8 7,237 3,721 Member banks, total: 1941—Dec. 31. . 43,521 u5,021 5,671 972 594 598 3 494 3, 592 25,500 19,539 971 3,007 11,7293,832 3.090 2,871 1946—Dec. 31.. 96,362 It5,696 5,154 884 1,506 1,467 5 358 3,308 1,020 69,666 63,042 ,167 10,043 5,60246,219 113,548 3,077 1947—Dec. 31.. 97,846 32,628 1(>,9621,046 811 1,065 7 130 4,662 952 65,218 57,914 ,987 5,816 4,81545,286 10 4,199 3,105 1948—Dec. 31. . 95,616 3(),060 rr,631 1,800 1,324 834 8 244 3,585 1,006 59,556 52,154 2,588 7,999 2,80038,761 54,4802,922 1949—June 30. . 95,315 34,456 1.5,213 1,704 1,958 803 8 383 5,859 935 60,859 53, 132 2,651 8,469 1,63940,369 44,710 3,016 Dec. 31.. 101,528 36,230 u5.8571,945 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'r.658 1!5.7081,770 1,840 807 9.547 7.401 1,105 65,087 55,759 3,539 4,821 9.99037.404 56,0403,289 Oct. 4.. 104,367 411,612 18,337 1,729 1,382 901 10,1178,1761,498 62,755 52,618 3,588 1,868 12,63334,524 66,512 3,625 New York City:* 1941—Dec. 31. . 12,896 L1,072 r; ,807 8 412 169 123 5 4 8,823 7,265 311 1,623 3,652 1,679 729 830 1946—Dec. 31.. 20,834 t5,368 It,078 1,096 389 99 455 250 14,465 13,308 387 1,725 992 10,202 1 557 601 1 1 9 9 4 4 7 g — — D De e c c #. 3 3 1 1 , . 2 1 0 8 , , 3 7 9 5 3 9 ! •r J , . 0 1 4 7 8 9 5 5 , , 3 6 6 4 1 2 3 1,1 5 0 4 2 5 2 22 6 5 7 2 1 2 1 4 1 6 5 4 6 3 4 3 3 0 3 6 0 1 1 3 0 , , 2 7 1 1 5 2 1 9 1 , ,9 6 7 4 2 9 1,0 5 0 89 2 1,1 6 8 40 3 3 5 6 5 5 8 9 7 , , 7 5 7 1 1 2 6 5 3 6 8 3 6 5 0 0 4 0 1949— D Ju e n c e . 3 3 1 0 . > . . 1 1 9 9 , , 1 5 0 8 3 3 1 7 1, , 5 6 5 8 0 9 i I 1 t, , 7 7 9 1 2 0 11 1 , , 7 4 0 1 1 0 2 2 4 1 8 9 2 2 0 5 9 6 6 6 5 8 0 9 2 3 6 0 8 9 1 1 1 2 , , 4 0 1 3 3 3 1 1 0 0 , , 2 7 7 4 8 6 7 7 7 2 7 0 1 1 , , 4 7 7 8 2 5 8 1 3 3 5 2 7 7 , , 8 4 9 0 7 5 6 7 1 5 1 2 5 5 2 3 5 5 1950—June 30. . 19.548 7.723 I1.656 1,497 242 339 756 356 11.825 10,281 900 458 1,594 7,328 959 585 Oct. 4.. 19,821 5,821 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 9i 1,806 1,430 256 153 903 119 182 193 1946—Dec. 31.. 4,765 1,499 1,094 3 117 101 51 105 29 3,266 2,912 60 *498 146 2,207 167 187 1947—Dec. 31.. 5,088 1,801 1,418 3 73 87 46 149 26 3,287 2,890 132 235 248 2,274 213 185 1948—Dec. 31.. 4,799 1,783 1,412 4 71 63 51 176 27 3,016 2,633 183 275 217 1,958 210 174 1949—June 30.. 4,841 1,537 1,178 6 83 60 48 156 26 3,303 2,888 369 343 125 2,051 235 180 Dec. 31.. 5,424 1,618 1,211 7 109 56 51 172 34 3,806 3,324 331 690 358 1,945 290 192 1950—June 30.. 5,256 L.557 L ,116 24 109 64 54 180 36 3.699 3, 138 352 276 555 1.954 340 221 Oct. 4.. 5,305 1,776 L.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 M05 'iK.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 7,088 225 170 484 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 3 503 2,315 412 21,047 18,594 1,056 3,201 1,090 13,247 11,421 1,032 1949_ D juence. 3 0 3 . 1 . ». 3 3 5 8 , ,3 0 0 3 1 4 1 1 3 4 , , 2 3 6 7 1 0 1 < 5 5 , , 2 7 2 0 7 4 3 4 7 5 8 7 1 1 5 8 0 3 3 3 2 0 1 9 3 3 5 7 5 4 9 2 2 2 , . 4 7 0 4 8 5 3 4 8 3 5 2 2 2 1 3 , , 7 9 7 3 2 1 2 1 0 9,0 95 7 1 6 1,1 8 8 75 9 3 4 , , 3 1 6 8 7 0 2,1 6 2 03 4 1 13 4 , , 4 2 5 3 7 0 1 1 , , 5 72 5 7 9 1 1 , , 1 2 3 5 7 4 1950—June 30.. 38.607 14,868 <5.596 367 201 324 4 029 3.118 447 23.829 20 510 1,179 1,954 4,005 13.372 1,988 1,331 Oct. 4.. 39,433 16,574 7,688 353 168 371 4 239 3,453 521 22,859 19,268 1,211 699 5,053 12,303 j 2,119 1,472 Country banks: 1941—Dec. 31. . 12,518 5,890 1,676 659 20 183 1 823 1,530 6,628 4 377 110 481 2,926 861 1,222 1,028 1946—Dec. 31.. 35,412 i*,004 2,433 681 29 273 2,970 1,312 306 27,408 24 572 279 4,020 2,470 17,797 6 1,551 1,285 1947—Dec. 31.. 36,324 10,199 $,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 1,356 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 1,319 23 175 4 567 2,644 256 24,370 20 889 630 3,286 778 16,192 42,306 1,174 Dec. 31.. 38,219 12,692 %3,150 1,480 36 173 4,7842,945 259 25,527 21 862 1,148 3,753 1,768 15.189 42,505 1,160 1950—June 30.. 39.245 13,510 3,339 1.379 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 1,371 28 189 5,4063,653 29525,367 21 250 1,344 869 5,263 13,769 52,923 1,195 Insured 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 i,040 862 474 12 142 1,748 723 7911,791 10 524 104 "l",247 1,179 6,991 3 752 516 1947—Dec. 31.. 16,444 1,958 1,049 563 13 125 2,139 992 7611,486 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 8910,774 9 246 234 2,066 594 6,349 31,030 498 1949—June 30.. 16,447 5,071 1,079 1,030 14 97 2,508 1,311 8710,376 8 849 196 1,968 406 6,277 21,054 473 Dec. 31.. 16,766 5,258 1,078 1,018 12 97 2,575 1,453 8710,508 8 947 303 2,071 725 5,846 21,127 434 1950—June 30.. 17,079 6,650 1.106 1,049 16 105 2,727 1,635 8210,429 8 799 308 1,281 1,601 5,606 21,198 432 * These figures do not include data for banks in possessions of the United States. During 1941 three mutual savings banks became members of the Federal Reserve System; these banks are included in "member banks" but are not included in "all insured commercial banks." Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc. 1 Beginning June 30, 1948, figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total and are not entirely comparable with prior figures. Total loans continue to be shown net. 1 Central reserve city banks. For other footnotes see opposite page. 184 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- Bal- De- Class a o n f d bank F s e w e d r i e v t r h e a s l C i a n sh a w n i c t e h s m d a e n - d I d n e te p r o b s a it n s k U. S. States C f e ie r d ti- vi I d n u d a i- ls, U G e . r o n v S - - . S a t n a d tes vi I d n u d a i- ls, r B o o w r - - C t a a p l icall date Re- vault ao- posits Gov- and and partner- Inter- ment polit- partner- ings acserve mestic ad- ern- political offi- ships, bank and ical ships, counts Banks banks* justed* Do- For- ment subdi- cers' and cor- Postal subdi- and cormestic* eign visions checks, pora- Sav- visions poraetc. tions ings tions 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 U5,146 10 <5,844 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 54 111 826 335,946 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 34t,244 54 1C,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 34t,560 27 1C,452 Dec. 31.. 16,428 L.984 9,466 84,576 10,885 1,315 3,050 7,419 2,338 82,106 169 182 1,232 341,442 14 1(),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 1,321 341,925 36 11,061 Member banks, total: 1941—Dec 31.. 12,396 L.087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 I,886 1946—Dec. 31.. 16,015 L,576 5,936 70,243 10,644 1,353 2,672 4,915 2,207 69,127 62 114 551 2(5,525 30 8,095 1947—Dec. 31.. 17,797 L.672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 Vr,542 54 8,464 1948—Dec. 31.. 20,406 L,486 5,674 72,152 10,098 1,480 2,122 5,850 1,962 70,947 63 111 927 Vr,80i 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 2i5,038 21 9,022 Dec. 31.. 16,429 L ,521 6,194 72,658 10,623 1,310 2,838 ,017 2,185 71,589 164 175 1,051 Vr,934 11 9,174 1950—June 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 2'r,921 241 5,705 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 1,195 651 218 942 17,216 20 15 39 L.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_ D juenec . 3 3 0 1 . « . . 4 4, , 4 7 6 2 2 6 1 1 1 3 2 0 5 6 6 8 1 15 5 , , 1 2 8 5 2 4 2 2, , 9 6 9 8 6 0 1 1, , 0 1 8 5 4 0 6 56 4 2 0 2 1 5 9 4 6 1,2 8 0 9 1 5 1 1 6 5 , ,9 4 8 0 6 8 1 9 1 0 3 2 3 5 8 3 2 3 4 1 1 , , 6 5 3 9 7 0 2 2 , ,3 3 1 4 2 0 1950—June 30. . 4.235 92 38 15,053 2,692 1.051 684 279 809 15,896 151 37 19 1,594 2,341 Oct. 4.. 4,418 125 41 15,313 2,900 1,132 515 273 575 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 i1.542 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 '.5,729 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 25,844 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 ;5,928 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 •5,005 Dec. 31 ». 6,413 482 1,965 25,744 5,498 176 1,142 2,478 650 25,912 38 60 617 10.987 5,087 1950—June 30.. 6.206 428 1,747 25,655 4.848 181 1,408 2,579 590 25.729 40 65 653 11.093 " H ;J.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 5,318 Country banks: 1941—Dec. 31. . 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 (5.082 4 1,982 1946—Dec. 31.. 4,703 883 3,753 26,237 1,067 8 877 5,391 524 24,128 17 55 272 13,727 26 !5,757 1947—Dec. 31. . 4,993 929 3,900 27,424 1,049 7 432 5,647 528 25,203 17 45 337 14,177 23 5,934 1948—Dec. 31. . 5,736 858 3,619 27,703 943 8 688 5,925 510 25,248 13 49 350 14,369 12 *5,123 1949—June 30.. 5,127 913 3,117 26,402 762 8 520 •5,009 462 23,767 12 67 383 14,433 21 5,215 Dec. 31. . 4,371 901 4,002 27,935 979 9 797 5,058 579 25,337 13 73 400 14,289 11 J.305 1950—Tune 30 . 4.343 813 3.579 27.879 850 9 1,036 5,246 549 25,122 12 75 434 14,555 15 J.433 Oct. 4. . 4,628 994 3,683 29,125 894 10 828 5,116 558 26,400 13 76 444 14,414 64 5,555 Insured nonmember commercial banks: 1941—Dec 31 271 2,325 4,092 108 2 53 611 68 3,483 18 g 74 3,276 959 1946—Dec. 31 437 3,547 11,842 244 11 258 L,O52 154 10,761 6 e 113 6,232 L.193 1947—Dec. 31 473 3,466 12,22c 258 4 149 ,188 158 11,019 4 6 132 6,420 1,271 194g—Dec 31 453 3,273 12,059 246 g 201 ,332 151 10,736 5 5 153 5,459 g ,358 1949—june 30 468 2,713 11,216 194 4 155 ,354 130 9^848 6 174 6,539 s ,431 Dec. 31 463 3,273 11,918 261 213 ,402 153 10,517 6 182 6,524 1,473 1950—June 30 442 2,880 11,653 209 3 250 1,496 144 10,176 5 6 206 6,613 i 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 million 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. 185 FEBRUARY 1951 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 J Investments For purchasing U. S. Governmentabligations or carrying securities Com- Totai merloans cial, To brokers Date or month i m n a e v n n e d s t t s - Total i i t a n ri d n a u d l s , - and dealers To others e l R s o e t a a a n t l s e b L a o t n a o k n s s O l t o h an e s r Total c C t a i e t f r i e - - s O s r t i e h t c i e u e r - s t a c u g u r r l i a - - l G U l o o . i b v g S a - t - . . O c t s u h e ri e - - rG U l o o i . b g v S a - t . - . O c t s u h e ri e - - r Total Bills o d n f e e e b d s i t - s n - - Notes Bonds2 tions ties tions ties Total— Leading Cities 1949—December.. 67,336 24,88413,864 863 824 172 425 4326 314 4,41742,45237422 2,532 7,010 2,29625,5845,030 1950—October. . .68,849 28,85416,080 397 965 187 547 5 089 264 5,71839,99533 590 2,386 1,034 7,78322,387 >,405 November. 69,523 29,89416,822 454 989 184 566 5 169 295 5,81039,62933 313 2,284 1,085 7,74022,204 ),316 December.. 70,835 30,971 17,590 5181,011 181 570 5 244 409 5,85039,86433 473 2,592 846 8,18121,854 391 1950—Nov. 1. . .69,237 29,387 16,476 3391,016 182 546 5 126 312 5,78639,85033 535 2,481 1,048 7,76022,246 315 Nov. 8. . .69,373 29,67416,669 419 942 181 564 5 149 344 5,80039,69933 392 2,353 1,066 7,74822,225 >,307 Nov.15. . .69,414 29,788 16,906 388 982 183 555 5 167 200 5,80339,62633 349 2,280 1,085 7,74322,2416,277 Nov.22. .. 69,668 30,036 16,975 467 992 186 559 5 191 243 5,81739,63233 306 2,263 1,104 7 74522,194 326 Nov.29. .. 69,923 30,58617,084 6571,014 187 605 5 213 377 5,84539,33732 984 2,044 1,124 7,70222,1146,353 Dec. 6. . .69,807 30,58017,261 481 983 185 558 5 212 502 5 79939,22732,924 2,058 1,014 7,73122,1216,303 Dec. 13. .. 70,301 30,56017,461 452 992 185 601 5 240 204 5 82739,74133,439 2,038 805 7 86722 129 i,302 Dec. 20. .. 71,444 31,146 17,801 4481,017 180 559 5 254 410 5 88040,29833,854 2,894 779 8 57721 604 >,444 Dec. 27... 71,789 31,599 17,839 6901,052 175 561 5 270 519 5 89540 19033,674 2,778 787 8 54921 5606 516 1951—Jan. 3. .. 71,212 31,41717,859 5121,066 174 576 5 280 510 5 87739 79533,294 2,470 9 25121 5736 501 Jan. 10. .. 70,824 31,292 17,924 487 987 162 577 5 287 424 5 88639 53233,046 2,368 9 18421 4946 486 Jan. 17. . .70,449 31,30017,972 4261,015 159 582 5 298 404 5 88939 14932,634 2,209 9 02621 3996 515 Jan. 24. .. 70,384 31,438 18,018 4871,041 164 582 5 298 363 5 93238 94632,443 2,081 9 02121 341 3503 New York City 1949—December.. 19,572 7,732 4,831 758 671 48 162 245 204 9151184010,580 683 1,779 566 75521260 1950—October... 19,606 8,844 5,719 354 748 39 233 417 216 24310 762 8,902 746 152 1 597 6 4071 860 November. 19,736 9,15o 5,928 394 772 37 247 431 183 29010580 8,825 779 225 \ 573 6 2481 755 December.. 20,448 9,660 6,225 450 774 36 243 438 319 30210 788 8,986 995 235 1 649 6 1071 802 1950—Nov. 1. . .19,662 8,957 5,832 289 795 39 232 417 199 28010 705 8,945 895 190 1 579 6 2811 760 Nov. 8. . .19,605 9,015 5,880 360 725 36 249 424 182 28510590 8,843 795 207 1 574 6 2671 747 Nov.15. . .19,609 9,063 5,945 339 765 36 231 435 152 28610546 8,813 756 221 1 586 6 2501 733 Nov.22. .. 19,774 9,184 5,975 407 780 36 240 438 140 29410590 8,833 766 238 582 6 2471 757 Nov.29. .. 20,030 9,563 6,007 576 796 38 284 440 242 30710467 8,689 684 269 542 6 1941 778 Dec. 6. . .19,978 9,546 6,086 394 755 37 234 434 440 29310432 8,672 700 266 533 6 1731 760 Dec. 13. .. 20,194 9,426 6,180 403 753 36 274 441 168 29810 768 9,010 1,061 215 581 6 1531 758 Dec. 20.. . 20,735 9,738 6,329 399 772 35 234 436 354 30510997 9,188 1,154 231 758 6 0451 809 Dec. 27. . .20,885 9,931 6,305 602 815 35 232 439 315 31410954 9,075 1,065 229 1724 6 0571 879 1951—Jan. 3. .. 20,644 9,915 6,358 454 834 32 250 436 389 30110 729 8,844 774 1932 6 1381 885 Jan. 10. . .20,274 9,758 6,367 432 764 30 250 439 306 30910516 8,642 696 1 864 6 0821 874 Jan. 17. . .19,978 9,641 6,361 371 760 29 250 435 254 32010337 8,443 618 1 817 6 0081 894 Jan. 24 20,092 9,754 6,383 420 786 29 249 432 262 33210338 8,476 651 1 834 5 9911 862 Outside New York City 1949—December.. 47,764 17,152 9,033 105 153 124 263 4081 110 35023061226,842 1,849 5,231 1,730180323 770 1950—October. . .49,243 20,01010,361 43 217 148 314 4,672 48 4 47529 233 24,688 1,640 882 6,18615,9804 545 November. 49,787 20,73810,894 60 217 147 319 4,738 112 4 52029 04924,488 1,505 860 6,16715,9564 561 December.. 50,387 21,311 11,365 68 237 145 327 4 806 90 4,54829 07624,487 1,597 611 6,53215,7474 589 1950—Nov. 1. . .49,575 20,43010,644 50 221 143 314 4,709 113 4,50629 14524,590 1,586 858 6,18115,9654 555 Nov. 8. . .49,768 20,65910,789 59 217 145 315 4,725 162 4 51529 10924,549 1,558 859 6,17415,9584 560 Nov.15. . .49,805 20,725 10,961 49 217 147 324 4,732 48 4 51729 08024,536 1,524 864 6,15715,9914,544 Nov.22. .. 49,894 20,852 11,000 60 212 150 319 4,753 103 4 52329 04224,473 1,497 866 6,16315,9474,569 Nov.29. .. 49,893 21,023 11,077 81 218 149 321 4,773 135 4 53828 87024,295 1,360 855 6,16015,9204,575 Dec. 6. . .49,829 21,03411,175 87 228 148 324 4,778 62 4,50628 79524,252 1,358 748 6,19815,9484,543 Dec. 13. . .50,107 21,13411,281 49 239 149 327 4,799 36 4,52928,97324,429 1,577 590 6,28615,9764,544 Dec. 20. . .50,709 21,408 11,472 49 245 145 325 4,818 56 4,57529,30124,666 1,740 548 6,81915,5594,635 Dec. 27. . .50,904 21,66811,534 88 237 140 329 4,831 204 4,58129,23624,599 1,713 558 6,82515,5034,637 1951—Jan. 3. . .50,568 21,502 11,501 58 232 142 326 4,844 121 4,57629,06624,450 1,696 7,31915,4354,616 Jan. 10. . .50,550 21,53411,557 55 223 132 327 4,848 118 4,57729,01624,404 1,672 7,32015,4124,612 Jan. 17. . .50,471 21,659 11,611 55 255 130 332 4,863 150 4,56928,81224,191 1,591 7,20915,3914,621 Jan. 24. .. 50,292 21,68411,635 67 255 135 333 4,866 101 4,60028,60823,967 1,430 7,18715,3504,641 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. 186 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Date or month B s w F e R e e a r i r e d a n t v - - h l k e s v C a a in u sh lt m b a w n d a e o i n c s t - e k h t s i s c j p m u o a d s a d e t s - e n - it d d s 3 s p p u c v n h a o a o a i n e i d r r r d l p r - - - s a t s - , - , S p s d s a i i o u t i c o n a v b l a d n i t - i l t e - s - s c C h c O f a e e e e i t n f e c c r r f d . d t i s k - i ' - s U m G e . r o e n v - n S - t . s p p u v n c h a o a o a i e n i d r r r r d l p - - - s a t s - , - , S p s d s a i t i o u i c n a o v b l d a t n i - i e l t - s - s P U m G S e i a o n . r a o n e n v v s g d - S n - - t s a t . l m D t D e i o c s - e - man F e o d ig r- n Time r B i o n o w g r - - s c C o i a a t u c a p - n - l ts B d i e t a s b n 4 - k tions tions Total— Leading Cities 1949—December.. 12,180 893 2,286 48,22148,732 3,202 1,395 1,86414,474 619 130 9,3821,298 152 358 105,862 1950—October.... 12,465 834 2,334 49,264 50,513 3,210 1,339 1,84614,535 653 127 9,5301,388 228 213 6,506 109,706 November.. 12,436 847 2,301 49, 670 51,023 3,341 1,491 1,81114,508 649 125 9,5931,383 246 385 6,536 105,854 December.. 12,853 964 2,55751,38552,810 3,369 1,664 1,47814,518 641 12610,1791,373 309 419 6,531 126,403 1950—Nov. 1.... 12,404 793 2,22249,47150,445 3,362 1,525 1,805 14,513 653 126 9,376 1,427 229 344 6,532 27,112 Nov. 8.... 12,313 871 2 49,23050,517 3,331 1,383 1,766 14,542 647 126 9,619 1,399 231 508 6,542 21,295 Nov. 15.... 12,610 835 2 606 49,25051,814 3,351 1,538 2,044 14,524 664 12610,358 1,360 257 152 6,531 26,450 Nov. 22 12,351 826 2 214 49,850 51,032 3,291 1,384 1,815 14,484 640 125 9,385 1,359 256 401 6,532 26,834 Nov. 29.... 12,504 912 2,213 50,54651,305 3,371 1,625 1,624 14,475 642 125 9,225 1,371 258 520 6,545 21,877 Dec. 6.... 12,778 879 2,268 50,45251,156 3,330 1,707 1,462 14,466 637 126 9,7071,359 256 495 6,535 29,274 Dec. 13.... 13,075 998 2,674 51,676 53,383 3,368 1,478 1,408 14,510 640 12610,1271,364 310 126 6,520 27,207 Dec. 20.... 12,823 972 2,696 51,,77770 53,181 3,385 1,562 1,469 14,520 643 12610,5811,359 342 316 6,530 30,583 Dec. 27.... 12,7381,005 2,589 51,64253,518 3,393 1,910 1,572 14,578 642 12610,3001,412 328 738 6,538 24,772 1951—Tan. 3.... 13,045 894 2,87451,29252,810 3,480 1,848 1,194 14,615 644 12711,2211,409 326 469 6,523 32,410 Jan. 10.... 12,923 890 2,42251,30652,130 3,427 1,545 1,089 14,632 659 12710,3991,396 364 370 6,532 26,213 Jan. 17.... 13,753 838 2,555 51,70253,202 3,428 1,544 1,261 14,578 661 12710,4031,352 367 414 6,521 27,459 13,519 851 2,29551,68452,276 3,513 1,491 1,398 14,537 685 126 9,6541,347 377 517 6,526 26,650 Jan. 24.... New York City 4,580 154 15,423 723 576 1,498 2,7991,079 110 268 2,283 45,434 1949—December.. 1950—October... . 4,509 133 15,34716,146 294 623 529 1,505 2,849 1,129 171 77 2 ,305 43,159 November.. 4,462 138 15,41816,275 321 746 491 1,492 2,778 1,126 190 171 2,310 41,167 December.. 4,671 167 16,13917,136 250 826 380 1,557 2,988 1,113 247 164 2,306 53,150 1950—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 2,30 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 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... 4,567 164 16,11617,258 268 1,057 395 1,571 3,012 1,143 264 421 2,309 9,983 1951—Tan. 3... 4,572 142 15,76216,828 241 813 322 1,552! 3,311 1,133 261 354 2,315 13,553 Tan. 10... 4,476 140 15,81616,661 209 731 288 1,548 2,979 1,120 275 168 2,318 10,040 Tan. 17... 4,842 128 15,81816,812 199 731 333 1,518 2,997 1,097 278 212 2,318 10,424 Jan. 24... 4,780 128 16,01916,788 251 723 358 1,505 2,838 1,104 279 201 2,318 10,092 Outside New York City 1949—December.. 7,600 739 32,798 32,521 3,003 672 1,288 595 95 6,583 219 3,938 60,428 1950—October... 7.956 701 2,29533,91734,367 2,916 716 1,317 13,030 625 6,681 259 136 4,201 66,547 November. 7,974 709 2,26734,25234,748 3,020 745 1,320 13,016 613 6,815 25 214 4,226 64,687 December. 8,182 797 2.520 35,246 355,674 3,119 838 1,098 12,961 603 7,191 260 255 4,225 73,253 1950—Nov. 1... 7,954 669 2,186 34,12234,318 738 1 ,30213,025 626 6,596 264 209 4,219 15,998 Nov. 8... 7,904 726 2,221 33,99734,460 697 1,286 13,058 620 6,842 260 299 4,229 13,400 Nov. 15. .. 8,155 706 2,570 34,08335,527 771 1,486 13,036 622 7,381 251 127 4i: 15,831 Nov. 22... 7,925 683 2,179 34,34434,751 762 1,332 12,997 599 6,72 255 182 4,225 16,926 Nov. 29... 7,936 761 2,178 34,710 34,683 3,066 753 1,193 12,959 601 6,526 258 254 4,239 13,171 Dec. 6... 8,210 727 2,235 34,62334,540 3,087 778 1,074 12,942 598 6,868 256 372 4,229 16,151 Dec. 13... 8,127 817 2,637 35,34 35,975 3,091 834 1,039 12,942 602 7,14 = 264 104 4,220 15,538 Dec. 20... 8,221 802 2 ,65.535,48; 918 3,174 889 1,098 12,954 606 7,462 251 226 4,222 18,153 Dec. 27... 8,171 841 2 ,55235,526 36,260 3,125 853 1,177 13,007 605 7,288 269 317 4,229 14,789 1951—Jan. 3... 8,473 752 2,806 35,53035,982 3,239 1,035 87213.063 607 7,910 276 115 4,208 18,857 Jan. 10... 8,447 750 2,386 35,49035,469 3,218 814 80113,084 622 7,420 2 76 202 4,21 16,173 Jan. 17... 8,911 710 2,516 35,88436,390 3,229 813 92813,060 625 7,406 25 = 202 4,203 17,035 Jan. 24... 8,739 723 2,259 35,66535,488! 3,262 768 1,04013,032 649 6,816 243 316 4,208 16,558 3 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 4 Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts. Back figures.—For description of revision beginning July 3, 1946, see BULLETIN for June 1947, p. 692, and for back figures on the revised basis, see BULLETIN for July 1947, pp. 878-883; for old series, see Banking and Monetary Statistics, pp. 127-227. 187 FEBRUARY 1951 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] Loan 1 Investments For purchasing U. S. Government obligations or carrying securities Total Comd F i e s d tr e i r c a t l a R nd e se d r a v te e i m n l a o e v n a n e d n s ts s t- Total1 i t m a t c n c a u r g i u d n i e r a r a l u d a r - l i l , - - s l , - G a U t T l i o i n o o . o g b d v n S a - - s t b . . d r e o O a c k t l s u t e i e e h e r r r - s s i s e - r G H U t T o i o g o b . o v S a - n t . - s . ot O h c t s u t e i e h e r r - s i s e - r e l R s o e t a a a n t l s e L ba o t n a o k n s s O l t o h a e n r s Total Total Bills o d c C n t f e a e i e f e d t b i s i e r - n - t s - s - - Notes Bonds5 O s ri e t t c i h e u e s - r Boston Dec. 27 3,249 1,449 872 10 13 20 206 42 297 1,800 1,573 127 323 1,099 227 Jan. 3 3,194 1,403 868 12 20 209 1 297 1,791 1,564 146 331 1,087 227 Jan. 10 3,209 1,423 876 11 21 211 14 295 1,786 1,560 121 324 1,115 226 Jan. 17 3,175 1,421 874 13 12 22 212 6 295 1,754 1,526 114 302 1,110 228 Jan. 24 3,219 1,453 879 9 11 27 212 33 297 1,766 1,533 111 320 1,102 233 New York* Dec. 27 23,366 10,891 6,710 606 823 249 730 321 1,557 12,475 10,353 1,156 1,940 7,018 2,122 Jan. 3 23,114 10,860 6,759 459 841 265 725 389 1,545 12,254 10,124 866 2,160 7,0982,130 Jan. 10 22,742 10,709 6,761 435 773 266 730 3061,562 12,033 9,912 774 2,101 7,0372,121 Jan. 17 22,426 10,592 6,755 379 769 267 727 2541,568 11,834 9,695 684 2,052 6,959 ,139 Jan. 24 22,530 10,707 6,778 428 795 266 725 2621,579 11,823 9,719 714 2,071 6,9342,104 Philadelphia Dec. 27 2,970 1,223 648 1 35 6 145 21 381 1,747 ,393 91 351 935 354 Jan. 3 2,918 1,201 647 1 35 6 144 10 376 1,717 ,366 89 356 921 351 Jan. 10 2,889 1,206 653 1 32 6 141 13 378 1,683 1,331 74 334 923 352 Jan. 17 2 ,866 1,205 656 3 32 6 141 9 378 1,661 1,307 73 309 925 354 Jan. 24 2,836 1,222 664 3 32 6 144 16 376 1,614 1,262 56 293 913 352 Cleveland Dec. 27 4,907 1,794 973 14 32 65 357 4 340 3,113 2,634 131 646 1,812 479 Jan. 3 4,963 1,842 969 15 27 65 358 61 340 3,121 2,649 150 694 1,805 472 Jan. 10 4,907 1,814 971 13 25 64 358 40 336 3,093 2,617 130 691 1,796 476 Jan. 17 4,883 1,817 975 12 28 66 359 27 344 3,066 2,598 133 665 1,800 468 Jan. 24 4,848 1,803 976 14 28 66 359 9 345 3,045 2,573 113 664 1,796 472 Richmond Dec. 27 2,869 1,137 545 2 30 246 306 1,732 1,561 141 374 1,008 171 Jan. 3 2,825 1,131 544 2 31 246 302 1,694 1,517 110 412 995 177 Jan. 10 2,863 1,135 548 1 6 34 247 301 1,728 1,550 136 412 1,002 178 Jan. 17 2,847 1,137 550 1 6 34 246 302 1,710 1,532 118 411 1,003 178 Jan. 24 2,823 1,139 553 2 6 33 245 302 1,684 1,506 93 411 1,002 178 Atlanta Dec. 27 2,571 1,139 685 14 25 94 315 1,432 1,215 25 480 642 217 Jan. 3 2,567 1,130 680 14 25 92 318 1,437 1,222 69 514 639 215 Jan. 10 2,566 1,136 686 13 23 91 317 1,430 1,217 83 500 634 213 Jan. 17 ,559 1,127 681 12 23 92 315 1,432 1,219 72 514 633 213 Jan. 24 2,536 1,127 682 12 23 92 316 1,409 1,199 65 507 627 210 Chicago* Dec. 27 10,102 3,474 ,157 82 62 445 636 6,628 5,675 414 213 1 .506 3,542 953 Jan. 3 10,068 3,398 ,145 86 61 448 633 6,670 5,720 468 1,714 3,538 950 Jan. 10 10,018 3,366 ,148 86 61 448 635 6,652 5,712 492 1,713 3,507 940 Jan. 17 10,005 3 ,402 ,156 111 61 448 635 6,603 5,652 450 1,691 3,511 951 Jan. 24 9,994 3,416 2,158 111 61 448 635 6,578 5,626 422 1,681 3,523 952 St. Louis Dec. 27 2 ,433 1,269 724 14 237 270 1,164 978 73 2 76 600 186 Jan. 3 2,384 1,240 710 14 238 272 1,144 960 60 298 602 184 Jan. 10 2,401 1,243 718 14 238 269 1,15: 972 60 312 600 186 Jan. 17 2,420 1,262 727 14 239 267 1,158 973 65 319 589 185 Jan. 24 2,407 1,261 727 14 238 268 1,146 958 52 311 595 188 Minneapolis Dec. 27 1 ,273 555 274 102 167 718! 576 20 165 371 142 Jan. 3 1 ,260 552 280 103 167 708 566 17 178 371 142 Jan. 10 1,263 5591 288 103 166 704 563 21 173 369 141 Jan. 17 1,279 573 293 104 167 706 5631 169 367 143 Jan. 24 1,264 571 292 104 167 693 550| 163 363 143 Kansas City Dec. 27 2,798 1,192 761 168 240 1,6061 1,32 233 428 633 277 Jan. 3 2 ,749 1,186 761 169 236 1,563! 1,286! 198 452 636 277 Tan. 10 2,784 1 ,190 764 170 23 1,594 1,3171 223 463 631 277 Jan. 17 2 ,807 1,199 771 170 238 1 ,608! l,33l! 237 463 631 277 Jan. 24 2 ,793 1,198 769 168 239 1,595 1,317 216 475 626 278 Dallas Dec. 27. .. 2,780 1,464 1,029 11 264 1,316 1,162 168 366 600 154 Jan. 3 2,756 1,460 1 ,029 119 260 1,29c 1,1401 163 379 598 156 Jan. 10 2,751 1,465 1 ,036 121 262 1 ,286 1,130! 141 393 596 156 Jan. 17 2,722 1,474 1,042 122 264 1 ,248 1,091 107 393 591 157 Jan. 24 2,736 1,481 1,043 121 272 1,255 1,098 106 398 594 157 San Francisco Dec. 27 12,471 6,012 2,461 2,423 201,122 6.459 5,225 156 1,694 3,300 1,234 Tan. 3 12,414 6,014 2,467 2,429 1,131 6,400 5,180 134 1,763 3,283 1,220 Jan. 10 12,431 6,046 2,475 28 2,429 1,128 6,385 5,165 113 1,768 3,284 1,220 Jan. 17 12,460 6,091 2,492 282,438 1.116 6,360 5 ,147 129 1,738 3,280 1,222 Jan. 24 12,398 6,060 2,497 2 ,442 1,136 6,338 5,102 109 1,72 3,266 1,236 City of Chicago* Dec. 27 6,209 2,263 1,653 97 341 3,946 3,322 275 136! 855 2,056 624 Tan. 3 6,228 2,243 1,645 99 333 3,985 3,366 326 I 994 2,046 619 Tan. 10 6,190 2,201 1,642 100 331 3,989 3,380 37 993 2,010 609 Jan. 17 6,168 2 ,226 1,652 99 329 3,942 3,331 33 982 2,012 611 Jan. 24 6,166 2^238 1,658 99 330 3,928; 3,317 324 978 2,015 611 -* OSCeIJpCaUrCaILteC fiiigguuriecss fiuoir iN\ecww Ynuoiriki Cv^iittyy aarree sshhoowwnn iinii tthhee iimmmmediately preceding table and for the City of Chicago in this table. The figures for tthhee NNeeww YYoorrkk aanndd CChhiiccaaggoo DDiissttrriiccttss,, aass ssh1 own i'n" it1h~i's~ t•aLb~l1e~,1 ~include New York City and Chicago, respectively. For other footnotes see preceding table. 188 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 n e d s e d r a v t e e B s w F e a e R e r n r i e a d t v k h - l - e s C va a i u n sh lt m b a w a n d e n i s c o t t e k - h i s c s j m p u o d a s a d s e t n e i - - t d d s ' s p p u v n c h a o a a o i e n i r d r l p r r d s a t - - - s - , - , S p s d s t a i i o a u i c o n v l t a b n d i e i l t - - s s - c C h c O e f a e e e i t n f e c r r c f d i d t k s . - i ' s - , U m G er . o e n n v S - t - . p u s p c v n a h a o o a n e i l d i r r r r d s p a - - - t , s - - S p s d s t a i i o a u i c o n v l t a b n d i e i l t - - s s - P U m G S e i o a n r a . n s o e g n v t d v S n a s - - - t l . m D ti e 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 u a c a p n - l - ts B d it e a s b n 4 - k tions tions Boston Dec. 27 463 75 96 2,678 2,669 217 56 76 479 287 35 9 1,028 Jan. 3 536 65 129 2,708 2,662 222 87 53 481 327 36 4 334 1,289 Jan. 10 494 61 91 2,664 2,612 211 52 46 482 305 34 10 334 1,146 Tan. 17 539 59 111 2,690 2,696 206 55 54 482 298 34 5 334 1,172 Jan. 24 501 59 100 2,700 2,647 206 61 57 482 282 33 3 335 1,151 New York* Dec. 27 ,839 227 13217,84618,837 517 1,125 4532,399 3,096 1,146 265 437 2,513 10,589 Jan. 3 ,902 202 17317,51418,421 489 888 3722,381 3,403 1,136 262 401 2,521 14,281 Jan. 10 ,806 198 12417,53818,208 479 790 3335 2,376 3,067 1,123 276 234 2,523 10,760 Jan. 17 ,190 183 14617,57518,379 494 793 386 2,344 3,086 1,100 279 252 2,522 11,196 Jan. 24 ,077 183 12317,72618,308 516 779 416 2,330 2,919 1,107 281 213 2,523 10,825 Philadelphia Dec. 27 475 56 137 2,383 2,512 106 40 404 403 14 1 27 320 895 Jan. 3 512 50 126 2,317 2,479 92 39 405 464 17 1 19 321 1,220 Jan. 10 498 50 116 2,340 ,434 98 33 406 400 15 1 14 321 978 Jan. 17 508 46 131 2,309 ,457 91 35 405 414 16 1 21 321 1,078 Jan. 24 516 45 106 2,317 2,416 98 30 404 367 14 1 4 321 994 Cleveland Dec. 27 790 99 232 3,524 3,704 175 67 1,334 526 1 23 481 1,490 Jan. 3 791 91 167 3,554 3,685 180 70 1,326 546 1 2 482 1,995 Tan. 10 787 91 139 3,499 3,553 189 66 791,324 502 1 22 481 1,514 Tan. 17 845 87 172 3,527 3,670 192 65 941,320 541 1 6 481 1,557 Jan. 24 840 90 150 3,491 3,552 192 59 1051,318 471 1 43 482 1,506 Richmond Dec. 27 458 203 2,232 2,283 163 56 71 552 455 11 21 242 819 Jan. 3 490 68 205 2,212 2,253 170 93 53 555 491 11 6 240 1,012 Jan. 10 480 74 186 2,252 2,277 167 52 50 556 462 11 11 241 912 Jan. 17 515 69 186 2,257 2,313 161 62 60 556 446 11 21 241 991 Jan. 24 500 71 172 2,249 2,255 175 56 64 555 406 11 21 241 913 Atlanta Dec. 27 432 49 210 1,887 1,857 273 28 48 513 588 2 206 804 Jan. 3 420 44 237 1 ,844 1,820 276 40 37 515 656 2 208 1,000 Jan. 10 422 45 207 1,846 1,783 280 34 35 508 636 2 208 918 Jan. 17 476 44 209 1,892 1,854 280 30 39 511 621 2 14 208 928 Jan. 24 481 44 189 1,901 1,819 293 30 44 509 574 2 17 208 841 Chicago* Dec. 27 ,960 130 351 7,032 7,323 568 123 3132,589 1,622 4 123 773 3,200 Jan. 3 117 458 7,027 7,215 598 130 2322,616 1,797 4 773 4,451 Jan. 10 117 326 7,026 7,085 581 123 2082,618 1,631 4 ' 59 773 3,610 Jan. 17 108 346 7,108 7,320 593 126 2452,620 1,636 4 82 769 3,858 Jan. 24 ,022 106 318 7,041 7,101 117 2862,612 1,487 4 162 770 3,857 St. Louis Dec. 27 412 37 132 1 ,504 1,709 23 52 467 751 27 194 688 Jan. 3 451 34 161 1 .498 1,687 24 36 468 813 3 191 852 Jan. 10 419 33 143 1,527 1,668 26 31 468 757 5 191 806 Tan. 17 432 33 135 1 ,549 1,714 36 468 752 8 191 846 Jan. 24 433 33 119 1,546 1,680 39 467 715 17 191 780 Minneapolis Dec. 27 192 15 101 859 922 18 43 240 325 1 107 418 Jan. 3 224 13 108 856 905 94 23 32 240 350 14 106 516 Tan. 10 218 15 97 859 901 89 17 40 240 340 2 106 377 Jan. 17 211 13 95 865 913 90 17 42 240 337 1 106 474 Jan. 24 238 14 93 872 899 96 15 48 239 318 20 106 422 Kansas City Dec. 27 491 38 330 2,061 2 ,144 251 34 63 381 922 5 228 890 Tan. 3 540 35 386 2,073 2,128 277 45 49 382 980 2 1 228 1,067 Jan. 10 538 36 312 2 ,070 2,095 .267 34 50 383 943 1 228 1,035 Jan. 558 34 323 2,124 2,164 269 35 57 382 931 2 ' ' '4 228 1,047 Jan. 24... 529 36 286 2 ,085 2,088 279 31 62 382 886 2 5 228 1,101 Dallas Dec. 27 480 44 395 2,210 2,244 207 47 50 361 64 805 10 232 919 Tan. 3 514 40 425 2,198 2,216 224 71 36 363 64 865 11 229 1,256 Tan. 10 520 40 406 2,237 2,232 228 42 35 363 63 806 9 234 867 Tan. 17 564 38 424 2,269 2,287 228 45 38 361 65 803 9 234 973 Jan. 24. 548 40 357 2,239 2,244 229 48 44 360 64 763 9 234 994 San Francisco Dec. 27 746 153 270 7,426 7,314 735 293 1974,859 404 520 124 907 3,032 Tan. 3 779 135 299 7,491 7,339 760 338 1444,883 406 529 128 890 3,471 Tan. 10 801 130 275 7,448 7,282 742 276 1264,908 421 550 138 892 3,290 Tan. 17 829 124 277 7,537 7,435 730 259 1434,889 424 538 115 886 3,339 Jan. 24 834 130 282 7,517 7,267 742 243 157 4,879 446 466 111 887 3,266 City of Chicago* Dec. 27 165 4,369 4,626 284 68 1601,369 21 1,174 43 119 519 2,002 Tan. 3 267 4,407 4,613 298 72 1231,386 21 1,318 44 519 2,733 Jan. 10 154 4,402 4,534 282 60 1071,386 21 1,190 43 ' 44 2,313 Tan. 17 167 4,488 4,695 286 56 1231,390 21 1,181 41 33 2,472 Tan. 24 140 4,453 4,576 273 54 1441,387 21 1,079 38 95 2,369 For footnotes see opposite page and preceding table. FEBRUARY 1951 189 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 oar list drawn, and their (nonmember) Federal Reserve branches and offices x 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 lf873 273 Dec. 31, 1950P 14,015 4,824 12,162 4,534 6,868 3,589 5,294 945 1,853 290 By districts and by States Dec. 31, 1950 P District Boston 475 338 475 338 325 266 150 72 New York 873 940 873 940 751 872 122 68 Philadelphia .. . 835 162 835 162 639 123 196 39 Cleveland 1,117 311 1,117 311 693 267 424 44 Richmond • 1,007 545 804 404 477 256 327 148 203 141 Atlanta 1,197 221 596 181 353 154 243 27 601 40 Chicago 2,487 616 2,487 616 1,005 260 1,482 356 St. Louis 1,470 146 1,134 87 496 49 638 38 336 59 Minneapolis 1,275 111 677 70 477 27 200 43 598 41 Kansas City 1,758 15 1,749 15 756 8 993 7 9 Dallas 1,028 60 922 51 630 34 292 17 106 9 San Francisco 493 1,359 493 1,359 266 1,273 227 86 State Alabama 225 26 129 26 93 26 36 96 Arizona ...... 10 55 10 55 5 41 5 14 Arkansas 232 19 109 5 68 2 41 3 123 i4 California 192 979 192 979 119 929 73 50 Colorado 148 4 148 4 93 3 55 1 Connecticut 104 50 104 50 62 43 42 7 Delaware 38 20 38 20 17 8 21 12 District of Columbia... 19 45 19 45 15 35 4 10 Florida 191 5 130 4 74 4 56 61 1 Georgia 397 42 113 39 66 35 47 4 284 3 Idaho 43 55 43 55 24 50 19 5 Illinois 888 2 886 2 508 2 378 2 Indiana 486 109 486 109 237 55 249 54 Iowa 662 164 662 164 161 501 164 Kansas 612 610 215 395 2 Kentucky 382 44 382 44 113 27 269 17 Louisiana . 165 77 61 54 47 47 14 7 104 23 Maine 62 70 62 70 37 37 25 33 Maryland 164 119 164 119 77 78 87 41 Massachusetts 176 176 176 176 140 159 36 17 Michigan 437 239 437 239 231 183 206 56 Minnesota 678 6 265 6 206 6 59 413 Mississippi . 201 68 40 14 31 7 9 7 161 54 Missouri 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 Hampshire 74 2 74 2 52 1 22 1 New Tersev 321 165 321 165 276 149 45 16 New M!exico . 51 15 51 15 35 2 16 13 New York 627 782 627 782 547 730 80 52 North Carolina 208 218 95 83 54 46 41 37 113 135 North Dakota 150 22 63 6 43 20 6 87 16 Ohio 659 226 659 226 422 195 237 31 Oklahoma . 384 1 376 1 224 1 152 8 Oregon 69 102 69 102 30 90 39 12 965 193 965 193 735 166 230 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 98 204 85 82 63 122 22 91 13 Texas 905 12 850 12 578 12 272 55 Utah 55 24 55 24 31 22 24 2 Vermont • 69 11 69 11 40 2 29 9 Virginia 313 114 308 114 203 62 105 52 5 ^^ashington 118 144 118 144 52 135 66 9 West Virginia 180 179 108 71 1 ^^isconsin 551 152 551 152 164 22 387 130 53 53 39 14 P Preliminary. x 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 1951, p. 228, footnotes 10 and 12). Back figures.—See Banking and Monetary Statistics, Table 15, pp. 54-55, and Annual Reports. 190 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 e i - n r g1 st T a o n o u d t t a i - n l g Total Accep O t b in i w l g l n s banks bo B u il g ls ht Others I U S m i n t n p a i t t o t o e e r s d ts E U S f x t n r p a o i o t m t e e r s d ts c D h e o a x l n - l g ar e G U s o h n o i i d p te s 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 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 December 333 394 192 114 78 202 245 87 2 28 32 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 Debit Debit cre C di u t s t b o a m la e n r c s e ' s 1 Other credit balances End of month Customers' balances in balances in Cash on debit partners' firm hand Money balances investment investment and in borrowed2 In partners' In firm (net)' an a d c c t o r u ad n i ts ng an a d c c t o r u ad n i ts ng banks Free O (n th et e ) r a in n a v d c e c t s o r t a u m d n e i t n s n g t a in n a v d c e c t s o r t a u m d n e i t n s n g t I a n c ( c c n o a e u p t n ) it t a s l 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—June 681 5 419 280 493 528 129 20 9 260 December... 881 5 400 306 523 633 159 26 15 271 1950—January.... 3901 » 493 «669 February. . . 3Q<^ 3 522 3 669 March 1,018 3 579 3 666 April 1,084 «619 3 678 May 1,175 3 750 3 657 June 1,256 12 386 314 827 673 166 25 11 312 July 1,208 3 755 3 712 August..... 1,231 3 752 3 780 September.. J1,284 3 751 3 738 October 31,351 3 759 3771 November. . s1,360 3774 3 796 December... 1,356 9 399 397 745 890 230 36 12 317 1 Excludes balances with reporting firms (1) of member firms of New York Stock Exchange and other national of firms' own partners. 191 FEBRUARY 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 BUSINESS BY BANKS IN, SELECTED CITIES Stock u. s Government [Per cent per annum] Prime P ba ri n m k e - ex- securities (taxable) mo Y w n e e th a e r , k , or m 4 m p c - o a o e t n p r o m t e c h i r - 6 a , s - l 1 a d a c n e a 9 c r c y 0 s e e s ' p s l , t- ch n l a c o r a e l a e a n w s l - n l 2 g - e m bi o 3 ll n - s t h s 9 i m s - s t o o u n e 1 t s h 2 4 - 3 is - y s t u e o a e r s 5 - 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 - of $ $ 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 .44 1 11 1 55 1.040 L 14 1.62 19 cities: 1949 average .. 48 1 12 1 63 1 102 L 14 1 43 1941 2.0 4.3 3.0 1.9 1.8 1950 average L.45 1.15 1.63 1.218 1.26 1.50 1942 . .. 2 2 4 4 3 2 2 2 2.0 1943 2.6 4.4 3.4 2.5 2.4 1950—January. . . 1.31 1.06 1.63 1.090 1.12 1.39 1944 2.4 4.3 3.3 2.6 2.2 February . L.31 1 06 1.63 1.125 L.15 1.44 1945 2 2 4.3 3 2 2.3 2.0 March L 31 1.06 1.63 1 138 L.16 1 45 1946 2.1 4.2 3.1 2.2 1.7 April I 31 1.06 1 63 1.159 L. 17 1.45 1947 2.1 4.2 3.1 2.5 1.8 May L 31 1 06 I 63 1 166 I 18 1 45 1948 2.5 4.4 3.5 2.8 2.2 June I 31 1.06 1.63 1 174 L 23 1 47 1949 2.7 4.6 3.7 3.0 2.4 July L.31 1 06 1.63 1.172 1.23 1.45 1950 2.7 4.5 3.6 3.0 2.4 August L.44 1 16 1.63 1.211 1.26 1.45 Quarterly: September. L.66 1 31 1 .63 1 315 L .33 1.55 19 cities: October. . . [.73 1 31 1.63 1 329 L 40 1.65 1950—Mar. 2.60 4.45 3.54 2.94 2.31 November. L 69 1 31 1.63 1.364 L 47 1.62 June 2 68 4 50 3.65 2.94 2.39 December.. L. 72 1.31 1.63 1.367 L .46 1.64 Sept 2.63 4.51 3.63 2.95 2.34 Dec 2.84 4.60 3.73 3.10 2.57 1951—January. . . 1.387 L .47 1.66 New York City: Week e J J D n a a e d n n c i . . . n g 3 1 : 6 0 3 . . . .. . . . i l y ^ 8 - - i iH M l l l o 5 V / / l l l 6 6 6 1 i 1 ^ K ^2 - - - i 1 1 M H % 1 1 1 . . . 3 3 3 8 8 8 7 2 1 1 L L . 4 . . 4 4 7 7 7 1 1 1 . . . 6 6 6 7 5 6 1950— J S D M u e e n p a c r . e t . 2 2 2 2 . . . 5 3 3 2 1 2 4 9 3 3 4 4 . . 1 0 8 9 7 6 5 4 3 3 3 3 . . 3 4 2 3 3 4 2 5 2 2 2 2 . . . . 7 6 8 7 2 4 0 3 2 2 2 2 . . . . 1 3 1 1 5 5 6 3 Tan. 20 1H l5/l6 1K-1M 1.391 L .47 1.66 7 Northern and East- Jan. 27.... 1M lVio 1K-1M 1,389 L .47 1.66 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: 6 3 4 S S R e e a r r t i i e e e s s o i i n n n c c n l l u e u d w d e e s s i s c s n e u o r e t t s i e f s i w ca a it t n h e d s i n o se f p l e e in r c i d t o e e d d b . t b ed o n nd e ss i s a su n e d s . selected note issues. 1950— J S M u e n p a e r t . . . . . 3 3 3 . . 1 1 2 2 3 2 4 4 4 . . 6 7 7 4 1 0 3 3 3 . . . 8 7 8 3 1 3 3 3 3 . . . 1 1 1 7 5 5 2 2 2 . . . 8 6 7 2 7 4 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 x [Per cent per annum] U. S. Government Corporate (Moody's)4 (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 Aaa Aa 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 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 1950—January 1.70 2.20 08 2.54 2.83 2.57 2.65 2.85 3.24 2.63 3.07 2.79 February 1.75 2.24 06 2.54 2,83 2.58 2.65 2.86 3.24 2.63 3.08 2.78 March 1.78 2.27 07 2.55 .58 2.66 2.86 3.24 2.64 3.08 2.78 April 1.80 2.30 08 2 57 60 2.66 .86 3.23 2 64 3 08 79 May 1.80 2.31 07 2.57 61 2.69 88 3.25 2.65 3 12 2.81 June 1 83 2.33 09 2 59 2 62 2.69 2.90 3 28 2.66 3.15 2.81 July 1.83 2.34 09 2 61 65 2.72 2.92 3 32 2.69 3 19 2.83 August 1.82 2 33 1 90 2.58 2 61 2 67 2.87 3.23 2.66 3.08 2.80 September 1.89 2.36 1 88 2 62 2.64 2.71 2.88 3.21 2.68 3.07 2.84 October 1.94 2.38 1.82 2.65 2.67 2.72 2.91 3.22 2.70 3.09 2.85 November 1.95 2.38 1 79 2.66 2.67 2.72 2.92 3.22 2.70 3.08 2.86 December 1.97 2.39 1.77 2.66 2.67 2.72 2.91 3.20 2.70 3.07 2.87 1951—January. 1.96 2.39 1.62 2.64 2.86 2.66 2.71 2.89 3.17 2.69 3.03 2.85 Week ending: 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 Jan. 6 . . 1 .99 2.40 1.69 2.63 2.86 2.66 2.71 2 .90 3.19 2.69 3.05 2.85 Jan. 13 1 .98 2 39 1.63 2.63 2.86 2 .66 2.71 2.89 3.18 2.69 3.04 2.85 Jan. 20 1.94 2.38 1.60 2.64 2.86 2.66 2.71 2.89 3.17 2.69 3.03 2.85 Jan. 27 1.95 2.38 1 .59 2.64 2.85 2.65 2.71 2 .88 3.17 2.69 3.02 2.85 Lesday figures. been redu ~ — c e — d ^. — fr om — 1 0 .^ . t -^ o 5 — .w a _ n . d _ — 6 ^,, is . s u — e s, r — e s _ p —oe ct — i v . e -^ l y ^ , v ^. a nd -— t ,_ h ^.« e ..» «.» r -. a -»_ i lr ^ o .a v d * * A -.*a -. a . „ _ a &#45;&#45;&#45; n d -— « A .-.» a -J ^ g .-. r ovu p wv s .* ..* f ,^ r * o .'^ m '*-— 1 *» 0 _<* _ t < o w^ w 5 ) *,**->_ J.-i.». ^». i_* kj v IicLJ. jrVctcL cHlCl i~\ cL ^lO U JJS Xlci » C 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. 192 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS 1 Bond prices Stock prices 5 Corporate 4 Common (index 1935-39=100) Volume of trad- Year, month, or week U. S. Munic- ing' (in Gov- ipal Medium-grade Pre- thoum e e r n n t - 2 g ( r h a i d g e h ) - 8 H gr i a g d h e - Total In tr d ia u l s- R ro a a i d l- P ut u i b li l t i y c ferred*5 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 Number of issues 1-8 15 12 14 5 5 4 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 \ Q49 average 102 73 128.9 101.9 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 I950—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 June 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 1951—January.. 101.56 140.5 180.9 163 183 153 109 2,974 Week ending: Dec. 30 101.49 138.5 179.8 162 175 145 106 3,211 Tan. 6.... 101.48 139 1 179.8 165 178 148 107 3,262 Tan. 13 101 53 140 3 180 4 166 179 148 108 3,215 Tan. 20. . . 101.61 140.9 181.2 171 186 157 110 3,379 Tan. 27. . 101.59 141.2 181.5 169 183 152 109 2,366 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. • 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. 5 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, s 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 Foi refunding Total Domestic Domestic Year or month f ( i u a n r n n n e e g d d - w ) - m T e ( a f i o e d o g n s t o r n d a t - - i ) l 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 T e ( f a e i o o d g n s r t o n t d a - i - ) c l 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 e F i o g r n5 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 15 1945 ...... 8 006 1 ,772 1 .761 471 26 1,264 607 657 12 6,234 6,173 324 912 4 937 4,281 6S6 61 1946 8,645 4,645 4,635 952 127 3,556 2.084 1.472 10 4,000 3,895 208 734 2,953 2,352 601 105 1947 39 691 37,566 7,255 2,228 239 4,787 3,567 1 ,219 68 2,125 1,948 44 422 1,482 1 199 283 177 1948 10,214 9,079 9,070 2.604 294 <6,172 *5,264 908 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—December 731 513 513 198 315 169 146 218 218 57 56 105 101 4 1950—January. . 31,185 817 817 233 30 553 463 90 .. _ . •369 269 1 159 108 96 12 February. 809 711 708 550 13 146 80 66 98 83 6 57 20 19 1 14 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 1,28s 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 S A e u p g te u m st b . e . r . 9 7 2 8 4 7 5 7 5 0 1 5 5 68 1 7 9 2 2 7 6 2 5 ""145 2 2 5 7 4 0 2 2 1 2 1 0 4 5 3 0 " 1 3 8 l' 2 2 3 1 6 9 2 1 1 9 9 0 8 6 1 4 9 8 3 1 2 3 0 4 1 2 2 0 8 5' 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 forJanuary 1950 include 244 million dollars and 100 million, respectively, of issues of the International Bank ithly figures 193 FEBRUARY 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUES J 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 purposes Total Plant and Working Total Bonds and Preferred other debt equipment capital 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 30 138 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 1950 3,029 958 6,292 6,194 3,987 1,224 1,095 129 651 332 1949—December 223 108 574 565 331 113 111 2 37 83 1950—January 405 48 February 621549 620555 415930 130 60 3532 3390 132 5133 4188 March 547 538 371 242 129 139 138 1 11 17 April 400 480 344 295 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 '561 '•550 '312 '255 ••57 '89 '62 27 '•129 '20 November '393 '•387 '268 '193 -75 '76 '63 13 '28 '15 December 553 546 376 269 107 74 72 2 71 25 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 t n a c t i e al Year or 1 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- money ments10 pro- money ments10 pro- money ments10 pro- money ments10 pro- money ments10 ceeds9 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 8 7 1939 . . 584 188 353 182 85 97 1 246 43 1 157 102 9 88 1940 961 167 738 319 115 186 1,180 245 922 155 42 9 1941 828 244 463 361 253 108 1,340 317 993 94 55 18 1942 527 293 89 47 32 15 464 145 292 4 4 1943 497 228 199 160 46 114 469 22 423 21 13 4 1944 1,033 454 504 602 102 500 1,400 40 1,343 107 61 42 1945 1,969 811 1,010 1,436 115 1,320 2,291 69 2,159 206 85 65 1946 3,601 2,201 981 704 129 571 2,129 785 1,252 323 164 64 1947 . . .. 2 686 1,974 353 283 240 35 3 212 2,188 939 286 189 24 1948 2,180 1,726 54 403 304 21 617 546 56 2,281 1,998 145 891 870 2 587 485 30 1949 1 391 851 44 229 28 456 441 11 2 615 2,140 234 567 505 4Q 593 440 35 1950 1.165 695 143 533 273 67 587 346 183 2,895 2,003 679 396 314 73 618 356 78 5 1949—December 63 49 36 23 2 31 27 4 346 159 96 4 4 85 70 6 2 1950—January 31 27 4 31 25 3 93 27 31 225 165 14 205 202 2 20 6 F M e a b r r c u h ary. 4 6 9 3 4 3 7 8 10 2 1 5 6 2 1 1 5 10 1 7 3 8 1 5 3 22 2 1 1 3 7 0 1 9 4 8 1 2 5 9 8 18 18 13 2 2 3 7 1 5 1 "50 April 34 24 1 33 6 31 27 273 228 40 23 22 86 22 2 May 1S6 80 29 19 1 69 39 30 331 129 165 13 13 31 27 June 169 109 36 45 20 11 74 15 40 575 385 161 64 3 60 127 92 ""s July 68 50 3 72 22 3 13 13 104 81 11 24 21 3 30 25 August 42 20 5 40 19 8 42 38 4 233 121 107 6 6 39 14 September 70 43 10 62 15 8 17 17 223 205 11 7 5 28 21 3 October 'ISO '65 33 ^39 1G '34 '34 '228 '164 '33 '23 '15 r7 '46 '20 r November '127 '78 '21 '31 8 '24 '24 '174 ; '126 45 '9 '6 '22 '17 December 146 113 10 109 16 '56' 183 162 5 4 3 32 18 i ' Revised. 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. 6 Included in "Manufacturing" prior to 1948. 7 Includes "Other transportation" for which separate figures are available beginning in 1948. 8 Included in "Public utility" prior to 1948. 9 Includes issues for repayment of other debt and for other purposes not shown separately. 10 Retirement of securities only. Source.—Securities and Exchange Commission; for compilation of back figures, see Banking and Monetary Statistics, Table 138, p. 491, a publication of the Board of Governors. 194 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIOxNS MANUFACTURING CORPORATIONS [In millions of dollars! 1 Assets oi 10 million dollars ind over Assets of 50 million dollars md 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 t s e s P t a r a f o x t f e e i r t s s d D e i n v d i- s Sales P b t r e a o f x o f e i r t s e s P t a r a f o x t f e e i r t s s d D e i n v d i- s Sales P b t r e a o f x o f e i r t s e s P t a r a f o x t f e e i r t s s 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 1,844 273 856 11,138 1,638 1,127 772 1,869 206 146 83 1941 18,291 3,156 1,519 947 15,691 2,778 1,329 854 2,600 378 190 93 1942 21,771 3,395 1,220 760 18,544 2,876 1,056 672 3,227 519 164 88 1943 28,240 3,683 1,260 777 24,160 3,111 1,097 688 4,080 571 164 88 1944 30,348 3,531 1,255 848 25,851 2,982 1,091 755 4,497 549 164 93 1945 26,531 2,421 1,129 861 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 1,657 31,578 4,506 2,768 1 ,474 5,124 529 330 183 Quarterly 1948—i 8,621 1,218 751 285 7,231 1,050 649 247 1,390 168 102 38 2 8,947 1,242 770 311 7,503 1,058 657 269 J . 445 184 113 42 3 9,250 1,331 832 307 7,813 1,146 717 265 ,437 186 115 43 4 10,136 1,523 958 499 8,691 1,339 838 429 ,445 184 120 70 1949—i 9,363 1,326 808 343 8,056 1,187 723 303 ,307 139 84 40 2 9,369 1,196 726 354 8,115 1,077 653 312 ,254 119 73 42 3 9,420 1,312 799 331 8,148 1,183 717 292 ,273 129 82 39 4 8,550 1,201 766 629 7,259 1,059 675 567 .291 142 91 62 1950—1 i 9 256 1 400 804 387 7,935 1,254 717 347 1 ,322 146 87 40 2 1 10,655 1,821 1,048 393 9,179 1,631 936 347 1,476 190 112 46 31 11,753 2,176 1,242 546 10,095 1,916 1,089 497 1,658 260 152 49 PUBLIC UTILITY CORPORATIONS [In millions of dollars] Railroad Electric power Telephone Year or quarter O re p v in e 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 in e e r n g 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 r O e p v in e 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 t f e e i r s ts d D e i n v d i- s Annual 1939 3,995 126 93 126 2,647 629 535 444 1.067 227 191 175 1940 4,297 249 189 159 2,797 692 548 447 1,129 248 194 178 1941 5,347 674 500 186 3,029 774 527 437 1,235 271 178 172 1942 7,466 1,658 902 202 3,216 847 490 408 1,362 302 163 163 1943 9,055 2,211 873 217 3,464 913 502 410 1,537 374 180 168 1944 9,437 1,972 667 246 3,615 902 507 398 1,641 399 174 168 1945 ... 8,902 756 450 246 3,681 905 534 407 1,803 396 177 174 1946 7,628 271 287 235 3,815 964 638 458 .992 277 200 171 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—1 2,243 146 73 57 1,233 282 184 124 607 65 44 39 2 . . 2,363 286 186 57 1,152 231 154 115 627 71 48 44 3 2,555 393 244 53 1,178 211 143 121 641 64 44 47 4 2,510 317 191 122 1,267 254 174 133 667 69 47 50 1949—1 2,147 119 58 69 1,312 316 206 124 670 62 42 50 2 2,226 183 115 55 1,223 272 180 136 695 75 50 51 3 2,140 174 104 50 1,223 259 173 142 711 84 55 54 4 2,066 224 161 78 1,289 281 195 157 741 111 72 61 1950—1 1,985 109 »51 61 1,378 351 2 230 146 749 114 8 74 63 2 2,238 247 2155 53 1,315 321 2212 153 780 135 J86 68 3 2,534 453 »253 55 1,310 293 2171 152 809 150 S85 71 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). 195 FEBRUARY 1951 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 3 4 1 2 3 4 1 i 2 i 3 i Nondurable goods industries Total (94 corps.):2 Sales . .... 11,313 13,364 12,790 3,324 3 53? 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 1 211 362 304 321 256 ?0? 34? 308 353 464 Dividends 551 656 708 141 225 146 166 147 240 166 175 7,05 Selected industries: Foods and kindred products (28 corps.): Sales . .. 3,447 3,254 846 004 805 792 8??. 835 757 817 931 Profits before taxes 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 135 134 32 4? 30 31 ?9 44 31 33 3? Chemicals and allied products (26 corps.): Sales 3,108 3,563 3 562 904 036 896 860 806 910 952 1,051 1,19? Profits before taxes 547 655 673 166 183 170 140 174 189 205 247 309 Profits after taxes 337 408 403 104 110 100 83 105 11S 117 141 174 Dividends 254 311 59 85 64 66 68 113 72 79 11? Petroleum refining (14 corps.): Sales 2,906 3,945 3 865 978 1 077 993 934 04? 006 960 989 1 Profits before taxes 456 721 525 171 173 161 119 114 131 121 133 188 Profits after taxes 350 548 406 132 141 119 92 100 87 95 m 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 6,60S 6,120 6,320 6 ?S7 s 6 005 7 197 7,846 Profits before taxes 2 312 3,107 3 192 788 0S8 830 799 866 607 896 1 240 1,402 Profits after taxes 1,836 1 888 470 S64 487 470 508 4?4 496 695 778 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 ,601 2,430 2,175 OSO 1,S4? 2 200 2 528 ,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,?83 1,106 1,110 1 OSS 1 101 1,106 1 200 1,276 Profits before taxes 443 569 520 118 177 133 110 148 145 168 103 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 2,151 2,601 707 118 2,283 2 975 3,3SS Profits before taxes 809 1,131 1 473 305 3?7 298 376 462 337 398 596 655 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 annuaKrates) [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 r e a o f x o f e i r s t 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—4 33.1 12.9 20.3 7.9 12.4 1940 9.3 2.9 6.4 4.0 2.4 1 1 1 1 1 9 9 9 9 9 4 4 4 4 4 2 5 4 1 3 2 2 2 1 1 4 5 1 7 9 . . . . . 3 1 2 1 7 1 1 1 1 7 1 1 3 4 . . . . . 8 2 7 5 4 1 1 9 9 8 0 0 . . . . . 4 4 5 8 6 4 4 4 4 4 . . . . . 7 7 3 5 5 4 5 6 6 3 . . . . . 2 1 1 8 9 1949—1 2 3 4 2 2 2 2 7 8 6 8. . . . 2 6 3 4 1 1 1 1 0 0 0 0 . . . . 9 0 6 8 1 1 1 1 7 6 6 7 . . . . 4 4 9 3 8 7 7 7 . . . . 2 7 9 4 9 8 9 8 . . . . 7 5 7 9 1946 23.5 9.6 13.9 5.8 8.1 1947 30.5 11.9 18.5 6.6 11.9 1950—1 29.2 13.2 16.0 8.1 7.9 1948 33.9 13.0 20.9 7.5 13.4 2 37.4 16.5 20.9 8.1 1949 27.6 10.6 17.0 7.8 9.2 3 ... 46.4 20.6 25.8 9.4 r16.5 19501 40.2 '17.9 '•22.4 '9.4 13.0 14 48.0 21.3 26.7 11.5 15.2 r Revised. 1 Estimates of Council of Economic Advisers, based on preliminary data. Source.—Same as for national income series. 196 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 e n n t i c c t e g e u l s u u e r ) i d d a - - r- Total Total * Tre b a il s ls ury c i C e n a d e d t n e 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 Tr b e o a n s d u s ry Totals 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 i b n N e d t a e e o r r b n i e n t - s g t- s g e u c t u e a e r r i a d t n ie - s 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 1951—Jan 256,143 256,125 151,620 13,629 43,800 94,035 68,092 58,017 8,748 33,992 2,421 18 1 Includes amounts held by Government agencies and trust funds, which aggregated 5,364 million dollars on Dec. 31, 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 JANUARY 31, 1951 [In millions of dollars] [On basis of daily statements o o f f d U o n l i la 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 msales during t R io e n d s e m an p d - Month standing maturities Issue and coupon rate Amount Issue and coupon rate Amount at m e o n n d t h of All 1 Series Series Series All series E F G series Fiscal year Treasury bills 1 Treasury bonds—Cont. ending: Feb 1 19^1 1,100 June 15, 1952-54... . .2 5,825 June—1943.. 21,256 11,789 8,271 758 2,759 848 Feb. 8, 1951 1,102 June 15, 1952-55..• 2H 1,501 1944.. 34,606 15,498 11,820 802 2,876 2,371 Feb. 15, 1951 1,101 Dec. 15, 1952-54.... .2 8,662 1945.. 45,586 14,891 11,553 679 2,658 4,298 Feb. 23, 1951 1,105 June 15, 1953-552.. . .2 725 1946.. 49,035 9,612 6,739 407 2,465 6,717 M M a a r r . . 8 1 , , 1 19 9 5 5 1 1... . 1 1 , , 1 1 0 0 2 3 J M un ar e . 1 1 5 5 , , 1 1 9 9 5 5 4 5 - - 5 6 6 0 2 2 . . • 2H 2,6 6 1 8 1 1 1 19 9 4 4 8 7 . . . . 5 5 1 3 , , 3 2 6 7 7 4 6 7, ,2 2 3 0 5 8 4 4 , , 2 0 8 2 7 6 3 3 6 0 0 1 2 1 , ,9 5 0 6 7 1 5 5 , ,1 5 1 4 3 5 Mar. 15, 1951.... 1,001 Mar. 15, 1956-58..'.2*| 1,449 1949.. 56,260 7,141 4,278 473 2,390 5,067 Mar. 22, 1951 1,001 Sept. 15, 1956-592.• 2% 982 1950.. 57,536 5,673 | 3,993 231 1,449 5,422 A M p a r r . 29 5 , 1 19 9 5 5 1 1.. 1 1 , , 0 0 0 0 2 5 S Ju e n p e t. 1 1 5 5 , , 1 1 9 9 5 5 8 6 - - 6 5 3 9 2 . . .. • 2 2 H % 3,8 9 2 1 3 9 1950—Jan 56,958 707 402 38 267 618 Apr. 12, 1951 1,000 June 15, 1959-623..2X 5,284 Feb.... 57,217 581 1 361 31 189 418 Apr. 19, 1951 1,003 Dec. 15, 1959-623..2X 3,470 Mar... 57,331 524 364 27 134 510 Apr. 26, 1951 1,003 Dec. 15, 1960-652. 1,485 Apr... . 57,427 423 305 15 102 413 J D u e n c e . 1 15 5 , , 1 1 9 9 6 6 2 3 - - 6 6 7 8 3 3. . .2 2 ) ;H 4 ? 2 2, , 8 1 3 1 1 8 J M u a n y e. . . . . . 5 5 7 7 , , 4 5 7 3 7 6 4 3 1 9 6 8 3 2 0 9 7 7 1 1 6 4 9 8 2 6 4 4 5 5 4 6 J D u e n c e . 1 15 5 , , 1 1 9 9 6 64 4 - - 6 6 9 9 3 3 . .• 2Y2 3 3 , , 7 8 6 3 1 8 A Ju u l g y... 5 5 7 7 , , 5 4 6 7 8 0 4 3 1 5 7 0 3 2 1 7 8 0 1 1 3 1 8 7 7 0 5 53 0 7 5 Treasury notes Mar. 15, 1965-703. 2}/> 5,197 Sept... 57,396 310 244 8 58 475 J J J u u u l l l y y y 1 1 1 , , , 1 1 1 9 9 9 5 5 5 1 1 1 - - - D B C . . . .. " . A 1 H H 4 2 , , 8 7 8 1 4 8 8 1 6 S J M u e a n p r e t . . 1 1 15 5 5 , , . 1 1 1 9 9 9 6 6 6 7 6 7 - - - 7 7 7 2 1 2 3 3 . . . . • • • 2 2 2 Y ^ ) 2 4 2 3 2 7 , , , 4 7 9 8 1 6 1 6 7 O N De o c c v t . . . . . .. . . . . 5 5 5 7 8 8 , , , 9 0 0 5 2 1 4 7 9 9 4 5 3 7 4 6 1 1 2 2 2 4 7 8 6 1 4 1 3 4 6 7 5 1 5 1 1 5 5 9 5 3 7 4 4 5 4 9 0 8 6 9 A O u ct g . . 1 1 , , 1 1 9 9 5 5 1 1 .. , . . , 5 1 , , 3 91 5 8 1 Dec. 15, 1967-723..2y2 11,689 1951—Jan 58,017 475 343 18 115 653 Oct. 15, 1951 • AH 5,941 Nov. 1, 1951 • AH 5,253 Maturities and amounts outstanding January 31, 1951 Mar. 15, 1954.... 1 % 4,675 PostaL Savings D M J.VX e a C c L r . J . • 1 1 X 5 * S J , y 1 1 1 9 9 7 5 v 5 / 5 J 5 . , . • . • .a'.AH 6 5 ' ,8 3 5 6 2 S bonds 106 m Y a e t a u r r i o t f y se A ri ll es Se 1 r ) ies Se K ries Se F ries Se G ries Panama Canal Loan. 3 50 1951. 1 ,474 375 1 ,009 1952 3 ,865 3 ,865 Treasury bonds Total direct issues 151,620 1953 6,557 5.339 196 1,023 June 15, 1951-54 2 1,627 1 1 9 9 5 5 4 5 . 8 7 , ,1 3 7 3 7 5 5 4 , , 9 6 1 7 0 4 4 5 9 1 1 7 1 1 , 9 ,9 3 8 4 6 S S D e e e p p c t t . . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 5 5 5 1 1 1 - - - 5 5 5 5 3 3 2 2 ... . 2 . .3 7 1 , ,1 9 7 1 8 5 8 6 5 Guaranteed securities 1 1 9 95 5 7 6 ... 5 5 ,3 ,0 1 9 0 2 2 2 ,5 ,4 1 (1 5 3 4 5 7 9 6 9 2 2 , , 1 3 0 0 1 8 1958 5 ,266 2,784 256 2 ,226 Dec. 15, 1951-55.... .2 510 Federal Housing Admin. 1959 5,161 2,955 276 1 ,930 Mar. 15, 1952-54...2H 1,024 Various 15 1960 5 ,840 3,014 456 2.370 1961 1,658 91 219 1 ,348 1 Sold on discount basis. See table on Open-Market Money Rates, 1962 2,323 405 1,918 p. 192. 1963 79 11 68 2 Partially tax exempt 3 Restricted. Unclassified. . -121 4 Called for redemption on June 15, 1951. Total 58,017 375 34,650 3,901 19,212 FEBRUARY 1951 197 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in millions of dollars] Total Held by Held by the public gross U. S. Government debt agencies and End of month in (i g n c g lu u d a - r- trust funds l Federal Com- Mutual Insur- Other S a t n a d te Individuals Miscellaneous anteed Total Reserve mercial savings corpo- local securi- Special Public Banks banks 2 banks rations govern- Savings Other ties) issues issues ments bonds securities 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 Aug 257,891 32,705 5,430 219,755 18,356 64,000 11,400 20,000 19,500 r8,300 49,900 17,600 10,800 Sept 257,236 33,396 5.490 218,350! 19,572 62,100 11,200 19,700 r19,500 '8,200 49,900 >-17,400 10.700 Oct. . . . 256,959 33,539 5/475 217,945 19,252 62,100 11,100 19,500 19,900 8,100 49,800 17,500 10,800 Nov 257.100! 33,732 5 ,433 217,036 19,693 61.300 10,900 19,200 20,100 8,100 49,700 17,600 11,300 I 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 - - M s tu av u al - - 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: Total:' Within 1 year: 1 1 1 9 9 9 5 4 4 0 8 9 — — — D D J J ju u e e u c c n n n e e e . . . . . . . . . . . , 1 1 1 1 15 5 5 6 5 5 7 5 0 5 , , , , , 3 4 1 3 1 2 9 3 7 6 5 6 8 3 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 3 1 8 8 9 , , , , , 3 3 8 3 3 3 6 3 8 4 1 6 3 5 3 5 5 5 5 5 9 7 5 8 6 , , , , , 9 8 5 2 3 7 3 5 9 5 2 7 6 9 3 1 1 1 1 1 0 1 0 0 1 , , , , , 8 5 7 8 0 7 2 7 7 2 7 2 2 7 9 2 1 1 1 1 1 8 9 9 8 , , , , , 7 1 5 8 0 3 3 0 1 9 2 5 5 9 0 4 4 4 4 4 2 4 1 2 3 , , , , , 6 0 7 7 6 3 8 6 7 6 7 7 3 9 3 1 1 19 9 9 5 4 4 0 8 9 — — — D D J J J e e u u u c c n n n e e e . . . . . . . . . . . . 1 1 1 1 1 4 0 3 1 0 , , , , , 3 4 2 3 2 8 1 1 1 2 7 9 1 6 6 9 3 4 7 1 8 6 9 0 9 2,0 9 8 5 8 7 8 0 6 7 0 2 5 1 8 9 5 5 7 7 , , , , , 0 5 9 0 0 1 7 0 2 2 4 1 1 1 2 2 2 2 1 1 3 3 3 7 5 2 6 8 1 1 3 3 3 4 2 6 8 6 2 7 0 5 8 9 3 3 2 2 4 3 , , , , , 1 3 9 5 6 2 5 0 5 8 5 6 0 3 5 Oct 152,798 5,349 19,252 55,346 10,389 17,38045,082 Nov.... 152,778 5,307 19,69354,569 10,220 17,08345,906 Oct 34,659 115 9,676 14,457 281 756 9,374 Treasury bills: Nov 39,912 34 13,827 14,477 251 759 10,564 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 2,63630,580 1,829 2,790 7,971 Dec 12,319 11 4,829 3,514 15 70 3,880 44,053 226 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 N Oc o t v . . . . . . . . . 1 13 3 , , 6 6 0 2 8 9 38 9 1,1 7 1 6 2 3 3 3, , 3 9 7 3 4 9 4 7 4 2 3 2 4 4 0 8 8 8, , 7 5 2 6 9 9 1950— D Ju ec ne.... 3 5 5 1, , 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, , 0 1 5 2 8 1 1 1 , , 7 6 3 4 1 1 1 5 0 , , 2 4 9 43 0 Ce 1 rt 9 i 4 fi 8 c — ate D Ju s e : n c e 2 2 6 2 , , 5 5 2 8 5 8 2 1 4 4 6 4, , 6 0 1 7 6 8 8 9, ,5 0 5 72 2 3 2 1 5 7 6 4 67 7 2 9 1 8 0 , , 6 4 1 2 0 3 O N c o t v.... 3 3 7 2, , 6 9 9 5 7 0 2 2 3 1 0 3 5,7 8 2 9 1 6 2 24 4 , , 4 7 2 0 6 3 6 5 1 7 7 5 1 1 , , 1 1 8 6 2 9 5 5, , 4 4 1 9 8 7 1 1 9 9 4 5 9 0 — — D J J u u ec n n e e . . . . . . . . 2 2 1 9 9 8 , , , 4 6 4 2 3 1 7 6 8 2 4 6 8 7 6 6 5 , , , 2 3 8 5 7 5 7 5 7 1 9 5 1 , , , 5 3 5 6 5 2 1 4 0 2 1 6 0 6 7 4 9 6 3 6 8 0 3 2 2 31 1 7 0 2 , , , 2 9 1 5 9 7 4 1 4 5- 1 1 9 0 4 8 y — ea D J r u s e n : c e 1 1 0 0 , , 4 4 6 6 4 4 3 3 1 1 4 4 5 4 4 3 6 4 6 6 , ,2 3 5 1 1 4 5 5 2 0 0 6 9 91 9 1 7 1 1, , 8 9 8 3 5 6 Oct 5,373 (3) 70 1,970 18 142 3,173 1949—June 15,067 532 584 6,587 2,002 1,732 3,630 Nov 5,373 (3) 718 2,017 10 125 2,503 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 Oct 15,926 400 997 6,069 2,180 1,914 4,366 1949—June.... 3,596 47 359 1,801 41 104 1,244 Nov.... 15,926 382 982 6,086 2,158 1,906 4,412 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 N c o t v 3 3 6 6 , , 9 9 4 4 8 8 1 1 2 0 1 1 4 3 , , 2 4 3 9 9 9 1 13 4 , , 9 0 8 4 2 1 1 1 2 4 4 6 5 5 2 4 6 1 8 7 , , 8 9 0 6 7 9 1 19 9 4 4 8 9 — — D J J u e u n c n e e.... 5 5 4 3 3 8 , , , 8 8 5 3 3 5 8 8 4 4 4 4 , , , 7 4 6 1 5 8 0 5 5 2 4 7 , , , 9 2 4 1 2 5 5 1 2 3 3 3 , , , 5 9 9 4 2 3 1 2 3 8 8 7 , , , 0 6 2 4 3 9 8 9 3 1 1 1 7 4 5 , , , 1 1 2 2 7 3 9 9 0 1 1 1 6 4 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 7 6 7 4 4 2 0 , , 1 3 4 7 6 1 1 1 1 0 , , 0 4 4 8 7 6 2 1 0 8 , , 8 8 8 9 0 1 2 2 6 5 , , 8 3 4 7 7 5 1950— D Ju ec ne.... 4 4 5 5 , , 0 0 8 8 4 4 4 4 , , 4 4 4 82 1 3 2 , , 5 3 9 4 3 9 3 4 , , 8 0 8 9 7 2 6 7 , , 5 13 8 0 8 1 1 3 3 , , 4 5 8 0 5 7 1 1 3 3 , , 0 52 9 4 0 1 19 9 4 5 9 0 — — D J Ju e u c n n e e . . . . . . . . 1 1 t0 0 1 4 2 0 , , , 7 7 4 5 9 2 8 5 6 5 5 5 , , , 2 2 2 0 1 7 1 7 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 2 5 1 4 7 5 9 9 2 2 2 5 6 5 , , , 3 3 0 4 2 2 0 0 9 O N c o t v.... 4 4 5 5 , , 0 0 8 8 4 4 4 4 , ,6 5 3 3 2 0 2 2, , 1 0 5 2 8 5 4 4 , , 1 1 8 6 7 8 7 7 , ,1 2 8 2 2 1 1 12 3 , , 7 1 7 2 4 9 1 1 4 3 , ,9 1 9 7 2 0 Oct 96,670 5,262 4,18035,376 10,152 16,44025,260 Nov.... 96,670 5,251 4,36435,175 10,042 16,08225,756 * 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 small 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, a Less than $500,000. 198 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) income and outgo8 decreasse(-) during period Assets y m F e i o a s r n c o t a h l r c N e r i e e p - t ts B p t e u u e n r x 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 c u c n - s 1 t t s, c C o i a l n u c e 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 e D R e r e e a d - p l - osi d t S s e c p i p i a n e 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 serve itaries banks' Fiscal year: 1948 42,211 33,791 +8,419 —294 —507 —5,994 +1,624 4,932 5,370 1,928 1,773 1,670 438 45,40036,496 +8,903 1949 38,246 40,057 — 1,811 —495 +366 +478 — 1,462 3,470 3,862 438 1,771 1,653 392 41,62840,576 +1^051 1950 37,045 40,167 -3,122 +99 +483 +4,587 +2,047 5,517 5.927 950 3,268 1,709 410 40,97043,155 —2,185 1950—Jan... 3,366 3,323 +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 1,677 303 3,595 3,537 +58 Mar... 4,820 3,269 +1,551 -93 +122 -645 +935 6,121 6,438 1,006 3,665 1,766 317 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 1,657 373 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 1,709 410 4,687 4,061 +626 July.. 1,881 3,013 -1,132 -99 +31 +183 -1,017 4,500 4,864 566 2,618 1,680 364 2,110 3,143 -1,032 Aug... 2,860 2,515 +344 +147 -140 +333 +685 5,185 5,501 733 3,115 1,654 316 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 1,651 392 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 4,488 4,004 +485 1951—Jan... 4,448 3,808 +640 -83 +247 -583 +221 4,454 4,365 807 2,117 1,941 412 DETAILS OF TREASURY RECEIPTS On basis of daily statements of United States 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 y e t l e d h m r - s - Other i r n e n c M v t e e e e o l i r l n s u a n - u - s a e l S S ta r o e i x c c ty e i u a s - l c O e r i t p e h - t e s r 4 c T e r o i e p t - a t l s R t e a f o x u f e n s ds e S t m S a m e o x c p e c e u l n i s o r a t i y * l t - y c N e r i e e p - t ts W i h n e c it l o d h 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 a p x a r l ofits E p o t r x a a t o n h c x f e d e i e t s r s s s t t a a g E a x n i s t f e d e - t 3 m la o ta a n i t s x n h e c d e e o e s r u l- s Fiscal year: 1948 11,436 19,735 8,301 2,396 4,231 46,099 2,272 1,61642,211 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 1,69038,246 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 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 4,211 245 257 1,894 13 44 679 1951—Jan 6 696 2,709 853 e 133 230 4,621 42 131 DETAILS OF BUDGET EXPENDITURES AND TRUST ACCOUNTS On basis of daily statements of United States Treasilry 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 i i n n a n a o a t n i a n e n d d - a r c - l e t e m r V A r a a i t e n d 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 s n - s t s ts - Other c N e r i e e p - t ts acc m 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 4 - 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 1950—Tan. 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 Mar 3,269 1,051 636 404 578 98 11 491 262 47 311 158 -844 999 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 4,296 998 1,611 405 459 150 8 665 493 309 225 451 279 184 JUly 3 2 , , 0 5 1 1 3 5 1 1 , , 0 1 2 4 4 9 2 1 7 3 1 4 2 2 5 7 4 3 4 46 4 4 8 -1 4 1 2 3 4 3 2 1 8 5 5 4 9 3 8 6 26 3 2 0 2 1 7 4 7 6 1 18 8 6 9 6 9 5 6 6 4 11 8 2 5 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 3,102 1,446 142 321 465 96 9 624 549 207 219 132 -23 109 Dec . »... 3,742 Pl.523 968 P239 437 24 6 545 288 7 241 91 33 53 1951—Jan 3,808 ^1,669 514 P316 462 116 74 658 414 233 278 157 194 -50 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 in millions of dollars to 1,929 in 1948, 589 in 1949, and 264 in 1950, and receipts from renegotiation of war contracts amounting to 164 million in 1948, 57 in 1949, and 27 in 1950. 5 These are appropriated directly to the Federal old-age and survivors insurance trust fund. 6 Beginning in January 1951 receipts from tax on employers of 8 or more are excluded from Social Security taxes and included with income taxes withheld by employers. 7 Excludes tax on employers of 8 or more. FEBRUARY 1951 199 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 Liabilities, other than Assets, other than interagency items * interagency items Corporation or agency Total Cash L c a e r o b e i a l v - e n - s m m C p s r t a l i i u o o a n i e a p e m t d d s l e s - s , i , - - - G U s ri e o t . c i v I e u S m n t s - . . v e e n O s r t s i s t e t - t i c h e u e s - r : L s e t m u t a q a r r n e u u n e n d i c d s p t - , , - O s a t e h s t - s er 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 2,962 509 772 720 21,030 183 Mar. 31, 1950 24,360 387 13,350 1,567 2,221 3,488 2,932 414 708 2,07221,368 191 June 30, 1950 24,118 47412,502 2,186 2,101 3,483 2,924 450 774 1,446 21,679 201 Sept. 30, 1950 24,102 12,769 1,739 2,112 3,478 2,931 476 1,108 970 21,791 214 Classification by agency, Sept. 30, 1950 Department of Agriculture: Farm Credit Administration: Banks for cooperatives 334 264 70 244 19 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 1,607 158 335 2,301 Farmers' Home Administration 4 521 423 27 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 56 195 Federal Savings and Loan Insurance Corp. 197 191 6 191 Home Owners' Loan Corp 53 44 4 48 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 7 1178 Other 10 1 85 Reconstruction Finance Corporation: Assets held for U. S. Treasury 6 753 1 105 604 753 Other * 1,024 895 1 963 Export-Import Bank 2,239 () 2,224 2,171 Federal Deposit Insurance Corp 1,349 1,335 ( 1,313 A Te ll n o n t e h s e s r e e 8 Valley Authority 7, 9 5 2 0 0 4 1 3 3 3 2 3, ( 9 ) 01 3,385 8 4 6 5 8 7,4 9 9 03 2 CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY Sept. 30, 1950 Purpose of loan M C F F a o e o r r d r m 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 p i r v n e e c k r s a o s - - m C C C r o o o e d r m d p i i - . t t y t R A r E t i i f u d l o i e r c m n c a a - l . - A F H e a d o r r s m m m ' . e - H C O L e o o o w r m r s 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 I E 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 - a J g u 1 e n 9 a n e 5 l c l 0 3 i , e 0 s , To aid agriculture 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'i',231 '3^750 6,103 6,116 Other 337 60 101 498 485 Less: Reserve for losses 6 (3) 3 71 1 133 (x) 1 33 7 11 266 270 Total loans receivable (net)... A3 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. 3 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. 5 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. 200 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 Year or month Tota In l (p d h u 1 y s 9 s t 3 r i 5 c ia - a 3 l D l 9 u v f p M a = - o r c o l a t u d u n 1 m u r u 0 N e c e d - 0 s t o ) u i * n o - 1 - n M er i a n ls - To a t 1 w a 9 l a 2 r c 3 d o - e R n d 2 d t t e i 5 e r a n s a ( l = i - v c - t a s l 1 u o 0 e A t 0 ) h 2 l e l r N t a c u g u o r r l n a E - i- l m 1 p 9 l 3 o 9 y F = m a c e t 1 n o 0 r t3 0 y 1 r F p t o 9 1 o a a l 3 0 l r c y s 0 y 9 - - = 3 c 1 F a = 9 i f r n 3 1 e l g o 5 i 0 s g a - 0 * 3 h d 9 t - 1 D u = 9 m s s ( e e 3 v t 1 a ) p o e a 5 l 0 a e n r l - * - 0 e s r t 3 4 t 9 - 1 s p — 9 u C r 3 i m o c 1 5 e n e 0 - s - r 3 0 s 3 9 ' p W m = c r 1 s i o 1 o 9 a h c m d 0 l 2 o e e 0 6 i s l - t e 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 86 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 176 168 13^ 211 192 226 14? 0 141 6 325.3 116 286 16Q 1 155 0 1950 ?200 P237 P187 PUS 295 305 287 P145.6 P149.6 «371.8 128 ?304 171 2 161 5 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 3 June 169 170 194 161 133 195 176 210 141.7 140.0 138.4 315.7 114 285 169.6 154 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 9 December 179 178 203 176 132 262 255 268 141.2 139.3 140.4 329.3 115 r295 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 211 216 251 194 163 321 332 312 149.2 156.0 158.9 '403.2 134 320 173.8 169 5 October 216 220 262 196 166 299 294 303 149.9 157.7 160.3 415.8 136 291 174 8 169 1 November . . 214 215 260 195 160 306 284 323 150.2 157.4 159.0 414.9 136 290 175 6 171 7 December *>217 P215 P268 P195 *>158 332 297 360 P150.0 ^157.1 P158.4 «425.2 140 P325 178.5 175.3 1951 January *220 *196 el 63 *146 *360 8215 * Average per working day. « Estimated. P Preliminary. ' Revised. 1 For indexes by groups or industries, see pp. 202-205. For points in total index, by major groups, see p. 224. 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. 209. 3 The unadjusted indexes of employment and payrolls, wholesale commodity prices, and consumers' prices are compiled by or based on data of the Bureau of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces. 4 For indexes by Federal Reserve districts and other department store data, see pp. 211-214. Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp. 958-984; or department store sales, June 1944, pp. 549-561. FEBRUARY 1951 201 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 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov Dec. Industrial Production—Total 179 183 180 187 190 195 199 196 209 211 r216 214 P217 Manufac tures— To ta I 188 192 192 194 199 204 208 206 218 220 r225 224 P228 Durable Manufactures 203 209 207 211 222 231 237 235 247 251 262 260 P268 Iron and Steel *.. . 201 203 201 205 222 226 231 228 236 245 253 247 253 Pig iron . 198 201 175 175 219 222 221 223 219 223 225 211 216 Steel 239 244 238 243 270 273 271 264 265 275 286 272 280 Open hearth .. . .. 194 192 181 180 204 206 202 201 198 203 209 198 207 Electric 557 612 639 691 739 755 763 710 744 792 835 803 802 Machinery . 227 229 236 243 251 258 262 265 279 '283 '302 310 P321 Transportation Equipment , 211 242 210 214 226 262 277 272 287 284 '293 279 P295 Automobiles (including parts) , 181 224 182 189 204 249 268 262 273 r265 273 251 264 (Aircraft; Railroad Equipment; Shipbuilding — Private Nonferrous Metals and Products 166 180 190 200 198 197 207 202 212 216 223 227 P228 Smelting and refining 174 191 202 208 207 208 219 208 212 209 217 220 P218 (Copper smelting; Lead refining; Zinc smelting; Fabricating 163 176 184 197 194 192 202 199 212 219 225 229 P232 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin Lumber and Products 159 144 150 156 159 158 155 151 165 166 '166 169 P174 Lumber ... . 153 132 138 145 150 149 144 140 151 150 150 155 162 Furniture 170 166 173 176 175 175 178 174 192 196 198 197 P197 Stone, Clay, and Glass Products.... 187 190 192 188 200 203 210 212 212 215 229 227 ?227 Glass products . . 182 194 195 191 209 211 220 225 206 212 246 P236 248 Glass containers 190 206 207 201 222 223 234 244 215 225 262 247 266 Cement . 206 207 211 192 218 210 214 208 214 206 214 214 232 Clay products 150 158 157 158 158 160 161 161 167 169 168 175 P174 Other stone and clay products 2 Nondurable Manufactures 176 179 180 181 180 181 184 181 195 194 196 195 P195 Textiles and Products 173 178 179 17 3 174 175 173 165 189 191 197 192 P192 Textile fabrics 154 160 162 156 157 158 156 146 172 171 178 172 P172 Cotton consumption ... 134 144 144 138 139 140 132 123 155 152 162 158 158 Rayon deliveries 350 355 357 350 348 347 348 361 366 380 374 -•380 Nylon and silk consumption 2 .. Wool textiles 151 154 159 152 154 157 161 134 172 171 180 164 Carpet wool consumption 193 215 215 210 222 216 205 135 210 204 228 204 Apparel wool consumption 136 147 163 153 143 149 152 139 178 170 179 148 Wool and worsted yarn 133 131 140 134 134 140 147 127 159 158 163 146 Woolen yarn 119 119 122 116 119 127 134 117 144 137 142 123 Worsted yarn 153 148 165 161 156 158 165 140 179 187 192 179 ^^oolen and worsted cloth 159 156 156 146 149 153 162 143 168 172 180 172 Leather and Products 101 108 115 116 110 101 105 101 120 124 115 109 Leather tanning 99 95 102 98 101 95 102 91 108 111 106 108 Cattle hide leathers 111 103 112 108 112 104 115 106 121 125 119 121 Calf and kip leathers 88 86 85 77 83 75 79 56 83 91 84 89 Goat and kid leathers 78 85 89 91 83 88 89 80 86 84 88 96 Sheep and lamb leathers 76 80 91 82 97 81 86 76 101 104 94 81 Shoes .. . ... 103 116 124 128 115 106 107 107 128 133 121 110 Manufactured Food Products 160 161 161 165 164 164 164 167 168 167 r162 161 P161 Wheat flour 105 114 112 111 105 107 106 113 116 103 100 107 P118 Cane sugar meltings2 Manufactured dairy products 148 148 149 154 153 150 153 152 150 148 145 143 143 Butter 85 85 86 94 91 85 87 85 80 78 75 72 70 Cheese 183 185 181 191 195 175 184 178 169 161 158 164 167 Canned and dried milk 142 135 144 158 155 155 165 167 169 158 150 142 131 Ice cream 2 . .. . P Preliminary. ' Revised. 1 Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods may be obtained from the Division of Research and Statistics. 2 Series included in total and group indexes but not available for publication separately. 202 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued (A djusted for Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average == 100] 1949 1950 Industry Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Manufactured Food Products—Continued Meat packing 157 154 151 160 157 144 147 151 155 168 158 165 171 Pork and lard .... ... 185 174 168 184 182 161 165 169 175 196 188 195 202 Beef 137 146 146 150 144 142 141 146 145 153 138 148 155 Veal 125 108 105 108 104 98 108 114 121 120 107 108 104 Lamb and mutton 86 85 77 76 74 71 79 78 78 78 77 76 77 Other manufactured foods .... 167 169 169 173 171 173 173 175 176 174 171 168 P166 Processed fruits and vegetables 132 142 136 152 148 150 158 147 134 142 '152 149 130 CoTifpctionerv 140 139 139 136 131 131 133 146 158 146 125 Other food products... ... 181 181 183 184 184 186 184 187 190 '187 184 180 182 Alcoholic Beverages 173 169 159 175 169 172 184 206 248 203 182 207 208 Malt liquor 172 170 159 172 159 157 163 171 168 155 150 '183 168 ^^hiskey .... 83 88 84 81 97 93 95 84 111 146 157 178 157 Other distilled spirits 228 259 214 214 280 363 417 611 934 549 308 '235 463 Rectified liquors 240 205 204 268 242 235 269 315 464 340 304 341 340 Tobacco Products 149 162 162 176 161 168 170 154 197 172 165 171 153 Cigars 88 97 102 97 91 93 106 96 126 120 124 127 89 Cigarettes 205 224 222 248 224 237 233 212 269 229 215 227 215 Other tobacco products 66 69 67 72 67 63 68 59 80 71 72 65 56 Paper and Paper Products 167 179 178 179 181 180 185 173 191 194 202 201 198 Paper and pulp .. 160 171 171 172 174 173 177 166 181 185 193 191 190 Pulp 180 198 201 198 204 199 205 202 211 213 228 220 220 Groundwood pulp 98 93 98 94 97 99 109 119 124 133 127 109 124 Soda pulp 107 118 117 113 121 119 120 110 115 114 96 92 94 Sulphate pulp ... 312 354 360 350 365 363 373 372 381 382 427 414 403 Sulphite pulp . 138 148 149 152 153 145 146 140 152 152 162 161 161 Paper 157 167 167 169 170 168 173 161 177 180 188 186 185 Paperboard 193 209 205 203 207 211 213 198 228 232 238 240 229 166 167 167 175 171 167 172 156 174 180 187 183 189 Tissue and absorbent paper. 161 175 170 173 185 166 171 182 183 185 207 196 204 Wrapping paper 145 155 162 163 160 158 167 151 155 156 164 163 165 94 98 98 102 111 112 115 117 116 116 117 112 117 Printing and Publishing 159 163 168 169 169 166 170 162 169 172 179 174 176 Newsprint consumption 152 159 169 163 168 165 168 167 165 163 171 165 162 Petroleum and Coal Products. .. .... 219 211 205 207 206 216 222 229 238 243 T251 250 P258- Gasoline 180 176 i74 173 171 181 188 194 200 195 196 195 P198 Fuel oil 190 192 187 178 172 175 179 187 190 200 210 209 P225 Lubricating oil 153 149 148 152 133 143 152 154 174 177 184 187 Kerosene 198 207 190 188 170 184 177 186 194 198 195 195 Coke 158 154 124 146 174 175 177 176 176 178 183 178 179 By-product coke 161 156 127 145 170 171 170 170 167 170 175 170 Beehive coke 58 76 21 181 320 328 428 368 470 443 467 427 464 Chemical Products 245 248 247 247 252 256 261 263 269 271 277 279 v280 Paints 141 144 147 147 147 147 154 161 168 168 164 162 160 Rayon 335 349 355 352 349 350 350 359 363 376 371 376 Industrial chemicals 422 419 424 428 434 443 451 453 458 465 488 493 P497 Othpr chemical Droducts ^ Rubber Products 193 194 195 197 203 213 221 222 236 r244 r25l 253 P253 Minerals—Total 132 130 118 144 140 145 151 144 159 163 166 160 P158 Fuels 136 133 118 148 147 148 155 148 162 167 170 165 P163 Coal . 95 91 43 141 131 124 128 101 133 133 141 127 P130 103 96 38 149 143 131 136 109 142 144 151 138 143 63 69 65 108 83 97 96 68 97 92 102 84 80 Crude petroleum 157 154 155 152 155 160 168 171 177 184 184 184 P179 Metals 106 117 118 119 98 125 130 124 136 141 141 130 P126 Metals other than gold and silver. . 141 160 161 159 121 166 177 167 188 198 199 180 P172 Iron ore (Copper* Lead; Zinc)2 Gold 55 57 58 62 62 66 63 62 60 '59 59 59 Silver . 64 60 63 72 81 76 77 73 85 73 73 70 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. FEBRUARY 1951 203 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 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec, Industrial Production—Total. 178 179 177 183 188 193 200 198 212 216 '220 215 v215 Manufacturers—Total 186 189 188 191 197 203 209 207 221 '224 225 P227 Durable Manufactures 201 206 204 210 221 232 238 237 249 '253 263 260 Iron and Steelx 201 203 201 205 222 226 231 228 236 245 253 247 P253 Pig iron 198 201 175 175 219 221 223 219 223 225 211 216 Steel 239 244 238 243 270 273 271 264 265 275 286 272 280 Open hearth.. 194 192 181 204 206 202 201 198 203 209 198 207 Electric 557 612 639 691 739 755 763 710 744 792 835 803 802 Machinery 227 229 236 243 251 258 262 265 279 '283 r302 310 P321 Transportation Equipment. 211 242 210 214 226 262 277 272 287 284 r293 279 P295 Automobiles (including parts) 181 224 204 249 268 262 273 '265 273 (Aircraft; Railroad equipment; Shipbuilding—Private and Government)2 Nonferrous Metals and Products. 167 180 190 201 198 197 206 202 212 216 223 227 v228 Smelting and refining 175 191 202 208 207 208 218 207 212 209 217 221 P219 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)2 Fabricating 163 176 184 197 194 192 202 199 212 219 225 229 P232 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)2 Lumber and Products. 145 130 138 147 158 162 166 161 177 179 '176 168 P159 Lumber.. . 132 111 119 133 150 155 160 155 170 170 165 153 P140 Furniture. 170 166 173 176 175 175 178 174 192 196 198 197 P197 Stone, Clay, and Glass Products. 181 179 179 180 197 209 212 214 221 '223 240 232 P220 Glass products 172 191 191 191 209 222 218 217 212 215 252 237 Glass containers 177 202 201 201 222 238 232 234 223 229 269 249 247 Cement 187 168 160 157 207 221 229 229 242 239 249 231 211 Clay products 154 147 150 151 154 160 160 162 172 175 177 182 Other stone and clay products 2. Nondurable Manufactures. 175 175 176 177 178 180 184 182 198 201 ^201 197 195 Textiles and Products 173 178 179 173 174 175 173 165 189 191 197 P192 Textile fabrics 154 160 162 156 157 158 156 146 172 171 178 172 172 Cotton consumption 134 144 144 138 139 140 132 123 155 152 162 158 158 Rayon deliveries 350 355 357 350 348 347 348 361 366 380 374 •380 Nylon and silk consumption 2... Wool textiles 151 154 159 152 154 157 161 134 172 171 -180 164 Carpet wool consumption. . 193 215 215 210 222 216 205 135 210 204 228 204 Apparel wool consumption. 136 147 163 153 143 149 152 139 178 170 179 148 Woolen and worsted yarn. . 133 131 140 134 134 140 147 127 159 158 163 146 Woolen yarn 119 119 122 116 119 127 134 117 144 137 142 123 Worsted yarn 153 148 165 161 156 158 165 140 179 187 192 179 Woolen and worsted cloth.. 159 156 156 146 149 153 162 143 168 172 180 172 Leather and Products.. 101 108 118 115 110 101 104 99 119 123 115 111 Leather tanning 99 96 109 97 101 94 100 87 106 109 107 111 Cattle hide leathers 111 105 120 108 112 104 111 100 117 122 120 126 Calf and kip leathers 86 84 89 75 80 72 80 56 88 89 86 91 Goat and kid leathers 79 85 92 90 86 86 90 79 84 85 88 93 Sheep and lamb leathers. 72 74 100 79 95 88 86 71 104 102 94 85 Shoes 128 115 106 121 103 116 124 107 107 128 133 110 Manufactured Food Products. 148 150 157 175 158 156 149 146 164 178 191 192 164 Wheat flour 109 101 103 107 Cane sugar meltings 2 104 114 113 102 112 114 112 108 Manufactured dairy products. 96 95 107 128 159 199 226 223 217 173 132 103 99 Butter 67 71 76 85 93 109 120 104 87 74 64 55 55 Cheese 132 137 149 172 203 235 261 219 189 164 142 123 121 Canned and dried milk .. 109 109 129 155 175 215 228 193 174 145 122 102 101 Ice cream 2 P Preliminary. f 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. 204 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] 1950 Industry Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Manufactured Food Products—Continued Meat packing 186 183 144 148 145 144 146 141 134 152 158 184 203 Pork and lard 244 229 165 171 166 161 165 148 135 155 177 228 267 Beef 137 149 135 137 136 142 138 147 147 165 151 154 155 Veal 118 100 92 101 102 102 108 114 119 132 122 116 98 Lamb and mutton. 84 90 78 74 72 73 73 75 76 84 80 76 75 Other manufactured foods 165 155 154 154 153 157 163 182 202 206 190 175 •164 Processed fruits and vegetables. 103 92 86 83 90 98 122 191 254 •276 196 137 '101 Confectionery 141 143 140 126 108 101 99 120 171 189 164 Other food products 184 173 174 177 177 182 185 190 194 191 193 186' Alcoholic Beverages. 151 143 143 162 168 177 202 219 237 217 205 195 189 Malt liquor 138 139 144 160 167 179 205 214 191 156 139 134 Whiskey 83 88 84 81 97 93 95 84 111 146 157 178 157 Other distilled spirits. 250 168 128 139 168 218 258 354 504 753 798 •493 509 Rectified liquors 240 205 204 268 242 235 269 315 464 340 304 '341 340 Tobacco Products. . 138 162 154 167 152 168 176 160 204 181 170 174 142 Cigars 88 97 102 97 91 93 106 96 126 120 124 127 89 Cigarettes 188 224 209 230 209 237 245 223 283 245 224 231 198 Other tobacco products. 58 68 65 72 67 64 69 59 78 76 77 67 50 Paper and Paper Products. 167 178 179 179 182 181 185 172 191 194 202 201 197 Paper and pulp 160 171 172 173 175 173 178 166 181 184 193 191 189 Pulp 180 198 201 199 205 201 205 200 209 211 227 221 220 Groundwood pulp 99 97 102 101 107 106 110 105 110 119 119 115 126 Soda pulp 107 118 117 113 121 119 120 110 115 114 96 92 94 Sulphate pulp 312 354 360 350 365 363 373 372 381 382 427 414 403 Sulphite pulp 138 148 149 152 153 145 146 140 152 152 162 161 161 Paper 157 166 168 169 170 168 173 160 177 180 188 186 184 Paper board 193 209 205 203 207 211 213 198 228 232 238 240 229 Fine paper 2 Printing paper 166 167 167 175 171 167 172 156 174 180 187 183 189 Tissue and absorbent paper 156 173 177 173 187 166 174 174 183 185 209 196 198 Wrapping paper 145 155 162 163 160 158 167 151 155 156 164 163 165 Newsprint 92 98 98 102 113 113 116 115 115 116 117 113 114 Paperboard containers (same as Paperboard). Printing and Publishing. . 162 157 166 172 174 169 150 161 172 183 182 180 Newsprint consumption 159 147 166 170 178 172 166 144 148 165 180 180 170 Printing paper (same as shown under Paper). Petroleum and Coal Products. 219 205 207 206 216 222 229 238 243 •251 250 258 Petroleum refining 2 Gasoline 180 176 174 173 171 181 188 194 200 195 196 195 Fuel oil 190 192 187 178 172 175 179 187 190 200 210 209 P225 L K u e b ro ri s c e a n t e ing oil 2 1 0 5 4 1 2 1 1 4 2 5 1 1 9 4 9 6 1 19 5 2 0 1 1 7 3 4 9 1 18 4 6 9 1 1 5 6 2 6 1 1 5 7 3 3 1 1 8 7 7 3 1 1 9 7 6 7 1 19 8 5 4 2 1 0 8 1 7 Other petroleum products 2. Coke 158 154 124 146 174 175 177 176 176 178 183' 178' By-product coke 161 156 127 145 170 171 170 170 167 170 175 170 Beehive coke 58 76 21 181 320 328 428 368 470 443 467 427 ?>464 Chemical Products. 249 249 250 250 253 258 259 265 272 282 283 P284 Paints 141 141 146 147 149 151 158 159 166 166 164 160 160 Rayon 335 349 355 352 349 350 350 359 363 376 371 376 Industrial chemicals 422 419 428 434 443 451 453 458 465 488 493 P497' Other chemical products 2. Rubber Products. . . 193 194 195 197 203 213 221 222 236 '244 '251 253 P253 Minerals—Total. 128 123 113 139 138 147 133 149 163 168 169 159 153 Fuels 136 133 118 148 147 148 155 148 162 167 170 165 Coal 95 91 43 141 131 124 128 101 133 133 141 127 vl30 Crud A B e n i p t t u e h m t r r a o i c n le i o t u u e m s coal. 1 1 6 0 5 3 3 7 1 9 6 5 6 9 4 1 3 6 5 8 5 5 1 1 1 4 0 5 9 8 2 1 1 8 4 5 3 3 5 1 1 9 3 6 7 1 0 1 1 9 3 6 6 6 8 1 1 6 0 7 8 9 1 1 1 9 4 7 7 2 7 1 1 9 4 8 2 4 4 1 1 1 5 0 8 1 2 4 1 1 8 3 8 4 8 4 1 8 4 0 3 Metals. 81 80 81 83 87 140 155 158 170 '171 Metals other than gold and silver. 98 98 100 101 105 197 224 227 244 244 227 P165 114 I ( r C o o n p p or e e r; Lead; Zinc)2 72 71 64 63 79 325 343 368 365 331 195 85 Gold Silver For other footnotes see preceding page. NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937 and August 1940, pp. 753-771 and 825-882. 205 FEBRUARY 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 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec, ADJUSTED FOR SEASONAL VARIATION Manufacturing—Total 11,413 11,506 11,484 11,574 11,731 12,048 12,200 12,358 12,697 12,783 12,919 12,893 12,868 Durable goods 5,910 5,994 5,966 6,042 6,200 6,493 6,624 6,713 6,939 '6,996 7,130 7,135 7,149 Primary metal industries 946 958 973 977 1,007 1,036 1,055 1,070 1,091 1,105 1,111 1,119 1,130 Fabricated metal products 678 686 691 702 718 749 777 793 826 837 '847 846 840 Machinery except electrical 924 937 955 971 998 1,017 1,028 1,042 1,071 1,055 1,111 1,141 1,152 Electrical machinery 548 555 567 574 595 612 618 639 672 '676 701 707 712 Transportation equipment 896 978 872 879 899 1,045 1,078 1,070 1,118 1,134 1,152 1,117 1,124 Lumber and wood products 685 655 669 687 703 723 734 750 764 '775 '772 766 755 Furniture and fixtures 283 285 291 298 305 311 312 316 324 325 323 319 318 Stone, clay, and glass products. . 408 407 410 410 419 432 441 447 457 '456 '469 476 472 Instruments and related products 171 171 170 170 173 176 180 184 189 199 '204 208 210 Miscellaneous manufacturing ir> dustries 354 345 351 356 365 373 382 383 407 '412 '418 413 412 Ordnance and accessories 17 17 17 18 18 19 19 19 20 22 22 23 24 Nondurable goods 5,503 5,512 5,518 5,532 5,531 5,555 5,576 5,645 5,758 '5,787 5,789 5,758 5,719 T A e p x p t a il r e e - l m a i n ll d p o ro th d e u r c t f s inished tex- 1,169 1,165 1,166 1,171 1,172 1,168 1,174 1,196 1,243 1,268 1,263 1.249 1,233 tiles 1,025 1,032 1,034 1,027 1,018 1,022 1,022 1,044 1,073 1,067 1,064 1,050 1,053 Leather and leather products. . 345 348 350 348 344 349 350 356 363 '365 '364 362 356 Food and kindred products. . . . 1,155 1,160 1,157 1,167 1,166 1,172 1,171 1,176 1,179 1,171 1,170 1,169 1,150 Tobacco manufactures 85 85 82 81 82 82 79 80 79 '82 '81 78 76 Paper and allied products 386 383 384 387 391 394 401 404 412 420 418 422 424 Printing, publishing and allied industries 494 493 495 498 499 501 500 504 509 '510 509 510 506 Chemicals and allied products. . 475 475 478 480 490 492 497 499 501 503 '513 511 510 Products of petroleum and coal. 186 186 185 185 178 178 180 180 189 186 190 190 193 Rubber products 183 185 187 188 191 197 202 206 210 215 217 217 218 WITHOUT SEASONAL ADJUSTMENT Manufacturing—Total 11,504 11,449 11,460 11,549 11,597 11,841 12,066 12,151 12,802 13,016 13,133 13,022 12,975 Durable goods 5,961 6,000 5,982 6,070 6,195 6,456 6,596 6,597 6,900 '7,013 7,181 7,190 7,210 Primary Metal Industries 955 963 978 982 1,007 1,026 1,050 1,054 1,086 r1,105 '1,117 1,125 1,141 Blast furnaces, steel works and rolling mills 507 511 512 507 523 529 538 54; 550 552 552 Nonferrous smelting and refining, primary 45 45 46 47 46 Nonferrous rolling, drawing and alloying 73 74 75 77 77 79 80 80 83 85 86 86 Fabricated Metal Products 688 693 698 709 722 74, 769 773 814 837 '851 850 853 Cutlery, hand tools and hardware 119 121 124 129 131 133 132 Heating apparatus and plumbers' supplies 111 108 112 118 122 120 132 Fabricated structural metal products 142 141 141 143 146 149 154 158 165 166 171 172 Machinery except Electrical 929 937 960 981 1,003 1,022 1,033 1,032 1,060 '1,050 rl,105 1,135 1,158 Agricultural machinery and tractors 131 133 137 140 142 14: 141 141 140 102 124 126 Metalworking machinery.. . 146 147 149 152 155 158 163 16: 171 181 189 19 Special-industry machinery 117 117 121 123 125 124 136 Service-industry and household machines 119 124 133 138 143 149 148 146 14. 146 149 15: Electrical Machinery 559 561 573 580 595 606 615 620 655 '673 718 726 Electrical apparatus (generating, etc.) 208 208 211 213 217 222 222 22 237 '237 '251 253 Communication equipment. 201 203 207 212 21 220 22 228 248 '255 '272 27 Transportation Equipment 896 978 872 879 899 1,04: 1,078 1,070 1,118 n, 134 '1,152 1,117 1,124 Motor vehicles and equipment 585 675 567 576 59, 736 765 75' 781 '796 744 Aircraft and parts 184 184 184 184 185 18. 18' 188 199 209 '220 234 Ship and boat building and repairing 69 68 67 67 68 68 79 76 74 75 Lumber and Wood Products 682 642 652 677 69, 723 741 750 783 '790 '784 774 751 Sawmills and planing mills.. 404 381 386 399 410 430 43 444 465 '468 '462 454 Millwork, plywood, etc 102 102 101 102 104 106 109 109 114 114 114 113 Furniture and Fixtures 289 289 297 301 303 303 303 303 319 327 329 32', 324 Household furniture 211 212 218 221 222 221 222 22: 234 240 242 242 Stone, Clay, and Glass Products.. 412 403 408 410 419 432 441 440 459 r458 '471 478 Glass and glass products. . . 107 106 108 109 113 116 118 11 12 117 127 129 Structural clay products 71 69 68 69 69 73 76 77 79 80 81 Instruments and Related Products. 173 172 171 172 174 176 180 178 187 '205 209 212 Miscellaneous Manufacturing Industries 361 345 356 361 363 362 36, 358 399 '418 '437 434 420 Ordnance and Accessories 17 17 17 18 18 19 19 19 20 22 22 23 24 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 December 1950 are preliminary. Back data and data for industries not shown, without seasonal adjustment, maybe 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. 206 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 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Nondurable goods 5,543 5,449 5,478 5,479 5,402 5,385 5,470 5,554 5,902r6,003 5,952 5,832 Textile-mill Products 1,187 1,177 1,183 1,183 1,172 1,162 1,174 1,160 1,224 1,255 1,263 1,261 Yarn and thread mills 149 149 149 149 145 143 146 147 154 159 161 161 Broad-woven fabric mills 574 568 571 574 573 573 580 571 595 r606 r6O7 606 Knitting mills 227 223 223 221 218 213 212 209 227 233 236 234 Apparel and Other Finished Textiles... 1,040 1,032 1,065 1,058 1,003 976 976 981 1,089 1,099 1,101 1,060 1,069 Men's and boys' suits, coats and overcoats 127 130 135 136 132 129 135 127 138 137 139 137 Men's and boys' furnishings 247 241 244 245 241 239 238 232 252 »-254 »-255 254 Women's and misses' outerwear 296 302 315 305 272 254 248 266 307 305 297 277 Leather and Leather Products 343 348 357 357 341 335 343 351 370 ^372 *368 360 Footwear (except rubber) 224 231 235 235 222 218 224 230 237 237 231 226 Food and Kindred Products 1,139 1,078 1,055 1,060 1,065 1,090 1,141 1,231 1,331"1,350 1,266 1,194 Meat products 251 244 232 228 223 227 232 235 236 >"236 240 244 Dairy products 96 95 97 99 103 108 114 116 114 107 102 100 Canning and preserving 136 117 110 109 120 127 151 223 302 '"324 r234 174 Bakery products 190 186 188 190 191 193 191 194 192 194 197 193 Beverage industries 141 135 134 139 141 146 157 164 169 159 150 149 Tobacco Manufactures 87 85 81 78 76 76 75 75 82 83 78 Paper and Allied Products 390 385 386 389 391 392 399 396 410 418 420 426 428 Pulp, paper and paperboard mills 200 199 200 200 201 202 205 204 207 210 210 211 Printing, Publishing and Allied Industries. . , , 501 493 495 496 497 498 500 499 504 r5l0 514 515 Newspapers , 145 142 145 146 148 149 150 150 150 151 149 150 514 Commercial printing 168 167 165 165 165 164 166 164 165 167 170 171 Chemicals and Allied Products 48- 480 485 487 490 485 482 479 491 506 521 Industrial inorganic chemicals 51 50 52 52 53 53 54 51 49 50 56 56 520 Industrial organic chemicals 144 144 144 145 146 148 150 152 155 158 159 160 Drugs and medicines , 62 62 59 58 61 61 62 63 63 65 66 66 Products of Petroleum and Coal 185 184 183 182 176 177 181 182 193 189 r190 191 192 Petroleum refining 146 145 144 143 136 136 138 139 147| 145 147 148 Rubber Products , 187 187 188 189 191 194 199 200 208 215 219 221 Tires and inner tubes , 82 83 83 83 84 86 88 88 90 92 92 93 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 1949 1950 1949 1950 Dec. Oct. Nov. Dec. Dec. Oct. Nov. Dec. Dec. Oct. Nov. Dec. Manufacturing—Total 62.38 64.15 41.3 41.2 41.6 1.408 Durable goods 59.19 '66.55 66.54 68.64 42.2 41.9 42.5 1.476 1.577 1.588 1.615 Primary metal industries 62.92 '69.97 70.18 73.38 39.4 '42.0 41.7 42.1 1.597 '1.666 1.683 1.743 Fabricated metal products 59.66 -•66.62 66.57 68.72 40.5 42.3 42.0 42.5 1.473 '1.575 1.585 1.617 Machinery except electrical 61.30 •70.96 72.15 73.68 39.7 '42.9 43.1 43.6 1.544 '1.654 1.674 1.690 Electrical machinery 58.63 '64.08 64.20 66.07 40.6 '42.1 41.8 42.3 1.444 1.522 1.536 1.562 Transportation equipment 65.31 '73.46 73.25 78.17 38.9 41.2 40.9 43.0 1.679 '1.783 1.791 1.818 Lumber and wood products 52.66 '58.98 57.27 57.32 41.3 '42.1 41.2 41.6 1.275 '1.401 1.390 1.378 Furniture and fixtures 52.50 '56.41 56.83 57.53 42.2 42.7 42.6 43.0 1.244 '1.321 1.334 1.338 Stone, clay, and glass products 55.65 '63.05 63.55 63.34 40.3 42.4 42.2 42.0 1.381 '1.487 1.506 1.508 Instruments and related products 56.84 '65.14 65.67 66.80 40.0 '42.8 42.7 42.9 1.421 '1.522 1.538 1.557 Miscellaneous manufacturing industries 52.23 56.98 57.16 56.80 40.9 42.3 42.4 41.7 1.277 1.347 1.348 1.362 Ordnance and accessories 60.85 '68.57 70.96 72.56 40.7 '43.1 43.4 44.3 1.495 '1.591 1.635 1.638 ; Nondurable goods 52.69 '56.62 57.19 58.56 39.5 40.3 40.3 40.5 1.334 '1.405 1.419 1.446 Textile-mill products 47.64 '52.58 53.24 53.44 39.8 40.6 40.7 40.7 1.197 '1.295 1.308 1.313 Apparel and other finished products... 41.82 '45.69 44.69 46.21 35.9 '37.3 36.9 36.5 1.165 1.225 1.211 1.266 Leather and leather products 42.03 '46.12 45.78 46.67 37.1 37.9 37.4 38.1 1.133 1.217 1.224 1.225 Food and kindred products 54.57 '56.52 57.77 59.64 41.4 '41.5 41.8 42.3 1.318 1.362 1.382 1.410 Tobacco manufactures 38.76 "41.14 42.26 42.83 38.0 '38.2 37.8 38.0 1.020 1.077 1.118 1.127 Paper and allied products 58.09 '63.45 65.11 66.48 42.9 44.0 44.2 44.5 1.354 1.442 1.473 1.494 Printing, publishing and allied products 72.27 '74.45 74.22 76.93 39.3 39.1 39.0 39.9 1.839 1.904 1.903 1.928 Chemicals and allied products 59.78 '64.62 65.39 66.22 41.6 42.1 42.0 42.1 1.437 1.535 1.557 1.573 Products of petroleum and coal 71.74 '77.98 78.55 79.71 39.9 r41.7 41.3 41.3 1.798 1.870 1.902 1.930 Rubber products 59.04 '67.34 67.66 70.22 39.2 42.3 42.0 41.9 1.506 1.592 1.611 1.676 r Revised. NOTE.—Data are for production and related workers. Figures for December 1950 are preliminary. Back data are available from the Bureau r of Labor Statistics. FEBRUARY 1951 207 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 fa g c- Mining co C n o st n r t u r c a t c i t on ti p o u n 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 .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 1950 44,108 14,876 904 2,313 4,011 9,521 1,812 4,762 5,910 SEASONALLY ADJUSTED 1949—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 '45,196 15,444 '942 '2,454 '4,119 '9,650 1,836 '4,768 5,983 October '45,412 15,603 939 "•2,504 '4,142 '9,633 1,839 4,733 6,019 November 45 478 15 61? 935 2,519 4,128 9,623 1 837 4,747 6,077 December 45,431 15,606 937 2,395 4,130 9,655 1,843 4,746 6,119 UNAD JUSTED 1949—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 '45,684 15,685 946 '2,626 '4,139 '9,641 1,827 '4,816 6,004 October '45,903 15,825 941 '2,629 '4,136 '9,755 1,821 4,757 6,039 November 45,850 15,742 936 2,569 4,125 9,899 1,819 4,723 6,037 December 46,424 15,708 937 2,347 4,130 10,402 1,825 4,699 6,376 ' Revised. NOTE.—Data include all full- and part-time employees who worked during, or received pay for, the pay period ending nearest the 15th of the month. Proprietors, self-employed persons, domestic servants, unpaid family workers, and members of the armed forces are excluded. December 1950 figures and 1950 annual averages are preliminary. Back unadjusted data are available from the Bureau of Labor Statistics; seasonally adjusted figures beginning January 1939 may be obtained from the Division of Research and Statistics. LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates without seasonal adjustment. Thousands of persons 14 years of age and over] Civilian labor force Year or month in T s o t t i a tu l ti n o o n n a - l T la o b t o a r l Employed J Not in the population force Total Unem- labor force Total In nonagricul- In ployed tural industries agriculture 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 3O* 46 051 1950 110,780 64,599 63,099 59,957 52,450 7,507 3,142 40,181 1949—December 110,169 63,475 62,045 58,556 51,783 6,773 3,489 46,694 i950—Tanuarv 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 July 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 December 111,329 64,674 62,538 60,308 54,075 6,234 2,229 46,657 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. 208 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 37States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] Nonresidential building Residential Public works Total building and public Month Factories Commercial Educational Other utilities 1949 1950 1949 1950 1949 1950 1949 1950 1949 1950 1949 1950 1949 1950 January.... 483.0 730.9 159.1 343.5 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 ,300.2 251.8 574.7 66.2 161.5 88.4 88.6 60.4 96.3 112.4 154.3 168.4 224.9 April 845.9 ,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 ,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 Tune 949.9 ,345.5 375.0 628.1 45.4 69.3 70.9 97.7 81.4 128.3 138.3 148.7 239.0 273.4 July 947.8 ,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 ,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 1,071.7 ,286.5 503.5 549.6 38.0 90.8 103.9 137.2 78.6 119.4 124.5 151.4 223.1 238.2 October 1,061.8 ,135.8 500.7 529.9 48.9 93.6 82.8 104.5 83.6 86.3 141.8 142.5 204.0 179.1 November 957.8 ,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 CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in 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 1948 1949 1950 1948 1949 1950 1948 1949 1950 1950 1949 Federal Reserve district Jan 615 483 731 197 160 201 419 323 530 Feb 682 568 780 248 252 285 434 317 495 Dec. Nov. Dec. Mar 690 748 1,300 181 282 481 509 466 819 A M T p u a r v ne.... 9 9 8 7 3 7 1 5 4 9 8 88 5 4 5 0 6 1 1 1 , , , 3 3 3 4 5 4 5 0 8 3 2 2 3 3 9 8 6 8 3 3 3 1 6 7 9 9 5 3 3 4 8 5 2 9 4 8 6 6 5 3 7 9 8 3 7 5 5 5 2 1 7 7 7 4 9 9 9 9 5 1 6 9 7 N Bo ew st o Y n ork 20 7 9 2 , , 4 7 2 2 1 6 1 5 9 2 7 , , 2 46 8 2 8 1 3 8 9 6 , ,2 7 2 4 2 6 July 963 948 1,420 335 410 460 628 537 960 Philadelphia 70,488 73,736 61,580 A S O N D e u c e o p t c g v t 8 6 6 7 7 5 1 9 6 7 4 1 4 2 9 1 1 , , 0 0 9 9 9 7 6 1 2 5 2 2 1 9 8 1 1 1 1 1 , , , , , 2 5 1 0 1 8 8 4 3 6 7 7 9 6 8 2 2 2 2 1 7 6 5 7 9 6 2 9 8 9 3 3 3 2 2 3 1 1 8 9 2 6 6 9 9 4 3 3 3 3 6 3 0 2 8 4 8 8 0 1 5 5 4 4 5 7 1 0 1 1 9 6 3 3 7 5 6 6 7 7 4 9 3 3 8 2 5 0 0 3 1,1 9 8 7 7 1 2 2 6 8 1 2 8 7 7 A S C R C t l h i t . e c l i a v h c L n e a m o g l t u a a o o n i n s d d 1 1 1 1 4 2 6 2 5 8 5 8 4 0 , , , , , 0 1 3 5 9 6 3 9 3 2 3 9 5 8 4 1 1 1 1 5 8 1 1 2 4 2 1 0 0 , , , , , 8 4 3 8 4 0 0 3 1 6 1 2 6 6 4 1 1 9 8 2 7 1 9 5 3 2 0, , , , , 4 8 8 8 0 4 4 4 4 0 9 8 4 0 4 Minneapolis 33,294 33,584 27,076 Year. . 9,430 10,359 14,501 3.107 3,718 4,409 6,3236,641 10,092 K Da a l n l s a a s s City 1 4 2 4 0 , , 8 6 2 1 5 9 6 8 0 9 , ,9 2 3 4 1 2 5 6 4 8 , , 2 20 1 7 4 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION Total (11 districts) 1,168,432 1,087,062 929,030 [In millions of dollars] Title loans Mortgages | Prop- Small 1- to 4- Rental Warand ir or month 1 Total erty home family and Vet- INSURED FHA HOME MORTGAGES (TITLE II) HELD IN | im- con- houses group erans' PORTFOLIO, BY CLASS OF INSTITUTION ! prove- struc- (Title housing housing 1 ment l tion ID (Title (Title [In millions of dollars] ID VI)2 1945. | 666 171 219 4 272 Sav- 1946. i 755 321 ' ' ' (3) ' " 347 3 85 Com- Mu- ings Insur- Fed- 1 19 9 4 4 8 7. 3 1 , ,7 3 8 3 7 8 6 5 1 3 4 4 7 4 8 4 8 6 0 1,8 8 3 0 6 8 End of month Total m ci e a r l - sav- l a o n a d n c a o n m ce - a e g r e a n l - Other2 1949. ! 43,821 594 13 1,855 7 1,339 banks ings associ- panies cies x 1950. I -14,342 694 5 7 2,466 18 1,031 banks ations 1949--December. . ^ 371 71 1 206 90 J950—Tfltinarv i 4 3^7 57 1 228 51 1936—Dec 365 228 8 56 41 5 27 February. . 329 44 1 203 73 1937—Dec 771 430 27 110 118 32 53 March 353 44 1 209 " * " (3) ' ' 88 1938—Dec 1,199 634 38 149 212 77 90 A M p a r y il .i 3 3 5 2 1 9 4 2 8 7 1 17 7 6 1 1 1 1 2 1 2 0 1 19 9 4 3 0 9 — — - - D D eecc 2 1 , , 4 7 0 9 9 3 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 June 376 78 181 1 113 1941—Dec 3,107 1,465 186 254 789 234 179 July 369 61 183 8 111 1942—Dec 3,620 1,669 236 276 1,032 245 163 August 414 69 (3) 217 122 1943—Dec 3,626 1,705 256 292 1,134 79 159 September.. 373 55 (3) 216 (3) 88 1944—-Dec 3,399 1,590 260 269 1,072 68 140 October 3 79 82 (3) 241 3 43 November. . 379 74 (3) 236 1 49 1945—Tune 3,324 1,570 265 264 1,047 43 134 December. . I 54 (3) 204 3 63 Dec 3,156 1,506 263 253 1,000 13 122 1 Net proceeds to borrowers. 2 Mortgages insured under War 1946—June 3,102 1,488 260 247 974 11 122 Housing Title VI through April 1946; figures thereafter represent Dec 2,946 1,429 252 233 917 9 106 mainly mortgages insured under the Veterans' Housing Title VI (approved May 22, 1946) but include a few refinanced mortgages 1947—June 2,860 1,386 245 229 889 8 102 originally written under the War Housing Title VI. Beginning with Dec 2,871 1,379 244 232 899 7 110 December 1947, figures include mortgages insured in connection with sale of Government owned war housing, and beginning with February 1948—Tune 2,988 1,402 251 245 973 7 110 1948 include insured loans to finance the manufacture of housing. Dec 3,237 1,429 265 269 1,113 9 152 3 Less than $500,000. 4 Includes mortgages insured on new rental housing at or near mili- 1949—June 3,894 1,587 305 323 1,431 21 227 tary installations under Title VIII, enacted Aug. 8, 1949. Dec 4,751 1,771 378 416 1,828 52 305 6 Includes about 3 million dollars of Class 3 loans insured before expiration of this program Feb. 28, 1950, but tabulated after that date and not shown separately. Includes almost one million dollars of 1 The RFC Mortgage Company, the Federal National Mortgage mortgages insured since August under new Sec. 8 small homes program. Association, the Federal Deposit Insurance Corporation, and the NOTE.—Figures represent gross insurance written during the period United States Housing Corporation. and do not take account of principal repayments on previously insured 2 Includes mortgage companies, finance 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. FEBRUARY 1951 209 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports l Merchandise imports 2 Excess of exports Month 1946 1947 1948 1949 1950 1946 1947 1948 1949 1950 1946 1947 1948 1949 1950 January 798 1,114 1,092 ,105 ?741 394 531 547 590 P623 '404 583 545 515 P117 February 670 1,146 1,085 ,043 P765 '324 437 589 567 P601 '346 709 496 477 P164 March '816 1,326 1,139 ,189 P861 '388 445 675 633 ^665 '428 882 464 557 P\96 April . . 757 1,294 1,121 n,173 P803 '408 512 532 535 P585 '348 782 590 638 P218 May 851 1,414 1,103 ,095 P829 '395 474 554 541 P659 '456 940 549 554 P169 June 878 1,235 1,014 .108 P877 '384 463 625 526 P686 '494 772 389 '582 P192 July '825 1,155 1,019 900 P3779 '435 450 564 457 P7O8 '391 705 456 444 P71 August 883 1,145 992 r885 P761 ••431 400 606 491 P820 '452 745 386 '394 P-58 September.... 643 1,112 926 910 P911 ••378 473 560 530 P858 '265 639 365 '380 P53 October 537 1,235 1,023 ••856 P905 394 492 600 557 P922 '143 743 423 '299 P-17 November ••985 1,141 823 '842 P981 '480 455 554 593 P852 '505 687 269 '249 P129 December 1,096 1,114 1,318 945 Pl.063 '533 603 720 605 P862 '563 511 598 340 P201 Jan.-Dec 9,738 14,430 12,653 12,051 ^10,275 4,942 5,733 7,124 6,622 P8,840 4,796 8.696 5,529 5,429 Pl.435 ,y yS o CLI u LK r JL c J e U . . — -IJA-. 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- Year or month Total Coal CokeGrain L st 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 n e . - Year or month r o e p T v e o e r n t a a u t l i e n s g ex T p o e t n a s l es o i p n e N c r o e a m t ti e ng in N co e m t e 1939 101 98 102 107 96 100 110 101 97 1940 109 111 137 101 96 114 147 110 96 1939 3,995 3,406 589 93 1941 130 123 168 112 91 139 183 136 100 1940 .. 4,297 3,614 682 189 1942 . 138 135 181 120 104 155 206 146 69 1941 5,347 4,348 998 500 1943 137 138 186 146 117 141 192 145 63 1942 7,466 5,982 1,485 902 1 19 9 4 4 5 4 1 13 4 5 0 1 1 4 3 3 4 1 1 7 8 2 5 1 15 3 1 9 1 12 2 5 4 1 1 4 2 3 9 1 16 8 9 0 1 14 4 2 7 6 6 7 9 1 1 9 9 4 4 3 4 .. 9 9, , 4 0 3 5 7 5 8 7 , , 3 6 3 9 1 5 1 1, , 1 3 0 6 6 0 8 6 7 6 3 7 1 1 9 9 4 4 6 7 1 1 3 4 2 3 1 1 3 4 0 7 1 1 4 8 6 2 1 1 3 5 8 0 1 1 2 0 9 7 1 1 4 5 3 3 1 1 3 8 6 1 1 1 3 4 9 8 7 7 8 5 1 1 9 9 4 4 5 6 .. 8 7 , , 9 6 0 2 2 8 8 7 , , 0 0 4 0 7 9 8 6 5 20 2 4 28 5 7 0 1948 138 141 184 136 88 149 184 146 68 1947 8,685 7,904 781 479 1949 116 100 145 142 77 123 151 127 57 1948 . 9,672 8,670 1,002 699 1950 128 117 180 135 68 140 172 140 53 1949 P8,580 P7.893 P687 P438 SEASONALLY ADJUSTED SEASONALLY ADJUSTED 1949—November. .. 117 131 96 152 76 137 42 119 54 December. . . 115 97 148 131 72 134 146 127 52 1949—November.. 708 636 72 39 1950—January 117 97 151 119 70 118 169 133 52 December.. 712 632 81 49 February 104 46 122 113 65 119 156 130 52 1950—January 689 629 60 29 March 127 139 143 126 67 123 134 134 53 February... 638 606 32 1 April 126 123 181 131 68 129 121 137 53 March 723 655 67 36 J M T u u n a lv y e 1 1 1 2 2 2 7 2 6 1 1 1 1 0 1 9 5 6 1 1 1 8 9 9 1 2 5 1 1 1 3 2 3 5 7 0 6 6 6 6 1 1 1 1 14 4 3 8 4 4 1 1 1 2 7 8 1 9 6 1 1 1 3 3 4 8 3 0 5 5 5 2 1 1 J A M u p a n r y e il . . ... 7 7 7 1 9 3 5 1 0 6 6 6 6 9 6 1 1 7 1 6 5 0 4 3 0 3 2 7 0 0 2 August...... 135 126 194 139 60 155 190 147 56 July 772 686 86 54 September... 134 135 201 128 72 148 198 142 55 August.... 833 744 88 55 October 136 135 206 159 75 146 184 145 54 September.. 858 749 109 73 November.. . 136 126 198 166 72 157 184 146 53 October 885 776 108 74 December. . . 140 129 194 158 72 162 199 151 52 November.. 863 760 103 P69- UNADJUSTED UNADJUSTED 1949—November... 120 131 96 149 96 135 51 124 55 December. . . 107 97 155 123 69 119 45 120 50 1949—November.. 705 629 '75 54 1950—January 107 97 158 119 68 106 42 122 49 December.. 711 642 69 82 February 96 46 130 111 52 115 39 122 51 1950—January 657 624 33 11 A J J M M u u p a a n l r y y r e i c l h 1 1 1 1 1 2 2 3 2 3 5 2 1 0 0 1 1 1 1 1 1 2 3 0 1 9 3 9 5 6 1 1 1 1 1 7 7 4 8 9 9 7 4 8 0 1 1 1 1 1 1 1 6 3 1 5 2 2 3 6 6 5 5 5 4 1 3 9 1 8 1 1 1 1 1 2 3 2 5 4 3 9 9 0 9 2 2 2 1 7 6 9 3 7 7 3 8 9 1 1 1 1 1 4 3 4 3 2 2 5 1 5 7 5 5 5 5 5 4 1 2 4 1 J F M A M u e p a a n b r r y e i r c l u h ar . y . . . . . . 5 7 7 7 7 8 4 4 1 7 5 5 9 3 4 5 6 6 6 6 5 7 6 7 8 8 9 2 8 0 6 6 9 7 1 7 0 2 6 5 - 4 3 4 7 9 9 - 5 8 2 > A O Se u c p t g o t u b e s e m t r ber... 1 1 1 4 4 4 7 0 5 1 1 1 2 3 3 6 5 5 2 1 1 0 8 9 1 6 8 1 1 1 5 5 4 0 9 3 1 5 9 1 7 5 6 1 1 1 6 6 5 3 0 4 2 2 2 8 6 9 5 2 8 1 1 1 4 5 5 9 8 4 5 5 5 6 7 6 J S A U e u l p y g te u m st b . e .. r . .. 7 8 8 7 7 9 2 2 0 6 7 7 8 6 4 8 8 9 1 1 8 2 2 4 3 2 9 5 9 9 9 6 » - November... 139 126 198 162 90 154 188 152 54 October 925 791 135 108 December. . . 130 129 204 148 70 145 62 142 50 November.. 862 752 110 P86 NOTE.—For description and back data, see BULLETIN for June 1941, pp. p Preliminary. r Revised. 529-533. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for NOTE.—Descriptive material and back figures may be obclasses with weights derived from revenue data of the Interstate Commerce tained from the Division of Research and Statistics. Basic Commission. data compiled by the Interstate Commerce Commission. Annual figures include revisions not available monthly. 210 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 v d e- m Ri o c n h d - l A a t nt - a c Ch a i g - o Lo S u t i . s M a i po n l n i e s - K C a i n t s y as Dallas F c S r i a a s n c 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 '236 271 281 ••309 374 271 317 275 '307 385 332 1950P 304 240 244 288 303 325 401 291 331 289 329 417 354 SEASONALLY ADJUSTED 1949—December .. ... »-295 239 »-242 276 283 »-323 382 281 330 293 '320 r404 339 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 '3C6 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 ••354 449 374 September ... 320 255 262 310 333 332 409 305 360 289 ••345 420 368 October . 291 216 238 279 299 312 370 282 305 '283 303 375 343 November 290 229 234 273 251 '312 r391 288 316 291 325 400 345 December P325 249 266 307 328 336 P421 318 353 P316 P354 433 379 UNADJUSTED 1949—December >"484 418 ••409 472 465 '561 642 438 504 438 »-502 662 565 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 '303 393 321 286 228 221 275 296 316 378 280 323 273 ••305 391 319 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 ••339 429 387 August 281 198 202 239 290 288 373 278 318 287 326 399 352 September 331 263 267 313 337 356 426 320 363 321 363 454 374 October.... »-3O8 239 259 299 317 333 388 296 326 ••319 328 405 345 November . . 355 287 302 363 313 387 ••453 357 398 338 376 472 387 December ^534 436 450 525 538 585 P708 495 540 P474 P557 711 631 STOCKSi 1945 166 153 160 150 156 198 188 159 166 165 158 190 183 1946 213 182 195 191 205 248 258 205 225 212 209 251 238 1947 255 202 225 220 243 289 306 246 274 266 259 320 300 1948 291 223 241 252 277 322 362 281 314 326 301 389 346 1949 ?70 210 ••223 233 256 301 339 260 706 299 276 362 323 1950P 295 231 237 257 288 334 394 276 325 317 300 397 355 SEASONALLY ADJUSTED 1949—December 271 228 ••230 232 262 295 352 253 309 292 '275 351 321 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 ••295 375 341 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 '287 375 324 July 269 198 218 241 252 329 360 252 283 286 '271 374 322 August 284 213 226 259 265 334 405 267 295 302 286 406 334 September .... 309 ! 227 243 275 296 345 438 288 325 323 306 431 389 October 329 249 258 283 313 363 456 313 365 353 330 456 403 November 332 262 266 ••282 350 357 448 309 374 345 335 446 395 December P329 P264 263 P288 351 349 P461 297 381 P334 P334 430 389 UNADJUSTED 1949—December. . 244 205 '2G9 204 219 267 306 237 259 270 '244 323 293 1950—Tanuary 244 198 200 204 224 267 321 238 248 279 257 328 294 February 267 209 j 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 . 2^4 227 237 259 287 344 378 273 329 321 '304 393 347 Mav 289 226 231 249 283 337 366 268 313 323 301 380 350 June 267 206 209 229 261 305 345 248 299 294 '287 353 326 Tulv . 258 192 194 217 251 308 339 232 295 292 '266 351 332 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 362 281 291 326 355 403 497 341 409 371 353 479 430 November 371 208 306 '324 377 397 501 352 400 375 369 495 438 December P295 P238 239 P253 294 316 P401 279 320 P309 P298 395 354 i 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, r 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. 211 FEBRUARY 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) sales x 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 o o n n c d t k h o s ) f November Sale p s e r d io u d ring Sto o c f k m s o a n t t e h nd ing 11 1950 1949 1950 1949 Nov. Nov. 1950 months 1950 1950 1950 Nov. Oct. Nov. Nov. Oct Nov. GRAND TOTAL—entire store 3 353 +2 +3 +23 3.2 2.6 MAIN STORE—total 353 +1 +4 +23 3.4 2.8 250 223 247 841 810 683 Piece goods and household textiles 316 +3 + 1 +24 4.1 3.4 207 199 200 858 794 689 Piece goods 293 -9 -17 +8 3.8 3.2 194 209 214 732 786 678 Silks, velvets, and synthetics 189 -11 -20 +8 3.6 3.0 180 191 202 643 715 601 Woolen yard goods 172 -13 -16 +7 3.3 2.7 261 359 300 874 1,065 810 Cotton yard goods 184 -5 -11 +20 4.6 3.6 142 147 149 653 718 546 Household textiles 307 + 11 + 13 +33 4.3 3.5 212 196 191 904 797 679 Linens and towels 278 +9 + 10 +31 4.2 3.5 217 172 199 920 836 706 Domestics—muslins, sheetings 250 + 19 +21 +34 4.6 4.1 183 201 154 838 663 630 Blankets, comforters, and spreads 239 + 7 +8 +38 4.0 3.1 231 214 216 920 827 669 Small wares 343 + 1 +16 3.8 3.3 236 186 234 905 812 783 Laces, trimmings, embroideries, and ribbons.. 201 +5 0 + 13 3.8 3.5 242 201 230 913 852 817 Notions 241 -4 -3 + 18 4.1 3.4 233 227 241 964 947 832 Toilet articles, drug sundries 328 +4 +4 + 12 4.6 4.2 172 142 166 786 636 692 Sil S v i e l r v w er a w re a r a e n a d n j d e w cl e o lr c y ks 4 3 21 1 3 7 + + 2 1 + -1 1 + + 2 2 7 3 4 4. . 9 2 3 3 . . 9 4 269 224 265 1,116 1,024 919 Costume jewelry 4 281 -5 + 15 3.2 2.7 Fine jewelry and watches 4 78 + 14 +2 +26 5.9 5.4 Art needlework 237 -5 +23 3.9 3.0 212 192 223 829 812 677 Books and stationery 272 -1 -1 +8 2.7 2 5 330 199 332 900 857 836 Books and magazines 136 +3 -4 -3 2.6 2.7 249 164 243 637 571 657 Stationery 238 2 0 + 12 2.7 2.4 343 197 350 942 905 843 Women's and misses' apparel and accessories 350 0 -2 +19 2.8 2.4 235 220 235 664 669 558 Women's and misses' ready-to-wear accessories. 350 + 1 +2 +22 3.4 2.8 241 208 238 810 794 663 Neckwear and scarfs 310 +3 + 18 2.4 2.1 325 297 319 783 758 664 Handkerchiefs 285 +2 +8 4.0 3.4 217 136 233 870 761 808 Millinery 168 -3 0 +9 1.0 0.9 177 231 183 170 231 155 Women's and children's gloves 323 + 10 +2 + 12 3.1 3.1 259 170 236 804 799 726 Corsets and brassieres 336 +3 +2 +29 4.1 3.3 222 243 215 917 880 717 W Un o d m er e w n' e s a a r, n d sl i c p h s, i l a d n re d n ' n s e g h l o ig si e e e r s y 3 3 4 4 3 2 + -2 1 + -3 8 + + 4 2 2 3 3 3 . . 3 3 2 2. . 8 3 2 1 8 7 2 6 1 1 4 8 7 9 2 1 7 7 9 9 9 5 4 7 2 7 5 8 6 8 6 8 4 7 0 6 4 8 Knit underwear 255 +6 +4 +25 2.6 346 252 327 1,078 1,026 856 Silk and muslin underwear, and slips 287 -3 -7 +21 2.9 247 164 256 891 848 739 Negligees, robes, and lounging apparel.... 249 +4 — 5 +20 2.6 289 173 279 876 794 722 Infants' wear 323 +3 + 1 +23 2.4 357 300 345 1,013 1,013 831 W Ha o n m d e b n a ' g s s a a n n d d c s h m il a d l r l e n le 's a t s h h e o r e g s oods 3 24 3 1 4 + — 4 1 +3 0 + + 1 1 9 6 4 2 . . 3 5 2 2 2 1 1 7 2 1 1 9 5 3 2 20 2 9 3 1,0 6 8 5 5 2 1,1 5 0 7 1 8 9 5 0 5 7 7 Children's shoes 4 204 -1 +23 3.4 Women's shoes 4 218 +5 +5 + 19 4.6 Women's and misses' ready-to-wear apparel.. . 350 -5 + 13 2.2 1.9 228 233 233 509 53 7 447 Women's and misses' coats and suits 339 — 7 -6 + 12 1.8 1.4 272 299 291 486 588 434 Coats 4 209 —9 — 9 + 13 1.6 1.3 Suits 4 203 _2 0 + 17 2.8 2.3 Juniors' and girls' wear 314 0 -6 + 13 1.8 295 266 294 610 655 539 Juniors' coats, suits, and dresses 290 — 4 -9 + 10 1.6 245 261 255 453 514 411 Girls' wear 312 +4 -1 + 15 2.3 2.0 363 288 351 817 862 708 Women's and misses' dresses 341 — 7 + 10 2.0 1.8 174 201 179 349 370 317 Inexpensive dresses 4 259 -4 -10 +9 1.6 1.4 Better dresses 4 265 — 1 -3 + 12 2.4 2.1 Blouses, skirts, and sportswear 336 +3 -3 + 18 2.5 2". 2 269 274 260 682 656 583 F A u p r r s ons, housedresses, and uniforms 2 2 8 7 5 2 — 0 6 + -8 3 + + 1 1 3 3 3 2. . 8 3 2 2. . 7 4 1 16 5 9 6 1 1 3 4 6 8 1 18 5 1 6 4 5 3 5 8 3 3 5 7 8 6 4 3 49 8 1 7 Men's and boys' wear 330 +6 +3 + 18 3.6 3.2 272 196 257 975 957 828 Men's clothing 256 +8 +6 + 12 3.8 3.7 252 229 233 952 973 856 Men's furnishings and hats 313 +4 + 1 +22 3.4 2.9 281 175 271 971 921 793 Boys' wear 301 +6 + 20 3.3 2.9 307 j 207 289 1,003 1,014 841 Men's and boy's shoes and slippers 190 + 10 +9 + 20 4.9 4.5 225 177 205 1,105 i1,093 938 Homef urnishings 316 + 1 + 16 +35 3.9 2.9 266 283 262 1,045 1,002 768 Furniture and bedding 243 +8 + 18 +31 3.8 3.1 227 246 210 j 853 812 652 Mattresses, springs, and studio beds 4 165 + 16 +20 + 71 2.8 1.9 Upholstered and other furniture 4 173 +6 + 16 +24 3 9 3.4 Domestic floor coverings . 2 75 +5 + 12 +51 4.2 2.9 262 1,098 725 Rugs and carpets 4 157 +6 | + 12 +55 4.2 2.9 Linoleum 4 100 c | — 7 +8 4.9 4.3 Draperies, curtains, and upholstery , 296 + 2 +4 +26 3.4 2..8 27."> 265 269 | 934 938 745 Lamps and shades 248 -8 + 2 + 22 3.2 .4 289 258 314 920 854 757 China and glassware 248 +8 4.8 4.8 244 191 231 11,173 1 ,140 1,094 Major household appliances 247 — 8 +27 + 68 4.3 2.4 225 273 246 978 850 582 Hqusewares (including small appliances)...... 259 +5 +5 +30 4.0 3.3 308 288 292 1,242 1,230 953 Gift shop 4 169 + 8 + 10 + 14 3.6 3.4 Radios, phonographs, television, records, etc.4. 225 — 16 +68 + 108 4.0 1.6 Radios, phonographs, television 4 175 -14 +90 + 178 4.2 1.3 Records, sheet music, and instruments 4 125 +3 -1 + 17 4.0 3.5 Miscellaneous merchandise departments.... 315 +3 +3 +20 2.6 2.2 304 186 297 788 853 668 Toys, games, sporting goods, and cameras.... 297 +3 +4 + 21 2.7 2.3 486 201 473 1,336 1,490 1,111 Toys and games 240 +3 +4 + 21 2.2 1.9 657 204 641 1,453 1,513 1,217 Sporting goods and cameras 145 +2 +2 + 22 5.0 4.1 373 200 366 1,848 1,413 1,475 Luggage 265 0 0 +2 7 4.8 3.8 ?2? 167 1,077 1,03 7 849 Candy 4 191 +3 + 1 +5 1.7 1.7 For footnotes see following page. 212 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 b st e o r re o s f Sale p s e r d io u d ring ( m S e t o n o d n c t k o h s f ) November Sale p s e r d io u d ring Sto o c f ks m a o t n t e h nd reporting Nov. 11 Nov. 1950 1949 1950 1949 1950 months 1950 1950 1949 1950 Nov. Oct. Nov. Nov. Oct. Nov. BASEMENT STORE—total 198 +3 -2 +21 2.4 2.1 240 213 234 585 588 486 Domestics and blankets 4 135 +9 +9 +39 3.3 2.6 Wom C G I D I B n n e o l i r f t o r e n a a i l u s m s t ' n s s s s ' t e e a s w a s a s t ' e , n e n 4 w d a s d a r k e p s i 4 a u m r p r t i a s t 4 i s , r s e s 4 a l e n 4 s d ' s r p e o a r d ts y w -t e o a - r w 4 ear 1 1 1 1 1 1 1 2 9 7 6 7 1 5 1 1 5 8 6 8 5 - + + + 1 -1 2 3 2 6 0 - - + 1 1 - - 5 4 2 0 0 0 1 + + + + + + + 2 2 1 1 1 1 1 2 0 8 5 5 1 6 2 2 2 2 1 . . . . . 7 1 8 3 1 2 2 1 1 1 1 1 . . . . . . . 0 3 1 6 5 8 8 229 210 229 474 490 409 +3 Men's and boys' wear 155 +8 +2 +21 2.4 2.2 311 225 288 773 779 641 Men's wear 4 136 +8 + 1 +22 2.5 2.2 Men's clothing 4 90 +4 +20 2.6 2.2 Bo M ys e ' n w 's e a f r u r 4 nishings 4 1 1 1 1 5 6 + + 1 8 0 + + 3 0 1 + + 2 1 2 5 2 2. . 2 4 2 2 . . 2 1 Homefurnishings. . . 99 + 1 +4 +37 2.8 2.0 252 254 249 695 677 506 Shoes 124 +8 +2 +12 3.4 3.3 178 157 166 610 633 564 NONMERCHANDISE—total 4 . 169 -2 + 1 Barber and beauty shop 4 71 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. 211. 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 1 [Weeks ending on dates shown. 1935-39 average=100] [In millions of dollars] Reported data Derived data x Without seasonal adjustment Year or month m ( S o t 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 h o s ) f s m ( t o e a O r o n n d n u d d e t t i r - h o 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 o r t f o d o n e e t r w t a r h l s ) Mar. 1 1 1 5 9 2 9 . . . 4 . . . . . 9 . . . . . . . 2 2 2 5 6 4 6 1 4Mar. 1 1 1 4 1 8 9 . . . . * . . 0 . . . . . . . . 2 . 2 2 5 4 6 3 4 4 Sept. 1 1 1 3 7 0 9 . 4 . . . . . 9 . . . . . . . . . 3 2 2 1 9 7 5 5 3 Sept. 1 1 9 2 9 6 5 . . . 0 . . . . . . . . 2 3 3 9 6 1 5 8 0 1 1 1 1 1 1 1 1 1 Q 9 9 9 9 9 9 9 9 4 4 4 4 4 5 4 4 4 8 7 Q 5 6 0 2 4 3 a a a a a a a a a v v v v v v v v v e e e e e e e e e r r r r r r r r r a a a a a a a a a g g g g g g g g g e e e e e e e e e . . . . . . . . . . . . . . . . . . , . . . . . . . . 3 3 3 3 3 2 2 2 1 4 5 3 3 1 5 2 0 7 7 2 3 7 8 5 7 4 9 r8 9 8 9 5 5 5 7 5 6 4 1 2 6 0 3 1 9 \ 1 2 6 3 9 5 5 9 5 4 3 4 9 5 2 5 7 5 6 6 5 0 3 6 6 2 2 6 5 0 9 0 0 3 9 3 3 3 3 3 2 2 2 1 6 3 3 6 4 2 5 0 8 6 8 0 1 4 6 6 3 2 3 3 3 3 2 3 2 2 1 4 7 3 3 2 3 2 6 9 5 0 6 1 7 6 3 9 2 A M p ay r. 3 2 2 2 2 1 1 9 7 1 8 0 6 2 3 4 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 . . 2 . 2 2 . 2 3 3 2 3 3 7 8 7 8 8 1 3 6 2 0 5 0 7 6 5 4 4 6 0 1 M Ap ay r. 2 2 2 2 1 2 1 7 6 8 0 2 9 5 3 1 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 . 3 3 . 2 2 3 3 2 2 2 5 2 0 8 7 0 0 8 7 7 4 0 1 2 5 8 1 5 9 9 O N c o t v . . 2 2 2 2 1 1 1 4 8 5 2 9 1 2 9 6 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 2 2 2 3 3 3 3 3 9 9 0 9 9 9 4 1 1 3 2 7 2 0 8 6 2 5 8 0 O N c o t v . . 2 3 1 2 2 1 1 2 5 4 0 1 7 1 8 8 4 3 . . . . . .. . . . . . . . . . . . 3 3 3 3 3 3 3 3 3 3 2 2 2 4 2 1 0 6 1 1 2 2 5 2 0 5 4 8 9 3 1949— Dec 583 '789 '297 »-382 '329 June 4... ..259 June 3... ..261 Dec. 3.... ,449 Dec. 2 .444 1950—Jan 256 787 390 ••254 »\347 11. .. ..288 10... ..302 10.... .542 9.... .554 Feb 247 854 393 314 317 18... . .285 17... ..302 17 .584 16.... .638 Mar 320 920 326 386 319 25... ..247 24... ..250 24 .541 23.... .640 Apr 319 926 271 325 270 July 2. .. ..238 July 1... . .263 31.... .197 30.... .237 May. .. . 330 906 248 310 287 9... . .201 8... ..218 Tune... . 317 833 369 244 365 16... ..213 15... ..265 1950 1951 July.... 292 789 693 248 572 23.. . . .207 22... ..303 Aug 331 918 755 460 522 30... . .209 29... ..295 Jan. 7 .205 Jan. 6 .285 Sept 370 1,029 702 481 428 Aug. 6... ..228 Aug. 5... . .296 14.... .233 13.... .305 Oct 361 1,169 593 501 392 13... ..218 12... ..273 21.... .230 20.... .301 Nov 403 1,203 442 437 286 20... . .252 19... ..281 28.... .222 27 .279 Dec P615 ^957 P413 P369 ?340 27... ..252 26... ..288 Feb. 4 .226 Feb. 3 .233 P Preliminary. r Revised. 11 .238 10 1 These figures are not estimates for all department stores in the 18 .231 17 United States. Figures fdr sales, stocks, and outstanding orders are 25 .221 24 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. FEBRUARY 1951 213 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] Dec. Nov. Dec. Nov.Year Dec. Nov.Year Dec. Nov.Year 1950 1950 1950 1950 1950 1950 1950 1950 1950 1950 United States. P+6 +2 +5 C lev eland-cont, Chicago P+ +10 +7 Kansas City— B N P o o e s r w t t o l a n H n a d ven. . . +7 0 0 +4 0 + + + 2 3 1 W E Pi r t h i t e e s e b 1 l u in rg g h 1 1 + + - 1 4 9 7 - + 19 | + + + 1 4 7 0 C P Fo e h o r ic t r a i W g a1 o a l yne »... p+ + 12 + + + 8 6 5 + + + 4 3 8 O T c u k o l l s a n a h t o . ma City. + + 3 6 r+ + 6 7 + + 8 7 Boston Area... + 1 +2 Richmond +4 -8 +4 Indianapolis 1.. . + 11 +7 +7 Dallas +6 +9 +10 Downtown Washington l.. . +2 +2 +2 Terre Haute 1... P+6 +6 +3 Shreveport 0 -1 +5 S W B p o r o i r n s c g t e o f s n i t e e l r d + + + 2 2 3 A H B s a a h l g t e e i v m r i s l o t l o r e e w , n N . . . C . . . + + -1 4 3 + + -1 3 1 + + -2 2 6 F D D l e e in s tr t o M i it o l ines.... P P + + + 2 1 1 2 6 + + 2 1 5 0 3 + + + 1 4 9 9 F C D o o a r r l t l p a u W s s 1 o C rt h h risti.. + + + 6 7 3 + + + 1 9 7 1 + + + 1 1 1 0 1 1 Providence +1 +4| +2 Raleigh +5 -12 +4 Grand Rapids. . + 15 +25! + 16 Houston l +15 + 18 + 10 N A N E N N P B B B e o l u l i e e i r w m b n a u f i w w f a d g g g i a a n r a Y h g h l Y a r o y r a e o k k a o m p e r i r l k e o F k to p r a n C s t l 1 i l . i e s . t . . . y . . + + + + + + + + + 2 1 1 1 1 5 2 3 6 0 2 8 0 0 + + + - - 1 1 + ' 1 4 8 1 2 1 1 1 | ! + + + + + + + + + 1 4 3 3 8 4 2 9 2 0 0A L W N C C G R H C t y o i h o h l r u i c a e n l a r n ' n h l u e f n c r s s t o m n m l h i t ' t e l t n o v a b k o o s b g n i t u n n l i o - t l a r d . o e S n g W , n a , l S S . e V . . m C a C . , . + + + + + + + + — 1 1 5 5 6 6 6 1 1 9 3 + r+ + + + - 2 4 9 6 2 8 0 0 l| + + + + + + + + - - 1 1 3 1 6 7 3 3 5 7 2 4 S L F L Q L M G M E t o a o i . v u r i a t n e r u a l i t L d t w n e l s i n e i s o n i c s s S a n v y u v o u R m g i B i l i n k l l s o i a e l e t c e y h e l k * * 1 . . . . . . . + + + + + + + + + + 2 1 1 6 4 2 3 5 8 6 4 7 3 1 j + + + + + + + 2 1 1 6 5 7 6 7 3 5 , | + + + + + + + + + 1 1 7 5 4 4 8 4 5 7 0 S T F O S L L P B a B r a h o u o a a n e n o s n c k k e s s e g e r l n A A o a k F n r o s n n e i n B n r f x l d 1 g i a e e t e e x o y a n l a l d c n e c n 1 h s i i d 1 o s 1 l. c . . . . . o .. . . . P P P P P + + + + + + + 1 + -5 3 4 9 2 7 3 3 7 + + + + + + + - 1 2 5 6 6 8 2 8 2 + + + + + + + - 1 1 8 8 6 4 3 3 1 1 Rochester * ++8 + 10 +5 Birmingham 2. . +25 + 12 + 10 East St. Louis.. +2 +2 Riverside and +7 Schenectady. . +4 + 12 +2 Mobile + 10 +2 +7 St. Louis l +2 +6 +3 San Bernardino +5 +6 +9 S U y ti r c a a cuse x + + + 2 1 +6 J M ac o k n s t o g n o v m il e l r e y 1 x . . . . . + + 3 7 + + 4 6 + + 6 2 S Sp t. r i L n o g u fi i e s l d Area. . + + 3 8 + + 6 1 + + 3 6 S Sa a n cr a D m ie e g n o to * 1 . . . . . . . Si r+ +5 7 + + 8 9 P T W Y L R P h h r a e o i i e n i a l l r l n a k k d c a t e d a i d o n i s s e e n - g t l l B e p p l J r a h h r * i i r a a e . * . » . . + + + + + + + 7 9 9 4 5 3 6 + + + — 5 2 3 0 0 0 1 + + + +2 8 8 6 A O A T M C M R a o o r u t a i l l m m l a g a c a u m u n o n m e p s d n i t a t b o a a * 1 x u 1 s + + + + + + + 2 1 1 1 1 9 6 2 9 2 0 1 + + + + + 1 1 1 8 9 9 8 + + + + + + + 1 1 1 \ 8 9 8 3 0 0 0 8 , M K S M M D a S t i u . i e n n u n l m n P p s u n a e e a t p e h r a s u a h i - l p o p i s C r o o 1 l l l i l i i t s s y . . 1 . . . . . . + + + + + -1 5 4 7 4 1 + + + + + + 1 1 9 4 9 7 5 0 + + + + + + 4 5 8 6 6 7 S S S S V 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 k a J F j o t o a r p o a R s a 1 a n n e n a o d c n x s i d a s c 1 o . . l . . P+15 + + + + + + 1 1 6 5 2 5 8 1 + + + + -1 2 5 6 7 C A S T C C C C l p o k l a o e i e r n l n r l v i e v u o n c t e d e o m n g i l l o n n a f a b x i n n n e i l u a d l d s d t i a . J 1 . . .. . . . . + ++ + + + + + 1 1 1 1 8 4 6 9 1 6 9 9 + - - -1 + 1 1 - 1 - -4 2 0 0 2 3 6 7 1 + + + + + + 1 • 7 8 7 8 0 J S N M C B K B a a e h a r n c e v i w t a o k s r o a t t i x s o n d n t o O v a l i n n n i a R r l a n o l l h o e * e o a u l g n g a s e 1 x 1 . . . , . . + + + + - 1 2 2 6 7 6 0 0 i + + + + - — 1 1 5 9 2 1 0 3 5 i + + + + + + - 1 1 3 2 6 4 1 0 6 2 J T W S D P H K o t u o e u a . p i e p n c n t l J b c e h i v s o n h l k a i e o s t i s a r a e n p s C h o i n ty.... + + + + + + + + 1 1 9 8 6 6 5 6 3 6 ' + + + + + + + 2 2 1 1 1 6 8 7 3 1 0 3 3 + + + + + + + 1 9 6 3 6 8 2 4 P S S S T Y B E a p e o a e v a l a o c r l k e t l t t o k i i l t r L n m a m l a e e g n n a t a a h k t d e 1 1 a e x x 2 m C i 1 ty . . 1 . . P+ + + + + + + 1 1 2 1 1 1 6 6 2 3 0 5 4 + + + + + + + + 1 1 2 1 1 1 1 9 7 2 0 3 6 2 1 + + + + + + 2 1 7 7 5 9 2 1 Youngstown x. +23| - + 10 Nashville1 +4 + 0 1 Omaha +8 +7 +9 I P Preliminary. indexes for these cities may be obtained on request from the Federal Reserve Bank in the district in which the city is located 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 ic ri i g ty er , at a i 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 1944 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 1950 171.2 204.1 188 0 124 1 141.1 190 8 157 1 1949—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 Alarch . . 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 December 178.4 215.4 196.4 125.8 144.1 204.8 162.0 Back figures.—Bureau of Labor Statistics, Department of Labor. 214 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926 =100] Other commodities All Manu- Year, month, or week m c t o i o e m d s i - - F p u r a c o r t d m s - Foods Total le H p u a a r i c n 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 l d 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 p a u h l l r s l c e o i t m e a d s d n - i d - H g n f o o i u i n o u s r g h d s - - 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 90 4 83.0 100.5 95.4 94.( 94 3 82.6 97 5 94 5 1930 86.4 88.3 90.5 85.2 100 0 80 3 78.5 92.1 89.9 88. 7 9? 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 7? 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. 7S 8 62.5 56.5 70.5 1934 74.9 65.3 70.5 78.4 86 6 77, 9 73.3 86.9 86.2 75..* 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. J 81 7 70 5 79 9 82 0 1937 86.3 86.4 85.5 85.3 104.6 76 3 77.6 95.7 95.2 82. <s 89 7 77.8 84.8 87 2 1938 78.6 68.5 73.6 81.7 9? 8 66 7 76.5 95.7 90.3 77. -) 86 8 73.3 72.0 82.2 1939 77.1 65.3 70.4 81.3 95 6 69.7 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 8 71.7 95.8 94.8 77. ") 88 5 77.3 71.9 81.6 1941 87.3 82.4 82.7 89.0 108 3 84 8 76.2 99.4 103.2 84. 1 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 10? 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. < 107 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. ? 104 3 93.6 113.2 100 8 1945 105.8 128.2 106.2 99.7 118 1 100 1 84.0 104.7 117.8 95. ? 104 S 94.7 116.8 101.8 1946 121.1 148.9 130.7 109.5 137 2 116 3 90.1 115.5 132.6 101.% 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. 131 1 115.5 165.6 146.0 1948 165.1 188.3 179.1 151.0 188 8 149 8 134.2 163.6 199.1 135.7 144 120.5 178.4 159.4 1949 155.0 165.5 161.4 147.3 180 4 140 4 131.7 170.2 193.4 118.6 145 3 112.3 163.9 151 2 1950 161.5 170.4 166.1 153.2 191 9 148 0 133.3 173.6 206.0 122.7 153.2 120.9 172.4 156.8 1949—December.... 151.2 154.9 155.7 145.4 179 9 138 4 .130.4 167.8 190.4 115.? 144 7 110.7 159.5 147.9 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 0 138 2 131.3 168.6 192.8 115.2 145 7 110.0 162.4 149.1 1^1 arch 152 7 159.4 155.5 146.1 179 6 137 3 131.5 168.5 194.2 116. 145 5 110.7 162.8 148.9 April 152 9 159.3 155.3 146.4 179 4 136 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 0 136 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.s 146.9 114.7 167.7 153.5 July 162 9 176.0 171.4 151.5 187 7 14? 6 133.4 172.4 207.3 118.1 148 7 119.0 175.8 158.0 August 166.4 177.6 174.6 155.5 195 6 149 5 134.4 174.3 213.9 122.s 1S3 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 7 127.4 181.8 164.0 October 169 1 177.8 172.5 161.5 ?m 5 163 1 135.4 178.6 218.9 132.? 163 8 131.3 180.2 163.5 November 171.7 183.7 175.2 163.5 211 6 M66 7 135.6 180.4 r217.8 '135.6 ^66 9 137.6 184.5 165.1 December 175.3 187.5 179.1 166.6 218 6 171.2 135.6 184.7 221.5 139.5 169.9 140.5 187.2 168.9 Week ending:1 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 5 164.5 169 134 9 185 1 221 0 138 3 Dec 19 174 7 188.5 180.8 165.2 170 ? 136 0 184 3 221 8 138 6 Dec 26 176 0 190 6 181 4 165.9 171 136 0 184 1 222 0 139 1951—Jan. 2 176.8 189.3 181.9 167.1 172.4 136.1 187.4 222.4 141.2 Tan 9 178 1 191 9 183 0 167.8 173 4 136 1 187 9 223 4 142 Jan. 16 178.7 191.5 182.1 168.9 179 7 136.1 188.3 223.9 144.9 Jan 23 180.0 196.4 183.9 169.3 180.7 136.2 188.4 225.4 144.9 1949 1950 1949 1950 Subgroups Subgroups Dec. Sept. Oct. Nov. Dec. Dec. Sept. Oct Nov. Dec. Farm Products: Metals and Metal Products: Grains 160.9 166.5 165.3 172.1 180.9 Agricultural mach. & eauin... 143.0 150.3 1S? 0 153 .9 154.4 Livestock and poultrv 167.0 211.3 198.7 197.3 204.9 Farm machinerv 145.6 152.7 154 s 155.7 156.9 Other farm products 145.0 164.4 167.4 177.4 177.6 Iron and steel. 165.4 172.2 173.2 174. 0 182.8 Dairy products 154.4 154.7 160.8 164.1 164.4 N M o o n to fe r r r v o e u h s i c m le e s a Is 1 12 7 9 6 . . 2 7 1 1 7 6 6 6 . . 5 1 1 17 7 3 6 .8 1 1 8 76 1. .9 7 1 1 8 78 2 . . 2 5 Cereal products 144 6 155.5 153.8 154.1 157 7 Pinmhinp- and hfarintr 154 6 166 9 177 o 182 s 183 6 Fruits and vegetables - - - 132.4 131.0 129.5 140.4 137.8 Building Materials: Meats 193.5 241.0 223.7 r223.4 233.7 Brick and tile 161.9 168.7 178 1 178.S 179.8 Other foods 132 6 158 7 156 4 158 9 162 0 Cement 134 5 136 3 140 '"140 8 141 2 Hides and Leather Products: Lumbexr 285 2 371.5 358.4 ^347.6 348.4 S H h id oe e s s and skins 1 1 8 9 4 2 . . 3 8 2 1 6 9 4 4 . . 7 8 • 2 •2 0 6 0 6 . . 3 3 • r2 •2 6 0 9 4 .3 .0 2 2 0 7 9 7 .5 0 P Pl a u in m t bi = n m g r1 a n n a d in h t e m at a in te g r . ials 1 13 5 9 4 .6 6 1 1 4 6 5 6 .9 9 1 1 4 77 S ? 71 1 4 8 8 2. o S 1 1 5 8 5 3 .6 3 Leather 178.1 196.8 201.3 204.9 213 8 Structural stpei. . 185 2 191.6 191 6 191 6 204 3 Other leather products 141.1 151.3 164.9 164.9 173.9 Other 3uilding materials5 169.2 182.5 186 .6 189. 4 193.7 Textile Products: Chemicals cmd Allied Products: Clothing 144.0 146.7 147.7 151.4 155.4 Chemicals 114.3 125.4 131.6 134.3 136.1 Cotton goods 178.4 221.6 225.7 ••231.7 236.1 Drugsand Pharmaceuticals. . 121.6 153.4 161.1 163 8 175.1 Hosiery and underwear 98.4 105.3 109.2 rill .4 113.7 Fertilizer materials 117.9 111.4 111 ? 112 0 115.6 Silk 49.9 64.9 65.3 69.0 75.0 Mixed fertilizeig 106.5 103.1 103.1 104 7 107.5 Rayon and nylon 39.6 41.7 42.5 M-2.7 43 0 Oils and fats 118 2 163 9 16f 171 5 180 9 Woolen and worsted goods 146.9 178.7 188.9 '192.5 195.3 Housefurnishing Goods: Other textile products 171.5 191.3 207.3 210.4 229.0 Furnishings 151.2 168.1 173 176 6 180.2 Fuel and Lighting Materials: Furniture . . 137.0 149.9 153.5 156 7 159.2 Anthracite 139.3 142.8 143.9 144.7 145.7 Miscellanecus: Bituminous coal 194.1 193.1 193.3 193 3 193 2 Antn tires and tubes 64 3 77 4 7? 1 82 82 4 Coke 222.2 225.6 231.1 r232.5 232.7 Cattle feed 192 3 203.8 1Qf 6 211 4 224 4 Electricity 69 6 65 6 65 2 Paper and pulp 156.0 167.1 173.4 178 189.0 Gas 87.2 89.0 88.9 90 5 Rubber rrndp 37 8 114 7 131 150 146 1 Petroleum products 108.5 117.8 118.0 118.1 118.0 Other miscellarleous. . . 121.1 127.8 130.5 134 7 136.6 ' Revised. 1 Weekly indexes are based on an abbreviated sample not comparable with monthly data. Back figures.—Bureau of Labor Statistics, Department of Labor. FEBRUARY 1951 215 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME [Estimates of the Department of Commerce. In billions of dollars] RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING Annual totals Seasonally adjusted annual rates by quarters 1949 1950 1929 1933 1939 1941 1946 1947 1948 1949 1950 4 1' 3' 4 Gross national product 103.8 55.8 91.3 126.4 211.1 233.3 259.1 255.6 279.8 253.8 263.3 271.6 283.9 300.3 Less: Capital consumption allowances. . 8.8 7.2 8.1 9.3 12.2 14.8 17.4 18.8 20.8 19.3 19.7 20.5 21.3 21.7 Indirect business tax and related liabilities 7.0 7.1 9.4 11.3 17.3 18.7 20.4 21.3 23.7 21.5 22.0 23.2 25.3 24.3 Business transfer payments .6 . 7 .5 .5 .6 .7 .7 .7 .7 .7 . 7 .7 .7 . 7 Statistical discrepancy -.1 1 2 1 4 1 6 1 7 .3 —2 9 — 1 9 — 1 0 — 1 9 4 1 — 1 3 — 7 6 n.a. Plus: Subsidies less current surplus of government enterprises -.1 s 1 9 — l 0 1 1 0 2 5 _ 3 Equals: National income 87.4 39.6 72.5 103.8 180.3 198.7 223.5 216.8 235.6 214.2 216.9 229.1 244.0 n.a. Less: Corporate profits and inventory valuation adjustment 10.3 -2.0 5.8 14.6 18.3 24.7 31.8 29.9 34.8 28.4 28.1 35.0 38.1 n.a. Contributions for social insurance 2 3 2 1 2 8 6 0 5 7 5.2 5 7 6 8 5 7 6 7 6 8 6 9 7 2 Excess of wage accruals over disbursements .0 .0 0 0 0 0 0 0 0 0 0 0 o o Plus: Government transfer payments... 9 1 5 2 5 2 6 10 9 11.1 10.6 11 6 14 3 11 8 20 9 14 2 11 2 11 2 Net interest paid by government. . . 1.0 1.2 1.2 1.3 4.4 4.4 4.5 4.7 4.8 4.7 4.7 4.7 4.8 4.8 Dividends 5.8 2.1 3.8 4.5 5.8 6.6 7.5 7.8 9.4 8.2 8.1 8.2 9 3 11.5 Business transfer payments 6 7 5 5 6 .7 .7 .7 7 7 7 7 7 7 Equals: Personal income 85.1 46.6 72.6 95.3 177.7 191.0 209.5 206.1 223.2 205.4 216.4 215.1 224.9 234.9 Less: Personal tax and related payments. 2.6 1.5 2.4 3.3 18.8 21.5 21.2 18.7 20.5 18.7 19.0 19.5 20.3 23.3 Federal 1.3 .5 1.2 2.0 17.2 19.6 19.0 16.2 17.8 16.1 16.3 16.8 17.5 20.4 State and local 1.4 1.0 1.2 1.3 1.6 1.9 2.2 2.5 2.8 2.5 2.7 2.8 2.8 Equals: Disposable personal income. 82.5 45.2 70.2 92.0 158.9 169.5 188.4 187.4 202.7 186.8 197^4 195.6 204.6 211.6 Less:Personal consumption expenditures 78.8 46.3 67.5 82.3 146.9 165.6 177.4 178.8 190.8 180.6 182.6 185.8 198.9 195.8 Equals: Personal saving 3.7 -1.2 2.7 9.8 12.0 3.9 10.9 8.6 11.9 6.2 14.8 9.8 5.7 15.8 NATIONAL INCOME, BY DISTRIBUTIVE SHARES Annual totals Seasonally adjusted annual rates by quarters 1949 1950 1929 1933 1939 1941 1946 1947 1948 1949 1950 4 \r 2? 3r 4 National income 87.4 39.6 72.5 103.8 180.3 198.7 223.5 216.8 235.6 214.2 216.9 229.1 244.0 n.a. Compensation of employees 50.8 29.3 47.8 64.3 117.1 128.0 140.2 140.6 152.2 140.2 142.3 147.9 155.3 162.7 Wage and salaries 2 50.2 28.6" 45 .7 61.7 111 .2 122.1 134.4 134.2 144.9 133.6 135.2 140.6 147 .8 155.1 Private 45 2 23 7 37 5 51 5 90.6 104.8 115. 7 113.7 122.6 112.7 114.3 119.5 125.3 130.3 Military .3 .3 .4 1.9 8.0 4.1 4.0 4.3 n.a. 4.6 4.5 4.5 n.a. n.a. Government civilian 4.6 4.9 7.8 8.3 12.7 13.2 14. 7 16.1 n.a. 16.4 16.4 16.6 n.a. n.a. Supplements to wages and salaries. . .6 .5 2.1 2.6 5.9 5.9 5.8 6.4 7.3 6.6 7.1 7.3 7.4 7 6 Proprietors' and rental income 3. . 19.7 7.2 14.7 20.8 42.0 42.4 47.3 41.7 43.6 40.7 41.5 41.2 45.5 46!3 Business and professional 8.3 2.9 6.8 9.6 20.6 19.8 22.1 21.0 23.2 20.6 21.4 22.3 24.6 24.3 Farm 5.7 2.3 4.5 6.9 14.8 15.6 17. 7 13.4 13.1 12.8 12.8 11. 7 13.5 14.4 Rental income of persons 5.8 2.0 3.5 4.3 6.6 7.1 7.5 7.3 7.4 7.3 7.3 7.1 7.4 7.6 Corporate profits and inventory valuation adjustment 10.3 -2 .0 5.8 14.6 18.3 24.7 31.8 29.9 34.8 28.4 28.1 35.0 38.1 n.a. Corporate profits before tax 9.8 .2 6.5 17 .2 23.5 30.5 33.9 27.6 39.8 27.6 29.2 37.4 46.4 n.a. Corporate profits tax liability. . . 1.4 .5 1.5 7.8 9.6 11.9 13.0 10.6 17.7 10.6 13.2 16.5 20.6 n.a. Corporate profits after tax 8.4 —.4 5.0 9.4 13.9 18.5 20.9 17.0 22.1 16.9 16.0 20.9 25.8 n.a. Inventory valuation adjustment. . . 5 -2 .1 —. 7 -2.6 c 7 -5.8 _9 .0 2 2 -5.1 .8 — 1.0 -2 .4 -8.3 -8. 5 Net interest 6.5 5.0 4.2 4.1 2.9 3.5 4.1 4.7 5.0 4.8 5.0 5.0 5.0 5.1 n.a. Not available. r Revised. 1 Less than 50 million dollars. 2 Includes employee contributions to social insurance funds. 3 Includes noncorporate inventory valuation adjustment. NOTE.—Details may not add to totals because of rounding. Source.—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. 216 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued [Estimates of the Department of Commerce. In billions of dollars] GROSS NATIONAL PRODUCT OR EXPENDITURE Annual totals Seasonally b a y d j q u u st a e r d t er a s nnual rates 1949 1950 1929 1933 1939 1941 1946 1947 1948 1949 1950 4 lr 2 r 3' 4 Gross national product.. 103.8 55.8 91.3 126.4 211.1 233.3 259.1 255.6 279.8 253.8 263.3 271.6 283.9 300.3 Personal consumption expenditures 78.8 46.3 67.5 82.3 146.9 165.6 177.4 178.8 190.8 180.6 182.6 185.8 198.9 195.8 Durable goods 9.4 3.5 6.7 9.8 16.6 21.4 22.9 23.8 29.2 25.3 26.4 26.5 34.0 30.0 Nondurable goods 37.7 22.3 35.3 44.0 85.8 95.1 100.9 98.5 101.6 97.9 97.9 99.9 104.5 104.3 Services 31.7 20.6 25.5 28.5 44.5 49.1 53.7 56.4 59.9 57.4 58.3 59.5 60.4 61.5 Gross private domestic investment 15.8 1.3 9.9 18.3 28.7 30.2 43.1 33.0 49.4 31.2 41.8 47.7 47.8 60.2 New construction 1 7.8 1.1 4.9 6.8 10.3 13.9 17.7 17.3 21.8 18.2 20.0 21.5 23.0 22.9 Producers' durable equipment 6.4 1.8 4.6 7.7 12.3 17.1 19.9 19.5 23.4 18.7 19.5 21.8 26.3 26.1 Change in business inventories. 1.6 -1.6 .4 3.9 6.1 -.8 5.5 -3.7 4.1 -5.7 2.3 4.4 -1.5 11.2 Net foreign investment .8 .2 .9 1.1 4.6 8.9 1.9 .4 -2.5 -.7 -1.7 -1.7 -3.3 -3.4 Government purchases of goods and services 8.5 8.0 13.1 24.7 30.9 28.6 36.6 43.3 42.1 42.8 40.5 39.9 40.4 47.6 Federal 1.3 2.0 5 .2 16.9 20.9 15.8 21.0 25.3 22.7 24.3 21.8 21.1 20.9 26.9 War \ 1 3 2.0 1 3 13.8 21 ?\ 17 1 21 5 25.7 22 9 24 6 22 1 21 4 21 1 27.1 Nonwar. . I 3.9 3.2 2.5 } Less * CxovcrrimGrit Stiles ^ (3) (3) (3) (3) 2 7 1 3 5 4 2 3 3 2 2 State and local 7.2 5.9 7.9 7.8 10.0 12.8 15.6 18.0 19.4 18.5 18.7 18.8 19.5 20.8 PERSONAL INCOME [Seasonally adjusted monthly totals at annual rates] Wages and salaries Divi- Year or month in s P c o e o n r m a - l e re T c o e t i a p l ts4 b m T u d o e i r s n t s a - e t l s - Wag d p m i e n u C r o o g s o a d t d m n r i u i i n d t e c - y - s - sal D a i u n r t i r y s t d i i t e u v r s i d s e b - i - sbu S i r n e t s r r d e i v m u e i s s c e - e nts m G er o e n n v - - t L b c p i s e u n a o l o s f o t n s n o c s i y u c o i t r a r e e e r n i - l e m - s - in O la c t o b h m o e r r e5 i p n r r P c e a i o r n e n o t m t d - o a r e l s 8 1 i i n n d s p a t o c e e e n o n n r r m d a d e - l s s e t m T p r e f a a e n y r n t - s s - 7 i a n g N t c u r o o i r n c m a - u l e l- L929 85.1 50.0 50.2 21.5 15.5 8.2 5.0 .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 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 1950^ 223.2 142.1 145.0 63.2 40.8 18.6 22.4 2.9 3.3 43.6 19.2 15.0 205 .6 1949—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 F M e a b r r c u h ary r2 2 1 19 5 . . 3 5 1 1 3 3 1 3 . . 5 6 1 1 3 3 4 6 . . 2 4 5 5 5 7 . . 8 7 3 3 9 9 . . 3 6 1 1 8 8 . . 1 1 2 2 1 1 . . 0 0 2 2 . . 7 8 3 3. . 3 0 4 4 1 0. . 2 0 1 1 7 8 . . 7 0 '2 2 2 4 . . 3 2 r 2 i9 0 9 3. 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. 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. 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. July 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. August . ..... 225.4 145.5 148.5 65.6 41.7 18.8 22 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 November. . . 232.9 152.1 155.1 69.1 41.9 19.3 24.8 3.0 3.4 46.2 19.4 11.8 213.9 DecemberP . . . . 240.7 153.5 156.4 69.9 41.8 19.3 25.4 2.9 3.4 46.9 25.3 11.6 223.6 p Preliminary. r Revised. 1 Includes construction expenditures for crude petroleum and natural gas drilling. 2 Consists of sales abroad and domestic sales of surplus consumption goods and materials. 3 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. FEBRUARY 1951 217 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 * no c T m n r i o e e n t d n s a i t t l t al- p S l a o y in a m n g s l 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 J44 3 096 4,650 5,919 1.018 3,909 992 1950? 20,093 13,478 7,923 4,134 3,789 5,555 6,615 1,326 4,227 1,062 1949—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 1,116 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 1,157 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 19 398 13,389 7,879 4,227 3,652 5,510 6,009 1,250 3,703 1,056 November?... . 19,403 13,304 7,805 4,175 3,630 5,499 6,099 1,298 3,739 1,062 December?.... 20,093 13,478 7,923 4,134 3,789 5,555 6,615 1,326 4,227 1,062 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 m ci s a - 1 l p S c l a m o o n a m i a n e l - l s b In a tr n d i k u al 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 - - 2 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 s a a p u n d t n i a d r e o s i e r r n 3 d n- m b C a e n o r k m ci s a - J 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 t l 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 43 263 219 23 95 463 413 38 1933 466 29 246 121 20 50 322 20? 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 3 348 701 166 134 225 119 568 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 ,951 929 250 175 402 U2 801 3,282 1.737 418 334 712 1950? 5,555 2,433 1,084 291 203 525 157 862 3,874 1,946 481 358 894 1949—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 June 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. . . . 5,510 2,460 1,026 294 201 524 152 853 298 149 39 28 66 November?. 5,499 2,435 1,037 292 200 521 153 861 257 165 34 27 64 December?.. 5,555 2,433 1,084 291 203 525 157 862 288 234 37 29 72 p Preliminary. 1 Figures include only personal instalment cash loans and retail automobile direct loans shown on the following page, and a small amount offother retail direct loans not shown separately. Other retail direct loans outstanding at the end of December amounted to 100 million dollars, and other loans made during December 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, 218 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 r t - s F s t t u o u 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 - - J s e t 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 Total ch P a u s r e - r d eta D i l l o i a r n ec s t c d r h e p a i a r t u n a e s r d i c e - l t d , l e o m r t a n a i n o o n iz d d n s a - 1 - 2 i l s m n c o o s a a e n t s n n a a h s l t l houses Outstanding at end of period: 1929 1,197 160 583 265 56 133 1947 2,701 346 536 523 500 796 1933 663 119 299 119 29 97 1 19 9 4 4 9 8 3 4, , 4 5 1 6 6 3 8 5 5 70 4 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 1950? 5,650 1,147 1,226 1,265 905 1,107 1940 1,721 439 599 302 110 271 1949—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 9 9 9 4 4 4 2 3 4 . . 1,1 6 7 3 9 0 5 1 7 2 1 1 5 7 8 2 2 3 2 2 4 8 9 4 9 3 0 1 5 7 8 0 8 8 5 5 7 7 6 6 1 1 1 7 0 1 9 9 1 1950— F M Ja e a n b r u c r a h u r a y ry.... 4 4 4, , , 5 4 4 9 6 9 5 5 4 9 8 8 2 8 6 2 8 6 9 9 9 6 2 3 4 2 5 9 9 96 5 4 6 3 1 7 7 78 7 7 3 4 9 9 9 9 6 4 4 9 7 5 1 1 9 9 4 4 5 6 1,1 7 0 1 4 5 3 1 3 9 7 8 2 3 9 8 6 6 1 5 1 1 8 5 8 7 9 1 17 1 4 3 A M p a r y il 4 4, , 8 6 6 8 2 8 9 99 5 2 3 ,0 9 3 9 5 2 1,0 9 2 8 8 3 8 7 0 8 4 0 1, 9 0 8 0 0 3 1 1 9 9 4 4 8 7, 2 1 , ,9 5 3 6 5 7 6 87 5 4 0 5 7 8 5 7 0 3 2 8 4 7 9 1 15 4 2 4 3 4 0 0 5 4 J Ju u l n y e 5 5, , 2 0 9 8 1 4 , , 1 0 1 5 0 0 , , 1 0 5 9 8 6 1 1, , 1 0 1 6 2 4 8 85 3 1 4 , , 0 0 6 4 0 0 1 1 9 9 5 4 0 9 ? 3 3 , , 7 0 8 9 9 6 1 1 , , 2 0 4 1 3 0 1,0 9 3 3 3 5 5 7 0 1 0 7 163 7S6 488 A Se u p g t u e s m t ber., . . 5 5 , , 6 4 8 9 5 3 , , 1 1 7 4 7 3 , , 2 2 1 5 7 1 1 1 , , 2 1 5 7 8 8 8 8 9 7 1 2 . , 1 08 0 3 8 October 5,726 ,180 ,254 1,282 905 ,105 1949 November?.. , 5,661 ,159 1,234 1,261 907 ,100 November. 2,795 906 858 464 127 440 December?. . , 5,650 ,147 1,226 1,265 905 ,107 December. 3,096 1,010 935 500 163 488 Volume extended dur- 1950 ing month: January... 2,995 975 902 491 627 1949—November.... 576 118 115 131 67 145 February.. 2,957 958 891 492 616 December 593 113 105 154 57 164 March.... 2.979 960 899 502 618 1950—January 554 111 116 137 47 143 April 3,041 979 913 518 631 February 542 117 124 118 49 134 J J A M u u u l a n y g y e u st ... 3 3 3 3 , , , , 1 3 2 5 3 4 0 0 3 9 5 6 1 1 1 1 , , , , 0 0 0 1 3 8 1 2 2 1 1 3 9 9 9 9 7 4 3 9 6 7 5 8 5 5 5 6 6 3 9 5 1 7 7 8 6 6 6 7 9 6 5 2 5 5 0 7 A J M M u p a a n r y r e i c l h 6 6 7 7 0 4 2 6 7 6 1 8 1 1 1 1 4 4 6 3 2 8 5 0 1 1 1 1 5 4 6 8 1 1 4 4 1 1 1 1 6 2 3 5 3 9 9 4 4 5 8 7 2 2 2 4 1 1 1 1 5 8 7 7 5 3 2 2 September. 3,645 1,159 1,028 702 756 July 789 174 191 167 80 177 October .. 3,652 1,170 1,019 705 758 August 799 157 190 187 82 183 November? 3,630 1,172 1,003 702 753 September.... 782 152 174 211 75 170 December? 3,789 1,243 1.033 717 796 October 647 123 132 166 71 155 NovemberP .. , 517 91 101 124 55 146 December?. . . 558 94 116 139 48 161 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 Retail instal- Repair Personal [Estimates. In millions of dollars] Year or month TToottaall m A o m u b t e o il n - e t pap O e t r h 2 er l mm i o z a oo a a n d n d ti s d ee o rr n 1 nn 2 -- i l m n c o s a a e t s n n a h s l t - Year or month Total R m e e t n a t i l p i a n p s e ta r l 2 - m R o a e n d p e d a r i n r - P i e m n r s s e t o n a n l t - al Auto- ization cash mobile Other loans l 2 loans Outstanding at end of period: 1947 233.5 50 0 30.2 43.3 110.0 Outstanding at end 1 1 1 9 9 9 5 4 4 0 9 8 ? . 3 2 3 8 9 4 6 3 1 . . 2 0 2 1 6 9 1 6 3 8 .5 6 6 4 6 7 3 9 3 . . . 7 4 1 5 5 55 4 1 . . 9 7 4 1 1 1 3 2 3 7 4 1 . . . 9 5 1 o 1 1 1 f 9 0 9 4 4 4 p 7 9 8 eriod: 1 1 19 4 7 4 8 7 . . 2 1 7 3 4 2 3 8 7 . . 3 1 5 3 2 1 1 3 7 .1 4 7 4 5 6. . . 5 0 2 1 1 9 1 1 9 0 3 . . 1 3 8 1949—November.. 336.3 91.7 59.2 55.5 129.9 1950? 226.7 58.0 41.1 7.3 120.3 December.. 343.2 93.6 63.1 55.4 131.1 1949—November . 192.5 44 1 30.5 6.3 111.6 December . 194.7 43.5 31.4 6.5 113.3 1950— D O N S A J J A F M M J u u a e e c e o p u l a n a n p b t c v y r g y o r e u t i e r e u c e l b a u m m h m s e r a t y r b b r b y e e e r . r r . ? ? . . . 3 3 3 3 3 3 3 3 3 3 3 3 9 9 8 8 9 9 4 7 6 5 5 4 6 9 0 7 1 5 2 1 1 5 0 4 . . . . . . . . 0 6 9 0 8 0 5 6 4 4 8 4 1 1 1 1 1 1 1 1 1 1 9 9 0 1 1 1 2 2 2 1 0 0 8 2 5 1 8 6 0 1 1 9 5 0 . . . . . . . . 5 6 5 1 9 4 6 4 6 8 9 6 8 6 7 6 6 6 7 7 7 7 7 7 0 6 5 8 9 3 9 9 6 0 3 1 . . . . . 7 9 7 9 9 2 3 2 4 9 3 9 5 5 5 5 5 5 5 5 5 5 5 5 4 2 4 5 4 4 6 6 4 3 5 3 . . . . . . . . 9 7 2 1 5 5 1 0 2 7 9 8 1 1 1 1 1 1 1 1 1 1 1 1 3 3 3 3 3 3 3 3 3 2 2 3 7 9 7 6 0 8 0 9 3 6 2 9 . . . . . . . . . 3 9 1 7 7 2 7 4 0 7 9 0 1950— S O A D F J J N M A M J u e u a e e p o u c l a a p n b c n y r g v t y r t u i r e o u e e l e c u m a b m m s h . a r t e b y . . r b b . . r y e . e e . r . r r . . . . ? P . . . . . . 2 2 2 2 2 2 2 1 2 1 1 1 2 2 2 0 2 0 1 1 9 9 9 9 6 3 4 8 3 2 4 6 9 3 4 8 . . . . . . . . . . . . 7 3 7 0 2 8 8 9 3 7 7 8 5 5 5 4 4 4 5 4 5 5 4 5 8 7 7 9 7 2 5 7 4 6 4 4 . . . . . . . . . 0 4 2 3 5 5 6 1 3 9 3 8 4 4 4 3 3 4 3 3 3 3 3 3 1 1 0 1 1 9 1 2 4 5 0 1 . . . . . . . . . 1 9 7 2 6 7 3 9 0 1 1 8 6 6 6 7 7 6 6 6 7 7 7 7 . . . . . . . . . 3 3 2 3 3 7 5 4 6 6 4 9 1 1 1 1 1 1 1 1 1 1 1 1 2 1 1 1 1 1 1 1 1 1 1 1 0 7 3 7 5 8 7 6 3 1 2 2 . . . . . . . . . . . . 2 3 2 6 4 5 1 8 9 7 6 8 Volume extended Volume extended d 1 u 9 r 4 i 9 n — g D N m e o o c v n e e t m m h: b b e e r r . . . . 4 4 7 5 . . 0 8 1 1 1 3 . . 9 7 1 8 0 . . 8 3 3 4 . . 3 2 2 1 1 9 . . 5 1 d 1 u 9 r 4 i 9 n — g D N m e o o c v n e e t m m h: b b e e r r. . . . 3 2 1 8 . . 3 7 5 5. . 4 7 4 4 . . 0 4 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 October 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? 27.4 6.1 3.8 0.4 17.1 December?. 40.3 9.1 8.0 2.6 20.6 December?. 30.2 6.3 3.9 0.3 19.7 p Preliminary. 1 Includes not only loans insured by Federal Housing Administration but also noninsured loans. 2 Includes both direct loans_and paper purchased. 219 FEBRUARY 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE Percentage change Percentage change Instalment accounts Charge from preceding from corresponding accounts month month of preceding Item 1 D 95 ec 0 . P N 19 o 5 v 0 . 1 O 9 c 5 t 0 . 1 D 9 e 5 c 0 . ? N 1 y 9 e o 5 a v 0 r . 1 O 9 c 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 l o i o d a u r n a s e 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 +36 -6 -10 -1 4 +6 November 20 11 12 13 54 +48 -1 +9 +9 +12 +19 20 10 12 16 52 Credit sales: Instalment +37 -9 -17 -11 -15 -2 1950 Charge account +29 -3 +5 +18 +18 +27 J F a e n b u ru ar a y ry 1 1 7 8 1 1 0 0 1 1 2 1 (J) 4 4 9 7 Accounts receivable, end March 19 11 12 53 of month: April 17 10 11 (*) 50 Total +5 -1 0 + 14 +20 +26 May 18 10 12 52 Instalment +6 -1 0 +9 + 16 +22 June 17 10 10 (*) 51 July . 17 11 11 49 Collections during August 18 11 11 (*) 50 month: September 18 11 10 51 Total +2 -4 +4 + 16 +20 +25 October 18 11 11 51 Instalment . + 1 -5 +6 +9 +13 + 19 November 17 10 10 51 December? . 18 11 10 CO 49 [nventories, end of month, at retail value. -6 +2 + 12 +34 +30 +30 P Preliminary. 1 Collections during month as percentage of accounts outstanding at Preliminary. beginning of month. 2 Collection of these data for jewelry stores was discontinued after December 1949. DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasonal adjustment, 1941 average=100 Accounts receivable Collections during Year or month Sales during month at end of month month Total Cash I m ns e t n al t - a C c h c a o r u g n e t I m ns e t n a t l- a C c h co ar u g n e t I m ns e t n a t l- a C c h c a o r u g n e t Averages of monthly data: 1941 100 100 100 100 100 100 100 100 1942 114 131 82 102 78 91 103 110 1943 130 165 71 103 46 79 80 107 1944 . 145 188 66 112 38 84 70 112 1945 162 211 67 125 37 94 69 127 1Q46 202 242 101 176 50 138 91 168 1947 214 237 154 200 88 174 133 198 1948 225 236 192 219 142 198 181 222 1949 213 216 ••200 ••212 165 196 200 224 1950? 220 213 246 223 233 210 250 237 1949—November 253 247 265 ••259 189 213 211 232 December 372 380 ••329 ••370 214 285 227 245 1950—January ••163 ••161 173 163 209 222 233 319 February . 156 152 184 154 207 191 222 241 March 203 199 »-230 202 209 185 250 230 April 204 r201 ••214 204 212 190 226 210 May 212 205 226 217 217 194 231 June . . .. 203 199 207 208 219 194 230 July 184 173 259 181 230 184 229 August 210 196 292 209 241 191 250 September 234 217 306 238 256 210 269 229 216 269 236 260 216 283 November . 257 249 248 268 259 233 278 December? 387 388 343 395 275 313 294 ot ot ot ot ot •— ot NO NO Percentage of tot Cash Instalsales m sa e le n s t 48 9 56 6 61 5 64 4 64 4 59 4 55 6 52 7 ••51 8 48 10 48 9 ••51 8 49 10 48 11 49 10 49 9 48 9 48 9 47 12 212 46 221 46 244 47 251 48 257 50 ototO il sales Charge account sales 43 38 34 32 32 37 39 41 ••41 42 43 r41 41 41 41 42 43 43 41 42 42 43 9 43 8 42 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. 211. 220 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 1951 1950 1951 Chart Chart book book page1 Dec. Jan. Jan. Jan. Jan. page1 Dec. Jan. Jan. Jan. Jan. 27 3 17 24 2 27 10 '24 2 WEEKLY FIGURES s In billions of dollars WEEKLY FIGURES 3—Cont. In unit indicated RESERVE BANK CREDIT, ETC. MONEY RATES, ETC. Cont. Reserve Bank credit, total.... 2 21.72 21.88 21.24 21.92 21.61 U. S. Govt. securities, total. 3 20.34 20.57 20.46 20.80 20.55 Stock prices (1935-39 =100): Bills 3 .87 1.17 1.11 1.26 1.17 Total 27 162 165 166 171 169 Notes and certificates.... 3 14.88414.78 14.68 14.79 14.63 Industrial 27 175 178 179 186 183 Bonds 3 4.59 4.62 4.67 4.75 4.75 Railroad 27 145 148 148 157 152 Gold stock 2 22.80 22.71 22.55 22.49 22.44 Public utility 27 106 107 108 110 109 Money in circulation 2 27.92 27.69 27.42 27.20 27.03 Volume of trading (mill, shares) 27 3.21 3.26 3.22 3.38 2.37 Treasury cash and deposits ... 2 2.08 1.85 1.58 1.41 1.56 Member bank reserves, total. .2, 4 17.17 17.69 17.50 18.59 18.26 PRODUCTION AND DISTRIBUTION New York City 5 4.62 4.73 4.61 4.76 4.76 Chicago 5 1.19 1.22 1.20 1.27 1.26 Production: Reserve city banks 5 6.70 6.85 6.80 7.18 7.13 Steel (thous. tons) 66 1,931 1,963 1,981 1,992 2,017 County banks 5 4.81 4.89 4.88 4.96 5.16 Automobile (thous. cars)... 66 130 93 133 150 155 Required reserves 4 16.42 16.50 16.39^17.58^17.62 Crude petroleum Excess reserves, totale 4 .76 1.19 1.11 Pi.01 P. 64 (thous. bbls.) 67 5,691 5,710 5,684 5,973 New York City 5 (5) .08 .05 .02 Bituminous coal (mill, tons). 67 1.88 2.01 1.97 1.86 1 .90 Chicago 5 -.02 .01 (5) (5) -.01 Paperboard (thous. tons)... 68 139 208 241 244 243 Reserve city banks 5 .17 .31 .27 .18 .15 Meat (mill, lbs.) 68 321 337 400 395 377 Country banks e 5 .70 .77 .75 P. 72 P. 58 Electric power (mill. kw. hrs.) 70 6,479 6,602 6,981 6,909 6,976 Freight carloadings (thous. cars): MEMBER BANKS IN LEADING CITIES Total 69 602 662 783 780 784 All reporting banks: Miscellaneous 69 305 331 383 392 392 L U o . a S n . s G a o n v d t . i n s v e e c s u t r m iti e e n s t , s total. 1 1 4 4 3 7 3 1. . 7 6 9 7 3 7 3 1. . 2 2 1 9 3 7 3 0 . . 0 8 5 2 3 7 2 0 . . 6 4 3 5 3 7 2 0 . . 4 3 4 8 De ( p 1 a 9 r 3 tm 5- e 3 n 9 t = s 1 t 0 o 0 re ) sales 70 237 285 305 301 278 Bonds 16 21.56 21.57 21.49 21.40 21.34 Notes and certificates. ... 16 9.34 49.25 9.18 9.03 9.02 O D U Lo t . e F B h R C a m S e o n i e o l . r r a s a l m s , n G l p s m d e t u e o o c r s e v d t u c t r a t a e r c h . l i p t i a t e d a i o s l e e i s s p n i t g o s s s i a t e d s c j u u r s i t ti e e d s . : . 1 1 1 1 1 1 1 4 4 4 8 8 6 8 5 3 1 1 2 6 1 5 7 1 . . . . . . . 5 6 7 6 2 8 7 4 2 0 4 8 7 0 3 5 1 1 2 6 1 5 7 1 . . . . . . . 4 2 5 4 8 2 3 2 9 6 0 7 8 2 5 3 1 1 2 6 1 5 7 1 . . . . . . . 3 4 2 9 3 2 2 1 9 2 9 7 1 9 3 5 1 2 6 1 1 5 7 1 . . . . . . . 5 2 3 3 7 3 9 2 1 0 9 0 0 7 5 3 1 2 6 5 8 1 1 1 . . . . . . . 0 5 5 3 0 6 4 : : 0 0 8 8 4 Wh I B n o a d l O F T F s e e i o a o s t c x h r o a t m e a l e d c e l r s s o ( p m p c 1 r o r 9 m o i m c 2 d o e 6 m u d s = c : i o 1 t t d i s 0 e i s 0 ti ) e : s 7 7 7 7 5 5 5 5 1 1 1 1 8 6 9 7 5 0 1 6 . . . . 9 6 4 0 1 1 1 1 6 8 7 8 7 1 9 6 . . . . 1 9 3 8 1 1 1 1 7 9 8 6 8 1 3 7 . . . . 1 9 8 0 1 1 1 1 7 9 8 6 8 1 2 8 . . . . 7 1 5 9 1 1 1 1 8 8 9 6 0 3 6 9 . . . . 0 9 4 3 T U o . t S a . l Govt. securities. . 1 1 8 8 2. . 4 8 8 7 2. . 3 6 3 9 2. . 2 6 1 5 2. . 1 5 8 9 2. . 2 6. To ( t A al u g. 1939=100): 77 366.6 369.4 378.4 385.5 389.5 Ot O he t r h er securities 1 1 8 8 5 1 . .6 9 1 0 5 1 . . 8 6 8 4 5 1 . . 8 5 9 6 5 1 . . 8 6 9 0 5 1 . . 9 6 . 2 Se F l I e n o c d o t u e d d s s t t r u m i f a f a l s t e m ri a a t l e s r : ials 7 7 7 7 3 35 8 5 4 . . 3 3 3 35 8 7 7 . . 8 0 3 3 9 6 6 6 . . 2 7 3 3 9 7 7 5 . . 6 6 3 3 9 8 7 3 . . 7 7 New York City banks: Rubber (cents per lb.) 78 79.0 71.8 72.4 71.2 72.1 Loans and investments 15 20.89 20.64 20.27 19.98 20.09 Hides (cents per lb.) 78 37.0 38.4 40.5 42.5 42.5 U. S. Govt. securities, total. 15 9.08 8.84 8.64 8.44 8.48 Steel scrap (dollars per ton) 78 45.1 45.1 45.1 46.1 46.1 Bonds, total holdings. ... 17 6.06 6.14 6.08 6.01 5.99 Cotton (cents per lb.) 78 43.3 43.6 44.0 44.3 44.7 Due or callable—5 years 17 4.42 4.49 4.43 4.37 4.34 Print cloth (cents per yd.). 78 22.7 22.8 22.8 23.2 23.7 Notes and certificates.... 17 1.95 U.93 1.86 1.82 1.83 Wool tops (cents per lb.). . 78 352.0 376.9 383.6 395.0 417.9 Bills 17 1.07 .77 .70 .62 .65 Wool (cents per lb.) 78 250.0 270.0 320.0 320.0 340.0 Demand deposits adjusted. . 15 16.12 15.76 15.82 15.82 16.02 Selected foodstuffs: U. S. Govt. deposits 15 .43 .36 .33 .37 .40 Winter wheat (cents per Interbank deposits 15 4.42 4.71 4.37 4.37 4.22 bu.) 79 237.7 238.1 239.0 237.9 239.5 Time deposits 15 1.61 1.59 1.59 1.55 1.54 Corn (cents per bu.) 79 173.5 178.2 175.3 172.1 172.7 Loans, total 15 9.93 9.92 9.76 9.64 9.75 Steers (dollars per 100 lbs.) 79 34.08 34.42 34.74 35.30 35.00 Commercial 19 6.31 6.36 6.37 6.36 6.38 Hogs (dollars per 100 lbs.) 79 20.76 20.89 21.05 21.27 21.47 For purchasing securities: Cows (dollars per 100 lbs.) 79 21.50 21.67 22.25 23.50 23.58 To brokers: Coffee (cents per lb.) 79 54.4 54.9 55.2 55.5 55.4 On U. S. Govts 19 .60 .45 .43 .37 .42 Cocoa (cents per lb.) 79 34.4 35.0 36.9 37.4 37.0 On other securities... 19 .82 .83 .76 .76 .79 Butter (cents per lb.).... 79 70.0 71.6 71.2 68.6 68.5 To others 19 .27 .28 .28 .28 .28 Eggs (cents per doz.) 79 44.6 44.5 39.9 37.3 39.0 Real estate and other.... 19 1.75 1.74 1.75 1.76 1.76 Banks outside New York City: Loans and investments 15 50.90 50.57 50.55 50.47 50.29 1950 U. S. Govt. securities, total.. 15 24.60 24.45 24.40 24.19 23.97 N B Bi o o ll n t s e d s s and certificates .... 1 1 1 7 7 7 1 7 1 5 . . . 7 5 3 0 1 8 4 1 7 5 1 . . . 3 4 7 2 4 0 15 7 1 . . . 4 3 6 1 2 7 1 7 5 1 . . . 2 5 3 1 9 9 1 7 1 5 . . . 1 4 3 9 5 3 MONTHLY FIGURES Oct. Nov. Dec.2 D U. e m S. a n G d o v d t e . p d o e s p it o s s i a ts d justed.. 1 1 5 5 35 1 . . 5 2 3 6 35. . 5 9 3 6 35. . 4 8 9 9 35 1 . .0 8 2 8 35 1 . . 6 1 7 3 In billions of dollars Interbank deposits 15 7.62 8.25 7.79 7.75 7.16 DEPOSITS AND CURRENCY Time deposits 15 13.61 13.67 13.71 13.69 13.68 Lo C an o s m , m to e t r a c l i al 1 1 5 9 2 1 1 1 . . 6 5 7 3 2 1 1 1 . . 5 5 0 0 2 1 1 1 . . 5 5 3 6 2 1 1 1 . . 6 6 6 1 2 1 1 1 . .64 Deposits and currency:6 Real estate 19 4.83 4.84 4.85 4.86 4.87 Total deposits and currency. 6 P176.5O P177.7O P180.80 For purchasing securities . 19 .79 .76 .74 .77 .79 Other 19 4.58 4.58 4.58 4.57 4.60 To c t u al r re d n e c p y o sits adjusted and 6 P173.OO P174.20 P177.2O MONEY RATES, ETC. Per centper annum Demand deposits adjusted . 6 P89.40 P90.70 P93.20 U. S. Govt. securities: P59.10 P58.60 P59.00 C B e il r l t s i f ( ic n a e t w es i ssues) 2 2 3 3 1. 1 3 .4 82 7 1 1 .3 . 8 4 1 7 1 1 . . 3 4 87 7 1. 1 3 . 9 4 1 7 1. 1 3 . 8 4 9 7 T C i u m rr e e n d c e y p o o s u it t s s i a d d e j b u a s n te k d s. . . . . . 6 6 P24.60 P24.80 P25.00 7 3 1 - 5 - 9 5 y y y e e a e a r a s r r s s o r more 23, 2 2 2 3 3 5 2 1 1 . . .9 3 6 8 9 5 2 1 1 . . . 6 9 4 6 9 0 2 1 1 . . . 3 6 9 9 7 8 2 1 1 . . . 3 6 9 8 6 4 1.66 Mo U n . e S y . i G n o c v ir t c . u d l e a p ti o o s n i , t s t otal. . 7 6 2 P 7 3 . . 2 5 3 0 2 P3 7 . .5 5 9 0 2 P 7 3 . . 7 6 4 0 Corporate bonds: 8.33 8.35 8.44 A B a a a a 2 2 5 5 3 2. . 6 1 6 9 3 2 . . 1 6 9 6 3 2 . . 1 6 8 6 3 2 . . 1 6 7 6 $ B 1 il 0 l s a o n f d $ $ 5 2 0 0 a b n il d l s o ver 7 7 14.26 14.53 14.53 High-grade municipal bonds. . 25 1.72 1.69 1.63 1.60 1.59 Coins, $1, $2, and $5 bills. . 7 4.64 4.72 4.78 For footnotes see p. 225. FEBRUARY 1951 221 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 page1 page1 Oct. Nov. Dec.2 Oct. Nov. Dec.2 Annual rate Per cent MONTHLY FIGURES—Cont. MONTHLY FIGURES—Gont. MONEY RATES, ETC. DEPOSITS AND CURRENCY Cont. Treasury bills (new issues) 22 1.329 1.364 1.367 Turnover of demand deposits: 7 Corporate bonds: New York Citv & 32 3 31 7 31 0 Aaa .... . 22 2 67 2.67 2.67 Other leadincf cities 8 21 5 20 9 20 5 Baa 22 3.22 3.22 3.20 F. R. Bank discount rate 22 1.75 1.75 1.75 Commercial paper 22 1.73 1.69 1.72 In billions of dollars Stock yields: COMMERCIAL BANKS Dividends/price ratio: Common stock 26 6.76 7.12 6.89 Cash assets e 9 P28.40 P28.70 P30.60 Preferred stock 26 3.88 3.88 3.89 Loans and investments, totale 9 P124.50 P125.50 P127.6C L U o a S n s G e ovt securitiese 9 9 P P 4 6 9 2 . . 9 5 0 0 P P 5 6 1 1 . . 7 8 O 0 P P6 5 2 2 .8 4 C 0 In unit indicated Other securitiese .... ... 9 P12.10 P12.10 P12.30 Margin requirements (per cent) 28 50 50 50 Holdings of U. S. Govt. securities: Stock prices (1935-39=100), total. . . 28 158 156 158 Within 1 year: Volume of trading (mill, shares) 28 2.14 2.03 2.77 Total 10 20 38 19.89 Stock market credit (mill, dollars): Bills 10 3 94 3 37 Bank loans 28 546 566 570 Certificates 10 1.97 2.02 Customers' debit balances 28,29 1,351 1,360 1,355 10 14 48 14 50 Money borrowed 29 759 774 745 Over 1 year: Customers' free credit balances.. . . 29 771 796 890 Total 10 34 96 34 68 Notes and bonds (1-5 yrs.) 10 24.70 24.43 In billions of dollars Bonds (5-10 yrs.) 10 6.07 6.09 Bonds (over 10 yrs.) 10 4.19 4.17 GOVERNMENT FINANCE MEMBER BANKS Gross debt of the U. S. Government: Total (direct and guaranteed) 30 256.96 257.10 256.73 All member banks: Bonds (marketable issues) 30 96.83 96.83 94.19 Loans and investments, total 12 105.26 106.14 108.08 Notes, certificates, and bills 30 55.95 55.93 58.26 Loans . 12 42.35 43.97 45.07 Savings bonds, savings notes.... 30 66.95 66.93 66.66 TJ S Govt securities 12 52 82 52 05 52 68 Special issues 30 33.54 33.73 33.71 Other securities . . 12 10.10 10.12 10.33 Guaranteed, noninterest-bearing Demand deposits adjusted « 12 75.79 76.82 78.76 debt, etc 30 3.68 3.68 3.91 Time deposits 12 29.46 29.28 29.48 Ownership of U. S. Govt. securities: Balances due to banks 12 11.46 11.76 12.17 Total: Balances due from banks 12 5 72 5 88 6 14 Commercial banks e 31 62.10 61.30 Reserves 12 16 73 16 74 17 39 Fed. agencies and trust funds. . . 31 39.01 39.16 F. R. Banks 31 19 25 19.69 20.78 Central reserve city banks: Individuals e 31 67.30 67.30 Loans and investments, total 12 25.27 25.59 26.59 Corporations e 31 19.90 20.10 Loans 12 10.77 11.53 12.03 Insurance companies e 31 19.50 19.20 U. S. Govt. securities 12 12 12 11.72 12 09 Mutual savings banks e 31 11.10 10.90 Other securities 12 2.38 2.34 2.47 State and local govts. • .... 31 8.10 8.10 Demand deposits adjusted e 12 19.48 19.79 20.07 Miscellaneous * 31 10.80 11.30 Time deposits . . 12 2 85 2 94 3 06 Marketable public issues: Balances due to banks 12 5.03 4.99 5.20 By class of security: Reserves 12 5 67 5 61 5 94 Bills—Total outstanding 32 13.63 13.61 13.63 Commercial bank and F. R. Reserve city banks: Bank 32 4.70 4.49 Loans and investments, total 13 39.84 40.13 40.90 F. R. Bank 32 .76 1.11 1.30 Loans 13 16 93 17 54 18 03 Notes and certificates—Total U S Govt securities 13 19 30 18 96 19 18 outstanding. . ... 32 42 32 42.32 44.63 Other securities . . 13 3 61 3 64 3 69 Commercial bank and F. R. Demand deposits adjusted e 13 27.21 27.44 28.11 Bank 32 30.32 30.22 Time deposits 13 11 66 11 56 11 62 F. R. Bank 32 14.31 14.22 14.86 Balances due to banks 13 5.49 5.75 5.91 Bonds—Total outstanding. . . . 32 96.83 96.83 94.19 Balances due from banks 13 1 82 1 82 1 94 Nonbank (unrestricted issues Reserves 13 6 45 6 48 6 69 only), commercial bank, and F. R Bank 32 51 21 51 30 Country banks: Commercial bank and F. R. Loans and investments, total 13 40.14 40.41 40.59 Bank 32 39.57 39.55 Loans 13 14.64 14.91 15.01 F. R. Bank 32 4.18 4.36 4.62 U. S. Govt. securities 13 21.39 21.37 21.41 By earliest callable or due date: Other securities . . 13 4 11 4 14 4 17 Within 1 year-Total outstandinjI 33 53.77 59.00 58.01 Demand deposits adjusted e 13 29.11 29.60 30.58 Commercial bank and F. R. Time deposits 13 14.95 14.78 14.81 Bank . . 33 30.88 35.54 Balances due from banks 13 3 75 3 90 4 02 F. R. Bank 33 10 51 15.66 16.00 Reserves ... . 13 4 61 4 65 4 76 1-5 years—Total outstanding. 33 37.95 32.70 33.38 Commercial bank and F. R. Bank 33 30.42 25.32 LENDING INSTITUTIONS OTHER TIIAN F. R. Bank 33 5.72 .90 1.28 COMMERCIAL BANKS 5-10 years—Total outstanding 33 15.93 15.93 17.41 Nonbank (unrestricted issues Mutual savings banks: only), commercial bank, Total assets . 20 22 29 22 28 22 41 and F. R. Bank 33 8 47 8.46 U. S. Govt. securities 20 11 09 10 95 10 90 Commercial Bank and F. R Real estate mortgages 20 7.69 7.84 8.03 Bank 33 7.07 7.07 Other securities 20 2 35 2 32 2 33 F. R. Bank 33 1 00 .98 .98 Other assets 20 1.21 1.17 1.15 Over 10 years—Total outstanding. 33 45 13 45.13 43.65 Life insurance companies: Nonbank (unrestricted issues Total assets 20 62.70 63.02 only), commercial bank Business securities 20 23.91 24.16 and F R Bank 33 6.97 7.07 Real estate mortgages 20 15.30 15.65 Commercial bank and F. R. U. S. Govt. securities 20 13 89 13 59 Bank 33 6.21 6.33 Other assets 20 9.61 9.62 F. R Bank 33 2.03 2.16 2.51 For footnotes see p. 225. 222 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 1950 Chart Chart book book page1 Oct. Nov. Dec.2 page1 Oct. Nov. Dec* In millions of dollars In unit indicated MONTHLY FIGURES—Cont. MONTHLY FIGURES—Cont. PRODUCTION AND DISTRIBUTION GOVERNMENT FINANCE Cont. Industrial production:7 Sales and redemptions of U. S. savings Total (1935-39 = 100) 56, 57 216 214 P217 securities: Points in total index: Savings notes: Durable manufactures 56 99.2 98.7 P101.7 S R a e l d e e s mptions 3 3 4 4 2 1 5 54 7 3 2 1 1 1 8 2 4 3 7 6 9 N M o in n e d r u a r l a s ble manufactures.... 5 5 6 6 9 2 1 5 . . 9 2 9 2 1 4. . 3 4 P P 9 2 1 4 . . 5 0 Net sales or redemptions. ... 34 + 103 -93 -243 Indexes (1935-39=100): Savings bonds: Durable manufactures 57 262 260 P268 All series: Nondurable manufactures. . . 57 196 195 P195 Sales § 34 350 305 364 Minerals 57 166 160 P158 N Re e d t e s m al p es ti o o n r s r edemptions 8. . 3 3 4 4 +5 4 1 5 7 4 + 4 2 1 5 1 + 4 7 6 3 8 Selec ( t 1 ed 9 3 d 5 u - r 3 a 9 b = le 1 0 m 0) a : nufactures Series A-E: Nonferrous metals 58 217 220 P218 Sales 35 271 246 284 Steel 58 286 272 P280 Redemptions 35 P375 P331 P3 79 Cement 58 214 214 232 Net sales or redemptions .... 35 -104 -85 -95 Lumber 58 150 155 162 Ser S ie a s l e F s .8 a nd G: 35 79 59 81 T M r a a c n h s i p n o e r r t y a tion equipment 5 5 8 8 3 2 0 9 2 2 3 27 1 9 0 P P3 2 2 9 1 5 N Re e d t e s m al p es ti o o n r s r edemptions 8. 3 3 5 5 +6 P 2 7 1 9 P+1 P 10 80 P+1 P 7 8 0 8 Selec ( t 1 ed 9 3 n 5 o - n 3 d 9 u = r 1 a 0 b 0 le ) : manufactures Apparel wool consumption.... 59 179 148 Cotton consumption 59 162 158 158 In billions of dollars Paperboard 59 238 240 229 Newsprint consumption 59 171 165 162 Cash income and outgo: Fuel oil 59 210 209 P225 Cash income 36 2 A3 3.49 4.49 Gasoline 59 196 195 P198 Cash outgo 36 3.34 3.42 4.00 Industrial chemicals 59 488 493 P497 Excess of cash income or outgo. . 36 -.91 + .07 + .48 Rayon 59 371 376 Sales, inventories, and new orders: CONSUMER FINANCE Sal M es a n (b u i f l a l, c t d u o r l i l n a g rs , ) t :7 otal 60 21.2 P21 .1 P21.2 Consumer credit, totale 45 19.40 P19.40 P20.09 Durable 60 9.7 P9.7 P9.6 Single-payment loans 45 1.25 PI.30 PI .33 Nondurable 60 11.6 Pll.5 Pll.6 Charge accounts 45 3.70 P3. 74 P4 2S Wholesale, total 61 8.8 P8.8 P9.3 Service credit 45 1.06 PI.06 PI. 06 Durable 61 2.5 P2.4 P2.5 Ins I t n a s l t m al e m nt e n c t r e l d o i a t n , s t otal 45, 4 4 6 6 1 5 3 . . 5 3 1 9 P P 1 5 3 . . 3 50 0 P1 P 3 5. . 5 4 6 8 Re N ta o il n , d t u o r t a a b l le 6 6 1 1 1 6 1 . . 3 8 P 1 6 1 . . 4 4 P P 1 6 2 .8 .1 Instalment sale credit, total 46 7.88 P7.81 P7.92 Durable 61 4.2 3.7 P4.0 A O u th to er m obile 4 4 6 6 4 3. . 6 2 5 3 P P 4 3 . . 1 6 8 3 P3 .79 Inv M en a N n t o o u r n f i d a e c u s t r u a ( r b b i i l n l e l g , , d t o o l t l a a l r s):7 6 6 0 1 31 7 . . 8 6 32 7 . . 9 7 P P 3 8 3 .1 .8 PERSONAL INCOME Durable 60 14.4 15.1 P15.5 Nondurable 60 17.3 17.9 P18.2 Personal income (annual rates): ' Trade: Total 52 231.1 232.9 240. Total 61 26.9 P27.3 P27.6 Wage and salary receipts 52 150.7 152.1 153.5 Durable 61 9.8 10.0 P10.3 Proprietors' income, dividends, and Nondurable 61 17.1 P17.2 P17.3 All i n o te th re er s t 5 5 2 2 6 1 4 5 . . 9 5 6 1 5 5 . . 6 2 1 IL 5 L .C New W R o e r h d t o a e l i r l e s s a ( l b e i ll, dollars): 6 6 1 1 1 1 0 6 . . 2 7 1 1 0 6 . . 5 8 P P1 1 6 0 . . 8 8 Manufacturing, total 60 24.7 22.4 P24.2 Durable 60 12.2 10.6 P12.3 In unit indicated Nondurable 60 12.5 Pll.9 P12.0 EMPLOYMENT Construction contracts (3 mo. moving avg., mill, dollars):7 Labor force (mill, persons):« Total 62 1,227 1,254 1,361 Total 53 65.4 65.5 64.7 Residential 62 542 523 548 Civilian 53 63.7 63.5 62.5 Other 62 686 731 813 Unemployment 53 1.9 2.2 Value of construction activity (mill, Employment 53 61.8 61.3 60.3 dollars): Nonagricultural 53 53.3 53.7 54.1 Totale 63 2,750 2,554 2,235 Employment in nonagricultural estab- Nonresidentia'l:e lishments (mill, persons):e ' Public 63 714 638 521 Total 54 45.41 45.48 P45.43 Private 63 769 759 706 Manufacturing and mining 54 16.54 16.55 P16.54 Residential:e Trade 54 9.63 9.62 P9.66 Public 63 30 31 28 Construction 54 2.50 2.52 P2 .40 Private 63 1,237 1,126 980 Transportation and utilities 54 4.14 4.13 P4.13 Residential construction: Finance and service 54 6.57 6.58 P6 .59 Contracts awarded (mill, dollars) : Government 54 6.02 6.08 P6.12 Total 64 490 536 597 Average hours and earnings of factory 1- and 2-family dwellings 64 401 444 467 employees: Other 64 89 92 130 Hours worked (per week): Dwellings started (thous. units)... 65 P103 P85 P95 All 55 41.3 41.2 P41.6 Nonfarm mortgage lending Durable 55 42.2 41.9 P42.5 (mill, dollars): Nondurable 55 40.3 40.3 ?40.5 Mortgages under $20,000 65 1,544 1,457 PI.321 Hourly earnings (dollars): FHA insured home loans 65 241 236 204 All 55 1.501 1.514 P1.54 GI home loans 65 332 356 350 Durable 55 1.577 1.588 pl.615Freight carloadings:7 Nondurable 55 1.405 1.419 Pl.446 Total (1935-39 =100) 71 136 136 140 Weekly earnings (dollars): Groups (points in total index): All 55 61.99 62.38 P64.15 Miscellaneous 71 79.2 79.9 82.7 Durable 55 66.55 66.54 P68.64 Coal 71 28.6 26.7 27.5 Nondurable 55 56.62 57.19 P58.56 All other 71 28.6 29.4 29.6 For footnotes see p. 225. FEBRUARY 1951 223 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 book book page1 Oct. Nov. Dec.2 page1 A Ju p n r. e - J S u e l p y t - . O D c e t c .- . In unit indicated Per cent per annum QUARTERLY FIGURES—Cont. MONTHLY FIGURES—Gont. MONEY RATES PRODUCTION AND DISTRIBUTION—Cont. Bank rates on loans to business: Department stores: All loans: Indexes (1935-39 =100) -J 19 cities 24 2.68 2.63 2.84 Sales 72 291 290 325 New York City 24 2.34 2.32 2.51 Stocks 72 329 332 329 7 Northern and Eastern cities. . . 24 2.67 2.63 2.87 296 stores: 11 Southern and Western cities.. 24 3.22 3.13 3.28 Sales (mill, dollars) 73 361 403 615 Loans of $1,000-$ 10,000: Stocks (mill, dollars) 73 1,169 1,203 957 19 cities 24 4.50 4.51 4.60 Outstanding orders (mill, dollars) 73 593 442 413 New York City 24 3.94 4.06 4.17 Ratios to sales (months' supply): 7 Northern and Eastern cities. . . 24 4.58 4.56 4.64 Total commitments 73 4.9 4.1 2.2 11 Southern and Western cities.. 24 4.70 4.71 4.78 Stocks 73 3.2 3.0 1.6 Loans of $10,000-$100,000: 19 cities 24 3.65 3.63 3.73 PRICES New York City 24 3.35 3.33 3.44 7 Northern and Eastern cities. . . 24 3.62 3.59 3.70 Consumers' prices (1935-39=100): 11 Southern and Western cities.. 24 3.83 3.83 3.91 All items 74 174.8 175.6 178.4 Loans of $100,000-$200,000: Food 74 209.0 209.5 215.4 19 cities 24 2.94 2.95 Apparel 74 193.4 195.0 196.4 New York City 24 2.73 2.72 Rent 74 125.0 125.4 125.8 7 Northern and Eastern cities. . . 24 2.82 2.87 Miscellaneous 74 159.5 160.5 162.0 11 Southern and Western cities.. 24 3.17 3.15 3.21 Wholesale prices (1926=100): Loans of $200,000 and over: Total 75 169.1 171.7 175.3 19 cities 24 2.39 2.34 2.57 Farm products 75 177.8 183.7 187.5 New York City 24 2.16 2.15 Food 75 172.5 175.2 179.1 7 Northern and Eastern cities. . . 24 2.45 2.39 Other commodities 75 161.5 163.7 166.6 11 Southern and Western cities.. 24 2.82 2.67 2.90 Textile products 76 163.1 166.7 171.2 Stock yields: Hides and leather products 76 208.5 211.6 218.6 Earnings /price ratio, common Chemicals and allied products... 76 132.2 135.6 139.6 stocks 26 5.30 14.69 Fuel and lighting materials 77 135.4 135.6 135.6 Building materials 77 218.9 217.8 221.5 Metals and metal products 77 178.6 180.4 184.7 GOVERNMENT FINANCE In billions of clollars Miscellaneous 76 131.3 137.6 140.5 Budget receipts and expenditures of AGRICULTURE U. S. Treasury: Expenditures, total 37 10.10 9.05 10.01 Prices paid and received by farmers National defense 37, 38 2.97 3.21 P4. 31 (1910-14=100): Veterans Administration 38 1.46 1.31 1.36 Paid, etc 80 261 263 265 International aid 38 1.18 .83 v.92 Received 80 268 276 286 Interest on debt 38 1.93 1.05 1.34 Cash farm income (mill, dollars): All other 38 2.47 1.94 1.99 Total 81 3,584 3,277 2,692 Receipts: Livestock and products 81 1,534 1,480 1,456 Net receipts 37 8.21 9.34 9. 12 Crops 81 2,038 1,781 1,216 Individual income taxes 38 4.23 3.98 3. 68 Corporate income, etc 38 2.28 2.45 2.52 INTERNATIONAL TRADE AND FINANCE Miscellaneous internal revenue. . 38 2.05 2.46 2.32 All other 38 .62 .63 72 Exports and imports (mill, dollars): Tax refunds (deduct) 38 .97 .18 13 Exports 82 P905 P981 i,063 Imports 82 *>922 P852 P862 BUSINESS FINANCE Excess of exports or imports 82 P-17 P129 P201 Short-term liabilities to and claims on urrent assets and liabilities of foreigners reported by banks (bill, corporations:« dollars): Current assets, total 39 134.2 142.5 Total liabilities 83 P7.51 P7.16 Cash 39 25.9 26.9 Official 83 P3.96 P3. 60 U. S. Goyt. securities 39 18.3 19.5 Invested in U. S. Treasury bills Inventories 39 45.3 46.9 and certificates 83 PIA8 Pi.28 Receivables 39 43.0 47.3 Private 83 P3 .55 P3.56 Current liabilities, total 39 60.4 66.6 Claims on foreigners 83 P. 85 P.85 Notes and accounts payable 39 36.2 40.6 Foreign exchange rates: Federal income tax liabilities.... 39 10.3 12.3 See p. 245 of this BULLETIN 84,85 Net working capital 39 73.8 75.9 In unit indicated Corporate security issues: Total (bill, dollars) • 40 2.19J 1.12 1.48 Apr.- July- Oct.- QUARTERLY FIGURES June Sept. Dec. New money, total (bill, dollars) e. . 40 1.27 .96 LENDING INSTITUTIONS OTHER THAN Type of security (bill, dollars): COMMERCIAL BANKS In billions of dollars Bonds 40 .76 .61 Preferred stock 40 .20 .07 Assets of savings institutions: Common stock 40 .32 .07 Savings and loan associations: Total assets 20 15.94 16.30 Use of proceeds (mill, dollars): U O R . e t h a S e l . r e G s a t s o a s v t e e t t . s m se o c r u tg ri a ti g e e s s 2 2 2 0 0 0 12 1 1 . . . 8 5 5 5 5 4 1 1 1 3 . . . 5 3 4 2 8 0 Pla A P n u l t l b i l a s i n c s u d u e t r e i s q l i u ty ip ment: 4 4 1 1 9 7 5 7 8 4 4 5 3 7 2 7 4 7 7 1 0 7 Loans and loan guarantees and in- Railroad 41 81 67 73 surance of Federal agencies: Industrial 41 103 75 174 Total 21 31.85 33.36 Lo F D a o n o s r m e i e g s n t ic: 2 2 1 1 11 6 . . 9 0 8 3 1 6 2 . . 0 5 4 8 Wo A P r u l k l b i i l n s i g c s u u c e t r a i s p l i i t t y a l: 4 4 1 1 317 6! 165 6 239 5 Agriculture 21 3.33 3.57 Railroad 41 1 Home owners 21 2.08 2.42 Industrial 41 94 178 Loan O g t u h a er r antees and insurance: 21 .81 .82 Bonds (bill, dollars):e Nonfarm mortgages 21 18.97 20.20 Public 40 .98 .37 Other 21 .91 .58 Private 40 .65 .56 For footnotes, see p. 225. 224 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 1950 Chart Chart book book page1 Apr.- July- Oct.- page1 Apr.- July- Oct.- June Sept. Dec. June Sept. Dec. In unit indicated Annual rates QUARTERLY FIGURES—Gont. QUARTERLY FIGURES—Gont. in billions of dollars BUSINESS FINANCE—Cotlt. GROSS NATIONAL PRODUCT, ETC. « Corporate profits, taxes, and dividends Gross national product 7 48 271.6 283.9 300.3 (annual rates, bill, dollars):e 7 Govt. purchases of goods and services 48 39.9 40.4 47.6 Profits before taxes 42 37 A 46.4 »48.0 Personal consumption expenditures 48 185.8 198.9 195.8 Profits after taxes (dividends and Durable goods 50 26.5 34.0 30.0 undistributed profits) 42 20.9 25.8 926.7 Nondurable goods 50 99.9 104.5 104.3 Undistributed profits 42 12.7 16.5 9 15.2 Services 50 59.5 60.4 61.5 Private domestic and foreign invest- Corporate profits after taxes (quar- ment 48 46.0 44.5 56.8 terly totals): Gross private domestic investment: All corporations (bill, dollars)e. . . . 43 5.2 6.4 Producers' durable equipment. 49 21.8 26.3 26.1 Large corporations, total (bill, dol- New construction 49 21.5 23.0 22.9 lars) 43 1.5 1.8 Change in business inventories. 49 4.4 -1.5 11.2 Manufacturing (mill, dollars): Net foreign investment 49 -1.7 -3.3 -3.4 Durable 43 695 778 Personal income, consumption, and Nondurable 43 353 464 saving: 7 Electric power and telephone Personal income 51 215.1 224.9 234.9 (mill, dollars) 43 298 256 Disposable income 51 195.6 204.6 211.6 Railroads (mill, dollars) 43 155 253 Consumption expenditures 51 185.8 198.9 195.8 Net personal saving 51 9.8 5.7 15.8 Plant and equipment expenditures (bill, dollars):e 10 1950 All business 44 4.3 4.7 Manufacturing and mining; railroads and utilities 44 3.1 3.3 4.0 June Dec. June Manufacturing and mining 44 2.0 2.2 2.7 30 31 30 SEMIANNUAL FIGURES CONSUMER FINANCE In billions of dollars INSURED COMMERCIAL BANKS In billions of dollars Loans: Individual savings:* Commercial 11 16.29 16.94 16.81 Agricultural 11 2.73 2.96 2.82 Gross savings 47 + 10.2 + 12.4 Real estate 11 10.89 11.41 12.27 Liquid savings 47 +0.6 +0.1 Consumer11 11 5.29 6.00 6.89 Cash 47 +o.7 +1.7 For purchasing securities: U. S. Govt. securities 47 +0.5 -0.5 To brokers and dealers 11 1.97 1.75 1.86 Other securities 47 +0.8 +0.2 To others 11 0.90 0.86 0.91 Insurance 47 +1.3 +2.1 State and local government securities . 11 5.76 6.40 7.24 Debt liquidation 47 2.7 -3 5 Other securities 11 3.49 3.57 3.72 e Estimated. P Preliminary. 1 Page references are to charts in the February issue of the Chart Book announced on p. 163 of this BULLETIN. 2 For charts on pp. 22, 28, and 30, 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. 3 Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period. 4 No certificates outstanding after Jan. 1, 1951. 5 Deficiency of less than 5 million dollars. 6 Less than 5 million dollars. 7 Adjusted for seasonal variation. 8 For October, November, and December, sales exclude, and net sales or redemptions include, a special offering amounting to 621, 631, and 177 million dollars, respectively. 9 Estimates of Council of Economic Advisors, based on preliminary data. 10 Expenditures anticipated by business during the first quarter of 1951 are (in billions of dollars): all business, 4.8; manufacturing and mining, railroads and utilities, 3.4; manufacturing and mining, 2.4. u Adjusted to exclude single-payment loans of $3,000 and over. * 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. CONSUMER CREDIT Chart 1950 Chart 1950 book book page Oct. NOV.P Dec.p page Oct. Nov.? Dec.P In millions of dollars In millions of dollars Consumer credit outstanding, total.. . 3 19,398 19,403 20,093 Consumer instalment sale credit Instalment credit, total 3, 5 13,389 13,304 13,478 granted, cumulative totals: x Instalment loans 5 5,510 5,499 5,555 By all other retailers 7 862 728 930 Instalment sale credit 5 7,879 7,805 7,923 By department stores and mail- Charge accounts 3 3,703 3,739 4,227 7 753 630 764 Single-payment loans 3 1,250 1,298 1,326 By furniture and household appli- Service credit 3 1,056 1,062 1,062 ance stores 7 587 478 541 Consumer credit outstanding, cumu- By automobile dealers 7 405 321 315 lative totals:1 Consumer instalment loan credit out- Instalment credit 4 19,398 19,403 20,093 standing, cumulative totals:1 4 6,009 6,099 6,615 Commercial and industrial banks. 8 5,510 5,499 5,555 Single-payment loans . 4 2,306 2,360 2,388 Small loan companies 8 2,756 2,772 2,831 Service credit 4 1,056 1,062 1,062 Credit unions 8 1,730 1,735 1,747 Consumer instalment sale credit out- Miscellaneous lenders 8 1,206 1,214 1,222 standing, cumulative totals:* Insured repair and modernization All other retailers 6 7,879 7,805 7,923 loans 8 853 861 862 Department stores and mail-order houses 6 7,121 7,052 7,127 Furniture and household appliance stores 6 5,951 5,880 5,884 Automobile dealers 6 4,227 4,175 4,134 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 figures shown, the total immediately following it. FEBRUARY 1951 225 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1950 Phila- System Boston New York delphia Cleveland Richmond Atlanta Current Earnings Discounts and advances $2,034,591 $106,280 $810,629 $73,756 $186,687 $107,038 $78,262 Industrial loans 115,659 776 100,538 23 5,611 129 Commitments to make industrial loans. 10,859 20 4,074 456 U. S. Government securities 272,915,591 18,806,327 63,705,07118,142,24825,286,36417,623,67914,611,876 All other 762,294 20,087 149,460 9,377 214,945 10,970 22,223 Total current earnings 275,838,994 18,932,694 64,665,936 18,325,93925,692,093 17,747,754 14,712,490 Current Expenses Operating expenses: Salaries: Officers 3,776,882 238,003 744,167 184,211 306,981 258,692 275,375 Employees 50,161,202 3,333,003 11,925,338 3,013,574 4,315,974 3,197,320 2,329,016 Retirement System contributions 5,382,442 351,957 1,216,272 312,995 460,347 349,382 284,553 Legal fees 3,095 25 1,500 400 750 Directors' fees and expenses 287,003 17,947 23,588 17,617 19,260 18,469 39,366 Federal Advisory Council, fees and expenses 22,160 1,432 1,214 1,305 1,949 1,055 2,161 Traveling expenses (other than of directors and members of Federal Advisory Council) 875,223 60,051 116,053 33,062 70,109 77,651 49,732 Postage and expressage 9,567,275 848,520 1,441,615 588,912 809,292 830,222 760,705 Telephone and telegraph 564,506 30,438 109,481 35,984 50,397 34,197 46,467 Printing, stationery, and supplies 3,893,681 368,103 708,885 250,784 328,675 243,311 246,533 Insurance 682,097 46,676 171,086 31,597 58,314 38,328 31,623 Taxes on real estate 1,954,043 225,439 503,901 94,616 221,821 88,522 82,272 Depreciation (building) 1,446,802 55,832 253,071 66,351 230,054 114,557 43,303 Light, heat, power, and water 736,529 48,104 144,020 40,299 93,730 54,953 40,096 Repairs and alterations 788,972 22,467 58,596 40,777 124,000 47,626 28,337 Rent 267,032 1,262 9,266 6,412 5,431 18,513 Furniture and equipment, including rental 3,785,126 315,580 792,097 252,635 349,400 281,483 185,327 All other 1,425,910 100,223 181,753 83,370 303,452 74,938 69,901 Inter-Bank expenses 27,628 -300,841 35,084 39,907 21,92 18,419 Total operating expenses 85,619,980 6,092,665 18,090,321 5,099,939 7,790,474 5,738,814 4,551,699 Less reimbursement for certain fiscal agency and other expenses 15,797,753 915,724 3,023,164 847,574 1,289,848 897,273 896,353 Net operating expenses 69,822,227 5,176,941 15,067,157 4,252,365 6,500,626 4,841,541 3,655,346 Assessment for expenses of Board of Governors 3,433,700 215,500 1,072,500 272,400 313,900 171,500 143,000 Federal Reserve currency: Original cost 6,548,556 423,854 1,417,756 396.134 484,518 549,330 471,710 Cost of redemption 767,288 43,574 145,290 42,468 56,363 61,187 72,700 Total current expenses 80,571,771 5,859,869 17,702,703 4,963,367 7,355,407 5,623,558 4,342,756 Profit and Loss Current net earnings. 195,267,223 13,072,825 46,963,233 13,362,572 18,336,686 12,124,196 10,369,734 Additions to current net earnings: Profits on sales of U. S. Government securities (net). 36,895,754 2,519,085 8,880,045 2,630,321 3,471,928 2,364,501 1,945,769 All other 73,273 10,815 5,600 1,213 22,857 7,363 286 Total additions. 36,969,027 2,529,900 8,885,645 2,631,534 3,494,785 2,371,864 1,946,055 Deductions from current net earnings: Reserves for contingencies 408,354 47,676 55,142 22,607 31,791 44,818 40,434 All other 266,556 153,195 4,616 421 13,001 2,029 3,471 Total deductions 674,910 200,871 59,75? 23,028 44,792 46,847 43,905 Net additions 36,294,117 2,329,029 8,825,887 2,608,506 3,449,993 2,325,017 1,902,150 Net earnings before payments to U. S. Treasury 231,561,340 15,401,854 55,789,12015,971,07821,786,67914,449,21312,271,884 Paid U. S. Treasury (interest on outstanding Federal Reserve notes) 196,628,85713,206,117 46,266,41313,539,26218,516,07412,487,99810,575,575 13,082,992 728,220 4,381,836 926,806 1,213,209 573,601 521,211 Dividends Transferred to surplus (Sec. 7) 21,849,491 1,467,517 5,140,871 1,505,010 2,057,396 1,387,614 1,175,098 Surplus (Sec. 7), January 1 488,172,89630,778,154 148,148,740 38,205,45745,956,799 23,779,189 21,193,500 Surplus (Sec. 7), December 31 510,022,387 32,245,671 153,289,61139,710,46748,014,19525,166,803 22,368,598 Surplus (Sec. 13b), January 1 and December 31. 27,542,654 3,010,527 7,318,631 4,489,062 1,005,665 3,349,145 762,426 226 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1950—Continued Chicago St. Louis Minneapolis K C an it s y as Dallas Fra S n a c n isco Current Earnings $233,181 $131,672 $81,248 $116,684 $33,489 $75,665 Discounts and advances 8,582 Industrial loans 1,648 96 863 3,702 Commitments to make industrial loans 41,374,116 15,045,668 8,441,067 12,659,952 12,381,679 24,837,544 U. S. Government securities 50,690 19,685 5,988 238,109 10,943 9,817 All other 41,659,635 15,197,121 8,536,885 13,015,608 12,426,111 24,926,728 Total current earnings Current Expenses Operating expenses: Salaries: 445,554 260,200 228,425 268,187 240,031 327,056 Officers 7,656,243 3,014,209 1,546,238 2,736,774 2,468,972 4,624,541 Employees 831,881 318,010 168,182 311,765 277,208 499,890 Retirement System contributions 203 171 25 1 20 Legal fees 22,105 23,359 16,993 28,376 25,399 34,524 Directors' fees and expenses 2,232 1,538 2,019 2,189 2,021 3,045 Federal Advisory Council, fees and expenses Traveling expenses (other than of directors and mem- 114,720 71,755 59,865 60,644 54,914 106,667 bers of Federal Advisory Council) 1,365,520 526,499 325,415 535,317 506,394 1,028,864 Postage and expressage 37,377 45,736 26,369 40,346 39,841 67,873 Telephone and telegraph 622,472 237,528 126,868 216,249 196,092 348,181 Printing, stationery, and supplies 90,542 38,140 18,674 45,994 36,019 75,104 Insurance 254,941 81,461 94,711 112,164 50,739 143,456 Taxes on real estate 284,605 141,022 31,406 100,968 50,779 74,854 Depreciation (building) 96,830 59,339 25,975 46,150 41,456 39,577 Light, heat, power, and water 128,532 120,767 49,214 89,714 55,554 23,388 Repairs and alterations 68,740 2,851 6,705 9,226 9,841 128,785 Rent 600,872 199,388 86,340 183,064 206,548 332,392 Furniture and equipment, including rental 159,292 104,848 84,788 76,897 67,612 118,836 All other 60,519 15,788 10,964 16,226 15,349 39,030 Inter-Bank expenses 12,843,180 5,262,609 2,909,151 4,880,275 4,344,770 8,016,083 Total operating expenses Less reimbursement for certain fiscal agency and 2,778,845 904,278 550,082 988,289 976,120 1,730,203 other expenses 10,064,335 4,358,331 2,359,069 3,891,986 3,368,650 6,285,880 Net operating expenses 473,900 125,300 86,300 125,700 122,300 311,400 Assessment for expenses of Board of Governors Federal Reserve currency: 1,245,015 338,238 138,749 249,953 194,708 638,591 Original cost 126,597 42,307 18,310 31,412 38,564 88,516 Cost of redemption 11,909,847 4,864,176 2,602,428 4,299,051 3,724,222 7,324,387 Total current expenses Profit and Loss 29,749,788 10,332,945 5,934,457 8,716,557 8,701,889 17,602,341 Current net earnings Additions to current net earnings: 5,131,653 1,973,676 1,113,176 1,770,582 1,654,007 3,441,011 Profits on sales of U. S. Government securities (net) 7,987 174 116 16,476 386 All other 5,139,640 1,973,850 1,113,292 1,787,058 1,654,393 3,441,011 Total additions Deductions from current net earnings: 54,821 17,999 11,596 18,444 19,904 43,122 Reserves for contingencies 1,590 83,918 518 670 523 2,604 All other 56,411 101,917 12,114 19,114 20,427 45,726 Total deductions 5,083,229 1,871,933 1,101,178 1,767,944 1,633,966 3,395,285 Net additions 34,833,017 12,204,878 7,035,635 10,484,501 10,335,855 20,997,626 Net earnings before payments to U. S. Treasury Paid U. S. Treasury (interest on outstanding Federa 29,845,729 10,595,592 6,067,408 9,014,088 8,808,321 17,706,280 Reserve notes) 1,670,666 431,812 294,034 468,845 548,793 1,323,959 Dividends 3,316,622 1,177,474 674,193 1,001,568 978,741 1,967,387 Transferred to surplus (Sec. 7) 72,028,821 19,117,860 12,493,859 18,045,024 15,873,439 42,552,054 Surplus (Sec. 7), January 1 75,345,443 20,295,334 13,168,052 19,046,592 16,852,180 44,519,441 Surplus (Sec. 7), December 31 1,429,384 521,318 1,072,621 1,137,044 1,307,125 2,139,706 Surplus (Sec. 13b), January 1 and December 31 FEBRUARY 1951 227 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN NUMBER OF BANKING OFFICES IN THE UNITED STATES [Figures for last date shown are preliminary] Commercial and stock savings banks and nondeposit trust companies Mutual savings banks All Member banks Nonmember banks banks Total Total i ti N on a- al m S e t m at b e er1 Total su I r n ed - 2 in N su o r n e - d 2 sur I e n d - x 2 in N s o u n re - d2 Banks (head offices) Dec 31 1933 15,029 14,450 6,011 5,154 857 8,439 8,4.'9 579 Dec. 31, 1934 16,063 15,484 6,442 5,462 980 9,042 7,699 1,343 68 511 Dec. 31, 1941 14,825 14,277 6,619 5,117 1,502 7,661 6,810 851 52 496 Dec 31 1945 14,553 14,011 6,884 5,017 1,867 7,130 6,416 714 192 350 Dec. 31, 1946 14,585 14,044 6,900 5,007 1,893 7,147 6,457 690 191 350 Dec. 31, 1947 3 14,714 14,181 6,923 5,005 1,918 7,261 6,478 783 194 339 Dec. 31 1948 14,703 14,171 6,918 4,991 1,927 7,256 6,498 758 193 339 Dec. 31, 1949 14,687 14,156 6,892 4,975 1,917 7,267 6,540 727 192 339 Dec. 31, 1950 14,650 14,121 6,873 4,958 1,915 7,251 6,562 689 194 335 Branches and additional offices Dec. 31, 1933 2,911 2,786 2,081 1,121 960 705 7(5 125 Dec. 31, 1934 . . 3,133 3,007 2,224 1,243 981 783 4 783 4 126 Dec. 31, 1941 3,699 3,564 2,580 1,565 1,015 984 932 52 32 103 Dec. 31, 1945 4,090 3,947 2,909 1,811 1,098 1,038 981 57 101 42 Dec. 31, 1946 ... . 4,138 3,981 2,913 1,781 1,132 1,068 1,006 62 115 42 Dec. 31, 1947 3 4,332 4,161 3,051 1,870 1,181 1,110 1,043 67 124 47 Dec. 31, 1948 4,531 4,349 3,197 1,965 1,232 1,152 1,084 68 132 50 Dec. 31, 1949 4,778 4,579 3,387 2,085 1,302 1,192 1,139 53 141 58 Dec. 31, 1950 5,056 4,843 3,589 2,230 1,359 1,254 1,202 52 152 61 Changes, Jan. 1-Dec. 31, 1950 Banks New banks 6.... +68 +68 + 15 +7 +8 +53 +44 +9 Suspensions -1 _1 — 1 Consolidations and absorptions: Banks converted into branches -71 -71 -32 -21 -11 -39 -38 -1 Volu O nt t a h r e y r liquidations 6 - - 2 1 1 3 - -1 2 2 0 - - 7 1 -6 i -1 - - 1 1 3 1 -1 -7 1 - - 2 4 - - 1 1 Other changes 7 ... + 1 + 1 + 1 + 1 Interclass changes: Conversions— National into State . . -1 -1 + 1 + 1 State into national +2 +5 -3 —2 Federal Reserve membership:» Admissions of State banks +9 +9 Q -6 -3 Withdrawals of State banks -4 +4 Federal deposit insurance:9 +4 Admissions of State banks. -34 +2 2 +34 Net increase or decrease -37 -35 -19 -17 -2 -16 -38 +2 A +22 Number of banks, Dec. 31, 1950 14,650 14,121 6,873 4,958 1,915 7,251 6,562 689 194 335 Branches and additional offices 10 De novo branches + 193 + 179 + 124 + 74 +50 +55 +52 +3 +8 +6 Banks converted into branches +71 +71 +59 +39 +20 + 12 + 12 Discontinued -19 -19 -15 -4 -11 -4 -4 Other changes xl +5 +5 +5 +5 Interclass branch changes: State member to national +9 -9 Nonmember to national +6 +6 —6 _5' _ j ' N No o n n i m ns e u m re b d e r to to i S ns ta u t r e e d member +5 ••••+5' -5 + -5 3 -3 " " +3 ' -3 Net increase or decrease +250 +236 + 124 +55 +57 +58 1 + 11 +3 Number of branches and additional offices + 179 Dec. 31, 1950 4,934 4,721 2,136 52 152 61 1,343 1,242 1,190 Banking facilities 12 3,479 Established +34 +34 +28 +25 +3 +6 +6 Discontinued. . . -6 —6 — 5 -4 -1 -1 Net increase +28 +28 +23 +21 +2 • +1 +5 Number of banking facilities, Dec. 31, 1950 122 122 110 94 16 12 12 1 The State member bank figures and the insured mutual savings bank figures both include three member mutual savings banks that became members of the Federal Reserve System during 1941. These banks are not included in the total for "commercial banks" and are included only once in "all banks." 2 Federal deposit insurance did not become operative until Jan. 1, 1934. 3 As of June 30, 1947, the series was revised to conform (except that it excludes possessions) with the number of banks in the revised all bank series announced in Novem.ber 1947 by the Federal bank supervisory authorities. The revision resulted in a net addition of 115 banks and 9 branches. 4 Separate figures not available for branches of insured and noninsured banks. 6 Exclusive of new banks organized to succeed operating banks. 6 Exclusive of liquidations incident to succession, conversion, and absorption of banks. 7 One institution, reported as a voluntary liquidation in 1949, resumed banking operations. 8 Exclusive of conversions of national banks into State bank members, or vice versa. Such changes do not affect Federal Reserve membership; they are included under "conversions." 9 Exclusive of insured nonmember banks converted into national banks or admitted to Federal Reserve membership, or vice versa. Such changes do not affect Federal Deposit Insurance Corporation membership; they are included in the appropriate groups under "interclass bank changes." agents of the Government at military and other Government establishments. Three of these banking facilities are, in each case, operated by two national banks, each bank having separate teller windows; each of these facilities is counted as one office only. These figures do not include branches that have also been designated by the Treasury Department as banking facilities. Back figures.—See Banking and Monetary Statistics, Tables 1 and 14, pp. 16-17 and 52-53, and descriptive text, pp. 13-14. 228 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE International capital transactions of the United States. . 230-235 Gold production.. 235 Reported gold reserves of central banks and governments. . 236 Gold movements; gold stock of the United States. . 237 International Monetary Fund and Bank.. 238 Central Banks.. 239-243 Money rates in foreign countries. . 243 Commercial banks. . 244 Foreign exchange rates. . 245 Price movements: Wholesale prices. . 246 Retail food prices and cost of living. . 247 Security prices. . 247 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 arc 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. FEBRUARY 1951 229 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 al creas f e u n i O n ds f f f o i i c r n i e a i U l g n i . S b . ank O in t g her f i I t u n n e b i n s r c n t a d n r i n e s t a U u k a t o i t . s i o i n e f S o n g i n . i a n n s l - D i b a n f e a b u c n r U n r o k d e . a i a s n d S s g e . se o F f R c u f o u e n r U t r e d u i i s . t g r i n S e 2 n s . : s D I e f n f c o o u f u l m r n o e r d w i e i g s t s i n t e 2 o i s c f : b I b n r 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 3 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 L,182.1 183.3 123.1 1949—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 L.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 June 30 9,782.2 5,784.7 2,530.3 3,254.5 1,636.4 472.1 L,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 1,226.0 629.7 120.7 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 10,486.5 6,563.4 3,016.1 3,547.3 1,624.4 380.0 999.2 797.7 121.9 Oct. 31P 10,722.7 6,773.1 3,251.4 3,521.8 1,647.1 278.6 L.062.5 837.0 124.3 Nov. 30P 10,695.3 6,425.5 2,890.8 3,534.6 1,713.3 280.8 1,066.7 1,079.0 130.0 TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES From th J ro a u n g . h 2 — , 1935, s ti t I o i n t n u t a e ti l r o n i n n a s - - 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 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 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 1.338.4 1,784.1 247.5 1946—Dec. 31 453.8 7,555.7 563.1 384.8 326.4 766.1 287.5 L.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 ;L.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—Dec. 31 1,541.7 7,221.8 682.4 113.2 171.6 951.2 301.4 L ,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 1,792.3 882.9 270.2 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 L.833.5 933.2 242.8 Mar. 31 1,615.3 7,537.9 797.7 112.0 171.7 952.6 259.4 L,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 3,670.2 990.5 1,875.9 997.2 221.7 May 31 1,627.9 7,935.0 943.0 156.2 210.6 989.0 267.6 L,243.9 3,810.3 1,016.9 1.855.7 1,023 7 228.4 Tune 30 1,617.2 8,165.0 1,055.5 188.6 215.6 1,000.4 270.6 1,268.1 3,998.9 1,064.8 1,842.4 1,030.7 228.3 July 31 1,608.3 8,288.1 1,048.0 163.4 236.9 1,006.2 268.3 1,293.9 4,016.8 1,093.2 1,914.0 1,019.7 244.5 Aug. 31 1,600.6 8,528.3 892.9 324.9 247.6 1,014.1 281.5 1,313.7 4,074.8 1,176.4 1,943.5 1,073.3 260.3 Sept. 30 1,612.8 8,873.7 805.9 338.5 249.3 1,015.9 306.2 ,367.1 4,082.9 1,347.1 2,036.3 1,153.1 254.3 Oct. 31 v 1,635.6 9,087.1 865.6 398.7 267.2 987.3 314.5 L,360.4 4,193.6 1,304.6 2,053.8 1,283.5 251.5 Nov. 30P 1,704.1 8,991.2 784.5 386.4 274.8 979.9 308.6 L,333.3 4,067.5 1,293.8 2,011.3 1,328.5 290.0 P Preliminary. 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. 230 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Con tin ued 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 Inter- From th r J o a u n 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 n i m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O 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 ,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 ,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 ,165.4 971.2 198.6 1949—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 ,315.1 780.4 210.7 i950—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 ,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 ,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 ,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 ,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 ,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 ,254.7 921.2 219.4 Tuly 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. 30 1,624.4 6,563.4 644.4 168.3 238.9 588.4 283.7 703.9 2,627.6 ,225.7 1,422.5 1,044.5 243.1 Oct. 31P 1,647.1 6,773.1 757.7 209.5 258.4 559.5 287.0 698.7 2,770.8 ,119.7 1,446.1 1,182.6 253.8 Nov. 30P 1,713.3 6,425.5 656.6 167.0 265.3 555.8 282.8 640.6 2,568.1 945.6 1,401.9 1,223.4 286.5 TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES From Jan. 2, 1935, through— Total U K d n i o n i m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O 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. 31 805.8 266.1 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—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 41.2 -50.0 July 31 462.3 255.3 58.8 14.1 -1.6 .2 248.8 575.7 46.8 -162 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. 30 380.0 215.7 48.9 15.3 -1.8 9.5 247.0 534.5 -16.8 -129 41.2 -49.2 Oct. 31 P 278.6 151.1 48. 13.8 -2.6 14.3 238.8 464.2 -14.3 -139.3 31.2 -63.1 Nov. 30P 280.8 167.7 47.8 14.9 -4.8 12.1 234.4 472.1 -5.5 -161.3 33.5 -58.0 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 ro a u n 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 o in i m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C ad an a - 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. 31. . 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.. ,237.9 96.8 50.2 26.0 31.2 26.7 260.2 491.2 236.6 448.4 61.1 .7 1947—Dec. 31.. -249.3 ,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 ,431.3 84.9 42.9 -9.1 -19.0 26.5 287.2 413.3 339.7 578.3 63.2 36.9 t949—Dec. 31. . -265.3 ,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 ,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. ,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 ,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 1,421.0 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 1,445.5 68.0 44.6 -15.0 14.2 27.4 316.1 455.3 270.5 609.8 64.2 45.7 June 30. . -267.1 1,494.4 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 1,492.9 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 1,439.6 66.2 43.6 -13.6 14.8 27.4 317.0 455.4 245.1 625 3 64.2 49.6 Sept. 30. . -266.9 1,266.1 64.7 43.6 -13.2 18.4 27.4 317.2 458.1 70.9 622.3 65.1 49.7 Oct. 31 P. -268.9 1,331.3 63.7 43.0 -13.3 15.9 27.4 317.7 454.4 136.7 624.9 65.3 50.1 Nov. 30P. -268. 1,335.5 64.4 42.7 -13.8 17.6 27.4 317.8 456.1 137.4 626.5 65.3 50.2 Preliminary. 231 FEBRUARY 1951 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 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 a I 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 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 - A L m a e t r i i n ca Asia o A th l e l r 1944—Dec. 31 . 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# 3i 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 1948—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—Dec< 3i 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# 3i 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. 30 255.3 542A -135.8 61.1 -2.9 385.4 — 14.8 381 7 47 1 108 4 —4 3 9.4 Oct. 31 P 257.3 579.7 -123.6 81.1 -2.7 387.1 -14.6 95.3 422.5 41.8 109.0 -3.1 9.5 Nov. 30P . . 259.6 819.4 -121.4 112.0 -3.1 384.5 -14.5 130.4 487.9 195.4 129.1 -2.6 9.7 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 o A th 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 1 1 9 94 4 g 7 — — D D e e c c # 3 3 1 i 1 1 4 2 2 3 . . 4 1 1 1 8 7 . . 2 0 1 16 9 . . 7 1 1 9 2 . . 3 7 3 2 8 7 . . 2 5 . . 3 4 1 1 4 1 . . 2 0 1 8 0 1 2 . . 9 7 1 19 9 . . 6 6 1 1 2 4 . . 9 0 6 7 . . 6 0 . . 7 6 1949—Dec. 31 123.7 17.1 16.2 9.6 28.4 .6 11.1 82.9 20.5 12.7 6 8 .8 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 .8 Mar. 31 130.0 17.0 15.3 11.3 27.8 .6 10.4 82.4 21.2 18.5 7.2 .8 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 Sept. 30 121.9 17.0 16.6 11.2 25.4 5 10 2 81 0 20 3 12 8 6 6 1 2 Oct. 31 P 124.3 16.7 16.3 11.0 27.3 .5 9.9 81.7 20.7 13.1 7.5 1.3 Nov. 30P 1130.0 17.2 16.9 11.4 26.8 .8 10.2 83.3 21.0 15.3 9.0 1.6 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 foreign 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 o i i n m t g ed - France N la e e n r t d - h s - S la w e n r i d - tz * - 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 o A th l e l r tutions and Official private 1944—Tjec< 31 5,596.8 3,335.2 865.7 401.2 209.7 239.3 27.3 774.5 2,517.8 926.5 OOO 3 f.060 9 174.0 1945—DeCt 3i 6,883.1 4,179.3 707.7 310.0 281.6 304.2 70.4 909.1 2,583.01,522.2 1,046.4 1,549.7 181.8 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 1,316.4 232.8 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—Dec. 31... 1,657.8 5,960.2 2,908.1 574.4 171.6 170.5 576.9 303.6 717.0 2,513.9 869.1 1,436.7 961.0 179.5 1950—Jan. 31... 1,742.9 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 L,391.1 L.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... 1,682.6 6,348.7 3,008.8 801.4 186.2 219.5 596.6 273.5 769.5 2,846.6 847.5 1,376.1 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 L.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 11,455.0 1,093.4 193.5 Aug. 31... 1,632.4 *6,737.0 3,232.6 4760.1 266.0 257.2 603.4 283.8 816.2 4 2,986.7 927.6 1,469.6 1,146.8 206.4 Sept. 30... 1,644.3 47,297.5 3,726.4 4 705.7 248.4 255.5 602.1 304.0 867.2 42,982.8 1,333.6 1,544.0 L.225.2 211.9 Oct. 31*.. 1,667.1 47,507.3 3,961.7 4819.1 289.6 275.0 573.1 307.3 862.0 43,126.1 1,227.7 1,567.6 1,363.3 222.6 Nov. 30P. . 1,733.3 47,159.6 3,601.1 4 717.9 247.2 281.9 569.4 303.1 803.9 42,923.4 1,053.5 1,523.4 1,404.0 255.3 v Preliminary. 1 Amounts outstanding (in millions of dollars): foreign brokerage balances in U. S., 85.5; U. S. brokerage balances abroad, 32.4. 2 Country breakdown is for "Official and private." 3 Beginning January 1950, excludes Bank for International Settlements, included in "International institutions" as of that date. 4 Beginning August, data include certain deposit balances and other items which have been held in specific trust accounts, but which have been excluded in the past from reported liabilities. 232 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 ia s- g B iu e m l- C v o z a s e k l c o i h - a - m De a n 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 en e- USSR Y sla u v g i o a - ot A h l e l r2 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. 31. . 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 I949—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—Jan. 31. 739.0 44.3 123.9 17.7 35.2 23.8 149.7 30.3 76.4 6.0 40.0 6.5 14.0 96.1 9.4 7.1 58.5 Feb. 28. 767.2 44.0 133.3 17.3 33.2 20.6 164.6 31.6 82.2 6.7 39.2 6.4 11.3 101.9 11.1 5.8 57.9 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. 30. 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. 31* 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 Nov. 30P 803.9 38.7 119.9 6.6 43.7 17.6 227.7 44.2 44.5 6.9 50.2 6.1 20.1 109.5 5.5 12.3 50.4 Uitin America Neth- Date A L m i 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 p m i D R c l u i i a e o c b n n - - - - G m u a a l t a e- M ic e o x- I l W S n a a e u d n n e r r i d d - s i e - s t s Peru l p P a i R c u m a e n b o a - - - f v S a E a d l l o - r 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 3 - r nam 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 1946—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 1,287.0 215.8 17.1 123.7 55.6 54.0 219.4 146.7 24.3 52 6 71.8 121.7 184.< 1949—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. 1,391.1 221.2 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. 1,405.1 227.0 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 June 30. 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 0 239 0 13.3 150 3 69 0 70.7 245 8 45.6 23 174 Q SO 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.30. 1,544.0 268.9 19.0 187.1 76.9 65.9 260.6 41.8 22 7 176.4 29.0 58.0 72.2 24 0 73.9 101.8 65.8 Oct. 31P 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 Nov. 1,523.4 281.9 17.0 195.4 79.0 48.4 278.4 41.8 22.6 187.8 27.7 57.4 57.4 14.6 69.7 79.4 65. 1 As1a and All Other Date Asia C M c a h h n a i u 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 ey r- O A t s h ia e * r o A th l e l r t A ra u l s ia - C g B o i e a n l n g - o A E E t a n i g 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 c o th a n Others ria 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 52.5 107.2 181.8 28.9 18 9 6 4 127 7 1946—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'. ,151.8 216^2 51.1 51.8 41.5 81 4 488.3 17.5 204.0 167.4 22.2 27.7 15 8 101.6 1949—Dec. 31. 961.0 110.6 83.9 63.3 15.7 214.6 297.3 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 ii'.o238.8 286.1 '*24.'3 12.0 101.5 209.8 29.8 "27!2 72 8 22 9 57.1 Feb. 2S. 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 June 30. 1,101.8 95.8 107.4 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. L,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. 1,225.2 101.5 89.2 55.9 73.0 17 8 12.7397.6 318.0 34.6 11.6 113.3 211.9 15.6 37 6 63 6 33 8 61.4 Oct. L.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 Nov. 30? 1,404.0 103.9 93.7 58.2 110.5 20.4 11.9454.0 379.7 44.4 13.1 114.3 255.3 21.8 58 2 66 3 45 0 64.0 P 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. 6 Beginning January 1950, excludes Belgian Congo, reported separately as of that date FEBRUARY 1951 233 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 t r h o e p r e E T u o r t o a p l e C a a d n a - A L m i a c t a e in r- Asia o A th l e l r 1944—Dec# 31 . 329 7 25 9 1 4 3 1 3 .3 78.3 107 5 28 1 131.0 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 194g—Dec# 3i 1,018 7 24 5 119.0 51 4 6 9 15.8 106.3 323.8 39 8 516 6 118 8 19 7 1949—Dec# 31 827 9 37 2 51 8 5 2 3 8 22 6 98.5 219.2 37 6 411 1 139 7 20.4 1950—Jan. 31 !724 8 32 6 51 5 2 7 5.7 20.7 !65.0 U78.2 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 31 667.1 36.7 20.3 4.5 9.7 26.4 54.9 152.3 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. 30 749.4 76.3 30.2 3.3 9.9 17.1 56.7 193.5 109.7 297.7 87.9 60.6 Oct. 31 P 850.7 140.9 30.3 4.8 10.7 12.3 64.9 263.8 107.2 307.3 97.9 74.5 Nov. 30P 848.6 124.3 31.2 3.7 12.9 14.5 69.3 255.9 98.4 329.3 95.5 69.4 CLAIMS ON FOREIGNERS—SUPPLEMENTARY DATA Other Europe Date E O u t r h o e p r e A tr u ia s- g B iu e m l- 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- 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 i2 1944—Dec. 31.. 78.3 .7 00 (") 33 9 6 35.1 .8 <•) 1.8 .2 (8) (8) 5.2 1945—Dec. 31. 74.6 .6 (8) (8) 33.9 .7 31.6 .5 .1 1.6 .9 (8) (8) 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 (8) .9 5.4 .1 (8) 35.9 1948—Dec. 31. 106.3 21.4 .6 3.4 30.5 1 2 8 4 .7 (•) 2.9 1.4 (8) 6.0 29.8 1949—Dec. 31.. 98.5 19.3 .4 8.2 30.0 .7 7.4 .5 7.0 7.0 2.3 (8) (8) 15.6 1950—Jan. 31. . 165.0 1.2' 15.6 .5 4.9 ^5.5 .2 1.0 ".5 .7 (8) 6.7 3.4 (3) 4.8 Feb. 28.. 64.4 .2 16.3 .5 3.5 25.6 .2 1.1 .6 (8) 7.9 3.1 (3) A 5.2 Mar. 31.. 63.1 .7 17.7 .i .5 2.4 25.3 2 1.2 .8 (!) 6.6 2.4 (3) .7 4.4 Apr. 30. 64.0 .2 16.2 .1 .6 2.1 25.5 1 1.3 .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 1 2 9 (*) 4 4 2.8 (3) 3 2 4.6 June 30. . 58.4 .2 12.2 .1 15 3 4 25 1 1 I .2 (8) 5 (•) 3.7 3.1 (3) 2 4 4.7 July 31. . 54.9 («) 12.1 (s) 2.2 1.6 25.1 1 1.3 .5 (3) 3.3 3.8 (3) 2 4.5 Aug. 31.. 54.9 (3) 14.6 (3) 1.8 1.9 25.1 .1 .9 .4 (3) 2.2 3.1 (3) 4.4 Sept. 30. . 56.7 (3) 14.6 (3) 2.0 2.7 25.2 .1 .9 'l .4 (3) 3.3 3.0 (3) 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 Nov. 30P. 69.3 .1 21.3 (3) 4.4 2.2 25.5 .1 1.4 .1 .5 .1 1.3 8.5 3.8 Latin America Neth- Do- er- Date A L i a m c t a i e n 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 R c l u i i a e c b n n - - - G m u a a l t a e- M ic e o x- l W I S a a n u n n d e r d d i s i e s - t s Peru l p P a i R c u m a e b n o a - - - f v S a E a d l l o - r g U u r a u y - V zu e e n l e a O A L ic m a th a t e i e * n r r nam 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 1946—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 73 8 15 4 4 4 6 26 0 34.7 1949—Dec. 31.. 411.1 53.6 2.3 136.9 15 5 21 1 27.5 73.0 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 I 8 2.4 50.3 1.1 6.5 4 3 6 5 9.0 25 3 23.3 Feb. 28.. 311.4 47.8 5.7 81.3 9.3 21 0 21.5 17 2.7 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 I 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 t 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 16 2.2 44.9 1.1 8 5 5 0 3 8 8.0 26 3 21.0 June 30. . 323.7 42.8 7.6 67.0 4 7 53 5 29.7 1 2 1 8 45.8 10 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.30. . 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. 31P. 307.3 40.5 8.4 63.3 3.4 40 9 33.9 1.5 1.7 44.2 1.1 8 6 4 1 3 9 6.2 31 5 14.3 Nov.30P. 329.3 43.0 8.4 64.3 4.3 39 8 30.6 1.7 2.1 47.4 1.3 8 4 3 5 5 5 7.5 46 8 14.8 P Preliminary. 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. 3 Less than $50,000. 4 Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date. 234 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 Date Asia M C a h n a i d n n - a H K o o n n g g India I n n e d s o ia - Iran IsraelJapan i P p R h p e i i - l n - e T la h n a d i- T k u e r y - O A t s h i e a r 1 o A th l e l i t A ra us l - ia C g B o i e a n l n g - o A E E a n g g n g y y d l p p o t - - S U o o n u f i t o h n Other2 ria public S t u ia d n an Africa 1944—Dec. 31 51 4 1 ,. 0 99 1 5 s 13 8 1 8 8 9 11 7 6 2 9 7 1 2 1945—oec# 31.. 29 9 1 0 8 7 5 1 4 s 13 8 0 2 8 9 9 1 7 .3 4 7 3.3 1946—Dec. 31.. 99.2 53 9 S 9 1? 0 1.0 20 2 1 4 4.6 17. 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 9 3 4 20 4 1 9 15 9 37 3 1 4 14 3 19.7 4 7 .4 7 9 6.8 1949—Dec. 31.. 139 7 16 6 3 7 17 4 2 14 1 23 2 14 50 3 20 4 7 9 .2 4 s 7.7 1950—Jan. 31.. 129.0 17 0 4.1 16.6 .2 13.6 11.8 18 1 22.8 2.4 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 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 20 s 2 13.0 7 8 9 12 5 7 10 7 61.4 40.7 3.8 .1 11 7 5.C 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 c 1 4 8.0 1.5 .8 7.6 49.6 33.9 4.0 .1 6.8 4.8 Sept. 30. . 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 I 7.6 19.8 8 1 7.0 1.5 .9 10.0 74.5 56.5 4.4 .1 8.1 5.4 Nov. 30 P. 95.5 18 3 4.3 14 •' 2 7.1 21.4 10 9 4.6 1.8 .7 11.6 69.4 49.5 4.4 .1 8.1 7.3 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, s Less than $50,000. GOLD PRODUCTION OUTSIDE U. S. S. R. [In millions of dollars] Production reported monthly Estimated Year or world Africa North and South America Other month production Total U o . u S t .S si . d R e .1 r m ep o o n r th te l d y A So fr u ic th a Rho- A W fr e ic s a t 2 C B o el n g g i o an 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 =i55/ji grains of gold 9/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. 871.5 774.1 448.2 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 17.7 6.3 7.0 23.0 5.9 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 5.9 7 4 32.8 6.1 1948. 791.0 728.1 405.5 18.0 23.4 11.1 70.9 123.5 12.9 11.7 5.7 7.8 31.2 6.5 1949. 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—Nov.. 65.9 34.0 1.5 2.0 L.I 7.2 12.7 1.9 1.1 .6 .7 2.9 .4 Dec. 63.5 34.0 .5 2.0 L.I 6.4 13.0 .8 .6 .5 .6 2.6 .4 1950—Jan.. 64.0 34.2 .5 2.0 L.I 5.9 12.4 1.5 1.4 .6 .6 2.3 .5 Feb.. 60.1 32.0 .4 2.0 L.O 5.5 12.2 1.0 1.2 .2 .7 2.3 .5 Mar.. 66.4 35.1 .5 1.9 L.I 6.1 13.4 2.0 1.2 .6 .7 2.3 .5 Apr.. 63.2 33.3 .5 1.9 L.O 6.7 12.9 .7 1.0 .8 .7 2.2 .6 May. 65.9 35.5 .5 2.0 L.O 6.8 13.1 .9 .9 .6 2.4 .5 June. 34.6 1.5 1.9 L.O 6.6 12 9 1.0 .6 .7 3.4 .6 July. 34.6 1.5 1.9 .0 7.1 12.9 1.1 .6 .7 2.3 6 Aug.. 34.9 1.5 1.9 L.I 7.9 13.2 1.1 .5 .7 2.5 .6 Sept.. 34.0 2.0 1.0 7.8 12.8 1.1 .5 .7 2.5 .6 Oct.. 33.9 1.9 1.0 8.2 13.2 1.2 .6 2.8 .6 Nov.. 33.3 1.9 .9 7.5 .6 2.8 .7 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 changes 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. FEBRUARY 1951 235 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] United States End of month Treas- Total t g i A n e a r n - - 2 g B iu el m - Brazil Canada3 Chile lom C b o i - a 4 Cuba C v z s a e l k c o i h - o a - m D a e r n k - 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 1949—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 23,349 592 317 568 40 72 291 31 53 523 Nov. 23,037 23,153 581 317 578 40 73 271 31 523 Dec. 22,706 22,820 587 590 40 31 523 End of month H ga u r n y - India Iran £ Italy Java Mexico N l e a t n h d e s r- Ze N a e la w nd N w o a r y - Peru P g o a r l t u 6 - 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 7180 100 231 23 72 20 193 P215 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 '231 27 50 28 166 80 Apr.. 247 140 252 178 '231 27 48 28 173 61 May. 247 140 252 178 '231 28 50 28 178 61 June. 247 140 252 178 '231 28 50 28 177 61 July. 247 140 252 178 '231 28 50 28 179 61 Aug.. 247 140 252 178 '231 28 50 28 180 61 Sept.. 247 140 252 188 '231 29 50 28 179 61 Oct... 247 140 252 188 '231 29 50 28 183 61 Nov.. 247 140 252 188 '231 29 50 28 187 61 Dec. 247 208 29 P197 End of month S d w e e n - S l w a e n r i - t d z- T k u ey r- Uru- 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 I a F t n t a u o i t o r e n n y n r d e - a - l f S t m o t B e i e r o r e a t n n t n n l I a a t k e n s - l - - Government g p o r l e U d v n i r o i e t u e s s d e r f v ig es u re n s ot included in End of month King- France Belgium dom 1945—Dec 482 1,342 241 195 202 192 39 1 1 9 9 4 4 6 7 — — D D e e c c 3 1 8 0 1 5 1 1, , 3 4 5 3 6 0 2 1 3 7 7 0 2 1 0 7 0 5 2 2 1 1 5 5 1 1 9 9 3 5 1,35 1 6 5 3 3 2 0 1945—Dec.. 12,476 1948—Dec 81 1,387 162 164 323 220 1,436 36 1946—Dec. 12,696 1949—Dec 70 1,504 154 178 373 330 1,451 68 1947—Mar. 12,380 1950— F Ja e n b 7 7 0 0 1 1 , , 5 5 0 0 8 3 1 1 5 5 4 4 1 1 8 8 3 7 3 3 7 7 3 3 3 3 3 3 2 4 1 1 , , 4 4 5 6 9 0 6 6 8 9 J S u e n p e t. . . ! X 2 2 , , 4 38 1 3 0 Mar 69 1,527 154 190 373 333 1,460 87 Dec. !2,079 Apr 71 1,534 154 184 373 333 1,460 93 J M u a n y e 7 7 1 1 1 1 , , 5 55 5 2 9 1 1 4 5 9 4 1 1 8 8 9 4 3 3 7 7 3 3 3 3 3 3 6 7 1 1 , , 4 4 6 6 0 0 1 1 0 0 0 8 1948— J M un ar e . . . 11,920 July 71 1,550 138 196 373 337 1,464 128 Sept.. il,777 Aug 71 1,537 146 208 373 336 1,494 125 Dec. i1,856 Sept 87 1,529 146 217 373 336 1,494 145 Oct 91 1,520 150 217 373 *>337 1,494 149 1949—Mar.. Nov 90 1,508 150 373 P340 159 June. 11,651 Dec 90 373 167 Sept.. il,425 Dec. 11,688 * Preliminary. r Revised. 1950—Mar.. 11,984 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.. 12,756 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 as 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. gium—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. 238, footnote 1, and p. 239, 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. spectively. 236 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 ed - 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 1 10 6 40 0 8 7 4 0 1943 . 68.9 .1 66.9 -10.8 -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 21 0 — 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 1950 -356.3 31 8 1 — .1 — 1 —394 0 3 6 4 4 — 1 7 1949—rjec — 1 4 2 1 3 _ i 1950—jan 39 0 .1 7 .4 .4 -.4 Feb .2 5 .2 .5 -.1 Mar 1 6 1 5 3 _ i Apr 53 3 31 7 4 7 s May 13 1 1 .4 .3 .3 2 June 10 0 1 .5 .3 .3 July — 1 5 6 .2 .3 -.1 Aug 42 2 44 2 .3 .3 -.1 Sept —96 5 _ i 95 3 4 3 _ 2 Oct 93 4 76 6 .3 .3 -.1 Nov. — 143 6 — 120 4 .4 .3 2 Dec 93 0 1 61 2 .3 -.2 NET GOLD IMPORTS TO UNITED STATES, ANALYSIS OF CHANGES IN GOLD STOCK OF BY COUNTRIES—Continued UNITED STATES [Net gold exports from United States (—). In millions of dollars] [In millions of dollars] Gold valued at approximately $35 a fine ounce Gold stock at Ear- 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 e n 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 - p:riod T e r u n e r d a y s o - fp T e o ri t o a d l i I in n s g c to o r t e o l c d a t k a se l g p e o o x N ( ld - r p e t ) o i t o m rt r -g m o c c o l r r a r d e e r a : a k i n s s d e e e - e d - t p D i t r c o i o o m d g n u e o 2 c s ld - - (-) 1942 16.3 .5 .3 4.1 8.9 1943 14.6 .2 "-9*.5' .3 .8 1942 22,726 22,739 -23.0 315.7 -458.4 125.4 1 1 1 1 9 9 9 9 4 4 4 4 4 5 7 6 - - 1 1 -8 0 7 7 . . . 0 . 8 1 0 .... . . 2 1 .. -1 - - - 1 5 1 3 1 5 4 4 . . . . 9 8 0 0 -3 -. . 2 5 . i 4 1 1 1 3 0 8 . . . . 6 7 4 6 -1 3 8 0 1 . . . . 6 2 3 5 1 1 1 1 9 9 9 9 4 4 4 4 6 3 5 4 . . . 2 2 2 2 1 0 0 0 , , , , 9 0 6 5 3 6 1 2 8 5 9 9 2 2 2 2 1 0 0 0 , , , , 9 6 7 0 8 3 0 8 1 1 6 3 — - — 1 7 , 6 3 5 5 2 4 4 7 3 7 9 . . 9 . 1 . 8 8— — 3 8 1 6 1 4 0 8 1 5 6 . . . 9 5 . 4 3 - — - 8 3 4 4 5 0 6 5 6 3 5 9 . . . . 7 6 4 8 4 3 3 5 8 5 2 1 . . . . 3 8 2 0 1 1 9 9 4 4 8 9 6 7 . . 4 3 . . 6 3 -19.1 -2 -. . 1 5 4 1 9 9 1 0 . . 5 7 2 i - - 3 6 7 3 . . 6 5 1 1 9 9 4 4 7 8 . 2 2 2 4 , , 7 2 5 4 4 4 2 2 2 4, , 3 8 9 6 9 8 32 1 , , 1 5 6 3 2 0 . . 1 4 1 1, , 6 8 8 6 0 6 . 4 3 — 2 1 1 5 0 9 . 0 2 7 7 5 0 .9 8 1950 -5.7 .6 -.3 22.1 -17.0 1949. 24,427 24,563 164.6 686.4 -495.7 67.3 1950. 22,706 22,820 -1,743.3 -356.3 -1,352.4 (4) 1949—Dec.. . .4 — 3 5.8 -8.5 1950—Jan.... .4 2 337.1 1950—Jan... 24,395 24,507 -56.3 39.0 -93.2 5.9 Feb... .5 .1 -.2 -1.3 Feb... 24,345 24,456 -51.2 .2 -50.4 5.5 Mar... .4 ...... .3 -3.5 Mar... 24,246 24,360 -96.2 -l!6 -95.4 6.1 Apr. . . .5 -.5 16.8 3.7 Apr. . . 24,247 24,350 -9.2 53.3 -59.2 6.7 May. . .3 -.5 1.8 10.5 May. . 24,231 24,340 -10.7 13.1 -29.9 6.8 J J u u l n y e . . . . . . . 7 6 "".2 .1 ' —' i 3.5 -3 4 . . 1 7 J Ju u l n y e . . . . . 2 2 4 4 , ,1 2 3 3 6 1 2 2 4 4 , , 3 2 3 3 1 9 -9 -9 1 . . 0 1 - 1 1 0 . . 5 0 - - 1 9 7 0 . . 6 0 6 7 . . 6 1 Aug... .6 .1 -.1 .8 Aug... 23,627 23,745 -494.4 -42.2 -431.4 7.9 S O N e o c p v t. t . . . . . . . . . . . . 6 4 5 " ' A 4 4 4 - - - 1 2 2 7 4 .1 . . 9 6 S O N e o c p v t t . . . . . . . . . 2 2 2 3 3 3 , , , 4 0 2 3 8 4 7 3 9 2 2 2 3 3 3 , , , 3 5 1 4 9 5 9 1 3 - - - 1 2 1 5 4 9 3 2 5 . . . 9 5 5 -1 - - 9 9 4 6 3 3 . . . 5 4 6 -1 — -3 4 6 6 5 5 . . . 2 3 9 8 7 7 . . . 2 8 5 Dec.. . -11.2 .1 .3 i -21.2 Dec... 22,706 22,820 -333.2 -93.0 -237.9 (4) 1951—Jan.. . P22 ,392 P22 ,462 P-358.3 (4) 5 -248.5 (4) 1 Includes net exports of 39.2 million dollars to Switzerland, 10.7 million to Greece, 8.3 million to French Indo-China, and 5.3 million P Preliminary. * See footnote 1 on opposite page. to other countries. 2 Yearly figures are estimates of United States Mint. For explana- 2 Includes net exports of 18.3 million dollars to Poland, 8.6 million tion of monthly figures see p. 235, footnote 4. to French Indo-China, 6.6 million to Portuguese Asia, and 4.1 million 3 Change includes transfer of 687.5 million dollars gold subscripto other countries. tion to International Monetary Fund. 3 Includes imports of 43.1 million dollars of Thailand gold from 4 Not yet available. Japan and net exports of 3.0 million dollars to Poland and 3.0 million 5 Gold held under earmark at the Federal Reserve Banks for foreign to other countries. account, including gold held for the account of international institu- 4 Includes exports to Egypt as follows: October, 14.7 million dollars; tions, amounted to 5,874.3 million dollars on Jan. 31, 1951. Gold November, 22.6 million; and December, 6.7 million. under earmark is not included in the gold stock of the United States. NOTE.—For back figures see Banking and Monetary Statistics, NOTE.—For back figures and description of statistics, see Banking Table 158, pp. 539-541, and for description of statistics, see p. 524 and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523. in the same publication. FEBRUARY 1951 237 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. Dec. Sept. June Dec. 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 5 10 5 38 Other 4,228 4,25714,266 4,265 Other 921 921 924 923 Unpaid balance of member subscriptions. 1,003 989 893 1,018 Investment securities (U. S. Govt. obli- Other assets 1 1 1 1 gations) 437 439 449 448 Member subscriptions 8,037 8,022 7,922 8,047 Calls on subscriptions to capital stock'. 4 4 5 Accumulated net income -4 -4 -4 -3 Loans (incl. undisbursed portions and incl. obligations sold under Bank's guarantee) 762 727 1950 1949 Other assets 9 8 6 Net currency purchased 2 Bonds outstanding 261 261 261 254 (Cumulative—millions of dollars) Liability on obligations sold under guar- Dec. Nov. Oct. Dec. antee 29 26 26, 27 Loans—undisbursed 229 140 126 162 Other liabilities 5 3 5 4 Australian pounds 20.0 20.0 20.0 20.0 General reserve * 35 31 27 20 B B e ra lg z i i a li n a n f r c a r n u c z s eiros 3 1 7 1 . . 5 4 3 1 7 1 . . 5 4 3 1 7 1 . . 5 4 3 37 2 . . 5 1 S C p a e p c i i t a a l l3 reserve 1,66 1 8 7 1,66 1 8 5 1,67 1 0 4 1,67 1 0 1 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 l o 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— E E g th y i p o t p i i a a n n p d o o u l n la d r s s -5.5 .3 -5.5 .3 -5.5 .3 3. . 0 6 16 2 m A i s l l o io f n D d e o c l . l a 3 r 1 s; , 1 O 9 c 5 t 0 o , b t e h r e 1 F 9 u 4 n 9 d — h 38 ad 2 s m ol i d ll io 7 n 5 . 9.8 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 et r h 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 . s 0 m of i ll c io ap 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 Dec. 31, 1950, of which 2,540 million repre- T Po u u rk n i d s s h s l t i e ra rl s ing 30 5 0 . . 0 0 30 5 0 . . 0 0 30 5 0 . . 0 0 30 5 0 . . 0 0 sen 4 t F s o t r h m e e s r u ly b s s c h ri o p w ti n o n a s o " f A th c e c u U m n u i l te a d te d S t n a e te t s i . ncome". 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 Liabilities of banking department department 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 Other Notes co D u is n - ts Securi- tion * Deposits l O ia t b h i e li r - Gold* assets 2 c a o n i d n a v n a d n c a e d s - ties Bankers' Public ECA Other t c ie a s p i a t n a d l 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 1,238.6 260.7 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 17.8 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 L,450.0 100.8 15.2 331.3 1,349.7 315.1 18.6 95.5 18.1 1948—Dec. 29 .2 L,325.0 36.1 16.7 401.1 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 L.300.0 57.9 14.7 477.4 1,247.7 291.7 12.5 117.4 110.2 18.3 Feb. 22 .4 L,300.0 58.4 22.0 486.7 1,247.2 285.2 14.0 136.0 113.5 18.4 Mar. 29 .4 1,300.0 38.5 12.3 507.2 1,267.3 283.5 12.1 160.0 83.9 18.5 Apr. 26 .4 ,300.0 28.4 22.0 529.4 1,277.7 288.8 13.9 169.8 89.5 17.8 May 31 .4 ,300.0 19.9 19.1 554.9 1,286.6 281.3 12.0 188.4 94.2 18.0 June 28 .4 4 ,350.0 63.0 15.4 549.3 1,293.9 292.1 11.9 209.0 96.5 18.2 July 26 .4 ,350.0 37.4 18.0 599.2 1,319.7 286 8 14.5 237.1 97.9 18.3 Aug. 30 .4 ,350.0 53.8 23.4 575.0 1,302.0 278.8 12.8 246.5 95.7 18.5 Sept. 27 .4 ,350.0 70.2 21.0 583.0 1,283.3 291.8 14.8 254.8 94.3 18.5 Oct. 25 .4 ,350.0 80.3 40.3 581.8 1,272.6 316.0 13.0 266.4 89.3 17.8 Nov. 29 .4 ,350.0 66.1 37.8 585.9 1,286.0 305.0 18.4 266.4 82.2 18.0 Dec. 27 .4 4 ; ,375.0 19.2 29.2 384.0 1,357.7 313.5 15.4 .4 85.0 18.1 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. 4 Fiduciary issue decreased by 50 million pounds on Jan. 11, and increased by 50 million on June 28 and by 25 million on Dec. 9, 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 Statistics, Table 164, pp. 638-640; for description of statistics, see pp. 560-561 in same publication. 238 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Dominion and provin- Bank of Canada cial government Deposits (F C ig a u n re a s d i i a n n m d i o ll l i l o a n rs s ) of Gold an S d S t e t U a rl t i n e n i s g ted securities O as t s h e e t r s irc N ul o a t t e ion2 lia O b a t i n h l d i e ti r es dollars S te h r o m r t- 1 Other Ch b a a r n te k r s ed D g o o m m v e i e n n r t i n o - n Other capital3 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. (<) 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 1,157.3 688.3 29.5 ,129.1 521.2 153.3 29.8 198.5 1946—Dec. 31. 1.0 1,197.4 708.2 42.1 ,186.2 565.5 60.5 93.8 42.7 1947—Dec. 31. 2.0 1,022.0 858.5 43.7 ,211.4 536.2 68.8 67.5 42.4 1948—Dec. 31. .4 1,233.7 779.1 45.4 .289.1 547.3 98.1 81 0 43.1 1949—Dec. 31. 74.1 1,781.4 227.8 42.5 ,307.4 541.7 30.7 126.9 119.2 1950—Jan. 31. 73.1 1,769.1 235.4 73.1 ,259.2 530.7 94.3 145.8 120.7 Feb. 28. 76.7 1,786.2 191.1 56.2 ,250 6 554.8 24.3 176.4 104.2 Mar. 31. 73.7 1,655.9 358.9 75.2 ,258.5 567.3 71.2 150.7 116.1 Apr. 29. 86.0 1,668.3 371.0 56.5 ,269.8 551.6 41.3 199 8 119 4 May 31 . 73.3 1,685.7 372.6 60.1 ,275.9 534.3 68.9 202.7 109.9 June 30. 84.1 1,436.7 622.0 58.8 275.8 544.5 35.3 215.8 130.1 July 31. 89.1 1.431 .0 638.7 65.7 1,294.2 552.8 19.6 228.9 129.0 Aug. 31. 161 .4 1,420.4 569.2 113.9 1,303.8 568.2 16 7 233.1 143.1 Sept. 30. 212.2 1,406.1 444.6 219.7 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 I 221.0 206.0 Dec. 30. 111.4 1,229.3 712.5 297.1 1,367.4 578.6 24.7 207.1 172.6 Assets Liabilities Bank of France (Figures in Foreign Domestic bills G A o d v v e a r n n c m e e s nt t o 5 Note Deposits O lia t b h i e l r millions of francs) Gold ex- Other circula- ities change m O a p rk e e n t5 Special Other Current Other assets 5 tion G m ov e e n r t n ECA Other ca a p n i d tal 1938—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 7 44,986 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 7 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 1945—Dec. 27. 129,817 68 17,980 303 25,548 445,447 24,734 570,006 12 048 57,755 4,087 1946—Dec. 26.. 94,817 7 37,618 3,135 76,254 67,900 480,447 33,133 721,865 765 63,468 7,213 1947—Dec. 31.. 65,225 12 67,395 64 117,826 147,400 558,039 59 024 920.831 733 82,479 10,942 1948—Dec. 30... 65,225 30 97,447 8,577 238,576 150.900 558,039 57,622 987.621 806 171,783 16,206 1949—Dec. 29. 62,274 61,943 137,689 28,548 335,727 157,900 560,990 112,658 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 ?68,694 166,600 560.990 116,833 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 32,047 297,884 155,900 481,039 222,277 1,502,770 83 7 613 137,038 21,885 Dec. 28.. . 182,785 162,017 136,947 34,081 393,054 158,900 481,039 9212,822 1,560,561 70 15,058 161,720 24,234 1 Securities maturing in two years or less. 2 Includes notes held by the chartered banks, which constitute an important part of their reserves. 3 Beginning November 1944, includes a certain amount of sterling and United States dollars. 4 On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940, pp. 677-678). 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 131.1 billion francs on Dec. 28. 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. FEBRUARY 1951 239 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1950 1949 Central Bank 1950 (Figures as of last report (Figures as of last report date of month) Dec. Nov. Oct. Dec. date of month) Dec. Nov. Oct. Dec. Central Bank of the Argentine Bank of the Republic of Colom- Republic (millions of pesos): bia—Cont. Gold reported separately 656 656 656 Loans and discounts 27744,,809 252,587239,809 232,414 Other gold and foreign exchange. 1,831 1,680 ,341 Government loans and securities 131,933132,510 139,451 139,292 Government securities 2,008 1,980 ,770 Other assets 55,284 63,233 62,262 53,676 Rediscounts and loans to banks.. 32,135 32,054 061 Note circulation 463,182405,024413,125 476,340 Other assets 277 237 147 Deposits 168,659 208,642205,640 146,870 Currency circulation 11,873 11,592 128 Other liabilities and capital 51,957 53,238 52,493 43,753 Deposits—Nationalized 22,207 22,326 604Central Bank of Costa Rica Other sight obligations 551 465 623 (thousands of colones): Other liabilities and capital 2,279 2,224 620 Gold 11,511 11,511 11,511 11,545 Commonwealth Bank of Aus- Foreign exchange 9,353 7,606 13,181 14,939 tralia (thousands of pounds): Net claim on Int'l. Fund 3 7,038 7,038 7,019 Gold and foreign exchange 565,065554,108 417,,838 Loans and discounts 102,584 92,759 85,957 102,903 S C e h c e u c r k i s ti e a s n d (i n b c i l l . l s G o o f v o e t r h n e m r e b n a t n a k n s d .. 5,302 3,602 2: ,213 S O e t c h u e r r i t a ie ss s ets 1 1 5 4, , 5 4 5 2 5 8 1 1 7 7 , , 0 4 5 3 6 0 2 1 0 7 , , 4 1 5 0 6 4 21,767 Treasury bills) 365,008361,302 383,,539 Note circulation 107,534 99,520 97,813 108,843 Other assets 66,630 49,864 34,,507 Demand deposits 43,504 42,752 46,663 76,005 Note circulation 242,770 238,770 239,,563 Other liabilities and capital 9,431 11,128 10,752 Deposits of Trading Banks: National Bank of Cuba Special 490,420 464,670 357,170 (thousands of pesos): Other 36,449 38,803 31,386 Gold '270,561'290,561 Other liabilities and capital 232,366226,632 209,978 Foreign exchange (net) r61,349 '54,627 Austrian National Bank (millions Foreign exchange (Stabilization of schillings): Fund) 36,149 35,746 Gold 50 50 50 50 Silver . 64,902 68,658 Foreign exchange. . 449 405 379 144 Net claim on Int'l. Fund 3 12,507 12,507 Loans and discounts 3,786 3,156 2,884 ,657 Loans and discounts , 2,807 1,902 Claim against Government 5,324 5,280 5,305 ,708 Credits to Government 16,14415,620 Other assets 37 40 42 24 Other assets •21,949 r20,395 Note circulation 6,349 6,174 5,923 ,721 Note circulation , 332,400 333,639 Deposits—Banks 429 299 331 454 Deposits 140,088 150,862 Other 988 1,048 1,102 ,222 Other liabilities and capital 13,882 15,516 Blocked 1,882 1,410 1,303 ,187National Bank of Czechoslovakia 4 National Bank of Belgium National Bank of Denmark (millions of francs): (millions of kroner): Gold* 29,369 29,040 29,623 605 Gold 69 69 69 69 Foreign claims and balances (net). 6,330 7,150 7,378 266 Foreign exchange 454 403 400 380 Loans and discounts 10,566 9,133 7,205 230 Contributions to Int'l. Fund and Consolidated Government debt 34,939 34,939 34,939 991 to Int'l. Bank 6 6 6 65 Government securities 7,635 7,892 6,048 851 Loans and discounts 58 43 40 31 Other assets 5,218 5,202 3,815 108 Securities 133 137 138 113 Note circulation 87,218 86,238 84,784 113 Govt. compensation account. . . . 3,991 3,999 4,005 4,761 Deposits—Demand 2,305 2,318 1,749 742 Other assets 413 377 272 295 ECA 15 42 12 766 Note circulation 1 ,709 1,589 1,571 1,627 Other liabilities and capital 4,519 4,758 2,463 430 Deposits—Government 1 ,285 1,245 1,221 1,853 Central Bank of Bolivia—Mone- Other 1,924 1,985 1,928 2,038 tary dept. (millions of bolivianos): Other liabilities and capital 207 215 210 196 Gold at home and abroad 2 1,370 1,370 956| Central Bank of the Dominican Foreign exchange 562 494 111 Republic (thousands of dollars): Loans and discounts 1,879 1,879 ,174 Gold 4,045 4,045 4,045 4,030 Government securities 734 735 745 Foreign exchange (net) 15,308 14,211 13,830 11,012 Other assets 142 140 102! Net claim on Int'l. Fund 3 1,250 1,250 1,250 1,250 Note circulation 3,223 3,191 ,547 Paid-in capital—Int'l. Bank 40 40 40 40 Deposits 458 420 303 Loans and discounts 531 505 405 704 Other liabilities and capital 1,007 1,007 238 Government securities 6,323 6,323 5,383 4,377 Central Bank of Ceylon (thousands Other assets 874 938 1,006 2,575 of rupees): Note circulation 23115 21,659 20,558 19,509 Foreign exchange 565,059 573,491516,891 Demand deposits 4,579 5,324 5,083 4,236 Paid-in capital—Int'l. Bank 1,429 1,429 1,429 Other liabilities and capital 678 330 317 244 Government securities 4,493 3,993 Central Bank of Ecuador Other assets 2,799 415 511 (thousands of sucres): Currency in circulation 367,357343,813327,960 Gold 281,256 252,968 278,648 Deposits—Government 12,463 65,671 4,206 Foreign exchange (net) 232,393 176,602 -94,527 Banks 165,189142,999134,688 Net claim on Int'l. Fund 3 18,756 16,881 16,881 Other liabilities and capital 28,770 26,844 51,977 Credits—Government 183,881 202,309 272,280 Central Bank of Chile (millions Other 113,929 144,515 140,373 of pesos): Other assets 167,939 159,813 135,746 Gold 1,245 1,231 1,235 1,205 Note circulation 509,451 496,631 392,790 Foreign exchange (net) 280 295 266 Demand deposits—Private banks 170,661 162,647 114,085 Net claim on Int'l. Fund 3 1 1 1 1 Other 95,504 111,187 101,420 Discounts for member banks.... 2,on 2,126 2,274 ,070 Other liabilities and capital 222,540 182,622 141,105 Loans to Government 680 685 685 686 National Bank of Egypt (thou- Other loans and discounts 3,483 3,138 3,002 ,363 sands of pounds): Other assets 2,275 1,812 1,748 ,S37l Gold 6,376 6,376 Note circulation 7,047 6,258 6,220 ,744 Foreign exchange 6,509 13,861 Deposits—Bank 1,096 1,212 1,348 ,320 Loans and discounts 27,917 17,574 Other 441 390 299 352J British, Egyptian, and other Other liabilities and capital 1,392 1,428 1,343 504 Government securities 312,421 316,682 Bank of the Republic of Colombia Other assets 49,367 43,766 (thousands of pesos): Note circulation 174,762 166,166 Gold and foreign exchange 196,029192,831203,996 215 ,844! Deposits—Government 105,157 112,720 Net claim on Int'l. Fund 3 24,370 24,369 24,368 24,367 Other 111,561 112,528 Paid-in capital—Int'l. Bank 1,373 1,374 1,372 1,370 Other liabilities and capital 11,109 6,845 r Revised. 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 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. 4 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 1951, p. 112; and January 1950, p. 118. 240 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1950 1949 Central Bank 1950 1949 (Figures as of last report (Figures as of last report date of month) Dec. Nov. Oct Dec. date of month) Dec. Nov. Oct. Dec. Central Reserve Bank of El Salva- Bank of Italy (billions of lire): dor (thousands of colones): Gold 4 4 4 Gold 57,564. 57,618 50,179 43,202 Foreign exchange 27 28 21 Foreign exchange (net) 39,385 37,562 51,343 47,067 Advances to Treasury 590 590 665 Net claim on Int'l Fund x 1,565 1,565 1,565 1,565 Loans and discounts 239 250 231 Loans and discounts 11,963 8,140 6,179 3,214 Government securities 178 178 235 Government debt and securities. . 4,981 5,002 5,003 5,212 Other assets 571 579 '490 Other assets 1,092 1,184 1,235 1,208 Bank of Italy notes 1,046 1,043 1,033 Note circulation 72,915 64,366 62,609 65,020 Allied military notes 3 3 15 Deposits 37,209 40,199 46,361 30,502 Deposits—Government 88 91 160 Other liabilities and capital 6,427 6,507 6,534 5,945 Demand 143 163 125 State Bank of Ethiopia2 Other 261 261 263 Bank of Finland (millions of mark- Other liabilities and capital 70 67 '48 kaa): Bank of Japan (millions of yen): Gold 2,674 2,230 2,230 269 Cash and bullion 1,158 1,231 Foreign assets (net) -922 -2,342 -1,483 -2,939 Advances to Government 70,015 88,646 Clearings (net) -1,662 -2,127 -1,638 -1,297 Loans and discounts 195,199 100,005 Loans and discounts 40,535 44,074 43,024 40,302 Government securities 136,631 188,900 Securities 992 1,034 1,040 1,058 Reconversion Fin. Bk. bonds.. . . Other assets 4,632 2,744 1,846 2,301 Other assets 31,055 21,316 Note circulation 34,383 33,916 32,484 29,606 Note circulation 344,690 355,312 Deposits 1,503 868 1,997 2,532 Deposits—Government 49,975 12,037 Other liabilities and capital 10,361 10,829 10,539 7,556 Other 18,538 22,129 Bank of German States Other liabilities 20,855 10,621 (millions of German marks): The Java Bank (millions of guilders) : Foreign exchange 1,116 1,186 1,320 846 Gold* 791 715 715 471 Loans and discounts 4,914 4,630 4,621 3,817 Foreign exchange (net) 272 254 181 88 Loans to Government 9,588 9,370 9,218 8,278 Loans and discounts 184 183 215 70 Other assets 1,515 1,392 1,320 1,348 Advances to Government 2,76lj 2,527 2,206 1,257 Note circulation 8,232 8,099 8,123 7,656 Other assets 113 123 115 76 Deposits—Government 2,523 2,741 2,564 1,000 Note circulation 2,356 2,307 2,194 935 Banks 1,841 1,501 1,436 1,269 Deposits 1,142 866 771 949 Other 815 670 614 211 Other liabilities and capital 623 628 466 77 Other liabilities and capital 3,721 3,567 3,743 4,152 Bank of Mexico (millions of pesos): Bank of Greece (billions of drach- Monetary reserve 5 1,000 951 776 mae) : "Authorized" holdings of secu- Gold and foreign exchange (net). 345 360 284 rities, etc 2,937 ,864 2,774 Loans and discounts 248 238 114 Bills and discounts 155 137 160 Advances—Government 5,436 4,750 3,937 Other assets 382 332 236 Other 2,780 2,735 2,163 Note circulation 2,552 ,476 2,262 Other assets 966 969 825 Demand liabilities 1,446 ,327 841 Note circulation 1,805 1,870 1,859 Other liabilities and capital 475 481 844 Deposits—Government 866 841 592 Netherlands Bank (millions of Reconstruction and guilders): relief accts 3,205 2,552 1,868 Gold e. 873 873 873 740 Other 1,185 1 ,160 742 Silver (including subsidiary coin). 18 19 18 11 Other liabilities and capital 2,714 2,629 2,262 Foreign assets (net) 1,023 1,079 1,215 685 Bank of Guatemala (thousands of Loans and discounts 95 63 122 168 quetzales): Govt. debt and securities 2,850 2,850 2,850 3,250 Gold 27,229 27,229 27,229 Other assets 782 960 917 755 Foreign exchange 6,903 6,255 8,810 Note circulation—Old 56 57 58 70 Gold contribution to Int'l. Fund. 1,250 1,250 1,250 New 2,911 2,796 2,809 3,036 Rediscounts and advances 5,628 4,085 6,479 Deposits—Government 159 316 287 583 Other assets 17,885 17,499 18,161 Blocked 1 r2 Circulation—Notes 35,492 35,112 35,704 ECA 1,318 1,317 1,388 610 Coin 3,206 3,225 3,157 Other 764 745 847 r832 Deposits—Government 1,407 1,202 3,204 Other liabilities and capital 434 613 606 476 Banks 9,375 8,386 10,426 Reserve Bank of New Zealand Other liabilities and capital 9,414 8,395 9,437 (thousands of pounds) : National Bank of Hungary;3 Gold 4,666 4,569 3,832 Reserve Bank of India (millions of Foreign exchange reserve 49,985 50,041 37,123 rupees): Advances to State or State un- Issue department: dertakings 58,596 56,450 56,375 Gold at home and abroad 400 400 400 Investments 25,974 25,974 50,094 Sterling securities 5,982 5,832 6,103 Other assets 8,309 9,202 5,987 Indian Govt. securities 4,366 4,366 4,152 Note circulation 57,473 55,274 58,511 Rupee coin 601 608 545 Demand deposits 83,661 84,632 89,155 Note circulation 11,138 11,058 11,065 Other liabilities and capital 6,397 6,330 5,746 Banking department: Bank of Norway (millions of kroner): Notes of issue department.... 211 148 136 Gold 243 244 253 Balances abroad 2,194 2,328 2,159 Foreign assets (net) 162 130 '124 Bills discounted 13 5 54 Clearing accounts (net) -57 -41 -118 Loans to Government 12 1 3 Loans and discounts 35 35 85 Other assets 940 912 1,032 Securities 47 47 48 Deposits 3,115 3,155 3,134 Occupation account (net) 7,112 7,112 7,114 Other liabilities and capital. . . 256 239 250 Other assets 90 77 92 Central Bank of Ireland (thousands Note circulation 2,262 2,247 2,334 of pounds): Deposits—Government 2,087 1,972 '2,322 Gold 2,646 2,646 2,646 2,646 Banks 933 1,167 1,326 Sterling funds 54,293 50,067 48,751 49,019 Blocked 518 523 580 Note circulation 56,939 52,713 51,397 51,665 ECA 1,150 1,016 317 Other liabilities and capital 682 678 '721 f 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. 3 For last available report (February 1950), see BULLETIN for September 1950, p. 1263. * Gold revalued on Jan. 18, 1950, from .334987 to .233861 grams of fine gold per guilder. 5 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. 6 Gold revalued on Sept. 19, 1949, from .334987 to .233861 grams of fine gold per guilder. NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1951, p. 113. FEBRUARY 1951 241 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1950 1949 Central Bank 1950 1949 (Figures as of last report (Figures as of last report date of month) Dec. Nov. Oct. Dec. date of month) Dec. Nov. Oct. Dec. State Bank of Pakistan (millions of Bank of Spain—Cont. rupees) * Other assets 26 30S ,156 4 Issue department: Note circulation . .. 30,209 30,517 27,645 Gold at home and abroad 44 44 Deposits—Government 42 379 62 Sterling securities 652 614 Other 3 413 3,311 3,796 Pakistan Govt. securities 549 76S Other liabilities and capital 7S S19 17 331 83S Govt of India securities 141 332 Bank of Sweden (millions of kronor): India currency ... . 300 Gold 198 199 199 1S4 Rupee coin 53 S3 Foreign assets (net) 799 86S 1 009 907 Notes in circulation 1,696 1 707 Swedish Govt. securities and ad- Banking department: vances to National Debt Office 4 3,443 3,046 2,957 3,304 Notes of issue department 43 32 Other domestic bills and advances 209 211 188 138 Balances abroad .. 326 469 Other assets 408 393 397 340 Bills discounted 102 10S 3 S13 3 78S 3 9 SO 787 Loans to Government Demand deposits—Government.. S11 404 394 467 Other assets 433 331 Other . .. 3S6 396 409 440 Deposits 814 8S6 Other liabilities and capital 678 698 691 649 Other liabilities and capital. . 89 80 Swiss National Bank (millions of Bank of Paraguay—Monetary dept. francs): (thousands of guaranies): Gold 5,976 6,061 6,071 6,240 Gold 600 600 600 Foreign exchange 7S6 329 260 Foreign exchange (net) 18 15,838 -4 791 14S 139 11S Net claim on Int'l Fund 1 2.710 2,710 2,710 Other assets . ... ... I'M 88 79 89 Paid-in capital—Int'l Bank -248 -228 -92 Note circulation 4,664 4,396 4,367 4,566 Loans and discounts 131.565 131,391 110 189 Other sight liabilities 1 773 1 978 7 049 1 731 Government loans and securities. 4,425 4,425 12,400 Other liabilities and capital 205 202 202 407 Other assets 38,093 34,572 737 Central Bank of the Republic of Note and coin issue 134,383 132,743 88,683 Turkey (millions of pounds): Demand deposits •16 026 43 480 78,796 Gold 419 419 432 Other liabilities and capital 15,449 13,084 4,769 Foreign exchange and foreign Central Reserve Bank of Peru clearings 215 190 138 (thousands of soles): Loans and discounts . . 1 186 1,189 854 Gold and foreign exchange 2 34S,627 311,869 414 743 Securities 77 27 49 Net claim on Int'l. Fund * 20,495 20,495 20,495 Other assets 88 90 76 Contribution to Int'l. Bank 2,238 2,238 2,238 Note circulation... 959 977 893 Loans and discounts to banks 245,308 246,464 174,186 Deposits—Gold 153 153 153 Loans to Government .... 6S6 S37703,199 714 734 Other 700 660 347 Other assets 114251,477 718 7S1 Other liabilities and capital 125 160 Note circulation 983,242 975,209 883,091 Bank of the Republic of Uruguay Deposits . . . .... 983 189,929 731 997 (thousands of pesos): Other liabilities and capital 299,094370,604 430,064 Gold 329,186 270,793 Central Bank of the Philippines Silver 11,344 11,414 (thousands of pesos): Paid-in capital—Int'l Bank 313 307 Gold 6,810 6 161 ? ,771 Advances to State and govern- Foreign exchange 563,172 S74 343 > 596,4.09 4S7 968 ment bodies 138 773 122,316 Net claim on Int'l. Fund * 29,502 29 ,502 29,502 7,502 Other loans and discounts 265,233 256,073 Loans 48 537 <11 647 36 208 77 047 Other assets 790 399 231 508 Domestic securities 157,580 1 SS,240 155,880 97 197 Note circulation 301,973 296,969 Other assets 175,423 163 67 7156,277 133 697 Deposits—Government 83 ,966 74 707 Note circulation 643 858609 402 584,871 SSS S7S Other 9QS 751 979 023 Demand deposits 208,04074 S 149 261,342 117,687 Other liabilities and capital 353 507 949 717 Other liabilities and capital 129,125 122,969 128,063 97,874 Central Bank of Venezuela (mil- Bank of Portugal (millions of lions of bolivares): escudos): Gold 1 041 1 041 1,041 1,041 Gold 47 8 3,335 3 181 -4S -67 -3 708 Foreign exchange (net) 9,912 9,610 9,180 Other assets 99 81 67 61 Loans and discounts • 583 573 466 Note circulation—Central Bank. 798 696 696 814 Advances to Government.... 1,244 1,243 1 National banks. . 1 Other assets .... 608 518 S38 Deposits 76 S 731 256 204 Note circulation 8,214 8,089 8,350 Other liabilities and capital 32 133 154 289 Demand deposits—Government.. 485 448 194 Bank for International Settle- ECA 481 481 119 ments (thousands of Swiss gold Other. . . 4,099 3,844 3 S16 francs) : Other liabilities and capital 7,495 2,416 2 437 Gold in bars S09 709 487 166 4S7,110 209,419 South African Reserve Bank Cash on hand and with banks. . . 61 667 34 213 26,811 33,980 (thousands of pounds): Sight funds at interest .... 3 289 3 161 3,156 2,861 Gold 3 64,929 45,410 Rediscountable bills and accept- Foreign bills ... 77,874 S7 1S1 ances (at cost) 116 4S9 137 619 13S,337 73,358 Other bills and loans . . . 7,457 24,394 Time funds at interest . .. 258 36,446 34,527 22,956 Other assets 28,925 23,652 Sundry bills and investments. .. . 264 273289,655 ,575 178,818 Note circulation ... 71,940 68,358 Funds invested in Germany 297 201297,201297,201 297,201 Deposits 92,762 6S 110 Other assets 1 S76 1 S34 1 417 1 988 Other liabilities and capital 14,482 17,140 Demand deposits (gold) 347 765380,527362,382 45,230 Bank of Spain (millions of pesetas) : Short-term deposits: Gold 668 668 93S Central banks—Own account.. 476 787 397 974396 460 785 4S0 Silver 417 412 497 Other 33 913 17 433 17 937 4 193 Government loans and securities. 15,813 15,672 16,117 Long-term deposits: Special 228 909228,909228,909 228,909 Other loans and discounts 15,984 13,630 10,165 Other liabilities and capital 262 564262, 150261,446 256,798 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 On Dec. 31, 1949, gold revalued from 172 to 248 shillings per fine ounce. * 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. 242 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 ec a t 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 en e- S l w a e n r i - d tz- ba C n e k n tr o a f l — R D 3 a e 1 t c e . eff D ec a t t i e ve ba C n e k n tr o a f— l R D 3 a e 1 t c e . eff D ec a t t i e ve In effect Dec. 31 Albania Mar. 21, 1940 Ireland Nov. 23, 1943 1939 4 Argentina Mar. 1, 1936 Italy. Apr. 6, 1950 Jan. 25, 1940. . Austria Aug. 3, 1945 Japan 5.11 July 5, 1948 Apr. 9 3H Belgium Sept. 11, 1950 Java 3 Jan. 14, 1937 May 17 Bolivia Feb. 4, 1948 Latvia 5 Feb. 17, 1940 Mar. 17, 1941. l'A May 29 June 27 2H Jan. 16,1945.. Canada Oct. 17, 1950 Lithuania. .. July 15, 1939 Jan. 20 Chile June 13, 1935 Mexico June 4, 1942 Feb. 9 Colombia July 18, 1933 Netherlands . Sept. 26, 1950 Nov. 7, 1946.. Costa Rica Feb. 1, 1950 New Zealand. July 26, 1941 Dec. 19 Norway Jan. 9, 1946 Jan. 10, 1947.. A Aug. 27 &2M Oct. 9 Denmark 5 Nov. 2, 1950 Peru Nov. 13, 1947 June 28, 1948.. i-5 Ecuador 10 May 13, 1948 Portugal. . . . Jan. 12, 1944 Sept. 6 El Salvador. 3 <Mar 22, 1950 South Africa Oct. 13, 1949 Oct. 1 Estonia 4H Oct. 1, 1935 Spain Mar. 18, 1949 May 27, 1949. Finland 7M Nov. 3, 1950 Sweden Dec. 1, 1950 July 14 Oct. 6 June 8, 1950. . Sept. 11 3M France June 8, 1950 Switzerland.. Nov. 26, 1936 Sept. 26 Germany. . . Oct. 27, 1950 Turkey July 1, 1938 Oct. 27 • 1-6 Greece 12 July 12, 1948 United King- Dec. 1 India 3 Nov. 28, 1935 dom . . Oct. 26, 1939 In effect Dec. 31 U.S.S. R.... July 1, 1936 1950 3M c Corrected. 1 The lower rate applies to the Bank Deutscher Laender, and the higher rate applies to the Land Central banks. No IE.—Changes since Dec. 31: None. 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—Nov .53 1.03 1.00 1.00 1.67 1.25 1943—Nov .41 1.03 1.00 1.00 1.64 1.25 1944—Nov .38 1.03 1.00 1.00 1.21 1.25 1945—Nov .36 .53 .51 .63 1.36 1.25 1946—Nov .40 .53 .51 .63 1.21 1.01 .78 1.25 1947—Nov .41 .53 .51 .63 2.12 .93 .74 1.38 1948—Nov .41 .56 .51 .63 2.03 1.08 .77 1.63 1949—Nov .51 .69 .52 .63 P2.55 1.16 .93 1.50 1949—Dec .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 Nov .62 .69 .51 .63 2.19 1.20 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. 243 FEBRUARY 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS Assets Liabilities United Kingdom 1 (11 London clearing Money at Deposits Other banks. Figures in Cash call and Bills dis- Treasury Loans to Other liabilities millions of pounds reserves short counted deposit Securities customers assets and sterling) notice receipts 2 Total Demand Time capital 1943—December 422 151 133 1,307 L.154 761 349 4,032 2,712 1,319 245 1944—December 500 199 147 1,667 1,165 772 347 4,545 3,045 1,500 250 1945—December 536 252 369 1,523 1,234 827 374 4,850 3,262 1,588 265 1946—December 499 432 610 1,560 ,427 994 505 5,685 3,823 1,862 342 1947—December 502 480 793 1,288 ,483 1,219 567 5,935 3,962 1,972 396 1948—December. 502 485 741 1,397 1,478 1,396 621 6,200 4,159 2,041 420 1949—December 532 571 1,109 793 L.512 1,534 579 6,202 4,161 2,041 427 1950—January 502 571 1,229 627 L ,513 1,526 542 6,085 4,058 2,027 423 February 476 539 1,169 471 1,503 1,574 541 5,841 3,844 1,997 432 March 485 534 1,106 444 1,503 1,602 553 5,783 3,812 1,971 443 April 493 530 1,177 402 1,502 1,630 552 5,843 3,876 1,968 444 May 482 538 1,197 364 1,503 1,648 554 5,847 3,870 1,976 439 June 482 544 1,338 297 1,498 1,665 611 6,000 3,965 2,035 434 July.... 501 557 1,400 321 1,496 1,591 529 5,956 3,935 2,021 440 August 504 544 1,336 368 1,499 1,610 554 5,968 3,941 2,027 447 September 492 543 1,358 435 L,501 1,610 557 6,028 3,969 2,059 468 October 509 557 1,414 496 1,505 1,608 616 6,204 4,105 2,099 501 November 502 548 1,445 478 1,514 1,625 660 6,251 4,109 2,142 522 Assets Liabilities Canada Security Deposits payable in Canada (10 chartered banks. Entirely in Canada loans excluding interbank deposits End of month figures abroad Note Other in millions of and net Securities Other circula- liabilities Canadian dollars) Other due from assets tion and Cash Security loans and foreign Tota Demand Time capital reserves loans discounts banks 1943—December 471 48 1,156 250 2,940 744 42 4,395 2,447 1,948 1,172 1944—December 550 92 1,211 214 3,611 782 34 5,137 2,714 2,423 1,289 1945—December 694 251 1,274 227 4,038 869 26 5,941 3,076 2,865 1,386 1946—December 753 136 1,507 132 4,232 L,039 21 6,252 2,783 3,469 1,525 1947—December 731 105 1,999 106 3,874 1,159 18 6,412 2,671 3,740 1,544 1948—December 749 101 2,148 144 4,268 1,169 16 7,027 2,970 4,057 1,537 1949—December 765 133 2,271 146 4,345 1,058 14 7,227 2,794 4,433 1,477 1950—January 745 100 2,263 158 4,365 1,033 1 7,197 2,703 4,494 1,467 February 749 84 2,299 149 4,391 L,046 (3) 7,277 2,741 4,537 1,439 March 731 83 2,344 146 4,453 L.081 (3) 7,400 2,828 4,573 1,438 April 730 103 2,349 175 4,398 1,015 7,301 2,741 4,561 1,468 May 759 105 2,352 198 4,408 1,091 8 7,417 2,860 4,557 1,495 J J A S O N u u e u c o l n p t g y v e o t u e e b m s m e t r b b e e r r 8 8 7 7 7 7 0 4 9 1 6 4 2 7 7 2 7 8 1 1 1 1 9 9 4 1 0 6 4 9 5 5 1 4 2 2 2 2 2 2 , , , , , , 7 3 3 4 5 4 3 8 6 9 7 0 7 5 5 3 3 8 2 2 2 2 1 1 2 2 2 1 7 8 7 2 5 8 7 9 4 4 4 4 4 4 , , , , , , 2 3 2 4 2 4 3 4 7 4 8 7 7 9 6 0 0 8 1 1 1 1 L 1 , , , , , , 1 0 1 1 2 2 8 8 1 7 9 5 2 9 3 8 3 8 ( ( ( ( ( ( 3 3 3 3 3 3 ) ) ) ) ) ) 7 7 7 7 7 7 , , , , , , 4 8 7 5 2 5 4 1 9 4 8 7 9 7 7 0 8 3 3 2 3 2 3 3 , , , , , , 0 0 1 7 9 2 1 8 3 5 0 7 5 0 9 0 9 6 4 4 4 4 4 4 , , , , , , 5 5 5 5 5 5 3 8 2 4 5 4 8 2 9 3 9 3 1 1 1 1 1 1 , , , , , , 5 5 5 5 6 5 2 0 0 6 3 8 9 3 8 5 0 3 Assets Liabilities France (4 large banks. End Deposits Other of month figures in Cash Due from Bills dis- Other Own liabilities millions of francs) reserves banks counted Loans assets accept- and Total Demand Time ances capital 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—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 27,958 19,824 February 36,419 45,579 424,838 137,143 36,056 632,035 623,031 9,005 29,747 18,252 March 38,741 42,539 415,585 134,771 39,298 619,146 609,776 9,371 30,629 21,158 April 44,808 43,843 452,864 126,752 40,506 652,570 639,878 12,692 31,449 24,752 May 43,584 44,346 433,079 134,195 44,993 640,351 626,925 13,427 32,992 26,853 June 41,283 43,618 442,411 133,848 48,126 648,191 633,952 14,240 32,030 29,065 July 47,231 43,599 433,118 141,239 46,610 647,507 636,010 11,497 31,492 32,798 August 41,572 51,670 440,122 135,192 46,982 650,559 638,875 11,684 29,971 35,008 September 42,893 48,797 484,136 131,192 48,609 687,444 674,592 12,853 30,682 37,502 October 39,519 50,793 484,658 136,334 49,077 689,545 674,169 15,376 29,208 41,628 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 J per cent through Oct. 20, 1945, and at f 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. 244 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina * Belgium Brazil Canada (peso) (franc) (cruzeiro) (dollar) Year or month t A ra u l s i - a Ceylon Prefer- (pound) "Bank (rupee) Basic ential Free a n c o c t o e u s n " t Official Free Official Free 1946 29.773 321.34 2.2829 6 0602 95.198 93.288 1947 29.773 321.00 2.2817 5.4403 100.000 91.999 1948 29 773 321.22 2.2816 5.4406 100.000 91.691 1949 29.774 293.80 2.2009 2.1407 5.4406 97.491 92.881 27.839 1950 26.571 U3.333 38.289 223.15 j oon« 4 1.9722 5.4406 590.909 91.474 20.850 1950—February 29.778 223.16 L.9993 5.4406 90.909 89.820 20.850 March. . 29 778 223.16 1.9966 5.4406 90.909 90.254 20.850 April 29.778 223.16 L.9912 5.4406 90.909 90.205 20.850 May. 29 778 223.16 L.9921 5.4406 90.909 90.110 20.850 June . 29.778 223.16 L.9866 5.4406 90.909 90.456 20.850 July 29.778 3 11.100 223.16 L.9835 5.4406 90.909 90.766 20.851 August 29.778 11.100 223.16 L.9837 5.4406 90.909 90.844 20.850 September 20.000 "i3!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!9702 5.4406 94.854 20.850 November 20.000 13.333 7.147 223.16 L.9876 1.9737 5.4406 96.044 20.850 December 20.000 13.333 6.924 223.10 L.9983 1.9720 5.4406 94.913 20.850 1951—January 20.000 13.333 7.1024 223.09 I.9945 1.9549 5.4406 95.002 20.850 France Year or month C ( o p b l e i o s a o m ) - C s ( l k z o o e v r c u a h n k o a ia ) - ( m D kr a e o n r n k - e) (franc) G (d e m e r u a m t r s k c a h ) n e y I ( n ru d p i e a e ) • M (p e e x s i o c ) o ( e g N r u l e a il t n d h e d - r s ) Z (p e N o a u e la w n n d d ) N (k o r r o w ne a ) y Official Free 1946 57.020 2.0060 20.876 8100 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—February 2.0060 14.494 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 m .19 14.015 October 2.0060 14.494 .2856 23.838 20.870 11.571 26.235 m .19 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 1951—January 2.0060 14.494 .2856 23.838 20.870 11.567 26.239 277.21 14.015 Year or month R P e ( p h p p i i e u n l s i b o e p ) l - ic ( P es o g c r a u t l d u o - ) ( A S po o fr u u i n c th 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 i a t e t r s s - ) (k S d r w o e e n n - a) S e (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 a ) y 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—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 June 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 1951—January 49.625 3.4764 278.38 32.850 19.327 23.304 279.97 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. FEBRUARY 1951 245 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 19 1 n ta 2 0 i 6 0 t t e e ) s d = C (1 a 9 1 n 2 0 6 a 0 d ) = a M (1 1 9 e 0 3 x 0 9 i ) c = o K U ( i 1 n 9 1 n g 3 0 i 0 0 d te ) 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 1 1 0 d e 9 9 0 s r 3 3 ) - 9 8- S (1 w 1 9 e 0 3 0 d 5 ) e = n (A Sw u = l g a i . 1 t n z 0 1 d e 0 9 ) r 3 - 9 1926 100 100 l 124 106 150 * 126 8135 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 1950 162 166 P311 263 *>2 169 P203 1949—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 ••2,238 5,088 '260 228 209 October 169 173 326 279 2,270 P5.171 269 230 213 November 172 174 332 288 2,304 *>243 216 December 175 176 ?335 292 P2.409 P218 P Preliminary. r Revised. 1 Approximate figure, derived from old index (1913 =100). 2 Approximate figure, derived from old index (July 1914=100). Sources.—See BULLETIN for January 1950, p. 124; June 1949, p. 754; June 1948, p. 746; July 1947, p. 934; January 1941, p. 84; April 1937 p. 372; March 1937, p. 276; and October 1935, p. 678. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States Canada United Kingdom Netherlands (1926=100) (1926=100) (1930=100) (July 1938-June 1939=100) Year or month 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 R fa m p a g c w a o a t r u o n t a r d l u e y n s - d d F f u a c m g l h c l o a y t ie u o n f a r d u l e n y s - d d Foods p I r n o tr d d i u u al s c - ts Foods t p r I r i n o a d d l u u ra s c - w ts p f I r in n o tr i d d s i u a h u l e s c - d ts 1926 100 100 100 100 100 100 1938 .. 69 74 82 74 73 78 97 104 1939 65 70 81 64 67 75 97 106 103 112 104 1940 68 71 83 68 75 82 133 138 121 163 126 1941 82 83 89 73 82 89 146 156 140 177 148 1942 106 100 96 85 90 92 158 160 157 175 154 1943 123 107 97 98 99 93 160 164 157 174 159 1944 123 105 99 107 104 94 158 170 159 179 163 1945 128 106 100 115 106 94 158 175 172 193 184 1946 149 131 110 124 110 99 158 184 200 282 261 1947 181 169 135 133 131 117 165 . 207 214 328 276 1948 188 179 151 150 156 140 181 242 231 342 283 1949 166 161 147 147 161 142 197 249 243 370 297 1950 170 166 153 146 171 149 221 286 1949—December 155 156 145 145 160 143 212 257 270 372 304 1950—January 155 155 146 144 160 143 214 261 275 384 305 February 159 157 146 145 162 143 215 262 282 383 309 March 159 156 146 147 164 144 215 262 279 385 310 April 159 155 146 148 165 144 220 266 272 385 311 May 165 160 148 150 168 144 224 271 276 386 312 June 166 162 149 152 172 145 223 275 285 388 312 July 176 171 152 154 175 146 222 281 August 178 175 156 142 175 150 217 291 September 180 177 159 143 178 156 220 302 October 178 173 162 141 174 156 226 311 November 184 175 164 143 176 158 229 324 December. ... 188 179 167 144 178 159 228 330 Sources.—See BULLETIN for July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 246 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 S 1 = 9 n t 3 a 1 i 5 t 0 t e e - 0 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 = l e 9 a 1 t 3 n h 0 8 d 0 e - s 3 ) r 9 - 1 ( l 9 A a e 3 r 9 n u - d g = . Y m e o a n r t o h r ( U S 1 = 9 n t a 3 1 i 5 t 0 t e e - 0 d 3 s ) 9 (1 C = 9 a a 3 1 d n 5 0 a - - 0 3 ) 9 1 K 7 ( d , J o i 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 = l e a 9 t 1 3 n h 0 8 d 0 e - s 3 ) r 9 - 1 ( l 9 A a e 3 r n u - 9 d g = . = 100) 100) = 100) 100) 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 136 131 168 275 164 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 i 101 1,043 211 170 1947 159 136 i 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 1Q4Q 169 161 111 1,818 219 162 1950 204 211 Pi,955 1950 171 167 P114 Pi,945 P159 1949-December. 197 202 120 1,937 257 173 1949-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 July 210 214 122 1,839 278 175 July 173 168 114 1,825 240 158 August.... 209 217 121 1,938 275 178 August 173 169 113 1,925 239 159 September. 209 219 122 2,009 276 179 September. 174 170 114 2,007 243 160 October. .. 209 220 125 2,043 286 180 October. .. 175 171 115 2,043 248 161 November. 210 219 125 2,055 286 180 November. 176 171 116 2,055 249 161 December. 215 219 P2.078 December. 178 171 P116 P2.075 P161 P Preliminary. 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 ) 1 C (1 a = 9 n 3 1 a 5 0 d - 0 3 a ) 9 2 ( 1 K D 9 U 2 i e 1 n c n g e i = m d te 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 3 - ( U 1 S = 9 n t 3 a 1 i 5 0 t t e e 0 -3 d s ) 9 C (1 a = 9 n 3 1 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 ( F D 93 r e a 8 ce n = m c 1 e 0 b 0 e 5 r ) (1 N 9 l e 3 a t 8 n h = d e 1 s r 0 6 - 0) Number of issues... 12 (*) 87 50 14 416 106 278 s 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 * 103.2 118.5 130.8 132.0 105.6 123.0 106.0 94 6 1,149 202.2 1948 98.7 105 0 129 9 117 0 107 1 124.4 112.5 92.0 1,262 211.2 1949 101.9 107 6 126 5 r110 0 106 8 121 4 109.4 87.6 1,129 195.3 1950 (7) 109.6 121.2 PllO.4 106.7 146.4 131.6 90.0 Pi,030 193.2 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 (7) 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 1,019 189.6 110.9 121.6 110.4 108.0 147.7 130.9 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 1,020 188.0 111.4 122.7 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 PllO.3 104.6 156.1 144.5 92.9 1,029 198.0 December. . . 103.4 121.9 P109.8 101.5 158.4 146.3 92.1 P944 194.4 P Preliminary. r Revised. 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. 1 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. 3 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. 8 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. 6This 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. FEBRUARY 1951 247 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 HOWARD H. HACKLEY, Assistant General Counsel J. E. HORBETT, Assistant Director LOWELL MYRICK, Assistant Director OFFICE OF THE SOLICITOR DIVISION OF PERSONNEL ADMINISTRATION J. LEONARD TOWNSEND, Solicitor 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 ALLAN SPROUL, Vice Chairman WALTER S. BUCKLIN, BOSTON DISTRICT MARRINER S. ECCLES JOSEPH A. ERICKSON N. BAXTER JACKSON, NEW YORK DISTRICT R. M. EVANS FREDERIC A. POTTS, PHILADELPHIA DISTRICT EDWARD L. NORTON J. N. PEYTON SIDNEY B. CONGDON, CLEVELAND DISTRICT OLIVER S. POWELL ROBERT V. FLEMING, RICHMOND DISTRICT M. S. SZYMCZAK JAMES K. VARDAMAN, JR. PAUL M. DAVIS, ATLANTA DISTRICT C. S. YOUNG EDWARD E. BROWN, CHICAGO DISTRICT W. L. HEMINGWAY, ST. LOUIS DISTRICT S. R. CARPENTER, Secretary GEORGE B. VEST, General Counsel JOSEPH F. RINGLAND, MINNEAPOLIS DISTRICT WOODLIEF THOMAS, Economist JOHN K. LANGUM, Associate Economist DAVID T. BEALS, KANSAS CITY DISTRICT ALFRED C. NEAL, Associate Economist J. MARVIN PETERSON, Associate Economist DEWITT T. RAY, 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 248 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman 1 President \T* _ p Bank of Deputy Chairman First Vice President Vice riesiuenis Boston Harold D. Hodgkinson Joseph A. Erickson John J. Fogg Alfred C. Neal Ames Stevens William Willett Robert B. Harvey 2 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. Poorman 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 8 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 L. H. Jones 2 John S. Coleman E. C. Harris H. T. Chalfont Tohn K. Langum Neil B. Dawes A. L. Olson W. R. Diercks Alfred T. Sihler St. Louis Russell L. Dearmont Delos C. Johns W. A. Hopkins W. W. Turner Wm. H. Bryce 0. M. Attebery Wm. E. Peterson Paul E. Schroeder C. A. Schacht William H. Stead Minneapolis. . . . Roger B. Shepard J. N. Peyton C. M. Stewart W. D. Cochran A. W. Mills H. C. Core H. G. McConnell C. W. Groth Otis R. Preston E. B. Larson Sigurd Ueland Kansas City.... Robert B. Caidwell H. G. Leedy L. H. Earhart G. H. Pipkin Robert L. Mehornay Henry 0. Koppang R. L. Mathes C. E. Sandy 2 John Phillips, Jr. 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. 5 Cashier. 3 Also Cashier. 4 General Manager. FEBRUARY 1951 249 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS 1 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; HISTORICAL SUPPLEMENT TO FEDERAL RESERVE 25 cents per pamphlet, or, in quantities of 10 or 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 banking and monetary subjects by members of the DEBITS AND CLEARINGS STATISTICS, THEIR BACK- GROUND AND INTERPRETATION. October 1947. 50 Board's staff. 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. 250 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- TION. Presented by Thomas B. McCabe, Chair- • STATEMENT OF THOMAS B. MCCABE, CHAIRMAN OF 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 Ralph A. Young and Homer Jones before the OF CONSUMER SAVING IN 1949. November 1950. University of Illinois Consumer Credit Confer- 15 pages. PART V. THE DISTRIBUTION OF ASSETS, ence, Chicago, Illinois, October 5, 1950. Novem- LIABILITIES, AND NET WORTH OF CONSUMERS, 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. 251 FEBRUARY 1951 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 w ==== BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ^ BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis