Federal Reserve Bulletin, 1951-03

F E D E R AL E S E 8V BULLETIN BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EDITORIAL COMMITTEE ELLIOTT THURSTON WOODLIEF THOMAS WINFIELD W. RIEFLER RALPH A. YOUNG SUSAN S. BURR The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for interpretations and opinions expressed, except in official statements and signed articles. CONTENTS PAGE The International Movement of Gold and Dollars in 1950. 253-262 Program for Voluntary Credit Restraint. . 263-266 Treasury and Federal Reserve Statements. . 267 Recent Measures to Restrain Bank Lending in Canada. . 268 Law Department. . 269-274 Current Events and Announcements. . 275-276 National Summary of Business Conditions... 277-278 Financial, Industrial, Commercial Statistics, U. S. (See p. 279 for list of tables) 279-332 International Financial Statistics (See p. 339 for list of tables) 339-357 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 358 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. 359 Federal Reserve Publications. . 360-361 Map of Federal Reserve Districts. . 362 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 March 1951 NUMBER 3 THE INTERNATIONAL MOVEMENT OF GOLD AND DOLLARS IN 1950 In contrast to the earlier postwar years, foreign monetary authorities, our gold stock there was a sustained recovery in the gold remained near its highest levels, both in and dollar holdings of foreign countries absolute amount and in relation to the rest throughout 1950. This development, which of the world. was already under way as the year opened, In an important sense, the increase in was the result of three factors: a sharp de- monetary reserves abroad is a reflection of cline in the United States export surplus the extent to which foreign countries have which had begun in mid-1949; foreign finan- recovered from the war, since it indicates cial assistance by the United States that con- that the most urgent requirements for imsiderably exceeded its export surplus; and ported goods have been satisfied. In the a flow of private capital from the United early postwar years, these countries not only States which was temporarily enlarged in spent their current gold and dollar receipts the third quarter of the year. on goods and services but also liquidated The shift in the international financial po- a large portion of their accumulated sition of the United States permitted foreign countries generally to increase their mone- WORLD GOLD RESERVES EXCLUDING U.S.S.R. tary reserves, which had been seriously de- BILLIONS OF DOLLARS END OF YEAR BILLIONS OF DOLLARS pleted in the period from the end of the 40 40 war to the widespread currency realignment of the autumn of 1949. By the end of 1950, CANADA AND total foreign holdings of gold and dollars LATIN AMERICA (exclusive of the U.S.S.R. gold reserves) E R P COUNTRIES AND amounted to approximately 19 billion dol- STERLING AREA lars, 4.4 billion more than in September 1949 but still less than the amount at the end of 1945. While most countries shared in this increase in reserves, the rise was particularly notable in the case of the United Kingdom, UNITED STATES and served to strengthen confidence in sterling. The increase in foreign gold reserves was accompanied by a decline in the gold stock of the United States. Despite large sales to MARCH 1951 253 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE INTERNATIONAL MOVEMENT OF GOLD AND DOLLARS IN 1950 holdings. The sharp reversal of this trend Notwithstanding the outflow, the gold stock since the middle of 1949 is a clear indica- of the United States at the end of the year tion of the great improvement in economic was still above the 1945 level and represented and monetary conditions abroad since the about two-thirds of the gold reserves of the critical period of 1945-47. The increase in entire world, excluding the U.S.S.R., as is monetary reserves has made possible signifi- shown in the chart on the preceding page. cant progress toward the relaxation of re- Sales of gold by the United States to foreign strictions on trade and payments, including countries during 1950 are shown in the acin certain cases restrictions on dollar trans- companying table. actions. With few exceptions, foreign countries The outflow of gold and the accumulation used only part of their net dollar accruals of dollars by other countries would, under for the year as a whole to buy gold. Howdifferent conditions, have had a decidedly ever, reported statistics indicate that in the restraining effect on monetary and credit ex- third and fourth quarters gold purchases by pansion in the United States. Under the the United Kingdom exceeded its current conditions prevailing, however, the banking dollar receipts and that in the fourth quarsystem was in a position to replenish the re- ter gold purchases by the Netherlands and serves lost through the transfer of funds to Canada were also accompanied by reductions foreign countries by selling Government in their dollar balances. securities to the Federal Reserve System, thereby avoiding the significant restriction NET FOREIGN PURCHASES OF GOLD FROM THE UNITED STATES on credit availability that would otherwise DURING 1950 a [In millions of dollars] have occurred. Area and country J M an ar .- . A Ju p n r. e - J S u e l p y t - . O D c e t c . . - Year MOVEMENT OF GOLD AND DOLLARS The year 1950 was the first full year since ERP countries (other than United Kingdom): the war in which there was a net gold Belgium 35 20 3 58 France 29 56 85 outflow from the United States. From the Netherlands 80 80 Portugal 15 15 e th n i d s o c f o u 1 n 9 t 4 r 5 y up st e t a o d i t l h y e l r a e t c e e i s v u e m d m g e o r ld o f f 1 r 9 o 4 m 9, S S O B w w t a h n e i e t k d z r e e n E r f l o a R r n P d c I o n u te n r t n ri a e t s ional 1 2 3 3 2 1 5 6 "i 4 i" 3 2 1 8 3 4 Settlements 13 12 6 34 65 abroad in exchange for goods and services Total 63 35 75 205 378 which in large part were available only in Other Continental Europe. . -3 -9 1 -11 the United States and for which most coun- United Kingdom 80 580 360 1,020 tries had no other means of payment. Dur- U Ca n . i n o a n .d a of South Africa -4 -9 100 - 1 1 0 3 0 ing this period the gold stock of the United Latin America: Colombia 10 10 States increased by almost 5 billion dollars, Cuba -8 -20 -28 Mexico . . . 16 40 62 118 or from 20.1 billion at the end of 1945 to a Uruguay 12 2 24 27 65 Other Latin America 1 6 7 peak of 24.8 billion in August 1949. The Total 38 3 56 75 172 latter month marked the turning point; a Asia: decline of more than 200 million dollars by Indonesia 10 20 30 Other Asia 1 5 4 9 the end of 1949 was followed by a further Total 1 15 24 39 reduction of 1.7 billion dollars during 1950 Egypt 27 3 15 45 to a level of 22.8 billion. The decline has Total . . 202 32 732 764 1,730 continued during the early part of 1951. 1 Minus sign indicates net sale to the United States. 254 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE INTERNATIONAL MOVEMENT OF GOLD AND DOLLARS IN 1950 The international and domestic implica- 2.1 billion dollars and the combined increase tions of the reversal in the flow of gold in foreign gold and dollar holdings from all cannot be determined without reference to sources was 3.8 billion dollars. At the end the accompanying changes in foreign hold- of the year, however, foreign gold and dolings of dollars—liabilities due by the United lar resources were still 1.7 billion dollars States (banks and Government) to for- below the level of 20.8 billion at the end of eigners. In 1950 foreign countries improved 1945. The proportion of gold to total gold their dollar positions to such an extent that and dollars held by foreign countries at the in addition to the acquisition of 1.7 billion end of 1950 was almost identical with that dollars in gold from the United States, their at the end of the preceding year (60 per cent total dollar holdings (private and official) as compared with 61 per cent) and was below increased by about 1.6 billion, as shown in the proportion at the end of 1945 (66 per the table on the following page. At least 1.2 cent). billion of this increase was recorded in for- FOREIGN GOLD RESERVES AND DOLLAR BALANCES eign official accounts. Appropriate adjust- BILLIONS OF DOLLARS END OF QUARTER BILLIONS OF DOLLARS ments of reported private balances (to exclude certain British trust funds reported in August 1950 for the first time and to shift certain Japanese balances technically reported as "private," though in reality of an official character) lead to the conclusion that the increase in foreign dollar holdings over the year was entirely accounted for by increases in official reserves. Of the total reported increase in official dollar holdings (1.2 billion dollars), about 900 million dollars was invested in United States Government securities with maturities up to 20 months. About 100 million dollars was added by foreign monetary authorities to their deposit accounts with Federal Reserve Banks, and the balance (200 million dollars) remained in foreign accounts 1946 1947 1948 1949 1950 NOTE.—Private and official dollar balances exclude securities. with commercial bank,s. United States Government securities with maturities up to 20 months are shown separately. CHANGES IN FOREIGN RESERVE POSITIONS The increase in the combined gold and In addition to the growth of 1.6 billion in dollar resources of foreign countries during their dollar holdings and gold purchases of 1950 was spread over the year, with a sharp 1.7 billion dollars from the United States, rise in the third quarter. However, the foreign countries as a whole added about timing of gold purchases from the United 400 million dollars of newly mined gold to States and of changes in dollar holdings their reserves in 1950. Thus foreign gold re- differed, as shown in the accompanyserves rose during the year by an estimated ing chart. Countries accumulated dollars MARCH 1951 255 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE INTERNATIONAL MOVEMENT OF GOLD AND DOLLARS IN 1950 heavily in the first three quarters of the year dropped slightly. Foreign gold purchases (almost 1.7 billion dollars), but by the fourth from the United States did not reach high quarter gold purchases exceeded dollar re- levels until the second half of the year, in ceipts, so that in this period dollar holdings which over 85 per cent of the annual total ESTIMATED CHANGES IN FOREIGN GOLD RESERVES AND DOLLAR HOLDINGS DURING 1950 1 [In millions of dollars] Increase or decrease (—) Holdings at end Holding3 at end of 1949 of 1950* Jan.-June July-Sept. Oct.-Dec.P Area and country Gold Dollar Gold Dollar Gold Dollar Gold Dollar Gold Dollar reserves holdings reserves holdings reserves holdings reserves holdings reserves holdings ERP countries (other than United Kingdom): 50 42 •j 1 5 50 40 Belgium-Luxembourg (and Belgian Congo) 754 158 -37 -4 -59 8 -9 24 649 187 Denmark 32 38 -1 -2 1 9 31 45 France (and dependencies) 2 543 196 47 29 12 2 543 285 Germany (Federal Republic of) 149 78 59 65 222 Italy 252 298 —18 24 4 252 308 Netherlands (and Netherlands West Indies and Surinam) 219 196 36 59 29 79 -61 334 224 Norway 51 69 -1 -3 13 -37 50 43 Portugal (and deDendencies) 190 44 -1 -6 7 15 7 204 52 Sweden 70 90 1 23 16 -3 3 4 90 114 Switzerland 1,504 517 55 78 -30 5 -59 -50 1,470 550 Turkey 154 10 -5 3 -3 -1 4 3 150 14 Other ERP countries and accounts 3 256 117 63 29 40 -18 92 126 451 254 Total 4,075 1,925 110 277 -36 154 125 -19 4,274 2,338 Other Continental Europe 4 489 109 fj -5 -9 -10 2 -6 475 88 Sterling area: United Kingdom 1,350 574 350 339 700 s -208 500 -44 2,900 662 U. K. dependencies 103 24 —18 —3 105 India 247 63 —13 5 247 56 Union of South Africa 128 6 49 9 2 19 18 12 197 46 Other sterling area 6 157 59 1 -14 1 -3 3 159 46 Total 1,882 806 400 345 703 s -206 518 -31 3,503 914 Canada 496 869 25 114 33 608 36 -192 590 1,399 Latin America: Argentina 216 201 36 31 33 216 302 Brazil 317 193 —68 62 39 317 226 Colombia 52 86 16 -32 3 12 3 -13 74 53 Cuba 299 164 73 -8 23 -20 —2 271 259 Peru 28 53 —3 8 3 2 31 60 Uruguay 178 58 11 8 28 8 27 4 244 78 Venezuela... 373 143 —27 — 15 -20 373 82 Other Latin America 192 503 20 -41 44 40 98 21 354 522 Total 1,655 1,401 47 -53 67 169 111 65 1,880 1,582 Asia: Indonesia 178 16 26 10 31 20 42 208 115 Japan 162 215 -34 124 59 61 128 459 Philippine Republic 1 297 1 -6 1 27 57 3 375 Other Asia 401 243 -30 -18 -8 21 -10 -5 353 242 Total . 742 771 -63 127 3 137 10 155 692 1,190 All other countries 56 84 30 3 14 6 8 100 102 Total... 9,395 5,965 542 809 775 *859 802 -20 11,514 7,612 P Preliminary. 1 Dollar holdings include private and official balances as well as holdings of U. S. Government securities with original maturities of Up to 20 months. 2 Includes gold reserves of Bank of France and French dependencies only. 8 Includes holdings of Bank for International Settlements (both for its own and European Payments Union account), gold to be distributed by Tripartite Commission for Restitution of Monetary Gold, and other unreported holdings of ERP countries. 4 Excludes gold reserves of, but includes dollar balances held by, the U.S.S.R. * If allowance were made for private British balances reported in this period for the first time, the decrease for the United Kingdom would be greater, and the increase for the total would be smaller. 6 Excludes Eire and Iceland, which are included under "Other ERP countries and accounts." 256 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE INTERNATIONAL MOVEMENT OF GOLD AND DOLLARS IN 1950 was concentrated. Whereas only 235 mil- FOREIGN GOLD RESERVES AND DOLLAR BALANCES lion dollars of gold was bought during the SELECTED COUNTRIES AND AREAS BILLIONS OF DOLLARS END OFJ3UARTER BILLIONS OF DOLLARS first six months of 1950, the figure rose to 730 9 million in the third quarter, and to 765 million in the last three months of the year. In effect, foreign monetary authorities in the first part of the year were accumulating dollars which they later converted into gold; V E.R. P COUNTRIES N EXCLUDING UNITED KINGDOM in the latter part of the year this conversion into gold exceeded current dollar accruals and began to cut into previously accumulated holdings. Improvement in the gold and dollar positions abroad was widespread in 1950, as shown in the accompanying table and chart. Only a few countries, including Belgium, Norway, and Venezuela, failed to add to their holdings. Almost two-thirds of the over-all increase was concentrated in the United Kingdom and Canada. These two countries, however, distributed their gains differently. The United Kingdom converted practically all its current dollar receipts (1.0 by 180 million dollars, accounted for largely billion dollars) into gold, in addition to obby Argentina and Cuba. taining another estimated half billion dollars Indonesia, Japan, and the Philippines in gold from other sources. On the other were the Asiatic countries with the most hand, Canada's gold reserves increased by significant gold and dollar increases, totalonly 100 million dollars in this period, while ing about 400 million dollars. Indonesia its dollar balances rose by over 500 million converted about a quarter of its total gain and were largely invested in United States of 130 million dollars into gold; the other Government securities. countries maintained theirs in the form of Continental countries participating in the dollar balances. European Recovery Program purchased about 380 million dollars in gold from the CAUSES OF THE REVERSAL IN GOLD AND United States during 1950 (of which about DOLLAR MOVEMENT 200 million was included in monetary re- The basic cause of the outflow of gold and serves) and added about 400 million to their the rise in foreign dollar balances in 1950 dollar balances. Latin American countries, was a further decline in the United States chiefly Mexico, purchased about 175 million export surplus combined with a continued dollars of gold from the United States and flow of United States Government aid. The also added to their reserves some gold from export surplus (including services) dropped new production. Their dollar balances rose from 6.2 billion dollars in 1949 to about 2 MARCH 1951 257 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE INTERNATIONAL MOVEMENT OF GOLD AND DOLLARS IN 1950 billion in 1950, reflecting improvement in ment of private funds from the United the economic and competitive position of States included some speculative capital, parforeign countries and also the emergence ticularly to Canada and the sterling area, of sellers' markets for many raw materials and in smaller amounts to Latin America. produced abroad. Accompanying this re- The extent and significance of this outflow duced export surplus was a net extension of was greatly exaggerated in some press com- United States Government aid of 4.1 billion ments. Reports of "capital flight" in the dollars, primarily to Western European coun- second half of 1950 often confused transfers tries. While this represented a considerable of American and other dollar funds with reduction from the 1949 total aid of 5.9 bil- movements of nondollar funds from Eulion, the amount nevertheless exceeded the rope. Also, they often confused current acover-all export surplus by about 2 billion count payments with capital transactions and dollars. Without this net outlay of dollars, failed to distinguish between bona fide forthe bulk of the growth in foreign gold and eign investment and the speculative movedollar resources could not have taken place. ments of funds. It should be noted that the figure of 4.1 There was a heavy flow of American billion dollars, representing the net utiliza- funds to Canada in the third quarter of tion of United States foreign aid, does not 1950. Canadian holdings of United States reflect fully the reduction in allotments under dollars rose by 600 million dollars in a the European Recovery Program that were period of three months, a much larger exmade possible during 1950 as conditions pansion than can be accounted for by trade abroad improved. Owing to a lag between and service transactions. The flow was to allotment of funds and actual flow of goods, a considerable extent connected with anticithe effects of these reductions will be felt pated changes in the value of the Canadian mainly during the course of the current year. dollar. A substantial part of the flow ap- On the other hand, the 1950 aid figures in- pears to have represented advance purchases clude only a comparatively small portion of of Canadian dollars by American companies the defense assistance that is projected under projecting future investments in Canada. the Mutual Defense Assistance Program. Of the remainder, much of which arose Another factor which helped to finance from speculation with the object of obtainthe export surplus, and contributed to the ing an exchange profit, some part may evenincrease of foreign gold and dollar holdings, tually find its way into long-term investment in Canada. There was only a small was an estimated 1.4 billion dollars made return flow of dollars to the United States in available to foreigners in 1950 through prithe latter part of 1950 after the unpegging vate financial transactions. Of this amount of the Canadian currency. about 1 billion represented direct investments and loans, including certain special trans- There was also an unusual demand for actions such as a 225 million dollar loan ex- sterling during the autumn of 1950, part of tended to France by private American banks. which appears to have originated in Canada The remaining 400 million represented pri- as well as in the United States. Some of this vate donations. demand accompanied unfounded rumors of During the second half of the year, and sterling appreciation, but the major portion especially in the third quarter, the move- probably resulted from the rapidly expanding 258 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE INTERNATIONAL MOVEMENT OF GOLD AND DOLLARS IN 1950 purchases of raw materials from the primarily as a reflection of improved ecosterling area. Speculation on sterling re- nomic conditions abroad and of the success valuation subsided toward the end of the of the American foreign-aid program. The year. fact that foreign reserves have increased is The movement of funds to Latin America an indication that foreign countries as a arose from a variety of motives. American group, though not necessarily individually, venture capital was attracted by the develop- have recovered from the war to the point ing boom in a number of countries, espe- where gold and dollars are valued more cially Mexico. It appears that the flow of highly as reserves than as an immediate funds also involved substantial amounts of claim for additional goods and services. foreign-held (e.g., European) dollar bal- The rise in monetary reserves has made ances; such transfers altered the distribution possible significant progress toward a more of dollar assets among foreign holders but liberal system of international trade, based did not, in themselves, affect the aggregate on general convertibility of currencies and amount. In addition, there was probably freedom from restrictions, particularly disalso a movement of nondollar capital from criminatory restrictions, on trade and pay- Europe to the Western Hemisphere. ments. The freer movement of goods and The nature and extent of the outflow of services which has thus been attained has private capital in 1950 should be evaluated helped to bring about a more effective use in the light of the over-all balance-of-pay- of world resources and higher levels of proments position of the United States, and duction. reactions abroad to economic trends in this Partly as a result of increased reserves, country. The bulk of the accumulation of countries participating in the European Regold and dollars by foreign countries in 1950 covery Program have taken steps to remove was the result of a shift in the trade balance by stages most of their restrictions on intraand of continued American aid. The net European trade and payments. Their latest gain in dollar balances was approximately goal, announced in October 1950, is to elimiequal to the net gain in gold, with varying nate quantitative restrictions on 75 per cent degrees of preference among foreign mone- of private intra-European trade (as meastary authorities between the two forms of ured by 1948 statistics). In recent months holdings. At the same time, however, the other countries, including Brazil, Canada, outflow of private capital, whether from India, Indonesia, Mexico, and Peru, have European or American sources, was appar- partially relaxed their restrictions on dollar ently motivated in part by fears of further trade and payments. deterioration in the international situation as These measures represent progress toward well as by inflationary developments in the the objectives which the United States Gov- United States. ernment, both within and without the International Monetary Fund, has long advo- EFFECT OF IMPROVED RESERVE POSITIONS cated. In December 1950 the United States ON WORLD TRADE position was reiterated at the conference on The marked recovery in foreign gold and the General Agreement on Tariffs and dollar reserves during 1950 from the very low Trade held at Torquay, England. At this levels of the preceding years may be regarded conference the United States representative MARCH 1951 259 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE INTERNATIONAL MOVEMENT OF GOLD AND DOLLARS IN 1950 supported the view that countries experi- Since import and exchange restrictions are encing a marked improvement in monetary maintained in the interest of the protected reserves should relax restrictions on trade country, such restrictions cannot be regarded and payments in so far as this is consistent as a satisfactory substitute for an orderly alwith considerations of mutual defense. location of strategic materials among coun- The primary objective of trade liberaliza- tries cooperating in the mutual defense eftion—to achieve a more effective use of fort. In the absence of an allocation system, world resources—has become even more im- an increase in the demand for scarce mateportant in view of the large-scale diversion rials arises whenever individual governments of resources which the mutual defense enter world markets as buyers on their own effort will require. The relaxation of trade account or permit their domestic importers restrictions can make a positive contribution to increase their foreign purchases of critical to mutual defense by making it possible for items. countries participating in the common effort Finally, the removal of restrictions on not only to obtain goods from the cheapest trade and payments would contribute to source, but at the same time to acquire goods easing inflationary pressures in individual necessary for the productivity and morale of countries, although this may be accomcivilian populations. Such goods may rank panied by greater inflationary impacts elsesecond in importance only to basic military where. Among the countries participating necessities, and to the extent that they can be in the mutual defense effort, the inflationary obtained from countries which are not in a pressure is likely to be particularly serious position to undertake a high degree of in those carrying out a high degree of ecomobilization, the result may be a substantial nomic and military mobilization in terms contribution to the defense effort. of their own resources. Relaxation of trade Recent trade developments indicate that restrictions by such countries would reduce the more realistic exchange rates established inflationary pressures in their economies, in 1949 have brought about a more balanced and this effect should be considered in pattern of trade between the United States evaluating the inflationary impact which and the rest of the world. Where a country may arise elsewhere. Under these conis in a position to obtain goods either from ditions, trade liberalization can facilitate a the home market or from third countries at flow of goods consistent with the requireprices and terms competitive with American ments of mutual defense, at the same time goods, it can remove its restrictions on dollar contributing to the over-all financial and imports without increasing its purchases monetary stability in the group of countries from the United States. In the case of stra- participating in the common effort. tegic materials, however, the demand is These considerations suggest that in many likely to be determined by considerations cases diversion of resources to defense is not other than price. Nonetheless, it may be impeded and may actually be facilitated by observed that, from the viewpoint of the further trade liberalization. At the same United States, the mere existence of legal time, it may be noted that where foreign restrictions on import transactions abroad countries are prepared to accept and hold does not protect this country from an in- dollar assets in exchange for their goods creased external demand for scarce items. and services, instead of seeking immediately 260 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE INTERNATIONAL MOVEMENT OF GOLD AND DOLLARS IN 1950 to purchase American goods, they are re- dollar accounts as they need for working ducing the pressure on world resources of purposes and turn over all excess dollars to the current preparedness effort and demon- the central banks of their respective counstrating their growing ability to support tries. In some cases central banks hold themselves independently of material as- dollar balances acquired from their nationals sistance from this country. in accounts with American commercial banks; the transfer of funds to these ac- EFFECT OF OUTFLOW OF FUNDS ON counts similarly does not affect total de- DOMESTIC SITUATION posits or reserves of American banks. More The outflow of gold and the increase in often, however, foreign central banks transforeign dollar balances during the past year fer the dollar balances to their accounts at operated in a restraining direction on the the Federal Reserve Banks. domestic monetary situation at a time when It is at this stage that the transfer of other influences in the American economy funds to foreign ownership has a restraining were predominantly inflationary. effect on the domestic credit situation. The As has been shown, international trans- withdrawal of funds from the commerial actions during 1950 resulted in a net over- banks, and their deposit with Reserve Banks, all transfer of gold and dollars from Ameri- involves a corresponding reduction in comcan to foreign ownership amounting to 3.4 mercial bank deposits and, more imporbillion dollars. Foreign payments had vary- tantly, in commercial bank reserves. Where ing effects on the domestic banking situa- the amount of reserves maintained by banks tion, depending on the type of financial against deposits is not greatly in excess of transaction to which they gave rise. the required amount, a reduction in reserves would cause a contraction in bank When dollar payments are made by Amerlending in an amount substantially greater icans to foreign individuals and firms, the than the decline in reserves unless the banks typical result in the first instance is a transfer of dollar balances from American ac- re-establish their previous reserve position by counts in commercial banks to dollar ac- borrowing from the Reserve Banks or by counts maintained in commercial banks by selling United States Government securities. foreign depositors. This transfer of funds Restoration of reserves by these operations from one commercial bank account to an- reduces the over-all liquidity of the banking other in itself has no effect on total bank system. In view of their extraordinary deposits or on total bank reserves. liquidity, however, commercial banks dur- Generally, however, traditional practices ing the past year were able to offset the outand the existing exchange-control regula- flow of funds by selling Government securitions of other countries result in the trans- ties to the Federal Reserve, and thus did fer of dollars obtained by foreign nationals not need to restrict the availability of credit to their central bank against payment in to domestic borrowers. local currency. The fact that total foreign So far as further effects on bank reserves private deposits in recent years have shown are concerned, it is immaterial whether the little over-all change indicates that by and official balances accumulated by a foreign large foreign commercial banks and business central bank at Reserve Banks are permitted firms maintain only such balances in their to remain inactive or are used to purchase MARCH 1951 261 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE INTERNATIONAL MOVEMENT OF GOLD AND DOLLARS IN 1950 gold. Foreign purchases of gold with funds tracting total bank credit. The total volume drawn from accounts at Reserve Banks are of bank reserves is not, on balance, affected accompanied by a transfer to the Treasury by the transactions. In the course of the of gold certificates held by the Federal Re- process, and independently of other operaserve System. This particular transaction re- tions affecting their position, commercial sults in a corresponding reduction in the banks lose reserves at the time the balances assets and liabilities of Reserve Banks but are accumulated at the Reserve Banks, and in no way affects the level of commercial obtain reserves at the time the balances are bank reserves. used to purchase securities in the market. In addition to purchases of gold, foreign The effects of the transfer of funds to central banks frequently invest dollar bal- foreign ownership were obscured during ances held at Reserve Banks in short- or 1950 by other influences operating to expand medium-term United States Government bank reserves, in particular the large-scale securities. Foreign purchases of securities sale of Government securities to the Federal in the market, financed by drawing upon Reserve System. In the circumstances, banks balances with Reserve Banks, are equiv- were able through liquidation of some of alent to open market purchases by the their Government security holdings to re- System and have the immediate effect of plenish their reserves whenever the withadding to the reserves of commercial banks. drawal of foreign balances tended to contract However, the net effect on bank reserves, such reserves. However, the over-all liquidbank deposits, and bank holdings of Govern- ity of the banking system was somewhat rement securities of the entire series of trans- duced in the process. While it is impossible actions—from the initial building up of for- to measure the direct effects of these transeign balances to their final investment in actions, it may be said that the reversal of Government securities—is the same as for the flow of gold and dollars during 1950 net purchases of securities from the banking was a restraining element in the domestic system by domestic nonbank investors. Bank money market and thus exerted a salutory deposits are extinguished as funds are used influence in a period of strong inflationary to purchase securities from banks, thus con- pressure. 262 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROGRAM FOR VOLUNTARY CREDIT RESTRAINT PREAMBLE DEFINITIONS The task of restraining strong inflationary pres- As used herein: sures is one of the most difficult and most impor- The terms "financing institution" or "financing tant in the whole range of economic problems institutions" mean banks, life insurance compantoday. ies, investment bankers engaged in the under- One part of this task—the restraint of unneces- writing, distribution, dealing or participating, as sary credit expansion—presents a challenge to agents or otherwise, in the offering, purchase or the financing institutions throughout the nation. sale of securities, and such other types or groups Section 708 of the Defense Production Act of of financial institutions as the Board of Governors 1950 authorizes the President to encourage financ- of the Federal Reserve System may invite to paring institutions to enter into voluntary agreements ticipate in the Program. and programs to restrain credit, which will further The terms "loan," "loans," "lending" and the objectives of that Act. By executive order, "credit," in addition to their ordinary connotathe President has delegated to the Board of Gov- tions, mean the supplying of funds through the ernors of the Federal Reserve System his authority underwriting and distribution of securities (either with respect to financing under this section of the on a firm commitment, agency or "best efforts" Act upon the required condition that it consult with basis), the making or assisting in the making of the Attorney General and with the Chairman of direct placements, or otherwise participating in the the Federal Trade Commission, and that it obtain offering or distribution of securities. the approval of the Attorney General before requesting actions under such voluntary agreements STATEMENT OF PRINCIPLES and programs. Pursuant to the provisions of Section 708(a) of At the invitation of the Board, and in company the Defense Production Act of 1950, and with the with it, representatives of the American Bankers approval of the Board of Governors of the Fed- Association, the Life Insurance Association of eral Reserve System in accordance with the func- America and the Investment Bankers Association tions delegated to it by Section 701(a) (2) of Exof America have been examining the possibilities ecutive Order 10161, this Statement of Principles of this method of credit restraint. has been drafted to which all financing institutions While it is recognized that the proposed Pro- are asked to conform. gram is addressed only to one limited source of It shall be the purpose of financing institutions inflationary pressure, the vital importance of this to extend credit in such a way as to help maintain problem to the stability of the economy, and the and increase the strength of the domestic economy necessity to extend credit only in such a way as through the restraint of inflationary tendencies to restrain inflationary pressures outside the financ- and at the same time to help finance the defense ing of the Defense Program should be emphasized program and the essential needs of agriculture, to all financing institutions. industry and commerce. It is appropriate to point out that this Program Inflation may be defined as a condition in which of voluntary credit restraint does not have to do the effective demand for goods and services exceeds with such factors as inflationary lending by fed- the available supply, thus exerting an upward eral agencies, unnecessary spending, federal, state pressure on prices. or local, and the wage-price spiral and other much Any increase in lending at a more rapid rate more seriously contributing factors. These should than production can be increased exerts an inflabe vigorously dealt with at the proper places. It tionary influence. Under present conditions of assumes that the proper governmental authorities very high employment of labor, materials and equipwill exercise the requisite fiscal and monetary ment, the extension of loans to finance increased controls. output will have an initial inflationary effect; but MARCH 1951 263 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROGRAM FOR VOLUNTARY CREDIT RESTRAINT loans which ultimately result in a commensurate the acquisition of existing companies or plants increase in production of an essential nature are where no over-all increase of production would not inflationary in the long run whatever their result. temporary effect may be. It is most important, 2. Loans for speculative investments or purhowever, that loans for nonessential purposes be chases. The first test of speculation is whether curtailed in order to release some of the nation's the purchase is for any purpose other than use or resources for expansion in more vital areas of distribution in the normal course of the borrowproduction. er's business. The second test is whether the Cooperation with this program of credit restraint amounts involved are disproportionate to the makes it increasingly necessary for financing in- borrower's normal business operations.*1 This stitutions to screen loan applications on the basis would include speculative expansion of real esof their purpose, in addition to the usual tests tate holdings or plant facilities as well as specuof credit worthiness. The criterion for sound lend- lative accumulation of inventories in expectation ing in a period of inflationary danger boils down of resale instead of use. to the following: Does it commensurately increase The foregoing principles should be applied in or maintain production, processing and distribution screening as to purpose on all loans on securities of essential goods and services? whether or not covered by Regulations U or T. In interpretation of the foregoing, the following * # # # # types of loans would be classified as proper: Recognizing that the maximum estimate of the percentage of our 1951 production which will be 1. Loans for defense production, direct or indevoted directly or indirectly to national defense direct, including fuel, power and transportation. is between 20 per cent and 30 per cent, a very sub- 2. Loans for the production, processing and stantial proportion of the lending of the country orderly distribution of agricultural and other will be devoted to the financing of the production staple products, including export and import and growth of our industrial and commercial comas well as domestic, and of goods and services munity. In these circumstances, it is felt that each supplying the essential day-to-day needs of the financing institution can help accomplish the obcountry. jectives outlined above by careful screening of each 3. Loans to augment working capital where application for credit extension. higher wages and prices of materials make such In carrying out such screening, financing instituloans necessary to sustain essential production, tions should not only observe the letter of the processing or distribution services. existing regulations of the Board of Governors of 4. Loans to securities dealers in the normal the Federal Reserve System with respect to real conduct of their business or to them or others estate credit, consumer credit, security loans, etc., incidental to the flotation and distribution of sebut should also apply to all their lending the spirit curities where the money is being raised for any of these and such other regulations and guiding of the foregoing purposes. principles as the Government may from time to time announce in the fight against inflation. This Program would not seek to restrict loans This Program is necessarily very general in naguaranteed or insured, or authorized as to purpose ture. It is a voluntary Program to aid in the by a Government agency, on the theory that they over-all efforts to restrain inflation. To be helpful, should be restricted, in accordance with national this Program must rely on the good will of all policy, at the source of guaranty or authorization. financing institutions and the over-all intention Financing institutions would not be restricted in to comply with its spirit. honoring previous commitments. The following are types of loans which in gen- PROCEDURE FOR IMPLEMENTING THE PROGRAM eral financing institutions should not make under Pursuant to the provisions of Section 708(b) and present conditions, unless modified by the circum- (c) of the Defense Production Act of 1950, and stances of the particular loan so as not to be in- * Loans additional to those needed for a borrower's normal consistent with the principles of this program: business may, of course, be regarded as proper when they 1. Loans to retire or acquire corporate equities are for the purpose of defense production or otherwise conform to the types of loans listed as proper in this Statement in the hands of the public, including loans for of Principles. 264 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROGRAM FOR VOLUNTARY CREDIT RESTRAINT upon full compliance with the terms and conditions Federal Reserve Bank or branch thereof will be thereof: a Federal Reserve representative designated by the Board of Governors of the Federal Reserve 1. A "Voluntary Credit Restraint Committee" System or by such Federal Reserve Bank or (hereinafter referred to as "the Committee") branch; and such member shall attend each meetwill be appointed by the Board of Governors ing of the subcommittee. For the investment of the Federal Reserve System (hereinafter rebankers, the life insurance companies, and the ferred to as "the Board"). Members shall be banks there may in each case be one or more subappointed for such terms as the Board may precommittees organized. All such subcommittees scribe. Initially, the Committee will consist of will meet only for the purposes specified in the twelve members, four representing the life in- Program; will maintain records of their actions; surance companies, four representing the investand will make reports directly to the Committee ment bankers, and four representing the banks. regarding the actions taken by them, including The membership of the Committee may from statements of the types of cases considered and the time to time be expanded as deemed advisable nature of the advice given. The subcommittees or appropriate by the Board to insure adequate will be available for consultation with individual representation thereon of other types or groups financing institutions to assist them in determinof financing institutions which may participate ing the application of the Statement of Principles in the Program. In selecting and appointing with respect to specific loans for which applicathe members of the Committee, the Board shall tion has been made to such financing institutions. have due regard to fair representation thereon In consulting with a subcommittee, a financing for small, for medium and for large financing institution shall not be required to disclose the institutions, and for different geographical identity of the applicant for any loan. No financareas. The Committee will: ing institution shall be required to consult with (a) With such assistance from the Board any subcommittee with respect to any loan or and the Federal Reserve Banks as may be loans, or any application or applications therenecessary, distribute this statement of the Profor. Consultation with a subcommittee shall be gram, including the Statement of Principles, wholly within the individual and independent to financing institutions to such extent as discretion of a financing institution. The final may be deemed desirable in view of any distribution previously made; decision with respect to making or refusing to (b) Appoint the subcommittees referred to make any particular loan or loans shall likewise below in 2; remain wholly within the individual and inde- (c) Meet for the purpose of considering the pendent discretion of each financing institution, functioning of the Program, advising the whether or not it has consulted with any of the Board with respect thereto, and suggesting for subcommittees. the consideration of the Board such changes in In setting up the subcommittees, the Committhe Program, including the Statement of Printee shall have due regard for fair representation ciples, as may from time to time appear apthereon for small, for medium and for large propriate. Meetings of the Committee shall be held at the call of an official of the Federal financing institutions, and for different geo- Reserve System, designated by the Board; graphical areas. It shall also inform the Board shall be under the chairmanship of such an of all subcommittee appointments. official; and an agenda for such meetings shall 3. The Committee shall be furnished with such be prepared by such an official. Full and compilations of statistical data on extension of complete minutes of each meeting shall be credit by financing institutions as may be remade by such an official and copies shall be quired to show the amounts and direction of kept in the files of the Board available for credit use and to watch the operation of the public inspection. Program. Such statistics shall be compiled by 2. Subcommittees may be established for each the Board. To assist the Board in making such type of financing institution participating in the compilations, data shall be supplied for the in- Program. One of the members of each subcom- vestment bankers, jointly by the Investment mittee located in any city in which there is a Bankers Association and the National Associa- MARCH 1951 265 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROGRAM FOR VOLUNTARY CREDIT RESTRAINT tion of Securities Dealers, and for the life in- with the requirements of Section 708 of the surance companies, jointly by the Life Insurance Defense Production Act of 1950. Association of America and the American Life All actions pursuant to and under the Program Convention. Compilations of data made by will be automatically terminated by all participatthe Board shall not reveal the identity of ining financing institutions as of the termination of dividual financing institutions or borrowers. Such the authority conferred under Section 708 of the Decompilations shall be kept on file with the Board and shall be available for public inspection. fense Production Act of 1950; or upon withdrawal 4. Financing institutions participating in the by the Board of its request for action under the Program will keep records of individual loans, Program. If the Committee, after study of the as to purpose, in such form as to be available operation of the Program, concludes that it is for future analysis. no longer necessary or is not making a substantial 5. Any change in the Program, including the contribution to the solution of the problem for Statement of Principles, shall be passed upon by which the Program was established, it shall so adthe Committee and shall be made in accordance vise the Board. REQUEST TO FINANCING INSTITUTIONS BY BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM TO ACT PURSUANT TO A PROGRAM FOR VOLUNTARY CREDIT RESTRAINT UNDER SECTION 708 OF DEFENSE PRODUCTION ACT OF 1950 This "Request'' is addressed to all financing in- preceding sentence are not construed to be within stitutions in the United States, including without the prohibitions of the antitrust laws or the Fedlimitation all individuals, firms, partnerships, cor- eral Trade Commission Act of the United States. porations and other organizations of any kind The Board of Governors of the Federal Reserve which are engaged in the business of extending System has consulted with the Attorney General credit, making loans, or purchasing, discounting, and with the Chairman of the Federal Trade selling, distributing, dealing in, or underwriting Commission on and before February 5, 1951, said securities, any and all of such institutions being date being not less than 10 days before the date hereinafter referred to as "financing institutions." of this Request, with regard to the provisions of Pursuant to the provisions of section 708 of the the Program, the finding by the Board above Defense Production Act of 1950 (hereinafter called mentioned and this Request; and the Attorney the "Act") and of section 701 of Executive Order General has given his approval to the making of No. 10161, the Board of Governors of the Federal this Request. Reserve System has consulted with representatives Every financing institution in the United States of financing with a view to encouraging the making is hereby requested by the Board of Governors of voluntary agreements and programs to further of the Federal Reserve System to act, and to refrain the objectives of the Act. As a result of such from acting, pursuant to and in accordance with the provisions of the Program. The national comconsultations, such representatives have prepared a mittee which is' to be set up pursuant to the pro- "Program for Voluntary Credit Restraint," includvisions of the Program, each and every subcoming as a part thereof a Statement of Principles, the mittee set up pursuant to the provisions of the entire document being hereinafter referred to as Program, and each and every individual who may the "Program." The Program is attached hereto. become a member of said national committee or of The Board of Governors of the Federal Reserve any of said subcommittees are hereby requested by System hereby approves the Program and finds the the Board of Governors of the Federal Reserve Program to be in the public interest as contribut- System to act, and to refrain from acting, pursuant ing to the national defense. Under section 708 of to and in accordance with the provisions of the the Act and section 701 of the said Order, acts Program. or omissions to act pursuant to this Request and By order of the Board of Governors of the Fedthe Program which occur while said section 708 eral Reserve System this 12th day of March, 1951. is in effect and before the withdrawal of this Request or of the finding of the Board in the S. R. Carpenter, Secretary. 266 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY AND FEDERAL RESERVE STATEMENTS DEBT MANAGEMENT AND MONETARY POLICIES1 their holdings of Government securities, in order to minimize the monetization of the public debt The Treasury and the Federal Reserve System through liquidation of present holdings of the have reached full accord with respect to debt-man- Treasury bonds of 1967-72. agement and monetary policies to be pursued in The Secretary stated that he planned to open furthering their common purpose to assure the the subscription books on Monday, March 26, and successful financing of the Government's requirethat the full terms of the offering and the official ments and, at the same time, to minimize monetizacircular would be made available on March 19. tion of the public debt. The subscription books will remain open for a NEW SERIES OF LONG-TERM NONMARKETABLE period of about two weeks, although the Secre- TREASURY BONDS2 tary will reserve the right to close the books at any time without notice. The Secretary of the Treasury announced today that there will be offered for a limited period a new The Secretary indicated that a special offering investment series of long-term nonmarketable of Series F and G bonds, or an offering similar to Treasury bonds in exchange for outstanding 254 the 2% per cent Treasury bonds, Investment Series per cent Treasury bonds of June 15 and December A-1965, will probably be made available for cash 15, 1967-72, the details of which will be announced subscription at a later date when it appears that a on March 19. need therefor may exist. The new bonds will be issued in registered form only, with appropriate maturity, and will bear SUPPLEMENTARY INFORMATION REGARDING NEW interest at the rate of 2% per cent per annum pay- SERIES OF LONG-TERM BONDS 3 able semiannually. They will not be transferable or redeemable prior to maturity; however, owners of In response to numerous inquiries, the Secresuch nonmarketable bonds will be given an option tary of the Treasury announced today that the new of exchanging them prior to maturity for market- investment series of 2% per cent Treasury bonds able Treasury notes bearing terms to be announced which will be offered March 26, 1951, in exchange in the official offering. for outstanding 2/4 per cent Treasury bonds of The new nonmarketable 2% per cent Treasury June 15 and December 15, 1967-72, will be dated bonds will be acceptable at par and accrued interest April 1, 1951, will mature on April 1, 1980 and be in payment of Federal estate and inheritance taxes callable on April 1, 1975. The bonds will be nondue following the death of the owner. They will marketable and nontransferable, but will be exnot be acceptable in payment of Federal income changeable into marketable five-year 1% per cent taxes. Treasury notes. The notes offered in exchange The offering of this new security is for the pur- will be dated April 1 and October 1 of each year pose of encouraging long-term investors to retain with appropriate interest adjustments to dates of exchange. Interest on such bonds and notes will 1 Joint announcement by the Secretary of the Treasury be payable semiannually on the first days of April and the Chairman of the Board of Governors, and of the Federal Open Market Committee, of the Federal Reserve and October in each year. System, issued for release on Mar. 4, 1951. 2 Statement by the Treasury Department, issued for re- 3 Statement by the Treasury Department, issued for release on Mar. 4, 1951. lease on Mar. 8, 1951. MARCH 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT MEASURES TO RESTRAIN BANK LENDING IN CANADA* The Bank of Canada in the course of periodic was following a pay-as-we-go policy and was at discussions of credit conditions with the chartered present decreasing rather than increasing the pubbanks has stressed the increasing need for restraint lic debt. The Government had also imposed rein lending activity. At the most recent meetings in strictions on consumer credit and had reduced the Ottawa on February 14 and in Montreal today, the scale of Government lending in the field of mort- Bank expressed the view that further increase dur- gage credit. ing 1951 in the aggregate volume of banks' loans The general managers concurred that restraint in and holdings of non-Government securities would bank lending was desirable in the general public be undesirable and should be prevented. The gen- interest. In certain fields of bank lending it was eral managers of the chartered banks concurred possible to formulate specific working rules, and that an inflationary expansion of credit is undesir- the following measures suggested by Bank of able and agreed to cooperate to this end. Canada have been adopted: In discussing the background to this decision, (1) In general, borrowers should have recourse the Bank stated that some expansion of bank to nonbank sources for their capital requireloans and other forms of credit had been a necessary ments as distinct from ordinary operating loans. feature of postwar reconstruction and peacetime Accordingly, except in the case of small credits, economic progress. However, with the addition the chartered banks will refrain from making of a growing defence programme to an economy term loans or purchasing corporate securities already operating under a full head of steam, with a term of one year or longer. further increases in total credit outstanding would (2) Margins of at least 50 per cent will be rebe likely to result in overborrowing and to en- quired in the case of loans to carry corporation courage the competitive bidding up of prices of stocks, that is, collateral for such loans must be the available supply of goods and services. Under equal in value to not less than twice the amount conditions such as the present, people tended to of the loan. In this connection the stock exrelax their ideas of the prudent limits of borrow- changes have cooperated by adopting a similar ing, and borrowers sought to extend their positions rule for loans by brokers to customers, effective in various ways with less than normal regard for February 16, and financial institutions other than the risks involved for all concerned. What was banks are now following the same minimum now required was a definitely restrictive approach margin requirements. to the whole question of credit extension. (3) Margin requirements will be substantially A number of measures had already been adopted increased in the case of bank loans on the secuwith this general objective in view. The Bank of rity of instalment finance paper, and the total Canada had for some time been exercising its in- volume of bank credit for such purposes will not fluence to restrict the cash reserves of the banking be increased. system so as to discourage monetary expansion, and The remaining classes of bank loans and inhad sold short-term Government securities in subvestments consist of ordinary commercial loans, stantial volume to neutralize the efTects of the mainly for the purpose of financing inventories and large inflow of capital from abroad during the receivables, personal loans, and a variety of other latter half of 1950. Prices of securities of the categories. Lending practices will be tightened kind held by the banking system had declined to wherever possible in these fields, as well as in those a level lower than their cost to the banks. In the previously mentioned, in order to achieve the defield of public finance, the Government of Canada sired objective of avoiding further over-all increase 1 Statement issued by the Bank of Canada, Ottawa, Feb.in the banks' total loans and non-Government in- 22, 1951, for immediate release. vestments. 268 FEDERAL RESERVE BULLETIN 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 Court Proceedings Amendment to Regulation W Four injunctions have been issued by United States District Courts, in addition to the two men- The Board of Governors of the Federal Reserve tioned in the Federal Reserve BULLETIN for Febru- System, effective February 26, 1951, amended Regary 1951, page 148, enjoining Registrants from ulation W relating to consumer credit so as to further violations of Regulation W. exempt from the down payment and monthly pay- The first of the four judgments was entered on ment requirements of the regulation certain short- February 15, 1951, in the United States District term, nonrenewable leases which neither extend Court in Indianapolis, Indiana, enjoining the beyond three months nor involve a delivery in Bogda Motor Company, Inc., a dealer in new and connection with subsequent leasing or sale arrangeused automobiles in Indianapolis, and Oscar W. ments. Bogda, its president. The second was entered on Regulation W, as reissued by the Board of February 23, 1951, in the United States District Governors effective September 18, 1950, prescribes Court in Pittsburgh, Pennsylvania, enjoining A. down payment and monthly payment requirements Harris, doing business as A. Harris Motor Sales, for leasing arrangements, instalment sales, and a dealer in used automobiles in Pittsburgh. The other instalment financing of automobiles, housethird was entered on February 26, 1951, in the hold electrical appliances, furniture, major con- United States District Court in Los Angeles, Calisumer durable goods, and consumer instalment fornia, against Duke Randall Motors, Inc., a dealer loans in general. This amendment serves to relax in new and used automobiles in San Pedro, Calithe regulation with respect to certain seasonal and fornia, and its president, Duke Randall. The fourth other specialized short-term leases. The text of was entered on March 9, 1951, in the United States the amendment is as follows: District Court in Dallas, Texas, against Marvin A. Smith, doing business as Marvin A. Smith Com- AMENDMENT NO. 2 TO REGULATION W pany, who is engaged in the home improvement Issued by the Board of Governors of the Federal Reserveand appliance business in Dallas and surrounding System territory. These cases had been referred to the Board of Effective February 26, 1951, section 7 of Regu- Governors by the Federal Reserve Banks of the lation W is hereby amended by adding, at the end Districts in which the Registrants were located, thereof after the present subsection (^), a new suband the suits were filed by the Board of Governors section (/) reading as follows: pursuant to the provisions of the Defense Production Act of 1950. (7) Certain Temporary Rentals.—Any contract or similar arrangement for the rental, leasing Automobile Appraisal Guides or bailment of a listed article for a specified period of not more than 3 months if (1) the In order to facilitate the operations of automotransaction is to be terminated, and the article bile dealers who must comply with General Ceilreturned to the Registrant, on or before the ing Price Regulation, Supplementary Regulation 5 expiration of the specified period, and (2) the (GCPR, SR 5) setting retail prices for new and transaction is not renewable and does not di- used automobiles and with Regulation W, the rectly or indirectly relate to or involve any sub- Board has made the following designation of issues sequent lease, use of, or other interest in, the of appraisal guides for the purposes of Part 4 of article or any similar article. the Supplement to Regulation W: MARCH 1951 269 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT During any period in which any regulation pre- 3. Certain temporary short-term, nonrenewable scribing any price ceiling on automobiles under rentals are exempt under section 7(1) of the reguthe Defense Production Act of 1950 is based on a lation if they do not extend beyond 3 months and, price listed in an issue of an appraisal guide speci- briefly, also are not related to any subsequent leasfied in such regulation, such specified issue is ing or sale arrangements. hereby designated for the purposes of Part 4 of the Other Leasing or Rental Arrangements.—Other Supplement to Regulation W in the areas for which types of rentals or leases of listed articles should the particular issue of the appraisal guide is to be be considered subject to the regulation. With the used under the price regulation. exception of those indicated above, there is no This designation is in addition to previous appreciable difference between leases that were in designations by the Board for the purposes of use before Regulation W and those proposed for Part 4 of the Supplement to Regulation W, and use now in an effort to avoid the regulation. is subject to all the conditions that apply to such The absence of an option to purchase or of an previous designations. Among other conditions, obligation to pay substantially the value of the "the average retail value" to be used for purposes article does not exempt a contract from the reguof Regulation W shall not include any added value lation. Regardless of whether or not the lease for a radio or heater. contains an option to purchase and regardless of In the event a publisher of an appraisal guide the amount the customer undertakes to pay, leasing reprints an issue of an appraisal guide that is contracts can supply a person with the continuous covered by the above designation and such reprint use of an automobile in substantially the same way is issued after the period for which the original as a conditional sale contract. Banks or finance Regulation W designation was effective, the subcompanies also can finance them in substantially stance of the above designation for the purposes the same way as conditional sale contracts. of Regulation W shall be prominently stated in Leases Can Comply with Regulation W.—Reguthe reprinted issue. lation W does not prohibit leasing or rental ar- Evaporative Air Coolers rangements—it merely requires that specified payments (or deposits) be obtained. When arrange- Evaporative air coolers which do not incorments are subject to the regulation, the lessor can porate a refrigerating unit are not "air conditioners, comply with the regulation by obtaining the reroom unit," within meaning of Regulation W, quired down payment and monthly payments (or Group B, Item 7. deposits in equal amounts). He can return to the Leasing Arrangements customer any portion of such payments or deposits when the article is returned and the lease termi- Certain Transactions Exempt.—Three different nated. The lease can even provide in advance for classes of leasing or rental arrangements are exempt such refunds. from Regulation W. These are outlined below: Determining Whether Contract Exceeds $5,000 1. Single-payment arrangements are exempt. (or $2,500) Ceiling.—In determining whether leas- This exempts the usual drive-it-yourself arrangeing arrangements exceed the $5,000 (or $2,500) ceilment that contemplates a rental of a car for merely ing, and also in determining the size of payments a day or a week or so, with the car to be reor deposits required on contracts that are subject turned, the arrangement terminated, and the singleto the regulation, it is helpful to consider the payment made, at the end of the brief period. analogy of leasing contracts to chattel purchase- 2. Auto leasing contracts that exceed the ceiling money mortgages. figure of $5,000 (the ceiling figure for listed ar- For example, suppose that A sells B three $2,000 ticles other than autos is $2,500) are exempt if automobiles, getting a total down payment of there is a single obligation rather than a number of separate obligations. This exempts a number of $600, and a $5,400 purchase-money mortgage that large scale "fleet operations." It also exempts over- is payable in 15 monthly instalments of $360 each. $5,000 leases covering both trucks and automo- Assuming that there is a single obligation for all biles in combination even if the auto portion would three cars rather than a separate one for each car, be less than $5,000. the contract would obviously be exempt from the 270 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT regulation because it would be over the $5,000 15-month period would have to be the same as ceiling. in the cases indicated above. Suppose that the contract were slightly different. In some cases, the parties might wish to set up Instead of paying the $5,400 purchase-money the arrangement so that the car would be remortgage in fifteen monthly instalments of $360 conveyed (or returned) to A in some reasonable each, B is to pay fifteen monthly instalments of period shorter than 15 months, say twelve months $300 each, and at the end of the 15-month period or six months. In such a case, the dollar payis to reconvey the three cars to A. The contract ments (or deposits) initially and for each month would still be exempt as over $5,000, because the of the period would not have to be increased above proper test of the amount of credit would still be those applicable on a 15-month basis. the $6,000 value of the cars minus the $600 down payment, rather than merely the $4,500 of cash Real Estate Credit monthly payments. Amendment to Regulation X Similarly, a lease of the three $2,000 cars for The Board of Governors of the Federal Reserve 15 months with a $600 payment (or deposit) in System, with the concurrence of the Housing and advance and 15 monthly payments of $300 each Home Finance Administrator, effective March 5, would be considered exempt from the regulation 1951, amended Regulation X relating to real estate as an over-$5,000 contract rather than subject as a credit, so as to permit terms different from those $4,500 contract. prescribed by the regulation to apply to specific Payments that Comply.—If the instalment con- new construction necessary to the national defense. tract referred to above were for only two $2,000 At the same time, the Board concurred in the cars instead of three, it would lose the benefit recommendation of Mr. Foley, Housing and Home of the over-$5,000 exemption and would be sub- Finance Administrator, that specific areas adjacent ject to the regulation. The similarity between a to new defense industry installations at Paducah, lease and a chattel purchase-money mortgage also Kentucky, and Savannah River, South Carolina, is helpful in showing the amounts of payments be designated defense areas. Mr. Foley advised required in such cases. the Board that, because of the urgent need for For example, suppose A sells B two $2,000 cars housing workers at the Atomic Energy Commisand takes a chattel purchase-money mortgage pay- sion installations, he had designated these two able in instalments. He must get a down payment areas for special housing consideration with the of $1,334 and the remaining $2,666, plus any in- approval of defense mobilization authorities. It surance and finance charges, must be paid in 15 was stated that any further designations would be based on criteria now being developed with the monthly instalments. Office of Defense Mobilization and its related Suppose that the contract were changed slightly. agencies. The down payment and monthly payments are to The text of the amendment is as follows: be as before, but at the end of tjie 15-month period B is to reconvey the car to A and receive $600 AMENDMENT TO REGULATION X from A in return. That payment of $600 to B when the car is reconveyed to A at the conclusion Issued by the Board of Governors of the Federal Reserve System with the Concurrence of the Housing and Home of the transaction would not conflict with Regu- Finance Administrator lation W. On the other hand, the provision for reconveyance of the car at the end of the period Regulation X is hereby amended effective March would not exclude the arrangement from the 5, 1951, by adding the following subsection (/?) operation of the regulation, nor would it reduce to section 6: the amount of the down payment or monthly pay- (p>) Defense Construction.—Terms different ments that must be obtained. from those prescribed by this regulation and Similarly, if the contract were for a lease— the Supplement thereto, to be applicable to sperather than a chattel purchase-money mortgage fol- cific new construction necessary to the national lowed by a reconveyance—the payments, (or de- defense, may be authorized by the Board in posits) made initially and each month of the areas designated by the Housing and Home MARCH 1951 271 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Finance Administrator with the concurrence of which is used or designed for use (i) in processing the Board and after surveys have been made by materials, goods, or articles into finished or partly the Administrator with respect to the needs for finished manufactured products, (ii) in mining or such necessary construction within such areas. otherwise extracting raw materials, or (iii) on farm Such different terms when so authorized will be property in the production, shelter, or storage inciapplicable only to such new construction as may dental thereto, of crops, livestock or other agriculbe specified by the Administrator within such tural commodities. It is the opinion of the Board designated areas and will be subject to such that space in such structures as office buildings and conditions as may be prescribed. warehouses is used or designed for use in processing materials, goods, or articles into finished or Compliance with Amortization Provisions partly finished manufactured products where such Clause (2) of the amortization provision in office building or warehouse is essential to and Schedule I and the amortization provision in Sched- an integral part of the operations involved in the ule III of the Supplement to Regulation X provide processing of such materials, goods, or articles. for amortization payments which "will fully liqui- Unless the office building or warehouse, however, is date the original principal amount of such credit essential to the processing operation and an integral not later than the date of the maturity of the part thereof, it is subject to the regulation. credit * * *." Actual Date Credit Is Extended In cases where the maturity of credit subject to the regulation is less than the maximum permitted Inquiries have been received by the Board conby the regulation, it is the opinion of the Board cerning the meaning of the phrase "actual date that the amortization provisions referred to above such credit is extended" as used in section 6{i) of will be complied with if amortization payments Regulation X. are made until the maturity of the credit which, Many types of credit extensions are subject to had they been continued until the maximum per- Regulation X and it is administratively imposmissible maturity, would have fully liquidated sible to prescribe a specific rule which would be the original principal amount of such credit by fairly applicable to all types of financing arrangethe date of such maximum permissible maturity. ments affected by the regulation. However, for For example, if the maximum maturity is 20 the purpose of Regulation X the general rule to years, and the credit has a maturity of 10 years, be followed in most extensions of credit affected the amortization provisions would be complied by the regulation is that the "actual date such with if amortization payments are made during credit is extended" is that date which is (1) the the 10 years which, had they been continued for date on which the lender first disburses funds to, 20 years, would have fully liquidated the original or makes funds available to the account of, the principal amount of such credit within 20 years. borrower, or (2) the date of execution of the note or other credit instrument evidencing the credit Warehouses and Office Buildings Used in Processing extended, whichever shall last occur. Goods Appraised Value of Improved Real Property The Board has received several inquiries as to whether warehouses and office buildings used in Several inquiries have been received by the connection with a manufacturing business are sub- Board regarding the determination under Reguject to Regulation X. As indicated in footnote 11 lation X of "appraised value as determined in on page 6 of the regulation, office buildings and good faith" where there is to be construction on warehouses, as well as other buildings, are ordi- improved real property. The inquiries have renarily subject to the regulation. They are not sub- lated particularly to cases where there is an existing ject to the regulation, however, if they fall within structure on the property such as a residence, one of the exclusions from the definition of "non- servants' quarters, garage, or garage-apartment, residential structure," namely, structures exclusively but similar inquiries should be answered in accordused or designed for use by a public utility or by ance with the principles of this interpretation. In any Government or political subdivision, or struc- such cases, should the Registrant, in making his tures more than 80 per cent of the floor space of appraisal in good faith, appraise only the land or 272 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT should he appraise the land and improvements? thority to regulate three types of interstate motor In cases where the existing structure and the carriers. They are "common carrier by motor proposed construction are to be so located on the vehicle," "contract carrier by motor vehicle" and property that the possibility of separation in the "private carrier of property by motor vehicle." The case of resale would be remote and unlikely, it is degree of regulation and supervision exercised by the opinion of the Board that the Registrant may the Commission differs with respect to the three appraise the land and improvements. However, types of carriers. Common carriers are required any outstanding credit secured by the improved to obtain certificates of convenience and necessity real property necessarily would have to be taken outlining the extent of their proposed service, the into consideration in determining the amount of routes over which they propose to operate, and credit the Registrant could extend. other requirements deemed necessary by the Com- For example, if a prospective borrower desires mission. Contract carriers must obtain a permit to build a new residence at a cost of $20,000, on outlining the territory over which they propose to improved real property having a "value" of $10,000, operate, the type of business, and any other condithe Registrant's appraised value may be $30,000, tions or limitations deemed necessary by the Comand the maximum loan value $15,000. However, mission in the public interest. Private carriers reif there were outstanding credit secured by the quire neither certificates nor permits to operate. improved real property in an amount of, say, Not only does the degree of regulation and super- $5,000, the Registrant could not extend additional vision differ with respect to the three classes of credit in an amount exceeding $10,000. carriers, but also the extent of their operations "for In cases where the existing structure and the the convenience, service or accommodation of the proposed construction are to be so located that public." Common carriers undertake for hire to separation in the case of resale would not only be transport from place to place the goods of anyone possible, but would be likely, it is the opinion of who chooses to employ them. Contract carriers the Board that the Registrant should appraise only transport for a limited number of shippers under the land area on which the new construction is to special contracts designed to meet their particular be located. needs. Private carriers need not transport for com- For example, if the prospective borrower owns a pensation, but may be the owner, lessee, or bailee tract of land consisting of several adjoining lots, of the goods transported. some of which are improved with existing struc- For the above reasons, it is the opinion of the tures, and the borrower proposes to build a new Board that, in the absence of other pertinent facts, structure on one of the vacant lots, the Registrant only those companies engaged in an interstate should appraise only the vacant lot. trucking business as a "common carrier by motor vehicle" are public utilities within the meaning of Radio and Television Broadcasting Companies Not section 2(s) of Regulation X. Public Utilities Interest on Deposits In answer to inquiries received, it is the opinion of the Board that radio and television broadcasting Six Months Equals 180 Days companies are not public utilities within the mean- The Board of Governors has been asked whether ing of section 2(s) of Regulation X. Accordingly, a deposit maturing 180 days after the date of the structures exclusively used or designed for use deposit may be regarded as having "a maturity of by such companies are nonresidential structures six months or more" within the meaning of the within the meaning of section 2(r) of the regu- Supplement to the Board's Regulation Q. lation. In a strict legal sense, of course, the term "six months" means six calendar months. However, Interstate Trucking Companies as Public Utilities it is appreciated that some banks for practical pur- Inquiries have been received by the Board asking poses compute interest on a 360-day basis and rewhether companies engaged in an interstate truck- gard 180 days as equivalent to half a year. Moreing business are public utilities within the meaning over, it is felt that the treatment of a certificate of section 2(s) of Regulation X. payable after 180 days as a six months' certificate The Interstate Commerce Commission has au- for purposes of Regulation Q would not be incon- MARCH 1951 273 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT sistent with the spirit and intent of the regulation. Columbus, Ohio; Des Moines, Iowa; Indian- Accordingly, the Board will offer no objection to the apolis, Indiana; Milwaukee, Wisconsin; National payment by a member bank of interest at a rate not City (National Stock Yards), Illinois; St. Paul, exceeding 2l/ per cent on a time deposit which Minnesota; Tulsa, Oklahoma; Wichita, Kansas; 2 matures 180 days after its date. and Fort Worth, Texas. "(3) On the basis of official call reports of condi- Reserves tion in the two-year period ending June 30, 1950, Classification of Reserve Cities the following cities did not meet the standard pre- On February 20, 1951, the Board of Governors scribed in paragraph (2) of subsection (b) of the of the Federal Reserve System took action as follows Board's rule, but a written request for the conwith respect to the classification of Reserve cities: tinuance of each such city as a reserve city was "Acting in accordance with the rule regarding received by the Federal Reserve Bank of the Disclassification of central reserve and reserve cities trict in which the city is located on or before Febwhich was adopted by the Board on December 19, ruary 15, 1951, from every member bank having 1947, and became effective March 1, 1948 (here- its head office or a branch in such city (exclusive after referred to as the Board's rule), and pursuant of any member bank in an outlying district in such to authority conferred upon it by section ll(e) of city permitted by the Board to maintain reduced the Federal Reserve Act and other provisions of reserves), together with a certified copy of a resothat Act, the Board of Governors has taken the lution of the board of directors of such member following actions for the continuance of the classi- bank duly authorizing such request; and, accordfication of certain cities as reserve cities and the ingly, in accordance with paragraph (3) of subsectermination of the reserve city designations of cer- tion (b) of the Board's rule, the following cities, tain other cities, all such actions to become effective in addition to the reserve cities classified as such March 1, 1951: under paragraphs (1) and (2) above, are hereby continued as reserve cities: "(1) The City of Washington, D. C, and every city except New York and Chicago in which there Toledo, Ohio; Cedar Rapids, Iowa; Dubuque, is situated a Federal Reserve Bank or a branch of Iowa; Sioux City, Iowa; Kansas City, Kansas; a Federal Reserve Bank are hereby continued as Lincoln, Nebraska; Pueblo, Colorado; St. Joseph, reserve cities. Missouri; and Topeka, Kansas. "(4) On the basis of official call reports of con- "(2) On the basis of official call reports of condition in the two-year period ending June 30, 1950, dition in the two-year period ending on June 30, the following cities did not meet the standard pre- 1950, the following cities met the standard prescribed in paragraph (2) of subsection (b) of the scribed in paragraph (2) of subsection (b) of the Board's rule, and, consequently, the designation of Board's rule, and, therefore, such cities, in addition such cities as reserve cities is hereby terminated: to the reserve cities classified as such under paragraph (1) above, are hereby continued as reserve Peoria, Illinois; Galveston, Texas; and Waco, cities: Texas." 274 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS Federal Reserve Meetings of Research and Statistics and since has served suc- The Federal Advisory Council met in Washing- cessively as an Assistant Director of that Division ton on February 18-20, 1951. The annual organi- and as Assistant Administrator of the Office of Real zation meeting of the Council was held on Feb- Estate Credit. ruary 18, at which Edward E. Brown, Chairman Mr. Henry Benner was appointed an Assistant of the First National Bank of Chicago, was re- Director of the Division of Selective Credit Reguelected President; Robert V. Fleming, President lation, effective February 18, 1951. Formerly, Mr. and Chairman of The Riggs National Bank, was Benner was a Trust Examiner for the Federal re-elected Vice President; and Herbert V. Prochnow Reserve Bank of Philadelphia and for several was reappointed Secretary. The Council met with months prior to his recent appointment he had been the Board of Governors of the Federal Reserve on a temporary assignment with the Board of System on February 20. Governors in connection with activities relating to On March 1-2 and March 8 meetings of the Fed- Regulation X. eral Open Market Committee were held. At the Mr. E. A. Heath, an Assistant Cashier and an meeting on March 1, Thomas B. McCabe was re- Assistant Secretary of the Federal Reserve Bank of elected Chairman of the Committee and Allan Chicago, was appointed Acting Assistant Director Sproul Vice Chairman. The representative mem- of the Division of Selective Credit Regulation, bers of the Committee elected by the Federal Re- effective March 9, 1951. Prior to this appointment, serve Banks for the period of one year beginning Mr. Heath had been serving for several months on March 1, 1951, are Allan Sproul, Alfred H. Wil- a temporary assignment with the Board of Govliams, Ray M. Gidney, H. G. Leedy, and R. R. ernors in connection with selective credit regulation Gilbert, Presidents of the Federal Reserve Banks activities. of New York, Philadelphia, Cleveland, Kansas Mr. G. R. Murff, formerly Chief Field Examiner, City, and Dallas, respectively. Division of Examinations, was transferred to the A meeting of the Presidents of the Federal Office of the Secretary as an Assistant Secretary Reserve Banks was held in Washington on March and assumed his new duties on February 21, 1951. 7 and 8 and on March 9 the Presidents met with Mr. Murff became associated with the Board of the Board of Governors of the Federal Reserve Governors on January 6, 1934, as a member of the System. Board's field examining staff. Mr. Arthur H. Lang was designated Chief Fed- Changes in Board's Staff eral Reserve Examiner in the Division of Examina- Mr. Arthur Phelan, who had been serving as tions, effective February 21, 1951. Mr. Lang has Acting Director of the Division of Selective Credit served continuously as a member of the Board's Regulation since the Division was established in field examining staff since his employment on December 1950, has reassumed his duties as a Vice March 28, 1942. President of the Federal Reserve Bank of New York. Mr. Phelan had been assigned to the Board Appointments of Presidents and First Vice Presidents of Governors for several months on a temporary of Federal Reserve Banks basis in connection with the development and administration of selective credit activities. The Board of Governors approved the appoint- Mr. Guy E. Noyes, who had been serving as ments by the respective boards of directors of the Assistant Director of the Division of Selective Federal Reserve Banks of the following Presidents Credit Regulation since its inception, was appointed and First Vice Presidents for the terms beginning Director of that Division, effective March 1, 1951. March 1, 1951. These appointments were made Mr. Noyes joined the Board's staff on November by the boards of directors and approved by the 1, 1948, as Assistant to the Director of the Division Board of Governors pursuant to the provisions of MARCH 1951 275 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS paragraph 4 of section 4 of the Federal Reserve Retirement of President of the Federal Reserve Bank of Atlanta Act, as amended: Mr. W. S. McLarin, Jr., who had served as Federal President of the Federal Reserve Bank of Atlanta Reserve Ban\ President First Vice President since May 9, 1941, retired on March 1, 1951. Mr. Boston Joseph A. Erickson Alfred C. Neal McLarin became associated with the Federal Re- New York Allan Sproul L. R. Rounds Philadelphia Alfred H. Williams W. J. Davis serve Bank of Atlanta on July 17, 1916, and had Cleveland Ray M. Gidney Wm. H. Fletcher served as an officer since August 19, 1921. Richmond Hugh Leach J. S. Walden, Jr. Atlanta Vacancy L. M. Clark Death of Director Chicago C. S. Young E. C. Harris Mr. Lewis H. Brown, Chairman of the Board, St. Louis Delos C. Johns O. M. Attebery Minneapolis J. N. Peyton A. W. Mills Johns-Mansville Corporation, New York, New Kansas City H. G. Leedy Henry O. Koppang York, who had served as a Class B director of the Dallas R. R. Gilbert W. D. Gentry Federal Reserve Bank of New York since Jan- San Francisco C. E. Earhart H. N. Mangels uary 1, 1947, died on February 26, 1951. All of the above represent reappointments with the exception of Mr. Neal at Boston. Admissions of State Banks to Membership in the Federal Reserve System Mr. Neal, who had been an officer of the Federal Reserve Bank of Boston since January 13, 1947, The following State banks were admitted to and Vice President and Director of Research since membership in the Federal Reserve System during May 1, 1948, succeeded Mr. William Willett, who the period January 16, 1951 to February 15, 1951: retired on March 1, 1951. Mr. Willett had served Illinois with the Federal Reserve Bank of Boston since its Pontiac—Bank of Pontiac. opening in November 1914. He was appointed an officer of the Bank on August 2, 1917, and had Indiana served as First Vice President since April 1, 1942. Nashville—The Nashville State Bank. 276 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled February 26 and released for publication February 28] Activity at factories and mines and in the con- tries, reflecting in part the initial effects of cuts in struction industry was generally maintained at ad- metal use for nondefense purposes and in part vanced levels in January and February. Depart- temporary factors. A moderate decline in the automent store sales in February were down somewhat mobile industry reflected mainly additional modelfrom the peak rate reached in mid-January. Prices changeovers. Production of most household duof agricultural commodities advanced further, while rable goods was maintained close to earlier record prices of industrial commodities levelled off after levels. Steel production increased in January to a the Federal price-freeze order on January 26. Bank new record annual rate of 104 million tons. Outloans to business continued to expand substantially put of railroad equipment and aircraft also exin January and early February. panded further. Lumber production was at an exceptionally high level for this season. INDUSTRIAL PRODUCTION The rise in nondurable goods output in January The Board's production index in January was reflected mainly new record levels of paper pro- 219 per cent of the 1935-39 average, 10 per cent duction, and gains in cotton textiles, chemicals, and above last June and 20 per cent above January 1950. petroleum products. Meat production declined Output of durable goods declined slightly in Janu- from the high November-December rates, but was ary, while production of nondurable goods and of 3 per cent larger than a year ago. minerals increased somewhat. In February, industrial production is estimated EMPLOYMENT to have declined slightly, owing mainly to the Employment in nonagricultural establishments, effects of work stoppages at railroad terminals and seasonally adjusted, increased slightly further in in the wool textile industry. After the end of the mid-January to 45.7 million. Employment in retail rail strike in mid-February, steel and coal produc- trade, construction, and manufacturing industries tion recovered to about January levels and automo- declined less than is usual at this season. The bile output rose to the highest weekly rate since average work week in manufacturing decreased to last October. 40.6 hours, as compared with an average of 41.3 Small reductions in activity were fairly wide- in the preceding three months; average hourly spread in January among metal fabricating indus- earnings showed some further rise. INDUSTRIAL PRODUCTION DEPARTMENT STORE SALES AND STOCKS P 2 E 6 R 0 CENT PHYSICAL VOLUME, SEASONALLY ADJUSTED, 1935 - 39 • IOC PEF 260 P 4 E 0 R 0 CENT DOLLAR VOLUME, SEASONALLY ADJUSTED, 1935-39' 100 PER 240 r \ V 240 220 7> \ 220 350 SALES H / / 300 200 V 200 A 1 : V fV \ V \r 180 V 180 250 1 / STOCKS 160 V - 160 200 1 / A,/ i I 140 140 /\ / - 150 120 120 100 100 100 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 Federal Reserve index. Monthly figures, latest shown are Federal Reserve indexes. Monthly figures, latest shown are for January. for January. MARCH 1951 277 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS CONSTRUCTION cent above the low point reached early last year. Prices of industrial commodities showed little Value of construction contracts declined in Janufurther rise from a level 17 per cent higher than ary, reflecting seasonal decreases in most categories a year ago. of awards. The number of housing units started Consumer prices probably advanced somewhat in January continued at a very high winter rate, further in January, with increases in food prices totaling 87,000 as compared with 95,000 in Decemagain accounting for most of the rise. ber and 79,000 in January 1950. The moderate decline from December to January reflected a sharp BANK CREDIT AND THE MONEY SUPPLY drop in public units offset in part by some rise in private units started. Business loans at banks in leading cities increased substantially further during January and the first half of February—a season of the year when these DISTRIBUTION loans usually decline. Deposits and currency held The Board's seasonally adjusted index of the by businesses and individuals decreased somewhat value of department store sales in January was 360 owing in part to a seasonal transfer of funds from per cent of the 1935-39 average. This was 28 per private to Treasury accounts as a result of income cent higher than in January 1950 and about equal tax payments. Purchases of Government securities to the peak reached last July immediately after from the banking system by nonbank investors and the Korean outbreak. Dollar sales at most other a continued gold outflow also tended to reduce the retail outlets, especially apparel stores, exceeded privately held money supply during this period. their earlier peaks. In mid-February, sales at de- Required reserves of member banks increased partment stores were about 16 per cent greater by about 2 billion dollars between mid-January and than in the same period a year ago. Despite the exceptionally large volume of sales of numerous early February as a result of additions to legal nondurable as well as durable goods, retailers' in- reserve requirements. Banks met these increases ventories have been generally maintained reflecting in part by their usual receipts of reserves at this the sustained high level of output. season of the year and in part by selling United States Government securities. COMMODITY PRICES SECURITY MARKETS The wholesale price level continued to advance A rise in common stock prices during the first after the anouncement of the general Federal freeze two weeks of February was almost completely offorder on January 26, reflecting mainly increases set by a decline in the third week. Yields on most in farm products and foods which are only partly controlled. Farm products rose 4 per cent further United States Government securities and high-grade by the third week in February, to a level 33 per corporate bonds continued to show little change. WHOLESALE COMMODITY PRICES MEMBER BANKS IN LEADING CITIES 1944 1945 1946 1947 1948 1949 1950 1951 1944 1945 1946 1947 1948 1949 1950 1951 Bureau of Labor Statistics' indexes. Weekly figures, latest Wednesday figures, latest shown are for Feb. 28. shown are for week of Mar. 6. 278 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGE Member bank reserves, Reserve Bank credit, and related items 281-282 Federal Reserve Bank discount rates; rates on industrial loans; rates on time deposits; reserve requirements; margin requirements. . 282-283 Federal Reserve Bank statistics. . 284-288 Guaranteed Regulation V loans. 288 Deposits and reserves of member banks. . 289 Money in circulation. . - - 290-291 Bank debits and deposit turnover; Postal Savings System. 291 Consolidated statement of the monetary system, deposits and currency. 292 All banks in the United States, by classes ... 293-295 All insured commercial banks in the United States, by classes. . 296-297 Weekly reporting member banks 298-301 Number of banking offices on Federal Reserve par list and not on par list 302 Commercial paper, bankers' acceptances, and brokers' balances. . 303 Money rates; bank rates on business loans; bond yields. 304 Security prices and new issues 305-306 Corporate sales, profits, and dividends. . 307-308 Treasury finance. . 309-311 Government corporations and credit agencies. . 312 Business indexes 313-322 Department store statistics. . 323-326 Cost of living. . . 326 Wholesale prices. . .... 327 Gross national product, national income, and personal income. 328-329 Consumer credit statistics 330-332 Current statistics for Federal Reserve chart books. 333-337 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. 279 MARCH 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES 30 25 £i^t^^ 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 Feb. 28. See page 281. 280 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 pei-iod c v o a D a a u i n n d s n c d - - t e s s To U t . a l S. s e G B c o u o r v n i e d t r s ie n s m c c B e e a r i n t t l t i l e f s s i , , - ot A h l e l r1 Total s G t o o l c d k T s r r t o c u e i e a u u r n n t a r n y c g s d - - y - - M i c o n t u i n l o c a e i n - y r- T h c r i u o a e n r l s g a y d h s s - - F u T B e p s r w r o d a R e y i e s e e n r t a i r d v - k t s h a e e s s - l - b p m N e o e o r s m n i d t - - e s - c O s F o e R t e a e r u e r h c a d n v - - e l - t e r s Total qu R i e r - ed2 c E e x s - s2 notes Wednesday figures: j: 1950—Jan. 4. . 95 18,829 7,212 11,617 547 19,47124,427 4,597 27,551 319 547 1,304 719 7,055 15,597 1,458 Jan. 11.. 99 18,230 7,165 11,065 315 18,64424,426 4,596 27,311 313 255 1,382 719 6,686 15,593 1,093 Jan. 18.. 97 17,872 7,134 10,738 414 18,38324,426 4,596 27,121 315 381 1,380 719 6,487 15,630 857 Jan. 25.. 12117,764 7,130 10,634 416 18,30024,425 4,596 26,913 li321 539 1,408 721 6,419 15,617 802 Feb. 1. . 456 17 855 7,103 10,752 309 18 62024,395 4,599 26 928 l318 637 1 478 721 6,532 15,534 998 Feb. 8.. 223 17 656 6,969 10,687 267 18 14624,345 4,598 26 985 l313 366 1 432 727 6,265 15,456 809 Feb. 15.. 267 17 781 6,920 10,861 533 18 58124,343 4,598 26 993 l313 671 1 419 728 6,400 15,383 1,017 Feb. 21. . 94 17 625 6,887 10,738 373 18 09224,345 4,598 27 019 1 311 380 1 419 731 6,176 15,428 748 Mar. 1.. 314 17 757 6,840 10,917 383 18 45424,345 4,600 27 060 l316 555 1 444 736 6,288 15,347 941 Mar. 8.. 87 17 846 6,804 11,042 431 18 36324,345 4,601 27 105 l322 433 1 454 739 6,258 15,261 997 Mar. 15. . 7117 791 6 615 11,176 402 18 26424 320 4,601 27 023 l307 9 1 315 759 6,771 15,405 1,366 Mar.22. . 18617 573 6 529 11,044 277 18 03624 271 4,600 26 972 l308 759 1 139 761 5,969 15,324 645 Mar.29.. 365 17 516 6 415 11 101 263 18 14424 246 4,599 26 969 l321 997 1 155 76615,782 15,268 514 Apr. 5. . 16817 572 6 357 11 215 392 18 13224 246 4 601 27 133 l317 622 1 167 76915,971 15209 762 Apr. 12. . 16017 597 6 327 11 270 311 18 06824 247 4 600 27 072 l313 587 1 177 76915,996 15248 748 Apr. 19.. 13717 410 6 220 11 190 381 17 92824 247 4 600 26 992 1 319 647 1 261 77115 786 15265 521 Apr. 26. . 218 17 640 6 204 11 436 282 18 14124 247 4 600 26 962 316 833 1 208 77215,898 15243 655 May 3.. 12117 711 6 098 11 613 359 18 19224 247 4 602 27 051 l326 678 1,287 71315986 15224 762 May 10. . 90 17 591 5 976 11 615 297 17 97824 249 4 602 27 041 l318 533 1,314 71715907 15 147 760 May 17.. 7917 401 5 911 11 490 521 18 00124 230 4 601 26 980 l 294 426 1,293 71616 123 15275 848 May 24. . 10617 290 5 854 11 436 288 17 68324 230 4 601 26 908 l292 428 1,246 71815922 15305 617 May 31. . 306 17 389 5 802 11 587 239 17 93524 231 4 606 27 090 l 309 588 1,254 71815814 15288 526 June 7.. 94 17 672 5 726 11 946 377 18 14324 232 4 605 27,079 l,309 472 1,321 73316067 15350 717 June 14.. 7917 693 5 681 12 012 498 18 27024 232 4 604 26,993 l,304 319 1,447 73516309 15433 876 June21. . 7417 679 5 650 12 029 508 18 26124 231 4 604 26,926 l,294 529 1,395 78416 169 15522 647 June28. . 69 18 217 5 644 12 573 281 18,56724 230 4 608 27,026 1,306 866 1,441 77815988 15462 526 July 5.. 83 18 586 5 555 13 031 281 18 95024,231 4 607 27,315 1,302 645 1,470 80216254 15463 791 July 12.. 65 18 294 5 411 12 883 399 18,75724 207 4 606 27,169 l,309 383 1,457 80416448 15 544 904 July 19.. 19917 869 5 286 12 583 407 18,47524,207 4 606 27,029 l,310 525 1,462 80416 157 15527 630 July 26. . 35017,964 4 997 12 967 322 18,63624,157 4 605 26,915 l,315 504 1,439 80916415 15585 830 Aug. 2. . 301 18,143 4 860 13 283 318 18,76224 136 4 609 27,000 l,304 564 1,487 75716395 15 553 842 Aug. 9.. 263 18 349 4 791 13 558 292 18,90424 035 4 608 27,015 l,309 667 1,431 75916366 15535 831 Aug. 16.. 10618,334 4 691 13 643 449 18,88923 954 4 608 26,976 l,309 717 1,392 75916298 15613 685 Aug. 23.. 11518 577 5 440 13 137 191 18,88323,803 4 609 26,963 l,308 562 1,272 74816442 15686 756 Aug. 30. . 10718,584 6 551 12 033 288 18,97923,752 4,611 27,042 l,308 676 1,304 72816285 15 767 518 Sept. 6. 99 18,942 7,284 11,658 396 19,43823,577 4,613 27,259 l,311 511 1,220 71616611 15 747 864 Sept. 13. 7119,064 8,233 10,831 529 19,66523,576 4,613 27,151 l,305 648 1,182 70316,865 15,934 931 Sept. 20. 51 18,526 3,731 14,795 591 19,16923,525 4,613 27,081 l,301 654 1,204 76816299 15,946 353 Sept. 27. 12019,353 3,773 15,580 601 20,07523,474 4,614 27,060 l,307 1,144 1,190 76216699 15,837 862 Oct. 4. 45 19,375 3,824 15,551 552 19,97223,482 4,617 27,188 l,308 848 1.288 81316,626 15,848 778 Oct. 11. 68 19,507 3,923 15,584 470 20,04423,432 4,618 27,339 1,316 508 1,332 81016,789 15,829 960 Oct. 18. 39 19,506 3,979 15,527 881 20,42623,291 4,617 27,228 l,313 449 1,292 80717,245 15,995 1,250 Oct. 25. 50 19,229 4,058 15,171 473 19,75323,290 4,618 27,121 l,300 420 1,367 80516,649 15,962 687 Nov. 1. 11119,291 4,198 15,093 458 19,86023,249 4,622 27,219 l,304 452 1,335 74816,674 15,947 727 Nov. 8. 291 19,311 4,271 15,040 251 19,85323,198 4,622 27,388 l,292 298 1,324 74816,625 15,906 719 Nov. 15. 7119,425 4,281 15,144 675 20,17123,148 4,621 27,296 l,304 341 1,199 74517,054 16,044 1,010 Nov. 22. 247 19,296 4,268 15,028 619 20,16223,097 4,622 27,450 l,281 541 1,242 74516,622 16,084 538 Nov. 29. 240 19,569 4,346 15,223 692 20,50123,037 4,626 27,543 l,298 564 1,218 74216,799 16,120 679 Dec. 6. 11020,239 4,571 15,668 573 20,92222,976 4,628 27,698 l,294 540 1,220 72517,049 16,100 949 Dec. 13. 6920,529 4,820 15,709 746 21,34422,926 4,628 27,759 l,294 451 1,213 71617,465 16,365 1,100 Dec. 20. 5420,227 4,533 15,6941,583 21,86422,796 4,630 27,929 l,291 685 1,208 76017,416 16,550 866 Dec. 27. 30120,337 4,589 15,7481,081 21,72022,795 4,631 27,916 l,295 786 1,215 76017,174 16,415 759 1951—Jan. 3. 2820,571 4,624 15,9471,28121,87922,706 4,634 27,685 l,299 546 1,250 74717,691 16,500 1,191 Jan. 10. 7320,461 4,674 15,787 700 21,23522,546 4,635 27,415 l,308 273 1,173 74517,502 16.391 1,111 Jan. 17. 10120,798 4,747 16,0511,02421,92322,494 4,635 27,200 l,303 105 1,113 74318,587 17,618 969 Jan. 24. 27320,545 4,747 15,798 790 21,60822,443 4,635 27,028 l,303 256 1,095 74318,260 17,610 650 Jan. 31. 79821,484 4,965 16,519 769 23,05122,392 4,638 27,048 l,297 807 1,206 73718,984 18,047 93 7 Feb. 7. 64321,641 5,080 16,561 976 23,26022,341 4,638 27,125 l,307 795 1,200 73619,075 18,249 826 Feb. 14. 29421,808 5,202 16,6061,22923,33022,260 4,637 27,159 l,292 864 1,226 73418,952 18,211 741 Feb. 21. 19621,854 5,320 16,5341,23323,28322,207 4,637 27,164 l,277 796 1,223 73318,934P18,352 P582 Feb. 28. 39721,881 5,393 16,488 909 23,188P 22,086 P4,640P27 ,188 P\,293 465 1,172 72919,066P18,405 P661 P Preliminary. 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. MARCH 1951 281 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 outistanding Member bank reserve balances Date or period co D u is n - ts U. S. s e G cu o r v i e ti r e n s ment s G to o c ld k T re u r n e ry c a y s- M i c n u o l c n a i e - r y - T c u r a e r s a y h s- F u T p e w r r o d y e i s e t a i d r h t s a e s - l - b m N er e o m d n e - - - O F e R t e r h e a d - e l - r a a n d d - c B er i t l i ls fi , - ot A h l e l r1 Total s o ta u n t- d- tion h i o n l g d s - se R r e v - e posits se a r c v - e Total qu R ir e e - d2 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 6,4445,209 1941—Dec. 31... 3 2,254 1,467 787 104 2,361 22,737 3,247 11,160 2,215 867 1,360 291 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 L ,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 10,977 12,356 542 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 1,307 438 941 713 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— Feb. 131 17,746 6,857 10,889 349 18,226 24,345 4,602 27,068 1,310 666 \ .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 1,132 766 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 1,295 569 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 1,287 714 1,206 738 16,763 16,118 645 Dec. 67 20,778 4,620 16,158 1,371 22,216 22,706 4,636 27,741 L.293 668 1,460 714 17,681 16,509 1,172 1951—Tan.. 798 21,484 4,965 16,519 769 23,051 22,392 4,638 27,048 1,297 807 1,206 737 18,984 18,047 937 Feb 397 21,881 5,393 16,488 909 23,188 P22,086 P4.640P27.188 V1,293 465 L ,172 729 19,066 P18.405 P661 Averages of daily figures: 1949—Dec 189 18,287 7,360 10,927 536 19,012 24,451 4,596 27,734 1,307 687 1,315 724 16,291 15,488 803 1950—jan 101 18,082 7,158 10,924 466 18,649 24,420 4,597 27,220 1,314 472 1,420 719 16,520 15,585 936 Feb 178 17,705 6,948 10,757 427 18,310 24,346 4,598 27,008 1,310 585 ,478 728 16,146 15,409 737 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 17,263 825 Feb 330 21,733 5,197 16,536 1,222 23,286 22,249 4,637 27,145 1,290 842 L ,255 734 18,907 For footnotes see preceding page. MAXIMUM RATES ON TIME DEPOSITS MEMBER BANK RESERVE REQUIREMENTS [Per cent per annum] fPer cent of depositsl Nov. 1, 1933-Feb. 1, 1935- Effective Net demand deposits 1 Jan. 31, 1935 Dec. 31, 1935Jan. 1, 1936 Time S O P a o t v h s i t e n a r l g d s S e a d p v e o i p s n o i g t s s s i ts p de a p y o a s b i l t e s : Ef o fe f c t c i h ve a ng d e ate 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 d m b e e a p ( m n a o k l s b l s i e t ) s r In 6 months or more In 90 days to 6 months. . . In less than 90 days 1938—Apr. 16 22H 12 5 1941—Nov. 1 26 20 14 6 e e m t b i p n i f s a a o f a t i N e n n a w y d c b k O t h s l Q i n i b T v i s c . o y o e E h h t r e . F — i d U t t i n e r n h s n u M b e b u d s . a y r a t e m 1 n e x r , d y c e i t o m h 1 t m h m e 9 e n u b i 3 v o m s p e 6 e B n a r , n R m n o t a r b i a e a e r e r a g e e t m s d n e u x t s k b o c l h a o e e n e t f t e i r i s h d s l o i a G a b n l k t m o a t e o h c n t e v m e a h d k e t e a e s a r e s m p n y d r o o a t . a a h s s r x b t s i o e t e i s s e M m e u s p p u u t n a a i a a n m n x d y b i d i e a d l e m e r i b f s r r f u l a h b e e p m t t c y e r e h t d o b e v y m f r p o a i b l a s e a r t a y i y e m w o m s a m n s b t b e h s t e e l o m h e e r m f o a b t f b b F b t e h e y a r . m e R D r n b a k e S . b S a y I g s t n . a t u a C a n k b l a t t k e a . s e s e , . - 1 1 1 9 9 94 4 4 2 9 8 — — — O S J S S M A M F u e e e e c u a n a p p p b t g y y . e t t t . . . . . 2 2 2 1 1 1 3 5 4 7 0 4 1 6 1 2 2 2 2 2 2 2 4 6 4 0 2 2 4 2 2 2 1 ... 1 . 6 .... V •7 * June 30 20 »6 MA [ R Pe G r I c N e nt R o E f Q m U a I r R k E et M v E al N u T e] S * A A Ju u u l g g y . . 1 1 1 1 23^ 1 1 4 3 « «5 6 Aug. 16 12 Feb. 1, Mar. 30, Effec- Aug. 18 23 19 Prescribed in accordance with 1947- 1949 - tive Aug. 25 22^ Securities Exchange Act of 1934 Mar. 29, Jan. 16, Jan. 17, Sept. I 22 18 1949 1951 1951 1951—Jan. 11 23 19 »6 Jan. 16 13 Jan. 25 24 20 Regulation T: Feb. 1 14 For extensions of credit by brokers In effect Mar. 1, 1951 4 24 20 14 6 and dealers on listed securities 75 50 75 Re F g o u r l a s t h io o n rt U sa : les 75 50 75 1 Demand deposits subject to reserve requirements, which beginning For loans by banks on stocks 75 50 75 A in u p g r . oc 2 e 3 s , s 1 o 9 f 3 c 5 o , ll h e a c v ti e o n b a e n en d d to em tal a n d d e m ba a l n a d n ce d s e p d o u s e i t f s r om m in d u o s m c e a st s i h c b it a e n m k s s (also minus war loan and series E bond accounts during the period 1 Regulations T and U limit the amount of credit that may be ex- Apr. 13, 1943-June 30, 1947). tended on a security by prescribing a maximum loan value, which is a 2 Requirement became effective at country banks. 3 Requirement specified percentage of its market value at the time of the extension; the became effective at central reserve and reserve city banks. "margin requirements" shown in this table are the difference between 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* 282 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 corporations other than member Advances secured by Government banks secured by direct obligations and discounts of and Other secured advances obligations of the U. S. Federal Reserve Bank advances ( s S e e c e u s r . e 1 d 3 b a y n d el i 1 g 3 ib a l ) e 1 paper [Sec. 10(b)] (last par. Sec. 13) Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Feb. 28 beginning— rate Feb. 28 beginning— rate Feb. 28 beginning— rate Boston , Aug. 21,1950 Aug. 21,1950 Jan. 14,1948 New York..., Aug. 21,1950 Aug. 21,1950 JOct. 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 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 2 M Ka i n n s n a e s a p C o i l t i y s. . . . A Au u g g . . 2 2 2 5 , , 1 19 9 5 5 0 0 A Au u g g . . 2 2 5 2 , ,1 1 9 9 5 5 0 0 A Ja u n g . . 1 2 9 3 , ,1 19 9 4 4 8 8 1" 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. * 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 Feb. 28 ginning— rate Maturities not exceeding five years 1- 90 days 1M Aug. 21, 1950 [In effect February 28. Per cent per annum] 91-120 days IK Aug. 21, 1950 121-180 days Aug. 21, 1950 To industrial or NOTE.—Minimum buying rates at the Federal Reserve Bank of commercial To financing institutions New York on prime bankers' acceptances payable in dollars. The businesses same rates generally apply to any purchases made by the other Federal Reserve Banks. On discounts or 443 B - a 4 c 4 k 5 f . igures.—See Banking and Monetary Statistics, Table 117, pp. Federal purchases Reserve Bank On On On commit- Portion commit- FEES AND RATES ESTABLISHED UNDER REGULATION V loans 1 ments for which Rej- ments ON LOANS GUARANTEED PURSUANT TO DEFENSE institu- maining PRODUCTION ACT OF 1950 AND EXECUTIVE tion is portion ORDER NO. 10161 obligated [In effect February 28] Fees Payable to Guaranteeing Agency by Financing Institution on Boston 0) Guaranteed Portion of Loan New York Philadelphia 8 Cleveland (») Guarantee fee Percentage of Richmond Percentage of (percentage of any commitment Atlanta 8 loan guaranteed interest payable fee charged Chicago by borrower) borrower St. Louis Minneapolis.... Kansas City 70 or less 10 10 Dallas 75 15 15 San Francisco... 80 20 20 85 ... . ... 25 25 90 30 30 1 Including loans made in participation with financing institutions. 95 35 35 * 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 8 Charge of J€ 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. MARCH 1951 283 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 1951 Feb. 28 Feb. 21 Feb. 14 Feb. 7 Jan. 31 Jan. 24 Jan. 17 Feb. Jan. Feb. Assets Gold certificates 20,257,40320,380,40220,430,90320,512,90320,564,90220,621,90320,664,40220,257,40320,564,90222,582,427 Redemption fund for F. R. notes 594,817 591,817 594,285 597,305 595,372 588,455 586,245 594,817 595,372 537,921 Total gold certificate reserves. . . .20,852,220 20,972,219 21,025,188 21,110,208 21,160,274 21,210,358 21,250,647 20,852,220 21,160,274 23,120,348 Other cash 359,038 370,291 367,001 359,385 384,718 373,253 352,916 359,038 384,718 314,230 Discounts and advances: For member banks.. . 397,557 196,212 294,335 642,905 798,142 272,316 100,358 397,557 798,142 84,647 For nonmember banks, etc 45,800 Total discounts and advances 397,557 196,212 294,335 642,905 798,142 272,316 100,358 397,557 798,142 130,447 Industrial loans 3,606 3,628 3,520 3,579 3,445 3,246 3,301 3,606 3,445 2,400 U. S. Govt. securities: Bills 1,526,606 1,658,664 1,699,664 1,661,164 1,698,664 1,164,864 1,257,964 1,526,606 1,698,664 3,856,724 Certificates: Special Other 6,332,350 Notes 14,960,983 14,875,383 14,905,683 14,899,783 14,820,283 14,633,251 14,793,451 14,960,983 14,820,283 700,600 Bonds 5,393,375 5,319,875 5,202,175 5,079,675 4,965,425 4,746,625 4,746,925 5,393,375 4,965,425 6,856,800 Total U. S. Govt. securities 21,880,964 21,853,92221,807,52221,640,62221,484,372 20,544,740 20,798,340 21,880,96421,484,37217,746,474 Other Reserve Bank credit outstanding 905,437 1,228,775 1,224,862 972,635 764,685 787,211 1,021,040 905,437 764,685 346,598 Total Reserve Bank credit outstanding23,187,564 23,282,53723,330,239 23,259,74123,050,64421,607,51321,923,039 23,187,564 23,050,64418,225,919 Liabilities Federal Reserve notes. . 23', 109,85123,086,830 23,096,69723,100,92423,026,32123,008,53823,161,40123,109,85123,026,32122,974,297 Deposits: Member bank — reserve accounts 19,066,16518,933,75018,951,70619,075,27718,984,12418,259,90318,587,01819,066,165*18,984,12415,972,809 U. S. Treasurer—general account 465,141 795,952 864,079 795,435 807,342 256,421 105,009 465,141 807,342 665,776 Foreign 838,880 887,736 916,241 886,919 866,455 850,321 904,410 838,880 866,455 884,052 Other 333,326 335,175 310,394 313,378 340,017 244,664 209,474 333,326 340,017 541,779 Total deposits 20,703,512 20,952,613 21,042,420 21,071,009 20,997,938 19,611,309 19,805,911 20,703,512 20,997,938 18,064,416 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent)... 47.6 49.5 56.3 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] Total 1 W 5 it d h a i y n s 16 d a to y s 90 91 1 d a y y e s a r to O to v e 5 r y 1 e y a e rs ar O to v e 1 r 0 5 y y e e a a r r s s 10 O y v e e a r rs Discounts and advances: Jan. 31 798,142 788,842 9,227 73 Feb. 7 642,905 625,464 17,368 73 Feb. 14 294,335 277,177 17,128 30 Feb. 21 196,212 189,022 7,166 24 Feb. 28 397,557 387,868 9,668 21 Industrial loans: Jan. 31 3,445 40 291 2,153 961 Feb. 7 3,579 44 267 2,313 955 Feb. 14 3,520 180 144 2,223 973 Feb. 21 3,628 58 269 2,173 1,128 Feb. 28 3,606 48 269 2,160 1,129 U. S. Government securities: Jan. 31 21,484,372 689,599 1,019,065 12,157,285 4,002,023 986,700 2,629,700 Feb. 7 21,640,622 434,452 1,237,712 12,282,385 4,065,373 986,700 2,634,000 Feb. 14 21,807,522 594,933 1,104,731 12,306,785 4,154,473 986,700 2,659,900 Feb. 21 21,853,922 419,108 1,239,556 12,249,985 4,184,173 986,700 2,774,400 Feb. 28 21,880,964 164,650 1,361,956 12,231,185 4,308,973 986,700 2,827,500 284 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total Boston Y N o e r w k d P e h l i p l h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t i . s M a i p n ol n i e s - Ka C n it s y as Dallas F S r a a n ncisco Assets Gold certificates: Jan. 31 20,564,902 760,878 6,557,5531,192,3791,389,766 824,044 852,3284,317,024 594,490 357,470 762,426 533,283 2,423,261 Feb. 7 20,512,903 747,059 6,627,9411,185,5741,397,499 808,463 838,4054,198,544 590,251 360,979 768,464 561,7342,427,990 Feb. 14 20,430,903 715,646 6,567,3701,192,2771,374,778 821,584 872,4834,151,740 589,211 385,454 757,417 555,4782,447,465 Feb. 21 20,380 402 767,346 6,493,3201,171,5081,412,499 818,821 872,7264,136,147 620,632 375,623 762,691 557,3242,391,765 Feb. 28 20,257,403 706,149 6,611,5301,181,8311,348,937 806,088 811,7974,225,524 588,634 376,611 728,751 532,4702,339,081 Redemption fund for F. R. notes: Jan. 31 595,372 53,540 49,219 49,702 71,232 57,720 44,163 99,695 40,566 21,397 34,901 25,333 47,904 Feb. 7 597,305 53,538 49,208 49,699 71,228 57,713 44,159 99,684 42,562 21,396 34,898 25,331 47,889 Feb. 14 594,285 53,279 48,225 49,284 70,918 57,707 43,933 99,377 42,453 21,348 34,810 25,263 47,688 Feb. 21 591,817 53,142 47,698 49,039 70,764 56,448 43.821 99,186 42,391 21,827 34,783 25,218 47,500 Feb. 28 594,817 53,142 47,698 49,039 70,764 59,448 43,821 99,186 42,391 21,827 34,783 25,218 47,500 Total gold certificate reserves: Jan. 31 21,160,274 814,418 6,606,7721,242,0811,460,998 881,764 896,491 4,416,719 635,056 378,867 797,327 558,6162,471,165 Feb. 7 21,110,208 800,597 6,677,1491,235,2731,468,727 866,176 882,5644,298,228 632,813 382,375 803,362 587,065 2,475,879 Feb. 14 21,025,188 768,925 6,615,5951,241,5611,445,696 879,291 916,4164,251,117 631,664 406,802 792,227 580,741 2,495,153 Feb. 21 20,972,219 820,488 6,541,0181,220,5471,483,263 875,269 916,5474,235,333 663,023 397,450 797,474 582,5422,439,265 Feb. 28 20,852,220 759,291 6,659,2281,230,8701,419,701 865,536 855,6184,324,710 631,025 398,438 763,534 557,6882,386,581 Other cash: Jan. 31 384,718 39,839 73,633 24,966 35,921 28,669 24,676 56,733 15,641 8,012 14,324 16,433 45,871 Feb. 7 359,385 36,634 67,351 22,903 31,198 23,582 24,143 59,209 15,221 6,783 12,479 15,951 43,931 Feb. 14 367,001 38,269 69,049 22,941 35,147 23,214 22,716 59,572 15,487 6,860 12,069 15,441 46,236 Feb. 21 370,291 36,775 65,090 23,287 33,230 24,702 27,444 59,884 17,911 7,290 12,480 14,485 47,713 Feb. 28 359,038 36,649 64,437 21,739 34,620 24,098 25,891 57,006 15,438 6,637 12,462 13,334 46,727 vances: Secured by U. S. Govt. securities: Jan. 31.. 791,988 6,320 417,285 6,030 57,000 17,696 18,962 98,525 39,815 35,172 17,858 77,325 Feb. 7. . 634,051 11,320 358,285 6,525 65,210 11.946 25.410 96,825 21.090 26,332 6,508 4,600 Feb. 14 290,867 22,170 118,610 5,755 29,485 16,050 14,760 22,975 26,925 18,497 3,840 11,800 Feb. 21.. 191,136 4,750 67,375 5,755 13,035 10,500 9,310 20,275 23,250 23,172 7,014 2,700 4,000 Feb. 28. . 395,295 6,375 170,080 12,245 52,525 17,700 22,510 16,125 26,300 12,317 18,168 10,850 30,100 Other: Jan. 31.. 6,154 60 5,000 94 1,000 Feb 7 8 854 58 350 6,500 94 1,852 Feb. 14. . 3,468 52 1 000 2,416 Feb. 21.. 5,076 52 2 700 2,324 Feb. 28. . 2,262 54 52 2,156 Industrial loans: Jan. 31 3 445 26 2,345 1 133 7 192 741 Feb. 7. 3,579 26 2,456 132 7 187 771 Feb. 14 3,520 26 2,434 124 37 185 714 Feb. 21 3,628 26 2,525 125 30 184 738 Feb. 28 3,606 26 2,517 115 30 180 738 U. S. Govt. securities: Bills: Jan. 31.... 1,698,664 19,457 544,502 102,916 152,787 108,760 88,259 257,586 63,000 45,376 77,014 78,270 160,737 Feb. 7.... 1,661,164 21,088 515,247 103,325 153,394 109,192 88,610 258,556 42,344 52,132 77,320 78,581 161,375 Feb. 14.... 1,699,664 15,602 554,652 106,314 157,832 112,351 91,173 265,640 22,359 47,287 79,557 80,854 166,043 Feb. 21 1,658,664 561,935 104,363 154,936 110,290 89,500 261,017 8,460 47,699 78,096 79,371 162,997 Feb. 28.... 1,526,606 8',826 487,900 96,054 142,600 101,509 82,374 241,320 26,227 45,340 71,878 72,558 150,020 Notes: Jan. 31 14,820,2831,051,219 3,321,772 931,863 1,383,429 984,780 799,1482,209,028 807,442 470,167 697,327 708,702 1,455,406 Feb. 7 14,899,7831,056,791 3,340,325 936,802 1,390,761 990,000 803,3842,220,736 811,722 472,659 701,024 712,458 1,463,121 Feb. 14 14,905,6831,057,990 3,333,104 937,866 1,392,340 991,124 804,296 2,223,257 812,643 473,196 701,819 713,267 1,464,781 Feb. 21 14,875,3831,054,040 3,328 1?9 935,959 1 389,509 989,109 802,661 2,218,738 810,991 472,234 700,392 711,817 1,461,804 Feb. 28 14,960,9831,061,916 3,345,470 941,345 1,397,505 994,801 807,2802,231,505 815,658 474,951 704,423 715,913 1,470,216 Bonds: Jan. 31.... 4,965,425 352,441 1,110,333 312,425 463,820 330,166 267,929 740,618 270,710 157,633 233,792 237,605 487,953 Feb. 7.... 5,079,675 360,550 1,135,881 319,613 474,493 337,763 274.094 757,659 276,939 161,260 239,171 243,072 499,180 Feb. 14 5,202,175 369,246 1,163,275 327,320 485,935 345,908 280,704 775,931 283,617 165,148 244,939 248,934 511,218 Feb. 21. . . 5.,319,875 376,949 1,190,243 334,727 496,930 353,734 287,055 793,486 290,034 168,885 250,482 254,566 522,784 Feb. 28.... 5,393,375 382,816 1,206,029 339,351 503,796 358,621 291,021 804,449 294,041 171,218 253,942 258,084 530,007 Total U. S. Govt. securities: Jan. 31 21,484,3721,423,117 4,976,6071,347,2042,000,0361,423,7061,155,3363,207,2321,141,152 673,176 1,008,1331,024,5772,104,096 Feb. 7 21,640,6221,438,429 4,991,4531,359,7402,018,6481,436,9551,166,0883,236,9511,131,005 686,051 1,017,5151,034,1112,123,676 Feb. 14 21,807,5221,442,838 5,051,0311,371,5002,036,1071,449,3831,176,1733.264,8281,118,619 685,631 1,026,3151,043,0552,142,042 Feb. 21 21,853,9221,430,989 5,080,3071,375,0492,041,3751,453,1331,179,2163,273,2411,109,485 688,818 1,028,9701,045,7542,147,585 Feb. 28.. 21,880,9641 453,558 5,039,3991,376,7502,043,9011,454,9311,180,6753,277,2741,135,926 691,509 1,030,2431,046,5552,150,243 Total loans and securities: Jan. 31 22,285,9591,429,437 5,393,9181,355,5792,057,0971,441,5351,179,3053,305,8511,180,967 708,540 1,026,9911,024,5772,182,162 Feb. 7 22,287,1061,449,749 5,349,7641,368,7212,083,9161,449,3831,198,0053,333,8701,152,095 712,570 1,025,8751,034,1112,129,047 Feb. 14 22,105,3771,465,008 5,169,6671,379,6892,065,6441,465,5571,191,9703,287,8031,145,544 704,313 1,032,5711,043,0552,154,556 Feb. 21 22,053,7621,435,739 5,147,7081,383,3292,054,4621,463,7581,188,5563,293,5161,135,435 712,174 1,038,3081,048,4542,152,323 Feb. 28 22,282,1271,459,933 5,209,5591,391.5122,096,4781,472,7461,203,2153,293,3991,162,226 704,006 1,050,5671,057,4052,181,081 MARCH 1951 285 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 c S r is a a c n n o - Assets (cont.) Due from foreign Jan. 31*. 24 2 i7 2 2 1 1 3 1 1 1 1 2 Feb. 7 24 2 17 2 2 1 1 3 1 1 1 1 2 Feb. 14 24 2 1 7 2 2 1 1 3 1 1 1 1 2 Feb. 21 24 2 1 7 2 2 1 1 3 1 1 1 1 2 Feb. 28 24 2 17 2 2 1 1 3 1 1 1 1 2 Federal Reserve notes of other Banks: Jan. 31. , . 165,992 7,002 19,425 5,397 7,742 46,565 14,740 17,804 5,767 6,235 6,565 7,970 20,780 Feb. 7 178,345 10,582 26,046 6,138 8,999 48,336 12,950 16,337 6,657 4,777 8,735 9,096 19,692 Feb. 14 150,807 4,782 16,965 4,662 7,831 42,677 14,714 14,688 6,840 5,456 6,829 7,696 17,667 Feb. 21 147,666 4,062 18,068 5,578 7,062 40,145 16,492 13,349 8,076 4,469 6,305 6,742 17,318 Feb. 28 143,816 3,581 17,607 6,304 7,866 32,877 20,390 16,779 6,547 4,587 5,670 5,425 16,183 Uncollected cash items: Jan. 31 3,281,637 248,323 632,220 211,019 331,366 264,711 204,540 548,933 148,193 88,636 176,371 137,288 290,037 Feb. 7. 3,233,218 253,918 560,919 232,069 285,586 270,495 206,073 599,024 149,174 90,673 170,196 126,324 288,767 Feb. 14 4,225,620 305,553 783,519 263,850 404,211 317,711 261,015 860 351 191,263 103,591 197,993 190,360 346,203 Feb. 21 3,827,017 345,013 735,511 252,659 378,753 259,114 261,636 653,329 156,261 101,067 187,302 166,755 329,617 Feb. 28 3,542,409 304,994 617,289 220,696 342,304 285,569 240,355 631,210 157,779 97,203 197,883 159,990 287,137 Bank premises: Jan. 31 40,175 1,069 7,638 2,915 4,783 2,917 1,807 5,144 3,504 1,112 2,623 674 5,989 Feb. 7 40,189 1,069 7,638 2,915 4,781 2,918 1,811 5,144 3,504 1,112 2,607 674 6,016 Feb. 14 40,336 1,069 7,638 2,915 4,781 2,917 1,811 5,235 3,504 1,112 2,607 674 6,073 Feb. 21. 40,481 1,069 7,638 2,915 4,778 2,941 1,959 5,211 3,504 1,112 2,607 674 6,073 Feb. 28 40,406 1,064 7,620 2,909 4,768 2,941 1,957 5,210 3,483 1,109 2,607 671 6,067 Other assets: Jan. 31 118,850 8,497 25,999 7,315 11,717 7,984 6,293 17,727 6,273 3,707 5,864 5,577 11,897 Feb. 7 126,268 9,085 27,861 7,740 12,329 8,526 6,720 18,758 6,723 3,956 6,183 5,953 12,434 Feb. 14 133,469 9,613 29,635 8,214 12,783 9,145 7,117 19,759 7,122 4,156 6,522 6,263 13,140 Feb. 21 141,063 10,156 31,334 8,677 13,520 9,609 7,545 20,801 7,524 4,446 6,846 6,740 13,865 Feb. 28 148,269 10,684 32,624 9,163 14,420 10,109 7,924 22,000 7,961 4,636 7,201 6,986 14,561 Total assets: Jan. 31 47,437,629 2,548,587 12,759,6122,849,2743,909,6262,674,1462,327,8538,368,9141,995,4021,195,1102,030,066 1,751,1365,027,903 Feb. 7 47,334,743 2,561,636 12,716,7352,875,7613,895,5382,669,4172,332,2678,330,5731,966,1881,202,2472,029,438 1,779,1754,975,768 Feb. 14 48,047,822 2,593,221 12,692,0752,923,8343,976,0952,740,5132,415,7608,498,5282,001,425 1,232,2912,050,819 1,844,2315,079,030 Feb. 21 47,552,523 2,653,304 12,546,3742,896,9943,975,0702,675,5392,420,1808,281,4261,991,7351,228,0092,051,323 1,826,3935,006,176 Feb. 28 47,368,309 2,576,198 12,608,3712,883,1953,920,1592,693,8772,355,3518,350,3171,984,4601,216,6172,039,925 1,801,5004,938,339 Liabilities Federal Reserve notes: Jan. 31 23,026,321 1,393,162 5,182,8661,627,2392,064,638 1,569,5571,248,4864,469,777 1,073,665 601,556 905,840 622,2642,267,271 Feb. 7 23,100,924 1,400,490 5,196,3721,634,3092,072,6331,571,6571,253,5424,477,739 1,075,759 604,241 909,682 623,4302,281,070 Feb. 14 23,096,697 1,403,989 5,195,8581,638,7912,076,986 1,565,3531,244,0724,480,212 1,072,564 603,291 904,858 619,7322,290,991 Feb. 21 23,086,830 1,408,327 5,210,7071,643,2912,072,917 1,558,3561,237,2984,485,9161,069,891 602,084 904,465 613,9452,279,633 Feb. 28 23,109,851 1,408,159 5,204,2101,637,5562,068,075 1,571,4481,248,6684,478,432 1,072,561 603,061 908,611 622,7542,286,316 Deposits: Member bank —reserve accounts: Jan. 31.. 18,984,124 780,795 6,188,601 871,8091,378,990 739,106 786,1163,056,218 687,303 430,319 871,663 909,0992,284,105 Feb. 7. . 19,075,277 788,049 6,253,754 884,4431,371,754 760,465 817,7483,058,617 683,712 437,758 871,583 937,7672,209,627 Feb. 14. . 18,951,706 785,708 6,022,468 874,2981,389,915 770,594 841,7683,079,142 687,008 455,680 873,974 951,5712,219,580 Feb. 21.. 18,933,750 847,642 6,040,875 879,6531,388,531 773,676 824,7542,991,606 688,683 448,617 887,583 930,1912,231,939 Feb. 28.. 19,066,165 787,421 6,106,374 904,5111,407,550 761,763 817,1473,139,137 679,249 448,016 877,572 931,3622,206,063 U. S. Treasurer—general account: Jan. 31.. 807,342 51,550 122,658 49,058 69,261 68,674 51,297 172,411 38,295 47,698 49,761 42,538 44,141 Feb. 7. . 795,435 53,263 118,694 42,990 92,109 44,031 37,573 179,914 35,320 44,066 50,035 34,386 63,054 Feb. 14.. 864,079 57,656 98,691 62,497 103,507 62,532 43,568 149,357 39,359 59,597 56,743 46,509 84,063 Feb. 21.. 795,952 54,187 64,212 59,100 97,582 49,317 79,249 120,664 49,668 53,870 50,546 66,966 50,591 Feb. 28.. 465,141 44,635 50,359 36,985 30,108 35,963 25,992 50,073 40,077 42,666 30,123 41,902 36,258 Foreign: Jan. 31.. 866,455 53,308 2270,601 67,924 79,961 42,990 36,111 118,652 31,813 21,495 31,813 31,813 79,974 Feb. 7. . 886,919 54,517 2277,551 69,465 81,775 43,965 36,931 121,343 32,534 21,983 32,534 32,534 81,787 Feb. 14. . 916,241 55,924 2291,143 71,258 83,886 45,100 37,884 124,476 33,374 22,550 33,374 33,374 83,898 Feb. 21.. 887,736 54,560 2277,884 69,520 81,840 44,000 36,960 121,440 32,560 22,000 32,560 32,560 81,852 Feb. 28.. 838,880 51,268 2265,826 65,325 76,902 41,345 34,730 114,112 30,595 20,673 30,595 30,595 76,914 Other: Jan. 31.. 340,017 3,467 272,782 3,179 5,166 2,874 584 4,157 6,602 1,270 1,609 727 37,600 Feb. 7.. 313,378 4,615 245,392 3,182 5,496 2,762 609 2,203 7,494 1,240 2,747 857 36,781 Feb. 14.. 310,394 4,081 248,272 1,723 3,211 3,499 733 2,636 6,216 1,388 2,239 692 35,704 Feb. 21.. 335,175 4,153 276,365 1,419 4,536 1,973 526 3,055 5,429 1,598 1,211 909 34,001 Feb. 28. . 333.326 4,230 271,667 1,255 4,192 2,743 647 3,114 7,595 1,613 1,307 879 34,084 Total deposits: Jan. 31 20,997,938 889,120 6,854,642 991,970 1,533,378 853,644 874,1083,351,438 764,013 500,782 954,846 984,1772,445,820 Feb. 7 21,071,009 900,444 6,895,3911,000,0801,551,134 851,223 892,8613,362,077 759,060 505,047 956,8991,005,5442,391,249 Feb. 14 21,042,420 903,369 6,660,5741,009,7761,580,519 881,725 923,9533,355,611 765,957 539,215 966,330 1,032,1462,423,245 Feb. 21 20,952,613 960,542 6,659,3361,009,6921,572,489 868,966 941,4893,236,765 776,340 526,085 971,9001,030,6262,398,383 Feb. 28 20.703,512 887,554 6,694,2261,008,0761,518,752 841,814 878,5163,306,436 757,516 512,968 939,597 1,004,7382,353,319 i After deducting $17,000 participations of other Federal Reserve Banks on Jan. 31; Feb. 7; Feb. 14; Feb. 21; and Feb. 28. w 2 After deducting $595,841,000 participations of other Federal Reserve Banks on Jan. 31; $609,354,000 on Feb. 7; $625,086,000 on Feb. 14; $609,840,000 on Feb. 21; and $573,042,000 on Feb. 28. 286 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 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 Liabilities (cont.) Deferred availability cash items: Jan. 31.... 2,516,976 209,445 458,851 160,616 228,319 203,640 165,317 423,765 122,240 68,397 134,111 110,232 232,043 Feb. 7.... 2,260,607 203,465 360,386 171,526 188,040 198,806 145,612 365,966 95,634 68,377 127,321 115,376 220,098 Feb. 14.... 3,000,782 228,299 569,636 205,131 234,512 245,269 207,162 537,065 126,854 65,002 143,785 157,213 280,854 Feb. 21 2,598,266 226,601 408,480 173,486 244,987 199,741 200,538 432,301 109,301 73,872 138,878 146,352 243,729 Feb. 28.... 2,636,996 222,351 441,772 166,711 248,064 231,917 187,122 438,297 117,946 75,036 155,465 138,402 213,913 and accrued dividends: Jan. 31.... 8,422 705 2,593 439 1,122 329 316 1,186 322 247 345 257 561 Feb. 7.... 9,333 690 2,811 511 1,104 445 377 1,318 280 303 328 336 830 Feb. 14 10,447 734 3,165 518 937 560 450 1,468 353 354 375 419 1,114 Feb. 21.... 12,431 618 3,982 603 1,105 515 458 1,587 283 1,375 374 512 1,019 Feb. 28 10,985 744 3,132 583 1,329 443 418 1,587 305 830 405 376 833 Total liabilities: Jan. 31.... 46,549,657 2,492,432 12,498,9522,780,2643,827,4572,627,1702,288,2278,246,1661,960,2401,170,9821,995,1421,716,9304,945,695 Feb. 7.... 46,441,873 2,505,089 12,454,9602,806,4263,812,9112,622,1312,292,3928,207,1001,930,7331,177,9681,994,2301,744,6864,893,247 Feb. 14.... 47,150 3462,536,39112,429,2332,854,2163,892,9542,692,9072,375,6378,374,3561,965,7281,207,8622 015 3481 809 5104 996,204 Feb. 21 46,650,140 2,596,088 12,282,5052,827,0723,891,4982,627,5782,379,7838,156,5691,955,8151,203,4162,015,617 1,791,4354,922,764 Feb. 28. . . .46,461,344 2,518,80812,343,3402,812,9263,836,2202,645,6222,314,7248,224,7521,948,3281,191,8952,004,078 1,766,2704,854,381 Capital Accts. Capital paid in: Jan. 31 226,901 12,241 73,643 15,849 21,702 10,001 9,261 29,137 7,462 5,181 8,461 9,866 24,097 Feb. 7.... 227,276 12,259 73,722 15,906 21,721 10,014 9,271 29,195 7,482 5,180 8,488 9,940 24,098 Feb. 14 227,514 12,269 73,750 15,914 21,787 10,028 9,281 29,222 7,506 5,182 8,508 9,960 24,107 Feb. 21.... 227,792 12,281 73,763 15,944 21,804 10,084 9,303 29,243 7,515 5,203 8,553 9,982 24,117 Feb. 28.... 227,916 12,282 73,768 15,972 21,815 10,091 9,315 29,254 7,517 5,204 8,555 10,018 24,125 Surplus: (section 7): Jan. 31.... 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 Feb. 7.... 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 Feb. 14.... 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 Feb. 21.... 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 Feb. 28.... 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): Jan. 31.... 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Feb. 7.... 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Feb. 14.... 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Feb. 21.... 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Feb. 28.... 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.: Jan. 31 123,506 8,657 26,408 8,962 11,447 8,459 7,234 16,837 6,884 4,706 6,279 6,181 11,452 Feb. 7.... 128,029 9,031 27,444 9,230 11,886 8,756 7,473 17,504 7,157 4,858 6,536 6,390 11,764 Feb. 14.... 132.397 9,304 28,483 9,505 12,334 9,062 7,711 18,176 7,375 5,006 6,779 6,602 12,060 Feb. 21.... 137,026 9,678 29,497 9,779 12,748 9,361 7,963 18,840 7,589 5,149 6,969 6,817 12,636 Feb. 28.... 141,484 9,851 30,654 10,098 13,104 9,648 8,181 19,537 7,799 5,277 7,108 7,053 13,174 Total liabilities and cap. accts.: Jan. 31 47,437,629 2,548,587 12,759,6122,849,2743,909,6262,674,1462,327,8538,368,9141,995,4021,195,1102,030,066 1,751,1365,027,903 Feb. 7.... 47,334,743 2,561,636 12,716,7352,875,7613,895,5382,669,4172,332,2678,330,5731,966,1881,202,2472,029,4381,779,1754,975,768 Feb. 14 48,047,822 2,593,221 12,692,0752,923,8343,976,0952,740,5132,415,7608,498,5282,001,425 1,232,2912,050,819 1,844,2315,079,030 Feb. 21.... 47,552,523 2,653,304 12,546,3742,896,9943,975,0702,675,5392,420,1808,281,4261,991,7351,228,0092,051,323 1,826,3935,006,176 Feb. 28 47,368,309 2,576,198 12,608,3712,883,1953,920,1592,693,8772,355,3518,350,3171,984,4601,216,6172,039,925 1,801,5004,938.339 ity on acceptances purchased for foreign correspondents: Jan. 31 27,146 1,683 ^8,335 2,144 2,525 1,357 1,140 3,746 1,004 679 1,004 1,004 2,525 Feb. 7.... 28,035 1,738 ig507 2,215 2,607 1,402 1,178 3,869 1,037 701 1,037 1,037 2,607 Feb. 14.... 28,734 1,782 ^821 2,270 2,672 1,437 1,207 3,965 1,063 719 1,063 1,063 2,672 Feb. 21 28,510 1,768 ]8,751 2,252 2,652 1,425 1,197 3,935 1,055 713 1,055 1,055 2,652 Feb. 28.... 31,516 1,954 J9,674 2,490 2,931 1,576 1,324 4,350 1,166 788 1,166 1,166 2,931 Industrial loan commitments: Jan. 31 3,325 1,430 473 54 226 500 500 142 Feb. 7. 2,947 1 589 473 54 224 495 112 Feb. 14.... 3,021 1,611 473 54 224 495 164 Feb. 21.... 2 943 1 557 473 54 224 495 140 Feb. 28 2,'93 7 l]551 473 54 224 495 140 1 After deducting $18,811,000 participations of other Federal Reserve Banks on Jan. 31; $19,428,000 on Feb. 7; $19,913,000 on Feb. 14; $19,759,000 on Feb. 21; and $21,842,000 on Feb. 28. MARCH 1951 287 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 thousands of dollars] Total Boston Y Ne o w r - 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 - l A a t n - ta Chicago Lo S u t i . s M a i p n ol n i e s - K C an it s y as Dallas F c S r is a a c n n o - F. R. notes outstanding (issued to Bank): Jan. 31 24,027,4701,482,4035,361,6991,694,3682,163,598 1,637,9971,326,434 4,591,980 ,120,414615,719 935,406665,3622,432,090 Feb. 7 23,987,6231,482,6295,364,7701,689,4072,164,4841,638,7431,321,5124,585,6951,,114,419 615,110 938,604 661,125 2,411,125 Feb. 14 23,976,6321,479,9005,380,3801,689,2392,162,346 1,630,9501,324,706 4,571,4481,117,361614,426 937,567660,999 2,407,310 Feb. 21 23,927,8261,478,1645,367,8301,687,726 2,156,427 1,629,5951,320,826 4,569,4011,109,330 613,014 934,192656,1642,405,157 Feb. 28 23,957,6881,478,6945,375,6351,679,6512,158,676 639,7561,328,339 4,569,5341,115,306 612,514 935,312658,348 22,405,923 Collateral held against notes outstanding: Gold certificates: Jan. 31 13,119,000 440,000 4,570,000 750,000 765,000 550,000 550,0002,750,000 350,000200,000 280,000 214,0001,700,000 Feb. 7 13,029,000 440,000 4,570,000 750,000 765,000 550,000 550,000 2,.710,000 300,000 200,000 280,000 214,0001,700,000 Feb. 14....... 13,029,000 440,000 4,570,000 750,000 765,000 550,000 550,0002,710,000 300,000200,000 280,000 214,0001,700,000 Feb. 21 12,769,000 440,000 4,470,000 750,000 765,000 500,000 550,000 2,710,000 300,000190,000 280,000 214,0001,600,000 Feb. 28 12,769,000 440,000 4,470,000 750,000 765,000 500,000 550,000 2,710,000 300,000190,000 280,000 214,0001,600,000 Eligible paper: Jan. 31 607,751 6,320 415,935 6,030 16,596 39,815 35,172 18,858 69,025 Feb. 7 443,608 11,320 355,635 6,525 11,746 21,090 26,332 8,360 2,600 Feb. 14 220,763 22,170 113,910 5,755 15,750 26,925 18,497 6,256 11,500 Feb. 21 144,340 4,750 65,175 5,755 10,200 25,950 23,172 9,338 Feb. 28 283,391 6,375 163,030 12,245 16,300 26,300 12,317 20,324 2 6*. 5 00 U. S. Govt. sec.: Jan. 31 11,890,000 1,100,0001,000,0001,000,0001,425,0001,115,000 800,000 1,900,000 900,000 450,000 700,000500,000 1,000,000 Feb. 11,890,000 1,100,0001,000,0001,000,0001,425,0001,115,000 800,0001,900,000 900,000 450,000 700,000 500,0001,000,000 Feb. 11,890,0001,100,0001,000,0001,000,0001,425,0001,115,000 800,000 1,900,000 900,000 450,000 700,000 500,0001,000,000 Feb. 12,040,0001,100,0001,000,0001,000,0001,425,0001,165,000 800,000 1,900,000 900,000 450,000 700,000 500,0001,100,000 Feb. 12,040,000 1,100,0001,000,0001,000,0001,425,0001,165,000 800,0001,900,000 900,000 450,000 700,000 500,0001,100,000 Total collateral: Jan. 31 25,616,751 1,546,3205,985,935 ,756,030 2,190,0001,681,596 ,350,000 4,650,0001,289,815 685,172 998,858 714,000 2,769,025 Feb. 7 25,362,608 1,551,3205,925,635 .756,5252,190,0001,676,746 ,350,000 4,610,0001,221,090 676,332 988,360 714,000 2,702,600 Feb. 14 25,139,7631,562,1705,683,910 ,755,7552,190,0001,680,750 ,350,000 4,610,0001,226,925 668,497 986,256 714,000 2,711,500 Feb. 21 24,953,340 1,544,7505,535,175 ,755,7552,190,0001,675,200 ,350,000 4,610,000 1,225,950 663,172 989,338 714,000 2,700,000 Feb. 28 25,092,391 1,546.3755,633,030 ,762,2452,190,0001,681,300 350,000 4,610,000 1,226,300 652,3171,000,324 714,000 2,726,500 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 Partici- 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 do . lla 1 r 0 s 1 ] 61 W D e a d te n e ( s l d as 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 f g a f t i i i n o n a n s n t s c i- or last day com- standing2 out- tutions of period) pleted l (amount) standing out- Guaranteed loans Guaranteed Additional Num- Amount (amount) (airIUUUI; standing authorized loans amount ber (amount) to date outstanding available to borrowers Date under guar- 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 m e 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 5 4 8 6 4 6 5 , , , 9 7 9 6 2 1 1 6 3 4,5 3 9 7 2 4 7 0 5 1 1, , 3 9 5 8 9 5 7 5 4 8 7 1 , . . 4 3 6 3 0 4 4 9 4 2 4 1, , , 0 8 6 8 6 7 6 9 0 1948 3,607 615,653 335 995 1,643 1,990 1949 1950 Dec. 31. .. 3,649 629 326 539 2,178 2,288 2,947 Oct. 31. .. 3 1,000 1950 Nov. 30. .. 23 13,585 2,340 2,232 3,335 Dec. 31. .. 62 '31,326 8,017 6,265 8,299 Jan. 31. .. 3,652 629,764 544 2,223 1,941 2,649 1951 Feb. 28. .. 3,655 630.209 223 2,505 L ,197 2,628 Mar. 31. . . 3,663 632,049 1,225 2,673 1,272 2,651 Jan. 31. . 119 109,433 23,748 19,801 13,658 Apr. 29. .. 3,667 632,573 1,172 2,665 L.288 2,652 May 31. .. 3,670 633,124 1,306 2,675 1,286 2,641 June 30... 3,677 638,015 4,416 2,779 L,352 2,731 r Revised. July 31. .. 3,680 639,158 4,362 2,479 1,729 2,753 NOTE.—The difference between guaranteed loans authorized and Aug. 31. .. 3,684 644,464 6,985 2,333 2,481 3,273 sum of loans outstanding and additional amounts available to bor- Sept. 30. . . 3,690 646,276 8,030 2,293 2,509 3,224 rowers under guarantee agreements outstanding represents amounts Oct. 31. .. 3,692 647,432 5,108 2,307 3,035 3,707 repaid, guarantees available but not completed, and authorizations Nov. 30... 3,695 649,748 5,519 2,413 3,466 4,050 expired or withdrawn. Dec. 30... 3,698 651,389 4,819 2,632 3,754 3,745 1951 Jan. 31 ... 3,707 654,199 1,862 3,520 3,325 5,402 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. 288 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS [Averages of daily figures.1 In millions of dollars] Central reserve Central reserve b m a b A e n e m l r k l s - Ne c w ity ban C ks hi- b s c a R e i n r t e 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 e t v y k - e s C ba t o r n u y k n s - York cago York cago First half of January 1951 Second half of January 1951 Gross demand deposits: Total 100,671 22,431 5,864 38,750 33,626 99,234 22,079 5,776 38,145 33,234 Interbank 12,838 4,188 1,233 6,284 1,132 11,876 3,937 1,125 5,761 1,053 Other 87,834 18,243 4,631 32,466 32,494 87,358 18,142 4,652 32,384 32,180 Net demand deposits 2. . . . 86,759 20,293 5,238 33,037 28,192 86,699 20,163 5,218 32,956 Demand deposits adjusted 3 78,650 78,650 28,362 Time deposits 4 29,656 1,958 1,106 11,707 14,884 29,602 1,922 1,109 i i', 706' 14,863" Demand balances due from domestic banks.. 6,469 48 127 2,021 4,272 5,851 39 114 1,861 3,837 Reserves with Federal Reserve Banks: Total 17,696 4,658 1,221 6,929 4,888 18,455 4,838 1,288 7,229 5,099 Required 16,679 4,638 1,228 6,685 4,127 17,810 4,839 1,289 7,104 4,577 Excess 1,017 20 -7 244 761 645 — 1 125 522 Borrowings at Federal Reserve Banks 39 17 303 92 23 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. 8 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 CENTERS1 [Averages of daily figures. In millions of dollars] Central reserve All city banks Re- Counweek en M di o n n g t h W , o ed r nesday m b e e m r - s c e i r t v y e ba tr n y ks a I n n d p o la v c e e r s p o o f p u 1 l 5 a ,0 ti 0 o 0 n2 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 2 banksl New Chi- banks York cago Demand Demand To 1 t 9 a 5 l 0 r — es D e Ja r e n v c u e e s a m r h y b . e e r l . . d . . : . . 1 17 6 , , 3 5 9 2 1 0 4 4, , 7 4 4 6 2 9 1 1 , , 1 1 7 9 9 9 6 6, , 6 3 8 6 9 6 5 7 0 6 7 1 d e e i b x n p a c t o n e e s r k p i - t ts de T p i o m s e its d e e i b x n p a c t o e n e s r k p i - t ts de T p i o m s e its 1951—January.... 18,088 4,751 1,256 7,084 997 J J J a a a n n n . . . 3 2 1 1 4 7 1 1 1 8 8 8 , , , 3 5 1 1 7 7 2 8 0 4 4 4 , , , 7 7 9 5 6 1 7 0 8 1 1 1 , , , 2 3 2 6 0 6 8 0 4 7 7 7 , , , 1 1 3 3 8 3 1 2 5 4 5 5 , , , 1 9 0 5 6 2 7 2 5 N De o c v e e m m b b e e 1 r r 949 1 1 7 7 , , 0 2 5 6 6 6 8 8 , , 7 6 8 7 2 5 1 1 2 2 , , 2 2 0 4 9 9 6 6, , 0 0 0 4 4 6 Feb. 7 18,870 4,959 1,315 7,339 5,257 F F e e b b . . 2 1 1 4 1 1 8 9 , , 8 1 4 0 3 0 4 4 , , 8 9 6 2 8 0 1 1 , , 2 3 8 0 5 4 7 7 , ,3 3 9 0 7 0 5 5, , 4 3 7 9 9 0 January 1950 18,672 9,179 11,079 5,609 Excess reserves: November 20,072 9,271 11,621 5,625 1950—January 936 53 221 653 December 20,357 9,191 11,697 5,594 1951— D Ja e n c u e a m r b y. er. . . 1 , 8 0 2 2 5 7 12 9 5 -4 2 1 3 8 2 2 6 6 6 3 3 8 January 1951 20,556 9,245 11,776 5,628 J J J a a a n n n . . . 3 2 1 1 4 7 9 4 7 9 1 1 2 4 3 -3 1 1 2 6 -1 - - 2 6 2 1 1 8 4 7 3 8 9 5 4 7 6 5 1 9 6 7 J B a y n d u i a s r t y r ic 1 t 9 , 51 F F F e e e b b b . . 2 1 1 7 4 6 5 1 7 7 9 - 3 4 3 2 2 -14 6 1 1 15 1 2 5 5 4 P 4 5 5 0 1 9 7 9 0 N P B h o e i w s l t a o d Y n e o lp rk hia 3 2 1 , , ,4 7 4 6 3 0 5 3 3 2,2 8 8 9 3 1 4 9 5 1,1 3 9 1 3 8 4 0 3 1,0 2 8 5 0 9 3 3 1 Borrowings at Federal Cleveland 1,551 927 1,079 785 Reserve Banks: 1 1 9 9 5 5 0 1 — — D J J a a e n n c u u e a a m r r y y ber 2 1 3 1 4 5 2 2 5 7 4 8 3 9 5 1 5 0 7 2 2 1 9 9 4 A S R C t h i t . c l i a h c L n a m o g t u a o o i n s d 2 1 1 , , , 9 3 7 8 4 0 6 5 2 6 4 8 1,7 4 4 3 1 5 9 7 4 1 9 0 1,6 8 6 9 8 0 2 3 1 2 5 0 4 8 2 1 4 8 6 8 1 4 5 7 J J J F F a a a e e n n n b b . . . . . 3 2 1 1 1 4 7 7 4 4 3 5 1 1 1 5 4 4 2 5 3 5 4 4 1 1 5 8 9 4 6 6 2 8 4 4 1 1 4 0 1 2 2 2 6 3 0 1 8 1 2 6 0 3 2 5 2 5 7 1 1 7 4 1 D S M K a a a i n l n n l n s a F a e s r s a a p n C o c i l i t i s y s co 1 1 , , 5 4 8 7 8 4 0 0 6 4 2 3 3 6 1 1 2 9 9 2 0 4 2 9 1 1 , , 5 4 4 7 2 9 3 7 7 0 9 6 4 2 1 1 6 5 9 1 5 3 0 Feb. 21 188 21 1 127 39 1 Includes any banks in outlying sections of reserve cities that have 1 p W Pr e e e l k im ly i n f a i r g y u . res of excess reserves of all member banks and of be 2 e n C l g a i s v s e if n i c p a e ti r o m n i ss b i y o n p t o o p u c l a a r t r i y o n t h f e o r s am 19 e 5 0 re s a e n r d v e 1 a 9 s 5 1 c o i u s n t b r a y s e b d a n o k n s . the country banks are estimates. Weekly figures of borrowings of all mem- 1950 census; figures for 1949 are based on the 1940 census and are not ber banks and of country banks may include small amounts of Federal entirely comparable. Reserve Bank discounts and advances for nonmember banks, etc. Back figures.—See Banking and Monetary Statistics, pp. 396-399. 289 MARCH 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 currency2 Large denomination currency 2 End of year or in cir- Unasmonth cula- sorted tion 1 Total Coin 3$1 $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 1935 . . .. 5,882 4,518 478 460 33 815 1,373 1,359 1,369 358 627 122 239 7 16 5 1936 6,543 5,021 517 499 35 906 1,563 1,501 1,530 399 707 135 265 7 18 8 1937 6 550 5 015 537 505 33 905 1,560 1,475 1,542 387 710 139 288 6 12 7 1938 6,856 5,147 550 524 34 946 1,611 1,481 1,714 409 770 160 327 17 32 5 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 2 1940 8 732 6 247 648 610 39 1,129 2,021 1,800 2,489 538 1,112 227 523 30 60 4 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 4 1942 15,410 11,576 880 801 55 1,693 4.051 4,096 3,837 1,019 1,910 287 586 9 25 3 1943 20,449 14,871 1,019 909 70 1,973 5,194 5,705 5,580 1,481 2.912 407 749 9 22 2 1944 25,307 17,580 1,156 987 81 2,150 5,983 7,224 7,730 1,996 4,153 555 990 10 24 3 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 2 1946 28,952 20,437 1,361 1,029 67 2,173 6,497 9,310 8,518 2,492 4,771 438 783 8 26 3 1947 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 3 1948 28,224 19,529 1,464 1,049 64 2,047 6,060 8,846 8,698 2,494 5,074 400 707 5 17 3 1949—October 27,407 18,915 1,474 1,031 60 1,973 5,891 8,486 8,494 2,392 5,007 381 701 4 9 2 November.. . 27,543 19,040 1,484 1 ,046 61 1,994 5,935 8,520 8,506 2,398 5,021 382 692 4 8 2 December. . . 27,600 19,025 1,484 1,066 62 2,004 5,897 8,512 8,578 2,435 5,056 382 689 4 11 3 1950—January 26,941 18,475 1,457 1,008 60 1,926 5,715 8,309 8,469 2,401 5,010 380 666 4 8 3 February.... 27,068 18,645 1,459 1,011 60 1,949 5,817 8,348 8,426 2,385 4,988 378 661 5 9 3 March 27,042 18,651 1,468 1,013 59 1,949 5,834 8,327 8,393 2,375 4,968 384 654 5 8 1 April 27,048 18,661 1,478 1,016 60 1,945 5,830 8.333 8,389 2,380 4,961 382 650 4 11 1 May 27,090 18,730 1,490 1,033 60 1,963 5,851 8,333 8,361 2,380 4,949 380 639 4 9 1 June.. 27,156 18,813 1,496 1,037 61 1,966 5,891 8,363 8,344 2,386 4,940 378 628 4 9 2 July 27,010 18,696 ,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 18 901 527 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 ,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 ,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 2 1951—January 27,048 18,694 ,530 1,056 61 1,943 5,791 8,313 8,356 2,393 5,002 366 583 4 9 3 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 2 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. 3 Paper currency only; $1 silver coins reported under coin. Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money in circulation l Money Total out- held by standing, As security For Federal Ja 1 n 9 . 5 3 1 1, g a o s g l i d a l v in e a r s n t d Tre ca a s s h ury B R F an e e d k se s e r r v a a n e l d B R a a n e g s k e e s n r t v a s n e d Ja 1 n 9 . 5 3 1 1, De 1 c 9 . 5 3 0 1, Ja 1 n 9 . 5 3 0 1, certificates agents Gold . 23,392 21,200 21,192 Sold certificates 21,200 18,345 2,816 40 40 41 Federal Reserve notes 24,027 49 1,167 22,811 23,363 22,737 Treasury currency—total 4,638 32,313 56 385 4,197 4,338 4,162 Standard silver dollars 493 269 44 3 177 177 168 Silver bullion 2,044 2,044 Silver certificates and Treasury notes of 1890 3 2,313 286 '2,027 2,130 ' "l ',024' ' Subsidiary silver coin 1,027 5 39 982 1,002 934 Minor coin 385 2 11 371 375 356 United States notes 347 4 41 303 313 306 Federal Reserve Bank notes 259 4 254 257 286 National Bank notes 84 (5) l 1 83 84 89 Total—'Jan. 31, 1951 (4) 23,513 1,297 18,345 4,367 27,048 Dec. 31, 1950 (4) 23,828 1,293 18,642 4,213 27,741 Jan. 31, 1950 (4) 25,497 1,311 20,353 4,244 26,941 1 Outside Treasury and Federal Reserve Banks. Includes any paper currency held outside the continental limits of the United States. Totals for other end-of-month dates are shown in table above, totals by weeks in table on p. 281, and seasonally adjusted figures in table on p. 291. 2 Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890. 3 To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding is not included in total Treasury currency outstanding. 4 Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special significance and is not shown. See note for explanation of these duplications. 6 Less than $500,000. NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the-legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. Federal Reserve Banks must maintain a reserve in gold certificates of at least 25 per cent, including the redemption fund, which must be deposited with the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificates pledged as collateral may be counted as reserves. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement. 290 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] Amount—• Amount— Change in Assets unadjusted adjusted for seasonally fo v r ar s i e a a t s io o n nal v s a e r a i s a o t n io a n l a s d e j r u i s e t s e * d • End of month D i b t e o a p r l o s - s ' - C i a n sh G U ov . e S rn . - Cash ances 1 Total deposi- ment reserve tory securi- funds, End 1 o 9 f 4 p 0 eriod: 8,732 + 1,134 banks ties e«jt._c .'42 1941 11,160 +2,428 1 1 9 9 4 4 2 3 2 1 0 5 , , 4 4 4 1 9 0 + + 4 5 , , 2 03 5 9 0 1943—December 1,788 1,843 10 1,716 118 1944 25,307 +4,858 1944—December... . 2,342 2,411 8 2,252 152 1945 28,515 +3,208 1945—December 2,933 3,022 6 2,837 179 1946 28,952 +437 1946—December.. . . 3,284 3,387 6 3,182 200 1947 28,868 -84 1947—'December. . . . 3,417 3,525 6 3,308 212 1948 28,224 -644 1948—December.. . . 3,330 3,449 7 3,244 198 1 1 9 9 4 5 9 0 2 27 7 , , 7 6 4 0 1 0 + -6 2 1 4 41 1949—August 3,248 3,375 6 3,172 196 September. . . 3,230 3,350 6 3,152 191 Averages of daily figures: October 3,215 3,336 7 3,127 202 1950—January 27,220 27,139 -320 November. . . 3,199 3,322 7 3,118 197 February.... 27,008 27,008 -131 December.... 3,188 3,312 7 3,118 187 A M p a r r i c l h 2 2 7 7 , , 0 0 4 6 3 2 2 2 7 7 , , 1 2 2 8 4 0 + + 1 1 1 5 6 6 1950—January 3,183 3,307 7 3,117 182 J M u a n y e 2 2 7 7 , , 0 0 2 2 2 6 2 2 7 7 , , 2 1 1 6 2 2 - - 5 68 0 F M e a b rc r h uary.... 3 3 , , 1 1 7 6 7 8 3 3 , , 3 2 0 9 1 3 8 7 3 3 , , 1 1 0 0 7 7 1 1 8 7 6 8 July 27,117 27,171 +9 April 3,151 3,276 8 3,092 176 A Se u p g t u e s m t ber.. . 2 2 7 7 , , 0 1 0 5 9 4 2 2 7 7 , , 1 2 4 0 5 8 + -2 6 6 3 J M un ay e 3 3 , , 1 0 2 9 5 7 3 3, , 2 2 1 5 8 0 10 8 3 3 , , 0 0 6 3 8 8 1 17 7 1 5 October 27,233 27,233 +25 July 3,061 3,181 9 3,027 145 November. . . 27,380 27,298 +65 August 3,021 3,141 10 2,962 169 December. . . 27,806 27,531 +233 September. . . 2,991 3,111 10 2,923 177 October 2,967 3,088 10 2,903 175 1951—January 27,304 27,222 -309 November. . . 2,947 3,069 10 2,888 171 February.. . . 27,145 27,145 -77 December.... P2.923 1951—January. . . . . P2.902 1 For end-of-year figures, represents change computed on absolute amounts in first column. p Preliminary. NOTE.—For discussion of seasonal adjustment factors and for back 1 Outstanding principal, represented by certificates of deposit. figures on comparable basis see BULLETIN for September 1943, pp. 2 Includes working cash with postmasters, 5 per cent reserve fund 822-826. Because of an apparent change in the seasonal pattern and miscellaneous working funds with Treasurer of United States, acaround the year-end, adjustment factors have been revised somewhat crued interest on bond investments, and accounts due from late postfor dates affected, beginning with December 1942. masters. Back figures.—See Banking and Monetary Statistics, p. 519; for description, see p. 508 in the same publication. 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 2 City centers City 3 cities 3 City 3 cities 3 1945 974,102 404,543 479,760 89,799 18.2 9.7 351,602 412,800 24.2 16.1 1 1 9 9 4 4 6 6 — — - n o e ld w s s e e ri r e ie s s 4 4 Jl,050,021 417,475 527,336 105,210 18.9 10.0 | 3 4 7 0 4 7 , , 3 9 6 4 5 6 4 5 4 2 9 2 , , 4 9 1 4 4 4 2 25 5 . . 2 5 1 1 6 6 . . 5 9 1947 1,125,074 405,929 599,639 119,506 21.0 11.9 400,468 598,445 24.1 18.0 1948 1,249,630 449,002 667,934 132,695 23.6 12.9 445,221 660,155 27.2 19.2 1949 1,231,053 452,897 648,976 129,179 24.1 12.4 447,150 639,772 28.2 18.7 1950 1,403,752 513,970 742,458 147,324 26.6 13.4 508,166 731,511 31.4 20.3 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 1951—January 138,402 48,207 75,017 15,178 27.9 15.2 47,561 73,226 32.9 22.0 1 National series for which bank debit figures are available beginning with 1919. 2 Number of centers reduced from 193 to 192 beginning December 1947, when one reporting bank was absorbed by a reporting bank in another 3 Weekly reporting member bank series. -iInllg LM ^cJLi tiLeJCsL llriVe vOiUs e1CdO «beginning July 3, 1946; for description of revision anndd ffoorr bbaacckk ffiigguurreess sseeee BULLETIN for June , pp. 878-883, respectively; deposits and debits of the new series for first six months of 1946 MARCH 1951 291 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM ALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS, POSTAL SAVINGS SYSTEM, AND TREASURY CURRENCY FUNDS * [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Total Bank credit assets, net— Total Treas- U. S. Government obligations liabil- Capital ury ities Total and Gold r c e u n r c - y Total Lo n a e n t s, Total m C a e o n r m c d ia - l R Fe e d se e r r v a e l Other O s ri e t t c h ie u e s - r ca a n p n e it d t al, c d u e a r p r n o e d s n i c ts y c m o a n u c i e - n s t c ts . , savings Banks banks 1929—June 29.. 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30. . 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30. . 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31. . 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945—June 30. . 20,213 4,145 153,992 27,948 118,041 93,655 21,792 2,594 8,003 178,350 168,040 10,310 Dec. 31. . 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1946—June 29. . 20,270 4,539 163,485 31,570 122,740 95,911 23,783 3,046 9,175 188,294 176,215 12,079 Dec. 31. . 20,529 4,562 158,366 35,765 113,110 86,558 23,350 3,202 9,491 183,457 171,657 11,800 1947—June 30. . 21,266 4,552 156,297 38,373 107,873 82,679 21,872 3,322 10,051 182,115 169,234 12,882 Dec. 31. . 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1948—June 30. . 23,532 4,565 157,958 45,299 101,451 76,774 21,366 3,311 11,208 186,055 172,857 13,200 Dec. 31. . 24,244 4,589 160,457 48,341 100,694 74,097 23,333 3,264 11,422 189,290 176,121 13,168 1949—June 30. . 24,466 4,597 156,491 47,148 97,428 74,877 19,343 3,208 11,915 185,554 171,602 13,952 Dec. 31. . 24,427 4,598 162,681 49,604 100,456 78,433 18,885 3,138 12,621 191,706 177,313 14,392 1950—Mar. 29. . 24,200 4,600 161,700 50,400 98,000 77,400 17,500 3,100 13,300 190,500 176,000 14,600 Apr. 26. . 24,200 4,600 162,000 50,600 97,900 77,100 17,600 3,100 13,500 190,800 176,100 14,600 May 31. . 24,200 4,600 162,600 51,000 98,100 77,700 17,400 3,100 13,500 191,400 176,700 14,700 June 30. . 24,231 4,607 164,348 51,999 98,709 77,320 18,331 3,058 13,640 193,186 178,568 14,618 July 26P. 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. 23,800 4,600 165,800 54,500 97,200 75,600 18,600 3,000 14,200 194,200 179,200 15,000 Sept. 27P. 23,500 4,600 166,900 56,400 96,000 73,800 19,400 2,900 14,500 195,000 180,000 14,900 Oct. 25P. 23,300 4,600 167,700 57,500 95,800 73,600 19,200 2,900 14,400 195,600 180,300 15,300 Nov. 29P . 23,000 4,600 168,900 59,300 95,200 72,700 19,600 2,900 14,400 196,500 181,300 15,200 Dec. 27*>. 22,800 4,600 171,700 60,500 96,500 73,300 20,300 2,900 14,700 199,100 184,500 14,600 1951—Jan. 31 P. 22,400 4,600 170,800 60,900 95,300 70,900 21,500 2,900 14,700 197,800 182,800 15,000 Deposits and Currency U. S. Government balances Deposits adjusted and currency Total d F e b o p n a r o e e n i s t k g it n s, T c u r a e r s a y h s- A s m b a t a a e v c n r n i o c n d k i m g a s s l - R F B e e a d A 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 T e a i o r n m m c k i e a s - l de M s b p a o a v u n s i t i k n t u s s g a 3 4 s l S S P a y o v s s i t n e ta m g 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 22,540 28,611 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 1,217 2,409 846 634 63,253 29,793 27,059 15,258 10,523 1,278 6,401 1941—Dec. 31. . 82,811 1,498 2,215 1,895 867 76,336 38,992 27,729 15,884 10,532 1,313 9,615 1945—June 30. . 168,040 2,378 2,279 24,381 599 138,403 69,053 44,253 27,170 14,426 2,657 25,097 Dec. 31. . 180,806 2,141 2,287 24,608 977 150,793 75,851 48,452 30,135 15,385 2,932 26,490 1946—June 29.. 176,215 1,894 2,251 13,416 833 157,821 79,476 51,829 32,429 16,281 3,119 26,516 Dec. 31. . 171,657 1,885 2,272 103 393 164,004 83,314 53,960 33,808 16,869 3,283 26,730 1947—June 30. . 169,234 1,657 1,314 367 756 164,140 82,186 55,655 34,835 17,428 3,392 26,299 Dec. 31. . 175,348 1,682 1,336 452 870 170,008 87,121 56,411 35,249 17,746 3,416 26,476 1948—June 30. . 172,857 1,727 1,327 180 1,928 165,695 82,697 57,360 35,788 18,194 3,378 25,638 Dec. 31. . 176,121 2,103 ,325 1,123 169,119 85,520 57,520 35,804 18,387 3,329 26,079 1949—June 30. . 171,602 1,927 ,307 2,304 438 165,626 81,877 58,483 36,292 18,932 3,259 25,266 Dec. 31. . 177,313 2,150 ,312 3,249 821 169,781 85,750 58,616 36,146 19,273 3,197 25,415 1950—Mar. 29. . 176,000 2,300 ,300 4,300 1,000 167,100 83,200 59,300 36,500 19,700 3,200 24,600 Apr. 26. . 176,100 2,400 ,300 3,200 800 168,400 84,300 59,500 36,600 19,700 3,200 24,600 May 31. . 176,700 2,400 ,300 3,200 600 169,200 85,000 59,500 36,600 19,800 3,100 24,700 June 30. . 178,568 2,555 ,298 3,801 950 169,964 85,040 59,739 36,719 19,923 3,097 25,185 July 26P. 178,200 500 ,300 3,600 500 170,200 86,500 59,400 36,400 19,900 3,100 24,400 Aug. 30P. 179,200 400 1,300 3,800 700 171,000 87,400 59,100 36,200 19,800 3,000 24,500 Sept. 27P. 180,000 300 1,300 3,600 1,100 171,700 88,100 59,000 36,200 19,900 3,000 24,500 Oct. 25P. 180,300 500 1,300 3,100 400 173,000 89,400 59,000 36,200 19,900 3,000 24,600 Nov. 29P. 181,300 300 1,300 3,000 600 174,200 90,700 58,700 35,900 19,800 2,900 24,800 Dec. 27P. 184,500 400 1,300 2,800 800 177,200 93,200 59,000 36,100 20,000 2,900 25,000 1951—Jan. 31*. 182,800 2,300 1,300 2,800 800 175,700 92,100 59,000 36,100 20,000 2,900 24,600 P Preliminary. 1 Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund. 2 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 3 Excludes interbank time deposits; United States Treasurer's time deposits, open account; and deposits of Postal Savings System in banks. 4 Prior to June 30, 1947, includes a relatively small amount of demand deposits. 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. Total deposits and currency shown in the monthly Chart Book excludes "Foreign bank deposits, net" 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. 292 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES * PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Investment3 Other Class of bank Cash c T a o p t it a a l l Number and date Total Loans G U ov . e S r . n- Other assets 1 Total i b In an te k r - l accounts banks De- Total ment secu- Time obliga- rities 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 51 437 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 2. ... 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 90,961 77,320 13,640 34 099 163 770 11 435 95,505 56 830 13 576 14,674 Aug. 30P 144,560 54,760 89,800 75,610 14,190 34 060 164 810 11 370 97,200 56 240 13 670 14,656 Sept. 27P. ... 144,880 56,670 88,210 73,750 14,460 35 070 165 830 11 540 98,060 56 230 13 720 14,658 Oct. 25P. 145,770 57,730 88,040 73,620 14,420 35 620 167 410 12 350 98,810 56 250 13 800 14,658 Nov. 29P. 146,790 59,660 87,130 72,700 14,430 36 100 168 400 12 340 100,150 55 910 13 870 14.659 Dec. 27P. 148,930 60,980 87,950 73,290 14,660 39 630 173 910 13 540 104,110 56 260 13 880 14,654 1951—Jan. 31 P. 146,740 61,170 85,570 70,910 14,660 37 990 169 870 12 260 101,330 56 280 13 910 14,645 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 2. 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. 124,490 49,890 74,600 62,530 12,070 34 890 147 510 12,350 98,790 36 370 11 580 14,129 Nov. 29P. 125,510 51,650 73,860 61,750 12,110 35 380 148 550 12,340 100.130 36 080 11 640 14,130 Dec. 27P. 127,550 52,830 74,720 62,390 12,330 38 840 153,870 13,540 104,090 36 240 11,620 14,125 1951—Jan. 31 P. 125,250 52,890 72,360 60,030 12,330 37 280 149 810 12,260 101,310 36 240 11 610 14,116 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. 25P. . . . 105,258 42,347 62,911 52,816 10,095 30,427 125,691 11,725 84,748 29 218 9,683 6,883 Nov. 29P . 106,138 43,969 62,169 52,050 10,119 30,834 126,563 11,679 85,873 29 011 9,724 6,881 Dec. 27P. . . . 108,077 45,069 63,008 52,681 10,327 33,782 131,224 12,894 89,190 29 140 9,721 6,874 1951—Jan. 31P. 105,76f 45,114 60,652 50,336 10,316 32,622 127,535 11,622 86,751 29 162 9,715 6,870 All mutual savings banks: 1939—Dec. 30. 10,216 4,927 5,289 3,101 2,188 818 10,524 3 10,521 1,309 551 1941—Dec. 31 10,379 4,901 5,478 3,704 1 ,774 793 10,533 6 10,527 1.241 548 1942—Dec. 31 10,754 4,695 6,059 4,572 1,487 663 10,668 6 10,662 1,236 546 1943—Dec. 31 11,871 4,484 7,387 6,090 1,297 797 11,738 8 11,730 1.276 545 1944—Dec. 30 13,931 4,370 9,560 8,328 1,232 584 13,376 10 13,366 1,378 543 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 2. 18,641 4,944 13,696 11,978 1,718 886 17,763 1 17 17,745 1,889 533 1948—Dec. 31 19,395 5,686 13,709 11,476 2,233 878 18,405 1 17 18,387 1,999 532 1949—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. 30? 21,260 7,490 13,770 11,380 2,390 730 19,860 20 19,840 2,200 529 Sept. 27P 21,220 7,640 13,580 11,210 2,370 800 19,890 20 19,870 2,220 529 Oct. 25P 21,280 7,840 13,440 11,090 2,350 730 19,900 20 19,880 2,220 529 Nov. 29P. 21,280 8,010 13,270 10,950 2,320 720 19,850 20 19,830 2,230 529 Dec. 27P. 21,380 8,150 13,230 10,900 2,330 790 20,040 20 20,020 2,260 529 1951—Jan. 31 P. . 21,490 8,280 13,210 10,880 2,330 710 20,060 20 20,040 2,300 529 p Preliminary. * "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" with exception of three mutual savings banks that became members in 1941. Stock savings banks and nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability data are not available. Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc. 1 Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. For other footnotes see following two pages. MARCH 1951 293 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY GLASSES *—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 Class of bank Cash Total Number and date Total Loans G U ov . e S r . n- Other assets 1 Total 1 b In a t n e k r ^ - De- a c c a c p o i u ta n l ts ba o n f ks Total ment secu- Time obliga- rities tions Central reserve city member banks: New York City: 1939—Dec. 30 9,339 3,296 6,043 4,772 1,272 6,703 14,509 4,238 9,533 736 1,592 36 1941—Dec. 31 12,896 4,072 8,823 7,265 1,559 6,637 17,932 4,207 12,917 807 1,648 36 1942—Dec. 31 17,957 4,116 13,841 12,547 1,294 5,864 22,078 3,945 17,399 734 1,727 37 1943—Dec. 31 19,994 4,428 15,565 14,563 1,002 5,197 23,256 3,680 18,729 847 1,862 37 1944—Dec. 30 24,003 5,760 18,243 17,179 1,066 4,921 26,773 4,041 21,730 1,002 1,966 37 1945—Dec. 31. . . . 26,143 7,334 18,809 17,574 1,235 6,439 30,121 4,657 24,227 1,236 2,120 37 1946—Dec, 31 20,834 6,368 14,465 13,308 1,158 6,238 24,723 4,246 19,028 1,449 2,205 37 1947—Dec. 31. .... 20,393 7,179 13,214 11,972 1,242 7,261 25,216 4,464 19,307 1,445 2,259 37 1948—Dec. 31 18,759 8,048 10,712 9,649 1,063 7,758 24,024 4,213 18,131 1,680 2,306 35 1949—Dec. 31 19,583 7,550 12,033 10,746 1,287 6,985 23,983 4,192 18,139 1,651 2,312 25 1950—June 30 19,548 7,723 11,825 10,281 1,544 6,329 23,213 3,894 17,668 1,650 2,341 25 Aug. 30? 19,764 8,368 11,396 9,587 1,809 6,478 23,417 3,856 17,936 1,625 2,356 25 Sept. 27P 19,860 8,814 11,046 9,167 1,879 6,635 23,585 3,956 17,982 1,647 2,343 24 Oct. 25P 19,877 8,919 10,958 9,134 1,824 6,515 23,602 4,146 17,851 1,605 2,352 23 Nov. 29P 20,136 9,554 10,582 8,794 1,788 6,836 23,948 4,042 18,260 1,646 2,356 23 Dec. 27P 20,981 9,909 11,072 9,183 1,889 7,359 25,152 4,444 19,010 1,698 2,359 23 1951—Jan. 31P. 19,842 9,758 10,084 8,234 1,850 7,315 23,847 4,131 18,066 1,650 2,363 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. 30P 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. 25P 5,394 1,854 3,540 2,987 553 1,777 6,668 1,109 4,486 1,073 484 13 Nov. 29P 5,456 1,972 3,484 2,928 556 1,812 6,719 1,064 4,566 1,089 490 13 Dec. 27P 5,605 2,122 3,483 2,905 578 2,046 7,030 1,219 4,722 1,089 490 13 1951—Jan. 31P 5,448 2,124 3,324 2,762 562 1,977 6,858 1,071 4,682 1,105 489 13 Reserve city member 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. 3QP . . . . 39,376 15,845 23,531 20,030 3,501 11,422 47,448 4,996 30,848 11,604 3,287 336 Sept. 27P 39,536 16,525 23,011 19,404 3,607 11,858 47,978 5,100 31,300 11,578 3,305 337 Oct. 25P 39,844 16,931 22,913 19,301 3,612 12,070 48,493 5,503 31,388 11,602 3,320 337 Nov 29P. . . . 40,133 17,536 22,597 18,960 3,637 11,945 48,595 5,540 31,551 11,504 3,337 337 Dec. 27P. . 40,898 18,027 22,871 19,184 3,687 13,243 50,648 6,143 32,945 11,560 3,334 336 1951—Jan. 31 P. 40,058 18,159 21,899 18,189 3,710 12,812 49,214 5,428 32,181 11,605 3,332 336 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. 30P. . . . 39,702 14,038 25,664 21,671 3,993 9,606 46,126 844 30,347 14,935 3,476 6,514 Sept. 27P 39,856 14,417 25,439 21,361 4,078 9,810 46,388 854 30,616 14,918 3,497 6,513 Oct. 25P 40,143 14,643 25,500 21,394 4,106 10,065 46,928 967 31,023 14,938 3,527 6,510 Nov. 29P 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. 27P 40,593 15,011 25,582 21,409 4,173 11,134 48,394 1,088 32,513 14,793 3,538 6,502 1951—Jan. 31P 40,418 15,073 25,345 21,151 4,194 10,518 47,616 992 31,822 14,802 3,531 6,498 2 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. 294 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES •—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Amounts in millions of dollars] Loans and investments Deposits Investments Other Cla a s n s d o d f a b te ank Total Loans G U ov . e S r . n- Other as C s a e s ts h x Total b In an te k r - i De- a c c T a c o p o t i u a ta n l l ts N b u a o m n f k b s er 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 1948—Dec. 31 112,286 41,968 70,318 61,388 8,929 38,087 140,642 11,900 93,300 35,441 10,158 13,413 1949—Dec. 31 118,278 42,485 75,793 65,820 9,974 35,207 143,138 12,368 94,914 35,856 10,645 13,429 1950—June 30 119,808 44,304 75,504 64,546 10,957 32,865 141,798 11,066 94,298 36,433 11,061 13,435 National member banks: 1941—Dec. 31 27,571 11,725 15,845 12,039 3,806 14,977 39,458 6,786 24,350 8,322 3,640 5,117 1945—Dec. 31 69,312 13,925 55,387 51,250 4,137 20,114 84,939 9,229 59,486 16,224 4,644 5,017 1946—Dec. 31 63,723 17,272 46,451 41,658 4,793 20,012 78,775 8,169 52,194 18,412 5,138 5,007 1947—Dec. 31 65,280 21,428 43,852 38,674 5,178 22,024 82,023 8,410 54,335 19,278 5,409 5,005 1948—Dec. 31 63,845 23,752 40,093 34,852 5,241 22,974 81,407 7,842 54,020 19,545 5,657 4,991 1949—Dec. 31 67,943 23,853 44,090 38,161 5,930 20,995 83,113 8,278 55,034 19,801 5,920 4,975 1950—June 30 68,723 24,590 44,132 37,548 6,584 19,914 82,430 7,362 54,964 20,104 6,180 4,971 State member banks: 1941—Dec. 31 15,950 6,295 9,654 7,500 2,155 8,145 22,259 3,739 14,495 4,025 2,246 1,502 1945—Dec. 31 37,871 8,850 29,021 27,089 1,933 9,731 44,730 4,411 32,334 7,986 2,945 1,867 1946—Dec. 31 32,639 9,424 23,216 21,384 1,832 9,575 39,395 3,890 26,726 8,779 2,957 1,893 1947—Dec. 31 32,566 11,200 21,365 19,240 2,125 10,822 40,505 3,993 27,449 9,062 3,055 1,918 1948—Dec. 31 31,771 12,308 19,463 17,301 2,161 11,228 39,955 3,799 26,862 9,295 3,144 1,927 1949—Dec. 31 33,585 12,378 21,207 18,722 2,484 10,322 40,772 3,819 27,594 9,359 3,254 1,917 1950—June 30 34,023 13,068 20,955 18,211 2,744 9,466 40,277 3,488 27,268 9,522 3,343 1,914 Insured nonmember commercial banks: 1941—Dec. 31 5,776 3,241 2,535 1,509 1,025 2,668 7,702 129 4,213 3,360 959 6,810 1945—Dec. 31 14,639 2,992 11,647 10,584 1,063 4,448 18,119 244 12,196 5,680 1,083 6,416 1946—Dec. 31 15,831 4,040 11,791 10,524 1,268 4,109 18,836 260 12,225 6,351 1,193 6,457 1947—Dec. 31 16,444 4,958 11,486 10,039 1,448 4,083 19,340 266 12,515 6,558 1,271 6,478 1948—Dec. 31 16,685 5,911 10,774 9,246 1,528 3,887 19,296 259 12,419 6,618 1,358 6,498 1949—Dec. 31 16,766 6,258 10,508 8,947 1,561 3,892 19,269 272 12,285 6,712 1,473 6,540 1950—June 30 17,079 6,650 10,429 8,799 1,630 3,487 19,108 217 12,066 6,825 1,539 6,553 Noninsured nonmember commercial banks: 1941—Dec. 31 1,457 455 1,002 761 241 763 1,872 329 1,291 253 329 852 1945—Dec. 31 2,211 318 1,893 1,693 200 514 2,452 181 1,905 365 279 714 1946—Dec. 31 1,815 389 1,426 1,226 200 530 2,043 336 1,302 404 290 690 1947—Dec. 31 2 2,009 474 1,535 1,280 255 576 2,251 363 1,411 478 325 783 1948—Dec. 31 2,013 520 1,493 1,234 259 509 2,201 368 1,353 479 322 758 1949—Dec. 31 1,919 481 1,438 1,185 253 442 2,036 341 1,223 472 321 727 1950—June 30 1,959 491 1,468 1,204 263 403 2,029 369 1,186 474 326 709 All nonmember commercial banks: 1941—Dec. 31 7,233 3,696 3,536 2,270 1,266 3,431 9,574 457 5,504 3,613 1,288 662 1945—Dec. 31 16,849 3,310 13,539 12,277 1,262 4,962 20,571 425 14,101 6,045 1,362 130 1946—Dec. 31 17,646 4,429 13,217 11,749 1,468 20,879 597 13,526 6,756 1,483 147 1947—Dec. 31 2 18,454 5,432 13,021 11,318 1,703 4,659 21,591 629 13,926 7,036 1,596 261 1948—Dec. 31 18,698 6,431 12,267 10,479 1,788 4,396 21,497 628 13,772 7,097 1,680 256 1949—Dec. 31 18,686 6,739 11,947 10,132 1,814 4,334 21,305 613 13,508 7,184 1,794 267 1950—June 30 19,038 7,141 11,896 10,003 1,893 21,137 586 13,253 7,299 1,865 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 10,351 1,034 192 1946—Dec. 31 11,891 3,250 8,641 7,946 695 612 11,428 11,415 1,173 191 1947—Dec. 31 12,683 3,560 9,123 8,165 958 675 12,207 12,192 1,252 194 1948—Dec. 31 13,312 4,109 9,202 7,795 1,407 684 12,772 12,757 1,334 193 1949—Dec. 31 14,209 4,814 9,394 7,832 1,562 682 13,592 13,575 1,420 192 1950—June 30 14,827 5,288 9,539 7,945 1,594 659 14,128 14,109 1,467 192 Noninsured mutual savings banks: 1941—Dec. 31 8,687 4,259 4,428 3,075 1,353 642 8,744 8,738 1,077 496 1945—Dec. 31 5,361 1,198 4,163 3,522 641 180 5,022 020 558 350 1946—Dec. 31 5,813 1,275 4,538 3,833 705 206 5,442 439 611 350 1947—Dec. 31 2 5,957 1,384 4,573 3,813 760 211 5,556 553 637 339 1948—Dec. 31 6,083 1,577 4,506 3,680 826 194 5,633 631 665 339 1949—Dec. 31 6,192 1,764 4,428 3,596 832 191 5,702 699 702 339 1950—June 30 6,365 1,915 4,450 3,625 826 172 5,815 5,813 722 338 For footnotes see preceding two pages. Back figures.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23;for description, see pp. 5-15 in the same publication. For revisions in series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-871. MARCH 1951 295 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES1 LOANS AND INVESTMENTS [In millions of dollars] Loans x Investments Com- Loans for Lf. S. Government obligations Oblimer- purchasing ga- Total cial, or carrying tions Class of bank loans in- securities Direct of cal a l n d d ate i m n a v e n e n d s t t s - Total1 o e m k p i p p l n u a e e e a g d r t r - n - - - A t c g u a u r r l l i - - - b d a e r e T e n o r r o a s s d k l - - o T e t r h o s - l R t o e a a e s t n a - e l s s l u C o m a o n n e s - rO lo th an er s Total Total Bills C o d c n e f e a e r e d t b t s i e i - n t f s s - i - - Notes Bonds G t a e u n e a - d r- S p d s s a i t o u c i i a n o v l a b t d i n i e l - t - s - s O s ri e t t h c ie e u s r - All insured commercial banks: 1941—Dec. 31. 49,290 21,259 9,214 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 14,016 1,358 1,517 1,609 7,103 4,031 1,098 81,445 73,554 1,271 12',288 6,78053,200 154,298 3,592 1947—Dec. 31.114,274 37,583 18,012 1,610 823 1,190 9,2665,654 1,028 76,691 67,941 2,124 7,552 5,918 52,334 145,129 3,621 1948—Dec. 31.112,286 41,968 18,7612,775 1,336 939 10,6666,804 1,095 70,318 61,388 2,821 10,065 3,39445,100 85,5093,420 1949—Dec. 31. 118,278 42,485 16,9352,963 1,749 855 11,4058,0051,121 75,793 65,820 3,692 12,479 5,810 43,833 66,4003,574 1950—June 30. 119,808 44,304 16,8142,819 1,856 912 12,2709,036 1,186 75,504 64,546 3,847 6,102 11,59143,000 87,237 3,721 Member banks, total: 1941—Dec. 31. 43,521 18,021 8,671 972 594 598 3,494 3, 592 25,500 19,539 971 3,007 11,7293,8323,0902,871 1946—Dec. 31. 96,362 26,696 13,154 884 1,506 1,467 5,3583,308 1,020 69,666 63,042 1,167 l6!043 5,60246,219 113,5483,077 1947—Dec. 31. 97,846 32,628 16,962 1,046 811 1,065 7,1304,662 952 65,218 57,914 1,987 5,816 4,815 45,286 104,199 3,105 1948—Dec. 31. 95,616 36,060 17,631 1,800 1,324 834 8,2445,585 1,006 59,556 52,154 2,588 7,999 2,800 38,761 54,480 2,922 1949—Dec. 31. 101,528 36,230 15,857 1,945 1,737 758 8,8346,551 1,034 65,297 56,883 3,389 10,409 5,08537,996 45,2743,140 1950—June 30. 102,745 37,658 15,708 1,770 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 41,612 18,337 1,729 1,382 901 10,1178,176 1,498 62,755 52,618 3,588 1,868 12,63334,524 66,512 3,625 Dec. 30. 107,424 44,705 20,521 1,808 1,770 927 10,5228,314 1,438 62,719 52,365 3,665 1,468 14,05433,170 86,6403,714 New York City:* 1941—Dec. 31. 12,896 4,072 2,807 8 412 169 123 554 8,823 7,265 311 1,623 3,652 1,679 729 830 1946—Dec. 31. 20,834 6,368 4,078 1,096 389 99 455 250 14,465 13,308 387 ' 1', 725 992 10,202 1 557 601 1947—Dec. 31. 20,393 7,179 5,361 545 267 111 564 330 13,215 11,972 1,002 640 558 9,771 638 604 1948—Dec. 31. 18,759 8,048 5,642 ""3 1,102 225 224 643 306 10,712 9,649 589 1,183 365 7,512 563 500 1949—Dec. 313 19,583 7,550 4,792 1,410 219 256 689 309 12,033 10,746 720 1,785 835 7,405 752 535 1950—June 30. 19,548 7,723 4,656 1,497 242 339 756 356 11,825 10,281 900 458 1,594 7,328 959 585 Oct. 4. 19,821 8,821 5,672 1,105 276 414 862 616 11,001 9,132 781 159 1,643 6,549 1,144 725 Dec. 30. 20,612 9,729 6,328 1,421 285 442 930 460 10,883 8,993 824 250 1,711 6,206 2 1,123 767 Chicago:2 1941—Dec. 31. 2,760 954 732 6 48 52 22 6 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—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 1,557 1,116 24 109 64 54 180 36 3,699 3,138 352 276 555 1,954 340 221 Oct. 4. 5,305 1,776 1,322 5 81 65 58 207 66 3,529 2,969 253 140 673 1,903 327 233 Dec. 30. 5,569 2,083 1,567 9 110 69 65 207 87 3,487 2,911 232 131 700 1,847 335 242 Reserve city banks: 1941—Dec. 31. 15,347 7,105 3,456 300 114 194 1,527 1, 512 8,243 6,467 295 751 4,248 1,173 956 820 1946—Dec. 31. 35,351 10,825 5,548 201 264 704 2,237 1,436 435 24,527 22,250 441 3,799 1,993 16,013 4 1,272 1,004 1947—Dec. 31. 36,040 13,449 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 3,5032,315 412 21,047 18,594 1,056 3,201 1,090 13,247 11,421 1,032 1949—Dec. 31 3 38,301 14,370 6,704 457 183 309 3,7422,745 432 23,931 20,951 1,189 4,180 2,124 13,457 1,727 1,254 1950—June 30. 38,697 14,868 6,596 367 201 324 4,0293,118 447 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 12,119 1,472 Dec. 30. 40,685 17,906 8,646 392 207 386 4,4233,498 603 22,779 19,084 1,218 499 5,536 11,830 12,184 1,511 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 8,004 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 3,096 818 23 227 3,827 1,979 229 26,125 22,857 480 2,583 2,108 17,681 62,006 1,262 1948—Dec. 31. 36,726 11,945 3,296 1,356 21 187 4,467 2,451 261 24,781 21,278 760 3,340 1,128 16,046 42,286 1,217 1949—Dec. 31. 38,219 12,692 3,150 1,480 36 173 4,784 2,945 259 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 5,125 3,346 266 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 5,4063,653 295 25,367 21,250 1,344 869 5,263 13,769 52,923 1,195 Dec. 30. 40,558 14,988 3,980 1,407 33 187 5,591 3,679 288 25,570 21,377 1,390 588 6,107 13,287 52,998 1,194 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 4,040 862 474 12 142 1,748 723 79 11,791 10,524 104 '2,247 1,179 6,991 3 752 516 1947—Dec. 31. 16,444 4,958 1,049 563 13 125 2,139 992 76 11,486 10,039 136 1,736 1,104 7,058 4 931 517 1948—Dec. 31. 16,685 5,911 1,131 975 12 105 2,426 1,220 89 10,774 9,246 234 2,066 594 6,349 3 1,030 498 1949—Dec. 31. 16,766 6,258 1,078 1,018 12 97 2,575 1,453 87 10,508 8,947 303 2,071 725 5,846 2 1,127 434 1950—June 30. 17,079 6,650 1,106 1,049 16 105 2,727 1,635 82 10,429 8,799 308 1,281 1,601 5,606 2 1,198 432 * These figures do not include data for banks in possessions of the United States. 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. '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. 2 Central reserve city banks. For other footnotes see opposite page. 296 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Time deposits Re- Cla c s a s l a l o n d f d a b te arik f s B e s w e R e d a r i r e n v e t v r h - k e e a s s l v C a i a n u s l h t b m a w a B n d e n i c o a s t k e l t - h - i s s c 4 j m p u D o a d s a d t s e e n e i - - - t d d s 5 m D e I s n d o t t i e - c e p 4 r o b s a i F e t n i s o g k r n - U m G e . r o e n v n S - - t . p v S s o i u a t l s a i b n i t o t d d i e c n i s - a s l c C h c o f a e e e e i f n t e c f r r c i d d t s k . - i ' s - , p a v n s a p t I i h d i r n o d o t i d r n u p c n a i e a s o s - - , r l r s - - I b n a t n e k r- P U m G S e a o . r a n o e s n v d v n S t - - a - t . l v s S p i a u i o s t c n a b i l a o d i t d l t e n - i s s -a p v n s a p i t I h d d i r n o o t i u d r n p n c a a i s e o s - - l , r r s - - , r B i o n o w g r s - - c C o a t a u a c p l n - i t - s ings All insured commercial banks: 1941—Dec. 31.. 12,396 1,358 8 570 37,845 9,823 673 1 761 3 677 1 077 36 544 158 59 492 15,146 10 6,844 1946—Dec. 31. . U ,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 85,75111,236 1,379 1 325 6 692 2 559 83 723 54 111 826 33 946 61 9,734 1948—Dec. 31.. 20,404 1,939 8 947 84,21110,344 1,488 2 323 7 182 2 113 81 682 69 117 1,080 34,244 54 10,158 1949—Dec. 31. . n,428 1,984 9 466 84,57610,885 1,315 3 050 7 419 2 338 82 106 169 182 1,232 34 442 14 10,645 1950—June 30.. 15,863 1,801 8 358 83,916 9,577 1,281 3 590 7 924 2 145 80 639 209 188 1,321 34 925 36 11,061 Member banks, total: 1941—Dec. 31. . 12,396 1,087 6 246 33,754 9,714 671 1 709 3 066 1 009 33 061 140 50 418 11 878 4 5,886 1946—Dec. 31. . 1*>,015 1,576 5 936 70,24310,644 1,353 2 672 4 915 2 207 69 127 62 114 551 26 525 30 8,095 1947—Dec. 31. . 17,797 1,672 6 270 73,52810,978 1,375 1 176 5 504 2 401 72 704 50 105 693 27 542 54 8,464 1948—Dec. 31.. 20,406 1,486 5 674 72,152 10,098 1,480 2 122 5 850 1 962 70 947 63 111 927 27 801 45 8,801 1949—Dec. 31. . 16,429 1,521 6 194 72,65810,623 1,310 2 838 6 017 2 185 71 589 164 175 1,051 27 934 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 27 921 241 9,705 Dec. 30. . rr,459 1,643 6 868 78,370 11,669 1,437 2 523 6 400 2 724 78 659 341 183 1,121 28 032 79 9,695 New York City:2 1 1 9 9 4 4 1 6 — — r D j) eecc. 3 3 1 1 . . . . 5 4 , , 1 0 0 4 5 6 1 9 3 3 1 1 8 4 7 1 1 1 0 6 , , 7 4 6 2 1 9 3 3,0 5 3 95 1 1,1 6 9 0 5 7 8 6 6 5 6 1 3 2 1 1 9 8 4 94 5 2 0 1 1 1 7 2 2 8 1 2 6 20 6 15 3 2 9 9 1 3 7 9 7 5 8 2 1 , , 2 6 0 4 5 8 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 20 646 25 2,306 1949—Dec. 31 3. 4,462 112 68 15,182 2,996 1,084 640 196 895 16 408 113 38 24 1 590 2,312 1950—June 30. . 4,235 92 38 15,053 2,692 1,051 684 279 809 15 896 151 37 19 594 2,341 Oct. 4. . 4,418 125 41 15,313 2,900 1,132 515 273 575 15 975 172 37 28 565 '"74 2,347 Dec. 30. . 4,693 118 78 15,898 3,207 1,162 451 258 1 087 17 490 268 37 37 1 647 70 2,351 Chicago:2 1 19 9 4 4 6 1 — — D D eecc. 3 3 1 1. . 1L 9 ,0 2 2 8 1 4 2 3 9 2 1 9 7 8 2 2 3 , , 2 3 1 5 5 6 1 1 , , 0 1 2 3 7 0 24 8 1 15 2 2 7 2 2 3 2 3 8 3 4 4 7 2 3 4 1 9 5 5 2 2 4 4 8 7 2 6 3 2 4 8 0 8 4 1947—Dec. 31. . L,070 30 175 3,737 1,196 21 72 285 63 3 853 2 9 902 426 1948—Dec. 31. . L ,325 28 143 3,604 1,038 26 188 284 53 3 702 1 11 989 444 1949—Dec. 31. . 1,183 27 159 3,797 1,151 40 258 286 60 3 932 4 10 1 069 470 1950—June 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 Dec. 30. . L ,216 30 133 3,954 1,177 48 174 284 70 4 250 3 3 10 1 089 490 Reserve city banks. 1941—Dec. 31 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11 127 104 20 243 4 542 1,967 1946—Dec. 31.. 6,337 532 1,923 24,221 5,417 127 991 2 077 693 24 288 25 43 235 10 580 4 2,729 1947—Dec. 31. . 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26 003 22 45 332 11 045 1 2,844 1948—Dec. 31. . r,701 483 1,845 25,072 5,213 168 801 2,401 649 25 302 19 46 547 10 798 8 2,928 1949—Dec. 313. 6,413 482 1,965 25,744 5,498 176 1,142 2,478 650 25 912 38 60 617 10 987 3,087 1950—June 30.. 5,206 428 1,747 25,655 4,848 181 1,408 2,579 590 25,729 40 65 653 11 093 14 3,268 Oct. 4. . 6,331 538 1,858 26,770 5,223 212 971 2,331 587 26 992 51 63 654 10 882 102 3,318 Dec. 30 5,806 519 2,206 27,938 5,174 217 976 2,575 852 28,938 57 60 631 10 956 3,322 Country banks: 1941—Dec. 31. . 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1946—Dec. 31. . 1,703 883 3,753 26,237 1,067 8 877 2,391 524 24,128 17 55 272 13,727 26 2,757 1947—Dec. 31. . 1,993 929 3,900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1948—Dec. 31. . 5,736 858 3,619 27,703 943 8 688 2,925 510 25,248 13 49 350 14,369 12 3,123 1949—Dec. 31. . 1,371 901 4,002 27,935 979 9 797 3,058 579 25,337 13 73 400 14,289 11 3,305 1950—June 30. . 1,343 813 3,579 27,879 850 9 1,036 3,246 549 25,122 12 75 434 14,555 15 3,433 Oct. 4. . 1,628 994 3,683 29,125 894 10 828 3,116 558 26,400 13 76 444 14,414 64 3,555 Dec. 30. . 1,745 976 4,450 30,581 1,111 10 922 3,282 715 27,980 12 82 443 14,339 9 3,532 Insured nonmember commercial banks: 1941—Dec. 31. . 271 2,325 4,092 108 2 53 611 68 3,483 18 8 74 3,276 6 959 1946—Dec. 31. . 437 3,547 11,842 244 11 258 1,052 154 10,761 6 c 113 6,232 9 1,193 1947—Dec. 31. . 473 3,466 12,223 258 4 149 1,188 158 11,019 4 6 132 6,420 7 1,271 1948—Dec. 31. . 453 3,273 12,059 246 8 201 1,332 151 10,736 6 6 153 6,459 8 1,358 1949—Dec. 31. . 463 3,273 11,918 261 6 213 1,402 153 10,517 c 6 182 6,524 1,473 1950—June 30. . 442 2,880 11,653 209 3 250 1,496 144 10,176 c 6 206 6,613 1,539 3 Figures not entirely comparable with prior dates due to reclassification of 9 central reserve city banks in New York City as reserve city banks. 4 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. 6 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. MARCH 1951 297 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] Investments For purchasing U. <3. Government obligations or carrying securities Com- Total mer- Date or month i m n lo a v e n a e n n d s t s t s - Totall i t c n a r i i d n a a d u l l , , s- a T n o d b d r e o a k l e e r r s s To others e l R o st a e a n a t l s e b L a o t n o a k n s s O lo t a h n e s r Total c C t a if e t i e r - - s O s ri e t t h c i e e u r s t a c u g u r r l a i - - l G U t l i o i o o . g b v n a S - - s t . . O c t s u t i e h e r - s i e - r G l U t o i i o g o . b S v a n - - . t s .O c t s u t i e h e r - s e i- r Total Bills o d n e f e e d b i s - n t s - - Notes Bonds2 Total— Leading Cities 1950—January... 67,517 24,523 13,860 505 840 159 424 4,379 270 4,456 42,994 37,910 3,008 6,780 3,454 24,6685,084 November. 69,523 29,894 16,822 454 989 184 566 5,169 295 5,81039,629 33,313 2,284 1,085 7,740 22,2046,316 December.. 70,835 30,971 17,590 5181,011 181 570 5,244 409 5,850 39,864 33,473 2,592 846 8,181 21,8546,391 1951—January... 70,479 31,398 17,979 489 1,026 165 581 5,292 405 5,905 39,081 32,584 2,149 9,033 21,4026,497 1950—Dec. 6... 69,807 30,580 17,261 481 983 185 558 5,212 502 5,799 39,227 32,924 2,058 1,014 7,731 22,1216,303 Dec. 13... 70,301 30,560 17,461 452 992 185 601 5,240 204 5,827 39,741 33,439 2,038 805 7,867 22,1296,302 Dec. 20. .. 71,444 31,146 17,801 4481,017 180 559 5,254 410 5,880 40,298 33,854 2,894 779 8,57721,6046,444 Dec. 27. .. 71,789 31,599 17,839 6901,052 175 561 5,270 519 5,895 40,190 33,674 2,778 787 8,54921,5606,516 1951—Jan. 3... 71,212 31,417 17,859 5121,066 174 576 5,280 510 5,877 39,795 33,294 2,470 9,251 21,5736,501 Jan. 10... 70,824 31,292 17,924 487 987 162 577 5,287 424 5,886 39,532 33,046 2,368 9,184 21,4946,486 Jan. 17. .. 70,449 31,300 17,972 4261,015 159 582 5,298 404 5,889 39,149 32,634 2,209 9,026 21,3996,515 Jan. 24. .. 70,384 31,438 18,018 4871,041 164 582 5,298 363 5,932 38,946 32,443 2,081 9,021 21,3416,503 Jan. 31... 69,527 31,541 18,120 5331,021 167 587 5,299 324 5,93937,986 31,504 1,618 8,681 21,2056,482 Feb. 7... 69,225 31,669 18,321 5161,012 167 577 5,303 313 5,909 37,556 31,093 1,444 8,60921,0406,463 Feb. 14... 69,241 31,922 18,449 5191,000 175 575 5,326 441 5,885 37,319 30,858 1,402 8,518 20,9386,461 Feb. 21... 69,231 31,877 18,588 397 978 174 575 5,327 403 5,879 37,354 30,900 1,505 8,49720,8986,454 Feb. 28... 69,501 32,189 18,733 4921,006 171 577 5,331 412 5,91037,312 30,791 1,577 8,38420,8306,521 New York City 1950—January.. . 19,433 7,467 4,859 443 677 40 161 266 223 923 11,966 10,633 910 1,620 794 7,309 1,333 November. 19,736 9,156 5,928 394 772 37 247 431 183 1,29010,580 8,825 779 225 1,573 6,248 1,755 December.. 20,448 9.660 6,225 450 774 36 243 438 319 1,30210,788 8,986 995 235 1,649 6,107 1,802 1951—January... 20,146 9,768 6,381 427 786 30 250 433 278 1,32210,378 8,507 630 1,836 6,041 1,871 1950—Dec. 6... 19,978 9,546 6,086 394 755 37 234 434 440 1,29310,432 8,672 700 266 1,533 6,173 1,760 Dec. 13... 20,194 9,426 6,180 403 753 36 274 441 168 1,29810,768 9,010 1,061 215 1,581 6,153 1,758 Dec. 20... 20,735 9,738 6,329 399 772 35 234 436 354 1,305"10,997 9,188 1,154 231 1,758 6,045 1,809 Dec. 27. .. 20,885 9,931 6,305 602 815 35 232 439 315 1,31410,954 9,075 1,065 229 1,724 6,057 1,879 1951—Jan. 3... 20,644 9,915 6,358 454 834 32 250 436 389 1,30110,729 8,844 774 1,932 6,138 1,885 Jan. 10. .. 20,274 9.758 6,367 432 764 30 250 439 306 1,30910,516 8,642 696 1,864 6,082 1,874 Jan. 17... 19,978 9,641 6,361 371 760 29 250 435 254 1,32010,337 8,443 618 1,817 6,008 1,894 Jan. 24... 20,092 9,754 6,383 420 786 29 249 432 262 1,33210,338 8,476 651 1,834 5,991 1,862 Jan. 31... 19,741 9,770 6,435 459 787 31 248 422 181 1,346 9,971 8,132 410 1,735 5,987 1,839 Feb. 7... 19,545 9,829 6,562 423 779 31 237 423 171 1,342 9,716 7,885 283 1,725 5,877 1,831 Feb. 14. .. 19,516 9,935 6,611 417 765 37 236 428 255 1,325 9,581 7,753 216 1,690 5,847 1,828 Feb. 21... 19,585 9,922 6,659 333 740 36 235 431 302 1,325 9,663 7,845 301 1,704 5,840 1,818 Feb. 28... 19,982 10,108 6,747 412 750 34 239 427 306 1,332 9,874 7,997 371 1,715 5,911 1,877 Outside New York City 1950—January. . . 48,084 17,056 9,001 62 163 119 263 4,113 47 3,533 31,028 27,277 2,098 5,160 2,660 17,3593,751 November. 49,787 20,738 10,894 60 217 147 319 4,738 112 4,520 29,049 24,488 1,505 860 6,167 15,9564,561 December.. 50,387 21,311 11,365 68 237 145 327 4,806 90 4,54829,076 24,487 1,597 611 6,532 15,7474,589 1951—January... 50,333 21,630 11,598 62 240 135 331 4,859 127 4,58328,703 24,077 1,519 7,197 15,3614,626 1950—Dec. 6... 49,829 21,034 11,175 87 228 148 324 4,778 62 4,506 28,795 24,252 1,358 748 6,198 15,9484,543 Dec. 13... 50,107 21,134 11,281 49 239 149 327 4,799 36 4,52928,973 24,429 1,577 590 6,286 15,9764,544 Dec. 20. .. 50,709 21,408 11,472 49 245 145 325 4,818 56 4,575 29,301 24,666 1,740 548 6,819 15,5594,635 Dec. 27. .. 50,904 21,668 11,534 88 237 140 329 4,831 204 4,581 29,236 24,599 1,713 558 6,825 15,5034,637 1951—Jan. 3... 50,568 21,502 11,501 58 232 142 326 4,844 121 4,576 29,066 24,450 1,696 7,319 15,4354,616 Jan. 10. . . 50,550 21,534 11,557 55 223 132 327 4,848 118 4,577 29,016 24,404 1,672 7,320 15,4124,612 Jan. 17... 50,471 21,659 11,611 55 255 130 332 4,863 150 4,56928,812 24,191 1,591 7,209 15,3914,621 Jan. 24. .. 50,292 21,684 11,635 67 255 135 333 4,866 101 4,60028,608 23,967 1,430 7,187 15,3504,641 Jan. 31... 49,786 21,771 11,685 74 234 136 339 4,877 143 4,593 28,015 23,372 1,208 6,946 15,2184,643 Feb. 7... 49,680 21,840 11,759 93 233 136 340 4,880 142 4,567 27,840 23,208 1,161 6,884 15,1634,623 Feb. 14. .. 49,725 21,987 11,838 102 235 138 339 4,898 186 4,56027,738 23,105 1,186 6,828 15,0914,633 Feb. 21. .. 49,646 21,955 11,929 64 238 138 340 4,896 101 4,554 27,691 23,055 1,204 6,793 15,0584,636 Feb. 28... 49,519 22,081 11,986 80 256 137 338 4,904 106 4,57827,438 22,794 1,206 6,669 14,9194,644 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. 8 Includes guaranteed obligations. 298 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 rtronth B s w F e R e a e r i r e a n t d v h - l k - e s v C a a i u n s l h t b m a w a n d e n i o c s t - k e h ti s s c j p u m o a s d a d t s e e n i - - t d d s s p p u c n h v a o a a o n e i i r p r d l r r d a s t - - - s - , - , S p s d s a i i o t u i c o n a v l b a n i d t i - l t e - s - s c C h c O e a f e e e i t n f e c c r r f d d i s t k . - i ' s - , U m G er o . e n v n S - - t . s p p u c n h v a o a a o e i n i r p r d l r r d a s t - - s - - , - , S p s d s a i t i o u i c o a n v l b a t n i d i - e l t - s - s P m U G S e i a o n a r . n o e s g n v d S n v t s - - a t - . l m D t e D i o c s - e - ma F e n i d o g r n - Time r B i o n o w g r s - - c C o i a t a u c a p n - l - ts B d it e a s b * n - k tions tions Total— Leading Cities 1950—January.. . .12,408 804 2,41348,21948,403 3,315 1,358 1,99714,597 620 127 9,835 1,238 152 210 6,209 93,223 November..12,436 847 2,30149,67051,023 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 6,531126,403 1951—January... . 13,500 854 2,46251,44352,436 3,501 1,583 1,31314,579 668 127 10,1531,371 362 550 6,529 120,787 1950—Dec. 6.... 12,778 879 2,26850,45251,156 3,330 1,707 1,46214,466 637 126 9,707 1,359 256 495 6,535 29,274 Dec. 13.... 13,075 998 2,67451,67653,383 3,368 1,478 1,40814,510 640 12610,127 1,364 310 126 6,520 27,207 Dec. 20.... 12,823 972 2,69651,77053,181 3,385 1,562 1,46914,520 643 126105811,359 342 316 6,530 30,583 Dec. 27.... 12,7381,005 2,58951,64253,518 3,393 1,910 1,57214,578 642 126103001,412 328 738 6,538 24,772 1951—Jan. 3.... 13,045 894 2,87451,29252,810 3,480 1,848 1,19414,615 644 12711,2211,409 326 469 6,523 32,410 Jan. 10.... 12,923 890 2,42251,30652,130 3,427 1,545 1,08914,632 659 127103991,396 364 370 6,532 26 213 Jan. 17.... 13,753 838 2,55551,70253,202 3,428 1,544 1,26114,578 661 12710,4031,352 367 414 6,521 27 459 Jan. 24.... 13,519 851 2,29551,68452,276 3,513 1,491 1,39814,537 685 126 9 6541,347 377 517 6,526 26,650 Jan. 31.... 14,260 795 2,16651,23251,760 3,657 ,489 L.62214,533 689 128 9 0891,353 376 982 6,542 27 501 Feb. 7 14,145 818 2,11350,78150,767 3,619 1,437 1,73914,516 712 127 9 1811,347 374 825 6,559 25 086 Feb. 14.... 13,945 882 2,36250 51052,684 3,574 1,528 L,98314,492 703 124 9 6371,327 375 551 6,548 22 642 Feb. 21.... 13,981 833 2,17750,49151,285 3,541 1,358 >,46214,479 706 126 9 0501,333 377 478 6,534 28 707 Feb. 28.... 14,173 823 2,20350 64951,813 3,640 1,536 >,58814,495 703 126 9 0341,372 377 664 6,560 24 720 New York City 1950—January 4,543 129 33 15 320 15,990 213 690 568 1,510 22 38 2 949 1,016 111 89 2,279 38 133 November.. 4,462 138 341541816,275 321 746 491 1,492 36 37 2 7781,126 190 171 2,310 41 167 December.. 4,671 167 3716 13917,136 250 826 380 1,557 38 37 2 9881,113 247 164 2,306 53 150 1951—January.. . . 4,769 131 42 15 830 16 735 231 752 345 L.530 36 37 2 969 1,113 274 293 2,319 47 561 1950—Dec. 6.... 4,568 152 3315 82916,616 243 929 388 1,524 39 37 2 8391,103 202 123 2,306 13 123 Dec. 13.... 4,948 181 371632917,408 277 644 369 :1,568 38 37 2 9821,100 244 22 2,300 11 669 Dec. 20.... 4,602 170 411628217,263 211 673 371 1,566 37 37 3 1191,108 276 90 2,308 12 430 Dec. 27.... 4,567 164 3716 11617,258 268 1 057 395 L ,571 37 37 3 0121,143 264 421 2,309 9 983 1951—Jan. 3.... 4,572 142 6815 76216 828 241 813 322 1,552 37 37 3 3111,133 261 354 2,315 13 553 Jan. 10.... 4,476 140 3615 81616 661 209 731 288 1,548 37 37 2 9791,120 275 168 2,318 10 040 Jan. 17.... 4,842 128 3915 81816 812 199 731 333 1,518 36 37 2 9971,097 278 212 2,318 10 424 Jan. 24.... 4 780 128 361601916 788 251 723 358 L,505 36 37 2 8381 104 279 201 2,318 10 092 Jan. 31.... 5 176 116 3315 73816 587 257 759 426 1[,524 35 38 7181,111 279 528 2,327 11 584 Feb. 7.... 5 165 125 3015 66116 277 250 742 450 1,509 36 38 2 6891093 279 457 2,327 10 214 Feb. 14.... 4 891 143 3415 37916 685 236 783 499 1,502 36 38 2 8321078 280 292 2,324 8 524 Feb. 21.... 4 942 133 3315 57016421 218 584 642 1,506 35 38 2 7341080 282 153 2,324 11 009 Feb. 28.... 5 083 125 3015 91516 856 279 757 660 1,516 35 38 2 7291 117 282 307 2,333 9 169 Outside New York City 1950—January 7 865 675 2 380 32 899 32 413 3 102 668 1,429 13,087 598 89 6 886 222 41 121 3,930 55 090 November.. 7 974 709 2 26734 25234 748 3 020 745 1,320 13,016 613 88 6 815 257 56 214 4,226 64 687 December.. 8 182 797 2 52035 24635 674 3 119 838 1,098 12,961 603 89 7 191 260 62 255 4,225 73,253 1951—January.. . . 8 731 723 2 420 35 613 35 701 3 270 831 968 L",049 632 90 7 184 258 88 257 4,210 73,226 1950—Dec. 6.... 8 210 727 2 23534,62334 540 3 087 778 1,074 12,942 598 89 6 868 256 54 372 4,229 16,151 Dec. 13.... 8 127 817 2 63735,34735 975 3 091 834 1,039 ,942 602 89 7 145 264 66 104 4,220 15 538 Dec. 20.... 8 221 802 2 65535,48835 918 3 174 889 1,098 a,954 606 89 7 462 251 66 226 4,222 18,153 Dec. 27.... 8 171 841 2 55235,52636 260 3 125 853 1,177 ,007 605 89 7 288 269 64 317 4,229 14,789 1951—Jan. 3.... 8 473 752 2 80635,53035 982 3 239 1 035 872 ,063 607 90 7,910 276 65 115 4,208 18,857 Jan. 10.... 8 447 750 2 38635,49035 469 3 218 814 801 ,084 622 90 7 420 276 89 202 4,214 16,173 Jan. 17.... 8 911 710 2 51635,88436 390 3 229 813 928 ,060 625 90 7,406 255 89 202 4,203 17,035 Jan. 24.... 8 739 723 2 25935,66535 488 3 262 768 1,040 u,032 649 89 6,816 243 98 316 4,208 16,558 Jan. 31.... 9 084 679 2 13335,49435 173 3 400 730 1,196 13,009 654 90 6,371 242 97 454 4 215 15,917 Feb. 7.... 8 980 693 2 08335,120 4,490 3,369 695 1,289 13,007 676 89 6,492 254 95 368 4 232 14,872 Feb. 14.... 9 054 739 2 32835,13135 999 3,338 745 1,484 12,990 667 86 6,805 249 95 259 4,224 14,118 Feb. 21.... 9 039 700 2 14434,921 4 864 3,323 774 1,820 12,973 671 88 6,316 253 95 325 4,210 17,698 Feb. 28.... 9 090 698 2 17334,73434 957 3,361 779 1,928 12,979 668 88 6,305 255 95 357 4,227 15,551 8 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. MARCH 1951 299 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS LOANS AND INVESTMENTS [In millions of dollars] Loans * Investments For purchasing U. S. Government obligations or carrying securities Com- Total merd F i e s d tr e i r c a t l a R nd e se d r a v t e e i m n lo a e v n a n e n d s ts s t- Total1 i t a t c n c a u r g i u d n i r a r l a u d a - l i l , - l s , - G U a T l o i n o o . g b d v a - S - t b . . d r e o O a k c t l s u t e i e e h e r r r - s s i e s - r G U l T o i o g b o . v a S - - t . . ot O h c t s u e t i e h e r r - s s i e - r e R l s o t e a a a n t l e s L ba o t n a o k n s s O lo th an e s r Total Total Bills o d c C n t f e e a i e f e d t b s i i e r - - t s n - s - - Notes Bonds2 O s ri e t t c i h e u e s - r tions tions Boston Jan. 31 3,148 1,448 898 8 11 10 27 213 8 298 1,700 1,467 74 295 1,098 233 Feb. 7 3,166 1,484 905 13 12 10 27 215 33 294 1,682 1,448 63 291 1,094 234 Feb. 14. 3 171 1,512 920 10 12 10 26 216 48 295 1,659 1,424 55 279 1,090 235 Feb. 21 3,144 1,482 933 7 11 10 26 216 10 294 1,662 1,425 55 280 1,090 237 Feb. 28 3,160 1,496 936 9 10 10 26 214 21 295 1,664 1,426 55 282 1,089 238 New York* Jan. 31 22,206 10,731 6,834 464 796 36 265 715 1881,594 11,475 9,393 497 1,975 6,921 2,082 Feb. 7 21,995 10,788 6,962 433 786 36 254 717 1711,590 11,207 9,133 361 1,963 6,8092,074 Feb. 14 21 974 10,908 7,015 428 773 42 253 722 2651,571 11,066 8,998 291 1,925 6,782 2,068 Feb. 21 22,050 10,895 7,065 338 748 42 251 727 3151,570 11,155 9,099 371 1,937 6,791 2,056 Feb. 28 22,446 11,079 7,157 422 759 40 255 723 3091,575 11,367 9,252 456 1,943 6,8532,115 Philadelphia Jan. 31 2,828 1,224 666 3 34 3 6 144 11 380 1,604 1,250 54 285 911 354 Feb. 7 2,847 1,244 676 3 33 3 6 143 19 384 1,603 1,253 52 287 914 350 Feb. 14 2 826 1 244 682 3 34 3 6 145 16 378 1,582 1,233 43 278 912 349 Feb. 21 2,839 1,245 685 3 38 3 6 144 6 383 1,594 1,247 52 287 908 347 Feb. 28 2,844 1,280 697 3 47 3 7 143 16 387 1,564 1,221 45 279 897 343 Cleveland Jan. 31 4,847 1,845 991 16 25 36 68 361 34 344 3,002 2,531 107 633 1,791 471 Feb. 7 4 814 1 833 1,018 16 24 36 68 362 2 337 2,981 2,511 107 628 1,776 470 Feb. 14 4,844 1,870 1,024 15 25 36 69 366 25 340 2,974 2,514 119 629 1,766 460 Feb. 21 4,867 1,902 1,068 14 25 36 70 367 14 338 2,965 2,504 117 630 1,757 461 Feb. 28 4 891 1 932 1,077 15 29 36 67 368 25 345 2,959 2,496 125 624 1,747 463 Richmond Jan 31 2 783 1 140 551 2 6 12 34 246 1 302 1,643 1,465 83 392 990 178 Feb. 7 ... 2,786 1,140 551 1 6 11 33 245 6 301 1,646 1,469 98 387 984 177 Feb. 14 2,795 1,149 558 2 6 12 33 246 5 301 1.646 1,468 100 392 976 178 Feb. 21 2 754 1 145 563 1 6 11 33 243 2 300 1,609 1,433 74 386 973 176 Feb. 28. 2,769 1,154 569 1 5 11 32 243 2 305 L ,615 1,440 93 385 962 175 Atlanta Jan 31 2,537 1,137 686 13 12 23 92 6 321 L.400 1,187 50 509 628 213 Feb 7 2 559 1 137 691 13 12 23 93 4 317 1,422 1,209 77 506 626 213 Feb. 14. 2 553 1 145 690 12 12 23 93 11 319 1,408 1,194 60 506 628 214 Feb. 21 2,553 1,142 695 12 12 23 93 5 318 .411 1,197 62 506 629 214 Feb. 28 2 559 1 142 697 13 11 24 93 5 315 1,417 1,201 69 499 633 216 Chicago* Jan. 31 9,825 3,432 2,160 34 98 22 60 450 22 638 6,393 5,440 363 1,610 3,467 953 Feb. 7 9 786 3 444 2,176 44 98 23 60 450 21 624 6,342 5,388 328 1,613 3,447 954 Feb. 14 9,797 3,464 2,195 56 95 25 59 451 12 623 6,333 5,383 327 1,622 3,434 950 Feb. 21 9 802 3 470 2,215 30 96 25 59 453 23 621 6,332 5,384 349 1,618 3,417 948 Feb. 28 9 753 3 466 2,221 37 91 25 59 454 6 625 6,287 5,332 340 1,588 3,404 955 St. Louis Jan. 31.. . 2 401 1,270 731 2 4 10 15 237 20 265 1,131 946 44 308 594 185 Feb 7 2 390 1 273 732 2 4 10 15 237 23 264 1,117 935 40 302 593 182 Feb. 24 2,396 1,277 733 2 5 10 15 237 26 263 1,119 940 51 299 590 179 Feb 21 2 362 1 250 732 2 5 10 15 238 2 260 1,112 936 47 301 588 176 Feb. 28.. . 2 358 1,257 731 2 5 10 15 238 6 264 1,101 926 41 300 585 175 Minneapolis Jan. 31 1,266 574 299 2 3 5 104 2 167 692 548 22 163 363 144 Feb. 7 1 271 575 301 2 3 5 104 168 696 552 21 168 363 144 Feb. 14 1,268 586 310 2 2 6 105 4 165 682 537 13 164 360 145 Feb. 21.. 1 264 590 318 2 2 6 105 165 674 531 13 161 357 143 Feb. 28 1,247 598 323 2 2 6 105 2 166 649 505 15 156 334 144 Kansas City Jan. 31 2,752 1,204 769 1 8 4 14 168 7 241 1,548 1,270 185 462 623 278 Feb 7 2 729 1 198 770 1 8 4 14 167 4 238 1,531 1,254 173 459 622 277 Feb 14 2 7S6 1 209 778 1 9 4 13 168 4 240 1,547 1,270 195 453 622 277 Feb. 21 2,761 1,208 782 1 8 4 14 165 1 241 1,553 1,277 200 457 620 276 Feb. 28 2,762 1,222 791 1 10 4 14 166 3 241 1,540 1,269 196 461 612 271 Dallas Jan. 31 2,717 1,488 1,052 7 10 42 122 1 269 1,229 1,071 98 383 590 158 Feb 7 2 678 1,476 1,041 8 10 44 120 1 267 1,202 1,042 74 372 596 160 Feb. 14 2,683 1,479 1,041 8 11 44 121 1 268 1,204 1,043 78 369 596 161 Feb. 21 2,670 1,477 1,038 8 11 44 119 2 270 1,193 1,030 76 365 589 163 Feb 28 2 654 1 474 1,032 8 11 45 120 1 272 1,180 1,018 69 361 588 162 San Francisco Jan. 31 12,217 6,048 2,483 3 17 9 282,447 241,120 6,169 4,936 41 1,666 3,229 1,233 Feb. 7 12,204 6,077 2,498 3 18 9 282,450 291,125 6,127 4,899 50 1,633 3,216 1,228 Feb. 14. 12,178 6,079 2,503 2 19 8 282,456 241,122 6,099 4,854 70 1,602 3,182 1,245 Feb. 21 12,165 6,071 2,494 1 19 8 282,457 231,119 6,094 4,837 89 1,569 3,179 1,257 Feb 28 12 058 6,089 2,502 2 27 8 272,464 161,120 5,969 4,705 73 1,506 3,126 1,264 City of Chicago* Jan. 31 6,042 2,267 1,662 32 91 17 51 100 17 331 3,775 3,166 280 929 1,957 609 Feb 7 6 023 2 285 1 674 42 91 19 50 101 19 323 3,738 3,127 260 936 1,931 611 Feb 14 6 027 2 289 1 682 54 88 20 50 101 6 322 3,738 3,132 264 946 1,922 606 Feb 21 6 006 2 288 1,700 27 87 20 50 101 15 322 3,718 3,112 273 933 1,906 606 Feb 28 5,958 2,282 1,704 34 81 20 50 102 1 324 3,676 3,066 259 902 1,905 610 * Separate figures for New York City are shown in the immediately preceding table and for the City of Chicago in this table. The figures for the New York and Chicago Districts, as shown in this table, include New York City and Chicago, respectively. For other footnotes see preceding table. 300 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RE§ERVE DISTRICTS—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Time deposits, Interbank except interbank except interbank deposits> Reserves Bal- De- Indi- Indi- Demand d F i e s d tr e i r c a t l a R nd e se d r a v t e e B s F w e a R e e r n i r e a d t v k h - l - e s v C a a i u n sh lt m b a w a d n e i n o s c t t e - k h i s c s j p m u o d a s a d s t e n e i - - t d d s 3 s p u v n c h a a a o i n e i d r l p r r d s t - - - s - , , S p s d s t a i i o a u i c o n v t l a b n d i e i l t - - s s - c C h c O f e a e e e i n t f e c r r c f d d t i k s . i - ' s - , U m G e . r o e n n v S - t - . u s p v c n a h a o a n i e d l i r r r d s p - - - 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 a o r a . n o e s n v t d v n S - a - - 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 a u c a p n - l - ts B d it e a s b n * - k pora- pora- ings tions tions Boston Jan. 31 543 55 89 2,648 2,603 203 52 63 481 4 261 34 25 335 1,133 Feb. 7 526 57 92 2 ,655 2 ,597 203 49 69 481 1 3 268 40 7 335 1,044 Feb. 14... 525 58 96 2^628 2 !636 190 48 86 481 3 274 37 22 336 1,039 Feb. 21 574 54 100 2,631 2,616 187 61 105 480 3 271 35 28 336 1,180 Feb. 28 524 58 108 2,621 2,620 180 62 110 479 3 260 37 25 336 1,022 New York* Jan. 31 5,469 168 130 17,474 18,096 568 819 491 2,347 43 45 2,794 1,114 280 541 2,533 12,259 Feb. 7 5 493 181 128 17,409 17,751 587 794 522 2,332 44 46 2,768 1,096 280 473 2,532 10,870 Feb. 14 5,232 200 152 17,158 18,244 587 857 580 2,326 43 45 2,913 1,081 281 311 2,528 9,167 Feb. 21 5,277 184 134 17,316 17,913 548 646 740 2,330 43 45 2,814 1,083 283 165 2,528 11,830 Feb. 28 5,375 179 123 17,613 18,346 597 810 766 2,340 42 45 2,798 1,120 283 321 2,538 9,844 Philadelphia Jan. 31.. 531 42 117 2,313 2,426 88 33 89 404 20 359 14 19 322 983 Feb. 7 . .. 531 47 105 2,313 2,388 104 26 100 404 19 368 16 9 322 885 Feb. 14 528 48 127 2,240 2,417 88 35 132 403 19 399 15 21 322 863 Feb. 21 530 44 118 2,284 2,396 101 28 143 402 19 354 15 13 324 1,136 Feb. 28.. 548 44 124 2,292 2,437 92 30 148 402 19 357 15 28 324 958 Cleveland Jan. 31. .. 875 83 145 3,506 3,576 199 58 121 1,316 40 3 449 8 55 482 1,473 Feb. 7 858 83 145 3,433 3 ,444 204 54 134 1,315 45 3 445 9 63 483 1,353 Feb. 14 866 89 167 3,476 3,629 201 57 156 1,312 46 3 485 8 25 483 1,260 Feb. 21 871 88 148 3,438 3,525 216 60 200 1,311 46 3 459 9 56 483 1,684 Feb. 28.. 890 81 155 3,466 3,604 219 59 210 1,311 46 3 451 8 69 484 1,487 Richmond Jan. 31. . 486 66 157 2,191 2,199 176 42 66 554 25 18 383 5 11 17 242 939 Feb. .7 500 69 161 2,186 2,197 163 49 71 554 25 18 416 5 11 15 243 867 Feb. 14 512 71 199 2,214 2,285 156 46 83 552 25 18 426 5 11 23 243 870 Feb. 21 527 69 153 2,173 2,214 155 49 99 552 25 18 382 6 11 20 244 995 Feb. 28... 506 68 151 2,165 2,206 166 52 105 552 25 18 370 5 11 28 244 867 Atlanta Jan. 31.... 475 40 184 1,913 1,811 300 26 47 510 5 5 537 10 2 22 209 841 Feb. 7 482 43 180 1.897 1,791 308 31 50 510 5 5 565 10 2 33 210 774 Feb. 14 505 46 198 1,928 1,877 304 25 59 510 5 5 580 10 2 15 210 831 Feb. 21 484 44 174 1,914 1,823 310 33 70 509 5 5 540 11 2 14 210 940 Feb. 28... 488 42 189 1,924 1,822 327 29 72 508 5 5 536 13 2 22 211 864 Chicago* Jan. 31.. . 2,140 102 315 7,027 7,098 619 119 354 2,608 27 13 1,416 44 4 127 774 3,860 Feb. 7.... 2,092 102 305 6,901 6,876 590 107 370 2,603 27 13 1,419 44 4 144 774 3,338 Feb.14.... 2,104 108 325 6,866 7,251 578 110 412 2,596 28 13 1,559 42 4 57 771 3,105 Feb. 21 2,023 107 325 6,816 6,936 569 118 525 2,587 28 13 1,403 43 4 78 771 4,174 Feb.28... 2,179 104 313 6,861 7,080 605 122 550 2,587 28 13 1,453 41 4 54 775 3,484 St. Louis Jan. 31.... 452 30 110 1,550 1,657 111 21 54 466 14 4 670 3 46 191 759 Feb. 7 440 30 116 1,531 1,610 104 22 62 468 14 4 676 3 29 192 650 Feb! 14 444 34 126 1^538 1,697 100 22 73 468 14 4 681 3 30 192 629 Feb. 21 . 448 33 105 1,528 1,635 105 21 86 467 14 4 618 3 40 193 795 Feb. 28 437 31 116 1,519 1,639 113 19 96 466 14 4 620 3 33 193 724 Minneapolis Jan. 31 .... 234 13 85 875 883 105 15 51 238 1 287 3 1 34 106 407 Feb. 7 232 13 83 858 872 95 14 54 239 1 309 2 27 106 412 Feb 14 241 13 84 880 921 89 12 57 239 299 2 20 106 361 Feb! 21!! !! ! 240 13 75 845 886 89 15 67 238 1 293 2 37 106 461 Feb. 28.... 240 13 76 839 876 101 15 70 237 1 299 2 20 107 425 Kansas City Jan. 31. .. 559 33 256 2,091 2,040 289 29 69 381 5 3 818 1 1 18 228 915 Feb 7 552 34 249 2,049 2,019 275 30 74 382 6 3 825 1 1 8 229 910 Feb. 14 548 36 281 2,093 2,114 271 32 77 381 6 3 837 2 1 5 230 868 Feb. 21 568 32 270 2,099 2,082 286 30 92 381 6 3 814 2 1 18 230 1,120 Feb.28... 554 34 272 2,076 2,052 290 49 104 381 6 3 815 2 1 19 230 1,014 Dallas Tan. 31 531 36 323 2,250 2,203 234 42 45 359 63 7 678 9 235 828 Feb. 7 553 38 304 2 ,210 2 ,160 232 36 49 359 63 7 678 9 237 832 Feb! 14 557 41 342 2 !228 2 ,264 235 37 57 359 60 7 707 9 236 732 Feb! 21!!!!!!'!!'! 535 36 320 2',204 2,210 219 48 70 359 60 7 652 9 3 237 1,031 Feb. 28 551 38 312 2,205 2,206 219 38 72 358 60 7 631 10 15 237 858 San Francisco Tan. 31 1,965 127 255 7,394 7,168 765 233 172 4,869 447 25 437 108 75 78 885 3,104 Feb. 7 1,886 121 245 7,339 7,062 754 225 1844,869 463 24 444 112 74 17 896 3,151 Feb 14 1,883 138 265 7 261 7,349 775 247 211 4,865 457 23 477 113 74 22 891 2,917 Feb. 21 1 ,904 129 255 7,243 7,049 756 249 265 4.863 460 24 450 115 74 6 872 3,361 Feb.28 1,881 131 264 7,068 6,927 731 251 285 4,874 458 24 444 116 74 30 881 3,173 City of Chicago* Jan. 31 1,485 35 144 4,459 4,573 288 55 177 1,385 21 3 1,031 38 72 518 2,315 Feb. 7 1,433 35 140 4,381 4,445 280 52 187 1,381 21 3 1,024 38 3 76 519 2,082 Feb. 14 1,431 36 145 4,300 4,591 274 49 211 1,375 22 3 1,134 37 2 38 515 1,984 Feb. 21 1,375 39 144 4,289 4,454 271 52 260 1,367 22 1,015 38 49 515 2,476 Feb. 28... 1,470 37 145 4,309 4,518 287 58 280 1,368 22 3 1,041 37 30 518 2,088 For footnotes see opposite page and preceding table. MARCH 1951 301 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST, BY FEDERAL RESERVE DISTRICTS AND STATES Total banks on On par list which checks are Not on par list drawn, and their (nonmember) Federal Reserve branches and offices 1 Total Member Nonmember district or State Banks a B nd ra n o c ff h ic e e s s2 Banks a B nd ra n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s s United States total: Dec 31 1946 ... 14,043 3,981 11,957 3,654 6,894 2,913 5,063 741 2,086 327 Dec. 31, 1947 14,078 4,148 12,037 3,823 6,917 3,051 5,120 772 2,041 325 Dec. 31, 1948 14,072 4,333 12,061 4,015 6,912 3,197 5,149 818 2,011 318 Dec 31 1949 14,051 4,562 12,178 4.289 6,887 3,387 5,291 902 1.873 273 Dec 31 1950 14,015 4,824 12,162 4,534 6,868 3,589 5,294 945 1,853 290 Jan 31 1951P 14,010 4,840 12,164 4,549 6,865 3,601 5,299 948 1,846 291 By districts and by States Jan. 31, 1951 P District Boston 474 340 474 340 324 268 150 72 New York 872 943 872 943 750 874 122 69 Philadelphia. . 836 162 836 162 639 123 197 39 Cleveland ,116 312 1,116 312 692 268 424 44 Richmond ,009 547 806 406 477 256 329 150 203 141 Atlanta ,196 222 596 182 353 155 243 27 600 40 Chicago 5,486 616 2,486 616 1,006 260 1,480 356 St Louis ,467 148 1,136 88 496 50 640 38 331 60 Minneapolis ,275 112 677 71 476 28 201 43 598 41 Kansas City .757 15 1,748 15 756 8 992 7 9 Dallas 1,029 60 924 51 630 34 294 17 105 9 San Francisco 493 1,363 493 1,363 266 1,277 227 86 State 225 26 129 26 93 26 36 96 Arizona 10 56 10 56 5 42 5 14 Arkansas . .. 231 20 109 5 68 2 41 3 122 15 California 192 981 192 981 119 931 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 396 43 113 40 66 36 47 4 283 3 Idaho 43 55 43 55 24 50 19 5 Illinois 888 2 886 2 509 2 377 2 Indiana .. 485 109 485 109 237 55 248 54 Iowa 662 164 662 164 161 501 164 Kansas 611 609 215 394 2 Kentucky 381 45 381 45 113 28 268 17 Louisiana 165 77 61 54 47 47 14 7 104 23 Maine 62 70 62 70 37 37 25 33 Miaryland .. . 164 119 164 119 77 78 87 41 Massachusetts 176 177 176 177 140 160 36 17 Michigan 437 239 437 239 231 183 206 56 \Iinnesota 678 6 266 6 206 6 60 412 Mississippi 201 68 41 14 31 7 10 7 160 54 Missouri 594 1 529 1 180 1 349 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 IVlexico 51 15 51 15 35 2 16 13 New York 626 785 626 785 546 732 80 53 North Carolina 208 220 95 85 54 46 41 39 113 135 North Dakota 150 22 62 6 42 20 6 88 16 Ohio 658 227 658 227 421 196 237 31 Oklahoma 384 1 376 1 224 1 152 8 Oregon 69 102 69 102 30 90 39 12 Pennsylvania . 966 193 966 193 735 166 231 27 Rhode Island 14 50 14 50 8 38 6 12 150 49 66 43 32 35 34 8 84 6 South Dakota . . . 169 50 71 25 62 22 9 3 98 25 Tennessee . 295 98 207 85 82 63 125 22 88 13 Texas 906 12 852 12 578 12 274 54 Utah 55 24 55 24 31 22 24 2 69 11 69 11 40 2 29 9 Virginia 313 114 308 114 203 62 105 52 5 118 145 118 145 52 136 66 9 West Virginia 180 179 108 71 1 551 152 551 152 164 22 387 130 ^Vyoming 53 53 39 14 iding "banking facilities" at military id 12). Back figures.—See Banking and Monetary Statistics, Table 15, pp. 54-55, and Annual Reports. 302 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 Accept O b in i w l g l n s banks bo B u il g ls ht Others I U S m i t n 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 t m e e r s d ts c D h e o a x l n l - a ge r 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—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 1951—January 356 453 202 126 76 251 286 100 2 36 29 1 As reported by dealers; includes some finance company paper sold in open market. 2 Less than $500,000. Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427. CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances 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 ba ( l n a e n t) c * es a in n a v d c e c t s o r t u a m n d e t i s n n g t a in n a v d c e c t s o r t a u m d n e i t n s n g t a b n a d n k i s n borrowed2 Free O (n th e e t) r a i I n n n a v d c p e c t s a o r t r a u m t d n n e i t e n s n r g s t ' a in n a v d I c n e c t s o r f t u a i m r d n m e i ts n n g t I a n c ( c c n o a e u p t n ) it t a s l 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—February. . . 3 953 *522 3 669 March »1,018 » 579 3 666 April * 1,084 »619 3 678 May '1,175 *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.. '1,284 3 751 3 738 October H,351 3 759 3 771 November. . • 1,360 3 774 3 796 December... 1,356 9 399 397 745 890 230 36 12 317 1951—January. . . . 31,411 3 690 3 948 1 Excludes balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. 2 Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges). 8 As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances secured by U. S. Government securities was (in millions of dollars): November, 127; December, 121; January, 114. NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. Back figures.—See Banking and Monetary Statistics, Table 143, pp. 501-502, for monthly figures prior to 1942, and Table 144, p. 503, for data in detail at semiannual dates prior to 1942. MARCH 1951 303 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 m mo Y w n e e th a e , k r , or m 4 m p P c - o a r e o t n p i r o m m c t e h - i r 6 e a , s - l 1 a P b a d c n e a a r 9 c i r c n y 0 m s e e s k ' p s e - 1 , t- c S h n l a c t e o r a e o l a e x a n w s l c - - n l 2 g k - e m bi o 3 l s U l n - e s t c . 3 h u S ri 9 t i G m i - s e s t o s o u o v n e ( 1 e t s t h 2 r a 4 n - x m a 3 i b e s - y l s n e t u e t o ) a e r s 5 - 6 Area and period [ l P o A e a l r n l s cen $ t $ 1 1 p 0 , e 0 ,0 r 0 0 0 a 0 - nnu $ $ m 1 1 0 0 ] S 0 ,0 i , z 0 0 e 0 0 0 - o $ f $ 1 l 2 o 0 0 a 0 0 n ,0 ,0 0 0 0 0 - $ a 2 n 0 d 0 o ,0 v 0 e 0 r Annual averages: 1948 average 1 44 111 1 55 1 040 1 14 1 62 19 cities: 1949 average 1 48 1 12 63 1 102 1 14 41 1941 2 0 4 3 3 0 1 9 1.8 1950 average 1.45 L.15 L .63 1.218 1.26 L.50 1942 2 2 4 4 3 2 2 2 2 0 1943 2 6 4.4 3 4 2 5 2 4 1950—February. . 1.31 L.06 L.63 1.125 1.15 L.44 1944 2.4 4.3 3 3 2 6 2 2 March 1 31 L.06 .63 1.138 1.16 L 45 1945 2.2 4.3 3 2 2 3 2 0 April 1 31 L 06 .63 1.159 1 17 L .45 1946 2.1 4.2 3.1 2.2 1.7 May 1 31 L 06 63 1 166 1 18 L 45 1947 2.1 4.2 3.1 2.5 1.8 June 1 31 L.06 .63 1 174 1 23 L .47 1948 2.5 4.4 3.5 2 8 2.2 July 1.31 L.06 .63 1.172 1 23 L.45 1949 2.7 4.6 3.7 3.0 2.4 August. . 1.44 L.16 63 1.211 1.26 L.45 1950 2.7 4.5 3.6 3.0 2.4 September. 1.66 L.31 .63 1 315 1.33 1.55 Quarterly: October. . . 1.73 L.31 .63 1 329 1.40 I 65 19 cities: November. 1.69 1.31 .63 1.364 1 47 L 62 1950—Mar 2.60 4.45 3.54 2 94 2.31 December.. 1.72 L.31 L.63 1.367 1.46 L.64 June 2.68 4.50 3.65 2 94 2.39 Sept 2.63 4.51 3.63 2.95 2.34 1951—January... 1.86 L.39 .63 1.387 1.47 1.66 Dec 2.84 4.60 3.73 3.10 2.57 February. . 1.96 L.50 .63 1 391 4 1.52 1.67 New York City: Week ending: 1950—Mar 2.29 3.85 3.22 2.64 Feb. 3... j J^_2 lK \\^—\ Zy^ 1.391 4 1.49 1.67 June 2.34 3.94 3 35 2 73 F F e e b b . . 1 1 7 0 . . . . . . 1 7/£—2 l l K K \ L/_i ^ 1 1 . . 3 3 9 9 1 1 1 1 . . 5 5 2 3 1 1. . 6 6 7 8 S D e e p c t 2 2 . .3 5 2 1 4 4. . 1 0 7 6 3 3 .4 3 4 3 2 2 .8 7 0 2 2.35 Feb. 24... 2 IK \ h£—\ % 1.390 1.51 1.67 7 Northern and East- Mar. 3... 2 IK 1.390 1.52 L.69 ern cities: 1950—Mar 2.55 4.64 3.60 2 91 2.28 June 2.67 4.58 3 62 2 82 2.45 1 Monthly figures are averages of weekly prevailing rates. Sept 2.63 4.56 3.59 2.87 2.39 2 The average rate on 90-day Stock Exchange time loans was 1.50 Dec 2.87 4.64 3.70 3.18 2.65 per cent, Aug. 2, 1946-Aug. 16, 1948; and 1.63 per cent beginning 11 Southern and Aug. 17, 1948. Western cities: 3 Rate on new issues within period. 1950—Mar 3.12 4.64 3.71 3 15 2.74 4 Series includes certificates of indebtedness, when outstanding in June 3.22 4.70 3.83 3 17 2.82 proper maturity range, and selected note and bond issues. Bonds were Sept 3.13 4.71 3.83 3 15 2.67 first included on Feb. 1, 1951. Dec 3.28 4.78 3.91 3.21 2.90 5 Series includes notes and selected bond issues. Back figures.—See Banking and Monetary Statistics, Tables 120-121 pp. 448-459, and BULLETIN for May 1945, pp. 483-490, and October pp. N 2 O 2 T 8 E - . 2 — 37 F . or description of series see BULLETIN for March 1949, 1947, pp. 1251-1253. BOND YIELDS i [Per cent per annum] U. S. Government Corporate (Moody's)* (taxable) Munic- Corpo- Year, month, or week 15 (h ip ig a h l - (h ra ig te h- By ratings By groups 7 to 9 years grade)2 grade)3 Total years m o o r re Aaa Aa A Baa In tr d i u al s- R ro a a i d l- P ut u i b li l t i y c Number of issues 1-5 1 8 15 9 120 30 30 30 30 40 40 40 1948 average 2 00 2 44 2 40 2 81 3.08 2.82 2.90 3.12 3.47 2.87 3.34 3.03 1949 average 1 71 2 31 2 21 2.65 2.96 2 66 2.75 3.00 3.42 2.74 3.24 2.90 1950 average 1.84 2.32 1.98 2.60 2.86 2.62 2.69 2.89 3.24 2.67 3.10 2.82 1950—February 1 75 2.24 2.06 2.54 2.83 2.58 2.65 2.86 3.24 2.63 3.08 2.78 March 1 78 2 27 2.07 2.55 2.84 2.58 2.66 2.86 3.24 2.64 3.08 2 78 April 1 80 2.30 2.08 2.57 2.84 2.60 2.66 2.86 3.23 2 64 3.08 2.79 May 1 80 2 31 2 07 2.57 2.86 2.61 2.69 2.88 3.25 2.65 3 12 2 81 June 1 83 2 33 2 09 2.59 2.87 2.62 2.69 2.90 3.28 2.66 3.15 2.81 July 1 83 2.34 2.09 2.61 2.90 2.65 2.72 2.92 3.32 2.69 3.19 2.83 August 1 82 2.33 1 90 2 58 2.85 2 61 2.67 2.87 3.23 2.66 3.08 2.80 September . 1 89 2 36 1.88 2.62 2.86 2.64 2.71 2.88 3.21 2.68 3.07 2.84 October 1.94 2.38 1.82 2.65 2.88 2.67 2.72 2.91 3.22 2.70 3.09 2.85 November 1.95 2.38 1.79 2.66 2.88 2.67 2.72 2.92 3.22 2.70 3.08 2.86 December 1 97 2 39 1.77 2.66 2.88 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 February . . .. (5) 2.40 1.61 2.66 2.85 2.66 2.71 2.88 3.16 2.69 3.01 2.86 Week ending: Feb. 3 2.39 1.59 2.65 2.85 2.66 2.71 2.88 3.16 2.69 3.02 2.86 Feb. 10 2.39 1.59 2.64 2.85 2.66 2.71 2.88 3.16 2.69 3.01 2.86 Feb. 17 2.40 1.59 2.65 2.85 2.65 2.71 2.87 3.16 2.69 3.01 2.86 Feb. 24 2.40 1.61 2.67 2.86 2.66 2.72 2.88 3.16 2.70 3.01 2.87 Mar. 3 2.40 1.65 2.68 2.88 2.69 2.74 2.90 3.17 2.72 3.02 2.89 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 2 Standard and Poor's Corporation. 3 U. S. Treasury Department. 4 Moody's Investors Service, week ending Friday. Because of a limited number of suitable issues, the industrial Aaa and Aa groups have been reduced from 10 to 5 and 6 issues, respectively, and the railroad Aaa and Aa groups from 10 to 5 issues. 5 Series discontinued Feb. 1, 1951. 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. 304 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETSI Bond prices Stock price. Corporate4 Common (index 1935-3^• =100) V of o l t u ra m d e - Year, month, or week U.S. Munic- ing' (in Gov- ipal Medium-grade Pre- thoum e e rn n - t2 g ( r h a i d g e h ) - 3 H gr i a g d h e - 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 ferred8 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 1949 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 1950—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 9 169 183 153 109 2,974 February 101.44 140.8 180.9 175 190 159 111 2,104 Week ending: Feb. 3 . . .. 101.57 141.2 181.7 172 187 159 109 2,638 Feb. 10 101.51 141.2 181.4 175 190 163 110 2,370 Feb. 17 101.43 141 2 181 0 176 191 162 110 2,008 Feb. 24 101.39 140.7 180.5 174 189 157 111 1,776 Mar 3 101.30 139.9 180.7 174 188 154 113 1,625 • Corrected. 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. 8 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 4 Prices derived from average yields, as computed by Standard and Poor's Corporation. 6 Standard and Poor's Corporation. 6 Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. 7 Average daily volume of trading in stocks on the New York Stock Exchange. 8 Series discontinued beginning Apr. 1, 1950. Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. NEW SECURITY ISSUES [In millions of dollars) For new capital For refunding Total Domestic Domestic Year or month f ( i u a n r n n n e e g - d d w ) - m T e ( a f i d o e o g n o s t 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 - ' m T e ( a f e i d o o g n s o t r d n t - a - i ) c l 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 a s te Stocks e F i o g r n - ' 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 4,281 656 61 1 1 9 9 4 4 7 6 . . . 3 8 9 , 6 6 4 9l 5 » 4 7 , , 6 5 4 6 5 6 4 7 , , 6 2 3 5 5 5 2,2 9 2 5 8 2 2 1 3 2 9 7 3 4. . 7 5 8 5 7 6 3 2 . , 5 0 6 84 7 1 1 , . 2 47 1 2 9 6 1 8 0 4 2, , 1 0 2 0 5 0 3 1 , ,9 8 4 9 8 5 20 44 8 4 7 2 3 2 4 2 1 , 9 4 5 8 3 2 2 1 1 3 9 5 9 2 6 28 0 3 1 1 1 7 0 7 5 1948 '10,220 '9,085 '9,076 2.604 294 '46,177 ' 45,269 908 10 1,135 1,135 82 768 284 257 28 1949 '9,753 '8,160 2,803 233 '5,095 '4,125 29 1,593 1,492 104 943 '445 '393 52 101 1950* 10,935 8,271 8! 160 3,370 394 4,395 3,199 1,197 111 2,665 2,441 112 992 1,338 1,280 58 123 1949—December. '791 '573 '573 198 '375 '227 147 218 218 57 56 105 101 4 1950—January.. •1,185 817 817 233 30 553 463 90 8 369 269 1 159 108 96 12 February. 809 711 708 550 13 146 80 66 3 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 1,285 954 949 334 18 598 429 169 5 330 330 20 35 276 276 July . 579 505 505 204 8 292 216 77 75 75 1 53 21 21 August... 787 551 519 265 254 211 43 31 236 190 8 48 134 128 5 46 September 924 705 687 272 270 220 50 18 219 219 6 193 20 20 October 794 651 646 181 465 265 200 5 143 143 3 63 77 76 1 November 752 598 584 356 229 192 37 14 154 154 14 65 74 66 8 December. 840 630 630 138 98 394 319 75 210 210 28 79 103 91 12 r Revised. 1 Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 2 Includes issues of noncontiguous U. S. Territories and Possessions. 3 These figures for 1947 and for January 1950 include 244 million dollars and 100 million, respectively, of issues of the International Bank for Reconstruction and Development, which are not shown separately. * Includes the Shell Caribbean Petroleum Company issue of 250 million dollars, classified as "foreign" by the Chronicle, 5 Monthly data for 1950 will be revised in the BULLETIN for April. Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to revision. Back figures.—See Banking and Monetary Statistics, Table 137, p. 487. MARCH 1951 305 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUES * PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollars] Proposed uses of net proceeds Estimated Estimated Year or month gross net New money Retirement of securities proceeds 2 proceeds 3 Repa o y f ment pu O r t p h o e s r es Total e P q la u n ip t m an e d nt W ca o p rk it i a n l g Total Bo n n o d t s e s and Pr s e t f o e c r k red other debt 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 6,292 6,194 3,987 3,029 958 1,224 1,095 129 651 332 1950—January . . 614 605 453 405 48 52 39 12 53 48 February 259 255 190 130 60 33 30 3 13 18 March 547 538 371 242 129 139 138 1 11 17 April. . . . 490 480 344 295 49 50 36 14 76 9 May 669 658 306 212 94 204 164 40 137 11 June 1,069 1,055 625 451 174 317 311 5 65 49 July 315 311 211 140 71 20 19 20 60 August 407 402 225 189 36 138 132 6 17 23 September 416 408 306 248 58 33 28 5 32 37 October 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 1951—January 274 269 243 193 49 14 12 2 11 2 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS < [In millions of dollars] Manufacturing5 C m o is m c m el e la rc n i e a o l u a s6 nd Railroad Public utility7 Communication 8 R an ea d l f e in s a ta n t c e ial Year or month Total Total Total Total Total Total net New Retire- net New Retire- net New Retire- net New Retire- net New Retire- net New Retirepro- moneyments 10 pro- moneyments 10 pro- moneyments 10 pro- moneyments 10 pro- moneyments 10 pro- money ments 1(> 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 44 338 229 28 456 441 11 2,615 2,140 234 567 505 49 593 440 35 1950 1,165 695 143 533 273 67 587 346 183 2,895 2,003 679 396 314 73 618 356 78 1950—January 31 27 2 31 25 3 93 27 31 225 165 14 205 202 2 20 6 February 63 47 4 25 21 13 13 130 98 29 23 11 March 49 38 10 16 15 107 85 ""22* 217 141 58 18 18 132 75 ""50^ April 34 24 1 33 21 6 31 27 273 228 40 23 22 86 22 2 May 186 80 7 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 8" 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 22 •••• — September 70 43 10 62 15 8 17 17 223 205 11 7 5 28 21 3 October 180 65 33 39 14 16 34 34 228 164 33 23 15 7' 46 20 November 127 78 21 31 17 8 24 24 174 126 45 9 6 22 17 1 December 146 113 10 109 64 2 72 16 '"'56' 183 162 5 4 3 32 18 1 1951—January 37 29 7 27 17 1 44 44 133 126 6 2 2 27 25 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 notation, 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. 306 FEDERAL RESERVE BULLETIN: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS MANUFACTURING CORPORATIONS [In millions of dollars] Year or quarter Annual 1939 1940 1941 1942 1943 . ... 1944 1945 1946 1947 1948 1949 Quarterly 1948—1 ot oC *P• 1949—1 2 3 4 1950—1 l ot oC Assets of 10 million dollars and over Assets of 50 million dollars and over Assets of 10-50 million dollars (200 corporations) (82 corporations) (118 corporations) Profits Profits Profits Profits Profits Profits Sales before after Divi- Sales before after Divi- Sales before after Divitaxes taxes dends taxes taxes dends taxes taxes dends 10,591 1,209 997 722 9,008 1,071 883 656 1,583 139 114 67 13,006 1,844 1,273 856 11,138 1,638 1,127 772 1,869 206 146 83 18,291 3,156 1,519 947 15,691 2,778 1,329 854 2,600 378 190 93 21,771 3,395 1,220 760 18,544 2,876 1,056 672 3,227 519 164 88 28,240 3,683 1,260 111 24,160 3,111 1,097 688 4,080 571 164 88 30,348 3,531 1,255 848 25,851 2,982 1,091 755 4,497 549 164 93 26,531 2,421 1,129 861 22,278 1,976 964 764 4,253 445 165 98 21,327 2,033 1,202 943 17,416 1,573 932 804 3,912 460 271 139 30,815 4,099 2,521 1,167 25,686 3,423 2,105 1,000 5,129 676 416 167 36,955 5,315 3,310 1,403 31,238 4,593 2,860 1,210 5,717 721 450 192 36,702 5,035 3,099 1,657 31,578 4,506 2,768 1,474 5,124 529 330 183 8,621 1,218 751 285 7,231 1,050 649 247 1,390 168 102 38 8,947 1,242 770 311 7,503 1,058 657 269 1,445 184 113 42 9,250 1,331 832 307 7,813 1,146 717 265 1,437 186 115 43 10,136 1,523 958 499 8,691 1,339 838 429 1,445 184 120 70 9,363 1,326 808 343 8,056 1,187 723 303 1,307 139 84 40 9,369 1,196 726 354 8,115 1,077 653 312 1,254 119 73 42 9,420 1,312 799 331 8,148 1,183 717 292 1,273 129 82 39 8,550 1,201 766 629 7,259 1,059 675 567 1,291 142 91 62 9,256 1,400 804 387 7,935 1,254 717 347 1,322 146 87 40 10,655 1,821 1,048 393 9,179 1,631 936 347 1,476 190 112 46 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 Operat- Profits Profits Operat- Profits Profits Operat- Profits Profits ing before after Divi- ing before after Divi- ing before after Divirevenue taxes taxes dends revenue taxes taxes dends revenue taxes taxes dends 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 1,992 277 200 171 1947 8 685 111 479 236 4,291 954 643 494 2 149 193 131 134 1948 9,672 1,148 699 289 4,830 983 657 493 2,541 269 183 181 1949 8 580 700 438 252 5,047 1,129 753 558 2,817 332 220 216 Quarterly 1948—i 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 1,985 109 251 61 1,378 351 2 230 146 749 114 2 74 63 2 2,238 247 2155 53 1,315 321 2212 153 780 135 2 86 68 3 2,534 453 2 253 55 1,310 293 2 171 152 809 150 285 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, second and third 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). 307 MARCH 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 7903,374 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 36? 394 321 256 ?9? 34? 308 353 464 Dividends 551 656 708 141 146 166 147 ?49 166 175 205 Selected industries: Foods and kindred products (28 corps.): Sales 3,231 3,447 3,254 846 904 805 792 822 835 757 817 931 Profits before taxes 421 410 377 99 111 85 89 101 10? 83 100 153 Profits after taxes 259 257 233 60 71 52 54 63 64 47 57 86 Dividends 128 135 134 3? 4? 30 31 79 44 31 33 32 Chemicals and allied products (26 corps.): Sales 3,108 3,563 3 562 904 936 896 860 896 910 952 1,051 1,192 Profits before taxes 547 655 673 166 183 170 140 174 189 205 247 309 Profits after taxes 337 408 403 104 119 100 83 105 IIS 117 141 174 Dividends 215 254 311 59 85 64 66 68 113 72 79 112 Petroleum refining (14 corps.): Sales 2,906 3,945 3 865 978 1 077 993 934 947 996 960 989 1,113 Profits before taxes 456 721 525 171 173 161 119 114 131 121 133 188 Profits after taxes 350 548 406 132 141 119 92 86 109 87 95 131 Dividends 127 172 172 79 66 31 47 31 42 42 44 Durable goods industries Total (106 corps.):* Sales 19,502 23,591 23,914 5,977 6 60S 6,120 6,320 6 757 S 717 6,005 7,197 7,846 Profits before taxes 2,312 3,107 3,192 788 958 830 799 866 697 896 1,240 1.402 Profits after taxes ... 1,355 1,836 1 888 470 S64 487 470 S08 4?4 496 695 778 Dividends 615 746 949 166 ?74 197 188 184 380 218 341 Selected industries: Primary metals and products (39 corps.): Sales 7,545 9,066 8 197 306 ,601 2,430 2,175 0S0 1,54? 2 200 2 528 2,665 Profits before taxes 891 1,174 993 304 38 S 353 252 160 299 400 454 Profits after taxes 545 720 578 185 740 204 144 130 100 167 225 255 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 1 783 1,106 1,110 1 OSS 1 101 1,106 1,200 1,276 Profits before taxes 443 569 520 118 177 133 120 119 148 145 168 193 Profits after taxes 270 334 321 71 10S 79 77 7S 91 82 94 109 Dividends 113 126 136 78 4? 33 32 31 41 49 37 38 Automobiles and equipment (15 corps.): Sales 6,692 8,093 9,577 ? 0S6 2,151 2,601 ,707 ,118 2,283 2,975 3,355 Profits before taxes 809 1,131 1,473 305 327 298 376 462 337 398 596 655 Profits after taxes 445 639 861 175 176 177 218 767 ?00 215 330 357 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). « Total includes 25 companies in durable goods groups not shown separately, aa follows: building materials (12); transportation equipment other than automobile (6); and miscellaneous (7). CORPORATE PROFITS, TAXES, AND DIVIDENDS (Estimates of the Department of Commerce. Quarterly data at seasonally adjusted annual rates) [In billions of dollars] Year P b t r e a o f x o f e i r t s e s In ta c x o e m s e P t a r a f o x te f e i r t s s d C d e i a n v s d i h - s t U r 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 t s e s In ta c x o e m s e P t a r a f o x te f 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 f t i 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 3 2 5 1 4 2 2 2 1 1 5 1 4 7 9 . . . . . 1 1 3 2 7 1 1 1 1 7 1 4 3 1 . 8 4 7 5 2 1 1 9 9 8 0 0 . . . . . 4 4 5 6 8 4 4 4 4 4 .5 7 7 5 3 6 5 4 6 3 .1 1 8 2 9 1949—1 2 3 4 . . ... 2 2 2 2 6 8 7 8 .3 4 2 6 1 1 1 1 0 0 0 0 . . 9 0 8 6 1 1 1 1 6 7 7 6 . . . 4 3 9 4 7 8 7 7 . . . . 7 2 9 4 9 8 9 8 . . . 5 7 9 7 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 12 7 1949 27.6 10.6 17.0 7.8 9.2 3 46.4 20.6 25 8 9 4 16 5 1950 l '39.8 17.7 '22.1 9.4 12.7 41 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. 308 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 g d r e o b s t s Marketable public issues * Nonmarketable public issues 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 a d - - r- Total Total« Tre b a il s ls ury c i C e n a d e t d 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 Total» s b a U o v . n i n S d 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 te a e o r r b n e i t n 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—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 2,189 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 Feb... 255,958 255,941 151,625 13,632 43,802 94,035 67,824 57,769 8,730 33,933 2,559 18 1 Includes amounts held by Government agencies and trust funds, which aggregated 5,443 million dollars on Jan. 31, 1951. 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 2J^ 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 FEBRUARY 28, 1951 [In millions of dollars] [On basis of daily statements o of 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 f r r i o o m d sales 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 Series Series Series All series E F G series Fiscal year Treasury bills l Treasury bonds—Cont. ending: Mar. 1, 1951 1,102 June 15, 1952-54 2 5,825 June—1943.. 21,256 11,789 8,271 758 2 759 848 Mar. 8, 1951 J . 103 June 15, 1952-55... 2 H 1,501 1944.. 34,606 15,498 11,820 802 2 876 2,371 Mar. 15, 1951.... L,001 Dec. 15, 1952-54 2 8,662 1945.. 45,586 14,891 11,553 679 2 658 4,298 Mar. 22, 1951 1,001 June 15, 1953-552. . . .2 725 1946.. 49,035 9,612 6,739 407 2 465 6,717 Mar. 29, 1951.... 1,005 June 15, 1954-562 • 2H 681 1947.. 51,367 7,208 4,287 360 2 561 5,545 Apr. 5 1951 1,002 Mar 15, 1955-602 2 \4t 2,611 1948.. 53,274 6,235 4,026 301 1 907 5,113 Apr. 12, 1951... . 1,000 Mar. 15, 1956-58. 2yi 1,449 1949.. 56,260 7,141 4,278 473 2 390 5,067 Apr. 19, 1951.... 1,003 Sept.15, 1956-592 '•2H 982 1950.. 57,536 5,673 3,993 231 1 449 5,422 A M p a r y . 2 3 6 , , 1 1 9 9 5 5 1 1 . ... 1 1 , , 1 0 0 0 3 3 J S u 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—Feb.... 57,217 581 361 31 189 418 May 10, 1951 1,103 June 15, 1959-623 .2H 5,284 Mar... 57,331 524 364 27 134 510 May 17, 1951 1,102 Dec. 15, 1959-623 • 2H 3,470 Apr.... 57,427 423 305 15 102 413 May 24, 1951. ... 1,103 J D D u e e n c c e . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 6 6 6 0 3 2 - - - 6 6 6 5 8 7 2 3 3 . • 2 2 % % 2 2 1 , , ,4 1 8 8 1 3 5 8 1 J J M u u a n ly y e . . . . . . . . . 5 5 5 7 7 7 , , , 4 5 5 7 3 6 7 6 8 3 4 4 1 9 1 7 8 6 3 3 2 1 0 9 8 7 7 1 1 1 6 3 4 9 8 8 2 6 7 4 4 5 5 5 0 4 6 5 June 15, 1964-693 . 2^-j 3,761 Aug 57,470 350 270 11 70 537 T J J r u u e l l a y y s ur 1 1 y , , 1 1 n 9 9 o 5 5 t 1 e 1 s - - B C . . . A A H H 2,7 8 4 86 1 J D M M u e a a n c r r e . . . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 7 5 6 4 - - - - 7 7 7 6 2 0 1 9 3 3 3 3 • . 2 2 2 V J } ^ £ /2 3 3 5 7 , , , , 4 1 8 9 8 9 6 3 1 7 7 8 S O N D e o e c p v c t. t . . . . . . . . . . . . . 5 5 5 5 8 7 7 8 , , , , 0 3 9 0 2 9 5 1 7 6 4 9 3 4 9 5 3 1 7 4 6 0 1 1 2 2 2 2 4 4 7 8 6 4 1 4 1 3 6 4 7 1 5 8 5 1 1 5 5 5 9 5 8 3 7 4 4 4 5 4 7 9 0 8 5 6 9 A Ju u l g y . 1 1 , , 1 1 9 9 5 51 1-D..AH 4 5, , 3 8 5 1 1 8 S D e e p c t . .1 1 5 5 , , 1 19 9 6 6 7 7 - - 7 7 2 2 3 . • .2 2 % % 1 2 1 , , 7 6 1 8 6 9 1951— F J e an b . . . . . . . . 5 5 7 8 , , 9 0 7 1 9 7 3 4 8 7 6 5 2 3 7 4 2 3 1 1 7 8 1 9 1 7 5 5 6 2 5 8 3 Oct. 1, 1951 , AH 1,918 Oct. 15, 1951 5,941 Nov. 1, 1951 1M 5,253 Maturities and amounts outstanding February 28, 1951 Mar. 15, 1954 l % 4,675 Postal Savings Mar 15 1955 5 365 bonri« 2U 106 Year of All Series Series Series Series Dec. 15, 1955 AH 6] 852 maturity series D E F G Panama Canal Loan. 3 50 1951 1,200 104 1,096 1952 3,855 3,855 Treasury bonds Total direct issues. . . 151,625 1953 6,534 5,319 195 1,020 1954 8,313 5,895 490 1,928 June 15, 1951-54**2 % 1,627 1955 7,143 4,649 515 1,979 Sept. 15, 1951-53. .2 7,986 1956 5,288 2,390 597 2,301 Sept. 15, 1951-552 ...3 755 Guaranteed securities 1957 5,069 2,500 474 2,094 Dec. 15, 1951-53'.2H 1,118 1958 5,235 2,763 255 2,218 Dec. 15, 1951-55. 510 Federal Housing Admin. 1959 5,121 2,924 274 1,922 Mar. 15, 1952-54. .2k 1,024 Various 15 1960 5,790 2,972 454 2,363 1961 1,908 348 217 1,342 1 Sold on discount basis. See table on Open-Market Money Rates, 1 1 9 9 6 6 2 3 2,3 2 2 0 1 0 40 2 5 8 1,9 1 1 7 6 1 p. 2 3 0 P 4 a . rtially tax exempt 3 Restricted. Unclassified. . -207 4 Called for redemption on June 15, 1951. Total.... 57,769 104 34,712 3,904 19,255 MARCH 1951 309 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 ar - - trust funds * Federal Com- Mutual Insur- Other S a t n a d te Individuals Miscelanteed Total Reserve mercial savings corpo- local se ti c e u s r ) i- S is p s e u c e ia s l P is u s b u l e i s c Banks banks 2 banks panies rations g m ov e e n r t n s - S b a o v n in d g s s se O cu th ri e t r ies tors' 1940—June 48,496 4,775 2,305 41,416 2,466 16,100 3,100 6,500 2,100 400 2,600 7,500 700 1941—June 55,332 6,120 2,375 46,837 2,184 19,700 3,400 7,100 2,000 600 3,600 7,600 700 1942—June 76,991 7,885 2,737 66,369 2,645 26,000 3,900 9,200 4,900 900 9,100 8,700 1,100 1943—June 140,796 10,871 3,451 126,474 7,202 52,200 5,300 13,100 12,900 1,500 19,200 11,700 3,400 1944—June 202,626 14,287 4,810 183,529 14,901 68,400 7,300 17,300 20,000 3,200 31,200 14,800 6,400 1945—June 259,115 18,812 6,128 234,175 21,792 84,200 9,600 22,700 22,900 5,300 40,700 18,300 8,900 1946—June 269,898 22,332 6,798 240,768 23,783 84,400 11,500 25,100 17,700 6,500 43,500 19,500 8,800 1947—June 258,376 27,366 5,445 225,565 21,872 70,000 12,100 24,800 13,900 7,100 45,500 20,500 9,800 Dec 256,981 28,955 5,404 222,622 22,559 68,700 12,000 24,100 14,100 7,300 46,200 19,100 8,600 1948—June 252,366 30,211 5,549 216,606 21,366 64,600 12,000 23,100 13,500 7,800 47,100 18,100 9,100 Dec 252,854 31,714 5,614 215,526 23,333 62,500 11,500 21,500 14,300 7,900 47,800 17,500 9,300 1949—June 252,798 32,776 5,512 214,510 19,343 63,000 11,600 20,800 15,100 8,000 48,800 17,800 10,000 Dec 257,160 33,896 5,464 217,800 18,885 66,800 11,400 20,500 16,300 8,000 49,300 16,900 9,800 1950—June 257,377 32,356 5,474 219,547 18,331 65,600 11,600 20,100 18,300 8,200 49,900 17,300 10,200 Sept 257,236 33,396 5,490 218,350 19,572 62,100 11,200 19,700 19,500 8,200 '49,700 17,600 10,700 Oct 256,959 33,539 5,475 217,945 19,252 62,100 11,100 19,500 19,900 8,100 ••49,600 17,700 10,800 Nov 257,100 33,732 5,433 217,936 19,693 61,300 10,900 19,200 20,100 8,100 ••49,600 17,700 11,300 Dec 256,731 33,707 5,490 217,533 20,778 61,600 10,900 19,000 19,300 7,800 49,600 17,500 11,100 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. 1 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 m llions of dollars] U. S. U. S. End of month s T t o i a o u n n t g t a d - l - G a t a c r g o u n i e e v d s n s t t - . s B F e R e a e r r e a n d v - l k - e s b C m a c o i n e a m k r l - s - 1 b M s t i a n u a n g v a u k s l - - s p I c a n a o n n s m c u i e e - r s - Other End of month s T t o i a o n u n t g t a d - l - G a t a c r g o u i n e e v d s n s t t - . B s F e R e a e r r e a n d v - l k - e s b C m a c o i n e a m k r l - s - 1 b M s i t a n u a n g v u a k s l - - s p I c a n a o n n s m c u i e e - r s - Other funds funds Type of Treasury bonds security: and notes, due or callable: To 1 1 1 ta 9 9 9 l 5 4 4 :* 0 9 8 — — — D D J J J e e u u u c c n n n e e e . . . . . . . . . . . . 1 1 1 1 1 5 5 6 5 5 5 5 0 5 7, , , , , 3 4 1 1 3 2 9 6 3 7 5 6 0 8 3 5 5 5 5 5 , , , , 4 3 4 3 3 7 7 0 2 5 7 4 2 7 0 2 2 1 1 1 1 3 8 8 9 , , , , , 3 3 8 3 3 3 4 8 6 3 1 3 5 6 3 5 5 5 5 5 7 8 5 6 9 , , , , , 9 2 8 5 3 7 3 5 9 5 2 7 6 9 3 1 1 1 1 1 0 1 0 1 0 , , , , , 8 8 0 5 7 7 2 7 7 2 7 2 2 7 9 2 1 1 1 1 1 8 8 9 9 , , , , , 1 0 7 5 8 3 9 0 3 1 2 0 5 5 9 4 4 4 4 4 4 3 1 2 2 , , , . , 6 0 7 6 7 8 6 3 6 7 7 3 7 3 9 Wi 1 1 1 t 9 9 9 h 5 4 i 4 n 9 0 8 — — — 1 D D y J J J u u e u e e c a n n n c r e e e . : . . . . . . . . . . .. 1 1 1 1 1 3 0 1 4 0, , , , , 3 2 2 3 4 8 2 1 1 1 7 6 6 9 1 9 3 4 7 1 8 6 9 0 9 2,0 9 8 5 8 7 8 0 7 6 0 2 5 8 1 9 5 5 7 7 , , , , , 0 0 5 0 9 1 0 2 7 2 4 1 1 1 2 2 2 2 1 1 3 3 3 5 7 2 6 8 1 1 3 3 3 4 2 6 2 8 6 7 0 9 5 8 3 2 3 2 3 4 , , , , , 3 1 6 9 5 0 8 2 5 5 0 5 5 6 3 Nov 152,778 5 307 19,60354,560 10,220 17 083 45,906 Dec 152,471 5 365 20,77854,89310 144 16 862 44,429 Nov.... 39,912 34 13.827 14,477 251 759 10,564 Treasury bills: Dec 38,905 9 12,37314,645 230 926 10,722 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 Dec 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 2,12126,304 1,279 2,124 7,135 N De o c v.... 1 1 3 3, , 6 6 0 2 8 7 3 9 5 1 1, , 1 2 1 9 2 6 3 3 , , 3 8 7 8 4 8 4 3 4 3 3 4 4 7 0 4 8 7 , , 7 9 2 0 9 1 1950— D Ju e n c e . . .. ... 3 5 5 1, , 8 0 0 6 2 7 3 1 2 8 7 6 5 1 , , 1 9 1 2 6 2 3 2 3 4 . , 1 9 2 0 7 7 1 1 , , 0 12 5 1 8 1 1 , , 7 6 3 4 1 1 1 5 0, , 4 29 4 0 3 Ce 1 rt 9 if 4 i 8 ca — t D e J s e u : c ne.... 2 2 2 6 , ,5 5 2 8 5 8 2 1 4 4 6 4, , 6 0 1 7 6 8 9 8 , , 0 5 7 5 2 2 3 2 1 5 7 6 6 4 7 7 2 9 1 8 0. , 4 6 2 1 3 0 N De o c v.. .. 3 3 2 3 , , 6 3 0 7 7 8 2 1 1 8 3 9 1,2 8 8 9 5 6 2 2 4 4 , , 5 4 3 2 4 6 5 5 6 7 8 5 1 1, ,1 1 4 6 2 9 5 5 , ,6 4 6 1 0 8 1949—June.... 29,427 26 6,857 9,561 207 602 12,174 1950— D J e u c ne.... 2 1 9 8, , 4 6 1 3 8 6 48 7 6 5 , ,3 2 5 7 7 5 1 5 1, ,3 5 5 2 4 0 1 6 6 4 9 3 6 8 3 2 31 7 0, ,2 9 5 9 4 1 5— 19 1 4 0 8 y — ea D J r u e s n c : e 1 1 0 0 , , 4 46 6 4 4 3 3 1 1 4 4 5 43 4 4 6 6 6 , , 2 31 5 4 1 5 5 0 2 6 0 9 9 1 9 1 7 1 1 , , 9 8 3 8 6 5 Nov.... 5,373 ( 718 2,017 10 125 2,503 1949—June.... 15,067 532 584 6,587 2,002 1,732 3,630 Dec 5,373 2,334 1,544 7 53 1,435 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 Nov.... 15,926 382 982 6,086 2 158 1,906 4,412 1949—June.... •3,596 47 359 1,801 41 104 1,244 Dec 17,411 412 982 7,329 2 125 1,948 4,615 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: Treasury N D b e o o c n v d . s . : .. 3 3 9 6, , 9 2 4 5 8 8 1 1 0 01 1 2 3, ,5 4 2 9 7 9 1 1 5 3, , 9 8 8 3 2 3 1 1 3 2 6 4 5 7 2 0 6 71 8 0, , 0 8 4 0 5 7 1 1 9 9 4 4 9 8 — — D J J u e u c n n e e . . . . . .. 4 5 5 8 3 3 , , , 5 8 8 5 3 3 4 8 8 4 4 4 , , , 7 4 6 1 5 8 0 5 5 4 2 7, , , 4 2 9 5 2 1 2 1 5 3 3 3, , , 5 9 9 4 2 3 1 2 3 8 8 7 0 2 6 4 9 3 8 3 9 1 1 1 4 7 5 , , ,1 1 2 7 2 3 9 9 0 1 1 1 6 5 4 , , , 5 0 2 4 4 9 2 2 4 1948— D J e u c ne.... 1 11 1 2 1 , , 4 4 6 4 2 0 5 5 3 3 4 3 0 6 1 6 0 , ,9 2 7 0 7 6 4 4 0 2, , 1 3 4 7 6 1 1 1 0 10 4 4 8 7 6 2 1 0 8 8 89 8 1 02 2 6 5 , , 8 3 4 7 7 5 1950— D Ju e n c e 4 4 5 5 , , 0 0 8 8 4 4 4 4 , ,4 4 4 8 1 2 3 2, , 3 5 4 9 9 3 3 4, . 0 8 9 8 2 7 6 7 5 1 8 3 8 01 1 3 3 , , 5 4 0 8 7 5 1 1 3 3 , , 5 0 2 9 4 0 1 1 9 9 5 4 0 9 — — D J J e u u c n n e e . . . . . . . . 1 1 1 0 0 1 2 4 0 , , , 7 7 4 9 5 2 5 8 6 5 5 5 2 2 2 7 1 0 3 7 1 5 7 7 , , , 6 2 7 1 1 8 8 8 0 3 3 4 8 9 2 , , , 6 2 0 9 4 3 1 2 5 1 t 1 o 0 0 6 4 7 2 8 6 4 0 8 1 1 1 7 7 83 2 5 4 1 7 9 5 9 2 2 2 5 6 5 , . , 3 0 3 4 2 2 0 9 0 N D o ec v 4 4 5 3 , , 0 5 8 9 4 9 4 4 , , 6 63 8 2 2 2 2 , , 5 1 0 5 8 8 4 2, , 9 1 3 6 2 8 7 7 1 18 8 2 01 1 2 2, , 7 3 7 0 4 8 1 1 4 3 , , 1 9 7 8 0 9 Nov.... 96,670 5 251 4,36435,175 10 042 16 082 25,756 Dec 94,035 5 283 4,62033,607 9 967 15 617 24,941 * 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. 1 Less than $500,000. 310 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) decrease (—) y m F e i o a s r n c a t o 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 Mu ( d u + ut e - r i ) u f A p i o g c r l r r u i ea t t s t- c T o e a u r tc c u n . - s * t t s, c C o i a l n u e c g a n - r t* - G d d e r u b o r s t i s ng p G b e a f r e u l i n a o n e n d d r c a e l f a g B e u n e i r a n n n a c l d l e - - Total F e D R r e e e a d p - A l - o s s s i e d t S t s c e s p i p i a e n o l - s- O as t s h e e t r s T b t l o i i i e a l t i s - a - l c C o i a n m s - h e o C u a t s g h o i ( E n o + x u c ) o c t o g e m r s o 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 41,628 40,576 +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—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 4 3,102 -252 4+169 -63 +140 -6 4,139 4,586 714 2,232 1,640 446 3,487 '3,407 '+80 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 4,865 807 2,117 1,941 412 4,696 3,438 + 1,259 Feb... 4,257 3,211 +1,047 +227 -161 -184 +929 5,382 5,806 465 3,614 1,726 423 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 is r ca m l 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 O ce r t i e h p - e t r s c T e r o i e p t - a ts l R t e a f o x u f e n s ds e S t m S a m e o x c p e c e u l n i o s r a t i y l 8 t - y c N e r i e e p - t ts W i h n e c it l o h d m - e O ta t x h e e s r N s a u o a n r r n d t m d 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 f t d e e - t s m l E a o ta a x n i t s x n h c e c d e i e o e s s r u l e - s Fiscal year: 1948 11,436 19,735 8,301 2,396 4,231 46,099 2,272 1,61642,211 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—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 1950—Jan 6 680 2,709 853 6 149 230 4,621 42 131 4,448 6 697 2,527 295 3 80 820 Feb.. . . P2,050 1,281 797 P531 171 4,820 189 374 4,257 DETAILS OF BUDGET EXPENDITURES AND TRUST ACCOUNTS On basis of daily statements of United States Treasury Budget expenditures Trust accounts, etc. Social Security Other o F r i s m ca o l n y th ear 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 r m V r A a a i t e d n i n t o - i - s s n ' - a t c A u g t u o i r r l d e i - - T c t o f r r a e t a u u c o r n n s - s t s ts - Other ce R i e p - ts ac m c v o I e e n u s n - t n - t t s s p tu E en r x e d - s i- ce R ip e- ts m v I e e n s n - t- ts p t E u en r x e d - s i- Fiscal year: 1948 33.791 11,500 5,211 4,143 6,317 782 1,178 4,661 3,918 2,210 1,640 c2,598 850 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—peD 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 Apr. 2,847 964 184 359 499 202 69 570 178 52 238 127 -327 421 May 2,962 1,007 136 420 498 446 16 439 556 169 243 117 -73 186 June . . 4,296 998 1,611 405 459 150 8 665 493 309 225 451 279 184 July 3,013 1,024 271 273 448 424 31 543 262 146 189 65 rll r79 Aug 2,515 1,149 134 254 464 -113 28 598 630 277 186 96 '-60 '176 Sept 3,520 1,037 646 299 400 -220 646 712 544 424 164 413 ••357 >-4O Oct 3,170 1,338 229 360 457 -45 84 747 300 157 214 192 r_9 r146 Nov 43,102 1,446 142 321 465 96 9 624 549 207 219 132 '4-15 101 Dec 3,742 1,510 968 252 437 23 6 546 288 7 241 91 33 53 1951—jan 3,808 Pl.663 514 P322 462 115 73 658 414 233 278 157 194 -50 Feb 3,211 PI.678 156 P322 417 P3 9 625 582 194 258 125 15 14 P Preliminary. c Corrected. r Revised. 1 Excess of receipts (+) or expenditures ( —). 2 Excludes items in process of collection. 3 For description, see Treasury Bulletin for September 1947 and subsequent issues. - 4 Beginning November 1950, net investments of wholly owned Government corporations and agencies in public debt securities are excluded from budget expenditures and included in trust account investments. 5 These are appropriated directly to the Federal old-age and survivors insurance trust fund. beginning January 1951, Treasury reports combine income taxes withheld and employment taxes. Figures shown for withheld income taxes exclude, and figures shown for social security taxes include, employment taxes as indicated by amounts appropriated to Federal old-age and survivors insurance trust fund. MARCH 1951 311 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 dollar] PRINCIPAL ASSETS AND LIABILITIES Assets, other than interagency items x Li i a n b t i e li r t a i g es e , n c o y th e it r e m th s an Corporation or agency Total Cash L c a r e 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 s d 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 s O r s t i t s e t - t c i h e u e s - r 2 L s t e m u t a q a r r n e u u n e n d i c d s p t - , , - O a th s- er a t B F g u n a u u b o r t n a e y l e n d l r e s d y - 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 i v n 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 ,072 21,368 191 June 30, 1950 24,118 47412,502 2,186 2,101 3,483 2,924 450 774 ,446 21,679 201 Sept. 30, 1950 24,102 59812,769 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 18 59 Agricultural Marketing Act Revolving Fund 1 1 1 Federal Farm Mortgage Corp 47 43 1 45 Rural Electrification Administration 1,533 1,461 32 () 1,533 Commodity Credit Corporation 2,636 694 1,607 96 158 335 2,301 Farmers' Home Administration 4 521 423 27 5 516 Federal Crop Insurance Corp 40 2 38 Housing and Home Finance Agency: Home Loan Bank Board: Federal home loan banks 949 700 222 472 226 56 195 Federal Savings and Loan Insurance Corp.. 197 191 6 191 Home Owners' Loan Corp 53 44 2 •(3)" 4 48 Public Housing Administration 5 1,681 339 1,259 19 1,662 Federal Housing Administration 336 21 232 1 17 163 156 Office of the Administrator: Federal National Mortgage Association. . . 1,185 1,169 7 1178 Other 86 10 14 1 85 Reconstruction Finance Corporation: Assets held for U. S. Treasury 6 753 1 105 604 753 Other 7 1,024 10 895 1 963 F E e x d p e o r r a t l - I D m e p p o o r s t it B I a n n s k urance Corp 2 1 , , 2 3 3 4 9 9 3 2,(j2)24 1,335 () ) 2 1 , , 1 3 7 1 1 3 Tennessee Valley Authority 920 33 868 903 All other s 7,504 132 3,901 3,385 45 7,492 CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY Sept. 30, 1950 June 30, Purpose of loan M F C F a o e o r r d m r p . t. . b c m i F n r a a e e e t n t e d d d e k r i i . - s t - B f o t o a i p r v n e e k r c s a o s - - m C C C r o o o e d r m d p i i - t . t y t R A r E t i i f u l d o i e r c m n c a a - l . - F A H e a d o r r s m m m ' . e - H C O L e o o o w r m s r a n ' p n e - . P H A u i o d n b u m g l s ic . - b h F l a o o e n m a d k n . e s R s n C t t e a F i r o c n o u i r o - n c c p n e - . - B p p E I o a m o x r n r t - - t k - o A th l e l r a c g A i e e l n l s - ag 1 e 9 a n 5 l c l 0 i , es 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 2,231 3,750 6,103 6,116 Other 337 60 101 498 485 Less: Reserve for losses 6 (3) 3 71 / 133 (8) 1 33 7 11 266 270 Total loans receivable (net)... 43 575 264 694 1,461 423 44 339 700 895 2,224 5,105 12,769 12,502 1 Assets are shown on a net basis, i. e., after reserve for losses. 2 Totals for each quarter include the United States' investment of 635 million dollars in stock of the International Bank for Reconstruction and Development and its subscription of 2,750 million to the International Monetary Fund. 8 Less than $500,000. * 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. 6 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. • 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. 312 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] Construction In (p d h u 1 y 9 s s t 3 r i 5 c ia - a 3 l l 9 v p = o ro l u d 1 m u 0 c e 0 t ) i * o 1 n a 1 w 9 a 2 c r 3 d o - e n 2 d t 5 r a ( = v c a ts l 1 u 0 e 0 )2 Em 1 p 93 lo 9 y = m e 1 n 0 t 0 3 Depart- Whole- Year or month Total r D ab f u M a l - e c a tu n r u N e d - s o u n - - M er i a n l - s Total R d t e i e a n s l i - - o A th l e l r N t a c u g o u r r n l a - i - - l Factory 1 r F p t 9 o 1 o a a l 3 0 r l y c s 0 9 y - - = » c 1 F a — 9 i r r n 3 e l 1 g 5 o i 0 s g a - * 0 3 h d 9 t - 1 u = 9 m s s ( e t 3 a v 1 ) o e 5 a l 0 e r n * l - 0 s e - 3 t * 9 1 s p — 9 u C r 3 m i o 1 c 5 n e e 0 - s r 0 - 3 s 3 9 ' p m = c 1 r s o 1 i o 9 a c m 2 d 0 l e e 6 0 i s - t 8 y 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 176 202 168 135 211 192 226 142 0 141 6 325 3 116 286 169 1 155 0 1950 P200 *23 7 P187 295 305 287 P145.7 P149.7 ^371.8 128 304 171 2 161 5 1949 February 189 185 225 173 149 169 123 207 144.3 147.6 147.4 340.4 126 284 169.0 158 4 March 184 181 223 168 136 175 130 212 143.4 145.6 145.3 332.8 120 279 169.5 158 6 April 179 177 212 162 148 177 141 206 142.7 143.4 141.8 319.2 127 293 169.7 157.1 May 174 174 201 161 145 181 159 199 142.0 140.7 138.2 312.8 124 291 169.2 155 8 June 169 170 194 161 133 195 176 210 141.7 140.0 138.4 315.7 114 285 169 6 1S4 5 July 161 163 185 154 123 209 200 217 141.1 139.1 136.9 312.8 110 281 168.5 153 6 August 170 174 193 165 129 229 228 230 141.3 139.4 141.1 323.0 117 284 168 8 152 9 September. . . 174 178 199 172 119 246 254 240 142.0 141.1 143.7 335.1 105 289 169.6 153 5 October 166 169 175 177 112 263 269 259 139.1 136.3 138.8 320.9 92 277 168.5 152 2 November 173 174 181 177 141 265 256 273 140.1 136 3 137.8 313.9 117 278 168 6 151 6 December 179 178 203 176 132 262 255 268 141.2 139.3 140.4 329.3 115 295 167.5 151 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 r157.5 159.0 '415.1 136 290 175.6 171.7 December 217 216 268 196 157 332 297 360 150.5 157.9 159.2 424.9 140 325 178.5 175 3 1951 January P219 P215 P199 P163 333 312 350 P151.0 «416.6 146 P362 181.6 180.0 February «218 «268 «196 129 * Average per working day. • Estimated v Preliminary. r Revised. 1 For indexes by groups or industries, see pp. 314-317. For points in total index, by major groups, see p. 336. 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. 321. 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. *For indexes by Federal Reserve districts and other department store data, see pp. 323-326. Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp. 958-984; for department store sales, June 1944, pp. 549-561. MARCH 1951 313 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] 1950 1951 Industry Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Industrial Producation— Total 183 180 187 190 195 199 196 209 211 216 214 217 v219 Manufactures—Total ... 192 192 194 199 204 208 206 218 220 225 224 228 P229 Durable Manufactures .... 209 207 211 222 231 237 235 247 251 262 260 268 P266 Iron and Steel1 ... 203 201 205 222 226 231 228 236 245 253 247 253 253 Pig iron 201 175 175 219 222 221 223 219 223 225 211 216 224 Steel . 244 238 243 270 273 271 264 265 275 286 272 280 288 192 181 180 204 206 202 201 198 203 209 198 207 212 Electric . ... 612 639 691 739 755 763 710 744 792 835 803 802 827 Machinery ... 229 236 243 251 258 262 265 279 283 '303 '311 321 P320 Transportation Equipment ... 242 210 214 226 262 277 272 287 284 r291 '278 290 P282 Automobiles (including parts) 224 182 189 204 249 268 262 273 265 '271 ••250 '257 P242 (Aircraft; Railroad Equipment; Shipbuilding — Private Nonferrous Metals and Products 180 190 200 198 197 207 202 212 216 223 227 227 P226 Smelting and refining 191 202 208 207 208 219 208 212 209 217 '221 218 P220 (Copper smelting; Lead refining; Zinc smelting; Fabricating 176 184 197 194 192 202 199 212 219 225 229 231 P228 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)2 . Lumber and Products 144 150 156 159 158 155 151 165 166 166 169 173 P171 Lumber 132 138 145 150 149 144 140 151 150 150 155 162 162 Furniture . . . ... .... 166 173 176 175 175 178 174 192 196 198 197 194 P188 Stone, Clay, and Glass Products 190 192 188 200 203 210 212 212 215 229 227 235 v234 Glass products 194 195 191 209 211 220 225 206 212 '245 235 '247 P245 Glass containers 206 207 201 222 223 234 244 215 225 262 247 266 Cement 207 211 192 218 210 214 208 214 206 214 214 232 238 Clay products 158 157 158 158 160 161 161 167 169 168 175 172 P186 Nondurable Manufactures 179 180 181 180 181 184 181 195 194 196 195 196 P199 Textiles and Products ... 178 179 173 174 175 173 165 189 191 197 rl93 194 P196 Textile fabrics 160 162 156 157 158 156 146 172 171 178 '173 173 P175 Cotton consumption . .... 144 144 138 139 140 132 123 155 152 162 158 158 163 Rayon deliveries 355 357 350 348 347 348 361 366 380 374 '381 397 392 Nylon and silk consumption J Wool textiles 154 159 152 154 157 161 134 172 171 180 164 160 Carpet wool consumption 215 215 210 222 216 205 135 210 204 228 204 201 Apparel wool consumption 147 163 153 143 149 152 139 178 170 179 148 140 Wool and worsted yarn 131 140 134 134 140 147 127 159 158 163 146 141 Woolen yarn 119 122 116 119 127 134 117 144 137 142 '122 121 Worsted yarn 148 165 161 156 158 165 140 179 187 192 '180 169 Woolen and worsted cloth 156 156 146 149 153 162 143 168 172 180 172 169 Leather and Products... 108 115 116 110 101 105 101 120 124 115 109 108 Leather tanning 95 102 98 101 95 102 91 108 111 106 108 107 Cattle hide leathers 103 112 108 112 104 115 106 121 125 119 121 120 Calf and kip leathers 86 85 77 83 75 79 56 83 91 84 89 84 Goat and kid leathers 85 89 91 83 88 89 80 86 84 88 96 88 80 91 82 97 81 86 76 101 104 94 81 88 Shoes . . .. 116 124 128 115 106 107 107 128 133 121 110 109 Manufactured Food Products 161 161 165 164 164 164 167 168 167 162 161 162 P161 Wheat flour 114 112 111 105 107 106 113 116 103 100 107 116 Cane sugar meltings2 !Manufactured dairy products 148 149 154 153 150 153 152 150 148 145 143 '141 142 Butter ... 85 86 94 91 85 87 85 80 78 75 72 70 73 Cheese 185 181 191 195 175 184 178 169 161 158 164 167 169 Canned and dried milk 135 144 158 155 155 165 167 169 158 150 142 131 131 Ice cream2 . ... P Preliminary. r Revised. 1 Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods may be obtained from the Division of Research and Statistics. 2 Series included in total and group indexes but not available for publication separately. 314 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] 1950 1951 Industry Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Manufactured Food Products—Continued Meat packing 154 151 160 157 144 147 151 155 168 158 165 171 162 Pork and lard 174 168 184 182 161 165 169 175 196 188 195 202 188 Beef 146 146 150 144 142 141 146 145 153 138 148 155 152 Veal 108 105 108 104 98 108 114 121 120 107 108 104 93 Lamb and mutton. 85 77 76 74 71 79 78 78 78 77 76 77 80 Other manufactured foods 169 169 173 171 173 173 175 176 174 171 168 P169 P168 Processed fruits and vegetables. 142 136 152 148 150 158 147 134 142 '147 '145 138 149 Confectionery 139 139 136 131 131 133 146 158 146 125 125 Other food products 181 183 184 184 186 184 187 190 187 184 '181 184 P180 Alcoholic Beverages... 169 159 175 169 172 184 206 248 203 182 207 208 248 Malt liquor 170 159 172 159 157 163 171 168 155 150 183 168 185 Whiskey 88 84 81 97 93 95 84 111 146 157 178 157 155 Other distilled spirits. 259 214 214 280 363 417 611 934 549 308 235 463 716 Rectified liquors 205 204 268 242 235 269 315 464 340 304 341 340 439 Tobacco Products. . 162 162 176 161 168 170 154 197 172 165 171 153 177 Cigars 97 102 97 91 93 106 96 126 120 124 127 89 101 Cigarettes 224 222 248 224 237 233 212 269 229 215 227 215 248 Other tobacco products. 69 67 72 67 63 68 59 80 71 72 65 56 70 Paper and Paper Products. . 179 178 179 181 180 183 173 191 194 202 201 rl97 204 Paper and pulp 171 171 172 174 173 177 166 181 185 193 191 '189 192 Pulp 198 201 198 204 199 205 202 211 213 228 220 »-218 220 Groundwood pulp 93 98 94 97 99 109 119 124 133 127 109 '125 117 Soda pulp 118 117 113 121 119 120 110 115 114 96 92 ••92 94 Sulphate pulp 354 360 350 365 363 373 372 381 382 427 414 »-402 410 Sulphite pulp 148 149 152 153 145 146 140 152 152 162 161 '157 158 Paper 167 167 169 170 168 173 161 177 180 188 186 '184 188 Paperboard 209 205 203 207 211 213 198 228 232 238 240 229 247 Fine paper * , Printing paper 167 167 175 171 167 172 156 174 180 187 183 '188 181 Tissue and absorbent paper 175 170 173 185 166 171 182 183 185 207 196 '202 206 Wrapping paper , 155 162 163 160 158 167 151 155 156 164 163 165 159 Newsprint 98 98 102 111 112 115 117 116 116 117 112 117 117 Paperboard containers (same as Paperboard). Printing and Publishing. 163 168 169 169 166 170 162 169 172 179 174 rl75 170 Newsprint consumption 159 169 163 168 165 168 167 165 163 171 165 162 159 Printing paper (same as shown under Paper) Petroleum and Coal Products. . . 211 205 207 206 216 222 229 238 243 251 *253 262 P276 Petroleum refining * Gasoline 176 i74 173 171 181 188 194 200 195 196 195 197 P203 Fuel oil 192 187 178 172 175 179 187 190 200 210 209 225 P243 Lubricating oil 149 148 152 133 143 152 154 174 177 184 187 188 Kerosene 207 190 188 170 184 177 186 194 198 195 195 208 Other petroleum products 2. Coke 154 124 146 174 175 177 176 176 178 183 178 182 P183 By-product coke 156 127 145 170 171 170 170 167 170 175 170 174 Beehive coke 76 21 181 320 328 428 368 470 443 467 '436 '457 P504' Chemical Products.... 248 247 247 252 256 261 263 269 271 277 279 282 v286 Paints 144 147 147 147 147 154 161 168 168 164 162 '159 P167 Rayon 349 355 352 349 350 350 359 363 376 371 -378 385 P373 Industrial chemicals 419 424 428 434 443 451 453 458 465 488 493 500 P502 Other chemical products 2. Rubber Products 194 195 197 203 213 221 222 236 244 r250 r251 253 v242 Minerals—Total.. . 130 118 144 140 145 151 144 159 163 166 160 157 vl63 Fuels 133 118 148 147 148 155 148 162 167 170 165 163 P169 Coal. 91 43 141 131 124 128 101 133 133 141 127 130 P!40 Bituminous coal. 96 38 149 143 131 136 109 142 144 151 138 143 151 Anthracite 69 65 108 83 97 96 68 97 92 102 84 80 97 Crude petroleum 154 155 152 155 160 168 171 177 184 184 184 178 P183 Metals. 117 118 119 98 125 130 124 136 141 141 130 126 •0125 Metals other than gold and silver. 160 161 159 121 166 177 167 188 198 199 180 P173 P172 Iron ore (Copper; Lead; Zinc)2 Gold 57 58 62 62 66 63 62 60 59 59 59 Silver 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. 315 MARCH 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] Annual 1950 1951 Industry- 1950 1949 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec Jan. Industrial Production—Total. . 200 176 177 183 188 195 200 198 212 216 220 215 216 v215 Manufactures — Total 209 183 188 191 197 203 209 207 221 224 229 '226 227 v225 Durable Manufactures. . . 237 202 204 210 221 232 238 237 249 253 263 261 266 P263 Iron and Steel1 229 188 201 205 222 226 231 228 236 245 253 247 253 253 Pig iron 211 175 175 175 219 222 221 223 219 223 225 211 216 224 Steel 265 199 238 243 270 273 271 264 265 275 286 272 280 288 Open hearth. 198 180 204 206 202 201 198 203 209 198 207 212 Electric 740 460 639 691 739 755 763 710 744 792 835 803 802 827 Machinery 270 234 236 243 251 258 262 265 279 283 '303 '311 321 P320 Transportation Equipment... 261 '235 210 214 226 262 277 272 287 284 '291 '278 290 P282 Automobiles (including parts) 241 '206 182 189 204 249 268 262 273 265 -•271 r250 257 P242 (Aircraft; Railroad equipment; Shipbuilding— Private and Government)2 Nonferrous Metals and Products 206 160 190 201 198 197 206 202 212 216 223 227 228 '226 Smelting and refining 210 186 202 208 207 208 218 207 212 209 217 221 219 P220 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)2 , Fabricating 205 149 184 197 194 192 231 P228 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products: Tin consumption)2 Lumber and Products... 160 130 138 147 158 161 177 179 176 168 158 P!53 Lumber. . . . 148 119 119 133 150 155 160 155 170 170 165 153 140 134 Furniture... 183 152 173 176 175 175 178 174 192 196 198 197 194 Stone, Clay, and Glass Products. . . 209 179 197 209 212 214 221 223 240 232 227 P222 Glass products 216 185 191 191 209 222 218 217 212 215 '251 '236 234 P241 Glass containers 228 195 201 201 222 238 232 234 223 229 269 '250 247 Cement 212 197 160 157 207 221 229 229 242 239 249 231 211 193 Clay products 164 155 150 151 154 160 160 162 172 175 177 182 177 P172 Other stone and clay products 2. Nondurable Manufactures. . 187 168 176 177 178 180 184 182 198 201 201 197 196 Textiles and Products 182 173 174 175 173 165 189 191 197 '193 194 P196 Textile fabrics 164 134 162 156 157 158 156 146 172 171 178 173 173 Cotton consumption 145 118 144 138 139 140 132 123 155 152 162 158 158 163 Rayon deliveries 364 280 357 350 348 347 348 361 366 380 374 '381 397 392 Nylon and silk consumption 2 Wool textiles 160 135 159 152 154 157 161 134 172 171 180 164 160 Carpet wool consumption 204 169 215 210 222 216 205 135 210 204 228 204 201 Apparel wool consumption.. . . 155 124 163 153 143 149 152 139 178 170 179 148 140 Woolen and worsted yarn 143 123 140 134 134 140 147 127 159 158 163 146 141 Woolen yarn 127 120 122 116 119 127 134 117 144 137 142 '122 121 Worsted yarn 167 127 165 161 156 158 165 140 179 187 192 180 169 Woolen and worsted cloth. . . . 160 136 156 146 149 153 162 143 168 172 180 172 169 Leather and Products. 111 118 115 110 101 104 99 119 123 115 111 108 Leather tanning 102 97 109 97 101 94 100 87 106 109 107 111 106 Cattle hide leathers 113 108 120 108 112 104 111 100 117 122 120 126 120 Calf and kip leathers 80 77 89 75 80 72 80 56 88 89 86 91 82 Goat and kid leathers. . . 87 81 92 90 86 86 90 79 84 85 88 93 89 Sheep and lamb leathers. 88 81 100 79 95 88 86 71 104 102 94 85 84 Shoes 116 124 115 107 128 133 121 110 109 113 128 106 107 Manufactured Food Products. 150 164 191 192 175 164 160 P150 163 148 157 178 Wheat flour 109 113 101 102 114 107 108 115 Cane sugar meltings 2 113 109 103 112 Manufactured dairy products. 155 150 107 128 159 199 226 223 217 173 132 103 99 98 Butter 83 83 76 85 93 109 120 104 87 74 64 55 55 60 Cheese 176 180 149 172 203 235 261 219 189 164 142 123 121 125 Canned and dried milk. . . 154 154 129 155 175 215 228 193 174 145 122 102 101 106 Ice cream 2 p Preliminary. r Revised. 1 Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods may be obtained from the Division of Research and Statistics. 2 Series included in total and group indexes but not available for publication separately. 316 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] Annual 1950 1951 Industry- 1950 1949 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Manufactured Food Products—Continued Meat packing 157 151 144 148 145 144 146 141 134 152 158 184 203 Pork and lard 179 170 165 171 166 161 165 148 135 155 177 228 267 Beef 146 144 135 137 136 142 138 147 147 165 151 154 155 Veal 108 121 92 101 102 102 108 114 119 132 122 116 98 Lamb and mutton 77 77 78 74 72 73 73 75 76 84 80 76 75 Other manufactured foods 171 171 154 154 153 157 163 182 202 206 189 175 166 Processed fruits and vegetables. 144 145 86 83 90 98 122 191 254 276 '190 '134 108 Confectionery '137 130 140 126 108 101 99 120 171 189 164 147 Other food products 185 184 174 177 177 182 185 190 194 191 193 190 188 Alcoholic beverages. . 188 172 143 162 168 177 202 219 237 217 205 195 189 Malt liquor 164 164 144 160 167 179 205 214 191 156 139 141 134 Whiskey 114 80 84 81 97 93 95 84 111 146 157 178 157 Other distilled spirits 372 220 128 139 168 218 258 354 504 753 798 493 509 Rectified liquors 294 284 204 268 242 235 269 315 464 340 304 341 340 Tobacco Products.... 168 165 154 167 152 168 176 160 204 181 170 174 142 Cigars 105 107 102 97 91 93 106 96 126 120 124 127 89 Cigarettes 229 224 209 230 209 237 245 223 283 245 224 231 198 Other tobacco products 68 69 65 72 67 64 69 59 78 76 77 67 50 Paper and Paper Products.... 187 156 179 179 182 181 185 172 191 194 202 201 197 Paper and pulp 179 151 172 173 175 173 178 166 181 184 193 191 '188 Pulp 208 175 201 199 205 201 205 200 209 211 227 221 ••218 Groundwood pulp 110 96 102 101 107 106 110 105 110 119 119 115 126 Soda pulp 110 101 117 113 121 119 120 110 115 114 96 92 r92 Sulphate pulp 379 301 360 350 365 363 373 372 381 382 427 414 '402 Sulphite pulp 151 134 149 152 153 145 146 140 152 152 162 161 ••157 Paper 174 147 168 169 170 168 173 160 177 180 188 186 184 Paperboard 218 179 205 203 207 211 213 198 228 232 238 240 229 Fine paper 2 Printing paper 174 155 167 175 171 167 172 156 174 180 187 188 Tissue and absorbent paper 183 154 177 173 187 166 174 174 183 185 209 ••196 Wrapping paper 160 134 162 163 160 158 167 151 155 156 164 165 Newsprint 111 99 98 102 113 113 116 115 115 116 117 114 Paperboard containers (same as Paperboard) Printing and Publishing 170 155 166 172 174 169 150 161 183 182 179 Newsprint consumption 166 155 166 170 178 172 166 148 165 180 180 170 Printing paper (same as shown under Paper) Petroleum and Coal Products. . 229 209 205 207 206 216 222 229 238 243 251 •253 262 Petroleum refining 2 Gasoline 187 176 174 173 171 181 188 194 200 195 196 195 197 Fuel oil 192 178 187 178 172 175 179 187 190 200 210 209 225 Lubricating oil 162 142 146 150 139 149 152 153 173 177 184 187 187 Kerosene 191 165 199 192 174 186 166 173 187 196 195 201 214 Other petroleum products Coke 169 150 124 146 174 175 177 176 176 178 183 178 182 By-product coke 164 148 127 145 170 171 170 170 167 170 175 170 174 Beehive coke 335 206 21 181 320 328 428 368 470 443 467 436 457 Chemical Products 250 250 253 255 258 259 265 272 282 283 286 Paints 156 140 146 147 149 151 158 159 166 166 164 160 159 Rayon 361 286 355 352 349 350 350 359 363 376 371 378 385 Industrial chemicals 455 '414 424 428 434 443 451 453 458 465 488 493 500 Other chemical products 2... Rubber Products. . . 223 183 195 197 203 213 221 222 236 244 '250 '251 253 Minerals— Total. 148 135 113 139 138 147 155 149 163 168 169 159 152 Fuels 152 139 148 147 148 155 162 167 170 165 163 Coal. 119 103 43 141 131 124 128 101 133 133 141 127 130 Bituminpus coal. . . . 127 107 38 149 143 131 136 109 142 144 151 138 143 Anthracite 87 84 65 108 83 97 96 68 97 92 102 84 80 Crude petroleum 168 157 155 152 155 160 168 171 177 184 184 184 178 Metals. 125 107 81 83 87 140 155 158 170 171 124 93 Metals other than gold and silver. 171 147 100 101 105 197 224 227 244 244 227 166 P115 Iron ore 214 184 63 79 273 325 343 368 365 331 195 86 (Copper; Lead; Zinc)2 Gold Silver *>73 For other footnotes see preceding page. NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. MARCH 1951 317 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 Annual 1949 1950 1951 Industry group or industry 1949 19501 Dec. Jan. Feb. June July Aug. Sept. Oct. Nov. Dec. Jan. ADJUSTED FOR SEASONAL VARIATION Manufacturing—Total 11 597 12,261 11,413 11,506 11 484 12,200 12 358 12,697 12,783 '12,921 '12,899 12,934 13,00 Durable goods . ... 6 096 6 620 5,910 5,994 5 966 6,624 6 713 6 939 6 996 '7,135 '7,143 7, 180 7,201 Primary metal industries 940 1 053 946 958 973 1,055 1 070 1 091 1 105 1,111 1,119 1 131 1 141 Fabricated metal products 701 776 678 686 691 777 793 826 837 '846 '845 838 833 Machinery except electrical 1 001 1 040 924 937 955 1,028 1042 1 071 1 055 '1,110 '1 ,139 1 157 1 197 Electrical machinery 552 636 548 555 567 618 639 672 676 '703 '709 709 693 Transportation equipment 987 1 042 896 978 872 1,078 \ 070 1 118 1 134 '1,157 '1 ,128 1 151 1 168 Lumber and wood products 676 730 685 655 669 734 750 764 775 '773 766 757 735 Furniture and fixtures 272 311 283 285 291 312 316 324 325 323 319 319 317 Stone, clay, and glass products. . 416 441 408 407 410 441 447 457 456 469 '475 468 473 Instruments and related products 177 186 171 171 170 180 184 189 199 204 208 210 210 Miscellaneous'manufacturing industries 354 385 354 345 351 382 383 407 412 '417 '412 416 410 Ordnance and accessories 20 20 17 17 17 19 19 20 22 22 23 24 24 Nondurable goods 5 501 5 641 5,503 5,512 5 518 5,576 5 645 5 758 5 787 '5,786 '5,756 5 754 5 808 Textile-mill oroducts 1 136 1 206 1,169 1,165 1 166 1,174 1 196 1 243 1 268 '1 ,264 1,249 1 239 1 246 Apparel and other finished textiles 1 022 1 042 1,025 1,032 1 034 1,022 1 044 1 073 1 067 '1 ,063 '1,049 1 051 1 068 Leather and leather products. . . 347 355 345 348 350 350 356 363 365 '363 362 360 363 Food and kindred products 1 172 1 167 1,155 1,160 1 157 1,171 1 176 1 179 1 171 '1,166 '1,165 1 167 1 182 Tobacco manufactures 87 81 85 85 82 79 80 79 82 '82 '79 80 80 Paper and allied products 382 404 386 383 384 401 404 412 420 '419 '423 424 422 Printing, publishing and allied industries 495 503 494 493 495 500 504 509 510 509 510 510 513 Chemicals and allied products.. . 485 496 475 475 478 497 499 501 503 513 511 513 523 Products of petroleum and coal. 188 185 186 186 185 180 180 189 186 190 190 192 192 Rubber products 186 203 183 185 187 202 206 210 215 217 '218 218 219 WITHOUT SEASONAL ADJUSTMENT Manufacturing—Total 11,597 12,261 11,504 11,449 11,460 12,066 12,151 12,802 13,016 13,133 '13,029 13 038 12 951 Durable goods 6,096 6,620 5,961 6,000 5,982 6,596 6,597 6,900 7,013 '7,186 '7,198 7 241 7 208 Primary Metal Industries 940 ,053 955 963 978 1,050 1,054 ,086 1,105 1,117 1,125 1 142 147 Blast furnaces, steel works and rolling mills 477 536 507 511 512 538 543 550 552 '553 553 556 Nonferrous smelting and refining primary 43 46 41 43 45 46 45 46 46 '46 '45 47 Nonferrous rolling, drawing and allovins 71 81 73 74 75 80 80 83 85 86 86 87 Fabricated Metal Products 701 776 688 693 698 769 773 814 837 r849 851 841 Cutlery, hand tools and hardware 118 133 119 121 124 133 129 132 138 '141 143 144 Heating apparatus and plumbers' supplies 106 124 111 108 112 122 120 132 137 137 '136 133 Fabricated structural metal products 152 156 142 141 141 154 158 165 166 171 172 173 Machinery except Electrical 1,001 1,040 929 937 960 1,033 1,032 1,060 1,050 ,104 r] ,133 1,163 1,197 Agricultural machinery and tractors 142 134 131 133 137 141 141 140 102 124 126 136 Metalworking machinery... 158 169 146 147 149 163 162 171 181 '190 197 205 Special-industry machinery . 131 127 117 117 118 125 124 127 132 136 138 140 Service-industry and household machines 115 143 119 124 133 148 146 145 146 '148 '151 147 Electrical Machinery 552 636 559 561 573 615 620 655 673 r720 723 700 Electrical apparatus (generating, etc ) 211 230 208 208 211 222 227 237 237 '252 '254 258 Communication equipment. 192 237 201 203 207 227 228 248 255 272 '278 277 Transportation Equipment 987 1,042 896 978 872 1,078 1,070 1,118 1,134 rl ,157 rl ,128 1,151 1,168 Motor vehicles and equipment 644 712 585 675 567 765 757 781 788 '795 '750 754 Aircraft and parts 189 202 184 184 184 187 188 199 209 '225 '239 255 Ship and boat building and repairing 85 71 69 66 68 68 68 79 76 '76 '76 79 Lumber and Wood Products 676 730 682 642 652 741 750 783 790 *785 774 753 720 Sawmills and planing mills. 401 431 404 381 386 437 444 465 468 462 454 441 Millwork, plywood, etc... . 96 109 102 102 101 109 109 114 114 '115 '114 113 Furniture and Fixtures 272 311 289 289 297 303 303 319 327 329 327 325 322 Household furniture 195 228 211 212 218 222 222 234 240 242 242 238 Stone, Clay, and Glass Products. 416 441 412 403 408 441 440 459 458 471 r477 473 468 Glass and glass products. . 107 117 107 106 108 118 114 122 117 127 129 127 Structural clay products... 7' 75 71 69 68 76 77 79 80 80 81 79 Instruments and Related Products 177 186 173 172 171 180 178 187 199 205 209 212 211 Miscellaneous Manufacturing Industries . . • 354 385 361 345 356 367 358 399 418 r436 r433 424 410 Ordnance and Accessories 20 20 17 17 17 19 19 20 22 22 23 24 24 r Revised. 1 Annual figures for 1950 were computed by Board of Governors and are preliminary. 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 January 1951 are preliminary. Back data and data for industries not shown, without seasonal adjustment, may be obtained from the Bureau of Labor Statistics. Seasonally adjusted data beginning January 1939, for groups and the total, may be obtained from the Division of Research and Statistics. 318 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] Annual 1949 1950 Industry group or industry 1949 19501 Dec. Jan. Feb. June July Aug. Sept. Oct. Nov. Dec, Jan. Nondurable goods 5,501 5,641 5,543 5,449 5,478 5,470 5,554 5,902 6,003 '5,947 '5,831 5,797 5,743 Textile-mill Products 1,136 1,206 1,187 1,177 1,183 1,174 1,160 1,224 1,255r1,264 1,261 1,258 1,258 Yarn and thread mills 140 152 149 149 149 146 147 '154 159 161 161 160 Broad-woven fabric mills 551 586 574 568 571 580 571 595 606 607 606 603 Knitting mills 213 224 227 223 223 212 209 227 233 236 234 234 A pparel and Other Finished Textiles 1,022 1,042 1,040 1,032 1,065 976 981 1,089 1,099<1,100 rl ,059 1,067 1,068 Men's and boys' suits, coats and overcoats 128 134 127 130 135 135 127 138 137 138 137 136 Men's and boys' furnishings 240 245 247 241 244 238 232 252 254 ••254 254 251 Women's and misses' outerwear 294 287 296 302 315 248 266 307 305 297 '276 297 Leather and Leather Products 347 355 343 348 357 343 351 370 372 360 358 363 Footwear (except rubber) 226 229 224 231 235 224 230 237 237 '230 226 229 Food and Kindred Products 1,172 1,167 1,139 1,078 1,055 1,141 1,231 1,331 1,350•1,260 r1,191 1,150 1,098 Meat products 231 236 251 244 232 232 235 236 236 240 244 253 Dairy products 108 104 96 95 97 114 116 114 107 102 100 97 Canning and preserving 181 176 136 117 110 151 223 302 324 '"226 168 140 Bakery products 191 192 190 186 188 191 194 192 194 196 193 191 Beverage industries 151 149 141 135 134 157 164 169 159 149 149 146 Tobacco Manufactures 87 81 87 85 81 75 75 89 r89 82 80 Paper and Allied Products 382 404 390 385 386 399 396 410 418 '421 r427 428 424 Pulp, paper and paperboard mills 198 205 200 199 200 205 204 207 210 210 211 212 Printing, Publishing and Allied Industries. . . . 495 503 501 493 495 500 499 504 510 514 515 518 513 Newspapers 141 149 145 142 145 150 150 150 151 150 150 153 Commercial printing 164 167 168 167 165 166 164 165 167 170 171 171 Chemicals and Allied Products 485 496 484 480 485 482 479 491 506 523 521 523 528 Industrial inorganic chemicals 52 53 51 50 52 54 51 49 50 56 56 57 Industrial organic chemicals 146 152 144 144 144 150 152 155 158 159 160 162 Drugs and medicines 61 63 62 62 59 62 63 63 65 66 66 67 Products of Petroleum and Coal 188 185 185 184 183 181 182 193 189 190 191 191 Petroleum refining 149 143 146 145 144 138 139 147 145 147 148 148 Rubber Products 186 203 187 187 188 199 200 208 215 219 r222 222 Tires and inner tubes 84 82 83 83 90 92 92 r94 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 1950 1950 1951 1951 Jan. Nov. Dec. Jan. Jan. Nov. Dec. Jan. Jan. Nov. Dec. Jan. Manufacturing—Total 56.29 62.38 63.80 62.97 39.7 '41.2 40.6 1.418 1.514 1.541 1.551 Durable goods 59.40 '66.58 68.24 66.71 40.0 41.9 42.2 41.1 1.485 1.589 1.617 1.623 Primary metal industries 63.79 -•70.39 74.62 73.10 39.5 '41.8 42.3 41.0 1.615 r1.684 1.764 1.783 Fabricated metal products 59.93 '66.50 68.72 66.70 40.3 '41.9 42.5 41.3 1.487 1.587 .617 1.615 Machinery except electrical 61.57 '72.24 74.25 74.60 39.8 43.1 43.7 43.5 1.547 1.676 .699 1.715 Electrical machinery 58.44 '•64.44 65.31 64.12 40.5 '41.9 42.0 41.0 1.443 1.538 .555 1.564 Transportation equipment 68.12 '72.67 74.99 68.57 40.5 '40.6 41.5 38.5 1.682 1.790 .807 1.781 Lumber and wood products 48.02 '•57.53 56.61 56.28 39.2 '41.3 41.2 40.9 1.225 1.393 .374 1.376 Furniture and fixtures 51.13 56.83 56.59 55.97 41.1 42.6 42.2 41.4 1.244 1.334 .341 1.352 Stone, clay, and glass products 55.32 '63.36 63.38 62.28 39.8 '42.1 42.0 41.0 1.390 1.505 . 509 1.519 O M In r i s d s t n c r e u a l n m l c a e e n n e a t o s n u d s a n m a d c a c r n e e u s l s a f o a te r c i d t e u s r p i r n o g d u in ct d s ustries 5 5 6 6 0 1 . . . 4 7 7 9 0 8 ' ' 6 7 5 5 0 7 . . . 7 3 1 9 4 6 6 5 6 5 7 8 . . . 9 4 6 5 9 4 6 5 6 5 6 5 . . . 7 6 7 5 6 3 3 4 4 9 0 0 . . . 2 7 2 '4 4 4 2 2 3 . . . 4 4 4 4 4 4 2 1 2 . . . 3 9 5 4 4 4 1 1 0 . . . 8 0 5 1 1 1 . . . 2 4 5 2 1 8 3 0 8 '1 1 1 . . . 5 3 6 4 3 4 8 1 1 . . . 3 6 5 7 1 5 2 5 9 1 1 1 . . . 3 5 6 8 7 2 2 3 3 Nondurable goods 52.91 57.19 58.26 58.47 39.4 40.3 40.4 40.1 1.343 1.419 .442 1.458 Textile-mill products 47.36 '53.19 53.49 54.16 39.4 40.7 40.8 40.6 1.202 1.307 .311 1.334 Apparel and other finished products... 42.70 '44.50 45.86 46.83 36.0 36.9 36.6 36.5 1.186 1.206 .253 1.283 Leather and leather products 42.90 45.78 47.19 48.31 37.7 37.4 38.3 38.9 1.138 1.224 .232 1.242 Food and kindred products 54.94 '57.98 59.63 60.02 41.4 41.8 42.2 41.8 1.327 1.387 1.413 1.436 Tobacco manufactures 39.25 '42.41 43.52 43.28 38.0 '38.0 39.0 38.4 1.033 1.116 1.116 1.127 Paper and allied products 57.56 '64.93 66.11 66.33 42.2 44.2 44.4 44.1 1.364 1.469 1.489 1.504 Pi in ting, publishing and allied products 70.49 '74.10 76.03 73.73 38.5 39.0 39.6 38.6 1.831 1.900 1.920 1.910 Chemicals and allied products 60.05 r65.32 66.28 66.59 41.3 '41.9 42.0 41.8 1.454 1.559 1.578 1.593 Products of petroleum and coal 73.79 '78.43 79.02 79.23 40.7 41.3 41.2 40.8 1.813 1.899 1.918 1.942 Rubber products 60.52 '66.68 69.18 66.01 39.4 '41.6 41.8 40.2 1.536 1.603 1.655 1.642 r Revised. NOTE.—Data are for production and related workers. Figures for January 1951 are preliminary, Back data are available from the Bureau of Labor Statistics. 319 MARCH 1951 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 ns o t n r t u r c a t c i t on ti p o u n b a li n c d Trade Finance Service Sta l t o e c , a a l nd utilities government 1942 39,697 15,051 983 2,170 3,433 7,333 1,440 3,857 5,431 1943 42,042 17,381 917 1,567 3,619 7,189 1,401 3,919 6,049 1944 41,480 17,111 883 1,094 3,798 7,260 1,374 3,934 6,026 1945... 40,069 15,302 826 1,132 3,872 7,522 1,394 4,055 5,967 1946 41,412 14,461 852 1,661 4,023 8,602 1,586 4,621 5,607 1947 43,371 15,247 943 1,982 4,122 9,196 1,641 4,786 5,454 1948 44,201 15,286 981 2,165 4,151 9,491 1,716 4,799 5,613 1949 43,006 14,146 932 2,156 3,977 9,438 1,763 4,782 5,811 1950 44,122 14,882 904 2,317 4,010 9,525 1,812 4,762 5,910 SEASONALLY ADJUSTED 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 ,096 3,906 9,348 1,791 756 5,776 April 43,212 14,302 942 2,163 3,948 9,391 1,794 757 5,915 May 43,578 14,629 941 2,223 3,888 9,459 1,803 766 ,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 9,556 804 4,769 5,851 August 44,914 15,333 942 2,434 4,073 9,651 819 4,779 5,883 September 45,196 15.444 942 2,454 4,119 9,650 836 4,768 5,983 October '45,408 ••15.606 '937 ••2,506 ••4,138 '9,630 839 4,733 6,019 November '45,494 15,628 '934 "2,521 '4,126 '9,622 839 4,747 6,077 December 45,584 15,666 934 2,442 4,124 9,709 847 4,743 6,119 1951—January 45,745 15,750 935 2,490 4,089 9.806 1,837 4,738 6,100 UNADJUSTED 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 ••45,898 r15,827 939 '2,631 ••4,132 '9,752 1,821 4,757 6,039 November '45,866 15,758 935 ••2,571 '4,123 '9,898 1,821 4,723 6,037 December 46,577 15,765 934 2,393 4,124 10,460 1,829 4,696 6,376 1951—January 45,196 15,689 929 2,266 4,054 9,675 1,828 4,667 6,088 ' 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. January 1951 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 Total civilian non- Employed 2 Not in the Year or month institutional Unem- labor force population l Total ployed In nonagricul- In Total tural industries agriculture 1943 94,640 55,540 54,470 45,390 9,080 1,070 39,100 1944 93,220 54,630 53,960 45,010 8,950 670 38,590 1945 94,090 53,860 52,820 44,240 8,580 1,040 40,230 1946 103,070 57,520 55,250 46,930 8,320 2,270 45,550 1947 106,018 60,168 58,027 49,761 8,266 2,142 45,850 1948 107,175 61,442 59,378 51,405 7,973 2,064 45,733 1949 108,156 62,105 58,710 50,684 8,026 3,395 46,051 1950 109,284 63,099 59,957 52,450 7,507 3,142 46,181 1950—January.. 108,848 61,427 56,947 50,749 6,198 4,480 47,420 February. 108,978 61,637 56,953 50,730 6,223 4,684 47,342 March. . . 109,096 61,675 57,551 50,877 6,675 4,123 47,422 April 109,260 62,183 58,668 51,473 7,195 3,515 47,024 May 109,288 62,788 59,731 51,669 8,062 3,057 46.500 June 109,392 64,866 61,482 52,436 9,046 3,384 44,526 July 109,491 64,427 61,214 52,774 8,440 3,213 45,064 August.. . 109,387 64,867 62,367 54,207 8,160 2,500 44,718 September 109,577 63,567 61,226 53,415 7,811 2,341 46,010 October. . 109,407 63,704 61,764 53,273 8,491 1,940 45,704 November 109,293 63,512 61,271 53,721 7,551 2,240 45,782 December. 109,193 62,538 60,308 54,075 6,234 2,229 46,657 1951—January. . 109,170 61,514 59,010 52,993 6,018 2,503 47,656 1 The number of persons in the armed forces, which previously have been included in the total noninstitutional population and total labor force items, are no longer available for reasons of security. 2 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. 320 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] Nonresidential building Total R b e u si i d ld e i n n t g ial P a u n b d li c p u w b o l r ic ks M onth Factories Commercial Educational Other utilities 1950 1951 1950 1951 1950 1951 1950 1951 1950 1951 1950 1951 1950 1951 January 730.9 1,043.2 343.5 420.9 37.7 128.4 60.6 121.1 63.5 84.6 73.5 126.8 152.1 161.3 February . 779.5 361.5 27.9 58.3 58.0 121.4 152.5 March 1,300.2 574.7 161.5 88.6 96.3 154.3 224 9 April 1,350.5 674.8 119.2 106.8 97 0 125 6 227.0 Mav 1,347.6 674.6 83.7 96.4 100.2 128.3 264.5 June 1,345 5 628.1 69.3 97.7 128.3 148.7 273 4 July 1,420.2 675.1 79.8 117.4 121.2 168.8 258.0 August 1,548.9 754.1 128.8 137.9 113.1 161.2 253 8 September 1,286.5 549.6 90.8 137.2 119.4 151.4 238.2 October 1,135.8 529 9 93.6 104.5 86 3 142 5 179.1 November 1,087.1 496.7 103.9 94.4 109.4 127.2 155 5 December 1,168 4 478 6 146 1 108 9 87 2 148.2 199.5 I— Year 14,501.1 6,741.0 1,142.3 1,208.5 1,179.8 1,651.0 2,578.4 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 Month 1948 1949 1950 1948 1949 1950 1948 1949 1950 1951 1950 Federal Reserve district Jan 615 483 731 197 160 201 419 323 530 Jan. Dec. Jan. Feb 682 568 780 248 252 285 434 317 495 Mar 690 748 1,300 181 282 481 509 466 819 Apr 874 846 1,350 236 319 354 638 527 996 Boston 42,118 72,726 43,891 May.... 971 885 1,348 298 369 389 673 517 959 New York. . . .. 180,807 209,421 140,374 June.... 935 950 1,345 338 375 428 597 574 917 Philadelphia 84,852 70,488 52,962 July 963 948 1,420 335 410 460 628 537 96C Cleveland 94,146 125,139 59,666 Aug 854 911 1,549 276 316 438 579 595 1,111 Richmond 114,752 124,538 93,363 Sept 762 1,072 1,287 259 289 364 503 783 922 Atlanta 122,414 150,924 91,013 Oct 779 1,062 1,136 262 332 308 517 730 828 Chicago 156,509 168,395 103,273 Nov 611 958 1,087 199 316 320 413 642 767 St. Louis 51,723 48,063 44,878 Dec 694 929 1,168 278 299 381 416 630 787 Minneapolis 23,024 33,294 11,366 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 6 0 9 3 , , 7 1 4 5 9 4 1 4 2 4 0 , , 8 6 2 1 5 9 2 62 7 , , 4 6 2 4 9 0 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION Total (11 districts) 1,043,248 1,168,432 730,855 [In millions of dollars] Title loans Mortgages Y m e o a n r t o h r Total p m P e r i r m r e o o t n v y p - t e - 1 - s S h c t t m o i r o o u m n a n c - l e - l 1 f h ( a - o T m 1 u t i 1 o s t i ) l l e e y 4 s - h R g ( o T a r e I u o n n D i s t u d t i l a p n e l g W h e ( o V V a r T u r a e I i s n ) t t a i - 2 l s n e n ' g d V h ( M t T i o a I n i u i I r g t l y I s l i ) - - e * INSURED P O F R H T A F O H L O I M O [ , I E n B m M Y i O l C li R o L n T A s G S o S A f G O d E o F l S l a I r N s ( ] T S I T T I L T E U T II I ) O N HELD IN 1945 666 171 219 4 272 1 1 1 1 1 9 9 9 9 9 4 4 4 5 4 9 7 6 0 8 3 4 3 1 , , , , 3 8 7 3 7 4 2 8 3 5 2 1 7 5 8 3 6 5 5 6 1 2 9 3 9 4 1 4 4 4 "(4 ( ) 4 5 1 ) " 7 3 7 ' 2 1 , , 4 8 3 4 8 6 5 4 4 8 6 7 6 0 5 18 3 7 1 1 1 , , , 8 3 0 8 3 3 3 0 8 6 9 1 8 5 12 1 3 2 End of month Total b C m a c o n i e a m k r l - s - b M s t i a n u a n g v a u k s l - - s a a S l s i a t o n s a i n a o g o v d n c s n - i s - p I c a n a o n n s m c u i e e - r s - a c F e g i e r e e a d n s l - 1 - Other2 1950—Tan.... 337 57 1 228 51 (3) Feb.... 329 44 1 203 73 8 Mar.. . 353 44 1 209 " " " (4j ' ' 88 12 1936—Dec 365 228 8 56 41 5 27 April. 329 27 171 122 9 1937—Dec 771 430 27 110 118 32 53 May. . 351 48 176 1 110 15 1938—Dec 1,199 634 38 149 212 77 90 June.. 376 78 181 1 113 3 1939—Dec 1,793 902 71 192 342 153 133 July... 369 61 183 8 111 5 1940—Dec 2,409 1,162 130 224 542 201 150 Aug.. . 414 69 "(4)" 217 122 6 1941—Dec 3,107 1,465 186 254 789 234 179 Sept.. . 373 55 (4) 216 '"(4)" 88 14 1942—Dec 3,620 1,669 236 276 1,032 245 163 Oct.... 379 82 (4) 241 3 43 10 1943—Dec 3,626 1,705 256 292 1,134 79 159 Nov.. . 379 74 (4) 236 1 49 17 1944—Dec 3,399 1,590 260 269 1,072 68 140 Dec. . . 349 54 (4) 204 3 63 23 1945—June 3,324 1,570 265 264 1,047 43 134 1951—Jan.... 330 63 225 (4) 28 13 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—June 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 Mortgages insured on new rental housing at or near military installations under Title VIII, approved Aug. 8, 1949. 1949—June 3,894 1,587 305 323 1,431 21 227 4 Less than $500,000. 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 and N O d T o E n . o — t F ta ig k u e re a s c c r o e u p n re t s o e f n t p r g i r n o c s i s p a i l n s r u e r p a a n y c m e e w n r ts i tt o e n n p d r u e r v i i n o g u sl t y h e in p s e u ri r o e d d Un 2 it I e n d c lu S d ta es te s m o H r o tg u a s g in e g co C m o p rp a o n r i a es ti , o f n i . nance companies, industrial banks, loans. Figures include some reinsured mortgages, which are shown in endowed institutions, private and State benefit funds, etc. the month in which they were reported by FHA. Reinsured mortgages NOTE.—Figures represent gross amount of mortgages held, excludon rental and group housing (Title II) are not necessarily shown in the ing terminated mortgages and cases in transit to or being audited at the month in which reinsurance took place. Federal Housing Administration. MARCH 1951 321 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 1947 1948 1949 1950 1951 1947 1948 1949 1950 1951 1947 1948 1949 1950 1951 January 1,114 1,092 1,105 741 P972 531 547 590 623 PI.022 583 545 515 117 P-50 February 1,146 1,085 1,043 P765 437 589 567 P601 709 496 477 P164 March 1,326 1,139 1,189 P861 445 675 633 P665 882 464 557 P196 April 1,294 1,121 1,173 P803 512 532 535 P585 782 590 638 P218 May 1,414 1,103 1,095 P829 474 554 541 P659 940 549 554 P169 June 1,235 1,014 1,108 P877 463 625 526 P686 772 389 582 P192 July 1,155 1,019 900 450 564 457 P7O8 705 456 444 P71 August 1,145 992 885 P761 400 606 491 P820 745 386 394 P-58 September. . . . 1,112 926 910 P911 473 560 530 P858 639 365 380 P53 October 1,235 1,023 856 P905 492 600 557 P922 743 423 299 P-17 November 1,141 823 842 P981 455 554 593 P852 687 269 249 P129 December 1,114 1,318 945 PI.063 603 720 605 P864 511 598 340 199 Jan.-Dec 14,430 12,653 12,051 P1O,275 5,733 7,124 6,622 P8,842 8,696 5,529 5,429 Pl.433 P Preliminary. II, - - ' Supply MaySource.—Department of Commerce. Back figures.—See BULLETIN for February 1951, p. 210; 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 s L t i o v c e k - p e ro st d- Ore l c a e n l e - - c d h i a s n e ucts ous l.c.l. Year or month o r p e e T v r e o a n t t a u in l e g s ex T p o e t n a s l es op in e N c ra o e t m t in e g 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 1941 130 123 168 112 91 139 183 136 100 1939 3,995 3,406 589 93 1942 138 135 181 120 104 155 206 146 69 1940 4,297 3,614 682 189 1943 137 138 186 146 117 141 192 145 63 1941 . 5,347 4,348 998 500 1944 140 143 185 139 124 143 180 147 67 1942 7,466 5,982 1,485 902 1945 135 134 172 151 125 129 169 142 69 1943 9,055 7,695 1,360 873 1946 132 130 146 138 129 143 136 139 78 1944 9,437 8,331 1,106 667 1947 143 147 182 150 107 153 181 148 75 1945 8,902 8,047 852 450 1948 138 141 184 136 88 149 184 146 68 1946 . . 7,628 7,009 620 287 1949 116 100 145 142 77 123 151 127 57 1947 8,685 7,904 781 479 1950 128 117 180 135 68 140 172 140 53 1948 9,672 8,670 1,002 699 1949 ... 8,580 7,893 687 438 SEASONALLY 1950 P9.473 P8,443 Pl,040 P786 ADJUSTED SEASONALLY 1950—January... 117 '96 151 119 70 118 169 133 52 ADJUSTED February.. 104 46 122 113 65 119 156 130 52 March 127 139 143 126 67 123 134 134 53 1950—January.... 689 629 60 29 April 126 123 181 131 68 129 121 137 53 February... 638 606 32 1 May. 122 119 181 127 66 134 121 133 51 March 723 655 67 36 June 127 116 192 130 61 144 179 138 52 April 730 667 63 32 July 126 105 195 135 61 148 186 140 51 May .. . . 715 661 54 20 August. . . . 135 126 194 139 60 155 190 147 56 June 791 691 100 70 September. 134 135 201 128 72 148 198 142 55 July 772 686 86 54 October. . . 136 135 206 159 75 146 184 145 54 August 833 744 88 55 November. 136 126 198 166 72 157 184 146 53 September.. 858 749 109 73 December. 140 129 194 158 72 162 199 151 52 October 885 776 108 74 November.. 863 760 103 70 1951—January... 146 133 199 153 69 170 243 158 52 December. . 941 849 92 P59 UNADJUSTED UNADJUSTED 1950—January... 107 '96 158 119 68 106 42 122 49 1950—January 657 624 33 11 February.. 96 46 130 111 52 115 39 122 51 February... 585 570 15 -9 March.... 120 139 144 116 53 123 39 127 54 March 743 668 76 49 April 122 123 177 115 61 129 63 135 54 April 714 652 62 38 May 125 119 179 112 59 139 217 135 51 May . 745 678 67 45 June 131 116 188 133 51 150 277 142 52 June 779 689 90 72 July 130 105 190 162 48 149 298 141 51 July 772 688 84 59 August. . .. 140 126 186 150 57 163 285 149 56 August 890 768 122 96 September. 145 135 198 143 95 160 298 154 57 September.. 872 749 123 99 October. . . 147 135 201 159 116 154 262 158 56 October 925 791 135 108 November. 139 126 198 162 90 154 188 152 54 November.. 862 752 110 86 December. 130 129 204 148 70 145 62 142 50 December.. 928 815 113 P121 1951—January. .. 133 133 209 153 66 153 61 145 50 p Preliminary. NOTE.—Descriptive material and back figures may be ob- Revised. tained from the Division of Research and Statistics. Basic NOTE.—For description and back data, see BULLETIN for June 1941, pp. data compiled by the Interstate Commerce Commission. 529-533. Based on daily average loadings. Basic data compiled by Associa- Annual figures include revisions not available monthly. tion of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission. 322 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 Year or month U St n a i t t e e s d Boston Y N o e r w k a P p d h h e i ia l l - - C l l a e n v d e- m Ri o c n h d - la A n t t - a Chi- L S ou t. is M ap i o n l n i e s - K C a i n ty sas Dallas F c S r is a a c n n o - SALESi 1945 207 176 169 184 201 235 275 193 227 185 229 275 248 1946 264 221 220 235 257 292 344 250 292 247 287 352 311 1947 286 234 239 261 281 304 360 275 314 273 311 374 337 1948 302 239 249 284 303 321 386 290 335 288 325 404 353 1949 286 234 236 271 281 309 374 271 317 275 ••309 385 332 1950 304 240 244 288 303 325 401 291 331 289 330 417 354 SEASONALLY ADJUSTED 1950—January 282 244 '231 267 290 '299 376 274 282 246 ••299 396 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 292 244 235 281 299 323 397 269 319 277 306 401 333 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 290 229 234 273 251 312 391 288 316 291 325 400 345 December 325 249 266 307 328 336 421 318 353 318 354 433 '377 1951—January P362 291 342 395 369 P450 349 363 325 P395 474 421 UNADJUSTED 1950—January 216 185 '185 197 215 ••217 285 205 232 188 228 313 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 May 286 228 221 275 296 316 378 280 323 273 305 391 319 June 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 308 239 259 299 317 333 388 296 326 319 328 405 345 November 355 287 302 363 313 387 453 357 398 338 376 472 387 December 534 436 450 525 538 '584 708 495 540 476 556 711 r627 1951—January P277 P230 233 253 293 268 342 261 298 248 P300 375 334 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 270 210 223 233 256 301 339 260 296 299 276 362 323 1950 295 231 237 257 288 334 394 276 325 317 300 397 355 SEASONALLY ADJUSTED 1950—January '273 223 '228 234 256 291 357 264 288 304 '282 353 322 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 329 264 263 286 351 349 461 297 381 335 330 430 389 1951—January *>339 273 273 300 357 351 476 320 337 P346 399 UNADJUSTED 1950—January 244 198 '201 204 224 267 321 238 248 279 257 328 294 February 267 209 217 230 251 299 354 254 289 296 278 357 323 March 290 226 237 251 273 334 377 274 317 319 300 384 348 April 294 227 237 259 287 344 378 273 329 321 304 393 347 May 289 226 231 249 283 337 366 268 313 323 301 380 350 June 267 206 209 229 261 305 345 248 299 294 287 353 326 July 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 371 298 306 324 377 397 501 352 400 375 369 495 438 December 295 238 239 252 294 316 401 279 320 310 294 395 354 1951—January P303 243 240 261 313 322 428 288 290 P318 P314 P411 363 p Preliminary. r Revised. 1 Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average. NOTE.—For description and monthly indexes for back years for sales see BULLETIN for June 1944, pp. 542-561, and for stocks see BULLETIN for June 1946, pp. 588-612. 323 MARCH 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 'ndex numbers frorr a yearago stocks to without seasonal adjustment (value) sales1 1941 average monthly sales=1002 Num- Department r b s e e t p o r o r r o e t s f - Sale p s e ri d o u d ring S m ( t o e o n n c d t k h s o ) f December Sale pe s r d i u o r d ing Sto o c f k s m o a n t t h end ing 1950 1949 1950 1949 1 D 9 e 5 c 0 . Y 1 e 95 a 0 r D 1 e 9 c 5 . 0 1950 1949 Dec. Nov. Dec. Dec. Nov. Dec. GRAND TOTAL—entire store ' 353 +5 +3 +21 1.6 1.4 MAIN STORE—total 353 +5 +4 +22 1.7 1.4 391 250 374 673 841 553 Piece goods and household textiles 314 +10 +2 +21 3.1 2.9 266 207 242 832 858 694 Piece goods 291 -5 -16 +7 4.1 3.7 169 194 178 694 732 655 Silks, velvets, and synthetics 194 -9 -19 +5 3.7 3.2 161 180 178 596 643 572 Woolen yard goods 171 -4 -16 +6 4.3 3.9 215 261 223 927 874 891 Cotton yard goods 185 -2 -11 + 17 4.8 4.1 136 142 138 656 653 568 Household textiles 308 + 15 + 14 +28 2.8 2.5 307 212 266 858 904 672 Linens and towels 279 +8 + 10 +26 2.4 2.1 338 217 312 825 920 661 Domestics—muslins, sheetings 252 +39 +23 +27 3.4 3.8 255 183 183 878 838 701 Blankets, comforters, and spreads 239 +9 +8 +34 2.8 2.3 297 231 273 828 920 625 Small wares 343 + 1 0 + 13 1.4 1.3 451 236 447 672 905 599 Laces, trimmings, embroideries, and ribbons.. 207 +4 0 + 13 2.4 2.3 309 242 298 767 913 685 Notions 242 -4 -3 + 14 2.3 1.9 348 233 361 804 964 709 Toilet articles, drug sundries 326 +4 +4 +8 1.4 1.4 392 172 375 556 786 514 Silverware and jewelry 312 + 1 -1 + 18 1.5 1.3 551 269 544 837 1,116 718 Silverware and clocks 4 212 +4 +2 +28 2.3 1.9 Costume jewelry 4 280 -5 -5 +9 0.9 0.8 Fine jewelry and watches 4 77 + 16 +5 + 13 1.8 1.9 Art needlework 239 -4 +20 3.2 2.6 ' 244' 212 251 784 829 656 Books and stationery 269 -2 -1 +9 1.0 0.9 596 330 608 591 900 541 Books and magazines 134 -3 4 -1 1.0 0.9 464 249 479 450 637 470 Stationery , 239 -1 0 + 13 1.0 0.9 615 343 624 602 942 524 Women's and misses' apparel and accessories 350 +4 -1 + 15 1.4 1.2 357 235 342 492 664 431 Women's and misses' ready-to-wear accessories 350 +4 +2 + 19 1.4 1.2 422 241 407 578 810 488 Neckwear and scarfs 312 0 +3 +6 0.8 0.7 610 325 609 470 783 444 Handkerchiefs 285 -4 -6 + 10 0.8 0.7 606 217 632 485 870 443 Millinery , 167 -2 0 0 0.8 0.8 159 177 162 127 170 127 Women's and children's gloves 325 +5 +3 +9 1.1 1.0 478 259 453 516 804 480 Corsets and brassieres 336 + 11 +3 +24 2.9 2 6 288 222 260 830 917 674 Women's and children's hosiery 343 +6 +8 +39 1.0 0.8 347 176 328 354 577 255 Underwear, slips, and negligees 342 +3 2 + 16 0.9 0.8 616 282 596 567 942 489 Knit underwear 256 + 11 +5 +21 1.1 1.0 655 346 592 721 1,078 592 Silk and muslin underwear, and slips 289 -1 -6 + 15 1.0 0.8 596 247 601 578 891 511 Negligees, robes, and lounging apparel.... 253 +4 -3 + 7 0.6 0.5 675 289 649 378 876 351 Infants' wear 325 +4 +2 +20 1.5 1.3 503 357 483 755 1,013 638 Handbags and small leather goods 334 +2 0 + 11 0.8 0.8 472 221 463 396 652 352 Women's and children's shoes 240 +6 +4 +20 3.2 2.8 289 217 274 931 1,085 788 Children's shoes 4 205 _2 i + 18 2.4 2.1 Women's shoes 4 208 +8 +5 +20 3.5 3.1 Women's and misses' ready-to-wear apparel.. . 350 +5 +10 1.4 1.3 ''287' 228 273 402 509 369 Women's and misses' coats and suits 339 +8 —5 +9 1.8 1.8 225 272 209 408 486 375 Coats 4 210 +5 -8 +2 1.5 1.6 Jun S i u o i r ts s ' * a nd girls t ' wear 3 2 2 0 1 2 + + 1 5 6 + -4 1 + + 2 8 7 2 1 . . 6 1 2 1. . 1 4 394 "295' ''375' 429 610 401 Juniors' coats, suits, and dresses 289 +3 -8 +7 1.2 1.2 313 245 303 385 453 360 Girls' wear 310 +6 0 +9 1.0 1.0 505 363 475 495 817 465 Women's and misses' dresses 341 -1 -6 + 11 1.4 1.3 213 174 215 305 349 277 Inexpensive dresses * 257 —3 -9 +5 1.1 1.0 Better dresses 4 265 +3 -3 + 15 1.8 1.6 Blouses, skirts, and sportswear , 340 +7 — 1 + 12 1.1 1.1 441 269 414 499 682 455 Aprons, housedresses, and uniforms 288 +2 — 7 +8 1.4 1.4 258 156 252 370 438 346 Furs 269 + 14 +4 +7 2.0 2.2 216 169 190 442 553 410 Men's and boys' wear 331 +4 +3 +17 1.4 1.2 517 272 497 703 975 602 Men's clothing 254 + 10 +6 + 14 2.4 2.3 322 252 294 769 952 675 Men's furnishings and hats 315 +2 + 1 +21 0.9 0.8 663 281 653 623 971 516 Boys' wear 302 +5 +2 + 16 1.4 1.2 498 307 474 687 1,003 597 Men's and boy's shoes and slippers 191 + 10 +9 + 19 2.0 1.9 448 225 408 915 1,105 779 Homef urnishing s 317 +9 + 15 +35 3.0 2.4 318 266 293 952 1,045 706 Furniture and bedding 244 +9 + 17 +32 4.2 3.5 210 227 192 890 853 671 Mattresses, springs, and studio beds 4 162 + 18 +20 + 73 3.9 2.7 Upholstered and other furniture 4 172 +5 + 15 +27 4.3 S 6 Domestic floor coverings 276 + 14 + 12 +46 4.7 3.7 233 262 205 1,102 1,098 747 Rugs and carpets 4 156 + 16 + 13 +52 4.8 3.7 Linoleum 4 99 -8 -7 +6 5.5 4.8 Draperies, curtains, and upholstery 297 +4 +4 +23 3.4 2.8 255 ' '275'' 246' 857 934 698 Lamps and shades 249 -3 + 1 + 19 2.0 1.6 389 289 402 778 920 659 China and glassware 248 +8 +8 +9 2.8 2.8 378 244 350 1,051 1,173 965 Major household appliances 237 +25 +27 +64 3.0 2.3 321 225 256 969 978 597 Housewares (including small appliances) 257 +7 +6 +29 2.3 1.9 461 308 431 1,055 1,242 822 Gift shop 4 169 +6 +9 + 12 1.4 1.4 Radios, phonographs, television, records, etc.4 222 +8 +56 + 111 1.9 1 0 Radios, phonographs, television 4 173 + 16 +76 + 189 1.9 0.8 Records, sheet music, and instruments 4 124 -2 -1 + 13 1.6 1.4 Miscellaneous merchandise departments... 314 +4 +3 +21 0.8 0.7 583 304 563 455 788 383 Toys, games, sporting goods, and cameras. . . 297 +3 +4 +26 0.7 0.6 994 486 964 696 1,336 549 Toys and games 239 +4 +4 +32 0.4 0.4 1,331 657 1,281 586 1,453 449 Sporting goods and cameras 146 0 + 1 +21 1 .6 1 .3 752 373 749 1,204 1 ,848 967 Luggage 265 +4 + 1 +25 1 .6 1.3 524 222 505 818 1,077 661 Candy 4 192 +2 + 1 0.4 0.4 For footnotes see following page. 324 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS—Continued Percentage change Ratio of Index numbers from a year ago stocks to without seasonal adjustment (value) sales i 1941 average monthly sales=100 2 Num- Department r b s e t e p o r o r o e r s t 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 ) December Sale p s e r d io u d ring Sto o c f ks m o at n e th nd ing 1950 1949 1950 1949 D 19 e 5 c 0 . Y 19 e 5 a 0 r D 19 e 5 c 0 1950 1949 Dec. Nov. Dec. Dec. Nov. Dec. BASEMENT STORE—total ... 198 +4 -1 +18 1.3 1.2 333 240 320 450 585 381 Domestics and blankets 4 136 +11 +9 +28 2.6 2.2 Women's and misses' ready-to-wear 191 +3 -4 +12 1.0 1.0 320 229 310 336 474 301 Intimate apparel * 167 +7 + 1 + 18 1.1 1.0 Coats and suits 4 177 -7 -12 +7 1.6 1.4 Dresses * 174 -1 -9 +3 0.9 0.9 Blouses, skirts, and sportswear 4 155 +5 -3 + 11 0.9 0.8 Girls' wear 4 122 +6 + 1 +9 0.8 0.8 Infants' wear * 120 +4 + 1 +21 1.2 1.0 Men's and boys* wear 158 +6 +2 +19 1.0 0.9 513 311 486 534 773 452 Men's wear i 133 +5 +2 + 19 1.1 0.9 Men's clothing * 90 0 0 +24 1.9 1.5 Men's furnishings 4 117 +6 +2 + 15 0.8 0.7 Boys' weari . . .. 119 +7 +4 + 15 1.0 0.9 Homefurnishings.. . 100 + 1 +4 +40 2.7 1.9 232 252 230 620 695 448 Shoes 123 +7 +2 + 11 2.0 2.0 246 178 229 499 610 460 NONMERCHANDISE—total * 169 + 1 + 1 (5) (5) (5) Barber and beauty shop * 71 Q 0 (5) (5) (5) 1 The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. 2 The 1941 average of monthly sales for each department is used as a base in computing the sales index for that department. The stocks index is derived by applying to the sales index for each month the corresponding stocks-sales ratio. For description and monthly indexes of sales and stocks by department groups for back years, see BULLETIN for August 1946, pp. 856-858. The titles of the tables on pp. 857 and 858 were reversed. 3 For movements of total department store sales and stocks see the indexes for the United States on p. 323. 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. 5 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. L935-39 average=100] [In millions of dollars] Reported data Derived data 1 Without seasonal adiustment 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 i t a p h l ) ts m o ( N o r t f o d o n e t e r w t a r h l s ) Apr. 1 9 2 9 . 4 . 9 .. . . 3 3 2 0 0 1 Apr. 1 8 1 950 . . 3 3 0 2 1 0 Oct. 1 1 8 5 949 2 29 9 C 7 Oct. 1 1 7 4 950 . . 3 32 2 2 5 16.... .314 15.... .254 22.... 296 21 .304 1942 average... 179 599 263 182 192 23 .266 22 .279 29.... .298 28.... .313 1943 average... 204 509 530 203 223 30 .286 29... .285 Nov. 5.... .315 Nov. 4 .315 1944 average... 227 535 560 226 236 May 7.... .334 May 6... .301 12 .318 11 .342 1945 average... 255 563 729 256 269 14 .285 13.... .308 19 .342 18 368 1946 average... 318 715 909 344 327 21.... .280 20 .275 26.... .330 25 319 1947 average... 337 826 552 338 336 28 .275 27 .282 Dec. 3 .449 Dec. 2.... .444 1948 average... 352 912 465 366 345 June 4.... .259June 3... .261 10 .542 9 .554 1949 average... 333 861 350 330 331 11 .288 10... .302 17.... .584 16.... .638 1950 average... 347 941 466 361 370 18.... .285 17... .302 24 .541 23.... .640 25.... .247 24... .250 31.... .197 30.... .237 1950—Jan 256 r788 390 ••255 ••348 July 2 .238 July 1.... .263 Feb 247 854 393 '313 ••316 9 .201 8.... .218 1950 1951 Mar 320 920 326 386 319 16 .213 15.... .265 Apr 319 926 271 325 270 23 .207 22.... .303 Jan. 7.... .205 Jan. 6 .285 May 330 906 248 310 287 30 .209 29.... .295 14 .233 13.... .305 June 317 833 369 244 365 Aug. 6.... .228 Aug. 5.... .296 21.... .230 20.... .301 July.... 292 789 693 248 572 13.... .218 12.... .273 28.... .222 27 .279 Aug 331 918 755 460 522 20.... .252 19.... .281 Sept 370 1,029 702 481 428 27.... .252 26 .288 Feb. 4.... .226 Feb. 3 r234 Oct 361 1,169 593 501 392 Sept. 3... .295 Sept. 2... .310 11 .238 10.... .273 Nov 403 1,203 442 437 286 10.... .273 9 .295 18.... .231 17.... .272 Dec 616 957 412 370 340 17.... .315 16.... .368 25.... .221 24.... .274 1951—Jan P336 P988 P656 P367 P611 24.... .292 23... .322 Oct. 1. .. .302 30... .320 Mar. 4.... 244 Mar. 3.... .289 P Preliminary. r Revised. 11 253 10 1 These figures are not estimates for all department stores in the 18 264 17. United States. Figures for sales, stocks, and outstanding orders are 25 279 24 based on actual reports from the 296 stores. Receipts of goods are derived from the reported figures on sales and stocks. New orders r Revised are derived from estimates of receipts and reported figures on out- NOTE.—For description of series and for back figures, see BULLETIN standing orders. for September 1944, pp. 874-875. Back figures.—Division of Research and Statistics. MARCH 1951 325 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] Jan. Dec. Year Jan. Dec. Year Jan. Dec. Year Jan. Dec. Year 1951 1950 1950 1951 1950 1950 1951 1950 1950 1951 1950 1950 United States. P+33 +6 +5 Cleveland-cont. Chicago +32 +9 +7 Kansas City— B N P o o e s r w t t o l n a H n a d ven. .. + + +2 3 2 2 0 9 +7 0 0 + + + 3 1 2 W E Pi r h t ie t e s e » b l • i u n r g g l h . 1 ... + + + 4 3 4 6 9 1 + + - 1 4 9 7 + + + 1 4 7 0 F C P o e h o r i t c r i a a W g x o a » yne1... + + +4 3 2 7 4 5 + + + 1 4 4 2 + + + 4 3 8 O T c u k o l l s n a a h t. oma City. + +2 4 3 1 + + 6 3 + +7 8 D Bo o s w to n n to A w r n ea +32 + 1 +2 R W ic a h s m hi o n n g d ton 1... + +2 2 8 8 + + 2 4 + + 4 2 T In e d rr i e a n H ap au o t l e is * 1. . . . . . + + 4 3 7 5 + + 1 6 1 + + 3 7 D S a h l r l e a v s eport + + 2 2 8 0 +6 0 + + 1 5 0 Boston +32 0 +2 Baltimore +26 +4 +2 Des Moines +30 + 1 +4 Corpus Christi.. + 13 +6 + 10 Springfield +33 +5 +2 Hagerstown.... +19 +3 +6 Detroitl +41 + 12 +9 Dallas i +33 +3 + 11 Worcester +35 +7 +3 Asheville, N. C. +19 -1 -2 Flintx +54 +26 + 19 Fort Worth +28 +7 + 11 Providence +32 + 1 +2 Raleigh + 18 +5 +4 Grand Rapids.. +52 +15 +16 Houston l +31 + 15 + 10 N N A N N B E B B e l u l i e e i r w m b n a i f w w f d a g g i a a n g r a h Y l Y a r y o r e a o k a o p m r x r l o k F k t r o a t C n l ll i s t . y . + + + + + + + + + 4 4 3 3 2 2 5 3 3 7 0 9 7 9 9 4 1 1 + + + + + + + + + 2 1 1 1 1 4 3 5 6 0 8 0 0 2 + + + + + + + + + 1 4 4 2 9 2 8 3 3 0 W L C G N C H R C y o i h h o r u i c e n l r a ' n n h l u e f c r s s t o m n m l i h t ' e l t n v o k b o o b s g i n t u n n l i o t - l a r d . o e S n g W , n a , S l S . e V . . m C a C . . . . + + + + + + + + + 2 2 2 4 3 3 3 1 4 2 3 5 1 9 9 3 6 + + + + + + + - - 1 1 2 3 5 5 6 6 1 9 1 + + + + + + + - - 1 1 1 3 6 3 7 5 3 2 4 S L L M G M F L E t. a o o i v r i a t n e u r a l t L d w t e l s i n e i s o n i s s S a n v u v o u R m g i B i i l n k s l l o i a e l e t c e y e h x k i 1 . l . . . . . . . . . . + + + + + + + + + 2 5 2 5 2 3 3 3 3 6 2 9 1 9 4 4 6 4 + + + + + + + + + 2 1 8 6 4 7 6 5 2 4 3 + + + + + + + + 1 1 4 4 5 8 7 4 7 0 0 S S T F L O P L B a a r h u o o a n a e n o c n s k k s s e e g l n A A o a n r o s F n n n i B n f x d x t g r i e e o a e * a l a n n l d c e n i c h o s d 1 i s l * . c . . o . .. . p P P P + + + + + + + + 3 3 3 2 2 4 2 3 7 9 6 3 3 1 1 8 + + + + + + + - 1 5 8 7 2 4 3 3 3 + + + + + + + - 1 8 1 6 8 3 4 3 1 1 P R o o u c g h h es k t e e e r p l sie.. + + 3 2 0 7 + + 2 8 +5 0 A B tl i a rm nt i a ngham 2. . + + 2 2 9 4 + + 2 6 5 + + 1 7 0 Q Ea u s in t c S y t. Louis.. + ( 4 2) 8 + + 1 2 3 + + 5 2 R B iv e e r r k s e i l d e e y a x nd P+29 +7 + 7 Schenectady. . +33 +4 +2 Mobile +20 + 10 +7 St. Louis i +31 +2 +3 San BernardinoP+3\ +5 +9 Syracuse 1 +34 + 12 +6 Montgomery 1. . +20 +3 +6 St. Louis Area.. +31 +3 +3 Sacramento 1. .. P+34 +7 +8 Utica +23 +3 +5 Jacksonville >... +23 +7 +2 Springfield +41 +8 +6 San Diego 1. . .. +37 +6 +9 C P A T Y S T W C L C C C R P Y h l p h o r a e l a o k e o i o i i e e r n v n i n a l l r l r l u i v l a n u e k o e k n c d c t a n e d o l d m t e n g a i i d a g o l i n n e s n s o f a e n b x s n - i l g t n 1 n e l p t B e J u d p o a l l d l r h s d a h w t i 1 i r l * i a 1 r n a . e . 1 . . l i . . . i . . . . + + + + + + + + + + + + + + + + 4 3 1 3 5 2 2 5 4 3 3 3 3 3 4 3 2 2 8 7 4 6 9 5 5 6 8 8 8 1 2 3 + + + + r + + + + + + + + + + + + 2 U 1 1 1 4 6 9 9 9 6 8 5 3 7 3 S 9 6 9 + + + + + + + + + + + + + + + + 1 1 2 2 8 5 6 7 2 8 5 3 8 8 7 7 0 0 J O A A S N N T M C C M R B K M B a a a o o r h r u e a t n a c a e i v i l l w m t l m g a s o k s a a a c r u o a h t t i u x n o s n m o e n m t d n p v o v O s a d n t l i n a a t i n i i n b o a R a l r l l a l 1 n u o l l l l J h o e e e s o a u 1 x g n g a s e l * . 1 . . . . . + + + + + + + + + + + + + + + + + 2 1 2 2 3 2 3 2 3 2 3 2 3 1 1 1 6 2 1 7 8 4 5 2 9 4 4 5 0 4 4 6 0 + + + + + + + + + + + + + - - 2 1 1 1 1 1 1 2 1 4 9 2 6 6 2 0 9 7 0 0 0 2 1 6 + + + + + + + + + + + + + + - 1 1 1 1 1 1 3 4 9 8 8 2 6 8 7 0 0 0 6 3 1 2 0 M K J O S T W S P M D D H K M a o S t t u i o m e u a u . . n n p e i i u e p n n n c t l m l n s J P a p b c u e i h n v s a o h e n h e l a k t a p i e e s o s a h a r t u i s a h a r e a i n p - l o p i p s C o s r o i o h l i 1 l i l n C t i s y s . i . t . y 1. . . . . . p + + + + + + + + + + + + + ( ( 3 3 3 3 4 3 4 5 3 3 ) ) 3 3 7 2 1 4 5 6 1 3 3 8 5 7 7 0 + + + + + + + + + + + + + + 1 1 7 6 9 6 6 5 5 5 8 4 8 1 3 6 + + + + + + + + + + + + + + + 1 9 7 6 6 5 8 5 4 6 9 2 3 8 6 4 S S V S S S Y S T S B P E B N N p a a t a a e o a o a v e a o n l n n o c a r l i l a a k e t c l s l t o k t t e m i p l r e i k a J F L t n m a a j m e a l o t o r g p n a a n e o t R s a a x h a k a 1 e n d t n e a n l o 1 a e d 1 2 n c l m s i d C a s c x x i . t . o y . . » l . . . . p P P P ' + + + + + + + + + + + + + ( 6 4 3 6 3 6 6 4 5 7 3 5 2 ) 5 1 6 1 4 8 6 5 9 7 5 0 4 + + + + + ' + + + + + + + + - 1 1 1 1 1 1 1 8 7 5 6 0 5 6 3 5 4 3 6 3 + + r + + + + + + + + + + - 2 1 1 1 6 9 5 2 7 6 2 7 7 1 0 1 2 P Preliminary. »• Revised. indexes for these cities may be obtained on request from the Federal Reserve Bank in the district in which the city is located. 2 Data not available. COST OF LIVING Consumers' Price Index for Moderate Income Families in Large Cities [Index numbers of the Bureau of Labor Statistics, 1935-39 average =100] Fuel, elec- Year or month All items Food Apparel Rent r t e r f i r c i i g ty er , a a ti n o d n fur H ni o s u h s in e gs Miscellaneous 1929 .... 122.5 132.5 115.3 141.4 112 5 111 7 104 6 1933 92.4 84.1 87.9 100.7 100.0 84 2 98 4 1940 100.2 96.6 101.7 104.6 99.7 100.5 101.1 1941 105.2 105.5 106.3 106.2 102 2 107 3 104 0 1942 116.5 123.9 124.2 108.5 105 4 122 2 110 9 1943 123.6 138.0 129.7 108.0 107.7 125.6 115.8 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 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 1 167.0 196.0 185.0 122.9 140.9 185 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 3 170.2 204.6 185.0 123.9 138.9 185.2 155 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 1951—January 181.6 221.6 199.7 126.0 144.5 208.9 163.7 Back figures.—Bureau of Labor Statistics, Department of Labor. 326 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 Year, month, or week m c t A o o ie m d l s l i - - F p u r a c o r t d m s - Foods Total l H e p u a a r i c n o t d h t d d e s e - s r T p e u r x c o t t d s il - e li m F g r a i h a u n a t t e d l e i s l n - g M m p u a r e e c n o t t t d a d a s l - l s B m r i u i a n a i t g l l e d s - - c C a a p u l l h r s l c o e i t e a d m s d n - i d - H g n f o o i i u n s u o r g h s d - - e s - n c M e e o l i l s u a - - s m R ri a a a t l w e s - M t p u u f r a a c r o n c e t d - s u d - - 1929 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.0 94.3 82.6 97.5 94.5 1930 86.4 88.3 90.5 85.2 100.0 80.3 78 5 92.1 89.9 88 7 92 7 77,7 84 3 88 0 1931.. . . 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 65.6 77.0 1932 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.9 75.1 64.4 55.1 70.3 1933 65 9 51.4 60 5 71.2 80.9 64.8 66 3 79.8 77.0 72 1 75 8 62.5 56 5 70 5 1934 74.9 65.3 70.5 78.4 86.6 72.9 73.3 86.9 86.2 75.3 81.5 60.7 68.6 78.2 1935 80.0 78.8 83.7 77.9 89.6 70.9 73.5 86.4 85.3 79.0 80.6 68.3 77.1 82.2 1936 80 8 80.9 82.1 79.6 95.4 71.5 76 2 87.0 86.7 78 7 81 7 70.5 79 9 82 0 1937.. 86.3 86.4 85.5 85.3 104.6 76.3 77.6 95.7 95.2 82.6 89.7 77.8 84.8 87.2 1938 78.6 68.5 73.6 81.7 92.8 66.7 76.5 95.7 90.3 77.0 86.8 73.3 72.0 82.2 1939 77.1 65.3 70.4 81.3 95.6 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 77.0 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 84.4 94.3 82.0 83.5 89.1 1942 98.8 105.9 99.6 95.5 117.7 96.9 78.5 103.8 110.2 95.5 102.4 89.7 100.6 98.6 1943.. .... 103.1 122.6 106.6 96.9 117.5 97.4 80.8 103.8 111.4 94.9 102.7 92.2 112.1 100.1 1944 104.0 123.3 104.9 98.5 116.7 98.4 83.0 103.8 115.5 95.2 104.3 93.6 113.2 100.8 1945 105.8 128.2 106.2 99.7 118.1 100.1 84 0 104.7 117.8 95 2 104.5 94.7 116 8 101.8 1946 121.1 148.9 130.7 109.5 137.2 116.3 90.1 115.5 132.6 101.4 111.6 100.3 134.7 116.1 1947 152.1 181.2 168.7 135.2 182.4 141.7 108.7 145.0 179.7 127.3 131.1 115.5 165.6 146.0 1948.. 165.1 188.3 179.1 151.0 188.8 149.8 134.2 163.6 199.1 135.7 144.5 120.5 178.4 159.4 1949 155.0 165.5 161.4 147.3 180.4 140.4 131.7 170.2 193.4 118.6 145.3 112.3 163.9 151.2 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 1950—Tanuary 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 152.7 159.1 156.7 145.9 179.0 138.2 131.3 168.6 192.8 115.2 145.2 110.0 162.4 149.1 March 152.7 159.4 155.5 146.1 179.6 137.3 131.5 168.5 194.2 116.3 145.5 110.7 162.8 148.9 April 152.9 159.3 155 3 146.4 179.4 136.4 131 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 5 146 9 114 7 167 7 153 5 July . 162.9 176.0 171.4 151.5 187.2 142.6 133.4 172.4 207.3 118 1 148 7 119 0 175 8 158 0 August 166.4 177.6 174.6 155.5 195.6 149.5 134.4 174.3 213.9 122.5 153.9 124.3 179.1 161.2 September 169.5 180.4 177.2 159.2 202.9 158.3 135.1 176.7 219.6 128.6 159.2 127.4 181.8 164.0 October 169.1 177.8 172.5 161.5 208.5 163.1 135.4 178.6 218.9 132.2 163.8 131.3 180.2 163.5 November 171.7 183.7 175.2 163.7 211.6 166.7 135.6 180.4 217.8 135.6 166.9 137.6 184.5 165.1 December 175.3 187.4 179.0 166.6 '218.8 171.2 135.6 184.8 221.5 139.6 169.9 140.5 '187.1 168.9 1951—'January 180.0 194.0 182.3 170.2 235.0 178.3 136.4 187.4 225.6 144.5 174.4 142.4 192.5 173.0 Week Ending:1 1951— J j a an n - . 1 9 6 .. 117788..71 119911..95 118832..01 116678..89 117739..74 113366 .11 118878 .39 222233 .94 114424 93 Jan. 23 180.0 196.4 183.9 169.3 180.7 136.2 188.4 225.4 144.9 Tan 30 180.9 197.1 185.2 170.0 180.9 136.2 188.7 225.4 144.9 Feb 6 182.3 200.3 188.8 170.2 181.1 136.2 188.9 226.5 145.5 Feb. 13 183.4 203.4 190.1 170.8 181.8 137.5 188.7 226 7 147 2 Feb. 20. .. . 183.3 203.4 189.5 170.9 181.8 137.6 188.7 226.7 147.7 Feb 27 183.0 201.5 188.6 171.2 182.2 138.1 188.7 227.9 148 5 Annual 1950 1951 Annual 1950 Subgroups Subgroups 1949 1950 Jan. Dec. Jan. 1949 1950 Jan. Dec, Jan. Farm Products: Metals and Metal Products: Grains 158.3 168.5 160.2 180.9 186.6 Agricultural mach. & equip.. 143.8 146.7 143.0 154.6 156.1 Livestock and poultry 185.5 195.5 170.5 204.9 222.2 Farm machinery 146.4 149.1 145.7 •157.1 158.3 Other farm products 154.4 154.8 142.6 177.4 177.8 Iron and steel 165.7 171.3 167.3 182.1 185.6 Motor vehicles 176.9 176.0 176.5 •178.4 178.8 Dairy products 152.9 149.1 148.8 164.4 171.5 Nonferrous metals 144.3 150.5 128.6 182.5 187.9 Cereal products 145.3 149.6 144.3 157.7 163.5 Plumbing and heating 154.8 162.6 151.7 183.6 183.7 Fruits and vegetables 143.5 135.9 134.4 137.8 135.8 Building Materials: Meats 209.7 219.9 194.5 233.7 242.7 Brick and tile 161.7 168.5 163.5 '179.9 181.5 Other foods 132.2 143.4 131.0 161.5 157.7 Cement 133.8 136.6 134.8 141.2 147.1 Hides and Leather Products: Lumber 286.0 327.4 287.5 348.4 354.9 Shoes 185.1 191.0 184.3 '209.4 219.6 Paint and paint materials... 151.3 142.0 139.0 155.3 162.1 Hides and skins 192.2 222.9 189.0 277.5 318.8 Plumbing and heating 154.8 162.6 151.7 183.6 183.7 Leather 178.0 188.7 177.6 213.8 224.8 Structural steel 179.3 192.6 191.6 204.3 204.3 Other leather products 143.2 150.7 143.1 173.9 188.0 Other building materials 171.7 178.4 170.5 193.8 195.7 Textile Products: 'hemicals and Allied Products: Clothing 145.6 146.0 143.9 155.4 161.6 Chemicals 117.3 122.0 114.7 136.1 138.1 Cotton goods 176.1 196.9 178.7 236.1 239.1 Drugs and Pharmaceuticals. 129.1 137.8 121.5 175.1 184.6 Hosiery and underwear 99.5 102.3 98.5 113.7 115.2 Fertilizer materials 119.7 113.8 117.4 115.6 117.3 Silk 49.6 58.0 50.1 75.0 87.6 Mixed fertilizers 107.9 103.8 104.6 107.4 109.1 Rayon and nylon 40.5 40.9 39.6 43.0 43.1 Oils and fats 123.8 139.4 122.7 180.9 200.4 Woolen and worsted goods... 155.2 162.9 147.0 195.3 217.4Housefurnishing Goods: Other textile products 179.5 182 171.7 '229.6 238.5 Furnishings 151.3 161.2 151.8 180.2 185.5 Fuel*and Lighting Materials: Furniture 139.1 144.8 137.8 159.2 162.7 Anthracite 137.0 141 139.3 145.7 145.8Miscellaneous: Bituminous coal 191.9 193 196.2 193.2 193. Auto tires and tubes 62.9 71.2 64.3 '82.5 82.8 Coke 222.2 226.7 222.2 232.7 232.8 Cattle feed 200.7 208.7 179.3 224.4 226.3 Electricity 68.9 68.9 Paper and pulp 160.8 163. 155.9 189.0 196.5 Gas 89.8 85.0 90.2 Rubber, crude 37.0 84.9 39.1 146.1 148.4 Petroleum products 112.2 113.9 109.4 118.0 Other7miscellaneous 123.0 124.8 120.5 136.6 137.1 r Revised. 1 Weekly indexes are based on an abbreviated sample not comparable with monthly data. Back figures.—Bureau of Labor Statistics, Department of Labor. .327 MARCH 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME [Estimates of the Department of Commerce. In billions of dollars] RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING Annual totals Seasonally adjusted annual rates by quarters 1949 1950 1929 1933 1939 1941 1946 1947 1948 1949 1950 4 1 2 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 i 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 i 0) 5 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 .0 .0 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 2.7 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 1 2 3 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 28.8 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 Tvlilitary 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 2.0 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 -5.2 -5.8 -2.0 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. 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. 328 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued [Estimates of the Department of Commerce. In billions of dollars] GROSS NATIONAL PRODUCT OR EXPENDITURE Seasonally adjusted annual rates Annual totals by quarters 1949 1950 1929 1933 1939 1941 1946 1947 1948 1949 1950 4 1 2 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 FedcYdl 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 W No a n r war . .. . .. ) - 2.0 3 1 . . 9 3 1 3 3 . . 2 8 2 2 1 . . 5 2 21.5 25.7 22.9 24.6 22.1 21.4 21.1 27.1 Less: Government sales 2 2.7 1.3 .5 .4 .2 .3 .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- Wage and salary disbursements Less em- Pro- dends Per- ployee Other prietors' and Trans- Non- Year or month sonal contri- labor and per- fer agriculincome Total Total Com- Distrib- butions income5 rental sonal pay- tural receipts4 dis- modity utive Service Gov- for income6 interest ments7 income8 burse- produc- indus- indus- ern- social income ments ing in- tries tries ment insurdustries ance 1929.. 85.1 50.0 50.2 21.5 15.5 8.2 5.0 .1 .5 19.7 13.3 1.5 76.8 1933.. 46.6 28.7 28.8 9.8 8.8 5.1 5.2 .2 .4 7.2 8.2 2.1 43.0 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 1950—January 214.6 132.2 135.0 56.7 39.5 17.9 20.9 2.8 3.0 43.5 17.5 18.4 195.2 February 215.5 131.5 134.2 55.8 39.3 18.1 21.0 2.7 3.0 41.0 17.7 22.3 199.1 March 219.3 133.6 136.4 57.7 39.6 18.1 21.0 2.8 3.3 40.2 18.0 24.2 203.7 April 213.8 135.3 138.1 59.1 39.7 18.2 21,. 1 2.8 3.3 39.8 18.2 17.2 198.7 May 214.5 137.7 140.5 60.9 40.1 18.5 21.0 2.8 3.4 41.5 17.8 14.1 198.4 June 217.1 140.2 143.2 62.7 40.7 18.6 21.2 3.0 3.4 42.3 17.8 13.4 200.7 July 220.7 141.7 144.5 63.3 40.9 18.7 21.6 2.8 3.4 45.5 17.8 12.3 202.7 August 225.4 145.5 148.5 65.6 41.7 18.8 22.4 3.0 3.4 46.1 18.4 12.0 207.3 September.... 228.7 147.8 150.6 66.5 41.6 18.8 23.7 2.8 3.4 45.0 21.1 11.4 211.2 October 231.1 150.7 153.8 68.6 41.9 19.2 24.1 3.1 3.4 45.7 19.2 12.1 212.7 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 December 241.0 154.3 157.2 70.0 42.4 19.4 25.4 2.9 3.4 47.0 24.7 11.6 221.9 1951—January P 239.2 155.2 158.7 70.1 42.9 19.7 26.0 3.5 3.5 49.2 18.8 12.5 219.1 P Preliminary. 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. MARCH 1951 329 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 En o d r m of o n y th ear co c T n r s o e u t d a m i l t 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 Loansl 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 i y n a m n g s l e e 2 n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1929 6,252 3,158 2,515 1,318 1,197 643 3,094 749 1,749 596 1933 3,439 1,588 1,122 459 663 466 1,851 303 1,081 467 1939 7,031 4,424 2,792 1,267 1,525 1,632 2,607 530 1,544 533 1940 8,163 5,417 3,450 1,729 1,721 1,967 2,746 536 1,650 560 1941 8,826 5,887 3,744 1,942 1,802 2,143 2,939 565 1,764 610 1942 5,692 3,048 1,617 482 1,135 1,431 2,644 483 1,513 648 1943 . . ... 4,600 2,001 882 175 707 1,119 2,599 414 1,498 687 1944 4,976 2,061 891 200 691 1,170 2,915 428 1,758 729 1945 5,627 2,364 942 227 715 1,422 3,263 510 1,981 772 1946 8,677 4,000 1,648 544 1,104 2,352 4,677 749 3,054 874 1947 11,862 6,434 3,086 1,151 1,935 3,348 5.428 896 3,612 920 1948 14,366 8,600 4,528 1,961 2,567 4,072 5,766 949 3,854 963 1949 16,809 10,890 6,240 3,144 3,096 4,650 5,919 1,018 3,909 992 1950? 20,102 13,467 7,909 4.126 3,783 5,558 6,635 1,334 4,239 \ .062 1949—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 L,005 April 16,639 11,322 6,511 3,470 3,041 4,811 5,317 1,067 3,241 L,009 JVIay 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 L,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 19,405 13,306 7,805 4,175 3,630 5,501 6,099 1,298 3,739 1,062 December v.... 20,102 13,467 7,909 4,126 3,783 5,558 6,635 1,334 4,239 1,062 1951—January? 19,903 13,255 7,691 4,056 3,635 5,564 6,648 1,353 4,233 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 b m C a e n o r k c m s ia - x l p S c l a m o o n a m a i n e l - l s I b n t a r d n i u a k l s s - I p c n l t a o o r d n i m a u a i n e l s - s - 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 - m I i l r n o z o e a s a a p d n u t n i e a d r s o r i e r n n d 8 - b m C a e n o r k c m s ia - 1 l p S c l a m o o n m a a i n e l - l s b I a n tr n d i k u a s l s - 2 p I c a n t l o r o n d i m a i u a e n l s - s - 2 u C n r i e o d n i s t 1929 643 43 263 2 9 23 95 463 4"3 38 1933 466 29 246 121 20 50 322 202 32 1939 1,632 523 448 131 99 135 96 200 680 827 261 194 237 1940 1,967 692 498 132 104 174 99 268 1,017 912 255 198 297 1941 2,143 784 531 134 107 200 102 285 1,198 975 255 203 344 1942 1,431 426 417 89 72 130 91 206 792 784 182 146 236 1943 1,119 316 364 67 59 104 86 123 639 800 151 128 201 1944 1,170 357 384 68 60 100 88 113 749 869 155 139 198 1945 1,422 477 439 76 70 103 93 164 942 956 166 151 199 1946 2,352 956 597 117 98 153 109 322 1,793 1,231 231 210 286 1947 3,348 1,435 701 166 134 225 119 568 2,636 1,432 310 282 428 1948 4,072 1,709 817 204 160 312 131 739 3,069 1,534 375 318 577 1949 4,650 1,951 929 250 175 402 142 801 3,282 1,737 418 334 712 1950P 5,558 2,431 1,084 291 203 525 157 867 3,875 1,946 481 358 894 1949—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. . 5,501 2,435 1,037 292 200 521 153 863 257 165 34 27 64 December1".. 5,558 2,431 1,084 291 203 525 157 867 289 234 37 29 72 1951—January?... 5,564 2,439 1,089 289 202 518 158 869 326 162 39 28 67 p Preliminary. 1 Figures include only personal instalment cash loans and retail automobile direct loans shown on the following page, and a small amount of other retail direct loans not shown separately. Other retail direct loans outstanding at the end of January amounted to 102 million dollars, and other loans made during January were 12 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. 8 Includes only loans insured by Federal Housing Administration. 330 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 Per- Total, ment House- All retail retail, and sonal End of exclud- stores Furni- hold Jewelry other pur- mod- instaly m e o ar n t o h r in m g o a b u il t e o- o m a r n a d d i e l r - s t t u or re es s a a t p o n p r c l e e i s - stores s r t e o t r a e il s Year or month Total c P ha u s r e - d D lo i a r n ec s t c d h a ir a n e s d c e t de lo r t n a io n iz n s a 12 - l m c o a a e s n n h s t 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 1 9 9 4 4 9 8 3 4, , 4 5 1 6 6 3 8 5 5 7 4 0 9 7 1 3 5 6 9 7 2 5 2 1 6 78 3 1 6 9 8 4 7 4 0 1939.. 1 S25 377 536 273 93 246 1950? 5,645 1,143 1,223 1,267 905 1,107 1940... . 1,721 439 599 302 110 271 1949—December. 4,416 854 915 922 781 944 1 19 9 4 4 2 1 1 1 , , 8 1 0 3 2 5 4 25 6 2 6 6 4 1 4 9 0 3 1 1 8 3 8 1 7 2 6 0 2 1 8 7 4 9 1950— F J e a b nu ru a a ry ry 4 4 , , 4 4 6 9 5 4 8 8 6 8 6 8 9 93 2 5 2 9 9 4 5 1 3 7 7 8 7 3 9 9 9 4 4 7 5 1 1 1 9 9 9 4 4 4 5 3 4 6 7 7 9 1 0 1 5 7 1 1 1 9 7 8 8 2 3 2 2 29 8 9 6 9 3 5 5 7 0 1 8 5 5 5 7 7 6 1 1 1 1 0 1 3 9 1 A M M p a a r y r i c l h 4 4 4, , , 8 5 6 6 9 8 2 5 8 9 9 9 2 9 5 2 2 3 1, 9 9 03 9 6 5 2 4 1,0 9 9 2 6 8 8 6 3 8 7 7 0 7 8 4 4 0 ,0 9 9 0 6 8 3 9 0 1 1 1 1 1 9 9 9 9 9 4 4 4 4 5 6 9 7 8 0 . . ? 3 3 2 1 1 , , , , , 1 9 0 7 5 0 3 6 9 8 4 5 7 6 3 1 1 , , 2 0 3 6 8 4 1 3 5 7 5 0 7 0 4 1,0 3 5 9 7 2 8 8 3 5 9 6 7 5 0 2 3 5 7 1 4 8 0 1 1 9 7 0 4 8 1 1 1 8 5 4 6 9 2 4 3 7<5 3 4 4 1 0 0 8 7 5 4 8 4 A J S O T u e u u c l p n t g y o e t u e b s m e t r ber.. . . 5 5 5 5 5 , , , , , 2 6 0 4 7 9 8 9 2 8 1 5 3 6 4 1 1 1 1 , , , , 1 1 0 1 1 7 4 5 1 8 7 3 0 0 0 1 1 1 1 1, , , , , 2 0 2 2 1 5 9 1 5 5 1 6 7 4 8 1 1 1 1 1 , , , , , 2 1 0 1 2 8 1 6 7 5 2 2 4 8 8 8 9 8 8 8 9 0 3 5 7 1 5 4 1 2 1, , , , , 1 0 0 0 1 0 4 8 6 0 5 0 3 0 8 Dec 1 e 9 m 49 ber. 3,096 1,010 935 500 163 488 N D o ec v e e m m b b e e r r ? . . . . . . 5 5 , , 6 6 6 4 1 5 1 1 , , 1 1 5 4 9 3 1 1, , 2 2 2 3 3 4 1 1, , 2 2 6 6 7 1 9 90 0 5 7 1 1, , 1 1 0 0 7 0 1951—JanuaryP. . . . 5,611 1,116 1,220 1,268 890 1,117 1950 J F a e n b u ru a a ry ry .. . . . 2 2 , , 9 95 9 7 5 9 9 7 5 5 8 9 8 0 9 2 1 4 4 9 9 1 2 6 6 2 1 7 6 Vo i 1 l n u 9 g m 4 9 m e — o e n D x t t e h e c : n e d m ed b er d . ur- 593 113 105 154 57 164 March.... 2,979 960 899 502 618 April 3,041 979 913 518 631 1950—January 554 111 116 137 47 143 IVlay 3,133 1,011 935 537 650 February 542 117 124 118 49 134 June 3,205 1,032 947 561 665 March 646 142 151 139 42 172 July 3,349 1,081 976 597 695 April 607 130 141 129 52 155 August.... 3,506 1,123 998 658 727 May 721 148 164 163 74 172 September 3,645 1,159 1,028 702 756 June 768 165 184 154 82 183 October. . . 3,652 1,170 1,019 705 758 July 789 174 191 167 80 177 November. 3,630 1,172 1,003 702 753 August 799 157 190 187 82 183 December ? 3,783 1,245 1,029 714 795 September... . 782 152 174 211 75 170 October 647 123 132 166 71 155 1951 November.. . . 517 91 101 124 55 146 January?.. 3,635 1,197 981 696 761 December?. . 562 94 117 141 48 162 1951—January? 606 98 137 147 47 177 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 [Estimates. In millions of dollars] Retail instal- Repair Personal ment paper2 and instal- Retailinstal- Repair Personal Year or month Total modern- ment ment paper 2 and instalm A o u b to il - e nU , t , ner i lo za a t n io s n i 2 l c o a a s n h s Year or month Total m A o u b to il - e Other l m i o z a o a n t d i s e o r 1 n n 2 - l m c o a a e s n n h s t Outstanding at end of period: Outstanding at end 1 1 1 1 9 9 9 9 4 4 4 50 7 8 9 ? 3 3 2 2 4 8 3 9 3 6 3 1 . . . . 2 2 5 0 1 6 9 5 1 6 3 0 8 . . . . 6 6 0 5 3 6 4 7 0 3 3 9 . . . . 2 4 1 7 4 5 5 5 3 1 5 4 . . . . 7 4 3 9 1 1 1 1 1 3 2 3 0 7 4 1 . . . 5 0 9 1 o 1 1 1 1 f 9 9 9 9 4 4 4 5 p 0 7 9 8 e ? riod: 2 1 1 1 2 4 9 7 6 8 4 7 . . . . 2 9 7 1 3 4 5 2 7 3 8 7 . . . . 9 5 3 1 4 3 2 1 1 1 3 7 . . . 4 7 1 .1 6 4 5 7 . . . . 5 2 0 3 1 1 1 9 2 1 1 9 0 0 3 . . . . 8 6 1 3 1949—December.. 343.2 93.6 63.1 55.4 131.1 1949—December. . 194.7 43.5 31.4 6.5 113.3 1950— D A S J J O N A M F M u u J e e e c o p u a n l a p a c t b y r v n o g y e r t i e r c e e l u b u m u m m h e a s a b r r b b t r y e . y e e . . r r r . . . ? . . . . . . . . . . 3 3 3 3 3 3 3 3 3 3 3 3 8 9 8 9 9 4 9 5 5 4 7 6 9 2 0 6 5 7 5 4 0 1 1 1 . . . . . . . . . 8 . . 9 4 4 6 4 . 6 0 5 0 0 8 1 1 1 1 1 1 1 1 1 1 9 9 1 1 2 2 1 1 2 0 0 0 8 6 9 8 1 0 5 1 1 2 5 0 . . . . . . . . . . . . 6 4 1 5 9 6 8 9 5 6 6 4 7 6 6 8 7 6 7 6 7 7 7 7 6 5 3 9 0 8 9 3 1 9 6 0 . . . . . . . . . . . . 2 2 9 7 9 4 9 9 3 3 9 7 5 5 5 5 5 5 5 5 5 5 5 5 5 4 4 4 5 4 4 6 6 2 3 3 . . . . . . . . . . . . 5 2 7 7 9 2 9 1 1 8 5 0 1 1 1 1 1 1 1 1 1 1 1 1 3 2 2 3 3 3 3 3 3 3 3 3 8 9 7 9 6 0 7 0 9 6 3 2 . . . . . . . . . . . . 7 9 9 4 2 7 7 7 1 3 0 0 1950— S D A J A J O F N M M J u u e a e p e o c u l n a a p n b c y r v t r y g e t u i r e o c e e l u a u m b h m m r a s e y b r b b t r y e . e e . . r . . r r . . ? . . . . . . . . . 2 2 2 2 2 2 2 2 1 1 1 1 2 2 2 0 2 1 1 0 9 9 9 9 8 6 4 3 3 9 4 2 8 6 3 4 . . . . . . . . . . . . 7 9 0 8 9 3 3 8 7 2 7 8 5 4 4 5 5 4 4 4 5 5 5 5 7 7 7 4 4 7 5 9 7 4 2 6 . . . . . . . . . . . . 2 9 4 5 6 8 9 5 3 3 3 1 3 3 3 3 3 4 4 4 4 3 3 3 9 1 5 0 1 4 1 1 0 2 1 1 . . . . . . . . . . . . 2 7 9 9 7 1 3 6 1 8 1 0 6 6 6 6 o 6 7 7 7 7 7 7 . . . . . . . . . . . . 6 5 4 6 7 9 4 3 2 3 3 3 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 1 1 5 3 7 7 1 2 8 7 6 0 2 3 . . . . . . . . . . . . 2 2 6 7 5 6 1 4 6 8 8 9 195 I—January P.. . 386.9 117.2 78.4 53.6 137.7 1951—January?.. . 225.4 56.7 40.8 7.2 120.7 Volume extended during month: Volume extended 1949—-December.. 47.0 11.9 10.3 3.3 21.5 d 1 u 9 r 4 i 9 n — g m De o c n e t m h: ber.. 31.3 5.4 4.4 0.4 21.1 1950— A S D A J J O N F M M J u u e a e u e p c o l n a a p n b t c g y r v r o y e t u i e r u c e e l b u a m h s m m e r a t y b r b r b e y e e r . r r ? . . . . . . . 4 3 4 5 4 5 4 4 4 4 5 4 0 7 7 0 1 0 3 7 1 2 8 3 . . . . . . . . . . . . 2 3 2 5 1 5 3 7 3 9 9 1 1 1 1 1 1 1 1 1 1 1 9 8 2 6 5 3 1 5 3 3 2 2 . . . . . . . . . . . . 7 1 6 2 7 7 5 4 7 3 9 3 1 1 8 8 9 9 7 9 8 7 8 7 0 1 . . . . . . . . . . . . 0 9 6 6 7 9 6 6 8 8 5 0 2 2 3 3 4 3 3 4 4 3 2 2 . . . . . . . . . . . . 6 7 9 0 9 3 2 9 7 5 0 1 2 2 2 2 2 1 1 2 1 1 1 1 0 2 7 1 2 1 8 7 1 8 9 9 . . . . . . . . . . . . 6 2 4 2 2 7 9 6 5 6 1 1 1950— A S D J A J O F N M M J u u e e a p e c u o n l a a p b n c t r y v g r o y e t i e r u c e e u l b u m a h m m s e a r t b r y r b . b y e . e e . . r . r r . ? . . . . . . . . . 3 3 3 3 3 2 2 3 2 2 3 2 7 0 5 5 9 2 1 3 4 7 9 5 . . . . . . . . . . . . 2 4 4 5 2 7 4 3 8 1 8 4 8 6 6 6 8 9 6 5 6 7 7 7 . . . . . . . . . . . . 1 1 8 3 9 1 9 5 6 9 3 5 3 3 3 3 4 3 4 4 5 5 6 7 . . . . . . . . . . . . 3 8 5 9 7 9 9 3 0 8 0 3 0 0 0 0 0 0 0 0 0 0 0 0 . . . . . . . . . . . . 3 5 4 4 4 3 3 3 5 5 5 4 2 1 1 1 1 1 1 1 1 1 1 1 0 7 9 9 7 9 9 8 6 7 9 8 . . . . . . . . . . . . 7 2 9 6 1 5 9 9 0 6 6 0 1951—January?... 42.2 10.6 8.2 2.5 20.9 1951—January?... 29.0 6.8 4.3 0.3 17.6 p Preliminary. * Includes not only loans insured by Federal Housing Administration but also noninsured loans. 2 Includes both direct loans and paper purchased. 331 MARCH 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued FURNITURE STORE STATISTICS I RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE * Percentage change Charge Percentage change from corresponding Instalment accounts accounts from preceding month of preceding month year Year or month Depart- Furni- House- Department ture hold ap- Jewelry ment Jan. Dec. Nov. Jan. Dec. Nov. stores stores pliance stores stores 1951P 1950 1950 1951? 1950 1-950 stores Net sales: 1949 Total -32 +35 -6 +23 — 1 -4 December... 20 10 12 16 52 Cash sales -33 +45 -1 +36 + 10 + 12 Credit sales: 1950 Instalment -39 +35 -9 +9 -11 -15 January 18 10 12 (2) 49 Charge account. . -19 +27 -3 +54 + 17 + 18 February..... 17 10 11 (2) 47 March 19 11 12 (2) 53 Accounts receivable, end April . . 17 10 11 (2) 50 of month: May 18 10 12 (2) 52 Total -4 +4 -1 + 13 + 14 +20 June 17 10 10 (2) 51 Instalment -5 +6 -1 +8 +9 + 16 July 17 11 11 (2) 49 August 18 11 11 (2) 50 Collections during September 18 11 10 (2) 51 month: October 18 11 11 (2) 51 Total +5 + 1 -4 + 17 + 16 +20 November 17 10 10 (2) 51 Instalment + 1 + 1 -5 + 11 +9 + 13 December... 18 11 10 (2) 49 Inventories, end of 1951 month, at retail value. +4 -6 +2 +38 +35 +30 January? 19 10 12 <2) 50 Preliminary. P Preliminary. 1 Collections during month as percentage of accounts outstanding at 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 Percentage of total sales ^ear or month Sales during month Ac a c t o e u n n d ts o r f e c m e o iv n a th ble Collec m tio o n n s t h during Cash Instal- Charge ment account Total Cash Instal- Charge Instal- Charge Instal- Charge sales sales ment account ment account ment account Averages of month!v data: 1941 100 100 100 100 100 100 100 100 48 9 43 1942 114 131 82 102 78 91 103 110 56 6 38 1943 ... 130 165 71 103 46 79 80 107 61 5 34 1944 145 188 66 112 38 84 70 112 64 4 32 1945 162 211 67 125 37 94 69 127 64 4 32 1946 202 242 101 176 50 138 91 168 59 4 37 1947 214 237 154 200 88 174 133 198 55 6 39 1948 225 236 192 219 142 198 181 222 52 7 41 1949 213 216 200 212 165 196 200 224 51 8 41 1950 220 213 246 223 233 210 250 237 48 10 42 1949—December.. 372 '381 329 370 214 285 227 245 51 8 41 1950—January 163 161 175 163 209 222 233 319 49 r9 '42 February 156 152 184 154 207 191 222 241 48 11 41 March 203 199 230 202 209 185 250 230 49 10 41 April 204 201 214 204 212 190 226 210 49 9 42 May 212 205 226 217 217 194 231 222 48 9 43 June 203 199 207 208 219 194 230 226 48 9 43 July 184 173 259 181 230 184 229 216 47 12 41 August 210 196 292 209 241 191 250 212 46 12 42 September 234 217 306 238 256 210 269 221 46 12 42 October 229 216 269 236 260 216 283 244 47 10 43 November 257 249 248 268 259 233 278 251 48 9 43 December 387 389 343 395 276 314 294 256 50 8 42 212 196 232 227 268 268 320 355 46 10 44 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. 323. 332 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK BANK CREDIT, MONEY RATES, AND BUSINESS * 1951 Chart Chart book book page Jan. Feb. Feb. Feb. Feb. page Jan. Feb. Feb. Feb. Feb. 31 7 14 21 28 i 31 7 14 21 28^ WEEKLY FIGURES2 In billions of dollars WEEKLY FIGURES 2—Gont. In unit indicated RESERVE BANK CREDIT, ETC. Reserve Bank credit, total.... 2 23.05 23.26 23.33 23.28 23.19 MONEY RATES, ETC. Cont. U. S. Govt. securities, total. 3 21.48 21.64 21.81 21.85 21.88 Bills 3 1.70 1.66 1.70 1.66 1.53 Stock prices (1935-39=100): G M T M r o o e e l m n d a e N s B b s y u o e o t r o r t y n i e c n d b s k c a s c a a . n i s . r n k h c d u r a l c e n a s e t d e i r o r t d v i n f e e i s p c , o a t t s o e i t s t a s . l . . . . . . . . 2, 2 4 3 2 2 3 2 2 1 1 4 2 2 7 4 8 . . . . . . 9 1 8 3 0 9 7 0 2 9 5 8 2 2 1 1 5 2 2 7 4 9 . . . . . . 0 1 3 1 9 0 8 0 4 3 0 8 2 2 1 1 5 2 2 7 4 8 . . . . . . 2 1 2 1 9 9 0 6 6 6 1 5 2 2 1 1 5 2 2 7 4 8 . . . . . . 3 0 2 1 8 9 2 7 1 6 8 3 2 2 1 1 5 2 7 4 1 9 . . . . . . 3 7 0 1 9 0 9 6 9 9 6 7 Vo T R P I l n u u o a d m b t i a u l l r e l i s o c t o a r u f d i a t t l i r l a it d y i ng (mill, shares) 2 2 2 2 2 7 7 7 7 7 2 1 . 1 1 1 6 7 8 5 0 4 2 7 9 9 2. 1 1 1 1 3 7 6 9 1 7 5 3 0 0 2. 1 1 1 1 0 6 9 7 1 1 2 1 6 0 1 1 1 1 1 .7 7 8 5 1 8 4 9 7 1 1 1 1 1 1 .6 7 5 8 1 3 4 4 8 3 N Ch ew ic a Y go o rk City 5 5 4 1 . . 9 3 2 0 4 1 . .3 9 2 6 4 1 . . 8 2 7 8 4 1 . . 9 3 2 0 4 1 . .2 9 8 6 PRODUCTION AND DISTRIBUTION Reserve city banks 5 7.33 7.34 7.30 7.40 7.28 Production: R Ex e C c q e u o s i u s r n e r t d e y s r e b e r a s v e n e r k s v , s e t s o tale 4 5 4 1 5 8 . . . 0 0 9 2 4 5 1 5 8 . . . 2 2 8 6 5 3 1 5 8 . . . 3 2 7 9 4 1 P1 5 P 8 . . . 4 3 5 8 5 8 '1 5 8 P. . . 3 4 6 0 1 6 S A C t r u e u t e o d l m e ( t o p h b e o i t u l r e o s . l ( e t t u o h m n o s u ) s . cars)... 6 6 6 6 2,0 1 2 4 5 2 1,9 1 3 0 3 8 1,9 1 6 6 9 9 1,9 1 8 8 9 9 1,9 1 9 6 5 8 N C C R h e o ew s i u c e n a r Y t v g r e o y o r c k b i a ty C n k i b t s y a e n ks 5 5 5 5 - - . . 0 0 . . 0 4 3 1 8 6 . . . . 1 0 0 4 2 4 1 1 - ( . 3 0 ) . . 1 5 1 2 2 v (4 . . ) . 0 1 5 3 6 9 P. . . 4 0 0 3 9 2 P M B a i e t ( p u t a e h m t r o b i ( u n o m s o a . i r u l b d l s , b c l l ( b s o t . h s a ) . o l ) u (m s. il t l o , n to s n ) s .. ) . . 6 6 6 6 8 7 7 8 5, 1 8 2 2 .5 6 4 9 9 1 0 1 5, 1 7 2 2 .4 8 3 8 1 4 7 2 5, 1 8 2 2 .7 5 4 9 8 5 3 0 5. 1 8 2 2 .6 6 5 7 8 3 2 2 1 2 2 .8 9 4 5 2 6 MEMBER BANKS IN LEADING CITIES Fre E i l g e h c t t r c i a c r p lo o a w d e i r n g ( s m ( i t ll h . o k u w s. . hrs.) 70 7,099 6,957 6,905 6,833 6,822 All reporting banks: cars): Loans and investments 14 69.53 69.23 69.24 69.23 69.50 Total 69 651 573 741 735 786 U. S. Govt. securities, total. 14 31.50 31.09 30.86 30.90 30.79 Miscellaneous 69 328 291 375 378 402 Bonds 16 21.21 21.04 20.94 20.90 20.83 Department store sales Notes and certificates.... 16 8.68 8.61 8.52 8.50 8.38 (1935-39=100) 70 234 273 272 274 Bills 16 1.62 1.44 1.40 1.51 1.58 Other securities 18 6.48 6.46 6.46 6.45 6.52 Demand deposits adjusted.. 14 51.23 50.78 50.51 50.49 50.65 U Lo . F C R a S o n o e . r s a m , G l p m t u e o o s e r v t c t r t a a c h . l t i a e d a s l e i p n o g s s it e s c urities: 1 1 1 1 4 4 8 8 3 1 5 1 1 8 . . . . 7 3 1 5 5 0 2 4 3 1 5 1 1 8 . . . . 8 3 6 3 6 0 7 2 3 1 2 5 1 8 . . . . 1 3 9 4 1 3 2 5 3 1 2 5 1 8 . . . . 5 3 8 5 9 3 8 9 3 1 2 5 2 8 . . . . 3 7 1 7 1 9 3 3 Wh In o d l T F e e a o s x r a t m a e le l s ( p p 1 r r 9 i o c 2 d e 6 u s = c : 1 ts 0 0): 7 7 5 5 1 1 8 9 0 7 . . 9 1 2 1 0 8 0 2 . . 3 3 2 1 0 8 3 3 . . 4 4 2 1 0 8 3 3 . . 4 3 2 1 0 8 1 3 . . 5 0 Ot T U O he o . t r h t S a e . l r G se o c v u t r . it s i e e c s u rities. . 1 1 1 1 8 8 8 8 2 5 1 . . . . 6 9 3 7 1 4 1 0 2 5 1 . . . . 5 2 9 6 9 7 1 8 2 5 1 . . . . 5 8 2 6 8 9 7 9 2 5 1 . . . . 1 5 8 5 2 5 8 7 2 5 1 . . . . 5 9 2 6 8 5 1 6 Ba O F T s o i o t c h ( o t A a e d c l r s u o g m c . o m m 1 o 9 m d 3 i o 9 t d i = e i s t 1 i 0 es 0 ): 7 7 7 5 7 5 3 1 1 8 8 7 8 5 0 . . . 7 2 0 3 1 1 8 7 8 9 0 8 . . . 2 9 8 3 1 1 9 9 7 0 0 0 . . . 7 1 8 3 1 1 9 7 8 0 0 9 . . . 2 9 5 3 1 1 8 7 8 8 1 8 . . . 2 9 6 Ne L U w o . a Y S n . o s G r a k o n v d C t. i i n t s y v e e c b u st a r m i n ti e k e n s s t , : s total. 1 1 1 8 9 . . 1 7 3 4 1 7 9 . . 8 5 9 5 1 7 9 . . 7 5 5 2 1 7 9 . . 8 5 5 9 1 8 9 . . 0 9 0 8 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 4 7 0 9 2 . . 9 3 3 4 8 0 1 2 . . 7 3 3 4 7 0 9 6 . . 1 7 3 4 7 0 9 4 . . 0 5 3 4 7 0 9 1 . . 0 1 T U L D In i o . e m t N B B a m e S n e i o o r . l D a s b n l t , n s G d e a d u d s e n t e s o o p , k v a d o t o t n t a r e s o . d l d i p c t e t d a o s a p c e l s l o e p l i a h s t r o s b i t o s t i l s i a l e f t d d i — s c j i u a n 5 s t g e t y e s s e d . . a . . . r . . . . s . 1 1 1 1 1 1 1 1 1 5 1 9 4 4 5 1 1 5 . . . . . . . . 7 7 9 1 3 7 . 4 4 5 7 4 9 1 4 6 1 4 6 1 9 4 5 4 1 1 5 . . . . . . . . . 5 8 7 2 8 0 6 4 2 5 3 3 2 8 6 9 8 6 1 4 9 5 4 1 1 5 . . . . . . . . . 5 6 9 8 1 1 3 5 2 4 9 4 5 9 9 4 2 8 1 5 4 9 4 1 1 5 . . . . . . . . . 5 8 9 7 1 1 5 6 3 4 4 2 0 6 0 8 7 0 1 1 4 5 4 1 1 5 0 . . . . . . . . . 7 2 9 5 1 9 1 7 3 2 1 5 3 2 1 0 Se S W W H P l R C C e t r u o o i c e o o i d t e p b t n o o e e t l p b t o l l d s s e e n c t ( c r r o ( l c f r o c p o ( e a ( ( e t c s o n c p c h n e d e t e ( t n s ( n s n ( s c d t c t t t e s p u o s s e p n e f l n e p t f l p r p r t s a s e s e e : r l r p r l r b s p b e l . p e l l . ) r b ) b b r e l . . r . ) y b ) ) t . d . . o ) . . . . n . . ) . . . ) . 7 7 7 7 7 7 7 7 8 8 8 8 8 8 8 8 3 4 4 4 4 2 2 4 7 1 2 4 3 7 4 0 1 4 . . . . . . . . 5 7 8 7 5 0 8 5 3 4 4 4 4 2 2 4 7 1 2 4 7 3 4 0 2 4 . . . . . . . . 5 7 8 7 5 6 0 5 3 4 4 4 4 2 2 7 4 1 2 4 3 3 4 4 0 4 . . . . . . . . 5 7 0 7 5 0 0 5 3 4 4 4 4 2 2 4 7 1 2 4 3 3 4 0 4 4 . . . . . . . . 5 7 0 7 5 5 3 0 3 4 4 4 4 2 1 4 2 7 2 4 3 4 4 3 0 4 . . . . . . . . 5 5 5 7 0 7 2 0 Commercial 19 6.44 6.56 6.61 6.66 6.75 Winter wheat (cents per For purchasing securities: bu.) 79 246.3 248.3 251.1 244.1 238.9 Re T T a o l o O O e o b n n s t r t h o a U o e k t t e . r h e s e S r a s r . n : d G s e o o c v t u h t r s e i t r i . e . s . . . . . 1 1 1 1 9 9 9 9 1. . . . 7 7 4 2 7 8 6 9 1. . . . 7 7 4 2 7 2 7 8 1. . . . 7 7 4 2 5 2 7 7 1. . . . 7 2 7 3 6 7 4 3 1. . . . 7 7 2 4 6 5 7 1 S H C C C t o o o o e f w r g e f n s e r s s e ( ( ( ( c d d ( d e o c o o n l e l l l t l n a l s a a t r r s r s s p s e p p p p r e e e e r r b r r u l 1 1 1 b . 0 0 ) 0 . ) 0 0 0 l l l b b b s s s . . . ) ) ) 7 7 7 7 7 9 9 9 9 9 3 2 2 1 5 2 3 5 7 5 . . . 4 4 9 8 . . 7 5 0 8 0 3 2 2 1 5 2 6 4 7 . . 5 . 7 7 1 7 . . 9 3 5 0 1 3 2 2 1 6 5 3 5 8 . . 5 . 4 7 3 2 . . 0 0 7 3 5 3 2 2 1 3 6 5 4 8 . . 5 . 4 2 9 1 . . 2 1 5 0 0 3 2 2 1 6 2 4 5 7 . . . 5 9 5 8 0 . . 5 4 8 5 5 Banks outside New York City: Cocoa (cents per lb.) 79 38.1 36.9 38.1 38.0 38.0 Loans and investments 1 49.79 49.68 49.73 49.65 49.52 Butter (cents per lb.).... 79 69.7 69.2 69.2 68.3 67.7 U. S. Govt. securities, total.. 1 23.37 23.21 23.11 23.06 22.79 Eggs (cents per doz.) 79 39.9 39.8 43.2 45.1 44.7 Bonds 15.22 15.16 15.09 15.06 14.92 Notes and certificates. . . 6.95 6.88 6.83 6.79 6.67 Bills 1.21 1.16 1.19 1 .20 1.21 Demand deposits adjusted. 35.49 35.12 35.13 34.92 34.73 1950 1951 U. S. Govt. deposits 1.29 1.38 1.57 1.91 2.01 Interbank deposits 6.71 6.84 7.15 6.66 6.66 T Lo im an e s , d e to p t o a s l its 2 1 1 3 . . 7 6 7 6 2 1 1 3 . . 8 6 4 9 2 1 1 3 . . 9 6 9 6 2 1 1 3 . . 9 6 6 5 2 1 2 3 . . 0 6 8 5 MONTHLY FIGURES Nov. Dec. Jan. Commercial 19 11.69 11.76 11.84 11.93 11.99 F R o e r a l p e u s r t c a h te a sing securities. 1 1 9 9 4. . 8 7 8 8 4. . 8 8 8 0 4. . 9 8 0 1 4. . 9 7 0 8 4. . 9 8 0 1 DEPOSITS AND CURRENCY In billions of dollars Other 19 4.59 4.57 4.56 4.55 4.58 Deposits and currency:* MONEY RATES, ETC. Per cent per annum Total deposits and currency. P177.70 P180.80 P179.30 U. S. Govt. securities: Total deposits adjusted and Bills (new issues) 23 1.391 1.391 1.391 1.390 1.390 currency 6 P174.20 P177.2O ^175.70 9-12 months 23 1.47 1.53 1.52 1.51 1.53 Demand deposits adjusted. . 6 P90.70 P93.20 P92A0 3-5 years 23 1.67 1. 1.67 1.67 1.69 Time deposits adjusted 6 P58.60 P59.00 PS9.00 7-9 years5 2. 1.95 Currency outside banks.... 6 P24.80 P25.00 *>24.60 15 years or more 23, 25 2.39 2.39 ' 2A0 2 I46, '2A0 U. S. Govt. deposits 6 P3.50 P3.60 P3.60 Corporate bonds: Money in circulation, total... 27.59 27.74 27.05 Aaa 25 2.66 2.66 2.65 2.66 2.69 Bills of $50 and over 8.35 8.44 8.36 Baa 25 3.16 3.16 3.16 3.16 3.17 $10 and $20 bills 14.53 14.53 14.10 High-grade municipal bonds.. 25 1.59 1.59 1.59 1.61 1.6. Coins, $1, $2, and $5 bills. . . 4.72 4.78 4.59 For footnotes see p. 337. MARCH 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued Chart 1950 1951 Chart 1950 1951 book book page Nov. Dec. Jan.1 page Nov. Dec. Jan.1 Annual rate Per cent per annum MONTHLY FIGURES—Cont. MONTHLY FIGURES—Cont. MONEY RATES, ETC. DEPOSITS AND CURRENCY Cont. Treasury bills (new issues) 22 1.364 1.367 1.387 Turnover of demand deposits: 6 "Corporate bonds: New York City 31.7 '31.8 31.9 Aaa 22 2.67 2.67 2.66 Other leading cities 20.9 r21.1 22.0 Baa 22 3.22 3.20 3.17 F. R. Bank discount rate 22 1.75 1.75 1.75 Commercial paper 22 1.69 1.72 1.86 In billions of dollars Stock yields: COMMERCIAL BANKS Dividends/price ratio: Common stock 26 7.12 6.89 6.58 Cash assets • 9 P28.70 P30.60 P30.70 Preferred stock 26 3.88 3.89 3.87 Loans and investments, total • 9 P125.50P127.60P125.30 U Lo . a S n . s « G ovt. securities e 9 9 P P 6 51 1 . . 7 8 O 0 P P6 5 2 2 . . 4 8 0 0 P P 5 6 2 0 . . 9 0 0 0 In unit indicated Other securities« 9 P12.10 P12.30 P12.30 Margin requirements (per cent) 28 50 50 Holdings of U. S. Govt. securities: Stock prices (1935-39 =100), total. . . 28 156 158 169 Within 1 year: Volume of trading (mill, shares) 28 2.03 2 77 2.97 Total 10 19.89 20.10 Stock market credit (mill, dollars): Bills 10 3.37 3.89 Bank loans 28 566 570 581 Certificates 10 2.02 1.54 Customers' debit balances 28, 2299 1,360 1,356 1,411 Notes and bonds 10 14.50 14.66 Money borrowed 29 774 745 690 Over 1 year: Customers' free credit balances.... 29 796 890 948 Total 10 34.68 34.80 Notes and bonds (1-5 yrs.) 10 24.43 24.53 In billions of dollars Bonds (5-10 yrs.) 10 6.09 7.33 Bonds (over 10 yrs.) 10 4.17 2.93 GOVERNMENT FINANCE MEMBER BANKS ross debt of the U. S. Government: Total (direct and guaranteed) 30 257.10 256.73 256.14 All member batiks: Bonds (marketable issues) 30 96.83 94.19 94.19 Loans and investments, total 12 106.14 108.08 105.77 Notes, certificates, and bills 30 55.93 58.26 57.43 Loans 12 43.97 45.07 45.11 Savings bonds, savings notes. ... 30 66.93 66.66 66.76 U. S. Govt. securities 12 52.05 52.68 50.34 Special issues 30 33.73 33.71 33.99 Other securities 12 10.12 10.33 10.32 Guaranteed, noninterest-bearing Demand deposits adjusted • 12 76.82 78.76 77.93 debt, etc 30 3.68 3.91 3.77 Time deposits 12 29.28 29.48 29.55 Ownership of U. S. Govt. securities: Balances due to banks 12 11.76 12.17 12.34 Total: Balances due from banks 12 5.88 6.14 6.15 Commercial banks * 31 61.30 61.60 Reserves 12 16.74 17.39 18.09 Fed. agencies and trust funds. . . 31 39.16 39.20 F. R. Banks 31 19.69 20.78 21.48 Central reserve city banks: Individuals<* 31 67.30 67.10 Loans and investments, total 12 25.59 26.59 25.29 Corporations • 31 20.10 19.30 Loans 12 11.53 12.03 11. Insurance companies « 31 19.20 19.00 U. S. Govt. securities 12 11.72 12.09 11.00 Mutual savings banks • 31 10.90 10.90 Other securities 12 2.34 2.47 2.41 State and local govts. • 31 8.10 7.80 Demand deposits adjusted • 12 19.79 20.07 19.79 Miscellaneous« 31 11.30 11.10 Time deposits 12 2.94 3.06 3.04 Marketable public issues: Balances due to banks 12 4.99 5.20 5.24 By class of security: Reserves 12 5.61 5.94 6.01 Bills—Total outstanding 32 13.61 13.63 13.63 Commercial bank and F. R. Reserve city banks: Bank 32 4.49 5.18 Loans and investments, total 13 40.13 40.90 40.06 F. R. Bank 32 1.11 1.30 " i'. 70 Loans 13 17.54 18.03 18.16 Notes and certificates—Total U. S. Govt. securities 13 18.96 19.18 18.19 outstanding 32 42.32 44.63 43.80 Other securities 13 3.64 3.69 3.71 Commercial bank and F. R. Demand deposits adjusted « 13 27.44 28.11 28.07 Bank 32 30.22 32.24 Time deposits 13 11.56 11.62 11.70 F. R. Bank 32 14.22 14.86 14.82 Balances due to banks 13 5.75 5.91 6.01 Bonds—Total outstanding. ... 32 96.83 94.19 94.19 Balances due from banks 13 1.82 1.94 1.94 Nonbank (unrestricted issues Reserves 13 6.48 6.69 7.08 only), commercial bank, and F. R. Bank 32 51.30 49.02 Country banks: Commercial bank and F. R. Loans and investments, total 13 40.41 40.59 40.42 Bank 32 39.55 38.24 L U o . a S n . s Govt. securities 1 1 3 3 s 2 1 1 4 . .9 3 1 7 2 1 1 5 . . 4 0 1 1 2 1 1 5 . . 1 0 5 7 By e F a . r li R es . t B c a a n ll k a ble or due date: 32 4.36 4.62 4.97 Other securities 13 4.14 4.17 4.19 Within 1 year-Total outstanding 33 59.00 58.01 52.64 Demand deposits adjusted e 13 29.60 30.58 30.07 Commercial bank and F. R. Time deposits 13 14.78 14.81 14.81 Bank 33 35.54 36.09 Balances due from banks 13 3.90 4.02 4.05 F. R. Bank 33 15.66 16.00 13.87 Reserves 13 4.65 4.76 5.00 1-5 years—Total outstanding. 33 32.70 33.38 37.92 Commercial bank and F. R. Bank 33 25.32 25.82 LENDING INSTITUTIONS OTHER THAN F. R. Bank 33 .90 1.28 4.00 COMMERCIAL BANKS 5-10 years—Total outstanding 33 15.93 17.41 17.41 Nonbank (unrestricted issues Mutual savings banks:" only), commercial bank, Total assets 20 22.28 22.41 22.49 and F. R. Bank 33 8.46 9.94 U. S. Govt. securities 20 10.95 10.90 10.88 Commercial Bank and F. R. Real estate mortgages 20 7.84 8.03 8.17 Bank 33 7.07 8.31 Other securities 20 2.32 2.33 2.33 F. R. Bank 33 .98 .98 .99 Other assets 20 1.17 1.15 1.11 Over 10 years—Total outstanding 33 45.13 43.65 43.65 Life insurance companies: Nonbank (unrestricted issues Total assets 20 63.02 63.70 only), commercial bank, Business securities 20 24.16 24.46 and F. R. Bank 33 7.07 5.94 Real estate mortgages 20 15.65 16.10 Commercial bank and F. R. U. S. Govt. securities 20 13.59 13.36 Bank 33 6.33 5.44 Other assets 20 9.62 9.79 F. R. Bank 33 2.16 2.51 2.63 For footnotes see p. 337. 334 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued 1950 1951 1950 1951 Chart Chart book book page Nov. Dec, Jan.i page Nov. Dec. Jan.1 In millions of dollars In unit indicated MONTHLY FIGURES—Gont. MONTHLY FIGURES—Cont. PRODUCTION AND DISTRIBUTION GOVERNMENT FINANCE—Cont. Industrial production:8 Sales and redemptions of U. S. savings Total (1935-39 = 100) 56, 57 214 217 P219 securities: Points in total index: Savings notes: Durable manufactures 56 98.7 101.6 P100.9 Sales 34 218 236 255 Nondurable manufactures.... 56 91.5 '92.1 P93.3 Redemptions 34 311 479 157 Minerals 56 24.3 23.9 P24.7 Net sales or redemptions 34 -93 -243 +98 Indexes (1935-39=100): Savings bonds: Durable manufactures 57 260 268 P266 All series: Nondurable manufactures. ... 57 195 196 199 Sales8 34 305 364 475 Minerals 57 160 157 163 Redemptions 34 411 468 595 Selected durable manufactures Net sales or redemptions 8. . . . 34 +25 +73 -120 (1935-39 = 100): Series A-E: Nonferrous metals 58 '221 218 P220 Sales 35 246 284 343 Steel 58 272 280 288 Redemptions 35 v33\ P379 P512 Cement 58 214 232 238 Net sales or redemptions 35 -85 -95 -169 Lumber 58 155 162 162 Se S ri a es le F s .8 a nd G: 35 59 81 133 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 1 7 1 8 3 2 2 9 1 0 P P 2 3 8 2 2 0 N Re e d t e s m al p es ti o o n r s r edemptions8. . .. 3 3 5 5 + 1 P 1 80 0 + P 1 8 7 8 0 + P 5 8 0 3 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 59 148 140 Cotton consumption 59 158 158 163 In billions of dollars Paperboard 59 240 229 247 Newsprint consumption 59 165 162 159 Cash income and outgo: Fuel oil 59 209 225 P243 Cash income 36 3.49 4,49 4.70 Gasoline 59 195 197 P203 C Ex a c sh es s o u o t f g c o a sh income or outgo.... 3 3 6 6 ' + 3 . . 4 0 1 8 + 4 . . 0 4 0 8P+1 3 . . 2 4 6 4 R In a d y u o s n t rial chemicals 5 5 9 9 ' 4 3 9 78 3 5 38 0 5 0 P P 5 3 0 7 2 3 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 : o • tal 60 21.1 21.3 P23.3 Co S n i s n u g m le e - r p a c y re m d e it n , t t l o o t a a n l s e 4 4 5 5 19 1 . . 4 3 1 0 P P 2 l 0 . . 3 1 3 0 P P 1 i 9 . . 9 3 0 5 N D o u n ra d b u l r e a ble 6 6 0 0 1 9 1 . .4 7 1 9 1 . . 7 6 P P 1 1 2 0 . . 9 5 Charge accounts 45 3.74 P4.24 P4.23 Wholesale, total 61 8.8 9.0 P10.2 Service credit 45 1.06 Pl.06 Pi. 06 Durable 61 2.4 2.5 P2.9 Ins I t n a s l t m al e m nt e n c t r e l d oa it n , s t otal 45, 4 4 6 6 1 5 3. . 3 5 1 0 P P 1 5 3 . . 5 4 6 7 P1 P 3 5 . . 2 5 6 6 Re N ta o il n , d t u o r t a a b l le 6 6 1 1 1 6 1 . .4 4 1 6 2 . .2 5 P P 1 7 3 . . 2 3 Ins A O ta u th l t m o er m e n o t b i s l a e le credit, total 4 4 4 6 6 6 3 4 7 . . . 6 1 8 3 8 1 P P P 7 4 3 . . . 9 1 7 1 3 8 P P P3 4 7 . . . 6 0 6 4 6 9 Inv M en a N D n t o u o u n r r f i a d a e b c u s l t r e u a ( r b b i i l n l e l g , , d t o o l t la al r s):6 6 6 6 0 1 1 '3 3 7 3 . . .0 7 7 34 4 8 . . .0 1 1 P P P 3 4 8 4 . . . 8 5 9 PERSONAL INCOME N D o u n ra d b u l r e a ble 6 6 0 0 1 1 5 7 . . 1 9 1 18 5 . . 3 7 P P 1 1 8 6 . . 8 1 Personal income (annual rates):6 Trade: W T Pr o a o t g p a e l r ie a t n o d r s s ' a i l n a c ry o m re e c , e d ip iv ts id ends, and 5 5 2 2 2 15 3 2 2 . . 1 9 ' ' 1 2 5 4 4 1 . . 3 0 P P 2 1 3 5 9 5 . . 2 2 To N D ta o u l n ra d b u l r e a ble 6 6 6 1 1 1 2 1 1 7 7 0 . . . 3 2 0 2 1 1 7 7 0 . . . 5 3 2 P P P 2 1 1 8 8 0 . . . 5 0 5 All i n o t t e h re er s t 5 5 2 2 6 1 5 5 . . 6 2 ' 1 7 5 1. . 7 0 P P1 6 6 8 . . 0 0 W Re h t o a l il e sale 6 6 1 1 1 1 0 6 . . 5 8 1 1 0 6 . . 8 8 P P1 ll 7 . . l 4 New orders (bill, dollars): Manufacturing, total 60 22.4 23.1 P26.5 Durable 60 10.6 11.1 P13.1 In unit indicated Nondurable 60 11.8 11.9 P13.4 EMPLOYMENT Construction contracts (3 mo. moving avg., mill, dollars) :6 Labor force (mill, persons): • Total 62 1,254 1,361 1,365 Total 53 65.5 64.7 () Residential 62 523 548 575 Civilian 53 63.5 62.5 61.5 Other 62 731 813 791 Unemployment 53 2.2 2.2 2.5 Value of construction activity (mill, Employment 53 61.3 60.3 59.0 dollars): Nonagricultural 53 53.7 54.1 53.0 Total* 63 2,554 2,235 2,068 Employment in nonagricultural estab- Nonresidential:e lishments (mill, persons): • 6 Public 63 638 521 468 Total 54 45.49 45.58 P45.75 Private 63 759 706 670 Manufacturing and mining 54 16.56 16.60 P16.69 Residential:" Trade 54 9.62 9.71 P9.81 Public 63 31 28 29 Construction 54 2.52 2.44 P2.49 Private 63 1,126 980 901 Transportation and utilities 54 4.13 4.12 P4.09Residential construction: Finance and service 54 '6.59 6.59 P6.58 Contracts awarded (mill, dollars): Government 54 6.08 6.12 P6.10 Total 64 536 597 598 Average hours and -earnings of factory 1- and 2-family dwellings 64 444 467 507 employees: Other 64 92 130 91 Hours worked (per week): Dwellings started (thous. units)... 65 87 P95 P87 All 55 41.2 41.4 P40.6 Nonfarm mortgage lending Durable 55 41.9 42.2 P41.1 (mill, dollars): Nondurable 55 40.3 40.4 P40.1 Mortgages under $20,000 65 1,457 1,321 PI.331 Hourly earnings (dollars): FHA insured home loans 65 236 204 225 All 55 1.514 1.541 Pl.551 GI home loans 65 356 350 361 Durable 55 1.589 1.617 Pl.623Freight carloadings:6 Nondurable 55 1.419 1.442 Pl.458 Total (1935-39=100) 71 136 140 146 Weekly earnings (dollars): Groups (points in total index): All 55 62.38 63.80 P62.97 Miscellaneous 71 79.9 82.7 86.6 Durable 55 66.58 68.24 P66.71 Coal 71 26.7 27.5 28.4 Nondurable 55 57.19 58.26 P58.47 All other 71 29.4 29.6 30.9 For footnotes see p. 337. 335 MARCH 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK— Continued Chart 1950 1951 Chart 1950 book book page Nov. Dec, Jan.* page A Ju p n r e .- S Ju e l p y t - . O D c e t c .- . In unit indicated Per cent per annum QUARTERLY FIGURES—Cont. MONTHLY FIGURES—Cont. MONEY RATES, ETC. PRODUCTION AND DISTRIBUTION—Cont. Bank rates on loans to business: Department stores: All loans: Indexes (1935-39 =100) :• 19 cities 24 2.68 2.63 2.84 Sales 72 290 325 362 New York City 24 2.34 2.32 2.51 Stocks 72 332 329 339 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) 73 403 »-616 336 S O R t a u o S T t t c i t o s o o k t t s c s a a k n l t ( s d o m c i o n i s l m a g l, l e m o d s r i o d t ( l m e l m a r e r s o n s n ) ( t s t m h i s l ' l , s d u o p l p la ly rs ) ) : 7 7 7 7 3 3 3 3 1,2 4 3 4 0 4 . . 0 1 3 2 •• 2 9 1 4 5 . . 1 2 6 7 2 4 9 6 2 5 8 . . 9 9 6 8 Lo N 7 1 1 a 9 1 n e N s w c S o i o o t r Y f i u t e h t o $ s h e r 1 e k r , n r 0 n C 0 a 0 i a n t - n y d $ d 1 E 0 W a ,0 s e 0 t s e 0 t r e : n r n c i c ti i e ti s e . s . . . . 2 2 2 2 4 4 4 4 4 3 4 4 . . . . 9 5 7 5 4 0 0 8 4 4 4 4 . . . . 0 5 5 7 6 1 6 1 4 4 4 4 . . . . 1 6 6 7 7 4 0 8 Loans of $10,000-$ 100,000: PRICES 19 cities 24 3.65 3.63 3.73 New York City 24 3.35 3.33 3.44 Consumers' prices (1935-39=100): 7 Northern and Eastern cities... 24 3.62 3.59 3.70 All items 74 175.6 178.4 181.6 11 Southern and Western cities.. 24 3.83 3.83 3.91 Food 74 209.5 215.4 221.6 Apparel 74 195.0 196.4 199.7 Loans of $100,000-$200,000: Rent 74 125.4 125.8 126.0 19 cities 24 2.94 2.95 3.10 Miscellaneous 74 160.5 162.0 163.7 New York City 24 2.73 2.72 2.80 Wholesale prices (1926=100): 7 Northern and Eastern cities. . . 24 2.82 2.87 3.18 Total 75 171.7 175.3 180.0 11 Southern and Western cities.. 24 3.17 3.15 3.21 Farm products 75 183.7 187.4 194.0 F O o t T h H o C d e e h i r d x e e t m c i s l o i e m c a a n p m l d r s o o l a d d e n u i a t d c i t e h ts a s e l r l ie p d r o p d r u o c d ts u cts... 7 7 7 7 7 6 6 6 5 5 2 1 1 1 1 1 7 3 6 6 1 5 5 3 6 . . . . . 6 2 6 7 7 1 '2 1 1 1 7 1 3 7 6 9 8 9 1 6 . . . . . 0 8 6 2 6 2 1 1 1 1 3 4 8 7 7 5 0 4 2 8 . . . . . 0 2 5 3 3 Lo N 7 1 1 a 9 1 n e N s w c S o i o o t r Y f i u t e h t o s $ h e r 2 e k r 0 n r 0 n C , a 0 i a n 0 t n y d 0 d E a W n a d s e t s e o t r e v n r e n r c : i c ti i e ti s e . s . . . . 2 2 2 2 4 4 4 4 2 2 2 2 . . . . 8 3 4 1 2 9 5 6 2 2 2 2 . . . . 6 3 3 1 7 4 9 5 2 2 2 2 . . . . 5 3 6 9 7 5 5 0 Fuel and lighting materials 77 135.6 135.6 136.4 Stock yields: Building materials 77 217.8 221.5 225.6 Earnings /price ratio, common Metals and metal products 77 180.4 184.8 187.4 stocks 26 5.30 14.69 Miscellaneous 76 137.6 140.5 142.4 AGRICULTURE In billions of dollars GOVERNMENT FINANCE Prices paid and received by farmers (1910-14 = 100): Budget receipts and expenditures of Ca T L C P R sh a o i e r v o i c t d e a f p e a , s l i s r t v e m o e t c d c k i n a c n o d m e p r ( o m du il c l, t s d ollars): 8 8 8 8 8 1 0 1 1 0 3 1 1 , , , 2 4 7 2 2 8 8 7 6 7 0 1 7 3 6 2 1 1 , , , 4 6 2 2 2 5 1 9 6 8 6 6 2 5 6 2 1 , ,5 4 3 2 9 0 9 0 7 6 5 0 2 9 5 Ex V N U A I I p n n e l e . a t t l n t t e e S e i o d r r o . r e n t i a n h t s T a n u a t e t r s l r i r e o e o d a s n n A e , s a f u d d l t e r e o m n y a b t s i : a i t e d n l istration 37, 3 3 3 3 3 3 7 8 8 8 8 8 1 2 2 1 1 1 0 . . . . . . 4 1 9 9 4 1 6 8 3 7 7 0 9 3 1 1 1 . . . . . . 0 0 3 2 9 8 5 5 1 3 1 4 1 4 1 1 1 0 . . . . . . 3 3 2 9 0 9 4 6 9 9 1 3 INTERNATIONAL TRADE AND FINANCE Re N ce e i t p r t e s: ceipts 37 8.21 9.34 9.12 S E h x E I E o p m x x r o t c p p - r e t t o o s e s r r s r t t a m s s o n f d l i e a i x m b p i p l o i o r ti t r e s t s s o t ( r o m im a il n l p , d o d r c o t l s l a l i a m rs s ) : on 8 8 8 2 2 2 P P P 1 8 9 2 5 8 9 2 1 P1 P P ,0 1 8 6 9 6 9 3 4 P p l. P - 0 9 5 2 7 0 2 2 C M A T In a o l i d l x s r i p c o v r e o t i e h l d r l f e a a u u r t n a n e e l d o i s i n u n c s c ( o d o i m e m n d t e e e u , r c t e n t a t ) a x c l e s r evenue. . 3 3 3 3 3 8 8 8 8 8 4 2 2 . . . . . 2 2 0 6 9 8 3 5 2 7 3 2 2 . . . . . 9 4 4 1 6 8 5 8 6 3 3 2 2 . . . . . 6 3 5 7 1 8 2 2 2 3 foreigners reported by banks (bill, dollars): BUSINESS FINANCE Total liabilities 83 P7.16 P6.91 Official 83 P3.60 P3.41 'urrent assets and liabilities of Fo C re l i a P g i r n m i I v n s e a v a x o t n e c e n s d h t a e f c o n d e r g r e i e t i n i g f r i n U a c e t a . r e t s S e s s : . Treasury bills 8 8 8 3 3 3 P P 3 P l . . . 2 8 5 8 5 6 P P3 P I . . . 0 5 8 7 0 9 Cu c U C I r n o r . a v r e s p S e n h o . n t r t G a a o s t r o i s i o v e e n t s t . s s , : s « e to cu ta r l i ties 3 3 3 3 9 9 9 9 1 4 2 1 3 5 5 8 4 . . . . 9 3 2 3 1 2 4 1 4 6 6 9 2 . . . . 9 9 5 5 See p. 355 of this BULLETIN 84,85 Receivables 39 43.0 47.3 Current liabilities, total 39 60.4 66.6 Notes and accounts payable 39 36.2 40.6 Federal income tax liabilities.... 39 10.3 12.3 Net working capital 39 73.8 75.9 1950 In unit indicated QUARTERLY FIGURES A Ju p n r. e - J S u e l p y t - . O D c ec t. . - LENDING INSTITUTIONS OTHER THAN Corporate security issues: COMMERCIAL BANKS In billions of dollars Total (bill, dollars) • 40 2.19 1.12 1.48 New money, total (bill, dollars) • 40 1.27 .74 .96 Assets of savings institutions: Type of security (bill, dollars): Savings and loan associations:e Bonds 40 .76 .61 .70 Total assets 20 15.94 16.30 17.18 Preferred stock 40 .20 .07 .13 Real estate mortgages 20 12.85 13.48 14.04 Common stock 40 .32 .07 .13 U. S. Govt. securities 20 1.54 1.52 1.53 Use of proceeds (mill, dollars): Other assets 20 1.55 1.30 1.61 Plant and equipment: Loans and loan guarantees and in- All issuers 41 958 577 717 surance of Federal agencies: Public utility 41 774 432 470 Total* 21 31.85 33.36 Railroad 41 81 67 "72 Loans 21 11.98 12.58 Industrial 41 103 75 174 Foreign 21 6.03 6.04 Working capital: Domestic: All issuers 41 317 165 239 Agriculture 21 3.33 3.57 Public utility 41 6 6 5 Home owners 21 2.08 2.42 Railroad 41 1 Other 21 .81 .82 Industrial 41 171 94 178 Loan guarantees and insurance:e Bonds (bill, dollars): • Nonfarm mortgages 21 18.97 20.20 Public 40 .98 .37 .33 Other 21 .91 .58 Private 40 .65 .56 .81 For footnotes, see p. 337. 336 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK— Continued 1950 1950 Chart Chart book book page Apr.- July- Oct.- page Apr.- July- Oct.- June Sept. Dec. June Sept. Dec. In unit indicated Annual rates QUARTERLY FIGURES—Cont. QUARTERLY FIGURES—Gont. in billions of dollars BUSINESS FINANCE Cont. GROSS NATIONAL PRODUCT, ETC. « Corporate profits, taxes, and dividends Gross national product 6 48 271.6 283.9 300.3 (annual rates, bill, dollars):e 6 Govt. purchases of goods and services 48 39.9 40.4 47.6 Profits before taxes 42 37.4 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 0 26.7 Nondurable goods 50 99.9 104.5 104.3 Undistributed profits 42 12.7 16.5 o 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: 6 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): • n 1949 1950 All business 44 4.3 4.7 5.4 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 Consumer12 11 5.29 6.00 6.89 Cash 47 +0.7 +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 c Corrected. e Estimated. P Preliminary. r Revised. 1 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. 2 Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period. 3 Deficiency of less than 5 million dollars. 4 Less than 5 million dollars. 5 Series discontinued as of Feb. 1. 6 Adjusted for seasonal variation. 7 Effective Jan. 17, margin requirements increased from 50 to 75 per cent. 8 For November and December, sales exclude, and net sales or redemptions include, a special offering amounting to 131 and 177 million dollars, respectively. 9 Total labor force will not be shown henceforth. 10 Estimates of Council of Economic Advisors, based on preliminary data. 11 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. 12 Excluding 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. MARCH 1951 337 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE International capital transactions of the United States. . 340-345 Gold production. 345 Reported gold reserves of central banks and governments 346 Gold movements; gold stock of the United States 347 International Monetary Fund and Bank 348 Central Banks. 349-353 Money rates in foreign countries 353 Commercial banks. 354 Foreign exchange rates 355 Price movements: Wholesale prices 356 Retail food prices and cost of living. . , 357 Security prices. 357 Tables on the following pages include the principal available statistics of current significance relating to gold, international capital transactions of the United States, and financial developments abroad. The data are compiled for the most part from regularly published sources such as central and commercial bank statements and official statistical bulletins, some data are reported to the Board directly. Figures on international capital transactions of the United States are collected by the Federal Reserve Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November 12, 1934. Back figures for all except price tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics. MARCH 1951 339 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 [Net movement from United States, ( —). In millions of dollars] TABLE 1.—TOTAL CAPITAL MOVEMENT, BY TYPES From th J ro a u n g . h 2 — , 1935, Total To I t n a c l reas 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 a t 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 n a n s l - D i b a n f a e b u c n U r n r o k d e . a i a s n d S s g e . se o F R f 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 n f f c o o u f u l m r n o e r d w i e ig t s s i n t e 2 o i s c f : b I b n r a o f l l k o a 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 1,182.1 183.3 123.1 1949—Dec. 31 8,763.5 5,226.0 2,197.8 3,028.2 1,637.8 307.6 1L.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 :L,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 L,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 1,227.4 538.4 123.2 July 31 9,896.4 5,831.1 2,592.5 3,238.6 1,626.6 462.3 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 L.172.7 772.6 122.7 Sept. 30 10,488.0 »-6,559.4 '3,012.6 ••3,546.8 1,626.4 '383.4 999.2 797.7 121.9 Oct. 31 10,733.5 6,775.4 3,257.7 3,517.8 1,647.2 292.7 L.062.5 831.4 124.3 Nov. 30P 10,689.7 6,425.5 2,890.8 3,534.6 1,713.3 280.8 L,066.7 1,073.4 130.0 Dec. 31P 10,515.5 6,175.1 2,703.2 3,471.9 1,702.3 241.0 L,071.8 1,193.6 131.7 TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES From th J ro a u n g . h 2 — , 1935, t s i 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 o in i 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 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 1,246.3 3,574.2 979.7 1,474.0 1,258.3 269.6 1947—Dec. 31 2,067.3 6,276.4 437.0 234.3 213.8 839.3 150.1 1,100.6 2,975.1 688.6 1,383.4 984.3 244.9 1948—Dec. 31 ,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 ,541.7 7,221.8 682.4 113.2 171.6 951.2 301.4 1,135.8 3,355.5 984.7 1,780.2 852.0 249.4 1950—Jan. 31 ,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 ,611.3 7,481.2 764.4 115.1 162.0 890.0 298.2 1,217.8 3,447.5 1,024.2 1,833.5 933.2 242.8 Mar. 31 ,615.3 7,537.9 797.7 112.0 171.7 952.6 259.4 1,219.3 3,512.7 995.8 1.854.1 943.1 232.2 Apr. 30 ,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 ,627.9 7,935.0 943.0 156.2 210.6 989.0 267.6 1,243.9 3,810.3 1,016.9 1,855.7 1,023.7 228.4 June 30 ,617.2 8,165.0 ,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 ,608.3 8,288.1 ,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 ,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 ,614. "•8,873.2 '805.7 338 249.3 1,013.8 306.2 1,366.1 '4,079.6 1,346.2 r2,037.0 1,156.1 254.3 Oct. 31 ,641.6 9,091.9 875.3 398 267.2 984.8 316.4 1,356.4 4,198.7 1,300.3 2,055.4 1,286.6 251.0 Nov. 30P ,710.1 8,979.6 791.0 386 274.8 977.8 308.6 1,326.8 4,065.4 1,285.1 2,010.6 1,328.5 290.0 Dec. 31P ,725.0 8,790.5 759.3 413.3 187.8 956.6 307.8 1,315.7 3,940.5 1,195.1 2,054.1 1,301.5 299.3 P Preliminary. r Revised. 1 This category made up as follows: through Sept. 21, 1938, funds held by foreign central banks at the Federal Reserve Bank of New York and special deposit accounts held with the U. S. Treasury; beginning Sept. 28, 1938, also funds held at commercial banks in New York City by central banks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve Bank of New York which had been transferred from central bank to government names; beginning with the new series commencing with the month of July 1942, all funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.), and also special deposit accounts held with the U. S. Treasury. 2 Beginning with 1947, these figures include transactions of international institutions, which are shown separately in Tables 5 and 6. Securities of such institutions are included in foreign securities. 8 The weekly series of capital movement statistics reported through July 1, 1942, was replaced by a monthly series commencing with July 1942. Since the old series overlapped the new by one day, the cumulative figures were adjusted to represent the movement through June 30 only. This adjustment, however, is incomplete since it takes into account only certain significant movements known to have occurred on July 1. Subsequent figures are based upon new monthly series. For further explanation see BULLETIN for January 1943, p. 98. NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For full description of statistics see Banking and Monetary Statistics, pp. 558-560; for back figures through 1941 see Tables 161 and 162, pp. 574-637, in the same publication, and for those subsequent to 1941 see BULLETIN for February 1950, pp. 246-251. For revision of earlier figures to include movement in official Philippine accounts held with U. S. Treasury, see BULLETIN for July 1946, pp. 815-819. Certain of the figures in tables "Short-term Liabilities to and Claims on Foreigners Reported by Banks in the United States, by Countries" are not strictly comparable with the corresponding figures for preceding months owing to changes in reporting practice of various banks. The cumulative figures in Tables 1, 2, and 3 of "Net Capital Movement to United States" have been adjusted to exclude the unreal movements introduced by these changes. For further explanation see Banking and Monetary Statistics, pp. 578-591, and BULLETIN for March 1947, pp. 338-339, and September 1945, pp. 967-971. 340 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued [Net movement from United States, (—). In millions of dollars] TABLE 3.—INCREASE IN FOREIGN BANKING FUNDS IN U. S., BY COUNTRIES From th J ro a u n g . h 2 — , 1935, n t I a u i n n t t i i t s o o e t n i r n - - a s l Total U K d n i o 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 1945—Dec. 31 6,144.5 646.4 229.9 265.0 286.3 50.1 745.8 2,223.4 1,414.2 924.9 1,369.1 212.9 1946—Dec. 31 453.8 5,272.3 397.6 165 8 208.2 359.0 247 6 687.2 2,065.5 823 9 983 3 1 135 7 263 9 1947—Dec. 31 2.242.0 4,120.3 264.9 87.6 126.7 432.8 132.8 576.6 1,621.4 301.6 1,095.0 877 3 224 9 194g—Dec. 3i .... L.844.3 5,119.5 485.0 112.6 106.1 525.3 313.2 574.8 2,117.1 667.2 1,165.4 971.2 198.6 1949—Dec. 31 1,637.8 5,226.0 513.0 91.4 153.9 563.3 283.3 553.7 2,158.7 761.1 1,315.1 780.4 210.7 1950—jan. 31 1,723 0 5,245 9 548.1 72 2 160.7 493 8 276 4 575.8 2,127.1 811 4 1,264.9 801 5 241 0 Feb. 28 L,707.1 5,283.8 571.9 79.3 152.5 497.0 282.3 603.9 2,186.8 765.2 1,267.2 846 7 217 8 Mar. 31 1,690.9 5,308.8 600.8 76.9 162.0 560.5 239.7 593.0 2,232.8 749.5 1,269.5 847.3 209.6 Apr. 30 L,663.4 5,504.2 690 5 80.0 178.4 584.1 236.5 609.0 2,378.6 737.0 1,283.5 910 1 195 1 May 31 1,662.7 5,614.5 740.0 106.1 202.9 583.0 253.2 606.2 2,491.4 739.6 1,254.5 926.3 202.7 June 30 1,636.4 5,784.7 852.5 138.9 209.0 581.3 260.1 625.8 2,667.5 722.0 L.254.7 921.2 219.4 July 31 1,626.6 5,831.1 852.4 113.0 231.8 580 3 255.5 638.6 2,671.6 688.4 1,333.5 912 8 224 7 Aug. 31 L.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 S O e c p t. t . 3 3 0 1 r1 1, , 6 6 4 2 7 6 . . 2 4 r6 6 , , 5 7 5 7 9 5 . . 4 4 r6 7 4 5 4 9 . . 1 5 2 1 0 6 9 8 . . 5 3 2 2 3 5 8 8 . . 9 4 r5 5 8 5 6 8 . . 4 8 2 2 8 8 3 8 . . 7 9 '7 6 0 9 2 6 . . 9 6 r2 2 , , 6 7 2 7 4 1 . . 2 5 r 1 l, , 2 1 2 2 4 0 . . 8 0 r • 1 1 , , 4 4 2 4 3 8 . . 2 4 '1 1 , ,1 0 8 4 2 4 .1 2: 2 25 4 3 3 .1 3 Nov. 30P L.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 Dec. 31 v 1,702.3 6,175.1 600.2 180.4 176.9 536.6 287.7 626.4 2,408.2 792.4 I,489.1 1,198.5 286.9 TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES From Jan. 2, 1935, through— Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m a e t r i i n ca Asia ot A h l e l r I945—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 I947—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 194g—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 I949—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 -23.1 Mar. 31 . . 480.6 268.3 43.7 14 3 3 7.0 240 5 574.1 55.4 -135.5 13.3 —26.7 Apr. 30 494.6 269.6 43.2 14.9 1.9 6.4 239.7 575.6 57.3 -127.8 17.5 —28.2 May 31 522.1 264.8 58.1 14.2 .8 2.0 245.5 585.3 60.2 -122.5 28.4 —29.3 June 30 472.1 263 9 58.4 14.4 -1 0 —2.1 245.3 578.8 57.8 -155.7 41 2 —50.0 July 31 462.3 255.3 58.8 14.1 -1.6 .2 248.8 575.7 46.8 -162.4 42.9 —40.6 Aug 31 445.6 253 5 49 0 14 9 — 5 5.2 248.7 570.9 22.6 -151.5 41 8 —38 2 Sept. 30 '383.4 215.7 48.9 15.3 -1.8 9.5 247.0 534.5 -16.8 -129.7 r44.6 —49.2 Oct 31 292.7 152 5 48 8 13 8 —2 2 14 3 243 4 470 6 — 10.2 -139.3 34 7 —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 Dec 31P 241.0 190.5 47.7 15.1 -.5 6.0 237.1 496.0 -30.9 -206.8 32.1 -49.4 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 an u . g h 2 — , 1935, n t a u in t t i i s o o t n i n - a s l Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C ad a a n- A L m a e t r i i n ca Asia ot A h l e l r 1945—Dec. 31 ... 079 « 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 1,237 9 96.8 50.2 26.0 31.2 26.7 260.2 491.2 236.6 448.4 61.1 .7 I947—Dec. 31 ... -249.3 I 526 2 94.9 47.1 —3 9 16.3 26.5 275.8 456.7 441.8 537.6 61.6 28 4 194g—Dec 31 -249.3 1,431.3 84.9 42.9 -9.1 -19.0 26.5 287.2 413.3 339.7 578.3 63.2 36.9 1949—Dec 31. -265.3 1,475.1 71.4 43.2 -9.3 .1 27.0 311.7 444.1 329.1 598.5 63.9 39.5 1950—Jan. 31 -365.8 1,469.5 71.3 44.0 -15.1 2.4 27.0 313.4 443.0 320.9 601.9 64.0 39.8 Feb 28 —269 1 I 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 1,431 3 70.4 45.1 -16.9 8.2 27.1 314.9 448.9 271.5 606.5 64.1 40.3 Apr. 30 —266.6 L 421 0 69.3 45.0 -14.5 11.0 27.1 315.5 453.3 251.3 606.9 64.1 45 4 May 31 —266 5 I 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 L 494 4 67.1 44.1 -14.2 16.8 27.4 316.1 457.2 303.2 620.8 64.2 49 0 July 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 I 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 ,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 —268 9 331 3 64 5 43 0 — 13 3 15 9 27.4 316.8 454.4 136.7 624.9 65 3 50 1 Nov. 30P . —268 8 335 5 65.3 42.7 -13 8 17.6 27.4 316.9 456.1 137.4 626.5 65.3 50 2 Dec. 31 P -268.8 340 7 65.3 42.0 -14.0 17.3 27.4 319.6 457.5 139.4 628.3 65.0 50.4 Preliminary. r Revised. MARCH 1951 341 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 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 t h J ro a u n. g h 2 — , 1935, na I i n n ti t s o e t n i r - - al 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 it - 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 tutions 1945—Dec. 31 798.7 -157.9 81.7 233 5 355.4 2.2 68.0 582.9 -126.6 81.3 251 3 9.9 1946—Dec 31 464.5 -194.9 74.9 207.0 337.9 2.1 57.3 484.3 -143.0 87.6 26.8 8.8 1947—Dec 31 .... 74 5 300 9 —203 8 24 7 108 7 350 9 -15 0 43 1 308.7 -139 8 84 2 36 8 11 0 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. 31 169.1 89.3 -173.9 -64.9 4.0 355.2 -13.4 47.9 154.9 -181.3 96.9 11.5 7.4 1950—jan> 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 June 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. 30 255.3 542.4 -135.8 61 1 -2.9 385.4 -14.8 88.8 381.7 47.1 108.4 -4 3 9.4 Oct. 31 263.3 568.1 -118.0 81.1 -2.7 385.0 -14.6 89.7 420.5 33.1 108.3 -3.1 9.5 Nov. 30P 265 6 807.8 — 115 8 112 0 —3 1 382 4 — 14.5 124 8 485.8 186 6 128 3 —2 6 9 7 Dec. 31 P 291.5 902.0 -113.6 127.2 -2.3 374.2 -14.3 121.7 492.9 276.7 126.4 -3.8 9.9 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 er n - d Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia ot A h l e l r 1945—Dec 31 144 1 19 8 23 4 26 0 30 3 .4 13.6 113 6 19 5 5 9 3 8 1 3 1946—Dec. 31 153.7 19.2 20.5 17.5 39.6 .4 14.7 112.0 21.5 13.4 4.8 2.0 I947—Dec 31 142.4 18.2 19.1 12.7 38.2 .3 14.2 102.7 19.6 12.9 6.6 .7 1948—Dec 31 123.1 17.0 16.7 9.3 27.5 .4 11.0 81.9 19.6 14.0 7.0 .6 I949—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 A Ju u l g y 3 3 1 1 1 1 2 2 0 2 . . 7 7 1 16 7 . . 9 5 1 15 6 . . 8 5 1 1 0 0 .7 6 2 2 8 7 .1 4 . . 5 5 1 10 0 . . 1 3 8 83 1 .1 8 2 1 0 9 .7 3 1 9 3 .3 5 6 5 .7 4 1 1 .8 7 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 31 124.3 16.7 16 3 11 0 27 3 .5 9.9 81 7 20 7 13 1 7 5 1 3 Nov 30P 130.0 17.2 16.9 11.4 26.8 .8 10.2 83.3 21.0 15.3 9.0 1.6 Dec 31 P 1131.7 16.9 16.1 12.0 29.0 1.0 10.9 86.0 17.5 17.2 9.8 1.4 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 i"oreign In- countries 2 Date t t i e i n o r s n n t a a i- - l Official U K d n i o i n m t g ed - France N la e e n r t d - h s - S la w e n r i d - tz * - 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 1945—Dec. 31... 6,883.1 4,179.3 707.7 310.0 281.6 304.2 70.4 909.1 2,583.0 1,522.2 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—Tan. 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 1,391 1 1,027.9 178.4 Apr. 30... 1,683.4 6,238.4 2,878.6 751.8 160.1 195.0 597.8 256.8 772.3 2,733^8 844^9 1^405A l!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 1,376.2 1,101.8 188.2 July 31... 1,646.5 6,565.3 3,302.8 913.8 193.1 248.4 593.9 275.8 801.9 3,026.9 796.4 1,455.0 1,093 .4 193.5 Aug. 31... 1,632 A *6,737.0 3,232.6 4 760.1 266.0 257.2 603.4 283.8 816.2 42,986.7 927.6 1,469.6 1,146.8 206.4 Sept. 30... '•1,646.4 r* 7,293.6 '3,722.9 ri 705.4 248.4 255.5 '600.0 304.0 '866.2 r42,979.5 1,332.7 1,544.7 1,224.7 211.9 Oct. 31... 1,667.1 4 7,509.6 3,968.0 4 820.8 289.6 275.0 572.4 309.2 859.8 43,126.8 1,227.9 1,570.0 1,362.8 222 1 Nov. 30P.. 1,733.3 4 7,159.6 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 Dec. 31P.. 1,722.2 4 6,909.3 3,413.5 4661.5 260.6 193.5 550.2 308.0 789.7 42,763.4 900.4 1,610.6 1,379.1 255.8 P Preliminary. r Revised. 1 Amounts outstanding (in millions of dollars): foreign brokerage balances in U. S., 86.9; U. S. brokerage balances abroad, 32.1. a 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. 342 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 - F la 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 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 3i 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 194g—Dec. 31 738.1 128.7 44.7 19.1 178.9 21.1 77.7 37.7 7.0 13.6 49.0 21.3 19.9 119.3 1949—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. . '866.2 '35.3 111.6 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. . 859.8 36.1 115.0 6.4 39.1 15.4 282.5 42.6 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 Dec. 31 P. 789.7 40.3 115.8 5.6 45.5 18.3 221.5 39.0 43.1 4.2 45.7 6.1 21.3 113.7 4.0 13.2 52.4 Latin America Neth- Do- er- Date A L i m a c t a e in r- A t r i g n e a n- l B iv o ia - Brazil Chile l C o b m i o a - - Cuba p m i R c u i a e b n n - - - G m u a a l t a e- M ic e o x- l W I a a n n n d e d d i s e s t s Peru l P p i R c u a e n b o - - - 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 t a h t e i e r n 3 r lic Suri- ama nam 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 H.9 41.8 70 3 78.0 186.5 194g—Dec. 31. 1,287 0 215.8 17.1 123.7 55.6 54,0 219.4 146 7 24 3 52 6 71 8 121.7 184.1 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 1233.5 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 5 174.9 30.1 49.8 69 5 28.6 73.8 104.9 66.3 Aug. 31. 1,469.6 249.8 18.4 155.0 70.3 76 1 259.5 44.8 22.3 163.0 29.4 50.9 63 4 26.4 75.7 97.2 67.4 S O e c p t t ™ 31 1r1 ,5 ,5 7 4 0 4 .0 7 ? ? 6 7 8 3 .0 9 1 1 7 9 . . 0 0 2 1 1 8 5 7 . . 7 1 8 7 2 6. . 9 5 6 6 5 1 9 6 2 27 6 4 0 . . 2 6 4 41 1 . . 3 8 2 2 2 2 0 7 1 18 7 8 6 . . 2 4 2 2 9 8 . . 0 6 5 5 8 5 7 0 r1 6 2 2 9 5 2 2 4 1. . 5 0 7 71 3 .9 9 1 8 0 8 1 . . 8 8 6 6 5 5 . . 8 3 Nov. 30P 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 Dec. 31P 1,610.6 301.8 20.4 226.0 79.5 52 5 259.0 42.7 25 4 205.2 30.2 60.2 59 9 16.1 78.2 82.0 71.3 A51a and All Other Date Asia M C c a r h h n i a u 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 p R u h p b e i i l - l n - i e c T la h n a d i- T k u 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 S E E t a n u i g g n a g d y y d n l a p p o n - t - S A U o f o n u r f i i t o c h a n Other-' 1945—Dec. 31 .1,549.7 582.3 27 4 33 4113 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 4S S 20 8 47.2 119^3 1947—Dec. 31. 1,057.9 229.9 39.8 62.4 69.3 31.3 488.6 37.6 99.0 193.7 30.6 25.0 46.4 91.8 1948—Dec. 31. 1,151.8 216.2 51.1 51.8 41.5 81.4 488.3 17.5 204.0 167 .4 22.2 27.7 15.8 101.6 1949—Dec. 31. 961.0 110.6 83.9 63.3 15.7 214.6 297.3 9.8 165.7 179.5 32.4 61 .6 6.0 79.5 1950—Jan. 31. 982.2 110.1 89.9 69.5 12.2 16.8 21.G238.8 286.1 24.3 12.0 101.5 209.8 29.8 27.2 72.8 22.9 57.1 Feb. 28. 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 25.0 275.2 289.4 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. 1,146.8 94.3 90.1 51.3 50.7 18.1 15.2372.5 299.8 30.5 12.1 112.4 206.4 16.0 36.3 63.4 29.5 61.2 Sept. 30. '•1,224.7 'lOl.O 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. 31. 1,362.8 116.8 94.4 50.5 91.7 20.4 11.5434.0 378.1 39.5 12.3 113.5 222.1 18.1 41.6 64.4 37.5 60.5 Nov. 30P 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 Dec. 31 P1,379.1 81.8 86.1 55.7 114.7 20.3 12.6458.5 374.9 48.2 14.3 111.9 255.8 19.1 57.3 75.6 46.1 57.7 v Preliminary. r Revised. 1 uBceggiuiniini.iiin&g lMviaaricuhi x1^9-4*7/,, nfigguuircess mintciluuudce ubcaulaainn,c<e.os min aaccounts opened by occupation authorities for foreign trade purposes. B.Le^gftij.n^nniinngg JJaannuuaarryy 11995500,, eexxcclluuddeess AAuussttrriiaa,, CCzzeecchhoosslloovvaakkiiaa,, aanndd PPoollaanndd,, rreeppoorrtteedd sseeppaarraatteellyy aass ooff tthhaatt ddaattee.. 3 Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date. 4 Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. Beginning January 1950, excludes Iran, Israel, and Thailand, reported separately as of that date. 5 Beginning January 1950, excludes Belgian Congo, reported separately as of that date. MARCH 1951 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 t m 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 ur th o e p r e E T ur o o ta 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 1945—Dec. 31... 392.8 25.4 1.1 36.3 2.9 .3 74.6 140.7 53.3 158 9 29.9 9.9 1946—Dec, 31... 708.3 47.7 5.7 151.0 9.8 16.0 82.8 312.9 52.2 226 8 99.2 17.2 1947—Dec. 31... 948.9 29.2 23.4 49. 1 7.0 21.1 118.9 248.6 27.5 514 3 127.0 31.5 1948—Dec. 31... 1,018.7 24.5 119.0 51.4 6.9 15.8 106.3 323.8 39.8 516 6 118.8 19.7 1949—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... i 724.8 32.6 51.5 2 7 5.7 20.7 165.0 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... '745.9 76.3 30.2 3 3 9.9 17.1 56.7 193.5 109.7 297 7 '•84.4 60.6 Oct. 31... 836.7 139.5 30.3 4 8 10.3 12.3 60.3 257.4 103.0 307 3 94.3 74.5 Nov. 30*\. 848.6 124.3 31.2 3 7 12.9 14.5 69.3 255.9 98.4 329 3 95.5 69.4 Dec. 31 P.. 888.3 101.5 31.4 3 5 8.6 20.5 66.5 232.0 123.8 374 8 96.9 60.8 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 De a n 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 an u i - a Spain S d w en e- USSR Y sl u a g v o ia - ot A h l e l r 2 1945—.£)ec 31 74 6 6 (3) (3) 33.9 .7 31 6 5 1 1 6 .9 (3) (3) 4 8 1946—]3ec# 31 82.8 7.5 .5 6.2 30.4 12.4 3.3 1.0 .1 7.2 4.9 (3) (3) 9.5 1947—Dec 3i 118 9 15 0 2 2 8 0 30 5 10 6 9 2 1 1 (3) 9 5 4 1 (3) 35 9 1948—Dec 31 106 3 21 4 6 3.4 30.5 1.2 8 4 7 (3) 2 9 1.4 (3) 6 0 29 8 1949—£>ec# 31. 98.5 19.3 .4 8.2 30.0 .7 7.4 .5 7.0 7.0 2.3 (3) (3) 15.6 1950—Jan. 31. . 165.0 1.2 15.6 (3) .5 4.9 125.5 .2 1.0 .5 .7 (*) 6.7 3.4 (3) .1 4.8 Feb. 28. . 64.4 .2 16.3 00 .5 3.5 25.6 .2 1.1 .1 .6 (8) 7.9 3.1 (3) .1 5.2 Mar. 31. . 63.1 .7 17.7 .5 2.4 25.3 .2 1.2 .1 .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 .1 .8 (*) 7.7 2.4 (3) 2.5 4.4 May 31. . 58.2 .1 11.7 .3 1.1 2.4 25.2 .3 1.2 .1 .9 (>) 4.4 2.8 (3) 3.2 4.6 June 30. . 58.4 .2 12.2 .1 1.5 3.4 25.1 .1 1.2 (*) .5 (3) 3.7 3.1 (3) 2.4 4.7 July 31. . 54.9 (3) 12.1 (?) 2.2 1.6 25.1 .1 1.3 .5 (3) 3.3 3.8 (3) .2 4.5 A Se u p g t . . 3 31 0 . . . . 5 56 4 . . 7 9 ( ( ' ' ) ) 1 1 4 4 . . 6 6 ( (? « ) ) 2 1. . 8 0 2 1 . . 7 9 2 25 5 . . 2 1 . . 1 1 . . 9 9 . . 1 1 . . 4 4 ( ( » 3) ) 3 2. . 2 3 3 3 . . 0 1 ( ( 3 3 ) ) 4 4 . . 4 3 Oct. 31. . 60.3 17.6 3.3 2.0 25.3 .3 1.4 (*) .3 (3) 1.3 4.6 (3) (*) 3.9 Nov 30» 69 3 1 21 3 (3) 4 4 2 2 25.5 .1 1 4 .1 .5 1 1 3 8 5 3.8 Dec. 3\v. 66.5 .2 21.5 (3) 3.2 2.2 25.4 .2 1.5 (*) .5 (•) 1.1 6.9 (3) 3.9 Latin America Neth- Do- erite A L m i a c t e a i r n - 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 u i a e b n n - - - G m u a a l t a e- M ic e o x- I l W n a a d n n e i d d e s s s t Peru l P p i R c u a e n b o - - - 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 a t m h a ti e e n 4 r r lic Suri- ama nam 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 1X S9 T4fO 6—X.SD Ve^ Vc^» . \3J X1 * ..* 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—/[)ea 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—j)ec< 31 516.6 72.4 2.7 165.4 15.2 32.6 83.1 73.8 1.5 4.4 4.6 26.0 34.7 I949—rw 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 1.8 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 1.7 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 1.7 2.1 48.1 1.0 6.2 4.9 4.2 13.2 24.6 21.6 Apr. 30. . 295.7 46.5 6.5 67.4 5.6 26.8 -17.1 1.7 2.2 46.4 1.1 6.8 4.8 3.8 10.5 26.5 22.0 May 31. . 290.5 43.1 7.7 58.8 5.2 31.8 21.4 1.6 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 1.0 9.9 4.7 3.3 6.9 25.8 18.1 July 31. . 330.4 37.9 7.7 74.0 3.5 58.4 27.7 1.4 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 1.5 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. 31. . 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 Dec. 31P. 374.8 45.9 8.7 73.7 6.9 43.0 28.1 1.9 2.6 70.0 1.3 11.0 3.1 6.8 8.0 49.4 14.6 v Preliminary. r Revised. 1 Figure not strictly comparable with the corresponding figures for preceding months due to write-off of claim on Germany amounting to $6,121,000. The cumulative figures in Tables 1, 2, and 4 of "Net Capital Movement to United States" have been adjusted to exclude the unreal movement introduced by this change. 2 Beginning January 1950, excludes Austria, Czechoslovakia, and Poland, reported separately as of that date. 3 Less than $50,000. 4 Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that d 344 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] CLAIMS ON FOREIGNERS—SUPPLEMENTARY DATA Asia and All Other China Phil- Bel- E a g n y d pt Union Date Asia M c a h n a u n d - - H K o o n n g g India I n n e d s o ia - Iran IsraelJapan ip R p e i - ne T la h n a d i- T k u e r y - O A t s h ia e 1 r ot A h l e l r t A ra u l s i - a C g o ia n n go A E n g g y l p o - - So o u f th Other2 ria public tian Africa Sudan 1945—Dec. 31.. 29.9 1.0 .& 7.5 1.4 .5 13.8 2.0 2.8 9.9 1.7 .3 4.7 3.3 1946—Dec. 31.. 99.2 53.9 5.9 12.0 1.0 .2 20.2 1.4 4.6 17.2 3.4 .4 10.1 3.3 1947—Dec. 31.. 127.0 40.8 2.6 29.6 .5 .9 27.4 17.7 7 5 31.5 9.0 .1 14.4 8.0 1948—Dec. 31.. 118.8 24.2 3.4 20.4 1.9 15.9 37.3 1.4 14.3 19.7 4.7 .4 7.9 6.8 1949—Dec> 31.. 139.7 16.6 3.7 17.4 .2 14.1 23.2 14.3 50.3 20.4 7.9 .2 4.5 7.7 1950—Jan. 31.. 129.0 17.0 4.1 16.6 .2 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 12.5 17.9 22.4 1.9 9.9 8.5 34.8 15.5 3.5 .3 11.2 4.3 Mar. 31.. 115.7 19.4 4.3 18.9 .2 13.6 13.3 7.7 22.0 1.2 5.9 9.3 38.1 18.9 3.5 .4 11.3 4.0 Apr. 30. . 111.6 23.4 4.1 19.7 (3) 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 ? 4.1 24.0 .1 12.5 13.3 .9 14 4 7 .7 10 9 40.7 20.8 3.6 12.3 3.9 June 30. . 87.8 17.6 3.3 20.5 .2 13.0 7.8 .9 12.5 .6 .7 10.7 61.4 40.7 3.8 11.7 5.0 July 31 . 86 2 20.1 4.1 18.7 1 11 5 11 2 1 l 9 6 1 2 9 7 7 52.0 35.2 3 9 7.5 5.3 Aug. 31.. 87.3 22.4 5.1 15.6 .1 10.4 14.5 1.4 8.0 1.5 .8 7.6 49.6 33.9 4.0 6.8 4.8 Sept. 30. . r84.4 21.6 3.7 14.7 .1 8.0 '15.2 5.2 6.2 1.5 .8 7.5 60.6 44.5 3.9 7.3 4.8 Oct. 31.. 94.3 23.7 4.0 15.2 .1 7.6 16.3 8.1 7.0 1.5 .9 10.0 74.5 56.5 4.4 8.1 5.4 Nov. 30P. 95.5 18.3 4.3 14.7 .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 Dec. 31 P. 96.9 18.2 3.0 16.2 .2 6.6 19.5 12.1 4.9 1.5 .9 13.9 60.8 40.8 4.4 .3 8.1 7.2 P Preliminary. r Revised. 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 Y m e o a n r t o h r p U r o o . w u S d t o . u s S r i c l . d d R t e io .1 n r m e T p o o o n t r t a h te l l d y A So fr u ic th a R de h s o i - A a fric A W a 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 * C a a d N n a - orth M an e d x - Sou C th o b l i o A a m m - eri C ca hile r N ag ic u a a - 5 Au li s a tr O a- the I r ndia3 $1 =i55/n grains of gold 9 /io fine: i. c, an ounce of fine gold =$35. 1941. 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. 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 17.5 17.7 6.3 7.0 23.0 5.9 1946. 752.5 697.0 417.6 19.1 20.5 1L.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 1L.I 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—Dec... 63.5 34.0 1.5 2.0 L.I 6.4 13.0 .8 .6 .5 .6 2.6 .4 1950—Jan.. . 64.0 34.2 1.5 2.0 L.I 5.9 12.4 1.5 1.4 .6 .6 2.3 .5 Feb... 60.1 32.0 1.4 2.0 L.O 5.5 12.2 1.0 1.2 .2 .7 2.3 .5 Mar.. 66.4 35.1 1.5 1.9 L.I 6.1 13.4 2.0 1.2 .6 .7 2.3 .5 Apr... 63.2 33.3 1.5 1.9 L.O 6.7 12.9 .7 1.0 .8 .7 2.2 .6 May.. 65.9 35.5 1.5 2.0 L.O 6.8 13.1 .8 .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 1.5 2.0 .0 7.8 12.8 1.1 .5 .7 2.5 .6 Oct.. . 33.9 1.5 1.9 1.0 8.2 13.2 1.2 .8 .6 2.8 .6 Nov.. 33.3 1.9 .9 7.5 13.3 1.3 .6 2.8 .7 Dec... 32.9 2.0 .9 7.0 13.4 .9 .6 2.3 .5 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. MARCH 1951 345 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 Tr u e r a y s- Total t g in e a n - 2 g B iu e m l- Brazil Canada3 Chile lom Co b - ia 4 Cuba C v z s a e lo k c - h ia o- m De a n rk - Egypt France 1945—Dec 20,065 20,083 1,197 716 354 361 82 127 191 61 38 52 1,090 1946—Dec 20,529 20,706 1,072 735 354 543 65 145 226 61 38 53 796 1947—Dec 22,754 22,868 322 597 354 294 45 83 279 32 53 548 1948—Dec 24,244 24,399 624 317 408 43 51 289 32 53 548 1949—Dec 24,427 24,563 698 317 496 40 52 299 32 53 523 1950—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 53 523 Dec 22,706 22,820 587 317 590 40 74 31 523 1951—Jan 22,392 22,461 591 317 523 End of month H ga u r n y - India Iran 5 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- 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 20 193 762 111 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—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 P310 29 31 197 61 1951—Jan.. 228 End of month S d w en e- S l w a e n r i - t d z- T k u e r y - g U u r a u y - V zu e e n l e a - t c o r o t i 1 h e u 6 s e n r - 8 n M a I F t n t a u i o t o r e n n y n r e d - 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 e k n s - l - - Government g p o r l U e d v n io i r t e u e s s d e r f v ig e u s re n s ot included in End of month King- France Belgium dom 1945—Dec 482 ,342 241 195 202 192 39 1 1 9 9 4 4 7 6 — — D D e e c c 3 1 8 0 1 5 , ,3 4 5 3 6 0 2 1 3 7 7 0 2 1 0 7 0 5 2 21 1 5 5 1 19 9 5 3 ,35 1 6 5 3 3 0 2 1945—Dec 12,476 M57 2 n 1948—Dec 81 ,387 162 164 323 220 ,436 36 1946—Dec 12,696 1949—Dec 70 ,504 154 178 373 330 ,451 68 !947—.Mar . 12,380 1950—Feb 70 ,503 154 187 373 334 ,460 69 June.... 12,410 Mar 69 ,527 154 190 373 333 ,460 87 Sept 12,383 Apr 71 ,534 154 184 373 333 ,460 93 Dec 12,079 May 71 ,552 154 184 373 337 ,460 100 June 71 ,559 149 189 373 336 1,460 108 1948—Mar .. . 12,241 July 71 ,550 138 196 373 337 1,464 128 June.... 11,920 Aug.. . . 71 ,537 146 208 373 336 1,494 125 Sept.... 11,777 Sept 87 ,529 146 217 373 336 1,494 145 Dec 11,856 Oct 91 ,520 150 217 373 P337 1,494 149 N D o ec v 9 9 0 0 , ,4 5 7 0 0 8 1 1 5 5 0 0 217 3 3 7 7 3 3 P P3 3 4 40 4 1 1 , , 4 4 9 9 5 4 1 1 5 6 9 7 1949— J M un ar e. . . U 11 . , 9 6 1 5 2 1 1951—Jan.. . . 93 373 P344 1,495 140 S D e e p c t 1 11 1 , , 6 4 8 2 8 5 P Preliminary. 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 8 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.) 8 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. 348, footnote 1, and p. 349, 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. 346 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NET GOLD IMPORTS TO UNITED STATES, BY COUNTRIES [Net gold exports from United States (—). In millions of dollars] Gold valued at approximately $35 a fine ounce m Y o o e n r a t r h Total U K d n i o i n m t g e - d g B iu e m l- France N la e e n r t d - h s - S d w en e- 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 6 -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 1950—Jan 39 0 .1 7 .4 .4 -.4 Feb 2 5 .2 .5 -.1 Mar. — 1 6 — 1 5 .3 .5 -.1 Apr 53 3 31.7 .4 .2 5 May 13.1 1 4 .3 .3 -.2 June 10 0 — .1 5 .3 .3 July — 1 5 .6 .2 .3 j Aug -42.2 —44 2 .3 .3 j Sept. —96 5 — .1 —95 3 .4 3 -.2 O N c o t v — — 1 9 4 3 3 4 6 — -7 1 6 20 .6 4 . . 3 4 . . 3 3 -!2•« Dec. . . —93 0 -.1 -61 2 .3 .3 -.2 1951—Jan -60.6 -.1 -.4 -.1 —54 6 .3 .3 -.1 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 si.ock at Ear- Y m e o a n r t o h r A Re m O L p e u a t r h b t i i e c l n i r a c n s t A ra u l s ia - China P p p h u R i i b n l e l i e - i p c - A So fr u ic th a c o t o A r th i u e l e n l s r - Period T e u r n e r d y a s o - f p T e o ri t o a d l» 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 t i o m rt r -g m o c c o l r a r d r e e r : a a k i s s n d e e e - d e- t D p i t r c o i o o m d n g u e o a c s l - - d (-) 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 1944 — 10 8 .2 -11.9 3.6 30.2 1943 21,938 21,981 --757.9 68.9 —803.6 48.3 1945 7 0 1 — 134 0 j 4 5 1944 20,619 20,631 —1,349.8 —845.4 —459! 8 35.8 1946 .... -8 0 -55.8 -.2 118.6 1.3 1945 20,065 20,083 —547.8— 106.3 —356.7 32.0 1947 -17.1 .1 -14.0 -3.5 410.7 -18.6 1946 . . 20,529 20,706 623 1 311.5 465! 4 5l!2 1948 7.3 .6 -2.5 491.5 i -63.5 1947 22,754 22,868 •2,162.1 1,866.3 210.0 75.8 1949 6.4 .3 190.7 2 -37.6 1948 24,244 24,399 1,530.41,680.4 — 159.2 70.9 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 83.1 1950—Jan.... .4 .2 337.1 Feb... .5 .1 -.2 -1.3 1950—Feb... 24,345 24,456 -51.2 .2 -50.4 5.5 Mar... .4 3 -3.5 Mar... 24,246 24,360 -96.2 -1.6 -95.4 6.1 Apr. . . .5 .1 -.5 16.8 3.7 Apr... 24,247 24,350 -9.2 53.3 -59.2 6.7 May. . .3 £ 1.8 10.5 May.. 24,231 24,340 -10.7 13.1 -29.9 6.8 June.. .7 .2 3.5 4.7 June.. 24,231 24,331 -9.0 10.0 -17.6 6.6 July... .6 .1 — .1 -3.1 July... 24,136 24,239 -91.1 -1.5 -90.0 7.1 Aug... .6 .1 8 Aug... 23,627 23,745 -494.4 -42.2 -431.4 7.9 Sept... .6 -2.1 Sept... 23,483 23,591 -153.9 -96.5 -65.9 7.8 Oct 4 1 4 —17 9 Oct... 23,249 23,349 -242.5 -93.4 -146.2 8.2 Nov... .5 ...... .4 4 -24.6 Nov... 23,037 23,153 -195.5 -143.6 -35.3 7.5 Dec... -11.2 .3 4 -21.2 Dec... 22,706 22,820 -333.2 -93.0 -237.9 7.0 1951—Jan. . . 22.392 22,461 -358.8 -60.6 -248.5 (4) 1951—Jan. 1 .3 -6.4 Feb... P22.086P22.162 P-298.9 (4) 5-184.4 (4) 1 Includes net exports of 39.2 million dollars to Switzerland, 10.7 P Preliminary. l See footnote 1 on opposite page. million to Greece, 8.3 million to French Indo-China, and 5.3 million 2 Yearly figures through 1949 are estimates of United States Mintto other countries. Figures for 1950 and 1951 are estimates of American Bureau of Metal 2 Includes net exports of 18.3 million dollars to Poland, 8.6 million Statistics. io 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 * 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 6,058.6 million dollars on Feb. 28, 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. MARCH 1951 347 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 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 4,25714,26614,265 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 stock3. . 4 4 5 5 Accumulated net income A A -4 -3 Loans (incl. undisbursed portions and incl. obligations sold under Bank's guarantee) 868 762 738 727 1951 1950 Other assets 9 8 8 6 Net currency purchased 2 Bonds outstanding 261 261 261 254 (Cumulative—millions of dollars) Liability on obligations sold under guar- Jan. Dec. Nov. Jan. 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 4 35 31 27 20 Belgian francs 11.4 11.4 11.4 11.4 Special reserve , 17 15 14 11 Brazilian cruzeiros 65.5 37.5 37.5 37.5 Capital^ 1,668 1,668 1,670 1,670 Chilean pesos 8.8 8.8 8.8 8.8 C Cz o e s c ta h o R sl i o ca v n a k c ia o n lo n k e o s runy. - 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 Et g h 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 ll o io f n J a d n ol . l a 3 r 1 s , ; 1 O 9 c 5 t 1 o , b e t r h e 1 9 F 4 u 9 n — d 3 h 8 a 2 d m so il l l d 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, sold Mexican pesos 22.5 22.5 22.5 22.5 to Norway 200 million Belgian francs in June and July 1948, and sold Netherlands guilders 75.4 75.4 75.4 75.4 to Brazil 10 million pounds sterling in January 1951. Repurchases S N o o u rw th e g A i f a r n ic a k n ro p ne o r unds. . . 1 9 0 . . 6 0 1 9 0 . . 6 0 1 9 0 . . 6 0 1 9 0 . . 6 0 am 3 o E u x n c te lu d d e to s u 3 n 3 c .0 a ll m ed il li p o o n r t d io o n ll s a r o s. f capital subscriptions, amounting to Turkish liras 5.0 5.0 5.0 5.0 6,671 million dollars as of Dec. 31, 1950, of which 2,540 million repre- P Y o u u g n o d sl s a v st e d r i l n in a g rs 30 9 0 . . 0 0 30 9 0 . . 0 0 30 9 0 . . 0 0 30 9 0 . . 0 0 sen 4 t F s o t r h m e e r s l u y b s sh cr o i w pt n io a n s o " f A c th c e u m U u n la it t e e d d S n t e a t t e in s. come." Total. 772.3 744.3 744.3 753.1 CENTRAL BANKS Assets of issue Assets of banking Liabilities of banking department department department Bank of England Note (Fi p g o ur u e n s d s in s m ter il l l i i n o g n ) s of Gold* a O s t s h e e ts r 2 N c a o o n t i d e n s a v c n o D a d n u i s c n - a e t d s s - Se t c ie u s ri- ci t r io cu n l 3 a- Bankers' Pub D li e c posit E s CA Other t c i l O e i a a s p t b h i a i t e l n a i r - 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 1,450.0 100.8 15.2 331.3 1,349.7 315.1 18.6 95.5 18.1 1948—Dec. 29 .2 1,325.0 36.1 16.7 401.1 1,293.1 314.5 11.7 ' VIA" 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—Feb. 22 .4 1,300.0 58.4 22.0 486.7 1,247.2 285.2 14.0 136.0 113.5 18.4 Mar. 29 .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 1,300.0 28.4 22.0 529.4 1,277.7 288.8 13.9 169.8 89.5 17.8 May 31 .4 1,300.0 19.9 19.1 554.9 1,286.6 281.3 12.0 188.4 94.2 18.0 June 28 .4 1,350.0 63.0 15.4 549.3 1,293.9 292.1 11.9 209.0 96.5 18.2 July 26 .4 1,350.0 37.4 18.0 599.2 1,319.7 286.8 14.5 237.1 97.9 18.3 Aug. 30 .4 1,350.0 53.8 23.4 575.0 1,302.0 278.8 12.8 246.5 95.7 18.5 Sept. 27 .4 1,350.0 70.2 21.0 583.0 1,283.3 291.8 14.8 254.8 94.3 18.5 Oct. 25 .4 1,350.0 80.3 40.3 581.8 1,272.6 316.0 13.0 266.4 89.3 17.8 Nov. 29 .4 1,350.0 66.1 37.8 585.9 1,286.0 305.0 18.4 266.4 82.2 18.0 Dec. 27 .4 1,375.0 19.2 29.2 384.0 1,357.7 313.5 15.4 .4 85.0 18.1 1951—Jan. 31 .4 4 1,350.0 69.4 19.7 329.2 1,282.0 297.9 13.0 2.4 86.7 18.3 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 threepence 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 25 million pounds on Jan. 10. For details on previous changes, see BULLETIN for January 1951, p. 238; February 1950, p. 254; April 1949, p. 450; and February 1948, p. 254. NOTE.—For back figures, see Banking and Monetary Statistics, Table 164, pp. 638-640; for description of statistics, see pp. 560-561 in same publication. 348 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 Sterling securities Other (F C ig a u n r a es d i i a n n m d i o ll l i l o a n rs s ) of Gold and S ta U t n es ited O as t s h e e ts r circ N ul o a t t e ion2 liab a i n li d ties dollars S te h r o m r t- l Other Ch b a a r n te k r s ed D g o o m ve in rn i t 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. 19.1 24.0 1943—Dec. 31. .6 787.6 472.8 47.3 874.4 340.2 20.5 17.8 55.4 1944—Dec. 30. 172.3 906.9 573.9 34.3 1,036.0 401 12.9 27.7 209.1 1945—Dec. 31. 156.8 ,157.3 688.3 29.5 1,129.1 521, 153.3 29.8 198.5 1946—Dec. 31. 1.0 ,197.4 708.2 42.1 1,186.2 565 60.5 93.8 42.7 1947—Dec. 31. 2.0 ,022.0 858.5 43.7 1,211.4 68.8 67.5 42.4 1948—Dec. 31. .4 ,233.7 779.1 45.4 1,289.1 547.3 98.1 81.0 43.1 1949—Dec. 31. 74.1 ,781.4 227.8 42.5 1,307.4 541.7 30.7 126.9 119.2 1950—Feb. 28. 76.7 ,786.2 191.1 56.2 1,250.6 554.8 24.3 176.4 104.2 Mar. 31. 73.7 ,655.9 358.9 75.2 1,258.5 567.3 71.2 150.7 116.1 Apr. 29. 86.0 ,668.3 371.0 56.5 1,269.8 551.6 41.3 199.8 119.4 May 31. 73.3 ,685.7 372.6 60.1 1,275.9 534.3 68.9 202.7 109.9 June 30. 84.1 ,436.7 622.0 58.8 1,275.8 544.5 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 45.3 221.0 206.0 Dec. 30. 111.4 1,229.3 712.5 297.1 1,367 A 578.6 24.7 207.1 172.6 1951—Jan. 31. 117.9 1,171.0 731.5 273.7 1,294.4 537.6 68.3 204.4 189.3 Assets Liabilities m B i a ll n i ( o F k n i g s o u f o r f e F s f r r a i a n n n c c s e ) Gold F c o h e r a e x n i - g g e n Open Domestic bills G A o d v v e a r n n c m es e nt t o 5 a O ss t e h t e s r 5 ci N r ti c o o u t n l e a- Govern- Deposits 6 O li i a a t t n i b h e d i e s l r market5 Special Other Current Other ment ECA Other capital 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 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 68,474 1942—Dec. 31. 84,598 37 8,420 169 5,368 68,250 250,965 16,990 382,774 770 29,935 721,318 1943—Dec. 30. 84,598 37 9,518 29 7,543 64,400 366,973 16,601 500,386 578 33,137 15,596 1944—Dec. 28. 75,151 42 12,170 48 18,592 15,850 475,447 20,892 572,510 748 37,855 7,078 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 ,278,211 1,168 158,973 19,377 1950—Feb. 23. 62,274 58,658 123,912 31,467 333,358 165,200 560,990 91,046 ,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 ,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 ,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 ,324,533 17 21,927 110,321 24,634 June 29. 62,274 116,652 128,939 18,507 368,694 166,600 560,990 116,833 ,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 ,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 ,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 ,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 ,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 ,502,770 83 7,613 137,038 21,885 Dec. 28. 182,785 162,017 136,947 34,081 393,054 158,900 481,039 212,822 ,560,561 70 15,058 161,720 24,234 1951—Jan. 25. 182,785 172,719 131,554 35,907 373,922 159,800 481,039 U97.815 1,535,688 74 16,772 154,980 28,027 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 126.8 billion francs on Jan. 25. 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. 349 MARCH 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1951 1950 Central Bank 1951 1950 (Figures as of last report (Figures as of last report date of month) Jan. Dec. Nov. Jan. date of month) Jan. Dec. Nov. Jan. Central Bank of the Argentine Bank of the Republic of Colom- Republic (millions of pesos): bia—Cont. Gold reported ^eparatelv 656 656 Loans and discounts 745 697 9 74,809252,587 174 067 Other gold and foreign exchange. 1.831 1,275 Government loans and securities. 131 675131,933 132,510 139,269 Government securities 2,008 1,793 Other assets 59 120 55,284 63,233 55,589 Rediscounts and loans to banks 32,135 28,466 Note circulation 404 707463,182405,024 424 371 Other assets . . 277 206 Deposits 706 765 168 659 208,642 169 333 Currency circulation 11,873 9,999 Other liabilities and capital 54 819 51,957 53,238 47,300 Deposits—Nationalized 22,207 20,174 Central Bank of Costa Rica Other sight obligations 551 595 (thousands of colones): Other liabilities and capital 2,279 1,628 Gold 11 511 11,511 11,511 Commonwealth Bank of Aus- Foreign exchange 9,025 9,353 7,606 tralia (thousands of pounds): Net claim on Int'l. Fund 3. . . . 7,029 ,038 7,038 Gold and foreign exchange 567,116 565,065 436,220 Loans and discounts 98 647102,584 92,759 Checks and bills of other banks.. 5,209 5,302 3,193 Securities . 13, 600 14,555 17,056 Securities (incl. Government and Other assets 15 039 15 428 17 430 Treasury bills) 387,278365,008 355,367 Note circulation 107 004 107,534 99,520 Other assets 69,279 66,630 31,403 Demand deposits 43 899 43 504 42,752 Note circulation 272,020242,770 221,313 Other liabilities and capital 9 855 9 431 11,128 Deposits of Trading Banks: National Bank of Cuba Special 485,920490,420 371,170 (thousands of pesos): Other 42,669 36,449 38,064 Gold 270,561 270 561 Other liabilities and capital 228 273232,366 195,635 Foreign exchange (net) 59,097 61,349 Austrian National Bank (millions Foreign exchange (Stabilization of schillings): Fund) 35,981 36,149 Gold 51 50 50 50 Silver . 61,902 64,902 Foreign exchange . 449 405 155 Net claim on Int'l. Fund 3 ... 12 507 12 507 Loans and discounts ..... . 3,660 3 786 3,156 1,634 Loans and discounts 9,978 2,807 Claim against Government 4,769 5,324 5,280 6,639 Credits to Government 21,153 16,144 Other assets 39 37 40 33 Other assets . . . 93 467 21 949 Note circulation 097 6 349 6 174 5,599 Note circulation 792 332 400 Deposits—Ranks 383 429 299 220 Deposits 136,297 140,088 O Bl t o h c e k r ed . . .. 1,4 7 5 8 4 3 1,8 9 8 8 2 8 1 1, , 4 0 1 4 0 8 1 1, , 1 5 3 6 0 3 Nati O on th a e l r B li a a n b k il i o ti f e s C a z n e d ch c o a s p l i o ta v l akia4 9 557 13 889 National Bank of Belgium National Bank of Denmark (millions of francs): (millions of kroner): Gold i 29. 565 29,369 29,040 29,745 Gold 69 69 69 Foreign claims and balances (net). 6,018 6,330 7,150 9,081 Foreign exchange . 454 403 379 Loans and discounts 9,680 10,566 9,133 3,047 Contributions to Int'l. Fund and Consolidated Government debt 34,910 34,939 34,939 34,973 to Int'l Bank 6 6 65 Government securities 7,371 7,635 7,892 7,656 Loans and discounts 58 43 30 Other assets 4 788 5 218 5,202 5,713 Securities 133 137 101 Note circulation 86,868 87,218 86,238 86,092 Govt. compensation account. . . . 3,991 3,999 4,751 Deposits—Demand 1,951 2 305 2,318 1,848 Other assets 413 377 399 ECA 15 42 399 Note circulation 1,709 1,589 1,552 Other liabilities and capital 3,500 4,519 4,758 1,875 Deposits—Government 1,285 1,245 1,923 Central Bank of Bolivia—Mone Other 1,924 1,985 2,058 tary dept. (millions of bolivianos): Other liabilities and capital . 207 215 185 Gold at home and abroad 2 1,370 956 Central Bank of the Dominican Foreign exchange 562 98 Republic (thousands of dollars): Loans and discounts 1,879 1,176 Gold 4,045 4,045 4 045 4,030 Government securities 734 745 Foreign exchange (net) . ... 15 541 15 308 14,211 11 539 Other assets 142 112 Net claim on Int'l. Fund 3 1 ,9 50 1 950 1,250 1 9 50 Note circulation 3,223 2,514 Paid-in capital—Int'l. Bank 40 40 40 40 Deposits 458 376 Loans and discounts 3 50 531 505 978 Other liabilities and capital 1,007 197 Government securities 6 393 6 393 6,323 4 377 Central Bank of Ceylon (thousands Other assets 832 874 938 2,565 of rupees): Note circulation 22, 944 23,115 21,659 19,437 Foreign exchange 591,917565 059573,491 Demand deposits . . . 4, 744 4.579 5,324 4,381 Paid-in capital—Int'l. Bank 1,429 1,429 1,429 Other liabilities and capital 694 678 330 255 Government securities 1,997 4,493 3 ,993 Central Bank of Ecuador Other assets 2,423 2,799 415 (thousands of sucres): Currency in circulation 366,204367,357343,813 Gold 981 9S6 253,055 978 709 Deposits—Government 31,523 12,463 65,671 Foreign exchange (net) . . . 932,393 185,619 -87 ,067 Banks 171,254 165,189 142,999 Net claim on Int'l. Fund 3 18 756 16,881 16 881 Other liabilities and capital 28,785 28,770 26,844 Credits—Government 183,881 200,054 269,416 Central Bank of Chile (millions Other 113,929 131,824 137,111 of pesos): Other assets 167,930 182,640 116,424 Gold 1 245 1 231 1,206 Note circulation . . 509 ,451497 832 376,348 Foreign exchange (net) 280 295 151 Demand deposits—Private banks 170,661 155,955 112,918 Net claim on Int'l Fund 3 1 1 1 Other .... ,504 109 359 105,718 Discounts for member banks . 2,012 2,126 1,678 Other liabilities and capital ... 222,540206,926 136,483 Loans to Government 680 685 686 National Bank of Egypt (thou- Other loans and discounts 3,483 3,138 2,489 sands of pounds): Other assets 2 275 1 812 1 600 Gold 6 376 6 376 Note circulation .. 7,047 6,258 5,554 Foreign exchange . . . 11,287 14,494 Deposits—Bank 1,096 1,212 1 ,416 Loans and discounts 30,352 16 399 Other 441 390 246 British, Egyptian, and other Other liabilities and capital. . .. 1 ,392 1,428 595 Government securities 318,832 315,380 Bank of the Republic of Colombia Other assets 55,197 50,696 (thousands of pesos): Note circulation 176,849 165,335 Gold and foreign exchange 903 056 196,029 192,831 246,341 Deposits—Government 115,533 117 659 Net claim on Int'l Fund 3 94 ,369 24,370 24,369 24,367 Other . .... 119 237 111 639 Paid-in capital—Int'l. Bank 1,374 1,373 1,374 1,370 Other liabilities and capital 10,425 8,706 * r cr last avaiiaoie report (.jviarcn ly.MJj, see BULLETIN tor ^eptemDer iy^u, p. IZOZ. NOTE.-—For details relating to individual items in certain tank statements, see BULLETIN for January 1951, p. 112; and January 1950, p, 118. 350 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1951 1950 Central Bank (Figures as of last report (Figures as of last report date of month) Jan. Dec. Nov. Jan. date of month) Jan. Dec. Nov. Jan Central Reserve Bank of El Salva- Bank of Italy (billions of lire): dor (thousands of colones): Gold 4 4 Gold 57,498 57,564 57,618 46,899 Foreign exchange 27 21 Foreign exchange (net) 57,125 39,385 37,562 57,918 Advances to Treasury 590 659 Net claim on Int'l Fund l 1 565 1,565 1,565 1.56J Loans and discounts 239 213 Loans and discounts 6,905 11,963 8,140 36 Government securities 178 225 Government debt and securities. . 4,947 4,981 5,002 5,198 Other assets 571 510 Other assets 1,565 1,092 1,184 1,608 Bank of Italy notes 1,046 981 Note circulation 82,586 72,915 64,366 71,130 Allied military notes 3 12 Deposits 40,529 37,209 40,199 36,137 Deposits—Government 88 175 Other liabilities and capital . . 6,490 6,427 6,507 5,958 Demand 143 122 State Bank of Ethiopia2 Other 261 287 Bank of Finland (millions of mark Other liabilities and capital 70 54 kaa): Bank of Japan (millions of yen): Gold 2,676 2,674 2,230 269 Cash and bullion 1,152 1,305 Foreign assets (net) -682 -922 -2,342 -3,218 Advances to Government. 70,015 87,256 Clearings (net) -647 -1,662 -2,127 -446 Loans and discounts 219,547 88,494 Loans and discounts 36,453 40,535 44,074 37,360 Government securities 135,450 176,235 Securities 984 992 1,034 1,068 Other assets 34,914 12,362 Other assets 4,420 4,632 2,744 2,601 Note circulation 353,576 320,398 Note circulation 31,820 34,383 33,916 27,790 Deposits—Government. . 68,965 14,512 Deposits 672 1,503 868 2,016 Other 21,531 18,217 Other liabilities and capital 10,711 10,361 10,829 7,827 Other liabilities 17,005 12,525 Bank of German States The Java Bank (millions of guilders) (millions of German marks): Gold * 866 791 715 675 Foreign exchange 1,116 1,186 73 Foreign exchange (net) 190 272 254 83 Loans and discounts 4,914 4,630 3,787 Loans and discounts. . . 176 184 183 65 Loans to Government 9,588 9,370 8,081 Advances to Government 2,996 ,761 2,527 1,524 Other assets 1,515 1,392 1,495 Other assets 124 113 123 83 Note circulation 8,232 8,099 7,526 Note circulation 2,475 ,356 2,307 935 Deposits—Government 2,523 2,741 1,143 Deposits 1,252 ,142 866 1,410 Banks 1,841 1,501 1,013 Other liabilities and capital. . . 625 623 628 Other 815 670 540Bank of Mexico (millions of pesos) Other liabilities and capital 3,721 3,567 3,877 Monetary reserve 5 1,000 785 Bank of Greece (billions of drach- "Authorized" holdings of secumae): rities, etc 2,937 2 ,587 Gold and foreign exchange (net) 345 244 Bills and discounts 155 176 Loans and discounts 248 107 Other assets 382 243 Advances—Government 5,436 4,353 Note circulation 2,552 2,197 Other 2,780 2,114 Demand liabilities 1,446 941 Other assets 966 826 Other liabilities and capital.... 475 651 Note circulation 1,805 1,672 Netherlands Bank (millions of Deposits—Government 866 598 guilders): Reconstruction and Gold e 1,175 873 873 871 relief accts 3,205 2,103 Silver (including subsidiary coin), 18 18 19 12 Other 1,185 809 Foreign assets (net) , 621 1,023 1,079 781 Other liabilities and capital . . 2,714 2,462 Loans and discounts 71 95 63 194 Bank of Guatemala (thousands of Govt. debt and securities 3,000 2,850 2,850 3,100 quetzales): Other assets 645 782 960 743 Gold 27,229 27,229 27,229 27,229 Note circulation—Old 55 56 57 69 Foreign exchange 11,472 9,834 6,903 9,758 New ,841 2,911 2,796 3,009 Gold contribution to Int'l. Fund 1,250 1,250 1,250 1,250 Deposits—Government 132 159 316 620 Rediscounts and advances. . 4,439 5,643 5,628 5,501 Blocked '3 Other assets 19,505 18,805 17,885 18,690 ECA 1,273 1,318 1,317 624 Circulation—Notes 37,108 37,355 35,492 35,580 Other 822 764 745 r897 Coin 3,271 3,259 3,206 3,171 Other liab lities and capital.... 408 434 613 478 Deposits—Government 975 1,341 1,407 3,141 Reserve Bank of New Zealand Banks 11,883 10,805 9,375 11,192 (thousands of pounds): Other liabilities and capital.... 10,656 10,001 9,414 9,344 Gold 4,697 4,666 3,894 National Bank of Hungary' Foreign exchange reserve 48,296 49,985 40,960 Reserve Bank of India (millions of Advances to State or State un rupees): dertakings 57,736 58,596 59,716 Issue department: Investments 30,974 25,974 48,658 Gold at home and abroad.. . 400 400 400 Other assets 8,308 8,309 6,190 Sterling securities 6,382 5 ,982 6,303 Note circulation 62,216 57,473 55,261 Indian Govt. securities 4,366 4,366 4,152 Demand deposits 81,234 83,661 98,121 Rupee coin 589 601 535 Other liabilities and capital. . . 6,562 6,397 6,035 Note circulation 11,633 11,138 11,261 Bank of Norway (millions of kroner) Banking department: Gold 243 248 Notes of issue department. . . 104 211 130 Foreign assets (net) 162 r216 Balances abroad 1,963 2,194 2,023 Clearing accounts (net) -57 -131 Bills discounted . 23 13 45 Loans and discounts 35 77 Loans to Government 39 12 36 Securities 47 47 Other assets 1,100 940 1,000 Occupation account (net) 7,112 7,114 Deposits 2,955 3,115 2,966 Other assets 90 87 Other liabilities and capital 274 256 268 Note circulation 2,262 2,202 Central Bank of Ireland (thousands Deposits—Government 2,087 r2,369 of pounds): Banks 933 1,395 Gold 2,646 2,646 2.646 2,646 Blocked 518 574 Sterling funds 54,778 54,293 50,067 46,995 ECA 1,150 398 Note circulation 57,424 56,939 52,713 49,641 Other liabilities and capital. . . 682 •"720 Revised. 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. For last available report (July 1950), see BULLETIN for December 1950, p. 1699. 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. Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. 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. MARCH 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1951 1950 Central Bank 1951 1950 (Figures as of last report (Figures as of last report date of month) Jan. Dec. Nov. Jan. date of month) Jan. Dec. Nov. Jan. State Bank of Pakistan (millions of Bank of Spain—Com. rupees): Other assets 23,600 26,305 4,109 Issue department: Note circulation . . .. 31,661 30,209 27,137 Gold at home and abroad... 44 44 Deposits—Government 959 42 62 Sterling securities 652 664 Other 3 873 3 413 2 725 Pakistan Govt. securities 649 265 Other liabilities and capital 20,360 25,519 550 Govt of India securities 141 332 Bank of Sweden (millions of kronor): India currency .. . 300 432 Gold . 206 198 199 154 Rupee coin 49 53 Foreign assets (net) 659 799 865 964 Notes in circulation 1,786 1,746 Swedish Govt. securities and ad- Banking department: vances to National Debt Office 4 3,425 3,443 3,046 2,914 Notes of issue department... 50 44 Other domestic bills and advances 189 209 211 140 Balances abroad . 381 409 Other assets 408 408 393 335 Bills discounted ... 102 105 Note circulation 3,336 3,513 3,285 3,111 Loans to Government 2 Demand deposits—Government.. 568 511 404 479 Other assets 369 317 Other 388 356 326 264 Deposits 813 798 Other liabilities and capital 595 678 698 652 Other liabilities and capital. . 88 80 Swiss National Bank (millions of Bank of Paraguay—Monetary dept. francs): (thousands of guaranies): Gold 5 993 s 976 6 061 6 255 Gold 600 600 Foreign exchange 280 9 56 989 269 Foreign exchange (net) 18,713 -3,050 Loans and discounts 157 9 86 145 94 Net claim on Int'l. Fund x 2,710 2,710 Other assets 75 124 88 63 Paid-in capital—Int'l. Bank -248 -170 Note circulation 4,387 4,664 4,396 4,265 Loans and discounts . .. 131,565 106,832 Other sight liabilities 1 990 1 773 1 978 2 017 Government loans and securities. 4,425 12,399 Other liabilities and capital 198 205 202 399 Other assets 38,093 2,814 Central Bank of the Republic of Note and coin issue 134,383 89,163 Turkey (millions of pounds): Demand deposits 46,026 29,597 Gold 410 419 432 Other liabilities and capital. . . 15,449 3,375 Foreign exchange and foreign Central Reserve Bank of Peru clearings 181 215 148 (millions of soles): Loans and discounts 1,140 1 186 835 Gold and foreign exchange 2. . . . 403 346 287 Securities 74 97 46 Net claim on Int'l. Fund * 20 20 20 Other assets 84 88 79 Contribution to Int'l. Bank 2 2 2 Note circulation 969 959 914 Loans and discounts to banks. . . 237 245 183 Deposits—Gold 153 153 153 Loans to Government 657 657 709 Other 590 700 308 Other assets 191 232 239 Other liabilities and capital 143 194 163 Note circulation 1,034 983 878 Bank of the Republic of Uruguay Deposits 240 220 182 (thousands of pesos): Other liabilities and capital 238 299 380 Gold . 329 186 278,369 Central Bank of the Philippines Silver 11 143 11,726 (thousands of pesos): Paid-in capital—Int'l. Bank... 320 307 Gold 7 447 6,810 6,161 2,935 Advances to State and govern- Foreign exchange 541,485563,172574,343 439,498 ment bodies 144 559 122,867 Net claim on Int'l. Fund* 99 504 29,502 29,502 7,502 Other loans and discounts 969 379 955,649 Loans 56,791 48,537 41,647 83,375 Other assets 334 989 241,084 Domestic securities 160 157,580155,240 96,775 Note circulation 395 785 289,742 Other assets 167 158 175,423163,627 138.554 Deposits—Government 78 696 84,130 Note circulation 644,563643,858602,402 540.850 Other 9Q4 759 279 994 Demand deposits 183 976 208,040245,149 128.572 Other liabilities and capital. . 390 406 9S6 ,136 Other liabilities and capital 134,667129,125122,969 99,217 Central Bank of Venezuela (mil- Bank of Portugal (millions of lions of bolivares): escudos): Gold 041 1 041 1,041 Gold 3,428 3,190 Foreign exchange (net) . .. -45 -62 108 Foreign exchange (net) . . 9,912 9,230 Other assets 99 81 63 Loans and discounts .... 583 460 Note circulation—Central Bank 798 696 809 Advances to Government 1,244 1,244 National banks 1 Other assets 608 442 Deposits 965 731 218 Note circulation 8,214 8,072 Other liabilities and capital 32 133 183 Demand deposits—Government 485 392 Bank for International Settle- ECA . 481 113 ments (thousands of Swiss gold Other 4,099 3,644 francs): Other liabilities and capital 2,495 2,345 Gold in bars 479 974 509 709 487 166 709 ,544 South African Reserve Bank Cash on hand and with banks. . . 43,329 61 667 34 213 25,659 (thousands of pounds): Sight funds at interest 3,376 3 289 3 161 1,682 Gold * 69,745 66,231 46,690 Rediscountable bills and accept- Foreign bills 94,168 79,215 56,976 ances (at cost) 155,778116 459137 619 82,607 Other bills and loans 8,268 6,760 10,171 Time funds at interest 9Q 609 45 758 36 446 18,325 Other assets . . . 27,395 33,167 45,013 Sundry bills and investments. .. . 283,797264 273289 655 273,412 Note circulation 76,280 73,432 64,997 Funds invested in Germany 9Q7 901997 9019Q7 901 9Q7,201 Deposits 108,876 97,376 71,822 Other assets 1,497 1 576 1 534 1,503 Other liabilities and capital 14,420 14,566 22,031 Demand deposits (gold) 268,503347 765380 527 93,292 Bank of Spain (millions of pesetas): Short-term deposits: Gold 669 668 877 Central banks—Own account.. 451 199496 789397 974 .376 373 Silver . . 412 412 497 Other 39 590 33 913 17 433 4 229 Government loans and securities. 15,376 15,813 15,814 Long-term deposits: Special 228,909228 909228 909 228,909 Other loans and discounts 16,796 15,984 9,176 Other liabilities and capital 263,301262 564262 150 257,179 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. 352 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— ef D fec 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 e e n - S l w a e n r i - d tz- ba C n e k n tr o a f— l R J 3 a a n 1 te . eff D ec a t t i e ve ba C n e k n tr o a f— l R J 3 a a n 1 te . ef D fec a t t i e ve In effect Dec. 31, Albania 5K Mar. 21, 1940 Ireland 2K Nov. 23, 1943 1939 2 2 4 3 3 IK Argentina 3K Mar. 1, 1936 Italy 4 Apr. 6, 1950 Jan. 25 1940 . 2 Austria . . 3K Aug. 3, 1945 Japan 5.11 July 5, 1948 Apr. 9 3K Belgium 3M Sept. 11, 1950 Java 3 Jan. 14, 1937 May 17 3K Bolivia 5 Feb. 4, 1948 Latvia 5 Feb. 17, 1940 Mar. 17, 1941 1% May 29 3 June 27 2y% Jan. 16, 1945. \y Canada 2 Oct. 17, 1950 Lithuania. . . 6 July 15, 1939 Jan 20 2 Chile 4K June 13, 1935 Mexico 4K June 4, 1942 Feb. 9 2Yi Colombia . 4 July 18, 1933 Netherlands.. Sept. 26, 1950 Nov. 7, 1946. 2}4 Costa Rica... . 4 Feb. 1, 1950 New Zealand. IK July 26, 1941 Dec 19 3 Norway 2K Jan. 9, 1946 Jan. 10, 1947.. 1H &2M Aug 27 3XA Oct. 9 2K&3 Denmark 5 Nov. 2, 1950 Peru 6 Nov. 13, 1947 June 28 1948 1 i-5 Ecuador 10 May 13, 1948 Portugal.... 2K Jan. 12, 1944 Sept. 6 3K&4 El Salvador. . . 3 Mar. 22, 1950 South Africa. 3K Oct. 13, 1949 Oct. 1 3 Estonia 4K Oct. 1, 1935 Spain 4 Mar. 18, 1949 May 27 1949 Finland 7M Nov. 3, 1950 Sweden 3 Dec. 1, 1950 July 14 ... i i_4 Oct. 6 3M June 8, 1950. . 2K Sept. 11 3M France 2K June 8, 1950 Switzerland.. IK Nov. 26, 1936 S O e c p t. t 2 2 7 6 1 1-6 3 G Gr e e r e m c a e ny il- 1 6 2 O Ju c l t y . 2 1 7 2 , , 1 1 9 94 5 8 0 T U u n r i k te e d y King- 4 July 1, 1938 Dec. 1 3 India 3 Nov. 28, 1935 dom 2 Oct. 26, 1939 In effect Jan. 31, U. S. S. R.... 4 July 1, 1936 1951 2 1 1-6 3M 3 3 IK 1 The lower rate applies to the Bank Deutscher Laender, and the higher rate applies to the Land Central banks. NOTE.—Changes since Jan. 31: None. OPEN-MARKET RATES fPer 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—Dec. .52 1.03 1.01 1.00 1.42 3-5 H .25 1 1 1 9 9 9 4 4 4 4 3 5 — — — D D D e e e c c c . . . . . . 4 3 3 2 7 6 1 1 . . . 0 0 5 3 3 3 1 1. . . 0 0 5 0 1 0 1 1 . . . 0 0 6 2 0 3 1 1 1 . . . 6 5 3 5 3 3 2K 3 3 - - - 5 5 5 y y2 2 . . . 2 2 2 5 5 5 1946—Dec. .40 .53 .50 .63 1.19 1.21 .78 2K-4K .25 1947—Dec. .41 .53 .51 .63 2.04 1.13 .53 2K-4K .38 1948—Dec. .41 .56 .52 .63 2.00 1.25 .96 2K-4K .63 1949—Dec. .51 .69 .52 .63 P2.55 1.32 1.03 2K-4K .50 1950—Jan.. .51 .69 .52 .63 2.18 1.31 1.22 2K-4K .50 Feb.. .51 .69 .52 .63 2.40 1.54 1.50 .50 Mar. .51 .69 .52 .63 2.70 1.45 1.13 2K-4K .50 Apr. .51 .69 .51 .63 2.64 1.44 1.25 2K-4K .50 May .51 .69 .51 .63 2.68 1.45 1.03 2K-4K 1.50 June .51 .69 .51 .63 2.52 1.44 .81 2K-4K 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 23J-41J 1.50 Sept. .62 .69 .52 .63 1.33 .91 2K-4K 1.50 Oct.. .62 .69 .51 .63 1.27 .88 2K-4K 1.50 Nov. .62 .69 .51 .63 1.20 .88 2K-4K 1.50 Dec. .63 .69 .51 .63 2.41 1.40 1.09 3-5 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. MARCH 1951 353 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 1.154 761 349 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 :,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 ,478 1,396 621 6,200 4,159 2,041 420 1949—December 532 571 1,109 793 ,512 1,534 579 6,202 4,161 2,041 427 1950—January 502 571 1,229 627 ,513 1,526 542 6,085 4,058 2,027 423 February 476 539 1,169 471 ,503 1,574 541 5,841 3,844 1,997 432 March 485 534 1,106 444 .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 L.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 L ,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 1,501 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 December 540 592 1,408 456 1,528 L, 660 735 6,368 4,262 2,106 550 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 Total 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 1,039 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 L.033 1 7,197 2,703 4,494 1,467 February 749 84 2,299 149 4,391 1,046 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 L.091 («) 7,417 2,860 4,557 1,495 June 712 145 2,408 227 4,276 1,182 (3) 7,447 2,909 4,538 1,503 July 767 94 2,385 222 4,240 1,089 (3) 7,288 2,759 4,529 1,508 August 802 99 2,393 218 4,478 1,113 7,573 3,030 4,543 1,529 September 748 101 2,473 225 4,437 1,178 (») 7,597 3,015 4,582 1,565 October 847 115 2,565 189 4,349 1,258 7,740 3,180 4,559 1,583 November . . . 797 164 2,737 177 4,280 1,293 $ 7,819 3,276 4,543 1,630 December 824 134 2,776 171 4,286 1,304 7,828 3,270 4,558 1,667 (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 countec 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 12f,555 2,179 557 5,977 1945—December . . 14,733 14,128 155,472 36,621 4,783 215, 515 71?,592 2,023 2,904 7,218 1946—December 18,007 18,940 195,223 65,170 17,445 291, ?45 ?9f ,055 1,890 15,694 7,145 1947—December 22,590 19,378 219,386 86,875 27,409 341, 547 33*,090 3,457 25,175 8,916 1948—December 45,397 35,633 354,245 126,246 34,030 552, 221 S45,538 6,683 30,638 12 691 1949—December 40,937 42,311 426,690 129,501 29,843 627, 266 61(3,204 8,062 26,355 15 662 1950—January 39,317 43,107 423,329 138,276 33,866 630, 113 ,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 60<?,776 9,371 30,629 21,158 April 44,808 43,843 452,864 126,752 40,506 652, 570 6^ ,878 12,692 31,449 24 752 May 43,584 44,346 433,079 134,195 44,993 640,351 62d,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 ,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 November 38,030 52,709 460,639 146,408 49,479 676,636 66C,106 16,530 27,555 43,073 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 1H Per cent through Oct. 20, 1945, and at % per cent thereafter. 3 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. 354 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 l 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 notes" Official Free Official Free account 1946 29.773 321.34 2.2829 6 0602 95.198 93.288 1947 29.773 321 00 2 2817 5 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 26.571 213.333 »8.289 223.15 1.9908 <1 9722 5.4406 6 90.909 91.474 20.850 1950—March 29.778 223.16 1.9966 5.4406 90.909 90.254 20.850 April 29 778 223.16 1.9912 5.4406 90.909 90.205 20.850 May 29.778 223.16 1.9921 5.4406 90.909 90.110 20.850 June 29.778 223.16 1 9866 5.4406 90.909 90.456 20.850 July 29.778 '11.100 223.16 1.9835 5.4406 90.909 90.766 20.851 August 29.778 11.100 223 16 1 9837 5 4406 90 909 90.844 20.850 September 20.000 13.333 7.205 223.16 1.9838 5.4406 90.909 90.844 20.850 October 20.000 13.333 7.291 223.16 1.9876 •1.9702 5.4406 94.854 20.850 November 20.000 13 333 7 147 223.16 1 9876 1 9737 5 4406 96.044 20.850 December 20 000 13 333 6 924 223 10 1 9983 1 9720 5 4406 94 913 20 850 1951—Tanuary 20.000 13.333 7.102 223.09 1.9945 1.9549 5.4406 95.002 20.850 February 20.000 13.333 7.138 223.16 1.9883 1.9774 5.4406 95.271 20.850 France Year or month Co b l i o a m- C sl z o e v c a h k o ia - m D a en rk - (franc) G (d e e r u m tsc a h n e y India 8 Mexico e N rl e a t n h d - s Ze N a e la w nd Norway (peso) (koruna) (krone) mark) (rupee) (peso) (guilder) (pound) (krone) Official Free 1946 57.020 2.0060 20.876 .8109 30.155 20.581 37.813 322.63 20 176 1947 ... . 57.001 2.0060 20.864 .8107 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—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 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 2 0060 14.494 .2854 23.838 20.870 11.573 26.236 277.29 14 015 September 2 0060 14 494 .2855 23 838 20 870 11 572 26.237 277 29 14 015 October 2.0060 14.494 .2856 23.838 20.870 11.571 26.235 277.29 14.015 November 2 0060 14 494 2856 23 838 20 870 11 571 26 232 277 29 14 015 December 2.0060 14.494 .2856 23.838 20.870 11.572 26.240 277.22 14.015 1951—January 2.0060 14.494 .2856 23.838 20.870 11.567 26.239 277.21 14.015 February 2.0060 14.494 .2856 23.838 20.870 11.562 26.241 277.29 14.015 Year or month R P e ( p h p p i e i 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 e r t l a t n l l a i 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 - ) U ( r 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—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 February 49.625 3.4679 278.38 32.850 19.327 23.265 280.07 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. • Based on quotations beginning July 13, 1950. • Based on quotations beginning Oct. 11,1950. • 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. MARCH 1951 355 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month U ( S 1 n 1 t 9 a 0 2 i 0 t t 6 e ) e d s = C (1 a 1 9 n 0 2 0 a 6 ) d = a M (1 1 9 e 0 3 x 0 9 i ) c = o K U ( i 1 n 1 n 9 0 g 3 i 0 t 0 d e ) o d = m F (1 r 1 9 a 0 3 n 0 8 ) c = e (1 I 1 9 t 0 a 3 0 8 ly ) = ( a J 1 v 9 a = e 3 p r 4 1 a a ) - g n 3 e 6 ( J J N u u l = n e l a y e t n 1 h 1 0 d 1 e 9 0 9 s r ) 3 3 - 8 9 - S (1 w 1 9 e 0 3 0 d 5 ) e = n (A Sw u l = a g i . t n 1 z 0 d 1 e 0 9 ) r 3 - 9 1926 100 100 U24 106 150 U26 2 135 1938 79 79 101 100 100 1 102 111 MOO 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 162 166 311 '262 P2,169 P227 203 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 '280 2,270 5,176 269 230 213 November 172 174 332 '289 2,304 P5,276 P277 243 216 December 175 176 335 292 J>2,409 P253 218 1951—January 180 344 300 P22<5 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 Raw and Fully and Induspr F o a d r u m cts Foods co O i m t t i m h es e o r d- pr F o a d r u m cts fa m p c a a t r u n t r l u e y - d fa c m h c a i t e u n f r u l e y - d Foods p I r n o tr d d i u a u l s c - ts Foods t p r I r i n o a d l d u u r s c a - w ts p fi r n o tr i d s ia h u l e c d ts goods goods 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 ••170 149 221 286 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 r272 276 386 312 June 166 162 149 152 172 145 223 '276 285 388 312 July 176 171 152 154 175 146 222 ••282 August 178 175 156 142 175 150 217 291 September 180 177 159 143 178 156 220 r303 October 178 173 162 141 174 156 226 311 November 184 175 164 143 176 158 229 r325 December 187 179 167 144 178 159 228 '331 1951—January 194 182 170 228 345 r Revised. Sources.—See BULLETIN for July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 356 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] United Switz- United Switz- Y m e o a n r t o h r ( U 1 S = 9 n t 3 a 1 i 5 t 0 t e - e 0 3 d s ) 9 1 C = 9 a 3 a 1 d 5 0 n 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 9 1 3 n 0 8 0 c ) e ) ( N 1 l 9 e a 3 t n 1 h 8 0 d e - 0 s 3 r ) 9 - 1 ( l 9 A a e 3 r n u 9 - d g = . Y m e o a n r t o h r [ U 1 S = 9 n t 3 a 1 i 5 t t 0 e e - 0 3 d s ) 9 i 1 = C 9 a 3 a 1 d 5 0 n 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 9 a e = 3 t n h 8 1 d - e 0 s 3 r 0 9 - ) 1 ( l 9 A a 3 e n u 9 r 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 U01 ,043 211 170 1947 159 136 1101 1,030 199 158 1948 210 196 108 ,662 228 176 1948 171 155 108 1,632 206 163 1949 202 203 114 ,814 249 174 1949 169 161 111 1,817 219 162 1950 204 211 123 ,955 277 176 1950 171 167 114 Pl.945 240 159 1950-January... 196 199 120 ,921 262 171 1950-January.. . 167 161 113 1,910 230 159 February.. 195 201 121 ,929 270 170 February.. 167 162 113 1,920 234 159 March. . . . 196 204 121 ,920 274 172 March. . . . 167 164 113 1,906 237 158 April 197 205 122 ,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. 215 219 125 P2,078 286 180 December. 178 171 116 ^2,075 249 161 1951-January. .. 222 220 127 1951—January. . . 182 117 P162 P Preliminary. r Revised. 1 This average is based on figures for the new index, beginning June. The averages for hthe 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 1947p, .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 ( n r a h a i t i d g t e e e s h d ) i C (1 a = 9 n 3 1 a 5 0 d - 0 3 a ) 9 2 ( 1 K D 9 U 2 i e n 1 n c g e i = m t d e 1 o b d 0 m e 0 r ) F (1 r 1 9 a 0 3 n 0 8 c ) = e N la e n th d e s r 3 - ( U 1 S = 9 n t 3 a 1 i 5 t t 0 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 = t d e 1 o d 0 m 0) 1 (D F 93 r e a 8 c n e = m c 1 e 0 b 0 5 e ) r (1 N l 9 a e 3 n t 8 h d = e s 1 r 6 0 - 0) Number of issues. . 12 87 50 416 106 278 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.. 1103.2 118.5 130.8 132.0 105.6 123.0 106.0 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. . 101.9 107.6 126.5 110.0 106.8 121.4 109.4 87.6 1,129 195.3 1950. . 109.6 121.2 P110.4 106.7 146.4 P131.6 90.0 1,030 193.2 1950—February. . . . 104.0 110.7 119.9 110.9 110.4 136.7 '117.3 87.9 1,036 202.5 March 104.1 110.9 119.4 111.5 109.0 138.8 118.7 88.4 1,045 197.0 April 110.3 119.9 112.3 108.7 141.8 125.9 89.1 1,024 191.0 May 110.9 119.8 111.7 108.3 146.9 128.7 89.6 1,019 189.6 June 110.9 121.6 110.4 108.0 147.7 130.9 90.9 1,056 190.8 July 109.9 120.7 P108.8 106.3 138.2 124.3 88.7 961 170.0 August 110.5 120.8 P1O9.7 105.0 147.2 135.7 89.0 1,020 188.0 September. . . 111.4 122.7 P110.7 103.7 151.7 141.5 91.3 1,080 194.9 October 108.7 124.2 P108.8 104.3 157.8 145.4 92.5 1,035 197.8 November. . . 106.5 124.1 P110.3 104.6 156.1 144.5 92.9 1,029 198.0 December... . 103.4 121.9 101.5 158.4 146.3 92.1 944 194.4 1951—January »102.1 122.4 99.4 168.6 P151.7 94.7 Pl.031 201.3 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. 2 This index is based on one 15-year 3 per cent theoretical bond. Yearly figures are averages of monthly quotations on the capitalized yield as calculated on the 15th of every month. 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. 5 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. 6 This index is based on 27 Netherlands industrial shares and represents an unweighted monthly average of daily quotations. The figures are not comparable with data for previous years shown in earlier BULLETINS. 7 Series discontinued beginning Apr. 1, 1950. Sources.—See BULLETIN for June 1948, p. 747; March 1947, p. 349; November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121. MARCH 1951 357 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 G. R. MURFF, Assistant Secretary C. C. HOSTRUP, Assistant Director KENNETH A. KENYON, Assistant Secretary FRED A. NELSON, Assistant Director ARTHUR H. LANG, Chief Federal Reserve Examiner LEGAL DIVISION DIVISION OF BANK OPERATIONS GEORGE B. VEST, General Counsel FREDERIC SOLOMON, Assistant General Counsel ROBERT F. LEONARD, Director J. E. HORBETT, Assistant Director HOWARD H. HACKLEY, Assistant General Counsel LOWELL MYRICK, Assistant Director OFFICE OF THE SOLICITOR DIVISION OF PERSONNEL ADMINISTRATION J. LEONARD TOWNSEND, Solicitor ROBERT N. HILKERT, Acting Director G. HOWLAND CHASE, Assistant Solicitor DWIGHT L. ALLEN, Assistant Director DIVISION OF RESEARCH AND STATISTICS DIVISION OF ADMINISTRATIVE SERVICES RALPH A. YOUNG, Director LISTON P. BETHEA, Director FRANK R. GARFIELD, Adviser on Economic Research JOSEPH E. KELLEHER, Assistant Director KENNETH B. WILLIAMS, Assistant Director DIVISION OF SELECTIVE CREDIT REGULATION SUSAN S. BURR, Assistant Director GUY E. NOYES, Director DIVISION OF INTERNATIONAL FINANCE GARDNER L. BOOTHE, II, Assistant Director ARTHUR W. MARGET, Director HENRY BENNER, Assistant Director LEWIS N. DEMBITZ, Assistant Director E. A. HEATH, Acting 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 R. M. EVANS N. BAXTER JACKSON, NEW YORK DISTRICT RAY M. GIDNEY FREDERIC A. POTTS, PHILADELPHIA DISTRICT R. R. GILBERT H. G. LEEDY SIDNEY B. CONGDON, CLEVELAND DISTRICT EDWARD L. NORTON ROBERT V. FLEMING, RICHMOND DISTRICT OLIVER S. POWELL Vice President M. S. SZYMCZAK JAMES K. VARDAMAN, JR. PAUL M. DAVIS, ATLANTA DISTRICT ALFRED H. WILLIAMS EDWARD E. BROWN, CHICAGO DISTRICT President S. R. CARPENTER, Secretary MERRITT SHERMAN, Assistant Secretary W. L. HEMINGWAY, ST. LOUIS DISTRICT GEORGE B. VEST, General Counsel WOODLIEF THOMAS, Economist JOSEPH F. RINGLAND, MINNEAPOLIS DISTRICT KARL R. BOPP, Associate Economist WATROUS H. IRONS, Associate Economist DAVID T. BEALS, KANSAS CITY DISTRICT DONALD S. THOMPSON, Associate Economist DEWITT T. RAY, DALLAS DISTRICT CLARENCE W. TOW, 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 358 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 * President Bank of Deputy Chairman First Vice President Vice r'residents Boston Harold D. Hodgkinson J. A. Erickson John J. Fogg E. 0. Latham Ames Stevens Alfred C. Neal Robert B. Harvey 3 Carl B. Pitman E. G. Hult 0. A. Schlaikjer R. F. Van Amringe New York Robert T. Stevens Allan Sproul H. A. Bilby H. V. Roelse William I. Myers L. R. Rounds H. H. Kimball Robert G. Rouse L. W. Knoke William F. Treiber Walter S. Logan V. Willis A. Phelan R. B. Wiltse Philadelphia.... Warren F. Whittier Alfred H. Williams Karl R. Bopp E. C Hill C. Canby Balderston W. J. Davis L. E. Donaldson Wm. G. McCreedy Robert N. Hilkert P. M. Poor man 3 Cleveland George C Brainard Ray M. Gidney Wilbur T. Blair A. H. Laning3 John C. Virden Wm. H. Fletcher Roger R. Clouse Martin Morrison W. D. Fulton Paul C Stetzelberger J. W. Kossin Donald S. Thompson Richmond Charles P. McCormick Hugh Leach N. L. Armistead C. B. Strathy John B. Woodward, Jr. J. S. Walden, Jr. R. L. Cherry K. Brantley Watson R. W. Mercer 3 Edw. A. Wayne W. R. Milford Chas. W. Williams Atlanta Frank H. Neely Vacancy 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 John K. Langum Neil B. Dawes A. L. Olson W. R. Diercks Alfred T. Sihler W. A. Hopkins W. W. Turner St. Louis Russell L. Dearmont Delos C. Johns Wm. E. Peterson Paul E. Schroeder Wm. H. Bryce 0. M. Attebery C. A. Schacht William H. Stead V-'. ivl. OLCWcll L Minneapolis.... Roger B. Shepard J. N. Peyton H. C Core H. G. McConnell W. D. Cochran A. W. Mills C. W. Groth Otis R. Preston E. B. Larson M. H. Strothman, Jr. Sigurd Ueland Kansas City.... Robert B. Caldwell 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. Symms3 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 CM. 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. 2 Cashier. 3 Also Cashier. 1 General Manager. MARCH 1951 359 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS The material listed below may be obtained from ports, and introduction reviewing the monetary the Division of Administrative Services, Board of history of Paraguay. July 1946. 170 pages. Governors of the Federal Reserve System, Wash- $1.00 per copy. ington 25, D. C. Remittance should be made RULES OF ORGANIZATION AND RULES OF PROCEDURE payable to the order of the Board of Governors (Board of Governors of the Federal Reserve Sysof the Federal Reserve System. tem). September 1946. 31 pages. FEDERAL RESERVE BULLETIN. Issued monthly. Subscription price in the United States and its pos- THE FEDERAL RESERVE ACT, as amended to Novemsessions, Bolivia, Canada, Chile, Colombia, Costa ber 1, 1946, with an Appendix containing pro- Rica, Cuba, Dominican Republic, Ecuador, visions of certain other statutes affecting the Federal Reserve System. 372 pages. 50 cents per Guatemala, Haiti, Republic of Honduras, Mexico, paper-bound copy; $1.00 per cloth-bound copy. Newfoundland (including Labrador), Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, POSTWAR ECONOMIC STUDIES. (8 pamphlets) and Venezuela is $2.00 per annum or 20 cents No. 1. Jobs, Production, and Living Standards. per copy; elsewhere $2.60 per annum or 25 cents No. 2. Agricultural Adjustment and Income. per copy. Group subscriptions in the United No. 3. Public Finance and Full Employment. States for 10 or more copies to one address, 15 No. 4. Prices, Wages, and Employment. cents per copy per month, or $1.50 for 12 months. No. 5. Private Capital Requirements. FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY No. 6. Housing, Social Security, and Public RATES, AND BUSINESS. Issued monthly. $6.00 Works. per annum including historical supplement No. 7. International Monetary Policies. listed below, or 60 cents per copy. In quantities No. 8. Federal Reserve Policy. of 10 or more copies of a particular issue for single shipment, 50 cents each. (Domestic rates) The price for the set of eight pamphlets is $1.25; 25 cents per pamphlet, or, in quantities of 10 or HISTORICAL SUPPLEMENT TO FEDERAL RESERVE more for single shipment, 15 cents per pamphlet. CHARTS ON BANK CREDIT, MONEY RATES, AND BUSINESS. 113 charts. March 1950 edition. THE FEDERAL RESERVE SYSTEM—ITS PURPOSES AND Annual subscription to monthly chart book in- FUNCTIONS. November 1947. 125 pages. 75 cludes supplement; single copies, 60 cents each. cents per cloth-bound copy; in quantities of 10 In quantities of 10 or more copies for single ship- or more copies for single shipment, 50 cents each. ment, 50 cents each. (Domestic rates) Paper-bound copies available without charge. BANKING STUDIES. Comprising 17 papers on bank- DEBITS AND CLEARINGS STATISTICS, THEIR BACKing and monetary subjects by members of the GROUND AND INTERPRETATION. October 1947. 50 Board's 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 1A 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. 360 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 man, Board of Governors of the Federal Reserve THE BOARD OF GOVERNORS OF THE FEDERAL RE- System, before the Senate Committee on Bank- SERVE SYSTEM, BEFORE THE SUBCOMMITTEE ON ing and Currency, June 27, 1950. July 1950. 8 MONETARY, CREDIT AND FISCAL POLICIES OF THE pages. JOINT COMMITTEE ON THE ECONOMIC REPORT. Presented December 3, 1949. 10 pages. BRANCH BANKING IN THE UNITED STATES, 1939 and 1949. July 1950. 16 pages. A STUDY OF INSTALMENT CREDIT TERMS, by Milton Moss. December 1949. 8 pages. ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES. August 1950. 2 pages. FRENCH EXCHANGE STABILIZATION FUND, by Robert STATEMENT ON THE DEFENSE PRODUCTION ACT OF Solomon. January 1950. 5 pages. 1950. Presented by the Board of Governors of INSURANCE OF COMMERCIAL BANK DEPOSITS. Feb- the Federal Reserve System to the Committee ruary 1950. 5 pages. on Banking and Currency of the Senate, and read by Governor R. M. Evans to the Committee STATEMENT BY THOMAS B. MCCABE, CHAIRMAN, on Banking and Currency of the House of Rep- BOARD OF GOVERNORS OF THE FEDERAL RESERVE resentatives, July 25, 1950. August 1950. 4 SYSTEM ON S. 2822, A BILL "TO AMEND THE FEDpages. ERAL DEPOSIT INSURANCE ACT." February 1950. 5 pages. DEFENSE LOAN POLICY. An announcement adopted jointly by National and State Supervisors of banks STAFF STUDY ON ASSESSMENTS AND COVERAGE FOR and other lending institutions. August 4, 1950. DEPOSIT INSURANCE. February 1950. 15 pages. August 1950. 1 page. * THE CHALLENGE OF OPPORTUNITY VERSUS SECU- THE BALANCE SHEET OF AGRICULTURE, 1950. Sep- RITY. Address by Thomas B. McCabe, Chairman, tember 1950. 14 pages. Board of Governors of the Federal Reserve System before a seminar group of Life Insurance OUR COMMON PROBLEM—MAINTENANCE OF A SOUND Executives. Presented April 13, 1950. 7 pages. BANKING SYSTEM. Address by Thomas B. Mc- Cabe, Chairman, Board of Governors of the Fed- 1950 SURVEY OF CONSUMER FINANCES— eral Reserve System, before the National Associa- Preliminary summary. April 1950. 2 pages. tion of Supervisors of State Banks, Boston, Mass., PART I. GENERAL FINANCIAL POSITION AND ECO- September 21, 1950. October 1950. 4 pages. NOMIC OUTLOOK OF CONSUMERS. June 1950. 12 REVISED ESTIMATES OF CONSUMER CREDIT. Novempages. PART II. PURCHASES OF HOUSES AND ber 1950. 2 pages. DURABLE GOODS IN 1949 and BUYING PLANS FOR 1950. July 1950. 15 pages. PART III. DISTRI- MEASUREMENT OF CONSUMER CREDIT. Address by Ralph A. Young and Homer Jones before the BUTION OF CONSUMER INCOME IN 1949. August University of Illinois Consumer Credit Confer- 1950. 18 pages. PART IV. THE DISTRIBUTION ence, Chicago, Illinois, October 5, 1950. Novem- OF CONSUMER SAVING IN 1949. November 1950. ber 1950. 9 pages. 15 pages. PART V. THE DISTRIBUTION OF ASSETS, LIABILITIES, AND NET WORTH OF CONSUMERS, STATEMENT ON REGULATION OF CONSUMER CREDIT. EARLY 1950. December 1950. 28 pages. METHODS Statement by Chairman Thomas B. McCabe on OF THE SURVEY OF CONSUMER FINANCES. July behalf of the Board of Governors of the Federal 1950. 15 pages. Reserve System before the Joint Committee on Defense Production. December 8, 1950. Decem- INDUSTRIAL DIFFERENCES IN LARGE CORPORATION ber 1950. 5 pages. FINANCING IN 1949, by Eleanor J. Stockwell. June 1950. 6 pages. (Also, similar survey by PROGRAM FOR VOLUNTARY CREDIT RESTRAINT. Charles H. Schmidt. June 1949. 8 pages.) March 1951. 4 pages. MARCH 1951 361 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 II 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 g 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis